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«Unaudited Interim Report for the six-month period ended 30 June 2015 Index 1. Management report 1.1. Selected financial figures 1.2. Financial ...»

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Unaudited Interim Report

for the six-month period ended

30 June 2015

Index

1. Management report

1.1. Selected financial figures

1.2. Financial performance

1.3. Liquidity position and capital resources

1.4. Risks and uncertainties

1.5. Events after the balance sheet date

2. Statement of the Board of Directors

3. Report of the statutory auditor

4. Unaudited condensed consolidated interim financial statements.... 18

4.1. Unaudited condensed consolidated interim income statement

4.2. Unaudited condensed consolidated interim statement of comprehensive income.19

4.3. Unaudited condensed consolidated interim statement of financial position.........20

4.4. Unaudited condensed consolidated interim statement of changes in equity........21

4.5. Unaudited condensed consolidated interim statement of cash flows..................22

4.6. Notes to the unaudited condensed consolidated interim financial statements......23

5. Glossary

2

1. Management report Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). It is the leading global brewer and one of the world’s top five consumer products companies. Beer, the original social network, has been bringing people together for thousands of years and the company’s portfolio of well over 200 beer brands continues to forge strong connections with consumers. This includes global brands Budweiser®, Corona® and Stella Artois®; international brands Beck’s®, Leffe® and Hoegaarden®; and local champions Bud Light®, Skol®, Brahma®, Antarctica®, Quilmes®, Victoria®, Modelo Especial®, Michelob Ultra®, Harbin®, Sedrin®, Klinskoye®, Sibirskaya Korona®, Chernigivske®, Cass® and Jupiler®. Anheuser-Busch InBev’s dedication to heritage and quality originates from the Den Hoorn brewery in Leuven, Belgium dating back to 1366 and the pioneering spirit of the Anheuser & Co brewery, with origins in St.

Louis, USA since 1852. Geographically diversified with a balanced exposure to developed and developing markets, Anheuser Busch InBev leverages the collective strengths of its approximately 155 000 employees based in 25 countries worldwide. In 2014, AB InBev realized 47.1 billion US dollar revenue. The company strives to be the Best Beer Company Bringing People Together For a Better World. For more information, please visit: www.ab-inbev.com.

The following management report should be read in conjunction with Anheuser-Busch InBev’s 2014 audited consolidated financial statements and with the unaudited condensed consolidated interim financial statements as at 30 June 2015.

In the rest of this document we refer to Anheuser-Busch InBev as “AB InBev” or “the company”.

1.1. Selected financial figures To facilitate the understanding of AB InBev’s underlying performance, the comments in this management report, unless otherwise indicated, are based on organic and normalized numbers. “Organic” means the financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scopes. Scopes represent the impact of acquisitions and divestitures, the start-up 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 part of the underlying performance of the business.

Whenever used in this report, the term “normalized” refers to performance measures (EBITDA, EBIT, Profit, EPS, effective tax rate) before non-recurring items. Non-recurring 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, but rather should be used in conjunction with the most directly comparable IFRS measures.

–  –  –

Revenue1

Cost of sales

Gross profit

Distribution expenses

Sales and marketing expenses

Administrative expenses

Other operating income/(expenses)

–  –  –

Profit from operations (EBIT)

Depreciation, amortization and impairment

Normalized EBITDA

EBITDA

–  –  –

Operating activities Profit

Interest, taxes and non-cash items included in profit

Cash flow from operating activities before changes in working capital and use of provisions

Change in working capital

Pension contributions and use of provisions

Interest and taxes (paid)/received

Dividends received

Cash flow from operating activities

Investing activities Net capex

Acquisition and sale of subsidiaries, net of cash acquired/disposed of

Proceeds from the sale of/(investments in) short-term debt securities





Net of tax proceeds from the sale of assets held for sale

Other

Cash flow from investing activities

Financing activities Dividends paid

Net (payments on)/proceeds from borrowings

Net proceeds from the issue of share capital

Share buyback

Cash flow from financing activities

–  –  –

Turnover less excise taxes. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to the company’s customers.

1

–  –  –

In the first six months of 2015 AB InBev delivered normalized EBITDA growth of 7.6%, while its normalized EBITDA margin increased 88 bps, reaching 37.8%.

Consolidated volumes decreased 1.7%, with own beer volumes decreasing 1.6% and non-beer volumes decreasing 3.0%. Focus Brands volumes declined by 1.1% during the six-month period ended 30 June 2015. On the same basis, the company’s three Global Brands, Budweiser, Corona and Stella Artois, grew by 5.6%. Focus brands are those with the greatest growth potential within each relevant consumer segment and to which AB InBev directs the majority of its marketing resources.

Consolidated revenue grew 5.1% to 21 505m US dollar, with revenue per hectoliter increasing 7.0% on both an organic and constant geographic basis (i.e. eliminating the impact of faster growth in countries with lower revenue per hectoliter).

Consolidated Cost of Sales (CoS) increased 4.8%, or 6.6% on a per hectoliter basis. On a constant geographic basis, CoS per hectoliter increased 6.4%.

VOLUMES The table below summarizes the volume evolution per zone and the related comments are based on organic numbers. Volumes include not only brands that AB InBev owns or licenses, but also third party brands that the company brews as a subcontractor and third party products that it sells through AB InBev’s distribution network, particularly in Europe. Volumes sold by the Global Export business are shown separately.

Effective 1 April 2014, AB InBev discontinued the reporting of volumes sold to Constellation Brands under the temporary supply agreement (TSA), since these volumes do not form part of the underlying performance of its business. The first quarter 2014 volumes related to the TSA have therefore been treated as a negative scope.

