AB InBev Reports Second Quarter 2023 Results
- AB InBev reports high-single digit revenue growth in Q2 2023, with revenue increasing by 7.2%.
- Revenue per hl grew by 9.0% in Q2 and 10.6% in HY23.
- The combined revenues of global brands Budweiser, Stella Artois, and Corona grew by 18.4% in Q2 and 16.9% in HY23.
- Total volumes declined by 1.4% in Q2 and 0.3% in HY23.
- Normalized EBITDA increased by 5.0% in Q2 and 9.1% in HY23.
- Underlying profit was $1,452 million in Q2 and $2,762 million in HY23.
- Net debt to EBITDA ratio was 3.70x at the end of June 2023.
- None.
Continued global momentum, partially offset by US performance, delivered high-single digit revenue growth
Figure 14. Terms and debt repayment schedule as of 30 June 2023 (billion USD) (Graphic: Business Wire)
Regulated information1
“Our business delivered another quarter of profitable growth. Revenue increased by
Total Revenue
+
Revenue increased by
Approximately
Over
Total Volume
-
In 2Q23, total volumes declined by
Normalized EBITDA
+
In 2Q23, normalized EBITDA increased by |
Underlying Profit
1
Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1
Underlying EPS
Underlying EPS was
Net Debt to EBITDA 3.70x Net debt to normalized EBITDA ratio was 3.70x at 30 June 2023 compared to 3.86x at 30 June 2022 and 3.51x at 31 December 2022. |
The 2023 Half Year Financial Report is available on our website at www.ab-inbev.com. |
1The 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. For important disclaimers and notes on the basis of preparation, please refer to page 15. |
Management comments
Continued global momentum, partially offset by US performance, delivered high-single digit revenue growth
We delivered a top-line increase of
Progressing our strategic priorities
We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.
Lead and grow the category:
This quarter we delivered volume growth in the majority of our markets and revenue growth in more than
Digitize and monetize our ecosystem:
BEES captured approximately
Optimize our business:
In HY23, disciplined overhead management and efficient resource allocation enabled us to invest approximately
Lead and grow the category
In HY23, we invested approximately
-
Inclusive Category: In 2Q23, the percentage of consumers purchasing our portfolio of brands increased across key markets in
Latin America andAfrica , according to our estimates. This increase in participation was led by female and lower income consumer groups, driven by continued brand and pack innovation.
-
Core Superiority: In 2Q23, our mainstream portfolio delivered a mid-single digit revenue increase as double-digit growth in
South Africa andColombia was partially offset by the revenue decline of Bud Light in the US. Our mainstream brands gained or maintained share of segment in two thirds of our key markets, according to our estimates.
-
Occasions Development: Our global no-alcohol beer portfolio delivered approximately
30% revenue growth this quarter, with our performance driven by Budweiser Zero inBrazil and growth of Corona Cero inCanada andEurope . Leveraging our digital direct-to-consumer products we are investing in and developing new consumption occasions. For example, inBrazil , Zé Delivery enabled the launch of Corona Sunset Hours, an everyday activation encouraging consumers to disconnect from work and reconnect with friends in the early evening.
-
Premiumization: Our above core beer portfolio grew revenue by more than
10% in 2Q23, led by our global brands and double-digit growth of Modelo inMexico and Spaten inBrazil . Our global brands grew revenue by18.4% outside of their home markets, led by Corona, which was recently recognized by Kantar BrandZ as the #1 fastest growing global beer brand by value, which grew by23.7% . Budweiser delivered a revenue increase of16.9% , with broad-based growth in 25 markets, and Stella Artois grew by14.5% .
-
Beyond Beer: Our global Beyond Beer business contributed over
385 million USD of revenue in the quarter and grew by mid-single digits as growth globally was partially offset by a soft malt-based seltzer industry in the US. Global growth was primarily driven by the expansion of Brutal Fruit inAfrica and the Vicky portfolio inMexico .
Digitize and monetize our ecosystem
-
Digitizing our relationships with more than 6 million customers globally: As of 30 June 2023, BEES is live in 23 markets with approximately
64% of our 2Q23 revenues captured through B2B digital platforms. In 2Q23, BEES had 3.3 million monthly active users and captured approximately9.2 billion USD in gross merchandise value (GMV), growth of15% and30% versus 2Q22 respectively. BEES Marketplace is live in 15 markets with63% of BEES customers also marketplace buyers. Marketplace captured approximately340 million USD in GMV from sales of third-party products this quarter, growth of41% versus 2Q22.
-
Leading the way in DTC solutions: Our omnichannel direct-to-consumer (DTC) ecosystem of digital and physical products generated revenue of more than
385 million USD in 2Q23. Our digital DTC products, Zé Delivery, TaDa and PerfectDraft are available in 20 markets, generated 16.5 million ecommerce orders and delivered over115 million USD in revenue this quarter, representing18% growth versus 2Q22.
