China Resources Beer : 2018 Final Results Announcement

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Overall Results Summary

H2 2018 RMB mH2 2017 RMB m

Turnover 14,302 13,958 EBIT

EBIT excl. impairment loss recognised

Profit attributable to shareholders (PAS)FY 2018 RMB m

• +11% 31,867

• -465% 1,465 **

• -51% 2,766 **FY 2017 RMB m

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15,774 +11%

1,851 ** -21%

2,590 ** +7%

-10720%

977 **

1,175 ** -17%

DPS (RMB)

0.14 -14%

- Final

0.07 -57%

EPS (RMB)

0.30 0.12 0.03 0.09

0.36 -17%

Dividend payout ratio (Total dividend/PAS)

40%

ROE *

5.2%

- Interim

Additions to non-current assets Net assets

Net cash/(gearing)

0.07 +29% 39% +1.0% point 6.5% -1.3% point

2,089

1,752 +19%

18,910

18,485 +2%

Notes: * ROE = PAS / Average of Equity attributable to shareholders of the Company

**Included the impact of the compensation and staff resettlement expenses related to production capacity optimization and organizational restructuring of RMB483m (FY17: RMB215m). FY18 figures also included an one-off annuity provision of itsstaff cost for 2017 with RMB117m.

Cash/(Gearing) ratio

1,230 6.5%

(1,030) +219% (5.6%) +12.1% point

•  Innovative Development, Transformation and Upgrade, Quality Growth

H2 2018 RMB mH2 2017 RMB m

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FY 2018 RMB mFY 2017 RMB m

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-8.0%

2,819

2,532

+11.3%

2,824

2,516 +12.2%

14,302

13,958

+2%

31,867

29,732 +7%Sales volume (million kl) ASP (in RMB/kl)

5.072

5.513

11.285

11.819 -4.5%

(599)

164

-465%

1,465

1,851 -21%

EBIT excl. impairment loss recognised

881

-51%

2,590 +7%

GP margin

• 34.0% +0.1% point

  33.7% +1.4% point

• Turnover Gross profit EBIT

  4,875

  4,747

  +3%

  EBIT margin (excl. impairment loss recognised)

• 6.3% -3.3% point

8.7%

-

11,198

10,029 +12%

EBIT margin

436 34.1% (4.2%) 3.0%

• 1.2% -5.4% point

  2,766 35.1% 4.6% 8.7%

  6.2% -1.6% point

2018

2017

one-offannuityprovisionofitsstaffcostfor2017.

*Relatedtoproductioncapacityoptimizationand organizationalrestructuring

OverallEasternCentralSouthern

201820172016 *Theabovefiguresalsoincludedtheimpactofthecompensationand staffresettlementexpensesrelatedtoproductioncapacityoptimization andorganizationalrestructuring.FY18figuresalsoincludedan