ANHEUSER-BUSCH INBEV SA/NV - Anheuser-Busch InBev reports First Quarter 2018 Results

Release Date: 09/05/2018 07:30
Code(s): ANH
 
Wrap Text
Anheuser-Busch InBev reports First Quarter 2018 Results

      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” or the “Company”)
      The enclosed information constitutes 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.
      Except where otherwise stated, the comments below are based on organic growth figures and refer to 1Q18 versus the same period of last year. For
      important notes and disclaimers please refer to pages 14 and 15.



              Anheuser-Busch InBev reports First Quarter 2018 Results
          HIGHLIGHTS

      -     Revenue: Revenue grew by 4.7% in the quarter, with revenue per hl growth of 4.9%, driven by revenue
            management initiatives as well as continued strong premium brand performance. On a constant
            geographic basis, revenue per hl grew by 5.3%.
      -     Volume: Total volumes declined by 0.2%, while own beer volumes grew by 0.5%. Good growth in own
            beer volumes was achieved in Mexico, Colombia and Argentina, partly offset by the US and Brazil. Our
            non-beer volumes declined by 6.9%, driven by soft results from Brazil and Peru.
      -     Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona,
            grew by 7.9% globally, and by 12.2% outside of their home markets. Budweiser revenues declined by
            1.3%, driven by a decline in the US, but grew by 2.5% outside of the US driven by strong growth in
            Brazil, Paraguay, India and South Korea. Stella Artois revenues grew by 12.3%, with good
            performances in Argentina and the UK. Corona had another great quarter, with revenues growing
            25.1% overall and 40.3% outside of Mexico, led by China and Western Europe.
      -     Cost of Sales (CoS): CoS increased by 1.3% in 1Q18 and by 1.5% on a per hl basis. On a constant
            geographic basis, CoS per hl increased by 2.4% assisted by synergy delivery.
      -     EBITDA: EBITDA grew by 6.6% with margin expansion of 70 bps to 38.2% as a result of top-line growth
            and aided by cost synergies, partly offset by increased sales and marketing investments ahead of the
            FIFA World CupTM as well as lower other operating income due to a difficult comparable.
      -     Net finance results: Net finance costs (excluding non-recurring net finance costs) were 1 545 million
            USD in 1Q18 as compared to 1 492 million USD in 1Q17. This was mainly due to a negative mark-to-
            market adjustment of 242 million USD in 1Q18, linked to the hedging of our share-based payment
            programs, compared to a gain of 130 million USD in 1Q17.
      -     Income taxes: Income tax was 673 million USD in 1Q18, up from 418 million USD in 1Q17 with the
            normalized effective tax rate increasing to 28.3% from 20.4%, negatively impacted by the mark-to-
            market adjustments linked to the hedging of our share-based payments programs and the timing of
            certain deductions.
      -     Profit: Normalized profit attributable to equity holders of AB InBev was 1 443 million USD in 1Q18 as
            compared to 1 458 million USD in 1Q17.




ab-inbev.com                                                                                                                                             1
      -    Earnings per share: Normalized earnings per share (EPS) decreased to 0.73 USD in 1Q18 from 0.74
           USD in 1Q17.
      -    Combination with SAB: The business integration is progressing well, with synergies and cost savings
           of 160 million USD captured during 1Q18.

      Figure 1. Consolidated performance (million USD)
                                                                                   1Q17           1Q18              Organic
                                                                                                                    growth
      Total Volumes (thousand hls)                                                  147 872         134 831           -0.2%
                                                          AB InBev own beer         117 729         118 351            0.5%
                                                           Non-beer volumes          29 243          15 342           -6.9%
                                                         Third party products           900           1 138          26.5%
      Revenue                                                                        12 922          13 073            4.7%
      Gross profit                                                                    7 693           8 085            6.9%
      Gross margin                                                                   59.5%           61.8%          126 bps
      Normalized EBITDA                                                               4 809           4 989            6.6%
      Normalized EBITDA margin                                                       37.2%           38.2%           70 bps
      Normalized EBIT                                                                 3 721           3 935            9.7%
      Normalized EBIT margin                                                         28.8%           30.1%          140 bps

      Profit attributable to equity holders of AB InBev                               1 405              1 018
      Normalized profit attributable to equity holders of AB InBev                    1 458              1 443

      Earnings per share (USD)                                                          0.71              0.52
      Normalized earnings per share (USD)                                               0.74              0.73


      Figure 2. Volumes (thousand hls)
                                                               1Q17     Scope      Organic       1Q18        Organic growth
                                                                                   growth                     Total Own beer
                                                                                                            Volume      volume
      North America                                           25 836          33    -1 055      24 814       -4.1%       -4.2%
      Latin America West                                      25 531        - 20     2 150      27 661        8.4%       10.7%
      Latin America North                                     30 419        - 61    -2 806      27 551       -9.2%       -6.4%
      Latin America South                                      9 090          17       507       9 614        5.6%        5.9%
      EMEA                                                    32 919    -12 742        372      20 549        1.8%        1.4%
      Asia Pacific                                            23 683          14       600      24 296        2.5%        1.6%
      Global Export and Holding Companies                        395           -       - 49        346      -12.3%      -12.3%
      AB InBev Worldwide                                     147 872    -12 759      - 281     134 831       -0.2%        0.5%




          MANAGEMENT COMMENTS

      In 1Q18, we saw revenue growth of 4.7%, with own beer volumes growing by 0.5%. Global revenue growth
      was driven by good volume performances in Mexico, Colombia and Argentina, further enhanced by our
      revenue management and premiumization initiatives around the world.

