Our Key Figures
| Million USD, |
2008 reported | 2008 combined2 | 2009 reported | 2009 reference base3 |
2010 | 2011 | 2012 |
|---|---|---|---|---|---|---|---|
| Volumes (million hls) | 285 | 416 | 409 | 391 | 399 | 399 | 403 |
| Revenue | 23 507 | 39 158 | 36 758 | 33 862 | 36 297 | 39 046 | 39 758 |
| Normalized EBITDA | 7 811 | 12 067 | 13 037 | 12 109 | 13 869 | 15 357 | 15 511 |
| EBITDA | 7 252 | - | 14 387 | - | 13 685 | 15 112 | 15 480 |
| Normalized profit from operations | 5 898 | 9 122 | 10 248 | 9 600 | 11 165 | 12 607 | 12 765 |
| Normalized profit attributable to equity holders of Anheuser-Busch InBev | 2 511 | - | 3 927 | - | 5 040 | 6 449 | 7 283 |
| Profit attributable to equity holders of Anheuser-Busch InBev | 1 927 | - | 4 613 | - | 4 026 | 5 855 | 7 243 |
| Net financial debt | 56 660 | - | 45 174 | - | 39 704 | 34 688 | 30 114 |
| Cash flow from operating activities | 5 533 | - | 9 124 | - | 9 905 | 12 486 | 13 268 |
| Normalized earnings per share (USD)1 | 2.51 | - | 2.48 | - | 3.17 | 4.04 | 4.55 |
| Dividend per share (USD) | 0.35 | - | 0.55 | - | 1.07 | 1.55 | 2.24 |
| Dividend per share (euro) | 0.28 | - | 0.38 | - | 0.80 | 1.20 | 1.70 |
| Pay out ratio (%) | 26.3 | - | 21.3 | - | 33.8 | 38.5 | 49.3 |
| Weighted average number of ordinary shares (million shares) | 999 | - | 1 584 | - | 1 592 | 1 595 | 1 600 |
| Share price high (euro) | 39.1 | - | 36.8 | - | 46.3 | 47.4 | 71.1 |
| Share price low (euro) | 10 | - | 16.3 | - | 33.5 | 33.9 | 46.1 |
| Year-end share price (euro) | 16.6 | - | 36.4 | - | 42.8 | 47.3 | 65.7 |
| Market capitalization (million USD) | 36 965 | - | 84 110 | - | 91 097 | 98 315 | 138 716 |
| Market capitalization (million euro) | 26 561 | - | 58 386 | - | 68 176 | 75 983 | 105 209 |
1. In accordance with IAS 33, historical data per share has been adjusted for the year ended 31 December 2007 by an adjustment ratio of 0.6252 as a result of the capital increase pursuant to the rights offering we completed in December 2008.
2. Given the transformational nature of the transaction with Anheuser-Busch, we present in this Annual Report the comparative 2008 consolidated volumes and results down to normalized profit from operations on a combined basis, including the financials of Anheuser-Busch for the 12 months of 2008 in the “2008 combined” column.
3. Given the transformational nature of the disposals we made during 2009 to refinance the debt we incurred to finance the Anheuser-Busch transaction, we present in this Annual Report the comparative 2009 consolidated volumes and results down to normalized profit from operations on a Reference Base, treating all divestitures as if they had closed as of 1 January 2009 and with certain intra-group transactions reported in Global Export and Holding Companies.
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.
2. Given the transformational nature of the transaction with Anheuser-Busch, we present in this Annual Report the comparative 2008 consolidated volumes and results down to normalized profit from operations on a combined basis, including the financials of Anheuser-Busch for the 12 months of 2008 in the “2008 combined” column.
3. Given the transformational nature of the disposals we made during 2009 to refinance the debt we incurred to finance the Anheuser-Busch transaction, we present in this Annual Report the comparative 2009 consolidated volumes and results down to normalized profit from operations on a Reference Base, treating all divestitures as if they had closed as of 1 January 2009 and with certain intra-group transactions reported in Global Export and Holding Companies.
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.