Obbligazioni societarie Anheuser-Busch InBev, Heineken, SABMiller, Carlsberg: the breweries.

[Alobar]

(Teleborsa) - Roma, 5 apr -
Tipologie di prestiti obbligazionari con soluzioni tecniche strutturate per contrastare l'effetto downgrade sono in forte aumento. Queste soluzioni sono state implicitamente chieste dagli investitori di alto profilo che non credono ancora in un pieno rilancio dell'economia mondiale. Anheuser-Busch InBev, la holding in possesso dei marchi più prestigiosi di birra (Budweiser e Stella Artois....), è uno degli attori più vitali in questo senso avendo emesso Bonds di tipo Step-Up un importo di 37,3 mld di Dollari, pari al 12,4% del debito complessivo della compagnia. Questa tipologia di obbligazione si allineerà con tassi di interesse più alti qualora il debito della Compagnia fosse sottoposto a downgrade nei prossimi anni.

 

[Imark]

Stabile la performance del comparto beverage in ambito globale secondo Moody's... dovrebbe attenuarsi la pressione sui volumi di vendita manifestatasi su tutte le tipologie di bevande da consumo (dalla birra agli alcolici fino alle bevande gassate), senza peraltro che ci sia da attendersi una ripresa generalizzata dei consumi.

Peraltro resteranno differenziate le performance sui diversi mercati, con persistente debolezza su quelli maturi (US ed EU), una performance decisamente migliore in america latina ed Asia ed una ripresa ancor più debole e tardiva (con inizio nel H2/2010) in Europa orientale e Russia.

Restano cmq fattori di debolezza su base subcompartimentale, quale un incremento di accise ed imposte sulle bevande alcooliche di varia gradazione da parte di taluni paesi europei impegnati nel consolidamento fiscale.

In linea di massima, secondo Moody's, mancano gli elementi per poter migliorare a positivo il rating compartimentale, che è attualmente di "stabile".

Moody's: Global Beverage Industry: Volume pressures ease but focus on costs and prudent financial policies continue overall

Paris, April 13, 2010 -- The outlook for the global beverage industry remains stable, reflecting the industry's resilient performance and companies' continued focus on reducing capital investments and costs amidst a still difficult -- albeit regionally variable -- consumer environment, says Moody's Investors Service in its latest Industry Outlook update. Although there are signs that consumer spending trends have started to improve (or at least to stabilise), the rating agency does not envisage changing the industry sector outlook to positive in the near term.

"Moody's does not anticipate a marked pick-up in demand for the global beverages industry in 2010, although volume performance should improve after a very challenging 2009. However, regional differences remain: a decline in volumes continues in most mature, developed markets such as the US and Western Europe, whilst Asia and Latin America have shown more resilience, supporting top-line growth for companies exposed to those regions," says Yasmina Serghini-Douvin, a Paris-based Moody's Assistant Vice President-Analyst.

Moody's observes that Eastern European countries, including Russia, have experienced slower-than-expected economic growth which is projected to only gradually recover in H2 2010. The rating agency also notes that business conditions in Japan have stabilised, although domestic growth opportunities in that country remain limited.

Moody's predicts that volumes will likely remain soft in 2010 across all segments of the global beverage industry, although the rating agency believes that volume trends have already reached a trough. Nonetheless, Moody's highlights that governments are seeking to wipe out national deficits via excise duty on alcoholic beverages, and cautions that the tightened regulatory environment in Europe -- where a number of duty increases on alcoholic beverages came into effect in January 2010 -- will create an additional burden for the industry.

Moody's expects corporate activity to continue across the global beverage industry in the next 12 to 18 months, although not on the scale of 2007-2008. Recently, the North American market witnessed significant developments from leading soft beverage companies which led Moody's to take rating actions. The Coca-Cola Company (rated Aa3, stable) and PepsiCo (Aa3, stable) reshaped their relationships with some of their key bottlers, as well as with others in the industry such as Dr Pepper Snapple. Overall, the rating agency believes that beverage companies will maintain prudent financial policies overall, with moderate returns to shareholders and investments.

 

[lorenzo63]

La lista complessiva dei bond emessi dal Anheuser Inbev...

