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Anheuser-Busch InBev announces the Reference Base following the pending divestiture of Carlton & United Breweries
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”)
Anheuser-Busch InBev announces the Reference Base following
the pending divestiture of Carlton & United Breweries
8 October 2019 - Anheuser-Busch InBev (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) (“AB
InBev”) announces the updated 2018 and 1H19 Reference Base for purposes of results announcements
starting 1 October 2019.
The Reference Base excludes the results of the Australia business (Carlton & United Breweries). A binding
sale agreement has been announced for this business, but the transaction has not yet closed. As per IFRS
rules, the Australia business will be classified as a disposal group held for sale as of 3Q19, and therefore
its FY18 and YTD19 results will be reported as discontinued operations until the sale is completed.
In accordance with IFRS rules and for comparative purposes, the Reference Base includes the restated
results of AB InBev for 1Q18, 2Q18, 3Q18, 4Q18, FY18, 1Q19, 2Q19 and 1H19 as if the Australia business
had been classified as a disposal group held for sale as of 1 January 2018. The Reference Base includes
the restated results up to Normalized EBIT.
AB INBEV WORLDWIDE
1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
(updated)
Total volumes (thousand hl) 133 092 141 984 144 583 140 161 559 819 131 715 144 317 276 031
Revenue 12 677 13 392 13 180 13 792 53 041 12 224 13 598 25 822
Cost of sales -4 907 -5 000 -4 962 -5 063 -19 933 -4 777 -5 176 -9 953
Gross profit 7 770 8 392 8 217 8 728 33 108 7 447 8 423 15 869
SG&A -4 207 -4 357 -4 156 -4 086 -16 807 -3 937 -4 137 -8 077
Other operating
income/expenses 183 209 220 193 805 159 230 388
Normalized EBIT 3 748 4 244 4 281 4 836 17 107 3 668 4 515 8 180
Normalized EBITDA 4 897 5 383 5 433 6 018 21 732 4 801 5 646 10 445
Normalized EBITDA margin 38,6% 40,2% 41,2% 43,6% 41,0% 39,3% 41,5% 40,5%
NORTH AMERICA 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
Total volumes (thousand hl) 24 814 29 813 29 985 26 114 110 726 24 522 29 113 53 635
Revenue 3 460 4 181 4 162 3 700 15 504 3 478 4 224 7 701
Cost of sales -1 298 -1 534 -1 539 -1 394 -5 765 -1 326 -1 543 -2 869
Gross profit 2 161 2 647 2 623 2 307 9 738 2 152 2 681 4 833
SG&A -1 049 -1 179 -1 161 -1 023 -4 413 -1 011 -1 186 -2 197
Other operating
income/expenses 1 1 11 28 40 13 8 20
Normalized EBIT 1 112 1 469 1 473 1 311 5 365 1 153 1 503 2 656
Normalized EBITDA 1 322 1 673 1 683 1 522 6 199 1 347 1 698 3 045
Normalized EBITDA margin 38,2% 40,0% 40,4% 41,1% 40,0% 38,7% 40,2% 39,5%
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MIDDLE AMERICAS 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
Total volumes (thousand hl) 30 738 32 212 31 813 34 039 128 803 30 513 34 208 64 722
Revenue 2 705 2 892 2 876 3 141 11 614 2 711 3 024 5 735
Cost of sales - 811 - 851 - 837 - 836 -3 336 - 824 - 887 -1 711
Gross profit 1 894 2 041 2 038 2 305 8 278 1 887 2 137 4 024
SG&A - 798 - 827 - 776 - 775 -3 176 - 747 - 736 -1 483
Other operating
income/expenses 6 21 44 17 88 7 47 55
Normalized EBIT 1 102 1 235 1 306 1 546 5 189 1 148 1 448 2 595
Normalized EBITDA 1 294 1 448 1 514 1 777 6 033 1 366 1 670 3 036
Normalized EBITDA margin 47,8% 50,1% 52,6% 56,6% 51,9% 50,4% 55,2% 52,9%
SOUTH AMERICA 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
