Edgar Filing: ANHEUSER-BUSCH COMPANIES, INC.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND
SIMILAR PLANS 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, 2005

( ) Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 (NO FEE REQUIRED)

For the Transition period From to
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Commission File Number
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A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:

ANHEUSER-BUSCH GLOBAL EMPLOYEE STOCK PURCHASE 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

REQUIRED INFORMATION

A. Financial Statements and Exhibits
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Report of Independent Registered Public Accounting Firm

Financial Statements:

Statements of Contributions and Purchases by Participants

Notes to Financial Statements

B. Exhibits

23 Consent of Independent Registered Accounting Firm

[PRICEWATERHOUSECOOPERS LLP logo]

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PRICEWATERHOUSECOOPERS LLP
800 Market Street
St Louis MO 63101-2695
Telephone (314) 206 8500

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Administrator
of the Anheuser-Busch Global Employee
Stock Purchase Plan

In our opinion, the accompanying statements of contributions and purchases
by participants present fairly, in all material respects, the contributions
and purchases by participants of the Anheuser-Busch Global Employee Stock
Purchase Plan (the "Plan") for the years ending March 31, 2005 and 2004, in
conformity with accounting principles generally accepted in the United
States of America. 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 the standards of the Public Company Accounting
Oversight Board (United States). Those standards 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 our opinion.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri
June 3, 2005

ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
STATEMENTS OF CONTRIBUTIONS AND PURCHASES BY PARTICIPANTS
FOR THE YEARS ENDING MARCH 31, 2005 AND 2004
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2005 2004

Contributions by participants $ 408,169 $ 675,724

Purchases by participants (408,169) (675,724)
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Net activity $0 $0
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The accompanying notes are an integral part of these financial statements.

ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
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1. DESCRIPTION OF PLAN

The following description of the Anheuser-Busch Global Employee
Stock Purchase Plan (the "Plan") is intended to give a general
summary of its principal provisions. Participants should refer to
the Plan document for more complete information.

PURPOSE OF THE PLAN
The Plan is an employee stock purchase plan designed to encourage
ownership of shares in Anheuser-Busch Companies, Inc. (the
"Company") by permanent employees of the Company and its
subsidiaries located outside the United States. The Plan commenced
March 1, 1999.

PLAN ADMINISTRATION
The Company administers the Plan. The Company has appointed Watson
Wyatt Worldwide, an international employee benefits consulting firm,
to assist in plan administration and record keeping. The Company has
selected DB Alex. Brown, a securities broker in the United States,
as the Plan broker to hold purchased shares on behalf of Plan
participants. Neither of these entities is related to the Company as
an affiliate or subsidiary. The broker maintains custody of all
stock purchased by participants and is responsible for delivery of
shares of stock sold by the participants, except as otherwise
directed by the participants.

PLAN BENEFITS
Under the Plan, participants enrolled in the plan on the offer date
each year will be given the right to purchase up to 200 shares of
the Company's common stock at the offering price, which is fixed at
the market price on the United States business day prior to the
offer date. The offer date is generally March 1. Purchases can only
be made if the market price on the employee's purchase date is
higher than the offer price. Each year's offer expires on the third
anniversary of the offer date.

If shares purchased through the Plan are held in the participant's
DB Alex. Brown account for at least two years after the purchase
date, the Company will award additional shares at a rate of 10
percent, 30 percent, or 50 percent of shares purchased depending
upon business performance. The rate for additional share awards will
be determined and announced prior to the offer date. These awards
are made by the Company directly to the employees. Under this
provision, the Company awarded 925.4 shares in fiscal 2005 and 325.6
shares in fiscal 2004.

All contributions used to purchase shares must be accumulated in a
local savings account in the name of the participant through payroll
deductions. Withdrawals from the savings account can be made at any
time. However, deposits may only be made by payroll deduction;
therefore, previous withdrawals cannot be replaced for the purpose
of purchasing shares. The participant maintains full ownership of
the cash used to purchase shares as well as the newly issued shares
that are purchased. Thus, there are no assets held by the Plan.

ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
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In the United Kingdom, there is a sub-plan designed to qualify for
favorable tax treatment for employees who participate. Under this
"savings related share option scheme," employees enter into a
three-year savings contract and are eligible to purchase shares at
the end of the three-year period.

EXPENSES OF THE PLAN
Under the Plan agreement, the Company may pay all expenses incurred
in the administration of the Plan, including custodial fees, but is
not obligated to do so. All expenses for the years ended March 31,
2005 and 2004 were paid by the Company and are not reflected in the
financial statements of the Plan. If shares purchased under the Plan
are subsequently sold by the participant, the participant is
responsible for all fees, commissions, and other costs incurred in
such transactions.

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
accounting principles generally accepted in the United States of
America 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.

VALUATION OF THE COMPANY'S STOCK
The offering or purchase price of the Company's common stock shares
is determined by the market price of the stock on the day prior to
the offer date. Market price is defined as the closing price of one
share in the United States as reported the subsequent day in the
West Coast edition of The Wall Street Journal, New York Stock
Exchange Transactions-Composite Transactions.

3. DIVIDENDS ON PURCHASED SHARES

Any dividends paid on shares purchased under the Plan are retained
by the respective participants and will be reinvested in additional
shares for the benefit of the participants unless the participant
elects otherwise or the law requires otherwise. Shares purchased
with reinvested dividends are not eligible for the additional share
awards.

4. TAX WITHHOLDING

Where required by law, the Company and its subsidiaries will report
to the appropriate governmental authority any amount subject to tax
and social charges on account of any offer, purchase or sale
pursuant to the Plan. Participants are responsible for all tax and
social charge liabilities by means of withholding from the
participants' current pay or other assets.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed by the undersigned thereunto
duly authorized.

ANHEUSER-BUSCH GLOBAL EMPLOYEE
STOCK PURCHASE PLAN

By: /s/ JOHN T. FARRELL
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John T. Farrell
Vice President,
Employee Benefits
Anheuser-Busch Companies, Inc.

Dated: June 22, 2005