Sales Performance - Total sales volume for the first nine months of 2023 reached 77.1 million hectoliters, representing a growth of 6.0% compared to the same period in 2022[7]. - In the third quarter of 2023, total sales volume grew by 0.6%, supported by strong performance in China and robust growth in India[8]. - For the first nine months of 2023, total sales volume increased by 6.0%, primarily due to recovery momentum in China and strong growth in India[20]. - In Q3 2023, total sales volume was 27,644 thousand hectoliters, a 0.6% increase compared to Q3 2022, with revenue reaching $1,897 million, reflecting a 7.1% growth[18]. - The sales volume growth in the Asia Pacific region was 0.6% for Q3 2023 and 6.0% for the first nine months[38]. - In the Asia Pacific West region, the reported sales volume growth was 1.1% for Q3 2023 and 6.8% for the first nine months[38]. - The sales volume in China showed a slight decline of 0.1% in Q3 2023, but a growth of 5.7% was reported for the first nine months[38]. Revenue and Profitability - Revenue increased to $5,563 million, marking an 11.5% growth year-over-year, driven by premiumization efforts in China and India[4]. - The company achieved double-digit growth in revenue from high-end and super high-end products in China, contributing to overall profitability[6]. - In Q3 2023, the net revenue growth for the company was 7.1%, while for the first nine months, it was 11.5%[38]. - The revenue per hectoliter in Q3 2023 increased by 6.5%, with a 1.4% increase reported for the first nine months[38]. - The revenue per hectoliter in the Asia Pacific East region decreased by 1.9% in Q3 2023, with a decline of 4.7% for the first nine months[38]. Earnings and Expenses - Normalized EBITDA for the first nine months was $1,757 million, reflecting an 8.5% increase, although the EBITDA margin decreased by 90 basis points to 31.6%[4]. - The normalized profit attributable to equity holders increased slightly to $879 million from $878 million in the previous year[4]. - Basic earnings per share for the first nine months of 2023 were 6.62 cents, down from 7.00 cents in 2022, representing a decrease of approximately 5.43%[28]. - Diluted earnings per share for the first nine months of 2023 were 6.59 cents, compared to 6.99 cents in 2022, reflecting a decline of about 5.73%[28]. - The company reported a normalized EBIT of $1,267 million for the first nine months of 2023, compared to $1,220 million in 2022, showing an increase of approximately 3.84%[30]. - Tax expenses (excluding non-core items) increased to $397 million in 2023 from $350 million in 2022, representing a rise of about 13.43%[30]. - Sales and administrative expenses rose by 10.5% in the first nine months of 2023, consistent with ongoing business investments[23]. Market and Product Development - The company launched its first organic beer in China, Budweiser Master, in Q3 2023, enhancing consumer experience with traceability from farm to table[12]. - Budweiser APAC has expanded its business into ready-to-drink beverages, energy drinks, and spirits beyond beer categories[36]. - The company’s B2B platform, BEES, expanded to over 230 cities in China, accounting for over 65% of revenue in September 2023[12]. Sustainability and Community Initiatives - The company has made progress towards its 2025 sustainability goals, including the implementation of carbon capture technology at its brewery in Jinzhou, China[10]. - The company continues to support community initiatives, having donated over 2.5 million cans of emergency drinking water since 2015[10]. Operational Challenges - In Q3 2023, normalized EBITDA was $417 million, a 2.3% decrease from Q3 2022, reflecting challenges in the operating environment[18]. - The normalized EBITDA for the Asia Pacific East region decreased by 21.1% in Q3 2023 and by 20.6% for the first nine months[38].

