<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K/A
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ------------- TO -------------
COMMISSION FILE NUMBER 1-7823
ANHEUSER-BUSCH COMPANIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 43-1162835
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
ONE BUSCH PLACE, ST. LOUIS, MISSOURI 63118
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 314-577-2000
------------------------
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
------------------- --------------------
COMMON STOCK--$1 PAR VALUE NEW YORK STOCK EXCHANGE
PREFERRED STOCK PURCHASE RIGHTS NEW YORK STOCK EXCHANGE
6 1/2% SINKING FUND DEBENTURES, DUE JANUARY 1, 2028 NEW YORK STOCK EXCHANGE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
NONE
--------------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No .
--- ---
<PAGE> 2
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
nonaffiliates of the registrant.
$36,101,922,686 AS OF FEBRUARY 26, 1999
Indicate the number of shares outstanding of each of the registrant's classes
of common stock, as of the latest practicable date.
$1 PAR VALUE COMMON STOCK 475,927,117 SHARES AS OF MARCH 8, 1999
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Annual Report to Shareholders for
the Year Ended December 31, 1998........... PART I, PART II, and PART IV
Portions of Definitive Proxy Statement for
Annual Meeting of Shareholders on April 28,
1999....................................... PART III
========================================================================
Item 14 on pages 9 through 11 of the Annual Report on Form 10-K for the
fiscal year ended December 31, 1998 is amended by the addition of the
following exhibits:
Exhibit 23.1 -Consent of Independent Accountants
Exhibit 23.2 -Consent of Independent Accountants
Exhibit 23.3 -Consent of Independent Accountants
Exhibit 24.1 -Power of Attorney
Exhibit 24.2 -Resolution authorizing signature by certain officers of the
Company.
Exhibit 99.1 -Form 11-K, Annual Report of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan for the fiscal year ended
March 31, 1999.
Exhibit 99.2 -Form 11-K, Annual Report of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Employees covered by a
Collective Bargaining Agreement) for the fiscal year ended
March 31, 1999.
Exhibit 99.3 -Form 11-K, Annual Report of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Certain Hourly Employees
of Anheuser-Busch Companies, Inc. and its Subsidiaries) for
the fiscal year ended March 31, 1999.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amendment to report
to be signed on its behalf by the undersigned, thereunto duly authorized.
ANHEUSER-BUSCH COMPANIES, INC.
...................................
(Registrant)
By JOBETH G. BROWN
...................................
JoBeth G. Brown
Vice President and Secretary
Date: September 24, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
<TABLE>
<C> <S> <C>
<F*> August A. Busch III Chairman of the Board and President and September 24, 1999
- ----------------------------- Director (Principal Executive Officer)
(August A. Busch III)
<F*> W. Randolph Baker Vice President and Chief Financial September 24, 1999
- ----------------------------- Officer (Principal Financial Officer)
(W. Randolph Baker)
<F*> John F. Kelly Vice President and Controller September 24, 1999
- ----------------------------- (Principal Accounting Officer)
(John F. Kelly)
<F*> Bernard A. Edison Director September 24, 1999
- -----------------------------
(Bernard A. Edison)
<F*> Carlos Fernandez G. Director September 24, 1999
- -----------------------------
(Carlos Fernandez G.)
<F*> John E. Jacob Director September 24, 1999
- -----------------------------
(John E. Jacob)
<F*> James R. Jones Director September 24, 1999
- -----------------------------
(James R. Jones)
<F*> Charles F. Knight Director September 24, 1999
- -----------------------------
(Charles F. Knight)
<F*> Vernon R. Loucks, Jr. Director September 24, 1999
- -----------------------------
(Vernon R. Loucks, Jr.)
<F*> Vilma S. Martinez Director September 24, 1999
- -----------------------------
(Vilma S. Martinez)
<PAGE> 4
<F*> James B. Orthwein Director September 24, 1999
- -----------------------------
(James B. Orthwein)
<F*> William Porter Payne Director September 24, 1999
- -----------------------------
(William Porter Payne)
<F*> Joyce M. Roche Director September 24, 1999
- -----------------------------
(Joyce M. Roche)
<F*> Andrew C. Taylor Director September 24, 1999
- -----------------------------
(Andrew C. Taylor)
<F*> Douglas A. Warner III Director September 24, 1999
- -----------------------------
(Douglas A. Warner III)
<F*> Edward E. Whitacre, Jr. Director September 24, 1999
- -----------------------------
(Edward E. Whitacre, Jr.)
<F*> JOBETH G. BROWN
- ----------------------------- September 24, 1999
JoBeth G. Brown
Attorney in Fact
</TABLE>
EXHIBIT INDEX
Exhibit 23.1 -Consent of Independent Accountants
Exhibit 23.2 -Consent of Independent Accountants
Exhibit 23.3 -Consent of Independent Accountants
Exhibit 24.1 -Power of Attorney
Exhibit 24.2 -Resolution authorizing signature by certain officers of the
Company.
Exhibit 99.1 -Form 11-K, Annual Report of the Anheuser-Busch
Deferred Income Stock Purchase and Savings Plan
for the fiscal year ended March 31, 1999.
Exhibit 99.2 -Form 11-K, Annual Report of the Anheuser-Busch
Deferred Income Stock Purchase and Savings Plan
(For Employees Covered by a Collective Bargaining
Agreement) for the fiscal year ended March 31,
1999.
Exhibit 99.3 -Form 11-K, Annual Report of the Anheuser-Busch
Deferred Income Stock Purchase and Savings Plan
(For Certain Hourly Employees of Anheuser-Busch
Companies, Inc. and its Subsidiaries) for the
fiscal year ended March 31, 1999.
<PAGE> 1
Exhibit 23.1
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in this
Registration Statement on Form S-8 (No. 33-39715 and No. 33-58221)
of our report dated February 2, 1999, which appears on page 49 of
the 1998 Annual Report to Shareholders of Anheuser-Busch Companies,
Inc., which is incorporated by reference in the Annual Report on Form
10-K of Anheuser-Busch Companies, Inc. for the year ended
December 31, 1998. We also consent to the incorporation by
reference of our report on the Financial Statement Schedule,
which appears on page F-1 of such Annual Report on Form 10-K. We
also consent to the incorporation by reference in the
Registration Statement of our report dated July 30, 1999
appearing on page 4 of the Annual Report of the Anheuser-Busch
Deferred Income Stock Purchase and Savings Plan on Form 11-K for
the year ended March 31, 1999.
PRICEWATERHOUSECOOPERS LLP
St. Louis, Missouri
September 24, 1999
<PAGE> 1
Exhibit 23.2
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in this
Registration Statement on Form S-8 (No. 33-39714 and No.
33-58241) of our report dated February 2, 1999, which appears on
page 49 of the 1998 Annual Report to Shareholders of
Anheuser-Busch Companies, Inc., which is incorporated by
reference in the Annual Report on Form 10-K of Anheuser-Busch
Companies, Inc. for the year ended December 31, 1998. We also
consent to the incorporation by reference of our report on the
Financial Statement Schedule, which appears on page F-1 of such
Annual Report on Form 10-K. We also consent to the incorporation
by reference in the Registration Statement of our report dated
July 30, 1999 appearing on page 4 of the Annual Report of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan
(For Employees Covered by a Collective Bargaining Agreement) on
Form 11-K for the year ended March 31, 1999.
PRICEWATERHOUSECOOPERS LLP
St. Louis, Missouri
September 24, 1999
<PAGE> 1
Exhibit 23.3
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis, MO 63101
Telephone (314) 206 8500
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 (No. 33-46846 and No. 333-71309) of our report dated
February 2, 1999, which appears on page 49 of the 1998 Annual Report to
Shareholders of Anheuser-Busch Companies, Inc., which is incorporated by
reference in the Annual Report on Form 10-K of Anheuser-Busch Companies, Inc.
for the year ended December 31, 1998. We also consent to the incorporation by
reference of our report on the Financial Statement Schedule, which appears on
page F-1 of such Annual Report on Form 10-K. We also consent to the
incorporation by reference in the Registration Statement of our report dated
July 30, 1999 appearing on page 4 of the Annual Report of the Anheuser-Busch
Deferred Income Stock Purchase and Savings Plan (For Certain Hourly Employees
of Anheuser-Busch Companies, Inc. and its Subsidiaries) on Form 11-K for the
year ended March 31, 1999.
PRICEWATERHOUSECOOPERS LLP
St. Louis, Missouri
September 24, 1999
<PAGE> 1
Exhibit 24.1
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
directors and officers of Anheuser-Busch Companies, Inc.
(hereinafter referred to as the "Company") hereby constitutes and
appoints August A. Busch III, W. Randolph Baker, and JoBeth G.
Brown, and each of them acting singly, the true and lawful agents
and attorneys, or agent and attorney, with full powers of
substitution, resubstitution and revocation, for and in the name,
place and stead of the undersigned to do any and all things and to
execute any and all instruments which said agents and attorneys, or
any of them, may deem necessary or advisable to enable the Company
to comply with the Securities Exchange Act of 1934, as amended, and
any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the 1998
Annual Report on Form 10-K of the Company, including specifically,
but without limiting the generality of the foregoing, full power
and authority to sign the name of each of the undersigned in the
capacities indicated below to the said 1998 Annual Report on Form
10-K to be filed with the Securities and Exchange Commission, and
to any and all amendments to said 1998 Annual Report on Form 10-K,
and each of the undersigned hereby grants to said attorneys and
agents, and to each of them singly, full power and authority to do
and perform on behalf of the undersigned every act and thing
whatsoever necessary or appropriate to be done in the premises as
fully as the undersigned could do in person, hereby ratifying and
confirming all that said attorneys and agents, or any of them, or
the substitutes or substitute of them or of any of them, shall do
or cause to be done by virtue hereof.
IN WITNESS WHEREOF, each of the undersigned has subscribed these
presents this 24th day of March, 1999.
AUGUST A. BUSCH III
----------------------------------
(August A. Busch III)
Chairman of the Board and
President and Director
(Principal Executive Officer)
W. RANDOLPH BAKER
-----------------------------------
(W. Randolph Baker)
Executive Vice President - Chief
Financial Officer
(Principal Financial Officer)
JOHN F. KELLY
-----------------------------------
(John F. Kelly)
Vice President and Controller
(Principal Accounting Officer)
BERNARD A. EDISON
-----------------------------------
(Bernard A. Edison)
Director
CARLOS FERNANDEZ G.
-----------------------------------
(Carlos Fernandez G.)
Director
JOHN E. JACOB
-----------------------------------
(John E. Jacob)
Director
JAMES R. JONES
-----------------------------------
(James R. Jones)
Director
CHARLES F. KNIGHT
-----------------------------------
(Charles F. Knight)
Director
VERNON R. LOUCKS, JR.
-----------------------------------
(Vernon R. Loucks, Jr.)
Director
VILMA S. MARTINEZ
-----------------------------------
(Vilma S. Martinez)
Director
SYBIL C. MOBLEY
-----------------------------------
(Sybil C. Mobley)
Director
JAMES B. ORTHWEIN
-----------------------------------
(James B. Orthwein)
Director
WILLIAM PORTER PAYNE
-----------------------------------
(William Porter Payne)
Director
JOYCE M. ROCHE
-----------------------------------
(Joyce M. Roche)
Director
ANDREW C. TAYLOR
-----------------------------------
(Andrew C. Taylor)
Director
DOUGLAS A. WARNER III
-----------------------------------
(Douglas A. Warner III)
Director
WILLIAM H. WEBSTER
-----------------------------------
(William H. Webster)
Director
EDWARD E. WHITACRE, JR.
-----------------------------------
(Edward E. Whitacre, Jr.)
Director
<PAGE> 1
Exhibit 24.2
I, JOBETH G. BROWN, hereby certify that I am Vice President
and Secretary of Anheuser-Busch Companies, Inc., a Delaware
corporation, with its principal office in the City of St. Louis,
State of Missouri, and as such in charge of its corporate records,
including minutes of meetings of its Shareholders and Board of
Directors.
I further certify that the Board of Directors of said
corporation at a meeting duly convened and held on the 24th day of
March 1999, as shown by said records, adopted the following
resolution which has not since been amended or rescinded and which
is in full force and effect at the date hereof:
RESOLVED, that the Board of Directors does hereby authorize
(a) the proper officers of the corporation to execute a power
of attorney in the name and on behalf of the corporation in
favor of August A. Busch III, W. Randolph Baker, and JoBeth G.
Brown, or any of them (with power of substitution in each) and
(b) the execution by the directors and officers of the
corporation, or any of them, of a power of attorney in favor
of said attorneys, and said powers of attorney shall empower
such attorneys, or any of them, to do all acts and things and
to execute any and all instruments on behalf of the
corporation and on behalf of such directors and officers,
including the execution of the corporation's 1998 Annual
Report on Form 10-K or any amendment thereto, which such
attorneys, or any of them, may deem necessary or advisable to
enable the corporation to comply with the reporting
requirements of the Securities and Exchange Commission in
respect thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of the said corporation this 24th day of September 1999.
JOBETH G. BROWN
-------------------------------------
JoBeth G. Brown
Vice President and Secretary
<PAGE> 1
Exhibit 99.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(x) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the Fiscal year ended March 31, 1999
OR
( ) Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 (NO FEE REQUIRED)
For the Transition period From __________ to __________
Commission File Number _________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ANHEUSER-BUSCH COMPANIES, INC.
One Busch Place
St. Louis, Missouri 63118
<PAGE> 2
Item 1. Plan is subject to ERISA, see Item 4 for required information.
Item 2. Plan is subject to ERISA, see Item 4 for required information.
Item 3. Plan is subject to ERISA, see Item 4 for required information.
Item 4. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements<F*>:
Report of Independent Accountants
Statements of Net Assets Available for Benefits with Fund
Information at March 31, 1999 and March 31, 1998.
