The Best Beer Company in a Better World - Anheuser-Busch InBev

Selected financial figures
Financial Report Annual Report 2008 | 43
The tables below set out the components of our operating income and our operating expenses, as well as our key cash flow figures.
Million euro 2008 % 2007 %
Revenue 1 16 102 100.0 14 430 100.0
Cost of sales (7 122) 44.2 (5 936) 41.1
Gross profit 8 980 55.8 8 494 58.9
Distribution expenses (1 854) 11.5 (1 713) 11.9
Sales and marketing expenses (2 396) 14.9 (2 134) 14.8
Administrative expenses (1 006) 6.2 (990) 6.9
Other operating income/(expenses) 298 1.8 263 1.8
Normalized profit from operations (Normalized EBIT) 4 022 25.0 3 920 27.2
Non-recurring items (405) 2.5 374 2.6
Profit from operations (EBIT) 3 617 22.5 4 294 29.8
Normalized profit attributable to equity holders of AB InBev 1 711 10.6 1 863 12.9
Profit attributable to equity holders of AB InBev 1 288 8.0 2 198 15.2
Depreciation, amortization and impairment (1 311) 8.1 (1 030) 7.1
Normalized EBITDA 5 334 33.1 4 992 34.6
EBITDA 4 928 30.6 5 324 36.9
Whenever used in this report, the term ‘normalized’ refers to performance measures (EBITDA, EBIT, Profit, EPS) before non-recurring items.
Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the company. They are
presented separately because they are important for the understanding of the underlying sustainable performance of the company due to
their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined
in accordance with IFRS as an indicator of the company’s performance.
Million euro 2008 2007
Operating activities
Profit 2 099 3 048
Interest, taxes and non cash items included in profit 3 290 2 135
Cash flow from operating activities before changes in working capital
and use of provisions
5 389 5 183
Change in working capital 544 270
Pension contributions and use of provisions (332) (363)
Interest and taxes (paid)/received (1 412) (1 026)
Cash flow from operating activities 4 189 4 064
Investing activities
Net capex (1 640) (1 440)
Acquisition and sale of subsidiaries and associates, net of cash acquired/disposed of,
and purchase of minority interests
(40 500) (920)
Other (24) 2
Cash flow from investing activities (42 164) (2 358)
Financing activities
Dividends paid (2 088) (769)
Net purchase of treasury shares (539) (600)
Net proceeds from borrowings 35 142 366
Net proceeds from the issue of share capital 6 337 84
Other (431) (51)
Cash flow from financing activities 38 421 (970)
Net increase/(decrease) in cash and cash equivalents 446 736
1 Turnover less excise taxes. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers.