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ANHEUSER-BUSCH INBEV SA/NV - Anheuser-Busch InBev announces the Reference Base following the pending divestiture of Carlton & United Breweries

Release Date: 09/10/2019 07:10
Code(s): ANH     PDF:  
 
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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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