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Annual Report 2008 Annual Report 2008 The best brands in a better world WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Our Vision “To be the best beer company in a better world.” To be the best means fulfi lling the needs of consumers with the best brands and products; to build a strong and unique culture, with the best and most committed people; to have the courage to advance and lead with changes; and to be recognized by our customer as their best partner. We are committed to our people, to our community, our business partners and with a better world. We will be the best company in a better world if today we build the foundations to obtain solid and increasing economic results, focusing on the creation of social and environmental value for our consumers, our employees, our shareholders and the generations to come. WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Summary Welcome to AmBev | 03 Our performance in 2008 | 05 Shareholder information | 06 Strategic location | 08 Complementary brands | 11 The strength that builds us | 15 AmBev Operations | 19 Beer Brazil | 20 Soft Drinks and Non-Carbonated Beverages | 24 Quinsa | 26 Canada | 28 Hila-Ex | 30 People who make the difference | 33 A better world | 37 Corporate governance | 41 Bovespa and NYSE | 44 A team of leaders | 45 Financial statements | 46 WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 AmBev 2 Annual Report 2008 AmBev factory in Jaguariúna (SP), Brazil WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Welcome to AmBev We are the 4th largest beer company in the world and we are part of the life of our consumers We are present in 14 countries in South, Central and North America, producing and selling beers, soft drinks and non- carbonated beverages. Over 39,000 people work towards making AmBev the best beer company in a better world. In 2008, AmBev achieved a sales volume of 146.9 million hectoliters and net revenue of R$20.9 billion. We are a publicly traded, consumer products company committed to sustainability. We believe that creating strong brands initiates a virtuous cycle to promote a better world. We have some of the world’s top brands of beer in our portfolio. Three of them, Skol, Brahma and Antarctica, are among the 25 most consumed beers in the world. Skol is in the fourth position and Brahma is in the 3 seventh position. We are the largest beer company in Latin America, with leading brands in several countries. In Brazil, we have Skol, Brahma and Antarctica. In Argentina, we have Quilmes Cristal; in Bolivia, Paceña; in Paraguay, Brahma; and in Uruguay, Pilsen. ReportAnnual 2008 The reason we exist is to create strong and enduring bonds with our consumers and clients; supplying the best brands, products and services, and ensuring effi ciency at the point of sale. We build brands that are part of people’s lives, and we achieve that through a deep understanding of our consumers, their interests and values. We believe in common sense and simplicity, and we rigorously manage our costs in order to free more resources to support our market growth. To achieve our objectives, we have the best people, who, in the best spirit of ownership, think big and are never completely satisfi ed with their own results. We lead by example, praising integrity, commitment and consistency as the keys for building our company. We are also part of the largest beer company in the world, Anheuser-Busch InBev, the result of the global alliance between InBev and Anheuser-Busch. WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Our performance in 2008 Net Revenues (R$ million) Net Earnings (R$ million) AmBev 4 EBITDA (R$ million) and Margins (%) Net Revenues Breakdown Annual ReportAnnual 2008 WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Our performance in 2008 The fi gures that explain us Main Indicators* 2003 2004 2005 2006 2007 2008 (The fi gures are in millions of Reais except where indicated) Statement of Results Net Revenue 8,684 12,007 15,959 17,614 19,648 20,899 Gross Profi t 4,640 7,226 10,216 11,665 13,107 13,736 General & Admin. Expenses 2,334 3,611 5,174 5,409 5,835 8,009 EBIT (1) 2,306 3,615 5,043 6,256 7,272 5,726 Net Profi t 1,412 1,162 1,546 2,806 2,816 3,059 Statement of Assets Total Assets 14,380 33,017 33,493 35,561 35,476 37,270 Cash and Equivalent 2,534 1,505 1,096 1,539 2,308 3,299 Total Debt 5,980 7,811 7,204 9,567 9,852 11,025 Net Assets 4,363 16,995 19,867 19,268 17,420 17,278 5 Cash Flow and Profi tability EBITDA 3,072 4,537 6,305 7,445 8,697 9,007 EBITDA