About Ambev

1. What is Ambev’s business?

Ambev is the largest brewer in Latin America in terms of sales volumes and one of the largest beer producers in the world, according to our estimates.

Ambev produces, distributes and sells beer, carbonated soft drinks and other non-alcoholic and non-carbonated products in 18 countries across the Americas, as well as is the owner of two beer brands that are among the 10 most consumed in the world: Skol and Brahma.

We are one of the largest PepsiCo independent bottlers in the world.

2. What is the history of Ambev?

The history and evolution of mergers and acquisitions of the Company are described on the IR website – Overview/History.

3. In which countries does Ambev operate?

Currently Ambev has operations in 18 countries: Brazil, Canada, Argentina, Bolivia, Chile, Paraguay, Uruguay, Dominican Republic, Panama, Guatemala (which also serves El Salvador, Honduras and Nicaragua), Cuba, Barbados, Saint Vincent, Dominica and Antigua.

4. What is the relationship between Ambev and Anheuser-Busch Inbev S.A./N.V. ("ABI")?

Ambev and Anheuser-Busch InBev are independent companies, each one with its own management. ABI is one of the controlling shareholders of Ambev, holding approximately 62% of the Company’s capital stock.

The Company maintains a licensing agreement with Anheuser-Busch, Inc., to produce, bottle, sell and distribute Budweiser products in Brazil, Canada and Argentina, and sales and distribution agreements of Budweiser products in Guatemala, in Dominican Republic, in Paraguay, in El Salvador, in Nicaragua, in Uruguay, in Chile, in Panama, in Costa Rica e in Puerto Rico.

The Company and ABI have also been parties to a reciprocal licensing agreement, whereby the Company is authorized to manufacture, package, market, and distribute beer under the Stella Artois and Beck’s brands in Latin America and Canada, exclusively, and ABI is allowed to produce, package, market, and distribute beer under the Brahma brands in Europe, Asia, Africa, and the United States, also exclusively. Thus, since 2005, the Company produces Stella Artois in Brazil and ABI produces Brahma in the United States, United Kingdom, Spain, Switzerland, Finland and Greece, among others.

The Company also has a licensing agreement with Grupo Modelo, S. de R.L. de C.V. (formerly known as Grupo Modelo S.A.B. de C.V.), an ABI subsidiary, to import, promote, and resell Corona products (Corona Extra, Corona Light, Coronita, Pacifico, and Negra Modelo) in Latin America, including Brazil, as well as in Canada.

An ABI subsidiary, Metal Container Corp. is one of the Company’s can suppliers.

5. What is the relationship between Ambev and Pepsi?

The Company has an agreement with PepsiCo International, Inc. (“PepsiCo”) to bottle, sell and distribute Pepsi products in Brazil and in other Latin American countries, including Pepsi Cola, 7Up, Lipton Ice Tea, Gatorade and H2OH!.

6. What is NAB?

It is the name the Company uses to refer to our non-alcohol beverages (NAB) business

7. Which countries are part of LAS and CAC?

LAS (Latin America South) is the region that includes Argentina, Bolivia, Chile, Paraguay, Uruguay, and, prior to December 31, 2016, Colombia, Ecuador and Peru. CAC (Central America and the Caribbean) includes Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala (which also serves El Salvador, Honduras and Nicaragua) Barbados and, after December 31, 2016, Panama.

