'Uhdp 'Holyhu 7Kh-Rxuqh\&Rqwlqxhv
Total Page:16
File Type:pdf, Size:1020Kb
'UHDP 'HOLYHU 7KH-RXUQH\&RQWLQXHV $QKHXVHU%XVFK,Q%HY$QQXDO5HSRUW WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 VOLUME OF FOCUS BRANDS REVENUE WAS 36 297 MILLION EBITDA MARGIN WAS 38.2%, EBITDA ROSE TO INCREASED 4.8% USD, AN ORGANIC INCREASE INCREASING 209 BASIS POINTS 13 869 MILLION USD, UP 10.6% OF 4.4%, AND REVENUE PER HL ROSE 2.3% 2010 Normalized EBITDA Contribution by Region* 7.9% 2.3% Central & 46.2% Western Europe Eastern Europe North America 34.3% 2.1% Asia PaciƮ c Latin America North 7.2% Latin America South 2010 Volume Contribution by Region 6.7% 8.0% Central & 32.4% Western Europe Eastern Europe North America 30.1% 12.6% Asia PaciƮ c Latin America North 8.5% 1.7% Global Export & Holding Companies Latin America South * Note: Excludes Global Export & Holding Companies WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 BUD_AR10_A_Cover_EN_Mech03.indd 2 3/29/11 10:06 AM .H\)LJXUHV 0LOOLRQ86'XQOHVVVWDWHGRWKHUZLVH ƵƳƳƹ ƵƳƳƺ ƵƳƳƻ ƵƳƳƻ ƵƳƳƼ ƵƳƳƼ ƵƳƴƳ UHSRUWHG FRPELQHG UHSRUWHG UHIHUHQFHEDVH 9ROXPHV PLOOLRQKOV 5HYHQXH 1RUPDOL]HG(%,7'$ (%,7'$ ś ś 1RUPDOL]HGSURƮWIURPRSHUDWLRQV 1RUPDOL]HGSURƮWDWWULEXWDEOHWR HTXLW\KROGHUVRI$QKHXVHU%XVFK,Q%HY ś ś 3URƮWDWWULEXWDEOHWRHTXLW\KROGHUV RI$QKHXVHU%XVFK,Q%HY ś ś 1HWGHEW QD QD &DVKưRZIURPRSHUDWLQJDFWLYLWLHV QD QD 1RUPDOL]HGHDUQLQJVSHUVKDUH 86' ś ś 'LYLGHQGSHUVKDUH 86' ś ś 'LYLGHQGSHUVKDUH HXUR ś ś 3D\RXWUDWLR ś ś :HLJKWHGDYHUDJHQXPEHU RIRUGLQDU\VKDUHV PLOOLRQVKDUHV ś ś 6KDUHSULFHKLJK HXUR ś ś 6KDUHSULFHORZ HXUR ś ś <HDUHQGVKDUHSULFH HXUR ś ś 0DUNHWFDSLWDOL]DWLRQ PLOOLRQ86' ś ś 0DUNHWFDSLWDOL]DWLRQ PLOOLRQHXUR ś ś Revenue (million USD) Normalized EBITDA (million USD) 2010 36 297 2010 13 869 2009 reference base33 862 2009 reference base 12 109 2009 reported 36 7582009 reported 13 037 2008 combined 39 158 2008 combined 12 067 2008 reported23 507 2008 reported 7 811 2007 19 735 2007 6 826 2006 16 692 2006 5 313 ,QDFFRUGDQFHZLWK,$6KLVWRULFDOGDWDSHUVKDUHKDVEHHQDGMXVWHGIRUHDFKRIWKH\HDUVHQGHG'HFHPEHUDQGE\DQDGMXVWPHQWUDWLRRIDVDUHVXOWRIWKHFDSLWDO LQFUHDVHSXUVXDQWWRWKHULJKWVRƬHULQJZHFRPSOHWHGLQ'HFHPEHU *LYHQWKHWUDQVIRUPDWLRQDOQDWXUHRIWKHGLVSRVDOVZHPDGHGXULQJWRUHƮQDQFHWKHGHEWZHLQFXUUHGWRƮQDQFHWKH$QKHXVHU%XVFKWUDQVDFWLRQZHSUHVHQWLQWKLV$QQXDO5HSRUW FRQVROLGDWHGYROXPHVDQGUHVXOWVGRZQWRQRUPDOL]HG(%,7RQD5HIHUHQFH%DVHWUHDWLQJDOOGLYHVWLWXUHVDVLIWKH\KDGFORVHGDVRI-DQXDU\DQGZLWKFHUWDLQLQWUDJURXSWUDQVDFWLRQVUHSRUWHG LQ*OREDO([SRUWDQG+ROGLQJ&RPSDQLHV 7RIDFLOLWDWHWKHXQGHUVWDQGLQJRI$QKHXVHU%XVFK,Q%HYŞVXQGHUO\LQJSHUIRUPDQFHWKHDQDO\VHVRIJURZWKLQFOXGLQJDOOFRPPHQWVLQWKLV$QQXDO5HSRUWXQOHVVRWKHUZLVHLQGLFDWHGDUHEDVHG RQRUJDQLFDQGQRUPDOL]HGQXPEHUVDJDLQVWWKH5HIHUHQFH%DVH,QRWKHUZRUGVƮ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ƮWWD[UDWH(36 DUHSUHVHQWHGRQDŠQRUPDOL]HGšEDVLVZKLFKPHDQVWKH\DUHSUHVHQWHGEHIRUHQRQ UHFXUULQJLWHPV1RQUHFXUULQJLWHPVDUHHLWKHULQFRPHRUH[SHQVHVZKLFKGRQRWRFFXUUHJXODUO\DVSDUWRIWKHQRUPDODFWLYLWLHVRIWKHFRPSDQ\7KH\DUHSUHVHQWHGVHSDUDWHO\EHFDXVHWKH\DUH LPSRUWDQWIRUWKHXQGHUVWDQGLQJRIWKHXQGHUO\LQJVXVWDLQDEOHSHUIRUPDQFHRIWKHFRPSDQ\GXHWRWKHLUVL]HRUQDWXUH1RUPDOL]HGPHDVXUHVDUHDGGLWLRQDOPHDVXUHVXVHGE\PDQDJHPHQWDQG VKRXOGQRWUHSODFHWKHPHDVXUHVGHWHUPLQHGLQDFFRUGDQFHZLWK,)56DVDQLQGLFDWRURIWKHFRPSDQ\ŞVSHUIRUPDQFH WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 $QKHXVHU%XVFK,Q%HY 2XUSRUWIROLRFRQVLVWVRIZHOORYHUEHHU EUDQGVLQFOXGLQJWKUHHJOREDOưDJVKLSEUDQGV DWDJODQFH %XGZHLVHU6WHOOD$UWRLVDQG%HFNŞVIDVW JURZLQJPXOWLFRXQWU\EUDQGVVXFKDV/HƬH DQG+RHJDDUGHQDQGVWURQJŠORFDOFKDPSLRQVš VXFKDV%XG/LJKW6NRO%UDKPD4XLOPHV 0LFKHORE+DUELQ6HGULQ.OLQVNR\H6LELUVND\D .RURQD&KHUQLJLYVNHDQG-XSLOHUDPRQJRWKHUV $QKHXVHU%XVFK,Q%HY (XURQH[W$%,1<6( %8' LVWKHOHDGLQJJOREDOEUHZHUDQGRQHRIWKH +HDGTXDUWHUHGLQ/HXYHQ%HOJLXP$QKHXVHU ZRUOGŞVWRSƮYHFRQVXPHUSURGXFWVFRPSDQLHV %XVFK,Q%HYRSHUDWHVLQFRXQWULHVZRUOGZLGH 2XUGUHDPVKDUHGE\SHRSOHDURXQG 7KHFRPSDQ\ZRUNVWKURXJKVL[RSHUDWLRQDO WKHJOREHLVWREHWKH%HVW%HHU&RPSDQ\LQD =RQHV1RUWK$PHULFD/DWLQ$PHULFD1RUWK %HWWHU:RUOG,QWKHFRPSDQ\JHQHUDWHG /DWLQ$PHULFD6RXWK:HVWHUQ(XURSH UHYHQXHVRIbPLOOLRQ86':HKDYHD &HQWUDO (DVWHUQ(XURSHDQG$VLD3DFLƮF VWURQJEDODQFHGEUDQGSRUWIROLRLQFOXGLQJ DOORZLQJFRQVXPHUVDURXQGWKHZRUOGWR IRXURIWKHWRSVHOOLQJEHHUVLQWKHZRUOG HQMR\RXUSURGXFWV DQGZHKROGWKH1RRU1RPDUNHWSRVLWLRQ LQFRXQWULHV &RQWHQWV ,QWURGXFWLRQ )RFXV 0XOWLSO\ %HVW %HWWHU 1XUWXUH *URZ /HWWHUWR6KDUHKROGHUV 2XU7RS0DUNHWV 2XU%UDQGV 2XU=RQHV 2XU3HRSOH 2XU'UHDP )LQDQFLDO5HSRUW WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ƴ 'UHDP 'HOLYHU 7KH-RXUQH\&RQWLQXHV$W$QKHXVHU%XVFK,Q%HYRXUGUHDPLVWREHWKH%HVW%HHU&RPSDQ\LQD%HWWHU:RUOG ,Q RXU SHRSOHŜDFURVV WKH FRPSDQ\ DQG DURXQG WKH ZRUOGŜRQFH DJDLQ GHPRQVWUDWHG WKHLU FRPPLWPHQWWRGHOLYHULQJWKHYHU\JRRGUHVXOWVWKDWFRQWULEXWHWRDFKLHYLQJRXUGUHDP7RGHOLYHURQRXUGUHDPWR EH WKH EHVW EHHU FRPSDQ\ ZH HPSOR\HG LQQRYDWLRQ DQG IRFXVHG PDUNHWLQJ WR H[SDQG RXU JOREDO EUDQGV :H DSSOLHGVKDUSƮQDQFLDODQGRSHUDWLQJGLVFLSOLQHWRGULYHSURƮWDEOHJURZWK$QGZHZRUNHGWRDWWUDFWDQGQXUWXUH WKHJUHDWSHRSOHZKRDUHHVVHQWLDOWREXLOGLQJDJUHDWFRPSDQ\$WWKHVDPHWLPHZHVWULYHGWRGHOLYHURQRXU GUHDPRIDEHWWHUZRUOGE\IRVWHULQJDEURDGUDQJHRIZRUWK\LQLWLDWLYHVDFURVVRXUJOREDORUJDQL]DWLRQ7KHWKUHH SLOODUV RI WKLV HƬRUW DUH SURPRWLQJ WKH UHVSRQVLEOH HQMR\PHQW RI RXU SURGXFWV KHOSLQJ HQVXUH HQYLURQPHQWDO VXVWDLQDELOLW\DQGVXSSRUWLQJWKHFRPPXQLWLHVZKHUHZHOLYHDQGZRUN:HDUHSURXGRIRXUSURJUHVVGXULQJWKH \HDUŜDQGZHSURPLVHWKDWDVZHFRQWLQXHRQRXUMRXUQH\DVDFRPSDQ\RXUHƬRUWVWRGHOLYHUZLOODOZD\VPDWFK WKHDPELWLRXVVFDOHRIRXUGUHDP '5($0 '(/,9(5Ŝ7+(-2851(<&217,18(6 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 )RFXV $1+(86(5%86&+,1%(9$118$/5(3257 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 '5($0 '(/,9(5Ŝ7+(-2851(<&217,18(6 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 025(7+$1 7963276,1 &28175,(6 0,//,21 )$&(%22.)$16 $''(' 025(7+$1 )$16+286( 0,//,21 )$&(63$,17(':,7+ 7+(%8':(,6(5 29(5 Š3$,17<285)$&(š$33 0,//,21 9,6,725672 <2878%( :LWKWKHVSRQVRUVKLSRIWKH),)$:RUOG&XS70RXULQGXVWU\OHDGHUVKLSSURYLGHGDQXQSUHFHGHQWHGRSSRUWXQLW\ IRUJOREDOFRQVXPHUFRQQHFWLRQDQGEUDQGH[SRVXUH$VWKHJOREDOVSRQVRU%XGZHLVHUFUHDWHGDZLGHUDQJHRI DFWLYLWLHVWRXFKLQJRYHUFRXQWULHV2QHKLJKO\YLVLEOHDQGHQJDJLQJSURJUDPZDVWKHŠ%XGZHLVHU0DQRIWKH 0DWFKšLQZKLFKPLOOLRQVRIIDQVKDGWKHRSSRUWXQLW\WRYRWHRQWKHNH\SOD\HURIHDFKPDWFK%XGZHLVHUŞVVSRQVRUVKLS DFWLYLWLHVFDPHWRJHWKHULQDJOREDOrFDPSDLJQWKDWZHFDOOHGŠ%XG8QLWHGšLQFOXGLQJDGYHUWLVLQJSURPRWLRQDO SURJUDPVDQGH[WHQVLYHVRFLDOPHGLD$KLJKSRLQWRIWKHFDPSDLJQZDVŠ%XG+RXVHšD:RUOG&XSLQVSLUHGRQOLQH