Avaliação Pelo FCFF Ambev - Turma 5 (1o Sem 2023) v.2 (Versão Finalizada)

Ambev S/A ON
Em R$ Real em milhares
Não Consolidado 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010

DIVERSOS
Metodo Contabil L.S. L.S. L.S. L.S. L.S. IFRS
Link notas explicativas not copied not copied not copied not copied not copied not copied
ATIVO
Ativo total 30,425,784 32,160,931 30,561,464 32,784,076 34,080,592 37,814,986
Ativo Circulante 2,258,564 3,468,682 4,101,146 4,205,066 6,754,538 5,645,471
Caixa e equivalentes de caixa - - - - - 1,617,743
Aplicacoes financeiras - - - - - 1,067,480
Apl fin avali vlr jus CP - - - - - 1,067,480
Aplicacoes financeiras avaliadas a valor justo atraves do resultado CP
- - - - - -
Titulos para negociacao CP - - - - - -
Titulos designados a valor justo CP - - - - - -
Outros - - - - - -
Aplicacoes financeiras avaliadas a valor justo atraves de outros resultados abrangentes CP
- - - - - -
Apl fi aval custo amo CP - - - - - 0
Contas a receber CP - - - - - 1,013,918
Clientes CP 705,144 848,649 952,821 746,801 800,797 838,900
Outras contas a receb CP - - - - - 175,018
Estoques 557,503 589,895 604,930 718,983 717,918 960,644
Ativos Biologicos CP - - - - - 0
Impostos a Recuperar - - - - - 306,965
Tributos cor a recuperar - - - - - 306,965
Despesas pagas antecip - - - - - 443,529
Outros ativos circulante - - - - - 235,192
Atvs naocor mant p/venda - - - - - 0
Operacoes Descon CP - - - - - 49,443
Outros Ativos - - - - - 185,749
Ativo nao circulante 28,167,220 28,692,249 26,460,318 28,579,010 27,326,054 32,169,515
Realizavel LP 2,899,530 4,512,113 3,995,788 3,199,503 2,509,797 2,571,881
Aplicacao financeira avaliada a valor justo LP - - - - - 20,337
Aplicacoes financeiras avaliadas a valor justo atraves do resultado LP
- - - - - -
Titulos designados a valor justo LP - - - - - -
Outros - - - - - -
Aplicacoes financeiras avaliadas a valor justo atraves de outros resultados abrangentes LP
- - - - - -
Aplicacao financeira avaliada a custo amortizado LP - - - - - 0
Contas a receber LP - - - - - 0
Clientes LP - - - - - 0
Out contas a cobrar LP - - - - - 0
Estoques LP - - - - - 0
Ativos Biologicos LP - - - - - 0
Impostos Diferidos - - - - - 1,740,737
IR e contr social difer - - - - - 588,088
Outros - - - - - 1,152,649
Despesas antecipadas - - - - - 0
A receb de partes relaci - - - - - 17,734
de Coligadas 0 0 0 0 0 0
de Controladas 857,833 864,572 940,278 303,913 270,734 17,734
Creditos com controlador - - - - - 0
A rec de outr part relac - - - - - 0
Outros ativos nao circul - - - - - 793,073
Atv ncor mant p/venda LP - - - - - 0
Operacoes Descontin LP - - - - - 0
Outros - - - - - 793,073
Investimentos - - - - - 25,870,257
Inv em subsid e outros 19,645,477 21,215,193 17,352,029 20,025,098 19,391,497 25,870,257
Investim em coligadas - - - - - 0
Investim em controladas - - - - - 25,870,257
Inves em control em conj - - - - - 0
Outr invest em empr rela - - - - - 0
Propriedades p/ investim - - - - - 0
Imobilizado 2,474,173 2,611,563 2,606,875 2,623,891 2,717,929 3,185,886
Em operacao - - - - - 2,389,548
Arrendado - - - - - 0
Imobilizacoes em Curso - - - - - 796,338
Intangiveis liquido - - - - - 541,491
Intangiveis - - - - - 541,491
Contrato de concessao LP - - - - - 0
Outros - - - - - 541,491
Goodwill - - - - - 0
PASSIVO
Passivo e patrimonio liq 30,425,784 32,160,931 30,561,464 32,784,076 34,080,592 37,814,986
Passivo Circulante 4,578,626 6,273,967 5,711,760 8,890,575 8,221,257 6,237,891
Obrig sociais e trabalh - - - - - 237,600
Obrigacoes sociais - - - - - 224,626
Obrigac trabalhistas CP - - - - - 12,974
Fornecedores CP 471,860 620,389 1,083,649 1,026,827 1,418,386 2,459,874
Nacionais - - - - - 2,404,728
Estrangeiros - - - - - 55,146
Impostos a pagar - - - - - 890,274
Federais - - - - - 221,193
IR e contrib social a pg - - - - - 15,832
Outros - - - - - 205,361
Estaduais - - - - - 664,889
Municipais - - - - - 4,192
Total empres e financ CP 790,030 1,305,722 1,256,637 3,224,061 426,661 1,346,965
Financiamento CP 790,030 1,239,773 1,201,169 2,337,551 400,363 1,346,965
Financ moeda nacion CP - - - - - 438,587
Financ moeda estrg CP - - - - - 908,378
Debentures CP 0 65,949 55,468 886,510 26,298 0
Financ por arrend financ - - - - - 0
Outras obrigacoes CP - - - - - 1,221,065
Passivos com partes relacionadas CP - - - - - 735,204
A pagar a coligadas CP - - - - - 0
A pagar a controladas CP - - - - - 730,235
A pag a controladores CP - - - - - 4,969
A pag a out part rela CP - - - - - 0
Outros CP - - - - - 485,861
Dividendos a Pagar CP 23,065 106,828 33,582 283,141 49,272 122,891
Dividendo min obrig a pg - - - - - 0
Obr p/pg bas em acoes CP - - - - - 0
Outros - - - - - 362,970
Provisoes CP 265,557 261,035 70,353 147,160 178,224 82,113
Prov fis,pre,trab&civ CP - - - - - 82,113
Provisoes Para Impostos - - - - - 8,164
Prov previd e trabalh CP - - - - - 50,147
Provisao por beneficios aos empregados CP - - - - - 0
Provisoes civeis CP - - - - - 20,416
Outros - - - - - 3,386
Outras provisoes a curto prazo - - - - - 0
Provisoes p/garantias CP - - - - - 0
Prov para reestrutur CP - - - - - 0
Prov pas ambi e desat CP - - - - - 0
Outros - - - - - 0
Pa s/at ncor a ve+des CP - - - - - 0
Pas s/ ativ ncor a ve CP - - - - - 0
Pas s/ativ oper desco CP - - - - - 0
Passivo nao circulante 5,827,141 6,466,643 7,271,487 6,615,363 6,616,277 7,215,232
Total empres e financ LP 2,994,519 4,740,625 4,698,533 4,045,247 3,997,992 2,987,713
Financiamento LP 2,994,519 2,675,545 2,633,453 2,797,966 2,750,884 1,740,236
Financ moeda nacion LP - - - - - 779,136
Financ moeda estrg LP - - - - - 961,100
Debentures LP 0 2,065,080 2,065,080 1,247,281 1,247,108 1,247,477
Financ por arrend fin LP - - - - - 0
Outras obrigacoes - - - - - 3,931,108
Passivos com partes relacionadas LP - - - - - 2,819,528
A pagar a coligadas LP - - - - - 0
A pagar a controladas LP - - - - - 2,819,528
A pag a controladores LP - - - - - 0
A pag a out part rela LP - - - - - 0
Outros LP - - - - - 1,111,580
Obr p/pg bas em acoes LP - - - - - 0
Adi p/fut aum d cap pass - - - - - 0
Outros - - - - - 1,111,580
Impostos Diferidos LP - - - - - 0
IR e contri social difer - - - - - 0
Provisoes LP 893,799 504,173 386,618 358,213 394,268 296,411
Prv fis,pre,trab&civ LP - - - - - 296,411
Provisoes fiscais LP - - - - - 107,014
Prov previd e trabalh LP - - - - - 125,267
Provisao por beneficio a empregados - - - - - 0
Provisoes civeis LP - - - - - 64,130
Outros - - - - - 0
Outras provisoes a longo prazo - - - - - 0
Provisoes p/garantias LP - - - - - 0
Prov para reestrutur LP - - - - - 0
Prov pas ambi e desat LP - - - - - 0
Outros - - - - - 0
Pa s/at ncor a ve+des LP - - - - - 0
Pas s/ ativ ncor a ve LP - - - - - 0
Pas s/ativ oper desco LP - - - - - 0
Lucros e receit a apropr - - - - - 0
Lucros a apropriar - - - - - 0
Receitas a apropriar - - - - - 0
Subvenc de invest a apro - - - - - 0
Patrim liq consolidado 19,867,339 19,268,063 17,419,950 17,278,138 19,243,058 24,361,863
Part acionistas minorit 0 0 0 0 0 0
Patrimonio liquido 19,867,339 19,268,063 17,419,950 17,278,138 19,243,058 24,361,863
Capital social 5,691,369 5,716,087 6,105,207 6,601,990 6,832,078 7,613,780
Reservas de Capital 13,496,065 11,929,826 8,793,708 7,853,109 7,858,494 7,417,451
Agio na emissao de acoes - - - - - 4,991,390
Res esp de agio na incor - - - - - 1,496,010
Alien de bonus de subscr - - - - - 0
Opcoes outorgadas - - - - - 0
Acoes em tesour (re cap) - - - - - -4,429
Adiant p fut aum de cap 0 0 0 0 0 0
Outros - - - - - 934,480
Reservas de Reavaliacao 0 0 0 0 0 0
Reserva de Lucros 679,905 1,622,150 2,521,035 2,113,292 4,771,266 11,251,538
Reserva Legal 208,831 208,831 208,832 208,832 208,832 208,832
Reserva Estatutaria 471,074 1,413,319 2,312,203 1,761,584 4,211,519 0
Reserva p/ Contingencias 0 0 0 0 0 0
Reservas de Luc a Realz 0 0 0 0 0 0
Resv de Retencao de Luc 0 0 0 0 0 0
Resv Esp p/ Div nao Dist 0 0 0 0 0 0
Reserva de incen fiscais - - - - - 661,389
Dividendo adicional prop - - - - - 4,290,306
Acoes em tesour (re luc) - - - - - 0
Outros - - - - - 6,091,011
Lucros acumulados 0 0 0 0 0 0
Ajustes de aval patrimon - - - - - 131,233
Ajustes acumul de conver - - - - - -1,201,254
Outr result abrangentes - - - - - -850,885
DEM RESULT
Meses 12 12 12 12 12 12
Origem dos dados divulgado divulgado divulgado divulgado divulgado divulgado
+Receita liquida operac 5,795,942 10,379,303 11,710,962 11,214,134 11,199,162 12,742,183

-Custo Produtos Vendidos 2,371,159 3,848,894 4,213,734 4,386,370 4,445,604 5,364,737
=Lucro Bruto 3,424,783 6,530,409 7,497,228 6,827,764 6,753,558 7,377,446
-Desp (receit) operac - - - - - -1,191,821
+Despesas com Vendas 1,021,786 1,775,075 1,985,688 2,043,343 2,194,629 2,910,175
+Despesas administrativ 835,532 912,335 1,176,252 1,596,157 1,059,095 807,383
+Per p/ nao recuper de at - - - - - 0
-Outras rec operacionais - - - - - 898,305
+Outras Despesas Operac - - - - - 83,983
-Equivalenc patrimonial 828,609 303,350 -139,235 2,116,909 2,283,917 4,095,057
=Lucro antes jur&imp EBIT 2,386,286 4,091,237 4,239,018 5,518,714 6,892,010 8,569,267
+Resultado financeiro -893,846 -763,969 -776,818 -2,014,281 90,232 -299,800
+Receitas Financeiras 264,099 189,503 281,260 617,988 1,555,052 550,830
-Despesas Financeiras 1,157,945 953,472 1,058,078 2,632,269 1,464,820 850,630
=LAIR 1,492,440 3,327,268 3,462,200 3,504,433 6,982,242 8,269,467
-Imp renda e contrib soc -168,578 396,819 614,878 407,656 679,863 708,084
Provisao impost de rend 1,715 -63,609 94,693 391,938 -174,661 102,573
IR Diferido -170,293 460,428 520,185 15,718 854,524 605,511
=Lucro oper continuadas 1,661,018 2,930,449 2,847,322 3,096,777 6,302,379 7,561,383
+Operac descontinuadas - - - - - 0
Lu ou prej liq oper desc - - - - - 0
Ga ou pe liq s/atv op de - - - - - 0
=Lucro Consolidado 1,545,728 2,806,256 2,816,407 3,059,478 5,959,937 7,561,383
-Partic acion minoritar 0 0 0 0 0 0
=Lucro liquido 1,545,728 2,806,256 2,816,407 3,059,478 5,959,937 7,561,383
FLX CAIXA
Meses 12 12 12 12 12 12
+Caixa gerado por operac - - - 6,620,664 7,135,817 5,640,794

