Spreadsheet: c6c92bf5-d9b9-4165-94f2-3a7d401374e3
Sheet: PAG 21

Ambev - Segment financial information
Organic results
 | Ambev Brazil |  |  |  |  |  |  |  |  | Hila Operations |  |  |  |  |  | Canada |  |  | Ambev
 | Beer Brazil |  |  | CSD & NANC Brazil |  |  | Total Ambev Brazil |  |  | [NAME] |  |  | Hila-ex |  |  | Operations |  |  | Consolidated
 | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | % | 4Q10 | 4Q11 | %
[NAME] (000 hl) | 24562.01625059616 | 24776.59040560828 | 0.008736015513665976 | 8736.785486401528 | 8676.622357780787 | -0.006886185853410593 | 33298.80173699769 | 33453.21276338906 | 0.004637134621568442 | 10532.726 | 10748.381 | 0.02047475648754185 | 1620.988989539972 | 1677.040463689973 | 0.03457856562363647 | 2586.191436 | 2266.852171 | -0.003987501910847365 | 48038.70816253767 | 48145.48639807903 | 0.008737813328277628
R$ million
Net sales | 4410.553 | 4881.322999999999 | 0.1067371823896003 | 864.4480000000002 | 892.1819999999997 | 0.03208290145850238 | 5275.001000000001 | 5773.505000000001 | 0.09450311004680374 | 1237.044 | 1565.73 | 0.2618506837269006 | 125.683 | 160.121 | 0.1850428279242241 | 817.616 | 879.085 | 0.01631053070724518 | 7455.344000000002 | 8378.441 | 0.115577397462591
% of total | 0.5915961758437972 | 0.582605164851074 |  | 0.1159501157827191 | 0.1064854428168677 |  | 0.7075462916265165 | 0.6890906076679421 |  | 0.1659271523889441 | 0.1868760548650996 |  | 0.01685810876064203 | 0.01911107328917157 |  | 0.1096684472238973 | 0.1049222641777868 |  | 1 | 1
[NAME] | -1315.856 | -1256.503 | -0.008090246728714529 | -357.864 | -357.8239999999999 | 0.0368394718554548 | -1673.72 | -1614.327 | 0.001515420743197975 | -448.4210000000001 | -570.3710000000001 | 0.2659924199527153 | -82.288 | -93.996 | 0.05348200580200679 | -247.992 | -258.66 | 0.0143128251444669 | -2452.421 | -2537.354 | 0.05296699144199187
% of total | 0.5365538787997656 | 0.4952020884748443 |  | 0.1459227432810272 | 0.1410224982402928 |  | 0.6824766220807927 | 0.6362245867151369 |  | 0.1828482956229783 | 0.2247896824802531 |  | 0.03355378216056705 | 0.03704489007052228 |  | 0.1011213001356619 | 0.1019408407340876 |  | 1 | 1
Gross profit | 3094.697 | 3624.819999999998 | 0.1559375204446681 | 506.5840000000002 | 534.3579999999997 | 0.02869240615179691 | 3601.281000000001 | 4159.178000000002 | 0.1380602956323246 | 788.6230000000003 | 995.3589999999999 | 0.2594956401888399 | 43.39500000000001 | 66.12499999999999 | 0.4347506626055825 | 569.624 | 620.425 | 0.01714113730709928 | 5002.923000000003 | 5841.087 | 0.1463163489277846
% of total | 0.6185777794301448 | 0.6205728488550158 |  | 0.1012576048042314 | 0.09148262985981885 |  | 0.7198353842343765 | 0.7120554787148353 |  | 0.1576324480708577 | 0.1704064671524324 |  | 0.008673929220977414 | 0.01132066685533018 |  | 0.1138582384737882 | 0.1062173872774023 |  | 1 | 1
SG&A | -1234.494 | -1233.974 | 0.02516545656836808 | -165.6890000000001 | -158.224 | 0.01929700225048764 | -1400.183 | -1392.198 | 0.0244821255870785 | -249.5180000000001 | -300.5619999999999 | 0.2022652519997594 | -45.435 | -71.51400000000001 | 0.3892767498625264 | -235.975 | -287.942 | 0.1083127789323877 | -1931.111 | -2052.216 | 0.06687495029271621
% of total | 0.6392662047909206 | 0.6012885583193973 |  | 0.08579983232450131 | 0.07709909678123551 |  | 0.7250660371154222 | 0.6783876551006327 |  | 0.1292095586426674 | 0.1464572929944996 |  | 0.02352790699239971 | 0.03484720906571239 |  | 0.1221964972495108 | 0.1403078428391553 |  | 1 | 1
Other operating income/(expenses) | 200.2309999999999 | 242.2720000000002 | 1.902156205079067 | 56.06300000000002 | 67.15899999999998 | 0.4344696484258182 | 256.294 | 309.4310000000001 | 1.374794701376844 | -4.301000000000002 | 10.95 | nm | 0.822 | -1.147 | nm | 0.384 | 1.302 | nm | 253.199 | 320.5360000000001 | 1.517832129220625
% of total | 0.7908048609986608 | 0.755833978086705 |  | 0.2214187259823302 | 0.2095209274465269 |  | 1.012223586980991 | 0.9653549055332318 |  | -0.01698663896776844 | 0.03416152943819102 |  | 0.003246458319345653 | -0.003578381211470785 |  | 0.001516593667431546 | 0.004061946240047918 |  | 1 | 1
Normalized EBIT | 2060.434 | 2633.117999999999 | 0.3125058958636661 | 396.9580000000001 | 443.2929999999997 | 0.08119038964629173 | 2457.392000000001 | 3076.411000000002 | 0.2739073681584773 | 534.8040000000002 | 705.7470000000001 | 0.316819313314048 | -1.217999999999992 | -6.536000000000024 | -0.5977838821083103 | 334.033 | 333.785 | -0.04695480499360628 | 3325.011000000002 | 4109.407000000001 | 0.248411961333919
% of total | 0.6196773484358394 | 0.6407537632558659 |  | 0.1193854697022054 | 0.1078727417362163 |  | 0.739062818138045 | 0.748626504992083 |  | 0.1608427761592367 | 0.1717393774819578 |  | -0.000366314577605906 | -0.001590497120387448 |  | 0.1004607202803238 | 0.08122461464634675 |  | 1 | 1
Normalized EBITDA | 2343.017 | 2832.861999999999 | 0.2724723820064624 | 483.8079999999998 | 497.6130000000002 | 0.04857100111049622 | 2826.825 | 3330.474999999999 | 0.2331306424805122 | 607.726 | 786.2260000000001 | 0.2863943974873026 | 12.006 | 11.997 | 0.1285282140008581 | 375.446 | 377.444 | -0.04582844474482814 | 3822.003 | 4506.141999999999 | 0.2139381853227869
% of total | 0.6130337940603395 | 0.628666828519829 |  | 0.1265849346533741 | 0.1104299420657406 |  | 0.7396187287137137 | 0.7390967705855697 |  | 0.1590072011979059 | 0.1744787447887795 |  | 0.003141284818457757 | 0.002662366166001871 |  | 0.0982327852699226 | 0.0837621184596491 |  | 1 | 1
% of net sales
Net sales | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1
[NAME] | -0.2983426341322732 | -0.2574103373204356 |  | -0.4139797882579402 | -0.4010661501801202 |  | -0.3172928308449608 | -0.2796095266220432 |  | -0.3624939775788088 | -0.3642843913062917 |  | -0.6547265739996657 | -0.5870310577625671 |  | -0.3033110898025479 | -0.294237758578522 |  | -0.3289480673192275 | -0.3028432139105592
Gross profit | 0.7016573658677269 | 0.7425896626795644 |  | 0.5860202117420598 | 0.5989338498198797 |  | 0.6827071691550392 | 0.7203904733779569 |  | 0.6375060224211913 | 0.6357156086937084 |  | 0.3452734260003342 | 0.4129689422374329 |  | 0.6966889101974522 | 0.7057622414214779 |  | 0.6710519326807725 | 0.6971567860894408
SG&A | -0.2798955142359699 | -0.2527949902106459 |  | -0.1916702913304213 | -0.1773449811809699 |  | -0.2654374852251213 | -0.2411356706194936 |  | -0.2017050323189798 | -0.1919628543874103 |  | -0.3615047381109617 | -0.4466247400403446 |  | -0.2886134811451831 | -0.327547393027978 |  | -0.2590237284825489 | -0.2449400789478615
Other operating income/(expenses) | 0.0453981620898785 | 0.04963244595778649 |  | 0.06485410342785222 | 0.07527499994395763 |  | 0.04858653107364339 | 0.05359499991772763 |  | -0.003476836717206503 | 0.006993542948017858 |  | 0.006540263997517563 | -0.007163332729623224 |  | 0.0004696581280209781 | 0.001481085446799798 |  | 0.03396208142776509 | 0.03825723663865391
Normalized EBIT | 0.4671600137216354 | 0.5394271184267051 |  | 0.4592040238394906 | 0.4968638685828674 |  | 0.4658562150035612 | 0.5328498026761909 |  | 0.432324153385005 | 0.4507462972543159 |  | -0.009691048113109902 | -0.04081913053253493 |  | 0.40854508718029 | 0.3796959338402998 |  | 0.4459902856259887 | 0.4904739437802332
