Spreadsheet: c6c92bf5-d9b9-4165-94f2-3a7d401374e3
Sheet: PAG 22

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) | 84475.61258533814 | 84597.75512372475 | 0.001445891123467447 | 29249.98196106301 | 29362.69802507282 | 0.003853543026448821 | 113725.5735464012 | 113960.4531487976 | 0.0020653191280726 | 33854.34600000001 | 34564.726 | 0.02098342115366783 | 6330.963387299918 | 6379.425107939887 | 0.09711732467331004 | 11231.64068944 | 10139.322467 | -0.02031827760353508 | 165142.5236231411 | 165043.9267237374 | 0.00793727439194977
R$ million
Net sales | 14279.269 | 15667.507 | 0.09722052298335422 | 2867.253 | 2949.43 | 0.02866053326999734 | 17146.522 | 18616.937 | 0.08575587515648951 | 3857.26 | 4488.885 | 0.2475009696164404 | 563.961 | 515.477 | 0.1783643093214899 | 3665.567 | 3505.42 | -0.007246465164109244 | 25233.31 | 27126.719 | 0.09911128343249244
% of total | 0.5658896514171149 | 0.5775673423682384 |  | 0.1136296823524143 | 0.108727856103792 |  | 0.6795193337695292 | 0.6862951984720305 |  | 0.1528638137446098 | 0.1654783610211025 |  | 0.02234986214650397 | 0.01900255611450835 |  | 0.145266990339357 | 0.1292238843923587 |  | 1 | 1
[NAME] | -4167.275000000001 | -4396.934000000001 | 0.05331678792248903 | -1253.671 | -1283.222 | 0.0220340454475581 | -5420.946 | -5680.156000000001 | 0.04608330830230332 | -1500.275 | -1740.761 | 0.2484300042295923 | -372.938 | -326.029 | 0.1322409947787116 | -1154.888 | -1046.361 | -0.04133591454803878 | -8449.047 | -8793.307000000003 | 0.07405523460868317
% of total | 0.4932242654112352 | 0.5000318992615633 |  | 0.1483801664258703 | 0.1459316728052369 |  | 0.6416044318371054 | 0.6459635720668002 |  | 0.1775673635144887 | 0.1979643153593977 |  | 0.04413965267325415 | 0.03707694954810516 |  | 0.1366885519751518 | 0.1189951630256967 |  | 1 | 1
Gross profit | 10111.994 | 11270.573 | 0.1153573133190146 | 1613.582 | 1666.208 | 0.0338227556561535 | 11725.576 | 12936.781 | 0.1041416896291115 | 2356.985 | 2748.124 | 0.2469096177816827 | 191.023 | 189.448 | 0.2674873437385948 | 2510.679 | 2459.059 | 0.008005621879785802 | 16784.263 | 18333.412 | 0.1116231183681191
% of total | 0.6024687530218038 | 0.6147558894110926 |  | 0.09613660129134059 | 0.0908836827536522 |  | 0.6986053543131445 | 0.705639572164745 |  | 0.1404282690279579 | 0.1498970295327461 |  | 0.01138107762014931 | 0.01033348293269142 |  | 0.1495852990387484 | 0.1341299153698177 |  | 1 | 1
SG&A | -4258.186 | -4393.934 | 0.03526650384260709 | -607.7270000000001 | -612.142 | 0.01534271478142016 | -4865.913 | -5006.075999999999 | 0.03278836659758105 | -861.3440000000002 | -978.2699999999999 | 0.2228991210091223 | -317.276 | -270.69 | 0.1777252299737765 | -1190.925 | -1176.482 | 0.001709277567268049 | -7235.458000000001 | -7431.517999999999 | 0.0554965253440028
% of total | 0.5885164422210729 | 0.5912565911836587 |  | 0.08399288614487155 | 0.08237105797227433 |  | 0.6725093283659445 | 0.6736276491559329 |  | 0.1190448483012409 | 0.1316379775975783 |  | 0.04385016124756719 | 0.03642459050761904 |  | 0.1645956620852474 | 0.1583097827388698 |  | 1 | 1
Other operating income/(expenses) | 501.8819999999999 | 607.5110000000001 | 0.5774139189003229 | 132.326 | 168.839 | 0.3717714350712131 | 634.208 | 776.3500000000001 | 0.5276105247416436 | -13.899 | 2.036000000000003 | nm | 3.084 | -3.205 | nm | 1.537 | 9.27 | nm | 624.93 | 784.4510000000001 | 0.5701770764697665
