Anheuser-Busch InBev Reports Second Quarter 2022 Results – QNT Press Release


 

Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220727006135/en/

(Graphic: Business Wire)

Regulated and inside information1

Continued momentum with double-digit top-line growth

“Our business delivered sustained profitable growth. Our volume increased by 3.4%, our top-line by 11.3% and EBITDA by 7.2%. The relentless execution of our strategy, the strength of our brands and accelerated digital transformation enabled us to meet the moment in an ongoing dynamic operating environment.” – Michel Doukeris, CEO

Total Revenue

+11.3%

Revenue increased by 11.3% in 2Q22 with revenue per hl growth of 7.5% and by 11.5% in HY22 with revenue per hl growth of 7.9%.

9.7% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of their respective home markets in 2Q22, and 7.9% in HY22.

Approximately 55% of our revenue now through B2B digital platforms with the monthly active user base of BEES reaching 2.9 million users as of 30 June 2022.

Over 385 million USD of revenue and over 16 million ecommerce orders generated by our direct-to-consumer ecosystem in 2Q22.

Total Volume

+3.4%

In 2Q22, total volumes grew by 3.4%, with own beer volumes up by 2.7% and non-beer volumes up by 8.2%. In HY22, total volumes grew by 3.1% with own beer volumes up by 2.4% and non-beer volumes up by 7.1%.

Normalized EBITDA

+7.2%

In 2Q22 normalized EBITDA of 5 096 million USD represents an increase of 7.2% with normalized EBITDA margin contraction of 127 bps to 34.5%. In HY22, normalized EBITDA increased by 7.5% to 9 583 million USD and normalized EBITDA margin contracted by 122 bps to 34.2%. Normalized EBITDA figures of HY22 and HY21 include an impact of 201 million USD and 226 million USD from tax credits in Brazil. For more details, please see page 10.

Underlying Profit

1 468 million USD

Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 1 468 million USD in 2Q22 compared to 1 507 million USD in 2Q21 and was 2 672 million USD in HY22 compared to 2 606 million USD in HY21.

Underlying EPS

0.73 USD

Underlying EPS was 0.73 USD in 2Q22, a decrease from 0.75 USD in 2Q21 and was 1.33 USD in HY22, an increase from 1.30 USD in HY21.

Net Debt to EBITDA

3.86x

Net debt to normalized EBITDA ratio was 3.86x at 30 June 2022 compared to 3.96x at 31 December 2021.

The 2022 Half Year Financial Report is available on our website at www.ab-inbev.com.

1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 16.

Management comments

Continued momentum with double-digit top-line growth

We delivered top-line growth of 11.3%, comprised of 3.4% volume and 7.5% revenue per hl growth, driven by revenue management initiatives, ongoing premiumization and expansion of the beer category across most of our key markets supported by increased investment in our brands. EBITDA increased by 7.2% despite anticipated commodity and supply chain cost headwinds.

At the recent 2022 Cannes Lions International Festival of Creativity, we were awarded 50 Lions, a record high for our company.

Consistent execution of our strategy

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

See Image 1.

1. Lead and grow the category:

This quarter we delivered volume growth in more than 60% of our markets with total volume growth of 3.4%.

2. Digitize and monetize our ecosystem:

BEES is now live in 18 markets and has reached 2.9 million monthly active users as of 30 June 2022, a 7% increase versus 1Q22. BEES Marketplace is now live in 12 countries with 40% of BEES customers now also Marketplace buyers.

3. Optimize our business:

We continued to deleverage with our net debt to normalized EBITDA ratio decreasing from 3.96x at 31 December 2021 to 3.86x for the 12-month period ending 30 June 2022. Gross debt reduced by $5.5 billion USD in HY22.

