The Anheuser-Busch InBev (AB InBev) share price fell to its lowest level on Friday since its January JSE listing following worse-than-expected results for the three months to end-September. The results do not include the SABMiller figures, which were released separately on Friday, and revealed a 2% drop in lager volumes during the quarter, but an increase in revenue largely thanks to a strong performance from Africa. Analysts said the results, which were hit hard by a poor showing in Brazil and flat performance in the US, were the weakest quarterly figures in years. An unchanged interim dividend of €1.60 will be paid to South African shareholders on November 21. The bottom line effect of poor operating conditions was aggravated by interest expenses related to the $103bn SABMiller buyout, as well as the negative mark-to-market adjustment of $594m related to foreign exchange hedging of sterling exposure in the deal. Bernstein Securities analyst Trevor Stirling cautioned the beer group...
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