| SEGMENT REPORTING |
(a)
Reportable segments - Years ended:
| Schedule of segment reporting |
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|
|
(i) |
(i) |
(i) |
(ii) |
(ii) |
(ii) |
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|
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|
| |
Brazil |
CAC (i) |
Latin America - south (ii) |
Canada |
Consolidated |
| |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
42,635.8 |
35,586.5 |
30,196.5 |
9,440.1 |
9,947.4 |
7,319.3 |
17,371.2 |
16,571.7 |
11,560.8 |
10,261.7 |
10,748.7 |
9,302.4 |
79,708.8 |
72,854.3 |
58,379.0 |
| Cost of sales |
(22,736.8) |
(18,309.1) |
(14,112.9) |
(4,860.8) |
(4,727.9) |
(3,307.5) |
(8,553.1) |
(8,235.7) |
(5,937.4) |
(4,271.4) |
(4,387.0) |
(3,708.3) |
(40,422.1) |
(35,659.7) |
(27,066.1) |
| Gross profit |
19,899.0 |
17,277.4 |
16,083.6 |
4,579.3 |
5,219.5 |
4,011.8 |
8,818.1 |
8,336.0 |
5,623.4 |
5,990.3 |
6,361.7 |
5,594.1 |
39,286.7 |
37,194.6 |
31,312.9 |
| Distribution expenses |
(6,111.1) |
(5,123.1) |
(4,241.9) |
(1,020.7) |
(872.7) |
(751.5) |
(2,159.5) |
(2,010.1) |
(1,492.8) |
(2,104.0) |
(1,926.8) |
(1,758.8) |
(11,395.3) |
(9,932.7) |
(8,245.0) |
| Sales and marketing expenses |
(4,065.0) |
(3,440.3) |
(3,444.1) |
(645.5) |
(693.3) |
(542.4) |
(1,426.9) |
(1,542.9) |
(1,165.6) |
(1,200.0) |
(1,359.0) |
(1,222.5) |
(7,337.4) |
(7,035.5) |
(6,374.6) |
| Administrative expenses |
(3,346.0) |
(3,006.2) |
(1,629.6) |
(333.6) |
(427.7) |
(305.0) |
(835.0) |
(832.0) |
(574.9) |
(722.2) |
(611.5) |
(439.0) |
(5,236.8) |
(4,877.4) |
(2,948.5) |
| Other operating income/(expenses) |
2,361.3 |
2,096.0 |
2,887.2 |
(52.9) |
12.4 |
(23.5) |
192.7 |
38.8 |
(159.9) |
12.8 |
(23.1) |
(24.4) |
2,513.9 |
2,124.1 |
2,679.4 |
| Exceptional items |
(34.5) |
(210.1) |
(173.8) |
(16.1) |
(46.7) |
(70.5) |
(60.5) |
(115.4) |
(145.7) |
(32.2) |
(20.6) |
(62.0) |
(143.3) |
(392.8) |
(452.0) |
| Income from operations |
8,703.7 |
7,593.7 |
9,481.4 |
2,510.5 |
3,191.5 |
2,318.9 |
4,528.9 |
3,874.4 |
2,084.5 |
1,944.7 |
2,420.7 |
2,087.4 |
17,687.8 |
17,080.3 |
15,972.2 |
| Net finance costs |
(1,110.3) |
(858.1) |
(663.9) |
(50.0) |
(80.1) |
9.8 |
(1,933.2) |
(2,177.8) |
(1,731.4) |
(329.6) |
(89.4) |
(49.0) |
(3,423.1) |
(3,205.4) |
(2,434.5) |
| Share of results of joint ventures |
(38.3) |
(11.7) |
(7.2) |
0.1 |
(79.7) |
(4.9) |
- |
- |
- |
9.1 |
(24.3) |
(31.2) |
(29.1) |
(115.7) |
(43.3) |
| Income before income tax |
7,555.1 |
6,723.9 |
8,810.3 |
2,460.6 |
3,031.7 |
2,323.8 |
2,595.7 |
1,696.6 |
353.1 |
1,624.2 |
2,307.0 |
2,007.2 |
14,235.6 |
13,759.2 |
13,494.4 |
| Income tax expense |
2,787.7 |
1,953.2 |
(203.1) |
(771.2) |
(1,301.7) |
(713.2) |
(672.9) |
(509.4) |
(118.4) |
(688.0) |
(778.7) |
(727.8) |
655.6 |
(636.6) |
(1,762.5) |
| Net income |
10,342.8 |
8,677.1 |
8,607.2 |
1,689.4 |
1,730.0 |
1,610.6 |
