AB InBev Financial Results
OPERATING ACTIVITIES BY REGION
The tables below provide a summary of the performance of each region, for the period ended 31 December 2022 (in million
US dollar, except volumes in thousand hectoliters) and the related comments are based on organic numbers.
AB INBEV WORLDWIDE
2021
Scope
Currency
translation
Organic
growth
2022
Organic
growth %
Total volumes (thousand hls)
581 678
Revenue
54 304
(395)
(2 136)
Cost of sales
(23 097)
16
1 006
Gross profit
31 207
(378)
(1 130)
13 455
6 013
(4 230)
1 782
595 133
57 786
(26 305)
SG&A
(17 574)
365
735
(1 080)
31 481
(17 555)
2.3%
11.2%
(18.4)%
5.8%
(6.3)%
Other operating income/(expenses)
805
(12)
(15)
63
841
10.3%
Normalized EBIT
14 438
(26)
(410)
765
14 768
5.4%
Normalized EBITDA
19 209
(54)
(669)
1 357
19 843
7.2%
Normalized EBITDA margin
35.4%
34.3%
(126) bps
North America
2021
Scope
Currency
translation
Organic
growth
2022
Organic
growth %
Total volumes (thousand hls)
106 965
2
(4 293)
102 674
Revenue
16 257
(5)
Cost of sales
(6 185)
(10)
Gross profit
10 072
(14)
SG&A
(4 769)
(24)
Other operating income/(expenses)
46
15
ས་ྒུཥ་
(76)
389
16 566
27
(546)
(6 714)
(49)
(157)
30
176
(16)
Normalized EBIT
5 349
(23)
(19)
3
5 309
Normalized EBITDA
6 131
(21)
(24)
(29)
Normalized EBITDA margin
37.7%
36.6%
9 851
(4587)
45
6 057
(4.0)%
2.4%
(8.8)%
(1.6)%
3.7%
(26.1)%
0.1%
(0.5)%
(106) bps
Organic
growth %
Middle Americas
2021
Scope
Currency
translation
Organic
growth
2022
Total volumes (thousand hls)
141 447
Revenue
12 541
(53)
Cost of sales
(4 428)
Gross profit
SG&A
8 113
(3149)
(31)
Other operating income/(expenses)
24
Normalized EBIT
4 988
Normalized EBITDA
Normalized EBITDA margin
6 126
48.8%
༄@རྐྱ་@༤
105
(199)
78
(122)
6 072
1 892
(1 213)
679
147 624
14 180
(5 540)
4.3%
15.1%
(27.5)%
42
(305)
8 639
(3 390)
8.4%
(9.8)%
(36)
(12)
(80)
337
5 238
(7)
(87)
532
6 564
46.3%
6.8%
8.7%
(274) bps
South America
2021
Scope
Currency
translation
Organic
growth
2022
Organic
growth %
Total volumes (thousand hls)
156 622
421
Revenue
9 494
134
(674)
7 276
2 645
164 319
Cost of sales
(4 763)
(36)
Gross profit
4 730
98
298
(376)
(1 475)
SG&A
(2 762)
(143)
184
1 170
(738)
11 599
(5 976)
5 623
(3458)
4.6%
27.9%
(31.1)%
24.7%
(25.7)%
Other operating income/(expenses)
397
(30)
9
97
473
52.4%
Normalized EBIT
2 365
(75)
(183)
530
2 638
25.7%
Normalized EBITDA
3 125
(74)
(265)
724
Normalized EBITDA margin
32.9%
3 511
30.3%
25.7%
(49) bps
EMEA
2021
Scope
Currency
translation
Organic
growth
2022
Total volumes (thousand hls)
86 707
Revenue
8 032
76
(148)
(798)
3 997
1 034
90 780
Cost of sales
(3 793)
(11)
Gross profit
4 239
(159)
417
(381)
SG&A
(2 855)
135
277
(161)
Other operating income/(expenses)
200
2
(21)
17
(780)
254
8 120
(4 167)
3 953
(2 604)
6.2%
(6.0)%
8.2%
Organic
growth %
4.6%
13.1%
(20.5)%
198
Normalized EBIT
1 584
(22)
(125)
109
1 546
6.9%
Normalized EBITDA
2 598
(54)
(229)
296
2 612
11.5%
Normalized EBITDA margin
32.4%
32.2%
(45) bps
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