Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH)
(NYSE:BUD):
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Regulated and inside information1
Continued momentum with double-digit top-line growth
“Our business delivered sustained profitable growth. Our volume
increased by 3.4%, our top-line by 11.3% and EBITDA by 7.2%. The
relentless execution of our strategy, the strength of our brands
and accelerated digital transformation enabled us to meet the
moment in an ongoing dynamic operating environment.” - Michel
Doukeris, CEO
Total Revenue +11.3% Revenue increased by 11.3% in 2Q22
with revenue per hl growth of 7.5% and by 11.5% in HY22 with
revenue per hl growth of 7.9%.
9.7% increase in combined revenues of our global brands,
Budweiser, Stella Artois and Corona, outside of their respective
home markets in 2Q22, and 7.9% in HY22.
Approximately 55% of our revenue now through B2B digital
platforms with the monthly active user base of BEES reaching 2.9
million users as of 30 June 2022.
Over 385 million USD of revenue and over 16 million
ecommerce orders generated by our direct-to-consumer ecosystem in
2Q22.
Total Volume +3.4% In 2Q22, total volumes grew by 3.4%,
with own beer volumes up by 2.7% and non-beer volumes up by 8.2%.
In HY22, total volumes grew by 3.1% with own beer volumes up by
2.4% and non-beer volumes up by 7.1%.
Normalized EBITDA +7.2% In 2Q22 normalized EBITDA of 5
096 million USD represents an increase of 7.2% with normalized
EBITDA margin contraction of 127 bps to 34.5%. In HY22, normalized
EBITDA increased by 7.5% to 9 583 million USD and normalized EBITDA
margin contracted by 122 bps to 34.2%. Normalized EBITDA figures of
HY22 and HY21 include an impact of 201 million USD and 226 million
USD from tax credits in Brazil. For more details, please see page
10.
Underlying Profit 1 468 million USD Underlying profit
(normalized profit attributable to equity holders of AB InBev
excluding mark-to-market gains and losses linked to the hedging of
our share-based payment programs and the impact of hyperinflation)
was 1 468 million USD in 2Q22 compared to 1 507 million USD in 2Q21
and was 2 672 million USD in HY22 compared to 2 606 million USD in
HY21.
Underlying EPS 0.73 USD Underlying EPS was 0.73 USD in
2Q22, a decrease from 0.75 USD in 2Q21 and was 1.33 USD in HY22, an
increase from 1.30 USD in HY21.
Net Debt to EBITDA 3.86x Net debt to normalized EBITDA
ratio was 3.86x at 30 June 2022 compared to 3.96x at 31 December
2021.
The 2022 Half Year Financial Report is available on our website
at www.ab-inbev.com.
1The enclosed information constitutes inside information as
defined in Regulation (EU) No 596/2014 of the European Parliament
and of the Council of 16 April 2014 on market abuse, and regulated
information as defined in the Belgian Royal Decree of 14 November
2007 regarding the duties of issuers of financial instruments which
have been admitted for trading on a regulated market. For important
disclaimers and notes on the basis of preparation, please refer to
page 16.
Management comments
Continued momentum with double-digit top-line growth
We delivered top-line growth of 11.3%, comprised of 3.4% volume
and 7.5% revenue per hl growth, driven by revenue management
initiatives, ongoing premiumization and expansion of the beer
category across most of our key markets supported by increased
investment in our brands. EBITDA increased by 7.2% despite
anticipated commodity and supply chain cost headwinds.
At the recent 2022 Cannes Lions International Festival of
Creativity, we were awarded 50 Lions, a record high for our
company.
Consistent execution of our strategy
We continue to execute on and invest in three key strategic
pillars to deliver consistent growth and long-term value
creation.
See Image 1.
1. Lead and grow the category: This quarter we delivered
volume growth in more than 60% of our markets with total volume
growth of 3.4%.
2. Digitize and monetize our ecosystem: BEES is now live
in 18 markets and has reached 2.9 million monthly active users as
of 30 June 2022, a 7% increase versus 1Q22. BEES Marketplace is now
live in 12 countries with 40% of BEES customers now also
Marketplace buyers.
3. Optimize our business: We continued to deleverage with
our net debt to normalized EBITDA ratio decreasing from 3.96x at 31
December 2021 to 3.86x for the 12-month period ending 30 June 2022.
Gross debt reduced by $5.5 billion USD in HY22.
1. Lead and grow the category We are executing on five
proven and scalable levers to drive category expansion:
- Inclusive Category: In 2Q22, participation of
consumers with our portfolio increased in the majority of our key
markets, according to our estimates, driven by brand, pack and
liquid innovations. For example, in Colombia we further scaled our
local easy-drinking lager brand, Costeña Bacana, with growth driven
primarily by legal drinking age consumers between 18-24 years old.
In Brazil, the combination of our digital direct-to-consumer (DTC)
platform, Zé Delivery, and 300ml returnable glass bottles are
driving in-home consumption.
- Core Superiority: In 2Q22, our mainstream portfolio
continued to outperform the industry across most of our key markets
according to our estimates and delivered high-single digit revenue
growth, led by particularly strong performances in Brazil, Mexico
and Colombia.
- Occasions Development: Our global brand Stella Artois
grew revenue by 7.7% outside of its home market, led by the focus
on meal occasions in key markets such as Brazil and Colombia. We
continue to grow our non-alcoholic beer portfolio with the
successful expansion of Corona Sunbrew in Canada.
- Premiumization: Our above core portfolio grew revenue by
approximately 12% this quarter, led by continued double-digit
growth of Michelob ULTRA in the US and Mexico and expansion of
Spaten in Brazil. Our global brands grew revenue by 9.7% outside of
their home markets, led by Corona with 18.2% and Stella Artois with
7.7%. Budweiser grew by 6.1%, despite the impact of COVID-19
restrictions in China, the brand’s largest market.
- Beyond Beer: Our global Beyond Beer business contributed
over 425 million USD of revenue in the quarter. In the US, within
the spirits-based-ready-to-drink segment, our portfolio continued
to grow ahead of the industry led by Cutwater and NÜTRL vodka
seltzer. In South Africa, Brutal Fruit and Flying Fish delivered
continued double-digit volume growth.
