MITTEILUNG UEBERMITTELT VON BUSINESS WIRE. FUER DEN INHALT IST ALLEIN DAS BERICHTENDE UNTERNEHMEN VERANTWORTLICH.
Continued global momentum, partially offset by US performance, delivered all-time high revenue in FY23
BRUSSELS --(BUSINESS WIRE)-- 29.02.2024 --
AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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Regulated and inside information1
“Our business delivered another year of consistent profitable growth with a revenue increase of 7.8% and EBITDA growth of 7.0%. Strong free cash flow generation enabled us to progress on our deleveraging, propose an increased dividend to our shareholders and execute on a 1 billion USD share buyback. Our results are a testament to the strength of the beer category, resilience of our business and people, consistent execution of our replicable growth drivers and our unwavering commitment to invest for long-term growth and value creation.” – Michel Doukeris, CEO, AB InBev
Total Revenue 4Q +6.2% | FY + 7.8% Revenue increased by 6.2% in 4Q23 with revenue per hl growth of 9.3% and by 7.8% in FY23 with revenue per hl growth of 9.9%.
24.6% increase in combined revenues of our global brands, Budweiser, Stella Artois, Corona and Michelob Ultra, outside of their respective home markets in 4Q23, and 18.2% in FY23.
Approximately 70% of our revenue through B2B digital platforms with the monthly active user base of BEES reaching 3.7 million users.
Over 550 million USD of revenue generated by our digital direct-to-consumer ecosystem.
Total Volume 4Q - 2.6% | FY - 1.7% In 4Q23, total volumes declined by 2.6% , with own beer volumes down by 3.6% and non-beer volumes up by 3.0%. In FY23, total volumes declined by 1.7% with own beer volumes down by 2.3% and non-beer volumes up by 2.1%.
Normalized EBITDA 4Q + 6.2% | FY +7.0% In 4Q23, normalized EBITDA increased by 6.2% to 4 877 million USD with a normalized EBITDA margin contraction of 2 bps to 33.7%. In FY23, normalized EBITDA increased by 7.0% to 19 976 million USD and normalized EBITDA margin contracted by 23 bps to 33.6% . Normalized EBITDA figures of FY23 and FY22 include an impact of 44 million USD and 201 million USD, respectively, from tax credits in Brazil. | Underlying Profit (million USD) 4Q 1 661 | FY 6 158 Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1 661 million USD in 4Q23 compared to 1 739 million USD in 4Q22 and was 6 158 million USD in FY23 compared to 6 093 million USD in FY22.
Underlying EPS (USD) 4Q 0.82 | FY 3.05 Underlying EPS was 0.82 USD in 4Q23, a decrease from 0.86 USD in 4Q22 and was 3.05 USD in FY23, an increase from 3.03 USD in FY22.
Net Debt to EBITDA 3.38x Net debt to normalized EBITDA ratio was 3.38x at 31 December 2023, compared to 3.51x at 31 December 2022.
Capital Allocation Dividend 0.82 EUR The AB InBev Board proposes a full year 2023 dividend of 0.82 EUR per share, subject to shareholder approval at the AGM on 24 April 2024. A timeline showing the ex-dividend, record and payment dates can be found on page 16.
Out of the one billion USD share buyback program announced on 31 October 2023, 870 million USD was completed as of 23 February 2024. |
The 2023 Full Year Financial Report is available on our website at www.ab-inbev.com.
1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and 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 17. |
Management comments
Creating a future with more cheers
Our business delivered another year of consistent profitable growth, with an EBITDA increase of 7.0%, in-line with our medium-term growth ambition and outlook for the year. While our full growth potential was constrained by the performance of our US business, we remained true to our purpose and laser focused on the execution of our strategy.
We made disciplined revenue management and resource allocation choices, delivering broad-based growth with top- and bottom-line increases in four of our five operating regions. Our results are a testament to the strength of the beer category, resilience of our business and people, consistent execution of our replicable growth drivers and our unwavering commitment to invest for long-term growth and value creation.
As with any year, there was success to celebrate and challenges from which to learn. We are taking the learnings and moving forward in a stronger position to realize our full growth potential.
Delivering consistent profitable growth
Our top-line increased by 7.8% in FY23, with revenue growth in more than 85% of our markets, driven by a revenue per hl increase of 9.9% as a result of pricing actions, ongoing premiumization and other revenue management initiatives. Volumes declined by 1.7% as growth in many of our emerging and developing markets was primarily offset by performance in the US and a soft industry in Europe.
EBITDA increased by 7.0%, with our top-line growth partially offset by anticipated transactional FX and commodity cost headwinds and increased sales and marketing investments. Underlying EPS was 3.05 USD, an increase of 0.02 USD per share versus FY22.
Progressing our strategic priorities
Looking forward
As we reflect on 2023, while our full potential was constrained, the fundamental strengths of our business drove another year of consistent profitable growth. Beer is a large, profitable and growing category, gaining share of alcohol globally and with significant headroom for premiumization. Our diversified footprint, global scale and unparalleled ecosystem uniquely position us to lead and grow the category. We have replicable growth drivers such as our portfolio of megabrands that consumers love, digital products that unlock value and a category expansion model that drives organic growth. Our business generates superior profitability and cash generation, and our dynamic capital allocation framework provides us flexibility to maximize value creation. The resilience, relentless commitment and deep ownership culture of our people is truly unwavering, and we thank all our colleagues globally for their hard work and dedication.
