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Anheuser-Busch Inbev Reports Fourth Quarter and
Full Year 2021 Results
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev” or the “Company”)
Anheuser-Busch InBev Reports Fourth Quarter and
Full Year 2021 Results
Short Form Announcement
“This year was an important step in our journey to create a future with more cheers. Relentless execution of our strategy
drove continued momentum to deliver over 15% top-line growth, EBITDA at the top-end of our outlook and another year of
strong cash flow generation.” - Michel Doukeris, CEO
KEY FIGURES
• Revenue: Increased by 12.1% in 4Q21 with revenue per hl growth of 8.1% and by 15.6% in FY21 with revenue per hl
growth of 5.5%.
• Volume: In 4Q21, total volumes grew by 3.6%, with own beer volumes up by 3.4% and non-beer volumes up by 3.8%.
In FY21, total volumes grew by 9.6% with own beer volumes up by 9.7% and non-beer volumes up by 8.7%.
• Global Brands: 23.5% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona,
outside of their respective home markets in 4Q21, and 22.9% in FY21.
• EBITDA: In 4Q21 normalized EBITDA of 4 882 million USD represents an increase of 5.0% with normalized EBITDA
margin contraction of 231 bps to 34.4%. In FY21, normalized EBITDA increased by 11.8% to 19 209 million USD and
normalized EBITDA margin contracted by 118 bps to 35.4%. Normalized EBITDA figures include an impact of 226
million USD from tax credits in Brazil.
• Profit: 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 1 484
million USD in 4Q21 compared to 1 616 million USD in 4Q20 and was 5 774 million USD in FY21 compared to 5 022
million USD in FY20. Normalized profit attributable to equity holders of AB InBev was 1 797 million USD in 4Q21 versus
2 154 million USD in 4Q20 and 5 723 million USD in FY21 versus 3 807 million USD in FY20. Both normalized and
underlying profit and EPS in 4Q20 were positively impacted by 325 million USD after tax and non-controlling interest
related to tax credits in Brazil.
Earnings per share (EPS): Underlying EPS was 0.74 USD in 4Q21, a decrease from 0.81 USD in 4Q20 and was 2.88
USD in FY21, an increase from 2.51 USD in FY20. Normalized EPS in 4Q21 was 0.90 USD, a decrease from 1.08 USD
in 4Q20. Normalized EPS in FY21 was 2.85 USD, an increase from 1.91 USD in FY20.
• Dividend: The AB InBev Board proposes a full year 2021 dividend of 0.50 EUR per share, subject to shareholder
approval at the AGM on 27 April 2022. A timeline showing the ex-coupon, record and payment dates can be found on
page 16 of the full results announcement.
• Deleveraging: Net debt to normalized EBITDA ratio was 3.96x at 31 December 2021 compared to 4.78x at 31
December 2020 with a gross debt reduction of 9.8 billion USD in FY21.
2021 Full Year Financial Report and 2021 ESG Report are available on our website at www.ab-inbev.com.
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HEADLINE EARNINGS PER SHARE
Due to the secondary listing of the ordinary shares of AB InBev on the main board of the JSE Limited (JSE) in South Africa, the
Group is required to present headline earnings per share and diluted headline earnings per share, as alternative measures
of earnings per share, calculated in accordance with the circular entitled ‘Headline Earnings’ issued by the South African
Institute of Chartered Accountants, as amended from time to time.
The calculation of headline earnings per share is based on the headline earnings and a weighted average number of ordinary
and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated
as follows:
FY21 FY20
Net of Net of
taxes taxes
& non- & non-
Gross controlling Gross controlling
Million US dollar amount interests amount interests
Profit attributable to equity holders of AB InBev - 4 670 - 1 405
After tax impairment of goodwill, PP&E and intangible assets 383 273 2 811 1 800
After tax net (gain)/loss on disposal of PP&E, intangible and other (58) (36) (1 880) (1 887)
assets
Headline earnings 4 907 1 318
Weighted average number of ordinary and restricted shares 2 007 1 998
(million)
Headline earnings per share (US dollar) 2.44 0.66
Weighted average number of ordinary and restricted shares 2 045 2 037
(diluted) (million)
Diluted headline earnings per share (US dollar) 2.40 0.65
DIVIDEND
The board of directors of AB InBev has proposed a full year 2021 dividend of €0.50 per share (the “Dividend”), subject to
obtaining approval at the Annual General meeting to be held on Wednesday, 27 April 2022.