Organic Organic Thousand hectoliters 2014 Scope growth 2015 growth %

–  –  –

North America total volumes decreased 3.1%. The company estimates that the United States industry beer sales-to-retailers adjusted for the number of selling days declined by 0.8% in 2015. The company estimates that its shipment volumes in the United States declined by 3.5% and its beer sales-to-retailers adjusted for the number of selling days declined by 1.9%, with adverse weather conditions in key markets during the second quarter 2015. The company estimates that its total market share, based on beer sales-toretailers adjusted for the number of selling days, declined by approximately 50 bps during 2015 compared to 2014. The company estimates that Budweiser sales-to-retailers adjusted for the number of selling days declined, with the brand’s share of total market down approximately 15 bps in 2015. On the same basis, the company estimates that Bud Light’s share of total market was down approximately 30 bps.

In Canada, beer volumes increased by low single digits in 2015, on the back of a good industry performance. The company estimates it gained market share.

1 See Glossary.

–  –  –

Latin America North volumes decreased 2.7%, with beer volumes decreasing 2.7% and soft drink volumes decreasing 2.6%. In Brazil, beer volumes decreased by 3.9% and soft drink volumes decreased by 4.1%. Volumes in Brazil came under pressure in the second quarter 2015, as expected, due to a very difficult FIFA World Cup comparable and an unfavorable macroeconomic environment. The company estimates that the volumes of its premium and near beer brands continue to do very well, finishing the first six months well ahead of last year, led by Budweiser and Skol Beats Senses.

Latin America South total volumes increased 0.5%, with beer volumes increasing 6.5% and non-beer volumes decreasing 3.4%.

The company’s beer volumes in Argentina increased by low single digits as a result of a strong industry performance driven by good weather during the second quarter 2015.

Europe own beer volumes declined 6.8%, while total volumes declined 6.9%, mainly driven by a weak beer industry in Russia and Ukraine. On the same basis, the company’s beer volumes declined by mid-single digits in Belgium, were down by low single digits in Germany and its own products volumes declined by low single digits in the United Kingdom, mainly as a result of the FIFA World Cup activations in 2014 in these countries. The company estimates its market share was marginally ahead in Germany and remained stable in Belgium.

Asia Pacific volumes grew by 0.8%. In China, own beer volumes grew by 1.9%, due in part to a very successful, first ever campaign bridging the Calendar and the Chinese New Year celebrations built around the Budweiser brand during the first quarter 2015, partially offset by poor weather across the country and economic headwinds during the second quarter 2015. The company estimates that the total industry volumes declined by approximately 4.5% in 2015, with most of the impact being felt in the value and core segments. The three focus brands of Budweiser, Harbin and Sedrin grew by over 6% during 2015.

The acquisition of OB closed on 1 April 2014. Year-over-year, for the period OB was consolidated, South Korean volumes were down high single digits, due to an industry decline and an estimated market share loss in a very competitive environment.

OPERATING ACTIVITIES BY ZONE

–  –  –

REVENUE Consolidated revenue grew 5.1% to 21 505m US dollar, with revenue per hectoliter growth of 7.0% on both an organic and constant geographic basis (i.e. eliminating the impact of faster growth in countries with lower revenue per hectoliter), driven by revenue management initiatives and brand mix improvements from the company’s premiumization strategies.

COST OF SALES

Cost of Sales (CoS) increased 4.8% or 6.6% on a per hectoliter basis, driven primarily by unfavorable foreign exchange transactional impacts and higher depreciation from recent investments in Brazil. The increase was also partly due to the impact of a one-time benefit of 57m US dollar, reported in the second quarter 2014, linked to the reversal of medical expense accruals in the United States.

On a constant geographic basis, CoS per hectoliter increased 6.4%.

OPERATING EXPENSES

Total operating expenses increased 3.4% in the first six months of 2015:

 Distribution expenses increased 8.0% in 2015, driven mainly by increased freight rates in the United States, increased own distribution in Brazil, which is more than offset by the increase in net revenues; the growth of the company’s premium and near beer brands in Brazil; and inflationary increases in Latin America South.

 Sales and marketing expenses increased 1.3% in 2015. This compares to a growth of 13.0% in the six-month period ended 30 June 2014, which reflected our FIFA World Cup activations.

 Administrative expenses increased by 8.4%, mainly due to the timing of variable compensation accruals.

 Other operating income was 483m US dollar in 2015 compared to 719m US dollar in 2014, mainly driven by the timing of incentives in China. Other operating income in the six-month period ended 30 June 2014 included a one-time positive accounting adjustment of 223m US dollar, following an actuarial reassessment of future liabilities under the company’s postretirement healthcare benefit plans in the United States. This adjustment was reported in the results of North America in 2014, as a positive scope change in other operating income, and therefore excluded from organic growth. Accordingly, a negative scope change of the same amount has been reported in 2015.

NORMALIZED PROFIT FROM OPERATIONS BEFORE DEPRECIATION AND

AMORTIZATION (NORMALIZED EBITDA)

Normalized EBITDA decreased by 7.0% in nominal terms and increased 7.6% organically to 8 123m US dollar, with an EBITDA margin of 37.8%, an organic growth of 88 bps.

RECONCILIATION BETWEEN NORMALIZED EBITDA AND PROFIT

ATTRIBUTABLE TO EQUITY HOLDERS

Normalized EBITDA and EBIT are measures utilized by AB InBev to demonstrate the company’s underlying performance.



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