Form 20-F ✓ |
Form 40-F |
Exhibit Number |
Description | |
99.1 |
||
101.INS |
Inline XBRL Instance Document | |
101.SCH |
Inline XBRL Taxonomy Extension Schema | |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase | |
01.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase | |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase | |
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ANHEUSER-BUSCH INBEV SA/NV (Registrant) | ||||||||||
Dated: August 3, 2023 |
By: /s/ Jan Vandermeersch | |||||||||
Name: Jan Vandermeersch | ||||||||||
Title: Global Legal Director Corporate |
• | global, regional and local economic weakness and uncertainty, including the risks of an economic downturn, recession and/or inflationary pressures in one or more of our key markets, and the impact they may have on us, our customers and our suppliers and our assessment of that impact; |
• | continued geopolitical instability (including as a result of the ongoing conflict between Russia and Ukraine), which may have a substantial impact on the economies of one or more of our key markets and may result in, among other things, disruptions to global supply chains, increases in commodity and energy prices with follow-on inflationary impacts, and economic and political sanctions; |
• | 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; |
• | 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 or increase our prices to offset increased costs; |
• | failure to meet 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; |
• | damage to our reputation or brand image; |
• | climate change and other environmental concerns; |
• | 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 such as the COVID-19 pandemic, cyberattacks and military conflict and political instability; |
• | any inability to economically hedge certain risks; |
• | inadequate impairment provisions and loss reserves; |
• | technological disruptions, threats to cybersecurity and the risk of loss or misuse of personal data; |
• | other statements included in this document that are not historical; and |
• | our success in managing the risks involved in the foregoing. |
• | Lead and grow the category : In the first six months of 2023, we invested approximately USD 3.5 billion in sales and marketing, an increase of 12.8% versus the same period in 2022, driving an increase of our portfolio brand power5 in approximately 60% of our key markets. We are executing on five proven and scalable levers to drive category expansion: |
○ |
Inclusive Category |
○ |
Core Superiority mid-single digit1 revenue increase, as double-digit growth in South Africa and Colombia was partially offset by the revenue decline of Bud Light in the US. Our mainstream brands gained or maintained share of segment in two thirds of our key markets, according to our estimates. |
○ |
Occasions Development no-alcohol beer portfolio delivered approximately 30%1 revenue growth in the second quarter of 2023, with our performance driven by Budweiser Zero in Brazil and the growth of Corona Cero in Canada and Europe. Leveraging our digital direct-to-consumer |
○ |
Premiumization : Our above core beer portfolio grew revenue by more than 10%1 in the second quarter of 2023, led by our global brands and double-digit1 growth of Modelo in Mexico and Spaten in Brazil. Our global brands grew revenue by 18.4%1,6 outside of their home markets in the second quarter of 2023, led by Corona, which was recently recognized by Kantar BrandZ as the #1 fastest growing global beer brand by value, which grew 23.7%1, 6 . Budweiser delivered a revenue increase of 16.9%1,6 with broad-based growth in 25 markets and supported by the return of consumer demand in China. Stella Artois grew by 14.5%1,6. |
○ |
Beyond Beer 1 as growth globally was partially offset by a soft malt-based seltzer industry in the US. Global growth was primarily driven by the expansion of Brutal Fruit in Africa and the Vicky portfolio in Mexico. |
• | Digitize and monetize our ecosystem |
○ |
Digitizing our relationships with more than 6 million customers globally |
2023 captured through B2B digital platforms. In the second quarter of 2023, BEES had 3.3 million monthly active users and captured approximately USD 9.2 billion in gross merchandise value (GMV), growth of 15% and 30% versus the second quarter of 2022 respectively. BEES Marketplace is live in 15 markets with 63% of BEES customers also Marketplace buyers. Marketplace captured approximately USD 340 million in GMV from sales of third-party products in the second quarter of 2023, growth of 41% versus the same period last year. |
○ |
Leading the way in DTC solutions : Our omnichannel direct-to-consumer |
• | Optimize our business : In the first six months of 2023, disciplined overhead management and efficient allocation of resources across our operations, enabled us to invest approximately USD 2.1 billion in capex and USD 3.5 billion in sales and marketing to drive the organic growth of our business, while managing the continued elevated cost environment. Underlying EPS4 for the first six months of 2023 was USD 1.37, an increase of USD 0.04 per same period of 2022, cycling a USD 0.05 per share net benefit from tax credits in Brazil year-over-year. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change |
||||||||||
(USD million, except volumes) |
(%) (1) |
|||||||||||
Volumes (thousand hectoliters) |
288,131 | 289,074 | (0.3 | ) | ||||||||
Revenue |
29,333 | 28,027 | 4.7 | |||||||||
Cost of sales |
(13,536 | ) | (12,784 | ) | (5.9 | ) | ||||||
Gross profit |
15,796 | 15,243 | 3.6 | |||||||||
Selling, General and Administrative expenses |
(9,051 | ) | (8,616 | ) | (5.0 | ) | ||||||
Other operating income/(expenses) |
327 | 478 | (31.6 | ) | ||||||||
Exceptional items |
(107 | ) | (105 | ) | (1.9 | ) | ||||||
Profit from operations |
6,965 | 7,000 | (0.5 | ) | ||||||||
Normalized EBITDA (²) |
9,668 | 9,583 | 0.9 |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | Normalized EBITDA is a non-IFRS measure. 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 2023 |
Six-month period ended 30 June 2022 |
Change | ||||||||||
(thousand hectoliters) |
(%) (1) | |||||||||||
North America |
47,395 | 51,448 | (7.9 | ) | ||||||||
Middle Americas |
72,164 | 72,024 | 0.2 | |||||||||
South America |
76,023 | 76,815 | (1.0 | ) | ||||||||
EMEA |
42,842 | 42,962 | (0.3 | ) | ||||||||
Asia Pacific |
49,589 | 45,385 | 9.3 | |||||||||
Global Export and Holding Companies |
117 | 440 | (73.4 | ) | ||||||||
Total |
288,131 |
289,074 |
(0.3 |
) | ||||||||
(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 period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change | ||||||||||
(USD million) |
(%) (1) | |||||||||||
North America |
7,926 | 8,192 | (3.2 | ) | ||||||||
Middle Americas |
7,573 | 6,693 | 13.1 | |||||||||
South America |
5,849 | 5,333 | 9.7 | |||||||||
EMEA |
4,070 | 3,940 | 3.3 | |||||||||
Asia Pacific |
3,679 | 3,471 | 6.0 | |||||||||
Global Export & Holding Companies |
236 | 399 | (40.9 | ) | ||||||||
Total |
29,333 |
28,027 |
4.7 |
|||||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
· |
The 2022 and 2023 acquisitions and disposals had no significant impact on our consolidated revenue for the six-month period ended 30 June 2023 compared to the six-month period ended 30 June 2022. |
· |
Our consolidated revenue for the six-month period ended 30 June 2023 also reflects a negative currency translation impact of USD 1,459 million mainly arising from currency translation effects in EMEA, South America and Asia Pacific. |
· |
In South America, the growth in the revenue per hectoliter in Argentina was driven primarily by revenue management initiatives in a highly inflationary environment. In Brazil, we reported double-digit revenue per hectoliter growth, driven by revenue management initiatives and continued premiumization. |
· |
In Middle Americas, the growth in the revenue per hectoliter was driven by pricing actions and other revenue management initiatives. |
· |
In EMEA, the growth in the revenue per hectoliter was driven by pricing actions. In Europe, there was also continued momentum of our premium and super premium brands. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change | ||||||||||
(USD million) |
(%) (1) | |||||||||||
North America |
(3,420 | ) | (3,349 | ) | (2.1 | ) | ||||||
Middle Americas |
(2,926 | ) | (2,625 | ) | (11.5 | ) | ||||||
South America |
(2,949 | ) | (2,792 | ) | (5.6 | ) | ||||||
EMEA |
(2,210 | ) | (2,000 | ) | (10.5 | ) | ||||||
Asia Pacific |
(1,750 | ) | (1,655 | ) | (5.7 | ) | ||||||
Global Export & Holding Companies |
(281 | ) | (362 | ) | 22.4 | |||||||
Total |
(13,536 |
) |
(12,784 |
) |
(5.9 |
) | ||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
· |
The 2022 and 2023 acquisitions and disposals did not have a significant impact on our consolidated cost of sales for the six-month period ended 30 June 2023 compared to the six-month period ended 30 June 2022. |
· |
Our consolidated cost of sales for the six-month period ended 30 June 2023 also reflects a positive currency translation impact of USD 690 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Six-month periodended 30 June 2023 |
Six-month periodended 30 June 2022 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Selling, General and Administrative expenses |
(9,051 | ) | (8,616 | ) | (5.0 | ) | ||||||
Other operating income/(expenses) |
327 | 478 | (31.6 | ) | ||||||||
Total Operating Expenses |
(8,724 |
) |
(8,138 |
) |
(7.2 |
) | ||||||
(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 2023 |
Six-month periodended 30 June 2022 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
(2,354 | ) | (2,279 | ) | (3.3 | ) | ||||||
Middle Americas |
(1,863 | ) | (1,631 | ) | (14.2 | ) | ||||||
South America |
(1,804 | ) | (1,609 | ) | (12.1 | ) | ||||||
EMEA |
(1,307 | ) | (1,341 | ) | 2.5 | |||||||
Asia Pacific |
(1,033 | ) | (999 | ) | (3.4 | ) | ||||||
Global Export & Holding Companies |
(692 | ) | (756 | ) | 8.5 | |||||||
Total |
(9,051 |
) |
(8,616 |
) |
(5.0 |
) | ||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2022 and 2023 acquisitions and disposals had no significant impact on our consolidated selling, general and administrative expenses for the six-month period ended 30 June 2023 compared to the six-month period ended 30 June 2022. |
• | Our consolidated selling, general and administrative expenses for the six-month period ended 30 June 2023 also reflects a positive currency translation impact of USD 426 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
18 | 28 | (35.7 | ) | ||||||||
Middle Americas |
8 | (12 | ) | - | ||||||||
South America |
171 | 312 | (45.2 | ) | ||||||||
EMEA |
83 | 88 | (5.7 | ) | ||||||||
Asia Pacific |
53 | 67 | (20.9 | ) | ||||||||
Global Export & Holding Companies |
(6 | ) | (5 | ) | (20.0 | ) | ||||||
Total |
327 |
478 |
(31.6 |
) | ||||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2022 and 2023 acquisitions and disposals and the 2022 Brazilian tax credits negatively impacted our net consolidated other operating income and expenses by USD 204 million on a net basis for the six-month period ended 30 June 2023 compared to the six-month period ended 30 June 2022. |
• | Our net consolidated other operating income and expenses for the six-month period ended 30 June 2023 had no significant currency translation impact. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||
(USD million) |
||||||||
COVID-19 costs |
- | (13 | ) | |||||
Restructuring |
(50 | ) | (51 | ) | ||||
Business and asset disposal (including impairment losses) |
(38 | ) | 6 | |||||
Legal costs |
(19 | ) | - | |||||
AB InBev Efes related costs |
- | (47 | ) | |||||
Total |
(107 |
) |
(105 |
) | ||||
Six-month periodended 30 June 2023 |
Six-month periodended 30 June 2022 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
2,131 | 2,570 | (17.1 | ) | ||||||||
Middle Americas |
2,781 | 2,416 | 15.1 | |||||||||
South America |
1,241 | 1,234 | 0.6 | |||||||||
EMEA |
618 | 667 | (7.4 | ) | ||||||||
Asia Pacific |
944 | 879 | 7.4 | |||||||||
Global Export & Holding Companies |
(749 | ) | (766 | ) | 2.2 | |||||||
Total |
6,965 |
7,000 |
(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 2022 and 2023 acquisitions and disposals and the Brazilian tax credits negatively impacted our consolidated profit from operations by USD 239 million for the six-month period ended 30 June 2023 compared to the six-month period ended 30 June 2022. |
• | Our consolidated profit from operations for the six-month period ended 30 June 2023 also reflects a negative currency translation impact of USD 358 million. |
• | Our profit from operations for the six-month period ended 30 June 2023 was negatively impacted by USD 107 million of certain exceptional items, as compared to a negative impact of USD 105 million for the six-month period ended 30 June 2022. See “Exceptional Items” above for a description of exceptional items that impacted our profit from operations for the six-month period ended 30 June 2023 and 2022. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Profit attributable to equity holders of AB InBev |
1,977 | 1,692 | 16.8 |
|||||||||
Profit attributable to non-controlling interests |
678 | 782 | (13.3 |
) | ||||||||
Profit of the period |
2,655 |
2,474 |
7.3 |
|||||||||
Net finance cost |
3,223 | 2,268 | (42.1 |
) | ||||||||
Income tax expense |
1,192 | 1,244 | 4.2 |
|||||||||
Share of result of associates |
(105 | ) | (129 | ) | (18.6 |
) | ||||||
Exceptional share of results of associates |
- |
1,143 | - |
|||||||||
Profit from operations |
6,965 |
7,000 |
(0.5 |
) | ||||||||
Exceptional items |
107 | 105 | (1.9 | ) | ||||||||
Profit from operations, before exceptional items (2) |
7,072 |
7,105 |
(0.5 |
) | ||||||||
Depreciation, amortization and impairment |
2,596 | 2,477 | (4.8 |
) | ||||||||
Normalized EBITDA (3) |
9,668 |
9,583 |
0.9 |
|||||||||
(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 2022 Compared to Year Ended 31 December 2021—Normalized EBITDA” of our 2022 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 2022 Compared to Year Ended 31 December 2021—Normalized EBITDA” of our 2022 Annual Report for additional information on our definition and use of Normalized EBITDA. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
Change |
||||||||||||||
(USD million) |
(%) (1) |
|||||||||||||||
Net interest expense |
(1,630) | (1,683) | 3.1 | |||||||||||||
Net interest on net defined benefit liabilities |
(42) | (37) | (13.5) | |||||||||||||
Accretion expense |
(385) | (336) | (14.6) | |||||||||||||
Net interest income on Brazilian tax credits |
78 | 113 | (31.0) | |||||||||||||
Other financial results |
(540) | (501) | (7.8) | |||||||||||||
Net finance cost before exceptional finance results (2) |
(2,520) |
(2,444) |
(3.1) |
|||||||||||||
Mark-to-market (2) |
(703) | 296 | - | |||||||||||||
Gain/(loss) on bond redemption and other |
- | (120) | - | |||||||||||||
Exceptional net finance income/(cost) (2) |
(703) |
176 |
- |
|||||||||||||
Net finance income/(cost) |
(3,223) |
(2,268) |
(42.1) |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | The financial information for the six-month period ended 30 June 2022 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2023 to reflect the change in classification of mark-to-market |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||
Share price at the start of the six-month period (in euro) |
56.27 | 53.17 | ||||||||
Share price at the end of the six-month period (in euro) |
51.83 | 51.36 | ||||||||
Number of derivative equity instruments at the end of the period (in millions) |
100.5 | 100.5 |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||
(USD million) |
||||||||||
Profit attributable to equity holders of AB InBev |
1,977 |
1,692 |
||||||||
Exceptional items, before taxes |
107 | 105 | ||||||||
Exceptional net finance cost, before taxes (1) |
703 | (176) | ||||||||
Exceptional share of results of associates |
- | 1,143 | ||||||||
Exceptional taxes |
(51) | (69) | ||||||||
Exceptional non-controlling interest |
(9) | 3 | ||||||||
Hyperinflation impacts |
35 | (26) | ||||||||
Underlying profit, attributable to equity holders of AB InBev (2) |
2,762 |
2,672 |
(1) | The financial information for the six-month period ended 30 June 2022 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2023 to reflect the change in classification of mark-to-market |
(2) | Underlying profit, attributable to equity holders of AB InBev is a non-IFRS measure. See “Item 5. Operating and Financial Review and Results of Operations—Results of Operations—Year Ended 31 December 2022 Compared to Year Ended 31 December 2021—Profit Attributable to Our Equity Holders” of our 2022 Annual Report for additional information on our definition and use of Underlying profit attributable to equity holders of AB InBev. |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||||
(USD per share) |
||||||||||||
Basic earnings per share |
0.98 |
0.84 |
||||||||||
Exceptional items, before taxes |
0.05 | 0.05 | ||||||||||
Exceptional net finance cost, before taxes (1) |
0.35 | (0.09) | ||||||||||
Exceptional share of results of associates |
- | 0.57 | ||||||||||
Exceptional taxes |
(0.03) | (0.03) | ||||||||||
Hyperinflation accounting impacts in EPS |
0.02 | (0.01) | ||||||||||
Underlying EPS (2) |
1.37 |
1.33 |
(1) | The financial information for the six-month period ended 30 June 2022 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2023 to reflect the change in classification of mark-to-market |
(2) | Underlying EPS is a non-IFRS measure. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2022 Compared to the Year Ended 31 December 2021—Profit Attributable to Our Equity Holders” of our 2022 Annual Report for additional information on our definition and use of Underlying EPS. |
Six-month period ended |
||||||||||||
30 June 2023 |
30 June 2022 |
|||||||||||
U.S. dollar |
27.3% | 29.3% | ||||||||||
Brazilian real |
14.5% | 13.7% | ||||||||||
Mexican peso |
12.3% | 10.3% | ||||||||||
Chinese yuan |
9.6% | 9.4% | ||||||||||
Euro |
5.5% | 5.5% | ||||||||||
Colombian peso |
3.6% | 4.1% | ||||||||||
South African rand |
3.6% | 3.9% | ||||||||||
Argentinean peso (1) |
3.4% | 3.3% | ||||||||||
Canadian dollar |
3.2% | 3.4% | ||||||||||
Peruvian nuevo sol |
3.1% | 2.8% | ||||||||||
Dominican peso |
2.1% | 2.0% | ||||||||||
Pound sterling |
1.9% | 2.1% | ||||||||||
South Korean won |
1.9% | 2.1% | ||||||||||
Other |
7.9% | 8.0% |
(1) | Hyperinflation accounting was adopted starting from the September year-to-date |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||||
(USD million) |
||||||||||||
Cash flow from operating activities |
1,597 | 2,182 | ||||||||||
Cash flow from/(used in) investing activities |
(2,061) | (1,917) | ||||||||||
Cash flow from/(used in) financing activities |
(2,823) | (5,392) | ||||||||||
Net increase/(decrease) in cash and cash equivalents |
(3,287) |
(5,128) |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||||
(USD million) |
||||||||||||
Profit |
2,655 | 2,474 | ||||||||||
Interest, taxes and non-cash items included in profit |
7,512 | 7,015 | ||||||||||
Cash flow from operating activities before changes in working capital and provisions |
10,167 |
9,489 |
||||||||||
Change in working capital |
(4,615) | (3,339) | ||||||||||
Pension contributions and use of provisions |
(192) | (195) | ||||||||||
Interest and taxes (paid)/received |
(3,806) | (3,823) | ||||||||||
Dividends received |
43 | 50 | ||||||||||
Cash flow from operating activities |
1,597 |
2,182 |
Six-month period ended 30 June 2023 |
Six-month period ended 30 June 2022 |
|||||||||||
(USD million) |
||||||||||||
Net capital expenditure (1) |
(2,063) | (1,939) | ||||||||||
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of |
(8) | (44) | ||||||||||
Proceeds from sale/(acquisition) of other assets |
10 | 66 | ||||||||||
Cash flow from / (used in) investing activities |
(2,061) |
(1,917) |
(1) | Net capital expenditure consists of acquisitions of plant, property and equipment and of intangible assets, minus proceeds from sale. |
Six-month periodended 30 June 2023 |
Six-month periodended 30 June 2022 | |||||||||||
(USD million) | ||||||||||||
Dividends paid |
(1,923 | ) | (1,276 | ) | ||||||||
Net (payments on)/proceeds from borrowings |
155 | (3,452 | ) | |||||||||
Payments of lease liabilities |
(359 | ) | (286 | ) | ||||||||
Other (including purchase of non-controlling interests) |
(696 | ) | (378 | ) | ||||||||
Cash flow from / (used in) financing activities |
(2,823 |
) |
(5,392 |
) |
Six-month periodended 30 June 2023¹ |
Year ended 31 December 2022² |
|||||||||||
USD million |
USD million |
|||||||||||
Income Statement Data |
||||||||||||
Revenue |
7,198 | 15,231 | ||||||||||
Gross profit |
3,675 | 8,183 | ||||||||||
Profit for the period |
66 | 975 | ||||||||||
Six-month periodended 30 June 2023 |
Year ended 31 December 2022 |
|||||||||||
USD million |
USD million |
|||||||||||
Statement of Financial Position Data |
||||||||||||
Due from non-guarantor subsidiaries |
95,048 | 99,031 | ||||||||||
Other non-current assets |
62,182 | 61,978 | ||||||||||
Non-current assets |
157,230 |
161,009 |
||||||||||
Due from non-guarantor subsidiaries |
10,064 | 3,595 | ||||||||||
Other current assets |
7,044 | 13,367 | ||||||||||
Current assets |
17,108 |
16,962 |
||||||||||
Due to non-guarantor subsidiaries |
23,547 | 24,657 | ||||||||||
Other non-current liabilities |
83,889 | 84,502 | ||||||||||
Non-current liabilities |
107,435 |
109,159 |
||||||||||
Due to non-guarantor subsidiaries |
10,824 | 12,894 | ||||||||||
Other current liabilities |
20,031 | 22,668 | ||||||||||
Current liabilities |
30,855 |
35,562 |
(1) | For the six-month period ended 30 June 2023, revenue, gross profit and profit of the period includes USD 104 million, USD (225) million and USD 1,130 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
