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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18555": {
   "value": "-2677000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18568": {
   "value": "12043000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18572": {
   "value": "15247000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18585": {
   "value": "-211000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18590": {
   "value": "-526000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18603": {
   "value": "9890000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "f18607": {
   "value": "12043000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "s8_notes__6__5": {
   "value": "1.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Corpo<span class=\"_ _1\"/>rat<span class=\"_ _3\"/>e informa<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ion   </span>Anheuser-Busch <span class=\"_ _3\"/>InBev is <span class=\"_ _3\"/>a <span class=\"_ _3\"/>publicly traded <span class=\"_ _3\"/>company <span class=\"_ _3\"/>(Euronext: ABI) <span class=\"_ _3\"/>based <span class=\"_ _3\"/>in Leuven, <span class=\"_ _3\"/>Belgium, with <span class=\"_ _3\"/>secondary listings <span class=\"_ _3\"/>on the Mexico (MEXBOL: <span class=\"_ _3\"/>ANB) and South Africa (JSE: ANH) <span class=\"_ _3\"/>stock exchanges and with <span class=\"_ _3\"/>American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). A<span class=\"_ _0\"/>s a company, we dream b<span class=\"_ _0\"/>ig to create a fut<span class=\"_ _0\"/>ure with more cheer<span class=\"_ _0\"/>s. We are always<span class=\"_ _1\"/> looking to<span class=\"_ _0\"/> <span class=\"_ _1\"/>serve up <span class=\"_ _1\"/>new ways <span class=\"_ _1\"/>to meet<span class=\"_ _0\"/> li<span class=\"_ _1\"/>fe<span class=\"_ _3\"/>\u2019s <span class=\"_ _1\"/>moments, move <span class=\"_ _1\"/>our indu<span class=\"_ _0\"/>stry forw<span class=\"_ _1\"/>a<span class=\"_ _3\"/>rd <span class=\"_ _1\"/>and make <span class=\"_ _1\"/>a meaningful <span class=\"_ _1\"/>impact i<span class=\"_ _0\"/>n t<span class=\"_ _1\"/>he world.<span class=\"_ _1\"/> We are commi<span class=\"_ _3\"/>tted to building great brands <span class=\"_ _3\"/>that stand the te<span class=\"_ _3\"/>st of time and to <span class=\"_ _3\"/>brewing the best <span class=\"_ _3\"/>beers using the finest natural ingredients. <span class=\"_ _6\"/>Our <span class=\"_ _7\"/>diverse <span class=\"_ _6\"/>portfolio <span class=\"_ _6\"/>of <span class=\"_ _6\"/>wel<span class=\"_ _3\"/>l <span class=\"_ _6\"/>over <span class=\"_ _7\"/>500 <span class=\"_ _6\"/>beer <span class=\"_ _6\"/>brands <span class=\"_ _7\"/>includes <span class=\"_ _6\"/>global <span class=\"_ _6\"/>brands <span class=\"_ _6\"/>Budweiser\u00ae, <span class=\"_ _7\"/>Corona\u00ae <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Stella Artois\u00ae; <span class=\"_ _3\"/>multi-<span class=\"ff4\">country brands <span class=\"_ _3\"/>Beck\u2019s\u00ae, <span class=\"_ _3\"/>Hoegaarden\u00ae, Lef<span class=\"_ _3\"/></span>fe\u00ae and<span class=\"_ _3\"/> Michelob <span class=\"_ _3\"/>Ultra\u00ae; and <span class=\"_ _3\"/>local <span class=\"_ _3\"/>champions su<span class=\"_ _3\"/>ch as <span class=\"_ _3\"/>Aguila\u00ae, Antarctica\u00ae, <span class=\"_ _e\"> </span>Bud <span class=\"_\"> </span>Light\u00ae, <span class=\"_ _e\"> </span>Brahma\u00ae, <span class=\"_\"> </span>Cass\u00ae, <span class=\"_ _e\"> </span>Castle\u00ae, <span class=\"_ _e\"> </span>Castle <span class=\"_\"> </span>Lite\u00ae, <span class=\"_ _e\"> </span>Cristal\u00ae, <span class=\"_ _e\"> </span>Harbin\u00ae, <span class=\"_\"> </span>Jupiler\u00ae, <span class=\"_\"> </span>M<span class=\"_ _3\"/>odelo <span class=\"_\"> </span>Especial\u00ae, Quilmes\u00ae, <span class=\"_ _3\"/>Victoria\u00ae, Sedrin\u00ae an<span class=\"_ _3\"/>d Skol\u00ae. <span class=\"_ _3\"/>Our brewing <span class=\"_ _3\"/>heritage <span class=\"_ _3\"/>dates <span class=\"_ _3\"/>back more <span class=\"_ _3\"/>than <span class=\"_ _3\"/>6<span class=\"_ _3\"/>00 years, <span class=\"_ _3\"/>spanning c<span class=\"_ _3\"/>ontinents and generations. <span class=\"_ _1\"/>From <span class=\"_ _f\"/>our <span class=\"_ _1\"/>European <span class=\"_ _1\"/>roots <span class=\"_ _f\"/>a<span class=\"_ _3\"/>t <span class=\"_ _f\"/>the <span class=\"_ _1\"/>Den <span class=\"_ _1\"/>Hoorn <span class=\"_ _1\"/>brewery <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>Leuven, <span class=\"_ _1\"/>Belgium. <span class=\"_ _1\"/>To <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _f\"/>pioneering <span class=\"_ _1\"/>spirit <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Anheuser &amp; Co brewery in St<span class=\"_ _1\"/>. Louis, US. To the creation <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the Cast<span class=\"_ _0\"/>le Brewery in So<span class=\"_ _1\"/>u<span class=\"_ _3\"/>th Africa durin<span class=\"_ _0\"/>g the Johannesburg gold rush. To Bohemia, <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>first <span class=\"_ _7\"/>brewery <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>Brazil. <span class=\"_ _5\"> </span>Geographically <span class=\"_ _7\"/>diversified <span class=\"_ _7\"> </span>with <span class=\"_ _5\"> </span>a <span class=\"_ _7\"/>balanced <span class=\"_ _7\"/>exposure <span class=\"_ _7\"> </span>to<span class=\"_ _3\"/> <span class=\"_ _7\"/>developed <span class=\"_ _7\"> </span>and <span class=\"_ _5\"> </span>developing markets, we leverage the collective strengths of approximately 167 000 employees based in nearly <span class=\"ls3\">50</span> countries worldwide. For 2022, AB <span class=\"ff4\">InBev\u2019s reported revenue was </span>57.8 billion US dollar (excluding joint ventures and associates).   The consolidated f<span class=\"_ _0\"/>inancial statements <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the c<span class=\"_ _1\"/>o<span class=\"_ _3\"/>mpany for <span class=\"_ _1\"/>the year ended 31 <span class=\"_ _0\"/>December 202<span class=\"_ _0\"/>2 comprise the <span class=\"_ _1\"/>company and its<span class=\"_ _1\"/> subsidiaries <span class=\"_ _3\"/>(togethe<span class=\"ff4\">r <span class=\"_ _3\"/>referred to<span class=\"_ _3\"/> a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>\u201cAB InBev\u201d <span class=\"_ _3\"/>or <span class=\"_ _3\"/>the <span class=\"_ _3\"/>\u201ccompany\u201d) and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s i<span class=\"_ _3\"/>nterest in <span class=\"_ _3\"/>associates, <span class=\"_ _3\"/>joint ven<span class=\"_ _3\"/>tures </span>and operations. The consolidated financial statements were authorized for iss<span class=\"_ _0\"/>ue by the Board of <span class=\"_ _3\"/>Directors on 1 March 2023. 2.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Statemen<span class=\"_ _1\"/>t <span class=\"_ _3\"/>of compl<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ance </span>The <span class=\"_ _3\"/>consolidated financial <span class=\"_ _3\"/>statements have <span class=\"_ _3\"/>been <span class=\"_ _3\"/>prepared in <span class=\"_ _3\"/>accordance <span class=\"_ _3\"/>with International<span class=\"_ _2\"/> <span class=\"_ _3\"/>Financial Reporting <span class=\"_ _3\"/>Standard<span class=\"ls10\">s </span>as <span class=\"_ _2\"/>issued <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>International <span class=\"_ _2\"/>Accounting <span class=\"_ _2\"/>Standard <span class=\"_ _2\"/>Board<span class=\"_ _3\"/> <span class=\"_ _2\"/>(IASB) <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _3\"/>in <span class=\"_ _2\"/>co<span class=\"_ _3\"/>nformity <span class=\"_ _3\"/>with <span class=\"_ _2\"/>International <span class=\"_ _2\"/>Financial <span class=\"_ _2\"/>Reporting Standards <span class=\"_ _1\"/>a<span class=\"_ _3\"/>s <span class=\"_ _1\"/>adopted by<span class=\"_ _0\"/> <span class=\"_ _1\"/>the E<span class=\"_ _1\"/>urop<span class=\"_ _3\"/>ean <span class=\"_ _1\"/>Union<span class=\"_ _3\"/> <span class=\"_ _1\"/><span class=\"ff4\">(collectively <span class=\"_ _1\"/>\u201cIFRS\u201d)<span class=\"ff2\">. AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>did <span class=\"_ _1\"/>not <span class=\"_ _1\"/>early ap<span class=\"_ _0\"/>ply <span class=\"_ _1\"/>any new <span class=\"_ _f\"/>IFRS requirement<span class=\"_ _1\"/>s<span class=\"_ _3\"/> </span></span>that were not yet effective in 2022 and did not apply any European carve-outs from IFRS. 3.<span class=\"ls0\"> <span class=\"_ _4\"> </span>Summary of significant<span class=\"_ _0\"/> accounting po<span class=\"_ _1\"/>l<span class=\"_ _3\"/>icies </span>The <span class=\"_ _2\"/>a<span class=\"_ _3\"/>ccounting <span class=\"_ _2\"/>policies <span class=\"_ _6\"/>applied <span class=\"_ _6\"/>are <span class=\"_ _2\"/>consistent <span class=\"_ _6\"/>to <span class=\"_ _6\"/>all <span class=\"_ _2\"/>p<span class=\"_ _3\"/>eriods <span class=\"_ _2\"/>presented <span class=\"_ _6\"/>in <span class=\"_ _6\"/>these <span class=\"_ _2\"/>consolidated <span class=\"_ _6\"/>financial <span class=\"_ _6\"/>statements <span class=\"_ _2\"/>by <span class=\"_ _6\"/>the company and its subsidiary. (A) <span class=\"_ _e\"> </span>BASIS OF PREPARATION AND MEASUREMENT Depending on the a<span class=\"_ _0\"/>pplicable IFRS requirements, t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e measurement <span class=\"_ _1\"/>b<span class=\"_ _3\"/>asis used <span class=\"_ _0\"/>in preparing <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e financial statements i<span class=\"_ _1\"/>s<span class=\"_ _3\"/> cost, net <span class=\"_ _4\"> </span>realizable <span class=\"_ _5\"> </span>value, <span class=\"_ _5\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _5\"> </span>or <span class=\"_ _4\"> </span>recoverable <span class=\"_ _5\"> </span>amount. <span class=\"_ _5\"> </span>Whenever <span class=\"_ _4\"> </span>IFRS <span class=\"_ _5\"> </span>p<span class=\"_ _3\"/>rovides <span class=\"_ _5\"> </span>an <span class=\"_ _8\"> </span>option <span class=\"_ _5\"> </span>between <span class=\"_ _5\"> </span>cost <span class=\"_ _5\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _5\"> </span>another measurement basis (e.g., systematic re-measurement), the cost approach is applied. (B) <span class=\"_ _e\"> </span>FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial sta<span class=\"_ _3\"/>tements has been st<span class=\"_ _3\"/>ated in US do<span class=\"_ _3\"/>llar and has <span class=\"_ _f\"/>be<span class=\"_ _3\"/>en <span class=\"_ _f\"/>rounded <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the <span class=\"_ _f\"/>nearest <span class=\"_ _1\"/>million. <span class=\"_ _f\"/>As<span class=\"_ _3\"/> <span class=\"_ _f\"/>from <span class=\"_ _1\"/>2009, <span class=\"_ _f\"/>follo<span class=\"_ _3\"/>wing <span class=\"_ _f\"/>the <span class=\"_ _f\"/>combination <span class=\"_ _1\"/>with <span class=\"_ _1\"/>Anheuser<span class=\"_ _3\"/>-Bush, <span class=\"_ _1\"/>the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _f\"/>changed the <span class=\"_ _1\"/>presentation <span class=\"_ _1\"/>cu<span class=\"_ _3\"/>rrency <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>consolidated <span class=\"_ _0\"/>financial <span class=\"_ _1\"/>statements <span class=\"_ _1\"/>from <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _f\"/>eu<span class=\"_ _3\"/>ro <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the <span class=\"_ _1\"/>US <span class=\"_ _0\"/>dollar <span class=\"_ _1\"/>to <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rovide <span class=\"_ _f\"/>g<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>ter al<span class=\"_ _1\"/>i<span class=\"_ _3\"/>gnment of the presentation currency with AB InBev\u2019s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. (C) <span class=\"_ _e\"> </span>PRINCIPLES OF CONSOLIDATION Subsidiaries <span class=\"_ _3\"/>are <span class=\"_ _2\"/>those <span class=\"_ _3\"/>entities <span class=\"_ _2\"/>cont<span class=\"_ _3\"/>rolled <span class=\"_ _3\"/>by <span class=\"_ _2\"/>AB InBev. <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>controls <span class=\"_ _2\"/>an <span class=\"_ _3\"/>entity <span class=\"_ _2\"/>when <span class=\"_ _3\"/>it <span class=\"_ _3\"/>is <span class=\"_ _2\"/>exposed <span class=\"_ _3\"/>to, <span class=\"_ _2\"/>or <span class=\"_ _3\"/>has <span class=\"_ _2\"/>rights <span class=\"_ _3\"/>to, variable <span class=\"_ _6\"/>returns <span class=\"_ _2\"/>from <span class=\"_ _6\"/>its <span class=\"_ _2\"/>i<span class=\"_ _3\"/>nvolvement <span class=\"_ _6\"/>with <span class=\"_ _2\"/>the <span class=\"_ _6\"/>entity <span class=\"_ _6\"/>and <span class=\"_ _2\"/>has <span class=\"_ _6\"/>the <span class=\"_ _6\"/>ability <span class=\"_ _6\"/>to <span class=\"_ _2\"/>affect <span class=\"_ _6\"/>those <span class=\"_ _6\"/>returns <span class=\"_ _2\"/>through <span class=\"_ _6\"/>its <span class=\"_ _6\"/>power <span class=\"_ _2\"/>over <span class=\"_ _6\"/>the entity. <span class=\"_ _1\"/>In <span class=\"_ _0\"/>assessing <span class=\"_ _1\"/>control, <span class=\"_ _0\"/>potential <span class=\"_ _f\"/>v<span class=\"_ _3\"/>oting rig<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ts <span class=\"_ _1\"/>are <span class=\"_ _0\"/>taken <span class=\"_ _1\"/>into <span class=\"_ _1\"/>account. Contr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>l <span class=\"_ _1\"/>is <span class=\"_ _1\"/>p<span class=\"_ _3\"/>resumed <span class=\"_ _1\"/>to <span class=\"_ _1\"/>exist wh<span class=\"_ _1\"/>e<span class=\"_ _3\"/>re <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>owns, directly or indirectly, mo<span class=\"_ _3\"/>re than one h<span class=\"_ _3\"/>alf of the voting rights <span class=\"_ _3\"/>(which does not always eq<span class=\"_ _3\"/>uate to economic ownership), unless it <span class=\"_ _1\"/>can be<span class=\"_ _0\"/> <span class=\"_ _1\"/>demonstrated <span class=\"_ _1\"/>th<span class=\"_ _3\"/>at <span class=\"_ _1\"/>such <span class=\"_ _1\"/>ownership does <span class=\"_ _1\"/>not <span class=\"_ _1\"/>constitute control. <span class=\"_ _f\"/>The fin<span class=\"_ _0\"/>ancial <span class=\"_ _1\"/>statements <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>subsidiaries <span class=\"_ _1\"/>are i<span class=\"_ _1\"/>n<span class=\"_ _3\"/>cluded in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>consolidated <span class=\"_ _7\"/>financial <span class=\"_ _7\"/>statements <span class=\"_ _7\"/>from <span class=\"_ _7\"> </span>the <span class=\"_ _7\"/>date <span class=\"_ _7\"/>that <span class=\"_ _7\"/>control <span class=\"_ _7\"> </span>commences <span class=\"_ _7\"> </span>until<span class=\"_ _3\"/> <span class=\"_ _7\"/>the <span class=\"_ _6\"/>date<span class=\"_ _3\"/> <span class=\"_ _7\"/>that <span class=\"_ _7\"/>control <span class=\"_ _7\"/>ceases. <span class=\"_ _7\"/>Total comprehensive i<span class=\"_ _3\"/>ncome of <span class=\"_ _3\"/>subsidiaries <span class=\"_ _3\"/>is <span class=\"_ _3\"/>attributed <span class=\"_ _3\"/>to t<span class=\"_ _2\"/>he owners <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company and<span class=\"_ _3\"/> to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>non<span class=\"_ _3\"/>-controlling interests <span class=\"_ _3\"/>even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in<span class=\"_ _0\"/> which AB InBev has significant influence over the f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial and operating p<span class=\"_ _1\"/>o<span class=\"_ _3\"/>licies, bu<span class=\"_ _3\"/>t which it <span class=\"_ _3\"/>does <span class=\"_ _3\"/>not control. <span class=\"_ _3\"/>This <span class=\"_ _3\"/>is <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>evidenced by <span class=\"_ _3\"/>ownership <span class=\"_ _3\"/>of <span class=\"_ _3\"/>between <span class=\"_ _3\"/>20% and <span class=\"_ _3\"/>50% <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the voting <span class=\"_ _3\"/>rights. <span class=\"_ _3\"/>A <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>venture is <span class=\"_ _3\"/>an <span class=\"_ _3\"/>arrangement <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>control, <span class=\"_ _3\"/>whereby <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>rights <span class=\"_ _3\"/>to the <span class=\"_ _3\"/>net <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>arrangement, rather than rights to its <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssets and obligations <span class=\"_ _0\"/>for its liabilities. <span class=\"_ _1\"/>As<span class=\"_ _3\"/>sociates and joint <span class=\"_ _0\"/>ventures are accounted <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r by the <span class=\"_ _0\"/>e<span class=\"_ _2\"/>quity method <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>accounting, <span class=\"_ _7\"/>from <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>date <span class=\"_ _5\"> </span>that <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>influence <span class=\"_ _7\"/>or <span class=\"_ _7\"> </span>joint <span class=\"_ _5\"> </span>control <span class=\"_ _7\"/>commences <span class=\"_ _7\"/>until <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>date <span class=\"_ _7\"/>that <span class=\"_ _7\"/>significant inf<span class=\"ls0\">luence <span class=\"_ _2\"/>or <span class=\"_ _2\"/>joint <span class=\"_ _2\"/>control <span class=\"_ _2\"/>c<span class=\"_ _3\"/>eases. <span class=\"_ _2\"/>When <span class=\"_ _2\"/>AB<span class=\"_ _3\"/> <span class=\"ff4\">InBev\u2019s <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of <span class=\"_ _2\"/>losses <span class=\"_ _6\"/>exceeds <span class=\"_ _2\"/>the <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>associate <span class=\"_ _2\"/>or <span class=\"_ _2\"/>joint </span></span>venture, <span class=\"_ _6\"/>the <span class=\"_ _6\"/>carrying <span class=\"_ _7\"/>amount <span class=\"_ _2\"/>is <span class=\"_ _6\"/>re<span class=\"_ _3\"/>duced <span class=\"_ _6\"/>to <span class=\"_ _6\"/>nil <span class=\"_ _6\"/>and <span class=\"_ _6\"/>recognition <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>further <span class=\"_ _6\"/>losses <span class=\"_ _6\"/>is <span class=\"_ _6\"/>discontinued <span class=\"_ _6\"/>except <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>extent <span class=\"_ _6\"/>that AB<span class=\"ls0\"> InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. </span>Joint <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>arise <span class=\"_ _6\"/>when <span class=\"_ _2\"/>AB <span class=\"_ _3\"/>InBe<span class=\"_ _3\"/>v <span class=\"_ _2\"/>has <span class=\"_ _2\"/>rights <span class=\"_ _2\"/>to <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>assets <span class=\"_ _2\"/>and <span class=\"_ _2\"/>obligations <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>the <span class=\"_ _2\"/>liabilities <span class=\"_ _2\"/>of <span class=\"_ _2\"/>a <span class=\"_ _2\"/>joint <span class=\"_ _6\"/>arrangement. <span class=\"_ _2\"/>AB InBev <span class=\"_ _1\"/>accounts <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>its <span class=\"_ _1\"/>share <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>assets, <span class=\"_ _1\"/>li<span class=\"_ _3\"/>abilities, <span class=\"_ _1\"/>revenues <span class=\"_ _1\"/>and <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>penses <span class=\"_ _1\"/>as <span class=\"_ _1\"/>from <span class=\"_ _1\"/>the m<span class=\"_ _1\"/>omen<span class=\"_ _3\"/>t <span class=\"_ _1\"/>joint <span class=\"_ _1\"/>operation <span class=\"_ _1\"/>commences until the date that joint operation ceases.  The financial sta<span class=\"_ _3\"/>tements of the company\u2019s s<span class=\"_ _3\"/>ubsidiaries, joint ventures, joint <span class=\"_ _3\"/>operations and associates are p<span class=\"_ _3\"/>repared for the same <span class=\"_ _3\"/>rep<span class=\"_ _3\"/>orting y<span class=\"_ _3\"/>ear <span class=\"_ _3\"/>as <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>parent <span class=\"_ _3\"/>company, <span class=\"_ _3\"/>using <span class=\"_ _2\"/>consistent <span class=\"_ _3\"/>accounting <span class=\"_ _3\"/>policies. <span class=\"_ _3\"/>In<span class=\"_ _2\"/> exceptional <span class=\"_ _3\"/>cases whe<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>financial statements <span class=\"_ _6\"/>of <span class=\"_ _6\"/>a <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubsidiary, <span class=\"_ _2\"/>joint <span class=\"_ _6\"/>venture, <span class=\"_ _6\"/>joint <span class=\"_ _6\"/>operation <span class=\"_ _6\"/>or <span class=\"_ _2\"/>as<span class=\"_ _3\"/>sociate <span class=\"_ _2\"/>are <span class=\"_ _6\"/>prepared <span class=\"_ _6\"/>as <span class=\"_ _6\"/>of <span class=\"_ _2\"/>a <span class=\"_ _6\"/>di<span class=\"_ _3\"/>fferent <span class=\"_ _2\"/>date <span class=\"_ _6\"/>from <span class=\"_ _6\"/>that <span class=\"_ _6\"/>of <span class=\"_ _6\"/>AB InBev, <span class=\"_ _3\"/>adjustments are <span class=\"_ _3\"/>made for th<span class=\"_ _3\"/>e effects <span class=\"_ _3\"/>of significant <span class=\"_ _3\"/>transactions or <span class=\"_ _3\"/>events that <span class=\"_ _3\"/>occur between <span class=\"_ _3\"/>that date an<span class=\"_ _3\"/>d the d<span class=\"_ _3\"/>ate of <span class=\"_\"> </span>AB <span class=\"_\"> </span>InBev's <span class=\"_\"> </span>financial <span class=\"_\"> </span>statements. In <span class=\"_\"> </span>such <span class=\"_\"> </span>cases, <span class=\"_\"> </span>the <span class=\"_\"> </span>di<span class=\"_ _0\"/>fference <span class=\"_\"> </span>between <span class=\"_\"> </span>the <span class=\"_\"> </span>end <span class=\"_\"> </span>of <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>reporting <span class=\"_\"> </span>period <span class=\"_\"> </span>of<span class=\"_ _3\"/> these subsidiaries, <span class=\"_ _3\"/>joint <span class=\"_ _2\"/>ventures, <span class=\"_ _3\"/>joint <span class=\"_ _6\"/>operations <span class=\"_ _3\"/>or <span class=\"_ _2\"/>associates from <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev's <span class=\"_ _2\"/>reporting <span class=\"_ _3\"/>period <span class=\"_ _3\"/>is <span class=\"_ _2\"/>no <span class=\"_ _3\"/>more <span class=\"_ _2\"/>than <span class=\"_ _3\"/>th<span class=\"_ _3\"/>ree <span class=\"_ _3\"/>months. Results <span class=\"_ _3\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>ass<span class=\"_ _3\"/>ociates <span class=\"_ _3\"/>Anadolu <span class=\"_ _3\"/>Efes <span class=\"_ _2\"/>and <span class=\"_ _3\"/>Castel <span class=\"_ _2\"/>are <span class=\"_ _3\"/>reported <span class=\"_ _3\"/>on <span class=\"_ _2\"/>a <span class=\"_ _3\"/>three<span class=\"_ _2\"/><span class=\"ff2\">-month <span class=\"_ _3\"/>lag. <span class=\"_ _2\"/>Therefore, <span class=\"_ _3\"/>estimates </span>are made t<span class=\"_ _1\"/>o reflect AB <span class=\"_ _1\"/>InBev\u2019s share in <span class=\"_ _1\"/>the result<span class=\"ff2\"> of these <span class=\"_ _1\"/>associates for <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e l<span class=\"_ _0\"/>ast quarter. <span class=\"_ _1\"/>Such estimates are<span class=\"_ _1\"/> revisited when </span>required. Transactions <span class=\"_ _2\"/>with <span class=\"_ _2\"/>non-controlling <span class=\"_ _2\"/>interests <span class=\"_ _2\"/>are <span class=\"_ _2\"/>trea<span class=\"_ _3\"/>ted <span class=\"_ _3\"/>as <span class=\"_ _2\"/>transactions <span class=\"_ _2\"/>with <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>owners <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company. <span class=\"_ _2\"/>For <span class=\"_ _2\"/>purchases from non-controlling <span class=\"_ _1\"/>interests, t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> d<span class=\"_ _1\"/>iff<span class=\"_ _3\"/>erence <span class=\"_ _1\"/>b<span class=\"_ _3\"/>etween any <span class=\"_ _1\"/>consideration p<span class=\"_ _0\"/>aid an<span class=\"_ _1\"/>d<span class=\"_ _3\"/> <span class=\"_ _0\"/>the <span class=\"_ _0\"/>relevant <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hare <span class=\"_ _1\"/>acquired of <span class=\"_ _1\"/>the carrying<span class=\"_ _1\"/> value of net assets of the subsidiary is<span class=\"_ _3\"/> recorded in equity. Gains or losses on disposals to non<span class=\"_ _3\"/>-c<span class=\"_ _3\"/>ontrolling interests are also recorded in equity where there is no loss of control.  All <span class=\"_ _3\"/>inte<span class=\"_ _3\"/>rcompany <span class=\"_ _3\"/>transactions, bal<span class=\"_ _3\"/>ances <span class=\"_ _3\"/>and <span class=\"_ _3\"/>un<span class=\"_ _3\"/>realized g<span class=\"_ _3\"/>ains <span class=\"_ _3\"/>and <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>on <span class=\"_ _2\"/>transactions <span class=\"_ _3\"/>between <span class=\"_ _3\"/>group <span class=\"_ _3\"/>co<span class=\"_ _3\"/>mpanies <span class=\"_ _3\"/>have been <span class=\"_ _f\"/>el<span class=\"_ _3\"/>iminated. <span class=\"_ _f\"/>Unrealized <span class=\"_ _1\"/>gains <span class=\"_ _f\"/>arising <span class=\"_ _1\"/>from <span class=\"_ _1\"/>transactions <span class=\"_ _f\"/>with <span class=\"_ _1\"/>joint <span class=\"_ _f\"/>ventures, <span class=\"_ _1\"/>joint <span class=\"_ _1\"/>operations <span class=\"_ _f\"/>and <span class=\"_ _1\"/>associates <span class=\"_ _f\"/>are <span class=\"_ _1\"/>eliminat<span class=\"_ _2\"/><span class=\"ls8\">ed </span>to the <span class=\"_ _3\"/>extent of <span class=\"_ _3\"/>AB <span class=\"ff4\">InBev\u2019s interest in <span class=\"_ _3\"/>the entity. Unrealized losses<span class=\"_ _3\"/> are eliminated in <span class=\"_ _3\"/>the same way <span class=\"_ _3\"/>as unrealized gains, <span class=\"_ _3\"/>but<span class=\"_ _0\"/> </span>only to the extent that there is no evidence of impairment. A <span class=\"_ _3\"/>listing <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>most <span class=\"_ _3\"/>important <span class=\"_ _3\"/>subsidiaries, <span class=\"_ _3\"/>joint <span class=\"_ _3\"/><span class=\"ff2\">v<span class=\"_ _3\"/>entures, <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>operations a<span class=\"_ _3\"/>nd as<span class=\"_ _3\"/>sociates is <span class=\"_ _3\"/>set <span class=\"_ _3\"/>out <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Note <span class=\"_ _3\"/>3<span class=\"_ _3\"/>3 </span>AB<span class=\"ls0\"> InBev companies<span class=\"ff2\">. </span></span>(D) <span class=\"_ _e\"> </span>SUMMARY OF CHANGES IN ACCOUNTING POLICIES  A <span class=\"_ _3\"/>nu<span class=\"_ _3\"/>mber <span class=\"_ _3\"/>of <span class=\"_ _2\"/>amendments<span class=\"_ _3\"/> <span class=\"_ _3\"/>to <span class=\"_ _2\"/>standards <span class=\"_ _2\"/>became <span class=\"_ _2\"/>mandatory <span class=\"_ _3\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>first <span class=\"_ _2\"/>time <span class=\"_ _3\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>year <span class=\"_ _3\"/>beginning <span class=\"_ _2\"/>on <span class=\"_ _2\"/>1 <span class=\"_ _3\"/>January 2022 and h<span class=\"_ _1\"/>a<span class=\"_ _3\"/>ve not b<span class=\"_ _1\"/>ee<span class=\"_ _3\"/>n li<span class=\"_ _0\"/>sted in t<span class=\"_ _1\"/>hese<span class=\"_ _3\"/> consolidated <span class=\"_ _1\"/>fin<span class=\"_ _3\"/>ancial <span class=\"_ _1\"/>stateme<span class=\"_ _3\"/>nts <span class=\"_ _0\"/>as they <span class=\"_ _1\"/>ei<span class=\"_ _3\"/>ther <span class=\"_ _1\"/>d<span class=\"_ _3\"/>o n<span class=\"_ _1\"/>o<span class=\"_ _3\"/>t apply <span class=\"_ _0\"/>or are <span class=\"_ _1\"/>immaterial to AB InBev\u2019s consolidated financial statements.<span class=\"ff2\"> </span>(E)<span class=\"ls0\"> <span class=\"_ _9\"> </span>FOREIGN CURRENCIES </span>Foreign currency transactions Foreign <span class=\"_ _1\"/>currency <span class=\"_ _f\"/>tra<span class=\"_ _3\"/>nsactions <span class=\"_ _f\"/>are <span class=\"_ _1\"/>accounted <span class=\"_ _1\"/>for <span class=\"_ _1\"/>at<span class=\"_ _3\"/> <span class=\"_ _1\"/>exchange <span class=\"_ _f\"/>rates <span class=\"_ _1\"/>prevailing <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _f\"/>da<span class=\"_ _3\"/>te <span class=\"_ _f\"/>o<span class=\"_ _3\"/>f <span class=\"_ _f\"/>the <span class=\"_ _1\"/>transactions. <span class=\"_ _1\"/>Monetary <span class=\"_ _f\"/>asse<span class=\"_ _3\"/>ts and liabilities denominated in foreig<span class=\"_ _3\"/>n currencies are translated at the exchange rates p<span class=\"_ _3\"/>revailing on the date o<span class=\"_ _3\"/>f the <span class=\"_ _2\"/>reporting sheet. Gains and<span class=\"_ _3\"/> losses resulting from the <span class=\"_ _3\"/>settlement<span class=\"_ _3\"/> of foreign currency <span class=\"_ _3\"/>transactions and from <span class=\"_ _3\"/>the translation of monetary assets <span class=\"_ _3\"/>and liabilities d<span class=\"_ _3\"/>enominated in <span class=\"_ _3\"/>foreign currencies <span class=\"_ _3\"/>are recognized <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the income sta<span class=\"_ _3\"/>tement. Non<span class=\"_ _2\"/>-monetary assets <span class=\"_ _3\"/>and liabilities <span class=\"_ _8\"> </span>denominated <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>foreign <span class=\"_ _8\"> </span>currencies <span class=\"_ _8\"> </span>are <span class=\"_ _4\"> </span>translated <span class=\"_ _4\"> </span>at <span class=\"_\"> </span>the <span class=\"_ _8\"> </span>foreign <span class=\"_ _4\"> </span>exchange <span class=\"_ _4\"> </span>rate <span class=\"_ _8\"> </span>prevailing <span class=\"_ _4\"> </span>at <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>date <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>the transaction. Non-monetary <span class=\"_ _1\"/>assets and<span class=\"_ _0\"/> li<span class=\"_ _0\"/>abilities <span class=\"_ _1\"/>d<span class=\"_ _3\"/>enominated <span class=\"_ _1\"/>in foreign <span class=\"_ _1\"/>currencies that <span class=\"_ _1\"/>are stated <span class=\"_ _1\"/>at fair <span class=\"_ _1\"/>value are <span class=\"_ _1\"/>translated to US dollar at foreign exchange rates prevailing at the dates the fair value was determined. Translation of the results and financial position of foreig<span class=\"_ _0\"/>n operations Assets <span class=\"_ _3\"/>and <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>of <span class=\"_ _2\"/>foreign <span class=\"_ _3\"/>operations <span class=\"_ _2\"/>are <span class=\"_ _3\"/>translated <span class=\"_ _2\"/>to <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>at <span class=\"_ _3\"/>foreign <span class=\"_ _2\"/>exchange <span class=\"_ _3\"/>rates <span class=\"_ _2\"/>prevailing <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _7\"/>reporting date. <span class=\"_ _2\"/>Income <span class=\"_ _3\"/>s<span class=\"_ _3\"/>tatements <span class=\"_ _2\"/>of <span class=\"_ _3\"/>foreig<span class=\"_ _3\"/>n <span class=\"_ _3\"/>o<span class=\"_ _3\"/>perations, <span class=\"_ _3\"/>excluding <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>entities <span class=\"_ _2\"/>in <span class=\"_ _2\"/>hyperinflationary <span class=\"_ _2\"/>economies, <span class=\"_ _2\"/>are <span class=\"_ _2\"/>translated <span class=\"_ _3\"/>to US <span class=\"_ _1\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _1\"/>at <span class=\"_ _0\"/>exchange <span class=\"_ _1\"/>rates <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the <span class=\"_ _1\"/>year appro<span class=\"_ _0\"/>ximating <span class=\"_ _1\"/>the for<span class=\"_ _1\"/>ei<span class=\"_ _3\"/>gn <span class=\"_ _1\"/>exchange <span class=\"_ _1\"/>ra<span class=\"_ _3\"/>tes <span class=\"_ _1\"/>prevailing <span class=\"_ _1\"/>at the <span class=\"_ _f\"/>dates of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>transactions. The components of shareholders\u2019 e<span class=\"_ _3\"/>quity are translated at historical rates. Exchange differences arising from the translation of <span class=\"_ _6\"/>shareh<span class=\"ff4\">olders\u2019 <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>to <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>at <span class=\"_ _6\"/>period<span class=\"_ _3\"/></span>-end <span class=\"_ _6\"/>exchange <span class=\"_ _6\"/>rates <span class=\"_ _6\"/>are <span class=\"_ _6\"/>taken <span class=\"_ _6\"/>to <span class=\"_ _6\"/>other <span class=\"_ _6\"/>comprehensive <span class=\"_ _6\"/>income <span class=\"_ _6\"/>(translation reserves). Financial Reporting in hyperinflationary economies In May <span class=\"_ _3\"/>2018, the Argentinean pe<span class=\"_ _3\"/>so underwent a se<span class=\"_ _3\"/>vere devaluation, causing <span class=\"_ _3\"/>Argentin<span class=\"_ _3\"/>a\u00b4s three<span class=\"_ _3\"/>-year cumulative inflation to exceed 100% <span class=\"_ _1\"/>and thus, <span class=\"_ _1\"/>triggering t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e re<span class=\"_ _1\"/>q<span class=\"_ _3\"/>uirement <span class=\"_ _0\"/>to <span class=\"_ _1\"/>tra<span class=\"_ _3\"/>nsition <span class=\"_ _1\"/>to hyperinflation <span class=\"_ _1\"/>accounting<span class=\"_ _2\"/> <span class=\"ls3\">as</span> <span class=\"_ _1\"/>of 2018, <span class=\"_ _1\"/>as prescribed <span class=\"_ _1\"/>by IAS 29 <span class=\"ff5 ls0\">Financial Reporting in Hyperinflationary Economies<span class=\"ff2\">. </span></span>Under <span class=\"_ _6\"/>IAS <span class=\"_ _6\"/>29, <span class=\"_ _2\"/>no<span class=\"_ _3\"/>n-monetary <span class=\"_ _2\"/>assets<span class=\"_ _3\"/> <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>sta<span class=\"_ _3\"/>ted <span class=\"_ _2\"/>at <span class=\"_ _6\"/>historical <span class=\"_ _6\"/>cost, <span class=\"_ _2\"/>e<span class=\"_ _3\"/>quity <span class=\"_ _2\"/>and <span class=\"_ _6\"/>income <span class=\"_ _6\"/>statements <span class=\"_ _6\"/>of <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubsidiaries operating <span class=\"_ _2\"/>in <span class=\"_ _6\"/>hyperinflationary <span class=\"_ _2\"/>economies <span class=\"_ _2\"/>are <span class=\"_ _6\"/>restated <span class=\"_ _2\"/>for <span class=\"_ _6\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _6\"/>the <span class=\"_ _2\"/>general <span class=\"_ _6\"/>purchasing <span class=\"_ _2\"/>power <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>local <span class=\"_ _2\"/>currency, applying <span class=\"_ _2\"/>a <span class=\"_ _2\"/>general <span class=\"_ _2\"/>price <span class=\"_ _6\"/>index. <span class=\"_ _3\"/>These <span class=\"_ _2\"/>re<span class=\"_ _3\"/>-measured<span class=\"_ _3\"/> <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ccounts <span class=\"_ _3\"/>are<span class=\"_ _3\"/> <span class=\"_ _2\"/>used <span class=\"_ _2\"/>for <span class=\"_ _2\"/>conversion <span class=\"_ _2\"/>into <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dolla<span class=\"_ _3\"/>r <span class=\"_ _3\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>period <span class=\"_ _2\"/>closing exchange <span class=\"_ _7\"/>rate. <span class=\"_ _6\"/>As <span class=\"_ _7\"/>a <span class=\"_ _7\"/>result, <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _6\"/>of <span class=\"_ _7\"/>financial <span class=\"_ _7\"/>position <span class=\"_ _7\"/>and <span class=\"_ _6\"/>net <span class=\"_ _7\"/>results <span class=\"_ _7\"/>of <span class=\"_ _6\"/>subsidiaries <span class=\"_ _7\"/>operating <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. The <span class=\"_ _8\"> </span>2022 <span class=\"_ _4\"> </span>results, <span class=\"_ _4\"> </span>resta<span class=\"_ _3\"/>ted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>purc<span class=\"_ _3\"/>hasing <span class=\"_ _4\"> </span>power, <span class=\"_ _4\"> </span>were<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>translated <span class=\"_ _8\"> </span>at <span class=\"_ _4\"> </span>the <span class=\"_\"> </span>December <span class=\"_ _4\"> </span>2022 <span class=\"_ _8\"> </span>closing <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>of <span class=\"_\"> </span>17<span class=\"_ _0\"/>7.131872 Argentinean pesos per US dollar (2021 results - at 102.749214 Argentinean pesos per US dolla<span class=\"ls5\">r).</span> Exchange rates  The most important exchange rates that have been used in preparing the financial state<span class=\"_ _0\"/>ments are:<span class=\"_ _3\"/> Closing rate<span class=\"_ _0\"/> Average rate 1 US dollar equals:<span class=\"_ _1\"/> 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> 31 December 2022<span class=\"_ _1\"/> 31 <span class=\"ls0\">December 2021 </span>Argentinean peso<span class=\"_ _0\"/> 177.131872  102.749214  - - Brazilian real<span class=\"_ _0\"/> 5.217705  5.580497  5.164428  5.368651  Canadian dolla<span class=\"_ _0\"/>r 1.353834  1.270792  1.297354  1.249693  Colombian peso<span class=\"_ _0\"/> 4 807.99  3 977.14  4 211.36  3 741.19  Chinese yuan 6.898736  6.352382  6.661729  6.456753  Euro 0.937559  0.882924  0.951768  0.841767  Mexican peso<span class=\"_ _1\"/> 19.361452  20.583378  20.123646  20.339905  Pound sterling<span class=\"_ _0\"/> 0.831548  0.741903  0.811905  0.725564  Peruvian nuevo <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ol 3.820004  3.976006  3.845294  3.877055  South Korean wo<span class=\"_ _0\"/>n 1 260.16  1 188.32  1 286.17  1 139.06  South African rand<span class=\"_ _1\"/> 16.968472  15.947907  16.392270  14.873785  (F) <span class=\"_ _11\"> </span>INTANGIBLE ASSETS Research and development Expenditure <span class=\"_ _5\"> </span>on <span class=\"_ _4\"> </span>research <span class=\"_ _5\"> </span>activities, <span class=\"_ _5\"> </span>undertaken <span class=\"_ _5\"> </span>with <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>p<span class=\"_ _3\"/>rospect <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>gaining <span class=\"_ _5\"> </span>n<span class=\"_ _3\"/>ew <span class=\"_ _5\"> </span>scientific <span class=\"_ _5\"> </span>or <span class=\"_ _4\"> </span>technical <span class=\"_ _5\"> </span>knowledge <span class=\"_ _5\"> </span>and understanding, is recognized in the income statement as an expense as incurred. Expenditure on d<span class=\"_ _3\"/>evelopment activities, <span class=\"_ _3\"/>whereby research findings are a<span class=\"_ _3\"/>pplied to a <span class=\"_ _3\"/>plan or design <span class=\"_ _3\"/>for the productio<span class=\"_ _6\"/>n of new or <span class=\"_ _2\"/>substantially <span class=\"_ _2\"/>improved <span class=\"_ _2\"/>products <span class=\"_ _2\"/>and <span class=\"_ _2\"/>processes, <span class=\"_ _2\"/>is <span class=\"_ _6\"/>capitalized <span class=\"_ _2\"/>if <span class=\"_ _2\"/>the <span class=\"_ _2\"/>product <span class=\"_ _2\"/>or <span class=\"_ _2\"/>process <span class=\"_ _2\"/>is <span class=\"_ _2\"/>technically <span class=\"_ _2\"/>and <span class=\"_ _2\"/>commercially feasible, <span class=\"_ _3\"/>fu<span class=\"_ _3\"/>ture <span class=\"_ _3\"/>economic <span class=\"_ _3\"/>b<span class=\"_ _3\"/>enefits <span class=\"_ _3\"/>are <span class=\"_ _2\"/>probable, <span class=\"_ _3\"/>and <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>has <span class=\"_ _3\"/>sufficient <span class=\"_ _2\"/>resources <span class=\"_ _3\"/>to <span class=\"_ _3\"/>c<span class=\"_ _3\"/>omplete <span class=\"_ _3\"/>development. <span class=\"_ _2\"/>The expenditure <span class=\"_ _4\"> </span>capitalized <span class=\"_ _5\"> </span>includes <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>cost <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _5\"> </span>materials, <span class=\"_ _4\"> </span>direct <span class=\"_ _5\"> </span>l<span class=\"_ _3\"/>abor <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>an <span class=\"_ _4\"> </span>appropriate <span class=\"_ _5\"> </span>proportion <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>overheads. <span class=\"_ _4\"> </span>Other development <span class=\"_ _5\"> </span>expenditure <span class=\"_ _4\"> </span>is <span class=\"_ _5\"> </span>recognized <span class=\"_ _4\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>income <span class=\"_ _4\"> </span>statement <span class=\"_ _5\"> </span>as <span class=\"_ _4\"> </span>an <span class=\"_ _5\"> </span>expense <span class=\"_ _4\"> </span>as <span class=\"_ _5\"> </span>incurred. <span class=\"_ _5\"> </span>Cap<span class=\"_ _3\"/>italized <span class=\"_ _5\"> </span>development expenditure <span class=\"_ _3\"/>is <span class=\"_ _3\"/>s<span class=\"_ _3\"/>tated a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>cost<span class=\"_ _3\"/> <span class=\"_ _3\"/>less <span class=\"_ _3\"/>accumulated <span class=\"_ _3\"/>amortiza<span class=\"_ _3\"/>tion (s<span class=\"_ _3\"/>ee <span class=\"_ _3\"/>below) <span class=\"_ _3\"/>and <span class=\"_ _2\"/>impairment <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>(refer <span class=\"_ _3\"/>to <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>policy N). Amortization related to research and development intangible assets is included within the cost o<span class=\"_ _3\"/>f sales if production related<span class=\"_ _2\"/> and in sales and marketing if related to commercial activities. Borrowing costs directly attrib<span class=\"_ _0\"/>utable to the a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quisition, construction or <span class=\"_ _1\"/>p<span class=\"_ _3\"/>roduction of <span class=\"_ _0\"/>qualifying assets are <span class=\"_ _1\"/>capi<span class=\"_ _3\"/>talized as <span class=\"_ _3\"/>part of the cost of such assets. Supply and distribution rights A <span class=\"_ _2\"/>su<span class=\"_ _3\"/>pply <span class=\"_ _2\"/>right <span class=\"_ _6\"/>is <span class=\"_ _6\"/>the <span class=\"_ _2\"/>right <span class=\"_ _6\"/>for <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBe<span class=\"_ _3\"/>v <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>supply <span class=\"_ _6\"/>a <span class=\"_ _2\"/>customer <span class=\"_ _6\"/>and <span class=\"_ _6\"/>the <span class=\"_ _2\"/>commitment <span class=\"_ _6\"/>by <span class=\"_ _6\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ustomer <span class=\"_ _2\"/>to <span class=\"_ _6\"/>purchase <span class=\"_ _6\"/>from <span class=\"_ _2\"/>AB InBev. A <span class=\"_ _1\"/>distribution right<span class=\"_ _0\"/> is <span class=\"_ _1\"/>the right <span class=\"_ _1\"/>to sell <span class=\"_ _1\"/>specified product<span class=\"_ _0\"/>s in <span class=\"_ _1\"/>a certain <span class=\"_ _1\"/>territory. Acquire<span class=\"_ _0\"/>d di<span class=\"_ _0\"/>stribution right<span class=\"_ _1\"/>s<span class=\"_ _3\"/> are<span class=\"_ _0\"/> <span class=\"_ _3\"/>measured initially <span class=\"_ _3\"/>at <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>or <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>v<span class=\"_ _3\"/>alue when <span class=\"_ _2\"/>obtained <span class=\"_ _3\"/>th<span class=\"_ _3\"/>rough a <span class=\"_ _2\"/>business <span class=\"_ _3\"/>combination. <span class=\"_ _3\"/>Amortization <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>supply <span class=\"_ _3\"/>and <span class=\"_ _3\"/>distribution rights is included within sales and marketing expenses. Brands If <span class=\"_ _4\"> </span>part <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _8\"> </span>consideration <span class=\"_ _4\"> </span>paid <span class=\"_ _4\"> </span>in<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>bu<span class=\"_ _3\"/>siness <span class=\"_ _4\"> </span>combination <span class=\"_ _4\"> </span>rel<span class=\"_ _3\"/>ates <span class=\"_ _4\"> </span>to <span class=\"_ _8\"> </span>trademarks, <span class=\"_ _4\"> </span>trade <span class=\"_ _4\"> </span>names, <span class=\"_ _8\"> </span>formulas, <span class=\"_ _4\"> </span>r<span class=\"_ _2\"/>ecipes <span class=\"_ _8\"> </span>or technological e<span class=\"_ _3\"/>xpertise these <span class=\"_ _3\"/>intangible assets <span class=\"_ _3\"/>are <span class=\"_ _3\"/>considered as <span class=\"_ _3\"/>a <span class=\"_ _3\"/>group of <span class=\"_ _3\"/>complementary <span class=\"_ _3\"/>assets that <span class=\"_ _3\"/>is <span class=\"_ _3\"/>referred to <span class=\"_ _3\"/>as a brand for which one fair value is determined. Expenditure on i<span class=\"_ _1\"/>nte<span class=\"_ _3\"/>rnally generated brands is expensed as incurred.<span class=\"_ _3\"/> Software Purchased <span class=\"_ _6\"/>software <span class=\"_ _2\"/>i<span class=\"_ _3\"/>s <span class=\"_ _2\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _2\"/>a<span class=\"_ _3\"/>t <span class=\"_ _2\"/>cost <span class=\"_ _6\"/>less <span class=\"_ _6\"/>accumulated <span class=\"_ _2\"/>a<span class=\"_ _3\"/>mortization. <span class=\"_ _6\"/>Expenditure <span class=\"_ _2\"/>on<span class=\"_ _3\"/> <span class=\"_ _2\"/>internally <span class=\"_ _6\"/>developed <span class=\"_ _6\"/>software <span class=\"_ _2\"/>is capitalized <span class=\"_ _6\"/>when <span class=\"_ _6\"/>the <span class=\"_ _2\"/>ex<span class=\"_ _3\"/>penditure <span class=\"_ _2\"/>qualifies <span class=\"_ _6\"/>as <span class=\"_ _6\"/>development <span class=\"_ _6\"/>activities; <span class=\"_ _6\"/>otherwise, <span class=\"_ _6\"/>it <span class=\"_ _2\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>recognized <span class=\"_ _2\"/>in <span class=\"_ _6\"/>the <span class=\"_ _6\"/>income <span class=\"_ _6\"/>statement when <span class=\"_ _7\"/>incurred. <span class=\"_ _7\"/>Amortization <span class=\"_ _7\"/>related <span class=\"_ _7\"/>to <span class=\"_ _6\"/>software <span class=\"_ _7\"> </span>is <span class=\"_ _7\"/>included <span class=\"_ _7\"/>in <span class=\"_ _6\"/>c<span class=\"_ _3\"/>ost <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ales, <span class=\"_ _7\"/>distribution <span class=\"_ _6\"/>exp<span class=\"_ _3\"/>enses, <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ales <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>marketi<span class=\"_ _3\"/>ng expenses or administrative expenses based on the activity the software support<span class=\"_ _0\"/>s.<span class=\"_ _3\"/> Other intangible assets Other <span class=\"_ _2\"/>intangible <span class=\"_ _2\"/>assets, <span class=\"_ _6\"/>acquired <span class=\"_ _3\"/>by<span class=\"_ _3\"/> <span class=\"_ _2\"/>the <span class=\"_ _2\"/>compa<span class=\"_ _3\"/>ny, <span class=\"_ _2\"/>are <span class=\"_ _6\"/>recognized <span class=\"_ _2\"/>at <span class=\"_ _2\"/>cost <span class=\"_ _2\"/>less <span class=\"_ _2\"/>accumulated <span class=\"_ _2\"/>am<span class=\"_ _3\"/>ortization <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _2\"/>impairment losses. <span class=\"_ _5\"> </span>Other <span class=\"_ _7\"/>intangible <span class=\"_ _7\"> </span>ass<span class=\"_ _3\"/>ets <span class=\"_ _7\"> </span>also <span class=\"_ _5\"> </span>include <span class=\"_ _7\"/>multi<span class=\"_ _3\"/>-year <span class=\"_ _5\"> </span>sponsorship <span class=\"_ _7\"> </span>rights <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>cquired <span class=\"_ _7\"/>by <span class=\"_ _5\"> </span>the <span class=\"_ _7\"/>company. <span class=\"_ _5\"> </span>These <span class=\"_ _7\"> </span>are <span class=\"_ _5\"> </span>initially recognized a<span class=\"_ _3\"/>t the <span class=\"_ _3\"/>present <span class=\"_ _3\"/>value of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>future payments <span class=\"_ _3\"/>and subse<span class=\"_ _3\"/>que<span class=\"_ _3\"/>ntly measured <span class=\"_ _3\"/>at cost <span class=\"_ _3\"/>less <span class=\"_ _3\"/>accumulated amortization and impairment losses. Subsequent expenditure Subsequent <span class=\"_ _3\"/>expenditure o<span class=\"_ _3\"/>n capitalized <span class=\"_ _3\"/>intangible <span class=\"_ _3\"/>assets is<span class=\"_ _3\"/> capitalized <span class=\"_ _3\"/>only <span class=\"_ _3\"/>when <span class=\"_ _3\"/>it i<span class=\"_ _3\"/>ncreases the <span class=\"_ _3\"/>future <span class=\"_ _3\"/>economic <span class=\"_ _3\"/>benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible <span class=\"_ _2\"/>assets <span class=\"_ _2\"/>with <span class=\"_ _2\"/>a <span class=\"_ _2\"/>finite <span class=\"_ _2\"/>life <span class=\"_ _6\"/>are <span class=\"_ _3\"/>a<span class=\"_ _3\"/>mortized <span class=\"_ _3\"/>using<span class=\"_ _3\"/> <span class=\"_ _2\"/>the <span class=\"_ _3\"/>straigh<span class=\"_ _3\"/>t<span class=\"_ _3\"/>-line <span class=\"_ _2\"/>method <span class=\"_ _2\"/>over <span class=\"_ _2\"/>their <span class=\"_ _2\"/>estimated <span class=\"_ _2\"/>useful <span class=\"_ _2\"/>l<span class=\"_ _3\"/>ives. <span class=\"_ _2\"/>Licenses, brewing, s<span class=\"_ _0\"/>upply and <span class=\"_ _1\"/>distribution rights <span class=\"_ _1\"/>are <span class=\"_ _0\"/>amo<span class=\"_ _3\"/>rtized o<span class=\"_ _1\"/>v<span class=\"_ _3\"/>er <span class=\"_ _1\"/>the period i<span class=\"_ _1\"/>n which <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e r<span class=\"_ _1\"/>igh<span class=\"_ _3\"/>ts <span class=\"_ _1\"/>exist. Brands <span class=\"_ _1\"/>are considered <span class=\"_ _1\"/>to have<span class=\"_ _1\"/> an <span class=\"_ _5\"> </span>indefinite <span class=\"_ _7\"> </span>li<span class=\"_ _3\"/>fe <span class=\"_ _7\"/>unless <span class=\"_ _5\"> </span>plans <span class=\"_ _5\"> </span>exist <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>di<span class=\"_ _3\"/>scontinue <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>brand. <span class=\"_ _5\"> </span>Discontinuance <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>a <span class=\"_ _7\"> </span>bra<span class=\"_ _3\"/>nd <span class=\"_ _7\"/>can <span class=\"_ _5\"> </span>be <span class=\"_ _5\"> </span>either <span class=\"_ _5\"> </span>through <span class=\"_ _7\"> </span>sale <span class=\"_ _5\"> </span>or termination of marketing support. W<span class=\"_ _0\"/>hen AB InBev purchases distribution rights for its own products th<span class=\"_ _0\"/>e life of these rights i<span class=\"_ _0\"/>s considered <span class=\"_ _4\"> </span>indefinite, <span class=\"_ _4\"> </span>unless <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company <span class=\"_ _4\"> </span>have <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"/>lan <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>d<span class=\"_ _3\"/>iscontinue <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>related <span class=\"_ _4\"> </span>brand <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>distribution. <span class=\"_ _4\"> </span>Software <span class=\"_ _4\"> </span>and capitalized development costs related to technology are amor<span class=\"_ _1\"/>ti<span class=\"_ _3\"/>zed ge<span class=\"_ _3\"/>nerally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful l<span class=\"_ _3\"/>ives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N). Gains and losses on sale Net gains on sale of <span class=\"_ _0\"/>intangible assets are presented <span class=\"_ _0\"/>in the income state<span class=\"_ _0\"/>ment as other oper<span class=\"_ _0\"/>ating income. Net lo<span class=\"_ _0\"/>sses on sale<span class=\"_ _1\"/> are <span class=\"_ _3\"/>included <span class=\"_ _3\"/>as <span class=\"_ _2\"/>other <span class=\"_ _3\"/>operating <span class=\"_ _3\"/>expenses. <span class=\"_ _2\"/>Net <span class=\"_ _3\"/>gains <span class=\"_ _3\"/>and <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>are <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>income <span class=\"_ _3\"/>statement <span class=\"_ _3\"/>when <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ontrol has been tran<span class=\"_ _0\"/>sferred to th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> buyer, re<span class=\"_ _0\"/>covery of the consi<span class=\"_ _0\"/>deration is <span class=\"_ _1\"/>p<span class=\"_ _3\"/>robable, the <span class=\"_ _1\"/>associated costs can <span class=\"_ _1\"/>be estimated reliably<span class=\"_ _0\"/>, and there is no continuing managerial involvement with the intangible assets. (G) <span class=\"_\"> </span>BUSINESS COMBINATIONS The <span class=\"_ _4\"> </span>company <span class=\"_ _5\"> </span>applies <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>acquisition <span class=\"_ _4\"> </span>method <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _5\"> </span>accounting <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>acc<span class=\"_ _3\"/>ount <span class=\"_ _5\"> </span>for <span class=\"_ _8\"> </span>acquisitions <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>businesses. <span class=\"_ _5\"> </span>Th<span class=\"_ _3\"/>e <span class=\"_ _5\"> </span>cost <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>an acquisition <span class=\"_ _3\"/>is m<span class=\"_ _3\"/>easured as<span class=\"_ _3\"/> the <span class=\"_ _3\"/>aggregate <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>values <span class=\"_ _3\"/>at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>date o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>exchange <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the assets <span class=\"_ _3\"/>given, <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>incurred<span class=\"_ _2\"/><span class=\"ls2\">, </span>and <span class=\"_ _6\"/>equity <span class=\"_ _2\"/>instrumen<span class=\"_ _3\"/>ts <span class=\"_ _2\"/>issued. <span class=\"_ _6\"/>Identifiable <span class=\"_ _2\"/>assets, <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>and <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ontingent <span class=\"_ _2\"/>liabili<span class=\"_ _2\"/>ties <span class=\"_ _6\"/>acquired <span class=\"_ _6\"/>or <span class=\"_ _2\"/>assumed <span class=\"_ _6\"/>are <span class=\"_ _2\"/>m<span class=\"_ _3\"/>easured separately at their fair v<span class=\"_ _0\"/>alue as of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e acquisition date. The <span class=\"_ _0\"/>excess of the cost of <span class=\"_ _0\"/>the acquisiti<span class=\"_ _1\"/>o<span class=\"_ _3\"/>n over the company\u2019s <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/><span class=\"ff2\">est </span>in the fair value of the identifiable net assets acquired is recorded as goodwill. The <span class=\"_ _6\"/>al<span class=\"_ _3\"/>location <span class=\"_ _6\"/>of <span class=\"_ _6\"/>fa<span class=\"_ _3\"/>ir <span class=\"_ _6\"/>values <span class=\"_ _7\"/>to <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>identifiable <span class=\"_ _7\"/>assets <span class=\"_ _6\"/>acquired <span class=\"_ _6\"/>and <span class=\"_ _7\"/>liabilities <span class=\"_ _6\"/>assumed <span class=\"_ _6\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>various <span class=\"_ _6\"/>assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the b<span class=\"_ _3\"/>usiness combination is achieved <span class=\"_ _3\"/>in stages, the ac<span class=\"_ _3\"/><span class=\"ff4\">quisition <span class=\"_ _3\"/>date carrying value of AB In<span class=\"_ _3\"/>Bev\u2019s previously held in<span class=\"_ _3\"/>terest </span>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>acqui<span class=\"_ _3\"/>ree is <span class=\"_ _2\"/>re-measured <span class=\"_ _3\"/>to <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _2\"/>at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>acquisition <span class=\"_ _3\"/>date; <span class=\"_ _3\"/>any <span class=\"_ _2\"/>gains <span class=\"_ _3\"/>or <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>arising <span class=\"_ _3\"/>from <span class=\"_ _3\"/>such <span class=\"_ _3\"/>re<span class=\"_ _2\"/>-measurement are recognized in profit or loss. (H) <span class=\"_ _e\"> </span>GOODWILL Goodwill <span class=\"_ _1\"/>is determine<span class=\"ff4\">d <span class=\"_ _1\"/>as <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xcess <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>consideration pai<span class=\"_ _0\"/>d <span class=\"_ _1\"/>over AB <span class=\"_ _1\"/>InBev\u2019s <span class=\"_ _1\"/>interest <span class=\"_ _0\"/>in <span class=\"_ _1\"/>the <span class=\"_ _0\"/>net <span class=\"_ _1\"/>fair va<span class=\"_ _0\"/>lue <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>ide<span class=\"_ _3\"/>ntifiable </span>assets, <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>and <span class=\"_ _3\"/>contingent l<span class=\"_ _3\"/>iabilities o<span class=\"_ _3\"/>f th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>subsidiary, jointly <span class=\"_ _3\"/>controlled <span class=\"_ _3\"/>entity <span class=\"_ _3\"/>or <span class=\"_ _3\"/>associate <span class=\"_ _3\"/>recognized <span class=\"_ _6\"/>at <span class=\"_ _3\"/>the date of acquisition. All business combinations are accounted for by applying the purchase <span class=\"_ _0\"/>method.