Anheuser-Busch InBev Reports Third Quarter 2022 Results
“We delivered broad-based volume growth of 3.7% this quarter resulting in an accelerated increase in revenue of 12.1%. We continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment. As a result of our performance and continued momentum, we are raising the bottom-end of our FY22 EBITDA outlook.” – Michel Doukeris, CEO, AB InBev
BRUSSELS--(BUSINESS WIRE)--Oct 27, 2022--
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Regulated and inside information 1
“We delivered broad-based volume growth of 3.7% this quarter resulting in an accelerated increase in revenue of 12.1%. We continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment. As a result of our performance and continued momentum, we are raising the bottom-end of our FY22 EBITDA outlook.” – Michel Doukeris, CEO, AB InBev
Total Revenue
+ 12.1%
Revenue increased by 12.1% in 3Q22 with revenue per hl growth of 8.0% and by 11.5% in 9M22 with revenue per hl growth of 7.8%.
12.7% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of their respective home markets in 3Q22, and 9.6% in 9M22.
Approximately 57% of our revenue now through B2B digital platforms with the monthly active user base of BEES reaching 3.1 million users as of 30 September 2022.
Over 385 million USD of revenue and approximately 17 million ecommerce orders generated by our direct-to-consumer ecosystem in 3Q22.
Total Volume
+3.7%
In 3Q22, total volumes grew by 3.7% , with own beer volumes up by 3.4% and non-beer volumes up by 5.2% . In 9M22, total volumes grew by 3.3% with own beer volumes up by 2.8% and non-beer volumes up by 6.5%.
Normalized EBITDA
+ 6.5%
In 3Q22 normalized EBITDA of 5 313 million USD represents an increase of 6.5% with normalized EBITDA margin contraction of 183 bps to 35.2% . In 9M22, normalized EBITDA increased by 7.0% to 14 896 million USD and normalized EBITDA margin contracted by 143 bps to 34.5%. Normalized EBITDA figures of 9M22 and 9M21 include an impact of 201 million USD and 226 million USD from tax credits in Brazil that were recorded in 2Q22 and 2Q21 respectively. For more details, please see page 10.
Underlying Profit
1 682 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 1 682 million USD in 3Q22 compared to 1 699 million USD in 3Q21 and was 4 354 million USD in 9M22 compared to 4 290 million USD in 9M21.
Underlying EPS
0.84 USD
Underlying EPS was 0.84 USD in 3Q22, a decrease from 0.85 USD in 3Q21 and was 2.16 USD in 9M22, an increase from 2.14 USD in 9M21.
1 The 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 14.
Management comments
Best quarterly volume performance this year driven by accelerated digital transformation and continued consumer demand for our brand portfolio
Our volume momentum accelerated this quarter as we delivered 3.7% growth, even in the context of the ongoing dynamic operating environment. Top-line grew by 12.1% with 8.0% revenue per hl growth, driven by revenue management initiatives and continued premiumization across most of our markets. EBITDA increased by 6.5% as our top-line growth was partially offset by anticipated transactional FX and commodity cost headwinds and increased sales and marketing investments in our brands.
Following the recognition of our brand building and creative marketing capabilities at the Cannes Lions International Festival of Creativity, we were honored to be named the World’s Most Effective Marketer in the Global Effie Effectiveness Index for the first time in our company history.
As we continue on our deleveraging path, our bond portfolio maintains a very manageable weighted average pre-tax coupon rate of approximately 4% with 94% of the portfolio fixed rate. The weighted average maturity remains more than 16 years with no near- or medium-term refinancing requirements.
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 a broad-based total volume increase of 3.7% with growth in more than 60% of our markets.
2. Digitize and monetize our ecosystem:
BEES is now live in 19 markets and has reached 3.1 million monthly active users as of 30 September 2022, a 7% increase versus 2Q22. BEES Marketplace is now live in 14 markets with 44% of BEES customers now also Marketplace buyers.
3. Optimize our business:
In 9M22, our EBITDA grew by 7.0% and, as a result of deleveraging, our net interest expense decreased by approximately 200 million USD versus 9M21.
