Sex dating Quilmes,

The inflation rate measured as increases in the consumer price index was 3. Also, average consolidated beer prices increased

We face competition that threatens our market share. The growth in beer consumption in Argentina, Bolivia, Chile, Paraguay and Uruguay has attracted new market participants over the past years, producing intensely competitive environments in these markets. The participants in these markets included major local and international concerns with substantial financial resources and particular industrial strengths.

Further economic crises and devaluations in Argentina and in the Sex dating Quilmes countries in which we operate may make it less expensive for international concerns to make investments in these markets.

We intend to continue Sex dating Quilmes strategies designed to maintain or improve our competitive position in our markets but we cannot guarantee that these strategies will be successful. Any loss of market share could be permanent.

Competition in the beer market may take the form of aggressive price discounting, which could have a negative impact on our results of operations. Apart from competition within each beer market, beer sales also compete against wine and other alcoholic beverage sales and, to a lesser extent, with soft drinks. Competition in these markets could cause us to reduce pricing, increase capital and other expenditures or lose market share, which could have a material adverse effect on our business and financial results.

Our market share in some of our markets has eroded over the past Sex dating Quilmes years. We are currently negotiating labor contracts with some of our employees. A break-down in negotiations could result in work stoppages. As a part of this process, the Argentine Labor Ministry has intervened to help reach a Sex dating Quilmes that is satisfactory for the parties Sex dating Quilmes.

While we are not expecting any material adverse effects on our financial performance from this situation, the outcome at this time is uncertain. We purchase significant quantities of commodities and raw materials, the prices of Sex dating Quilmes fluctuate widely. We purchase commodities and raw materials for the production of beer and soft drinks. These commodities and raw materials include barley, malt, aluminum cans and PET bottle preforms and, to a lesser extent, corn grits, rice The prices of these commodities can fluctuate widely and are determined by global supply and demand and other factors over which we have no control.

Because we rarely engage in hedging our raw material costs although this policy may change in the future any changes in commodity Sex dating Quilmes raw material prices could have a direct and significant impact on our costs. In addition, we purchase most of our barley, malt, aluminum cans and plastic bottle preforms in local currency and principally in Argentina; therefore, we incur certain costs of sales and expenses in local currencies.

However, because the price of these raw materials may vary with international prices which are denominated in U. Due to the economic situation in Argentina, towards the end of we began to purchase most of the raw materials that we used to import from local suppliers for our Argentine business.

Although we did not experience any supply problems in orif economic conditions worsen, even our local suppliers of raw materials may have difficulty providing such materials in the future. Furthermore, since all commodities are pegged to international prices, their prices are necessarily volatile and any devaluation of the currencies of the countries in which we operate could impact our direct costs associated with Sex dating Quilmes purchase of these raw materials. Sex dating Quilmes

Any termination of our franchise arrangement with PepsiCo would severely impact our soft drink operations.

We depend to a certain extent on adequate supplies of electricity and natural gas for beer production. Following the Argentine economic crisis ofthe possibility of gas and electricity shortages in Argentina has increased. Argentina is experiencing gas and electricity shortages that have resulted Sex dating Quilmes temporary and sporadic restrictions on the supply of energy. Possible restrictions on the supply of energy could curtail our production and negatively impact results of operations.

After several years of recession, the forced conversion of Argentine pesos and U. Over the past year, demand Sex dating Quilmes natural gas has increased substantially, driven by a recovery of the Argentine economy and lower natural gas prices compared to alternative fuel sources.

In addition, the supply of electricity has also been strained due to the scarcity of natural gas and other alternative fuels, such as hydroelectric electricity, which has suffered due Sex dating Quilmes lower than usual levels of rainfall.

The Argentine government has been adopting a number of measures to alleviate the short-term impact of supply restrictions, including measures aimed at limiting the increase of residential consumption increasing the price of Sex dating Quilmes natural gas and importing natural gas from Bolivia, electricity from Brazil and fuel oil from Venezuela.

Possible gas and electricity cuts could impact our production in the future and also affect that of our local suppliers. Our business is controlled by two principal shareholders and as a result, our other shareholders will have little or no influence over shareholder decisions.

BAC was organized by various individual shareholders who are descendants of the Bemberg family, our founding Sex dating Quilmes. Completion of the Interbrew Transaction resulted in Interbrew now renamed InBev controlling AmBev and thus being able to appoint members of our Board Sex dating Quilmes Directors and to exercise joint control over our company.

As a result of the Interbrew Transaction, InBev is under the joint control of the persons who had controlled AmBev and the persons who had controlled Interbrew before the Interbrew Transaction. Therefore, AmBev and BAC Sex dating Quilmes have the power to determine all matters requiring shareholder approval. In AprilBAC did not exercise its put option.

An exercise of either option will result in AmBev acquiring direct control of Quinsa. As part of their strategic alliance, BAC, Quinsa and AmBev entered into agreements and other instruments establishing governance rules and principles for Quinsa and each of it subsidiaries.

Most significant decisions by the Sex dating Quilmes of Directors of Quinsa or the Boards of its subsidiaries must be Sex dating Quilmes by both a majority of the directors on the board nominated by AmBev and by a majority of the directors on that board nominated by BAC.

Consequently, a cooperative relationship between BAC and AmBev significantly enhances the ability of Quinsa to conduct its business in an efficient and effective manner. The absence of such a relationship could materially adversely affect our business. Our alliance Sex dating Quilmes AmBev and our business could be affected by non-compliance of, legal challenges to, or changes in, the conditions set forth by the Argentine antitrust authorities in approving this alliance or by any other possible future antitrust litigation.