Optimize our business
In HY23, disciplined overhead management and efficient allocation of resources across our operations enabled us to invest approximately
Advancing our sustainability priorities
We continued to innovate and make progress towards our 2025 Sustainability Goals through key local initiatives with the potential to scale globally. For Climate Action, we invested in a biomass processor in our Jupille brewery in
Creating a future with more cheers
In HY23, we delivered
2023 Outlook
(i) |
Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4 |
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(ii) |
Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 200 to |
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(iii) |
Effective Tax Rates (ETR): We expect the normalized ETR in FY23 to be in the range of |
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(iv) |
Net Capital Expenditure: We expect net capital expenditure of between 4.5 and |
Figure 1. Consolidated performance (million USD) |
|||
2Q22 |
2Q23 |
Organic |
|
growth |
|||
Total Volumes (thousand hls) |
149 729 |
147 583 |
- |
AB InBev own beer |
131 107 |
128 750 |
- |
Non-beer volumes |
17 544 |
17 636 |
|
Third party products |
1 079 |
1 197 |
|
Revenue |
14 793 |
15 120 |
|
Gross profit |
7 997 |
8 101 |
|
Gross margin |
|
|
-86 bps |
Normalized EBITDA |
5 096 |
4 909 |
|
Normalized EBITDA margin |
|
|
-69 bps |
Normalized EBIT |
3 811 |
3 569 |
|
Normalized EBIT margin |
|
|
-114 bps |
|
|||
Profit attributable to equity holders of AB InBev |
1 597 |
339 |
|
Underlying profit attributable to equity holders of AB InBev |
1 468 |
1 452 |
|
|
|||
Earnings per share (USD) |
0.79 |
0.17 |
|
Underlying earnings per share (USD) |
0.73 |
0.72 |
HY22 |
HY23 |
Organic |
|
growth |
|||
Total Volumes (thousand hls) |
289 074 |
288 131 |
- |
AB InBev own beer |
251 692 |
249 810 |
- |
Non-beer volumes |
35 488 |
36 223 |
|
Third party products |
1 894 |
2 098 |
|
Revenue |
28 027 |
29 333 |
|
Gross profit |
15 243 |
15 796 |
|
Gross margin |
|
|
-60 bps |
Normalized EBITDA |
9 583 |
9 668 |
|
Normalized EBITDA margin |
|
|
-29 bps |
Normalized EBIT |
7 105 |
7 072 |
|
Normalized EBIT margin |
|
|
-39 bps |
|
|||
Profit attributable to equity holders of AB InBev |
1 692 |
1 977 |
|
Underlying profit attributable to equity holders of AB InBev |
2 672 |
2 762 |
|
|
|||
Earnings per share (USD) |
0.84 |
0.98 |
|
Underlying earnings per share (USD) |
1.33 |
1.37 |
|
Figure 2. Volumes (thousand hls) |
||||||
2Q22 |
Scope |
Organic |
2Q23 |
Organic growth |
||
growth |
Total Volume |
Own beer volume |
||||
|
27 361 |
35 |
-3 854 |
23 542 |
- |
- |
Middle |
37 775 |
- |
118 |
37 893 |
|
- |
|
36 421 |
7 |
- 691 |
35 737 |
- |
- |
EMEA |
22 838 |
60 |
-14 |
22 884 |
- |
- |
|
25 097 |
- |
2 378 |
27 475 |
|
|
Global Export and Holding Companies |
238 |
-102 |
-84 |
51 |
- |
- |
AB InBev Worldwide |
149 729 |
- |
-2 147 |
147 583 |
- |
- |
HY22 |
Scope |
Organic |
HY23 |
Organic growth |
||
growth |
Total Volume |
Own beer volume |
||||
|
51 448 |
51 |
-4 104 |
47 395 |
- |
- |
Middle |
72 024 |
- |
141 |
72 164 |
|
- |
|
76 815 |
- |
- 791 |
76 023 |
- |
- |
EMEA |
42 962 |
104 |
- 224 |
42 842 |
- |
- |
|
45 385 |
- |
4 204 |
49 589 |
|
|
Global Export and Holding Companies |
440 |
-155 |
-168 |
117 |
- |
- |
AB InBev Worldwide |
289 074 |
- |
- 943 |
288 131 |
- |
- |
Key Market Performances
-
Operating performance:
-
2Q23: Revenue declined by
10.5% with revenue per hl growing by5.2% driven by revenue management initiatives. Sales-to-wholesalers (STWs) were down by15.0% . Sales-to-retailers (STRs) declined by14.0% , underperforming the industry, primarily due to the volume decline of Bud Light. EBITDA declined by28.2% , with approximately two thirds of this decrease attributable to market share performance and the remainder from productivity loss, increased sales and marketing investments and support measures for our wholesaler partners. -
HY23: Revenue declined by
3.6% with revenue per hl growth of5.4% . Our STWs declined by8.6% and STRs were down by9.2% . EBITDA declined by14.8% .
-
2Q23: Revenue declined by
-
Commercial highlights: The beer industry continued to demonstrate resilience in 2Q23, delivering revenue growth of
2.3% while volumes declined by2.5% , according to Circana. Our total beer industry share declined this quarter but has been stable since the last week of April through the end of June. Since April, we actively engaged with over 170 000 consumers across the country through a third-party research firm and the data shows that most consumers surveyed are favorable towards the Bud Light brand and approximately80% are favorable or neutral. As part of our long-term plan, we increased investments in our key brands, invested in measures to support our wholesalers and continued key initiatives such as partnerships with NFL, NBA, Folds of Honor and Farm Rescue.
-
Operating performance:
- 2Q23: Revenue grew by low-teens with revenue per hl growth of low-teens driven by pricing actions and other revenue management initiatives. Volumes declined by low-single digits, outperforming the industry which was impacted by an earlier Easter. EBITDA grew by mid-teens with margin expansion of over 175bps.
- HY23: Revenue grew by low-teens with revenue per hl growing by low-teens and volumes flat. EBITDA grew by mid-teens.
- Commercial highlights: Our performance this quarter was driven by ongoing portfolio development and digital transformation. Our above core portfolio continued to outperform, growing revenue by mid-teens, led by the strong performance of Modelo, Michelob Ultra and Pacifico. We continued to progress our digital and physical DTC initiatives this quarter with our digital DTC platform, TaDa, now operating in over 60 major cities and fulfilling on average over 300 000 orders per month and the opening of a further 150 Modelorama stores.
-
Operating performance:
-
2Q23: Revenue grew by high-single digits with high-single digit revenue per hl growth, driven by pricing actions and other revenue management initiatives. Volumes grew by low-single digits, continuing to gain share of total alcohol in an improving consumer environment. EBITDA grew by low-twenties, driven by top-line growth and supported by cycling a loss from the disposal of non-core assets in 2Q22.
