XML 27 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Segment Reporting
 12 Months Ended
Dec. 31, 2017
Statement Line Items [Line Items]  
Disclosure of entity's operating segments [text block]
5.
SEGMENT REPORTING
 
(a) Reportable segments – Years ended in:
 
   
Latin America - north
(i)
    
Latin America - south
(ii)
     Canada     Consolidated  
    2017     2016     2015     2017     2016     2015     2017     2016     2015     2017     2016     2015  
                                                                         
Net sales    
31,086.0
      
28,927.8
      
29,654.9
      
10,769.7
      
10,212.9
      
11,255.6
      
6,043.6
      
6,461.9
      
5,809.7
      
47,899.3
      
45,602.6
      
46,720.2
  
Cost of sales    
(11,935.0
 )    
(10,870.4
 )    
(9,921.3
 )    
(4,122.6
 )    
(3,685.4
 )    
(4,306.8
 )    
(1,984.2
 )    
(2,122.2
 )    
(1,833.3
 )    
(18,041.8
 )    
(16,678.0
 )    
(16,061.4
 )
Gross profit    
19,151.0
      
18,057.4
      
19,733.6
      
6,647.1
      
6,527.5
      
6,948.8
      
4,059.4
      
4,339.7
      
3,976.4
      
29,857.5
      
28,924.6
      
30,658.8
  
Distribution expenses    
(4,193.8
 )    
(3,965.4
 )    
(3,709.6
 )    
(1,007.9
 )    
(979.6
 )    
(1,047.5
 )    
(1,093.8
 )    
(1,140.5
 )    
(1,076.1
 )    
(6,295.5
 )    
(6,085.5
 )    
(5,833.2
 )
Sales and marketing expenses    
(3,655.5
 )    
(3,671.1
 )    
(3,264.0
 )    
(1,091.3
 )    
(1,317.6
 )    
(1,294.8
 )    
(873.2
 )    
(936.3
 )    
(785.9
 )    
(5,620.0
 )    
(5,925.0
 )    
(5,344.7
 )
Administrative expenses    
(1,954.1
 )    
(1,486.3
 )    
(1,599.8
 )    
(384.5
 )    
(400.2
 )    
(428.0
 )    
(285.2
 )    
(279.6
 )    
(253.4
 )    
(2,623.8
 )    
(2,166.1
 )    
(2,281.3
 )
Other operating income/(expenses)    
1,170.5
      
1,283.7
      
1,871.5
      
41.2
      
(39.0
 )    
60.3
      
5.6
      
(21.6
 )    
4.2
      
1,217.3
      
1,223.1
      
1,936.1
  
Exceptional items    
(56.1
 )    
1,183.2
      
(273.9
 )    
(41.3
 )    
(41.5
 )    
(39.9
 )    
(11.3
 )    
(7.4
 )    
(43.4
 )    
(108.7
 )    
1,134.3
      
(357.2
 )
Income from operations (EBIT)    
10,462.0
      
11,401.5
      
12,757.8
      
4,163.3
      
3,749.6
      
4,198.9
      
1,801.5
      
1,954.3
      
1,821.8
      
16,426.8
      
17,105.4
      
18,778.5
  
Net finance cost    
(2,693.3
 )    
(3,694.5
 )    
(1,842.9
 )    
(709.5
 )    
(439.0
 )    
(868.6
 )    
(91.1
 )    
431.5
      
443.3
      
(3,493.9
 )    
(3,702.0
 )    
(2,268.2
 )
Share of result of joint ventures    
(4.7
 )    
(6.8
 )    
1.9
      
-
      
-
      
-
      
1.6
      
1.8
      
1.2
      
(3.1
 )    
(5.0
 )    
3.1
  
Income before income tax    
7,764.0
      
7,700.2
      
10,916.8
      
3,453.8
      
3,310.6
      
3,330.3
      
1,712.0
      
2,387.6
      
2,266.3
      
12,929.8
      
13,398.4
      
16,513.4
  
Income tax expense    
(3,309.5
 )    
1,100.1
      
(1,884.7
 )    
(1,144.1
 )    
(814.0
 )    
(1,154.1
 )    
(625.7
 )    
(601.1
 )    
(595.5
 )    
(5,079.3
 )    
(315.0
 )    
(3,634.2
 )
Net income    
4,454.5
      
8,800.3
      
9,032.1
      
2,309.7
      
2,496.6
      
2,176.2
      
1,086.3
      
1,786.5
      
1,670.8
      
7,850.5
      
13,083.4
      
12,879.2
  
                                                                                                 
Normalized EBITDA
(iii)
    
