AMBEV - Planilha de Resultados - 1T21 - PORT

Relações com Investidores
Resultado
Consolidado
Balanço
Patrimonial
Fluxo de Caixa
Todos os valores estão expressos em Milhões de Reais 2007
CONSOLIDADO
Volume ('000 hl) 142.916,5

Receita líquida 19.579,5
ROL/hl 137,0
CPV -6.599,2
CPV/hl -46,2
Lucro bruto 12.980,4
Margem bruta (%) 66,3
Despesas comerciais -4.609,1
Despesas administrativas -1.012,9
SG&A excl. deprec.&amort. -5.125,4
SG&A deprec.&amort. -496,6
SG&A total -5.622,0
Outras rec operacionais 306,8
Lucro operacional (EBIT ajustado) 7.665,2
Receitas e (despesas) especiais antes do EBIT 72,5
Resultado financeiro -1.163,1
Participação nos resultados de empreendimentos controlados em conjunto 4,2
Imposto de renda -1.510,1
Lucro líquido 5.068,8
Atribuido para Ambev 5.003,4
Atribuído a não controladores 65,4
Lucro líquido ajustado 4.996,3
Atribuido para Ambev 4.930,9
EBITDA ajustado 8.793,6
Margem EBITDA ajustado (%) 44,9
No. de ações em circulação (milhões) 615,6
LPA (R$/ação) 8,13
LPA ajustado (R$/ação) 8,01
Média de funcionários em tempo integral n.a.
CAPEX 1.585,4
Capacidade instalada de cerveja (milhões hl) 155,4
Capacidade instalada de refrigerantes (milhões hl) 77,1
Capacidade instalada total (milhões hl) 232,5
1 - ¹As informações constantes do presente documento referentes a todos os períodos até o 3o
trimestre de 2012, inclusive, referem-se à Companhia de Bebidas das Américas - Ambev; já as
informações constantes do presente documento referentes aos períodos a partir do 4o trimestre
de 2012, inclusive, referem-se à Ambev S.A.
Resultado Conslidado
1T08 2T08 3T08 4T08 2008 1T09 2T09
35.784,8 32.777,1 34.445,1 43.955,7 146.962,8 37.268,2 34.076,5

4.833,4 4.713,4 4.800,9 6.365,5 20.713,2 5.655,7 5.348,1
135,1 143,8 139,4 144,8 140,9 151,8 156,9
-1.669,2 -1.649,5 -1.699,3 -2.199,6 -7.217,6 -1.897,1 -1.724,4
-46,6 -50,3 -49,3 -50,0 -49,1 -50,9 -50,6
3.164,1 3.063,9 3.101,6 4.165,9 13.495,5 3.758,5 3.623,7
65,5 65,0 64,6 65,4 65,2 66,5 67,8
-1.169,7 -1.171,1 -1.165,6 -1.449,9 -4.956,3 -1.304,2 -1.307,2
-255,0 -274,0 -215,5 -292,5 -1.037,0 -313,1 -394,6
-1.302,5 -1.309,1 -1.255,4 -1.537,4 -5.404,4 -1.455,3 -1.548,9
-122,1 -136,0 -125,7 -205,1 -588,9 -162,0 -152,9
-1.424,7 -1.445,1 -1.381,1 -1.742,5 -5.993,3 -1.617,3 -1.701,8
85,4 97,9 76,3 123,9 383,5 84,9 118,8
1.824,9 1.716,7 1.796,8 2.547,3 7.885,7 2.226,2 2.040,8
-4,6 -3,8 -3,5 -47,3 -59,2 217,4 -15,8
-277,2 -320,8 -262,0 -330,7 -1.190,8 -324,8 -249,4
0,1 3,8 0,0 -1,5 2,3 0,0 0,2
-323,3 -335,4 -356,2 -432,3 -1.447,2 -506,2 -383,9
1.219,8 1.060,6 1.175,1 1.735,5 5.190,9 1.612,6 1.391,9
1.228,6 1.026,0 1.163,4 1.701,1 5.119,1 1.588,7 1.375,6
-8,8 34,5 11,6 34,4 71,8 24,0 16,4
1.224,5 1.064,4 1.178,6 1.782,7 5.250,1 1.395,2 1.407,7
1.233,2 1.029,8 1.167,0 1.748,3 5.178,3 1.371,2 1.391,4
2.107,4 2.012,5 2.088,6 2.965,8 9.174,3 2.582,9 2.383,1
43,6 42,7 43,5 46,6 44,3 45,7 44,6
611,6 613,7 614,0 614,0 614,0 613,9 616,0
1,99 1,67 1,89 2,77 8,34 2,59 2,23
2,00 1,68 1,90 2,85 8,43 2,23 2,26
39.30 40.83 40.99 39.30 39.30 40.16 39.49
254,6 466,2 510,6 725,9 1.957,3 154,1 386,4
n.a. n.a. n.a. n.a. 157,0 n.a. n.a.
n.a. n.a. n.a. n.a. 77,2 n.a. n.a.
n.a. n.a. n.a. n.a. 234,2 n.a. n.a.
3T09 4T09 2009 1T10 2T10 3T10 4T10
36.345,1 47.032,6 154.722,3 40.926,6 36.896,0 39.281,2 48.038,7

5.411,6 6.778,6 23.194,0 6.121,4 5.678,4 5.978,2 7.455,3
148,9 144,1 149,9 149,6 153,9 152,2 155,2
-1.858,8 -2.251,6 -7.731,9 -1.999,0 -1.939,0 -2.058,6 -2.452,4
-51,1 -47,9 -50,0 -48,8 -52,6 -52,4 -51,1
3.552,8 4.527,0 15.462,1 4.122,4 3.739,4 3.919,6 5.002,9
65,7 66,8 66,7 67,3 65,9 65,6 67,1
-1.346,8 -1.583,8 -5.542,0 -1.423,6 -1.462,0 -1.482,5 -1.670,5
-324,0 -446,4 -1.478,0 -327,3 -309,3 -299,7 -260,6
-1.529,5 -1.870,3 -6.403,9 -1.602,8 -1.625,8 -1.634,3 -1.743,7
-141,3 -160,0 -616,2 -148,0 -145,6 -147,9 -187,4
-1.670,8 -2.030,3 -7.020,1 -1.750,8 -1.771,3 -1.782,2 -1.931,1
173,9 161,7 539,3 93,9 117,1 160,6 253,2
2.055,9 2.658,5 8.981,3 2.465,5 2.085,2 2.298,0 3.325,0
-1,5 -3,5 196,6 -66,4 -15,2 -2,7 -66,5
-243,1 -164,8 -982,1 -186,6 -105,5 48,1 -75,4
0,2 0,2 0,7 0,0 -0,1 0,1 0,2
-592,1 -725,9 -2.208,1 -561,6 -436,5 -515,9 -570,5
1.219,3 1.764,4 5.988,3 1.650,9 1.527,9 1.827,7 2.612,8
1.230,9 1.790,9 5.986,0 1.650,2 1.510,2 1.815,2 2.585,8
-11,6 -26,5 2,3 0,7 17,7 12,5 27,0
1.220,9 1.767,9 5.791,7 1.717,3 1.543,1 1.830,3 2.679,3
1.232,5 1.794,4 5.789,5 1.716,6 1.525,5 1.817,8 2.652,3
2.373,8 3.021,3 10.361,1 2.806,5 2.422,9 2.655,6 3.822,0
43,9 44,3 44,7 45,8 42,7 44,4 51,3
616,4 616,4 616,4 616,4 619,1 620,6 3.103,2
2,00 2,91 9,71 2,68 2,44 2,92 0,83
2,00 2,91 9,39 2,78 2,46 2,93 0,85
39.49 40.79 40.79 41.47 41.49 42.64 44.92
323,3 575,0 1.438,8 219,1 527,8 769,5 770,4
n.a. n.a. 155,4 n.a. n.a. n.a. n.a.
n.a. n.a. 77,1 n.a. n.a. n.a. n.a.
n.a. n.a. 232,5 n.a. n.a. n.a. n.a.
2010 1T11 2T11 3T11 4T11 2011 1T12
165.142,5 40.796,6 36.181,7 39.920,2 48.145,5 165.043,9 42.230,4

25.233,3 6.562,1 5.811,6 6.374,5 8.378,4 27.126,7 7.235,7
152,8 160,8 160,6 159,7 174,0 164,4 171,3
-8.449,0 -2.107,1 -2.018,6 -2.130,3 -2.537,4 -8.793,3 -2.312,4
-51,2 -51,6 -55,8 -53,4 -52,7 -53,3 -54,8
16.784,3 4.455,0 3.793,0 4.244,3 5.841,1 18.333,4 4.923,3
66,5 67,9 65,3 66,6 69,7 67,6 68,0
-6.038,5 -1.513,8 -1.510,8 -1.544,0 -1.682,3 -6.251,0 -1.748,4
-1.196,9 -322,6 -209,6 -278,4 -369,9 -1.180,6 -317,3
-6.606,6 -1.704,6 -1.584,1 -1.684,7 -1.900,4 -6.873,8 -1.917,1
-628,8 -131,9 -136,3 -137,7 -151,8 -557,7 -148,7
-7.235,5 -1.836,5 -1.720,4 -1.822,4 -2.052,2 -7.431,5 -2.065,7
624,9 135,3 161,5 167,1 320,5 784,5 139,2
10.173,7 2.753,8 2.234,1 2.589,0 4.109,4 11.686,3 2.996,8
-150,8 -0,5 -4,8 41,9 -13,5 23,1 -
-319,4 -45,5 -25,4 -306,3 -91,0 -468,1 -82,6
0,2 0,1 0,0 0,1 0,3 0,5 0,4
-2.084,5 -601,9 -358,3 -620,8 -941,0 -2.522,0 -580,1
7.619,2 2.106,0 1.845,7 1.703,8 3.064,2 8.719,8 2.334,5
7.561,4 2.088,7 1.832,6 1.687,3 3.032,5 8.641,0 2.314,3
57,8 17,4 13,1 16,6 31,7 78,8 20,2
7.770,1 2.106,6 1.850,5 1.662,0 3.077,7 8.696,7 2.334,5
7.712,2 2.089,2 1.837,3 1.645,4 3.046,0 8.617,9 2.314,3
11.707,0 3.098,5 2.583,6 2.952,8 4.506,1 13.141,1 3.375,9
46,4 47,2 44,5 46,3 53,8 48,4 46,7
3.103,2 3.103,5 3.104,2 3.116,8 3.117,2 3.117,2 3.117,5
2,44 0,67 0,59 0,54 0,97 2,77 0,75
2,49 0,67 0,59 0,53 0,98 2,76 0,74
44.92 43.93 44.27 44.64 46.50 46.50 46.59
2.286,8 580,8 1.001,7 891,6 726,1 3.200,2 365,6
163,3 n.a. n.a. n.a. n.a. 176,5 n.a.
83,7 n.a. n.a. n.a. n.a. 86,2 n.a.
247,0 n.a. n.a. n.a. n.a. 262,7 n.a.
2T12 3T12 4T12¹ 2012¹ 1T13 2T13 3T13
37.378,5 40.530,2 49.700,3 169.839,4 40.218,0 37.303,1 39.620,5

6.825,4 8.036,0 10.133,9 32.231,0 7.832,0 7.570,2 8.544,3
182,6 198,3 203,9 189,8 194,7 202,9 215,7
-2.300,0 -2.621,5 -3.088,7 -10.459,8 -2.697,8 -2.667,0 -2.884,1
-61,5 -64,7 -62,1 -61,6 -67,1 -71,5 -72,8
4.525,4 5.414,6 7.045,2 21.908,5 5.134,2 4.903,2 5.660,1
66,3 67,4 69,8 68,1 66,3 64,8 66,2
-1.804,7 -1.821,9 -1.976,0 -7.350,9 -1.993,5 -2.092,7 -2.009,3
-356,9 -518,2 -411,2 -1.603,5 -353,1 -403,7 -355,6
-2.018,5 -2.175,2 -2.225,9 -8.336,7 -2.182,7 -2.329,4 -2.188,6
-143,0 -164,9 -160,1 -617,7 -163,9 -167,0 -176,3
-2.161,5 -2.340,1 -2.386,0 -8.954,5 -2.346,6 -2.496,4 -2.364,9
169,3 251,9 304,2 863,4 324,1 300,2 394,3
2.533,2 3.326,3 4.963,4 13.680,2 3.111,7 2.707,0 3.689,6
-26,8 -9,6 -14,0 -50,4 -1,0 -5,3 -6,9
-185,8 -366,8 -259,0 -889,7 -237,8 -267,3 -497,4
-0,3 0,0 0,4 0,5 1,7 0,1 3,9
-391,2 -448,2 -957,3 -2.320,1 -501,4 -523,1 -839,2
1.929,1 2.501,7 3.733,5 10.420,6 2.373,2 1.911,3 2.350,0
1.903,8 2.476,9 2.262,5 6.327,3 1.442,3 1.147,4 2.293,9
25,2 24,8 1.471,0 4.093,3 930,9 763,9 56,1
1.955,8 2.511,3 3.747,5 10.470,9 2.374,2 1.916,6 2.356,9
1.930,6 2.486,5 2.276,5 6.377,6 1.443,3 1.152,7 2.300,8
2.961,1 3.787,4 5.496,9 15.620,1 3.624,1 3.238,6 4.227,8
43,4 47,1 54,4 48,5 46,3 42,8 49,6
3.118,4 3.126,2 9.693,6 9.693,6 9.693,6 9.693,6 15.661,4
0,62 0,80 0,23 0,65 0,15 0,12 0,15
3,38 0,81 0,23 0,66 0,15 0,12 0,15
50.77 51.44 51.30 51.30 51.22 50.12 52.42
628,2 965,7 1.054,6 3.014,0 544,4 756,6 1.059,3
n.a. n.a. n.a. 192,6 n.a. n.a. n.a.
n.a. n.a. n.a. 87,0 n.a. n.a. n.a.
n.a. n.a. n.a. 279,6 n.a. n.a. n.a.
4T13 2013 1T14 2T14 3T14 4T14 2014
49.326,7 166.468,3 42.984,4 39.310,6 39.898,4 49.572,0 171.765,7

11.132,6 35.079,1 9.045,1 8.177,4 8.624,4 12.232,9 38.079,8
225,7 210,7 210,4 208,0 216,2 246,8 221,7
-3.323,6 -11.572,5 -3.008,3 -3.040,7 -2.955,8 -3.809,8 -12.814,6
-67,4 -69,5 -70,0 -77,3 -74,1 -76,9 -74,6
7.809,0 23.506,6 6.036,8 5.136,8 5.668,6 8.423,0 25.265,2
70,1 67,0 66,7 62,8 65,7 68,9 66,3
-1.964,4 -8.059,9 -2.315,4 -2.347,2 -2.159,9 -2.336,2 -9.158,7
-635,9 -1.748,3 -443,4 -354,9 -394,2 -627,5 -1.820,0
-2.443,7 -9.144,3 -2.583,3 -2.516,8 -2.360,5 -2.740,6 -10.201,2
-156,7 -663,9 -175,6 -185,3 -193,6 -223,0 -777,5
-2.600,3 -9.808,3 -2.758,9 -2.702,2 -2.554,1 -2.963,6 -10.978,7
743,0 1.761,7 238,3 339,8 388,0 663,1 1.629,2
5.951,7 15.460,0 3.516,2 2.774,4 3.502,5 6.122,5 15.915,6
-16,0 -29,2 -6,6 -7,1 -12,1 -63,2 -89,0
-558,9 -1.561,4 -368,8 -298,0 -221,1 -587,5 -1.475,4
5,7 11,4 7,9 2,3 3,0 4,2 17,4
-617,6 -2.481,4 -551,9 -256,0 -381,8 -816,9 -2.006,6
4.764,9 11.399,4 2.596,8 2.215,6 2.890,5 4.659,1 12.362,0
4.673,7 9.557,3 2.546,6 2.166,9 2.813,6 4.538,4 12.065,5
91,2 1.842,1 50,2 48,7 76,9 120,7 296,5
4.780,9 11.428,6 2.603,4 2.222,7 2.902,7 4.722,2 12.451,0
4.689,8 9.586,5 2.553,2 2.174,0 2.825,7 4.601,6 12.154,5
6.474,6 17.565,1 4.051,0 3.327,4 4.096,3 6.801,1 18.275,8
58,2 50,1 44,8 40,7 47,5 55,6 48,0
15.661,9 12.677,6 15.664,2 15.668,5 15.694,6 15.704,3 15.682,9
0,30 0,75 0,16 0,14 0,18 0,29 0,77
0,30 0,76 0,16 0,14 0,18 0,29 0,76
52.96 52.96 52.19 51.63 51.73 51.87 51.87
1.450,0 3.810,3 875,8 1.120,6 1.220,2 1.276,0 4.493,0
n.a. 194,5 n.a. n.a. n.a. n.a. 199,7
n.a. 85,9 n.a. n.a. n.a. n.a. 92,6
n.a. 280,4 n.a. n.a. n.a. n.a. 292,3
1T15 2T15 3T15 4T15 2015 1T16 2T16
43.181,0 37.960,0 39.988,4 47.948,9 169.078,2 39.957,3 35.667,8

10.768,8 9.910,0 10.745,1 15.296,2 46.720,1 11.565,1 10.377,2
249,4 261,1 268,7 319,0 276,3 289,4 290,9
-3.613,8 -3.774,6 -3.743,9 -4.929,0 -16.061,4 -3.960,3 -3.894,6
-83,7 -99,4 -93,6 -102,8 -95,0 -99,1 -109,2
7.155,0 6.135,4 7.001,2 10.367,2 30.658,8 7.604,8 6.482,6
66,4 61,9 65,2 67,8 65,6 65,8 62,5
-2.698,8 -2.587,2 -2.613,8 -3.278,1 -11.177,9 -3.063,0 -2.939,4
-521,5 -537,0 -569,5 -653,3 -2.281,3 -533,6 -553,6
-2.999,5 -2.888,9 -2.934,9 -3.615,9 -12.439,2 -3.289,8 -3.166,1
-220,9 -235,3 -248,4 -315,4 -1.019,9 -306,9 -326,9
-3.220,3 -3.124,2 -3.183,3 -3.931,3 -13.459,1 -3.596,7 -3.492,9
466,8 348,2 420,3 700,8 1.936,0 392,3 331,1
4.401,4 3.359,4 4.238,2 7.136,7 19.135,7 4.400,5 3.320,8
-7,8 -238,9 -19,7 -90,8 -357,2 -6,2 -22,2
-481,7 -363,0 -316,6 -1.106,9 -2.268,2 -1.171,3 -899,9
2,4 2,6 -0,3 -1,6 3,1 7,4 0,4
-951,5 -169,2 -834,7 -1.678,8 -3.634,2 -336,4 -226,6
2.962,8 2.590,8 3.066,9 4.258,5 12.879,1 2.894,0 2.172,5
2.810,7 2.508,7 2.950,7 4.153,7 12.423,8 2.766,9 2.046,2
152,2 82,2 116,2 104,8 455,4 127,1 126,4
2.970,6 2.829,7 3.086,6 4.349,3 13.236,3 2.900,2 2.194,7
2.818,5 2.747,5 2.970,4 4.244,5 12.780,9 2.773,1 2.068,4
5.072,9 4.123,3 4.992,0 8.021,4 22.209,7 5.264,3 4.204,6
47,1 41,6 46,5 52,4 47,5 45,5 40,5
15.717,8 15.731,5 15.751,6 15.740,7 15.735,3 15.746,4 15.736,9
0,18 0,16 0,19 0,26 0,79 0,18 0,13
0,18 0,17 0,19 0,27 0,81 0,18 0,13
51.39 51.96 52.15 52.74 52.74 52.56 51.08
719,5 1.187,2 1.284,7 2.069,9 5.261,2 707,3 1.151,3
n.a. n.a. n.a. n.a. 192,4 n.a. n.a.
n.a. n.a. n.a. n.a. 77,5 n.a. n.a.
n.a. n.a. n.a. n.a. 269,9 n.a. n.a.
3T16 4T16 2016 1T17 2T17 3T17 4T17
38.838,2 45.358,4 159.821,6 41.305,1 35.660,3 38.433,5 47.430,5

10.482,8 13.177,5 45.602,6 11.241,8 10.268,0 11.362,3 15.027,2
269,9 290,5 285,3 272,2 287,9 295,6 316,8
-4.215,5 -4.607,6 -16.678,0 -4.523,1 -4.048,2 -4.482,1 -4.988,3
-108,5 -101,6 -104,4 -109,5 -113,5 -116,6 -105,2
6.267,3 8.569,9 28.924,6 6.718,7 6.219,8 6.880,2 10.038,9
59,8 65,0 63,4 59,8 60,6 60,6 66,8
-2.952,0 -3.056,2 -12.010,5 -2.925,2 -2.850,6 -2.971,0 -3.168,6
-505,1 -573,9 -2.166,1 -555,7 -520,8 -528,5 -1.018,9
-3.147,9 -3.331,3 -12.934,9 -3.200,3 -3.065,4 -3.199,9 -3.825,9
-309,2 -298,8 -1.241,7 -280,6 -306,0 -299,6 -361,6
-3.457,0 -3.630,0 -14.176,6 -3.480,9 -3.371,4 -3.499,5 -4.187,5
341,6 157,9 1.223,0 290,8 222,6 253,6 450,3
3.151,9 5.097,8 15.971,0 3.528,6 3.070,9 3.634,3 6.301,7
-15,1 1.177,9 1.134,3 -28,7 -32,1 -20,5 -27,4
-722,6 -908,2 -3.702,0 -872,6 -698,8 -674,9 -1.247,5
-9,4 -3,4 -5,0 1,0 5,3 -4,5 -4,9
778,3 -530,3 -315,0 -338,5 -220,5 -2.797,8 -1.722,5
3.183,2 4.833,7 13.083,4 2.289,8 2.124,8 136,5 3.299,3
3.061,2 4.672,4 12.546,6 2.199,1 2.013,1 0,2 3.119,4
121,9 161,4 536,8 90,7 111,7 136,3 179,9
3.198,3 3.655,8 11.949,1 2.316,0 2.141,5 3.236,6 4.505,5
3.076,3 3.494,5 11.412,3 2.225,3 2.028,4 3.099,6 4.324,8
3.999,4 6.014,7 19.483,1 4.356,2 3.943,3 4.551,9 7.296,1
38,2 45,6 42,7 38,7 38,4 40,1 48,6
15.736,2 15.700,4 15.696,6 15.689,8 15.706,1 15.707,7 15.709,0
0,19 0,25 0,75 0,14 0,13 0,00 0,20
0,20 0,25 0,75 0,14 0,13 0,20 0,28
51.53 n.a. n.a. n.a. n.a. n.a. n.a.
902,0 1.372,1 4.132,7 559,5 751,0 727,6 1.165,5
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
2017 1T18 1T18 - IFRS16 2T18 2T18 - IFRS16 3T18 3T18 - IFRS16
162.829,4 38.915,5 38.915,5 36.551,1 36,551.1 37,494.5 37,494.5

47.899,3 11.640,2 11.640,2 11.509,5 11,509.5 11,063.7 11,063.7
294,2 299,1 299,1 314,9 314.9 295,1 295.1
-18.041,8 -4.460,7 -4.455,9 -4.387,2 -4,382.3 -4.370,7 -4,365.8
-110,8 -114,6 114,5 -120,0 -119.9 -116,6 -116.4
29.857,5 7.179,5 7.184,3 7.122,3 7,127.2 6.693,0 6,697.9
62,3 61,7 61,7 61,9 61,9 60,5 60.5
-11.915,5 -3.095,3 -3048.34 -3.169,0 -3,128.3 -2.892,6 -2,844.5
-2.623,8 -572,1 -584.36 -582,8 -595.5 -617,1 -630.7
-13.291,6 -3.360,5 -3.217,1 -3.442,4 -3,307.7 -3.125,9 -2,988.1
-1.247,7 -306,9 -415,6 -309,3 -416.1 -383,8 -487.0
-14.539,3 -3.667,4 -3.632,7 -3.751,7 -3,723.8 -3.509,7 -3,475.1
1.217,3 257,6 257,6 241,5 241.5 198,3 198.3
16.535,5 3.769,6 3.809,1 3.612,1 3,645.0 3.381,6 3,421.1
-108,7 -8,4 -8,4 38,1 38,1 -12,8 -12.8
-3.493,9 -544,3 -599,2 -1.049,1 -1,102.9 -611,1 -660.7
-3,1 0,6 0,6 2,6 2.6 -3,3 -3.3
-5.079,3 619,9 -614,5 -179,6 -172.7 137,7 141.1
7.850,5 2.597,6 2.587,6 2.424,2 2,411.0 2.892,1 2,885.4
7.331,9 2.516,0 2.505,9 2.317,2 2,304.0 2.831,2 2,824.4
518,5 81,7 81,7 107,0 107.0 60,9 60.9
12.199,7 2.610,9 2.600,8 2.348,5 2,335.4 2.907,4 2,900.7
11.678,1 2.529,2 2.519,2 2.252,9 2,239.8 2.846,8 2,840.1
20.147,6 4.638,7 4.786,9 4.534,0 4,673.7 4.450,8 4,593.5
42,1 39,9 41,1 39,4 40.6 40,2 41.5
15.705,8 15.713,1 15.713,1 15.718,8 15.718,8 15.719,9 15,719.9
0,47 0,16 0,16 0,15 0,15 0,18 0.18
0,74 0,16 0,16 0,14 0,14 0,18 0.18
51.43 n.a. n.a. n.a. n.a. n.a. n.a.
3.203,7 472.70 472.70 805,1 805.1 940.4 940.4
276,5 n.a. n.a. n.a. n.a. n.a. n.a.
4T18 4T18 - IFRS16 2018 2018 - IFRS16 1T19 2T19 3T19
45,775.8 45,755.8 158,716.9 158,716.9 41,296.4 36,865.2 37,785.7

