百威亚太(01876) - 2023 - 年度业绩

Financial Performance - For the fiscal year 2023, revenue increased by 11.1% to $6,856 million, with a reported growth of 5.8% and a revenue per hectoliter growth of 6.2%, driven by premiumization in China and India [3]. - Normalized EBITDA rose by 10.8% to $2,023 million, with a normalized EBITDA margin decreasing by 7 basis points to 29.5%, supported by revenue growth in China [4]. - Normalized profit attributable to equity holders increased from $859 million in 2022 to $917 million in 2023, while profit attributable to equity holders decreased from $913 million to $852 million due to non-basic tariff provisions in Korea [5]. - Total sales volume for the fiscal year 2023 increased by 4.6% to 9,276.7 million liters, primarily supported by growth in China and India [6]. - Sales costs increased by 9.8% to $3,403 million, with a per hectoliter sales cost increase of 5.0%, mainly driven by premiumization and rising commodity costs [7]. - The normalized effective tax rate rose from 30.8% in 2022 to 33.5% in 2023, primarily due to national composition and withholding taxes on dividends [8]. - Normalized earnings per share increased from 6.50 cents in 2022 to 6.94 cents in 2023, while basic earnings per share decreased from 6.91 cents to 6.45 cents [9]. - The total comprehensive income for 2023 was $594 million, down from $136 million in 2022, with net income of $880 million compared to $949 million in the previous year [28]. - Total assets increased to $16,234 million in 2023 from $15,996 million in 2022, representing a growth of 1.5% [31]. - Non-current assets decreased to $11,975 million in 2023 from $12,390 million in 2022, a decline of 3.4% [31]. - Current assets rose significantly to $4,259 million in 2023, up from $3,606 million in 2022, marking an increase of 18.1% [31]. - Cash and cash equivalents increased to $3,141 million in 2023, compared to $2,458 million in 2022, reflecting a growth of 27.7% [31]. - Total equity attributable to owners of Budweiser APAC increased slightly to $10,785 million in 2023 from $10,764 million in 2022, a marginal rise of 0.2% [31]. - Total liabilities increased to $5,384 million in 2023 from $5,163 million in 2022, indicating a rise of 4.3% [33]. - Interest-bearing loans and borrowings rose to $237 million in 2023 from $147 million in 2022, an increase of 60.5% [33]. - The company reported a decrease in inventory to $444 million in 2023 from $488 million in 2022, a decline of 9.0% [31]. - The effective tax rate for 2023 was 34.4%, up from 26.5% in 2022, indicating a significant increase in tax burden [47]. - Other operating income for 2023 was $107 million, down from $141 million in 2022, reflecting a decrease of 24.1% [42]. - The diluted earnings per share (EPS) for 2023 was 6.91 cents, compared to 6.49 cents in 2022, reflecting an increase of 6.46% [50]. - The company reported a normalized basic EPS of 6.94 cents in 2023, compared to 6.50 cents in 2022, marking an increase of 6.77% [51]. Sales and Market Performance - The company reported strong double-digit growth in revenue per hectoliter in Q4 2023, driven by double-digit growth in high-end and super-premium products in China [10]. - In the fiscal year 2023, total sales increased by 4.6%, while revenue and revenue per hectoliter rose by 11.1% and 6.2% respectively [11]. - In China, sales grew by 4.3%, driven by channel recovery and continued premiumization, with double-digit growth in both premium and super-premium product revenues [11]. - In the fourth quarter of 2023, total sales declined by 2.1%, but revenue and revenue per hectoliter increased by 8.9% and 11.2% respectively [12]. - The net cash position increased by $683 million to $3.1 billion by the end of fiscal year 2023 [12]. - In the western Asia-Pacific region, sales decreased by 1.9%, but revenue and revenue per hectoliter increased by 9.2% and 11.3% respectively in Q4 2023 [15]. - For the fiscal year 2023, sales in the western Asia-Pacific region grew by 5.3%, with revenue and revenue per hectoliter rising by 13.4% and 7.7% respectively [15]. - In Q4 2023, sales in China decreased by 3.1%, while revenue grew by 11.1%, with revenue per hundred liters increasing by 14.7% [16]. - For the full year 2023, sales increased by 4.3%, and market share improved by 69 basis points, with total revenue and revenue per hundred liters growing by 12.8% and 8.1% respectively [16]. - The number of distribution cities for Budweiser expanded from 201 in 2022 to 220 by the end of 2023, while the number for super premium products increased from 51 to 63 [16]. - In India, the combined revenue from high-end and super premium products achieved double-digit growth in Q4 2023, maintaining its position as Budweiser's fourth largest global market [18]. - In the Asia Pacific region, Q4 2023 sales decreased by 3.4%, but revenue increased by 7.7%, with revenue per hundred liters growing by 11.4% [19]. - In South Korea, sales showed a mid-single-digit decline in Q4 2023, while revenue experienced low single-digit growth, consistent with a 6.9% price increase [20]. Strategic Initiatives and Future Outlook - The company is well-positioned to drive quality growth and create future value across all major markets [2]. - The company plans to focus on high-quality growth in China, accelerating the expansion of super premium categories, which are seen as the main profit growth driver for the beer industry [22]. - The BEES digital platform in China has expanded to approximately 260 cities, contributing about 70% of the company's revenue in December 2023 [16]. - The company plans to focus on core business efficiency and cost reduction through organizational restructuring [45]. - Future outlook includes potential market expansion and new product development initiatives [39]. Quarterly Performance - Total sales volume for Q4 2023 was 15,667 thousand liters, a decrease of 2.1% compared to Q4 2022 [71]. - Revenue for Q4 2023 reached $1,293 million, representing an 8.9% increase from $1,165 million in Q4 2022 [71]. - Gross profit for Q4 2023 was $617 million, up 15.1% from $534 million in Q4 2022 [71]. - Gross margin improved to 47.7% in Q4 2023, an increase of 261 basis points from 45.8% in Q4 2022 [71]. - Normalized EBITDA for Q4 2023 was $266 million, reflecting a 31.3% increase from $200 million in Q4 2022 [71]. - Normalized EBITDA margin increased to 20.6% in Q4 2023, up 351 basis points from 17.2% in Q4 2022 [71]. - Normalized EBIT for Q4 2023 was $102 million, a significant increase of 144.7% from $41 million in Q4 2022 [71]. - Normalized EBIT margin improved to 7.9% in Q4 2023, an increase of 408 basis points from 3.5% in Q4 2022 [71]. - The company reported a normalized profit attributable to equity holders of $38 million in Q4 2023, compared to a loss of $19 million in Q4 2022 [71]. - The financial data for Q4 2023 is based on internal records and has not been independently reviewed or audited [70].