      Organic EBITDA grew by 6.6% with margin expansion of 70 bps to 38.2%. This result was driven by our
      revenue delivery and continued synergy capture, though partially offset by the phasing of sales and
      marketing initiatives ahead of the FIFA World CupTM, as flagged during our FY17 results.

      Our global brands continued to deliver solid results, with revenue growth of 7.9% globally and 12.2% outside
      of their respective home markets. These brands typically command a premium and contribute higher
      margins when sold outside of their home markets. Budweiser revenues declined by 1.3% due primarily to



ab-inbev.com                                                                                                                2
      a soft performance in the US. However, excluding the US, Budweiser saw growth of 2.5% driven by Brazil,
      Paraguay, India and South Korea. Stella Artois delivered double-digit top-line growth, led by Argentina, the
      UK and the US. Corona continued to lead the way, with revenues up by 25.1% and by 40.3% outside of
      Mexico, fueled by strong results from a diverse set of markets.

      Our portfolio of global brands allows us to reach consumers across a variety of occasions, and we see
      potential for further growth as premiumization continues to be a global trend. We are also stepping up our
      distribution and activation of this portfolio across many new markets, such as Colombia, Peru, Ecuador,
      Australia and South Africa. Coming into the second quarter, we are looking forward to the opportunities
      presented by the FIFA World CupTM, with Budweiser acting as a global sponsor. We have many exciting
      plans in place to activate Budweiser around this platform in existing and new markets driving further
      awareness, penetration and ultimately brand preference.

      This quarter, we also committed to our 2025 Sustainability Goals in smart agriculture, water stewardship,
      circular packaging, and climate action. Having achieved all previous sustainability goals over the past
      decade, we will continue to advance our environmental and social commitments while introducing new
      programs that have a positive impact on the communities where we operate.

      Our 2025 Sustainability Goals are as follows:

      -   Smart Agriculture: 100% of our direct farmers will be skilled, connected and financially empowered.
      -   Water Stewardship: 100% of our communities in high stress areas will have measurably improved
          water availability and quality.
      -   Circular Packaging: 100% of our products will be in packaging that is returnable or made from majority
          recycled content.
      -   Climate Action:
              o 100% of our purchased electricity will be from renewable sources; and a
              o 25% reduction in CO2 emissions across our value chain.

      Our Dream is to bring people together for a better world, which is why we are committed to supporting a
      healthy environment and strong communities. We look forward to updating you on the progress of these
      goals in the years to come.

      Our integration with SAB continues to progress well. We delivered 160 million USD of synergies and cost
      savings this quarter. More importantly, we continue to scale up our category expansion framework in a way
      that allows us to focus on organic growth in all segments across our geographic footprint. We are excited
      about the potential of this framework and we remain committed to leading the global beer category,
      positioning ourselves to deliver sustainable, long-term organic growth for many years to come.




ab-inbev.com                                                                                                    3
       2018 OUTLOOK

      (i)     Overall Performance: While recognizing volatility in some of our key markets, we expect to deliver
              strong Revenue and EBITDA growth in FY18 driven by the solid performance of our brand portfolio
              and strong commercial plans. Our growth model is now far more focused on category development,
              and as a consequence, we expect to deliver revenue per hl growth ahead of inflation based on
              premiumization and revenue management initiatives, while keeping costs below inflation. While 1Q18
              was slightly better than we initially expected, we remain confident that growth will accelerate for the
              balance of the year, primarily in the second half.

      (ii)    Synergies: We maintain our 3.2 billion USD synergy and cost savings expectation on a constant
              currency basis as of August 2016. From this total, 547 million USD was reported by former SAB as
              of 31 March 2016, and 2 293 million USD was captured between 1 April 2016 and 31 March 2018.
              The balance of roughly 900 million USD is expected to be captured in the next two to three years.

      (iii)   Net Finance Costs: We expect the average net debt coupon in FY18 to be around 3.7%. Net pension
              interest expenses and accretion expenses are expected to be approximately 30 and 100 million USD
              per quarter, respectively. Other financial results will continue to be impacted by any gains and losses
              related to the hedging of our share-based payment programs.

      (iv)    Effective Tax Rate: We expect the normalized ETR in FY18 to be in the range of 24% to 26%,
              excluding any future gains and losses relating to the hedging of our share-based programs. This
              guidance includes the impact of the US tax reform which introduces a lower US corporate tax rate,
              offset by a broader tax base and new limitations on certain business deductions. The ETR guidance
              is based upon available interpretation of the US tax reform act and may change as the company
              receives additional clarification and implementation guidance.

      (v)     Net Capital Expenditure: We expect net capital expenditure of between 4.0 and 4.5 billion USD in
              FY18.

      (vi)    Debt: Approximately 42% of our gross debt is denominated in currencies other than the US dollar,
              principally the euro. Our optimal capital structure remains a net debt to EBITDA ratio of around 2x.

      (vii)   Dividends: We continue to expect dividends to be a growing flow over time, although growth in the
              short term is expected to be modest given the importance of deleveraging.




ab-inbev.com                                                                                                       4
       BUSINESS REVIEW

      United States

      We estimate that industry Sales-to-Retailers (STRs) in the United States declined by 2.3% in 1Q18, due
      primarily to colder-than-average temperatures, while underlying beer trends remain unchanged. Our own
      STRs were down 3.3% while our Sales-to-Wholesalers (STWs) were down 4.4%, and we continue to expect
      STRs and STWs to converge on a full year basis. Our revenues, which are based on STWs, decreased by
      2.5% in 1Q18. Revenue per hl grew by 1.9%, driven by revenue management initiatives and positive brand
      mix.

