Exhibit 99
[ANHEUSER BUSCH logo]
News
For more information, contact:
Loren Wassell, (314) 577-0733
FOR IMMEDIATE RELEASE
- ---------------------
ANHEUSER-BUSCH COS. REPORTS
FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2005
-----------------------------------------------------------
ST. LOUIS, February 1, 2006 - Anheuser-Busch Cos. Inc. today
reported that consolidated net sales increased 0.7 percent for the full year
2005, while diluted earnings per share (excluding one-time gains in both
2005 and 2004 plus a legal settlement in 2005) declined 11 percent (1)/.
Fourth quarter 2005 net sales were essentially level and earnings per share
decreased 33 percent (1)/.
"We've had a challenging year in the domestic beer business and our
2005 sales and earnings per share were disappointing," said Patrick Stokes,
president and chief executive officer of the company. "However, as we move
into 2006 we are encouraged with the progress of the company's initiatives
to enhance beer volume and market share growth. Wholesaler
sales-to-retailers were up (selling day adjusted) 0.8 percent in the second
half of 2005 and were up 1.8 percent from Labor Day through the end of 2005.
Additionally, IRI data shows Anheuser-Busch increased its market share in
supermarkets in the second half of the year. We are pleased with this
progress and anticipate sales and earnings growth in 2006 (2)/.
"The domestic beer business is currently implementing previously
announced revenue enhancement initiatives. Moderate price increases and
discount reductions will cover the majority of the company's domestic
volume. As in the past, pricing initiatives are tailored to specific
markets, brands and packages."
- more -
Fourth Quarter Earnings
Anheuser-Busch
Add One
BEER SALES RESULTS
- ------------------
The company's reported beer volume for the fourth quarter and full
year 2005 is summarized in the following table:
- --------------------------------------------------------------------------------------------------------------------
Reported Beer Volume (millions of barrels) for Periods Ended December 31
- --------------------------------------------------------------------------------------------------------------------
Fourth Quarter Full Year
--------------------------------------- -----------------------------------
Vs. 2004 Vs. 2004
------------------------- -------------------------
2005 Barrels % 2005 Barrels %
----- ------- -------- ----- ------- ---------
Domestic 23.1 Up 0.2 Up 0.8% 101.1 Dn (1.9) Dn (1.8)%
International 5.4 Up 0.6 Up 13.3% 20.8 Up 7.0 Up 50.8%
----- ------- -------- ----- -------- ---------
Worldwide A-B Brands 28.5 Up 0.8 Up 2.9% 121.9 Up 5.1 Up 4.4%
Int'l Equity Partners Brands 6.7 Up 2.1 Up 46.3% 26.4 Up 7.1 Up 36.6%
----- ------- -------- ----- -------- ---------
Total Brands 35.2 Up 2.9 Up 9.1% 148.3 Up 12.2 Up 9.0%
===== ======= ======== ===== ======== =========
- --------------------------------------------------------------------------------------------------------------------
During the fourth quarter 2005, domestic beer sales-to-wholesalers
increased 0.8 percent, while wholesaler sales-to-retailers increased 2.7
percent (selling day adjusted). For full year 2005, domestic beer
sales-to-wholesalers declined 1.8 percent while wholesaler
sales-to-retailers increased 0.2 percent (selling day adjusted).
Sales-to-retailers results have been led by the Budweiser Family, benefiting
from the February introduction of Budweiser Select. Wholesaler inventories
were reduced significantly during 2005, ending the year over two days lower
than the end of 2004.
The company's estimated domestic market share (excluding exports)
for 2005 was 48.7 percent, compared with 2004 market share of 49.6 percent.
Domestic market share is based on estimated U.S. beer industry shipment
volume using information provided by the Beer Institute and the U.S.
Department of Commerce. Anheuser-Busch's shipment-based market share
performance was adversely impacted by the company's wholesaler inventory
reduction. As noted, the company gained market share at the consumer level
in supermarkets in the second half of 2005, according to IRI data.
