1 - Anheuser-Busch InBev Deutschland

28 Pages·2013·16.99 MB·English

Anheuser-Busch InBev 2012 Annual Report
Starting
Conversations
Since
1366
1

AB InBev
Annual Report
2012
A
Conversation
That
Never Ends
Today, as in 1366, we are creating
conversations with consumers about
the things that matter to them: great
beer, good times and friends new and
old — and we keep the conversation
fresh through innovation. We do this
by brewing products with enduring
craftsmanship; creating innovations
for changing tastes and a wider range
Contents
of occasions; and connecting with beer
1 Introduction lovers through sports, music, social
2 Letter to Shareholders
media and events. We are also starting
4 A Strategic Platform Worth
Talking About conversations — and taking actions —
16 Innovation Keeps the
that should lead to a better world
Conversation Fresh
through responsible drinking, and
24 An Ongoing Dialogue
with Consumers environmental and community
32 Words We Live By:
initiatives. At the same time, we are
Dream, People, Culture
38 Toward a Better World: delivering profitable growth and
A Conversation about Responsibility shareholder value that are worth
45 Financial Report
talking about.
1XX Corporate Governance Statement

Open the foldout for an overview of our
financial performance.
About Anheuser-Busch InBev Key Figures
Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading global Our portfolio consists of over 200 beer brands, including three global
brewer and one of the world’s top five consumer products companies. brands, Budweiser, Stella Artois and Beck’s; fast-growing multi- Revenue was Focus Brand volume EBITDA grew 7.7% Normalized profit Net debt to EBITDA
Our dream, shared by 118 000 people around the globe, is to be the Best country brands Leffe and Hoegaarden; and strong “local champions”, 39 758 million USD, increased 1.5% to 15 511 million attributable to before M&A
Beer Company in a Better World. That means brewing beers with a such as Bud Light, Skol, Brahma, Antarctica, Quilmes, Michelob Ultra, an organic increase and accounted for USD, and EBITDA equity holders transactions was
heritage of quality and craftsmanship dating back to 1366, while maintaining Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Hasseröder of 7.2%, and approximately margin was 39.0%. rose 12.9% to 1.87 times, in
an unwavering commitment to responsible drinking, environmental and Jupiler, among others. revenue/hl rose 7.7%. 70% of our own 7 283 million USD, line with our
stewardship and the betterment of the communities in which we operate. Headquartered in Leuven, Belgium, Anheuser-Busch InBev operates beer volume. and normalized commitment of
A true consumer-centric, sales-driven organization, we have a strong, in 23 countries worldwide and works through six geographic Zones: North EPS increased to less than 2.0 times.
balanced brand portfolio, including six of the 10 most valuable beer America, Latin America North, Latin America South, Western Europe, 4.55 USD from
brands in the world*, and we hold the No. 1 or No. 2 position in many of Central & Eastern Europe and Asia Pacific — enabling consumers around 4.04 USD.
the world’s leading beer markets. In 2012, our total revenues were the world to enjoy our products.
39.8 billion USD. * BrandZ™ Top 100 Most Valuable Global Brands 2012.
2012 15 511
2012 Normalized EBITDA Contribution by Region*
Normalized EBITDA (million USD)
2011 15 357 2009
Million USD unless 2008 2008 2009 reference
stated otherwise reported combined2 reported base3 2010 2011 2012
2010 13 869
2012 15 511 Volumes (million hl) 285 416 409 391 399 399 403
2009 reference base 12 109
Revenue 23 507 39 158 36 758 33 862 36 297 39 046 39 758
42.6% 2011 15 357
2009 reported 13 037 Normalized EBITDA 7 811 12 067 13 037 12 109 13 869 15 357 15 511
7.3% 1.6% 2010 13 869 EBITDA 7 252 – 14 387 – 13 685 15 112 15 480
Central & 2008 combined 12 067
North America Western Europe Eastern Europe 2009 reference base 12 109 Normalized profit from operations 5 898 9 122 10 248 9 600 11 165 12 607 12 765
2.5% 2008 reported 7 811 Normalized profit
Asia Pacific 2009 reported 13 037 attributable to equity holders
of Anheuser-Busch InBev 2 511 – 3 927 – 5 040 6 449 7 283
36.8%
2008 combined 12 067 Profit attributable to equity
holders of Anheuser-Busch InBev 1 927 – 4 613 – 4 026 5 855 7 243
9.1% Latin America 2008 reported 7 811 Net financial debt 56 660 – 45 174 – 39 704 34 688 30 114
North
Cash flow from
Latin America
operating activities 5 533 – 9 124 – 9 905 12 486 13 268
South
Normalized earnings per share (USD)1 2.51 – 2.48 – 3.17 4.04 4.55
* Excludes Global Export & Holding Companies.