Financial Performance - In the first half of 2023, Budweiser APAC achieved a total sales volume of 494.56 million liters, representing a 9.4% increase compared to 452.26 million liters in the same period of 2022[15]. - Revenue for the first half of 2023 reached $3.666 billion, a 14.0% increase from $3.453 billion in the first half of 2022[15]. - Gross profit increased to $1.867 billion, reflecting a 14.5% growth from $1.752 billion year-over-year[15]. - The normalized EBITDA for the first half of 2023 was $1.173 billion, up 10.7% from $1.139 billion in the same period last year[15]. - The company reported a normalized net profit attributable to shareholders of $579 million, slightly up from $575 million in the first half of 2022[15]. - The gross margin improved to 50.9%, an increase of 26 basis points from 50.7% in the previous year[15]. - Operating profit attributable to equity holders decreased from $625 million in the first half of 2022 to $575 million in the first half of 2023, mainly due to increased tax expenses from the lack of tax provision reversals in India[27]. - The net profit for the period was $590 million, down from $640 million, indicating a decrease of 7.8% year-over-year[123]. - Basic earnings per share for shareholders of Budweiser APAC was 4.35 cents, compared to 4.73 cents in the previous year, a decline of 8.0%[122]. Sales and Market Growth - The company experienced a strong sales growth of approximately 25% in the high-end and super premium categories in Q2 2023[8]. - Budweiser APAC's operations in India continued to outperform the industry, with double-digit revenue growth in the high-end and super premium product segments[8]. - Total sales volume increased by 9.4% in the first half of 2023, driven by strong recovery in China and robust growth in India[25]. - Revenue grew by 14.0% in the first half of 2023, with a 4.2% increase in revenue per hectoliter, attributed to ongoing premiumization and the reopening of the Chinese market[26]. - In the second quarter of 2023, sales volume in China increased by 11.0%, with revenue growth of 19.6% driven by strong sales of premium and super-premium products[20]. - The high-end and super-premium product categories in India achieved double-digit revenue growth, contributing to overall double-digit growth in sales and revenue[22]. - The Asia Pacific region contributed significantly, with a 10% growth in sales volume, driven by strong performance in China and India[196]. Sustainability Initiatives - The company has made significant progress in sustainability, reducing water usage to below 2.03 hectoliters per hectoliter, a 32.1% decrease from the 2017 baseline[9]. - Budweiser APAC's RE100 coverage in the Asia-Pacific region has more than doubled compared to 2022, with 10 breweries achieving this status[9]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its sustainability strategy[200]. - Anheuser-Busch InBev plans to invest $1 billion in technology upgrades to improve production efficiency and sustainability initiatives over the next two years[196]. Cash Flow and Financial Management - The net cash position as of June 30, 2023, was $2.4 billion, reflecting effective financial and cash management measures[18]. - Operating cash flow increased from $627 million in the first half of 2022 to $762 million in the first half of 2023, primarily due to increased operating income[34]. - Cash and cash equivalents were $2,410 million as of June 30, 2023, compared to $2,458 million as of December 31, 2022[33]. - The company paid dividends of $500 million to shareholders during the first half of 2023, compared to $399 million in the same period of 2022, marking an increase of about 25.4%[128]. - The group has committed financing of $500 million and uncommitted financing of $408 million available to meet liquidity needs[132]. Employee and Shareholder Engagement - The company continues to emphasize the importance of employee ownership through its share incentive plans to align interests with shareholders[53]. - The employee compensation structure is designed to be competitive and linked to performance metrics, including financial and non-financial indicators[51]. - A total of 23,000,000 shares were issued to the trust for the share incentive plan, with 22,127,861 shares held in trust as of June 30, 2023[53]. - The company granted 4.1 million restricted stock units (RSUs) with a fair value of $13 million under its share-based payment plan for the six months ended June 30, 2023[171]. Governance and Compliance - The company has complied with corporate governance codes, except for the separation of the roles of chairman and CEO[117]. - The company confirmed compliance with its own trading code and the standard code for securities trading by directors for the first half of 2023[118]. - The company is committed to maintaining transparency regarding the interests of its directors and senior executives in the company's shares and related securities[102]. Strategic Outlook - The company expects a continued upward trend, projecting a revenue growth of 6% to 8% for the full fiscal year 2023[197]. - New product launches, including innovative non-alcoholic beverages, are anticipated to enhance market share and attract a broader consumer base[198]. - The company is focusing on expanding its market presence in Southeast Asia, aiming for a 15% increase in distribution channels by the end of 2023[200]. - Strategic acquisitions in the craft beer segment are being pursued to diversify the product portfolio and enhance brand recognition[198].