Statements of Changes in Net Assets Available for Benefits with
Fund Information for year ended March 31, 1999 and March 31, 1998.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefit with Fund Information at March
31, 1999 and March 31, 1998 (Appendix A)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Changes in Net Assets Available for Benefits with Fund Information
for the Year Ended March 31, 1999 and March 31, 1998 (Appendix A)
(b) Exhibits:
None
[FN]
<F*> Other schedules required by Section 2520.103-10 of the Department
of Labor Rules and Regulations for Reporting and Disclosure
under ERISA have been omitted because they are not applicable.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
By: JOBETH G. BROWN
--------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1999
3
<PAGE> 4
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
REPORT OF INDEPENDENT ACCOUNTANTS
July 30, 1999
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan at March 31,
1999 and 1998, and the changes in net assets available for benefits for the
years then ended, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements
in accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
<PAGE> 5
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 2
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ -- $ --
Employer -- -- -- -- --
-------------- ----------- ----------- ------------ -----------
-- -- -- -- --
-------------- ----------- ----------- ------------ -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 1,387,120,464
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,131,738
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,450,450
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 194,335,020
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 17,210,673
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total investments 1,387,120,464 15,131,738 33,450,450 194,335,020 17,210,673
-------------- ----------- ----------- ------------ -----------
Total assets 1,387,120,464 15,131,738 33,450,450 194,335,020 17,210,673
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (105,250,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (105,250,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $1,281,870,464 $15,131,738 $33,450,450 $194,335,020 $17,210,673
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ --
Employer -- -- -- --
----------- ----------- ----------- --------------
-- -- -- --
----------- ----------- ----------- --------------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 1,387,120,464
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,131,738
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,450,450
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 194,335,020
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 17,210,673
Anheuser-Busch Companies, Inc.
Index Balanced Fund 18,408,992 18,408,992
Participant loans 38,896,224 38,896,224
Earthgrains Company, Inc.
Stock Fund -- -- 15,849,735 15,849,735
----------- ----------- ----------- --------------
Total investments 18,408,992 38,896,224 15,849,735 1,720,403,296
----------- ----------- ----------- --------------
Total assets 18,408,992 38,896,224 15,849,735 1,720,403,296
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (105,250,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (105,250,000)
----------- ----------- ----------- --------------
Net assets available for benefits $18,408,992 $38,896,224 $15,849,735 $1,615,153,296
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 6
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1998
PAGE 3
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ 1,081,331 $ 21,605 $ 72,571 $ 386,083 $ 48,085
Employer 829,480 -- -- -- --
------------- ----------- ----------- ------------ -----------
1,910,811 21,605 72,571 386,083 48,085
------------- ----------- ----------- ------------ -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 872,384,224
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,412,214
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,984,799
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 160,842,251
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 15,179,207
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
------------- ----------- ----------- ------------ -----------
Total investments 872,384,224 15,412,214 33,984,799 160,842,251 15,179,207
------------- ----------- ----------- ------------ -----------
Total assets 874,295,035 15,433,819 34,057,370 161,228,334 15,227,292
------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (123,600,000) -- -- -- --
------------- ----------- ----------- ------------ -----------
Total liabilities (123,600,000) -- -- -- --
------------- ----------- ----------- ------------ -----------
Net assets available for benefits $ 750,695,035 $15,433,819 $34,057,370 $161,228,334 $15,227,292
============= =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ 37,032 $ -- $ -- $ 1,646,707
Employer -- -- -- 829,480
----------- ----------- ----------- --------------
37,032 -- -- 2,476,187
----------- ----------- ----------- --------------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 872,384,224
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,412,214
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,984,799
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 160,842,251
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 15,179,207
Anheuser-Busch Companies, Inc.
Index Balanced Fund 15,650,572 15,650,572
Participant loans 37,037,993 37,037,993
Earthgrains Company, Inc.
Stock Fund -- -- 17,926,402 17,926,402
----------- ----------- ----------- --------------
Total investments 15,650,572 37,037,993 17,926,402 1,168,417,662
----------- ----------- ----------- --------------
Total assets 15,687,604 37,037,993 17,926,402 1,170,893,849
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (123,600,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (123,600,000)
----------- ----------- ----------- --------------
Net assets available for benefits $15,687,604 $37,037,993 $17,926,402 $1,047,293,849
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 7
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1999
PAGE 4
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 28,805,565 $ 513,330 $ 1,569,047 $ 10,999,490 $ 1,183,091
Employer 1,626,930 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 30,432,495 513,330 1,569,047 10,999,490 1,183,091
Investment income:
Interest 494,171
Dividends 4,300,277
Net realized and unrealized
appreciation in fair value
of investments 550,583,057 2,029,181 2,092,208 32,003,256 1,415,208
-------------- ----------- ----------- ------------ -----------
Total additions 585,810,000 2,542,511 3,661,255 43,002,746 2,598,299
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 47,926,992 3,343,634 2,579,670 10,764,506 672,621
Interest expense 10,095,030
Administrative expenses 13,437 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 58,035,459 3,343,634 2,579,670 10,764,506 672,621
-------------- ----------- ----------- ------------ -----------
Net transfers in (out) 3,400,888 499,042 (1,688,505) 868,446 57,703
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 531,175,429 (302,081) (606,920) 33,106,686 1,983,381
Net assets available for benefits:
Beginning of year 750,695,035 15,433,819 34,057,370 161,228,334 15,227,292
-------------- ----------- ----------- ------------ -----------
End of year $1,281,870,464 $15,131,738 $33,450,450 $194,335,020 $17,210,673
============== =========== =========== ============ ===========
<CAPTION>
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 977,183 $ -- $ -- $ 44,047,706
Employer -- -- -- 1,626,930
----------- ----------- ----------- --------------
Total contributions 977,183 -- -- 45,674,636
Investment income:
Interest 3,379,756 3,873,927
Dividends 4,300,277
Net realized and unrealized
appreciation in fair value
of investments 2,269,152 -- 653,768 591,045,830
----------- ----------- ----------- --------------
Total additions 3,246,335 3,379,756 653,768 644,894,670
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 1,685,750 1,104,104 1,474,968 69,552,245
Interest expense 10,095,030
Administrative expenses -- -- -- 13,437
----------- ----------- ----------- --------------
Total deductions 1,685,750 1,104,104 1,474,968 79,660,712
----------- ----------- ----------- --------------
Net transfers in (out) 1,160,803 (417,421) (1,255,467) 2,625,489
----------- ----------- ----------- --------------
Net increase (decrease) 2,721,388 1,858,231 (2,076,667) 567,859,447
Net assets available for benefits:
Beginning of year 15,687,604 37,037,993 17,926,402 1,047,293,849
----------- ----------- ----------- --------------
End of year $18,408,992 $38,896,224 $15,849,735 $1,615,153,296
=========== =========== =========== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 8
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1998
PAGE 5
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 30,607,568 $ 714,172 $ 1,908,031 $ 8,396,009 $ 1,171,617
Employer 10,563,135 -- -- -- --
------------ ----------- ----------- ------------ -----------
Total contributions 41,170,703 714,172 1,908,031 8,396,009 1,171,617
Investment income:
Interest 293,251
Dividends 4,827,953
Net realized and unrealized
appreciation in fair value
of investments 102,995,504 729,974 3,145,115 39,875,501 3,023,408
------------ ----------- ----------- ------------ -----------
Total additions 149,287,411 1,444,146 5,053,146 48,271,510 4,195,025
------------ ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 46,531,249 1,915,870 1,597,875 5,511,845 959,184
Interest expense 11,636,625
Administrative expenses 6,160 -- -- -- --
------------ ----------- ----------- ------------ -----------
Total deductions 58,174,034 1,915,870 1,597,875 5,511,845 959,184
------------ ----------- ----------- ------------ -----------
Net transfers (out) in (68,045,980) 5,381,865 (2,354,879) 50,653,055 3,129,717
------------ ----------- ----------- ------------ -----------
Net increase 23,067,397 4,910,141 1,100,392 93,412,720 6,365,558
Net assets available for benefits:
Beginning of year 727,627,638 10,523,678 32,956,978 67,815,614 8,861,734
------------ ----------- ----------- ------------ -----------
End of year $750,695,035 $15,433,819 $34,057,370 $161,228,334 $15,227,292
============ =========== =========== ============ ===========
<CAPTION>
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 862,316 $ -- $ -- $ 43,659,713
Employer -- -- -- 10,563,135
----------- ----------- ----------- --------------
Total contributions 862,316 -- -- 54,222,848
Investment income:
Interest 2,887,749 3,181,000
Dividends 4,827,953
Net realized and unrealized
appreciation in fair value
of investments 2,462,802 -- 8,809,539 161,041,843
----------- ----------- ----------- --------------
Total additions 3,325,118 2,887,749 8,809,539 223,273,644
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 627,351 1,767,142 1,290,887 60,201,403
Interest expense 11,636,625
Administrative expenses -- -- -- 6,160
----------- ----------- ----------- --------------
Total deductions 627,351 1,767,142 1,290,887 71,844,188
----------- ----------- ----------- --------------
Net transfers in (out) 6,367,101 1,336,277 (1,564,102) (5,096,946)
----------- ----------- ----------- --------------
Net increase 9,064,868 2,456,884 5,954,550 146,332,510
Net assets available for benefits:
Beginning of year 6,622,736 34,581,109 11,971,852 900,961,339
----------- ----------- ----------- --------------
End of year $15,687,604 $37,037,993 $17,926,402 $1,047,293,849
=========== =========== =========== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 9
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 6
- ------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (the
Plan) was established as a result of an amendment to the Anheuser-Busch
Employee Stock Purchase and Savings Plan (the Original Plan). The
Original Plan was established by Anheuser-Busch, Inc., effective April
1, 1976. The Original Plan was divided into two separate plans
effective January 1, 1985: the Deferred Income Stock Purchase and
Savings Plan and the Employee Stock Purchase and Savings Plan. The
Plan is a continuation of the Original Plan except that certain
additional features were added, including provisions for Before-Tax
Contributions pursuant to Section 401(k) of the Internal Revenue Code.
Additionally, eligibility was limited to employees not covered by a
collective bargaining agreement. Effective July 1, 1994, the Plan was
divided into two separate plans, one of which is a continuation of the
Plan as amended, and the other of which is the Anheuser-Busch Deferred
Income Stock Purchase and Savings Plan (For Certain Hourly Employees of
the Earthgrains Company).
The Plan covers eligible employees of Anheuser-Busch Companies, Inc.
(the Company) and certain subsidiaries of the Company which include:
Anheuser-Busch Asia, Inc.; Anheuser-Busch Beverage Group, Inc.;
Anheuser-Busch Distributors of New York, Inc.; Anheuser-Busch Europe,
Inc.; Anheuser-Busch, Inc.; Anheuser-Busch International, Inc.;
Anheuser-Busch Investment Capital Corporation; Anheuser-Busch Mexico,
Inc.; Anheuser-Busch Recycling Corporation; Anheuser-Busch Sales of
Hawaii, Inc.; Anheuser-Busch Sales of South Bay, Inc.; August A. Busch
& Co. of Massachusetts; Boardwalk and Baseball, Inc.; Busch
Agricultural Resources, Inc.; Busch Agricultural Resources
International, Inc.; Busch Biotech, Inc.; Busch Creative Services
Corporation; Busch Entertainment Corporation; Busch Media Group; Busch
Mechanical Services, Inc.; Busch Properties, Inc.; Busch Properties of
Florida, Inc.; Consolidated Farms, Inc.; Eagle Snacks, Inc.; Fairfield
Transport, Inc.; Innervision Productions, Inc.; Kingsmill Realty, Inc.;
Manufacturers Cartage Company; Manufacturers Railway Company; Metal
Container Corporation; Metal Container Corporation of California; Metal
Container International, Inc.; MRS Transport Company; Nutri-Turf, Inc.;
Pacific International Rice Mills, Inc.; Packaging Business Services,
Inc.; Precision Printing and Packaging, Inc.; Sea World of Florida,
Inc.; Sea World of Texas, Inc.; Sea World, Inc.; St. Louis Refrigerator
Car Company; and Williamsburg Transport, Inc.
The Plan is operated in compliance with the Tax Equity and Fiscal
Responsibility Act of 1982, the Deficit Reduction Act of 1984, the
Retirement Equity Act of 1984 and the Tax Reform Act of 1986. The Plan
was restated effective April 1, 1994 primarily to incorporate previous
amendments. This summary is intended to provide only a general
description of the Plan's provisions. Participants should refer to the
Plan document for more complete information.
PLAN ADMINISTRATION
The Plan's named fiduciaries are the Company, as Sponsor and Plan
Administrator, and Mellon Bank, N.A. as the Trustee. As Sponsor, the
Company has the right to amend the Plan, designate the Plan's named
fiduciaries and exercise all fiduciary functions necessary for the
operation of the Plan except those which are assigned to another named
fiduciary by the Plan or the related trust agreement. The Company has
appointed an Administrative Committee to exercise the authority and
responsibility for the general administration of the Plan. The Trustee
has the exclusive authority and discretion to invest, manage and hold the
<PAGE> 10
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 7
- ------------------------------------------------------------------------------
assets of the trust in accordance with the provisions of the Plan
and the separate trust agreement.
The Plan was amended effective June 1, 1989, to add provisions to make
the Plan a stock bonus plan and to permit the leveraged acquisition of
Company stock by the Plan. As such, the Plan is subject to the
requirements of an employee stock ownership plan (ESOP) under Section
4975(e)(7) of the Internal Revenue Code. The Trustee was specifically
empowered to enter into loans, on behalf of the Plan, to acquire
Company stock or to repay a prior ESOP loan.
Effective April 1, 1994, the Plan was amended to incorporate various
changes to the Plan, including changes in participants' contribution
limits, changes in company matching contributions, the addition of the
Managed Balanced Fund and Indexed Balanced Fund investment options, and
the decrease in the vesting period from three years to two years.
PLAN PARTICIPATION
Each employee of a participating employer (other than employees covered
by a collective bargaining agreement) of the Company is eligible to
participate in the Plan after completing one year of service in which
1,000 hours of service are completed. Participation by eligible
employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax or after-tax. A
participant may contribute from 1% to 6% of their base compensation
through payroll deductions for Before-Tax Matched Contributions and
After-Tax Matched Contributions. The sum of these matched
contributions may not be less than 1% nor more than 6% of the
participant's base compensation. In addition, a participant may
contribute from 1% to 10% of their base compensation through payroll
deductions for Before-Tax Unmatched Contributions and After-Tax
Unmatched Contributions; however, the unmatched contribution rates may
not exceed 10% of the participant's base compensation and are subject
to other limitations as set forth in the Plan agreement. In addition,
the sum of Before-Tax contribution rates must not exceed 16% of a
participant's base compensation, subject to certain limitations of the
Internal Revenue Code. The participant's employer then contributes a
matching amount, determined annually, based on the relationship of the
Company's net income to its payroll for the year most recently ended.