% of total | 0.8031011473285007 | 0.7744409784677436 |  | 0.2117453154753333 | 0.2152320540097469 |  | 1.014846462803834 | 0.9896730324774906 |  | -0.02224089097978974 | 0.002595445732110741 |  | 0.004934952714704047 | -0.004085659907374711 |  | 0.00245947546125166 | 0.01181718169777334 |  | 1 | 1
Normalized EBIT | 6355.689999999999 | 7484.149999999997 | 0.1982738413929665 | 1138.181 | 1222.905 | 0.08041452974462952 | 7493.871 | 8707.055000000002 | 0.1801917979153558 | 1481.742 | 1771.89 | 0.2712688650768141 | -123.169 | -84.44700000000002 | -0.06811397467888974 | 1321.291 | 1291.847 | 0.01995207759175889 | 10173.735 | 11686.345 | 0.1741404350007317
% of total | 0.6247155051709131 | 0.6404183686173905 |  | 0.1118744492558535 | 0.1046439241696185 |  | 0.7365899544267667 | 0.7450622927870094 |  | 0.1456438564597958 | 0.1516205451747318 |  | -0.0121065665657696 | -0.007226125875968922 |  | 0.1298727556792073 | 0.1105432879142281 |  | 1 | 1
Normalized EBITDA | 7120.074000000001 | 8216.452999999998 | 0.1732220547303041 | 1370.559 | 1434.412 | 0.05369664897297797 | 8490.633 | 9650.865 | 0.1537697332233305 | 1763.988 | 2059.29 | 0.2417457825154552 | -55.65100000000001 | -24.456 | -0.0253971029097763 | 1508.062 | 1455.384 | 0.002905524088526391 | 11707.032 | 13141.083 | 0.1483344214388994
% of total | 0.608187796872854 | 0.6252493040337693 |  | 0.1170714319393677 | 0.1091547781868511 |  | 0.7252592288122216 | 0.7344040822206206 |  | 0.1506776440006314 | 0.1567062623377388 |  | -0.004753638667768228 | -0.001861033828033808 |  | 0.1288167658549152 | 0.1107506892696744 |  | 1 | 1
% of net sales
Net sales | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1
[NAME] | -0.2918409198678168 | -0.2806403086336583 |  | -0.4372376626687635 | -0.4350745737311955 |  | -0.3161542614881315 | -0.3051069034610795 |  | -0.388948372679052 | -0.3877936280390342 |  | -0.6612833156902693 | -0.6324802076523298 |  | -0.3150639450868038 | -0.2984980401777819 |  | -0.3348370467449573 | -0.3241566737208433
Gross profit | 0.7081590801321831 | 0.7193596913663417 |  | 0.5627623373312366 | 0.5649254262688045 |  | 0.6838457385118685 | 0.6948930965389204 |  | 0.611051627320948 | 0.6122063719609658 |  | 0.3387166843097307 | 0.3675197923476702 |  | 0.6849360549131963 | 0.7015019598222182 |  | 0.6651629532550426 | 0.6758433262791566
SG&A | -0.2982075623058855 | -0.2804488295425686 |  | -0.2119544386212169 | -0.2075458647942145 |  | -0.2837842566556646 | -0.26889901383885 |  | -0.2233046255632237 | -0.2179316244457142 |  | -0.5625850014451353 | -0.5251252723205885 |  | -0.3248951662866891 | -0.3356179858618938 |  | -0.2867423259176065 | -0.2739556523588422
Other operating income/(expenses) | 0.03514759754158283 | 0.03877521803564538 |  | 0.04615079311103695 | 0.05724462014694365 |  | 0.03698755934293847 | 0.04170127448999801 |  | -0.003603335009825627 | 0.0004535647493754024 |  | 0.005468463244798842 | -0.006217542198778995 |  | 0.0004193075723346483 | 0.002644476268178991 |  | 0.02476607309940709 | 0.02891801990502427
Normalized EBIT | 0.4450991153678804 | 0.4776860798594185 |  | 0.3969586918210566 | 0.4146241816215336 |  | 0.4370490411991423 | 0.4676953571900684 |  | 0.3841436667478988 | 0.394728312264627 |  | -0.2183998538906059 | -0.1638230221716973 |  | 0.3604601961988418 | 0.3685284502285033 |  | 0.4031867004368431 | 0.4308056938253387
