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Actionable news in BUD: ANHEUSER-BUSCH INBEV SA/NV,

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Filed by Anheuser-Busch InBev SA/NV

pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Anheuser-Busch InBev SA/NV

Unaudited Interim Report

for the nine-month period ended

The following is a review of our financial condition and results of operations as of 30 September 2015 and for the nine-month periods ended 30 September 2015 and 2014, and of the key factors that have affected or are expected to be likely to affect our ongoing and future operations.

This document includes information from the previously published results announcement and unaudited interim report of Anheuser-Busch InBev NV/SA for the nine-month period ended 30 September 2015, as amended to comply with the requirements of Regulation G and Item 10(e) of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (SEC). The purpose of this document is to provide such additional disclosure as may be required by Regulation G and Item 10(e) and to delete certain information not in compliance with SEC regulations. This document does not update or otherwise supplement the information contained in the previously published results announcement and unaudited interim report.

Some of the information contained in this discussion, including information with respect to our plans and strategies for our business and our expected sources of financing, contain forward-looking statements that involve risk and uncertainties. You should read Forward-Looking Statements below for a discussion of the risks related to those statements. You should also read Item 3. Key InformationD. Risk Factors of our Annual Report on Form 20-F for the year ended 31 December 2014 filed with the SEC on 24 March 2015 ( 2014 Annual Report ) for a discussion of certain factors that may affect our business, financial condition and results of operations. See Presentation of Financial and Other Data in our 2014 Annual Report for further information on our presentation of financial information.

We have prepared our interim unaudited condensed consolidated financial statements as of 30 September 2015 and for the nine-month periods ended 30 September 2015 and 2014 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and in conformity with International Financial Reporting Standards as adopted by the European Union ( IFRS ). The financial information and related discussion and analysis contained in this report are presented in U.S. dollars except as otherwise specified. Unless otherwise specified the financial information analysis in this Form 6-K is based on interim unaudited condensed financial statements as of 30 September 2015 and for the nine-month periods ended 30 September 2015 and 2014. The reported numbers as of 30 September 2015 and for the nine-month periods ended 30 September 2015 and 2014 are unaudited, and in the opinion of management, include all normal adjustments that are necessary to present fairly the results for the interim periods. Due to seasonal fluctuations and other factors, the results of operations for the nine-month periods ended 30 September 2015 and 2014 are not necessarily indicative of the results to be expected for the full year. Certain monetary amounts and other figures included in this report have been subject to rounding adjustments. Accordingly, any discrepancies in any tables between the totals and the sums of amounts listed are due to rounding.

We are a publicly traded company based in Leuven, Belgium, listed on Euronext Brussels under the symbol ABI. ADSs representing our ordinary shares trade on the NYSE under the symbol BUD. We are the worlds largest brewing company by volume, and one of the worlds top five consumer products companies. As a consumer-centric, sales-driven company, we produce, market, distribute and sell a strong, balanced portfolio of well over 200 beer brands. These include global brands Budweiser ® , Corona ® and Stella Artois ® ; international brands Becks ® , Leffe ® and Hoegaarden ® ; and local champions Bud Light ® , Skol ® , Brahma ® , Antarctica ® , Quilmes ® , Victoria ® , Modelo Especial ® , Michelob Ultra ® , Harbin ® , Sedrin ® , Klinskoye ® , Sibirskaya Korona ® , Chernigivske ® , Cass ® and Jupiler ® . We also produce and distribute soft drinks, particularly in Latin America. Our brewing heritage and quality are rooted in brewing traditions that originate from the Den Hoorn brewery in Leuven, Belgium, dating back to 1366, and those of Anheuser & Co. brewery, established in 1852 in St. Louis, U.S.A. As of 31 December 2014, we employed approximately 155,000 people, with operations in 25 countries across the world. Given the breadth of our operations, we are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies. The first six segments correspond to specific geographic regions in which our operations are based. As a result, we have a global footprint with a balanced exposure to developed and developing markets and production facilities spread across our six geographic regions.