On January 31,we completed the transactions related to the formation of a strategic relationship with AmBev. Pursuant to this alliance, our Argentine subsidiary, CMQ, has benefited from the integration of its own operations in Argentina with those of Sex dating Quilmes. One of the conditions to closing the transaction was the receipt of approval of the Argentine antitrust authorities of such alliance.

On January 13,the Argentine antitrust authorities approved the transactions subject to certain conditions, some of which include the transfer of ownership by AmBev and CMQ, within twelve months of the date of approval, of certain assets including brands, recipes, and beer Sex dating Quilmes plants located in Buenos Aires to independent purchasers with no current beer production in Argentina.

In addition, the approval imposes certain obligations for CMQ, such as the preservation of the business value and economic feasibility as well as full production capacity of the assets that shall be transferred. Until a final decision is reached, the twelve-month time period to comply with the antitrust conditions will remain suspended. At Sex dating Quilmes point in time it is not possible to determine when this process will be resumed. Meanwhile, CMQ continues to produce and sell the brands involved.

In addition, inC. The Argentine antitrust authorities rejected the suit and Isenbeck filed an appeal with the Argentine antitrust authorities, who then ruled that Isenbeck had no right to appeal its decision.

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Therefore, Sex dating Quilmes followed with an appeal with the Civil and Commercial Federal Appeal Courts, claiming that it had the right to appeal the ruling of the Argentine antitrust authorities. However, as of today, there has been no ruling on the merits of the claim filed by Isenbeck. We cannot Sex dating Quilmes what the outcome of this suit will be.

Moreover, we could also face further antitrust actions in the event that AmBev ends up acquiring a controlling interest in our shares.

To the best of our knowledge, there are no existing environmental issues affecting our use of these facilities.

It is impossible to determine how or whether the Argentine antitrust authorities would address this situation, if and when it occurs, or how it could potentially affect the present antitrust litigation brought by CCU. We remain a Luxembourg holding company governed by Luxembourg law and we operate through our subsidiaries, principally QI Bin which we hold an All of our operating companies are wholly-owned, majority-owned or controlled subsidiaries of QI B.

Our telephone number is 47 38 BoxNewark, Delaware Our predecessor business, Brasserie Argentine, was founded in in Paris Sex dating Quilmes Mr.

Otto Peter Bemberg. He later established a brewery in the town of Quilmes, just south of Buenos Aires, in We eventually established operations in Paraguay inin Uruguay inin Chile at the end of and in Bolivia in In the past, we have grown through the expansion of our own facilities, the introduction and development of our own products, the acquisition of facilities and brands from other producers and through other strategic acquisitions and investments.

Recent Events Debt Restructuring Management carried out negotiations during that led to the execution of a refinancing agreement on September 18, As a result, we are no longer subject to the financial covenants included in the refinancing agreement.

Stock Repurchases, Dividends, and Changes to our Fiscal Year Duringon the basis of a prior authorization by the general meeting of Sex dating Quilmes, our Board of Directors authorized, and we implemented, several stock repurchase programs. The purchases were made in open market purchase transactions.

On December 18, and March 24 ofour Board approved another series of repurchases. The self tender ended on September 16, Our repurchases of stock during and the first half of have decreased materially the number of Quinsa shares that are publicly traded.

As a result of the reduced number of publicly traded shares, during recent months, we have found it more difficult to repurchase shares in open market transactions at prices that we believe to be in the best interest of Quinsa and its shareholders. Our Board has discussed the possibility of making repurchases of stock that exceed the authorization for the latest repurchase program, whether through expanded market repurchase programs, a tender offer or another transaction.

Our Board also has discussed the possibility of engaging in a transaction that could result in Quinsa becoming a company owned solely by BAC and AmBev. Under our articles of association and the Shareholders Agreement among AmBev, BAC and Quinsa, we are prohibited from making any such additional repurchases or engaging in any such transactions unless the Directors nominated by BAC and those nominated by AmBev agree and unless AmBev and BAC, acting as shareholders, agree on the terms of the proposed transaction.

As a result of the limitations described above, Sex dating Quilmes can be no assurance that we will repurchase shares under our latest repurchase program at the same rate as we have done so in the past or that we will repurchase any or all of the remaining shares that we are authorized to purchase. Any future repurchases of stock are also subject to limitations imposed by Luxembourg law. When we repurchase shares, Luxembourg law requires us to create undistributable reserves in an amount equal to the repurchase price of the shares held in treasury.

As of December 31,we do not Sex dating Quilmes sufficient available distributable reserves and profits to both allow us to pay the proposed dividend for Sex dating Quilmes and to allow us to consider or continue market repurchase programs or to consider other possible purchases of shares, whether by Sex dating Quilmes offer, purchases directly from shareholders, transactions over the stock exchange, a going-private transaction or otherwise. This profit will allow us to pay the proposed dividend for and to complete the remainder of our repurchase program announced on March 25, As a result of the vote our fiscal year ended on April Sex dating Quilmes, In effect, what Sex dating Quilmes have been fiscal will be divided into two rump years: the first began on January 1, and ended on April 30,while Sex dating Quilmes second will begin on May 1, and will end on December 31, Under Luxembourg law, approval of the accounts for the fiscal year ended April 30, which will be considered at the shareholder meeting specifically convened for this purpose on July 15, would give us the legal flexibility to We cannot Sex dating Quilmes whether the measures described above will be approved Sex dating Quilmes our shareholders.

