Spreadsheet: 858d94c6-5de4-4aa8-b1b2-3db240a8f365
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
 | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | % | 1Q10 | 1Q11 | %
[NAME] (000 hl) | 20722.15724190864 | 20761.69491837703 | 0.001907990370251047 | 7110.482788112838 | 6757.789499162672 | -0.04960187647733167 | 27832.64003002148 | 27519.48441753971 | -0.01125138011140851 | 9193.358 | 9533.556 | 0.03700475930557695 | 1594.435087679987 | 1599.023528809978 | 0.131933713250888 | 2306.12163 | 2144.51877 | -0.06480822698859764 | 40926.55474770147 | 40796.58271634969 | 0.001591002983578252
R$ million
Net sales | 3481.784 | 3895.425 | 0.118801453507742 | 694.004 | 700.2959999999999 | 0.00906623016582025 | 4175.788 | 4595.721 | 0.1005637738314301 | 1044.069 | 1158.946 | 0.2301049984172207 | 158.077 | 123.404 | 0.1916561776473927 | 743.488 | 684.027 | -0.0564603180252107 | 6121.422 | 6562.098 | 0.1054048686673996
% of total | 0.5687867949636539 | 0.5936249351960303 |  | 0.1133730038543332 | 0.1067183086872521 |  | 0.682159798817987 | 0.7003432438832824 |  | 0.1705598797142233 | 0.1766121139915924 |  | 0.02582357497980045 | 0.01880557102316972 |  | 0.1214567464879893 | 0.1042390711019555 |  | 1 | 1
[NAME] | -954.7699999999998 | -1086.982 | 0.1258271625627117 | -302.5600000000001 | -291.705 | -0.04879362771020648 | -1257.33 | -1378.687 | 0.08380695600995759 | -381.41 | -425.59 | 0.2360524825599522 | -99.084 | -83.656 | 0.2536953877122113 | -261.201 | -219.155 | -0.1423993766404537 | -1999.025 | -2107.088 | 0.08960343309032681
% of total | 0.4776178386963643 | 0.5158692944955313 |  | 0.151353784970173 | 0.138439875316076 |  | 0.6289716236665374 | 0.6543091698116074 |  | 0.1907980140318405 | 0.2019801735855361 |  | 0.04956616350470854 | 0.03970218614504948 |  | 0.1306641987969135 | 0.1040084704578072 |  | 1 | 1
Gross profit | 2527.014 | 2808.443 | 0.1161469623832713 | 391.444 | 408.591 | 0.05378802587343271 | 2918.458 | 3217.034 | 0.1077829456514365 | 662.6589999999999 | 733.3560000000002 | 0.2266817748182366 | 58.99299999999999 | 39.74799999999999 | 0.0780803719044561 | 482.287 | 464.8720000000001 | -0.00967599006116821 | 4122.396999999999 | 4455.01 | 0.1130049561937958
% of total | 0.6129962737698481 | 0.6304010540941547 |  | 0.09495543490837978 | 0.0917149456454643 |  | 0.7079517086782278 | 0.7221159997396189 |  | 0.1607460416840008 | 0.1646137719107253 |  | 0.01431036360641637 | 0.008922089961638692 |  | 0.1169918860313551 | 0.1043481383880171 |  | 1 | 1
SG&A | -975.2159999999999 | -1072.411 | 0.09450624271956179 | -157.043 | -166.393 | 0.04916487840909793 | -1132.259 | -1238.804 | 0.08821744848131044 | -216.153 | -248.173 | 0.2725775135927029 | -100.663 | -68.503 | 0.06816401084429635 | -301.743 | -280.993 | -0.05094633017213238 | -1750.818 | -1836.473 | 0.08615129879133421
% of total | 0.557005925230378 | 0.5839514112105106 |  | 0.08969693023489592 | 0.09060465359414485 |  | 0.646702855465274 | 0.6745560648046555 |  | 0.1234582920669082 | 0.1351356649403503 |  | 0.05749483955499658 | 0.03730139239727456 |  | 0.1723440129128213 | 0.1530068778577197 |  | 1 | 1
Other operating income/(expenses) | 84.36600000000001 | 110.382 | 0.3083706706493137 | 18.132 | 26.49 | 0.460953011250827 | 102.498 | 136.872 | 0.3353626412222678 | -7.815999999999999 | -4.526999999999999 | -0.2889603065002559 | 0.005 | 0.7209999999999999 | nm | -0.738 | 2.244 | nm | 93.949 | 135.31 | 0.4299383580426286