However, in no event may the participating employer's matching
contribution be less than 33-1/3% nor more than 75% of the aggregate
participant contributions. Effective April 1, 1998, the participating
employer's matching contribution may not be less than 33-1/3% nor more
than 100% of the aggregate participant contributions. The Company may,
however, contribute an amount in excess of the matching contribution to
enable the Plan to meet its debt service payments.
The Company may also be required to make a Supplemental Contribution as
determined by the Administrative Committee in accordance with the Plan
document. Supplemental Contributions are made by transferring shares
of Anheuser-Busch Common Stock from the ESOP and allocating the shares
to participants who have account balances as of the end of the Plan
year and are required to be made within 180 days of the Plan's year
end. For the year ended March 31, 1999, 40,240 shares with a value of
$2,997,886 were transferred from the ESOP to participant accounts on
April 6, 1999 for the required Supplemental
<PAGE> 11
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 8
- ------------------------------------------------------------------------------
Contribution. For the year ended March 31, 1998 a Supplemental
Contribution was not required.
Employee contributions vest and become non-forfeitable immediately.
Company contributions for participants actively employed by the Company
on or prior to March 31, 1989 vest immediately. For participants
subsequently employed, Company contributions vest and become
non-forfeitable after two years of service. Company contributions also
vest upon termination of employment by reason of death, permanent
disability, entry into military service, layoff exceeding twelve
months, upon termination of employment for any reason, including
retirement, after reaching age 60, or in the event of a "change of
control" in the Company (as defined in the Plan). Forfeitures of
nonvested balances reduce future employer contributions. There were
$34,102 and $8,581 in forfeitures during the years ended March 31, 1999
and 1998, respectively.
INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. Stock Fund, an
Earthgrains Company Stock Fund, a Short-Term Fixed Income Fund, a
Medium-Term Fixed Income Fund, an Equity Index Fund, a Managed Balanced
Fund, and an Index Balanced Fund for the investment of participant and
employer contributions. All employer contributions are invested in the
Company Stock Fund. At least one-half of each participant's Before-Tax
Matched Contributions and at least one-half of each participant's
After-Tax Matched Contributions shall be invested in the Company Stock
Fund for certain periods of time. The participant may direct the
remaining one-half of each type of matched contributions and all
unmatched contributions to be invested in increments of 1% into any
fund established under the Plan. Earnings are reinvested in the fund
to which they relate.
The Master Trusts had been established for each of the investment funds
other than the Company Stock Fund for the investment of the Plan's
assets and the assets of the other stock purchase and savings plans
sponsored by the Company. On September 1, 1995, the Master Trusts for
each investment fund were combined, along with the Company Stock Fund
into a single Master Trust.
DISTRIBUTIONS
The Plan permits in-service withdrawals and an optional annual class
year distribution as defined in the Plan document, subject to certain
restrictions. Distributions for terminations are comprised of the
participant's personal contribution portion of their account and the
part of the Company contribution portion of their account which is
vested. Termination and annual class year distributions for whole
numbers of shares are payable in Company shares while the value of
fractional shares and all interests in the other funds are payable in
cash. Alternatively, the participant may elect to have non-share
investments transferred to the Company Stock Fund and distributed
thereafter in shares with fractional shares distributed in cash.
In-service distributions other than annual class year distributions are
payable at the election of the participant in Company shares or in
cash.
<PAGE> 12
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 9
- ------------------------------------------------------------------------------
PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances, subject to certain conditions. The minimum loan
amount is $1,000; the maximum amount is the lesser of $50,000 less the
highest outstanding loan balance under the Plan during the one-year
period ending on the day before the loan is made, or 50% of the vested
account balance. The interest rate for the life of the loan is set
quarterly at prime plus one percentage point as of the end of the
preceding quarter. The term of a loan for the purchase of a principal
residence may be up to 10 years; the term of a loan for any other
reason may not exceed 5 years.
PLAN EXPENSES
Under the Master Trust agreement with the Trustee, the Company may pay
all expenses incurred in the administration of the Master Trust,
including trustee fees, but is not obligated to do so. Trustee
expenses not paid by the Company are paid by the Master Trust and
proportionately allocated to the participating plans. All other
expenses incurred in the administration of the Plan are charged to and
paid by the participating employers.
PLAN TERMINATION
The Company anticipates that the Plan will continue without
interruption but reserves the right to terminate its participation in
the Plan subject to the provisions of ERISA. Such termination would
result in the immediate and full vesting of each participant's account
balance. The Trustee would then retain the assets until otherwise
distributable under the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of additions
to and deductions from net assets during the reporting period. Actual
results could differ from those estimates.
INVESTMENT VALUATION
Investments in common stock, U.S. government securities, and corporate
debt instruments are stated at fair value based on the quoted market
price at March 31 each year. Investments in interest bearing cash,
insurance contracts, and interests in common/collective trusts are
stated at fair value as determined by the trustee. Participant loans
are valued at cost which approximates fair value.
Investment securities are exposed to various risks, such as interest
rate, market, and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least
reasonably possible that changes in risks in the near term could
materially affect the amounts reported in the Statement of Net Assets
Available for Benefits with Fund Information.
<PAGE> 13
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 10
- ------------------------------------------------------------------------------
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment purchases and sales, and related realized gains and losses,
are recorded on the trade date. Interest income is recorded as earned.
Dividend income is recorded on the ex-dividend date. Net realized and
unrealized appreciation in fair value of investments is comprised of
the change in market value from the beginning to the end of the Plan
year for investments retained in the Plan, and realized gains and
losses on security transactions which represent the difference between
proceeds and cost.
ALLOCATION OF ASSETS
The Plan participates in the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust (Master Trust) established for the
investments of this plan and the other stock purchase and savings plans
sponsored by the Company. Units of participation in the Master Trust
are allocated to participating plans based on the relationship of
individual plan contributions to the market value of the Master Trust.
Earned income, realized and unrealized gains and losses, and
administrative expenses are retained in the Master Trust and are
allocated to participating plans by the Trustee, based on units of
participation on the transaction date.
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered into a
new master trust agreement. On September 1, 1995, in accordance with
the agreement, the Plan transferred its investments in: the
Anheuser-Busch Companies, Inc. Common Stock Fund, the Anheuser-Busch
Companies, Inc. Short Term Fixed Income Master Trust, the
Anheuser-Busch Companies, Inc. Medium Term Fixed Income Master Trust,
the Anheuser-Busch Companies, Inc. Capital Equity Index Fund Master
Trust, the Anheuser-Busch Companies, Inc. Managed Balanced Fund Master
Trust, and the Anheuser-Busch Companies, Inc. Indexed Balanced Fund
Master Trust for units of participation in the Anheuser-Busch
Companies, Inc. Defined Contribution Master Trust. Effective March 26,
1996 the Earthgrains Company Stock Fund was also added to the
Anheuser-Busch Companies, Inc. Defined Contribution Master Trust. The
assets of the Master Trust are held by Mellon Bank, N.A. (Trustee).
At March 31, 1999 and 1998, the Plan's interest in the net assets of
the Master Trust was approximately 53% and 52%, respectively.
<PAGE> 14
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 11
- ------------------------------------------------------------------------------
The following table presents the fair value of investments for the
Master Trust:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Investments at fair value:
Anheuser-Busch common stock $2,690,248,415 $1,768,443,386
Short-term fixed income 22,336,551 23,983,370
Medium-term fixed income 45,376,432 48,360,569
Equity index 302,006,045 244,609,595
Managed balanced 23,560,824 21,318,878
Index balanced 26,361,477 21,599,221
Participant loans 87,168,848 83,211,937
Earthgrains Company common stock 29,552,524 35,570,828
-------------- --------------
$3,226,611,116 $2,247,097,784
============== ==============
</TABLE>
Investment income for the Master Trust is as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
<S> <C> <C>
Net appreciation in fair value of investments:
Anheuser-Busch common stock $1,048,963,294 $178,962,138
Short-term fixed income 1,148,887 29,847
Medium-term fixed income 114,341 1,391,974
Equity index 45,686,098 50,332,246
Managed balanced 2,004,553 3,829,723
Index balanced 3,289,062 2,946,651
Earthgrains Company common stock 1,575,592 17,367,264
-------------- ------------
1,102,781,827 254,859,843
-------------- ------------
Interest 18,649,560 14,661,835
Dividends 39,115,247 41,880,450
-------------- ------------
$1,160,546,634 $311,402,128
============== ============
</TABLE>
Further financial information for the Anheuser-Busch Companies, Inc.
Defined Contribution Master Trust as of and for the years ended March
31, 1999 and 1998 are included as Appendix A.
<PAGE> 15
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 12
- ------------------------------------------------------------------------------
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated January 30, 1995, that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code.
Therefore, the underlying trust of such a Plan is exempt from federal
income taxes under Section 501 of the Internal Revenue Code. The Plan
Administrator and the Plan's tax counsel believe that the Plan is
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes has been included in the Plan's financial statements.
5. NOTES PAYABLE
In June 1989, the Plan issued $250 million in guaranteed 8.32% ESOP
notes (Notes) to a group of insurance companies and other financial
institutions. In September 1993, the interest rate was reduced to
8.25% per annum retroactive to January 1, 1993. Interest is payable
semi-annually. Principal is payable in annual instalments until
maturity on March 31, 2004. The Notes are guaranteed by Anheuser-Busch
Companies, Inc. and Anheuser-Busch, Inc. Proceeds of the Notes were
used to purchase 5,665,723 shares of Company stock, the unallocated
portion of which is pledged as collateral for the Notes. The shares
are maintained in the Company Stock Fund and are released and allocated
to Plan participants based on calculations specified in the Plan
document as contributions are made to the Plan. During the years ended
March 31, 1999 and 1998, 765,449 and 779,918 shares were released to
participants, respectively. At March 31, 1999 and 1998 the Company
Stock Fund held 3,542,629 and 4,308,078 unallocated shares,
respectively.
Principal maturities for each of the years ending March 31, are as
follows:
<TABLE>
<S> <C>
2000 $ 19,150,000
2001 20,000,000
2002 20,950,000
2003 22,000,000
2004 23,150,000
------------
$105,250,000
============
</TABLE>
<PAGE> 16
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 13
- ------------------------------------------------------------------------------
6. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Anheuser-Busch Companies common stock fund $2,220,547 $2,196,491
Short-term fixed income fund 248,742 222,141
Medium-term fixed income fund 165,609 358,554
Equity index fund 622,399 270,941
Managed balanced fund 34,207 36,474
Index balanced fund 77,267 51,193
Earthgrains Company common stock fund 74,752 65,002
---------- ----------
$3,443,523 $3,200,796
========== ==========
</TABLE>
In accordance with generally accepted accounting principles, these
amounts are not reported as distributions payable in the accompanying
financial statements. However, Department of Labor regulations require
that these amounts be reported as liabilities on Form 5500.
Accordingly, net assets available for benefits reported on Form 5500
are lower than that reflected in the financial statements by the above
amounts.
7. TRANSACTIONS WITH PARTIES-IN-INTEREST
During the years ended March 31, 1999 and 1998, transactions with the
Company included aggregate common stock purchases totaling $58,821,927
and $7,926,346, respectively, and aggregate common stock sales totaling
$41,952,593 and $45,918,693, respectively. These transactions are
allowable party-in-interest transactions under Section 408(e) and
408(b)(8) of ERISA and the regulations promulgated thereunder.
During the years ended March 31, 1999 and 1998, the Plan purchased and
sold investments in the Employee Benefit Temporary Investment Fund of
Mellon Bank N.A., the Plan trustee. Transactions with the Fund
included aggregate investment purchases totaling $111,473,934 and
$61,993,480, respectively and aggregate investment sales totaling
$106,799,379 and $61,267,087, respectively. These transactions are
allowable party-in-interest transactions under Section 408(e) and
408(b)(8) of ERISA and the regulations promulgated thereunder.
8. UNIT ACCOUNTING
As of October 17, 1995, the Company began allocating units to
participant accounts. On March 31, 1999, the total number of units
allocated to each of the funds in the Plan and the applicable net asset
value (NAV) of each unit was as follows:
<PAGE> 17
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 14
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNITS HELD NAV PER UNIT
<S> <C> <C>
Anheuser-Busch Companies, Inc. Stock Fund 42,586,364 26.17
Short-Term Fixed Income Fund 821,709 18.42
Medium-Term Fixed Income Fund 1,335,826 25.04
Equity Index Fund 668,099 290.88
Managed Balanced Fund 832,036 20.69
Index Balanced Fund 349,842 52.62
Participant Loans 38,896,224 1.00
Earthgrains Company Stock Fund 1,073,587 14.76
</TABLE>
<PAGE> 18
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 1 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $2,673,153,056 $ -- $ -- $ -- $ --
Interest bearing cash 17,095,359
U.S. government securities 8,687,849 19,234,879
Corporate debt instruments 13,415,531 25,908,975
Insurance contracts 23,560,824
Interest in common/
collective trusts
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> -- 233,171 232,578 302,006,045 --
-------------- ----------- ----------- ------------ -----------
Total investments 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
Total assets 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $2,673,153,056
Interest bearing cash 41 17,095,400
U.S. government securities 27,922,728
Corporate debt instruments 39,324,506
Insurance contracts 23,560,824
Interest in common/
collective trusts 26,361,477 26,361,477
Loans to participants 87,168,848 87,168,848
Earthgrains Company, Inc.
common stock 29,477,579 29,477,579
Other investments<F*> -- -- 74,904 302,546,698
----------- ----------- ----------- --------------
Total investments 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
Total assets 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Net assets available for benefits $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 19
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 2 OF 4
MARCH 31, 1998
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Cash
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $1,764,699,829 $ -- $ -- $ -- $ --
Interest bearing cash 3,720,727 129,620
U.S. government securities 9,361,836 19,483,013
Corporate debt instruments 10,442,678 28,354,090
Insurance contracts
Interest in common/
collective trusts 21,318,878
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> 22,830 4,178,856 393,846 244,609,595 --
-------------- ----------- ----------- ------------ -----------
Total investments 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Cash
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $1,764,699,829
Interest bearing cash 15 3,850,362
U.S. government securities 28,844,849
Corporate debt instruments 38,796,768
Insurance contracts
Interest in common/
collective trusts 10,798,861 32,117,739
Loans to participants 83,211,937 83,211,937
Earthgrains Company, Inc.
