CONSOLIDATED INCOME STATEMENT RESULTADO CONSOLIDADO

R$ million R$ milhes
Volume ('000 hl) Volume ('000 hl)

Net revenue Receita lquida

Net revenue/hl ROL/hl
Cost of goods sold (COGS) CPV
COGS/hl CPV/hl
Gross profit Lucro bruto
Gross margin Margem bruta
Sales and marketing expenses Despesas comerciais
Administrative expenses Despesas administrativas
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort.
SG&A deprec.&amort. SG&A deprec.&amort.
SG&A total SG&A total
Other operating income / (expenses) Outras rec operacionais
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado)
Special items above EBIT Receitas e (despesas) especiais antes do EBIT
Net finance results Resultado financeiro
Share of results of associates Participao nos resultados de coligadas
Income tax expense Imposto de renda
Profit Lucro lquido
Attributable to Ambev holders Atribuido para Ambev
Attributable to non-controlling interests Atribudo a no controladores
Normalized profit Lucro lquido ajustado
Attributable to Ambev holders Atribuido para Ambev

Normalized EBITDA EBITDA ajustado

Normalized EBITDA margin Margem EBITDA ajustado

N of shares outstanding (millions) No. de aes em circulao (milhes)

EPS (R$/shares) LPA (R$/ao)
Normalized EPS LPA ajustado

Average full time employees Mdia de funcionrios em tempo integral

CAPEX CAPEX

Installed BEER capacity Capacidade instalada de cerveja

Installed CSD capacity Capacidade instalada de refrigerantes
Total installed capacity Capacidade instalada total

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M07 12M08 12M09 12M10 12M11 1T12 2T12
FY07 FY08 FY09 FY10 FY11 1Q12 2Q12
142,916.5 146,962.8 154,722.3 165,142.5 165,043.9 42,230.4 37,378.5

19,579.5 20,713.2 23,194.0 25,233.3 27,126.7 7,235.7 6,825.4

137.0 140.9 149.9 152.8 164.4 171.3 182.6
(6,599.2) (7,217.6) (7,731.9) (8,449.0) (8,793.3) (2,312.4) (2,300.0)
(46.2) (49.1) (50.0) (51.2) (53.3) (54.8) (61.5)
12,980.4 13,495.5 15,462.1 16,784.3 18,333.4 4,923.3 4,525.4
66.3% 65.2% 66.7% 66.5% 67.6% 68.0% 66.3%
(4,609.1) (4,956.3) (5,542.0) (6,038.5) (6,251.0) (1,748.4) (1,804.7)
(1,012.9) (1,037.0) (1,478.0) (1,196.9) (1,180.6) (317.3) (356.9)
(5,125.4) (5,404.4) (6,403.9) (6,606.6) (6,873.8) (1,917.1) (2,018.5)
(496.6) (588.9) (616.2) (628.8) (557.7) (148.7) (143.0)
(5,622.0) (5,993.3) (7,020.1) (7,235.5) (7,431.5) (2,065.7) (2,161.5)
306.8 383.5 539.3 624.9 784.5 139.2 169.3

7,665.2 7,885.7 8,981.3 10,173.7 11,686.3 2,996.8 2,533.2

72.5 (59.2) 196.6 (150.8) 23.1 - (26.8)
(1,163.1) (1,190.8) (982.1) (319.4) (468.1) (82.6) (185.8)
4.2 2.3 0.7 0.2 0.5 0.4 (0.3)
(1,510.1) (1,447.2) (2,208.1) (2,084.5) (2,522.0) (580.1) (391.2)
5,068.8 5,190.9 5,988.3 7,619.2 8,719.8 2,334.5 1,929.1
5,003.4 5,119.1 5,986.0 7,561.4 8,641.0 2,314.3 1,903.8
65.4 71.8 2.3 57.8 78.8 20.2 25.2
4,996.3 5,250.1 5,791.7 7,770.1 8,696.7 2,334.5 1,955.8
4,930.9 5,178.3 5,789.5 7,712.2 8,617.9 2,314.3 1,930.6

8,793.6 9,174.3 10,361.1 11,707.0 13,141.1 3,375.9 2,961.1

44.9% 44.3% 44.7% 46.4% 48.4% 46.7% 43.4%

615.6 614.0 616.4 3,103.2 3,117.2 3,117.5 3,118.4

8.13 8.34 9.71 2.44 2.77 0.75 0.62
8.01 8.43 9.39 2.49 2.76 0.74 3.38

n.a. 39,301 40,787 44,924 46,503 46,593 50,768

1,585.4 1,957.3 1,438.8 2,286.8 3,200.2 365.6 628.2

155.4 157.0 155.4 163.3 176.5 n.a. n.a.

77.1 77.2 77.1 83.7 86.2 n.a. n.a.
232.5 234.2 232.5 247.0 262.7 n.a. n.a.

mestre de 2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referent
usive, refer to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, in
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
3T12 4T12 12M12 12M131 12M14 1T15 2T15
3Q12 4Q12 FY12 FY131 FY14 1Q15 2Q15
40,530.2 49,700.3 169,839.4 166,468.3 171,765.7 43,181.0 37,960.0

8,036.0 10,133.9 32,231.0 35,079.1 38,079.8 10,768.8 9,910.0

198.3 203.9 189.8 210.7 221.7 249.4 261.1
(2,621.5) (3,088.7) (10,459.8) (11,572.5) (12,814.6) (3,613.8) (3,774.6)
(64.7) (62.1) (61.6) (69.5) (74.6) (83.7) (99.4)
5,414.6 7,045.2 21,908.5 23,506.6 25,265.2 7,155.0 6,135.4
67.4% 69.8% 68.1% 67.0% 66.3% 66.4% 61.9%
(1,821.9) (1,976.0) (7,350.9) (8,059.9) (9,158.7) (2,698.8) (2,587.2)
(518.2) (411.2) (1,603.5) (1,748.3) (1,820.0) (521.5) (537.0)
(2,175.2) (2,225.9) (8,336.7) (9,144.3) (10,201.2) (2,999.5) (2,888.9)
(164.9) (160.1) (617.7) (663.9) (777.5) (220.9) (235.3)
(2,340.1) (2,386.0) (8,954.5) (9,808.3) (10,978.7) (3,220.3) (3,124.2)
251.9 304.2 863.4 1,761.7 1,629.2 466.8 348.2

3,326.3 4,963.4 13,680.2 15,460.0 15,915.6 4,401.4 3,359.4

(9.6) (14.0) (50.4) (29.2) (89.0) (7.8) (238.9)
(366.8) (259.0) (889.7) (1,561.4) (1,475.4) (481.7) (363.0)
0.0 0.4 0.5 11.4 17.4 2.4 2.6
(448.2) (957.3) (2,320.1) (2,481.4) (2,006.6) (951.5) (169.2)
2,501.7 3,733.5 10,420.6 11,399.4 12,362.0 2,962.8 2,590.8
2,476.9 2,262.5 6,327.3 9,557.3 12,065.5 2,810.7 2,508.7
24.8 1,471.0 4,093.3 1,842.1 296.5 152.2 82.2
2,511.3 3,747.5 10,470.9 11,428.6 12,451.0 2,970.6 2,829.7
2,486.5 2,276.5 6,377.6 9,586.5 12,154.5 2,818.5 2,747.5