% of total | 0.8979978498972848 | 0.8157711920774517 |  | 0.1929983288805629 | 0.1957726701648067 |  | 1.090996178777848 | 1.011543862242258 |  | -0.08319407338023821 | -0.03345650727958021 |  | 5.322036424017286e-05 | 0.005328504914640453 |  | -0.007855325761849514 | 0.01658414012268124 |  | 1 | 1
Normalized EBIT | 1636.164 | 1846.414 | 0.1389573416845742 | 252.533 | 268.688 | 0.08589768465903476 | 1888.697 | 2115.101999999999 | 0.1318628663041239 | 438.6899999999999 | 480.6560000000002 | 0.2132548831276763 | -41.665 | -28.03400000000001 | -0.03069191482466082 | 179.806 | 186.1230000000001 | 0.0781941818319647 | 2465.527999999999 | 2753.847 | 0.1437194207498305
% of total | 0.6636160692557541 | 0.6704853247112131 |  | 0.1024255250802263 | 0.09756823817735698 |  | 0.7660415943359802 | 0.7680535628885697 |  | 0.1779294333708642 | 0.1745398346385984 |  | -0.01689901716792509 | -0.01017994100616338 |  | 0.072927989461081 | 0.06758654347899504 |  | 1 | 1
Normalized EBITDA | 1797.749 | 2018.638 | 0.1228697665803181 | 300.429 | 317.866 | 0.05804033565334909 | 2098.178 | 2336.504 | 0.1135871217789911 | 506.678 | 551.8889999999999 | 0.2058916261927161 | -22.826 | -14.281 | -0.06691101113158313 | 224.508 | 224.395 | 0.03659060625626574 | 2806.538 | 3098.507 | 0.1244372619748208
% of total | 0.6405575124940406 | 0.6514873130833657 |  | 0.1070461187413105 | 0.1025868264941793 |  | 0.7476036312353511 | 0.754074139577545 |  | 0.1805348796274984 | 0.1781144919149771 |  | -0.008133151947345804 | -0.004608993944502949 |  | 0.07999464108449628 | 0.07242036245198091 |  | 1 | 1
% of net sales
Net sales | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1 |  | 1 | 1
[NAME] | -0.2742186189608545 | -0.2790406695033276 |  | -0.4359629051129389 | -0.4165452894204736 |  | -0.301100055845747 | -0.2999936245041855 |  | -0.3653111049173953 | -0.367221596174455 |  | -0.6268084541078083 | -0.6779034715244239 |  | -0.3513183803908066 | -0.3203893998336323 |  | -0.3265621942091234 | -0.3210997458434787
Gross profit | 0.7257813810391455 | 0.7209593304966724 |  | 0.5640370948870611 | 0.5834547105795264 |  | 0.698899944154253 | 0.7000063754958145 |  | 0.6346888950826046 | 0.6327784038255451 |  | 0.3731915458921918 | 0.3220965284755761 |  | 0.6486816196091935 | 0.6796106001663678 |  | 0.6734378057908765 | 0.6789002541565213
SG&A | -0.2800908959315109 | -0.2753001277139208 |  | -0.2262854392770071 | -0.2376038132446851 |  | -0.2711485832135156 | -0.2695559630360503 |  | -0.2070294204693368 | -0.2141368105157617 |  | -0.636797257032965 | -0.555111665748274 |  | -0.4058478415253507 | -0.4107922640480566 |  | -0.2860149161420337 | -0.2798606482256132
Other operating income/(expenses) | 0.02423068174246306 | 0.02833631760334239 |  | 0.02612665056685552 | 0.03782686178415984 |  | 0.02454578632823314 | 0.02978248679586947 |  | -0.007486095267649934 | -0.003906135402339711 |  | 3.163015492449882e-05 | 0.005842598295030955 |  | -0.0009926185762244985 | 0.003280572258112618 |  | 0.01534757773602278 | 0.02061992978465119
Normalized EBIT | 0.4699211668500976 | 0.473995520386094 |  | 0.3638783061769096 | 0.3836777591190011 |  | 0.4522971472689705 | 0.4602328992556336 |  | 0.4201733793456179 | 0.4147354579074436 |  | -0.2635740809858487 | -0.2271725389776669 |  | 0.2418411595076182 | 0.2720989083764238 |  | 0.4027704673848657 | 0.4196595357155593