Sales Performance - Total sales volume increased by 9.4% to 49,456 million liters in the first half of 2023, driven by recovery momentum in China and strong growth in India[9] - In China, sales volume increased by 11.0% in Q2 2023, with revenue growth of 19.6% driven by a strong brand portfolio and channel reopening[16] - The high-end and super premium categories in China saw a combined sales growth of approximately 25% in Q2 2023[16] - In India, the high-end and super premium product mix achieved strong double-digit revenue growth, making India the fourth largest market for the company globally[17] - Total sales volume for Q2 2023 reached 27,381 thousand liters, an increase of 9.5% compared to 24,995 thousand liters in Q2 2022[66] Revenue and Profitability - Revenue for the first half of 2023 reached $3,666 million, representing a 14.0% increase compared to the same period in 2022[5] - Revenue increased by 14.0%, with revenue per hectoliter rising by 4.2%, while normalized EBITDA grew by 10.7% with a margin of 32.0%[11] - Revenue for Q2 2023 was $1,964 million, reflecting a growth of 14.9% from $1,821 million in Q2 2022[66] - Normalized net profit attributable to equity holders rose to $579 million, up from $575 million in the first half of 2022[7] - The profit attributable to equity holders of Budweiser APAC for Q2 2023 was $278 million, compared to $323 million in Q2 2022[66] EBITDA and Margins - Normalized EBITDA increased by 10.7% to $1,173 million, supported by ongoing business recovery in China and premiumization strategies[6] - Normalized EBITDA for Q2 2023 was $593 million, representing an 11.1% increase from $569 million in Q2 2022[66] - The normalized EBITDA margin for Q2 2023 was 30.2%, down 103 basis points from 31.2% in Q2 2022[66] - The normalized EBIT margin for Q2 2023 was 22.0%, an increase of 34 basis points from 21.8% in Q2 2022[66] Cost and Expenses - Sales costs increased by 13.3% to $1,799 million, with a per hectoliter cost increase of 3.7% due to rising commodity prices[3] - Operating profit before non-core items was $850 million, compared to $791 million in the previous year, indicating a growth of 7.4%[23] - The effective tax rate for the six months ended June 30, 2023, was 32.2%, up from 20.9% in the same period of 2022[41] - Other operating income decreased to $51 million in June 2023 from $67 million in June 2022, primarily due to lower gains from the sale of properties and equipment[37] Financial Position - The company maintained a strong balance sheet with a net cash position of $2.4 billion as of June 30, 2023[11] - Total assets as of June 30, 2023, were $15,579 million, a decrease from $15,996 million at the end of 2022[26] - Total liabilities were $5,134 million, slightly up from $5,063 million at the end of 2022, indicating a stable financial position[27] - The cash and cash equivalents stood at $2,410 million, down from $2,458 million at the end of 2022, reflecting a decrease in liquidity[26] Sustainability and Operational Efficiency - The company launched a new sustainability project aimed at reducing Scope 3 emissions, with training provided to 26 suppliers across 48 production sites[13] - The average water usage in the Asia Pacific region for beer production was reduced by 32.1% compared to the 2017 baseline[13] - The company is focusing on improving operational efficiency and reducing costs through organizational restructuring, which has resulted in one-time expenses[38] Market Strategy and Future Outlook - The company remains confident in its premiumization, digitalization, and expansion strategies, benefiting significantly from the recovery in China[3] - The company continues to focus on market expansion and new product development as part of its growth strategy[30]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 截至2023年3月31日止三個月的 未經審核業績 百威亞太控股有限公司（「百威亞太」或「本公司」，連同其附屬公司為「本集團」）的董事 會（「董事會」）宣佈本公告隨附本集團截至2023年3月31日止三個月的未經審核業績。 董事會謹此提醒股東及潛在投資者，截至2023年3月31日止三個月的未經審核業績乃 根據本集團內部記錄及管理賬目所編製，未經獨立核數師審閱或審核。 股東及潛在投資者買賣本公司證券時不應過份依賴未經審核業績並須謹慎行事。 承董事會命 百威亞太控股有限公司 聯席公司秘書 華百恩 香港，2023年5月4日 ...

Financial Performance - In 2022, beer sales reached 88.491 million hectoliters, generating revenue of $6.478 billion[11]. - Revenue for fiscal year 2022 was $6,478 million, down 2.4% from $6,788 million in 2021[23]. - Normalized EBITDA for fiscal year 2022 decreased by 5.2% to $1,932 million, compared to $2,139 million in 2021[23]. - The gross profit margin for fiscal year 2022 was 50.0%, a decline of 279 basis points from 53.9% in 2021[23]. - Total sales for the fiscal year 2022 reached 88,491 thousand liters, a 0.7% increase from 87,878 thousand liters in 2021[23]. - Cash flow from operating activities decreased from $1,903 million in fiscal year 2021 to $1,577 million in fiscal year 2022, primarily due to reduced operating cash flow and increased income tax payments[39]. - The company reported a net cash position of $2.5 billion at the end of fiscal year 2022, an increase of $500 million from the previous year[25]. - Investment cash outflow for fiscal year 2022 was $440 million, down from $731 million in fiscal year 2021, mainly due to reduced capital expenditures and lower acquisition costs[40]. Market Performance - BEES platform covers 160 cities in China, contributing over 40% of revenue in December[5]. - Market share in South Korea increased by 150 basis points to pre-pandemic levels[5]. - The Indian market has become the fifth largest for Budweiser globally, with double-digit growth recorded in both India and South Korea[5]. - In China, total sales decreased by 3.0% due to significant impacts from pandemic restrictions, leading to a 44 basis point drop in market share[27]. - In South Korea, total sales achieved high single-digit growth, supported by a 150 basis point increase in market share[25]. - The company expanded its distribution in China from 184 cities in 2021 to 201 cities, with plans to reach over 250 cities by the end of 2025[27]. Sustainability Initiatives - The company achieved a 19.7% reduction in carbon emissions intensity per hectoliter compared to the 