      Our Above Premium brand portfolio continues to accelerate, increasing share by 80 bps in 1Q18. Michelob
      Ultra once again led the way in our premiumization strategy, with volumes up by double-digits as the top
      share gainer in the US for the twelfth consecutive quarter. This performance was enhanced by increased
      awareness following two commercials in the Super Bowl in February. Additionally, we launched a new line
      extension called Michelob Ultra Pure Gold in 1Q18, which is brewed with organic grains, has lower calories
      and lower carbohydrates, and priced at a premium to Michelob Ultra. Stella Artois continued to gain share
      this quarter, as did our regional craft portfolio which outperformed the overall segment.

      Our Premium and Premium Light brands, Budweiser and Bud Light, saw improved share trends in 1Q18
      with total market share losses of 35 bps and 70 bps, respectively.

      Budweiser has been consistently improving its brand consideration and penetration trends, and in 1Q18
      the brand reported flat share of the Premium segment versus 1Q17. Our communication is focused on the
      people behind the Budweiser brand, and this year’s Super Bowl commercial emphasized our commitment
      to helping those impacted by natural disasters through our water donation program.

      While we continue to face challenges on Bud Light, we are seeing consistent improvements in brand health
      and market share trends. Bud Light was the leading beer brand in social conversation for the second
      consecutive quarter behind the success of the popular ‘Dilly Dilly’ campaign, as we activated key cultural
      moments across the country. We continue to strengthen our messaging around the brand’s quality
      credentials and are seeing pockets of improvement around the country driven by hyper-local programming
      and execution. These actions have contributed to positive momentum in brand penetration and
      consideration and improved share trends within the Premium Light segment. While we acknowledge we
      still have work to do, we remain committed to and focused on stabilizing Bud Light’s volume trends and
      share performance within its segment.

      Our Value brand portfolio underperformed the industry this quarter, driven by a tough comparable following
      last year’s Busch Super Bowl campaign.

      Our Near Beer portfolio performed well this quarter and we continue to see this as an important segment
      for category growth and health. Natty Rush and Spiked Seltzer grew by triple-digits during the quarter and
      we are excited about our plans to build on this momentum during the summer.

      Overall, we estimate a decline in total market share of approximately 50 bps in 1Q18, a sequential
      improvement in share trend since the second quarter of last year. The share decline was entirely driven by
      the impact of the industry segment mix shift. Our EBITDA declined by 5.0% with margin contraction of 102


ab-inbev.com                                                                                                  5
      bps to 39.0%, driven by the top-line contraction, the increase of the year-over-year hedge price of
      commodities and higher distribution expenses due to increased freight costs in the US, a trend that began
      in the second half of 2017. We continued to see progress in our commercial strategy this quarter and remain
      committed to improving both our top and bottom line performance in the US.

      Mexico

      Mexico delivered a very strong 1Q18, with volumes growing in the mid-teens and revenue growing in the
      high-teens. This was driven by our commercial strategies and further helped by the timing of Easter.

      Our brand portfolio delivered strong double digit growth across the board with the Corona brand family
      executing a successful pack assortment strategy, Victoria retaining its healthy momentum by continuing to
      leverage its Mexican heritage platform, and Bud Light scaling up its music platforms across the country and
      gaining further penetration in the North region.

      Premiumization remains a key opportunity for future growth in Mexico, like many other markets in which we
      operate, where the premium segment is only a low-single digit percentage of the total country’s volume.
      Our premium brands have been accelerating their double digit growth, led by Michelob Ultra capitalizing on
      increasing health and wellness trends, and Stella Artois successfully developing new occasions.

      EBITDA grew by 15.8% in 1Q18, driven by strong top-line growth and lower distribution expenses. EBITDA
      margin contracted by 82 bps to 41.3% due to the cycling of a one-time gain in operating income in 1Q17.

      Colombia

      Our Colombian business also performed well with revenue growth of 12.1%. Revenue per hl growth of 4.4%
      was driven by favorable brand mix and prior year revenue management initiatives. Strong volume growth
      of 7.3% was led by beer volume growth of 8.3%, and our non-beer volumes improved by 1.5%.

      Beer volume growth was underpinned by global as well as core brands and enhanced by trade activations,
      and also helped by the timing of Easter. We saw further growth of our global brand portfolio, as we increased
      the distribution of Corona and Budweiser. We also introduced Beck’s as a classic lager in the market to
      target occasions both with meals and when socializing with friends in and out of home. Within the core
      portfolio, Aguila had a particularly strong quarter on the back of FIFA World CupTM activations and grew by
      more than 50%, with a creative campaign leveraging nostalgia from the last time Colombia was in the FIFA
      World CupTM. We estimate that beer has gained a further 260 bps share of total alcohol this quarter.

      EBITDA grew by over 20% with almost 400 bps of margin expansion. This was driven by strong top-line
      performance and further synergy delivery, partially offset by increased investment behind our brands.

      Brazil

      As expected, 1Q18 was a challenging quarter. Revenue decreased by 1.8%, with beer volumes down by
      8.1% and non-beer volumes declining 19.4%. Weak volume performance was due to: i) a softer industry
      as a result of an earlier Carnival and poor weather, and ii) cycling a tough comparable as a result of
      significant market outperformance last year.

      Despite the short-term volatility, we made progress in many of our commercial platforms to position
      ourselves for future growth. This quarter we launched a new Visual Brand Identity (VBI) for Antarctica
      exploring the brand’s tradition and quality, and building on the learnings from the recently launched VBIs
      for Skol and Brahma. We also undertook several initiatives related to packaging and route-to-market that
      offer more affordable options to consumers and improve profitability. In the premium segment, our global



ab-inbev.com                                                                                                     6
      brand portfolio outperformed the market, growing volumes by double-digits as consumers continue to trade
      up to premium brands.