2. Digitize and monetize our ecosystem
- Digitizing our relationships with our more than 6 million
customers globally: In 2Q22, the BEES platform captured
approximately 7.4 billion USD in gross merchandise value (GMV) with
over 24 million orders placed, growth of over 60% and 40%
respectively versus 2Q21. Our e-commerce platform for sales of
third party products, BEES Marketplace, is now live in 12 countries
with 40% of BEES customers now also Marketplace buyers.
- Leading the way in DTC solutions: Our omni-channel
direct-to-consumer (DTC) ecosystem of digital and physical DTC
products generated revenue of approximately 385 million USD in
2Q22. Our digital DTC brands generated over 16 million orders in
the quarter, led by Zé Delivery in Brazil and the continued
expansion of our on demand platform in 10 additional markets in
Latin America.
3. Optimize our business In HY22, we continued to
efficiently allocate resources across our operations. This enabled
further investment behind the organic growth of our business with
over 5.3 billion USD in capex and sales and marketing, focused on
capacity and capabilities to lead and grow the category, marketing
creativity and accelerating digital transformation. Our gross debt
reduced from 88.8 billion USD as of 31 December 2021 to 83.3
billion USD as of 30 June 2022, leading to a net debt to EBITDA
ratio of 3.86x. Our net interest expense decreased by 134 million
USD versus HY21, principally as a result of our gross debt
reduction efforts.
Advancing our ESG priorities
We continue to advance our ESG agenda. In June, we commenced
operations in our first EverGrain facility in St. Louis, upcycling
barley used in the brewing process into high quality, sustainable
protein ingredients with an annual capacity of 7 thousand tons. To
drive sustainable innovation at scale, this quarter we brought
together more than 250 supply chain partners with the launch of our
global collaboration initiative Eclipse and, along with our CPG
partners, we hosted the 3rd annual demo day of our 100+ Accelerator
program. During the event, 34 startups showcased solutions to our
sustainability challenges across water stewardship, climate action,
smart agriculture, circular packaging and upcycling.
Creating a future with more cheers
Our business continues to build momentum and deliver consistent
profitable growth even in the context of the ongoing dynamic
operating environment. Our best-in-class portfolio of brands,
accelerated digital transformation and global ecosystem provide a
unique platform that positions us well to lead and grow the beer
category and drive superior long-term value creation.
2022 Outlook
- Overall Performance: We expect our EBITDA to grow
in-line with our medium-term outlook of between 4-8% and our
revenue to grow ahead of EBITDA from a healthy combination of
volume and price. The outlook for FY22 reflects our current
assessment of the scale and magnitude of the COVID-19 pandemic,
which is subject to change as we continue to monitor ongoing
developments.
- Net Finance Costs: Net pension interest expenses and
accretion expenses are expected to be in the range of 170 to 200
million USD per quarter, depending on currency and interest rate
fluctuations. We expect the average gross debt coupon in FY22 to be
approximately 4.0%. Net finance costs will continue to be impacted
by any gains and losses related to the hedging of our share-based
payment programs.
- Effective Tax Rates (ETR): We expect the normalized ETR
in FY22 to be in the range of 28% to 30%, excluding any gains and
losses relating to the hedging of our share-based payment programs.
The ETR outlook does not consider the impact of potential future
changes in legislation.
- Net Capital Expenditure: We expect net capital
expenditure of between 4.5 and 5.0 billion USD in FY22.
Figure 1. Consolidated performance
(million USD)
2Q21
2Q22
Organic
growth
Total Volumes (thousand hls)
144 845
149 729
3.4%
AB InBev own beer
128 625
131 107
2.7%
Non-beer volumes
15 299
17 544
8.2%
Third party products
921
1 079
17.2%
Revenue
13 539
14 793
11.3%
Gross profit
7 819
7 997
4.9%
Gross margin
57.8%
54.1%
-329 bps
Normalized EBITDA
4 846
5 096
7.2%
Normalized EBITDA margin
35.8%
34.5%
-127 bps
Normalized EBIT
3 655
3 811
6.0%
Normalized EBIT margin
27.0%
25.8%
-123 bps
Profit attributable to equity holders of
AB InBev
1 862
1 597
Normalized profit attributable to
equity holders of AB InBev
1 911
1 519
Underlying profit attributable to
equity holders of AB InBev
1 507
1 468
Earnings per share (USD)
0.93
0.79
Normalized earnings per share
(USD)
0.95
0.75
Underlying earnings per share
(USD)
0.75
0.73
HY21
HY22
Organic
growth
Total Volumes (thousand hls)
280 398
289 074
3.1%
AB InBev own beer
247 635
251 692
2.4%
Non-beer volumes
31 243
35 488
7.1%
Third party products
1 519
1 894
24.7%
Revenue
25 832
28 027
11.5%
Gross profit
14 869
15 243
6.1%
Gross margin
57.6%
54.4%
-277 bps
Normalized EBITDA
9 114
9 583
7.5%
Normalized EBITDA margin
35.3%
34.2%
-122 bps
Normalized EBIT
6 768
7 105
7.1%
Normalized EBIT margin
26.2%
25.4%
-100 bps
Profit attributable to equity holders of
AB InBev
2 458
1 692
Normalized profit attributable to
equity holders of AB InBev
2 924
2 860
Underlying profit attributable to
equity holders of AB InBev
2 606
2 672
Earnings per share (USD)
1.23
0.84
Normalized earnings per share
(USD)
1.46
1.42
Underlying earnings per share
(USD)
1.30
1.33
Figure 2. Volumes (thousand
hls)
2Q21
Scope
Organic
2Q22
Organic growth
growth
Total Volume
Own beer volume
North America
28 115
-
-754
27 361
-2.7%
-2.9%
Middle Americas
34 916
13
2 847
37 775
8.2%
9.5%
South America
33 465
80
2 876
36 421
8.6%
6.2%
EMEA
22 875
22
-59
22 838
-0.3%
-0.6%
Asia Pacific
25 205
1
-109
25 097
-0.4%
-0.2%
Global Export and Holding Companies
269
-116
85
238
55.7%
58.5%
AB InBev Worldwide
144 845
-
4 885
149 729
3.4%
2.7%
.