16.017,8 16,017.8 50,231.3 50,231.3 12.640,1 12,145.1 11,957.7
350,1 350.1 316.5 316.5 306,1 329.4 316.5
-6,050.9 -6,045.4 -19,269.6 -19,249.4 -5.107,7 -4,961.3 -5,229.7
-132.2 -132.1 -121.4 -121.3 -123,7 -134.6 -138.4
9,966.9 9,972.5 30,961.7 30,981.9 7.532,4 7,183.8 6,727.9
62.2 62.3 61.6 61.7 59,6 59.1 56.3
-3,309.1 -3,301.4 -12,466.0 -12,322.5 -3,028.0 -3,085.1 -3,078.2
-595.2 -559.0 -2,367.2 -2,369.5 -661.5 -707.4 -632.5
-3,566.6 -3,416.0 -13,495.4 -12,928.8 -3.282,6 -3,356.9 -3,110.1
-337.7 -444.4 -1,337.8 -1,763.1 -406,9 -435.6 -600.5
-3,904.3 -3,860.4 -14,833.2 -14,692.0 -3.689,5 -3,792.5 -3,710.6
250,0 250.0 947.3 947.3 231,3 190.8 137.7
6,312.6 6,362.1 17,075.8 17,237.3 4.074,2 3,582.1 3,155.0
-103,3 -103.3 -86.4 -86.4 -18,4 -33.9 -14.6
-1,619.0 -1,668.4 -3,823.4 -4,030.3 -672,1 -567.4 -305.8
1,1 1.1 1.0 1.0 -2,1 -0.7 -8.2
-1,127.9 -1,127.8 -1,789.6 -1,773.9 -632,5 -364.1 -222.0
3,463.5 3,463.7 11,377.4 11,347.7 2.749,1 2,615.9 2,604.4
3,360.4 3,360.6 11,024.7 10,995.0 2.661,9 2,520.7 2,497.7
103,1 103.1 352.7 352.7 87,2 95.2 106.7
3,724.5 3,724.7 11,591.3 11,561.6 2.762,4 2,712.1 2,441.8
3,620.2 3,620.4 11,249.1 11,219.4 2.674,8 2,616.9 2,334.6
7,475.4 7,631.6 21,098.9 21,685.7 5.120,7 4,691.3 4,410.5
46.7 47.6 42.0 43.2 40,5 38.6 36.9
15.720,5 15,720.5 15,718.1 15,718.1 15.723,3 15,727.0 15,729.3
0,21 0.21 0.70 0.70 0,17 0.16 0.16
0,23 0.23 0.72 0.71 0,17 0.17 0.15
1,352.8 1,352.8 3,571.0 3,571.0 546.1 895.8 1,623.7
4T19 2019 1T20 2T20 3T20 4T20 2020
47,295.7 163,243.0 39,011.5 33,465.6 42,378.8 50,942.0 165,797.9

15,856.8 52,599.7 12,602.6 11,615.3 15,604.5 18,556.6 58,379.0
335.3 322.2 323.0 347.1 368.2 364.3 352.1
-6,379.4 -21,678.2 -5,643.2 -5,801.9 -7,423.1 -8,197.9 -27,066.1
-134.9 -132.8 -144.7 -173.4 -175.2 -160.9 -163.2
9,477.4 30,921.6 6,959.4 5,813.5 8,181.3 10,358.7 31,312.9
59.8 58.8 55.2 50.0 52.4 55.8 53.6
-3,456.3 -12,647.5 -3,406.9 -3,150.3 -3,898.7 -4,163.8 -14,619.6
-678.6 -2,680.0 -665.3 -682.0 -704.1 -897.0 -2,948.5
-3,575.3 -13,324.9 -3,564.8 -3,298.8 -4,026.3 -4,487.9 -15,377.8
-559.5 -2,002.6 -507.4 -533.5 -576.4 -572.9 -2,190.3
-4,134.8 -15,327.5 -4,072.2 -3,832.3 -4,602.8 -5,060.8 -17,568.1
318.3 878.1 171.3 64.9 168.0 2,275.2 2,679.4
5,660.9 16,472.1 3,058.5 2,046.1 3,746.6 7,573.0 16,424.2
-330.4 -397.2 -24.1 -127.9 -159.8 -140.2 -452.0
-1,564.3 -3,109.6 -1,536.9 -793.7 -1,144.8 1,040.9 -2,434.4
-11.2 -22.3 -6.6 -16.2 -11.0 -9.4 -43.3
463.9 -754.7 -279.7 163.1 -72.1 -1,573.9 -1,762.5
4,219.0 12,188.3 1,211.3 1,271.3 2,359.0 6,890.4 11,731.9
4,099.7 11,780.0 1,091.8 1,226.8 2,274.8 6,786.0 11,379.4
119.3 408.4 119.5 44.5 84.2 104.4 352.5
4,633.5 12,549.9 1,227.8 1,372.6 2,495.9 7,008.0 12,104.3
4,512.7 12,139.0 1,108.3 1,328.1 2,411.7 6,903.7 11,751.8
6,924.7 21,147.1 4,232.5 3,348.3 5,073.5 8,937.2 21,591.5
43.7 40.2 33.6 28.8 32.5 48.2 48.2
15,730.2 15,727.5 15,731.4 15,733.1 15,733.3 15,734.4 15,733.1
0.26 0.75 0.07 0.08 0.14 0.43 0.72
0.29 0.77 0.07 0.08 0.15 0.44 0.75
n.a. n.a n.a. n.a. n.a. n.a. n.a.
2,003.9 5,069.4 1,346.3 807.1 1,144.8 1,394.4 4,692.7
1T21
43,530.2
16,639.8
382.3
-7,945.3
-182.5
8,694.4
52.3
-3,574.6
-1,234.1
-4,295.2
-513.5
-4,808.7
177.9
4,063.7
-40.4
-1,064.3
-12.5
-182.1
2,733.3
2,625.4
107.9
2,761.9
2,654.0
5,327.2
32.0
15,735.6
0.17
0.17
n.a.
1,327.3
n.a.
n.a.
n.a.
Todos os valores expressos estão em milhões de Reais.
Ativo
Ativo circulante
Caixa e equivalentes a caixa
Aplicações financeiras
Instrumentos financeiros derivativos
Contas a receber e demais contas a receber
Estoques
Imposto de renda e contribuição social a recuperar
Demais impostos a recuperar
Ativos mantidos para venda
Outros ativos
Total ativo circulante
Ativo não circulante
Aplicações financeiras
Contas a receber
Outros ativos
Imposto de renda e contribuição social diferidos
Imposto de renda e contribuição social a recuperar
Demais impostos a recuperar
Benefícios a funcionários
Investimentos
Imobilizado
Ativo intangível
Ágio
Total Ativo não circulante
Total do ativo
Patrimônio líquido e passivo
Passivo circulante
Contas a pagar e demais contas a pagar
Empréstimos e financiamentos
Conta garantida
Salários e encargos
Dividendos e juros sobre o capital próprio a pagar
Imposto de renda e contribuição social
Impostos, taxas e contribuições a recolher
Opção de venda concedida sobre participação em controlada e outros passivos (R$)
Provisões
Total Passivo circulante
Passivo não circulante
Contas a pagar e demais contas a pagar
Empréstimos e financiamentos
Imposto de renda e contribuição social diferidos
Imposto de renda e contribuição social a recolher
Impostos, taxas e contribuições a recolher
Outros passivos
Provisões
Benefícios a funcionários
Total Passivo não circulante
Total do passivo
Patrimônio líquido
Capital social
Reservas
Ajuste de avaliação patrimonial
Lucros acumulados
Patrimônio líquido de controladores
Participação de não controladores
Total do patrimônio líquido
Total passivo e patrimônio líquido
1 - ¹As informações constantes do presente documento referentes a todos os períodos até o 3o trimestre de 2012,
de Bebidas das Américas - Ambev; já as informações constantes do presente documento referentes aos períodos a
inclusive, referem-se à Ambev S.A.
Balanço
Patrimonial
2007 2008 1T09 2T09 3T09 4T09 2009
2.308,2 3.298,9 4.265,5 4.278,4 3.890,5 4.042,9 4.042,9

174,8 0,1 3,0 2,6 235,2 73,3 73,3
- - - - - - -
2.912,2 3.428,7 3.261,9 3.041,9 3.058,6 3.652,5 3.652,5
1.450,9 2.018,1 1.968,9 1.611,9 1.472,4 1.488,1 1.488,1
528,9 479,7 276,4 491,2 604,3 986,2 986,2
- - - - - - -
102,6 67,9 66,5 62,4 62,4 60,2 60,2
- - - - - - -
7.477,7 9.293,3 9.842,3 9.488,4 9.323,4 10.303,2 10.303,2
240,6 317,4 377,9 274,6 251,8 246,9 246,9

- - - - - - -
- - - - - - -
2.809,0 2.624,2 2.525,6 2.410,1 2.484,8 2.089,3 2.089,3
1.841,4 1.817,8 1.740,9 1.775,8 1.464,1 1.368,5 1.368,5
- - - - - - -
- - - - - - -
18,5 19,9 19,9 19,9 19,9 13,7 13,7
22,5 30,4 30,0 26,6 24,5 24,3 24,3
6.047,5 7.304,6 6.976,5 6.489,0 6.271,0 6.595,1 6.595,1
2.042,6 2.492,9 2.353,4 2.085,1 1.922,0 1.932,6 1.932,6
17.180,6 17.912,4 17.804,1 17.525,4 17.492,3 17.527,5 17.527,5
30.202,7 32.519,6 31.828,2 30.606,5 29.930,3 29.797,8 29.797,8
37.680,4 41.813,0 41.670,6 40.094,9 39.253,8 40.101,0 40.101,0
5.131,1 6.147,5 5.096,6 5.580,9 6.080,5 6.279,9 6.279,9

- - - - - - -
2.270,5 3.588,2 3.277,3 1.811,7 929,7 801,1 801,1
67,3 18,8 10,1 32,8 38,7 18,6 18,6
- - - - - - -
- - - - - - -
844,2 680,8 625,8 1.001,5 931,5 1.296,0 1.296,0
- - - - - - -
- - - - - - -
83,2 101,8 83,2 57,9 94,8 96,2 96,2
8.396,4 10.537,1 9.093,1 8.484,7 8.075,3 8.491,7 8.491,7
665,5 626,4 662,5 672,1 681,9 663,6 663,6
- - - - - - -
7.530,3 7.069,6 7.358,3 6.946,9 6.875,2 6.460,2 6.460,2
697,2 821,2 741,9 582,3 523,5 502,2 502,2
- - - - - - -
- - - - - - -
- - - - - - -
950,1 962,9 980,6 972,8 889,0 919,4 919,4
814,1 784,3 756,3 680,3 672,7 767,9 767,9
10.657,3 10.264,3 10.499,6 9.854,4 9.642,3 9.313,2 9.313,2
19.053,7 20.801,4 19.592,7 18.339,2 17.717,6 17.804,9 17.804,9
6.105,2 6.602,0 6.602,0 6.812,7 6.832,1 6.832,1 6.832,1

-944,7 321,5 88,5 -928,0 -1.419,9 11.055,2 11.055,2
- - - - - - -
12.959,4 13.864,0 15.145,7 15.630,4 15.927,2 4.130,2 4.130,2
18.120,0 20.787,5 21.836,2 21.515,0 21.339,3 22.017,5 22.017,5
506,7 224,1 241,6 240,7 196,9 278,7 278,7
18.626,7 21.011,6 22.077,9 21.755,7 21.536,2 22.296,1 22.296,1
37.680,4 41.813,0 41.670,6 40.094,9 39.253,8 40.101,0 40.101,0
até o 3o trimestre de 2012, inclusive, referem-se à Companhia

to referentes aos períodos a partir do 4o trimestre de 2012,
1T10 2T10 3T10 4T10 2010 1T11 2T11
5.573,9 5.950,6 7.887,1 5.909,3 5.909,3 4.641,6 5.251,3

74,9 21,5 1,9 1.069,3 1.069,3 1.063,1 516,4
- - - - - - -
3.142,2 3.335,3 3.469,5 3.794,1 3.794,1 3.641,5 3.362,7
1.556,3 1.699,2 1.668,7 1.905,2 1.905,2 2.237,1 2.052,1
357,7 336,3 326,6 181,2 181,2 123,1 358,7
- - - - - - -
60,2 60,2 60,2 51,8 51,8 50,5 3,1
- - - - - - -
10.765,0 11.403,1 13.414,0 12.910,9 12.910,9 11.756,8 11.544,3
271,4 269,6 254,0 208,7 208,7 205,3 197,9

- - - - - - -
- - - - - - -
2.018,6 1.930,6 1.960,1 1.200,3 1.200,3 1.900,7 1.921,6
1.172,7 1.356,7 1.104,9 2.021,6 2.021,6 1.211,2 1.061,4
- - - - - 69,1 29,5
- - - - - - -
13,7 13,7 13,7 20,9 20,9 20,9 20,7
20,4 20,9 18,3 18,5 18,5 18,3 17,6
6.434,0 6.604,2 6.890,1 7.032,3 7.032,3 7.275,4 7.943,2
1.920,3 1.916,0 1.833,8 1.823,2 1.823,2 1.807,2 1.732,4
17.558,4 17.548,7 17.445,4 17.441,8 17.441,8 17.433,2 17.374,3
29.409,4 29.660,3 29.520,3 29.767,3 29.767,3 29.941,4 30.298,6
40.174,5 41.063,4 42.934,3 42.678,2 42.678,2 41.698,2 41.842,8
6.429,2 6.213,4 8.120,9 7.142,9 7.142,9 6.607,4 7.587,4

- - - - - - -
824,5 1.523,8 1.595,7 2.606,2 2.606,2 3.047,1 1.923,2
26,1 36,4 0,8 1,0 1,0 12,9 24,9
- - - - - - -
- - - - - - -
672,1 813,0 730,3 701,6 701,6 756,5 810,7
- - - - - - -
- - - - - - -
105,5 106,8 98,5 103,0 103,0 124,0 117,6
8.057,5 8.693,3 10.546,1 10.554,7 10.554,7 10.547,8 10.463,7
659,2 641,0 996,5 1.343,4 1.343,4 1.237,1 1.188,2
- - - - - - -
6.456,9 5.284,2 5.289,9 4.164,2 4.164,2 3.561,2 3.133,5
380,5 562,0 539,0 548,7 548,7 575,3 581,3
- - - - - - -
- - - - - - -
- - - - - - -
931,0 949,8 486,2 536,1 536,1 481,2 522,0
797,9 771,7 731,3 966,2 966,2 961,1 930,4
9.225,5 8.208,6 8.042,9 7.558,6 7.558,6 6.815,9 6.355,5
17.283,0 16.901,9 18.589,1 18.113,3 18.113,3 17.363,7 16.819,2
6.832,1 7.367,4 7.613,8 7.613,8 7.613,8 7.634,3 7.770,6

-1.413,7 -1.363,4 -1.554,2 16.748,1 16.748,1 14.791,1 13.130,5
- - - - - - -
17.210,3 17.922,0 18.051,6 - - 1.715,1 3.921,2
22.628,7 23.926,1 24.111,1 24.361,9 24.361,9 24.140,6 24.822,3
262,8 235,4 234,1 203,0 203,0 193,9 201,3
22.891,5 24.161,5 24.345,2 24.564,9 24.564,9 24.334,5 25.023,6
40.174,5 41.063,4 42.934,3 42.678,2 42.678,2 41.698,2 41.842,8
3T11 4T11 2011 1T12 2T12 3T12 4T12¹
5.958,9 8.076,2 8.076,2 6.711,5 4.891,1 4.531,2 8.974,2

660,6 193,4 193,4 1.464,2 244,0 617,9 476,6
- - - - - - -
4.617,0 3.879,7 3.879,7 3.525,7 3.853,8 4.328,9 4.268,1
1.986,7 2.238,5 2.238,5 2.365,1 2.572,5 2.487,2 2.466,4
338,4 291,3 291,3 221,1 136,3 161,8 116,5
- - - - - - -
0,4 0,4 0,4 - 4,2 4,5 4,1
- - - - - - -
13.562,0 14.679,5 14.679,5 14.287,6 11.702,0 12.131,4 16.305,9
204,7 242,1 242,1 241,1 277,6 248,4 249,4

- - - - - - -
- - - - - - -
1.969,0 1.232,0 1.232,0 1.188,8 1.869,0 1.855,9 1.855,0
1.238,8 1.447,1 1.447,1 1.618,3 1.857,0 1.872,0 1.428,2
29,5 16,3 16,3 12,3 12,3 12,3 12,3
- - - - - - -
21,0 18,5 18,5 18,5 18,5 18,5 25,5
20,8 21,7 21,7 20,4 23,2 23,8 24,0
8.887,4 9.265,2 9.265,2 9.223,9 10.409,2 10.965,7 12.351,3
1.791,4 1.763,0 1.763,0 1.734,1 2.636,1 2.611,4 2.936,1
17.441,8 17.454,0 17.454,0 17.477,2 19.717,0 19.652,2 26.645,2
31.604,5 31.459,9 31.459,9 31.534,6 36.820,0 37.260,1 45.527,0
45.166,5 46.139,4 46.139,4 45.822,3 48.522,0 49.391,5 61.832,9
10.339,8 11.288,0 11.288,0 9.507,3 9.106,4 10.477,0 13.579,3

- - - - - - -
3.120,3 2.212,1 2.212,1 1.965,1 1.909,3 705,2 837,8
2,0 12,3 12,3 5,0 0,9 1,0 0,1
- - - - - - -
- - - - - - -
602,9 793,9 793,9 961,8 1.036,5 777,5 972,6
- - - - - - -
- - - - - - -
162,7 101,6 101,6 114,9 115,7 114,9 137,5
14.227,7 14.407,9 14.407,9 12.554,1 12.168,8 12.075,6 15.527,3
1.139,2 1.196,6 1.196,6 1.164,2 3.080,1 2.985,7 3.063,9
- - - - - - -
2.199,7 1.890,2 1.890,2 1.863,0 2.235,2 2.302,9 2.306,0
935,5 734,5 734,5 666,4 984,3 998,8 1.367,7
- - - - - - -
- - - - - - -
- - - - - - -
472,3 478,4 478,4 446,3 528,1 558,9 518,1
995,3 1.603,0 1.603,0 1.583,5 1.692,2 1.750,1 1.780,9
5.742,0 5.902,7 5.902,7 5.723,4 8.519,9 8.596,4 9.036,6
19.969,8 20.310,6 20.310,6 18.277,5 20.688,7 20.672,0 24.563,9
8.299,1 8.303,9 8.303,9 8.321,4 11.743,1 12.177,0 249,1

11.100,4 17.307,4 17.307,4 17.212,2 11.845,2 11.399,8 51,6
- - - - - - 24.905,9
5.608,5 - - 1.775,7 3.139,7 3.919,0 -
25.008,0 25.611,3 25.611,3 27.309,4 26.728,0 27.495,8 25.206,6
188,8 217,5 217,5 235,5 1.105,3 1.223,7 12.062,4
25.196,7 25.828,8 25.828,8 27.544,8 27.833,3 28.719,5 37.269,0
45.166,5 46.139,4 46.139,4 45.822,3 48.522,0 49.391,5 61.832,9
2012¹ 1T13 2T13 3T13 4T13 2013 1T14
8.974,2 3.665,3 4.435,8 4.787,9 11.538,2 11.538,2 7.296,2

476,6 359,6 486,1 612,5 288,6 288,6 410,2
- - - - - - -
4.268,1 3.791,1 4.256,2 4.300,4 4.749,6 4.749,6 5.005,3
2.466,4 2.871,2 2.726,3 2.586,5 2.835,6 2.835,6 3.062,3
116,5 195,2 110,0 100,3 1.397,0 1.397,0 578,3
- - - - - - -
4,1 4,0 - - - - -
- - - - - - -
16.305,9 10.886,3 12.014,3 12.387,6 20.809,1 20.809,1 16.352,3
249,4 239,5 246,7 242,6 63,8 63,8 72,8

- - - - - - -
- - - - - - -
1.855,0 1.850,5 1.930,0 2.086,9 1.797,2 1.797,2 2.178,9
1.428,2 1.790,8 1.913,3 1.718,9 1.647,8 1.647,8 1.478,6
12,3 10,8 10,8 10,8 474,1 474,1 10,9
- - - - - - -
25,5 25,5 25,5 25,5 23,5 23,5 15,3
24,0 24,5 18,1 20,9 26,5 26,5 52,3
12.351,3 11.321,3 11.718,0 12.226,4 14.005,6 14.005,6 13.592,4
2.936,1 2.900,5 3.139,8 3.112,3 3.214,0 3.214,0 3.188,7
26.645,2 19.678,7 19.966,2 19.921,4 27.023,7 27.023,7 26.354,8
45.527,0 37.842,3 38.968,4 39.365,7 48.276,1 48.276,1 46.944,7
61.832,9 48.728,6 50.982,7 51.753,3 69.085,2 69.085,2 63.297,0
13.579,3 8.411,5 8.282,4 8.800,6 15.270,0 15.270,0 13.882,0

- - - - - - -
837,8 852,8 897,0 897,9 1.040,6 1.040,6 922,3
0,1 - - 0,9 - - 0,5
- - - - - - -
- - - - - - -
972,6 1.190,2 736,9 664,4 897,1 897,1 1.221,3
- - - - - - -
- - - - - - -
137,5 135,9 140,0 136,0 145,0 145,0 144,3
15.527,3 10.590,4 10.056,3 10.499,8 17.352,7 17.352,7 16.170,4
3.063,9 2.920,6 3.280,2 3.412,8 1.556,9 1.556,9 1.701,1
- - - - - - -
2.306,0 2.145,4 2.111,7 2.101,8 1.865,2 1.865,2 1.832,1
1.367,7 1.085,0 1.138,3 1.254,7 2.095,7 2.095,7 1.712,9
- - - - - - -
- - - - - - -
- - - - - - -
518,1 498,3 458,4 452,1 431,7 431,7 433,8
1.780,9 1.741,7 1.834,6 1.874,8 1.558,3 1.558,3 1.341,2
9.036,6 8.390,9 8.823,2 9.096,2 7.507,8 7.507,8 7.021,1
24.563,9 18.981,3 18.879,5 19.596,0 24.860,5 24.860,5 23.191,5
249,1 12.730,5 12.742,0 12.742,0 57.000,8 57.000,8 57.026,7

51,6 13.997,1 14.535,0 14.408,0 61.220,3 61.220,3 57.239,5
24.905,9 - - - -75.228,6 -75.228,6 -76.769,6
- 1.959,9 3.711,3 3.955,6 - - 1.425,9
25.206,6 28.687,6 30.988,3 31.105,7 42.992,5 42.992,5 38.922,5
12.062,4 1.059,7 1.114,9 1.051,6 1.232,2 1.232,2 1.183,1
37.269,0 29.747,3 32.103,2 32.157,3 44.224,7 44.224,7 40.105,6
61.832,9 48.728,6 50.982,7 51.753,3 69.085,2 69.085,2 63.297,0
2T14 3T14 4T14 2014 1T15 2T15 3T15
6.273,9 5.748,1 9.722,1 9.722,1 6.974,6 6,899.8 9,680.9

379,9 526,8 713,0 713,0 1.033,7 776.6 718.7
- - - - - - 2,784.5
5.433,0 5.300,7 5.300,1 5.300,1 5.460,5 5,168.6 3,547.1
3.120,4 3.159,0 3.411,3 3.411,3 4.377,9 4,078.7 4,521.4
566,0 712,0 1.581,9 1.581,9 1.394,3 1,436.6 1,290.4
- - - - - - -
- - - - - - -
- - - - - - 1,292.4
15.773,2 15.446,6 20.728,4 20.728,4 19.241,0 18,360.3 23,835.4
70,3 75,6 68,0 68,0 84,4 95.2 226.3

- - - - - - 44.5
- - - - - - -
2.139,5 2.150,8 1.742,0 1.742,0 1.863,8 1,750.5 1,281.6
1.560,6 2.140,4 1.392,5 1.392,5 2.791,2 3,211.4 5,499.4
10,9 10,9 1.161,2 1.161,2 1.107,6 1,114.6 2,025.9
- - - - - - -
15,3 15,4 12,8 12,8 12,8 12.8 12.8
45,8 37,1 40,4 40,4 146,2 147.2 137.5
13.913,5 14.814,1 15.740,1 15.740,1 16.542,0 16,820.0 18,624.5
3.237,9 3.500,6 3.754,9 3.754,9 4.337,9 4,129.4 5,057.9
26.222,0 26.934,4 27.502,9 27.502,9 28.974,3 28,794.8 31,297.4
47.215,8 49.679,3 51.414,8 51.414,8 55.860,2 56,075.9 64,207.8
62.989,0 65.125,9 72.143,2 72.143,2 75.101,2 74,436.2 88,043.2
12.071,5 12.732,4 19.958,0 19.958,0 19.239,2 18,218.0 9,842.1

- - - - - - 6,532.3
869,7 794,9 988,1 988,1 994,5 1,058.5 997.3
248,3 346,0 99,1 99,1 194,9 192.2 191.1
- - - - - - 990.9
- - - - - - 649.5
1.112,1 586,5 640,4 640,4 1.198,2 1,050.6 1,154.2
- - - - - - 2,084.1
- - - - - - 5,492.4
155,1 130,8 139,2 139,2 141,1 209.0 121.9
14.456,7 14.590,6 21.824,8 21.824,8 21.767,9 20,728.3 28,055.8
1.271,8 1.671,6 1.001,3 1.001,3 1.114,8 1,230.6 112.4
- - - - - - 254.1
1.787,0 1.719,1 1.634,6 1.634,6 1.696,6 1,607.5 1,988.2
1.720,9 1.701,3 1.737,6 1.737,6 1.897,0 2,249.3 2,704.5
- - - - - - -
- - - - - - 751.8
- - - - - - 905.5
446,7 374,1 543,2 543,2 576,3 745.2 687.2
1.357,3 1.445,1 1.757,0 1.757,0 1.936,2 1,949.4 2,281.0
6.583,7 6.911,2 6.673,7 6.673,7 7.220,9 7,782.0 9,684.7
21.040,4 21.501,8 28.498,5 28.498,5 28.988,8 28,510.3 37,740.5
57.131,3 57.508,8 57.582,4 57.582,4 57.614,1 57,614.1 57,614.1

57.163,6 56.950,1 59.907,2 59.907,2 57.890,2 57,525.8 57,206.7
-77.073,2 -75.959,2 -75.268,0 -75.268,0 -73.054,0 -73,755.3 -69,950.1
3.592,8 3.895,6 - - 1.867,7 2,805.8 3,404.1
40.814,5 42.395,3 42.221,6 42.221,6 44.318,0 44,190.4 48,274.8
1.134,1 1.228,8 1.423,1 1.423,1 1.794,4 1,735.4 2,028.0
41.948,6 43.624,1 43.644,7 43.644,7 46.112,4 45,925.8 50,302.8
62.989,0 65.125,9 72.143,2 72.143,2 75.101,2 74,436.2 88,043.2
4T15 2015 1T16 2T16 3T16 4T16 2016
13,620.2 13,620.2 6,007.3 5,729.7 7,285.2 7,876.8 7,876.8

215.1 215.1 209.1 263.9 274.6 282.8 282.8
1,512.4 1,512.4 372.4 303.1 211.5 196.7 196.7
4,165.7 4,165.7 3,146.1 3,445.8 3,793.3 4,368.1 4,368.1
4,338.2 4,338.2 4,896.0 4,403.9 4,275.8 4,347.1 4,347.1
2,398.6 2,398.6 2,337.7 2,491.9 2,384.3 4,693.7 4,693.7
796.3 796.3 841.7 740.7 798.9 729.6 729.6
- - - - - - -
1,268.0 1,268.0 1,264.2 1,182.5 967.4 1,392.2 1,392.2
28,314.5 28,314.5 19,074.5 18,561.5 19,991.0 23,887.0 23,887.0
118.6 118.6 74.4 87.8 95.9 104.3 104.3