3,787.4 5,496.9 15,620.1 17,565.1 18,275.8 5,072.9 4,123.3

47.1% 54.4% 48.5% 50.1% 48.0% 47.1% 41.6%

3,126.2 9,693.6 9,693.6 12,677.6 15,682.9 15,717.8 15,731.5

0.80 0.23 0.65 0.75 0.77 0.18 0.16
0.81 0.23 0.66 0.76 0.76 0.18 0.17

51,437 51,299 51,299 52,964 51,871 51,388 51,960

965.7 1,054.6 3,014.0 3,810.3 4,493.0 719.5 1,187.2

n.a. n.a. 192.6 194.5 199.7 n.a. n.a.

n.a. n.a. 87.0 85.9 92.6 n.a. n.a.
n.a. n.a. 279.6 280.4 292.3 n.a. n.a.

nstantes do presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
o periods from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
LAN LAN IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 100,885.8

Net revenue Receita lquida 13,075.4

Net revenue/hl ROL/hl 129.6
Cost of goods sold (COGS) CPV (4,306.3)
COGS/hl CPV/hl (42.7)
Gross profit Lucro bruto 8,769.1
Gross margin Margem bruta 67.1%
Sales and marketing expenses Despesas comerciais (2,926.0)
Administrative expenses Despesas administrativas (692.9)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (3,238.9)
SG&A deprec.&amort. SG&A deprec.&amort. (380.0)
SG&A total SG&A total (3,619.0)
Other operating income / (expenses) Outras rec operacionais 323.6
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 5,473.7

Normalized EBITDA EBITDA ajustado 6,178.8

Normalized EBITDA margin Margem EBITDA ajustado 47.3%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
101,518.0 109,796.1 120,056.5 120,339.9 29,410.8 27,135.0 29,673.8

13,671.9 15,414.2 17,710.5 19,132.4 4,965.9 4,560.0 5,447.3

134.7 140.4 147.5 159.0 168.8 168.0 183.6
(4,602.1) (4,900.7) (5,793.9) (6,006.2) (1,514.8) (1,475.7) (1,709.7)
(45.3) (44.6) (48.3) (49.9) (51.5) (54.4) (57.6)
9,069.8 10,513.4 11,916.6 13,126.2 3,451.1 3,084.2 3,737.6
66.3% 68.2% 67.3% 68.6% 69.5% 67.6% 68.6%
(3,237.8) (3,722.3) (4,254.6) (4,363.9) (1,185.5) (1,190.0) (1,194.9)
(757.7) (1,133.9) (928.6) (912.9) (238.5) (266.9) (424.2)
(3,531.1) (4,366.6) (4,675.0) (4,838.3) (1,310.1) (1,346.6) (1,498.1)
(464.4) (489.6) (508.2) (438.5) (113.9) (110.2) (121.1)
(3,995.4) (4,856.2) (5,183.2) (5,276.8) (1,424.0) (1,456.8) (1,619.2)
335.6 549.5 637.3 773.1 147.0 169.8 242.6

5,410.0 6,206.7 7,370.7 8,622.6 2,174.1 1,797.2 2,361.0

6,256.2 7,079.9 8,435.0 9,626.4 2,443.6 2,101.8 2,694.3

45.8% 45.9% 47.6% 50.3% 49.2% 46.1% 49.5%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
36,162.6 122,382.2 120,415.4 125,418.3 31,280.1 27,476.4

6,976.4 21,949.5 23,767.4 26,470.7 7,145.1 6,178.8

192.9 179.4 197.4 211.1 228.4 224.9
(2,028.2) (6,865.7) (7,727.3) (8,807.5) (2,359.4) (2,332.4)
(56.1) (56.1) (64.2) (70.2) (75.4) (84.9)
4,948.2 15,083.8 16,040.1 17,663.2 4,785.7 3,846.5
70.9% 68.7% 67.5% 66.7% 67.0% 62.3%
(1,328.7) (4,899.2) (5,412.7) (6,254.0) (1,771.7) (1,597.0)
(309.9) (1,239.5) (1,313.0) (1,398.8) (369.8) (352.5)
(1,511.8) (5,666.6) (6,219.9) (7,052.2) (1,981.9) (1,787.4)
(125.7) (472.1) (505.8) (600.7) (159.6) (162.1)
(1,637.5) (6,138.6) (6,725.7) (7,652.9) (2,141.5) (1,949.5)
281.7 840.1 1,768.0 1,620.9 480.4 334.6

3,592.4 9,785.2 11,082.4 11,631.3 3,124.7 2,231.5

3,970.7 11,209.4 12,624.7 13,422.7 3,627.0 2,796.1

56.9% 51.1% 53.1% 50.7% 50.8% 45.3%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
BRAZIL BRASIL IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 94,607.6

Net revenue Receita lquida 12,394.8

Net revenue/hl ROL/hl 131.0
Cost of goods sold (COGS) CPV (3,902.2)
COGS/hl CPV/hl (41.2)
Gross profit Lucro bruto 8,492.6
Gross margin Margem bruta 68.5%
Sales and marketing expenses Despesas comerciais (2,622.9)
Administrative expenses Despesas administrativas (626.5)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (2,899.6)
SG&A deprec.&amort. SG&A deprec.&amort. (349.8)
SG&A total SG&A total (3,249.4)
Other operating income / (expenses) Outras rec operacionais 324.9
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 5,568.1

Normalized EBITDA EBITDA ajustado 6,194.1

Normalized EBITDA margin Margem EBITDA ajustado 50.0%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
95,093.9 103,397.8 113,725.6 113,960.5 28,845.1 25,935.6 28,083.8

13,058.7 14,632.1 17,146.5 18,616.9 4,906.3 4,340.9 5,131.2

137.3 141.5 150.8 163.4 170.1 167.4 182.7
(4,181.2) (4,411.3) (5,420.9) (5,680.2) (1,477.6) (1,357.5) (1,560.0)
(44.0) (42.7) (47.7) (49.8) (51.2) (52.3) (55.5)
8,877.6 10,220.8 11,725.6 12,936.8 3,428.7 2,983.4 3,571.1
67.9% 69.9% 68.4% 69.5% 69.9% 68.7% 69.6%
(2,926.5) (3,359.2) (3,995.2) (4,140.9) (1,146.2) (1,121.3) (1,123.8)
(685.4) (1,025.2) (870.7) (865.2) (231.0) (248.0) (373.8)
(3,184.7) (3,954.6) (4,397.7) (4,605.7) (1,269.7) (1,265.4) (1,388.1)
(427.2) (429.9) (468.2) (400.4) (107.5) (103.9) (109.6)
(3,611.8) (4,384.5) (4,865.9) (5,006.1) (1,377.2) (1,369.3) (1,497.7)
309.5 523.6 634.2 776.4 148.0 167.5 242.8

5,575.2 6,359.9 7,493.9 8,707.1 2,199.5 1,781.6 2,316.3

6,342.4 7,138.3 8,490.6 9,650.9 2,460.5 2,061.5 2,612.1

48.6% 48.8% 49.5% 51.8% 50.1% 47.5% 50.9%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
34,622.1 117,486.6 113,148.0 117,508.9 29,294.6 25,317.4