Forward-Looking Statements

There are statements in this document, such as statements that include the words or phrases will likely result , are expected to , will continue , is anticipated , anticipate , estimate , project , may, might , could , believe , expect , plan , potential or similar expressions that are forward-looking statements. The statements reflect the current views of our management with respect to, among other things, our proposal to the board of SABMiller and Anheuser-Busch InBevs strategic objectives. These statements are subject to certain risks and uncertainties about us and SAB Miller and are dependent on many factors, some of which are outside of our control. Actual results may differ materially from those suggested by these statements due to, among others, the risks or uncertainties listed below. See also Item 3. Key InformationD. Risk Factors of our 2014 Annual Report for further discussion of risks and uncertainties that could impact our business.

These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others:

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Our statements regarding financial risks, including interest rate risk, foreign exchange rate risk, commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, inflation and deflation, are subject to uncertainty. For example, certain market and financial risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market or financial risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated.

We caution that these forward-looking statements are further qualified by the risk factors disclosed in Item 3. Key InformationD. Risk Factors of our 2014 Annual Report that could cause actual results to differ materially from those in the forward-looking statements. Subject to our obligations under Belgian and U.S. law in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Results of Operations for the Nine-Month Period Ended 30 September 2015 Compared to Nine-Month Period Ended 30 September 2014

The table below presents our condensed consolidated results of operations for the nine-month periods ended 30 September 2015 and 2014:

Volumes

Our reported volumes include both beer and non-beer (primarily carbonated soft drinks) volumes. In addition, volumes include not only brands that we own or license, but also third-party brands that we brew or otherwise produce as a subcontractor and third-party products that we sell through our distribution network, particularly in Europe. Volumes sold by the Global Export & Holding Companies businesses are shown separately.

Effective 1 April 2014, we discontinued the reporting of volumes sold to Constellation Brands under the interim supply agreement, since these volumes do not form part of the underlying performance of our business.

The table below summarizes the volume evolution by zone:

Our consolidated volumes for the nine-month period ended 30 September 2015 of 345.9 million hectoliters were flat compared to our consolidated volumes for the nine-month period ended 30 September 2014. The results for the

nine-month period ended 30 September 2015 reflect the performance of our business after the completion of certain acquisitions and disposals we undertook in 2014 and 2015. The 2014 acquisitions include the acquisition of Oriental Brewery, which was included as from 1 April 2014 in our consolidated financial reporting for year ended 31 December 2014, the acquisition of the Siping Ginsber Draft Beer Co., Ltd. and three breweries in China. The 2014 disposals of Comercio y Distribución Modelo and the glass plant located in Piedras Negras, Coahuila, Mexico had an immaterial impact on our consolidated volumes. The 2015 acquisitions and disposals include the termination of certain distribution rights in Europe, the termination of agreements with Crown Imports for the distribution of Grupo Modelo products through some of our company-owned distributors in the United States, and with Monster, for the distribution of its brands in the United States, as well as the disposal of our soft drink business in Peru. Furthermore, our 2015 volumes compared to 2014 volumes were impacted by the discontinuance of the reporting of volumes sold to Constellation Brands mentioned above. These transactions impacted positively our volumes by 2.3 million hectoliters (net) for the nine-month period ended 30 September 2015 compared to the nine-month period ended 30 September 2014.

Excluding volume changes attributable to the acquisitions and disposals described above, total volumes declined 0.6%, with our own beer and non-beer volumes decreasing 0.2% and 4.0%, respectively, in the nine-month period ended 30 September 2015 compared to the nine-month period ended 30 September 2014.

Volumes of our focus brands grew by 0.3% in the nine-month period ended 30 September 2015 compared to the nine-month period ended 30 September 2014. On the same basis, volumes of our three global brands (Budweiser, Corona and Stella Artois) grew by 7.6%. For further information about our focus brands, see B. Business Overview2. Principal Activities and ProductsBeer in our 2014 Annual Report.

North America

In the nine-month period ended 30 September 2015, our volumes in North America decreased by 2.0 million hectoliters, or 2.1%, compared to the nine-month period ended 30 September 2014. Excluding volume changes attributable to the acquisitions and...


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