Anheuser-Busch Companies Reports Record Sales and Earnings for the Fourth Quarter and Full Year 2002; Achieves 17th Consecutive Quarter of Solid Double-Digit EPS Growth.Business Editors ST. LOUIS--(BUSINESS WIRE)--Feb. 5, 2003 Led by strong growth in its domestic and international beer businesses, Anheuser-Busch Companies, Inc., (NYSE NYSE See: New York Stock Exchange :BUD) achieved record sales and earnings for both the fourth quarter and full year 2002, it was announced today by Patrick Stokes Patrick T Stokes is the former president and CEO of Anheuser-Busch Companies, Inc. He is now chairman of the Board of Directors of the Anheuser-Busch Companies, Inc. Leadership at Anheuser-Busch In 1990, Stokes became president of Anheuser-Busch, Inc. , president and chief executive officer of the company. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 7.1 percent in the fourth quarter and 5.1 percent for the full year, while diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 18.5 percent and 14.0 percent, respectively, for the same periods. Diluted earnings per share are calculated on a comparable basis, excluding goodwill amortization from all periods. "Anheuser-Busch had another outstanding year in 2002, selling more than 100 million barrels of its beer brands domestically for the first time in history and delivering 14 percent earnings per share growth," said Mr. Stokes Stokes , William 1804-1878. British physician. Known especially for his studies of diseases of the chest and heart, he expanded on the observations of John Cheyne in describing the breathing irregularity now known as Cheyne-Stokes respiration. . "The company also achieved its 17th consecutive quarter of solid double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings per share growth in the fourth quarter 2002, with a 14.3 percent compound annual earnings per share growth since 1998. These accomplishments reflect our proven ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. domestic beer industry fundamentals and the strong earnings growth contribution by our international beer segment. The combination of revenue per barrel barrel: see English units of measurement. growth, volume growth, and favorable costs has significantly enhanced profit margins and return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). ." Gross and operating profit margins Operating profit margin The ratio of operating profit to net sales. for the year improved 160 basis points and 80 basis points vs. the prior year, respectively. Return on capital employed increased 120 basis points in 2002, and a total of 410 basis points over the past four years. Domestic beer segment revenues and profits were very strong. Net sales increased by 6.7 percent in the fourth quarter and 5.7 percent for the year while profits increased 8.7 percent for the fourth quarter and 9.3 percent for the year. Domestic beer revenue per barrel grew 4.2 percent and 3.5 percent, respectively, for the fourth quarter and full year 2002, reflecting the continued favorable pricing environment and the introductions of Michelob Michelob is the trade name of a family of beers produced by the Anheuser-Busch brewery. It takes its name from a speciality beer developed by Adolphus Busch in 1896 as a "draught beer for connoisseurs". ULTRA and Bacardi Bacardi is the world's largest privately held, family-owned spirits company; a producer of rums, including Bacardi Superior and Bacardi 151. The company sells in excess of 200 million bottles per year in 200 countries. Silver. Revenue per barrel has now increased by 2 percent or more for 17 consecutive quarters. Excluding favorable mix, domestic revenue per barrel increased 3.2 percent and 2.8 percent for the fourth quarter and full year, respectively. As previously announced, domestic beer sales-to-wholesalers volume increased 2.3 percent for the fourth quarter and 2.1 percent for the full year vs. 2001. Wholesaler inventories at December December: see month. 31, 2002 were essentially the same as inventory levels at the end of 2001. Wholesaler sales-to-retailers volume was up 1.6 percent for the year and declined 0.3 percent for the fourth quarter 2002. The fourth quarter 2002 decline in sales-to-retailers reflects a difficult comparison with prior year fourth quarter sales that were up 5 percent from 2000 due to unseasonably warm weather and the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of consumer activity after the September September: see month. 11 tragedy. Fourth quarter 2002 sales-to-retailers represents a 2.3 percent compound annual growth rate from fourth quarter 2000. Net income for the company's international beer segment increased 32.5 percent in the fourth quarter and 29.3 percent for the year, led primarily by the performance of the company's equity partner, Grupo Modelo Grupo Modelo is a large brewery in Mexico. It maintains a large part of the Mexican beer export market and produces top-selling imported beer in the United Kingdom, United States and Canada. , Mexico's largest brewer and brewer of the Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. brand. Volume and profit on the sale of Anheuser-Busch brands overseas also increased significantly for the fourth quarter and the year. The company's reported beer volume is summarized in the following table:
Reported Beer Volume (millions of barrels)
Fourth Quarter Year Ended December 31
vs. 2001 vs. 2001
2002 Barrels % 2002 Barrels %
Domestic 23.2 Up 0.5 Up 2.3% 101.8 Up 2.1 Up 2.1%
International 2.0 Up 0.1 Up 4.6% 8.0 Up 0.4 Up 5.4%
Worldwide A-B
Brands 25.2 Up 0.6 Up 2.5% 109.8 Up 2.5 Up 2.3%
