百威亚太(01876) - 2023 - 中期业绩

Sales Performance - Total sales volume increased by 9.4% to 49,456 million liters in the first half of 2023, driven by recovery momentum in China and strong growth in India[9] - In China, sales volume increased by 11.0% in Q2 2023, with revenue growth of 19.6% driven by a strong brand portfolio and channel reopening[16] - The high-end and super premium categories in China saw a combined sales growth of approximately 25% in Q2 2023[16] - In India, the high-end and super premium product mix achieved strong double-digit revenue growth, making India the fourth largest market for the company globally[17] - Total sales volume for Q2 2023 reached 27,381 thousand liters, an increase of 9.5% compared to 24,995 thousand liters in Q2 2022[66] Revenue and Profitability - Revenue for the first half of 2023 reached $3,666 million, representing a 14.0% increase compared to the same period in 2022[5] - Revenue increased by 14.0%, with revenue per hectoliter rising by 4.2%, while normalized EBITDA grew by 10.7% with a margin of 32.0%[11] - Revenue for Q2 2023 was $1,964 million, reflecting a growth of 14.9% from $1,821 million in Q2 2022[66] - Normalized net profit attributable to equity holders rose to $579 million, up from $575 million in the first half of 2022[7] - The profit attributable to equity holders of Budweiser APAC for Q2 2023 was $278 million, compared to $323 million in Q2 2022[66] EBITDA and Margins - Normalized EBITDA increased by 10.7% to $1,173 million, supported by ongoing business recovery in China and premiumization strategies[6] - Normalized EBITDA for Q2 2023 was $593 million, representing an 11.1% increase from $569 million in Q2 2022[66] - The normalized EBITDA margin for Q2 2023 was 30.2%, down 103 basis points from 31.2% in Q2 2022[66] - The normalized EBIT margin for Q2 2023 was 22.0%, an increase of 34 basis points from 21.8% in Q2 2022[66] Cost and Expenses - Sales costs increased by 13.3% to $1,799 million, with a per hectoliter cost increase of 3.7% due to rising commodity prices[3] - Operating profit before non-core items was $850 million, compared to $791 million in the previous year, indicating a growth of 7.4%[23] - The effective tax rate for the six months ended June 30, 2023, was 32.2%, up from 20.9% in the same period of 2022[41] - Other operating income decreased to $51 million in June 2023 from $67 million in June 2022, primarily due to lower gains from the sale of properties and equipment[37] Financial Position - The company maintained a strong balance sheet with a net cash position of $2.4 billion as of June 30, 2023[11] - Total assets as of June 30, 2023, were $15,579 million, a decrease from $15,996 million at the end of 2022[26] - Total liabilities were $5,134 million, slightly up from $5,063 million at the end of 2022, indicating a stable financial position[27] - The cash and cash equivalents stood at $2,410 million, down from $2,458 million at the end of 2022, reflecting a decrease in liquidity[26] Sustainability and Operational Efficiency - The company launched a new sustainability project aimed at reducing Scope 3 emissions, with training provided to 26 suppliers across 48 production sites[13] - The average water usage in the Asia Pacific region for beer production was reduced by 32.1% compared to the 2017 baseline[13] - The company is focusing on improving operational efficiency and reducing costs through organizational restructuring, which has resulted in one-time expenses[38] Market Strategy and Future Outlook - The company remains confident in its premiumization, digitalization, and expansion strategies, benefiting significantly from the recovery in China[3] - The company continues to focus on market expansion and new product development as part of its growth strategy[30]