2017 baseline[7]. - Water usage in the Asia-Pacific region decreased by 26% compared to the 2017 baseline[7]. - The company aims to achieve net-zero emissions in its value chain by 2040[7]. - Budweiser APAC achieved a 49.6% reduction in carbon emissions intensity per hectoliter compared to the baseline year of 2017[56]. - The company reported a 26% decrease in water usage for beer production in the Asia-Pacific region, achieving 2.2 hectoliters per hectoliter[57]. - The company has deployed 369 green trucks, representing a growth of over 10% compared to 2021, as part of its green logistics strategy[56]. - Budweiser APAC's water replenishment rate in India reached 207%, contributing 16 million hectoliters of water back to surrounding communities[57]. Corporate Governance - The board consists of a balanced mix of executive and non-executive directors, currently comprising seven members[75]. - The company has implemented a "one-tier" management structure, with the board serving as the ultimate decision-making body[68]. - The board is responsible for overseeing compliance with corporate governance codes and monitoring the company's governance practices[69]. - The company emphasizes a culture of mutual respect and trust among board members, encouraging open communication and constructive feedback[67]. - The board has established committees to delegate powers and functions for effective management of daily operations[69]. - The company aims to create and share exceptional value through its strategic principles and community engagement[66]. Diversity and Inclusion - The company employs over 24,000 staff from more than 25 nationalities, with 37.2% being women[11]. - As of December 31, 2022, 42.9% of the board members are women, with three out of seven directors being female[96]. - The company has established a commitment to creating a diverse and inclusive workplace environment[98]. - The board's diversity policy has been revised to enhance gender diversity and ensure independent opinions are provided[95]. - The company has implemented a global succession planning process to develop and prepare key talent for leadership roles[97]. Risk Management - The company emphasizes a robust risk management framework, with board members possessing extensive risk management experience[145]. - The board is responsible for establishing effective internal controls and risk management systems to ensure operational efficiency and compliance[144]. - The company conducts regular reviews of its risk management framework, including quarterly assessments of the general risk environment[140]. - The company has identified key risk areas affecting business operations, including significant environmental, social, and governance risks[154]. - The internal audit team conducts annual risk assessments and develops audit plans based on these evaluations to address major risk areas[151]. Shareholder Engagement - The company encourages shareholder engagement through various communication tools, including annual and interim reports, and dedicated investor sections on its website[165]. - The company organized its first investor day in December 2022, providing shareholders and analysts direct access to management and a tour of its brewery in Seoul[166]. - The company encourages shareholder participation in the annual general meeting and allows for electronic communication to reduce resource consumption[167]. - The company has implemented effective shareholder communication policies following the approval of amendments to its articles of association in May 2022[167]. Financial Governance - The company’s financial performance and position for the reporting period are detailed in the consolidated income statement and financial position statement, respectively[173]. - The company’s compliance procedures ensure adherence to applicable laws and regulations, with no significant non-compliance reported during the period[172]. - The company’s dividend policy aims to declare at least 25% of consolidated profits attributable to equity holders, excluding special items[175]. - The board proposed a dividend of $0.0378 per share for fiscal year 2022, a 25% increase from $0.0302 per share in 2021[25].

Sales Performance - Total sales volume for the first nine months of 2022 reached 72.715 million hectoliters, an increase of 1.4% compared to the same period in 2021[3] - In the first nine months of 2022, total sales increased by 1.4%, primarily driven by strong performance in South Korea and India, partially offsetting the impact of COVID restrictions in China[22] - In Q3 2022, total sales increased by 6.3%, attributed to lower base figures in China and South Korea from Q3 2021[22] - In the Asia Pacific region, sales volume grew by 10.0% in the first nine months of 2022, with revenue increasing by 16.0% and normalized EBITDA rising by 30.2%[18] Revenue and Profitability - Revenue for the first nine months of 2022 was $5.313 billion, reflecting a growth of 4.3% year-over-year[6] - Revenue grew by 4.3% in the first nine months of 2022, with a 2.9% increase in revenue per hectoliter[23] - Revenue in the third quarter of 2022 increased by 7.2%, with a 0.8% rise in revenue per hectoliter[10] - Normalized net profit attributable to equity holders increased to $878 million, up from $872 million in the same period of 2021[7] - Normalized profit attributable to equity holders was $925 million in the first nine months of 2022, compared to $851 million in the same period of 2021[28] - Basic earnings per share increased to 7.00 cents in the first nine months of 2022 from 6.44 cents in 2021[29] EBITDA and Margins - Normalized EBITDA for the first nine months of 2022 was $1.732 billion, showing a slight increase of 0.8% from the previous year[6] - The normalized EBITDA margin in the third quarter of 2022 decreased