SAO PAULO, Nov. 9, 2011 /PRNewswire/ -- Companhia de Bebidas
das Americas – Ambev [BOVESPA: AMBV4, AMBV3; and NYSE: ABV, ABVc]
announces today its results for the 2011 third quarter (Q3 2011).
The following financial and operating information, unless otherwise
indicated, is presented in nominal Reais and prepared in
accordance with International Financial and Reporting Standards
(IFRS), and should be read in conjunction with our quarterly
financial information for the three and nine months period ended
September 30, 2011 filed with the CVM
and submitted to the SEC.
This press release segregates the impact of organic changes
from those arising from changes in scope or currency translation.
Scope changes represent the impact of acquisitions and divestitures
other than those eliminated from the base, the start up or
termination of activities or the transfer of activities between
segments, curtailment gains and losses and year over year changes
in accounting estimates and other assumptions that management does
not consider as part of the underlying performance of the business.
Unless stated, percentage changes in this press release are both
organic and normalized in nature. Whenever used in this document,
the term "normalized" refers to performance measures (EBITDA, EBIT,
Profit, EPS) before special items. Special items are either income
or expenses which do not occur regularly as part of the normal
activities of the Company. They are presented separately because
they are important for the understanding of the underlying
sustainable performance of the Company due to their size or nature.
Normalized measures are additional measures used by management and
should not replace the measures determined in accordance with IFRS
as indicators of the Company's performance. Comparisons, unless
otherwise stated, refer to the third quarter of 2010 (Q3 2010).
Values in this release may not add up due to rounding.
OPERATING AND FINANCIAL HIGHLIGHTS
Top line performance: Net sales grew 10.6% driven mainly
by price increases, with Net Revenue/hl growing 7.5% in the period.
Our organic volumes increased 2.9% across regions.
Cost of Goods Sold (COGS) and Selling, General &
Administrative (SG&A) expenses: COGS/hl increased by 4.5%
mainly due to raw materials and packaging costs, which were partly
offset in the quarter by gains in currency hedges. SG&A (excl.
depreciation & amortization) increased by 7.3% mainly as a
result of general inflation, higher commercial and logistics
expenses, partially offset by cost savings initiatives.
EBITDA, Operating Cash generation and Profit: Our
Normalized EBITDA reached R$ 2,952.8
million in Q3 2011, an organic growth of 13.5%, while margin
continued to further expand (+110bps) reaching 46.3% in the period.
Cash generated from operations in Q3 was R$ 3,420.8 million, a 32.9% increase as compared
to same 2010 period. Our Normalized Profit was R$ 1,645.4 million (-9.5%), while our Normalized
Earnings per share (EPS) declined 9.9%.
Payout and Financial discipline: We announced in the
quarter a R$ 2.35 billion payment in
dividends and interest on own capital (IOC), to be paid on
Nov 18th, totaling R$ 5.43 billion payout year to date.
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Financial Highlights – Ambev
Consolidated
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%
As
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%
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%
As
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%
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R$ million
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3Q10
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3Q11
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Reported
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Organic
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YTD
10
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YTD
11
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Reported
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Organic
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Total volumes
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39,281.2
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39,920.2
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1.6%
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2.9%
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117,103.8
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116,898.4
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-0.2%
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0.8%
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Beer
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28,549.6
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28,607.0
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0.2%
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1.8%
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84,732.0
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84,176.1
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-0.7%
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0.5%
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CSD and NANC
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10,731.7
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11,313.1
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5.4%
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5.7%
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32,371.9
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32,722.3
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1.1%
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1.4%
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Net sales
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5,978.2
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6,374.5
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6.6%
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10.6%
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17,778.0
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18,748.3
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5.5%
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9.2%
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Gross profit
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3,919.6
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4,244.3
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8.3%
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12.2%
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11,781,3
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12,492.3
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6.0%
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9.7%
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Gross margin
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65.6%
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66.6%
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100 bps
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90 bps
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66.3%
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66.6%
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30 bps
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30 bps
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EBITDA
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2,652.7
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2,994.7
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12.9%
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15.2%
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7,835.1
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8,671.5
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10.7%
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12.9%
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EBITDA margin
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44.4%
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47.0%
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260 bps
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180 bps
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44.1%
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46.3%
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220 bps
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150 bps
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Normalized EBITDA
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2,655.6
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2,952.8
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11.2%
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13.5%
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7,885.0
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8,634.9
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9.5%
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11.8%
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Normalized EBITDA
margin
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44.4%
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46.3%
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190 bps
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110 bps
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44.4%
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46.1%
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170 bps
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100 bps
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Profit - Ambev
holders
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1,815.2
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1,687.3
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-7.0%
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4,975.6
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5,608.5
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12.7%
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Normalized Profit - Ambev
holders
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1,817.8
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1,645.4
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-9.5%
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5,059.9
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5,571.9
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10.1%
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No. of share outstanding
(millions)
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3,103.0
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3,116.8
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3,103.0
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3,116.8
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EPS (R$/shares)
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0.58
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0.54
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-7.5%
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1.60
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1.80
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12.2%
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Normalized EPS
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0.59
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0.53
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-9.9%
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1.63
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1.79
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9.6%
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Note: Earnings per share
calculation are based on outstanding shares (total existing shares
excluding shares held in treasury).
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Contact:
Tatiana S F Rodrigues
Ambev - Investor Relations
+ 55 (11) 2122-1414
tatiana.rodrigues@ambev.com.br
ir@ambev.com.br
SOURCE AmBev