Margin 35.4% 37.8% 39.5% 42.3% 44.3% 43.1% Capital Investments 862 1,274 1,370 1,425 1,631 2,055 Return on Assets (2) 32.4% 6.8% 7.8% 14.6% 16.2% 17.7% Data per Share (R$/share) ReportAnnual 2008 Total Assets (*) 9.6 25.9 30.4 30.2 28.3 28.1 Earnings per share 3.1 1.8 2.4 4.4 4.6 5.0 Dividends (ON) - R$/share 2.1 1.9 1.9 2.8 3.0 4.7 Dividends (PN) - R$/share 2.3 2.1 2.1 3.1 3.3 5.2 Dividend Payout (3) 69% 104% 102% 45% 63% 105% Capitalization Market Capitalization 26,392 40,424 53,646 64,109 79,071 62,223 Net Debt 3,447 6,305 6,107 7,802 7,369 7,726 Minority Shareholders 196.0 213.0 123.0 223.0 187.0 136.0 Shares in Circulation (millions) (4) 455.0 655.5 653.5 637.2 615.6 614.0 Equivalent ADRs (millions) (4) 455.0 655.5 653.5 637.2 615.6 614.0 *Figures are in millions of Reais except where indicated (1) During 2008, the Company adopted changes in its accounting practices according to Law 11,638/07 and CVM regulations. As a result, goodwill amortization, which was previously presented as other operating expenses, net are now presented under General and Administrative Expenses. Total amount reclassifi ed was R$1,252.7 million. This change was not given retroactive effect. (2) Return on Equity = Net Income/Equity (3) Dividends pay-out (2008): Considers the distribution of interest on capital (“IOC”) attributed to shareholders’ equity pursuant to the current legislation, approved at the Board of Directors Meeting held on December 22, 2008; which resulted in a net distribution of R$0.33150 per common share and R$0.36465 per preferred share. (4) Values adjusted for the stock dividend granted on May 31, 2005, and by the reverse stock split (in the proportion of 100 existing shares for 1 new share), which took place on June 29, 2007. WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 Shareholder information Well prepared for 2009 2008 was a year full of challenges and important results. Although On the other hand, our soft drinks and non-carbonated beverages our main business – Beer Brazil – presented lower than expected business had a year of excellent results, with increase in sales results, we delivered excellent performance in our countries in the volume – despite a diffi cult period for the industry – as a result south of Latin America (Argentina, Bolivia, Paraguay, Uruguay and of the good performance of our innovations, which resulted in Chile) as well as in our soft drinks and non-carbonated beverages market share gains and a good performance in terms of revenue segment in Brazil. Canada, in turn, had one of its best years from a and costs. price, market share and fi xed cost savings perspective. Our businesses in the south of Latin America delivered a year with In Brazil, colder and wetter weather, an earlier than usual Carnival excellent results in both beer and soft drinks and non-carbonated and the pressure of food infl ation on consumer spending, beverages. Good industry performance – as well as gains in market AmBev negatively impacted industry volumes in 2008. This weak industry share, effi ciency in revenue management and signifi cant savings in 6 performance, coupled with a more aggressive pricing behavior by fi xed costs – resulted in an outstanding growth in our business. The our competitors, had a negative impact on our beer business. quality of our brands, of our people and the excellent performance of the innovations in 2008, were critical to support the strong sales growth in our premium brands and the gains in market share throughout the entire region. Annual ReportAnnual 2008 Carlos Alves de Brito WorldReginfo - 7f159eba-1090-41cd-beb0-24ee6121dae1 In Canada, results were stable in spite of very strong pressure on Looking towards 2009 and the global economic scenario, we believe production costs. Good revenue management, signifi cant savings that the resilience of our industry and our cash fl ow generation in fi xed costs and effi ciency gains, allowed our results to remain will be important advantages given current macroeconomic stable and further increased our market share. We had a year full uncertainties. We will continue to invest behind our brands and of challenges, although our strategy of focusing on few brands our people, which are our main assets, in order to maintain our resulted in a market share gain without any EBITDA loss for the path of growth with profi tability. fi rst time in 11 years. Carlos Alves de Brito Co-Chairman of the Board of Directors We continue committed to returning all our cash surplus to our shareholders.
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