Looking ahead to 2024, our purpose as a company remains as relevant as ever. Guided by our strategy and our focus on customer and consumer centricity, we are energized about the opportunities ahead to activate the category through our megabrands and platforms. We believe in the potential of the beer category, the fundamentals of our company and our people, and our ability to generate superior long-term value and create a future with more cheers.
2024 Outlook
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%1. The outlook for FY24 reflects our current assessment of inflation and other macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 220 to 250 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately 4%.
(iii) Effective Tax Rates (ETR): We expect the normalized ETR in FY24 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 4.0 and 4.5 billion USD in FY24.
1Please refer to the FY24 presentation update on organic growth on page 16 |
Figure 1. Consolidated performance (million USD) | |||
4Q22 | 4Q23 | Organic | |
growth | |||
Total Volumes (thousand hls) | 148 775 | 144 706 | -2.6% |
AB InBev own beer | 128 502 | 123 764 | -3.6% |
Non-beer volumes | 19 421 | 19 998 | 3.0% |
Third party products | 853 | 944 | 13.1% |
Revenue | 14 668 | 14 473 | 6.2% |
Gross profit | 8 007 | 7 794 | 5.3% |
Gross margin | 54.6% | 53.9% | -49 bps |
Normalized EBITDA | 4 947 | 4 877 | 6.2% |
Normalized EBITDA margin | 33.7% | 33.7% | -2 bps |
Normalized EBIT | 3 608 | 3 491 | 6.9% |
Normalized EBIT margin | 24.6% | 24.1% | 16 bps |
| |||
Profit attributable to equity holders of AB InBev | 2 844 | 1 891 | |
Underlying profit attributable to equity holders of AB InBev | 1 739 | 1 661 | |
| |||
Earnings per share (USD) | 1.41 | 0.94 | |
Underlying earnings per share (USD) | 0.86 | 0.82 |
|
FY22 | FY23 | Organic | |
growth | |||
Total Volumes (thousand hls) | 595 133 | 584 728 | -1.7% |
AB InBev own beer | 517 990 | 505 899 | -2.3% |
Non-beer volumes | 73 241 | 74 810 | 2.1% |
Third party products | 3 903 | 4 019 | 4.7% |
Revenue | 57 786 | 59 380 | 7.8% |
Gross profit | 31 481 | 31 984 | 6.7% |
Gross margin | 54.5% | 53.9% | -53 bps |
Normalized EBITDA | 19 843 | 19 976 | 7.0% |
Normalized EBITDA margin | 34.3% | 33.6% | -23 bps |
Normalized EBIT | 14 768 | 14 590 | 6.4% |
Normalized EBIT margin | 25.6% | 24.6% | -31 bps |
| |||
Profit attributable to equity holders of AB InBev | 5 969 | 5 341 | |
Underlying profit attributable to equity holders of AB InBev | 6 093 | 6 158 | |
| |||
Earnings per share (USD) | 2.97 | 2.65 | |
Underlying earnings per share (USD) | 3.03 | 3.05 |
|
Figure 2. Volumes (thousand hls) | ||||||
4Q22 | Scope | Organic | 4Q23 | Organic growth | ||
growth | Total | Own beer | ||||
North America | 23 451 | - 149 | -3 563 | 19 738 | -15.3% | -16.2% |
Middle Americas | 38 286 | - | 348 | 38 635 | 0.9% | 0.9% |
South America | 46 860 | - | - 157 | 46 704 | -0.3% | -2.0% |
EMEA | 24 094 | 50 | - 180 | 23 964 | -0.7% | -1.0% |
Asia Pacific | 15 903 | - | - 438 | 15 465 | -2.8% | -2.9% |
Global Export and Holding Companies | 181 | -52 | 71 | 200 | 55.0% | 54.8% |
AB InBev Worldwide | 148 775 | - 151 | -3 919 | 144 706 | -2.6% | -3.6% |
FY22 | Scope | Organic | FY23 | Organic growth | ||
growth | Total | Own beer | ||||
North America | 102 674 | -118 | -12 417 | 90 140 | -12.1% | -12.6% |
Middle Americas | 147 624 | - | 1 106 | 148 730 | 0.7% | 0.1% |
South America | 164 319 | - | -1 859 | 162 460 | -1.1% | -2.0% |
EMEA | 90 780 | 204 | - 771 | 90 213 | -0.8% | -1.1% |
Asia Pacific | 88 898 | - | 3 828 | 92 726 | 4.3% | 4.2% |
Global Export and Holding Companies | 838 | -236 | -143 | 459 | -23.7% | -26.4% |
AB InBev Worldwide | 595 133 | - 151 | -10 255 | 584 728 | -1.7% | -2.3% |
Key Market Performances
United States: Revenue declined by 9.5% impacted by volume performance
Mexico: High-single digit top- and bottom-line growth with margin expansion
Colombia: Record high volumes delivered double-digit top-line and high-single digit bottom-line growth
Brazil: High-single digit top-line and double-digit bottom-line growth with margin expansion of 462bps
Europe: High-single digit top- and low-single digit bottom-line growth
South Africa: Record high volumes delivered double digit top- and high-single digit bottom-line growth
China: Double digit top- and bottom-line growth with margin expansion of 125bps
Highlights from our other markets
Consolidated Income Statement
Figure 3. Consolidated income statement (million USD) | |||
4Q22 | 4Q23 | Organic | |
growth | |||
Revenue | 14 668 | 14 473 | 6.2% |
Cost of sales | -6 661 | -6 679 | -7.4% |
Gross profit | 8 007 | 7 794 | 5.3% |
SG&A | -4 592 | -4 537 | -4.3% |
Other operating income/(expenses) | 193 | 234 | 11.4% |
Normalized profit from operations (normalized EBIT) | 3 608 | 3 491 | 6.9% |
Non-underlying items above EBIT (incl. impairment losses) | 19 | -165 | |
Net finance income/(cost) | -1 221 | -1 290 | |
Non-underlying net finance income/(cost) | 798 | 550 | |
Share of results of associates | 89 | 95 | |
