AMBEV S.A.ABEV

Market cap

P/E ratio

	Dec 31, 2017	Dec 31, 2018	Dec 31, 2019	Dec 31, 2020	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024
Property, plant and equipment	18,822	20,097	22,576	24,768	29,224	30,056	26,630	30,170
Goodwill	31,402	34,276	35,010	40,024	42,411	40,594	38,004	44,343
Intangible assets	4,675	5,841	6,306	7,581	8,689	9,222	10,042	12,531
Investments in associates and joint ventures	238	257	303	337	305	332	289	395
Investment securities	-	-	-	-	-	-	-	185
Deferred tax assets	2,279	2,018	2,950	4,561	4,728	6,439	7,970	8,692
Employee benefits	58	64	56	34	28	57	57	71
Derivative financial instruments	35	35	1	3	2	2	2	-
Recoverable taxes	225	540	671	5,696	6,005	6,709	11,325	10,504
Other assets	1,964	1,687	1,752	2,142	2,063	1,905	1,521	1,463
Non-current assets	62,134	68,797	74,122	89,854	99,976	100,141	96,081	108,352
Investment securities	12	13	15	1,700	1,915	455	277	1,242
Inventories	4,319	5,402	5,979	7,606	11,000	12,923	9,619	11,690
Trade receivables	4,945	4,879	4,496	4,303	4,792	5,349	5,742	6,270
Derivative financial instruments	350	220	172	506	597	272	378	1,219
Recoverable taxes	600	863	2,243	1,528	1,981	1,045	3,436	3,582
Other assets	1,367	1,203	986	850	1,083	1,038	1,053	1,558
Cash and cash equivalents	10,355	11,464	11,901	17,090	16,628	14,926	16,059	28,596
Current assets	24,718	25,330	27,621	35,342	38,627	37,817	36,563	54,156
Total assets	86,852	94,126	101,743	125,196	138,603	137,958	132,644	162,508
Issued capital	57,614	57,710	57,867	57,899	58,043	58,131	58,178	58,226
Reserves	63,361	70,215	75,686	80,906	86,379	92,247	98,669	108,973
Carrying value adjustments	74,967	71,585	72,275	64,989	61,778	68,422	77,878	68,557
Equity attributable to Ambev’s shareholders	46,009	56,341	61,278	73,816	82,643	81,956	78,969	98,642
Non-controlling interest	1,974	1,207	1,278	1,336	1,375	1,372	1,175	938
Total equity	47,983	57,547	62,556	75,151	84,018	83,328	80,144	99,581
Interest-bearing loans and borrowing	1,232	862	2,410	2,054	2,254	2,788	2,203	2,176
Employee benefits	2,311	2,344	2,705	3,544	3,194	2,161	2,012	2,237
Derivative financial instruments	2	3	0	-	-	729	12	7
Deferred tax liabilities	2,329	2,425	2,371	3,043	3,214	3,726	3,318	5,008
Income tax and social contribution payable	-	-	-	-	-	-	1,487	1,372
Taxes and contributions payable	-	-	-	-	-	-	513	597
Trade payables	175	126	310	656	617	509	307	328
Provisions	-	-	-	-	-	-	-	671
Other liabilities, including put options granted on subsidiaries	429	2,662	3,145	4,227	3,445	1,897	1,083	1,143
Non-current liabilities	10,181	11,750	14,176	16,567	15,719	14,090	11,495	13,539
Interest-bearing loans and borrowing	1,321	1,561	653	2,739	847	983	1,298	1,276
Payroll and social security payables	1,047	852	833	926	2,439	2,336	2,129	2,780
Dividends and interest on capital payables	1,779	807	957	2,455	1,425	1,465	1,526	8,487
Derivative financial instruments	215	679	355	330	493	-	751	205
Income tax and social contribution payable	-	-	-	-	-	-	1,341	1,942
Taxes and contributions payable	-	-	-	-	-	-	6,237	5,648
Trade payables	11,854	14,050	15,070	19,339	25,078	24,329	23,195	25,224
Provisions	-	-	-	-	-	-	-	441
Other liabilities, including put options granted on subsidiaries	6,808	1,367	1,531	1,848	2,305	3,513	4,110	3,386
Current liabilities	28,689	24,828	25,011	33,478	38,866	40,540	41,005	49,389
Total liabilities	38,869	36,579	39,187	50,045	54,585	54,630	52,501	62,928
Total equity and liabilities	86,852	94,126	101,743	125,196	138,603	137,958	132,644	162,508