<span class=\"_ _3\"/> In conformity with IFRS 3 <span class=\"ff5\">Business Combinations<span class=\"_ _3\"/></span>, goodwill is stated at cost and not amorti<span class=\"_ _1\"/>z<span class=\"_ _3\"/>ed but tested for impairment on an annual basis and whenever<span class=\"_ _0\"/> there is an indicator that the cash generating<span class=\"_ _0\"/> unit to which goodwill has be<span class=\"_ _0\"/>en allocated, may be im<span class=\"_ _3\"/>paired (refer <span class=\"_ _3\"/>to accounting policy<span class=\"_ _3\"/> N). Good<span class=\"_ _3\"/>will is <span class=\"_ _3\"/>expressed in <span class=\"_ _3\"/>the currency o<span class=\"_ _3\"/>f the <span class=\"_ _3\"/>subsidiary to <span class=\"_ _3\"/>which it <span class=\"_ _3\"/>relates and<span class=\"_ _3\"/> i<span class=\"_ _6\"/><span class=\"ls10\">s </span>translated <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>using <span class=\"_ _1\"/>the <span class=\"_ _f\"/>y<span class=\"_ _3\"/>ear-end <span class=\"_ _1\"/>exchange <span class=\"_ _1\"/>rate. <span class=\"_ _1\"/>In <span class=\"_ _1\"/>respect <span class=\"_ _f\"/>of <span class=\"_ _1\"/>associates, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>carrying <span class=\"_ _f\"/>am<span class=\"_ _3\"/>ount <span class=\"_ _f\"/>of <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>is <span class=\"_ _1\"/>included in the carrying amount of the investment in the associate. If <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev\u2019s <span class=\"_ _3\"/>in<span class=\"_ _3\"/>terest <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>net <span class=\"_ _2\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _2\"/>of <span class=\"_ _3\"/>the <span class=\"_ _2\"/>identifiable <span class=\"_ _3\"/>assets, <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>and <span class=\"_ _2\"/>contingent <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>recognized <span class=\"_ _3\"/>ex<span class=\"_ _6\"/><span class=\"ff2\">ceeds </span>the <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>of th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>business combination <span class=\"_ _3\"/>such <span class=\"_ _3\"/>excess <span class=\"_ _3\"/>is <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>immediately in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>income s<span class=\"_ _3\"/>tatement <span class=\"_ _3\"/>as <span class=\"_ _3\"/>required by <span class=\"_ _3\"/>IFRS 3 <span class=\"ff5 ls0\">Business Combinations<span class=\"ff2\">. Expenditure on internally generated goodwill is expensed as in<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urred. </span></span>(I) <span class=\"_ _21\"> </span>PROPERTY, PLANT AND EQUIPMENT Property, <span class=\"_ _1\"/>plant <span class=\"_ _1\"/>and <span class=\"_ _1\"/>equipment <span class=\"_ _1\"/>is <span class=\"_ _1\"/>measured <span class=\"_ _1\"/>at <span class=\"_ _1\"/>cost <span class=\"_ _1\"/>less <span class=\"_ _1\"/>accumulated <span class=\"_ _1\"/>depreciation <span class=\"_ _f\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>losses <span class=\"_ _1\"/>(refer <span class=\"_ _1\"/>to <span class=\"_ _1\"/>accounting policy <span class=\"_ _7\"/>N). <span class=\"_ _7\"/>Cost <span class=\"_ _7\"/>includes <span class=\"_ _7\"/>the <span class=\"_ _6\"/>purch<span class=\"_ _3\"/>ase <span class=\"_ _6\"/>pri<span class=\"_ _3\"/>ce <span class=\"_ _7\"/>and <span class=\"_ _7\"/>any <span class=\"_ _6\"/>costs<span class=\"_ _3\"/> <span class=\"_ _6\"/>di<span class=\"_ _3\"/>rectly <span class=\"_ _7\"/>attributable <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>bri<span class=\"_ _3\"/>nging <span class=\"_ _7\"/>the <span class=\"_ _6\"/>a<span class=\"_ _3\"/>sset <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>l<span class=\"_ _3\"/>ocation <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd condition <span class=\"_ _3\"/>necessary <span class=\"_ _3\"/>for <span class=\"_ _3\"/>it <span class=\"_ _2\"/>to <span class=\"_ _3\"/>be <span class=\"_ _3\"/>capable <span class=\"_ _3\"/>of <span class=\"_ _3\"/>operating <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nner <span class=\"_ _3\"/>intended <span class=\"_ _3\"/>by <span class=\"_ _3\"/>management <span class=\"_ _3\"/>(e.g., <span class=\"_ _3\"/>nonrefundable <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>and transport c<span class=\"_ _3\"/>ost). The <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>of <span class=\"_ _3\"/>a s<span class=\"_ _3\"/>elf<span class=\"_ _3\"/>-constructed asset <span class=\"_ _3\"/>is <span class=\"_ _3\"/>determined <span class=\"_ _3\"/>using the<span class=\"_ _3\"/> same <span class=\"_ _3\"/>principles <span class=\"_ _3\"/>as <span class=\"_ _3\"/>for an <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>asset. <span class=\"_ _3\"/>The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually.<span class=\"_ _3\"/> Borrowing costs directly attrib<span class=\"_ _0\"/>utable to the a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quisition, construction or <span class=\"_ _1\"/>p<span class=\"_ _3\"/>roduction of <span class=\"_ _0\"/>qualifying assets are <span class=\"_ _1\"/>capi<span class=\"_ _3\"/>talized as <span class=\"_ _3\"/>part of the cost of such assets. Subsequent expenditure The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>recognizes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _2\"/>an <span class=\"_ _2\"/>item <span class=\"_ _2\"/>of <span class=\"_ _2\"/>property, <span class=\"_ _2\"/>plant <span class=\"_ _2\"/>and <span class=\"_ _2\"/>equipment <span class=\"_ _2\"/>the <span class=\"_ _2\"/>cost <span class=\"_ _2\"/>of <span class=\"_ _6\"/>replacing <span class=\"_ _3\"/>part <span class=\"_ _2\"/>of such an item when t<span class=\"_ _3\"/>hat cost is incurred if it is probable that the futu<span class=\"_ _3\"/>re economic benefits embodied wit<span class=\"_ _2\"/>h the item will flow to the company and the cost of the item can be measured reliably. All other costs are expens<span class=\"_ _0\"/>ed as incurred.<span class=\"_ _3\"/> Depreciation The <span class=\"_ _3\"/>depreciable <span class=\"_ _3\"/>amount is<span class=\"_ _3\"/> the <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>of <span class=\"_ _3\"/>an <span class=\"_ _3\"/>asset <span class=\"_ _3\"/>less <span class=\"_ _3\"/>its <span class=\"_ _3\"/>residual <span class=\"_ _3\"/>value. Res<span class=\"_ _3\"/>idual values, <span class=\"_ _3\"/>if <span class=\"_ _3\"/>not <span class=\"_ _3\"/>insignificant, <span class=\"_ _3\"/>are<span class=\"_ _2\"/> <span class=\"_ _3\"/>reassessed annually. <span class=\"_ _6\"/>Deprecia<span class=\"_ _3\"/>tion <span class=\"_ _6\"/>is <span class=\"_ _6\"/>calculated <span class=\"_ _7\"/>from <span class=\"_ _6\"/>the <span class=\"_ _6\"/>da<span class=\"_ _3\"/>te <span class=\"_ _6\"/>the <span class=\"_ _6\"/>asset <span class=\"_ _7\"/>is <span class=\"_ _6\"/>available <span class=\"_ _7\"/>for <span class=\"_ _6\"/>use, <span class=\"_ _7\"/>using <span class=\"_ _6\"/>the <span class=\"_ _6\"/>straight<span class=\"_ _2\"/>-line <span class=\"_ _6\"/>m<span class=\"_ _3\"/>ethod <span class=\"_ _6\"/>over <span class=\"_ _6\"/>the estimated useful lives of the assets. The <span class=\"_ _5\"> </span>estimated <span class=\"_ _7\"> </span>u<span class=\"_ _3\"/>seful <span class=\"_ _7\"> </span>lives <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>defined <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>terms <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>asset\u2019s <span class=\"_ _7\"> </span>ex<span class=\"_ _3\"/>pected <span class=\"_ _7\"> </span>utility <span class=\"_ _5\"> </span>to <span class=\"_ _8\"> </span><span class=\"ff2\">the <span class=\"_ _7\"> </span>company <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>can <span class=\"_ _5\"> </span>vary <span class=\"_ _5\"> </span>from <span class=\"_ _7\"> </span>one </span>geographical area to another. On average the estimated useful lives are as follows: Industrial building<span class=\"_ _1\"/>s <span class=\"_ _3\"/><span class=\"ff4\">\u2013</span> other real e<span class=\"_ _1\"/>state properties 20 <span class=\"ls0\">- 50 years </span>Production plant<span class=\"_ _1\"/> <span class=\"_ _3\"/>and equipmen<span class=\"_ _1\"/>t: Production equipmen<span class=\"_ _1\"/>t 10 <span class=\"ls0\">- </span>15 <span class=\"ls0\">years </span>Storage, pac<span class=\"_ _0\"/>kaging and handling<span class=\"_ _1\"/> equipment 5 <span class=\"ls0\">- 7 years </span>Returnable packag<span class=\"_ _1\"/>ing: Kegs 2 <span class=\"ls0\">- 10 years </span>Crates 2 <span class=\"ls0\">- 10 years </span>Bottles 2 <span class=\"ls0\">- 5 years </span>Point of sale furn<span class=\"_ _0\"/>iture and eq<span class=\"_ _0\"/>uipment 5 years Vehicles 5 years Information proce<span class=\"_ _1\"/>ssing equipment 3 <span class=\"ls0\">- 10 years </span>Where par<span class=\"_ _1\"/>ts<span class=\"_ _3\"/> <span class=\"_ _1\"/>of an <span class=\"_ _1\"/>item <span class=\"_ _0\"/>of <span class=\"_ _1\"/>property, plant <span class=\"_ _1\"/>and <span class=\"_ _1\"/>e<span class=\"_ _3\"/>quipment <span class=\"_ _1\"/>have <span class=\"_ _1\"/>diff<span class=\"_ _3\"/>erent <span class=\"_ _1\"/>useful lives, <span class=\"_ _1\"/>they <span class=\"_ _0\"/>are <span class=\"_ _1\"/>accounted for <span class=\"_ _1\"/>as <span class=\"_ _1\"/>s<span class=\"_ _3\"/>eparate <span class=\"_ _1\"/>items<span class=\"_ _2\"/> of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life.  Gains and losses on sale Net <span class=\"_ _7\"/>gains <span class=\"_ _7\"/>on <span class=\"_ _7\"/>sale <span class=\"_ _6\"/>of <span class=\"_ _7\"/>items <span class=\"_ _7\"/>of <span class=\"_ _7\"/>property, <span class=\"_ _7\"/>plant <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _7\"/>equipment <span class=\"_ _6\"/>are <span class=\"_ _7\"/>presented <span class=\"_ _7\"/>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>income <span class=\"_ _6\"/>s<span class=\"_ _3\"/>tatement <span class=\"_ _6\"/>as <span class=\"_ _7\"> </span>other <span class=\"_ _7\"/>operating income. Net losses on sale are presented as o<span class=\"_ _3\"/>ther operating expenses. Net g<span class=\"_ _3\"/>ains and losses are recognized in the income statement <span class=\"_ _6\"/>when <span class=\"_ _6\"/>the <span class=\"_ _6\"/>control <span class=\"_ _6\"/>has <span class=\"_ _6\"/>been <span class=\"_ _6\"/>transferred <span class=\"_ _6\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>buyer, <span class=\"_ _6\"/>re<span class=\"_ _3\"/>covery <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>onsideration <span class=\"_ _6\"/>is <span class=\"_ _6\"/>probable, <span class=\"_ _6\"/>the <span class=\"_ _6\"/>associated costs can be estimated reliably, and there is no continuing manage<span class=\"_ _3\"/>rial involvement with the property, pla<span class=\"_ _0\"/>nt and equipment. (J) <span class=\"_ _16\"> </span>LEASES The company as lessee The <span class=\"_ _0\"/>company <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssesses <span class=\"_ _0\"/>whether <span class=\"_ _1\"/>a contract <span class=\"_ _1\"/>is or<span class=\"_ _0\"/> c<span class=\"_ _1\"/>o<span class=\"_ _3\"/>ntains <span class=\"_ _0\"/>a <span class=\"_ _1\"/>lease at <span class=\"_ _1\"/>inception of <span class=\"_ _1\"/>a contra<span class=\"_ _0\"/>ct. <span class=\"_ _1\"/>The company <span class=\"_ _1\"/>recognizes a <span class=\"_ _1\"/>right<span class=\"_ _3\"/>-of<span class=\"ls0\">-use <span class=\"_ _1\"/>asset <span class=\"_ _1\"/>an<span class=\"_ _3\"/>d <span class=\"_ _1\"/>a <span class=\"_ _1\"/>corresponding <span class=\"_ _1\"/>lease liability <span class=\"_ _1\"/>with <span class=\"_ _1\"/>respect to<span class=\"_ _1\"/> all <span class=\"_ _f\"/>le<span class=\"_ _3\"/>ase <span class=\"_ _1\"/>agreements <span class=\"_ _1\"/>in wh<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ch <span class=\"_ _1\"/>it <span class=\"_ _1\"/>is t<span class=\"_ _1\"/>he lessee,<span class=\"_ _1\"/> except <span class=\"_ _1\"/>for <span class=\"_ _1\"/>short<span class=\"_ _3\"/>-</span>term leases (<span class=\"_ _1\"/>de<span class=\"_ _3\"/>fined as <span class=\"_ _1\"/>leases with a <span class=\"_ _1\"/>lease term of <span class=\"_ _0\"/>12 <span class=\"_ _1\"/>m<span class=\"_ _3\"/>onths or<span class=\"_ _0\"/> less) a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> <span class=\"_ _0\"/>leases of l<span class=\"_ _1\"/>ow value assets. <span class=\"_ _0\"/>For thes<span class=\"_ _0\"/>e leases, <span class=\"_ _0\"/>the company <span class=\"_ _3\"/>recognizes <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>as <span class=\"_ _2\"/>an <span class=\"_ _2\"/>operating <span class=\"_ _3\"/>expense <span class=\"_ _2\"/>on <span class=\"_ _3\"/>a <span class=\"_ _3\"/>s<span class=\"_ _3\"/>traight-line <span class=\"_ _3\"/>b<span class=\"_ _3\"/>asis ove<span class=\"_ _3\"/>r <span class=\"_ _3\"/>the <span class=\"_ _3\"/>term <span class=\"_ _2\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>lease, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd payments for these leases are presented in cash flow from operating activities. The <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>li<span class=\"_ _3\"/>ability i<span class=\"_ _3\"/>s <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>measured <span class=\"_ _2\"/>at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>present <span class=\"_ _3\"/>value<span class=\"_ _3\"/> of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>p<span class=\"_ _3\"/>ayments <span class=\"_ _3\"/>that <span class=\"_ _3\"/>are <span class=\"_ _3\"/>not <span class=\"_ _3\"/>p<span class=\"_ _3\"/>ai<span class=\"_ _2\"/>d <span class=\"_ _3\"/>at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>co<span class=\"_ _3\"/>mmencement date, <span class=\"_ _7\"/>discounted <span class=\"_ _6\"/>by <span class=\"_ _7\"/>using <span class=\"_ _7\"/>the <span class=\"_ _6\"/>rate<span class=\"_ _3\"/> <span class=\"_ _6\"/>im<span class=\"_ _3\"/>plicit <span class=\"_ _6\"/>i<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _7\"/>lease. <span class=\"_ _7\"/>If <span class=\"_ _7\"/>this <span class=\"_ _6\"/>rate <span class=\"_ _7\"/>cannot <span class=\"_ _7\"/>be <span class=\"_ _7\"/>readily <span class=\"_ _6\"/>determined, <span class=\"_ _7\"/>the <span class=\"_ _7\"/>company <span class=\"_ _6\"/>u<span class=\"_ _3\"/>ses <span class=\"_ _6\"/>i<span class=\"_ _3\"/>ts<span class=\"_ _1\"/> incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company <span class=\"_ _3\"/>considers its recent <span class=\"_ _6\"/>debt <span class=\"_ _7\"/>issuances <span class=\"_ _6\"/>as <span class=\"_ _6\"/>well <span class=\"_ _6\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>publicly <span class=\"_ _6\"/>avail<span class=\"_ _3\"/>able <span class=\"_ _6\"/>data <span class=\"_ _6\"/>for <span class=\"_ _6\"/>instruments <span class=\"_ _7\"/>with <span class=\"_ _6\"/>similar <span class=\"_ _6\"/>characteristics <span class=\"_ _6\"/>whe<span class=\"_ _3\"/>n <span class=\"_ _6\"/>calculating <span class=\"_ _6\"/>the incremental borrowing rates. Lease <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>include <span class=\"_ _3\"/>fixed payme<span class=\"_ _3\"/>nts, l<span class=\"_ _3\"/>ess <span class=\"_ _3\"/>any lease <span class=\"_ _3\"/>incentives, <span class=\"_ _3\"/>variable <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>payments <span class=\"_ _2\"/>th<span class=\"_ _3\"/>at <span class=\"_ _3\"/>depend on <span class=\"_ _3\"/>an <span class=\"_ _3\"/>index <span class=\"_ _3\"/>or <span class=\"_ _3\"/>a rate <span class=\"_ _3\"/>known <span class=\"_ _3\"/>at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>commencement <span class=\"_ _3\"/>date, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>purchase <span class=\"_ _2\"/>options <span class=\"_ _3\"/>or <span class=\"_ _3\"/>extension <span class=\"_ _3\"/>option <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>if <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>is <span class=\"_ _3\"/>reasonably certain <span class=\"_ _2\"/>to <span class=\"_ _3\"/>exercise <span class=\"_ _2\"/>these <span class=\"_ _3\"/>options. <span class=\"_ _2\"/>Variable <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>payments <span class=\"_ _2\"/>that <span class=\"_ _2\"/>do <span class=\"_ _3\"/>not <span class=\"_ _2\"/>depend <span class=\"_ _2\"/>on <span class=\"_ _3\"/>an <span class=\"_ _2\"/>index <span class=\"_ _3\"/>or <span class=\"_ _2\"/>rate <span class=\"_ _2\"/>are <span class=\"_ _3\"/>not <span class=\"_ _2\"/>inclu<span class=\"_ _6\"/>ded <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the measurement of <span class=\"_ _3\"/>the lease li<span class=\"_ _3\"/>ability and <span class=\"_ _3\"/>right-<span class=\"ls3\">of</span>-use <span class=\"_ _3\"/>asset and are <span class=\"_ _3\"/>recognized as an <span class=\"_ _3\"/>expense in <span class=\"_ _3\"/>the income s<span class=\"_ _3\"/>tatement in the period in which the event or condition that triggers those payments occurs. A <span class=\"_ _3\"/>le<span class=\"_ _3\"/>ase <span class=\"_ _2\"/>liability <span class=\"_ _3\"/>is <span class=\"_ _2\"/>remeasured <span class=\"_ _3\"/>up<span class=\"_ _3\"/>on <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _2\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>term, <span class=\"_ _2\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>an <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ndex <span class=\"_ _3\"/>o<span class=\"_ _3\"/>r <span class=\"_ _3\"/>rate <span class=\"_ _2\"/>used <span class=\"_ _2\"/>to <span class=\"_ _3\"/>d<span class=\"_ _3\"/>etermine <span class=\"_ _3\"/>the <span class=\"_ _2\"/>lease payments or <span class=\"_ _3\"/>reassessment <span class=\"_ _3\"/>of exercise of <span class=\"_ _3\"/>a <span class=\"_ _3\"/>renewal <span class=\"_ _3\"/>and/or purchase <span class=\"_ _3\"/>option. The <span class=\"_ _3\"/>corresponding adjustment <span class=\"_ _3\"/>is made <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the related right-<span class=\"ls3\">of</span>-use asset. The <span class=\"_ _2\"/>right<span class=\"_ _3\"/>-<span class=\"ls3\">of</span>-use <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ssets <span class=\"_ _2\"/>comprise <span class=\"_ _2\"/>the <span class=\"_ _6\"/>initial <span class=\"_ _2\"/>measurement <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>corresponding <span class=\"_ _2\"/>lease <span class=\"_ _2\"/>liability, <span class=\"_ _6\"/>lease <span class=\"_ _2\"/>payments <span class=\"_ _2\"/>made <span class=\"_ _2\"/>at <span class=\"_ _6\"/>or before <span class=\"_ _7\"/>the <span class=\"_ _7\"/>commencement <span class=\"_ _7\"/>day <span class=\"_ _7\"/>and <span class=\"_ _7\"/>any <span class=\"_ _7\"/>initial <span class=\"_ _7\"/>direct <span class=\"_ _7\"/>costs. <span class=\"_ _7\"/>They <span class=\"_ _7\"/>are <span class=\"_ _7\"/>subsequently <span class=\"_ _7\"/>measured <span class=\"_ _6\"/>a<span class=\"_ _3\"/>t <span class=\"_ _7\"/>cost <span class=\"_ _7\"/>less <span class=\"_ _7\"/>accumulated depreciation <span class=\"_ _3\"/>and <span class=\"_ _2\"/>impairment <span class=\"_ _3\"/>losses. <span class=\"_ _2\"/>The <span class=\"_ _3\"/>right<span class=\"_ _3\"/>-<span class=\"ls3\">of</span>-use <span class=\"_ _3\"/>ass<span class=\"_ _3\"/>ets <span class=\"_ _3\"/>are <span class=\"_ _3\"/>dep<span class=\"_ _3\"/>reciated <span class=\"_ _3\"/>starting <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _3\"/>commencement <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ate <span class=\"_ _3\"/>over <span class=\"_ _3\"/>the shorter period of useful life of the underlying asset and lease <span class=\"_ _0\"/>term (refer to accounting policies I and N).<span class=\"_ _3\"/> The le<span class=\"_ _3\"/>ase liability is <span class=\"_ _3\"/>presented in th<span class=\"_ _3\"/>e \u2018Interest<span class=\"_ _3\"/><span class=\"ff2\">-bearing <span class=\"_ _3\"/>loans and <span class=\"_ _3\"/></span>borrowings\u2019 line<span class=\"_ _3\"/> and the<span class=\"_ _3\"/> right<span class=\"ff2\">-<span class=\"ls3\">of</span>-use <span class=\"_ _3\"/>assets are presen<span class=\"_ _3\"/>ted </span>in t<span class=\"_ _0\"/>he <span class=\"_ _1\"/>\u2018<span class=\"_ _3\"/>Property, <span class=\"_ _1\"/>plant and <span class=\"_ _1\"/>equipment\u2019 <span class=\"_ _0\"/>line <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>consolidated statement <span class=\"_ _1\"/>of fina<span class=\"_ _0\"/>ncial <span class=\"_ _0\"/>position. <span class=\"_ _1\"/>In addition, <span class=\"_ _1\"/>the <span class=\"_ _0\"/>principal <span class=\"_ _1\"/>p<span class=\"_ _6\"/><span class=\"ff2\">ortion </span>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>lease <span class=\"_ _7\"/>payments <span class=\"_ _7\"/>is <span class=\"_ _7\"/>presented <span class=\"_ _7\"/>within <span class=\"_ _7\"/>financing <span class=\"_ _7\"/>activities <span class=\"_ _7\"/>an<span class=\"_ _3\"/>d <span class=\"_ _7\"/>the <span class=\"_ _7\"/>interest <span class=\"_ _7\"/>component <span class=\"_ _7\"/>is <span class=\"_ _7\"> </span>presented <span class=\"_ _7\"> </span>within <span class=\"_ _7\"/>operating activities in the consolidated cash flow statement. The company as lessor Leases <span class=\"_ _6\"/>where <span class=\"_ _6\"/>the <span class=\"_ _6\"/>company <span class=\"_ _6\"/>transfers <span class=\"_ _6\"/>substantially <span class=\"_ _6\"/>all <span class=\"_ _6\"/>the <span class=\"_ _2\"/>risks<span class=\"_ _3\"/> <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _6\"/>rewards <span class=\"_ _6\"/>of <span class=\"_ _2\"/>owne<span class=\"_ _3\"/>rship <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>lessee <span class=\"_ _6\"/>are <span class=\"_ _6\"/>classified <span class=\"_ _6\"/>as finance <span class=\"_ _5\"> </span>leases. <span class=\"_ _7\"> </span>Leases <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>assets <span class=\"_ _7\"> </span>under <span class=\"_ _5\"> </span>which <span class=\"_ _7\"/>all <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>risks <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>rewards <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>ownership <span class=\"_ _5\"> </span>are <span class=\"_ _7\"> </span>substantially <span class=\"_ _5\"> </span>retained <span class=\"_ _5\"> </span>by <span class=\"_ _7\"> </span>the company are c<span class=\"_ _3\"/>lassified as operating l<span class=\"_ _3\"/>eases. Rental income is <span class=\"_ _3\"/>recognized in o<span class=\"_ _3\"/>ther operating in<span class=\"_ _3\"/>come on a <span class=\"_ _3\"/>straight<span class=\"_ _2\"/>-line basis over the term of the lease. (K) <span class=\"_ _e\"> </span>INVENTORIES Inventories <span class=\"_ _6\"/>are <span class=\"_ _7\"/>valued <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>lower <span class=\"_ _7\"/>of <span class=\"_ _6\"/>cost <span class=\"_ _6\"/>and <span class=\"_ _6\"/>n<span class=\"_ _3\"/>et <span class=\"_ _6\"/>realizable <span class=\"_ _6\"/>v<span class=\"_ _3\"/>alue. <span class=\"_ _6\"/>Cost <span class=\"_ _6\"/>includes <span class=\"_ _7\"/>expenditure <span class=\"_ _2\"/>in<span class=\"_ _3\"/>curred <span class=\"_ _6\"/>in <span class=\"_ _6\"/>acquiring <span class=\"_ _6\"/>the inventories and <span class=\"_ _1\"/>bringing them <span class=\"_ _1\"/>to their <span class=\"_ _1\"/>existing location <span class=\"_ _1\"/>and condition. <span class=\"_ _1\"/>The weighted <span class=\"_ _1\"/>average method <span class=\"_ _1\"/>is used <span class=\"_ _1\"/>in assig<span class=\"_ _2\"/>ning <span class=\"_ _1\"/>the cost of inventories. The <span class=\"_ _3\"/>cost of <span class=\"_ _3\"/>finished <span class=\"_ _3\"/>products an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>work in <span class=\"_ _3\"/>progress <span class=\"_ _3\"/>comprises <span class=\"_ _3\"/>raw mate<span class=\"_ _3\"/>rials, other <span class=\"_ _3\"/>production mate<span class=\"_ _3\"/>rials, direct <span class=\"_ _3\"/>labor, <span class=\"_ _3\"/>other direct cost and an <span class=\"_ _3\"/>allocation of fixed and variable overhead base<span class=\"_ _3\"/>d on normal operating capacity. Net r<span class=\"_ _6\"/>ealizable value is the estimated selling price in the ordinary course of business, less the estimated completi<span class=\"_ _0\"/>on and selling costs.<span class=\"_ _3\"/> Inventories <span class=\"_ _6\"/>are <span class=\"_ _7\"/>written <span class=\"_ _7\"/>down <span class=\"_ _6\"/>on <span class=\"_ _7\"/>a <span class=\"_ _6\"/>case<span class=\"_ _3\"/>-<span class=\"ls3\">by</span>-case <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>i<span class=\"_ _3\"/>f <span class=\"_ _6\"/>the <span class=\"_ _7\"/>anticipated <span class=\"_ _6\"/>net <span class=\"_ _6\"/>re<span class=\"_ _3\"/>alizable <span class=\"_ _6\"/>value <span class=\"_ _6\"/>declines <span class=\"_ _7\"/>below <span class=\"_ _6\"/>the <span class=\"_ _7\"/>carrying amount of <span class=\"_ _1\"/>the inventories. <span class=\"_ _1\"/>The calculation <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>net realizable <span class=\"_ _1\"/>value takes <span class=\"_ _1\"/>into consideration <span class=\"_ _1\"/>specific characteristics <span class=\"_ _1\"/>of ea<span class=\"_ _0\"/>ch<span class=\"_ _3\"/> inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. (L) <span class=\"_ _11\"> </span>TRADE AND OTHER RECEIVABLES Trade receivables <span class=\"_ _1\"/>are amounts due fr<span class=\"_ _0\"/>om customers f<span class=\"_ _1\"/>or goods sold or <span class=\"_ _1\"/>services performed <span class=\"_ _0\"/>in the <span class=\"_ _0\"/>ordinary <span class=\"_ _0\"/>course of b<span class=\"_ _1\"/>u<span class=\"_ _3\"/>siness and <span class=\"_ _0\"/>generally <span class=\"_ _1\"/>due for <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ettlement <span class=\"_ _1\"/>within 30 <span class=\"_ _1\"/>days. <span class=\"_ _1\"/>Trade<span class=\"_ _3\"/> <span class=\"_ _1\"/>receivables <span class=\"_ _0\"/>are <span class=\"_ _1\"/>recognized initially <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the amount <span class=\"_ _1\"/>of <span class=\"_ _0\"/>the <span class=\"_ _0\"/>consideratio<span class=\"_ _3\"/><span class=\"ls8\">n </span>that is <span class=\"_ _1\"/>unconditional <span class=\"_ _1\"/>unless they <span class=\"_ _1\"/>contain sign<span class=\"_ _0\"/>ificant f<span class=\"_ _1\"/>in<span class=\"_ _3\"/>ancing <span class=\"_ _1\"/>components, <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>n <span class=\"_ _1\"/>they are <span class=\"_ _1\"/>recognized at <span class=\"_ _1\"/>the <span class=\"_ _0\"/>amount <span class=\"_ _1\"/>adjusted for <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>time <span class=\"_ _1\"/>va<span class=\"_ _3\"/>lue <span class=\"_ _1\"/>of <span class=\"_ _0\"/>money. <span class=\"_ _1\"/>The company <span class=\"_ _f\"/>holds trade <span class=\"_ _f\"/>an<span class=\"_ _3\"/>d <span class=\"_ _1\"/>other <span class=\"_ _0\"/>receivables <span class=\"_ _1\"/>with t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e <span class=\"_ _1\"/>objective <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _1\"/>collect <span class=\"_ _0\"/>the <span class=\"_ _1\"/>contractual c<span class=\"_ _0\"/>ash<span class=\"_ _3\"/> flows and therefore measures them subsequently at amortized cost using the effective inter<span class=\"_ _1\"/>e<span class=\"_ _3\"/>st rate method.<span class=\"_ _3\"/> Trade <span class=\"_ _3\"/>and other <span class=\"_ _3\"/>receivables are <span class=\"_ _3\"/>carried <span class=\"_ _3\"/>at amortized c<span class=\"_ _3\"/>ost less <span class=\"_ _3\"/>impairment <span class=\"_ _3\"/>losses. To de<span class=\"_ _3\"/>termine the <span class=\"_ _3\"/>appropriate amount to be <span class=\"_ _2\"/>impaired <span class=\"_ _6\"/>factors <span class=\"_ _2\"/>such <span class=\"_ _2\"/>as <span class=\"_ _6\"/>significa<span class=\"_ _3\"/>nt <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>difficulties <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _2\"/>debtor, <span class=\"_ _2\"/>p<span class=\"_ _3\"/>robability <span class=\"_ _2\"/>that <span class=\"_ _2\"/>the <span class=\"_ _6\"/>debtor <span class=\"_ _2\"/>will <span class=\"_ _2\"/>default, <span class=\"_ _2\"/>e<span class=\"_ _3\"/>nter <span class=\"_ _2\"/>into bankruptcy or financial reorganization, or delinquency in payments ar<span class=\"_ _0\"/>e considered.<span class=\"_ _3\"/> Other re<span class=\"_ _0\"/>ceivables are<span class=\"_ _1\"/> initially r<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>ognized <span class=\"_ _1\"/>at fair <span class=\"_ _1\"/>value and <span class=\"_ _1\"/>subsequently measu<span class=\"_ _3\"/>red <span class=\"_ _1\"/>at amortized <span class=\"_ _1\"/>cost. Any <span class=\"_ _1\"/>impairment l<span class=\"_ _0\"/>osses and foreign exchange results are directly recognized in profit<span class=\"_ _0\"/> or loss.<span class=\"_ _3\"/> (M) <span class=\"_ _4\"> </span> CASH AND CASH EQUIVALENTS Cash <span class=\"_ _1\"/>and <span class=\"_ _1\"/>cash<span class=\"_ _3\"/> <span class=\"_ _f\"/>equ<span class=\"_ _3\"/>ivalents <span class=\"_ _1\"/>include <span class=\"_ _1\"/>all <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>balances <span class=\"_ _1\"/>and <span class=\"_ _0\"/>short-te<span class=\"_ _3\"/>rm <span class=\"_ _1\"/>highly <span class=\"_ _1\"/>liquid <span class=\"_ _1\"/>investments <span class=\"_ _1\"/>with <span class=\"_ _1\"/>a m<span class=\"_ _0\"/>aturity <span class=\"_ _1\"/>of three <span class=\"_ _f\"/>months or less from the date of acquisition that are readily conv<span class=\"_ _0\"/>ertible into cash. They are stated at face value, w<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ich approximate<span class=\"_ _3\"/><span class=\"ls10\">s </span>their fair value. In the cash flow statement, cash and cash equivalents are presente<span class=\"_ _0\"/>d net of bank overdrafts.<span class=\"_ _3\"/> (N) <span class=\"_ _e\"> </span>IMPAIRMENT The carrying amounts o<span class=\"_ _3\"/>f property, plant and equipment, goodwill and <span class=\"_ _3\"/>intangible assets are reviewed at each re<span class=\"_ _3\"/>porting date to <span class=\"_ _2\"/>determine <span class=\"_ _6\"/>whether <span class=\"_ _2\"/>there <span class=\"_ _2\"/>is <span class=\"_ _2\"/>a<span class=\"_ _3\"/>ny <span class=\"_ _2\"/>indication <span class=\"_ _6\"/>of <span class=\"_ _2\"/>impairment. <span class=\"_ _2\"/>If <span class=\"_ _2\"/>th<span class=\"_ _3\"/>ere <span class=\"_ _2\"/>is <span class=\"_ _2\"/>an <span class=\"_ _2\"/>i<span class=\"_ _3\"/>ndicator <span class=\"_ _2\"/>of <span class=\"_ _2\"/>impairment, <span class=\"_ _6\"/>the <span class=\"_ _2\"/>asset\u2019s <span class=\"_ _2\"/>recoverable amount <span class=\"_ _1\"/>is <span class=\"_ _1\"/>estimated. <span class=\"_ _1\"/>In <span class=\"_ _f\"/>addition, <span class=\"_ _1\"/>goodwill, <span class=\"_ _f\"/>in<span class=\"_ _3\"/>tangible <span class=\"_ _f\"/>assets <span class=\"_ _1\"/>that <span class=\"_ _f\"/>a<span class=\"_ _3\"/>re <span class=\"_ _f\"/>not <span class=\"_ _1\"/>yet <span class=\"_ _1\"/>available <span class=\"_ _1\"/>for <span class=\"_ _f\"/>use <span class=\"_ _1\"/>and <span class=\"_ _1\"/>intangibles <span class=\"_ _1\"/>with <span class=\"_ _1\"/>an <span class=\"_ _1\"/>indefinit<span class=\"_ _3\"/><span class=\"ls8\">e </span>useful <span class=\"_ _1\"/>life <span class=\"_ _f\"/>a<span class=\"_ _3\"/>re <span class=\"_ _f\"/>tested <span class=\"_ _1\"/>for <span class=\"_ _1\"/>impairment <span class=\"_ _f\"/>annually <span class=\"_ _1\"/>at <span class=\"_ _f\"/>the <span class=\"_ _1\"/>cash<span class=\"_ _3\"/>-generating <span class=\"_ _1\"/>unit <span class=\"_ _f\"/>level <span class=\"_ _1\"/>(that <span class=\"_ _1\"/>is <span class=\"_ _f\"/>a<span class=\"_ _3\"/> <span class=\"_ _f\"/>country <span class=\"_ _1\"/>or <span class=\"_ _1\"/>group <span class=\"_ _f\"/>of <span class=\"_ _1\"/>countries <span class=\"_ _1\"/>managed as <span class=\"_ _2\"/>a <span class=\"_ _2\"/>group <span class=\"_ _2\"/>below <span class=\"_ _2\"/>a <span class=\"_ _2\"/>reporting <span class=\"_ _2\"/>region). <span class=\"_ _2\"/>An <span class=\"_ _2\"/>impairment <span class=\"_ _2\"/>loss <span class=\"_ _2\"/>is <span class=\"_ _2\"/>rec<span class=\"_ _3\"/>ognized <span class=\"_ _3\"/>wheneve<span class=\"_ _3\"/>r <span class=\"_ _3\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>arrying <span class=\"_ _3\"/>a<span class=\"_ _3\"/>mount <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>an<span class=\"_ _3\"/> <span class=\"_ _3\"/>asset <span class=\"_ _2\"/>or <span class=\"_ _2\"/>the related cash-generating unit exceeds its recoverable amount. Impairment losses are recog<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ized in the income statement.<span class=\"_ _3\"/> Calculation of recoverable amount The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. <span class=\"_ _2\"/>For <span class=\"_ _2\"/>an <span class=\"_ _2\"/>asset <span class=\"_ _2\"/>that <span class=\"_ _2\"/>does <span class=\"_ _2\"/>not <span class=\"_ _2\"/>generate <span class=\"_ _3\"/>l<span class=\"_ _3\"/>argely <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ndependent <span class=\"_ _2\"/>cash <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nflows, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>recoverable <span class=\"_ _3\"/>amount <span class=\"_ _2\"/>is <span class=\"_ _2\"/>determined <span class=\"_ _7\"/>for <span class=\"_ _2\"/>the cash-generating unit to <span class=\"_ _0\"/>which t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> asset be<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ongs. The r<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>overable am<span class=\"_ _0\"/>ount of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e cash <span class=\"_ _0\"/>generating units <span class=\"_ _1\"/>to which the goo<span class=\"_ _0\"/>dwill and the <span class=\"_ _1\"/>intangible <span class=\"_ _0\"/>assets wi<span class=\"_ _1\"/>th indefinite <span class=\"_ _1\"/>useful life <span class=\"_ _1\"/>belong is <span class=\"_ _1\"/>based on<span class=\"_ _0\"/> di<span class=\"_ _0\"/>scounted f<span class=\"_ _1\"/>utu<span class=\"_ _3\"/>re <span class=\"_ _1\"/>cash flows <span class=\"_ _1\"/>using a <span class=\"_ _1\"/>discount rate <span class=\"_ _1\"/>t<span class=\"_ _2\"/>hat reflects <span class=\"_ _3\"/>current <span class=\"_ _3\"/>market <span class=\"_ _3\"/>assessments <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _2\"/>time <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _3\"/>money <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>risks <span class=\"_ _3\"/>specific <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>asset. <span class=\"_ _3\"/>These <span class=\"_ _3\"/>calculations <span class=\"_ _3\"/>are corroborated <span class=\"_ _8\"> </span>by <span class=\"_ _4\"> </span>va<span class=\"_ _3\"/>luation <span class=\"_ _4\"> </span>multi<span class=\"_ _3\"/>ples, <span class=\"_ _4\"> </span>qu<span class=\"_ _3\"/>oted <span class=\"_ _4\"> </span>share<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>prices<span class=\"_ _0\"/> <span class=\"_ _8\"> </span>for <span class=\"_ _4\"> </span>pu<span class=\"_ _3\"/>blicly <span class=\"_ _8\"> </span>traded <span class=\"_ _4\"> </span>subsidiaries <span class=\"_ _8\"> </span>or <span class=\"_ _8\"> </span>other <span class=\"_ _4\"> </span>available<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>fair <span class=\"_ _4\"> </span>value indicator<span class=\"lsf\">s.</span> Impairment <span class=\"_ _6\"/>loss<span class=\"_ _3\"/>es <span class=\"_ _6\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _6\"/>res<span class=\"_ _3\"/>pect <span class=\"_ _6\"/>of <span class=\"_ _7\"/>cash<span class=\"_ _3\"/>-generating <span class=\"_ _2\"/>uni<span class=\"_ _3\"/>ts <span class=\"_ _6\"/>firstly <span class=\"_ _7\"/>reduce <span class=\"_ _6\"/>allocated <span class=\"_ _6\"/>good<span class=\"_ _3\"/>will <span class=\"_ _6\"/>and <span class=\"_ _6\"/>then<span class=\"_ _3\"/> <span class=\"_ _6\"/>the <span class=\"_ _6\"/>ca<span class=\"_ _3\"/>rrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial assets other tha<span class=\"_ _1\"/>n<span class=\"_ _3\"/> goodwill that suffered <span class=\"_ _0\"/>an impairment are re<span class=\"_ _1\"/>v<span class=\"_ _3\"/>iewed for possi<span class=\"_ _1\"/>b<span class=\"_ _3\"/>le reversal of th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> impairment <span class=\"_ _0\"/>at each reporting date. An <span class=\"_ _0\"/>impairment loss is re<span class=\"_ _0\"/>versed only to the <span class=\"_ _1\"/>e<span class=\"_ _3\"/>xtent that the as<span class=\"_ _0\"/>set\u2019s carrying amount does n<span class=\"_ _1\"/>ot exceed the carrying <span class=\"_ _7\"/>amount <span class=\"_ _7\"/>that <span class=\"_ _7\"/>would <span class=\"_ _7\"/>have <span class=\"_ _6\"/>bee<span class=\"_ _3\"/>n <span class=\"_ _6\"/>d<span class=\"_ _3\"/>etermined, <span class=\"_ _7\"> </span>n<span class=\"_ _3\"/>et <span class=\"_ _7\"/>of <span class=\"_ _6\"/>depreciation <span class=\"_ _7\"/>or <span class=\"_ _7\"/>amortization, <span class=\"_ _7\"/>if <span class=\"_ _7\"/>no <span class=\"_ _6\"/>i<span class=\"_ _3\"/>mpairment <span class=\"_ _7\"/>loss <span class=\"_ _6\"/>ha<span class=\"_ _3\"/>d <span class=\"_ _6\"/>b<span class=\"_ _3\"/>een recognized. (O) <span class=\"_\"> </span>FAIR VALUE MEASUREMENT A <span class=\"_ _3\"/>number <span class=\"_ _3\"/>of <span class=\"_ _2\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>accounting <span class=\"_ _3\"/>policies <span class=\"_ _3\"/>and <span class=\"_ _2\"/>notes <span class=\"_ _3\"/>require <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>m<span class=\"_ _3\"/>easurement <span class=\"_ _3\"/>for <span class=\"_ _3\"/>both <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>and <span class=\"_ _2\"/>non<span class=\"_ _2\"/><span class=\"ff2\">-financial </span>items.  Fair value <span class=\"_ _3\"/>is the <span class=\"_ _3\"/>price th<span class=\"_ _3\"/>at would <span class=\"_ _3\"/>be received to s<span class=\"_ _3\"/>ell an asset <span class=\"_ _3\"/>or paid <span class=\"_ _3\"/>to transfer a<span class=\"_ _3\"/> liability in <span class=\"_ _3\"/>an orderly tra<span class=\"_ _3\"/>nsaction between market participants at the measurement date. When measuring fair value, AB In<span class=\"_ _3\"/>Bev uses observable market data as far as possible. Fair <span class=\"_ _3\"/>values are <span class=\"_ _3\"/>categoriz<span class=\"_ _3\"/>ed into different <span class=\"_ _3\"/>levels in <span class=\"_ _3\"/>a fair <span class=\"_ _3\"/>value hierarchy based<span class=\"_ _3\"/> on the<span class=\"_ _3\"/> inputs <span class=\"_ _3\"/>used in <span class=\"_ _3\"/>the valuation techniques as follows: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabiliti<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived fro<span class=\"_ _0\"/>m prices). <span class=\"_ _3\"/> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Level 3: fair value measurements incorporate significant inputs that are based on unobser<span class=\"_ _0\"/>vable market data.<span class=\"_ _3\"/> </span></span>If the inputs used to measure the fair value of an asset or liability fall into different leve<span class=\"_ _0\"/>ls of the fair value hierarchy, then the<span class=\"_ _0\"/> fair value <span class=\"_ _1\"/>measurement is <span class=\"_ _1\"/>categorized i<span class=\"_ _0\"/>n it<span class=\"_ _0\"/>s e<span class=\"_ _0\"/>ntirety <span class=\"_ _0\"/>in the <span class=\"_ _1\"/>same l<span class=\"_ _0\"/>evel of <span class=\"_ _1\"/>the fair <span class=\"_ _1\"/>value hierarchy <span class=\"_ _1\"/>as the <span class=\"_ _1\"/>lowest level <span class=\"_ _1\"/>input<span class=\"_ _2\"/> that is significant to the entire measurement. The company applies fair value measurement to the instrum<span class=\"_ _0\"/>ents listed below. Derivatives The fair <span class=\"_ _0\"/>value of e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>change traded d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>rivatives (e.g., <span class=\"_ _1\"/>exchange traded foreign <span class=\"_ _1\"/>currency futures) is d<span class=\"_ _1\"/>ete<span class=\"_ _3\"/>rmined by <span class=\"_ _0\"/>reference to<span class=\"_ _1\"/> the <span class=\"_ _2\"/>official <span class=\"_ _2\"/>prices <span class=\"_ _2\"/>publish<span class=\"_ _3\"/>ed <span class=\"_ _3\"/>by <span class=\"_ _2\"/>the <span class=\"_ _6\"/>respective <span class=\"_ _3\"/>exchanges <span class=\"_ _2\"/>(e<span class=\"_ _3\"/>.g., <span class=\"_ _2\"/>the <span class=\"_ _2\"/>New <span class=\"_ _2\"/>York <span class=\"_ _2\"/>Board <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Trade). <span class=\"_ _2\"/>The <span class=\"_ _2\"/>fair <span class=\"_ _2\"/>value <span class=\"_ _2\"/>of <span class=\"_ _2\"/>over<span class=\"_ _2\"/>-the-counter derivatives is determined by commonly used valuation techniques. Debt securities This <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ategory <span class=\"_ _3\"/>includes <span class=\"_ _2\"/>both <span class=\"_ _3\"/>debt <span class=\"_ _2\"/>securities <span class=\"_ _2\"/>designated <span class=\"_ _3\"/>at <span class=\"_ _2\"/>FVOCI <span class=\"_ _3\"/>and <span class=\"_ _2\"/>FV<span class=\"_ _2\"/>PL. <span class=\"_ _3\"/>The <span class=\"_ _2\"/>fair <span class=\"_ _3\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _3\"/>is <span class=\"_ _3\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _3\"/>using <span class=\"_ _2\"/>observable inputs <span class=\"_ _2\"/>such <span class=\"_ _2\"/>as <span class=\"_ _3\"/>inte<span class=\"_ _3\"/>rest <span class=\"_ _3\"/>rates <span class=\"_ _2\"/>and <span class=\"_ _2\"/>foreign <span class=\"_ _3\"/>e<span class=\"_ _3\"/>xchange <span class=\"_ _3\"/>rates. <span class=\"_ _2\"/>When <span class=\"_ _2\"/>it <span class=\"_ _2\"/>pertains <span class=\"_ _3\"/>to<span class=\"_ _3\"/> <span class=\"_ _3\"/>instrumen<span class=\"_ _3\"/>ts <span class=\"_ _3\"/>that <span class=\"_ _2\"/>are <span class=\"_ _2\"/>publicly <span class=\"_ _3\"/>traded, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>fair value <span class=\"_ _3\"/>is <span class=\"_ _3\"/>determined by <span class=\"_ _3\"/>reference to <span class=\"_ _3\"/>observable qu<span class=\"_ _3\"/>otes. In <span class=\"_ _3\"/>circumstances <span class=\"_ _3\"/>where debt <span class=\"_ _6\"/>securities are <span class=\"_ _3\"/>not <span class=\"_ _3\"/>publicly <span class=\"_ _3\"/>traded, the main valuation t<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>hnique <span class=\"_ _0\"/>is the <span class=\"_ _0\"/>discounted ca<span class=\"_ _0\"/>sh flow. <span class=\"_ _0\"/>The <span class=\"_ _0\"/>company may <span class=\"_ _1\"/>apply other <span class=\"_ _0\"/>valuation techniques <span class=\"_ _0\"/>or combinat<span class=\"_ _0\"/>ion of<span class=\"_ _1\"/> valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>equity <span class=\"_ _2\"/>securities <span class=\"_ _2\"/>comprise <span class=\"_ _2\"/>quoted <span class=\"_ _3\"/>and<span class=\"_ _3\"/> <span class=\"_ _3\"/>unquoted <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ecurities. <span class=\"_ _3\"/>When <span class=\"_ _2\"/>liquid <span class=\"_ _2\"/>quoted <span class=\"_ _3\"/>p<span class=\"_ _3\"/>rices <span class=\"_ _3\"/>are <span class=\"_ _2\"/>available, <span class=\"_ _2\"/>these are <span class=\"_ _1\"/>used <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _1\"/>fair <span class=\"_ _1\"/>value <span class=\"_ _1\"/>investments <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>quoted <span class=\"_ _1\"/>securities. <span class=\"_ _1\"/>The<span class=\"_ _3\"/> <span class=\"_ _1\"/>unquoted <span class=\"_ _1\"/>securities <span class=\"_ _1\"/>are fa<span class=\"_ _1\"/>i<span class=\"_ _3\"/>r <span class=\"_ _1\"/>valued <span class=\"_ _1\"/>using <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rimarily <span class=\"_ _1\"/>the <span class=\"_ _1\"/>disc<span class=\"_ _3\"/>o<span class=\"_ _3\"/>unted cash flow method. Non-derivative financial liabilities The <span class=\"_ _3\"/>fair val<span class=\"_ _3\"/>ue of <span class=\"_ _3\"/>non<span class=\"_ _3\"/>-derivative financial <span class=\"_ _3\"/>liabilities is <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>determined <span class=\"_ _3\"/>using unobservable <span class=\"_ _3\"/>inputs <span class=\"_ _3\"/>and <span class=\"_ _3\"/>therefore fall <span class=\"_ _3\"/>into level 3. In <span class=\"_ _0\"/>these circum<span class=\"_ _0\"/>stances, the <span class=\"_ _1\"/>v<span class=\"_ _3\"/>aluation tec<span class=\"_ _0\"/>hnique used <span class=\"_ _1\"/>is<span class=\"_ _3\"/> discounted cash flow, <span class=\"_ _0\"/>whereby the <span class=\"_ _1\"/>projected cash flows ar<span class=\"_ _1\"/>e discounted using a risk adjusted rate. (P)<span class=\"ls0\"> <span class=\"_ _9\"> </span>SHARE CAPITAL </span>Repurchase of share capital When <span class=\"_ _6\"/>AB <span class=\"_ _7\"/>InBev <span class=\"_ _6\"/>buys <span class=\"_ _7\"/>back <span class=\"_ _6\"/>its <span class=\"_ _6\"/>own <span class=\"_ _7\"/>shares, <span class=\"_ _6\"/>the <span class=\"_ _7\"/>amount <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>consideration <span class=\"_ _6\"/>paid, <span class=\"_ _7\"/>including <span class=\"_ _6\"/>directly <span class=\"_ _6\"/>attributable <span class=\"_ _6\"/>c<span class=\"_ _3\"/>osts,<span class=\"_ _2\"/> <span class=\"_ _7\"/>i<span class=\"_ _0\"/>s recognized <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a <span class=\"_ _2\"/>d<span class=\"_ _3\"/>eduction <span class=\"_ _2\"/>from <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>under <span class=\"_ _6\"/>treasury <span class=\"_ _6\"/>shares. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>difference <span class=\"_ _2\"/>between <span class=\"_ _6\"/>the <span class=\"_ _6\"/>carrying <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the<span class=\"_ _3\"/> <span class=\"_ _6\"/>treasury<span class=\"_ _0\"/> shares issued to employees and their fair value is recognize<span class=\"_ _0\"/>d in retained earnings.<span class=\"_ _3\"/> Dividends Dividends <span class=\"_ _3\"/>paid <span class=\"_ _3\"/>are<span class=\"_ _3\"/> <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _2\"/>co<span class=\"_ _3\"/>nsolidated <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>statements <span class=\"_ _3\"/>on <span class=\"_ _2\"/>the <span class=\"_ _3\"/>date <span class=\"_ _3\"/>that <span class=\"_ _2\"/>the d<span class=\"_ _3\"/>ividends <span class=\"_ _3\"/>are <span class=\"_ _3\"/>declared <span class=\"_ _3\"/>u<span class=\"_ _3\"/>nless minimum <span class=\"_ _0\"/>statutory <span class=\"_ _1\"/>dividends a<span class=\"_ _0\"/>re <span class=\"_ _1\"/>req<span class=\"_ _3\"/>uired <span class=\"_ _1\"/>by<span class=\"_ _3\"/> local <span class=\"_ _1\"/>l<span class=\"_ _3\"/>egislation <span class=\"_ _1\"/>or the <span class=\"_ _1\"/>bylaws o<span class=\"_ _0\"/>f the<span class=\"_ _3\"/> <span class=\"_ _1\"/>company\u2019s <span class=\"_ _1\"/>sub<span class=\"_ _3\"/>sidiaries. <span class=\"_ _1\"/>In suc<span class=\"_ _0\"/>h <span class=\"_ _1\"/>in<span class=\"_ _3\"/>stancesstatutory minimum dividends are recognized as a liability. Share issuance costs Incremental c<span class=\"_ _3\"/>osts <span class=\"_ _3\"/>directly <span class=\"_ _3\"/>attributable to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>issue <span class=\"_ _3\"/>of <span class=\"_ _3\"/>new s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>or <span class=\"_ _3\"/>options a<span class=\"_ _3\"/>re shown <span class=\"_ _3\"/>in <span class=\"_ _3\"/>equity a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>a deduction, <span class=\"_ _3\"/>net <span class=\"_ _3\"/>of <span class=\"_ _3\"/>tax,<span class=\"_ _2\"/> from the proceeds. (Q) <span class=\"_\"> </span>PROVISIONS Provisions are recognized when <span class=\"_ _1\"/>(i<span class=\"_ _3\"/>) the company ha<span class=\"_ _0\"/>s a present <span class=\"_ _0\"/>legal o<span class=\"_ _3\"/>r constructive obligati<span class=\"_ _0\"/>on as a result of p<span class=\"_ _1\"/>as<span class=\"_ _3\"/>t events, (ii)<span class=\"_ _1\"/> it <span class=\"_ _3\"/>is <span class=\"_ _2\"/>probable <span class=\"_ _3\"/>that <span class=\"_ _3\"/>an <span class=\"_ _2\"/>outflow <span class=\"_ _3\"/>of <span class=\"_ _3\"/>reso<span class=\"_ _3\"/>urces <span class=\"_ _3\"/>embodying <span class=\"_ _3\"/>economic <span class=\"_ _3\"/>benefits <span class=\"_ _2\"/>will <span class=\"_ _3\"/>be <span class=\"_ _3\"/>required <span class=\"_ _2\"/>to <span class=\"_ _3\"/>settle <span class=\"_ _3\"/>the <span class=\"_ _2\"/>obligation, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>(iii) <span class=\"_ _7\"/>a reliable estimate <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>amount of <span class=\"_ _0\"/>the obligation <span class=\"_ _1\"/>can be <span class=\"_ _1\"/>made. Provis<span class=\"_ _3\"/>ions are <span class=\"_ _1\"/>determined b<span class=\"_ _0\"/>y <span class=\"_ _1\"/>d<span class=\"_ _3\"/>iscounting the <span class=\"_ _1\"/>expected futur<span class=\"_ _1\"/>e<span class=\"_ _3\"/> cash flows <span class=\"_ _1\"/>at a <span class=\"_ _0\"/>pre-tax rate <span class=\"_ _1\"/>that reflects <span class=\"_ _1\"/>current market <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssessments <span class=\"_ _0\"/>of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e t<span class=\"_ _1\"/>i<span class=\"_ _3\"/>me <span class=\"_ _0\"/>value of <span class=\"_ _1\"/>money and, <span class=\"_ _1\"/>where appropriate, <span class=\"_ _0\"/>the risks specific to the liability. Restructuring A <span class=\"_ _2\"/>provision <span class=\"_ _2\"/>for <span class=\"_ _2\"/>restructuring <span class=\"_ _2\"/>is <span class=\"_ _2\"/>recognized <span class=\"_ _2\"/>when <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>has <span class=\"_ _2\"/>approved <span class=\"_ _2\"/>a <span class=\"_ _2\"/>detailed <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>formal <span class=\"_ _3\"/>re<span class=\"_ _3\"/>structuring <span class=\"_ _2\"/>plan, <span class=\"_ _3\"/>and the <span class=\"_ _7\"/>restructuring <span class=\"_ _6\"/>has<span class=\"_ _3\"/> <span class=\"_ _6\"/>either <span class=\"_ _7\"/>commenced <span class=\"_ _7\"/>or <span class=\"_ _6\"/>has <span class=\"_ _7\"/>been <span class=\"_ _7\"/>announced <span class=\"_ _6\"/>publicly. <span class=\"_ _7\"/>Costs <span class=\"_ _7\"/>relating <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>ongoing <span class=\"_ _7\"/>activities <span class=\"_ _6\"/>of <span class=\"_ _7\"/>the company <span class=\"_ _7\"/>are <span class=\"_ _7\"/>not <span class=\"_ _7\"> </span>provided <span class=\"_ _7\"> </span>for. <span class=\"_ _5\"> </span>The <span class=\"_ _5\"> </span>provision <span class=\"_ _7\"/>includes <span class=\"_ _7\"/>the <span class=\"_ _7\"/>benefit <span class=\"_ _7\"/>commitments <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>connection <span class=\"_ _7\"> </span>with <span class=\"_ _7\"> </span>ea<span class=\"_ _3\"/>rly <span class=\"_ _7\"/>retirement <span class=\"_ _7\"/>and redundancy schemes. Onerous contracts A <span class=\"_ _3\"/>provision <span class=\"_ _3\"/>for <span class=\"_ _3\"/>o<span class=\"_ _3\"/>nerous co<span class=\"_ _3\"/>ntracts is<span class=\"_ _3\"/> <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>when <span class=\"_ _3\"/>the <span class=\"_ _3\"/>expected <span class=\"_ _3\"/>benefits <span class=\"_ _3\"/>to <span class=\"_ _2\"/>be <span class=\"_ _3\"/>derived <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>from <span class=\"_ _2\"/>a <span class=\"_ _3\"/>contract are lower than<span class=\"_ _0\"/> the una<span class=\"_ _0\"/>voidable cost o<span class=\"_ _1\"/>f meeting its o<span class=\"_ _0\"/>bligations <span class=\"_ _0\"/>under the co<span class=\"_ _0\"/>ntract. Such <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rovision i<span class=\"_ _0\"/>s measured at<span class=\"_ _1\"/> the present value of the lower of the expe<span class=\"_ _1\"/>cted cost of terminating the contract and the expected n<span class=\"_ _1\"/>e<span class=\"_ _3\"/>t cost of continuin<span class=\"_ _0\"/>g with the contract<span class=\"_ _3\"/>. Disputes and Litigations A provision f<span class=\"_ _0\"/>or disputes an<span class=\"_ _0\"/>d litigation i<span class=\"_ _1\"/>s<span class=\"_ _3\"/> recognized wh<span class=\"_ _1\"/>en it is <span class=\"_ _0\"/>more likely th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>n not th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>t the <span class=\"_ _1\"/>company will be required <span class=\"_ _1\"/>to ma<span class=\"_ _3\"/>ke future p<span class=\"_ _3\"/>ayments <span class=\"_ _3\"/>as a <span class=\"_ _3\"/>result <span class=\"_ _3\"/>of pas<span class=\"_ _3\"/>t events, <span class=\"_ _3\"/>such <span class=\"_ _3\"/>items ma<span class=\"_ _3\"/>y include <span class=\"_ _3\"/>but <span class=\"_ _3\"/>are <span class=\"_ _3\"/>not li<span class=\"_ _3\"/>mited to, <span class=\"_ _3\"/>several <span class=\"_ _3\"/>claims, s<span class=\"_ _3\"/>uits and <span class=\"_ _6\"/>ac<span class=\"_ _3\"/>tions relating <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>antitrust <span class=\"_ _5\"> </span>laws, <span class=\"_ _5\"> </span>violations <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>distribution <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>license <span class=\"_ _5\"> </span>agreements, <span class=\"_ _5\"> </span>environmental <span class=\"_ _5\"> </span>matters, <span class=\"_ _5\"> </span>employment <span class=\"_ _5\"> </span>related disputes, claims from tax authorities related to indirect taxes, and alcohol industry <span class=\"_ _0\"/>litigation matters.<span class=\"_ _3\"/> (R) <span class=\"_ _e\"> </span>PENSION AND SIMILAR OBLIGATIONS Post-employment benefits Post-employment <span class=\"_ _6\"/>benefits <span class=\"_ _2\"/>include <span class=\"_ _6\"/>pensions, <span class=\"_ _6\"/>post<span class=\"_ _3\"/>-employment <span class=\"_ _2\"/>life <span class=\"_ _6\"/>insurance <span class=\"_ _6\"/>and <span class=\"_ _2\"/>post<span class=\"_ _3\"/>-employment <span class=\"_ _6\"/>medical <span class=\"_ _2\"/>ben<span class=\"_ _3\"/>efits. <span class=\"_ _2\"/>The company operates a number <span class=\"_ _0\"/>of defined benefit a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> defined c<span class=\"_ _1\"/>o<span class=\"_ _3\"/>ntribution plans throughout t<span class=\"_ _1\"/>he world, the as<span class=\"_ _3\"/>sets of which ar<span class=\"_ _0\"/>e generally <span class=\"_ _3\"/>h<span class=\"_ _3\"/>eld <span class=\"_ _3\"/>in <span class=\"_ _2\"/>separate <span class=\"_ _2\"/>trustee<span class=\"_ _3\"/>-managed <span class=\"_ _3\"/>funds. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>pension <span class=\"_ _3\"/>p<span class=\"_ _3\"/>lans <span class=\"_ _3\"/>are <span class=\"_ _2\"/>generally <span class=\"_ _2\"/>funded <span class=\"_ _3\"/>by <span class=\"_ _2\"/>payments <span class=\"_ _2\"/>from <span class=\"_ _2\"/>employees and the <span class=\"_ _1\"/>company, <span class=\"_ _0\"/>and, <span class=\"_ _0\"/>for <span class=\"_ _1\"/>d<span class=\"_ _3\"/>efined b<span class=\"_ _1\"/>e<span class=\"_ _3\"/>nefit <span class=\"_ _1\"/>pla<span class=\"_ _3\"/>ns <span class=\"_ _0\"/>taking <span class=\"_ _1\"/>account of <span class=\"_ _1\"/>the recommendations <span class=\"_ _1\"/>of i<span class=\"_ _0\"/>ndependent a<span class=\"_ _0\"/>ctuaries. AB <span class=\"_ _1\"/>InBev maintains funded and unfunded pension plans. a)<span class=\"ls0\"> <span class=\"_ _22\"> </span>Defined contribution plans </span>Contributions to d<span class=\"_ _0\"/>efined contribution <span class=\"_ _0\"/>plans are <span class=\"_ _1\"/>recognized as an e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>pense in <span class=\"_ _1\"/>the income statement when <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ncurred. A<span class=\"_ _1\"/> defined contribution <span class=\"_ _6\"/>plan <span class=\"_ _2\"/>is <span class=\"_ _6\"/>a <span class=\"_ _6\"/>pension <span class=\"_ _2\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _2\"/>under <span class=\"_ _6\"/>which <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>pays <span class=\"_ _6\"/>f<span class=\"_ _3\"/>ixed <span class=\"_ _6\"/>contributions <span class=\"_ _2\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _2\"/>a <span class=\"_ _6\"/>fund. <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>has <span class=\"_ _6\"/>no <span class=\"_ _6\"/>legal <span class=\"_ _2\"/>or constructive <span class=\"_ _7\"/>obligations <span class=\"_ _7\"/>to <span class=\"_ _7\"/>pay <span class=\"_ _6\"/>fu<span class=\"_ _3\"/>rther <span class=\"_ _7\"/>contributions <span class=\"_ _6\"/>i<span class=\"_ _3\"/>f <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _7\"/>fund <span class=\"_ _7\"/>does <span class=\"_ _7\"/>not <span class=\"_ _6\"/>ho<span class=\"_ _3\"/>ld <span class=\"_ _7\"/>sufficient <span class=\"_ _6\"/>assets<span class=\"_ _3\"/> <span class=\"_ _7\"/>to <span class=\"_ _6\"/>p<span class=\"_ _3\"/>ay <span class=\"_ _7\"/>all <span class=\"_ _7\"/>employees <span class=\"_ _6\"/>the benefits relating to employee service in the current and prior <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>riods.