2009 Overview

In 2009 we grew EBITDA* 16.6% in spite of a challenging global economic environment, as well as the complexities of uniting two major companies, divesting assets and deleveraging the balance sheet.

EBITDA grew 16.6% for 2009 to reach 13 037 million USD. Our EBITDA margin for the year was 35.5%, up from 30.8% in 2008 on a combined basis.

Revenue for the year was 36 758 million USD and increased organically by 2.5% FY09. Largely due to continued effective revenue management, revenue per hectoliter rose 4.54%.

Focus Brands grew 1.9% led by Antartica, Brahma and Skol in Brazil, the Bud Light family in Canada, Budweiser and Harbin in China, and Stella Artois in the United Kingdom.

In FY09, we gained or maintained market share in markets representing approximately 70% of our total beer volumes.

Revenue for the year was 36 758 million USD and increased organically by 2.5%. Largely due to continued effective revenue management, revenue per hectoliter rose 4.54%.

When we combined Anheuser-Busch and InBev, we announced an ambitious set of commitments to drive the performance of our new company. The integration was achieved even more quickly and successfully than we imagined, as our new U.S. colleagues embraced our dream, ownership culture and core values of meritocracy, accountability, and informality.  As a result, we met – and in many cases exceeded – our commitments in 2009.  We captured 1.1 billion USD in synergies in 2009.  We maintain our commitment for total synergies from the combination of 2.25 billion USD, with a further 500 million USD expected in 2010.