(2) | For the year ended 31 December 2022, revenue, gross profit and profit of the period includes USD 299 million, USD (439) million and USD 25 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 |
For the six-month period ended 30 June |
||||||||||
Million US dollar, except earnings per shares in US dollar |
No tes |
20 23 |
2022¹ | |||||||
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 |
For the six-month period ended 30 June |
||||||||||
Million US dollar |
Notes |
2023 |
2022 |
|||||||
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 |
Million US dollar |
Notes |
30 June 2023 |
31 December 2022 | |||||||
ASSETS |
||||||||||
Non-current assets |
||||||||||
Property, plant and equipment |
10 | |||||||||
Goodwill |
11 | |||||||||
Intangible assets |
12 | |||||||||
Investments 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 |
||||||||||||||||||||||||||||||||||||||
Issued |
Share |
Treasury |
Other comprehensive income |
Retained |
Non- controlling |
Total | ||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Capital |
premium |
shares |
Reserves |
reserves |
earnings |
Total |
interest |
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 |
( |
( |
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||
Issued |
Share |
Treasury |
Other comprehensive income |
Retained |
Non- controlling |
Total | ||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Capital |
premium |
shares |
Reserves |
reserves |
earnings |
Total |
interest |
Equity | ||||||||||||||||||||||||||||
As per 1 January 2023 |
( |
( |
||||||||||||||||||||||||||||||||||||
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 2023 |
( |
( |
For the six-month period ended 30 June |
||||||||||
Million US dollar |
Notes |
2023 |
2022¹ | |||||||
OPERATING ACTIVITIES |
||||||||||
Profit of the period |
||||||||||
Depreciation, amortization and impairment |
||||||||||
Net finance cost/(income) |
8 | |||||||||
Equity-settled share-based payment expense |
18 | |||||||||
Income tax expense |
9 | |||||||||
Other non-cash items |
( |
|||||||||
Share of result of associates |
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/(used in) 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 |
||||||||||
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of |
( |
( |
||||||||
Proceeds from sale/(acquisition) of other assets |
||||||||||
Cash flow from/(used in) investing activities |
( |
( |
||||||||
FINANCING ACTIVITIES |
||||||||||
Sale/(purchase) of non-controlling interests |
( |
( |
||||||||
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 |
|||
1. |
Corporate information |
2. |
Statement of compliance |
3. |
Summary of s ignificant accounting policies |
Closing rate |
Average rate |
|||||||||||||||
1 US dollar equals: |
30 June 2023 |
31 December 2022 |
30 June 2023 |
30 June 2022 |
||||||||||||
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 |
||||||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
|||||||||||||||||||||||||||||||||||||||||||
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. |
Acquisi ti ons and disposals of subsidiaries |
7. |
Exceptional items |
For the six-month period ended 30 June Million US dollar |
2023 |
2022¹ | ||||||
COVID-19 costs |
( |
|||||||
Restructuring |
( |
( |
||||||
Business and asset disposal (including impairment losses) |
( |
|||||||
Legal 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 |
2023 |
2022¹ |
|||||||||||||||||||||||||||
Million US dollar |
Finance cost |
Finance income |
Net |
Finance cost |
Finance income |
Net |
||||||||||||||||||||||
Interest income/(expense) |
( |
( |
) | ( |
( |
) | ||||||||||||||||||||||
Net interest on net defined benefit liabilities |
( |
- | ( |
) | ( |
- | ( |
) | ||||||||||||||||||||
Accretion expense |
( |
- | ( |
) | ( |
- | ( |
) | ||||||||||||||||||||
Net interest income on Brazilian tax credits |
- | - | ||||||||||||||||||||||||||
Other financial results |
( |
( |
) | ( |
( |
) | ||||||||||||||||||||||
Finance income/(cost) excluding exceptional items |
( |
( |
) |
( |
( |
) | ||||||||||||||||||||||
Exceptional finance income/(cost) |
( |
- | ( |
) | ( |
|||||||||||||||||||||||
Finance income/(cost) |
( |
( |
) |
( |
( |
) |
2023 |
2022¹ |
|||||||||||||||||||||||||||
Million US dollar |
Finance cost |
Finance income |
Net |
Finance cost |
Finance income |
Net |
||||||||||||||||||||||
Net foreign exchange gains/(losses) |
( |
- | ( |
) | ( |
- | ( |
) | ||||||||||||||||||||
Net gains/(losses) on hedging instruments |
( |
- | ( |
) | ( |
- | ( |
) | ||||||||||||||||||||
Hyperinflation monetary adjustments |
- | - | ||||||||||||||||||||||||||
Other financial income/(cost), including bank fees and taxes |
( |
( |
) | ( |
( |
) | ||||||||||||||||||||||
Other financial results |
( |
( |
) |
( |
( |
) |
• | ( mark-to-market |
• | In the six-month period ended 30 June 2022, ( |
9. |
Income taxes |
For the six-month period ended 30 June Million US dollar |
2023 |
2022 |
||||||
Current tax expense |
( |
) | ( |
|||||
Deferred tax (expense)/income |
||||||||
Total income tax expense in the income statement |
( |
) |
( |
For the six-month period ended 30 June Million US dollar |
2023 |
2022 |
||||||
Profit/(loss) before tax |
||||||||
Deduct share of results of associates |
||||||||
Deduct exceptional share of results of associates |
- | ( |
||||||
Profit before tax and before share of results of associates |
||||||||
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 |
10. |
Property, plant and equipment |
Million US dollar |
30 June 2023 |
31 December 2022 |
||||||
Property, plant and equipment owned |
||||||||
Property, plant and equipment leased (right-of-use |
||||||||
Total property, plant and equipment |
30 June 2023 |
31 December 2022 |
|||||||||||||||||||
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 |
||||||||||||||||||||
Disposals through sale and derecognition |
( |
( |
( |
( |
||||||||||||||||
Disposals through the sale of subsidiaries |
- |
( |
||||||||||||||||||
Transfer (to)/from other asset categories and other movements¹ |
( |
|||||||||||||||||||
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 movements¹ |
( |
( |
( |
( |
||||||||||||||||
Balance at end of the period |
( |
( |
- |
( |
( |
|||||||||||||||
Carrying amount |
||||||||||||||||||||
at 31 December 2022 |
||||||||||||||||||||
at 30 June 2023 |
- |
30 June 2023 |
||||||||||||
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 2022 |
||||||||||||
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 2023 |
31 December 2022 |
||||||
Acquisition cost |
||||||||
Balance at end of previous year |
||||||||
Effect of movements in foreign exchange |
( |
|||||||
Disposals through the sale of subsidiaries |
- | ( |
||||||
Transfers (to)/from other asset categories |
( |
( |
||||||
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 2023 |
31 December 2022 |
||||||
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 2023 |
31 December 2022 |
|||||||||||||||||||||||
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 |
( |
- | ( |
( |
( |
( |
||||||||||||||||||
Transfer (to)/from other asset categories and other movements¹ |
( |
|||||||||||||||||||||||
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 |
- | - | ||||||||||||||||||||||
Transfer to/(from) other asset categories and other movements¹ |
- | ( |
( |
( |
( |
( |
||||||||||||||||||
Balance at end of period |
( |
( |
( |
( |
( |
( |
||||||||||||||||||
Carrying value |
||||||||||||||||||||||||
at 31 December 2022 |
||||||||||||||||||||||||
at 30 June 2023 |
13. |
Investments in associates |
2023 |
2022 |
|||||||||||||||||||||||
Million US dollar |
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 |
- |
14. |
Trade and other receivables |
Million US dollar |
30 June 2023 |
31 December 2022 | ||||||
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 |
Of which: neither |
Of which not impaired as of the reporting date and past due |
|||||||||||||||||||||||
Net carrying amount as of 30 June 2023 |
impaired nor past due on the reporting date |
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 |
Of which: neither |
Of which not impaired as of the reporting date and past due |
||||||||||||||||||||||
amount as of 31 December 2022 |
impaired nor past due on the reporting date |
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 2023 |
31 December 2022 |
||||||
Short-term bank deposits |
||||||||
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 2023 |
31 December 2022 |
||||||
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 |
( |
) | ( |
) | ||||||||
At the end of the current period |
( |
) |
( |
) |
Million US dollar |
Translation Reserves |
Hedging reserves |
Post- employment benefits |
Total OCI Reserves |
||||||||||||
As per 1 January 2023 |
( |
( |
( |
|||||||||||||
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 2023 |
( |
( |
( |
( |
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 shares |
2023 |
2022 |
||||||
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 |
2023 |
2022 |
||||||
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 June |
||||||||
Million US dollar |
2023 |
2022¹ | ||||||
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 |
||||||||
Hyperinflation impacts |
( |
|||||||
Underlying profit |
For the six-month period ended 30 June |
||||||||
Million US dollar |
2023 |
2022 | ||||||
Profit attributable to equity holders of AB InBev |
||||||||
Weighted average number of ordinary and restricted shares |
||||||||
Basic EPS |
||||||||
Underlying profit |
||||||||
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 |
17. |
Interest-bearing loans and borrowings |
Million US dollar |
30 June 2023 |
31 December 2022 | ||||||
Unsecured bond issues |
||||||||
Lease liabilities |
||||||||
Unsecured other loans |
||||||||
Secured bank loans |
||||||||
Non-current interest-bearing loans and borrowings |
||||||||
Unsecured bond issues |
||||||||
Lease liabilities |
||||||||
Secured bank loans |
||||||||
Unsecured bank loans |
||||||||
Unsecured other loans |
||||||||
Current interest-bearing loans and borrowings |
||||||||
Interest-bearing loans and borrowings |
Million US dollar |
30 June 2023 |
31 December 2022 |
||||||
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 2023 |
||||||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
|||||||
Capitalization / (payment) of lease liabilities |
( |
|||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
||||||||
Current portion of long-term debt |
( |
|||||||
(Gain)/Loss on bond redemption and other movements |
||||||||
Balance at 30 June 2023 |
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 |
( |
|||||||
(Gain)/Loss on bond redemption and other movements |
||||||||
Balance at 30 June 2022 |
18. |
Share-based payments |
19. |
Risks arising from financial instruments |
30 June 2023 |
31 December 2022 |
|||||||||||||||||||||||||||||||
At fair |
At fair |
|||||||||||||||||||||||||||||||
value |
At fair |
value |
At fair |
|||||||||||||||||||||||||||||
At |
through |
value |
At |
through |
value |
|||||||||||||||||||||||||||
amortized |
profit or |
through |
amortized |
profit or |
through |
|||||||||||||||||||||||||||
Million US dollar |
cost |
loss |
OCI |
Total |
cost |
loss |
OCI |
Total |
||||||||||||||||||||||||
Cash and cash equivalents |
- | - | - | - | ||||||||||||||||||||||||||||
Trade and other receivables |
- | - | - | - | ||||||||||||||||||||||||||||
Investment securities |
||||||||||||||||||||||||||||||||
Interest rate swaps |
- | - | ||||||||||||||||||||||||||||||
Cross currency interest rate swaps |
- | - | ||||||||||||||||||||||||||||||
Foreign exchange forwards |
- | - | ||||||||||||||||||||||||||||||
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 forwards |
- | - | ||||||||||||||||||||||||||||||
Foreign currency futures |
- | - | - | - | ||||||||||||||||||||||||||||
Commodities |
- | - | - | - | ||||||||||||||||||||||||||||
Interest rate swaps |
- | - | ||||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||
Non-current |
||||||||||||||||||||||||||||||||
Current |
30 June 2023 |
Before hedging |
After hedging |
||||||||||||||
Interest-bearing financial liabilities |
Effective |
Amount |
Effective |
Amount |
||||||||||||
Million US dollar |
interest rate |
interest rate |
||||||||||||||
Floating rate |
||||||||||||||||
Canadian dollar |
- | - | ||||||||||||||
Euro |
||||||||||||||||
US dollar |
- | - | ||||||||||||||
Brazilian real |
||||||||||||||||
Other |
||||||||||||||||
Fixed rate |
||||||||||||||||
Canadian dollar |
||||||||||||||||
Chinese yuan |
||||||||||||||||
Euro |
||||||||||||||||
Pound sterling |
||||||||||||||||
South Korean won |
||||||||||||||||
US dollar |
||||||||||||||||
Other |
||||||||||||||||
31 December 2022 |
Before hedging |
After hedging |
||||||||||||||
Interest-bearing financial liabilities |
Effective |
Amount |
Effective |
Amount |
||||||||||||
Million US dollar |
interest rate |
interest rate |
||||||||||||||
Floating rate |
||||||||||||||||
Canadian dollar |
- | - | ||||||||||||||
Euro |
||||||||||||||||
Pound sterling |
- | - | ||||||||||||||
South Korean won |
- | |||||||||||||||
US dollar |
- | - | ||||||||||||||
Other |
||||||||||||||||
Fixed rate |
||||||||||||||||
Canadian dollar |
||||||||||||||||
Chinese yuan |
||||||||||||||||
Euro |
||||||||||||||||
Pound sterling |
||||||||||||||||
South Korean won |
||||||||||||||||
US dollar |
||||||||||||||||
Other |
||||||||||||||||
30 June 2023 |
31 December 2022 |
|||||||||||||||||||||||
Million US dollar |
Gross |
Impairment |
Net carrying amount |
Gross |
Impairment |
Net carrying amount |
||||||||||||||||||
Cash and cash equivalents |
- | - | ||||||||||||||||||||||
Trade receivables |
( |
( |
) | |||||||||||||||||||||
Other receivables |
( |
( |
) | |||||||||||||||||||||
Derivatives |
- | - | ||||||||||||||||||||||
Cash deposits for guarantees |
- | - | ||||||||||||||||||||||
Investment in unquoted companies |
( |
( |
) | |||||||||||||||||||||
Investment in debt securities |
- | - | ||||||||||||||||||||||
Loans to customers |
- | - | ||||||||||||||||||||||
( |
( |
) |
30 June 2023 |
31 December 2022 |
|||||||
Balance at end of previous year |
( |
( |
||||||
Impairment losses |
( |
( |
||||||
Derecognition |
||||||||
Currency translation and other |
( |
|||||||
Balance at end of period |
( |
( |
· |
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. |
30 June 2023 |
||||||||||||||||||||||||||||
Million US dollar |
Carrying amount¹ |
Contractual cash flows |
Less than 1 year |
1-2 years |
2-3 years |
3-5 years |
More than 5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
||||||||||||||||||||||||||||
Unsecured bond issues |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Trade and other payables |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Lease liabilities |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Secured bank loans |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Unsecured bank loans |
( |
( |
( |
- | - | - | - | |||||||||||||||||||||
Unsecured other loans |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Bank overdraft |
( |
( |
( |
- | - | - | - | |||||||||||||||||||||
( |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Equity derivatives |
( |
( |
( |
- | - | - | ||||||||||||||||||||||
Foreign exchange derivatives |
( |
( |
( |
- | - | - | - | |||||||||||||||||||||
Cross currency interest rate swaps |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||
Commodity derivatives |
( |
( |
( |
- | - | - | ||||||||||||||||||||||
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||||
Of which: related to cash flow hedges |
( |
( |
( |
( |
( |
|||||||||||||||||||||||
31 December 2022 |
||||||||||||||||||||||||||||
Million US dollar |
Carrying amount¹ |
Contractual cash flows |
Less than 1 year |
1-2 years |
2-3 years |
3-5 years |
More than 5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
||||||||||||||||||||||||||||
Unsecured bond issues |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Trade and other payables |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Lease liabilities |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Secured bank loans |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Unsecured bank loans |
( |
( |
( |
- | - | |||||||||||||||||||||||
Unsecured other loans |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Bank overdraft |
( |
( |
( |
- | - | - | - | |||||||||||||||||||||
( |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Equity derivatives |
( |
( |
( |
- | - | - | ||||||||||||||||||||||
Foreign exchange derivatives |
( |
( |
( |
- | - | - | - | |||||||||||||||||||||
Cross currency interest rate swaps |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||
Commodity derivatives |
( |
( |
( |
( |
- | - | - | |||||||||||||||||||||
( |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||
Of which: related to cash flow hedges |
( |
( |
( |
( |
( |
- |
Assets |
Liabilities |
Net |
||||||||||||||||||||||
Million US dollar |
30 June 2023 |
31 December 2022 |
30 June 2023 |
31 December 2022 |
30 June 2023 |
31 December 2022 |
||||||||||||||||||
Foreign currency |
||||||||||||||||||||||||
Foreign exchange forwards |
( |
( |
( |
( |
||||||||||||||||||||
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 2023 |
31 December 2022 |
||||||||||||||
Million US dollar |
Carrying amount¹ |
Fair value |
Carrying amount¹ |
Fair value |
||||||||||||
Fixed rate |
||||||||||||||||
US dollar |
( |
( |
( |
( |
||||||||||||
Euro |
( |
( |
( |
( |
||||||||||||
Pound sterling |
( |
( |
( |
( |
||||||||||||
Canadian dollar |
( |
( |
( |
( |
||||||||||||
Other |
( |
( |
( |
( |
||||||||||||
( |
( |
( |
( |
Fair value hierarchy 30 June 2023 Million US dollar |
Quoted (unadjusted) prices - level 1 |
Observable market inputs - level 2 |
Unobservable market inputs - level 3 |
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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 fair value hedge relationship |
- | - | ||||||||||
Derivatives in a net investment hedge relationship |
- | - | ||||||||||
Fair value hierarchy 31 December 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 |
- | - | ||||||||||
20. |
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other |
21. |
Contingencies |
Million US dollar |
30 June 2023 |
31 December 2022 |
||||||
Income tax and social contribution |
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Value-added and excise taxes |
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Other taxes |
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22. |
Related parties |
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Cover Page |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Anheuser-Busch InBev SA/NV |
Entity Central Index Key | 0001668717 |
Consolidated Income Statement - USD ($) $ in Millions |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
[1] | |||||||
Profit or loss [abstract] | |||||||||
Revenue | $ 29,333 | $ 28,027 | |||||||
Cost of sales | (13,536) | (12,784) | |||||||
Gross profit | 15,796 | 15,243 | |||||||
Distribution expenses | (3,183) | (3,076) | |||||||
Sales and marketing expenses | (3,518) | (3,304) | |||||||
Administrative expenses | (2,350) | (2,237) | |||||||
Other operating income/(expenses) | 327 | 478 | |||||||
Exceptional costs above profit from operations | (107) | (105) | |||||||
Profit from operations | 6,965 | 7,000 | |||||||
Finance cost | (3,608) | (2,962) | |||||||
Finance income | 385 | 694 | |||||||
Net finance income/(cost) | (3,223) | (2,268) | |||||||
Share of result of associates | 105 | 129 | |||||||
Exceptional share of results of associates | (1,143) | ||||||||
Profit before tax | 3,847 | 3,718 | |||||||
Income tax expense | (1,192) | (1,244) | |||||||
Profit of the period | 2,655 | 2,474 | [2] | ||||||
Profit of the period attributable to: | |||||||||
Equity holders of AB InBev | 1,977 | 1,692 | [3] | ||||||
Non-controlling interest | $ 678 | $ 782 | |||||||
Basic earnings per share | $ 0.98 | $ 0.84 | |||||||
Diluted earnings per share | $ 0.96 | $ 0.83 | |||||||
|
Consolidated Statement of Financial Position - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Non-current assets | ||
Property, plant and equipment | $ 27,181 | $ 26,671 |
Goodwill | 116,168 | 113,010 |
Intangible assets | 40,973 | 40,209 |
Investments in associates | 4,728 | 4,656 |
Investment securities | 179 | 175 |
Deferred tax assets | 2,836 | 2,300 |
Employee benefits | 11 | 11 |
Income tax receivables | 835 | 883 |
Derivatives | 62 | 60 |
Trade and other receivables | 1,895 | 1,782 |
Total non-current assets | 194,868 | 189,757 |
Current assets | ||
Investment securities | 85 | 97 |
Inventories | 6,839 | 6,612 |
Income tax receivables | 912 | 813 |
Derivatives | 157 | 331 |
Trade and other receivables | 6,609 | 5,330 |
Cash and cash equivalents | 6,848 | 9,973 |
Assets classified as held for sale | 35 | 30 |
Total current assets | 21,483 | 23,186 |
Total assets | 216,352 | 212,943 |
Equity | ||
Issued capital | 1,736 | 1,736 |
Share premium | 17,620 | 17,620 |
Reserves | 18,835 | 15,218 |
Retained earnings | 39,269 | 38,823 |
Equity attributable to equity holders of AB InBev | 77,460 | 73,398 |
Non-controlling interests | 11,324 | 10,880 |
Total equity | 88,783 | 84,278 |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 78,323 | 78,880 |
Employee benefits | 1,521 | 1,534 |
Deferred tax liabilities | 12,003 | 11,818 |
Income tax payables | 595 | 610 |
Derivatives | 113 | 184 |
Trade and other payables | 872 | 859 |
Provisions | 370 | 396 |
Total non-current liabilities | 93,796 | 94,282 |
Current liabilities | ||
Bank overdrafts | 53 | 83 |
Interest-bearing loans and borrowings | 2,524 | 1,029 |
Income tax payables | 1,263 | 1,438 |
Derivatives | 6,340 | 5,308 |
Trade and other payables | 23,347 | 26,349 |
Provisions | 244 | 176 |
Total current liabilities | 33,773 | 34,383 |
Total equity and liabilities | $ 216,352 | $ 212,943 |
Consolidated Statement of Changes in Equity - USD ($) $ in Millions |
Total |
Issued capital [member] |