<span class=\"_ _3\"/> b)<span class=\"ls0\"> <span class=\"_ _21\"> </span>Defined benefit plans </span>A <span class=\"_ _2\"/>defi<span class=\"_ _3\"/>ned <span class=\"_ _2\"/>benefit <span class=\"_ _6\"/>plan <span class=\"_ _2\"/>is <span class=\"_ _6\"/>a <span class=\"_ _2\"/>pension <span class=\"_ _2\"/>p<span class=\"_ _3\"/>lan <span class=\"_ _2\"/>that <span class=\"_ _6\"/>is <span class=\"_ _2\"/>not <span class=\"_ _6\"/>a <span class=\"_ _2\"/>defined <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ontribution <span class=\"_ _2\"/>plan. <span class=\"_ _6\"/>Typically, <span class=\"_ _2\"/>defined <span class=\"_ _6\"/>benefit <span class=\"_ _2\"/>plans <span class=\"_ _2\"/>d<span class=\"_ _3\"/>efine <span class=\"_ _2\"/>an amount <span class=\"_ _3\"/>of <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>benefit <span class=\"_ _3\"/>that <span class=\"_ _3\"/>an <span class=\"_ _3\"/>empl<span class=\"_ _3\"/>oyee <span class=\"_ _3\"/>will <span class=\"_ _3\"/>receive <span class=\"_ _3\"/>on <span class=\"_ _3\"/>retirement, <span class=\"_ _3\"/>u<span class=\"_ _3\"/>sually <span class=\"_ _3\"/>dependent <span class=\"_ _3\"/>on <span class=\"_ _3\"/>one<span class=\"_ _3\"/> o<span class=\"_ _3\"/>r <span class=\"_ _3\"/>more <span class=\"_ _3\"/>factors <span class=\"_ _3\"/>s<span class=\"_ _6\"/>uch <span class=\"_ _3\"/>as age, years of <span class=\"_ _1\"/>se<span class=\"_ _3\"/>rvice and <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompensation. For <span class=\"_ _1\"/>defined benefit plans, the <span class=\"_ _1\"/>p<span class=\"_ _3\"/>ension expenses <span class=\"_ _0\"/>are assessed <span class=\"_ _1\"/>s<span class=\"_ _3\"/>eparately for e<span class=\"_ _1\"/>ach plan using the projected u<span class=\"_ _1\"/>ni<span class=\"_ _3\"/>t credit method. <span class=\"_ _0\"/>The projected unit <span class=\"_ _1\"/>c<span class=\"_ _3\"/>redit method consider<span class=\"_ _0\"/>s each period of <span class=\"_ _1\"/>service as giving rise<span class=\"_ _3\"/> to<span class=\"ls0\"> <span class=\"_ _7\"/>an <span class=\"_ _6\"/>a<span class=\"_ _3\"/>dditional <span class=\"_ _6\"/>u<span class=\"_ _3\"/>nit <span class=\"_ _6\"/>of <span class=\"_ _7\"/>benefit <span class=\"_ _7\"/>entitlement. <span class=\"_ _7\"/>Under <span class=\"_ _7\"/>this <span class=\"_ _6\"/>method, <span class=\"_ _7\"/>the <span class=\"_ _7\"/>cost <span class=\"_ _7\"/>of <span class=\"_ _6\"/>providing <span class=\"_ _7\"/>pensions <span class=\"_ _7\"/>is <span class=\"_ _6\"/>cha<span class=\"_ _3\"/>rged <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>income </span>statement <span class=\"_ _2\"/>so <span class=\"_ _2\"/>as <span class=\"_ _2\"/>to <span class=\"_ _2\"/>spread <span class=\"_ _2\"/>the <span class=\"_ _2\"/>regular <span class=\"_ _2\"/>cos<span class=\"_ _3\"/>t <span class=\"_ _3\"/>over <span class=\"_ _2\"/>the <span class=\"_ _2\"/>service <span class=\"_ _2\"/>lives <span class=\"_ _2\"/>of <span class=\"_ _2\"/>employees <span class=\"_ _2\"/>in <span class=\"_ _2\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _2\"/>the <span class=\"_ _2\"/>advice <span class=\"_ _2\"/>of <span class=\"_ _2\"/>qualified actuaries <span class=\"_ _1\"/>who carry <span class=\"_ _1\"/>out <span class=\"_ _1\"/>a full <span class=\"_ _1\"/>valuation <span class=\"_ _1\"/>of t<span class=\"_ _0\"/>he <span class=\"_ _1\"/>plans at <span class=\"_ _f\"/>l<span class=\"_ _3\"/>east <span class=\"_ _1\"/>every th<span class=\"_ _0\"/>ree <span class=\"_ _1\"/>years. <span class=\"_ _1\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>amounts c<span class=\"_ _1\"/>h<span class=\"_ _3\"/>arged <span class=\"_ _1\"/>to <span class=\"_ _0\"/>the <span class=\"_ _1\"/>income state<span class=\"_ _0\"/>ment include current service cost, net inte<span class=\"_ _3\"/>rest cost (income), past service costs and the effect of any curtailments or settlement<span class=\"_ _2\"/>s. Past <span class=\"_ _4\"> </span>service <span class=\"_ _4\"> </span>cost<span class=\"_ _3\"/>s <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>recogniz<span class=\"_ _3\"/>ed <span class=\"_ _4\"> </span>at <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>earlier <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _4\"> </span>when <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>amendment <span class=\"_ _8\"> </span>/ <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>urtailment <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>ccurs <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>when <span class=\"_ _8\"> </span>the <span class=\"_ _5\"> </span>company recognizes <span class=\"_ _5\"> </span>related <span class=\"_ _4\"> </span>restructuring <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>r <span class=\"_ _5\"> </span>termination <span class=\"_ _5\"> </span>cos<span class=\"_ _3\"/>ts. <span class=\"_ _5\"> </span>The <span class=\"_ _5\"> </span>pen<span class=\"_ _3\"/>sion <span class=\"_ _5\"> </span>obligations <span class=\"_ _4\"> </span>recognized <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>statement <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>financial position are <span class=\"_ _3\"/>measured at <span class=\"_ _3\"/>the present <span class=\"_ _3\"/>valu<span class=\"_ _3\"/>e of <span class=\"_ _3\"/>the estimated <span class=\"_ _3\"/>future cash <span class=\"_ _3\"/>outflows using <span class=\"_ _3\"/>interest rates <span class=\"_ _3\"/>based on h<span class=\"_ _3\"/>igh quality corporate bond <span class=\"_ _0\"/>yields, which <span class=\"_ _0\"/>have terms <span class=\"_ _0\"/>to maturity <span class=\"_ _0\"/>approximating the <span class=\"_ _1\"/>te<span class=\"_ _3\"/>rms <span class=\"_ _0\"/>of the related<span class=\"_ _0\"/> liability, less <span class=\"_ _0\"/>the fair <span class=\"_ _0\"/>value of <span class=\"_ _3\"/>any plan <span class=\"_ _5\"> </span>assets. <span class=\"_ _7\"/>Re-measurements, <span class=\"_ _5\"> </span>comprising <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>ac<span class=\"_ _3\"/>tuarial <span class=\"_ _7\"/>gains <span class=\"_ _5\"> </span>and <span class=\"_ _7\"> </span>losses, <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>effect <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>asset <span class=\"_ _7\"/>ceiling <span class=\"_ _5\"> </span>(excluding <span class=\"_ _7\"> </span>net interest) and <span class=\"_ _3\"/>the return on <span class=\"_ _3\"/>plan assets (excluding <span class=\"_ _3\"/>net interest) are <span class=\"_ _3\"/>recognized in full in<span class=\"_ _3\"/> the period i<span class=\"_ _3\"/>n which they <span class=\"_ _3\"/>occur in <span class=\"_ _6\"/>the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.  Where the <span class=\"_ _0\"/>calculated amount <span class=\"_ _1\"/>of a defined be<span class=\"_ _1\"/>n<span class=\"_ _3\"/>efit liability <span class=\"_ _1\"/>is negative (an <span class=\"_ _1\"/>asset), AB InBev <span class=\"_ _0\"/>recognizes su<span class=\"_ _0\"/>ch pension <span class=\"_ _1\"/>asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. Other post-employment obligations Some <span class=\"_ _1\"/>of AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompanies <span class=\"_ _1\"/>provide <span class=\"_ _1\"/>post<span class=\"_ _3\"/><span class=\"ff2\">-employment <span class=\"_ _1\"/>m<span class=\"_ _3\"/>edical <span class=\"_ _1\"/>benefits <span class=\"_ _1\"/>to their <span class=\"_ _1\"/>retirees. <span class=\"_ _f\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>entitlement <span class=\"_ _0\"/>to <span class=\"_ _1\"/>these <span class=\"_ _1\"/>be<span class=\"_ _3\"/>nefits </span>is <span class=\"_ _1\"/>usually <span class=\"_ _1\"/>based <span class=\"_ _f\"/>on <span class=\"_ _1\"/>the <span class=\"_ _1\"/>employee <span class=\"_ _f\"/>re<span class=\"_ _3\"/>maining <span class=\"_ _f\"/>in <span class=\"_ _1\"/>ser<span class=\"_ _3\"/>vice <span class=\"_ _1\"/>up <span class=\"_ _1\"/>to <span class=\"_ _f\"/>retirement <span class=\"_ _1\"/>age. <span class=\"_ _1\"/>The <span class=\"_ _1\"/>expected <span class=\"_ _f\"/>costs <span class=\"_ _1\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>benefits <span class=\"_ _1\"/>are <span class=\"_ _f\"/>accrued over the period of employment, using an accounting methodology similar to that for defined benefit p<span class=\"_ _0\"/>ension plans.<span class=\"_ _2\"/> Termination benefits Termination <span class=\"_ _2\"/>benefits <span class=\"_ _2\"/>are <span class=\"_ _6\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _2\"/>an <span class=\"_ _6\"/>exp<span class=\"_ _3\"/>ense <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>earl<span class=\"_ _3\"/>ier <span class=\"_ _2\"/>when <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>is <span class=\"_ _2\"/>demonstrably <span class=\"_ _2\"/>comm<span class=\"_ _3\"/>itted, <span class=\"_ _2\"/>without realistic <span class=\"_ _3\"/>possibility <span class=\"_ _3\"/>of <span class=\"_ _3\"/>withdrawal, <span class=\"_ _3\"/>to <span class=\"_ _3\"/>a <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rmal d<span class=\"_ _3\"/>etailed <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>to <span class=\"_ _3\"/>terminate <span class=\"_ _3\"/>employment <span class=\"_ _3\"/>before <span class=\"_ _3\"/>the <span class=\"_ _3\"/>normal <span class=\"_ _3\"/>retirement <span class=\"_ _2\"/>date a<span class=\"_ _3\"/>nd when the company recognizes costs for a restructuring. Bonu<span class=\"ls3\">ses</span> Bonuses <span class=\"_ _5\"> </span>received <span class=\"_ _4\"> </span>by <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>empl<span class=\"_ _3\"/>oyees <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>management <span class=\"_ _4\"> </span>are <span class=\"_ _5\"> </span>based <span class=\"_ _4\"> </span>on <span class=\"_ _5\"> </span>pre<span class=\"_ _3\"/>-de<span class=\"_ _3\"/>fined <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>in<span class=\"_ _3\"/>dividual <span class=\"_ _5\"> </span>target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earne<span class=\"_ _0\"/>d. <span class=\"_ _3\"/> (S)<span class=\"ls0\"> <span class=\"_ _9\"> </span>SHARE-BASED PAYMENTS </span>Different share <span class=\"_ _1\"/>and share <span class=\"_ _0\"/>option <span class=\"_ _1\"/>programs allow <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _1\"/>senior management a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> <span class=\"_ _1\"/>members of th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> bo<span class=\"_ _1\"/>a<span class=\"_ _3\"/>rd to <span class=\"_ _1\"/>acquire share<span class=\"_ _1\"/>s<span class=\"_ _3\"/> of the <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _0\"/>and <span class=\"_ _0\"/>some of <span class=\"_ _1\"/>its affiliates. Th<span class=\"_ _0\"/>e fair <span class=\"_ _1\"/>value of <span class=\"_ _0\"/>the <span class=\"_ _0\"/>share options <span class=\"_ _1\"/>is estimated at<span class=\"_ _0\"/> grant <span class=\"_ _1\"/>date, using a <span class=\"_ _1\"/>binomial H<span class=\"_ _3\"/>all model, <span class=\"_ _6\"/>modified <span class=\"_ _6\"/>to <span class=\"_ _2\"/>ref<span class=\"_ _3\"/>lect <span class=\"_ _6\"/>the <span class=\"_ _2\"/>IFRS <span class=\"_ _6\"/>2 <span class=\"_ _6\"/>requirement <span class=\"_ _6\"/>that <span class=\"_ _2\"/>assumptions <span class=\"_ _6\"/>about <span class=\"_ _6\"/>forfeiture <span class=\"_ _6\"/>before <span class=\"_ _2\"/>the <span class=\"_ _6\"/>end <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>vesting <span class=\"_ _2\"/>period cannot <span class=\"_ _3\"/>impact <span class=\"_ _3\"/>the <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>option. <span class=\"_ _3\"/>The <span class=\"_ _2\"/>fair v<span class=\"_ _3\"/>alue o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>the <span class=\"_ _3\"/>options <span class=\"_ _3\"/>granted <span class=\"_ _3\"/>is <span class=\"_ _3\"/>expensed over <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>vesting p<span class=\"_ _3\"/>eriod b<span class=\"_ _3\"/>ased on the<span class=\"_ _3\"/> expected number <span class=\"_ _3\"/>of options<span class=\"_ _3\"/> tha<span class=\"_ _3\"/>t will vest. <span class=\"_ _3\"/>When the <span class=\"_ _3\"/>options are <span class=\"_ _3\"/>exercised, equity is i<span class=\"_ _3\"/>ncreased by <span class=\"_ _3\"/>the amount of <span class=\"_ _3\"/>the proceeds received. (T) <span class=\"_ _11\"> </span>INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing <span class=\"_ _2\"/>loans <span class=\"_ _3\"/>and <span class=\"_ _3\"/>bo<span class=\"_ _3\"/>rrowings <span class=\"_ _3\"/>are <span class=\"_ _2\"/>recognized <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value, <span class=\"_ _2\"/>less <span class=\"_ _3\"/>attributable <span class=\"_ _6\"/>tra<span class=\"_ _3\"/>nsaction <span class=\"_ _3\"/>costs. <span class=\"_ _3\"/>Subsequent to <span class=\"_ _6\"/>initial <span class=\"_ _6\"/>recognition, <span class=\"_ _6\"/>interest-bearing <span class=\"_ _6\"/>loans <span class=\"_ _6\"/>and <span class=\"_ _6\"/>borrowings <span class=\"_ _6\"/>are <span class=\"_ _6\"/>stated <span class=\"_ _6\"/>at <span class=\"_ _6\"/>amortized <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ost <span class=\"_ _2\"/>with <span class=\"_ _6\"/>any <span class=\"_ _6\"/>di<span class=\"_ _3\"/>fference <span class=\"_ _2\"/>between <span class=\"_ _6\"/>the initial amount <span class=\"_ _3\"/>and the maturity a<span class=\"_ _3\"/>mount being recognized <span class=\"_ _3\"/>in the income <span class=\"_ _3\"/>statement (in accretion <span class=\"_ _3\"/>expense) <span class=\"_ _2\"/>over <span class=\"_ _3\"/>the expected life of the instrument on an effective interest rate basis. (U) <span class=\"_ _e\"> </span>TRADE AND OTHER PAYABLES Trade <span class=\"_ _7\"/>and <span class=\"_ _7\"/>other <span class=\"_ _7\"/>payables <span class=\"_ _6\"/>a<span class=\"_ _3\"/>re <span class=\"_ _6\"/>re<span class=\"_ _3\"/>cognized <span class=\"_ _7\"/>initially <span class=\"_ _6\"/>a<span class=\"_ _3\"/>t <span class=\"_ _6\"/>fa<span class=\"_ _3\"/>ir <span class=\"_ _7\"/>value <span class=\"_ _6\"/>and <span class=\"_ _7\"> </span>subsequently <span class=\"_ _7\"/>measured <span class=\"_ _7\"/>at <span class=\"_ _7\"/>amortized <span class=\"_ _7\"/>cost <span class=\"_ _7\"/>using <span class=\"_ _6\"/>the effective interest method. (V)<span class=\"ls0\"> <span class=\"_ _9\"> </span>INCOME TAX </span>Income tax o<span class=\"_ _3\"/>n the profit fo<span class=\"_ _3\"/>r the year c<span class=\"_ _3\"/>omprises current and deferred <span class=\"_ _3\"/>tax. Income <span class=\"_ _3\"/>tax is recognized in <span class=\"_ _3\"/>the income statement except <span class=\"_ _1\"/>to <span class=\"_ _0\"/>the <span class=\"_ _1\"/>extent <span class=\"_ _1\"/>that <span class=\"_ _1\"/>it <span class=\"_ _1\"/>rel<span class=\"_ _3\"/>ates <span class=\"_ _1\"/>to <span class=\"_ _1\"/>items <span class=\"_ _1\"/>recognized <span class=\"_ _0\"/>directly <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>equity, <span class=\"_ _1\"/>in <span class=\"_ _0\"/>which <span class=\"_ _1\"/>case <span class=\"_ _1\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>effect <span class=\"_ _0\"/>is <span class=\"_ _1\"/>also <span class=\"_ _0\"/>recogniz<span class=\"_ _3\"/>ed <span class=\"_ _1\"/>directly in equity. Current <span class=\"_ _1\"/>tax i<span class=\"_ _0\"/>s <span class=\"_ _1\"/>the <span class=\"_ _0\"/>expected <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>payable <span class=\"_ _0\"/>on <span class=\"_ _1\"/>the <span class=\"_ _1\"/>taxable i<span class=\"_ _1\"/>n<span class=\"_ _3\"/>come <span class=\"_ _f\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the <span class=\"_ _1\"/>y<span class=\"_ _3\"/>ear, <span class=\"_ _1\"/>using <span class=\"_ _1\"/>tax ra<span class=\"_ _1\"/>te<span class=\"_ _3\"/>s <span class=\"_ _1\"/>enacted, <span class=\"_ _1\"/>or <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubstantively <span class=\"_ _1\"/>enacted<span class=\"_ _3\"/><span class=\"ls2\">, </span>at the reporting date, and any adjustment to tax payable in respect of previous years. In <span class=\"_ _2\"/>acco<span class=\"_ _3\"/>rdance <span class=\"_ _2\"/>with <span class=\"_ _6\"/>IAS <span class=\"_ _2\"/>12 <span class=\"_ _6\"/><span class=\"ff5\">Income <span class=\"_ _2\"/>Taxes</span> <span class=\"_ _6\"/>deferred <span class=\"_ _2\"/>taxes <span class=\"_ _6\"/>are <span class=\"_ _2\"/>provided <span class=\"_ _6\"/>using <span class=\"_ _2\"/>the <span class=\"_ _6\"/>so<span class=\"_ _3\"/>-called <span class=\"_ _2\"/>balance <span class=\"_ _2\"/>s<span class=\"_ _3\"/>heet <span class=\"_ _2\"/>liability <span class=\"_ _2\"/>me<span class=\"_ _3\"/>thod. This means that, f<span class=\"_ _3\"/>or all taxable and deductible d<span class=\"_ _3\"/>ifferences between the tax <span class=\"_ _3\"/>bases of assets and li<span class=\"_ _3\"/>abilities and their carryin<span class=\"_ _2\"/><span class=\"ls3\">g </span>amounts <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>sta<span class=\"_ _3\"/>tement <span class=\"_ _3\"/>of <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>position <span class=\"_ _2\"/>a <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>liability <span class=\"_ _3\"/>or <span class=\"_ _2\"/>asset <span class=\"_ _3\"/>is <span class=\"_ _3\"/>recognized. <span class=\"_ _3\"/>Under <span class=\"_ _3\"/>this <span class=\"_ _3\"/>method <span class=\"_ _2\"/>a <span class=\"_ _3\"/>provision for <span class=\"_ _5\"> </span>deferred <span class=\"_ _7\"/>taxes <span class=\"_ _5\"> </span>is <span class=\"_ _7\"/>also <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ade <span class=\"_ _7\"> </span>for <span class=\"_ _5\"> </span>differences <span class=\"_ _7\"> </span>between <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>fair <span class=\"_ _5\"> </span>values <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>assets <span class=\"_ _5\"> </span>and <span class=\"_ _7\"/>liabilities <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>cquired <span class=\"_ _7\"/>in <span class=\"_ _5\"> </span>a <span class=\"_ _7\"/>business combination and their t<span class=\"_ _1\"/>a<span class=\"_ _3\"/>x base<span class=\"_ _0\"/>. IAS 12 prescribes that <span class=\"_ _1\"/>n<span class=\"_ _3\"/>o def<span class=\"_ _0\"/>erred taxes are re<span class=\"_ _0\"/>cognized (i) on <span class=\"_ _0\"/>initial recognition of <span class=\"_ _1\"/>g<span class=\"_ _3\"/>oodwill, (ii) <span class=\"_ _6\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>in<span class=\"_ _3\"/>itial <span class=\"_ _6\"/>recognition <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>assets <span class=\"_ _6\"/>or <span class=\"_ _7\"/>liabilities <span class=\"_ _7\"/>in <span class=\"_ _6\"/>a <span class=\"_ _7\"/>transaction <span class=\"_ _6\"/>that <span class=\"_ _6\"/>is <span class=\"_ _7\"/>not <span class=\"_ _6\"/>a <span class=\"_ _7\"/>business <span class=\"_ _6\"/>combination <span class=\"_ _7\"/>and <span class=\"_ _6\"/>affects <span class=\"_ _6\"/>neit<span class=\"_ _6\"/>her accounting <span class=\"_ _1\"/>nor <span class=\"_ _1\"/>taxable <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rofit <span class=\"_ _1\"/>and <span class=\"_ _1\"/>(ii<span class=\"_ _3\"/>i) <span class=\"_ _1\"/>on <span class=\"_ _1\"/>differences <span class=\"_ _1\"/>re<span class=\"_ _3\"/>lating <span class=\"_ _1\"/>to <span class=\"_ _1\"/>investments <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the <span class=\"_ _1\"/>exten<span class=\"_ _3\"/>t <span class=\"_ _1\"/>that <span class=\"_ _1\"/>they <span class=\"_ _1\"/>will <span class=\"_ _1\"/>p<span class=\"_ _3\"/>robably not <span class=\"_ _2\"/>reverse <span class=\"_ _2\"/>in <span class=\"_ _6\"/>the <span class=\"_ _2\"/>foreseeable <span class=\"_ _3\"/>futu<span class=\"_ _3\"/>re <span class=\"_ _2\"/>and <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>extent <span class=\"_ _2\"/>that <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>is <span class=\"_ _2\"/>able <span class=\"_ _2\"/>to <span class=\"_ _2\"/>control <span class=\"_ _2\"/>the <span class=\"_ _6\"/>timing <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>reversal. <span class=\"_ _2\"/>The amount <span class=\"_ _6\"/>of <span class=\"_ _6\"/>deferred <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>provided <span class=\"_ _6\"/>is <span class=\"_ _6\"/>bas<span class=\"_ _3\"/>ed <span class=\"_ _2\"/>on <span class=\"_ _6\"/>the <span class=\"_ _6\"/>expected <span class=\"_ _2\"/>m<span class=\"_ _3\"/>anner <span class=\"_ _6\"/>of <span class=\"_ _2\"/>realization <span class=\"_ _6\"/>or <span class=\"_ _6\"/>settlement <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _2\"/>ca<span class=\"_ _3\"/>rrying <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>of assets and liabilities, using currently or substantively enacted tax rate<span class=\"_ _0\"/>s.<span class=\"_ _3\"/> Deferred <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _3\"/>liabili<span class=\"_ _3\"/>ties <span class=\"_ _3\"/>are <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>i<span class=\"_ _3\"/>f <span class=\"_ _3\"/>there <span class=\"_ _3\"/>is <span class=\"_ _2\"/>a <span class=\"_ _3\"/>legally <span class=\"_ _3\"/>e<span class=\"_ _3\"/>nforceable <span class=\"_ _3\"/>right <span class=\"_ _3\"/>to <span class=\"_ _3\"/>offset <span class=\"_ _7\"/>current <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>li<span class=\"_ _3\"/>abilities <span class=\"_ _3\"/>and <span class=\"_ _3\"/>assets, and th<span class=\"_ _3\"/>ey relate <span class=\"_ _3\"/>to <span class=\"_ _3\"/>income taxes <span class=\"_ _3\"/>levied by <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same tax <span class=\"_ _3\"/>authority on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same taxable <span class=\"_ _3\"/>entity, <span class=\"_ _3\"/>or on <span class=\"_ _3\"/>different <span class=\"_ _3\"/>taxable entities<span class=\"_ _2\"/> which <span class=\"_ _3\"/>intend either <span class=\"_ _3\"/>to <span class=\"_ _3\"/>settle c<span class=\"_ _3\"/>urrent tax <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>and <span class=\"_ _3\"/>assets on <span class=\"_ _3\"/>a <span class=\"_ _3\"/>net <span class=\"_ _3\"/>basis, o<span class=\"_ _3\"/>r to<span class=\"_ _3\"/> realize<span class=\"_ _2\"/> <span class=\"_ _3\"/>the a<span class=\"_ _3\"/>ssets and <span class=\"_ _3\"/>settle <span class=\"_ _3\"/>the <span class=\"_ _3\"/>liabilities simultaneously. The c<span class=\"_ _3\"/>ompany recognizes deferred <span class=\"_ _3\"/>tax assets, <span class=\"_ _3\"/>including assets arising <span class=\"_ _3\"/>from <span class=\"_ _3\"/>losses carried forward, <span class=\"_ _3\"/>to the <span class=\"_ _3\"/>extent that <span class=\"_ _3\"/>future probable taxable profit wi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>l be <span class=\"_ _0\"/>available against which th<span class=\"_ _0\"/>e deferred tax as<span class=\"_ _0\"/>se<span class=\"_ _3\"/>t can be ut<span class=\"_ _1\"/>i<span class=\"_ _3\"/>lized. A <span class=\"_ _0\"/>deferred tax asset i<span class=\"_ _1\"/>s<span class=\"_ _3\"/> reduce<span class=\"_ _0\"/>d to the extent that it is no longer probable that the related tax benefit will be realized. The c<span class=\"_ _3\"/>ompany presents income ta<span class=\"_ _3\"/>x provisions <span class=\"_ _3\"/>in income ta<span class=\"_ _3\"/>x liabilities. As<span class=\"_ _3\"/>sets and <span class=\"_ _3\"/>liabilities for unc<span class=\"_ _3\"/>ertain tax tre<span class=\"_ _6\"/>atments are presented as current tax assets/liabilities or deferred tax assets/liabilities. (W) <span class=\"_ _6\"/>INCOME RECOGNITION Goods sold Revenue is <span class=\"_ _0\"/>measured ba<span class=\"_ _0\"/>sed on <span class=\"_ _0\"/>the <span class=\"_ _0\"/>consideration to w<span class=\"_ _1\"/>hich the company <span class=\"_ _1\"/>expects to be <span class=\"_ _0\"/>entitled i<span class=\"_ _1\"/>n a contract <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h a<span class=\"_ _0\"/> customer and excludes amounts collect<span class=\"_ _0\"/>ed on behalf <span class=\"_ _0\"/>of third parties. <span class=\"_ _0\"/>The company re<span class=\"_ _0\"/>cognizes revenue <span class=\"_ _0\"/>when performance obligati<span class=\"_ _0\"/>ons are satisfied, meaning when the company transfers control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Identification of the contracts with a customer </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Identification of the performance obligations in the contracts </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Determination of the transaction price </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Allocation of the transaction price to the performance obligations in the contracts </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Revenue recognition when performance obligations are satisf<span class=\"_ _0\"/>ied<span class=\"_ _3\"/> </span></span>Revenue from <span class=\"_ _3\"/>the sale of go<span class=\"_ _3\"/>ods is measured a<span class=\"_ _3\"/>t the amount that <span class=\"_ _3\"/>reflects the best <span class=\"_ _3\"/>estimate of the consideration expecte<span class=\"_ _3\"/>d to be <span class=\"_ _3\"/>received <span class=\"_ _3\"/>in <span class=\"_ _3\"/>exchange <span class=\"_ _2\"/>for <span class=\"_ _3\"/>those <span class=\"_ _3\"/>goods. <span class=\"_ _3\"/>Contracts <span class=\"_ _3\"/>can <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nclude s<span class=\"_ _3\"/>ignific<span class=\"_ _3\"/>ant <span class=\"_ _3\"/>variable <span class=\"_ _2\"/>elements, s<span class=\"_ _3\"/>uch <span class=\"_ _3\"/>as <span class=\"_ _3\"/>discounts, <span class=\"_ _3\"/>rebates, refunds, <span class=\"_ _2\"/>credits, <span class=\"_ _2\"/>price <span class=\"_ _2\"/>concessions, <span class=\"_ _2\"/>incentives, <span class=\"_ _2\"/>pe<span class=\"_ _3\"/>rformance <span class=\"_ _3\"/>bonuses <span class=\"_ _2\"/>and <span class=\"_ _6\"/>penalties. <span class=\"_ _2\"/>Such <span class=\"_ _3\"/>tra<span class=\"_ _3\"/>de <span class=\"_ _2\"/>incentives <span class=\"_ _2\"/>are <span class=\"_ _2\"/>treated <span class=\"_ _2\"/>as variable consideration. If the consideration includes a var<span class=\"_ _0\"/>iable amount, the company<span class=\"_ _3\"/> estimates the amount of considerati<span class=\"_ _0\"/>on to <span class=\"_ _1\"/>which<span class=\"_ _3\"/> <span class=\"_ _f\"/>it will <span class=\"_ _f\"/>be <span class=\"_ _1\"/>en<span class=\"_ _3\"/>titled <span class=\"_ _1\"/>in <span class=\"_ _1\"/>exchange <span class=\"_ _1\"/>for <span class=\"_ _1\"/>tra<span class=\"_ _3\"/>nsferring <span class=\"_ _1\"/>the <span class=\"_ _1\"/>promised <span class=\"_ _1\"/>goods <span class=\"_ _1\"/>or ser<span class=\"_ _0\"/>vices <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>customer. Var<span class=\"_ _1\"/>i<span class=\"_ _3\"/>able <span class=\"_ _1\"/>considerat<span class=\"_ _3\"/>i<span class=\"_ _3\"/>on is only i<span class=\"_ _1\"/>n<span class=\"_ _3\"/>cluded in <span class=\"_ _1\"/>the transaction pr<span class=\"_ _0\"/>ice if it<span class=\"_ _1\"/> is highly <span class=\"_ _0\"/>probable that t<span class=\"_ _1\"/>he amount of r<span class=\"_ _1\"/>e<span class=\"_ _2\"/>venue recognized <span class=\"_ _1\"/>wou<span class=\"_ _3\"/>ld not <span class=\"_ _1\"/>be subject to significant future reversals when the uncertainty is resolved. Royalty income The <span class=\"_ _0\"/>company re<span class=\"_ _0\"/>cognizes <span class=\"_ _0\"/>the <span class=\"_ _0\"/>sales<span class=\"_ _3\"/>-based <span class=\"_ _1\"/>or usage-based r<span class=\"_ _1\"/>oyalties in <span class=\"_ _1\"/>other operating <span class=\"_ _1\"/>income when <span class=\"_ _1\"/>the later <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>following events occurs<span class=\"ff4\">: (<span class=\"_ _0\"/>a) the <span class=\"_ _1\"/>customer\u2019s subsequent sales <span class=\"_ _1\"/>or usage; and <span class=\"_ _1\"/>(b) the performance <span class=\"_ _1\"/>obligation to which <span class=\"_ _1\"/>some or all <span class=\"_ _0\"/>of the<span class=\"_ _1\"/> </span>sales-based or usage-based royalty has been allocated has been satisfied (or partially sati<span class=\"_ _0\"/>sfied).<span class=\"_ _3\"/> Government grants A government <span class=\"_ _1\"/>grant is rec<span class=\"_ _0\"/>ognized<span class=\"_ _3\"/> in <span class=\"_ _1\"/>the statement <span class=\"_ _1\"/>of financial pos<span class=\"_ _0\"/>ition initially <span class=\"_ _1\"/>as deferred i<span class=\"_ _1\"/>nc<span class=\"_ _3\"/>ome when <span class=\"_ _1\"/>there is re<span class=\"_ _1\"/>a<span class=\"_ _3\"/>sonable assurance <span class=\"_ _0\"/>that <span class=\"_ _1\"/>it <span class=\"_ _1\"/>will be<span class=\"_ _0\"/> <span class=\"_ _1\"/>received a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> <span class=\"_ _1\"/>that <span class=\"_ _1\"/>the company <span class=\"_ _f\"/>will comply <span class=\"_ _1\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>c<span class=\"_ _3\"/>onditions <span class=\"_ _1\"/>attached t<span class=\"_ _1\"/>o it. <span class=\"_ _1\"/>Grants <span class=\"_ _1\"/>that <span class=\"_ _1\"/>compensat<span class=\"_ _2\"/><span class=\"ls8\">e </span>the company for expenses incurr<span class=\"_ _3\"/>ed are recognized as other operating income on a systematic basis i<span class=\"_ _3\"/>n the same periods in which <span class=\"_ _6\"/>the <span class=\"_ _6\"/>expenses <span class=\"_ _2\"/>a<span class=\"_ _3\"/>re <span class=\"_ _2\"/>incurred. <span class=\"_ _6\"/>Grants <span class=\"_ _6\"/>that <span class=\"_ _6\"/>compensate <span class=\"_ _6\"/>the <span class=\"_ _2\"/>company <span class=\"_ _6\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/>acquisition <span class=\"_ _2\"/>of <span class=\"_ _6\"/>an <span class=\"_ _6\"/>asset <span class=\"_ _6\"/>are <span class=\"_ _2\"/>pre<span class=\"_ _3\"/>sented <span class=\"_ _2\"/>by deducting them from the acquisition cost of the related asset. Finance income Finance <span class=\"_ _7\"/>income <span class=\"_ _6\"/>comprises <span class=\"_ _7\"/>interest <span class=\"_ _7\"/>received <span class=\"_ _6\"/>or <span class=\"_ _7\"/>receivable <span class=\"_ _6\"/>on <span class=\"_ _7\"/>funds <span class=\"_ _7\"/>invested, <span class=\"_ _7\"/>dividend <span class=\"_ _6\"/>income, <span class=\"_ _7\"/>foreign <span class=\"_ _7\"/>exchange <span class=\"_ _6\"/>gains, losses on <span class=\"_ _1\"/>currency hedging i<span class=\"_ _0\"/>nstruments <span class=\"_ _0\"/>offsetting curren<span class=\"_ _0\"/>cy gains, <span class=\"_ _1\"/>gains on hedgi<span class=\"_ _0\"/>ng instrum<span class=\"_ _1\"/>e<span class=\"_ _3\"/>nts that <span class=\"_ _1\"/>are not <span class=\"_ _3\"/>part of <span class=\"_ _1\"/>a hedge accounting relationship, gains on f<span class=\"_ _0\"/>inancial assets measured at FVPL a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> well as any gai<span class=\"_ _0\"/>ns from hedge ineffectivene<span class=\"_ _0\"/>ss (refer to accounting policy Y). Interest <span class=\"_ _6\"/>income <span class=\"_ _2\"/>is <span class=\"_ _6\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _2\"/>i<span class=\"_ _3\"/>t <span class=\"_ _2\"/>accrues <span class=\"_ _6\"/>(taking <span class=\"_ _2\"/>into <span class=\"_ _6\"/>account <span class=\"_ _2\"/>the <span class=\"_ _2\"/>effective <span class=\"_ _6\"/>yield <span class=\"_ _2\"/>on <span class=\"_ _6\"/>the <span class=\"_ _7\"/>asset) <span class=\"_ _2\"/>unless <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ollectability <span class=\"_ _2\"/>is <span class=\"_ _6\"/>in doubt. Dividend income Dividend income is recognized in the income statement on the date that the dividend is dec<span class=\"_ _0\"/>lared.<span class=\"_ _3\"/> (X)<span class=\"ls0\"> <span class=\"_ _9\"> </span>EXPENSES </span>Finance costs Finance <span class=\"_ _1\"/>costs <span class=\"_ _1\"/>comprise <span class=\"_ _1\"/>interest <span class=\"_ _1\"/>payable <span class=\"_ _1\"/>on <span class=\"_ _1\"/>borrowings, <span class=\"_ _f\"/>c<span class=\"_ _3\"/>alculated <span class=\"_ _f\"/>u<span class=\"_ _3\"/>sing <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>ef<span class=\"_ _3\"/>fective <span class=\"_ _1\"/>interest <span class=\"_ _1\"/>rate <span class=\"_ _1\"/>method, <span class=\"_ _1\"/>foreign <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xchange losses, <span class=\"_ _f\"/>g<span class=\"_ _3\"/>ains <span class=\"_ _f\"/>o<span class=\"_ _3\"/>n <span class=\"_ _f\"/>currency <span class=\"_ _1\"/>hedging <span class=\"_ _1\"/>instruments <span class=\"_ _1\"/>offsetting <span class=\"_ _f\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _1\"/>losses, <span class=\"_ _f\"/>results <span class=\"_ _1\"/>on <span class=\"_ _1\"/>interest <span class=\"_ _1\"/>rate <span class=\"_ _1\"/>hedging <span class=\"_ _f\"/>in<span class=\"_ _3\"/>struments, <span class=\"_ _f\"/>losse<span class=\"_ _2\"/><span class=\"ls10\">s </span>on hedging instruments t<span class=\"_ _0\"/>hat are not part o<span class=\"_ _1\"/>f a hedge accounting relationship, lo<span class=\"_ _0\"/>sse<span class=\"_ _3\"/>s on financial assets clas<span class=\"_ _0\"/>sified as trading,<span class=\"_ _1\"/> impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting polic<span class=\"_ _0\"/>y Y).<span class=\"_ _3\"/> All intere<span class=\"_ _0\"/>st <span class=\"_ _0\"/>costs in<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urred i<span class=\"_ _1\"/>n connection <span class=\"_ _1\"/>with borrowings <span class=\"_ _1\"/>or financial transactions <span class=\"_ _1\"/>are expensed <span class=\"_ _1\"/>as incurred <span class=\"_ _1\"/>as part<span class=\"_ _0\"/> of<span class=\"_ _1\"/> finance costs. Any difference between the initial amount and the<span class=\"_ _0\"/> maturity amount of interest-be<span class=\"_ _3\"/>aring loans and borrowings, su<span class=\"_ _0\"/>ch as transaction <span class=\"_ _5\"> </span>costs <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>fair <span class=\"_ _5\"> </span>value <span class=\"_ _5\"> </span>adjustments, <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>recognized <span class=\"_ _4\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>income <span class=\"_ _5\"> </span>s<span class=\"_ _2\"/>tatement <span class=\"_ _5\"> </span>(in <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>ccretion <span class=\"_ _7\"> </span>ex<span class=\"_ _3\"/>pense) <span class=\"_ _5\"> </span>over <span class=\"_ _5\"> </span>the expected <span class=\"_ _5\"> </span>life <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>instrument <span class=\"_ _5\"> </span>on <span class=\"_ _4\"> </span>an <span class=\"_ _5\"> </span>effective <span class=\"_ _5\"> </span>interest <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>ba<span class=\"_ _3\"/>sis <span class=\"_ _5\"> </span>(refer <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>accounting <span class=\"_ _7\"> </span>po<span class=\"_ _3\"/>licy <span class=\"_ _5\"> </span>T). <span class=\"_ _5\"> </span>The <span class=\"_ _4\"> </span>interest <span class=\"_ _5\"> </span>expense component of lease p<span class=\"_ _1\"/>ayme<span class=\"_ _3\"/>nts <span class=\"_ _0\"/>is also recognized <span class=\"_ _1\"/>in the income statement <span class=\"_ _0\"/>(in accretion <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>pense) <span class=\"_ _3\"/>using the <span class=\"_ _0\"/>effective interest rate method. Research and development, advertising and promotional costs and systems develop<span class=\"_ _0\"/>ment costs<span class=\"_ _3\"/> Research, ad<span class=\"_ _1\"/>v<span class=\"_ _3\"/>ertising <span class=\"_ _1\"/>and promotional <span class=\"_ _f\"/>c<span class=\"_ _3\"/>osts <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>expensed i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>the year <span class=\"_ _1\"/>in whi<span class=\"_ _0\"/>ch <span class=\"_ _0\"/>these <span class=\"_ _1\"/>costs <span class=\"_ _0\"/>are <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ncurred. <span class=\"_ _1\"/>Development co<span class=\"_ _0\"/>sts an<span class=\"ls0\">d systems<span class=\"_ _3\"/> development <span class=\"_ _3\"/>costs <span class=\"_ _3\"/>are expensed <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>year in <span class=\"_ _3\"/>which <span class=\"_ _3\"/>these costs <span class=\"_ _3\"/>are <span class=\"_ _3\"/>incurred <span class=\"_ _3\"/>if <span class=\"_ _3\"/>they do <span class=\"_ _3\"/>not m<span class=\"_ _3\"/>eet the <span class=\"_ _3\"/>criteria </span>for capitalization (refer to accounting policy F). Purchasing, receiving and warehousing costs Purchasing <span class=\"_ _3\"/>and <span class=\"_ _2\"/>receiving c<span class=\"_ _3\"/>osts <span class=\"_ _3\"/>are <span class=\"_ _3\"/>includ<span class=\"_ _3\"/>ed <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>of <span class=\"_ _3\"/>sales, <span class=\"_ _2\"/>as <span class=\"_ _3\"/>well <span class=\"_ _3\"/>as <span class=\"_ _2\"/>the <span class=\"_ _3\"/>costs <span class=\"_ _3\"/>of <span class=\"_ _3\"/>s<span class=\"_ _3\"/>toring <span class=\"_ _3\"/>and <span class=\"_ _3\"/>moving <span class=\"_ _3\"/>raw <span class=\"_ _2\"/>materials and <span class=\"_ _6\"/>packaging <span class=\"_ _2\"/>m<span class=\"_ _3\"/>aterials. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>costs <span class=\"_ _6\"/>of <span class=\"_ _6\"/>storing <span class=\"_ _6\"/>finished <span class=\"_ _6\"/>products <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>brewery <span class=\"_ _2\"/>as <span class=\"_ _6\"/>well <span class=\"_ _6\"/>as <span class=\"_ _6\"/>costs <span class=\"_ _6\"/>incurred <span class=\"_ _6\"/>for <span class=\"_ _6\"/>subsequent storage in distribution centers are included within dis<span class=\"_ _3\"/>tribution expenses. <span class=\"ffc\">  </span>(Y)<span class=\"ls0\"> <span class=\"_ _9\"> </span>FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING </span>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>uses <span class=\"_ _1\"/>derivative <span class=\"_ _1\"/>financial <span class=\"_ _1\"/>instruments <span class=\"_ _1\"/>to <span class=\"_ _1\"/>mitigate t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _f\"/>tran<span class=\"_ _3\"/>sactional <span class=\"_ _1\"/>impact <span class=\"_ _1\"/>of <span class=\"_ _1\"/>foreign <span class=\"_ _1\"/>currencies, <span class=\"_ _0\"/>interest <span class=\"_ _1\"/>rates, <span class=\"_ _1\"/>eq<span class=\"_ _2\"/>uity prices and commodity pri<span class=\"_ _0\"/>ces on the <span class=\"_ _0\"/>company\u2019s performance. <span class=\"_ _1\"/>AB<span class=\"_ _3\"/><span class=\"ff2\"> </span>InBev\u2019s financial risk management policy pr<span class=\"_ _1\"/>oh<span class=\"_ _3\"/>ibits the u<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e of <span class=\"_ _8\"> </span>derivative <span class=\"_ _4\"> </span>financial <span class=\"_ _8\"> </span>instruments <span class=\"_ _4\"> </span>for <span class=\"_ _8\"> </span>trading <span class=\"_ _4\"> </span>purposes <span class=\"_ _8\"> </span>and <span class=\"_ _4\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _4\"> </span>company <span class=\"_ _8\"> </span>does <span class=\"_ _4\"> </span>the<span class=\"_ _3\"/>refore <span class=\"_ _4\"> </span>not <span class=\"_ _8\"> </span>hold <span class=\"_ _4\"> </span>or <span class=\"_ _8\"> </span>issue <span class=\"_ _4\"> </span>any <span class=\"_ _8\"> </span>such instruments for such purposes. Classification and measurement Except <span class=\"_ _3\"/>for <span class=\"_ _3\"/>certain <span class=\"_ _2\"/>trade <span class=\"_ _3\"/>receivables, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>measures <span class=\"_ _3\"/>a <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>asset <span class=\"_ _3\"/>at <span class=\"_ _3\"/>its <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>plus, <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>case <span class=\"_ _2\"/>of a financial asset <span class=\"_ _3\"/>not <span class=\"_ _3\"/>at fair <span class=\"_ _3\"/>value th<span class=\"_ _3\"/>rough profit <span class=\"_ _3\"/>or loss, <span class=\"_ _3\"/>transaction c<span class=\"_ _3\"/>osts directly <span class=\"_ _3\"/>attributable to <span class=\"_ _3\"/>the acquisition <span class=\"_ _3\"/>or issue<span class=\"_ _2\"/> <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the financial asset. <span class=\"_ _1\"/>Debt financial <span class=\"_ _0\"/>instruments ar<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _0\"/>subsequently <span class=\"_ _0\"/>measured at <span class=\"_ _1\"/>amortized cost, <span class=\"_ _1\"/>FVOCI or <span class=\"_ _1\"/>FVPL. The classifi<span class=\"_ _0\"/>cation is <span class=\"_ _8\"> </span>based <span class=\"_ _8\"> </span>on <span class=\"_ _8\"> </span>two <span class=\"_ _4\"> </span>criteria: <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>obj<span class=\"_ _3\"/>ective <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>com<span class=\"_ _3\"/>pany\u2019s <span class=\"_ _4\"> </span>business <span class=\"_\"> </span>mo<span class=\"_ _0\"/>del <span class=\"_ _8\"> </span>for <span class=\"_ _4\"> </span>ma<span class=\"_ _3\"/>naging <span class=\"_ _4\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _8\"> </span>assets; <span class=\"_ _4\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _8\"> </span>whether <span class=\"_ _4\"> </span>the instruments\u2019 contractual <span class=\"_ _1\"/>cash flows represent <span class=\"_ _1\"/>\u2018solely payments <span class=\"_ _1\"/>of principal and <span class=\"_ _1\"/>interest\u2019 on <span class=\"_ _0\"/>the <span class=\"_ _0\"/>principal amount <span class=\"_ _1\"/>outstanding (the \u2018SPPI criterion\u2019).<span class=\"ff2\"> </span>The classification and measurement of the company\u2019s financ<span class=\"_ _0\"/>ial assets is as follows:<span class=\"_ _3\"/><span class=\"ff2\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff5 fs3 fc1\">Debt <span class=\"_ _3\"/>instruments at <span class=\"_ _3\"/>amortized c<span class=\"_ _3\"/>ost:<span class=\"ff2\"> <span class=\"_ _3\"/>comprise i<span class=\"_ _3\"/>nvestments i<span class=\"_ _3\"/>n debt <span class=\"_ _3\"/>securities <span class=\"_ _3\"/>where <span class=\"_ _3\"/>the contractual <span class=\"_ _3\"/>cash <span class=\"_ _3\"/>flows are </span></span></span>solely <span class=\"_ _2\"/>payments <span class=\"_ _2\"/>of <span class=\"_ _2\"/>principal <span class=\"_ _2\"/>and <span class=\"_ _2\"/>interest <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>business <span class=\"_ _2\"/>model <span class=\"_ _2\"/>is <span class=\"_ _2\"/>to <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ollect <span class=\"_ _3\"/>contractual <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>flows. Interest <span class=\"_\"> </span>income, <span class=\"_ _8\"> </span>foreign <span class=\"_\"> </span>exchange <span class=\"_ _8\"> </span>gains <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>losses <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>any <span class=\"_\"> </span>impairment <span class=\"_ _8\"> </span>charges <span class=\"_\"> </span>for <span class=\"_ _8\"> </span>su<span class=\"_ _3\"/>ch <span class=\"_\"> </span>instruments <span class=\"_\"> </span>ar<span class=\"_ _1\"/>e recognized in profit or loss.<span class=\"fc2\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff5 fs3 fc1\">Debt <span class=\"_ _3\"/>instruments <span class=\"_ _3\"/>at <span class=\"_ _3\"/>FVOCI <span class=\"_ _3\"/>with <span class=\"_ _3\"/>gains <span class=\"_ _3\"/>o<span class=\"_ _3\"/>r l<span class=\"_ _3\"/>osses <span class=\"_ _3\"/>recycled <span class=\"_ _3\"/>to <span class=\"_ _3\"/>profit <span class=\"_ _3\"/>or <span class=\"_ _3\"/>loss <span class=\"_ _3\"/>on <span class=\"_ _3\"/>derecognition: <span class=\"_ _6\"/><span class=\"ff2\">comprise <span class=\"_ _3\"/>investments </span></span></span>in debt <span class=\"_ _1\"/>securities where <span class=\"_ _1\"/>the contractual <span class=\"_ _1\"/>cash flows ar<span class=\"_ _1\"/>e solely <span class=\"_ _1\"/>pa<span class=\"_ _3\"/>yments of <span class=\"_ _1\"/>principal and <span class=\"ff4\">interest a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _0\"/>company\u2019s </span>business model is <span class=\"_ _3\"/>achieved by both collecting contractual cash <span class=\"_ _3\"/>flows and selling financial assets. In<span class=\"_ _3\"/>terest income, foreign <span class=\"_ _2\"/>exchange <span class=\"_ _2\"/>ga<span class=\"_ _3\"/>ins <span class=\"_ _2\"/>and <span class=\"_ _2\"/>losses <span class=\"_ _2\"/>and <span class=\"_ _6\"/>any <span class=\"_ _2\"/>impairment <span class=\"_ _2\"/>charges <span class=\"_ _2\"/>on <span class=\"_ _6\"/>such <span class=\"_ _2\"/>instruments <span class=\"_ _2\"/>are <span class=\"_ _6\"/>recognized <span class=\"_ _2\"/>in <span class=\"_ _2\"/>profit <span class=\"_ _6\"/>or loss. All<span class=\"_ _1\"/> other <span class=\"_ _1\"/>fair <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _1\"/>gains a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d <span class=\"_ _1\"/>losses are <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>in ot<span class=\"_ _1\"/>h<span class=\"_ _3\"/>er <span class=\"_ _1\"/>comprehensive i<span class=\"_ _0\"/>ncome. <span class=\"_ _1\"/>On disposal <span class=\"_ _1\"/>of <span class=\"_ _1\"/>these deb<span class=\"_ _0\"/>t securities, any related balance within FVOCI reserve is reclassified to profit or loss.<span class=\"fc2\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff5 fs3 fc1\">Equity <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>designated <span class=\"_ _6\"/>at <span class=\"_ _6\"/>FVOCI, <span class=\"_ _6\"/>with <span class=\"_ _6\"/>no <span class=\"_ _6\"/>recyclin<span class=\"_ _3\"/>g <span class=\"_ _6\"/>of <span class=\"_ _6\"/>gains <span class=\"_ _6\"/>or <span class=\"_ _6\"/>l<span class=\"_ _3\"/>osses <span class=\"_ _6\"/>to <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _2\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _6\"/>on <span class=\"_ _6\"/>derecognition<span class=\"_ _3\"/><span class=\"ff2 lsc\">: </span></span></span>these <span class=\"_ _7\"/>instruments <span class=\"_ _6\"/>are <span class=\"_ _6\"/>undertakin<span class=\"_ _3\"/>gs <span class=\"_ _6\"/>in <span class=\"_ _7\"/>which <span class=\"_ _6\"/>the <span class=\"_ _6\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _6\"/>does <span class=\"_ _6\"/>n<span class=\"_ _3\"/>ot <span class=\"_ _6\"/>have <span class=\"_ _7\"/>significant <span class=\"_ _6\"/>influence <span class=\"_ _7\"/>or <span class=\"_ _6\"/>control <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>is generally <span class=\"_ _1\"/>evidenced <span class=\"_ _1\"/>by <span class=\"_ _1\"/>ownership <span class=\"_ _1\"/>of <span class=\"_ _1\"/>less <span class=\"_ _1\"/>than <span class=\"_ _1\"/>20% <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>voting <span class=\"_ _1\"/>rights. <span class=\"_ _1\"/>The <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _f\"/>d<span class=\"_ _3\"/>esig<span class=\"_ _3\"/>nates <span class=\"_ _1\"/>these <span class=\"_ _1\"/>investments on <span class=\"_ _2\"/>an <span class=\"_ _3\"/>instrument-<span class=\"ls8\">by<span class=\"_ _3\"/></span>-instrument <span class=\"_ _3\"/>basis <span class=\"_ _2\"/>as <span class=\"_ _3\"/>equity <span class=\"_ _2\"/>securities <span class=\"_ _3\"/>at <span class=\"_ _3\"/>FVOCI <span class=\"_ _2\"/>because <span class=\"_ _2\"/>they <span class=\"_ _3\"/>represent <span class=\"_ _2\"/>investments <span class=\"_ _3\"/>held <span class=\"_ _2\"/>for long <span class=\"_ _5\"> </span>te<span class=\"_ _3\"/>rm <span class=\"_ _5\"> </span>strategic <span class=\"_ _5\"> </span>purposes. <span class=\"_ _5\"> </span>In<span class=\"_ _3\"/>vestments <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>u<span class=\"_ _3\"/>nquoted <span class=\"_ _5\"> </span>companies <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>re <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>ubsequently <span class=\"_ _5\"> </span>measured <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _5\"> </span>cost, <span class=\"_ _5\"> </span>when appropriate. <span class=\"_ _1\"/>Th<span class=\"_ _3\"/>ese <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nvestments <span class=\"_ _1\"/>are non-monetary <span class=\"_ _1\"/>items and <span class=\"_ _1\"/>gains <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r <span class=\"_ _1\"/>losses presented <span class=\"_ _1\"/>in th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>othe<span class=\"_ _3\"/>r <span class=\"_ _1\"/>comprehensive income <span class=\"_ _3\"/>include <span class=\"_ _3\"/>any <span class=\"_ _3\"/>re<span class=\"_ _3\"/>lated <span class=\"_ _3\"/>foreign <span class=\"_ _3\"/>exchange <span class=\"_ _3\"/>component. <span class=\"_ _3\"/>Dividends <span class=\"_ _2\"/>received <span class=\"_ _3\"/>are <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _2\"/>profit <span class=\"_ _3\"/>or <span class=\"_ _3\"/>loss. These <span class=\"_ _e\"> </span>investments <span class=\"_ _e\"> </span>are <span class=\"_ _e\"> </span>not <span class=\"_ _e\"> </span>subject <span class=\"_ _e\"> </span>to <span class=\"_ _a\"> </span>impairment <span class=\"_ _e\"> </span>te<span class=\"_ _3\"/>sting <span class=\"_ _e\"> </span>and <span class=\"_ _e\"> </span>upon <span class=\"_ _e\"> </span>disposal, <span class=\"_ _e\"> </span>the <span class=\"_ _e\"> </span>cumulative <span class=\"_ _e\"> </span>gain <span class=\"_ _a\"> </span>or <span class=\"_ _e\"> </span>loss accumulated in other comprehensive income are not reclassified to profit or loss.<span class=\"fc2\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff5 fs3 fc1\">Financial <span class=\"_ _6\"/>assets <span class=\"_ _6\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>t <span class=\"_ _6\"/>FVPL<span class=\"ff2\">: <span class=\"_ _7\"/>comprise <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments <span class=\"_ _6\"/>and <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>which <span class=\"_ _6\"/>were <span class=\"_ _6\"/>not </span></span></span>designated <span class=\"_ _1\"/>as <span class=\"_ _1\"/>FVOCI. <span class=\"_ _1\"/>This <span class=\"_ _1\"/>category <span class=\"_ _f\"/>also <span class=\"_ _1\"/>includes <span class=\"_ _1\"/>debt <span class=\"_ _1\"/>instruments <span class=\"_ _f\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _f\"/>do <span class=\"_ _1\"/>not <span class=\"_ _1\"/>meet <span class=\"_ _1\"/>the <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>flow <span class=\"_ _f\"/>or <span class=\"_ _1\"/>the <span class=\"_ _1\"/>business model tests. Hedge accounting The <span class=\"_ _3\"/>company <span class=\"_ _2\"/>designates <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>d<span class=\"_ _3\"/>erivatives <span class=\"_ _3\"/>as <span class=\"_ _3\"/>h<span class=\"_ _3\"/>edging <span class=\"_ _3\"/>instruments <span class=\"_ _3\"/>to<span class=\"_ _3\"/> <span class=\"_ _3\"/>hedge <span class=\"_ _2\"/>the <span class=\"_ _3\"/>variability <span class=\"_ _2\"/>in <span class=\"_ _3\"/>cash <span class=\"_ _2\"/>flows <span class=\"_ _3\"/>associated <span class=\"_ _2\"/>with highly p<span class=\"_ _3\"/>robable forecast <span class=\"_ _3\"/>transactions arising <span class=\"_ _3\"/>from c<span class=\"_ _3\"/>hanges in <span class=\"_ _3\"/>foreign exchange <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>interest rates <span class=\"_ _3\"/>and co<span class=\"_ _3\"/>mmodity prices. To <span class=\"_ _3\"/>hedge cha<span class=\"_ _3\"/>nges in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>fair value <span class=\"_ _3\"/>of <span class=\"_ _3\"/>recognized assets, <span class=\"_ _3\"/>liabilities a<span class=\"_ _3\"/>nd firm <span class=\"_ _3\"/>commitments, the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>designates ce<span class=\"_ _3\"/>rtain derivatives <span class=\"_ _f\"/>as<span class=\"_ _3\"/> <span class=\"_ _f\"/>p<span class=\"_ _3\"/>art <span class=\"_ _f\"/>of <span class=\"_ _1\"/>fair <span class=\"_ _1\"/>value <span class=\"_ _1\"/>hedge. <span class=\"_ _1\"/>The <span class=\"_ _1\"/>company <span class=\"_ _1\"/>also <span class=\"_ _f\"/>designates <span class=\"_ _1\"/>certain <span class=\"_ _1\"/>derivatives <span class=\"_ _f\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _f\"/>non<span class=\"_ _2\"/>-derivative <span class=\"_ _1\"/>financial <span class=\"_ _1\"/>liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>inception <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>hedging <span class=\"_ _7\"> </span>rel<span class=\"_ _3\"/>ationships, <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>company <span class=\"_ _5\"> </span>documents <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>risk <span class=\"_ _7\"/>management <span class=\"_ _7\"> </span>objective <span class=\"_ _5\"> </span>and <span class=\"_ _7\"> </span>strategy <span class=\"_ _7\"> </span>for undertaking <span class=\"_ _2\"/>the <span class=\"_ _6\"/>hedge. <span class=\"_ _6\"/>Hedge <span class=\"_ _2\"/>effectiveness <span class=\"_ _6\"/>is <span class=\"_ _6\"/>measured <span class=\"_ _2\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>incep<span class=\"_ _3\"/>tion <span class=\"_ _2\"/>of <span class=\"_ _6\"/>t<span class=\"_ _3\"/>he <span class=\"_ _6\"/>hedge <span class=\"_ _6\"/>relationship <span class=\"_ _2\"/>and <span class=\"_ _6\"/>through <span class=\"_ _2\"/>periodic prospective <span class=\"_ _3\"/>eff<span class=\"_ _3\"/>ectiveness <span class=\"_ _3\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _2\"/>ensure <span class=\"_ _3\"/>that <span class=\"_ _2\"/>an <span class=\"_ _2\"/>economic <span class=\"_ _3\"/>relationship <span class=\"_ _2\"/>exists <span class=\"_ _2\"/>between <span class=\"_ _3\"/>hedged<span class=\"_ _3\"/> <span class=\"_ _3\"/>item <span class=\"_ _2\"/>and <span class=\"_ _2\"/>hedging instrument. For <span class=\"_ _3\"/>the di<span class=\"_ _3\"/>fferent type <span class=\"_ _3\"/>of <span class=\"_ _3\"/>hedges i<span class=\"_ _3\"/>n place, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>generally enters <span class=\"_ _3\"/>into <span class=\"_ _3\"/>hedge <span class=\"_ _3\"/>r<span class=\"_ _3\"/>e<span class=\"_ _3\"/>lationships where <span class=\"_ _3\"/>the <span class=\"_ _3\"/>critical <span class=\"_ _3\"/>terms of the hedging <span class=\"_ _1\"/>instrument match <span class=\"_ _1\"/>exactly the <span class=\"_ _1\"/>terms of <span class=\"_ _0\"/>the hedg<span class=\"_ _0\"/>ed <span class=\"_ _1\"/>i<span class=\"_ _3\"/>tem. Th<span class=\"_ _1\"/>e<span class=\"_ _3\"/>refore, th<span class=\"_ _1\"/>e hedge r<span class=\"_ _1\"/>a<span class=\"_ _3\"/>tio i<span class=\"_ _0\"/>s t<span class=\"_ _0\"/>ypically <span class=\"_ _0\"/>1:1. The <span class=\"_ _1\"/>company performs a qualitative assessment of effectiveness. In circumstances where the terms of the<span class=\"_ _3\"/> hedged item no longer exactly match <span class=\"_\"> </span>the <span class=\"_ _e\"> </span>critical <span class=\"_\"> </span>terms <span class=\"_ _e\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>hedging <span class=\"_ _e\"> </span>instrument, <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_ _e\"> </span>uses <span class=\"_\"> </span>a <span class=\"_\"> </span>hypo<span class=\"_ _3\"/>thetical <span class=\"_\"> </span>derivative <span class=\"_\"> </span>method <span class=\"_\"> </span>to<span class=\"_ _3\"/> <span class=\"_\"> </span>assess effectiveness. <span class=\"_ _2\"/>Possible <span class=\"_ _3\"/>sou<span class=\"_ _3\"/>rces <span class=\"_ _3\"/>of <span class=\"_ _2\"/>ineffectiveness <span class=\"_ _2\"/>are <span class=\"_ _2\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>timing <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>the <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>recasted <span class=\"_ _3\"/>transaction, <span class=\"_ _2\"/>chang<span class=\"_ _2\"/>es <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the quantity of the hedged item or changes in the credit risk of eit<span class=\"_ _0\"/>her parties to the derivative contract.