51.4 51.4 13.8 15.4 16.6 16.3 16.3
- - - - - - -
2,140.2 2,140.2 1,982.1 1,898.6 2,011.7 1,973.6 1,973.6
2,749.8 2,749.8 3,059.5 2,727.7 3,546.9 2,268.1 2,268.1
557.4 557.4 556.5 4.5 4.5 4.5 4.5
335.4 335.4 306.2 258.4 302.5 343.1 343.1
8.6 8.6 18.0 17.1 17.1 33.5 33.5
714.9 714.9 384.9 380.8 388.0 300.1 300.1
19,140.1 19,140.1 18,693.4 18,259.9 18,341.7 19,153.8 19,153.8
5,092.2 5,092.2 5,061.5 4,800.9 4,740.5 5,245.9 5,245.9
30,953.1 30,953.1 31,023.2 29,644.1 29,653.8 30,511.2 30,511.2
61,861.7 61,861.7 61,173.5 58,095.2 59,119.2 59,954.4 59,954.4
90,176.2 90,176.2 80,248.0 76,656.7 79,110.2 83,841.4 83,841.4
11,833.7 11,833.7 9,864.6 8,094.5 8,728.9 10,868.8 10,868.8

4,673.0 4,673.0 723.6 1,207.8 930.7 686.4 686.4
1,282.6 1,282.6 1,666.4 1,665.1 2,517.5 3,630.6 3,630.6
2.5 2.5 - 177.4 230.3 - -
915.5 915.5 662.8 688.0 776.3 686.6 686.6
598.6 598.6 579.0 2,613.8 584.4 1,714.4 1,714.4
1,245.3 1,245.3 1,016.8 723.7 716.4 904.2 904.2
3,096.9 3,096.9 1,846.1 1,663.1 2,230.6 3,378.2 3,378.2
6,370.7 6,370.7 5,423.3 4,943.0 4,993.6 6,735.8 6,735.8
123.1 123.1 121.4 118.5 168.7 168.6 168.6
30,141.9 30,141.9 21,904.0 21,894.9 21,877.4 28,773.6 28,773.6
110.1 110.1 239.1 236.6 235.5 237.8 237.8
145.1 145.1 21.7 16.1 8.8 27.0 27.0
2,316.9 2,316.9 2,293.5 1,968.2 1,691.9 1,765.7 1,765.7
2,473.5 2,473.5 2,461.5 2,204.8 1,734.5 2,329.7 2,329.7
- - - - - - -
910.0 910.0 590.4 554.6 545.2 681.4 681.4
1,023.7 1,023.7 1,141.8 1,315.0 1,486.9 471.8 471.8
499.5 499.5 424.4 435.4 398.0 765.4 765.4
2,221.9 2,221.9 2,151.5 1,968.5 1,968.1 2,137.7 2,137.7
9,700.7 9,700.7 9,323.9 8,699.2 8,068.9 8,416.5 8,416.5
39,842.6 39,842.6 31,227.9 30,594.1 29,946.3 37,190.1 37,190.1
57,614.1 57,614.1 57,614.2 57,614.1 57,614.1 57,614.2 57,614.2

62,574.8 62,574.8 60,581.2 60,612.1 60,653.0 64,230.0 64,230.0
-71,857.0 -71,857.0 -73,884.4 -76,698.1 -76,669.7 -77,019.1 -77,019.1
- - 2,766.9 2,772.9 5,834.2 - -
48,331.9 48,331.9 47,077.9 44,301.0 47,431.6 44,825.1 44,825.1
2,001.7 2,001.7 1,942.2 1,761.6 1,732.3 1,826.2 1,826.2
50,333.6 50,333.6 49,020.1 46,062.6 49,163.9 46,651.3 46,651.3
90,176.2 90,176.2 80,248.0 76,656.7 79,110.2 83,841.4 83,841.4
1T17 2T17 3T17 4T17 2017 1T18 2T18
7,230.3 8,757.3 8,340.7 10,354.5 10,354.5 7,953.5 10,620.0

9.9 8.8 7.8 11.9 11.9 12.2 12.6
175.2 259.6 258.6 350.0 350.0 366.5 1,132.4
3,267.4 3,572.2 3,767.8 4,944.8 4,944.8 3,537.1 4,412.7
4,510.3 4,664.0 4,373.4 4,319.0 4,319.0 4,725.1 4,933.3
4,293.9 3,852.3 3,749.7 2,770.4 2,770.4 2,962.6 2,987.8
674.6 676.8 683.1 600.2 600.2 712.4 1,115.2
- - - - - - -
1,135.7 1,251.9 1,049.5 1,367.3 1,367.3 1,291.1 1,195.1
21,297.3 23,042.9 22,230.6 24,718.1 24,718.1 21,560.6 26,409.1
112.8 94.5 104.8 122.0 122.0 143.5 144.7

44.8 29.8 37.6 35.2 35.2 41.4 73.3
6.2 - - - - - -
2,009.1 2,049.9 1,962.8 1,964.4 1,964.4 1,389.2 1,693.4
2,568.0 3,246.7 4,090.2 2,279.3 2,279.3 2,348.6 3,409.6
- - - 2,312.7 2,312.7 2,322.3 2,005.8
334.5 345.9 290.1 225.0 225.0 200.7 243.9
33.2 33.7 45.4 58.4 58.4 54.1 60.3
294.1 306.6 253.5 238.0 238.0 243.8 263.5
18,658.4 18,638.1 18,480.7 18,822.3 18,822.3 18,276.3 18,762.1
5,099.0 5,239.6 4,591.2 4,674.7 4,674.7 4,606.8 4,956.5
30,276.5 31,096.3 30,933.5 31,401.9 31,401.9 31,191.7 32,899.1
59,436.6 61,081.1 60,789.8 62,133.9 62,133.9 60,818.4 64,512.2
80,733.9 84,124.0 83,020.4 86,852.0 86,852.0 82,378.9 90,921.4
9,863.0 9,123.5 9,300.4 11,853.9 11,853.9 11,000.9 11,161.2

348.4 195.4 286.0 215.1 215.1 267.7 484.8
3,469.4 3,590.8 1,968.9 1,321.1 1,321.1 3,278.9 3,715.5
1.1 27.1 - 1.8 1.8 0.1 1.2
751.0 799.5 858.1 1,047.2 1,047.2 779.9 879.5
615.5 3,140.0 736.4 1,778.6 1,778.6 747.1 3,283.7
933.8 1,026.7 2,119.9 1,668.4 1,668.4 1,506.2 1,538.7
2,143.2 2,024.3 2,353.8 3,825.4 3,825.4 2,390.8 2,832.0
5,610.3 5,920.0 5,689.5 6,807.9 6,807.9 2,709.8 3,283.9
168.5 168.7 168.7 169.0 169.0 168.7 174.3
23,904.2 26,016.0 23,481.7 28,688.4 28,688.4 22,850.3 27,354.8
195.3 186.7 180.5 175.1 175.1 145.5 136.9
2.4 3.0 2.0 2.4 2.4 30.4 -
1,663.4 1,326.8 1,360.7 1,231.9 1,231.9 1,188.8 1,141.5
2,226.8 2,264.5 2,276.6 2,329.3 2,329.3 2,378.0 2,740.1
- - 2,351.0 2,418.0 2,418.0 2,185.2 2,197.9
532.9 735.8 786.8 771.6 771.6 746.1 731.0
599.8 767.4 895.9 429.1 429.1 345.7 206.8
843.3 889.5 523.8 512.6 512.6 490.2 492.1
2,084.9 2,202.3 2,221.7 2,310.7 2,310.7 2,250.5 2,480.7
8,148.8 8,376.0 10,599.0 10,180.7 10,180.7 9,760.4 10,127.0
32,053.0 34,392.0 34,080.7 38,869.1 38,869.1 32,610.7 37,481.8
57,614.1 57,614.1 57,614.1 57,614.1 57,614.1 57,710.2 57,710.2

64,227.3 64,284.1 64,312.9 63,361.2 63,361.2 63,302.2 63,357.2
-77,195.9 -75,828.4 -76,460.5 -74,966.5 -74,966.5 -74,349.1 -70,769.4
2,199.3 1,699.4 1,699.6 - - 2,160.5 1,962.7
46,844.8 47,769.2 47,166.1 46,008.8 46,008.8 48,823.8 52,260.8
1,836.1 1,962.8 1,773.6 1,974.1 1,974.1 944.4 1,178.7
48,680.9 49,732.0 48,939.7 47,982.9 47,982.9 49,768.2 53,439.5
80,733.9 84,124.0 83,020.4 86,852.0 86,852.0 82,378.9 90,921.4
3T18 4T18 2018 2018 IFRS16 2018 1T19 2T19
12,227.7 11,463.5 11,463.5 11,463.5 11,463.5 12,822.5 14,233.4

13.0 13.4 13.4 13.4 13.4 13.8 14.0
1,189.9 220.0 220.0 220.0 220.0 259.3 162.3
4,285.6 4,879.3 4,879.3 4,879.3 4,879.3 3,980.4 4,103.1
5,349.1 5,401.8 5,401.8 5,401.8 5,401.8 6,032.7 6,197.6
1,184.5 1,285.4 1,285.4 1,285.4 1,285.4 1,019.3 523.4
1,030.6 863.3 863.3 863.3 863.3 961.0 1,019.2
- - - - - - -
919.7 1,202.9 1,202.9 1,202.9 1,202.9 1,105.1 1,103.1
26,200.0 25,329.6 25,329.6 25,329.6 25,329.6 26,194.1 27,356.0
164.2 147.3 147.3 147.3 147.3 162.3 157.6

89.2 34.9 34.9 34.9 34.9 30.6 -
- - - - - - -
1,697.8 1,687.4 1,687.4 1,687.4 1,687.4 1,528.1 1,610.3
3,687.7 2,017.5 2,017.5 2,064.7 2,064.7 2,599.2 3,110.5
3,052.3 3,834.4 3,834.4 3,834.4 3,834.4 3,857.4 3,807.0
269.9 539.8 539.8 539.8 539.8 537.1 570.5
62.1 64.3 64.3 64.3 64.3 65.0 64.2
264.2 257.1 257.1 257.1 257.1 256.6 253.0
19,673.0 20,097.0 20,097.0 21,638.0 21,638.0 21,432.0 21,417.0
5,752.6 5,840.6 5,840.6 5,840.6 5,840.6 5,845.0 5,881.1
34,778.2 34,276.2 34,276.2 34,276.2 34,276.2 34,398.1 34,511.8
69,491.0 68,796.5 68,796.5 70,384.8 70,384.8 70,711.4 71,382.9
95,691.0 94,126.1 94,126.1 95,714.4 95,714.4 96,905.5 98,739.0
12,036.7 14,050.0 14,050.0 14,050.0 14,050.0 13,322.9 12,477.7

621.6 679.3 679.3 679.3 679.3 310.0 419.0
3,735.6 1,560.6 1,560.6 1,941.2 1,941.2 2,657.5 2,564.0
25.7 - - - - 0.0 37.9
1,032.6 851.6 851.6 851.6 851.6 863.2 1,071.6
942.0 807.0 807.0 807.0 807.0 775.3 896.9
1,542.4 1,558.6 1,558.6 1,558.6 1,558.6 1,516.5 1,416.8
2,174.7 3,781.6 3,781.6 3,781.6 3,781.6 2,361.8 2,283.7
3,275.5 1,366.6 1,366.6 1,366.6 1,366.6 1,300.7 1,330.7
173.2 173.0 173.0 173.0 173.0 145.0 142.7
25,560.0 24,828.4 24,828.4 25,209.0 25,209.0 23,252.9 22,641.0
130.8 126.1 126.1 126.1 126.1 84.8 80.9
1.4 2.5 2.5 2.5 2.5 0.9 0.3
1,245.2 862.1 862.1 2,162.4 2,162.4 2,427.8 2,334.3
2,581.4 2,424.6 2,424.6 2,424.6 2,424.6 2,394.8 2,476.0
2,113.2 2,227.8 2,227.8 2,227.8 2,227.8 2,110.1 2,117.7
718.5 675.6 675.6 675.6 675.6 669.6 674.9
210.3 2,661.8 2,661.8 2,661.8 2,661.8 2,674.1 2,677.7
532.8 426.2 426.2 426.2 426.2 453.5 467.0
2,575.1 2,343.7 2,343.7 2,343.7 2,343.7 2,346.6 2,340.5
10,108.7 11,750.3 11,750.3 13,050.6 13,050.6 13,162.0 13,169.2
35,668.7 36,578.7 36,578.7 38,259.6 38,259.6 36,414.9 35,810.2
57,710.2 57,710.2 57,710.2 57,710.2 57,710.2 57,798.8 57,801.0

63,397.0 70,215.3 70,215.3 70,122.6 70,215.3 70,081.8 70,153.0
-69,393.5 -71,584.9 -71,584.9 -71,584.8 -71,584.9 -71,795.4 -72,301.1
7,244.1 - - - - 3,023.3 5,972.2
58,957.7 56,340.6 56,340.6 56,248.0 56,248.0 59,108.5 61,625.2
1,064.6 1,206.8 1,206.8 1,206.8 1,206.8 1,382.1 1,303.6
60,022.4 57,547.4 57,547.4 57,454.8 57,454.8 60,490.6 62,928.8
95,691.0 94,126.1 94,126.1 95,714.4 95,714.4 96,905.5 98,739.0
3T19 4T19 2019 1T20 2T20 3T20 4T20
15,016.9 11,900.6 11,900.6 13,204.5 17,439.0 21,660.5 17,090.3

14.3 14.6 14.6 44.8 44.8 1,442.9 1,700.0
350.4 172.1 172.1 371.3 444.8 198.4 505.9
4,236.3 4,495.5 4,495.5 3,394.3 4,201.6 4,156.9 4,303.1
5,978.8 5,978.6 5,978.6 7,752.7 7,771.6 7,341.8 7,605.9
737.2 1,831.4 1,831.4 3,112.6 3,240.3 2,039.0 1,759.2
1,808.6 2,242.7 2,242.7 2,153.8 2,150.1 1,433.9 1,527.9
- - - - - - -
861.5 985.6 985.6 1,052.4 976.0 825.4 850.1
29,004.0 27,621.1 27,621.1 31,086.4 36,268.1 39,098.8 35,342.6
166.1 163.6 163.6 200.9 200.2 188.7 213.9

- 1.2 1.2 0.4 - - -
- - - - - - -
1,615.0 1,751.7 1,751.7 1,899.1 1,863.6 1,823.6 2,141.6
3,761.8 2,950.1 2,950.1 4,048.2 5,304.1 6,312.2 4,560.8
3,721.5 4,331.9 4,331.9 3,054.3 3,080.5 3,083.7 4,495.0
616.3 671.1 671.1 730.8 806.6 1,321.6 5,695.8
69.3 56.2 56.2 71.2 74.9 77.3 33.6
303.5 303.4 303.4 339.6 335.8 340.2 337.4
21,597.2 22,576.3 22,576.3 25,063.4 25,111.7 25,435.7 24,768.4
6,328.6 6,306.4 6,306.4 7,842.5 7,912.0 8,062.7 7,580.6
35,292.1 35,009.9 35,009.9 39,350.8 40,435.4 41,312.3 40,023.5
73,471.3 74,121.8 74,121.8 82,601.2 85,124.9 87,958.0 89,854.0
102,475.3 101,742.9 101,742.9 113,687.6 121,393.0 127,056.8 125,196.6
12,394.4 15,069.6 15,069.6 16,321.1 14,839.5 16,146.0 19,339.2

310.5 355.3 355.3 1,172.4 570.3 302.5 329.8
1,719.8 653.1 653.1 780.1 4,118.7 4,318.2 2,738.8
- - - - 690.8 678.9 0.0
957.9 833.0 833.0 976.3 1,178.1 1,229.3 925.5
987.0 956.6 956.6 1,072.9 1,308.4 1,316.0 2,454.7
1,520.8 1,394.2 1,394.2 1,310.0 1,542.2 1,317.4 1,167.3
2,332.8 4,108.5 4,108.5 1,759.8 3,066.0 3,265.1 4,549.5
1,475.9 1,530.7 1,530.7 1,705.5 1,804.6 1,583.7 1,848.1
143.3 110.0 110.0 120.0 120.3 118.4 124.9
21,842.3 25,011.0 25,011.0 25,218.1 29,239.0 30,275.3 33,478.0
337.3 309.6 309.6 271.0 259.3 709.8 655.9
0.5 0.1 0.1 6.6 0.6 0.9 0.0
2,370.3 2,409.7 2,409.7 2,693.4 2,664.1 2,536.8 2,053.5
2,368.7 2,371.1 2,371.1 2,861.8 2,985.4 3,184.1 3,043.4
2,033.4 2,219.6 2,219.6 2,212.2 2,233.0 2,128.1 1,912.7
671.4 645.2 645.2 695.3 691.2 686.9 684.3
2,888.7 3,145.4 3,145.4 4,178.3 4,124.3 4,081.2 4,226.7
464.6 371.0 371.0 367.1 363.2 468.8 447.1
2,476.7 2,704.5 2,704.5 3,074.7 3,300.5 3,410.6 3,544.0
13,611.5 14,175.9 14,175.9 16,360.4 16,621.7 17,207.3 16,567.5
35,453.9 39,186.9 39,186.9 41,578.5 45,860.7 47,482.6 50,045.5
57,866.8 57,866.8 57,866.8 57,899.1 57,899.1 57,899.1 57,899.1

70,120.7 75,685.7 75,685.7 75,701.8 75,751.4 75,815.3 80,905.6
-70,901.0 -72,274.5 -72,274.5 -64,632.9 -62,652.3 -61,314.0 -64,989.0
8,665.3 - - 1,392.0 2,924.7 5,605.9 0.0
65,751.8 61,278.0 61,278.0 70,359.9 73,922.8 78,006.3 73,815.6
1,269.7 1,278.0 1,278.0 1,749.2 1,609.5 1,567.9 1,335.5
67,021.5 62,556.0 62,556.0 72,109.1 75,532.3 79,574.1 75,151.1
102,475.3 101,742.9 101,742.9 113,687.6 121,393.0 127,056.8 125,196.6
2020 1T21
17,090.3 17,286.1
1,700.0 2,049.6
505.9 637.4
4,303.1 3,357.9
7,605.9 9,698.2
1,759.2 1,639.2
1,527.9 1,366.8
- -
850.1 1,024.7
35,342.6 37,059.9
213.9 218.3
- -
- -
2,141.6 2,127.9
4,560.8 5,926.3
4,495.0 4,362.3
5,695.8 5,697.7
33.6 36.9
337.4 341.0
24,768.4 26,676.9
7,580.6 8,363.8
40,023.5 42,606.3
89,854.0 96,358.0
125,196.6 133,417.8
19,339.2 20,816.3
329.8 542.5
2,738.8 2,598.9
0.0 0.0
925.5 1,287.6
2,454.7 1,325.0
1,167.3 1,226.3
4,549.5 2,401.7
1,848.1 1,543.7
124.9 138.6
33,478.0 31,880.7
655.9 693.3
0.0 0.0
2,053.5 2,428.3
3,043.4 3,439.4
1,912.7 1,863.1
684.3 686.9
4,226.7 4,543.7
447.1 445.4
3,544.0 3,806.6
16,567.5 17,906.7
50,045.5 49,787.4
57,899.1 57,973.9
80,905.6 80,897.8
-64,989.0 -60,048.3
0.0 3,220.7
73,815.6 82,044.1
1,335.5 1,586.3
75,151.1 83,630.4
125,196.6 133,417.8
Todos os valores expressos estão em milhões de Reais.
Atividades Operacionais
Lucro líquido do período
Depreciação, amortização e impairment
Perda por impairment no contas a receber, estoques e demais contas a receber
Aumento/(redução) nas provisões e benefícios a funcionários
Resultado financeiro líquido
Outros itens não-monetários incluídos no lucro
Perda/(ganho) na venda de imobilizado e intangíveis
Ganho em permuta de participações societárias
Ganho na venda de operações em associadas
Perda/(ganho) na venda de ativos mantidos para venda
Despesa com pagamentos baseados em ações
Imposto de renda e contribuição social
Participação nos resultados de empreendimentos controlados em conjunto
Fluxo de caixa das atividades operacionais antes do capital de giro e provisões
Redução/(aumento) no contas e receber e demais contas a receber
Redução/(aumento) nos estoques
Aumento/(redução) nas provisões, contas a pagar e demais contas a pagar
Geração de caixa das atividades operacionais
Juros pagos
Juros recebidos
Dividendos recebidos
Imposto de renda e contribuição social pagos
Fluxo de caixa das atividades operacionais
Proventos da venda de imobilizado e intangível
Proventos da venda de operações em subsidiárias
Recebimento de empréstimos concedidos
Aquisição de outros investimentos
Baixa de subsidiária, líquido de caixa baixado
Aquisição de imobilizado e intangíveis
Aquisição de subsidiária, líquido de caixa adquirido
(Aplicação financeira) e proventos líquidos de títulos de dívida
Proventos/(aquisição) de outros ativos, líquidos
Fluxo de caixa das atividades de investimento
Aumento de capital e adiantamento para futuro aumento de capital
Resultado na alienação de investimentos em subsidiárias
Ágio na subscrição de ações
Aumento/(redução) de capital em subsidiárias / não controladores
Proventos de empréstimos
Proventos/(recompra) de ações
Aquisição de participação de não controladores
Liquidação de empréstimos
Caixa líquido de custos financeiros, exceto juros
Pagamento de passivos de arrendamento financeiro
Dividendos pagos²
Fluxo de caixa de atividades financeiras
Aumento/(redução) líquido no caixa e equivalentes a caixa
Caixa e equivalentes a caixa (líquido da conta garantida) no início do período
Efeito de variação cambial
Caixa e equivalentes a caixa (líquido da conta garantida) no final do período
1 - ¹As informações constantes do presente documento referentes a todos os períodos até o 3o trimestre de
2012, inclusive, referem-se à Companhia de Bebidas das Américas - Ambev; já as informações constantes do
presente documento referentes aos períodos a partir do 4o trimestre de 2012, inclusive, referem-se à
Ambev S.A.
2 - ²Até 2Q13 (inclusive) os dados referem-se aos valores líquidos de dividendos pagos e recebidos.
Fluxo de Caixa
2007 1T08 2T08 3T08 4T08 2008
5.068,9 1.219,8 1.060,6 1.175,1 1.735,5 5.190,9

1.084,9 284,5 297,9 290,1 418,2 1.290,7
37,2 16,7 4,5 15,6 19,2 56,0
111,0 41,9 42,6 25,2 81,1 190,8
1.163,1 -9,3 -276,3 262,0 330,7 1.190,8
46,9 9,3 -10,1 -15,9 24,5 7,8
-3,1 4,0 19,6 -27,6 -16,0 -20,0
- - - - - -
- - - - - -
0,8 - - -25,9 -0,7 -26,6
38,7 12,4 15,8 13,0 16,7 57,8
1.510,1 323,3 335,4 356,2 432,3 1.447,2
-4,2 -0,1 -3,8 - 1,5 -2,3
9.054,1 1.902,4 1.486,1 2.067,9 3.043,1 9.383,1
-144,9 422,1 -135,6 93,0 -581,9 -202,5
20,1 -127,9 -17,6 117,5 -367,3 -395,3
200,6 -939,7 144,4 16,8 1.489,3 710,9
9.129,9 1.257,0 1.477,3 2.295,1 3.583,2 9.496,2
-1.313,00 - - - - -
-1.313,0 -261,9 -394,9 -118,3 -109,1 -884,3
- - - - - -
-608,0 -433,0 -163,9 -405,3 -577,2 -1.579,4
7.209,0 562,0 918,5 1.771,6 2.896,9 7.032,6
202,0 30,4 5,2 88,7 -52,3 72,0
- - - - - -
13,9 1,2 -0,6 n.a. n.a. 0,7
1,2 -700,4 -5,9 22,5 -8,1 -691,9
n.a. n.a. n.a. n.a. n.a. n.a.
-1.585,4 n.a. n.a. n.a. n.a. -1.957,3
-432,7 n.a. -44,5 n.a. n.a. -2.537,0
-352,0 n.a. -33,8 23,7 50,1 231,4
6,2 -54,3 78,0 50,0 3,0 131,0
-2.146,8 -731,9 -423,4 -325,7 -733,1 -2.214,1
128,3 n.a. n.a. 55,7 n.a. 55,7
8.486,3 2.561,0 2.329,3 1.040,7 571,8 6.502,8
-2.992,0 -507,3 -129,9 30,4 6,2 -600,6
-7.689,7 -2.148,1 -2.066,9 -1.329,4 -1.001,0 -6.545,4
-120,9 -276,8 -139,3 -247,4 57,9 -605,7
-4,7 -1,7 -4,6 -1,1 -3,5 -10,8
-2.053,8 n.a. 1,8 -1.033,6 -663,5 -2.801,8
-4.246,5 -372,9 -9,6 -1.484,7 -1.032,1 -4.005,7
815,7 -542,8 485,5 -38,9 1.131,7 812,7
1.488,3 2.240,9 1.970,4 1.862,8 2.007,8 2.240,9
-63,1 -12,5 -85,5 183,8 140,6 226,4
2.240,9 1.685,6 2.370,3 2.007,8 3.280,0 3.280,0
1T09 2T09 3T09 4T09 2009 1T10
1.612,6 1.391,9 1.219,3 1.764,4 5.988,3 1.650,9

360,8 341,6 313,9 360,2 1.376,5 375,7
16,1 23,6 22,8 12,2 74,7 27,7
38,3 11,3 41,6 28,6 119,9 61,9
324,8 249,4 243,1 164,8 982,1 186,6
58,8 16,8 -140,7 34,8 -30,2 16,9
-4,4 -0,3 -16,3 -6,5 -27,5 1,6
- - - - - -
- - - - - -
-0,5 0,7 - -2,5 -2,3 -
20,1 37,0 16,1 61,5 134,7 24,5
506,2 383,9 592,1 725,9 2.208,1 561,6
- -0,2 -0,2 -0,2 -0,7 -
2.932,9 2.455,9 2.291,7 3.143,2 10.823,7 2.907,3
233,0 -224,7 -7,2 -399,5 -398,5 424,5
-140,8 150,3 224,7 -43,7 190,4 -91,9
-1.108,9 -36,1 -6,8 1.053,0 -98,8 -824,2
1.916,2 2.345,2 2.502,4 3.753,0 10.516,8 2.415,7
- - - - - -
-164,8 -343,5 -303,7 -194,4 -1.006,4 -88,9
- - - - - -
-182,5 -10,6 -369,3 -250,9 -813,3 -442,6
1.568,9 1.991,1 1.829,4 3.307,6 8.697,0 1.884,1
13,2 14,0 47,9 13,4 88,5 9,7
- - - - - -
0,2 0,4 0,4 0,5 1,5 0,3
-0,7 -3,9 -47,0 -37,3 -88,9 -2,6
-154,1 -386,4 -323,3 -575,0 -1.438,8 -2.286,8
-254,9 -10,7 -48,1 -196,0 -19,9 -948,3
-63,5 61,2 -284,9 207,5 -79,6 -15,6
1,1 3,4 -1,4 7,0 -132,6 -0,4
-203,8 -373,7 -608,3 -366,1 -1.551,9 -227,3
n.a. 65,9 18,8 0,3 85,0 n.a.
n.a. n.a. n.a. n.a. n.a. 41,8
425,4 716,5 211,8 -62,2 1.291,6 111,3
11,0 11,4 15,6 -3,5 34,5 0,7
-594,3 -1.927,1 -971,0 -287,3 -3.779,7 -230,8
20,0 119,4 -64,5 -67,1 7,8 -33,4
-0,7 -3,9 -0,2 -3,0 -7,7 -0,7
-229,6 -241,7 -776,4 -2.312,8 -3.560,5 -31,1
-368,1 -1.259,5 -1.565,9 -2.735,5 -5.929,0 -142,2
996,9 358,0 -344,8 206,0 1.216,2 1.514,7
3.280,0 4.255,4 4.245,6 3.851,8 3.280,0 4.024,3
-21,5 -367,9 -49,0 -33,5 -471,9 8,7
4.255,4 4.245,6 3.851,8 4.024,3 4.024,3 5.547,7
2T10 3T10 4T10 2010 1T11 2T11
1.527,9 1.827,7 2.612,8 7.619,2 2.106,0 1.845,7

