SAO PAULO, March 8, 2012 /PRNewswire/ -- Companhia de
Bebidas das Americas – Ambev [BOVESPA: AMBV4, AMBV3; and NYSE: ABV,
ABVc] announces today its results for the 2011 fourth quarter (Q4
2011) and full year results. 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 financial information for the twelve months
period ended December 31, 2011 filed
with the CVM and submitted to the SEC.
OPERATING AND FINANCIAL HIGHLIGHTS
Top line performance: In the fourth quarter, Net sales
increased 11.6% driven mainly by price increases partially offset
by higher taxes, Net Revenue/hl grew 10.6%, and our organic volumes
increased 0.9% across regions. This performance enabled us to
end 2011 with Net sales increasing 9.9%, Net Revenue/hl growing
9.0% while volumes grew 0.8% compared to FY 2010.
Cost of Goods Sold (COGS) and Selling, General &
Administrative (SG&A) expenses: COGS/hl increased by 4.4%
in the quarter mainly due to raw materials and packaging costs,
which were partially offset in the quarter by gains in currency
hedges and an easier comparison with 4Q10 that was impacted by
imported cans. SG&A (excl. depreciation & amortization)
increased by 7.2% in Q4 2011 mainly as a result of general
inflation and logistics costs, partially offset by phasing of
commercial expenses in some of our operations. For the year
both COGS/hl and SG&A (excl. depreciation & amortization)
grew below inflation at 6.6% yoy impacted also by our cost saving
initiatives.
EBITDA, Operating Cash generation and Profit: Our
Normalized EBITDA reached R$ 4,506.1
million in Q4 2011, an organic growth of 21.4%, while margin
continued to further expand (+440bps) reaching 53.8% in the period.
Our full year Normalized EBITDA was R$
13,141.1 million (+14.8% yoy), with a margin expansion of
210 bps giving us a record 48.4% EBITDA margin. Cash
generated from operations in Q4 was R$
5,791.9 million (+44.3% as compared to 4Q10) and
R$ 13,785.8 million for the year
(+19.3% vs FY 2010). Our Normalized Profit was R$ 3,046.0 million (+14.8%) in the quarter, while
our Normalized Earnings per share (EPS) increased 14.3%. Our
full year Normalized Profit reached R$
8,617.9 million, with Normalized EPS growing 11.2%.
CAPEX: In the fourth quarter we completed our plan for
the year by investing R$ 726.1
million, bringing the total for the year to R$ 3,200.2 million, most of which was aimed at
improving our production capacity in Brazil.
Pay-out and Financial discipline: We paid R$ 5.4 billion in dividends and Interest on Own
Capital in 2011. We have also announced a dividend and
Interest on Own Capital of R$ 2.5
billion to be paid starting on April
10, 2012.
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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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4Q10
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4Q11
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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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48,038.7
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48,145.5
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0.2%
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0.9%
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165,142.5
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165,043.9
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-0.1%
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0.8%
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Beer
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34,426.6
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34,553.6
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0.4%
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1.3%
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119,158.6
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118,729.8
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-0.4%
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0.7%
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CSD and NANC
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13,612.1
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13,591.9
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-0.1%
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-0.1%
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45,984.0
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46,314.2
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0.7%
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0.9%
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Net sales
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7,455.3
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8,378.4
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12.4%
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11.6%
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25,233.3
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27,126.7
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7.5%
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9.9%
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Gross profit
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5,002.9
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5,841.1
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16.8%
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14.6%
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16,784.3
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18,333.4
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9.2%
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11.2%
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Gross margin
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67.1%
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69.7%
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260 bps
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180 bps
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66.5%
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67.6%
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110 bps
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80 bps
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EBITDA
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3,755.1
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4,492.7
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19.6%
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23.3%
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11,590.1
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13,164.2
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13.6%
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16.2%
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EBITDA margin
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50.4%
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53.6%
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330 bps
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510 bps
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45.9%
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48.5%
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260 bps
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260 bps
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Normalized EBITDA
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3,822.0
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4,506.1
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17.9%
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21.4%
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11,707.0
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13,141.1
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12.2%
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14.8%
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Normalized EBITDA
margin
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51.3%
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53.8%
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250 bps
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440 bps
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46.4%
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48.4%
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200 bps
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210 bps
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Profit - Ambev
holders
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2,585.8
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3,032.5
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17.3%
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7,561.4
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8,641.0
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14.3%
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Normalized Profit - Ambev
holders
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2,652.3
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3,046.0
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14.8%
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7,712.2
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8,617.9
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11.7%
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No. of share outstanding
(millions)
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3,103.2
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3,117.2
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3,103.2
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3,117.2
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EPS (R$/shares)
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0.83
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0.97
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16.7%
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2.44
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2.77
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13.8%
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Normalized EPS
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0.85
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0.98
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14.3%
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2.49
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2.76
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11.2%
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Note: Earnings per share calculation are based on outstanding
shares (total existing shares excluding shares held in
treasury).
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, 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 fourth quarter of 2010 (Q4 2010) or
full year (FY 2010), as the case may be. Values in this release may
not add up due to rounding.
CONTACT:
Tatiana S F Rodrigues
Ambev - Investor Relations
+55 (11) 2122-1414
ir@ambev.com.br
SOURCE Ambev