<span class=\"_ _3\"/> Cash flow hedge accounting Cash flow <span class=\"_ _1\"/>hedge accounting <span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>ap<span class=\"_ _3\"/>plied when <span class=\"_ _1\"/>a derivative <span class=\"_ _1\"/>hedges the <span class=\"_ _0\"/>variability in <span class=\"_ _1\"/>cash flows<span class=\"_ _0\"/> of <span class=\"_ _1\"/>a highly pr<span class=\"_ _1\"/>ob<span class=\"_ _3\"/>able<span class=\"_ _2\"/> forec<span class=\"_ _0\"/>asted transaction, <span class=\"_ _7\"/>foreign <span class=\"_ _7\"> </span>cu<span class=\"_ _3\"/>rrency <span class=\"_ _7\"/>risk <span class=\"_ _7\"/>of <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>firm <span class=\"_ _7\"/>commitment <span class=\"_ _7\"/>or <span class=\"_ _7\"/>a <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>cognized <span class=\"_ _7\"/>asset <span class=\"_ _7\"/>or <span class=\"_ _7\"> </span>liability <span class=\"_ _7\"/>(such <span class=\"_ _7\"> </span>as<span class=\"_ _3\"/> <span class=\"_ _7\"/>variable <span class=\"_ _7\"/>interest <span class=\"_ _7\"/>rate instrument). When the hedged forecaste<span class=\"_ _0\"/>d transaction or <span class=\"_ _0\"/>firm commitment <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsequently results in th<span class=\"_ _1\"/>e recognition of a non<span class=\"_ _3\"/>-financial item, the <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>accumulated <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>hedging <span class=\"_ _3\"/>reserves <span class=\"_ _3\"/>is <span class=\"_ _3\"/>included <span class=\"_ _3\"/>directly <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>initial <span class=\"_ _3\"/>ca<span class=\"_ _3\"/>rrying amo<span class=\"_ _3\"/>unt of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>non<span class=\"_ _2\"/>-financial <span class=\"_ _3\"/>item when it is recognized. For <span class=\"_ _6\"/>all <span class=\"_ _2\"/>oth<span class=\"_ _3\"/>er <span class=\"_ _2\"/>hedged <span class=\"_ _6\"/>transactions, <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>accumulated <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _2\"/>the <span class=\"_ _6\"/>hedging <span class=\"_ _6\"/>reserves <span class=\"_ _2\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>reclassi<span class=\"_ _3\"/>fied <span class=\"_ _6\"/>to <span class=\"_ _6\"/>profit <span class=\"_ _2\"/>or <span class=\"_ _6\"/>loss <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the same period during which the hedged item affects profit or loss (e.g., when the variable inte<span class=\"_ _1\"/>re<span class=\"_ _3\"/>st expense is recognized). <span class=\"_ _3\"/> When <span class=\"_ _6\"/>a <span class=\"_ _2\"/>hedging <span class=\"_ _6\"/>instrument <span class=\"_ _2\"/>or <span class=\"_ _6\"/>hedge <span class=\"_ _6\"/>relationship <span class=\"_ _2\"/>is <span class=\"_ _6\"/>terminated <span class=\"_ _2\"/>but <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>hedged <span class=\"_ _6\"/>transaction <span class=\"_ _2\"/>is <span class=\"_ _6\"/>still <span class=\"_ _2\"/>expec<span class=\"_ _6\"/>ted <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>occur, <span class=\"_ _6\"/>the cumulative <span class=\"_ _6\"/>gain <span class=\"_ _6\"/>or <span class=\"_ _6\"/>loss <span class=\"_ _6\"/>(at <span class=\"_ _6\"/>that <span class=\"_ _6\"/>point) <span class=\"_ _6\"/>remains <span class=\"_ _6\"/>in <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>and <span class=\"_ _6\"/>is <span class=\"_ _6\"/>reclassified <span class=\"_ _6\"/>to <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _6\"/>loss <span class=\"_ _6\"/>whe<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _2\"/>h<span class=\"_ _3\"/>edged <span class=\"_ _6\"/>transaction<span class=\"_ _0\"/> occurs. <span class=\"_\"> </span>If <span class=\"_\"> </span>the <span class=\"_\"> </span>hedged <span class=\"_\"> </span>transaction <span class=\"_\"> </span>is <span class=\"_\"> </span>no <span class=\"_\"> </span>longer <span class=\"_\"> </span>expected <span class=\"_\"> </span>to <span class=\"_\"> </span>occur, <span class=\"_\"> </span>the <span class=\"_\"> </span>cumulative <span class=\"_\"> </span>gain <span class=\"_\"> </span>or <span class=\"_\"> </span>loss <span class=\"_\"> </span>recognized <span class=\"_\"> </span>in <span class=\"_\"> </span>other<span class=\"_ _1\"/> comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When <span class=\"_ _3\"/>a derivative <span class=\"_ _3\"/>hedges the v<span class=\"_ _3\"/>ariability in <span class=\"_ _3\"/>fair v<span class=\"_ _3\"/>alue of <span class=\"_ _3\"/>a recogn<span class=\"_ _3\"/>ized asset <span class=\"_ _3\"/>or liability <span class=\"_ _3\"/>(such<span class=\"_ _3\"/> <span class=\"_ _3\"/>as <span class=\"_ _3\"/>a <span class=\"_ _3\"/>fixed rate <span class=\"_ _3\"/>instrument) or <span class=\"_ _3\"/>a firm <span class=\"_ _1\"/>commitment, an<span class=\"_ _0\"/>y <span class=\"_ _1\"/>resulting gain <span class=\"_ _1\"/>or <span class=\"_ _1\"/>loss <span class=\"_ _1\"/>o<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _1\"/>hedgi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>instrument <span class=\"_ _1\"/>is recogni<span class=\"_ _0\"/>zed <span class=\"_ _1\"/>in th<span class=\"_ _0\"/>e <span class=\"_ _1\"/>profit <span class=\"_ _0\"/>or <span class=\"_ _1\"/>loss. T<span class=\"_ _0\"/>he <span class=\"_ _1\"/>carrying a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>oun<span class=\"_ _3\"/><span class=\"lsc\">t </span>of <span class=\"_ _3\"/>the <span class=\"_ _2\"/>hedged <span class=\"_ _3\"/>item <span class=\"_ _2\"/>is <span class=\"_ _3\"/>also <span class=\"_ _2\"/>adjusted <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _2\"/>changes <span class=\"_ _3\"/>in <span class=\"_ _2\"/>respect <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>risk <span class=\"_ _2\"/>being <span class=\"_ _3\"/>hedged,<span class=\"_ _2\"/> <span class=\"_ _2\"/>with <span class=\"_ _3\"/>any <span class=\"_ _2\"/>gain <span class=\"_ _3\"/>or <span class=\"_ _2\"/>loss <span class=\"_ _3\"/>being recognized in <span class=\"_ _0\"/>profit or<span class=\"_ _1\"/> loss. The fair <span class=\"_ _1\"/>value adjustment to <span class=\"_ _1\"/>the carrying amount<span class=\"_ _1\"/> of the h<span class=\"_ _0\"/>edged i<span class=\"_ _0\"/>tem is a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ortized t<span class=\"_ _0\"/>o profit <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r loss from the date of discontinuation. Net investment hedge accounting When a<span class=\"_ _1\"/> non-derivative f<span class=\"_ _1\"/>oreign currency l<span class=\"_ _0\"/>iability <span class=\"_ _1\"/>h<span class=\"_ _3\"/>edges <span class=\"_ _1\"/>a net <span class=\"_ _1\"/>investment <span class=\"_ _0\"/>in <span class=\"_ _1\"/>a foreign <span class=\"_ _1\"/>operation, exchan<span class=\"_ _0\"/>ge <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ifferences <span class=\"_ _1\"/>arising on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>translation of <span class=\"_ _1\"/>the l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ability <span class=\"_ _1\"/>to the <span class=\"_ _1\"/>functional <span class=\"_ _1\"/>cu<span class=\"_ _3\"/>rrency <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>d<span class=\"_ _3\"/>irectly <span class=\"_ _1\"/>in <span class=\"_ _0\"/>other <span class=\"_ _1\"/>compre<span class=\"_ _3\"/>hensive <span class=\"_ _1\"/>income <span class=\"_ _0\"/>(transla<span class=\"_ _2\"/>tion reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or th<span class=\"_ _3\"/>e loss on<span class=\"_ _2\"/> the <span class=\"_ _3\"/>hedging ins<span class=\"_ _3\"/>trument that <span class=\"_ _3\"/>is dete<span class=\"_ _3\"/>rmined to <span class=\"_ _3\"/>be <span class=\"_ _3\"/>effective is<span class=\"_ _3\"/> recognized <span class=\"_ _3\"/>directly <span class=\"_ _3\"/>in o<span class=\"_ _3\"/>ther comprehensive <span class=\"_ _3\"/>income <span class=\"_ _3\"/>(translation<span class=\"_ _1\"/> reserves) <span class=\"_ _3\"/>and <span class=\"_ _3\"/>is reclassified <span class=\"_ _3\"/>to profit <span class=\"_ _3\"/>or <span class=\"_ _3\"/>loss up<span class=\"_ _3\"/>on disposal <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>foreign operation, <span class=\"_ _3\"/>while the <span class=\"_ _3\"/>ineffective <span class=\"_ _3\"/>portion <span class=\"_ _3\"/>is reported in profit or loss.  Offsetting Financial assets and<span class=\"_ _0\"/> financial <span class=\"_ _0\"/>liabilities are <span class=\"_ _1\"/>offset, and the n<span class=\"_ _0\"/>et amount <span class=\"_ _1\"/>pre<span class=\"_ _3\"/>sented in <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e st<span class=\"_ _0\"/>atement <span class=\"_ _3\"/>of financial pos<span class=\"_ _0\"/>ition when, and <span class=\"_ _2\"/>only <span class=\"_ _3\"/>whe<span class=\"_ _3\"/>n, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>has <span class=\"_ _2\"/>a <span class=\"_ _2\"/>currently <span class=\"_ _3\"/>legally <span class=\"_ _2\"/>enforceable <span class=\"_ _2\"/>right <span class=\"_ _2\"/>to <span class=\"_ _3\"/>set <span class=\"_ _2\"/>off <span class=\"_ _2\"/>the <span class=\"_ _2\"/>amounts <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _3\"/>i<span class=\"_ _3\"/>t <span class=\"_ _3\"/>intends <span class=\"_ _2\"/>either <span class=\"_ _2\"/>to <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ettle them on a net basis or to realize the asset and settle the liability simultaneousl<span class=\"_ _0\"/>y.<span class=\"_ _3\"/> Derecognition A <span class=\"_ _1\"/>fin<span class=\"ff4\">ancial<span class=\"_ _3\"/> <span class=\"_ _1\"/>asset <span class=\"_ _1\"/>is <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rimarily <span class=\"_ _f\"/>d<span class=\"_ _3\"/>erecognized <span class=\"_ _1\"/>(i.e., <span class=\"_ _1\"/>removed <span class=\"_ _1\"/>from <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>Group\u2019s <span class=\"_ _1\"/>consolidated <span class=\"_ _0\"/>statement <span class=\"_ _1\"/>of <span class=\"_ _1\"/>financial <span class=\"_ _1\"/>p<span class=\"_ _3\"/>osition) <span class=\"_ _1\"/>when </span>the r<span class=\"_ _0\"/>ights <span class=\"_ _1\"/>to<span class=\"_ _3\"/> r<span class=\"_ _1\"/>eceive cash <span class=\"_ _1\"/>flows from <span class=\"_ _1\"/>the as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>et <span class=\"_ _1\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>pired <span class=\"_ _1\"/>or the <span class=\"_ _1\"/>Group has <span class=\"_ _1\"/>transferred <span class=\"_ _1\"/>its rights <span class=\"_ _1\"/>to receive <span class=\"_ _1\"/>cash flows <span class=\"_ _1\"/>fr<span class=\"_ _2\"/>om the asset. A financial liability is derecognized when the obligation under the liability<span class=\"_ _0\"/> is discharged, cancelled or expires.<span class=\"_ _3\"/> (Z) <span class=\"_ _11\"> </span>SEGMENT REPORTING  Operating <span class=\"_ _7\"/>segments <span class=\"_ _6\"/>a<span class=\"_ _3\"/>re <span class=\"_ _6\"/>components <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>company\u2019s <span class=\"_ _7\"/>business <span class=\"_ _7\"/>activities <span class=\"_ _6\"/>about <span class=\"_ _7\"> </span>which <span class=\"_ _7\"/>separate <span class=\"_ _7\"/>financial <span class=\"_ _6\"/>information <span class=\"_ _7\"/>is available that is evaluated regularly by senior management. The company has six oper<span class=\"_ _0\"/>ating segments.<span class=\"_ _3\"/> AB <span class=\"_ _1\"/>InBe<span class=\"_ _3\"/>v\u2019s <span class=\"_ _1\"/>ope<span class=\"_ _3\"/>rating <span class=\"_ _1\"/>segment <span class=\"_ _0\"/>reporting <span class=\"_ _0\"/>format <span class=\"_ _1\"/>is geographical <span class=\"_ _1\"/>because <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>company\u2019s risk<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>and<span class=\"_ _3\"/> <span class=\"_ _1\"/>rates of <span class=\"_ _1\"/>return <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>affected predominantly <span class=\"_ _2\"/>by <span class=\"_ _6\"/>the <span class=\"_ _6\"/>fact <span class=\"_ _2\"/>that <span class=\"_ _2\"/>AB<span class=\"_ _3\"/> <span class=\"_ _6\"/><span class=\"ff4\">InBev <span class=\"_ _6\"/>operates <span class=\"_ _2\"/>in <span class=\"_ _6\"/>different <span class=\"_ _2\"/>geographical <span class=\"_ _6\"/>areas. <span class=\"_ _2\"/>The <span class=\"_ _6\"/>company\u2019s <span class=\"_ _2\"/>management <span class=\"_ _6\"/>structure </span>and <span class=\"_ _2\"/>internal <span class=\"_ _2\"/>reporting <span class=\"_ _6\"/>system <span class=\"_ _3\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Board <span class=\"_ _6\"/>of <span class=\"_ _2\"/>Directors <span class=\"_ _2\"/>is <span class=\"_ _2\"/>set <span class=\"_ _2\"/>up <span class=\"_ _6\"/>accordingly. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>company\u2019s <span class=\"_ _6\"/>five <span class=\"_ _2\"/>geographic <span class=\"_ _2\"/>regions <span class=\"_ _2\"/>are North America, Middle Americas, South America, EMEA and Asia Pacific. The <span class=\"_ _1\"/>aggregation <span class=\"_ _0\"/>criteria <span class=\"_ _1\"/>applied <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>based <span class=\"_ _1\"/>on <span class=\"_ _1\"/>s<span class=\"_ _3\"/>imilarities <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the economic <span class=\"_ _f\"/>ind<span class=\"_ _3\"/>icators <span class=\"_ _1\"/>(e.g., <span class=\"_ _1\"/>margins) t<span class=\"_ _1\"/>hat ha<span class=\"_ _0\"/>ve <span class=\"_ _1\"/>been a<span class=\"_ _0\"/>ssessed<span class=\"_ _3\"/> in <span class=\"_ _6\"/>determining <span class=\"_ _7\"/>that <span class=\"_ _6\"/>the <span class=\"_ _6\"/>aggregated <span class=\"_ _6\"/>operating <span class=\"_ _6\"/>segments <span class=\"_ _6\"/>share <span class=\"_ _7\"/>similar <span class=\"_ _2\"/>e<span class=\"_ _3\"/>conomic <span class=\"_ _6\"/>characteristics, <span class=\"_ _6\"/>as <span class=\"_ _6\"/>prescribed <span class=\"_ _7\"/>in <span class=\"_ _6\"/>IFRS <span class=\"_ _6\"/>8. Furthermore<span class=\"ff4\">, <span class=\"_ _6\"/>management <span class=\"_ _2\"/>assessed <span class=\"_ _6\"/>additional <span class=\"_ _2\"/>factors <span class=\"_ _6\"/>such <span class=\"_ _2\"/>as <span class=\"_ _6\"/>management\u2019s <span class=\"_ _6\"/>views <span class=\"_ _2\"/>on <span class=\"_ _6\"/>the <span class=\"_ _2\"/>op<span class=\"_ _3\"/>timal <span class=\"_ _2\"/>number <span class=\"_ _6\"/>of <span class=\"_ _2\"/>reporting </span>segments, <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>historical <span class=\"_ _6\"/>geographies, <span class=\"_ _7\"/>peer <span class=\"_ _6\"/>comparison <span class=\"_ _6\"/>(e<span class=\"_ _3\"/>.g., <span class=\"_ _6\"/>Asia <span class=\"_ _7\"/>Pacific <span class=\"_ _7\"/>and <span class=\"_ _6\"/>EMEA <span class=\"_ _7\"/>being <span class=\"_ _6\"/>a <span class=\"_ _7\"/>commonly <span class=\"_ _7\"/>reported regions amongst the c<span class=\"_ _3\"/>ompany\u2019s peers), as <span class=\"_ _3\"/>well as management\u2019s view on the <span class=\"_ _3\"/>optimal balance between practical and more granular information. The <span class=\"_ _6\"/>results <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>Global <span class=\"_ _6\"/>Export <span class=\"_ _2\"/>an<span class=\"_ _3\"/>d <span class=\"_ _6\"/>Holding <span class=\"_ _2\"/>Companies, <span class=\"_ _6\"/>which <span class=\"_ _2\"/>i<span class=\"_ _3\"/>ncludes <span class=\"_ _2\"/>the <span class=\"_ _6\"/>company\u2019s <span class=\"_ _2\"/>gl<span class=\"_ _3\"/>obal <span class=\"_ _2\"/>headqua<span class=\"_ _3\"/>rters <span class=\"_ _2\"/>and <span class=\"_ _6\"/>the <span class=\"_ _2\"/>e<span class=\"_ _3\"/>xport<span class=\"_ _0\"/> businesses <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ountries <span class=\"_ _7\"/>in <span class=\"_ _7\"> </span>which <span class=\"_ _5\"> </span>AB <span class=\"_ _7\"> </span>InBe<span class=\"_ _3\"/><span class=\"ff4\">v <span class=\"_ _7\"> </span>has <span class=\"_ _5\"> </span>no <span class=\"_ _7\"> </span>operations <span class=\"_ _7\"> </span>are <span class=\"_ _5\"> </span>reported <span class=\"_ _7\"> </span>separately. <span class=\"_ _7\"> </span>The <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _7\"> </span>five <span class=\"_ _7\"> </span>geographic </span>regions <span class=\"_ _5\"> </span>plus <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>Global <span class=\"_ _5\"> </span>Export <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>Holding <span class=\"_ _5\"> </span>Companies <span class=\"_ _5\"> </span>comprise <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _7\"> </span>si<span class=\"_ _3\"/>x <span class=\"_ _5\"> </span>reportable <span class=\"_ _5\"> </span>segments <span class=\"_ _5\"> </span>for <span class=\"_ _5\"> </span>financial reporting purposes. Segment <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>apital <span class=\"_ _7\"/>expenditure <span class=\"_ _7\"/>is <span class=\"_ _7\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _7\"/>total <span class=\"_ _5\"> </span>cost <span class=\"_ _7\"/>i<span class=\"_ _3\"/>ncurred <span class=\"_ _7\"> </span>du<span class=\"_ _3\"/>ring <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>period <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>acquire <span class=\"_ _5\"> </span>property, <span class=\"_ _7\"/>plant <span class=\"_ _5\"> </span>and <span class=\"_ _7\"/>equipment, <span class=\"_ _5\"> </span>and intangible assets other than goodwill. (AA) <span class=\"_ _20\"> </span>NON-UNDERLYING ITEM<span class=\"_ _3\"/>S Non-<span class=\"ff4\">underlying <span class=\"_ _2\"/>items <span class=\"_ _2\"/>are <span class=\"_ _2\"/>those <span class=\"_ _2\"/>tha<span class=\"_ _3\"/>t <span class=\"_ _2\"/>in <span class=\"_ _2\"/>management\u2019s <span class=\"_ _2\"/>judgment <span class=\"_ _2\"/>need <span class=\"_ _2\"/>to <span class=\"_ _2\"/>be <span class=\"_ _2\"/>disclosed <span class=\"_ _2\"/>s<span class=\"_ _3\"/>eparately <span class=\"_ _2\"/>by <span class=\"_ _2\"/>virtue <span class=\"_ _2\"/>of <span class=\"_ _2\"/>their <span class=\"_ _2\"/>size <span class=\"_ _2\"/>or </span>incidence. <span class=\"_ _3\"/>Such items <span class=\"_ _3\"/>are disclos<span class=\"_ _3\"/>ed on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>face of <span class=\"_ _3\"/>the consolidated <span class=\"_ _3\"/>income sta<span class=\"_ _3\"/>tement or <span class=\"_ _3\"/>separately <span class=\"_ _3\"/>disclosed in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>notes to the financial statements. Transactions<span class=\"_ _3\"/> which may give rise to non<span class=\"_ _3\"/>-underlying items<span class=\"_ _3\"/> are principally restructuring activities, impairments, ga<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ns <span class=\"_ _1\"/>or losses <span class=\"_ _f\"/>on dispo<span class=\"_ _0\"/>sal o<span class=\"_ _1\"/>f investments <span class=\"_ _1\"/>and <span class=\"_ _1\"/>the effect <span class=\"_ _f\"/>of the <span class=\"_ _1\"/>accelerated <span class=\"_ _1\"/>re<span class=\"_ _3\"/>payment <span class=\"_ _1\"/>of cer<span class=\"_ _0\"/>tain <span class=\"_ _1\"/>debt facilities<span class=\"_ _1\"/>.<span class=\"_ _2\"/> (BB) <span class=\"_ _20\"> </span>DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS <span class=\"_ _3\"/>HELD FOR SALE A <span class=\"_ _3\"/>disc<span class=\"_ _3\"/>ontinued <span class=\"_ _3\"/>operation <span class=\"_ _3\"/>is <span class=\"_ _2\"/>a <span class=\"_ _3\"/>component <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _3\"/>that <span class=\"_ _2\"/>either <span class=\"_ _3\"/>has <span class=\"_ _3\"/>been <span class=\"_ _2\"/>d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>posed <span class=\"_ _3\"/>of <span class=\"_ _3\"/>or <span class=\"_ _3\"/>i<span class=\"_ _3\"/>s <span class=\"_ _3\"/>classified <span class=\"_ _3\"/>a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>held <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>sale and represents a <span class=\"_ _1\"/>separate major line <span class=\"_ _0\"/>of business <span class=\"_ _1\"/>or geographical area of <span class=\"_ _1\"/>ope<span class=\"_ _3\"/>rations <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd is <span class=\"_ _1\"/>pa<span class=\"_ _3\"/>rt of <span class=\"_ _1\"/>a<span class=\"_ _3\"/> single c<span class=\"_ _1\"/>o<span class=\"_ _3\"/>ordinated pla<span class=\"_ _0\"/>n to dispose of or is a subsidiary acquired exclusively with a view to resale. AB <span class=\"_ _1\"/>InBe<span class=\"_ _3\"/>v <span class=\"_ _1\"/>classifies a <span class=\"_ _1\"/>non-current <span class=\"_ _1\"/>asset (or <span class=\"_ _1\"/>disposal <span class=\"_ _1\"/>group) a<span class=\"_ _0\"/>s <span class=\"_ _1\"/>h<span class=\"_ _3\"/>eld <span class=\"_ _1\"/>for <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ale <span class=\"_ _1\"/>if its <span class=\"_ _1\"/>carrying <span class=\"_ _1\"/>amount will <span class=\"_ _1\"/>be <span class=\"_ _0\"/>recovered <span class=\"_ _1\"/>principally through <span class=\"_ _3\"/>a sale <span class=\"_ _3\"/>transaction <span class=\"_ _3\"/>rather than <span class=\"_ _3\"/>through con<span class=\"_ _3\"/>tinuing use if <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of th<span class=\"_ _3\"/>e conditions <span class=\"_ _3\"/>of <span class=\"_ _3\"/>IFRS 5 <span class=\"_ _3\"/>are m<span class=\"_ _3\"/>et. <span class=\"_ _3\"/>A disposal <span class=\"_ _3\"/>group is<span class=\"_ _6\"/> defined <span class=\"_ _1\"/>as a <span class=\"_ _f\"/>gro<span class=\"_ _3\"/>up <span class=\"_ _1\"/>of <span class=\"_ _1\"/>assets to<span class=\"_ _1\"/> be <span class=\"_ _1\"/>disposed <span class=\"_ _1\"/>of, <span class=\"_ _1\"/>by s<span class=\"_ _0\"/>ale <span class=\"_ _1\"/>or <span class=\"_ _1\"/>o<span class=\"_ _3\"/>therwise, <span class=\"_ _1\"/>together <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a group <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>a <span class=\"_ _1\"/>single <span class=\"_ _0\"/>transaction, <span class=\"_ _1\"/>and <span class=\"_ _1\"/>l<span class=\"_ _3\"/>iabilities directly associated <span class=\"_ _0\"/>with those <span class=\"_ _1\"/>assets that will <span class=\"_ _1\"/>be transferred. <span class=\"_ _1\"/>Im<span class=\"_ _3\"/>mediately before <span class=\"_ _1\"/>classification as held <span class=\"_ _1\"/>for sale, the <span class=\"_ _1\"/>compa<span class=\"_ _2\"/>ny measures <span class=\"_ _5\"> </span>the<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>arrying <span class=\"_ _5\"> </span>amount <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>asse<span class=\"_ _3\"/>t <span class=\"_ _5\"> </span>(or <span class=\"_ _5\"> </span>all <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>assets <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>liabilities <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>disposal <span class=\"_ _5\"> </span>grou<span class=\"_ _3\"/>p) <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>accordance <span class=\"_ _5\"> </span>with applicable IFRS. <span class=\"_ _1\"/>Then, on<span class=\"_ _1\"/> initial c<span class=\"_ _1\"/>l<span class=\"_ _3\"/>assification <span class=\"_ _1\"/>as held <span class=\"_ _1\"/>for sale, <span class=\"_ _1\"/>non<span class=\"_ _2\"/>-current <span class=\"_ _1\"/>assets and <span class=\"_ _1\"/>disposal groups<span class=\"_ _1\"/> are <span class=\"_ _0\"/>recognized <span class=\"_ _0\"/>at <span class=\"_ _1\"/>the lower <span class=\"_ _6\"/>of <span class=\"_ _6\"/>c<span class=\"_ _3\"/>arrying <span class=\"_ _7\"/>amount <span class=\"_ _6\"/>and <span class=\"_ _6\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>l<span class=\"_ _3\"/>ess <span class=\"_ _6\"/>costs <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>sell. <span class=\"_ _6\"/>Impairment <span class=\"_ _6\"/>losses <span class=\"_ _7\"/>on <span class=\"_ _6\"/>initial <span class=\"_ _6\"/>classification <span class=\"_ _7\"/>as <span class=\"_ _6\"/>held <span class=\"_ _6\"/>for <span class=\"_ _6\"/>sa<span class=\"_ _3\"/>le <span class=\"_ _6\"/>are included <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>p<span class=\"_ _3\"/>rofit <span class=\"_ _5\"> </span>or <span class=\"_ _4\"> </span>loss. <span class=\"_ _4\"> </span>The <span class=\"_ _5\"> </span>same <span class=\"_ _4\"> </span>applies <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>gains <span class=\"_ _4\"> </span>and <span class=\"_ _5\"> </span>losses <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>subsequent <span class=\"_ _4\"> </span>re<span class=\"_ _3\"/>-measurement. <span class=\"_ _4\"> </span>Non-current <span class=\"_ _4\"> </span>assets classified as held for sale are no longer depreciated or amortized. (CC) <span class=\"_ _20\"> </span>RECENTLY ISSUED IFRS<span class=\"_ _3\"/> To <span class=\"_ _1\"/>the <span class=\"_ _1\"/>extent <span class=\"_ _1\"/>that <span class=\"_ _f\"/>n<span class=\"_ _3\"/>ew <span class=\"_ _f\"/>IFRS <span class=\"_ _0\"/>requirements <span class=\"_ _f\"/>are <span class=\"_ _1\"/>expected <span class=\"_ _1\"/>to <span class=\"_ _1\"/>be <span class=\"_ _1\"/>applicable <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>future, <span class=\"_ _f\"/>th<span class=\"_ _3\"/>ey <span class=\"_ _f\"/>have <span class=\"_ _1\"/>not <span class=\"_ _1\"/>been <span class=\"_ _1\"/>applied <span class=\"_ _1\"/>in <span class=\"_ _1\"/>preparing<span class=\"_ _3\"/> these consolidated financial statements for the year ended 31 December 20<span class=\"_ _3\"/>22.  A n<span class=\"_ _3\"/>umber of <span class=\"_ _3\"/>amendments to <span class=\"_ _3\"/>standards <span class=\"_ _3\"/>are effective <span class=\"_ _3\"/>for <span class=\"_ _3\"/>annual periods <span class=\"_ _3\"/>beginning after <span class=\"_ _3\"/>1 January <span class=\"_ _3\"/>2023 <span class=\"_ _3\"/>and have <span class=\"_ _3\"/>not been discussed either because of their non-<span class=\"ff4\">applicability or immateriality to AB InBev\u2019s consolidated financial statement<span class=\"_ _0\"/>s.<span class=\"_ _3\"/><span class=\"ff2\"> </span></span>4.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Use<span class=\"_ _0\"/> of estimates and <span class=\"_ _1\"/>judgments </span>The <span class=\"_ _2\"/>preparation <span class=\"_ _2\"/>of <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>statements <span class=\"_ _2\"/>in <span class=\"_ _2\"/>conformity <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IFRS <span class=\"_ _2\"/>requires <span class=\"_ _2\"/>management <span class=\"_ _2\"/>to <span class=\"_ _2\"/>make <span class=\"_ _2\"/>judgments, <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>and assumptions that <span class=\"_ _0\"/>affect th<span class=\"_ _0\"/>e application <span class=\"_ _1\"/>of policies an<span class=\"_ _0\"/>d reported <span class=\"_ _0\"/>amounts of<span class=\"_ _0\"/> assets <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd l<span class=\"_ _0\"/>iabilities, income <span class=\"_ _1\"/>and expenses. T<span class=\"_ _0\"/>he estimates and <span class=\"_ _3\"/>associated assumptions are based o<span class=\"_ _3\"/>n historical experience and various other <span class=\"_ _3\"/>factors that <span class=\"_ _3\"/>are believed to be reasonable <span class=\"_ _3\"/>under the <span class=\"_ _3\"/>circumstances, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>results of <span class=\"_ _3\"/>which <span class=\"_ _3\"/>form th<span class=\"_ _3\"/>e basis <span class=\"_ _3\"/>of <span class=\"_ _3\"/>making <span class=\"_ _3\"/>the judgments <span class=\"_ _3\"/>about <span class=\"_ _3\"/>carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.   These <span class=\"_ _6\"/>estimates <span class=\"_ _7\"/>and <span class=\"_ _6\"/>underlying <span class=\"_ _6\"/>assumptions <span class=\"_ _6\"/>are <span class=\"_ _7\"/>reviewed <span class=\"_ _2\"/>on <span class=\"_ _7\"/>an <span class=\"_ _6\"/>ongoing <span class=\"_ _7\"/>basis. <span class=\"_ _6\"/>Revisions <span class=\"_ _6\"/>to <span class=\"_ _7\"/>accounting <span class=\"_ _2\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _6\"/>are recognized in the period in which the estimate is revised if the revision affects only that period or, if the r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>vision affects both current and future periods, in the period of the revision and future periods. Although <span class=\"_ _2\"/>each <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _3\"/>ac<span class=\"_ _3\"/>counting <span class=\"_ _3\"/>polic<span class=\"_ _3\"/>ies <span class=\"_ _2\"/>reflects <span class=\"_ _3\"/>judgments, <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>or <span class=\"_ _2\"/>est<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ates, <span class=\"_ _2\"/>AB InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that the <span class=\"_ _6\"/>following <span class=\"_ _7\"/>accounting <span class=\"_ _6\"/>policies <span class=\"_ _6\"/>reflect <span class=\"_ _6\"/>the <span class=\"_ _6\"/>m<span class=\"_ _3\"/>ost <span class=\"_ _6\"/>critical <span class=\"_ _7\"/>judgments, <span class=\"_ _6\"/>estimates <span class=\"_ _6\"/>and <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>that <span class=\"_ _6\"/>are <span class=\"_ _6\"/>important <span class=\"_ _6\"/>to <span class=\"_ _7\"/>its business operations and understanding results: busine<span class=\"_ _0\"/>ss combinations, intangible assets, <span class=\"_ _1\"/>go<span class=\"_ _3\"/>odwill, imp<span class=\"_ _3\"/>airment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>values <span class=\"_ _3\"/>of <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>identifiable <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ntangibles are <span class=\"_ _3\"/>based <span class=\"_ _3\"/>o<span class=\"_ _3\"/>n <span class=\"_ _3\"/>an <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>of <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash <span class=\"_ _3\"/>flows. <span class=\"_ _3\"/>Impairment <span class=\"_ _3\"/>analyses of <span class=\"_ _3\"/>goodwill <span class=\"_ _2\"/>and <span class=\"_ _3\"/>indefinite<span class=\"_ _3\"/>-lived i<span class=\"_ _3\"/>ntangible <span class=\"_ _3\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _3\"/>performed <span class=\"_ _3\"/>annually <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>whenever <span class=\"_ _3\"/>a <span class=\"_ _3\"/>trigge<span class=\"_ _3\"/>ring <span class=\"_ _3\"/>event <span class=\"_ _3\"/>has <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ccurred, <span class=\"_ _3\"/>in order to determine wh<span class=\"_ _0\"/>ether the carrying v<span class=\"_ _1\"/>a<span class=\"_ _3\"/>lue exceeds th<span class=\"_ _0\"/>e recoverable amount<span class=\"_ _0\"/>. These calculations <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re based on <span class=\"_ _1\"/>e<span class=\"_ _3\"/>stimates of future cash flows. The <span class=\"_ _5\"> </span>company <span class=\"_ _7\"> </span>uses<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>its <span class=\"_ _5\"> </span>judgment <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>elect <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>variety <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethods <span class=\"_ _7\"> </span>in<span class=\"_ _3\"/>cluding <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>discounted <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>flow <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethod <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>option valuation <span class=\"_ _6\"/>models <span class=\"_ _7\"/>and <span class=\"_ _6\"/>makes <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>about <span class=\"_ _6\"/>the <span class=\"_ _7\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"/>financial <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>that <span class=\"_ _7\"/>are <span class=\"_ _6\"/>mainly <span class=\"_ _6\"/>b<span class=\"_ _3\"/>ased <span class=\"_ _6\"/>on <span class=\"_ _6\"/>market conditions existing at each reporting date. Actuarial <span class=\"_ _3\"/>assumptions <span class=\"_ _2\"/>are <span class=\"_ _3\"/>established <span class=\"_ _2\"/>to <span class=\"_ _3\"/>anticipate <span class=\"_ _2\"/>future <span class=\"_ _3\"/>events <span class=\"_ _2\"/>and <span class=\"_ _3\"/>are <span class=\"_ _2\"/>used <span class=\"_ _3\"/>in <span class=\"_ _3\"/>c<span class=\"_ _3\"/>alculating <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>l<span class=\"_ _3\"/>ong<span class=\"_ _2\"/>-term employee <span class=\"_ _1\"/>b<span class=\"_ _3\"/>enefit <span class=\"_ _1\"/>expenses and <span class=\"_ _1\"/>liabilities. T<span class=\"_ _0\"/>hese <span class=\"_ _1\"/>factors include <span class=\"_ _1\"/>assumptions with<span class=\"_ _0\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>pect <span class=\"_ _1\"/>to interest <span class=\"_ _1\"/>rates, rate<span class=\"_ _1\"/>s<span class=\"_ _3\"/> of increas<span class=\"_ _0\"/>e in health care costs, rates of future compensation increases, t<span class=\"_ _1\"/>urn<span class=\"_ _3\"/>over rates, and life expectancy.<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>is subject <span class=\"_ _1\"/>to income <span class=\"_ _0\"/>tax in <span class=\"_ _1\"/>numerous juris<span class=\"_ _0\"/>dictions. Significant <span class=\"_ _1\"/>judgment is <span class=\"_ _1\"/>required to <span class=\"_ _1\"/>determine the <span class=\"_ _1\"/>worldwide provision for <span class=\"_ _1\"/>in<span class=\"_ _3\"/>come tax. <span class=\"_ _1\"/>Th<span class=\"_ _3\"/>ere are <span class=\"_ _1\"/>some transactions and <span class=\"_ _1\"/>calculations for which <span class=\"_ _1\"/>the ultimate tax <span class=\"_ _1\"/>dete<span class=\"_ _3\"/>rmination <span class=\"_ _1\"/>is uncertain. Some <span class=\"_\"> </span>subsi<span class=\"_ _0\"/>diaries <span class=\"_\"> </span>with<span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_\"> </span>t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e <span class=\"_ _8\"> </span>group <span class=\"_\"> </span>are <span class=\"_ _8\"> </span>involved <span class=\"_ _8\"> </span>in <span class=\"_ _8\"> </span>tax <span class=\"_\"> </span>a<span class=\"_ _0\"/>udits <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>local <span class=\"_ _8\"> </span>enquiries <span class=\"_ _8\"> </span>usually <span class=\"_\"> </span>in<span class=\"_ _0\"/> <span class=\"_\"> </span>rel<span class=\"_ _0\"/>ation <span class=\"_\"> </span>to<span class=\"_ _0\"/> <span class=\"_\"> </span>pri<span class=\"_ _0\"/>or <span class=\"_\"> </span>year<span class=\"_ _1\"/>s. Investigations <span class=\"_ _2\"/>and <span class=\"_ _6\"/>negotiations <span class=\"_ _2\"/>w<span class=\"_ _3\"/>ith <span class=\"_ _2\"/>local <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _2\"/>are <span class=\"_ _2\"/>o<span class=\"_ _3\"/>ngoing <span class=\"_ _2\"/>in <span class=\"_ _2\"/>various <span class=\"_ _6\"/>jurisdictions <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _7\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _6\"/>and, <span class=\"_ _2\"/>by their <span class=\"_ _6\"/>nature, <span class=\"_ _6\"/>these <span class=\"_ _6\"/>can <span class=\"_ _6\"/>take <span class=\"_ _6\"/>considerable <span class=\"_ _6\"/>time <span class=\"_ _7\"/>to <span class=\"_ _6\"/>conclude. <span class=\"_ _2\"/>In <span class=\"_ _7\"/>assessing <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>amount <span class=\"_ _6\"/>of <span class=\"_ _2\"/>an<span class=\"_ _3\"/>y <span class=\"_ _6\"/>income <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>provisions <span class=\"_ _6\"/>to <span class=\"_ _6\"/>be recognized <span class=\"_ _f\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>financial <span class=\"_ _f\"/>statements, <span class=\"_ _1\"/>esti<span class=\"_ _3\"/>mates <span class=\"_ _f\"/>are <span class=\"_ _1\"/>made <span class=\"_ _1\"/>of <span class=\"_ _f\"/>the <span class=\"_ _1\"/>expected <span class=\"_ _f\"/>successful <span class=\"_ _1\"/>settlement <span class=\"_ _f\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>matters. <span class=\"_ _1\"/>Estimates of <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>and <span class=\"_ _3\"/>penalties <span class=\"_ _3\"/>on <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>are <span class=\"_ _2\"/>also <span class=\"_ _3\"/>recorded. <span class=\"_ _3\"/>Where <span class=\"_ _2\"/>the <span class=\"_ _3\"/>final <span class=\"_ _3\"/>outcome <span class=\"_ _2\"/>of <span class=\"_ _3\"/>these <span class=\"_ _2\"/>matters <span class=\"_ _3\"/>is <span class=\"_ _3\"/>different <span class=\"_ _2\"/>from <span class=\"_ _3\"/>th<span class=\"_ _2\"/><span class=\"ls3\">e </span>amounts <span class=\"_ _3\"/>that <span class=\"_ _3\"/>were <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>recorded, <span class=\"_ _3\"/>such <span class=\"_ _3\"/>diffe<span class=\"_ _3\"/>rences <span class=\"_ _3\"/>will <span class=\"_ _3\"/>impact <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>urrent an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>income <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>and l<span class=\"_ _3\"/>iabilities in the period that such determination is made. Judgments <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>de <span class=\"_ _3\"/>by <span class=\"_ _2\"/>management <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>applica<span class=\"_ _3\"/>tion <span class=\"_ _3\"/>of <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>that <span class=\"_ _2\"/>have <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>significant <span class=\"_ _2\"/>effect <span class=\"_ _3\"/>on <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>statements <span class=\"_ _2\"/>and estimates <span class=\"_ _7\"/>with <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>risk <span class=\"_ _7\"> </span>of <span class=\"_ _7\"/>material <span class=\"_ _7\"/>adjustment <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>following <span class=\"_ _7\"/>year <span class=\"_ _7\"/>are <span class=\"_ _7\"/>further <span class=\"_ _7\"/>discussed <span class=\"_ _7\"/>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>relevant <span class=\"_ _7\"/>notes hereafter. In <span class=\"_ _4\"> </span>preparing <span class=\"_ _4\"> </span>these <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>onsolidated <span class=\"_ _5\"> </span>financial <span class=\"_ _4\"> </span>statements, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>judgments <span class=\"_ _5\"> </span>m<span class=\"_ _3\"/>ade <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>management <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>applying <span class=\"_ _4\"> </span>the company\u2019s <span class=\"_ _3\"/>accountin<span class=\"ff2\">g <span class=\"_ _3\"/>policies <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>key <span class=\"_ _3\"/>sources <span class=\"_ _3\"/>of <span class=\"_ _3\"/>uncertainty <span class=\"_ _3\"/>relate <span class=\"_ _2\"/>mainly to <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the <span class=\"_ _2\"/>im<span class=\"_ _3\"/>pact o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>onflict </span>between Russia and <span class=\"ff4\">Ukraine on the company\u2019s results as discussed below.</span> CONFLICT BETWEEN RUSSIA AND UKRAINE Management <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>nsidered <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>impact <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>con<span class=\"_ _3\"/>flict <span class=\"_ _4\"> </span>between <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>and <span class=\"_ _5\"> </span>Ukraine <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>bas<span class=\"_ _3\"/>is <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>preparation <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _5\"> </span>these<span class=\"_ _3\"/> consolidated financial statements. <span class=\"_ _3\"/>On 11 March 20<span class=\"_ _3\"/>22, the company announced that it i<span class=\"_ _3\"/>s forfeiting all financial benefits <span class=\"_ _3\"/>from the <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>of <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _3\"/>Efes, <span class=\"_ _2\"/>an <span class=\"_ _2\"/>ass<span class=\"_ _3\"/>ociate <span class=\"_ _2\"/>which <span class=\"_ _3\"/>do<span class=\"_ _3\"/>es <span class=\"_ _3\"/>bus<span class=\"_ _3\"/>iness <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Russia <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Ukraine, <span class=\"_ _2\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>it <span class=\"_ _2\"/>holds <span class=\"_ _2\"/>a <span class=\"_ _2\"/>50% <span class=\"_ _2\"/>non<span class=\"_ _6\"/>-controlling <span class=\"_ _3\"/>stake <span class=\"_ _2\"/>and <span class=\"_ _2\"/>which <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>does <span class=\"_ _3\"/>not <span class=\"_ _6\"/>consolidate. <span class=\"_ _2\"/>On <span class=\"_ _3\"/>22 <span class=\"_ _2\"/>April <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>announced <span class=\"_ _3\"/>its <span class=\"_ _2\"/>decision <span class=\"_ _3\"/>to sell <span class=\"_ _3\"/>its non<span class=\"_ _3\"/>-controlling interest in<span class=\"_ _3\"/> AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>Efes <span class=\"_ _3\"/>and is <span class=\"_ _3\"/>in <span class=\"_ _3\"/>active <span class=\"_ _3\"/>discussions with <span class=\"_ _3\"/>its <span class=\"_ _3\"/>partner, Turkish <span class=\"_ _3\"/>Brewer <span class=\"_ _3\"/>Anadolu <span class=\"_ _3\"/>Efes, to acquire this <span class=\"_ _0\"/>interest. AB InB<span class=\"_ _1\"/>e<span class=\"_ _3\"/>v\u2019s request regarding <span class=\"_ _0\"/>the s<span class=\"ff2\">uspension of the lic<span class=\"_ _0\"/>ense for prod<span class=\"_ _0\"/>uction and sale of <span class=\"_ _1\"/>Bud in Russia </span>will <span class=\"_ _5\"> </span>also <span class=\"_ _4\"> </span>be <span class=\"_ _5\"> </span>part <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>potential <span class=\"_ _5\"> </span>transaction. <span class=\"_ _4\"> </span>Duri<span class=\"_ _3\"/>ng <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>year <span class=\"_ _5\"> </span>end<span class=\"_ _3\"/>ed <span class=\"_ _5\"> </span>31 <span class=\"_ _5\"> </span>December <span class=\"_ _5\"> </span>2022<span class=\"_ _3\"/>, <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_ _5\"> </span>derecognized <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ts investment <span class=\"_ _2\"/>in <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>Efes <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _2\"/>reported <span class=\"_ _2\"/>a<span class=\"_ _3\"/> <span class=\"_ _6\"/>(1 <span class=\"_ _6\"/>143)m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _2\"/>n<span class=\"_ _3\"/>on-cash <span class=\"_ _6\"/>impairment <span class=\"_ _2\"/>charge <span class=\"_ _6\"/>in <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-underlying <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of results <span class=\"_ _2\"/>of <span class=\"_ _3\"/>associates. <span class=\"_ _2\"/>(Refer <span class=\"_ _2\"/>to <span class=\"_ _3\"/>Note <span class=\"_ _2\"/>8 <span class=\"_ _6\"/><span class=\"ff5\">Non-underlying <span class=\"_ _3\"/>items</span> <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>16 <span class=\"_ _3\"/><span class=\"ff5\">Investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>associates</span><span class=\"ls5\">).</span> <span class=\"_ _2\"/>As <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December 2022<span class=\"ls0\">, the investment has been classified as non-current asset held for sale. </span>5.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Seg<span class=\"_ _1\"/>ment reporting </span>Segment <span class=\"_ _2\"/>information <span class=\"_ _2\"/>is <span class=\"_ _2\"/>presented <span class=\"_ _3\"/>b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>g<span class=\"_ _3\"/>eographical <span class=\"_ _3\"/>segments, <span class=\"_ _2\"/>consistent <span class=\"_ _2\"/>with <span class=\"_ _2\"/>the <span class=\"_ _2\"/>information <span class=\"_ _2\"/>available <span class=\"_ _2\"/>to <span class=\"_ _2\"/>and <span class=\"_ _2\"/>regularly <span class=\"_ _2\"/>evaluat<span class=\"_ _2\"/>ed <span class=\"_ _2\"/>by <span class=\"_ _6\"/>the <span class=\"_ _3\"/>chief <span class=\"_ _2\"/>operating <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>maker. <span class=\"_ _2\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>operates <span class=\"_ _2\"/>its business through <span class=\"_ _1\"/>six busines<span class=\"_ _0\"/>s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>egments. Re<span class=\"_ _1\"/>g<span class=\"_ _3\"/>ional <span class=\"_ _1\"/>an<span class=\"_ _3\"/>d <span class=\"_ _1\"/>op<span class=\"_ _3\"/>erating <span class=\"_ _1\"/>company management <span class=\"_ _1\"/>is r<span class=\"_ _0\"/>esponsible for <span class=\"_ _1\"/>managing p<span class=\"_ _0\"/>erformance, <span class=\"_ _1\"/>u<span class=\"_ _3\"/>nderlying <span class=\"_ _3\"/>risks, an<span class=\"_ _1\"/>d<span class=\"_ _3\"/> t<span class=\"_ _1\"/>he effectiveness <span class=\"_ _1\"/>of operations. <span class=\"_ _1\"/>Internally, AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>management <span class=\"_ _3\"/>uses <span class=\"_ _3\"/>performance <span class=\"_ _3\"/>indicators <span class=\"_ _3\"/>such <span class=\"_ _3\"/>as <span class=\"_ _3\"/>normalized <span class=\"_ _3\"/>profi<span class=\"_ _3\"/><span class=\"ff2\">t <span class=\"_ _3\"/>from <span class=\"_ _3\"/>operations <span class=\"_ _2\"/>(normalized EBIT<span class=\"_ _3\"/>) and <span class=\"_ _3\"/>norm<span class=\"_ _3\"/>alized EBIT<span class=\"_ _3\"/>DA as <span class=\"_ _3\"/>m<span class=\"_ _3\"/>easures of <span class=\"_ _3\"/>segment <span class=\"_ _2\"/>performance and <span class=\"_ _2\"/>to make </span>decisions regarding the allocation of resources. The organ<span class=\"_ _0\"/>izational structure comprises five regions: North Amer<span class=\"_ _0\"/>ica, Middle A<span class=\"_ _3\"/>me<span class=\"_ _3\"/>ricas, South America, E<span class=\"_ _1\"/>M<span class=\"_ _3\"/>EA and Asia Pacific. In addition to these five geographic regions, the company uses a sixth segment, Global Export and Holding Co<span class=\"_ _1\"/>m<span class=\"_ _3\"/>panies, for all financial reporting p<span class=\"_ _3\"/>urposes. All figures in the tables below are stated in million US dollar, <span class=\"_ _0\"/>except volume (<span class=\"_ _3\"/>million hls) and Normalized EBITDA margin (in %)<span class=\"_ _3\"/>. Global Ex<span class=\"_ _1\"/>p<span class=\"_ _3\"/>ort an<span class=\"_ _1\"/>d<span class=\"_ _3\"/> Holdin<span class=\"_ _1\"/>g<span class=\"_ _3\"/> North Amer<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ca Middle <span class=\"_ _0\"/>Americas South Ame<span class=\"_ _1\"/>r<span class=\"_ _3\"/>ica EMEA Asia Pacif<span class=\"_ _1\"/>i<span class=\"_ _3\"/>c AB InBev<span class=\"_ _0\"/> Worldw<span class=\"_ _0\"/>ide companies<span class=\"_ _0\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Volume 103<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>148<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>164<span class=\"ls0\"> </span>157<span class=\"ls0\"> </span>91<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>1 2 595<span class=\"ls0\"> </span>582<span class=\"ls0\"> </span>Revenue 16 566 16 257 14 180 12 541 11 599 9 494 8 120 8 032 6 532 6 848 790<span class=\"ls0\">  </span>1 133 57 786 54 304 Normalize<span class=\"_ _0\"/>d EBITD<span class=\"_ _0\"/>A 6 057 6 131 6 564 6 126 3 511 3 125 2 612 2 598 2 104 2 321 (1 004) (1 093) 19 <span class=\"ls0\">843 </span>19 209 Normalized<span class=\"_ _1\"/> <span class=\"_ _3\"/>EBITDA <span class=\"_ _0\"/>margin % 36.6% 37.7% 46.3% 48.8% 30.3% 32.9% 32.2% 32.4% 32.2% 33.9%               <span class=\"_ _1\"/> <span class=\"_ _3\"/>  -                  <span class=\"_ _1\"/> <span class=\"_ _3\"/>  -    34.3% 35.4% Depreciation<span class=\"_ _1\"/>, amortization and<span class=\"_ _1\"/> <span class=\"_ _3\"/>impai<span class=\"_ _1\"/>rm<span class=\"_ _3\"/>ent<span class=\"ls19\">  </span> (748)<span class=\"ls0\"> </span>(782)<span class=\"ls0\"> </span>(1 326) (1 138) (873)<span class=\"ls0\"> </span>(760)<span class=\"ls0\"> </span>(1 066) (1 <span class=\"ls0\">014) </span>(671)<span class=\"ls0\"> </span>(712)<span class=\"ls0\"> </span>(392)<span class=\"ls0\"> </span>(364)<span class=\"ls0\"> </span>(5 075) (4 771) Normalize<span class=\"_ _0\"/>d profit<span class=\"_ _0\"/> from ope<span class=\"_ _0\"/>rations 5 309 5 349 5 238 4 988 2 638 2 365 1 546 1 584 1 433 1 609 (1 396) (1 457) 14 768 14 438 Non-underl<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ing ite<span class=\"_ _0\"/>ms (includin<span class=\"_ _1\"/>g <span class=\"_ _3\"/>non-underl<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ing im<span class=\"_ _0\"/>pairment) (89)<span class=\"ls0\"> </span>(239)<span class=\"ls0\"> </span>(19)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(18)<span class=\"ls0\"> </span>(60)<span class=\"ls0\"> </span>(68)<span class=\"ls0\"> </span>(112)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>(40)<span class=\"ls0\"> </span>(55)<span class=\"ls0\"> </span>(63)<span class=\"ls0\"> </span>(251)<span class=\"ls0\"> </span>(614)<span class=\"ls0\"> </span>Profit fro<span class=\"_ _0\"/>m operat<span class=\"_ _0\"/>ions 5 220 5 110 5 219 4 888 2 620 2 305 1 478 1 472 1 431 1 569 (1 451) (1 520) 14 517 13 824 Net finan<span class=\"_ _0\"/>ce income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(cost) (4 148) (5 609) Share of re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ults of as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ociate<span class=\"_ _0\"/>s 299<span class=\"ls0\">  </span>248<span class=\"ls0\">  </span>Non-underl<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ing share<span class=\"_ _1\"/> <span class=\"_ _3\"/>of resul<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s of a<span class=\"_ _0\"/>ssociate<span class=\"_ _0\"/>s (1 143)               <span class=\"_ _1\"/> <span class=\"_ _3\"/>  -    Income tax<span class=\"_ _0\"/> expense<span class=\"_ _1\"/> (1 928) (2 350) Profit 7 597 6 114 . Segment as<span class=\"_ _0\"/>sets (non-c<span class=\"_ _1\"/>urrent) 63 379 63 722 66 262 67 516 14 297 12 917 30 918 34 098 12 397 13 453 2 <span class=\"ls0\">505 </span>1 973 189 757 193 678 Gross cape<span class=\"_ _0\"/>x 695<span class=\"ls0\">  </span>868<span class=\"ls0\">  </span>1 319 1 307 1 001 1 154 1 011 1 051 496<span class=\"ls0\">  </span>605<span class=\"ls0\">  </span>638<span class=\"ls0\">  </span>655<span class=\"ls0\">  </span>5 160 5 640 FTE 20 040 19 691 52 355 51 969 42 028 42 209 21 306 22 215 24 331 26 095 6 572 7 160 166 632 169 339 For <span class=\"_ _3\"/>the <span class=\"_ _3\"/>year <span class=\"_ _3\"/>ended <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _3\"/>2022, <span class=\"_ _3\"/>net <span class=\"_ _3\"/>revenue <span class=\"_ _2\"/>from <span class=\"_ _3\"/>the <span class=\"_ _3\"/>beer <span class=\"_ _3\"/>business <span class=\"_ _3\"/>amounted <span class=\"_ _3\"/>to <span class=\"_ _3\"/>51<span class=\"_ _3\"/> <span class=\"_ _3\"/>544m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2021<span class=\"_ _3\"/><span class=\"lsc\">: <span class=\"_ _3\"/></span>49 <span class=\"_ _3\"/>333m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar) <span class=\"_ _3\"/>while <span class=\"_ _3\"/>the <span class=\"_ _3\"/>net <span class=\"_ _3\"/>revenue <span class=\"_ _3\"/>from <span class=\"_ _3\"/>the <span class=\"_ _3\"/>non<span class=\"_ _3\"/>-beer <span class=\"_ _3\"/>business <span class=\"_ _3\"/>(soft drinks and other business) accounted for <span class=\"_ _3\"/>6 242m US dollar (<span class=\"ls3\">2021<span class=\"ls2\">: </span></span>4 971m US dollar). Additionally, for <span class=\"ls3\">2022</span><span class=\"ff4\">, net revenue from the company\u2019s business i<span class=\"_ _0\"/>n the United States amounted to <span class=\"_ _3\"/><span class=\"ff2\">14 580m </span></span>US dollar (2021<span class=\"ls2\">: </span>14 259<span class=\"ff4\">m US dollar) and net revenue from the company\u2019s business in Brazil amounted to </span>8 256m<span class=\"_ _3\"/> US dollar (2021<span class=\"lsc\">: </span>6 500m US dollar).<span class=\"fs6\">  </span>On <span class=\"_ _2\"/>the <span class=\"_ _2\"/>same <span class=\"_ _2\"/>basis, <span class=\"_ _2\"/>net <span class=\"_ _2\"/>revenue <span class=\"_ _2\"/>from <span class=\"_ _6\"/>external <span class=\"_ _3\"/>customers <span class=\"_ _2\"/>attribu<span class=\"_ _3\"/>table <span class=\"_ _3\"/>to <span class=\"_ _6\"/>AB <span class=\"_ _3\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ountry <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>do<span class=\"_ _3\"/>micile <span class=\"_ _3\"/>(Bel<span class=\"_ _3\"/>giu<span class=\"_ _3\"/><span class=\"ff2\">m) <span class=\"_ _2\"/>rep<span class=\"_ _3\"/>resented <span class=\"_ _2\"/>632m <span class=\"_ _3\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _2\"/>(2021<span class=\"lsc\">: <span class=\"_ _2\"/><span class=\"ls3\">623</span></span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ollar) <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>non<span class=\"_ _3\"/>-current <span class=\"_ _2\"/>assets </span>located in the country of domicile represented 2 533m US dollar (2021<span class=\"ls2\">: </span>2 457m US dollar).<span class=\"fs6\"> </span>6.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Acquis<span class=\"_ _1\"/>i<span class=\"_ _3\"/>tions and d<span class=\"_ _1\"/>isposals of subsidiaries </span>The <span class=\"_ _3\"/>company <span class=\"_ _3\"/>undertook <span class=\"_ _3\"/>a <span class=\"_ _3\"/>se<span class=\"_ _3\"/>ries o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>acquisitions <span class=\"_ _3\"/>and d<span class=\"_ _3\"/>isposals <span class=\"_ _3\"/>and/or <span class=\"_ _3\"/>settled <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>prior <span class=\"_ _3\"/>year <span class=\"_ _3\"/>acquisitions during the year ended<span class=\"_ _3\"/> 31 December 2022 <span class=\"ls3\">and</span> 31 December 2021, with no significant impact in t<span class=\"_ _3\"/>he consolidated financial statements. 7.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Othe<span class=\"_ _0\"/>r operating inco<span class=\"_ _1\"/>me/(expenses) </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Brazilian tax cre<span class=\"_ _0\"/>dits             <span class=\"ls6\">201</span>              <span class=\"ls6\">226</span>  Government gra<span class=\"_ _1\"/>nt<span class=\"_ _3\"/>s             <span class=\"ls6\">311</span>              <span class=\"ls6\">322</span>  Net gain on dispo<span class=\"_ _1\"/>sal <span class=\"_ _3\"/>of prope<span class=\"_ _0\"/>rty, plant and equ<span class=\"_ _0\"/>ipment, intangible<span class=\"_ _1\"/> assets and assets he<span class=\"_ _0\"/>ld for sale               <span class=\"ls6\">82</span>                <span class=\"ls6\">65</span>  License income<span class=\"_ _1\"/>               <span class=\"ls6\">27</span>                <span class=\"ls6\">25</span>  Net rental and<span class=\"_ _0\"/> other operating<span class=\"_ _1\"/> <span class=\"_ _3\"/>income             <span class=\"ls6\">220</span>              <span class=\"ls6\">167</span>  Other operating <span class=\"_ _0\"/>income/(expe<span class=\"_ _1\"/>nses)             <span class=\"ls6\">841</span>              <span class=\"ls6\">805</span>  In 2022, Ambev, a subsidiary of AB InBev, recognized<span class=\"_ _3\"/> 201m US dollar income (2021<span class=\"ls2\">: </span>226m US dollar) <span class=\"_ _3\"/>in Other operating income <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to tax <span class=\"_ _3\"/>credits. Ad<span class=\"_ _3\"/>ditionally, <span class=\"_ _3\"/>in <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>168m <span class=\"_ _3\"/>US do<span class=\"_ _3\"/>llar <span class=\"_ _3\"/>(2021: 118m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar) <span class=\"_ _3\"/>of <span class=\"_ _3\"/>interest income on tax credits in Finance income (refer to Note 11 <span class=\"ff5\">Finance cost and income</span>). The <span class=\"_ _7\"/>income <span class=\"_ _6\"/>from <span class=\"_ _7\"/>government <span class=\"_ _6\"/>grants<span class=\"_ _3\"/> <span class=\"_ _7\"/>primarily <span class=\"_ _6\"/>relate <span class=\"_ _7\"/>to <span class=\"_ _6\"/>fiscal <span class=\"_ _7\"/>incentives <span class=\"_ _6\"/>g<span class=\"_ _3\"/>iven <span class=\"_ _6\"/>by <span class=\"_ _7\"/>certain <span class=\"_ _7\"/>Brazilian <span class=\"_ _7\"/>states <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>Chinese provinces<span class=\"ff4\">, based on the company\u2019s operations and developments in those regi</span>o<span class=\"_ _3\"/>ns. 8.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Non<span class=\"_ _1\"/>-<span class=\"_ _3\"/>underlying <span class=\"_ _0\"/>items </span>IAS <span class=\"_ _2\"/>1 <span class=\"_ _2\"/><span class=\"ff5\">Presentation <span class=\"_ _2\"/>of <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>statements</span> <span class=\"_ _6\"/>requires <span class=\"_ _3\"/>that <span class=\"_ _2\"/>material <span class=\"_ _2\"/>items <span class=\"_ _2\"/>of <span class=\"_ _2\"/>income <span class=\"_ _2\"/>and <span class=\"_ _2\"/>expense <span class=\"_ _2\"/>be <span class=\"_ _2\"/>disclosed <span class=\"_ _3\"/>s<span class=\"_ _3\"/>eparately. Non-underlying items <span class=\"_ _1\"/>are items <span class=\"_ _1\"/>that in ma<span class=\"_ _0\"/>nagemen<span class=\"ff4\">t\u2019s judgment need <span class=\"_ _1\"/>to be <span class=\"_ _1\"/>disclosed by <span class=\"_ _1\"/>vi<span class=\"_ _3\"/>rtue <span class=\"_ _0\"/>of th<span class=\"_ _0\"/>eir size <span class=\"_ _1\"/>or incidence <span class=\"_ _1\"/>so </span>that a <span class=\"_ _1\"/>user can obt<span class=\"_ _1\"/>a<span class=\"_ _3\"/>in a <span class=\"_ _1\"/>proper understanding <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>any\u00b4s <span class=\"_ _1\"/>fi<span class=\"_ _3\"/>nancial i<span class=\"_ _1\"/>n<span class=\"_ _3\"/>formation. Th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> co<span class=\"_ _0\"/>mpany considers <span class=\"_ _1\"/>these items to be sign<span class=\"_ _3\"/>ificant and accordingly, management has excluded th<span class=\"_ _3\"/>em from their s<span class=\"_ _3\"/>egment measure of performance in <span class=\"_ _3\"/>Note 5 Segment Reporting<span class=\"ff2\">.  </span>The non-underlying items included in the income statement are as follows: For the year ende<span class=\"_ _1\"/>d 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>COVID-19 costs             <span class=\"ls7\">(18)</span>           <span class=\"ls7\">(105)</span> Restructuring<span class=\"_ _1\"/>           <span class=\"ls7\">(110)</span>           <span class=\"ls7\">(172)</span> Business and a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>set dispo<span class=\"_ _1\"/>s<span class=\"_ _3\"/>al (inclu<span class=\"_ _0\"/>ding impairmen<span class=\"_ _0\"/>t losses)             <span class=\"ls7\">(71)</span>           <span class=\"ls7\">(247)</span> AB InBev Efes<span class=\"_ _0\"/> related cost<span class=\"_ _0\"/>s             <span class=\"ls7\">(51)</span>             -    Acquisition cos<span class=\"_ _0\"/>ts business combin<span class=\"_ _1\"/>ations               <span class=\"ls7\">(1)</span>             <span class=\"ls7\">(17)</span> Zenzele Kabili co<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ts             -                <span class=\"ls7\">(72)</span> Impact on profit<span class=\"_ _1\"/> <span class=\"_ _3\"/>from operat<span class=\"_ _0\"/>ions           <span class=\"ls7\">(251)</span>           <span class=\"ls7\">(614)</span> Non-unde<span class=\"_ _0\"/>rlying net finance inco<span class=\"_ _1\"/>me/(cost)             <span class=\"ls6\">498</span>            <span class=\"ls7\">(806)</span> Non-unde<span class=\"_ _0\"/>rlying share of resul<span class=\"_ _0\"/>ts of asso<span class=\"_ _0\"/>ciates        (1 143)             -    Non-unde<span class=\"_ _0\"/>rlying taxes             <span class=\"ls6\">399</span>              <span class=\"ls6\">346</span>  Non-unde<span class=\"_ _0\"/>rlying non-controlling int<span class=\"_ _1\"/>erest               <span class=\"ls6\">13</span>                <span class=\"ls6\">20</span>  Net impact on<span class=\"_ _0\"/> profit           <span class=\"ls7\">(484)</span>        (1 054) COVID-19 <span class=\"_ _7\"/>costs <span class=\"_ _7\"/>amount <span class=\"_ _7\"> </span>to <span class=\"_ _5\"> </span>(18)m <span class=\"_ _7\"/>US <span class=\"_ _7\"/>dollar <span class=\"_ _7\"/>for <span class=\"_ _5\"> </span>the <span class=\"_ _7\"/>year <span class=\"_ _7\"/>ended <span class=\"_ _7\"/>31 <span class=\"_ _7\"> </span>December <span class=\"_ _7\"> </span>2022 <span class=\"_ _5\"> </span>(2021<span class=\"lsc\">: <span class=\"_ _5\"> </span></span>(105)m <span class=\"_ _7\"/>US <span class=\"_ _7\"/>dollar). <span class=\"_ _7\"> </span>These expenses <span class=\"_ _3\"/>mainly <span class=\"_ _3\"/>comprise <span class=\"_ _3\"/>costs <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>personal <span class=\"_ _3\"/>pro<span class=\"_ _3\"/>tection equipment <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>costs incurred as a direct consequence of the COVID-19 pandemic. The <span class=\"_ _4\"> </span>non-underlying <span class=\"_ _4\"> </span>restructuring <span class=\"_ _5\"> </span>charges <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span><span class=\"ls3\">2022</span> <span class=\"_ _4\"> </span>total <span class=\"_ _5\"> </span>(110)m <span class=\"_ _4\"> </span>US <span class=\"_ _4\"> </span>dollar <span class=\"_ _5\"> </span>(<span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _5\"> </span></span>(172)m <span class=\"_ _4\"> </span>US <span class=\"_ _5\"> </span>d<span class=\"_ _3\"/>ollar). <span class=\"_ _5\"> </span>Th<span class=\"_ _3\"/>ese <span class=\"_ _5\"> </span>charges primarily <span class=\"_ _7\"> </span>relate <span class=\"_ _7\"> </span>to <span class=\"_ _5\"> </span>organizational <span class=\"_ _7\"/>alignments. <span class=\"_ _7\"> </span>These <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>hanges <span class=\"_ _7\"/>aim <span class=\"_ _7\"> </span>to <span class=\"_ _5\"> </span>eliminate <span class=\"_ _7\"/>overlapping <span class=\"_ _7\"/>organizations <span class=\"_ _7\"/>or <span class=\"_ _7\"/>duplicated processes, <span class=\"_ _3\"/>taking <span class=\"_ _3\"/>into <span class=\"_ _3\"/>account <span class=\"_ _3\"/>the<span class=\"_ _3\"/> <span class=\"_ _3\"/>matching <span class=\"_ _3\"/>of <span class=\"_ _3\"/>employee <span class=\"_ _3\"/>profiles <span class=\"_ _2\"/>with <span class=\"_ _3\"/>new <span class=\"_ _3\"/>organiz<span class=\"_ _2\"/>ational <span class=\"_ _3\"/>requirements. <span class=\"_ _3\"/>These <span class=\"_ _3\"/>one<span class=\"_ _3\"/>-time expenses <span class=\"_ _2\"/>provide <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>with <span class=\"_ _6\"/>a <span class=\"_ _3\"/>l<span class=\"_ _3\"/>ower <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ost <span class=\"_ _2\"/>base <span class=\"_ _2\"/>and <span class=\"_ _2\"/>bring <span class=\"_ _2\"/>a <span class=\"_ _2\"/>stronger <span class=\"_ _2\"/>focus <span class=\"_ _6\"/>to <span class=\"_ _3\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _2\"/>core <span class=\"_ _2\"/>activities, <span class=\"_ _2\"/>quicker decision-making and improvements to efficiency, service and quality. Business <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>disposals <span class=\"_ _4\"> </span>(including <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>losses) <span class=\"_ _8\"> </span>amount <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>(7<span class=\"_ _3\"/>1)m <span class=\"_ _4\"> </span>US <span class=\"_ _5\"> </span>dollar <span class=\"_ _4\"> </span>for <span class=\"_ _8\"> </span>2022 <span class=\"_ _5\"> </span>mainly <span class=\"_ _4\"> </span>comprising impairment <span class=\"_ _6\"/>of <span class=\"_ _7\"/>intangible <span class=\"_ _6\"/>assets <span class=\"_ _7\"/>and <span class=\"_ _6\"/>other <span class=\"_ _7\"/>non-core <span class=\"_ _6\"/>assets <span class=\"_ _6\"/>sold <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>the <span class=\"_ _7\"/>period.