Share premium [member] |
Treasury shares [member] |
Reserves [member] |
OCI reserves [member] |
Retained earnings [member] |
Equity attributable to owners of parent [member] |
Non-controlling interest [member] |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 79,340 | $ 1,736 | $ 17,620 | $ (3,994) | $ 54,001 | $ (34,577) | $ 33,882 | $ 68,669 | $ 10,671 | |||||
Profit of the period | 2,474 | [1],[2] | 1,692 | 1,692 | 782 | |||||||||
Other comprehensive income/(loss) | 1,734 | 1,892 | 1,892 | (158) | ||||||||||
Total comprehensive income/(loss) | 4,208 | 1,892 | 1,691 | 3,584 | 624 | |||||||||
Dividends | (1,409) | (1,190) | (1,190) | (219) | ||||||||||
Treasury shares | 72 | 184 | (112) | 72 | ||||||||||
Share-based payments | 259 | 254 | 254 | 5 | ||||||||||
Hyperinflation monetary adjustments | 332 | 205 | 205 | 127 | ||||||||||
Scope and other changes | (51) | (42) | (42) | (9) | ||||||||||
Ending balance at Jun. 30, 2022 | 82,750 | 1,736 | 17,620 | (3,810) | 54,254 | (32,685) | 34,435 | 71,550 | 11,200 | |||||
Beginning balance at Dec. 31, 2022 | 84,278 | 1,736 | 17,620 | (3,706) | 54,477 | (35,553) | 38,823 | 73,398 | 10,880 | |||||
Profit of the period | 2,655 | 1,977 | 1,977 | 678 | ||||||||||
Other comprehensive income/(loss) | 2,882 | 3,072 | 3,072 | (189) | ||||||||||
Total comprehensive income/(loss) | 5,538 | 3,072 | 1,977 | 5,049 | 488 | |||||||||
Dividends | (1,855) | (1,581) | (1,581) | (273) | ||||||||||
Treasury shares | 82 | 312 | (230) | 82 | ||||||||||
Share-based payments | 244 | 232 | 232 | 12 | ||||||||||
Hyperinflation monetary adjustments | 525 | 324 | 324 | 201 | ||||||||||
Scope and other changes | (29) | (44) | (44) | 15 | ||||||||||
Ending balance at Jun. 30, 2023 | $ 88,783 | $ 1,736 | $ 17,620 | $ (3,393) | $ 54,709 | $ (32,481) | $ 39,269 | $ 77,460 | $ 11,324 | |||||
|
Consolidated Statement of Cash Flows - USD ($) $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
[2] | |||||
OPERATING ACTIVITIES | |||||||
Profit of the period | $ 2,655 | $ 2,474 | [1] | ||||
Depreciation, amortization and impairment | 2,595 | 2,477 | |||||
Net finance cost/(income) | 3,223 | 2,268 | |||||
Equity-settled share-based payment expense | 286 | 237 | |||||
Income tax expense | 1,192 | 1,244 | |||||
Other non-cash items | 321 | (225) | |||||
Share of result of associates | (105) | 1,014 | |||||
Cash flow from operating activities before changes in working capital and use of provisions | 10,167 | 9,489 | |||||
Decrease/(increase) in trade and other receivables | (1,325) | (581) | |||||
Decrease/(increase) in inventories | (228) | (833) | |||||
Increase/(decrease) in trade and other payables | (3,062) | (1,925) | |||||
Pension contributions and use of provisions | (192) | (195) | |||||
Cash generated from operations | 5,360 | 5,955 | |||||
Interest paid | (2,322) | (2,082) | |||||
Interest received | 512 | 177 | |||||
Dividends received | 43 | 50 | |||||
Income tax paid | (1,996) | (1,918) | |||||
Cash flow from/(used in) operating activities | 1,597 | 2,182 | |||||
INVESTING ACTIVITIES | |||||||
Acquisition of property, plant and equipment and of intangible assets | (2,107) | (2,002) | |||||
Proceeds from sale of property, plant and equipment and of intangible assets | 44 | 63 | |||||
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of | (8) | (44) | |||||
Proceeds from sale/(acquisition) of other assets | 10 | 66 | |||||
Cash flow from/(used in) investing activities | (2,061) | (1,917) | |||||
FINANCING ACTIVITIES | |||||||
Sale/(purchase) of non-controlling interests | (3) | (52) | |||||
Proceeds from borrowings | 181 | 68 | |||||
Payments on borrowings | (26) | (3,520) | |||||
Cash net finance (cost)/income other than interests | (693) | (326) | |||||
Payment of lease liabilities | (359) | (286) | |||||
Dividends paid | (1,923) | (1,276) | |||||
Cash flow from/(used in) financing activities | (2,823) | (5,392) | |||||
Net increase/(decrease) in cash and cash equivalents | (3,287) | (5,128) | |||||
Cash and cash equivalents less bank overdrafts at beginning of year | 9,890 | 12,043 | |||||
Effect of exchange rate fluctuations | 191 | (18) | |||||
Cash and cash equivalents less bank overdrafts at end of period | $ 6,794 | $ 6,897 | |||||
|
Corporate information |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Text block [abstract] | |||
Corporate information |
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona® and Stella Artois®; multi-country brands Beck’s®, Hoegaarden®, Leffe® and Michelob Ultra®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin® and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 167 000 employees based in nearly 50 countries worldwide. For 2022, AB InBev’s reported revenue was 57.8 billion US dollar (excluding joint ventures and associates). The unaudited condensed consolidated interim financial statements of the company for the six-month period ended 30 June 2023 comprise the company and its subsidiaries (together referred to as “AB InBev” or the “company”) and the company’s interest in associates, joint ventures and operations. The condensed consolidated interim financial statements for the six-month period ended 30 June 2023 and 2022 are unaudited; however, in the opinion of the company, the interim data include all adjustments necessary for a fair statement of the results for the interim period. The consolidated financial statements were authorized for issue by the Board of Directors on 2 August 2023. |
Statement of compliance |
6 Months Ended | ||
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Jun. 30, 2023 | |||
Text block [abstract] | |||
Statement of compliance |
The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34
Interim Financial Reporting |
Summary of significant accounting policies |
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Text block [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies |
The accounting policies applied are consistent with those applied in the annual consolidated financial statements as at and for the year ended 31 December 2022. (A) SUMMARY OF CHANGES IN ACCOUNTING POLICIES A number of amendments to standards became mandatory for the first time for the financial year beginning on 1 January 2023 and have not been listed in these unaudited condensed consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. (B) FOREIGN CURRENCIES The most important exchange rates that have been used in preparing the financial statements are:
The company applies hyperinflation accounting for its Argentinean subsidiaries. The 2023 results, restated for purchasing power, were translated at the June 2023 closing rate of 256.709065 Argentinean pesos per US dollar (2022 results – at the June 2022 closing rate of 125.210300 Argentinean pesos per US dollar). |
Use of estimates and judgments |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Text block [abstract] | |||
Use of estimates and judgments |
As from 1 January 2023, mark-to-market exceptional The other significant judgments made by management in applying the company’s accounting policies and the key sources of uncertainty are consistent with those applied in the annual consolidated financial statements as at and for the year ended 31 December 2022. |
Segment reporting |
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Segment reporting |
Segment information is presented by geographical segments, consistent with the information available to and regularly evaluated by the chief operating decision maker. AB InBev operates its business through six business segments. Regional and operating company management is responsible for managing performance, underlying risks, and the effectiveness of operations. Internally, AB InBev’s management uses profit from operations as a measure of the company’s segment performance which forms part of the basis for many of the company’s segment performance indicators to make decisions regarding the allocation of resources. The organizational structure comprises five regions: North America, Middle Americas, South America, EMEA and Asia Pacific. In addition to these five geographic regions, the company uses a sixth segment, Global Export and Holding Companies, for all financial reporting purposes. All figures in the table below are stated in million US dollar, except volume (million hls). The information presented is for the six-month period ended 30 June 2023 and 2022, except for segment assets (non-current) with comparatives at 31 December 2022.
For the
six-month period ended 30 June 2023, net revenue from the beer business amounted to 26 071m US dollar (30 June 2022: 25 063m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 3 262m US dollar (30 June 2022: 2 964m US dollar). |
Acquisitions and disposals of subsidiaries |
6 Months Ended | ||
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Jun. 30, 2023 | |||
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Acquisitions and disposals of subsidiaries |
The company undertook a series of acquisitions and disposals and/or settled payments related to prior year acquisitions during the
six-month period ended 30 June 2023 and 30 June 2022, with no significant impact in the consolidated financial statements. |
Exceptional items |
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Exceptional items |
IAS 1 Presentation of financial statements The exceptional items included in the income statement are as follows:
The exceptional restructuring charges for the six-month period ended 30 June 2023 total (50)m US dollar (30 June 2022: (51)m US dollar). These charges primarily relate to organizational alignments. These changes aim to eliminate overlapping organizations or duplicated processes, taking into account the matching of employee profiles with new organizational requirements. These one-time expenses provide the company with a lower cost base and bring a stronger focus to AB InBev’s core activities, quicker decision-making and improvements to efficiency, service and quality. Business and asset disposals (including impairment losses) amount to (38)m US dollar for the six-month period ended 30 June 2023 mainly comprising impairment of intangible assets and other non-core assets sold in the period. The company recorded exceptional legal costs of (19)m US dollar for the six-month period ended 30 June 2023 related to the successful outcome of a series of lawsuits regarding Ambev warrants (see also Note 21 Contingencies ). During the six-month period ended 30 June 2022, the company recorded (47)m US dollar costs related to the discontinuation of exports to Russia and the forfeiting of company benefits from the operations of the associate AB InBev Efes. The company incurred a n exceptional net finance cost of (703)m US dollar for the six-month period ended 30 June 2023 (30 June 2022: net finance income of 176m US dollar) – see Note 8 Finance cost and income During the six-month period ended 30 June 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 13 Investments in associates All the amounts referenced above are before income taxes. The exceptional income taxes amounted to 51m US dollar (decrease of income taxes) for the six-month period ended 30 June 2023 (30 June 2022: decrease of income taxes by 69m US dollar). Non-controlling interest on the exceptional items amounts to 9m US dollar for the six-month period ended 30 June 2023 (30 June 2022: (3)m US dollar). 1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
Finance cost and income |
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Finance cost and income |
The finance cost and income included in the income statement are as follows:
Net finance costs, excluding exceptional items, were 2 520m US dollar in the six-month period ended 30 June 2023 compared to 2 444m US dollar in the six-month period ended 30 June 2022. In the six-month period ended 30 June 2023, accretion expense includes interest on lease liabilities of 75m US dollar (30 June 2022: 60m US dollar), unwind of discounts of 262m US dollar on payables (30 June 2022: 225m US dollar), bond fees of 30m US dollar (30 June 2022: 32m US dollar) and interest on provisions of 18m US dollar (30 June 2022: 19m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk – see also Note 19 Risks arising from financial instruments Other financial results for the six-month period ended 30 June 2023 and 30 June 2022 include:
Exceptional finance income/(cost) for the six-month period ended 30 June 2023 and 30 June 2022 includes:
No interest income was recognized on impaired financial assets. 1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
Income taxes |
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Income taxes |
Income taxes recognized in the income statement can be detailed as follows:
The reconciliation of the effective tax rate with the aggr egated weighted nominal tax rate can be summariz ed as follows:
The total income tax expense for the six-month period ended 30 June 2023 amounts to 1 192m US dollar compared to 1 244m US dollar for the six-month period ended 30 June 2022. The effective tax rate for the six-month period ended 30 June 2023 was 31.9% compared to an effective tax rate of 26.3% for the six-month period ended 30 June 2022. The 2023 effective tax rate was negatively impacted by non-deductible losses from derivatives related to hedging of share-based payment programs and hedging of the shares issued in a transaction related to the combination with Grupo Modelo and SAB, while the 2022 effective tax rate was positively impacted by non-taxable gains from these derivatives. The company benefits from tax exempted income and tax credits which are expected to continue in the future. The company does not have significant benefits coming from low tax rates in any particular jurisdiction. |
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Property, plant and equipment |
Property, plant and equipment comprises owned and leased assets, as follows:
As at 30 June 2023 and 31 December 2022 there were no significant restrictions on title on property, plant and equipment. Contractual commitments to purchase property, plant and equipment amounted to 1 030m US dollar as at 30 June 2023 compared to 538m US dollar as at 31 December 2022. AB InBev’s net capital expenditures in the statement of cash flow amounted to 2 063m US dollar in 2023 compared to 1 939m US dollar for the same period last year. Out of the total 2023 capital expenditures approximately 33% was used to improve the company’s production facilities while 49% was used for logistics and commercial investments and 18% for improving administrative capabilities and for the purchase of hardware and software. 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. Property, plant and equipment leased by the company (right-of-use
Additions to right-of-use six-month period ended 30 June 2023 were 448m US dollar (30 June 2022: 301m US dollar). Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements with a term of 27 years. Furthermore, the company leases a number of warehouses, trucks, factory facilities and other commercial buildings, which typically run for a period of to ten years. Lease payments are increased annually to reflect market rentals, if applicable. None of the leases include contingent rentals. The company leases out pub real estate for an average outstanding period of to 8 years and part of its own property under operating leases. The expense related to short-term and
low-value leases and variable lease payments that are not included in the measurement of the lease liabilities is not significant. |
Goodwill |
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Goodwill |
AB InBev completes a goodwill impairment testing annually, or whenever a triggering event has occurred. The carrying amount of goodwill was allocated to the different cash-generating units as follows:
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Intangible assets |
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Intangible assets |
AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution rights. Given AB InBev’s more than 600-year history, brands and certain distribution rights have been assigned indefinite lives.Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-year sponsorship rights and other commercial intangibles. Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred. 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 |
Investments in associates |
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Investments in associates |
A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows:
During the six-month period ended 30 June 2022 the company reported a (1 143)m US dollar exceptional share of results of associates related to its investment in AB InBev Efes (Refer to Note 7 Exceptional items) non-current asset held for sale. In the
six-month period ended 30 June 2023, associates that are not individually material contributed 34m US dollar to the results of investment in associates (30 June 2022: 52m US dollar). |
Trade and other receivables |
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Trade and other receivables |
Ambev’s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 30 June 2023, the total amount of such credits and interest receivables represented 1 247m US dollar (31 December 2022: 1 149m US dollar). The carrying amount of trade and other receivables is a good approximation of their fair value as the impact of discounting is not significant. The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current loans to customers can be detailed as follows for 30 June 2023 and 31 December 2022 respectively:
The above analysis of the age of financial assets that are past due as at the reporting date but not impaired also includes non-current loans to customers. Past due amounts were not impaired when collection is still considered likely, for instance because the amounts can be recovered from the tax authorities, AB InBev has sufficient collateral, or the customer entered into a payment plan. Impairment losses on trade and other receivables recognized in the six-month period ended 30 June 2023 amount to 27m US dollar (30 June 2022: 70m US dollar). AB InBev’s exposure to credit, currency and interest rate risks is disclosed in Note 19
Risks arising from financial instruments |
Cash and cash equivalents and investment securities |
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Cash and cash equivalents and investment securities |
The cash outstanding as at 30 June 2023 includes restricted cash for an amount of 74m US dollar (31 December 2022: 73m US dollar). This restricted cash mainly relates to amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (73m US dollar). Investment securities
As at 30 June 2023, current debt securities of 85m US dollar mainly represented investments in government bonds (31 December 2022: 97m US dollar). The company’s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. |
Changes in equity and earnings per share |
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Changes in equity and earnings per share |
STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during the six-month period ended 30 June 2023:
As of 30 June 2023, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 32 467 809 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 044 859 restricted shares. As of 30 June 2023, the total of authorized, unissued capital amounts to 37m euro. The treasury shares held by the company are reported in equity in Treasury shares. The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev and its subsidiaries, the economic and voting rights are suspended. The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. As from 11 October 2021 (fifth anniversary of completion of the SAB combination), the restricted shares are convertible at the election of the holder into new ordinary shares on a rank equally with the ordinary shares with respect to dividends and voting rights. By 30 June 2023, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares. one-for-one The shareholders’ structure is based on the notifications made to the company pursuant to the Belgian Law of 2 May 2007, which governs the disclosure of significant shareholdings in listed companies. It is included in the Corporate Governance CHANGES IN OWNERSHIP INTERESTS In accordance with IFRS 10 Consolidated Financial Statements In the six-month period ended 30 June 2023, there were no significant purchases or disposals of non-controlling interests in subsidiaries. BORROWED SHARES In order to fulfill AB InBev’s commitments under various outstanding share-based compensation plans, during the course of 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend. DIVIDENDS On 26 April 2023, a dividend of 0.75 euro per share or 1 510m euro was approved at the shareholders’ meeting. The dividend was paid out as of 5 May 2023. On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders’ meeting. The dividend was paid out as of 5 May 2022. TRANSLATION RESERVES The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment. HEDGING RESERVES The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss. TRANSFERS FROM SUBSIDIARIES The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient. As of 30 June 2023, the restrictions above mentioned were not deemed significant on the company’s ability to access or use the assets or settle the liabilities of its operating subsidiaries. Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding taxes, if applicable, generally do not exceed 15%. OTHER COMPREHENSIVE INCOME RESERVES The changes in the other comprehensive income reserves are as follows:
The decrease in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso, the Euro, the Mexican peso, the Peruvian sol and the weakening of the closing rate of the South African rand, which resulted in a net foreign exchange translation adjustment of 3 610m US dollar as of 30 June 2023 (increase of equity).