Non-underlying share of results of associates | - | -35 | |
Income tax expense | 5 | -376 | |
Profit | 3 298 | 2 270 | |
Profit attributable to non-controlling interest | 454 | 379 | |
Profit attributable to equity holders of AB InBev | 2 844 | 1 891 | |
| |||
Normalized EBITDA | 4 947 | 4 877 | 6.2% |
Underlying profit attributable to equity holders of AB InBev | 1 739 | 1 661 |
|
FY22 | FY23 | Organic | |
growth | |||
Revenue | 57 786 | 59 380 | 7.8% |
Cost of sales | -26 305 | -27 396 | -9.0% |
Gross profit | 31 481 | 31 984 | 6.7% |
SG&A | -17 555 | -18 172 | -7.4% |
Other operating income/(expenses) | 841 | 778 | 19.8% |
Normalized profit from operations (normalized EBIT) | 14 768 | 14 590 | 6.4% |
Non-underlying items above EBIT (incl. impairment losses) | -251 | -624 | |
Net finance income/(cost) | -4 978 | -5 033 | |
Non-underlying net finance income/(cost) | 829 | -69 | |
Share of results of associates | 299 | 295 | |
Non-underlying share of results of associates | -1 143 | - 35 | |
Income tax expense | -1 928 | -2 234 | |
Profit | 7 597 | 6 891 | |
Profit attributable to non-controlling interest | 1 628 | 1 550 | |
Profit attributable to equity holders of AB InBev | 5 969 | 5 341 | |
| |||
Normalized EBITDA | 19 843 | 19 976 | 7.0% |
Underlying profit attributable to equity holders of AB InBev | 6 093 | 6 158 |
|
We are reporting our Argentinean operation applying hyperinflation accounting under IAS 29, following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, since 2018. Inflation in Argentina has accelerated, resulting in a more significant impact on the organic revenue growth of AB InBev than historically. For illustrative purposes, fully excluding the Argentinean operation, the 4Q23 organic revenue increase for AB InBev would be 0.5% versus the 6.2% reported. For FY23, revenue growth for AB InBev would be 3.8% versus the 7.8% reported.
Consolidated other operating income/(expenses) in FY23 increased by 19.8% primarily driven by higher government grants. In FY23, Ambev recognized 44 million USD income in other operating income related to tax credits (FY22: 201 million USD). The year-over-year change is presented as a scope change and does not affect the presented organic growth rates.
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) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
COVID-19 costs | -2 | - | -18 | - |
Restructuring | -47 | -64 | -110 | -142 |
Business and asset disposal (incl. impairment losses) | 72 | -23 | -71 | -385 |
Claims and legal costs | - | -66 | - | -85 |
AB InBev Efes related costs | -3 | -12 | -51 | -12 |
Acquisition costs / Business combinations | -1 | - | -1 | - |
Non-underlying items in EBIT | 19 | -165 | -251 | -624 |
Non-underlying share of results of associates | - | - 35 | -1 143 | - 35 |
EBIT excludes negative non-underlying items of 165 million USD in 4Q23 and 624 million USD in FY23. Business and asset disposal (including impairment losses) for FY23 includes a loss of approximately 300 million USD recognized upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc in 3Q23.
Non-underlying share of results of associates of FY22 includes the non-cash impairment of 1 143 million USD the company recorded on its investment in AB InBev Efes in 1Q22.
Net finance income/(cost)
Figure 5. Net finance income/(cost) (million USD) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Net interest expense | -785 | -712 | -3 294 | -3 131 |
Net interest on net defined benefit liabilities | -18 | -26 | -73 | -90 |
Accretion expense | -231 | -228 | -782 | -808 |
Net interest income on Brazilian tax credits | 22 | 61 | 168 | 168 |
Other financial results | -208 | -385 | -997 | -1 172 |
Net finance income/(cost) | -1 221 | -1 290 | -4 978 | -5 033 |
Other financial results were negatively impacted by 125 million USD in 4Q23 versus 4Q22 and by 269 million USD in FY23 versus FY22, due to a decrease in hyperinflation monetary adjustments resulting from the devaluation of the Argentinean Peso in December 2023.
Non-underlying net finance income/(cost)
Figure 6. Non-underlying net finance income/(cost) (million USD) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Mark-to-market | 454 | 294 | 606 | -325 |
Gain/(loss) on bond redemption and other | 344 | 256 | 223 | 256 |
Non-underlying net finance income/(cost) | 798 | 550 | 829 | -69 |
Non-underlying net finance cost in FY23 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 | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Share price at the start of the period (Euro) | 46.75 | 52.51 | 53.17 | 56.27 |
Share price at the end of the period (Euro) | 56.27 | 58.42 | 56.27 | 58.42 |
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) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Income tax expense | -5 | 376 | 1 928 | 2 234 |
Effective tax rate | -0.2% | 14.5% | 18.6% | 25.2% |
Normalized effective tax rate | 12.2% | 16.7% | 23.8% | 24.3% |
The increase in normalized ETR in 4Q23 compared to 4Q22 and the increase in FY23 compared to FY22 is driven mainly by country mix.
