• | the effects of the COVID-19 pandemic and uncertainties about its impact and duration; |
• | local, regional, national and international economic conditions, including the risks of a global recession or a recession in one or more of our key markets, and the impact they may have on us and our customers and our assessment of that impact; |
• | financial risks, such as interest rate risk, foreign exchange rate risk (in particular as against the U.S. dollar, our reporting currency), commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, liquidity risk, inflation or deflation, including inability to achieve our optimal net debt level; |
• | the ongoing conflict between Russia and Ukraine and related instability in the Ukraine region, which has resulted in and may continue to result in volatile commodity markets, supply chain disruptions and inflation, and may adversely affect our operations; |
• | continued geopolitical instability, which may result in, among other things, economic and political sanctions and currency exchange rate volatility, and which may have a substantial impact on the economies of one or more of our key markets; |
• | changes in government policies and currency controls; |
• | continued availability of financing and our ability to achieve our targeted coverage and debt levels and terms, including the risk of constraints on financing in the event of a credit rating downgrade; |
• | the monetary and interest rate policies of central banks, in particular the European Central Bank, the Board of Governors of the U.S. Federal Reserve System, the Bank of England, Banco Central do Brasil, Banco Central de la República Argentina Banco de la República |
• | changes in applicable laws, regulations and taxes in jurisdictions in which we operate, including the laws and regulations governing our operations and changes to tax benefit programs, as well as actions or decisions of courts and regulators; |
• | limitations on our ability to contain costs and expenses; |
• | our expectations with respect to expansion plans, premium growth, accretion to reported earnings, working capital improvements and investment income or cash flow projections; |
• | our ability to continue to introduce competitive new products and services on a timely, cost-effective basis; |
• | the effects of competition and consolidation in the markets in which we operate, which may be influenced by regulation, deregulation or enforcement policies; |
• | changes in consumer spending; |
• | changes in pricing environments; |
• | volatility in the availability or prices of raw materials, commodities and energy; |
• | difficulties in maintaining relationships with employees; |
• | regional or general changes in asset valuations; |
• | greater than expected costs (including taxes) and expenses; |
• | the risk of unexpected consequences resulting from acquisitions, joint ventures, strategic alliances, corporate reorganizations or divestiture plans, and our ability to successfully and cost-effectively implement these transactions and integrate the operations of businesses or other assets we have acquired; |
• | the outcome of pending and future litigation, investigations and governmental proceedings; |
• | natural and other disasters, including widespread health emergencies, cyberattacks and military conflict and political instability; |
• | any inability to economically hedge certain risks; |
• | inadequate impairment provisions and loss reserves; |
• | technological changes, threats to cybersecurity and the risk of loss or misuse of personal data; |
• | other statements included in these interim unaudited condensed consolidated financial statements that are not historical; and |
• | our success in managing the risks involved in the foregoing. |
• | Lead and grow the category |
• | Inclusive Category |
• | Core Superiority 1 revenue growth, led by particularly strong performances in Brazil, Mexico and Colombia. |
• | Occasions Development 1 outside of its home market, led by the focus on meal occasions in key markets such as Brazil and Colombia. We continue to grow our non-alcoholic beer portfolio with the successful expansion of Corona Sunbrew in Canada. |
• | Premiumization 1 in the second quarter of 2022, led by continued double-digit1 growth of Michelob ULTRA in the US and Mexico and expansion of Spaten in Brazil. Our global brands grew revenue by 9.7%1 outside of their home markets, led by Corona with 18.2%1 and Stella Artois with 7.7%1 . Budweiser grew by 6.1%1 , despite the impact of COVID-19 restrictions in China, the brand’s largest market. |
• | Beyond Beer 2 volume growth in the second quarter of 2022 compared to the same period in 2021. |
• | Digitize and monetize our ecosystem |
• | Digitizing our relationships with our more than 6 million customers globally |
1 |
Excluding the effects of the 2021 and 2022 acquisitions and disposals, currency translation effects and changes in classification of commercial arrangements, see “—Revenue” below. |
2 |
Excluding volume changes attributable to the 2021 and 2022 acquisitions and disposals and transfers of businesses, see “—Volumes” below. |
3 |
For a discussion of how we use Normalized EBITDA, and its limitations, and a table showing the calculation of our Normalized EBITDA, for the periods shown, see “—Normalized EBITDA” below. |
• | Leading the way in DTC solutions |
• | Optimize our business |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
Change |
||||||||||
(USD million, except volumes) |
(%) (1) |
|||||||||||
Volumes (thousand hectoliters) |
289,074 | 280,398 | 3.1 | |||||||||
Revenue |
28,027 | 25,832 | 8.5 | |||||||||
Cost of sales |
(12,784 | ) | (10,963 | ) | (16.6 | ) | ||||||
Gross profit |
15,243 | 14,869 | 2.5 | |||||||||
Selling, General and Administrative expenses |
(8,616 | ) | (8,571 | ) | (0.5 | ) | ||||||
Other operating income/(expenses) |
478 | 470 | 1.7 | |||||||||
Exceptional items |
(105 | ) | (217 | ) | 51.6 | |||||||
Profit from operations |
7,000 | 6,551 | 6.9 | |||||||||
Normalized EBITDA (2) |
9,583 | 9,114 | 5.1 |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | For a discussion of how we use Normalized EBITDA and its limitations, and a table showing the calculation of our Normalized EBITDA, for the periods shown, see “—Normalized EBITDA” below. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
Change |
||||||||||
(thousand hectoliters) |
(%) (1) |
|||||||||||
North America |
51,448 | 53,252 | (3.4 | ) | ||||||||
Middle Americas |
72,024 | 67,980 | 5.9 | |||||||||
South America |
76,815 | 71,929 | 6.8 | |||||||||
EMEA |
42,962 | 40,540 | 6.0 | |||||||||
Asia Pacific |
45,385 | 46,081 | (1.5 | ) | ||||||||
Global Export and Holding Companies |
440 | 615 | (28.5 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total |
289,074 |
280,398 |
3.1 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
8,192 | 8,040 | 1.9 | |||||||||
Middle Americas |
6,693 | 5,893 | 13.6 | |||||||||
South America |
5,333 | 4,146 | 28.6 | |||||||||
EMEA |
3,940 | 3,763 | 4.7 | |||||||||
Asia Pacific |
3,471 | 3,500 | (0.8 | ) | ||||||||
Global Export & Holding Companies |
399 | 491 | (18.7 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total |
28,027 |
25,832 |
8.5 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2021 and 2022 acquisitions and disposals and changes in classification of commercial arrangements negatively impacted our consolidated revenue by USD 229 million for the six-month period ended 30 June 2022 compared to the six-month period ended 30 June 2021. |
• | Our consolidated revenue for the six-month period ended 30 June 2022 also reflects a negative currency translation impact of USD 514 million mainly arising from currency translation effects in EMEA, Middle Americas and South America. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
(3,349 | ) | (3,080 | ) | (8.7 | ) | ||||||
Middle Americas |
(2,625 | ) | (2,055 | ) | (27.7 | ) | ||||||
South America |
(2,792 | ) | (2,091 | ) | (33.5 | ) | ||||||
EMEA |
(2,000 | ) | (1,796 | ) | (11.4 | ) | ||||||
Asia Pacific |
(1,655 | ) | (1,555 | ) | (6.4 | ) | ||||||
Global Export & Holding Companies |
(362 | ) | (385 | ) | 6.0 | |||||||
|
|
|
|
|
|
|||||||
Total |
(12,784 |
) |
(10,963 |
) |
(16.6 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2021 and 2022 acquisitions and disposals positively impacted our consolidated cost of sales by USD 3 million for the six-month period ended 30 June 2022 compared to the six-month period ended 30 June 2021. |
• | Our consolidated cost of sales for the six-month period ended 30 June 2022 also reflects a positive currency translation impact of USD 224 million mainly arising from currency translation effects in EMEA, Middle Americas and Asia Pacific. |
Six-month periodended 30 June 2022 |
