百威亚太(01876) - 2021 - 中期财报

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].