Anheuser-Busch Inbev Announces Audited Consolidated Earnings Results for the Fourth Quarter and Full Year 2014; Provides Earnings Guidance for the Year 2015 and Normalized Effective Tax Rate Guidance for 2016 to 2018
Feb 26 15
Anheuser-Busch InBev announced audited consolidated earnings results for the fourth quarter and full year 2014. For the fourth quarter, the company reported a normalized profit attributable to equity holders of USD 2.52 billion, up from USD 2.37 billion in the prior-year quarter. The company reported revenue of USD 12.02 billion for the quarter, up from USD 11.7 billion in the fourth quarter of 2013. Normalized profit from operations was USD 4,232 million against USD 4,365 million a year ago. Profit attributable to equity holders of the company was USD 5,066 million against USD 5,199 million a year ago. Normalized EBITDA was USD 5,066 million against USD 5,199 million a year ago. Normalized profit attributable to equity holders of the company was USD 2,520 million against USD 2,374 million a year ago.
For the year, the company reported normalized profit attributable to equity holders of the company of USD 8.87 billion for 2014, up 11.7% from USD 7.94 billion in 2013. The company reported revenue of USD 47.06 billion for the year, an increase from the USD 43.2 billion reported in 2013. EBITDA grew by almost USD 1.2 billion organically against last year or by 6.6% with a margin improvement of 25 basis points. This result was achieved despite a step-up in investment behind brand during the year. Normalized earnings per share in the full year grew by 10.6% to USD 5.43. The increase is primarily driven by profit growth in underlying business and the profit contribution from the combination with Grupo Modelo. Cash flow from operating activities increasing to just over USD 14.1 billion and free cash flow, as defined, reaching USD 12.2 billion. Net debt increased by USD 3.3 billion to USD 42.1 billion mainly due to the acquisition of OB in South Korea in April 2014. Normalized profit from operations was USD 15,308 million against USD 14,203 million a year ago. Normalized EBITDA was USD 18,542 million against USD 17,188 million a year ago. Profit attributable to equity holders of the company was USD 9,216 million or USD 5.54 per diluted share against USD 14,394 million or USD 8.72 per diluted share a year ago. Basic earnings per share were USD 5.64 against USD 8.90 a year ago. Revenue grew by 5.9% in fiscal 2014, with revenue per hl growth of 5.3%, driven by revenue management initiatives and brand mix improvements from premiumization strategies. Net capex were USD 4,122 million against USD 3,612 million a year ago. Profit from operations was USD 15,111 million against USD 20,443 million a year ago. Profit before tax was USD 13,801 million against USD 18,534 million a year ago. Acquisition of property, plant and equipment and of intangible assets was USD 4,395 million against USD 3,869 million a year ago.
For the year 2015, the company expects revenue per hl to grow organically in line with inflation, on a constant geographic basis, as a result of revenue management initiatives and continued improvements in mix. The company expects the average coupon on net debt to be in the range of 3.5% to 4.0% in fiscal 2015. Net pension interest expense and accretion expenses are expected to be approximately USD 35 million and USD 80 million per quarter, respectively. Other financial results will continue to be impacted by the potential gains and losses related to the hedging of share-based payment programs. The company expects net capital expenditure of approximately USD 4.3 billion in fiscal 2015, driven by investments in consumer and commercial initiatives, and capacity expansion. The company announced that normalized effective tax rate is expected to be in the range of 22% to 24% in 2015, between 22% and 25% from 2016 to 2018 and in the range of 25% to 27% thereafter.
Anheuser-Busch InBev SA/NV Proposes Final Dividend for the Fiscal Year of 2014, Payable from May 6, 2015
Feb 26 15
The Anheuser-Busch InBev SA/NV Board proposed a final dividend of EUR 2.00 per share (USD 2.27 based on the FX rate as at February 25, 2015), subject to shareholder approval at the AGM on April 29, 2015. When combined with the interim dividend of EUR 1.00 per share (USD 1.25) paid in November 2014, the total dividend for the fiscal year 2014 would be EUR 3.00 per share (USD 3.52). This represents an increase of 46% in EUR and 26% in USD, when compared to fiscal year 2013. The dividends will be payable as from 6 May 2015. The record date will be 5 May 2015.