337,6 357,4 496,6 1.567,2 344,7 349,5
25,2 16,1 68,8 137,7 17,0 18,1
58,5 26,7 -35,3 111,8 24,0 6,5
105,5 -48,1 75,4 319,4 45,5 25,4
41,1 3,0 1,2 62,3 -39,2 -3,5
-5,1 0,1 -6,5 -9,9 -2,2 -2,0
- - - - - -
- - - - - -
- -1,3 -9,8 -11,0 0,2 -1,2
28,9 27,8 39,1 120,3 29,3 27,4
436,5 515,9 570,5 2.084,4 601,9 358,3
0,1 -0,1 -0,2 -0,2 -0,1 -
2.556,1 2.725,2 3.812,7 12.001,3 3.127,0 2.624,3
-516,2 45,4 -381,4 -427,7 324,9 -237,0
-156,1 -36,8 -299,3 -584,1 -361,1 130,0
669,1 -159,6 881,7 567,0 -1.106,9 72,0
2.552,9 2.574,2 4.013,7 11.556,4 1.983,9 2.589,3
- - - - - -
-23,7 -141,6 -113,4 -367,6 -142,5 -15,3
- - - - - -
-162,7 -332,5 -188,1 -1.125,9 -605,9 -150,1
2.366,4 2.100,2 3.712,1 10.062,9 1.235,6 2.423,9
11,4 9,3 41,6 72,1 7,6 4,0
- - - - - -
0,5 0,4 0,4 1,5 0,3 n.a.
2,6 n.a. n.a. n.a. n.a. n.a.
n.a. n.a. -18,7 -18,7 n.a. n.a.
-580,8 -1.001,7 -891,6 -726,1 -3.200,2 -365,6
-1.212,2 -1.695,1 -137,7 56,6 -48,0 -1.824,2
57,2 20,2 -79,6 -962,2 -1,6 544,1
-33,5 -45,8 10,0 19,8 1,2 1,9
-456,1 -738,0 -1.551,9 -3.174,3 -573,3 -451,9
n.a. 246,4 n.a. 246,4 0,2 4,8
n.a. n.a. 35,8 77,6 n.a. n.a.
n.a. 8,3 n.a. 8,3 n.a. n.a.
n.a. n.a. n.a. n.a. n.a. 96,2
46,3 665,2 233,5 1.056,3 78,8 -4,2
14,4 -0,6 2,3 16,7 -0,1 n.a.
-603,1 -214,8 -204,1 -1.252,7 -145,2 -1.455,5
-26,8 51,4 32,1 23,3 -13,7 -78,2
-2,7 -0,7 -2,7 -6,7 -0,9 -2,9
-992,7 -16,5 -3.990,5 -5.030,8 -1.809,1 -29,5
-1.564,7 738,8 -3.893,6 -4.861,6 -1.889,9 -1.270,6
345,6 2.101,0 -1.934,3 2.027,0 -1.227,6 701,4
5.547,7 5.914,3 7.886,3 4.024,3 5.908,3 4.628,7
21,0 -128,9 -43,8 -143,0 -52,0 -103,7
5.914,3 7.886,3 5.908,3 5.908,3 4.628,7 5.226,4
3T11 4T11 2011 1T12 2T12 3T12
1.703,8 3.064,2 8.719,8 2.334,5 1.929,1 2.501,7

363,9 396,8 1.454,7 379,1 427,9 461,1
17,6 20,0 72,8 32,6 35,8 40,9
27,9 -18,2 40,2 47,7 58,2 48,0
306,3 91,0 468,1 82,6 185,8 366,8
-35,9 -70,2 -148,8 -57,0 -51,6 -42,5
-2,3 -17,3 -23,8 2,7 0,9 -11,0
- - - - - -
- - - - - -
-43,1 7,7 -36,4 0,4 3,3 -
28,7 36,9 122,3 33,1 30,0 42,8
620,8 941,0 2.522,0 580,1 391,2 448,2
-0,1 -0,3 -0,5 -0,4 0,3 -
2.987,6 4.451,5 13.190,4 3.435,6 3.010,9 3.855,9
-145,3 -364,6 -421,9 -35,7 196,8 -575,9
186,8 -245,5 -289,8 -170,9 -83,7 64,4
391,7 1.950,3 1.307,1 -1.970,9 -374,9 1.021,2
3.420,8 5.791,9 13.785,8 1.258,2 2.749,0 4.365,6
- - - - - -
65,5 123,1 30,9 138,2 77,2 -132,0
- - - - - -29,7
-519,7 65,8 -1.209,9 -689,3 -229,4 -571,9
2.966,6 5.980,8 12.606,8 707,1 2.596,8 3.632,1
11,3 48,6 71,6 -365,6 -628,2 -965,7
- - - - -2.453,30 -59,70
-628,2 -965,7 -1.054,6 -3.014,0 -544,4 -756,6
-332,7 n.a. n.a. n.a. -2.453,3 -59,7
-100,5 428,1 870,2 -1.270,5 1.226,8 -371,8
33,1 18,8 55,0 -6,1 -6,8 -3,5
-947,6 -230,5 -2.203,4 -1.634,1 -1.857,9 -1.372,6
210,8 5,1 220,9 5,9 190,9 2,9
n.a. 2,3 -10,2 n.a. n.a. n.a.
-12,5 n.a. n.a. n.a. n.a. n.a.
543,1 837,4 1.555,6 706,8 -57,5 479,4
-25,7 -1,1 -31,1 -0,2 -20,0 n.a.
-492,5 -2.129,8 -4.223,0 -982,9 -335,8 -1.588,9
-428,0 -161,8 -681,7 16,9 -160,2 -306,3
-0,4 -3,0 -7,1 -1,0 -3,1 -0,9
-1.292,2 -2.344,7 -5.475,4 -65,5 -2.465,8 -1.237,4
-1.696,0 -3.795,5 -8.652,0 -320,0 -2.851,4 -2.651,2
322,9 1.954,7 1.751,4 -1.247,0 -2.112,5 -391,8
5.226,4 5.956,9 5.908,3 8.063,9 6.706,6 4.890,2
407,5 152,3 404,2 -110,4 296,2 31,7
5.956,9 8.063,9 8.063,9 6.706,6 4.890,2 4.530,2
4T12¹ 2012¹ 1T13 2T13 3T13 4T13
3.655,3 10.420,6 2.373,2 1.911,3 2.350,0 4.764,9

671,8 1.939,9 512,3 531,7 538,2 522,9
17,6 127,0 40,3 32,3 35,0 9,5
19,3 173,2 48,6 25,8 52,5 76,4
254,4 889,7 237,8 267,3 497,4 558,9
-72,0 -223,0 -49,6 -24,6 -63,7 -90,2
-29,4 -36,8 4,6 -7,2 -14,8 -7,3
- - - - - -
- - - - - -
- 3,7 - - - -
38,6 144,6 42,9 37,8 39,6 61,9
900,6 2.320,1 501,4 523,1 839,2 617,7
-0,4 -0,5 -1,7 -0,1 -3,9 -5,7
5.455,9 15.758,4 3.710,0 3.297,4 4.269,4 6.508,8
71,6 -343,2 179,9 -225,9 -267,0 -865,1
-5,9 -196,2 -451,6 160,0 93,9 -219,9
1.884,8 560,2 -1.677,9 -654,4 621,6 2.990,6
7.406,4 15.779,2 1.760,4 2.577,2 4.717,9 8.414,4
- - - - - -
-119,4 -36,0 63,5 -38,2 155,5 -6,9
625,6 123,9 180,4 45,2 -7,9 -81,7
-113,3 -1.603,8 -1.068,3 -841,2 -452,0 -103,4
7.799,4 14.263,3 935,9 1.742,9 4.413,5 8.222,4
-1.054,6 -3.014,0 -544,4 -756,6 -1.059,3 -1.450,0
-24,00 -2.537,00 -62,60 -106,80 -75,60 -9,90
-1.059,3 -1.450,0 -544,4 -756,6 -1.059,3 -1.450,0
-24,0 -2.537,0 -62,6 -106,8 -75,6 -9,9
143,2 -272,4 78,8 -113,8 -136,0 312,7
-0,2 -16,6 0,0 n.a. n.a. n.a.
-852,8 -5.717,2 -520,8 -957,4 -1.233,1 -1.100,1
-199,7 n.a. 156,3 n.a. n.a. -138,9
210,1 210,1 -4,1 0,7 7,5 168,4
341,5 1.470,2 -306,3 593,6 -93,9 138,0
-10,1 -30,4 7,7 -16,6 n.a. -28,8
-290,8 -3.198,5 -209,6 -438,9 -78,0 -264,7
-196,0 -645,5 -0,8 -261,7 -737,2 -664,1
-3,1 -8,1 n.a. -0,8 -0,3 -0,4
-2.311,1 -5.607,7 -5.145,3 -58,5 -2.048,1 -81,8
-2.459,2 -7.809,9 -5.502,1 -182,2 -2.950,1 -872,3
4.487,4 736,1 -5.087,0 603,4 230,4 6.250,1
-11.525,6 8.135,0 9.259,3 4.031,1 4.806,1 -8.837,3
-114,5 103,1 -141,1 171,6 147,8 103,9
-7.152,7 8.974,2 4.031,1 4.806,1 5.184,2 -2.483,3
2013 1T14 2T14 3T14 4T14 2014
11.399,4 2.596,8 2.215,6 2,890.5 4,659.1 12,362.0

2.105,1 534,8 552,9 593.8 710.9 2,392.5
117,1 19,6 14,4 45.5 20.1 99.5
203,3 39,3 41,5 4.9 83.4 169.1
1.561,4 368,8 298,0 221.1 587.5 1,475.4
-228,1 -167,6 -23,2 -105.6 -23.7 -320.1
-24,7 7,8 -1,3 -1.6 -38.8 -33.9
- - - - - -
- - - - - -
- - - - - -
182,2 44,5 36,2 35.5 44.9 161.0
2.481,4 551,9 256,0 381.8 816.9 2,006.6
-11,4 -7,9 -2,3 -3.0 -4.2 -17.4
17.785,6 3.988,0 3.387,8 4,062.9 6,856.2 18,294.9
-1.178,1 182,5 -217,8 -32.1 -435.2 -502.6
-417,6 -335,2 -71,0 33.1 -215.8 -589.0
1.279,9 -1.195,0 -116,4 78.0 2,810.8 1,577.4
17.469,9 2.640,2 2.982,6 4,142.0 9,015.9 18,780.7
- - - - - -350.2
173,9 -69,7 -59,1 -111.3 -110.1 -
136,0 13,6 30,2 23.3 -46.1 21.0
-2.464,9 -985,9 -362,4 -1,119.7 -87.8 -2,555.8
15.314,8 1.598,3 2.591,3 2,934.2 8,771.8 15,895.7
-3.810,3 -875,8 -1.120,6 -1,220.2 -1,276.4 -4,493.1
-254,90 - - -9.1 -1.6 -10.7
-3.810,3 -875,8 -1.120,6 -1,220.2 -1,276.4 -4,493.1
-254,9 -48,1 -196,0 -9.1 -1.6 -10.7
141,7 -133,2 34,6 -162.0 -185.0 -445.7
n.a. 4,9 -0,2 24.2 0.6 29.5
-3.811,2 -964,5 -1.066,6 -1,348.8 -1,388.0 -4,768.1
17,4 1,2 130,9 17.8 7.7 157.6
n.a. -1,6 1,6 n.a. n.a. n.a.
172,4 n.a. n.a. n.a. n.a. n.a.
331,4 252,7 214,7 23.7 514.1 1,005.2
-37,7 -3,8 -9,2 -10.7 -50.5 -74.2
-991,2 -558,8 -519,6 -253.5 -458.5 -1,790.3
-1.663,8 -307,9 -470,7 267.6 130.2 -380.9
-1,5 -0,3 -0,5 -0.4 -0.3 -1.6
-7.333,7 -3.916,1 -2.075,9 -2,548.9 -3,518.7 -12,059.6
-9.506,7 -4.534,5 -2.728,8 -2,504.4 -3,376.1 -13,143.8
1.996,8 -3.900,8 -1.204,1 -919.0 4,007.7 -2,016.2
9.259,3 11.538,2 7.295,7 6,025.6 -13,321.3 11,538.2
282,1 -341,7 -66,0 295.5 213.1 100.9
11.538,2 7.295,7 6.025,6 5,402.1 -9,100.4 9,623.0
1T15 2T15 3T15 4T15 2015 1T16
2,962.8 2,590.8 3,066.9 4,258.5 12,879.1 2,894.0

671.5 763.9 753.9 885.3 3,074.6 863.8
56.2 16.1 6.2 19.2 97.7 24.2
48.0 276.3 53.1 105.7 483.1 90.8
481.7 363.0 316.6 1,106.9 2,268.2 1,171.3
-149.4 -192.9 -383.7 -579.7 -1,305.7 -464.6
12.5 2.9 -14.5 -28.8 -27.9 -2.9
- - - - - -
- -23.8 0.4 -1.7 -25.1 -
- - 0.4 - - -
45.9 42.2 53.1 55.9 197.1 38.0
951.5 169.2 834.7 1,678.8 3,634.2 336.4
-2.4 -2.6 0.3 1.6 -3.1 -7.4
5,078.4 4,005.2 4,687.0 7,501.7 21,272.3 4,943.6
174.2 30.0 210.5 -795.5 -380.8 1,021.6
-744.9 224.7 -47.3 -114.1 -681.5 -683.5
-688.6 83.0 1,317.0 4,371.8 5,083.2 -3,023.4
3,819.1 4,343.0 6,167.3 10,963.9 25,293.3 2,258.2
-364.5 -17.0 12.3 -531.4 -257.3 -145.8
643.3 - - 656.2 656.2 44.6
3.0 9.5 5.2 -2.9 14.8 19.8
-868.8 -463.3 -696.2 -97.8 -2,126.1 -4,391.7
3,232.2 3,872.1 5,488.7 10,987.9 23,580.9 -2,214.8
6.7 10.4 21.4 61.2 99.8 15.6
- 88.1 0.4 5.8 94.3 -
-100.0 -9.2 n.a. -14.3 -123.4 n.a.
-719.5 -1,187.2 -1,284.7 -2,069.9 -5,261.2 -707.3
-48.1 -196.0 -19.9 -948.3 -1,212.2 -1,695.1
-342.9 252.2 -89.9 584.4 403.8 22.0
0.0 1.7 0.1 0.1 2.0 0.1
-1,203.7 -1,039.9 -1,372.6 -2,380.9 -5,997.1 -2,364.8
6.9 2.9 n.a. n.a. 9.9 n.a.
3,879.2 21.7 496.5 567.2 4,964.6 773.1
-50.3 -404.4 -383.5 14.0 -824.2 0.5
-4,843.1 -147.8 -252.7 -409.5 -5,653.0 -227.5
149.9 -576.0 540.2 -2,441.0 -2,326.9 -1,142.8
-0.5 -0.9 -4.0 -2.7 -8.1 -0.8
-4,961.8 -1,627.8 -2,477.6 -2,423.1 -11,490.2 -2,099.6
-5,819.6 -2,732.2 -2,080.9 -4,695.2 -15,327.9 -2,697.2
-3,791.2 100.0 2,035.2 3,911.9 2,255.9 -7,276.8
9,623.0 6,779.7 6,707.6 -13,487.0 9,623.0 13,617.6
947.9 -172.2 747.0 216.0 1,738.7 -333.5
6,779.7 6,707.6 9,489.8 -9,359.4 13,617.6 6,007.3
2T16 3T16 4T16 2016 1T17 2T17
2,172.5 3,183.2 4,833.7 13,083.4 2,289.8 2,124.8

883.8 847.5 916.8 3,512.0 827.6 872.4
47.7 93.8 30.8 196.5 28.2 42.6
59.3 66.6 130.3 347.1 49.1 24.2
899.9 722.6 908.2 3,702.0 872.6 698.8
-245.1 -60.4 32.6 -737.4 123.5 63.6
-25.3 -11.6 -31.1 -70.9 5.4 -8.1
- - -1,240.0 -1,240.0 - -
- - - - - -
- - - - - -
47.6 39.3 45.4 170.3 45.0 41.4
226.6 -778.3 530.3 315.0 338.5 220.5
-0.4 9.4 3.4 5.0 -1.0 -5.3
4,066.8 4,112.1 6,160.6 19,283.1 4,578.6 4,075.0
-383.4 -215.6 -1,000.9 -578.4 1,438.3 -377.4
272.6 89.7 -115.7 -437.1 -199.9 -85.8
-1,483.1 1,065.1 2,876.2 -565.1 -2,707.9 -1,194.7
2,472.8 5,051.3 7,920.2 17,702.5 3,109.0 2,417.1
-318.5 -150.9 -109.7 -724.9 -155.2 -95.8
363.3 73.2 116.6 597.7 55.3 80.7
5.3 -12.4 98.3 111.0 3.9 0.1
-440.9 -416.7 -92.5 -5,341.8 -1,028.6 22.5
2,081.9 4,544.6 7,932.9 12,344.5 1,984.5 2,424.6
33.2 23.8 61.0 133.6 10.5 15.3
- - - - - -
n.a. n.a. -37.5 -37.5 n.a. n.a.
-1,151.3 -902.0 -1,372.1 -4,132.7 -559.5 -751.0
-137.7 56.6 -48.0 -1,824.2 -332.7 1.3
-61.5 -17.7 20.0 -37.1 272.6 18.6
0.0 0.1 -0.2 0.0 1.6 n.a.
-1,317.2 -839.2 -1,376.7 -5,897.9 -607.6 -715.9
130.1 1,511.4 1,377.4 3,792.0 1,238.2 1,356.1
-5.0 1.5 3.5 0.4 -48.4 15.6
-308.0 -876.8 -483.8 -1,896.2 -1,482.8 -1,460.3
-794.2 -731.1 -539.7 -3,207.8 -429.9 -288.2
-0.8 -0.6 -0.7 -2.9 -2.3 -2.2
-86.4 -2,159.8 -5,984.8 -10,330.6 -1,132.0 -83.0
-1,064.2 -2,255.5 -5,628.2 -11,645.1 -1,857.2 -461.9
-299.6 1,449.9 928.0 -5,198.5 -480.2 1,246.8
6,007.3 5,552.3 -11,559.6 13,617.6 7,876.8 7,229.1
-155.4 52.8 -106.1 -542.2 -167.5 254.3
5,552.3 7,055.0 -10,737.7 7,876.8 7,229.1 8,730.3
3T17 4T17 2017 1T18 1T18 IFRS16 2T18
136.5 3,299.3 7,850.5 2,597.6 2,587.6 2,424.2

917.7 994.4 3,612.1 869.1 977.8 923.2
50.7 34.8 156.3 35.0 35.0 39.0
91.9 3.1 168.3 46.2 46.2 25.0
674.9 1,247.5 3,493.9 544.3 599.2 1,049.1
82.3 -73.1 196.3 -115.6 -115.6 -403.6
-2.7 -44.0 -49.4 21.9 21.9 -1.0
- - - - - -
-41.4 -0.3 -41.7 - - -
- - - - - -
40.8 82.1 209.3 33.9 33.9 46.3
2,797.8 1,722.5 5,079.3 619.9 614.5 179.6
4.5 4.9 3.1 -0.6 -0.6 -2.6
4,753.1 7,271.2 20,677.9 4,651.7 4,799.9 4,279.1
-52.3 -1,274.2 -265.6 865.5 865.5 -1,065.9
201.4 20.6 -63.8 -464.7 -464.7 -125.2
339.0 3,457.9 -105.8 -2,509.6 -2,509.6 430.6
5,241.1 9,475.5 20,242.7 2,542.9 2,691.1 3,518.7
-156.2 -150.2 -557.3 -101.3 -101.3 -273.9
78.1 123.7 337.9 100.2 100.2 145.2
1.2 2.1 7.3 - - 0.6
-600.4 -550.1 -2,156.6 -1,749.5 -1,749.5 -315.1
4,563.9 8,901.0 17,874.1 792.3 940.5 3,075.4
7.2 68.9 101.9 1.4 1.4 33.7
- - - - - -
n.a. -1.1 -1.1 -5.0 -5.0 n.a.
-727.6 -1,165.5 -3,203.7 -472.7 -472.7 -805.1
-0.9 -1.0 -333.3 -3,074.0 -3,074.0 -89.2
-10.3 -3.9 276.9 -7.8 -7.8 3.3
84.3 0.4 86.2 -0.2 -0.2 -29.0
-647.4 -1,102.2 -3,073.0 -3,558.3 -3,558.3 -886.3
n.a. n.a. n.a. 6.2 6.2 n.a.
194.4 115.7 2,904.4 2,026.7 2,026.7 1,436.7
-12.0 6.1 -38.6 -8.6 -8.6 6.2
-1,665.9 -832.7 -5,441.7 -93.4 -93.4 -1,415.0
165.7 -907.1 -1,459.5 -307.3 -307.3 4.1
-2.3 -2.3 -9.0 -2.2 -150.4 -2.3
-2,649.8 -4,955.0 -8,819.8 -1,099.7 -1,099.7 -46.6
-3,969.9 -6,575.1 -12,864.1 521.6 373.3 -16.8
-53.3 1,223.7 1,936.9 -2,244.5 -2,244.5 2,172.3
8,730.3 -15,959.4 7,876.8 10,352.7 10,352.7 7,953.4
-336.2 788.4 539.0 -154.9 -154.9 493.1
8,340.7 -13,947.4 10,352.7 7,953.4 7,953.4 10,618.7
2T18 IFRS16 3T18 3T18 IFRS16 4T18 4T18 IFRS16 2018 2018 IFRS16
2,411.0 2,892.1 2,885.4 3,463.7 3,463.7 11,377.4 11,377.4

1,030.0 1,069.0 1,172.2 1,161.8 1,268.4 4,023.1 4,448.4
39.0 31.1 31.1 20.5 20.5 125.6 125.6
25.0 60.1 60.1 40.3 40.3 171.7 171.7
1,102.0 611.1 660.7 1,619.0 1,668.4 3,823.4 4,030.3
-403.6 -290.8 -290.8 -429.1 -429.1 -1,239.2 -1,239.2
-1.0 41.6 41.6 -32.7 -32.7 29.8 29.8
- - - - - - -
- - - -80.2 -80.2 -80.2 -80.2
- - - - - - -
46.3 38.2 38.2 42.6 42.6 161.0 161.0
172.7 -137.7 -141.1 1,127.9 1,127.8 1,789.6 1,773.9
-2.6 3.3 3.3 -1.1 -1.1 -1.0 -1.0
4,418.8 4,317.9 4,460.6 6,932.5 7,088.7 20,181.2 20,768.0
-1,065.9 625.8 625.8 -574.6 -574.6 -149.2 -149.2
-125.2 -400.1 -400.1 -177.2 -177.2 -1,167.2 -1,167.2
430.6 186.3 186.3 2,762.5 2,762.5 869.8 869.8
3,658.4 4,729.8 4,872.6 8,943.2 9,099.4 19,734.6 20,321.4
-273.9 -45.1 -45.1 -201.5 -353.5 -621.9 -773.8
145.2 269.9 269.9 -14.9 -14.9 500.4 500.4
0.6 0.5 0.5 8.2 8.2 9.3 9.3
-315.1 302.2 302.2 51.2 51.2 -1,711.3 -1,711.3
3,215.1 5,257.3 5,400.0 8,786.2 8,790.4 17,911.2 18,346.1
33.7 5.1 5.1 62.1 62.1 102.4 102.4
- - - - - - -
n.a. n.a. n.a. -3.5 -3.5 -8.5 -8.5
-805.1 -940.4 -940.4 -1,352.8 -1,352.8 -3,571.0 -3,571.0
-89.2 -39.2 -39.2 3,069.1 3,069.1 -133.4 -133.4
3.3 -12.9 -12.9 1.2 1.2 -16.1 -16.1
-29.0 -9.1 -9.1 -10.7 -10.7 -49.1 -49.1
-886.3 -996.6 -996.6 1,765.5 1,765.5 -3,675.7 -3,675.7
n.a. n.a. n.a. n.a. n.a. 6.2 6.2
1,436.7 1,629.7 1,629.7 -2,788.1 -2,788.1 2,304.9 2,304.9
6.2 8.7 8.7 0.9 0.9 7.3 7.3
n.a. n.a. n.a. -3,060.6 -3,060.6 -3,060.6 -3,060.6
-1,415.0 -1,454.0 -1,454.0 463.6 463.6 -2,499.0 -2,499.0
4.1 -277.7 -277.7 -572.3 -572.3 -1,153.2 -1,153.2
-141.9 -2.7 -145.4 -6.0 -10.2 -13.1 -447.9
-46.6 -2,538.5 -2,538.5 -5,129.3 -5,129.3 -8,814.1 -8,814.1
-156.5 -2,634.6 -2,777.3 -11,091.7 11,095.9 -13,221.6 -13,656.4
2,172.3 1,626.1 1,626.1 -540.0 -540.0 1,013.9 1,013.9
7,953.4 10,618.7 10,618.7 12,202.0 12,202.0 10,352.7 10,352.7
493.1 -42.8 -42.8 -198.5 -198.5 96.8 96.8
10,618.7 12,202.0 12,202.0 11,463.5 11,463.5 11,463.5 11,463.5
1T19 2T19 3T19 4T19 2019 1T20
2,749.1 2,615.9 2,604.4 4,219.0 12,188.3 1,211.3

