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    ABI   BE0974293251


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Anheuser Busch InBev : Reports Second Quarter 2021 Results

07/29/2021 | 01:07am EDT

Regulated and inside information1

Brussels / 29 July 2021 / 7.00am CET

Anheuser-Busch InBev Reports Second Quarter 2021 Results

Continued momentum in 2Q21 with top-line growth ahead of pre-pandemic levels

"The consistent execution of our commercial strategy - centered around winning brands, category development and digital transformation - delivered continued momentum in the second quarter with top-line growth 3.2% ahead of 2Q19 pre-pandemic levels, even in light of ongoing COVID-19 impacts. Looking forward, we will continue to build upon our customer- and consumer-first approach to drive growth and value creation." - Michel Doukeris, CEO

Total Volume


In 2Q21, total volumes grew by 20.8%, with own beer volumes up by 20.5% and non-beer volumes up by 23.2%. In HY21, total volumes grew by 17.0% with own beer volumes up by 17.7% and non-beer volumes up by 12.6%.

Total Revenue

+ 27.6%

In 2Q21, revenue grew by 27.6% with revenue per hl growth of 5.8%. In HY21, revenue grew by 22.4% with revenue per hl growth of 4.7%.

Global Brands Revenue

  • 19.3% (outside their home markets)

In 2Q21, combined revenues of our three global brands, Budweiser, Stella Artois and Corona, increased by 23.0% globally and by 19.3% outside of their respective home markets. In HY21, the combined revenues of our global brands increased by 26.2% globally and by 31.4% outside of their respective home markets.

Underlying Profit

1 512 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 1 512 million USD in 2Q21 compared to 790 million USD in 2Q20 and was 2 606 million USD in HY21 compared to 1 805 million USD in HY20. Normalized profit attributable to equity holders of AB InBev was 1 911 million USD in 2Q21 versus 921 million USD in 2Q20 and 2 924 million USD in HY21 versus 76 million USD in HY20.

Underlying EPS

0.75 USD

Underlying EPS (normalized EPS excluding mark-to- market gains and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 0.75 USD in 2Q21, an increase from

0.40 USD in 2Q20 and was 1.30 USD in HY21, an increase from 0.90 USD in HY20. Normalized EPS in 2Q21 was 0.95 USD, an increase from 0.46 USD in 2Q20. Normalized EPS in HY21 was 1.46 USD, an increase from 0.04 USD in HY20.

Normalized EBITDA

+ 31.0%

Normalized EBITDA increased by 31.0% in 2Q21 and by 22.1% in HY21. Normalized EBITDA margin was 35.8% in 2Q21 and 35.3% in HY21. The 2Q21 and HY21 Normalized EBITDA figures include an impact of 226 million USD from tax credits in Brazil. For more details, please see page 11.

Net Debt to EBITDA


Our net debt to normalized EBITDA ratio was 4.4x at 30 June 2021 compared to 4.8x at 31 December 2020.

The 2021 Half Year Financial Report is available on our website at www.ab-inbev.com.


Press release - 29 July 2021 -1

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.


Continued momentum in 2Q21 with top-line growth ahead of pre-pandemic levels

Our business continued its momentum in the second quarter. We delivered top-line growth of 3.2% versus 2Q19, even in the context of ongoing impacts related to COVID-19. We remain focused on investing in and accelerating what is already working: category development, premiumization, health and wellness, beyond beer and our digital transformation initiatives.

On a year-over-year basis we grew top-line by 27.6%, comprised of 20.8% volume and 5.8% revenue per hl growth, yielding a 31.0% EBITDA increase. Positive brand mix, revenue management initiatives, operational leverage and ongoing cost discipline were partially offset by anticipated transactional FX and commodity headwinds. Additionally, our SG&A increased due to higher variable compensation accruals, which are recorded by quarter at the zone level depending on operational performance, and growth in sales and marketing investments to support our top-line momentum.

Winning customer- and consumer-centric commercial strategy:

  • Reaching more consumers on more occasions with our best-in-class portfolio:
  1. Leading, premiumizing and accelerating growth in the beer category:
    • Driving innovation to meet customer and consumer needs: Based on the success of Brahma Duplo Malte in Brazil, which continues to lead the core pure malt segment, we have leveraged our 'prove and move' strategy to scale the concept in five new markets.
    • Our premium portfolio grew by 28% in 2Q21 with our global brands - Budweiser, Stella Artois and Corona - delivering 19.3% revenue growth outside their home markets, where they typically command a price premium.
    • Connecting with consumers through award-winning creative content: At the 2021 Cannes Lions festival we achieved our best performance ever, winning 40 Lions including four won by our internal creative agency, draftLine.
    1. Adding profitable growth in Beyond Beer globally: Our Beyond Beer business continues to accelerate, growing revenue by 45% in 2Q21, and delivering an average gross profit per hl 20% higher than our traditional beer business.
  • Creating new value from our ecosystem using data and technology:
    1. Digitizing our relationships with our more than 6 million global customers: In 2Q21, our proprietary B2B platform, BEES, captured over 4.5 billion USD in gross merchandise value (GMV), growing more than 50% from 1Q21. In June 2021, our monthly active user base (MAU) reached more than 1.8 million users, more than 20% above March 2021. In our 7 initial focus markets (Dominican Republic, Brazil, Mexico, Colombia, Ecuador, Peru and South Africa), BEES has now achieved significant adoption within our customer base with 60% to 90% of our revenue digital. More information can be found at


  1. Leading the way in e-commercebeer sales: In HY21, our owned direct-to-consumer (DTC) e-commerce platforms grew revenue by more than 2x compared to the same period last year. In Brazil, Zé Delivery continued its exponential growth, delivering over 15 million orders in 2Q21, with total orders in HY21 more than all of last year. Based on this success, we continue to scale our courier platforms which are now available in ten of our markets.