1. Lead and grow the category:
We are executing on five proven and scalable levers to drive category expansion:
2. Digitize and monetize our ecosystem
3. Optimize our business
In 9M22, we continued to focus on disciplined resource allocation and delivered 7.0% EBITDA growth. Our bond portfolio maintains a very manageable weighted average pre-tax coupon rate of approximately 4% with 94% of the portfolio fixed rate. Our net interest expense for 9M22 decreased by approximately 200 million USD versus 9M21, principally as a result of our gross debt reduction efforts.
Advancing our ESG priorities
As we continue to advance our sustainability agenda, we were proud to recently be included on Fortune’s Change the World List in recognition of our global initiatives in water stewardship. We are also making progress towards our ambition to achieve net zero by 2040, reaching carbon neutrality at five facilities in Brazil and one in Argentina in 9M22.
Creating a future with more cheers
Through the implementation of our category expansion levers, we continue to lead and grow the beer category resulting in broad-based volume growth of 3.7% this quarter. We are digitizing and monetizing our ecosystem with 57% of our revenue now through digital channels and we continue to optimize our business through efficient resource allocation and dynamically balancing our capital allocation priorities to drive long-term value creation. We remain focused on the consistent execution of our strategy and ESG priorities to generate value for our stakeholders and deliver on our purpose to create a future with more cheers.
2022 Outlook
Figure 1. Consolidated performance (million USD)
3Q21
3Q22
Organic
growth
Total Volumes (thousand hls)
151 629
157 284
3.7%
AB InBev own beer
131 354
137 796
3.4%
Non-beer volumes
19 308
18 332
5.2%
Third party products
968
1 156
19.4%
Revenue
14 274
15 091
12.1%
Gross profit
8 236
8 232
6.2%
Gross margin
57.7%
54.5%
-300 bps
Normalized EBITDA
5 214
5 313
6.5%
Normalized EBITDA margin
36.5%
35.2%
-183 bps
Normalized EBIT
4 020
4 055
4.4%
Normalized EBIT margin
28.2%
26.9%
-195 bps
Profit attributable to equity holders of AB InBev
250
1 433
Normalized profit attributable to equity holders of AB InBev
1 002
1 629
Underlying profit attributable to equity holders of AB InBev
1 699
1 682
Earnings per share (USD)
0.12
0.71
Normalized earnings per share (USD)
0.50
0.81
Underlying earnings per share (USD)
0.85
0.84
.
.
9M21
9M22
Organic
growth
Total Volumes (thousand hls)
432 027
446 358
3.3%
AB InBev own beer
378 989
389 488
2.8%
Non-beer volumes
50 551
53 820
6.5%
Third party products
2 487
3 050
22.6%
Revenue
40 106
43 118
11.5%
Gross profit
23 105
23 475
5.9%
Gross margin
57.6%
54.4%
-286 bps
Normalized EBITDA
14 327
14 896
7.0%
Normalized EBITDA margin
35.7%
34.5%
-143 bps
Normalized EBIT
10 788
11 160
5.9%
Normalized EBIT margin
26.9%
25.9%
-134 bps
Profit attributable to equity holders of AB InBev
2 708
3 126
Normalized profit attributable to equity holders of AB InBev
3 926
4 489
Underlying profit attributable to equity holders of AB InBev
4 290
4 354
Earnings per share (USD)
1.35
1.55
Normalized earnings per share (USD)
1.96
2.23
Underlying earnings per share (USD)
2.14
2.16
Figure 2. Volumes (thousand hls)
3Q21
Scope
Organic
3Q22
Organic growth
growth
Total Volume
Own beer volume
North America
28 137
1
-362
27 775
-1.3%
-1.7%
Middle Americas
35 591
19
1 705
37 314
4.8%
6.0%
South America
39 399
106
1 140
40 644
2.9%
0.4%
EMEA
22 124
24
1 576
23 724
7.1%
7.3%
Asia Pacific
26 020
1
1 589
27 610
6.1%
6.1%
Global Export and Holding Companies
360
-150
8
217
3.7%
-0.1%
AB InBev Worldwide
151 629
-
5 655
157 284
3.7%
3.4%
.
