Wrap Text
Anheuser-Busch InBev announces the Reference Base following the combination with SABMiller
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev”)
THE ENCLOSED INFORMATION CONSTITUTES INSIDE INFORMATION AND IS TO BE CONSIDERED AS 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.
Anheuser-Busch InBev announces the Reference Base following the combination with SABMiller
Anheuser-Busch InBev (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) (“AB InBev”)
announces the Reference Base for AB InBev following its business combination with SABMiller plc
(“SABMiller”).
Given the transformational nature of the combination with SABMiller, we have updated our 2015 and
2016 segment reporting for purposes of results announcements and internal review by senior
management. This presentation includes, for comparative purposes, the results of AB InBev for 4Q15,
1Q16, 2Q16 and 3Q16, as if the combination with SABMiller had taken place at the beginning of 4Q15.
For external reporting purposes, AB InBev will continue to present its results under the existing six
regions. However, with effect from 4Q16, these regions will also include the former SABMiller
geographies. Colombia, Peru, Ecuador, Honduras and El Salvador will be reported together with Mexico
as Latin America West, Panama will be reported within Latin America North, Africa will be reported
together with Europe as EMEA, and Australia, India and Vietnam will be reported within APAC. This
external reporting presentation has no impact on the operational management and organizational
structure within AB InBev which was announced on 4 August 2016.
The six regions are:
(i) North America
(ii) Latin America West
(iii) Latin America North
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(iv) Latin America South
(v) EMEA
(vi) Asia Pacific
We will also continue to report the results of Global Export and Holding Companies which include our
global headquarters, the export businesses which have not been allocated to the regions, and the interim
supply agreement with Constellation Brands, Inc.
Our six geographic regions plus our Global Export and Holding Companies will comprise our seven
segments for all financial reporting purposes.
The Reference Base has been prepared on the following basis:
(i) The Reference Base excludes the results of those business sold since the combination was
completed, including the joint venture stakes in MillerCoors and CR Snow, and the sale of
the Peroni, Grolsch and Meantime brands and associated businesses in Italy, the
Netherlands, the UK and internationally
(ii) The Reference Base excludes the results of the Central and Eastern Europe business and
the stake in Distell. Binding sale agreements have been announced for these businesses
but the transactions have not yet closed. As per IFRS rules, the results of the Central and
Eastern Europe business will be reported as “Results from discontinued operations” until
the sale is completed. The results of Distell will be reported as share of results of
associates, and accordingly, excluded from normalized EBIT and EBITDA
(iii) Exports to countries in which AB InBev has operations following the combination, were
allocated to the respective regions in the Reference Base
(iv) On 21 December 2016, The Coca-Cola Company and AB InBev announced that they had
reached agreement regarding the transition of AB InBev’s 54.5% equity stake in Coca-Cola
Beverages Africa (“CCBA”). For the purposes of the Reference Base, the results of CCBA
are included in “EMEA” and will continue to be reported within that region throughout AB
InBev’s ownership of its stake in CCBA
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REFERENCE BASE (million USD)
AB InBev Worldwide 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 156,353 142,845 150,652 162,944 456,441
of which AB InBev own beer 127,733 117,797 128,312 134,913 381,022
Revenue 14,047 12,073 13,453 14,210 39,736
Cost of sales -5,238 -4,803 -5,262 -5,698 -15,764
Gross profit 8,809 7,270 8,192 8,511 23,973
SG&A -4,518 -3,960 -4,614 -4,716 -13,291
Other operating income/(expenses) 362 208 284 200 692
Normalized EBIT 4,653 3,517 3,862 3,995 11,374