Moreover, even if these measures are approved, there can be no assurance that we will make any further repurchases of stock. Relationship with AmBev On January 31,we completed the transactions related to the formation of Sex dating Quilmes strategic relationship with AmBev. AmBev is a holding company whose subsidiaries produce, distribute and sell beer, soft drinks and other non-alcoholic and non-carbonated beverages: primarily in Brazil, but also in Argentina, Venezuela, Sex dating Quilmes and Paraguay.

Pursuant to this alliance, we have integrated our own operations in Argentina, Paraguay and Uruguay with those of AmBev. AmBev contributed to Quinsa all of the shares of capital stock of its Sex dating Quilmes which manufacture, market, sell or distribute beer principally in Argentina, Paraguay and Uruguay in exchange for 26, Class B Shares. Following the closing of the alliance transactions, AmBev purchased an additional 12, Class B Shares.

As a result, AmBev owns approximately The Escrow Agreement provides that the escrow agent may only vote these shares upon Sex dating Quilmes of joint instructions of both BAC and AmBev. Sex dating Quilmes escrow arrangement effectively prevents BAC from exercising, without the consent of AmBev, a majority of the voting rights of Quinsa.

Exchange Rights. Change in Control. Our alliance agreements with AmBev contain certain provisions that apply if there is a change in control of AmBev. Before Aprilin the event of a change of control, BAC had a right to accelerate the Exchange so that the Exchange happened at or about the time of the change of control. BAC elected not to exercise this right in connection with the Interbrew Transaction. Now, in the event of a further change of control of AmBev, the Exchange will occur automatically.

Interbrew Transaction. On August 27,AmBev completed its previously Sex dating Quilmes business combination with Interbrew, which resulted in the creation of InBev.

Completion of the transaction resulted in a change of control of AmBev. These shareholders have agreed to hold these InBev shares through a holding company and the holding company is controlled jointly Sex dating Quilmes the AmBev Shareholders and the Interbrew Shareholders.

This transaction created a board representation structure that, together with other contractual provisions relating to required quorums and level of votes required to take various actions, gave the AmBev Shareholders and the Interbrew Shareholders substantial influence over InBev and its subsidiaries and affiliates, including AmBev and Quinsa.

Restrictions on Transfer of Quinsa Shares. Quinsa Shareholders Agreement. Under the Quinsa Shareholders Agreement, Quinsa has agreed that if it at any time proposes to effect a capital increase through the issuance of shares or Sex dating Quilmes of any class or series, BAC and AmBev will have the right to subscribe for their proportionate percentage of such shares or rights. The Quinsa Shareholders Agreement also provides for certain significant restrictions on BAC and AmBev regarding the Sex dating Quilmes, disposition or transfer of, or the encumbrance on any Quinsa Class A or Class B shares, other than in accordance Sex dating Quilmes the terms of the agreements related to the alliance between Quinsa and AmBev.

AmBev further agreed not to acquire any equity or Sex dating Quilmes ownership interest in, or any substantial assets of, any business involving the manufacture, marketing, sale or distribution of Sex dating Quilmes for a period of ten years, in Argentina, Paraguay, Uruguay or Bolivia, other than through Quinsa or its subsidiaries. The Quinsa Shareholders Agreement also contains important provisions relating to Quinsa shareholder voting rights, the appointment of Quinsa Directors and the voting and veto rights of these Directors.

License and Distribution Agreements. Pursuant to the License Agreement, AmBev granted Sex dating Quilmes and its subsidiaries a perpetual, royalty-free license to manufacture, market, sell and distribute AmBev beer brands in Argentina, Chile, Uruguay, Paraguay and Bolivia. On January 13,the Argentine antitrust authorities approved the transactions subject to certain conditions as described below.

Within 12 months of January 13,AmBev and Quinsa must transfer ownership of the following assets: 1. If an agreement cannot be reached on price, an internationally recognized investment bank appointed by Quinsa and AmBev shall establish the price; and iv. Alternatively, AmBev and Quinsa can agree to allow such third party to operate the facility for 10 years. By the end of the required twelve month period, AmBev and Quinsa must: 1.

Settlement with Heineken. Heineken and BAC also released all claims against each other. In addition, Heineken was granted the option to terminate the Heineken License pursuant to which we have produced, sold and distributed Heineken beer.

Heineken terminated this license as of June 17, BAC and AmBev further agreed to cause all members of the Quinsa board nominated by BAC or AmBev, respectively, to consider the exercise of the call option in good faith and cause each such member not to unreasonably withhold its approval of the Sex dating Quilmes of the call option.

Consolidation of Our Bolivian Subsidiaries In Maywe completed Sex dating Quilmes previously announced consolidation of our ownership interests in our Bolivian breweries. As a result of this consolidation all of our Bolivian breweries are owned by CBN. During we increased our indirect ownership in CBN to Incesa is the holding company that owns As a consequence of this, at December 31,Quinsa held an indirect interest of Duringwe increased our indirect ownership in CMQ to Thereafter, in Novemberafter carrying out pertinent Sex dating Quilmes formalities, FNC and La Luisiana, the Uruguayan subsidiary contributed by AmBev, executed a Sex dating Quilmes agreement whereby FNC absorbed La Sex dating Quilmes, which was dissolved without being liquidated.