by 175 basis points, impacted by challenges in the Chinese market[10] - Normalized EBITDA was $1,732 million in the first nine months of 2022, compared to $1,778 million in 2021[30] Cost Management - The gross profit margin decreased by 252 basis points to 50.9% due to rising commodity costs[9] - Sales cost increased by 9.9% or 8.5% per hectoliter in the first nine months of 2022, and by 14.2% or 7.4% per hectoliter in Q3 2022, primarily due to rising raw material and packaging costs[24] - Selling, general and administrative expenses decreased by 2.0% in the first nine months of 2022, and increased by 1.9% in Q3 2022, attributed to flexible cost management and business investment optimization under COVID restrictions in China[25] - The company conducted a flexible cost management strategy to navigate the challenges posed by COVID-19 restrictions, which contributed to the overall performance[25] Market and Strategic Initiatives - The company expects continued growth potential in its strategic markets, particularly in Korea and India, despite challenges in China[3] - The company implemented revenue management initiatives in Korea, contributing to revenue growth[6] - The company launched the local craft beer brand "059 Coastline" in Fujian, utilizing local ingredients and highlighting the region's cultural background[16] - In India, the beer industry has recovered to pre-pandemic levels, with double-digit growth in sales, revenue, and normalized EBITDA in Q3 2022[17] - The digital B2B platform "BEES" expanded to over 90 cities, generating net revenue exceeding RMB 1 billion, accounting for over 10% of total revenue in September 2022[15] Sustainability and Innovation - The company installed flexible solar panels at its Wuhan brewery, with a potential capacity of 5.3 MWp, expected to reduce carbon emissions by 4,000 tons annually[12] - The company is committed to sustainability and responsible drinking initiatives as part of its long-term strategy[36] - Budweiser APAC's management emphasizes the importance of innovation in product development to meet changing consumer preferences[36] Company Overview - Budweiser APAC is the largest beer company in the Asia-Pacific region, with a leading position in the premium and super premium beer segments[36] - The company operates 48 breweries across the Asia-Pacific region and employs over 25,000 staff[36] - Budweiser APAC has expanded its business into new categories such as ready-to-drink beverages, energy drinks, and spirits[36] - The company offers a portfolio of over 50 beer brands, including Budweiser, Corona, and Harbin[36] - Budweiser APAC is listed on the Hong Kong Stock Exchange under the stock code "1876" and is a constituent of the Hang Seng Index[36] - The company is a subsidiary of Anheuser-Busch InBev, which has over 600 years of brewing history[36] - Future outlook includes continued focus on premiumization and market expansion in key markets like China, Korea, India, and Vietnam[36] - The company aims to leverage its strong brand portfolio to drive growth in the competitive beverage market[36]

Financial Performance - Revenue for the first half of 2022 was $3.453 billion, reflecting a 2.7% increase from $3.477 billion in the same period of 2021[13]. - Net profit attributable to equity holders of Anheuser-Busch InBev Asia was $625 million, up from $503 million in the first half of 2021[13]. - Normalized earnings per share increased to 4.35 cents from 3.93 cents in the same period last year[13]. - The company reported a net profit of $640 million for the first half of 2022, an increase from $518 million in the same period of 2021[112]. - Basic earnings per share rose to 4.73 cents, compared to 3.80 cents for the same period last year, reflecting a growth of 24.5%[81]. - The company’s total comprehensive income for the six months ended June 30, 2022, was a loss of $149 million, compared to a profit of $419 million in the same period of 2021, indicating a significant decline[85]. - The company incurred a foreign exchange loss of $763 million related to the translation of overseas operations, compared to a loss of $133 million in the previous year[82]. Sales and Market Growth - In the first half of 2022, Budweiser APAC achieved revenue growth and profit growth despite external challenges, with a strong performance in high-end and super high-end products leading to a double-digit rebound in sales[6]. - In South Korea, the company experienced double-digit revenue growth and strong EBITDA growth due to effective pricing strategies and the lifting of restrictions in dining venues[7]. - In India, the industry has returned to pre-pandemic levels, with Budweiser's flagship brand gaining market share and high-end segment revenue doubling[7]. - The company recorded high single-digit sales growth in June 2022, driven by the recovery of demand in China as control measures were eased[6]. - The premium and super-premium product portfolio saw double-digit growth in regions less affected by COVID-19 control measures[16]. - The overall strong performance in other key markets helped offset fluctuations in the Chinese market, demonstrating the company's resilience[7]. Sustainability and ESG Initiatives - Budweiser APAC is on track to achieve its 2025 sustainability goals and aims for net-zero emissions across its value chain by 2040, with its Jinzhou brewery set to become its second carbon-neutral brewery by the end of 2022[8]. - Budweiser APAC's environmental, social, and governance (ESG) rating was upgraded to "AA" by MSCI, reflecting its leadership in sustainability among global beverage peers[8]. - The company continues to seek new opportunities to strengthen and optimize its business, aiming to be a leading beverage company with high-quality growth[8]. Operational Efficiency and Cost Management - The company’s revenue per hectoliter showed robust growth across major markets, indicating effective revenue management strategies[6]. - Sales, general, and administrative expenses decreased in the first half of 2022 due to savings from reduced business investments in China and ongoing cost control measures[24]. - Raw material and packaging costs increased, leading to a 7.7% rise in sales cost and a 9.2% increase in sales cost per hectoliter in the first half of 2022[23]. - The company continues to focus on product innovation as a pathway for future growth, with ongoing efforts in market expansion and operational efficiency[20]. Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2022, stood at $1.87 billion, maintaining a strong balance sheet despite external challenges[16]. - Operating cash flow for the first half of 2022 decreased by $233 million to $627 million, mainly due to reduced operating income and increased income tax payments[36]. - Cash flow used in investing activities for the first half of 2022 was $238 million, down from $370 million in the same period of 2021[37]. - Cash flow used in financing activities increased to $396 million in the first half of 2022 from $366 million in the same period of 2021, driven by increased dividends paid to shareholders and the purchase of additional treasury shares[38]. - The cash (net of debt) to normalized EBITDA ratio improved from 1.0x in the first half of 2021 to 1.5x in the first half of 2022, with cash (net of debt) increasing from $1,151 million to $1,715 million[43]. Shareholder Structure and Governance - The company has a significant concentration of ownership, with 87.22% of shares held by various entities related to Anheuser-Busch, reflecting a unified strategic direction[74]. - The financial data indicates that the company is heavily controlled by a small number of shareholders, which may impact governance and strategic decisions moving forward[72]. - The board of directors confirmed compliance with corporate governance standards, emphasizing accountability and transparency in its operations[79]. - The company has established its own trading rules for directors, which are at least as stringent as the standards set out in the Listing Rules[79]. Employee and Talent Management - The company has implemented various share incentive plans to attract and retain top talent in the Asia-Pacific region, aligning interests with shareholders[54]. - The remuneration committee has been established to review the compensation policies and structures for the board and senior management[52]. - The company emphasizes the importance of employee performance as a key factor for its success[52]. Future Outlook and Strategic Initiatives - Future guidance includes a projected revenue growth of 8% to 10% for the full fiscal year 2022[167]. - The company plans to expand its product offerings with the introduction of three new beer brands by the end of 2022[169]. - Anheuser-Busch InBev aims for a 5% increase in market share in China over the next fiscal year[166]. - The company is investing $500 million in new brewing technology to enhance production efficiency[169].

Financial Performance - Revenue for Q1 2022 reached $1,632 million, an increase of 1.5% year-over-year, driven by premiumization and active revenue management[5] - Normalized EBITDA for Q1 2022 was $570 million, up 7.6%, with an EBITDA margin increase of 198 basis points to 34.9% supported by strong sales recovery in South Korea[6] - Normalized profit attributable to equity holders increased by 28.8% to $304 million from $236 million in Q1 2021[7] - Normalized earnings per share rose to 2.30 cents from 1.79 cents in Q1 2021[10] - Normalized EBITDA increased by 15.3% to $394 million, maintaining profitability above pre-pandemic levels[24] - Budweiser APAC's profit attributable to equity holders was 302 million in Q1 2022, up from 233 million in Q1 2021, representing a growth of 29.6%[35] - Normalized EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q1 2022 was 570 million, compared to 528 million in Q1 2021, indicating a year-over-year increase of 7.9%[35] - The company's normalized EBIT (Earnings Before Interest and Taxes) for Q1 2022 was 394 million, up from 342 million in Q1 2021, reflecting a growth of 15.2%[35] - Basic earnings per share increased to $2.28 from $1.76, with normalized basic earnings per share rising to $2.30 from $1.79[32] - Tax expenses (excluding non-core items) decreased to 86 million in Q1 2022 from 101 million in Q1 2021, a reduction of 14.9%[35] Sales and Market Performance - Total sales volume decreased by 2.7% to 20,231 million liters, primarily due to heightened COVID control measures in China, partially offset by strong performance in South Korea[8] - The company achieved a 4.3% increase in revenue per hectoliter across major markets due to ongoing premiumization efforts[12] - In the Asia Pacific East region, revenue grew by 10.3% and sales volume increased by 6.7%, with normalized EBITDA up 45.6%[21] - In China, sales volume declined by 4.3%, significantly impacted by COVID control measures and a challenging comparison base due to the early Lunar New Year[17] - In India, the business environment improved, with strong double-digit growth in the premium and super-premium segments[20] - The company expanded its market share in both on-trade and off-trade channels in South Korea, contributing to overall revenue and profit growth in the Asia-Pacific region[11] Cost and Expenses - Cost of sales increased by 3.1% to $799 million, with cost per hectoliter rising by 6.0% due to increased raw material and packaging costs[9] - Selling, general, and administrative expenses decreased by 7.9% to $479 million, aided by flexible investment reallocations in response to COVID measures[28] Corporate Social Responsibility