6,599.4 20,977.8 22,040.8 24,382.8 6,518.4 5,458.5

190.6 178.6 194.8 207.5 222.5 215.6
(1,877.4) (6,409.8) (6,911.8) (7,833.2) (2,073.0) (1,954.1)
(54.2) (54.6) (61.1) (66.7) (70.8) (77.2)
4,722.0 14,568.0 15,129.0 16,549.6 4,445.4 3,504.4
71.6% 69.4% 68.6% 67.9% 68.2% 64.2%
(1,224.4) (4,615.7) (5,018.5) (5,762.3) (1,620.6) (1,431.6)
(279.0) (1,132.0) (1,186.9) (1,293.6) (339.1) (320.1)
(1,389.3) (5,312.6) (5,746.6) (6,490.5) (1,810.6) (1,601.1)
(113.0) (435.1) (458.8) (565.4) (149.1) (150.6)
(1,502.4) (5,747.7) (6,205.4) (7,055.9) (1,959.7) (1,751.6)
279.2 836.4 1,775.4 1,623.9 476.8 336.2

3,498.8 9,656.7 10,699.0 11,117.6 2,962.5 2,089.0

3,841.3 10,974.3 12,082.7 12,724.9 3,408.7 2,545.6

58.2% 52.3% 54.8% 52.2% 52.3% 46.6%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
BRAZIL BEER BRASIL CERVEJA IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 70,124.5

Net revenue Receita lquida 10,283.9

Net revenue/hl ROL/hl 146.7
Cost of goods sold (COGS) CPV (2,930.6)
COGS/hl CPV/hl (41.8)
Gross profit Lucro bruto 7,353.4
Gross margin Margem bruta 71.5%
Sales and marketing expenses Despesas comerciais (2,198.7)
Administrative expenses Despesas administrativas (572.5)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (2,474.5)
SG&A deprec.&amort. SG&A deprec.&amort. (296.6)
SG&A total SG&A total (2,771.1)
Other operating income / (expenses) Outras rec operacionais 255.8
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 4,838.1

Normalized EBITDA EBITDA ajustado 5,370.2

Normalized EBITDA margin Margem EBITDA ajustado 52.2%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
69,960.9 76,277.6 84,475.6 84,597.8 21,585.0 18,946.0 20,659.8

10,759.5 12,064.7 14,279.3 15,667.5 4,133.6 3,594.4 4,299.3

153.8 158.2 169.0 185.2 191.5 189.7 208.1
(3,224.3) (3,411.9) (4,167.3) (4,396.9) (1,123.9) (1,042.7) (1,211.4)
(46.1) (44.7) (49.3) (52.0) (52.1) (55.0) (58.6)
7,535.3 8,652.8 10,112.0 11,270.6 3,009.7 2,551.8 3,087.9
70.0% 71.7% 70.8% 71.9% 72.8% 71.0% 71.8%
(2,482.0) (2,843.5) (3,465.0) (3,599.1) (985.9) (972.2) (966.1)
(613.4) (911.0) (793.1) (794.8) (211.5) (226.4) (331.6)
(2,742.2) (3,427.9) (3,898.9) (4,092.0) (1,115.4) (1,119.9) (1,214.5)
(353.2) (326.6) (359.3) (302.0) (82.0) (78.6) (83.3)
(3,095.4) (3,754.4) (4,258.2) (4,393.9) (1,197.3) (1,198.5) (1,297.8)
221.9 392.5 501.9 607.5 117.0 124.3 158.4

4,661.8 5,290.8 6,355.7 7,484.2 1,929.3 1,477.6 1,948.5

5,286.5 5,883.7 7,120.1 8,216.5 2,135.5 1,700.5 2,187.6

49.1% 48.8% 49.9% 52.4% 51.7% 47.3% 50.9%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
25,501.3 86,692.2 82,973.9 86,903.9 22,079.2 18,500.6

5,570.9 17,598.3 18,407.2 20,468.6 5,567.6 4,609.2

218.5 203.0 221.8 235.5 252.2 249.1
(1,480.5) (4,995.8) (5,323.7) (6,162.4) (1,657.2) (1,547.7)
(58.1) (57.6) (64.2) (70.9) (75.1) (83.7)
4,090.4 12,602.5 13,083.4 14,306.2 3,910.4 3,061.6
73.4% 71.6% 71.1% 69.9% 70.2% 66.4%
(1,075.7) (3,999.9) (4,334.4) (5,009.9) (1,375.1) (1,241.9)
(259.2) (1,028.7) (1,074.0) (1,211.8) (316.1) (300.6)
(1,248.0) (4,697.8) (5,061.6) (5,787.3) (1,580.4) (1,431.2)
(85.8) (330.8) (346.8) (434.4) (110.8) (111.3)
(1,333.8) (5,028.6) (5,408.4) (6,221.8) (1,691.2) (1,542.5)
252.2 650.9 1,409.8 1,329.6 425.9 290.6

3,008.8 8,224.8 9,084.8 9,414.0 2,645.1 1,809.6

3,290.3 9,312.8 10,229.8 10,744.4 3,012.3 2,185.3

59.1% 52.9% 55.6% 52.5% 54.1% 47.4%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
BRAZIL CSD&NANC BRASIL REFRIGENANC IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 24,483.1

Net revenue Receita lquida 2,110.9

Net revenue/hl ROL/hl 86.2
Cost of goods sold (COGS) CPV (971.7)
COGS/hl CPV/hl (39.7)
Gross profit Lucro bruto 1,139.2
Gross margin Margem bruta 54.0%
Sales and marketing expenses Despesas comerciais (424.2)
Administrative expenses Despesas administrativas (54.1)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (425.1)
SG&A deprec.&amort. SG&A deprec.&amort. (53.2)
SG&A total SG&A total (478.3)
Other operating income / (expenses) Outras rec operacionais 69.1
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 730.0

Normalized EBITDA EBITDA ajustado 823.9

Normalized EBITDA margin Margem EBITDA ajustado 39.0%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
25,132.9 27,120.3 29,250.0 29,362.7 7,260.1 6,989.6 7,423.9

2,299.2 2,567.4 2,867.3 2,949.4 772.7 746.5 831.9

91.5 94.7 98.0 100.4 106.4 106.8 112.1
(956.9) (999.4) (1,253.7) (1,283.2) (353.7) (314.8) (348.6)
(38.1) (36.8) (42.9) (43.7) (48.7) (45.0) (47.0)
1,342.3 1,568.0 1,613.6 1,666.2 419.0 431.6 483.2
58.4% 61.1% 56.3% 56.5% 54.2% 57.8% 58.1%
(444.5) (515.8) (530.2) (541.7) (160.3) (149.1) (157.7)
(71.9) (114.3) (77.5) (70.4) (19.6) (21.6) (42.2)
(442.5) (526.7) (498.8) (513.7) (154.4) (145.4) (173.6)
(74.0) (103.3) (108.9) (98.5) (25.5) (25.3) (26.3)
(516.5) (630.0) (607.7) (612.1) (179.9) (170.7) (199.9)
87.6 131.1 132.3 168.8 31.0 43.2 84.4