HY21
Scope
Organic
HY22
Organic growth
growth
Total Volume
Own beer volume
North America
53 252
-
-1 804
51 448
-3.4%
-3.0%
Middle Americas
67 980
22
4 022
72 024
5.9%
7.0%
South America
71 929
151
4 735
76 815
6.6%
3.7%
EMEA
40 540
29
2 392
42 962
5.9%
5.7%
Asia Pacific
46 081
1
-698
45 385
-1.5%
-1.5%
Global Export and Holding Companies
615
-204
29
440
6.9%
6.4%
AB InBev Worldwide
280 398
-
8 676
289 074
3.1%
2.4%
Key Market Performances
United States: Continued top-line growth with flattish
bottom-line
- Operating performance:
- 2Q22: Revenue grew by 2.7% with revenue per hl growing
by 5.5% driven by revenue management initiatives and continued
premiumization. Sales-to-wholesalers (STWs) were down by 2.7%.
Sales-to-retailers (STRs) declined by 3.4%, estimated to be below
the industry. EBITDA declined by 0.5%.
- HY22: Revenue grew by 2.4%. STWs declined by 3.2%, with
revenue per hl growth of 5.8%. Our STR’s declined by 3.9%. EBITDA
declined by 0.2%.
- Commercial highlights: The beer industry remained
resilient even in the context of a higher inflationary environment.
Despite underperforming the industry, we remain confident in our
commercial strategy to rebalance our portfolio toward faster
growing segments. Our above core beer and spirits-based
ready-to-drink portfolios outperformed the industry, led by
Michelob ULTRA which grew by double-digits and Cutwater and NÜTRL
vodka seltzer which grew strong double-digits.
Mexico: Double-digit top- and bottom-line growth
- Operating performance:
- 2Q22: Revenue grew by high-teens with revenue per hl
growth of high-single digits driven primarily by revenue management
initiatives. Our volumes grew by high-single digits, outperforming
the industry, supported by ongoing channel and portfolio expansion
and the phasing impact of a later Easter. EBITDA grew by
mid-teens.
- HY22: Revenue grew by mid-teens with volumes growing by
mid-single digits and revenue per hl growing by high-single digits.
EBITDA grew by low-teens.
- Commercial highlights: Our performance was driven by
ongoing portfolio development, channel expansion, and digital
transformation. Our core brands delivered high-single digit volume
growth and our above core portfolio once again grew by
double-digits, led by Modelo and Michelob ULTRA. We continue to
expand our distribution footprint, with the opening of over 150 new
Modelorama stores and the continuation of the OXXO rollout,
expanding into approximately 800 additional stores. Over 60% of our
BEES customers are now also BEES Marketplace buyers.
Colombia: Double-digit top-line and high-single digit
bottom-line growth
- Operating performance:
- 2Q22: Revenue grew by high-twenties with low-teens
revenue per hl growth, primarily driven by revenue management
initiatives and premiumization. Our volumes grew by mid-teens,
driven by the execution of our category expansion levers and
supported by a favorable comparable. EBITDA grew by high-single
digits, negatively impacted by a loss from the disposal of non-core
assets.
- HY22: Revenue grew by mid-twenties with volume
increasing more than 10% and revenue per hl growth of low-teens.
EBITDA grew by mid-teens.
- Commercial highlights: We continue to grow the beer
category, again delivering a new record high per capita consumption
this quarter. Our premium and super premium portfolio reached an
all-time high volume, delivering over 40% volume growth led by our
global brands and local premium brand, Club Colombia. More than 30%
of our BEES customers are now also BEES Marketplace buyers.
Brazil: Double-digit top- and bottom-line growth
- Operating performance:
- 2Q22: Revenue grew by 26.8%, with volume growth of 10.4%
and revenue per hl growth of 14.9%. Our beer volumes once again
outperformed the industry according to our estimates, growing by
8.5%. Non-beer volumes grew by 16.2%. Our performance was driven by
the consistent execution of our strategic priorities, continued
recovery of out of home consumption occasions and channel
expansion. EBITDA grew by 34.3%.
- HY22: Total volume grew by 7.9% with beer volumes up by
5.2% and non-beer volumes up by 16.5%. Revenue increased by 21.6%,
with revenue per hl growth of 12.7%. EBITDA grew by 15.0%.
- Commercial highlights: Our premium and super premium
brands delivered volume growth of more than 20% this quarter. Our
core portfolio continued its momentum, increasing volumes
low-teens, and we continued to invest behind developing our core
plus brands. Over 60% of our BEES customers are now also BEES
Marketplace buyers. Our digital DTC platform, Zé Delivery,
fulfilled almost 15 million orders in 2Q22, and has reached 4.2
million monthly active users.
Europe: High-single digit top- and double-digit bottom-line
growth
- Operating performance:
- 2Q22: Revenue grew by high-single digits, with
low-single digit volume and high-single digit revenue per hl
growth, supported by revenue management initiatives, ongoing
premiumization and continued on-premise recovery. EBITDA grew by
more than 10%. Versus 2Q19, top-line grew by mid-single digits
despite on-premise volumes still not fully recovering to
pre-pandemic levels.
- HY22: Revenue grew by low-teens with high-single digit
revenue per hl and low-single digit volume growth. EBITDA increased
by mid-teens.
- Commercial highlights: Our growth this quarter was led
by our global and super premium brands, which delivered high-single
digit revenue growth. Our DTC product, PerfectDraft, expanded the
active shopper base by more than 25% versus 2Q21.
South Africa: High-single digit top-line and double-digit
bottom-line growth
- Operating performance:
- 2Q22: Revenue grew by 7.6%, with 7.5% revenue per hl
growth and flat volumes, below the industry according to our
estimates as our operations were impacted by significant production
constraints in April and May due to floods impacting our Prospecton
brewery. EBITDA grew by low double-digits.
- HY22: Revenue grew by double-digits with high-single
digit revenue per hl and low-teens increase in volume. EBITDA grew
by mid-twenties.
- Commercial highlights: Underlying demand for our
portfolio remains strong. The premium, super premium and Beyond
Beer portfolios led our growth this quarter, all delivering a
double-digit revenue increase. Our leading core brands delivered
continued revenue growth. Driven by BEES, digital channels now
represent 91% of our revenues.
China: Industry impacted by COVID-19 restrictions with
gradual improvement throughout the quarter
- Operating performance:
- 2Q22: The total industry declined mid-single digits due
to COVID-19 restrictions. The restrictions disproportionately
impacted our key regions and sales channels, resulting in a 6.5%
total volume decline, underperforming the industry according to our
estimates. The operating environment gradually improved throughout
the quarter resulting in volume growth of high-single digits in
June year-over-year. In 2Q22, revenue per hl grew by 1.5% resulting
in a total revenue decline of 5.1%. EBITDA declined by 11.8%.
