HIGHLIGHTS
? Revenue: Revenue grew by 5.1% in FY17 and by 8.2% in 4Q17, with revenue per hl growth of 5.1% in FY17 and 6.6% in 4Q17. On a constant geographic basis, revenue per hl grew by 5.1% in FY17 and by 6.7% in 4Q17, driven by global premiumization and revenue management initiatives.
? Volume: Total volumes grew by 0.2% in FY17, with own beer volumes up 0.6% and non-beer volumes down 3.1%. In 4Q17, total volumes increased by 1.6%, with own beer volumes up 2.3% and non-beer volumes down 3.6%.
? Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona, grew by 9.8% in FY17 and by 17.8% in 4Q17. Outside of their respective home markets, the global brands grew by 16.8% in FY17 and by 29.0% in 4Q17.
? Cost of Sales (CoS): CoS increased by 2.6% in FY17 and by 2.6% on a per hl basis. On a constant geographic basis, CoS per hl increased by 3.1% in FY17. In 4Q17, CoS increased by 4.6% and by 3.2% on a per hl basis. On a constant geographic basis, CoS per hl increased by 3.3% in 4Q17.
? EBITDA: EBITDA increased by 13.4% in FY17 to 22 084 million USD, as a result of strong top-line growth and enhanced by synergy capture. EBITDA margin expanded by 288 bps to 39.1% in FY17. In 4Q17, EBITDA increased by 21.0% to 6 189 million USD with EBITDA margin expansion of 446 bps to 42.4%.
? Net finance results: Net finance costs (excluding non-recurring net finance results) were 5 814 million USD in FY17 compared to 5 208 million USD in FY16. In 4Q17, net finance costs were 1 559 million USD compared to 2 037 million USD in 4Q16.
? Income taxes: Income tax in FY17 was 1 920 million USD with a normalized effective tax rate (ETR) of 22.9%, compared to 1 613 million USD in FY16 and a normalized ETR of 20.9%. In 4Q17, income tax expense was positive by 568 million USD with a normalized ETR of 32.1%, compared to an income tax expense of 553 million USD in 4Q16 and a normalized ETR of 28.6%.
? Profit: Normalized profit attributable to equity holders of AB InBev increased by 64.2% on a reported basis from 4 853 million USD in FY16 to 7 967 million USD in FY17, due to stronger top-line growth and synergy capture. Normalized profit attributable to equity holders of AB InBev increased by 123.5% on a reported basis from 919 million USD in 4Q16 to 2 054 million USD in 4Q17.
? Earnings per share: Normalized earnings per share (EPS) increased by 42.8% on a reported basis from 2.83 USD in FY16 to 4.04 USD in FY17, and by 141.9% on a reported basis from 0.43 USD in 4Q16 to 1.04 USD in 4Q17. ? Dividend: The AB InBev Board proposes a final dividend of 2.00 EUR per share, subject to shareholder approval at the AGM on 25 April 2018. When combined with the interim dividend of 1.60 EUR per share paid in November 2017, the total dividend for FY17 would be 3.60 EUR per share. A timeline showing the ex-coupon dates, the record dates, and the payment dates can be found on page 19.
? Combination with SAB: The business integration resulted in synergies and cost savings of 1 304 million USD in FY17, of which 381 million USD were delivered in 4Q17. We have now delivered 2 133 million USD of the expected 3.2 billion USD synergies and cost savings on a constant currency basis as of August 2016.
? 2017 Full Year Financial Report is available on our website at www.ab-inbev.com

Figure 1. Consolidated performance (million USD)
FY16 FY16 FY17 Organic
Reported Reference Base growth
Total Volumes (thousand hls) 500 242 615 880 612 572 0.2%
AB InBev own beer 433 925 505 040 507 692 0.6%
Non-beer volumes 61 906 107 583 100 211 -3.1%
Third party products 4 412 3 257 4 669 15.8%
Revenue 45 517 53 942 56 444 5.1%
Gross profit 27 715 32 776 35 058 6.7%
Gross margin 60.9% 60.8% 62.1% 91 bps
Normalized EBITDA 16 753 19 633 22 084 13.4%
Normalized EBITDA margin 36.8% 36.4% 39.1% 288 bps
Normalized EBIT 13 276 15 520 17 814 16.5%
Normalized EBIT margin 29.2% 28.8% 31.6% 313 bps
Profit attributable to equity holders of AB InBev 1 241 7 996
Normalized profit attributable to equity holders of AB InBev 4 853 7 967
Earnings per share (USD) 0.72 4.06
Normalized earnings per share (USD) 2.83 4.04

