Anheuser-busch Inbev Sa/nv · EURONEXT:ABI
Anheuser-busch Inbev Sa/nv — Q3 2011 Earnings Presentation
21 slides from Anheuser-busch Inbev Sa/nv's earnings presentation, Nov 9, 2011
Slide 1: Third Quarter and Nine Months 2011 Results
Third Quarter and Nine Months 2011 Results Conference Call 9 November 2011 © AB InBev 2011 – All rights reserved
Slide 2: Forward looking statements
Forward looking statements There are statements in this document, such as statements that include the words or phrases “outlook”, “will likely result”, “are expected to”, “will continue”, “is anticipated”, “estimate”, “project”, “may” or similar expressions that are “forward looking statements”. The
Slide 3: 12 consecutive quarters of year-over-year EBITDA margin expansion
12 consecutive quarters of year-over-year EBITDA margin expansion 700 bp 600 bp 577 513 520 500 bp 394 400 bp 300 bp 200 bp 179 125 112 100 bp 83 71 45 50 31 0 bp 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Note: All measures in this presentation are organic unless stated otherwise ©
Slide 4: 3Q11 results overview
3Q11 results overview • Focus Brand volumes +1.1%, ahead of own beer volumes -0.6% • Global Budweiser +6.9% in 3Q11 and +2.5% in 9M11 • Revenue +3.6% • Revenue per hl +4.0%, and +4.7% on a constant geographic basis • Sales and marketing +3.2% in 3Q11 and +3.9% in 9M11 • Full year guidance revised to
Slide 5: United States – progress so far
United States – progress so far • Confidence about the long term opportunities in the US market • The US is the largest global beer profit pool • A great portfolio of brands and a clear strategy • A great team focused on flawless execution • At least 2.25 billion USD total cost synergies by the end
Slide 6: Bud Light market share
Bud Light market share 21.5 21.5 21.5 21.5 21.5 21.4 21.4 21.4 21.4 21.4 21.3 21.3 21.3 21.3 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2 01/31 02/28 03/28 04/25 05/23 06/20 07/18 08/15 09/12 10/10 11/07 12/05 01/02 01/30 02/27 03/26 04/23 05/21 06/19 07/17 08/14 09/11 2010 2011 Source: IRI combo (grocer
Slide 7: 360 degree activation
360 degree activation Communication • Media Recap PR Media Digital Experiential Partnership Creative marketing Local team Better World activation Packaging © AB InBev 2011 – All rights reserved 6
Slide 8: Bud Light Platinum
Bud Light Platinum • Connects with consumers in occasions where Bud Light is not playing today • Provides a positive “halo” effect for the Bud Light family © AB InBev 2011 – All rights reserved
Slide 9: Budweiser market share
Budweiser market share Marginal share decline since January 2011 9.0 9.0 8.9 8.9 8.8 8.8 8.7 8.7 8.7 8.6 8.6 8.6 8.6 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.4 01/31 02/28 03/28 04/25 05/23 06/20 07/18 08/15 09/12 10/10 11/07 12/05 01/02 01/30 02/27 03/26 04/23 05/21 06/19 07/17 08/14 09/11 2010 2011 Sourc
Slide 10: Growing our share of the high end
Growing our share of the high end Segment share +1.3 pp in 9M11 3Q11 results • STRs +23% • Stella Artois +28% • Leffe +44% • Shock Top +116% © AB InBev 2011 – All rights reserved
Slide 11: Brazil
Brazil Confidence in the medium to long term 3Q11 results Market share • Own beer volumes +1.7% vs. Record +12.5% comparable September 71.7% 2011 69.7% • Year to date share growth Price • Second highest ever 3Q share Share increases recovery • Strong revenue per hl +8.4% • Zone EBITDA +13.1% • Zone
Slide 12: Budweiser launch in Brazil
Budweiser launch in Brazil Launch mix Geographic expansion • Initial focus on seeding and stimulating trial in Sao Paulo and Rio de Janeiro • Full launch campaign and national availability in 4Q11 600ml RGB Aluminum bottle Long neck Can © AB InBev 2011 – All rights reserved
Slide 13: China
China • 70% of total volume • Combined +13.6% in 3Q11 and +14.5% in 9M11 Grow our Focus Brands Revenue • Revenue per hl +11.7% in 3Q11, driven by brand and package mix as well as price increases management best practices Lead the premium segment • M&A: 2 acquisitions closed (Liaoning Dalian Daxue Ge
Slide 14: North America 3Q11 performance
North America 3Q11 performance • United States • Positive share trends for all Focus Brands • STRs -0.9% and STWs -3.4% • Beer-only revenue per hl +1.9%, impacted by price increase timing Organic • Canada growth • Beer volumes +0.6% Total volumes -3.1% • Zone Own beer volumes -3.2% • Margin expansio
Slide 15: Latin America North 3Q11 performance
Latin America North 3Q11 performance • Brazil • Beer volumes +1.7% • Soft drinks +6.4%, reaching highest ever quarterly share of 18.3% • Beer-only revenue per hl +8.4% • Share growth year to date, reaching 69.7% in Organic September growth • Zone Total volumes 3.4% • EBITDA growth of +13.1%, for the
Slide 16: Latin America South 3Q11 performance
Latin America South 3Q11 performance • Argentina • Beer volumes +5.7% driven by industry growth and market share gains • Stella Artois growing high single digits to strengthen its leading position in premium • Zone Organic growth • EBITDA growth of +25.2% Total volumes 2.3% • Margin expansion of +55
Slide 17: Western Europe 3Q11 performance
Western Europe 3Q11 performance • Belgium • Own beer volumes -7.4% reflecting an exceptionally cold and rainy summer period • Germany • Own beer volumes +1.4% with market share gains Organic • United Kingdom growth • Own beer volumes (excl. cider) +0.8% Total volumes -4.5% • Zone Own beer volumes -0
Slide 18: Central & Eastern Europe 3Q11 performance
Central & Eastern Europe 3Q11 performance • Russia • Volumes -9.9% with difficult comparables due to last year’s hot summer and buy-in ahead of our excise tax-related price increase • Market share gains by volume and value Organic • Ukraine growth • Beer volumes -9.1% driven by a weak Total volumes
Slide 19: Asia Pacific 3Q11 performance
Asia Pacific 3Q11 performance • China • Beer volumes +4.7% • Focus Brands +13.6% • Gaining share while successfully transitioning local brand volume to Focus Brands Organic growth • Zone Total volumes 4.7% • EBITDA growth of +3.7% • Strong revenue growth offset by higher Own beer volumes 4.7% Cost o
Slide 20: 3Q11 below EBIT performance
3Q11 below EBIT performance (million USD) 3Q10 3Q11 Normalized EBIT 2 897 3 248 Non-recurring items above EBIT -9 -40 Net finance cost -594 -814 Non-recurring net finance cost -49 -127 Share of results of associates 162 200 Income tax expense -547 -434 Profit 1 860 2 033 Attributable to non-controll
Slide 21: Q & A
Q&A © AB InBev 2011 – All rights reserved