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BRUSSELS--(BUSINESS WIRE)--Mar 2, 2023--
AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230301006162/en/
Terms and debt repayment schedule as of 31 December 2022 (billion USD) (Graphic: Business Wire)
“We delivered all-time high full-year volumes with accelerated revenue per hl, resulting in 11.2% revenue growth and EBITDA growth at the top-end of our outlook. Underlying EPS increased by 5.2% and another year of strong free cash flow generation resulted in deleveraging to a net debt to EBITDA ratio of 3.51x.”– Michel Doukeris, CEO, AB InBev
Total Revenue
| Underlying Profit (million USD)
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The 2022 Full Year Financial Report and 2022 ESG Report are 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 18.
Management comments
Creating a future with more cheers
Our business delivered another year of broad-based growth resulting in record high volumes and strong top- and bottom-line results. This was driven by the consistent execution of our strategy and strength of the beer category globally.
While 2022 was not without its challenges, including economic uncertainties, elevated input costs and supply chain disruptions which continued to constrain our full growth potential, we are pleased that our company once again delivered EBITDA growth at the upper end of our medium-term growth ambition and outlook for the year. Our performance is a direct result of our fundamental strengths and strategic choices, as we continued to invest in our brands, capabilities and accelerated digital transformation, while optimizing our business.
We continue to invest in our people and evolve our culture with important enhancements to our operating model to further embed a long-term growth and value creation mindset throughout our organization.
Delivering consistent growth
Our momentum continued in FY22, with our business delivering top-line growth of 11.2% with a volume increase of 2.3%. Revenue per hl increased by 8.6%, accelerating in the second half of the year driven by revenue management initiatives and continued premiumization. As a result of our record high volumes and top-line growth across all operating regions, our reported revenue is now approximately 5.5 billion USD ahead of FY19 pre-pandemic levels with volumes 5.8% ahead.
EBITDA increased by 7.2%, as our top-line growth was partially offset by anticipated transactional FX and commodity cost headwinds and higher selling, general and administrative expenses due primarily to elevated costs of distribution. Underlying USD earnings per share increased by 5.2%.
Progressing our strategic priorities
We made significant progress in FY22 across each of our three strategic pillars to deliver consistent growth and build on our platform for superior long-term value creation.
Advancing our sustainability priorities
We continue to deliver on our sustainability agenda to enable our commercial vision and fulfill our company purpose. We remain committed to the principles of the United Nations Global Compact. As part of our Smart Drinking program, we believe that through the power of our brands and marketing we can drive positive behavior change in society and reduce harmful consumption of alcohol. We invested over 700 million USD from 2016-2022 in social norms marketing campaigns and are on track to deliver our 1 billion USD goal by 2025.
In recognition of our leadership in corporate transparency and performance on climate change and water security we were recognized by CDP with a double A score and awarded the Gold Medal for International Corporate Achievement in Sustainable Development by the World Environment Center. We are also proud to be included in the 2023 Bloomberg Gender-Equality Index, a reference index that tracks the performance of public companies that have demonstrated their commitment to gender equality in the workplace.
We continued to make progress towards our ambitious 2025 Sustainability Goals. We contracted 97% of our global purchased electricity volume from renewables with 67.6% operational, and since 2017, we reduced our absolute GHG emissions across Scopes 1 and 2 by 39% and GHG emissions intensity across Scopes 1, 2 and 3 by approximately 21%. In Sustainable Agriculture, 89% of our direct farmers met our criteria for skilled, 72% for connected and 72% for financially empowered. In Water Stewardship, 100% of our sites located in high stress areas started implementation of solutions with six sites already seeing measurable impact. For Circular Packaging, 77% of our products were in packaging that was returnable or made from majority recycled content. We are also progressing on our ambition to achieve net zero by 2040, reaching carbon neutrality at an additional ten facilities in FY22, now totaling thirteen globally.
Please refer to our 2022 ESG report here for further details.
Creating a future with more cheers
Looking ahead to 2023, we believe the strength of the beer category remains fundamentally attractive as it is big, profitable and growing. While the operating environment may continue to be dynamic, we are laser-focused on executing our strategy and our business has momentum. Our strategic choices this year across revenue management, organizational structure and commercial investment position us well to continue delivering consistent profitable growth. We have an industry leading portfolio of brands across all price points, an advantaged geographic footprint with leading positions in most of the world’s largest beer profit pools and growth regions, and advanced digital products that are bringing us closer than ever to our customers and consumers. We are investing in our brands, facilities and digital transformation to support our organic growth potential and optimizing our financial profile through disciplined resource allocation and everyday efficiency.
Our performance this year would not have been possible without the passion and deep ownership culture of our people. Our teams worked with relentless commitment and high engagement throughout the year to deliver on our strategic and financial objectives and we take this opportunity to thank all our colleagues globally for their hard work and dedication.
Our continued momentum and the significant opportunities to deliver growth across our three strategic pillars reinforce our confidence in our ability to generate superior long-term value and deliver on our purpose to Dream Big to Create a Future with More Cheers.
