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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anheuser-Busch | LSE:AHB | London | Ordinary Share | COM STK $1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 47.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Anheuser-Busch Cos. Reports Increased Sales and Earnings for the Fourth
Quarter and Full Year 2007
ST. LOUIS, Jan. 31 -- Anheuser-Busch Cos. Inc. (NYSE: BUD) today reported
that fourth quarter 2007 net sales increased 7.9 percent and diluted earnings
per share increased 16 percent. For the full year 2007, net sales increased
6.2 percent and diluted earnings per share (excluding normalization items in
both years) improved 10.3 percent. (1)
"Anheuser-Busch achieved significant results in 2007," said August A.
Busch IV, president and chief executive officer of the company. "We achieved
strong earnings growth and broadened our beer portfolio to enhance our
participation in the high-end segment. Our revenue per barrel performance was
solid and we managed cost pressures effectively. International beer profits
for the year for both our operations and those of our equity partners
increased significantly and our packaging and entertainment segments
contributed strong earnings growth. We also achieved significant increases in
operating cash flow, return on capital and cash returned to shareholders."
BEER SALES RESULTS
The company's reported beer volume for the fourth quarter and full year
2007 is summarized in the following table:
Reported Beer Volume (millions of barrels) for Periods Ended December 31
Fourth Quarter Full Year
Versus 2006 Versus 2006
2007 Barrels % 2007 Barrels %
U.S. 23.1 Up 0.8 Up 3.4% 104.4 Up 2.1 Up 2.0%
International 5.8 Up 0.2 Up 4.7% 24.0 Up 1.3 Up 5.8%
Worldwide
A-B Brands 28.9 Up 1.0 Up 3.7% 128.4 Up 3.4 Up 2.7%
Equity Partner
Brands 7.6 Up .02 Up 0.2% 33.2 Up 1.5 Up 4.9%
Total Brands 36.5 Up 1.0 Up 2.9% 161.6 Up 4.9 Up 3.2%
U.S. beer shipments-to-wholesalers increased 3.4 percent for the fourth
quarter, while sales-to-retailers increased 1.3 percent, on a selling day
adjusted basis. Import brands contributed 230 basis points of growth to
shipments and 180 basis points to wholesaler sales-to-retailers.
For the full year 2007, shipments-to-wholesalers increased 2 percent, and
sales-to-retailers increased 1.3 percent with acquired and import brands
contributing 170 basis points of growth to shipments and 160 points to
sales-to-retailers. Wholesaler inventories for Anheuser-Busch produced brands
at the end of the year were approximately the same as year-end 2006.
U.S. beer industry volume growth was strong in 2007 for the second year in
a row, up approximately 1.4 percent. The company's estimated U.S. beer market
share for 2007 was 48.5 percent compared to prior year market share of
48.2 percent. Market share is based on estimated U.S. beer industry shipment
volume using information provided by the Beer Institute and the U.S.
Department of Commerce.
International volume, consisting of Anheuser-Busch brands produced
overseas by company-owned breweries and under license and contract brewing
agreements, plus exports from the company's U.S. breweries, increased
4.7 percent for the fourth quarter and 5.8 percent for the full year 2007.
These increases are primarily due to increased volume in China, Canada and
Mexico, partially offset by lower volume in the United Kingdom.
Worldwide Anheuser-Busch brands volume, comprised of domestic volume and
international volume, increased 3.7 percent for the fourth quarter and
2.7 percent for the full year to 29 million and 128 million barrels,
respectively.
Equity partner brands volume (representing the company's share of its
equity partners' volume on a one-month lag basis) was essentially level for
the fourth quarter on increased Tsingtao volume offset by lower Modelo export
volume. For the full year, equity partner volume was up 4.9 percent due to
Tsingtao and Modelo volume growth.
Total brands volume, which combines worldwide Anheuser-Busch brand volume
with equity partner volume was 37 million barrels in the fourth quarter 2007,
up 1 million barrels, or 2.9 percent. Total brands volume was up 3.2 percent,
to 162 million barrels for the full year 2007.
FOURTH QUARTER 2007 FINANCIAL RESULTS
Key operating results and a discussion of financial highlights for the
fourth quarter 2007 versus 2006 follow.
