BUD Anheuser Busch Inbev SA NV

China

Key performance indicators

We estimate that China beer industry volumes declined by approximately 8% in the quarter and by approximately 6% in HY16, due to continuing economic headwinds, with most of the impact being felt in the core and value segments. Our own beer volumes were down 2.3% in the quarter and 1.8% in HY16. We estimate our market share increased by approximately 110 bps in the quarter, reaching an average of 19.1%.

We continue to believe the Core Plus, Premium and Super Premium segments have the greatest long-term growth potential in the industry. Our Budweiser volumes recovered well after a difficult first quarter, growing by high single digits in the second quarter, led by our Made for Music platform and successful summer campaign.

Revenue per hl grew by 6.3% in the quarter, driven by a favorable brand mix, specifically through the growth of Budweiser and our super premium portfolio, and improved regional mix.

China EBITDA grew by 25.6% in 2Q16 to 373 million USD, with EBITDA margin improving by 553 bps to 32.1%. China EBITDA grew by 15.7% in HY16 to 632 million USD, with margin expansion of 337 bps to 29.7%.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 8 / 23

Highlights from our other markets

Our beer volumes in Canada were down low single digits in 2Q16, with a stable market share, based on our estimates. We achieved consistent top-line growth from the performances of Bud Light and our Above Premium portfolio.

Our own beer volumes in Europe were essentially flat in the quarter, with net revenue up 4.6%, driven mainly by the growth of our premium brands. Own beer volumes in Western Europe were up almost 5% in 2Q16 driven mainly by our performances in France, the UK, Spain and the Netherlands. In the UK , volumes of our own products grew by high single digits, driven by strong performances from our Budweiser Euro Cup activations and the performance of Corona. Own beer volumes in Belgium were down mid-single digits, due to an industry decline and some estimated market share loss. In Germany , own beer volumes grew by low single digits driven by strong performances from Beck’s and Franziskaner. Beer volumes in Russia were down mid-single digits in the quarter, driven by a soft industry and some market share loss, partly offset by a strong performance from our premium brands.

Latin America South beer volumes were down high single digits, driven mainly by a weak consumer environment in Argentina.

In South Korea, beer volumes were flat in the quarter, although we gained market share, based on our estimates. This performance was driven mainly by our successful “Cass Freshness” campaign.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 9 / 23

Revenue

Consolidated revenue grew by 4.0% in 2Q16, with revenue per hl growth of 5.9%. This result was driven by our revenue management and premiumization initiatives. On a constant geographic basis, revenue per hl grew by 6.1%. In HY16, revenue grew by 3.6%, with revenue per hl growth of 5.4% on an organic basis and 5.7% on a constant geographic basis.

Cost of Sales (CoS)

Total CoS increased by 0.8%, and by 2.5% on a per hl basis. This increase was driven primarily by unfavorable foreign exchange transactional impacts and product mix, which were partly offset by procurement savings, efficiencies and a greater mix of inputs from our vertical operations. On a constant geographic basis, CoS per hl increased by 1.4% in 2Q16. In HY16, CoS increased by 1.3%, by 3.0% on a per hl basis, and by 2.7% per hl on a constant geographic basis.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 10 / 23

Distribution expenses

Distribution expenses grew by 3.9% and by 5.7% on a per hl basis. The increase compared to 2Q15 was driven by increased own distribution in Brazil, which is more than offset by the increase in net revenues, the growth of our premium and near beer brands, and inflationary increases in Latin America South. This increase was partly offset by strong cost management and efficiencies. Distribution expenses increased by 4.7% in HY16 and by 6.5% on a per hl basis.

Sales and marketing investments

Sales and marketing investments increased by 18.8% in 2Q16, driven by increased support for our brands, our premiumization initiatives, and the expansion of the near beer category. Sales and Marketing investments increased by 16.3% in HY16. We expect sales and marketing investments to grow by high single to low double digits in FY16, and by mid to high single digits in the second half of the year.

Administrative expenses

Administrative expenses increased by 4.5% in the quarter and were essentially flat in HY16, mainly due to the timing of variable compensation accruals.

Other operating income

Other operating income increased by 40.9% to 259 million USD in 2Q16 due to the timing of government incentives in Asia Pacific. Other operating income increased by 14.1% to 422 million USD in HY16.