Caixa gerado nas operac - - - 6,222,594 6,379,797 5,501,995
Lucro liquido - - - 3,059,478 5,959,937 7,561,383
Deprec, amortiz e exaust - - - 1,128,980 553,983 799,315
Perd(gan) var monet&camb - - - 2,467,779 -910,479 438,172
Perd(gan) venda atv perm - - - 172,632 124,859 -16,889
Valor contab bem vendido - - - 0 0 0
Perd(gan) na equival pat - - - -380,741 -874,406 -4,095,057
Impostos diferidos - - - 15,718 854,524 708,084
Gan(perd) dos minorit - - - 0 0 0
Out perd(gan) nao caixa - - - -241,252 671,379 106,987
Redu(aum) em ativ e pass - - - 398,070 756,020 138,799
Redu(aum) dupl a receber - - - 179,970 -71,260 -
Redu(aum) estoques - - - -114,052 1,065 -
Redu(aum) outros ativos - - - 763,385 596,271 -
Aum(redu) fornecedores - - - 245,395 427,778 -
Aum(redu) imp e obr trab - - - -215,038 657,703 -
Aum(redu) outr passivos - - - -461,590 -855,537 -
Out Itens do Flx Cx Oper - - - 0 0 0
+Caixa gerado por invest - - - -3,728,394 -814,577 -2,260,183
Compra liq de ativo perm - - - -3,728,394 -753,423 -1,211,854
Compra de invest perman - - - -2,697,327 -435 0
Compra ativos fix e dif - - - -1,078,559 -776,327 -1,243,732
Venda de ativo permanent - - - 47,492 23,339 31,878
Dividendos recebidos - - - 0 0 0
Resg (aplic) financ liq - - - 0 0 -1,067,480
Cx gerado(aplic) out inv - - - 0 -61,154 19,151
+Caixa gerado por financ - - - -2,985,288 -5,731,946 -3,179,453
Financiament obtidos liq - - - 384,399 -2,355,523 459,489
Financiamentos obtidos - - - 5,778,381 700,984 841,080
Financiamentos pagos - - - -5,393,982 -3,056,507 -381,591
Aumento liq de capital - - - -444,566 159,168 254,710
Aumento de capital - - - 185,688 170,585 254,710
Reducao de capital - - - -630,254 -11,417 0
Dividendos pagos - - - -2,925,121 -3,535,591 -3,996,585
Cx gerado(aplic) out fin - - - 0 0 102,933
+Efeito Cambial - - - 0 0 0
+Outras variacoes - - - 0 0 0
=Variac liquida de caixa - - - -93,018 589,294 201,158
DIVERSOS
ATIVO
Ativo total 30,425,784 32,160,931 30,561,464 32,784,076 34,080,592 37,814,986
Disponivel e Inv CP 384,379 601,701 920,831 827,813 1,417,107 -
Creditos Comerciais CP 937,956 1,267,832 1,466,942 1,459,333 3,605,454 -
Clientes CP 705,144 848,649 952,821 746,801 800,797 838,900
Creditos diversos 232,812 419,183 514,121 712,532 2,804,657 -
Aplicacoes Financ CP 52,678 0 0 0 0 -
Outros Creditos CP 180,134 419,183 514,121 712,532 2,804,657 -
Estoques 557,503 589,895 604,930 718,983 717,918 960,644
Outros Ativos CP 378,726 1,009,254 1,108,443 1,198,937 1,014,059 -
Realizavel LP 2,899,530 4,512,113 3,995,788 3,199,503 2,509,797 2,571,881
Creditos Comerciais LP 1,694,715 3,255,745 2,658,338 2,409,790 1,895,369 -
A Receber de Control LP 857,833 864,572 940,278 303,913 270,734 -
de Controladas 857,833 864,572 940,278 303,913 270,734 17,734
de Outras Pessoas Ligads 0 0 0 0 0 -
Outros Ativos LP 346,982 391,796 397,172 485,800 343,694 -
Permanente 25,267,690 24,180,136 22,464,530 25,379,507 24,816,257 -
Inv em subsid e outros 19,645,477 21,215,193 17,352,029 20,025,098 19,391,497 25,870,257
Inv em coligadas 0 0 0 0 0 -
Inv em coligadas - agio 0 0 0 0 0 -
Invest em Subsidiarias 19,634,033 18,965,546 16,996,964 20,009,391 19,375,355 -
Inv em subsid - agio 0 2,238,203 339,097 0 0 -
Outros Investimentos 11,444 11,444 15,968 15,707 16,142 -
Outros 0 0 0 0 0 -
Imobilizado 2,474,173 2,611,563 2,606,875 2,623,891 2,717,929 3,185,886
Intangiveis e agio 0 0 328,549 2,730,518 2,706,831 -
Diferido 3,148,040 353,380 2,177,077 0 0 0
PASSIVO
Financiamento CP 790,030 1,239,773 1,201,169 2,337,551 400,363 1,346,965
Debentures CP 0 65,949 55,468 886,510 26,298 0
Fornecedores CP 471,860 620,389 1,083,649 1,026,827 1,418,386 2,459,874
Impostos a Pagar CP 600,453 818,013 1,055,347 762,413 1,228,978 -
Provisoes CP 265,557 261,035 70,353 147,160 178,224 82,113
A Pagar a Controlad CP 1,886,149 2,424,501 1,212,454 3,085,869 2,120,059 -
Outros Passivos CP 541,512 737,479 999,738 361,104 2,799,677 -
Exigivel LP 5,827,141 6,466,643 7,271,487 6,615,363 6,616,277 -
Debentures LP 0 2,065,080 2,065,080 1,247,281 1,247,108 1,247,477
Provisoes LP 893,799 504,173 386,618 358,213 394,268 296,411
A Pagar a Controlad LP 1,474,641 705,540 1,375,632 1,144,156 1,410,314 -
Adiant p fut aum de cap 0 0 0 0 0 -
Outros Passivos LP 464,182 516,305 810,704 1,067,747 813,703 -
Resultados de Exer Futur 152,678 152,258 158,267 0 0 0
Part acionistas minorit 0 0 0 0 0 0
Capital social 5,691,369 5,716,087 6,105,207 6,601,990 6,832,078 7,613,780
Reservas de Capital 13,496,065 11,929,826 8,793,708 7,853,109 7,858,494 7,417,451
Ativos Proprios 0 0 0 0 0 0
Ativos de Contr/Colig 0 0 0 0 0 0
Reserva Legal 208,831 208,831 208,832 208,832 208,832 208,832
Reserva Estatutaria 471,074 1,413,319 2,312,203 1,761,584 4,211,519 0
Outras reservas 0 0 0 142,876 350,915 -
Ajustes de aval patrimon 0 0 0 709,747 -218,780 -
Ajuste titulos val mobil 0 0 0 - - -
Ajustes acumul de conver 0 0 0 - - -
Ajustes de comb de negoc 0 0 0 - - -
Divida Fin Moeda Estrang 3,002,444 3,153,576 2,738,015 2,526,859 2,005,185 -
DEM RESULT
Meses 12 12 12 12 12 12
+Receita Bruta 12,213,281 22,452,138 25,433,898 25,308,437 26,854,471 -

-Impostos sobre Vendas 6,417,339 12,072,835 13,722,936 14,094,303 15,655,309 -
=Receita liquida operac 5,795,942 10,379,303 11,710,962 11,214,134 11,199,162 12,742,183
=Lucro Bruto 3,424,783 6,530,409 7,497,228 6,827,764 6,753,558 7,377,446
-Despesas operac proprias 1,857,318 2,687,410 3,161,940 3,639,500 3,253,724 -
Despesas com Vendas 1,021,786 1,775,075 1,985,688 2,043,343 2,194,629 2,910,175
Despesas administrativ 835,532 912,335 1,176,252 1,596,157 1,059,095 807,383
+Outras rec(desp)operac 16,209 -61,935 34,218 213,541 1,108,259 -
+Outras receitas operac 85,214 74,415 305,202 380,168 1,125,339 -
-Outras despesas operac 69,005 136,350 270,984 166,627 17,080 -
=Lucro operac (antigo) 1,583,674 3,781,064 4,369,506 3,401,805 4,608,093 -
+Result Financ (antigo) -893,846 -763,969 -776,818 -2,014,281 90,232 -
+Receitas Financeiras 264,099 189,503 281,260 617,988 1,555,052 550,830
-Desp Fin e Juros s/ Patr 1,157,945 953,472 1,058,078 2,632,269 1,464,820 -
Despesas Financeiras 1,157,945 953,472 1,058,078 2,632,269 1,464,820 850,630
Juros s/Patrim Liquido 0 0 0 0 0 -
+Equivalenc patrimonial 828,609 303,350 -139,235 2,116,909 2,283,917 4,095,057
=Lucro Operacional 1,518,437 3,320,445 3,453,453 3,504,433 6,982,242 -
+Resultado nao Operac -25,997 6,823 8,747 0 0 -
+Receitas Nao Operac 6,003 12,865 10,179 0 0 -
-Despesas Nao Operac 32,000 6,042 1,432 0 0 -
=LAIR 1,492,440 3,327,268 3,462,200 3,504,433 6,982,242 8,269,467
-Provisao impost de rend 1,715 -63,609 94,693 391,938 -174,661 102,573
-IR Diferido -170,293 460,428 520,185 15,718 854,524 605,511
-Partic/Contrib Estatut 115,290 124,193 30,915 37,299 342,442 -
Participacoes Estatut 115,290 124,193 30,915 37,299 342,442 -
Contribuicoes Estatut 0 0 0 0 0 -
+Rever Juros s/Patr Liqui 0 0 0 0 0 -
-Partic acion minoritar 0 0 0 0 0 0
=Lucro liquido 1,545,728 2,806,256 2,816,407 3,059,478 5,959,937 7,561,383
DOAR
Meses 12 12 12 12 12 12
+Tot de Recursos Obtidos 5,328,391 7,206,542 7,897,147 - - -

Das Operacoes 2,760,767 4,803,659 5,977,177 - - -
Lucro Liquido 1,545,728 2,806,256 2,816,407 - - -
Itens q nao Afet CapCir 1,215,039 1,997,403 3,160,770 - - -
Deprec, amort e exaust 596,997 753,202 1,000,573 - - -
Variacoes Monetar LP -86,797 -323,344 -271,424 - - -
Provis Itens nao Circ 0 0 0 - - -
Venda de ativos fixos 69,087 127,604 952,809 - - -
Ganhos part societ diver 696,542 1,061,645 -1,682 - - -
Equivalencia Patrimon -828,609 -303,350 1,190,926 - - -
Ajustes de exerc anter 0 0 0 - - -
Credito Tribut a Recup 0 0 0 - - -
Imposto Renda Diferido -170,293 460,428 520,185 - - -
Mutuo c/Control/Coligada 836,770 297,755 0 - - -
Provis Perdas em Invest 0 0 0 - - -
Gan(perd) dos minoritar 0 0 0 - - -
Provisoes diversas 88,284 -98,357 -17,763 - - -
Outros fluxos operacion 13,058 21,820 -212,854 - - -
Integralizacao de capit 129,871 156,604 233,209 - - -
De Terceiros 2,437,753 2,246,279 1,686,761 - - -
Venda/Baixa Bens Permane 0 0 0 - - -
Dividendos recebidos 0 0 0 - - -
Incentivos Fiscais 104,993 115,513 149,497 - - -
Aumento do Passivo LP 0 0 251,473 - - -
Reducao do Realiz LP 0 0 914,584 - - -
Cap Circ Incor Cont/Coli 0 0 0 - - -
Transf Perm para Circ 0 0 0 - - -
Aumto de Acoes Tesour 0 0 0 - - -
Financmtos e Debent 144,891 2,065,080 371,207 - - -
Outras Origens 2,187,869 65,686 0 - - -
-Tot Recurs Aplicados 4,024,319 8,194,022 6,702,477 - - -
Aplic no Ativo Permanent 420,249 3,567,059 1,439,298 - - -
Aumento invest permanen 0 2,742,323 421,105 - - -
Compra de ativos fixos 328,604 812,877 1,005,041 - - -
Aumento do Diferido 91,645 11,859 13,152 - - -
Aumento do Realiz LP 0 46,803 57,993 - - -
Diminuicao de Pasv LP 0 222,641 121,082 - - -
Dividendos 1,300,287 1,864,011 1,925,800 - - -
Transf do Circ p/ Perm 0 0 0 - - -
Adiant p Comp de Acoes 0 0 0 - - -
Aquis acoes proprias 437,349 1,762,339 3,082,598 - - -
Controladas/Incorporadas 1,483,034 0 75,706 - - -
Incorporacoes 0 0 0 - - -
Particip Minoritarias 0 0 0 - - -
Outros Recursos Aplic 383,400 731,169 0 - - -
=Aumento Cap de Giro 1,304,072 -987,480 1,194,670 - - -
QTD ACOES
Total de acoes outstand 65,346,214 63,719,393 615,558 614,003 616,436 3,103,229
DIVERSOS
Data do Balanco 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Data da Moeda 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Data de divulgacao (desta apresentacao) 1/1/1920 1/1/1920 1/1/1920 1/1/1920 1/1/1920 1/1/1920
Ultimo processamento feito pela Economatica 5/12/2011 5/12/2011 5/12/2011 1/5/2012 1/5/2012 2/8/2017
Indice usado para gerar valores de 3 e 12 meses ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Formato do balanco Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
Consolidado Não Não Não Não Não Não
Reclassif (inibe subtrac - Não Não Não Não Não
Consolidado 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
DIVERSOS
Metodo Contabil L.S. L.S. L.S. L.S. IFRS IFRS
Link notas explicativas not copied not copied not copied not copied not copied not copied
ATIVO
Ativo total 33,492,833 35,645,114 35,475,750 37,270,096 40,101,017 42,678,300
Caixa e equivalentes de caixa - - - - - 5,909,340
Aplicacoes financeiras - - - - - 1,069,276
Apl fin avali vlr jus CP - - - - - 1,068,282
Aplicacoes financeiras avaliadas a valor justo atraves do resultado CP
- - - - - -
Titulos para negociacao CP - - - - - -
Titulos designados a valor justo CP - - - - - -
Outros - - - - - -
Aplicacoes financeiras avaliadas a valor justo atraves de outros resultados abrangentes CP
- - - - - -
Apl fi aval custo amo CP - - - - - 994
Contas a receber CP - - - - - 2,731,053
Clientes CP 1,331,823 1,542,695 1,623,056 1,629,012 1,758,538 1,839,655
Outras contas a receb CP - - - - - 891,398
Estoques 1,178,053 1,363,881 1,457,839 1,982,934 1,488,075 1,905,229
Ativos Biologicos CP - - - - - 0
Impostos a Recuperar - - - - - 596,921
Tributos cor a recuperar - - - - - 596,921
Despesas pagas antecip - - - - - 494,182
Outros ativos circulante - - - - - 204,946
Atvs naocor mant p/venda - - - - - 0
Operacoes Descon CP - - - - - 51,833
Outros Ativos - - - - - 153,113
Realizavel LP 3,159,997 4,648,671 4,347,358 4,350,839 3,718,357 3,451,559
Aplicacao financeira avaliada a valor justo LP - - - - - 208,742
Aplicacoes financeiras avaliadas a valor justo atraves do resultado LP
- - - - - -
Titulos designados a valor justo LP - - - - - -
Outros - - - - - -
Aplicacoes financeiras avaliadas a valor justo atraves de outros resultados abrangentes LP
- - - - - -
Aplicacao financeira avaliada a custo amortizado LP - - - - - 0
Contas a receber LP - - - - - 2,340
Clientes LP - - - - - 2,340
Out contas a cobrar LP - - - - - 0
Estoques LP - - - - - 0
Ativos Biologicos LP - - - - - 0
Impostos Diferidos - - - - - 2,352,724
IR e contr social difer - - - - - 1,089,771
Outros - - - - - 1,262,953
Despesas antecipadas - - - - - 0
A receb de partes relaci - - - - - 0
de Controladas 0 0 712 0 0 0
Creditos com controlador - - - - - 0
A rec de outr part relac - - - - - 0
Outros ativos nao circul - - - - - 887,753
Atv ncor mant p/venda LP - - - - - 0
Operacoes Descontin LP - - - - - 0
Outros - - - - - 887,753
Investimentos - - - - - 18,502
Inv em subsid e outros 16,763,542 18,025,923 15,042,872 19,327 24,278 18,502
Investim em coligadas - - - - - 0
Investim em controladas - - - - - 0
Inves em control em conj - - - - - 0
Outr invest em empr rela - - - - - 18,502
Propriedades p/ investim - - - - - 0
Imobilizado 5,404,581 5,723,864 5,593,343 6,882,763 6,595,072 7,032,298
Em operacao - - - - - 5,630,927
Arrendado - - - - - 0
Imobilizacoes em Curso - - - - - 1,401,371
Intangiveis liquido - - - - - 19,264,994
Intangiveis - - - - - 1,823,238
Contrato de concessao LP - - - - - 0
Outros - - - - - 1,823,238
Goodwill - - - - - 17,441,756
PASSIVO
Obrig sociais e trabalh - - - - - 423,678
Obrigacoes sociais - - - - - 370,820
Obrigac trabalhistas CP - - - - - 52,858
Fornecedores CP 1,065,424 1,387,396 2,129,071 2,850,164 3,347,185 4,438,995
Nacionais - - - - - 3,414,508
Estrangeiros - - - - - 1,024,487
Impostos a pagar - - - - - 2,118,608
Federais - - - - - 1,190,670
IR e contrib social a pg - - - - - 701,647
Outros - - - - - 489,023
Estaduais - - - - - 819,554
Municipais - - - - - 108,384
Total empres e financ CP 1,209,392 2,104,644 2,476,275 3,960,725 801,064 2,606,228
Financiamento CP 1,209,392 2,038,695 2,420,807 3,074,215 801,064 2,606,228
Financ moeda nacion CP - - - - - 1,156,735
Financ moeda estrg CP - - - - - 1,449,493
Debentures CP 0 65,949 55,468 886,510 0 0
Financ por arrend financ - - - - - 0
Outras obrigacoes CP - - - - - 864,351
Passivos com partes relacionadas CP - - - - - 91,044
A pagar a coligadas CP - - - - - 72,724
A pagar a controladas CP - - - - - 0
A pag a controladores CP - - - - - 18,320
A pag a out part rela CP - - - - - 0
Outros CP - - - - - 773,307
Dividendo min obrig a pg - - - - - 0
Obr p/pg bas em acoes CP - - - - - 0
Outros - - - - - 629,628
Provisoes CP 0 0 270,423 313,016 92,624 102,996
Prov fis,pre,trab&civ CP - - - - - 89,750
Provisoes Para Impostos - - - - - 37,337
Prov previd e trabalh CP - - - - - 38,974
Provisao por beneficios aos empregados CP - - - - - 0
Provisoes civeis CP - - - - - 5,580
Outros - - - - - 7,859
Outras provisoes a curto prazo - - - - - 13,246
Provisoes p/garantias CP - - - - - 0
Prov para reestrutur CP - - - - - 13,246
Prov pas ambi e desat CP - - - - - 0
Outros - - - - - 0
Pa s/at ncor a ve+des CP - - - - - 0
Pas s/ ativ ncor a ve CP - - - - - 0
Pas s/ativ oper desco CP - - - - - 0
Total empres e financ LP 5,994,152 7,461,944 7,375,905 7,064,636 6,460,173 4,164,214
Financ moeda nacion LP - - - - - 1,570,015
Financ moeda estrg LP - - - - - 1,346,722
Debentures LP 0 2,065,080 2,065,080 1,247,281 1,247,732 1,247,477
Financ por arrend fin LP - - - - - 0
Outras obrigacoes - - - - - 2,309,587
Passivos com partes relacionadas LP - - - - - 0
A pagar a coligadas LP - - - - - 0
A pagar a controladas LP - - - - - 0
A pag a controladores LP - - - - - 0
A pag a out part rela LP - - - - - 0
Outros LP - - - - - 2,309,587
Obr p/pg bas em acoes LP - - - - - 0
Adi p/fut aum d cap pass - - - - - 0
Outros - - - - - 2,309,587
Impostos Diferidos LP - - - - - 548,728
IR e contri social difer - - - - - 548,728
Provisoes LP 1,128,225 663,345 808,419 732,475 919,372 536,073
Prv fis,pre,trab&civ LP - - - - - 531,208
Provisoes fiscais LP - - - - - 272,611
Prov previd e trabalh LP - - - - - 185,287
Provisao por beneficio a empregados - - - - - 0
Provisoes civeis LP - - - - - 73,310
Outros - - - - - 0
Outras provisoes a longo prazo - - - - - 4,865
Provisoes p/garantias LP - - - - - 0
Prov para reestrutur LP - - - - - 4,865
Prov pas ambi e desat LP - - - - - 0
Outros - - - - - 0
Pa s/at ncor a ve+des LP - - - - - 0
Pas s/ ativ ncor a ve LP - - - - - 0
Pas s/ativ oper desco LP - - - - - 0
Lucros e receit a apropr - - - - - 0
Lucros a apropriar - - - - - 0
Receitas a apropriar - - - - - 0
Subvenc de invest a apro - - - - - 0
Patrim liq consolidado 19,989,979 19,490,732 17,607,275 17,414,431 22,296,111 24,564,842
Part acionistas minorit 122,640 222,669 187,325 136,293 278,661 202,979
Capital social 5,691,369 5,716,087 6,105,207 6,601,990 6,832,078 7,613,780
Reservas de Capital 13,496,065 11,929,826 8,793,708 7,853,109 -1,365,576 7,417,451
Agio na emissao de acoes - - - - - 4,991,390
Res esp de agio na incor - - - - - 1,496,010
Alien de bonus de subscr - - - - - 0
Opcoes outorgadas - - - - - 0
Acoes em tesour (re cap) - - - - - -4,429
Outros - - - - - 934,480
Reserva Legal 208,831 208,831 208,832 208,832 0 208,832
Reserva Estatutaria 471,074 1,413,319 2,312,203 1,761,584 0 0
Reserva de incen fiscais - - - - - 661,389
Dividendo adicional prop - - - - - 4,290,306
Acoes em tesour (re luc) - - - - - 0
Outros - - - - - 6,091,011
Ajustes de aval patrimon - - - - - 131,233
Ajustes acumul de conver - - - - - -1,201,254
Outr result abrangentes - - - - - -850,885
DEM RESULT
Meses 12 12 12 12 12 12
+Receita liquida operac 15,958,565 17,613,657 19,648,220 20,899,468 23,194,048 25,233,310