Int'l Equity Partner
Brands 4.3 Up 0.3 Up 6.8% 18.1 Up 0.9 Up 5.3%
Total Brands 29.5 Up 0.9 Up 3.1% 127.9 Up 3.4 Up 2.8%
Consistent with its practice of implementing annual price increases in two phases, the company completed the first stage of its pricing actions for 2003 by raising prices in October October: see month. 2002 in markets representing almost 45 percent of the company's domestic volume. These actions have been very successful, as reflected in our strong fourth quarter revenue per barrel performance. As planned, Anheuser-Busch is currently implementing the second stage of 2003 pricing actions on approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20 percent of its domestic volume. As in the past, these pricing initiatives are tailored to specific markets, brands and packages. "As we put another great year behind us and begin 2003, we do so from a position of strength. Anheuser-Busch has the leading brands with the highest quality in the industry; substantial market share leads over our nearest competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; successful pricing strategies There are many ways in which the price of a product can be determined. The following are the foremost strategies that businesses are likely to use. Competition-based pricing Setting the price based upon prices of the similar competitor products. ; and a strong financial position," said Mr. Stokes. "We continue to have a 12 percent earnings per share growth objective for 2003." FOURTH QUARTER 2002 FINANCIAL RESULTS In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," which became effective in the first quarter 2002, the company ceased amortizing goodwill. The following discussions of quarterly and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. financial results are based on 2001 results on a comparable basis, and exclude goodwill amortization for both years. The following tables show 2002 vs. 2001 financial results for the fourth quarter and full year on both an as reported and comparable basis. Key operating results for the fourth quarter 2002 vs. 2001 are summarized below:
($ in millions, except per share)
% Growth
Fourth Quarter 2002 vs. 2001
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $3,594 $3,366 Up 6.8% Up 6.8%
Net Sales $3,098 $2,893 Up 7.1% Up 7.1%
Income Before Income Taxes $312 $293 Up 6.4% Up 4.9%
Equity Income $75 $54 Up 38.1% Up 26.4%
Net Income $269 $228 Up 18.2% Up 13.7%
Diluted Earnings Per Share $.32 $.26 Up 23.1% Up 18.5%
(a) Excludes goodwill amortization in 2001.
A discussion of financial highlights for the fourth quarter 2002 on a comparable basis follows: -- Net sales increased 5 percent compared to 2001. This increase, led by a 5.7 percent increase in domestic beer segment net sales, reflects higher sales for all major business segments. -- Income before income taxes increased 9.6 percent for the year due to the improved performance from all the company's major business segments. -- Domestic beer pretax income for the year was up 9.3 percent, reflecting higher revenue per barrel and increased beer volume. -- International beer segment pretax income increased 37 percent for 2002, primarily due to volume and profit growth in China. -- Packaging segment pretax profits were up 42 percent, primarily due to higher soft drink can prices and volume, along with a profit contribution from the company's bottle manufacturing operation in 2002 compared to a loss in the 2001 start-up year. -- Entertainment segment pretax profits for the year were up 8 percent compared to 2001, excluding the $18 million gain on the sale of the company's SeaWorld Cleveland theme park in 2001. -- Equity income increased 28 percent vs. 2001, reflecting volume and earnings growth by Grupo Modelo. The Modelo results include a $17 million one-time deferred income tax benefit due to a reduction in Mexican corporate income tax rates and a $6.5 million one-time charge related to the brewery operations restructuring in southeastern Mexico. The Mexican deferred tax rate benefit was largely offset by increased U.S. deferred income taxes, which are included in the company's consolidated income tax provision, resulting in minimal consolidated net income or earnings per share benefit for Anheuser-Busch. Excluding the impact of the deferred tax rate benefit and brewery operations restructuring charge, equity income increased 24 percent for the full year. -- Net income increased 11 percent in 2002 vs. 2001. The company's effective tax rate increased to 39.7 percent for the year vs. 38.7 percent last year. This increase results from the deferred income tax impact related to Modelo and higher foreign taxes, partially offset by the write-off in 2001 of goodwill associated with the sale of the SeaWorld Cleveland theme park. -- Diluted earnings per share for 2002 were $2.20, an increase of 14 percent compared to 2001. Earnings per share benefited from the company's ongoing share repurchase program. The company repurchased more than 40 million shares in 2002. FULL YEAR 2002 FINANCIAL HIGHLIGHTS Key operating results for the full year 2002 compared to 2001 are summarized below:
Year Ended December 31 (in millions, except per share)
% Growth
2002 vs. 2001
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $15,687 $14,973 Up 4.8% Up 4.8%
Net Sales $13,566 $12,912 Up 5.1% Up 5.1%
Income Before Income
Taxes $2,624 $2,378 Up 10.3% Up 9.6%
Equity Income $352 $254 Up 38.3% Up 28.2%
Net Income $1,934 $1,705 Up 13.4% Up 11.1%
Diluted Earnings Per
Share $2.20 $1.89 Up 16.4% Up 14.0%
(a) Excludes goodwill amortization in 2001.