      Volumes shortfall was partially offset by net revenue per hl improvement resulting from revenue
      management initiatives implemented in 3Q17. Tight cost management coupled with favorable FX resulted
      in an EBITDA increase of 5.5% and margin expansion of 291 bps to 41.6%.

      With the first quarter behind us, we continue to believe we have the commercial plans in place to resume
      volume growth in the second quarter and further accelerate EBITDA growth for the balance of the year. We
      remain consistent in our strategy, leveraging our growth platforms and making good progress in each of
      them to further pave the way for sustainable long-term growth of the beer category.

      South Africa

      Our South African business saw revenue growth of mid-single digits, driven by high single digit revenue per
      hl growth and low single digit volume declines. The above-inflation excise tax increases announced in the
      annual budget in February were followed by a price increase on 1 March unlike the prior year when the tax
      increase was absorbed until 1 July. This reduced demand in the mainstream segment with a consequent
      loss of market share during the earlier Easter peak season.

      Budweiser was launched nationally in March in preparation for the upcoming FIFA World CupTM. The global
      brand portfolio including Stella Artois and Corona grew by more than 200% in the quarter and gained over
      600 bps of share in the growing premium segment.

      Castle Lite continues its strong growth in the core plus segment and this quarter achieved the highest ever
      online engagement through its partnership with the famous rap artist Chance the Rapper. Castle Free
      continues to expand the beer category into the no-alcohol space and recently announced a multi-year
      sponsorship of the National Rugby 7s team. In the near beer segment, the successful launch of a new
      variant contributed to over 30% growth in Flying Fish.

      The 1-liter returnable bottle launched in 3Q17 was rolled out nationally during 1Q18, offering core and core
      plus brands in an affordable multi-serve format to reach new consumers in more occasions.

      Synergy capture, combined with disciplined cost management led to double-digit EBITDA growth and more
      than 300 bps of EBITDA margin expansion.

      China

      Revenue grew by 4.4% in 1Q18 despite cycling double-digit growth in 1Q17, driven by volume growth of
      1.6% and revenue per hl growth of 2.7%

      Chinese New Year again offered excellent opportunities to connect and celebrate with consumers both on
      and off-line. Budweiser remains the leading brand among high income consumers, showing continued
      improvement in brand preference following a successful Chinese New Year activation. Our High End
      Company continues to record high double-digit volume growth, led by an outstanding performance by
      Corona, which became the number one imported beer in China, according to publicly available data. This
      was further aided by robust growth of our craft and specialties portfolio. Additionally, our e-commerce
      business in China continues to perform very well, with volumes up by high double-digits in the quarter.

      Our estimated market share continued to rise above 20% in an industry that showed a modest recovery in
      1Q18 after we estimate it declined by 0.9% in FY17. The business delivered organic EBITDA growth of
      10.6%, with an increase of more than 200 bps in EBITDA margin to 35.5%, driven by favorable price mix,
      productivity gains and geographic footprint optimization.


ab-inbev.com                                                                                                    7
      We believe our brand portfolio, which over-indexes our national market share in the faster-growing premium
      and super premium segments and on-line channels, remains well-positioned to continue growing ahead of
      the industry.


      Highlights from our other markets

      Canada reported an improved performance this quarter, with an improved industry trend and healthy
      performance across our portfolio contributing to top-line growth. Bud Light remains the fastest growing
      brand in the country, and we also saw double-digit growth from Michelob Ultra. In the high end segment,
      Stella Artois and Corona were the top two fastest growing brands, and our local craft portfolio grew by
      double-digits.

      Peru recorded double-digit revenue growth on flattish beer volumes and negative soft drink sales as a
      result of the revenue management initiatives implemented in 4Q17 and favorable brand mix. We saw solid
      growth in all three global brands, as well as a strong Cristal brand activation in support of the national team
      on their way to the FIFA World CupTM. Ecuador recorded revenue growth in the mid-teens, coupled with
      double-digit volume growth, in an economy recovering from the impact of the earthquake in April 2016.

      In Latin America South, mid-single digit volume growth was recorded in Argentina, Paraguay, Uruguay
      and Bolivia, all contributing to revenue growth of 24.4% for the region. Argentina saw beer market share
      growth for the third consecutive quarter with the repositioning of the two largest core brands, Quilmes
      Clásica and Brahma, both growing volumes by high single digits following a successful application of the
      category expansion framework. Our global brands once again recorded double-digit revenue growth
      throughout the region, and we look forward to activating Budweiser in Argentina during the FIFA World
      CupTM now that it has rejoined our portfolio.

      Within EMEA, Western Europe grew revenue by low-single digits, underpinned by volume growth and
      outperforming a weak industry. Our UK business delivered double-digit revenue growth, despite cycling a
      tough comparable. In Eastern Europe, revenue contraction was driven by the continued decline of
      volumes in Russia. Additionally, on 30 March 2018, we completed the 50:50 merger of our and
      Anadolu Efes' existing Russia and Ukraine businesses. The combined business will be fully consolidated
      in the Anadolu Efes financial accounts. As a result of the transaction, we stopped consolidating our
      Russia and Ukraine businesses and account for our investment in AB InBev Efes under the equity
      method, as of that date. In Africa excluding South Africa, our own beer volumes grew by double-digits in
      nearly all countries in which we operate. The top contributor for the quarter was Nigeria, which grew own
      beer volumes in the high teens. Budweiser was launched in Nigeria in March with strong early demand. It
      will be supported by traditional and digital media aided by its global sponsorship of the FIFA World CupTM,
      in which the Nigerian national team will be competing.