Normalized EBITDA | 0.5312297573569572 | 0.5803471722727629 |  | 0.5596727622714144 | 0.5577483069597912 |  | 0.5358908936699727 | 0.5768549607214333 |  | 0.4912727437342567 | 0.5021466025432227 |  | 0.09552604568636967 | 0.07492458828011317 |  | 0.459196003992094 | 0.4293600732579899 |  | 0.512652803143624 | 0.5378258317985408
Per hectoliter - (R$/hl)
Net sales | 179.5680352541477 | 197.0135083193324 | 0.09715244163858912 | 98.94348457398668 | 102.8259572920023 | 0.03923929639967817 | 158.4141387928397 | 172.5844701624138 | 0.08945117826954156 | 117.4476578997688 | 145.6712410920305 | 0.2365329722316414 | 77.53476477077622 | 95.47831639535258 | 0.1594795067722601 | 316.1467432838564 | 387.7998800478463 | 0.1231252213493531 | 155.1945146979192 | 174.0233950639721 | 0.1062580882937567
[NAME] | -53.57280064367932 | -50.7133136331618 | -0.01640359311406442 | -40.96060279344179 | -41.24001082968883 | 0.04396678088845815 | -50.26367054344662 | -48.25626200442867 | -0.002928386436151075 | -42.57406866940241 | -53.0657593920424 | 0.2405916088608025 | -50.7640709042403 | -56.04873706695287 | 0.03109159991339593 | -95.89081324295283 | -114.105367482298 | 0.08530903445802986 | -51.05093566842596 | -52.70180425680025 | 0.04428623008672927
Gross profit | 125.9952346104684 | 146.3001946861706 | 0.1454361313392245 | 57.98288178054489 | 61.58594646231348 | 0.03589967945738861 | 108.150468249393 | 124.3282081579852 | 0.1323852134195929 | 74.87358923036642 | 92.60548169998812 | 0.2342251801739848 | 26.77069386653593 | 39.4295793283997 | 0.4029357593267512 | 220.2559300409036 | 273.6945125655483 | 0.1395889093603088 | 104.1435790294932 | 121.3215908071718 | 0.1366365463423686
SG&A | -50.26028756780244 | -49.80402790695064 | 0.01622473887735899 | -18.96452651354307 | -18.23566746086536 | 0.02535542375735912 | -42.04905062527467 | -41.61627195112365 | 0.01956457743983763 | -23.68978363246135 | -27.96346724218279 | 0.178143059744013 | -28.02918483295448 | -42.64297823956412 | 0.3753539436460704 | -91.24421213186633 | -127.0228397262346 | 0.2642570700951482 | -40.19906183709475 | -42.62530412574421 | 0.0575804629232815
Other operating income/(expenses) | 8.152058770628814 | 9.778262304613184 | 0.7825653251919088 | 6.416890982073433 | 7.740223929392864 | 0.3711302657335027 | 7.696793476962759 | 9.249664664155635 | 0.6933628948997316 | -0.4083463293358246 | 1.018758080868179 | nm | 0.5070978305863009 | -0.6839429488041507 | nm | 0.1484808876306247 | 0.5743647586095724 | nm | 5.270728745313218 | 6.657654205624336 | 0.7566410616697399
Normalized EBIT | 83.88700581329476 | 106.2744290838332 | 0.2847677985220294 | 45.43524624907525 | 51.09050293084098 | 0.08764595876421702 | 73.79821110108108 | 91.96160087101715 | 0.2551758591307018 | 50.77545926856924 | 65.66077253867351 | 0.2903987138756074 | -0.7513931358322511 | -3.897341859968567 | 1.260781622673368 | 129.1601987966679 | 147.2460375979233 | 0.05411841591905207 | 69.21524593771169 | 85.35394088705195 | 0.2297642369226082
Normalized EBITDA | 95.39188379712644 | 114.336232452661 | 0.2484243176785315 | 55.3759733202822 | 57.35100359113408 | 0.05477465400651173 | 84.8926944076539 | 99.5562077566686 | 0.2173015392805212 | 57.69883314158178 | 73.14831880261782 | 0.2605842420983073 | 7.406589481775096 | 7.15367354560017 | 0.05210519523262359 | 145.1733211910613 | 166.505784906783 | 0.05902903606194285 | 79.56090299240263 | 93.59427720268687 | 0.1974266804302919