Ambev S.A. (NYSE:ABEV) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


Ambev S.A. (NYSE:ABEV) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and thank you for waiting. We would like to welcome everyone to Ambev's Second-Quarter 2020 Results Conference Call. Today with us, we have Mr. Jean Jereissati, CEO for Ambev, and Mr. Lucas Lira, CFO and investor relations officer. As a reminder, our slide presentation is available for downloading on our website,, as well as through the webcast link of this call. We would like to inform you that this event is being recorded. [Operator instructions] Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996.

Forward-looking statements are based on the beliefs and assumptions of Ambev's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Ambev, and could cause results to differ materially from those expressed in such forward-looking statements. I would also like to remind everyone that, as usual, the percentage changes that will be discussed during today's call are both organic and normalized in nature. And unless otherwise stated, percentage changes refer to comparisons with the second-quarter 2019 results.

Normalized figures refer to performance measures before exceptional items, which are either income or expenses that do not occur regularly as part of Ambev's normal activities. As normalized figures are non-GAAP measures, the company discloses the consolidated profit, EPS, EBIT and EBITDA on a fully reported basis in the earnings release. Now, I'll turn the conference over to Mr. Jean Jereissati. You may begin your conference.

Jean Jereissati

Thank you. Hello, everyone. Thank you for joining our call. Before I share with you an overview of our business during the second quarter, and Lucas cover the highlights of our financial performance, I would like to deeply thank all those who are helping our societies doing the COVID-19 pandemic.

Those who are fighting in the front line on a daily basis are the real heroes, and are making a real difference as the world battles pandemic. Thank you very much. Our second quarter was certainly much very marked by the pandemic. But also by our team's incredible collective and positive reaction to it. Last quarter, I mentioned the main factors that I believe would make the difference in navigating the crisis were being the leaner and most efficient player in the market, having the highest reach in terms of distribution network built over the last 20 years, mitigating the rises with a solid cash position, and finally, leveraging our technological and innovation platforms that we have been investing behind for a while. In what was probably the most difficult quarter of our history, we demonstrated the strength of our business, the resilience and creativity of our people, and our ability to impact the world in a positive way.

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