=Lucro Bruto 10,216,217 11,664,974 13,102,190 13,735,622 15,476,326 16,784,263
-Desp (receit) operac - - - - - 6,761,169
+Despesas com Vendas 3,499,908 3,866,676 4,109,020 4,414,138 5,511,129 6,038,544
+Despesas administrativ 1,745,289 1,430,213 1,775,320 3,723,904 1,084,442 1,196,914
+Per p/ nao recuper de at - - - - - 0
-Outras rec operacionais - - - - - 753,916
+Outras Despesas Operac - - - - - 279,811
-Equivalenc patrimonial 1,995 1,391 3,875 16,877 678 184
=Lucro antes jur&imp EBIT 3,663,479 5,385,578 5,778,941 5,787,834 9,617,918 10,023,094
+Resultado financeiro -1,086,718 -1,078,323 -1,252,979 -1,092,214 -982,093 -319,411
+Receitas Financeiras 521,184 168,419 121,848 760,401 366,376 784,920
-Despesas Financeiras 1,607,902 1,246,742 1,374,827 1,852,615 1,348,469 1,104,331
=LAIR 2,576,761 4,307,255 4,525,962 4,695,620 8,635,825 9,703,683
-Imp renda e contrib soc 845,103 1,315,280 1,592,837 1,519,043 2,208,133 2,084,440
Provisao impost de rend 757,081 688,798 963,566 1,458,664 1,304,029 1,281,579
IR Diferido 88,022 626,482 629,271 60,379 904,104 802,861
=Lucro oper continuadas 1,731,658 2,991,975 2,933,125 3,176,577 6,427,692 7,619,243
+Operac descontinuadas - - - - - 0
Lu ou prej liq oper desc - - - - - 0
Ga ou pe liq s/atv op de - - - - - 0
=Lucro Consolidado 1,528,881 2,797,550 2,863,745 3,066,642 5,988,345 7,619,243
-Partic acion minoritar -16,847 -8,706 47,338 7,164 2,295 57,860
=Lucro liquido 1,545,728 2,806,256 2,816,407 3,059,478 5,986,050 7,561,383
FLX CAIXA
Meses 12 12 12 12 12 12
+Caixa gerado por operac 4,149,540 5,985,286 7,918,574 6,933,638 8,697,048 10,062,842
Caixa gerado nas operac 4,623,000 6,455,590 7,295,081 8,208,066 10,823,659 12,001,279
Lucro liquido 1,545,728 2,806,256 2,816,407 3,059,478 5,988,345 7,619,243
Deprec, amortiz e exaust 2,577,203 2,431,425 2,984,246 3,272,484 1,376,486 1,567,207
Perd(gan) var monet&camb 325,589 465,867 426,359 1,561,888 982,093 381,634
Perd(gan) venda atv perm 102,503 163,358 82,997 96,410 -29,794 -20,939
Valor contab bem vendido 0 0 0 0 0 0
Perd(gan) na equival pat 62,863 -123,595 220,465 116,248 -678 -184
Impostos diferidos 88,022 626,482 629,271 60,379 2,208,133 2,084,440
Gan(perd) dos minorit -16,847 -8,706 47,338 7,164 0 0
Out perd(gan) nao caixa -62,061 94,503 87,998 34,015 299,074 369,878
Redu(aum) em ativ e pass -473,460 -470,304 623,493 -1,274,428 -2,126,611 -1,938,437
Redu(aum) dupl a receber -246,937 -166,246 -165,223 47,599 - -
Redu(aum) estoques 93,151 -142,814 -148,916 -389,713 - -
Redu(aum) outros ativos 63,228 -247,056 -106,270 -415,930 - -
Aum(redu) fornecedores 1,054 286,798 843,365 594,221 - -
Aum(redu) imp e obr trab -265,121 151,279 244,623 -13,634 - -
Aum(redu) outr passivos -118,835 -352,265 -44,086 -1,096,971 - -
Out Itens do Flx Cx Oper 0 0 0 0 0 0
+Caixa gerado por invest -1,619,337 -3,785,302 -2,202,376 -2,694,313 -1,551,869 -3,174,219
Compra liq de ativo perm -1,464,108 -3,966,037 -1,981,674 -2,763,888 -1,483,804 -2,233,361
Compra de invest perman -96,346 -2,639,238 -442,855 -862,548 -133,434 -18,666
Compra ativos fix e dif -1,417,342 -1,444,405 -1,538,819 -2,055,379 -1,438,829 -2,286,800
Venda de ativo permanent 49,580 117,606 0 154,039 88,459 72,105
Dividendos recebidos 0 0 0 0 0 0
Resg (aplic) financ liq -52,435 180,735 -224,174 69,575 -79,578 -942,371
Cx gerado(aplic) out inv -102,794 0 3,472 0 11,513 1,513
+Caixa gerado por financ -2,973,855 -1,468,586 -4,825,231 -3,484,795 -5,928,991 -4,861,617
Financiament obtidos liq -443,519 1,958,511 43,777 -30,550 -2,487,937 -203,122
Financiamentos obtidos 8,917,541 9,344,808 9,428,526 7,149,090 1,299,417 1,056,279
Financiamentos pagos -9,361,060 -7,386,297 -9,384,749 -7,179,640 -3,787,354 -1,259,401
Aumento liq de capital 53,845 3,433 128,333 -525,961 119,435 332,281
Aumento de capital 53,845 3,433 128,333 106,311 84,985 332,281
Reducao de capital 0 0 0 -632,272 34,450 0
Dividendos pagos -2,272,039 -1,790,831 -1,952,587 -2,913,667 -3,560,489 -5,030,751
Cx gerado(aplic) out fin -312,142 -1,639,699 -3,044,754 -14,617 0 39,975
+Efeito Cambial -10,028 -29,743 -121,666 236,106 -471,920 -143,021
+Outras variacoes 0 0 0 0 0 0
=Variac liquida de caixa -453,680 701,655 769,301 990,636 744,268 1,883,985
DIVERSOS
ATIVO
Ativo total 33,492,833 35,645,114 35,475,750 37,270,096 40,101,017 42,678,300
Disponivel e Inv CP 837,272 1,538,928 2,308,229 3,298,866 4,042,933 -
Creditos Comerciais CP 2,136,368 2,456,460 2,537,169 2,967,005 3,858,918 -
Clientes CP 1,331,823 1,542,695 1,623,056 1,629,012 1,758,538 1,839,655
Creditos diversos 804,545 913,765 914,113 1,337,993 2,100,380 -
Aplicacoes Financ CP 259,000 226,115 174,806 67 73,305 -
Outros Creditos CP 545,545 687,650 739,307 1,337,926 2,027,075 -
Estoques 1,178,053 1,363,881 1,457,839 1,982,934 1,488,075 1,905,229
Outros Ativos CP 779,685 1,458,299 1,577,148 1,598,230 913,296 -
Realizavel LP 3,159,997 4,648,671 4,347,358 4,350,839 3,718,357 3,451,559
Creditos Comerciais LP 2,679,391 4,076,691 3,869,667 3,776,435 2,113,233 -
A Receber de Control LP 0 0 712 0 0 -
de Controladas 0 0 712 0 0 0
de Outras Pessoas Ligads 0 0 0 0 0 -
Outros Ativos LP 480,606 571,980 476,979 574,404 1,605,124 -
Permanente 25,401,458 24,178,875 23,248,007 23,072,222 26,079,438 -
Inv em subsid e outros 16,763,542 18,025,923 15,042,872 19,327 24,278 18,502
Inv em coligadas 4,818 4,183 19,528 25,094 0 -
Inv em coligadas - agio 0 0 0 0 0 -
Invest em Subsidiarias 16,722,234 0 0 -26,491 0 -
Inv em subsid - agio 0 17,986,186 14,983,005 0 0 -
Outros Investimentos 36,490 35,554 40,339 20,724 24,278 -
Outros 0 0 0 0 0 -
Imobilizado 5,404,581 5,723,864 5,593,343 6,882,763 6,595,072 7,032,298
Intangiveis e agio 0 0 388,233 16,170,132 19,460,088 -
Diferido 3,233,335 429,088 2,223,559 0 0 0
PASSIVO
Financiamento CP 1,209,392 2,038,695 2,420,807 3,074,215 801,064 2,606,228
Debentures CP 0 65,949 55,468 886,510 0 0
Fornecedores CP 1,065,424 1,387,396 2,129,071 2,850,164 3,347,185 4,438,995
Impostos a Pagar CP 1,275,324 1,605,249 1,981,854 1,890,535 2,670,867 -
Provisoes CP 0 0 270,423 313,016 92,624 102,996
A Pagar a Controlad CP 0 0 8,522 5,858 225,326 -
Outros Passivos CP 1,476,122 1,638,176 1,583,605 1,359,271 1,287,352 -
Exigivel LP 8,300,709 9,159,961 9,225,857 9,176,396 9,313,191 -
Debentures LP 0 2,065,080 2,065,080 1,247,281 1,247,732 1,247,477
Provisoes LP 1,128,225 663,345 808,419 732,475 919,372 536,073
A Pagar a Controlad LP 0 0 0 0 0 -
Adiant p fut aum de cap 0 0 0 1,660 0 -
Outros Passivos LP 1,178,332 1,034,672 1,041,533 1,377,625 1,933,646 -
Resultados de Exer Futur 149,946 149,946 156,515 0 0 0
Part acionistas minorit 122,640 222,669 187,325 136,293 278,661 202,979
Capital social 5,691,369 5,716,087 6,105,207 6,601,990 6,832,078 7,613,780
Reservas de Capital 13,496,065 11,929,826 8,793,708 7,853,109 -1,365,576 7,417,451
Ativos Proprios 0 0 0 0 0 0
Ativos de Contr/Colig 0 0 0 0 0 0
Reserva Legal 208,831 208,831 208,832 208,832 0 208,832
Reserva Estatutaria 471,074 1,413,319 2,312,203 1,761,584 0 0
Outras reservas 0 0 0 142,876 16,550,948 -
Ajustes de aval patrimon 0 0 0 709,747 0 -
Ajuste titulos val mobil 0 0 0 - 0 -
Ajustes acumul de conver 0 0 0 - 0 -
Ajustes de comb de negoc 0 0 0 - 0 -
Divida Fin Moeda Estrang 6,408,849 5,987,906 5,062,697 4,850,236 - -
DEM RESULT
Meses 12 12 12 12 12 12
+Receita Bruta 28,878,704 32,487,848 37,016,248 39,704,652 41,484,175 -
-Impostos sobre Vendas 12,920,139 14,874,191 17,368,028 18,805,184 18,290,127 -
=Receita liquida operac 15,958,565 17,613,657 19,648,220 20,899,468 23,194,048 25,233,310
=Lucro Bruto 10,216,217 11,664,974 13,102,190 13,735,622 15,476,326 16,784,263
-Despesas operac proprias 5,245,197 5,296,889 5,884,340 8,138,042 6,595,571 -
Despesas com Vendas 3,499,908 3,866,676 4,109,020 4,414,138 5,511,129 6,038,544
Despesas administrativ 1,745,289 1,430,213 1,775,320 3,723,904 1,084,442 1,196,914
+Outras rec(desp)operac -1,075,266 -955,142 -1,483,141 173,377 736,485 -
+Outras receitas operac 310,426 343,213 338,719 425,865 861,134 -
-Outras despesas operac 1,385,692 1,298,355 1,821,860 252,488 124,649 -
=Lucro operac (antigo) 3,895,754 5,412,943 5,734,709 5,770,957 9,617,240 -
+Result Financ (antigo) -1,086,718 -1,078,323 -1,252,979 -1,092,214 -982,093 -
+Receitas Financeiras 521,184 168,419 121,848 760,401 366,376 784,920
-Desp Fin e Juros s/ Patr 1,607,902 1,246,742 1,374,827 1,852,615 1,348,469 -
Despesas Financeiras 1,607,902 1,246,742 1,374,827 1,852,615 1,348,469 1,104,331
Juros s/Patrim Liquido 0 0 0 0 0 -
+Equivalenc patrimonial 1,995 1,391 3,875 16,877 678 184
=Lucro Operacional 2,811,031 4,336,011 4,485,605 4,695,620 8,635,825 -
+Resultado nao Operac -234,270 -28,756 40,357 0 0 -
+Receitas Nao Operac 40,536 26,719 48,932 0 0 -
-Despesas Nao Operac 274,806 55,475 8,575 0 0 -
=LAIR 2,576,761 4,307,255 4,525,962 4,695,620 8,635,825 9,703,683
-Provisao impost de rend 757,081 688,798 963,566 1,458,664 1,304,029 1,281,579
-IR Diferido 88,022 626,482 629,271 60,379 904,104 802,861
-Partic/Contrib Estatut 202,777 194,425 69,380 109,935 439,347 -
Participacoes Estatut 202,777 194,425 69,380 109,935 439,347 -
Contribuicoes Estatut 0 0 0 0 0 -
+Rever Juros s/Patr Liqui 0 0 0 0 0 -
-Partic acion minoritar -16,847 -8,706 47,338 7,164 2,295 57,860
=Lucro liquido 1,545,728 2,806,256 2,816,407 3,059,478 5,986,050 7,561,383
DOAR
Meses 12 12 12 12 12 12
+Tot de Recursos Obtidos 7,069,141 8,098,937 7,630,336 - - -