Dividend per share (USD) 0.35 – 0.55 – 1.07 1.55 2.24
Dividend per share (euro) 0.28 – 0.38 – 0.80 1.20 1.70
2012 Volume Contribution by Region Revenue (million USD)
Payout ratio % 26.3 – 21.3 – 33.8 38.5 49.3
Weighted average number of
ordinary shares (million shares)1 999 – 1 584 – 1 592 1 595 1 600
2012 39 758
Share price high (euro) 39.1 – 36.8 – 46.3 47.4 71.1
31.1% 2011 39 046
Share price low (euro) 10.0 – 16.3 – 33.5 33.9 46.1
7.3%
Year-end share price (euro) 16.6 – 36.4 – 42.8 47.3 65.7
5.7% 2010 36 297
Western Europe 2012 39 758 Market capitalization (million USD) 36 965 – 84 110 – 91 097 98 315 138 716
Central & 14.3% 2009 reference base 33 862
North America Eastern Europe Market capitalization (million euro) 26 561 – 58 386 – 68 176 75 983 105 209
2011 39 046
Asia Pacific 2009 reported 36 758
1. I n accordance with IAS 33, historical data per share has been adjusted for the year ended 31 December 2007 by an adjustment ratio of 0.6252 as a result of the capital increase pursuant to the rights offering we
31.3% 2010 36 297 completed in December 2008.
2008 combined 39 158 2. G iven the transformational nature of the transaction with Anheuser-Busch, we present in this Annual Report the comparative 2008 consolidated volumes and results down to normalized profit from operations
on a combined basis, including the financials of Anheuser-Busch for the 12 months of 2008 in the “2008 combined” column.
2009 reference base 33 862
3. G iven the transformational nature of the disposals we made during 2009 to refinance the debt we incurred to finance the Anheuser-Busch transaction, we present in this Annual Report the comparative 2009
1.7% 2008 reported 23 507 consolidated volumes and results down to normalized profit from operations on a Reference Base, treating all divestitures as if they had closed as of 1 January 2009 and with certain intra-group transactions
Global Export & reported in Global Export and Holding Companies.
2009 reported 36 758
8.5% Latin America Holding Companies To facilitate the understanding of Anheuser-Busch InBev’s underlying performance, the analyses of growth, including all comments in this Annual Report, unless otherwise indicated, are based on organic and
North normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Scope changes represent the impact of
acquisitions and divestitures, the start-up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year-over-year changes in accounting estimates and other
Latin America 2008 combined 39 158 assumptions that management does not consider as part of the underlying performance of the business.
South Whenever presented in the Annual Report, all performance measures (EBITDA, EBIT, profit, effective tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-recurring
items. Non-recurring items are either income or expenses that do not occur regularly as part of the normal activities of the company. They are presented separately because they are important for the
2008 reported 23 507 understanding of the underlying sustainable performance of the company due to their size or nature. Normalized measures are additional measures used by management, and should not replace the measures
determined in accordance with IFRS as an indicator of the company’s performance, but rather should be used in conjunction with the most directly comparable IFRS measures.
3

AB InBev
Annual Report
2012
“Our drive to lead our industry, shape the future and
To Our Shareholders
create opportunities produced solid results in 2012.”
At Anheuser-Busch InBev, we lead our industry with a talented team As previously announced in June 2012, AB InBev has agreed to divest open in the next two years. We are also increasing our capacity in We have launched successful products that enliven nightlife, such
driven by our Dream-People-Culture platform, brands that delight Grupo Modelo’s 50% stake in Crown to Constellation Brands for Brazil ahead of the 2014 FIFA World Cup Brazil™. We opened a new as Bud Light Platinum, Quilmes Night and the Budweiser “Gambei”
millions of consumers and strong positions in the world’s top beer 1.85 billion USD. The terms of the AB InBev combination with Grupo brewery in Pernambuco, in the country’s northeast region, at the can in China. Bud Light Lime Lime-A-Rita, which appeals to a sweeter
markets. We shape the future by redefining the consumer experience, Modelo, announced in June 2012, are unchanged. end of 2011 and announced the construction of a new brewery in palate, is one of the fastest-growing new introductions in the U.S.
expanding enjoyment occasions, and promoting a better world The combination with Grupo Modelo remains subject to the Paraná in the south that will open in 2014. industry. We brought innovation to the cider category with Stella
through responsible drinking, and environmental and community existing challenge by the U.S. Department of Justice. The revised Artois Cidre and Stella Artois Cidre Pear. And we have a range of
initiatives. And we strive to create new opportunities with agreement with Constellation remains conditioned on the completion Shaping the Future products for those who prefer non-alcohol beverages, including
innovations in products, packaging, processes and connections. of the Modelo transaction, as well as regulatory approvals in the U.S. Quilmes Lieber, Jupiler Force and Hoegaarden 0,0. Updated
Lead, shape, create — this is how we deliver on our commitments and Mexico and other customary closing conditions. The company plays an important role in shaping the future by helping packaging, such as the Stella Artois chalice can, is motivating
to consumers, customers, shareholders, employees and communities. In May 2012, we also entered into a strategic alliance with to create a positive environment for the long-term growth of our consumers to see our products from a fresh perspective.
