KEY FIGURES
• Revenue: Revenue grew by 4.3% in FY19 and by 2.5% in 4Q19, with revenue per hl growth of 3.1%
in FY19 and 0.9% in 4Q19. Healthy volume growth was enhanced by global premiumization and
revenue management initiatives, although revenue per hl growth decelerated as a result of advances
in our smart affordability strategy.
• Volume: Total volumes grew by 1.1% in FY19, with own beer volumes up 0.8% and non-beer volumes
up 4.8%. In 4Q19, total volumes increased by 1.6%, with own beer volumes up 0.8% and non-beer
volumes up 8.0%.
• Global Brands: Combined revenues of our three global brands, Budweiser, Stella Artois and Corona,
grew by 5.2% in FY19 and by 2.1% in 4Q19. Outside of their respective home markets, the global
brands grew by 8.0% in FY19 and by 3.9% in 4Q19.
• Cost of Sales (CoS): CoS increased by 7.4% in FY19 and by 5.9% on a per hl basis, driven by
significant commodity and transactional currency headwinds. In 4Q19, CoS increased by 9.1% and by
7.3% on a per hl basis.
• EBITDA: EBITDA increased by 2.7% in FY19 to 21 078 million USD as top-line growth and continued
cost discipline enhanced by synergy capture was partially offset by elevated cost of sales per hl.
EBITDA margin contracted by 65 bps to 40.3%. In 4Q19, EBITDA declined by 5.5% to 5 343 million
USD with margin contraction of 336 bps to 40.1%.
• Net finance results: Net finance costs (excluding non-recurring net finance results) were 4 355 million
USD in FY19 compared to 6 844 million USD in FY18. The decrease was predominantly due to a markto-market gain of 898 million USD in FY19 linked to the hedging of our share-based payment programs,
compared to a loss of 1 774 million USD in FY18, resulting in a swing of 2 672 million USD. In 4Q19,
net finance costs were 2 309 million USD compared to 2 162 million USD in 4Q18.
• Income taxes: Normalized effective tax rate (ETR) decreased to 23.0% in FY19 from 27.5% in FY18
and decreased to 24.5% in 4Q19 from 33.0% in 4Q18. Excluding the impact of gains and losses relating
to the hedging of our share-based payment programs, our normalized ETR was 24.9% in FY19 as
compared to 23.4% in FY18 and 17.2% in 4Q19 as compared to 24.7% in 4Q18.
• Profit: Normalized profit attributable to equity holders of AB InBev was 8 086 million USD in FY19
versus 6 248 million USD in FY18 and was 962 million USD in 4Q19 versus 1 405 million USD in 4Q18.
Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market
gains and losses linked to the hedging of our share-based payment programs and the impact of
hyperinflation) was 7 196 million USD in FY19 as compared to 8 099 million USD in FY18 and was
1 729 million USD in 4Q19 as compared to 2 306 million USD in 4Q18.
• Earnings per share (EPS): Normalized EPS in FY19 was 4.08 USD, an increase from 3.16 USD in
FY18 and 0.48 USD in 4Q19, a decrease from 0.71 USD in 4Q18. Underlying EPS (normalized EPS
excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs
and the impact of hyperinflation) was 3.63 USD in FY19, a decrease from 4.10 USD in FY18, and 0.87
USD in 4Q19, a decrease from 1.17 USD in 4Q18.
• Dividend: The AB InBev Board proposes a final dividend of 1.00 EUR per share, subject to shareholder
approval at the AGM on 29 April 2020. When combined with the interim dividend of 0.80 EUR per share
paid in November 2019, the total dividend for FY19 would be 1.80 EUR per share. A timeline showing
the ex-coupon dates, the record dates, and the payment dates can be found on page 20.
• Hyperinflation: The restatement of 9M19 under hyperinflation using the December purchasing power and closing rate had a positive impact of 55 million USD on revenue and 30 million USD on Normalized
EBITDA on the FY19 reported organic growth. The impact of 9M19 restatement under hyperinflation is
excluded from the 4Q19 organic calculation and identified separately in Annex 2.
• Deleveraging: Accounting for the proceeds expected to be received from the divestment of the
Australian operations (while excluding the last 12 months EBITDA from the Australian operations), our
net debt to EBITDA ratio would be 4.0x for the 12-month period ending 31 December 2019.
• Combination with SAB: In 3Q19, we completed the delivery of the 3.2 billion USD synergies and cost
savings on a constant currency basis as of August 2016 resulting from the combination with SAB.
• 2019 Full Year Financial Report is available on our website at www.ab-inbev.com

Figure 1. Consolidated performance (million USD)
FY18 FY19 Organic
Restated growth
Total Volumes (thousand hls) 559 819 561 427 1.1%
AB InBev own beer 493 776 495 423 0.8%
Non-beer volumes 61 263 62 296 4.8%
Third party products 4 780 3 709 -9.2%
Revenue 53 041 52 329 4.3%
Gross profit 33 108 31 967 2.4%
Gross margin 62.4% 61.1% -113 bps
Normalized EBITDA 21 732 21 078 2.7%
Normalized EBITDA margin 41.0% 40.3% -65 bps
Normalized EBIT 17 107 16 421 1.7%
Normalized EBIT margin 32.3% 31.4% -80 bps
Profit from continuing operations attributable to equity holders of AB InBev 3 839 8 748
Profit attributable to equity holders of AB InBev 4 370 9 171
Normalized profit attributable to equity holders of AB InBev 6 248 8 086
Underlying profit attributable to equity holders of AB InBev 8 099 7 196
Earnings per share (USD) 2.21 4.62
Normalized earnings per share (USD) 3.16 4.08
Underlying earnings per share (USD) 4.10 3.63
4Q18 4Q19 Organic
Restated growth
Total Volumes (thousand hls) 140 161 141 979 1.6%
AB InBev own beer 122 899 124 025 0.8%
Non-beer volumes 16 276 17 170 8.0%
Third party products 987 785 -4.0%
Revenue 13 792 13 334 2.5%
Gross profit 8 728 8 065 -1.5%
Gross margin 63.3% 60.5% -236 bps
Normalized EBITDA 6 018 5 343 -5.5%
Normalized EBITDA margin 43.6% 40.1% -336 bps
Normalized EBIT 4 836 4 128 -8.6%
Normalized EBIT margin 35.1% 31.0% -373 bps
Profit from continuing operations attributable to equity holders of AB InBev 299 - 1
Profit attributable to equity holders of AB InBev 456 114
Normalized profit attributable to equity holders of AB InBev 1 405 962
Underlying profit attributable to equity holders of AB InBev 2 306 1 729
Earnings per share (USD) 0.23 0.06
Normalized earnings per share (USD) 0.71 0.48
Underlying earnings per share (USD) 1.17 0.87

see & read more on
https://www.ab-inbev.com/content/dam/abinbev/news-media/press-releases/2020/02/FY19%20press%20release_EN.pdf