      Australia continued to post strong commercial gains with revenue growing by high single-digits this quarter.
      Great Northern remains a key engine of growth, along with Carlton Dry, which has generated a strong
      consumer response to its recent ‘Underthink It’ campaign. Our high end portfolio was again a solid
      contributor to top-line growth, with effective Corona and Stella Artois premiumization initiatives and double-
      digit growth in our craft portfolio led by 4 Pines, Pirate Life and Wild Yak.




ab-inbev.com                                                                                                       8
         CONSOLIDATED INCOME STATEMENT


      Figure 3. Consolidated income statement (million USD)
                                                                                  1Q17        1Q18      Organic
                                                                                                        growth
      Revenue                                                                   12 922       13 073        4.7%
      Cost of sales                                                             -5 229       -4 988       -1.3%
      Gross profit                                                               7 693        8 085        6.9%
      SG&A                                                                      -4 228       -4 298       -2.6%
      Other operating income/(expenses)                                            257          149      -27.6%
      Normalized profit from operations (normalized EBIT)                        3 721        3 935        9.7%
      Non-recurring items above EBIT                                             - 221          - 96
      Net finance income/(cost)                                                 -1 492       -1 545
      Non-recurring net finance income/(cost)                                       99        - 330
      Share of results of associates                                                54            57
      Income tax expense                                                         - 418        - 673
      Profit from continuing operations                                          1 743        1 347
      Discontinued operations results                                              28              -
      Profit                                                                     1 771        1 347
      Profit attributable to non-controlling interest                              366          329
      Profit attributable to equity holders of AB InBev                          1 405        1 018

      Normalized EBITDA                                                          4 809        4 989        6.6%
      Normalized profit attributable to equity
      holders of AB InBev                                                        1 458        1 443

      Revenue

      Consolidated revenue grew by 4.7% in 1Q18, with revenue per hl growth of 4.9%, driven by revenue
      management initiatives as well as continued strong premium brand performance. On a constant geographic
      basis, revenue per hl grew by 5.3%.

      Cost of Sales (CoS)

      CoS increased by 1.3% in 1Q18 and by 1.5% on a per hl basis. On a constant geographic basis, CoS per
      hl increased by 2.4% assisted by synergy delivery.

      Selling General and Administrative Costs (SG&A)

      SG&A grew by 2.6%, which was well below inflation, reflecting synergy capture combined with good cost
      control, though partially offset by the increase in sales and marketing initiatives ahead of the FIFA World
      CupTM.

      Other operating income



ab-inbev.com                                                                                                   9
      Other operating income decreased organically by 27.6% driven by a tough comparable.




      Non-recurring items above EBIT

      Figure 4. Non-recurring items above EBIT (million USD)
                                                                                            1Q17         1Q18
      Restructuring                                                                         - 189         - 54
      Acquisition costs / Business combinations                                               - 17        - 15
      Business and asset disposal (including impairment losses)                               - 15        - 27
      Impact on profit from operations                                                      - 221         - 96

      Normalized profit from operations excludes negative non-recurring items of 96 million USD, primarily related
      to the one-off restructuring costs linked to the SAB integration.

      Figure 5. Net finance income/(cost) (million USD)
                                                                                            1Q17         1Q18
      Net interest expense                                                                 -1 084        - 969
      Net interest on net defined benefit liabilities                                         - 29         - 24
      Accretion expense                                                                     - 169          - 80
      Other financial results                                                               - 210        - 472
      Net finance income/(cost)                                                            -1 492       -1 545

      Net finance costs (excluding non-recurring net finance costs) were 1 545 million USD in 1Q18 compared
      to 1 492 million USD in 1Q17. Net interest expense decreased to 969 million USD from 1 084 million USD.
      Other financial results include a mark-to-market loss of 242 million USD in 1Q18, linked to the hedging of
      our share-based payment programs, compared to a gain of 130 million USD in 1Q17.

      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
                                                                                            1Q17        1Q18
      Share price at the start of the period (Euro)                                        100.55       93.13
      Share price at the end of the period (Euro)                                          102.90       89.28
      Number of equity derivative instruments at the end of the period (millions)            48.5        46.9

      Non-recurring net finance income/(cost)

       Figure 7. Non-recurring net finance income/(cost) (million USD)
                                                                                    1Q17       1Q18
       Mark-to-market (Grupo Modelo deferred share instrument)                        54       - 117
       Other mark-to-market                                                           45       - 114
       Other                                                                           -         - 98
       Non-recurring net finance income/(cost)                                        99       - 330




ab-inbev.com                                                                                                      10
      Non-recurring net finance costs were 330 million USD in 1Q18 compared to an income of 99 million USD
      in 1Q17. The 1Q18 result includes mark-to-market losses on derivative instruments entered into to hedge
      the deferred share instrument issued in a transaction related to the combination with Grupo Modelo of 117
      million USD, and on derivative instruments entered into to hedge part of the restricted shares issued in
      relation to the combination with SAB of 114 million USD, as well as 98 million USD resulting from premiums
      paid on the early termination of certain bonds.

      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-recurring equity derivative instruments
                                                                                       1Q17        1Q18
      Share price at the start of the period (Euro)                                   100.55       93.13
      Share price at the end of the period (Euro)                                     102.90       89.28
      Number of equity derivative instruments at the end of the period (millions)       43.9        45.5

      Income tax expense

      Figure 9. Income tax expense (million USD)
                                                                                        1Q17       1Q18
      Income tax expense                                                                 418        673
      Effective tax rate                                                               19.8%      34.3%
      Normalized effective tax rate                                                    20.4%      28.3%

      Income tax expense in 1Q18 was 673 million USD with a normalized effective tax rate (ETR) of 28.3%,
      compared to an income tax expense of 418 million USD in 1Q17 and a normalized ETR of 20.4%. The
      normalized ETR in 1Q18 was impacted by a negative mark-to-market adjustment of 242 million USD linked
      to the hedging of our share-based payment programs which are not tax deductible, as well as the timing of
      certain deductions and withholding taxes on intragroup distributions during the year. Excluding the
      mark-to-market adjustments, the normalized ETR would have been 25.7% in 1Q18 and 21.6% in 1Q17.

