• | 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 and in the Middle East, including the conflict in the Red Sea), 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, the Central Bank of China, the South African Reserve Bank, Banco de la República in Colombia, the Bank of Mexico and other central banks; |
• | 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 and behavior; |
• | changes in pricing environments; |
• | volatility in the availability or prices of raw materials, commodities and energy; |
• | damage to our reputation or the image and reputation of our brands; |
• | difficulties in maintaining relationships with employees; |
• | regional or general changes in asset valuations; |
• | greater than expected costs (including taxes) and expenses; |
• | 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, 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. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million, except volumes) |
(%) (1) |
|||||||||||
Volumes (thousand hectoliters) |
285,837 | 288,131 | (0.8 | ) | ||||||||
Revenue |
29,880 | 29,333 | 1.9 | |||||||||
Cost of sales |
(13,419 | ) | (13,536 | ) | 0.9 | |||||||
Gross profit |
16,461 | 15,796 | 4.2 | |||||||||
Selling, General and Administrative expenses |
(9,248 | ) | (9,051 | ) | (2.2 | ) | ||||||
Other operating income/(expenses) |
334 | 327 | 2.0 | |||||||||
Exceptional items |
(119 | ) | (107 | ) | (11.1 | ) | ||||||
Profit of the period |
3,236 | 2,655 | 21.9 | |||||||||
Profit from operations |
7,428 | 6,965 | 6.6 | |||||||||
Normalized EBITDA (2) |
10,288 | 9,668 | 6.4 |
(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 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(thousand hectoliters) |
(%)(1) |
|||||||||||
North America |
43,992 | 47,395 | (7.2 | ) | ||||||||
Middle Americas |
74,072 | 72,164 | 2.6 | |||||||||
South America |
76,315 | 76,023 | 0.4 | |||||||||
EMEA |
44,882 | 42,842 | 4.8 | |||||||||
Asia Pacific |
46,444 | 49,589 | (6.3 | ) | ||||||||
Global Export and Holding Companies |
132 | 117 | 12.5 | |||||||||
Total |
285,837 |
288,131 |
(0.8 |
) | ||||||||
(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 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
7,457 | 7,926 | (5.9 | ) | ||||||||
Middle Americas |
8,574 | 7,573 | 13.2 | |||||||||
South America |
6,018 | 5,849 | 2.9 | |||||||||
EMEA |
4,228 | 4,070 | 3.9 | |||||||||
Asia Pacific |
3,383 | 3,679 | (8.0 | ) | ||||||||
Global Export and Holding Companies |
221 | 236 | (6.4 | ) | ||||||||
Total |
29,880 |
29,333 |
1.9 |
|||||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, as well as the 2023 and 2024 acquisitions and disposals had a positive impact of USD 1,732 million on our consolidated revenue for the six-month period ended 30 June 2024 compared to the six-month period ended 30 June 2023. |
• | Our consolidated revenue for the six-month period ended 30 June 2024 also reflects a negative currency translation impact of USD 1,970 million mainly arising from currency translation effects in South America. |
1 |
Cumulative inflation over 100% (2% per month compounded) over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. |
• | In EMEA, the growth in the revenue per hectoliter was mainly driven by pricing actions and continued premiumization in South Africa. |
• | In South America, the growth in the revenue per hectoliter was mainly driven by revenue management initiatives in Brazil. |
• | In Middle America, the growth in the revenue per hectoliter was mainly driven by revenue management initiatives in Mexico. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
(3,150 | ) | (3,420 | ) | 7.9 | |||||||
Middle Americas |
(3,179 | ) | (2,926 | ) | (8.6 | ) | ||||||
South America |
(3,013 | ) | (2,949 | ) | (2.2 | ) | ||||||
EMEA |
(2,215 | ) | (2,210 | ) | (0.2 | ) | ||||||
Asia Pacific |
(1,583 | ) | (1,750 | ) | 9.5 | |||||||