Six-month periodended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Selling, General and Administrative expenses |
(8,616 | ) | (8,571 | ) | (0.5 | ) | ||||||
Other operating income/(expenses) |
478 | 470 | 1.7 | |||||||||
|
|
|
|
|
|
|||||||
Total Operating Expenses |
(8,138 |
) |
(8,101 |
) |
(0.5 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
Six-month periodended 30 June 2022 |
Six-month periodended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
(2,279 | ) | (2,350 | ) | 3.0 | |||||||
Middle Americas |
(1,631 | ) | (1,577 | ) | (3.4 | ) | ||||||
South America |
(1,609 | ) | (1,254 | ) | (28.3 | ) | ||||||
EMEA |
(1,341 | ) | (1,496 | ) | 10.4 | |||||||
Asia Pacific |
(999 | ) | (1,126 | ) | 11.3 | |||||||
Global Export & Holding Companies |
(756 | ) | (769 | ) | 1.7 | |||||||
|
|
|
|
|
|
|||||||
Total |
(8,616 |
) |
(8,571 |
) |
(0.5 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2021 and 2022 acquisitions and disposals and changes in classification of commercial arrangements positively impacted our consolidated selling, general and administrative expenses by USD 213 million on a net basis for the six-month period ended 30 June 2022 compared to the six-month period ended 30 June 2021. |
• | Our consolidated selling, general and administrative expenses for the six-month period ended 30 June 2022 also reflects a positive currency translation impact of USD 188 million mainly arising from currency translation effects in EMEA, Middle Americas and Asia Pacific. |
Six-month periodended 30 June 2022 |
Six-month period ended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
28 | 15 | 86.7 | |||||||||
Middle Americas |
(12 | ) | 5 | — | ||||||||
South America |
312 | 287 | 8.7 | |||||||||
EMEA |
88 | 92 | (4.3 | ) | ||||||||
Asia Pacific |
67 | 64 | 4.7 | |||||||||
Global Export & Holding Companies |
(5 | ) | 7 | — | ||||||||
|
|
|
|
|
|
|||||||
Total |
478 |
470 |
1.7 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2021 and 2022 acquisitions and disposals and the Brazilian tax credits negatively impacted our net consolidated other operating income and expenses by USD 18 million on a net basis for the six-month period ended 30 June 2022 compared to the six-month period ended 30 June 2021. |
• | Our net consolidated other operating income and expenses for the six-month period ended 30 June 2022 had no significant currency translation impact. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
COVID-19 costs |
(13 |
) |
(54 |
) | ||||
Restructuring |
(51 |
) |
(97 |
) | ||||
Business and asset disposal (including impairment losses) |
6 |
14 |
||||||
Acquisition costs / Business combinations |
— |
(6 |
) | |||||
AB InBev Efes related costs |
(47 |
) |
— |
|||||
Zenzele Kabili costs |
— |
(73 |
) | |||||
|
|
|
|
|||||
Total |
(105 |
) |
(217 |
) | ||||
|
|
|
|
Six-month periodended 30 June 2022 |
Six-month periodended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
2,570 | 2,612 | (1.6 | ) | ||||||||
Middle Americas |
2,416 | 2,207 | 9.5 | |||||||||
South America |
1,234 | 1,065 | 15.9 | |||||||||
EMEA |
667 | 461 | 44.8 | |||||||||
Asia Pacific |
879 | 860 | 2.2 | |||||||||
Global Export & Holding Companies |
(766 | ) | (654 | ) | (17.1 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
7,000 |
6,551 |
6.9 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2021 and 2022 acquisitions and disposals and the Brazilian tax credits negatively impacted our consolidated profit from operations by USD 30 million for the six-month period ended 30 June 2022 compared to the six-month period ended 30 June 2021. |
• | Our consolidated profit from operations for the six-month period ended 30 June 2022 also reflects a negative currency translation impact of USD 96 million. |
• | Our profit from operations for the six-month period ended 30 June 2022 was negatively impacted by USD 105 million of certain exceptional items, as compared to a negative impact of USD 217 million for the six-month period ended 30 June 2021. See “Exceptional Items” above for a description of exceptional items that impacted our profit from operations for the six-month period ended 30 June 2022 and 2021. |
Six-month periodended 30 June 2022 |
Six-month periodended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Profit attributable to equity holders of AB InBev |
1,692 | 2,458 | (31.2 | ) | ||||||||
Profit attributable to non-controlling interests |
782 | 616 | 26.9 | |||||||||
Profit of the period |
2,474 |
3,074 |
(19.5 |
) | ||||||||
Net finance cost |
2,268 | 2,346 | (3.3 | ) | ||||||||
Income tax expense |
1,244 | 1,231 | 1.1 | |||||||||
Share of result of associates |
(129 | ) | (100 | ) | (29.0 | ) | ||||||
Exceptional share of results of associates |
1,143 | — | — | |||||||||
|
|
|
|
|
|
|||||||
Profit from operations |
7,000 |
6,551 |
6.9 |
|||||||||
Exceptional items |
105 | 217 | (51.6 | ) | ||||||||
|
|
|
|
|
|
|||||||
Profit from operations, before exceptional items (2) |
7,105 |
6,768 |
5.0 |
|||||||||
Depreciation, amortization and impairment |
2,477 | 2,345 | 5.6 | |||||||||
|
|
|
|
|
|
|||||||
Normalized EBITDA (3) |
9,583 |
9,114 |
5.1 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | Profit from operations, before exceptional items is a non-IFRS measure. See “Item 5. Operating and Financial Review and Results of Operations—Results of Operations—Year Ended 31 December 2021 Compared to Year Ended 31 December 2020—Normalized EBITDA” of our 2021 Annual Report for additional information on our definition and use of Profit from operations, before exceptional items. |
(3) | Normalized EBITDA is a non-IFRS measure. See “Item 5. Operating and Financial Review and Results of Operations—Results of Operations—Year Ended 31 December 2021 Compared to Year Ended 31 December 2020—Normalized EBITDA” of our 2021 Annual Report for additional information on our definition and use of Normalized EBITDA. |
Six-month periodended 30 June 2022 |
Six-month periodended 30 June 2021 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Net interest expense |
(1,683 | ) | (1,817 | ) | 7.4 | |||||||
Net interest on net defined benefit liabilities |
(37 | ) | (37 | ) | — | |||||||
Accretion expense |
(336 | ) | (265 | ) | (26.8 | ) | ||||||
Mark-to-market |
162 | 348 | (53.4 | ) | ||||||||
Net interest income on Brazilian tax credits |
113 | 76 | 48.7 | |||||||||
Other financial results |
(501 | ) | (353 | ) | (41.9 | ) | ||||||
|
|
|
|
|
|
|||||||
Net finance cost before exceptional finance results |
(2,282 |
) |
(2,047 |
) |
(11.5 | ) | ||||||
Mark-to-market |
134 | 283 | (52.7 | ) | ||||||||
Early termination fee of Bonds and Other |
(120 | ) | (582 | ) | 79.3 | |||||||
|
|
|
|
|
|
|||||||
Exceptional net finance income/(cost) |
14 |
(299 |
) |
— |
||||||||
|
|
|
|
|
|
|||||||
Net finance income/(cost) |
(2,268 |
) |
(2,346 |
) |
3.3 |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
Six-month periodended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
Share price at the start of the six-month period (in euro) |
53.17 | 57.01 | ||||||
Share price at the end of the six-month period (in euro) |
51.36 | 60.81 | ||||||
Number of derivative equity instruments at the end of the period (in millions) |
55.0 | 55.0 |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
Share price at the start of the six-month period (in euro) |
53.17 | 57.01 | ||||||
Share price at the end of the six-month period (in euro) |
51.36 | 60.81 | ||||||
Number of derivative equity instruments at the end of the period (in millions) |
45.5 | 45.5 |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
Profit attributable to equity holders of AB InBev |
1,692 |
2,458 |
||||||
Exceptional items, before taxes, attributable to equity holders of AB InBev |
105 | 217 | ||||||
Exceptional net finance cost, before taxes, attributable to equity holders of AB InBev |
(14 | ) | 299 | |||||
Exceptional share of results of associates |
1,143 | — | ||||||
Exceptional taxes attributable to equity holders of AB InBev |
(69 | ) | (42 | ) | ||||
Exceptional non-controlling interest |
3 | (7 | ) | |||||
|
|
|
|
|||||
Profit before exceptional items, attributable to equity holders of AB InBev (1) |
2,860 |
2,924 |
(1) | Profit before exceptional items, attributable to equity holders of AB InBev is a non-IFRS measure. Profit before exceptional items, attributable to equity holders of AB InBev is equivalent to the measure Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev presented in our 2021 Annual Report. There were no discontinued operations in the six-month periods ended 30 June 2022 and 2021. See “Item 5. Operating and Financial Review and Results of Operations—Results of Operations—Year Ended 31 December 2021 Compared to Year Ended 31 December 2020—Profit Attributable to Our Equity Holders” of our 2021 Annual Report for additional information on our definition and use of Profit before exceptional items, attributable to equity holders of AB InBev. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD per share) |
