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 FY12 and 4Q12 versus the same period of last year. For important disclaimers please refer to page 2.
Revenue growth: Revenue grew 7.2% in FY12 and 8.8% in 4Q12, with revenue per hl growth of 7.7% in FY12 and 8.8% in 4Q12 on a constant geographic basis, resulting from favorable brand mix and revenue management best practices
Volume performance: Total volumes in FY12 grew 0.3%, with own beer volumes increasing 0.1%, while non-beer volumes increased 2.2%. In 4Q12, total volumes declined 0.1%, with own beer volumes down 0.3% and non-beer volumes growing 0.8%
Focus Brands: Our Focus Brand volumes grew 1.5% in FY12, with our three global brands, Budweiser, Stella Artois and Beck’s, growing by 4.1%. In 4Q12, Focus Brands grew by 0.4%
Cost of Sales (CoS): CoS increased 5.4% in FY12 and by 8.4% in 4Q12. CoS per hl increased 7.2% in FY12 and 10.0% in 4Q12 on a constant geographic basis
EBITDA:EBITDA grew 7.7% in FY12 to 15 511 million USD, with a margin of 39.0%, an increase of 18 bps. In 4Q12, EBITDA grew 9.9% to 4 388 million USD with margin expansion of 44 bps
Net finance costs: Net finance costs (excl. non-recurring net finance costs) in FY12 were 2 188 million USD, down 15.7% compared to FY11. Net finance costs of 751 million USD in 4Q12 include other financial results of -227 million USD from non-cash, unrealized foreign exchange translation losses on intercompany payables and loans, costs of currency and commodity hedges and losses from derivative contracts related to our share-based payment programs
Income taxes: Income tax in FY12 was 1 717 million USD with an effective tax rate of 16.3%, compared to an income tax expense of 1 856 million USD in FY11 with an effective tax rate of 20.2%
Profit: Normalized profit attributable to equity holders of AB InBev grew 12.9% in nominal terms to 7 283 million USD in FY12 from 6 449 million USD in FY11. Profit in 4Q12 declined by 8.5% in nominal terms to 1 792 million USD in 4Q12 from 1 959 million USD in 4Q11. The decline in normalized profit in 4Q12 is mainly due to other financial results of -227 million USD, largely driven by non-cash, unrealized foreign exchange translation losses on intercompany payables and loans, as well as costs of currency and commodity hedges and losses from derivative contracts related to our share-based payment programs, whereas 4Q11 included a 200 million USD gain primarily from derivative contracts related to our share-based payment programs.
Earnings per share: Normalized earnings per share (EPS) grew by 12.6% to 4.55 USD in FY12 from 4.04 USD in FY11, and declined by 9.0% from 1.23 USD in 4Q11 to 1.12 USD in 4Q12, as explained above
Cash flow: Cash flow from operating activities increased by 6.3% on a nominal basis, to 13 268 million USD in FY12 from 12 486 million USD in FY11
Net debt: Our net debt as of 31 December 2012 was 30.1 billion USD, a decrease of 4.6 billion USD from 31 December 2011. The net debt to EBITDA ratio decreased from 2.26x at the end of 2011 to 1.87x before M&A activity, and to 1.94x on a reported basis, as of
31 December 2012.
Dividend: The AB InBev Board proposes a dividend of 1.70 EUR per share, subject to shareholder approval. If approved, the shares will trade ex-coupon as of 26 April 2013 and dividends will be payable as from 2 May 2013. The record date will be 30 April 2013. The Board has also decided to move to semi-annual dividend payments, going forward, starting with dividends for FY13, payable in November 2013 and May 2014.
2012 Financial Report: The report is available on our website at www.ab-inbev.com