Figure 9. Underlying Profit attributable to equity holders of AB InBev (million USD) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Profit attributable to equity holders of AB InBev | 2 844 | 1 891 | 5 969 | 5 341 |
Net impact of non-underlying items on profit | -1 127 | -360 | 153 | 614 |
Hyperinflation impacts in underlying profit | 22 | 130 | - 30 | 203 |
Underlying profit attributable to equity holders of AB InBev | 1 739 | 1 661 | 6 093 | 6 158 |
Underlying profit attributable to equity holders in 4Q22 and FY22 were positively impacted by 13 million USD and 186 million USD respectively, and in 4Q23 and FY23 by 55 million USD and 122 million USD respectively, after tax and non-controlling interest related to tax credits in Brazil.
Basic and underlying EPS
Figure 10. Earnings per share (USD) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Basic EPS | 1.41 | 0.94 | 2.97 | 2.65 |
Net impact of non-underlying items on profit | -0.57 | -0.18 | 0.07 | 0.31 |
Hyperinflation impacts in EPS | 0.01 | 0.06 | -0.02 | 0.10 |
Underlying EPS | 0.86 | 0.82 | 3.03 | 3.05 |
Weighted average number of ordinary and restricted shares (million) | 2 013 | 2 016 | 2 013 | 2 016 |
Figure 11. Key components - Underlying EPS in USD | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Normalized EBIT before hyperinflation | 1.83 | 1.86 | 7.41 | 7.42 |
Hyperinflation impacts in normalized EBIT | -0.04 | -0.13 | -0.07 | -0.18 |
Normalized EBIT | 1.79 | 1.73 | 7.34 | 7.24 |
Net finance cost | -0.61 | -0.64 | -2.47 | -2.50 |
Income tax expense | -0.14 | -0.18 | -1.16 | -1.15 |
Associates & non-controlling interest | -0.19 | -0.15 | -0.67 | -0.64 |
Hyperinflation impacts in EPS | 0.01 | 0.06 | -0.02 | 0.10 |
Underlying EPS | 0.86 | 0.82 | 3.03 | 3.05 |
Weighted average number of ordinary and restricted shares (million) | 2 013 | 2 016 | 2 013 | 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) | ||||
4Q22 | 4Q23 | FY22 | FY23 | |
Profit attributable to equity holders of AB InBev | 2 844 | 1 891 | 5 969 | 5 341 |
Non-controlling interests | 454 | 379 | 1 628 | 1 550 |
Profit | 3 298 | 2 270 | 7 597 | 6 891 |
Income tax expense | -5 | 376 | 1 928 | 2 234 |
Share of result of associates | -89 | -95 | -299 | -295 |
Non-underlying share of results of associates | - | 35 | 1 143 | 35 |
Net finance (income)/cost | 1 221 | 1 290 | 4 978 | 5 033 |
Non-underlying net finance (income)/cost | -798 | -550 | -829 | 69 |
Non-underlying items above EBIT (incl. impairment losses) | -19 | 165 | 251 | 624 |
Normalized EBIT | 3 608 | 3 491 | 14 768 | 14 590 |
Depreciation, amortization and impairment | 1 338 | 1 386 | 5 074 | 5 385 |
Normalized EBITDA | 4 947 | 4 877 | 19 843 | 19 976 |
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.
Argentinean Peso devaluation
In December 2023, the Argentinean Peso underwent a significant devaluation with the USDARS exchange rate closing at 809 on 31 December 2023 compared to 350 on 30 September 2023. IFRS (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period (i.e. FY23 and FY22 results at the closing rate on 31 December 2023 and 2022, respectively). The December 2023 devaluation negatively impacted our revenue and Normalized EBITDA as reported in 4Q23 and FY23. The impact of hyperinflation accounting in 4Q22 and 4Q23, as well as FY22 and FY23 were as follows:
Impact of hyperinflation (million USD) | ||||
Revenue | 4Q22 | 4Q23 | FY22 | FY23 |
Indexing (1) | 161 | 156 | 483 | 561 |
Currency(2) | -268 | -855 | -578 | -1 279 |
Total impact | -107 | -699 | -95 | -717 |
| ||||
Normalized EBITDA | 4Q22 | 4Q23 | FY22 | FY23 |
Indexing (1) | 41 | 83 | 150 | 211 |
Currency(2) | -107 | -356 | -209 | -525 |
Total impact | -66 | -274 | -59 | -314 |
| ||||
USDARS average rate | 128 | 294 | ||
USDARS closing rate | 177 | 809 |
(1) | Indexation calculated at closing rate | |
(2) | Currency impact from hyperinflation calculated as the difference between converting the Argentinean peso (ARS) reported amounts at the closing exchange rate compared to the average exchange rate of each period |
Financial position
Figure 13. Cash Flow Statement (million USD) | ||
FY22 | FY23 | |
Operating activities | ||
Profit of the period | 7 597 | 6 891 |
Interest, taxes and non-cash items included in profit | 12 344 | 14 181 |
Cash flow from operating activities before changes in working capital and use of provisions | 19 941 | 21 072 |
| ||
Change in working capital | - 346 | -1 541 |
Pension contributions and use of provisions | - 351 | - 419 |
Interest and taxes (paid)/received | -6 104 | -5 975 |
Dividends received | 158 | 127 |
Cash flow from/(used in) operating activities | 13 298 | 13 265 |
| ||
Investing activities | ||
Net capex | -4 838 | -4 482 |
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of | - 70 | 9 |
Net proceeds from sale/(acquisition) of other assets | 288 | 119 |
Cash flow from/(used in) investing activities | -4 620 | -4 354 |
| ||
Financing activities | ||
Net (repayments of) / proceeds from borrowings | -7 174 | -2 896 |
Dividends paid | -2 442 | -3 013 |
Share buyback | - | - 362 |
Payment of lease liabilities | - 610 | - 780 |
Derivative financial instruments | 61 | - 841 |
Other financing cash flows | - 455 | - 704 |
Cash flow from/(used in) financing activities | -10 620 | -8 596 |
. | ||
Net increase/(decrease) in cash and cash equivalents | -1 942 | 315 |
FY23 recorded an increase in cash and cash equivalents of 315 million USD compared to a decrease of 1 942 million USD in FY22, with the following movements:
Our net debt decreased to 67.6 billion USD as of 31 December 2023 from 69.7 billion USD as of 31 December 2022.