913.4 1,069.1 1,138.2 1,222.9 270.1 304.0 367.8

1,055.9 1,254.6 1,370.6 1,434.4 324.9 361.0 424.5

45.9% 48.9% 47.8% 48.6% 42.1% 48.4% 51.0%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
9,120.8 30,794.4 30,174.1 30,605.0 7,215.4 6,816.9

1,028.5 3,379.6 3,633.7 3,914.2 950.8 849.3

112.8 109.7 120.4 127.9 131.8 124.6
(396.9) (1,414.0) (1,588.1) (1,670.8) (415.8) (406.4)
(43.5) (45.9) (52.6) (54.6) (57.6) (59.6)
631.6 1,965.5 2,045.6 2,243.4 534.9 442.8
61.4% 58.2% 56.3% 57.3% 56.3% 52.1%
(148.7) (615.8) (684.2) (752.4) (245.5) (189.7)
(19.9) (103.3) (112.9) (81.7) (23.0) (19.5)
(141.4) (614.8) (685.0) (703.2) (230.2) (169.9)
(27.2) (104.3) (112.0) (131.0) (38.3) (39.2)
(168.6) (719.1) (797.1) (834.2) (268.5) (209.2)
26.9 185.5 365.6 294.4 51.0 45.6

490.0 1,431.9 1,614.1 1,703.6 317.4 279.3

551.0 1,661.5 1,852.9 1,980.5 396.4 360.3

53.6% 49.2% 51.0% 50.6% 41.7% 42.4%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
LAS LAS IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 30,524.2

Net revenue Receita lquida 2,673.4

Net revenue/hl ROL/hl 87.6
Cost of goods sold (COGS) CPV (1,132.0)
COGS/hl CPV/hl (37.1)
Gross profit Lucro bruto 1,541.4
Gross margin Margem bruta 57.7%
Sales and marketing expenses Despesas comerciais (534.5)
Administrative expenses Despesas administrativas (116.7)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (584.3)
SG&A deprec.&amort. SG&A deprec.&amort. (67.0)
SG&A total SG&A total (651.3)
Other operating income / (expenses) Outras rec operacionais (31.8)
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 858.4

Normalized EBITDA EBITDA ajustado 1,076.6

Normalized EBITDA margin Margem EBITDA ajustado 40.3%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
33,697.8 33,318.7 33,854.3 34,564.7 10,945.3 7,611.3 8,192.2

3,300.4 3,826.5 3,857.3 4,488.9 1,540.8 1,165.2 1,418.6

97.9 114.8 113.9 129.9 140.8 153.1 173.2
(1,395.3) (1,490.8) (1,500.3) (1,740.8) (590.7) (520.4) (579.5)
(41.4) (44.7) (44.3) (50.4) (54.0) (68.4) (70.7)
1,905.1 2,335.8 2,357.0 2,748.1 950.2 644.8 839.1
57.7% 61.0% 61.1% 61.2% 61.7% 55.3% 59.1%
(599.1) (701.2) (721.5) (828.7) (293.5) (271.0) (315.4)
(128.2) (153.9) (139.8) (149.5) (46.2) (49.7) (62.3)
(665.7) (781.8) (789.7) (899.7) (315.2) (298.7) (346.9)
(61.6) (73.3) (71.6) (78.6) (24.6) (22.1) (30.8)
(727.3) (855.1) (861.3) (978.3) (339.7) (320.8) (377.7)
24.7 (14.7) (13.9) 2.0 (8.0) (4.9) 8.5

1,202.5 1,466.0 1,481.7 1,771.9 602.4 319.1 469.9

1,437.2 1,756.2 1,764.0 2,059.3 684.6 408.7 559.3

43.5% 45.9% 45.7% 45.9% 44.4% 35.1% 39.4%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
11,347.7 38,096.5 36,917.7 36,826.4 10,068.2 7,729.1

2,126.2 6,250.7 7,051.7 6,955.7 2,629.2 2,153.2

187.4 164.1 191.0 188.9 261.1 278.6
(759.1) (2,449.7) (2,605.0) (2,607.3) (949.5) (927.1)
(66.9) (64.3) (70.6) (70.8) (94.3) (120.0)
1,367.1 3,801.1 4,446.7 4,348.4 1,679.7 1,226.1
64.3% 60.8% 63.1% 62.5% 63.9% 56.9%
(352.3) (1,232.2) (1,413.7) (1,421.8) (510.8) (496.4)
(62.6) (220.9) (257.9) (254.6) (90.8) (124.6)
(394.7) (1,355.4) (1,568.4) (1,537.1) (551.9) (561.9)
(20.2) (97.7) (103.2) (139.3) (49.7) (59.0)
(414.9) (1,453.1) (1,671.6) (1,676.4) (601.6) (620.9)
11.8 7.4 (12.3) 11.6 (15.4) 13.3

964.0 2,355.5 2,762.8 2,683.6 1,062.7 618.5

1,074.3 2,727.0 3,150.4 3,098.7 1,192.6 768.0

50.5% 43.6% 44.7% 44.5% 45.4% 35.7%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
CAC CAC IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 6,278.2
Beer volume ('000 hl) Volume Cerveja ('000 hl) n.a.
CSD volume ('000 hl) Volume RefrigeNanc ('000 hl) n.a.

Net revenue Receita lquida 680.6

Net revenue/hl ROL/hl 108.4
Cost of goods sold (COGS) CPV (404.1)
COGS/hl CPV/hl (64.4)
Gross profit Lucro bruto 276.4
Gross margin Margem bruta 40.6%
Sales and marketing expenses Despesas comerciais (303.1)
Administrative expenses Despesas administrativas (66.4)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (339.3)
SG&A deprec.&amort. SG&A deprec.&amort. (30.2)
SG&A total SG&A total (369.5)
Other operating income / (expenses) Outras rec operacionais (1.4)
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) (94.5)

Normalized EBITDA EBITDA ajustado (15.4)

Normalized EBITDA margin Margem EBITDA ajustado -2.3%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 1T12 2T12 3T12
FY08 FY09 FY10 FY11 1Q12 2Q12 3Q12
6,424.1 6,398.2 6,331.0 6,379.4 565.7 1,199.3 1,590.0
2,881.2 2,639.2 2,484.5 2,387.5 322.9 913.8 1,194.0
3,543.0 3,759.0 3,846.5 3,991.9 242.8 285.5 396.0

613.2 782.1 564.0 515.5 59.5 219.1 316.1

95.5 122.2 89.1 80.8 105.2 182.7 198.8
(421.0) (489.5) (372.9) (326.0) (37.2) (118.2) (149.7)
(65.5) (76.5) (58.9) (51.1) (65.7) (98.6) (94.1)
192.2 292.7 191.0 189.4 22.4 100.8 166.4
31.3% 37.4% 33.9% 36.8% 37.6% 46.0% 52.6%
(311.3) (363.0) (259.3) (223.0) (39.3) (68.7) (71.1)
(72.3) (108.7) (57.9) (47.7) (7.5) (18.8) (50.4)
(346.4) (412.0) (277.3) (232.7) (40.4) (81.2) (110.0)
(37.2) (59.7) (40.0) (38.0) (6.4) (6.3) (11.5)
(383.6) (471.7) (317.3) (270.7) (46.8) (87.6) (121.5)
26.1 25.9 3.1 (3.2) (0.9) 2.3 (0.2)