A discussion of financial highlights for full year 2002 on a comparable basis follows: -- Net sales increased 5 percent compared to 2001. This increase, led by a 5.7 percent increase in domestic beer segment net sales, reflects higher sales for all major business segments. -- Income before income taxes increased 9.6 percent for the year due to the improved performance from all the company's major business segments. -- Domestic beer pretax income for the year was up 9.3 percent, reflecting higher revenue per barrel and increased beer volume. -- International beer segment pretax income increased 37 percent for 2002, primarily due to volume and profit growth in China. -- Packaging segment pretax profits were up 42 percent, primarily due to higher soft drink can prices and volume, along with a profit contribution from the company's bottle manufacturing operation in 2002 compared to a loss in the 2001 start-up year. -- Entertainment segment pretax profits for the year were up 8 percent compared to 2001, excluding the $18 million gain on the sale of the company's SeaWorld Cleveland theme park in 2001. -- Equity income increased 28 percent vs. 2001, reflecting volume and earnings growth by Grupo Modelo. The Modelo results include a $17 million one-time deferred income tax benefit due to a reduction in Mexican corporate income tax rates and a $6.5 million one-time charge related to the brewery operations restructuring in southeastern Mexico. The Mexican deferred tax rate benefit was largely offset by increased U.S. deferred income taxes, which are included in the company's consolidated income tax provision, resulting in minimal consolidated net income or earnings per share benefit for Anheuser-Busch. Excluding the impact of the deferred tax rate benefit and brewery operations restructuring charge, equity income increased 24 percent for the full year. -- Net income increased 11 percent in 2002 vs. 2001. The company's effective tax rate increased to 39.7 percent for the year vs. 38.7 percent last year. This increase results from the deferred income tax impact related to Modelo and higher foreign taxes, partially offset by the write-off in 2001 of goodwill associated with the sale of the SeaWorld Cleveland theme park. -- Diluted earnings per share for 2002 were $2.20, an increase of 14 percent compared to 2001. Earnings per share benefited from the company's ongoing share repurchase program. The company repurchased more than 40 million shares in 2002. BEER SALES RESULTS Worldwide Beer Volume Worldwide Anheuser-Busch beer sales volume increased 2.5 percent and 2.3 percent, respectively, for the fourth quarter and full year 2002 to 25.2 million and 109.8 million barrels. Worldwide beer volume is comprised of domestic and international volume. Domestic volume represents Anheuser-Busch beer brands produced and shipped within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . International volume represents Anheuser-Busch beer brand exports from the company's U.S. breweries See for an up to date listing of all the breweries detailed on Wikipedia, sorted into regions. Africa
Asia
Total volume, which combines worldwide Anheuser-Busch brand volume with equity volume (representing the company's share of its foreign equity partners' volume), was 29.5 million barrels in the fourth quarter 2002, up 3.1 percent vs. fourth quarter 2001. Total volume for the year increased 2.8 percent, to 127.9 million barrels. Domestic Beer Volume and Market Share Anheuser-Busch domestic beer sales-to-wholesalers in 2002 were 23.2 million barrels in the fourth quarter and 101.8 million barrels for the year. This represents increases of 2.3 percent for the fourth quarter, and 2.1 percent for the year compared to 2001. These increases were led by