The proposed timetable for the Dividend is as follows:
2022
Dividend declaration announcement released on SENS Thursday, 24 February
Annual General Meeting of shareholders to approve the Dividend Wednesday, 27 April*
Currency conversion announcement released on SENS (by 11h00 SA time) Friday, 29 April
Last day to trade on Johannesburg Stock Exchange (JSE) to qualify for the Tuesday, 3 May
Dividend
Ex-Dividend on Euronext from commencement of trading on Tuesday, 3 May
Ex-Dividend on JSE from commencement of trading on Wednesday, 4 May
Record date (Euronext) Wednesday, 4 May
Dividend payable (Euronext) Thursday, 5 May
Record date (JSE) Friday, 6 May
Dividend payable (JSE) Monday, 9 May
* Wednesday, 27 April 2022 is a South African public holiday.
Additional information required by the JSE Listings Requirements
1. No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 3 May 2022 and Friday,
6 May 2022 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted between
Wednesday, 4 May 2022 and Friday, 6 May 2022 (both dates inclusive).
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2. The gross amount of the Dividend will be subject to a Belgian withholding tax of 30%. Such withholding tax may be
reduced to 15% in terms of the double tax treaty in force between Belgium and South Africa. A rebate of the additional
Belgian withholding tax imposed must be claimed in accordance with the relevant reimbursement process noted below.
The Dividend will also be subject to South African dividends tax at the rate of 20% unless a shareholder qualifies for an
exemption. Any shareholder who receives a dividend which is subject to South African dividends tax (i.e., where no
exemption is available) will qualify for a 15% reduction in dividends tax. The ultimate result in such a case is that a
dividend will be subject to a reduced Belgian withholding tax rate of 15% and subject to South African dividends tax at a
rate of 5%.
3. At Thursday, 24 February 2022, being the declaration announcement date of the Dividend, the Company had a total of
1 979 768 075 shares in issue (excluding treasury shares). The Company held 39 473 898 ordinary shares in treasury
giving a total issued share capital of 2 019 241 973 shares (of which 1 737 182 020 ordinary shares are listed and
282 059 953 restricted shares are unlisted).
4. The Dividend will be paid out of the Company’s operating results for 2022, increased with the profits carried over, without
drawing on any capital reserves.
5. The Dividend is payable in South African Rand to shareholders whose shares are held through Central Securities
Participants and brokers traded on the JSE.
South African income tax and dividends tax consequences
The Dividend should be regarded as a ‘foreign dividend’ for South African income tax and South African dividends tax
purposes.
Foreign dividends received in respect of shares which are dual listed on the JSE are, however, exempt from income tax.
Consequently, no South African income tax should be incurred by the shareholders in respect of the Dividend received.
The Dividend may, however, be subject to South African dividends tax at 20%. There is though, amongst others, an exemption
from South African dividends tax if the Dividend is paid to a South African resident corporate shareholder. This exemption
operates in a manner similar to other local shares listed on the JSE and the dividends paid in respect thereof to resident
corporate shareholders and retirement funds. Intermediaries may only allow an exemption from South African dividends tax,
provided shareholders have completed and lodged a valid exemption form, which is obtainable from their intermediary.
Belgian withholding tax
The gross amount of the Dividend will as a rule be subject to a Belgian withholding tax of 30%. Such withholding tax can under
certain circumstances be reduced.
Belgian dividend withholding tax can be reduced to 15% pursuant to the Belgian-South African double tax treaty in force. Such
reduced rate can be applied provided that Form N°/NR. 276 Div.-Aut. is filed by the shareholder with the Bureau Central de
Taxation de Bruxelles-Etranger, boulevard du Jardin Botanique 50 boîte 3429, 1000 Brussels, Belgium (hereinafter the
“Central Bureau of Taxation”) before the expiry of a period of five years from January 1st of the year in which the withholding
tax was paid, in which case the differential between the standard withholding tax rate of 30% and the reduced treaty rate of
15% will be reimbursed.
