1. Anheuser–Busch Companies, Inc. Kyle DeVane ACG2021 - 080

2. Anheuser – Busch experienced a reasonable growth in both sales and earnings during the 2003 financial year. http://www.anheuserbusch.com/annual/2003/complete_ar.pdf

3. CEO : Patrick T. Stokes Home Office: One Busch Place, St. Louis, MO 63118 Recent end of Fiscal Year: Dec. 31, 2003 Products: Beer, Entertainment, Packaging Main area of Business: United States

4. Independent Auditors:Independent Auditors: PricewaterhouseCoopersLLP PricewaterhouseCoopersLLP The independent auditors for Anheuser- Busch Companies, Inc. state that all opinions are in guidance with the accounting principles practiced in the US and they state that all information has been presented fairly and accurately.The independent auditors for Anheuser- Busch Companies, Inc. state that all opinions are in guidance with the accounting principles practiced in the US and they state that all information has been presented fairly and accurately.

5. Recent Stock Price: $52.68 12 month trading range: $54.74 - $48.51 Dividend per share: $0.83 Date of Information: Dec. 31, 2003 In my opinion I would tell stock holders to sell because the stocks have been vary high over the past year, rising a significant amount of money and the price now is almost as high as its been so it should go down in the near future.

6. In my opinion, Anheuser-Busch is going to continue to grow and expand all across the world. The company ended 2003 with 21 straight quarters of double- digit earnings-per-share-growth. It is their goal to be “prepared for the challenges” and continue their on going success. http://www.anheuser-busch.com/annual/2003/Letter_Shrhldr.pdf http://www.anheuser-busch.com/annual/2002/abfinalproxy.pdf

7. Anheuser-Busch uses a Multi- step Income Statement 2003 (Millions) 2002 Gross Sales: $ 16320.2 $ 15686.8 Operating Income: $ 3199.3 $ 2979.7 Net Income: $ 2075.9 $ 1993.8 Gross Sales, Operating Income and Net Income all increased from 2002 – 2003.

8. Assets = Liabilities + Owners Equity ALOE (in millions) 2003 14689.5 = 1857.2 + 12262.3 2002 14119.5 = 1787.2 + 12332.3

9. Both cash flows from operations and net income have increased from the past year.Both cash flows from operations and net income have increased from the past year. Anheuser-Busch is growing rapidly through the selling of its product (beer), Entertainment parks (Baseball, Football, Busch Gardens) & different kinds of Real Estate projects.Anheuser-Busch is growing rapidly through the selling of its product (beer), Entertainment parks (Baseball, Football, Busch Gardens) & different kinds of Real Estate projects. The company’s primary source of income has been through the issue of long term debts.The company’s primary source of income has been through the issue of long term debts. Over the past 2 years, cash has increased.Over the past 2 years, cash has increased.

10. All of the accounting policies used by Anheuser-Busch Companies, Inc. are authorized methods that have been approved and backed up by its investors. However, significant policies were not available or could not be found when looking for individual policies.

11. 2003 2002 Working Capital $1489.2 $1362.7 Current Ratio 7.63 times 7.14 times Receivables Turnover 23.09 times 21.41 times Avg. Days Sales Uncollected 26.38 days 24.31 days Inventory Turnover 1.52 times 1.21 times Avg. Days Inventory on Hand 61.4 days 72.3 days

12. 20032002 Profit margin 1.5%1.4% Asset turnover.96 times.94( t ) Return on assets 14.3% 13.9% Return on equity 17.2% 16.4%

13. Debt to Equity: 20032002 68.5 %67.4 % or.685 times.674 times

14. 20032002 Price/earnings per share 52.68 49.82 Dividend yield 8.5% 7%