HY23: Revenue grew by high-single digits with revenue per hl growth of high-single digits. Volumes declined by low-single digits. EBITDA grew by high-single digits.
-
2Q23: Revenue grew by high-single digits with high-single digit revenue per hl growth, driven by pricing actions and other revenue management initiatives. Volumes grew by low-single digits, continuing to gain share of total alcohol in an improving consumer environment. EBITDA grew by low-twenties, driven by top-line growth and supported by cycling a loss from the disposal of non-core assets in 2Q22.
- Commercial highlights: Our leading mainstream portfolio drove our performance this quarter, with a particularly strong performance from Poker which grew volumes by mid-teens.
-
Operating performance:
-
2Q23: Revenue grew by
9.4% with revenue per hl growth of12.2% driven by revenue management initiatives and continued premiumization. Beer volumes declined by2.6% , underperforming the industry according to our estimates, as we cycled a strong performance in 2Q22 which was supported by post-COVID recovery. Non-beer volumes declined by2.2% resulting in a total volume decrease of2.5% . EBITDA increased by29.0% with margin expansion of approximately 400bps. -
HY23: Total volumes were flat with beer volumes down
0.9% and non-beer volumes up2.5% . Both revenue and revenue per hl increased by12.4% . EBITDA grew by27.7% .
-
2Q23: Revenue grew by
-
Commercial highlights: Our premium and super premium brands continued to outperform this quarter, delivering volume growth in the mid-thirties, led by Original, Spaten and Corona. BEES Marketplace continued to expand, reaching over 700 thousand customers, a
29% increase versus 2Q22, and growing GMV by64% . Our digital DTC platform, Zé Delivery, reached 4.6 million monthly active users this quarter, a12% increase versus 2Q22, and increased GMV by12% .
-
Operating performance:
- 2Q23: Revenue grew by high-single digits with mid-teens revenue per hl growth, driven by pricing actions and the continued momentum of our premium and super premium brands. Volumes declined by mid-single digits, outperforming a soft industry in the majority of our key markets according to our estimates. EBITDA grew by high-single digits.
- HY23: Revenue grew by double-digits, driven by mid-teens revenue per hl growth. Volumes declined by low-single digits. EBITDA increased by high-single digits.
-
Commercial highlights: We continue to drive premiumization across
Europe . Our premium and super premium brands delivered double-digit revenue growth this quarter, led by Corona and Budweiser.
-
Operating performance:
-
2Q23: Revenue grew by high-teens, with revenue per hl growth of more than
10% , driven by pricing actions and other revenue management initiatives. Our volumes grew by high-single digits, ahead of the industry according to our estimates, driven by strong consumer demand for our brands and supported by a favorable comparable due to production constraints in 2Q22. EBITDA was flattish as top-line growth was offset primarily by anticipated commodity cost headwinds. - HY23: Revenue grew by low-teens with high-single digit revenue per hl growth and a mid-single digit increase in volume. EBITDA declined by low-single digits.
-
2Q23: Revenue grew by high-teens, with revenue per hl growth of more than
-
Commercial highlights: We continue to see strong consumer demand for our portfolio, gaining share of beer and total alcohol according to our estimates. Carling Black Label, the #1 beer brand in the country, led our performance this quarter with high-teens volume growth and our global brands grew volumes by more than
50% , driven by Corona.
-
Operating performance:
-
2Q23: Volumes grew by
11.0% , outperforming the industry according to our estimates. Revenue per hl increased by7.6% , driven by on-premise recovery and continued premiumization, resulting in revenue growth of19.4% . EBITDA grew by21.8% . -
HY23: Volumes grew by
9.4% and revenue per hl by5.4% , leading to a total revenue increase of15.3% . EBITDA grew by17.4% .
-
2Q23: Volumes grew by
-
Commercial highlights: We delivered volume growth across all segments of our portfolio this quarter, led by mid-twenties volume growth in both our premium and super premium portfolios. The roll out and adoption of the BEES platform continued, with BEES now present in over 220 cities and over
45% of our revenue through digital channels in June.
Highlights from our other markets
-
Canada : Revenue increased by low-single digits this quarter with revenue per hl growth of high-single digits, driven by revenue management initiatives and premiumization. Volumes declined by mid-single digits, underperforming a soft industry. -
Peru : Revenue grew by high-single digits this quarter with revenue per hl growing by low-teens, driven primarily by revenue management initiatives. Volumes declined by low-single digits, outperforming a soft industry and gaining share of total alcohol. -
Ecuador : Revenue grew by high-single digits in 2Q23 with volumes increasing by low-single digits, supported by continued share of total alcohol gains. Our above core brands continued to lead our growth, delivering a double-digit revenue increase. -
Argentina : Revenue increased by high-single digits on a reported USD basis and by over100% on an organic basis in 2Q23, driven by revenue management initiatives in a highly inflationary environment. Beer volumes grew by low-single digits with total volumes declining by low-single digits. -
Africa excludingSouth Africa : InNigeria , our top-line grew by mid-teens this quarter with total volumes declining by high-single digits, driven by a soft industry which was impacted by the continued challenging operating environment. In our other markets, we grew volumes in aggregate by high-single digits in 2Q23, driven primarily byTanzania ,Ghana andUganda . -
South Korea : Total revenue declined by high-single digits, driven by a low-single digit volume decline as we cycled post-COVID recovery in 2Q22. Revenue per hl decreased by mid-single digits, driven primarily by an excise tax increase.