- HY22: Volumes declined by 5.5% and revenue per hl grew
by 2.4%, leading to total revenue decline of 3.3%. EBITDA declined
by 6.5%.
- Commercial highlights: Underlying consumer demand for
our brands remained strong. As restrictions eased in June, both our
premium and super premium portfolios returned to volume growth
increasing by double-digits.
Highlights from our other markets
- Canada: Total revenue grew by low-single digits. Our
beer volume outperformed a soft industry this quarter, led by our
core portfolio which grew revenue by mid-single digits.
- Peru: We delivered double-digit top-line growth in 2Q22
with a balance of mid-twenties volume and over 10% revenue per hl
growth, driven by ongoing portfolio transformation, route to market
expansion and supported by continued post COVID-19 recovery. Over
50% of BEES customers are now also BEES Marketplace buyers.
- Ecuador: We delivered mid-thirties top-line growth with
a volume increase of low-twenties this quarter, supported by
continued expansion of the beer category and post COVID-19
recovery. 60% of BEES customers are now also BEES Marketplace
buyers.
- Argentina: Revenue grew by double-digits in 2Q22, driven
primarily by revenue management initiatives in a highly
inflationary environment, with flattish volumes.
- Africa excluding South Africa: In Nigeria, our top-line
grew by 25% this quarter, driven by revenue management initiatives,
though volumes were lower due to ongoing supply chain constraints.
In other key markets, we continue to see strong consumer demand for
our brands with double-digit volume and revenue growth in 2Q22 in
Tanzania, Zambia and Uganda.
- South Korea: Volumes grew by high-single digits in 2Q22,
supported by further market share gains in both the on-premise and
in-home channels and continued improvement in the operating
environment. Revenue per hl increased by high-single digits
resulting in double-digit revenue growth.
Consolidated Income
Statement
Figure 3. Consolidated income statement
(million USD)
2Q21
2Q22
Organic
growth
Revenue
13 539
14 793
11.3%
Cost of sales
-5 720
-6 796
-19.9%
Gross profit
7 819
7 997
4.9%
SG&A
-4 511
-4 500
-4.1%
Other operating income/(expenses)
347
314
3.4%
Normalized profit from operations
(normalized EBIT)
3 655
3 811
6.0%
Non-underlying items above EBIT
-150
-9
Net finance income/(cost)
-755
-1 217
Non-underlying net finance
income/(cost)
64
36
Share of results of associates
69
74
Income tax expense
-702
-721
Profit
2 182
1 975
Profit attributable to non-controlling
interest
319
378
Profit attributable to equity holders of
AB InBev
1 862
1 597
Normalized EBITDA
4 846
5 096
7.2%
Normalized profit attributable to
equity holders of AB InBev
1 911
1 519
HY21
HY22
Organic
growth
Revenue
25 832
28 027
11.5%
Cost of sales
-10 963
-12 784
-18.7%
Gross profit
14 869
15 243
6.1%
SG&A
-8 571
-8 616
-5.3%
Other operating income/(expenses)
470
478
9.3%
Normalized profit from operations
(normalized EBIT)
6 768
7 105
7.1%
Non-underlying items above EBIT
-217
-105
Net finance income/(cost)
-2 047
-2 282
Non-underlying net finance
income/(cost)
-299
14
Share of results of associates
100
129
Non-underlying share of results of
associates
-
-1 143
Income tax expense
-1 231
-1 244
Profit
3 074
2 474
Profit attributable to non-controlling
interest
616
782
Profit attributable to equity holders of
AB InBev
2 458
1 692
Normalized EBITDA
9 114
9 583
7.5%
Normalized profit attributable to
equity holders of AB InBev
2 924
2 860
Consolidated other operating income/(expenses) in HY22 increased
by 9.3% primarily driven by higher government grants. In HY22,
Ambev recognized 201 million USD income in other operating income
related to tax credits (HY21: 226 million USD). The net impact is
presented as a scope change and does not affect the presented
organic growth rates.
Non-underlying items above EBIT & Non-underlying share of
results of associates (million USD)
Figure 4. Non-underlying items above
EBIT & Non-underlying share of results of associates (million
USD)
2Q21
2Q22
HY21
HY22
COVID-19 costs
-31
-4
-54
-13
Restructuring
-64
-14
-97
-51
Business and asset disposal
24
10
14
6
Acquisition costs / Business
combinations
-6
-
-6
-
AB InBev Efes related costs
-
-1
-
-47
Zenzele scheme
-73
-
-73
-
Non-underlying items in EBIT
-150
-9
-217
-105
Non-underlying share of results of
associates
-
-
-
-1 143
EBIT excludes negative non-underlying items of 9 million USD in
2Q22 and 105 million USD in HY22.
Non-underlying share of results of associates includes the
non-cash impairment of 1 143 million USD the company recorded on
its investment in AB InBev Efes in 1Q22.
Net finance income/(cost)
Figure 5. Net finance income/(cost)
(million USD)
2Q21
2Q22
HY21
HY22
Net interest expense
-903
-838
-1 817
-1 683
Net interest on net defined benefit
liabilities
-19
-19
-37
-37
Accretion expense
-142
-185
-265
-336
Mark-to-market
441
35
348
162
Net interest income on Brazilian tax
credits
71
65
76
113
Other financial results
-204
-275
-353
-501
Net finance income/(cost)
-755
-1 217
-2 047
-2 282
Net finance costs in HY22 and HY21 were positively impacted by
the mark-to-market gain on the hedging of our share-based payment
programs. The number of shares covered by the hedging of our
share-based payment programs, and the opening and closing share
prices, are shown in figure 6 below.
Figure 6. Share-based payment
hedge
2Q21
2Q22
HY21
HY22
Share price at the start of the period
(Euro)
53.75
54.26
57.01
53.17
Share price at the end of the period
(Euro)
60.81
51.36
60.81
51.36
Number of equity derivative instruments at
the end of the period (millions)
55.0
55.0
55.0
55.0
Non-underlying net finance income/(cost)
Figure 7. Non-underlying net finance
income/(cost) (million USD)
2Q21
2Q22
HY21
HY22
Mark-to-market
360
29
283
134
Early termination fee of Bonds and
Other
-295
7
-582
-120
Non-underlying net finance
income/(cost)
64
36
-299
14
Non-underlying net finance cost in HY22 and HY21 includes
mark-to-market gains on derivative instruments entered into to
hedge the shares issued in relation to the Grupo Modelo and SAB
combinations.
