Spreadsheet: 044aa192-1a62-484e-96c0-6ec346c93213
Sheet: PAG 20

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
 | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | % | 3Q10 | 3Q11 | %
[NAME] (000 hl) | 20271.30848477127 | 20623.2974705959 | 0.01736390061298024 | 6950.196751987385 | 7391.695510030906 | 0.06352320283843414 | 27221.50523675865 | 28014.99298062681 | 0.02914929710781259 | 7356.759999999999 | 7522.562999999998 | 0.02253750292248204 | 1550.292281699978 | 1571.67885588997 | 0.1256201248252095 | 3152.672028 | 2810.925956 | -0.00119961253853031 | 39281.22954645864 | 39920.16079251678 | 0.02916599608205028
R$ million
Net sales | 3289.9 | 3628.859999999999 | 0.1030304872488521 | 675.4820000000001 | 727.379 | 0.07682958243150806 | 3965.382000000001 | 4356.239000000001 | 0.09856730070394248 | 852.2429999999997 | 939.7170000000001 | 0.2359196693409726 | 145.103 | 119.062 | 0.1794883911179418 | 1015.443 | 959.516 | 0.01725964749216784 | 5978.171 | 6374.534000000001 | 0.1064697087551118
% of total | 0.5503188182472531 | 0.5692745540301453 |  | 0.1129914149327612 | 0.1141070076651877 |  | 0.6633102331800145 | 0.6833815616953334 |  | 0.1425591539619726 | 0.1474173641555602 |  | 0.0242721394219068 | 0.01867775746431033 |  | 0.1698584734361061 | 0.150523316684796 |  | 1 | 1
[NAME] | -988.8590000000008 | -1072.355000000001 | 0.05907515631652243 | -299.184 | -317.504 | 0.03926680571153535 | -1288.043 | -1389.859 | 0.05447411305367912 | -355.4880000000001 | -387.067 | 0.2263943565994458 | -100.9 | -77.50200000000001 | 0.1436014334002637 | -314.15 | -275.833 | -0.0302314499026707 | -2058.581 | -2130.261 | 0.07578505506234448
% of total | 0.4803595292096841 | 0.5033913684755065 |  | 0.1453350633276028 | 0.1490446475807424 |  | 0.6256945925372867 | 0.6524360160562486 |  | 0.1726859424040152 | 0.1816993316781371 |  | 0.04901434531844994 | 0.0363814574833788 |  | 0.1526051197402482 | 0.1294831947822356 |  | 1 | 1
Gross profit | 2301.040999999999 | 2556.504999999998 | 0.1219200353231423 | 376.2980000000001 | 409.8750000000001 | 0.1066946940988257 | 2677.339 | 2966.380000000001 | 0.1197801249673653 | 496.7549999999996 | 552.6500000000001 | 0.2427361772288849 | 44.203 | 41.55999999999999 | 0.2532338411561905 | 701.293 | 683.683 | 0.03775424923962652 | 3919.59 | 4244.273000000001 | 0.1223432276781896
% of total | 0.5870616569590185 | 0.6023422621494888 |  | 0.09600442903466946 | 0.09657130915000048 |  | 0.6830660859936882 | 0.6989135712994899 |  | 0.1267364698858808 | 0.130210756942355 |  | 0.0112774550399404 | 0.009792018562425174 |  | 0.1789199890804906 | 0.1610836531957298 |  | 1 | 1
SG&A | -1021.394000000001 | -1073.133 | 0.04374707507582697 | -149.482 | -169.611 | 0.1190845720554981 | -1170.876 | -1242.744 | 0.05336517274245944 | -213.8040000000001 | -226.892 | 0.1914780073747644 | -85.796 | -65.79 | 0.2118328841095969 | -311.738 | -286.991 | -0.03875629487907868 | -1782.214 | -1822.417 | 0.05944897839335186
% of total | 0.5731040155671544 | 0.5888515087381208 |  | 0.08387432710101031 | 0.09306925912126586 |  | 0.6569783426681644 | 0.6819207678593867 |  | 0.1199653913615313 | 0.124500594540108 |  | 0.04814012234221031 | 0.03610040951110531 |  | 0.174916143628094 | 0.1574782280894 |  | 1 | 1
Other operating income/(expenses) | 129.753 | 132.8119999999998 | 0.02357556280008806 | 34.47 | 37.54300000000001 | 0.08914998549463324 | 164.223 | 170.355 | 0.03733947132861991 | -4.959 | -1.998999999999999 | -0.2153728917961462 | 1.368 | -2.695 | nm | 0.009 | 1.453 | nm | 160.641 | 167.114 | 0.03669371191525946