An explanatory note is available through this link, or through the Belgian Tax authorities’ official website:
https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2575
The current version of Form N°/NR. 276 Div.-Aut. is available through this link, or through the Belgian Tax authorities’
official website: https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2599
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A Belgian withholding tax exemption is also applicable to dividends paid to South African corporate shareholders that hold a
participation of less than 10% in the capital of AB InBev but with an acquisition value of at least €2.5 million. This regime is
subject to the cumulative conditions that (i) the company is treated as a body corporate for tax purposes in the meaning of
Article 3, 1), d) of the Double Tax Treaty between Belgium and South Africa and has a legal form considered similar to the
ones listed in Annex I, Part A, to the Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation
applicable in the case of parent companies and subsidiaries of different Member States, as amended by Directive
2014/863/EU of 8 July 2014; (ii) it is subject to corporate income tax or a similar tax without benefiting from a tax regime
that deviates from the ordinary domestic tax regime; (iii) the dividends relate to AB InBev shares which it has held or will hold
in full legal ownership for an uninterrupted period of at least one year; and (iv) it cannot in principle credit the Belgian
withholding tax paid on the AB InBev dividends or obtain a refund thereof according to the legal provisions in force on
December 31 of the year preceding the year of the payment or attribution of the dividends.
In order to benefit from this reduced withholding tax, the shareholder must provide the Central Bureau of Taxation with a
South African residency certificate confirming that it fulfils the abovementioned conditions and indicating to what extent the
Belgian withholding tax is in principle creditable or reimbursable on the basis of the South African laws applicable on 31
December of the year preceding the one during which the Dividend is paid or attributed.
South African dividends tax rebate in respect of Belgian withholding tax
A rebate must, for South African dividends tax purposes, be deducted from any South African dividends tax payable in respect
of the Dividend (i.e. where no exemption is available). This rebate will be equal to the amount of any Belgian withholding tax
paid in respect of the Dividend, without any right of recovery, and must not exceed the amount of the South African dividends
tax imposed in respect of the Dividend.
The CSDPs and/or brokers, in their capacity as the regulated intermediaries, must obtain proof of any Belgian withholding tax
paid and deducted from the South African tax payable, as above, in the form and manner prescribed by the South African
Revenue Service.
For the avoidance of doubt, the income tax and dividends tax information provided above is only relevant to shareholders
whose shares are held through CSDPs and brokers and are traded on the JSE.
Any shareholder who is in any doubt as to their tax position should seek independent professional advice.
SHORT FORM ANNOUNCEMENT
The consolidated financial statements of AB InBev for the year ended 31 December 2021 have been audited by our statutory
auditors PwC Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL in accordance with International Standards on Auditing as
adopted by the European Union, and they have issued an unqualified audit report on these consolidated financial statements.
Shareholders should refer to the full audit report for an overview of the audit engagement and for the key audit matters
identified by the group’s statutory auditors during the audit engagement. The annual report containing the auditors’ full audit
report can be accessed at the following link: https://www.ab-inbev.com/investors/annual-reports.html from close of business
today.
This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary of the information
in the detailed financial results announcement and does not contain full or complete details. Any investment decision in
relation to the Company’s shares should be based on the full announcement.
The full announcement may be downloaded from
https://senspdf.jse.co.za/documents/2022/jse/isse/anhe/abi q42021.pdf
or from the Company’s website at www.ab-inbev.com
Copies may be requested from the Company and the Johannesburg office of the Company’s JSE Sponsor at no charge
during business hours for a period of 30 calendar days following the date of this announcement.
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ANHEUSER-BUSCH INBEV CONTACTS
Investors Media
Shaun Fullalove Kate Laverge
Tel. : +1 212 573 9287 Tel. : +1 917 940 7421
E-mail : shaun.fullalove@ab-inbev.com E-mail : kate.laverge@ab-inbev.com
Maria Glukhova Fallon Buckelew
Tel. : +32 16 276 888 Tel. : +1 310 592 6319
E-mail : maria.glukhova@ab-inbev.com E-mail : fallon.buckelew@ab-inbev.com
Jency John Fixed Income Investors
Tel: +1 646 746 9673 Daniel Strothe
E-mail: jency.john@ab-inbev.com Tel: +1 646 746 9667
E-mail: daniel.strothe@ab-inbev.com
24 February 2022
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the
Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New
York Stock Exchange (NYSE: BUD).
ab-inbev.com 5
Date: 24-02-2022 09:05:00
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