common stock 35,407,087 35,407,087
Other investments<F*> 10,800,360 -- 163,726 260,169,213
----------- ----------- ----------- --------------
Total investments 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
Total assets 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Net assets available for benefits $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 20
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 3 OF 4
FOR THE YEAR ENDED MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 56,239,131 $ 934,830 $ 2,369,554 $ 16,634,437 $ 1,670,801
Employer 4,569,194 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 60,808,325 934,830 2,369,554 16,634,437 1,670,801
Investment income:
Interest 1,622,339 1,436,593 2,896,665 5,305,433 120
Dividends 38,905,478
Net realized and unrealized
appreciation in fair
value of investments 1,048,963,294 1,148,887 114,341 45,686,098 2,004,553
-------------- ----------- ----------- ------------ -----------
Total additions 1,150,299,436 3,520,310 5,380,560 67,625,968 3,675,474
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 158,224,057 7,902,458 5,951,000 23,801,297 1,289,091
Interest expense 20,292,030
Administrative expenses 30,996 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 178,547,083 7,902,458 5,951,000 23,801,297 1,289,091
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (13,247,324) 2,735,329 (2,413,697) 13,571,779 (144,437)
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 958,505,029 (1,646,819) (2,984,137) 57,396,450 2,241,946
Net assets available for benefits:
Beginning of year 1,521,243,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
End of year $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 1,453,067 $ -- $ -- $ 79,301,820
Employer -- -- -- 4,569,194
----------- ----------- ----------- --------------
Total contributions 1,453,067 -- -- 83,871,014
Investment income:
Interest 7,388,292 118 18,649,560
Dividends 209,769 39,115,247
Net realized and unrealized
appreciation in fair
value of investments 3,289,062 -- 1,575,592 1,102,781,827
----------- ----------- ----------- --------------
Total additions 4,742,129 7,388,292 1,785,479 1,244,417,648
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 2,660,475 3,023,381 4,505,220 207,356,979
Interest expense 20,292,030
Administrative expenses -- -- -- 30,996
----------- ----------- ----------- --------------
Total deductions 2,660,475 3,023,381 4,505,220 227,680,005
----------- ----------- ----------- --------------
Net transfers (out) in 2,680,602 (408,000) (3,298,563) (524,311)
----------- ----------- ----------- --------------
Net increase (decrease) 4,762,256 3,956,911 (6,018,304) 1,016,213,332
Net assets available for benefits:
Beginning of year 21,599,221 83,211,937 35,570,828 1,999,897,784
----------- ----------- ----------- --------------
End of year $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
</TABLE>
<PAGE> 21
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 4 OF 4
FOR THE YEAR ENDED MARCH 31, 1998
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 59,963,043 $ 1,211,998 $ 2,770,456 $ 11,176,034 $ 1,497,754
Employer 15,491,761 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034 1,497,754
Investment income:
Interest 885,882 1,004,353 2,840,890 2,800,378
Dividends 41,728,864
Net realized and unrealized
appreciation in fair
value of investments 178,962,138 29,847 1,391,974 50,332,246 3,829,723
-------------- ----------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658 5,327,477
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962 1,164,839
Interest expense 23,273,250
Administrative expenses 15,815 -- (11,148) -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 130,305,324 4,258,766 2,509,534 8,076,962 1,164,839
-------------- ----------- ----------- ------------ -----------
Net transfers in (out) (127,872,328) 10,427,353 (884,170) 101,497,681 6,349,379
-------------- ----------- ----------- ------------ -----------
Net increase 38,854,036 8,414,785 3,609,616 157,729,377 10,512,017
Net assets available for benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218 10,806,861
-------------- ----------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 1,149,033 $ -- $ -- $ 77,768,318
Employer -- -- -- 15,491,761
----------- ----------- ----------- --------------
Total contributions 1,149,033 -- -- 93,260,079
Investment income:
Interest 125,864 7,003,752 716 14,661,835
Dividends 151,586 41,880,450
Net realized and unrealized
appreciation in fair
value of investments 2,946,651 -- 17,367,264 254,859,843
----------- ----------- ----------- --------------
Total additions 4,221,548 7,003,752 17,519,566 404,662,207
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses -- -- (15) 4,652
----------- ----------- ----------- --------------
Total deductions 807,207 3,382,436 2,784,881 153,289,949
----------- ----------- ----------- --------------
Net transfers in (out) 10,428,344 3,410,799 (3,234,526) 122,532
----------- ----------- ----------- --------------
Net increase 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for benefits:
Beginning of year 7,756,536 76,179,822 24,070,669 1,748,402,994
----------- ----------- ----------- --------------
End of year $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
</TABLE>
<PAGE> 1
Exhibit 99.2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(x) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the Fiscal year ended March 31, 1999
OR
( ) Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 (NO FEE REQUIRED)
For the Transition period From __________ to __________
Commission File Number _________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered By A Collective Bargaining Agreement)
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ANHEUSER-BUSCH COMPANIES, INC.
One Busch Place
St. Louis, Missouri 63118
<PAGE> 2
Item 1. Plan is subject to ERISA, see Item 4 for required information.
Item 2. Plan is subject to ERISA, see Item 4 for required information.
Item 3. Plan is subject to ERISA, see Item 4 for required information.
Item 4. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements<F*>:
Report of independent accountants
Statement of Net Assets Available for Benefits with Fund
Information at March 31, 1999 and March 31, 1998.
Statement of Changes in Net Assets Available for Benefits with
Fund Information for year ended March 31, 1999 and March 31,
1998.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefits with Fund Information at March
31, 1999 and March 31, 1998 (Appendix A)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Changes in Net Assets Available for Benefits with Fund Information
for the Year Ended March 31, 1999 and March 31, 1998 (Appendix A)
(b) Exhibits:
None
[FN]
<F*> Other schedules required by Section 2520.103-10 of the Department
of Labor Rules and Regulations for Reporting and Disclosure under
ERISA have been omitted because they are not applicable.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly caused
this annual report to be signed by the undersigned thereunto duly
authorized.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN (FOR EMPLOYEES
COVERED BY A COLLECTIVE BARGAINING
AGREEMENT)
By: JOBETH G. BROWN
-----------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1999
3
<PAGE> 4
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
REPORT OF INDEPENDENT ACCOUNTANTS
July 30, 1999
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For
Employees Covered by a Collective
Bargaining Agreement)
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (For Employees
Covered by a Collective Bargaining Agreement) at March 31, 1999 and 1998, and
the changes in net assets available for benefits for the years then ended, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
<PAGE> 5
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 2
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SHORT-TERM MEDIUM-TERM
ANHEUSER-BUSCH FIXED FIXED EQUITY MANAGED
COMPANIES, INC. INCOME INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions Receivable
Participants $ -- $ -- $ -- $ -- $ --
Employer -- -- -- -- --
-------------- ---------- ----------- ------------ ----------
-- -- -- -- --
-------------- ---------- ----------- ------------ ----------
Investments, at fair value:
Interest Bearing Cash 5,251,215
Anheuser-Busch Companies,
Inc. Common Stock<F*> 1,258,430,924
Anheuser-Busch Companies,
Inc. Short-Term
Fixed Income Fund 6,669,315
Anheuser-Busch Companies,
Inc. Medium-Term
Fixed Income Fund 11,257,340
Anheuser-Busch Companies,
Inc. Equity Index Fund<F*> 105,346,581
Anheuser-Busch Companies,
Inc. Managed Balanced
Fund 6,081,335
Anheuser-Busch Companies,
Inc. Index Balanced
Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
-------------- ---------- ----------- ------------ ----------
Total investments 1,263,682,139 6,669,315 11,257,340 105,346,581 6,081,335
-------------- ---------- ----------- ------------ ----------
Total assets 1,263,682,139 6,669,315 11,257,340 105,346,581 6,081,335
-------------- ---------- ----------- ------------ ----------
LIABILITIES
Total liabilities (105,250,000) -- -- -- --
-------------- ---------- ----------- ------------ ----------
Net assets available for
benefits $1,158,432,139 $6,669,315 $11,257,340 $105,346,581 $6,081,335
============== ========== =========== ============ ==========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions Receivable
Participants $ -- $ -- $ -- $ --
Employer -- -- -- --
---------- ----------- ----------- --------------
-- -- -- --
---------- ----------- ----------- --------------
Investments, at fair value: 5,251,215
Interest Bearing Cash
Anheuser-Busch Companies, Inc
Common Stock<F*> 1,258,430,924
Anheuser-Busch Companies
Inc. Short-Term
Fixed Income Fund 6,669,315
Anheuser-Busch Companies,
Inc. Medium-Term
Fixed Income Fund 11,257,340
Anheuser-Busch Companies,
Inc. Equity Index Fund<F*> 105,346,581
Anheuser-Busch Companies,
Inc. Managed Balanced Fund 6,081,335
Anheuser-Busch Companies,
Inc. Index Balanced Fund 7,759,706 7,759,706
Participant loans 45,068,710 45,068,710
Earthgrains Company, Inc
Stock Fund -- -- 13,301,088 13,301,088
---------- ----------- ----------- --------------
Total investments 7,759,706 45,068,710 13,301,088 1,459,166,214
---------- ----------- ----------- --------------
Total assets 7,759,706 45,068,710 13,301,088 1,459,166,214
---------- ----------- ----------- --------------
LIABILITIES
Total liabilities -- -- -- (105,250,000)
---------- ----------- ----------- --------------
Net assets available for
benefits $7,759,706 $45,068,710 $13,301,088 $1,353,916,214
========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 6
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1998
PAGE 3
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SHORT-TERM MEDIUM-TERM
ANHEUSER-BUSCH FIXED FIXED EQUITY MANAGED
COMPANIES, INC. INCOME INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions Receivable
Participants $ 523,590 $ 6,359 $ 15,865 $ 79,212 $ 7,149
Employer 280,493 -- -- -- --
------------ ---------- ----------- ----------- ----------
804,083 6,359 15,865 79,212 7,149
------------ ---------- ----------- ----------- ----------
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> 871,036,203
Anheuser-Busch Companies,
Inc. Short-Term
Fixed Income Fund 8,074,980
Anheuser-Busch Companies,
Inc. Medium-Term
Fixed Income Fund 13,692,827
Anheuser-Busch Companies,
Inc. Equity Index Fund<F*> 81,860,051
Anheuser-Busch Companies,
Inc. Managed Balanced Fund 5,900,367
Anheuser-Busch Companies,
Inc. Index Balanced Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
------------ ---------- ----------- ----------- ----------
Total investments 871,036,203 8,074,980 13,692,827 81,860,051 5,900,367
------------ ---------- ----------- ----------- ----------
Total assets 871,840,286 8,081,339 13,708,692 81,939,263 5,907,516
------------ ---------- ----------- ----------- ----------
LIABILITIES
Total liabilities (123,600,000) -- -- -- --
------------ ---------- ----------- ----------- ----------
Net assets available
for benefits $748,240,286 $8,081,339 $13,708,692 $81,939,263 $5,907,516
============ ========== =========== =========== ==========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions Receivable
Participants $ 6,540 $ -- $ -- $ 638,715
Employer -- -- -- 280,493
---------- ----------- ----------- --------------
6,540 -- -- 919,208
---------- ----------- ----------- --------------
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> 871,036,203
Anheuser-Busch Companies,
Inc. Short-Term
Fixed Income Fund 8,074,980
Anheuser-Busch Companies,
Inc. Medium-Term
Fixed Income Fund 13,692,827
Anheuser-Busch Companies,
Inc. Equity Index Fund<F*> 81,860,051
Anheuser-Busch Companies,
Inc. Managed Balanced Fund 5,900,367
Anheuser-Busch Companies,
Inc. Index Balanced Fund 5,795,200 5,795,200
Participant Loans 43,459,077 43,459,077
Earthgrains Company, Inc.
