Spreadsheet: 044aa192-1a62-484e-96c0-6ec346c93213
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
 | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | % | YTD 10 | YTD 11 | %
[NAME] (000 hl) | 59913.59633474197 | 59821.16471811647 | -0.001542748595979546 | 20513.19647466149 | 20686.07566729204 | 0.008427706176562548 | 80426.77180940346 | 80507.2403854085 | 0.001000519779604357 | 23321.62 | 23816.345 | 0.02121314900079818 | 4709.974397759946 | 4702.384179259916 | 0.1212901396410436 | 8645.44925344 | 7872.470296 | -0.0249218356687377 | 117103.8154606034 | 116898.4398606684 | 0.007607931810555413
R$ million
Net sales | 9868.716 | 10786.184 | 0.09296731205964372 | 2002.805 | 2057.248 | 0.02718337531611925 | 11871.521 | 12843.432 | 0.08186912190948405 | 2620.216 | 2923.155 | 0.2405077353502277 | 438.278 | 355.356 | 0.17503339787249 | 2847.951 | 2626.335 | -0.01432131954172877 | 17777.966 | 18748.278 | 0.09205629484566878
% of total | 0.5551093977792511 | 0.5753159836866084 |  | 0.1126565884983693 | 0.1097299709338639 |  | 0.6677659862776203 | 0.6850459546204725 |  | 0.1473855895550706 | 0.1559159193180302 |  | 0.02465287648767019 | 0.01895406074093845 |  | 0.1601955476796389 | 0.1400840653205591 |  | 1 | 1
[NAME] | -2851.419000000001 | -3140.431 | 0.08180733873204872 | -895.807 | -925.3979999999999 | 0.01608828687429312 | -3747.226 | -4065.829000000001 | 0.06609662721170287 | -1051.854 | -1170.39 | 0.2404859240718956 | -290.65 | -232.033 | 0.1633900887547821 | -906.8960000000001 | -787.701 | -0.05703349985934802 | -5996.626 | -6255.953 | 0.08266088917864638
% of total | 0.4755038916884262 | 0.5019908237801659 |  | 0.1493851709277851 | 0.1479227865043103 |  | 0.6248890626162111 | 0.6499136102844763 |  | 0.1754076375615221 | 0.1870842060354353 |  | 0.04846892235733894 | 0.03708995256198376 |  | 0.1512343774649278 | 0.1259122311181046 |  | 1 | 1
Gross profit | 7017.297 | 7645.752999999999 | 0.09750207237915101 | 1106.998 | 1131.85 | 0.03616176361655606 | 8124.295 | 8777.603 | 0.08914398110851458 | 1568.362 | 1752.765 | 0.2405223635294101 | 147.628 | 123.323 | 0.1976855321122386 | 1941.055 | 1838.634 | 0.005184632180310881 | 11781.34 | 12492.325 | 0.09678149572055376
% of total | 0.5956280864485703 | 0.6120360301224953 |  | 0.09396197716049276 | 0.09060363062920636 |  | 0.6895900636090632 | 0.7026396607517016 |  | 0.1331225480293413 | 0.1403073487121093 |  | 0.01253066289573173 | 0.00987190134742732 |  | 0.1647567254658638 | 0.1471810891887619 |  | 1 | 1
SG&A | -3023.692 | -3159.96 | 0.03934395434455611 | -442.038 | -453.918 | 0.01390378202778945 | -3465.73 | -3613.878 | 0.03609917679680737 | -611.8260000000001 | -677.708 | 0.2321258471896121 | -271.841 | -199.176 | 0.1227927585249366 | -954.95 | -888.54 | -0.0263707382072658 | -5304.347000000002 | -5379.302000000001 | 0.05093249735626551
% of total | 0.5700403838587482 | 0.5874293728071039 |  | 0.08333504576529399 | 0.08438232320847573 |  | 0.6533754296240422 | 0.6718116960155796 |  | 0.1153442638650903 | 0.125984374924479 |  | 0.05124872109611229 | 0.03702636513064334 |  | 0.1800315854147551 | 0.1651775639292979 |  | 1 | 1
Other operating income/(expenses) | 301.651 | 365.2389999999999 | 0.2107998978952495 | 76.263 | 101.68 | 0.3332808832592476 | 377.914 | 466.919 | 0.2355165460924972 | -9.597999999999999 | -8.913999999999998 | 0.3466560150392861 | 2.262 | -2.058 | nm | 1.153 | 7.968 | nm | 371.731 | 463.915 | 0.2439772275451229