The number of shares covered by the hedging of the deferred
share instrument and the restricted shares are shown in figure 8,
together with the opening and closing share prices.
Figure 8. Non-underlying equity
derivative instruments
2Q21
2Q22
HY21
HY22
Share price at the start of the period
(Euro)
53.75
54.26
57.01
53.17
Share price at the end of the period
(Euro)
60.81
51.36
60.81
51.36
Number of equity derivative instruments at
the end of the period (millions)
45.5
45.5
45.5
45.5
Income tax expense
Figure 9. Income tax expense (million
USD)
2Q21
2Q22
HY21
HY22
Income tax expense
702
721
1 231
1 244
Effective tax rate
24.9%
27.5%
29.3%
26.3%
Normalized effective tax rate
25.6%
29.9%
27.3%
27.2%
Normalized effective tax rate before
MTM
30.2%
30.3%
29.5%
28.2%
The increase in normalized ETR excluding mark-to-market gains
and losses linked to the hedging of our share-based payment
programs in 2Q22 compared to 2Q21 and the decrease in HY22 compared
to HY21 is driven by country mix.
Figure 10. Normalized Profit
attributable to equity holders of AB InBev (million USD)
2Q21
2Q22
HY21
HY22
Profit attributable to equity holders
of AB InBev
1 862
1 597
2 458
1 692
Net impact of non-underlying items on
profit
50
-78
466
1 168
Normalized profit attributable to
equity holders of AB InBev
1 911
1 519
2 924
2 860
Underlying profit attributable to
equity holders of AB InBev
1 507
1 468
2 606
2 672
Both normalized and underlying profit attributable to equity
holders in 2Q21 and HY21 were positively impacted by 123 million
USD, and in 2Q22 and HY22 by 115 million USD and 152 million USD
respectively, after tax and non-controlling interest related to tax
credits in Brazil.
Basic, normalized and underlying EPS
Figure 11. Earnings per share
(USD)
2Q21
2Q22
HY21
HY22
Basic earnings per share
0.93
0.79
1.23
0.84
Net impact of non-underlying items on
profit
0.02
-0.05
0.24
0.58
Normalized earnings per share
0.95
0.75
1.46
1.42
Underlying earnings per share
0.75
0.73
1.30
1.33
Weighted average number of ordinary and
restricted shares (million)
2 004
2 012
2 004
2 012
Normalized EPS in 2Q22 and 2Q21 included a mark-to-market gain
on the hedging of our share-based payment programs of 0.02 USD and
0.22 USD respectively. Normalized EPS in HY22 and HY21 included a
mark-to-market gain on the hedging of our share-based payment
programs of 0.08 USD and 0.17 USD respectively.
Figure 12. Key components - Normalized
Earnings per share in USD
2Q21
2Q22
HY21
HY22
Normalized EBIT before
hyperinflation
1.82
1.90
3.39
3.55
Hyperinflation impacts in normalized
EBIT
-
-0.01
-0.01
-0.02
Normalized EBIT
1.82
1.90
3.38
3.53
Mark-to-market (share-based payment
programs)
0.22
0.02
0.17
0.08
Net finance cost
-0.60
-0.62
-1.20
-1.21
Income tax expense
-0.37
-0.39
-0.64
-0.65
Associates & non-controlling
interest
-0.13
-0.15
-0.26
-0.32
Normalized EPS
0.95
0.75
1.46
1.42
Mark-to-market (share-based payment
programs)
-0.22
-0.02
-0.17
-0.08
Hyperinflation impacts in EPS
0.02
-0.01
0.02
-0.01
Underlying EPS
0.75
0.73
1.30
1.33
Weighted average number of ordinary and
restricted shares (million)
2 004
2 012
2 004
2 012
Reconciliation between profit attributable to equity holders
and normalized EBITDA
Figure 13. Reconciliation of normalized
EBITDA to profit attributable to equity holders of AB InBev
(million USD)
2Q21
2Q22
HY21
HY22
Profit attributable to equity holders
of AB InBev
1 862
1 597
2 458
1 692
Non-controlling interests
319
378
616
782
Profit
2 182
1 975
3 074
2 474
Income tax expense
702
721
1 231
1 244
Share of result of associates
-69
-74
-100
-129
Non-underlying share of results of
associates
-
-
-
1 143
Net finance (income)/cost
755
1 217
2 047
2 282
Non-underlying net finance
(income)/cost
-64
-36
299
-14
Non-underlying items above EBIT
150
9
217
105
Normalized EBIT
3 655
3 811
6 768
7 105
Depreciation, amortization and
impairment
1 191
1 286
2 345
2 477
Normalized EBITDA
4 846
5 096
9 114
9 583
Normalized EBITDA and normalized EBIT are measures utilized by
AB InBev to demonstrate the company’s underlying performance.
Normalized EBITDA is calculated excluding the following effects
from profit attributable to equity holders of AB InBev: (i)
non-controlling interest; (ii) income tax expense; (iii) share of
results of associates; (iv) non-underlying share of results of
associates; (v) net finance cost; (vi) non-underlying net finance
cost; (vii) non-underlying items above EBIT; and (viii)
depreciation, amortization and impairment.
Normalized EBITDA and normalized EBIT are not accounting
measures under IFRS accounting and should not be considered as an
alternative to profit attributable to equity holders as a measure
of operational performance, or an alternative to cash flow as a
measure of liquidity. Normalized EBITDA and normalized EBIT do not
have a standard calculation method and AB InBev’s definition of
normalized EBITDA and normalized EBIT may not be comparable to that
of other companies.