Stock Fund -- -- 17,051,707 17,051,707
---------- ----------- ----------- --------------
Total Investments 5,795,200 43,459,077 17,051,707 1,046,870,412
---------- ----------- ----------- --------------
Total Assets 5,801,740 43,459,077 17,051,707 1,047,789,620
---------- ----------- ----------- --------------
LIABILITIES
Total Liabilities -- -- -- (123,600,000)
---------- ----------- ----------- --------------
Net assets available
for benefits $5,801,740 $43,459,077 $17,051,707 $ 924,189,620
========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 7
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1999
PAGE 4
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SHORT-TERM MEDIUM-TERM
ANHEUSER-BUSCH FIXED FIXED EQUITY MANAGED
COMPANIES, INC. INCOME INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 23,795,068 $ 315,893 $ 611,141 $ 4,738,649 $ 362,230
Employer 258,018 -- -- -- --
-------------- ---------- ----------- ------------ ----------
Total contributions 24,053,086 315,893 611,141 4,738,649 362,230
Investment income:
Interest 779,815
Dividends 4,247,249
Net realized and unrealized
appreciation in fair value
of investments 512,997,578 526,164 877,149 18,603,840 567,714
-------------- ---------- ----------- ------------ ----------
Total additions 542,077,728 842,057 1,488,290 23,342,489 929,944
-------------- ---------- ----------- ------------ ----------
Deductions from net assets
attributed to:
Distributions 107,454,682 4,541,928 3,334,004 12,877,615 558,670
Interest expense 10,197,000
Administrative expenses 17,559 -- -- -- --
-------------- ---------- ----------- ------------ ----------
Total deductions 117,669,241 4,541,928 3,334,004 12,877,615 558,670
Net transfers (out) in (14,216,634) 2,287,847 (605,638) 12,942,444 (197,455)
-------------- ---------- ----------- ------------ ----------
Net increase (decrease) 410,191,853 (1,412,024) (2,451,352) 23,407,318 173,819
Net assets available for
benefits:
Beginning of year 748,240,286 8,081,339 13,708,692 81,939,263 5,907,516
-------------- ---------- ----------- ------------ ----------
End of year $1,158,432,139 $6,669,315 $11,257,340 $105,346,581 $6,081,335
============== ========== =========== ============ ==========
<CAPTION>
INDEX PARTICIPANT EARTHGRAINS
BALANCED LOAN COMPANY
FUND FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $375,715 $ -- $ -- $30,198,696
Employer -- -- -- 258,018
---------- ----------- ----------- --------------
Total contributions 375,715 -- -- 30,456,714
Investment income:
Interest 3,767,513 4,547,328
Dividends 4,247,249
Net realized and unrealized
appreciation in fair
value of investments 996,283 -- 1,100,572 535,669,300
---------- ----------- ----------- --------------
Total additions 1,371,998 3,767,513 1,100,572 574,920,591
---------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions 966,145 1,703,505 2,989,018 134,425,567
Interest expense 10,197,000
Administrative expenses -- -- -- 17,559
---------- ----------- ----------- --------------
Total deductions 966,145 1,703,505 2,989,018 144,640,126
Net transfers (out) in 1,552,113 (454,375) (1,862,173) (553,871)
---------- ----------- ----------- --------------
Net increase (decrease) 1,957,966 1,609,633 (3,750,619) 429,726,594
Net assets available for
benefits:
Beginning of year 5,801,740 43,459,077 17,051,707 924,189,620
---------- ----------- ----------- --------------
End of year $7,759,706 $45,068,710 $13,301,088 $1,353,916,214
========== =========== =========== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 8
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1998
PAGE 5
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SHORT-TERM MEDIUM-TERM
ANHEUSER-BUSCH FIXED FIXED EQUITY MANAGED
COMPANIES, INC. INCOME INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 27,214,844 $ 391,559 $ 742,431 $ 2,627,378 $ 273,875
Employer 3,580,328 -- -- -- --
------------ ---------- ----------- ----------- ----------
Total contributions 30,795,172 391,559 742,431 2,627,378 273,875
Investment income:
Interest 460,009
Dividends 4,912,920
Net realized and unrealized
appreciation in fair value
of investments 105,394,518 279,569 1,072,262 12,713,421 754,219
------------ ---------- ----------- ----------- ----------
Total additions 141,562,619 671,128 1,814,693 15,340,799 1,028,094
------------ ---------- ----------- ----------- ----------
Deductions from net assets
attributed to:
Distributions 59,035,183 2,321,349 904,590 2,467,658 191,236
Interest expense 11,636,625
Administrative expenses 9,655 -- -- -- --
------------ ---------- ----------- ----------- ----------
Total deductions 70,681,463 2,321,349 904,590 2,467,658 191,236
------------ ---------- ----------- ----------- ----------
Net transfers in (out) (59,252,911) 5,087,347 1,458,473 50,706,152 3,230,579
------------ ---------- ----------- ----------- ----------
Net increase 11,628,245 3,437,126 2,368,576 63,579,293 4,067,437
Net assets available for benefits:
Beginning of year 736,612,041 4,644,213 11,340,116 18,359,970 1,840,079
------------ ---------- ----------- ----------- ----------
End of year $748,240,286 $8,081,339 $13,708,692 $81,939,263 $5,907,516
============ ========== =========== =========== ==========
<CAPTION>
INDEX PARTICIPANT EARTHGRAINS
BALANCED LOAN COMPANY
FUND FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 249,472 $ -- $ -- $ 31,499,559
Employer -- -- -- 3,580,328
---------- ----------- ----------- ------------
Total contributions 249,472 -- -- 35,079,887
Investment income:
Interest 3,243,763 3,703,772
Dividends 4,912,920
Net realized and unrealized
appreciation in fair value
of investments 583,157 -- 8,493,737 129,290,883
---------- ----------- ----------- ------------
Total additions 832,629 3,243,763 8,493,737 172,987,462
---------- ----------- ----------- ------------
Deductions from net assets
attributed to:
Distributions 174,408 1,504,636 1,469,821 68,068,881
Interest expense 11,636,625
Administrative expenses -- -- -- 9,655
---------- ----------- ----------- ------------
Total deductions 174,408 1,504,636 1,469,821 79,715,161
---------- ----------- ----------- ------------
Net transfers in (out) 4,059,028 1,670,924 (1,767,303) 5,192,289
---------- ----------- ----------- ------------
Net increase 4,717,249 3,410,051 5,256,613 98,464,590
Net assets available for benefits:
Beginning of year 1,084,491 40,049,026 11,795,094 825,725,030
---------- ----------- ----------- ------------
End of year $5,801,740 $43,459,077 $17,051,707 $924,189,620
========== =========== =========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 9
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 6
- -------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan
(For Employees Covered by a Collective Bargaining Agreement) (the
Plan) was established as a result of an amendment to the
Anheuser-Busch Employee Stock Purchase and Savings Plan (the
Original Plan). The Original Plan was established by
Anheuser-Busch, Inc., effective April 1, 1976 and upon amendment,
was divided into two separate plans effective March 1, 1986: the
Deferred Income Stock Purchase and Savings Plan (For Employees
Covered by a Collective Bargaining Agreement) and the Employee
Stock Purchase and Savings Plan. The Plan is a continuation of the
Original Plan except that certain additional features were added,
including provisions for Before-Tax Contributions pursuant to
Section 401(k) of the Internal Revenue Code. Additionally,
eligibility was limited to employees who are members of collective
units and whose collective bargaining agreement specifically
provides for participation of such members.
The Plan covers eligible employees of Anheuser-Busch Companies,
Inc. (the Company) and certain subsidiaries of the Company which
include: Anheuser-Busch, Inc.; August A. Busch & Co. of
Massachusetts, Inc.; Anheuser-Busch Companies, Inc.; Busch
Agricultural Resources, Inc.; Manufacturers Railway Company;
Pacific International Rice Mills, Inc.; Metal Container
Corporation; and A-B Contract Services, Inc. This summary is
intended to provide only a general description of the Plan's
provisions. Participants should refer to the Plan document for
more complete information.
PLAN ADMINISTRATION
The Plan's named fiduciaries are the Company, as Sponsor and Plan
Administrator, and Mellon Bank, N.A. as the Trustee. As Sponsor,
the Company has the right to amend the Plan, designate the Plan's
named fiduciaries and exercise all fiduciary functions necessary
for the operation of the Plan except those which are assigned to
another named fiduciary by the Plan or the related trust agreement.
The Company has appointed an Administrative Committee to exercise
the authority and responsibility for the general administration of
the Plan. The Trustee has the exclusive authority and discretion
to invest, manage and hold the assets of the trust in accordance
with the provisions of the Plan and the separate trust agreement.
The Plan was amended effective June 1, 1989, to add provisions to
make the Plan a stock bonus plan and to permit the leveraged
acquisition of Company stock by the Plan. As such, the Plan is
subject to the requirements of an employee stock ownership plan
(ESOP) under Section 4975(e)(7) of the Internal Revenue Code. The
Trustee was specifically empowered to enter into loans, on behalf
of the Plan, to acquire Company stock or to repay a prior ESOP
loan.
Effective April 1, 1994, the Plan was amended to incorporate
various changes to the Plan, including changes in participants'
contribution limits, changes in Company matching contributions, the
addition of the Managed Balanced Fund and Indexed Balanced Fund
investment options, and the decrease in the vesting period from
three years to two years.
<PAGE> 10
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 7
- -------------------------------------------------------------------------------
PLAN PARTICIPATION
Each employee of a participating employer (other than employees not
covered by a collective bargaining agreement) of the Company is
eligible to participate in the Plan after one year of service,
during which the employee worked 1,000 hours. Participation by
eligible employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax and
after-tax. A participant may contribute from 1% to 6% of their
base compensation through payroll deductions for Before-Tax Matched
Contributions and After-Tax Matched Contributions. The sum of
these matched contributions may not be less than 2% nor more than
6% of the participant's base compensation. In addition, a
participant may contribute from 1% to 10% of their base
compensation through payroll deductions for Before-Tax Unmatched
Contributions and After-Tax Unmatched Contributions; however, the
unmatched contribution rates may not exceed 10% of the
participant's base compensation and are subject to other
limitations as set forth in the Plan agreement. In addition, the
sum of Before-Tax contribution rates must not exceed 16% of a
participant's base compensation, subject to certain limitations of
the Internal Revenue Code. The participant's employer then
contributes a matching amount, determined annually, based on the
relationship of the Company's net income to its payroll for the
year most recently ended. However, in no event may the
participating employer's matching contribution be less than 33-1/3%
nor more than 75% of the aggregate participant contributions.
Effective April 1, 1998, the participating employer's matching
contribution may not be less than 33-1/3% nor more than 100% of the
aggregate participant contributions. The Company may, however,
contribute an amount in excess of the matching contribution to
enable the Plan to meet its debt service payments.
The Company may also be required to make a Supplemental
Contribution as determined by the Administrative Committee in
accordance with the Plan document. Supplemental Contributions are
made by transferring shares of Anheuser-Busch Common Stock from the
ESOP and allocating the shares to participants who have account
balances as of the end of the Plan year and are required to be made
within 180 days of the Plan's year end. For the years ended March
31, 1999, 10,251 shares with a value of $761,137 were transferred
from the ESOP to participant accounts on March 30, 1999 as well as
14,958 shares with a value of $1,114,438 on April 6, 1999 for the
required Supplemental Contribution. For the year ended March 31,
1998 a Supplemental Contribution was not required.
Employee contributions vest and become non-forfeitable immediately.
Company contributions also vest and become nonforfeitable
immediately for participants actively employed by the Company on or
prior to March 31, 1989. For participants subsequently employed,
Company contributions vest and become non-forfeitable after two
years of service. Company contributions also vest and become
non-forfeitable upon termination of employment by reason of death,
permanent disability, entry into military service, layoff exceeding
twelve months, upon termination of employment for any reason,
including retirement, after reaching age 60, or in the event of a
"change in control" of the Company (as defined in the Plan).
Forfeitures of nonvested balances reduce future employer contributions.
There were $1,045 and $86 of forfeitures during the years ended March 31,
1999 and 1998, respectively.
<PAGE> 11
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 8
- -------------------------------------------------------------------------------
INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. Stock Fund,
an Earthgrains Company, Inc. Stock Fund, a Short-Term Fixed Income
Fund, a Medium-Term Fixed Income Fund, an Equity Index Fund, a
Managed Balanced Fund, and an Index Balanced Fund for the
investment of participant and employer contributions. All employer
contributions are invested in the Company Stock Fund. At least
one-half of each participant's Before-Tax Matched Contributions and
at least one-half of each participant's After-Tax Matched
Contributions shall be invested in the Company Stock Fund for
certain periods of time. The participant may direct the remaining
one-half of each type of matched contributions to be invested in
increments of 1% into any fund established under the Plan. The
participant may direct that the unmatched contributions be
deposited into any fund of the Plan in increments of 1%. Earnings
are reinvested in the fund to which they relate.
The Master Trusts had been established for each of the investment
funds other than the Company Stock Fund for the investment of the
Plan's assets and the assets of the other stock purchase and
savings plans sponsored by the Company. On September 1, 1995, the
Master Trusts for each investment fund were combined, along with
the Company Stock Fund into a single Master Trust.
DISTRIBUTIONS
The Plan permits in-service withdrawals and an optional annual
class year distribution as defined in the Plan document, subject to
certain restrictions. Distributions for terminations are comprised
of the participant's personal contribution portion of their account
and the part of the Company contribution portion of their account
which is vested. Termination and annual class year distributions
for whole numbers of shares are payable in Company shares while the
value of fractional shares and all interests in the other funds are
payable in cash. Alternatively, the participant may elect to have
non-share investments transferred to the Company Stock Fund and
distributed thereafter in shares with fractional shares distributed
in cash. In-service distributions other than annual class year
distributions are payable at the election of the participant in
Company shares or in cash.
PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances. The minimum loan amount is $1,000; the maximum
amount is the lesser of $50,000 less the highest outstanding loan
balance under the Plan during the one year period ending on the day
before the loan is made, or 50% of the vested account balance. The
interest rate for the life of the loan is set quarterly at prime
plus one percentage point based on the prime rate at the end of the
preceding quarter. The term of a loan for the purchase of a
principal residence may be up to 10 years; the term of a loan for
any other reason may not exceed 5 years.
PLAN EXPENSES
Under the Master Trust agreement with the Trustee, the Company may
pay all expenses incurred in the administration of the Master
Trust, including trustee fees, but is not obligated to do so.
Trustee expenses not paid by the Company are paid by the Master
Trust and proportionately allocated to the participating plans.
All other expenses incurred in the administration of the Plan are
paid by the participating employers.
<PAGE> 12
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 9
- -------------------------------------------------------------------------------
PLAN TERMINATION
The Company anticipates that the Plan will continue without
interruption but reserves the right to terminate its participation
in the Plan subject to the provisions of ERISA. Such termination
would result in the immediate and full vesting of each
participant's account balance. The Trustee would then retain the
assets until otherwise distributable under the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
THe Plan's financial statements are prepared on the accrual basis
of accounting.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of additions to and deductions from net assets
during the reporting period. Actual results could differ from
those estimates.
INVESTMENT VALUATION
Investments in common stock, U.S. government securities, and
corporate debt instruments are stated at fair value based on the
quoted market price at March 31 each year. Investments in interest
bearing cash, insurance contracts, and interests in
common/collective trusts are stated at fair value as determined by
the trustee. Participant loans are valued at cost which
approximates fair value.
Investment securities are exposed to various risks, such as
interest rate, market, and credit. Due to the level of risk
associated with certain investment securities and the level of
uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in
risks in the near term could materially affect the amounts reported
in the Statement of Net Assets Available for Benefits with Fund
Information.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Purchases and sales of investments, and related realized gains and
losses, are recorded on the trade date. Interest income is
recorded as earned. Dividend income is recorded on the ex-dividend
date. Net realized and unrealized appreciation in fair value of
investments is comprised of the change in market value from the
beginning to the end of the Plan year for investments retained in
the Plan, and realized gains and losses on security transactions
which represent the difference between proceeds and cost.
ALLOCATION OF ASSETS
The Plan participates in the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust (Master Trust) established for the
investments of this plan and the other stock purchase and savings
plans sponsored by the Company. Units of participation in the
Master Trust are allocated to participating plans based on the
relationship of individual plan contributions to the market value
of the Master Trust. Earned income, realized and unrealized gains
and losses, and administrative expenses are retained in the Master
Trust and are allocated to participating plans by the Trustee,
based on units of participation on the transaction date.
