百威亚太(01876) - 2022 Q3 - 季度财报

Sales Performance - Total sales volume for the first nine months of 2022 reached 72.715 million hectoliters, an increase of 1.4% compared to the same period in 2021[3] - In the first nine months of 2022, total sales increased by 1.4%, primarily driven by strong performance in South Korea and India, partially offsetting the impact of COVID restrictions in China[22] - In Q3 2022, total sales increased by 6.3%, attributed to lower base figures in China and South Korea from Q3 2021[22] - In the Asia Pacific region, sales volume grew by 10.0% in the first nine months of 2022, with revenue increasing by 16.0% and normalized EBITDA rising by 30.2%[18] Revenue and Profitability - Revenue for the first nine months of 2022 was $5.313 billion, reflecting a growth of 4.3% year-over-year[6] - Revenue grew by 4.3% in the first nine months of 2022, with a 2.9% increase in revenue per hectoliter[23] - Revenue in the third quarter of 2022 increased by 7.2%, with a 0.8% rise in revenue per hectoliter[10] - Normalized net profit attributable to equity holders increased to $878 million, up from $872 million in the same period of 2021[7] - Normalized profit attributable to equity holders was $925 million in the first nine months of 2022, compared to $851 million in the same period of 2021[28] - Basic earnings per share increased to 7.00 cents in the first nine months of 2022 from 6.44 cents in 2021[29] EBITDA and Margins - Normalized EBITDA for the first nine months of 2022 was $1.732 billion, showing a slight increase of 0.8% from the previous year[6] - The normalized EBITDA margin in the third quarter of 2022 decreased by 175 basis points, impacted by challenges in the Chinese market[10] - Normalized EBITDA was $1,732 million in the first nine months of 2022, compared to $1,778 million in 2021[30] Cost Management - The gross profit margin decreased by 252 basis points to 50.9% due to rising commodity costs[9] - Sales cost increased by 9.9% or 8.5% per hectoliter in the first nine months of 2022, and by 14.2% or 7.4% per hectoliter in Q3 2022, primarily due to rising raw material and packaging costs[24] - Selling, general and administrative expenses decreased by 2.0% in the first nine months of 2022, and increased by 1.9% in Q3 2022, attributed to flexible cost management and business investment optimization under COVID restrictions in China[25] - The company conducted a flexible cost management strategy to navigate the challenges posed by COVID-19 restrictions, which contributed to the overall performance[25] Market and Strategic Initiatives - The company expects continued growth potential in its strategic markets, particularly in Korea and India, despite challenges in China[3] - The company implemented revenue management initiatives in Korea, contributing to revenue growth[6] - The company launched the local craft beer brand "059 Coastline" in Fujian, utilizing local ingredients and highlighting the region's cultural background[16] - In India, the beer industry has recovered to pre-pandemic levels, with double-digit growth in sales, revenue, and normalized EBITDA in Q3 2022[17] - The digital B2B platform "BEES" expanded to over 90 cities, generating net revenue exceeding RMB 1 billion, accounting for over 10% of total revenue in September 2022[15] Sustainability and Innovation - The company installed flexible solar panels at its Wuhan brewery, with a potential capacity of 5.3 MWp, expected to reduce carbon emissions by 4,000 tons annually[12] - The company is committed to sustainability and responsible drinking initiatives as part of its long-term strategy[36] - Budweiser APAC's management emphasizes the importance of innovation in product development to meet changing consumer preferences[36] Company Overview - Budweiser APAC is the largest beer company in the Asia-Pacific region, with a leading position in the premium and super premium beer segments[36] - The company operates 48 breweries across the Asia-Pacific region and employs over 25,000 staff[36] - Budweiser APAC has expanded its business into new categories such as ready-to-drink beverages, energy drinks, and spirits[36] - The company offers a portfolio of over 50 beer brands, including Budweiser, Corona, and Harbin[36] - Budweiser APAC is listed on the Hong Kong Stock Exchange under the stock code "1876" and is a constituent of the Hang Seng Index[36] - The company is a subsidiary of Anheuser-Busch InBev, which has over 600 years of brewing history[36] - Future outlook includes continued focus on premiumization and market expansion in key markets like China, Korea, India, and Vietnam[36] - The company aims to leverage its strong brand portfolio to drive growth in the competitive beverage market[36]