Our net debt to normalized EBITDA ratio was 3.38x as of 31 December 2023. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. After redemptions in December 2023 of 3 billion USD, 98% of our bond portfolio holds a fixed-interest rate, 41% is denominated in currencies other than USD and maturities are well-distributed across the next several years.
In addition to a very comfortable debt maturity profile and strong cash flow generation, as of 31 December 2023, we had total liquidity of 20.5 billion USD, which consisted of 10.1 billion USD available under committed long-term credit facilities and 10.4 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts.
2024 presentation update
For FY24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month. Corresponding adjustments will be made to all income statement related items in the organic growth calculations.
Proposed full year 2023 dividend
The AB InBev Board proposes a full year 2023 dividend of 0.82 EUR per share, subject to shareholder approval at the AGM on 24 April 2024. In line with the Company’s financial discipline and deleveraging objectives, the recommended dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:
Dividend Timeline | |||
Ex-dividend date | Record Date | Payment date | |
Euronext | 3 May 2024 | 6 May 2024 | 7 May 2024 |
MEXBOL | 3 May 2024 | 6 May 2024 | 7 May 2024 |
JSE | 2 May 2024 | 6 May 2024 | 7 May 2024 |
NYSE (ADR program) | 3 May 2024 | 6 May 2024 | 7 June 2024 |
Restricted Shares | 3 May 2024 | 6 May 2024 | 7 May 2024 |
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, Corona and Michelob Ultra, excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beer activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of our share-based payment programs are reported in the non-underlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. These impacts are excluded from organic calculations. In FY23, we reported a negative impact on the profit attributable to equity holders of AB InBev of 203 million USD. The impact in FY23 Basic EPS was -0.10 USD. Values in the figures and annexes may not add up, due to rounding. 4Q23 and FY23 EPS is based upon a weighted average of 2 016 million shares compared to a weighted average of 2 013 million shares for 4Q22 and FY22.
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, including as a result of the ongoing conflict in Russia and Ukraine and in the Middle East, including the conflict in the Red Sea. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The fourth quarter 2023 (4Q23) and the full year 2023 (FY23) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 6, 8, 9, 12 and 13 of this press release have been extracted from the group’s audited consolidated financial statements as of and for the twelve months ended 31 December 2023, which have been audited by our statutory auditors PwC Réviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV in accordance with the standards of the Public Company Accounting Oversight Board (United States). Financial data included in Figures 7, 10, 11 and 14 have been extracted from the underlying accounting records as of and for the twelve months ended 31 December 2023 (except for the volume information). References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.
Conference call and webcast
Investor Conference call and webcast on Thursday, 29 February 2024:
3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 4Q23 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, 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). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, 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 155,000 colleagues based in nearly 50 countries worldwide. For 2023, AB InBev’s reported revenue was 59.4 billion USD (excluding JVs and associates).
Annex 1: Segment reporting (4Q)
AB InBev Worldwide | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 148 775 | -151 | - | - | -3 919 | 144 706 | -2.6% |
of which AB InBev own beer | 128 502 | -127 | - | - | -4 610 | 123 764 | -3.6% |
Revenue | 14 668 | -67 | -2 239 | 1 199 | 912 | 14 473 | 6.2% |
Cost of sales | -6 661 | 22 | 914 | -464 | - 491 | -6 679 | -7.4% |
Gross profit | 8 007 | -44 | -1 325 | 736 | 421 | 7 794 | 5.3% |
SG&A | -4 592 | 13 | 594 | -358 | -195 | -4 537 | -4.3% |