Das Operacoes 4,423,141 5,510,532 6,437,851 - - -
Lucro Liquido 1,545,728 2,806,256 2,816,407 - - -
Itens q nao Afet CapCir 2,877,413 2,704,276 3,621,444 - - -
Deprec, amort e exaust 2,577,202 2,431,425 2,949,828 - - -
Variacoes Monetar LP -501,197 -470,344 -452,153 - - -
Provis Itens nao Circ 0 0 0 - - -
Venda de ativos fixos 150,364 288,624 187,042 - - -
Ganhos part societ diver 64,858 -6,051 -3,197 - - -
Equivalencia Patrimon -1,995 -1,391 223,662 - - -
Ajustes de exerc anter 0 0 0 - - -
Credito Tribut a Recup 0 0 0 - - -
Imposto Renda Diferido 88,022 626,482 629,271 - - -
Mutuo c/Control/Coligada 0 0 0 - - -
Provis Perdas em Invest 0 0 0 - - -
Gan(perd) dos minoritar -16,847 -8,706 47,338 - - -
Provisoes diversas 188,319 -103,157 39,653 - - -
Outros fluxos operacion 328,687 -52,606 0 - - -
Integralizacao de capit 205,837 183,792 241,307 - - -
De Terceiros 2,440,163 2,404,613 951,178 - - -
Venda/Baixa Bens Permane 0 0 0 - - -
Dividendos recebidos 0 0 0 - - -
Incentivos Fiscais 0 0 149,497 - - -
Aumento do Passivo LP 0 0 146,466 - - -
Reducao do Realiz LP 0 0 11,053 - - -
Cap Circ Incor Cont/Coli 0 0 0 - - -
Transf Perm para Circ 0 0 0 - - -
Aumto de Acoes Tesour 0 0 0 - - -
Financmtos e Debent 2,233,666 2,065,080 644,162 - - -
Outras Origens 206,497 339,533 0 - - -
-Tot Recurs Aplicados 3,797,971 8,548,283 8,209,147 - - -
Aplic no Ativo Permanent 1,625,207 4,175,551 2,099,337 - - -
Aumento invest permanen 190,385 2,731,136 452,984 - - -
Compra de ativos fixos 1,169,439 1,425,702 1,630,899 - - -
Aumento do Diferido 265,383 18,713 15,454 - - -
Aumento do Realiz LP 0 0 811,902 - - -
Diminuicao de Pasv LP 0 0 245,403 - - -
Dividendos 1,300,287 1,864,011 1,925,800 - - -
Transf do Circ p/ Perm 0 0 0 - - -
Adiant p Comp de Acoes 0 0 0 - - -
Aquis acoes proprias 437,349 1,762,339 3,090,649 - - -
Controladas/Incorporadas 8,193 0 712 - - -
Incorporacoes 0 0 0 - - -
Particip Minoritarias 88,291 439 35,344 - - -
Outros Recursos Aplic 338,644 745,943 0 - - -
=Aumento Cap de Giro 3,271,170 -449,346 -578,811 - - -
QTD ACOES
Total de acoes outstand 65,346,214 63,719,393 615,558 614,003 616,436 3,103,229
DIVERSOS
Data do Balanco 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Data da Moeda 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Data de divulgacao (desta apresentacao) 1/1/1920 1/1/1920 1/1/1920 1/1/1920 1/1/1920 1/1/1920
Ultimo processamento feito pela Economatica 1/5/2012 1/5/2012 5/12/2011 1/5/2012 1/5/2012 2/8/2017
Indice usado para gerar valores de 3 e 12 meses ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Formato do balanco Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
Consolidado Sim Sim Sim Sim Sim Sim
Reclassif (inibe subtrac - Não Não Não Não Não
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

not copied not copied not copied not copied not copied not copied not copied not copied
42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

6,369,530 7,124,782 149,230 13,039,804 14,044,725 13,131,543 11,272,513 10,646,666
2,562,911 2,908,014 137,021 5,165,282 1,944,872 1,405,387 2,017,034 2,273,875
192,482 449,049 0 684,861 2,597,469 648,951 631,637 1,037,821
192,482 449,049 0 684,861 2,597,469 648,951 631,637 1,037,821
- - - - - - - 1,037,821
- - - - - - - 1,037,821
- - - - - - - 0
- - - - - - - 0
- - - - - - - 0
0 0 0 0 0 0 0 0
1,095,247 1,221,298 0 2,726,673 3,583,444 2,183,510 3,055,953 2,864,662
876,926 776,816 0 862,768 1,015,649 1,418,145 1,731,329 1,817,189
218,321 444,482 0 1,863,905 2,567,795 765,365 1,324,624 1,047,473
1,284,592 1,328,344 0 1,891,197 1,987,853 2,160,921 2,107,274 2,603,847
0 0 0 0 0 0 0 0
561,159 300,462 2,639 831,425 2,645,342 4,879,093 2,625,960 1,069,011
561,159 300,462 2,639 831,425 2,645,342 4,879,093 2,625,960 1,069,011
546,649 623,026 0 582,910 551,996 582,460 572,117 631,365
126,490 294,589 9,570 1,157,456 733,749 1,271,221 262,538 166,085
0 0 0 0 0 0 0 0
400 0 0 0 0 0 0 0
126,090 294,589 9,570 1,157,456 733,749 1,271,221 262,538 166,085
36,058,416 42,194,611 43,733,604 64,374,308 80,678,019 78,081,118 80,296,224 78,174,064
1,999,213 2,007,372 837,391 2,603,739 3,764,517 1,830,422 4,148,374 6,105,588
55,855 57,369 0 0 0 0 0 0
- - - - - - - 0
- - - - - - - 0
- - - - - - - 0
- - - - - - - 0
0 0 0 67,651 89,163 102,365 102,769 109,395
0 0 0 0 0 365 40,957 54,322
0 0 0 0 0 0 0 0
0 0 0 0 0 365 40,957 54,322
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
928,853 893,142 837,111 557,951 1,602,220 389,362 470,621 768,689
348,025 663,335 837,111 557,951 1,602,220 389,362 470,621 768,689
580,828 229,807 0 0 0 0 0 0
0 0 0 0 0 0 0 0
80,242 107,741 0 0 0 0 0 0
0 0 0 0 0 0 0 0
80,242 107,741 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
934,263 949,120 280 1,978,137 2,073,134 1,338,330 3,534,027 5,173,182
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
934,263 949,120 280 1,978,137 2,073,134 1,338,330 3,534,027 5,173,182
28,899,648 34,291,812 42,896,213 51,780,933 66,073,444 64,358,515 64,593,359 60,773,044
28,899,648 34,291,812 42,896,213 51,780,933 66,073,444 64,358,515 64,593,359 60,773,044
0 0 0 0 0 0 0 0
28,899,648 34,291,812 42,896,213 51,780,933 66,073,444 64,358,515 64,593,359 60,773,044
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
4,640,258 5,408,516 0 9,078,686 9,911,024 11,144,956 10,806,139 10,514,553
3,517,142 4,597,601 0 8,457,659 9,203,932 10,489,162 10,457,888 10,117,086
0 0 0 0 0 0 0 0
1,123,116 810,915 0 621,027 707,092 655,794 348,251 397,467
519,297 486,911 0 910,950 929,034 747,225 748,352 780,879
519,297 486,911 0 910,950 929,034 747,225 748,352 780,879
0 0 0 0 0 0 0 0
519,297 486,911 0 910,950 929,034 747,225 748,352 780,879
0 0 0 0 0 0 0 0
42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

10,403,001 11,697,479 957,641 17,302,544 18,115,714 20,917,670 19,839,347 12,296,606
188,302 262,503 845 262,087 341,614 262,432 536,741 364,382
176,448 248,864 830 168,260 219,316 165,753 438,601 271,402
11,854 13,639 15 93,827 122,298 96,679 98,140 92,980
3,343,005 3,217,382 12,392 4,330,290 5,124,405 4,751,291 5,047,851 6,388,045
3,216,812 3,123,602 12,392 4,024,162 4,665,565 4,300,062 4,740,201 6,013,582
126,193 93,780 0 306,128 458,840 451,229 307,650 374,463
1,135,787 1,083,748 440 1,471,685 1,907,936 2,188,264 2,862,738 3,211,166
405,042 396,983 440 510,212 859,136 988,986 1,575,297 1,717,475
2,284 9,409 0 19,108 22,674 13,760 370,799 432,409
402,758 387,574 440 491,104 836,462 975,226 1,204,498 1,285,066
725,855 680,791 0 954,014 1,042,905 1,195,798 1,284,572 1,490,923
4,890 5,974 0 7,459 5,895 3,480 2,869 2,768
1,655,741 676,536 0 711,234 982,083 447,309 351,119 233,962
407,895 676,536 0 711,234 982,083 447,309 351,119 233,962
364,083 625,465 0 571,416 566,508 424,617 351,119 233,962
43,812 51,071 0 139,818 415,575 22,692 0 0
1,247,846 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
4,006,810 6,356,108 943,964 10,411,677 9,677,697 13,122,852 10,895,375 1,953,529
1,547,095 2,263,634 28,697 2,814,033 4,142,687 5,916,893 3,395,140 816,273
0 0 0 0 0 0 0 0
1,473,625 2,144,922 28,697 2,814,033 4,142,687 5,916,893 3,395,140 816,273
73,470 118,712 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,459,715 4,092,474 915,267 7,597,644 5,535,010 7,205,959 7,500,235 1,137,256
2,022,941 3,051,444 0 2,269,245 300,902 1,463,511 1,502,252 449,792
0 0 915,133 0 0 0 0 0
0 0 0 0 0 0 0 0
436,774 1,041,030 134 5,328,399 5,234,108 5,742,448 5,997,983 687,464
73,356 101,202 0 115,571 81,979 145,522 145,523 145,522
73,356 101,202 0 115,571 81,979 145,522 145,523 145,522
32,858 50,048 0 69,367 36,573 107,457 97,024 84,696
29,806 36,341 0 31,410 28,065 21,203 22,507 24,950
0 0 0 0 0 0 0 0
2,331 5,969 0 3,795 8,924 5,810 5,266 13,640
8,361 8,844 0 10,999 8,417 11,052 20,726 22,236
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
6,413,625 8,758,170 86,415 17,889,974 28,275,147 25,469,943 25,720,576 20,183,501
1,782,110 1,877,304 86,415 1,499,031 734,545 915,626 732,662 539,571
1,782,110 1,877,304 86,415 1,499,031 635,679 814,823 629,923 434,896
1,594,475 1,725,811 86,415 1,402,166 608,501 814,823 629,923 434,896
187,635 151,493 0 96,865 27,178 0 0 0
0 0 0 0 98,866 100,803 102,739 104,675
0 0 0 0 0 0 0 0
4,329,179 6,595,478 0 16,020,008 27,291,578 23,948,131 24,628,944 19,334,743
3,462,048 5,905,398 0 14,802,612 25,269,004 22,591,577 22,781,014 15,151,917
0 0 0 0 0 0 0 0
3,462,048 5,905,398 0 14,802,612 25,269,004 22,591,577 22,781,014 15,151,917
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
867,131 690,080 0 1,217,396 2,022,574 1,356,554 1,847,930 4,182,826
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
867,131 690,080 0 1,217,396 2,022,574 1,356,554 1,847,930 4,182,826
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
302,336 285,388 0 370,935 249,024 606,186 358,970 309,187
302,336 285,388 0 370,935 249,024 606,186 358,970 309,187
135,426 141,136 0 222,638 111,096 447,621 239,331 179,952
122,847 102,479 0 100,813 85,253 88,324 55,521 53,009
0 0 0 0 0 0 0 0
44,063 16,830 0 12,182 27,108 24,202 12,991 28,982
0 24,943 0 35,302 25,567 46,039 51,127 47,244
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
25,611,320 28,863,744 42,838,778 42,221,594 48,331,883 44,825,048 46,008,814 56,340,623
0 0 0 0 0 0 0 0
25,611,320 28,863,744 42,838,778 42,221,594 48,331,883 44,825,048 46,008,814 56,340,623
8,303,936 12,187,349 57,000,790 57,582,349 57,614,140 57,614,140 57,614,140 57,710,202
7,030,058 4,768,925 55,362,431 55,023,269 54,373,451 54,529,780 54,700,909 54,781,194
4,991,391 4,991,709 53,663,683 53,662,811 53,662,811 53,662,811 53,662,811 53,662,811
1,041,990 672,107 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,750 -3,875 -28,800 -6,714 -617,407 -312,670 -139,665 -20,841
0 0 0 0 0 0 0 0
993,927 -891,016 1,727,548 1,367,172 1,328,047 1,179,639 1,177,763 1,139,224
0 0 0 0 0 0 0 0
12,581,184 13,254,995 5,857,853 4,883,945 8,201,323 9,700,248 8,660,235 15,434,093
208,832 208,832 4,456 4,456 4,456 4,456 4,456 4,456
0 0 940,132 498,485 2,141,424 3,859,995 1,267,721 6,710,053
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1,030,977 1,427,308 1,849,893 2,872,633 4,016,272 5,835,797 7,388,058 8,719,584
697,865 1,870,595 3,063,372 1,508,371 2,039,171 0 0 0
0 0 0 0 0 0 0 0
10,643,510 9,748,260 0 0 0 0 0 0
0 0 0 0 0 0 0 0
46,304 86,936 -75,382,296 -75,267,969 -71,857,031 -77,019,120 -74,966,470 -71,584,866
-997,025 -119,788 0 0 0 0 0 0
-1,353,137 -1,314,673 0 0 0 0 0 0
12 12 12 12 12 12 12 12
divulgado divulgado divulgado divulgado divulgado divulgado divulgado divulgado
13,824,058 13,044,603 0 20,014,913 22,106,965 20,634,193 21,730,363 23,214,028

