EXHIBIT 99.3
ANHEUSER-BUSCH GLOBAL
EMPLOYEE STOCK
PURCHASE PLAN
FINANCIAL STATEMENTS
MARCH 31, 2004 AND 2003
ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
INDEX
MARCH 31, 2004 AND 2003
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PAGE(S)
Report of Independent Registered Public Accounting Firm.....................1
Statement of Net Assets Available for Benefits..............................2
Statement of Changes in Net Assets Available for Benefits...................3
Notes to Financial Statements.............................................4-5
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator
of the Anheuser-Busch Global Employee
Stock Purchase Plan
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of the Anheuser-Busch Global Employee Stock Purchase Plan (the
"Plan") at March 31, 2004 and 2003, and the changes in net assets available
for benefits for the years then ended, in conformity with accounting
principles generally accepted in the United States of America. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
St. Louis, Missouri
June 18, 2004
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ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2004 AND 2003
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2004 2003
ASSETS
Investments at fair value
Anheuser-Busch Companies, Inc. common stock $0 $0
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LIABILITIES
Benefits payable $0 $0
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Net assets available for benefits $0 $0
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The accompanying notes are an integral part of the financial statements.
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ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2004 AND 2003
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2004 2003
Contributions by participants $ 675,724 $ 603,657
Purchases by participants (675,724) (603,657)
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Increase in net assets during the period 0 0
Net assets available for benefits,
beginning of period 0 0
--------------- ---------------
Net assets available for benefits,
end of period $0 $0
=============== ===============
The accompanying notes are an integral part of the financial statements.
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1. DESCRIPTION OF PLAN
The following description of the Anheuser-Busch Global Employee
Stock Purchase Plan (the "Plan") is intended to give a general
summary of its principal provisions. Participants should refer to
the Plan document for more complete information.
PURPOSE OF THE PLAN
The Plan is an employee stock purchase plan designed to encourage
ownership of shares in Anheuser-Busch Companies, Inc. (the
"Company") by permanent employees of the Company and its
subsidiaries located outside the United States. The Plan commenced
March 1, 1999.
PLAN ADMINISTRATION
The Company administers the Plan. The Company has appointed Watson
Wyatt Worldwide, an international employee benefits consulting firm,
to assist in plan administration and record keeping. The Company has
selected DB Alex. Brown, a securities broker in the United States,
as the Plan broker to hold purchased shares on behalf of Plan
participants. Neither of these entities is related to the Company as
an affiliate or subsidiary. The broker maintains custody of all
stock purchased by participants and is responsible for delivery of
shares of stock sold by the participants, except as otherwise
directed by the participants.
Effective April 1, 2003, the Plan was amended to change the date on
which an employee can become eligible to participate in the Plan
from January 1 to March 1 following his or her first day of
employment.
PLAN BENEFITS
Under the Plan, participants enrolled in the plan on the offer date
each year will be given the right to purchase up to 200 shares of
the Company's common stock at the offering price, which is fixed at
the market price on the United States business day prior to the
offer date. The offer date is generally March 1. Purchases can only
be made if the market price on the employee's purchase date is
higher than the offer price. Each year's offer expires on the third
anniversary of the offer date.
If shares purchased through the Plan are held in the participant's
DB Alex. Brown account for at least two years after the purchase
date, the Company will award additional shares at a rate of 10
percent, 30 percent, or 50 percent of shares purchased depending
upon business performance. The rate for additional share awards will
be determined and announced prior to the offer date. These awards
are made by the Company directly to the employees. Under this
provision, the Company awarded 325.6 shares in fiscal 2004 and 298.4
shares in fiscal 2003.
All contributions used to purchase shares must be accumulated in a
local savings account in the name of the participant through payroll
deductions. Withdrawals from the savings account can be made at any
time. However, deposits may only be made by payroll deduction;
therefore, previous withdrawals cannot be replaced for the purpose
of purchasing shares. The participant maintains full ownership of
the cash used to purchase shares as well as the newly issued shares
that are purchased. Thus, there are no assets held by the Plan.
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In the United Kingdom, there is a sub-plan designed to qualify for
favorable tax treatment for employees who participate. Under this
"savings related share option scheme," employees enter into a
three-year savings contract and are eligible to purchase shares at
the end of the three-year period.
EXPENSES OF THE PLAN
Under the Plan agreement, the Company may pay all expenses incurred
in the administration of the Plan, including custodial fees, but is
not obligated to do so. All expenses for the years ended March 31,
2004 and 2003 were paid by the Company and are not reflected in the
financial statements of the Plan. If shares purchased under the Plan
are subsequently sold by the participant, the participant is
responsible for all fees, commissions, and other costs incurred in
such transactions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions to and deductions
from net assets during the reporting period. Actual results could
differ from those estimates.
VALUATION OF THE COMPANY'S STOCK
The offering or purchase price of the Company's common stock shares
is determined by the market price of the stock on the day prior to
the offer date. Market price is defined as the closing price of one
share in the United States as reported the subsequent day in the
West Coast edition of The Wall Street Journal, New York Stock
Exchange Transactions-Composite Transactions.
3. DIVIDENDS ON PURCHASED SHARES
Any dividends paid on shares purchased under the Plan are retained
by the respective participants and will be reinvested in additional
shares for the benefit of the participants unless the participant
elects otherwise or the law requires otherwise. Shares purchased
with reinvested dividends are not eligible for the additional share
awards.
4. TAX WITHHOLDING
Where required by law, the Company and its subsidiaries will report
to the appropriate governmental authority any amount subject to tax
and social charges on account of any offer, purchase or sale
pursuant to the Plan. Participants are responsible for all tax and
social charge liabilities by means of withholding from the
participants' current pay or other assets.
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