Other operating income/(expenses) | 193 | 48 | -24 | -4 | 22 | 234 | 11.4% |
Normalized EBIT | 3 608 | 17 | -755 | 373 | 248 | 3 491 | 6.9% |
Normalized EBITDA | 4 947 | 22 | -914 | 518 | 304 | 4 877 | 6.2% |
Normalized EBITDA margin | 33.7% | 33.7% | -2 bps | ||||
| |||||||
North America | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 23 451 | -149 | - | - | -3 563 | 19 738 | -15.3% |
Revenue | 3 931 | -37 | 2 | - | - 613 | 3 283 | -15.7% |
Cost of sales | -1 566 | 21 | - | - | 103 | -1 442 | 6.6% |
Gross profit | 2 366 | -16 | 1 | - | - 510 | 1 841 | -21.7% |
SG&A | -1 166 | 12 | - | - | 56 | -1 098 | 4.9% |
Other operating income/(expenses) | 11 | - | - | - | 7 | 18 | - |
Normalized EBIT | 1 211 | -4 | 1 | - | -448 | 761 | -37.1% |
Normalized EBITDA | 1 397 | -5 | 1 | - | -436 | 957 | -31.3% |
Normalized EBITDA margin | 35.5% | 29.2% | -660 bps | ||||
| |||||||
Middle Americas | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 38 286 | - | - | - | 348 | 38 635 | 0.9% |
Revenue | 3 913 | -17 | 335 | - | 206 | 4 437 | 5.3% |
Cost of sales | -1 521 | -7 | -128 | - | - 76 | -1 731 | -5.0% |
Gross profit | 2 392 | -23 | 208 | - | 130 | 2 706 | 5.5% |
SG&A | -879 | 12 | -78 | - | 10 | - 934 | 1.2% |
Other operating income/(expenses) | -3 | 6 | - | - | 25 | 27 | - |
Normalized EBIT | 1 510 | -5 | 130 | - | 165 | 1 799 | 11.0% |
Normalized EBITDA | 1 872 | - | 160 | - | 138 | 2 170 | 7.4% |
Normalized EBITDA margin | 47.9% | 48.9% | 95 bps | ||||
| |||||||
South America | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 46 860 | - | - | - | - 157 | 46 704 | -0.3% |
Revenue | 3 380 | 3 | -2 498 | 1 199 | 1 001 | 3 084 | 29.6% |
Cost of sales | -1 661 | -1 | 987 | -464 | - 312 | -1 450 | -18.8% |
Gross profit | 1 718 | 2 | -1 511 | 736 | 689 | 1 635 | 40.1% |
SG&A | -995 | -12 | 673 | -358 | -197 | - 890 | -19.6% |
Other operating income/(expenses) | 97 | 43 | -24 | -4 | 7 | 119 | 6.7% |
Normalized EBIT | 820 | 34 | -862 | 373 | 499 | 863 | 61.5% |
Normalized EBITDA | 1 050 | 34 | -1 041 | 518 | 545 | 1 106 | 52.4% |
Normalized EBITDA margin | 31.1% | 35.8% | 541 bps |
EMEA | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 24 094 | 50 | - | - | -180 | 23 964 | -0.7% |
Revenue | 2 070 | 20 | -82 | - | 244 | 2 252 | 11.7% |
Cost of sales | -1 101 | -10 | 57 | - | -199 | -1 253 | -17.9% |
Gross profit | 969 | 9 | -25 | - | 46 | 999 | 4.7% |
SG&A | -636 | -14 | 3 | - | -8 | - 655 | -1.2% |
Other operating income/(expenses) | 60 | -1 | 1 | - | -7 | 53 | -11.1% |
Normalized EBIT | 393 | -6 | -21 | - | 31 | 397 | 8.0% |
Normalized EBITDA | 676 | -5 | -32 | - | 37 | 675 | 5.5% |
Normalized EBITDA margin | 32.6% | 30.0% | -176 bps | ||||
| |||||||
Asia Pacific | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 15 903 | - | - | - | -438 | 15 465 | -2.8% |
Revenue | 1 185 | -2 | 1 | - | 83 | 1 267 | 7.0% |
Cost of sales | -624 | - | 2 | - | -16 | - 637 | -2.5% |
Gross profit | 561 | -2 | 3 | 67 | 630 | 12.1% | |
SG&A | -520 | 1 | 7 | - | -22 | - 533 | -4.2% |
Other operating income/(expenses) | 34 | - | -1 | - | -8 | 26 | -22.7% |
Normalized EBIT | 76 | -1 | 10 | - | 38 | 122 | 51.3% |
Normalized EBITDA | 234 | -1 | 6 | - | 49 | 288 | 21.0% |
Normalized EBITDA margin | 19.8% | 22.8% | 258 bps | ||||
| |||||||
Global Export and Holding Companies | 4Q22 | Scope | Currency Translation | Hyperinflation restatement | Organic Growth | 4Q23 | Organic Growth |
Total volumes (thousand hls) | 181 | -52 | - | - | 71 | 200 | 55.0% |
Revenue | 189 | -33 | 3 | - | -9 | 150 | -6.0% |
Cost of sales | -189 | 19 | -5 | - | 9 | -166 | 5.0% |
Gross profit | - | -15 | -1 | - | -1 | -17 | -4.7% |
SG&A | -395 | 13 | -11 | - | -34 | -427 | -8.9% |
Other operating income/(expenses) | -6 | - | -1 | - | -2 | -8 | - |
Normalized EBIT | -401 | -1 | -13 | - | -37 | -453 | -9.2% |
Normalized EBITDA | -282 | -1 | -8 | - | -29 | -320 | -10.2% |
Annex 2: Segment reporting (FY)
AB InBev Worldwide | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 595 133 | -151 | - | -10 255 | 584 728 | -1.7% |
of which AB InBev own beer | 517 990 | - 81 | - | -12 010 | 505 899 | -2.3% |
Revenue | 57 786 | -123 | -2 744 | 4 460 | 59 380 | 7.8% |
Cost of sales | -26 305 | 45 | 1 226 | -2 362 | -27 396 | -9.0% |
Gross profit | 31 481 | -78 | -1 518 | 2 099 | 31 984 | 6.7% |
