From Anheuser-Busch:
HIGHLIGHTS
Except where otherwise stated, the comments below are based on organic figures and refer to FY13 and 4Q13 versus the same period of last year. For important disclaimers please refer to page 20.
Revenue growth: Revenue grew 3.3% in FY13 and 4.6% in 4Q13, with revenue per hl
growth of 5.8% in FY13 and 8.4% in 4Q13 on a constant geographic basis, resulting from
favorable brand mix and revenue management best practices
Volume performance: Total and own beer volumes declined 2.0% in FY13, while non-beer
volumes decreased 2.2%. In 4Q13, total volumes declined 1.7%, with own beer volumes
down 2.0% and non-beer volumes flat
Focus Brands: Our Focus Brands volumes declined by 0.9% in FY13, driven by challenging
macro-economic conditions in a number of our markets. Our global brands grew 4.7% in
FY13, led by growth in Budweiser and Corona of 6.4% and 3.9%, respectively. In 4Q13, our
Focus Brands declined by 2.1%, with growth in our global brands of 2.9%
Cost of Sales (CoS): CoS increased 0.9% in FY13 and decreased by 0.3% in 4Q13. CoS
per hl increased 4.3% in FY13 and 1.9% in 4Q13 on a constant geographic basis
EBITDA: EBITDA grew 8.1% in FY13 to 17 188 million USD, with a margin of 39.8%, an
increase of 179 bps. In 4Q13, EBITDA grew 13.1% to 5 199 million USD with margin
expansion of 336 bps, and includes a 143 million USD one time gain, recorded in other
operating income, related to the recovery of restricted funds in Brazil
Net finance costs: Net finance costs (excl. non-recurring net finance costs) in FY13 were
2 486 million USD, and 669 million USD in 4Q13
Income taxes: Income tax in FY13 was 2 016 million USD with a normalized effective tax
rate of 16.6%, compared to an income tax expense of 1 680 million USD in FY12 with a
normalized effective tax rate of 16.1%
Profit: Normalized profit attributable to equity holders of AB InBev grew 10.2% in nominal
terms to 7 936 million USD in FY13 from 7 201 million USD in FY12. Normalized profit in
4Q13 increased by 34% in nominal terms to 2 374 million USD in 4Q13 from 1 772 million
USD in 4Q12
Earnings per share: Normalized earnings per share (EPS) grew by 9.1% to 4.91 USD in
FY13 from 4.50 USD in FY12, and increased by 32.7% to 1.46 USD in 4Q13 from 1.10 USD
in 4Q12
Cash flow: Cash flow from operating activities increased to 13 864 million USD in FY13
from 13 268 million USD in FY12, despite significant foreign exchange headwinds
Net debt: Our net debt as of 31 December 2013 was 38.8 billion USD, an increase of
8.7 billion USD from 31 December 2012, mainly due to the combination with Grupo Modelo.
The net debt to normalized EBITDA ratio increased from 1.94x at the end of 2012 to 2.26x
on a reported basis as of 31 December 2013, or 2.16x when including 12 months of Grupo
Modelo EBITDA
Dividend: The AB InBev Board proposes a final dividend of 1.45 EUR per share, subject to
shareholder approval at the AGM on 30 April 2014, bringing the total dividend for the fiscal
year 2013 to 2.05 EUR per share, an increase of 21% over fiscal year 2012. If approved, the
shares will trade ex-coupon as of 5 May 2014 and dividends will be payable as from 8 May
2014. The record date will be 7 May 2014
2013 Full Year Financial Report is available on our website at www.ab-inbev.com
MANAGEMENT COMMENTS
In 2013, Anheuser-Busch InBev continued to focus on creating and expanding opportunities, by
investing for the long-term, building on our strong position as the brewer of many of the world’s
favorite beer brands, and constantly striving to deliver on big goals and even bigger dreams. As
a result, our team delivered solid progress on many fronts during the past year, including:
Growth in key financial measures such as revenue, EBITDA, operating cash flow and
normalized earnings per share
The successful integration of Grupo Modelo, a truly exciting development that we believe
will unlock opportunities for growth in Mexico, one of the largest beer markets in the world,
and deliver global brand growth, new market potential, and substantial cost synergies
Ongoing expansion of our Global Brands, Budweiser, Stella Artois and our newest global
brand, Corona
A powerful innovation pipeline that has produced industry-leading new products
Significant strides forward in our Better World programs focused on promoting responsible
drinking, environmental stewardship and community involvement
Full press-release can be found here.
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