Global Export and Holding Companies |
(279 | ) | (281 | ) | 0.6 | |||||||
Total |
(13,419 |
) |
(13,536 |
) |
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. |
• | The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, as well as the 2023 and 2024 acquisitions and disposals had a negative impact of USD 1,019 million on our consolidated cost of sales for the six-month period ended 30 June 2024 compared to the six-month period ended 30 June 2023. |
• | Our consolidated cost of sales for the six-month period ended 30 June 2024 also reflects a positive currency translation impact of USD 1,148 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
Selling, General and Administrative Expenses |
(9,248 | ) | (9,051 | ) | (2.2 | ) | ||||||
Other Operating Income/(Expenses) |
334 | 327 | 2.0 | |||||||||
Total Operating Expenses |
(8,914 |
) |
(8,724 |
) |
(2.2 |
) | ||||||
(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 period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
(2,186 | ) | (2,354 | ) | 7.1 | |||||||
Middle Americas |
(2,065 | ) | (1,863 | ) | (10.9 | ) | ||||||
South America |
(1,917 | ) | (1,804 | ) | (6.3 | ) | ||||||
EMEA |
(1,305 | ) | (1,307 | ) | 0.1 | |||||||
Asia Pacific |
(994 | ) | (1,033 | ) | 3.7 | |||||||
Global Export and Holding Companies |
(781 | ) | (692 | ) | (12.9 | ) | ||||||
Total |
(9,248 |
) |
(9,051 |
) |
(2.2 |
) | ||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, as well as the 2023 and 2024 acquisitions and disposals had a negative impact of USD 672 million on our consolidated selling, general and administrative expenses for the six-month period ended 30 June 2024 compared to the six-month period ended 30 June 2023. |
• | Our consolidated selling, general and administrative expenses for the six-month period ended 30 June 2024 also reflects a positive currency translation impact of USD 646 million mainly arising from currency translation effects in South America, EMEA and Asia. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
(8 | ) | 18 | — | ||||||||
Middle Americas |
23 | 8 | 189.1 | |||||||||
South America |
215 | 171 | 25.7 | |||||||||
EMEA |
79 | 83 | (4.8 | ) | ||||||||
Asia Pacific |
56 | 53 | 6.2 | |||||||||
Global Export and Holding Companies |
(31 | ) | (6 | ) | (458.9 | ) | ||||||
Total |
334 |
327 |
2.0 |
|||||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, as well as the 2023 and 2024 acquisitions and disposals did not have a significant impact on our net consolidated other operating income and expenses for the six-month period ended 30 June 2024 compared to the six-month period ended 30 June 2023. |
• | Our net consolidated other operating income and expenses for the six-month period ended 30 June 2024 had no significant currency translation impact. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Restructuring |
(59 | ) | (50 | ) | ||||
Business and asset disposal (including impairment losses) |
(60 | ) | (38 | ) | ||||
Legal costs |
— | (19 | ) | |||||
Total |
(119 |
) |
(107 |
) | ||||
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
2,097 | 2,131 | (1.6 | ) | ||||||||
Middle Americas |
3,339 | 2,781 | 20.1 | |||||||||
South America |
1,301 | 1,241 | 4.9 | |||||||||
EMEA |
774 | 618 | 25.4 | |||||||||
Asia Pacific |
846 | 944 | (10.4 | ) | ||||||||
Global Export and Holding Companies |
(929 | ) | (749 | ) | (24.0 | ) | ||||||
Total |
7,428 |
6,965 |
6.6 |
|||||||||
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, as well as the 2023 and 2024 acquisitions and disposals positively impacted our consolidated profit from operations by USD 51 million for the six-month period ended 30 June 2024 compared to the six-month period ended 30 June 2023. |
• | Our consolidated profit from operations for the six-month period ended 30 June 2024 also reflects a negative currency translation impact of USD 170 million. |