SG&A | -17 555 | -14 | 696 | -1 299 | -18 172 | -7.4% |
Other operating income/(expenses) | 841 | -146 | -43 | 126 | 778 | 19.8% |
Normalized EBIT | 14 768 | -238 | -865 | 925 | 14 590 | 6.4% |
Normalized EBITDA | 19 843 | -223 | -1 012 | 1 368 | 19 976 | 7.0% |
Normalized EBITDA margin | 34.3% | 33.6% | -23 bps | |||
| ||||||
North America | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 102 674 | -118 | - | -12 417 | 90 140 | -12.1% |
Revenue | 16 566 | -36 | -80 | -1 378 | 15 072 | -8.3% |
Cost of sales | -6 714 | 19 | 28 | 151 | -6 517 | 2.2% |
Gross profit | 9 851 | -17 | -52 | -1 227 | 8 554 | -12.5% |
SG&A | -4 587 | -18 | 30 | -43 | -4 619 | -0.9% |
Other operating income/(expenses) | 45 | - | 3 | -14 | 34 | -30.3% |
Normalized EBIT | 5 309 | -35 | -19 | -1 285 | 3 970 | -24.4% |
Normalized EBITDA | 6 057 | -37 | -24 | -1 269 | 4 727 | -21.1% |
Normalized EBITDA margin | 36.6% | 31.4% | -507 bps | |||
Middle Americas | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 147 624 | - | - | 1 106 | 148 730 | 0.7% |
Revenue | 14 180 | -16 | 875 | 1309 | 16 348 | 9.2% |
Cost of sales | -5 540 | -13 | -320 | -507 | -6 379 | -9.1% |
Gross profit | 8 639 | -29 | 556 | 803 | 9 969 | 9.3% |
SG&A | -3 390 | -6 | -228 | -167 | -3 792 | -4.9% |
Other operating income/(expenses) | -12 | 14 | 2 | 47 | 51 | - |
Normalized EBIT | 5 238 | -21 | 329 | 683 | 6 228 | 13.1% |
Normalized EBITDA | 6 564 | -7 | 430 | 729 | 7 715 | 11.1% |
Normalized EBITDA margin | 46.3% | 47.2% | 80 bps | |||
| ||||||
South America | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 164 319 | - | - | -1 859 | 162 460 | -1.1% |
Revenue | 11 599 | 4 | -2 702 | 3 139 | 12 040 | 27.3% |
Cost of sales | -5 976 | -1 | 1 054 | -1 062 | -5 984 | -18.0% |
Gross profit | 5 623 | 3 | -1 647 | 2 077 | 6 056 | 37.2% |
SG&A | -3 458 | -28 | 697 | -787 | -3 575 | -22.8% |
Other operating income/(expenses) | 473 | -153 | -38 | 112 | 394 | 40.6% |
Normalized EBIT | 2 638 | -177 | -988 | 1 402 | 2 875 | 58.3% |
Normalized EBITDA | 3 511 | -177 | -1 137 | 1 688 | 3 884 | 51.9% |
Normalized EBITDA margin | 30.3% | 32.3% | 542 bps |
EMEA | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 90 780 | 204 | - | - 771 | 90 213 | -0.8% |
Revenue | 8 120 | 75 | -491 | 885 | 8 589 | 10.8% |
Cost of sales | -4 167 | -40 | 297 | -734 | -4 645 | -17.5% |
Gross profit | 3 953 | 35 | -194 | 150 | 3 944 | 3.8% |
SG&A | -2 604 | -57 | 105 | -58 | -2 614 | -2.2% |
Other operating income/(expenses) | 198 | -8 | -3 | 12 | 198 | 6.2% |
Normalized EBIT | 1 546 | -30 | -92 | 104 | 1528 | 6.9% |
Normalized EBITDA | 2 612 | -29 | -158 | 145 | 2 570 | 5.6% |
Normalized EBITDA margin | 32.2% | 29.9% | -148 bps | |||
| ||||||
Asia Pacific | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 88 898 | - | - | 3 828 | 92 726 | 4.3% |
Revenue | 6 532 | -12 | -350 | 655 | 6 824 | 10.0% |
Cost of sales | -3 168 | -1 | 170 | -274 | -3 272 | -8.6% |
Gross profit | 3 364 | -13 | -180 | 380 | 3 551 | 11.4% |
SG&A | -2 067 | 7 | 105 | -178 | -2 133 | -8.6% |
Other operating income/(expenses) | 137 | - | -7 | -17 | 113 | -12.6% |
Normalized EBIT | 1 433 | -6 | -82 | 186 | 1 531 | 13.0% |
Normalized EBITDA | 2 104 | -6 | -118 | 206 | 2 186 | 9.8% |
Normalized EBITDA margin | 32.2% | 32.0% | -7 bps | |||
| ||||||
Global Export and Holding Companies | FY22 | Scope | Currency Translation | Organic Growth | FY23 | Organic Growth |
Total volumes (thousand hls) | 838 | -236 | - | -143 | 459 | -23.7% |
Revenue | 790 | -137 | 4 | -149 | 508 | -22.8% |
Cost of sales | -740 | 80 | -3 | 64 | -598 | 9.8% |
Gross profit | 50 | -57 | 1 | -84 | -90 | - |
SG&A | -1 447 | 88 | -13 | -66 | -1 439 | -4.9% |
Other operating income/(expenses) | 1 | - | - | -14 | -13 | - |
Normalized EBIT | -1 396 | 32 | -12 | -165 | -1 542 | -12.1% |
Normalized EBITDA | -1 004 | 33 | -5 | -130 | -1 106 | -13.4% |
Annex 3: Consolidated statement of financial position
Million US dollar | 31 December 2023 | 31 December 2022 |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 26 818 | 26 671 |
Goodwill | 117 043 | 113 010 |
Intangible assets | 41 286 | 40 209 |
Investments in associates | 4 872 | 4 656 |
Investment securities | 178 | 175 |
Deferred tax assets | 2 935 | 2 300 |
Pensions and similar obligations | 12 | 11 |
Income tax receivables | 844 | 883 |
Derivatives | 44 | 60 |