Consolidated Income Statement
Figure 3. Consolidated income statement (million USD) |
|||
2Q22 |
2Q23 |
Organic |
|
growth |
|||
Revenue |
14 793 |
15 120 |
|
Cost of sales |
-6 796 |
-7 019 |
- |
Gross profit |
7 997 |
8 101 |
|
SG&A |
-4 500 |
-4 707 |
- |
Other operating income/(expenses) |
314 |
175 |
|
Normalized profit from operations (normalized EBIT) |
3 811 |
3 569 |
|
Non-underlying items above EBIT (incl. impairment losses) |
-9 |
-60 |
|
Net finance income/(cost) |
-1 252 |
-1 283 |
|
Non-underlying net finance income/(cost) |
72 |
-1 078 |
|
Share of results of associates |
74 |
55 |
|
Income tax expense |
-721 |
-595 |
|
Profit |
1 975 |
607 |
|
Profit attributable to non-controlling interest |
378 |
269 |
|
Profit attributable to equity holders of AB InBev |
1 597 |
339 |
|
|
|||
Normalized EBITDA |
5 096 |
4 909 |
|
Underlying profit attributable to equity holders of AB InBev |
1 468 |
1 452 |
|
HY22 |
HY23 |
Organic |
|
growth |
|||
Revenue |
28 027 |
29 333 |
|
Cost of sales |
-12 784 |
-13 536 |
- |
Gross profit |
15 243 |
15 796 |
|
SG&A |
-8 616 |
-9 051 |
- |
Other operating income/(expenses) |
478 |
327 |
|
Normalized profit from operations (normalized EBIT) |
7 105 |
7 072 |
|
Non-underlying items above EBIT (incl. impairment losses) |
-105 |
-107 |
|
Net finance income/(cost) |
-2 444 |
-2 520 |
|
Non-underlying net finance income/(cost) |
176 |
-703 |
|
Share of results of associates |
129 |
105 |
|
Non-underlying share of results of associates |
-1 143 |
- |
|
Income tax expense |
-1 244 |
-1 192 |
|
Profit |
2 474 |
2 655 |
|
Profit attributable to non-controlling interest |
782 |
678 |
|
Profit attributable to equity holders of AB InBev |
1 692 |
1 977 |
|
|
|||
Normalized EBITDA |
9 583 |
9 668 |
|
Underlying profit attributable to equity holders of AB InBev |
2 672 |
2 762 |
|
We are reporting our Argentinean operation applying hyperinflation accounting under IAS 29, following the categorization of
Consolidated other operating income/(expenses) in 2Q23 increased by
Non-underlying items above EBIT & Non-underlying share of results of associates
Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
COVID-19 costs |
-4 |
- |
-13 |
- |
Restructuring |
-14 |
-22 |
-51 |
-50 |
Business and asset disposal (incl. impairment losses) |
10 |
-19 |
6 |
-38 |
Legal costs |
- |
-19 |
- |
-19 |
AB InBev Efes related costs |
-1 |
- |
-47 |
- |
Non-underlying items in EBIT |
-9 |
-60 |
-105 |
-107 |
Non-underlying share of results of associates |
- |
- |
-1 143 |
- |
EBIT excludes negative non-underlying items of
Non-underlying share of results of associates of HY22 includes the non-cash impairment of 1
Net finance income/(cost)
Figure 5. Net finance income/(cost) (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Net interest expense |
-838 |
-824 |
-1 683 |
-1 630 |
Net interest on net defined benefit liabilities |
-19 |
-21 |
-37 |
-42 |
Accretion expense |
-185 |
-202 |
-336 |
-385 |
Net interest income on Brazilian tax credits |
65 |
47 |
113 |
78 |
Other financial results |
-275 |
-283 |
-501 |
-540 |
Net finance income/(cost) |
-1 252 |
-1 283 |
-2 444 |
-2 520 |
Non-underlying net finance income/(cost)
Figure 6. Non-underlying net finance income/(cost) (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Mark-to-market |
65 |
-1 078 |
296 |
-703 |
Gain/(loss) on bond redemption and other |
7 |
- |
-120 |
- |
Non-underlying net finance income/(cost) |
72 |
-1 078 |
176 |
-703 |
Non-underlying net finance cost in HY23 includes mark-to-market losses on derivative instruments entered into to hedge our shared-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown in figure 7, together with the opening and closing share prices.
Figure 7. Non-underlying equity derivative instruments |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Share price at the start of the period (Euro) |
54.26 |
61.33 |
53.17 |
56.27 |
Share price at the end of the period (Euro) |
51.36 |
51.83 |
51.36 |
51.83 |
Number of equity derivative instruments at the end of the period (millions) |
100.5 |
100.5 |
100.5 |
100.5 |
Income tax expense
Figure 8. Income tax expense (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Income tax expense |
721 |
595 |
1 244 |
1 192 |
Effective tax rate |
|
|
|
|
Normalized effective tax rate |
|
|
|
|
The decrease in normalized ETR in 2Q23 compared to 2Q22 and the decrease in HY23 compared to HY22 is driven by country mix.