||||||||
Basic earnings per share |
0.84 |
1.23 |
||||||
Exceptional items, before taxes, attributable to equity holders of AB InBev |
0.05 | 0.11 | ||||||
Exceptional net finance cost, before taxes, attributable to equity holders of AB InBev |
(0.01 | ) | 0.15 | |||||
Exceptional share of results of associates |
0.57 | — | ||||||
Exceptional taxes attributable to equity holders of AB InBev |
(0.03 | ) | (0.02 | ) | ||||
|
|
|
|
|||||
Basic EPS before exceptional items (1) |
1.42 |
1.46 |
||||||
Mark-to-market |
(0.08 | ) | (0.17 | ) | ||||
Hyperinflation accounting impacts in EPS |
(0.01 | ) | 0.02 | |||||
|
|
|
|
|||||
Underlying EPS (2) |
1.33 |
1.30 |
(1) | Basic EPS before exceptional items is a non-IFRS measure. Basic EPS before exceptional items is equivalent to the measure Basic EPS from continuing operations before exceptional items presented in our 2021 Annual Report. There were no discontinued operations in the six-month periods ended 30 June 2022 and 2021. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2021 Compared to the Year Ended 31 December 2020—Profit Attributable to Our Equity Holders” of our 2021 Annual Report for additional information on our definition and use of Basic EPS before exceptional items. |
(2) | Underlying EPS is a non-IFRS measure. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2021 Compared to the Year Ended 31 December 2020—Profit Attributable to Our Equity Holders” of our 2021 Annual Report for additional information on our definition and use of Underlying EPS. Underlying Profit is a non-IFRS measure. Underlying Profit is the Profit attributable to equity holders, before exceptional items, the mark-to-market of the hedging of our share-based payment programs, the impact of hyperinflation accounting and the impact of discontinued operations. Underlying EPS is the Underlying Profit divided by the weighted average number of ordinary and restricted shares. |
Six-month period ended |
||||||||
30 June 2022 |
30 June 2021 |
|||||||
U.S. dollar |
29.3 | % | 32.2 | % | ||||
Brazilian real |
13.7 | % | 11.5 | % | ||||
Mexican peso |
10.3 | % | 9.7 | % | ||||
Chinese yuan |
9.4 | % | 10.7 | % | ||||
Euro |
5.5 | % | 6.1 | % | ||||
Colombian peso |
4.1 | % | 3.9 | % | ||||
South African rand |
3.9 | % | 3.8 | % | ||||
Canadian dollar |
3.4 | % | 3.8 | % | ||||
Argentinean peso (1) |
3.3 | % | 2.7 | % | ||||
Peruvian peso |
2.8 | % | 2.5 | % | ||||
South Korean won |
2.1 | % | 2.2 | % | ||||
Pound sterling |
2.1 | % | 2.7 | % | ||||
Dominican peso |
2.0 | % | 2.1 | % | ||||
Other |
8.0 | % | 6.0 | % |
(1) | Hyperinflation accounting was adopted starting from the September year-to-date |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
Cash flow from operating activities |
2,182 | 3,939 | ||||||
Cash flow from/(used in) investing activities |
(1,917 | ) | (2,209 | ) | ||||
Cash flow from/(used in) financing activities |
(5,392 | ) | (10,107 | ) | ||||
|
|
|
|
|||||
Net increase/(decrease) in cash and cash equivalents |
(5,128 |
) |
(8,377 |
) |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
Profit |
2,474 | 3,074 | ||||||
Interest, taxes and non-cash items included in profit |
7,015 | 6,062 | ||||||
|
|
|
|
|||||
Cash flow from operating activities before changes in working capital and provisions |
9,489 |
9,134 |
||||||
Change in working capital |
(3,339 | ) | (1,327 | ) | ||||
Pension contributions and use of provisions |
(195 | ) | (258 | ) | ||||
Interest and taxes (paid)/received |
(3,823 | ) | (3,696 | ) | ||||
Dividends received |
50 | 86 | ||||||
|
|
|
|
|||||
Cash flow from operating activities |
2,182 |
3,939 |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
Net capital expenditure (1) |
(1,939 | ) | (2,104 | ) | ||||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of |
(44 | ) | (203 | ) | ||||
Net proceeds from the sale/(acquisition) of other assets |
66 | 98 | ||||||
|
|
|
|
|||||
Cash flow from / (used in) investing activities |
(1,917 |
) |
(2,209 |
) |
(1) | Net capital expenditure consists of acquisitions of plant, property and equipment and of intangible assets, minus proceeds from sale. |
Six-month period ended 30 June 2022 |
Six-month period ended 30 June 2021 |
|||||||
(USD million) |
||||||||
Dividends paid |
(1,276 | ) | (1,382 | ) | ||||
Net (payments on)/proceeds from borrowings |
(3,452 | ) | (7,999 | ) | ||||
Payments of lease liabilities |
(286 | ) | (256 | ) | ||||
Other (including purchase of non-controlling interests) |
(378 | ) | (470 | ) | ||||
|
|
|
|
|||||
Cash flow from / (used in) financing activities |
(5,392 |
) |
(10,107 |
) |
Six-month period ended 30 June 2022 |
Year ended 31 December 2021 |
|||||||
USD million |
USD million |
|||||||
Statement of Income Data |
||||||||
Revenue (1) |
7,410 | 14,920 | ||||||
Gross profit (1) |
3,955 | 8,339 | ||||||
Profit for the period (1) |
1,150 | 2,055 | ||||||
Six-month periodended 30 June 2022 |
Year ended 31 December 2021 |
|||||||
USD million |
USD million |
|||||||
Balance Sheet Data |
||||||||
Due from non-guarantor subsidiaries |
74,987 | 78,031 | ||||||
Other non-current assets |
61,539 | 61,434 | ||||||
Non-current assets |
136,526 |
139,465 |
||||||
Due from non-guarantor subsidiaries |
13,516 | 7,160 | ||||||
Other current assets |
11,904 | 11,874 | ||||||
Current assets |
25,420 |
19,034 |
||||||
Due to non-guarantor subsidiaries |
47,435 | 48,960 | ||||||
Other non-current liabilities |
88,309 | 93,317 | ||||||
Non-current liabilities |
135,744 |
142,277 |
||||||
Due to non-guarantor subsidiaries |
15,701 | 14,937 | ||||||
Other current liabilities |
24,564 | 22,303 | ||||||
Current liabilities |
40,265 |
37,240 |
(1) | For the six-month period ended 30 June 2022, revenue, gross profit and profit for the period includes USD 151 million, USD (212) million and USD 648 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. For the year ended 31 December 2021, revenue, gross profit and profit for the period includes USD 344 million, USD (500) million and USD 3,162 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
Unaudited condensed consolidated interim financial statements |
2 |
|||
Unaudited condensed consolidated interim income statement |
2 |
|||
Unaudited condensed consolidated interim statement of comprehensive income/(loss) |
3 |
|||
Unaudited condensed consolidated interim statement of financial position |
4 |
|||
Unaudited condensed consolidated interim statement of changes in equity |
5 |
|||
Unaudited condensed consolidated interim statement of cash flows |
6 |
|||
Notes to the unaudited condensed consolidated interim financial statements |
7 |
For the six-month period ended 30 June |
||||||||||||
Million US dollar, except earnings per shares in US dollar |
Notes |
2022 |
2021¹ |
|||||||||
Revenue |
||||||||||||
Cost of sales |
( |
) | ( |
) | ||||||||
Gross profit |
||||||||||||
Distribution expenses |
( |
) | ( |
) | ||||||||
Sales and marketing expenses |
( |
) | ( |
) | ||||||||
Administrative expenses |
( |
) | ( |
) | ||||||||
Other operating income/(expenses) |
||||||||||||
Exceptional costs above profit from operations |
7 | ( |
) | ( |
) | |||||||
Profit from operations |
||||||||||||
Finance cost |
8 | ( |
) | ( |
) | |||||||
Finance income |
8 | |||||||||||
Net finance income/(cost) |
( |
) |
( |
) | ||||||||
Share of result of associates |
13 | |||||||||||
Exceptional share of results of associates |
7 / 13 | ( |
) | |||||||||
Profit before tax |
||||||||||||
Income tax expense |
9 | ( |
) | ( |
) | |||||||
Profit of the period |
||||||||||||
Profit of the period attributable to: |
||||||||||||
Equity holders of AB InBev |
||||||||||||
Non-controlling interest |
||||||||||||
Basic earnings per share |
16 | |||||||||||
Diluted earnings per share |
16 |
1 |
Amended to conform to 2022 presentation. |
For the six-month period ended 30 June |
||||||||||||
Million US dollar |
Notes |
2022 |
2021 |
|||||||||
Profit of the period |
||||||||||||
Other comprehensive income/(loss): items that will not be reclassified to profit or loss: |
||||||||||||
Re-measurements of post-employment benefits |
16 | ( |
) | |||||||||
( |
) | |||||||||||
Other comprehensive income/(loss): items that may be reclassified subsequently to profit or loss: |
||||||||||||
Exchange differences on translation of foreign operations |
16 | ( |
) | |||||||||
Effective portion of changes in fair value of net investment hedges |
( |
) | ( |
) | ||||||||
Cash flow hedges recognized in equity |
||||||||||||
Cash flow hedges reclassified from equity to profit or loss |
( |
) | ( |
) | ||||||||
( |
) | |||||||||||
Other comprehensive income/(loss), net of tax |