Fourth Quarter Earnings
Anheuser-Busch
Add Two
International beer volume, consisting of Anheuser-Busch brands
produced overseas by company-owned breweries and under license and contract
brewing agreements, plus exports from the company's U.S. breweries to
markets around the world, increased 13.3 percent for the fourth quarter and
50.8 percent for the full year 2005. These increases were primarily due to
increased volume for China Budweiser operations, Canada and Mexico, and the
impact of the Harbin Brewery acquisition in mid-2004. International volume
excluding the impact of Harbin increased 3.8 percent for the full year.
Worldwide Anheuser-Busch brands volume, comprised of domestic
volume and international volume, increased 2.9 percent and 4.4 percent,
respectively, for the fourth quarter and full year 2005 to 28.5 million and
121.9 million barrels.
International equity partners' brands volume (representing the
company's share of its foreign equity partners' volume on a one-month lag
basis) grew 46.3 percent and 36.6 percent, respectively, for the fourth
quarter and full year 2005 due to Modelo volume growth and the addition of
Tsingtao equity volume beginning in May 2005, partially offset by the sale
of the company's equity investment in Compania Cervecerias Unidas S.A. (CCU)
in the fourth quarter 2004.
Total brands volume, which combines worldwide Anheuser-Busch brand
volume with international equity partners volume was 35.2 million barrels in
the fourth quarter 2005, up 2.9 million barrels, or 9.1 percent over fourth
quarter 2004. Total brands volume was up 9.0 percent, to 148.3 million
barrels for the full year 2005.
Fourth Quarter Earnings
Anheuser-Busch
Add Three
FOURTH QUARTER 2005 FINANCIAL RESULTS
- -------------------------------------
Key operating results for the fourth quarter 2005 vs. 2004 are
summarized below:
- ----------------------------------------------------------------------------------------------------------------------
($ in millions, except per share)
--------------------------------------------------------------
Fourth Quarter 2005 vs. 2004
-------------------------- -----------------------------
2005 2004 $ %
-------- -------- ----------- ------------
Gross Sales $3,882 $3,880 Up $2 --
Net Sales $3,365 $3,367 Dn $(2) Dn (0.1)%
Income Before Income Taxes $168 $370 Dn $(202) Dn (54.7)%
Equity Income $108 $105 Up $3 Up 2.7%
Net Income $201 $332 Dn $(131) Dn (39.5)%
Diluted Earnings per Share $.26 $.42 Dn $(.16) Dn (38.1)%
- ----------------------------------------------------------------------------------------------------------------------
A discussion of financial highlights for the fourth quarter 2005
follows:
o Net sales were essentially level with prior year due to lower domestic
beer sales revenue mostly offset by sales increases for international
beer, packaging operations and entertainment operations.
Domestic beer segment sales revenue declined 2.3 percent on lower
revenue per barrel partially offset by higher beer sales volume.
Domestic revenue per barrel (3)/ decreased 2.7 percent in the fourth
quarter 2005 vs. prior year primarily due to the deferral of price
increases in a number of markets until early 2006 and higher
promotional activities.
Reported income before income taxes decreased 55 percent vs. the fourth
quarter 2004, reflecting lower profits in the domestic beer,
international beer and packaging segments. Excluding the $13.4 million
gain from the CCU sale in 2004, pretax income for 2005 decreased 53
percent (1)/.
Fourth Quarter Earnings
Anheuser-Busch
Add Four
Domestic beer pretax income decreased 28 percent due to lower revenue
per barrel and higher costs, partially offset by higher beer sales
volume. Higher costs resulted from commodity cost pressures for
aluminum, glass and energy, plus costs for new packaging initiatives
such as applied plastic labels and aluminum bottles.
International beer pretax income decreased $24 million in 2005
primarily due to lower results in China and the impact of the CCU sale
gain in 2004. Excluding the CCU gain, international beer 2005 pretax
profits decreased 39 percent (4)/ vs. prior year.
Packaging segment pretax profits were down $5 million primarily due to
higher energy and material costs for glass and can manufacturing
operations and lower profits for the label manufacturing operation.
Entertainment segment pretax results increased $2 million due primarily
to increased attendance.