Financial position
Figure 14. Cash Flow Statement (million
USD)
HY21
HY22
Operating activities
Profit of the period
3 074
2 474
Interest, taxes and non-cash items
included in profit
6 062
7 015
Cash flow from operating activities
before changes in working capital and use of provisions
9 134
9 489
Change in working capital
-1 327
-3 339
Pension contributions and use of
provisions
-258
-195
Interest and taxes (paid)/received
-3 696
-3 823
Dividends received
86
50
Cash flow from operating
activities
3 939
2 182
Investing activities
Net capex
-2 104
-1 939
Acquisition and sale of subsidiaries, net
of cash acquired/disposed of
-203
-44
Net proceeds from sale/(acquisition) of
other assets
98
66
Cash flow from investing
activities
-2 209
-1 917
Financing activities
Dividends paid
-1 382
-1 276
Net (payments on)/proceeds from
borrowings
-7 999
-3 452
Payment of lease liabilities
-256
-286
Sale/(purchase) of non-controlling
interests and other
-470
-378
Cash flow from financing
activities
-10 107
-5 392
Net increase/(decrease) in cash and
cash equivalents
-8 377
-5 128
HY22 recorded a decrease in cash and cash equivalents of 5 128
million USD compared to a decrease of 8 377 million USD in HY21,
with the following movements:
- Our cash flow from operating activities reached 2 182
million USD in HY22 compared to 3 939 million USD in HY21. The
decrease was primarily driven by changes in working capital for
HY22 compared to HY21 as 2021 figures were impacted by lower
capital expenditure and bonus accruals in 2020. In addition,
changes in working capital in the first half of 2022 and 2021
reflect higher working capital levels at the end of June than at
year-end as a result of seasonality.
- Our cash outflow from investing activities was 1 917
million USD in HY22 compared to a cash outflow of 2 209 million USD
in HY21. The decrease in the cash flow from investing activities
was mainly due to lower net capital expenditures and lower outflows
from acquisition of subsidiaries in HY22 compared to HY21. Out of
the total HY22 capital expenditures, approximately 32% was used to
improve the company’s production facilities while 49% was used for
logistics and commercial investments and 19% was used for improving
administrative capabilities and for the purchase of hardware and
software.
- Our cash outflow from financing activities amounted to 5
392 million USD in HY22, as compared to a cash outflow of 10 107
million USD in HY21. The decrease is primarily driven by lower debt
redemption in HY22 compared to HY21.
Our net debt decreased to 75.9 billion USD as of 30 June 2022
from 76.2 billion USD as of 31 December 2021.
Our net debt to normalized EBITDA ratio was 3.86x as of 30 June
2022. Our optimal capital structure is a net debt to normalized
EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. After
redemptions in January 2022, 94% of our bond portfolio holds a
fixed-interest rate, 44% is denominated in currencies other than
USD and maturities are well-distributed across the next several
years.
In addition to a very comfortable debt maturity profile and
strong cash flow generation, as of 30 June 2022, we had total
liquidity of 17.0 billion USD, which consisted of 10.1 billion USD
available under committed long-term credit facilities and 6.9
billion USD of cash, cash equivalents and short-term investments in
debt securities less bank overdrafts.
Figure 15. Terms and debt repayment schedule as of 30 June
2022 (billion USD)
Notes
To facilitate the understanding of AB InBev’s underlying
performance, the analyses of growth, including all comments in this
press release, unless otherwise indicated, are based on organic
growth and normalized numbers. In other words, financials are
analyzed eliminating the impact of changes in currencies on
translation of foreign operations, and scope changes. Scope changes
represent the impact of acquisitions and divestitures, the start or
termination of activities or the transfer of activities between
segments, curtailment gains and losses and year over year changes
in accounting estimates and other assumptions that management does
not consider as part of the underlying performance of the business.
All references per hectoliter (per hl) exclude US non-beer
activities. References to the High End Company refer to a business
unit made up of a portfolio of global, specialty and craft brands
across more than 30 countries. Whenever presented in this document,
all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are
presented on a “normalized” basis, which means they are presented
before non-underlying items. Non-underlying items are either income
or expenses which do not occur regularly as part of the normal
activities of the Company. They are presented separately because
they are important for the understanding of the underlying
sustainable performance of the Company due to their size or nature.
Normalized measures are additional measures used by management and
should not replace the measures determined in accordance with IFRS
as an indicator of the Company’s performance. We are reporting the
results from Argentina applying hyperinflation accounting, starting
from the 3Q18 results release in which we accounted for the
hyperinflation impact for the first nine months of 2018. The IFRS
rules (IAS 29) require us to restate the year-to-date results for
the change in the general purchasing power of the local currency,
using official indices before converting the local amounts at the
closing rate of the period. These impacts are excluded from organic
calculations and are identified separately in the annexes within
the column labeled “Hyperinflation restatement”. In HY22, we
reported a negative impact on the profit attributable to equity
holders of AB InBev of 26 million USD. The impact in HY22
normalized EPS was -0.01 USD. Values in the figures and annexes may
not add up, due to rounding. 2Q22 and HY22 EPS is based upon a
weighted average of 2 012 million shares compared to a weighted
average of 2 004 million shares for 2Q21 and HY21.
Legal disclaimer
This release contains “forward-looking statements”. These
statements are based on the current expectations and views of
future events and developments of the management of AB InBev and
are naturally subject to uncertainty and changes in circumstances.
The forward-looking statements contained in this release include
statements other than historical facts and include statements
typically containing words such as “will”, “may”, “should”,
“believe”, “intends”, “expects”, “anticipates”, “targets”,
“estimates”, “likely”, “foresees” and words of similar import. All
statements other than statements of historical facts are
forward-looking statements. You should not place undue reliance on
these forward-looking statements, which reflect the current views
of the management of AB InBev, are subject to numerous risks and
uncertainties about AB InBev and are dependent on many factors,
some of which are outside of AB InBev’s control. There are
important factors, risks and uncertainties that could cause actual
outcomes and results to be materially different, including, but not
limited to, the effects of the COVID-19 pandemic and uncertainties
about its impact and duration and the risks and uncertainties
relating to AB InBev described under Item 3.D of AB InBev’s Annual
Report on Form 20-F filed with the SEC on 18 March 2022. Many of
these risks and uncertainties are, and will be, exacerbated by the
COVID-19 pandemic and the ongoing conflict in Russia and Ukraine
and any worsening of the global business and economic environment
as a result. Other unknown or unpredictable factors could cause
actual results to differ materially from those in the
forward-looking statements. The forward-looking statements should
be read in conjunction with the other cautionary statements that
are included elsewhere, including AB InBev’s most recent Form 20-F
and other reports furnished on Form 6-K, and any other documents
that AB InBev has made public. Any forward-looking statements made
in this communication are qualified in their entirety by these
cautionary statements and there can be no assurance that the actual
results or developments anticipated by AB InBev will be realized
or, even if substantially realized, that they will have the
expected consequences to, or effects on, AB InBev or its business
or operations. Except as required by law, AB InBev undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The second quarter 2022 (2Q22) and half year 2022
(HY22) financial data set out in Figure 1 (except for the volume
information), Figures 3 to 5, 7, 9, 10 and 13 and 14 of this press
release have been extracted from the group’s unaudited condensed
consolidated interim financial statements as of and for the six
months ended 30 June 2022, which have been reviewed by our
statutory auditors PwC Réviseurs d’Entreprises SRL / PwC
Bedrijfsrevisoren BV in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Financial data
included in Figures 6, 8 11, 12 and 15 have been extracted from the
underlying accounting records as of and for the six months ended 30
June 2022 (except for the volume information). References in this
document to materials on our websites, such as www.bees.com, are
included as an aid to their location and are not incorporated by
reference into this document.