($ in millions, except per share)
Fourth Quarter 2007 versus 2006
2007 2006 $ %
Gross Sales $4,220 $3,931 Up $289 Up 7.3%
Net Sales $3,694 $3,425 Up $269 Up 7.9%
Income Before Income Taxes $158 $105 Up $53 Up 50.8%
Equity Income $123 $140 Dn $17 Dn 11.8%
Net Income $214 $191 Up $23 Up 12.3%
Diluted Earnings per Share $.29 $.25 Up $.04 Up 16.0%
-- Net sales increased 8 percent driven by sales increases from all
operating segments. U.S. beer segment sales increased 8 percent due
primarily to 3.4 percent higher beer sales volume, and a 3.7 percent
increase in revenue per barrel (2) resulting from price increases
earlier in the year and favorable brand mix. International beer sales
were up 11 percent primarily due to volume increases in China, Canada
and Mexico, packaging segment sales grew 1 percent due to increased can
manufacturing revenues, and entertainment revenues increased 7 percent
primarily due to higher attendance and increased ticket pricing.
-- Income before income taxes grew $53 million, or 51 percent versus prior
year due to higher profits in each of the company's operating segments,
partially offset by higher interest expense.
Pretax profits for U.S. beer increased 10 percent, or $37 million due
to increased revenue per barrel and higher beer sales volume, partially
offset by higher production costs and increased marketing spending.
International beer pretax income was up $12 million compared with prior
year. Increased earnings from Canada and Mexico plus profit
improvement in the United Kingdom were partially offset by lower
results in China and Ireland.
Packaging segment pretax income was up $4 million primarily due to
higher recycling profits.
Entertainment segment pretax income improved $8 million, primarily due
to higher attendance and increased ticket pricing.
-- Equity income decreased $17 million, or 12 percent reflecting reduced
Grupo Modelo export volume and increased production costs, partially
offset by benefits from Modelo's Crown import joint venture.
-- Fourth quarter net income increased 12 percent and diluted earnings per
share increased 16 percent, to $.29.
FULL YEAR 2007 FINANCIAL RESULTS
Key operating results and a discussion of financial highlights for the
full year 2007 vs. 2006 follow.
($ in millions, except per share)
Full year 2007 versus 2006
2007 2006 $ %
Gross Sales $18,989 $17,958 Up $1,031 Up 5.7%
Net Sales $16,686 $15,717 Up $969 Up 6.2%
Income Before Income Taxes $2,423 $2,277 Up $146 Up 6.4%
Equity Income $662 $589 Up $73 Up 12.5%
Net Income $2,115 $1,965 Up $150 Up 7.6%
Diluted Earnings per Share $2.79 $2.53 Up $.26 Up 10.3%
-- Net sales increased 6 percent due to contributions from all of the
company's operating segments. U.S. beer net sales increased 6 percent
due primarily to 3 percent higher revenue per barrel and 2 percent
higher shipment volume. International beer segment net sales grew
10 percent primarily due to sales volume increases, packaging segment
sales increased 2 percent on higher can manufacturing and recycling
revenues and entertainment sales increased 8 percent from increased
attendance, ticket pricing and in-park spending.
-- In the third quarter 2007, the company sold certain beer distribution
rights in southern California and recognized a pretax gain of
$26.5 million, which is reported as a separate line item in the
company's income statement. For business segment reporting, the gain
is included in U.S. beer operations. Additionally, reported income
before income taxes for 2007 includes a $16 million pretax gain related
to the second quarter sale of the company's remaining interest in its
Spanish theme park investment. This gain is reported as a corporate
item for segment reporting purposes. Excluding these normalization
items to better portray underlying results, income before income taxes
increased 4.5 percent (1) due to higher profits in each of the
company's operating segments, partially offset by higher interest
expense. On a reported basis, pretax income grew $146 million, or
6 percent versus prior year.
Income before income taxes for U.S. beer, excluding the distribution
rights gain, (3) was up 2 percent, or $48 million versus prior year due
to increased beer volume and higher revenue per barrel, partially
offset by higher production costs and increased marketing spending.
International beer pretax income increased $17 million due primarily to
increased profits in China, Canada and Mexico, partially offset by
lower results in the United Kingdom.
Packaging segment pretax income increased $31 million on improved
performance for all packaging businesses, led by higher can
manufacturing and recycling profits.
Entertainment segment pretax results improved $30 million on increased
attendance, ticket pricing and in-park spending.
