Ambev S.A. (ABEV) · 26 Years of Financial statements

Income Statement

Revenue

2,572

2,626

1,799

2,692

2,824

2,069

3,003

4,521

6,821

8,225

11,038

8,948

13,306

15,203

14,556

15,726

14,727

14,326

11,792

14,005

14,461

12,940

13,087

11,238

13,077

15,216

COGS

1,529

1,499

1,055

1,458

1,457

944

1,398

1,800

2,454

2,778

3,678

3,118

4,436

5,091

4,718

5,021

4,825

4,821

4,054

5,122

5,447

4,964

5,394

5,210

6,401

7,717

Gross Profit

1,043

1,127

744

1,234

1,367

1,125

1,604

2,721

4,367

5,447

7,361

5,830

8,871

10,113

9,838

10,704

9,903

9,505

7,738

8,883

9,014

7,976

7,693

6,028

6,676

7,500

Gross Profit Ratio

40.56%

42.92%

41.35%

45.84%

48.41%

54.38%

53.43%

60.19%

64.02%

66.23%

66.68%

65.15%

66.66%

66.52%

67.58%

68.07%

67.24%

66.35%

65.62%

63.43%

62.33%

61.64%

58.79%

53.64%

51.05%

49.29%

Operating Expenses

606

754

487

1,067

984

736

807

1,601

3,165

3,414

3,292

2,423

3,718

3,983

3,988

4,033

3,713

3,615

3,018

4,105

4,148

3,708

3,684

2,936

3,591

4,113

R&D Expenses

- -

Selling, G&A Exp.

554

683

434

799

675

486

662

1,156

1,938

2,171

2,759

2,589

4,027

4,359

3,988

4,339

4,132

4,130

3,397

4,354

4,389

3,821

3,813

3,382

3,921

4,576

General and Admin. Exp.

- -

145

233

- -

361

450

448

848

721

634

755

735

685

576

665

792

610

667

568

875

1,000

Selling and Marketing Exp.

- -

517

923

- -

1,810

2,308

2,141

3,179

3,638

3,354

3,584

3,397

3,446

2,821

3,688

3,597

3,211

3,147

2,814

3,046

3,576

Other Expenses

52

71

53

268

308

249

145

445

1,228

1,243

533

(166)

(309)

(377)

- -

(306)

(420)

(515)

(379)

(248)

(242)

(113)

(130)

(446)

(331)

(463)

COGS and Expenses

2,135

2,252

1,542

2,525

2,440

1,680

2,205

3,401

5,620

6,191

6,969

5,541

8,154

9,073

8,706

9,054

8,537

8,436

7,072

9,227

9,594

8,671

9,077

8,146

9,992

11,829

Interest Income

- -

192

- -

4

41

- -

111

210

473

411

120

145

150

145

158

139

117

266

434

205

414

Interest Expense

- -

32

243

- -

(704)

625

774

665

662

272

352

380

317

697

565

393

454

407

156

444

Depreciation and Amortization

52

71

53

104

306

212

352

650

1,114

1,154

800

558

790

944

781

863

886

900

776

1,079

1,090

1,036

1,163

995

969

1,137

EBITDA

518

373

222

137

668

559

1,020

1,523

2,136

3,079

2,573

4,020

6,264

7,421

7,433

7,435

6,315

6,574

5,146

5,725

5,403

4,730

4,736

3,931

3,514

4,216

EBITDA ratio

20.13%

14.21%

12.32%

5.09%

23.67%

27.03%

33.97%

33.69%

31.31%

37.43%

23.31%

44.92%

47.08%

48.81%

51.06%

47.28%

42.88%

45.89%

43.64%

40.88%

37.36%

36.55%

36.19%

34.98%

26.87%

27.71%

Operating Income

437

373

257

167

383

390

850

814

1,202

2,025

2,520

3,381

5,265

6,039

6,283

6,762

6,503

5,954

4,740

5,253

4,959

4,376

3,999

3,075

3,066

3,377

Operating Income ratio

16.99%

14.22%

14.30%

6.22%

13.58%

18.83%

28.30%

18.02%

17.61%

24.62%

22.83%

37.79%

39.57%

39.72%

43.17%

43.00%

44.16%

41.56%

40.19%

37.51%

34.29%

33.82%

30.56%

27.36%

23.44%

22.19%

Total Other Income Exp.(Gains)