And this is how we grow. Cervecería Nacional Dominicana S.A. (CND) to combine our business and industry, while also working toward a Better World. Social and digital media are being used extensively to create
Our determination to lead our industry, shape the future and respective businesses, creating the leading beverage company in The development of powerful global brands is a key aspect of our connections with consumers. Our brands have attracted some
create growth opportunities produced solid results in 2012. Total the Caribbean. The combined business includes beer, malt and soft efforts to shape the future of our business. Among our portfolio of 80 million fans to our social media pages and consumer databases.
revenue rose 7.2% to 39.8 billion USD, mainly due to favorable drinks operations in the Dominican Republic, Antigua, Saint Vincent more than 200 brands, our three global brands — Budweiser, Stella We also create unique experiences that bring consumers closer to
brand mix and our revenue management initiatives. Cost of sales and Dominica, as well as exports to 16 other countries in the Caribbean, Artois and Beck’s — have a disproportionate potential to contribute their favorite brands. Such events include Budweiser Music Kingdom
was up 5.4%, with our continuous drive to maximize operating the U.S. and Europe. to our growth. Accordingly, we are investing in our global brands, in China, our sponsorships of major sports events such as the FIFA
efficiency and productivity partially offsetting a rise in commodity While our primary focus remains driving organic growth in our introducing them to additional markets, expanding our capacity to World Cup™ and National Football League (NFL) in the U.S., and the
prices. Sales and marketing expenses were up 6.8%, as we actively existing businesses, these transactions reflect our efforts to expand support growing demand, and using innovative marketing and annual Stella Artois World Draught Masters competition.
invested to grow our brands. EBITDA increased 7.7%, while our footprint in global beer markets, add to our brand portfolio advertising to form strong connections with consumers. When it comes to creating opportunities, nothing is more important
EBITDA margin expanded by 18 basis points to 39.0%. Normalized and deliver incremental revenues and profits. Premiumization is another important part of this process. As we than our people. They come to work every day with a pride of
profit attributable to equity holders increased by 12.9% to strive to satisfy consumers’ growing taste for premium products, ownership and a passion for excellence. Our dream to be the Best
7.3 billion USD, or 4.55 USD per share, up from 6.4 billion USD, or Leading Our Industry the resulting change in our mix will have a positive impact on our Beer Company in a Better World inspires our culture of ownership,
4.04 USD per share in 2011. As for leverage, we ended the year with revenues and margins. Budweiser has captured significant share in which people accept accountability for achieving exceptional results.
a ratio of net debt to EBITDA before M&A activities of 1.87 times, During 2012, we continued to lead our industry through our strong in premium in countries as varied as China, Brazil and Russia. In the
in line with our commitment to reach 2.0 times by the end of 2012. portfolio of Focus Brands, our leading market share in the most U.S., Stella Artois and Shock Top are strong premium brands, and Looking Ahead
Our liquidity position, including cash and cash equivalents plus important global beer markets and our investments in expanding we are rolling out Goose Island craft beers nationally. To understand
committed credit lines, was 35.1 billion USD as of year-end 2012. capacity to support our growth. the importance of premium brands, consider that the premium While we expect 2013 to be another year of challenge and
Our team of 118 000 colleagues achieved these results despite Our Focus Brand strategy is critical to our leadership position. segment in China alone is growing 2.5 times faster than the uncertainty in the global economic environment, we will continue
uncertain global economic conditions, excise tax increases in some Focus Brand volumes, which represent approximately 70% of our overall industry. to work for the long-term growth of our business and shareholder
countries, and volatile currencies and commodity prices. Our total global beer volumes, grew by 1.5% in 2012, while volumes of our Shaping a brighter future for our business also involves expanding value. Toward that end, we will follow our proven business model:
progress was especially strong in our three main markets — the global brands, Budweiser, Stella Artois and Beck’s, increased by 4.1%. the choices we can offer our consumers. We are using in-depth investing in the top line, maintaining strict cost discipline and
U.S., Brazil and China. An increasing focus on innovation has been Budweiser sold outside the U.S. now represents over 51% of global insights into consumer preferences to develop new products that pursuing margin enhancement. We will focus on building a vibrant
a major driver of our success, with recent launches including Bud Budweiser volume, driven by strong growth in China, a sharp can be enjoyed responsibly on more occasions. This has led to a beer industry, expanding our position in the most important
Light Platinum and Bud Light Lime Lime-A-Rita in the U.S., Stella volume increase in Bud sales in Russia and gains in the premium number of innovations, including products that complement nightlife, markets, strengthening our brands and consumer connections,
Artois Cidre Pear in the U.K., Leffe Royale in Belgium, and new visual segment in Brazil. We also received an excellent response to Bud’s provide refreshment when served over ice, or offer consumers a and generating superior cash flow to be reinvested in growth.
identities for Skol in Brazil and Sibirskaya Korona in Russia, among launch in Ukraine, where the brand has already captured a 1% share. non-alcohol alternative. We thank the consumers worldwide who enjoy our brands, the
many other initiatives worldwide. Stella Artois delivered double-digit growth in the U.S., increased We believe that our efforts to develop global brands, grow the shareholders who believe in our potential and the people at
In June 2012 we announced an agreement to acquire the remaining volume by almost 50% in Brazil and made solid gains in Russia. premium segment, expand consumer choice and share more AB InBev who make all this happen. Also, we wish to thank Peter
stake in Mexico’s Grupo Modelo that we do not already own for Beck’s performed well in Germany and China. Strong performances enjoyment occasions with consumers will contribute to the long- Harf, who stepped down as Chairman of the Board in April 2012,
approximately 20.1 billion USD. The combined company would lead by other Focus Brands included the Bud Light family in the U.S. term success of both AB InBev and the beer industry. for his leadership during an important period in the company’s
the industry with annual beer volume of about 400 million hl. and Canada, Michelob Ultra in the U.S., Antarctica in Brazil, Harbin The most important contribution we can make in shaping the future development. We look forward to reporting to you on our progress
We would be the No. 1 brewer in Mexico, the beer industry’s fourth in China and Hasseröder in Germany. is our commitment to achieving our dream to be the Best Beer in the future.