1,922.8 |
1,187.2 |
234.7 |
936.2 |
1,528.3 |
1,279.4 |
14,891.2 |
13,122.6 |
11,731.9 |
| |
|
|
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|
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|
|
|
|
|
|
| EBITDA (iii) |
12,028.8 |
10,564.3 |
12,388.7 |
3,315.6 |
3,789.2 |
2,995.0 |
5,725.4 |
5,071.4 |
3,182.6 |
2,545.2 |
2,936.4 |
2,529.8 |
23,615.0 |
22,361.3 |
21,096.1 |
| Depreciation, amortization and impairment |
(3,363.4) |
(2,982.3) |
(2,914.5) |
(805.0) |
(677.4) |
(681.0) |
(1,196.5) |
(1,197.0) |
(1,098.1) |
(591.4) |
(540.0) |
(473.6) |
(5,956.3) |
(5,396.7) |
(5,167.4) |
| Net finance costs |
(1,110.3) |
(858.1) |
(663.9) |
(50.0) |
(80.1) |
9.8 |
(1,933.2) |
(2,177.8) |
(1,731.4) |
(329.6) |
(89.4) |
(49.0) |
(3,423.1) |
(3,205.4) |
(2,434.5) |
| Income tax expense |
2,787.7 |
1,953.2 |
(203.1) |
(771.2) |
(1,301.7) |
(713.2) |
(672.9) |
(509.4) |
(118.4) |
(688.0) |
(778.7) |
(727.8) |
655.6 |
(636.6) |
(1,762.5) |
| Net income |
10,342.8 |
8,677.1 |
8,607.2 |
1,689.4 |
1,730.0 |
1,610.6 |
1,922.8 |
1,187.2 |
234.7 |
936.2 |
1,528.3 |
1,279.4 |
14,891.2 |
13,122.6 |
11,731.9 |
| |
|
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|
|
| EBITDA margin as a % (iii) |
28.2 |
% |
29.7 |
% |
41.0 |
% |
35.1 |
% |
38.1 |
% |
40.9 |
% |
33.0 |
% |
30.6 |
% |
27.5 |
% |
24.8 |
% |
27.3 |
% |
27.2 |
% |
29.6 |
% |
30.7 |
% |
36.1 |
% |
| |
|
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|
| Acquisition of property, plant and equipment |
4,062.9 |
4,645.1 |
3,114.9 |
968.4 |
801.6 |
492.3 |
1,112.8 |
1,665.4 |
621.8 |
389.0 |
565.0 |
463.7 |
6,533.1 |
7,677.1 |
4,692.7 |
| |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
| |
| Segment assets |
57,353.8 |
54,609.4 |
48,970.2 |
15,385.6 |
15,351.9 |
13,521.4 |
22,044.5 |
21,583.0 |
17,211.2 |
16,093.3 |
18,016.6 |
16,487.9 |
110,877.2 |
109,560.9 |
96,190.7 |
| Intersegment elimination |
|
|
|
|
|
|
|
|
|
|
|
|
(2,533.0) |
(2,868.5) |
(2,187.6) |
| Non-segmented assets |
|
|
|
|
|
|
|
|
|
|
|
|
29,613.8 |
31,910.1 |
31,193.2 |
| Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
137,958.0 |
138,602.5 |
125,196.3 |
| |
| Segment liabilities |
29,153.2 |
27,611.2 |
25,032.6 |
5,098.0 |
5,414.4 |
4,114.2 |
6,843.6 |
7,843.6 |
5,156.4 |
5,053.7 |
6,156.5 |
6,256.6 |
46,148.5 |
47,025.7 |
40,559.8 |
| Intersegment elimination |
|
|
|
|
|
|
|
|
|
|
|
|
(2,534.2) |
(2,869.1) |
(2,187.4) |
| Non-segmented liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
94,343.7 |
94,445.9 |
86,823.9 |
| Total liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
137,958.0 |
138,602.5 |
125,196.3 |
| (i) |
CAC: includes the Dominican Republic, Panama, Guatemala, Cuba, Barbados, Saint Vincent, Dominica, Nicaragua, Honduras and Antigua. |
| (ii) |
Latin America - South: includes operations in Argentina, Bolivia, Chile, Paraguay and Uruguay. |