and Governance - The company is committed to improving its environmental, social, and governance initiatives, including a target to recycle approximately 145 tons of ocean plastic waste in 2022[15] - The company anticipates achieving gender pay equity by the end of 2022 as part of its diversity and inclusion commitments[15] Business Operations - Budweiser APAC operates 48 breweries across the Asia-Pacific region and employs over 26,000 staff[41] - The company has expanded its business into ready-to-drink beverages, energy drinks, and spirits beyond beer categories[41] - Budweiser APAC is listed on the Hong Kong Stock Exchange under the stock code "1876" and is a constituent of the Hang Seng Composite Index[41] - The management emphasizes that normalized EBITDA and EBIT are key financial metrics for monitoring the group's performance and capital structure[36] - The company aims to maintain its leadership position in the premium and super-premium beer segments in the Asia-Pacific region[41] - Budweiser APAC's financial data is adjusted to eliminate the effects of currency conversion and scope changes for a clearer understanding of underlying performance[37]

Financial Performance - Revenue for 2021 reached $6,788 million, with a normalized EBITDA growth of 27.3%[7] - Revenue grew by 14.9% to $6,788 million in fiscal year 2021, up from $5,588 million in 2020[17] - Normalized EBITDA increased by 27.3% to $2,139 million in fiscal year 2021, compared to $1,584 million in 2020[17] - The normalized EBITDA margin expanded by 308 basis points to 31.5% in fiscal year 2021[17] - In China, revenue and normalized EBITDA increased by 18.0% and 28.7% respectively in fiscal year 2021, exceeding pre-pandemic levels[19] - The company achieved a sales increase of 8.5% and revenue growth of 19.7% in China in Q4 2021, leading to a normalized EBITDA increase of 25.6%[23] - For the fiscal year 2021, the company reported an 18.0% increase in revenue and a 28.7% rise in normalized EBITDA, both exceeding pre-pandemic levels[23] - The company’s revenue for the fiscal year 2021 increased by 14.9%, with a 6.1% rise in revenue per hectoliter, attributed to the growth in premium and super-premium segments[31] Market and Sales Growth - Beer sales volume was 87,878 million liters, reflecting strong demand in the market[7] - Total volume increased by 8.3% to 87,878 million liters in the fiscal year 2021, compared to 81,115 million liters in 2020[17] - The company’s sales volume increased by 9.3% for the fiscal year 2021, driven by strong performance in high-end brands like Budweiser and Harbin Beer[23] - In South Korea, market share increased by 129 basis points in fiscal year 2021, driven by new product launches[20] - Revenue in the western Asia-Pacific region increased by 18.5% in fiscal year 2021[22] Sustainability Initiatives - The company aims for net-zero emissions across its entire value chain by 2040, with a focus on sustainability initiatives[4] - The company achieved a 15.5% reduction in CO2 emissions per hectoliter compared to the 2017 baseline year[8] - 65.1% of products are packaged using recyclable materials, with 50.1% made from recycled materials[8] - The company has reduced greenhouse gas emissions across its value chain by 15.5% compared to the baseline year of 2017[66] - The company is committed to transitioning to 100% renewable electricity (RE100) operations by 2025, aiming for net-zero emissions across its value chain by 2040[65] - The company has installed solar panels in 13 breweries across the Asia-Pacific region in 2021, with plans to install rooftop solar panels in local breweries in Korea[67] - Water usage efficiency ratio across Asia-Pacific breweries reduced to 2.34 hectoliters per hectoliter, a 22% decrease from the baseline year of 2017[70] - Over 500 water structures built in 13 villages, creating approximately 558,245 cubic meters of water storage, benefiting 35,700 people[71] Digital Transformation - Over 500,000 customers utilized the proprietary B2B digital platform BEES in 2021, with more than 10,000 retailers using its transaction features[5] - The company plans to expand its digital ecosystem to 60 new cities in 2022, enhancing growth opportunities[5] - The company plans to launch its BEES B2B platform in 60 new cities in 2022, enhancing digital solutions for wholesalers and retailers[25] Corporate Governance - The board of directors consists of a balanced mix of executive and non-executive directors, currently comprising seven members[96] - The company has adhered to the corporate governance code throughout the reporting period, ensuring compliance with applicable provisions[116] - The board is responsible for approving long-term goals and overall strategies, as well as overseeing the company's major objectives[118] - The company has a robust risk management framework to mitigate financial and market risks[148] Community Engagement and Social Responsibility - The company conducted over 73,500 hours of volunteer service across 171 events by December 31, 2021[85] - The company provided nearly 500,000 bottles of drinking water during the Henan flood relief efforts[83] - The company has donated over 1.5 million bottles of emergency drinking water since 2015[83] - The company aims to reduce harmful alcohol consumption by at least 10% by 2025, in line with WHO targets[78] Financial Position and Investments - The net cash position increased by $743 million to $2 billion at the end of fiscal year 2021[21] - Cash and cash equivalents as of December 31, 2021, were $2,007 million, up from $1,281 million as of December 31, 2020[44] - Total debt as of December 31, 2021, was $203 million, a decrease from $235 million in 2020[51] - The company’s capital expenditures for the fiscal year 2021 did not show significant changes compared to previous years[53] Strategic Priorities - The company remains committed to investing in organic growth plans and seeking strategic acquisition opportunities[21] - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a focus on companies in the beverage sector[5] - The company will continue to focus on eight strategic priorities including climate action, water stewardship, circular packaging, smart agriculture, responsible drinking, entrepreneurship, diversity and inclusion, and ethics and transparency[93]

