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The Best Beer Company in a Better World

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The Best Beer Company in a Better World In November 2008 we closed the combination with Anheuser-Busch, creating Anheuser-Busch InBev, a world class consumer goods company with a pro- forma EBITDA of approximately 8.2 billion euro in 2008. The combined business has four of the top ten selling beers in the world, and has a number one or number two position in over 20 markets. Our dream is to become Anheuser-Busch InBev Anheuser-Busch The Best Beer Company in a Better World Annual Report 2008 Annual Report 2008 Report Annual Anheuser-Busch InBev In November 2008 we closed the combination with Anheuser-Busch, creating Anheuser-Busch InBev, a world class consumer goods company with a pro- forma EBITDA of approximately 8.2 billion euro in 2008. The combined business has four of the top ten selling beers in the world, and has a number one or number two position in over 20 markets. Our dream is to become Anheuser-Busch InBev Anheuser-Busch The Best Beer Company in a Better World Annual Report 2008 Annual Report 2008 Report Annual Anheuser-Busch InBev 4 | Letter to Shareholders 6 | Anheuser-Busch: The story so far 8 | The Language we speak 14 | The Brands that define us 22 | The Zones that drive us 30 | The People that make the difference 34 | The World around us 41 | Financial Report 127 | Corporate Governance ‘Anheuser-Busch and InBev both have rich brewing traditions and a commitment to quality and integrity. We will succeed by celebrating Anheuser-Busch InBev is a publicly traded and integrating both company (Euronext: ABI) based in Leuven, companies’ strong brands, Belgium. It is the leading global brewer and heritages and values and one of the world’s top five consumer products by incorporating the best companies. A true consumer-centric, sales practices of both to create driven company, Anheuser-Busch InBev opportunities for all of our manages a portfolio of nearly 300 brands. stakeholders worldwide.’ Geographically diversified with a balanced exposure to developed and developing markets, Anheuser-Busch InBev leverages the collective strengths of its 120,000 employees based in operations in over 30 countries across the world. The company strives to be the Best Beer Company in a Better World. Chief Executive Officer Key figures 1 9.3% North9.3% AmericaNorth America 17.5% North17.5% AmericaNorth America 50% 50% 20 000 20 000 9.3% North America 17.5% North America 50% 20 000 16 102 16 102 35.7% Latin35.7% AmericaLatin North America North 44.9% Latin44.9% AmericaLatin North America North 40% 40% 15 576 15 576 35.7% Latin America North 44.9% Latin America North 34.6% 34.6% 15 57614 16430 102 14 430 15 000 15 000 Registered trademarks 31.9% 31.9%32.7%40%33.1%32.7% 33.1% 14 43013 308 13 308 11.8% Latin11.8% AmericaLatin South America South 10.2% Latin10.2% AmericaLatin South America South 28.6%34.6% 28.6% 11 656 11 656 15 000 31.9% 32.7% 33.1% 30% 30% 13 308 11.8% Latin America South 10.2% Latin America South 28.6%24.7% 24.7% 11 656 30% 10 000 10 000 11.9% Western11.9% EWesternurope Europe 12% Western12% EWesternurope Europe 24.7% 8 568 8 568 11.9% Western Europe 1. The following brands12% areWestern registered Europe trademarks of Anheuser-Busch InBev SA/NV or one Responsible Editor centage centage 10 000 2 20% 20%8 568 16.2% Central16.2% & CentralEastern &Europe Eastern Europe 7.2% Central7.2% & CentralEastern &Europe Eastern Europe Million euro, unless stated otherwise 2004 2005 2006 2007 2007 2008 centage of its affiliated companies : Marianne Amssoms Per Per 20% Million euro Million euro 3 16.2% Central & Eastern Europe 7.2% Central & Eastern Europe Per 5 000 5 000 reported restated 10% 10% Million euro 13.5% Asia13.5% PacificAsia Pacific Global brands : 4.4% Asia4.4% PacificAsia Pacific 5 000 Project Management 10% 13.5% Asia Pacific • Budweiser, Stella4.4% Artois andAsia Beck’s. Pacific Gwendoline Ornigg 0 0 1.6% Global1.6% ExportGlobal Export 3.8% Global3.8% ExportGlobal Export 3 30% 0% 3 3 Volumes (million hls) 162 224 247 271 286 285 04 05 0406 0507 06070%07200807 2008 04 05 0406 0507 0607007200807 2008 1.6% Global Export& Holding & Companies Holding Companies Multi-country brands3.8% : Global Export& Holding & Companies Holding Companies 04 05 06 07 073 2008 04 05 06 07 073 2008 & Holding Companies • Leffe, Staropramen and Hoegaarden.