largest profit pool and the second largest economy in Latin Progress in our key markets, the U.S., Brazil and China, provides Company in a Better World. We have taken a leadership role in
America. Corona would become one of our global flagship brands, further proof of our global leadership. Our volumes grew in the U.S. promoting responsible drinking, protecting the environment and Carlos Brito Kees J. Storm
alongside Budweiser, and would join global brands Stella Artois for the first time since 2008 and market share is showing signs of making a difference in our communities. During 2012 we continued Chief Executive Officer Chairman of the Board
and Beck’s. We anticipate approximately 1 billion USD in annual cost stabilizing, with market share growth in the Bud Light family, to pioneer responsible drinking campaigns in all of our markets, and
synergies to be phased in over four years, as well as one-time cash Michelob Ultra, Stella Artois and Shock Top. In Brazil, our own beer have achieved ambitious environmental goals. We have also
flow synergies of 500 million USD, primarily from working capital, volumes increased by 2.5%, resulting in a market share of 68.5%. continued giving back to our communities through disaster relief,
delivered over two years. As Grupo Modelo has been one of our most Premium brands, including global brands Budweiser and Stella volunteer activities, financial support and the creation of jobs and
important partners for over 20 years, we are confident that this new Artois, as well as domestic premium brands Bohemia and Original, economic activities.
phase in our relationship will deliver the expected results, create continued to grow well ahead of the overall market. We grew volume
value for our shareholders and delight consumers worldwide who in China by 1.9% and also gained market share, despite a challenging Creating New Opportunities for Growth
love great beers. year for the industry due to adverse weather conditions. Budweiser
In addition, in February 2013 we announced a revised transaction consolidated its position as the leading premium beer in China, Across the company, we are working to drive innovation and to
with Constellation Brands in which Constellation Brands will acquire growing volume by double-digits. create new opportunities — not only in our products and packaging,
Grupo Modelo’s Piedras Negras brewery in Mexico, and Crown We are investing in capacity around the world to expand our but also in connecting with consumers and continually improving
Imports will be granted a perpetual and exclusive license for the leadership. In China, we agreed to acquire majority stakes in operational processes.
Grupo Modelo brands produced in Mexico and distributed by Crown four breweries and established greenfield breweries in Fujian and
in the U.S., for 2.9 billion USD, subject to a post-closing adjustment. Henan during 2012, with four more greenfield breweries due to
5

AB InBev
Annual Report
2012
“Our strategic platform draws strength from our
Dream, People and Culture to drive profitable growth
and long-term, sustainable value.”
1/
We have built our strategic platform upon also means contributing to efforts to build • Strong Financial Discipline has always
the following pillars to create long-term, a vibrant and sustainable beer industry. been a critical element of our business
sustainable value through top-line • Leading positions in key Markets represent model. We extensively benchmark and
A Strategic
growth, cost discipline and expanding another strategic pillar. Our focus on the most measure our performance to deliver on
profitability: important volume and profit pools worldwide our targets: increasing revenue, expanding
• Our unique Dream-People-Culture has led to solid shares in the U.S., Brazil and margins and generating strong cash flow,
platform drives the execution of our China, and operations in 23 countries. These while also strengthening our financial base
strategies. At AB InBev our shared dream diverse markets reflect our desire to have through further reductions in leverage.
Platform Worth is to be the Best Beer Company in a a balanced footprint in both developed and Operating efficiently is a key aspect of our
Better World. This inspires us to aim higher, developing regions. approach and allows us to convert “non-
do more, and never compromise on • Our Brands constitute one of the strongest working money” in areas such as administrative
integrity, quality or results. To ensure that portfolios of any consumer products overhead into “working money” to be
we deliver on our dream, we strive to hire company, including 14 brands with an redirected to investments in growth and
and retain the best people and give them estimated retail sales value of more consumer connections.
Talking About
opportunities to develop their skills and than 1 billion USD, and six of the 10 most We are confident that this proven business
realize their full potential. And we foster a valuable beer brands in the world, as model will continue to drive our progress, as
culture of ownership that is focused on measured by BrandZ™. Our strategy is we work to deliver on our dream by producing
delivering sustainable growth and value. concentrated on driving brand health sustainable, profitable growth and increased
• We aim to take a Leadership role in our and top-line growth of our Focus Brands, shareholder value, while also dedicating
business and our industry. For us, leadership by expanding consumer choices, creating resources to making a positive impact in the
means creating a 21st century consumer additional occasions to enjoy our brands and areas of responsible drinking, the environment
At Anheuser-Busch InBev, any discussion about our long-term
products company with the scale and resources connecting with consumers in new ways. and the community.
prospects starts with our well-defined business model. to compete and win on a global basis. It
1 / A Strategic Platform Worth Talking About 7

AB InBev
Annual Report
2012
A
Focused
Our brands speak to millions of consumers around the world. We As dedicated and successful brand builders, we invest the majority Bud Light is known for Michelob Ultra Skol is the leading beer
believe our global portfolio, consisting of over 200 brands, is the of our resources and efforts in those brands that we believe its refreshing flavor offers the perfect in Brazil and the world’s
Brand and a clean, subtle hop balance between crisp fourth best selling beer
strongest in the industry. We have 14 brands with estimated retail have the greatest growth and profit potential, our Focus Brands:
aroma, which have made refreshment and a brand, complementing a
sales of over 1 billion USD and six brands — Bud Light, Budweiser, • Global Brands – Budweiser, Stella Artois and Beck’s it the world’s favorite light, clean profile, to be lifestyle that is sociable,
Skol, Stella Artois, Brahma and Beck’s — ranked among the 10 most • Multi-Country Brands – Leffe and Hoegaarden light beer. enjoyed by those who innovative and always
favor an active, healthy enjoyed among friends.
valuable beer brands by BrandZ™. • Local Champions – brands that lead in their respective markets
lifestyle.
