AmBev Reports Third Quarter 2006 Results
SAO PAULO, Brazil, Nov. 9 /PRNewswire-FirstCall/ -- Companhia de Bebidas das Americas - AmBev (BOVESPA: AMBV4, AMBV3) and (NYSE: ABV, ABVc), the world's fifth largest brewer and the leading brewer in Latin America, announces today its results for the third quarter 2006 (3Q06). The following financial and operating information, unless otherwise indicated, is presented in nominal Reais pursuant to Brazilian GAAP. AmBev's consolidated results are the sum of the three following business units: -- Brazil: comprised of (i) Beer Brazil; (ii) CSD & Nanc (Carbonated Soft Drinks and Nanc - Non-Alcoholic, Non-Carbonated beverages); and (iii) Malt and By-Products Sales; -- Hispanic Latin America (HILA): comprising (i) AmBev's stake in Quinsa; and (ii) HILA-ex (which corresponds to AmBev's controlled operations in Northern Latin America); and -- North America: representing the operations of the Canadian Labatt Brewing Company Limited ("Labatt"). Comparisons, unless otherwise stated, refer to the third quarter 2005 (3Q05). OPERATING AND FINANCIAL HIGHLIGHTS -- Consolidated EBITDA reached R$1,824.0 million (+18.0%). EBITDA margin reached 42.1% (+250 bps). -- Beer Brazil EBITDA's grew 18.0%, achieving 48.2% margin; AmBev market share reached 68.6% during 3Q06, and sales volume increased 4.3%. -- CSD & Nanc sales volume rose 10.4% in Brazil; EBITDA amounted to R$ 132.4 million, up 4.4% reaching 30.9% margin. -- Quinsa total EBITDA grew 31.9% in US dollars, excluding the higher stake from AmBev in Quinsa. -- Labatt EBITDA increased 4.5% in Canadian dollars, and the EBITDA margin reached 43.0% in North American operation. -- Net earnings per thousand shares rose 23.9%. Excluding goodwill amortization, we observed a 23.4% increase in earnings per thousand shares. Financial Highlights - AmBev Consolidated % R$ million 3Q06 3Q05 Change Net revenues 4,337.3 3,910.3 10.9% Gross profit 2,857.8 2,518.6 13.5% EBIT 1,531.5 1,197.6 27.9% EBITDA 1,824.0 1,546.0 18.0% Net income 486.1 399.1 21.8% No. of shares outstanding (millions) 64,458.2 65,580.1 -1.7% EPS (R$/000 shares) 7.54 6.09 23.9% EPS excl. goodwill amortization (R$/000 shares) 12.77 10.35 23.4% EPS (US$/ADR) 0.35 0.26 33.6% EPS excl. goodwill amortization (US$/ADR) 0.59 0.44 33.1%
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