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Financial News: AMBEV: Adjusted Net Income Rises 1.2% In 3Q17,

AMBEV: Adjusted Net Income Rises 1.2% In 3Q17, With Expense Reduction

10/26/2017 - 18:13:00 (RTTNews)

(RTTNews) - Brazilian beverages company Ambev's adjusted net income, which disregards positive or negative effects from non-recurring items, rose 1.2% in the third quarter, to R$ 3.237 billion (US$ 997.72 million), on an annual basis. The result was above the estimates. Analysts projected an 18.59% drop, to R$ 2.492 billion.

The result was influenced by the organic growth of the EBITDA and the reduction of financial expenses, which were partially offset by the negative impact of the currency conversion, the appreciation of the Brazilian real, and a higher tax rate.

Taxes reflected significantly in unadjusted net income, which fell 95.7%, to R$ 136.5 million in the quarter on an annual basis. Income tax and social contribution expenses in the period were R$ 2.788 billion.

In the financial statement, the company notes that the effective tax rate increased from -32.4% to 95.3% in the comparison between the third quarter of 2016 and the same period in 2017, due to the "difficult comparison" between these periods and the impact of the non-recurring tax adjustment of R$ 2.974 billion upon joining the Special Tax Regularization Program in Brazil. Excluding tax adjustment, the effective tax rate was -6.0% due to the higher benefit from interest on shareholders' equity, Ambev points out.

Ambev's revenue increased 8.4% in the third quarter, to R$ 11.362 billion, below the +9.7% average forecast. The company's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 13.8%, to R$ 4.552 billion, also below the estimates (+15%).

In the quarter, the company traded 38.433 million hectoliters (HL), a 1% lower volume compared to a year ago, with CPV (cost per product sold) for HL 7.5% higher, at R$ 116.6.

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