Final approval of the merger was granted by the Paraguayan regulatory authorities once a final merger agreement was filed on December 18, As a result of this corporate reorganization, as of December 31,Sex dating Quilmes held an Sex dating Quilmes Subsequently QI B acquired a further 5.

As a result of these transactions, QI B held a Starting inour business benefited significantly from the improvement in the economic environment in the southern cone countries. In and our business benefited from the implementation of our alliance with AmBev and improved economic conditions. Although the benefits from our alliance with AmBev have been fully realized, we believe our business may continue to grow in because of continued growth in the economics in which we operate.

Our alliance with AmBev In andour business benefited from the implementation of our alliance with AmBev. Our alliance allowed us both to increase revenues, realize revenue synergies and decrease Sex dating Quilmes costs.

We were also able to realize synergies from changes in our sales and distribution network. The revenue synergies resulted primarily from the simplification of the competitive environments in Argentina, Paraguay and Uruguay, which allowed us to Our revenue synergies also resulted from reconfiguring the composition of our brand portfolio, repositioning the price of certain brands, reevaluating the relative portions of the final retail price of our products that are captured by each participant in our production, distribution and sales chain, and the elimination of discounts and promotions not targeted to customers.

We also completed a complex reorganization of warehouses, logistics, and transportation operations, achieved a reduction in the cost of raw materials, and introduced the capability to produce the Brahma brand Sex dating Quilmes any of the breweries in Argentina and Paraguay.

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Sex dating Quilmes Our integration with AmBev in Paraguay and Uruguay also included the closing of breweries and warehouses, reductions in the cost of labor and combining the distribution systems of both companies. Also during the second half of the yearour Sex dating Quilmes and distribution systems underwent significant and complex changes.

We were able to implement these changes without losing market share in Argentina as Sex dating Quilmes result of our alliance with AmBev. We also centralized all accounting, administrative, human resources and finance functions in Argentina for our Chilean and Uruguayan businesses. We followed this up in with the centralization of our Paraguay business and we expect to complete this process with the centralization in Bolivia in Overall, our administrative costs were reduced from 9.

We expect further improvements once we complete the centralization of administrative functions in Bolivia. The merging of our beer and soft drink operations Beforeour soft drink and beer operations had not been fully merged. We subsequently changed our operations so that beer and soft drinks are now two divisions of the same business that share the same warehousing, distribution and all other Sex dating Quilmes of the business.

In addition, we have now redefined our sales force. This problem was alleviated by the absorption of a third sales force, that of Brahma Argentina, which allowed us to combine three separate sale forces into two. Currently, we sell the Quilmes brand, the Gatorade portfolio, the Eco de los Andes brand and certain specialty beers through one Sex dating Quilmes force and the PepsiCo carbonated soft drinks, the Brahma, Palermo and Bieckert brands, and the Glaciar and Nestle Pureza Vital bottled waters through the other.

These changes allow for a balanced portfolio in terms of volume and market positioning. Sex dating Quilmes a result of this merger, we have been able to implement a different cost structure which in turn is largely responsible for the turnaround in our soft drinks business. Our strategy to increase profitability for the soft drinks Brand repositioning has also enabled us to close the price gap as compared to the market leader.

Today it has been narrowed to less than half of that as we compensated for our lower critical mass in the soft drinks industry with a different cost structure, the result of merging beer and soft drinks and of brand Sex dating Quilmes. Beer Operations Based on our internal estimates, we are the largest beer producer both in Argentina and in the combined southern cone markets. Inaccording to Nielsen and internal estimates, our breweries enjoyed leading market shares of approximately On January 31,we completed the formation of a strategic relationship with AmBev, the largest brewer in Brazil and in South America, involving the integration of our respective operations in the southern cone markets.

Pursuant to this alliance, we have begun to manufacture, market, sell and distribute the AmBev beer brands in the southern cone markets under a perpetual royalty-free exclusive license. Based on internal estimates, our sales accounted for As of Decemberwe had Sex dating Quilmes total brewing capacity of Points of Sale. The number of points of sale covered by us in each country of operation varies widely from more thanin Argentina to 56, in Bolivia, 12, in Chile, 48, in Paraguay and 31, in Uruguay.

The on-premise consumption segment Sex dating Quilmes restaurants and bars, Sex dating Quilmes in the off-premise segment, we distinguish between supermarkets on the one hand, and convenience stores, medium-size grocery stores and kiosks on the other. As opposed to beer consumption tendencies in other geographic regions, the on-premise segment accounts for a smaller percentage of total beer sales in the southern cone markets.

Because of strong consumer preference for our brands in the southern cone markets and our extensive distribution system, we have been successful in controlling the significance of supermarkets for our sales.

Terms of Sale. As a result of the economic crisis of in Argentina, management focused on reducing our working capital and maximizing cash generation. As part of those efforts, we negotiated new credit terms with Sex dating Quilmes of our clients, particularly those in Argentina, and especially with supermarkets. The length and Sex dating Quilmes terms of the credit extended often depend on competitive factors and the strategic importance of the particular outlet.

Indirect Sales. The Sex dating Quilmes majority of our beer sales are indirect sales conducted through independent distributors, except for Chile where direct sales account for a much larger percentage of our total sales in that market. Distributors vary in size from small operations with a handful of employees to larger, established companies. The Sex dating Quilmes of points of distribution within an area is determined by taking into consideration, among other things, market needs, number of points of sale to be covered, geographic features and the availability of communication systems.

