百威亚太(01876) - 2024 - 中期财报

Financial Performance - Total sales volume decreased by 6.2% to 4,657.3 million liters in the first half of 2024 compared to the same period in 2023[7] - Revenue declined by 4.3% to $3,399 million in H1 2024, with a gross margin improvement of 127 basis points to 51.5$1,100 million, with EBITDA margin expanding by 109 basis points to 32.4%[7] - Normalized profit attributable to equity holders of Budweiser APAC decreased to $552 million in H1 2024[7] - Normalized EPS decreased to 4.19 cents in H1 2024 from 4.38 cents in H1 2023[7] - Total volume decreased by 6.2$575 million in H1 2023 to $541 million in H1 2024[21] - Normalized EBIT decreased by 3.2$3.399 billion, a decrease of 7.3% compared to $3.666 billion in the same period in 2023[112] - Gross profit for the period was$1.751 billion, down 6.2% from $1.867 billion in 2023[112] - Operating profit before non-underlying items was$776 million, a decrease of 8.7% from $850 million in the previous year[112] - Net profit attributable to equity holders of Budweiser APAC was$541 million, down 5.9% from $575 million in 2023[112] - Basic earnings per share decreased to 4.10 cents from 4.35 cents in the prior year[112] - Total comprehensive income for the period was$179 million, compared to $93 million in 2023[113] - Net profit for the period was$553 million, compared to $590 million in the same period last year[116] - Total revenue for the first half of 2024 was$3.399 billion, a decrease from $3.666 billion in the same period of 2023[140] - Normalized EBITDA for the first half of 2024 was$1.100 billion, down from $1.173 billion in 2023, with a normalized EBITDA margin of 32.4$553 million for the first half of 2024, compared to $590 million in 2023[140] - Total income tax expense for the six months ended June 30, 2024, was$242 million, compared to $273 million in the same period in 2023, with an effective tax rate of 31.0$649 million in 2024, up from $593 million in 2023, with a normalized EBITDA margin increase to 30.7$2.750 billion in 2024 from $3.073 billion in 2023, with a normalized EBITDA margin of 32.8$2.4 billion as of June 30, 2024, reflecting strong financial discipline[10] - Cash and cash equivalents decreased from $3,141 million as of December 31, 2023, to$2,406 million as of June 30, 2024[27] - Cash flow from operating activities decreased significantly from $762 million in H1 2023 to$223 million in H1 2024, mainly due to reduced operating cash and changes in working capital[27] - Cash flow used in investing activities increased to $250 million in H1 2024 from$223 million in H1 2023, driven by higher cash pool deposits to the Budweiser Group[28] - Cash flow used in financing activities increased by $175 million to$645 million in H1 2024, primarily due to higher dividend payments[29] - Total debt increased to $432 million as of June 30, 2024, from$351 million as of December 31, 2023, with $344 million due within one year[31][32] - Cash (net of debt) to normalized EBITDA ratio increased from 1.8x in H1 2023 to 1.9x in H1 2024, driven by a decrease in normalized EBITDA from$1,173 million to $1,100 million[34] - The company's net current liabilities stood at$344 million, reflecting its operational cash flow management strategy[123] - Operating cash flow for the six months ended June 30, 2024, was $223 million, supporting the company's liquidity needs[123] - Available committed and uncommitted financing facilities totaled$500 million and $599 million, respectively, as of June 30, 2024[123] - Cash (net of debt) decreased to$2,084 million from $2,835 million at the end of 2023, with a debt-to-equity ratio of -25.2$10,357 million as of June 30, 2024, compared to $10,850 million at the end of 2023[127] - Capital expenditures and investments in subsidiaries remain key cash requirements for the company[123] - The company paid a final dividend of 5.29 cents per share for the 2023 fiscal year, totaling$698 million, representing 82% of the profit attributable to equity holders[155] - Total comprehensive loss as of June 30, 2024 was $1,499 million, compared to$1,390 million in the same period last year[157] - Total interest-bearing loans and borrowings were $323 million as of June 30, 2024, down from$331 million as of December 31, 2023[159] - The company received $15 million in loan proceeds in the first half of 2024, compared to$80 million in the same period last year[159] - Trade payables and accruals decreased to $1,861 million as of June 30, 2024, from$1,997 million as of December 31, 2023[164] - Payables to Anheuser-Busch InBev decreased to $80 million as of June 30, 2024, from$104 million as of December 31, 2023[165] - Trade receivables and payables to Budweiser Group decreased from $2,101 million to$1,941 million, with overdue amounts showing a significant reduction, especially in the over 90 days category from $31 million to$11 million[166] - Contract liabilities decreased from $1,096 million to$730 million, while entrusted packaging increased from $360 million to$400 million, resulting in a combined decrease from $1,456 million to$1,130 million[167] - Collateral provided for own liabilities decreased slightly from $120 million to$115 million, while commitments for purchasing property, plant, and equipment increased from $116 million to$139 million[169] - Sales of finished goods to Budweiser Group increased significantly from $4 million to$20 million, while purchases remained stable at $17 million[170] - Cash pool deposits with Budweiser Group increased from$25 million to $89 million, and cash pool loans from Budweiser Group were$88 million as of June 30, 2024[171] - Provisions decreased from $167 million to$103 million, with $56 million related to a tax assessment in Korea being paid in January 2024[173] Shareholder and Compensation Plans - The company’s compensation structure includes performance-based bonuses tied to financial (e.g., EBITDA, net revenue) and non-financial (e.g., sustainability, compliance) KPIs[44] - The company’s share incentive plans, including the Long-Term Incentive Plan and Restricted Share Unit Plan, hold 55,559,035 shares in trust as of June 30, 2024[45] - The company’s share incentive plans aim to align employee interests with shareholders and retain top talent in the Asia-Pacific region[45] - The company’s compensation committee reviews and sets performance targets for senior management, including financial and non-financial KPIs[44] - The long-term incentive