% of total | 0.8114765784935881 | 0.7872972419516505 |  | 0.2051564168713398 | 0.2191780821917809 |  | 1.016632995364928 | 1.006475324143431 |  | -0.02581974599912302 | -0.01921472683573499 |  | 0.006085045368828534 | -0.004436157485746313 |  | 0.003101705265366622 | 0.01717556017804986 |  | 1 | 1
Normalized EBIT | 4295.255999999999 | 4851.031999999998 | 0.1463998886213068 | 741.2229999999998 | 779.6120000000001 | 0.08000561234608256 | 5036.478999999999 | 5630.643999999999 | 0.136628585168329 | 946.9379999999998 | 1066.143 | 0.2448716833570244 | -121.951 | -77.91100000000002 | -0.05240282111379736 | 987.2579999999998 | 958.062 | 0.04400968110027128 | 6848.723999999998 | 7576.937999999996 | 0.1396651518332998
% of total | 0.6271614975285907 | 0.6402364649149829 |  | 0.1082278976346543 | 0.1028927516630069 |  | 0.7353893951632451 | 0.7431292165779899 |  | 0.1382648797060591 | 0.1407089512940453 |  | -0.01780638261959454 | -0.01028264979863898 |  | 0.1441521077502904 | 0.1264444819266042 |  | 1 | 1
Normalized EBITDA | 4777.057000000001 | 5383.590999999999 | 0.1269681312155159 | 886.751 | 936.799 | 0.05643974464082928 | 5663.808 | 6320.39 | 0.1159258929681233 | 1156.262 | 1273.064 | 0.2175503935361708 | -67.65700000000001 | -36.453 | -0.09037788843069818 | 1132.616 | 1077.94 | 0.01985018293840023 | 7885.029 | 8634.941 | 0.1175124490670496
% of total | 0.6058388624823068 | 0.6234658696567815 |  | 0.1124600809965315 | 0.108489334206221 |  | 0.7182989434788383 | 0.7319552038630026 |  | 0.1466401708858648 | 0.1474316964064954 |  | -0.008580437687673694 | -0.004221569087733199 |  | 0.1436413233229707 | 0.1248346688182351 |  | 1 | 1
% of net sales
Net sales | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1
[NAME] | -0.2889351563060484 | -0.2911531084580052 |  | -0.4472761951363213 | -0.4498232590334271 |  | -0.3156483486825319 | -0.3165687333416801 |  | -0.4014378967230183 | -0.4003858844296658 |  | -0.6631635628528011 | -0.652959285899211 |  | -0.3184380630144269 | -0.2999240386317816 |  | -0.3373066412659356 | -0.3336814719730527
Gross profit | 0.7110648436939516 | 0.7088468915419948 |  | 0.5527238048636787 | 0.5501767409665729 |  | 0.684351651317468 | 0.6834312666583199 |  | 0.5985621032769817 | 0.5996141155703342 |  | 0.3368364371471989 | 0.347040714100789 |  | 0.6815619369855731 | 0.7000759613682185 |  | 0.6626933587340644 | 0.6663185280269472
SG&A | -0.3063916319002392 | -0.2929636653704406 |  | -0.2207094549893774 | -0.220643306008804 |  | -0.2919364755367068 | -0.2813794630594065 |  | -0.2335021234890559 | -0.2318412810815711 |  | -0.6202478791999598 | -0.5604970789855807 |  | -0.335311246576925 | -0.3383193690066195 |  | -0.2983663597961657 | -0.286922457625175
Other operating income/(expenses) | 0.03056638776513581 | 0.03386174387531308 |  | 0.03807809547110179 | 0.04942525159825165 |  | 0.03183366310012002 | 0.03635469086456019 |  | -0.003663056786158087 | -0.003049444863512197 |  | 0.00516110779003281 | -0.005791375409448554 |  | 0.0004048524711274877 | 0.003033885623882711 |  | 0.02090964736910848 | 0.02474440585956748
Normalized EBIT | 0.4352395995588483 | 0.4497449700468673 |  | 0.370092445345403 | 0.3789586865560205 |  | 0.4242488388808813 | 0.4384064944634736 |  | 0.3613969230017677 | 0.3647233896252509 |  | -0.2782503342627281 | -0.2192477402942402 |  | 0.3466555428797756 | 0.3647904779854816 |  | 0.3852366463070071 | 0.4041404762613397