29

(71)

(89)

(134)

(21)

(42)

(205)

(126)

(100)

(13)

23

(513)

(563)

(192)

(251)

(396)

(657)

(548)

(572)

(1,138)

(1,056)

(985)

(779)

(477)

(596)

(659)

Income Before Tax

466

302

169

33

362

347

645

689

1,101

2,011

2,543

2,868

4,702

5,846

6,032

6,366

5,846

5,405

4,168

4,115

3,904

3,392

3,220

2,598

2,470

2,718

Income Before Tax ratio

18.11%

11.52%

9.38%

1.23%

12.82%

16.79%

21.47%

15.24%

16.15%

24.45%

23.04%

32.05%

35.34%

38.46%

41.44%

40.48%

39.70%

37.73%

35.35%

29.38%

26.99%

26.21%

24.61%

23.12%

18.89%

17.86%

Income Tax Expense (Gain)

46

29

(10)

(208)

22

(79)

147

193

361

614

895

625

1,267

1,256

1,353

1,173

1,040

755

917

97

1,533

461

188

339

114

(125)

Net Income

420

274

179

241

339

427

488

437

661

1,310

1,582

2,211

3,434

4,556

4,637

5,127

4,036

4,539

3,136

3,853

2,214

2,840

2,931

2,191

2,274

2,760

Net Income Ratio

16.33%

10.43%

9.92%

8.96%

12.02%

20.62%

16.26%

9.67%

9.69%

15.93%

14.33%

24.71%

25.81%

29.97%

31.85%

32.60%

27.41%

31.68%

26.59%

27.51%

15.31%

21.95%

22.40%

19.49%

17.39%

18.14%

EPS

0.04

0.03

0.02

0.01

0.02

0.18

0.14

0.21

0.28

0.29

0.31

0.32

0.29

0.20

0.25

0.14

0.18

0.19

0.14

0.15

0.18

EPS Diluted

0.04

0.03

0.02

0.01

0.02

0.16

0.13

0.21

0.28

0.31

0.29

0.20

0.24

0.14

0.18

0.14

0.15

0.17

Weighted Avg. Shares Outs.

10,551

10,332

10,377

54,338

57,695

57,433

45,912

82,033

81,774

79,739

14,226

15,362

16,075

15,480

16,254

15,616

12,679

15,683

15,726

15,697

15,710

15,718

15,728

15,733

15,737

Weighted Avg. Shares Outs. Dil.