Equity income increased $3 million in the fourth quarter 2005 vs. 2004,
reflecting the benefit of Grupo Modelo volume growth, a lower Mexican
income tax rate and the inclusion of Tsingtao equity earnings in 2005.
Equity income for 2004 includes a one-time $18 million deferred income
tax benefit from a reduction in Mexican tax rates. Excluding this
benefit from 2004 results, equity income increased 24 percent (1)/ in
2005. This tax rate benefit was partially offset in 2004 by $8 million
in higher U.S. deferred income taxes in the consolidated tax provision.
Fourth Quarter Earnings
Anheuser-Busch
Add Five
o Net income and diluted earnings per share decreased 39.5 percent and 38
percent, respectively, for the fourth quarter to $201 million and $.26,
respectively. Excluding the CCU sale gain and the Mexican deferred
income tax benefit from 2004 results, net income and diluted earnings
per share for the fourth quarter 2005 decreased 35 percent and 33
percent, respectively (1)/. The effective income tax rate of 44.4
percent for the fourth quarter 2005 increased 580 basis points compared
to 2004 due to the disproportionate impact of U.S. income taxes related
to equity subsidiaries in the fourth quarter and higher current and
deferred foreign taxes.
FULL YEAR 2005 FINANCIAL RESULTS
- --------------------------------
Key operating results for the full year 2005 vs. 2004 are
summarized below:
- ----------------------------------------------------------------------------------------------------------------------
($ in millions, except per share)
--------------------------------------------------------------
Full Year 2005 vs. 2004
-------------------------- -----------------------------
2005 2004 $ %
-------- -------- ----------- ------------
Gross Sales $17,254 $17,160 Up $94 Up 0.5%
Net Sales $15,036 $14,934 Up $102 Up 0.7%
Income Before Income Taxes $2,192 $2,999 Dn $(807) Dn (26.9)%
Equity Income $498 $404 Up $94 Up 23.3%
Net Income $1,839 $2,240 Dn $(401) Dn (17.9)%
Diluted Earnings per Share $2.35 $2.77 Dn $(.42) Dn (15.2)%
- ----------------------------------------------------------------------------------------------------------------------
A discussion of financial highlights for the full year 2005 follows:
o Net sales increased 0.7 percent vs. 2004, due primarily to higher
international beer sales in China, Canada and Mexico, increased
packaging operations sales and higher entertainment segment sales,
partially offset by lower domestic beer sales revenue.
Fourth Quarter Earnings
Anheuser-Busch
Add Six
Domestic beer segment sales revenue decreased 2.5 percent primarily due
to lower beer sales volume and slightly lower revenue per barrel.
Domestic revenue per barrel decreased 0.5 percent for the year.
o Reported income before income taxes decreased 27 percent vs. 2004,
primarily reflecting lower profits in domestic beer, international beer
and packaging operations, partially offset by improved results from
entertainment operations.
Income before income taxes includes the impact of previously disclosed
one-time gains in both 2005 and 2004 plus the 2005 litigation
settlement. Excluding these one-time items from both years, income
before income taxes decreased 23 percent (1)/.
Pretax income for international beer decreased $44 million for the full
year primarily due to lower profits in China and the United Kingdom and
the impact of the CCU sale gain in 2004, partially offset by improved
results in Canada. Excluding the CCU sale gain, pretax income for
international beer decreased 26 percent (4)/.
Packaging segment pretax profits were down $22 million during the full
year 2005 due to higher energy and materials costs for can and glass
manufacturing operations and lower profits for the company's aluminum
recycling and label manufacturing operations.
Entertainment segment pretax results improved $33 million due to
increased attendance, admissions pricing and in-park spending,
partially offset by higher park operating expenses. Results in 2004
were adversely impacted by four hurricanes in Florida.
Fourth Quarter Earnings
Anheuser-Busch
Add Seven
Equity income increased 23 percent for the full year, reflecting the
benefit of Grupo Modelo volume growth, lower Mexican income taxes and
the impact of reporting Tsingtao equity income, partially offset by the
reduction in equity income due to the sale of the company's investment
in CCU and the 2004 one-time Mexican deferred income tax benefit.