Total volumes (thousand hl) 34 088 30 383 31 297 39 851 135 618 36 268 30 588 66 856
Revenue 2 861 2 101 1 964 3 313 10 238 2 618 2 152 4 769
Cost of sales -1 082 - 797 - 767 -1 196 -3 842 -1 039 - 890 -1 928
Gross profit 1 778 1 304 1 197 2 117 6 396 1 579 1 262 2 841
SG&A - 868 - 720 - 624 - 764 -2 976 - 734 - 693 -1 427
Other operating
income/expenses 82 74 47 65 267 61 38 100
Normalized EBIT 992 657 620 1 418 3 688 907 607 1 514
Normalized EBITDA 1 257 884 879 1 675 4 696 1 137 839 1 976
Normalized EBITDA margin 44,0% 42,1% 44,7% 50,6% 45,9% 43,4% 39,0% 41,4%
EMEA (updated) 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
Total volumes (thousand hl) 20 540 21 334 21 793 23 469 87 135 18 147 22 067 40 214
Revenue 1 917 2 175 2 094 2 181 8 368 1 672 2 111 3 783
Cost of sales - 833 - 887 - 866 - 887 -3 473 - 727 - 909 -1 636
Gross profit 1 084 1 288 1 227 1 295 4 894 946 1 202 2 148
SG&A - 722 - 751 - 699 - 708 -2 878 - 648 - 711 -1 359
Other operating
income/expenses 49 68 76 40 232 42 55 98
Normalized EBIT 411 606 605 628 2 248 339 547 887
Normalized EBITDA 659 847 833 845 3 184 568 802 1 372
Normalized EBITDA margin 34,4% 38,9% 39,8% 38,7% 38,1% 34,0% 38,0% 36,3%
ASIA PACIFIC (updated) 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
Total volumes (thousand hl) 22 289 27 970 29 432 16 424 96 116 22 103 28 085 50 189
Revenue 1 589 1 935 1 920 1 290 6 735 1 610 1 904 3 514
Cost of sales - 759 - 860 - 852 - 628 -3 098 - 740 - 795 -1 535
Gross profit 830 1 076 1 068 663 3 637 870 1 109 1 979
SG&A - 506 - 639 - 648 - 555 -2 347 - 493 - 555 -1 048
Other operating
income/expenses 38 41 43 32 154 27 60 86
Normalized EBIT 363 477 463 140 1 444 404 614 1 017
Normalized EBITDA 530 662 649 337 2 178 591 762 1 352
Normalized EBITDA margin 33,4% 34,2% 33,8% 26,1% 32,3% 36,7% 40,0% 38,5%
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GLOBAL EXPORT AND
HOLDING COMPANIES 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019 2Q 2019 1HY 2019
(updated)
Total volumes (thousand hl) 623 272 265 263 1 422 161 255 415
Revenue 146 107 164 164 582 135 184 319
Cost of sales - 122 - 72 - 101 - 123 - 418 - 122 - 152 - 273
Gross profit 23 36 63 42 164 13 32 46
SG&A - 265 - 240 - 249 - 262 -1 016 - 306 - 256 - 564
Other operating
income/expenses 8 5 0 11 25 8 21 29
Normalized EBIT - 233 - 199 - 186 - 208 - 827 - 284 - 203 - 489
Normalized EBITDA - 164 - 131 - 125 - 138 - 558 - 208 - 125 - 335
ANHEUSER-BUSCH INBEV CONTACTS
Investors Media
Lauren Abbott Pablo Jimenez
Tel: +1 212 573 9287 Tel: +1 212 284 0158
E-mail: lauren.abbott@ab-inbev.com E-mail: pablo.jimenez@ab-inbev.com
Mariusz Jamka Ingvild Van Lysebetten
Tel: +32 16 27 6888 Tel: +32 16 27 6608
E-mail: mariusz.jamka@ab-inbev.com E-mail: ingvild.vanlysebetten@ab-inbev.com
Jency John Fallon Buckelew
Tel: +1 646 746 9673 Tel: +1 310 592 6319
E-mail: jency.john@ab-inbev.com E-mail: fallon.buckelew@ab-inbev.com
9 October 2019
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
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®, Cristal®, Harbin®, Jupiler®, Michelob Ultra®, 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 175,000 employees based in nearly 50 countries worldwide. For 2018, AB InBev’s reported
revenue was 54.6 billion USD (excluding JVs and associates).
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Date: 09/10/2019 07:10:00
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