10,551

10,332

10,377

56,412

57,695

57,433

46,283

82,033

81,774

79,739

16,185

16,623

16,110

15,530

16,315

15,688

12,825

15,820

15,928

15,823

15,710

15,856

15,869

15,868

15,858

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

11

17

19

23

1,044

782

414

486

358

719

1,297

1,425

2,319

3,560

4,334

4,355

4,777

3,657

3,438

2,419

3,126

2,953

2,961

3,290

2,985

2,849

Short-Term Investments

782

883

922

504

55

208

517

81

111

106

98

0

42

644

104

233

122

268

54

87

4

3

4

327

344

87

Cash & Short-Term Investments

792

900

940

527

1,099

990

930

567

469

824

1,395

1,425

2,361

4,205

4,437

4,588

4,899

3,926

3,492

2,506

3,130

2,956

2,965

3,617

3,328

2,936

Net Receivables

300

254

237

408

347

217

518

811

714

1,206

1,327

1,688

2,661

2,395

2,238

1,625

1,991

1,735

1,858

3,007

2,510

1,810

2,132

1,461

1,329

1,566

Inventory

289

310

212

303

349

243

330

520

504

637

819

872

854

1,148

1,201

1,203

1,183

1,283

1,095

1,335

1,304

1,392

1,487

1,464

1,975

2,467

Other Current Assets

132

167

118

140

232

130

124

128

421

516

886

29

34

31

0

515

591

854

702

488

518

367

288

261

302

250

Total Current Assets

1,514

1,630

1,508

1,378

2,027

1,580

1,902

2,025

2,108

3,184

4,427

4,015

5,911

7,779

7,877

7,931

8,665

7,798

7,147

7,336

7,462

6,525

6,872

6,803

6,934

7,219

PP&E

2,190

1,761

1,052

1,643

1,360

929

1,441

2,083

2,310

2,673

3,360

3,156

3,784

4,237

4,972

5,568

5,900

5,921

4,831

5,882

5,682

5,177

5,617

4,768

5,246

5,738

Goodwill

- -

583

6,841

7,150

8,399

8,417

7,738

10,056

10,509

9,366

9,744

11,438

10,347

7,813

9,370

9,480

8,830

8,710

7,705

7,613

7,749

Intangible Assets

- -

13

315

267

177

- -

1,077

1,109

1,098

946

1,432

1,360

1,413

1,285

1,611

1,411

1,505

1,569

1,459

1,560

1,761

Goodwill and Intangible Assets

- -

13

315

267

177

583

6,841

7,150

8,399

8,417

8,815

11,164

11,607

10,312

11,176

12,798

11,759

9,098

10,981

10,892

10,334

10,279

9,164

9,173

9,510

Investments

- -

9

55

- -

150

156

137

142

133

38

41

210

124

109

104

116

106

89

105

Tax Assets

- -

511

502

440

633

835

873

1,666

1,706

- -

785

657

- -

692

697

524

694

697

688

520

734

878

849

1,229

Other Non-Current Assets

445

494

432

583

615

371

560

591

1,875

724

2,019

1,928

1,206

1,297

1,456

923

971

1,097

781

728

1,387

1,587

1,695

2,381

2,589

2,535

Total Non-Current Assets

2,635

2,255

1,497

3,052

2,745

1,918

3,226

10,405

12,208

13,462

15,503

14,049

17,095

17,935

16,881

18,493

20,405

19,342

15,614

18,412

18,758

17,722

18,442

17,297

17,946

19,117

Other Assets

- -

Total Assets

4,149

3,885

3,005

4,430

4,772

3,498

5,128

12,431

14,316

16,645

19,930

18,063

23,006

25,714

24,758

26,425

29,070

27,140

22,760

25,748

26,221

24,247

25,314

24,100

24,879

26,336

Accounts Payable

261

212

175

297

247

223

- -

133

455

648

1,201

1,446

2,048

2,805

6,057

3,202

3,355

3,276

2,987

3,338

3,579

3,619

3,749

3,723

4,501

4,644

Short-Term Debt

636

748

578

649

744

172

683

1,296

517

983

1,391

1,558

470

1,571

1,194

409

440

409

324

1,115

399

402

162

527

158

202

Tax Payable

- -

450

615

- -

751

1,113

867

1,532

1,234

426

1,473

1,297

1,333

1,096

1,315

1,659

1,376

1,369

1,100

1,091

1,323

Deferred Revenue

- -

5

- -

Other Current Liabilities

415

349

294

438

485

406

499

1,254

1,187

814

1,062

681

821

750

55

2,488

2,180

3,192

3,201

3,068

3,024

999

942

1,094

1,227

1,570

Total Current Liabilities

1,312

1,309

1,046

1,384

1,476

800

1,632

3,303

2,160

3,196

4,767

4,552

4,872

6,359

7,731

7,572

7,273

8,210

7,608

8,836

8,661

6,396

6,223

6,444

6,976

7,739