Non-recurring items above EBIT

Normalized profit from operations excludes negative non-recurring items of 105 million USD in 2Q16, primarily due to acquisition costs related to the proposed combination with SABMiller, as well as restructuring costs.

Net finance income/(cost)

Net finance costs (excluding non-recurring net finance costs) were 726 million USD in 2Q16 compared to 554 million USD in 2Q15. This increase was driven primarily by the additional net interest expenses resulting from the bond issuances in 1Q16 related to the pre-funding of the proposed SABMiller combination. Other financial results include a favorable mark-to-market adjustment of 444 million USD in 2Q16, linked to the hedging of our share-based payment programs, compared to a loss of 139 million USD in 2Q15. Accretion expenses increased by 47 million USD in 2Q16, due to increased expenses on bonds.

Net finance costs in HY16 were 1 945 million USD compared to 463 million USD in HY15. This increase in net finance costs was driven primarily by the additional net interest expenses resulting from the issuance of bonds in 1Q16 related to the pre-funding of the proposed SABMiller combination. Other finance results in HY16 includes a positive mark-to-market adjustment of 306 million USD, linked to the hedging of our share-based payment programs, compared to a gain of 618 million USD in HY15. Other finance results in HY16 also include net foreign exchange translation losses, compared to foreign exchange translation gains in HY15.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 11 / 23

The number of shares covered by the hedging of our share-based payment programs, and the opening and closing share prices, are shown in figure 10 below.

Non-recurring net finance income/(cost)

Non-recurring net finance costs were 1 484 million USD in 2Q16 compared to 60 million USD in 2Q15. Non-recurring net finance costs in 2Q16 include a negative mark-to-market adjustment of 1 766 million USD, related to the portion of the FX hedging of the purchase price of the proposed combination with SABMiller that does not qualify for hedge accounting under IFRS rules. At the end of 2Q16, 46 billion GBP of the purchase price of the proposed combination had been hedged at an average GBP/USD rate of 1.5276.

The 2Q16 result also includes a mark-to-market gain of 230 million USD resulting from the derivative instruments entered into to hedge the deferred share instrument issued in a transaction related to the combination with Grupo Modelo, and a mark-to-market gain of 168 million USD related to derivative instruments entered into to hedge part of the restricted shares to be issued in relation to the proposed combination with SABMiller. The number of shares covered by the hedging of the deferred share instrument and the restricted shares are shown in figure 12, together with the opening and closing share prices.

Other non-recurring net finance costs of 116 million USD in 2Q16 mainly relate to accelerated accretion expenses following the cancellation, in April 2016, of 12.5 billion USD of the 2015 committed senior facilities entered into in connection with the proposed combination with SABMiller, as well as commitment fees for these facilities.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 12 / 23

Income tax expense

Income tax expense in 2Q16 was 497 million USD with a normalized effective tax rate (ETR) of 20.5%, compared to an income tax expense of 532 million USD in 2Q15 and a normalized ETR of 17.2%. The normalized ETR was impacted by the pre-funding of the purchase price of the proposed combination with SABMiller, for which no tax deduction is reported.

The increase in the reported ETR from 19.1% in 2Q15 to 54.9% in 2Q16 is due to the unfavorable impact on profit before tax of the negative mark-to-market adjustment related to the hedging of the purchase price of the proposed combination with SABMiller.

Profit attributable to non-controlling interest

Profit attributable to non-controlling interest decreased from 334 million USD in 2Q15 to 257 million USD in 2Q16, due to currency translation effects and the unfavorable operating performance of Ambev in the second quarter.

Normalized Profit and Profit

Normalized profit attributable to equity holders of AB InBev decreased to 1 727 million USD in 2Q16 from 1 984 million USD in 2Q15, with organic EBITDA growth more than offset by higher net finance costs and the impact of unfavorable currency translation. Normalized profit attributable to equity holders of AB InBev was 2 571 million USD in HY16, compared to 4 278 million USD in HY15.

Profit attributable to equity holders of AB InBev decreased to 152 million USD in 2Q16, compared to 1 929 million USD in 2Q15.