1. Lead and grow the category

We are executing on five proven and scalable levers to drive category expansion:

  • Inclusive Category: In 2Q22, participation of consumers with our portfolio increased in the majority of our key markets, according to our estimates, driven by brand, pack and liquid innovations. For example, in Colombia we further scaled our local easy-drinking lager brand, Costeña Bacana, with growth driven primarily by legal drinking age consumers between 18-24 years old. In Brazil, the combination of our digital direct-to-consumer (DTC) platform, Zé Delivery, and 300ml returnable glass bottles are driving in-home consumption.
  • Core Superiority: In 2Q22, our mainstream portfolio continued to outperform the industry across most of our key markets according to our estimates and delivered high-single digit revenue growth, led by particularly strong performances in Brazil, Mexico and Colombia.
  • Occasions Development: Our global brand Stella Artois grew revenue by 7.7% outside of its home market, led by the focus on meal occasions in key markets such as Brazil and Colombia. We continue to grow our non-alcoholic beer portfolio with the successful expansion of Corona Sunbrew in Canada.
  • Premiumization: Our above core portfolio grew revenue by approximately 12% this quarter, led by continued double-digit growth of Michelob ULTRA in the US and Mexico and expansion of Spaten in Brazil. Our global brands grew revenue by 9.7% outside of their home markets, led by Corona with 18.2% and Stella Artois with 7.7%. Budweiser grew by 6.1%, despite the impact of COVID-19 restrictions in China, the brand's largest market.
  • Beyond Beer: Our global Beyond Beer business contributed over 425 million USD of revenue in the quarter. In the US, within the spirits-based-ready-to-drink segment, our portfolio continued to grow ahead of the industry led by Cutwater and NÜTRL vodka seltzer. In South Africa, Brutal Fruit and Flying Fish delivered continued double-digit volume growth.

2. Digitize and monetize our ecosystem

  • Digitizing our relationships with our more than 6 million customers globally: In 2Q22, the BEES platform captured approximately 7.4 billion USD in gross merchandise value (GMV) with over 24 million orders placed, growth of over 60% and 40% respectively versus 2Q21. Our e-commerce platform for sales of third party products, BEES Marketplace, is now live in 12 countries with 40% of BEES customers now also Marketplace buyers.
  • Leading the way in DTC solutions: Our omni-channel direct-to-consumer (DTC) ecosystem of digital and physical DTC products generated revenue of approximately 385 million USD in 2Q22. Our digital DTC brands generated over 16 million orders in the quarter, led by Zé Delivery in Brazil and the continued expansion of our on demand platform in 10 additional markets in Latin America.

3. Optimize our business

In HY22, we continued to efficiently allocate resources across our operations. This enabled further investment behind the organic growth of our business with over 5.3 billion USD in capex and sales and marketing, focused on capacity and capabilities to lead and grow the category, marketing creativity and accelerating digital transformation. Our gross debt reduced from 88.8 billion USD as of 31 December 2021 to 83.3 billion USD as of 30 June 2022, leading to a net debt to EBITDA ratio of 3.86x. Our net interest expense decreased by 134 million USD versus HY21, principally as a result of our gross debt reduction efforts.

Advancing our ESG priorities

We continue to advance our ESG agenda. In June, we commenced operations in our first EverGrain facility in St. Louis, upcycling barley used in the brewing process into high quality, sustainable protein ingredients with an annual capacity of 7 thousand tons. To drive sustainable innovation at scale, this quarter we brought together more than 250 supply chain partners with the launch of our global collaboration initiative Eclipse and, along with our CPG partners, we hosted the 3rd annual demo day of our 100+ Accelerator program. During the event, 34 startups showcased solutions to our sustainability challenges across water stewardship, climate action, smart agriculture, circular packaging and upcycling.

Creating a future with more cheers

Our business continues to build momentum and deliver consistent profitable growth even in the context of the ongoing dynamic operating environment. Our best-in-class portfolio of brands, accelerated digital transformation and global ecosystem provide a unique platform that positions us well to lead and grow the beer category and drive superior long-term value creation.

2022 Outlook

  1. Overall Performance: We expect our EBITDA to grow in-line with our medium-term outlook of between 4-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY22 reflects our current assessment of the scale and magnitude of the COVID-19 pandemic, which is subject to change as we continue to monitor ongoing developments.
  2. Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 170 to 200 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY22 to be approximately 4.0%. Net finance costs will continue to be impacted by any gains and losses related to the hedging of our share-based payment programs.
  3. Effective Tax Rates (ETR): We expect the normalized ETR in FY22 to be in the range of 28% to 30%, excluding any gains and losses relating to the hedging of our share-based payment programs. The ETR outlook does not consider the impact of potential future changes in legislation.
  4. Net Capital Expenditure: We expect net capital expenditure of between 4.5 and 5.0 billion USD in FY22.