2023 Outlook
Figure 1. Consolidated performance (million USD) | |||
4Q21 | 4Q22 | Organic | |
growth | |||
Total Volumes (thousand hls) | 149 651 | 148 775 | -0.6% |
AB InBev own beer | 129 708 | 128 502 | -0.9% |
Non-beer volumes | 19 062 | 19 421 | 1.9% |
Third party products | 881 | 853 | -3.2% |
Revenue | 14 198 | 14 668 | 10.2% |
Gross profit | 8 102 | 8 007 | 5.4% |
Gross margin | 57.1% | 54.6% | -249 bps |
Normalized EBITDA | 4 882 | 4 947 | 7.6% |
Normalized EBITDA margin | 34.4% | 33.7% | -80 bps |
Normalized EBIT | 3 650 | 3 608 | 3.9% |
Normalized EBIT margin | 25.7% | 24.6% | -147 bps |
| |||
Profit attributable to equity holders of AB InBev | 1 962 | 2 844 | |
Normalized profit attributable to equity holders of AB InBev | 1 797 | 1 965 | |
Underlying profit attributable to equity holders of AB InBev | 1 484 | 1 739 | |
| |||
Earnings per share (USD) | 0.98 | 1.41 | |
Normalized earnings per share (USD) | 0.90 | 0.98 | |
Underlying earnings per share (USD) | 0.74 | 0.86 | |
. | |||
. | |||
FY21 | FY22 | Organic | |
growth | |||
Total Volumes (thousand hls) | 581 678 | 595 133 | 2.3% |
AB InBev own beer | 508 698 | 517 990 | 1.8% |
Non-beer volumes | 69 612 | 73 241 | 5.2% |
Third party products | 3 368 | 3 903 | 15.9% |
Revenue | 54 304 | 57 786 | 11.2% |
Gross profit | 31 207 | 31 481 | 5.8% |
Gross margin | 57.5% | 54.5% | -276 bps |
Normalized EBITDA | 19 209 | 19 843 | 7.2% |
Normalized EBITDA margin | 35.4% | 34.3% | -126 bps |
Normalized EBIT | 14 438 | 14 768 | 5.4% |
Normalized EBIT margin | 26.6% | 25.6% | -137 bps |
| |||
Profit attributable to equity holders of AB InBev | 4 670 | 5 969 | |
Normalized profit attributable to equity holders of AB InBev | 5 723 | 6 454 | |
Underlying profit attributable to equity holders of AB InBev | 5 774 | 6 093 | |
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Earnings per share (USD) | 2.33 | 2.97 | |
Normalized earnings per share (USD) | 2.85 | 3.21 | |
Underlying earnings per share (USD) | 2.88 | 3.03 |
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Figure 2. Volumes (thousand hls) | ||||||
4Q21 | Scope | Organic | 4Q22 | Organic growth | ||
growth | Total Volume | Own beer volume | ||||
North America | 25 576 | 1 | -2 127 | 23 451 | -8.3% | -9.0% |
Middle Americas | 37 877 | 64 | 346 | 38 286 | 0.9% | 1.5% |
South America | 45 295 | 164 | 1 402 | 46 860 | 3.1% | 2.9% |
EMEA | 24 042 | 23 | 29 | 24 094 | 0.1% | 0.2% |
Asia Pacific | 16 278 | 2 | -376 | 15 903 | -2.3% | -2.2% |
Global Export and Holding Companies | 583 | -253 | -149 | 181 | -45.1% | -48.7% |
AB InBev Worldwide | 149 651 | - | - 876 | 148 775 | -0.6% | -0.9% |
. | ||||||
FY21 | Scope | Organic | FY22 | Organic growth | ||
growth | Total Volume | Own beer volume | ||||
North America | 106 965 | 2 | -4 293 | 102 674 | -4.0% | -4.1% |
Middle Americas | 141 447 | 105 | 6 072 | 147 624 | 4.3% | 5.2% |
South America | 156 622 | 421 | 7 276 | 164 319 | 4.6% | 2.6% |
EMEA | 86 707 | 76 | 3 997 | 90 780 | 4.6% | 4.6% |
Asia Pacific | 88 379 | 4 | 515 | 88 898 | 0.6% | 0.6% |
Global Export and Holding Companies | 1 558 | -607 | -112 | 838 | -11.8% | -14.3% |
AB InBev Worldwide | 581 678 | - | 13 455 | 595 133 | 2.3% | 1.8% |
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Key Market Performances
United States: Continued portfolio rebalancing delivered another year of top-line growth and stable EBITDA despite the elevated cost environment
Mexico: Double-digit top- and bottom-line growth with record high volumes
Colombia: Double-digit top- and bottom-line growth with record high per capita consumption
Brazil: Double-digit top- and bottom-line growth with record high volumes
Europe: Double-digit top-line and high-single digit bottom-line growth
South Africa: Double-digit top- and bottom-line growth with record high full year volumes despite capacity constraints in the fourth quarter
China: Continued premiumization though industry impacted by COVID-19 restrictions throughout the year
Highlights from our other markets
Consolidated Income Statement
Figure 3. Consolidated income statement (million USD) | |||
4Q21 | 4Q22 | Organic | |
growth | |||
Revenue | 14 198 | 14 668 | 10.2% |
Cost of sales | -6 096 | -6 661 | -16.6% |
Gross profit | 8 102 | 8 007 | 5.4% |
SG&A | -4 624 | -4 592 | -6.8% |
Other operating income/(expenses) | 172 | 193 | 11.4% |
Normalized profit from operations (normalized EBIT) | 3 650 | 3 608 | 3.9% |
Non-underlying items above EBIT (incl. impairment losses) | -324 | 19 | |
Net finance income/(cost) | -855 | - 973 | |
Non-underlying net finance income/(cost) | 240 | 550 | |
Share of results of associates | 75 | 89 | |
Income tax expense | -440 | 5 | |
Profit | 2 345 | 3 298 | |
Profit attributable to non-controlling interest | 383 | 454 | |
