Anheuser-Busch InBev reports First Quarter 2012 Results Back to news

1st May 2012

– Anheuser-Busch InBev reports Full Year and Fourth Quarter 2011 Results –

Brussels, 30 April 2012 – 1 / 18

Anheuser-Busch InBev reports First Quarter 2012 Results

Except where otherwise stated, the comments below are based on organic figures and refer to 1Q12 versus the same period of last year.


  • Revenue growth: AB InBev delivered strong revenue growth in the quarter of 6.2%, with revenue per hl up 4.9%. On a constant geographic basis (i.e eliminating the impact of faster growth in countries with lower revenue per hl) revenue growth per hl reached 5.0%, driven by our revenue managementinitiatives and benefits from the premiumization of our portfolio
  • Volume performance: Total volumes in 1Q12 grew 1.8%, with own beer volumes growing by 1.4% and non-beer volumes growing by 6.3%. Third party volumes decreased 31.1% due to the termination of legacy commercial products contracts in Western Europe in March 2011
  • Focus Brands: In 1Q12, our three global brands of Budweiser, Stella Artois and Beck’s grew by 4.8%. Total Focus Brands volumes grew by 3.5%, led by the Bud Light brand family and Stella Artois in the United States, Budweiser and Harbin in China, Antarctica, Brahma and Budweiser in Brazil and Quilmes in Argentina
  • Cost of Sales: Cost of Sales (CoS) increased by 3.1%, or 2.2% on a per hl basis. On a constant geographic basis, CoS per hl increased 2.8%
  • EBITDA: EBITDA grew 7.4% organically to 3 552 million USD, with an EBITDA margin of 38.1% in 1Q12 compared to 37.9% in 1Q11, an increase of 43 bp
  • Net finance costs of 380 million USD in 1Q12 include net interest expenses of 448 million USD, accretion expenses of 41 million USD, and gains in other financial results of 109 million USD mainly from derivative contracts related to the hedging of our share-based payment programs, partially offset by costs of currency hedges as well as the payment of bank fees and taxes in the normal course of business
  • Income taxes: 1Q12 income tax expense was 437 million USD with an effective tax rate of 17.3%, which compares to income taxes of 427 million USD with aneffective tax rate of 23.9% in 1Q11. The effective tax rate was lower in 1Q12 than in the previous year mainly due to shifts in profit mix to countries with lowermarginal tax rates, as well as incremental tax benefits in Brazil
  • Profit: Normalized profit attributable to equity holders of AB InBev grew 44.7% in nominal terms to 1 673 million USD in 1Q12 from 1 156 million USD in 1Q11, reflecting a strong operating performance, lower net finance costs and a lower effective tax rate
  • Earnings per share (EPS): Normalized earnings per share grew by 43.8% to 1.05 USD in 1Q12 from 0.73 USD in 1Q11 on a nominal basis

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.


The full results report is available here:


©2017, AB InBev UK Limited. All rights reserved.