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Anheuser-Busch InBev. All rights reserved.
Best Beer Company Bringing People Together For a Better World
1
Jo Van Biesbroeck
25 April 2015
Anheuser-Busch InBev. All rights reserved.
Anheuser-Busch InBev today and our journey so far
2
Anheuser-Busch InBev. All rights reserved. 3
* Ticker:Euronext: ABI
NYSE: BUD
Leading globalbrewer
Top-five consumer products company
EBITDA of 18.5 billion USD in 2014
Revenue of 47.1 billion USDin 2014
Global HQ: Leuven, Belgium
Operations in 25 countries
Sales in 100+ countries
Some 155,000 employees worldwide
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Anheuser-Busch InBev at a glance
Anheuser-Busch InBev. All rights reserved. 4
A truly global company
Operations across six geographical zones 155.000 colleagues
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Anheuser-Busch InBev. All rights reserved. 5
Our history
2000 2002 2004
1987 1995 2000 2002 2004 2008 2013 2014
IPO
Anheuser-Busch InBev. All rights reserved.
Owning the most valuable brands
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Source: http://millwardbrown.com/Home.aspx
Top 10 Beer Brands
Budweiser is the only beer brand in the BrandZ Top 100 Most Valuable Global Brands
6 AB InBev brands in the BrandZ Top 10 Most Valuable Beer Brands
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Heineken
Guinness
Aguila
Miller Light
Anheuser-Busch InBev. All rights reserved. 7
Globalbrands
Localchampions
Internationalbrands
Our focus brand strategy
Creating sustainable growth
Anheuser-Busch InBev. All rights reserved. 8
Source: 2013 company filings/reports, AB InBev estimates
Continued improvement in core working capital
2,1%
-0,6%
-5,4%
-7,4%-8,5%
-10,0%-11,0%-12,0%
-10,0%
-8,0%
-6,0%
-4,0%
-2,0%
0,0%
2,0%
4,0%
CW
C/ N
et
Re
ven
ue
s (
12
mo
nth
s)
2008 2009 2011 20122010 2013 2014
1) Yearly average (on a rolling 12 month basis). CWC includes elements considered "core to the operations,. For example core receivables would include items such as trade receivables, other receivables (i.e. marketing prepayments), cash guarantees, loans to customers, non-income tax receivables, packaging deposits, and excludes derivatives, payroll-related receivables, deferred consideration on sales of assets, dividend receivables, interest receivables. Core payables includes items such as trade and other payables, non-income tax payables, packaging deposits, and cash guarantees but excludes derivatives, payroll-related payables, deferred consideration on acquisition, dividend payables, interest payable. There is no change to the calculation of Inventories, we include the same amounts for CWC as for Working Capital (as defined in our Financial Statements). 2) 2008 NA includes only 6 weeks of the legacy AB business. Results prior to 2013 exclude Grupo Modelo.
Core Working Capital (CWC) as a
% of Net Revenues (1)
Anheuser-Busch InBev. All rights reserved. 9
Robust cash flow generationOver $69 billion of Free Cash Flow generated since the combination with Anheuser-Busch
Definition: Note: Free Cash Flow (FCF) defined as Cash Flow from Operating Activities adding back Net Interest, less Net Capex.
FCF represents cash available for distribution to equity holders of AB InBev before debt service and debt pay down, and before adjusting for Ambev minorities. Cash Flow from Operating
Activities is defined in Figure 17 of the FY14 press release.
10,5 10,6
11,5 12,1 12,2 12,2
9,1 9,9
12,5 13,3
13,9 14,1
-
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
2009 2010 2011 2012 2013 2014
Free Cash Flow Cash Flow from Operating Activities
US
D m
illio
ns
Anheuser-Busch InBev. All rights reserved.
10
1.45
1.00
(1) For purposes of calculating the dividend growth rate in USD, we have taken the EUR/USD rate at the date of payment, with the exception of the proposed Final FY14 dividend, for which for illustrative purposes we used the EUR/USD rate as of 25 February 2015.
Growing dividends over time
26,3%21,3%
33,8%38,5%
49,3%
58.0%65,0%
2008 2009 2010 2011 2012 2013 2014
Payout ratio (%)
0,600,28 0,38
0,80
1,20
1,70
2.05 2,00
2008 2009 2010 2011 2012 2013 2014
Dividend per share (EUR)
Final
Interim
(Paid)
3.00
+46% in EUR+26% in USD (1)
1.45
1.00
Anheuser-Busch InBev. All rights reserved. 11
Focus on the major occasions for purchasing and consuming our products
Our strategy is clear
Leverage industry-leading scale
Position right brands to drive top-line growth through premiumization and market share gains
Financial discipline
Focus on the major occasions for purchasing and consuming our products
Anheuser-Busch InBev. All rights reserved. 12
Financial discipline with purpose Cost Connect - Win
Converting non-working money into working money
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2014 FIFA World Cup
Sponsorship
Digital Connections
Innovations
2014 Super Bowl
Financial discipline with purpose Investing in growth
Anheuser-Busch InBev. All rights reserved. 14
What makes AB InBevso unique?
Anheuser-Busch InBev. All rights reserved. 15
Dream People Culture
We are a company of owners
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Dream - People - Culture
Despite having operations in many countries around the world, with different national cultures, we operate as one company, with one Dream and one culture to unite us, and a clear focus on having the right peoplein the right place at the right time.
Our culture is built on ownership, informality, candor, transparency and meritocracy. We set ourselves stretch targets and are never completely satisfied with our results.
Our culture not only defines who we are, but also provides the energy and the focus to drive forward and achieve our Dream to be the Best Beer Company Bringing People Together For a Better World.
Anheuser-Busch InBev. All rights reserved. 17
Our 10 principles
Owners
Simplicity
Integrity
Zero-complacency
Quality
Anheuser-Busch InBev. All rights reserved. 18
DREAMINGBIG ORDREAMING SMALL,EFFORT IS THE SAME
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We are a company of owners
A company of owners is not just about owning shares Owners act as entrepreneurs like we all know
them (baker,..) check each penny before spending it know their business, their consumers,
their customers and their competitors earn their business every day dream big, are passionate to deliver
and never give up never delegate any of the above show the example by doing!
Owners are responsible and accountable for results.
Owners make better decisions.
Anheuser-Busch InBev. All rights reserved. 20
The Stella Artois success story
Anheuser-Busch InBev. All rights reserved. 21
History of Stella Artois
Anheuser-Busch InBev. All rights reserved. 22
History of Stella Artois
Anheuser-Busch InBev. All rights reserved. 23
Number 1 Belgian beer brand worldwide
Number 6 beer brand worldwide
Available in nearly100 countries
Belgian Stella Artois in the world
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The Chalice
Anheuser-Busch InBev. All rights reserved. 25 AB InBev 2015 All rights reserved
Stella Artois for a Better World
Our vision is to drive awareness of the global water crisis in developing countries
and help stop womens journeys to collect water for their families, so they can begin new journeys
of their own
Anheuser-Busch InBev. All rights reserved.
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Consumers are invited to buy one of three limited edition chalices.
One Chalice will help Water.org provide 5 years clean water to one person in the developing world.
In addition, Stella Artois is donating $1.2m to Water.org.
Buy a Lady a Drink
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27
BALAD launch video
Anheuser-Busch InBev. All rights reserved. 28
Find out more atwww.ab-inbev.com
Like us at www.facebook.com/abinbev
Follow us at @ABInBevNews