8. Which is the contribution of each of the operations to the consolidated results?

Find below the breakdown of Ambev’s 2018 volumes and EBITDA per operation:





Net Revenue


9. Where are Ambev plants and verticalized operations located?

Find below a list of our main production facilities per country in December 31, 2016:

Plant Type of Plant Plant Type of Plant
Agudos, São Paulo Beer Montreal Beer
Ponta Grossa, Paraná Beer Creston Beer
Equatorial, Maranhão Beer Edmonton Mixed
Jacarei, São Paulo Beer London Beer
Lages, Santa Catarina Beer Halifax Beer
Guarulhos, São Paulo Beer St. John’s Beer
Uberlândia, Minas Gerais Beer Bermonsey (Mill Street) Beer
Sete Lagoas, Minas Gerais Beer Delta (Turning Point) Mixed
Petrópolis, Rio de Janeiro Beer Quebec (Archibald) Beer
Belo Horizonte (Wäls), Minas Gerais Beer Halifax (Alexander Keith) Beer
Ribeirão Preto (Colorado), São Paulo Beer LATIN AMERICA SOUTH (LAS)
Águas Claras, Sergipe Mixed Plant Type of Plant
Aquiraz, Ceará Mixed Paysandú (Cympay), Uruguai Malt
Camaçari, Bahia Mixed Nueva Palmira (Musa), Uruguai Malt
Cebrasa, Goiás Mixed Puan (Malteria Pampa), Argentina Malt
Cuiabá, Mato Grosso Mixed Quilmes, Argentina Beer
Jaguariứna, São Paulo Mixed Corrientes, Argentina Mixed
Itapissuma, Pernambuco Mixed La Paz, Bolívia Beer
Campo Grande, Rio de Janeiro Mixed Santa Cruz, Bolívia Beer
Manaus, Amazonas Mixed Cochabamba, Bolívia Beer
Juatuba, Minas Gerais Mixed Huari, Bolívia Beer
Teresina, Piauí Mixed Tarija, Bolívia Beer
Águas Claras do Sul, Rio Grande do Sul Mixed Santiago, Chile Beer
Piraí, Rio de Janeiro Mixed Minas, Uruguai Beer
Curitibana, Paraná NAB Ypane, Paraguai Beer
Contagem, Minas Gerais NAB Zarate, Argentina Beer
Jundiaí, São Paulo NAB Mendoza, Argentina Mixed
Sapucaia, Rio Grande do Sul NAB Montevideo, Uruguai Mixed
São Paulo, São Paulo Labels Cordoba, Argentina NAB
Manaus, Amazonas Crown Cap Bariloche, Argentina Beer
Campo Grande, Rio de Janeiro Glass Bottles Buenos Aires, Argentina NAB
Manaus, Amazonas Concentrate Tucuman, Argentina NAB
Navegantes, Rio Grande do Sul Malt Tres Arroyos, Argentina Malt
Passo Fundo, Rio Grande do Sul Malt Llavallol, Argentina Malt
Cachoeiras de Macacu, Rio de Janeiro Mixed Acheral, Argentina Beer
Plant Type of Plant Sacaba, Bolívia NAB
Teculután, Guatemala Beer El Alto, Bolívia NAB
Santo Domingo, República Dominicana Beer Enalbo, Bolívia Cans
Hato Nuevo, República Dominicana NAB Ypane, Paraguai Glass Bottle
Campden Park, Saint Vincent Mixed
Holguín, Cuba Beer
Newton, Barbados Mixed
Panama City, Panamá Mixed

10. What is the number of employees working for Ambev per operation?

In December 31, 2018 Ambev had close to 50 thousand employees in total, of which approximately 30 thousand were in Brazil, 7 thousand in CAC, 3 thousand in Canada and 10 thousand in the operations in Latin America South.

Financial and Operational Information

11. What is Ambev’s official currency?

The functional and reporting currency of Ambev is the BRL (Brazilian Real).

12. What accounting convention does Ambev adhere to?

Ambev’s consolidated and statutory financial statements are prepared in accordance with the International Financial and Reporting Standards (IFRS) and the accounting practices adopted in Brazil released by the committee of accounting practices (“CPC – Comitê de Pronunciamentos Contábeis”) and approved by the CVM. The consolidated financial statements are reported in IFRS since 2008 and the statutory statements since 2010.

13. What is Ambev’s production capacity?

In the year end of 2018, the Ambev’s total production capacity was of 270.1 million of hectoliters including beer and non-alcohol beverages.