Financial Performance - Total sales volume for the first half of 2021 reached 45,881 thousand liters, an increase of 18.4% compared to 38,733 thousand liters in the first half of 2020[8]. - Revenue for the first half of 2021 was $3,477 million, representing a 26.0% increase from $2,575 million in the first half of 2020[8]. - Normalized EBITDA for the first half of 2021 was $1,155 million, up 53.0% from $694 million in the first half of 2020[8]. - The gross profit margin improved to 54.0% in the first half of 2021, up 313 basis points from 51.5% in the first half of 2020[8]. - The company achieved a normalized profit attributable to equity holders of $520 million in the first half of 2021, compared to $222 million in the first half of 2020[8]. - In Q2 2021, revenue for Q2 2021 was $1,851 million, reflecting a 4.2% increase from $1,619 million in Q2 2020[9]. - The company reported a profit attributable to equity holders of $503 million for the first half of 2021, compared to $185 million for the same period in 2020, representing a significant increase[80]. - The company reported a net profit of $518 million, a significant increase of 164% from $196 million in the previous year[77]. Sales Volume and Market Performance - In Q2 2021, total sales volume was 25,904 thousand liters, a slight decrease of 3.9% from 25,961 thousand liters in Q2 2020[9]. - The high-end and super high-end product lines in China saw a 9.7% increase in revenue per hectoliter, with a reported basis increase of 17.6%[14]. - Despite ongoing COVID-19 restrictions, the company achieved double-digit growth in sales and revenue in India during the first half of 2021[14]. - Total sales volume for the first half of 2021 reached 45,881 thousand liters, representing an 18.4% increase compared to the same period in 2020[11]. - Total sales volume for the Eastern Asia region in 2021 was 5,129 thousand liters, a decrease from 5,256 thousand liters in 2020[104]. - Total sales volume for the Western Asia region in 2021 was 40,752 thousand liters, an increase from 33,477 thousand liters in 2020[104]. Operational Efficiency and Investments - The company launched a proprietary B2B digital platform, BEES, in Q1 2021 to enhance operational efficiency and drive revenue growth through data insights[4]. - The company plans to build a new craft brewery in Putian, Fujian, to support the growth of its high-end product lines[20]. - Cash and cash equivalents exceeded $1.4 billion as of June 30, 2021, reflecting strong operational performance and financial discipline[14]. - Operating cash flow for the first half of 2021 increased by $353 million to $860 million, driven by a $427 million increase in operating income cash flow[34]. - The company incurred capital expenditures of $266 million for property, plant, and equipment, and intangible assets during the first half of 2021, compared to $191 million in the same period of 2020[82]. Sustainability and Corporate Responsibility - The company aims for 100% of its products to use recyclable packaging or be made from recycled materials by 2025, with initiatives already in place to reduce plastic usage[22]. - The company has implemented sustainability measures, including the use of 30 electric heavy-duty trucks and energy storage systems at breweries, aiming for carbon neutrality[22]. - The company provided over 300 oxygen machines and 8,000 basic first aid kits to local communities in India to support them during the COVID-19 pandemic[22]. Debt and Financial Management - Total debt as of June 30, 2021, was $278 million, compared to $235 million as of December 31, 2020[33]. - The company has committed financing of $150 million and uncommitted financing of $517 million available as of June 30, 2021[31]. - The company’s debt repayment schedule shows $230 million due within one year as of June 30, 2021[38]. - The group’s debt-to-equity ratio was -11.9% as of June 30, 2021, compared to -10.9% as of December 31, 2020, indicating a low level of leverage[90]. Shareholder Structure and Governance - The board consists of seven members, including both executive and non-executive directors, ensuring a balanced governance structure[43]. - The company has established a shareholder agreement that outlines the voting rights and control among major shareholders, ensuring collaborative decision-making[69]. - The ownership percentage of 87.22% suggests a strong control over the company by its major shareholders[67][68]. - The company has complied with corporate governance codes, except for the separation of roles between the Chairman and CEO[70]. Employee Compensation and Incentives - The employee compensation policy aims to provide competitive and market-leading remuneration, with a focus on performance-based incentives[46]. - The company has implemented a share incentive plan to align the interests of senior management with those of shareholders[48]. - The total number of unexercised share options as of June 30, 2021, is 67,582,856 shares, which is about 0.51% of the total issued share capital[54]. Future Outlook - The company expects a full-year revenue growth of 10% to 12% for 2021, supported by ongoing market recovery post-COVID[149]. - Anheuser-Busch InBev plans to launch three new products in the second half of 2021, targeting the premium segment of the market[152].