Vedi l'allegato Bond_profile_v8 Inbev anhauser.xls

 

[lorenzo63]

Anheuser-Busch InBev reports Second Quarter and Half Year 2010 Results

Dal loro sito:


HIGHLIGHTS

Volume performance: Total 2Q10 volumes increased 2.1%, with own beer volumes up 2.0%
and soft drink volumes up 5.5%. In HY10, total volumes increased 1.5%, with own beer
volumes up 1.4% and soft drink volumes up 3.9%

Focus Brands: Our Focus Brand volumes grew 5.7% in 2Q10 and 4.0% in HY10, led by
Budweiser internationally, Antarctica, Brahma and Skol in Brazil and Harbin in China

Market share gains: In HY10, we gained or maintained market share in markets representing
almost half of our total beer volumes

Revenue growth: 2Q10 revenue rose 4.1%, or 1.5% per hectoliter, and HY10 revenue grew
3.1%, or 1.3% per hectoliter. On a constant geographic basis, growth in revenue per hl would
have been 2.8% for 2Q10 and 2.7% for HY10

Cost of Sales: Cost of Sales (CoS) increased 2.9% in 2Q10, and decreased 0.3% per hl. In
HY10, CoS increased 0.9%, and decreased 1.3% per hl. On a constant geographic basis, CoS
per hl would have increased 1.1% in 2Q10 and 0.8% in HY10

Sales and marketing: Sales and marketing investments grew 10.0% in 2Q10 and 7.6% in
HY10, with increased support to our Focus Brands and global sponsoring activities before and
during the FIFA World Cup partly offset by reductions in non-working money in North America

Synergies: 2Q10 synergies of 180 million USD related to the combination with Anheuser-
Busch, bringing HY10 synergies to 310 million USD and total synergies achieved to 1 670 million
USD

EBITDA: 2Q10 EBITDA grew 5.6% to 3 354 million USD, with EBITDA margin of 36.6%
compared to 38.2% in 2Q09 with organic improvement of 50 bp. HY10 EBITDA rose 5.4% to
6 440 million USD with a margin of 36.8%, an organic improvement of 79 bp

Scope change: EBITDA includes a negative scope of 240 million USD in North America,
reflecting a curtailment gain in 2Q09 reported as a positive scope in 2009

Net finance costs: Net finance costs of 519 million USD in 2Q10 compare to 1 152 million USD
in 2Q09. The decrease is primarily due to lower net interest charges as a result of reduced debt
levels, lower accretion expenses as bank borrowings are being reduced as a percentage of total
debt and the impact of a foreign exchange translation gain in other financial results (please see
page 11). Net finance costs reached 1 419 million USD in HY10 as compared to 1 993 million
USD in HY09

Profit: Normalized profit attributable to equity holders of Anheuser-Busch InBev of 1 440
million USD in 2Q10 compares to 1 134 million USD in 2Q09, and 2 331 million USD in HY10
compares to 1 918 million USD in HY09

EPS: Normalized earnings per share of 0.90 USD in 2Q10 compare to 0.72 USD in 2Q09, and
1.46 USD in HY10 compare to 1.21 USD in HY09.

Cash flow: Cash flow from operating activities reached 4 133 million USD in HY10 as compared
to 5 067 million USD in HY09. The slowdown in cash flow from operating activities is primarily
due to tough comparisons as the timing of interest and income tax payments in 2009 was
heavily concentrated in the second half of that year (please see Figure 8)

Deleveraging: Net debt as of 30 June 2010 was 42.1 billion USD, a decrease of 3.0 billion USD
from 31 December 2009, with a net debt to EBITDA ratio of 3.3 versus 3.7 six months ago

20 agosto 2010
Brewer AmBev To Merge Venezuelan Operation With Cerveceria Regional

SAO PAULO (Dow Jones)--Brewer Companhia de Bebidas das Americas (ABV, AMBV4.BR), or AmBev, said Friday that it has started the process of merging operations in Venezuela with Cerveceria Regional.

In a statement, the Brazil-based brewer didn't unveil financial terms of the deal but, when concluded, Cerveceria Regional will have an 85% stake of the Venezuelan operation and AmBev will have a 15% stake.

Cerveceria Regional is Venezuela's second-largest brewer, according to its website. The company is controlled by conglomerate Cisneros Group.

AmBev, Brazil's largest beer and soft drinks producer, is a unit of Anheuser-Busch InBev NV (BUD, ABI.BT).

AmBev has operated in Venezuela since 1994. It has an industrial unit and sells its Brahma, Brahma Light, Zulia e Cardenal brands there.