(165.3) (153.2) (123.2) (84.4) (25.4) 15.6 44.8

(86.2) (58.4) (55.7) (24.5) (16.9) 40.3 82.2

-14.1% -7.5% -9.9% -4.7% -28.4% 18.4% 26.0%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS IFRS IFRS IFRS IFRS IFRS
4T12 12M12 12M131 12M14 1T15 2T15
4Q12 FY12 FY131 FY14 1Q15 2Q15
1,540.5 4,895.6 7,267.4 7,909.4 1,985.5 2,158.9
1,254.4 3,685.2 5,908.3 6,246.8 1,546.5 1,643.2
286.1 1,210.3 1,359.1 1,662.6 439.0 515.8

376.9 971.7 1,726.6 2,087.8 626.8 720.3

244.7 198.5 237.6 264.0 315.7 333.7
(150.8) (455.9) (815.5) (974.3) (286.4) (378.3)
(97.9) (93.1) (112.2) (123.2) (144.3) (175.2)
226.1 515.8 911.1 1,113.5 340.3 342.1
60.0% 53.1% 55.5% 53.3% 54.3% 47.5%
(104.3) (283.4) (394.2) (491.7) (151.1) (165.4)
(30.8) (107.5) (126.1) (105.3) (30.7) (32.4)
(122.4) (354.0) (473.2) (561.7) (171.3) (186.3)
(12.7) (37.0) (47.0) (35.3) (10.5) (11.5)
(135.1) (391.0) (520.3) (596.9) (181.8) (197.8)
2.5 3.7 (7.4) (3.0) 3.6 (1.6)

93.6 128.5 383.5 513.6 162.2 142.6

129.4 235.1 542.1 697.7 218.3 250.5

34.3% 24.2% 31.4% 33.4% 34.8% 34.8%

o presente documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
from the 4th quarter of 2013, inclusive, refer to Ambev S.A.
LAS BEER LAS CERVEJA IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 18,317.8

Net revenue Receita lquida 1,898.6

Net revenue/hl ROL/hl 103.6
Cost of goods sold (COGS) CPV (633.5)
COGS/hl CPV/hl (34.6)
Gross profit Lucro bruto 1,265.1
Gross margin Margem bruta 66.6%
Sales and marketing expenses Despesas comerciais (346.1)
Administrative expenses Despesas administrativas (107.4)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (419.7)
SG&A deprec.&amort. SG&A deprec.&amort. (33.8)
SG&A total SG&A total (453.5)
Other operating income / (expenses) Outras rec operacionais (42.6)
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 769.0

Normalized EBITDA EBITDA ajustado 929.5

Normalized EBITDA margin Margem EBITDA ajustado 49.0%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 12M12 12M131 12M14 1T15
FY08 FY09 FY10 FY11 FY12 FY131 FY14 1Q15
20,427.3 20,162.2 20,966.9 21,605.2 22,740.4 22,093.0 22,095.8 6,292.0

2,376.2 2,785.9 2,848.6 3,301.7 4,468.2 5,152.0 5,294.9 2,047.5

116.3 138.2 135.9 152.8 196.5 233.2 239.6 325.4
(809.6) (881.1) (880.4) (1,011.7) (1,367.5) (1,530.7) (1,628.4) (612.7)
(39.6) (43.7) (42.0) (46.8) (60.1) (69.3) (73.7) (97.4)
1,566.6 1,904.8 1,968.2 2,290.0 3,100.7 3,621.3 3,666.6 1,434.9
65.9% 68.4% 69.1% 69.4% 69.4% 70.3% 69.2% 70.1%
(398.5) (471.4) (481.4) (565.2) (804.6) (940.3) (971.8) (351.5)
(124.5) (145.7) (132.1) (135.9) (159.8) 198.4 (173.5) (67.9)
(493.7) (578.0) (572.4) (653.5) (908.9) (1,074.3) (1,040.5) (378.1)
(29.3) (39.1) (41.0) (47.6) (55.5) (64.4) (104.8) (41.3)
(523.0) (617.1) (613.5) (701.1) (964.4) (1,138.7) (1,145.3) (419.4)
9.8 (16.7) (13.9) (4.2) 9.6 (10.2) 7.9 (15.4)

1,053.4 1,271.0 1,340.8 1,584.7 2,146.0 2,472.4 2,529.1 1,000.1

1,227.5 1,494.2 1,561.6 1,811.9 2,431.5 2,777.3 2,873.8 1,111.0

51.7% 53.6% 54.8% 54.9% 54.4% 53.9% 54.3% 54.3%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS
2T15
2Q15
4,619.2

1,643.4
355.8
(608.1)
(131.6)
1,035.3
63.0%
(351.4)
(93.5)
(395.7)
(49.3)
(444.9)
(14.4)

576.0

704.2
42.8%

e documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
4th quarter of 2013, inclusive, refer to Ambev S.A.
LAS CSD&NANC LAS CSD&NANC IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 12,206.4

Net revenue Receita lquida 774.8

Net revenue/hl ROL/hl 63.5
Cost of goods sold (COGS) CPV (498.5)
COGS/hl CPV/hl (40.8)
Gross profit Lucro bruto 276.3
Gross margin Margem bruta 35.7%
Sales and marketing expenses Despesas comerciais (188.4)
Administrative expenses Despesas administrativas (9.4)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (164.6)
SG&A deprec.&amort. SG&A deprec.&amort. (33.2)
SG&A total SG&A total (197.8)
Other operating income / (expenses) Outras rec operacionais 10.9
Normalized operating income
(normalized EBIT) Lucro operacional (EBIT ajustado) 89.4

Normalized EBITDA EBITDA ajustado 147.1

Normalized EBITDA margin Margem EBITDA ajustado 19.0%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 12M12 12M131 12M14 1T15
FY08 FY09 FY10 FY11 FY12 FY131 FY14 1Q15
13,270.5 13,156.5 12,887.5 12,959.5 15,356.1 14,824.7 14,730.6 3,776.2

924.1 1,040.7 1,008.6 1,187.2 1,782.5 1,899.7 1,660.7 581.7

69.6 79.1 78.3 91.6 116.1 128.1 112.7 154.0
(585.7) (609.7) (619.8) (729.1) (1,082.2) (1,074.3) (979.0) (336.8)
(44.1) (46.3) (48.1) (56.3) (70.5) (72.5) (66.5) (89.2)
338.5 431.0 388.8 458.1 700.3 825.4 681.8 244.9
36.6% 41.4% 38.5% 38.6% 39.3% 43.4% 41.1% 42.1%
(200.5) (229.8) (240.2) (263.5) (427.6) (473.4) (450.0) (159.3)
(3.7) (8.2) (7.7) (13.6) (61.1) (59.5) (81.1) (23.0)
(172.0) (203.9) (217.3) (246.2) (446.5) (494.2) (496.6) (173.8)
(32.3) (34.1) (30.6) (31.0) (42.2) (38.8) (34.5) (8.5)
(204.3) (238.0) (247.9) (277.2) (488.7) (532.9) (531.1) (182.3)
15.0 2.0 0.0 6.3 (2.2) (2.1) 3.8 (0.0)

