Integration of Brazil's AmBev into InBev is now paying off, helping the company to a solid 49% rise in earnings before interest and tax along with a 57% jump in volume. Without AmBev, ebit would only have risen 4.4%, while volume would have been 3.3%. But sales fell at InBev's European operations with the company losing market share in Germany and the UK. Although the South American operations offer growth potential, they also expose InBev to currency volatility. The shares are trading at a discount to Heineken and Anheuser Busch. The Business 06/03/05 pages 11 & 26