The document analyzes the stock price evolution from 2012 to 2013, highlighting key financial ratios and notable events impacting market performance. Significant fluctuations in price are attributed to factors such as cash flow variations, legal actions, and regional economic conditions. The document concludes with financial metrics and a forecast, indicating overall market challenges and opportunities.

1. Stock price evolution

2. Introduction
 Stock price evolution
 Reasons 2012
 Reasons 2013
 Financial ratios
 Overall forecast

3. Stock price evolution

4. Leap 1: March

5. Cash flow: Operating activities

6. Jump 2: June

7. Market focus

8. Crash 1: January

9. Grupo Modelo
 Incorporation
 US government
 Legal actions
 Unfair competition

10. Leap 3: February

11. Estimations 2013

12. Jump 4: July

13. Inflation Brazil

14. Mexico
 Incorporation
 Cost synergies

15. Dive 2: September

16. Central and Eastern Europe
 Total Volumes: -18,9%
 Ukraine destocking: -26,2%
 Russia: -13,4%
 EBITDA: -38,2%

17. Net Debt / EBITDA ratio

18. EPS - Dividend

19. EBITDA – Sales - Debts

20. Thank you for listening!