Parece que los resultados de la fusión empiezan a aflorar: ventas suben un 4.7%; beneficios, un 6.6%...
Anheuser-Busch InBev Reports First Quarter 2018 Results
- Revenue: Revenue grew by 4.7% in the quarter, with revenue per hl growth of 4.9%, driven by revenue management initiatives as well as continued strong premium brand performance. On a constant geographic basis, revenue per hl grew by 5.3%.
- Volume: Total volumes declined by 0.2%, while own beer volumes grew by 0.5%. Good growth in own beer volumes was achieved in Mexico, Colombia and Argentina, partly offset by the US and Brazil. Our non-beer volumes declined by 6.9%, driven by soft results from Brazil and Peru.
- Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona, grew by 7.9% globally, and by 12.2% outside of their home markets. Budweiser revenues declined by 1.3%, driven by a decline in the US, but grew by 2.5% outside of the US driven by strong growth in Brazil, Paraguay, India and South Korea. Stella Artois revenues grew by 12.3%, with good performances in Argentina and the UK. Corona had another great quarter, with revenues growing 25.1% overall and 40.3% outside of Mexico, led by China and Western Europe.
- Cost of Sales (CoS): CoS increased by 1.3% in 1Q18 and by 1.5% on a per hl basis. On a constant geographic basis, CoS per hl increased by 2.4% assisted by synergy delivery.
- EBITDA: EBITDA grew by 6.6% with margin expansion of 70 bps to 38.2% as a result of top-line growth and aided by cost synergies, partly offset by increased sales and marketing investments ahead of the FIFA World CupTM as well as lower other operating income due to a difficult comparable.
- Net finance results: Net finance costs (excluding non-recurring net finance costs) were 1 545 million USD in 1Q18 as compared to 1 492 million USD in 1Q17. This was mainly due to a negative mark-to-market adjustment of 242 million USD in 1Q18, linked to the hedging of our share-based payment programs, compared to a gain of 130 million USD in 1Q17.
- Income taxes: Income tax was 673 million USD in 1Q18, up from 418 million USD in 1Q17 with the normalized effective tax rate increasing to 28.3% from 20.4%, negatively impacted by the mark-to-market adjustments linked to the hedging of our share-based payments programs and the timing of certain deductions.
- Profit: Normalized profit attributable to equity holders of AB InBev was 1 443 million USD in 1Q18 as compared to 1 458 million USD in 1Q17.
- Earnings per share: Normalized earnings per share (EPS) decreased to 0.73 USD in 1Q18 from 0.74 USD in 1Q17.
- Combination with SAB: The business integration is progressing well, with synergies and cost savings of 160 million USD captured during 1Q18.