Figure 1. Consolidated performance (million USD)

     
 

2Q21

 

2Q22

 

Organic

 

 

 

 

 

growth

Total Volumes (thousand hls)

 

144 845

 

149 729

 

3.4%

AB InBev own beer

 

128 625

 

131 107

 

2.7%

Non-beer volumes

 

15 299

 

17 544

 

8.2%

Third party products

 

921

 

1 079

 

17.2%

Revenue

 

13 539

 

14 793

 

11.3%

Gross profit

 

7 819

 

7 997

 

4.9%

Gross margin

 

57.8%

 

54.1%

 

-329 bps

Normalized EBITDA

 

4 846

 

5 096

 

7.2%

Normalized EBITDA margin

 

35.8%

 

34.5%

 

-127 bps

Normalized EBIT

 

3 655

 

3 811

 

6.0%

Normalized EBIT margin

 

27.0%

 

25.8%

 

-123 bps

 

 

 

 

 

 

 

Profit attributable to equity holders of AB InBev

 

1 862

 

1 597

 

 

Normalized profit attributable to equity holders of AB InBev

 

1 911

 

1 519

 

 

Underlying profit attributable to equity holders of AB InBev

 

1 507

 

1 468

 

 

 

 

 

 

 

 

 

Earnings per share (USD)

 

0.93

 

0.79

 

 

Normalized earnings per share (USD)

 

0.95

 

0.75

 

 

Underlying earnings per share (USD)

 

0.75

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HY21

 

HY22

 

Organic

 

 

 

 

 

growth

Total Volumes (thousand hls)

 

280 398

 

289 074

 

3.1%

AB InBev own beer

 

247 635

 

251 692

 

2.4%

Non-beer volumes

 

31 243

 

35 488

 

7.1%

Third party products

 

1 519

 

1 894

 

24.7%

Revenue

 

25 832

 

28 027

 

11.5%

Gross profit

 

14 869

 

15 243

 

6.1%

Gross margin

 

57.6%

 

54.4%

 

-277 bps

Normalized EBITDA

 

9 114

 

9 583

 

7.5%

Normalized EBITDA margin

 

35.3%

 

34.2%

 

-122 bps

Normalized EBIT

 

6 768

 

7 105

 

7.1%

Normalized EBIT margin

 

26.2%

 

25.4%

 

-100 bps

 

 

 

 

 

 

 

Profit attributable to equity holders of AB InBev

 

2 458

 

1 692

 

 

Normalized profit attributable to equity holders of AB InBev

 

2 924

 

2 860

 

 

Underlying profit attributable to equity holders of AB InBev

 

2 606

 

2 672

 

 

 

 

 

 

 

 

 

Earnings per share (USD)

 

1.23

 

0.84

 

 

Normalized earnings per share (USD)

 

1.46

 

1.42

 

 

Underlying earnings per share (USD)

 

1.30

 

1.33

 

Figure 2. Volumes (thousand hls)

           
 

2Q21

 

Scope

 

Organic

 

2Q22

 

Organic growth

     

growth

   

Total Volume

 

Own beer volume

North America

 

28 115

 

 

-754

 

27 361

 

-2.7%

 

-2.9%

Middle Americas

 

34 916

 

13

 

2 847

 

37 775

 

8.2%

 

9.5%

South America

 

33 465

 

80

 

2 876

 

36 421

 

8.6%

 

6.2%

EMEA

 

22 875

 

22

 

-59

 

22 838

 

-0.3%

 

-0.6%

Asia Pacific

 

25 205

 

1

 

-109

 

25 097

 

-0.4%

 

-0.2%

Global Export and Holding Companies

 

269

 

-116

 

85

 

238

 

55.7%

 

58.5%

AB InBev Worldwide

 

144 845

 

 

4 885

 

149 729

 

3.4%

 

2.7%

.