6,106,055 6,295,557 0 9,704,361 11,431,627 11,263,620 11,483,719 12,447,880
7,718,003 6,749,046 0 10,310,552 10,675,338 9,370,573 10,246,644 10,766,148
-2,453,663 -4,939,976 -8,717,483 -3,729,779 -3,371,176 -4,006,806 -1,133,972 -1,695,031
3,050,053 2,626,834 0 3,417,331 3,591,038 3,999,531 4,001,540 4,639,947
756,857 960,671 3,156 1,101,219 1,277,065 1,190,964 1,514,297 1,326,741
0 0 0 0 0 0 0 0
801,975 871,596 49,790 1,824,318 1,974,913 2,631,206 1,029,042 966,560
32,811 91,789 6,720 306,177 530,970 245,490 132,093 100,833
5,491,409 7,747,674 8,677,569 6,730,188 6,795,336 6,811,585 5,752,860 6,795,992
10,171,666 11,689,022 8,717,483 14,040,331 14,046,514 13,377,379 11,380,616 12,461,179
-850,791 -909,586 3,880 -2,172,205 -1,304,158 -2,509,282 -5,388,177 -2,244,771
611,565 459,422 5,368 1,045,958 3,988,762 2,502,321 1,302,364 2,158,542
1,462,356 1,369,008 1,488 3,218,163 5,292,920 5,011,603 6,690,541 4,403,313
9,320,875 10,779,436 8,721,363 11,868,126 12,742,356 10,868,097 5,992,439 10,216,408
679,899 271,370 -813,606 -197,386 318,585 -1,678,513 -1,339,529 -808,270
162,939 43,247 13,840 -201,662 -1,920,185 -2,157,328 -963,993 -887,214
516,960 228,123 -827,446 4,276 2,238,770 478,815 -375,536 78,944
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
0 0 0 0 0 0 0 0
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
12 12 12 12 12 12 12 12
8,953,377 8,170,601 2,123,161 11,717,410 15,263,492 12,049,425 12,864,167 13,992,229

5,496,879 4,584,094 39,914 8,837,366 9,508,673 7,842,073 10,231,173 8,097,420
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
733,229 869,695 0 1,414,258 1,692,171 2,058,565 2,186,992 2,164,869
850,791 909,586 -3,880 2,172,205 1,304,158 2,509,282 5,388,177 2,244,771
-44,107 -5,971 0 -11,734 5,820 -18,795 2,096,884 -6,468
0 0 0 0 0 0 0 0
-5,491,409 -7,747,674 -8,677,569 0 0 0 0 0
679,899 271,370 0 0 0 0 0 0
0 0 0 -6,730,188 -6,795,336 -6,811,585 -5,752,860 0
127,500 -220,978 -813,606 -72,687 878,089 -2,442,004 -1,019,988 -7,330,430
3,456,498 3,586,507 2,083,247 2,880,044 5,754,819 4,207,352 2,632,994 5,894,809
- - - 0 -1,120,266 1,789,535 -578,812 72,016
- - - -209,047 -102,241 -112,855 56,935 -407,813
- - - 4,926,853 4,622,317 4,009,855 6,078,142 7,802,463
- - - -915,550 3,354,220 0 0 0
- - - -95,053 259,181 1,085,035 1,105,963 474,415
- - - -827,159 -1,258,392 -2,564,218 -4,029,234 -2,046,272
0 0 0 0 0 0 0 0
-1,068,676 -1,934,500 -7,471 1,122,208 -5,098,685 -3,403,300 -1,838,630 7,975,565
-1,946,948 -1,565,644 -7,471 -2,039,062 -3,741,831 -3,201,427 -1,695,758 8,009,267
0 0 -7,471 0 -1,579,423 -1,625,405 -404,147 -28,114
-1,974,170 -1,584,835 0 -2,144,596 -2,344,995 -1,655,654 -1,327,440 -1,705,714
27,222 19,191 0 105,534 182,587 79,632 35,829 9,743,095
0 0 0 0 0 0 0 0
878,272 -368,856 0 -464,594 -1,356,854 -285,486 -157,579 -35,459
0 0 0 3,625,864 0 83,613 14,707 1,757
-6,939,533 -5,890,998 -2,026,824 -8,028,412 -12,682,098 -9,207,988 -10,413,903 -21,710,953
-1,913,119 -378,375 44,613 3,749,970 -935,771 1,209,966 -1,966,120 -10,065,748
1,178,950 1,739,044 86,415 4,489,277 12,535,579 5,518,233 4,859,464 1,451,288
-3,092,069 -2,117,419 -41,802 -739,307 -13,471,350 -4,308,267 -6,825,584 -11,517,036
189,751 179,715 -11,351 89,374 -814,313 0 0 6,186
220,853 210,090 17,449 157,552 9,873 0 0 6,186
-31,102 -30,375 -28,800 -68,178 -824,186 0 0 0
-5,421,259 -5,508,368 -2,060,086 -11,867,756 -10,932,014 -10,418,340 -8,409,169 -8,598,118
205,094 -183,970 0 0 0 386 -38,614 -3,053,273
0 0 0 142,991 1,918,509 22,378 13 0
0 0 0 0 0 0 0 0
945,168 345,103 88,866 4,954,197 -598,782 -539,485 611,647 256,841
42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

6,369,530 7,124,782 149,230 13,039,804 14,044,725 13,131,543 11,272,513 10,646,666
- - - - - - - -
- - - - - - - -
876,926 776,816 0 862,768 1,015,649 1,418,145 1,731,329 1,817,189
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,284,592 1,328,344 0 1,891,197 1,987,853 2,160,921 2,107,274 2,603,847
- - - - - - - -
36,058,416 42,194,611 43,733,604 64,374,308 80,678,019 78,081,118 80,296,224 78,174,064
1,999,213 2,007,372 837,391 2,603,739 3,764,517 1,830,422 4,148,374 6,105,588
- - - - - - - -
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0 0 0 0 0 0 0 0
80,242 107,741 0 0 0 0 0 0
- - - - - - - -
- - - - - - - -
- - 42,896,213 - - - - -
28,899,648 34,291,812 42,896,213 51,780,933 66,073,444 64,358,515 64,593,359 60,773,044
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
4,640,258 5,408,516 0 9,078,686 9,911,024 11,144,956 10,806,139 10,514,553
- - 0 - - - - -
0 0 0 0 0 0 0 -
42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

10,403,001 11,697,479 957,641 17,302,544 18,115,714 20,917,670 19,839,347 12,296,606
407,895 676,536 0 711,234 982,083 447,309 351,119 233,962
1,247,846 0 0 0 0 0 0 0
3,343,005 3,217,382 12,392 4,330,290 5,124,405 4,751,291 5,047,851 6,388,045
- - - - - - - -
2,022,941 3,051,444 0 2,269,245 300,902 1,463,511 1,502,252 449,792
73,356 101,202 0 115,571 81,979 145,522 145,523 145,522
- - - - - - - -
- - - - - - - -
6,413,625 8,758,170 86,415 17,889,974 28,275,147 25,469,943 25,720,576 20,183,501
- - 86,415 - - - - -
1,782,110 1,877,304 86,415 1,499,031 635,679 814,823 629,923 434,896
0 0 0 0 98,866 100,803 102,739 104,675
302,336 285,388 0 370,935 249,024 606,186 358,970 309,187
- - 0 - - - - -
- - 0 - - - - -
- - 0 - - - - -
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
25,611,320 28,863,744 42,838,778 42,221,594 48,331,883 44,825,048 46,008,814 56,340,623
8,303,936 12,187,349 57,000,790 57,582,349 57,614,140 57,614,140 57,614,140 57,710,202
7,030,058 4,768,925 55,362,431 55,023,269 54,373,451 54,529,780 54,700,909 54,781,194
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
12,581,184 13,254,995 5,857,853 4,883,945 8,201,323 9,700,248 8,660,235 15,434,093
208,832 208,832 4,456 4,456 4,456 4,456 4,456 4,456
0 0 940,132 498,485 2,141,424 3,859,995 1,267,721 6,710,053
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0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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12 12 12 12 12 12 12 12
- - - - - - - -
- - - - - - - -
13,824,058 13,044,603 0 20,014,913 22,106,965 20,634,193 21,730,363 23,214,028
6,106,055 6,295,557 0 9,704,361 11,431,627 11,263,620 11,483,719 12,447,880
7,718,003 6,749,046 0 10,310,552 10,675,338 9,370,573 10,246,644 10,766,148
- - - - - - - -
3,050,053 2,626,834 0 3,417,331 3,591,038 3,999,531 4,001,540 4,639,947
756,857 960,671 3,156 1,101,219 1,277,065 1,190,964 1,514,297 1,326,741
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- - - - - - - -
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611,565 459,422 5,368 1,045,958 3,988,762 2,502,321 1,302,364 2,158,542
- - - - - - - -
1,462,356 1,369,008 1,488 3,218,163 5,292,920 5,011,603 6,690,541 4,403,313
- - - - - - - -
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9,320,875 10,779,436 8,721,363 11,868,126 12,742,356 10,868,097 5,992,439 10,216,408
162,939 43,247 13,840 -201,662 -1,920,185 -2,157,328 -963,993 -887,214
516,960 228,123 -827,446 4,276 2,238,770 478,815 -375,536 78,944
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0 0 0 0 0 0 0 0
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
12 12 12 12 12 12 12 12
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3,117,189 3,126,909 15,642,926 15,712,202 15,685,094 15,701,103 15,710,221 15,721,119
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
3/8/2012 2/27/2013 3/24/2014 2/26/2015 2/25/2016 3/2/2017 3/1/2018 2/28/2019
2/8/2017 2/8/2017 2/8/2017 2/8/2017 2/8/2017 3/2/2017 3/2/2018 2/28/2019
ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
Não Não Não Não Não Não Não Não
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

not copied not copied not copied not copied not copied not copied not copied not copied
46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

14,679,440 16,255,922 20,470,013 20,728,421 28,314,489 23,886,851 24,718,073 25,329,605
8,076,241 8,926,165 11,285,833 9,722,067 13,620,161 7,876,849 10,354,527 11,463,498
193,385 476,607 288,604 712,958 215,106 282,771 11,883 13,391
193,385 476,607 288,604 712,958 215,106 282,771 11,883 13,391
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- - - - - - - 13,391
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0 0 0 0 0 0 0 0
2,512,479 2,935,692 3,613,506 3,028,854 4,165,670 4,368,059 4,944,831 4,879,256
2,001,243 2,467,987 2,927,288 3,028,854 4,081,046 4,330,810 4,814,200 4,584,807
511,236 467,705 686,218 0 84,624 37,249 130,631 294,449
2,238,517 2,466,341 2,795,490 3,411,284 4,338,172 4,347,052 4,318,973 5,401,793
0 0 0 0 0 0 0 0
857,769 583,245 1,397,004 1,581,908 3,194,972 5,423,310 3,370,541 2,148,714
857,769 583,245 1,397,004 1,581,908 3,194,972 5,423,310 3,370,541 2,148,714
620,498 710,637 787,333 781,603 1,017,140 771,257 771,499 741,222
180,551 157,235 302,243 1,489,747 1,763,268 817,553 945,819 681,731
0 0 0 0 0 0 0 0
400 4,086 0 0 0 0 0 0
180,151 153,149 302,243 1,489,747 1,763,268 817,553 945,819 681,731
31,459,978 37,903,847 48,204,006 51,414,782 61,861,745 59,954,567 62,133,916 68,796,533
2,956,034 3,560,703 4,005,113 4,376,472 5,961,469 4,743,535 6,997,050 8,325,628
242,106 249,379 0 0 0 0 0 0
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- - - - - - - 0
- - - - - - - 0
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1,549 1,416 0 0 0 0 0 0
1,549 1,416 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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866,307 1,188,708 1,646,530 1,392,500 2,749,852 2,268,142 2,279,339 2,017,475
580,828 229,807 0 0 0 0 0 0
0 0 0 115,625 119,159 150,884 133,183 154,121
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0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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0 0 0 0 0 0 0 0
1,265,244 1,891,393 2,294,787 2,800,381 2,973,830 2,220,169 4,462,572 6,006,691
21,681 24,012 26,452 40,448 714,925 300,115 237,961 257,135
21,681 24,012 26,452 40,448 714,925 300,115 237,961 257,135
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 257,135
21,681 24,012 26,452 40,448 714,925 300,115 237,961 0
0 0 0 0 0 0 0 0
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7,369,364 9,762,987 11,872,922 13,878,901 16,988,268 17,392,999 17,545,621 18,629,593
29,716 47,772 22,011 32,247 19,172 20,098 18,744 45,355
1,866,130 1,601,521 2,042,826 1,828,910 2,132,647 1,740,739 1,257,962 1,422,048
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1,763,034 2,935,396 3,213,551 3,754,860 5,092,198 5,245,881 4,674,704 5,840,598
0 0 0 0 0 0 0 0
1,763,034 2,935,396 3,213,551 3,754,860 5,092,198 5,245,881 4,674,704 5,840,598
17,454,019 19,971,456 27,021,131 27,502,944 30,953,066 30,511,200 31,401,874 34,276,176
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14,407,913 15,518,679 17,180,582 21,824,783 30,141,913 28,773,650 28,688,476 24,828,370
430,234 566,084 722,090 598,360 915,542 686,627 1,047,182 851,619
379,603 375,266 326,338 274,703 497,150 330,480 562,543 384,863
50,631 190,818 395,752 323,657 418,392 356,147 484,639 466,756
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4,511,565 4,624,763 5,479,362 5,458,851 7,752,054 5,039,815 5,554,496 6,853,219
1,602,293 1,938,400 2,446,059 3,249,888 3,357,039 4,753,194 4,863,933 5,920,943
2,673,570 3,074,039 3,122,569 3,543,689 4,342,096 4,282,418 5,493,847 5,340,211
1,626,689 1,970,076 2,486,851 2,044,227 2,246,633 2,213,274 3,261,182 3,000,471
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832,825 997,520 1,599,297 1,403,814 1,001,335 1,309,034 1,592,775 1,441,882
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67,314 73,427 140,623 201,667 420,943 89,978 142,381 182,994
2,212,078 837,772 1,040,603 988,056 1,282,573 3,630,604 1,321,122 1,560,630
964,232 837,772 1,040,603 988,056 1,282,573 3,630,604 1,321,122 1,560,630
841,379 618,136 574,944 572,278 593,951 725,951 351,376 234,058
122,853 219,636 465,659 415,778 688,622 2,904,653 969,746 1,326,572
1,247,846 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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0 0 0 0 0 0 0 0
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0 0 0 0 724,596 1,075,748 1,435,499 1,275,883
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2,042,199 3,088,902 1,095,168 2,435,350 598,573 1,714,401 1,778,633 806,981
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
834,329 1,251,267 3,129,773 5,411,355 11,046,291 7,422,207 7,024,807 2,045,887
101,645 137,452 144,958 139,234 123,149 168,636 168,957 172,997
95,127 137,452 139,497 132,842 114,116 161,931 161,668 165,142
45,257 74,479 74,841 71,621 39,990 59,308 59,309 59,308
36,546 45,222 52,648 36,633 40,892 77,357 77,289 79,867
0 0 0 0 0 0 0 0
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10,600 10,939 10,641 20,269 27,907 7,941 7,961 8,637
6,518 0 5,461 6,392 9,033 6,705 7,289 7,855
0 0 0 0 0 0 0 0
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0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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1,890,208 2,305,957 1,853,452 1,634,567 2,316,903 1,765,706 1,231,928 862,138
1,890,208 2,305,957 1,853,452 1,634,567 2,218,037 1,664,903 1,129,189 757,463
1,632,385 1,545,180 1,361,760 1,422,490 1,461,832 1,064,448 630,809 434,944
257,823 760,777 491,692 212,077 756,205 600,455 498,380 322,519
0 0 0 0 98,866 100,803 102,739 104,675
0 0 0 0 0 0 0 0
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2,799,550 4,844,897 3,115,208 2,758,333 4,410,726 3,555,697 6,106,921 8,037,412
0 0 0 0 0 0 0 0
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2,799,550 4,844,897 3,115,208 2,758,333 4,410,726 3,555,697 6,106,921 8,037,412
734,484 1,048,343 2,095,686 1,737,631 2,473,535 2,329,722 2,329,229 2,424,567
734,484 1,048,343 2,095,686 1,737,631 2,473,535 2,329,722 2,329,229 2,424,567
478,418 518,076 431,693 543,220 499,524 765,370 512,580 426,227
476,552 513,694 431,085 542,635 498,518 764,624 511,770 425,354
235,297 260,032 216,582 286,175 182,471 511,335 323,970 247,822
158,480 134,911 121,719 127,618 138,869 88,344 52,107 38,300
0 0 0 0 0 0 0 0
82,775 118,751 8,145 19,357 26,203 26,636 18,164 37,586
0 0 84,639 109,485 150,975 138,309 117,529 101,646
1,866 4,382 608 585 1,006 746 810 873
0 0 0 0 0 0 0 0
1,866 4,382 608 585 1,006 746 810 873
0 0 0 0 0 0 0 0
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217,525 1,060,073 1,158,620 1,423,075 2,001,750 1,826,225 1,974,041 1,206,801
25,611,320 28,863,744 42,838,778 42,221,594 48,331,883 44,825,048 46,008,814 56,340,623
8,303,936 12,187,349 57,000,790 57,582,349 57,614,140 57,614,140 57,614,140 57,710,202
7,030,058 4,768,925 55,362,431 55,023,269 54,373,451 54,529,780 54,700,909 54,781,194
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208,832 208,832 4,456 4,456 4,456 4,456 4,456 4,456
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0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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-1,353,137 -1,314,673 0 0 0 0 0 0
12 12 12 12 12 12 12 12
27,126,719 32,231,027 34,791,391 38,079,786 46,720,141 45,602,561 47,899,276 50,231,336