      Normalized Profit and Profit

      Figure 10. Normalized Profit attribution to equity holders of AB InBev (million USD)
                                                                                     1Q17          1Q18
      Profit attributable to equity holders of AB InBev                              1 405         1 018
      Non-recurring items, before taxes                                                221            96
      Non-recurring finance (income)/cost, before taxes                                - 98          330
      Non-recurring taxes                                                              - 37           -2
      Non-recurring non-controlling interest                                             -5           -1
      Profit from discontinued operations                                              - 28            -
      Normalized profit attributable to equity holders of AB InBev                   1 458         1 443

      Profit attributable to equity holders of AB InBev was 1 018 million USD in 1Q18, compared to 1 405 million
      USD in 1Q17, mainly due to higher non-recurring net finance costs, partly offset by a reduction in
      non-recurring items.

      Normalized profit attributable to equity holders of AB InBev decreased to 1 443 million USD in 1Q18 from
      1 458 million USD in 1Q17.



ab-inbev.com                                                                                                 11
      Normalized and Basic EPS

      Figure 11. Earnings per share (USD)
                                                                                      1Q17        1Q18
      Basic earnings per share                                                         0.71        0.52
      Non-recurring items, before taxes                                                0.11        0.05
      Non-recurring finance (income)/cost, before taxes                               -0.05        0.17
      Non-recurring taxes                                                             -0.02           -
      Profit from discontinued operations                                             -0.01           -
      Normalized earnings per share                                                    0.74        0.73

      Normalized earnings per share (EPS) decreased to 0.73 USD in 1Q18 from 0.74 USD in 1Q17.


      Figure 12. Key components - Normalized Earnings per share in USD
                                                                                     1Q17      1Q18
      Normalized EBIT                                                                 1.89      1.99
      Mark-to-market (Hedging of our share-based payment programs)                    0.07     -0.12
      Net finance cost                                                               -0.83     -0.66
      Income tax expense                                                             -0.23     -0.34
      Associates & non-controlling interest                                          -0.16     -0.14
      Normalized EPS                                                                  0.74      0.73

      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
                                                                                             1Q17           1Q18
      Profit attributable to equity holders of AB InBev                                      1 405          1 018
      Non-controlling interests                                                                366            329
      Profit                                                                                 1 771          1 347
      Discontinued operations results                                                          - 28              -
      Profit from continuing operations                                                      1 743          1 347
      Income tax expense                                                                       418            673
      Share of result of associates                                                            - 54           - 57
      Net finance (income)/cost                                                              1 492          1 545
      Non-recurring net finance (income)/cost                                                  - 99           330
      Non-recurring items above EBIT (incl. non-recurring impairment)                          221              96
      Normalized EBIT                                                                        3 721          3 935
      Depreciation, amortization and impairment                                              1 088          1 051
      Normalized EBITDA                                                                      4 809          4 989

      Normalized EBITDA and normalized EBIT are measures utilized by AB InBev to demonstrate the
      company’s underlying performance.


ab-inbev.com                                                                                                   12
      Normalized EBITDA is calculated excluding the following effects from profit attributable to equity holders of
      AB InBev: (i) non-controlling interest; (ii) discontinued operations results; (iii) income tax expense; (iv) share
      of results of associates; (v) net finance cost; (vi) non-recurring net finance cost; (vii) non-recurring items
      above EBIT (including non-recurring impairment); 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.


       RECENT EVENTS

      1. 10 billion USD Bond Issuance
          On 4 April 2018, we issued 10.0 billion USD aggregate principal amount of bonds (collectively, the
          “Notes”). The Notes were issued by Anheuser-Busch InBev Worldwide Inc. The offering allowed us to
          significantly extend our debt maturity profile at historically attractive rates. The bonds comprise the
          following series of Notes:




          The proceeds of the Notes have been used for general corporate purposes, including repayment of
          upcoming debt maturities in 2019 and 2020 which have been announced.

      2. Bond Redemptions
          On 22 March 2018, we announced that we were exercising our option to redeem in full the entire
          outstanding principal amount of certain notes due in 2019 and 2020. These notes were originally issued
          by our wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch
          Companies, LLC and Anheuser-Busch InBev Finance Inc.

          The total principal amount of the notes retired is approximately 7.8 billion USD and these notes were
          redeemed in full on 23 April 2018.




ab-inbev.com                                                                                                         13
           In addition, on 7 May 2018, we announced that we are exercising our option to redeem in full on 6 June
           2018 the entire outstanding principal amount totaling 1.0 billion USD of the 5.00% Notes due 2020.
           This series of notes was issued by ABIWW.



           The total principal amount of the notes that has been or will be retired is 8.8 billion USD and the
           redemption of the notes has been or will be financed with cash. For the redemption price of the 5.000%
           Notes due 2020 issued by ABIWW, please contact Kerry Mcfarland at BNY Mellon
           (kerry.mcfarland@bnymellon.com).