Profit attributable to equity holders of AB InBev | 1 962 | 2 844 | |
| |||
Normalized EBITDA | 4 882 | 4 947 | 7.6% |
Normalized profit attributable to equity holders of AB InBev | 1 797 | 1 965 | |
. | |||
FY21 | FY22 | Organic | |
growth | |||
Revenue | 54 304 | 57 786 | 11.2% |
Cost of sales | -23 097 | -26 305 | -18.4% |
Gross profit | 31 207 | 31 481 | 5.8% |
SG&A | -17 574 | -17 555 | -6.3% |
Other operating income/(expenses) | 805 | 841 | 10.3% |
Normalized profit from operations (normalized EBIT) | 14 438 | 14 768 | 5.4% |
Non-underlying items above EBIT (incl. impairment losses) | -614 | -251 | |
Net finance income/(cost) | -4 803 | -4 646 | |
Non-underlying net finance income/(cost) | -806 | 498 | |
Share of results of associates | 248 | 299 | |
Non-underlying share of results of associates | - | -1 143 | |
Income tax expense | -2 350 | -1 928 | |
Profit | 6 114 | 7 597 | |
Profit attributable to non-controlling interest | 1 444 | 1 628 | |
Profit attributable to equity holders of AB InBev | 4 670 | 5 969 | |
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Normalized EBITDA | 19 209 | 19 843 | 7.2% |
Normalized profit attributable to equity holders of AB InBev | 5 723 | 6 454 | |
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Consolidated other operating income/(expenses) in FY22 increased by 10.3% primarily driven by the sale of non-core assets and one-time gains. In FY22, Ambev recognized 201 million USD income in other operating income related to tax credits (FY21: 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) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
COVID-19 costs | -21 | -2 | -105 | -18 |
Restructuring | -37 | -47 | -172 | -110 |
Business and asset disposal (incl. impairment losses) | -261 | 72 | -247 | -71 |
AB InBev Efes related costs | - | -3 | - | -51 |
Acquisition costs / Business combinations | -5 | -1 | -17 | -1 |
SAB Zenzele Kabili costs | - | - | -72 | - |
Non-underlying items in EBIT | -324 | 19 | -614 | -251 |
Non-underlying share of results of associates | - | - | - | -1 143 |
EBIT excludes positive non-underlying items of 19 million USD in 4Q22 and negative non-underlying items of 251 million USD in FY22.
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) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Net interest expense | -853 | -785 | -3 561 | -3 294 |
Net interest on net defined benefit liabilities | -18 | -18 | -73 | -73 |
Accretion expense | -166 | -231 | -593 | -782 |
Mark-to-market | 312 | 248 | -23 | 331 |
Net interest income on Brazilian tax credits | 17 | 22 | 118 | 168 |
Other financial results | -146 | -208 | -670 | -997 |
Net finance income/(cost) | -855 | - 973 | -4 803 | -4 646 |
Net interest expense in FY22 decreased by 267 million USD, positively impacted by lower gross debt balances resulting from the proactive deployment of excess cash towards early bond redemptions, in line with our capital allocation priorities. Net finance costs in FY22 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 | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Share price at the start of the period (Euro) | 49.15 | 46.75 | 57.01 | 53.17 |
Share price at the end of the period (Euro) | 53.17 | 56.27 | 53.17 | 56.27 |
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) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Mark-to-market | 259 | 205 | -25 | 274 |
Gain/(loss) on bond redemption and other | -19 | 345 | -781 | 224 |
Non-underlying net finance income/(cost) | 240 | 550 | -806 | 498 |
Non-underlying net finance cost in FY22 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.
In FY22, we recorded a gain of 246 million USD (FY21: loss of (741) million USD) resulting from the redemption of certain bonds, primarily a result of the proactive deployment of excess cash balances towards gross debt reduction, in line with our capital allocation priorities.
Figure 8. Non-underlying equity derivative instruments | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Share price at the start of the period (Euro) | 49.15 | 46.75 | 57.01 | 53.17 |
Share price at the end of the period (Euro) | 53.17 | 56.27 | 53.17 | 56.27 |
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) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Income tax expense | 440 | -5 | 2 350 | 1 928 |
Effective tax rate | 16.2% | -0.2% | 28.6% | 18.6% |
Normalized effective tax rate | 24.3% | 11.0% | 28.0% | 23.0% |
Normalized effective tax rate before MTM | 27.4% | 12.2% | 27.9% | 23.8% |
The decrease in normalized ETR excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs in 4Q22 compared to 4Q21 is driven by higher distribution of interest on shareholders’ equity from Brazil and lower non-deductible costs.
