HIGHLIGHTS
? Revenue: Revenue grew by 5.0% in the quarter, with revenue per hl growth of 3.2%. On a constant geographic basis, revenue per hl grew by 3.6%, driven by revenue management initiatives as well as continued premiumization. In HY17, revenue grew by 4.4% with revenue per hl growth of 4.2%. On a constant geographic basis, revenue per hl grew by 4.1%.
? Volume: Total volumes grew 1.0%, while own beer volumes were up by 2.1%. Good growth in own beer volumes was achieved in South Africa, Mexico and Australia, while declines were recorded in the US, Brazil and Colombia. In HY17, total volumes were up 0.3% with own beer volumes up 1.0%.
? Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona, grew by 8.9% in 2Q17. Budweiser revenues grew by 5.7%, with 11.7% growth in revenues outside of the US. Stella Artois revenues grew by 6.6%, driven mainly by growth in Argentina and South Korea. Corona had a solid quarter as well, with revenues growing 16.6%, with 26.2% growth in revenues outside of Mexico, as a result of strong growth in the UK, Australia and China. In HY17, the combined revenues of our global brands grew by 10.6%.
? Cost of Sales (CoS): CoS increased by 3.2% in 2Q17 and by 1.3% on a per hl basis. On a constant geographic basis, CoS per hl increased by 2.2%, with savings from synergies partially offset by the anticipated transactional currency and commodity impacts in Latin America North and Latin America South. In HY17, CoS grew by 4.3% in dollars and by 4.2% on a per hl basis. On a constant geographic basis, CoS per hl increased by 4.3% in HY17.
? EBITDA: EBITDA grew by 11.8% as a result of healthy top-line growth, helped by strong synergy capture, and partly offset by CoS pressure, as anticipated. EBITDA margins expanded by 238 bps to 37.7%. In HY17, EBITDA grew by 9.0% and EBITDA margin expanded by 161 bps to 37.5%.
? Net finance results: Net finance costs (excluding non-recurring net finance costs) grew from 726 million USD in 2Q16 to 1 628 million USD in 2Q17 predominantly due to a mark-to-market loss of 265 million USD in 2Q17, linked to the hedging of our share-based payment programs, compared to a gain of 444 million USD in 2Q16, resulting in a swing of 709 million USD. Net finance costs were 3 120 million USD in HY17 compared to 1 945 million USD in HY16.
? Income taxes: Income tax expense in 2Q17 was 575 million USD with a normalized effective tax rate (ETR) of 21.3%, compared to an income tax expense of 497 million USD in 2Q16 and a normalized ETR of 20.5%. The normalized ETR was 20.9% in HY17 compared to 21.5% in HY16.
? Profit: Normalized profit attributable to equity holders of AB InBev increased from 1 727 million USD in 2Q16 to 1 872 million USD in 2Q17, with organic EBITDA growth partially offset by higher net finance costs. Normalized profit attributable to equity holders of AB InBev increased from 2 571 million USD in HY16 to 3 331 million USD in HY17.
? Earnings per share: Normalized earnings per share (EPS) decreased from 1.06 USD in 2Q16 to 0.95 USD in 2Q17, with higher profits more than offset by a negative impact of mark-to-market adjustments linked to the hedging of our share-based programs and the increased number of outstanding shares. Normalized EPS increased from 1.57 USD in HY16 to 1.69 USD in HY17.
? Combination with SAB: The business integration is progressing well, with synergies and cost savings of 335 million USD captured during 2Q17.
? 2017 Half Year Financial Report: The report is available on our website at www.ab-inbev.com


Figure 1. Consolidated performance (million USD)
2Q16 2Q16 2Q17 Organic
Reported Reference Base growth
Total Volumes (thousand hls) 114 908 150 652 157 679 1.0%
AB InBev own beer 104 999 128 313 130 483 2.1%
Non-beer volumes 9 044 21 504 25 889 -5.7%
Third party products 866 835 1 306 5.4%
Revenue 10 806 13 453 14 182 5.0%
Gross profit 6 582 8 192 8 738 6.1%
Gross margin 60.9% 60.9% 61.6% 66 bps
Normalized EBITDA 4 011 4 856 5 354 11.8%
Normalized EBITDA margin 37.1% 36.1% 37.8% 238 bps
Normalized EBIT 3 222 3 862 4 338 15.0%
Normalized EBIT margin 29.8% 28.7% 30.6% 275 bps
Profit attributable to equity holders of AB InBev 152 1 502
Normalized profit attributable to equity holders of AB InBev 1 727 1 872
Earnings per share (USD) 0.09 0.76
Normalized earnings per share (USD) 1.06 0.95
HY16 HY16 HY17 Organic
Reported Reference Base growth
Total Volumes (thousand hls) 219 776 293 497 305 550 0.3%
AB InBev own beer 198 880 246 109 248 212 1.0%
Non-beer volumes 19 303 45 858 55 132 -4.1%
Third party products 1 594 1 530 2 206 14.0%
Revenue 20 206 25 526 27 104 4.4%
Gross profit 12 204 15 462 16 430 4.4%
Gross margin 60.4% 60.6% 60.6% 4 bps
Normalized EBITDA 7 474 9 346 10 162 9.0%
Normalized EBITDA margin 37.0% 36.6% 37.5% 161 bps
Normalized EBIT 5 915 7 379 8 059 10.5%
Normalized EBIT margin 29.3% 28.9% 29.7% 169 bps
Profit attributable to equity holders of AB InBev 285 2 908
Normalized profit attributable to equity holders of AB InBev 2 571 3 331
Earnings per share (USD) 0.17 1.48
Normalized earnings per share (USD) 1.57 1.69
Figure 2. Volumes (thousand hls)
2Q16 Scope Organic 2Q17
Reference Base growth Total Volume Own beer volume
North America 31 526 105 - 310 31 320 -1.0% -0.6%
Latin America West 26 862 - 39 833 27 657 3.1% 3.8%
Latin America North 27 209 - 32 -1 046 26 131 -3.8% 0.2%
Latin America South 5 999 - 731 6 730 12.2% 14.7%
EMEA 29 754 5 720 1 232 36 706 4.1% 6.0%
Asia Pacific 28 900 6 - 21 28 885 -0.1% -0.1%
Global Export and Holding Companies 400 - 201 51 250 25.8% 25.8%
AB InBev Worldwide 150 652 5 557 1 470 157 679 1.0% 2.1%
Organic growth
HY16 Scope Organic HY17
Reference Base growth Total Volume Own beer volume
North America 58 439 211 -1 494 57 156 -2.6% -2.7%
Latin America West 52 534 - 50 704 53 188 1.3% 1.3%
Latin America North 56 922 - 5 - 367 56 550 -0.6% 2.1%
Latin America South 14 819 - 1 000 15 819 6.8% 10.3%
EMEA 57 719 11 441 466 69 625 0.8% 2.6%
Asia Pacific 52 162 - 20 426 52 568 0.8% 0.8%
Global Export and Holding Companies 902 - 337 80 644 14.1% 14.1%
AB InBev Worldwide 293 497 11 239 814 305 550 0.3% 1.0%

tijd 09.05
De Bel 20 3.981,43 +28,73 +0,73% AB InBev EUR 104.05 +4,86 vol. 156.000