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Earnings Analysis: 
InBev Profit Surges 55.8%
Author: 123jump.com Staff
123jump.com
Last Update: 11:05 PM EST March 03 2008

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The Belgian brewer InBev reported 2007 revenues increase of 7.2% to 14.4 billion euros from 13.3 billion euros a year earlier as revenues in Latin America North increased 34% and leapt 24% in Western Europe. In particular, beer volumes in Brazil grew by 5.6% and the market share in 2007 rose to 67.8%.

 
During the year, there was double-digit growth of the Bohemia brand in the Brazil that increased InBev’s market share in Brazil to 67.8%. EBITDA in the period rose 20.9%

Latin America South

Volumes in the region rose 9.7% to 30.5 million of hl from 22.5 hl a year ago, while revenues climbed 21% from 733 million euros in 2006 to 1 billion euros leveraged by solid demand in Argentina, Bolivia and Uruguay. Beer volumes increased 6.8% and non-beer volumes advanced 14.3%. The Quilmes brand gained 50% market share in Argentina.

In addition, EBITDA in the region spiked 29.1%.

Western Europe

InBev revenues from Western Europe declined 3.4% to 3.4 billion euros from 3.6 billion euros in 2006 and branded beer volumes slumped 4.4% from 39.4 million hl to 36.08 million hl.

On the overall, volumes slipped 4.9% to 36,068 from 39,147.

Although there was stable and growing market share in all Western Europe markets, sales dropped in the U.K.

EBITDA for the year slipped 3.9% in the segment.

Central & Western Europe

Volumes grew markedly in the segment by 13.7% to 49.14 from 43.20 hl a year earlier.

Revenues also increased 22.6% from 1.8 billion euros last year to 2.19 billion euros on 16.5% increase in Russia and 19.3% in Ukraine.

In the region, the Siberian Crown brand has tripled its sales since 2001 and has contributed to both in volume and market share growth.

Asia Pacific

Asia Pacific region revenue increased 8.1% to 994 million euros from 912 million euros a year ago after volumes increased 3.6% to 36,380 from 30, 924.

Growth was supported by increased volumes of 5.7% in South Korea as the Cass brand gained significant market share.


Stock Buyback

InBev paid out a total of 2.5 billion euro during 2007. This consists of acquiring 600 million euro of InBev shares and 1,129 million euro of AmBev shares through share buyback programs, as well as paying 435 million euro in dividends to InBev shareholders, and 333 million euro to minority shareholders, mainly AmBev minority shareholders.

The InBev board proposes to pay a dividend of 2.44 euro per share compared to 0.72 euro per share in 2006, subject to shareholder approval.
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