UHDOLW\79VHULHVLQZKLFKIDQVIURPDURXQGWKHZRUOGOLYHGWRJHWKHULQDKRXVHLQ6RXWK$IULFDIRUWKHGXUDWLRQ RIWKHWRXUQDPHQW%XLOGLQJRQ%XGZHLVHUŞVJOREDOVSRQVRUVKLSEUDQGVVXFKDV%UDKPD+DUELQ-XSLOHU+DVVHUµGHU DQG4XLOPHVVHUYHGDVORFDOVSRQVRUVEULQJLQJWKHH[FLWHPHQWRIWKHHYHQWLQWRWKHLUUHVSHFWLYHPDUNHWV WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 0XOWLSO\ WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ƹ %HVW $1+(86(5%86&+,1%(9$118$/5(3257 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ƺ '5($0 '(/,9(5Ŝ7+(-2851(<&217,18(6 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ,Ş07+( '(6,*1$7(' '5,9(5 $W$%,Q%HYZHVKDUHEHVWSUDFWLFHVDFURVVRXURUJDQL]DWLRQQRWRQO\LQEXVLQHVVRSHUDWLRQVEXWDOVRLQSXUVXLWRI RXU GUHDP RI D EHWWHU ZRUOG $Q H[DPSOH RI WKLV DSSURDFK ZDV WKH GHVLJQDWHG GULYHU DG FDPSDLJQ SUHYLRXVO\ ODXQFKHGE\%XGZHLVHULQWKH86IHDWXULQJWKHDFWRUDQGFRPHGLDQ&HGULFWKH(QWHUWDLQHU7KHSRSXODULW\RIWKH Š&HGULFšDGOHGWRORFDOL]HGYHUVLRQVLQ&KLQDDQG%ROLYLDXVLQJZHOONQRZQFHOHEULWLHVIURPWKRVHFRXQWULHVDQGLW DOVRUDQLQLWVRULJLQDOIRUPLQWKH8.:HDOVRRUJDQL]HGWKHƮUVW*OREDO%H HU 5HVSRQVLEOH'D\LQ6HSWHPEHU 7KLVFRRUGLQDWHGZRUOGZLGHHƬRUWWRVXSSRUWWKHUHVSRQVLEOHHQMR\PHQWRIRXUSURGXFWVHQFRPSDVVHGDFWLYLWLHVLQ HYHU\JHRJUDSKLF=RQH)URPŠ:H,'šDQGXQGHUDJHVDOHVSUHYHQWLRQSURJUDPVLQ&HQWUDO (DVWHUQ(XURSHDQG /DWLQ$PHULFDWRGHVLJQDWHGGULYHUSURPRWLRQVLQ:HVWHUQ(XURSH&KLQDDQGWKH86RXUHQWLUHRUJDQL]DWLRQZDV HQJDJHGLQWKLVNH\DFWLYLW\RIRXU%HWWHU:RUOGHƬRUWV WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 %HWWHU WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ƴƳ 1XUWXUH $1+(86(5%86&+,1%(9$118$/5(3257 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 ƴƴ '5($0 '(/,9(5Ŝ7+(-2851(<&217,18(6 WorldReginfo - c73f423e-5fe5-49f5-911c-4afe7dcad8d1 */2%$/ 0$1$*(0(17 6+2:86<28Ş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ƬHUVSURJUDPVWKURXJK$%,Q%HY8QLYHUVLW\DWZKLFKZH QXUWXUH WHDP PHPEHUVŞ OHDGHUVKLS TXDOLWLHV PDQDJHPHQW EHVW SUDFWLFHV DQG IXQFWLRQDO VNLOOV 7KLV \HDU RXU ưDJVKLS *OREDO 0DQDJHPHQW 7UDLQHH3URJUDP DWWUDFWHG DSSOLFDWLRQV IURP RYHU VWXGHQWV IURP OHDGLQJ XQLYHUVLWLHVDURXQGWKHZRUOG7KH3URJUDPSURYLGHVXVZLWKDVRXUFHRIZHOOSUHSDUHGDQGPRWLYDWHGPDQDJHUV ZKRZLOOHQDEOHXVWRRXWSHUIRUPLQWKHIXWXUH