Normalized earnings per share (EPS) decreased to 1.06 USD in 2Q16 from 1.21 USD in 2Q15, mainly driven by the net cost of the pre-funding of the SABMiller purchase price and other financial results.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 13 / 23

Normalized EPS, excluding the impact of unfavorable currency translation, the mark-to-market adjustment linked to the hedging of our share based compensation programs and the net cost of the pre-funding of the SABMiller purchase price, decreased to 1.10 USD in 2Q16 from 1.29 USD in 2Q15.

Normalized EBITDA and normalized EBIT are measures utilized by AB InBev to demonstrate the company’s underlying performance.

Normalized EBITDA is calculated excluding the following effects from profit attributable to equity holders of AB InBev: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) net finance cost; (v) non-recurring net finance cost; (vi) non-recurring items above EBIT (including non-recurring impairment); and (vii) depreciation, amortization and impairment.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 14 / 23

Normalized EBITDA and normalized EBIT are not accounting measures under IFRS accounting and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Normalized EBITDA and normalized EBIT do not have a standard calculation method and AB InBev’s definition of normalized EBITDA and normalized EBIT may not be comparable to that of other companies.

HY16 recorded a decrease in cash and cash equivalents of 899 million USD compared to a decrease of 1 472 million USD in HY15, with the following movements:

AB InBev’s net capital expenditures amounted to 1 419 million USD in HY16 compared to 1 609 million USD in HY15. Approximately 49% of the gross capital expenditures in HY16 was used to improve the company’s production facilities, approximately 36% was used for logistics and commercial investments, and approximately 15% was used to improve administrative capabilities and the purchase of hardware and software.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 15 / 23

AB InBev’s net debt as of 30 June 2016 was 44.9 billion USD, an increase from 42.2 billion USD as of 31 December 2015. The net debt to normalized EBITDA ratio increased from 2.51x as of 31 December 2015 to 2.77x as of 30 June 2016, both on a reported basis.

As of 30 June 2016, the company had total liquidity of 70 977 million USD, which consisted of 9 000 million USD available under committed long-term credit facilities and 61 977 million USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts. Although AB InBev may borrow such amounts to meet its liquidity needs, the company principally relies on cash flows from operating activities to fund its continuing operations.

Approval of proposed combination with SABMiller by the United States Department of Justice

On 20 July 2016, AB InBev announced that it had entered into a consent decree with the United States Department of Justice, which clears the way for U.S. approval of its proposed combination with SABMiller plc.

As part of the consent decree and consistent with AB InBev’s approach to proactively address potential regulatory concerns, the company agreed to divest SABMiller’s U.S. interest in MillerCoors to Molson Coors. This divestiture, which was previously announced between AB InBev and Molson Coors, is conditional upon the successful closing of the combination of AB InBev with SABMiller.

The terms of the consent decree formalize prior commitments made by the company’s U.S. entity Anheuser-Busch (“AB”) including:

In addition, certain aspects of the company’s U.S. sales programs and policies will be reviewed and modified to conform to the consent decree.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 16 / 23

Revised and Final offer for SABMiller PLC

On 26 July we announced revised and final terms of our offer to acquire the entire issued and to be issued share capital of SABMiller.

Pursuant to the revised and final terms, each SABMiller shareholder will now be entitled to receive £45.00 in cash for each SABMiller share. The revised Cash Consideration represents:

Pursuant to the revised and final terms of the Partial Share Alternative, SABMiller shareholders will now be entitled to elect to receive £4.6588 in cash and 0.483969 Restricted Shares for each SABMiller share.

The revised Partial Share Alternative represents, as of 25 July 2016:

We believe that the revised and final offer represents a compelling opportunity for all SABMiller shareholders and hope to receive the recommendation of the SABMiller board for the cash consideration at the appropriate time. SABMiller’s two largest shareholders have undertaken to vote in favor of the transaction, as have the SABMiller directors with respect to their personal shareholdings.

Over the last 9 months, we have worked very closely and collaboratively with the SABMiller team. We have made very good progress with them on the regulatory process around the world, and have also worked with them on bond financing and the disposals in the US, China and Europe, as well as general integration planning. It remains our objective to close the transaction in 2016.