EARNINGS PER SHARE The calculation of basic earnings per share for the six-month period ended 30 June 2023 is based on the profit attributable to equity holders of AB InBev of 1 977m US dollar (30 June 2022: 1 692m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows:
The calculation of diluted earnings per share for the six-month period ended 30 June 2023 is based on the profit attributable to equity holders of AB InBev of 1 977m US dollar (30 June 2022: 1 692m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows:
The calculation of the Underlying EPS is based on the profit before exceptional items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before exceptional items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. The table below sets out the EPS calculation:
Underlying EPS is a non-IFRS measure. The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted stock units was based on quoted market prices for the period that the options and restricted stock units were outstanding. For the calculation of Diluted EPS, 50m share options were anti-dilutive and not included in the calculation of the dilutive effect as of 30 June 2023 (30 June 2022: 56m share options). |
Interest-bearing loans and borrowings |
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Interest-bearing loans and borrowings |
This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 19 Risks arising from financial instruments.
The current and non-current interest-bearing loans and borrowings amount to 80.8 billion US dollar as of 30 June 2023, compared to 79.9 billion US dollar as of 31 December 2022. As of 30 June 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively. Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position. AB InBev’s net debt increased to 73.8 billion US dollar as of 30 June 2023, from 69.7 billion US dollar as of 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (3.8 billion US dollar), dividend payments (1.9 billion US dollar) and foreign exchange impact on net debt (0.4 The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
Reconciliation of liabilities arising from financing activities The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated cash flow statement from financing activities.
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Share-based payments |
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Share-based payments |
Different share-based programs allow company senior management and members of the board of directors to receive or acquire shares of AB InBev, Ambev or Budweiser APAC. AB InBev has three primary share-based compensation plans, the share-based compensation plan (“Share-Based Compensation Plan”), the long-term restricted stock unit (“RSU”) plan for directors (“RSU Plan for Directors”), and the various long-term incentive plans for executives (“LTI Plan Executives”). Except for the ones mentioned below, there were no other grants in the six-month period ended 30 June 2023. Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated. There were no significant changes to the terms and conditions of the programs disclosed in the annual consolidated financial statements for the year ended 31 December 2022. Share-based payment transactions resulted in a total expense of 286m US dollar for 2023, as compared to 237m US dollar for the six-month period ended 30 June 2022. AB INBEV SHARE-BASED COMPENSATION PROGRAMS Share-Based Compensation Plan for Executives In the six-month period ended 30 June 2023, AB InBev issued 1.7m matching RSUs in relation to bonuses granted to company employees and management (30 June 2022: 4.8m matching RSUs). These matching RSUs represent a fair value of approximately 107m US dollar (30 June 2022: 293m US dollar). RSU Plan for Directors In the six-month period ended 30 June 2023, 0.1m RSUs with an estimated fair value of 4m US dollar were granted to directors (30 June 2022: 0.1m with an estimated fair value of 4m US dollar). Annual LTI Plans for Executives In the six-month period ended 30 June 2023, AB InBev did not issue RSUs under the Long-term Incentive RSUs plan (30 June 2022: 0.1m with an estimated fair value of 8m US dollar under this plan of which 0.1m RSUs were granted to members of the Executive Committee). Other Recurring LTI RSU Plans for Executives In the six-month period ended 30 June 2023, approximately 11 thousand RSUs were granted with an estimated fair value of 1m US dollar under this plan (30 June 2022: approximately 9 thousand RSUs with an estimated fair value of 1m US dollar). In the six-month period ended 30 June 2023, no RSUs were granted under the People bet share purchase program (30 June 2022: 0.1m RSUs representing a fair value of 7m dollar). AMBEV SHARE-BASED COMPENSATION PROGRAMS Under the 2018 Share-based compensation plan, Ambev issued 6.8m matching RSUs in the six-month period ended 30 June 2023 with an estimated fair value of 17m US dollar (30 June 2022: 19.5m matching RSUs with an estimated fair value of 59m US dollar). BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM Share-Based Compensation Plan In the six-month period ended 30 June 2023, Budweiser APAC issued 4.1m matching RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 13m US dollar (30 June 2022: 12.5m matching RSUs with an estimated fair value of 39m US dollar). People Bet Plan In the
six-month period ended 30 June 2023, no RSUs were granted under this program (30 June 2022: 0.5 m restricted stock units with an estimated fair value of 2m US dollar). |
Risks arising from financial instruments |
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Risks arising from financial instruments |
A) FINANCIAL ASSETS AND FINANCIAL LIABILITIES Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:
B) INTEREST RATE RISK The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.
As at 30 June 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 53m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 3 520m US dollar or 4.4% of the company’s interest-bearing financial liabilities bears interest at a variable rate. Interest rate sensitivity analysis The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year to date. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by basis points, with all other variables held constant, the interest expense would have been 18m US dollar higher/lower (31 December 2022: 46m US dollar). This impact would have been more than offset by 39m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022: 93m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant. C) EQUITY PRICE RISK AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 18 Share-based Payments. Finance cost and income As at 30 June 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (703)m US dollar recognized in the profit or loss account for the period in exceptional finance income/(cost). As at 30 June 2023, liabilities for equity swap derivatives amounted to 5.3 billion US dollar (31 December 2022: 4.8 billion US dollar). Equity price sensitivity analysis The sensitivity analysis on the equity swap derivatives, calculated based on a 20.26% (2022: 27.53%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1 158m US dollar positive/negative impact on the 2023 profit before tax (31 December 2022: 1 660m US dollar). D) CREDIT RISK Credit risk encompasses all forms of counterparty exposure, i.e., where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored. AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk, counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions. The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as at 30 June 2023 to be limited. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
There was no significant concentration of credit risks with any single counterparty as at 30 June 2023 and no single customer represented more than 10% of the total revenue of the group in 2023. Impairment losses The allowance for impairment recognized during the period on financial assets was as follows:
E) LIQUIDITY RISK Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following:
The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing. The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
1 “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date. F) FAIR VALUE The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value:
1 “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date. The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
There were no significant changes in the measurement and valuation techniques, or significant transfers between the levels of the financial assets and liabilities during the period. Non-derivative financial liabilities As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a forward-purchase contract (combination of a put option and purchased call option) was put in place which may result in Ambev acquiring additional shares in CND. In July 2020, Ambev and ELJ amended the Shareholders’ Agreement to extend their partnership and change the terms and the exercise date of the call and put options. ELJ currently holds 15% of CND and the put option is exercisable in 2023, 2024 and 2026. As at 30 June 2023, the put option on the remaining shares held by ELJ was valued at 590m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the “level 3” category above. |
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other |
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Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other |
In the
six-month period ended 30 June 2023, there were no significant changes in collateral and contractual commitments. The commitments to purchase property, plant and equipment increased from 538m US dollar as of 31 December 2022 to 1 030m US dollar as of 30 June 2023. |
Contingencies |
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Contingencies |
The company has contingencies for which, in the opinion of management and its legal counsel, the risk of loss is possible but not probable and therefore no provisions have been recorded. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions, and as a consequence AB InBev’s management cannot at this stage estimate the likely timing of resolution of these matters. The most significant contingencies are discussed below. Amounts have been converted to US dollar at the closing rate of the respective period. AMBEV TAX MATTERS As of 30 June 2023 and 31 December 2022, AB InBev’s material tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows:
The most significant tax proceedings of Ambev are discussed below. The company and its subsidiaries have insurance guarantees and letters of guarantee for certain legal proceedings, which are presented as guarantees in civil, labor and tax proceedings. INCOME TAX AND SOCIAL CONTRIBUTION Foreign Earnings Since 2005, Ambev and certain of its subsidiaries have been receiving assessments from the Brazilian Federal Tax Authorities relating to the profits of its foreign subsidiaries. The cases are being challenged at both the administrative and judicial levels of the courts in Brazil. The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision to Ambev on three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification of these decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as favorable first level decisions, which remain subject to review by the second-level judicial court. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 6.6 billion Brazilian real (1.4 billion US dollar) and Ambev has not recorded any provisions in connection therewith as it considers the chance of loss to be possible. For proceedings where it considers the chance of loss to be probable, Ambev has recorded a provision in the total amount of 60 million Brazilian real (12 million US dollar). Goodwill InBev Holding In December 2011, Ambev received a tax assessment related to the goodwill amortization in calendar years 2005 to 2010 resulting from the InBev Holding Brasil S.A. merger with Ambev. At the administrative level, Ambev received partially favorable decisions at both the Lower and Upper Administrative Court. Ambev filed judicial proceedings to discuss the unfavorable portion of the decisions of the Lower and the Upper Administrative Court and requested injunctions to suspend the enforceability of the remaining tax credit, which were granted. In June 2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization in calendar years 2011 to 2013 and filed a defense. Ambev received partially favorable decisions at the first level administrative court and Lower Administrative Court. Ambev filed a Special Appeal which was partially admitted by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit, which was granted. In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax assessment which was still awaiting judgment In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment by the first judicial level. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 10.7 billion Brazilian real (2.2 billion US dollar) and Ambev has not recorded any provisions for this matter as it considers the chances of loss to be possible. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amount proportional to the benefit received by AB InBev pursuant to the merger protocol as well as the related costs. Goodwill Beverage Associate Holding (BAH) In October 2013, Ambev received a tax assessment related to the goodwill amortization in calendar years 2007 to 2012 resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. The decision from the first level administrative court was unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court against the decision, which was partially granted. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In July 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev. The decision did not recognize the Special Appeal filed by the tax authorities, thereby preserving the portion of the decision rendered by the Lower Administrative Court that was favorable to Ambev with respect to the qualified penalties applied and the statute of limitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision. In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization in calendar years 2013 to 2014 and filed defenses. In April 2019, the first level administrative court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partially favorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decisions, which awaits judgment by the first judicial level. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 2.3 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Goodwill CND Holdings In November 2017, Ambev received a tax assessment related to the goodwill amortization in calendar years 2012 to 2016 resulting from the merger of CND Holdings into Ambev. The decision from the first level administrative court was unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court. In February 2020, the Lower Administrative Court rendered a partially favorable decision. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. The Special Appeal filed by Ambev was partially admitted and is awaiting judgment. In October 2022, Ambev received a new tax assessment charging the remaining value of the goodwill amortization in calendar year 2017. Ambev has filed a defense and awaits judgment by the first level administrative court. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 1.3 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chances of loss to be possible. Goodwill MAG In December 2022, CRBS S.A (a subsidiary of Ambev) received a tax assessment related to the goodwill amortization in calendar years 2017 to 2020, resulting from the merger of RTD Barbados into CRBS. Ambev filed a defense in January 2023, and awaits judgement by the first level administrative court. The updated assessed amount as of 30 June 2023 is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Ambev has continued to take the same deductions for the calendar years following the assessed periods (2021 to February 2022). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be consistent with the already assessed periods. Disallowance of financial expenses In 2015, 2016 and 2020, Ambev received tax assessments related to the disallowance of alleged non-deductible expenses and the deduction of certain losses mainly associated to financial investments and loans. Ambev presented defenses and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which was confirmed by the Upper Administrative Court in April 2023. In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court and filed an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023. In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Disallowance of tax paid abroad Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years as of 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax period), which became definitive. In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. In April 2023, Ambev received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals. Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal at the judicial level. In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions of taxes paid abroad. In 2021, Ambev received unfavorable decisions from the first level administrative court in two of these assessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first level administrative court in the second assessment related to the 2016 isolated fine case, and filed an appeal in connection therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, and awaits judgment by the first level administrative court. The other cases are still awaiting final decisions at both administrative and judicial courts. The updated assessed amount as of 30 June 2023 is approximately 13.1 billion Brazilian real (2.7 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to 2023 ). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be the same as those tax years already assessed. Presumed Profit In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the “presumed profit” method for the calculation of income tax and the social contribution on net profits instead of the “real profit” method. In September 2017, Arosuco received an unfavorable first level administrative decision and filed an appeal. In January 2019, the Lower Administrative Court rendered a favorable decision to Arosuco, which became definitive. In March 2019, Arosuco received a new tax assessment regarding the same subject and filed a defense. In October 2019, Arosuco received an unfavorable first level administrative decision and filed an appeal which is pending judgment. The updated assessed amount related to this uncertain tax position as of 30 June 2023 is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter as it considers the chance of loss to be possible. Deductibility of IOC expenses In 2013, as approved in a Shareholders Meeting, Ambev implemented a corporate restructuring with the purpose of simplifying its corporate structure and converting into a single class of shares company, among other factors. One of the steps of such restructuring involved a contribution of shares followed by the merger of shares of its controlled entity, Companhia de Bebidas das Américas, into Ambev. As one of the results of such restructuring, the counterpart register of the positive difference between the value of shares issued for the merger and the net equity value of its controlled entity’s share was accounted, as per IFRS 10/CPC 36 and ICPC09, in an equity account of Ambev referred to as carrying value adjustment. In November 2019, Ambev received a tax assessment from the Brazilian Federal Tax Authorities related to the interest on capital (“IOC”) deduction in 2014. The assessment refers primarily to the accounting and corporate effects of the restructuring carried out by Ambev in 2013 and its impact on the increase in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first level administrative court and filed an Appeal to the Lower Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court. In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. The defense against such new tax assessment was filed by Ambev in January 2021. In June 2021, Ambev received a partially favorable decision and filed an appeal to the Lower Administrative Court, which also awaits judgment. Similar to the first tax assessment, the favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court. In December 2022, Ambev received a new tax assessment related to the deduction of the IOC in 2017. The defense against this new tax assessment was filed by Ambev in January 2023, which is pending judgment by the first level administrative court. The updated assessed amount as of 30 June 2023 is approximately 14.5 billion Brazilian real (3.0 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. The uncertain tax position continued to be adopted by Ambev as it also distributed or accrued IOC in the years following the assessed period (2018- 2023 ) and deducted such amounts from its Corporate Income Taxes taxable basis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2017, on the same basis and arguments as the aforementioned tax assessments, Ambev management estimates that the outcome of such potential further assessments would be consistent with the already assessed periods. Disallowance on Income Tax deduction In January 2020, Arosuco, a subsidiary of Ambev, received a tax assessment from the Brazilian Federal Tax Authorities regarding the disallowance of the income tax reduction benefit provided for in Provisional Measure No. 2199-14/2001, for calendar years 2015 to 2018, and an administrative defense was filed. In October 202 0, the first level administrative court rendered an unfavorable decision to Arosuco. Arosuco filed an appeal against the aforementioned decision and awaits judgment by the Lower Administrative Court. The updated assessed amount as of 30 June 2023 is approximately 2.5 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. This uncertain tax position continued to be applied by the Company impacting calendar years following those assessed (2019- 2023 ) in which it benefited from the income tax reduction provided for in Provisional Measure No. 2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further assessments would be consistent to the already assessed periods. Tax Loss Offset Ambev and certain of its subsidiaries received a number of assessments from the Brazilian Federal Tax Authorities relating to the offset of tax losses carried forward in the context of business combinations. In February 2016, the Upper Administrative Court ruled unfavorably to Ambev in two of these cases, following which Ambev filed judicial proceedings. In September 2016, Ambev received a favorable first level decision in one of the judicial claims which was confirmed by the second-level judicial court in December 2022. This decision is subject to appeal by the tax authorities. In March 2017, Ambev received an unfavorable first level decision with respect to the second judicial case and filed an appeal, which is pending judgment by the second-level judicial court. There is a third case being challenged at the administrative level in which Ambev appealed to the Upper Administrative Court against an unfavorable decision rendered by the Lower Administrative Court in June 2019. In January 2023, Ambev received an unfavourable decision at the Upper Administrative Court and has filed a motion for clarification. The amount related to this uncertain tax position as of 30 June 2023 is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. ICMS VALUE ADDED TAX, EXCISE TAX (“IPI”) AND TAXES ON NET SALES Manaus Free Trade Zone – IPI / Social contributions In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt and/ or zero-rated from excise tax (“IPI”) and social contributions (“PIS/COFINS”). With respect to IPI, Ambev’s subsidiaries have been registering IPI presumed tax credits upon the acquisition of exempted goods manufactured therein. Since 2009, Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to the disallowance of such credits. Ambev and its subsidiaries have also been receiving charges from the Brazilian Federal Tax Authorities in relation to (i) federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits that are under discussion in these proceedings and (ii) PIS/COFINS amounts allegedly due on Arosuco’s remittance to Ambev subsidiaries. In April 2019, the Federal Supreme Court (“STF”) announced its judgment on Extraordinary Appeal No. 592.891/ /SP, with binding effects, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels. Ambev management estimates the possible loss related to these proceedings to be approximately 6.2 billion Brazilian real (1.3 billion US dollar) as of 30 June 2023. Ambev has not recorded any provision in connection therewith. IPI Suspension In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In 2020, Ambev received a final partially favorable decision at the administrative level in one of the cases. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev and it has filed an appeal. In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter. Ambev awaits formal notification of this decision to assess whether any portion of the tax assessment may be challenged at the judicial level. Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 30 June 2023. Ambev has not recorded any provision in connection therewith. ICMS tax credits Ambev is currently challenging tax assessments issued by the states of São Paulo, Rio de Janeiro, Minas Gerais, among others, questioning the legality of ICMS tax credits arising from transactions with companies that have tax incentives granted by other states. The cases are being challenged at both the administrative and judicial level of the courts. On August 2020, the STF issued a binding decision (Extraordinary Appeal No. 628.075) ruling that tax credits granted by the states in the context of the ICMS tax war shall be considered unlawful. The decision also recognized that the states should abide by the tax incentives validation process provided for in Complementary Law No. 160/17. This decision became final (and no longer subject to appeal) in December 2021 and it does not change the likelihood of loss in Ambev’s tax assessments. With respect to the assessments issued by the State of São Paulo, Ambev received unfavorable decisions at the second administrative level in April, May and June 2022. In these cases, Ambev has filed motions for reconsideration to the second administrative level. Ambev management estimates the possible losses related to these assessments to be approximately 1.7 billion Brazilian real (0.4 billion US dollar) as of 30 June 2023. Ambev has not recorded any provision in connection therewith. In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and São Paulo charging alleged differences in ICMS due to the disallowance of credits arising from transactions with suppliers located in the Manaus Free Trade Zone. With regard to the assessment issued by the State of Rio Grande do Sul, Ambev received a favourable judgment at the second administrative level, which was amended by the third administrative level in favour of the tax authorities. This decision is not final and remain subject to appeal at the judicial level. With respect to the assessments issued by the State of São Paulo, Ambev received unfavourable decisions at the first administrative level in May and June 2022. In these cases, Ambev has filed appeals to the second administrative level. Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian real (0.2 billion US dollar) as of 30 June 2023. ICMS-ST Trigger Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities understand that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels. Ambev management estimates the total possible loss related to this issue to be approximately 10.0 billion Brazilian real (2.1 billion US dollar) as of 30 June 2023. Ambev has not recorded any provisions for this matter. SOCIAL CONTRIBUTIONS Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first level judicial court rendered an unfavorable decision to Ambev. Ambev management estimates the possible loss related to these assessments to be approximately 1.6 billion Brazilian real (0.3 billion US dollar) as of 30 June 2023. Ambev has not recorded any provisions for this matter. AB INBEV’S TANZANIA TAX MATTERS Tanzania Breweries Limited (“TBL”), a subsidiary of AB InBev in Tanzania, received a tax assessment for 850 billion Tanzanian shillings (0.4 billion US dollar) related to income tax on the alleged capital gain derived from the change in underlying ownership of TBL which the Tanzania Revenue Authority claims was more than 50% following the 2016 combination of SAB and AB InBev. TBL filed an appeal to the Tax Revenue Appeals Board. TBL believes that the assessment is without merit and will vigorously defend against the assessment. No related provision has been made. AB INBEV’S SOUTH AFRICA TAX MATTERS The South African Revenue Service (“SARS”) conducted an audit of AB InBev’s South African subsidiary, the South African Breweries (Pty) Ltd. (“SAB”), in relation to the 2017 repurchase of SAB’s equity stake in Coca-Cola Beverages Africa (Pty) Ltd (“CCBA”), the Coca-Cola bottling business in Africa, by CCBA. The assessment from SARS claims that SAB owes 6.4 billion South African Rand (0.4 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment total 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US dollar). Both of these assessments are contested , but SAB may be required to secure or pre-pay some or all of the amounts assessed, pending the outcome of the challenge and any appeal(s) . No related provision for these matters has been made as the chances of loss are not considered to be probable. OTHER TAX MATTERS In February 2015, the European Commission opened an in-depth state aid investigation into the Belgian excess profit ruling system. On 11 January 2016, the European Commission adopted a negative decision finding that the Belgian excess profit ruling system constitutes an aid scheme incompatible with the internal market and ordering Belgium to recover the incompatible aid from a number of aid beneficiaries. The Belgian authorities contacted the companies that had benefitted from the system and advised each company of the amount of incompatible aid that is potentially subject to recovery. The European Commission’s decision was appealed to the European Union’s General Court by Belgium on 22 March 2016 and by AB InBev on 12 July 2016. On 14 February 2019, the European General Court concluded that the Belgian excess profit ruling system does not constitute illegal state aid. The European Commission appealed the judgment to the European Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB InBev was heard as an intervening party. On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019 judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an “aid scheme”. In the initial European General Court judgment, the court limited itself to finding the Belgian excess profit rulings were not an “aid scheme”, but did not consider whether they constituted State aid. Consequently, the AG advised the European Court of Justice to refer the case back to the European General Court to review whether the Belgian excess profit rulings constitute State aid. On 16 September 2021, the European Court of Justice agreed with the AG and concluded that the excess profit ruling system constitutes an aid scheme and set aside the judgment of the European General Court. The case has been referred back to the European General Court to decide whether the Belgian excess profit ruling system constitutes illegal State aid as well as the other remaining open issues in the appeal, where it remains ongoing along with other pending appeals related to the matter. Following the initial annulment of the European Commission’s decision by the European General Court in 2019, the European Commission opened new state aid investigations into the individual Belgian tax rulings, including the one issued to AB InBev in September 2019, to remedy the concerns that had led to the annulment. These investigations relate to the same rulings that were the subject of the European Commission’s decision issued on 11 January 2016. AB InBev has filed its observations in respect of the opening decisions with the European Commission. On 28 October 2021, the European Commission stayed the new state aid investigations into the individual Belgian tax rulings pending final resolution of the case. In addition, the Belgian tax authorities have also questioned the validity and the actual application of the excess profit ruling that was issued in favor of AB InBev and have refused the actual tax exemption which it confers. AB InBev has filed a court claim against such decision before the Brussels court of first instance which ruled in favor of AB InBev on 21 June 2019, and again on 9 July 2021 for subsequent years. The Belgian tax authorities appealed both judgments. In January 2019, AB InBev deposited 68 million euro (73 million US dollar) on a blocked account. Depending on the final outcome of the European Court procedures on the Belgian excess profit ruling system, as well as the pending Belgian court cases, this amount will either be slightly modified, or released back to the company or paid over to the Belgian State. In connection with the European Court procedures, AB InBev recognized a provision of 68 million euro (73 million US dollar) in 2020. CERBUCO BREWING ARBITRATION Cerbuco Brewing Inc., (“Cerbuco”) a Canadian subsidiary of Ambev, owns a 50% equity ownership in Cerveceria Bucanero S.A. (“Bucanero”), a joint venture in Cuba. In 2021, Cerbuco initiated an arbitration proceeding at the International Chamber of Commerce (“ICC”), relating to the potential breach of certain obligations relating to the joint venture, with the terms of reference being formally executed in 2022. Depending on the outcome of the arbitration, there may be an impact on Cerbuco’s rights. As a result, Ambev’s ability to continue consolidating Bucanero into its financial statements may also be affected. The financial impact has not yet been ascertained, as it depends on the outcome of the arbitration. WARRANTS Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to 172,831,574 subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. If Ambev was defeated in all lawsuits related to this issue, it would be necessary to issueshares and Ambev would receive, in return, funds significantly lower than the current market value. This could result in a dilution of about 1% to all Ambev’s shareholders. Furthermore, the holders of these warrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion Brazilian real ( 0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled in previous years. Five cases have been ruled irrevocably favorably to Ambev, with 3 decisions in 2023. The last case has already received a favorable decision and is pending before the Superior Court of Justice. Considering all these facts, Ambev and its external counsels strongly believe that the chance of loss in the remaining case is remote and therefore we have not established a provision for this litigation. PROPOSED CLASS ACTION IN QUEBEC Labatt and other, third-party defendants have been named in a proposed class action lawsuit in the
Superior Court of Quebec seeking unquantified compensatory and punitive damages. The plaintiffs allege that the defendants failed to warn of certain specific health risks of consuming defendants’ alcoholic beverages. A sub-class of plaintiffs further alleges that their diseases were caused by the consumption of defendants’ products. The proposed class action has not yet been authorized by the Superior Court. |
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There are no material changes in the company’s related party transactions during the
six-month period ended 30 June 2023 as compared to 31 December 2022. |
Summary of significant accounting policies (Policies) |
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SUMMARY OF CHANGES IN ACCOUNTING POLICIES | (A) SUMMARY OF CHANGES IN ACCOUNTING POLICIES A number of amendments to standards became mandatory for the first time for the financial year beginning on 1 January 2023 and have not been listed in these unaudited condensed consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. |
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FOREIGN CURRENCIES | (B) FOREIGN CURRENCIES The most important exchange rates that have been used in preparing the financial statements are:
The company applies hyperinflation accounting for its Argentinean subsidiaries. The 2023 results, restated for purchasing power, were translated at the June 2023 closing rate of 256.709065 Argentinean pesos per US dollar (2022 results – at the June 2022 closing rate of 125.210300 Argentinean pesos per US dollar). |
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Summary of Exchange Rates | The most important exchange rates that have been used in preparing the financial statements are:
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Summary of Segment Reporting | All figures in the table below are stated in million US dollar, except volume (million hls). The information presented is for the six-month period ended 30 June 2023 and 2022, except for segment assets (non-current) with comparatives at 31 December 2022.
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Summary of Exceptional Items Included in Income Statement | The exceptional items included in the income statement are as follows:
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
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Summary of Finance Cost and Income Included in Income Statement | The finance cost and income included in the income statement are as follows:
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
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Summary of Other Financial | Other financial results for the six-month period ended 30 June 2023 and 30 June 2022 include:
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
Income taxes (Tables) |
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Summary of Income Taxes | Income taxes recognized in the income statement can be detailed as follows:
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Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate | The reconciliation of the effective tax rate with the aggr egated weighted nominal tax rate can be summariz ed as follows:
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Property, plant and equipment (Tables) |
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Summary of Property, Plant and Equipment Owned and Leased Assets | Property, plant and equipment comprises owned and leased assets, as follows:
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Summary of Property, Plant and Equipment |
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. |
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Summary of Property, Plant and Equipment Leased (right- of- use assets) | Property, plant and equipment leased by the company (right-of-use
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Goodwill (Tables) |
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Reconciliation of Goodwill |
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Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units | The carrying amount of goodwill was allocated to the different cash-generating units as follows:
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Intangible assets (Tables) |
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Summary of Intangible Assets |
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 |
Investments in associates (Tables) |
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Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates | A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows:
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Trade and other receivables (Tables) |
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Schedule of Non-Current Trade and Other Receivables |
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Schedule of Trade Receivables and Other Receivables | The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current loans to customers can be detailed as follows for 30 June 2023 and 31 December 2022 respectively:
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Cash and cash equivalents and investment securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Cash and Cash Equivalents |
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Summary Of Investments In Short term Debt Securities |
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Changes in equity and earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during the six-month period ended 30 June 2023:
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Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows:
The decrease in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso, the Euro, the Mexican peso, the Peruvian sol and the weakening of the closing rate of the South African rand, which resulted in a net foreign exchange translation adjustment of 3 610m US dollar as of 30 June 2023 (increase of equity).
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Summary of Basic and Diluted Earnings Per Share | EARNINGS PER SHARE The calculation of basic earnings per share for the six-month period ended 30 June 2023 is based on the profit attributable to equity holders of AB InBev of 1 977m US dollar (30 June 2022: 1 692m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows:
The calculation of diluted earnings per share for the six-month period ended 30 June 2023 is based on the profit attributable to equity holders of AB InBev of 1 977m US dollar (30 June 2022: 1 692m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows:
The calculation of the Underlying EPS is based on the profit before exceptional items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before exceptional items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in exceptional net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation. |
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Summary of Calculation of EPS | The table below sets out the EPS calculation:
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Interest-bearing loans and borrowings (Tables) |
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Summary of Interest-bearing Loans and Borrowings |
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Summary of Reconciliation of Net Debt | The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
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Summary of Changes in the Company's Liabilities Arising from Financing Activities |
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Risks arising from financial instruments (Tables) |
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Summary of Financial Assets And Financial Liabilities | Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:
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Summary of Effective Interest Rates at Balance Sheet |
As at 30 June 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 53m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 3 520m US dollar or 4.4% of the company’s interest-bearing financial liabilities bears interest at a variable rate. |
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Summary of Carrying Amount of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allowance for Impairment | The allowance for impairment recognized during the period on financial assets was as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
1 “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date. |
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Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities | The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
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Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value:
1 “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date. |
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Analysis of Financial Instruments | The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
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Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries | As of 30 June 2023 and 31 December 2022, AB InBev’s material tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows:
|
Corporate Information - Additional Information (Detail) $ in Millions |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
Country
Brand
|
Jun. 30, 2022
USD ($)
|
[1] |
Dec. 31, 2022
USD ($)
Employees
|
|||
Disclosure Of Corporate Information [line items] | ||||||
Revenue | $ 29,333 | $ 28,027 | ||||
Anheuser-Busch InBev SA/NV [member] | ||||||
Disclosure Of Corporate Information [line items] | ||||||
Number of employees | Employees | 167,000 | |||||
Number of countries where the entity operates | Country | 50 | |||||
Revenue | $ 57,800 | |||||
Anheuser-Busch InBev SA/NV [member] | Bottom of range [member] | ||||||
Disclosure Of Corporate Information [line items] | ||||||
Number of beer brand | Brand | 500 | |||||
Brewing heritage periods | 600 years | |||||
|
Summary of Significant Accounting Policies - Additional Information (Detail) |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
ARS [Member] | ||
Disclosure Of Exchange Rates [line items] | ||
Closing foreign exchange rate | 256.709065 | 125.2103 |
Summary of Significant Accounting Policies - Summary of Exchange Rates (Detail) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Argentinean Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 256.709065 | 177.131872 | |
Brazilian Real [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 4.819192 | 5.217705 | |
Average rate | 5.11713 | 5.049046 | |
Canadian Dollar [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1.326614 | 1.353834 | |
Average rate | 1.357985 | 1.268356 | |
Colombian Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 4,183.19 | 4,807.99 | |
Average rate | 4,638.3 | 3,920.73 | |
Chinese Yuan [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 7.268793 | 6.898736 | |
Average rate | 6.927067 | 6.458363 | |
