regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. Anheuser-Busch InBev reports Fourth Quarter and Full Year
Bibliographic record
Abstract
Except where otherwise stated, the comments below are based on organic figures and refer to FY13 and 4Q13 versus the same period of last year. For important disclaimers please refer to page 20. Revenue growth: Revenue grew 3.3 % in FY13 and 4.6 % in 4Q13, with revenue per hl growth of 5.8 % in FY13 and 8.4 % in 4Q13 on a constant geographic basis, resulting from favorable brand mix and revenue management best practices Volume performance: Total and own beer volumes declined 2.0 % in FY13, while non-beer volumes decreased 2.2%. In 4Q13, total volumes declined 1.7%, with own beer volumes down 2.0 % and non-beer volumes flat Focus Brands: Our Focus Brands volumes declined by 0.9 % in FY13, driven by challenging macro-economic conditions in a number of our markets. Our global brands grew 4.7 % in FY13, led by growth in Budweiser and Corona of 6.4 % and 3.9%, respectively. In 4Q13, our Focus Brands declined by 2.1%, with growth in our global brands of 2.9% Cost of Sales (CoS): CoS increased 0.9 % in FY13 and decreased by 0.3 % in 4Q13. CoS per hl increased 4.3 % in FY13 and 1.9 % in 4Q13 on a constant geographic basis EBITDA: EBITDA grew 8.1 % in FY13 to 17 188 million USD, with a margin of 39.8%, an increase of 179 bps. In 4Q13, EBITDA grew 13.1 % to 5 199 million USD with margin expansion of 336 bps, and includes a 143 million USD one time gain, recorded in other operating income, related to the recovery of restricted funds in Brazil Net finance costs: Net finance costs (excl. non-recurring net finance costs) in FY13 were 2 486 million USD, and 669 million USD in 4Q13 Income taxes: Income tax in FY13 was 2 016 million USD with a normalized effective tax rate of 16.6%, compared to an income tax expense of 1 680 million USD in FY12 with a normalized effective tax rate of 16.1% Profit: Normalized profit attributable to equity holders of AB InBev grew 10.2 % in nominal
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.015 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.004 | 0.001 |
| Scholarly communication | 0.006 | 0.003 |
| Open science | 0.002 | 0.002 |
| Research integrity | 0.011 | 0.004 |
| Insufficient payload (model declined to judge) | 0.261 | 0.250 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".