• | Our profit from operations for the six-month period ended 30 June 2024 was negatively impacted by USD 119 million of certain exceptional items, as compared to a negative impact of USD 107 million for the six-month period ended 30 June 2023. See “Exceptional Items” above for a description of exceptional items that impacted our profit from operations for the six-month period ended 30 June 2024 and 2023. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
Net interest expense |
(1,460 | ) | (1,630 | ) | 10.4 | |||||||
Net interest on net defined benefit liabilities |
(45 | ) | (42 | ) | (6.3 | ) | ||||||
Accretion expense |
(382 | ) | (385 | ) | 0.7 | |||||||
Net interest income on Brazilian tax credits |
61 | 78 | (21.8 | ) | ||||||||
Other financial results |
(530 | ) | (540 | ) | 1.8 | |||||||
Net finance expense before exceptional finance results |
(2,357 |
) |
(2,520 |
) |
6.5 |
|||||||
Mark-to-market |
(507 | ) | (703 | ) | 27.9 | |||||||
Gain/(loss) on bond redemption and other |
(23 | ) | — | — | ||||||||
Exceptional net finance income/(expense) |
(530 |
) |
(703 |
) |
24.6 |
|||||||
Net finance income/(expense) |
(2,887 |
) |
(3,223 |
) |
10.4 |
|||||||
(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 2024 |
Six-month period ended 30 June 2023 |
|||||||
Share price at the start of the six-month period (in euro) |
58.42 | 56.27 | ||||||
Share price at the end of the six-month period (in euro) |
54.12 | 51.83 | ||||||
Number of derivative equity instruments at the end of the period (in millions) |
100.5 | 100.5 |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Profit attributable to non-controlling interests |
672 | 678 | ||||||
Profit attributable to equity holders of AB InBev |
2,564 | 1,977 | ||||||
Profit of the period |
3,236 |
2,655 |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Profit attributable to equity holders of AB InBev |
2,564 |
1,977 |
||||||
Exceptional items, before taxes |
119 | 107 | ||||||
Exceptional net finance expense, before taxes |
530 | 703 | ||||||
Exceptional share of results of associates |
(104 | ) | — | |||||
Exceptional taxes |
133 | (51 | ) | |||||
Exceptional non-controlling interest |
(3 | ) | (9 | ) | ||||
Hyperinflation impacts |
81 | 35 | ||||||
Underlying profit, attributable to equity holders of AB InBev (1) |
3,320 |
2,762 |
(1) | 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 2023 Compared to Year Ended 31 December 2022—Profit Attributable to Our Equity Holders” of our 2023 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 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD per share) |
||||||||
Basic earnings per share |
1.28 |
0.98 |
||||||
Exceptional items, before taxes |
0.06 | 0.05 | ||||||
Exceptional net finance expense, before taxes |
0.26 | 0.35 | ||||||
Exceptional share of results of associates |
(0.05 | ) | — | |||||
Exceptional taxes |
0.07 | (0.03 | ) | |||||
Hyperinflation accounting impacts in EPS |
0.04 | 0.02 | ||||||
Underlying EPS (1) |
1.66 |
1.37 |
(1) | Underlying EPS is a non-IFRS measure. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2023 Compared to the Year Ended 31 December 2022—Profit Attributable to Our Equity Holders” of our 2023 Annual Report for additional information on our definition and use of Underlying EPS. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
Profit attributable to equity holders of AB InBev |
2,564 | 1,977 | 29.7 | |||||||||
Profit attributable to non-controlling interests |
672 | 678 | (0.9 | ) | ||||||||
Profit of the period |
3,236 |
2,655 |
21.9 |
|||||||||
Net finance expense |
2,887 | 3,223 | 10.4 | |||||||||
Income tax expense |
1,546 | 1,192 | (29.7 | ) | ||||||||
Share of result of associates |
(137 | ) | (105 | ) | 29.9 | |||||||
Exceptional share of results of associates |
(104 | ) | — | — | ||||||||
Profit from operations |
7,428 |
6,965 |
6.6 |
|||||||||
Exceptional items |
119 | 107 | (11.1 | ) | ||||||||