Euro [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.920302 | 0.937559 | |
Average rate | 0.927659 | 0.913529 | |
Mexican Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 17.072031 | 19.361452 | |
Average rate | 18.297743 | 20.32413 | |
Pound Sterling [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.789876 | 0.831548 | |
Average rate | 0.812848 | 0.768921 | |
Peruvian Nuevo Sol [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3.636005 | 3.820004 | |
Average rate | 3.773824 | 3.800274 | |
South Korean Won [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1,322.27 | 1,260.16 | |
Average rate | 1,301.06 | 1,221.3 | |
South African Rand [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 18.938593 | 16.968472 | |
Average rate | 18.099957 | 15.476459 |
Segment Reporting - Additional Information (Detail) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
Segments
Region
|
Jun. 30, 2022
USD ($)
|
||||
Disclosure of operating segments [line items] | |||||
Number of business segment | Segments | 6 | ||||
Number of reportable segments | Segments | 6 | ||||
Number of geographical regions | Region | 5 | ||||
Net revenue | $ 29,333 | $ 28,027 | [1] | ||
Beer business [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | 26,071 | 25,063 | |||
Non-beer business [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | $ 3,262 | $ 2,964 | |||
|
Segment Reporting - Summary of Segment Reporting (Detail) HLS in Millions, $ in Millions |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
HLS
|
Jun. 30, 2022
USD ($)
HLS
|
Dec. 31, 2022
USD ($)
|
||||||
Disclosure of operating segments [line items] | ||||||||
Revenue | $ 29,333 | $ 28,027 | [1] | |||||
Profit from operations | 6,965 | 7,000 | [1] | |||||
Net finance income/(cost) | (3,223) | (2,268) | [1] | |||||
Exceptional share of results of associates | (1,143) | [1] | ||||||
Income tax expense | (1,192) | (1,244) | [1] | |||||
Profit | 2,655 | $ 2,474 | [1],[2] | |||||
Segment assets (non-current) | $ 194,868 | $ 189,757 | ||||||
AB InBev Worldwide [member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 288 | 289 | ||||||
Revenue | $ 29,333 | $ 28,027 | ||||||
Profit from operations | 6,965 | 7,000 | ||||||
Net finance income/(cost) | (3,223) | (2,268) | ||||||
Share of results of associates | 105 | 129 | ||||||
Exceptional share of results of associates | 0 | (1,143) | ||||||
Income tax expense | (1,192) | (1,244) | ||||||
Profit | 2,655 | 2,474 | ||||||
Segment assets (non-current) | 194,868 | 189,757 | ||||||
Gross capex | $ 2,107 | $ 2,002 | ||||||
AB InBev Worldwide [member] | North America [member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 47 | 51 | ||||||
Revenue | $ 7,926 | $ 8,192 | ||||||
Profit from operations | 2,131 | 2,570 | ||||||
Segment assets (non-current) | 63,278 | 63,379 | ||||||
Gross capex | $ 216 | $ 222 | ||||||
AB InBev Worldwide [member] | Middle America [Member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 72 | 72 | ||||||
Revenue | $ 7,573 | $ 6,693 | ||||||
Profit from operations | 2,781 | 2,416 | ||||||
Segment assets (non-current) | 72,260 | 66,262 | ||||||
Gross capex | $ 561 | $ 537 | ||||||
AB InBev Worldwide [member] | South America [Member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 76 | 77 | ||||||
Revenue | $ 5,849 | $ 5,333 | ||||||
Profit from operations | 1,241 | 1,234 | ||||||
Segment assets (non-current) | 15,598 | 14,297 | ||||||
Gross capex | $ 402 | $ 414 | ||||||
AB InBev Worldwide [member] | EMEA [member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 43 | 43 | ||||||
Revenue | $ 4,070 | $ 3,940 | ||||||
Profit from operations | 618 | 667 | ||||||
Segment assets (non-current) | 29,103 | 30,918 | ||||||
Gross capex | $ 393 | $ 329 | ||||||
AB InBev Worldwide [member] | Asia Pacific [member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Volume (million hls) | HLS | 50 | 45 | ||||||
Revenue | $ 3,679 | $ 3,471 | ||||||
Profit from operations | 944 | 879 | ||||||
Segment assets (non-current) | 11,800 | 12,397 | ||||||
Gross capex | 246 | 214 | ||||||
AB InBev Worldwide [member] | Global export and holding companies [member] | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenue | 236 | 399 | ||||||
Profit from operations | (749) | (766) | ||||||
Segment assets (non-current) | 2,828 | $ 2,505 | ||||||
Gross capex | $ 288 | $ 288 | ||||||
|
Exceptional items - Summary of Exceptional Items Included in Income Statement (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
[1] | |||
Disclosure of Exceptional Items [line items] | |||||
COVID-19 costs | $ (13) | ||||
Restructuring | (50) | (51) | |||
Business and asset disposal (including impairment losses) | (38) | 6 | |||
Legal costs | (19) | ||||
AB InBev Efes related costs | (47) | ||||
Impact on profit from operations | (107) | (105) | |||
Exceptional net finance income/(cost) | (703) | 176 | |||
Exceptional share of results of associates | (1,143) | ||||
Exceptional taxes | 51 | 69 | |||
Exceptional non-controlling interest | 9 | (3) | |||
Net impact on profit | $ (750) | $ (1,006) | |||
|
Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||
Disclosure of Exceptional Items [line items] | |||||
Exceptional restructuring charges | $ (50) | $ (51) | [1] | ||
Business and asset disposal | (38) | 6 | [1] | ||
NET finance (cost) income | (703) | 176 | |||
Decrease of income taxes | 51 | 69 | |||
AB InBev Efes related costs | (47) | [1] | |||
Non-controlling interest on the exceptional items | 9 | (3) | |||
Exceptional Legal Costs | $ (19) | [1] | |||
Impairment on investment | $ (1,143) | ||||
|
Finance Cost and Income - Summary of Finance Cost and Income Included in Income Statement (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||
Disclosure of finance income expense [line items] | |||||
Finance cost - Interest income/(expense) | $ (1,855) | $ (1,767) | [1] | ||
Finance cost - Net interest on net defined benefit liabilities | (42) | (37) | [1] | ||
Finance cost - Accretion expense | (385) | (336) | [1] | ||
Finance cost - Other financial results | (622) | (696) | [1] | ||
Finance cost - Finance income/(cost) excluding exceptional items | (2,905) | (2,835) | [1] | ||
Finance cost - Exceptional finance income/(cost) | (703) | (127) | [1] | ||
Finance cost - Finance income/(cost) | (3,608) | (2,962) | [1] | ||
Finance income - Interest income/(expense) | 225 | 84 | [1] | ||
Finance income - Net interest income on Brazilian tax credits | 78 | 113 | [1] | ||
Finance income - Other financial results | 82 | 194 | [1] | ||
Finance income - Finance income/(cost) excluding exceptional items | 385 | 391 | [1] | ||
Finance income - Exceptional finance income/(cost) | [1] | 303 | |||
Finance income - Finance income/(cost) | 385 | 694 | [1] | ||
Net - Interest income/(expense) | (1,630) | (1,683) | [1] | ||
Net - Net interest on net defined benefit liabilities | (42) | (37) | [1] | ||
Net - Accretion expense | (385) | (336) | [1] | ||
Net - Net interest income on Brazilian tax credits | 78 | 113 | [1] | ||
Net - Other Financial results | (540) | (501) | [1] | ||
Net - Finance income/(cost) excluding exceptional items | (2,520) | (2,444) | [1] | ||
Net - Exceptional finance income/(cost) | (703) | 176 | [1] | ||
Net finance income/(cost) | $ (3,223) | $ (2,268) | [1] | ||
|
Finance Cost and Income - Summary of Other Financial (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
[1] | |||
Disclosure of Finance Income [abstract] | |||||
Finance cost - Net foreign exchange gains/(losses) | $ (149) | $ (143) | |||
Finance Cost - Net gains/(losses) on hedging instruments | (354) | (422) | |||
Finance Cost - Other financial income/(cost), including bank fees and taxes | (119) | (131) | |||
Finance Cost - Other financial results | (622) | (696) | |||
Finance Income - Hyperinflation monetary adjustments | 66 | 138 | |||
Finance Income - Other financial income/(cost), including bank fees and taxes | 16 | 56 | |||
Finance Income - Other financial results | 82 | 194 | |||
Net - Net foreign exchange gains/(losses) | (149) | (143) | |||
Net - Net gains/(losses) on hedging instruments | (354) | (422) | |||
Net - Hyperinflation monetary adjustments | 66 | 138 | |||
Net - Other financial income/(cost), including bank fees and taxes | (103) | (75) | |||
Net - Other financial results | $ (540) | $ (501) | |||
|
Finance Cost and Income - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disclosure of finance income expense [line items] | ||
Interest expense on lease liabilities | $ 75 | $ 60 |
Net finance income/(cost) excluding exceptional items | 2,520 | 2,444 |
Mark to market gain (loss) | (703) | 296 |
Unwinding of discount | 262 | 225 |
Interest expense on bonds | 30 | 32 |
Interest on provisions | $ 18 | 19 |
Gain (loss) on remeasurement of deferred considerations | 7 | |
Gain (Loss) on Redemption of Bonds | $ (127) |
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||
Disclosure Of Income Taxes [line items] | |||||
Current tax expense | $ (1,554) | $ (1,704) | |||
Deferred tax (expense)/income | 362 | 459 | |||
Total tax expense | $ (1,192) | $ (1,244) | [1] | ||
|
Income Taxes - Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||
Disclosure Of Income Taxes [line items] | |||||
Profit/(loss) before tax | $ 3,847 | $ 3,718 | |||
Deduct share of results of associates | 105 | 129 | [1] | ||
Deduct exceptional share of results of associates | (1,143) | ||||
Profit before tax and before share of results of associates | 3,741 | 4,732 | |||
Adjustments to the tax basis | |||||
Government incentives | (346) | (304) | |||
Non-deductible/(non-taxable) mark-to-market on derivatives | 703 | (296) | |||
Other expenses not deductible for tax purposes | 775 | 962 | |||
Other non-taxable income | (291) | (346) | |||
Adjusted tax basis | $ 4,582 | $ 4,748 | |||
Aggregate weighted nominal tax rate | 26.90% | 26.90% | |||
Tax at aggregated nominal tax rate | $ (1,235) | $ (1,277) | |||
Adjustments on tax expense | |||||
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward) | (98) | (8) | |||
(Underprovided)/overprovided in prior years | (56) | 24 | |||
Deductions from interest on equity | 323 | 268 | |||
Deductions from goodwill and other tax deductions | 168 | 5 | |||
Change in tax rate | 5 | ||||
Withholding taxes | (205) | (181) | |||
Other tax adjustments | (90) | (81) | |||
Total tax expense | $ (1,192) | $ (1,244) | [1] | ||
Effective tax rate | 31.90% | 26.30% | |||
|
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||
Disclosure Of Income Taxes [line items] | |||||
Income tax expense | $ 1,192 | $ 1,244 | [1] | ||
Effective tax rate | 31.90% | 26.30% | |||
|
Property, Plant and Equipment -Summary of Property, Plant and Equipment owned and Leased assets (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | $ 27,181 | $ 26,671 |
Property, plant and equipment owned [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 24,553 | 24,245 |
Property, plant and equipment leased (right-of-use assets) [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | $ 2,627 | $ 2,426 |
Property, Plant and Equipment - Detailed Information About Property, Plant and Equipment (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 26,671 | |||
Ending balance | 27,181 | $ 26,671 | ||
Carrying amount | 27,181 | 26,671 | ||
Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 52,269 | 50,742 | ||
Effect of movements in foreign exchange | 934 | (983) | ||
Acquisitions | 1,748 | 4,279 | ||
Disposals through sale and derecognition | (532) | (1,822) | ||
Disposals through the sale of subsidiaries | 0 | (13) | ||
Transfer (to)/from other asset categories and other movements | [1] | 167 | 66 | |
Ending balance | 54,587 | 52,269 | ||
Carrying amount | 54,587 | 52,269 | ||
Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (28,024) | (26,284) | ||
Effect of movements in foreign exchange | (482) | 507 | ||
Depreciation | (1,775) | (3,530) | ||
Disposals through sale and derecognition | 494 | 1,631 | ||
Disposals through the sale of subsidiaries | 0 | 8 | ||
Impairment losses | (60) | (172) | ||
Transfer (to)/from other asset categories and other movements | [1] | (186) | (186) | |
Ending balance | (30,033) | (28,024) | ||
Carrying amount | (30,033) | (28,024) | ||
Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,007 | |||
Ending balance | 8,126 | 8,007 | ||
Carrying amount | 8,126 | 8,007 | ||
Land and buildings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 12,591 | |||
Effect of movements in foreign exchange | 211 | |||
Acquisitions | 3 | |||
Disposals through sale and derecognition | (24) | |||
Disposals through the sale of subsidiaries | 0 | |||
Transfer (to)/from other asset categories and other movements | [1] | 172 | ||
Ending balance | 12,953 | 12,591 | ||
Carrying amount | 12,953 | 12,591 | ||
Land and buildings [member] | Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (4,584) | |||
Effect of movements in foreign exchange | (55) | |||
Depreciation | (197) | |||
Disposals through sale and derecognition | 18 | |||
Disposals through the sale of subsidiaries | 0 | |||
Impairment losses | (3) | |||
Transfer (to)/from other asset categories and other movements | [1] | (6) | ||
Ending balance | (4,827) | (4,584) | ||
Carrying amount | (4,827) | (4,584) | ||
Plant and equipment fixtures and fittings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,033 | |||
Ending balance | 14,285 | 14,033 | ||
Carrying amount | 14,285 | 14,033 | ||
Plant and equipment fixtures and fittings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 37,473 | |||
Effect of movements in foreign exchange | 671 | |||
Acquisitions | 728 | |||
Disposals through sale and derecognition | (507) | |||
Disposals through the sale of subsidiaries | 0 | |||
Transfer (to)/from other asset categories and other movements | [1] | 1,125 | ||
Ending balance | 39,491 | 37,473 | ||
Carrying amount | 39,491 | 37,473 | ||
Plant and equipment fixtures and fittings [member] | Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (23,440) | |||
Effect of movements in foreign exchange | (426) | |||
Depreciation | (1,578) | |||
Disposals through sale and derecognition | 476 | |||
Disposals through the sale of subsidiaries | 0 | |||
Impairment losses | (57) | |||
Transfer (to)/from other asset categories and other movements | [1] | (180) | ||
Ending balance | (25,206) | (23,440) | ||
Carrying amount | (25,206) | (23,440) | ||
Under construction [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,205 | |||
Ending balance | 2,143 | 2,205 | ||
Carrying amount | 2,143 | 2,205 | ||
Under construction [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,205 | |||
Effect of movements in foreign exchange | 52 | |||
Acquisitions | 1,017 | |||
Disposals through sale and derecognition | 0 | |||
Transfer (to)/from other asset categories and other movements | [1] | (1,130) | ||
Ending balance | 2,143 | 2,205 | ||
Carrying amount | 2,143 | 2,205 | ||
Under construction [member] | Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment losses | 0 | |||
Transfer (to)/from other asset categories and other movements | [1] | 0 | ||
Property Plant And Equipment Owned [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 24,245 | |||
Ending balance | 24,553 | 24,245 | ||
Carrying amount | $ 24,553 | $ 24,245 | ||
|
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | $ 1,030 | $ 538 | |
AB InBev's net capital expenditures in the statement of cash flow | $ 2,063 | $ 1,939 | |
Lease agreement term | 27 years | ||
Additions to right of use assets | $ 448 | $ 301 | |
Assets to which significant restrictions apply | $ 0 | $ 0 | |
Bottom of range [member] | Dutch and Belgian pub real estate [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sublease average outstanding period (in years) | 6 years | ||
Top of range [member] | Dutch and Belgian pub real estate [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sublease average outstanding period (in years) | 8 years | ||
Production facilities [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of improve the production facilities | 33.00% | ||
Logistics and commercial investments [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of improve the production facilities | 49.00% | ||
Administrative capabilities and purchase of hardware and software [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of improving administrative capabilities and for the purchase of hardware and software | 18.00% | ||
Property, plant and equipment subject to operating leases [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Operating lease initial period (in years) | five years | ||
Property, plant and equipment subject to operating leases [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Operating lease initial period (in years) | ten years |
Property, Plant and Equipment - Summary of Property, Plant and Equipment Leased (right- of- use assets) (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | $ 2,627 | $ 2,426 |
Right-of-use assets, depreciation for the period | (371) | (628) |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | 1,713 | 1,640 |
Right-of-use assets, depreciation for the period | (223) | (398) |
Machinery, equipment and other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | 914 | 786 |
Right-of-use assets, depreciation for the period | $ (148) | $ (230) |
Goodwill - Reconciliation of Goodwill (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | $ 113,010 | |
Goodwill ending balance | 116,168 | $ 113,010 |
Carrying amount | 116,168 | 113,010 |
Acquisition cost [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | 115,541 | 118,461 |
Effect of movements in foreign exchange | 2,664 | (3,147) |
Transfers (to)/from intangible assets | (17) | (68) |
Disposals through the sale of subsidiaries | (32) | |
Hyperinflation monetary adjustments | 246 | 328 |
Goodwill ending balance | 118,434 | 115,541 |
Carrying amount | 118,434 | 115,541 |
Impairment losses [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | (2,531) | (2,665) |
Effect of movements in foreign exchange | 265 | 134 |
Goodwill ending balance | (2,266) | (2,531) |
Carrying amount | $ (2,266) | $ (2,531) |
Goodwill - Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | $ 116,168 | $ 113,010 |
United States [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 33,562 | 33,578 |
Rest of North America [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 2,022 | 1,981 |
Mexico [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 14,543 | 12,823 |
Colombia [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 14,588 | 12,692 |
Rest of Middle Americas [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 23,904 | 23,242 |
Brazil [Member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 3,798 | 3,508 |
Rest of South America [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 1,294 | 1,249 |
Europe [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 2,141 | 2,081 |
South Africa [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 8,558 | 9,551 |
Rest of Africa [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 4,899 | 5,131 |
China [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 2,960 | 3,119 |
Rest of Asia Pacific [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | 3,341 | 3,505 |
Global Export and Holding Companies [member] | ||
Disclosure Of Carrying Amount Of Goodwill [line items] | ||
Goodwill | $ 559 | $ 549 |
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | $ 40,209 | |||
Balance at end of period | 40,973 | $ 40,209 | ||
Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (3,961) | (4,585) | ||
Effect of movements in foreign exchange | (150) | 100 | ||
Amortization | (340) | (647) | ||
Impairment | (1) | (4) | ||
Disposals through sale and derecognition | 34 | 1,339 | ||
Transfer (to)/from other asset categories and other movements | [1] | (32) | (164) | |
Balance at end of period | (4,451) | (3,961) | ||
Acquisition cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 44,170 | 45,015 | ||
Effect of movements in foreign exchange | 667 | (751) | ||
Acquisitions and expenditures | 482 | 978 | ||
Disposals through sale and derecognition | (40) | (1,437) | ||
Transfer (to)/from other asset categories and other movements | [1] | 145 | 365 | |
Balance at end of period | 45,424 | 44,170 | ||
Brands [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 37,652 | |||
Balance at end of period | 38,141 | 37,652 | ||
Brands [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (88) | |||
Balance at end of period | (88) | (88) | ||
Brands [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 37,741 | |||
Effect of movements in foreign exchange | 461 | |||
Acquisitions and expenditures | 6 | |||
Disposals through sale and derecognition | (1) | |||
Transfer (to)/from other asset categories and other movements | [1] | 23 | ||
Balance at end of period | 38,229 | 37,741 | ||
Commercial intangibles [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 779 | |||
Balance at end of period | 892 | 779 | ||
Commercial intangibles [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (1,247) | |||
Effect of movements in foreign exchange | (47) | |||
Amortization | (65) | |||
Transfer (to)/from other asset categories and other movements | [1] | (8) | ||
Balance at end of period | (1,367) | (1,247) | ||
Commercial intangibles [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 2,026 | |||
Effect of movements in foreign exchange | 60 | |||
Acquisitions and expenditures | 166 | |||
Transfer (to)/from other asset categories and other movements | [1] | 7 | ||
Balance at end of period | 2,259 | 2,026 | ||
Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 1,473 | |||
Balance at end of period | 1,882 | 1,473 | ||
Software [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (2,577) | |||
Effect of movements in foreign exchange | (100) | |||
Amortization | (262) | |||
Impairment | (1) | |||
Disposals through sale and derecognition | 33 | |||
Transfer (to)/from other asset categories and other movements | [1] | (15) | ||
Balance at end of period | (2,923) | (2,577) | ||
Software [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 4,050 | |||
Effect of movements in foreign exchange | 149 | |||
Acquisitions and expenditures | 301 | |||
Disposals through sale and derecognition | (33) | |||
Transfer (to)/from other asset categories and other movements | [1] | 338 | ||
Balance at end of period | 4,805 | 4,050 | ||
Other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 305 | |||
Balance at end of period | 58 | 305 | ||
Other [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (49) | |||
Effect of movements in foreign exchange | (3) | |||
Amortization | (13) | |||
Disposals through sale and derecognition | 1 | |||
Transfer (to)/from other asset categories and other movements | [1] | (9) | ||
Balance at end of period | (73) | (49) | ||
Other [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 354 | |||
Effect of movements in foreign exchange | (3) | |||
Acquisitions and expenditures | 9 | |||
Disposals through sale and derecognition | (6) | |||
Transfer (to)/from other asset categories and other movements | [1] | (223) | ||
Balance at end of period | $ 131 | $ 354 | ||
|