9M21
Scope
Organic
9M22
Organic growth
growth
Total Volume
Own beer volume
North America
81 389
1
-2 166
79 223
-2.7%
-2.6%
Middle Americas
103 570
41
5 727
109 338
5.5%
6.6%
South America
111 327
257
5 875
117 459
5.3%
2.5%
EMEA
62 665
53
3 968
66 686
6.3%
6.3%
Asia Pacific
72 101
2
891
72 995
1.2%
1.3%
Global Export and Holding Companies
975
-354
36
657
5.8%
4.2%
AB InBev Worldwide
432 027
-
14 331
446 358
3.3%
2.8%
Key Market Performances
United States: Continued top-line growth driven by our above core portfolio
Mexico: Double-digit top- and bottom-line growth with accelerated market share gain
Colombia: Double-digit top-line growth with record high per capita consumption
Brazil: Double-digit top- and bottom-line growth with margin expansion
Europe: Double-digit top-line growth offset by elevated cost pressures
9M22: Revenue grew by low-teens with high-single digit revenue per hl and low-single digit volume growth. EBITDA increased by mid-single digits.
Commercial highlights: We continue to premiumize our portfolio in Europe, with our global and super premium brands both delivering double-digit revenue growth this quarter. Led by the consistent execution of our strategy, in 9M22 we expanded or maintained market share in the majority of our key markets, according to our estimates. Our DTC product, PerfectDraft, expanded its shopper base by more than 20% versus 3Q21.
South Africa: Double-digit top- and bottom-line growth and additional investment in capacity to support growth
China: Underlying consumer demand remains consistent, though industry impacted bycontinued COVID-19 restrictions
Highlights from our other markets
Consolidated Income Statement
Figure 3. Consolidated income statement (million USD)
3Q21
3Q22
Organic
growth
Revenue
14 274
15 091
12.1%
Cost of sales
-6 039
-6 860
-20.0%
Gross profit
8 236
8 232
6.2%
SG&A
-4 379
-4 347
-8.0%
Other operating income/(expenses)
163
170
8.1%
Normalized profit from operations (normalized EBIT)
4 020
4 055
4.4%
Non-underlying items above EBIT
-73
-165
Net finance income/(cost)
-1 900
-1 392
Non-underlying net finance income/(cost)
-747
-65
Share of results of associates
73
81
Income tax expense
-679
-688
Profit
695
1 825
Profit attributable to non-controlling interest
444
392
Profit attributable to equity holders of AB InBev
250
1 433
Normalized EBITDA
5 214
5 313
6.5%
Normalized profit attributable to equity holders of AB InBev
1 002
1 629
.
9M21
9M22
Organic
growth
Revenue
40 106
43 118
11.5%
Cost of sales
-17 001
-19 644
-19.0%
Gross profit
23 105
23 475
5.9%
SG&A
-12 950
-12 963
-6.1%
Other operating income/(expenses)
633
648
9.9%
Normalized profit from operations (normalized EBIT)
10 788
11 160
5.9%
Non-underlying items above EBIT
-290
-270
Net finance income/(cost)
-3 948
-3 674
Non-underlying net finance income/(cost)
-1 046
-51
Share of results of associates
174
210
Non-underlying share of results of associates
-
-1 143
Income tax expense
-1 910
-1 933
Profit
3 768
4 299
Profit attributable to non-controlling interest
1 061
1 174
Profit attributable to equity holders of AB InBev
2 708
3 126
Normalized EBITDA
14 327
14 896
7.0%
Normalized profit attributable to equity holders of AB InBev
3 926
4 489
Consolidated other operating income/(expenses) in 9M22increased by 9.9% primarily driven by higher government grants. In 9M22, Ambev recognized 201 million USD income in other operating income related to tax credits (9M21: 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
Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD)
3Q21
3Q22
9M21
9M22
COVID-19 costs
-30
-2
-84
-16
Restructuring
-38
-13
-135
-63
Business and asset disposal (incl. impairment losses)
-
-149
14
-143
AB InBev Efes related costs
-
-1
-
-48
Acquisition costs / Business combinations
-5
-
-12
-
SAB Zenzele Kabili costs
-
-
-73
-
Non-underlying items in EBIT
-73
-165
-290
-270
Non-underlying share of results of associates
-
-
-
-1 143
EBIT excludes negative non-underlying items of 165 million USD in 3Q22 and 270 million USD in 9M22. Business and asset disposals in 3Q22 comprise mainly impairment of intangible assets and other non-core assets sold in the period.