Figure 10. Underlying Profit attributable to equity holders of AB InBev (million USD) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Profit attributable to equity holders of AB InBev | 1 962 | 2 844 | 4 670 | 5 969 |
Net impact of non-underlying items on profit | - 165 | -879 | 1 054 | 484 |
Normalized profit attributable to equity holders of AB InBev | 1 797 | 1 965 | 5 723 | 6 454 |
Underlying profit attributable to equity holders of AB InBev | 1 484 | 1 739 | 5 774 | 6 093 |
Both normalized and underlying profit attributable to equity holders in FY21 were positively impacted by 165 million USD, and in FY22 by 186 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) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Basic EPS | 0.98 | 1.41 | 2.33 | 2.97 |
Net impact of non-underlying items on profit | -0.08 | -0.44 | 0.53 | 0.23 |
Normalized EPS | 0.90 | 0.98 | 2.85 | 3.21 |
Underlying EPS | 0.74 | 0.86 | 2.88 | 3.03 |
Weighted average number of ordinary and restricted shares (million) | 2 007 | 2 013 | 2 007 | 2 013 |
Figure 12. Key components - Underlying EPS in USD | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Normalized EBIT before hyperinflation | 1.82 | 1.83 | 7.22 | 7.41 |
Hyperinflation impacts in normalized EBIT | - | -0.04 | -0.02 | -0.07 |
Normalized EBIT | 1.83 | 1.79 | 7.19 | 7.34 |
Mark-to-market (share-based payment programs) | 0.16 | 0.12 | -0.01 | 0.16 |
Net finance cost | -0.58 | -0.61 | -2.38 | -2.47 |
Income tax expense | -0.34 | -0.14 | -1.34 | -1.16 |
Associates & non-controlling interest | -0.16 | -0.19 | -0.61 | -0.67 |
Normalized EPS | 0.90 | 0.98 | 2.85 | 3.21 |
Mark-to-market (share-based payment programs) | -0.16 | -0.12 | 0.01 | -0.16 |
Hyperinflation impacts in EPS | - | 0.01 | 0.01 | -0.02 |
Underlying EPS | 0.74 | 0.86 | 2.88 | 3.03 |
Weighted average number of ordinary and restricted shares (million) | 2 007 | 2 013 | 2 007 | 2 013 |
Reconciliation between normalized EBITDA and profit attributable to equity holders
Figure 13. Reconciliation of normalized EBITDA to profit attributable to equity holders of AB InBev (million USD) | ||||
4Q21 | 4Q22 | FY21 | FY22 | |
Profit attributable to equity holders of AB InBev | 1 962 | 2 844 | 4 670 | 5 969 |
Non-controlling interests | 383 | 454 | 1 444 | 1 628 |
Profit | 2 345 | 3 298 | 6 114 | 7 597 |
Income tax expense | 440 | -5 | 2 350 | 1 928 |
Share of result of associates | -75 | -89 | -248 | -299 |
Non-underlying share of results of associates | - | - | - | 1 143 |
Net finance (income)/cost | 855 | 973 | 4 803 | 4 646 |
Non-underlying net finance (income)/cost | -240 | -550 | 806 | -498 |
Non-underlying items above EBIT (incl. impairment losses) | 324 | -19 | 614 | 251 |
Normalized EBIT | 3 650 | 3 608 | 14 438 | 14 768 |
Depreciation, amortization and impairment | 1 231 | 1 338 | 4 771 | 5 074 |
Normalized EBITDA | 4 882 | 4 947 | 19 209 | 19 843 |
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) | ||
FY21 | FY22 | |
Operating activities | ||
Profit of the period | 6 114 | 7 597 |
Interest, taxes and non-cash items included in profit | 12 693 | 12 344 |
Cash flow from operating activities before changes in working capital and use of provisions | 18 806 | 19 941 |
| ||
Change in working capital | 2 459 | - 346 |
Pension contributions and use of provisions | -375 | -351 |
Interest and taxes (paid)/received | -6 197 | -6 104 |
Dividends received | 106 | 158 |
Cash flow from operating activities | 14 799 | 13 298 |
| ||
Investing activities | ||
Net capex | -5 498 | -4 838 |
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | -444 | -70 |
Net proceeds from sale/(acquisition) of other assets | 65 | 288 |
Cash flow from investing activities | -5 878 | -4 620 |
| ||
Financing activities | ||
Dividends paid | -2 364 | -2 442 |
Net (payments on)/proceeds from borrowings | -8 511 | -7 174 |
Payment of lease liabilities | -531 | -610 |
Sale/(purchase) of non-controlling interests and other | -192 | -394 |
Cash flow from financing activities | -11 598 | -10 620 |
. | ||
Net increase/(decrease) in cash and cash equivalents | -2 677 | -1 942 |
FY22 recorded a decrease in cash and cash equivalents of 1 942 million USD compared to a decrease of 2 677 million USD in FY21, with the following movements:
Our net debt decreased to 69.7 billion USD as of 31 December 2022 from 76.2 billion USD as of 31 December 2021.
