Anheuser-Busch InBev reports First Quarter 2013 Results Back to news

2nd May 2013

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 1Q13 versus the same period of last year. For important disclaimers please refer to page 2 of the full PDF results document


Revenue growth: Total revenues grew 1.5% in 1Q13, with strong revenue per hl growth of 5.8%, due to our revenue management initiatives and the premiumization of our brand portfolio in our key markets. On a constant geographic basis, revenue per hl grew by 6.9%

Volume performance: Volumes came under pressure in 1Q13. Total volumes declined 4.1%, with own beer volumes down 4.0% and non-beer volumes declining by 4.8%. Beer  volumes in Brazil declined by 8.2% due to the earlier timing of Carnival, poorer weather, weakened disposable income growth and high food inflation. US beer sales-to-wholesalers (STWs) declined by 5.2%, with selling-day adjusted sales-to-retailers (STRs) declining by 4.1%, driven by a tough weather comparable and short term pressure on consumer disposable income. Volumes in China grew by 15.5%, with strong performances by our national brands, Budweiser and Harbin, enhanced by successful Chinese New Year campaigns

Focus Brands: In 1Q13, Focus Brands volumes declined 2.9%. However, our three global brands Budweiser, Stella Artois and Beck’s grew by 4.7%, with global Budweiser volumes growing by 8.4%, driven by good  performances in China, Brazil, Russia and Ukraine

Cost of Sales: Cost of Sales (CoS) increased by 3.8%, or 8.6% on a per hl basis, due to higher input costs, especially in LAN, LAS and APAC, and the impact of lower fixed cost dilution. On a constant geographic basis, CoS per hl increased by 9.0%

EBITDA: EBITDA increased 0.9% in 1Q13, with EBITDA margin of 37.4%, a contraction of 22 bps

Net finance costs: Net finance costs (excl. non-recurring net finance costs) were 255 million USD in the quarter, compared to 422 million USD in 1Q12. The decrease in net finance costs in 1Q13 is due mainly to mark-to-market gains of 402 million USD linked to the hedging of our share based payment programs which are reported in other financial  results

Non-recurring net finance income was 223 million USD, due mainly to mark-to-market gains on the pre-hedging of 71% of our equity exposure in respect of the shares to be delivered in the next five years to some Grupo Modelo shareholders as part of a transaction related to the combination with Grupo Modelo announced on 29 June 2012

Income taxes: Income tax expense in 1Q13 was 333 million USD, with an effective tax rate of 12.4%, compared to an income tax expense of 427 million USD in 1Q12 and an effective tax rate of 17.1%. The decrease in the effective tax rate mainly results from the non-taxable nature of the gains on the previously mentioned hedges related to our equity exposure, a shift in profit mix to countries with lower marginal tax rates, as well as
incremental tax benefits

Profit: Normalized profit attributable to equity holders of AB InBev grew 12.2% in nominal terms to 1 853 million USD in 1Q13 from 1 651 million USD in 1Q12, due to lower net finance costs and a lower effective tax rate

Earnings per share (EPS): Normalized earnings per share (EPS) grew by 12.6% to 1.16 USD from 1.03 USD in 1Q12, on a nominal basis


For the full results report please visit: 

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