Bud Family sales, as well as the successful 2002 introductions of Bacardi Silver and Michelob ULTRA. The company's domestic market share (excluding exports) for 2002 was 49.2 percent, an increase of .5 percentage points compared to 2001 market share of 48.7 percent. Domestic market share is determined based on estimated U.S. beer industry sales using information provided by the Beer Institute and the U.S. Department of Commerce. International Beer Volume International Anheuser-Busch brand beer volume for the fourth quarter and full year 2002 was 2.0 million and 8.0 million barrels, respectively, representing increases of 4.6 percent and 5.4 percent vs. comparable 2001 periods. During 2002, the company's three largest markets outside the U.S. - Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , China and the U.K. - all experienced volume growth. Other Matters Anheuser-Busch will conduct a conference call to discuss fourth quarter and full year 2002 earnings results at 3 p.m. Central Time today. The company will broadcast the conference call live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . For details visit the company's site on the Internet at www.anheuser-busch.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the company's expectations concerning its future operations, earnings and prospects. On the date the 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 disclaims any obligation to update any of these statements. If the company determines to update any forward-looking statement, it will do so publicly. No private statements by the company or its personnel should be interpreted Translated from source code into machine code one line at a time. See interpreted language and interpreter. interpreted - interpreter as updating forward-looking statements. The company's expectations involve significant risks and uncertainties, and are based upon 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. Further information on factors that could affect the company's future operations, earnings and prospects is included in the company's Forms 10-Q and 10-K.
Comparative Statement of Earnings (Unaudited)
Fourth Quarter Ended December 31, 2002
(In Millions, Except Per Share)
% Change 2002 vs. 2001
Fav./(Unfav.)
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $3,594.4 $3,366.0 6.8 6.8
Excise Taxes (496.9) (472.9) (5.1) (5.1)
Net Sales 3,097.5 2,893.1 7.1 7.1
Cost of Sales (1,991.7) (1,882.7) (5.8) (6.0)
Marketing, Distribution
& Administrative
Expenses (698.1) (626.2) (11.5) (11.5)
Operating Income 407.7 384.2 6.1 5.2
Interest Expense (95.1) (90.9) (4.6) (4.6)
Interest Capitalized 4.8 6.1 (22.3) (22.3)
Interest Income 0.4 0.1 147.1 147.1
Other Expense, Net (5.9) (6.4) 8.2 (3.2)
Income Before Income Taxes 311.9 293.1 6.4 4.9
Provision for Income
Taxes (117.3) (119.4) 1.8 1.8
Equity Income 74.6 54.1 38.1 26.4
Net Income $269.2 $227.8 18.2 13.7
Basic Earnings Per Share $.32 $.26 23.1 18.5
Diluted Earnings Per Share $.32 $.26 23.1 18.5
Increase/(Decrease)
Amount %
Capital Expenditures $237.4 $226.9 $10.5 4.6
Depreciation and
Amortization $217.4 $218.3 $(0.9) (0.4)
Weighted Average Shares:
Basic 852.6 881.5 (28.9) (3.3)
Diluted 864.1 892.2 (28.1) (3.1)
(a) Excludes goodwill amortization in 2001.
-- In 2002, the company began presenting U.S. income taxes
related to foreign equity investment dividends in the
consolidated income tax provision. The company previously
presented these taxes in equity income. This presentation
change has no impact on net income or earnings per share.
Information for 2001 has been recast to conform to this
presentation convention.
Comparative Statement of Earnings (Unaudited)
Year-to-Date Ended December 31, 2002
In Millions, Except Per Share)
% Change 2002 vs. 2001
Fav./(Unfav.)