Figure 9. Underlying Profit attributable to equity holders of AB InBev (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Profit attributable to equity holders of AB InBev |
1 597 |
339 |
1 692 |
1 977 |
Net impact of non-underlying items on profit |
- 114 |
1 091 |
1 006 |
750 |
Hyperinflation impacts in underlying profit |
- 15 |
22 |
- 26 |
35 |
Underlying profit attributable to equity holders of AB InBev |
1 468 |
1 452 |
2 672 |
2 762 |
Underlying profit attributable to equity holders in 2Q22 and HY22 were positively impacted by
Basic and underlying EPS
Figure 10. Earnings per share (USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Basic EPS |
0.79 |
0.17 |
0.84 |
0.98 |
Net impact of non-underlying items on profit |
-0.07 |
0.54 |
0.50 |
0.37 |
Hyperinflation impacts in EPS |
-0.01 |
0.01 |
-0.01 |
0.02 |
Underlying EPS |
0.73 |
0.72 |
1.33 |
1.37 |
Weighted average number of ordinary and restricted shares (million) |
2 012 |
2 016 |
2 012 |
2 016 |
Figure 11. Key components - Underlying EPS in USD |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Normalized EBIT before hyperinflation |
1.90 |
1.78 |
3.55 |
3.54 |
Hyperinflation impacts in normalized EBIT |
-0.01 |
-0.01 |
-0.02 |
-0.03 |
Normalized EBIT |
1.90 |
1.77 |
3.53 |
3.51 |
Net finance cost |
-0.62 |
-0.64 |
-1.21 |
-1.25 |
Income tax expense |
-0.39 |
-0.31 |
-0.65 |
-0.62 |
Associates & non-controlling interest |
-0.15 |
-0.11 |
-0.32 |
-0.29 |
Hyperinflation impacts in EPS |
-0.01 |
0.01 |
-0.01 |
0.02 |
Underlying EPS |
0.73 |
0.72 |
1.33 |
1.37 |
Weighted average number of ordinary and restricted shares (million) |
2 012 |
2 016 |
2 012 |
2 016 |
Reconciliation between normalized EBITDA and profit attributable to equity holders
Figure 12. Reconciliation of normalized EBITDA to profit attributable to equity holders of AB InBev (million USD) |
||||
2Q22 |
2Q23 |
HY22 |
HY23 |
|
Profit attributable to equity holders of AB InBev |
1 597 |
339 |
1 692 |
1 977 |
Non-controlling interests |
378 |
269 |
782 |
678 |
Profit |
1 975 |
607 |
2 474 |
2 655 |
Income tax expense |
721 |
595 |
1 244 |
1 192 |
Share of result of associates |
-74 |
-55 |
-129 |
-105 |
Non-underlying share of results of associates |
- |
- |
1 143 |
- |
Net finance (income)/cost |
1 252 |
1 283 |
2 444 |
2 520 |
Non-underlying net finance (income)/cost |
-72 |
1 078 |
-176 |
703 |
Non-underlying items above EBIT (incl. impairment losses) |
9 |
60 |
105 |
107 |
Normalized EBIT |
3 811 |
3 569 |
7 105 |
7 072 |
Depreciation, amortization and impairment |
1 286 |
1 340 |
2 477 |
2 596 |
Normalized EBITDA |
5 096 |
4 909 |
9 583 |
9 668 |
Normalized EBITDA and normalized EBIT are measures utilized by AB InBev to demonstrate the company’s underlying performance.
Normalized EBITDA is calculated excluding the following effects from profit attributable to equity holders of AB InBev: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Normalized EBITDA and normalized EBIT are not accounting measures under IFRS accounting and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Normalized EBITDA and normalized EBIT do not have a standard calculation method and AB InBev’s definition of normalized EBITDA and normalized EBIT may not be comparable to that of other companies.
Financial position
Figure 13. Cash Flow Statement (million USD) |
||
HY22 |
HY23 |
|
Operating activities |
||
Profit of the period |
2 474 |
2 655 |
Interest, taxes and non-cash items included in profit |
7 015 |
7 512 |
Cash flow from operating activities before changes in working capital and use of provisions |
9 489 |
10 167 |
|
||
Change in working capital |
-3 339 |
-4 615 |
Pension contributions and use of provisions |
-195 |
-192 |
Interest and taxes (paid)/received |
-3 823 |
-3 806 |
Dividends received |
50 |
43 |
Cash flow from operating activities |
2 182 |
1 597 |
|
||
Investing activities |
||
Net capex |
-1 939 |
-2 063 |
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of |
-44 |
-8 |
Net proceeds from sale/(acquisition) of other assets |
66 |
10 |
Cash flow from / (used in) investing activities |
-1 917 |
-2 061 |
|
||
Financing activities |
||
Dividends paid |
-1 276 |
-1 923 |
Net (payments on)/proceeds from borrowings |
-3 452 |
155 |
Payment of lease liabilities |
-286 |
-359 |
Sale/(purchase) of non-controlling interests and other |
-378 |
-696 |
Cash flow from / (used in) financing activities |
-5 392 |
-2 823 |
. |
||
Net increase/(decrease) in cash and cash equivalents |
-5 128 |
-3 287 |
HY23 recorded a decrease in cash and cash equivalents of 3
-
Our cash flow from operating activities reached 1
597 million USD in HY23 compared to 2182 million USD in HY22. The decrease was driven by changes in working capital for HY23 compared to HY22. Changes in working capital in the first half of 2023 and 2022 reflect higher working capital levels at the end of June than at year-end as a result of seasonality.
-
Our cash outflow from investing activities was 2
061 million USD in HY23 compared to a cash outflow of 1917 million USD in HY22. The increase in the cash outflow from investing activities was mainly due to higher net capital expenditures in HY23 compared to HY22. Out of the total HY23 capital expenditures, approximately33% was used to improve the company’s production facilities while49% was used for logistics and commercial investments and18% was used for improving administrative capabilities and for the purchase of hardware and software.
-
Our cash outflow from financing activities amounted to 2
823 million USD in HY23, as compared to a cash outflow of 5392 million USD in HY22. The decrease is primarily driven by lower debt redemption in HY23 compared to HY22.
Our net debt increased to
Our net debt to normalized EBITDA ratio was 3.70x as of 30 June 2023. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio.