1,046.5 1,109.2 1,255.5 1,264.1 4,675.2 1,174.0
45.1 12.7 43.6 47.9 149.3 53.5
14.8 67.7 57.0 368.1 507.7 19.4
672.1 567.4 305.8 1,564.3 3,109.6 1,536.9
-438.8 -224.1 -120.8 -297.0 -1,080.7 -346.8
-11.8 -22.0 -25.4 -14.7 -73.9 -27.3
- - - - - -
- - - - - -
- - - - - -
45.4 73.4 40.8 46.1 205.7 51.8
632.5 364.1 222.0 -463.9 754.7 279.7
2.1 0.7 8.2 11.2 22.3 6.6
4,757.0 4,565.1 4,391.1 6,745.0 20,458.2 3,959.0
687.2 -206.2 -227.9 -975.0 -721.9 2,665.9
-666.0 -166.1 178.6 -190.5 -844.1 -1,142.7
-1,222.9 -773.1 -86.3 3,464.3 1,382.0 -2,518.3
3,555.3 3,419.6 4,255.4 9,043.8 20,274.1 2,963.9
-73.2 -121.5 -141.4 -69.1 -405.1 -133.0
133.0 116.8 144.5 149.0 543.3 133.7
0.2 1.5 0.5 1.9 4.2 0.9
-1,535.2 -302.2 -707.0 509.1 -2,035.3 -1,421.5
2,080.1 3,114.1 3,552.2 9,634.9 18,381.3 1,544.1
19.8 20.9 26.5 123.6 190.8 30.2
- 0.6 0.7 204.1 205.4 -
n.a. n.a n.a. n.a n.a n.a
n.a. - -45.5 -16.6 -62.1 -
-546.1 -895.8 -1,623.7 -2,003.9 -5,069.4 -1,346.3
-44.6 -30.3 -4.4 -18.8 -98.1 -279.3
-14.6 10.2 -4.8 1.2 -8.0 -75.3
202.3 - 2.9 -202.3 2.9 -
-383.1 -894.4 -1,648.4 -1,912.7 -4,838.6 -1,670.7
2.5 1.2 9.1 n.a 12.8 -
n.a. n.a. 2.3 -29.0 -26.7 0.7
801.6 69.6 28.8 46.0 946.1 86.5
-1.3 -1.4 -14.3 -15.0 -32.0 -4.5
n.a. -0.3 -0.1 0.0 -0.5 -
-92.4 -101.8 -942.2 -1,216.3 -2,352.7 -46.9
-886.7 -130.2 -89.0 -1,316.0 -2,421.9 -8.1
-154.5 -103.8 -105.5 -173.4 -537.2 -128.7
-53.0 -10.4 -163.6 -7,644.3 -7,871.3 -46.5
-383.8 -277.2 -1,274.4 -10,348.0 -12,283.5 -147.6
1,313.2 1,942.5 629.3 -2,625.8 1,259.2 -274.2
11,463.5 12,822.5 14,195.5 15,016.9 11,463.5 11,900.6
45.8 -569.5 192.0 -490.5 -822.1 1,578.0
12,822.5 14,195.5 15,016.9 11,900.6 11,900.6 13,204.5
2T20 3T20 4T20 2020 1T21
1,271.3 2,359.0 6,890.4 11,731.9 2,733.3

1,302.2 1,326.9 1,364.2 5,167.4 1,263.5
137.2 50.5 54.9 296.1 27.3
88.9 57.8 73.6 239.7 26.2
793.7 1,144.8 -1,040.9 2,434.4 1,064.3
-379.4 -480.6 -563.1 -1,769.9 -427.2
2.9 9.5 -63.8 -78.8 -27.8
- - - - -
- - - - -
- - - - -
52.2 63.9 40.8 208.7 105.1
-163.1 72.1 1,573.9 1,762.5 182.1
16.2 11.0 9.4 43.3 12.5
3,122.2 4,614.8 8,339.4 20,035.4 4,959.4
-1,302.0 774.5 -2,987.1 -848.8 1,464.8
10.0 377.4 -548.2 -1,303.4 -1,722.2
360.5 1,083.5 4,124.1 3,049.8 -523.9
2,190.7 6,850.2 8,928.2 20,933.0 4,178.1
-82.6 -238.9 -314.4 -768.8 -56.2
137.9 -10.2 58.8 320.3 54.3
3.6 1.0 8.2 13.8 2.7
-410.8 477.2 -287.3 -1,642.5 -1,342.0
1,838.8 7,079.4 8,393.6 18,855.8 2,836.9
16.8 -5.1 66.0 108.0 39.7
- - - - -
n.a n.a n.a n.a n.a
- - - - -
n.a n.a n.a n.a n.a
-807.1 -1,144.8 -1,394.4 -4,692.7 -1,327.3
-20.7 -106.9 -24.6 -431.5 -89.0
0.3 -1,400.0 -289.4 -1,764.3 -349.1
-4.3 -7.1 -7.7 -19.1 -2.6
-814.9 -2,663.9 -1,650.0 -6,799.6 -1,722.9
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
3,374.0 113.3 194.1 3,767.9 107.1
-1.5 -0.1 -1.3 -7.4 -38.4
-56.9 -20.9 -1,918.2 -2,042.9 -434.7
-1,191.3 -697.5 -1,074.5 -2,971.5 54.7
-133.4 -126.3 -110.1 -498.5 -225.8
-4.7 -130.0 -6,669.0 -6,850.3 -1,241.1
1,986.1 -861.5 -9,579.0 -8,602.0 -1,777.8
3,009.9 3,554.0 -2,835.5 3,454.2 -663.8
13,204.5 16,748.2 20,981.6 11,900.6 17,090.3
533.8 679.4 -1,055.8 1,735.5 859.5
16,748.2 20,981.6 17,090.3 17,090.3 17,286.1
Todos os valores expressos estão em milhões de Reais. 2007
Moeda Local 4.808,7

Moeda Estrangeira 4.992,1
Dívida Consolidada 9.800,8
Caixa e Equivalentes a Caixa² 2.308,2
Aplicações Financeiras Correntes 174,8
Conta garantida -
Dívida / (Caixa) Líquido 7.317,8
1 - ¹As informações constantes do presente documento referentes a todos os períodos até o 3o trimestre de
2012, inclusive, referem-se à Companhia de Bebidas das Américas - Ambev; já as informações constantes do
presente documento referentes aos períodos a partir do 4o trimestre de 2012, inclusive, referem-se à
Ambev S.A.
2 - ²A partir do 4Q14 (inclusive) os dados referem-se a caixa e quivalentes de caixa, líquido de conta garantida.
Detalhamento da
Dívida
2008 1T09 2T09 3T09 4T09 2009 1T10
4.462,9 4.071,6 3.353,8 2.507,7 4.369,5 4.369,5 3.648,8

6.194,9 6.564,0 5.404,9 5.297,2 2.891,8 2.891,8 3.632,7
10.657,8 10.635,6 8.758,6 7.804,9 7.261,2 7.261,2 7.281,4
3.298,9 4.265,5 4.278,4 3.890,5 4.024,3 4.024,3 5.573,9
0,1 - 2,6 - 73,3 73,3 -
- - - - - - -
7.358,9 6.370,0 4.477,7 3.914,4 3.163,6 3.163,6 1.707,6
2T10 3T10 4T10 2010 1T11 2T11 3T11
3.618,6 4.001,2 3.974,2 3.974,2 3.936,2 2.992,7 1.612,7

3.189,4 2.884,3 2.796,2 2.796,2 2.672,1 2.064,0 3.707,3
6.807,9 6.885,6 6.770,4 6.770,4 6.608,3 5.056,7 5.320,0
5.950,6 7.887,1 5.908,3 5.908,3 4.628,7 5.226,4 5.958,9
- - 1.069,3 1.069,3 1.063,1 516,4 660,6
- - - - - - -
857,3 -1.001,5 -207,1 -207,1 916,6 -686,1 -1.299,5
4T11 2011 1T12 2T12 3T12 4T12¹ 2012¹
3.721,6 3.721,6 3.322,2 3.222,4 2.047,5 2.423,8 2.423,8

380,7 380,7 505,9 922,0 960,6 720,0 720,0
4.102,3 4.102,3 3.828,1 4.144,4 3.008,1 3.143,7 3.143,7
8.076,2 8.076,2 6.711,5 4.891,1 4.531,2 8.926,2 9.259,3
193,4 193,4 1.464,2 244,0 617,9 476,6 476,6
-12,3 -12,3 -5,0 -0,9 -1,0 -0,1 -0,1
-4.155,0 -4.155,0 -4.342,7 -989,8 -2.139,9 -6.258,9 -6.258,9
1T13 2T13 3T13 4T13 2013 1T14 2T14
2.081,6 2.024,0 1.987,8 1.936,7 1.936,7 1.929,8 1.937,5

916,6 984,7 1.011,9 957,4 969,1 824,6 719,2
2.998,2 3.008,7 2.999,7 2.894,1 2.905,8 2.754,3 2.656,7
3.665,3 4.435,8 4.787,9 11.285,8 11.538,2 7.296,2 6.273,9
359,6 486,1 612,5 288,6 288,6 410,2 379,9
- - -0,9 - - -0,5 -248,3
-1.026,7 -1.913,2 -2.399,7 -8.680,4 -8.921,0 -4.951,5 -3.748,8
3T14 4T14 2014 1T15 2T15 3T15 4T15
1.825,8 1.994,8 1.994,8 2.085,9 2.109,1 2,213.1 2,154.6

688,2 627,9 627,9 605,1 556,9 772.4 1,444.8
2.514,0 2.622,6 2.622,6 2.691,0 2.666,0 2,985.5 3,599.5
5.748,1 9.623,0 9.623,0 6.779,7 6.707,6 9,489.8 13,617.6
526,8 713,0 713,0 1.033,8 776,6 718.7 215.1
-346,0 - - - - - -
-3.415,0 -7.713,3 -7.713,3 -5.122,4 -4.818,1 -7,223.0 -10,233.3
2015 1T16 2T16 3T16 4T16 2016 1T17
2,154.6 2,004.8 1,732.8 1,736.8 1,891.2 1,891.2 1,760.0

1,444.8 1,955.1 1,900.5 2,472.6 3,505.1 3,505.1 3,372.9
3,599.5 3,959.8 3,633.3 4,209.4 5,396.3 5,396.3 5,132.9
13,617.6 6,007.3 5,552.3 7,055.0 7,876.8 7,876.8 7,229.1
215.1 209.1 263.9 274.6 282.8 282.8 9.9
- - - - - - -
-10,233.3 -2,256.5 -2,182.9 -3,120.1 -2,763.3 -2,763.3 -2,106.1
2T17 3T17 4T17 2017 1T18 2T18 3T18
1,373.6 1,160.1 1,084.9 1,084.9 1,021.4 904.0 847.9

3,544.0 2,169.6 1,468.1 1,468.1 3,446.3 3,953.0 4,132.8
4,917.6 3,329.6 2,553.1 2,553.1 4,467.7 4,857.0 4,980.8
8,730.3 8,340.7 10,352.7 10,352.7 7,953.4 10,618.7 12,202.0
8.8 7.8 11.9 11.9 12.2 12.6 13.0
- - - - - - -
-3,821.4 -5,018.9 -7,811.6 -7,811.6 -3,497.9 -5,774.4 -7,234.3
4T18 2018 4T18 - IFRS16 1T19 2T19 3T19 4T19
773.7 773.7 2,272.2 2,480.1 2,285.4 2,245.8 2,356.2

1,649.1 1,649.1 1,831.5 2,605.1 2,612.9 1,844.3 706.6
2,422.8 2,422.8 4,103.7 5,085.2 4,898.3 4,090.2 3,062.8
11,463.5 11,463.5 11,463.5 12,822.5 14,195.5 15,016.9 11,900.6
13.4 13.4 13.4 13.8 14.0 14.3 14.6
- - - - n.a - -
-9,054.1 -9,054.1 -7,373.2 -7,751.1 -9,311.3 -10,941.1 -8,852.4
2019 1T20 2T20 3T20 4T20 2020 1T21
2,356.2 2,514.0 4,579.5 4,452.4 3,854.8 3,854.8 4,325.6

706.6 959.5 2,203.4 2,402.6 937.4 937.4 701.6
3,062.8 3,473.4 6,782.8 6,855.0 4,792.2 4,792.2 5,027.2
11,900.6 13,204.5 16,748.2 20,981.6 17,090.3 17,090.3 17,286.1
14.6 44.8 44.8 1,442.9 1,700.0 1,700.0 2,049.6
- - - - - - -
-8,852.4 -9,775.8 -10,010.2 -15,569.5 -13,998.1 -13,998.1 -14,308.5
Todos os valores expressos estão em milhões de Reais. 2007 1T08 2T08
BRASIL
Volume (000 hl) 94,607.6 22,730.3 21,345.2
Receita líquida 12,394.8 3,149.5 2,951.2
ROL/hl 131.0 138.6 138.3
CPV -3,902.2 -1,015.9 -968.9
CPV/hl -41.2 -44.7 -45.4
Lucro bruto 8,492.6 2,133.6 1,982.3
Margem bruta (%) 68.5 67.7 67.2
Despesas comerciais -2,622.9 -695.1 -671.3
Despesas administrativas -626.5 -168.9 -189.7
SG&A excl. deprec.&amort. -2,899.6 -776.2 -769.3
SG&A deprec.&amort. -349.8 -87.8 -91.7
SG&A total -3,249.4 -864.0 -861.0
Outras rec operacionais 324.9 79.0 95.3
Lucro operacional (EBIT ajustado) 5,568.1 1,348.6 1,216.5
EBITDA ajustado 6,194.1 1,519.4 1,384.6
Margem EBITDA ajustado (%) 50.0 48.2 46.9
1 - ¹As informações constantes do presente documento referentes a

todos os períodos até o 3o trimestre de 2012, inclusive, referem-se à
Companhia de Bebidas das Américas - Ambev; já as informações
constantes do presente documento referentes aos períodos a partir do
4o trimestre de 2012, inclusive, referem-se à Ambev S.A.
Brasil
3T08 4T08 2008 1T09 2T09 3T09 4T09
22,216.6 28,801.8 95,093.9 24,396.9 22,536.8 24,313.9 32,150.3

3,016.2 3,941.9 13,058.7 3,480.9 3,150.2 3,341.7 4,659.2
135.8 136.9 137.3 142.7 139.8 137.4 144.9
-969.9 -1,226.4 -4,181.2 -1,040.6 -889.5 -1,049.4 -1,431.8
-43.7 -42.6 -44.0 -42.7 -39.5 -43.2 -44.5
2,046.3 2,715.4 8,877.6 2,440.3 2,260.7 2,292.4 3,227.4
67.8 68.9 67.9 70.1 71.8 68.6 69.3
-686.9 -873.1 -2,926.5 -738.8 -797.4 -773.4 -1,049.6
-136.4 -190.3 -685.4 -214.3 -255.0 -229.5 -326.4
-731.6 -907.5 -3,184.7 -839.2 -945.7 -902.8 -1,266.9
-91.7 -156.0 -427.2 -114.0 -106.6 -100.2 -109.1
-823.3 -1,063.5 -3,611.8 -953.1 -1,052.4 -1,002.9 -1,376.1
40.6 94.6 309.5 94.4 106.6 155.1 167.6
1,263.6 1,746.5 5,575.2 1,581.6 1,314.9 1,444.5 2,018.9
1,438.1 2,000.2 6,342.4 1,781.2 1,506.2 1,631.1 2,219.8
47.7 50.7 48.6 51.2 47.8 48.8 47.6
2009 1T10 2T10 3T10 4T10 2010 1T11
103,397.8 27,832.6 25,372.6 27,221.5 33,298.8 113,725.6 27,519.5

14,632.1 4,175.8 3,730.4 3,965.4 5,275.0 17,146.5 4,595.7
141.5 150.0 147.0 145.7 158.4 150.8 167.0
-4,411.3 -1,257.3 -1,201.9 -1,288.0 -1,673.7 -5,420.9 -1,378.7
-42.7 -45.2 -47.4 -47.3 -50.3 -47.7 -50.1
10,220.8 2,918.5 2,528.5 2,677.3 3,601.3 11,725.6 3,217.0
69.9 69.9 67.8 67.5 68.3 68.4 70.0
-3,359.2 -903.2 -937.2 -953.8 -1,201.0 -3,995.2 -1,003.9
-1,025.2 -229.0 -225.4 -217.1 -199.1 -870.7 -234.9
-3,954.6 -1,026.6 -1,062.3 -1,066.5 -1,242.3 -4,397.7 -1,143.8
-429.9 -105.6 -100.3 -104.4 -157.9 -468.2 -95.0
-4,384.5 -1,132.3 -1,162.6 -1,170.9 -1,400.2 -4,865.9 -1,238.8
523.6 102.5 111.2 164.2 256.3 634.2 136.9
6,359.9 1,888.7 1,477.1 1,670.7 2,457.4 7,493.9 2,115.1
7,138.3 2,098.2 1,683.1 1,882.6 2,826.8 8,490.6 2,336.5
48.8 50.2 45.1 47.5 53.6 49.5 50.8
2T11 3T11 4T11 2011 1T12 2T12 3T12
24,972.8 28,015.0 33,453.2 113,960.5 28,845.1 25,935.6 28,083.8

3,891.5 4,356.2 5,773.5 18,616.9 4,906.3 4,340.9 5,131.2
155.8 155.5 172.6 163.4 170.1 167.4 182.7
-1,297.3 -1,389.9 -1,614.3 -5,680.2 -1,477.6 -1,357.5 -1,560.0
-51.9 -49.6 -48.3 -49.8 -51.2 -52.3 -55.5
2,594.2 2,966.4 4,159.2 12,936.8 3,428.7 2,983.4 3,571.1
66.7 68.1 72.0 69.5 69.9 68.7 69.6
-989.9 -1,037.0 -1,110.0 -4,140.9 -1,146.2 -1,121.3 -1,123.8
-142.4 -205.8 -282.2 -865.2 -231.0 -248.0 -373.8
-1,032.7 -1,142.4 -1,286.7 -4,605.7 -1,269.7 -1,265.4 -1,388.1
-99.6 -100.3 -105.5 -400.4 -107.5 -103.9 -109.6
-1,132.3 -1,242.7 -1,392.2 -5,006.1 -1,377.2 -1,369.3 -1,497.7
159.7 170.4 309.4 776.4 148.0 167.5 242.8
1,621.6 1,894.0 3,076.4 8,707.1 2,199.5 1,781.6 2,316.3
1,850.4 2,133.5 3,330.5 9,650.9 2,460.5 2,061.5 2,612.1
47.6 49.0 57.7 51.8 50.1 47.5 50.9
4T12 2012 1T13 2T13 3T13 4T13 2013
34,622.1 117,486.6 27,038.6 25,536.1 26,907.3 33,666.0 113,148.0

6,599.4 20,977.8 4,945.8 4,724.5 5,208.5 7,162.0 22,040.8
190.6 178.6 182.9 185.0 193.6 212.7 194.8
-1,877.4 -6,409.8 -1,656.0 -1,571.3 -1,643.1 -2,041.4 -6,911.8
-54.2 -54.6 -61.2 -61.5 -61.1 -60.6 -61.1
4,722.0 14,568.0 3,289.8 3,153.2 3,565.3 5,120.6 15,129.0
71.6 69.4 67.3 67.5 68.8 71.5 68.6
-1,224.4 -4,615.7 -1,236.3 -1,371.0 -1,244.1 -1,167.1 -5,018.5
-279.0 -1,132.0 -234.4 -267.7 -226.1 -458.8 -1,186.9
-1,389.3 -5,312.6 -1,355.3 -1,519.9 -1,350.8 -1,520.5 -5,746.6
-113.0 -435.1 -115.4 -118.7 -119.4 -105.4 -458.8
-1,502.4 -5,747.7 -1,470.7 -1,638.6 -1,470.2 -1,625.9 -6,205.4
279.2 836.4 337.6 309.1 390.8 737.9 1,775.4
3,498.8 9,656.7 2,156.7 1,823.7 2,485.9 4,232.6 10,699.0
3,841.3 10,974.3 2,508.0 2,182.0 2,825.0 4,567.6 12,082.7
58.2 52.3 50.5 46.1 54.2 63.8 54.8
1T14 2T14 3T14 4T14 2014 1T15 2T15
29,360.1 27,483.5 26,792.0 33,873.0 117,508.9 29,294.6 25,317.4

5,888.9 5,258.6 5,327.1 7,908.2 24,382.8 6,518.4 5,458.5
200.6 191.3 198.8 233.5 207.5 222.5 215.6
-1,881.1 -1,898.6 -1,773.5 -2,280.0 -7,833.2 -2,073.0 -1,954.1
-64.1 -69.1 -66.2 -67.3 -66.7 -70.8 -77.2
4,007.8 3,360.0 3,553.6 5,628.2 16,549.6 4,445.4 3,504.4
68.1 63.9 66.7 71.2 67.9 68.2 64.2
-1,430.7 -1,511.5 -1,386.6 -1,433.5 -5,762.3 -1,620.6 -1,431.6
-304.5 -225.9 -302.7 -460.5 -1,293.6 -339.1 -320.1
-1,604.8 -1,600.3 -1,545.0 -1,740.5 -6,490.5 -1,810.6 -1,601.1
-130.6 -137.1 -144.3 -153.4 -565.4 -149.1 -150.6
-1,735.4 -1,737.4 -1,689.3 -1,893.9 -7,055.9 -1,959.7 -1,751.6
254.3 342.4 401.9 625.4 1,623.9 476.8 336.2
2,526.7 1,965.0 2,266.2 4,359.8 11,117.6 2,962.5 2,089.0
2,887.1 2,339.4 2,684.6 4,813.9 12,724.9 3,408.7 2,545.6
49.0 44.5 50.4 60.9 52.2 52.3 46.6
3T15 4T15 2015 1T16 2T16 3T16 4T16
27,064.5 32,677.6 114,354.1 26,808.1 24,121.9 25,687.9 30,343.5

5,888.5 8,460.8 26,326.2 6,258.1 5,552.6 5,501.5 7,642.4
217.6 258.9 230.2 233.4 230.2 214.2 251.9
-1,950.4 -2,380.8 -8,358.3 -2,013.0 -2,064.2 -2,362.2 -2,632.4
-72.1 -72.9 -73.1 -75.1 -85.6 -92.0 -86.8
3,938.0 6,080.0 17,967.9 4,245.1 3,488.4 3,139.4 5,009.9
66.9 71.9 68.3 67.8 62.8 57.1 65.6
-1,474.2 -1,699.8 -6,226.1 -1,686.2 -1,602.9 -1,733.7 -1,747.1
-401.1 -381.1 -1,441.4 -305.5 -331.1 -287.2 -390.8
-1,717.2 -1,902.9 -7,031.8 -1,794.5 -1,726.2 -1,816.0 -1,944.6
-158.1 -178.0 -635.8 -197.2 -207.7 -204.8 -193.4
-1,875.3 -2,080.9 -7,667.6 -1,991.7 -1,934.0 -2,020.8 -2,137.9
390.8 667.8 1,871.6 419.9 354.3 340.1 159.9
2,453.6 4,666.9 12,171.9 2,673.2 1,908.7 1,458.6 3,031.9
2,948.2 5,198.3 14,100.7 3,221.3 2,477.3 2,024.7 3,597.9
50.1 61.4 53.6 51.5 44.6 36.8 47.1
2016 1T17 2T17 3T17 4T17 2017 1T18
106,961.4 27,494.5 22,979.0 24,667.6 31,218.9 106,360.0 24,474.1

24,954.6 6,294.2 5,325.0 6,033.1 8,700.7 26,353.0 6,180.4
233.3 228.9 231.7 244.6 278.7 247.8 252.5
-9,071.8 -2,664.5 -2,141.9 -2,396.7 -2,686.4 -9,889.5 -2,349.4
-84.8 -96.9 -93.2 -97.2 -86.0 -93.0 -96.0
15,882.8 3,629.7 3,183.1 3,636.4 6,014.3 16,463.6 3,831.1
63.6 57.7 59.8 60.3 69.1 62.5 62.0
-6,769.9 -1,693.7 -1,567.4 -1,703.1 -1,820.1 -6,784.3 -1,735.0
-1,314.6 -316.3 -298.7 -333.2 -741.0 -1,689.1 -328.0
-7,281.3 -1,821.8 -1,677.1 -1,851.2 -2,332.4 -7,682.5 -1,873.8
-803.1 -188.2 -189.0 -185.1 -228.7 -790.9 -189.3
-8,084.5 -2,009.9 -1,866.1 -2,036.3 -2,561.1 -8,473.4 -2,063.0
1,274.1 280.2 221.2 213.6 377.8 1,092.7 -273.2
9,072.4 1,899.9 1,538.2 1,813.8 3,831.0 9,082.9 2,041.2
11,321.2 2,455.1 2,087.2 2,377.3 4,471.4 11,391.0 2,585.6
45.4 39.0 39.2 39.4 51.4 43.2 41.8
1T18 IFRS16 2T18 2T18 IFRS16 3T18 3T18 IFRS16 4T18 4T18 IFRS16
24,474.1 23,330.9 23,330.9 23,852.7 23,852.7 29,985.2 29,985.2

6,180.4 5,822.7 5,822.7 6,160.8 6,160.8 8,650.3 8,650.3
252.5 249.6 249.6 258.3 258.3 288.5 288.5
-2,346.9 -2,195.6 -2,193.1 -2,262.6 -2,260.0 -3,217.2 -3,214.8
-95.9 -94.1 -94.0 -94.9 -94.7 -107.3 -107.2
3,833.6 3,627.1 3,629.6 3,898.1 3,900.7 5,433.1 5,435.5
62.0 62.3 62.3 63.3 63.3 62.8 62.8
-1,693.5 -1,741.8 -1,707.8 -1,610.4 -1,568.3 -1,767.8 -1,748.2
-334.6 -320.9 -327.1 -393.3 -400.1 -372.3 -347.8
-1,739.9 -1,873.7 -1,750.1 -1,823.1 -1,693.9 -1,921.7 -1,786.3
-288.3 -189.0 -284.7 -180.6 -274.5 -218.4 -309.8
-2,028.1 -2,062.7 -2,034.8 -2,003.7 -1,968.4 -2,140.1 -2,096.1
273.2 259.0 259.0 201.6 201.6 231.2 231.2
2,078.6 1,823.4 1,853.7 2,096.1 2,134.0 3,524.3 3,570.7
2,722.0 2,395.6 2,521.6 2,641.2 2,773.0 4,140.8 4,278.6
44.0 41.1 43.3 42.9 45.0 47.9 49.5
2018 2018 IFRS16 1T19 2T19 3T19 4T19 2019
101,642.9 101,642.9 27,509.1 24,159.6 23,746.2 31,391.80 106,806.7

26,814.2 26,814.2 7,214.4 6,276.2 6,340.6 8,893.4 28,724.5
263.8 263.8 262.3 259.8 267.0 283.3 268.9
-10,024.8 -10,014.8 -3,057.6 -2,609.4 -2,824.0 -3,605.3 -12,096.3
-98.6 -98.5 -111.1 -108.0 -118.9 -114.8 -113.3
16,789.4 16,799.4 4,156.8 3,666.8 3,516.5 5,288.0 16,628.2
62.6 62.7 57.6 58.4 55.5 59.5 57.9
-6,855.0 -6,717.9 -1,714.9 -1,645.3 -1,675.1 -1,903.6 -6,939.0
-1,414.5 -1,409.5 -382.3 -446.2 -417.8 -400.4 -1,646.8
-7,492.2 -6,970.1 -1,826.0 -1,816.8 -1,636.2 -1,942.0 -7,220.9
-777.2 -1,157.3 -271.3 -274.8 -456.7 -362.0 -1,364.8
-8,269.5 -8,127.4 -2,097.2 -2,091.5 -2,092.9 -2,304.0 -8,585.7
965.0 965.0 233.4 180.1 152.1 260.8 826.4
9,484.9 9,637.0 2,292.9 1,755.3 1,575.8 3,244.9 8,868.9
11,763.2 12,295.3 2,941.8 2,393.2 2,404.6 3,998.30 11,737.9
43.9 45.9 40.8 38.1 37.9 45.0 40.9
1T20 2T20 3T20 4T20 2020 1T21
25,011.4 23,103.2 28,449.6 34,721.2 111,285.4 28,030.9