| (iii) |
From 2021 onwards, the Adjusted EBITDA metric was changed to EBITDA, for presentation purposes, including for comparative purposes. |
(b)
Additional information - by Business unit - Years ended:
| |
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| |
Brazil |
| |
Beer |
NAB |
Total |
| |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
| |
|
|
|
|
|
|
|
|
|
| Net sales |
35,857.9 |
30,537.1 |
25,953.0 |
6,777.9 |
5,049.4 |
4,243.5 |
42,635.8 |
35,586.5 |
30,196.5 |
| Cost of sales |
(18,765.3) |
(15,382.0) |
(11,941.7) |
(3,971.5) |
(2,927.1) |
(2,171.2) |
(22,736.8) |
(18,309.1) |
(14,112.9) |
| Gross profit |
17,092.6 |
15,155.1 |
14,011.3 |
2,806.4 |
2,122.3 |
2,072.3 |
19,899.0 |
17,277.4 |
16,083.6 |
| Distribution expenses |
(4,988.6) |
(4,263.1) |
(3,529.2) |
(1,122.5) |
(860.0) |
(712.7) |
(6,111.1) |
(5,123.1) |
(4,241.9) |
| Sales and marketing expenses |
(3,596.8) |
(3,096.2) |
(3,008.9) |
(468.2) |
(344.1) |
(435.2) |
(4,065.0) |
(3,440.3) |
(3,444.1) |
| Administrative expenses |
(2,928.8) |
(2,616.1) |
(1,395.1) |
(417.2) |
(390.1) |
(234.5) |
(3,346.0) |
(3,006.2) |
(1,629.6) |
| Other operating income/(expenses) |
1,884.5 |
1,711.3 |
2,380.3 |
476.8 |
384.7 |
506.9 |
2,361.3 |
2,096.0 |
2,887.2 |
| Exceptional items |
(30.6) |
(202.0) |
(173.8) |
(3.9) |
(8.1) |
- |
(34.5) |
(210.1) |
(173.8) |
| Income from operations |
7,432.3 |
6,689.0 |
8,284.6 |
1,271.4 |
904.7 |
1,196.8 |
8,703.7 |
7,593.7 |
9,481.4 |
| Net finance costs |
(1,110.3) |
(858.1) |
(663.9) |
- |
- |
- |
(1,110.3) |
(858.1) |
(663.9) |
| Share of results of joint ventures |
(38.3) |
(11.7) |
(7.2) |
- |
- |
- |
(38.3) |
(11.7) |
(7.2) |
| Income before income tax |
6,283.7 |
5,819.2 |
7,613.5 |
1,271.4 |
904.7 |
1,196.8 |
7,555.1 |
6,723.9 |
8,810.3 |
| Income tax expense |
2,787.7 |
1,953.2 |
(203.1) |
- |
- |
- |
2,787.7 |
1,953.2 |
(203.1) |
| Net income |
9,071.4 |
7,772.4 |
7,410.4 |
1,271.4 |
904.7 |
1,196.8 |
10,342.8 |
8,677.1 |
8,607.2 |
| |
|
|
|
|
|
|
|
|
|
| EBITDA (i) |
10,332.9 |
9,302.4 |
10,830.8 |
1,695.9 |
1,261.9 |
1,557.9 |
12,028.8 |
10,564.3 |
12,388.7 |
| Depreciation, amortization and impairment |
(2,938.9) |
(2,625.1) |
(2,553.4) |
(424.5) |
(357.2) |
(361.1) |
(3,363.4) |
(2,982.3) |
(2,914.5) |
| Net finance costs |
(1,110.3) |
(858.1) |
(663.9) |
- |
- |
- |
(1,110.3) |
(858.1) |
(663.9) |
| Income tax expense |
2,787.7 |
1,953.2 |
(203.1) |
- |
- |
- |
2,787.7 |
1,953.2 |
(203.1) |
| Net income |
9,071.4 |
7,772.4 |
7,410.4 |
1,271.4 |
904.7 |
1,196.8 |
10,342.8 |
8,677.1 |
8,607.2 |
| |
| EBITDA margin as a % (i) |
28.8 |
% |
30.5 |
% |
41.7 |
% |
25.0 |
% |
25.0 |
% |
36.7 |
% |
28.2 |
% |
29.7 |
% |
41.0 |
% |
| (i) |
From 2021 onwards, the Adjusted EBITDA metric was changed to EBITDA, for presentation purposes, including for comparative purposes. |
|