As of 30 June 2023, we had total liquidity of
Notes
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Scope changes represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois and Corona, excludes exports to
Legal disclaimer
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 17 March 2023. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, the ongoing conflict in
Conference call and webcast
Investor Conference call and webcast on Thursday, 3 August 2023:
3.00pm
Registration details:
Webcast (listen-only mode):
AB InBev 2Q23 Results Webcast
To join by phone, please use one of the following two phone numbers:
Toll-Free: 877-407-8029
Toll: 201-689-8029
About Anheuser-Busch InBev (AB InBev)
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven,
Annex 1: Segment reporting (2Q)
AB InBev Worldwide |
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
149 729 |
- |
- |
- |
-2 147 |
147 583 |
- |
of which AB InBev own beer |
131 107 |
19 |
- |
- |
-2 376 |
128 750 |
- |
Revenue |
14 793 |
-20 |
-870 |
153 |
1 065 |
15 120 |
|
Cost of sales |
-6 796 |
12 |
430 |
-41 |
- 625 |
-7 019 |
- |
Gross profit |
7 997 |
-8 |
-440 |
111 |
440 |
8 101 |
|
SG&A |
-4 500 |
-11 |
264 |
-38 |
-421 |
-4 707 |
- |
Other operating income/(expenses) |
314 |
-186 |
-15 |
1 |
61 |
175 |
|
Normalized EBIT |
3 811 |
-205 |
-191 |
75 |
80 |
3 569 |
|
Normalized EBITDA |
5 096 |
-205 |
-263 |
38 |
243 |
4 909 |
|
Normalized EBITDA margin |
|
|
-69 bps |
||||
|
|||||||
|
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
27 361 |
35 |
- |
- |
-3 854 |
23 542 |
- |
Revenue |
4 390 |
- |
-42 |
- |
-395 |
3 953 |
- |
Cost of sales |
-1 785 |
-1 |
15 |
- |
27 |
-1 745 |
|
Gross profit |
2 604 |
-1 |
-28 |
- |
-367 |
2 208 |
- |
SG&A |
-1 209 |
-2 |
14 |
- |
-18 |
-1 215 |
- |
Other operating income/(expenses) |
7 |
- |
- |
- |
3 |
10 |
|
Normalized EBIT |
1 402 |
-3 |
-14 |
- |
-383 |
1 003 |
- |
Normalized EBITDA |
1 597 |
-3 |
-16 |
- |
-389 |
1 189 |
- |
Normalized EBITDA margin |
|
|
-616 bps |
||||
|
|||||||
Middle |
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
37 775 |
- |
- |
- |
118 |
37 893 |
|
Revenue |
3 594 |
- |
122 |
- |
368 |
4 084 |
|
Cost of sales |
-1 435 |
1 |
-39 |
- |
-98 |
-1 571 |
- |
Gross profit |
2 159 |
1 |
83 |
- |
270 |
2 513 |
|
SG&A |
-874 |
-8 |
-35 |
- |
-68 |
-985 |
- |
Other operating income/(expenses) |
-14 |
- |
- |
- |
23 |
10 |
- |
Normalized EBIT |
1 271 |
-6 |
48 |
- |
225 |
1 538 |
|
Normalized EBITDA |
1 610 |
-6 |
65 |
- |
247 |
1 916 |
|
Normalized EBITDA margin |
|
|
210 bps |
||||
|
|||||||
|
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
36 421 |
7 |
- |
- |
- 691 |
35 737 |
- |
Revenue |
2 626 |
- |
-651 |
153 |
615 |
2 742 |
|
Cost of sales |
-1 419 |
- |
295 |
-41 |
-258 |
-1 423 |
- |
Gross profit |
1 207 |
- |
-356 |
111 |
357 |
1 319 |
|
SG&A |
-855 |
-6 |
205 |
-38 |
-232 |
-926 |
- |
Other operating income/(expenses) |
243 |
-184 |
-14 |
1 |
35 |
81 |
|
Normalized EBIT |
595 |
-190 |
-165 |
75 |
160 |
475 |
|
Normalized EBITDA |
820 |
-190 |
-221 |
38 |
290 |
737 |
|
Normalized EBITDA margin |
|
|
440 bps |
EMEA |
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
22 838 |
60 |
- |
- |
-14 |
22 884 |
- |
Revenue |
2 140 |
22 |
-173 |
- |
259 |
2 248 |
|
Cost of sales |
-1 087 |
-12 |
100 |
- |
-208 |
-1 207 |
- |
Gross profit |
1 054 |
10 |
-74 |
- |
51 |
1 041 |
|
SG&A |
-680 |
-17 |
44 |
- |
-9 |
-662 |
- |
Other operating income/(expenses) |
49 |
-3 |
-1 |
- |
1 |
47 |
|
Normalized EBIT |
423 |
-9 |
-31 |
- |
43 |
426 |
|
Normalized EBITDA |
692 |
-9 |
-52 |
- |
49 |
680 |
|
Normalized EBITDA margin |
|
|
-134 bps |
||||
|
|||||||
|
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
25 097 |
- |
- |
- |
2 378 |
27 475 |
|
Revenue |
1 835 |
-2 |
-125 |
- |
266 |
1 973 |
|
Cost of sales |
-881 |
- |
58 |
- |
-105 |
-927 |
- |
Gross profit |
954 |
-2 |
-67 |
161 |
1 046 |
|
|
SG&A |
-531 |
1 |
37 |
- |
-90 |
-584 |
- |
Other operating income/(expenses) |
26 |
- |
-1 |
- |
-5 |
21 |
- |
Normalized EBIT |
449 |
-1 |
-31 |
- |
66 |
483 |
|
Normalized EBITDA |
620 |
-1 |
-41 |
- |
66 |
645 |
|
Normalized EBITDA margin |
|
|
-113 bps |
||||
|
|||||||
Global Export and Holding Companies |
2Q22 |
Scope |
Currency Translation |
Hyperinflation restatement |
Organic Growth |
2Q23 |
Organic Growth |
Total volumes (thousand hls) |
238 |
-102 |
- |
- |
-84 |
51 |
- |