Conference call and
webcast
Investor Conference call and webcast on Thursday, 28 July
2022: 3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details: Webcast (listen-only mode): AB
InBev 2Q & HY22 Results Webcast
To join by phone, please use one of the following two phone
numbers: Toll-Free: 877-407-8029 Toll: 201-689-8029
About Anheuser-Busch InBev
Anheuser-Busch InBev is a publicly traded company (Euronext:
ABI) based in Leuven, Belgium, with secondary listings on the
Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges
and with American Depositary Receipts on the New York Stock
Exchange (NYSE: BUD). As a company, we dream big to create a future
with more cheers. We are always looking to serve up new ways to
meet life’s moments, move our industry forward and make a
meaningful impact in the world. We are committed to building great
brands that stand the test of time and to brewing the best beers
using the finest ingredients. Our diverse portfolio of well over
500 beer brands includes global brands Budweiser®, Corona® and
Stella Artois®; multi-country brands Beck’s®, Hoegaarden®, Leffe®
and Michelob ULTRA®; and local champions such as Aguila®,
Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®,
Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®,
Sedrin®, and Skol®. Our brewing heritage dates back more than 600
years, spanning continents and generations. From our European roots
at the Den Hoorn brewery in Leuven, Belgium. To the pioneering
spirit of the Anheuser & Co brewery in St. Louis, US. To the
creation of the Castle Brewery in South Africa during the
Johannesburg gold rush. To Bohemia, the first brewery in Brazil.
Geographically diversified with a balanced exposure to developed
and developing markets, we leverage the collective strengths of
approximately 169,000 colleagues based in nearly 50 countries
worldwide. For 2021, AB InBev’s reported revenue was 54.3 billion
USD (excluding JVs and associates).
Annex 1
AB InBev Worldwide
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
144 845
-
-
-
4 885
149 729
3.4%
of which AB InBev own beer
128 625
-914
-
-
3 395
131 107
2.7%
Revenue
13 539
-126
-210
72
1 517
14 793
11.3%
Cost of sales
-5 720
1
91
-31
-1 138
-6 796
-19.9%
Gross profit
7 819
-124
-118
41
380
7 997
4.9%
SG&A
-4 511
117
89
-17
-179
-4 500
-4.1%
Other operating income/(expenses)
347
-38
6
-5
4
314
3.4%
Normalized EBIT
3 655
-46
-23
20
204
3 811
6.0%
Normalized EBITDA
4 846
-52
-52
21
333
5 096
7.2%
Normalized EBITDA margin
35.8%
34.5%
-127 bps
North America
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
28 115
-
-
-
-754
27 361
-2.7%
Revenue
4 289
-
-17
-
118
4 390
2.7%
Cost of sales
-1 628
-3
6
-
-161
-1 785
-9.9%
Gross profit
2 661
-3
-11
-
-43
2 604
-1.6%
SG&A
-1 257
-1
7
-
42
-1 209
3.4%
Other operating income/(expenses)
9
3
-
-
-4
7
-38.0%
Normalized EBIT
1 413
-1
-4
-
-5
1 402
-0.4%
Normalized EBITDA
1 611
-
-6
-
-9
1 597
-0.6%
Normalized EBITDA margin
37.6%
36.4%
-121 bps
Middle Americas
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
34 916
13
-
-
2 847
37 775
8.2%
Revenue
3 053
-13
-4
-
558
3 594
18.4%
Cost of sales
-1 074
4
2
-
-368
-1 435
-34.4%
Gross profit
1 979
-8
-1
-
190
2 159
9.6%
SG&A
-809
6
2
-
-74
-874
-9.2%
Other operating income/(expenses)
1
-
2
-
-17
-14
-
Normalized EBIT
1 171
-3
3
-
100
1 271
8.5%
Normalized EBITDA
1 454
-2
3
-
155
1 610
10.7%
Normalized EBITDA margin
47.6%
44.8%
-311 bps
South America
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
33 465
80
-
-
2 876
36 421
8.6%
Revenue
1 898
26
59
72
570
2 626
30.2%
Cost of sales
-1 013
-6
-43
-31
-326
-1 419
-32.4%
Gross profit
885
20
16
41
245
1 207
27.7%
SG&A
-638
-33
-22
-17
-145
-855
-21.8%
Other operating income/(expenses)
254
-42
6
-5
30
243
91.9%
Normalized EBIT
501
-54
-
20
129
595
51.0%
Normalized EBITDA
684
-54
5
21
165
820
37.9%
Normalized EBITDA margin
36.0%
31.2%
132 bps
EMEA
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
22 875
22
-
-
-59
22 838
-0.3%
Revenue
2 196
-71
-168
-
184
2 140
8.7%
Cost of sales
-1 007
-3
85
-
-162
-1 087
-16.0%
Gross profit
1 188
-74
-83
-
22
1 054
2.0%
SG&A
-838
74
62
-
21
-680
2.8%
Other operating income/(expenses)
44
1
-4
-
8
49
18.7%
Normalized EBIT
395
1
-24
-
52
423
13.1%
Normalized EBITDA
658
-7
-45
-
87
692
13.3%
Normalized EBITDA margin
29.9%
32.3%
132 bps
Asia Pacific
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
25 205
1
-
-
-109
25 097
-0.4%
Revenue
1 864
-29
-70
-
69
1 835
3.7%