( |
) | ||||||||||
|
|
|
|
|||||||||
Total comprehensive income/(loss) |
||||||||||||
|
|
|
|
|||||||||
Attributable to: |
||||||||||||
Equity holders of AB InBev |
||||||||||||
Non-controlling interest |
As at |
||||||||||||
Million US dollar |
Notes |
30 June 2022 |
31 December 2021 |
|||||||||
ASSETS |
||||||||||||
Non-current assets |
||||||||||||
Property, plant and equipment |
10 | |||||||||||
Goodwill |
11 | |||||||||||
Intangible assets |
12 | |||||||||||
Investment in associates |
13 | |||||||||||
Investment securities |
15 | |||||||||||
Deferred tax assets |
||||||||||||
Employee benefits |
||||||||||||
Income tax receivables |
||||||||||||
Derivatives |
19 | |||||||||||
Trade and other receivables |
14 | |||||||||||
Total non-current assets |
||||||||||||
Current assets |
||||||||||||
Investment securities |
15 | |||||||||||
Inventories |
||||||||||||
Income tax receivables |
||||||||||||
Derivatives |
19 | |||||||||||
Trade and other receivables |
14 | |||||||||||
Cash and cash equivalents |
15 | |||||||||||
Assets classified as held for sale |
||||||||||||
Total current assets |
||||||||||||
Total assets |
||||||||||||
EQUITY AND LIABILITIES |
||||||||||||
Equity |
||||||||||||
Issued capital |
16 | |||||||||||
Share premium |
||||||||||||
Reserves |
||||||||||||
Retained earnings |
||||||||||||
Equity attributable to equity holders of AB InBev |
||||||||||||
Non-controlling interests |
||||||||||||
Total equity |
||||||||||||
Non-current liabilities |
||||||||||||
Interest-bearing loans and borrowings |
17 | |||||||||||
Employee benefits |
||||||||||||
Deferred tax liabilities |
||||||||||||
Income tax payables |
||||||||||||
Derivatives |
19 | |||||||||||
Trade and other payables |
||||||||||||
Provisions |
||||||||||||
Total non-current liabilities |
||||||||||||
Current liabilities |
||||||||||||
Bank overdrafts |
15 | |||||||||||
Interest-bearing loans and borrowings |
17 | |||||||||||
Income tax payables |
||||||||||||
Derivatives |
19 | |||||||||||
Trade and other payables |
||||||||||||
Provisions |
||||||||||||
Total current liabilities |
||||||||||||
Total equity and liabilities |
||||||||||||
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Issued Capital |
Share premium |
Treasury shares |
Reserves 1 |
Other comprehensive income reserves |
Retained earnings |
Total |
Non-controlling interest |
Total Equity |
||||||||||||||||||||||||||||||
As per 1 January 2021 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||
Profit of the period |
— |
— |
— |
— |
— | |||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) 1 |
16 | — |
— |
— |
— |
( |
) | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Total comprehensive income/(loss) |
— |
— |
— |
— |
( |
) |
||||||||||||||||||||||||||||||||||
Dividends |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Treasury shares |
— | — | — | — | ( |
) | — | |||||||||||||||||||||||||||||||||
Share-based payments |
18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Hyperinflation monetary adjustments |
— | — | — | — | — | |||||||||||||||||||||||||||||||||||
Scope and other changes |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
As per 30 June 2021 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Issued Capital |
Share premium |
Treasury shares |
Reserves |
Other comprehensive income reserves |
Retained earnings |
Total |
Non-controlling interest |
Total Equity |
||||||||||||||||||||||||||||||
As per 1 January 2022 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||
Profit of the period |
— |
— |
— |
— |
— | |||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) |
16 | — |
— |
— |
— |
— | ( |
) | ||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Dividends |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Treasury shares |
— | — | — | — | ( |
) | — | |||||||||||||||||||||||||||||||||
Share-based payments |
18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Hyperinflation monetary adjustments |
— | — | — | — | — | |||||||||||||||||||||||||||||||||||
Scope and other changes |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
As per 30 June 2022 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||
1 |
Amended to conform to 2022 presentation. |
For the six-month period ended 30 June |
||||||||||||
Million US dollar |
Notes |
2022 |
2021¹ |
|||||||||
OPERATING ACTIVITIES |
||||||||||||
Profit of the period |
||||||||||||
Depreciation, amortization and impairment |
||||||||||||
Net finance cost/(income) |
8 | |||||||||||
Equity-settled share-based payment expense |
16 | |||||||||||
Income tax expense |
9 | |||||||||||
Other non-cash items |
( |
) | ( |
) | ||||||||
Share of result of associates and joint ventures |
13 | ( |
) | |||||||||
|
|
|
|
|||||||||
Cash flow from operating activities before changes in working capital and use of provisions |
||||||||||||
Decrease/(increase) in trade and other receivables |
( |
) | ( |
) | ||||||||
Decrease/(increase) in inventories |
( |
) | ( |
) | ||||||||
Increase/(decrease) in trade and other payables |
( |
) | ||||||||||
Pension contributions and use of provisions |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Cash generated from operations |
||||||||||||
Interest paid |
( |
) | ( |
) | ||||||||
Interest received |
||||||||||||
Dividends received |
||||||||||||
Income tax paid |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Cash flow from operating activities |
||||||||||||
|
|
|
|
|||||||||
INVESTING ACTIVITIES |
||||||||||||
Acquisition of property, plant and equipment and of intangible assets |
10/12 | ( |
) | ( |
) | |||||||
Proceeds from sale of property, plant and equipment and of intangible assets |
||||||||||||
Acquisition of subsidiaries, net of cash acquired |
6 | ( |
) | ( |
) | |||||||
Sale of other subsidiaries, net of cash disposed of |
6 | |||||||||||
Net proceeds from sale/(acquisition) of other assets |
||||||||||||
|
|
|
|
|||||||||
Cash flow from/ (used in) investing activities |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
FINANCING ACTIVITIES |
||||||||||||
Sale/(purchase) of non-controlling interests |
13 | ( |
) | ( |
) | |||||||
Proceeds from borrowings |
17 | |||||||||||
Payments on borrowings |
17 | ( |
) | ( |
) | |||||||
Cash net finance (cost)/income other than interests |
( |
) | ( |
) | ||||||||
Payment of lease liabilities |
( |
) | ( |
) | ||||||||
Dividends paid |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Cash flow from / (used in) financing activities |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
Net increase/(decrease) in cash and cash equivalents |
( |
) |
( |
) | ||||||||
Cash and cash equivalents less bank overdrafts at beginning of year |
||||||||||||
Effect of exchange rate fluctuations |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Cash and cash equivalents less bank overdrafts at end of period |
15 |
|||||||||||
|
|
|
|
Note |
||||
Corporate information |
1 |
|||
Statement of compliance |
2 |
|||
Summary of significant accounting policies |
3 |
|||
Use of estimates and judgments |
4 |
|||
Segment reporting |
5 |
|||
Acquisitions and disposals of subsidiaries |
6 |
|||
Exceptional items |
7 |
|||
Finance cost and income |
8 |
|||
Income taxes |
9 |
|||
Property, plant and equipment |
10 |
|||
Goodwill |
11 |
|||
Intangible assets |
12 |
|||
Investments in associates |
13 |
|||
Trade and other receivables |
14 |
|||
Cash and cash equivalents and investment securities |
15 |
|||
Changes in equity and earnings per share |
16 |
|||
Interest-bearing loans and borrowings |
17 |
|||
Share-based payments |
18 |
|||
Risks arising from financial instruments |
19 |
|||
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other |
20 |
|||
Contingencies |
21 |
|||
Related parties |
22 |
|||
Supplemental guarantor financial information |
23 |
|||
Events after the reporting date |
2 4 |
1. |
Corporate information |
2. |
Statement of compliance |
3. |
Summary of significant accounting policies |
(A) |
SUMMARY OF CHANGES IN ACCOUNTING POLICIES |
(B) |
FOREIGN CURRENCIES |
Closing rate |
Average rate |
|||||||||||||||
1 US dollar equals: |
30 June 2022 |
31 December 2021 |
30 June 2022 |
30 June 2021 |
||||||||||||
Argentinean peso |
— | — | ||||||||||||||
Brazilian real |
||||||||||||||||
Canadian dollar |
||||||||||||||||
Colombian peso |
||||||||||||||||
Chinese yuan |
||||||||||||||||
Euro |
||||||||||||||||
Mexican peso |
||||||||||||||||
Pound sterling |
||||||||||||||||
Peruvian nuevo sol |
||||||||||||||||
South Korean won |
||||||||||||||||
South African rand |
4. |
Use of estimates and judgments |
5. |
Segment reporting |
North America |
Middle Americas |
South America |
EMEA |
Asia Pacific |
Global Export and Holding companies |
AB InBev Worldwide |
||||||||||||||||||||||||||||||||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||||||||||||||||||||||||