Revenue |
208 |
-41 |
- |
- |
-48 |
119 |
- |
Cost of sales |
-189 |
24 |
2 |
- |
17 |
-147 |
|
Gross profit |
19 |
-17 |
2 |
- |
-31 |
-27 |
- |
SG&A |
-350 |
21 |
-2 |
- |
-4 |
-336 |
- |
Other operating income/(expenses) |
2 |
- |
1 |
- |
3 |
7 |
- |
Normalized EBIT |
-330 |
4 |
1 |
- |
-32 |
-357 |
- |
Normalized EBITDA |
-242 |
4 |
2 |
- |
-21 |
-257 |
- |
Annex 2: Segment reporting (HY)
AB InBev Worldwide |
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
289 074 |
- |
- |
- 943 |
288 131 |
- |
of which AB InBev own beer |
251 692 |
29 |
- |
-1 911 |
249 810 |
- |
Revenue |
28 027 |
-39 |
-1 459 |
2 804 |
29 333 |
|
Cost of sales |
-12 784 |
21 |
690 |
-1 463 |
-13 536 |
- |
Gross profit |
15 243 |
-18 |
-769 |
1 340 |
15 796 |
|
SG&A |
-8 616 |
-16 |
426 |
-845 |
-9 051 |
- |
Other operating income/(expenses) |
478 |
-204 |
-19 |
72 |
327 |
|
Normalized EBIT |
7 105 |
-239 |
-362 |
567 |
7 072 |
|
Normalized EBITDA |
9 583 |
-239 |
-524 |
848 |
9 668 |
|
Normalized EBITDA margin |
|
|
-29 bps |
|||
|
||||||
|
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
51 448 |
51 |
- |
-4 104 |
47 395 |
- |
Revenue |
8 192 |
2 |
-67 |
-201 |
7 926 |
- |
Cost of sales |
-3 349 |
-2 |
23 |
-92 |
-3 420 |
- |
Gross profit |
4 844 |
- |
-44 |
-293 |
4 506 |
- |
SG&A |
-2 279 |
-28 |
25 |
-71 |
-2 354 |
- |
Other operating income/(expenses) |
28 |
- |
- |
-10 |
18 |
- |
Normalized EBIT |
2 592 |
-29 |
-19 |
-374 |
2 171 |
- |
Normalized EBITDA |
2 975 |
-29 |
-23 |
-385 |
2 539 |
- |
Normalized EBITDA margin |
|
|
-391 bps |
|||
Middle |
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
72 024 |
- |
- |
141 |
72 164 |
|
Revenue |
6 693 |
- |
173 |
707 |
7 573 |
|
Cost of sales |
-2 625 |
1 |
-58 |
-245 |
-2 926 |
- |
Gross profit |
4 068 |
2 |
114 |
463 |
4 646 |
|
SG&A |
-1 631 |
-12 |
-53 |
-167 |
-1 863 |
- |
Other operating income/(expenses) |
-12 |
- |
- |
19 |
8 |
- |
Normalized EBIT |
2 425 |
-10 |
62 |
315 |
2 792 |
|
Normalized EBITDA |
3 060 |
-10 |
89 |
355 |
3 494 |
|
Normalized EBITDA margin |
|
|
44 bps |
|||
|
||||||
|
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
76 815 |
- |
- |
- 791 |
76 023 |
- |
Revenue |
5 333 |
- |
-964 |
1 480 |
5 849 |
|
Cost of sales |
-2 792 |
- |
405 |
-562 |
-2 949 |
- |
Gross profit |
2 541 |
- |
-558 |
918 |
2 900 |
|
SG&A |
-1 609 |
-13 |
280 |
-462 |
-1 804 |
- |
Other operating income/(expenses) |
312 |
-201 |
-13 |
73 |
171 |
|
Normalized EBIT |
1 244 |
-213 |
-292 |
529 |
1 268 |
|
Normalized EBITDA |
1 666 |
-213 |
-409 |
723 |
1 766 |
|
Normalized EBITDA margin |
|
|
469 bps |
EMEA |
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
42 962 |
104 |
- |
- 224 |
42 842 |
- |
Revenue |
3 940 |
38 |
-336 |
429 |
4 070 |
|
Cost of sales |
-2 000 |
-20 |
191 |
-381 |
-2 210 |
- |
Gross profit |
1 939 |
18 |
-145 |
48 |
1 860 |
|
SG&A |
-1 341 |
-31 |
94 |
-29 |
-1 307 |
- |
Other operating income/(expenses) |
88 |
-4 |
-3 |
2 |
83 |
|
Normalized EBIT |
685 |
-16 |
-55 |
21 |
635 |
|
Normalized EBITDA |
1 192 |
-15 |
-97 |
63 |
1 142 |
|
Normalized EBITDA margin |
|
|
-146 bps |
|||
|
||||||
|
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
45 385 |
- |
- |
4 204 |
49 589 |
|
Revenue |
3 471 |
-6 |
-262 |
476 |
3 679 |
|
Cost of sales |
-1 655 |
- |
125 |
-219 |
-1 750 |
- |
Gross profit |
1 816 |
-7 |
-137 |
257 |
1 929 |
|
SG&A |
- 999 |
4 |
73 |
-110 |
-1 033 |
- |
Other operating income/(expenses) |
67 |
- |
-4 |
-10 |
53 |
- |
Normalized EBIT |
884 |
-3 |
-68 |
136 |
949 |
|
Normalized EBITDA |
1 232 |
-3 |
-91 |
136 |
1 273 |
|
Normalized EBITDA margin |
|
|
-84 bps |
|||
|
||||||
Global Export and Holding Companies |
HY22 |
Scope |
Currency Translation |
Organic Growth |
HY23 |
Organic Growth |
Total volumes (thousand hls) |
440 |
-155 |
- |
-168 |
117 |
- |
Revenue |
399 |
-73 |
-3 |
-87 |
236 |
- |
Cost of sales |
-362 |
42 |
4 |
35 |
-281 |
|
Gross profit |
36 |
-31 |
1 |
-52 |
-45 |
- |
SG&A |
-756 |
64 |
7 |
-6 |
-692 |
- |
Other operating income/(expenses) |
-5 |
- |
1 |
-2 |
-6 |
- |
Normalized EBIT |
-725 |
33 |
10 |
-60 |
-742 |
- |
Normalized EBITDA |
-541 |
32 |
7 |
-43 |
-545 |
- |
Annex 3: Consolidated statement of financial position
Million US dollar |
30 June 2023 |
31 December 2022 |
. |
||
ASSETS |
||
Non-current assets |
||
Property, plant and equipment |
27 181 |
26 671 |
Goodwill |
116 168 |
113 010 |
Intangible assets |