% of total | 0.8077203204661325 | 0.7947389207367418 |  | 0.2145778474984593 | 0.2246550259104564 |  | 1.022298167964592 | 1.019393946647199 |  | -0.03087007675500027 | -0.01196189427576384 |  | 0.008515883242758697 | -0.01612671589453906 |  | 5.602554764972827e-05 | 0.00869466352310399 |  | 1 | 1
Normalized EBIT | 1409.399999999998 | 1616.183999999998 | 0.1695182347098052 | 261.2860000000001 | 277.8070000000001 | 0.0972918564331804 | 1670.686 | 1893.991000000001 | 0.1582224307859172 | 277.9919999999995 | 323.7590000000001 | 0.2903309447789781 | -40.225 | -26.92500000000002 | -0.2668558928516329 | 389.564 | 398.1449999999999 | 0.1053548776258512 | 2298.017 | 2588.970000000001 | 0.1644643543869459
% of total | 0.6133113897764891 | 0.6242575232621457 |  | 0.1137006384199943 | 0.1073040630057513 |  | 0.7270120281964843 | 0.7315615862678981 |  | 0.1209703844662591 | 0.1250532064875221 |  | -0.01750422211846126 | -0.01039988875885005 |  | 0.1695218094557177 | 0.1537850960034298 |  | 1 | 1
Normalized EBITDA | 1570.232 | 1801.999999999999 | 0.1476011188155627 | 312.3439999999999 | 331.4800000000001 | 0.06126578387931319 | 1882.576 | 2133.48 | 0.1332769566806336 | 349.383 | 393.0369999999999 | 0.2465006954318933 | -21.382 | -12.687 | -0.7315714004016718 | 445.063 | 438.976 | 0.06180105811488958 | 2655.64 | 2952.806 | 0.1347167949266135
% of total | 0.5912819508668345 | 0.6102669799505958 |  | 0.117615339428537 | 0.1122593221498466 |  | 0.7088972902953714 | 0.7225263021004428 |  | 0.1315626365019355 | 0.1331062724743853 |  | -0.008051543130846049 | -0.004296591106899674 |  | 0.1675916163335392 | 0.1486640165320715 |  | 1 | 1
% of net sales
Net sales | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1
[NAME] | -0.3005741815860667 | -0.2955074045292465 |  | -0.4429192783819553 | -0.436504215821463 |  | -0.324821921318047 | -0.3190502174008358 |  | -0.4171204691619647 | -0.4118974116675551 |  | -0.6953681178197556 | -0.6509381666694665 |  | -0.3093723626043017 | -0.2874709749498706 |  | -0.344349634695963 | -0.334183016358529
Gross profit | 0.6994258184139334 | 0.7044925954707535 |  | 0.5570807216180447 | 0.563495784178537 |  | 0.675178078681953 | 0.6809497825991642 |  | 0.5828795308380353 | 0.5881025883324448 |  | 0.3046318821802444 | 0.3490618333305336 |  | 0.6906276373956982 | 0.7125290250501295 |  | 0.655650365304037 | 0.6658169836414709
SG&A | -0.3104635399252259 | -0.2957217969279609 |  | -0.2212967925126058 | -0.2331810514188614 |  | -0.2952744527513364 | -0.2852791134738015 |  | -0.2508721104192116 | -0.2414471590915137 |  | -0.5912765414912166 | -0.5525692496346442 |  | -0.3069970446396302 | -0.2990997544595401 |  | -0.2981202779244689 | -0.2858902313486757
Other operating income/(expenses) | 0.039439800601842 | 0.03659882166851294 |  | 0.05103022730435451 | 0.05161408289213739 |  | 0.04141416892496107 | 0.03910598109975139 |  | -0.005818762958451992 | -0.002127236178551626 |  | 0.00942778577975645 | -0.02263526565990829 |  | 8.863126733849167e-06 | 0.001514305128835788 |  | 0.02687126213017326 | 0.02621587711352703
Normalized EBIT | 0.4284020790905494 | 0.4453696202113056 |  | 0.3868141564097934 | 0.381928815651813 |  | 0.4213177948555776 | 0.434776650225114 |  | 0.3261886574603717 | 0.3445281930623795 |  | -0.2772168735312158 | -0.2261426819640189 |  | 0.3836394558828019 | 0.4149435757194251 |  | 0.3844013495097414 | 0.4061426294063222
