Workflow
百威亚太(01876) - 2024 Q3 - 季度业绩
01876BUD APAC(01876)2024-10-30 23:00

Revenue and Volume Performance - Revenue decreased by 6.1% to 5,104millioninthefirstninemonthsof2024,withperhectoliterrevenueincreasingby2.25,104 million in the first nine months of 2024, with per hectoliter revenue increasing by 2.2%[3] - Total volume decreased by 8.1% to 71,198 million liters, primarily impacted by weak performance in China[6] - In Q3 2024, total volume and revenue decreased by 11.4% and 9.4%, respectively, driven by weak performance in China[11] - Revenue declined by 6.1% in the first nine months of 2024, with revenue per hectoliter increasing by 2.2%, driven by revenue management measures in the Eastern Asia-Pacific region and favorable product mix across the region, partially offset by high base and unfavorable channel mix in China[24] - Total sales volume decreased by 8.1% in the first nine months of 2024 and by 11.4% in Q3 2024, primarily due to a slowdown in China, partially offset by strong performance in Korea[23] - Total volume for the first nine months of 2024 decreased by 8.1% to 71,198 million liters compared to 77,100 million liters in the same period of 2023[38] - Revenue for the first nine months of 2024 declined by 6.1% to 5,104 million from 5,563millionin2023[38]−VolumeintheAsiaPacificWestregion(includingChina,India,andSoutheastAsia)droppedby9.45,563 million in 2023[38] - Volume in the Asia Pacific West region (including China, India, and Southeast Asia) dropped by 9.4% to 62,054 million liters in the first nine months of 2024[40] - Revenue in the Asia Pacific West region decreased by 10.2% to 4,074 million in the first nine months of 2024[40] - Volume in China for the first nine months of 2024 decreased by 10.6% year-over-year[41] - Revenue in China for the first nine months of 2024 declined by 11.6% year-over-year[41] Profitability and Margins - Normalized EBITDA declined by 6.2% to 1,579million,withtheEBITDAmargindecreasingby4basispointsto30.91,579 million, with the EBITDA margin decreasing by 4 basis points to 30.9%[4] - Net profit attributable to equity holders decreased to 742 million from 875millioninthesameperiodlastyear[5]−NormalizedEPSdecreasedto5.89centsfrom6.65centsinthefirstninemonthsof2023[8]−Grossmarginimprovedby108basispointsto51.4875 million in the same period last year[5] - Normalized EPS decreased to 5.89 cents from 6.65 cents in the first nine months of 2023[8] - Gross margin improved by 108 basis points to 51.4%, driven by revenue and cost management measures[10] - Normalized EBITDA in Q3 2024 decreased by 16.6%, with the EBITDA margin declining by 241 basis points[11] - Normalized operating profit (normalized EBIT) decreased by 9.7% in the first nine months of 2024 and by 23.0% in Q3 2024[21] - Normalized EBITDA decreased by 6.2% in the first nine months of 2024 and by 16.6% in Q3 2024[21] - Normalized EBITDA for the first nine months of 2024 fell by 6.2% to 1,579 million from 1,757millionin2023[38]−NormalizedEBITDAmarginforthefirstninemonthsof2024decreasedby4basispointsto30.91,757 million in 2023[38] - Normalized EBITDA margin for the first nine months of 2024 decreased by 4 basis points to 30.9% from 31.6% in 2023[38] - Normalized EBITDA in the Asia Pacific West region declined by 13.3% to 1,265 million in the first nine months of 2024[40] - Normalized EBITDA in China for the first nine months of 2024 fell by 12.4% year-over-year[41] Cost Management - Cost of sales decreased by 8.1% to 2,478million,withperhectolitercostofsalesdownby0.12,478 million, with per hectoliter cost of sales down by 0.1%[7] - Sales cost decreased by 8.1% in the first nine months of 2024, with cost per hectoliter decreasing by 0.1%, while in Q3 2024, sales cost decreased by 10.8%, with cost per hectoliter increasing by 0.7%, driven by cost management measures and favorable commodity prices, partially offset by additional operating costs[25] Regional Performance - South Korea and India continued to show strong performance, with double-digit