40 973 |
40 209 |
Investments in associates |
4 728 |
4 656 |
Investment securities |
179 |
175 |
Deferred tax assets |
2 836 |
2 300 |
Employee benefits |
11 |
11 |
Income tax receivables |
835 |
883 |
Derivatives |
62 |
60 |
Trade and other receivables |
1 895 |
1 782 |
Total non-current assets |
194 868 |
189 757 |
|
||
Current assets |
||
Investment securities |
85 |
97 |
Inventories |
6 839 |
6 612 |
Income tax receivables |
912 |
813 |
Derivatives |
157 |
331 |
Trade and other receivables |
6 609 |
5 330 |
Cash and cash equivalents |
6 848 |
9 973 |
Assets classified as held for sale |
35 |
30 |
Total current assets |
21 483 |
23 186 |
|
||
Total assets |
216 352 |
212 943 |
|
||
EQUITY AND LIABILITIES |
||
Equity |
||
Issued capital |
1 736 |
1 736 |
Share premium |
17 620 |
17 620 |
Reserves |
18 835 |
15 218 |
Retained earnings |
39 269 |
38 823 |
Equity attributable to equity holders of AB InBev |
77 460 |
73 398 |
|
||
Non-controlling interests |
11 324 |
10 880 |
Total equity |
88 783 |
84 278 |
|
||
Non-current liabilities |
||
Interest-bearing loans and borrowings |
78 323 |
78 880 |
Employee benefits |
1 521 |
1 534 |
Deferred tax liabilities |
12 003 |
11 818 |
Income tax payables |
595 |
610 |
Derivatives |
113 |
184 |
Trade and other payables |
872 |
859 |
Provisions |
370 |
396 |
Total non-current liabilities |
93 796 |
94 282 |
|
||
Current liabilities |
||
Bank overdrafts |
53 |
83 |
Interest-bearing loans and borrowings |
2 524 |
1 029 |
Income tax payables |
1 263 |
1 438 |
Derivatives |
6 340 |
5 308 |
Trade and other payables |
23 347 |
26 349 |
Provisions |
244 |
176 |
Total current liabilities |
33 773 |
34 383 |
|
||
Total equity and liabilities |
216 352 |
212 943 |
Annex 4: Consolidated statement of cash flows
For the six-month period ended 30 June |
||
Million US dollar |
2023 |
2022 |
. |
||
OPERATING ACTIVITIES |
||
Profit of the period |
2 655 |
2 474 |
Depreciation, amortization and impairment |
2 595 |
2 477 |
Net finance cost/(income) |
3 223 |
2 268 |
Equity-settled share-based payment expense |
286 |
237 |
Income tax expense |
1 192 |
1 244 |
Other non-cash items |
321 |
-225 |
Share of result of associates |
-105 |
1 014 |
Cash flow from operating activities before changes in working capital and use of provisions |
10 167 |
9 489 |
Decrease/(increase) in trade and other receivables |
-1 325 |
-581 |
Decrease/(increase) in inventories |
-228 |
-833 |
Increase/(decrease) in trade and other payables |
-3 062 |
-1 925 |
Pension contributions and use of provisions |
-192 |
-195 |
Cash generated from operations |
5 360 |
5 955 |
Interest paid |
-2 322 |
-2 082 |
Interest received |
512 |
177 |
Dividends received |
43 |
50 |
Income tax paid |
-1 996 |
-1 918 |
Cash flow from operating activities |
1 597 |
2 182 |
. |
||
INVESTING ACTIVITIES |
||
Acquisition of property, plant and equipment and of intangible assets |
-2 107 |
-2 002 |
Proceeds from sale of property, plant and equipment and of intangible assets |
44 |
63 |
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of |
-8 |
-44 |
Proceeds from sale/(acquisition) of other assets |
10 |
66 |
Cash flow from/(used in) investing activities |
-2 061 |
-1 917 |
. |
||
FINANCING ACTIVITIES |
||
Sale/(purchase) of non-controlling interests |
-3 |
-52 |
Proceeds from borrowings |
181 |
68 |
Payments on borrowings |
-26 |
-3 520 |
Cash net finance (cost)/income other than interests |
-693 |
-326 |
Payment of lease liabilities |
-359 |
-286 |
Dividends paid |
-1 923 |
-1 276 |
Cash flow from/(used in) financing activities |
-2 823 |
-5 392 |
. |
||
Net increase/(decrease) in cash and cash equivalents |
-3 287 |
-5 128 |
Cash and cash equivalents less bank overdrafts at beginning of year |
9 890 |
12 043 |
Effect of exchange rate fluctuations |
191 |
-18 |
Cash and cash equivalents less bank overdrafts at end of period |
6 794 |
6 897 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802588545/en/
Investors
Shaun Fullalove
Tel: +1 212 573 9287
E-mail: shaun.fullalove@ab-inbev.com
Maria Glukhova
Tel: +32 16 276 888
E-mail: maria.glukhova@ab-inbev.com
Cyrus Nentin
Tel: +1 646 746 9673
E-mail: cyrus.nentin@ab-inbev.com
Media
Fallon Buckelew
Tel: +1 310 592 6319
E-mail: fallon.buckelew@ab-inbev.com
Michaël Cloots
Tel: +32 497 167 183
E-mail: michael.cloots@ab-inbev.com
Source: AB InBev
FAQ
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