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)
3Q21
3Q22
9M21
9M22
Net interest expense
-880
-826
-2 709
-2 509
Net interest on net defined benefit liabilities
-18
-18
-55
-55
Accretion expense
-161
-215
-427
-551
Mark-to-market
-683
-79
-335
83
Net interest income on Brazilian tax credits
14
34
102
146
Other financial results
-171
-287
-524
-788
Net finance income/(cost)
-1 900
-1 392
-3 948
-3 674
Net finance costs in 9M22 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
3Q21
3Q22
9M21
9M22
Share price at the start of the period (Euro)
60.81
51.36
57.01
53.17
Share price at the end of the period (Euro)
49.15
46.75
49.15
46.75
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)
3Q21
3Q22
9M21
9M22
Mark-to-market
-567
-65
-284
69
Early termination fee of Bonds and Other
-180
-
-762
-120
Non-underlying net finance income/(cost)
-747
-65
-1 046
-51
Non-underlying net finance cost in 9M22 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
3Q21
3Q22
9M21
9M22
Share price at the start of the period (Euro)
60.81
51.36
57.01
53.17
Share price at the end of the period (Euro)
49.15
46.75
49.15
46.75
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)
3Q21
3Q22
9M21
9M22
Income tax expense
679
688
1 910
1 933
Effective tax rate
52.2%
28.3%
34.7%
27.0%
Normalized effective tax rate
35.1%
27.1%
29.5%
27.2%
Normalized effective tax rate before MTM
26.5%
26.3%
28.1%
27.5%
The decrease in normalized ETR excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs in 3Q22 compared to 3Q21 and the decrease in 9M22 compared to 9M21 is driven by country mix.
Figure 10. Normalized Profit attributable to equity holders of AB InBev (million USD)
3Q21
3Q22
9M21
9M22
Profit attributable to equity holders of AB InBev
250
1 433
2 708
3 126
Net impact of non-underlying items on profit
752
195
1 218
1 363
Normalized profit attributable to equity holders of AB InBev
1 002
1 629
3 926
4 489
Underlying profit attributable to equity holders of AB InBev
1 699
1 682
4 290
4 354
Basic, normalized and underlying EPS
Figure 11. Earnings per share (USD)
3Q21
3Q22
9M21
9M22
Basic earnings per share
0.12
0.71
1.35
1.55
Net impact of non-underlying items on profit
0.38
0.09
0.61
0.68
Normalized earnings per share
0.50
0.81
1.96
2.23
Underlying earnings per share
0.85
0.84
2.14
2.16
Weighted average number of ordinary and restricted shares (million)
2 006
2 012
2 006
2 012
Figure 12. Key components - Normalized Earnings per share in USD
3Q21
3Q22
9M21
9M22
Normalized EBIT before hyperinflation
2.01
2.02
5.40
5.58
Hyperinflation impacts in normalized EBIT
-
-0.01
-0.02
-0.03
Normalized EBIT
2.01
2.02
5.38
5.55
Mark-to-market (share-based payment programs)
-0.34
-0.04
-0.17
0.04
Net finance cost
-0.61
-0.65
-1.80
-1.87
Income tax expense
-0.37
-0.36
-1.01
-1.01
Associates & non-controlling interest
-0.19
-0.15
-0.45
-0.48
Normalized EPS
0.50
0.81
1.96
2.23
Mark-to-market (share-based payment programs)
0.34
0.04
0.17
-0.04
Hyperinflation impacts in EPS
0.01
-0.01
0.01
-0.03
Underlying EPS
0.85
0.84
2.14
2.16
Weighted average number of ordinary and restricted shares (million)
2 006
2 012
2 006
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)
3Q21
3Q22
9M21
9M22
Profit attributable to equity holders of AB InBev
250
1 433
2 708
3 126
Non-controlling interests
444
392
1 061
1 174
Profit
695
1 825
3 768
4 299
Income tax expense
679
688
1 910
1 933
Share of result of associates
-73
-81
-174
-210
Non-underlying share of results of associates
-
-
-
1 143
Net finance (income)/cost
1 900
1 392
3 948
3 674
Non-underlying net finance (income)/cost
747
65
1 046
51
Non-underlying items above EBIT
73
165
290
270
Normalized EBIT
4 020
4 055
10 788
11 160
Depreciation, amortization and impairment
1 194
1 259
3 539
3 736
Normalized EBITDA
5 214
5 313
14 327
14 896
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.