The following table shows, for each of our countries of operation for the year ended December 31,the approximate Sex dating Quilmes of Sex dating Quilmes total beer sales by volume accounted for by independent distributors, the approximate number of distributors operating in each country and the approximate number of points of sale covered: Our mineral water business in Argentina is currently conducted Sex dating Quilmes our Eco de los Andes produces and provides marketing services for the Eco de los Andes, Glaciar and Nestle Pureza Vital brands which we distribute and sell.

We also own two malting facilities in the province of Buenos Aires. As of December 31,we own, through QI Ba See Note 4 to the Consolidated Financial Statements. The table below shows the total hectoliters of beer consumed in Argentina in each of through Beer consumption in Argentina Hectoliters in Thousands InBev portfolio that is being produced locally.

The objective behind these actions was to consolidate our presence in the premium segment where we had lost market share after the termination of the Heineken brand licensing agreement. Our flagship Quilmes brand remains dominant, achieving a market share of The actual average price increase for the year, measured in dollar terms, was Further, Quinsa has focused on improving its value chain, and increases in average pricing also include the effect of that effort.

Quilmes Cristal sets the price standard in the industry and had a national market share of approximately Our Imperial brand is a premium brand sold mainly in the on-premise segment. Iguana is a specialty brand malted beer. Andes and Norte are our two regional brands.

We also sell the following brands in Argentina: 1 Liberty, a non-alcoholic beer; 2 Quilmes Bock, a dark Sex dating Quilmes sold principally during winter months; 3 Palermo, which is sold nationally and targets the low-price segment of the market; 4 Quilmes Light, a beer with a low alcoholic content; and 5 Bieckert, a value brand.

As a result of our alliance with AmBev we have the right Sex dating Quilmes produce and distribute the Brahma beer brand, which had a market share of As Sex dating Quilmes condition to approving some of our transactions with AmBev, the Argentine antitrust authorities have required us to transfer our Imperial, Bieckert and Palermo brands to a purchaser with no beer operations in Argentina, and, at the option of such purchaser, our Norte brand, within 12 months of January 13, Subsequently, CCU, one of our competitors, filed a claim in Argentina in April seeking to enjoin our sale of these brands because it believes it should be permitted to bid for them.

CCU is currently barred from acquiring any of these brands because it conducts beer operations in Argentina. Brewing Capacity Our installed brewing capacity at December 31, was approximately This brewery has an installed capacity of 2. This brewery is producing the Brahma, Palermo and Bieckert brands, although the approval of our transaction with AmBev by the Argentine regulators was conditioned, in part, on the sale of this brewery.

We will, however, continue production at this plant until it is sold, and we have sufficient capacity to produce the Brahma brands at all of our other breweries in Argentina. We believe our brewing equipment to be modern and technologically advanced. The following table provides the location of our beer facilities in Argentina, their installed capacity and the geographic areas supplied by these breweries: Location of Brewery Installed Capacity Areas Supplied hectoliters in millions Quilmes 2.

Malting operations. We currently Sex dating Quilmes two malting plants in the province of Buenos Aires. The majority of our malt production Sex dating Quilmes used to supply our own beer plants. Using the barley we Sex dating Quilmes from Argentine farmers, we ordinarily satisfy all of the malt requirements of our Argentine beer operations and a part of the requirements of our Bolivian, Chilean and Paraguayan operations.

Occasionally, excess production is sold to third parties. We also own a small malting facility in Llavallol, Buenos Aires that produces approximately 24, tons of Sex dating Quilmes. As a further condition to approving some of our transactions with AmBev, the Argentine antitrust authorities have required us to transfer this malting facility to a third party not currently producing beer in Argentina.

This was concluded with Sex dating Quilmes implementation of our Galaxia Q program, a process that started in and which includes standardized, state-of-the-art management tools for our direct sales efforts and for our distributors. The objective is to help distributors implement better Sex dating Quilmes and to reward high performance. We believe that successful implementation of this program will give Sex dating Quilmes an advantage over our Sex dating Quilmes.

We operate our distribution system from six facilities and several distribution centers covering different geographic areas.

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This helps us to more Sex dating Quilmes serve our regions Sex dating Quilmes distribution as well as reduce transportation costs, which gives us, we believe, a distinct advantage over our competitors. As a result of our strategic relationship with AmBev, Sex dating Quilmes have unified the distribution systems of both companies in Argentina.

With these acquisitions, QI B increased its market share in Bolivia to approximately As a result of the merger, our indirect ownership interests in these various breweries were consolidated. Duringwe increased our indirect ownership in CBN to Our indirect ownership in CBN is In order to generate synergies from our brewery acquisitions in Bolivia, we have undertaken various restructuring measures to reduce our cost structure.

Inwe closed three distribution centers and focused our product portfolio to target particular consumer segments by eliminating nine of our SKUs. We also centralized administrative functions.

We also eliminated another five SKUs. With these changes, we believe we have realized most of the cost savings resulting from the combination of our businesses in Bolivia. The reorganization of our brands and Sex dating Quilmes formats have resulted Sex dating Quilmes a better brand mix per region and in a better positioning of our one-way packaging relative to returnable Sex dating Quilmes in terms of pricing.