8,793,307 10,291,518 11,397,801 12,814,588 16,061,371 16,677,959 18,041,778 19,269,627
18,333,412 21,939,509 23,393,590 25,265,198 30,658,770 28,924,602 29,857,498 30,961,709
6,623,489 8,079,030 8,018,480 9,421,217 11,877,178 11,824,227 13,433,800 13,971,252
6,250,957 7,346,589 8,025,779 9,158,701 11,177,879 12,010,512 11,915,494 12,465,997
1,180,566 1,546,535 1,736,457 1,820,046 2,281,256 2,166,097 2,623,796 2,367,221
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807,555 813,613 1,993,003 1,837,393 2,218,357 2,747,125 1,338,947 1,427,669
0 0 260,666 297,241 639,494 389,758 230,342 566,743
479 481 11,419 17,378 3,094 -4,985 -3,115 1,040
11,709,923 13,860,479 15,375,110 15,843,981 18,781,592 17,100,375 16,423,698 16,990,457
-468,164 -812,814 -1,563,426 -1,475,404 -2,268,203 -3,702,005 -3,493,896 -3,823,436
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1,233,726 1,474,431 2,495,918 2,648,627 3,562,429 4,597,952 4,268,294 4,562,251
11,241,759 13,047,665 13,811,684 14,368,577 16,513,389 13,398,370 12,929,802 13,167,021
2,521,995 2,405,110 2,457,614 2,006,558 3,634,248 314,973 5,079,298 1,789,594
1,671,756 2,150,607 1,912,212 2,057,184 1,227,888 413,907 5,332,336 1,833,480
850,239 254,503 545,402 -50,626 2,406,360 -98,934 -253,038 -43,886
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78,788 134,489 1,819,101 296,507 455,370 536,787 518,536 352,749
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
12 12 12 12 12 12 12 12
12,606,891 14,128,638 15,245,896 15,895,673 23,580,946 12,344,513 17,874,062 17,911,195
13,190,486 15,757,980 17,706,098 18,294,855 21,272,321 19,283,093 20,677,948 20,181,183
8,719,764 10,642,555 11,354,070 12,362,019 12,879,141 13,083,397 7,850,504 11,377,427
1,454,741 1,768,631 2,092,206 2,392,508 3,074,620 3,512,005 3,612,083 4,023,054
468,164 812,814 1,563,426 1,475,404 2,268,203 3,702,005 3,493,896 3,823,436
-60,200 -33,147 -24,305 -33,886 -27,858 -70,882 -49,416 -50,359
0 0 0 0 0 0 0 0
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0 0 0 0 0 0 0 0
86,501 162,498 2,732,120 2,116,188 3,081,309 -948,417 5,770,881 1,007,625
-583,595 -1,629,342 -2,460,202 -2,399,182 2,308,625 -6,938,580 -2,803,886 -2,269,988
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- - - -588,982 -681,475 -437,052 -63,805 -1,167,162
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0 -2,537,042 -254,908 0 -123,444 -1,861,727 -1,097 -8,531
-3,200,178 -3,014,044 -3,800,781 -4,493,069 -5,261,228 -4,132,658 -3,117,488 -3,570,957
71,618 122,765 111,957 151,949 194,036 133,621 101,940 102,369
0 0 0 0 0 0 0 0
925,181 -289,028 141,707 -416,271 405,766 -37,144 276,927 -16,113
0 0 0 -10,686 -1,212,197 0 -333,284 -182,474
-8,651,937 -7,652,248 -9,385,263 -13,143,763 -15,327,939 -11,645,142 -12,864,137 -13,221,612
-2,674,468 -1,736,326 -2,327,957 -1,167,562 -3,023,405 -1,314,927 -4,005,769 -1,360,344
1,555,578 1,470,223 327,355 1,005,203 4,964,621 3,791,965 2,904,418 2,304,917
-4,230,046 -3,206,549 -2,655,312 -2,172,765 -7,988,026 -5,106,892 -6,910,187 -3,665,261
179,599 179,715 152,104 83,394 -814,313 0 0 6,186
210,701 210,090 189,825 157,552 9,873 0 0 6,186
-31,102 -30,375 -37,721 -74,158 -824,186 0 0 0
-5,475,448 -5,450,111 -7,209,410 -12,059,595 -11,490,221 -10,330,601 -8,819,754 -8,814,129
-681,620 -645,526 0 0 0 386 -38,614 -3,053,325
404,061 103,066 253,028 100,904 1,738,704 -542,236 538,963 96,886
0 0 0 0 0 0 0 0
2,155,636 862,107 2,311,636 -1,915,263 3,994,644 -5,740,773 2,475,886 1,110,763
46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

14,679,440 16,255,922 20,470,013 20,728,421 28,314,489 23,886,851 24,718,073 25,329,605
- - - - - - - -
- - - - - - - -
2,001,243 2,467,987 2,927,288 3,028,854 4,081,046 4,330,810 4,814,200 4,584,807
- - - - - - - -
- - - - - - - -
- - - - - - - -
2,238,517 2,466,341 2,795,490 3,411,284 4,338,172 4,347,052 4,318,973 5,401,793
- - - - - - - -
31,459,978 37,903,847 48,204,006 51,414,782 61,861,745 59,954,567 62,133,916 68,796,533
2,956,034 3,560,703 4,005,113 4,376,472 5,961,469 4,743,535 6,997,050 8,325,628
- - - - - - - -
- - - - - - - -
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
- - - - - - - -
- - - - - - - -
- - - - - - - -
21,681 24,012 26,452 40,448 714,925 300,115 237,961 257,135
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
9,265,210 11,412,280 13,937,759 15,740,058 19,140,087 19,153,836 18,822,327 20,096,996
- - - - - - - -
0 0 0 0 0 0 0 -
46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

14,407,913 15,518,679 17,180,582 21,824,783 30,141,913 28,773,650 28,688,476 24,828,370
964,232 837,772 1,040,603 988,056 1,282,573 3,630,604 1,321,122 1,560,630
1,247,846 0 0 0 0 0 0 0
6,113,858 6,563,163 7,925,421 8,708,739 11,109,093 9,793,009 10,418,429 12,774,162
- - - - - - - -
2,042,199 3,088,902 1,095,168 2,435,350 598,573 1,714,401 1,778,633 806,981
101,645 137,452 144,958 139,234 123,149 168,636 168,957 172,997
- - - - - - - -
- - - - - - - -
5,902,660 8,717,273 7,496,039 6,673,751 9,700,688 8,416,495 10,180,658 11,750,344
- - - - - - - -
1,890,208 2,305,957 1,853,452 1,634,567 2,218,037 1,664,903 1,129,189 757,463
0 0 0 0 98,866 100,803 102,739 104,675
478,418 518,076 431,693 543,220 499,524 765,370 512,580 426,227
- - - - - - - -
- - - - - - - -
- - - - - - - -
0 0 0 0 0 0 0 0
217,525 1,060,073 1,158,620 1,423,075 2,001,750 1,826,225 1,974,041 1,206,801
25,611,320 28,863,744 42,838,778 42,221,594 48,331,883 44,825,048 46,008,814 56,340,623
8,303,936 12,187,349 57,000,790 57,582,349 57,614,140 57,614,140 57,614,140 57,710,202
7,030,058 4,768,925 55,362,431 55,023,269 54,373,451 54,529,780 54,700,909 54,781,194
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
12,581,184 13,254,995 5,857,853 4,883,945 8,201,323 9,700,248 8,660,235 15,434,093
208,832 208,832 4,456 4,456 4,456 4,456 4,456 4,456
0 0 940,132 498,485 2,141,424 3,859,995 1,267,721 6,710,053
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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12 12 12 12 12 12 12 12
- - - - - - - -
- - - - - - - -
27,126,719 32,231,027 34,791,391 38,079,786 46,720,141 45,602,561 47,899,276 50,231,336
8,793,307 10,291,518 11,397,801 12,814,588 16,061,371 16,677,959 18,041,778 19,269,627
18,333,412 21,939,509 23,393,590 25,265,198 30,658,770 28,924,602 29,857,498 30,961,709
- - - - - - - -
6,250,957 7,346,589 8,025,779 9,158,701 11,177,879 12,010,512 11,915,494 12,465,997
1,180,566 1,546,535 1,736,457 1,820,046 2,281,256 2,166,097 2,623,796 2,367,221
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
765,562 661,617 932,492 1,173,223 1,294,226 895,947 774,398 738,815
- - - - - - - -
1,233,726 1,474,431 2,495,918 2,648,627 3,562,429 4,597,952 4,268,294 4,562,251
- - - - - - - -
479 481 11,419 17,378 3,094 -4,985 -3,115 1,040
- - - - - - - -
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- - - - - - - -
- - - - - - - -
11,241,759 13,047,665 13,811,684 14,368,577 16,513,389 13,398,370 12,929,802 13,167,021
1,671,756 2,150,607 1,912,212 2,057,184 1,227,888 413,907 5,332,336 1,833,480
850,239 254,503 545,402 -50,626 2,406,360 -98,934 -253,038 -43,886
- - - - - - - -
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- - - - - - - -
- - - - - - - -
78,788 134,489 1,819,101 296,507 455,370 536,787 518,536 352,749
8,640,976 10,508,066 9,534,969 12,065,512 12,423,771 12,546,610 7,331,968 11,024,678
12 12 12 12 12 12 12 12
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3,117,189 3,126,909 15,642,926 15,712,202 15,685,094 15,701,103 15,710,221 15,721,119
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
3/8/2012 2/27/2013 3/24/2014 2/26/2015 2/25/2016 3/2/2017 3/1/2018 2/28/2019
2/8/2017 2/8/2017 2/8/2017 2/8/2017 2/8/2017 3/2/2017 3/2/2018 2/28/2019
ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
Sim Sim Sim Sim Sim Sim Sim Sim
Economatica
12/31/2019 12/31/2020 12/31/2021 12/31/2022
IFRS IFRS IFRS IFRS

not copied not copied not copied not copied
99,334,683 121,735,698 131,722,563 132,233,886