149.1 195.0 140.9 187.2 209.5 290.4 154.5 62.6

209.8 262.0 202.4 247.4 295.5 373.1 224.9 81.7

22.7% 25.2% 20.1% 20.8% 16.6% 19.6% 13.5% 14.0%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS
2T15
2Q15
3,109.9

509.8
163.9
(319.0)
(102.6)
190.8
37.4%
(144.9)
(31.1)
(166.3)
(9.7)
(176.0)
27.7

42.5

63.8
12.5%

nte documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
4th quarter of 2013, inclusive, refer to Ambev S.A.
 CANADA IFRS
12M07
R$ million R$ milhes FY07
Volume ('000 hl) Volume ('000 hl) 11,506.6

Net revenue Receita lquida 3,830.7

Net revenue/hl ROL/hl 332.9
Cost of goods sold (COGS) CPV (1,160.8)
COGS/hl CPV/hl (100.9)
Gross profit Lucro bruto 2,669.9
Gross margin Margem bruta 69.7%
Sales and marketing expenses Despesas comerciais (1,148.6)
Administrative expenses Despesas administrativas (203.1)
SG&A excl. deprec.&amort. SG&A excl. deprec.&amort. (1,302.2)
SG&A deprec.&amort. SG&A deprec.&amort. (49.6)
SG&A total SG&A total (1,351.7)
Other operating income / (expenses) Outras rec operacionais 15.0
Normalized operating income (normalized
EBIT) Lucro operacional (EBIT ajustado) 1,333.2

Normalized EBITDA EBITDA ajustado 1,538.2

Normalized EBITDA margin Margem EBITDA ajustado 40.2%

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M08 12M09 12M10 12M11 12M12 12M131 12M14 1T15
FY08 FY09 FY10 FY11 FY12 FY131 FY14 1Q15
11,747.0 11,607.5 11,231.6 10,139.3 9,360.7 9,135.2 9,520.9 1,832.7

3,740.9 3,953.3 3,665.6 3,505.4 4,030.8 4,260.1 4,653.4 994.4

318.5 340.6 326.4 345.7 430.6 466.3 488.8 542.6
(1,220.2) (1,340.4) (1,154.9) (1,046.4) (1,144.4) (1,240.3) (1,399.8) (304.9)
(103.9) (115.5) (102.8) (103.2) (122.3) (135.8) (147.0) (166.4)
2,520.7 2,612.9 2,510.7 2,459.1 2,886.4 3,019.8 3,253.7 689.5
67.4% 66.1% 68.5% 70.2% 71.6% 70.9% 69.9% 69.3%
(1,119.5) (1,118.6) (1,062.5) (1,058.3) (1,219.6) (1,233.6) (1,482.9) (416.3)
(151.1) (190.2) (128.5) (118.1) (143.2) (177.4) (166.6) (60.9)
(1,207.7) (1,255.4) (1,141.9) (1,135.8) (1,314.8) (1,356.1) (1,611.9) (465.7)
(62.9) (53.3) (49.0) (40.7) (48.0) (54.9) (37.6) (11.5)
(1,270.6) (1,308.8) (1,190.9) (1,176.5) (1,362.8) (1,411.0) (1,649.5) (477.2)
23.2 4.4 1.5 9.3 15.9 5.9 (3.4) 1.7

1,273.3 1,308.6 1,321.3 1,291.8 1,539.6 1,614.8 1,600.8 214.1

1,480.9 1,525.0 1,508.1 1,455.4 1,683.8 1,789.9 1,754.5 253.3

39.6% 38.6% 41.1% 41.5% 41.8% 42.0% 37.7% 25.5%

2013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pe
r to Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, re
 IFRS
2T15
2Q15
2,754.5

1,577.9
572.8
(515.2)
(187.0)
1,062.8
67.4%
(493.8)
(59.9)
(539.6)
(14.2)
(553.8)
0.4

509.3

559.2
35.4%

e 4th quarter of 2013, inclusive, refer to Ambev S.A.

CONSOLIDATED BALANCE SHEET BALANO PATRIMONIAL CONSOLIDADO IFRS IFRS IFRS IFRS IFRS IFRS
12M07 12M08 12M09 12M10 12M11 4T12
R$ million R$ milhes FY07 FY08 FY09 FY10 FY11 4Q12
Assets Ativo
Current assets Ativo circulante
Cash and cash equivalents Caixa e equivalentes de caixa 2,308.2 3,298.9 4,042.9 5,909.3 8,076.2
###
Investment securities Aplicaes financeiras 174.8 0.1 73.3 1,069.3 193.4
###
Trade and other receivables Contas a receber e demais contas a receber 2,912.2 3,428.7 3,652.5 3,794.1 3,879.7
###
Inventories Estoques 1,450.9 2,018.1 1,488.1 1,905.2 2,238.5
###
Income tax receivable Impostos e contribuies a recuperar 528.9 479.7 986.2 181.2 291.3
###
Assets held for sale Ativos mantidos para venda 102.6 67.9 60.2 51.8 0.4
###
7,477.7 9,293.3 10,303.2 12,910.9 14,679.5
###
Non-current assets Ativo no circulante ###
Investment securities Aplicaes financeiras 240.6 317.4 246.9 208.7 242.1
###
Trade and other receivables Contas a receber e demais contas a receber 2,809.0 2,624.2 2,089.3 1,200.3 1,232.0
###
Deferred tax assets Imposto de renda e contribuio social diferidos 1,841.4 1,817.8 1,368.5 2,021.6 1,447.1
###
Income tax receivable Impostos e contribuies a recuperar n.a. n.a. n.a. - 16.3
###
Employee benefits Benefcios a funcionrios 18.5 19.9 13.7 20.9 18.5
###
Investments in associates Investimentos 22.5 30.4 24.3 18.5 21.7
###
Property, plant and equipment Imobilizado 6,047.5 7,304.6 6,595.1 7,032.3 9,265.2
###
Intangible assets Ativo intangvel 2,042.6 2,492.9 1,932.6 1,823.2 1,763.0
###
Goodwill gio 17,180.6 17,912.4 17,527.5 17,441.8 17,454.0
###
30,202.7 32,519.6 29,797.8 29,767.3 31,459.9
###

Total assets Total do ativo 37,680.4 41,813.0 40,101.0 42,678.2 46,139.4###

Equity and liabilities Patrimnio lquido e passivo

Current liabilities Passivo circulante
Trade and other payables Contas a pagar e demais contas a pagar 5,131.1 6,147.5 6,279.9 7,142.9 11,288.0
###
Interest-bearing loans and borrowings Emprstimos e financiamentos 2,270.5 3,588.2 801.1 2,606.2 2,212.1
###
Bank overdrafts Conta garantida 67.3 18.8 18.6 1.0 12.3
###
Income tax and social contribution payable Imposto de renda e contribuio social a recolher 844.2 680.8 1,296.0 701.6 793.9
###
Provisions Provises 83.2 101.8 96.2 103.0 101.6
###
8,396.4 10,537.1 8,491.7 10,554.7 14,407.9
###
Non-current liabilities Passivo no circulante
Trade and other payables Contas a pagar e demais contas a pagar 665.5 626.4 663.6 1,343.4 1,196.6
###
Interest-bearing loans and borrowings Emprstimos e financiamentos 7,530.3 7,069.6 6,460.2 4,164.2 1,890.2
###
Deferred tax liabilities Imposto de renda e contribuio social diferidos 697.2 821.2 502.2 548.7 734.5
###
Provisions Provises 950.1 962.9 919.4 536.1 478.4
###
Employee benefits Benefcios a funcionrios 814.1 784.3 767.9 966.2 1,603.0
###
 10,657.3 10,264.3 9,313.2 7,558.6 5,902.7
###