The Bolivian market is strongly influenced by macroeconomic trends and governmental, regulatory and fiscal policies. The tax increase was eliminated in Decemberand market volumes for were virtually the same as those indespite a continuing economic recession and social unrest that hindered distribution. The table below shows the total hectoliters of beer consumed in Bolivia in each of through Beer Consumption in Bolivia Hectoliters in Thousands As a result, our beer is distributed from our five plants and from one warehouse located in El Alto, near La Paz.

The following table illustrates beer Sex dating Quilmes in Chile in the years to Beer Consumption in Chile Hectoliters in Thousands The market for Sex dating Quilmes in Paraguay has traditionally distinguished Sex dating Quilmes from those in our other countries of operation in certain respects.

First, beer has not faced significant competition from wine as an alternative Sex dating Quilmes beverage. Second, domestic beer has faced significant competition from imported beer, which accounted for a far higher market share in Paraguay than in neighboring countries. Third, the seasonality of our products is lower than in other countries where we operate due to warmer conditions throughout the year.

Duringthe Paraguayan economy recovered from a recession and gross domestic product increased 2. The improvement was the result of a more favourable economic climate and also of our conservative price policy. In fact, price increases were principally related to the repositioning of brands within the Quinsa portfolio at the beginning of the year and to local inflation.

We believe that an important competitive advantage for us is our status as a local brewer. The following table illustrates the total hectoliters of beer consumed in Paraguay for the years to Sex dating Quilmes Consumption in Paraguay Hectoliters in Thousands Geographic Coverage and Brands In we produced and distributed six brands which were sold throughout Paraguay. Pursuant to its rights under the Memorandum of Agreement between Heineken and Quinsa, Heineken delivered a notice to us terminating Sex dating Quilmes trademark license as of Juneunder which Quinsa produced, marketed and distributed Sex dating Quilmes Heineken brand.

These investments allowed us to create efficiencies by producing cans and brewing Quilmes locally. Additionally, as part of our strategic relationship, AmBev contributed the small brewery where it had been producing its Brahma and Ouro Fino brands to us. The rest of our Sex dating Quilmes are conducted through 94 Sex dating Quilmes that cover approximately 28, points of sale. As a result of our strategic relationship with AmBev, we have combined the distribution systems of both companies in an effort to reduce costs and take advantage of resulting synergies.

During we maintained the sales and distribution network we built Sex dating Quilmes Uruguay With a population of 3. Our beer operations in Uruguay are conducted through FNC. We now manage both our beer and soft drink businesses out of our brewery in Uruguay.

Pursuant to this business reorganization, all of our beer and soft drink businesses are Sex dating Quilmes conducted through FNC. The consolidation of these operations has created operational synergies for us and has led to cost As a result of successive corporate reorganizations, QI B holds a The following table shows the consumption of beer in Uruguay from to Beer Consumption in Uruguay Hectoliters in Thousands Brewing Capacity We operate two breweries in Uruguay.

One brewery is located in Montevideo, while the second brewery, acquired as part of the AmBev deal, is located in Minas. As part of our strategic relationship AmBev has contributed to us the beer businesses of Salus and Cympay, each of which included a brewery, to us.

Inwe began managing our soft drink operations in Argentina and Uruguay as separate businesses. The boards of directors of the two companies agreed to the merger because they believed it would enable them to take advantage of potential synergies and economies of scale.

This merger was approved by the Argentine regulators during the second quarter of As a result of the uncertain future performance of the water business, during the beginning of we discontinued the application of the equity method of accounting in connection with our investment in Eco, after its value reduced to zero. We have not guaranteed obligations of Eco and we are not committed to and have decided not to provide financial support to Eco. See Note 2 to the Consolidated Financial Statements.

The volume sold was 6, hectoliters Sex dating Quilmes soft drinks, isotonics and juices, and 42, hectoliters of bottled water during Duringwe made a strategic Sex dating Quilmes not to participate in the B-brand segment of the soft drink market, where profitability is lower, but to focus on the top, A-brand segment.

Consequently, although our total market share declined to Sex dating Quilmes As a result of this, and of large cost reductions resulting from the merger of this business into the beer business, our margins improved significantly compared to previous years.

Our market share for soft drinks in Uruguay was This preference for large format packaging is a result of the unfavorable economic situation in both countries. Consumers increasingly chose the more cost-effective presentations like the 1. Most of our sales of soft drinks and water are made on credit.

Our soft drink products reach more thanpoints of sale in Argentina and 31, points of sale in Uruguay. During we closed three soft drink bottling facilities located in Rosario, Sex dating Quilmes and Buenos Aires, in order to reduce costs and eliminate redundancies in our operations.

Also duringwe incurred different costs through CMQ related to Sex dating Quilmes introduction and further distribution of soft drinks that allowed CMQ to begin commercial activities in the province of Neuquen and certain areas of Rio Negro and La Pampa. In Decemberwe introduced ready-to-drink Tropicana and started manufacturing and distributing Gatorade nationwide, so that we now distribute the three lines of PepsiCo beverages. Duringwe launched Pepsi Twist, and introduced the Gatorade Fierce line of products.

Duringwe introduced Pepsi Twist Light, while in we continued to rely on modern and innovative introductions such as a Gatorade Kids format, Seven-Up Ice and new flavors for Gatorade Fierce. In Uruguay the main focus was on the continued expansion of the 1. Sales and Distribution.

Direct Sales. Direct sales include sales to supermarkets, grocery stores, convenience stores and kiosks as well as sales to the on-premise market segment such as bars and restaurants. In Argentina, we use rented vehicles for the distribution of our direct sales of soft drinks to large supermarket chains and other retailers from our distribution centers.