Volume |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit from operations |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net finance income/(cost) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share of results of associates |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exceptional share of results of associates |
( |
) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets (non-current) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross capex |
6. |
Acquisitions and disposals of subsidiaries |
7. |
Exceptional items |
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021 |
||||||
COVID-19 costs |
( |
) | ( |
) | ||||
Restructuring |
( |
) | ( |
) | ||||
Business and asset disposal (including impairment losses) |
||||||||
Acquisition costs business combinations |
— | ( |
) | |||||
Zenzele Kabili costs |
— | ( |
) | |||||
AB InBev Efes related costs |
( |
) | — | |||||
|
|
|
|
|||||
Impact on profit from operations |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Exceptional net finance income/(cost) |
( |
) | ||||||
Exceptional share of results of associates |
( |
) |
— |
|||||
Exceptional taxes |
||||||||
Exceptional non-controlling interest |
( |
) |
||||||
|
|
|
|
|||||
Net impact on profit |
( |
) |
( |
) | ||||
|
|
|
|
8. |
Finance cost and income |
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021¹ |
||||||
Interest expense |
( |
) | ( |
) | ||||
Net interest on net defined benefit liabilities |
( |
) | ( |
) | ||||
Accretion expense |
( |
) | ( |
) | ||||
Net losses on hedging instruments |
( |
) | ( |
) | ||||
Net foreign exchange results (net of the effect of foreign exchange derivatives) |
( |
) | ( |
) | ||||
Other financial costs, including bank fees and taxes |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Finance cost excluding exceptional items |
( |
) |
( |
) | ||||
Exceptional finance cost |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Finance cost |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Interest income |
||||||||
Interest income on Brazilian tax credits |
||||||||
Hyperinflation monetary adjustments |
||||||||
Net mark-to-market programs |
||||||||
Other financial income |
||||||||
|
|
|
|
|||||
Finance income excluding exceptional items |
||||||||
|
|
|
|
|||||
Exceptional finance income |
||||||||
Finance income |
||||||||
|
|
|
|
|||||
Net finance income/(cost) excluding exceptional items |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Net finance income/(cost) |
( |
) |
( |
) | ||||
|
|
|
|
• | mark-to-market |
• | |
• | |
9. |
Income taxes |
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021 |
||||||
Current tax expense |
( |
) | ( |
) | ||||
Deferred tax (expense)/income |
||||||||
|
|
|
|
|||||
Total income tax expense in the income statement |
( |
) |
( |
) | ||||
|
|
|
|
5 |
Amended to conform to 2022 presentation. |
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021¹ |
||||||
Profit/(loss) before tax |
||||||||
Deduct share of results of associates and joint ventures |
||||||||
Deduct exceptional share of results of associates |
( |
) | — | |||||
Profit before tax and before share of results of associates and joint ventures |
||||||||
Adjustments to the tax basis |
||||||||
Government incentives |
( |
) | ( |
) | ||||
Non-deductible/(non-taxable) mark-to-market |
( |
) | ( |
) | ||||
Other expenses not deductible for tax purposes |
||||||||
Other non-taxable income |
( |
) | ( |
) | ||||
Adjusted tax basis |
||||||||
Aggregate weighted nominal tax rate |
% |
% | ||||||
Tax at aggregated nominal tax rate |
( |
) |
( |
) | ||||
Adjustments on tax expense |
||||||||
Recognition/(de-recognition) of deferred tax assets on tax losses carried forward |
( |
) | ( |
) | ||||
(Underprovided)/overprovided in prior years |
||||||||
Deductions from interest on equity |
||||||||
Deductions from goodwill and other tax deductions |
||||||||
Change in tax rate |
( |
) | ||||||
Withholding taxes |
( |
) | ( |
) | ||||
Other tax adjustments |
( |
) | ( |
) | ||||
Total tax expense |
( |
) |
( |
) | ||||
Effective tax rate |
% |
% |
6 |
Amended to conform to 2022 presentation. |
10. |
Property, plant and equipment |
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Property, plant and equipment owned |
||||||||
Property, plant and equipment leased (right-of-use |
||||||||
Total property, plant and equipment |
||||||||
30 June 2022 |
31 December 2021 |
|||||||||||||||||||
Million US dollar |
Land and buildings |
Plant and equipment, fixtures and fittings |
Under construction |
Total |
Total |
|||||||||||||||
Acquisition cost |
||||||||||||||||||||
Balance at end of previous year |
||||||||||||||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions |
||||||||||||||||||||
Acquisitions through business combinations |
||||||||||||||||||||
Disposals through sale and derecognition |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Disposals through the sale of subsidiaries |
( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||
Transfer (to)/from other asset categories and other movements 1 |
( |
) | ( |
) | ||||||||||||||||
Balance at end of the period |
||||||||||||||||||||
Depreciation and impairment losses |
||||||||||||||||||||
Balance at end of previous year |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||
Effect of movements in foreign exchange |
— | |||||||||||||||||||
Depreciation |
( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||
Disposals through sale and derecognition |
— | |||||||||||||||||||
Disposals through the sale of subsidiaries |
— | |||||||||||||||||||
Impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Transfer to/(from) other asset categories and other movements 1 |
( |
) | ( |
) | ( |
) | ||||||||||||||
Balance at end of the period |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||
Carrying amount |
||||||||||||||||||||
at 31 December 2021 |
||||||||||||||||||||
at 30 June 2022 |
— |
1 |
The transfer (to)/from other asset categories and other movements relates mainly to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the statement of financial position of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
30 June 2022 |
||||||||||||
Million US dollar |
Land and buildings |
Machinery, equipment and other |
Total |
|||||||||
Net carrying amount at June 30 |
||||||||||||
Depreciation for the period ended June 30 |
( |
) | ( |
) | ( |
) | ||||||
31 December 2021 |
||||||||||||
Million US dollar |
Land and buildings |
Machinery, equipment and other |
Total |
|||||||||
Net carrying amount at 31 December |
||||||||||||
Depreciation for the year ended 31 December |
( |
) | ( |
) | ( |
) |
11. |
Goodwill |
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Acquisition cost |
||||||||
Balance at end of previous year |
||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ||||
Transfers (to)/from intangible assets |
( |
) | ||||||
Hyperinflation monetary adjustments |
||||||||
Balance at end of the period |
||||||||
Impairment losses |
||||||||
Balance at end of previous year |
( |
) |
( |
) | ||||
Effect of movements in foreign exchange |
||||||||
Balance at end of the period |
( |
) |
( |
) | ||||
Carrying amount |
||||||||
Balance at end of the period |
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
United States |
||||||||
Rest of North America |
||||||||
Mexico |
||||||||
Colombia |
||||||||
Rest of Middle Americas |
||||||||
Brazil |
||||||||
Rest of South America |
||||||||
Europe |
||||||||
South Africa |
||||||||
Rest of Africa |
||||||||
China |
||||||||
Rest of Asia Pacific |
||||||||
Global Export and Holding Companies |
||||||||
Total carrying amount of goodwill |
||||||||
12. |
Intangible assets |
30 June 2022 |
31 December 2021 |
|||||||||||||||||||||||
Million US dollar |
Brands |
Commercial intangibles |
Software |
Other |
Total |
Total |
||||||||||||||||||
Acquisition cost |
||||||||||||||||||||||||
Balance at end of previous year |
||||||||||||||||||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions and expenditures |
||||||||||||||||||||||||
Disposals through sale and derecognition |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Disposals through the sale of subsidiaries |
— | — | — | — | — | ( |
) | |||||||||||||||||
Transfer (to)/from other asset categories and other movements 1 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at end of period |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization and impairment losses |
||||||||||||||||||||||||
Balance at end of previous year |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||
Effect of movements in foreign exchange |
— | |||||||||||||||||||||||
Amortization |
— | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Impairment |
— | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Disposals through sale and derecognition |