Excluding the tax benefit from 2004 results, equity income for full
year 2005 increased 29 percent (1)/.
o Net income decreased 18 percent compared with the full year 2004, while
reported diluted earnings per share decreased 15 percent, to $2.35.
Excluding one-time items, net income and diluted earnings per share
decreased by 14 percent and 11 percent, respectively (1)/. Earnings per
share for 2005 benefited from the company's repurchase of nearly 13
million shares.
Other Matters
- -------------
Anheuser-Busch will conduct a conference call with investors to
discuss results for the fourth quarter and full year at 3 p.m. Central Time
today. The company will broadcast the conference call via the Internet. For
details visit the company's Internet site at www.anheuser-busch.com.
# # #
Fourth Quarter Earnings
Anheuser-Busch
Add Eight
This release contains forward-looking statements regarding the
company's expectations concerning its future operations, earnings and
prospects. On the date the forward-looking 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's expectations involve risks and uncertainties (both
favorable and unfavorable) and are based on 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. Important factors that could cause actual
results to differ (favorably or unfavorably) from the expectations stated in
this release include, among others, changes in the pricing environment for
the company's products; changes in U.S. demand for malt beverage products,
including changes in U.S. demand for other alcohol beverages; changes in
consumer preference for the company's malt beverage products; changes in the
cost of marketing the company's malt beverage products; regulatory or
legislative changes, including changes in beer excise taxes at either the
federal or state level and changes in income taxes; changes in the
litigation to which the company is a party; changes in raw materials prices;
changes in packaging materials costs; changes in energy costs; changes in
interest rates; changes in foreign currency exchange rates; unusual weather
conditions that could impact beer consumption in the U.S.; changes in
attendance and consumer spending patterns for the company's theme park
operations; changes in demand for aluminum beverage containers; changes in
the company's international beer business or in the beer business of the
company's international equity partners; changes in the economies of the
countries in which the company's international beer business or its
international equity partners operate; changes in the company's credit
rating resulting from future acquisitions or divestitures; and the effect of
stock market conditions on the company's share repurchase program.
Anheuser-Busch disclaims any obligation to update or revise any of these
forward-looking statements.
Fourth Quarter Earnings
Anheuser-Busch
Add Nine
Notes
- -----
1. Reconciliation of Fourth Quarter and Full Year Comparative Earnings Per Share
-----------------------------------------------------------------------------
Income
Before Provision
Income for Income Equity Net Earnings Effective
FOURTH QUARTER Taxes Taxes Income Income Per Share Tax Rate
-------------- ---------- ----------- --------- ---------- ---------- ---------
2005
----
Reported $ 167.9 $ (74.6) $ 107.9 $ 201.2 $ 0.26 44.4%
=========== =========== ========= =========== =========== =============
2004
----
Reported $ 370.4 $ (142.9) $105.0 $ 332.5 $ 0.42 38.6%
=============
Gain on Sale of CCU (13.4) (1.3) - (14.7) (0.018)
Deferred Income Tax Benefit From
Mexican Income Tax Rate
Reduction - 8.0 (18.0) (10.0) (0.013)
----------- ----------- --------- ----------- -----------
Excluding One-Time Items $ 357.0 $ (136.2) $ 87.0 $ 307.8 $ 0.39 38.2%
=========== =========== ========= =========== =========== =============
PERCENTAGE CHANGE - 2005 VS. 2004
---------------------------------
Reported (54.7)% 2.7% (39.5)% (38.1)% (5.8) pts
=========== ========= =========== =========== =============
Excluding One-Time Items (53.0)% 24.0% (34.7)% (33.3)% (6.2) pts
=========== ========= =========== =========== =============
---------------------------------------------------------------------------------------------------------------