Our net debt to normalized EBITDA ratio was 3.51 x as of 31 December 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 of 3.1 billion USD and in December 2022 of 3.9 billion USD, 95% of our bond portfolio holds a fixed-interest rate, 42% 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 31 December 2022, we had total liquidity of 20.0 billion USD, which consisted of 10.1 billion USD available under committed long-term credit facilities and 9.9 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts.
2023 presentation update
As from 1 January 2023 mark-to-market gains/(losses) on derivatives related to the hedging of our share-based payment programs will be reported in the non-underlying net finance income/(cost). As a result, we will discontinue disclosing Normalized EPS as a separate metric.
Proposed full year 2022 dividend
The AB InBev Board proposes a full year 2022 dividend of 0.75 EUR per share, subject to shareholder approval at the AGM on 26 April 2023. In line with the Company’s financial discipline and deleveraging objectives, the recommended dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-coupon, record and payment dates can be found below:
Dividend Timeline | |||
Ex-coupon date | Record Date | Payment date | |
Euronext | 3 May 2023 | 4 May 2023 | 5 May 2023 |
MEXBOL | 3 May 2023 | 4 May 2023 | 5 May 2023 |
JSE | 2 May 2023 | 4 May 2023 | 5 May 2023 |
NYSE (ADR program) | 3 May 2023 | 4 May 2023 | 8 June 2023 |
Restricted Shares | 3 May 2023 | 4 May 2023 | 5 May 2023 |
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 since 3Q18. 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 FY22, we reported a positive impact on the profit attributable to equity holders of AB InBev of 30 million USD. The impact in FY22 normalized EPS was 0.02 USD. Values in the figures and annexes may not add up, due to rounding. 4Q22 and FY22 EPS is based upon a weighted average of 2 013 million shares compared to a weighted average of 2 007 million shares for 4Q21 and FY21.
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 risks and uncertainties relating to AB InBev that are 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 any further worsening of the global business and economic environment, the ongoing conflict in Russia and Ukraine and the COVID-19 pandemic. 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 full year 2022 (FY22) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 7, 9, 10,13 and 14 of this press release have been extracted from the group’s audited consolidated financial statements as of and for the twelve months ended 31 December 2022, which have been audited by our statutory auditors PwC Réviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV in accordance with International Standards on Auditing as applied in Belgium and resulted in an unqualified audit opinion. The fourth quarter 2022 (4Q22) and financial data included in Figures 6, 8 11, 12 and 15 have been extracted from the underlying accounting records as of and for the twelve months ended 31 December 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, 2 March 2023:
3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 4Q & FY22 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 (AB InBev)
Anheuser-Busch InBev (AB 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 167,000 colleagues based in nearly 50 countries worldwide. For 2022, AB InBev’s reported revenue was 57.8 billion USD (excluding JVs and associates).
Annex 1: Segment reporting (4Q)
AB InBev Worldwide | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 149 651 | - | - | - | - 876 | 148 775 | -0.6% |
of which AB InBev own beer | 129 708 | -3 | - | - | -1 204 | 128 502 | -0.9% |
Revenue | 14 198 | -49 | -1 117 | 196 | 1 440 | 14 668 | 10.2% |
Cost of sales | -6 096 | 10 | 514 | -82 | -1 008 | -6 661 | -16.6% |
Gross profit | 8 102 | -39 | -603 | 114 | 432 | 8 007 | 5.4% |
SG&A | -4 624 | 41 | 351 | -50 | -310 | -4 592 | -6.8% |
Other operating income/(expenses) | 172 | 7 | -16 | 9 | 21 | 193 | 11.4% |
Normalized EBIT | 3 650 | 9 | -267 | 73 | 143 | 3 608 | 3.9% |
Normalized EBITDA | 4 882 | 2 | -367 | 59 | 371 | 4 947 | 7.6% |