revenue growth in premium and super-premium categories[9] - In India, Budweiser APAC's premium and super-premium product portfolio achieved double-digit net revenue growth in Q3 2024, contributing to over two-thirds of the company's revenue[18] - In the Asia Pacific East region, Q3 2024 sales volume increased by 3.9%, with revenue and revenue per hectoliter rising by 15.7% and 11.4%, respectively. Normalized EBITDA grew by 33.3%[19] - In South Korea, Budweiser APAC's sales volume increased by mid-single digits in Q3 2024, with revenue growing by mid-teens, driven by strong market share gains in both on-premise and off-premise channels[20] - In South Korea, Budweiser APAC sold over 1.3 million cups of HANMAC Extra Creamy Draft since its launch in May 2024, with Stella Artois achieving double-digit sales growth[20] Product Portfolio and Innovation - Budweiser APAC's premium and super-premium product portfolio contributed approximately two-thirds of the company's revenue in the first nine months of 2024[17] - Budweiser APAC's zero-sugar Harbin Ice Pure draft saw near-doubled sales growth in the first nine months of 2024, expanding its reach and engagement among the legal drinking age (LDA) generation in China[15] Financial Metrics and Reporting - Normalized EBITDA is a key financial metric monitored by management for performance, capital, and funding structure management, standing at 1,579 million in the first nine months of 2024, down from 1,757millionin2023[31]−BudweiserAPAC′sfinancialdataisanalyzedbasedonorganicgrowthandnormalizedfigures,excludingcurrencyconversionandscopechanges[34]−NormalizedEBITDAandEBITarenotaccountingmeasuresunderIFRSandshouldnotbeusedassubstitutesforprofitorcashflowmetrics[34]−Allperformancemetrics(EBITDA,EBIT,profit,taxrate,EPS)arepresentedonanormalizedbasis,excludingnon−underlyingitems[34]−FinancialdataispresentedinmillionsofUSD,exceptforvolume(hundredthousandliters),organicgrowth(in1,757 million in 2023[31] - Budweiser APAC's financial data is analyzed based on organic growth and normalized figures, excluding currency conversion and scope changes[34] - Normalized EBITDA and EBIT are not accounting measures under IFRS and should not be used as substitutes for profit or cash flow metrics[34] - All performance metrics (EBITDA, EBIT, profit, tax rate, EPS) are presented on a normalized basis, excluding non-underlying items[34] - Financial data is presented in millions of USD, except for volume (hundred thousand liters), organic growth (in % or basis points), and normalized EBITDA margin (%)[37] - Organic growth analysis excludes impacts from acquisitions, divestitures, business creation or termination, and inter-segment transfers[37] Operational Highlights - Budweiser APAC maintained a "low risk" rating from Sustainalytics, ranking 4th among 85 global beer, wine, and spirits companies and 7th among 644 food companies[13] - Budweiser APAC's B2B platform BEES expanded to 306 cities in China, accounting for approximately 70% of the company's net revenue in September 2024[17] - Budweiser APAC operates 47 breweries and employs approximately 24,000 employees across the Asia-Pacific region[35] - The company manages a portfolio of over 50 beer brands, including Budweiser, Corona, and Harbin[35] Non-Recurring Items and Other Income - Other operating income remained flat in the first nine months of 2024 but decreased by 22.2% in Q3 2024 due to reduced government subsidies and incentives[27] - Non-recurring items impacting EBIT included a write-off of historical assets in India and restructuring costs, totaling 39 million in the first nine months of 2024[28] - Normalized profit attributable to equity holders of Budweiser APAC decreased to 777millioninthefirstninemonthsof2024from777 million in the first nine months of 2024 from 879 million in the same period in 2023[29] - Basic earnings per share (EPS) decreased to 5.62 cents in the first nine months of 2024 from 6.62 cents in the same period in 2023, with normalized basic EPS at 5.89 cents[30]