6,525.1 5,854.7 7,684.5 10,132.2 30,196.5 8,225.3
260.9 253.4 270.1 291.8 271.3 293.4
-2,950.1 -2,981.3 -3,822.7 -4,358.8 -14,112.9 -3,981.5
-117.9 -129.0 -134.4 -125.5 -126.8 -142.0
3,575.1 2,873.4 3,861.8 5,773.4 16,083.6 4,243.8
54.8 49.1 50.3 57.0 53.3 51.6
-1,845.6 -1,647.5 -1,913.2 -2,279.5 -7,686.0 -1,778.5
-406.6 -378.5 -366.1 -478.4 -1,629.6 -789.4
-1,906.5 -1,684.4 -1,940.5 -2,393.7 -7,925.1 -2,259.9
-345.7 -341.6 -338.8 -364.2 -1,390.4 -308.0
-2,252.2 -2,026.1 -2,279.3 -2,757.9 -9,315.5 -2,567.9
162.5 140.9 228.4 2,355.4 2,887.2 191.6
1,485.3 988.2 1,810.9 5,370.8 9,655.3 1,867.5
2,178.0 1,727.5 2,527.3 6,137.0 12,569.7 2,559.0
33.4 29.5 32.9 60.6 41.6 31.1
Brasil Ce
BRASIL CERVEJA
Volume ('000 hl) 70,124.5 16,908.9 15,811.5
Receita líquida 10,283.9 2,615.5 2,446.2
ROL/hl 146.7 154.7 154.7
CPV -2,930.6 -787.5 -749.5
CPV/hl -41.8 -46.6 -47.4
Lucro bruto 7,353.4 1,828.0 1,696.7
Margem bruta (%) 71.5 69.9 69.4
SG&A deprec.&amort. -296.6 -74.1 -75.9
SG&A total -2,771.1 -766.1 -720.5
Lucro operacional (EBIT ajustado) 4,838.1 1,126.3 1,053.3
EBITDA ajustado 5,370.2 1,269.6 1,191.6

Brasil Cerveja
3T08 4T08 2008 1T09 2T09 3T09 4T09
16,056.8 21,183.7 69,960.9 17,875.6 16,633.2 18,018.1 23,750.6

2,455.1 3,242.8 10,759.5 2,866.1 2,587.1 2,752.7 3,858.8
152.9 153.1 153.8 160.3 155.5 152.8 162.5
-734.9 -952.4 -3,224.3 -786.7 -692.7 -813.9 -1,118.6
-45.8 -45.0 -46.1 -44.0 -41.6 -45.2 -47.1
1,720.2 2,290.4 7,535.3 2,079.3 1,894.3 1,938.9 2,740.3
70.1 70.6 70.0 72.5 73.2 70.4 71.0
-579.7 -738.0 -2,482.0 -617.6 -684.3 -657.5 -884.0
-124.7 -166.4 -613.4 -192.2 -223.7 -207.5 -287.6
-629.1 -776.5 -2,742.2 -722.7 -827.6 -788.9 -1,088.7
-75.3 -127.9 -353.2 -87.1 -80.4 -76.2 -82.9
-704.4 -904.4 -3,095.4 -809.8 -908.0 -865.0 -1,171.6
24.0 56.4 221.9 72.9 76.3 121.9 121.4
1,039.8 1,442.4 4,661.8 1,342.4 1,062.5 1,195.8 1,690.1
1,179.0 1,646.2 5,286.5 1,497.4 1,209.7 1,340.6 1,836.0
48.0 50.8 49.1 52.2 46.8 48.7 47.6
2009 1T10 2T10 3T10 4T10 2010 1T11
76,277.6 20,722.2 18,920.1 20,271.3 24,562.0 84,475.6 20,761.7

12,064.7 3,481.8 3,097.0 3,289.9 4,410.6 14,279.3 3,895.4
158.2 168.0 163.7 162.3 179.6 169.0 187.6
-3,411.9 -954.8 -907.8 -988.9 -1,315.9 -4,167.3 -1,087.0
-44.7 -46.1 -48.0 -48.8 -53.6 -49.3 -52.4
8,652.8 2,527.0 2,189.2 2,301.0 3,094.7 10,112.0 2,808.4
71.7 72.6 70.7 69.9 70.2 70.8 72.1
-2,843.5 -766.8 -825.1 -822.0 -1,051.2 -3,465.0 -856.4
-911.0 -208.5 -201.9 -199.4 -183.3 -793.1 -216.0
-3,427.9 -894.4 -950.5 -941.7 -1,112.3 -3,898.9 -1,000.4
-326.6 -80.8 -76.6 -79.7 -122.2 -359.3 -72.0
-3,754.4 -975.2 -1,027.1 -1,021.4 -1,234.5 -4,258.2 -1,072.4
392.5 84.4 87.5 129.8 200.2 501.9 110.4
5,290.8 1,636.2 1,249.7 1,409.4 2,060.4 6,355.7 1,846.4
5,883.7 1,797.7 1,409.1 1,570.2 2,343.0 7,120.1 2,018.6
48.8 51.6 45.5 47.7 53.1 49.9 51.8
2T11 3T11 4T11 2011 1T12 2T12 3T12
18,436.2 20,623.3 24,776.6 84,597.8 21,585.0 18,946.0 20,659.8

3,261.9 3,628.9 4,881.3 15,667.5 4,133.6 3,594.4 4,299.3
176.9 176.0 197.0 185.2 191.5 189.7 208.1
-981.1 -1,072.4 -1,256.5 -4,396.9 -1,123.9 -1,042.7 -1,211.4
-53.2 -52.0 -50.7 -52.0 -52.1 -55.0 -58.6
2,280.8 2,556.5 3,624.8 11,270.6 3,009.7 2,551.8 3,087.9
69.9 70.4 74.3 71.9 72.8 71.0 71.8
-881.0 -885.4 -976.4 -3,599.1 -985.9 -972.2 -966.1
-133.4 -187.8 -257.6 -794.8 -211.5 -226.4 -331.6
-939.4 -998.3 -1,153.9 -4,092.0 -1,115.4 -1,119.9 -1,214.5
-75.0 -74.9 -80.1 -302.0 -82.0 -78.6 -83.3
-1,014.4 -1,073.1 -1,234.0 -4,393.9 -1,197.3 -1,198.5 -1,297.8
122.0 132.8 242.3 607.5 117.0 124.3 158.4
1,388.4 1,616.2 2,633.1 7,484.2 1,929.3 1,477.6 1,948.5
1,563.0 1,802.0 2,832.9 8,216.5 2,135.5 1,700.5 2,187.6
47.9 49.7 58.0 52.4 51.7 47.3 50.9
4T12 2012 1T13 2T13 3T13 4T13 2013
25,501.3 86,692.2 19,817.2 18,875.5 19,635.1 24,646.2 82,973.9

5,570.9 17,598.3 4,123.1 3,940.4 4,331.9 6,011.7 18,407.2
218.5 203.0 208.1 208.8 220.6 243.9 221.8
-1,480.5 -4,995.8 -1,258.4 -1,212.0 -1,267.4 -1,585.9 -5,323.7
-58.1 -57.6 -63.5 -64.2 -64.5 -64.3 -64.2
4,090.4 12,602.5 2,864.8 2,728.4 3,064.5 4,425.8 13,083.4
73.4 71.6 69.5 69.2 70.7 73.6 71.1
-1,075.7 -3,999.9 -1,066.2 -1,164.3 -1,092.9 -1,010.9 -4,334.4
-259.2 -1,028.7 -214.5 -247.5 -207.1 -404.9 -1,074.0
-1,248.0 -4,697.8 -1,194.7 -1,321.7 -1,209.2 -1,336.0 -5,061.6
-85.8 -330.8 -86.1 -90.1 -90.7 -79.8 -346.8
-1,333.8 -5,028.6 -1,280.7 -1,411.9 -1,299.9 -1,415.8 -5,408.4
252.2 650.9 283.1 246.3 305.6 574.8 1,409.8
3,008.8 8,224.8 1,867.1 1,562.8 2,070.1 3,584.8 9,084.8
3,290.3 9,312.8 2,156.7 1,859.6 2,352.4 3,861.1 10,229.8
59.1 52.9 52.3 47.2 54.3 64.2 55.6
1T14 2T14 3T14 4T14 2014 1T15 2T15
21,984.1 20,234.1 19,676.1 25,009.2 86,903.9 22,079.2 18,500.6

4,993.6 4,383.0 4,391.0 6,701.1 20,468.6 5,567.6 4,609.2
227.1 216.6 223.2 267.9 235.5 252.2 249.1
-1,457.4 -1,470.4 -1,404.9 -1,829.7 -6,162.4 -1,657.2 -1,547.7
-66.3 -72.7 71.4 -73.2 -70.9 -75.1 -83.7
3,536.3 2,912.5 2,986.0 4,871.4 14,306.2 3,910.4 3,061.6
70.8 66.5 68.0 72.7 69.9 70.2 66.4
-1,226.4 -1,298.4 -1,227.8 -1,257.3 -5,009.9 -1,375.1 -1,241.9
-284.2 -219.2 -283.2 -425.2 -1,211.8 -316.1 -300.6
-1,418.1 -1,404.6 -1,400.9 -1,563.7 -5,787.3 -1,580.4 -1,431.2
-92.7 -112.9 -110.1 -118.7 -434.4 -110.8 -111.3
-1,510.8 -1,517.6 -1,511.0 -1,682.4 -6,221.8 -1,691.2 -1,542.5
223.4 288.9 295.7 521.7 1,329.6 425.9 290.6
2,248.8 1,683.8 1,770.7 3,710.7 9,414.0 2,645.1 1,809.6
2,540.0 1,999.7 2,115.8 4,088.9 10,744.4 3,012.3 2,185.3
50.9 45.6 48.2 61.0 52.5 54.1 47.4
3T15 4T15 2015 1T16 2T16 3T16 4T16
20,371.1 24,380.0 85,330.9 19,867.5 17,659.7 19,538.0 22,605.0

4,998.7 7,265.8 22,441.3 5,309.9 4,701.6 4,734.5 6,427.1
245.4 298.0 263.0 267.3 266.2 242.3 284.3
-1,599.5 -1,953.3 -6,757.6 -1,599.4 -1,634.0 -1,962.0 -2,144.5
-78.5 -80.1 -79.2 -80.5 -92.5 -100.4 -94.9
3,399.3 5,312.5 15,683.7 3,710.5 3,067.6 2,772.5 4,282.7
68.0 73.1 69.9 69.9 65.2 58.6 66.6
-1,294.7 -1,533.5 -5,445.3 -1,446.1 -1,408.8 -1,541.5 -1,539.3
-385.2 -339.7 -1,341.5 -289.9 -285.4 -247.5 -337.5
-1,562.1 -1,738.7 -6,312.4 -1,576.8 -1,514.7 -1,612.2 -1,710.8
-117.7 -134.5 -474.4 -159.1 -179.5 -176.7 -166.0
-1,679.9 -1,873.2 -6,786.8 -1,736.0 -1,694.2 -1,788.9 -1,876.8
301.0 533.8 1,551.2 336.8 282.5 268.7 81.9
2,020.4 3,973.0 10,448.1 2,311.3 1,655.8 1,252.3 2,487.8
2,429.7 4,411.7 12,038.9 2,772.3 2,133.8 1,740.2 2,972.3
48.6 60.7 53.6 52.2 45.4 36.8 46.2
2016 1T17 2T17 3T17 4T17 2017 1T18
79,670.1 20,549.2 17,430.2 18,485.8 23,768.4 80,233.6 18,879.1

21,173.1 5,370.5 4,546.4 5,188.0 7,404.5 22,509.3 5,315.6
265.8 261.3 260.8 280.6 311.5 280.5 281.6
-7,339.9 -2,113.9 -1,721.3 -1,913.5 -2,146.3 -7,895.1 -1,882.7
-92.1 -102.9 -98.8 -103.5 -90.3 -98.4 -99.7
13,833.2 3,256.6 2,825.0 3,274.5 5,258.1 14,614.3 3,432.9
65.3 60.6 62.1 63.1 71.0 64.9 64.6
-5,935.7 -1,471.7 -1,370.1 -1,470.6 -1,602.3 -5,914.6 -1,517.3
-1,160.2 -272.7 -257.5 -296.5 -649.6 -1,476.3 -279.3
-6,414.6 -1,576.6 -1,457.3 -1,589.5 -2,060.0 -6,683.4 -1,626.2
-681.3 -167.7 -170.3 -177.6 -191.9 -707.5 -170.4
-7,095.9 -1,744.3 -1,627.6 -1,767.1 -2,251.9 -7,390.9 -1,796.6
969.8 222.8 178.3 162.6 261.3 825.0 216.6
7,707.1 1,735.0 1,375.7 1,670.1 3,267.5 8,048.3 1,853.0
9,618.6 2,214.9 1,855.6 2,187.4 3,788.5 10,046.4 2,330.9
45.4 41.2 40.8 42.2 51.2 44.6 43.8
18,879.1 17,729.4 17,729.4 17,912.0 17,912.0 23,263.7 23,263.7

5,315.6 4,964.6 4,964.6 5,256.8 5,256.8 7,471.5 7,471.5
281.6 280.0 280.0 293.5 293.5 321.2 321.2
-1,880.6 -1,805.5 -1,803.3 -1,916.4 -1,914.2 -2,618.2 -2,616.2
-99.6 -101.8 -101.7 -107.0 -106.9 -112.5 -112.5
3,435.0 3,159.1 3,161.3 3,340.4 3,342.6 4,853.3 4,855.3
64.6 63.6 63.7 63.5 63.6 65.0 65.0
-1,481.4 -1,520.9 -1,490.2 -1,405.5 -1,368.8 -1,527.0 -1,516.9
-284.7 -274.3 -279.5 -332.3 -337.7 -316.7 -291.1
-1,512.9 -1,624.1 -1,519.7 -1,573.2 -1,463.7 -1,647.9 -1,533.0
-253.2 -171.0 -250.0 -164.6 -242.8 -195.8 -275.0
-1,766.1 -1,795.2 -1,769.7 -1,737.9 -1,706.5 -1,843.7 -1,808.0
216.6 196.5 196.5 111.1 111.1 215.9 215.9
1,885.6 1,560.4 1,588.1 1,713.6 1,747.1 3,225.5 3,263.2
2,446.2 2,061.6 2,168.3 2,193.0 2,304.7 3,764.6 3,881.5
46.0 41.5 43.7 41.7 43.8 50.4 52.0
2018 2018 IFRS16 1T19 2T19 3T19 4T19 2019
77,784.2 77,784.2 21,003.4 18,245.3 17,417.3 23,597.8 80,263.7

23,008.5 23,008.5 6,132.8 5,296.5 5,313.9 7,561.0 24,304.2
295.8 295.8 292.0 290.3 305.1 320.4 302.8
-8,222.9 -8,214.2 -2,498.2 -2,206.4 -2,285.6 -3,047.7 -10,037.9
-105.7 -105.6 -118.9 -120.9 -131.2 -129.2 -125.1
14,785.6 14,794.3 3,634.6 3,090.1 3,028.3 4,513.3 14,266.3
64.3 64.3 59.3 58.3 57.0 59.7 58.7
-5,970.7 -5,857.3 -1,474.3 -1,369.6 -1,391.8 -1,590.7 -5,826.5
-1,202.6 -1,193.1 -328.3 -383.3 -363.8 -350.6 -1,426.0
-6,471.4 -6,029.4 -1,559.8 -1,517.0 -1,331.2 -1,630.6 -6,038.5
-701.9 -1,021.0 -242.9 -235.9 -424.4 -310.8 -1,214.0
-7,173.3 -7,050.3 -1,802.7 -1,752.9 -1,755.6 -1,941.4 -7,252.5
740.1 740.1 175.6 94.7 127.8 173.6 571.6
8,352.4 8,484.0 2,007.5 1,431.9 1,400.4 2,745.5 7,585.4
10,350.0 10,800.7 2,578.2 1,983.8 2,143.5 3,395.3 10,100.8
45.0 46.9 42.0 37.5 40.3 44.9 41.6
1T20 2T20 3T20 4T20 2020 1T21
18,581.5 17,951.6 21,846.9 26,411.7 84,791.7 21,548.5

5,454.6 5,128.6 6,650.5 8,719.3 25,953.0 7,124.8
293.6 285.7 304.4 330.1 306.1 330.6
-2,401.4 -2,573.6 -3,295.6 -3,671.1 -11,941.7 -3,401.5
-129.2 -143.4 -150.8 -139.0 -140.8 -157.9
3,053.3 2,555.0 3,355.0 5,048.2 14,011.4 3,723.3
56.0 49.8 50.4 57.9 54.0 52.3
-1,572.1 -1,410.5 -1,617.5 -1,938.0 -6,538.1 -1,533.0
-348.0 -315.3 -322.0 -409.8 -1,395.1 -679.8
-1,617.8 -1,420.5 -1,638.4 -2,033.1 -6,709.8 -1,947.6
-302.3 -305.3 -301.0 -314.7 -1,223.4 -265.2
-1,920.1 -1,725.8 -1,939.4 -2,347.8 -7,933.2 -2,212.8
130.9 117.2 159.8 1,972.6 2,380.3 152.3
1,264.0 946.3 1,575.3 4,673.0 8,458.5 1,662.7
1,866.3 1,598.5 2,208.2 5,338.9 11,011.9 2,263.9
34.2 31.2 33.2 61.2 42.4 31.8
Brasil NAB
BRASIL REFRIGENANC
Volume (000 hl) 24,483.1 5,821.3 5,533.7
Receita líquida 2,110.9 534.0 505.0
ROL/hl 86.2 91.7 91.3
CPV -971.7 -228.4 -219.4
CPV/hl -39.7 -39.2 -39.6
Lucro bruto 1,139.2 305.6 285.6
Margem bruta (%) 54.0 57.2 56.6
Despesas comerciais -424.2 -82.7 -119.4
SG&A excl. deprec.&amort. -425.1 -84.2 -124.8
SG&A deprec.&amort. -53.2 -13.7 -15.8
SG&A total -478.3 -97.9 -140.6
Lucro operacional (EBIT ajustado) 730.0 222.3 163.2
EBITDA ajustado 823.9 249.7 193.0

asil NAB
3T08 4T08 2008 1T09 2T09 3T09 4T09
6,159.8 7,618.1 25,132.9 6,521.2 5,903.5 6,295.8 8,399.7

561.1 699.1 2,299.2 614.9 563.2 589.0 800.4
91.1 91.8 91.5 94.3 95.4 93.6 95.3
-235.0 -274.0 -956.9 -253.8 -196.8 -235.5 -313.2
-38.2 -36.0 -38.1 -38.9 -33.3 -37.4 -37.3
326.1 425.0 1,342.3 361.0 366.4 353.5 487.1
58.1 60.8 58.4 58.7 65.1 60.0 60.9
-107.3 -135.1 -444.5 -121.2 -113.1 -115.9 -165.6
-11.7 -24.0 -71.9 -22.1 -31.3 -22.0 -38.9
-102.5 -131.0 -442.5 -116.5 -118.1 -113.9 -178.2
-16.4 -28.1 -74.0 -26.8 -26.3 -24.0 -26.2
-118.9 -159.1 -516.5 -143.3 -144.4 -137.9 -204.5
16.7 38.2 87.6 21.5 30.3 33.2 46.2
223.8 304.1 913.4 239.2 252.4 248.8 328.8
259.1 354.0 1,055.9 283.8 296.5 290.5 383.8
46.2 50.6 45.9 46.2 52.6 49.3 48.0
2009 1T10 2T10 3T10 4T10 2010 1T11
27,120.3 7,110.5 6,452.5 6,950.2 8,736.8 29,250.0 6,757.8

2,567.4 694.0 633.3 675.5 864.4 2,867.3 700.3
94.7 97.6 98.2 97.2 98.9 98.0 103.6
-999.4 -302.6 -294.1 -299.2 -357.9 -1,253.7 -291.7
-36.8 -42.6 -45.6 -43.0 -41.0 -42.9 -43.2
1,568.0 391.4 339.3 376.3 506.6 1,613.6 408.6
61.1 56.4 53.6 55.7 58.6 56.3 58.3
-515.8 -136.5 -112.0 -131.8 -149.9 -530.2 -147.5
-114.3 -20.6 -23.5 -17.7 -15.8 -77.5 -18.9
-526.7 -132.2 -111.8 -124.8 -130.1 -498.8 -143.4
-103.3 -24.9 -23.7 -24.7 -35.6 -108.9 -23.0
-630.0 -157.0 -135.5 -149.5 -165.7 -607.7 -166.4
131.1 18.1 23.7 34.5 56.1 132.3 26.5
1,069.1 252.5 227.4 261.3 397.0 1,138.2 268.7
1,254.6 300.4 274.0 312.3 483.8 1,370.6 317.9
48.9 43.3 43.3 46.2 56.0 47.8 45.4
2T11 3T11 4T11 2011 1T12 2T12 3T12
6,536.6 7,391.7 8,676.6 29,362.7 7,260.1 6,989.6 7,423.9

629.6 727.4 892.2 2,949.4 772.7 746.5 831.9
96.3 98.4 102.8 100.4 106.4 106.8 112.1
-316.2 -317.5 -357.8 -1,283.2 -353.7 -314.8 -348.6
-48.4 -43.0 -41.2 -43.7 -48.7 -45.0 -47.0
313.4 409.9 534.4 1,666.2 419.0 431.6 483.2
49.8 56.3 59.9 56.5 54.2 57.8 58.1
-108.9 -151.6 -133.7 -541.7 -160.3 -149.1 -157.7
-9.0 -18.0 -24.6 -70.4 -19.6 -21.6 -42.2
-93.3 -144.2 -132.8 -513.7 -154.4 -145.4 -173.6
-24.6 -25.4 -25.4 -98.5 -25.5 -25.3 -26.3
-117.9 -169.6 -158.2 -612.1 -179.9 -170.7 -199.9
37.6 37.5 67.2 168.8 31.0 43.2 84.4
233.1 277.8 443.3 1,222.9 270.1 304.0 367.8
287.5 331.5 497.6 1,434.4 324.9 361.0 424.5
45.7 45.6 55.8 48.6 42.1 48.4 51.0
4T12 2012 1T13 2T13 3T13 4T13 2013
9,120.8 30,794.4 7,221.4 6,660.7 7,272.2 9,019.9 30,174.1

1,028.5 3,379.6 822.7 784.1 876.6 1,150.3 3,633.7
112.8 109.7 113.9 117.7 120.5 127.5 120.4
-396.9 -1,414.0 -397.6 -359.2 -375.7 -455.5 -1,588.1
-43.5 -45.9 -55.1 -53.9 -51.7 -50.5 -52.6
631.6 1,965.5 425.0 424.9 500.9 694.8 2,045.6
61.4 58.2 51.7 54.2 57.1 60.4 56.3
-148.7 -615.8 -170.1 -206.6 -151.2 -156.2 -684.2
-19.9 -103.3 -19.9 -20.1 -19.0 -53.9 -112.9
-141.4 -614.8 -160.7 -198.2 -141.6 -184.5 -685.0
-27.2 -104.3 -29.3 -28.5 -28.6 -25.6 -112.0
-168.6 -719.1 -190.0 -226.8 -170.3 -210.1 -797.1
26.9 185.5 54.6 62.8 85.2 163.0 365.6
490.0 1,431.9 289.6 260.9 415.8 647.8 1,614.1
551.0 1,661.5 351.4 322.3 472.7 706.5 1,852.9
53.6 49.2 42.7 41.1 53.9 61.4 51.0
1T14 2T14 3T14 4T14 2014 1T15 2T15
7,375.9 7,249.4 7,115.9 8,863.8 30,605.0 7,215.4 6,816.9

895.3 875.7 936.1 1,207.1 3,914.2 950.8 849.3
121.4 120.8 131.6 136.2 127.9 131.8 124.6
-423.8 -428.2 -368.6 -450.3 -1,670.8 -415.8 -406.4
-57.5 -59.1 -51.8 -50.8 -54.6 -57.6 -59.6
471.5 447.5 567.6 756.8 2,243.4 534.9 442.8
52.7 51.1 60.6 62.7 57.3 56.3 52.1
-204.2 -213.1 -158.8 -176.3 -752.4 -245.5 -189.7
-20.2 -6.7 -19.5 -35.3 -81.7 -23.0 -19.5
-186.6 -195.7 -144.1 -176.8 -703.2 -230.2 -169.9
-37.9 -24.2 -34.2 -34.7 -131.0 -38.3 -39.2
-224.6 -219.9 -178.3 -211.5 -834.2 -268.5 -209.2
30.9 53.5 106.2 103.7 294.4 51.0 45.6
277.8 281.1 495.5 649.1 1,703.6 317.4 279.3
347.1 339.7 568.8 724.9 1,980.5 396.4 360.3
38.8 38.8 60.8 60.1 50.6 41.7 42.4
3T15 4T15 2015 1T16 2T16 3T16 4T16
6,693.4 8,297.6 29,023.3 6,940.6 6,462.2 6,149.9 7,738.5

889.7 1,195.1 3,884.8 948.2 851.0 767.0 1,215.3
132.9 144.0 133.9 136.6 131.7 124.7 157.0
-351.0 -427.5 -1,600.7 -413.6 -430.2 -400.2 -488.0
-52.4 -51.5 -55.2 -59.6 -66.6 -65.1 -63.1
538.8 767.6 2,284.1 534.6 420.8 366.8 727.3
60.6 64.2 58.8 56.4 49.5 47.8 59.8
-179.5 -166.3 -780.9 -240.1 -194.0 -192.2 -207.8
-15.9 -41.5 -99.9 -15.7 -45.7 -39.7 -53.3
-155.1 -164.2 -719.4 -217.7 -211.5 -203.8 -233.8
-40.3 -43.5 -161.3 -38.1 -28.3 -28.1 -27.3
-195.4 -207.7 -880.7 -255.8 -239.8 -231.9 -261.1
89.8 134.0 320.4 83.1 71.8 71.4 78.0
433.2 693.9 1,723.8 362.0 252.9 206.3 544.1
518.5 786.5 2,061.8 449.0 343.5 284.5 625.6
58.3 65.8 53.1 47.3 40.4 37.1 51.5
2016 1T17 2T17 3T17 4T17 2017 1T18
27,291.3 6,945.3 5,548.7 6,181.8 7,450.5 26,126.4 5,595.0

3,781.5 923.7 778.6 845.1 1,296.3 3,843.7 864.8
138.6 133.0 140.3 136.7 174.0 147.1 154.6
-1,731.9 -550.6 -420.6 -483.2 -540.0 -1,994.4 -466.6
-63.5 -79.3 -75.8 -78.2 -72.5 -76.3 -83.4
2,049.6 373.1 358.1 361.9 756.2 1,849.3 398.2
54.2 40.4 46.0 42.8 58.3 48.1 46.0
-834.2 -222.0 -197.3 -232.5 -217.8 -869.6 -217.7
-154.4 -43.6 -41.2 -36.7 -91.4 -212.8 -48.8
-866.8 -245.1 -219.8 -261.7 -272.4 -999.1 -247.6
-121.8 -20.5 -18.7 -7.4 -36.8 -83.4 -18.9
-988.6 -265.6 -238.5 -269.2 -309.2 -1,082.5 -266.5
304.3 57.4 42.9 51.0 116.5 267.7 56.5
1,365.3 164.9 162.5 143.7 563.5 1,034.6 188.3
1,702.6 240.2 231.6 189.9 682.9 1,344.6 254.8
45.0 26.0 29.7 22.5 52.7 35.0 29.5
5,595.0 5,601.5 5,601.5 5,940.7 5,940.7 6,721.5 6,721.5