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $15,686.8 $14,973.0 4.8 4.8
Excise Taxes (2,120.4) (2,061.5) (2.9) (2.9)
Net Sales 13,566.4 12,911.5 5.1 5.1
Cost of Sales (8,131.3) (7,950.4) (2.3) (2.4)
Marketing, Distribution
& Administrative
Expenses (2,455.4) (2,255.9) (8.8) (8.9)
Gain on Sale of Business -- 17.8 N/A N/A
Operating Income 2,979.7 2,723.0 9.4 8.9
Interest Expense (368.7) (361.2) (2.1) (2.1)
Interest Capitalized 17.7 26.9 (34.3) (34.3)
Interest Income 1.3 1.1 16.3 16.3
Other Expense, Net (6.4) (12.2) 47.4 32.6
Income Before Income
Taxes 2,623.6 2,377.6 10.3 9.6
Provision for Income
Taxes (1,041.5) (927.5) (12.3) (12.3)
Equity Income 351.7 254.4 38.3 28.2
Net Income $1,933.8 $1,704.5 13.4 11.1
Basic Earnings Per Share $2.23 $1.91 16.8 14.4
Diluted Earnings Per Share $2.20 $1.89 16.4 14.0
Increase/(Decrease)
Amount %
Capital Expenditures $834.7 $1,022.0 $(187.3) (18.3)
Depreciation and
Amortization $847.3 $834.5 $12.8 1.5
Weighted Average Shares:
Basic 866.0 890.1 (24.1) (2.7)
Diluted 878.9 901.6 (22.7) (2.5)
(a) Excludes goodwill amortization in 2001.
-- In 2002, the company began presenting U.S. income taxes
related to foreign equity investment dividends in the
consolidated income tax provision. The company previously
presented these taxes in equity income. This presentation
change has no impact on net income or earnings per share.
Information for 2001 has been recast to conform to this
presentation convention.
Business Segments (Unaudited)
Fourth Quarter Ended December 31, 2002
($ in Millions)
Domestic Int'l Pack- Enter- Other Corporate Consol.
Beer Beer aging tain. & Elims.
2002
Gross Sales $2,894.5 186.4 484.1 141.9 17.8 (130.3) $3,594.4
Net Sales:
- Intersegment --- --- $194.8 --- 1.3 (196.1) $---
- External $2,441.2 142.8 289.3 141.9 16.5 65.8 $3,097.5
Income Before
Income Taxes $516.7 5.8 33.0 (16.6) (8.2) (218.8) $311.9
Equity Income --- $74.6 --- --- --- --- $74.6
Net Income $320.3 78.2 20.5 (10.3) (5.1) (134.4) $269.2
2001 Comparable Basis (a)
Gross Sales $2,729.9 160.1 449.0 130.2 29.4 (132.6) $3,366.0
Net Sales:
- Intersegment -- -- $187.9 -- 6.4 (194.3) $---
- External $2,287.7 129.4 261.1 130.2 23.0 61.7 $2,893.1
Income Before
Income Taxes $475.1 (0.2) 19.3 (14.8) 2.6 (184.9) $297.1
Equity Income --- $59.1 --- --- --- --- $59.1
Net Income $293.5 59.0 11.9 (9.2) 1.6 (120.0) $236.8
2001
As Reported
Gross Sales $2,729.9 160.1 449.0 130.2 29.4 (132.6) $3,366.0
Net Sales:
- Intersegment -- -- $187.9 -- 6.4 (194.3) $---
- External $2,287.7 129.4 261.1 130.2 23.0 61.7 $2,893.1
Income Before
Income Taxes $473.8 (0.5) 19.1 (17.3) 2.6 (184.6) $293.1
Equity Income -- $54.1 -- -- -- -- $54.1
Net Income $292.7 53.8 11.8 (10.7) 1.6 (121.4) $227.8
(a) Excludes goodwill amortization.
Note: 2001 segment results have been updated to present beer sales to
U.S. military installations and certain operating expenses in the
Domestic Beer segment. These activities were previously presented
within International Beer and Corporate.
Business Segments (Unaudited)
Year-to-Date Ended December 31, 2002
($ in Millions)
Domestic Int'l Pack- Enter- Other Corporate Consol.
Beer Beer aging tain. & Elims.
