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LUXEMBOURG: Quilmes delays 20-F filing

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Quilmes Industrial (Quinsa), the Luxembourg-based subsidiary of South American drinks combine AmBev, has said the filing of its 20-F form for 2006 will be delayed.

Quinsa said its independent auditors Price Waterhouse were not able to complete the audit of the US GAAP reconciliation of the financial information for Quinsa and its subsidiaries in time to make the deadline, due to the delay in the availability of certain accounting information.

Last year, AmBev acquired control of Quinsa, resulting in certain accounting adjustments be made for the purposes of Quinsa's US GAAP financial reporting. It is information pertaining to these adjustments that has led to the delay, Quinsa said.

The company noted that it will file its Form 20-F for 2006 as soon as the accounting and audit work has been completed, which it expected to be within the next 30 days.

The company also said that a restatement of its financial performance in 2005 will see stockholder's equity for the year rise by around US$70m. This is due to the Securities and Exchange Commission requesting a change in accounting treatment of a share purchase transaction in the year.

Quinsa owns a 93% stake in Quilmes International (Bermuda), which controls, among other companies, the top-selling beer brand in Argentina, and 100% of PepsiCo beverage sales in both Argentina and Uruguay. AmBev owns the remaining 7%.


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