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Stock price evolution
Introduction
 Stock price evolution
 Reasons 2012

 Reasons 2013
 Financial ratios
 Overall forecast
Stock price evolution
Leap 1: March
Cash flow: Operating activities
Jump 2: June
Market focus
Crash 1: January
Grupo Modelo
 Incorporation
 US government

 Legal actions
 Unfair competition
Leap 3: February
Estimations 2013
Jump 4: July
Inflation Brazil
Mexico
 Incorporation
 Cost synergies
Dive 2: September
Central and Eastern Europe
 Total Volumes: -18,9%
 Ukraine destocking: -26,2%

 Russia: -13,4%
 EBITDA: -38,2%
Net Debt / EBITDA ratio
EPS - Dividend
EBITDA – Sales - Debts
Thank you for listening!

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