Profit from operations, before exceptional items (2) |
7,547 |
7,072 |
6.7 |
|||||||||
Depreciation, amortization and impairment |
2,741 | 2,596 | (5.6 | ) | ||||||||
Normalized EBITDA (3) |
10,288 |
9,668 |
6.4 |
|||||||||
(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 2023 Compared to Year Ended 31 December 2022—Normalized EBITDA” of our 2023 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 2023 Compared to Year Ended 31 December 2022—Normalized EBITDA” of our 2023 Annual Report for additional information on our definition and use of Normalized EBITDA. |
Six-month period ended |
||||||||
30 June 2024 |
30 June 2023 |
|||||||
U.S. dollar |
25.5 | % | 27.3 | % | ||||
Brazilian real |
15.5 | % | 14.5 | % | ||||
Mexican peso |
13.7 | % | 12.3 | % | ||||
Chinese yuan |
8.2 | % | 9.6 | % | ||||
Euro |
5.7 | % | 5.5 | % | ||||
Colombian peso |
4.8 | % | 3.6 | % | ||||
South African rand |
3.9 | % | 3.6 | % | ||||
Peruvian nuevo sol |
3.0 | % | 3.2 | % | ||||
Canadian dollar |
3.1 | % | 3.1 | % | ||||
Argentine peso (1) |
2.7 | % | 3.4 | % | ||||
Dominican peso |
2.1 | % | 2.1 | % | ||||
Pound sterling |
2.0 | % | 1.9 | % | ||||
South Korean won |
2.0 | % | 1.9 | % | ||||
Other |
7.8 | % | 7.9 | % |
(1) | Hyperinflation accounting was adopted starting from the September year-to-date 2018 results. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Cash flow from operating activities |
2,568 | 1,597 | ||||||
Cash flow from/(used in) investing activities (1) |
(1,732 | ) | (2,089 | ) | ||||
Cash flow from/(used in) financing activities (1) |
(3,313 | ) | (2,795 | ) | ||||
Net increase/(decrease) in cash and cash equivalents |
(2,476 |
) |
(3,287 |
) |
(1) | The financial information for the six-month period ended 30 June 2023 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2024 to reflect the change in classification of certain investing and financing activities. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Profit |
3,236 | 2,655 | ||||||
Interest, taxes and non-cash items included in profit |
7,588 | 7,512 | ||||||
Cash flow from operating activities before changes in working capital and provisions |
10,824 |
10,167 |
||||||
Change in working capital |
(4,170 | ) | (4,615 | ) | ||||
Pension contributions and use of provisions |
(251 | ) | (192 | ) | ||||
Interest and taxes (paid)/received |
(3,958 | ) | (3,806 | ) | ||||
Dividends received |
123 | 43 | ||||||
Cash flow from/(used in) operating activities |
2,568 |
1,597 |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
|||||||
(USD million) |
||||||||
Net capital expenditure (1) |
(1,684 | ) | (2,063 | ) | ||||
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of |
(19 | ) | (8 | ) | ||||
Proceeds from sale/(acquisition) of other assets (2) |
(29 | ) | (18 | ) | ||||
Cash flow from / (used in) investing activities |
(1,732 |
) |
(2,089 |
) |
(1) | Net capital expenditure consists of acquisitions of plant, property and equipment and of intangible assets, minus proceeds from sale. |
(2) | The financial information for the six-month period ended 30 June 2023 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2024 to reflect the change in classification of certain investing and financing activities. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 (1) |
|||||||
(USD million) |
||||||||
Net (payments on)/proceeds from borrowings |
1,124 | 155 | ||||||
Dividends paid |
(2,142 | ) | (1,923 | ) | ||||
Payments of lease liabilities |
(406 | ) | (359 | ) | ||||
Other (including purchase of non-controlling interests) |
(465 | ) | (305 | ) | ||||
Cash flow from / (used in) financing activities |
(3,313 |
) |
(2,795 |
) |
(1) | The financial information for the six-month period ended 30 June 2023 has been amended to conform to the basis of presentation for the six-month period ended 30 June 2024 to reflect the change in classification of certain investing and financing activities. |