Focus Brands represented approximately 70% of our total volume Strategy
in 2012 and delivered 1.5% volume growth — a faster pace of
growth than that of either the industry or our overall brand portfolio.
Local
Champions
Global Brands Multi-Country
Brands Brahma was born in Antarctica has Quilmes is the beer for Jupiler is the most Hasseröder is a classic
Brazil in 1888. The brand a reputation for all who enjoy the flavor popular beer in Belgium, pilsner beer and the
embodies the Brazilian unquestionable quality of getting together — in and is the favorite leading national brand of
sensibility, combining a that leads to enjoyable Argentina and beyond. of those who share its kind in Germany, and
Budweiser Stella Artois Beck’s Leffe Hoegaarden
dynamic and industrious moments among good It is the choice of those a spirit of courage, is strongly associated
spirit with an effortless friends. It is the third who value family and self-confidence and with sports and outdoor
Budweiser, an American-style A worldwide icon of supreme worth The world’s No. 1 German beer, Beck’s Making the extraordinary just A unique, authentic Belgian flair for life. best selling beer brand friendship; those who like adventure. activities.
lager, was introduced in 1876 by and quality, Stella Artois is the is renowned for uncompromising perfect, Leffe brings people wheat beer first brewed in 1445, in Brazil. to have fun and share.
Adolphus Busch. Today, the phrase No. 1 Belgian beer globally and is quality. It is brewed today just as together to share and savor Hoegaarden is the result of a
“Grab Some Buds” is attracting distributed in nearly 100 countries. it was in 1873, with a rigorous special moments. With a history unique and intricate brewing
a new generation of consumers The brand’s rich heritage dates back brewing process and a recipe using dating back to 1240, Leffe was process. It is first top-fermented,
to celebrate great times, and to 1366 in Leuven, Belgium. It’s only four natural ingredients: first brewed by monks, and is then refermented within the
Budweiser is becoming a true the optimum premium lager, with barley, hops, yeast and water. shared and enjoyed today by bottle, producing a characteristic
global brand. Even as the brand its full flavor and clean, crisp taste. Beck’s adheres to the strictest consumers in over 80 countries cloudy-white appearance.
continues to grow, each batch is The art and science of enjoying quality standards of the German worldwide. Hoegaarden’s taste is unique,
still made from the same recipe Stella Artois build on the finest Reinheitsgebot (Purity Law). The too: sweet and sour with a note
used by five generations of Busch ingredients, the exacting 9-step Beck’s spirit inspires consumers of bitterness, a spicy echo of
family brewmasters. Budweiser is a Pouring Ritual and the beautiful to stay true to themselves, to make coriander and a hint of orange.
medium-bodied, flavorful, crisp and chalice that brings out the best their own choices and to embrace the
pure beer with blended layers of in Stella Artois. freedom to live life according to their
premium American and European own ambitions.
hop aromas, brewed for the perfect
balance of flavor and refreshment.
Klinskoye is noted for Sibirskaya Korona Chernigivske is the Harbin, from the oldest Sedrin, originating in
its clear taste and soft (Siberian Crown) has beer that represents brewery in North China, China’s Fujian province,
hop bitterness, and holds become a well-known Ukrainian national pride, features a unique blend is enjoyed by groups
a strong position in the national premium and a spirit of strength, of Chinese “Qindao of friends who share
Russian beer market. brand in Russia, with self-confidence, respect Dahua” hop and a common bond of
an image that evokes and true friendship. European aroma hop excellence.
the Russian passion for varieties, for a nuanced
a rich, satisfying beer aroma and crisp finish.
experience.
1 / A Strategic Platform Worth Talking About 9

AB InBev
Annual Report
2012
Our
Global
Budweiser’s heritage of quality and We are actively introducing new consumers Since launching Budweiser in Brazil
in 2011, it has quickly become one
consistency — and its association with core around the world to the Budweiser experience,
of the country’s most important
American values of celebration and while telling a fresh story to longtime loyal international brands. Our Budweiser
Flagship
optimism — helped it to become the first truly fans. Our efforts include brand launches and In China, Budweiser introduced volumes in Brazil continue to grow,
innovative packaging to salute and distribution has doubled since
national beer brand in the U.S. These same further expansion in emerging markets,
the Chinese tradition of toasting the first quarter of 2012. For the
values resonate as we work toward our goal of sponsorship of sports and music events to friends with shouts of “Gambei!” brand’s launch in Brazil, we created
making Budweiser the first truly global beer connect Budweiser with fans around the Mini-cans of Budweiser are an innovative ad using an original
brand. Beer lovers in over 85 countries, world, and innovations in liquids, packaging presented in a special crown-shaped Brand song recorded by will.i.am of The
holder to be enjoyed by friends Black Eyed Peas. The song, inspired
including nations as diverse as Brazil, China, and marketing in the U.S. and elsewhere.
coming together to enjoy good times. by Budweiser, was recorded on vinyl
Russia and the U.K., are talking about and These actions are driving renewed growth records and later inserted into ads
Budweiser is the No. 1 premium
savoring a brand that is still brewed for the momentum for the brand. Budweiser in Brazilian magazines.
beer brand in China, as measured
perfect balance of flavor and refreshment, volume grew 6.3% in 2012, with international by volume. We are actively adding
just as Adolphus Busch first made it back in markets leading the way. In fact, more than brewery capacity in regions across China
to meet expected future demand.