      3. Transaction in Argentina
           On 2 May 2018, after obtaining all relevant approvals, we repatriated Budweiser in Argentina in
           exchange for a cash payment to Compañia Cervecerías Unidas S.A. (“CCU”). We simultaneously
           entered into agreements with our Argentine subsidiary Cervecería y Maltería Quilmes S.A. (“CMQ”)
           whereby we transferred to CMQ certain of our Argentina assets and licensed to CMQ in Argentina the
           Budweiser brand, and, subject to certain conditions, our North America brand portfolio. As part of the
           transaction, we and CMQ transferred the Isenbeck, Iguana, Diosa, Norte and Baltica brands to CCU,
           and entered into a number of related transition agreements.


       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. To eliminate the effect of geography mix, i.e. the impact of stronger
      volume growth coming from countries with lower revenue per hl, and lower Cost of Sales per hl, we are also presenting, where
      specified, organic growth per hectoliter figures on a constant geographic basis. When we make estimations on a constant geographic
      basis, we assume each country in which we operate accounts for the same percentage of our global volume as in the same period of
      the previous year.
      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-recurring items and discontinued operations. Non-recurring items are




ab-inbev.com                                                                                                                                  14
      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. On 30 March 2018 the proposed 50:50 merger of AB InBev's
      and Anadolu Efes' existing Russia and Ukraine businesses was completed. The combined business will be fully consolidated in the
      Anadolu Efes financial accounts. As a result of this transaction, AB InBev stopped consolidating its Russia and Ukraine businesses
      and accounts for its investment in AB InBev Efes under the equity method, as of that date. The results of the former SAB CEE business
      are presented as “discontinued operations result” until their disposal on 31 March 2017. Values in the figures and annexes may not
      add up, due to rounding.
      1Q18 EPS is based upon a weighted average of 1,974 million shares for 1Q18 compared to a weighted average of 1,970 million
      shares for 1Q17.
      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, among other things, statements relating to AB InBev’s business
      combination with SAB and other statements other than historical facts. Forward-looking statements 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 the ability to realize synergies from the business combination with SAB, the risks and uncertainties relating to AB InBev
      described under Item 3.D of AB InBev’s Annual Report on Form 20-F (“Form 20-F”) filed with the US Securities and Exchange
      Commission (“SEC”) on 19 March 2018. 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.


       NOTES

      The first quarter 2018 (1Q18) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 7, 9 to 11 and 13
      of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and
      for the three months ended 31 March 2018, which have been reviewed by our statutory auditors Deloitte Bedrijfsrevisoren BCVBA in
      accordance with the standards of the Public Company Accounting Oversight Board (United States). The auditors concluded that,
      based on their review, nothing had come to their attention that caused them to believe that those interim financial statements were
      not presented fairly, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”, as issued by the IASB and as
      adopted by the European Union. Financial data included in Figures 6, 8 and 12 have been extracted from the underlying accounting
      records as of and for the three months ended 31 March 2018 (except for the volume information).


       CONFERENCE CALL AND WEBCAST

      Investor Conference call and Webcast on Wednesday, 9 May 2018:

      3.00pm Brussels / 2.00pm London / 9.00am New York

      Registration details

      Webcast (listen-only mode)
      https://bit.ly/2KoMvX2

      Conference call (with interactive Q&A)
      https://bit.ly/2uGfb9e




ab-inbev.com                                                                                                                                    15
       ANHEUSER-BUSCH INBEV CONTACTS

         Media                                                                  Investors

         Marianne Amssoms                                                    Henry Rudd
         Tel: +1-212-573-9281                                                Tel: +1-212-503-2890
         E-mail: marianne.amssoms@ab-inbev.com                           E-maE-mail: henry.rudd@ab-inbev.com

         Aimee Baxter                                                           Mariusz Jamka
         Tel: +1-718-650-4003                                                   Tel: +32-16-27-68-88
         E-mail: aimee.baxter@ab-inbev.com                                      E-mail: mariusz.jamka@ab-inbev.com


         Ingvild Van Lysebetten                                                 Lauren Abbott
         Tel: +32-16-27-68 23                                                   Tel: +1-212-573-9287
         E-mail: Ingvild.vanLysebetten@ab-inbev.com                             E-mail: lauren.abbott@ab-inbev.com

      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 500 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 nearly 200,000 employees based in more than 50 countries worldwide.
      For 2017, AB InBev’s reported revenue was 56.4 billion USD (excluding JVs and associates).


      9 May 2018
      Sponsor: Deutsche Securities SA Proprietary Limited




ab-inbev.com                                                                                                                           16
      Annex 1
      AB InBev Worldwide                                       Scope        Currency    Organic      1Q18    Organic
                                                       1Q17
                                                                          Translation   Growth               Growth
      Total volumes (thousand hls)                   147 872   -12 759              -     - 281    134 831      -0.2%
                        of which AB InBev own beer   117 729         10             -       612    118 351       0.5%
      Revenue                                         12 922     - 654            230       575     13 073       4.7%
      Cost of sales                                   -5 230       410          - 105       - 63    -4 988      -1.3%
      Gross profit                                     7 693      -245            125       512      8 085       6.9%
      SG&A                                            -4 228       142          - 108     - 105     -4 298      -2.6%
      Other operating income/(expenses)                  257       - 42            -7       - 59       149    -27.6%
      Normalized EBIT                                  3 721     - 144             11       348      3 935       9.7%
      Normalized EBITDA                                4 809     - 168             40       308      4 989       6.6%
      Normalized EBITDA margin                        37.2%                                         38.2%      70 bps

