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 figures and refer to 3Q12 and 9M12 versus the same period of last year. For important disclaimers please refer to page 2.
Revenue growth: Revenue grew 9.1% in 3Q12 and 6.7% in 9M12, with revenue per hl growth of 10.2% in 3Q12 and 7.3% in 9M12, coming from both favorable brand mix and revenue management best practices. On a constant geographic basis (i.e. eliminating the impact of faster growth in countries with lower revenue per hl) revenue growth per hl improved 10.1% in 3Q12 and 7.4% in 9M12
Volume performance: Total volumes in 3Q12 were down by 0.3%, with own beer volumes decreasing 0.1%, while non-beer volumes declined 1.8%. In 9M12, total volumes grew 0.4%, with own beer volumes up 0.2% and non-beer volumes growing 2.8%
Focus Brands: Our Focus Brand volumes grew 1.3% in 3Q12, led by our three global brands, Budweiser, Stella Artois and Beck’s, the Bud Light Family and Michelob Ultra in the United States, Antarctica in Brazil and Harbin in China. In 9M12, our Focus Brand volumes grew 1.8%, accounting for more than 68% of our own beer volumes
Cost of Sales: Cost of Sales (CoS) increased 6.6% in 3Q12, or 8.3% per hl. In 9M12, CoS grew 4.5%, or 6.1% per hl. On a constant geographic basis, CoS per hl increased 8.4% in 3Q12 and 6.5% in 9M12
EBITDA: EBITDA grew 10.6% in 3Q12 to 3 977 million USD, with a margin of 38.7%, an increase of 54 bp. In 9M12, EBITDA grew 6.9% to 11 123 million USD with margin slightly ahead at 37.7%
Net finance costs: Net finance costs of 641 million USD in 3Q12 include net interest expense of 466 million USD, accretion expenses of 90 million USD and other financial results of -85 million USD. Other financial results consist mainly of non-cash, unrealized foreign exchange translation losses on intercompany payables and loans, costs of currency and commodity hedges, and the payment of bank fees and taxes in the normal course of business
Income taxes: Income tax in 3Q12 was 465 million USD with an effective tax rate of 17.7%, compared to an income tax expense of 434 million USD in 3Q11 with an effective tax rate of 19.2%. The decrease in the effective tax rate mainly results from a shift in profit mix to countries with lower marginal tax rates, incremental tax benefits, and the nontaxable nature of gains from certain derivatives related to the hedging of share-based payment programs
Profit: Normalized profit attributable to equity holders of AB InBev grew 7.7% in nominal terms to 1 864 million USD in 3Q12 from 1 731 million USD in 3Q11, and 22.3% in nominal terms to 5 492 million USD in 9M12 from 4 490 million USD in 9M11
Earnings per share: Normalized earnings per share (EPS) grew by 7.3% to 1.17 USD in 3Q12 from 1.09 USD in 3Q11, and by 21.6% to 3.43 USD in 9M12 from 2.82 USD in 9M11
For the full results report please visit: http://www.ab-inbev.com/press_releases/20121031_1_e.pdf