AMBEV S.A. | CIK:0001565025 | 3

  • Filed: 3/19/2018
  • Entity registrant name: AMBEV S.A. (CIK: 0001565025)
  • Generator: Thunderdome
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1565025/000129281418000752/0001292814-18-000752-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1565025/000129281418000752/abev-20171231.xml
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    • ifrs-full:DisclosureOfBorrowingsExplanatory

    22.
    INTEREST-BEARING LOANS AND BORROWINGS
     
        2017     2016  
                 
    Secured bank loans    
    589.3
    		      
    665.8
    		  
    Unsecured bank loans    
    413.7
    		      
    609.9
    		  
    Debentures and unsecured bond issues    
    102.7
    		      
    100.8
    		  
    Other unsecured loans    
    101.5
    		      
    356.2
    		  
    Financial leasing    
    24.7
    		      
    33.0
    		  
    Non-current liabilities    
    1,231.9
    		      
    1,765.7
    		  
                     
    Secured bank loans    
    879.6
    		      
    1,381.4
    		  
    Unsecured bank loans    
    394.3
    		      
    1,910.1
    		  
    Debentures and unsecured bond issues    
    -
    		      
    296.4
    		  
    Other unsecured loans    
    38.4
    		      
    33.5
    		  
    Financial leasing    
    8.8
    		      
    9.2
    		  
    Current liabilities    
    1,321.1
    		      
    3,630.6
    		  
     
    Additional information regarding the exposure of the Company to the risks of interest rate and foreign currency are disclosed on Note
    27
    –
    Financial instruments and risks
    .
     
    At
    December 31, 2017
    and
    2016
    debts presented the following interest rates:
     
              2017           2016  
    Debt instruments  
    Average rate %
    		    
    Current
    		    
    Non-current
    		    
    Average rate %
    		    
    Current
    		    
    Non-current
    		  
    Debt denominated in USD fixed rate    
    3.83
    		 %    
    6.4
    		      
    16.5
    		      
    6.00
    		 %    
    -
    		      
    11.5
    		  
    Debt denominated in US dollars floating rate    
    2.74
    		 %    
    78.3
    		      
    476.9
    		      
    1.55
    		 %    
    1,508.8
    		      
    351.1
    		  
    Debt denominated in CAD dollars floating rate    
    2.00
    		 %    
    685.9
    		      
    -
    		      
    1.62
    		 %    
    1,259.1
    		      
    -
    		  
    BNDES basket debt floating rate (UMBNDES)    
    -
    		      
    -
    		      
    -
    		      
    1.70
    		 %    
    22.7
    		      
    -
    		  
    Other latin american currency fixed rate    
    9.27
    		 %    
    199.1
    		      
    -
    		      
    8.86
    		 %    
    114.1
    		      
    233.0
    		  
    Other latin american currency floating rate    
    2.33
    		 %    
    -
    		      
    5.0
    		      
    2.66
    		 %    
    -
    		      
    4.9
    		  
    TJLP BNDES denominated floating rate (TJLP)    
    9.22
    		 %    
    165.3
    		      
    237.0
    		      
    9.66
    		 %    
    216.2
    		      
    398.6
    		  
    Reais debt - ICMS fixed rate    
    5.57
    		 %    
    38.4
    		      
    91.5
    		      
    4.13
    		 %    
    33.4
    		      
    344.7
    		  
    Reais debt - debentures floating rate % CDI    
    -
    		      
    -
    		      
    -
    		      
    13.63
    		 %    
    52.9
    		      
    -
    		  
    Reais debt - fixed rate    
    6.63
    		 %    
    147.7
    		      
    405.0
    		      
    7.64
    		 %    
    423.4
    		      
    421.9
    		  
    Total    
     
    		      
    1,321.1
    		      
    1,231.9
    		      
     
    		      
    3,630.6
    		      
    1,765.7
    		  
     
    Terms and debt repayment schedule –
    December 31, 2017
     
        Total     Less than 1 year     1-2 years     2-3 years     3-5 years     More than 5 years  
    Secured bank loans    
    1,468.9
    		      
    879.6
    		      
    253.6
    		      
    57.7
    		      
    109.4
    		      
    168.6
    		  
    Unsecured bank loans    
    808.0
    		      
    394.3
    		      
    413.7
    		      
    -
    		      
    -
    		      
    -
    		  
    Debentures and unsecured bond issues    
    102.7
    		      
    -
    		      
    -
    		      
    -
    		      
    102.7
    		      
    -
    		  
    Unsecured other loans    
    139.9
    		      
    38.4
    		      
    32.0
    		      
    24.7
    		      
    11.6
    		      
    33.2
    		  
    Finance lease liabilities    
    33.5
    		      
    8.8
    		      
    24.7
    		      
    -
    		      
    -
    		      
    -
    		  
         
    2,553.0
    		      
    1,321.1
    		      
    724.0
    		      
    82.4
    		      
    223.7
    		      
    201.8
    		  
     
    Contractual clauses (covenants)
     
    As at
    December 31, 2017,
    the Company's loans had equal rights to payment without subordination clauses. Except for the credit lines due to FINAME contracted by the Company with Banco Nacional de Desenvolvimento Econômico e Social – BNDES (“BNDES”), where collateral were provided on assets acquired with the credit granted which serve as collateral; other loans and financing contracted by the Company predicted only guarantees as personal collateral or are unsecured. The most loan contracts contained financial covenants including:
     
    ·
    		 financial covenants, including limitation on new indebtedness;
    ·
    		 going-concern;
    ·
    maintenance, in use or in good condition for the business, of the Company's assets;
    ·
    restrictions on acquisitions, mergers, sale or disposal of its assets;
    ·
    		 disclosure of financial statements under Brazilian GAAP and IFRS; and/or
    ·
    no
    prohibition related to new real guarantees for loans contracted, except if: (i) expressly authorized under the aforementioned loan agreement, (ii) new loans contracted from financial institutions linked to the Brazilian government - including the BNDES or foreign governments; - or foreign governments, multilateral financial institutions (eg World Bank) or located in jurisdictions in which the Company operates;
     
    These clauses apply to the extent that the events mentioned produce material adverse effects on
    the Company
    and / or its subsidiaries or the rights of its creditors, and, in the event of any of the events provided in the clauses
    , it
    may
    have been granted to the Company a grace period to cure such default.
     
    Additionally, all agreements entered into with the BNDES are subject to certain “provisions applicable to agreements entered into with the BNDES” (“Provisions”). Such Provisions require the borrower, to obtain prior consent of BNDES if they, for instance, wish to: (i) raise new loans (except for loans described in the Provisions); (ii) give preference and/or priority to other debts; and/or (iii) dispose of or encumber any item of their fixed assets (except as provided for in the Provisions).
     
    As at
    December 31, 2017,
    the Company was in compliance with all its contractual obligations for its loans and financings.