Normalized EBITDA margin | 34.4% | 33.7% | -80 bps | ||||
| |||||||
North America | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 25 576 | 1 | - | - | -2 127 | 23 451 | -8.3% |
Revenue | 3 875 | -5 | -35 | - | 96 | 3 931 | 2.5% |
Cost of sales | -1 479 | -2 | 12 | - | -96 | -1 566 | -6.5% |
Gross profit | 2 396 | -7 | -23 | - | - | 2 366 | 0.0% |
SG&A | -1 230 | - | 15 | - | 50 | -1 166 | 4.0% |
Other operating income/(expenses) | 14 | 7 | - | - | -10 | 11 | -46.2% |
Normalized EBIT | 1 180 | - | -9 | - | 40 | 1 211 | 3.4% |
Normalized EBITDA | 1 375 | - | -11 | - | 32 | 1 397 | 2.4% |
Normalized EBITDA margin | 35.5% | 35.5% | -5 bps | ||||
| |||||||
Middle Americas | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 37 877 | 64 | - | - | 346 | 38 286 | 0.9% |
Revenue | 3 484 | -14 | -26 | - | 468 | 3 913 | 13.5% |
Cost of sales | -1 256 | 8 | 11 | - | -283 | -1 521 | -22.7% |
Gross profit | 2 228 | -6 | -15 | - | 185 | 2 392 | 8.3% |
SG&A | -813 | 4 | 1 | - | -71 | -879 | -8.8% |
Other operating income/(expenses) | 15 | - | -1 | - | -17 | -3 | - |
Normalized EBIT | 1 430 | -1 | -15 | - | 97 | 1 510 | 6.8% |
Normalized EBITDA | 1 729 | -1 | -11 | - | 155 | 1 872 | 9.0% |
Normalized EBITDA margin | 49.6% | 47.9% | -197 bps | ||||
| |||||||
South America | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 45 295 | 164 | - | - | 1 402 | 46 860 | 3.1% |
Revenue | 2 889 | 49 | -611 | 196 | 857 | 3 380 | 29.8% |
Cost of sales | -1 382 | -13 | 257 | -82 | -441 | -1 661 | -32.2% |
Gross profit | 1 507 | 36 | -354 | 114 | 415 | 1 718 | 27.6% |
SG&A | -802 | -43 | 161 | -50 | -262 | -995 | -31.6% |
Other operating income/(expenses) | 61 | -1 | -3 | 9 | 31 | 97 | 46.2% |
Normalized EBIT | 766 | -8 | -196 | 73 | 185 | 820 | 24.8% |
Normalized EBITDA | 962 | -7 | -235 | 59 | 271 | 1 050 | 28.8% |
Normalized EBITDA margin | 33.3% | 31.1% | -20 bps |
EMEA | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 24 042 | 23 | - | - | 29 | 24 094 | 0.1% |
Revenue | 2 133 | 40 | -279 | - | 176 | 2 070 | 8.1% |
Cost of sales | -1 012 | -3 | 153 | - | -239 | -1 101 | -23.5% |
Gross profit | 1 121 | 37 | -126 | - | -62 | 969 | -5.4% |
SG&A | -655 | -59 | 90 | - | -13 | -636 | -1.8% |
Other operating income/(expenses) | 49 | - | -8 | - | 19 | 60 | 37.8% |
Normalized EBIT | 515 | -22 | -44 | - | -56 | 393 | -11.0% |
Normalized EBITDA | 784 | -30 | -81 | - | 3 | 676 | 0.4% |
Normalized EBITDA margin | 36.7% | 32.6% | -254 bps | ||||
| |||||||
Asia Pacific | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 16 278 | 2 | - | - | -376 | 15 903 | -2.3% |
Revenue | 1 447 | -51 | -150 | - | -61 | 1 185 | -4.4% |
Cost of sales | -667 | - | 72 | - | -28 | -624 | -4.2% |
Gross profit | 780 | -51 | -78 | - | -89 | 561 | -12.3% |
SG&A | -602 | 49 | 53 | - | -20 | -520 | -3.7% |
Other operating income/(expenses) | 48 | - | -2 | - | -11 | 34 | -23.3% |
Normalized EBIT | 226 | -2 | -27 | - | -121 | 76 | -53.9% |
Normalized EBITDA | 406 | -2 | -43 | - | -127 | 234 | -31.4% |
Normalized EBITDA margin | 28.0% | 19.8% | -815 bps | ||||
| |||||||
Global Export and Holding Companies | 4Q21 | Scope | Currency | Hyperinflation | Organic | 4Q22 | Organic |
Total volumes (thousand hls) | 583 | -253 | - | - | -149 | 181 | -45.1% |
Revenue | 369 | -69 | -15 | - | -97 | 189 | -32.1% |
Cost of sales | -299 | 21 | 10 | - | 79 | -189 | 28.5% |
Gross profit | 70 | -48 | -5 | - | -17 | - | -77.6% |
SG&A | -522 | 90 | 31 | - | 6 | -395 | 1.4% |
Other operating income/(expenses) | -15 | 1 | -1 | - | 9 | -6 | 66.8% |
Normalized EBIT | -467 | 43 | 24 | - | -2 | -401 | -0.4% |
Normalized EBITDA | -374 | 42 | 14 | - | 36 | -282 | 10.2% |
Annex 2: Segment reporting (FY)
AB InBev Worldwide | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 581 678 | - | - | 13 455 | 595 133 | 2.3% |
of which AB InBev own beer | 508 698 | - 10 | - | 9 302 | 517 990 | 1.8% |
Revenue | 54 304 | -395 | -2 136 | 6 013 | 57 786 | 11.2% |
Cost of sales | -23 097 | 16 | 1 006 | -4 230 | -26 305 | -18.4% |
Gross profit | 31 207 | -378 | -1 130 | 1 782 | 31 481 | 5.8% |
SG&A | -17 574 | 365 | 735 | -1 080 | -17 555 | -6.3% |