1876. As a result of its popularity worldwide, 51% of the brand’s volume is now sold outside
Budweiser is ranked as the world’s most of the brand’s home market.
valuable beer brand by the 2012 Global
BrandZ Report.
In the U.S., we created the “Budweiser Made in America” Budweiser leads amongst Volumes in Russia increased by more
music festival, curated by Jay-Z. The two-day festival, held young adults legal-drinking than 46% in 2012 over the prior year,
over Labor Day weekend in Philadelphia’s Fairmont Park, age to 24 in Canada with driven by strong market programs.
showcased a mix of genres including rock, hip-hop, R&B, Latin positive brand-health We also launched Bud in Ukraine
and electronic. The festival was headlined by Jay-Z himself, trends. A major supporter in early 2012 and quickly attained a
and featured performances by Drake, Skrillex, Pearl Jam, Run of hockey, Budweiser sponsors 1% market share.
DMC, Passion Pit, Janelle Monae, The Hives, Calvin Harris a host of activities all season
and Miike Snow. Made in America was also streamed live via long and even provides
YouTube and Pandora, and ticket sales helped raise money a news feed on leading
for the United Way. Canadian hockey teams.
Platforms such as “Budweiser Made in America”, our Major
League Baseball sponsorship and others are helping the brand
gain traction in the important 21–27 age group in the U.S.
46
%
Budweiser performed We’re continuing to use innovative packaging
well in the U.K. in the to refresh the brand and encourage
past year, with brand consumers to take a new look at an old favorite.
recognition aided by In 2013, we will be introducing a
our FA Cup sponsorship groundbreaking new can for Budweiser,
and related limited- shaped like the brand’s traditional
edition packaging. “bowtie” logo. The new bowtie-shaped
can will be available in a special 8-pack.
In the “Project 12” competition, consumers
in the U.S. got the opportunity to choose
a new brew from Budweiser. Each of our
dozen Brewmasters across America was
asked to create a beer recipe that was new
and unique, but also paid tribute to classic
Budweiser values. We chose six of the small-
batch recipes for a nationwide consumer
sampling effort and asked consumers to
vote online for their favorite. Budweiser
Batch #91406, from our Los Angeles
brewery, was the winner among consumers
and will be launched in the U.S. as Budweiser
Black Crown in 2013.
1 / A Strategic Platform Worth Talking About 11

AB InBev
Annual Report
2012
Our
Top
Volume All Products Market Share Market Position Number of Multi-Country
Full Year (000 hl) December 2012 December 2012 Beverage Plants Trading Names Global Brands Brands Local Brands
10
AB InBev Worldwide 402 631 — — 141 Anheuser-Busch InBev,
AB InBev
AB InBev Beer 354 876 — — 1294
Markets
AB InBev non-beer plants 47 755 — — 12
North America
Our leading positions in the world’s largest and most
profitable beer markets create a dialogue with USA 115 856 47.6% No. 1 13 Anheuser-Busch Companies Budweiser, Hoegaarden, Bass, Brahma, Bud Light, Busch,
Stella Artois, Beck’s Leffe Michelob, Natural Light
consumers around the world. Our operations span
23 countries across six Zones: North America, Latin
Canada 9 283 40.6% No. 1 6 Labatt Breweries Budweiser, Hoegaarden, Alexander Keith’s, Bass, Bud Light,
America North, Latin America South, Western of Canada Stella Artois, Beck’s Leffe Kokanee, Labatt, Lucky, Lakeport, Oland
Europe, Central & Eastern Europe, and Asia Pacific.
We have the No. 1 or No. 2 position in many of the Latin America North
world’s leading beer markets. Our presence is
especially strong — and growing — in the three Brazil — Beer 86 692 68.5% No. 1 265 Companhia de Bebidas Budweiser, Hoegaarden, Antarctica, Bohemia, Brahma, Skol
countries that represent over 40% of global beer das Américas — AmBev Stella Artois Leffe
volume and global beer profit pools: the U.S.,
Brazil and China. Brazil — Soft Drinks 30 794 18.1% No. 2 5 Companhia de Bebidas Guaraná Antarctica, Pepsi7
das Américas — AmBev
Latin America South
Argentina — Beer 13 649 77.7% No. 1 56 Cervecería y Budweiser, Hoegaarden, Andes, Brahma, Norte,
Maltería Quilmes Stella Artois Leffe Patagonia, Quilmes
Argentina — Soft Drinks 10 940 21.8% No. 2 4 Cervecería y Pepsi7, 7UP7, H2OH!