864.8 858.1 858.1 904.0 904.0 1,178.8 1,178.8
154.6 153.2 153.2 152.2 152.2 175.4 175.4
-466.3 -390.1 -389.8 -346.2 -345.9 -599.0 -598.6
-83.3 -69.6 -69.6 -58.3 -58.2 -89.1 -89.1
398.5 468.0 468.4 557.8 558.1 579.8 580.2
46.1 54.5 54.6 61.7 61.7 49.2 49.2
-212.1 -220.9 -217.6 -204.8 -199.6 -240.8 -231.4
-49.9 -46.6 -47.6 -61.0 -62.3 -55.6 -56.7
-226.9 -249.5 -230.5 -249.9 -230.1 -273.8 -253.2
-35.1 -18.0 -34.7 -15.9 -31.7 -22.6 -34.8
-262.0 -267.5 -265.2 -265.8 -261.9 -296.4 -288.0
56.5 62.5 62.5 90.6 90.6 15.3 15.3
193.0 263.0 265.6 382.5 386.8 298.8 307.5
275.8 334.0 353.4 448.2 468.3 376.2 397.1
31.9 38.9 41.2 49.6 51.8 31.9 33.7
2018 2018 IFRS16 1T19 2T19 3T19 4T19 2019
23,858.8 23,858.8 6,505.7 5,914.3 6,328.9 7,794.0 26,542.9

3,805.7 3,805.7 1,081.6 979.7 1,026.7 1,332.3 4,420.2
159.5 159.5 166.2 165.6 162.2 170.9 166.5
-1,801.9 -1,800.6 -559.4 -403.0 -538.4 -557.6 -2,058.4
-75.5 -75.5 -86.0 -68.1 -85.1 -71.5 -77.5
2,003.9 2,005.2 522.2 576.6 488.3 774.7 2,361.9
52.7 52.7 48.3 58.9 47.6 58.1 53.4
-884.3 -860.6 -240.6 -275.7 -283.3 -312.8 -1,112.4
-211.9 -216.5 -54.0 -62.9 -54.0 -49.8 -220.8
-1,020.9 -940.8 -266.2 -299.8 -305.0 -311.4 -1,182.4
-75.3 -136.3 -28.4 -38.8 -32.3 -51.3 -150.8
-1,096.2 -1,077.1 -294.6 -338.6 -337.3 -362.7 -1,333.2
224.9 224.9 57.8 85.4 24.3 87.3 254.8
1,132.6 1,153.0 285.4 323.4 175.3 499.4 1,283.5
1,413.2 1,494.6 363.7 409.4 261.1 603.0 1,637.1
37.1 39.3 33.6 41.8 25.4 45.3 37.0
1T20 2T20 3T20 4T20 2020 1T21
6,429.9 5,151.6 6,602.7 8,309.6 26,493.7 6,482.5

1,070.5 726.1 1,034.0 1,412.9 4,243.5 1,100.5
166.5 140.9 156.6 170.0 160.2 169.8
-548.7 -407.6 -527.2 -687.7 -2,171.2 -580.0
-85.3 -79.1 -79.8 -82.8 -82.0 -89.5
521.8 318.4 506.8 725.2 2,072.2 520.5
48.7 43.9 49.0 51.3 48.8 47.3
-273.5 -237.0 -295.8 -341.6 -1,147.9 -245.5
-58.6 -63.2 -44.1 -68.6 -234.5 -109.5
-288.7 -263.9 -302.1 -360.7 -1,215.4 -312.3
-43.4 -36.3 -37.8 -49.5 -167.0 -42.7
-332.1 -300.2 -339.8 -410.1 -1,382.3 -355.1
31.6 23.7 68.7 382.8 506.8 39.3
221.3 41.9 235.7 697.8 1,196.8 204.8
311.8 129.0 319.1 798.1 1,557.8 295.1
29.1 17.8 30.9 56.5 36.7 26.8
Todos os valores expressos estão em milhões de Reais. 2007 1T08
CAC
Volume (000 hl) 6,278.2 1,643.8
Receita líquida 680.6 145.3
ROL/hl 108.4 88.4
CPV -404.1 -89.3
CPV/hl -64.4 -54.3
Lucro bruto 276.4 56.1
Margem bruta (%) 40.6 38.6
Despesas comerciais -303.1 -74.8
Despesas administrativas -66.4 -15.5
SG&A excl. deprec.&amort. -339.3 -81.9
SG&A deprec.&amort. -30.2 -8.3
SG&A total -369.5 -90.2
Outras rec operacionais -1.4 -0.2
Lucro operacional (EBIT ajustado) -94.5 -34.4
EBITDA ajustado -15.4 -16.3
Margem EBITDA ajustado (%) -2.3 -11.2
1 - ¹As informações constantes do presente documento referentes a todos os períodos
até o 3o trimestre de 2012, inclusive, referem-se à Companhia de Bebidas das
Américas - Ambev; já as informações constantes do presente documento referentes
aos períodos a partir do 4o trimestre de 2012, inclusive, referem-se à Ambev S.A.

CAC
2T08 3T08 4T08 2008 1T09 2T09 3T09
1,524.8 1,559.7 1,695.9 6,424.1 1,484.5 1,542.0 1,489.1

136.8 138.2 192.9 613.2 173.7 194.7 175.6
89.7 88.6 113.7 95.5 117.0 126.2 117.9
-92.9 -99.2 -139.6 -421.0 -113.6 -115.7 -106.1
-60.9 -63.6 -82.3 -65.5 -76.6 -75.0 -71.2
43.9 38.9 53.3 192.2 60.0 79.0 69.5
32.1 28.2 27.6 31.3 34.6 40.6 39.6
-73.4 -70.2 -92.9 -311.3 -100.7 -78.2 -79.6
-17.9 -16.2 -22.8 -72.3 -22.6 -33.2 -23.2
-82.9 -78.4 -103.2 -346.4 -109.1 -97.5 -90.6
-8.3 -7.9 -12.6 -37.2 -14.3 -13.9 -12.2
-91.2 -86.3 -115.8 -383.6 -123.4 -111.4 -102.8
-0.4 19.4 7.3 26.1 -0.2 1.0 26.4
-47.8 -28.0 -55.1 -165.3 -63.6 -31.4 -6.9
-29.7 -10.8 -29.5 -86.2 -38.9 -9.9 12.0
-21.7 -7.8 -15.3 -14.1 -22.4 -5.1 6.8
4T09 2009 1T10 2T10 3T10 4T10 2010
1,882.7 6,398.2 1,594.4 1,565.2 1,550.3 1,621.0 6,331.0

238.2 782.1 158.1 135.1 145.1 125.7 564.0
126.5 122.2 99.1 86.3 93.6 77.5 89.1
-154.1 -489.5 -99.1 -90.7 -100.9 -82.3 -372.9
-81.9 -76.5 -62.1 -57.9 -65.1 -50.8 -58.9
84.1 292.7 59.0 44.4 44.2 43.4 191.0
35.3 37.4 37.3 32.9 30.5 34.5 33.9
-104.5 -363.0 -79.6 -68.2 -70.8 -40.7 -259.3
-29.7 -108.7 -21.1 -17.1 -15.0 -4.8 -57.9
-114.9 -412.0 -89.2 -75.8 -74.2 -38.1 -277.3
-19.4 -59.7 -11.5 -9.6 -11.6 -7.4 -40.0
-134.2 -471.7 -100.7 -85.4 -85.8 -45.4 -317.3
-1.2 25.9 0.0 0.9 1.4 0.8 3.1
-51.3 -153.2 -41.7 -40.1 -40.2 -1.2 -123.2
-21.6 -58.4 -22.8 -23.4 -21.4 12.0 -55.7
-9.1 -7.5 -14.4 -17.4 -14.7 9.6 -9.9
1T11 2T11 3T11 4T11 2011 1T12 2T12
1,599.0 1,531.7 1,571.7 1,677.0 6,379.4 565.7 1,199.3

123.4 112.9 119.1 160.1 515.5 59.5 219.1
77.2 73.7 75.8 95.5 80.8 105.2 182.7
-83.7 -70.9 -77.5 -94.0 -326.0 -37.2 -118.2
-52.3 -46.3 -49.3 -56.0 -51.1 -65.7 -98.6
39.7 42.0 41.6 66.1 189.4 22.4 100.8
32.2 37.2 34.9 41.3 36.8 37.6 46.0
-55.0 -57.3 -52.3 -58.4 -223.0 -39.3 -68.7
-13.5 -7.6 -13.5 -13.1 -47.7 -7.5 -18.8
-60.2 -56.6 -56.8 -59.0 -232.7 -40.4 -81.2
-8.3 -8.2 -9.0 -12.5 -38.0 -6.4 -6.3
-68.5 -64.9 -65.8 -71.5 -270.7 -46.8 -87.6
0.7 -0.1 -2.7 -1.1 -3.2 -0.9 2.3
-28.0 -23.0 -26.9 -6.5 -84.4 -25.4 15.6
-14.3 -9.5 -12.7 12.0 -24.5 -16.9 40.3
-11.6 -8.4 -10.7 7.5 -4.7 -28.4 18.4
3T12 4T12 2012 1T13 2T13 3T13 4T13
1,590.0 1,540.5 4,895.6 1,534.9 1,688.5 1,941.7 2,102.3

316.1 376.9 971.7 338.7 375.6 459.6 552.7
198.8 244.7 198.5 220.7 222.4 236.7 262.9
-149.7 -150.8 -455.9 -168.2 -184.2 -226.9 -236.2
-94.1 -97.9 -93.1 -109.6 -109.1 -116.9 -112.4
166.4 226.1 515.8 170.5 191.4 232.7 316.5
52.6 60.0 53.1 50.3 51.0 50.6 57.3
-71.1 -104.3 -283.4 -94.1 -90.6 -89.3 -120.1
-50.4 -30.8 -107.5 -21.9 -29.2 -39.7 -35.3
-110.0 -122.4 -354.0 -103.7 -107.7 -118.5 -143.3
-11.5 -12.7 -37.0 -12.2 -12.2 -10.5 -12.1
-121.5 -135.1 -391.0 -115.9 -119.9 -129.0 -155.4
-0.2 2.5 3.7 -5.3 3.1 -1.5 -3.7
44.8 93.6 128.5 49.3 74.6 102.1 157.4
82.2 129.4 235.1 84.8 112.8 145.1 199.4
26.0 34.3 24.2 25.0 30.0 31.6 36.1
2013 1T14 2T14 3T14 4T14 2014 1T15
7,267.4 1,619.0 1,903.0 2,015.5 2,372.0 7,909.4 1,985.5

1,726.6 419.5 477.2 490.0 701.0 2,087.8 626.8
237.6 259.2 250.8 243.1 295.5 264.0 315.7
-815.5 -206.0 -231.4 -223.3 -313.5 -974.3 -286.4
-112.2 -127.3 -121.6 -110.8 -132.2 -123.2 -144.3
911.1 213.6 245.8 266.6 387.5 1,113.5 340.3
55.5 50.9 51.5 54.4 55.3 53.3 54.3
-394.2 -126.5 -121.0 -102.9 -141.3 -491.7 -151.1
-126.1 -25.0 -24.3 -23.2 -32.8 -105.3 -30.7
-473.2 -142.9 -137.3 -118.1 -163.3 -561.7 -171.3
-47.0 -8.6 -7.9 -8.0 -10.8 -35.3 -10.5
-520.3 -151.5 -145.2 -126.2 -174.0 -596.9 -181.8
-7.4 -0.5 -2.1 -1.9 1.6 -3.0 3.6
383.5 61.6 98.4 138.6 215.0 513.6 162.2
542.1 105.5 141.1 181.9 269.3 697.7 218.3
31.4 25.1 29.6 37.1 38.4 33.4 34.8
2T15 3T15 4T15 2015 1T16 2T16 3T16
2,158.9 2,339.7 2,625.3 9,109.3 2,192.6 2,349.5 2,496.7

720.3 834.3 1,147.4 3,328.8 1,017.6 981.2 939.1
333.7 356.6 437.1 365.4 464.1 417.6 376.2
-378.3 -373.2 -525.1 -1,563.0 -471.8 -440.3 -416.1
-175.2 -159.5 -200.0 -171.6 -215.2 -187.4 -166.7
342.1 461.1 622.3 1,765.7 545.7 540.9 523.0
47.5 55.3 54.2 53.0 53.6 55.1 55.7
-165.4 -162.7 -268.2 -747.5 -224.3 -210.3 -207.7
-32.4 -37.6 -57.7 -158.3 -43.1 -54.3 -32.1
-186.3 -187.5 -282.4 -827.5 -246.7 -235.9 -218.1
-11.5 -12.8 -43.5 -78.3 -20.7 -28.7 -21.7
-197.8 -200.3 -325.9 -905.8 -267.4 -264.6 -239.8
-1.6 1.9 -4.0 -0.1 6.7 -1.8 -0.9
142.6 262.7 292.4 859.8 285.0 274.6 282.3
250.5 323.1 382.0 1,173.9 378.8 353.6 353.3
34.8 38.7 33.3 35.3 37.2 36.0 37.6
4T16 2016 1T17 2T17 3T17 4T17 2017
2,632.5 9,671.3 2,791.9 2,965.0 3,091.0 3,423.9 12,271.8

1,035.3 3,973.2 1,057.9 1,128.3 1,163.2 1,383.6 4,733.0
393.3 410.8 378.9 380.5 376.3 404.1 385.7
-470.4 -1,798.6 -463.9 -489.4 -515.2 -577.0 -2,045.6
-178.7 -186.0 -166.2 -165.1 -166.7 -168.5 -166.7
564.9 2,174.5 593.9 638.9 648.0 806.6 2,687.4
54.6 54.7 56.1 56.6 55.7 58.3 56.8
-224.3 -866.6 -255.7 -239.3 -260.6 -309.4 -1,065.0
-42.2 -171.7 -60.4 -60.5 -47.5 -96.6 -265.0
-237.8 -938.5 -282.6 -263.4 -280.3 -361.7 -1,187.9
-28.7 -99.8 -33.5 -36.4 -27.9 -44.3 -142.1
-266.5 -1,038.3 -316.1 -299.8 -308.1 -405.9 -1,330.0
5.6 9.6 8.1 -6.7 31.8 44.6 77.8
304.0 1,145.8 285.9 332.3 371.7 445.2 1,435.2
398.2 1,483.8 376.9 431.9 474.2 559.9 1,842.9
38.5 37.3 35.6 38.3 40.8 40.5 38.9
1T18 1T18 IFRS16 2T18 2T18 IFRS16 3T18 3T18 IFRS16 4T18
2,911.4 2,911.4 3,263.5 3,263.5 3,350.9 3,350.9 3,634.0

1,149.7 1,149.7 1,377.5 1,377.5 1,572.1 1,572.1 1,714.6
394.9 394.9 422.1 422.1 469.2 469.2 471.8
-488.4 -488.2 -571.9 -571.8 -718.7 -719.1 -781.1
-167.8 -167.7 -175.2 -175.2 -214.5 -214.6 -214.9
661.3 661.6 805.6 805.8 853.4 852.9 933.5
57.5 57.5 58.5 58.5 54.3 54.3 54.4
-261.9 -261.7 -283.3 -282.8 -313.0 -313.0 -331.4
-56.6 -56.8 -88.8 -89.0 -79.5 -79.3 -56.5
-282.5 -281.0 -336.8 -334.7 -350.9 -351.2 -338.9
-36.0 -37.5 -35.3 -37.2 -41.6 -41.1 -49.0
-318.5 -318.5 -372.1 -371.9 -392.5 -392.3 -387.9
4.2 4.2 11.1 11.1 3.3 3.3 1.4
347.0 347.2 444.7 445.0 464.2 463.9 547.0
445.1 446.8 548.0 550.2 584.7 584.0 712.3
38.7 38.9 39.8 39.9 37.2 37.1 41.5
4T18 IFRS16 2018 2018 IFRS16 1T19 2T19 3T19 4T19
3,634.0 13,159.8 13,159.8 3,175.9 3,448.7 3,445.1 3,789.7

1,714.6 5,813.9 5,813.9 1,462.1 1,685.8 1,656.9 1,953.2
471.8 441.8 441.8 460.4 488.8 480.9 515.4
-780.0 -2,560.2 -2,559.1 -643.3 -720.9 -726.2 -843.7
-214.6 -194.5 -194.5 -202.6 -209.0 -210.8 -222.6
934.6 3,253.8 3,254.8 818.8 964.9 930.7 1,109.5
0.5 56.0 56.0 56.0 57.2 56.2 56.8
-331.1 -1,189.5 -1,188.7 -286.2 -281.4 -316.1 -353.6
-57.1 -281.4 -282.3 -70.9 -66.4 -57.9 -61.5
-334.2 -1,309.0 -1,301.1 -322.5 -293.9 -323.3 -349.2
-54.0 -161.9 -169.9 -34.6 -53.8 -50.7 -65.9
-388.2 -1,470.9 -1,470.9 -357.1 -347.7 -374.0 -415.2
1.4 20.1 20.1 4.7 51.5 -3.4 32.9
547.8 1,802.9 1,803.9 466.4 668.7 553.3 727.2
718.1 2,290.0 2,299.1 578.1 811.1 688.1 884.6
41.9 39.4 39.5 39.5 48.1 41.5 45.3
2019 1T20 2T20 3T20 4T20 2020 1T21
13,859.5 2,748.1 2,089.7 3,105.2 3,508.2 11,451.2 3,024.7

6,757.9 1,424.4 1,387.4 2,064.8 2,442.6 7,319.3 2,159.5
487.6 518.3 663.9 664.9 696.3 639.2 714.0
-2,934.1 -678.4 -659.9 -901.4 -1,067.8 -3,307.5 -1,015.4
-211.7 -246.9 -315.8 -290.3 -304.4 -288.8 -335.7
3,823.9 746.1 727.6 1,163.3 1,374.8 4,011.8 1,144.1
56.6 52.4 52.4 56.3 56.3 54.8 53.0
-1,237.3 -304.9 -247.4 -368.1 -373.6 -1,293.9 -370.2
-256.7 -51.2 -75.7 -83.9 -94.1 -304.9 -110.4
-1,289.0 -315.7 -268.9 -364.0 -395.0 -1,343.6 -415.3
-205.0 -40.4 -54.2 -88.0 -72.6 -255.3 -65.2
-1,494.0 -356.1 -323.1 -452.0 -467.6 -1,598.9 -480.6
85.8 5.3 -18.4 -5.8 -4.6 -23.5 0.0
2,415,6 395.3 386.0 705.5 902.6 2,389.4 663.5
2,962.0 523.1 553.3 902.3 1,091.7 3,070.4 839.3
43.8 36.7 39.9 43.7 44.7 41.9 38.9
LAS
LAS
Volume (000 hl) 30,524.2 9,178.1 6,610.4
Receita líquida 2,673.4 795.0 592.8
ROL/hl 87.6 86.6 89.7
CPV -1,132.0 -318.1 -272.4
CPV/hl -37.1 -34.7 -41.2
Lucro bruto 1,541.4 476.8 320.3
Margem bruta (%) 57.7 60.0 54.0
Despesas comerciais -534.5 -143.7 -123.8
SG&A excl. deprec.&amort. -584.3 -150.6 -136.6
SG&A deprec.&amort. -67.0 -14.9 -13.7
SG&A total -651.3 -165.6 -150.3
Outras rec operacionais -31.8 10.9 0.1
Lucro operacional (EBIT ajustado) 858.4 322.2 170.2
EBITDA ajustado 1,076.6 375.7 224.1

LAS
3T08 4T08 2008 1T09 2T09 3T09 4T09
7,344.7 10,564.6 33,697.8 9,214.6 6,626.6 7,208.1 10,269.4

679.5 1,233.1 3,300.4 1,191.6 794.6 779.2 1,061.1
92.5 116.7 97.9 129.3 119.9 108.1 103.3
-310.9 -493.8 -1,395.3 -455.6 -333.0 -322.5 -379.6
-42.3 -46.7 -41.4 -49.4 -50.3 -44.7 -37.0
368.6 739.3 1,905.1 736.0 461.6 456.6 681.6
54.2 60.0 57.7 61.8 58.1 58.6 64.2
-133.2 -198.4 -599.1 -189.8 -153.3 -175.4 -182.7
-32.7 -47.2 -128.2 -30.7 -53.9 -30.3 -39.1
-151.6 -226.8 -665.7 -200.1 -188.2 -188.5 -205.1
-14.2 -18.8 -61.6 -20.5 -19.0 -17.2 -16.6
-165.8 -245.6 -727.3 -220.5 -207.1 -205.7 -221.8
-7.7 21.4 24.7 -12.0 10.6 -7.7 -5.5
195.1 515.1 1,202.5 503.4 265.0 243.3 454.3
249.3 588.1 1,437.2 585.2 341.1 312.0 518.0
36.7 47.7 43.5 49.1 42.9 40.0 48.8
2009 1T10 2T10 3T10 4T10 2010 1T11
33,318.7 9,193.4 6,771.5 7,356.8 10,532.7 33,854.3 9,533.6

3,826.5 1,044.1 723.9 852.2 1,237.0 3,857.3 1,158.9
114.8 113.6 106.9 115.8 117.4 113.9 121.6
-1,490.8 -381.4 -315.0 -355.5 -448.4 -1,500.3 -425.6
-44.7 -41.5 -46.5 -48.3 -42.6 -44.3 -44.6
2,335.8 662.7 408.9 496.8 788.6 2,357.0 733.4
61.0 63.5 56.5 58.3 63.8 61.1 63.3
-701.2 -183.4 -153.0 -175.1 -210.1 -721.5 -213.2
-153.9 -32.8 -28.9 -38.7 -39.5 -139.8 -35.0
-781.8 -198.6 -164.6 -195.5 -230.9 -789.7 -229.4
-73.3 -17.5 -17.2 -18.3 -18.6 -71.6 -18.8
-855.1 -216.2 -181.9 -213.8 -249.5 -861.3 -248.2
-14.7 -7.8 3.2 -5.0 -4.3 -13.9 -4.5
1,466.0 438.7 230.3 278.0 534.8 1,481.7 480.7
1,756.2 506.7 300.2 349.4 607.7 1,764.0 551.9
45.9 48.5 41.5 41.0 49.1 45.7 47.6
2T11 3T11 4T11 2011 1T12 2T12 3T12
6,760.2 7,522.6 10,748.4 34,564.7 10,945.3 7,611.3 8,192.2

824.5 939.7 1,565.7 4,488.9 1,540.8 1,165.2 1,418.6
122.0 124.9 145.7 129.9 140.8 153.1 173.2
-357.7 -387.1 -570.4 -1,740.8 -590.7 -520.4 -579.5
-52.9 -51.5 -53.1 -50.4 -54.0 -68.4 -70.7
466.8 552.7 995.4 2,748.1 950.2 644.8 839.1
56.6 58.8 63.6 61.2 61.7 55.3 59.1
-170.3 -195.4 -249.9 -828.7 -293.5 -271.0 -315.4
-32.4 -31.5 -50.7 -149.5 -46.2 -49.7 -62.3
-183.6 -207.9 -278.8 -899.7 -315.2 -298.7 -346.9
-19.1 -19.0 -21.7 -78.6 -24.6 -22.1 -30.8
-202.6 -226.9 -300.6 -978.3 -339.7 -320.8 -377.7
-2.4 -2.0 11.0 2.0 -8.0 -4.9 8.5
261.7 323.8 705.7 1,771.9 602.4 319.1 469.9
328.1 393.0 786.2 2,059.3 684.6 408.7 559.3
39.8 41.8 50.2 45.9 44.4 35.1 39.4
4T12 2012 1T13 2T13 3T13 4T13 2013
11,347.7 38,096.5 9,825.5 7,547.4 8,167.1 11,377.6 36,917.7

2,126.2 6,250.7 1,745.3 1,337.5 1,627.1 2,341.8 7,051.7
187.4 164.1 177.6 177.2 199.2 205.8 191.0
-759.1 -2,449.7 -636.0 -585.3 -656.0 -727.7 -2,605.0
-66.9 -64.3 -64.7 -77.6 -80.3 -64.0 -70.6
1,367.1 3,801.1 1,109.3 752.2 971.1 1,614.1 4,446.7
64.3 60.8 63.6 56.2 59.7 68.9 63.1
-352.3 -1,232.2 -358.6 -312.5 -343.4 -399.2 -1,413.7
-62.6 -220.9 -49.8 -69.9 -64.1 -74.1 -257.9
-394.7 -1,355.4 -383.6 -358.2 -374.8 -451.7 -1,568.4
-20.2 -97.7 -24.7 -24.2 -32.7 -21.6 -103.2
-414.9 -1,453.1 -408.3 -382.5 -407.5 -473.3 -1,671.6
11.8 7.4 -8.6 -11.5 -0.5 8.3 -12.3
964.0 2,355.5 692.4 358.2 563.1 1,149.1 2,762.8
1,074.3 2,727.0 784.9 456.6 674.8 1,234.1 3,150.4
50.5 43.6 45.0 34.1 41.5 52.7 44.7
1T14 2T14 3T14 4T14 2014 1T15 2T15
10,210.4 7,213.7 8,355.3 11,047.0 36,826.4 10,068.2 7,729.1

1,874.1 1,152.6 1,497.1 2,432.0 6,955.7 2,629.2 2,153.2
183.5 159.8 179.2 220.1 188.9 261.1 278.6
-658.0 -520.0 -564.3 -864.9 -2,607.3 -949.5 -927.1
-64.4 -72.1 -67.5 -78.3 -70.8 -94.3 -120.0
1,216.0 632.5 932.7 1,567.0 4,348.4 1,679.7 1,226.1
64.9 54.9 62.3 64.4 62.5 63.9 56.9
-384.1 -320.8 -306.5 -410.3 -1,421.8 -510.8 -496.4
-66.1 -54.2 -46.8 -87.5 -254.6 -90.8 -124.6
-421.9 -343.6 -321.6 -450.1 -1,537.1 -551.9 -561.9
-28.4 -31.5 -31.7 -47.6 -139.3 -49.7 -59.0
-450.3 -375.1 -353.3 -497.8 -1,676.4 -601.6 -620.9
-13.9 -1.0 -12.8 39.3 11.6 -15.4 13.3
751.8 256.5 566.7 1,108.6 2,683.6 1,062.7 618.5
847.7 354.9 661.7 1,234.3 3,098.7 1,192.6 768.0
45.2 30.8 44.2 50.8 44.5 45.4 35.7
3T15 4T15 2015 1T16 2T16 3T16 4T16
7,816.9 10,300.3 35,914.5 9,017.0 6,201.8 7,705.3 10,010.4

