SAO PAULO, April 30, 2012 /PRNewswire/ -- Companhia de
Bebidas das Américas – Ambev [BOVESPA: AMBV4, AMBV3; and NYSE: ABV,
ABVc] announces today its results for the 2012 first quarter (Q1
2012). The following financial and operating information, unless
otherwise indicated, is presented in nominal Reais and
prepared in accordance with International Financial and Reporting
Standards (IFRS), and should be read in conjunction with our
quarterly financial information for the three months period
ended March 31, 2012 filed with the
CVM and submitted to the SEC.
OPERATING AND FINANCIAL HIGHLIGHTS
Top line performance: Net sales increased 9.8% in the
first quarter, with organic volumes increasing 4.3% while Net
revenue/hl grew 5.3%. Industry growth in Brazil, Argentina and Canada contributed favorably, as well as
market share gains in Brazil in
both beer and CSD/NANC, and price increases across our
markets.
Cost of Goods Sold (COGS): COGS/hl increased by 5.4% in
the quarter. This resulted primarily from increases in raw
materials (especially sugar in Brazil CSD) and packaging costs (notably PET
resin for Brazil and LAS CSD),
which were partially offset in the quarter by gains in currency
hedges and an easier comparison with 1Q11 due to the lack of can
imports in Brazil Beer.
Selling, General & Administrative (SG&A)
expenses: SG&A (excl. depreciation & amortization)
expenses rose by 10.5% in Q1 2012 mainly due to general inflation,
phasing of sales and marketing investments behind our brands in our
key markets, as well as higher distribution expenses in
Brazil and Argentina.
EBITDA, Gross margin and EBITDA margin: Our Normalized
EBITDA reached R$ 3,390.3 million in
Q1 2012, which represented an organic growth of 8.8%. Gross
margin was roughly flat for the quarter, with expansion in
Brazil Beer, HILA-ex, LAS CSD/NANC
and Canada business units.
EBITDA margin contracted by 40bps, reaching 46.9% despite margin
expansion in all our divisions except Brazil CSD/NANC and LAS
Beer.
Operating Cash generation and Profit: Cash
generated from operations in Q1 2012 was R$
1,258.2 million (a decrease of 36.6% as compared to 1Q11),
while our Normalized Profit reached R$
2,346.4 million (+12.3%) in the quarter through a
combination of EBITDA growth and a lower income tax expense.
Normalized Earnings per share (EPS) increased 11.8%.
CAPEX: In the first quarter we invested R$ 365.6 million as part of our investment plan
for the year, the majority of which continued to be directed at
improving our production capacity in Brazil regionally and by package.
Pay-out and Financial discipline: We paid a dividend and
Interest on Own Capital of R$ 2.5
billion starting on April 10,
2012. Moreover, on April 16 we
announced a transaction to create the leading beverages company in
the Caribbean, which entails a
cash payment of approximately R$ 2.3
billion expected for Q2 2012.
Financial Highlights – Ambev
Consolidated
|
|
%
As
|
%
|
R$
million
|
1Q11
|
1Q12
|
Reported
|
Organic
|
Total
volumes
|
40,796.6
|
42,230.4
|
3.5%
|
4.3%
|
Beer
|
29,476.0
|
30,255.9
|
2.6%
|
3.7%
|
CSD and
NANC
|
11,320.6
|
11,974.6
|
5.8%
|
5.8%
|
|
|
|
|
|
Net
sales
|
6,562.1
|
7,235.7
|
10.3%
|
9.8%
|
Gross
profit
|
4,455.0
|
4,923.0
|
10.5%
|
9.7%
|
Gross
margin
|
67.9%
|
68.0%
|
10 bps
|
bps
|
EBITDA
|
3,098.0
|
3,390.3
|
9.4%
|
8.9%
|
EBITDA
margin
|
47.2%
|
46.9%
|
-40 bps
|
-40
bps
|
Normalized EBITDA
|
3,098.5
|
3,390.3
|
9.4%
|
8.8%
|
Normalized
EBITDA margin
|
47.2%
|
46.9%
|
-40 bps
|
-40 bps
|
Profit
- Ambev holders
|
2,088.7
|
2,346.4
|
12.3%
|
|
Normalized Profit - Ambev holders
|
2,089.2
|
2,346.4
|
12.3%
|
|
No. of
share outstanding (millions)
|
3,103.5
|
3,117.5
|
|
|
EPS
(R$/shares)
|
0.67
|
0.75
|
11.8%
|
|
Normalized EPS
|
0.67
|
0.75
|
11.8%
|
|
|
|
|
|
|
|
Note: Earnings per share calculation is based on outstanding
shares (total existing shares excluding shares held in
treasury).
Tatiana S F Rodrigues
Ambev - Investor Relations
+ 55 (11) 2122-1414
tatiana.rodrigues@ambev.com.br
SOURCE Companhia de Bebidas das Americas - Ambev