Six-month period ended 30 June 2024 |
Six-month period ended 30 June 2023 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Cash flow from operating activities |
2,568 | 1,597 | 60.8 | |||||||||
Net capital expenditure (2) |
(1,684 | ) | (2,063 | ) | (18.4 | ) | ||||||
Adjusted free cash flow (3) |
884 |
(466 |
) |
— |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | Net capital expenditure consists of acquisitions of property, plant and equipment and of intangible assets, minus proceeds from sale; please see “—Cash Flow used in Investing Activities” above for further details regarding our net capital expenditures. |
(3) | Adjusted free cash flow is a non-IFRS measure. See “Item 5. Operating and Financial Review and Results of Operations—Liquidity and Capital Resources—Adjusted Free Cash Flow” of our 2023 Annual Report for additional information on our definition and use of adjusted free cash flow. |
2 |
Net debt is a non-IFRS measure. See “Item 5. Operating and Financial Review—H. Liquidity and Capital Resources—Net Debt and Equity” of our 2023 Annual Report for additional information on our definition and use of net debt. |
Six-month period ended 30 June 2024 (1) |
Year ended 31 December 2023 (2) |
|||||||
USD million |
||||||||
Income Statement |
||||||||
Revenue |
6,820 | 13,682 | ||||||
Gross profit |
3,550 | 6,943 | ||||||
Profit of the period |
(260 | ) | (71 | ) | ||||
Statement of Financial Position |
||||||||
Due from non-guarantor subsidiaries |
57,085 | 66,958 | ||||||
Other non-current assets |
62,132 | 61,448 | ||||||
Non-current assets |
119,218 |
128,407 |
||||||
Due from non-guarantor subsidiaries |
13,857 | 16,700 | ||||||
Other current assets |
2,766 | 2,487 | ||||||
Current assets |
16,624 |
19,187 |
||||||
Due to non-guarantor subsidiaries |
46,162 | 51,631 | ||||||
Other non-current liabilities |
81,708 | 79,581 | ||||||
Non-current liabilities |
127,870 |
131,212 |
||||||
Due to non-guarantor subsidiaries |
8,439 | 11,821 | ||||||
Other current liabilities |
12,401 | 13,622 | ||||||
Current liabilities |
20,840 |
25,444 |
(1) | For the six-month period ended 30 June 2024, revenue, gross profit and profit of the year includes USD 115 million, USD (204) million and USD 324 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
(2) | For the year ended 31 December 2023, revenue, gross profit and profit of the year includes USD 217 million, USD (431) million and USD 1,474 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 share in US dollar |
Notes |
2024 |
2023 | |||
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 expense |
8 | ( |
( | |||
Finance income |
8 | |||||
Net finance income/( expense ) |
( |
( | ||||
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 |
2024 |
2023 | |||
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 2024 |
31 December 2023 | |||
ASSETS |
||||||
Non-current assets |
||||||
Property, plant and equipment |
10 | |||||
Goodwill |
11 | |||||
Intangible assets |
12 | |||||
Investments in associates |
13 | |||||
Investment securities |
15 | |||||
Deferred tax assets |
||||||
Pensions and similar obligations |
||||||
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 | |||||
Pensions and similar obligations |
||||||
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 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 |
( |
( |
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 2024 |
( |
( |
||||||||||||||||||
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 2024 |
( |
( |
For the six-month period ended 30 June |
||||||
Million US dollar |
Notes |
2024 |
2023¹ | |||
OPERATING ACTIVITIES |
||||||
Profit of the period |
||||||
Depreciation, amortization and impairment |
||||||
Net finance (income)/expense |
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 |
||||||
Proceeds from borrowings |
17 | |||||
Repayments of borrowings |
17 | ( |
( | |||