13,233.9
      
12,805.0
      
15,274.6
      
4,866.6
      
4,501.7
      
4,877.8
      
2,047.1
      
2,176.4
      
2,057.3
      
20,147.6
      
19,483.1
      
22,209.7
  
Exceptional items    
(56.1
 )    
1,183.2
      
(273.9
 )    
(41.3
 )    
(41.5
 )    
(39.9
 )    
(11.3
 )    
(7.4
 )    
(43.4
 )    
(108.7
 )    
1,134.3
      
(357.2
 )
Depreciation. amortization and impairment    
(2,715.8
 )    
(2,586.7
 )    
(2,242.9
 )    
(662.0
 )    
(710.6
 )    
(639.0
 )    
(234.3
 )    
(214.7
 )    
(192.1
 )    
(3,612.1
 )    
(3,512.0
 )    
(3,074.0
 )
Net finance costs    
(2,693.3
 )    
(3,694.5
 )    
(1,842.9
 )    
(709.5
 )    
(439.0
 )    
(868.6
 )    
(91.1
 )    
431.5
      
443.3
      
(3,493.9
 )    
(3,702.0
 )    
(2,268.2
 )
Share of result of joint ventures    
(4.7
 )    
(6.8
 )    
1.9
      
-
      
-
      
-
      
1.6
      
1.8
      
1.2
      
(3.1
 )    
(5.0
 )    
3.1
  
Income tax expense    
(3,309.5
 )    
1,100.1
      
(1,884.7
 )    
(1,144.1
 )    
(814.0
 )    
(1,154.1
 )    
(625.7
 )    
(601.1
 )    
(595.5
 )    
(5,079.3
 )    
(315.0
 )    
(3,634.2
 )
Net income    
4,454.5
      
8,800.3
      
9,032.1
      
2,309.7
      
2,496.6
      
2,176.2
      
1,086.3
      
1,786.5
      
1,670.8
      
7,850.5
      
13,083.4
      
12,879.2
  
                                                                                                 
Normalized EBITDA margin in %    
42.6
 %    
44.3
 %    
51.5
 %    
45.2
 %    
44.1
 %    
43.3
 %    
33.9
 %    
33.7
 %    
35.4
 %    
42.1
 %    
42.7
 %    
47.5
 %
                                                                                                 
Acquisition of property, plant and equipment    
1,862.0
      
2,352.0
      
3,442.0
      
1,051.2
      
1,365.5
      
1,654.1
      
292.8
      
317.9
      
285.8
      
3,206.0
      
4,035.4
      
5,381.9
  
                                                                                                 
     
2017
      
2016
      
2015
      
2017
      
2016
      
2015
      
2017
      
2016
      
2015
      
2017
      
2016
      
2015
  
Segment assets    
48,811.7
      
50,935.0
      
47,282.3
      
11,558.5
      
11,149.0
      
12,757.7
      
10,204.9
      
9,245.8
      
9,264.6
      
70,575.1
      
71,329.8
      
69,304.6
  
Intersegment elimination    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
(3,077.7
 )    
(3,968.1
 )    
(1,996.3
 )
Non-segmented assets    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
19,354.5
      
16,479.7
      
22,868.0
  
Total assets    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
86,851.9
      
83,841.4
      
90,176.3
  
                                                                                                 
Segment liabilities    
23,031.6
      
22,958.9
      
20,998.7
      
6,015.2
      
5,576.4
      
5,093.9
      
3,700.2
      
3,275.7
      
3,608.6
      
32,747.0
      
31,811.0
      
29,701.2
  
Intersegment elimination    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
(3,077.7
 )    
(3,968.1
 )    
(1,996.3
 )
Non-segmented liabilities    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
57,182.6
      
55,998.5
      
62,471.4
  
Total liabilities    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
86,851.9
      
83,841.4
      
90,176.3
  
 
(i) Latin America – North: includes operations in Brazil, Luxembourg and CAC (El Salvador, Guatemala, Nicaragua, Dominican Republic, Saint Vincent, Dominica, Antigua, Cuba, Barbados and Panama).
 
(ii) Latin America – South: includes operations in Argentina, Bolivia, Chile, Paraguay and Uruguay. In addition Colombia, Ecuador and Peru, until
December 31, 2016,
due to exchange of shareholdings
,
according the Note
1
-
Corporate information
.
 
(iii) Normalized EBITDA is calculated excluding of the net income the following effects: (i)
Income tax expense
, (iii)
Share of results of joint ventures
(iii)
Net finance result
, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.
 