<PAGE> 13
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 10
- -------------------------------------------------------------------------------
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED
CONTRIBUTION MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered in
to a new master trust agreement. On September 1, 1995, in
accordance with the agreement, the Plan exchanged it's investments
in: the Anheuser-Busch Companies, Inc. Common Stock Fund, the
Anheuser-Busch Companies, Inc. Short-Term Fixed Income Master
Trust, the Anheuser-Busch Companies, Inc. Medium-Term Fixed Income
Master Trust, the Anheuser-Busch Companies, Inc. Capital Equity
Index Fund Master Trust, the Anheuser-Busch Companies, Inc. Managed
Balanced Fund Master Trust, and the Anheuser-Busch Companies, Inc.
Indexed Balanced Fund Master Trust for units of participation in
the Anheuser-Busch Companies, Inc. Defined Contribution Master
Trust. Effective March 26, 1996 the Earthgrains Company Stock Fund
was also added to the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust. The assets of the Master Trust are held
by Mellon Bank, N.A. (Trustee).
At March 31, 1999 and 1998, the Plan's interest in the net assets
of the Master Trust was approximately 45% and 46%, respectively.
The following table presents the fair value of investments for the
Master Trust:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Investments at fair value:
Anheuser-Busch common stock $2,690,248,415 $1,768,443,386
Short-term fixed income 22,336,551 23,983,370
Medium-term fixed income 45,376,432 48,360,569
Equity index 302,006,045 244,609,595
Managed balanced 23,560,824 21,318,878
Index balanced 26,361,477 21,599,221
Participant loans 87,168,848 83,211,937
Earthgrains Company common stock 29,552,524 35,570,828
-------------- --------------
$3,226,611,116 $2,247,097,784
============== ==============
</TABLE>
<PAGE> 14
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 11
- ----------------------------------------------------------------------------------------------------------------------------------
Investment income for the Master Trust is as follows:
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
<S> <C> <C>
Net appreciation in fair value of
investments:
Anheuser-Busch common stock $1,048,963,294 $178,962,138
Short-term fixed income 1,148,887 29,847
Medium-term fixed income 114,341 1,391,974
Equity index 45,686,098 50,332,246
Managed balanced 2,004,553 3,829,723
Index balanced 3,289,062 2,946,651
Earthgrains Company common stock 1,575,592 17,367,264
-------------- ------------
1,102,781,827 254,859,843
-------------- ------------
Interest 18,649,560 14,661,835
Dividends 39,115,247 41,880,450
-------------- ------------
$1,160,546,634 $311,402,128
============== ============
</TABLE>
Further financial information for the Anheuser-Busch Companies,
Inc. Defined Contribution Master Trust as of and for the years
ended March 31, 1999 and 1998 are included as Appendix A.
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the
Company by letter dated January 30, 1995 that the Plan is designed
in accordance with applicable sections of the Internal Revenue
Code. Therefore, the underlying trust of such a Plan is exempt
from federal income taxes under Section 501 of the Internal Revenue
Code. The Plan has been amended since receiving the determination
letter. However, the Plan Administrator and the Plan's tax counsel
believe that the plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue
Code. Therefore, no provision for income taxes has been included
in the Plan's financial statements.
5. NOTES PAYABLE
In June 1989, the Plan issued $250 million in guaranteed 8.32% ESOP
notes (Notes) to a group of insurance companies and other financial
institutions. In September 1993, the interest rate was reduced to
8.25% per annum retroactive to January 1, 1993. Interest is
payable semiannually. Principal is payable in annual instalments
until maturity on March 31, 2004. The Notes are guaranteed by
Anheuser-Busch Companies, Inc. and Anheuser-Busch, Inc. Proceeds of
the Notes were used to purchase 5,665,723 shares of Company stock,
the unallocated portion of which is pledged as collateral for the
Notes. The shares are
<PAGE> 15
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 12
- -------------------------------------------------------------------------------
maintained in the Anheuser-Busch Companies, Inc. Stock Fund and are
released and allocated to Plan participants based on calculations
specified in the Plan document as contributions are made to the Plan.
During the years ended March 31, 1999 and 1998, 765,449 and 779,917 shares
were released to participants, respectively. At March 31, 1999, the
Company Stock Fund held 3,542,838 and 4,308,287 unallocated shares,
respectively.
Principal maturities for each of the years ending March 31, are as
follows:
<TABLE>
<S> <C>
2000 $ 19,150,000
2001 20,000,000
2002 20,950,000
2003 22,000,000
2004 23,150,000
------------
$105,250,000
============
</TABLE>
6. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from
participation in the Plan are as follows:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Investments at fair value:
Anheuser-Busch common stock $4,665,546 $3,328,560
Short-term fixed income 248,742 220,661
Medium-term fixed income 165,609 238,030
Equity index 622,399 236,068
Managed balanced 34,207 2,691
Index balanced 77,267 2,268
Earthgrains Company common stock 74,752 95,089
---------- ----------
$5,888,522 $4,123,367
========== ==========
</TABLE>
In accordance with generally accepted accounting principles, these amounts
are not reported as distributions payable in the accompanying financial
statements. However, Department of Labor regulations require that these
amounts be reported as liabilities on Form 5500. Accordingly, net assets
available for benefits reported on Form 5500 are lower than that reflected
in the financial statements by the above amounts.
7. TRANSACTIONS WITH PARTIES-IN-INTEREST
During the years ended March 31, 1999 and 1998, transactions with
the Company included aggregate common stock purchases totaling
$47,928,978 and $7,011,768, respectively and
<PAGE> 16
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 13
- -------------------------------------------------------------------------------
aggregate common stock sales totaling $73,081,483 and $60,496,808,
respectively. These transactions are allowable party-in-interest
transactions under Section 408(e) and 408(b)(8) of ERISA and the
regulations promulgated thereunder.
During the years ended March 31, 1999 and 1998, the Plan purchased
and sold investments in the Employee Benefit Temporary Investment
Fund of Mellon Bank N.A., the Plan trustee. Transactions with the
Fund included aggregate investment purchases totaling $114,233,149
and $64,636,514, respectively and aggregate investment sales
totaling $105,703,029 and $62,946,526, respectively. These
transactions are allowable party-in-interest transactions under
Section 408(e) and 408(b)(8) of ERISA and the regulations
promulgated thereunder.
8. UNIT ACCOUNTING
As of October 17, 1995, the Company began allocating units to
participant accounts. On March 31, 1999, the total number of units
allocated to each of the funds in the Plan and the applicable net
asset value (NAV) of each unit was as follows:
<TABLE>
<CAPTION>
UNITS HELD NAV PER UNIT
<S> <C> <C>
Anheuser-Busch Companies, Inc. Stock Fund 37,651,462 26.17
Short-Term Fixed Income Fund 362,168 18.42
Medium-Term Fixed Income Fund 449,555 25.04
Equity Index Fund 362,168 290.88
Managed Balanced Fund 293,997 20.69
Index Balanced Fund 147,464 52.62
Participant Loans 45,068,710 1.00
Earthgrains Company Stock Fund 900,954 14.76
</TABLE>
<PAGE> 17
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 1 of 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $2,673,153,056 $ -- $ -- $ -- $ --
Interest Bearing Cash 17,095,359
U.S. government securities 8,687,849 19,234,879
Corporate debt instruments 13,415,531 25,908,975
INsurance contracts 23,560,824
Interest in common/
collective trusts
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> -- 233,171 232,578 302,006,045 --
-------------- ----------- ----------- ------------ -----------
Total investments 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
Total assets 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for
benefits $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $2,673,153,056
Interest bearing cash 41 17,095,400
U.S. government securities 27,922,728
Corporate debt instruments 39,324,506
Insurance contracts 23,560,824
Interest in common/
collective trusts 26,361,477 26,361,477
Loans to participants 87,168,848 87,168,848
Earthgrains Company, Inc.
common stock 29,477,579 29,477,579
Other investments<F*> -- -- 74,904 302,546,698
----------- ----------- ----------- --------------
Total investments 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
Total assets 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Net assets available for benefits $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 18
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 2 of 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $1,764,699,829 $ -- $ -- $ -- $ --
Interest bearing cash 3,720,727 129,620
U.S. government securities 9,361,836 19,483,013
Corporate debt instruments 10,442,678 28,354,090
Insurance contracts
Interest in common/
collective trusts 21,318,878
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> 22,830 4,178,856 393,846 244,609,595 --
-------------- ----------- ----------- ------------ -----------
Total investments 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for
benefits $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $1,764,699,829
Interest bearing cash 15 3,850,362
U.S. government securities 28,844,849
Corporate debt instruments 38,796,768
Insurance contracts
Interest in common/
collective trusts 10,798,861 32,117,739
Loans to participants 83,211,937 83,211,937
Earthgrains Company, Inc.
common stock 35,407,087 35,407,087
Other Investments<F*> 10,800,360 -- 163,726 260,169,213
----------- ----------- ----------- --------------
Total investments 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
Total assets 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Net assets available for
benefits $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 19
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 3 of 4
FOR THE YEAR ENDED MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $56,239,131 $934,830 $2,369,554 $16,634,437 $1,670,801
Employer 4,569,194 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 60,808,325 934,830 2,369,554 16,634,437 1,670,801
Investment income:
Interest 1,622,339 1,436,593 2,896,665 5,305,433 120
Dividends 38,905,478
Net realized and unrealized
appreciation in fair value
of investments 1,048,963,294 1,148,887 114,341 45,686,098 2,004,553
-------------- ----------- ----------- ------------ -----------
Total additions 1,150,299,436 3,520,310 5,380,560 67,625,968 3,675,474
-------------- ----------- ----------- ------------ -----------
Deductions from net assets
attributed to:
Distributions to participants 158,224,057 7,902,458 5,951,000 23,801,297 1,289,091
Interest expense 20,292,030
Administrative expenses 30,996 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 178,547,083 7,902,458 5,951,000 23,801,297 1,289,091
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (13,247,324) 2,735,329 (2,413,697) 13,571,779 (144,437)
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 958,505,029 (1,646,819) (2,984,137) 57,396,450 2,241,946
Net assets available for
benefits:
Beginning of year 1,521,243,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
End of year $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $1,453,067 $ -- $ -- $79,301,820
Employer -- -- -- 4,569,194
----------- ----------- ----------- --------------
Total contributions 1,453,067 -- -- 83,871,014
Investment income:
Interest 7,388,292 118 18,649,560
Dividends 209,769 39,115,247
Net realized and unrealized
appreciation in fair value
of investments 3,289,062 -- 1,575,592 1,102,781,827
----------- ----------- ----------- --------------
Total additions 4,742,129 7,388,292 1,785,479 1,244,417,648
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 2,660,475 3,023,381 4,505,220 207,356,979
Interest expense 20,292,030
Administrative expenses -- -- -- 30,996
----------- ----------- ----------- --------------
Total deductions 2,660,475 3,023,381 4,505,220 227,680,005
----------- ----------- ----------- --------------
Net transfers (out) in 2,680,602 (408,000) (3,298,563) (524,311)
----------- ----------- ----------- --------------
Net increase (decrease) 4,762,256 3,956,911 (6,018,304) 1,016,213,332
Net assets available for benefits:
Beginning of year 21,599,221 83,211,937 35,570,828 1,999,897,784
----------- ----------- ----------- --------------
End of year $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
</TABLE>
<PAGE> 20
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 4 of 4
FOR THE YEAR ENDED MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $59,963,043 $1,211,998 $2,770,456 $11,176,034 $1,497,754
Employer 15,491,761 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034 1,497,754
Investment income:
Interest 885,882 1,004,353 2,840,890 2,800,378
Dividends 41,728,864
Net realized and unrealized
appreciation in fair value
of investments 178,962,138 29,847 1,391,974 50,332,246 3,829,723
-------------- ----------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658 5,327,477
-------------- ----------- ----------- ------------ -----------
Deductions from net assets
attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962 1,164,839
Interest expense 23,273,250
Administrative expenses 15,815 -- (11,148) -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 130,305,324 4,258,766 2,509,534 8,076,962 1,164,839
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (127,872,328) 10,427,353 (884,170) 101,497,681 6,349,379
-------------- ----------- ----------- ------------ -----------
Net increase 38,854,036 8,414,785 3,609,616 157,729,377 10,512,017
Net assets available for benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218 10,806,861
-------------- ----------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants 1,149,033 $ -- $ -- $77,768,318
Employer -- -- -- 15,491,761
----------- ----------- ----------- --------------
Total contributions 1,149,033 -- -- 93,260,079
Investment income:
Interest 125,864 7,003,752 716 14,661,835
Dividends 151,586 41,880,450
Net realized and unrealized
appreciation in fair value
of investments 2,946,651 -- 17,367,264 254,859,843
----------- ----------- ----------- --------------
Total additions 4,221,548 7,003,752 17,519,566 404,662,207
----------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses -- -- (15) 4,652
----------- ----------- ----------- --------------
Total deductions 807,207 3,382,436 2,784,881 153,289,949
----------- ----------- ----------- --------------
Net transfers (out) in 10,428,344 3,410,799 (3,234,526) 122,532
----------- ----------- ----------- --------------
Net increase 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for benefits:
Beginning of year 7,756,536 76,179,822 24,070,669 1,748,402,994
----------- ----------- ----------- --------------
End of year $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
</TABLE>
<PAGE> 1
Exhibit 99.3
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(x) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the Fiscal year ended March 31, 1999
OR
( ) Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 (NO FEE REQUIRED)
For the Transition period From __________ to __________
Commission File Number _________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ANHEUSER-BUSCH COMPANIES, INC.
One Busch Place
St. Louis, Missouri 63118
<PAGE> 2
Item 1. Plan is subject to ERISA, see Item 4 for required information.
Item 2. Plan is subject to ERISA, see Item 4 for required information.
Item 3. Plan is subject to ERISA, see Item 4 for required information.
Item 4. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements<F*>:
Report of independent accountants
Statement of Net Assets Available for Benefits with Fund
Information at March 31, 1999 and March 31, 1998.