— | |||||||||||||||||||||||
Disposals through the sale of subsidiaries |
— | — | — | — | — | |||||||||||||||||||
Transfer to/(from) other asset categories and other movements 1 |
— | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at end of period |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Carrying value |
||||||||||||||||||||||||
at 31 December 2021 |
||||||||||||||||||||||||
at 30 June 2022 |
13. |
Investments in associates |
2022 |
2021 |
|||||||||||||||||||||||
Million US dollar |
AB InBev Efes |
Castel |
Anadolu Efes |
AB InBev Efes |
Castel |
Anadolu Efes |
||||||||||||||||||
Balance at 1 January |
||||||||||||||||||||||||
Effect of movements in foreign exchange |
— | ( |
) | ( |
) | — | ( |
) | ( |
) | ||||||||||||||
Dividends received |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
Share of results of associates |
— | ( |
) | ( |
) | |||||||||||||||||||
Exceptional share of results of associates |
( |
) | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 30 June |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to the separate presentation in the statement of financial position of intangible assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
1 |
The net assets are converted at the respective closing rates of December. |
14. |
Trade and other receivables |
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Cash deposits for guarantees |
||||||||
Loans to customers |
||||||||
Tax receivable, other than income tax |
||||||||
Brazilian tax credits and interest receivables |
||||||||
Trade and other receivables |
||||||||
Non-current trade and other receivables |
||||||||
Trade receivables and accrued income |
||||||||
Interest receivables |
||||||||
Tax receivable, other than income tax |
||||||||
Loans to customers |
||||||||
Prepaid expenses |
||||||||
Other receivables |
||||||||
Current trade and other receivables |
||||||||
Net carrying amount as of 30 June 2022 |
Of which: neither impaired nor past due on the reporting date |
Of which not impaired as of the reporting date and past due |
||||||||||||||||||||||
Less than 30 days |
Between 30 and 59 days |
Between 60 and 89 days |
More than 90 days |
|||||||||||||||||||||
Trade receivables and accrued income |
||||||||||||||||||||||||
Loans to customers |
— | |||||||||||||||||||||||
Interest receivable |
— | — | — | — | ||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
Net carrying amount as of 31 December 2021 |
Of which: neither impaired nor past due on the reporting date |
Of which not impaired as of the reporting date and past due |
||||||||||||||||||||||
Less than 30 days |
Between 30 and 59 days |
Between 60 and 89 days |
More than 90 days |
|||||||||||||||||||||
Trade receivables and accrued income |
||||||||||||||||||||||||
Loans to customers |
— | |||||||||||||||||||||||
Interest receivable |
— | — | — | — | ||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
15. |
Cash and cash equivalents and investment securities |
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Short-term bank deposits |
||||||||
Treasury Bills |
||||||||
Cash and bank accounts |
||||||||
Cash and cash equivalents |
||||||||
Bank overdrafts |
( |
) |
( |
) | ||||
Cash and cash equivalents in the statement of cash flows |
||||||||
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Investment in unquoted companies |
||||||||
Investment on debt securities |
||||||||
Non-current investments |
||||||||
Investment on debt securities |
||||||||
Current investments |
||||||||
16. |
Changes in equity and earnings per share |
Issued capital |
||||||||
Issued capital |
Million shares |
Million US dollar |
||||||
At the end of the previous year |
||||||||
Changes during the period |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Of which: |
||||||||
Ordinary shares |
||||||||
Restricted shares |
Treasury shares |
Result on the use of treasury shares |
|||||||||||
Treasury shares |
Million shares |
Million US dollar |
Million US dollar |
|||||||||
At the end of the previous year |
( |
) | ( |
) | ||||||||
Changes during the period |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
1 |
Considering the closing share price of 62.26 euro per share as at 24 May 2021 and ZAR per Euro exchange rate of 17.0064 as at 24 May 2021. |
Million US dollar |
Translation Reserves |
Hedging reserves |
Post- employment benefits |
Total OCI Reserves |
||||||||||||
As per 1 January 2022 |
( |
) |
( |
) |
( |
) | ||||||||||
Other comprehensive income/(loss) |
||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
— | — | ||||||||||||||
Cash flow hedges |
— | ( |
) | — | ( |
) | ||||||||||
Re-measurements of post-employment benefits |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
( |
) |
— |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 30 June 2022 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Million US dollar |
Translation Reserves |
Hedging reserves |
Post- employment benefits |
Total OCI Reserves |
||||||||||||
As per 1 January 2021 |
( |
) |
( |
) |
( |
) | ||||||||||
Other comprehensive income/(loss) |
||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
( |
) | — | — | ( |
) | ||||||||||
Cash flow hedges |
— | — | ||||||||||||||
Re-measurements of post-employment benefits |
— | — | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 3 0 June 2021 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Million shares |
2022 |
2021 |
||||||
Issued ordinary and restricted shares at 1 January, net of treasury shares |
||||||||
Effect of stock lending |
||||||||
Effect of delivery of treasury shares |
||||||||
|
|
|
|
|||||
Weighted average number of ordinary and restricted shares at 30 June |
||||||||
|
|
|
|
Million shares |
2022 |
2021 |
||||||
Weighted average number of ordinary and restricted shares at 30 June |
||||||||
Effect of share options, warrants and restricted stock units |
||||||||
|
|
|
|
|||||
Weighted average number of ordinary and restricted shares (diluted) at 30 June |
||||||||
|
|
|
|
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021¹ |
||||||
Profit attributable to equity holders of AB InBev |
||||||||
Net impact of exceptional items on profit (refer to Note 7) |
||||||||
Profit before exceptional items, attributable to equity holders of AB InBev |
||||||||
Mark-to-market payment programs (refer to Note 8) |
( |
) | ( |
) | ||||
Hyperinflation impacts |
( |
) | ||||||
|
|
|
|
|||||
Underlying profit |
||||||||
|
|
|
|
1 |
Amended to conform to 2022 presentation. |
For the six-month period ended 30 JuneMillion US dollar |
2022 |
2021 |
||||||
Profit attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares |
||||||||
|
|
|
|
|||||
Basic EPS |
||||||||
|
|
|
|
|||||
Profit before exceptional items, attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares |
||||||||
|
|
|
|
|||||
Basic EPS before exceptional items |
||||||||
|
|
|
|
|||||
Profit before exceptional items, mark-to-market attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares |
||||||||
|
|
|
|
|||||
Underlying EPS |
||||||||
|
|
|
|
|||||
Profit attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares (diluted) |
||||||||
|
|
|
|
|||||
Diluted EPS |
||||||||
|
|
|
|
|||||
Profit before exceptional items, attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares (diluted) |
||||||||
|
|
|
|
|||||
Diluted EPS before exceptional items |
||||||||
|
|
|
|
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Secured bank loans |
||||||||
Unsecured bond issues |
||||||||
Unsecured other loans |
||||||||
Lease liabilities |
||||||||
Non-current interest-bearing loans and borrowings |
||||||||
Secured bank loans |
||||||||
Unsecured bank loans |
||||||||
Unsecured bond issues |
||||||||
Unsecured other loans |
||||||||
Lease liabilities |
||||||||
Current interest-bearing loans and borrowings |
||||||||
Interest-bearing loans and borrowings |
||||||||
Date of redemption |
Issuer (abbreviated) |
Title of series of notes redeemed |
Currency |
Original principal amount outstanding (in million) |
Principal amount redeemed (in million) |
|||||||||
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Non-current interest-bearing loans and borrowings |
||||||||
Current interest-bearing loans and borrowings |
||||||||
Interest-bearing loans and borrowings |
||||||||
Bank overdrafts |
||||||||
Cash and cash equivalents |
( |
) | ( |
) | ||||
Interest bearing loans granted and other deposits (included within Trade and other receivables) |
( |
) | ( |
) | ||||
Debt securities (included within Investment securities) |
( |
) | ( |
) | ||||
Net debt |
||||||||
Million US dollar |
Long-term debt, net of current portion |
Short-term debt and current portion of long-term debt |
||||||
Balance at 1 January 2022 |
||||||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
