百威亚太(01876) - 2022 - 中期财报

Financial Performance - Revenue for the first half of 2022 was $3.453 billion, reflecting a 2.7% increase from $3.477 billion in the same period of 2021[13]. - Net profit attributable to equity holders of Anheuser-Busch InBev Asia was $625 million, up from $503 million in the first half of 2021[13]. - Normalized earnings per share increased to 4.35 cents from 3.93 cents in the same period last year[13]. - The company reported a net profit of $640 million for the first half of 2022, an increase from $518 million in the same period of 2021[112]. - Basic earnings per share rose to 4.73 cents, compared to 3.80 cents for the same period last year, reflecting a growth of 24.5%[81]. - The company’s total comprehensive income for the six months ended June 30, 2022, was a loss of $149 million, compared to a profit of $419 million in the same period of 2021, indicating a significant decline[85]. - The company incurred a foreign exchange loss of $763 million related to the translation of overseas operations, compared to a loss of $133 million in the previous year[82]. Sales and Market Growth - In the first half of 2022, Budweiser APAC achieved revenue growth and profit growth despite external challenges, with a strong performance in high-end and super high-end products leading to a double-digit rebound in sales[6]. - In South Korea, the company experienced double-digit revenue growth and strong EBITDA growth due to effective pricing strategies and the lifting of restrictions in dining venues[7]. - In India, the industry has returned to pre-pandemic levels, with Budweiser's flagship brand gaining market share and high-end segment revenue doubling[7]. - The company recorded high single-digit sales growth in June 2022, driven by the recovery of demand in China as control measures were eased[6]. - The premium and super-premium product portfolio saw double-digit growth in regions less affected by COVID-19 control measures[16]. - The overall strong performance in other key markets helped offset fluctuations in the Chinese market, demonstrating the company's resilience[7]. Sustainability and ESG Initiatives - Budweiser APAC is on track to achieve its 2025 sustainability goals and aims for net-zero emissions across its value chain by 2040, with its Jinzhou brewery set to become its second carbon-neutral brewery by the end of 2022[8]. - Budweiser APAC's environmental, social, and governance (ESG) rating was upgraded to "AA" by MSCI, reflecting its leadership in sustainability among global beverage peers[8]. - The company continues to seek new opportunities to strengthen and optimize its business, aiming to be a leading beverage company with high-quality growth[8]. Operational Efficiency and Cost Management - The company’s revenue per hectoliter showed robust growth across major markets, indicating effective revenue management strategies[6]. - Sales, general, and administrative expenses decreased in the first half of 2022 due to savings from reduced business investments in China and ongoing cost control measures[24]. - Raw material and packaging costs increased, leading to a 7.7% rise in sales cost and a 9.2% increase in sales cost per hectoliter in the first half of 2022[23]. - The company continues to focus on product innovation as a pathway for future growth, with ongoing efforts in market expansion and operational efficiency[20]. Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2022, stood at $1.87 billion, maintaining a strong balance sheet despite external challenges[16]. - Operating cash flow for the first half of 2022 decreased by $233 million to $627 million, mainly due to reduced operating income and increased income tax payments[36]. - Cash flow used in investing activities for the first half of 2022 was $238 million, down from $370 million in the same period of 2021[37]. - Cash flow used in financing activities increased to $396 million in the first half of 2022 from $366 million in the same period of 2021, driven by increased dividends paid to shareholders and the purchase of additional treasury shares[38]. - The cash (net of debt) to normalized EBITDA ratio improved from 1.0x in the first half of 2021 to 1.5x in the first half of 2022, with cash (net of debt) increasing from $1,151 million to $1,715 million[43]. Shareholder Structure and Governance - The company has a significant concentration of ownership, with 87.22% of shares held by various entities related to Anheuser-Busch, reflecting a unified strategic direction[74]. - The financial data indicates that the company is heavily controlled by a small number of shareholders, which may impact governance and strategic decisions moving forward[72]. - The board of directors confirmed compliance with corporate governance standards, emphasizing accountability and transparency in its operations[79]. - The company has established its own trading rules for directors, which are at least as stringent as the standards set out in the Listing Rules[79]. Employee and Talent Management - The company has implemented various share incentive plans to attract and retain top talent in the Asia-Pacific region, aligning interests with shareholders[54]. - The remuneration committee has been established to review the compensation policies and structures for the board and senior management[52]. - The company emphasizes the importance of employee performance as a key factor for its success[52]. Future Outlook and Strategic Initiatives - Future guidance includes a projected revenue growth of 8% to 10% for the full fiscal year 2022[167]. - The company plans to expand its product offerings with the introduction of three new beer brands by the end of 2022[169]. - Anheuser-Busch InBev aims for a 5% increase in market share in China over the next fiscal year[166]. - The company is investing $500 million in new brewing technology to enhance production efficiency[169].