FULL YEAR
---------
2005
----
Reported $ 2,191.5 $ (850.4) $ 498.1 $ 1,839.2 $ 2.35 38.8%
=============
Gain on Sale of Spanish Theme Park (15.4) (3.5) (18.9) (.024)
Favorable Chile Income Tax
Settlement on CCU Sale - (6.8) (6.8) (.009)
Deferred Income Tax Benefit from
Favorable Ohio Tax Legislation (7.2) (7.2) (.009)
Litigation Settlement 105.0 (12.6) 92.4 .118
----------- ----------- --------- ----------- -----------
Excluding One-Time Items $ 2,281.1 $ (880.5) $ 498.1 $ 1,898.7 $ 2.43 38.6%
=========== =========== ========= =========== =========== =============
2004
----
Reported $ 2,999.4 $ (1,163.2) $ 404.1 $ 2,240.3 $ 2.77 38.8%
=============
Commodity Hedge Gain (19.5) 7.4 - (12.1) (0.015)
Gain on Sale of CCU (13.4) (1.3) - (14.7) (0.018)
Deferred Income Tax Benefit From
Mexican Income Tax Rate
Reduction - 8.0 (18.0) (10.0) (0.013)
----------- ----------- --------- ----------- -----------
Excluding One-Time Items $ 2,966.5 $ (1,149.1) $ 386.1 $ 2,203.5 $ 2.73 38.7%
=========== =========== ========= =========== =========== =============
PERCENTAGE CHANGE - 2005 VS. 2004
---------------------------------
Reported (26.9)% 23.3% (17.9)% (15.2)% -
=========== ========= =========== =========== =============
Excluding One-Time Items (23.1)% 29.0% (13.8)% (11.0)% 0.1 pts
=========== ========= =========== =========== =============
Fourth Quarter Earnings
Anheuser-Busch
Add Ten
2. Calculation of 2005 Earnings Per Share for 2006 Comparison Purposes
-------------------------------------------------------------------
The table below sets forth the assumptions used in comparing 2006
earnings per share expectations to 2005 results.
Earnings
per Share
------------
2005 Excluding One-Time Items (Note 1) $2.43
Pro Forma Stock Option Expense (.12)
------------
2005 Including Pro Forma Stock Option Expense $2.31
============
3. Revenue per Barrel
------------------
Domestic revenue per barrel is calculated as net sales generated by
the company's domestic beer operations on barrels of beer sold,
determined on a U.S. GAAP basis, divided by the volume of beer
shipped from the company's breweries to U.S. wholesalers.
4. Reconciliation of 2005 International Beer Pretax Income Growth
--------------------------------------------------------------
Fourth Quarter Full Year
-------------------------------------- ----------------------------------------
2005 2004 Decrease 2005 2004 Decrease
----------- ----------- ----------- ----------- ------------ -----------
Reported $ 16.4 $ 40.4 (59.4)% $ 86.5 $ 130.9 (33.9)%
=========== ===========
Gain on Sale of CCU - (13.4) - (13.4)
----------- ----------- ----------- ------------
Excluding CCU Gain $ 16.4 $ 27.0 (39.3)% $ 86.5 $ 117.5 (26.4)%
=========== =========== =========== =========== ============ ===========
---------------------------------------------
ANHEUSER-BUSCH COMPANIES, INC.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE)
---------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(In millions, except per share) Fourth Quarter Full Year
Ended December 31, Ended December 31,
--------------------------------- -----------------------------------
2005 2004 2005 2004
------------- ---------------- --------------- ------------------
Gross sales $ 3,881.7 $ 3,880.4 $ 17,253.5 $ 17,160.2
Excise taxes (516.3) (513.3) (2,217.8) (2,226.0)
------------- ---------------- --------------- ------------------
Net sales 3,365.4 3,367.1 15,035.7 14,934.2
Cost of sales (2,362.5) (2,216.7) (9,579.5) (8,982.5)
------------- ---------------- --------------- ------------------
Gross profit 1,002.9 1,150.4 5,456.2 5,951.7
Marketing, distribution and
administrative expenses (720.6) (681.6) (2,730.2) (2,590.7)
Litigation settlement - - (105.0) -
------------- ---------------- --------------- ------------------
Operating income 282.3 468.8 2,621.0 3,361.0
Interest expense (111.3) (112.1) (454.5) (426.9)
Interest capitalized 5.1 6.2 19.9 21.9
Interest income - 1.3 2.4 4.7
Other income/(expense), net (8.2) 6.2 2.7 38.7
------------- ---------------- --------------- ------------------
Income before income taxes 167.9 370.4 2,191.5 2,999.4