Long-Term Debt

781

816

520

476

1,233

1,096

1,385

1,644

2,562

3,485

4,144

3,054

3,706

2,509

1,014

1,125

785

615

585

542

372

222

600

395

405

532

Deferred Revenue

- -

34

- -

70

88

- -

Deferred Tax Liabilities

146

- -

98

268

14

7

81

156

- -

190

347

355

288

612

394

769

1,106

654

624

715

703

625

590

586

577

711

Other Non-Current Liabilities

458

529

419

461

555

405

472

820

1,050

603

693

1,025

1,349

1,433

1,759

2,359

1,282

1,242

1,239

1,327

1,998

2,180

2,338

2,208

1,840

1,446

Total Non-Current Liabilities

1,385

1,346

1,037

1,205

1,802

1,508

1,938

2,655

3,612

4,347

5,271

4,434

5,343

4,554

3,167

4,253

3,173

2,511

2,448

2,585

3,074

3,027

3,527

3,189

2,822

2,690

Other Liabilities

- -

Capital Lease Obligations

- -

10

9

8

13

10

11

534

408

474

- -

Total Liabilities

2,697

2,654

2,084

2,590

3,278

2,309

3,571

5,957

5,772

7,544

10,039

8,986

10,215

10,913

10,899

11,825

10,446

10,721

10,056

11,421

11,735

9,423

9,750

9,634

9,798

10,429

Preferred Stock

- -

Common Stock

- -

1,080

1,786

- -

4,456

5,946

24,128

21,662

14,542

17,693

17,394

14,866

14,397

11,146

10,419

11,097

Retained Earnings

- -

339

307

268

395

- -

757

- -

5,989

9,495

- -

Other Compreh. Income(Loss)

(1,255)

(1,162)

(944)

(1,601)

(1,545)

357

527

4,737

6,227

(4,920)

7,008

(3,775)

(5,319)

(5,673)

9,287

8,136

25,915

22,537

15,794

19,725

19,129

18,087

18,831

15,574

15,505

4,548

Other Total Stockhold. Equity

2,706

2,053

1,559

3,174

2,644

810

(117)

(124)

2,265

13,160

2,779

6,766

8,455

20,351

- -

(31,909)

(28,316)

(18,137)

(23,653)

(22,632)

(18,440)

(17,982)

(12,510)

(11,089)

- -

Total Stockholders Equity

1,451

1,230

922

1,840

1,494

1,167

1,490

6,399

8,492

8,998

9,786

8,980

12,631

14,678

13,743

14,083

18,134

15,884

12,199

13,766

13,890

14,513

15,246

14,210

14,834

15,645

Total Liab.&Stockhold. Equity

4,149

3,885

3,005

4,430

4,772

3,475

5,060

12,356

14,264

16,541

19,825

17,966

22,846

25,591

24,642

25,907

28,579

26,605

22,255

25,187

25,625

23,936

24,996

23,843

24,632

26,074

Minority Interest

- -

Total Liabilities & Equity

4,149

3,885

3,005

4,430

4,772

3,475

5,060

12,356

14,264

16,541

19,825

17,966

22,846

25,591

24,642

25,907

28,579

26,605

22,255

25,187

25,625

23,936

24,996

23,843

24,632

26,074

SEC Link

Link

Cash Flow Statement

Net Income

- -

339

427

488

437

661

1,310

1,582

2,242

3,436

4,591

4,679

5,193

4,806

4,651

3,251

4,018

2,370

2,931

3,032

2,258

2,356

2,843

Depreciation and Amortization

- -

306

212

352

650

1,114

1,154

800

558

790

944

781

863

886

900

776

1,079

1,090

1,036

1,163

995

969

1,137

Deferred Income Tax

- -

(63)

(114)

(69)

(86)

38

- -

1,353

1,173

1,040

755

917

97

1,533

461

188

339

114

(125)

Stock Based Compensation

- -

25

77

72

66

71

77

61

50

52

63

41

51

40

70

60

Change in Working Capital

- -

(69)

41

(117)

(102)

(202)

(220)

350

49

(176)

(268)

319

8

(139)

183

1,015

(485)

(131)

(115)

(46)

173

538

(512)

Accounts Receivable

- -

(4)

(53)

- -

(78)

(93)

- -

(226)

- -

(497)

- -

Inventory

- -

(65)

11

(17)

(75)

40

(67)

(84)

(171)

109

(352)

(156)

(96)

(179)

(222)

(172)

(134)

(19)

(301)

(210)

(251)

(628)

(589)

Accounts Payable

- -

134

474

- -

701

- -

537

- -

Other Working Capital

- -

(142)

85

(5)

(229)

(27)

- -

Other Non-Cash Items

- -

128

209

220

388

164

550

1,716

164

863

724

(433)

(414)

(216)

(569)

(57)

(969)

470

259

184

(176)

64

538

Cash Provided by Operating Activities

- -

641

775

874

1,287

1,774

2,795

4,449

3,038

4,990

6,063

6,765

6,893

6,454

5,980

5,952

3,791

5,396

4,614

4,573

3,630

4,111

3,941

CAPEX

- -

(193)