Dividends paid |
( |
( | ||||
Share buyback |
( |
|||||
Payment of lease liabilities |
( |
( | ||||
Derivative financial instruments |
( |
( | ||||
Sale/(acquisition) of non-controlling interests |
( |
( | ||||
Other financing cash flows |
( |
( | ||||
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 expense 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 |
|||
Events after the reporting date |
23 |
1. |
Corporate information |
2. |
Statement of compliance |
3. |
Summary of significant accounting policies |
Closing rate |
Average rate | |||||||
1 US dollar equals: |
30 June 2024 |
31 December 2023 |
30 June 2024 |
30 June 2023 | ||||
Argentine peso |
- | - | ||||||
Brazilian real |
||||||||
Canadian dollar |
||||||||
Chinese yuan |
||||||||
Colombian peso |
||||||||
Euro |
||||||||
Mexican peso |
||||||||
Peruvian nuevo sol |
||||||||
Pound sterling |
||||||||
South African rand |
||||||||
South Korean won |
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 | ||||||||||||||||||||||
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 | |||||||||||||||
Volume |
||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||
Profit from operations |
( |
( |
||||||||||||||||||||||||||
Net finance income/(expense) |
( |
( | ||||||||||||||||||||||||||
Share of results of associates |
||||||||||||||||||||||||||||
Exceptional share of results of associates |
||||||||||||||||||||||||||||
Income tax expense |
( |
( | ||||||||||||||||||||||||||
Profit |
||||||||||||||||||||||||||||
Segment assets (non-current) |
||||||||||||||||||||||||||||
Gross capex |
6. |
Acquisitions and disposals of subsidiaries |
7. |
Exceptional items |
Million US dollar |
2024 |
2023 | ||||||
Restructuring |
( |
) | ( |
) | ||||
Business and asset disposal (including impairment losses) |
( |
) | ( |
) | ||||
Claims and legal costs |
( |
) | ||||||
Impact on profit from operations |
( |
) |
( |
) | ||||
Exceptional net finance income/(expense) |
( |
) | ( |
) | ||||
Exceptional share of results of associates |
||||||||
Exceptional taxes |
( |
) | ||||||
Exceptional non-controlling interest |
||||||||
Net impact on profit |
( |
) |
( |
) |
8. |
Finance expense and income |
2024 |
2023 | |||||||||||||
Million US dollar |
Finance expense |
Finance income |
Net |
Finance expense |
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/(expense) excluding exceptional items |
( |
( |
( |
( | ||||||||||
Exceptional finance income/(expense) |
( |
( |
( |
( | ||||||||||
Finance income/(expense) |
( ) |
( ) |
( ) |
( ) |
2024 |
2023 | |||||||||||||
Million US dollar |
Finance expense |
Finance income |
Net |
Finance expense |
Finance income |
Net | ||||||||
Net foreign exchange gains/(losses) |
( |
- | ( |
( |
- | ( | ||||||||
Net gains/(losses) on hedging instruments |
( |
- | ( |
( |
- | ( | ||||||||
Hyperinflation monetary adjustments |
( |
( |
||||||||||||
Other financial income/(expense), including bank fees and taxes |
( |
( |
( |
( | ||||||||||
Other financial results |
( |
( |
( |
( |
• | ( mark-to-market |
• | ( |
• |
9. |
Income taxes |
For the six-month period ended 30 June Million US dollar |
2024 |
2023 | ||
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 |
2024 |
2023 | ||
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 |
||||
Withholding taxes |
( |
( | ||
Other tax adjustments |
( |
( | ||
Total tax expense |
( |
( | ||
Effective tax rate |
10. |
Property, plant and equipment |
Million US dollar |
30 June 2024 |
31 December 2023 | ||
Property, plant and equipment owned |
||||
Property, plant and equipment leased (right-of-use |
||||
Total property, plant and equipment |
30 June 2024 |
31 December 2023 | |||||||||
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 2023 |
||||||||||
at 30 June 2024 |
- |
30 June 2024 | ||||||
Million US dollar |
Land and buildings |
Machinery, equipment and other |
Total | |||
Net carrying amount at 30 June |