Provision for income taxes (74.6) (142.9) (850.4) (1,163.2)
Equity income, net of tax 107.9 105.0 498.1 404.1
------------- ---------------- --------------- ------------------
Net income $ 201.2 $ 332.5 $ 1,839.2 $ 2,240.3
============= ================ =============== ==================
Basic earnings per share $ 0.26 $ 0.42 $ 2.37 $ 2.80
============= ================ =============== ==================
Diluted earnings per share $ 0.26 $ 0.42 $ 2.35 $ 2.77
============= ================ =============== ==================
- ---------------------------------------------------------------------------------------------------------------------------
Capital Expenditures $ 313.6 $ 363.1 $ 1,136.7 $ 1,089.6
============= ================ =============== ==================
Depreciation and Amortization $ 246.7 $ 240.7 $ 979.0 $ 932.7
============= ================ =============== ==================
Weighted Average Shares:
Basic 777.0 786.9 777.5 798.9
============= ================ =============== ==================
Diluted 780.3 795.0 782.6 808.5
============= ================ =============== ==================
- ---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
ANHEUSER-BUSCH COMPANIES, INC.
BUSINESS SEGMENTS
FOURTH QUARTER ENDED DECEMBER 31
(IN MILLIONS)
---------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Domestic International Corporate
Beer Beer Packaging Entertain. & Elims. Consol.
- --------------------------------------------------------------------------------------------------------------------
2005
Gross Sales $2,946.6 301.5 552.1 180.4 (98.9) $3,881.7
Net Sales:
- Intersegment $0.6 - 196.4 - (197.0) $ -
- External $2,492.5 238.7 355.7 180.4 98.1 $3,365.4
Income Before
Income Taxes $382.2 16.4 21.1 (9.2) (242.6) $167.9
Equity Income - $107.9 - - - $107.9
Net Income $237.0 118.0 13.1 (5.7) (161.2) $201.2
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
2004
Gross Sales $3,001.4 299.9 518.0 162.1 (101.0) $3,880.4
Net Sales:
- Intersegment $0.7 - 192.0 - (192.7) $ -
- External $2,551.7 235.6 326.0 162.1 91.7 $3,367.1
Income Before
Income Taxes $531.5 40.4 25.7 (11.0) (216.2) $370.4
Equity Income - $105.0 - - - $105.0
Net Income $329.5 130.1 15.9 (6.8) (136.2) $332.5
- --------------------------------------------------------------------------------------------------------------------
Note: In the first quarter 2005, the company began including its
transportation business in the Domestic Beer segment and its real
estate business within Corporate. These groups previously comprised
the Other segment. Segment results for 2004 have been updated to
conform to the 2005 reporting convention.
---------------------------------------------
ANHEUSER-BUSCH COMPANIES, INC.
BUSINESS SEGMENTS
FULL YEAR ENDED DECEMBER 31
(IN MILLIONS)
---------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Domestic International Corporate
Beer Beer Packaging Entertain. & Elims. Consol.
- --------------------------------------------------------------------------------------------------------------------
2005
Gross Sales $13,067.6 1,165.5 2,383.6 1,084.8 (448.0) $17,253.5
Net Sales:
- Intersegment $2.7 - 871.1 - (873.8) $ -
- External $11,079.8 932.8 1,512.5 1,084.8 425.8 $15,035.7
Income Before
Income Taxes $2,675.6 86.5 141.5 205.9 (918.0) $2,191.5
Equity Income - $498.1 - - - $498.1
Net Income $1,658.9 551.7 87.7 127.7 (586.8) $1,839.2
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
2004
Gross Sales $13,388.5 1,015.1 2,276.8 989.3 (509.5) $17,160.2
Net Sales:
- Intersegment $2.8 - 880.1 - (882.9) $ -
- External $11,364.9 809.9 1,396.7 989.3 373.4 $14,934.2
Income Before
Income Taxes $3,279.0 130.9 163.9 172.7 (747.1) $2,999.4
Equity Income - $404.1 - - - $404.1
Net Income $2,033.0 485.3 101.6 107.1 (486.7) $2,240.3
- --------------------------------------------------------------------------------------------------------------------
Note: In the first quarter 2005, the company began including its
transportation business in the Domestic Beer segment and its real
estate business within Corporate. These groups previously comprised
the Other segment. Segment results for 2004 have been updated to
conform to the 2005 reporting convention.