Investment in Associates - Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disclosure of associates [line items] | ||
Beginning balance | $ 4,656 | |
Exceptional share of results of associates | 1,143 | |
Ending balance | 4,728 | |
AB InBev Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | $ 1,143 | |
Exceptional share of results of associates | (1,143) | |
Castel [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 3,293 | 3,400 |
Effect of movements in foreign exchange | 52 | (245) |
Share of results of associates | 67 | 82 |
Ending balance | 3,412 | 3,237 |
Anadolu Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 171 | 201 |
Effect of movements in foreign exchange | (48) | (39) |
Dividends received | (12) | (16) |
Share of results of associates | 4 | (5) |
Ending balance | $ 115 | $ 141 |
Investments in Associates - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Disclosure of associates [line items] | |||
Investments in associates | $ 4,728 | $ 4,656 | |
Exceptional share of results of associates | 1,143 | ||
Aggregated individually immaterial associates [member] | |||
Disclosure of associates [line items] | |||
Investments in associates | $ 34 | $ 52 |
Trade and Other Receivables - Schedule of Non-Current Trade and Other Receivables (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of trade and other receivables [abstract] | ||
Cash deposits for guarantees | $ 169 | $ 189 |
Loans to customers | 7 | 10 |
Tax receivable, other than income tax | 170 | 137 |
Brazilian tax credits and interest receivables | 1,247 | 1,149 |
Trade and other receivables | 302 | 298 |
Non-current trade and other receivables | $ 1,895 | $ 1,782 |
Trade and Other Receivables - Schedule of Current Trade and Other Receivables (Detail) - Net carrying amount [member] - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,579 | $ 3,637 |
Interest receivables | 83 | 67 |
Tax receivable, other than income tax | 538 | 444 |
Loans to customers | 93 | 71 |
Prepaid expenses | 517 | 410 |
Other receivables | 798 | 702 |
Current trade and other receivable | $ 6,609 | $ 5,330 |
Trade and Other Receivables - Schedule of Trade Receivables and Other Receivables (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Net carrying amount [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,579 | $ 3,637 |
Loans to customers | 100 | 81 |
Interest receivables | 83 | 67 |
Other receivables | 798 | 702 |
Current trade and other receivable | 5,561 | 4,487 |
Of Which: Neither Impaired Nor Past Due on the Reporting Date [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 4,375 | 3,418 |
Loans to customers | 84 | 78 |
Interest receivables | 83 | 67 |
Other receivables | 768 | 684 |
Current trade and other receivable | 5,310 | 4,247 |
Of Which Not Impaired as of the Reporting Date and Past [member] | Less Than 30 Days [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 137 | 151 |
Loans to customers | 15 | 1 |
Other receivables | 8 | 11 |
Current trade and other receivable | 160 | 162 |
Of Which Not Impaired as of the Reporting Date and Past [member] | Between 30 and 59 Day [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 31 | 41 |
Loans to customers | 1 | 1 |
Other receivables | 11 | 4 |
Current trade and other receivable | 43 | 46 |
Of Which Not Impaired as of the Reporting Date and Past [member] | Between 60 and 89 Days [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 29 | 24 |
Loans to customers | 0 | 1 |
Other receivables | 11 | 3 |
Current trade and other receivable | 40 | 28 |
Of Which Not Impaired as of the Reporting Date and Past [member] | More Than 90 Days [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 7 | 4 |
Other receivables | 1 | 0 |
Current trade and other receivable | $ 8 | $ 4 |
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disclosure of inventories [line items] | |||
Brazilian tax credits and interest receivables | $ 1,247 | $ 1,149 | |
Trade receivables [member] | |||
Disclosure of inventories [line items] | |||
Impairment losses | $ 27 | $ 70 |
Cash and Cash Equivalents and Investment Securities - Summary of Cash and Cash Equivalents and Investments in Short-Term Debt Securities (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
[1] | Dec. 31, 2021 |
[1] | ||
---|---|---|---|---|---|---|---|---|
Disclosure of detailed information about borrowings [abstract] | ||||||||
Short-term bank deposits | $ 2,145 | $ 4,685 | ||||||
Cash and bank accounts | 4,702 | 5,288 | ||||||
Cash and cash equivalents | 6,848 | 9,973 | ||||||
Bank overdrafts | (53) | (83) | ||||||
Cash and cash equivalents in the statement of cash flows | $ 6,794 | $ 9,890 | $ 6,897 | $ 12,043 | ||||
|
Cash and cash equivalents and investment securities - Summary of Investments in Short-Term Debt Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of detailed information about borrowings [abstract] | ||
Investment in unquoted companies | $ 150 | $ 149 |
Investment on debt securities | 29 | 26 |
Non-current investments | 179 | 175 |
Investment on debt securities | 85 | 97 |
Current investments | $ 85 | $ 97 |
Cash and Cash Equivalents and Investment Securities - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of detailed information about borrowings [line items] | ||
Restricted cash | $ 74 | $ 73 |
Amounts deposited on a blocked account | 73 | |
Current debt securities | 85 | 97 |
Debt securities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current debt securities | $ 85 | $ 97 |
Changes in Equity and Earnings per Share - Summary of Changes in Issued Capital and Treasury Shares (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disclosure of classes of share capital [line items] | ||
At the end of the previous year | 2,019,000,000 | |
Changes during the period | 0 | |
At the end of the current year | 2,019,000,000 | |
Ordinary shares | 2,019,000,000 | |
At the end of the previous year | $ 1,736 | |
Changes during the period | 0 | |
At the end of the current year | 1,736 | |
Changes during the period | $ 82 | $ 72 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
At the end of the current year | 1,737,000,000 | |
Ordinary shares | 1,737,000,000 | |
Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Restricted shares | 282,044,859 | |
At the end of the previous year | 35,500,000 | |
Changes during the period | (3,000,000) | |
At the end of the current year | 32,500,000 | |
Result on the use of treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
At the end of the previous year | $ (4,559) | |
Changes during the period | (230) | |
At the end of the current year | (4,789) | |
Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
At the end of the previous year | (3,706) | |
Changes during the period | 312 | $ 184 |
At the end of the current year | $ (3,393) |
Changes in Equity and Earnings per Share - Additional Information (Detail) € / shares in Units, $ in Millions |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 27, 2023
EUR (€)
€ / shares
|
Apr. 26, 2023
EUR (€)
€ / shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
Jun. 30, 2023
EUR (€)
shares
|
Dec. 31, 2022
USD ($)
|
|
Disclosure of classes of share capital [line items] | ||||||
Issued capital | $ | $ 1,736 | $ 1,736 | ||||
Number of shares issued | 1,984,000,000 | 1,981,000,000 | 1,984,000,000 | |||
Dividend declared | € | € 1,004,000,000 | € 1,510,000,000 | ||||
Profit attributable to equity holders | $ | $ 1,977 | $ 1,692 | ||||
Diluted earnings per share based on the profit | $ | $ 1,977 | $ 1,692 | ||||
Number of antidilutive share options outstanding | 50,000,000 | 56,000,000 | 50,000,000 | |||
Dividend payout date | Apr. 27, 2022 | Apr. 26, 2023 | ||||
Dividend Proposed [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividend proposed per share | € / shares | € 0.5 | € 0.75 | ||||
Treasury shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Restricted shares | 282,044,859 | |||||
SAB Combination [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of restricted shares issued | 326,000,000 | |||||
Number of restricted shares converted into ordinary shares | 44,000,000 | |||||
Equity attributable to owners of parent [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | $ | $ 3,610 | |||||
Top of range [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Tax withholding percentage | 15.00% | |||||
Parent [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issued capital | $ 1,736 | € 1,238,608,344.12 | ||||
Equity shares | 32,467,809 | 32,467,809 | ||||
Number of shares authorized | 2,019,241,973 | 2,019,241,973 | ||||
Number of shares outstanding | € | € 37,000,000 | |||||
Parent [member] | Stock Lending Arrangements [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued | 30,000,000 | 30,000,000 |
Changes in Equity and Earnings Per Share - Summary of Changes in Other Comprehensive Income Reserves (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Other comprehensive income/(loss) | ||
Re-measurements of post-employment benefits | $ 3 | $ 1 |
Total comprehensive income/(loss) | 5,538 | 4,208 |
Translation reserves [member] | ||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||
Beginning balance | (34,677) | (33,554) |
Other comprehensive income/(loss) | ||
Exchange differences on translation of foreign operations (gains/(losses)) | 3,610 | 2,101 |
Total comprehensive income/(loss) | 3,610 | 2,101 |
Ending balance | (31,067) | (31,453) |
Hedging reserves [member] | ||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||
Beginning balance | 145 | 481 |
Other comprehensive income/(loss) | ||
Cash flow hedges | (541) | (210) |
Total comprehensive income/(loss) | (541) | (210) |
Ending balance | (396) | 271 |
Post- employment benefits [member] | ||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||
Beginning balance | (1,021) | (1,504) |
Other comprehensive income/(loss) | ||
Re-measurements of post-employment benefits | 3 | |
Total comprehensive income/(loss) | 3 | |
Ending balance | (1,018) | (1,504) |
OCI reserves [member] | ||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||
Beginning balance | (35,553) | (34,577) |
Other comprehensive income/(loss) | ||
Exchange differences on translation of foreign operations (gains/(losses)) | 3,610 | 2,101 |
Cash flow hedges | (541) | (210) |
Re-measurements of post-employment benefits | 3 | |
Total comprehensive income/(loss) | 3,072 | 1,892 |
Ending balance | $ (32,481) | $ (32,685) |
Changes in Equity and Earnings Per Share - Summary of Weighted Average Number of Ordinary and Restricted Shares (Detail) - USD ($) shares in Millions, $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||||||
Issued ordinary and restricted shares at 1 January, net of treasury shares | 1,984 | 1,981 | |||||
Effect of stock lending | 30 | 30 | |||||
Effect of delivery of treasury shares | 2 | 1 | |||||
Weighted average number of ordinary and restricted shares at 30 June | 2,016 | 2,012 | |||||
Effect of share options, warrants and restricted stock units | 38 | 35 | |||||
Weighted average number of ordinary and restricted shares (diluted) at 30 June | 2,054 | 2,047 | |||||
Profit attributable to equity holders of AB InBev | $ 1,977 | $ 1,692 | [1],[2] | ||||
Net impact of exceptional items on profit (refer to Note 7) | 750 | 1,006 | [1] | ||||
Profit before exceptional items, attributable to equity holders of AB InBev | 2,727 | 2,698 | [1] | ||||
Hyperinflation impacts | 35 | (26) | [1] | ||||
Underlying profit | $ 2,762 | $ 2,672 | [1] | ||||
Ordinary restricted shares [member] | |||||||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||||||
Weighted average number of ordinary and restricted shares at 30 June | 2,016 | 2,012 | |||||
|
Changes in Equity and Earnings Per Share - Summary of EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
||||||
Earnings per share [abstract] | |||||||
Profit attributable to equity holders of AB InBev | $ 1,977 | $ 1,692 | |||||
Weighted average number of ordinary and restricted shares | 2,016 | 2,012 | |||||
Basic EPS | $ 0.98 | $ 0.84 | [1] | ||||
Underlying profit | $ 2,762 | $ 2,672 | [2] | ||||
Weighted average number of ordinary and restricted shares | 2,016 | 2,012 | |||||
Underlying EPS | $ 1.37 | $ 1.33 | |||||
Profit attributable to equity holders of AB InBev | $ 1,977 | $ 1,692 | |||||
Weighted average number of ordinary and restricted shares (diluted) | 2,054 | 2,047 | |||||
Diluted EPS | $ 0.96 | $ 0.83 | [1] | ||||
|
Interest-Bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
AB inBev [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest-bearing loans and borrowings | $ 80,847 | $ 79,909 |
Non-Current Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured bond issues | 76,160 | 76,798 |
Lease liabilities | 2,034 | 1,963 |
Unsecured other loans | 105 | 95 |
Secured bank loans | 23 | 24 |
Non-current interest-bearing loans and borrowings | 78,323 | 78,880 |
Current Liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured bond issues | 1,184 | 0 |
Lease liabilities | 665 | 529 |
Secured bank loans | 463 | 369 |
Unsecured bank loans | 181 | 100 |
Unsecured other loans | 31 | 30 |
Current interest-bearing loans and borrowings | $ 2,524 | $ 1,029 |
Interest-Bearing Loans and Borrowings - Additional Information (Detail) $ in Millions, € in Billions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
[1] |
Jun. 30, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|||
Disclosure of detailed information about borrowings [line items] | |||||||
Commercial papers | $ 0 | $ 0 | |||||
Commercial papers authorized amount | 5,000 | € 3.0 | |||||
Payments of dividends | 1,923 | $ 1,276 | |||||
AB inBev [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Current and non-current interest-bearing loans and borrowings | 80,847 | 79,909 | |||||
Net increased decreased debt | 73,800 | $ 69,700 | |||||
Payment of interests and taxes | 3,800 | ||||||
Impact of changes in foreign exchange rates | 400 | ||||||
Payments of dividends | $ 1,900 | ||||||
|
Interest-Bearing Loans and Borrowings - Summary of Reconciliation of Net Debt (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | ||
Bank overdrafts | $ 53 | $ 83 |
Cash and cash equivalents | (6,848) | (9,973) |
AB inBev [member] | ||
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | ||
Non-current interest-bearing loans and borrowings | 78,323 | 78,880 |
Current interest-bearing loans and borrowings | 2,524 | 1,029 |
Interest-bearing loans and borrowings | 80,847 | 79,909 |
Bank overdrafts | 53 | 83 |
Cash and cash equivalents | (6,848) | (9,973) |
Interest bearing loans granted and other deposits (included within Trade and other receivables) | (184) | (183) |
Debt securities (included within Investment securities) | (114) | (123) |
Net debt | $ 73,755 | $ 69,713 |
Interest-Bearing Loans and Borrowings - Summary of Changes in the Company's Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Millions |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Proceeds from borrowings | $ 181 | $ 68 | [1] | |||
Payments on borrowings | (26) | (3,520) | [1] | |||
Amortized cost | 99,448 | $ 101,975 | ||||
Long-term debt, net of current portion [member] | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Balance beginning | 78,880 | 87,369 | ||||
Proceeds from borrowings | 7 | 41 | ||||
Payments on borrowings | 0 | (3,218) | ||||
Capitalization / (payment) of lease liabilities | 446 | 356 | ||||
Amortized cost | 30 | 31 | ||||
Unrealized foreign exchange effects | 569 | (2,259) | ||||
Current portion of long-term debt | (1,627) | (302) | ||||
(Gain)/Loss on bond redemption and other movements | 17 | 99 | ||||
Balance ending | 78,323 | 82,117 | ||||
Short-term debt and current portion of long-term debt [member] | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Balance beginning | 1,029 | 1,408 | ||||
Proceeds from borrowings | 174 | 27 | ||||
Payments on borrowings | (26) | (302) | ||||
Capitalization / (payment) of lease liabilities | (323) | (247) | ||||
Amortized cost | 0 | 0 | ||||
Unrealized foreign exchange effects | 40 | (13) | ||||
Current portion of long-term debt | 1,627 | 302 | ||||
(Gain)/Loss on bond redemption and other movements | 4 | 10 | ||||
Balance ending | $ 2,524 | $ 1,185 | ||||
|
Share-Based Payments - Additional Information (Detail) shares in Millions, Unit_pure in Millions, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment transactions expense | $ 286 | $ 237 |
Share-based compensation number of shares issued | shares | 1,984.0 | 1,981.0 |
Restricted Stock Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | shares | 1.7 | 4.8 |
Share-based compensation grant date fair value | $ 107 | $ 293 |
Restricted Stock Units [member] | AB inBev [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options granted | 0.1 | 0.1 |
Fair value of stock options granted | $ 4 | $ 4 |
Share-Based Payments - LTI Stock Option Plan Executives - Additional Information (Detail) shares in Thousands, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares issued | 1,984,000 | 1,981,000 |
Long Term Incentive Stock Option Plan [member] | Executive [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | 100 | |
Share-based compensation grant date fair value | $ | $ 8 | |
Long Term Restricted Stock Unit Program One [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options granted | 11 | 9 |
Long Term Restricted Stock Unit Program One [member] | Executive [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of stock options granted | $ | $ 1 | $ 1 |
Long Term Restricted Stock Unit Program Three [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options granted | 0 | 100 |
Fair value of stock options granted | $ | $ 7 | |
Restricted Stock Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation grant date fair value | $ | $ 107 | $ 293 |
Number of shares issued | 1,700 | 4,800 |
Restricted Stock Units [member] | Board of Director [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares issued | 100 |
Share-Based Payments - Ambev Share-Based Payment Programs - Additional Information (Detail) - Restricted Stock Units [member] shares in Millions, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation grant date fair value | $ 107 | $ 293 |
Ambev [member] | 2018 Share-based compensation plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | shares | 6.8 | 19.5 |
Share-based compensation grant date fair value | $ 17 | $ 59 |
Share-Based Payments - Bud Apac Share-Based Compaensation Program (Detail) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
|
People bet plan [member] | ||
Disclosure Of Share Based Compensation Program [Line Items] | ||
Share-based compensation grant date fair value | shares | 0 | 500,000 |
Share-based compensation grant date fair value | $ | $ 2 | |
Budweiser APAC [Member] | Share-Based Compensation Plan [member] | ||
Disclosure Of Share Based Compensation Program [Line Items] | ||
Share-based compensation grant date fair value | shares | 4,100,000 | 12,500,000 |
Share-based compensation grant date fair value | $ | $ 13 | $ 39 |
Risks Arising From Financial Instruments - Disclosure of Financial Assets And Liabilities (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | $ 12,908 | $ 14,971 |
Financial assets at fair value through profit or loss | 98 | 139 |
Financial assets at fair value through OCI | 356 | 498 |
Total | 13,362 | 15,608 |
Financial liabilities at amortized cost | 99,448 | 101,975 |
Financial liabilities at fair value through profit or loss | 7,334 | 5,565 |
Financial liabilities at fair value through OCI | 1,098 | 689 |
Total | 107,880 | 108,229 |
Trade and other payables [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 19,754 | 21,983 |
Financial liabilities at fair value through profit or loss | 773 | 762 |
Total | 20,527 | 22,746 |
Non-current interest-bearing loans and borrowings [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 77,117 | 78,880 |
Financial liabilities at fair value through profit or loss | 1,205 | |
Total | 78,323 | 78,880 |
Current interest-bearing loans and borrowings [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 2,524 | 1,029 |
Total | 2,524 | 1,029 |
Bank Overdrafts [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 53 | 83 |
Total | 53 | 83 |
Cross currency interest rate swaps [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 0 | 16 |
Financial liabilities at fair value through OCI | 150 | 171 |
Total | 150 | 187 |
Foreign Exchange Forward Contracts [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 8 | 20 |
Financial liabilities at fair value through OCI | 591 | 245 |
Total | 599 | 265 |
Commodity Derivatives [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through OCI | 353 | 271 |
Total | 353 | 271 |
Interest rate swap [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 3 | 3 |
Financial liabilities at fair value through OCI | 0 | 2 |
Total | 3 | 5 |
Foreign currency futures [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through OCI | 3 | 0 |
Total | 3 | 0 |
Non-current financial liabilities [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 77,504 | 79,108 |
Financial liabilities at fair value through profit or loss | 1,592 | 473 |
Financial liabilities at fair value through OCI | 113 | 168 |
Total | 79,209 | 79,749 |
Current financial liabilities [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at amortized cost | 21,944 | 22,867 |
Financial liabilities at fair value through profit or loss | 5,741 | 5,092 |
Financial liabilities at fair value through OCI | 985 | 521 |
Total | 28,671 | 28,480 |
Cash and cash equivalents [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | 6,848 | 9,973 |
Total | 6,848 | 9,973 |
Trade and other receivables [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | 6,032 | 4,973 |
Total | 6,032 | 4,973 |
Investment securities [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | 29 | 25 |
Financial assets at fair value through profit or loss | 85 | 97 |
Financial assets at fair value through OCI | 150 | 149 |
Total | 264 | 272 |
Equity swaps [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 5,345 | 4,763 |
Total | 5,345 | 4,763 |
Interest rate swap [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at fair value through profit or loss | 4 | 0 |
Financial assets at fair value through OCI | 0 | 0 |
Total | 4 | 0 |
Cross currency interest rate swap [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Financial assets at fair value through OCI | 46 | 63 |
Total | 46 | 63 |
Foreign Exchange Forward Contracts [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at fair value through profit or loss | 10 | 41 |
Financial assets at fair value through OCI | 112 | 182 |
Total | 122 | 223 |
Foreign currency futures [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at fair value through OCI | 3 | 4 |
Total | 3 | 4 |
Commodity Derivatives [member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at fair value through OCI | 45 | 101 |
Total | 45 | 101 |
Non-current financial assets [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | 507 | 522 |
Financial assets at fair value through profit or loss | 0 | 15 |
Financial assets at fair value through OCI | 212 | 193 |
Total | 720 | 730 |
Current financial assets [Member] | ||
Disclosure of Financial assets and liabilities [line items] | ||