12,959,413 13,292,314 13,299,830 15,181,344
2,657,537 4,547,817 3,797,863 4,923,851
1,082,865 9,172 22,866 35,770
1,082,865 9,172 22,866 35,770
1,082,865 9,172 22,866 35,770
1,082,865 9,172 22,866 35,770
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2,626,819 3,491,287 2,869,475 2,330,865
1,701,783 1,694,423 1,251,284 1,562,493
925,036 1,796,864 1,618,191 768,372
3,174,761 3,104,004 4,790,224 5,638,665
0 0 0 0
2,655,845 1,659,180 1,322,679 1,717,867
2,655,845 1,659,180 1,322,679 1,717,867
506,502 311,533 363,363 399,241
255,084 169,321 133,360 135,085
0 0 0 0
0 0 0 0
255,084 169,321 133,360 135,085
86,375,270 108,443,384 118,422,733 117,052,542
7,126,187 12,934,859 15,710,021 15,232,922
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0 0 0 0
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118,990 152,446 132,150 145,612
54,322 54,322 56,822 63,322
54,322 54,322 56,822 63,322
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1,103,128 1,696,886 3,129,802 4,108,678
1,103,128 1,696,886 3,129,802 4,108,678
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66,193,421 82,132,552 86,992,221 84,673,352
66,193,421 82,132,552 86,992,221 84,673,352
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66,193,421 82,132,552 86,992,221 84,673,352
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11,881,480 12,168,384 14,439,258 15,154,366
9,748,837 9,851,083 10,189,634 11,094,081
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1,066,320 1,543,957 3,127,524 2,702,443
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1,174,182 1,207,589 1,281,233 1,991,902
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1,174,182 1,207,589 1,281,233 1,991,902
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15,183,086 21,185,014 21,902,393 24,140,330
372,696 354,459 1,281,962 1,203,034
274,336 264,689 1,207,586 1,133,341
98,360 89,770 74,376 69,693
7,742,693 10,323,823 13,118,854 13,269,307
7,271,187 9,382,084 11,864,200 11,902,605
471,506 941,739 1,254,654 1,366,702
3,353,622 3,328,386 3,175,347 4,106,012
1,886,565 1,765,506 1,638,774 2,494,718
435,215 294,638 125,715 118,146
1,451,350 1,470,868 1,513,059 2,376,572
1,461,136 1,559,727 1,531,857 1,609,653
5,921 3,153 4,716 1,641
347,942 2,100,584 377,881 518,798
347,942 2,100,584 377,881 518,798
347,942 2,100,584 377,881 518,798
0 0 0 0
0 0 0 0
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3,272,353 4,984,041 3,809,681 4,919,576
1,942,440 2,088,010 1,707,268 1,646,404
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1,942,440 2,088,010 1,707,268 1,646,404
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1,329,913 2,896,031 2,102,413 3,273,172
445,079 1,712,994 571,054 644,979
0 0 0 0
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884,834 1,183,037 1,531,359 2,628,193
93,780 93,721 138,668 123,603
93,780 93,721 138,668 123,603
43,148 41,082 63,867 34,853
19,608 19,702 24,547 15,490
0 0 0 0
10,917 14,286 23,834 56,260
20,107 18,651 26,420 17,000
0 0 0 0
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22,873,572 26,735,056 27,177,139 26,137,923
1,373,215 1,019,590 1,142,504 1,497,619
1,266,604 1,019,590 1,005,176 1,497,619
1,266,604 1,019,590 1,005,176 1,497,619
0 0 0 0
106,611 0 137,328 0
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21,214,980 25,411,205 25,725,010 24,050,551
16,267,467 19,560,364 20,874,134 21,191,918
0 0 0 0
16,267,467 19,560,364 20,874,134 21,191,918
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4,947,513 5,850,841 4,850,876 2,858,633
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4,947,513 5,850,841 4,850,876 2,858,633
0 0 0 0
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285,377 304,261 309,625 589,753
285,377 304,261 309,625 589,753
131,302 127,140 142,606 166,303
59,667 66,294 54,810 73,894
0 0 0 0
33,221 48,070 53,218 268,437
61,187 62,757 58,991 81,119
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0 0 0 0
61,278,025 73,815,628 82,643,031 81,955,633
57,866,759 57,899,073 58,042,464 58,130,517
54,811,462 54,985,511 55,187,188 55,339,694
53,662,811 53,662,811 53,662,811 53,662,811
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1,216,668 1,325,745 1,622,517 1,808,760
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20,874,268 25,920,061 31,191,640 36,906,900
4,456 4,456 4,456 4,456
10,798,106 14,511,147 18,359,259 22,055,901
0 0 0 0
0 0 0 0
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-72,274,464 -64,989,017 -61,778,261 -68,421,478
0 0 0 0
0 0 0 0
12 12 12 12
divulgado divulgado divulgado divulgado
26,585,322 28,160,830 32,350,311 38,494,443

14,028,587 16,870,694 20,990,613 24,060,176
12,556,735 11,290,136 11,359,698 14,434,267
19,377 657,977 403,078 1,563,269
5,041,440 5,938,644 6,339,235 7,472,553
1,532,171 1,490,407 2,846,454 3,025,740
0 0 0 0
757,112 3,203,690 1,806,910 2,423,175
330,141 167,357 197,083 43,055
6,127,263 3,734,741 7,172,784 6,554,904
12,537,358 10,632,159 10,956,620 12,870,998
-1,822,716 597,672 -1,349,558 -1,061,484
919,527 3,602,235 1,040,503 2,703,310
2,742,243 3,004,563 2,390,061 3,764,794
10,714,642 11,229,831 9,607,062 11,809,514
-1,065,323 -149,563 -3,063,906 -2,648,429
-1,135,185 -1,211,345 -1,979,773 -782,824
69,862 1,061,782 -1,084,133 -1,865,605
11,779,965 11,379,394 12,670,968 14,457,943
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11,779,965 11,379,394 12,670,968 14,457,943
0 0 0 0
11,779,965 11,379,394 12,670,968 14,457,943
12 12 12 12
11,095,763 10,288,539 13,581,285 13,200,119

9,658,996 10,080,163 6,971,729 9,897,791
11,779,965 11,379,394 12,670,968 14,457,943
2,633,570 2,823,394 2,725,063 3,078,591
1,822,716 -597,672 1,349,558 1,061,484
-41,464 -80,036 -110,333 -51,393
0 0 0 0
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1,436,767 208,376 6,609,556 3,302,328
-456,835 -3,089,674 831,698 1,423,154
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954,862 1,763,204 4,660,298 3,093,244
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-400,969 -1,689,113 -45,811 -29,999
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1,769,963 122,557 4,175,903 1,457,963
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10,000 76,000 -16,498 20,000
-9,026,820 -5,836,780 -13,943,301 -9,546,829
-1,273,583 624,024 -3,291,356 2,384,759
163,310 2,351,174 155,165 2,867,958
-1,436,893 -1,727,150 -3,446,521 -483,199
12,815 0 9,094 23,764
12,815 0 9,094 23,764
0 0 0 0
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383,662 1,890,280 -749,954 1,125,988
IFRS IFRS IFRS IFRS
99,334,683 121,735,698 131,722,563 132,233,886

12,959,413 13,292,314 13,299,830 15,181,344
- - - -
- - - -
1,701,783 1,694,423 1,251,284 1,562,493
- - - -
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- - - -
3,174,761 3,104,004 4,790,224 5,638,665
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86,375,270 108,443,384 118,422,733 117,052,542
7,126,187 12,934,859 15,710,021 15,232,922
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66,193,421 82,132,552 86,992,221 84,673,352
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11,881,480 12,168,384 14,439,258 15,154,366
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99,334,683 121,735,698 131,722,563 132,233,886

15,183,086 21,185,014 21,902,393 24,140,330
347,942 2,100,584 377,881 518,798
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7,742,693 10,323,823 13,118,854 13,269,307
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445,079 1,712,994 571,054 644,979
93,780 93,721 138,668 123,603
- - - -
- - - -
22,873,572 26,735,056 27,177,139 26,137,923
- - - -
1,266,604 1,019,590 1,005,176 1,497,619
106,611 0 137,328 0
285,377 304,261 309,625 589,753
- - - -
- - - -
- - - -
0 0 0 0
0 0 0 0
61,278,025 73,815,628 82,643,031 81,955,633
57,866,759 57,899,073 58,042,464 58,130,517
54,811,462 54,985,511 55,187,188 55,339,694
0 0 0 0
0 0 0 0
0 0 0 0
20,874,268 25,920,061 31,191,640 36,906,900
4,456 4,456 4,456 4,456
10,798,106 14,511,147 18,359,259 22,055,901
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
- - - -
- - - -
- - - -
- - - -
- - - -
0 0 0 0
0 0 0 0
- - - -
12 12 12 12
- - - -
- - - -
26,585,322 28,160,830 32,350,311 38,494,443
14,028,587 16,870,694 20,990,613 24,060,176
12,556,735 11,290,136 11,359,698 14,434,267
- - - -
5,041,440 5,938,644 6,339,235 7,472,553
1,532,171 1,490,407 2,846,454 3,025,740
- - - -
- - - -
- - - -
- - - -
- - - -
919,527 3,602,235 1,040,503 2,703,310
- - - -
2,742,243 3,004,563 2,390,061 3,764,794
- - - -
6,127,263 3,734,741 7,172,784 6,554,904
- - - -
- - - -
- - - -
- - - -
10,714,642 11,229,831 9,607,062 11,809,514
-1,135,185 -1,211,345 -1,979,773 -782,824
69,862 1,061,782 -1,084,133 -1,865,605
- - - -
- - - -
- - - -
- - - -
0 0 0 0
11,779,965 11,379,394 12,670,968 14,457,943
12 12 12 12
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
15,729,953 15,734,915 15,738,669 15,741,735
12/31/2019 12/31/2020 12/31/2021 12/31/2022

12/31/2019 12/31/2020 12/31/2021 12/31/2022
2/27/2020 2/25/2021 2/24/2022 3/2/2023
2/27/2020 2/25/2021 2/24/2022 3/2/2023
ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
IFRS IFRS IFRS IFRS
Não Não Não Não
Não Não Não Não
12/31/2019 12/31/2020 12/31/2021 12/31/2022
IFRS IFRS IFRS IFRS

not copied not copied not copied not copied
101,742,944 125,196,579 138,602,483 137,958,083

27,621,137 35,342,614 38,627,141 37,816,711
11,900,666 17,090,335 16,627,698 14,926,435
14,558 1,700,028 1,914,607 454,497
14,558 1,700,028 1,914,607 454,497
14,558 1,700,028 1,914,607 454,497
14,558 1,700,028 1,914,607 454,497
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
4,495,525 4,303,138 4,791,634 5,349,105
4,351,977 4,184,548 4,638,551 5,058,422
143,548 118,590 153,083 290,683
5,978,557 7,605,905 11,000,346 12,923,025
0 0 0 0
4,074,127 3,287,142 2,612,673 2,853,475
4,074,127 3,287,142 2,612,673 2,853,475
512,532 293,552 524,141 499,779
645,172 1,062,514 1,156,042 810,395
0 0 0 0
0 0 0 0
645,172 1,062,514 1,156,042 810,395
74,121,807 89,853,965 99,975,342 100,141,372
9,925,812 17,144,170 19,345,626 19,937,456
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
163,570 213,907 192,877 219,055
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2,950,109 4,560,808 4,727,749 6,438,835
2,950,109 4,560,808 4,727,749 6,438,835
0 0 0 0
263,577 372,344 328,889 1,031
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
6,548,556 11,997,111 14,096,111 13,278,535
0 0 0 0
0 0 0 0
6,548,556 11,997,111 14,096,111 13,278,535
303,423 337,427 305,180 331,939
303,423 337,427 305,180 331,939
0 0 0 0
0 0 0 0
303,423 337,427 305,180 331,939
0 0 0 0
0 0 0 0
22,576,299 24,768,355 29,224,261 30,055,690
18,363,373 20,022,318 21,259,549 22,611,552
2,028,629 1,915,494 2,560,191 3,094,390
2,184,297 2,830,543 5,404,521 4,349,748
41,316,273 47,604,013 51,100,275 49,816,287
6,306,364 7,580,556 8,689,015 9,222,249
0 0 0 0
6,306,364 7,580,556 8,689,015 9,222,249
35,009,909 40,023,457 42,411,260 40,594,038
101,742,944 125,196,579 138,602,483 137,958,083

25,011,033 33,477,964 38,866,406 40,540,538
833,025 925,531 2,439,448 2,335,826
397,584 356,689 1,330,791 1,133,725
435,441 568,842 1,108,657 1,202,101
14,178,858 18,182,126 23,867,688 23,498,099
8,210,173 10,496,372 13,257,761 13,928,568
5,968,685 7,685,754 10,609,927 9,569,531
5,502,699 5,716,868 6,076,960 6,931,486
3,042,943 2,970,815 3,392,805 3,922,851
1,394,178 1,167,347 1,491,037 1,118,614
1,648,765 1,803,468 1,901,768 2,804,237
2,213,577 2,472,655 2,473,953 2,721,144
246,179 273,398 210,202 287,491
653,149 2,738,773 847,118 982,569
653,149 2,738,773 847,118 982,569
474,291 2,232,720 689,261 754,320
178,858 506,053 157,857 228,249
0 0 0 0
0 0 0 0
3,733,269 5,789,754 5,462,874 6,611,831
890,717 1,157,097 1,210,223 830,430
0 0 0 0
0 0 0 0
0 0 0 0
890,717 1,157,097 1,210,223 830,430
2,842,552 4,632,657 4,252,651 5,781,401
956,560 2,454,741 1,425,045 1,464,812
0 0 0 0
0 0 0 0
1,885,992 2,177,916 2,827,606 4,316,589
110,033 124,912 172,318 180,727
103,043 113,788 163,114 176,129
41,743 42,626 55,390 53,103
27,340 28,152 27,967 27,210
0 0 0 0
11,390 24,009 58,835 72,891
22,570 19,001 20,922 22,925
6,990 11,124 9,204 4,598
0 0 0 0
6,990 11,124 9,204 4,598
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
14,175,906 16,567,491 15,718,460 14,089,718
2,409,655 2,053,455 2,253,406 2,788,137
2,303,044 2,053,455 2,116,078 2,663,082
1,775,336 1,622,097 1,599,667 1,952,831
527,708 431,358 516,411 710,251
106,611 0 137,328 125,055
0 0 0 0
9,024,181 11,023,588 9,647,315 6,836,907
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
9,024,181 11,023,588 9,647,315 6,836,907
0 0 0 0
0 0 0 0
9,024,181 11,023,588 9,647,315 6,836,907
2,371,098 3,043,362 3,213,967 3,725,692
2,371,098 3,043,362 3,213,967 3,725,692
370,972 447,086 603,772 738,982
369,353 443,718 595,570 731,783
140,596 141,570 163,163 193,845
92,787 101,690 96,221 104,891
0 0 0 0
52,633 62,847 194,119 263,043
83,337 137,611 142,067 170,004
1,619 3,368 8,202 7,199
0 0 0 0
1,619 3,368 8,202 7,199
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
62,556,005 75,151,124 84,017,617 83,327,827
1,277,980 1,335,496 1,374,586 1,372,194
61,278,025 73,815,628 82,643,031 81,955,633
57,866,759 57,899,073 58,042,464 58,130,517
54,811,462 54,985,511 55,187,188 55,339,694
53,662,811 53,662,811 53,662,811 53,662,811
0 0 0 0
0 0 0 0
0 0 0 0
-68,017 -3,045 -98,140 -131,877
0 0 0 0
1,216,668 1,325,745 1,622,517 1,808,760
0 0 0 0
20,874,268 25,920,061 31,191,640 36,906,900
4,456 4,456 4,456 4,456
10,798,106 14,511,147 18,359,259 22,055,901
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
10,071,706 11,404,458 12,827,925 14,846,543
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
-72,274,464 -64,989,017 -61,778,261 -68,421,478
0 0 0 0
0 0 0 0
12 12 12 12
52,599,709 58,378,995 72,854,344 79,708,827

