Our Key Figures

| Million USD, |
2006 | 2007 | 2008 reported | 2008 combined | 2009 reported | 2009 reference base |
2010 |
|---|---|---|---|---|---|---|---|
| Volumes (million hls) | 247 | 271 | 285 | 416 | 409 | 391 | 399 |
| Revenue | 16 692 | 19 735 | 23 507 | 39 158 | 36 758 | 33 862 | 36 297 |
| Normalized EBITDA | 5 313 | 6 826 | 7 811 | 12 067 | 13 037 | 12 109 | 13 869 |
| EBITDA | 5 296 | 7 280 | 7 252 | - | 14 387 | - | 13 865 |
| Normalized profit from operations | 4 043 | 5 361 | 5 898 | 9 122 | 10 248 | 9 600 | 11 165 |
| Normalized profit attributable to equity holders of Anheuser-Busch InBev | 1 909 | 2 547 | 2 511 | - | 3 927 | - | 5 040 |
| Profit attributable to equity holders of Anheuser-Busch InBev | 1 770 | 3 005 | 1 927 | - | 4 613 | - | 4 026 |
| Net financial debt | 7 326 | 7 497 | 56 660 | n.a. | 45 174 | n.a. | 39 690 |
| Cash flow from operating activities | 4 122 | 5 557 | 5 533 | n.a. | 9 124 | n.a. | 9 905 |
| Normalized earnings per share (USD) | 1.96 | 2.61 | 2.51 | - | 2.48 | - | 3.17 |
| Dividend per share (USD) | 0.95 | 3.67 | 0.35 | - | 0.55 | - | 1.07 |
| Dividend per share (euro) | 0.72 | 2.44 | 0.28 | - | 0.38 | - | 0.8 |
| Pay out ratio (%) | 29 | 79.3 | 26.3 | - | 21.34 | - | 33.8 |
| Weighted average number of ordinary shares (million shares) | 972 | 976 | 999 | - | 1 584 | - | 1 592 |
| Share price high (euro) | 31.2 | 43.1 | 39.1 | - | 36.8 | - | 46.33 |
| Share price low (euro) | 21.9 | 29.8 | 10 | - | 16.3 | - | 33.5 |
| Year-end share price (euro) | 31.2 | 35.6 | 16.6 | - | 36.4 | - | 42.8 |
| Market capitalization (million USD) | 40 285 | 51 552 | 36 965 | - | 84 110 | - | 91 097 |
| Market capitalization (million euro) | 30 589 | 35 019 | 26 561 | - | 58 386 | - | 68 176 |
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 consolidated volumes and results down to normalized EBIT 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 against the Reference Base. 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 other than those eliminated from the Reference Base, 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 this Annual Report, all performance measures (EBITDA, EBIT, profit, 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 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.
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 against the Reference Base. 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 other than those eliminated from the Reference Base, 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 this Annual Report, all performance measures (EBITDA, EBIT, profit, 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 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.