百威亚太(01876) - 2023 - 中期财报

Financial Performance - In the first half of 2023, Budweiser APAC achieved a total sales volume of 494.56 million liters, representing a 9.4% increase compared to 452.26 million liters in the same period of 2022[15]. - Revenue for the first half of 2023 reached $3.666 billion, a 14.0% increase from $3.453 billion in the first half of 2022[15]. - Gross profit increased to $1.867 billion, reflecting a 14.5% growth from $1.752 billion year-over-year[15]. - The normalized EBITDA for the first half of 2023 was $1.173 billion, up 10.7% from $1.139 billion in the same period last year[15]. - The company reported a normalized net profit attributable to shareholders of $579 million, slightly up from $575 million in the first half of 2022[15]. - The gross margin improved to 50.9%, an increase of 26 basis points from 50.7% in the previous year[15]. - Operating profit attributable to equity holders decreased from $625 million in the first half of 2022 to $575 million in the first half of 2023, mainly due to increased tax expenses from the lack of tax provision reversals in India[27]. - The net profit for the period was $590 million, down from $640 million, indicating a decrease of 7.8% year-over-year[123]. - Basic earnings per share for shareholders of Budweiser APAC was 4.35 cents, compared to 4.73 cents in the previous year, a decline of 8.0%[122]. Sales and Market Growth - The company experienced a strong sales growth of approximately 25% in the high-end and super premium categories in Q2 2023[8]. - Budweiser APAC's operations in India continued to outperform the industry, with double-digit revenue growth in the high-end and super premium product segments[8]. - Total sales volume increased by 9.4% in the first half of 2023, driven by strong recovery in China and robust growth in India[25]. - Revenue grew by 14.0% in the first half of 2023, with a 4.2% increase in revenue per hectoliter, attributed to ongoing premiumization and the reopening of the Chinese market[26]. - In the second quarter of 2023, sales volume in China increased by 11.0%, with revenue growth of 19.6% driven by strong sales of premium and super-premium products[20]. - The high-end and super-premium product categories in India achieved double-digit revenue growth, contributing to overall double-digit growth in sales and revenue[22]. - The Asia Pacific region contributed significantly, with a 10% growth in sales volume, driven by strong performance in China and India[196]. Sustainability Initiatives - The company has made significant progress in sustainability, reducing water usage to below 2.03 hectoliters per hectoliter, a 32.1% decrease from the 2017 baseline[9]. - Budweiser APAC's RE100 coverage in the Asia-Pacific region has more than doubled compared to 2022, with 10 breweries achieving this status[9]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its sustainability strategy[200]. - Anheuser-Busch InBev plans to invest $1 billion in technology upgrades to improve production efficiency and sustainability initiatives over the next two years[196]. Cash Flow and Financial Management - The net cash position as of June 30, 2023, was $2.4 billion, reflecting effective financial and cash management measures[18]. - Operating cash flow increased from $627 million in the first half of 2022 to $762 million in the first half of 2023, primarily due to increased operating income[34]. - Cash and cash equivalents were $2,410 million as of June 30, 2023, compared to $2,458 million as of December 31, 2022[33]. - The company paid dividends of $500 million to shareholders during the first half of 2023, compared to $399 million in the same period of 2022, marking an increase of about 25.4%[128]. - The group has committed financing of $500 million and uncommitted financing of $408 million available to meet liquidity needs[132]. Employee and Shareholder Engagement - The company continues to emphasize the importance of employee ownership through its share incentive plans to align interests with shareholders[53]. - The employee compensation structure is designed to be competitive and linked to performance metrics, including financial and non-financial indicators[51]. - A total of 23,000,000 shares were issued to the trust for the share incentive plan, with 22,127,861 shares held in trust as of June 30, 2023[53]. - The company granted 4.1 million restricted stock units (RSUs) with a fair value of $13 million under its share-based payment plan for the six months ended June 30, 2023[171]. Governance and Compliance - The company has complied with corporate governance codes, except for the separation of the roles of chairman and CEO[117]. - The company confirmed compliance with its own trading code and the standard code for securities trading by directors for the first half of 2023[118]. - The company is committed to maintaining transparency regarding the interests of its directors and senior executives in the company's shares and related securities[102]. Strategic Outlook - The company expects a continued upward trend, projecting a revenue growth of 6% to 8% for the full fiscal year 2023[197]. - New product launches, including innovative non-alcoholic beverages, are anticipated to enhance market share and attract a broader consumer base[198]. - The company is focusing on expanding its market presence in Southeast Asia, aiming for a 15% increase in distribution channels by the end of 2023[200]. - Strategic acquisitions in the craft beer segment are being pursued to diversify the product portfolio and enhance brand recognition[198].