Revenue: Revenue grew by 6.2% in the quarter, with revenue per hl growth of 3.8%, driven by healthy
volume growth, global premiumization and revenue management [REMOVIDO]s. In HY19, revenue grew by
6.0%, with revenue per hl growth of 4.2%.
Volume: Total volumes grew by 2.1% in 2Q19, with own beer volumes up 2.2% and non-beer volumes
up 1.8%. In HY19, total volumes grew by 1.7%, with own beer volumes up 1.7% and non-beer volumes up 3.4%.
Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona, grew by 8.0% globally, and by 11.3% outside of their respective home markets. In HY19, the combined
revenues of our global brands grew by 8.2% globally and by 12.4% outside of their home markets.
Cost of Sales (CoS): CoS increased by 7.2% in 2Q19 and by 4.4% on a per hl basis. In HY19, CoS
increased by 6.6% and by 4.5% on a per hl basis.
EBITDA: EBITDA grew by 9.4% in the quarter, with EBITDA margin expansion of 123 bps to 42.0%,
as a result of top-line growth and enhanced by premiumization and ongoing cost discipline. In HY19, EBITDA grew by 8.8% and EBITDA margin expanded by 104 bps to 40.9%.
Net finance results: Net finance costs (excluding non-recurring net finance results) were 1 004 million
USD in 2Q19 compared to 1 301 million USD in 2Q18. The improvement was primarily due to a mark-to-market gain of 173 million USD in 2Q19 linked to the hedging of our share-based payment programs,
compared to a loss of 16 million USD in 2Q18, resulting in a swing of 189 million USD. Net finance costs were 1 365 million USD in HY19 as compared to 2 878 million USD in HY18.
Income taxes: Normalized effective tax rate (ETR) increased from 24.7% in 2Q18 to 25.9% in 2Q19.
Excluding the impact of gains relating to the hedging of our share-based payment programs, our
normalized ETR was 27.2% in 2Q19 as compared to 24.6% in 2Q18. Normalized ETR decreased from
26.1% in HY18 to 23.1% in HY19 and, excluding the impact of gains relating to the hedging of our
share-based payment programs, our normalized ETR increased from 25.0% in HY18 to 27.4% in HY19.
Profit: Normalized profit attributable to equity holders of AB InBev was 2 470 million USD in 2Q19
versus 2 159 million USD in 2Q18 and was 4 986 million USD in HY19 versus 3 602 million USD in HY18. Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-
market gains linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 2 295 million USD in 2Q19 as compared to 2 175 million USD in 2Q18 and was
3 866 million USD in HY19 as compared to 3 860 million USD in HY18.
Earnings per share (EPS): Normalized EPS in 2Q19 was 1.25 USD, an increase from 1.09 USD in 2Q18, positively impacted by mark-to-market gains linked to the hedging of our share-based payment programs. Normalized EPS in HY19 was 2.52 USD, an increase from 1.82 USD in HY18. Underlying
EPS (normalized EPS excluding mark-to-market gains linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 1.16 USD in 2Q19, an increase from 1.10USD in 2Q18 and was 1.95 USD in HY19, unchanged from 1.95 USD in HY18.
Combination with SAB: The business integration resulted in synergies and cost savings of 113 million USD in 2Q19. We have now delivered 3 151 million USD of the expected 3.2 billion USD synergies and
cost savings on a constant currency basis as of August 2016.
Deleveraging: Net debt to normalized EBITDA decreased to 4.58x at 30 June 2019 from 4.61x at 31 December 2018. We expect our net debt to EBITDA ratio to be below 4x by the end of 2020.
https://www.ab-inbev.com/content/dam/abinbev/news-media/press-releases/2019/07/AB%20InBev_2Q19%20Press%20Release%20ENGLISH.pdf