21,678,159 27,066,099 35,659,744 40,422,069
30,921,550 31,312,896 37,194,600 39,286,758
14,868,978 15,384,006 20,230,075 21,627,918
12,647,536 14,619,587 16,968,255 18,732,680
2,679,967 2,948,480 4,877,389 5,236,766
0 0 0 0
1,106,764 3,531,220 2,592,603 2,992,870
625,929 1,303,875 861,331 622,236
-22,310 -43,284 -115,703 -29,106
16,052,572 15,928,890 16,964,525 17,658,840
-3,109,567 -2,434,449 -3,205,365 -3,423,170
1,638,866 2,996,019 2,222,390 4,469,011
4,748,433 5,430,468 5,427,755 7,892,181
12,943,005 13,494,441 13,759,160 14,235,670
754,673 1,762,532 636,578 -655,621
1,118,054 1,048,882 1,268,637 1,718,809
-363,381 713,650 -632,059 -2,374,430
12,188,332 11,731,909 13,122,582 14,891,291
0 0 0 0
0 0 0 0
0 0 0 0
12,188,332 11,731,909 13,122,582 14,891,291
408,367 352,515 451,614 433,348
11,779,965 11,379,394 12,670,968 14,457,943
12 12 12 12
18,381,259 18,855,780 22,900,951 20,642,153
20,458,162 20,035,408 21,314,704 23,969,878
12,188,332 11,731,909 13,122,582 14,891,291
4,675,228 5,167,350 5,396,687 5,956,250
3,109,567 2,434,449 3,205,365 3,423,170
-73,913 -78,762 -142,809 -88,764
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
558,948 780,462 -267,121 -212,069
-2,076,903 -1,179,628 1,586,247 -3,327,725
-721,935 -848,788 341,428 -322,510
-844,064 -1,303,432 -3,499,466 -3,088,015
547,499 334,048 390,110 1,101,527
0 0 0 0
-2,035,266 -1,642,461 -1,305,079 -919,003
976,863 2,281,005 5,659,254 -99,724
0 0 0 0
-4,838,590 -6,799,571 -7,734,882 -5,004,139
-4,735,336 -4,603,756 -7,380,095 -6,429,127
-62,126 -19,076 -5,263 -29,999
-5,069,405 -4,692,695 -7,677,113 -6,533,063
396,195 108,015 302,281 133,935
0 0 0 0
-8,046 -1,764,308 -236,007 1,412,952
-95,208 -431,507 -118,780 12,036
-12,283,464 -8,601,995 -16,041,823 -16,337,906
-4,365,691 -1,744,988 -4,891,501 -4,065,207
946,052 3,767,859 315,226 274,857
-5,311,743 -5,512,847 -5,206,727 -4,340,064
-13,909 659 9,094 23,764
-13,909 659 9,094 23,764
0 0 0 0
-7,871,338 -6,850,271 -11,115,251 -12,242,324
-32,526 -7,395 -44,165 -54,139
-822,061 1,735,479 382,603 -1,045,200
0 0 0 0
437,144 5,189,693 -493,151 -1,745,092
IFRS IFRS IFRS IFRS
101,742,944 125,196,579 138,602,483 137,958,083

27,621,137 35,342,614 38,627,141 37,816,711
- - - -
- - - -
4,351,977 4,184,548 4,638,551 5,058,422
- - - -
- - - -
- - - -
5,978,557 7,605,905 11,000,346 12,923,025
- - - -
74,121,807 89,853,965 99,975,342 100,141,372
9,925,812 17,144,170 19,345,626 19,937,456
- - - -
- - - -
0 0 0 0
0 0 0 0
- - - -
- - - -
- - - -
303,423 337,427 305,180 331,939
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
22,576,299 24,768,355 29,224,261 30,055,690
- - - -
- - - -
101,742,944 125,196,579 138,602,483 137,958,083

25,011,033 33,477,964 38,866,406 40,540,538
653,149 2,738,773 847,118 982,569
0 0 0 0
14,178,858 18,182,126 23,867,688 23,498,099
- - - -
956,560 2,454,741 1,425,045 1,464,812
110,033 124,912 172,318 180,727
- - - -
- - - -
14,175,906 16,567,491 15,718,460 14,089,718
- - - -
2,303,044 2,053,455 2,116,078 2,663,082
106,611 0 137,328 125,055
370,972 447,086 603,772 738,982
- - - -
- - - -
- - - -
0 0 0 0
1,277,980 1,335,496 1,374,586 1,372,194
61,278,025 73,815,628 82,643,031 81,955,633
57,866,759 57,899,073 58,042,464 58,130,517
54,811,462 54,985,511 55,187,188 55,339,694
0 0 0 0
0 0 0 0
0 0 0 0
20,874,268 25,920,061 31,191,640 36,906,900
4,456 4,456 4,456 4,456
10,798,106 14,511,147 18,359,259 22,055,901
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
- - - -
- - - -
- - - -
- - - -
- - - -
0 0 0 0
0 0 0 0
- - - -
12 12 12 12
- - - -
- - - -
52,599,709 58,378,995 72,854,344 79,708,827
21,678,159 27,066,099 35,659,744 40,422,069
30,921,550 31,312,896 37,194,600 39,286,758
- - - -
12,647,536 14,619,587 16,968,255 18,732,680
2,679,967 2,948,480 4,877,389 5,236,766
- - - -
- - - -
- - - -
- - - -
- - - -
1,638,866 2,996,019 2,222,390 4,469,011
- - - -
4,748,433 5,430,468 5,427,755 7,892,181
- - - -
-22,310 -43,284 -115,703 -29,106
- - - -
- - - -
- - - -
- - - -
12,943,005 13,494,441 13,759,160 14,235,670
1,118,054 1,048,882 1,268,637 1,718,809
-363,381 713,650 -632,059 -2,374,430
- - - -
- - - -
- - - -
- - - -
408,367 352,515 451,614 433,348
11,779,965 11,379,394 12,670,968 14,457,943
12 12 12 12
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
15,729,953 15,734,915 15,738,669 15,741,735
12/31/2019 12/31/2020 12/31/2021 12/31/2022

12/31/2019 12/31/2020 12/31/2021 12/31/2022
2/27/2020 2/25/2021 2/24/2022 3/2/2023
2/27/2020 2/25/2021 2/24/2022 3/2/2023
ICBB<BraNa> ICBB<BraNa> ICBB<BraNa> ICBB<BraNa>
Ind&ComBr Ind&ComBr Ind&ComBr Ind&ComBr
IFRS IFRS IFRS IFRS
Sim Sim Sim Sim
Não Não Não Não
Valuation AMBEV pelo FCFF R$ milhões modelo com inflação
histórico histórico histórico histórico projeção projeção

ano 2019 2020 2021 2022 2023 2024
rec líq 52,600 58,379 72,854 79,709 88,767 97,591
preço (R$/l) 3.00 3.24 3.43
volume (M litros) 26,570 27,367 28,461
cresc volume 3.0% 4.0%

inflação 6.0% 4.15%
variação real no preço 2.0% 1.50%
Lucro bruto 30,922 31,313 37,195 39,287 44,383 49,771

mg bruta 58.8% 53.6% 51.1% 49.3% 50.0% 51.00%
SG&A 14,869 15,384 20,230 21,628 24,305 26,721

SG&A/rec l[iq 28.3% 26.4% 27.8% 27.1% 27.4% 27.4%
EBIT 16,053 15,929 16,965 17,659 20,079 23,051

mg ebit 30.5% 27.3% 23.3% 22.2% 22.6% 23.6%
t (alíq imposto sobre LAIR) 5.8% 13.1% 4.6% -4.6% 16.0% 16.0%
NOPAT 16,866 19,362
Estorno deprec/amort 4,675 5,167 5,397 5,956 6,633 7,292

depr e amort/rec líq 8.9% 8.9% 7.4% 7.5% 7.5% 7.5%
Variações das conta de k de giro operac 594 579

estoque 5,979 7,606 11,000 12,923
C/R de clientes 4,496 4,303 4,792 5,349
C/P a fornecedores 14,179 18,182 23,868 23,498
CCL - 3,705 - 6,273 - 8,076 - 5,226 - 5,820 - 6,398
CCL/rec líq -7.0% -10.7% -11.1% -6.6% -6.6% -6.6%
cuidado: no caso da Ambev, o CCL é negativo (pois seu k de giro é financiado pelos fornecedores) e o aumento do
(se o CCL fosse positivo, e aumentasse de um ano para outro, como acontece com a maioria das empresas, o imp
Capex - 4,735 - 4,604 - 7,380 - 6,429 - 7,160 - 7,871

capex/rec líq -9.0% -7.9% -10.1% -8.1% -8.1% -8.1%
FCFF 16,933 19,362

cresc FCFF 14.3%
cresc real 9.8%
VT (valor terminal)
FCFF + VT 16,933 19,362
WACC nominal 13.2%

Re (pelo CAPM) 13.4%
Rf 9.3% (taxa Rf de longo prazo)
OBS. IMPORTANTE: as premi
devem ser entendidas com
potencial de crescimento rea
modelo tem como objetivo
p
ERP 6.0% OBS. IMPORTANTE: as premi
Beta 0.68 devem ser entendidas com
Rd (Rf+prêmio risco de crédito) 11.3% potencial de crescimento rea
prêmio pelo risco de crédito 2.0% modelo tem como objetivo
D 3,771 p
E 83,328
D/(D+E) 4.3%
t 16.0% (t deve ser o mesmo utilizado no NOPAT)
Enterprise value 281,251 R$ milhões

caixa e aplicações 15,381
(-) dívida bruta 3,771
Equity value 292,861 R$ milhões
qtd de ações 15,742

Preço por ação 18.60
FAVOR LER AS OBSERVAÇÕES NO FINAL DESTA PLANILHA
projeção projeção projeção projeção projeção projeção projeção projeção projeção
2025 2026 2027 2028 2029 2030 2031 2032 2033
107,635 117,562 126,544 135,557 144,511 153,308 161,847 170,862 180,379
3.60 3.76 3.90 4.03 4.17 4.32 4.47 4.63 4.79
29,884 31,229 32,478 33,615 34,624 35,489 36,199 36,923 37,661
5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 2.0% 2.0%

4.0% 4.0% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
1.0% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
55,970 62,308 67,068 71,845 76,591 81,253 85,779 90,557 95,601

52.00% 53.00% 53.0% 53.0% 53.0% 53.0% 53.0% 53.0% 53.0%
29,471 32,189 34,648 37,116 39,568 41,976 44,314 46,783 49,388

27.4% 27.4% 27.4% 27.4% 27.4% 27.4% 27.4% 27.4% 27.4%
26,499 30,119 32,420 34,729 37,023 39,277 41,465 43,774 46,212

24.6% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6%
16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%
22,259 25,300 27,233 29,173 31,099 32,993 34,830 36,770 38,818
8,043 8,785 9,456 10,130 10,799 11,456 12,094 12,768 13,479

7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
659 651 589 591 587 577 560 591 624
- 7,057 - 7,708 - 8,297 - 8,888 - 9,475 - 10,051 - 10,611 - 11,202 - 11,826

-6.6% -6.6% -6.6% -6.6% -6.6% -6.6% -6.6% -6.6% -6.6%
es) e o aumento do valor negativo equivale a uma entrada de caixa
as empresas, o impacto no fluxo seria uma saída de caixa)
- 8,682 - 9,482 - 10,207 - 10,934 - 11,656 - 12,365 - 13,054 - 13,781 - 14,549

-8.1% -8.1% -8.1% -8.1% -8.1% -8.1% -8.1% -8.1% -8.1%
(-> a partir de 2032 passamos a ter uma
22,279 25,253 27,071 28,959 30,829 32,660 34,430 36,348 38,372
15.1% 13.3% 7.2% 7.0% 6.5% 5.9% 5.4% 5.6% 5.6%
10.6% 9.0% 3.6% 3.4% 2.9% 2.4% 1.9% 2.0% 2.0%
22,279 25,253 27,071 28,959 30,829 32,660 34,430 36,348 38,372
RTANTE: as premissas utilizadas neste modelo são apenas hipotéticas e não

er entendidas como premissas realistas. O modelo NÃO leva em conta o
e crescimento real da empresa e dos seus diversos segmentos de atuação. O
m como objetivo apenas apresentar a metodologia de avaliação pelo FCFF
para discussão em sala de aula.
projeção
2034
190,426
4.96
38,415
2.0%
3.5%
0.0%
100,926
53.0%
52,139
27.4%
48,786
25.6%
16.0%
40,981
14,230
7.5%
659
- 12,485
-6.6%
- 15,359
-8.1%
2032 passamos a ter uma taxa de crescimento constante, o que permite aplicar a fórmula de perpetuidade)
40,510
5.6%
2.0% (-> g real calculado apenas para avaliar se faz sentido econômico. Como o modelo é inflacionado, deve ser usad
559,932
600,441
cionado, deve ser usado o g nominal)

Avaliação Pelo FCFF Ambev - Turma 5 (1o Sem 2023) v.2 (Versão Finalizada)

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Ambev S/A ON

Não Consolidado 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010

+Receita liquida operac 5,795,942 10,379,303 11,710,962 11,214,134 11,199,162 12,742,183

+Caixa gerado por operac - - - 6,620,664 7,135,817 5,640,794

+Receita Bruta 12,213,281 22,452,138 25,433,898 25,308,437 26,854,471 -

+Tot de Recursos Obtidos 5,328,391 7,206,542 7,897,147 - - -

+Receita liquida operac 15,958,565 17,613,657 19,648,220 20,899,468 23,194,048 25,233,310

+Tot de Recursos Obtidos 7,069,141 8,098,937 7,630,336 - - -

IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

13,824,058 13,044,603 0 20,014,913 22,106,965 20,634,193 21,730,363 23,214,028

8,953,377 8,170,601 2,123,161 11,717,410 15,263,492 12,049,425 12,864,167 13,992,229

IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

42,427,946 49,319,393 43,882,834 77,414,112 94,722,744 91,212,661 91,568,737 88,820,730

3,117,189 3,126,909 15,642,926 15,712,202 15,685,094 15,701,103 15,710,221 15,721,119

12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

27,126,719 32,231,027 34,791,391 38,079,786 46,720,141 45,602,561 47,899,276 50,231,336

IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

46,139,418 54,159,769 68,674,019 72,143,203 90,176,234 83,841,418 86,851,989 94,126,138

3,117,189 3,126,909 15,642,926 15,712,202 15,685,094 15,701,103 15,710,221 15,721,119

12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

12/31/2019 12/31/2020 12/31/2021 12/31/2022

IFRS IFRS IFRS IFRS

99,334,683 121,735,698 131,722,563 132,233,886

99,334,683 121,735,698 131,722,563 132,233,886

26,585,322 28,160,830 32,350,311 38,494,443

11,095,763 10,288,539 13,581,285 13,200,119

IFRS IFRS IFRS IFRS

99,334,683 121,735,698 131,722,563 132,233,886

99,334,683 121,735,698 131,722,563 132,233,886

15,729,953 15,734,915 15,738,669 15,741,735

12/31/2019 12/31/2020 12/31/2021 12/31/2022

IFRS IFRS IFRS IFRS

101,742,944 125,196,579 138,602,483 137,958,083

101,742,944 125,196,579 138,602,483 137,958,083

52,599,709 58,378,995 72,854,344 79,708,827

IFRS IFRS IFRS IFRS

101,742,944 125,196,579 138,602,483 137,958,083

101,742,944 125,196,579 138,602,483 137,958,083

15,729,953 15,734,915 15,738,669 15,741,735

12/31/2019 12/31/2020 12/31/2021 12/31/2022

histórico histórico histórico histórico projeção projeção

cresc volume 3.0% 4.0%

Lucro bruto 30,922 31,313 37,195 39,287 44,383 49,771

SG&A 14,869 15,384 20,230 21,628 24,305 26,721

EBIT 16,053 15,929 16,965 17,659 20,079 23,051

NOPAT 16,866 19,362

Estorno deprec/amort 4,675 5,167 5,397 5,956 6,633 7,292

Variações das conta de k de giro operac 594 579

Capex - 4,735 - 4,604 - 7,380 - 6,429 - 7,160 - 7,871

FCFF 16,933 19,362

WACC nominal 13.2%

Enterprise value 281,251 R$ milhões

qtd de ações 15,742

5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 2.0% 2.0%

55,970 62,308 67,068 71,845 76,591 81,253 85,779 90,557 95,601

29,471 32,189 34,648 37,116 39,568 41,976 44,314 46,783 49,388