Brazil: AmBev reports 2006 4th quarter results

AmBev, the world's fifth largest brewer and the leading brewer in Latin America, announced on March 01 its results for the fourth quarter 2006 (4Q06). 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 Beer Brazil; CSD & Nanc (Carbonated Soft Drinks and Nanc -- Non-Alcoholic, Non-Carbonated beverages); and Malt and By-Products Sales;

Hispanic Latin America (HILA): comprising AmBev's economic stake in Quinsa; and 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 fourth quarter 2005 (4Q05).


Consolidated EBITDA summed up to R$2,325.3 million (+23.1%). EBITDA margin reached 44.1% (+350 bps).

Beer Brazil's EBITDA grew 18.9%, reaching a margin of 50.0%; AmBev market share reached 68.9% in 4Q06, and sales volume increased 3.7%.

CSD & Nanc sales volume rose 5.5% in Brazil; EBITDA reached R$172.5 million, increasing 17.0%, reaching a margin of 32.1%.

Quinsa total EBITDA grew 23.6% in American dollars, and average AmBev consolidation in Quinsa throughout the 4Q06 reached 100.0% (4Q05: 59.1%); EBITDA margin reached 45.9%.

Labatt's EBITDA increased 4.7% in Canadian dollars, with EBITDA margin reaching 42.2%.

Earnings per thousand shares rose 73.7%. Excluding goodwill amortization the increase was 67.2%.

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