Normalized EBITDA 5,619 4,490 4,856 5,039 14,385
Normalized EBITDA margin 40.0% 37.2% 36.1% 35.5% 36.2%
North America 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 27,317 26,913 31,526 31,912 90,351
Revenue 3,644 3,532 4,263 4,287 12,082
Cost of sales -1,449 -1,358 -1,544 -1,579 -4,481
Gross profit 2,195 2,175 2,717 2,709 7,601
SG&A -1,017 -992 -1,208 -1,183 -3,383
Other operating income/(expenses) 25 11 20 10 41
Normalized EBIT 1,203 1,194 1,529 1,536 4,259
Normalized EBITDA 1,400 1,384 1,732 1,741 4,857
Normalized EBITDA margin 38.4% 39.2% 40.6% 40.6% 40.2%
Latin America West 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 28,675 25,672 26,862 27,152 79,686
Revenue 2,355 1,974 2,149 2,161 6,284
Cost of sales -639 -576 -623 -642 -1,841
Gross profit 1,717 1,398 1,527 1,518 4,443
SG&A -762 -676 -738 -705 -2,119
Other operating income/(expenses) 71 38 40 22 100
Normalized EBIT 1,026 760 829 835 2,424
Normalized EBITDA 1,184 915 988 991 2,894
Normalized EBITDA margin 50.3% 46.4% 46.0% 45.9% 46.1%
Latin America North 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 35,940 29,713 27,209 28,947 85,869
Revenue 2,547 1,900 1,920 2,081 5,901
Cost of sales -757 -652 -734 -881 -2,267
Gross profit 1,791 1,248 1,187 1,198 3,634
SG&A -602 -586 -636 -715 -1,938
Other operating income/(expenses) 163 100 92 95 286
Normalized EBIT 1,350 763 641 579 1,983
Normalized EBITDA 1,510 931 830 782 2,543
Normalized EBITDA margin 59.3% 49.0% 43.2% 37.6% 43.1%
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Latin America South 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 10,065 8,820 5,999 7,478 22,297
Revenue 1,046 727 504 677 1,908
Cost of sales -317 -229 -185 -225 -639
Gross profit 731 498 319 451 1,268
SG&A -228 -174 -149 -173 -495
Other operating income/(expenses) 7 2 0 7 10
Normalized EBIT 509 326 170 287 784
Normalized EBITDA 557 366 218 332 917
Normalized EBITDA margin 53.3% 50.4% 43.3% 49.1% 48.1%
EMEA 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 34,554 27,965 29,754 35,898 93,617
Revenue 2,505 1,885 2,257 2,648 6,789
Cost of sales -1,061 -877 -970 -1,213 -3,061
Gross profit 1,443 1,007 1,286 1,435 3,729
SG&A -783 -643 -783 -857 -2,283
Other operating income/(expenses) 15 -7 14 8 14
Normalized EBIT 675 357 517 586 1,460
Normalized EBITDA 841 521 688 778 1,987
Normalized EBITDA margin 33.6% 27.7% 30.5% 29.4% 29.3%
Asia Pacific 4Q15 1Q16 2Q16 3Q16 9M16
Total volumes (thousand hls) 19,071 23,262 28,900 31,103 83,265
Revenue 1,603 1,699 1,959 2,107 5,765
Cost of sales -757 -825 -861 -911 -2,597
Gross profit 846 873 1,098 1,196 3,168
SG&A -706 -572 -710 -747 -2,029
Other operating income/(expenses) 54 33 94 41 167
Normalized EBIT 193 334 482 490 1,306
Normalized EBITDA 379 533 648 668 1,849
Normalized EBITDA margin 23.6% 31.4% 33.1% 31.7% 32.1%
Global Export and Holding 4Q15 1Q16 2Q16 3Q16 9M16
Companies
Total volumes (thousand hls) 729 502 400 455 1,357
Revenue 346 357 401 249 1,006
Cost of sales -260 -287 -344 -246 -877
Gross profit 86 70 57 2 129
SG&A -417 -319 -386 -338 -1,043
Other operating income/(expenses) 27 32 24 18 73
Normalized EBIT -304 -218 -306 -317 -841
Normalized EBITDA -252 -161 -246 -256 -663
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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). Our Dream is to
bring people together for a better world. Beer, the original social network, has been bringing people
together for thousands of years. We are committed to building great brands that stand the test of time and
to brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 400 beer
brands includes global brands Budweiser®, Corona® and Stella Artois®; multi-country brands Beck’s®,
Castle®, Castle Lite®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®,
Bud Light®, Brahma®, Cass®, Chernigivske®, Cristal®, Harbin®, Jupiler®, Klinskoye®, Michelob Ultra®,
Modelo Especial®, Quilmes®, Victoria®, Sedrin®, Sibirskaya Korona® 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 200,000 employees based
in more than 50 countries worldwide. In 2015, on a combined pro forma basis, AB InBev realized 55.5
billion US dollar in revenues (excluding JVs and associates).