<span class=\"fs6\"> <span class=\"_ _6\"/></span>Business <span class=\"_ _6\"/>and <span class=\"_ _6\"/>asse<span class=\"_ _3\"/>t <span class=\"_ _6\"/>disposals <span class=\"_ _7\"/>(including impairment l<span class=\"_ _3\"/>osses) amount<span class=\"_ _3\"/><span class=\"ls3\">ed</span> to <span class=\"_ _3\"/>(247)<span class=\"ls4\">m <span class=\"_ _3\"/></span>US dollar <span class=\"_ _3\"/>for <span class=\"_ _3\"/>2021, m<span class=\"_ _3\"/>ainly c<span class=\"_ _3\"/>omprising (258)m <span class=\"_ _3\"/>US dol<span class=\"_ _3\"/>lar of <span class=\"_ _3\"/>non<span class=\"_ _3\"/>-cash <span class=\"_ _3\"/>impairment charge <span class=\"_ _5\"> </span>associated <span class=\"_ _7\"> </span>with <span class=\"_ _5\"> </span>Bedford <span class=\"_ _7\"> </span>Systems<span class=\"_ _3\"/>, <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>joint <span class=\"_ _7\"/>venture<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>with <span class=\"_ _5\"> </span>Keurig <span class=\"_ _7\"> </span>Dr. <span class=\"_ _5\"> </span>Pepper, <span class=\"_ _5\"> </span>following <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>announcement <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the cessation of <span class=\"_ _1\"/>the <span class=\"_ _0\"/>business <span class=\"_ _0\"/>in <span class=\"_ _1\"/>December 2021, <span class=\"_ _1\"/>that was <span class=\"_ _1\"/>partially<span class=\"_ _3\"/> offset <span class=\"_ _1\"/>with <span class=\"_ _0\"/>gains <span class=\"_ _0\"/>incurred <span class=\"_ _0\"/>in <span class=\"_ _0\"/>relation <span class=\"_ _1\"/>to disposals <span class=\"_ _1\"/>completed in the first half of 2021. AB InBev <span class=\"_ _1\"/>Efes related <span class=\"_ _1\"/>costs of <span class=\"_ _1\"/>(51)<span class=\"_ _3\"/>m US <span class=\"_ _1\"/>dollar for <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"ls0\"> rela<span class=\"_ _0\"/>te <span class=\"_ _0\"/>to the <span class=\"_ _1\"/>discontinuation of <span class=\"_ _1\"/>exports to Russia <span class=\"_ _1\"/>and the <span class=\"_ _1\"/>forfeiting </span></span>of company benefits from the operations of the associate. In <span class=\"_ _3\"/>M<span class=\"_ _3\"/>ay <span class=\"_ _3\"/>2021, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>set <span class=\"_ _3\"/>up <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _6\"/>broad-<span class=\"ff4\">based <span class=\"_ _3\"/>black <span class=\"_ _3\"/>ec<span class=\"_ _3\"/>onomic <span class=\"_ _3\"/>empowerment <span class=\"_ _2\"/>(\u201cB<span class=\"_ _3\"/></span>-<span class=\"ff4\">BBEE\u201d) <span class=\"_ _3\"/>scheme<span class=\"_ _3\"/></span> <span class=\"_ _3\"/><span class=\"ff4\">(the <span class=\"_ _2\"/>\u201cZenzele </span>Kabili <span class=\"_ _3\"/>scheme\u201d) <span class=\"_ _3\"/>and reported<span class=\"_ _3\"/> <span class=\"_ _3\"/><span class=\"ff2\">(72)m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>non-underlying <span class=\"_ _3\"/>items mainly <span class=\"_ _3\"/>representing <span class=\"_ _3\"/>the <span class=\"_ _3\"/>IFRS <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>related to <span class=\"_ _3\"/>the </span>grant <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _3\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>qualifying <span class=\"_ _2\"/>SAB <span class=\"_ _2\"/>retail<span class=\"_ _3\"/>ers <span class=\"_ _2\"/>and <span class=\"_ _2\"/>employees <span class=\"_ _2\"/>participating <span class=\"_ _6\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Zenzele <span class=\"_ _2\"/>Kabili <span class=\"_ _2\"/>scheme. <span class=\"_ _2\"/>Fo<span class=\"_ _3\"/>r <span class=\"_ _2\"/>more <span class=\"_ _2\"/>details, refer to Note <span class=\"ls3\">21</span> <span class=\"ff5\">Changes in equity and earnings per share</span><span class=\"lsc\">. </span> The company incurred a non-underlying net finance <span class=\"_ _3\"/>income of <span class=\"ls3\">498</span>m US dollar for 2022 (2021: net finance cost of (806)<span class=\"ls1b\">m </span>US dollar) <span class=\"ff4\">\u2013</span> see Note <span class=\"ls8\">11<span class=\"_ _3\"/></span> <span class=\"ff5\">Finance cost and income</span>. During 2022, the company recorded an impairment of (1 143)m US <span class=\"_ _0\"/>dollar on its investment in AB InBe<span class=\"_ _0\"/>v Efes - see Note 4 Use of estimates and judgments<span class=\"ff2\"> and Note <span class=\"ls3\">16 </span></span>Investments in associates<span class=\"ff2\">.<span class=\"ff6\"> </span></span>All <span class=\"_ _0\"/>the <span class=\"_ _1\"/>amounts <span class=\"_ _1\"/>referenced <span class=\"_ _1\"/>above are<span class=\"_ _0\"/> <span class=\"_ _1\"/>before <span class=\"_ _0\"/>income <span class=\"_ _1\"/>taxes. <span class=\"_ _1\"/>The non-underlying <span class=\"_ _1\"/>income t<span class=\"_ _1\"/>a<span class=\"_ _3\"/>xes <span class=\"_ _1\"/>amounted to<span class=\"_ _1\"/> 399m <span class=\"_ _1\"/>US d<span class=\"_ _1\"/>o<span class=\"_ _3\"/>llar (decrease <span class=\"_ _6\"/>of <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ncome <span class=\"_ _2\"/>taxes) <span class=\"_ _2\"/>for <span class=\"_ _2\"/><span class=\"ls3\">2022</span> <span class=\"_ _6\"/>(2021<span class=\"ls2\">: <span class=\"_ _2\"/></span>decrease <span class=\"_ _2\"/>of <span class=\"_ _6\"/>income <span class=\"_ _2\"/>taxes <span class=\"_ _2\"/>by <span class=\"_ _6\"/>346m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar)<span class=\"ls2\">. <span class=\"_ _2\"/></span>The <span class=\"_ _6\"/>non-underlying <span class=\"_ _2\"/>income taxes <span class=\"_ _1\"/>for <span class=\"_ _0\"/>the <span class=\"_ _f\"/>yea<span class=\"_ _3\"/>r <span class=\"_ _f\"/>en<span class=\"_ _3\"/>ded <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2022 <span class=\"_ _0\"/>are <span class=\"_ _1\"/>mainly <span class=\"_ _1\"/>driven <span class=\"_ _1\"/>by <span class=\"_ _1\"/>a<span class=\"_ _3\"/> <span class=\"_ _1\"/>reorganization <span class=\"_ _1\"/>which <span class=\"_ _1\"/>resulted <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>utilization <span class=\"_ _0\"/>of <span class=\"_ _1\"/>current year and carry forward interests for which no deferred tax ass<span class=\"_ _0\"/>et was recognized (350m US dollar)<span class=\"_ _3\"/>.  Non-controlling interest on the non-underlying items amounts to <span class=\"ls3\">13</span>m US dollar for <span class=\"ls3\">2022</span> (2021<span class=\"ls2\">: <span class=\"ls3\">20</span></span>m US dollar). 9.<span class=\"ls0\"> <span class=\"_ _15\"> </span>Payroll and related benefit<span class=\"_ _0\"/>s </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Wages and salaries<span class=\"_ _1\"/> (4 621) (4 734) Social securi<span class=\"_ _0\"/>ty contribution<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  <span class=\"ls7\">(749)</span>  <span class=\"ls7\">(670)</span> Other personnel <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ost  <span class=\"ls7\">(687)</span>  <span class=\"ls7\">(706)</span> Share-based pay<span class=\"_ _1\"/>ment <span class=\"_ _3\"/>expense  <span class=\"ls7\">(448)</span>  <span class=\"ls7\">(510)</span> Pension expen<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e for defined be<span class=\"_ _0\"/>nefit plans  <span class=\"ls7\">(154)</span>  <span class=\"ls7\">(176)</span> Pension expen<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e for defined <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ontribution<span class=\"_ _0\"/> plans  <span class=\"ls7\">(164)</span>  <span class=\"ls7\">(147)</span> Payroll and re<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ated benef<span class=\"_ _0\"/>its (6 822) (6 944) The number of ful<span class=\"_ _1\"/>l<span class=\"_ _3\"/>-time equivalen<span class=\"_ _0\"/>ts can be spli<span class=\"_ _1\"/>t<span class=\"_ _3\"/> as follow<span class=\"_ _1\"/>s<span class=\"_ _3\"/>:  2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>AB InBev NV/SA<span class=\"_ _0\"/> (parent compan<span class=\"_ _1\"/>y) 241<span class=\"ls0\">  </span>214<span class=\"ls0\">  </span>Other subsidiarie<span class=\"_ _1\"/>s 166<span class=\"ls0\"> </span>391<span class=\"ls0\">  </span>169<span class=\"ls0\"> </span>125<span class=\"ls0\">  </span>Total number of<span class=\"_ _1\"/> <span class=\"_ _3\"/>FTE 166<span class=\"ls0\"> </span>632<span class=\"ls0\">  </span>169<span class=\"ls0\"> </span>339<span class=\"ls0\">  </span>10.<span class=\"ls0\"> <span class=\"_ _1\"/>Additional information<span class=\"_ _0\"/> on operating expe<span class=\"_ _0\"/>nses<span class=\"_ _1\"/> <span class=\"_ _3\"/>by nature </span>Depreciation, <span class=\"_ _1\"/>amortization <span class=\"_ _1\"/>and <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>charges <span class=\"_ _1\"/>are <span class=\"_ _1\"/>included <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>following <span class=\"_ _1\"/>line <span class=\"_ _1\"/>items <span class=\"_ _1\"/>of <span class=\"_ _f\"/>the<span class=\"_ _3\"/> 2022 <span class=\"_ _f\"/>consolidated <span class=\"_ _1\"/>income statement: Depreciation and<span class=\"_ _1\"/> Impairment of<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> Amortization an<span class=\"_ _1\"/>d Depreciation and<span class=\"_ _1\"/> goodwill, tangi<span class=\"_ _0\"/>ble property, plant<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> and intangible<span class=\"_ _1\"/> Million US dol<span class=\"_ _0\"/>lar and equipment<span class=\"_ _1\"/> intangible asse<span class=\"_ _0\"/>ts  right-<span class=\"ls1c\">of</span>-use asset<span class=\"_ _1\"/> assets<span class=\"ls0\"> </span>Cost of sale<span class=\"_ _0\"/>s 3 008 78<span class=\"ls0\">  </span>36<span class=\"ls0\">  </span>- Distribution e<span class=\"_ _0\"/>xpenses 162<span class=\"ls0\">  </span>13<span class=\"ls0\">  </span>233<span class=\"ls0\">  </span>- Sales and marketing<span class=\"_ _1\"/> expenses 298<span class=\"ls0\">  </span>152<span class=\"ls0\">  </span>236<span class=\"ls0\">  </span>- Administrative<span class=\"_ _0\"/> expenses 299<span class=\"ls0\">  </span>416<span class=\"ls0\">  </span>124<span class=\"ls0\">  </span>- Other operating e<span class=\"_ _1\"/>xpenses 19<span class=\"ls0\">  </span>- - - Non-unde<span class=\"_ _0\"/>rlying items - - - 4  Depreciation, a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ortization an<span class=\"_ _1\"/>d impairment 3 786 659<span class=\"ls0\">  </span>629<span class=\"ls0\">  </span>4  Depreciation, <span class=\"_ _1\"/>amortization <span class=\"_ _1\"/>and <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>charges <span class=\"_ _1\"/>are <span class=\"_ _1\"/>included <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>following <span class=\"_ _1\"/>line <span class=\"_ _1\"/>items <span class=\"_ _1\"/>of <span class=\"_ _f\"/>the<span class=\"_ _3\"/> 2021 <span class=\"_ _f\"/>consolidated <span class=\"_ _1\"/>income statement: Depreciation and<span class=\"_ _1\"/> Impairment of<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> Amortization an<span class=\"_ _1\"/>d Depreciation and<span class=\"_ _1\"/> goodwill, tangi<span class=\"_ _0\"/>ble property, plant<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> impairment of<span class=\"_ _0\"/> and intangible<span class=\"_ _1\"/> Million US dol<span class=\"_ _0\"/>lar and equipment<span class=\"_ _1\"/> intangible a<span class=\"ls6\">ssets </span> right-<span class=\"ls1c\">of</span>-use asset<span class=\"_ _1\"/> assets<span class=\"ls0\"> </span>Cost of sale<span class=\"_ _0\"/>s 2 782 91<span class=\"ls0\">  </span>39<span class=\"ls0\">  </span>- Distribution e<span class=\"_ _0\"/>xpenses 136<span class=\"ls0\">  </span>10<span class=\"ls0\">  </span>176<span class=\"ls0\">  </span>- Sales and mar<span class=\"_ _0\"/>keting expen<span class=\"_ _0\"/>ses 319<span class=\"ls0\">  </span>223<span class=\"ls0\">  </span>249<span class=\"ls0\">  </span>- Administrative<span class=\"_ _0\"/> expenses 306<span class=\"ls0\">  </span>327<span class=\"ls0\">  </span>110<span class=\"ls0\">  </span>- Other operating e<span class=\"_ _1\"/>xpenses 3  - - - Non-unde<span class=\"_ _0\"/>rlying items - - - 281<span class=\"ls0\">  </span>Depreciation, a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ortization an<span class=\"_ _1\"/>d impairment 3 546 651<span class=\"ls0\">  </span>574<span class=\"ls0\">  </span>281<span class=\"ls0\">  </span>11.<span class=\"ls0\"> <span class=\"_ _1\"/>Finance cost and<span class=\"_ _0\"/> income<span class=\"fc1\"> </span> </span>1Finance cost and income included in the income statement are as follows:2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Finance Finance Finance Finance Million US dol<span class=\"_ _0\"/>lar cost income Net cost income Net Interest income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(expense) (3 588) 294<span class=\"ls0\">  </span>(3 294) (3 674) 113<span class=\"ls0\">  </span>(3 560) Net interest on ne<span class=\"_ _0\"/>t defined bene<span class=\"_ _1\"/>fit liabilities (73)<span class=\"ls0\"> </span>- (73)<span class=\"ls0\"> </span>(73)<span class=\"ls0\"> </span>- (73)<span class=\"ls0\"> </span>Accretion expen<span class=\"_ _1\"/>se<span class=\"_ _3\"/> (782)<span class=\"ls0\"> </span>- (782)<span class=\"ls0\"> </span>(593)<span class=\"ls0\"> </span>- (593)<span class=\"ls0\"> </span>Mark-<span class=\"ls15\">to</span>-mar<span class=\"_ _1\"/>k<span class=\"_ _3\"/>et - 331<span class=\"ls0\">  </span>331<span class=\"ls0\">  </span>(23)<span class=\"ls0\"> </span>- (23)<span class=\"ls0\"> </span>Net interest inco<span class=\"_ _1\"/>me <span class=\"_ _3\"/>on Braz<span class=\"_ _0\"/>ilian tax cre<span class=\"_ _0\"/>dits - 168<span class=\"ls0\">  </span>168<span class=\"ls0\">  </span>- 118<span class=\"ls0\">  </span>118<span class=\"ls0\">  </span>Other financial<span class=\"_ _0\"/> results (1 349) 352<span class=\"ls0\">  </span>(997)<span class=\"ls0\"> </span>(871)<span class=\"ls0\"> </span>200<span class=\"ls0\">  </span>(671)<span class=\"ls0\"> </span>Finance income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(cost) exc<span class=\"_ _0\"/>luding non-underlying ite<span class=\"_ _1\"/>m<span class=\"_ _3\"/>s (5 792) 1 146 (4 646) (5 <span class=\"ls6\">234)<span class=\"ls0\"> </span></span>431<span class=\"ls0\">  </span>(4 803) Non-unde<span class=\"_ _0\"/>rlying finance income/(<span class=\"_ _1\"/>cost) (255)<span class=\"ls0\"> </span>753<span class=\"ls0\">  </span>498<span class=\"ls0\">  </span>(806)<span class=\"ls0\"> </span>- (806)<span class=\"ls0\"> </span>Finance income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(cost) (6<span class=\"ls0\"> <span class=\"ls6\">047)</span> </span>1 <span class=\"ls6\">898</span>  (4<span class=\"ls0\"> <span class=\"ls6\">148)</span> </span>(6<span class=\"ls0\"> <span class=\"ls6\">040)</span> </span>431<span class=\"ls0\">  </span>(5<span class=\"ls0\"> <span class=\"ls6\">609)</span> </span>Net finance <span class=\"_ _1\"/>costs<span class=\"_ _3\"/>, e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>cluding n<span class=\"_ _1\"/>o<span class=\"_ _3\"/>n-underlying items, <span class=\"_ _1\"/>were<span class=\"_ _3\"/> 4 <span class=\"_ _1\"/>646m US <span class=\"_ _1\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n 2022 <span class=\"_ _1\"/>compared to 4 <span class=\"_ _1\"/>803m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar in <span class=\"_ _1\"/>2021. <span class=\"fs6\"> </span>The <span class=\"_ _7\"> </span>decrease <span class=\"_ _5\"> </span>was <span class=\"_ _7\"/>predominantly <span class=\"_ _7\"/>due <span class=\"_ _7\"/>to <span class=\"_ _5\"> </span>a <span class=\"_ _7\"/>mark<span class=\"_ _3\"/>-<span class=\"ls2\">to</span>-market <span class=\"_ _7\"/>gain <span class=\"_ _5\"> </span>on <span class=\"_ _7\"> </span>derivatives <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>lated <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>hedging <span class=\"_ _7\"/>of <span class=\"_ _7\"/>share<span class=\"_ _3\"/>-based payment progr<span class=\"_ _0\"/>ams of <span class=\"_ _1\"/>331m US <span class=\"_ _1\"/>dollar in <span class=\"_ _1\"/>2022, compared <span class=\"_ _1\"/>to a <span class=\"_ _1\"/>l<span class=\"_ _3\"/>oss o<span class=\"_ _1\"/>f 23m US <span class=\"_ _1\"/>dollar in <span class=\"_ _1\"/>2021, resulting <span class=\"_ _1\"/>in a <span class=\"_ _1\"/>change of <span class=\"_ _1\"/>354m US dollar. In <span class=\"_ _7\"/>2022, <span class=\"_ _6\"/>acc<span class=\"_ _3\"/>retion <span class=\"_ _6\"/>expense <span class=\"_ _7\"/>includes <span class=\"_ _6\"/>interest <span class=\"_ _7\"/>on <span class=\"_ _7\"/>lease <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _5\"> </span>1<span class=\"_ _3\"/>30m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar <span class=\"_ _6\"/>(<span class=\"_ _3\"/>2021<span class=\"lsc\">: <span class=\"_ _7\"/><span class=\"ls3\">123</span></span>m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar), <span class=\"_ _7\"/>unwind <span class=\"_ _6\"/>of discounts of <span class=\"ls3\">499</span>m US dollar on payables <span class=\"_ _3\"/>(2021<span class=\"ls2\">: </span>349m US dollar), bond fees of<span class=\"_ _3\"/> <span class=\"ls3\">64</span>m US dollar (2021<span class=\"ls2\">: <span class=\"ls8\">67</span></span>m<span class=\"_ _3\"/> US dollar) and interest on provisions of 89m US dollar (2021<span class=\"ls2\">: <span class=\"ls8\">54<span class=\"_ _3\"/></span></span>m US dollar). Interest expense <span class=\"_ _3\"/><span class=\"ls1d\">is</span> pre<span class=\"_ _3\"/>sented net of the <span class=\"_ _3\"/>effect of interest rate de<span class=\"_ _3\"/>rivative instruments hedging AB <span class=\"_ _3\"/>I<span class=\"_ _3\"/><span class=\"ff4\">nBev\u2019s interest ra<span class=\"_ _3\"/>te risk </span>\u2013<span class=\"ff2\"> see also Note <span class=\"ls8\">27<span class=\"_ _3\"/></span> <span class=\"ff5\">Risks arising from financial instruments</span>. </span>In 2022, <span class=\"_ _3\"/>Ambev, a subsidiary of <span class=\"_ _3\"/>AB InBev, <span class=\"_ _3\"/>recognized 201m US <span class=\"_ _3\"/>dollar income in <span class=\"_ _3\"/>Other operating income (refer <span class=\"_ _3\"/>to Note 7 Other <span class=\"_ _1\"/>operating <span class=\"_ _0\"/>income/(expenses)<span class=\"ff2\">) <span class=\"_ _1\"/>related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>credits <span class=\"_ _1\"/>(<span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _1\"/><span class=\"ls3\">226<span class=\"ls0\">m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>Ad<span class=\"_ _3\"/>ditionally, <span class=\"_ _1\"/>in <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"ls0\">, <span class=\"_ _1\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _1\"/>recognized </span></span></span></span></span></span>168m US dollar interest income on Brazilian tax credits <span class=\"_ _3\"/>in Finance income (2021: 118m US dollar). Other financial results for 2022 <span class=\"ls3\">and </span>2021 include: 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Finance Finance Finance Finance Million US dollar<span class=\"_ _1\"/> cost income Net cost income Net Net foreign ex<span class=\"_ _1\"/>c<span class=\"_ _3\"/>hange gains/(los<span class=\"_ _1\"/>s<span class=\"_ _3\"/>es) (363)<span class=\"ls0\"> </span>- (363)<span class=\"ls0\"> </span>(101)<span class=\"ls0\"> </span>- (101)<span class=\"ls0\"> </span>Net gains/(losse<span class=\"_ _1\"/>s<span class=\"_ _3\"/>) on hedging <span class=\"_ _1\"/>instruments (747)<span class=\"ls0\"> </span>- (747)<span class=\"ls0\"> </span>(562)<span class=\"ls0\"> </span>- (562)<span class=\"ls0\"> </span>Hyperinflation mone<span class=\"_ _1\"/>tary <span class=\"_ _3\"/>adjustme<span class=\"_ _1\"/>nts - 286<span class=\"ls0\">  </span>286<span class=\"ls0\">  </span>- 152<span class=\"ls0\">  </span>152<span class=\"ls0\">  </span>Other financial<span class=\"_ _0\"/> income/(cos<span class=\"_ _0\"/>t), including ban<span class=\"_ _0\"/>k fees and taxe<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (239)<span class=\"ls0\"> </span>66<span class=\"ls0\">  </span>(173)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>48<span class=\"ls0\">  </span>(160)<span class=\"ls0\"> </span>Other financial<span class=\"_ _1\"/> <span class=\"_ _3\"/>results (1<span class=\"ls0\"> <span class=\"ls6\">349)</span> </span>352<span class=\"ls0\">  </span>(997)<span class=\"ls0\"> </span>(871)<span class=\"ls0\"> </span>200<span class=\"ls0\">  </span>(671)<span class=\"ls0\"> </span>For further information on in<span class=\"_ _0\"/>struments hedging AB <span class=\"ff4\">InBev\u2019s foreign exchange risk</span>, see Note <span class=\"_ _1\"/>2<span class=\"_ _3\"/>7 <span class=\"ff5\">Risks arising from<span class=\"_ _0\"/> financial </span>instruments.<span class=\"ff2\"> </span>Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span><span class=\"ls3\">274m</span> US <span class=\"_ _3\"/>dollar ga<span class=\"_ _3\"/>in resulting <span class=\"_ _3\"/>from m<span class=\"_ _3\"/>ark-<span class=\"ls2\">to</span>-market adjustments <span class=\"_ _3\"/>on d<span class=\"_ _3\"/>erivative instruments ente<span class=\"_ _3\"/>red into <span class=\"_ _3\"/>to <span class=\"_ _2\"/>hedge </span>the shares issued in relation to the combination with Grupo Modelo and SAB (2021<span class=\"ls2\">: </span>(<span class=\"ls3\">25</span>)m US dollar loss); \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>2<span class=\"ls3\">46</span>m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); </span>\u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>(<span class=\"ls3\">22</span>)m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>remeasurement <span class=\"_ _2\"/>of <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>considerations <span class=\"_ _2\"/>on <span class=\"_ _3\"/>prior <span class=\"_ _2\"/>year <span class=\"_ _3\"/>acquisitions<span class=\"_ _3\"/> <span class=\"_ _2\"/>(<span class=\"ls3\">2021<span class=\"lsc\">: </span></span></span>(19)m US dollar loss<span class=\"ls5\">);</span> \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>In <span class=\"_ _1\"/>2021, <span class=\"_ _f\"/>(<span class=\"_ _3\"/><span class=\"ls3\">22</span>)m <span class=\"_ _f\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _f\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _f\"/>from <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>of <span class=\"_ _1\"/>receivables <span class=\"_ _f\"/>against <span class=\"_ _1\"/>Delta <span class=\"_ _1\"/>Corporation <span class=\"_ _f\"/>Ltd <span class=\"_ _1\"/>(Delta), <span class=\"_ _1\"/>a <span class=\"_ _1\"/>Zimbabwean </span>associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 235<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Investments in<span class=\"_ _1\"/> <span class=\"_ _3\"/>debt secur<span class=\"_ _0\"/>ities held for <span class=\"_ _0\"/>trading 39<span class=\"ls0\">  </span>16<span class=\"ls0\">  </span>Other loans and re<span class=\"_ _0\"/>ceivables 21<span class=\"ls0\">  </span>12<span class=\"ls0\">  </span>Total 294<span class=\"ls0\">  </span>113<span class=\"ls0\">  </span>The <span class=\"_ _2\"/>i<span class=\"_ _3\"/>nterest <span class=\"_ _2\"/>income <span class=\"_ _6\"/>on <span class=\"_ _2\"/>other <span class=\"_ _6\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _6\"/>receivables <span class=\"_ _2\"/>includes <span class=\"_ _2\"/>the <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>accrued <span class=\"_ _2\"/>on <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ash <span class=\"_ _2\"/>deposited <span class=\"_ _6\"/>as <span class=\"_ _2\"/>guarantees <span class=\"_ _6\"/>for certain legal proceedings pending their resolution. <span class=\"_ _3\"/>No interest income was recognized on impaired financial assets.     12.<span class=\"ls0\"> <span class=\"_ _1\"/>Income taxes </span>1Income taxes recognized in the income statement can be detailed as follows:<span class=\"fs6\">      </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Current year        (2 785)        (2 857) (Underprovided)/ov<span class=\"_ _3\"/>erprovided <span class=\"_ _3\"/>in prior y<span class=\"_ _3\"/>ears<span class=\"ls0\"> </span>            <span class=\"ls6\">157</span>              <span class=\"ls6\">159</span>  Current tax expens<span class=\"_ _0\"/>e        (2 628)        (2 698) Origination and re<span class=\"_ _1\"/>versal of temporary differe<span class=\"_ _0\"/>nces             <span class=\"ls6\">829</span>              <span class=\"ls6\">632</span>  Recognition/(de-re<span class=\"_ _0\"/>cognition) of<span class=\"_ _0\"/> deferred<span class=\"_ _0\"/> tax assets on ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> losses (car<span class=\"_ _1\"/>ried forward)           <span class=\"ls7\">(128)</span>           <span class=\"ls7\">(284)</span> Deferred tax<span class=\"_ _0\"/> (expense)/income<span class=\"_ _1\"/>             <span class=\"ls6\">701</span>              <span class=\"ls6\">348</span>  Total income tax ex<span class=\"_ _1\"/>pense in the income sta<span class=\"_ _0\"/>tement        (1 928)        (2 350) 1The reconciliation of the effective tax rate with the aggregate<span class=\"_ _0\"/>d weighted nominal tax rate can be summarized as follows:<span class=\"_ _3\"/><span class=\"fc3\"> </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>. Profit/(loss) be<span class=\"_ _0\"/>fore tax 9 524 8 463 Deduct share of<span class=\"_ _1\"/> <span class=\"_ _3\"/>results of as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ociates 299<span class=\"ls0\">  </span>248<span class=\"ls0\">  </span>Deduct non-under<span class=\"_ _1\"/>ly<span class=\"_ _3\"/>ing share o<span class=\"_ _1\"/>f<span class=\"_ _3\"/> results o<span class=\"_ _1\"/>f<span class=\"_ _3\"/> associates (1 143)               -    Profit before tax an<span class=\"_ _1\"/>d before share of resu<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ts of assoc<span class=\"_ _0\"/>iates 10 369 8 215 . Adjustments to the<span class=\"_ _1\"/> tax basis Government incen<span class=\"_ _1\"/>tives (713)<span class=\"ls0\"> </span>(543)<span class=\"ls0\"> </span>Non-dedu<span class=\"_ _0\"/>ctible/(non-taxable) mar<span class=\"_ _1\"/>k<span class=\"_ _3\"/>-<span class=\"ls15\">to</span>-mar<span class=\"_ _1\"/>k<span class=\"_ _3\"/>et on deriva<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ives (606)<span class=\"ls0\"> </span>48<span class=\"ls0\">  </span>Other expenses<span class=\"_ _1\"/> <span class=\"_ _3\"/>not deductible<span class=\"_ _1\"/> for tax purposes 1 590 1 979 Other non-taxable<span class=\"_ _1\"/> <span class=\"_ _3\"/>income (576)<span class=\"ls0\"> </span>(476)<span class=\"ls0\"> </span>. Adjusted tax bas<span class=\"_ _0\"/>is 10 065 9 223 . Aggregate weighte<span class=\"_ _1\"/>d nominal tax rate 26.7% 26.7% . Tax at aggregat<span class=\"_ _1\"/>ed <span class=\"_ _3\"/>nominal<span class=\"_ _0\"/> tax rate (2 691) (2 463) . Adjustments on<span class=\"_ _1\"/> <span class=\"_ _3\"/>tax expense<span class=\"_ _1\"/> Recognition/(de-re<span class=\"_ _0\"/>cognition) of<span class=\"_ _0\"/> deferred<span class=\"_ _0\"/> tax assets on ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> losses (car<span class=\"_ _1\"/>ried forward) (128)<span class=\"ls0\"> </span>(284)<span class=\"ls0\"> </span>(Underprovided)/ov<span class=\"_ _3\"/>erprovided <span class=\"_ _3\"/>in prior y<span class=\"_ _3\"/>ears<span class=\"ls0\"> </span>157<span class=\"ls0\">  </span>159<span class=\"ls0\">  </span>Deductions fro<span class=\"_ _0\"/>m interest on equ<span class=\"_ _0\"/>ity 790<span class=\"ls0\">  </span>469<span class=\"ls0\">  </span>Deductions fro<span class=\"_ _0\"/>m goodwill and<span class=\"_ _0\"/> other tax ded<span class=\"_ _0\"/>uctions 473<span class=\"ls0\">  </span>226<span class=\"ls0\">  </span>Change in ta<span class=\"_ _0\"/>x rate 48<span class=\"ls0\">  </span>(147)<span class=\"ls0\"> </span>Withholding taxe<span class=\"_ _1\"/>s (436)<span class=\"ls0\"> </span>(485)<span class=\"ls0\"> </span>Other tax adju<span class=\"_ _0\"/>stments (140)<span class=\"ls0\"> </span>175<span class=\"ls0\">  </span>. Total tax expense<span class=\"_ _0\"/> (1 928) (2 350) . Effective tax rat<span class=\"_ _1\"/>e<span class=\"_ _3\"/> 18.6%  28.6%  The <span class=\"_ _0\"/>total <span class=\"_ _1\"/>income tax <span class=\"_ _1\"/>expense <span class=\"_ _1\"/>for <span class=\"ls3\">2022</span> <span class=\"_ _1\"/>amounts to <span class=\"_ _1\"/>1 <span class=\"_ _1\"/>92<span class=\"_ _3\"/>8m <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>compared <span class=\"_ _0\"/>to 2 <span class=\"_ _1\"/>350m <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>for <span class=\"ls3\">2021<span class=\"_ _1\"/><span class=\"ls0\">. The <span class=\"_ _1\"/>effective </span></span>tax rate <span class=\"ls1d\">is<span class=\"_ _3\"/></span> 18.6% for 2022 compared to 28.6% for 2021<span class=\"lsc\">. </span> The <span class=\"ls3\">2022</span> effective tax<span class=\"_ _0\"/> rate is positively impacted by <span class=\"ls3\">non</span>-t<span class=\"_ _1\"/>axable gains from derivatives related to hedg<span class=\"_ _0\"/>ing of share-based payment <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>and <span class=\"_ _3\"/>hedging <span class=\"_ _2\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>in <span class=\"_ _2\"/>a <span class=\"_ _3\"/>transaction <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>combination <span class=\"_ _2\"/>with <span class=\"_ _3\"/>Grupo <span class=\"_ _3\"/>Modelo <span class=\"_ _3\"/>and SAB, <span class=\"_ _1\"/>while <span class=\"_ _1\"/>the <span class=\"_ _1\"/>2021 <span class=\"_ _1\"/>effective <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>rate <span class=\"_ _1\"/>was <span class=\"_ _1\"/>negatively <span class=\"_ _1\"/>impacted <span class=\"_ _1\"/>by <span class=\"_ _1\"/><span class=\"ls3\">non<span class=\"ls0\">-deductible <span class=\"_ _1\"/>losses<span class=\"fs6\"> <span class=\"_ _1\"/><span class=\"fs3\">from <span class=\"_ _1\"/>these <span class=\"_ _1\"/>derivatives. <span class=\"_ _1\"/>In <span class=\"_ _1\"/>addition, </span></span></span></span>t<span class=\"ls3\">he </span>2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>22 <span class=\"_ _1\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _1\"/>tax rate <span class=\"_ _0\"/>was <span class=\"_ _1\"/>positively impacted <span class=\"_ _1\"/><span class=\"ls3\">by<span class=\"ls0\"> <span class=\"ff4\">higher <span class=\"_ _1\"/>distribution of <span class=\"_ _1\"/>interest on <span class=\"_ _1\"/>shareholders\u2019 eq<span class=\"_ _1\"/>u<span class=\"_ _3\"/>ity fro<span class=\"_ _1\"/>m<span class=\"_ _3\"/> Br<span class=\"_ _1\"/>azil and<span class=\"_ _0\"/> </span></span></span>lower <span class=\"_ _7\"> </span>non-d<span class=\"_ _3\"/>eductible <span class=\"_ _7\"/>costs. <span class=\"_ _7\"> </span>The <span class=\"_ _7\"> </span>2<span class=\"_ _3\"/>022 <span class=\"_ _7\"/>effective <span class=\"_ _7\"/>tax <span class=\"_ _5\"> </span>rate <span class=\"_ _7\"/>includes <span class=\"_ _7\"/>350m <span class=\"_ _5\"> </span>US <span class=\"_ _7\"/>dollar <span class=\"_ _7\"/>benefit <span class=\"_ _7\"/>from<span class=\"_ _2\"/> <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>reorganization <span class=\"_ _7\"/>which resulted in the utilization of c<span class=\"_ _3\"/>urrent year and carry forward interests for whi<span class=\"_ _3\"/>ch no deferred tax asset was <span class=\"_ _3\"/>recognized (<span class=\"_ _2\"/>refer to Note 8 <span class=\"ff5\">Non-underlying items</span>).<span class=\"fs6\"> </span> The <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>benefits <span class=\"_ _5\"> </span>from <span class=\"_ _5\"> </span>tax <span class=\"_ _7\"> </span>exempted <span class=\"_ _5\"> </span>income <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>tax <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>redits <span class=\"_ _5\"> </span>which <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>re <span class=\"_ _4\"> </span>expected <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ontinue <span class=\"_ _7\"> </span>in<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>future. <span class=\"_ _5\"> </span>The company does not have significant benefits coming from low tax rates in any part<span class=\"_ _0\"/>icular jurisdiction.<span class=\"_ _3\"/> The <span class=\"_ _2\"/>normalized <span class=\"_ _3\"/>effective <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>rate<span class=\"_ _3\"/> <span class=\"_ _3\"/>for <span class=\"_ _2\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _2\"/>23.0% <span class=\"_ _2\"/>(2021<span class=\"ls2\">: <span class=\"_ _3\"/></span>28.0%<span class=\"_ _3\"/>). <span class=\"_ _3\"/>The <span class=\"_ _2\"/>normalized <span class=\"_ _3\"/>effective <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>rate <span class=\"_ _2\"/>excluding <span class=\"_ _3\"/>mark<span class=\"_ _3\"/>-<span class=\"ls2\">to</span>-market ga<span class=\"_ _3\"/>ins or <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>on derivatives <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to the h<span class=\"_ _3\"/>edging of <span class=\"_ _3\"/>share<span class=\"_ _3\"/>-based p<span class=\"_ _3\"/>ayment programs <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r 2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>23.8% <span class=\"_ _3\"/>(2021<span class=\"lsc\">: </span>27.9%<span class=\"ls1e\">).<span class=\"_ _3\"/></span><span class=\"fs6\"> </span> Normalized effective <span class=\"_ _1\"/>tax rate i<span class=\"_ _1\"/>s the effective <span class=\"_ _1\"/>tax rate ad<span class=\"_ _1\"/>j<span class=\"_ _3\"/>usted <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r non-underlying items. <span class=\"_ _1\"/>Norm<span class=\"_ _3\"/>alized <span class=\"_ _0\"/>effective tax <span class=\"_ _1\"/>rate is <span class=\"_ _1\"/>n<span class=\"_ _3\"/>ot an <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>measure <span class=\"_ _3\"/>u<span class=\"_ _3\"/>nder <span class=\"_ _3\"/>IFRS <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>and <span class=\"_ _2\"/>should <span class=\"_ _3\"/>not <span class=\"_ _2\"/>be <span class=\"_ _2\"/>considered <span class=\"_ _3\"/>as <span class=\"_ _2\"/>an <span class=\"_ _3\"/>al<span class=\"_ _3\"/>ternative <span class=\"_ _3\"/>to <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>effective <span class=\"_ _3\"/>ta<span class=\"_ _3\"/>x <span class=\"_ _3\"/>rate. Normalized <span class=\"_ _1\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _1\"/>tax rate <span class=\"_ _f\"/>meth<span class=\"_ _3\"/>od <span class=\"_ _1\"/>does not <span class=\"_ _1\"/>have <span class=\"_ _0\"/>a <span class=\"_ _1\"/>standard <span class=\"_ _0\"/>calculation <span class=\"_ _1\"/>m<span class=\"_ _3\"/>ethod <span class=\"_ _1\"/>and<span class=\"_ _2\"/> <span class=\"_ _1\"/><span class=\"ff4\">AB I<span class=\"_ _0\"/>nBev\u2019s <span class=\"_ _0\"/>definition <span class=\"_ _1\"/>of normalized </span>tax rate may not be comparable to other companies. Income taxes were directly recognized in other comprehensive income as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Re<span class=\"ls0\">-measurements of po<span class=\"_ _0\"/>st-employ<span class=\"_ _0\"/>ment benefits </span>          <span class=\"ls7\">(126)</span>           <span class=\"ls7\">(123)</span> Exchange differe<span class=\"_ _0\"/>nces, cash <span class=\"_ _0\"/>flow and net in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>estment hedg<span class=\"_ _0\"/>es             <span class=\"ls7\">(51)</span>             <span class=\"ls7\">(45)</span> Income tax (loss<span class=\"_ _0\"/>es)/gains<span class=\"_ _0\"/>           <span class=\"ls7\">(177)</span>           <span class=\"ls7\">(167)</span> 13.<span class=\"ls0\"> <span class=\"_ _1\"/>Property, plant and eq<span class=\"_ _1\"/>uipment  </span>Property, plant and equipment comprises owned and leased assets, as<span class=\"_ _3\"/><span class=\"fs5\"> </span>follows:<span class=\"fs6 ls15\">  <span class=\"ls0\">   <span class=\"_ _0\"/> </span></span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Property, plant an<span class=\"_ _0\"/>d equipmen<span class=\"_ _0\"/>t owned 24<span class=\"ls0\"> </span>245<span class=\"ls0\">  </span>24<span class=\"ls0\"> </span>459<span class=\"ls0\">  </span>Property, plant an<span class=\"_ _0\"/>d equipmen<span class=\"_ _0\"/>t leased (right-<span class=\"ls6\">of</span>-use a<span class=\"_ _0\"/>ssets) 2 <span class=\"ls6\">426</span>  2 <span class=\"ls6\">219</span>  Total property,<span class=\"_ _0\"/> plant and equ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>pment 26<span class=\"ls0\"> </span>671<span class=\"ls0\">  </span>26<span class=\"ls0\"> </span>678<span class=\"ls0\">  </span>31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Plant and equipment, Land and fixtures and Under Million US dol<span class=\"_ _0\"/>lar buildings fittings construction Total Total Acquisition cost<span class=\"_ _0\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r 12<span class=\"ls0\"> </span>374<span class=\"ls0\">  </span>35<span class=\"ls0\"> </span>906<span class=\"ls0\">  </span>2 <span class=\"ls6\">462</span>  50<span class=\"ls0\"> </span>742<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>993<span class=\"ls0\">  </span>Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e (208)<span class=\"ls0\"> </span>(729)<span class=\"ls0\"> </span>(46)<span class=\"ls0\"> </span>(983)<span class=\"ls0\"> </span>(1 616) Acquisitions 27<span class=\"ls0\">  </span>1 <span class=\"ls6\">340</span>  2 <span class=\"ls6\">912</span>  4 <span class=\"ls6\">279</span>  4 <span class=\"ls6\">739</span>  Acquisitions throu<span class=\"_ _0\"/>gh busines<span class=\"_ _0\"/>s combination<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  - - - - 2  Disposals throu<span class=\"_ _0\"/>gh sale and der<span class=\"_ _0\"/>ecognition (154)<span class=\"ls0\"> </span>(1 667) (1)<span class=\"ls0\"> </span>(1 822) (1 301) Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidia<span class=\"_ _0\"/>ries (1)<span class=\"ls0\"> </span>(12)<span class=\"ls0\"> </span>- (13)<span class=\"ls0\"> </span>(51)<span class=\"ls0\"> </span>Transfer (to)/from<span class=\"_ _1\"/> ot<span class=\"_ _3\"/>her as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>et categor<span class=\"_ _0\"/>ies 554<span class=\"ls0\">  </span>2 <span class=\"ls6\">634</span>  (3 122) 66<span class=\"ls0\">  </span>(23)<span class=\"ls0\"> </span>and other movemen<span class=\"_ _0\"/>ts\u00b9 Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> 12<span class=\"ls0\"> </span>591<span class=\"ls0\">  </span>37<span class=\"ls0\"> </span>473<span class=\"ls0\">  </span>2 <span class=\"ls6\">205</span>  52<span class=\"ls0\"> </span>269<span class=\"ls0\">  </span>50<span class=\"ls0\"> </span>742<span class=\"ls0\">  </span>Depreciation and<span class=\"_ _1\"/> impairment losses Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r (4 <span class=\"ls6\">292)<span class=\"ls0\"> </span></span>(21 992) - (26 284) (24 802) Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e 82<span class=\"ls0\">  </span>425<span class=\"ls0\">  </span>- 507<span class=\"ls0\">  </span>813<span class=\"ls0\">  </span>Depreciation<span class=\"_ _0\"/> (423)<span class=\"ls0\"> </span>(3 106) - (3 530) (3 384) Disposals throu<span class=\"_ _0\"/>gh sale and der<span class=\"_ _0\"/>ecognition 66<span class=\"ls0\">  </span>1 <span class=\"ls6\">565</span>  - 1 <span class=\"ls6\">631</span>  1 <span class=\"ls6\">168</span>  Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidiaries - 8  - 8  46<span class=\"ls0\">  </span>Impairment losse<span class=\"_ _1\"/>s (3)<span class=\"ls0\"> </span>(168)<span class=\"ls0\"> </span>- (172)<span class=\"ls0\"> </span>(182)<span class=\"ls0\"> </span>Transfer to/(fro<span class=\"_ _1\"/>m) <span class=\"_ _3\"/>other as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>et categor<span class=\"_ _0\"/>ies (14)<span class=\"ls0\"> </span>(172)<span class=\"ls0\"> </span>- (186<span class=\"ls0\">) </span>57<span class=\"ls0\">  </span>and other movemen<span class=\"_ _0\"/>ts\u00b9 Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> (4 584) (23 440) - (28 024) (26 284) Carrying amount<span class=\"_ _1\"/> at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2021 8 <span class=\"ls6\">082</span>  13<span class=\"ls0\"> </span>915<span class=\"ls0\">  </span>2 <span class=\"ls6\">462</span>  24<span class=\"ls0\"> </span>459<span class=\"ls0\">  </span>24<span class=\"ls0\"> </span>459<span class=\"ls0\">  </span>at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 8 <span class=\"ls6\">007</span>  14<span class=\"ls0\"> </span>033<span class=\"ls0\">  </span>2 <span class=\"ls6\">205</span>  24<span class=\"ls0\"> </span>245<span class=\"ls0\">  </span>- 1As at <span class=\"ls3\">2022</span> and 2021 there were no significant restrictions on title on property, plant and equipment.<span class=\"fs6\"> </span>Contractual <span class=\"_ _2\"/>comm<span class=\"_ _3\"/>itments <span class=\"_ _2\"/>to <span class=\"_ _6\"/>purchase <span class=\"_ _2\"/>property, <span class=\"_ _6\"/>plant <span class=\"_ _2\"/>and <span class=\"_ _6\"/>equipment <span class=\"_ _2\"/>amounted <span class=\"_ _6\"/>to <span class=\"_ _7\"/><span class=\"ls3\">538</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>as <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December 2022 compared to <span class=\"ls3\">449</span>m US dollar as at 31 December 2021.<span class=\"fs6\">  </span>AB <span class=\"_ _2\"/>InBev\u2019s<span class=\"_ _3\"/> <span class=\"_ _2\"/>net <span class=\"_ _2\"/>capital <span class=\"_ _6\"/>expenditures <span class=\"_ _2\"/>in <span class=\"_ _6\"/>the <span class=\"_ _2\"/>statement <span class=\"_ _2\"/>of <span class=\"_ _6\"/>cash <span class=\"_ _2\"/>fl<span class=\"_ _3\"/>ow <span class=\"_ _2\"/>amounted <span class=\"_ _2\"/>to <span class=\"_ _6\"/>4 <span class=\"_ _2\"/>838m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>in <span class=\"_ _2\"/>2022 <span class=\"_ _2\"/>compared <span class=\"_ _6\"/>to<span class=\"_ _2\"/><span class=\"ff2\"> </span>5 498m <span class=\"_ _0\"/>US dollar <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> same<span class=\"_ _1\"/> period last year. <span class=\"_ _1\"/>Out of the <span class=\"_ _1\"/>total 2022 capital <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>penditures <span class=\"_ _0\"/>approximately <span class=\"_ _0\"/>36% was <span class=\"_ _1\"/>u<span class=\"_ _3\"/>sed <span class=\"_ _0\"/>to improve <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019<span class=\"ff2\">s <span class=\"_ _2\"/>production <span class=\"_ _6\"/>facilities <span class=\"_ _2\"/>while <span class=\"_ _2\"/>45% <span class=\"_ _6\"/>was <span class=\"_ _2\"/>used <span class=\"_ _2\"/>for <span class=\"_ _6\"/>logistics <span class=\"_ _2\"/>and <span class=\"_ _2\"/>commercial <span class=\"_ _6\"/>investments <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>20% <span class=\"_ _2\"/>for </span>improving administrative capabilities and for the purchase of hardware and software.<span class=\"_ _3\"/> <span class=\"fs6\"> <span class=\"_ _c\"> </span> </span>Property, plant and equipment leased by the company (right-<span class=\"ls3\">of</span>-use assets) is detailed as follows:  2022<span class=\"ls0\"> </span>Machinery, equipment and Million US dol<span class=\"_ _0\"/>lar Land and buildi<span class=\"_ _0\"/>ngs other Total Net carrying amoun<span class=\"_ _1\"/>t at 31 December 1 <span class=\"ls6\">640</span>  786<span class=\"ls0\">  </span>2 <span class=\"ls6\">426</span>  Depreciation for<span class=\"_ _0\"/> the period end<span class=\"_ _0\"/>ed 31 De<span class=\"_ _0\"/>cember (398)<span class=\"ls0\"> </span>(230)<span class=\"ls0\"> </span>(628)<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Machinery, equipment and Million US dol<span class=\"_ _0\"/>lar Land and buildi<span class=\"_ _0\"/>ngs other Total Net carrying amoun<span class=\"_ _1\"/>t at 31 December 1 <span class=\"ls6\">696</span>  523<span class=\"ls0\">  </span>2 <span class=\"ls6\">219</span>  Depreciation for<span class=\"_ _0\"/> the year ended 3<span class=\"_ _1\"/>1 December (373)<span class=\"ls0\"> </span>(201)<span class=\"ls0\"> </span>(574)<span class=\"ls0\"> </span>Additions to right-<span class=\"ls3\">of</span>-use assets <span class=\"lsa\">in </span>2022 were <span class=\"ls3\">885</span>m US dollar (<span class=\"ls3\">2021<span class=\"_ _0\"/><span class=\"ls2\">: <span class=\"ls0\">674m US dollar).  </span></span></span>Following <span class=\"_ _7\"/>the <span class=\"_ _7\"/>sale <span class=\"_ _7\"/>of <span class=\"_ _6\"/>Dut<span class=\"_ _3\"/>ch <span class=\"_ _7\"/>and <span class=\"_ _7\"/>Belgian <span class=\"_ _6\"/>pub <span class=\"_ _7\"> </span>real <span class=\"_ _7\"> </span>estate <span class=\"_ _7\"/>to <span class=\"_ _7\"/>Cofinimmo <span class=\"_ _7\"/>in <span class=\"_ _7\"/>October <span class=\"_ _7\"/>2007, <span class=\"_ _7\"/>AB <span class=\"_ _7\"/>InBev <span class=\"_ _7\"/>entered <span class=\"_ _6\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _7\"/>lease agreements <span class=\"_ _3\"/>with a <span class=\"_ _3\"/>term <span class=\"_ _3\"/>of 2<span class=\"_ _3\"/>7 years. <span class=\"_ _3\"/>Furthermore, the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>leases <span class=\"_ _3\"/>a number <span class=\"_ _3\"/>of <span class=\"_ _6\"/>warehouses, trucks, <span class=\"_ _3\"/>factory facilities and <span class=\"_ _1\"/>other <span class=\"_ _1\"/>commercial <span class=\"_ _1\"/>buildings, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>typically <span class=\"_ _1\"/>run <span class=\"_ _1\"/>for <span class=\"_ _1\"/>a per<span class=\"_ _1\"/>i<span class=\"_ _3\"/>od <span class=\"_ _1\"/>of <span class=\"_ _1\"/>five <span class=\"_ _1\"/>to <span class=\"_ _1\"/>ten <span class=\"_ _1\"/>years. <span class=\"_ _1\"/>Lease <span class=\"_ _1\"/>payments <span class=\"_ _1\"/>are <span class=\"_ _1\"/>increased <span class=\"_ _1\"/>annually to reflect market rentals, if applicable. None of the leases include contingent rental<span class=\"_ _0\"/>s.<span class=\"_ _3\"/> The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>leases <span class=\"_ _2\"/>out <span class=\"_ _2\"/>pub <span class=\"_ _2\"/>real <span class=\"_ _6\"/>estate <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _3\"/>a<span class=\"_ _3\"/>verage <span class=\"_ _3\"/>ou<span class=\"_ _3\"/>tstanding <span class=\"_ _3\"/>p<span class=\"_ _3\"/>eriod <span class=\"_ _3\"/>of <span class=\"_ _6\"/>6 <span class=\"_ _2\"/>to <span class=\"_ _2\"/>8 <span class=\"_ _2\"/>years <span class=\"_ _2\"/>and <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>own <span class=\"_ _2\"/>p<span class=\"_ _3\"/>roperty under <span class=\"_ _5\"> </span>op<span class=\"_ _3\"/>erating <span class=\"_ _5\"> </span>leases. <span class=\"_ _4\"> </span>In <span class=\"_ _5\"> </span>2022<span class=\"_ _3\"/><span class=\"ls2\">, <span class=\"_ _5\"> </span><span class=\"ls3\">108</span></span>m <span class=\"_ _5\"> </span>US <span class=\"_ _4\"> </span>dollar <span class=\"_ _5\"> </span>was <span class=\"_ _4\"> </span>recognized <span class=\"_ _5\"> </span>as <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>ncome <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>income <span class=\"_ _4\"> </span>statement <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>respect <span class=\"_ _5\"> </span>of subleasing of <span class=\"_ _3\"/>right-<span class=\"ls3\">of</span>-use <span class=\"_ _3\"/>assets (2021<span class=\"ls2\">: <span class=\"_ _3\"/></span>112m US <span class=\"_ _3\"/>dollar). As <span class=\"_ _3\"/>at 31 <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>the undiscounted le<span class=\"_ _3\"/>ase payments of the <span class=\"_ _3\"/>non-cancelable <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>a<span class=\"_ _3\"/>re expected <span class=\"_ _2\"/>to <span class=\"_ _3\"/>be <span class=\"_ _3\"/>received <span class=\"_ _3\"/>as <span class=\"_ _3\"/>follows: <span class=\"_ _2\"/><span class=\"ls3\">92</span>m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>next <span class=\"_ _3\"/>12 <span class=\"_ _3\"/>months, <span class=\"_ _2\"/><span class=\"ls3\">253<span class=\"ls4\">m </span></span>US dollar in the years 2 through 5 and <span class=\"ls3\">53</span>m US dollar after 5 years. The <span class=\"_ _4\"> </span>e<span class=\"_ _3\"/>xpense <span class=\"_ _4\"> </span>related <span class=\"_ _8\"> </span>to <span class=\"_ _4\"> </span>short-te<span class=\"_ _3\"/>rm <span class=\"_ _4\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _4\"> </span>low-value <span class=\"_ _8\"> </span>leases <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>variable <span class=\"_ _4\"> </span>lease <span class=\"_ _8\"> </span>payments<span class=\"_ _0\"/> <span class=\"_ _8\"> </span>that <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>n<span class=\"_ _3\"/>ot <span class=\"_ _4\"> </span>included <span class=\"_ _8\"> </span>in <span class=\"_ _4\"> </span>the measurement of the lease liabilities is not significant. 14.<span class=\"ls0\"> <span class=\"_ _1\"/>Goodwill <span class=\"ls20\">  </span> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Acquisition cost<span class=\"_ _0\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r 118 461 123 702 Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e (3 147) (5 456) Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidia<span class=\"_ _0\"/>ries (32)<span class=\"ls0\"> </span>- Transfers (to)/fro<span class=\"_ _0\"/>m other a<span class=\"_ _0\"/>sset catego<span class=\"_ _0\"/>ries (68)<span class=\"ls0\"> </span>18<span class=\"ls0\">  </span>Hyperinflation mone<span class=\"_ _1\"/>tary adjustments 328<span class=\"ls0\">  </span>196<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> 115 541 118 461 Impairment losse<span class=\"_ _1\"/>s Balance at end<span class=\"_ _0\"/> of previous year<span class=\"_ _1\"/> (2 665) (2 731) Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e 134<span class=\"ls0\">  </span>66<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> (2 531) (2 665) Carrying amount<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/>      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  The carrying amount of goodwill was allocated to the different cash-g<span class=\"_ _3\"/>enerating units as follo<span class=\"_ _0\"/>ws: Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> United States<span class=\"_ _0\"/>        <span class=\"ls6\">33</span> <span class=\"ls6\">578</span>         <span class=\"ls6\">33</span> <span class=\"ls6\">607</span>  Rest of North<span class=\"_ _0\"/> America          1 <span class=\"ls6\">981</span>           2 <span class=\"ls6\">114</span>  Mexico        <span class=\"ls6\">12</span> <span class=\"ls6\">823</span>         <span class=\"ls6\">12</span> <span class=\"ls6\">062</span>  Colombia        <span class=\"ls6\">12</span> <span class=\"ls6\">692</span>         <span class=\"ls6\">15</span> <span class=\"ls6\">344</span>  Rest of Middle <span class=\"_ _0\"/>Americas        <span class=\"ls6\">23</span> <span class=\"ls6\">242</span>         <span class=\"ls6\">22</span> <span class=\"ls6\">769</span>  Brazil          3 <span class=\"ls6\">508</span>           3 <span class=\"ls6\">280</span>  Rest of South<span class=\"_ _1\"/> <span class=\"_ _3\"/>America          1 <span class=\"ls6\">249</span>           1 <span class=\"ls6\">173</span>  Europe          2 <span class=\"ls6\">081</span>           2 <span class=\"ls6\">244</span>  South Africa          9 <span class=\"ls6\">551</span>         <span class=\"ls6\">10</span> <span class=\"ls6\">231</span>  Rest of Africa<span class=\"_ _0\"/>          5 <span class=\"ls6\">131</span>           5 <span class=\"ls6\">287</span>  China          3 <span class=\"ls6\">119</span>           3 <span class=\"ls6\">387</span>  Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic          3 <span class=\"ls6\">505</span>           3 <span class=\"ls6\">717</span>  Global Export<span class=\"_ _0\"/> and Holding Compa<span class=\"_ _1\"/>nies             <span class=\"ls6\">549</span>              <span class=\"ls6\">582</span>  Total carrying<span class=\"_ _0\"/> amount of go<span class=\"_ _0\"/>odwill      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  Goodwill, <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>accounted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>approximately <span class=\"_ _8\"> </span>53% <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>AB <span class=\"_ _4\"> </span>InBev <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>assets <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>at<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>31 <span class=\"_ _5\"> </span>Dec<span class=\"_ _3\"/>ember <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>test<span class=\"_ _0\"/>ed <span class=\"_ _4\"> </span>for impairment <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>cash-generating <span class=\"_ _2\"/>unit <span class=\"_ _2\"/>level <span class=\"_ _2\"/>(that <span class=\"_ _2\"/>is <span class=\"_ _2\"/>one <span class=\"_ _2\"/>level <span class=\"_ _2\"/>below <span class=\"_ _2\"/>the <span class=\"_ _2\"/>operating <span class=\"_ _2\"/>segments). <span class=\"_ _2\"/>The <span class=\"_ _2\"/>cash<span class=\"_ _2\"/>-generating <span class=\"_ _3\"/>unit level is <span class=\"_ _1\"/>the lowest <span class=\"_ _1\"/>level at wh<span class=\"_ _1\"/>ich goodwill <span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>m<span class=\"_ _3\"/>onitored <span class=\"_ _0\"/>for <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nternal <span class=\"_ _1\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _1\"/>pu<span class=\"_ _3\"/>rposes. E<span class=\"_ _1\"/>xc<span class=\"_ _3\"/>ept <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>re <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>ini<span class=\"_ _6\"/>tial allocation of goodwill h<span class=\"_ _0\"/>as not been <span class=\"_ _0\"/>concluded by the <span class=\"_ _1\"/>e<span class=\"_ _3\"/>nd of th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> initial reporting per<span class=\"_ _1\"/>i<span class=\"_ _3\"/>od followi<span class=\"_ _0\"/>ng the business c<span class=\"_ _0\"/>ombination, goodwill is allocated as from the acquisition date to each of AB In<span class=\"_ _3\"/>Bev\u2019s cash<span class=\"_ _3\"/><span class=\"ff2\">-generating units that are expected to benefit </span>fr<span class=\"ls0\">om the synergies of the combination whenever a business combination occurs.  </span>2022 impairment testing AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _6\"/>completed <span class=\"_ _7\"/>its <span class=\"_ _7\"/>annual <span class=\"_ _6\"/>impairment <span class=\"_ _7\"/>test <span class=\"_ _6\"/>for <span class=\"_ _7\"/>goodwill <span class=\"_ _6\"/>and <span class=\"_ _7\"/>concluded <span class=\"_ _6\"/>that, <span class=\"_ _7\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>the <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>described below, no impairment charge was warranted. The company <span class=\"_ _1\"/>cannot predict w<span class=\"_ _1\"/>heth<span class=\"_ _3\"/>er a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> event <span class=\"_ _1\"/>that triggers <span class=\"_ _1\"/>impa<span class=\"_ _3\"/>irment <span class=\"_ _1\"/>wil<span class=\"_ _3\"/>l o<span class=\"_ _1\"/>c<span class=\"_ _3\"/>cur, when <span class=\"_ _1\"/>it will <span class=\"_ _0\"/>occur or <span class=\"_ _1\"/>how it wi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>l affect <span class=\"_ _1\"/>the<span class=\"_ _2\"/> value <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>asset <span class=\"_\"> </span>reported. <span class=\"_\"> </span>Goodwill <span class=\"_\"> </span>impair<span class=\"_ _0\"/>ment <span class=\"_\"> </span>testing <span class=\"_\"> </span>relies <span class=\"_\"> </span>on <span class=\"_\"> </span>a <span class=\"_\"> </span>number <span class=\"_\"> </span>of<span class=\"_ _1\"/> <span class=\"_ _e\"> </span>critical <span class=\"_\"> </span>judgments, <span class=\"_\"> </span>estimates <span class=\"_\"> </span>and<span class=\"_ _1\"/> assumptions. <span class=\"_ _3\"/>AB <span class=\"_ _2\"/><span class=\"ff4\">InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>estimates <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonable: <span class=\"_ _3\"/>th<span class=\"_ _3\"/>ey <span class=\"_ _3\"/>are <span class=\"_ _3\"/>co<span class=\"_ _3\"/>nsistent <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>internal </span>reporting and <span class=\"_ _1\"/>reflect management\u2019s <span class=\"_ _1\"/>best estimates. <span class=\"_ _1\"/>However, inherent <span class=\"_ _0\"/>uncertainties <span class=\"ff2\">exist, including <span class=\"_ _1\"/>the rate <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f r<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>overy <span class=\"_ _1\"/>of </span>the <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>following <span class=\"_ _2\"/>the <span class=\"_ _6\"/>COVID-19 <span class=\"_ _2\"/>pandemic, <span class=\"_ _2\"/>that <span class=\"_ _2\"/>management <span class=\"_ _2\"/>may <span class=\"_ _2\"/>not <span class=\"_ _2\"/>be <span class=\"_ _2\"/>able <span class=\"_ _6\"/>to <span class=\"_ _3\"/>control<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>If <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>current </span>assumptions <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>e<span class=\"_ _3\"/>stimates, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"> </span>projected <span class=\"_ _4\"> </span>revenues <span class=\"_ _4\"> </span>growth <span class=\"_ _8\"> </span>rates, <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompetitive <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>consumer <span class=\"_ _4\"> </span>trends, <span class=\"_ _8\"> </span>weighted average <span class=\"_ _3\"/>cost of <span class=\"_ _3\"/>capital, <span class=\"_ _3\"/>terminal <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>and ot<span class=\"_ _3\"/>her <span class=\"_ _3\"/>market <span class=\"_ _3\"/>factors, <span class=\"_ _3\"/>are n<span class=\"_ _3\"/>ot met, <span class=\"_ _3\"/>or <span class=\"_ _3\"/>if <span class=\"_ _3\"/>valuation <span class=\"_ _3\"/>factors outside <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _7\"> </span>control <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"> </span>unfavorably, <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>e<span class=\"_ _3\"/>stimated <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>goodwill <span class=\"_ _5\"> </span>could <span class=\"_ _7\"> </span>be <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>dversely <span class=\"_ _7\"/>affected, <span class=\"_ _7\"> </span>leading <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>a potential impairment in the future. The <span class=\"_ _1\"/>company <span class=\"_ _0\"/>performed <span class=\"_ _1\"/>its <span class=\"_ _1\"/>annua<span class=\"_ _3\"/>l <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>test a<span class=\"_ _1\"/>t cash-generating <span class=\"_ _1\"/>unit <span class=\"_ _1\"/>level, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>is the <span class=\"_ _f\"/>lowest <span class=\"_ _1\"/>level <span class=\"_ _0\"/>at <span class=\"_ _1\"/>which goodwill is monitored for internal management purposes.  The <span class=\"_ _2\"/>company\u2019s<span class=\"ff2\"> <span class=\"_ _2\"/>impairment <span class=\"_ _3\"/>testi<span class=\"_ _3\"/>ng <span class=\"_ _3\"/>methodology <span class=\"_ _2\"/>is <span class=\"_ _2\"/>in <span class=\"_ _3\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IAS <span class=\"_ _2\"/>36 <span class=\"_ _2\"/><span class=\"ff5\">Impai<span class=\"_ _3\"/>rment <span class=\"_ _3\"/>of <span class=\"_ _2\"/>Assets<span class=\"_ _3\"/></span>, <span class=\"_ _3\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>fair-value-</span>less-cost-<span class=\"lsc\">to<span class=\"_ _3\"/></span>-sell <span class=\"_ _2\"/>and <span class=\"_ _6\"/>value <span class=\"_ _2\"/>in <span class=\"_ _2\"/>use <span class=\"_ _6\"/>approaches <span class=\"_ _2\"/>are <span class=\"_ _2\"/>taken <span class=\"_ _6\"/>into <span class=\"_ _2\"/>consideration. <span class=\"_ _6\"/>This <span class=\"_ _2\"/>consists <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a<span class=\"_ _3\"/>pplying <span class=\"_ _2\"/>a <span class=\"_ _2\"/>discounted <span class=\"_ _6\"/>cash flow approach <span class=\"_ _1\"/>based on ac<span class=\"_ _0\"/>quisition valuation <span class=\"_ _1\"/>models for th<span class=\"_ _0\"/>e cash-g<span class=\"_ _3\"/>enerating un<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ts showi<span class=\"_ _1\"/>n<span class=\"_ _3\"/>g <span class=\"_ _1\"/>an<span class=\"_ _3\"/> invested <span class=\"_ _1\"/>capital to EBITDA<span class=\"_ _1\"/> multiple <span class=\"_ _6\"/>above <span class=\"_ _6\"/>9x <span class=\"_ _6\"/>and <span class=\"_ _2\"/>valuation <span class=\"_ _6\"/>multiples <span class=\"_ _6\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/>other <span class=\"_ _2\"/>cash<span class=\"_ _3\"/>-generating <span class=\"_ _6\"/>units. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>discounted <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>flow <span class=\"_ _2\"/>app<span class=\"_ _3\"/>roach <span class=\"_ _2\"/>was applied <span class=\"_ _3\"/>for the <span class=\"_ _3\"/>Colombia, <span class=\"_ _3\"/>Rest <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Middle Americas, <span class=\"_ _3\"/>South <span class=\"_ _3\"/>Africa, Res<span class=\"_ _3\"/>t of <span class=\"_ _3\"/>Africa <span class=\"_ _3\"/>and <span class=\"_ _3\"/>Rest o<span class=\"_ _3\"/>f Asia <span class=\"_ _3\"/>Pacific <span class=\"_ _6\"/>cash-generating<span class=\"_ _1\"/> units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash fl<span class=\"_ _0\"/>ow calculations were generally as follows:<span class=\"_ _3\"/> \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">C<span class=\"ff4\">ash <span class=\"_ _6\"/>flows <span class=\"_ _7\"/>are <span class=\"_ _6\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>AB <span class=\"_ _2\"/>InBe<span class=\"_ _3\"/>v\u2019s <span class=\"_ _6\"/>1<span class=\"_ _3\"/></span>-year <span class=\"_ _6\"/>and <span class=\"_ _6\"/>10<span class=\"_ _3\"/>-year <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a<span class=\"_ _3\"/>pproved <span class=\"_ _6\"/>by <span class=\"_ _6\"/>key <span class=\"_ _7\"/>management. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>is </span></span>prepared per cash-generating unit and is based on e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>ternal sources in respect of <span class=\"_ _0\"/>macro<span class=\"_ _3\"/>-economic assumptions, industry, inflation and foreign exchange rates, past experience and i<span class=\"_ _3\"/>dentified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cash <span class=\"_ _3\"/>flows <span class=\"_ _2\"/>after <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first <span class=\"_ _2\"/><span class=\"ls3\">10</span>-year <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ex<span class=\"_ _3\"/>trapolated <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>using <span class=\"_ _3\"/>expected <span class=\"_ _3\"/>annual <span class=\"_ _2\"/>long<span class=\"_ _3\"/>-term <span class=\"_ _3\"/>GDP <span class=\"_ _3\"/>growth </span></span>rates, based on external sources, in order to calculate the terminal value, considering se<span class=\"_ _0\"/>nsitivities <span class=\"_ _3\"/>on this metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Projections <span class=\"_ _0\"/>are <span class=\"_ _1\"/>d<span class=\"_ _3\"/>iscounted <span class=\"_ _1\"/>a<span class=\"_ _3\"/>t <span class=\"_ _1\"/>the unit's <span class=\"_ _1\"/>weighted average <span class=\"_ _1\"/>cost of <span class=\"_ _1\"/>capital (WACC), <span class=\"_ _1\"/>considering <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivities <span class=\"_ _1\"/>on this </span></span>metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cost to sell is assumed to reach 2% of the entity value based on historical precedents. </span></span>For the main cash generating units, the terminal growth rate applied generally ranged between 2% and <span class=\"_ _3\"/>6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generat<span class=\"_ _0\"/>ing unit 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Colombia 8%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Rest of Middle <span class=\"_ _0\"/>Americas 9%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>South Africa 9%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>Rest of Africa<span class=\"_ _0\"/> 15%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic 7%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Sensitivity to change in key assumptions During <span class=\"_ _1\"/>its <span class=\"_ _f\"/>val<span class=\"_ _3\"/>uation, <span class=\"_ _f\"/>the <span class=\"_ _1\"/>company <span class=\"_ _f\"/>ran<span class=\"_ _3\"/> <span class=\"_ _f\"/>sensitivity <span class=\"_ _f\"/>a<span class=\"_ _3\"/>nalysis <span class=\"_ _1\"/>for <span class=\"_ _f\"/>key <span class=\"_ _1\"/>assumptions <span class=\"_ _1\"/>including <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>weighted <span class=\"_ _1\"/>average <span class=\"_ _1\"/>cost <span class=\"_ _f\"/>of <span class=\"_ _1\"/>capital<span class=\"_ _2\"/> and the terminal <span class=\"_ _3\"/>growth rate, in particular for t<span class=\"_ _3\"/>he valuations of Colom<span class=\"_ _3\"/>bia, South Africa and Rest <span class=\"_ _3\"/>of Africa cash<span class=\"_ _6\"/>-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed <span class=\"_ _3\"/>by management during the annual impairment testing in 2022, an adverse change of 1% in <span class=\"_ _3\"/>WACC or terminal growth rate <span class=\"_ _3\"/>would not cause a c<span class=\"_ _3\"/>ash-<span class=\"ff4\">g<span class=\"_ _3\"/>enerating unit\u2019s c<span class=\"_ _3\"/></span>arrying amount to exceed its <span class=\"_ _3\"/>recoverable amount<span class=\"ls2\">. </span>Wh<span class=\"_ _1\"/>i<span class=\"_ _3\"/>le <span class=\"_ _1\"/>a<span class=\"_ _3\"/> <span class=\"_ _1\"/>change in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _1\"/>used could <span class=\"_ _1\"/>have a <span class=\"_ _f\"/>material impact <span class=\"_ _1\"/>on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>calculation of <span class=\"_ _1\"/>the <span class=\"_ _0\"/>fair <span class=\"_ _1\"/>val<span class=\"_ _3\"/>ues <span class=\"_ _1\"/>and trigger<span class=\"_ _1\"/> an impairment charge, <span class=\"_ _3\"/>the company, based on the sensitivity analysis pe<span class=\"_ _3\"/>rformed is not aware<span class=\"_ _2\"/> of any reasonably possible change <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a <span class=\"_ _2\"/>key <span class=\"_ _6\"/>assumption <span class=\"_ _3\"/>used<span class=\"_ _3\"/> <span class=\"_ _2\"/>that <span class=\"_ _2\"/>would <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ause <span class=\"_ _2\"/>a <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>generating <span class=\"_ _2\"/>unit<span class=\"_ _2\"/><span class=\"ff4\">\u2019</span>s <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>to <span class=\"_ _2\"/>exceed <span class=\"_ _2\"/>its <span class=\"_ _6\"/>recoverable amount. Although AB InBev believes that its judg<span class=\"_ _0\"/>ments, assumptions and estimates are appr<span class=\"_ _0\"/>opriate, actual results<span class=\"_ _3\"/> may differ from these estimates under different assumptions or market or macro-economic conditions. 15.<span class=\"ls0\"> <span class=\"_ _1\"/>Intangible assets   </span>31 December 31 December 2022<span class=\"_ _1\"/> 2021<span class=\"ls0\"> </span>Commercial Million US dol<span class=\"_ _0\"/>lar Brands intangibles Software Other Total Total Acquisition cost<span class=\"_ _0\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r 38 409 2 832 3 437 337<span class=\"ls0\">  </span>45 015 45 885 Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e  <span class=\"ls7\">(568)</span>  <span class=\"ls7\">(22)</span>  <span class=\"ls7\">(114)</span>  <span class=\"ls7\">(47)</span>  <span class=\"ls7\">(751)</span> (1 289) Acquisitions and<span class=\"_ _0\"/> expenditure<span class=\"_ _0\"/>s 11<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>497<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>978<span class=\"ls0\"> </span>760<span class=\"ls0\"> </span>Disposals throu<span class=\"_ _0\"/>gh sale and der<span class=\"_ _0\"/>ecognition  <span class=\"ls7\">(93)</span> (1 058)  <span class=\"ls7\">(272)</span>  <span class=\"ls7\">(15)</span> (1 437)  <span class=\"ls7\">(98)</span> Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidia<span class=\"_ _0\"/>ries - - - - -  <span class=\"ls7\">(3)</span> Transfer (to)/from<span class=\"_ _1\"/> ot<span class=\"_ _3\"/>her as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>et categories 1 <span class=\"ls7\">(19)</span> 53<span class=\"ls0\">  </span>502<span class=\"ls0\">  </span> <span class=\"ls7\">(171)</span> 365<span class=\"ls0\">  </span> <span class=\"ls7\">(240)</span> and other movemen<span class=\"_ _0\"/>ts\u00b9Balance at end<span class=\"_ _0\"/> of period 37 741 2 026 4 050 354<span class=\"ls0\">  </span>44 170 45 015 Amortization an<span class=\"_ _1\"/>d <span class=\"_ _3\"/>impair<span class=\"_ _0\"/>ment losse<span class=\"_ _0\"/>s Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r   <span class=\"ls7\">(89)</span> (2 082) (2 381)  <span class=\"ls7\">(33)</span> (4 <span class=\"ls6\">585)<span class=\"ls0\"> </span></span>(4 358) Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e 1 18<span class=\"ls0\"> </span>77<span class=\"ls0\"> </span>4 100<span class=\"ls0\"> </span>192<span class=\"ls0\"> </span>Amortization -  <span class=\"ls7\">(141)</span>  <span class=\"ls7\">(479)</span>  <span class=\"ls7\">(27)</span>  <span class=\"ls7\">(647)</span>  <span class=\"ls7\">(644)</span> Impairment<span class=\"_ _0\"/> - -  <span class=\"ls7\">(3)</span>  <span class=\"ls7\">(1)</span>  <span class=\"ls7\">(4)</span>  <span class=\"ls7\">(176)</span> Disposals throu<span class=\"_ _0\"/>gh sale and der<span class=\"_ _0\"/>ecognition - 1 058 271<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>1 339 73<span class=\"ls0\"> </span>Disposals throu<span class=\"_ _0\"/>gh the sale of sub<span class=\"_ _1\"/>sidiaries - - - - - 3 Transfer to/(fro<span class=\"_ _1\"/>m) <span class=\"_ _3\"/>other as<span class=\"_ _1\"/>s<span class=\"_ _3\"/>et categor<span class=\"_ _0\"/>ies  -  <span class=\"ls7\">(100)</span>  <span class=\"ls7\">(62)</span>  <span class=\"ls7\">(2)</span>  <span class=\"ls7\">(164)</span> 326<span class=\"ls0\"> </span>and other movemen<span class=\"_ _0\"/>ts\u00b9 Balance at end<span class=\"_ _0\"/> of period  <span class=\"ls7\">(88)</span> (1 247) (2 577)  <span class=\"ls7\">(49)</span> (3 961) (4 585) Carrying value<span class=\"_ _1\"/> at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2021 38 320 750<span class=\"ls0\"> </span>1 056 304<span class=\"ls0\"> </span>40 430 40 430 at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 37 652 779<span class=\"ls0\"> </span>1 473 305<span class=\"ls0\"> </span>40 209 In<span class=\"ls0\"> <span class=\"_ _3\"/>2022, the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>recognized <span class=\"_ _3\"/>(4)m US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>impairment on <span class=\"_ _3\"/>intangibles c<span class=\"_ _3\"/>ompared to <span class=\"_ _3\"/>(176)<span class=\"_ _3\"/>m US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>in <span class=\"_ _3\"/>2021 when </span>the <span class=\"_ _4\"> </span>company <span class=\"_ _4\"> </span>recognized <span class=\"_ _4\"> </span>an<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>following <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>cessation <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>activities<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>Bedford <span class=\"_ _4\"> </span>Systems, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>70%<span class=\"_ _2\"/>-o<span class=\"_ _3\"/>wned subsidiary of the company and joint venture with Keurig Dr. Pepper. Please r<span class=\"_ _0\"/>efer to Note 8 <span class=\"_ _3\"/><span class=\"ff5\">Non-underlying items.</span><span class=\"fs6\">   </span>AB <span class=\"_ _3\"/>In<span class=\"ff4\">Bev <span class=\"_ _2\"/>is <span class=\"_ _3\"/>the <span class=\"_ _2\"/>owner <span class=\"_ _3\"/>of <span class=\"_ _3\"/>some <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>world\u2019s <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ost <span class=\"_ _3\"/>valuable <span class=\"_ _3\"/>brands <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _3\"/>the <span class=\"_ _3\"/>beer <span class=\"_ _2\"/>industry. <span class=\"_ _3\"/>As <span class=\"_ _3\"/>a <span class=\"_ _2\"/>result, <span class=\"_ _3\"/>brands <span class=\"_ _3\"/>and <span class=\"_ _3\"/>ce<span class=\"_ _3\"/>rtain<span class=\"_ _0\"/> </span>distribution <span class=\"_ _1\"/>rights <span class=\"_ _1\"/>are <span class=\"_ _1\"/>expected <span class=\"_ _1\"/>to <span class=\"_ _1\"/>generate <span class=\"_ _1\"/>positive <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>flows for <span class=\"_ _f\"/>as <span class=\"_ _1\"/>long <span class=\"_ _1\"/>as <span class=\"_ _1\"/>the <span class=\"_ _1\"/>company <span class=\"_ _1\"/>owns th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>brands <span class=\"_ _1\"/>and <span class=\"_ _1\"/>distribution rights. Given <span class=\"_ _3\"/>AB <span class=\"ff4\">In<span class=\"_ _3\"/>Bev\u2019s more tha<span class=\"_ _3\"/>n 600<span class=\"_ _3\"/></span>-year history, <span class=\"_ _3\"/>brands and c<span class=\"_ _3\"/>ertain distribution rights <span class=\"_ _3\"/>have <span class=\"_ _3\"/>been assigned in<span class=\"_ _3\"/>definite lives.Acquisitions <span class=\"_ _3\"/>and <span class=\"_ _2\"/>expenditures <span class=\"_ _3\"/>of <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ommercial <span class=\"_ _3\"/>intangibles <span class=\"_ _3\"/>mainly <span class=\"_ _2\"/>represent <span class=\"_ _3\"/>supply <span class=\"_ _2\"/>and <span class=\"_ _3\"/>distribution <span class=\"_ _2\"/>rights, <span class=\"_ _3\"/>exclusive <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ulti<span class=\"_ _2\"/>-1year sponsorship rights and other commercial intangibles.Intangible assets with indef<span class=\"_ _0\"/>inite useful lives are <span class=\"_ _1\"/>com<span class=\"_ _3\"/>prised pr<span class=\"_ _0\"/>imarily of brands and <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ertain distribution <span class=\"_ _1\"/>ri<span class=\"_ _3\"/>ghts that AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Be<span class=\"_ _3\"/><span class=\"ls10\">v </span>purchased for <span class=\"_ _1\"/>its own <span class=\"_ _1\"/>products and <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>tested for <span class=\"_ _1\"/>impairment during <span class=\"_ _1\"/>the fourth <span class=\"_ _1\"/>quarter of the <span class=\"_ _1\"/>y<span class=\"_ _3\"/>ear <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r when<span class=\"_ _0\"/>ever a <span class=\"_ _1\"/>triggering event <span class=\"_ _3\"/>has <span class=\"_ _3\"/>occu<span class=\"_ _3\"/>rred. <span class=\"_ _3\"/>Based <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>impairment <span class=\"_ _3\"/>testing <span class=\"_ _2\"/>results, <span class=\"_ _3\"/>no <span class=\"_ _3\"/>impairment <span class=\"_ _3\"/>loss <span class=\"_ _3\"/>was<span class=\"_ _3\"/> <span class=\"_ _3\"/>allocated <span class=\"_ _3\"/>to <span class=\"_ _3\"/>intangible <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>with indefinite useful lives <span class=\"ff4\">\u2013</span> refer to Note 14 <span class=\"ff5\">Goodwill</span>. As <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>the <span class=\"_ _2\"/>carrying <span class=\"_ _6\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>intangible <span class=\"_ _2\"/>assets <span class=\"_ _2\"/>amou<span class=\"_ _3\"/>nted <span class=\"_ _2\"/>to <span class=\"_ _6\"/>40 <span class=\"_ _6\"/>209m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _2\"/>(3<span class=\"_ _3\"/>1 <span class=\"_ _2\"/>December 2021<span class=\"ls2\">: <span class=\"ls0\">4<span class=\"_ _1\"/>0<span class=\"_ _3\"/> <span class=\"_ _0\"/>430m US <span class=\"_ _1\"/>dollar) of w<span class=\"_ _1\"/>hic<span class=\"_ _3\"/>h 37 <span class=\"_ _1\"/>652m US <span class=\"_ _0\"/>dollar wa<span class=\"_ _1\"/>s<span class=\"_ _3\"/> a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>signed <span class=\"_ _0\"/>an indefinit<span class=\"_ _0\"/>e useful <span class=\"_ _1\"/>life (31 December 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>21<span class=\"ls2\">: </span>38 <span class=\"_ _1\"/>320<span class=\"ls9\">m </span></span></span>US dollar) and 2 557m US dollar a finite life (31 December 2021<span class=\"ls2\">: </span>2 110<span class=\"ls4\">m </span>US dollar). Million US dol<span class=\"_ _0\"/>lar Cash-generat<span class=\"_ _0\"/>ing unit 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>United States<span class=\"_ _0\"/> 21<span class=\"ls0\"> </span>979<span class=\"ls0\">  </span>22<span class=\"ls0\"> </span>129<span class=\"ls0\">  </span>Rest of North<span class=\"_ _0\"/> America 40<span class=\"ls0\">  </span>42<span class=\"ls0\">  </span>Mexico 3 <span class=\"ls6\">166</span>  2 <span class=\"ls6\">977</span>  Colombia 2 <span class=\"ls6\">374</span>  2 <span class=\"ls6\">870</span>  Rest of Middle <span class=\"_ _0\"/>Americas 3 <span class=\"ls6\">531</span>  3 <span class=\"ls6\">432</span>  Rest of South<span class=\"_ _1\"/> <span class=\"_ _3\"/>America 767<span class=\"ls0\">  </span>724<span class=\"ls0\">  </span>Europe 423<span class=\"ls0\">  </span>452<span class=\"ls0\">  </span>South Africa 2 <span class=\"ls6\">847</span>  3 <span class=\"ls6\">029</span>  Rest of Africa<span class=\"_ _0\"/> 1 <span class=\"ls6\">072</span>  1 <span class=\"ls6\">112</span>  China 405<span class=\"ls0\">  </span>440<span class=\"ls0\">  </span>Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic 1 <span class=\"ls6\">048</span>  1 <span class=\"ls6\">113</span>  Total carrying<span class=\"_ _0\"/> amount of int<span class=\"_ _0\"/>angible assets w<span class=\"_ _1\"/>ith indefinite useful lives 37<span class=\"ls0\"> </span>652<span class=\"ls0\">  </span>38<span class=\"ls0\"> </span>320<span class=\"ls0\">  </span>In <span class=\"ls3\">2022</span>, <span class=\"_ _1\"/>the company e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>pensed <span class=\"_ _1\"/><span class=\"ls3\">268<span class=\"ls0\">m<span class=\"_ _3\"/> US <span class=\"_ _1\"/>dollar in <span class=\"_ _1\"/>research, compared to <span class=\"_ _1\"/><span class=\"ls3\">298<span class=\"ls0\">m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar i<span class=\"_ _1\"/>n <span class=\"ls3\">2021</span>. The <span class=\"_ _1\"/>spend focused o<span class=\"_ _1\"/>n<span class=\"_ _3\"/> </span></span></span></span>product innovations, market research, as well as process optimization and produ<span class=\"_ _0\"/>ct development.<span class=\"_ _3\"/> 16.<span class=\"ls0\"> <span class=\"_ _1\"/>Investments in associa<span class=\"_ _1\"/>t<span class=\"_ _3\"/>es </span>A <span class=\"_ _7\"/>reconciliation <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>summarized <span class=\"_ _7\"> </span>financial <span class=\"_ _7\"> </span>information <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>carrying <span class=\"_ _7\"> </span>amount <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>company\u2019s <span class=\"_ _7\"> </span>interests <span class=\"_ _7\"> </span>in <span class=\"_ _6\"/>m<span class=\"_ _3\"/>aterial associates is as follows:  <span class=\"ls6\">2022</span>  <span class=\"ls6\">2021</span> AB <span class=\"ls0\">InBev </span>Anadolu AB InBev Anadolu Million US dol<span class=\"_ _0\"/>lar Efes Castel Efes Efes Castel Efes . Balance at 1 Jan<span class=\"_ _1\"/>uary 1 <span class=\"ls6\">143</span>  3 <span class=\"ls6\">400</span>  201<span class=\"ls0\">  </span>1 <span class=\"ls6\">135</span>  3 <span class=\"ls6\">566</span>  391<span class=\"ls0\">  </span>Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(172)<span class=\"ls0\"> </span>(57)<span class=\"ls0\"> </span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(246)<span class=\"ls0\"> </span>(159)<span class=\"ls0\"> </span>Dividends recei<span class=\"_ _0\"/>ved             -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(87)<span class=\"ls0\"> </span>(14)<span class=\"ls0\"> </span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(36)<span class=\"ls0\"> </span>(67)<span class=\"ls0\"> </span>Share of results<span class=\"_ _1\"/> <span class=\"_ _3\"/>of associa<span class=\"_ _0\"/>tes            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>152<span class=\"ls0\">  </span>41<span class=\"ls0\">  </span>7  116<span class=\"ls0\">  </span>35<span class=\"ls0\">  </span>Non-unde<span class=\"_ _0\"/>rlying share of resul<span class=\"_ _0\"/>ts of asso<span class=\"_ _0\"/>ciates (1<span class=\"ls0\"> <span class=\"ls6\">143)</span> </span>           -<span class=\"ls15\">   </span>            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>Balance at 31 Dec<span class=\"_ _0\"/>ember                -  3 <span class=\"ls6\">293</span>  171<span class=\"ls0\">  </span>1 <span class=\"ls6\">143</span>  3 <span class=\"ls6\">400</span>  201<span class=\"ls0\">  </span>Summarized financial information of the company\u2019s material associates i<span class=\"_ _0\"/>s as follows:<span class=\"_ _3\"/><span class=\"ff2 fs6\"> <span class=\"fs3\"> </span> <span class=\"fs3\">  </span></span> <span class=\"ls6\">2022</span>  <span class=\"ls6\">2021</span> Million US dol<span class=\"_ _0\"/>lar Castel Anadolu Efes AB <span class=\"ls0\">InBev Efes </span>Castel Anadolu Efes<span class=\"_ _0\"/> . Current assets          3 <span class=\"ls6\">399</span>           2 <span class=\"ls6\">973</span>   <span class=\"ls6\">385</span> 3 016 1 500 Non-curren<span class=\"_ _0\"/>t assets          3 <span class=\"ls6\">679</span>           4 <span class=\"ls6\">654</span>   <span class=\"ls6\">624</span> 3 923 3 157 Current liabilities<span class=\"_ _0\"/>        (1 803)        (2 581)           <span class=\"ls7\">(693)</span>        (1 774)        (1 259) Non-curren<span class=\"_ _0\"/>t liabilities           <span class=\"ls7\">(439)</span>        (1 767)             <span class=\"ls7\">(42)</span>           <span class=\"ls7\">(499)</span>        (1 218) Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests           <span class=\"ls7\">(564)</span>        (1 789)                 -            <span class=\"ls7\">(543)</span>        (1 128) \u00b9Net assets         4 <span class=\"ls6\">272</span>           1 <span class=\"ls6\">490</span>   <span class=\"ls6\">274</span> 4 124 1 053 . Revenue          4 <span class=\"ls6\">942</span>           4 <span class=\"ls6\">222</span>  1 393 5 017 3 781 Profit (loss)             <span class=\"ls6\">767</span>              <span class=\"ls6\">287</span>   1  <span class=\"ls6\">741</span>  <span class=\"ls6\">275</span> Other comprehe<span class=\"_ _0\"/>nsive income<span class=\"_ _1\"/> <span class=\"_ _3\"/>(loss)               <span class=\"ls6\">74</span>           1 <span class=\"ls6\">503</span>                  -            <span class=\"ls7\">(295)</span>  <span class=\"ls6\">241</span> Total comprehens<span class=\"_ _1\"/>iv<span class=\"_ _3\"/>e income (lo<span class=\"_ _1\"/>ss)             <span class=\"ls6\">841</span>           1 <span class=\"ls6\">790</span>  1 447<span class=\"ls0\"> </span>516<span class=\"ls0\"> </span>In 2022, <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>reported a <span class=\"_ _1\"/>(1 143)m <span class=\"_ _0\"/>US <span class=\"_ _1\"/>dollar non-underlying <span class=\"_ _1\"/>sha<span class=\"_ _3\"/>re <span class=\"_ _1\"/>of results <span class=\"_ _1\"/>of associates <span class=\"_ _0\"/>related <span class=\"_ _1\"/>to its <span class=\"_ _1\"/>investment in AB <span class=\"_ _3\"/>InBev Efes<span class=\"_ _3\"/> (for <span class=\"_ _3\"/>more details <span class=\"_ _3\"/>refer to <span class=\"_ _3\"/>Note 4 <span class=\"_ _3\"/><span class=\"ff5\">Use <span class=\"_ _3\"/>of estimates <span class=\"_ _3\"/>and judgments<span class=\"_ _3\"/></span> and <span class=\"_ _3\"/>Note 8 <span class=\"_ _3\"/><span class=\"ff5\">Non-underlying items)</span>. <span class=\"_ _3\"/>As of 31 December 2022, the investment has been classified as non-<span class=\"lsf\">cu</span>rrent asset held for sale. In<span class=\"ls0\"> 2022, associates that are n<span class=\"_ _1\"/>o<span class=\"_ _3\"/>t individually material contributed<span class=\"_ _0\"/> <span class=\"_ _3\"/><span class=\"ls3\">106</span>m US dollar<span class=\"_ _0\"/> to the results of<span class=\"_ _0\"/> investment in associates<span class=\"_ _0\"/> </span>(31 December 2021<span class=\"ls2\">: <span class=\"ls3\">90</span></span>m US dollar). Following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>entry <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>Turkey <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>a <span class=\"_ _2\"/>hyperinflation <span class=\"_ _2\"/>economy <span class=\"_ _2\"/>in <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>accounted <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of <span class=\"_ _6\"/>result <span class=\"_ _3\"/>of <span class=\"_ _6\"/>its Turkish a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociate <span class=\"_ _1\"/>Anadolu Efe<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>at the De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember <span class=\"_ _1\"/>closing rate <span class=\"_ _1\"/>(18.718236 Turkish <span class=\"_ _f\"/>l<span class=\"_ _3\"/>ira <span class=\"_ _1\"/>per US <span class=\"_ _1\"/>dollar) <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nstead <span class=\"_ _1\"/>of<span class=\"_ _3\"/> <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>average rate. Additional information related to the significant associates is presented in Note 33 <span class=\"ff5\">AB InBev Companies</span>. 17.<span class=\"ls0\"> <span class=\"_ _1\"/>Deferred tax assets<span class=\"_ _1\"/> <span class=\"_ _3\"/>and liabilities<span class=\"_ _1\"/> </span>The amount of deferred tax assets and liabilities by type of temporary differenc<span class=\"_ _0\"/>e can be detailed as follows:<span class=\"_ _3\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Million US dol<span class=\"_ _0\"/>lar Assets Liabilities Net Assets Liabilities Net Property, plant an<span class=\"_ _0\"/>d equipmen<span class=\"_ _0\"/>t 191<span class=\"ls0\">  </span>(2 <span class=\"ls6\">071)<span class=\"ls0\"> </span></span>(1 880) 91<span class=\"ls0\"> </span>(2 113) (2 023) Intangible asset<span class=\"_ _1\"/>s 89<span class=\"ls0\">  </span>(9 582) (9 492) 60<span class=\"ls0\"> </span>(9 796) (9 736) Inventories 102<span class=\"ls0\">  </span> <span class=\"ls7\">(90)</span> 12<span class=\"ls0\">  </span>88<span class=\"ls0\"> </span> <span class=\"ls7\">(66)</span> 22<span class=\"ls0\"> </span>Trade and other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s 51<span class=\"ls0\">  </span>- 51<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>- 48<span class=\"ls0\"> </span>Interest-bearing<span class=\"_ _0\"/> loans and borr<span class=\"_ _0\"/>owings 852<span class=\"ls0\">  </span> <span class=\"ls7\">(657)</span> 195<span class=\"ls0\">  </span>905<span class=\"ls0\"> </span> <span class=\"ls7\">(628)</span> 277<span class=\"ls0\"> </span>Employee benefi<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 433<span class=\"ls0\">  </span> <span class=\"ls7\">(9)</span> 423<span class=\"ls0\">  </span>577<span class=\"ls0\"> </span> <span class=\"ls7\">(8)</span> 569<span class=\"ls0\"> </span>Provisions 533<span class=\"ls0\">  </span> <span class=\"ls7\">(56)</span> 477<span class=\"ls0\">  </span>511<span class=\"ls0\"> </span> <span class=\"ls7\">(19)</span> 492<span class=\"ls0\"> </span>Derivatives 51<span class=\"ls0\">  </span> <span class=\"ls7\">(61)</span>  <span class=\"ls7\">(10)</span> 11<span class=\"ls0\"> </span> <span class=\"ls7\">(118)</span> (107)<span class=\"ls0\"> </span>Other items 532<span class=\"ls0\">  </span>(1 166)  <span class=\"ls7\">(634)</span> 407<span class=\"ls0\"> </span>(1 198) (792)<span class=\"ls0\"> </span>Loss carry forwar<span class=\"_ _0\"/>ds 1 341 - 1 341 1 015 - 1 015 Gross deferred tax<span class=\"_ _1\"/> assets/(liabilities) 4 175 (13 693) (9 518) 3 713 (13 947) (10 235) Netting by tax<span class=\"_ _1\"/>abl<span class=\"_ _3\"/>e entity (1 874) 1 874 - (1 743) 1 743 - Net deferred tax<span class=\"_ _0\"/> assets/(liabi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ities) 2 300 (11 817) (9 518) 1 969 (12 204) (10 235) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed a<span class=\"_ _0\"/>s follows:<span class=\"_ _3\"/> Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Balance at 1 Jan<span class=\"_ _1\"/>uary (10 235) (10 607) Recognized in pro<span class=\"_ _1\"/>f<span class=\"_ _3\"/>it or loss 701<span class=\"ls0\">  </span>348<span class=\"ls0\">  </span>Recognized in other<span class=\"_ _0\"/> compre<span class=\"_ _0\"/>hensive income  <span class=\"ls7\">(177)</span>  <span class=\"ls7\">(166)</span> Other movement<span class=\"_ _0\"/>s and effect o<span class=\"_ _1\"/>f<span class=\"_ _3\"/> chan<span class=\"_ _0\"/>ges in foreign e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>change ra<span class=\"_ _0\"/>tes 193<span class=\"ls0\">  </span>190<span class=\"ls0\">  </span>Balance at 31 Dec<span class=\"_ _0\"/>ember (9 518) (10 235) Most <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>temporary <span class=\"_ _3\"/>differences <span class=\"_ _3\"/>are rela<span class=\"_ _3\"/>ted to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>adjustment <span class=\"_ _3\"/>on <span class=\"_ _3\"/>intangible <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>with <span class=\"_ _3\"/>indefinite <span class=\"_ _3\"/>useful <span class=\"_ _3\"/>lives and property, <span class=\"_ _3\"/>plant and <span class=\"_ _3\"/>equipment acquired <span class=\"_ _3\"/>through business combinations. <span class=\"_ _3\"/>The realization of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>temporary differences on <span class=\"_ _7\"/>intangible <span class=\"_ _7\"> </span>assets <span class=\"_ _7\"> </span>acquired <span class=\"_ _7\"/>through<span class=\"_ _3\"/> <span class=\"_ _7\"/>business <span class=\"_ _7\"/>combinations <span class=\"_ _7\"/>is <span class=\"_ _7\"/>unlikely <span class=\"_ _7\"/>to <span class=\"_ _7\"/>revert <span class=\"_ _7\"/>within <span class=\"_ _7\"/>12 <span class=\"_ _7\"/>months <span class=\"_ _7\"/>as <span class=\"_ _7\"/>they <span class=\"_ _7\"/>would <span class=\"_ _7\"/>be realized <span class=\"_ _3\"/>upon <span class=\"_ _3\"/>impairment <span class=\"_ _3\"/>or <span class=\"_ _3\"/>disposal<span class=\"_ _3\"/> o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>these <span class=\"_ _3\"/>intangibles <span class=\"_ _3\"/>which <span class=\"_ _3\"/>is <span class=\"_ _3\"/>c<span class=\"_ _3\"/>urrently <span class=\"_ _3\"/>not <span class=\"_ _3\"/>expected. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>n<span class=\"_ _3\"/>et <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>liabilities attributable <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _7\"/>US <span class=\"_ _7\"/>business <span class=\"_ _6\"/>and <span class=\"_ _7\"/>mainly <span class=\"_ _7\"/>related <span class=\"_ _6\"/>to <span class=\"_ _7\"/>purchase <span class=\"_ _7\"/>price <span class=\"_ _6\"/>accounting <span class=\"_ _7\"/>amount <span class=\"_ _6\"/>to <span class=\"_ _5\"> </span>6.4 <span class=\"_ _7\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar <span class=\"_ _7\"/>as <span class=\"_ _6\"/>of  31 December 2022. As <span class=\"_ _6\"/>of <span class=\"_ _7\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>202<span class=\"_ _3\"/>2, <span class=\"_ _6\"/>deferred <span class=\"_ _7\"/>taxes <span class=\"_ _6\"/>of <span class=\"_ _7\"/>11.0 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _6\"/>(31 <span class=\"_ _6\"/>December <span class=\"_ _7\"/>2021: <span class=\"_ _7\"/>6.9 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar) <span class=\"_ _6\"/>were <span class=\"_ _6\"/>not recognized on a series of ta<span class=\"_ _0\"/>x attributes. The tax attributes for <span class=\"_ _0\"/>which no deferred tax asset was recognized a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ount to <span class=\"_ _3\"/>44.5 billion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompared <span class=\"_ _3\"/>to <span class=\"_ _2\"/>27.9<span class=\"_ _3\"/> <span class=\"_ _3\"/>billion <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>Dec<span class=\"_ _3\"/>ember <span class=\"_ _3\"/>2021 <span class=\"_ _2\"/>and <span class=\"_ _2\"/>include <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>losses <span class=\"_ _3\"/>carry<span class=\"_ _3\"/> <span class=\"_ _3\"/>forward <span class=\"_ _2\"/>either confirmed or<span class=\"_ _0\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ulting <span class=\"_ _1\"/>from tax <span class=\"_ _1\"/>pos<span class=\"_ _3\"/>itions <span class=\"_ _1\"/>under dispute, <span class=\"_ _1\"/>capital losses, <span class=\"_ _1\"/>foreign <span class=\"_ _0\"/>and withh<span class=\"_ _0\"/>olding <span class=\"_ _0\"/>tax c<span class=\"_ _1\"/>re<span class=\"_ _3\"/>dits, <span class=\"_ _1\"/>excess dividend<span class=\"_ _3\"/> received <span class=\"_ _1\"/>deduction, e<span class=\"_ _0\"/>xcess <span class=\"_ _1\"/>interest <span class=\"_ _0\"/>carry <span class=\"_ _1\"/>forward, <span class=\"_ _0\"/>amongst <span class=\"_ _1\"/>others. 42.7 <span class=\"_ _0\"/>billion <span class=\"_ _1\"/>US <span class=\"_ _0\"/>dollar <span class=\"_ _1\"/>of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ese <span class=\"_ _1\"/>tax attribu<span class=\"_ _0\"/>tes do<span class=\"_ _0\"/> <span class=\"_ _1\"/>not ha<span class=\"_ _0\"/>ve an expiration <span class=\"_ _3\"/>date, 0.1 bi<span class=\"_ _3\"/>llion US dollar, <span class=\"_ _3\"/>0.2 billion US <span class=\"_ _3\"/>dollar and <span class=\"_ _3\"/>0.2 billion US d<span class=\"_ _3\"/>ollar expire within respectively <span class=\"_ _3\"/>1, 2 and 3 years, <span class=\"_ _5\"> </span>while <span class=\"_ _5\"> </span>1.4 <span class=\"_ _5\"> </span>billion <span class=\"_ _5\"> </span>US <span class=\"_ _5\"> </span>dollar <span class=\"_ _5\"> </span>have <span class=\"_ _5\"> </span>an <span class=\"_ _5\"> </span>expiration <span class=\"_ _5\"> </span>date <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>m<span class=\"_ _3\"/>ore <span class=\"_ _5\"> </span>than <span class=\"_ _7\"> </span>3 <span class=\"_ _5\"> </span>y<span class=\"_ _3\"/>ears. <span class=\"_ _7\"> </span>Deferred <span class=\"_ _5\"> </span>tax <span class=\"_ _5\"> </span>assets <span class=\"_ _5\"> </span>have <span class=\"_ _5\"> </span>not <span class=\"_ _5\"> </span>been recognized <span class=\"_ _3\"/>on <span class=\"_ _3\"/>these <span class=\"_ _3\"/>items <span class=\"_ _3\"/>b<span class=\"_ _3\"/>ecause <span class=\"_ _3\"/>these <span class=\"_ _3\"/>are <span class=\"_ _3\"/>either <span class=\"_ _3\"/>contingent <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>or <span class=\"_ _2\"/>it <span class=\"_ _3\"/>is <span class=\"_ _3\"/>not <span class=\"_ _3\"/>probable <span class=\"_ _3\"/>that <span class=\"_ _2\"/>future taxa<span class=\"_ _3\"/>ble <span class=\"_ _3\"/>profits <span class=\"_ _3\"/>will be available a<span class=\"_ _0\"/>gainst which th<span class=\"_ _1\"/>ese tax losses and <span class=\"_ _1\"/>d<span class=\"_ _3\"/>eductible t<span class=\"_ _0\"/>emporary differences <span class=\"_ _1\"/>can be utilized <span class=\"_ _0\"/>and the <span class=\"_ _0\"/>company has <span class=\"_ _0\"/>no tax planning strategy currently in place to utilize these tax losses and deductible te<span class=\"_ _1\"/>m<span class=\"_ _3\"/>porary differences.<span class=\"_ _3\"/> 18.<span class=\"ls0\"> <span class=\"_ _1\"/>Inventories </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Prepayments 87<span class=\"ls0\">  </span>115<span class=\"ls0\">  </span>Raw materials and<span class=\"_ _0\"/> consumable<span class=\"_ _1\"/>s  3 <span class=\"ls6\">851</span>   3 <span class=\"ls6\">072</span>  Work in progr<span class=\"_ _1\"/>es<span class=\"_ _3\"/>s 529<span class=\"ls0\">  </span>451<span class=\"ls0\">  </span>Finished goods<span class=\"_ _1\"/>  1 <span class=\"ls6\">837</span>   1 <span class=\"ls6\">537</span>  Goods purcha<span class=\"_ _0\"/>sed for resale 308<span class=\"ls0\">  </span>224<span class=\"ls0\">  </span>Inventories  6 <span class=\"ls6\">612</span>   5 <span class=\"ls6\">399</span>  Inventories other<span class=\"_ _1\"/> than work in progress Inventories sta<span class=\"_ _0\"/>ted at net rea<span class=\"_ _0\"/>lizable value 395<span class=\"ls0\">  </span>368<span class=\"ls0\">  </span>The cost of inventories recognized as an<span class=\"_ _1\"/> exp<span class=\"_ _3\"/>ense in 2022 amounts to 26 305m US dollar, in<span class=\"_ _0\"/>cluded in cost of sales (2021<span class=\"lsc\">: </span>23 <span class=\"_ _7\"/>097m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar). <span class=\"_ _6\"/>Impai<span class=\"_ _3\"/>rment <span class=\"_ _6\"/>losses <span class=\"_ _6\"/>o<span class=\"_ _3\"/>n <span class=\"_ _6\"/>inventories <span class=\"_ _7\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _5\"> </span>2022 <span class=\"_ _6\"/>amount <span class=\"_ _7\"/>to <span class=\"_ _7\"/>148m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar <span class=\"_ _6\"/>(<span class=\"ls3\">2021<span class=\"ls2\">: <span class=\"_ _7\"/><span class=\"ls8\">91</span></span></span>m <span class=\"_ _7\"/>US dollar).<span class=\"fs6\"> </span>19.<span class=\"ls0\"> <span class=\"_ _1\"/>Trade and other rece<span class=\"_ _1\"/>ivables </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Cash deposit<span class=\"_ _1\"/>s<span class=\"_ _3\"/> for guaran<span class=\"_ _0\"/>tees 189<span class=\"ls0\">  </span>168<span class=\"ls0\">  </span>Loans to custo<span class=\"_ _1\"/>mers               <span class=\"ls6\">10</span>                <span class=\"ls6\">17</span>  Tax receivable, o<span class=\"_ _1\"/>t<span class=\"_ _3\"/>her than<span class=\"_ _0\"/> income tax             <span class=\"ls6\">137</span>              <span class=\"ls6\">116</span>  Brazilian tax cre<span class=\"_ _0\"/>dits and intere<span class=\"_ _1\"/>st <span class=\"_ _3\"/>receivables 1 <span class=\"ls6\">149</span>              <span class=\"ls6\">960</span>  Trade and other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s             <span class=\"ls6\">298</span>              <span class=\"ls6\">319</span>  Non-current trade a<span class=\"_ _1\"/>nd other receivables 1 <span class=\"ls6\">782</span>  1 <span class=\"ls6\">580</span>  Trade receivable<span class=\"_ _1\"/>s and accrued income 3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">465</span>  Interest receivable<span class=\"_ _1\"/>s               <span class=\"ls6\">67</span>                <span class=\"ls6\">18</span>  Tax receivable, o<span class=\"_ _1\"/>t<span class=\"_ _3\"/>her than<span class=\"_ _0\"/> income tax             <span class=\"ls6\">444</span>              <span class=\"ls6\">593</span>  Loans to custo<span class=\"_ _1\"/>mers               <span class=\"ls6\">71</span>                <span class=\"ls6\">99</span>  Prepaid expen<span class=\"_ _1\"/>s<span class=\"_ _3\"/>es             <span class=\"ls6\">410</span>              <span class=\"ls6\">350</span>  Other receivables             <span class=\"ls6\">702</span>              <span class=\"ls6\">521</span>  Current trade an<span class=\"_ _1\"/>d <span class=\"_ _3\"/>other receiva<span class=\"_ _1\"/>bles 5 <span class=\"ls6\">330</span>  5 <span class=\"ls6\">046</span>  Ambev\u2019s <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>credits <span class=\"_ _2\"/>and <span class=\"_ _2\"/>i<span class=\"_ _3\"/>nterest <span class=\"_ _2\"/>receivables <span class=\"_ _2\"/>are <span class=\"_ _6\"/>expected <span class=\"_ _2\"/>to <span class=\"_ _2\"/>be<span class=\"_ _3\"/> <span class=\"_ _2\"/>collected <span class=\"_ _7\"/><span class=\"ff2\">over <span class=\"_ _2\"/>a <span class=\"_ _2\"/>pe<span class=\"_ _3\"/>riod <span class=\"_ _2\"/>exceeding <span class=\"_ _2\"/>12 <span class=\"_ _6\"/>months <span class=\"_ _2\"/>after <span class=\"_ _2\"/>the </span>reporting date. <span class=\"_ _1\"/>As of <span class=\"_ _1\"/>3<span class=\"_ _3\"/>1 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>22, t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e tot<span class=\"_ _0\"/>al amount <span class=\"_ _1\"/>of such <span class=\"_ _1\"/>credits<span class=\"_ _3\"/> <span class=\"_ _1\"/>and interest re<span class=\"_ _1\"/>c<span class=\"_ _3\"/>eivables re<span class=\"_ _0\"/>presented <span class=\"_ _3\"/>1 149m <span class=\"_ _1\"/>US dollar (31 December 2021: <span class=\"ls8\">960<span class=\"_ _3\"/></span>m US dollar). Refer to Note 11 <span class=\"ff5\">Finance cost and income</span> for more details.  The carrying <span class=\"_ _0\"/>amount of<span class=\"_ _1\"/> trade and other <span class=\"_ _1\"/>receivables is a <span class=\"_ _1\"/>good approximation <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the<span class=\"_ _0\"/>ir fair <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alue a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> the <span class=\"_ _1\"/>impact of discounting<span class=\"_ _1\"/> is <span class=\"_ _3\"/>not <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ignificant. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>ageing <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>current <span class=\"_ _3\"/>trade <span class=\"_ _3\"/>receivables <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>accrued <span class=\"_ _3\"/>income, <span class=\"_ _3\"/>interest <span class=\"_ _3\"/>receivable, <span class=\"_ _3\"/>oth<span class=\"_ _3\"/>er<span class=\"_ _2\"/> <span class=\"_ _3\"/>receivables and current and non-current loans to customers can be detailed as follows for 2022 <span class=\"ls3\">and</span> 2021 respectively:<span class=\"fs6\"> </span> Of which not i<span class=\"_ _0\"/>mpaired as of the<span class=\"_ _1\"/> reporting  Of which: neither date and past due<span class=\"_ _1\"/> Net carrying impaired nor amount as of<span class=\"_ _0\"/>  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2022<span class=\"ls0\"> </span>date 30 days and 59 days and 89 days days Trade receivable<span class=\"_ _1\"/>s and accrued 3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">418</span>  151<span class=\"ls0\">  </span>41<span class=\"ls0\">  </span>24<span class=\"ls0\">  </span>4  income Loans to custo<span class=\"_ _1\"/>mers 81<span class=\"ls0\">  </span>78<span class=\"ls0\">  </span>1  1  1  - Interest receivable<span class=\"_ _1\"/> 67<span class=\"ls0\">  </span>67<span class=\"ls0\">  </span>- - - - Other receivables 702<span class=\"ls0\">  </span>684<span class=\"ls0\">  </span>11<span class=\"ls0\">  </span>4  3  - 4 <span class=\"ls6\">487</span>  4 <span class=\"ls6\">247</span>  162<span class=\"ls0\">  </span>46<span class=\"ls0\">  </span>28<span class=\"ls0\">  </span>4  Of which not i<span class=\"_ _0\"/>mpaired as of the<span class=\"_ _1\"/> reporting  Of which: neither date and past due<span class=\"_ _1\"/> Net carrying impaired nor amount as of<span class=\"_ _0\"/>  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2021<span class=\"ls0\"> </span>date 30 days and 59 days and 89 days days Trade receivable<span class=\"_ _1\"/>s and accrued 3 <span class=\"ls6\">465</span>  3 <span class=\"ls6\">223</span>  164<span class=\"ls0\">  </span>62<span class=\"ls0\">  </span>11<span class=\"ls0\">  </span>5  income Loans to custo<span class=\"_ _1\"/>mers 117<span class=\"ls0\">  </span>83<span class=\"ls0\">  </span>2  2  31<span class=\"ls0\">  </span>- Interest receivable<span class=\"_ _1\"/> 18<span class=\"ls0\">  </span>18<span class=\"ls0\">  </span>- - - - Other receivables 521<span class=\"ls0\">  </span>513<span class=\"ls0\">  </span>2  1  2  3  4 <span class=\"ls6\">120</span>  3 <span class=\"ls6\">836</span>  167<span class=\"ls0\">  </span>65<span class=\"ls0\">  </span>44<span class=\"ls0\">  </span>8  The above analysis of the age of fi<span class=\"_ _3\"/>nancial assets <span class=\"_ _3\"/>that are past due as at <span class=\"_ _3\"/>the reporting date but not impaired also includes non<span class=\"ls0\">-current loan<span class=\"_ _0\"/>s to <span class=\"_ _1\"/>custo<span class=\"_ _3\"/>mers. Pa<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t due <span class=\"_ _1\"/>amounts were not <span class=\"_ _1\"/>impaired when c<span class=\"_ _0\"/>ollection is <span class=\"_ _1\"/>still considered likely,<span class=\"_ _0\"/> for <span class=\"_ _0\"/>instance </span>because <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>amounts <span class=\"_ _1\"/>c<span class=\"_ _3\"/>an <span class=\"_ _1\"/>be <span class=\"_ _0\"/>recovered <span class=\"_ _1\"/>from <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>authorit<span class=\"_ _3\"/>ies, <span class=\"_ _1\"/>AB InBe<span class=\"_ _0\"/>v <span class=\"_ _1\"/>has suf<span class=\"_ _0\"/>ficient <span class=\"_ _1\"/>collateral, or<span class=\"_ _1\"/> the <span class=\"_ _1\"/>customer <span class=\"_ _1\"/>entered into <span class=\"_ _3\"/>a payme<span class=\"_ _3\"/>nt plan. <span class=\"_ _3\"/>Impairment losses <span class=\"_ _3\"/>on <span class=\"_ _3\"/>trade and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>receivables recognized <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _3\"/>the <span class=\"_ _3\"/>year ended <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 amount to <span class=\"ls3\">38</span>m US dollar (2021: <span class=\"ls3\">36</span>m US dollar).  AB <span class=\"_ _4\"> </span>InBev\u2019s <span class=\"_ _8\"> </span>exposure <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>redit, <span class=\"_ _4\"> </span>currency <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>i<span class=\"_ _3\"/>nterest <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>risks <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>di<span class=\"_ _3\"/>sclosed <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _4\"> </span>Note <span class=\"_\"> </span>27 <span class=\"_ _4\"> </span>Risks <span class=\"_ _8\"> </span>arising <span class=\"_ _5\"> </span>from <span class=\"_ _8\"> </span>financial instruments<span class=\"ff2\">. </span>20.<span class=\"ls0\"> <span class=\"_ _1\"/>Cash and cash equiva<span class=\"_ _1\"/>lents and investmen<span class=\"_ _0\"/>t securities </span>Million US dol<span class=\"_ _0\"/>lar  31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Short-term bank depo<span class=\"_ _1\"/>sits          4 <span class=\"ls6\">685</span>           6 <span class=\"ls6\">542</span>  Cash and bank a<span class=\"_ _1\"/>cc<span class=\"_ _3\"/>ounts          5 <span class=\"ls6\">288</span>           4 <span class=\"ls6\">505</span>  Treasury Bills                 -           1 <span class=\"ls6\">050</span>  Cash and cash<span class=\"_ _0\"/> equivalents          9 <span class=\"ls6\">973</span>         <span class=\"ls6\">12</span> <span class=\"ls6\">097</span>  . Bank overdrafts<span class=\"_ _0\"/>             <span class=\"ls7\">(83)</span>             <span class=\"ls7\">(53)</span> Cash and cash<span class=\"_ _0\"/> equivalents<span class=\"_ _1\"/> <span class=\"_ _3\"/>in the st<span class=\"_ _0\"/>atement of cas<span class=\"_ _1\"/>h <span class=\"_ _3\"/>flows          9 <span class=\"ls6\">890</span>         <span class=\"ls6\">12</span> <span class=\"ls6\">043</span>  The company's <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nvestment in <span class=\"_ _1\"/>Treasury Bills as <span class=\"_ _1\"/>at <span class=\"_ _3\"/>31 December 2<span class=\"_ _0\"/>021 was to <span class=\"_ _1\"/>facilitate liquidity and <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r capita<span class=\"_ _0\"/>l preservation. The <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>outstanding <span class=\"_ _2\"/>as <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2022 <span class=\"_ _2\"/>includes <span class=\"_ _2\"/>restricted <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>for <span class=\"_ _6\"/>an <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _2\"/><span class=\"ls3\">73</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>(31 <span class=\"_ _2\"/>December 2021<span class=\"ls2\">: <span class=\"_ _6\"/><span class=\"ls8\">78<span class=\"ls0\">m<span class=\"_ _3\"/> <span class=\"_ _6\"/>US <span class=\"_ _6\"/>d<span class=\"_ _3\"/>ollar). <span class=\"_ _6\"/>This <span class=\"_ _7\"/>restricted <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>relates <span class=\"_ _7\"/>to <span class=\"_ _6\"/>an <span class=\"_ _6\"/>outstanding<span class=\"_ _3\"/> <span class=\"_ _6\"/>consideration <span class=\"_ _6\"/>payable <span class=\"_ _6\"/>to <span class=\"_ _7\"/>former <span class=\"_ _6\"/>Anheuser<span class=\"_ _2\"/>-Busch </span></span></span>shareholders <span class=\"_ _3\"/>that <span class=\"_ _2\"/>have <span class=\"_ _3\"/>not <span class=\"_ _3\"/>yet <span class=\"_ _3\"/>c<span class=\"_ _3\"/>laimed <span class=\"_ _3\"/>the <span class=\"_ _3\"/>proceeds <span class=\"_ _2\"/>from <span class=\"_ _3\"/>the <span class=\"_ _3\"/>2<span class=\"_ _3\"/>008 <span class=\"_ _6\"/>combination <span class=\"_ _3\"/>(1m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dollar) <span class=\"_ _2\"/>and <span class=\"_ _3\"/>amounts <span class=\"_ _3\"/>de<span class=\"_ _3\"/>posited<span class=\"_ _0\"/> on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (<span class=\"_ _3\"/><span class=\"ls3\">72</span>m US dollar<span class=\"ls5\">).</span>  <span class=\"ff1 fc6\">Investment securities </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s <span class=\"_ _3\"/>             <span class=\"ls6\">149</span>              <span class=\"ls6\">139</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">26</span>                <span class=\"ls6\">22</span>  Non-current inve<span class=\"_ _0\"/>stments              <span class=\"ls6\">175</span>              <span class=\"ls6\">161</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  Current invest<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ents                <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  As <span class=\"_ _3\"/>at 31 <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>current debt <span class=\"_ _3\"/>securities of <span class=\"_ _2\"/><span class=\"ls3\">97</span>m US <span class=\"_ _3\"/>dollar ma<span class=\"_ _3\"/>inly represented in<span class=\"_ _3\"/>vestments in government <span class=\"_ _3\"/>bonds (31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2021: <span class=\"_ _7\"/>374m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar). <span class=\"_ _7\"/>The <span class=\"_ _7\"> </span><span class=\"ff4\">c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/>investments <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>such <span class=\"_ _7\"/>short</span>-term <span class=\"_ _7\"/>debt <span class=\"_ _7\"/>securities <span class=\"_ _7\"/>are <span class=\"_ _7\"/>primarily <span class=\"_ _6\"/>to facilitate liquidity and for capital preservation. 21.<span class=\"ls0\"> <span class=\"_ _1\"/>Changes in equity<span class=\"_ _0\"/> and earnings pe<span class=\"_ _1\"/>r <span class=\"_ _3\"/>share<span class=\"_ _0\"/> </span>STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2022:<span class=\"fs6\"> </span> Issued capital Issued capital<span class=\"_ _0\"/> Million shares Million US dol<span class=\"_ _0\"/>lar At the end of the pr<span class=\"_ _1\"/>evious year 2 <span class=\"ls6\">019</span>  1 <span class=\"ls6\">736</span>  Changes during<span class=\"_ _0\"/> the period - - 2 <span class=\"ls6\">019</span>  1 <span class=\"ls6\">736</span>  Of which:    <span class=\"ls0\">Ordina<span class=\"_ _0\"/>ry shares </span>1 <span class=\"ls6\">737</span>     <span class=\"ls0\">Restri<span class=\"_ _0\"/>cted share<span class=\"_ _0\"/>s </span>282<span class=\"ls0\">  </span>Result on the use<span class=\"_ _1\"/> of Treasury shares<span class=\"_ _1\"/> treasury shares Treasury shares<span class=\"_ _1\"/> Million shares Million US dol<span class=\"_ _0\"/>lar Million US dol<span class=\"_ _0\"/>lar At <span class=\"ls0\">the end<span class=\"_ _1\"/> <span class=\"_ _3\"/>of the previou<span class=\"_ _1\"/>s y<span class=\"_ _3\"/>ear </span>38.2  (3 994) (4 366) Changes during<span class=\"_ _0\"/> the period (2.8) 289<span class=\"ls0\">  </span>(193)<span class=\"ls0\"> </span>At the end of the<span class=\"_ _1\"/> current period 35.5  (3 706) (4 559) As at <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>the share c<span class=\"_ _3\"/>apital of AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>amounts to <span class=\"_ _3\"/>1 2<span class=\"_ _3\"/>38 608 <span class=\"_ _3\"/>344.12 euro (1 <span class=\"_ _3\"/>736 <span class=\"_ _3\"/>million US <span class=\"_ _3\"/>dollar). It <span class=\"_ _3\"/>is represented by 2 <span class=\"_ _1\"/>01<span class=\"_ _3\"/>9 241 <span class=\"_ _1\"/>973 shares without no<span class=\"_ _0\"/>minal value, <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f which 35 455 <span class=\"_ _1\"/>836 are held i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> treasury b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> AB InB<span class=\"_ _1\"/>ev<span class=\"_ _3\"/> and <span class=\"_ _1\"/>its subsidiaries. All shares are o<span class=\"_ _3\"/>rdinary shares, except <span class=\"_ _3\"/>for 282 050 6<span class=\"_ _3\"/>90 restricted shares (31 Dece<span class=\"_ _3\"/>mber 2021<span class=\"lsc\">: <span class=\"_ _3\"/></span>282 107 042)<span class=\"lsc\">. </span>As at 31 December 2022, the total of authorized, unissued capital amounts to <span class=\"ls3\">37</span> million euro. The treasury shares held by the company are reported in equity in Treasury shares.  