Inwe unified our beer and soft drink distribution centers in Mar del Plata, and Sex dating Quilmes did the same for centers in Buenos Aires in In the beginning ofwe closed the distribution center in Trelew. Indirect Distribution.

Indirect distribution includes sales to distributors and wholesalers. Distributors may distribute our products only in specified geographic areas, whereas wholesalers are not restricted geographically. The following Sex dating Quilmes shows, for each of our countries of operation for the year ended December 31,the approximate percentage of total soft drink sales by volume accounted for by independent distributors, the approximate number of distributors operating in each country and the approximate number of points of sale covered: We develop, produce and market out of our own farms in Argentina five barley Sex dating Quilmes that we use in our beer operations in Argentina and occasionally in Uruguay.

This allows us to exercise a significant degree of control over the quality of our beer. The barley strains we develop and patent account for substantially all of the barley grown in Argentina. Sincewe have developed five Sex dating Quilmes of barley on an experimental farm located in Tres Arroyos, kilometers southeast of Buenos Aires.

Although we develop the barley strains, we do not grow our barley requirements. Rather, we sell the barley seed to local farmers under arrangements pursuant to which we receive specified quantities of the harvested product.

We make any additional purchases of harvested product at prices negotiated at the time of purchase. Barley is a commodity and the price loosely follows the price of wheat.

As described above, we purchase malt locally for our operations in Argentina. For our operations in the other southern cone markets, we purchase malt from third party Sex dating Quilmes, and occasionally from our operations in Argentina. We use either corn grits or rice in our beer production, depending on market prices, and purchase these products locally in each of our countries of operation.

We obtain our water requirements from wells Sex dating Quilmes at each of our breweries in the southern cone markets or from public utilities. We monitor the quality, taste and composition of the water we use and treat it to remove impurities and to comply with internal quality standards as well as all applicable regulations. We do not expect any shortage in our current water supply. We purchase most of our requirements for bottles in Argentina from local suppliers and from our subsidiary FPV in Paraguay.

During we also purchased some bottles from Brazilian suppliers because of production bottle-necks in Argentina. We purchase locally most of our aluminum can and can-end Sex dating Quilmes for our operations in Argentina. It produces all of the aluminum can requirements Sex dating Quilmes our breweries in Bolivia. We purchase aluminum cans locally for our requirements in Chile, and we usually import aluminum cans Sex dating Quilmes Argentina to satisfy our requirements in Paraguay and Uruguay.

We purchase all of our Sex dating Quilmes locally and from Argentina for our requirements in Argentina, Bolivia, Uruguay and Chile. We import labels from Argentina and Brazil for our requirements in Paraguay. We purchase crown tops locally and a small portion is imported from Brazil for our requirements in Argentina, Bolivia, Chile, Paraguay and Uruguay.

For Sex dating Quilmes soft drink production, our major raw material cost is for the purchase of PET, the cost of which is linked to international prices. We obtain water from publicly available supplies such as municipal water systems and from our own wells.

We purchase most of our raw material requirements from local independent suppliers in Argentina and Uruguay; however, the prices charged by these suppliers may be tied to hard currencies. Our other important cost is related to the concentrate that we purchase from PepsiCo in local currency. We renewed this supply contract for an additional 5-year term until June In Uruguay, we also purchase our preform requirements from Alcoa. Duringwe introduced a returnable 1.

We purchase these bottles Sex dating Quilmes. We also purchase our ounce bottles Sex dating Quilmes the on-premise segment locally and from our Paraguayan subsidiary, FPV. None of the raw materials or supplies that we use is currently in short supply. In the past five years, we have experienced no material difficulties in obtaining adequate supplies of necessary materials and expect that we will be able to continue doing so, although we may experience shortages of some of these materials in the future due to factors beyond our control.

We do not believe that we are dependent on any one supplier for a material portion of any of our Sex dating Quilmes materials with the exception of the concentrate we purchase from PepsiCo. We sell 31 different brands of beer in as many as 35 different presentations through all major channels Sex dating Quilmes distribution throughout all of our markets.

The vast majority of our beer sales in the southern cone markets are made in glass containers of various sizes. This reflects the price advantage of the one-liter returnable packaging as well as traditional consumer preferences. Even though we have launched different non-returnable formats over time, the economic situation in most of our markets has led us to focus on returnable packaging. In Chile and Paraguay, aluminum can sales increased significantly once local production began in late We sell liter kegs in all of our markets and liter kegs in all of our markets except for Paraguay.

We believe we have led packaging innovation in our markets over the years. Inwe launched 0. We also introduced a one-liter non-returnable bottle for the Iguana brands in Argentina. In Uruguay, we introduced Pilsen in 0. Inwe introduced a new one-liter returnable bottle for our Becker brand in Chile. We also introduced the first and only PET bottle for beer in Argentina, and in we introduced an aluminum bottle also in Argentina.

Advertising and Promotional Activity. We invest in advertising and promotional activities to support the launch of Sex dating Quilmes brands and packaging formats Sex dating Quilmes well as Sex dating Quilmes maintain the visibility of Sex dating Quilmes other national and regional brands. We advertise and promote our beer primarily through television and radio campaigns and, to a lesser extent, through other media such as newspapers and magazines with large circulations, and billboards in strategic locations including stadiums and major intersections.

We also use sponsorship of popular and highly publicized sports and other recreational events as well as sponsorship of individual sports teams as a means of advertising and marketing our products.