           
 

HY21

 

Scope

 

Organic

 

HY22

 

Organic growth

     

growth

   

Total Volume

 

Own beer volume

North America

 

53 252

 

 

-1 804

 

51 448

 

-3.4%

 

-3.0%

Middle Americas

 

67 980

 

22

 

4 022

 

72 024

 

5.9%

 

7.0%

South America

 

71 929

 

151

 

4 735

 

76 815

 

6.6%

 

3.7%

EMEA

 

40 540

 

29

 

2 392

 

42 962

 

5.9%

 

5.7%

Asia Pacific

 

46 081

 

1

 

-698

 

45 385

 

-1.5%

 

-1.5%

Global Export and Holding Companies

 

615

 

-204

 

29

 

440

 

6.9%

 

6.4%

AB InBev Worldwide

 

280 398

 

 

8 676

 

289 074

 

3.1%

 

2.4%

Key Market Performances

United States: Continued top-line growth with flattish bottom-line

  • Operating performance:

    • 2Q22: Revenue grew by 2.7% with revenue per hl growing by 5.5% driven by revenue management initiatives and continued premiumization. Sales-to-wholesalers (STWs) were down by 2.7%. Sales-to-retailers (STRs) declined by 3.4%, estimated to be below the industry. EBITDA declined by 0.5%.
    • HY22: Revenue grew by 2.4%. STWs declined by 3.2%, with revenue per hl growth of 5.8%. Our STR's declined by 3.9%. EBITDA declined by 0.2%.
  • Commercial highlights: The beer industry remained resilient even in the context of a higher inflationary environment. Despite underperforming the industry, we remain confident in our commercial strategy to rebalance our portfolio toward faster growing segments. Our above core beer and spirits-based ready-to-drink portfolios outperformed the industry, led by Michelob ULTRA which grew by double-digits and Cutwater and NÜTRL vodka seltzer which grew strong double-digits.

Mexico: Double-digit top- and bottom-line growth

  • Operating performance:

    • 2Q22: Revenue grew by high-teens with revenue per hl growth of high-single digits driven primarily by revenue management initiatives. Our volumes grew by high-single digits, outperforming the industry, supported by ongoing channel and portfolio expansion and the phasing impact of a later Easter. EBITDA grew by mid-teens.
    • HY22: Revenue grew by mid-teens with volumes growing by mid-single digits and revenue per hl growing by high-single digits. EBITDA grew by low-teens.
  • Commercial highlights: Our performance was driven by ongoing portfolio development, channel expansion, and digital transformation. Our core brands delivered high-single digit volume growth and our above core portfolio once again grew by double-digits, led by Modelo and Michelob ULTRA. We continue to expand our distribution footprint, with the opening of over 150 new Modelorama stores and the continuation of the OXXO rollout, expanding into approximately 800 additional stores. Over 60% of our BEES customers are now also BEES Marketplace buyers.

Colombia: Double-digit top-line and high-single digit bottom-line growth

  • Operating performance:

    • 2Q22: Revenue grew by high-twenties with low-teens revenue per hl growth, primarily driven by revenue management initiatives and premiumization. Our volumes grew by mid-teens, driven by the execution of our category expansion levers and supported by a favorable comparable. EBITDA grew by high-single digits, negatively impacted by a loss from the disposal of non-core assets.
    • HY22: Revenue grew by mid-twenties with volume increasing more than 10% and revenue per hl growth of low-teens. EBITDA grew by mid-teens.
  • Commercial highlights: We continue to grow the beer category, again delivering a new record high per capita consumption this quarter. Our premium and super premium portfolio reached an all-time high volume, delivering over 40% volume growth led by our global brands and local premium brand, Club Colombia. More than 30% of our BEES customers are now also BEES Marketplace buyers.