) | ( |
) | ||||
Capitalization / (payment) of lease liabilities |
( |
) | ||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
( |
) | ( |
) | ||||
Current portion of long-term debt |
( |
) | ||||||
Loss on bond redemption and other movements |
||||||||
Balance at 30 June 2022 |
||||||||
Million US dollar |
Long-term debt, net of current portion |
Short-term debt and current portion of long-term debt |
||||||
Balance at 1 January 2021 |
||||||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
) | ( |
) | ||||
Capitalization / (payment) of lease liabilities |
( |
) | ||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
( |
) | ( |
) | ||||
Current portion of long-term debt |
( |
) | ||||||
Loss on bond redemption and other movements |
( |
) | ||||||
Balance at 30 June 2021 |
||||||||
A. |
FINANCIAL ASSETS AND FINANCIAL LIABILITIES |
30 June 2022 |
31 December 2021¹ |
|||||||||||||||||||||||||||||||
Million US dollar |
At amortized cost |
At fair value through profit or loss |
At fair value through OCI |
Total |
At amortized cost |
At fair value through profit or loss |
At fair value through OCI |
Total |
||||||||||||||||||||||||
Cash and cash equivalents |
— | — | — | — | ||||||||||||||||||||||||||||
Trade and other receivables |
— | — | — | — | ||||||||||||||||||||||||||||
Investment securities |
||||||||||||||||||||||||||||||||
Interest rate swaps |
— | — | ||||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | ||||||||||||||||||||||||||||||
Foreign exchange forward contracts |
— | — | — | — | ||||||||||||||||||||||||||||
Foreign currency futures |
— | — | — | — | ||||||||||||||||||||||||||||
Commodities |
— | — | — | — | ||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||
Non-current |
||||||||||||||||||||||||||||||||
Current |
||||||||||||||||||||||||||||||||
Trade and other payables |
— | — | — | — | ||||||||||||||||||||||||||||
Non-current interest-bearing loans and borrowings |
— | — | — | — | ||||||||||||||||||||||||||||
Current interest-bearing loans and borrowings |
— | — | — | — | ||||||||||||||||||||||||||||
Bank overdrafts |
— | — | — | — | ||||||||||||||||||||||||||||
Equity swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | ||||||||||||||||||||||||||||||
Foreign exchange forward contracts |
— | — | ||||||||||||||||||||||||||||||
Foreign currency futures |
— | — | — | — | ||||||||||||||||||||||||||||
Commodities |
— | — | — | — | ||||||||||||||||||||||||||||
Interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||
Non-current |
— | — | ||||||||||||||||||||||||||||||
Current |
1 |
Amended to conform to 2022 presentation. |
B. |
INTEREST RATE RISK |
30 June 2022 Interest-bearing financial liabilities Million US dollar |
Before hedging |
After hedging |
||||||||||||||
Effective interest rate |
Amount |
Effective interest rate |
Amount |
|||||||||||||
Floating rate |
||||||||||||||||
Canadian dollar |
— | — | % | |||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
— | — | % | |||||||||||||
South Korean won |
— | — | % | |||||||||||||
US dollar |
% | — | — | |||||||||||||
Other |
% | % | ||||||||||||||
Fixed rate |
||||||||||||||||
Brazilian real |
% | % | ||||||||||||||
Canadian dollar |
% | % | ||||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
% | % | ||||||||||||||
South Korean won |
% | % | ||||||||||||||
US dollar |
% | % | ||||||||||||||
Other |
% | % | ||||||||||||||
31 December 2021¹ |
Before hedging |
After hedging |
||||||||||||||
Interest-bearing financial liabilities Million US dollar |
Effective interest rate |
Amount |
Effective interest rate |
Amount |
||||||||||||
Floating rate |
||||||||||||||||
Canadian dollar |
— | — | % | |||||||||||||
Euro |
||||||||||||||||
Pound sterling |
— | — | % | |||||||||||||
South Korean won |
— | — | % | |||||||||||||
US dollar |
% | |||||||||||||||
Other |
% | % | ||||||||||||||
Fixed rate |
||||||||||||||||
Brazilian real |
% | % | ||||||||||||||
Canadian dollar |
% | % | ||||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
% | % | ||||||||||||||
South Korean won |
% | % | ||||||||||||||
US dollar |
% | % | ||||||||||||||
Other |
% | % | ||||||||||||||
1 |
Amended to conform to 2022 presentation. |
2022 |
||||||||||||
Interest rate |
Possible |
Volatility |
||||||||||
30 June 2022¹ |
interest rate 2 |
of rates in % |
||||||||||
Euro |
— | — | % | |||||||||
US dollar |
% | % | ||||||||||
2021 |
||||||||||||
Interest rate |
Possible |
Volatility |
||||||||||
31 December 2021¹ |
interest rate 2 |
of rates in % |
||||||||||
Euro |
— | — | % | |||||||||
US dollar |
% | % |
C. |
EQUITY PRICE RISK |
D. |
CREDIT RISK |
1 |
Applicable Money Market Rates as of 30 June 2022 and 31 December 2021. |
2 |
30 June 2022 |
31 December 2021 1 |
|||||||||||||||||||||||
Million US dollar |
Gross |
Impairment |
Net carrying amount |
Gross |
Impairment |
Net carrying amount |
||||||||||||||||||
Cash and cash equivalents |
— | — | ||||||||||||||||||||||
Derivatives |
— | — | ||||||||||||||||||||||
Investment securities |
( |
) | ( |
) | ||||||||||||||||||||
Trade receivables |
( |
) | ( |
) | ||||||||||||||||||||
Cash deposits for guarantees |
— | — | ||||||||||||||||||||||
Loans to customers |
— | — | ||||||||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||||||
( |
) |
( |
) |
|||||||||||||||||||||
30 June 2022 |
31 December 2021¹ |
|||||||
Balance at end of previous year |
( |
) |
( |
) | ||||
Impairment losses |
( |
) | ( |
) | ||||
Derecognition |
||||||||
Currency translation and other |
( |
) | ||||||
Balance at end of period |
( |
) |
( |
) | ||||
E. |
LIQUIDITY RISK |
• | Debt servicing; |
• | Capital expenditures; |
• | Investments in companies; |
• | Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments; |
• | Share buyback programs; and |
• | Payments of dividends and interest on shareholders’ equity. |
1 |
Amended to conform to 2022 presentation. |
30 June 2022 |
||||||||||||||||||||||||||||
Million US dollar |
Carrying amount 1 |
Contractual cash flows |
Less than 1 year |
1-2 years |
2-3 years |
3-5 years |
More than 5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
||||||||||||||||||||||||||||
Secured bank loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured bank loans |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Unsecured bond issues |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured other loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Lease liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Bank overdraft |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Trade and other payables |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Foreign exchange derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Commodity derivatives |
( |
) | ( |
) | ( |
) | ( |
) | — | — | — | |||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | ( |
) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Of which: related to cash flow hedges |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
31 December 2021 |
||||||||||||||||||||||||||||
Million US dollar |
Carrying amount 1 |
Contractual cash flows |
Less than 1 year |
1-2 years |
2-3 years |
3-5 years |
More than 5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
||||||||||||||||||||||||||||
Secured bank loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured bank loans |
( |
) | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Unsecured bond issues |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured other loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Lease liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Bank overdraft |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Trade and other payables |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Foreign exchange derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Commodity derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Of which: related to cash flow hedges |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F. |
FAIR VALUE |
Assets |
Liabilities |
Net |
||||||||||||||||||||||
Million US dollar |
30 June 2022 |
31 December 2021 |
30 June 2022 |
31 December 2021 |
30 June 2022 |
31 December 2021 |
||||||||||||||||||
Foreign currency |
||||||||||||||||||||||||
Forward exchange contract |
( |
) | ( |
) | ||||||||||||||||||||
Foreign currency futures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Interest rate |
||||||||||||||||||||||||
Interest rate swaps |
( |
) | ( |
) | ||||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Commodities |
||||||||||||||||||||||||
Aluminum swaps |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Sugar futures |
( |
) | ||||||||||||||||||||||
Energy |
( |
) | ( |
) | ||||||||||||||||||||
Other commodity derivatives |
( |
) | ( |
) | ||||||||||||||||||||
Equity |
||||||||||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Of which: |