Visit us @ www.ab-inbev.com
Like us @ www.facebook.com/ab-inbev
Follow us @ www.twitter.com/abinbevnews
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Contacts
Media Investors
Marianne Amssoms Lauren Abbott
Tel: +1-212-573-9281 Tel: +1-212-573-9287
E-mail: marianne.amssoms@ab-inbev.com E-mail: lauren.abbott@ab-inbev.com
Karen Couck Mariusz Jamka
Tel: +1-212-573-9283 Tel: +32-16-27-68-88
E-mail: karen.couck@ab-inbev.com E-mail: mariusz.jamka@ab-inbev.com
Kathleen Van Boxelaer
Tel: +32-16-27-68-23
E-mail: kathleen.vanboxelaer@ab-inbev.com
Notes
The Reference Base information is unaudited and is presented for illustrative purposes only and does not
necessarily reflect the results of operations or the financial position of the combined former AB InBev and
SABMiller groups that would have resulted had the combination occurred on 8 October 2015, or project
the results of operations or financial position of the combined group for any future date or period.
The Reference Base information is based in part on certain assumptions that AB InBev believes are
reasonable under the circumstances. The Reference Base information does not reflect future exceptional
charges resulting from the SABMiller transaction or future events that may occur, including divestment or
restructuring activities or other costs related to the integration of the SABMiller group, and does not
consider potential impacts of current market conditions on the results of operations. Furthermore, in order
to obtain regulatory approvals, AB InBev may be required to implement remedies or make further
changes to the business of the group that may have an adverse effect on the group’s results of
operations and the impact of such remedies or changes cannot be predicted at this time and has not
been taken into account in the preparation of the Reference Base information. As a result of these and
other factors, investors should not place any undue reliance on the Reference Base financial information.
The Reference Base information is not pro forma financial information, and has not been prepared in
accordance with Article 11 of Regulation S-X promulgated by the U.S. Securities and Exchange
Commission. It is therefore not consistent in terms of content and presentation with pro forma financial
information that would be included in reports filed under Sections 13(a) or 15(d) of the U.S. Securities
Exchange Act of 1934, as amended. The principal difference from pro forma information that would be
prepared in accordance with Article 11 of Regulation S-X is that Article 11 pro forma financial information
would be prepared by combining AB InBev’s reported results for the six months ended 30 June 2016 with
SABMiller’s reported results for the six months ended 30 September 2016, whereas the Reference Base
information combines the actual financial information on a calendar quarter by quarter basis. In addition,
Article 11 pro formas would include a complete consolidated income statement and balance sheet as of
and for the year ended 31 December 2015 and as of and for the six months ended 30 June 2016, and
would include notes thereto explaining pro forma information, including the assumptions made in
preparation thereof. Accordingly, the Reference Base information may not include the adjustments made
in financial information prepared in accordance with such requirements, some of which may be material,
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including but not limited to adjustments for tangible and intangible assets acquired and associated
amortization expenses, as a valuation of such assets has not yet been finalized.
The Reference Base is not intended to be considered in isolation from or as a substitute for the most
recent published financial results of AB InBev. The Reference Base information is intended to supplement
and be read in conjunction with the most recent published financial results of AB InBev and the most
recently published pro forma financial information prepared in accordance with Article 11 of Regulation S-
X that has been filed with the U.S. Securities and Exchange Commission.
6 January 2017
JSE Sponsor: Deutsche Securities (SA) Proprietary Limited
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Date: 06/01/2017 08:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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