Maltería Quilmes
Western Europe
Belgium 5 081 56.3% No. 1 4 InBev Belgium Bud, Stella Artois, Hoegaarden, Belle-Vue, Jupiler, Vieux Temps
Beck’s Leffe
Germany1 8 672 9.4% No. 2 4 Anheuser-Busch InBev Beck’s Hoegaarden, Diebels, Franziskaner, Haake-Beck,
Deutschland Leffe Hasseröder, Löwenbräu, Spaten, Gilde
UK2 8 797 17.8% No. 1 3 AB InBev UK Budweiser, Hoegaarden, Bass, Boddington’s, Brahma,
Stella Artois, Beck’s Leffe Whitbread, Mackeson
Central & Eastern Europe
Russia3 13 519 15.6% No. 3 8 SUN InBev Russia Bud, Stella Artois, Hoegaarden, Bagbier, Brahma, Klinskoye, Löwenbräu,
Beck’s Leffe Sibirskaya Korona, T, Tolstiak
Ukraine 9 266 34.0% No. 1 3 SUN InBev Ukraine Bud, Stella Artois, Hoegaarden, Chernigivske, Rogan, Yantar
Beck’s Leffe
Asia Pacific
1. G ermany: Volume includes Switzerland & Austria; Market Position is based on
off-trade data China 57 470 13.4% No. 3 36 Anheuser-Busch Budweiser, Hoegaarden, Double Deer, Harbin, Jinling,
2. UK: Volume includes Ireland; Market Position is based on off-trade data InBev China Stella Artois, Beck’s Leffe Jinlongquan, KK, Sedrin, Shiliang
3. Russia: Market Position is based on off-trade data
4. Includes 18 mixed beer/soft drink plants
5. Includes 13 mixed beer/soft drink plants
6. Includes 2 mixed beer/soft drink plants
7. Brewed under license or bottled under exclusive bottling agreement
1 / A Strategic Platform Worth Talking About 13

AB InBev
Annual Report
2012
“We have a strong presence in the most important
global beer markets and profit pools.”
Latin America South Western Europe Asia Pacific
North America Stella Artois has achieved the The growth of Stella Artois and Budweiser, Harbin and Sedrin are
highest share among premium Beck’s, as well as that of our driving our growth in China.
beers in Argentina. local champions, has led to
Bud Light Platinum and Bud share gains in Germany, France
Light Lime Lime-A-Rita were and the Netherlands.
the No. 1 and No. 2 new beer Central & Eastern Europe
brands of the year in the U.S. Zone results were characterized by market share growth Focus Brand growth, represented by Budweiser, Harbin
in Argentina, Chile and Uruguay, and a strong Our focus on brands such as Bud and and Sedrin, was strong in 2012. Budweiser holds a
performance by global brand Stella Artois. The launch While economic pressures in Western Europe have Sibirskaya Korona is driving share gains solid position as the leading premium beer brand in China,
of Quilmes Night, created as a complement to the hindered growth in the Zone, we have made progress in the premium segment in Russia. reinforced by events such as our sponsorship of the
Innovations sparked consumer excitement in the U.S. enjoyment of nightlife occasions, was well received. in some areas. Market share improved in Germany, Porsche Carrera Cup. This year’s Budweiser Music Kingdom,
during 2012, leading to growth in several brands and A number of other innovations gained traction, France and the Netherlands and was stable in featuring a concert with Jennifer Lopez, attracted more
stabilization in market share. Outstanding performers including Quilmes 1890 and Stella Artois Noire in Belgium. Growing brands included Beck’s and than 3.5 million fans to enter for a chance to win free
included Bud Light Platinum and Bud Light Lime Lime- Argentina, and Brahma Sub-Zero in Paraguay. Hasseröder in Germany, and Leffe and Hoegaarden tickets online. Harbin has become one of the top 50
A-Rita, which were the No. 1 and No. 2 new beer brands Beer volumes in Latin America South were up 0.1% in France. Budweiser gained market share in the U.K., While beer volume in the Zone has been affected by a brands in China, ranked at No. 39.* We have continued to
of the year.* As a result, the Bud Light family increased for the year; EBITDA increased 21.9% and EBITDA margin as we continued our efforts to build our global brand. challenging regulatory environment in Russia, and to invest in geographic expansion, in both greenfields and
market share in the U.S. Market share gains were was 47.4%. Investments in innovation yielded successful products a lesser extent in Ukraine, Central & Eastern Europe acquisitions, to give us additional capacity to build
also achieved by Michelob Ultra, Stella Artois, Shock our national brands of Budweiser and Harbin. Our
such as Leffe Royale, Hoegaarden Rosée, Franziskaner remains a large market. We are adjusting to the new
Top and other premium brands, improving brand mix. increasingly strong reputation in China has enabled us
Royal and Hasseröder Fürstenbräu. We targeted realities of the marketplace by concentrating on
Creative marketing programs included a campaign to attract top talent who will be among the future
growth categories such as cider, with a new pear variant premiumization, improving the profitability of our brand
positioning Shock Top as The Official Beer of the End leaders of our business.
of our popular Stella Artois Cidre, and non-alcohol portfolio and ensuring tight cost discipline. Bud has
of the World™, which went viral on YouTube. Beer volumes in Asia Pacific rose 1.9%, with
beverages, with products such as Hoegaarden 0,0 and achieved a 1% market share in Russia and in Ukraine.
Canada played host to this year’s Stella Artois World Latin America North our Focus Brands growing ahead of the overall portfolio.