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 17 / 23

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 18 / 23

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 19 / 23

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 20 / 23

 

Annex 1
AB InBev Worldwide		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		116 799		95		-		-1 987		114 908		-1.7%
of which AB InBev own beer		105 409		406		-		-817		104 999		-0.8%
Revenue		11 052		28		-716		443		10 806		4.0%
Cost of sales		-4 462		1		270		-34		-4 225		-0.8%
Gross profit		6 590		28		-446		409		6 582		6.2%
Distribution expenses		-1 066		-15		98		-42		-1 025		-3.9%
Sales and marketing expenses		-1 757		-3		115		-327		-1 970		-18.8%
Administrative expenses		- 618		-17		40		-28		- 624		-4.5%
Other operating income/(expenses)		233		-30		-25		83		259		40.9%
Normalized EBIT		3 382		-38		-217		95		3 222		2.9%
Normalized EBITDA		4 156		-35		-283		173		4 011		4.3%
Normalized EBITDA margin		37.6%								37.1%		8 bp
North America		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		31 090		324		-		112		31 526		0.4%
Revenue		4 118		70		-18		92		4 263		2.2%
Cost of sales		-1 598		-35		4		83		-1 544		5.2%
Gross profit		2 520		37		-14		175		2 717		7.0%
Distribution expenses		- 340		-12		3		15		- 335		4.3%
Sales and marketing expenses		- 585		-10		2		-140		- 734		-24.1%
Administrative expenses		- 128		-12		1		-		- 139		0.4%
Other operating income/(expenses)		4		1		-		16		20		-
Normalized EBIT		1 471		2		-10		66		1 529		4.5%
Normalized EBITDA		1 657		5		-10		81		1 732		4.8%
Normalized EBITDA margin		40.2%								40.6%		103 bp
Mexico		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		10 886		-		-		788		11 674		7.2%
Revenue		1 055		-7		-157		100		992		9.5%
Cost of sales		- 264		-3		41		-33		- 261		-12.7%
Gross profit		791		-10		-116		67		732		8.5%
Distribution expenses		- 100		-1		16		-17		- 102		-16.7%
Sales and marketing expenses		- 171		10		26		-35		- 169		-21.5%
Administrative expenses		-93		-		12		-3		- 82		-2.2%
Other operating income/(expenses)		57		-25		-7		15		41		47.4%
Normalized EBIT		484		-24		-68		29		420		6.1%
Normalized EBITDA		569		-24		-80		36		500		6.6%
Normalized EBITDA margin		53.9%								50.4%		-143 bp
Latin America - North		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		27 477		436		-		-1 280		26 632		-4.6%
Revenue		1 995		60		-224		35		1 864		1.7%
Cost of sales		- 754		-31		92		-17		- 711		-2.3%
Gross profit		1 241		29		-132		18		1 154		1.4%
Distribution expenses		- 266		-4		35		-26		- 260		-9.7%
Sales and marketing expenses		- 251		-5		32		-18		- 242		-7.4%
Administrative expenses		- 112		-6		14		-1		- 105		-1.2%
Other operating income/(expenses)		106		1		-12		-5		91		-4.4%
Normalized EBIT		718		15		-64		-33		636		-4.6%
Normalized EBITDA		903		15		-89		-10		819		-1.1%
Normalized EBITDA margin		45.3%								43.9%		-125 bp

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PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 21 / 23

 