4Q2016 4Q 2017 Organic growth
Total Volumes (thousand hls) 159 439 145 977 1.6%
AB InBev own beer 123 975 126 754 2.3%
Non-beer volumes 33 444 17 994 -3.6%
Third party products 2 020 1 228 10.7%
Revenue 14 202 14 600 8.2%
Gross profit 8 795 9 434 10.3%
Gross margin 61.9% 64.6% 121 bps
Normalized EBITDA 5 248 6 189 21.0%
Normalized EBITDA margin 37.0% 42.4% 446 bps
Normalized EBIT 4 148 5 073 26.3%
Normalized EBIT margin 29.2% 34.7% 501 bps
Profit attributable to equity holders of AB InBev 400 3 037
Normalized profit attributable to equity holders of AB InBev 919 2 054
Earnings per share (USD) 0.21 1.54
Normalized earnings per share (USD) 0.43 1.04

Figure 2. Volumes (thousand hls)
FY16 Scope Organic FY17 Reference Base growth Total Volume Own beer volume
North America 116 890 423 -3 817 113 496 -3.3% -3.4%
Latin America West 108 995 - 98 1 729 110 625 1.6% 1.7%
Latin America North 119 757 - 25 - 358 119 374 -0.3% 1.6%
Latin America South 32 158 - 1 904 34 062 5.9% 8.4%
EMEA 134 821 -4 157 1 027 131 692 0.9% 2.3%
Asia Pacific 101 320 148 518 101 986 0.5% 0.3%
Global Export and Holding Companies 1 939 - 673 70 1 336 5.5% 5.5%
AB InBev Worldwide 615 880 -4 382 1 073 612 572 0.2% 0.6%

Organic growth 4Q16 Scope Organic 4Q17 growth Total Volume Own beer volume
North America 26 539 75 - 383 26 231 -1.4% -1.5%
Latin America West 29 309 - 27 143 29 425 0.5% 1.0%
Latin America North 33 888 - 26 1 019 34 881 3.0% 5.8%
Latin America South 9 861 - 571 10 432 5.8% 7.0%
EMEA 41 204 -15 837 871 26 238 3.4% 4.4%
Asia Pacific 18 055 258 68 18 381 0.4% 0.2%
Global Export and Holding Companies 582 - 163 -31 388 -7.3% -7.3%
AB InBev Worldwide 159 439 -15 721 2 259 145 977 1.6% 2.3%

MANAGEMENT COMMENTS
2017 was a transformative year for our company. We are well on our way to achieving our most successful business integration ever and we delivered the best performance in three years. Our reshaped brand portfolio is rising to every occasion to capture future growth.
Realizing the best of both worlds
The combination with SAB has exceeded our expectations. We have incorporated the best of both companies by bringing together world-class talent, integrating best practices and deepening our understanding of consumers and occasions across all markets.
Cost synergies are not only greater than originally expected, but they are also being delivered at a faster pace. Revenue synergies, although not externally quantified, are well underway through the successful launch of our global brands into new territories, among other activities.
We have also adopted a new way of looking at the beer category that recognizes different market maturities and the role of brand portfolios in driving category growth. As we look forward, we are excited about the growth opportunities in our expanded footprint for both developed and developing markets.
The combination has created something greater than the sum of its parts. This has only been possible through our Dream-People-Culture platform, which has driven us in the past and will continue to drive performance for the next 100+ years.
Achieving strong performance
For the five years ending 2017, our revenue CAGR of 4.6% exceeded that of all our global FMCG peers. The structural change in our global footprint resulting from the combination with SAB positions us towards higher growth markets, as evidenced by the accelerated momentum in 2017, with revenue growth of 5.1%.

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tijd 09.07
De Bel 20 3.998,93 +4,48 +0,11% AB InBev EUR 91,35 +3,87 vol. 304.000