-- Equity income increased $73 million, or 12.5 percent due to Grupo
Modelo volume increases, benefits from Modelo's Crown import joint
venture and from the return of advertising funds that were part of
prior import contracts. Equity income includes a $16 million charge by
Modelo for restructuring related to its domestic distribution system
and C-store closings. Excluding the restructuring charge, equity income
would have increased $89 million, or 15 percent, (1) versus 2006.
-- Comparisons of net income and diluted earnings per share for the full
year are impacted by the normalization items discussed previously, as
well as a $7.8 million deferred income tax provision benefit recognized
in 2006 due to tax reform legislation in Texas. Excluding all
normalization items from both years, net income and diluted earnings
per share increased 7.5 percent and 10.3 percent, respectively.(1) On a
reported basis, net income increased 7.6 percent and diluted earnings
per share were up 10.3 percent, to $2.79. Diluted earnings per share
benefited from the company's repurchase of over 53 million shares
during the full year 2007.
Other Matters
Anheuser-Busch will conduct a conference call with investors to discuss
results for the fourth quarter and full year at 3:00 p.m. Central Time today.
The company will broadcast the conference call live via the Internet. For
details visit the company's site on the Internet at
http://www.anheuser-busch.com.
Notes
(1) Reconciliation of Comparative Full Year Results
($ in millions,
except per share)
Income Provision
Before for Diluted
Income Income Equity Net Earnings Effective
Taxes Taxes Income Income Per Share Tax Rate
2007
Reported $2,422.7 $(969.8) $662.4 $2,115.3 $2.79 40.0%
Gain on Sale
of Spanish
Theme Park (16.0) 6.1 -- (9.9) (.01)
Gain on Sale of
Distribution
Rights (26.5) 10.2 -- (16.3) (.02)
Modelo
Restructuring -- -- 16.0 16.0 .02
Excluding
Normalization
items $2,380.2 $(953.5) $678.4 $2,105.1 $2.78 40.1%
2006
Reported $2,276.9 $(900.5) $588.8 $1,965.2 $2.53 39.5%
Texas Income
Tax Legislation
Benefit -- (7.8) -- (7.8) (.01)
Excluding
One-Time Item $2,276.9 $(908.3) $588.8 $1,957.4 $2.52 39.9%
Percentage Change -
2007 vs. 2006
Reported 6.4% 12.5% 7.6% 10.3% 50 pts
Excluding
Normalization
items 4.5% 15.2% 7.5% 10.3% 20 pts
(2) Domestic revenue per barrel is calculated as net sales generated by
the company's U.S. beer operations on barrels of beer sold, determined
on a U.S. GAAP basis, divided by the volume of beer shipped to U.S.
wholesalers.
(3) U.S. Beer Income Before Income Taxes
Full Year
2007
Reported $2,784.0
Gain on Sale of Distribution Rights (26.5)
Excluding Gain $2,757.5
2006
Reported $2,709.2
Percentage Change - 2007 vs. 2006
Reported 2.8%
Excluding Gain 1.8%
(4) International Beer Net Income
Full Year
2007
Reported $717.9
Modelo Restructuring 16.0
Excluding Restructuring $733.9
2006
Reported $633.0
Percentage Change - 2007 vs. 2006
Reported 13.4%
Excluding Restructuring 15.9%
This release contains forward-looking statements regarding the company's
expectations concerning its future operations, earnings and prospects. On the
date the forward-looking statements are made, the statements represent the
company's expectations, but the company's expectations concerning its future
operations, earnings and prospects may change. The company's expectations
involve risks and uncertainties (both favorable and unfavorable) and are based
on many assumptions that the company believes to be reasonable, but such
assumptions may ultimately prove to be inaccurate or incomplete, in whole or
in part. Accordingly, there can be no assurances that the company's
expectations and the forward-looking statements will be correct. Important
factors that could cause actual results to differ (favorably or unfavorably)
from the expectations stated in this release include, among others, changes in
the pricing environment for the company's products; changes in U.S. demand for
malt beverage products, including changes in U.S. demand for other alcohol
beverages; changes in consumer preference for the company's malt beverage
products; changes in the distribution for the company's malt beverage
products; changes in the cost of marketing the company's malt beverage
products; regulatory or legislative changes, including changes in beer excise
taxes at either the federal or state level and changes in income taxes;
changes in the litigation to which the company is a party; changes in raw
materials prices; changes in packaging materials costs; changes in energy
costs; changes in the financial condition of the company's suppliers; changes
in interest rates; changes in foreign currency exchange rates; unusual weather
conditions that could impact beer consumption in the U.S.; changes in
attendance and consumer spending patterns for the company's theme park
operations; changes in demand for aluminum beverage containers; changes in the
company's international beer business or in the beer business of the company's
international equity partners; changes in the economies of the countries in
which the company, its international beer business or its international equity
partners operate; future acquisitions or divestitures by the company,
including effects on its credit rating; changes resulting from transactions
among the company's global or domestic competitors; and the effect of stock
market conditions on the company's share repurchase program. Anheuser-Busch
disclaims any obligation to update or revise any of these forward-looking
statements. Additional risk factors concerning the company can be found in
the company's most recent Form 10-K.
