Our Key Figures

   

Million USD, unless stated otherwise 2008 reported 2009 reported 2010 2011 2012 reported1 2013 reported 2013 reference base2
Volumes (million hls) 285 409 399 399 403 425 446
Revenue 23 507 36 758 36 297 39 046 39 758 43 195 45 483
Normalized EBITDA 7 811 13 037 13 869 15 357 15 525 17 188 17 943
EBITDA 7 252 14 387 13 685 15 112 15 493 23 428 -
Normalized profit from operations 5 898 10 248 11 165 12 607 12 779 14 203 14 800
Normalized profit attributable to equity holders of Anheuser-Busch InBev 2 511 3 927 5 040 6 449 7 201 7 936 -
Profit attributable to equity holders of Anheuser-Busch InBev 1 927 4 613 4 026 5 855 7 160 14 394 -
Net financial debt 56 660 45 174 39 704 34 688 30 114 38 831 -
Cash flow from operating activities 5 533 9 124 9 905 12 486 13 268 13 864 -
Normalized earnings per share (USD)1 2.51 2.48 3.17 4.04 4.50 4.91 -
Dividend per share (USD) 0.35 0.55 1.07 1.55 2.24 2.83 -
Dividend per share (euro) 0.28 0.38 0.80 1.20 1.70 2.05 -
Pay out ratio (%) 26.3 21.3 33.8 38.5 49.8 57.6 -
Weighted average number of ordinary shares (million shares) 999 1 584 1 592 1 595 1 600 1 617 -
Share price high (euro) 39.1 36.8 46.3 47.4 71.1 79.60 -
Share price low (euro) 10 16.3 33.5 33.9 46.1 63.44 -
Year-end share price (euro) 16.6 36.4 42.8 47.3 65.7 77.26 -
Market capitalization (million USD) 36 965 84 110 91 097 98 315 138 716 171 142 -
Market capitalization (million euro) 26 561 58 386 68 176 75 983 105 209 124 097 -

1. 2012 as reported, adjusted to reflect the effects of retrospective application on the revised IAS 19 Employee Benefits.

2. The 2013 Reference Base includes 12 months of Grupo Modelo operations to facilitate the understanding of AB InBev’s underlying business. The 2013 reference base further reflects the combination of Western Europe and Central & Eastern Europe into a single Europe Zone, and a number of intra-Zone management reporting changes which took effect on 1 January 2014.

To facilitate the understanding of Anheuser-Busch InBev’s underlying performance, the analyses of growth, including all comments in this Annual Report, unless otherwise indicated, are based on organic 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-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 as part of the underlying performance of the business.

Whenever presented in the Annual Report, all performance measures (EBITDA, EBIT, profit, effective tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-recurring items. Non-recurring items are either income or expenses that 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.

Anheuser-Busch InBev © 2014