(b) Additional information – by Business unit – Years ended in:
 
    Latin America - north
    CAC   Brazil   Total
    2017   2016   2015   2017   2016   2015   2017   2016   2015
                                     
Net sales    
4,733.0
      
3,973.2
      
3,328.8
      
26,353.0
      
24,954.6
      
26,326.1
      
31,086.0
      
28,927.8
      
29,654.9
  
Cost of sales    
(2,045.6
 )    
(1,798.6
 )    
(1,563.0
 )    
(9,889.4
 )    
(9,071.8
 )    
(8,358.3
 )    
(11,935.0
 )    
(10,870.4
 )    
(9,921.3
 )
Gross profit    
2,687.4
      
2,174.6
      
1,765.8
      
16,463.6
      
15,882.8
      
17,967.8
      
19,151.0
      
18,057.4
      
19,733.6
  
Distribution expenses    
(538.6
 )    
(409.9
 )    
(357.4
 )    
(3,655.2
 )    
(3,555.5
 )    
(3,352.2
 )    
(4,193.8
 )    
(3,965.4
 )    
(3,709.6
 )
Sales and marketing expenses    
(526.4
 )    
(456.7
 )    
(390.1
 )    
(3,129.1
 )    
(3,214.4
 )    
(2,873.9
 )    
(3,655.5
 )    
(3,671.1
 )    
(3,264.0
 )
Administrative expenses    
(265.0
 )    
(171.7
 )    
(158.3
 )    
(1,689.1
 )    
(1,314.6
 )    
(1,441.4
 )    
(1,954.1
 )    
(1,486.3
 )    
(1,599.7
 )
Other operating income/(expenses)    
77.8
      
9.6
      
(0.2
 )    
1,092.7
      
1,274.1
      
1,871.6
      
1,170.5
      
1,283.7
      
1,871.4
  
Exceptional items    
(23.1
 )    
(13.5
 )    
(8.4
 )    
(33.0
 )    
1,196.7
      
(265.5
 )    
(56.1
 )    
1,183.2
      
(273.9
 )
Income from operations (EBIT)    
1,412.1
      
1,132.4
      
851.4
      
9,049.9
      
10,269.1
      
11,906.4
      
10,462.0
      
11,401.5
      
12,757.8
  
Net finance cost    
(46.5
 )    
(9.2
 )    
42.8
      
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )    
(2,693.3
 )    
(3,694.5
 )    
(1,842.9
 )
Share of result of joint ventures    
6.0
      
19.0
      
-
      
(10.7
 )    
(25.8
 )    
1.9
      
(4.7
 )    
(6.8
 )    
1.9
  
Income before income tax    
1,371.6
      
1,142.2
      
894.2
      
6,392.4
      
6,558.0
      
10,022.6
      
7,764.0
      
7,700.2
      
10,916.8
  
Income tax expense    
(353.5
 )    
(318.8
 )    
(269.4
 )    
(2,956.0
 )    
1,418.9
      
(1,615.3
 )    
(3,309.5
 )    
1,100.1
      
(1,884.7
 )
Net income    
1,018.1
      
823.4
      
624.8
      
3,436.4
      
7,976.9
      
8,407.3
      
4,454.5
      
8,800.3
      
9,032.1
  
                                                                         
Normalized EBITDA
(iii)
    
1,842.0
      
1,483.8
      
1,173.9
      
11,391.9
      
11,321.2
      
14,100.7
      
13,233.9
      
12,805.0
      
15,274.6
  
Exceptional items    
(23.1
 )    
(13.5
 )    
(8.4
 )    
(33.0
 )    
1,196.7
      
(265.5
 )    
(56.1
 )    
1,183.2
      
(273.9
 )
Depreciation, amortization and impairment    
(406.8
 )    
(338.0
 )    
(314.1
 )    
(2,309.0
 )    
(2,248.7
 )    
(1,928.8
 )    
(2,715.8
 )    
(2,586.7
 )    
(2,242.9
 )
Net finance costs    
(46.5
 )    
(9.2
 )    
42.8
      
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )    
(2,693.3
 )    
(3,694.5
 )    
(1,842.9
 )
Share of result of joint ventures    
6.0
      
19.0
      
-
      
(10.7
 )    
(25.8
 )    
1.9
      
(4.7
 )    
(6.8
 )    
1.9
  
Income tax expense    
(353.5
 )    
(318.8
 )    
(269.4
 )    
(2,956.0
 )    
1,418.9
      
(1,615.3
 )    
(3,309.5
 )    
1,100.1
      
(1,884.7
 )
Net income    
1,018.1
      
823.3
      
624.8
      
3,436.4
      
7,977.0
      
8,407.3
      
4,454.5
      
8,800.3
      
9,032.1
  
                                                                         
Normalized EBITDA margin in %    
38.9
 %    
37.3
 %    
35.3
 %    
43.2
 %    
45.4
 %    
53.6
 %    
42.6
 %    
44.3
 %    
51.5
 %
 
(i) Normalized EBITDA is calculated excluding of the net income the following effects: (i)
Income tax expense
, (iii)
Share of results of joint ventures
, (iii)
Net finance result
, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.
 