Press release - 29 July 2021 - 2

Optimizing capital allocation to drive long-term value creation

Maximizing long-term value creation drives how we balance our capital allocation priorities. In HY21, we continued to invest behind the organic growth of our business with over 5.7 billion USD in capex and sales and marketing, led by our investments in customer- and consumer-centric capabilities, innovation and digital transformation. Deleveraging to our optimal capital structure of around 2x remains our commitment. Our net debt to normalized EBITDA decreased from 4.8x at 31 December 2020 to 4.4x for the 12-month period ending 30 June 2021. We reduced our gross debt from

98.6 billion USD as of 31 December 2020 to 90.6 billion USD, while maintaining a strong liquidity position of approximately 16.9 billion USD, consisting of 10.1 billion USD available under our Sustainable-Linked Loan Revolving Credit Facility (SLL RCF) and 6.8 billion USD of cash.

Advancing sustainability around the world

Sustainability is core to our business strategy and a key driver of innovation. The appointment of Ezgi Barcenas as our dedicated Chief Sustainability Officer, reporting directly to the CEO, builds on a strong track record and reinforces our commitment to further accelerate a broader ESG agenda.

In line with our commitment to Smart Agriculture, we continue to innovate to support farmers around the world to be skilled, connected and financially empowered. We recently expanded the blockchain-enabled supply chain platform BanQu to Latin America, following its success across several of our markets in Africa. BanQu gives farmers and recyclers improved security in the delivery and payment process and creates a digital economic identity allowing greater access to formal financial services. It also provides us better visibility across our value chain.

Confident about the future of our business and the beer category

We are confident in the future growth prospects for our business and the resilience of the beer category. We will continue to invest behind a customer and consumer-centric commercial strategy that is backed by a best-in-class brand portfolio, innovation capabilities, and digital transformation. Combined with our fundamental strengths, which include our people, leadership across the world's largest beer profit pools, exposure to fast-growing emerging markets, operational excellence and a culture of ownership, we have an unmatched platform to drive long-term value creation.


Press release - 29 July 2021 - 3


  1. Overall Performance: We expect our EBITDA to grow between 8-12% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY21 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: We expect the average gross debt coupon in FY21 to be approximately 4.0%. Net pension interest expenses and accretion expenses including IFRS 16 adjustments (lease reporting) are expected to be in the range of 140 to 160 million USD per quarter, depending on currency fluctuations. 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 FY21 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 increase versus 2020 is due to factors including the phasing out of temporary COVID-19 measures and changes to tax attributes in some key markets. 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 FY21 as we are increasing investments in innovation and other consumer-centric initiatives to fuel our momentum.
  5. Debt: Approximately 49% of our gross debt is denominated in currencies other than the US dollar, primarily the Euro. Our optimal capital structure remains a net debt to EBITDA ratio of around 2x.


Press release - 29 July 2021 - 4

Figure 1. Consolidated performance (million USD)





Total Volumes (thousand hls)

119 895

144 845


AB InBev own beer

106 858

128 625


Non-beer volumes

12 194

15 299


Third party products





10 294

13 539


Gross profit

5 770

7 819


Gross margin



152 bps

Normalized EBITDA

3 414

4 846


Normalized EBITDA margin



88 bps

Normalized EBIT

2 297

3 655


Normalized EBIT margin



302 bps

Profit from continuing operations attributable to equity holders of AB InBev

-1 580

1 862

Profit attributable to equity holders of AB InBev


1 862

Normalized profit attributable to equity holders of AB InBev


1 911

Underlying profit attributable to equity holders of AB InBev


1 512

Earnings per share (USD)



Normalized earnings per share (USD)



Underlying earnings per share (USD)









Total Volumes (thousand hls)

239 577

280 398


AB InBev own beer

210 294

247 635


Non-beer volumes

27 577

31 243


Third party products

1 706

1 519



21 298

25 832


Gross profit

12 201

14 869


Gross margin



12 bps

Normalized EBITDA

7 363

9 114


Normalized EBITDA margin



-7 bps

Normalized EBIT

5 102

6 768


Normalized EBIT margin



159 bps

Profit from continuing operations attributable to equity holders of AB InBev

-3 955

2 458

Profit attributable to equity holders of AB InBev

-1 900

2 458

Normalized profit attributable to equity holders of AB InBev


2 924

Underlying profit attributable to equity holders of AB InBev

1 805

2 606

Earnings per share (USD)



Normalized earnings per share (USD)



Underlying earnings per share (USD)




Press release - 29 July 2021 - 5

This is an excerpt of the original content. To continue reading it, access the original document here.


AB - Anheuser-Busch InBev NV published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 05:06:09 UTC.

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Financials (USD)
Sales 2021 53 090 M - -
Net income 2021 5 499 M - -
Net Debt 2021 77 617 M - -
P/E ratio 2021 20,9x
Yield 2021 1,56%
Capitalization 114 B 114 B -
EV / Sales 2021 3,60x
EV / Sales 2022 3,31x
Nbr of Employees 164 000
Free-Float 40,0%
Duration : Period :
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Managers and Directors
Michel Dimitrios Doukeris Chief Executive Officer
Fernando Mommensohn Tennenbaum Chief Financial Officer
Martin J. Barrington Chairman
David Almeida Chief Strategy & Technology Officer
M. Michele Burns Independent Non-Executive Director
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