UPDATE 1-AB InBev Q4 core profit seen up 17 pct

Mon Mar 1, 2010 8:54am EST

 * Anheuser-Busch InBev Q4 results
 * Due on Thursday March 4 at 0600 GMT
 * Q4 core profit (EBITDA) seen up 17 pct at $3.27 billion
 
 BRUSSELS, March 1 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's
largest brewer, is expected to report a 16.7 percent rise in core profit
(EBITDA), according to the average estimate of a Reuters survey of 15 analysts.
 Estimates for the results, which are due on Thursday, were collected between
Feb. 22 and March 1.
 Following is a summary of estimates (all figures in millions of U.S.
dollars, except dividend in euros):
  
                 Q4
                     Mean  Median    High     Low  No  Yr ago Change%  Prev.Q
Volumes (mln hls)      101.1   100.8   105.4    98.4  14   102.9    -1.7   106.6
Revenue                9,263   9,278   9,659   8,126  15   8,963     3.3   9,763
 - North America       3,601   3,594   3,747   3,434  11   3,597     0.1   4,090
 - L. America-North    2,654   2,725   2,816   2,250  11   1,973    34.5   1,838
 - L. America-South      638     638     703     575  11     617     3.4     419
 - Western Europe      1,080   1,092   1,160     949  11   1,037     4.1   1,209
 - CEE                   523     535     611     438  11     606   -13.7     757
 - Asia Pacific          311     324     370     238  11     464   -33.0     515
 - Export & Holding      543     545     797     339  11     669   -18.8     935
Normalized EBITDA      3,273   3,303   3,534   2,878  15   2,805    16.7   3,549
 - North America       1,211   1,240   1,330   1,020  11   1,111     9.0   1,466
 - L. America-North    1,302   1,284   1,401   1,136  11     973    33.8     831
 - L. America-South      310     307     349     273  11     299     3.7     171
 - Western Europe        238     252     304     158  11     216    10.2     340
 - CEE                    88     102     141     -22  11      69    27.5     227
 - Asia Pacific           40      41      78       5  11      68   -41.2     110
 - Export & Holding       81      54     445      -8  11      71    14.1     404
Normalized EBIT        2,574   2,568   2,844   2,242  14   2,051    25.5   2,842
Net profit*              850     855   1,192     363   8    n/a     n/a    1,132
Net profit**             551     644     818      55   7    n/a     n/a    1,546
EPS                     0.35    0.41    0.52    0.03   7    n/a     n/a     0.72
                 FY2009
                     Mean  Median    High     Low  No  Yr ago Change%
Volumes (mln hls)      408.0   407.7   412.3   405.3  14   416.1    -1.9
Revenue               36,723  36,739  37,120  35,587  15  39,158    -6.2
 - North America      15,563  15,556  15,708  15,396  11  15,571    -0.1
 - L. America-North    7,603   7,674   7,765   7,199  11   7,664    -0.8
 - L. America-South    1,940   1,940   2,005   1,877  11   1,855     4.6
 - Western Europe      4,338   4,350   4,418   4,207  11   4,967   -12.7
 - CEE                 2,502   2,514   2,590   2,417  11   3,267   -23.4
 - Asia Pacific        1,900   1,913   1,959   1,827  11   2,285   -16.8
 - Export & Holding    2,965   2,967   3,219   2,761  11   3,548   -16.4
Normalized EBITDA     13,205  13,237  13,466  12,809  15  12,067     9.4
 - North America       5,814   5,843   5,933   5,623  11   4,697    23.8
 - L. America-North    3,573   3,555   3,672   3,407  11   3,540     0.9
 - L. America-South      893     890     932     857  11     808    10.5
 - Western Europe      1,048   1,062   1,114     967  11     976     7.4
 - CEE                   606     620     659     496  11     571     6.1
 - Asia Pacific          355     357     393     320  11     452   -21.5
 - Export & Holding      914     886   1,277     825  11   1,024   -10.7
Normalized EBIT       10,436  10,422  10,708  10,107  14   4,022   159.5
Net profit*            3,900   3,904   4,242   3,413   8   1,288   202.8
Net profit**           3,884   3,977   4,152   3,389   7   2,099    85.0
EPS                     2.45    2.51    2.62    2.13   7    1.29    89.9
Dividend per share      0.49    0.50    0.55    0.40   5    0.28    75.0
                 FY2010
                     Mean  Median    High     Low  No
Volumes (mln hls)      393.2   388.8   410.9   384.4   4
Revenue               36,028  35,748  38,411  34,304   5
 - North America      15,922  15,904  16,059  15,821   4
 - L. America-North    8,784   9,065   9,216   7,789   4
 - L. America-South    2,080   2,047   2,210   2,017   4
 - Western Europe      4,327   4,288   4,564   4,167   4
 - CEE                 1,326   1,274   1,768     987   4
 - Asia Pacific        1,710   1,697   1,793   1,654   4
 - Export & Holding    1,284   1,345   1,622     825   4
Normalized EBITDA     13,514  13,626  14,414  12,482   5
 - North America       6,337   6,394   6,645   5,915   4
 - L. America-North    4,051   4,035   4,362   3,774   4
 - L. America-South      934     930   1,026     849   4
 - Western Europe      1,045   1,018   1,216     927   4
 - CEE                   251     290     406      18   4
 - Asia Pacific          261     250     348     196   4
 - Export & Holding      321     318     395     252   4
Normalized EBIT       10,936  10,961  11,352  10,468   4
Net profit*            4,938   4,917   5,527   4,393   4
EPS                     3.19    3.14    3.45    2.97   3
Dividend per share      0.58    0.60    0.70    0.44   3
* Normalized
** after minorities
 Estimates: Bank Degroof, Bank of America - Merrill Lynch, Cheuvreux,
Evolution Securities, ING, KBC Securities, Kepler Capital Markets,
Main First Bank, Morgan Stanley, Natixis Securities,
Proactive Independent Ideas, Rabo Securities, Sanford Bernstein & CO,
Societe Generale, Theodoor Gilissen
 Data provided by Inquiry Financial Europe AB (www.consensusestimates.com)

 (Writing by Philip Blenkinsop)

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