2,435.4 4,037.7 11,255.6 2,973.9 1,813.4 2,272.8 3,152.9
311.6 392.0 313.4 329.8 292.4 295.0 315.0
-953.9 -1,476.3 -4,306.8 -1,044.3 -728.1 -850.9 -1,062.1
-122.0 -143.3 -119.9 -115.8 -117.4 -110.4 -106.1
1,481.4 2,561.5 6,948.8 1,929.6 1,085.4 1,421.8 2,090.8
60.8 63.4 61.7 64.9 59.9 62.6 66.3
-528.1 -807.1 -2,342.4 -637.4 -484.4 -515.3 -660.0
-76.9 -135.8 -428.0 -102.1 -98.0 -98.6 -101.6
-541.9 -863.4 -2,519.2 -669.2 -511.6 -549.5 -695.5
-63.1 -79.4 -251.2 -70.3 -70.8 -64.4 -66.1
-605.0 -942.9 -2,770.4 -739.5 -582.4 -613.9 -761.5
27.0 35.4 60.3 -27.7 -15.7 7.1 -2.7
903.4 1,654.0 4,238.7 1,162.3 487.3 815.0 1,326.5
1,062.3 1,854.9 4,877.8 1,335.7 664.9 973.6 1,527.5
43.6 45.9 43.3 44.9 36.7 42.8 48.4
2016 1T17 2T17 3T17 4T17 2017 1T18
32,934.5 9,089.5 6,729.8 7,810.7 10,431.9 34,062.0 9,609.5

10,212.9 2,764.0 2,086.0 2,434.8 3,484.9 10,769.7 3,091.5
310.1 304.1 310.0 311.7 334.1 316.2 321.7
-3,685.4 -1,059.9 -861.2 -959.7 -1,241.7 -4,122.6 -1,168.9
-111.9 -116.6 -128.0 -122.9 -119.0 -121.0 -121.6
6,527.5 1,704.1 1,224.8 1,475.1 2,243.1 6,647.2 1,922.7
63.9 61.7 58.7 60.6 64.4 61.7 62.2
-2,297.2 -560.9 -486.8 -463.2 -588.3 -2,099.2 -624.1
-400.2 -97.4 -103.3 -88.4 -95.4 -384.5 -122.0
-2,425.8 -598.0 -527.5 -498.7 -623.6 -2,247.7 -683.5
-271.6 -60.4 -62.6 -52.9 -60.1 -236.0 -62.6
-2,697.4 -658.3 -590.1 -551.6 -683.7 -2,483.7 -746.1
-39.0 1.4 6.9 6.4 26.5 41.2 -13.4
3,791.1 1,047.2 641.6 929.9 1,585.9 4,204.6 1,163.2
4,501.7 1,203.4 806.7 1,101.8 1,754.8 4,866.7 1,333.0
44.1 43.5 38.7 45.3 50.4 45.2 43.1
9,609.5 7,051.9 7,051.9 7,444.0 7,444.0 9,865.9 9,865.9

3,091.5 2,388.5 2,388.5 1,290.1 1,290.1 3,983.7 3,983.7
321.7 338.7 338.7 173.3 173.3 403.8 403.8
-1,167.2 -944.9 -943.2 -687.5 -685.3 -1,468.4 -1,466.0
-121.5 -134.0 -133.7 -92.4 -92.1 -148.8 -148.6
1,924.3 1,443.6 1,445.3 602.6 604.9 2,515.4 2,517.7
62.2 60.4 60.5 46.7 46.9 63.1 63.2
-623.2 -561.8 -560.3 -311.4 -310.5 -669.6 -668.1
-123.2 -104.4 -106.2 -49.6 -51.7 -134.8 -137.1
-682.0 -600.7 -598.4 -248.7 -247.3 -725.6 -723.4
-64.4 -65.5 -68.1 -112.4 -114.9 -78.8 -81.9
-746.4 -666.2 -666.5 -361.0 -362.2 -804.4 -805.3
-13.4 -23.5 -23.5 -12.4 -12.4 24.6 24.6
1,164.5 753.9 755.4 229.2 230.3 1,735.6 1,737.1
1,336.2 940.9 945.0 572.5 576.1 2,047.3 2,051.8
43.2 39.4 39.6 44.4 44.7 51.4 51.5
2018 2018 IFRS16 1T19 2T19 3T19 4T19 2019
33,971.2 33,971.2 8,772.5 6,449.7 7,891.9 9,877.1 32,991.1

10,753.9 10,753.9 2,670.2 2,140.0 1,971.4 3,247.2 10,028.7
316.6 316.6 304.4 331.8 249.8 328.8 304.0
-4,269.7 -4,261.7 -953.6 -886.0 -897.7 -1,260.6 -3,998.0
-125.5 -125.5 -108.7 -137.4 -113.8 -127.6 -121.2
6,484.2 6,492.2 1,716.6 1,253.9 1,073.7 1,986.6 6,030.7
60.3 60.4 64.3 58.6 54.5 61.2 60.1
-2,166.9 -2,162.1 -556.4 -525.1 -420.0 -610.3 -2,111.7
-410.8 -418.2 -120.4 -114.5 -72.7 -121.1 -428.8
-2,258.4 -2,251.0 -604.5 -563.3 -444.4 -652.3 -2,264.5
-319.3 -329.3 -72.2 -76.4 -48.3 -79.1 -276.0
-2,577.7 -2,580.4 -676.8 -639.7 -492.7 -731.4 -2,540.5
-24.6 -24.6 0.0 -27.3 -5.3 14.6 -18.0
3,881.9 3,887.2 1,039.8 586.9 575.7 1,269.8 3,472.2
4,893.7 4,909.1 1,271.7 841.3 752.5 1,524.3 4,389.8
45.5 45.6 47.6 39.3 38.2 46.9 43.8
1T20 2T20 3T20 4T20 2020 1T21
9,333.9 5,383.3 7,858.6 10,486.7 33,062.4 10,503.1

3,120.2 1,863.6 2,956.5 3,620.5 11,560.8 4,192.5
334.3 346.2 376.2 345.2 349.7 399.2
-1,414.6 -1,119.7 -1,569.9 -1,833.3 -5,937.4 -2,103.7
-151.6 -208.0 -199.8 -174.8 -179.6 -200.3
1,705.6 744.0 1,386.6 1,787.2 5,623.3 2,088.8
54.7 39.9 46.9 49.4 48.6 49.8
-689.6 -577.1 -696.4 -695.3 -2,658.4 -795.7
-120.8 -130.0 -134.3 -189.8 -574.9 -201.6
-731.6 -621.7 -740.2 -813.9 -2,907.4 -915.9
-78.8 -85.4 -90.5 -71.2 -325.9 -81.3
-810.4 -707.1 -830.7 -885.1 -3,233.3 -997.2
16.7 -42.2 -40.0 -94.3 -159.9 -4.7
911.8 -5.4 515.9 807.8 2,230.2 1,086.9
1,169.0 276.7 803.6 1,079.1 3,328.3 1,370.8
37.5 14.8 27.2 29.8 28.8 32.7
Canad
CANADA
Volume ('000 hl) 11,506.6 2,232.8 3,296.6
Receita líquida 3,830.7 743.5 1,032.7
ROL/hl 332.9 333.0 313.3
CPV -1,160.8 -245.9 -315.2
CPV/hl -100.9 -110.1 -95.6
Lucro bruto 2,669.9 497.6 717.5
Margem bruta (%) 69.7 66.9 69.5
SG&A deprec.&amort. -49.6 -11.1 -22.2
SG&A total -1,351.7 -304.8 -342.5
Outras rec operacionais 15.0 -4.3 2.9
Lucro operacional (EBIT ajustado) 1,333.2 188.5 377.8
EBITDA ajustado 1,538.2 228.6 433.4
1 - ¹As informações constantes do presente documento referentes a todos

os períodos até o 3o trimestre de 2012, inclusive, referem-se à Companhia
de Bebidas das Américas - Ambev; já as informações constantes do
presente documento referentes aos períodos a partir do 4o trimestre de
2012, inclusive, referem-se à Ambev S.A.
Canadá
3T08 4T08 2008 1T09 2T09 3T09 4T09
3,324.1 2,893.5 11,747.0 2,172.2 3,371.1 3,334.1 2,730.2

967.0 997.7 3,740.9 809.5 1,208.6 1,115.1 820.1
290.9 344.8 318.5 372.7 358.5 334.5 300.4
-319.2 -339.8 -1,220.2 -287.3 -386.1 -380.9 -286.1
-96.0 -117.5 -103.9 -132.3 -114.5 -114.2 -104.8
647.8 657.8 2,520.7 522.2 822.4 734.3 534.0
67.0 65.9 67.4 64.5 68.0 65.8 65.1
-275.4 -285.4 -1,119.5 -274.8 -278.3 -318.5 -247.0
-30.2 -32.2 -151.1 -45.4 -52.6 -40.9 -51.2
-293.7 -299.9 -1,207.7 -307.0 -317.5 -347.6 -283.4
-11.9 -17.7 -62.9 -13.3 -13.4 -11.8 -14.9
-305.7 -317.6 -1,270.6 -320.3 -330.9 -359.4 -298.2
24.0 0.6 23.2 2.8 0.7 0.1 0.8
366.1 340.8 1,273.3 204.7 492.3 375.0 236.6
412.1 406.8 1,480.9 255.4 545.7 418.7 305.2
42.6 40.8 39.6 31.6 45.2 37.5 37.2
2009 1T10 2T10 3T10 4T10 2010 1T11
11,607.5 2,306.1 3,186.7 3,152.7 2,586.2 11,231.6 2,144.5

3,953.3 743.5 1,089.0 1,015.4 817.6 3,665.6 684.0
340.6 322.4 341.7 322.1 316.1 326.4 319.0
-1,340.4 -261.2 -331.5 -314.2 -248.0 -1,154.9 -219.2
-115.5 -113.3 -104.0 -99.6 -95.9 -102.8 -102.2
2,612.9 482.3 757.5 701.3 569.6 2,510.7 464.9
66.1 64.9 69.9 69.1 69.7 68.5 68.0
-1,118.6 -257.3 -303.6 -282.9 -218.7 -1,062.5 -241.7
-190.2 -44.4 -37.9 -28.9 -17.3 -128.5 -39.3
-1,255.4 -288.4 -323.0 -298.2 -232.4 -1,141.9 -271.1
-53.3 -13.4 -18.5 -13.6 -3.6 -49.0 -9.9
-1,308.8 -301.7 -341.5 -311.7 -236.0 -1,190.9 -281.0
4.4 -0.7 1.9 0.0 0.4 1.5 2.2
1,308.6 179.8 417.9 389.6 334.0 1,321.3 186.1
1,525.0 224.5 463.0 445.1 375.4 1,508.1 224.4
38.6 30.2 42.5 43.8 45.9 41.1 32.8
2T11 3T11 4T11 2011 1T12 2T12 3T12
2,917.0 2,810.9 2,266.9 10,139.3 1,874.4 2,632.2 2,664.2

982.8 959.5 879.1 3,505.4 729.0 1,100.3 1,170.1
336.9 341.4 387.8 345.7 388.9 418.0 439.2
-292.7 -275.8 -258.7 -1,046.4 -206.9 -303.9 -332.2
-100.3 -98.1 -114.1 -103.2 -110.4 -115.4 -124.7
690.1 683.7 620.4 2,459.1 522.1 796.4 837.9
70.2 71.3 70.6 70.2 71.6 72.4 71.6
-293.3 -259.4 -263.9 -1,058.3 -269.4 -343.6 -311.5
-27.2 -27.6 -24.0 -118.1 -32.5 -40.3 -31.7
-311.2 -277.6 -275.9 -1,135.8 -291.8 -373.3 -330.3
-9.4 -9.4 -12.1 -40.7 -10.2 -10.6 -13.0
-320.6 -287.0 -287.9 -1,176.5 -302.0 -383.9 -343.2
4.3 1.5 1.3 9.3 0.2 4.4 0.7
373.8 398.1 333.8 1,291.8 220.3 416.9 495.4
414.6 439.0 377.4 1,455.4 247.7 450.6 533.8
42.2 45.7 42.9 41.5 34.0 40.9 45.6
4T12 2012 1T13 2T13 3T13 4T13 2013
2,190.0 9,360.7 1,819.0 2,531.1 2,604.4 2,180.8 9,135.2

1,031.4 4,030.8 802.2 1,132.7 1,249.1 1,076.1 4,260.1
471.0 430.6 441.0 447.5 479.6 493.4 466.3
-301.4 -1,144.4 -237.6 -326.3 -358.1 -318.3 -1,240.3
-137.6 -122.3 -130.6 -128.9 -137.5 -146.0 -135.8
730.0 2,886.4 564.6 806.4 891.0 757.8 3,019.8
70.8 71.6 70.4 71.2 71.3 70.4 70.9
-295.0 -1,219.6 -304.6 -318.5 -332.4 -278.0 -1,233.6
-38.7 -143.2 -47.1 -36.9 -26.5 -67.7 -177.4
-319.4 -1,314.8 -340.0 -343.5 -345.2 -328.1 -1,356.1
-14.2 -48.0 -11.7 -11.9 -13.7 -17.6 -54.9
-333.7 -1,362.8 -351.7 -355.4 -359.0 -345.7 -1,411.0
10.7 15.9 0.3 -0.5 5.5 0.6 5.9
407.0 1,539.6 213.3 450.5 537.5 412.6 1,614.8
451.8 1,683.8 246.3 487.2 582.0 473.5 1,789.9
43.8 41.8 30.7 43.0 46.6 44.0 42.0
1T14 2T14 3T14 4T14 2014 1T15 2T15
1,794.9 2,710.4 2,735.6 2,280.0 9,520.9 1,832.7 2,754.5

862.5 1,289.0 1,310.3 1,191.7 4,653.4 994.4 1,577.9
480.5 475.6 479.0 522.7 488.8 542.6 572.8
-263.1 -390.6 -394.6 -351.4 -1,399.8 -304.9 -515.2
-146.6 -144.1 -144.3 -154.1 -147.0 -166.4 -187.0
599.4 898.4 915.6 840.3 3,253.7 689.5 1,062.8
69.5 69.7 69.9 70.5 69.9 69.3 67.4
-373.9 -393.9 -363.9 -351.2 -1,482.9 -416.3 -493.8
-47.7 -50.5 -21.4 -46.9 -166.6 -60.9 -59.9
-413.7 -435.6 -375.8 -386.8 -1,611.9 -465.7 -539.6
-8.0 -8.8 -9.5 -11.3 -37.6 -11.5 -14.2
-421.7 -444.4 -385.3 -398.0 -1,649.5 -477.2 -553.8
-1.5 -0.6 0.7 -3.1 -3.4 1.7 0.4
176.1 454.5 531.1 439.1 1,600.8 214.1 509.3
210.7 491.9 568.2 483.7 1,754.5 253.3 559.2
24.4 38.2 43.4 40.6 37.7 25.5 35.4
3T15 4T15 2015 1T16 2T16 3T16 4T16
2,767.4 2,345.6 9,700.3 1,939.6 2,994.6 2,948.3 2,372.0

1,587.0 1,650.3 5,809.7 1,315.6 2,030.0 1,769.4 1,346.9
573.5 703.5 598.9 678.3 677.9 600.1 567.8
-466.4 -546.8 -1,833.3 -431.2 -662.1 -586.2 -442.6
-168.5 -233.1 -189.0 -222.3 -221.1 -198.8 -186.6
1,120.7 1,103.4 3,976.4 884.4 1,367.9 1,183.2 904.3
70.6 66.9 68.4 67.2 67.4 66.9 67.1
-448.8 -503.0 -1,861.9 -515.1 -641.7 -495.3 -424.8
-53.9 -78.7 -253.5 -82.9 -70.2 -87.2 -39.3
-488.3 -567.2 -2,060.8 -579.4 -692.3 -564.1 -453.4
-14.4 -14.5 -54.6 -18.6 -19.6 -18.3 -10.7
-502.7 -581.6 -2,115.4 -598.0 -711.9 -582.5 -464.1
0.6 1.5 4.2 -6.5 -5.7 -4.6 -4.8
618.5 523.3 1,865.2 279.9 650.3 596.1 435.4
658.5 586.2 2,057.3 328.6 708.8 647.9 491.1
41.5 35.5 35.4 25.0 34.9 36.6 36.5
2016 1T17 2T17 3T17 4T17 2017 1T18
10,254.5 1,929.2 2,986.5 2,864.2 2,355.8 10,135.7 1,920.6

6,461.9 1,125.8 1,728.6 1,731.2 1,458.0 6,043.5 1,218.5
630.2 583.5 578.8 604.4 618.9 596.3 634.5
-2,122.1 -334.8 -555.7 -610.5 -483.2 -1,984.2 -454.1
-206.9 -173.6 -186.1 -213.2 -205.1 -195.8 -236.4
4,339.7 790.9 1,172.9 1,120.6 974.9 4,059.4 764.5
67.2 70.3 67.9 64.7 66.9 67.2 62.7
-2,076.9 -414.9 -557.2 -544.1 -450.8 -1,967.0 -474.3
-279.6 -81.6 -58.2 -59.4 -86.0 -285.2 -65.5
-2,289.3 -498.0 -597.4 -569.8 -508.2 -2,173.5 -520.7
-67.2 1.5 -18.0 -33.7 -28.6 -78.7 -19.0
-2,356.4 -496.5 -615.4 -603.5 -536.8 -2,252.2 -539.8
-21.6 1.2 1.3 1.8 1.5 5.6 -6.5
1,961.7 295.6 558.8 518.9 439.6 1,812.8 218.2
2,176.4 320.8 617.6 598.8 510.0 2,047.1 275.0
33.7 28.5 35.7 34.6 35.0 33.9 22.6
1,920.6 2,904.8 2,904.8 2,846.9 2,846.9 2,270.6 2,270.6

1,218.5 1,920.8 1,920.8 2,040.8 2,040.8 1,669.2 1,669.2
634.5 661.2 661.2 716.8 716.8 735.1 735.1
-453.6 -674.8 -674.3 -701.9 -701.4 -584.3 -584.5
-236.2 -232.3 -232.1 -246.5 -246.4 -257.3 -257.4
764.9 1,246.0 1,246.5 1,338.9 1,339.4 1,084.9 1,084.7
62.8 64.9 64.9 65.6 65.6 65.0 65.0
-469.9 -582.1 -577.4 -657.9 -652.6 -540.4 -553.9
-69.8 -68.7 -73.2 -94.7 -99.6 -31.6 -16.9
-514.2 -631.3 -624.5 -703.3 -695.8 -580.4 -572.2
-25.4 -19.5 -26.1 -49.3 -56.4 8.4 1.3
-539.6 -650.8 -650.6 -752.6 -752.2 -572.0 -570.8
-6.5 -5.1 -5.1 5.8 5.8 -7.3 -7.3
218.8 590.2 590.8 592.1 593.0 505.7 506.6
282.0 649.5 656.8 652.3 660.3 575.1 583.1
23.1 33.8 34.2 32.0 32.4 34.5 34.9
2018 2018 IFRS16 1T19 2T19 3T19 4T19 2019
9,942.9 9,942.9 1,838.9 2,807.2 2,702.5 2,237.1 9,585.7

6,849.3 6,849.3 1,293.5 2,043.2 1,988.8 1,763.1 7,088.6
688.9 688.9 703.4 727.8 735.9 788.1 739.5
-2,415.0 -2,413.8 -453.2 -745.0 -781.8 -669.8 -2,649.8
-242.9 -242.8 -246.4 -265.4 -289.3 -299.4 -276.4
4,434.3 4,435.5 840.3 1,298.2 1,207.0 1,093.3 4,438.8
64.7 64.8 65.0 63.5 60.7 62.0 62.6
-2,254.6 -2,253.8 -470.5 -633.3 -667.0 -588.7 -2,359.6
-260.4 -259.5 -88.0 -80.3 -84.0 -95.5 -347.7
-2,435.7 -2,406.6 -529.6 -682.9 -706.2 -631.7 -2,550.5
-79.3 -106.6 -28.8 -30.7 -44.8 -52.5 -156.8
-2,515.1 -2,513.3 -558.5 -713.6 -751.0 -684.2 -2,707.3
-13.1 -13.1 -6.9 -13.5 -5.7 9.9 -16.1
1,906.2 1,909.1 274.9 571.2 450.2 419.0 1,715.4
2,152.0 2,182.3 329.0 645.7 565.3 517.4 2,057.40
31.4 31.9 25.4 31.6 28.4 29.3 29.0
1T20 2T20 3T20 4T20 2020 1T21
1,918.1 2,889.4 2,965.5 2,225.9 9,998.9 1,971.4

1,532.8 2,509.6 2,898.7 2,361.3 9,302.4 2,062.4
799.2 868.5 977.5 1,060.8 930.3 1,046.2
-600.1 -1,041.1 -1,129.1 -938.0 -3,708.3 -844.7
-312.9 -360.3 -380.7 -421.4 -370.9 -428.5
932.7 1,468.5 1,769.7 1,423.3 5,594.2 1,217.8
60.8 58.5 61.0 60.3 60.1 59.0
-566.7 -678.2 -921.0 -815.4 -2,981.3 -630.2
-86.8 -97.7 -119.8 -134.7 -439.0 -132.8
-611.0 -723.7 -981.7 -885.2 -3,201.6 -704.0
-42.4 -52.3 -59.1 -64.9 -218.7 -59.0
-653.4 -776.0 -1,040.8 -950.2 -3,420.4 -763.0
-13.2 -15.3 -14.6 18.7 -24.4 -9.0
266.1 677.2 714.2 491.8 2,149.4 445.8
362.40 790.80 840.36 629.43 2,622.98 558.13
23.6 31.5 29.0 26.7 28.2 27.1

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Volume ('000 hl) 142.916,5

1T08 2T08 3T08 4T08 2008 1T09 2T09

35.784,8 32.777,1 34.445,1 43.955,7 146.962,8 37.268,2 34.076,5

36.345,1 47.032,6 154.722,3 40.926,6 36.896,0 39.281,2 48.038,7

165.142,5 40.796,6 36.181,7 39.920,2 48.145,5 165.043,9 42.230,4

37.378,5 40.530,2 49.700,3 169.839,4 40.218,0 37.303,1 39.620,5

49.326,7 166.468,3 42.984,4 39.310,6 39.898,4 49.572,0 171.765,7

43.181,0 37.960,0 39.988,4 47.948,9 169.078,2 39.957,3 35.667,8

38.838,2 45.358,4 159.821,6 41.305,1 35.660,3 38.433,5 47.430,5

162.829,4 38.915,5 38.915,5 36.551,1 36,551.1 37,494.5 37,494.5

45,775.8 45,755.8 158,716.9 158,716.9 41,296.4 36,865.2 37,785.7

47,295.7 163,243.0 39,011.5 33,465.6 42,378.8 50,942.0 165,797.9

2.308,2 3.298,9 4.265,5 4.278,4 3.890,5 4.042,9 4.042,9

240,6 317,4 377,9 274,6 251,8 246,9 246,9

5.131,1 6.147,5 5.096,6 5.580,9 6.080,5 6.279,9 6.279,9

6.105,2 6.602,0 6.602,0 6.812,7 6.832,1 6.832,1 6.832,1

até o 3o trimestre de 2012, inclusive, referem-se à Companhia

5.573,9 5.950,6 7.887,1 5.909,3 5.909,3 4.641,6 5.251,3

271,4 269,6 254,0 208,7 208,7 205,3 197,9

6.429,2 6.213,4 8.120,9 7.142,9 7.142,9 6.607,4 7.587,4

6.832,1 7.367,4 7.613,8 7.613,8 7.613,8 7.634,3 7.770,6

5.958,9 8.076,2 8.076,2 6.711,5 4.891,1 4.531,2 8.974,2

204,7 242,1 242,1 241,1 277,6 248,4 249,4

10.339,8 11.288,0 11.288,0 9.507,3 9.106,4 10.477,0 13.579,3

8.299,1 8.303,9 8.303,9 8.321,4 11.743,1 12.177,0 249,1

8.974,2 3.665,3 4.435,8 4.787,9 11.538,2 11.538,2 7.296,2

249,4 239,5 246,7 242,6 63,8 63,8 72,8

13.579,3 8.411,5 8.282,4 8.800,6 15.270,0 15.270,0 13.882,0

249,1 12.730,5 12.742,0 12.742,0 57.000,8 57.000,8 57.026,7

6.273,9 5.748,1 9.722,1 9.722,1 6.974,6 6,899.8 9,680.9

70,3 75,6 68,0 68,0 84,4 95.2 226.3

12.071,5 12.732,4 19.958,0 19.958,0 19.239,2 18,218.0 9,842.1

57.131,3 57.508,8 57.582,4 57.582,4 57.614,1 57,614.1 57,614.1

13,620.2 13,620.2 6,007.3 5,729.7 7,285.2 7,876.8 7,876.8

118.6 118.6 74.4 87.8 95.9 104.3 104.3

11,833.7 11,833.7 9,864.6 8,094.5 8,728.9 10,868.8 10,868.8

57,614.1 57,614.1 57,614.2 57,614.1 57,614.1 57,614.2 57,614.2

7,230.3 8,757.3 8,340.7 10,354.5 10,354.5 7,953.5 10,620.0

112.8 94.5 104.8 122.0 122.0 143.5 144.7

9,863.0 9,123.5 9,300.4 11,853.9 11,853.9 11,000.9 11,161.2

57,614.1 57,614.1 57,614.1 57,614.1 57,614.1 57,710.2 57,710.2

12,227.7 11,463.5 11,463.5 11,463.5 11,463.5 12,822.5 14,233.4

164.2 147.3 147.3 147.3 147.3 162.3 157.6

12,036.7 14,050.0 14,050.0 14,050.0 14,050.0 13,322.9 12,477.7

57,710.2 57,710.2 57,710.2 57,710.2 57,710.2 57,798.8 57,801.0

15,016.9 11,900.6 11,900.6 13,204.5 17,439.0 21,660.5 17,090.3

166.1 163.6 163.6 200.9 200.2 188.7 213.9

12,394.4 15,069.6 15,069.6 16,321.1 14,839.5 16,146.0 19,339.2

57,866.8 57,866.8 57,866.8 57,899.1 57,899.1 57,899.1 57,899.1

2007 1T08 2T08 3T08 4T08 2008

5.068,9 1.219,8 1.060,6 1.175,1 1.735,5 5.190,9

1.612,6 1.391,9 1.219,3 1.764,4 5.988,3 1.650,9

1.527,9 1.827,7 2.612,8 7.619,2 2.106,0 1.845,7

1.703,8 3.064,2 8.719,8 2.334,5 1.929,1 2.501,7

3.655,3 10.420,6 2.373,2 1.911,3 2.350,0 4.764,9

11.399,4 2.596,8 2.215,6 2,890.5 4,659.1 12,362.0

2,962.8 2,590.8 3,066.9 4,258.5 12,879.1 2,894.0

2,172.5 3,183.2 4,833.7 13,083.4 2,289.8 2,124.8

136.5 3,299.3 7,850.5 2,597.6 2,587.6 2,424.2

2,411.0 2,892.1 2,885.4 3,463.7 3,463.7 11,377.4 11,377.4

2,749.1 2,615.9 2,604.4 4,219.0 12,188.3 1,211.3