AB InBev Financial Results
Financial performance
We are presenting our results under five regions: North America, Middle Americas, South America, EMEA and Asia Pacific.
The tables in this management report provide the segment information per region for the period ended 31 December 2022
and 2021 in the format down to Normalized EBIT level that is used by management to monitor performance.
The tables below provide a summary of our performance for the period ended 31 December 2022 and 2021 (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
13 455
595 133
Revenue
54 304
Cost of sales
(23 097)
(395)
16
Gross profit
31 207
(378)
SG&A
(17 574)
365
(2 136)
1 006
(1130)
735
6 013
57 786
(4 230)
(26 305)
1 782
(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
Normalized EBITDA margin
19 209
35.4%
(54)
(669)
1 357
19 843
34.3%
7.2%
(126) bps
In 2022, our normalized EBITDA increased 7.2%, while our normalized EBITDA margin contracted 126 bps, reaching
34.3%.
Consolidated volumes grew by 2.3%, with own beer volumes up 1.8% and non-beer volumes up 5.2%, driven by the
investment in our marketing capabilities and consistent execution of our five proven and scalable category expansion
levers.
Consolidated revenue grew by 11.2% to 57 786m US dollar, with revenue per hectoliter growth of 8.6% driven by revenue
management initiatives and continued premiumization. Combined revenues of our global brands, Budweiser, Stella Artois
and Corona increased by 8.2% globally and 8.9% outside of their respective home markets.
Consolidated cost of sales increased 18.4%, and increased 15.8% on a per hectoliter basis, driven by anticipated
transactional foreign currency effects and commodity cost headwinds.
Consolidated selling, general and administrative expenses (SG&A) increased 6.3% primarily due to elevated costs of
distribution.
Consolidated other operating income/(expenses) in 2022 increased by 10.3% primarily driven by sale of non-core assets
and one-time gains. In 2022, Ambev 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 and does not impact the presented
organic growth. Additionally, Ambev recognized 168m US dollar of interest income in Finance income in 2022 (2021: 118m
US dollar) related to these credits. Underlying profit attributable to equity holders and underlying EPS were positively
impacted by 186m US dollar after tax and non-controlling interest (2021: 165m US dollar). Ambev's tax credits and interest
receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31 December
2022, the total amount of such credits and interest receivables represented 1 149m US dollar.
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