plan will be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[52] - The restricted share unit plan will also be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[58] - The employee betting plan will be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[64] - The exercise price of stock options under the long-term incentive plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[51] - The purchase price of restricted share units under the restricted share unit plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[57] - The purchase price of restricted share units or restricted shares under the employee betting plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[63] - No payment is required at the time of application or acceptance of stock options under the long-term incentive plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[50] - No payment is required at the time of application or acceptance of restricted share units under the restricted share unit plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[56] - No payment is required at the time of application or acceptance of restricted share units or restricted shares under the employee betting plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[62] - The share-based compensation plan allows participants to receive bonuses in the form of cash, restricted shares, or a combination of both, with additional "matching" restricted share units provided as an incentive[65] - The company's share-based compensation plan allows vested restricted share units and issued shares to be traded at any time within the applicable period determined by the Board, subject to certain restrictions and terms[68] - The purchase price for restricted share units or restricted shares under the share-based compensation plan is determined by the Board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days preceding the grant date, or (iii) the nominal value of the shares[70] - The share-based compensation plan will remain effective for ten years starting from May 8, 2023, unless terminated earlier by the company[71] - The new restricted share unit plan allows the Board to grant restricted share units to employees and directors who have contributed or will contribute to the group[72] - The maximum number of shares each participant can receive under the new restricted share unit plan is subject to any limits set by the amended and effective listing rules[73] - Vested restricted share units under the new plan can be traded at any time within the applicable period determined by the Board, subject to certain restrictions and terms[74] - The purchase price for restricted share units under the new plan is determined by the Board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days preceding the grant date, or (iii) the nominal value of the shares[76] - The new restricted share unit plan will remain effective for ten years starting from May 8, 2023, unless terminated earlier by the company[77] - As of June 30, 2024, Mr. Yang Ke holds 15,289,898 unexercised share options, and the five highest-paid individuals hold a total of 31,226,484 unexercised share options[79] - 508,297 share options held by other eligible employees were canceled during the six months ended June 30, 2024, with exercise prices of HK$23.2 and HK$28.34[79] - Yang Ke holds 7,462,588 restricted share units under the Restricted Share Unit Plan as of January 1, 2024, with an additional 350,063 units granted by June 30, 2024, totaling 7,812,651 units[81] - Yang Ke also holds 4,370,603 restricted share units under the New Restricted Share Unit Plan, with an additional 6,090 units granted by June 30, 2024, totaling 4,376,693 units[81] - The five highest-paid individuals collectively hold 29,038,658 restricted share units as of January 1, 2024, with an additional 3,086,968 units granted by June 30, 2024, totaling 31,891,760 units[81] - Other eligible employees hold 62,117,170 restricted share units as of January 1, 2024, with an additional 6,661,634 units granted by June 30, 2024, totaling 68,467,512 units[81] - The restricted share units granted under the Restricted Share Unit Plan, New Restricted Share Unit Plan, Share-based Compensation Plan, and Employee Betting Plan have a purchase price of zero[82] - Restricted share units granted under the Restricted Share Unit Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the New Restricted Share Unit Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the Share-based Compensation Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the Employee Betting Plan will vest on the fifth anniversary of the grant date[82] - The company has made adjustments and forfeitures to the number of share awards held by employees due to updates in internal record-keeping mechanisms and procedures[83] - The maximum number of shares that can be granted under the long-term incentive plan, restricted share unit plan, new restricted share unit plan, employee betting plan, and share-based compensation plan is 10% of the total issued shares of the company as of the listing date or the date of approval of the updated limit (1,324,339,700 shares as of May 8, 2023)[85] - As of January 1, 2024, the total number of share awards that can be granted under the share incentive plan is 1,168,469,631 shares, representing 8.82% of the company's issued share capital[85] - As of June 30, 2024, the total number of share awards that can be granted under the share incentive plan is 1,164,758,826 shares, representing approximately 8.80% of the company's issued share capital[85] - The total number of shares that can be issued upon the exercise or vesting of all outstanding share awards under the share incentive plan is 159,580,874 shares, representing 1.20% of the company's issued share capital as of June 30, 2024[85] - Mr. Yang Ke, a director and senior executive, holds 1,209,277 shares of the company, with 1,028,665 shares being restricted shares under the relevant share incentive plan[87] - Mr. Yang Ke holds 42,344 shares of Budweiser Group (an associated company), with 2,331 shares being restricted shares under the relevant plan of Budweiser Group[89] - Mr. Yang Ke holds 365,009 shares of Ambev (an associated company), with 347,103 shares being conditional stock options that may be delivered upon exercise[90] - The Securities and Futures Commission has granted partial exemptions to non-executive directors from strict compliance with certain disclosure