HIGHLIGHTS
? Revenue: Revenue grew by 3.7% in the quarter, with revenue per hl growth of 4.3%, driven by revenue management initiatives as well as strong premium brand performance. On a constant geographic basis, revenue per hl grew by 4.5%.
? Volume: Total volumes declined by 0.5%, while own beer volumes were down by 0.2%. Good growth in own beer volumes was achieved in China, Brazil and Mexico, while declines were recorded in the US, Colombia and South Africa.
? Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona, grew by 12.1%. Budweiser revenues grew by 7.3%, with 16.4% growth in revenues outside of the US. Stella Artois revenues grew by 21.1%, driven mainly by growth in the US and Argentina. Corona had a solid quarter as well, with revenues growing 18.2%, with 48.2% growth in revenues outside of Mexico, as a result of strong growth in Western Europe and China.
? Cost of Sales (CoS): CoS increased by 5.4% in 1Q17 and by 6.2% on a per hl basis, driven primarily by transactional currency and commodity impacts in Latin America North and Latin America South, as anticipated. On a constant geographic basis, CoS per hl increased by 6.6%.
? EBITDA: EBITDA grew by 5.8% as a result of top-line growth, aided by cost synergies and other operating income, partly offset by the CoS pressure. EBITDA margins expanded by 76 bps to 37.2%.
? Net finance results: Net finance costs (excluding non-recurring net finance costs) grew from 1 219 million USD in 1Q16 to 1 492 million USD in 1Q17, as pre-funding for the SAB combination was not in place for the full quarter in the prior year.
? Income taxes: Income tax grew from 338 million USD in 1Q16 to 418 million USD in 1Q17 with the normalized effective tax rate decreasing from 23.2% to 20.4%.
? Profit: Normalized profit attributable to equity holders of AB InBev increased from 844 million USD in 1Q16 to 1 458 million USD in 1Q17. The 1Q16 profit was impacted by the pre-acquisition funding costs not matched by earnings from SAB and by mark-to-market losses linked to the hedging of various share-based payment programs, while the 1Q17 profit benefitted from the earnings of the newly combined operations and gains in the mark-to-market adjustments linked to the share-based payment programs.
? Earnings per share: Normalized earnings per share (EPS) increased from 0.51 USD in 1Q16 to 0.74 USD in 1Q17, mainly due to higher profit, partially offset by the increased number of shares.
? Combination with SAB: The business integration is progressing well, with synergies of 252 million USD captured during 1Q17.

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tijd 09.18
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