Financial assets at amortized cost | 12,401 | 14,450 |
Financial assets at fair value through profit or loss | 98 | 124 |
Financial assets at fair value through OCI | 143 | 305 |
Total | $ 12,642 | $ 14,878 |
Risks Arising From Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 107,880.0 | $ 108,229.0 |
Equity swaps [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 5,300.0 | 4,800.0 |
Bank Overdrafts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 53.0 | 83.0 |
Unobservable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 773.0 | $ 762.0 |
CERVECERIA NACIONAL DOMINICANA S.A. [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of shares hold by ELJ | 15.00% | |
Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total net carrying amount | $ 100.5 | |
Loss recognized in the profit or loss | $ (703.0) | |
Reasonable possible volatility rate | 20.26% | 27.53% |
Positive/negative impact on profit before tax | $ 1,158.0 | $ 1,660.0 |
Interest Rate Risk [Member] | Interest rate, measurement input [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 1.00% | |
Interest Rate Risk [Member] | Floating interest rate [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of financial liabilities | $ 3,520.0 | |
Proportion of company's financial liabilities | 4.40% | |
Higher/lower interest expense | $ 18.0 | 46.0 |
Higher/lower interest income | 39.0 | 93.0 |
Interest Rate Risk [Member] | Before hedging [Member] | Bank Overdrafts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of financial liabilities | $ 53.0 | 83.0 |
Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Concentration of credit risks, description | There was no significant concentration of credit risks with any single counterparty as at 30 June 2023 and no single customer represented more than 10% of the total revenue of the group in 2023. | |
Credit risk [member] | Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of revenue accounted | 10.00% | |
Deferred consideration on acquisitions [member] | Put Option [Member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Unobservable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non derivative financial liability | $ 590.0 | $ 585.0 |
Risks Arising from Financial Instruments - Summary of Effective Interest Rates at Balance Sheet (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ (6,453) | $ (5,492) |
Before hedging [Member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1,885 | 1,730 |
Before hedging [Member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ 79,015 | $ 78,261 |
Before hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.51% | 4.50% |
Hedging | $ 623 | $ 613 |
Before hedging [Member] | Chinese Yuan [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.57% | 2.44% |
Hedging | $ 48 | $ 50 |
Before hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.48% | 1.68% |
Hedging | $ 1,068 | $ 1,048 |
Before hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.27% | 2.27% |
Hedging | $ 20,815 | $ 20,391 |
Before hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.13% | 5.13% |
Hedging | $ 2,322 | $ 2,208 |
Before hedging [Member] | South Korean Won [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ 1 | |
Before hedging [Member] | South Korean Won [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.38% | 2.96% |
Hedging | $ 53 | $ 46 |
Before hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.67% | 5.05% |
Hedging | $ 518 | $ 430 |
Before hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.99% | 4.99% |
Hedging | $ 53,511 | $ 53,478 |
Before hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.58% | |
Hedging | $ 26 | |
Before hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 13.64% | 13.39% |
Hedging | $ 273 | $ 252 |
Before hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.29% | 10.53% |
Hedging | $ 1,643 | $ 1,476 |
After hedging [Member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3,520 | 4,557 |
After hedging [Member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ 77,380 | $ 75,434 |
After hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.73% | 4.34% |
Hedging | $ 954 | $ 1,455 |
After hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.37% | 4.37% |
Hedging | $ 3,736 | $ 3,741 |
After hedging [Member] | Chinese Yuan [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.54% | 2.50% |
Hedging | $ 1,428 | $ 1,230 |
After hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.48% | 1.68% |
Hedging | $ 1,068 | $ 1,048 |
After hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.30% | 2.31% |
Hedging | $ 21,699 | $ 21,242 |
After hedging [Member] | Pound Sterling [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.70% | |
Hedging | $ 1,078 | |
After hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.55% | 5.55% |
Hedging | $ 1,689 | $ 1,607 |
After hedging [Member] | South Korean Won [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.08% | |
Hedging | $ 311 | |
After hedging [Member] | South Korean Won [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1.26% | 0.94% |
Hedging | $ 2,213 | $ 1,896 |
After hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.23% | 5.27% |
Hedging | $ 45,269 | $ 44,547 |
After hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 11.59% | |
Hedging | $ 826 | |
After hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 13.25% | 11.17% |
Hedging | $ 672 | $ 666 |
After hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 10.43% | 12.19% |
Hedging | $ 1,346 | $ 1,172 |
Risks Arising from Financial Instruments - Summary of Carrying Amount of Financial Assets (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | $ 14,345 | $ 16,434 |
Gross carrying amount [member] | Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 6,848 | 9,973 |
Gross carrying amount [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,964 | 3,980 |
Gross carrying amount [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,775 | 1,545 |
Gross carrying amount [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 219 | 391 |
Gross carrying amount [member] | Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 169 | 189 |
Gross carrying amount [member] | Investment in unquoted companies [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 156 | 155 |
Gross carrying amount [member] | Investment in debt securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 114 | 123 |
Gross carrying amount [member] | Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 100 | 81 |
Impairment losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (466) | (416) |
Impairment losses [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (385) | (343) |
Impairment losses [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (75) | (68) |
Impairment losses [member] | Investment in unquoted companies [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (5) | (5) |
Net Carrying Amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 13,879 | 16,019 |
Net Carrying Amount [member] | Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 6,848 | 9,973 |
Net Carrying Amount [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,579 | 3,637 |
Net Carrying Amount [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,701 | 1,477 |
Net Carrying Amount [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 219 | 391 |
Net Carrying Amount [member] | Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 169 | 189 |
Net Carrying Amount [member] | Investment in unquoted companies [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 150 | 149 |
Net Carrying Amount [member] | Investment in debt securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 114 | 123 |
Net Carrying Amount [member] | Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | $ 100 | $ 81 |
Risks Arising from Financial Instruments - Summary of Allowance for Impairment (Detail) - Impairment losses [member] - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Beginning balance | $ (416) | $ (402) |
Impairment losses | (27) | (38) |
Derecognition | 6 | 24 |
Currency translation and other | (28) | 1 |
Ending balance | $ (466) | $ (416) |
Risks Arising from Financial Instruments - Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Non-derivative financial liabilities | ||||
Bank overdraft | $ (53) | $ (83) | ||
Carrying amount [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | [1] | (487) | (393) | |
Unsecured bank loans | [1] | (181) | (100) | |
Unsecured bond issues | [1] | (77,344) | (76,798) | |
Unsecured other loans | [1] | (136) | (125) | |
Finance lease liabilities | [1] | (2,699) | (2,492) | |
Bank overdraft | [1] | (53) | (83) | |
Trade and other payables | [1] | (24,219) | (27,208) | |
Non-derivative financial liabilities | [1] | (105,119) | (107,199) | |
Derivative financial assets/(liabilities) | ||||
Foreign exchange derivatives | [1] | (602) | (265) | |
Cross currency interest rate swaps | [1] | (153) | (192) | |
Commodity derivatives | [1] | (353) | (271) | |
Equity derivatives | [1] | (5,345) | (4,763) | |
Derivative financial assets/(liabilities) | [1] | (6,453) | (5,492) | |
Of which: related to cash flow hedges | [1] | (961) | (551) | |
Contractual cash flows [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (497) | (405) | ||
Unsecured bank loans | (181) | (100) | ||
Unsecured bond issues | (132,501) | (133,670) | ||
Unsecured other loans | (209) | (193) | ||
Finance lease liabilities | (3,149) | (2,840) | ||
Bank overdraft | (53) | (83) | ||
Trade and other payables | (24,507) | (27,453) | ||
Non-derivative financial liabilities | (161,097) | (164,745) | ||
Derivative financial assets/(liabilities) | ||||
Foreign exchange derivatives | (602) | (265) | ||
Cross currency interest rate swaps | (153) | (191) | ||
Commodity derivatives | (353) | (251) | ||
Equity derivatives | (5,345) | (4,763) | ||
Derivative financial assets/(liabilities) | (6,453) | (5,471) | ||
Of which: related to cash flow hedges | (961) | (530) | ||
Contractual cash flows [member] | Less than 1 year [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (466) | (371) | ||
Unsecured bank loans | (181) | (100) | ||
Unsecured bond issues | (4,496) | (3,273) | ||
Unsecured other loans | (36) | (34) | ||
Finance lease liabilities | (781) | (618) | ||
Bank overdraft | (53) | (83) | ||
Trade and other payables | (23,388) | (26,376) | ||
Non-derivative financial liabilities | (29,400) | (30,856) | ||
Derivative financial assets/(liabilities) | ||||
Foreign exchange derivatives | (602) | (265) | ||
Cross currency interest rate swaps | (9) | (9) | ||
Commodity derivatives | (353) | (249) | ||
Equity derivatives | (5,345) | (4,763) | ||
Derivative financial assets/(liabilities) | (6,308) | (5,287) | ||
Of which: related to cash flow hedges | (907) | (469) | ||
Contractual cash flows [member] | 1-2 years [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (5) | (5) | ||
Unsecured bank loans | 0 | |||
Unsecured bond issues | (4,575) | (5,683) | ||
Unsecured other loans | (88) | (78) | ||
Finance lease liabilities | (580) | (566) | ||
Trade and other payables | (263) | (170) | ||
Non-derivative financial liabilities | (5,512) | (6,501) | ||
Derivative financial assets/(liabilities) | ||||
Cross currency interest rate swaps | (41) | (43) | ||
Commodity derivatives | 0 | (2) | ||
Equity derivatives | 0 | 0 | ||
Derivative financial assets/(liabilities) | (41) | (45) | ||
Of which: related to cash flow hedges | 0 | 0 | ||
Contractual cash flows [member] | 2-3 years [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (5) | (5) | ||
Unsecured bank loans | 0 | |||
Unsecured bond issues | (8,393) | (3,783) | ||
Unsecured other loans | (33) | (28) | ||
Finance lease liabilities | (452) | (414) | ||
Trade and other payables | (197) | (349) | ||
Non-derivative financial liabilities | (9,079) | (4,579) | ||
Derivative financial assets/(liabilities) | ||||
Cross currency interest rate swaps | (57) | (47) | ||
Derivative financial assets/(liabilities) | (57) | (47) | ||
Of which: related to cash flow hedges | (33) | (43) | ||
Contractual cash flows [member] | 3-5 years [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (10) | (10) | ||
Unsecured bond issues | (16,859) | (15,482) | ||
Unsecured other loans | (24) | (31) | ||
Finance lease liabilities | (561) | (531) | ||
Trade and other payables | (312) | (260) | ||
Non-derivative financial liabilities | (17,767) | (16,313) | ||
Derivative financial assets/(liabilities) | ||||
Cross currency interest rate swaps | (47) | (62) | ||
Derivative financial assets/(liabilities) | (47) | (62) | ||
Of which: related to cash flow hedges | (20) | (17) | ||
Contractual cash flows [member] | Greater than 5 years [member] | ||||
Non-derivative financial liabilities | ||||
Secured bank loans | (10) | (14) | ||
Unsecured bond issues | (98,177) | (105,450) | ||
Unsecured other loans | (27) | (23) | ||
Finance lease liabilities | (776) | (712) | ||
Trade and other payables | (348) | (297) | ||
Non-derivative financial liabilities | (99,339) | (106,496) | ||
Derivative financial assets/(liabilities) | ||||
Cross currency interest rate swaps | 0 | (30) | ||
Derivative financial assets/(liabilities) | 0 | $ (30) | ||
Of which: related to cash flow hedges | $ 0 | |||
|
Risks Arising from Financial Instruments - Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of detailed information about financial instruments [line items] | ||
Assets | $ 219 | $ 391 |
Liabilities | (6,453) | (5,492) |
Net | (6,234) | (5,101) |
Non-current, Assets | 62 | 60 |
Non-current, Liabilities | (113) | (184) |
Non-current, Net | (50) | (124) |
Current, Assets | 157 | 331 |
Current, Liabilities | (6,340) | (5,308) |
Current derivative financial assets liabilities, net, Total | (6,184) | (4,977) |
Foreign exchange forwards [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 122 | 223 |
Liabilities | (599) | (265) |
Net | (477) | (42) |
Foreign currency futures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 3 | 4 |
Liabilities | (3) | 0 |
Net | 0 | 4 |
Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 4 | 0 |
Liabilities | (3) | (5) |
Net | 1 | (5) |
Cross currency interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 46 | 63 |
Liabilities | (150) | (187) |
Net | (104) | (124) |
Aluminum swaps [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 6 | 52 |
Liabilities | (181) | (174) |
Net | (175) | (122) |
Sugar futures commodity contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 19 | 4 |
Liabilities | 0 | 0 |
Net | 19 | 4 |
Energy futures commodity contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 5 | 12 |
Liabilities | (49) | (28) |
Net | (44) | (16) |
Other commodity contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 15 | 32 |
Liabilities | (123) | (69) |
Net | (109) | (37) |
Equity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 0 | 0 |
Liabilities | (5,345) | (4,763) |
Net | $ (5,345) | $ (4,763) |
Risks Arising from Financial Instruments - Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value (Detail) - Fixed interest rate [member] - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | $ (76,315) | $ (75,769) |
Fair value | (75,624) | (73,008) |
US Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (53,029) | (52,993) |
Fair value | (53,976) | (52,158) |
Euro [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (20,032) | (19,655) |
Fair value | (18,637) | (17,926) |
Pound Sterling [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (2,263) | (2,148) |
Fair value | (2,078) | (2,039) |
Canadian Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (525) | (515) |
Fair value | (478) | (437) |
Other currency [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (465) | (458) |
Fair value | $ (456) | $ (448) |
Risks Arising from Financial Instruments - Analysis of Financial Instruments (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | $ 13,362 | $ 15,608 |
Financial Liabilities | 107,880 | 108,229 |
Quoted (unadjusted) prices- level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 45 | 36 |
Financial Liabilities | 34 | 26 |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 34 | 26 |
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 45 | 36 |
Observable market inputs - level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 183 | 364 |
Financial Liabilities | 6,419 | 5,466 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 927 | 525 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 3 | 4 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Net investment hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 136 | 138 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 0 | |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Derivatives at fair value through profit and loss [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 5,352 | 4,799 |
Observable market inputs - level 2 [member] | Non derivative financial assets [member] | Held for trading (non-derivatives) [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 9 | 9 |
Observable market inputs - level 2 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 10 | 41 |
Observable market inputs - level 2 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 86 | 219 |
Observable market inputs - level 2 [member] | Derivatives [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 4 | |
Observable market inputs - level 2 [member] | Derivatives [member] | Net investment hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 74 | 94 |
Unobservable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 773 | 762 |
Unobservable Market Inputs - Level 3 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 773 | $ 762 |
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of collateral and contractual commitments [line items] | ||
Commitments to purchase property plant and equipment | $ 1,030 | $ 538 |
Contingencies - Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries (Detail) - Ambev [member] - Legal proceedings contingent liability [member] - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of detailed information about material tax [line items] | ||
Income tax and social contribution | $ 11,322 | $ 11,586 |
Value-added and excise taxes | 5,576 | 4,965 |
Other taxes | 923 | 854 |
Material tax net | $ 17,821 | $ 17,405 |
Contingencies - Additional Information (Detail) € in Millions, R$ in Millions, $ in Millions, ر.س in Billions, Tsh in Billions, R in Billions, $ in Billions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2023
BRL (R$)
shares
|
Jun. 30, 2023
TZS (Tsh)
shares
|
Jun. 30, 2023
SAR (ر.س)
shares
|
Jun. 30, 2023
AUD ($)
shares
|
Jun. 30, 2023
ZAR (R)
shares
|
Jun. 30, 2023
EUR (€)
shares
|
Jun. 30, 2022
shares
|
Jan. 24, 2019
USD ($)
|
Jan. 24, 2019
EUR (€)
|
|
Disclosure of detailed information about material tax [line items] | ||||||||||
Number of shares issued | 1,984,000,000 | 1,984,000,000 | 1,984,000,000 | 1,984,000,000 | 1,984,000,000 | 1,984,000,000 | 1,984,000,000 | 1,981,000,000 | ||
Tax Loss Offset [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | $ 100 | R$ 600 | ||||||||
Disallowance Of Tax Paid Abroad [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 2,700 | 13,100 | ||||||||
Deductibility Of IOC Expenses [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 3,000 | R$ 14,500 | ||||||||
AB INBEVS SOUTH AFRICA TAX MATTERS [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Contingent liabilities | 400 | ر.س 6.4 | ||||||||
Additional liability towards taxes and interest one | 1,000 | $ 17.7 | ||||||||
Ambev [member] | IPI excise tax [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | $ | $ 400 | |||||||||
Ambev [member] | Legal proceedings contingent liability [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Number of shares issued | 172,831,574 | 172,831,574 | 172,831,574 | 172,831,574 | 172,831,574 | 172,831,574 | 172,831,574 | |||
Percentage of shares issued diluted | 1.00% | |||||||||
Ambev [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | $ 1,300 | R$ 6,200 | ||||||||
Ambev [member] | IPI excise tax [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | R$ | 1,800 | |||||||||
Arosuco [member] | Disallowance Of Tax Paid Abroad [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | $ 500 | 2,500 | ||||||||
Cerbuco Brewing Inc [Member] | Cerveceria Bucanero S.A [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Percentage of ownership interest in subsidiary | 50.00% | |||||||||
Tax Assessment During 2005 [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Exposure to credit risk | $ 1,400 | 6,600 | ||||||||
Tax Assessment During 2005 [member] | Ambev [member] | In Bev Holding Brasil SA [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Provisions recorded | 12 | 60 | ||||||||
Tax Assessment During 2005 [member] | Ambev [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 100 | 300 | ||||||||
Tax Assessment in December 2011 [member] | Ambev [member] | In Bev Holding Brasil SA [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 200 | 1,200 | ||||||||
Tax Assessment in December 2011 [member] | Ambev [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 300 | 1,300 | ||||||||
Tax assessment in October 2013 [member] | Ambev [member] | In Bev Holding Brasil SA [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 2,200 | 10,700 | ||||||||
Tax assessment in October 2013 [member] | Ambev [member] | Beverage Associates Holding Limited [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 500 | 2,300 | ||||||||
Tax Assessment in December 2015 [member] | Ambev [member] | Integration program social security financing levy [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 300 | 1,600 | ||||||||
Tax Assessment in December [Member] | Ambev [member] | MAG [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 100 | 300 | ||||||||
Rio de Janeiro [member] | Arosuco [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 100 | R$ 600 | ||||||||
Tanzania [member] | Tax contingent liability [member] | TANZANIA BREWERIES PLC [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimated financial effect of contingent liabilities | $ 400 | Tsh 850 | ||||||||
Tax asessment noticed on ownership change | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||
SOUTH AFRICA | THE SOUTH AFRICAN BREWERIES (PTY) LTD [member] | AB INBEVS SOUTH AFRICA TAX MATTERS [Member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimated financial effect of contingent liabilities | $ 500 | R 8.9 | ||||||||
ICMS tax credits for Sao Paulo, Rio de Janeiro and Minas Gerais [member] | Ambev [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 400 | R$ 1,700 | ||||||||
ICMS tax credits for Rio Grande do Sul and Sao Paulo [member] | Tax Assessment in 2018 and 2021 [member] | Ambev [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 200 | 800 | ||||||||
ICMS-ST Trigger [member] | Ambev [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Estimate of possible loss | 2,100 | R$ 10,000 | ||||||||
Blocked account [member] | ||||||||||
Disclosure of detailed information about material tax [line items] | ||||||||||
Provisions recorded | $ 73 | € 68 | ||||||||
Deposits | $ 73 | € 68 |
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