Normalized EBITDA | 0.4840606417288734 | 0.4991191509434662 |  | 0.4427545367621911 | 0.4553651285600958 |  | 0.4770920255289949 | 0.4921106757134697 |  | 0.4412849932982624 | 0.4355102620285273 |  | -0.1543700573608532 | -0.1025816364434539 |  | 0.397695044612776 | 0.4104350739719038 |  | 0.4435281853953371 | 0.4605724856437483
Per hectoliter - (R$/hl)
Net sales | 164.7158008152725 | 180.3071546805486 | 0.09465609120743458 | 97.63495428291364 | 99.45085926823883 | 0.01859892288230403 | 147.6065833915764 | 159.5313904502905 | 0.08078777236567786 | 112.3513718172237 | 122.7373469774645 | 0.2147392897986063 | 93.05315973871198 | 75.56932535782894 | -0.1013769956506533 | 329.4161953315275 | 333.6100234426341 | 0.05690174699887586 | 151.8137212700891 | 160.3809086104667 | 0.08378357858649849
[NAME] | -47.59218565463669 | -52.49698856246008 | 0.08350908145060384 | -43.6697908639703 | -44.73530962971391 | 0.007454949324059238 | -46.59177430222154 | -50.50265020308546 | 0.0650121246099588 | -45.10209839625206 | -49.14230122212287 | 0.2147179315950289 | -61.70946494703506 | -49.34369272153312 | -0.1138551252753603 | -104.8986551669537 | -100.0576655589581 | -0.004547091056312136 | -51.20777641969669 | -53.51613766151618 | 0.0737814615662718
Gross profit | 117.1236151606358 | 127.8101661180885 | 0.09918558389013166 | 53.96516341894334 | 54.71554963852493 | 0.02761687008843334 | 101.0148090893549 | 109.0287402472051 | 0.08806408587190447 | 67.2492734209716 | 73.59504575534157 | 0.2147536141139528 | 31.34369479167692 | 26.22563263629582 | -0.07681005458648493 | 224.5175401645738 | 233.5523578836759 | 0.08561175544113968 | 100.6059448503924 | 106.8647709489505 | 0.08887459157640772
SG&A | -50.46754301154608 | -52.8234449277285 | 0.04095872079907548 | -21.54895754769465 | -21.94316637436052 | 0.005321902446040503 | -43.09174572135181 | -44.88885698602328 | 0.03505693103612827 | -26.2342838962302 | -28.45558375980865 | 0.2065315144004762 | -57.71602498079119 | -42.35638612397409 | -0.1840065323613801 | -110.4569550992423 | -112.8667326253955 | 0.0663847427194694 | -45.29610738246623 | -46.0168844546737 | 0.04273643780165273
Other operating income/(expenses) | 5.034767038764492 | 6.105514690679193 | 0.2126707439829147 | 3.717753110501444 | 4.915383740995021 | 0.3221382902244532 | 4.698858247047215 | 5.799714383013761 | 0.2342816229151684 | -0.4115494549692516 | -0.3742807723015433 | 0.3186826044659886 | 0.4802573876146338 | -0.4376503325859475 | nm | 0.1333649607093841 | 1.012134654105782 | nm | 3.174371377549687 | 3.968530294783588 | 0.2355036030551566
Normalized EBIT | 71.69083918785422 | 81.09223588103917 | 0.1481449502563436 | 36.13395898175014 | 37.68776700515942 | 0.07121550365827839 | 62.62192161505028 | 69.93959764419552 | 0.1355111497876206 | 40.60344006977215 | 44.76518122323137 | 0.2190125877002896 | -25.89207280149964 | -16.56840382026422 | -0.2792753358430767 | 114.1939500260409 | 121.6977599123862 | 0.112159790751453 | 58.48420884547589 | 64.8164167890604 | 0.1325673037701925
Normalized EBITDA | 79.7324362455261 | 89.99475395318763 | 0.1287094461288 | 43.22831895532913 | 45.28645331609357 | 0.04761078872604916 | 70.4219238517017 | 78.50710035200184 | 0.1148105030093517 | 49.57897435941413 | 53.45337414284182 | 0.1922588293418256 | -14.3646216064736 | -7.752025060133889 | -0.3811374661846095 | 131.0071884985428 | 136.9252546494461 | 0.09073072101767923 | 67.33366431303612 | 73.86703372852547 | 0.1100938773440975