Jupiler Force. We relaunched Sibirskaya Korona with a new brand
Draught Masters Global Finals, bringing together Revenue per hl increased 10.6%, largely due to
Total volumes in Western Europe declined 4.2% identity; introduced Chernigivske Beermix and a citrus-
connoisseurs from around the world to compete in premiumization. EBITDA advanced 8.2% for 2012,
Budweiser is solidifying its role for 2012, reflecting the economic conditions in the mix variant of Klinskoye; and built our presence in the
Montreal’s iconic Chalet du Mont Royal. Budweiser reflecting the higher volume, better brand mix and
as one of the leading premium Zone. EBITDA increased 1.4% and EBITDA margin premium segment with Stella Artois and Hoegaarden,
maintained its position as Canada’s favorite beer, with revenue management initiatives, which offset expenses
brands in Brazil. advanced to 31.9%, aided by revenue management, cost as well as Budweiser.
Bud Light also showing good growth. related to our geographic expansion.
discipline and rising premium mix. Volumes in the Zone declined 11.3% for 2012,
Total North America volumes increased 0.6% for 2012,
reflecting industry weakness and the impact of regulatory * BrandZ™ Top 50 Most Valuable Chinese Brands 2013.
while EBITDA rose 2.4% and EBITDA margin was 41.8%.
and tax changes. EBITDA grew by 19% and revenue per hl
* IRI syndicated data, year-to-date ended June 30, 2012. increased 12.9% due to revenue management, brand
Highlights of the year in Latin America North included mix and control of fixed costs.
continued investment in Focus Brands Skol, Brahma
and Antarctica. Initiatives such as a new visual identity
for Skol, and the continued growth of products such
as Antarctica Sub-Zero, reflect our efforts to attract new
consumers. We also have seen strong acceptance of
the 300 ml proprietary returnable glass bottle. A special
“Pit Stop” shopping area within grocery stores is providing
a showcase for our brands.
Since its launch in Brazil, Budweiser has continued
to grow, and volume is approaching that of our
domestic premium brands. Stella Artois volume was up
approximately 45%. We are also enthusiastic about the
alliance with Cervecería Nacional Dominicana (CND),
which has added the popular Presidente brand to our
portfolio and will make us a more significant force in the
Central American and Caribbean markets.
Latin America North beer volumes grew 2.7% for
2012, while EBITDA increased 14.2% and EBITDA margin A
expanded to 50.6%. Beer revenue per hl rose due to
revenue management, premium brand mix and higher
direct distribution.
Global
Growth
Story
Each bottle pictured represents one of our “Billion Dollar Brands”.
1 / A Strategic Platform Worth Talking About 15

AB InBev
Annual Report
2012
“The rich traditions of beer have been
bringing people together for centuries.”
When consumers enjoy our beers, they are sharing in a social and the brewmaster’s timeless craft and an alcohol content that
cultural connection that dates back centuries. For thousands allows for enjoyment in moderation. Working together with our
of years, beer has brought people together to share good times, industry peers, we support initiatives to raise awareness of
exchange ideas, renew old friendships and make new ones. “brand beer”, which we believe will contribute to the long-term
Our respect for this heritage is the reason why we brew our growth of the beer market.
Beer, beers today with the same painstaking attention to quality We take pride in these and other efforts to honor beer’s rich
and craftsmanship. traditions and to remind consumers that beer is part of the great
We are focused on helping consumers rediscover the moments in life.
traditional qualities of beer, such as its natural ingredients,
Culture
&
Our Bohemia brand was the first lager produced
in Brazil, in 1853. To honor this heritage, we
transformed the original Cervejaria Bohemia
brewery, in Petrópolis, in the state of Rio de
Craftsmanship Janeiro, into an interactive museum. The
To emphasize the pure ingredients, care brewery museum celebrates the history of beer,
and craftsmanship that go into every the quality of our key ingredients, the brewer’s
Budweiser, in 2012 we introduced “Track art and craft and, of course, the great taste of
Your Bud”, a campaign that enables Bohemia, in a fun and educational way.
consumers to use digital technology to
learn all about their specific bottle of
Budweiser — when it was brewed and
which of our breweries produced it —
and to virtually “meet” the Brewmaster
responsible for its quality and consistency. Goose Island Beer Company,
“Track Your Bud” helps educate consumers home of Chicago’s own craft
about our ingredients, seven-step brewing beer, joined the AB InBev
process and unique beech-wood family in 2011. Now, we have
aging process. begun to bring the craft beer
experience — and a selection of
Goose Island’s distinctive urban,
classic and vintage ales — to
consumers across the U.S.
by expanding distribution to
most states.
We recently launched a comprehensive
consumer-information website,
Tap into Your Beer,
www.tapintoyourbeer.com, offering
legal-age consumers the ability to
learn more about their beer and
make the right choices. In addition
to responsible drinking tips, the site
provides information on product
availability and packaging, alcohol
content, grains used in brewing
each product and the Brewmaster
responsible for each bottle of beer.
China’s rapidly growing beer
consumption, along with a population
with an increasing preference for
premium brands, makes the country
one of the world’s most important
beer markets. To ensure that we can
satisfy China’s thirst for quality beer
in the coming years, we will need
to have a dependable supply of the
finest ingredients. That’s why we are
working with local farmers to teach
them the best techniques for growing
barley to our exacting standards.