Total liabilities Total do passivo 19,053.7 20,801.4 17,804.9 18,113.3 20,310.6

###

Equity Patrimnio lquido

Issued capital Capital social 6,105.2 6,602.0 6,832.1 7,613.8 8,303.9
###
Reserves Reservas (944.7) 321.5 11,055.2 16,748.1 17,307.4
###
Comprehensive income Ajuste de avaliao patrimonial - - - - ###
-
Retained earnings Lucros acumulados 12,959.4 13,864.0 4,130.2 - -
Equity attributable to equity holders of Ambev Patrimnio lquido de controladores 18,120.0 20,787.5 22,017.5 24,361.9 25,611.3
###
Non-controlling interests Participao de no controladores 506.7 224.1 278.7 203.0 217.5
###
Total Equity Total do patrimnio lquido 18,626.7 21,011.6 22,296.1 24,564.9 25,828.8
###

Total equity and liabilities Total do passivo e patrimnio lquido 37,680.4 41,813.0 40,101.0 42,678.2 46,139.4
###
FLUXO DE CAIXA CONSOLIDADO IFRS IFRS IFRS
12M07 12M08 12M09
R$ milhes FY07 FY08 FY09
Atividades Operacionais
Lucro lquido do perodo 5,068.9 5,190.9 5,988.3
Depreciao, amortizao
Perda por impairment e impairment
no contas a receber, estoques e demais contas 1,084.9 1,290.7 1,376.5
a receber 37.2 56.0 74.7
Aumento/(reduo) nas provises e benefcios a funcionrios 111.0 190.8 119.9
Resultado financeiro lquido 1,163.1 1,190.8 982.1
Outros itens no-monetrios includos no lucro 46.9 7.8 (30.2)
Perda/(ganho) na venda de imobilizado e intangveis (3.1) (20.0) (27.5)
Perda/(ganho) na venda de ativos mantidos para venda 0.8 (26.6) (2.3)
Despesa com pagamentos baseados em aes 38.7 57.8 134.7
Imposto de renda e contribuio social 1,510.1 1,447.2 2,208.1
Participao nos resultados de controladas e coligadas (4.2) (2.3) (0.7)
Fluxo de caixa das atividades operacionais antes do capital de giro e
9,054.1 9,383.1 10,823.7
provises
Reduo/(aumento) no contas a receber e demais contas a receber (144.9) (202.5) (398.5)
Reduo/(aumento) nos estoques 20.1 (395.3) 190.4
Aumento/(reduo) nas provises, contas a pagar e demais contas a p 200.6 710.9 (98.8)
Gerao de caixa das atividades operacionais 9,129.9 9,496.2 10,516.8
Juros (pagos)/ recebidos, lquidos (1,313.0) (884.3) (1,006.4)
Dividendos recebidos - - -
Imposto de renda e contribuio social pagos (608.0) (1,579.4) (813.3)
Fluxo de caixa das atividades operacionais 7,209.0 7,032.6 8,697.0
Proventos da venda de imobilizado e intangveis 202.0 72.0 88.5
Proventos da venda de operaes em subsidirias
Recebimento de emprstimos concedidos 13.9 0.7 1.5
Aquisio de outros investimentos 1.2 (691.9) (88.9)
Baixa de subsidiria, lquido de caixa baixado n.a. n.a. n.a.
Aquisio de imobilizado (1,497.4) (1,782.0) (1,306.2)
Aquisio de intangveis (88.0) (175.3) (132.6)
Aquisio de imobilizado e intangveis n.a. n.a. n.a.
Aquisio de subsidirias, lquido de caixa adquirido (432.7) n.a. (44.5)
Proventos lquidos/(aquisio) de ttulos de dvida (352.0) 231.4 (79.6)
Aplicao financeira e proventos lquidos de ttulos de dvida n.a. n.a. n.a.
Aquisio de outros ativos, lquidos 6.2 131.0 10.0
Fluxo de caixa das atividades de investimento (2,146.8) (2,214.1) (1,551.9)
Aumento de capital 128.3 - 85.0
Resultado na alienao de investimentos em subsidirias n.a. n.a. n.a.
gio na subscrio de aes n.a. n.a. n.a.
Aumento/(reduo) de capital em subsidirias / no controladores n.a. n.a. n.a.
Proventos de emprstimos 8,486.3 6,502.8 1,291.6
Recompra para manuteno de aes em tesouraria (2,992.0) (600.6) 34.5
Liquidao de emprstimos (7,689.7) (6,545.4) (3,779.7)
Caixa lquido de custos financeiros, exceto juros (120.9) (605.7) 7.8
Pagamento de passivos de arrendamento financeiro (4.7) (10.8) (7.7)
Dividendos pagos (2,053.8) (2,801.8) (3,560.5)
Fluxo de caixa de atividades financeiras (4,246.5) (4,005.7) (5,929.0)
Aumento/(reduo) lquido no caixa e equivalentes a caixa 815.7 812.7 1,216.2
Caixa e equivalentes a caixa (lquido da conta garantida) no incio do
1,488.3 2,240.9 3,280.0
perodo
Efeito de variao cambial (63.1) 226.4 (471.9)
Caixa e equivalentes a caixa (lquido da conta garantida) no final do
perodo 2,240.9 3,280.0 4,024.3
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M10 12M11 12M12 12M131 1T14 2T14 3T14 4T14
FY10 FY11 FY12 FY131 1Q14 2Q14 3Q14 4Q14

7,619.2 8,719.8 10,420.6 11,399.4 2,596.8 2,215.6 2,890.5 4,659.1

1,567.2 1,454.7 1,939.9 2,105.1 534.8 552.9 593.8 710.9
137.7 72.8 127.0 117.1 19.6 14.4 45.5 20.1
111.8 40.2 173.2 203.3 39.3 41.5 4.9 83.4
319.4 468.1 889.7 1,561.4 368.8 298.0 221.1 587.5
62.3 (148.8) (223.0) (228.1) (167.6) (23.2) (105.6) (23.7)
(9.9) (23.8) (36.8) (24.7) 7.8 (1.3) (1.6) (38.8)
(11.0) (36.4) 3.7 - - - - -
120.3 122.3 144.6 182.2 44.5 36.2 35.5 44.9
2,084.4 2,522.0 2,320.1 2,481.4 551.9 256.0 381.8 816.9
(0.2) (0.5) (0.5) (11.4) (7.9) (2.3) (3.0) (4.2)
12,001.3 13,190.4 15,758.4 17,785.6 3,988.0 3,387.8 4,062.9 6,856.2
(427.7) (421.9) (343.2) (1,178.1) 182.5 (217.8) (32.1) (435.2)
(584.1) (289.8) (196.2) (417.6) (335.2) (71.0) 33.1 (215.8)
567.0 1,307.1 560.2 1,279.9 (1,195.0) (116.4) 78.0 2,810.8
11,556.4 13,785.8 15,779.2 17,469.9 2,640.2 2,982.6 4,142.0 9,015.9
(367.6) 30.9 (36.0) 173.9 (69.7) (59.1) (111.3) (110.1)
- - 123.9 136.0 13.6 30.2 23.3 (46.1)
(1,125.9) (1,209.9) (1,603.8) (2,464.9) (985.9) (362.4) (1,119.7) (87.8)
10,062.9 12,606.8 14,263.3 15,314.8 1,598.3 2,591.3 2,934.2 8,771.8
72.1 71.6 122.8 112.3 39.6 19.6 18.4 74.4

1.5 - n.a. n.a. n.a. n.a. n.a. n.a.