2002
Gross Sales $12,562.9 713.6 2,072.0 858.6 92.8 (613.1) $15,686.8
Net Sales:
- Intersegment --- --- $877.3 --- 18.1 (895.4) $---
- External $10,574.1 582.0 1,194.7 858.6 74.7 282.3 $13,566.4
Income Before
Income Taxes $2,919.2 76.1 154.0 153.0 (3.4) (675.3) $2,623.6
Equity Income --- $351.7 --- --- --- --- $351.7
Net Income $1,809.9 398.9 95.5 94.9 (2.1) (463.3) $1,933.8
2001 Comparable Basis (a)
Gross Sales $11,950.7 654.1 1,999.8 847.6 108.0 (587.2) $14,973.0
Net Sales:
- Intersegment --- --- $829.0 --- 25.0 (854.0) $---
- External $10,003.9 539.4 1,170.8 847.6 83.0 266.8 $12,911.5
Income Before
Income Taxes $2,671.7 55.6 108.3 157.7 7.3 (607.1) $2,393.5
Equity Income --- $274.3 --- --- --- --- $274.3
Net Income $1,651.7 308.6 67.0 92.0 4.5 (383.5) $1,740.3
2001
As Reported
Gross Sales $11,950.7 654.1 1,999.8 847.6 108.0 (587.2) $14,973.0
Net Sales:
- Intersegment --- --- $829.0 --- 25.0 (854.0) $---
- External $10,003.9 539.4 1,170.8 847.6 83.0 266.8 $12,911.5
Income Before
Income Taxes $2,667.1 54.4 107.5 147.4 7.3 (606.1) $2,377.6
Equity Income --- $254.4 --- --- --- --- $254.4
Net Income $1,648.8 288.0 66.5 85.6 4.5 (388.9) $1,704.5
(a) Excludes goodwill amortization.
Note: 2001 segment results have been updated to present beer sales to
U.S. military installations and certain operating expenses in the
Domestic Beer segment. These activities were previously presented
within International Beer and Corporate.
Consolidated Balance Sheet (Unaudited)
Anheuser-Busch Companies, Inc.
(In Millions)
December 31,
2002 2001
Assets
Current Assets:
Cash $188.9 $162.6
Accounts receivable 630.4 620.9
Inventories:
Raw materials and supplies 294.1 352.4
Work in progress 82.8 79.8
Finished goods 186.7 159.6
Total inventories 563.6 591.8
Other current assets 121.8 175.1
Total current assets 1,504.7 1,550.4
Investments in affiliated companies 2,827.9 2,855.0
Other assets 1,423.0 1,149.5
Plant and equipment, net 8,363.9 8,390.0
Total Assets $14,119.5 $13,944.9
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $986.6 $945.0
Accrued salaries, wages and benefits 287.5 255.8
Accrued taxes 181.0 161.1
Other current liabilities 332.6 374.6
Total current liabilities 1,787.7 1,736.5
Postretirement benefits 474.2 482.9
Debt 6,603.2 5,983.9
Deferred income taxes 1,345.1 1,367.2
Other long-term liabilities 857.0 312.9
Shareholders Equity:
Common stock 1,453.4 1,445.2
Capital in excess of par value 1,024.5 810.2
Retained earnings 12,544.0 11,258.2
Treasury stock, at cost (11,008.6) (8,981.6)
Accumulated other comprehensive loss (870.7) (338.3)
ESOP debt guarantee (90.3) (132.2)
Total Shareholders Equity 3,052.3 4,061.5
Commitments and contingencies --- ---
Total Liabilities and Shareholders
Equity $14,119.5 $13,944.9
Consolidated Statement of Cash Flows (Unaudited)
Anheuser-Busch Companies, Inc.
(In Millions)
Year Ended December 31,
2002 2001
Cash flow from operating activities:
Net Income $1,933.8 $1,704.5
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 847.3 834.5
Deferred income taxes 160.2 (15.8)
Gain on sale of SeaWorld Cleveland -- (17.8)
Undistributed earnings of affiliated
companies (305.0) (227.6)
Other, net (12.0) 38.2
Operating cash flow before change in
working capital 2,624.3 2,316.0
Decrease in working capital 140.9 44.6
Cash provided by operating activities 2,765.2 2,360.6
Cash flow from investing activities:
Capital expenditures (834.7) (1,022.0)
New business acquisitions (19.0) (370.4)
Proceeds from sale of SeaWorld Cleveland -- 110.0
Cash used for investing activities (853.7) (1,282.4)
Cash flow from financing activities:
Increase in long-term debt 1,151.8 1,213.4
Decrease in long-term debt (505.9) (572.8)
Dividends paid to shareholders (649.5) (614.1)
Acquisition of treasury stock (2,027.0) (1,163.8)
Issuance of shares under stock plans 145.4 61.8
Cash used for financing activities (1,885.2) (1,075.5)
Net increase in cash during the period 26.3 2.7
Cash, beginning of period 162.6 159.9
Cash, end of period $188.9 $162.6
SOURCE: Anheuser-Busch Companies, Inc. |
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