---------------------------------------------
ANHEUSER-BUSCH COMPANIES, INC.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(IN MILLIONS)
---------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share) December 31, December 31,
2005 2004
-------------------- -------------------
Assets
Current Assets:
Cash $ 225.8 $ 228.1
Accounts receivable 681.4 696.1
Inventories 654.5 690.3
Other current assets 197.0 203.9
-------------------- -------------------
Total current assets 1,758.7 1,818.4
Investments in affiliated companies 3,448.2 3,150.2
Plant and equipment, net 9,041.6 8,847.4
Intangible assets, including goodwill of $1,034.5 and $984.1 1,232.6 1,191.9
Other assets 1,073.9 1,165.5
-------------------- -------------------
Total assets $ 16,555.0 $ 16,173.4
==================== ===================
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $ 1,249.5 $ 1,194.8
Accrued salaries, wages and benefits 250.9 291.4
Accrued taxes 156.7 152.9
Accrued interest 123.7 125.2
Other current liabilities 201.8 204.7
-------------------- -------------------
Total current liabilities 1,982.6 1,969.0
-------------------- -------------------
Postretirement benefits 444.3 454.2
-------------------- -------------------
Debt 7,972.1 8,278.6
-------------------- -------------------
Deferred income taxes 1,682.4 1,727.2
-------------------- -------------------
Other long-term liabilities 1,130.3 1,076.3
-------------------- -------------------
Shareholders Equity:
Common stock, $1.00 par, authorized 1.6 billion shares 1,468.6 1,463.0
Capital in excess of par value 1,601.8 1,425.3
Retained earnings 16,445.6 15,407.2
Treasury stock, at cost (15,258.9) (14,638.5)
Accumulated non-owner changes in equity (913.8) (988.9)
-------------------- -------------------
Total Shareholders Equity 3,343.3 2,668.1
-------------------- -------------------
Commitments and contingencies - -
-------------------- -------------------
Total Liabilities and Shareholders Equity $ 16,555.0 $ 16,173.4
==================== ===================
- -------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------
ANHEUSER-BUSCH COMPANIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(IN MILLIONS)
-----------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(In millions) Full Year
Ended December 31,
------------------------------------
2005 2004
------------------ ----------------
Cash flow from operating activities:
Net Income $ 1,839.2 $ 2,240.3
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 979.0 932.7
Increase in deferred income taxes 0.2 187.1
Undistributed earnings of affiliated companies (288.0) (225.1)
Gain on sale of business (15.4) (13.4)
Other, net 162.5 0.3
------------------ ----------------
Operating cash flow before changes in working capital 2,677.5 3,121.9
(Increase) / Decrease in working capital 50.3 (181.6)
------------------ ----------------
Cash provided by operating activities 2,727.8 2,940.3
------------------ ----------------
Cash flow from investing activities:
Capital expenditures (1,136.7) (1,089.6)
Proceeds from sale of business 48.3 302.5
Acquisitions - (727.9)
------------------ ----------------
Cash used for investing activities (1,088.4) (1,515.0)
------------------ ----------------
Cash flow from financing activities:
Increase in debt 100.0 1,443.8
Decrease in debt (456.0) (510.6)
Dividends paid to shareholders (800.8) (742.8)
Acquisition of treasury stock (620.4) (1,699.5)
Shares issued under stock plans 135.5 120.8
------------------ ----------------
Cash used for financing activities (1,641.7) (1,388.3)
------------------ ----------------
Net (decrease) / increase in cash during the period (2.3) 37.0
Cash, beginning of period 228.1 191.1
------------------ ----------------
Cash, end of period $ 225.8 $ 228.1
================== ================
- -------------------------------------------------------------------------------------------------------------------------