Normalized EBITDA | 0.4772886713881882 | 0.4965746818560098 |  | 0.4624016628126285 | 0.4557184081476096 |  | 0.4747527476545765 | 0.4897527431346168 |  | 0.4099570193008334 | 0.4182503881487723 |  | -0.1473573944025968 | -0.1065579278023215 |  | 0.4382944192830124 | 0.4574973215662897 |  | 0.4442228233350969 | 0.4632191153110172
Per hectoliter - (R$/hl)
Net sales | 162.2934208944392 | 175.9592521600351 | 0.08420446861172899 | 97.1889032935432 | 98.40489222167089 | 0.01251160252786242 | 145.6709305937033 | 155.4967014631226 | 0.06745183015837772 | 115.8448828016681 | 124.9197912998536 | 0.2086790614609533 | 93.59718919640552 | 75.7546616815562 | -0.09088499130811477 | 322.0896404641809 | 341.3522856949989 | 0.0990980091219006 | 152.1889988939757 | 159.6820722524479 | 0.07518906344027182
[NAME] | -48.78121216214911 | -51.99726190871918 | 0.0405664877551727 | -43.0468389135098 | -42.95415031221604 | -0.02411961874852303 | -47.31711155563458 | -49.61125640692213 | 0.02391152786297267 | -48.32127186424461 | -51.45413870246086 | 0.1993636938443109 | -65.08450128472407 | -49.31160059165787 | -0.1473292773545015 | -99.64563304077375 | -98.12887437010811 | 0.02097028222893096 | -52.40622617388487 | -53.36303656370361 | 0.04445348829682642
Gross profit | 113.5122087322901 | 123.9619902513159 | 0.1029576373348564 | 54.14206438003341 | 55.45074190945486 | 0.04163606055409217 | 98.3538190380687 | 105.8854450562004 | 0.08839866639744927 | 67.5236109374235 | 73.46565259739269 | 0.215345328339606 | 28.51268791168145 | 26.44306108989833 | 0.03795758639205121 | 222.4440074234071 | 243.2234113248908 | 0.1340959706065106 | 99.78277272009086 | 106.3190356887443 | 0.0913314842073338
SG&A | -50.38618995746221 | -52.03498623486577 | 0.02581497244725366 | -21.50759256667894 | -22.94615623300895 | 0.05131253609969036 | -43.01290431283365 | -44.35996114149998 | 0.02330299238839309 | -29.06225022972071 | -30.16152872365443 | 0.1652169274666593 | -55.34182232134972 | -41.85969656170384 | -0.1480903867722591 | -98.88056773154457 | -102.098384835577 | 0.07135879382800747 | -45.37062664731874 | -45.65154457848828 | 0.02920240407797371
Other operating income/(expenses) | 6.4008201590675 | 6.439901290730027 | 0.006105644384831473 | 4.959571826530439 | 5.079078264121168 | 0.0240961199415338 | 6.032840527063908 | 6.080851068490556 | 0.007958198333151523 | -0.6740739129725586 | -0.2657338994701672 | -0.2326666689863836 | 0.882414249331046 | -1.714726892138499 | nm | 0.002854721303093948 | 0.5169115169677562 | nm | 4.08951048260867 | 4.186205583403519 | 0.007334701251200049
Normalized EBIT | 69.52683893389536 | 78.3669053071802 | 0.1499465818637083 | 37.59404363988491 | 37.58366394056708 | 0.03378619232379312 | 61.37375525229897 | 67.60633498319102 | 0.1261129869903703 | 37.78728679473021 | 43.03838997426811 | 0.2618910710767319 | -25.94672016033722 | -17.13136236394401 | -0.2470920528479078 | 123.5662944131657 | 141.6419380062816 | 0.1887628674717014 | 58.50165655538081 | 64.8536966936595 | 0.1336436120996912
Normalized EBITDA | 77.4608112337509 | 87.37690966099085 | 0.1280143890736758 | 44.94031048987012 | 44.84492083719695 | -0.002122585528078877 | 69.15767455275974 | 76.15493608994886 | 0.1011783808874454 | 47.49142285462623 | 52.24775119862738 | 0.2190268737032227 | -13.7922379233892 | -8.072259770152554 | -0.3226915583111862 | 141.1700919243224 | 156.1677564159929 | 0.1480290651338361 | 67.60582676922384 | 73.96778823980884 | 0.1037395683188187