Press Release: AB/InBev

AB InBEV

Anheuser-Busch InBev reported their fourth quarter and Full year 2010 results, which are listed below. Revenue rose 4.4% over the full year in 2010.

Revenue growth: Revenue rose 4.4% in FY10 and 5.9% in 4Q10, with revenue per hl up 2.3% in FY10 and 5.0% in 4Q10. On a constant geographic basis, i.e. eliminating the impact of faster growth in countries with lower revenue per hl, organic revenue growth per hl improved 3.6% in FY10 and 6.0% in 4Q10

Volume performance: Total volumes and own beer volumes growth in FY10 was 2.1%, with non-beer volumes up 3.8%. In 4Q10, total volumes and own beer volumes increased 1.4%, and non-beer volumes grew 2.0%

Focus Brands: FY10 Focus Brand volumes grew 4.8% led by Skol, Brahma and Antarctica in Brazil, Harbin and Budweiser in China, and Budweiser in the United Kingdom. Global Budweiser volumes increased 1.7% in FY10. In 4Q10, Focus Brand volumes grew 4.8%

Market share gains: In FY10, we gained or maintained market sharein markets representing over half of our total beer volumes

Cost of Sales: Cost of Sales (CoS) increased 1.1% in FY10, and decreased 1.2% per hl organically. In 4Q10, CoS decreased 0.2%, and also fell 0.5% per hl. On a constant geographic basis, CoS per hl increased 0.6% in FY10 and 0.5% in 4Q10

Synergies: FY10 synergies of 620 million USD related to the combination with Anheuser-Busch, including 170 million USD of synergies achieved in 4Q10, bringing total synergies by the end of 2010 to 1 980 million USD

EBITDA: Normalized EBITDA in FY10 grew 10.6% to 13 869 million USD, with EBITDA margin of 38.2% compared to 35.8% in FY09, up 209 bp organically. 4Q10 EBITDA rose 21.9% to 3 895 million USD with a margin of 41.1%, an organic improvement of 520 bp, driven by EBITDA margin improvements in all operating Zones

Profit: Normalized profit attributable to equity holders of AB InBev grew 28.3% to 5 040 million USD in FY10 from 3 927 million USD in FY09 on a reported basis, and by 39% to 219 million USD in 4Q10, from 877 million USD in 4Q09 on a reported basis, reflecting a strong operational performance. FY10 profit attributable to equity holders of AB InBev shareholders declined 12.7% to 4 026 million USD due to the non-recurring capital gains from asset disposals of 1 541 million USD in FY09   

Non-recurring finance costs: Normalized profit attributable to equity holders of AB InBev in FY10 excludes non-cash 192 million USD of accelerated accretion expenses and 733 million USD of negative mark-to-market adjustments for hedges no longer effective. 4Q10 normalized profit attributable to equity holders of AB InBev excludes 202 million USD of negative mark-to-market adjustments

Net debt: Our net debt as of 31 December 2010 was 39.7 billion USD, a decrease of 5.5 billion USD from 31 December 2009, for a net debt to normalized EBITDA ratio of 2.9 versus 3.7 last year, on the Reference Base

Dividend: The AB InBev Board proposes a dividend of 0.80 EUR per share, subject to shareholder approval. If approved, the shares will trade ex-coupon as of 27 April 2011 and dividends will be payable as from 2 May 2011. The record date will be 29 April 2011

2010 Annual Report and Financial Statements are available on our website at www.ab-inbev.com

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