Brazil: Double-digit top- and bottom-line growth

  • Operating performance:

    • 2Q22: Revenue grew by 26.8%, with volume growth of 10.4% and revenue per hl growth of 14.9%. Our beer volumes once again outperformed the industry according to our estimates, growing by 8.5%. Non-beer volumes grew by 16.2%. Our performance was driven by the consistent execution of our strategic priorities, continued recovery of out of home consumption occasions and channel expansion. EBITDA grew by 34.3%.
    • HY22: Total volume grew by 7.9% with beer volumes up by 5.2% and non-beer volumes up by 16.5%. Revenue increased by 21.6%, with revenue per hl growth of 12.7%. EBITDA grew by 15.0%.
  • Commercial highlights: Our premium and super premium brands delivered volume growth of more than 20% this quarter. Our core portfolio continued its momentum, increasing volumes low-teens, and we continued to invest behind developing our core plus brands. Over 60% of our BEES customers are now also BEES Marketplace buyers. Our digital DTC platform, Zé Delivery, fulfilled almost 15 million orders in 2Q22, and has reached 4.2 million monthly active users.

Europe: High-single digit top- and double-digit bottom-line growth

  • Operating performance:

    • 2Q22: Revenue grew by high-single digits, with low-single digit volume and high-single digit revenue per hl growth, supported by revenue management initiatives, ongoing premiumization and continued on-premise recovery. EBITDA grew by more than 10%. Versus 2Q19, top-line grew by mid-single digits despite on-premise volumes still not fully recovering to pre-pandemic levels.
    • HY22: Revenue grew by low-teens with high-single digit revenue per hl and low-single digit volume growth. EBITDA increased by mid-teens.
  • Commercial highlights: Our growth this quarter was led by our global and super premium brands, which delivered high-single digit revenue growth. Our DTC product, PerfectDraft, expanded the active shopper base by more than 25% versus 2Q21.

South Africa: High-single digit top-line and double-digit bottom-line growth

  • Operating performance:

    • 2Q22: Revenue grew by 7.6%, with 7.5% revenue per hl growth and flat volumes, below the industry according to our estimates as our operations were impacted by significant production constraints in April and May due to floods impacting our Prospecton brewery. EBITDA grew by low double-digits.
    • HY22: Revenue grew by double-digits with high-single digit revenue per hl and low-teens increase in volume. EBITDA grew by mid-twenties.
  • Commercial highlights: Underlying demand for our portfolio remains strong. The premium, super premium and Beyond Beer portfolios led our growth this quarter, all delivering a double-digit revenue increase. Our leading core brands delivered continued revenue growth. Driven by BEES, digital channels now represent 91% of our revenues.

China: Industry impacted by COVID-19 restrictions with gradual improvement throughout the quarter

  • Operating performance:

    • 2Q22: The total industry declined mid-single digits due to COVID-19 restrictions. The restrictions disproportionately impacted our key regions and sales channels, resulting in a 6.5% total volume decline, underperforming the industry according to our estimates. The operating environment gradually improved throughout the quarter resulting in volume growth of high-single digits in June year-over-year. In 2Q22, revenue per hl grew by 1.5% resulting in a total revenue decline of 5.1%. EBITDA declined by 11.8%.
    • HY22: Volumes declined by 5.5% and revenue per hl grew by 2.4%, leading to total revenue decline of 3.3%. EBITDA declined by 6.5%.
  • Commercial highlights: Underlying consumer demand for our brands remained strong. As restrictions eased in June, both our premium and super premium portfolios returned to volume growth increasing by double-digits.

Highlights from our other markets

  • Canada: Total revenue grew by low-single digits. Our beer volume outperformed a soft industry this quarter, led by our core portfolio which grew revenue by mid-single digits.
  • Peru: We delivered double-digit top-line growth in 2Q22 with a balance of mid-twenties volume and over 10% revenue per hl growth, driven by ongoing portfolio transformation, route to market expansion and supported by continued post COVID-19 recovery. Over 50% of BEES customers are now also BEES Marketplace buyers.
  • Ecuador: We delivered mid-thirties top-line growth with a volume increase of low-twenties this quarter, supported by continued expansion of the beer category and post COVID-19 recovery. 60% of BEES customers are now also BEES Marketplace buyers.
  • Argentina: Revenue grew by double-digits in 2Q22, driven primarily by revenue management initiatives in a highly inflationary environment, with flattish volumes.
  • Africa excluding South Africa: In Nigeria, our top-line grew by 25% this quarter, driven by revenue management initiatives, though volumes were lower due to ongoing supply chain constraints. In other key markets, we continue to see strong consumer demand for our brands with double-digit volume and revenue growth in 2Q22 in Tanzania, Zambia and Uganda.
  • South Korea: Volumes grew by high-single digits in 2Q22, supported by further market share gains in both the on-premise and in-home channels and continued improvement in the operating environment. Revenue per hl increased by high-single digits resulting in double-digit revenue growth.

