百威亚太(01876) - 2025 - 中期业绩

Sales Performance - Total sales volume decreased by 6.1% to 43,628 million liters in the first half of 2025, primarily impacted by the business layout in China, partially offset by performance in India[5] - In the second quarter of 2025, total sales and revenue decreased by 6.2% and 3.9%, respectively, affected by ongoing challenges in China and early shipment arrangements in Korea[15] - In Q2 2025, sales in China decreased by 7.4%, and revenue decreased by 6.4%, with revenue per hundred liters increasing by 1.1% due to positive brand mix effects[17] - In Q2 2025, sales and revenue in the Asia-Pacific East region decreased by 10.4% and 8.4%, respectively, while revenue per hundred liters increased by 2.2%[21] - In Q2 2025, sales in South Korea experienced a high single-digit decline, while revenue also saw a high single-digit decline, but revenue per hundred liters showed low single-digit growth due to ongoing revenue management measures[22] - In H1 2025, sales decreased by 8.2%, while revenue and revenue per hundred liters decreased by 9.5% and 1.4%, respectively[18] - For the second quarter of 2025, total sales volume decreased by 6.2% to 23,887 thousand liters compared to 25,458 thousand liters in the same period of 2024[66] Financial Performance - Revenue for the first half of 2025 was $3,136 million, a decrease of 5.6%, while revenue per hectoliter increased by 0.5% due to positive impacts from the brand portfolio in the Asia-Pacific region[6] - Revenue for the first half of 2025 was $3,136 million, down from $3,399 million in the first half of 2024[35] - The company reported a net profit of $427 million for H1 2025, down from $553 million in H1 2024, with basic earnings per share of 3.10 cents[27] - The total comprehensive income for H1 2025 was $852 million, significantly higher than $179 million in H1 2024, driven by foreign exchange gains[27] - The company reported a net profit of $427 million for the first half of 2025, compared to $553 million in the same period of 2024[35] - The company reported a net cash decrease of $517 million for the first half of 2025, compared to a decrease of $672 million in the same period of 2024[64] - The net profit attributable to equity holders for Q2 2025 was $175 million, down from $254 million in Q2 2024[66] Cost and Expenses - Cost of sales decreased by 6.4% to $1,523 million, with cost per hectoliter down by 0.2%, driven by favorable commodity prices and cost management measures[7] - Normalized EBITDA for the first half of 2025 was $983 million, down 8.0%, with the EBITDA margin decreasing by 82 basis points to 31.3%[8] - Normalized EBITDA for the same period was $983 million, compared to $1,100 million in 2024, reflecting a decline of 10.7%[37] - The total income tax expense increased to $263 million in 2025 from $242 million in 2024, with an effective tax rate of 39.3% compared to 31.0% in the previous year[40] - The normalized effective tax rate remained stable at 30.9% for the first half of 2025[9] - The company recognized impairment losses on trade receivables of $4 million for both 2025 and 2024, indicating consistent credit risk management[47] Assets and Equity - Total assets as of June 30, 2025, were $14,784 million, slightly up from $14,778 million as of December 31, 2024[28] - Non-current assets increased to $11,217 million from $10,946 million, driven by goodwill rising to $6,265 million from $5,945 million[28] - Current assets decreased to $3,567 million from $3,832 million, with cash and cash equivalents dropping to $2,402 million from $2,867 million[28] - Total equity increased to $10,373 million from $10,240 million, with retained earnings decreasing to $4,360 million from $4,698 million[29] Strategic Focus - The company continues to invest in brand strength and sales momentum for Budweiser and Harbin, focusing on deepening consumer connections and enhancing product portfolio[20] - The company plans to focus on expanding its premium and super-premium beer segments in key markets such as China and India[64] - The company is exploring potential acquisitions to enhance its market presence and product offerings in the Asia-Pacific region[64] Corporate Governance and Compliance - The company emphasizes adherence to high standards of corporate governance, except for the separation of roles between the chairman and CEO[55] - The company anticipates that potential fines related to customs evasion will not have a significant impact on overall operations[53] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2025[56] - The company’s financial data for the first half of 2025 is unaudited and based on internal records and management accounts[61]