||||||
Depreciation for the period ended 30 June |
( |
( |
( | |||
31 December 2023 | ||||||
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 2024 |
31 December 2023 | ||
Acquisition cost |
||||
Balance at end of previous year |
||||
Effect of movements in foreign exchange |
( |
|||
Transfers (to)/from other assets categories |
( |
( | ||
Hyperinflation monetary adjustments |
||||
Balance at end of the period |
||||
Impairment losses |
||||
Balance at end of previous year |
( |
( | ||
Effect of movements in foreign exchange |
||||
Impairment losses |
- | ( | ||
Balance at end of the period |
( |
( | ||
Carrying amount |
||||
Balance at end of the period |
Million US dollar |
30 June 2024 |
31 December 2023 | ||
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 2024 |
31 December 2023 | |||||||||||
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 through business combinations |
- | - | - | - | - | |||||||
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 2023 |
||||||||||||
at 30 June 2024 |
13. |
Investments in associates |
2024 |
2023 | |||||||||
Million US dollar |
Castel |
Anadolu 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 2024 |
31 December 2023 | ||
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 impaired nor past due on the reporting date |
Of which not impaired as of the reporting date and past due | |||||||||||
Net carrying amount as of 30 June 2024 |
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 receivables |
- | - | - | - | ||||||||
Other receivables |
||||||||||||
Net carrying amount as of 31 December 2023 |
Of which: neither |
Of which not impaired as of the reporting date and past due | ||||||||||
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 receivables |
- | - | - | - | ||||||||
Other receivables |
||||||||||||
15. |
Cash and cash equivalents and investment securities |
Million US dollar |
30 June 2024 |
31 December 2023 | ||
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 2024 |
31 December 2023 | ||
Investment in unquoted companies |
||||
Investment in debt securities |
||||
Non-current investments |
||||
Investment in 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 |
||||
At the end of the current 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 2024 |
( |
( |
( | |||||
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 2024 |
( |
( |
( |
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 shares |
2024 |
2023 | ||
Issued ordinary and restricted shares at 1 January, net of treasury shares |
||||
Effect of stock lending |
||||
Effect of delivery of treasury shares and share buyback programs |
( |
|||
Weighted average number of ordinary and restricted shares at 30 June |
Million shares |
2024 |
2023 | ||
Weighted average number of ordinary and restricted shares at 30 June |
||||
Effect of share options, PSUs 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 |
2024 |
2023 | ||
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 |
2024 |
2023 | ||
Profit attributable to equity holders of AB InBev |
||||
Weighted average number of ordinary and restricted shares |
||||
Basic EPS |
||||
Profit attributable to equity holders of AB InBev |
||||
Weighted average number of ordinary and restricted shares (diluted) |
||||
Diluted EPS |
||||
Underlying profit |
||||
Weighted average number of ordinary and restricted shares |
||||
Underlying EPS |
17. |
Interest-bearing loans and borrowings |
Million US dollar |
30 June 2024 |
31 December 2023 | ||
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 |
Issue date |
Issuer (abbreviated) |
Maturity date |
Currency |
Aggregate principal amount (in million) |
Coupon rate | |||||
21 March 2024 |
||||||||||
22 March 2024 |
||||||||||
22 March 2024 |
||||||||||
22 March 2024 |
Date of repurchase |
Issuer (abbreviated) |
Title of series of notes partially repurchased |
Currency |
Original principal amount outstanding (in million) |
