AB InBev Financial Results
Currency
Organic
Asia Pacific
2021
Scope
translation
growth
2022
Organic
growth %
Total volumes (thousand hls)
88 379
4
515
88 898
0.6%
Revenue
6 848
(132)
(343)
159
6 532
Cost of sales
(3 048)
(1)
157
(275)
(3 168)
Gross profit
3 800
(134)
(186)
(116)
3 364
SG&A
(2 330)
128
115
20
Other operating income/(expenses)
Normalized EBIT
139
(4)
2
1 609
Normalized EBITDA
Normalized EBITDA margin
2 321
55
(5)
(76)
(94)
1 433
(2067)
137
1.3%
(5.9)%
2.4%
(9.0)%
(3.2)%
0.9%
(5)
(105)
(106)
2 104
(4.6)%
33.9%
32.2%
(234) bps
Currency
Organic
Global Export and Holding Companies
2021
Scope
translation
growth
2022
Organic
growth %
Total volumes (thousand hls)
1 558
(607)
(112)
838
(11.8)%
Revenue
1 133
(190)
(45)
(107)
790
(11.4)%
Cost of sales
(880)
52
29
60
(740)
7.3%
Gross profit
252
(139)
(16)
(47)
50
(40.9)%
SG&A
(1709)
246
88
(72)
(1447)
(4.8)%
Other operating income/(expenses)
1
1
(1)
1
Normalized EBIT
(1457)
108
73
(120)
(1 396)
(8.6)%
Normalized EBITDA
(1 093)
108
41
(60)
(1 004)
(5.9)%
REVENUE
Our consolidated revenue grew by 11.2% to 57 786m US dollar with revenue per hectoliter growth of 8.6% in 2022 driven
by revenue management initiatives and continued premiumization.
COST OF SALES
Our cost of sales increased by 18.4% and increased by 15.8% on a per hectoliter basis, driven by anticipated transactional
foreign currency effects and commodity headwinds.
OPERATING EXPENSES
Our total operating expenses increased 6.1% in 2022:
Selling, General & Administrative Expenses (SG&A) increased by 6.3% due primarily to elevated costs of
distribution.
Other operating income increased 10.3% primarily driven by the sale of non-core assets and one-time gains. In
addition, in 2022, Ambev, our subsidiary, recognized 201m US dollar income in Other operating income related
to tax credits in Brazil (2021: 226m US dollar). The net impact is presented as a scope change.
NORMALIZED PROFIT FROM OPERATIONS BEFORE DEPRECIATION AND AMORTIZATION (NORMALIZED
EBITDA)
Our normalized EBITDA increased 7.2% organically to 19 843m US dollar, with an EBITDA margin of 34.3%, representing
an EBITDA margin organic contraction of 126 bps, as our top-line growth was partially offset by anticipated transactional
foreign currency effects and commodity headwinds and higher SG&A.
Differences in normalized EBITDA margins by region are due to a number of factors such as different routes to market,
share of returnable packaging in the region's sales and premium product mix.
RECONCILIATION BETWEEN NORMALIZED EBITDA AND PROFIT ATTRIBUTABLE TO EQUITY HOLDERS
Normalized EBITDA and EBIT are measures utilized by us to demonstrate the company's underlying performance.
Normalized EBITDA is calculated excluding the following effects from profit attributable to our equity holders: (i)
Non-controlling interest, (ii) Income tax expense, (iii) Share of results of associates, (iv) Non-underlying share of results of
associates, (v) Net finance cost, (vi) Non-underlying net finance cost, (vii) Non-underlying items above EBIT (including
non-underlying impairment) and (viii) Depreciation, amortization and impairment.
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