 
    Brazil
    Beer   Soft drink and
Non-alcoholic and
non-carbonated		   Total
    2017   2016   2015   2017   2016   2015   2017   2016   2015
                                     
Net sales    
22,509.3
      
21,173.1
      
22,441.3
      
3,843.7
      
3,781.5
      
3,884.8
      
26,353.0
      
24,954.6
      
26,326.1
  
Cost of sales    
(7,895.1
 )    
(7,339.9
 )    
(6,757.6
 )    
(1,994.3
 )    
(1,731.9
 )    
(1,600.7
 )    
(9,889.4
 )    
(9,071.8
 )    
(8,358.3
 )
Gross profit    
14,614.2
      
13,833.2
      
15,683.7
      
1,849.4
      
2,049.6
      
2,284.1
      
16,463.6
      
15,882.8
      
17,967.8
  
Distribution expenses    
(2,961.0
 )    
(2,891.7
 )    
(2,754.0
 )    
(694.2
 )    
(663.8
 )    
(598.2
 )    
(3,655.2
 )    
(3,555.5
 )    
(3,352.2
 )
Sales and marketing expenses    
(2,953.6
 )    
(3,044.0
 )    
(2,691.3
 )    
(175.5
 )    
(170.4
 )    
(182.6
 )    
(3,129.1
 )    
(3,214.4
 )    
(2,873.9
 )
Administrative expenses    
(1,476.3
 )    
(1,160.2
 )    
(1,341.5
 )    
(212.8
 )    
(154.4
 )    
(99.9
 )    
(1,689.1
 )    
(1,314.6
 )    
(1,441.4
 )
Other operating income/(expenses)    
825.0
      
969.8
      
1,551.2
      
267.7
      
304.3
      
320.4
      
1,092.7
      
1,274.1
      
1,871.6
  
Exceptional items    
(28.2
 )    
1,014.3
      
(265.2
 )    
(4.8
 )    
182.4
      
(0.3
 )    
(33.0
 )    
1,196.7
      
(265.5
 )
Income from operations (EBIT)    
8,020.1
      
8,721.4
      
10,182.9
      
1,029.8
      
1,547.7
      
1,723.5
      
9,049.9
      
10,269.1
      
11,906.4
  
Net finance cost    
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )    
-
      
-
      
-
      
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )
Share of result of joint ventures    
(10.7
 )    
(25.8
 )    
1.9
      
-
      
-
      
-
      
(10.7
 )    
(25.8
 )    
1.9
  
Income before income tax    
5,362.6
      
5,010.3
      
8,299.1
      
1,029.8
      
1,547.7
      
1,723.5
      
6,392.4
      
6,558.0
      
10,022.6
  
Income tax expense    
(2,956.0
 )    
1,418.9
      
(1,615.3
 )    
-
      
-
      
-
      
(2,956.0
 )    
1,418.9
      
(1,615.3
 )
Net income    
2,406.6
      
6,429.2
      
6,683.8
      
1,029.8
      
1,547.7
      
1,723.5
      
3,436.4
      
7,976.9
      
8,407.3
  
                                                                         
Normalized EBITDA
(i)
    
10,047.3
      
9,618.6
      
12,038.9
      
1,344.6
      
1,702.6
      
2,061.8
      
11,391.9
      
11,321.2
      
14,100.7
  
Exceptional items    
(28.2
 )    
1,014.3
      
(265.2
 )    
(4.8
 )    
182.4
      
(0.3
 )    
(33.0
 )    
1,196.7
      
(265.5
 )
Depreciation, amortization and impairment    
(1,999.0
 )    
(1,911.5
 )    
(1,590.8
 )    
(310.0
 )    
(337.3
 )    
(338.0
 )    
(2,309.0
 )    
(2,248.8
 )    
(1,928.8
 )
Net finance costs    
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )    
-
      
-
      
-
      
(2,646.8
 )    
(3,685.3
 )    
(1,885.7
 )
Share of result of joint ventures    
(10.7
 )    
(25.8
 )    
1.9
      
-
      
-
      
-
      
(10.7
 )    
(25.8
 )    
1.9
  
Income tax expense    
(2,956.0
 )    
1,418.9
      
(1,615.3
 )    
-
      
-
      
-
      
(2,956.0
 )    
1,418.9
      
(1,615.3
 )
Net income    
2,406.6
      
6,429.2
      
6,683.8
      
1,029.8
      
1,547.7
      
1,723.5
      
3,436.4
      
7,976.9
      
8,407.3
  
                                                                         
Normalized EBITDA margin in %    
44.5
 %    
45.4
 %    
53.6
 %    
35.8
 %    
45.0
 %    
53.1
 %    
43.2
 %    
45.4
 %    
53.6
 %
 
(i) Normalized EBITDA is calculated excluding of the net income the following effects: (i)
Income tax expense
, (iii)
Share of results of joint ventures
, (iii)
Net finance result
, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.