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Beerworkers Archive


Post date: 08/03/2015 - 12:31

Second Quarter and Half Year 2015 Results of Anheuser-Busch InBev

Revenue: Revenue grew by 4.1% in 2Q15, with solid revenue per hl growth of 6.5%, driven by our revenue management and premiumization initiatives. On a constant geographic basis, revenue per hl grew by 7.1%. In HY15, revenue grew by 5.1% with revenue per hl growth of 7.0%, on both an organic and constant geographic basis

Revenue: Revenue grew by 4.1% in 2Q15, with solid revenue per hl growth of 6.5%, driven by our revenue management and premiumization initiatives. On a constant geographic basis, revenue per hl grew by 7.1%. In HY15, revenue grew by 5.1% with revenue per hl growth of 7.0%, on both an organic and constant geographic basis
Volume: Total volumes declined by 2.2% in 2Q15, with beer volumes down 2.1%, and non-beer volumes down 2.9%. The decline in beer volumes was driven mainly by difficult FIFA World Cup comparables, especially in Brazil and Europe, and challenging trading conditions in several countries, partly offset by good volume growth in Mexico and Latin America South. In HY15, total volumes declined by 1.7%, with own beer volumes down by 1.6% and non-beer volumes down 3.0%
Focus Brands: Volumes of our Focus Brands declined by 2.0% in 2Q15 and by 1.1% in HY15. Volumes of our three global brands grew by 6.4% in the quarter, with Budweiser up 6.0%, Corona up 7.8% and Stella Artois up 4.9%. Our global brands grew by 5.6% in HY15
Cost of Sales (CoS): CoS increased by 4.8% in 2Q15 and by 7.2% on a per hl basis. This increase was partly due to the impact of a one-time benefit of 57 million USD, reported in 2Q14, linked to the reversal of medical expense accruals in the US. On a constant geographic basis, CoS per hl increased by 7.4% in the quarter. In HY15 CoS grew 4.8% and by 6.6% on a per hl basis. On a constant geographic basis, CoS per hl increased by 6.4% in HY15
EBITDA grew by 4.6% in 2Q15 to 4 156 million USD with a margin expansion of 17 bps, driven mainly by top line growth and the timing of our sales and marketing investments. In HY15, EBITDA grew by 7.6% with EBITDA margin expansion of 88 bps
Net finance results: Net finance costs (excluding non-recurring net finance results) were 554 million USD in 2Q15 compared to 382 million USD in 2Q14. This increase was driven primarily by other financial results which includes a negative mark-to-market adjustment of 139 million USD in 2Q15, linked to the hedging of our share-based payment programs, compared to a gain of 344 million USD in 2Q14, partially offset by positive currency results and lower interest expenses. Net finance costs were 463 million USD in HY15 compared to 1 248 million USD in HY14
Income taxes: Income tax in 2Q15 was 532 million USD with a normalized effective tax rate (ETR) of 17.2%, compared to an income tax expense of 647 million USD in 2Q14 and a normalized ETR of 18.1%. The normalized ETR was 17.6% in HY15 compared to 18.4% in HY14
Profit: Normalized profit attributable to equity holders of AB InBev was 1 984 million USD in 2Q15 compared to 2 614 million USD in 2Q14, with organic EBITDA growth being more than offset by unfavorable currency translation, the EBITDA scope adjustment described below, and higher net finance results. Normalized profit attributable to equity holders of AB InBev was 4 278 million USD in HY15, compared to 4 030 million USD in HY14
Earnings per share: Normalized earnings per share (EPS) decreased to 1.21 USD in 2Q15 from 1.60 USD in 2Q14, and increased to 2.61 USD in HY15 from 2.47 USD in HY14
EBITDA scope change: The 2Q14 results included a one-time positive accounting adjustment of 223 million USD, following an actuarial reassessment of future liabilities under our post-retirement healthcare benefit plans in the US. This adjustment was reported in the results of North America, as a positive scope change in other operating income, and therefore excluded from organic growth. Accordingly, a negative scope change of the same amount has been reported in 2Q15
Share Buyback Program: The one billion USD share buyback program announced on 26 February 2015 was completed on 22 June 2015. The shares acquired fulfill our immediate commitments under the stock ownership plan.

Click the link to view the full report: http://www.flex-news-food.com/files/Anheuser-Busch%20InBev_300715.pdf