The <span class=\"_ _1\"/>holders <span class=\"_ _1\"/>of <span class=\"_ _1\"/>ordinary<span class=\"_ _3\"/> <span class=\"_ _f\"/>and<span class=\"_ _3\"/> <span class=\"_ _1\"/>restricted <span class=\"_ _1\"/>shares <span class=\"_ _1\"/>are <span class=\"_ _1\"/>entitled <span class=\"_ _1\"/>to <span class=\"_ _1\"/>re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive <span class=\"_ _1\"/>dividends <span class=\"_ _1\"/>as <span class=\"_ _1\"/>declared <span class=\"_ _1\"/>from <span class=\"_ _1\"/>time <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>ti<span class=\"_ _3\"/>me <span class=\"_ _1\"/>and <span class=\"_ _1\"/>are <span class=\"_ _1\"/>entitled to <span class=\"_ _3\"/>one v<span class=\"_ _3\"/>ote pe<span class=\"_ _3\"/>r share <span class=\"_ _3\"/>at <span class=\"_ _3\"/>meetings <span class=\"_ _3\"/>of th<span class=\"_ _3\"/>e company. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>respect of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>that are <span class=\"_ _3\"/>held <span class=\"_ _3\"/>by <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev and<span class=\"_ _3\"/> its subsidiaries, the economic and voting rights are suspended. The restricted shares ar<span class=\"_ _0\"/>e unlisted, not <span class=\"_ _0\"/>admitted to tradi<span class=\"_ _0\"/>ng on <span class=\"_ _1\"/>an<span class=\"_ _3\"/>y stock e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>change, and are <span class=\"_ _1\"/>subject to, among o<span class=\"_ _0\"/>ther things, restrictions on transfer until converted into new o<span class=\"_ _3\"/>rdinary shares. As<span class=\"_ _3\"/> from 11 October 2021 (fifth anniversary of completion of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>SAB combi<span class=\"_ _3\"/>nation), <span class=\"_ _3\"/>the restricted <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>are c<span class=\"_ _3\"/>onvertible at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>election <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the ho<span class=\"_ _3\"/>lder into <span class=\"_ _3\"/>new <span class=\"_ _3\"/>ordinary <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>on a one<span class=\"ls0\">-for-one <span class=\"_ _5\"> </span>basis <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>they <span class=\"_ _5\"> </span>rank <span class=\"_ _4\"> </span>equally <span class=\"_ _7\"> </span>wit<span class=\"_ _3\"/>h <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>ordinary <span class=\"_ _5\"> </span>shares <span class=\"_ _5\"> </span>with <span class=\"_ _4\"> </span>respect <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>dividends <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>voting <span class=\"_ _4\"> </span>rights. <span class=\"_ _5\"> </span>By <span class=\"_\"> </span><span class=\"ls8\">31 </span></span>December <span class=\"_ _6\"/>2022, <span class=\"_ _2\"/>from <span class=\"_ _6\"/>the <span class=\"_ _2\"/>326 <span class=\"_ _6\"/>million <span class=\"_ _2\"/>re<span class=\"_ _3\"/>stricted <span class=\"_ _2\"/>shares <span class=\"_ _6\"/>issued <span class=\"_ _2\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>time <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>the <span class=\"_ _6\"/>SAB <span class=\"_ _6\"/>combination, <span class=\"_ _6\"/>44 <span class=\"_ _6\"/>million <span class=\"_ _2\"/>restricted shares were converted into new ordinary shares. The <span class=\"_ _0\"/>shareholders\u2019 <span class=\"_ _1\"/>structure is <span class=\"_ _f\"/>bas<span class=\"_ _3\"/>ed <span class=\"_ _1\"/>on the <span class=\"_ _1\"/>notifications <span class=\"_ _1\"/>made to <span class=\"_ _1\"/>the c<span class=\"_ _1\"/>o<span class=\"_ _3\"/>mpany <span class=\"_ _1\"/>pursuant to <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Belgian Law <span class=\"_ _1\"/>of <span class=\"_ _1\"/>2<span class=\"_ _3\"/> <span class=\"_ _1\"/>May 2007,<span class=\"_ _0\"/> which <span class=\"_ _3\"/>governs the d<span class=\"_ _3\"/>isclosure of significant <span class=\"_ _3\"/>shareholdings in lis<span class=\"_ _3\"/>ted companies. It<span class=\"_ _3\"/> is incl<span class=\"_ _3\"/>uded in the <span class=\"_ _6\"/><span class=\"ff5\">Corporate <span class=\"_ _3\"/>Governance</span> section of AB InBev\u2019s annual report.  <span class=\"ff2\"> </span>ZENZELE SCHEMES IN SOUTH AFRICA Following <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>combination <span class=\"_ _7\"/>with <span class=\"_ _6\"/>SAB <span class=\"_ _6\"/>i<span class=\"_ _3\"/>n <span class=\"_ _6\"/>2016, <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>decided <span class=\"_ _6\"/>to <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"/>intain <span class=\"_ _6\"/>the <span class=\"_ _7\"/>SAB <span class=\"_ _6\"/>Zenzele <span class=\"_ _6\"/>s<span class=\"_ _3\"/>hare-scheme <span class=\"_ _7\"/>(Zenzele Scheme), <span class=\"_ _1\"/>the <span class=\"_ _1\"/>broad<span class=\"_ _3\"/>-based <span class=\"_ _1\"/>black <span class=\"_ _1\"/>economic <span class=\"_ _1\"/>empowerment <span class=\"_ _1\"/>(B<span class=\"_ _3\"/>-BBEE) <span class=\"_ _1\"/>sc<span class=\"_ _3\"/>heme, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>provided <span class=\"_ _1\"/>opportunities <span class=\"_ _1\"/>for b<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ack <span class=\"_ _1\"/>South Africans, <span class=\"_ _3\"/>including employees (through th<span class=\"_ _3\"/>e SAB Zenz<span class=\"_ _3\"/>ele Employee Trust), <span class=\"_ _3\"/>SAB retailers <span class=\"_ _3\"/>(through <span class=\"_ _6\"/>SAB Zenzele Holdings Limited) <span class=\"_ _1\"/>and th<span class=\"_ _0\"/>e <span class=\"_ _1\"/>SAB Fou<span class=\"_ _1\"/>n<span class=\"_ _3\"/>dation, <span class=\"_ _1\"/>to <span class=\"_ _1\"/>participate as<span class=\"_ _0\"/> <span class=\"_ _1\"/>shareholders <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>indirect <span class=\"_ _1\"/>subsidiary, So<span class=\"_ _1\"/>uth Afri<span class=\"_ _0\"/>can <span class=\"_ _1\"/>Breweries Pty <span class=\"_ _3\"/>Ltd <span class=\"_ _3\"/>(SAB). <span class=\"_ _3\"/>The Zenz<span class=\"_ _3\"/>ele Scheme, <span class=\"_ _3\"/>originally <span class=\"_ _3\"/>implemented b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>SAB i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>2010 as <span class=\"_ _3\"/>a <span class=\"_ _3\"/>10<span class=\"_ _2\"/>-year <span class=\"_ _3\"/>scheme, <span class=\"_ _3\"/>was <span class=\"_ _3\"/>amended <span class=\"_ _3\"/>at the time of the combination with <span class=\"_ _0\"/>SAB <span class=\"_ _0\"/>and matured on 31 Mar<span class=\"_ _1\"/>c<span class=\"_ _3\"/>h 2020.<span class=\"_ _3\"/> As part of the <span class=\"_ _1\"/>combination with SAB in 2016, AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev made a <span class=\"_ _0\"/>commitment to th<span class=\"_ _1\"/>e South African Government<span class=\"_ _0\"/> and C<span class=\"_ _1\"/>om<span class=\"_ _3\"/>petition A<span class=\"_ _0\"/>uthorities to cr<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ate a n<span class=\"_ _1\"/>ew B<span class=\"_ _3\"/>-BBEE scheme upon maturity of the Zenzele Scheme. Obligations <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>SAB <span class=\"_ _3\"/>Foundation <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>as <span class=\"_ _3\"/>benefici<span class=\"_ _3\"/>aries <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>SAB <span class=\"_ _3\"/>Zenzele <span class=\"_ _3\"/>Employee <span class=\"_ _2\"/>Share <span class=\"_ _3\"/>Trust <span class=\"_ _3\"/>were settled <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>full <span class=\"_ _6\"/>on <span class=\"_ _7\"/>15 <span class=\"_ _6\"/>April <span class=\"_ _6\"/>20<span class=\"_ _3\"/>20. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _6\"/>to <span class=\"_ _6\"/>SAB <span class=\"_ _7\"/>retailers, <span class=\"_ _6\"/>who <span class=\"_ _7\"/>participate <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Zenzele <span class=\"_ _6\"/>Scheme <span class=\"_ _6\"/>th<span class=\"_ _3\"/>rough <span class=\"_ _6\"/>SAB Zenzele Holdings<span class=\"_ _0\"/>, were <span class=\"_ _1\"/>partially settled <span class=\"_ _0\"/>(77.4%) <span class=\"_ _1\"/>on 15 <span class=\"_ _0\"/>April 2<span class=\"_ _1\"/>02<span class=\"_ _3\"/>0. A<span class=\"_ _1\"/>s a <span class=\"_ _1\"/>d<span class=\"_ _3\"/>irect <span class=\"_ _1\"/>co<span class=\"_ _3\"/>nsequence <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>COVID<span class=\"_ _2\"/>-19 outbreak, <span class=\"_ _1\"/>the remaining settlement (22,6%) <span class=\"_ _0\"/>was postponed and was <span class=\"_ _0\"/>performed on <span class=\"_ _1\"/>2<span class=\"_ _3\"/>8 May 2021, when the new scheme, <span class=\"_ _0\"/>Zenzele Kabili<span class=\"_ _1\"/> was <span class=\"_ _3\"/>created. <span class=\"_ _3\"/>5.1 <span class=\"_ _3\"/>million <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>Treasury <span class=\"_ _3\"/>shares <span class=\"_ _2\"/>were <span class=\"_ _3\"/>used <span class=\"_ _3\"/>in <span class=\"_ _3\"/>2021 <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the <span class=\"_ _3\"/>settlement <span class=\"_ _3\"/>of <span class=\"_ _3\"/>p<span class=\"_ _3\"/>art <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>prior <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>new 1B-BBEE <span class=\"_ _3\"/>s<span class=\"_ _3\"/>chemes <span class=\"_ _3\"/>(based <span class=\"_ _3\"/>o<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>share <span class=\"_ _2\"/>price <span class=\"_ _3\"/>and <span class=\"_ _2\"/>the <span class=\"_ _2\"/>ZAR <span class=\"_ _3\"/>Euro <span class=\"_ _3\"/>exch<span class=\"_ _3\"/>ange <span class=\"_ _3\"/>rate <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/>24 <span class=\"_ _3\"/>May <span class=\"_ _3\"/>2<span class=\"_ _3\"/>021). <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>new Zenzele <span class=\"_ _3\"/>scheme <span class=\"_ _3\"/>arrangement met <span class=\"_ _3\"/>the <span class=\"_ _3\"/>criteria <span class=\"_ _3\"/>under <span class=\"_ _3\"/>IFRS <span class=\"_ _3\"/>2 to<span class=\"_ _3\"/> b<span class=\"_ _3\"/>e <span class=\"_ _3\"/>classifi<span class=\"_ _3\"/>ed <span class=\"_ _3\"/>as <span class=\"_ _3\"/>equity <span class=\"_ _3\"/>settled. Th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>IFRS 2<span class=\"_ _3\"/> charge <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the year-ended 31 December 2021 is <span class=\"_ _3\"/>reported in non-underlying items (Refer to Note 8 <span class=\"ff5\">Non-underlying items</span><span class=\"ls5\">).</span> CHANGES IN OWNERSHIP INTERESTS<span class=\"fc5\"> </span>In <span class=\"_ _5\"> </span>accordance <span class=\"_ _7\"> </span>wit<span class=\"_ _3\"/>h <span class=\"_ _5\"> </span>IFRS <span class=\"_ _7\"> </span>1<span class=\"_ _3\"/>0 <span class=\"_ _5\"> </span><span class=\"ff5\">Consolidated <span class=\"_ _5\"> </span>Financial <span class=\"_ _5\"> </span>Statements</span>, <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>acquisition <span class=\"_ _5\"> </span>or <span class=\"_ _5\"> </span>disposal <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>additional <span class=\"_ _7\"> </span>sh<span class=\"_ _3\"/>ares <span class=\"_ _7\"> </span>in <span class=\"_ _5\"> </span>a subsidiary is accounted for as an equity transaction with owners. During 2022, there were no significant purchases or disposals of non<span class=\"_ _3\"/>-controlling interests i<span class=\"_ _0\"/>n subsidiaries. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES<span class=\"ff3\">\u2013</span> PURCHASE OF OWN SHARES During <span class=\"_ _3\"/>2022<span class=\"ls2\">, <span class=\"_ _3\"/></span>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>any tre<span class=\"_ _3\"/>asury shares<span class=\"_ _3\"/> i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>accordance with <span class=\"_ _3\"/>article <span class=\"_ _3\"/>7:215 <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Belgian <span class=\"_ _3\"/>Code <span class=\"_ _3\"/>of Companies <span class=\"_ _2\"/>and <span class=\"_ _3\"/>Associations <span class=\"_ _3\"/>(former <span class=\"_ _2\"/>article <span class=\"_ _3\"/>620 <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Be<span class=\"_ _3\"/>lgian <span class=\"_ _3\"/>Companies <span class=\"_ _3\"/>Code) <span class=\"_ _2\"/>and <span class=\"_ _3\"/>has <span class=\"_ _2\"/>proceeded <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the <span class=\"_ _3\"/>following disposals of its own shares. Treasury shares As at <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>the group<span class=\"_ _3\"/> owned <span class=\"_ _3\"/>35 <span class=\"_ _3\"/>455 836 <span class=\"_ _3\"/>own sha<span class=\"_ _3\"/>res of which<span class=\"_ _3\"/> 3<span class=\"_ _3\"/>4 817 84<span class=\"_ _3\"/>3 were <span class=\"_ _3\"/>held directly <span class=\"_ _3\"/>by AB <span class=\"_ _3\"/>InBev. The par value of the share i<span class=\"_ _3\"/>s 0.61 euro<span class=\"ls2\">. T</span>he treasury shares that the company still owned at the end of <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022 represented 26 539 776 US dollar (21 628 060 euro) of the subscribed capital. Borrowed shares In orde<span class=\"_ _3\"/>r to fulfill <span class=\"_ _3\"/>AB InBev\u2019s c<span class=\"_ _3\"/>ommitments under various <span class=\"_ _3\"/>outstanding share<span class=\"_ _2\"/><span class=\"ff2\">-based compensation plans, <span class=\"_ _3\"/>during the c<span class=\"_ _3\"/>ourse </span>of <span class=\"_ _3\"/>2022, th<span class=\"_ _3\"/>e company <span class=\"_ _3\"/>had s<span class=\"_ _3\"/>tock lending <span class=\"_ _3\"/>arrangements in <span class=\"_ _3\"/>place fo<span class=\"_ _3\"/>r up <span class=\"_ _3\"/>to <span class=\"_ _2\"/>30 <span class=\"_ _3\"/>million s<span class=\"_ _3\"/>hares, <span class=\"_ _3\"/>which were <span class=\"_ _3\"/>fully <span class=\"_ _3\"/>used to<span class=\"_ _3\"/> fulfill share-based compensation p<span class=\"_ _3\"/>lan commitments. The company <span class=\"_ _3\"/>will <span class=\"_ _3\"/>pay any divi<span class=\"_ _3\"/>dend equivalent after tax in <span class=\"_ _3\"/>respect <span class=\"_ _3\"/>of such borrowed shares. This payment will be reported through equity as dividend. DIVIDENDS<span class=\"fc1\"> </span> On 1<span class=\"_ _3\"/> M<span class=\"_ _3\"/>arch 2023, <span class=\"_ _3\"/>a <span class=\"_ _3\"/>dividend <span class=\"_ _3\"/>of <span class=\"_ _3\"/>0.75 eu<span class=\"_ _3\"/>ro per <span class=\"_ _3\"/>share <span class=\"_ _3\"/>or <span class=\"_ _3\"/>1 508m <span class=\"_ _3\"/>euro <span class=\"_ _3\"/>was <span class=\"_ _3\"/>proposed <span class=\"_ _3\"/>by the<span class=\"_ _3\"/> Board <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Directors <span class=\"_ _3\"/>and <span class=\"_ _3\"/>will be subject to approval at the <span class=\"ff4\">shareholders\u2019 meeting on 26 April 2023.</span> On <span class=\"_ _6\"/>27 <span class=\"_ _6\"/>April <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>a<span class=\"_ _3\"/> <span class=\"_ _6\"/>dividend <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>0.50 <span class=\"_ _6\"/>euro <span class=\"_ _6\"/>per <span class=\"_ _6\"/>share <span class=\"_ _6\"/>or <span class=\"_ _6\"/>1 <span class=\"_ _6\"/>004<span class=\"_ _3\"/><span class=\"ff4\">m <span class=\"_ _6\"/>euro <span class=\"_ _6\"/>was <span class=\"_ _6\"/>approved <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>s<span class=\"_ _3\"/>hareholders\u2019 <span class=\"_ _6\"/>meeting. <span class=\"_ _6\"/>The </span>dividend was paid out as of 5 May 2022.<span class=\"fs6\"> </span> On <span class=\"_ _6\"/>28 <span class=\"_ _6\"/>April <span class=\"_ _6\"/>2021, <span class=\"_ _6\"/>a <span class=\"_ _6\"/>dividend <span class=\"_ _6\"/>of <span class=\"_ _6\"/>0.50 <span class=\"_ _6\"/>euro <span class=\"_ _6\"/>per <span class=\"_ _6\"/>share <span class=\"_ _6\"/>or <span class=\"_ _6\"/>1 <span class=\"_ _6\"/>003m<span class=\"_ _2\"/> <span class=\"_ _6\"/><span class=\"ff4\">euro <span class=\"_ _6\"/>was <span class=\"_ _6\"/>approved <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>shareholders\u2019 <span class=\"_ _6\"/>meeting. <span class=\"_ _6\"/>The </span>dividend was paid out as of 6 May 2021.<span class=\"ff1 fc5\"> </span>TRANSLATION RESERVES The <span class=\"_ _2\"/>translation <span class=\"_ _6\"/>reserves <span class=\"_ _2\"/>comprise <span class=\"_ _6\"/>all <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>currency<span class=\"_ _3\"/> <span class=\"_ _2\"/>exchange <span class=\"_ _2\"/>differences <span class=\"_ _6\"/>arising <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the<span class=\"_ _3\"/> <span class=\"_ _2\"/>translation <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial statements <span class=\"_ _6\"/>of <span class=\"_ _7\"/>foreign <span class=\"_ _6\"/>operations. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>tra<span class=\"_ _3\"/>nslation <span class=\"_ _6\"/>reserves <span class=\"_ _6\"/>also <span class=\"_ _6\"/>c<span class=\"_ _3\"/>omprise <span class=\"_ _6\"/>the <span class=\"_ _6\"/>portion <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>gain <span class=\"_ _6\"/>o<span class=\"_ _3\"/>r <span class=\"_ _6\"/>loss <span class=\"_ _6\"/>on <span class=\"_ _7\"/>the <span class=\"_ _6\"/>foreign currency liabilities and on the derivative financial instruments determined to be ef<span class=\"_ _0\"/>fective net investment.<span class=\"_ _3\"/> HEDGING RESERVES The hedging <span class=\"_ _3\"/>reserves comprise the effective portion of <span class=\"_ _3\"/>the cumulative net change <span class=\"_ _3\"/>in the fair value of <span class=\"_ _3\"/>cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss.  TRANSFERS FROM SUBSIDIARIES Dividends <span class=\"_ _2\"/>payable <span class=\"_ _2\"/>to <span class=\"_ _2\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>by <span class=\"_ _2\"/>its <span class=\"_ _2\"/>operating <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>are<span class=\"_ _3\"/> <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _2\"/>to, <span class=\"_ _2\"/>among <span class=\"_ _2\"/>other <span class=\"_ _3\"/>restrictions, <span class=\"_ _2\"/>general <span class=\"_ _2\"/>limitations imposed by <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>corporate<span class=\"_ _3\"/> <span class=\"_ _0\"/>laws, <span class=\"_ _1\"/>ca<span class=\"_ _3\"/>pital tra<span class=\"_ _0\"/>nsfer restriction<span class=\"_ _0\"/>s and <span class=\"_ _1\"/>exchange control re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>trictions <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _1\"/>respective jurisdiction<span class=\"_ _2\"/><span class=\"ls23\">s </span>where <span class=\"_ _6\"/>those <span class=\"_ _2\"/>subsidiari<span class=\"_ _3\"/>es <span class=\"_ _2\"/>are <span class=\"_ _6\"/>organized <span class=\"_ _6\"/>and <span class=\"_ _2\"/>op<span class=\"_ _3\"/>erate. <span class=\"_ _6\"/>Capi<span class=\"_ _3\"/>tal <span class=\"_ _2\"/>trans<span class=\"_ _3\"/>fer <span class=\"_ _2\"/>restrictions <span class=\"_ _6\"/>are <span class=\"_ _6\"/>also <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ommon <span class=\"_ _2\"/>in <span class=\"_ _6\"/>certain <span class=\"_ _6\"/>emerging market <span class=\"_ _3\"/>countries <span class=\"_ _2\"/>and <span class=\"_ _3\"/>may <span class=\"_ _3\"/>affect <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev\u2019s <span class=\"_ _3\"/>flexibility <span class=\"_ _3\"/>in <span class=\"_ _2\"/>implementing <span class=\"_ _3\"/>a <span class=\"_ _3\"/>ca<span class=\"_ _3\"/>pital <span class=\"_ _3\"/>structure <span class=\"_ _3\"/>it <span class=\"_ _3\"/>believes <span class=\"_ _3\"/>to<span class=\"_ _3\"/> <span class=\"_ _3\"/>be <span class=\"_ _3\"/>efficient. <span class=\"_ _3\"/>As<span class=\"_ _3\"/> <span class=\"_ _3\"/>at<span class=\"_ _2\"/><span class=\"ff2\"> </span>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022<span class=\"_ _3\"/>, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>restrictions <span class=\"_ _3\"/>above <span class=\"_ _3\"/>mentioned <span class=\"_ _2\"/>were <span class=\"_ _3\"/>not <span class=\"_ _3\"/>deemed<span class=\"_ _3\"/> <span class=\"_ _3\"/><span class=\"ff4\">significant <span class=\"_ _3\"/>on <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>ability <span class=\"_ _3\"/>to <span class=\"_ _3\"/>access <span class=\"_ _3\"/>or </span>use the assets or settle the liabilities of its operating subsidia<span class=\"_ _0\"/>ries.<span class=\"_ _3\"/> Dividends <span class=\"_ _5\"> </span>paid <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>AB <span class=\"_ _5\"> </span>InBev <span class=\"_ _5\"> </span>by <span class=\"_ _5\"> </span>certain <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>its <span class=\"_ _5\"> </span>subsidiaries <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>also <span class=\"_ _5\"> </span>subject <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>withholding <span class=\"_ _5\"> </span>taxes. <span class=\"_ _5\"> </span>Withholding <span class=\"_ _5\"> </span>taxes, <span class=\"_ _5\"> </span>if applicable, generally do not exceed 15%. OTHER COMPREHENSIVE INCOME RESERVES<span class=\"fc5\"> </span>The changes in the other comprehensive income reserves are as<span class=\"fs6\"> </span>follows: <span class=\"fs6\"> </span>Post- Translation Hedging employment Total OCI  Million US dol<span class=\"_ _0\"/>lar Reserves reserves benefits Reserves . As per 1 January<span class=\"_ _0\"/> 2022 (33 554)             <span class=\"ls6\">481</span>  (1 504) (34 577) Other comprehens<span class=\"_ _1\"/>ive income/(loss) Exchange differe<span class=\"_ _0\"/>nces on tran<span class=\"_ _0\"/>slation of for<span class=\"_ _0\"/>eign operation<span class=\"_ _1\"/>s (1 123)             -                -    (1 123) (gains/(losses)) Cash flow hedge<span class=\"_ _1\"/>s             -              <span class=\"ls7\">(336)</span>             -              <span class=\"ls7\">(336)</span> Re<span class=\"ls0\">-measurements of po<span class=\"_ _0\"/>st-employ<span class=\"_ _0\"/>ment benefits </span>            -                -                <span class=\"ls6\">483</span>              <span class=\"ls6\">483</span>  Other comprehens<span class=\"_ _1\"/>ive income/(loss) (1 123)           <span class=\"ls7\">(336)</span>             <span class=\"ls6\">483</span>            <span class=\"ls7\">(976)</span> As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2022 (34 677) 145<span class=\"ls0\">  </span>(1 021) (35 553) The <span class=\"lsa\">in</span>crease <span class=\"lsa\">in <span class=\"_ _0\"/><span class=\"ls0\">translation reserves is pri<span class=\"_ _0\"/>marily related to the combined effect of<span class=\"_ _1\"/> t<span class=\"_ _3\"/>he weakening of the c<span class=\"_ _0\"/>losing rates of the<span class=\"_ _1\"/> </span></span>Argentinean <span class=\"_ _3\"/>peso, the <span class=\"_ _3\"/>Chinese <span class=\"_ _3\"/>yuan, <span class=\"_ _3\"/>the Colombian <span class=\"_ _3\"/>peso <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the South <span class=\"_ _3\"/>Africa <span class=\"_ _3\"/>rand, partially <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the weakening of the closing rate of the Eu<span class=\"_ _3\"/>ro, which resulted in a <span class=\"_ _3\"/>net foreign exchange<span class=\"_ _3\"/> translation adjustment of 1 123m<span class=\"_ _3\"/> US dollar as of 31 December 2022 (decrease of equity).<span class=\"fs6\"> </span> Post- Translation Hedging employment Total OCI  Million US dol<span class=\"_ _0\"/>lar Reserves reserves benefits Reserves . As per 1 January<span class=\"_ _0\"/> 2021 (29 234)             <span class=\"ls6\">376</span>  (1 983) (30 841) Other comprehens<span class=\"_ _1\"/>ive income/(loss) Exchange differen<span class=\"_ _0\"/>ces on trans<span class=\"_ _1\"/>lat<span class=\"_ _3\"/>ion of fore<span class=\"_ _0\"/>ign operation<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (4 320)             -                -    (4 320) (gains/(losses)) Cash flow hedge<span class=\"_ _1\"/>s             -                <span class=\"ls6\">105</span>              -                <span class=\"ls6\">105</span>  Re<span class=\"ls0\">-measurements of po<span class=\"_ _0\"/>st-employ<span class=\"_ _0\"/>ment benefits </span>            -                -                <span class=\"ls6\">479</span>              <span class=\"ls6\">479</span>  Other comprehens<span class=\"_ _1\"/>ive income/(loss) (4 320)             <span class=\"ls6\">105</span>              <span class=\"ls6\">479</span>  (3 736) As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2021 (33 554) 481<span class=\"ls0\">  </span>(1 504) (34 577) EARNINGS PER SHARE The <span class=\"_ _2\"/>calculation <span class=\"_ _2\"/>of <span class=\"_ _2\"/>basic <span class=\"_ _2\"/>ea<span class=\"_ _3\"/>rnings <span class=\"_ _2\"/>per <span class=\"_ _2\"/>s<span class=\"_ _3\"/>hare <span class=\"_ _2\"/>for <span class=\"_ _2\"/><span class=\"ls3\">2022</span> <span class=\"_ _2\"/>is <span class=\"_ _2\"/>based <span class=\"_ _2\"/>on <span class=\"_ _2\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _2\"/>attributable <span class=\"_ _2\"/>to <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>holders <span class=\"_ _2\"/>of <span class=\"_ _6\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>of <span class=\"_ _3\"/> 5 969m US <span class=\"_ _1\"/>dollar (2021<span class=\"ls2\">: </span>4 6<span class=\"_ _1\"/>70m US dollar) a<span class=\"_ _0\"/>nd a we<span class=\"_ _1\"/>igh<span class=\"_ _3\"/>ted <span class=\"_ _1\"/>avera<span class=\"_ _3\"/>ge number <span class=\"_ _1\"/>of ordinary and <span class=\"_ _1\"/>res<span class=\"_ _3\"/>tricted <span class=\"_ _0\"/>shares outstanding<span class=\"_ _1\"/> (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Issued ordinary<span class=\"_ _0\"/> and restricted <span class=\"_ _0\"/>shares at 1 <span class=\"_ _1\"/>J<span class=\"_ _3\"/>anuary, net<span class=\"_ _1\"/> <span class=\"_ _3\"/>of treasur<span class=\"_ _0\"/>y shares 1 981 1 972 Effect of sto<span class=\"_ _0\"/>ck lending               <span class=\"ls6\">30</span>                <span class=\"ls6\">30</span>  Effect of deliver<span class=\"_ _0\"/>y of treasur<span class=\"_ _1\"/>y<span class=\"_ _3\"/> shares                 2                  4  Weighted average<span class=\"_ _1\"/> <span class=\"_ _3\"/>number of <span class=\"_ _1\"/>ordinary and restricted shares<span class=\"_ _0\"/> at 3<span class=\"_ _0\"/>1 December 2 013 2 007 The <span class=\"_ _3\"/>calculation <span class=\"_ _3\"/>of <span class=\"_ _3\"/>dil<span class=\"_ _3\"/>uted <span class=\"_ _3\"/>earnings <span class=\"_ _3\"/>per <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hare <span class=\"_ _3\"/>for <span class=\"_ _3\"/>20<span class=\"_ _3\"/>22 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>based <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>profit <span class=\"_ _2\"/>attributable <span class=\"_ _3\"/>to <span class=\"_ _3\"/>equity <span class=\"_ _3\"/>holders <span class=\"_ _3\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>of <span class=\"_ _3\"/> 5 <span class=\"_ _2\"/>969m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>(<span class=\"_ _3\"/>2021<span class=\"lsc\">: <span class=\"_ _2\"/></span>4 <span class=\"_ _2\"/>670m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar) <span class=\"_ _2\"/>and <span class=\"_ _2\"/>a <span class=\"_ _2\"/>weighted <span class=\"_ _2\"/>average <span class=\"_ _2\"/>number <span class=\"_ _2\"/>of <span class=\"_ _2\"/>ordinary <span class=\"_ _2\"/>and <span class=\"_ _2\"/>restricted <span class=\"_ _2\"/>shares <span class=\"_ _2\"/>(diluted)<span class=\"_ _3\"/> outstanding (including deferred share instruments and stock lending) at the end of the <span class=\"_ _0\"/>period, calculated as follows:<span class=\"_ _3\"/><span class=\"fs6\"> </span> Million shares 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Weighted average nu<span class=\"_ _1\"/>mber of ordinary and restri<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ted shares at<span class=\"_ _1\"/> <span class=\"_ _3\"/>31 De<span class=\"_ _0\"/>cember 2 013 2 007 Effect of share<span class=\"_ _1\"/> <span class=\"_ _3\"/>options, wa<span class=\"_ _0\"/>rrants and re<span class=\"_ _0\"/>stricted stock un<span class=\"_ _1\"/>its<span class=\"_ _3\"/>               <span class=\"ls6\">37</span>                <span class=\"ls6\">38</span>  Weighted average<span class=\"_ _1\"/> <span class=\"_ _3\"/>number of <span class=\"_ _1\"/>ordinary and restricte<span class=\"_ _1\"/>d <span class=\"_ _3\"/>shares (dil<span class=\"_ _0\"/>uted) at 31 Dece<span class=\"_ _0\"/>mber 2 050 2 045 The <span class=\"_ _7\"/>calculation <span class=\"_ _6\"/>of <span class=\"_ _7\"/>earnings <span class=\"_ _6\"/>per <span class=\"_ _7\"/>share <span class=\"_ _6\"/>before <span class=\"_ _5\"> </span>non-underlying <span class=\"_ _7\"/>items <span class=\"_ _6\"/>is <span class=\"_ _7\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _7\"/>before <span class=\"_ _7\"/>non-underlying <span class=\"_ _7\"/>items, attributable <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>eq<span class=\"_ _3\"/>uity <span class=\"_ _7\"/>holders <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>AB <span class=\"_ _5\"> </span>InBev.<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>The <span class=\"_ _7\"> </span>calculation <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>Underlying <span class=\"_ _5\"> </span>EPS <span class=\"_ _7\"> </span>is <span class=\"_ _5\"> </span>based <span class=\"_ _5\"> </span>on <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>profit <span class=\"_ _5\"> </span>before <span class=\"_ _4\"> </span>non-underlying <span class=\"_ _7\"/>items, <span class=\"_ _6\"/>mark-<span class=\"lsc\">to<span class=\"_ _3\"/></span>-market <span class=\"_ _6\"/>g<span class=\"_ _3\"/>ains/losses <span class=\"_ _6\"/>and <span class=\"_ _7\"/>hyperinflation <span class=\"_ _6\"/>impacts <span class=\"_ _6\"/>a<span class=\"_ _3\"/>ttributable <span class=\"_ _6\"/>to <span class=\"_ _7\"/>equity <span class=\"_ _6\"/>holders <span class=\"_ _6\"/>of <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev. <span class=\"_ _6\"/>A reconciliation <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>profit <span class=\"_ _3\"/>attributable <span class=\"_ _3\"/>to <span class=\"_ _3\"/>equity <span class=\"_ _3\"/>holders <span class=\"_ _3\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>profit <span class=\"_ _3\"/>before <span class=\"_ _2\"/>non-und<span class=\"_ _3\"/>erlying <span class=\"_ _3\"/>items, a<span class=\"_ _3\"/>ttributable 1to equity holders of AB InBev is calculated as follows:<span class=\"fs6\">  </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>. Profit attributable<span class=\"_ _1\"/> to <span class=\"_ _3\"/>equity<span class=\"_ _1\"/> holders of AB InBev 5 969 4 670 Net impact of no<span class=\"_ _0\"/>n-underlying item<span class=\"_ _1\"/>s <span class=\"_ _3\"/>on pro<span class=\"_ _0\"/>fit (refer to Note 8)             <span class=\"ls6\">484</span>  1 054 Profit before non-<span class=\"_ _0\"/>underlying ite<span class=\"_ _1\"/>ms, attributable to equ<span class=\"_ _1\"/>ity holders of AB InBev 6 454 5 723 Mark-<span class=\"ls15\">to</span>-mar<span class=\"_ _1\"/>k<span class=\"_ _3\"/>et losse<span class=\"_ _0\"/>s/(gains) on d<span class=\"_ _0\"/>erivatives related <span class=\"_ _1\"/>t<span class=\"_ _3\"/>o the hedging<span class=\"_ _0\"/> of share-based paymen<span class=\"_ _0\"/>t programs<span class=\"_ _1\"/>           <span class=\"ls7\">(331)</span>               <span class=\"ls6\">23</span>  (refer to Note 11<span class=\"_ _0\"/>) Hyperinflation impa<span class=\"_ _1\"/>cts             <span class=\"ls7\">(30)</span>               <span class=\"ls6\">28</span>  Underlying profit<span class=\"_ _1\"/> 6 093 5 774 The table below sets out the EPS calculation:  Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Profit attributable <span class=\"_ _1\"/>t<span class=\"_ _3\"/>o equity holde<span class=\"_ _1\"/>rs of AB I<span class=\"_ _3\"/>nBev 5 969 4 670 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and restri<span class=\"_ _1\"/>ct<span class=\"_ _3\"/>ed shares 2 013 2 007 Basic EPS 2.97  2.33  . Profit before non-un<span class=\"_ _0\"/>derlying ite<span class=\"_ _0\"/>ms, attribu<span class=\"_ _0\"/>table to equity<span class=\"_ _0\"/> holders of A<span class=\"_ _1\"/>B<span class=\"_ _3\"/> InBev 6 454 5 723 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares 2 013 2 007 Basic EPS before <span class=\"_ _1\"/>non<span class=\"_ _3\"/>-underly<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng items<span class=\"_ _1\"/> 3.21  2.85  . Underlying profi<span class=\"_ _1\"/>t 6 093 5 774 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares 2 013 2 007 Underlying EPS<span class=\"_ _1\"/> 3.03  2.88  . Profit attributable <span class=\"_ _1\"/>t<span class=\"_ _3\"/>o equity holde<span class=\"_ _1\"/>rs of AB I<span class=\"_ _3\"/>nBev 5 969 4 670 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>(diluted) 2 050 2 045 Diluted EPS 2.91  2.28  . Profit before non-un<span class=\"_ _0\"/>derlying ite<span class=\"_ _0\"/>ms, attribu<span class=\"_ _0\"/>table to equity<span class=\"_ _0\"/> holders of A<span class=\"_ _1\"/>B<span class=\"_ _3\"/> InBev 6 454 5 723 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and restricted <span class=\"_ _0\"/>shares (diluted<span class=\"_ _1\"/>) 2 050 2 045 Diluted EPS before<span class=\"_ _1\"/> non-underlying items<span class=\"_ _1\"/> 3.15  2.80  Earnings per share before non-underlying items and Underlying EPS are non<span class=\"_ _3\"/>-IFRS measur<span class=\"_ _0\"/>es. The <span class=\"_ _6\"/>average <span class=\"_ _6\"/>market <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>company\u2019s <span class=\"_ _2\"/>sh<span class=\"_ _3\"/>ares <span class=\"_ _6\"/>for <span class=\"_ _2\"/>purposes <span class=\"_ _6\"/>of <span class=\"_ _6\"/>calculating <span class=\"_ _6\"/>the <span class=\"_ _6\"/>dilutive <span class=\"_ _6\"/>effect <span class=\"_ _6\"/>of <span class=\"_ _6\"/>share <span class=\"_ _6\"/>options <span class=\"_ _6\"/>and restricted <span class=\"_ _2\"/>stock <span class=\"_ _2\"/>units <span class=\"_ _2\"/>was <span class=\"_ _2\"/>b<span class=\"_ _3\"/>ased <span class=\"_ _3\"/>on<span class=\"_ _3\"/> <span class=\"_ _3\"/>quo<span class=\"_ _3\"/>ted <span class=\"_ _2\"/>market <span class=\"_ _2\"/>prices <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>period <span class=\"_ _2\"/>that <span class=\"_ _6\"/>the <span class=\"_ _3\"/>options <span class=\"_ _2\"/>and <span class=\"_ _2\"/>restricted <span class=\"_ _2\"/>stock <span class=\"_ _6\"/>units <span class=\"_ _2\"/>were outstanding. F<span class=\"_ _1\"/>or the <span class=\"_ _1\"/>calculation <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>Diluted EPS <span class=\"_ _1\"/>before <span class=\"ls3\">non</span>-u<span class=\"_ _1\"/>nd<span class=\"_ _3\"/>erlying <span class=\"_ _1\"/>i<span class=\"_ _3\"/>tems, <span class=\"_ _1\"/>51 <span class=\"_ _1\"/>m<span class=\"_ _3\"/>illion <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hare <span class=\"_ _1\"/>options wer<span class=\"_ _1\"/>e anti-dilutive <span class=\"_ _1\"/>and not included <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>calculation of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e d<span class=\"_ _1\"/>i<span class=\"_ _3\"/>lutive <span class=\"_ _0\"/>effect a<span class=\"_ _0\"/>s at 31 <span class=\"_ _1\"/>December 2022 (<span class=\"_ _1\"/>31<span class=\"_ _3\"/> Dec<span class=\"_ _1\"/>e<span class=\"_ _3\"/>mber <span class=\"_ _1\"/>202<span class=\"_ _3\"/>1<span class=\"ls2\">: <span class=\"_ _0\"/><span class=\"ls0\">68 million <span class=\"_ _1\"/>share options).  </span></span>22.<span class=\"ls0\"> <span class=\"_ _1\"/>Interest-bearing loans <span class=\"_ _0\"/>and borrowings </span>This <span class=\"_ _2\"/>note <span class=\"_ _2\"/>p<span class=\"_ _3\"/>rovides <span class=\"_ _2\"/>information <span class=\"_ _3\"/>ab<span class=\"_ _3\"/>out <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company\u2019s <span class=\"_ _2\"/>inte<span class=\"_ _3\"/>rest<span class=\"ff2\">-be<span class=\"_ _3\"/>aring <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _2\"/>borro<span class=\"_ _3\"/>wings. <span class=\"_ _3\"/>Fo<span class=\"_ _3\"/>r <span class=\"_ _2\"/>more <span class=\"_ _2\"/>information <span class=\"_ _2\"/>about </span>the company\u2019s exposure <span class=\"_ _3\"/>to<span class=\"ff2\"> interest rate <span class=\"_ _3\"/>and foreign exposure currency ri<span class=\"_ _3\"/>sk <span class=\"_ _3\"/></span>\u2013<span class=\"ff2\"> refer to <span class=\"_ _3\"/>Note <span class=\"ls3\">27</span> <span class=\"ff5\">Risks a<span class=\"_ _3\"/>rising from financial </span></span>instruments.<span class=\"ff2\"> </span> Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Unsecured bond i<span class=\"_ _1\"/>ssues 76 798 85 433 Lease liabilitie<span class=\"_ _0\"/>s 1 963 1 830 Unsecured other<span class=\"_ _1\"/> loans   <span class=\"ls6\">95<span class=\"ls0\"> </span></span>  <span class=\"ls6\">31<span class=\"ls0\"> </span></span>Secured ban<span class=\"_ _0\"/>k loans   <span class=\"ls6\">24<span class=\"ls0\"> </span></span>  <span class=\"ls6\">75<span class=\"ls0\"> </span></span>Non-current inte<span class=\"_ _0\"/>rest-bearing<span class=\"_ _0\"/> loans and borr<span class=\"_ _0\"/>owings 78 880 87 369 Lease liabilitie<span class=\"_ _0\"/>s   <span class=\"ls6\">529<span class=\"ls0\"> </span></span>  <span class=\"ls6\">447<span class=\"ls0\"> </span></span>Secured ban<span class=\"_ _0\"/>k loans   <span class=\"ls6\">369<span class=\"ls0\"> </span></span>  <span class=\"ls6\">553<span class=\"ls0\"> </span></span>Unsecured bank<span class=\"_ _0\"/> loans   <span class=\"ls6\">100<span class=\"ls0\"> </span></span>  <span class=\"ls6\">106<span class=\"ls0\"> </span></span>Unsecured other<span class=\"_ _1\"/> loans   <span class=\"ls6\">30<span class=\"ls0\"> </span></span>  <span class=\"ls0\">9 </span>Unsecured bond i<span class=\"_ _1\"/>ssues -   <span class=\"ls6\">293<span class=\"ls0\"> </span></span>Current interest-bea<span class=\"_ _1\"/>ring loans and borrow<span class=\"_ _1\"/>ings 1 029 1 408 Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>loans and bo<span class=\"_ _1\"/>rrowings 79 909 88 777 The <span class=\"_ _2\"/>current <span class=\"_ _2\"/>and <span class=\"_ _6\"/>non-current <span class=\"_ _2\"/>interest-bearing <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _6\"/>borrowings <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>to <span class=\"_ _2\"/>79<span class=\"_ _3\"/>.9 <span class=\"_ _3\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _2\"/>as <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December 2022<span class=\"ls0\">, compared to 88.8 billion US dollar as at 31 December 2021. </span>As at <span class=\"_ _3\"/>31 December <span class=\"_ _3\"/>2022, the company <span class=\"_ _3\"/>had no <span class=\"_ _3\"/>outstanding balance <span class=\"_ _3\"/>on commercial <span class=\"_ _3\"/>papers (31 <span class=\"_ _3\"/>December 2021: <span class=\"_ _3\"/>nil). The commercial papers include programs in US do<span class=\"_ _0\"/>llar and euro with a<span class=\"_ _0\"/> total authorized issuance <span class=\"_ _0\"/>up to <span class=\"_ _3\"/>5.0 billion US dollar and<span class=\"_ _0\"/> 3.0 billion euro, respectively.   On <span class=\"_ _3\"/>10 <span class=\"_ _2\"/>January <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022, <span class=\"_ _3\"/>Anh<span class=\"_ _3\"/>euser-Busch <span class=\"_ _3\"/>InBev <span class=\"_ _2\"/>SA/NV <span class=\"_ _3\"/>(<span class=\"_ _3\"/><span class=\"ff4\">\u201cABISA\u201d</span>) <span class=\"_ _3\"/>announced <span class=\"_ _3\"/>th<span class=\"_ _3\"/>at <span class=\"_ _3\"/>its <span class=\"_ _2\"/>wholly-owned <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubsidiary <span class=\"_ _3\"/>Anheuser- Busch <span class=\"_ _3\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>Finance <span class=\"_ _2\"/>Inc. <span class=\"_ _2\"/>(\u201cABIFI\u201d) <span class=\"_ _3\"/>exercised <span class=\"_ _2\"/>its <span class=\"_ _2\"/>option <span class=\"_ _3\"/>to <span class=\"_ _2\"/>redeem <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>outstanding <span class=\"_ _2\"/>principal <span class=\"_ _3\"/>amounts <span class=\"_ _2\"/>for <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n<span class=\"_ _2\"/><span class=\"ff2\"> <span class=\"_ _2\"/>aggregate </span>principal amount of 3.1 billion <span class=\"lsd\">US</span> dollar of the following serie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"ls3\">of</span> notes: Original principa<span class=\"_ _1\"/>l<span class=\"_ _3\"/> amount Principal amount<span class=\"_ _1\"/> Date of Issuer Title of series<span class=\"_ _0\"/> of notes outstanding<span class=\"_ _1\"/> redeemed redemption  (abbreviated)  redeemed  Currency (in million) (in million) 9 February 2022<span class=\"_ _1\"/> ABIFI 3.650% Notes du<span class=\"_ _0\"/>e 2026 USD 1 633 1 633 1 <span class=\"ls0\">March 2022 </span>ABIFI 4.915% Notes du<span class=\"_ _0\"/>e 2046 USD 1 470 1 470 On <span class=\"_ _2\"/>2 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>20<span class=\"_ _3\"/>22, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>completed <span class=\"_ _6\"/>the <span class=\"_ _2\"/>tender <span class=\"_ _2\"/>off<span class=\"_ _3\"/>ers <span class=\"_ _2\"/>of <span class=\"_ _6\"/>twelve <span class=\"_ _2\"/>series <span class=\"_ _6\"/>of <span class=\"_ _2\"/>USD <span class=\"_ _2\"/>notes <span class=\"_ _6\"/>and <span class=\"_ _6\"/>two <span class=\"_ _2\"/>series <span class=\"_ _6\"/>of <span class=\"_ _2\"/>GBP notes <span class=\"_ _3\"/>for up <span class=\"_ _3\"/>to <span class=\"_ _3\"/>3.5 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US dollar <span class=\"_ _3\"/>aggregate purchase <span class=\"_ _3\"/>price. <span class=\"_ _3\"/>The c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>accepted <span class=\"_ _3\"/>the tender <span class=\"_ _3\"/>offers <span class=\"_ _3\"/>of eight <span class=\"_ _3\"/>series <span class=\"_ _3\"/>of notes <span class=\"_ _3\"/>issued <span class=\"_ _2\"/>by <span class=\"_ _3\"/>Anheuser<span class=\"_ _3\"/>-<span class=\"ff4\">Busch <span class=\"_ _3\"/>InBev <span class=\"_ _2\"/>SA/NV <span class=\"_ _3\"/>(\u201cABISA\u201d), <span class=\"_ _2\"/>Anheuser</span>-<span class=\"ff4\">Busch <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>Worldwide <span class=\"_ _2\"/>(\u201cABIWW\u201d) <span class=\"_ _3\"/>and <span class=\"_ _3\"/>Anheuser<span class=\"_ _3\"/></span>-Busch InBev Finance <span class=\"_ _3\"/>Inc. (\u201cABIFI\u201d) and <span class=\"_ _3\"/>repurchased 3.9 billion US do<span class=\"_ _3\"/>llar aggregate principal amount of<span class=\"_ _2\"/><span class=\"ff2\"> <span class=\"_ _3\"/>these notes. The </span>total principal amount repurchased in the tender offers is set out in the table below: Original principal Principal Principal amount amount amount not Issuer Title of series<span class=\"_ _0\"/> of notes outstanding<span class=\"_ _1\"/> repurchased repurchased Date of redempt<span class=\"_ _0\"/>ion  (abbreviated)  partially repurc<span class=\"_ _0\"/>hased  Currency (in million) (in million) (in million) 2 December 2022<span class=\"_ _1\"/> ABISA 2.850% Notes du<span class=\"_ _0\"/>e 2037 GBP 900<span class=\"ls0\"> </span> <span class=\"ls6\">489</span>  <span class=\"ls6\">411 </span> 2 December 2022<span class=\"_ _1\"/> ABISA 2.250% Notes du<span class=\"_ _0\"/>e 2029 GBP 700<span class=\"ls0\"> </span> <span class=\"ls6\">363 </span>  <span class=\"ls6\">337 </span> 2 December 2022<span class=\"_ _1\"/> ABIFI 4.000% Notes du<span class=\"_ _0\"/>e 2043 USD 750<span class=\"ls0\"> </span> <span class=\"ls6\">346 </span>  <span class=\"ls6\">404 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 3.750% Notes du<span class=\"_ _0\"/>e 2042 USD 1 000  <span class=\"ls6\">529 </span>  <span class=\"ls6\">471 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.600% Notes du<span class=\"_ _0\"/>e 2060 USD 1 000  <span class=\"ls6\">503</span>  <span class=\"ls6\">497 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.500% Notes du<span class=\"_ _0\"/>e 2050 USD 2 250  <span class=\"ls6\">683 </span>  1 567  2 <span class=\"ls0\">December 2022 </span>ABIWW 4.750% Notes du<span class=\"_ _0\"/>e 2058 USD 1 500  <span class=\"ls6\">519 </span>  <span class=\"ls6\">981 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.600% Notes du<span class=\"_ _0\"/>e 2048 USD 2 500  <span class=\"ls6\">321 </span>  2 179  These tender offers were financed with cash. Net <span class=\"_ _7\"/>debt <span class=\"_ _6\"/>is <span class=\"_ _6\"/>d<span class=\"_ _3\"/>efined <span class=\"_ _6\"/>as <span class=\"_ _6\"/>n<span class=\"_ _3\"/>on-current <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>current <span class=\"_ _7\"/>interest-bearing <span class=\"_ _6\"/>loans <span class=\"_ _7\"/>and <span class=\"_ _6\"/>borrowings <span class=\"_ _7\"/>and <span class=\"_ _6\"/>bank <span class=\"_ _7\"/>overdrafts <span class=\"_ _6\"/>minus <span class=\"_ _7\"/>debt securities <span class=\"_ _5\"> </span>and<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>and<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>eq<span class=\"_ _3\"/>uivalents. <span class=\"_ _5\"> </span>Net <span class=\"_ _4\"> </span>debt <span class=\"_ _5\"> </span>is <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>financial <span class=\"_ _5\"> </span>performance <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>ndicator <span class=\"_ _5\"> </span>that <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>s <span class=\"_ _5\"> </span>used <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>AB <span class=\"_ _5\"> </span>InBev\u2019s management to highlight changes in the company\u2019s overall liquidity posit<span class=\"_ _3\"/><span class=\"ff2\">ion. </span>AB <span class=\"_ _6\"/><span class=\"ff4 ls0\">InBev\u2019s <span class=\"_ _6\"/>net <span class=\"_ _6\"/>debt <span class=\"_ _7\"/><span class=\"ff2\">decreased <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>69.7 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>as<span class=\"_ _3\"/> <span class=\"_ _2\"/>at <span class=\"_ _7\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>from <span class=\"_ _6\"/>76.2 <span class=\"_ _6\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>as <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 </span></span>December 2<span class=\"_ _3\"/>021. <span class=\"_ _3\"/>Aside from <span class=\"_ _3\"/>operating <span class=\"_ _3\"/>results th<span class=\"_ _3\"/>at are <span class=\"_ _3\"/>net <span class=\"_ _3\"/>of ca<span class=\"_ _3\"/>pital expenditures, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>net debt <span class=\"_ _3\"/>is <span class=\"_ _3\"/>impacted mainly <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the payment <span class=\"_ _2\"/>of <span class=\"_ _6\"/>interests <span class=\"_ _2\"/>and <span class=\"_ _2\"/>taxes <span class=\"_ _6\"/>(6<span class=\"_ _3\"/>.1 <span class=\"_ _2\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar), <span class=\"_ _2\"/>dividend <span class=\"_ _2\"/>payments <span class=\"_ _6\"/>to <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>of <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Ambev <span class=\"_ _6\"/>(<span class=\"_ _3\"/>2.4 billion US dollar) and foreign exchange impact on net debt (1.5 billion US dollar d<span class=\"_ _3\"/>ecrease of net debt). The following table provides a reconciliation of AB InBev\u2019s net debt as at the d<span class=\"_ _0\"/>ates indicated:<span class=\"_ _3\"/><span class=\"ff2\"> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Non-curren<span class=\"_ _0\"/>t interest-bearing loans<span class=\"_ _1\"/> <span class=\"_ _3\"/>and borro<span class=\"_ _0\"/>wings 78 880 87 369 Current interes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>-bearing loans and<span class=\"_ _1\"/> borrowings 1 029 1 408 Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>loans and bo<span class=\"_ _1\"/>rrowings 79 909 88 777 Bank overdrafts<span class=\"_ _0\"/>  <span class=\"ls6\">83</span>  <span class=\"ls6\">53</span> Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents (9 973) (12 097) Interest bearing loan<span class=\"_ _1\"/>s <span class=\"_ _3\"/>granted<span class=\"_ _1\"/> <span class=\"_ _3\"/>and other depo<span class=\"_ _0\"/>sits (included<span class=\"_ _0\"/> within Tra<span class=\"_ _0\"/>de and other           <span class=\"ls7\">(183)</span>           <span class=\"ls7\">(175)</span> receivables)<span class=\"_ _0\"/> Debt securities<span class=\"_ _1\"/> <span class=\"_ _3\"/>(included within <span class=\"_ _1\"/>Investment securities)           <span class=\"ls7\">(123)</span>           <span class=\"ls7\">(396)</span> Net debt 69 713 76 162 Reconciliation of liabilities arising from financing activities The <span class=\"_ _3\"/>table <span class=\"_ _2\"/>below <span class=\"_ _3\"/>details <span class=\"_ _2\"/>the <span class=\"_ _3\"/><span class=\"ff4\">c<span class=\"_ _3\"/>hanges <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company\u2019s <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>arising <span class=\"_ _3\"/>fro<span class=\"_ _3\"/>m <span class=\"_ _3\"/>financing <span class=\"_ _3\"/>activities, <span class=\"_ _2\"/>including <span class=\"_ _3\"/>both <span class=\"_ _3\"/>cash<span class=\"_ _3\"/> <span class=\"_ _3\"/>and </span>non<span class=\"ls0\">-cash changes. L<span class=\"_ _1\"/>i<span class=\"_ _3\"/>abilities arising <span class=\"_ _0\"/>from financing activities <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re those for <span class=\"_ _1\"/>which cash flows <span class=\"_ _0\"/>were, or future <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ash flows wil<span class=\"_ _1\"/>l<span class=\"_ _3\"/> </span>be classified in the company\u2019s consolidated cash flow statement from financing activit<span class=\"_ _0\"/>ies.<span class=\"_ _3\"/><span class=\"ff2\"> </span>Short-term debt a<span class=\"_ _1\"/>nd Long<span class=\"ls0\">-term debt<span class=\"_ _1\"/>,<span class=\"_ _3\"/> net of </span>current portion<span class=\"_ _0\"/> of long-Million US dol<span class=\"_ _0\"/>lar current portion<span class=\"_ _0\"/> term debt Balance at 1 Jan<span class=\"_ _1\"/>uary 2022 87 369 1 408 Proceeds from bo<span class=\"_ _0\"/>rrowings  <span class=\"ls6\">74</span>  <span class=\"ls6\">17</span> Payments on borro<span class=\"_ _1\"/>wings (6 698) (567)<span class=\"ls0\"> </span>Capitalization <span class=\"_ _0\"/>/ (payment) of <span class=\"_ _0\"/>lease liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  <span class=\"ls6\">794</span> (519)<span class=\"ls0\"> </span>Amortized co<span class=\"_ _0\"/>st  <span class=\"ls6\">63</span> - Unrealized foreign e<span class=\"_ _1\"/>xchange effects (1 776) (6)<span class=\"ls0\"> </span>Current portion<span class=\"_ _0\"/> of long-term deb<span class=\"_ _0\"/>t (617)<span class=\"ls0\"> </span> <span class=\"ls6\">617</span> (Gain)/Loss on bon<span class=\"_ _0\"/>d redemp<span class=\"_ _0\"/>tion and other mo<span class=\"_ _1\"/>v<span class=\"_ _3\"/>ements (329)<span class=\"ls0\"> </span> <span class=\"ls6\">79</span> Balance at 31 Dec<span class=\"_ _0\"/>ember 2022<span class=\"_ _1\"/> 78 880 1 029 . Short-term debt a<span class=\"_ _1\"/>nd Long<span class=\"ls0\">-term debt<span class=\"_ _1\"/>,<span class=\"_ _3\"/> net of </span>current portion<span class=\"_ _1\"/> <span class=\"_ _3\"/>of long-Million US dol<span class=\"_ _0\"/>lar current portion<span class=\"_ _0\"/> term debt Balance at 1 Jan<span class=\"_ _1\"/>uary 2021 95 478 3 081 Proceeds from bo<span class=\"_ _0\"/>rrowings  <span class=\"ls6\">148</span>  <span class=\"ls6\">306</span> Payments on borro<span class=\"_ _1\"/>wings (6 735) (2 230) Capitalization <span class=\"_ _0\"/>/ (payment) of <span class=\"_ _0\"/>lease liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  <span class=\"ls6\">697</span>           <span class=\"ls7\">(547)</span> Amortized co<span class=\"_ _0\"/>st  <span class=\"ls6\">64</span> - Unrealized foreign e<span class=\"_ _1\"/>xchange effects (2 149)             <span class=\"ls7\">(88)</span> Current portion<span class=\"_ _0\"/> of long-term deb<span class=\"_ _0\"/>t           <span class=\"ls7\">(875)</span>  <span class=\"ls6\">875</span> (Gain)/Loss on bon<span class=\"_ _0\"/>d redemp<span class=\"_ _0\"/>tion and other mo<span class=\"_ _1\"/>v<span class=\"_ _3\"/>ements  <span class=\"ls6\">741</span>  <span class=\"ls6\">10</span> Balance at 31 Dec<span class=\"_ _0\"/>ember 2021<span class=\"_ _1\"/> 87 369 1 408<span class=\"ls0\"> </span>23.<span class=\"ls0\"> <span class=\"_ _1\"/>Pension and simi<span class=\"_ _0\"/>lar obligations </span>AB<span class=\"ls0\"> InBev <span class=\"_ _5\"> </span>sponsors <span class=\"_ _4\"> </span>various <span class=\"_ _5\"> </span>post-employment <span class=\"_ _5\"> </span>be<span class=\"_ _3\"/>nefit <span class=\"_ _5\"> </span>plans <span class=\"_ _5\"> </span>worldwide, <span class=\"_ _5\"> </span>which<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>nclude <span class=\"_ _5\"> </span>both <span class=\"_ _5\"> </span>defined <span class=\"_ _4\"> </span>contribution <span class=\"_ _5\"> </span>plans, </span>defined <span class=\"_ _e\"> </span>benefit <span class=\"_ _e\"> </span>plans, <span class=\"_ _a\"> </span>and <span class=\"_ _e\"> </span>other <span class=\"_ _e\"> </span>post<span class=\"_ _3\"/>-employment <span class=\"_ _e\"> </span>benefits. <span class=\"_ _e\"> </span>In <span class=\"_ _e\"> </span>accordance <span class=\"_ _e\"> </span>with <span class=\"_ _e\"> </span>IAS <span class=\"_ _e\"> </span>19 <span class=\"_ _9\"> </span><span class=\"ff5\">Employee <span class=\"_ _e\"> </span>Benefits</span> <span class=\"_ _e\"> </span>post-employment benefit plans are classified as either defined contribution plans or defined ben<span class=\"_ _0\"/>efit plans.