百威亚太(01876) - 2019 - 年度财报

Financial Performance - In the fiscal year 2019, the company achieved a revenue growth of 1.8%, with revenue per hectoliter increasing by 4.9%, despite a volume decline of 3.0% primarily due to challenges in Korea and China [6]. - The normalized EBITDA grew by 11.0%, with the normalized EBITDA margin expanding by 271 basis points to 32.4%, driven by strong performance in the Western region of Asia Pacific [6]. - The company reported a revenue of $6,546 million for the year 2019, representing a normalized EBITDA growth of 11.0% [33]. - Total sales volume decreased by 3.0% to 931.68 million liters in FY2019, down from 962.45 million liters in FY2018 [41]. - Revenue increased by 1.8% to $6.546 billion in FY2019, compared to $6.740 billion in FY2018 [41]. - Normalized EBITDA grew by 11.0% to $2.121 billion, with a normalized EBITDA margin expanding by 271 basis points to 32.4% [41]. - Other operating income rose by 61.0% in fiscal year 2019, mainly due to various incentives and asset sales [55]. - The company's equity holders' profit decreased from $958 million in fiscal year 2018 to $898 million in fiscal year 2019 due to increased tax expenses and negative foreign exchange impacts [57]. Market Expansion and Strategy - The company maintained its leading position in the premium segment in China, with a low single-digit decline in the premium portfolio, while continuing to invest in brand expansion across various channels [8]. - In India, the company recorded strong double-digit growth, following over 100 million liters in sales in the previous fiscal year, supported by the successful marketing of the Beck's Ice Lager [9]. - The company expanded its distribution in India from three states in 2018 to 14 states in 2019, significantly enhancing sales performance [9]. - The company is focusing on four key business strategies for organic growth: premiumization, core category differentiation, adjacent product growth, and market expansion [27]. - The company is committed to sustainable growth and aims to expand its beer category in the Asia-Pacific region, leveraging its historical presence of over a century [14]. Product Innovation and Consumer Engagement - The company launched two new wheat beers in response to the growing trend of craft wheat beers in urban areas of the country [10]. - The company introduced its first craft beer brand, 7Rivers, in India and launched a flavored beer, Fook Ka Rose Red, in China and Vietnam [10]. - The company continues to invest in product innovation and marketing strategies to enhance consumer experience and drive sales growth [46]. - E-commerce sales saw strong double-digit growth, with Budweiser being the top-selling beer brand on platforms like Tmall and JD during the Double 11 shopping festival [46]. - The company is focusing on creating new consumer experiences, such as premium outdoor beer gardens, to drive growth in traditional beer consumption occasions [10]. Sustainability and Corporate Responsibility - The company achieved 56% of its beer sales using recyclable packaging in 2019, while 46% was made from renewable materials [12]. - The company estimated a 5.5% reduction in total emissions per 100 liters of CO2 in 2019 compared to 2017 [12]. - The company installed solar panels in nine breweries and is in the process of installing them in three additional breweries [12]. - The company is committed to promoting responsible drinking culture and enhancing consumer awareness of recycling [12]. - Budweiser APAC has actively supported local communities during the COVID-19 pandemic through donations and resources, including cash contributions and emergency supplies [13]. Leadership and Governance - The company is focused on expanding its market presence in the Asia Pacific region, leveraging the leadership experience of its executives [95][98][101]. - The leadership team has a strong background in finance and legal affairs, which supports the company's strategic initiatives in mergers and acquisitions [98][104]. - The company emphasizes compliance and corporate governance, as evidenced by the diverse qualifications of its board members and executives [96][107]. - The board of directors consists of a balanced mix of executive and non-executive directors, ensuring effective oversight and accountability [124]. - The company has established internal control and risk management systems based on COSO guidelines to mitigate operational and compliance risks [155]. Financial Risks and Management - The company faced various financial risks, including market risk, credit risk, and liquidity risk, and employs risk management policies to mitigate these risks [81]. - The company has established a minimum credit rating for counterparties and only engages with financial institutions that have an investment-grade credit rating to mitigate financial risks [180]. - The company has identified key risks affecting its operations, including competition and changing consumer preferences, and has implemented measures to mitigate these risks [167]. - The company maintains good relationships with distributors to ensure a clear understanding of sales points and consumer preferences [168]. Shareholder Information - The company aims to distribute at least 25% of the consolidated profit attributable to equity holders as dividends, excluding special items [182]. - The board recommended a final dividend of $0.0263 per share, totaling approximately $348 million, subject to shareholder approval at the upcoming annual general meeting [183]. - The major shareholder AB InBev Brewing Company (APAC) Limited held 11,550,938,000 shares, representing approximately 87.22% of the company's issued share capital [199]. - The company is primarily controlled by a group of entities under Anheuser-Busch, indicating a strong centralized ownership structure [200].