Duringwe continued to focus our marketing efforts on sports sponsorships, Sex dating Quilmes sponsorship of the national soccer Sex dating Quilmes, the national rugby squad and the national basketball team in Argentina. We also sponsored the two most popular soccer teams in Argentina, the national soccer team in Uruguay and various soccer teams in Bolivia.

Duringour Quilmes brand ceased to sponsor local soccer teams in Argentina except for a small first-division soccer team based in the city of Quilmes, but we Sex dating Quilmes to sponsor the national soccer team. This sponsorship was particularly important for us ina year in which the World Soccer Championship was played.

Sex dating Quilmes,. This is really good! more. Happy ending massage San Carlos de Bariloche,. Most hotels and hostels have a. “CMQ” stands for Cervecería y Maltería Quilmes S.A.I.C.A y G. The new securities carried an issue date of December 31, and provided bondholders message that alcohol improves either physical, sexual or intellectual performance.

We sponsored three national squads during this tournament, a major sporting event held every four years and followed by hundreds of millions of viewers worldwide. In the on-premise segment, we place special emphasis on ensuring that our main outlets are easily identifiable through the use of promotional sun umbrellas, tables, chairs and draft beer columns displaying our brand logos. In Argentina, we have also established a trade-marketing department that has been effective in coordinating consumer promotions and joint promotions with Sex dating Quilmes brands, regions, channels and companies, in order Sex dating Quilmes maximize the resources we devote to advertising and promotional activities.

Also in Argentina, we have worked closely with our distribution network to provide proprietary merchandising manuals, supplementary training, benchmarking activities, marketing and sales software and advice on optimal infrastructure designs, among other actions. We regularly conduct surveys Sex dating Quilmes all our markets to monitor the progress of our products and the success of our marketing strategies. Among many varied market research techniques, we commission monthly surveys in both the regional and national markets in which we operate to evaluate the position of our brands within those markets.

We also regularly conduct follow-up tests to evaluate the effectiveness of particular advertising strategies. Forour total investment in beer promotion and advertising as a percentage of sales Sex dating Quilmes 7. As a consequence of our strategic relationship with AmBev, our investment in advertising and promotion declined as a percentage of revenues. Pricing There is no regulation of wholesale or retail beer prices in our countries of operation.

In pricing our products, we Sex dating Quilmes many factors, which vary in individual importance from time to time. In any franchise area, we may sell products in as many as ten different Sex dating Quilmes of packaging. Sex dating Quilmeswe introduced a new ounce bottle replacing the ounce bottle for the on-premise segment, the most profitable segment in the market. Inwe also introduced an 8-ounce bottle for the Seven-Up and Pepsi brands, targeted at kiosks and small grocery and convenience stores.

Inwe introduced a proprietary PET bottle for all the soft drink brands. In order to reduce costs associated with one of our major raw materials used to produce plastic bottles for our soft drinks, and to make our products more affordable, we introduced the 1.

Advertising and Marketing Activity Duringwe continued to focus on promoting our leading brands through marketing campaigns, new product launches and packaging innovations. In addition to the enlargement of the territories covered with the 1.

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Sex dating Quilmes Beer producers in these markets have responded to increased competition through promotional activities, enhanced customer service to retailers and differentiation through brand presentation.

Also, aside from competition with other beer brands, Sex dating Quilmes compete against producers of wine and other alcoholic beverages as well as with other soft drink producers.

The beer business in each of our countries of operation has been characterized by strong competition among the major brewers. The participants in these markets include major local and international concerns with substantial financial resources and particular industrial Sex dating Quilmes.

In recent years these major competitors had expanded into new markets, engaged in intensive advertising and promotional campaigns and introduced new brands. We have increased our advertising and promotion expenditures as new competitors entered the market with the objective of building brand equity and protecting our market share.

The consummation Sex dating Quilmes our transactions with AmBev in Januaryhowever, has changed the competitive environment in the southern cone markets, since this alliance combines the two largest beer companies in Argentina, Paraguay and Uruguay.

Therefore, we have begun to compete with Heineken, which is being produced and sold by CCU, in the Chilean and Argentinean markets.

Until January 31,we also faced competition from AmBev, who served the Argentine market from its 2. As a condition to approving some of our transactions Sex dating Quilmes AmBev, the Argentine antitrust authorities have required AmBev to transfer this brewery to a foreign purchaser. In Argentina, we have met the challenge of increased competition by giving our sales force greater autonomy to make sales decisions more quickly in response to location-specific needs.

However, we cannot guarantee that the economic situation in Argentina or other factors such as aggressive action by our competitors will not cause us to lose market share in Sex dating Quilmes most important market. Our only competition is from imported beer and minor Sex dating Quilmes brewers. Woman on all fours. This sex is one of the most effective sex positions to make a girl orgasm but beware it requires a good deal of sexual stamina on your part.

I find this sex position one way to make a woman orgasm. The important thing is to do things a bit differently, whereas the norm in this position is for you to thrust quite quickly, the way to make her climax is very several.

This similar to the position above will Sex dating Quilmes her clitoris and generate her orgasm quite quickly while at the same time making you last longer because there Sex dating Quilmes no thrusting. Those are in a experience the best sex positions to make a woman orgasm. The only trouble with all of then and in particular the last the first that you have to be able to last long enough to make sure she climaxes.

Browse additional information here: baumbet. Skip to content There are certain sex positions that make a girl orgasm better than others.

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