Quilmes Industrial has finally submitted its delayed 20-F form for 2006.

The AmBev subsidiary, also known as Quinsa, said yesterday (18 September) that it filed the form with the Securities and Exchange Commission on 21 August. Quinsa had warned in July that there would be a delay in releasing the form as its independent auditors, Price Waterhouse, was not able to complete the audit of the US GAAP reconciliation of Quinsa's financial information in time to make the original deadline, due to a delay in the availability of certain accounting information.

The filing showed that full-year operating profit for 2006 reached US$363.6m, up from $274.1m in 2005. Sales also rose in the year, to $1.16bn from $954.3m a year earlier. Net income performed similarly, up to $200.5m from $161.6m in 2005.

In volume terms, beer sales last year increased to 17.9m hectolitres from 16.5m in 2005, while total soft drink and water volumes were up to 10.7m hectolitres from 8.5m a year earlier.

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%.

Last month, Quinsa posted a 19% lift in net sales for the first half of this year. Sales totalled $621.2m for the six-month period, as operating profit climbed to $198.5m from $159.1m in the corresponding period a year earlier.