OREANDA-NEWS. Revenue growth: Revenue grew by 3.0% in 3Q13 and by 2.8% in 9M13, with revenue per hl growth of 4.2% in 3Q13 and 5.1% in 9M13. On a constant geographic basis (i.e. eliminating the impact of faster growth in countries with lower revenue per hl) revenue per hl grew by 4.9% in 3Q13 and by 5.7% in 9M13

Volume performance: Total volumes in 3Q13 declined by 1.3%, with own beer volumes decreasing by 1.4%, while non-beer volumes declined by 0.8%. In 9M13, total volumes declined by 2.1%, with own beer volumes down 2.0% and non-beer volumes down 3.2%

Focus Brands: Our Focus Brands volumes grew 0.3% in 3Q13, with our global brands up 5.0%, led by global Budweiser, which grew by 8.1%. Global volumes (excluding the US) of our new flagship brand Corona grew by 3.7% in the quarter

Cost of Sales: Cost of Sales (CoS) decreased by 1.2% in 3Q13, and by 0.3% on a per hl basis, benefiting from synergies captured in Mexico. In 9M13, CoS grew by 1.3%, and by 3.6% on a per hl basis. On a constant geographic basis, CoS per hl increased by 1.2% in 3Q13 and by 5.0% in 9M13

Cost Synergies: Approximately 250 million USD of cost synergies have been captured in the four months since the closing of the combination with Grupo Modelo on 4 June 2013. In addition, the Grupo Modelo management team delivered approximately 75 million USD prior to the closing. We remain on track to achieve our commitment of 1 billion USD of cost synergies by the end of 2016

EBITDA: EBITDA grew by 10.5% in 3Q13 to 4 664 million USD, with a margin expansion of 274 bps to 39.8%. This performance was driven by solid revenue per hectoliter growth, good cost discipline and the capture of cost synergies linked to the Grupo Modelo combination. In 9M13, EBITDA grew by 6.1% to 11 989 million USD with a margin of 38.1%, an improvement of 117 bps

Net finance costs: Net finance costs (excl. non-recurring net finance costs) were 562 million USD in the quarter, compared to 680 million USD in 3Q12

Non-recurring net finance income was 170 million USD in 3Q13, due mainly to mark-to-market gains on the hedging of 99% of our equity exposure related to the shares to be delivered in the next five years to some Grupo Modelo shareholders as part of a transaction related to the combination with Grupo Modelo

Income taxes: Income tax expense in 3Q13 was 699 million USD, with a normalized effective tax rate (ETR) of 21.3%, compared to an income tax expense of 456 million USD in 3Q12 and a normalized ETR of 17.2%. The increase in the normalized ETR in 3Q13 mainly results from a change in country mix. The normalized ETR in 9M13 was 18.1% compared to 15.6% in 9M12

Profit: Normalized profit attributable to equity holders of AB InBev increased in nominal terms to 2 205 million USD in 3Q13 from 1 843 million USD in 3Q12. Normalized profit attributable to equity holders of AB InBev increased in nominal terms to 5 562 million USD in 9M13 from 5 429 million USD in 9M12

Earnings per share (EPS): Normalized EPS grew 17.2% in nominal terms to 1.36 USD in 3Q13 from 1.16 USD in 3Q12, driven by growth of the underlying business and the combination with Grupo Modelo, including the cost synergies, despite the significant FX translation headwinds. Normalized EPS was 3.45 USD in 9M13 compared with 3.40 USD in 9M12

Interim Dividend: The AB InBev Board has approved an interim dividend of 0.60 EUR per share for the fiscal year 2013. The shares will trade ex-coupon as of 13 November 2013 and dividends will be payable as from 18 November 2013. The record date will be 15 November 2013.

We are not satisfied with our top line performance in 2013 which continues to be impacted by macroeconomic headwinds in a number of our markets. However, we remain focused on what we can impact and influence and on doing the right things to build a healthy business for the long term. We have an unrivalled portfolio of global premium brands, supported by strong local brands, and our plans are in place for a fast start in 2014. As always, it is our people that will make the difference and they are ready for the opportunities and challenges ahead of them.

It is five months since we closed the combination with Grupo Modelo and the integration of our two businesses is going extremely well. Our new colleagues quickly embraced the AB InBev culture and ways of working, which has allowed us to implement our integration plan and to start delivering cost synergies much quicker than originally expected.

Moving to the financial results, our total revenues grew by 3.0% in 3Q13, driven by revenue per hl growth of 4.2% from revenue management initiatives and brand mix. Volumes of our Focus Brands grew by 0.3% in 3Q13, ahead of total own beer volumes which declined by 1.4%. Within our Focus Brands portfolio, our global brands grew 5.0% led by Budweiser, which grew by 8.1% on a global basis, with strong growth in China, Brazil and the United Kingdom. Our new flagship brand, Corona, grew 3.7% in the quarter, due to strong performances in Mexico and the brand's main export markets outside the US.

Consolidated EBITDA grew by 10.5% in 3Q13 with margin expansion of 274 bps, driven by solid revenue per hectoliter growth, good cost discipline and the capture of cost synergies from the Grupo Modelo combination.

Normalized profit attributable to equity holders of AB InBev increased by 19.6% compared to 3Q12, driven by EBITDA growth and lower net finance costs as a result of mark-to-market gains linked to the hedging of our.