||||||||||||||||||||||||
Non-current |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Current |
( |
) | ( |
) | ( |
) | ( |
) |
Interest-bearing financial liabilities |
30 June 2022 |
31 December 2021 |
||||||||||||||
Million US dollar |
Carrying amount 1 |
Fair value |
Carrying amount 1 |
Fair value |
||||||||||||
Fixed rate |
||||||||||||||||
Australian dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Brazilian real |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Canadian dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Euro |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Pound sterling |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
US dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
|
|
1 |
“Carrying amount” refers to net book value as recognized in the statement of financial position at each reporting date. |
Fair value hierarchy 30 June 2022 Million US dollar |
Quoted (unadjusted) prices - level 1 |
Observable market inputs - level 2 |
Unobservable market inputs - level 3 |
|||||||||
Financial Assets |
||||||||||||
Held for trading (non-derivatives) |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
— |
||||||||||||
Financial Liabilities |
||||||||||||
Deferred consideration on acquisitions at fair value |
— | |||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a fair value hedge relationship |
— | — | ||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
Fair value hierarchy 31 December 2021 Million US dollar |
Quoted (unadjusted) prices - level 1 |
Observable market inputs - level 2 |
Unobservable market inputs - level 3 |
|||||||||
Financial Assets |
||||||||||||
Held for trading (non-derivatives) |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a fair value hedge relationship |
— | — | ||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
— |
||||||||||||
Financial Liabilities |
||||||||||||
Deferred consideration on acquisitions at fair value |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
Million US dollar |
30 June 2022 |
31 December 2021 |
||||||
Income tax and social contribution |
||||||||
Value-added and excise taxes |
||||||||
Other taxes |
||||||||
For the six-month period ended 30 June 2022Million US dollar |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Revenue – external |
— | — | — | — | ||||||||||||||||||||||||
Revenue from non-guarantor subsidiaries |
— | — | — | — | ||||||||||||||||||||||||
Revenue from guarantor subsidiaries |
— | — | — | — | ( |
) | — | |||||||||||||||||||||
Cost of sales – external |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to non-guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross profit |
— |
— |
— |
( |
) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Selling, general and administrative expenses – external |
( |
) | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Selling, general and administrative expenses (non-guarantor subsidiaries) |
( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Selling, general and administrative expenses (guarantor subsidiaries) |
— | ( |
) | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ – external |
— | — | ( |
) | — | |||||||||||||||||||||||
Other operating income/(expenses)¹ (non-guarantor subsidiaries) |
— | — | — | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ (guarantor subsidiaries) |
( |
) | — | ( |
) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit/(loss) from operations |
— |
— |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net finance income/(cost) – external |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Net finance income/(cost) (non-guarantor subsidiaries) |
( |
) | ( |
) | — | |||||||||||||||||||||||
Net finance income/(cost) (guarantor subsidiaries) |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit/(loss) |
( |
) |
( |
) |
— |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from non-guarantor subsidiaries |
( |
) | — | ( |
) | — | ||||||||||||||||||||||
Income from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit of the year |
( |
) |
( |
) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Other operating income/(expense) include exceptional items. |
For the six-month period ended 30 June 2021Million US dollar |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Revenue – external |
— | — | — | — | ||||||||||||||||||||||||
Revenue from non-guarantor subsidiaries |
— | — | — | — | ||||||||||||||||||||||||
Revenue from guarantor subsidiaries |
— | — | — | — | ( |
) | — | |||||||||||||||||||||
Cost of sales – external |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to non-guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross profit |
— |
— |
— |
( |
) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Selling, general and administrative expenses – external |
( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Selling, general and administrative expenses (non-guarantor subsidiaries) |
— | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||
Selling, general and administrative expenses (guarantor subsidiaries) |
— | ( |
) | — | — | |||||||||||||||||||||||
Other operating income/(expenses)¹ – external |
— | — | — | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ (non-guarantor subsidiaries) |
— | — | — | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ (guarantor subsidiaries) |
( |
) | — | ( |
) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit/(loss) from operations |
( |
) |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net finance income/(cost) – external |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Net finance income/(cost) (non-guarantor subsidiaries) |
( |
) | — | |||||||||||||||||||||||||
Net finance income/(cost) (guarantor subsidiaries) |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit/(loss) |
( |
) |
( |
) |
— |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from non-guarantor subsidiaries |
( |
) | — | ( |
) | — | ||||||||||||||||||||||
Income from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit of the year |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30 June 2022 Million US dollar |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
Property, plant and equipment |
— | — | — | — | ||||||||||||||||||||||||
Goodwill and intangible assets |
— | — | — | |||||||||||||||||||||||||
Investments in subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
( |
) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Inventories |
— | — | — | — | ||||||||||||||||||||||||
Derivatives |
— | — | — | — | ||||||||||||||||||||||||
Trade and other receivables |
— | — | — | |||||||||||||||||||||||||
Cash and cash equivalents |
— | |||||||||||||||||||||||||||
Other current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current assets |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total equity |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | ||||||||||||||||||||||||||
Employee benefits |
— | — | — | — | ||||||||||||||||||||||||
Deferred tax liabilities |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current liabilities |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | |||||||||||||||||||||||||
Bank overdrafts |
— | — | ||||||||||||||||||||||||||
Trade and other payables |
— | |||||||||||||||||||||||||||
Other current liabilities |
— | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31 December 2021 Million US dollar |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
Property, plant and equipment |
— | — | — | — | ||||||||||||||||||||||||
Goodwill and intangible assets |
— | — | — | |||||||||||||||||||||||||
Investments in subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current assets |
— | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current assets |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due from guarantor subsidiaries |
( |
) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Inventories |
— | — | — | — | — | |||||||||||||||||||||||
Derivatives |
— | — | — | — | ||||||||||||||||||||||||
Trade and other receivables |
— | — | — | |||||||||||||||||||||||||
Cash and cash equivalents |
— | |||||||||||||||||||||||||||
Other current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current assets |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total equity |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | ||||||||||||||||||||||||||
Employee benefits |
— | — | — | — | ||||||||||||||||||||||||
Deferred tax liabilities |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current liabilities |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | |||||||||||||||||||||||||
Bank overdrafts |
— | — | — | |||||||||||||||||||||||||
Trade and other payables |
— | |||||||||||||||||||||||||||
Other current liabilities |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|