百威亚太(01876) - 2022 Q1 - 季度财报

Financial Performance - Revenue for Q1 2022 reached $1,632 million, an increase of 1.5% year-over-year, driven by premiumization and active revenue management[5] - Normalized EBITDA for Q1 2022 was $570 million, up 7.6%, with an EBITDA margin increase of 198 basis points to 34.9% supported by strong sales recovery in South Korea[6] - Normalized profit attributable to equity holders increased by 28.8% to $304 million from $236 million in Q1 2021[7] - Normalized earnings per share rose to 2.30 cents from 1.79 cents in Q1 2021[10] - Normalized EBITDA increased by 15.3% to $394 million, maintaining profitability above pre-pandemic levels[24] - Budweiser APAC's profit attributable to equity holders was 302 million in Q1 2022, up from 233 million in Q1 2021, representing a growth of 29.6%[35] - Normalized EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q1 2022 was 570 million, compared to 528 million in Q1 2021, indicating a year-over-year increase of 7.9%[35] - The company's normalized EBIT (Earnings Before Interest and Taxes) for Q1 2022 was 394 million, up from 342 million in Q1 2021, reflecting a growth of 15.2%[35] - Basic earnings per share increased to $2.28 from $1.76, with normalized basic earnings per share rising to $2.30 from $1.79[32] - Tax expenses (excluding non-core items) decreased to 86 million in Q1 2022 from 101 million in Q1 2021, a reduction of 14.9%[35] Sales and Market Performance - Total sales volume decreased by 2.7% to 20,231 million liters, primarily due to heightened COVID control measures in China, partially offset by strong performance in South Korea[8] - The company achieved a 4.3% increase in revenue per hectoliter across major markets due to ongoing premiumization efforts[12] - In the Asia Pacific East region, revenue grew by 10.3% and sales volume increased by 6.7%, with normalized EBITDA up 45.6%[21] - In China, sales volume declined by 4.3%, significantly impacted by COVID control measures and a challenging comparison base due to the early Lunar New Year[17] - In India, the business environment improved, with strong double-digit growth in the premium and super-premium segments[20] - The company expanded its market share in both on-trade and off-trade channels in South Korea, contributing to overall revenue and profit growth in the Asia-Pacific region[11] Cost and Expenses - Cost of sales increased by 3.1% to $799 million, with cost per hectoliter rising by 6.0% due to increased raw material and packaging costs[9] - Selling, general, and administrative expenses decreased by 7.9% to $479 million, aided by flexible investment reallocations in response to COVID measures[28] Corporate Social Responsibility and Governance - The company is committed to improving its environmental, social, and governance initiatives, including a target to recycle approximately 145 tons of ocean plastic waste in 2022[15] - The company anticipates achieving gender pay equity by the end of 2022 as part of its diversity and inclusion commitments[15] Business Operations - Budweiser APAC operates 48 breweries across the Asia-Pacific region and employs over 26,000 staff[41] - The company has expanded its business into ready-to-drink beverages, energy drinks, and spirits beyond beer categories[41] - Budweiser APAC is listed on the Hong Kong Stock Exchange under the stock code "1876" and is a constituent of the Hang Seng Composite Index[41] - The management emphasizes that normalized EBITDA and EBIT are key financial metrics for monitoring the group's performance and capital structure[36] - The company aims to maintain its leadership position in the premium and super-premium beer segments in the Asia-Pacific region[41] - Budweiser APAC's financial data is adjusted to eliminate the effects of currency conversion and scope changes for a clearer understanding of underlying performance[37]