• Nine-month normalised net profits down 34% to US$3.93bn
  • Sales slip 5% to $31.3bn
  • Normalised EBITDA falls 8% to $11.5bn
  • Nine-month volumes down 1%
  • Q3 normalised net profits down 19% to $1.4bn
  • Sale decline 2% to $11.1bn
  • Normalised EBITDA drops 8% to $4bn
  • Q3 volumes down 1%
  • For a closer look at AB InBev's performance by region, click here
AB InBev has just completed its US$103bn takeover of SABMiller

AB InBev has just completed its US$103bn takeover of SABMiller

Anheuser-Busch InBev has cut is sales estimate for the year after a Q3 volumes drop in Brazil dragged down nine-month performance.

The brewer, which was releasing its last quarterly results without the addition of SABMiller, said today that it had amended its full-year sales guidance because of weak results in Brazil. Group sales per hectolitre are now expected to be in line with inflation instead of ahead.

Brazil was the worst performer in the quarter, with Q3 beer volumes down 4%. However, sales-to-retailers in the US declined ahead of the industry average, while growth in China was only slightly better than the industry's flat average. Overall, volumes were down 1% in both Q3 and YTD.

The fallow performance led to a 34% decline in nine-month normalised group net profits, to US$3.93bn, while sales slipped 5% to $31.3bn. Normalised EBITDA fell 8% to $11.5bn.

The results will be a disappointment to AB InBev, which earlier this month completed its acquisition of SABMiller and subsequent divestment of a number of units, including MillerCoors to Molson Coors and the Peroni and Grolsch brands to Asahi. The takeover aims to give AB InBev a vastly increased footprint in Africa, and may help balance out declines in other regions, particularly Latin America. However, the $103bn acquisition adds a lot of debt to AB InBev's balance sheet, with some analysts fearing it could imperil future expansion.

Investors appeared to give the thumbs down to today's results, with the brewer's stock price on the Brussels exchange down 5% in morning trading.

To read the company's full results, click here.

Expert analysis

Global Beer Market 2016-2020

Global Beer Market 2016-2020

Beer is the highest consumed alcoholic beverage and the third-most consumed beverage after water and tea in the world....read more