Principal amount repurchased (in million) |
Principal amount not repurchased (in million) | ||||||
Million US dollar |
30 June 2024 |
31 December 2023 | ||
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 2024 |
||||
Proceeds from borrowings |
||||
Repayments of 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 2024 |
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 |
||||
Repayments of 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 |
18. |
Share-based payments |
19. |
Risks arising from financial instruments |
30 June 2024 |
31 December 2023 | |||||||||||||||
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 |
||||||||||||||||
Foreign exchange derivatives |
- | - | ||||||||||||||
Commodities |
- | - | - | - | ||||||||||||
Cross currency interest rate swaps |
- | - | - | - | ||||||||||||
Interest rate swaps |
- | - | - | - | ||||||||||||
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 |
- | - | - | - | ||||||||||||
Foreign exchange derivatives |
- | - | ||||||||||||||
Commodities |
- | - | - | - | ||||||||||||
Cross currency interest rate swaps |
- | - | - | - | ||||||||||||
Interest rate swaps |
- | - | - | - | ||||||||||||
Financial liabilities |
||||||||||||||||
Non-current |
||||||||||||||||
Current |
30 June 2024 |
Before hedging |
After hedging | ||||||
Interest-bearing financial liabilities |
Effective |
Amount |
Effective |
Amount | ||||
Million US dollar |
interest rate |
interest rate | ||||||
Floating rate |
||||||||
US dollar |
- | |||||||
Other |
||||||||
Fixed rate |
||||||||
Canadian dollar |
||||||||
Chinese yuan |
||||||||
Euro |
||||||||
Pound sterling |
||||||||
South Korean won |
||||||||
US dollar |
||||||||
Other |
||||||||
31 December 2023 |
Before hedging |
After hedging | ||||||
Interest-bearing financial liabilities |
Effective |
Amount |
Effective |
Amount | ||||
Million US dollar |
interest rate |
interest rate | ||||||
Floating rate |
||||||||
Euro |
||||||||
US dollar |
||||||||
Other |
||||||||
Fixed rate |
||||||||
Canadian dollar |
||||||||
Chinese yuan |
||||||||
Euro |
||||||||
Pound sterling |
||||||||
South Korean won |
||||||||
US dollar |
||||||||
Other |
||||||||
30 June 2024 |
31 December 2023¹ | |||||||||||
Million US dollar |
Gross |
Impairment |
Net carrying amount |
Gross |
Impairment |
Net carrying amount | ||||||
Trade receivables |
( |
( |
||||||||||
Other receivables |
( |
( |
||||||||||
Trade and other receivables |
( |
( |
30 June 2024 |
31 December 2023 | |||
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 2024 | ||||||||||||||
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 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 |
( |
( |
( |
( |
( |
- |
Interest-bearing financial liabilities |
30 June 2024 |
31 December 2023 | ||||||
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 2024 Million US dollar |
Quoted (unadjusted) prices - level 1 |
Observable market inputs - level 2 |
Unobservable market inputs - level 3 | |||
Financial Assets |
||||||
Held for trading (non-derivatives) |
- | - | ||||
Derivatives at fair value through profit and loss |
- | - | ||||
Derivatives in a cash flow hedge relationship |
- | |||||
Derivatives in a net investment hedge relationship |
- | - | ||||
- | ||||||
Financial Liabilities |
||||||
Deferred consideration on acquisitions at fair value |
- | - | ||||
Derivatives at fair value through profit and loss |
- | - | ||||
Derivatives in a cash flow hedge relationship |
- | |||||
Derivatives in a fair value hedge relationship |
- | - | ||||
Derivatives in a net investment hedge relationship |
- | - | ||||
Fair value hierarchy 31 December 2023 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 2024 |
31 December 2023 | ||
Income tax and social contribution |
||||
Value-added and excise taxes |
||||
Other taxes |
||||
22. |
Related parties |
23. |
Events after the reporting date |