Normalized EBITDA | 0.5163298469979757 | 0.5182073843033815 |  | 0.4328923176235295 | 0.4539023498634863 |  | 0.5024627687037753 | 0.5084085826794098 |  | 0.4852916809138094 | 0.4761990636319551 |  | -0.144397983261322 | -0.1157255842598295 |  | 0.301965868985108 | 0.3280499161582803 |  | 0.4584781117851375 | 0.4721823721620737
Per hectoliter - (R$/hl)
Net sales | 168.0222748700321 | 187.625577551089 | 0.1166708562672442 | 97.6029364926137 | 103.6279688923087 | 0.06173003206876868 | 150.0320485406995 | 166.9988045659347 | 0.1130875448963331 | 113.5677518486716 | 121.5649228892136 | 0.1862095977659269 | 99.14295114391453 | 77.17459923297034 | -0.159138211888316 | 322.3975658213656 | 318.9652660396159 | 0.008602463225828695 | 149.5709091013529 | 160.8492075335066 | 0.1032830903753457
[NAME] | -46.07483616952128 | -52.35516677580438 | 0.1236590994213997 | -42.55125974087355 | -43.16574229430258 | 0.001524549245613361 | -45.17465819425644 | -50.09857666960088 | 0.09628470684818947 | -41.48756091082279 | -44.64126502220157 | 0.1919448502701821 | -62.14363994220302 | -52.31692873353673 | -0.08724334035441729 | -113.2641906663006 | -102.1930901542074 | -0.08019236217084509 | -48.84420426599114 | -51.64863965813393 | 0.08706884545604864
Gross profit | 121.9474387005108 | 135.2704107752846 | 0.1140305207106177 | 55.05167675174015 | 60.46222659800615 | 0.1082648387920137 | 104.8573903464431 | 116.9002278963338 | 0.1203265431492027 | 72.08019093784881 | 76.92365786701208 | 0.182908529407016 | 36.9993112017115 | 24.8576704994336 | -0.2798920547351761 | 209.133375155065 | 216.7721758854086 | 0.05669270241626224 | 100.7267048353618 | 109.2005678753727 | 0.1111456715265059
SG&A | -47.06150950479788 | -51.65334546221295 | 0.09241208792575734 | -22.08612335895691 | -24.62240056761416 | 0.1044628250736439 | -40.68097739843208 | -45.01552359063969 | 0.1006676598386187 | -23.51186584923594 | -26.03152485809073 | 0.2271665121815601 | -63.13395934259803 | -42.84052033366962 | -0.2618384248228248 | -130.8443562016284 | -131.0284637891045 | 0.02088871268641719 | -42.77951102391119 | -45.01536348690335 | 0.08333107406202016
Other operating income/(expenses) | 4.071294268020396 | 5.316617955998205 | 0.3058790659667368 | 2.550037816041509 | 3.919920856262578 | 0.53720106878555 | 3.682654605867113 | 4.973639691910937 | 0.3505582858590808 | -0.8501790096719826 | -0.4748490489802545 | -0.3143332399208208 | 0.003135906904354034 | 0.4509001818982496 | nm | -0.320017812763848 | 1.046388603071075 | nm | 2.29555115448061 | 3.316699365257695 | 0.4296525474653526
Normalized EBIT | 78.95722346373331 | 88.93368326906985 | 0.1368082715447627 | 35.51559120882474 | 39.75974688665457 | 0.1414270447714966 | 67.8590675538781 | 76.85834399760508 | 0.1446063724297253 | 47.71814607894089 | 50.4172839599411 | 0.169960766564007 | -26.13151223398217 | -17.53194965233778 | -0.2537363731199798 | 77.96900114067272 | 86.79010069937512 | 0.1347200577127997 | 60.24274496593116 | 67.50190375372702 | 0.143034054214171
Normalized EBITDA | 86.75491547589547 | 97.22895977116109 | 0.1207314218198482 | 42.25156138514971 | 47.03697859179919 | 0.1132601269578508 | 75.38551850405906 | 84.90362553852263 | 0.126259090914803 | 55.11348519224423 | 57.88910245033436 | 0.1628602620881252 | -14.31604219975704 | -8.931075586253682 | -0.2871472086553186 | 97.35306112193223 | 104.6365287816996 | 0.09566798651824548 | 68.57498798277473 | 75.95016037356085 | 0.1233999680866751