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the years ended March 31, 1999
and March 31, 1998.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefits with Fund Information at March
31, 1999 and March 31, 1998 (Appendix A)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Changes in Net Assets Available for Benefits with Fund Information
for the Year Ended March 31, 1999 and March 31, 1998 (Appendix A)
(b) Exhibits:
None
[FN]
<F*>Other schedules required by Section 2520.103-10 of Department of
Labor Rules and Regulations for Reporting and Disclosure under ERISA
have been omitted because they are not applicable.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the Plan) have
duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN (FOR CERTAIN
HOURLY EMPLOYEES OF ANHEUSER-BUSCH
COMPANIES, INC. AND ITS SUBSIDIARIES)
By: JOBETH G. BROWN
---------------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1999
3
<PAGE> 4
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
REPORT OF INDEPENDENT ACCOUNTANTS
July 30, 1999
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Certain Hourly
Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (For Certain
Hourly Employees of Anheuser-Busch Companies, Inc. and its Subsidiaries), at
March 31, 1999 and 1998, and the changes in net assets available for benefits
for the years then ended, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements
in accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
<PAGE> 5
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 2
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ -- $ --
Employer 209,120 -- -- -- --
----------- -------- -------- ---------- --------
209,120 -- -- -- --
----------- -------- -------- ---------- --------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 39,445,810
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 559,149
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 649,911
Anheuser-Busch Companies, Inc.
Equity Index Fund 2,324,356
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 268,377
Anheuser-Busch Companies, Inc. Index
Balanced Fund
Participant loans<F*>
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
----------- -------- -------- ---------- --------
Total investments 39,445,810 559,149 649,911 2,324,356 268,377
----------- -------- -------- ---------- --------
Total assets 39,654,930 559,149 649,911 2,324,356 268,377
----------- -------- -------- ---------- --------
LIABILITIES
Total liabilities -- -- -- -- --
----------- -------- -------- ---------- --------
Net assets available for benefits $39,654,930 $559,149 $649,911 $2,324,356 $268,377
=========== ======== ======== ========== ========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ --
Employer -- -- -- 209,120
-------- ---------- -------- -----------
-- -- -- 209,120
-------- ---------- -------- -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 39,445,810
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 559,149
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 649,911
Anheuser-Busch Companies, Inc.
Equity Index Fund 2,324,356
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 268,377
Anheuser-Busch Companies, Inc.
Index Balanced Fund 197,907 197,907
Participant loans<F*> 3,203,914 3,203,914
Earthgrains Company, Inc.
Stock Fund -- -- 325,050 325,050
-------- ---------- -------- -----------
Total investments 197,907 3,203,914 325,050 46,974,474
-------- ---------- -------- -----------
Total assets 197,907 3,203,914 325,050 47,183,594
-------- ---------- -------- -----------
LIABILITIES
Total liabilities -- -- -- --
-------- ---------- -------- -----------
Net assets available for benefits $197,907 $3,203,914 $325,050 $47,183,594
======== ========== ======== ===========
<FN>
<F*>Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 6
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 3
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ 12,658 $ 389 $ 528 $ 1,993 $ 369
Employer 8,680 -- -- -- --
----------- -------- -------- ---------- --------
21,338 389 528 1,993 369
----------- -------- -------- ---------- --------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 25,022,961
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 515,131
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 666,969
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 1,907,206
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 239,017
Anheuser-Busch Companies, Inc. Index
Balanced Fund
Participant loans<F*>
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
----------- -------- -------- ---------- --------
Total investments 25,022,961 515,131 666,969 1,907,206 239,017
----------- -------- -------- ---------- --------
Total assets 25,044,299 515,520 667,497 1,909,199 239,386
----------- -------- -------- ---------- --------
LIABILITIES
Total liabilities -- -- -- -- --
----------- -------- -------- ---------- --------
Net assets available for benefits $25,044,299 $515,520 $667,497 $1,909,199 $239,386
=========== ======== ======== ========== ========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Participants $ 302 $ -- $ -- $ 16,239
Employer -- -- -- 8,680
-------- ---------- -------- -----------
302 -- -- 24,919
-------- ---------- -------- -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 25,022,961
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 515,131
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 666,969
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 1,907,206
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 239,017
Anheuser-Busch Companies, Inc.
Index Balanced Fund 157,363 157,363
Participant loans<F*> 2,714,867 2,714,867
Earthgrains Company, Inc.
Stock Fund -- -- 427,552 427,552
-------- ---------- -------- -----------
Total investments 157,363 2,714,867 427,552 31,651,066
-------- ---------- -------- -----------
Total assets 157,665 2,714,867 427,552 31,675,985
-------- ---------- -------- -----------
LIABILITIES
Total liabilities -- -- -- --
-------- ---------- -------- -----------
Net assets available for benefits $157,665 $2,714,867 $427,552 $31,675,985
======== ========== ======== ===========
<FN>
<F*>Represents more than 5% of net assets available for benefits.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 7
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 4
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 2,020,919 $ 77,254 $ 100,402 $ 429,010 $ 69,877
Employer 1,774,723 -- -- -- --
----------- -------- --------- ---------- --------
Total contributions 3,795,642 77,254 100,402 429,010 69,877
Investment income:
Interest
Net realized and unrealized
appreciation in fair value
of investments 16,088,963 30,135 41,649 384,435 21,751
----------- -------- --------- ---------- --------
Total additions 19,884,605 107,389 142,051 813,445 91,628
----------- -------- --------- ---------- --------
Deductions from net assets
attributed to:
Distributions to participants 2,842,383 16,896 37,326 159,176 57,800
----------- -------- --------- ---------- --------
Net transfers in (out) (2,431,591) (46,864) (122,311) (239,112) (4,837)
----------- -------- --------- ---------- --------
Net increase (decrease) 14,610,631 43,629 (17,586) 415,157 28,991
Net assets available for benefits:
Beginning of year 25,044,299 515,520 667,497 1,909,199 239,386
----------- -------- --------- ---------- --------
End of year $39,654,930 $559,149 $ 649,911 $2,324,356 $268,377
=========== ======== ========= ========== ========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 56,295 $ -- $ -- $ 2,753,757
Employer -- -- -- 1,774,723
-------- ---------- --------- -----------
Total contributions 56,295 -- -- 4,528,480
Investment income:
Interest 241,023 241,023
Net realized and unrealized
appreciation in fair value
of investments 23,627 -- 31,139 16,621,699
-------- ---------- --------- -----------
Total additions 79,922 241,023 31,139 21,391,202
-------- ---------- --------- -----------
Deductions from net assets
attributed to:
Distributions to participants 8,580 215,772 41,234 3,379,167
-------- ---------- --------- -----------
Net transfers in (out) (31,100) 463,796 (92,407) (2,504,426)
-------- ---------- --------- -----------
Net increase (decrease) 40,242 489,047 (102,502) 15,507,609
Net assets available for benefits:
Beginning of year 157,665 2,714,867 427,552 31,675,985
-------- ---------- --------- -----------
End of year $197,907 $3,203,914 $ 325,050 $47,183,594
======== ========== ========= ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 8
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 5
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 2,073,605 $105,930 $109,207 $ 322,904 $ 62,758
Employer 1,559,192 -- -- -- --
----------- -------- -------- ---------- --------
Total contributions 3,632,797 105,930 109,207 322,904 62,758
Investment income:
Interest
Dividends
Net realized and unrealized
appreciation in fair
value of investments 2,687,802 29,201 58,465 543,603 52,096
----------- -------- -------- ---------- --------
Total additions 6,320,599 135,131 167,672 866,507 114,854
----------- -------- -------- ---------- --------
Deductions from net assets attributed to:
Distributions to participants 1,449,827 21,547 18,217 97,459 14,419
----------- -------- -------- ---------- --------
Net transfers in (out) (568,508) (41,859) (52,666) 138,473 (11,204)
----------- -------- -------- ---------- --------
Net increase 4,302,264 71,725 96,789 907,521 89,231
Net assets available for benefits:
Beginning of year 20,742,035 443,795 570,708 1,001,678 150,155
----------- -------- -------- ---------- --------
End of year $25,044,299 $515,520 $667,497 $1,909,199 $239,386
=========== ======== ======== ========== ========
<CAPTION>
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Participants $ 50,881 $ -- $ -- $ 2,725,285
Employer -- -- -- 1,559,192
-------- ---------- -------- -----------
Total contributions 50,881 -- -- 4,284,477
Investment income:
Interest 194,687 194,687
Dividends
Net realized and unrealized
appreciation in fair value
of investments 28,639 -- 215,907 3,615,713
-------- ---------- -------- -----------
Total additions 79,520 194,687 215,907 8,094,877
-------- ---------- -------- -----------
Deductions from net assets attributed to:
Distributions to participants 5,448 110,658 24,188 1,741,763
-------- ---------- -------- -----------
Net transfers in (out) 2,215 403,599 (67,890) (197,840)
-------- ---------- -------- -----------
Net increase 76,287 487,628 123,829 6,155,274
Net assets available for benefits:
Beginning of year 81,378 2,227,239 303,723 25,520,711
-------- ---------- -------- -----------
End of year $157,665 $2,714,867 $427,552 $31,675,985
======== ========== ======== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 9
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 6
- ------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc. and
its Subsidiaries) (the Plan) was established as a result of an
amendment to the Anheuser-Busch Deferred Income Stock Purchase and
Savings Plan for salaried employees which was effective April 1,
1992. This summary is intended to provide only a general description
of the Plan's provisions. Participants should refer to the Plan
document for more complete information.
PLAN ADMINISTRATION
The Plan's named fiduciaries are Anheuser-Busch Companies, Inc. (the
Company), as Sponsor and Plan Administrator, and Mellon Bank, N.A. as
the Trustee. As Sponsor, the Company has the right to amend the
Plan, designate the Plan's named fiduciaries and exercise all
fiduciary functions necessary for the operation of the Plan except
those which are assigned to another named fiduciary by the Plan or
the related trust agreement. The Company has appointed an
Administrative Committee to exercise the authority and responsibility
for the general administration of the Plan. The Trustee has the
exclusive authority and discretion to invest, manage and hold the
assets of the trust in accordance with the provisions of the Plan and
the separate trust agreement.
Effective April 1, 1994, the Plan was amended to incorporate various
changes to the Plan, including changes in participants' contribution
limits, changes in Company matching contributions, the addition of
the Managed Balanced Fund and Indexed Balanced Fund investment
options and the decrease in the vesting period from three years to
two years.
PLAN PARTICIPATION
The Plan covers eligible hourly employees of certain subsidiaries of
the Company which include: Boardwalk and Baseball, Inc.; Busch
Entertainment Corporation; Busch Properties of Florida, Inc.; Sea
World, Inc.; Sea World of Florida, Inc.; and Sea World of Texas, Inc.
Each hourly employee (other than employees covered by a collective
bargaining agreement) of the above subsidiaries is eligible to
participate in the Plan after completing one year of service, in
which 1,000 hours of service are completed. Participation by
eligible employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax or after-tax.
A participant may contribute from 1% to 6% of their base compensation
through payroll deductions for Before-Tax Matched Contributions and
After-Tax Matched Contributions. The sum of these matched
contributions may not be less than 2% nor more than 6% of the
participant's base compensation. In addition, a participant may
contribute from 1% to 10% of their base compensation through payroll
deductions for Before-Tax Unmatched Contributions and After-Tax
Unmatched Contributions; however, the unmatched contribution rates
may not exceed 10% of the participant's base compensation and are
<PAGE> 10
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 7
- ------------------------------------------------------------------------------
subject to other limitations as set forth in the Plan agreement. In
addition, the sum of Before-Tax contribution rates must not exceed
16% of a participant's base compensation, subject to certain
limitations of the Internal Revenue Code. The participant's employer then
contributes a matching amount determined annually based on the relationship
of the Company's net income to its payroll for the year most recently
ended. However, in no event may the participating employer's matching
contribution be less than 33-1/3% nor more than 75% of the aggregate
participant contributions. Effective April 1, 1998, the participating
employer's matching contribution may not be less than 33-1/3% nor more
than 100% of the aggregate participant contributions.
The Company may also be required to make a Supplemental Contribution
as determined by the Administrative Committee in accordance with the
Plan document. Supplemental Contributions are payable within 180
days of the Plan's year end and are allocated to participants who
have account balances as of the end of the Plan year. For the year
ended March 31, 1999 a Supplemental Contribution of $209,120 was
required, no Supplemental Contribution was required for 1998.
Employee contributions vest and become non-forfeitable immediately.
Company contributions for participants actively employed by the
Company on or prior to March 31, 1989 vest immediately. For
participants subsequently employed, Company contributions vest and
become non-forfeitable after three years of service. Company
contributions also vest upon termination of employment by reason of
death, permanent disability, entry into military service, layoff
exceeding twelve months, upon termination of employment for any
reason, including retirement, after reaching age 60, or in the event
of a "change in control" of the Company as defined by the Plan.
Forfeitures of nonvested balances reduce future employer
contributions. There were $3,349 and $1,484 in forfeitures during
the years ended March 31, 1999 and 1998, respectively.
INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. Stock Fund,
an Earthgrains Company, Stock Fund, a Short-Term Fixed Income Fund, a
Medium-Term Fixed Income Fund, an Equity Index Fund, a Managed
Balanced Fund, and an Index Balanced Fund for the investment of
participant and employer contributions. All employer contributions
are invested in the Company Stock Fund. At least one-half of each
participant's Before-Tax Matched Contributions and at least one-half
of each participant's After-Tax Matched Contributions shall be
invested in the Company Stock Fund for certain periods of time. The
participant may direct the remaining one-half of each type of matched
contribution and all of the unmatched contributions in increments of
1% into any fund established under the Plan. Earnings are reinvested
in the fund to which they relate.
The Master Trusts had been established for each of the investment
funds other than the Company Stock Fund for the investment of the
Plan's assets and the assets of the stock purchase and savings plans
sponsored by the Company. On September 1, 1995, the Master Trusts
for each investment fund were combined, along with the Company Stock
Fund, into a single Master Trust.
<PAGE> 11
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 8
- ------------------------------------------------------------------------------
DISTRIBUTIONS
The Plan permits in-service withdrawals and an optional annual class
year distribution as defined in the Plan document, subject to certain
restrictions. Distributions for terminations are comprised of the
participant's personal contribution portion of their account and the
part of the Company contribution portion of their account which is
vested. Termination and annual class year distributions for whole
numbers of shares are payable in Company shares, while the value of
fractional shares and all interests in the other funds are payable in
cash. Alternatively, the participant may elect to have non-share
investments transferred to the Company Stock Fund and distributed
thereafter in shares with fractional shares distributed in cash.
In-service distributions other than annual class year distributions
are payable at the election of the participant in Company shares or
in cash.
PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances subject to certain conditions. The minimum loan
amount is $1,000; the maximum amount is the lesser of $50,000 less
the highest outstanding loan balance under the Plan during the
one-year period ending on the day before the loan is made, or 50% of
the vested account balance. The interest rate is set quarterly at
prime plus one percentage point at the end of the preceding quarter.
The term of a loan for the purchase of a principal residence may be
up to 10 years; the term of a loan for any other reason may not
exceed 5 years.
PLAN EXPENSES
Under the Master Trust agreement with the Trustee, the Company may
pay all expenses incurred in the administration of the Master Trust,
including trustee fees, but is not obligated to do so. Trustee
expenses not paid by the Company are paid by the Master Trust and
proportionately allocated to the participating plans. All other
expenses incurred in the administration of the Plan are paid by the
participating employers.
AMENDMENT OR TERMINATION OF THE PLAN
The Company anticipates that the Plan will continue without
interruption but reserves the right to terminate its participation in
the Plan subject to the provisions of ERISA. Such termination would
result in the immediate and full vesting of each participant's
account balance. The Trustee would then retain the assets until
otherwise distributable under the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of
<PAGE> 12
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 9
- ------------------------------------------------------------------------------
the financial statements and the reported amounts of additions to and
deductions from net assets during the reporting period. Actual results
could differ from those estimates.
INVESTMENT VALUATION
Investments in common stock, U.S. government securities, and
corporate debt instruments are stated at fair value based on the
quoted market price at March 31 each year. Investments in interest
bearing cash, insurance contracts, and interests in common/collective
trusts are stated at fair value as determined by the trustee.
Participant loans are valued at cost which approximates fair value.
Investment securities are exposed to various risks, such as interest
rate, market, and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least
reasonably possible that changes in risks in the near term could
materially affect the amounts reported in the Statement of Net Assets
Available for Benefits with Fund Information.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment purchases and sales, and related realized gains or losses,
are recorded on the trade date. Interest income is recorded as
earned. Dividend income is recorded on the ex-dividend date. Net
realized and unrealized appreciation in fair value of investments is
comprised of the change in market value from the beginning to the end
of the Plan year for investments retained in the Plan, and realized
gains and losses on security transactions which represent the
difference between proceeds and cost.
ALLOCATION OF ASSETS
The Plan participates in the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust (Master Trust) established for the
investments of this plan and the other stock purchase and savings
plans sponsored by the Company. Units of participation in the Master
Trust are allocated to participating plans based on the relationship
of individual plan contributions to the market value of the Master
Trust. Earned income, realized and unrealized gains and losses, and
administrative expenses are retained in the Master Trust and are
allocated to participating plans by the Trustee, based on units of
participation on the transaction date.
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered into
a new master trust agreement. On September 1, 1995, in accordance
with the agreement, the Plan transferred it's investments in: the
Anheuser-Busch Companies, Inc. Common Stock Fund, the Anheuser-Busch
Companies, Inc. Short Term Fixed Income Master Trust, the
Anheuser-Busch Companies, Inc. Medium Term Fixed Income Master Trust,
the Anheuser-Busch Companies, Inc. Capital Equity Index Fund Master
Trust, the Anheuser-Busch Companies, Inc. Managed Balanced Fund
Master Trust, and the Anheuser-Busch Companies, Inc. Indexed Balanced
Fund Master Trust for units of participation in the Anheuser-Busch
Companies, Inc. Defined Contribution Master Trust.
<PAGE> 13
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 10
- ------------------------------------------------------------------------------
Effective March 26, 1996 the Earthgrains Company, Stock Fund was also
added to the Anheuser-Busch Companies, Inc. Defined Contribution Master
Trust. The assets of the Master Trust are held by Mellon Bank, N.A.
(Trustee).
At March 31, 1999 and 1998, the Plan's interest in the net assets of
the Master Trust was approximately 2%.
The following table presents the fair value of investments for the
Master Trust:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Investments at fair value:
Anheuser-Busch common stock $2,690,248,415 $1,768,443,386
Short-term fixed income 22,336,551 23,983,370
Medium-term fixed income 45,376,432 48,360,569
Equity index 302,006,045 244,609,595
Managed balanced 23,560,824 21,318,878
Index balanced 26,361,477 21,599,221
Participant loans 87,168,848 83,211,937
Earthgrains Company common stock 29,552,524 35,570,828
-------------- --------------
$3,226,611,116 $2,247,097,784
============== ==============
</TABLE>
<PAGE> 14
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 11
- ------------------------------------------------------------------------------
Investment income for the Master Trust is as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
<S> <C> <C>
Net appreciation in fair value of investments:
Anheuser-Busch common stock $1,048,963,294 $178,962,138
Short-term fixed income 1,148,887 29,847
Medium-term fixed income 114,341 1,391,974
Equity index 45,686,098 50,332,246
Managed balanced 2,004,553 3,829,723
Index balanced 3,289,062 2,946,651
Earthgrains Company common stock 1,575,592 17,367,264
-------------- ------------
1,102,781,827 254,859,843
-------------- ------------
Interest 18,649,560 14,661,835
Dividends 39,115,247 41,880,450
-------------- ------------
$1,160,546,634 $311,402,128
============== ============
</TABLE>
Further financial information for the Anheuser-Busch Companies, Inc.
Defined Contribution Master Trust as of and for the years ended March
31, 1999 and 1998 are included as Appendix A.
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated January 30, 1995, that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code.
Therefore, the underlying trust of such a Plan is exempt from federal
income taxes under Section 501 of the Internal Revenue Code. The Plan
Administrator and the Plan's tax counsel believe that the Plan is
designed and is currently being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, no
provision for income taxes has been included in the Plan's financial
statements.
<PAGE> 15
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 12
- ------------------------------------------------------------------------------
5. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
<TABLE>
<CAPTION>
MARCH 31,
1999 1998
<S> <C> <C>
Anheuser-Busch Companies common stock fund $44,985 $126,318
Short-term fixed income fund 1,008 24,628
Medium-term fixed income fund 417 2,244
Equity index fund 1,372 1,713
Managed balanced fund 46
Index balanced fund 46 3,138
Earthgrains Company common stock fund 412 2,722
------- --------
$48,286 $160,763
======= ========
</TABLE>
In accordance with generally accepted accounting principles, these
amounts are not reported as distributions payable in the accompanying
financial statements. However, Department of Labor regulations require
that these amounts be reported as liabilities on Form 5500.
Accordingly, net assets available for benefits reported on Form 5500 are
lower than that reflected in the financial statements by the above
amounts.
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
During the years ended March 31, 1999 and 1998, transactions with the
Company included aggregate common stock purchases totaling $2,178,598
and $304,859, respectively and aggregate common stock sales totaling
$451,914 and $667,652, respectively. These transactions are allowable
party-in-interest transactions under Section 408(e) and 408(b)(8) of
ERISA and the regulations promulgated thereunder.
During the years ended March 31, 1999 and 1998, the Plan purchased and
sold investments in the Employee Benefit Temporary Investment Fund of
Mellon Bank N.A., the Plan trustee. Transactions with the Fund included
aggregate investment purchases totaling $2,086,523 and $649,360,
respectively and aggregate investment sales totaling $1,961,043 and
$663,642, respectively. These transactions are allowable
party-in-interest transactions under Sections 408(e) and 408(b)(8) of
ERISA and the regulations promulgated thereunder.
<PAGE> 16
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 13
- ------------------------------------------------------------------------------
7. UNIT ACCOUNTING
As of October 17, 1995, the Company began allocating units to
participant accounts. On March 31, 1999, the total number of units
allocated to each of the funds in the Plan and the applicable net asset
value (NAV) of each unit was as follows:
<TABLE>
<CAPTION>
UNITS HELD NAV PER UNIT
<S> <C> <C>
Anheuser-Busch Companies, Inc. Stock Fund 1,507,657 26.17
Short-Term Fixed income Fund 30,364 18.42
Medium-Term Fixed income Fund 25,954 25.04
Equity Index Fund 7,991 290.88
Managed Balanced Fund 12,974 20.69
Index Balanced Fund 3,761 52.62
Participant Loans 3,203,914 1.00
Earthgrains Company Stock Fund 22,017 14.76
</TABLE>
<PAGE> 17
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 1 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock $2,673,153,056 $ -- $ -- $ -- $ --
Interest bearing cash 17,095,359
U.S. government securities 8,687,849 19,234,879
Corporate debt instruments 13,415,531 25,908,975
Insurance contracts 23,560,824
Interest in common/
collective trusts
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> -- 233,171 232,578 302,006,045 --
-------------- ----------- ----------- ------------ -----------
Total investments 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
Total assets 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available
for benefits $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $2,673,153,056
Interest bearing cash 41 17,095,400
U.S. government securities 27,922,728
Corporate debt instruments 39,324,506
Insurance contracts 23,560,824
Interest in common/
collective trusts 26,361,477 26,361,477
Loans to participants 87,168,848 87,168,848
Earthgrains Company, Inc.
common stock 29,477,579 29,477,579
Other investments<F*> -- -- 74,904 302,546,698
----------- ----------- ----------- --------------
Total investments 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
Total assets 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Net assets available for benefits $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 18
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 2 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $1,764,699,829 $ -- $ -- $ -- $ --
Interest bearing cash 3,720,727 129,620
U.S. government securities 9,361,836 19,483,013
Corporate debt instruments 10,442,678 28,354,090
Insurance contracts
Interest in common/
collective trusts 21,318,878
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> 22,830 4,178,856 393,846 244,609,595 --
-------------- ----------- ----------- ------------ -----------
Total investments 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available
for benefits $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $1,764,699,829
Interest bearing cash 15 3,850,362
U.S. government securities 28,844,849
Corporate debt instruments 38,796,768
Insurance contracts
Interest in common/
collective trusts 10,798,861 32,117,739
Loans to participants 83,211,937 83,211,937
Earthgrains Company, Inc.
common stock 35,407,087 35,407,087
Other investments<F*> 10,800,360 -- 163,726 260,169,213
----------- ----------- ----------- --------------
Total investments 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
Total assets 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Net assets available
for benefits $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
</TABLE>
<PAGE> 19
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 3 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 56,239,131 $ 934,830 $ 2,369,554 $ 16,634,437 $ 1,670,801
Employer 4,569,194 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 60,808,325 934,830 2,369,554 16,634,437 1,670,801
Investment income:
Interest 1,622,339 1,436,593 2,896,665 5,305,433 120
Dividends 38,905,478
Net realized and unrealized
appreciation in
fair value of investments 1,048,963,294 1,148,887 114,341 45,686,098 2,004,553
-------------- ----------- ----------- ------------ -----------
Total additions 1,150,299,436 3,520,310 5,380,560 67,625,968 3,675,474
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 158,224,057 7,902,458 5,951,000 23,801,297 1,289,091
Interest expense 20,292,030
Administrative expenses 30,996 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 178,547,083 7,902,458 5,951,000 23,801,297 1,289,091
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (13,247,324) 2,735,329 (2,413,697) 13,571,779 (144,437)
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 958,505,029 (1,646,819) (2,984,137) 57,396,450 2,241,946
Net assets available for benefits:
Beginning of year 1,521,243,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
End of year $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 1,453,067 $ -- $ -- $ 79,301,820
Employer -- -- -- 4,569,194
----------- ----------- ----------- --------------
Total contributions 1,453,067 -- -- 83,871,014
Investment income:
Interest 7,388,292 118 18,649,560
Dividends 209,769 39,115,247
Net realized and unrealized
appreciation in
fair value of investments 3,289,062 1,575,592 1,102,781,827
----------- ----------- ----------- --------------
Total additions 4,742,129 7,388,292 1,785,479 1,244,417,648
----------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 2,660,475 3,023,381 4,505,220 207,356,979
Interest expense 20,292,030
Administrative expenses -- -- -- 30,996
----------- ----------- ----------- --------------
Total deductions 2,660,475 3,023,381 4,505,220 227,680,005
----------- ----------- ----------- --------------
Net transfers (out) in 2,680,602 (408,000) (3,298,563) (524,311)
----------- ----------- ----------- --------------
Net increase (decrease) 4,762,256 3,956,911 (6,018,304) 1,016,213,332
Net assets available for benefits:
Beginning of year 21,599,221 83,211,937 35,570,828 1,999,897,784
----------- ----------- ----------- --------------
End of year $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
</TABLE>
<PAGE> 20
<TABLE>
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 4 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 59,963,043 $ 1,211,998 $ 2,770,456 $ 11,176,034 $ 1,497,754
Employer 15,491,761 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034 1,497,754
Investment income:
Interest 885,882 1,004,353 2,840,890 2,800,378
Dividends 41,728,864
Net realized and unrealized
appreciation in
fair value of investments 178,962,138 29,847 1,391,974 50,332,246 3,829,723
-------------- ----------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658 5,327,477
-------------- ----------- ----------- ------------ -----------
Deductions from net assets
attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962 1,164,839
Interest expense 23,273,250
Administrative expenses 15,815 -- (11,148) -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 130,305,324 4,258,766 2,509,534 8,076,962 1,164,839
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (127,872,328) 10,427,353 (884,170) 101,497,681 6,349,379
-------------- ----------- ----------- ------------ -----------
Net increase 38,854,036 8,414,785 3,609,616 157,729,377 10,512,017
Net assets available for benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218 10,806,861
-------------- ----------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
<CAPTION>
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $ 1,149,033 $ -- $ -- $ 77,768,318
Employer -- -- -- 15,491,761
----------- ----------- ----------- --------------
Total contributions 1,149,033 -- -- 93,260,079
Investment income:
Interest 125,864 7,003,752 716 14,661,835
Dividends 151,586 41,880,450
Net realized and unrealized
appreciation in
fair value of investments 2,946,651 -- 17,367,264 254,859,843
----------- ----------- ----------- --------------
Total additions 4,221,548 7,003,752 17,519,566 404,662,207
----------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses -- -- (15) 4,652
----------- ----------- ----------- --------------
Total deductions 807,207 3,382,436 2,784,881 153,289,949
----------- ----------- ----------- --------------
Net transfers (out) in 10,428,344 3,410,799 (3,234,526) 122,532
----------- ----------- ----------- --------------
Net increase 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for benefits:
Beginning of year 7,756,536 76,179,822 24,070,669 1,748,402,994
----------- ----------- ----------- --------------
End of year $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
</TABLE>