14. What are the main growth drivers for the beer and soft drinks industries in Brazil?

Demographics, disposable income growth and innovation are the main drivers for the long term growth of beer and soft drinks industries in Brazil. Looking at the short term, we identify that the main drivers which impact the beer and soft drinks industries growth in Brazil are: price to consumer, disposable income and weather (temperature and rains).

15. What is the number of direct distribution centers and third-party distributors operating with Ambev in Brazil?

In the end of 2018 we had 104 direct distribution centers and 149 third-party distributors throughout Brazil.

16. What is the weight of direct distribution versus third part distribution on Brazil sales volumes?

The weight of direct distribution through our direct distribution centers (versus distribution through third-party distributors) in Brazil volumes varies monthly, but currently is between 70% and 75% of Brazil total volumes.

17. What is the weight of returnable packages versus one-way packages on Brazil Beer sales volumes?

The weight of returnable packages (versus one-way packages) in Brazil Beer volumes varies monthly, but on average currently corresponds to 50% of volumes.

18. What is the weight of on premise (mainly bars and restaurants) and off premise (supermarkets) channels in Brazil?

Nowadays on average 55% of our Brazil volumes is on premise and 45% is off premise.

19. What are the main components of the cost of goods sold (COGS) for Beer and for NAB Brazil?

Approximately 20% of our COGS in Brazil correspond to fixed costs and industrial assets depreciation. The remaining 80% are variable costs, of which the main components are described below:

Beer Brazil: currently on average 45% of our variable cost is can, 15% is malt, 8% is adjuncts and 8% is labor, the remainder is spread amongst many other components.

NAB Brazil: currently on average 25% of the variable cost is sugar, 25% is PET resin, 20% is can and 10% labor, the remainder is spread amongst many other components.

Around 50% of our gross cost is exposed to USD, mostly because the commodities prices are in USD.

20. How does Ambev hedge program work?

The Company has Risk Management policy, which defines our hedge program, according to which we seek to be covered on average 12 months forward from the current month for our exposure in currency and the main commodities that impact our COGS (cost of goods sold). We have the flexibility of two months, so we can execute hedge contracts from 10 to 14 months ahead.

This hedge policy aims to mitigate our exposure to risks related to the prices of commodities and to currency devaluation and to provide us time to adapt our structure in case there is a significant variation on prices in the market. Decisions regarding hedging are made according to our risk management policy, taking into consideration the amount and duration of the exposure, market volatility and economic trends.


21. What are the types of Ambev shares, where are they traded and which symbols do they use (tickers)?

Ambev has its shares traded in the B3 S.A. – Brasil, Bolsa, Balcão and in the NYSE – New York Exchange though American Depositary Receipts – ADRs.

The shares, all common, are traded in B3 S.A. with the ticker ABEV3 and in the NYSE with the ticker ABEV.

22. What is ADR and how are they traded?

ADR means American Depositary Receipt and is the share receipt of a company outside of the US, issued and under the custody of a North American bank. It is a trading instrument created to make it possible for securities issuers from other countries to follow the North American terms and regulation for securities registration, and to make it easier for the investors in the US to receive dividends. The price of an ADR is generally close to the stock price in its original market, adjusted by the ratio between the ADR and the original share (Ambev’s ratio is 1 ADR = 1 original share). The individual shares represented by an ADR are called American Depositary Shares (ADS).

23. What is the type of Ambev ADR?

Ambev has ADRs Level II listed in the NYSE. The Level II ADR program requires the company to fully register according to the Securities Act and also to release all of the information required by the Securities Exchange Act of 1934.

24. Which are the depositary agents for Ambev shares?

Bradesco is the depositary bank for Ambev shares in Brazil and The Bank of New York Mellon is the depositary bank for Ambev ADRs in US.

The depositary agent is responsible for the bookkeeping of the shares, the records of shareholders, the update and tracking of payments of outlays and the exercise of rights and receipt of amounts distributed by the Company.