Annex 1
Latin America - South		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		7 765		-485		-		-1 077		6 202		-14.8%
Revenue		696		-16		-180		27		527		4.1%
Cost of sales		- 288		12		66		10		-200		3.4%
Gross profit		408		-4		-114		37		327		9.2%
Distribution expenses		- 70		3		24		-13		-56		-19.7%
Sales and marketing expenses		- 93		1		29		-19		-81		-20.4%
Administrative expenses		- 34		1		10		-3		-25		-7.5%
Other operating income/(expenses)		5		-8		-1		5		-		-
Normalized EBIT		216		-7		-51		8		165		3.7%
Normalized EBITDA		264		-7		-71		28		216		11.1%
Normalized EBITDA margin		37.9%								41.0%		255 bp
Europe		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		12 361		-110		-		-98		12 152		-0.8%
of which AB InBev own beer		11 931		-110		-		-17		11 805		-0.1%
Revenue		1 147		-9		-33		52		1 156		4.6%
Cost of sales		- 455		-		19		-21		- 457		-4.8%
Gross profit		692		-9		-14		31		699		4.5%
Distribution expenses		- 117		-2		4		-2		- 116		-1.6%
Sales and marketing expenses		- 245		1		7		-42		- 279		-17.3%
Administrative expenses		- 74		-		-		7		- 68		8.6%
Other operating income/(expenses)		4		2		-1		3		7		46%
Normalized EBIT		260		-8		-5		-5		243		-1.8%
Normalized EBITDA		345		-8		-7		-		331		0.1%
Normalized EBITDA margin		30.1%								28.6%		-128 bp
Asia Pacific		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		25 529		179		-		-441		25 266		-1.7%
Revenue		1 528		14		-79		63		1 526		4.1%
Cost of sales		-741		-8		36		14		- 698		1.9%
Gross profit		787		6		-42		77		828		9.7%
Distribution expenses		-124		-2		6		1		-118		1.0%
Sales and marketing expenses		-365		1		19		-30		-373		-8.3%
Administrative expenses		-78		-1		4		-		-74		-
Other operating income/(expenses)		54		-		-4		39		87		74.5%
Normalized EBIT		274		5		-18		87		349		31.3%
Normalized EBITDA		422		5		-25		85		487		20.0%
Normalized EBITDA margin		27.6%								31.9%		423 bp
Global Export and Holding Companies		2Q15		Scope		Currency translation		Organic growth		2Q16		Organic  growth
Total volumes (thousand hls)		1 693		-248		-		10		1 454		0.7%
Revenue		514		-85		-26		75		478		17.4%
Cost of sales		-363		64		15		-70		-353		-22.8%
Gross profit		151		-21		-12		5		125		4.0%
Distribution expenses		-48		3		10		1		-35		0.9%
Sales and marketing expenses		-47		-3		2		-43		-91		-86.4%
Administrative expenses		-100		-1		-1		-29		-130		-29.5%
Other operating income/(expenses)		3		-		-		9		12		-
Normalized EBIT		-41		-22		-1		-57		-120		-83.8%
Normalized EBITDA		-5		-21		-		-46		-72		-

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PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 22 / 23

 

Annex 2
AB InBev Worldwide		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		224 162		- 575		-		-3 811		219 776		-1.7%
of which AB InBev own beer		200 498		487		-		-2 106		198 880		-1.1%
Revenue		21 505		-33		-2 026		760		20 206		3.6%
Cost of sales		-8 662		61		706		- 109		-8 002		-1.3%
Gross profit		12 843		28		-1 320		652		12 204		5.1%
Distribution expenses		-2 125		-13		272		-99		-1 964		-4.7%
Sales and marketing expenses		-3 343		5		309		-539		-3 568		-16.3%
Administrative expenses		-1 263		- 28		111		1		-1 179		0.1%
Other operating income/(expenses)		483		-51		- 70		61		422		14.1%
Normalized EBIT		6 595		-60		- 697		76		5 915		1.2%
Normalized EBITDA		8 123		-55		- 868		274		7 474		3.4%
Normalized EBITDA margin		37.8%								37.0%		-6 bp
North America		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		58 416		205		-		-182		58 439		-0.3%
Revenue		7 719		32		-58		101		7 795		1.3%
Cost of sales		-3 073		8		14		148		-2 902		4.9%
Gross profit		4 646		41		-44		249		4 892		5.4%
Distribution expenses		- 656		-10		11		19		- 636		2.9%
Sales and marketing expenses		-1 085		-11		10		-215		-1 302		-20.0%
Administrative expenses		- 254		-22		3		11		-262		4.2%
Other operating income/(expenses)		20		-9		-		21		31		-
Normalized EBIT		2 671		-12		-21		85		2 723		3.2%
Normalized EBITDA		3 038		-8		-23		109		3 116		3.6%
Normalized EBITDA margin		39.4%								40.0%		89 bp
Mexico		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		19 991		-		-		1 971		21 961		9.9%
Revenue		1 948		-13		-333		244		1 847		12.6%
Cost of sales		- 508		-4		91		-82		- 504		-16.4%
Gross profit		1 440		-17		-242		162		1 343		11.3%
Distribution expenses		- 197		-2		36		-35		- 198		-17.7%
Sales and marketing expenses		- 342		20		62		-86		- 345		-26.7%
Administrative expenses		- 196		-		28		9		- 158		4.8%
Other operating income/(expenses)		109		-39		-13		13		70		19.0%
Normalized EBIT		814		-36		-128		64		712		8.1%
Normalized EBITDA		986		-36		-157		79		871		8.2%
Normalized EBITDA margin		50.6%								47.2%		-197 bp
Latin America - North		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		58 759		587		-		-3 574		55 772		-6.0%
Revenue		4 484		73		- 834		-13		3 709		-0.3%
Cost of sales		-1 573		-38		289		-18		-1 340		-1.1%
Gross profit		2 911		35		- 545		-31		2 370		-1.1%
Distribution expenses		- 587		-5		119		-32		- 504		-5.4%
Sales and marketing expenses		- 547		-5		109		-30		- 473		-5.5%
Administrative expenses		- 241		-6		43		14		- 190		5.7%
Other operating income/(expenses)		274		1		-49		-37		189		-13.5%
Normalized EBIT		1 810		20		- 324		-116		1 391		-6.4%
Normalized EBITDA		2 170		20		- 402		-53		1 735		-2.4%
Normalized EBITDA margin		48.4%								46.8%		-104 bp