Trade and other receivables | 1 941 | 1 782 |
Total non-current assets | 195 973 | 189 757 |
| ||
Current assets | ||
Investment securities | 67 | 97 |
Inventories | 5 583 | 6 612 |
Income tax receivables | 822 | 813 |
Derivatives | 505 | 331 |
Trade and other receivables | 6 024 | 5 330 |
Cash and cash equivalents | 10 332 | 9 973 |
Assets classified as held for sale | 34 | 30 |
Total current assets | 23 367 | 23 186 |
| ||
Total assets | 219 340 | 212 943 |
| ||
EQUITY AND LIABILITIES | ||
Equity | ||
Issued capital | 1 736 | 1 736 |
Share premium | 17 620 | 17 620 |
Reserves | 20 276 | 15 218 |
Retained earnings | 42 215 | 38 823 |
Equity attributable to equity holders of AB InBev | 81 848 | 73 398 |
| ||
Non-controlling interests | 10 828 | 10 880 |
Total equity | 92 676 | 84 278 |
| ||
Non-current liabilities | ||
Interest-bearing loans and borrowings | 74 163 | 78 880 |
Pensions and similar obligations | 1 673 | 1 534 |
Deferred tax liabilities | 11 874 | 11 818 |
Income tax payables | 589 | 610 |
Derivatives | 151 | 184 |
Trade and other payables | 738 | 859 |
Provisions | 320 | 396 |
Total non-current liabilities | 89 508 | 94 282 |
| ||
Current liabilities | ||
Bank overdrafts | 17 | 83 |
Interest-bearing loans and borrowings | 3 987 | 1 029 |
Income tax payables | 1 583 | 1 438 |
Derivatives | 5 318 | 5 308 |
Trade and other payables | 25 981 | 26 349 |
Provisions | 269 | 176 |
Total current liabilities | 37 156 | 34 383 |
| ||
Total equity and liabilities | 219 340 | 212 943 |
Annex 4: Consolidated statement of cash flows
For the year ended 31 December | ||
Million US dollar | 2023 | 2022 |
. | ||
OPERATING ACTIVITIES | ||
Profit of the period | 6 891 | 7 597 |
Depreciation, amortization and impairment | 5 411 | 5 078 |
Net finance cost/(income) | 5 102 | 4 148 |
Equity-settled share-based payment expense | 570 | 448 |
Income tax expense | 2 234 | 1 928 |
Other non-cash items | 1 125 | -102 |
Share of result of associates | -260 | 844 |
Cash flow from operating activities before changes in working capital and use of provisions | 21 072 | 19 941 |
Decrease/(increase) in trade and other receivables | -1 147 | -48 |
Decrease/(increase) in inventories | 717 | -1 547 |
Increase/(decrease) in trade and other payables | -1 110 | 1 249 |
Pension contributions and use of provisions | -419 | -351 |
Cash generated from operations | 19 113 | 19 244 |
Interest paid | -3 877 | -4 133 |
Interest received | 598 | 611 |
Dividends received | 127 | 158 |
Income tax paid | -2 696 | -2 582 |
Cash flow from/(used in) operating activities | 13 265 | 13 298 |
. | ||
INVESTING ACTIVITIES | ||
Acquisition of property, plant and equipment and of intangible assets | -4 638 | -5 160 |
Proceeds from sale of property, plant and equipment and of intangible assets | 156 | 322 |
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of | 9 | -70 |
Proceeds from sale/(acquisition) of other assets | 119 | 288 |
Cash flow from/(used in) investing activities | -4 354 | -4 620 |
. | ||
FINANCING ACTIVITIES | ||
Proceeds from borrowings | 202 | 91 |
Repayments of borrowings | -3 098 | -7 265 |
Dividends paid | -3 013 | -2 442 |
Share buyback | -362 | - |
Payment of lease liabilities | -780 | -610 |
Derivative financial instruments | -841 | 61 |
Sale/(acquisition) of non-controlling interests | -22 | -20 |
Other financing cash flows | -682 | -435 |
Cash flow from/(used in) financing activities | -8 596 | -10 620 |
. | ||
Net increase/(decrease) in cash and cash equivalents | 315 | -1 942 |
Cash and cash equivalents less bank overdrafts at beginning of year | 9 890 | 12 043 |
Effect of exchange rate fluctuations | 109 | -211 |
Cash and cash equivalents less bank overdrafts at end of period | 10 314 | 9 890 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228688664/en/
Investors
Shaun Fullalove
Tel: +1 212 573 9287
E-mail: shaun.fullalove@ab-inbev.com
Ekaterina Baillie
Tel: +32 16 276 888
E-mail: ekaterina.baillie@ab-inbev.com
Cyrus Nentin
Tel: +1 646 746 9673
E-mail: cyrus.nentin@ab-inbev.com
Media
Media Relations
E-mail: media.relations@ab-inbev.com
Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
---|---|---|---|---|---|---|---|---|---|---|---|
ANHEUSER-BUSCH INBEV | A2ASUV | Frankfurt | 54,980 | 31.10.24 18:50:54 | -3,340 | -5,73% | 0,000 | 0,000 | 56,580 | 58,320 |