BUD APAC 01876·

Gross margin 51.73%--51.93%0.20%--------53.87%--50.02%3.86%50.36%0.35%50.38%0.02%50.09%0.30% Net margin 9.38%--14.23%4.85%--------14.45%--14.65%0.20%12.84%1.81%12.01%0.83%9.02%2.99% ROE 5.56%--9.44%3.88%--------8.63%--8.48%0.14%7.90%0.58%7.13%0.77%4.77%2.36% ROA 3.41%--6.05%2.63%--------5.90%--5.93%0.03%5.42%0.51%5.08%0.35%3.52%1.56% Revenue growth ----10.51%--------------4.25%--7.63%3.38%-7.54%15.17%-9.77%2.23% Attributable profit growth ----66.90%--------------4.98%---5.10%10.08%-13.52%8.42%-34.14%20.62% Debt-to-assets 38.26%--35.87%2.39%--------33.34%--32.28%1.06%33.16%0.89%30.71%2.46%30.09%0.62% Current ratio 0.63--0.600.03--------0.67--0.820.140.920.100.970.060.990.02 Operating cash flow / net profit 2.33--1.760.57--------1.94--1.660.282.060.401.510.551.830.32 Operating cash flow / revenue 21.82%--24.99%3.16%--------28.03%--24.34%3.69%26.41%2.07%18.16%8.26%16.50%1.66%

Gross margin 51.43%--51.42%--51.88%0.44%50.89%0.53% Net margin 13.62%--13.26%--15.48%1.87%12.79%0.47% Revenue growth --------1.12%---1.51%-- Attributable profit growth --------15.65%---4.88%-- Current ratio --------0.97------ Operating cash flow / net profit 0.63------1.080.45---- Operating cash flow / revenue 8.51%------16.71%8.20%----

Revenue 6.10B--6.74B10.51%--------43.28B--45.12B4.25%48.56B7.63%44.90B7.54%40.51B9.77% Other income and gains 133.00M--154.00M15.79%---------------------------- Cost of sales 2.94B--3.24B10.05%---------------------------- Gross profit 3.15B--3.50B10.94%--------23.32B--22.57B3.22%24.46B8.38%22.62B7.50%20.29B10.30% Selling and distribution expenses 1.40B--1.42B1.43%--------12.31B--11.69B5.08%12.19B4.30%11.68B4.17%10.77B7.82% Administrative expenses 404.00M--395.00M2.23%--------2.86B--3.08B7.53%3.33B8.14%3.43B3.00%3.19B6.93% Net finance costs 51.00M--18.00M64.71%--------286.91M--271.62M5.33%368.30M35.59%251.59M31.69%281.15M11.75% Income tax 307.00M--296.00M3.58%--------2.75B--2.33B15.54%3.17B36.10%2.95B6.91%3.03B2.79% Operating profit 922.00M--1.26B36.23%--------8.84B--8.78B0.77%9.13B4.04%7.89B13.55%6.35B19.59% Share of associates and JVs 8.00M--17.00M112.50%--------204.02M--160.19M21.49%198.32M23.80%222.84M12.37%267.09M19.86% Profit before tax 879.00M--1.25B42.78%--------9.01B--8.94B0.81%9.40B5.18%8.34B11.28%6.68B19.84% Net profit 572.00M--959.00M67.66%--------6.25B--6.61B5.67%6.23B5.70%5.39B13.50%3.65B32.21% Net profit attributable to owners 574.00M--958.00M66.90%--------6.06B--6.36B4.98%6.03B5.10%5.22B13.52%3.44B34.14%

Revenue 3.14B--4.69B--3.17B1.12%4.62B1.51% Other income and gains 40.00M--73.00M--28.00M30.00%49.00M32.88% Cost of sales 1.52B--2.28B--1.53B0.20%2.27B0.44% Gross profit 1.61B--2.41B--1.65B1.98%2.35B2.53% Selling and distribution expenses 524.00M--546.00M--584.00M11.45%543.00M0.55% Administrative expenses 225.00M------219.00M2.67%---- Net finance costs 22.00M--1.00M--15.00M31.82%16.00M1500.00% Income tax 263.00M--345.00M--173.00M34.22%285.00M17.39% Operating profit 666.00M--262.00M--629.00M5.56%180.00M31.30% Share of associates and JVs 21.00M--37.00M--26.00M23.81%42.00M13.51% Profit before tax 690.00M------664.00M3.77%---- Net profit 427.00M--622.00M--491.00M14.99%591.00M4.98% Net profit attributable to owners 409.00M--594.00M--473.00M15.65%565.00M4.88%

Cash and cash equivalents 1.76B--1.67B5.34%--------12.80B--17.12B33.78%22.25B29.95%20.61B7.36%19.88B3.55% Trade and bills receivables 697.00M--580.00M16.79%--------3.57B--3.91B9.43%4.31B10.40%3.57B17.34%3.55B0.45% Inventories 371.00M--417.00M12.40%--------3.02B--3.40B12.70%3.14B7.47%2.70B14.05%2.41B10.80% Total current assets 2.87B--2.68B6.72%--------20.15B--25.11B24.61%30.17B20.11%27.55B8.68%26.81B2.65% Total assets 16.76B--15.86B5.36%--------106.00B--111.41B5.10%114.98B3.21%106.23B7.61%103.84B2.25% Total current liabilities 4.54B--4.47B1.67%--------29.91B--30.75B2.81%32.93B7.09%28.27B14.14%26.97B4.61% Total liabilities 6.41B--5.69B11.27%--------35.33B--35.96B1.77%38.13B6.05%32.62B14.46%31.24B4.22% Equity attributable to owners 10.33B--10.15B1.69%--------70.22B--74.97B6.77%76.39B1.89%73.21B4.16%72.13B1.47% Total equity 10.35B--10.17B1.69%--------70.66B--75.45B6.77%76.85B1.86%73.61B4.21%72.59B1.38%

Cash and cash equivalents --------2.54B------ Trade and bills receivables --------737.00M------ Inventories --------360.00M------ Total current assets --------3.81B------ Total assets --------14.46B------ Total current liabilities --------3.94B------ Equity attributable to owners --------9.88B------ Total equity --------9.93B------

Net cash from operating activities 1.33B--1.68B26.52%--------12.13B--10.98B9.48%12.83B16.79%8.15B36.45%6.68B18.00% Net cash from investing activities -532.00M---472.00M11.28%---------4.66B---3.06B34.25%-3.17B3.31%-2.94B7.14%-2.28B22.54% Net cash from financing activities -187.00M---1.24B561.50%---------2.96B---3.48B17.71%-4.40B26.31%-6.49B47.58%-5.19B20.09% Net change in cash 612.00M---25.00M104.08%--------4.51B--4.44B1.72%5.26B18.62%-1.28B124.31%-780.20M39.02%

Net cash from operating activities 267.00M------530.00M98.50%---- Net cash from investing activities -110.00M-------132.00M20.00%---- Net cash from financing activities -674.00M-------734.00M8.90%---- Net change in cash -517.00M-------336.00M35.01%----