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. 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” for the quarter and within the column “Currency translation” year to date. In 9M22, we reported a positive impact on the profit attributable to equity holders of AB InBev of 52 million USD. The impact in 9M22 normalized EPS was 0.03 USD. Values in the figures and annexes may not add up, due to rounding. 3Q22 and 9M22 EPS is based upon a weighted average of 2 012 million shares compared to a weighted average of 2 006 million shares for 3Q21 and 9M21.
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. 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 third quarter 2022 (3Q22) and nine month (9M22) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 7, 9, 10 and 13 of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and for the nine months ended 30 September 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 and 12 have been extracted from the underlying accounting records as of and for the nine months ended 30 September 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.
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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
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
151 629
-
-
-
5 655
157 284
3.7%
of which AB InBev own beer
131 354
1 885
-
-
4 557
137 796
3.4%
Revenue
14 274
-118
-966
193
1 708
15 091
12.1%
Cost of sales
-6 039
3
462
-81
-1 205
-6 860
-20.0%
Gross profit
8 236
-115
-504
112
503
8 232
6.2%
SG&A
-4 379
111
311
-49
-341
-4 347
-8.0%
Other operating income/(expenses)
163
-1
-12
6
14
170
8.1%
Normalized EBIT
4 020
-5
-206
69
176
4 055
4.4%
Normalized EBITDA
5 214
-12
-302
76
337
5 313
6.5%
Normalized EBITDA margin
36.5%
35.2%
-183 bps
North America
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
28 137
1
-
-
-362
27 775
-1.3%
Revenue
4 342
-
-23
-
122
4 442
2.8%
Cost of sales
-1 625
-2
8
-
-180
-1 800
-11.1%
Gross profit
2 717
-2
-15
-
-58
2 642
-2.1%
SG&A
-1 189
-22
8
-
61
-1 142
5.1%
Other operating income/(expenses)
16
3
-
-
-13
6
-70.3%
Normalized EBIT
1 544
-22
-6
-
-11
1 506
-0.7%
Normalized EBITDA
1 743
-21
-7
-
-29
1 686
-1.6%
Normalized EBITDA margin
40.1%
37.9%
-174 bps
Middle Americas
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
35 591
19
-
-
1 705
37 314
4.8%
Revenue
3 163
-13
-66
-
490
3 574
15.5%
Cost of sales
-1 117
6
27
-
-311
-1 395
-28.0%
Gross profit
2 047
-7
-39
-
179
2 180
8.8%
SG&A
-759
4
15
-
-139
-880
-18.4%
Other operating income/(expenses)
5
-
-
-
-2
3
-
Normalized EBIT
1 292
-3
-24
-
38
1 303
2.9%
Normalized EBITDA
1 572
-3
-29
-
91
1 631
5.8%
Normalized EBITDA margin
49.7%
45.6%
-421 bps
South America
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
39 399
106
-
-
1 140
40 644
2.9%
Revenue
2 459
33
-459
193
661
2 887
27.0%
Cost of sales
-1 291
-11
219
-81
-359