Normalized EBITDA | 0.4986301469634055 | 0.5244263174734818 |  | 0.4780042082090418 | 0.4863353258087157 |  | 0.4951810635416325 | 0.5183916666850191 |  | 0.4573163333558017 | 0.4587531202069111 |  | -0.09867880935029197 | -0.04744343588559722 |  | 0.4114130228693132 | 0.4151810624689766 |  | 0.4639514990304482 | 0.4844331892847049
Per hectoliter - (R$/hl)
Net sales | 169.0342166572031 | 185.200032519612 | 0.09563635210729397 | 98.02580404380521 | 100.4481944227836 | 0.02471176240386593 | 150.7710312228415 | 163.3631359441153 | 0.08351806457211652 | 113.936922603674 | 129.868959470415 | 0.2218621221163586 | 89.07980752681667 | 80.80304906447336 | -0.04229459421456421 | 326.3607785678516 | 345.725270244529 | 0.07183860283203602 | 152.7971684481641 | 164.3606010744441 | 0.0905235493809945
[NAME] | -49.33110127837399 | -51.97459428526747 | 0.05188419077751856 | -42.86057344133961 | -43.70245537056083 | 0.01813795744103979 | -47.66690403006146 | -49.84322054760041 | 0.04400004061571972 | -44.31558063475808 | -50.36235496268653 | 0.2227720630555582 | -58.90699048238433 | -51.10632925123951 | -0.08300264427928954 | -102.8245144171881 | -103.1983156079259 | 0.01548218678180936 | -51.16215263417504 | -53.27858573505029 | 0.0652951225276101
Gross profit | 119.7031153788291 | 133.2254382343446 | 0.1136671468353705 | 55.16523060246559 | 56.7457390522228 | 0.02981927391648258 | 103.10412719278 | 113.5199153965149 | 0.1017879622636527 | 69.6213419689159 | 79.50660450772851 | 0.2212829238429042 | 30.17281704443233 | 29.69671981323386 | 0.03718054110965618 | 223.5362641506635 | 242.5269546366031 | 0.09776200786287183 | 101.635015813989 | 111.0820153393938 | 0.1032233124995961
SG&A | -50.40728169562945 | -51.93913235137084 | 0.0336612873493561 | -20.77700426649815 | -20.84760737849402 | 0.01135401216709866 | -42.78644502078207 | -43.92818615299461 | 0.03054147599893126 | -25.44264183983941 | -28.30255330246217 | 0.1977658947951363 | -50.11496364620654 | -42.43172314431545 | -0.1019727285925048 | -106.0330394222555 | -116.0316188610278 | 0.1072260273384939 | -43.8134154744509 | -45.02751568944076 | 0.04696390591964225
Other operating income/(expenses) | 5.941146617824091 | 7.18117164115657 | 0.4413445261379356 | 4.523968601968703 | 5.750118734178592 | 0.3408995152025626 | 5.576652464550876 | 6.812450973552413 | 0.420268893208517 | -0.4105529021296113 | 0.05890398205384308 | -0.8648423788042608 | 0.4871296533141522 | -0.5023963673483728 | nm | 0.1368455457665316 | 0.9142622724714254 | nm | 3.78418584316965 | 4.752983133472529 | 0.4473679826197094
Normalized EBIT | 75.23698030102375 | 88.46747752413029 | 0.1931447817200871 | 38.91219493793616 | 41.64825040790736 | 0.07584520664211204 | 65.89433463654882 | 76.40418021707272 | 0.17500277447119 | 43.76814722694687 | 51.26295518732018 | 0.2451415358344745 | -19.45501694846005 | -13.23739969842996 | -0.2670647806341259 | 117.6400702741745 | 127.4095980480468 | 0.09581579422303532 | 61.6057861827078 | 70.80748278342561 | 0.1643738046357035
Normalized EBITDA | 84.28555629362532 | 97.12377105022921 | 0.1687155296512708 | 46.85674684601379 | 48.85150536150169 | 0.04931684852290047 | 74.65895959219532 | 84.6860883169613 | 0.1491451774264186 | 52.10521567895595 | 59.57779037507777 | 0.2162252165782821 | -8.790289343899445 | -3.833574277651108 | -0.5107159918233112 | 134.2690744565824 | 143.5385850224976 | 0.08164381614164759 | 70.89047534913364 | 79.62173017124407 | 0.1388384513446119