Consolidated Income Statement

Figure 3. Consolidated income statement (million USD)

     
 

2Q21

 

2Q22

 

Organic

 

 

 

 

 

growth

Revenue

 

13 539

 

14 793

 

11.3%

Cost of sales

 

-5 720

 

-6 796

 

-19.9%

Gross profit

 

7 819

 

7 997

 

4.9%

SG&A

 

-4 511

 

-4 500

 

-4.1%

Other operating income/(expenses)

 

347

 

314

 

3.4%

Normalized profit from operations (normalized EBIT)

 

3 655

 

3 811

 

6.0%

Non-underlying items above EBIT

 

-150

 

-9

 

 

Net finance income/(cost)

 

-755

 

-1 217

 

 

Non-underlying net finance income/(cost)

 

64

 

36

 

 

Share of results of associates

 

69

 

74

 

 

Income tax expense

 

-702

 

-721

 

 

Profit

 

2 182

 

1 975

 

 

Profit attributable to non-controlling interest

 

319

 

378

 

 

Profit attributable to equity holders of AB InBev

 

1 862

 

1 597

 

 

 

 

 

 

 

 

 

Normalized EBITDA

 

4 846

 

5 096

 

7.2%

Normalized profit attributable to equity holders of AB InBev

 

1 911

 

1 519

 

 

 

 

 

 

 

 

 

HY21

 

HY22

 

Organic

 

 

 

 

 

growth

Revenue

 

25 832

 

28 027

 

11.5%

Cost of sales

 

-10 963

 

-12 784

 

-18.7%

Gross profit

 

14 869

 

15 243

 

6.1%

SG&A

 

-8 571

 

-8 616

 

-5.3%

Other operating income/(expenses)

 

470

 

478

 

9.3%

Normalized profit from operations (normalized EBIT)

 

6 768

 

7 105

 

7.1%

Non-underlying items above EBIT

 

-217

 

-105

 

 

Net finance income/(cost)

 

-2 047

 

-2 282

 

 

Non-underlying net finance income/(cost)

 

-299

 

14

 

 

Share of results of associates

 

100

 

129

 

 

Non-underlying share of results of associates

 

 

-1 143

 

 

Income tax expense

 

-1 231

 

-1 244

 

 

Profit

 

3 074

 

2 474

 

 

Profit attributable to non-controlling interest

 

616

 

782

 

 

Profit attributable to equity holders of AB InBev

 

2 458

 

1 692

 

 

 

 

 

 

 

 

 

Normalized EBITDA

 

9 114

 

9 583

 

7.5%

Normalized profit attributable to equity holders of AB InBev

 

2 924

 

2 860

 

Consolidated other operating income/(expenses) in HY22 increased by 9.3% primarily driven by higher government grants. In HY22, Ambev recognized 201 million USD income in other operating income related to tax credits (HY21: 226 million USD). The net impact is presented as a scope change and does not affect the presented organic growth rates.

Non-underlying items above EBIT & Non-underlying share of results of associates

(million USD)

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwsinglebottom bwpadl0" …

Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD)

 

2Q21

 

2Q22

 

HY21

 

HY22

COVID-19 costs

 

-31

 

-4

 

-54

 

-13

Restructuring

 

-64

 

-14

 

-97

 

-51

Business and asset disposal

 

24

 

10

 

14

 

6

Acquisition costs / Business combinations

 

-6

 

 

-6

 

AB InBev Efes related costs

 

 

-1

 

 

-47

Zenzele scheme

 

-73

 

 

-73

 

Full story available on Benzinga.com



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