Anheuser-Busch Companies, Inc.
Comparative Consolidated Statement of Earnings (Unaudited)
(In Millions, Except Per Share)
Fourth Quarter Year Ended
Ended December 31, December 31,
2007 2006 2007 2006
Gross sales $4,219.5 $3,931.0 $18,988.7 $17,957.8
Excise taxes (525.3) (506.2) (2,303.0) (2,240.7)
Net Sales 3,694.2 3,424.8 16,685.7 15,717.1
Cost of sales (2,635.0) (2,442.0) (10,836.1) (10,165.0)
Marketing, distribution
and administrative
expenses (782.8) (764.3) (2,982.1) (2,832.5)
Gain on sale of
distribution rights -- -- 26.5 --
Operating income 276.4 218.5 2,894.0 2,719.6
Interest expense (125.4) (109.7) (484.4) (451.3)
Interest capitalized 5.2 4.2 17.4 17.6
Interest income 1.2 0.4 3.9 1.8
Other income/(expense),
net 0.7 (8.6) (8.2) (10.8)
Income before income taxes 158.1 104.8 2,422.7 2,276.9
Provision for income
taxes (67.1) (53.6) (969.8) (900.5)
Equity income, net of tax 123.1 139.5 662.4 588.8
Net income $214.1 $190.7 $2,115.3 $1,965.2
Basic earnings per share $.29 $.25 $2.83 $2.55
Diluted earnings per share $.29 $.25 $2.79 $2.53
Weighted Average Shares
Outstanding
Basic 728.1 767.2 746.3 770.6
Diluted 736.9 773.7 757.1 777.0
Anheuser-Busch Companies, Inc.
Business Segments (Unaudited)
Fourth Quarter Ended December 31
(In Millions)
Inter- Enter-
U.S. national Pack- tain- Corporate Consoli-
Beer Beer aging ment & Elims dated
2007
Gross Sales $3,136.1 349.2 584.8 207.6 (58.2) $4,219.5
Net Sales:
- Intersegment $0.7 -- 193.3 -- (194.0) $--
- External $2,680.5 278.8 391.5 207.6 135.8 $3,694.2
Income Before
Income Taxes $411.7 13.4 25.7 (7.7) (285.0) $158.1
Equity Income
/(Loss) $(1.1) 124.2 -- -- -- $123.1
Net Income $254.2 132.5 15.9 (4.7) (183.8) $214.1
2006
Gross Sales $2,913.8 319.5 576.4 194.0 (72.7) $3,931.0
Net Sales:
- Intersegment $0.6 -- 186.8 -- (187.4) $ --
- External $2,474.9 251.6 389.6 194.0 114.7 $3,424.8
Income Before
Income Taxes $375.1 1.3 22.1 (15.4) (278.3) $104.8
Equity Income $0.3 139.2 -- -- -- $139.5
Net Income $232.9 140.1 13.7 (9.6) (186.4) $190.7
In 2007, the company changed reporting responsibility for certain
administrative and technology support costs from Corporate to the U.S. beer
segment. 2006 segment results have been updated to conform to this reporting
convention.
Anheuser-Busch Companies, Inc.