& Holding Companies Special thanks to Miguel Daves Revenue 8 568 11 656 13 308 14 430 15 576 16 102 2008 Volume2008 Volumes s 2008 Normalized2008 Normalized EBITDA EBITDA and to all our Anheuser-Busch InBev NormalizedNormalized EBITDA EBITDA RevenueRevenue 2008 Volumes 2008 NormalizedLocal EBITDbrands : A colleagues who have helped to make Normalized EBITDA Revenue • Alexander Keith’s, Alexander Keith’s Stag’s Head Stout , Andes, Andes Red Lager, Antarctica, this report happen. Normalized EBITDA 2 116 3 339 4 239 4 992 5 091 5 334 Apatinsko Pívo, Astika, Bagbier, Baltica, Bass, Baviera Helles/Dortmund/Marzen, Beck’s Green Lemon, Beck’s Ice, Beck’s Vier, Becker, Belle-Vue, Belgian Beer Café, Bergenbier, Original English version written by EBITDA 2 329 3 132 4 223 5 324 5 423 4 928 Boddingtons, Bohemia, Bohemia Oaken, Boomerang, Borostyán, Borsodi Barna, Borsodi 9.3% North America 17.5% North America Rory Day 50% 20 000 Bivaly, Borsodi Póló, Borsodi Sör, Brahma, Brahma Ice, Brahma Light, Brahma Extra Light, Normalized profit from operations 1 255 2 439 3 223 3 920 3 933 4 022 16 102 35.7% Latin America North 44.9% Latin America North Brahma Bock, Brahma Fresh, Braník, Bud Ice, Bud Light, Bud Light Lime, Bud Select, 40% 15 576 Design and Production 34.6% 14 430 15 000 Budweiser American Ale, Budweiser Genuine Draft, Burgasko, Busch, Busch Light, Cafri, 31.9% 32.7% 33.1% 13 308 11.8% Latin America South 10.2% Latin America South Walking Men 28.6% Caracu, Cass, Cass Lemon, Chernigivske, Chernigivske non-alcoholic, Diebels Alt, Diebels Normalized profit attributable to equity holders 621 1 024 1 522 30% 1 863 1 88611 656 1 711 Noir Quadri of Anheuser-Busch InBev 24.7% Brief overview 11.9% Western Europe 12% Western Europe Light, Diekirch, Dimix, Dommelsch, Double Deer, Ducal, Eiken Artois, Franziskaner, Guaraná 8 568 10 000 Antarctica, Haake-Beck, Harbin, Hasseröder, Hertog Jan, Hertog Jan Weizener, Hoegaarden 20% centage In 2008 we grew EBITDA* 4.6% in16.2% whatCentral was &a Easterntough Europe year for us 7.2% Central & Eastern Europe Citron, Iguana, Jelen Pívo, Jinling, John Labatt Summer Cream Ale, Jupiler Tauro, Kamenitza Print Per Profit attributable to equity holders 719 904 1 411 2 198 2 221 1 288 Million euro SNEL 5 000 Lev, Kelt, KK, Klinskoye, Kokanee, Kronenbier, Labatt Blue, Labatt Blue Light, Labatt Ice, of Anheuser-Busch InBev 10% and for the industry as a whole, with13.5% overallAsia Pacific volumes failing to 4.4% Asia Pacific Labatt Sterling, Labatt Wildcat, La Bécasse, Lakeport, Leffe Christmas, Leffe Ruby, Loburg, meet forecasts in many markets and rising commodity costs and Löwenbräu, Malta Caracas, Měšt’an, Michelob, Michelob Ultra, Michelob Irish Red, Mousel, The inside of the Annual Report 0% 0 1.6% Global Export 3.8% Global Export Natural Light, Nik Cool, Nik Gold, Niksicko Pivo, Niksicko Tamno, Noroc, Norte, Norteña, is printed on 100% post- 04 05 06 07 073 2008 04 05 06 07 073 2008 inflation for much of the year. & Holding Companies & Holding Companies OB, Ostravar, Ouro Fino, Ožujsko, Paceña, Patricia, Pikur, Pilsen, Pleven, Polar, Premier, consumer recycled paper. Pure Light, Quilmes Chopp, Quilmes Cristal, Quilmes Red Lager, Rolling Rock, Rifey, Rogan, 2008 Volumes 2008 Normalized EBITDA Normalized EBITDA Revenue Our EBITDA margin decreased 15 bps, closing the year at 33.1%. Sedrin Golden, Serramalte, Sibirskaya Korona ‘Life’, Skol, Slavena, Spaten, St. Pauli Girl, U kan dit rapport in het Nederlands Consolidated volumes were flat with our own beer volumes Staropramen Chill, Stella Artois Légère, Stella Artois 4%, T, Taller, Taquiña, Tennent’s, op onze website consulteren : Net financial debt 3 271 4 867 5 563 5 093 n.a. 40 713 Tennent’s 1885, Tennent’s Super, Tinkoff, Tolstiak, Velvet, Volzhanin, Vratislav, Whitbread, www.ab-inbev.com decreasing 0.3% and soft drinks volume growing of 4.9%. Yantar, Zolotaya Angara, Zulia. Vous pouvez consulter ce rapport en français sur notre site Our top line grew 5.2% compared to the previous year driven to a great 2. The following brands are registered trademarks : web : www.ab-inbev.com extent by price and revenue management initiatives combined with • Bucanero, Bucanero Malta, Bucanero Fuerte, (Palma)Cristal, Mayabe: joint-venture with ‘In 2008 we took great strides Cerveceria Bucanero SA. Anheuser-Busch InBev NV/SA high quality marketing and sales execution in the marketplace. • Corona of Grupo Modelo S.A.B. de C.V. Brouwerijplein 1 Cash flow from operating activities 1 384 2 405 3 287 4 064 n.a. 4 189 forward in creating significant • Tsingtao of Tsingtao Brewery Co., Ltd. B-3000 Leuven Our decision to focus on and invest in a smaller number of higher • Pearl River and Zhujiang of the partnership with Zhujiang Beer Group Company. Belgium opportunities through the • PerfectDraft, co-owned with Koninklijke Philips Electronics NV. Tel : +32 16 27 61 11 value, or focus brands has produced encouraging results this year combination of InBev and Fax : +32 16 50 61 11 with these brands delivering volume growth of 2.6%. 3. The following brands are registered brands under license : Anheuser-Busch.
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