Other operating income/(expenses) | 805 | -12 | -15 | 63 | 841 | 10.3% |
Normalized EBIT | 14 438 | -26 | -410 | 765 | 14 768 | 5.4% |
Normalized EBITDA | 19 209 | -54 | -669 | 1 357 | 19 843 | 7.2% |
Normalized EBITDA margin | 35.4% | 34.3% | -126 bps | |||
| ||||||
North America | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 106 965 | 2 | - | -4 293 | 102 674 | -4.0% |
Revenue | 16 257 | -5 | -76 | 389 | 16 566 | 2.4% |
Cost of sales | -6 185 | -10 | 27 | -546 | -6 714 | -8.8% |
Gross profit | 10 072 | -14 | -49 | -157 | 9 851 | -1.6% |
SG&A | -4 769 | -24 | 30 | 176 | -4 587 | 3.7% |
Other operating income/(expenses) | 46 | 15 | - | -16 | 45 | -26.1% |
Normalized EBIT | 5 349 | -23 | -19 | 3 | 5 309 | 0.1% |
Normalized EBITDA | 6 131 | -21 | -24 | -29 | 6 057 | -0.5% |
Normalized EBITDA margin | 37.7% | 36.6% | -106 bps | |||
Middle Americas | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 141 447 | 105 | - | 6 072 | 147 624 | 4.3% |
Revenue | 12 541 | -53 | -199 | 1 892 | 14 180 | 15.1% |
Cost of sales | -4 428 | 23 | 78 | -1 213 | -5 540 | -27.5% |
Gross profit | 8 113 | -31 | -122 | 679 | 8 639 | 8.4% |
SG&A | -3 149 | 23 | 42 | -305 | -3 390 | -9.8% |
Other operating income/(expenses) | 24 | - | - | -36 | -12 | - |
Normalized EBIT | 4 988 | -8 | -80 | 337 | 5 238 | 6.8% |
Normalized EBITDA | 6 126 | -7 | -87 | 532 | 6 564 | 8.7% |
Normalized EBITDA margin | 48.8% | 46.3% | -274 bps | |||
| ||||||
South America | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 156 622 | 421 | - | 7 276 | 164 319 | 4.6% |
Revenue | 9 494 | 134 | -674 | 2 645 | 11 599 | 27.9% |
Cost of sales | -4 763 | -36 | 298 | -1 475 | -5 976 | -31.1% |
Gross profit | 4 730 | 98 | -376 | 1 170 | 5 623 | 24.7% |
SG&A | -2 762 | -143 | 184 | -738 | -3 458 | -25.7% |
Other operating income/(expenses) | 397 | -30 | 9 | 97 | 473 | 52.4% |
Normalized EBIT | 2 365 | -75 | -183 | 530 | 2 638 | 25.7% |
Normalized EBITDA | 3 125 | -74 | -265 | 724 | 3 511 | 25.7% |
Normalized EBITDA margin | 32.9% | 30.3% | -49 bps |
EMEA | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 86 707 | 76 | - | 3 997 | 90 780 | 4.6% |
Revenue | 8 032 | -148 | -798 | 1 034 | 8 120 | 13.1% |
Cost of sales | -3 793 | -11 | 417 | -780 | -4 167 | -20.5% |
Gross profit | 4 239 | -159 | -381 | 254 | 3 953 | 6.2% |
SG&A | -2 855 | 135 | 277 | -161 | -2 604 | -6.0% |
Other operating income/(expenses) | 200 | 2 | -21 | 17 | 198 | 8.2% |
Normalized EBIT | 1 584 | -22 | -125 | 109 | 1 546 | 6.9% |
Normalized EBITDA | 2 598 | -54 | -229 | 296 | 2 612 | 11.5% |
Normalized EBITDA margin | 32.4% | 32.2% | -45 bps | |||
| ||||||
Asia Pacific | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 88 379 | 4 | - | 515 | 88 898 | 0.6% |
Revenue | 6 848 | -132 | -343 | 159 | 6 532 | 2.4% |
Cost of sales | -3 048 | -1 | 157 | -275 | -3 168 | -9.0% |
Gross profit | 3 800 | -134 | -186 | -116 | 3 364 | -3.2% |
SG&A | -2 330 | 128 | 115 | 20 | -2 067 | 0.9% |
Other operating income/(expenses) | 139 | - | -4 | 2 | 137 | 1.3% |
Normalized EBIT | 1 609 | -5 | -76 | -94 | 1 433 | -5.9% |
Normalized EBITDA | 2 321 | -5 | -105 | -106 | 2 104 | -4.6% |
Normalized EBITDA margin | 33.9% | 32.2% | -234 bps | |||
| ||||||
Global Export and Holding Companies | FY21 | Scope | Currency | Organic | FY22 | Organic |
Total volumes (thousand hls) | 1 558 | -607 | - | -112 | 838 | -11.8% |
Revenue | 1 133 | -190 | -45 | -107 | 790 | -11.4% |
Cost of sales | -880 | 52 | 29 | 60 | -740 | 7.3% |
Gross profit | 252 | -139 | -16 | -47 | 50 | -40.9% |
SG&A | -1 709 | 246 | 88 | -72 | -1 447 | -4.8% |
Other operating income/(expenses) | - | 1 | 1 | -1 | 1 | - |
Normalized EBIT | -1 457 | 108 | 73 | -120 | -1 396 | -8.6% |
Normalized EBITDA | -1 093 | 108 | 41 | -60 | -1 004 | -5.9% |
Annex 3: Consolidated statement of financial position
As of | ||
Million US dollar | 31 December 2022 | 31 December 2021 |
| ||
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 26 671 | 26 678 |
Goodwill | 113 010 | 115 796 |
Intangible assets | 40 209 | 40 430 |
Investment in associates | 4 656 | 5 874 |
Investment securities | 175 | 161 |