Cost of sales
-810
-
31
-
-101
-881
-12.5%
Gross profit
1 055
-29
-39
-
-32
954
-3.2%
SG&A
-591
28
22
-
10
-531
1.8%
Other operating income/(expenses)
35
-
-
-
-8
26
-23.4%
Normalized EBIT
498
-1
-18
-
-30
449
-6.1%
Normalized EBITDA
672
-1
-23
-
-27
620
-4.0%
Normalized EBITDA margin
36.0%
33.8%
-274 bps
Global Export and Holding
Companies
2Q21
Scope
Currency Translation
Hyperinflation
restatement
Organic Growth
2Q22
Organic Growth
Total volumes (thousand hls)
269
-116
-
-
85
238
55.7%
Revenue
238
-39
-10
-
19
208
9.3%
Cost of sales
-187
9
10
-
-20
-189
-11.3%
Gross profit
51
-31
-
-
-2
19
-7.8%
SG&A
-377
43
18
-
-34
-350
-10.4%
Other operating income/(expenses)
4
-
3
-
-5
2
-
Normalized EBIT
-322
12
21
-
-41
-330
-13.4%
Normalized EBITDA
-232
13
14
-
-37
-242
-17.3%
Annex 2
AB InBev Worldwide
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
280 398
-
-
8 676
289 074
3.1%
of which AB InBev own beer
247 635
-1 892
-
5 949
251 692
2.4%
Revenue
25 832
-229
-514
2 938
28 027
11.5%
Cost of sales
-10 963
3
224
-2 049
-12 784
-18.7%
Gross profit
14 869
-225
-290
889
15 243
6.1%
SG&A
-8 571
213
188
-447
-8 616
-5.3%
Other operating income/(expenses)
470
-18
3
24
478
9.3%
Normalized EBIT
6 768
-30
-99
466
7 105
7.1%
Normalized EBITDA
9 114
-44
-156
670
9 583
7.5%
Normalized EBITDA margin
35.3%
34.2%
-122 bps
North America
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
53 252
-
-
-1 804
51 448
-3.4%
Revenue
8 040
-
-18
170
8 192
2.1%
Cost of sales
-3 080
-5
6
-270
-3 349
-8.8%
Gross profit
4 960
-5
-11
-100
4 844
-2.0%
SG&A
-2 350
-2
7
66
-2 279
2.8%
Other operating income/(expenses)
15
6
-
7
28
34.5%
Normalized EBIT
2 625
-1
-4
-27
2 592
-1.0%
Normalized EBITDA
3 014
-
-6
-33
2 975
-1.1%
Normalized EBITDA margin
37.5%
36.3%
-118 bps
Middle Americas
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
67 980
22
-
4 022
72 024
5.9%
Revenue
5 893
-27
-107
934
6 693
15.9%
Cost of sales
-2 055
9
39
-619
-2 625
-30.3%
Gross profit
3 838
-18
-68
315
4 068
8.2%
SG&A
-1 577
15
26
-95
-1 631
-6.1%
Other operating income/(expenses)
5
-
2
-18
-12
-
Normalized EBIT
2 266
-3
-40
202
2 425
8.9%
Normalized EBITDA
2 824
-3
-48
286
3 060
10.1%
Normalized EBITDA margin
47.9%
45.7%
-239 bps
South America
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
71 929
151
-
4 735
76 815
6.6%
Revenue
4 146
52
-65
1 200
5 333
28.6%
Cost of sales
-2 091
-12
17
-706
-2 792
-33.6%
Gross profit
2 055
40
-49
494
2 541
23.6%
SG&A
-1 254
-60
7
-302
-1 609
-22.9%
Other operating income/(expenses)
287
-25
5
45
312
72.4%
Normalized EBIT
1 088
-45
-37
237
1 244
28.2%
Normalized EBITDA
1 447
-45
-39
302
1 666
25.1%
Normalized EBITDA margin
34.9%
31.2%
-77 bps
EMEA
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
40 540
29
-
2 392
42 962
5.9%
Revenue
3 763
-125
-246
549
3 940
15.1%
Cost of sales
-1 796
-5
124
-323
-2 000
-17.9%
Gross profit
1 966
-130
-123
226
1 939
12.3%
SG&A
-1 496
128
97
-70
-1 341
-5.1%
Other operating income/(expenses)
92
1
-6
-
88
0.4%
Normalized EBIT
563
-1
-32
156
685
27.8%
Normalized EBITDA
1 060
-17
-65
214
1 192
20.5%
Normalized EBITDA margin
28.2%
30.3%
134 bps
Asia Pacific
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
46 081
1
-
-698
45 385
-1.5%
Revenue
3 500
-54
-63
88
3 471
2.6%
Cost of sales
-1 555
-
27
-126
-1 655
-8.1%
Gross profit
1 944
-55
-36
-38
1 816
-2.0%
SG&A
-1 126
53
22
52
-999
4.8%
Other operating income/(expenses)
64
-
-
3
67
5.1%
Normalized EBIT
882
-2
-14
17
884
1.9%
Normalized EBITDA
1 242
-2
-17
9
1 232
0.7%
Normalized EBITDA margin
35.5%
35.5%
-64 bps
Global Export and Holding
Companies
HY21
Scope
Currency Translation
Organic Growth
HY22
Organic Growth
Total volumes (thousand hls)
615
-204
-
29
440
6.9%
Revenue
491
-74
-15
-3
399
-0.8%
Cost of sales
-385
17
11
-4
-362
-1.2%
Gross profit
106
-58
-4
-8
36
-15.7%
SG&A
-769
80
31
-98
-756
-14.3%
Other operating income/(expenses)
7
-
2
-14
-5
-
Normalized EBIT
-656
22
29
-120
-725
-19.1%
Normalized EBITDA
-473
23
18
-108
-541
-24.3%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727006135/en/
Investors Shaun Fullalove +1 212 573 9287
shaun.fullalove@ab-inbev.com
Maria Glukhova +32 16 276 888
maria.glukhova@ab-inbev.com
Cyrus Nentin +1 646 746 9673
cyrus.nentin@ab-inbev.com
Media Kate Laverge +1 917 940 7421
kate.laverge@ab-inbev.com
Ana Zenatti +1 646 249 5440 ana.zenatti@ab-inbev.com
Fallon Buckelew +1 310 592 6319
fallon.buckelew@ab-inbev.com
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