Business Segments (Unaudited)
Full Year Ended December 31
(In Millions)
Inter- Enter-
U.S. national Pack- tain- Corporate Consoli-
Beer Beer aging ment & Elims dated
2007
Gross Sales $14,158.7 1,351.7 2,632.8 1,272.7 (427.2) $18,988.7
Net Sales:
- Intersegment $3.2 0.6 931.9 -- (935.7) $--
- External $12,106.1 1,097.5 1,700.9 1,272.7 508.5 $16,685.7
Income Before
Income Taxes $2,784.0 93.3 175.8 262.7 (893.1) $2,422.7
Equity Income $2.3 660.1 -- -- -- $662.4
Net Income $1,728.4 717.9 109.0 162.9 (602.9) $2,115.3
2006
Gross Sales $13,394.2 1,235.6 2,562.3 1,178.5 (412.8) $17,957.8
Net Sales:
- Intersegment $2.8 -- 896.4 -- (899.2) $ --
- External $11,388.2 998.2 1,665.9 1,178.5 486.3 $15,717.1
Income Before
Income Taxes $2,709.2 76.7 145.0 232.8 (886.8) $2,276.9
Equity Income $3.4 585.4 -- -- -- $588.8
Net Income $1,683.1 633.0 89.9 144.3 (585.1) $1,965.2
In 2007, the company changed reporting responsibility for certain
administrative and technology support costs from Corporate to the U.S. beer
segment. 2006 segment results have been updated to conform to this reporting
convention.
Anheuser-Busch Companies, Inc.
Consolidated Balance Sheet (Unaudited)
(In Millions)
December 31, December 31,
2007 2006
Assets
Current Assets:
Cash $283.2 $219.2
Accounts receivable 805.2 720.2
Inventories 723.5 694.9
Other current assets 212.6 195.2
Total current assets 2,024.5 1,829.5
Investments in affiliated companies 4,019.5 3,680.3
Plant and equipment, net 8,833.5 8,916.1
Intangible assets, including goodwill
of $1,134.6 and $1,077.8 1,547.9 1,367.2
Other assets 729.6 584.1
Total Assets $17,155.0 $16,377.2
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $1,464.5 $1,426.3
Accrued salaries, wages and benefits 374.3 342.8
Accrued taxes 106.2 133.9
Accrued interest 136.4 124.2
Other current liabilities 222.4 218.9
Total current liabilities 2,303.8 2,246.1
Retirement benefits 1,002.5 1,191.5
Debt 9,140.3 7,653.5
Deferred income taxes 1,314.6 1,194.5
Other long-term liabilities 242.2 152.9
Shareholders Equity:
Common stock 1,482.5 1,473.7
Capital in excess of par value 3,382.1 2,962.5
Retained earnings 17,923.9 16,741.0
Treasury stock, at cost (18,714.7) (16,007.7)
Accumulated nonowner changes in equity (922.2) (1,230.8)
Total Shareholders Equity 3,151.6 3,938.7
Commitments and contingencies -- --
Total Liabilities and Shareholders
Equity $17,155.0 $16,377.2
Anheuser-Busch Companies, Inc.
Consolidated Statement of Cash Flows (Unaudited)
(In Millions)
Year Ended
December 31,
2007 2006
Cash flow from operating activities:
Net income $2,115.3 $1,965.2
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 996.2 988.7
Decrease in deferred income taxes (65.9) (45.8)
Stock-based compensation expense 135.9 122.9
Undistributed earnings of affiliated
companies (249.1) (341.8)
Gain on sale of business (42.5) -
Other, net 73.2 (168.6)
Operating cash flow before the change in
working capital 2,963.1 2,520.6
(Increase)/Decrease in working capital (23.5) 188.8
Cash provided by operating activities 2,939.6 2,709.4
Cash flow from investing activities:
Capital expenditures (870.0) (812.5)
Acquisitions (155.7) (101.0)
Proceeds from sale of business 41.6 -
Cash used for investing activities (984.1) (913.5)
Cash flow from financing activities:
Increase in debt 1,708.2 334.8
Decrease in debt (265.0) (663.3)
Dividends paid to shareholders (932.4) (871.6)
Acquisition of treasury stock (2,707.1) (745.9)
Shares issued under stock plans 304.8 143.5
Cash used for financing activities (1,891.5) (1,802.5)
Net increase/(decrease) in cash during the
period 64.0 (6.6)
Cash, beginning of period 219.2 225.8
Cash, end of period $283.2 $219.2
SOURCE Anheuser-Busch Cos. Inc.
-0- 01/31/2008
/CONTACT: Brenda Williams of Anheuser-Busch Cos. Inc., +1-203-846-6636/
/Web site: http://www.anheuser-busch.com /
(BUD)
END
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