25. What is the procedure to become a shareholder of Ambev?

In order to invest in Ambev stocks, the person interested should look for a stockbroker that is able to give him/her support and intermediate the negotiation on the stock market. In order to obtain a list of brokerage firms with contact information, go to the B3 website (http://www.b3.com.br) in the section Product and Services > Membership > Participant Search > Broker Search.

The shares can be held by:

  • The stockbrokerage in which they have been bought, that will become fully responsible for the payment of dividends/interest on own capital as well as for the information necessary to file the income statement or;
  • The entry book system of Banco Bradesco, responsible for the remittance of data at no cost to the customer. In this case the shareholders will have the benefit of the automatic credit of dividends to their bank account of choice.

26. How many shares Ambev has in the market (free-float)?

The amount of shares in the market is periodically updated in the IR website – Shareholder Information/Listings.

27. Was there any stock split of Ambev’s shares? When?

Yes. In October 2000 and December 2010 there were stock splits of 1 to 5.

28. Was there any stock grouping of Ambev’s shares? When?

Yes. On June 29, 2007, at an Extraordinary Shareholders Meeting, shareholders approved a reverse stock split of our common and preferred shares at a ratio of 100 existing shares to 1 share of the capital stock after the stock grouping, without change to the total capital stock. As of August 2, 2007, the Company’s shares, already grouped, were traded based on a per share price instead of in round lots of 1,000 shares.

29. Was there any bonus of Ambev’s shares? When?

Yes. In May, 2005 there was a bonus of 1 common share granted for each 5 common or preferred shares held, in other words, the shareholder received in common shares 20% of the total number of shares held.

30. What is Ambev’s dividend policy?

In order to access information about the dividends policy and the updated Ambev payout history access the IR website – Shareholders Information/Payout.

31. What is Interest on own Capital (IOC) or Interest on Shareholders‘s equity?

In order to consult information on Interest on Capital, please access the IR website – Interest on Shareholders’ Equity

32. How are dividends and IOC paid?

Bradesco is the depositary bank for Ambev shares at B3 and The Bank of New York Mellon is the depositary bank for Ambev ADRs at NYSE. Bradesco and The Bank of New York Mellon are responsible for processing the dividends and IOC payments from Ambev to shareholders.

33. How can I obtain more information about my shareholder position, update of my personal data, my dividend payment, etc. related to Ambev stocks?

For shareholders with stocks registered at Bradesco, information can be obtained in any Bradesco branch in all Brazilian territory. For those shareholders who own stocks with custody in a brokerage firm, all information can be obtained through that institution.

34. I am a shareholder and I have bearer shares issued by Companhia Antarctica or Companhia Cervejaria Brahma. What should I do?

Since 1988 it is no longer allowed by Brazilian Corporate Law to negotiate bearer shares in the market. Therefore, shareholders that own shares issued this way should contact a Bradesco branch in all Brazilian territory with the necessary personal identification documents and the original certificates of the shares to make the conversion to registered shares without the emission of certificates. All the changes to the Company’s shares (bonus, grouping, splits, etc) are attributed to the original shares, but only the amounts payed as dividends in the last three years will be received by the shareholder, because the amounts payed before that period prescribe according to the Brazilian Corporate Law.

General Information

35. How can I contact Ambev Investor Relations team?

If you have specific questions about Ambev’s shares or financial information, you may contact our Investor Relations team through the contact information available at the IR website – Contact IR. However, we encourage you to first review our IR website, which provides a vast amount of helpful information.

36. How can I order a printed copy of the Company’s 20-F report?

The fastest and most efficient way to have access to our reports is through our IR website – SEC/CVM Filings.  It is also possible to order a printed version of our 20-F report sending an email to the IR team.

37. How can I register to receive email notifications from Ambev?

In case you want to receive email notifications when Ambev publishes its earnings or sends other communications to the market you can register at our IR website – Subscribe to Email Alert.

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