- - n.a. n.a. n.a. n.a. n.a. n.a.
(18.7) - n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
(2,286.8) (3,200.2) (3,014.0) (3,810.3) (875.8) (1,120.6) (1,220.2) (1,276.4)
n.a. n.a. (2,537.0) (254.9) - - (9.1) (1.6)
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
(962.2) 870.2 (272.4) 141.7 (133.2) 34.6 (162.0) (185.0)
19.8 55.0 (16.6) - 4.9 (0.2) 24.2 0.6
(3,174.3) (2,203.4) (5,717.2) (3,811.2) (964.5) (1,066.6) (1,348.8) (1,388.0)
246.4 220.9 n.a. 17.4 1.2 130.9 17.8 7.7
77.6 (10.2) n.a. n.a. n.a. n.a. n.a. n.a.
8.3 - n.a. n.a. (1.6) 1.6 n.a. n.a.
n.a. n.a. 210.1 172.4 - - - -
1,056.3 1,555.6 1,470.2 331.4 252.7 214.7 23.7 514.1
16.7 (31.1) (30.4) (37.7) (3.8) (9.2) (10.7) (50.5)
(1,252.7) (4,223.0) (3,198.5) (991.2) (558.8) (519.6) (253.5) (458.5)
23.3 (681.7) (645.5) (1,663.8) (307.9) (470.7) 267.6 130.2
(6.7) (7.1) (8.1) (1.5) (0.3) (0.5) (0.4) (0.3)
(5,030.8) (5,475.4) (5,607.7) (7,333.7) (3,916.1) (2,075.9) (2,548.9) (3,518.7)
(4,861.6) (8,652.0) (7,809.9) (9,506.7) (4,534.5) (2,728.8) (2,504.4) (3,376.1)
2,027.0 1,751.4 736.1 1,996.8 (3,900.8) (1,204.1) (919.0) 4,007.7
4,024.3 5,908.3 8,135.0 9,259.3 11,538.2 7,295.7 6,025.6 (13,321.3)
(143.0) 404.2 103.1 282.1 (341.7) (66.0) 295.5 213.1
5,908.3 8,063.9 8,974.2 11,538.2 7,295.7 6,025.6 5,402.1 (9,100.4)
 IFRS IFRS IFRS
12M14 1T15 2T15
FY14 1Q15 2Q15

12,362.0 2,962.8 2,590.8

2,392.5 671.5 763.9
99.5 56.2 16.1
169.1 48.0 276.3
1,475.4 481.7 363.0
(320.1) (149.4) (192.9)
(33.9) 12.5 2.9
- - -
161.0 45.9 42.2
2,006.6 951.5 169.2
(17.4) (2.4) (2.6)
18,294.9 5,078.4 4,005.2
(502.6) 174.2 30.0
(589.0) (744.9) 224.7
1,577.4 (688.6) 83.0
18,780.7 3,819.1 4,343.0 21,320.0
(350.2) 278.8 (17.0)
21.0 3.0 9.5
(2,555.8) (868.8) (463.3)
15,895.7 3,232.2 3,872.1
151.9 6.7 10.4
88.1
n.a. n.a. n.a.
n.a. (100.0) (9.2)
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
(4,493.1) (719.5) (1,187.2) (4,403.3)
(10.7) (48.1) (196.0)
n.a. n.a. n.a.
(445.7) (342.9) 252.2
29.5 0.0 1.7
(4,768.1) (1,203.7) (1,039.9)
157.6 6.9 2.9
n.a. n.a. n.a.
n.a. n.a. n.a.
- - -
1,005.2 3,879.2 21.7
(74.2) (50.3) (404.4)
(1,790.3) (4,843.1) (147.8)
(380.9) 149.9 (576.0)
(1.6) (0.5) (0.9)
(12,059.6) (4,961.8) (1,627.8) (12,657.2)
(13,143.8) (5,819.6) (2,732.2)
(2,016.2) (3,791.2) 100.0
11,538.2 9,623.0 6,779.7
100.9 947.9 (172.2)
9,623.0 6,779.7 6,707.6
DEBT BREAKDOWN DETALHAMENTO DA DVIDA IFRS IFRS
12M07 12M08
R$ million R$ milhes FY07 FY08
Local Currency Moeda Local 4,808.7 4,462.9
Foreign Currency Moeda Estrangeira 4,992.1 6,194.9
Consolidated Debt Dvida Consolidada 9,800.8 10,657.8

Cash and Cash Equivalents Caixa e Equivalentes a Caixa 2,308.2 3,298.9

Current Investment Securities Aplicaes Financeiras Correntes 174.8 0.1
Bank overdrafts Conta garantida n.a. n.a.

Net Debt/ (Cash) Dvida / (Caixa) Lquido 7,317.8 7,358.9

1
As informaes constantes do presente documento referentes a todos os perodos at o 3o trimestre de 2013, inclusive, referem-se C
1
The information contained in this report relating to all periods until the 3rd quarter of 2013, inclusive, refer to Companhia de Bebidas das

2
From 4Q14 (inclusive) data refers to cash and cash equivalents less bank overdrafts.
2
A partir do 4Q14 (inclusive) os dados referem-se a caixa e quivalentes de caixa, lquido de conta garantida.
 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
12M09 12M10 12M11 12M12 12M131 12M14 1T15 2T15
FY09 FY10 FY11 FY12 FY131 FY14 1Q15 2Q15
4,369.5 3,974.2 3,721.6 2,423.8 1,936.7 1,994.8 2,085.9 2,109.1
2,891.8 2,796.2 380.7 720.0 969.1 627.9 605.1 556.9
7,261.2 6,770.4 4,102.3 3,143.7 2,905.8 2,622.6 2,691.0 2,666.0

4,024.3 5,908.3 8,076.2 9,259.3 11,538.2 9,623.0 6,779.7 6,707.6

73.3 1,069.3 193.4 476.6 288.6 713.0 1,033.8 776.6
n.a. n.a. (12.3) (0.1) - - - -

3,163.6 (207.1) (4,155.0) (6,258.9) (8,921.0) (7,713.3) (5,122.4) (4,818.1)

013, inclusive, referem-se Companhia de Bebidas das Amricas - Ambev; j as informaes constantes do presente documento referentes aos pero
o Companhia de Bebidas das Americas - Ambev; the information contained in this report relating to periods from the 4th quarter of 2013, inclusive, refe
documento referentes aos perodos a partir do 4o trimestre de 2013, inclusive, referem-se Ambev S.A.
h quarter of 2013, inclusive, refer to Ambev S.A.