---

PRESS RELEASE
Brussels, 29 July 2016, 7.00am CET – 23 / 23

 

Annex 2
Latin America - South		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		17 857		-1 060		-		-1 578		15 219		-9.4%
Revenue		1 614		-34		-485		181		1 276		11.5%
Cost of sales		-619		26		158		-8		-443		-1.4%
Gross profit		995		-8		-327		173		833		17.6%
Distribution expenses		-153		6		59		-40		-128		-27.2%
Sales and marketing expenses		-188		1		63		-47		-171		-25.3%
Administrative expenses		-66		1		20		-6		-50		-9.2%
Other operating income/(expenses)		-		-8		-2		13		2		-
Normalized EBIT		588		-8		-186		93		486		16.1%
Normalized EBITDA		681		-8		-223		129		580		19.2%
Normalized EBITDA margin		42.2%								45.5%		294 bp
Europe		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		20 657		-166		-		51		20 542		0.2%
of which AB InBev own beer		19 898		-166		-		183		19 916		0.9%
Revenue		1 922		-14		-98		87		1 896		4.6%
Cost of sales		-797		-		50		-39		-786		-5.0%
Gross profit		1 125		-14		-48		48		1 110		4.3%
Distribution expenses		-203		-3		12		-11		-204		-5.4%
Sales and marketing expenses		-438		1		24		-62		-475		-14.2%
Administrative expenses		-154		-		6		13		-136		8.1%
Other operating income/(expenses)		5		4		-1		-3		5		-35.1%
Normalized EBIT		335		-12		-7		-16		300		-4.8%
Normalized EBITDA		499		-12		-16		-7		465		-1.4%
Normalized EBITDA margin		26.0%								24.5%		-147 bp
Asia Pacific		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		45 286		303		-		-530		45 058		-1.2%
Revenue		2 822		25		-152		88		2 784		3.1%
Cost of sales		-1 391		-14		73		-39		-1 370		-2.8%
Gross profit		1 431		11		-78		49		1 414		3.4%
Distribution expenses		-231		-3		12		1		-220		0.6%
Sales and marketing expenses		-645		3		35		-35		-641		-5.4%
Administrative expenses		-155		-1		8		1		-146		0.9%
Other operating income/(expenses)		65		-		-5		47		106		73.3%
Normalized EBIT		465		11		-29		64		512		13.6%
Normalized EBITDA		762		11		-45		96		825		12.5%
Normalized EBITDA margin		27.0%								29.6%		248 bp
Global Export and Holding  Companies		HY15		Scope		Currency translation		Organic growth		HY16		Organic  growth
Total volumes (thousand hls)		3 197		-444		-		31		2 784		1.1%
Revenue		997		-103		-67		73		900		8.1%
Cost of sales		-702		82		32		-71		-658		-11.1%
Gross profit		295		-21		-35		2		242		0.6%
Distribution expenses		-98		4		24		-1		-72		-1.5%
Sales and marketing expenses		-98		-5		7		-65		-161		-63.6%
Administrative expenses		-197		-1		3		-41		-236		-21.1%
Other operating income/(expenses)		11		-		-		7		19		63.4%
Normalized EBIT		-87		-23		-1		-98		-209		-79.5%
Normalized EBITDA		-15		-22		-2		-79		-118		-

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