(148)

(298)

(480)

(585)

(666)

(916)

(846)

(825)

(1,378)

(1,717)

(1,471)

(1,609)

(1,690)

(1,328)

(1,269)

(967)

(920)

(1,261)

(903)

(1,378)

(1,247)

Acquisitions Net

- -

(95)

- -

(604)

99

- -

(1,235)

(242)

- -

(26)

(11)

- -

(1,238)

(108)

(4)

(282)

(560)

(101)

(34)

27

(83)

(24)

(1)

Purchases of Investments

- -

(22)

(1,232)

(133)

- -

(97)

(643)

- -

(133)

- -

(168)

(31)

(23)

(0)

(6)

(17)

(343)

(43)

(6)

Sales/Maturities of Investments

- -

508

- -

84

- -

63

- -

60

- -

102

- -

84

- -

270

Other Investing Activities

- -

(157)

(6)

205

(86)

(84)

1,282

54

(187)

(19)

(14)

535

52

47

68

26

41

57

14

48

21

57

28

Cash Used for Investing Activities

- -

(445)

(154)

(697)

42

(692)

(1,768)

(1,237)

(956)

(890)

(1,913)

(1,182)

(2,789)

(1,609)

(1,794)

(1,514)

(1,811)

(928)

(947)

(1,204)

(1,309)

(1,388)

(955)

Debt Repayment

- -

(868)

(2,811)

- -

(3,458)

(5,272)

(2,832)

(2,173)

(4)

(2,270)

(1,565)

(421)

(674)

(1,429)

(583)

(1,646)

(647)

(719)

(489)

(560)

(207)

Common Stock Issued

- -

37

8

- -

2

72

24

69

148

119

103

7

59

2

0

- -

3

- -

5

Common Stock Repurchased

- -

(107)

(95)

(107)

(606)

(155)

(824)

(1,738)

(259)

- -

(17)

(15)

(16)

(28)

(208)

- -

(12)

- -

(8)

(1)

(8)

(10)

Dividends Paid

- -

(136)

(95)

(355)

(227)

(971)

(836)

(1,097)

(1,210)

(2,043)

(3,031)

(2,938)

(2,659)

(3,052)

(4,537)

(2,900)

(3,173)

(2,663)

(2,271)

(1,958)

(1,319)

(1,995)

(2,337)

Other Financing Activities

- -

804

(641)

1,210

2,351

(145)

4,431

5,325

2,548

745

(42)

463

402

(492)

235

666

179

436

(492)

(374)

153

(317)

(569)

Cash Used/Provided by Financing Activities

- -

599

(823)

(120)

(1,293)

(1,271)

(686)

(2,711)

(1,730)

(3,401)

(2,929)

(4,643)

(3,734)

(3,973)

(4,945)

(3,869)

(3,576)

(3,884)

(3,406)

(3,056)

(1,656)

(2,880)

(3,119)

Effect of Forex Changes on Cash

- -

285

(35)

(0)

(4)

(14)

(68)

98

(271)

(86)

217

50

107

38

439

(167)

163

25

(205)

334

69

(200)

Net Change In Cash

- -

795

83

22

36

(194)

328

432

449

427

1,135

1,157

421

979

(720)

1,008

(1,763)

747

286

109

999

(89)

(333)

Cash at the End of Period

- -

1,044

782

414

486

358

719

1,297

1,417

2,309

3,560

4,327

4,355

4,777

3,620

3,437

2,419

3,125

2,953

2,961

3,290

2,979

2,835

Cash at the Beginning of Period

- -

249

700

391

450

552

391

865

968

1,882

2,425

3,170

3,934

3,799

4,341

2,429

4,182

2,378

2,667

2,852

2,291

3,068

3,168

Free Cash Flow

- -

448

627

576

808

1,188

2,129

3,532

2,193

4,164

4,685

5,048

5,423

4,845

4,290

4,624

2,522

4,429

3,694

3,312

2,726

2,733

2,693

SEC Link

Link

Forex Rate

- -

0.51

0.43

0.28

0.35

0.38

0.43

0.47

0.56

0.43

0.57

0.60

0.54

0.49

0.42

0.38

0.25

0.31

0.30

0.26

0.25

0.19

0.18

0.19

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