Where the music plays
Hark his words. According to John Brock, Chief Executive Officer of InBev, acquisitions in the beer markets of China, Russia and Latin America offer the highest growth potentials. This is not to say that InBev, the combination of Interbrew and AmBev, will neglect future takeover targets in mature markets. However, there has to be a strategic fit. A ‘land grab’ is not what Brock has in mind.
In 2004, western European beer markets contributed 32 percent to InBev’s EBITDA of EUR 2.1 billion, the United States 20 percent, central and eastern Europe 13 percent, Asia 8 percent and Latin America 22 percent. AmBev only began contributing to InBev’s accounts from September 2004 onwards. InBev’s turnover in 2004 was EUR 8.5 billion (+21.6%). In 2004 EBITDA margin was 24.6 percent (2003: 21. ..
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