      North America                                            Scope        Currency    Organic      1Q18    Organic
                                                       1Q17
                                                                          Translation   Growth               Growth
      Total volumes (thousand hls)                    25 836        33              -    -1 055     24 814      -4.1%
      Revenue                                          3 514         4             19       - 78     3 460     -2.2%
      Cost of sales                                   -1 337         8             -7         32    -1 304       2.4%
      Gross profit                                     2 177        13             12       - 47     2 156     -2.1%
      SG&A                                            -1 019      - 14             -9         -4    -1 045      -0.3%
      Other operating income/(expenses)                   15         -              -       - 14         1    -95.8%
      Normalized EBIT                                  1 173        -1              3       - 64     1 111      -5.5%
      Normalized EBITDA                                1 371        -1              4       - 65     1 309      -4.7%
      Normalized EBITDA margin                        39.0%                                         37.8%     -99 bps

      Latin America West                                       Scope        Currency    Organic      1Q18    Organic
                                                       1Q17
                                                                          Translation   Growth               Growth
      Total volumes (thousand hls)                    25 531      - 20              -     2 150     27 661      8.4%
      Revenue                                          1 976        -2             86       276      2 336     14.0%
      Cost of sales                                    - 585        -4            -27       - 66     - 682    -11.2%
      Gross profit                                     1 391        -6             58       210      1 654     15.2%
      SG&A                                             - 647         5            -28       - 40     - 710     -6.2%
      Other operating income/(expenses)                   25         -              -       - 19         6    -75.5%
      Normalized EBIT                                    769        -1             30       152        950     19.7%
      Normalized EBITDA                                  921        -1             36       152      1 110     16.6%
      Normalized EBITDA margin                        46.6%                                         47.5%    105 bps


      Latin America North                                      Scope        Currency    Organic      1Q18    Organic
                                                       1Q17
                                                                          Translation   Growth               Growth
      Total volumes (thousand hls)                    30 419      -61               -    -2 806     27 551     -9.2%
      Revenue                                          2 335       -8            - 47         -1     2 279      0.0%
      Cost of sales                                    - 997        3              18       102      - 875    10.2%
      Gross profit                                     1 337       -5            - 29       101      1 404      7.6%
      SG&A                                             - 733         2             15       - 22     - 738     -3.1%
      Other operating income/(expenses)                   91        -              -2         -5        85     -5.6%
      Normalized EBIT                                    696       -3            - 16         74       751    10.6%
      Normalized EBITDA                                  901       -3            - 20         72       949      8.0%
      Normalized EBITDA margin                        38.6%                                         41.7%    309 bps




ab-inbev.com                                                                                                      17
      Annex 1
      Latin America South                                      Scope        Currency     Organic    1Q18       Organic
                                                      1Q17
                                                                          Translation    Growth                Growth
      Total volumes (thousand hls)                    9 090         17               -       507    9 614         5.6%
      Revenue                                           872          2          - 132        213      956        24.4%
      Cost of sales                                   - 315         -1              40      - 61    - 337       -19.3%
      Gross profit                                      557          1            - 91       152      619        27.2%
      SG&A                                            - 208          -              33      - 57    - 232       -27.1%
      Other operating income/(expenses)                   -           -              -        -5       -4    -1,081.4%
      Normalized EBIT                                   349          1            - 58        90      383        25.8%
      Normalized EBITDA                                 399          1            - 65       100      436        25.1%
      Normalized EBITDA margin                       45.7%                                         45.6%         27 bps

      EMEA                                                     Scope        Currency     Organic    1Q18      Organic
                                                      1Q17
                                                                          Translation    Growth                Growth
      Total volumes (thousand hls)                   32 919    -12 742              -        372   20 549         1.8%
                        of which AB InBev own beer   18 784           4             -        264   19 051         1.4%
      Revenue                                         2 341      - 659            166         71    1 919         4.2%
      Cost of sales                                  -1 126        408           - 65       - 51    - 835        -7.3%
      Gross profit                                    1 215      - 252            101         19    1 084         2.0%
      SG&A                                            - 779        167           - 65       - 14    - 691        -2.3%
      Other operating income/(expenses)                  26          -3             1       - 12       13       -49.8%
      Normalized EBIT                                   462        - 88            37         -6      405        -1.6%
      Normalized EBITDA                                 664      - 113             54          6      611         1.0%
      Normalized EBITDA margin                       28.4%                                         31.8%      -100 bps

      Asia Pacific                                             Scope        Currency     Organic    1Q18      Organic
                                                      1Q17
                                                                          Translation    Growth               Growth
      Total volumes (thousand hls)                   23 683         14              -        600   24 296        2.5%
      Revenue                                         1 801          8            138         94    2 040        5.2%
      Cost of sales                                   - 806         -4            -60         -1    - 871       -0.1%
      Gross profit                                      995          4             78         93    1 169        9.4%
      SG&A                                            - 600         -5            -42         25    - 621        4.2%
      Other operating income/(expenses)                  42          -              3         -5       41      -10.8%
      Normalized EBIT                                   437         -1             39        114      589       26.1%
      Normalized EBITDA                                 654         -1             51         56      760        8.6%
      Normalized EBITDA margin                       36.3%                                         37.2%      116 bps

      Global Export and Holding                                Scope        Currency     Organic    1Q18      Organic
                                                      1Q17
      Companies                                                           Translation    Growth               Growth
      Total volumes (thousand hls)                      395          -               -       -49      346      -12.3%
      Revenue                                             83         -               -         -        84       0.4%
      Cost of sales                                     - 63        -1              -4      - 18      - 85     -27.9%
      Gross profit                                        21        -1              -4      - 17        -1     -87.8%
      SG&A                                            - 242        -13            - 13        6     - 261        2.4%
      Other operating income/(expenses)                   57      - 39              -9         -         9      -2.7%
      Normalized EBIT                                 - 165       - 52            -25       - 12    - 254       -5.4%
      Normalized EBITDA                               - 100       - 51            - 21      - 14    - 185       -9.1%




ab-inbev.com                                                                                                        18

Date: 09/05/2018 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story