-1 522
-27.9%
Gross profit
1 168
22
-240
112
302
1 364
26.0%
SG&A
-705
-40
132
-49
-192
-854
-26.2%
Other operating income/(expenses)
48
-4
-3
6
17
64
32.1%
Normalized EBIT
511
-22
-112
69
128
574
26.4%
Normalized EBITDA
716
-22
-148
76
172
795
25.0%
Normalized EBITDA margin
29.1%
27.5%
-41 bps
EMEA
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
22 124
24
-
-
1 576
23 724
7.1%
Revenue
2 136
-63
-272
-
310
2 110
14.9%
Cost of sales
- 984
-3
141
-
-219
-1 065
-22.1%
Gross profit
1 152
-66
-132
-
91
1 045
8.4%
SG&A
-704
67
90
-
-79
-627
-12.3%
Other operating income/(expenses)
58
1
-7
-
-2
50
-4.1%
Normalized EBIT
506
1
-49
-
10
468
1.9%
Normalized EBITDA
754
-7
-83
-
79
744
10.6%
Normalized EBITDA margin
35.3%
35.3%
-135 bps
Asia Pacific
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
26 020
1
-
-
1 589
27 610
6.1%
Revenue
1 901
-27
-131
-
132
1 876
7.1%
Cost of sales
-825
-1
59
-
-121
-889
-14.7%
Gross profit
1 076
-28
-72
-
11
987
1.1%
SG&A
-603
26
39
-
-11
-549
-1.9%
Other operating income/(expenses)
28
-
-2
-
10
36
35.0%
Normalized EBIT
500
-2
-35
-
10
474
1.9%
Normalized EBITDA
673
-2
-45
-
11
638
1.7%
Normalized EBITDA margin
35.4%
34.0%
-180 bps
Global Export and Holding Companies
3Q21
Scope
Currency Translation
Hyperinflation restatement
Organic Growth
3Q22
Organic Growth
Total volumes (thousand hls)
360
-150
-
-
8
217
3.7%
Revenue
272
-47
-16
-
-7
202
-3.2%
Cost of sales
-196
14
8
-
-14
-189
-7.9%
Gross profit
76
-33
-8
-
-22
14
-50.2%
SG&A
-418
76
27
-
19
-296
5.3%
Other operating income/(expenses)
7
-
-
-
5
12
64.3%
Normalized EBIT
-334
43
19
-
2
-270
0.7%
Normalized EBITDA
-245
43
10
-
12
-181
5.3%
Annex 2
AB InBev Worldwide
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
432 027
-
-
14 331
446 358
3.3%
of which AB InBev own beer
378 989
- 7
-
10 506
389 488
2.8%
Revenue
40 106
-346
-1 215
4 573
43 118
11.5%
Cost of sales
-17 001
6
573
-3 222
-19 644
-19.0%
Gross profit
23 105
-340
-641
1 351
23 475
5.9%
SG&A
-12 950
324
433
-771
-12 963
-6.1%
Other operating income/(expenses)
633
-19
-8
42
648
9.9%
Normalized EBIT
10 788
-35
-216
622
11 160
5.9%
Normalized EBITDA
14 327
-56
-361
986
14 896
7.0%
Normalized EBITDA margin
35.7%
34.5%
-143 bps
North America
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
81 389
1
-
-2 166
79 223
-2.7%
Revenue
12 382
-
-40
293
12 634
2.4%
Cost of sales
-4 705
-8
15
-450
-5 149
-9.6%
Gross profit
7 677
-8
-26
-158
7 486
-2.1%
SG&A
-3 539
-24
15
126
-3 421
3.6%
Other operating income/(expenses)
31
9
-
-6
34
-15.6%
Normalized EBIT
4 169
-23
-11
-38
4 098
-0.9%
Normalized EBITDA
4 756
-21
-13
-62
4 660
-1.3%
Normalized EBITDA margin
38.4%
36.9%
-137 bps
Middle Americas
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
103 570
41
-
5 727
109 338
5.5%
Revenue
9 057
-40
-173
1 424
10 267
15.8%
Cost of sales
-3 171
15
67
-930
-4 020
-29.5%
Gross profit