Deferred tax assets | 2 300 | 1 969 |
Pensions and similar obligations | 11 | 5 |
Income tax receivables | 883 | 1 137 |
Derivatives | 60 | 48 |
Trade and other receivables | 1 782 | 1 580 |
Total non-current assets | 189 757 | 193 678 |
| ||
Current assets | ||
Investment securities | 97 | 374 |
Inventories | 6 612 | 5 399 |
Income tax receivables | 813 | 381 |
Derivatives | 331 | 621 |
Trade and other receivables | 5 330 | 5 046 |
Cash and cash equivalents | 9 973 | 12 097 |
Assets classified as held for sale | 30 | 30 |
Total current assets | 23 186 | 23 949 |
| ||
Total assets | 212 943 | 217 627 |
| ||
EQUITY AND LIABILITIES | ||
Equity | ||
Issued capital | 1 736 | 1 736 |
Share premium | 17 620 | 17 620 |
Reserves | 15 218 | 15 431 |
Retained earnings | 38 823 | 33 882 |
Equity attributable to equity holders of AB InBev | 73 398 | 68 669 |
| ||
Non-controlling interests | 10 880 | 10 671 |
Total equity | 84 278 | 79 340 |
| ||
Non-current liabilities | ||
Interest-bearing loans and borrowings | 78 880 | 87 369 |
Pensions and similar obligations | 1 534 | 2 261 |
Deferred tax liabilities | 11 818 | 12 204 |
Income tax payables | 610 | 726 |
Derivatives | 184 | 100 |
Trade and other payables | 859 | 1 008 |
Provisions | 396 | 436 |
Total non-current liabilities | 94 282 | 104 104 |
| ||
Current liabilities | ||
Bank overdrafts | 83 | 53 |
Interest-bearing loans and borrowings | 1 029 | 1 408 |
Income tax payables | 1 438 | 1 334 |
Derivatives | 5 308 | 5 786 |
Trade and other payables | 26 349 | 25 434 |
Provisions | 176 | 169 |
Total current liabilities | 34 383 | 34 184 |
| ||
Total equity and liabilities | 212 943 | 217 627 |
Annex 4: Consolidated statement of cash flows
For the year ended 31 December | ||
Million US dollar | 2022 | 2021 |
. | ||
OPERATING ACTIVITIES | ||
Profit of the period | 7 597 | 6 114 |
Depreciation, amortization and impairment | 5 078 | 5 052 |
Net finance cost/(income) | 4 148 | 5 609 |
Equity-settled share-based payment expense | 448 | 510 |
Income tax expense | 1 928 | 2 350 |
Other non-cash items | -102 | -581 |
Share of result of associates | 844 | -248 |
Cash flow from operating activities before changes in working capital and use of provisions | 19 941 | 18 806 |
Decrease/(increase) in trade and other receivables | -48 | 164 |
Decrease/(increase) in inventories | -1 547 | -1 232 |
Increase/(decrease) in trade and other payables | 1 249 | 3 527 |
Pension contributions and use of provisions | -351 | -375 |
Cash generated from operations | 19 244 | 20 890 |
Interest paid | -4 133 | -3 987 |
Interest received | 611 | 200 |
Dividends received | 158 | 106 |
Income tax paid | -2 582 | -2 410 |
Cash flow from operating activities | 13 298 | 14 799 |
. | ||
INVESTING ACTIVITIES | ||
Acquisition of property, plant and equipment and of intangible assets | -5 160 | -5 640 |
Proceeds from sale of property, plant and equipment and of intangible assets | 322 | 142 |
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of | -70 | -444 |
Proceeds from sale/(acquisition) of other assets | 288 | 65 |
Cash flow from/(used in) investing activities | -4 620 | -5 878 |
. | ||
FINANCING ACTIVITIES | ||
Sale/(purchase) of non-controlling interests | -20 | - |
Proceeds from borrowings | 91 | 454 |
Payments on borrowings | -7 265 | -8 965 |
Cash net finance (cost)/income other than interests | -374 | -192 |
Payment of lease liabilities | -610 | -531 |
Dividends paid | -2 442 | -2 364 |
Cash flow from/(used in) financing activities | -10 620 | -11 598 |
| ||
Net increase/(decrease) in cash and cash equivalents | -1 942 | -2 677 |
Cash and cash equivalents less bank overdrafts at beginning of year | 12 043 | 15 247 |
Effect of exchange rate fluctuations | -211 | -526 |
Cash and cash equivalents less bank overdrafts at end of period | 9 890 | 12 043 |
View source version on businesswire.com:https://www.businesswire.com/news/home/20230301006162/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: FOOD/BEVERAGE RETAIL
SOURCE: AB InBev
Copyright Business Wire 2023.
PUB: 03/02/2023 01:30 AM/DISC: 03/02/2023 01:31 AM
http://www.businesswire.com/news/home/20230301006162/en