5 885
-25
-106
493
6 248
8.4%
SG&A
-2 336
18
40
-234
-2 511
-10.1%
Other operating income/(expenses)
9
-
1
-19
-9
-
Normalized EBIT
3 558
-6
-65
240
3 728
6.8%
Normalized EBITDA
4 397
-6
-76
377
4 691
8.6%
Normalized EBITDA margin
48.5%
45.7%
-303 bps
South America
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
111 327
257
-
5 875
117 459
5.3%
Revenue
6 605
85
-259
1 789
8 220
27.1%
Cost of sales
-3 382
-23
123
-1 034
-4 315
-30.6%
Gross profit
3 223
62
-135
755
3 905
23.3%
SG&A
-1 960
-100
72
-476
-2 463
-23.4%
Other operating income/(expenses)
336
-29
3
67
376
55.8%
Normalized EBIT
1 599
-67
-60
345
1 818
26.2%
Normalized EBITDA
2 163
-67
-89
454
2 461
24.1%
Normalized EBITDA margin
32.7%
29.9%
-64 bps
EMEA
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
62 665
53
-
3 968
66 686
6.3%
Revenue
5 899
-188
-519
858
6 050
15.0%
Cost of sales
-2 781
-8
264
-542
-3 066
-19.4%
Gross profit
3 118
-196
-254
316
2 984
10.8%
SG&A
-2 200
194
186
-149
-1 968
-7.4%
Other operating income/(expenses)
151
2
-13
-2
138
-1.3%
Normalized EBIT
1 069
-
-81
166
1 154
15.5%
Normalized EBITDA
1 815
-24
-147
293
1 936
16.4%
Normalized EBITDA margin
30.8%
32.0%
36 bps
Asia Pacific
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
72 101
2
-
891
72 995
1.2%
Revenue
5 401
-81
-193
220
5 347
4.1%
Cost of sales
-2 381
-1
85
-247
-2 544
-10.4%
Gross profit
3 020
-82
-108
-27
2 803
-0.9%
SG&A
-1 729
79
61
41
-1 548
2.5%
Other operating income/(expenses)
91
-
-2
13
103
14.1%
Normalized EBIT
1 382
-3
-48
27
1 358
1.9%
Normalized EBITDA
1 915
-3
-62
20
1 870
1.1%
Normalized EBITDA margin
35.5%
35.0%
-106 bps
Global Export and Holding Companies
9M21
Scope
Currency Translation
Organic Growth
9M22
Organic Growth
Total volumes (thousand hls)
975
-354
-
36
657
5.8%
Revenue
763
-122
-30
-10
601
-1.6%
Cost of sales
-582
31
19
-19
-551
-3.4%
Gross profit
182
-91
-11
-29
50
-32.0%
SG&A
-1 187
156
58
-79
-1 052
-7.5%
Other operating income/(expenses)
15
-
2
-10
7
-
Normalized EBIT
-990
65
49
-118
-995
-12.5%
Normalized EBITDA
-718
65
27
-96
-722
-14.4%
View source version on businesswire.com:https://www.businesswire.com/news/home/20221026006095/en/
CONTACT: Investors
Shaun Fullalove
Tel: +1 212 573 9287
E-mail:shaun.fullalove@ab-inbev.comMaria Glukhova
Tel: +32 16 276 888
E-mail:maria.glukhova@ab-inbev.comCyrus Nentin
Tel: +1 646 746 9673
E-mail:cyrus.nentin@ab-inbev.comMedia
Kate Laverge
Tel: +1 917 940 7421
E-mail:kate.laverge@ab-inbev.comAna Zenatti
Tel: +1 646 249 5440
E-mail:ana.zenatti@ab-inbev.comFallon Buckelew
Tel: +1 310 592 6319
E-mail:fallon.buckelew@ab-inbev.com
KEYWORD: BELGIUM EUROPE
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE WINE & SPIRITS
SOURCE: Anheuser-Busch InBev
Copyright Business Wire 2022.
PUB: 10/27/2022 01:00 AM/DISC: 10/27/2022 01:02 AM
http://www.businesswire.com/news/home/20221026006095/en