<span class=\"_ _3\"/> DEFINED CONTRIBUTION PLANS For <span class=\"_ _1\"/>defined <span class=\"_ _1\"/>contribution <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>InBev <span class=\"_ _1\"/>pays <span class=\"_ _1\"/>contributions <span class=\"_ _1\"/>to <span class=\"_ _1\"/>publicly <span class=\"_ _1\"/>or <span class=\"_ _1\"/>privately <span class=\"_ _1\"/>administered <span class=\"_ _1\"/>pension <span class=\"_ _1\"/>funds <span class=\"_ _1\"/>or <span class=\"_ _1\"/>insur<span class=\"_ _2\"/>ance contracts. Once <span class=\"_ _3\"/>the contributions h<span class=\"_ _3\"/>ave been paid, <span class=\"_ _3\"/>the group has <span class=\"_ _3\"/>no further <span class=\"_ _3\"/>payment obligation. The <span class=\"_ _3\"/>regular contributions constitute <span class=\"_ _3\"/>an <span class=\"_ _3\"/>expense <span class=\"_ _3\"/>for <span class=\"_ _2\"/>the <span class=\"_ _3\"/>year <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which <span class=\"_ _3\"/>they <span class=\"_ _2\"/>are <span class=\"_ _3\"/>due. <span class=\"_ _3\"/>For <span class=\"_ _2\"/><span class=\"ls3\">2022</span>, <span class=\"_ _3\"/>contributions <span class=\"_ _3\"/>paid <span class=\"_ _3\"/>into <span class=\"_ _3\"/>defined <span class=\"_ _3\"/>co<span class=\"_ _3\"/>ntribution p<span class=\"_ _3\"/>lans <span class=\"_ _3\"/>for the company amounted to 164m US dollar compared to <span class=\"ls3\">147</span>m US dollar for 2021. DEFINED BENEFIT PLANS During 2022, the company contributed to <span class=\"ls3\">86</span> defined benefit plans, of which <span class=\"_ _3\"/><span class=\"ls3\">64</span> are retirement or leaving service plans, <span class=\"ls3\">17</span> are <span class=\"_ _3\"/>medical <span class=\"_ _3\"/>cost <span class=\"_ _3\"/>plans <span class=\"_ _3\"/>and <span class=\"_ _2\"/>5 oth<span class=\"_ _3\"/>er l<span class=\"_ _3\"/>ong-term <span class=\"_ _3\"/>employee <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>plans. <span class=\"_ _3\"/>Most <span class=\"_ _3\"/>plans p<span class=\"_ _3\"/>rovide reti<span class=\"_ _3\"/>rement <span class=\"_ _3\"/>and l<span class=\"_ _3\"/>eaving s<span class=\"_ _3\"/>ervice benefits <span class=\"_ _1\"/>related <span class=\"_ _1\"/>to <span class=\"_ _1\"/>pay <span class=\"_ _0\"/>and <span class=\"_ _1\"/>years <span class=\"_ _1\"/>of <span class=\"_ _1\"/>service. <span class=\"_ _1\"/>In <span class=\"_ _1\"/>many of <span class=\"_ _f\"/>the <span class=\"_ _1\"/>countries <span class=\"_ _1\"/>the <span class=\"_ _1\"/>plans <span class=\"_ _1\"/>are p<span class=\"_ _1\"/>a<span class=\"_ _3\"/>rtially <span class=\"_ _1\"/>funded. <span class=\"_ _1\"/>When <span class=\"_ _1\"/>plans <span class=\"_ _1\"/>are <span class=\"_ _1\"/>funde<span class=\"_ _3\"/>d,<span class=\"_ _3\"/> the <span class=\"_ _0\"/>assets <span class=\"_ _1\"/>are he<span class=\"_ _0\"/>ld <span class=\"_ _1\"/>in legally <span class=\"_ _f\"/>separa<span class=\"_ _3\"/>te <span class=\"_ _1\"/>funds <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et <span class=\"_ _1\"/>up in <span class=\"_ _1\"/>accordanc<span class=\"_ _3\"/>e <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>p<span class=\"_ _3\"/>plicable <span class=\"_ _1\"/>legal re<span class=\"_ _1\"/>q<span class=\"_ _3\"/>uirements <span class=\"_ _1\"/>and <span class=\"_ _0\"/>common practice in <span class=\"_ _6\"/>each <span class=\"_ _6\"/>country. <span class=\"_ _2\"/>The <span class=\"_ _6\"/>medical <span class=\"_ _2\"/>co<span class=\"_ _3\"/>st <span class=\"_ _2\"/>plans <span class=\"_ _6\"/>in <span class=\"_ _6\"/>Barbados, <span class=\"_ _6\"/>Brazil, <span class=\"_ _2\"/>Canada, <span class=\"_ _6\"/>Colombia, <span class=\"_ _6\"/>South <span class=\"_ _2\"/>Africa <span class=\"_ _6\"/>and <span class=\"_ _6\"/>US <span class=\"_ _6\"/>provide <span class=\"_ _2\"/>m<span class=\"_ _3\"/>edical benefits to employees and their families after retirement. Man<span class=\"_ _0\"/>y of the de<span class=\"_ _3\"/>fined benefit plans are closed to new entrants. The present <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alue of <span class=\"_ _0\"/>funded obligations <span class=\"_ _1\"/>includes a 115m US dol<span class=\"_ _0\"/>lar liability r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>lated to <span class=\"_ _1\"/>two medical plans <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n Brazil, f<span class=\"_ _1\"/>or which the benefits <span class=\"_ _3\"/>are provided through <span class=\"_ _3\"/>the Funda\u00e7\u00e3o An<span class=\"_ _3\"/>tonio Helena Zerrenner <span class=\"_ _3\"/>(\u201cFAHZ\u201d). The FAHZ i<span class=\"_ _3\"/>s a le<span class=\"_ _3\"/>gally distinct entity which <span class=\"_ _2\"/>provides <span class=\"_ _3\"/>me<span class=\"_ _3\"/>dical, <span class=\"_ _3\"/>dental, <span class=\"_ _2\"/>educational <span class=\"_ _2\"/>and <span class=\"_ _2\"/>social <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ssistance <span class=\"_ _6\"/>to <span class=\"_ _3\"/>current <span class=\"_ _2\"/>and <span class=\"_ _2\"/>retired <span class=\"_ _2\"/>employees <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Ambev. <span class=\"_ _2\"/>As <span class=\"_ _2\"/>at <span class=\"_ _2\"/><span class=\"ls3\">31 </span>December <span class=\"_ _7\"/>2022, <span class=\"_ _7\"/>the <span class=\"_ _7\"/>actuarial <span class=\"_ _6\"/>li<span class=\"_ _3\"/>abilities <span class=\"_ _7\"/>related <span class=\"_ _6\"/>to <span class=\"_ _7\"> </span>the <span class=\"_ _7\"/>benefits <span class=\"_ _7\"/>provided <span class=\"_ _7\"/>by <span class=\"_ _7\"/>the <span class=\"_ _7\"/>FAHZ <span class=\"_ _6\"/>are <span class=\"_ _7\"/>fully <span class=\"_ _7\"/>offset <span class=\"_ _7\"/>by <span class=\"_ _7\"/>an <span class=\"_ _7\"/>equivalent amount of assets existing in the fund. The net liability recogni<span class=\"_ _0\"/>zed in the stateme<span class=\"_ _3\"/>nt of financial position is nil.  The <span class=\"_ _3\"/>employee b<span class=\"_ _3\"/>enefit <span class=\"_ _3\"/>net liability<span class=\"_ _3\"/> amounts <span class=\"_ _3\"/>to <span class=\"_ _2\"/>1 <span class=\"_ _3\"/>523<span class=\"ls4\">m <span class=\"_ _3\"/></span>US d<span class=\"_ _3\"/>ollar as <span class=\"_ _3\"/>at <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>compa<span class=\"_ _3\"/>red to <span class=\"_ _2\"/>2 256m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar as at <span class=\"_ _0\"/>31 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2021. <span class=\"_ _1\"/>In<span class=\"_ _3\"/> 20<span class=\"_ _1\"/>2<span class=\"_ _3\"/>2, the <span class=\"_ _1\"/>fair value of <span class=\"_ _1\"/>the plan assets <span class=\"_ _0\"/>decreased by <span class=\"_ _1\"/>1 574m <span class=\"_ _1\"/>US dollar and <span class=\"_ _1\"/>the defined benefit<span class=\"_ _0\"/> obligations <span class=\"_ _0\"/>decreased <span class=\"_ _1\"/>by <span class=\"_ _1\"/>2 28<span class=\"_ _0\"/>7m <span class=\"_ _0\"/>US <span class=\"_ _1\"/>dollar. <span class=\"_ _1\"/>The decrea<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the emplo<span class=\"_ _0\"/>yee <span class=\"_ _1\"/>benefit n<span class=\"_ _1\"/>e<span class=\"_ _3\"/>t <span class=\"_ _1\"/>liability <span class=\"_ _1\"/>is <span class=\"_ _0\"/>mainly <span class=\"_ _1\"/>driven <span class=\"_ _1\"/>by increases in the discount rates partially offset by unfavorable asset returns.  The <span class=\"_ _2\"/>company\u2019s <span class=\"_ _3\"/>net <span class=\"_ _2\"/>liability <span class=\"_ _3\"/>for <span class=\"_ _2\"/>post<span class=\"_ _3\"/><span class=\"ff2\">-employment <span class=\"_ _3\"/>and <span class=\"_ _2\"/>long-term <span class=\"_ _2\"/>employee <span class=\"_ _3\"/>benefit <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>c<span class=\"_ _3\"/>omprises <span class=\"_ _3\"/>the <span class=\"_ _2\"/>following <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 </span>December 2022 and 2021:<span class=\"fs6\"> </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Present value of<span class=\"_ _1\"/> <span class=\"_ _3\"/>funded obliga<span class=\"_ _1\"/>tions (4 604) (6 791) Fair value of plan<span class=\"_ _0\"/> assets 3 807<span class=\"ls0\"> </span>5 381 Present value of <span class=\"_ _1\"/>net obligations for funded <span class=\"_ _0\"/>plans  <span class=\"ls7\">(797)</span> (1 410) Present value of<span class=\"_ _1\"/> <span class=\"_ _3\"/>unfunded obliga<span class=\"_ _1\"/>tions  <span class=\"ls7\">(587)</span>  <span class=\"ls7\">(687)</span> Present value of <span class=\"_ _1\"/>net obligations (1 384) (2 097) Unrecognized a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>set  <span class=\"ls7\">(43)</span>  <span class=\"ls7\">(32)</span> Net liability (1 427) (2 129) Other long term e<span class=\"_ _1\"/>mployee benefits  <span class=\"ls7\">(96)</span>  <span class=\"ls7\">(127)</span> Total employee be<span class=\"_ _1\"/>nefits (1 523) (2 256) Employee benefits<span class=\"_ _0\"/> amounts i<span class=\"_ _0\"/>n the stat<span class=\"_ _0\"/>ement of fina<span class=\"_ _0\"/>ncial position: Liabilities (1 534) (2 261) Assets 11<span class=\"ls0\">  </span>5  Net liability (1 523) (2 256) The changes in the present value of the defined benefit obligations are as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Defined benef<span class=\"_ _0\"/>it obligation at<span class=\"_ _0\"/> 1 January (7 478) (8 496) Current service <span class=\"_ _1\"/>c<span class=\"_ _3\"/>osts  <span class=\"ls7\">(69)</span>  <span class=\"ls7\">(80)</span> Interest cost  <span class=\"ls7\">(229)</span>  <span class=\"ls7\">(212)</span> Past service gain<span class=\"_ _0\"/>/(cost) -  <span class=\"ls7\">(5)</span> Settlements 114<span class=\"ls0\">  </span>176<span class=\"ls0\">  </span>Benefits paid<span class=\"_ _1\"/> 549<span class=\"ls0\">  </span>553<span class=\"ls0\">  </span>Contribution b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> plan participa<span class=\"_ _0\"/>nts  <span class=\"ls7\">(2)</span>  <span class=\"ls7\">(3)</span> Actuarial gains/(lo<span class=\"_ _1\"/>ss<span class=\"_ _3\"/>es) <span class=\"ff4\">\u2013</span> demogr<span class=\"_ _1\"/>aphic assumptions  <span class=\"ls7\">(2)</span>  <span class=\"ls7\">(41)</span> Actuarial gains/(lo<span class=\"_ _1\"/>ss<span class=\"_ _3\"/>es) <span class=\"ff4\">\u2013</span> finan<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ial assump<span class=\"_ _0\"/>tions 1 <span class=\"ls6\">854</span>  460<span class=\"ls0\">  </span>Experience adju<span class=\"_ _1\"/>st<span class=\"_ _3\"/>ments  <span class=\"ls7\">(116)</span> 16<span class=\"ls0\">  </span>Exchange differe<span class=\"_ _0\"/>nces 243<span class=\"ls0\">  </span>154<span class=\"ls0\">  </span>Transfers and o<span class=\"_ _1\"/>t<span class=\"_ _3\"/>her movement<span class=\"_ _1\"/>s  <span class=\"ls7\">(55)</span> - Defined benef<span class=\"_ _0\"/>it obligation at<span class=\"_ _0\"/> 31 December (5 191) (7 478) As at the <span class=\"_ _0\"/>last valuation <span class=\"_ _0\"/>date, the pre<span class=\"_ _0\"/>sent value <span class=\"_ _0\"/>of the de<span class=\"_ _0\"/>fined benefit o<span class=\"_ _1\"/>bl<span class=\"_ _3\"/>igation was <span class=\"_ _1\"/>com<span class=\"_ _3\"/>prised of <span class=\"_ _1\"/>approximately <span class=\"_ _3\"/>1.1 billion US dollar relating to active employees, 0<span class=\"_ _3\"/>.9<span class=\"fc3\"> </span>billion US dollar relating to deferred members and 3.2<span class=\"_ _3\"/> billion US dollar relating to members in retirement.  Th<span class=\"ls0\">e changes in the fair value of plan assets are as follows: <span class=\"fs6\"> </span></span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Fair value of pla<span class=\"_ _1\"/>n <span class=\"_ _3\"/>assets at 1<span class=\"_ _1\"/> January 5 <span class=\"ls6\">381</span>  5 <span class=\"ls6\">649</span>  Interest income  <span class=\"ls6\">157</span>  <span class=\"ls6\">137</span> Administration <span class=\"_ _1\"/>c<span class=\"_ _3\"/>osts  <span class=\"ls7\">(17)</span>  <span class=\"ls7\">(19)</span> Return on plan a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sets exceeding<span class=\"_ _1\"/> interest income (1 084)  <span class=\"ls6\">197</span> Contributions by<span class=\"_ _0\"/> AB InBev  <span class=\"ls6\">220</span>  <span class=\"ls6\">241</span> Contributions by<span class=\"_ _0\"/> plan participan<span class=\"_ _1\"/>ts  2  3 Benefits paid net<span class=\"_ _0\"/> of administra<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ion costs  <span class=\"ls7\">(551)</span>  <span class=\"ls7\">(553)</span> Assets distributed<span class=\"_ _0\"/> on settle<span class=\"_ _0\"/>ments  <span class=\"ls7\">(112)</span>  <span class=\"ls7\">(172)</span> Exchange differe<span class=\"_ _0\"/>nces  <span class=\"ls7\">(188)</span>  <span class=\"ls7\">(102)</span> Transfers and o<span class=\"_ _1\"/>t<span class=\"_ _3\"/>her movement<span class=\"_ _1\"/>s  <span class=\"ls7\">(2)</span> - Fair value of pla<span class=\"_ _1\"/>n <span class=\"_ _3\"/>assets at 31<span class=\"_ _1\"/> December 3 807 5 <span class=\"ls6\">381</span>  Actual <span class=\"_ _3\"/>re<span class=\"_ _3\"/>turn <span class=\"_ _3\"/>on <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>assets <span class=\"_ _2\"/>amo<span class=\"_ _3\"/>unted <span class=\"_ _3\"/>to <span class=\"_ _3\"/>a <span class=\"_ _6\"/>loss <span class=\"_ _3\"/>of <span class=\"_ _2\"/>(927)<span class=\"ls4\">m <span class=\"_ _3\"/><span class=\"lsd\">US</span></span> <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>in <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _3\"/>compared <span class=\"_ _2\"/>to <span class=\"_ _3\"/>a <span class=\"_ _2\"/>gain <span class=\"_ _2\"/>of <span class=\"_ _3\"/><span class=\"ls3\">334</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>in 2021<span class=\"ls0\">. </span>The changes in the unrecognized asset are as follows:<span class=\"fs6\"> </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Irrecoverable surp<span class=\"_ _1\"/>lus impact at 1 January  <span class=\"ls7\">(32)</span>  <span class=\"ls7\">(31)</span> Interest expense<span class=\"_ _1\"/>  <span class=\"ls7\">(3)</span>  <span class=\"ls7\">(2)</span> Changes excluding<span class=\"_ _0\"/> amount<span class=\"_ _0\"/>s included in intere<span class=\"_ _1\"/>st expense   <span class=\"ls7\">(8)</span>  1 Irrecoverable surp<span class=\"_ _1\"/>lus impact at 31 Dece<span class=\"_ _0\"/>mber  <span class=\"ls7\">(43)</span>  <span class=\"ls7\">(32)</span> The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:<span class=\"fs6\">  </span>Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Current service <span class=\"_ _1\"/>c<span class=\"_ _3\"/>osts  <span class=\"ls7\">(66)</span>  <span class=\"ls7\">(80)</span> Administration <span class=\"_ _1\"/>c<span class=\"_ _3\"/>osts  <span class=\"ls7\">(17)</span>  <span class=\"ls7\">(19)</span> Past service co<span class=\"_ _1\"/>st due to plan amendments, <span class=\"_ _0\"/>curtailments or<span class=\"_ _1\"/> s<span class=\"_ _3\"/>ettleme<span class=\"_ _1\"/>nts<span class=\"_ _3\"/> 2   <span class=\"ls7\">(2)</span> (Losses)/gains du<span class=\"_ _0\"/>e to exper<span class=\"_ _0\"/>ience and demog<span class=\"_ _1\"/>raphic assumption chang<span class=\"_ _0\"/>es<span class=\"_ _3\"/> -  1 Profit from operati<span class=\"_ _1\"/>ons  <span class=\"ls7\">(81)</span>  <span class=\"ls7\">(100)</span> Net finance cos<span class=\"_ _0\"/>t  <span class=\"ls7\">(73)</span>  <span class=\"ls7\">(76)</span> Total employee be<span class=\"_ _1\"/>nefit expense  <span class=\"ls7\">(154)</span>  <span class=\"ls7\">(176)</span> The employee benefit expense is included in the following line items of the income statement: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Cost of sale<span class=\"_ _0\"/>s  <span class=\"ls7\">(25)</span>  <span class=\"ls7\">(30)</span> Distribution e<span class=\"_ _0\"/>xpenses  <span class=\"ls7\">(11)</span>  <span class=\"ls7\">(11)</span> Sales and mar<span class=\"_ _0\"/>keting expen<span class=\"_ _0\"/>ses  <span class=\"ls7\">(17)</span>  <span class=\"ls7\">(24)</span> Administrative<span class=\"_ _0\"/> expenses  <span class=\"ls7\">(28)</span>  <span class=\"ls7\">(34)</span> Other operating (e<span class=\"_ _1\"/>xpense)/income -  <span class=\"ls7\">(1)</span> Net finance cost<span class=\"_ _1\"/>  <span class=\"ls7\">(73)</span>  <span class=\"ls7\">(76)</span> Total employee be<span class=\"_ _1\"/>nefit expense  <span class=\"ls7\">(154)</span>  <span class=\"ls7\">(176)</span> Weighted <span class=\"_ _4\"> </span>average <span class=\"_ _4\"> </span>assumptions <span class=\"_ _4\"> </span>used <span class=\"_ _4\"> </span>in<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>mputing <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>benefit <span class=\"_ _4\"> </span>obligations <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company<span class=\"_ _3\"/>\u2019s <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>plans <span class=\"_ _4\"> </span>at <span class=\"_ _4\"> </span>the reporting date are as follows:   2022<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 5.5% 5.1% 9.5% 10.0% 4.9% 5.9% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.5% 3.2% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 7.1%-5.3% - 4.0% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.5% 3.0% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 7.0%-4.5% 4.5% - 7.1% - 6.8%-6.1% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 2.8% 2.9% 8.0% 8.7% 1.9% 3.2% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.3% 3.6% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 6.9%-5.0% - 3.7% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.3% 3.2% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 5.3%-4.5% 4.5% - 6.9% - 5.9%-5.7% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>Through <span class=\"_ _3\"/>its <span class=\"_ _2\"/>defined <span class=\"_ _3\"/>benefi<span class=\"_ _3\"/>t <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>and <span class=\"_ _3\"/>p<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>-employment <span class=\"_ _3\"/>medical <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>ans, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>is <span class=\"_ _2\"/>exposed <span class=\"_ _3\"/>to <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>number <span class=\"_ _2\"/>of risks, the most significant are detailed below: INVESTMENT STRATEGY In <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase <span class=\"_ _1\"/>of funded <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>ensures <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>investment <span class=\"_ _1\"/>positions a<span class=\"_ _0\"/>re <span class=\"_ _1\"/>managed w<span class=\"_ _0\"/>ithin <span class=\"_ _1\"/>an<span class=\"_ _3\"/> <span class=\"_ _1\"/>asset<span class=\"_ _2\"/>-liability <span class=\"_ _1\"/>matching (ALM) framework that <span class=\"_ _0\"/>has been developed t<span class=\"_ _1\"/>o achieve long<span class=\"_ _3\"/>-term in<span class=\"_ _0\"/>vestments that are <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n line <span class=\"_ _1\"/>with the obligations under the pension <span class=\"_ _3\"/>schemes. <span class=\"_ _2\"/>Within <span class=\"_ _3\"/>this <span class=\"_ _3\"/>framework, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>ALM <span class=\"_ _3\"/>objective <span class=\"_ _2\"/>is <span class=\"_ _3\"/>to <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tch <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pension <span class=\"_ _3\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _3\"/>by investing <span class=\"_ _3\"/>in <span class=\"_ _3\"/>long-term <span class=\"_ _2\"/>fixed <span class=\"_ _3\"/>interest s<span class=\"_ _3\"/>ecurities <span class=\"_ _3\"/>with m<span class=\"_ _3\"/>aturities <span class=\"_ _3\"/>that <span class=\"_ _3\"/>match <span class=\"_ _3\"/>the <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>as <span class=\"_ _3\"/>they <span class=\"_ _3\"/>fall <span class=\"_ _3\"/>due <span class=\"_ _3\"/>and <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the appropriate <span class=\"_ _7\"/>currency. <span class=\"_ _6\"/>The <span class=\"_ _7\"/>company <span class=\"_ _7\"/>actively <span class=\"_ _6\"/>monitors <span class=\"_ _6\"/>h<span class=\"_ _3\"/>ow <span class=\"_ _6\"/>the <span class=\"_ _7\"/>duration <span class=\"_ _7\"/>and <span class=\"_ _6\"/>the <span class=\"_ _7\"/>expected <span class=\"_ _6\"/>yield <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>investments <span class=\"_ _7\"/>are<span class=\"_ _0\"/> matching the expected cash outflows arising from the pension obligation.  ASSET VOLATILITY  In general, <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _3\"/>funded plans are <span class=\"_ _3\"/>invested in <span class=\"_ _3\"/>a<span class=\"_ _3\"/><span class=\"ff2\"> combi<span class=\"_ _3\"/>nation of equities<span class=\"_ _3\"/><span class=\"ls2\">, </span>bonds <span class=\"_ _3\"/>and real e<span class=\"_ _3\"/>state, <span class=\"_ _3\"/>generating high </span>but <span class=\"_ _1\"/>volatile <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>equities <span class=\"_ _f\"/>and <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>same <span class=\"_ _f\"/>time <span class=\"_ _1\"/>stable <span class=\"_ _1\"/>and <span class=\"_ _f\"/>liability<span class=\"_ _2\"/>-matching <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>bonds. <span class=\"_ _f\"/>As<span class=\"_ _3\"/> <span class=\"_ _f\"/>the <span class=\"_ _1\"/>plans <span class=\"_ _1\"/>mature, the company <span class=\"_ _1\"/>usually reduces t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> level <span class=\"_ _1\"/>of investment <span class=\"_ _1\"/>risk by investing more <span class=\"_ _1\"/>in assets th<span class=\"_ _0\"/>at b<span class=\"_ _0\"/>etter match <span class=\"_ _1\"/>the liabilities. S<span class=\"_ _1\"/>ince 2015, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _2\"/>started <span class=\"_ _3\"/>the <span class=\"_ _3\"/>implementation <span class=\"_ _3\"/>of <span class=\"_ _3\"/>a <span class=\"_ _2\"/>pension <span class=\"_ _3\"/>de<span class=\"_ _3\"/>-risking <span class=\"_ _3\"/>strategy <span class=\"_ _2\"/>to <span class=\"_ _3\"/>reduce <span class=\"_ _3\"/>the <span class=\"_ _3\"/>risk <span class=\"_ _2\"/>profile <span class=\"_ _3\"/>of <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>plans by reducing gradually the current exposure to equities and shifting <span class=\"_ _3\"/>those assets to fixed inc<span class=\"_ _1\"/>o<span class=\"_ _3\"/>me securities. CHANGES IN BOND YIELDS An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in <span class=\"_ _3\"/>bond <span class=\"_ _3\"/>yields <span class=\"_ _3\"/>will <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>liabilities, <span class=\"_ _3\"/>although <span class=\"_ _3\"/>this <span class=\"_ _3\"/>will <span class=\"_ _3\"/>be <span class=\"_ _3\"/>partially <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>by <span class=\"_ _3\"/>a <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the va<span class=\"_ _3\"/>lue <span class=\"_ _6\"/>of the plans\u2019 bond holdings.<span class=\"ff2\"> </span>INFLATION RISK Some of <span class=\"_ _0\"/>the <span class=\"ff4\">company\u2019s <span class=\"_ _1\"/>pension obligations, mainly<span class=\"_ _0\"/> in th<span class=\"_ _1\"/>e UK, are li<span class=\"_ _0\"/>nked to <span class=\"_ _1\"/>inflation, and hig<span class=\"_ _1\"/>h<span class=\"_ _3\"/>er inflation <span class=\"_ _1\"/>will lead to <span class=\"_ _0\"/>higher </span>liabilities. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>majority <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _3\"/>plan\u2019s <span class=\"_ _6\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _2\"/>either <span class=\"_ _2\"/>unaffected <span class=\"_ _2\"/>by <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>osely <span class=\"_ _2\"/>correlated <span class=\"_ _3\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _2\"/>inflation, <span class=\"_ _2\"/>meaning <span class=\"_ _2\"/>that <span class=\"_ _2\"/>an<span class=\"_ _2\"/><span class=\"ff2\"> </span>increase in inf<span class=\"ff4\">lation could potentially increase the company\u2019s net benefit obligation.</span> LIFE EXPECTANCY The majority of the plans\u2019 obligations <span class=\"_ _0\"/>are to provide benefits f<span class=\"_ _1\"/>o<span class=\"_ _3\"/>r the life of the member, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>o increases in life expectan<span class=\"_ _1\"/>c<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/><span class=\"ff2\">ll </span>result in an increase in the plans\u2019 liab<span class=\"ff2\">iliti<span class=\"_ _3\"/>es. </span>The <span class=\"_ _3\"/>weighted <span class=\"_ _3\"/>average <span class=\"_ _3\"/>duration <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>defined <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>obligation <span class=\"_ _3\"/>in <span class=\"_ _6\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>11.4 <span class=\"_ _3\"/>y<span class=\"_ _3\"/>ears <span class=\"_ _3\"/>(2021<span class=\"ls2\">: <span class=\"_ _3\"/></span>13.7 <span class=\"_ _3\"/>years). <span class=\"_ _2\"/>An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in bond yields reduces the average duration. The sensitivity of the defined benefit obligation to changes in <span class=\"_ _0\"/>the <span class=\"_ _3\"/>weighted principal assumptions is:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>Change in Increase in Decrease in Million US dol<span class=\"_ _0\"/>lar assumption assumption assumption Discount rate 0.5%  <span class=\"ls7\">(271)</span> 295<span class=\"ls0\">  </span>Price inflation<span class=\"_ _0\"/> 0.5% 94<span class=\"ls0\">  </span> <span class=\"ls7\">(101)</span> Future salary incre<span class=\"_ _0\"/>ases 0.5% 20<span class=\"ls0\">  </span> <span class=\"ls7\">(19)</span> Medical cost trend ra<span class=\"_ _1\"/>te 1%<span class=\"ls0\"> </span>25<span class=\"ls0\">  </span> <span class=\"ls7\">(22)</span> Mortality One year 147<span class=\"ls0\">  </span> <span class=\"ls7\">(149)</span> The <span class=\"_ _2\"/>above <span class=\"_ _2\"/>are <span class=\"_ _2\"/>purely <span class=\"_ _2\"/>hypothetical <span class=\"_ _3\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>individual <span class=\"_ _2\"/>assumptions <span class=\"_ _2\"/>holding <span class=\"_ _2\"/>all <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ther <span class=\"_ _2\"/>assumptions <span class=\"_ _3\"/>constant: <span class=\"_ _2\"/>economic conditions <span class=\"_ _3\"/>and <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>therein will <span class=\"_ _3\"/>often <span class=\"_ _3\"/>affect <span class=\"_ _3\"/>multiple <span class=\"_ _3\"/>assumptions at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>time <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>effects o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>changes in <span class=\"_ _3\"/>key assumptions are not linear.  Sensitivities <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonably <span class=\"_ _3\"/>possible <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>in <span class=\"_ _3\"/>assumptions, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>they <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ca<span class=\"_ _3\"/>lculated <span class=\"_ _3\"/>using the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ame <span class=\"_ _3\"/>approach <span class=\"_ _3\"/>as <span class=\"_ _3\"/>was used <span class=\"_ _8\"> </span>to <span class=\"_ _4\"> </span>determine <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>defined <span class=\"_ _8\"> </span>benefit <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>bligation. <span class=\"_ _4\"> </span>Therefore, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>above <span class=\"_ _8\"> </span>information <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>not <span class=\"_ _8\"> </span>necessarily <span class=\"_ _4\"> </span>a <span class=\"_ _8\"> </span>reasonable representation of future results. The fair value of plan assets at 31 December consists of the following:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Million US dol<span class=\"_ _0\"/>lar Quoted Unquoted Total Quoted Unquoted Total Government bon<span class=\"_ _0\"/>ds 34%<span class=\"ls0\"> </span>            -    34%<span class=\"ls0\"> </span>34%<span class=\"ls0\"> </span>            -    34%<span class=\"ls0\"> </span>Corpora<span class=\"_ _0\"/>te bonds 30%<span class=\"ls0\"> </span>            -    30%<span class=\"ls0\"> </span>34%<span class=\"ls0\"> </span>            -    34%<span class=\"ls0\"> </span>Equity instrumen<span class=\"_ _1\"/>ts 24%<span class=\"ls0\"> </span>            -    24%<span class=\"ls0\"> </span>24%<span class=\"ls0\"> </span>            -    24%<span class=\"ls0\"> </span>Property             -    7%<span class=\"ls0\"> </span>7%<span class=\"ls0\"> </span>            -    4%<span class=\"ls0\"> </span>4%<span class=\"ls0\"> </span>Insurance con<span class=\"_ _1\"/>t<span class=\"_ _3\"/>racts and other<span class=\"_ _1\"/>s 4%<span class=\"ls0\"> </span>1%<span class=\"ls0\"> </span>5%<span class=\"ls0\"> </span>2%<span class=\"ls0\"> </span>2%<span class=\"ls0\"> </span>4%<span class=\"ls0\"> </span>91%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>100%<span class=\"ls0\"> </span>94%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>100%<span class=\"ls0\"> </span>AB<span class=\"ls0\"> InBev <span class=\"_ _2\"/>expects <span class=\"_ _3\"/>to <span class=\"_ _2\"/>contribute <span class=\"_ _3\"/>ap<span class=\"_ _3\"/>proximately <span class=\"_ _2\"/><span class=\"ls3\">182</span>m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>its <span class=\"_ _2\"/>funded <span class=\"_ _3\"/>d<span class=\"_ _3\"/>efined <span class=\"_ _3\"/>benefit <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>and <span class=\"_ _6\"/><span class=\"ls3\">69</span>m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>in </span>benefit payments to its unfunded defined benefit plans and post-<span class=\"_ _3\"/>retirement medical plans in<span class=\"_ _0\"/> <span class=\"ls3\">2023</span>.<span class=\"fs6\"> </span>24.<span class=\"ls0\"> <span class=\"_ _1\"/>Share-based payments </span>Different <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>programs allow <span class=\"_ _3\"/>company <span class=\"_ _3\"/>senior m<span class=\"_ _3\"/>anagement and <span class=\"_ _3\"/>members of <span class=\"_ _3\"/>the b<span class=\"_ _3\"/>oard of <span class=\"_ _3\"/>directors <span class=\"_ _3\"/>to <span class=\"_ _3\"/>receive or acquire <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>or <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC. <span class=\"_ _6\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>three <span class=\"_ _3\"/>primary <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plans, the <span class=\"_ _5\"> </span>share<span class=\"_ _3\"/>-<span class=\"ff4\">based <span class=\"_ _7\"> </span>compensation <span class=\"_ _5\"> </span>plan <span class=\"_ _4\"> </span>(\u201cShare</span>-Based <span class=\"_ _4\"> </span>Co<span class=\"ff4\">mpensation <span class=\"_ _5\"> </span>Plan\u201d), <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>l<span class=\"_ _3\"/>ong</span>-term <span class=\"_ _5\"> </span>restricted <span class=\"_ _5\"> </span>s<span class=\"_ _3\"/>tock <span class=\"_ _7\"> </span>unit <span class=\"_ _5\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _5\"> </span>for directors <span class=\"_ _3\"/>(\u201cRes<span class=\"_ _3\"/>tricted <span class=\"_ _3\"/>Stock <span class=\"_ _2\"/>Units <span class=\"_ _2\"/>Plan <span class=\"_ _3\"/>for <span class=\"_ _2\"/>Directors<span class=\"_ _3\"/>\u201d<span class=\"ff2\">), <span class=\"_ _3\"/>and <span class=\"_ _2\"/>the <span class=\"_ _2\"/>various <span class=\"_ _2\"/>long-</span>term <span class=\"_ _3\"/>incen<span class=\"_ _3\"/>tive <span class=\"_ _3\"/>plan <span class=\"_ _2\"/>for <span class=\"_ _2\"/>executives <span class=\"_ _3\"/>(\u201cLTI <span class=\"_ _2\"/>Plan Executives\u201d). <span class=\"ff2\">For all option plans,<span class=\"_ _0\"/> the fair value of share-based payment compensation<span class=\"_ _0\"/> is estimated at grant date, <span class=\"_ _1\"/>u<span class=\"_ _3\"/>sing a </span>binomial <span class=\"_ _3\"/>Hull <span class=\"_ _3\"/>model<span class=\"_ _3\"/>, m<span class=\"_ _3\"/>odified to<span class=\"_ _3\"/> <span class=\"_ _3\"/>reflect <span class=\"_ _3\"/>the <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>2 <span class=\"_ _2\"/><span class=\"ff5\">Share-based <span class=\"_ _3\"/>Payment<span class=\"_ _3\"/></span> <span class=\"_ _3\"/>requirement <span class=\"_ _3\"/>that <span class=\"_ _3\"/>assumptions <span class=\"_ _3\"/>about <span class=\"_ _2\"/>forfeiture before <span class=\"_ _6\"/>the <span class=\"_ _6\"/>end <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>vesting <span class=\"_ _2\"/>peri<span class=\"_ _3\"/>od <span class=\"_ _2\"/>c<span class=\"_ _3\"/>annot <span class=\"_ _6\"/>impact <span class=\"_ _6\"/>the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>option. <span class=\"_ _5\"> </span><span class=\"ls17\">Th</span>ese <span class=\"_ _6\"/>share-based <span class=\"_ _6\"/>payment <span class=\"_ _2\"/>prog<span class=\"_ _3\"/>rams relate to either AB InBev shares or American Depository Shar<span class=\"_ _0\"/>es (ADSs) as underlying equity instruments.<span class=\"_ _3\"/><span class=\"ff6 fs9\"> </span>All the <span class=\"_ _1\"/>company share-based <span class=\"_ _1\"/>pa<span class=\"_ _3\"/>yment <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ans ar<span class=\"_ _1\"/>e equity-settled. Amounts <span class=\"_ _1\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _1\"/>been<span class=\"_ _3\"/> <span class=\"_ _1\"/>converted to US <span class=\"_ _1\"/>dollar at <span class=\"_ _1\"/>the average rate of the period, unless otherwise indicated.  Share-based <span class=\"_ _0\"/>payment <span class=\"_ _1\"/>transactions res<span class=\"_ _0\"/>ulted <span class=\"_ _1\"/>in a <span class=\"_ _1\"/>total ex<span class=\"_ _0\"/>pense <span class=\"_ _1\"/>of 448m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar for <span class=\"_ _1\"/>2022, <span class=\"_ _0\"/>as <span class=\"_ _1\"/>compared <span class=\"_ _0\"/>to <span class=\"_ _1\"/><span class=\"ls3\">510<span class=\"ls0\">m US <span class=\"_ _f\"/>dollar </span></span>for <span class=\"_ _3\"/>2021, <span class=\"_ _3\"/>which inclu<span class=\"_ _3\"/>ded an <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>o<span class=\"ls2\">f <span class=\"_ _3\"/></span>72m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>that <span class=\"_ _3\"/>w<span class=\"ls3\">as</span> reported <span class=\"_ _3\"/>in <span class=\"_ _3\"/>non-underlying items <span class=\"_ _3\"/>representing <span class=\"_ _3\"/>the <span class=\"_ _3\"/>IFRS <span class=\"_ _3\"/>2 cost related to the Zenzele Kabili scheme<span class=\"ls2\">. </span>For more details, refer to Note <span class=\"ls3\">21</span> <span class=\"ff5\">Changes in equity and earnings per share</span>. AB INBEV SHARE-BASED COMPENSATION PROGRAMS <span class=\"fc1\"> </span>Share-Based Compensation Plan for Executives Under <span class=\"_ _3\"/>this <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>members <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _2\"/>Executive <span class=\"_ _3\"/>Committee <span class=\"_ _3\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>senior <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>receive <span class=\"_ _3\"/>their <span class=\"_ _3\"/>bonus <span class=\"_ _3\"/>in <span class=\"_ _2\"/>cash <span class=\"_ _3\"/>but <span class=\"_ _3\"/>have the <span class=\"_ _1\"/>choice <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>invest <span class=\"_ _1\"/>some <span class=\"_ _1\"/>or <span class=\"_ _f\"/>all <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _f\"/>of <span class=\"_ _1\"/>their <span class=\"_ _1\"/>bonus <span class=\"_ _1\"/>in <span class=\"_ _f\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ares, <span class=\"_ _f\"/>referred <span class=\"_ _1\"/>to <span class=\"_ _1\"/>as <span class=\"_ _f\"/>voluntary <span class=\"_ _1\"/>shares. <span class=\"_ _1\"/>The <span class=\"_ _f\"/>volunta<span class=\"_ _6\"/>ry shares are entitled <span class=\"_ _1\"/>to dividends from th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> date <span class=\"_ _1\"/>of grant and <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re subject <span class=\"_ _0\"/>to a <span class=\"_ _1\"/>lock<span class=\"_ _3\"/>-up period of <span class=\"_ _0\"/>three years. <span class=\"_ _0\"/>They are gra<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form <span class=\"_ _3\"/>of restricted Stock Units (\u201c<span class=\"ff2 ls0\">RSUs</span>\u201d) <span class=\"ff2 ls0\">(Discounted <span class=\"_ _1\"/>Shares). Exe<span class=\"_ _0\"/>cutives who <span class=\"_ _1\"/>invest i<span class=\"_ _0\"/>n Volu<span class=\"_ _1\"/>nta<span class=\"_ _3\"/>ry <span class=\"_ _1\"/>Sh<span class=\"_ _3\"/>ares a<span class=\"_ _1\"/>lso receive <span class=\"_ _1\"/>one and a<span class=\"_ _1\"/> half <span class=\"_ _1\"/>matchi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>shares for </span>each voluntary <span class=\"_ _1\"/>share i<span class=\"_ _0\"/>nvested <span class=\"_ _1\"/>up<span class=\"_ _3\"/> to <span class=\"_ _1\"/>a l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>mited t<span class=\"_ _1\"/>o<span class=\"_ _3\"/>tal <span class=\"_ _0\"/>percentage <span class=\"_ _1\"/>of each <span class=\"_ _0\"/>executive\u2019s <span class=\"_ _0\"/>variable <span class=\"_ _1\"/>compensation. These <span class=\"_ _1\"/>matching shares <span class=\"_ _6\"/>are <span class=\"_ _7\"/>also <span class=\"_ _2\"/>de<span class=\"_ _3\"/>livered <span class=\"_ _6\"/>in <span class=\"_ _7\"/>the <span class=\"_ _6\"/>form <span class=\"_ _6\"/>of <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>(Matching <span class=\"_ _6\"/>Shares). <span class=\"_ _6\"/>The <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>relating <span class=\"_ _7\"/>to <span class=\"_ _2\"/>the <span class=\"_ _7\"/>Matching <span class=\"_ _6\"/>Shares <span class=\"_ _6\"/>and <span class=\"_ _6\"/>the Discounted Shares vest over a 3<span class=\"_ _3\"/>-year period<span class=\"fs6\"> </span>and<span class=\"_ _3\"/> are subject to specific restrictions or forfeiture provisions in the event of termination of service.<span class=\"ff6\"> </span>During 2022, <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>issued <span class=\"_ _1\"/>4<span class=\"_ _3\"/>.8m d<span class=\"_ _0\"/>iscounted <span class=\"_ _1\"/>and matching <span class=\"_ _1\"/>RSUs <span class=\"_ _0\"/>in <span class=\"_ _0\"/>relation <span class=\"_ _0\"/>to <span class=\"_ _1\"/>bonuses gr<span class=\"_ _1\"/>a<span class=\"_ _3\"/>nted <span class=\"_ _0\"/>to <span class=\"_ _1\"/>company e<span class=\"_ _0\"/>mployees and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _3\"/>0.2m <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs). <span class=\"_ _2\"/>These <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _2\"/>represent <span class=\"_ _2\"/>a <span class=\"_ _2\"/>fair value of approximately 293m US dollar (2021<span class=\"ls2\">: </span>9m US dollar<span class=\"ls1e\">).<span class=\"_ _3\"/></span> Restricted Stock Units Plan for Directors The share-based portion <span class=\"_ _1\"/>of the remuneration <span class=\"_ _1\"/>of the directors <span class=\"_ _1\"/>of the company <span class=\"ls1d\">is<span class=\"_ _3\"/></span> granted <span class=\"_ _0\"/>in the <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>rm of <span class=\"_ _1\"/>RSUs<span class=\"_ _3\"/> that <span class=\"_ _1\"/>v<span class=\"_ _3\"/>est after<span class=\"_ _0\"/> 5 years and, upon vesting, entitle their holders to one AB <span class=\"_ _3\"/>InBev share per RSU.<span class=\"ff6\"> </span>During <span class=\"_ _7\"/>2022<span class=\"ls2\">, <span class=\"_ _7\"/></span>0.1m <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an <span class=\"_ _7\"/>estimated <span class=\"_ _7\"/>fair <span class=\"_ _7\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"> </span><span class=\"ls8\">4m<span class=\"_ _3\"/></span> <span class=\"_ _7\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _7\"/>to <span class=\"_ _6\"/>directors<span class=\"_ _3\"/> <span class=\"_ _7\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _6\"/>0.1m <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an estimated fair value of 4m US dollar<span class=\"ls5\">).</span> Annual LTI Plans for Executives Subject <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span><span class=\"ff4\">management\u2019s <span class=\"_ _9\"> </span>assessment <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _9\"> </span>executive\u2019s</span> <span class=\"_ _9\"> </span>performance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>future <span class=\"_ _9\"> </span>potential<span class=\"_ _3\"/>, <span class=\"_ _9\"> </span>members <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>seni<span class=\"_ _3\"/>or management may be eligible f<span class=\"_ _1\"/>or an annual long-term incentive to be paid o<span class=\"_ _1\"/>u<span class=\"_ _3\"/>t <span class=\"ff4\">in RSUs, Performance St<span class=\"_ _0\"/>ock Units (\u201cPSUs\u201d)<span class=\"_ _0\"/> </span>and/or stock options. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Incenti<span class=\"_ _0\"/>ve RSUs: They c<span class=\"_ _0\"/>liff vest o<span class=\"_ _0\"/>ver a thr<span class=\"ls3\">ee</span>-year <span class=\"_ _1\"/>period<span class=\"_ _3\"/>. Upon <span class=\"_ _1\"/>vesting, each RSU entitles <span class=\"_ _1\"/>its<span class=\"_ _3\"/> holder <span class=\"_ _1\"/>to </span></span></span>acquire <span class=\"_ _6\"/>one <span class=\"_ _2\"/>share. <span class=\"_ _6\"/>During <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>i<span class=\"_ _3\"/>ssued <span class=\"_ _2\"/>3<span class=\"_ _3\"/>.9m <span class=\"_ _6\"/>RSUs <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>228m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar under th<span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>p<span class=\"_ _3\"/>lan <span class=\"_ _1\"/>(20<span class=\"_ _3\"/>21: <span class=\"_ _1\"/>2.8m RSUs <span class=\"_ _1\"/>with an <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>fa<span class=\"_ _3\"/>ir <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>155m under <span class=\"_ _1\"/>this <span class=\"_ _0\"/>plan). Out <span class=\"_ _1\"/>of these <span class=\"_ _1\"/>RSUs, 0.5m<span class=\"_ _0\"/> RSUs were granted to members of the Executive Committee (<span class=\"ls3\">2021</span>: 0.2m RSUs). \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term <span class=\"_ _2\"/>PSUs: <span class=\"_ _6\"/>They <span class=\"_ _2\"/>cliff <span class=\"_ _2\"/>vest <span class=\"_ _6\"/>over <span class=\"_ _2\"/>a <span class=\"_ _6\"/>three-year <span class=\"_ _2\"/>p<span class=\"_ _3\"/>eriod. <span class=\"_ _2\"/>Upon <span class=\"_ _2\"/>vestin<span class=\"_ _3\"/>g <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _6\"/>PSUs, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>umber <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _2\"/>to </span></span></span>which the <span class=\"_ _3\"/>holders thereof shall <span class=\"ls3\">be</span> entitled shall <span class=\"_ _3\"/>depend on a performance test me<span class=\"_ _3\"/>asuring (on a percentile basis) the <span class=\"_ _7\"> </span>company\u2019s <span class=\"_ _7\"> </span>three<span class=\"ff2\">-year <span class=\"_ _7\"> </span>Total <span class=\"_ _7\"/>Shareholder <span class=\"_ _7\"/>Return <span class=\"_ _7\"/>(</span>\u201c<span class=\"_ _3\"/><span class=\"ff2\">TSR</span>\u201d<span class=\"ff2\">) <span class=\"_ _6\"/>rel<span class=\"_ _3\"/>ative <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>TSR <span class=\"_ _7\"/>realized <span class=\"_ _7\"/>for <span class=\"_ _7\"/>that <span class=\"_ _7\"/>period <span class=\"_ _7\"/>by <span class=\"_ _7\"/>a </span>representative <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ample <span class=\"_ _2\"/>of <span class=\"_ _6\"/>listed <span class=\"_ _6\"/>companies <span class=\"_ _6\"/>belonging <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>consumer <span class=\"_ _6\"/>goods <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ector. <span class=\"_ _2\"/>The<span class=\"_ _2\"/> <span class=\"_ _6\"/>number <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _6\"/>to which <span class=\"_ _7\"/>such <span class=\"_ _7\"/>Units <span class=\"_ _7\"/>entitle <span class=\"_ _7\"/>their <span class=\"_ _6\"/>hold<span class=\"_ _3\"/>ers <span class=\"_ _6\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _7\"/>to <span class=\"_ _6\"/>a <span class=\"_ _7\"/>hurdle <span class=\"_ _7\"/>and <span class=\"_ _7\"/>cap.<span class=\"_ _3\"/><span class=\"fs6\"> <span class=\"_ _7\"> </span></span>PSUs <span class=\"_ _7\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _6\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>rst <span class=\"_ _7\"/>time <span class=\"_ _6\"/>in December <span class=\"_ _2\"/>2022.<span class=\"fs6\"> <span class=\"_ _2\"/></span>0.5m <span class=\"_ _2\"/>PSUs <span class=\"_ _3\"/>were<span class=\"_ _3\"/> <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>Executives <span class=\"_ _3\"/>with <span class=\"_ _2\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _2\"/>value <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>39m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar. <span class=\"_ _2\"/>Out <span class=\"_ _2\"/>of these PSUs, 0.1m PSUs were granted to members of the Executive Committee. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Inc<span class=\"_ _0\"/>entive stock <span class=\"_ _0\"/>options: They cliff <span class=\"_ _1\"/>vest over a f<span class=\"_ _0\"/>ive-year period and t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ey have a<span class=\"_ _1\"/> maximum lifetime of 10<span class=\"_ _1\"/> </span></span></span>years and <span class=\"_ _3\"/>an exercise period <span class=\"_ _3\"/>that starts after <span class=\"_ _3\"/>five years. Upon exercise, e<span class=\"_ _3\"/>ach option entitles th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>option holder <span class=\"_ _3\"/>to purchase one share. During 2022 and 2021<span class=\"ls2\">, <span class=\"ls3\">no</span></span> LTI stock options were granted to Executives. Exceptional LTI Plans for Executives RSUs, <span class=\"_ _3\"/>PSUs <span class=\"_ _3\"/>or <span class=\"_ _3\"/>stock <span class=\"_ _3\"/>options <span class=\"_ _3\"/>may <span class=\"_ _3\"/>be <span class=\"_ _3\"/>g<span class=\"_ _3\"/>ranted <span class=\"_ _3\"/>from <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>members <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>enior management <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the<span class=\"_ _3\"/> c<span class=\"_ _3\"/>ompany, who <span class=\"_\"> </span>have <span class=\"_\"> </span>made <span class=\"_\"> </span>a <span class=\"_\"> </span>significant <span class=\"_\"> </span>contribution <span class=\"_ _8\"> </span>to <span class=\"_\"> </span>the <span class=\"_\"> </span>success <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_\"> </span>(a<span class=\"_ _0\"/>chieving <span class=\"_\"> </span>the <span class=\"_\"> </span>growth <span class=\"_\"> </span>agenda, <span class=\"_ _8\"> </span>specific acquisitions, <span class=\"_ _1\"/>etc.). Vesti<span class=\"_ _0\"/>ng <span class=\"_ _1\"/>of<span class=\"_ _3\"/> <span class=\"_ _1\"/>such<span class=\"_ _3\"/> <span class=\"_ _1\"/>RSUs, <span class=\"_ _0\"/>PSUs <span class=\"_ _1\"/>or <span class=\"_ _1\"/>sto<span class=\"_ _3\"/>ck <span class=\"_ _1\"/>options <span class=\"_ _1\"/>may be <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _1\"/>to <span class=\"_ _1\"/>achi<span class=\"_ _3\"/>evement <span class=\"_ _1\"/>of <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>rformance <span class=\"_ _1\"/>conditions which will be related to the objectives of such exceptional grants. During 2022 and 2021, no exceptional grants were made to Executives. Other Recurring LTI RSU Plans for Executives   AB InBev has specific recurring long-term RSU incentive programs in place, including: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 lsb\">A <span class=\"_ _f\"/><span class=\"ls0\">ba<span class=\"_ _3\"/>se <span class=\"_ _1\"/>long-term <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>p<span class=\"_ _3\"/>rogram <span class=\"_ _f\"/><span class=\"ff4\">al<span class=\"_ _3\"/>lowing <span class=\"_ _f\"/>for <span class=\"_ _1\"/>the <span class=\"_ _1\"/>offer <span class=\"_ _1\"/>of <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>membe<span class=\"_ _3\"/>rs <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>company\u2019s <span class=\"_ _f\"/>sen<span class=\"_ _3\"/>ior <span class=\"_ _f\"/>management. </span></span></span></span>In <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ddition <span class=\"_ _1\"/>to t<span class=\"_ _0\"/>he <span class=\"_ _1\"/>annual Long-term <span class=\"_ _1\"/>RSUs des<span class=\"_ _0\"/>cribed <span class=\"_ _1\"/>a<span class=\"_ _3\"/>bove <span class=\"_ _1\"/>under thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>program, RSUs <span class=\"_ _f\"/>can<span class=\"_ _3\"/> <span class=\"_ _1\"/>be <span class=\"_ _1\"/>gra<span class=\"_ _3\"/>nted <span class=\"_ _1\"/>under ot<span class=\"_ _0\"/>her sub-plans with specific <span class=\"_ _3\"/>terms and conditions and for specific purpos<span class=\"_ _2\"/>es, e.g., for special retention incentives or <span class=\"_ _3\"/>to compensate <span class=\"_ _3\"/>for assignments of <span class=\"_ _3\"/>expatriates in <span class=\"_ _3\"/>certain countries. <span class=\"_ _3\"/>In most c<span class=\"_ _3\"/>ases, the <span class=\"_ _3\"/>RSUs vest aft<span class=\"_ _3\"/>er three o<span class=\"_ _3\"/>r five years <span class=\"_ _7\"> </span>without <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>performance <span class=\"_ _7\"/>test <span class=\"_ _7\"/>and <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>event <span class=\"_ _7\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>termination <span class=\"_ _7\"/>of <span class=\"_ _7\"/>service <span class=\"_ _7\"> </span>before <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>vesting<span class=\"_ _2\"/> <span class=\"_ _7\"/>date, <span class=\"_ _7\"/>specific forfeiture <span class=\"_ _0\"/>rules <span class=\"_ _1\"/>apply. The <span class=\"_ _1\"/>Board <span class=\"_ _1\"/>may<span class=\"_ _3\"/> <span class=\"_ _1\"/>set d<span class=\"_ _0\"/>ifferent <span class=\"_ _1\"/>vesting periods <span class=\"_ _1\"/>for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>sub<span class=\"_ _3\"/>-plans or <span class=\"_ _1\"/>introduce <span class=\"_ _0\"/>performance tests <span class=\"_ _3\"/>in <span class=\"_ _3\"/>line <span class=\"_ _3\"/>with <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>high<span class=\"_ _3\"/><span class=\"ff2\">-performance <span class=\"_ _3\"/>culture <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>reation of <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>ng-term <span class=\"_ _3\"/>sustainable <span class=\"_ _3\"/>value <span class=\"_ _3\"/>for <span class=\"_ _3\"/>its </span>shareholders. <span class=\"_ _0\"/>In <span class=\"_ _1\"/>2022, 0.7m <span class=\"_ _1\"/>RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fair<span class=\"_ _0\"/> <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>44m <span class=\"_ _1\"/>US dollar <span class=\"_ _f\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>granted under <span class=\"_ _f\"/>th<span class=\"_ _3\"/>is <span class=\"_ _1\"/>program (2021: <span class=\"_ _6\"/>0.8m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fai<span class=\"_ _3\"/>r <span class=\"_ _2\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>45m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar). <span class=\"_ _6\"/>No <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>mem<span class=\"_ _3\"/>bers <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the Executive Committee in 2022 and 2021 under this program.  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">A <span class=\"_ _5\"> </span>pro<span class=\"_ _3\"/>gram <span class=\"_ _5\"> </span>allowing <span class=\"_ _5\"> </span>for <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ertain <span class=\"_ _5\"> </span>employees <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>purchase <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>shares <span class=\"_ _4\"> </span>at <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>discount <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>th<span class=\"_ _3\"/>at <span class=\"_ _5\"> </span>is <span class=\"_ _5\"> </span>aimed <span class=\"_ _4\"> </span>at </span></span>providing <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>long-term <span class=\"_ _7\"/>retention <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ncentive <span class=\"_ _7\"/>for <span class=\"_ _7\"> </span>(i) <span class=\"_ _5\"> </span>high-potential <span class=\"_ _7\"> </span>employees <span class=\"_ _5\"> </span>of <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ompany, <span class=\"_ _7\"/>who <span class=\"_ _7\"> </span>are <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _7\"/>a <span class=\"_ _7\"> </span>mid<span class=\"_ _3\"/>-manager level (\"People bet <span class=\"_ _0\"/>share purchase program\") or (ii) <span class=\"_ _1\"/>newly<span class=\"_ _3\"/> hired emp<span class=\"_ _0\"/>loyees. The voluntary i<span class=\"_ _0\"/>nvestment in<span class=\"_ _1\"/> company shares leads to <span class=\"_ _0\"/>the grant of an <span class=\"_ _0\"/>amount of matching <span class=\"_ _1\"/>RSUs which vest after 5 years. <span class=\"_ _1\"/>In<span class=\"_ _3\"/> the event that a<span class=\"_ _0\"/>n employee's <span class=\"_ _5\"> </span>service <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>te<span class=\"_ _3\"/>rminated <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>efore <span class=\"_ _7\"> </span>the<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>vesting <span class=\"_ _5\"> </span>date, <span class=\"_ _5\"> </span>special <span class=\"_ _5\"> </span>forfei<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>re <span class=\"_ _7\"> </span>rules<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>apply. <span class=\"_ _5\"> </span>In <span class=\"_ _5\"> </span>2022, <span class=\"_ _5\"> </span>employees received <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>0.1m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>u<span class=\"_ _3\"/>nder <span class=\"_ _2\"/>this <span class=\"_ _6\"/>program <span class=\"_ _6\"/>representing <span class=\"_ _2\"/>a <span class=\"_ _6\"/>fair <span class=\"_ _2\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _2\"/>of <span class=\"_ _6\"/>7m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _2\"/>(2021: <span class=\"_ _6\"/>0.1m RSUs representing a fair value of 7m US dollar). Performance related incentive plan for ZX Ventures In <span class=\"_ _2\"/>2016, <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>company <span class=\"_ _2\"/>implemented <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _2\"/>p<span class=\"_ _3\"/>erformance <span class=\"_ _2\"/>related <span class=\"_ _2\"/>incentive <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>which <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstitutes <span class=\"_ _2\"/>the <span class=\"_ _2\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _2\"/>incentive stock <span class=\"_ _3\"/>option <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>for <span class=\"_ _3\"/>executives <span class=\"_ _3\"/>of <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures. <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures <span class=\"_ _3\"/>is <span class=\"_ _3\"/>our <span class=\"_ _3\"/>global <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>and <span class=\"_ _3\"/>innovation <span class=\"_ _3\"/>group <span class=\"_ _3\"/>whose <span class=\"_ _3\"/>mandate is to invest in, incubate and develop new products and businesses that address emerging c<span class=\"_ _0\"/>onsumer needs.<span class=\"_ _3\"/> During <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>no <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>units <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>s<span class=\"_ _3\"/>enior <span class=\"_ _3\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>of <span class=\"_ _2\"/>ZX <span class=\"_ _6\"/>Ventures <span class=\"_ _3\"/>(<span class=\"_ _2\"/><span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _6\"/></span></span>1m <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>u<span class=\"_ _3\"/>nits). The value of th<span class=\"_ _3\"/>e performance units will depend on <span class=\"_ _3\"/>the return of ZX <span class=\"_ _3\"/>Vent<span class=\"_ _3\"/>ures. These units <span class=\"_ _3\"/>vest after 5 years provi<span class=\"_ _3\"/>ded that a performance test is met. Specific forfeiture rules apply in th<span class=\"_ _0\"/>e event that the executive leaves the company.<span class=\"_ _3\"/> Other disclosures for Share-based payments No stock <span class=\"_ _1\"/>options were gr<span class=\"_ _1\"/>an<span class=\"_ _3\"/>ted <span class=\"_ _1\"/>in<span class=\"_ _3\"/> 2022 <span class=\"_ _1\"/>an<span class=\"_ _3\"/>d 2<span class=\"_ _1\"/>02<span class=\"_ _3\"/>1. The <span class=\"_ _1\"/>total number <span class=\"_ _1\"/>of outstanding AB <span class=\"_ _1\"/>InBev options <span class=\"_ _1\"/>developed as <span class=\"_ _1\"/>follo<span class=\"_ _3\"/>ws: Million options <span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 102.7  113.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year (1.0) (1.3) Options forfeited dur<span class=\"_ _0\"/>ing the year<span class=\"_ _1\"/> (14.9) (9.2) Options lapsed<span class=\"_ _0\"/> during the year<span class=\"_ _0\"/> (3.6) - Options outstand<span class=\"_ _1\"/>ing at the end of December 83.2  102.7  1The range of<span class=\"_ _1\"/> exercise prices <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _1\"/>outstanding options i<span class=\"_ _0\"/>s between<span class=\"fs6\"> </span>10.32 euro (<span class=\"_ _1\"/>11<span class=\"_ _3\"/>.01 US<span class=\"_ _1\"/> dollar) and 12<span class=\"_ _0\"/>8.46 euro (<span class=\"_ _1\"/>13<span class=\"_ _3\"/>7.02 US dollar) while the weighted average remaining contractual life is 6.4 years.<span class=\"fs6\"> </span> Out of the 83.2m outstanding options, 23.7<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the AB InBev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 64.77  71.22  Granted during<span class=\"_ _0\"/> the year  - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 16.11  46.30  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 94.76  89.56  Lapsed during the<span class=\"_ _1\"/> y<span class=\"_ _3\"/>ear 88.10  - Outstanding at the<span class=\"_ _1\"/> end of December 76.04  64.77  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 102.19  98.27  For share options exercised during 2022, the weighted average share price at the<span class=\"_ _1\"/> d<span class=\"_ _3\"/>ate of exercise was 52.93 euro (56.46 US dollar)\u00b9. The total number of outstanding AB InBev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _1\"/> <span class=\"_ _3\"/>at 1 Januar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> 20.9  19.1  RSUs issued during<span class=\"_ _1\"/> the year 9.6  3.9  RSUs vested during<span class=\"_ _1\"/> the year (0.5) (1.1) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (1.8) (1.1) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 28.2  20.9  AMBEV SHARE-BASED COMPENSATION PROGRAMS Since <span class=\"_ _2\"/>2005, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _6\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _2\"/>a <span class=\"_ _2\"/>plan <span class=\"_ _6\"/>which <span class=\"_ _3\"/>is <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _3\"/>u<span class=\"_ _3\"/>nder which <span class=\"_ _3\"/>bonuses <span class=\"_ _2\"/>granted <span class=\"_ _3\"/>to <span class=\"_ _3\"/>company <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>and <span class=\"_ _3\"/>management <span class=\"_ _3\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _3\"/>in <span class=\"_ _3\"/>shares. <span class=\"_ _2\"/>Under <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based compensation <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>44 <span class=\"_ _3\"/>thousand <span class=\"_ _3\"/>match<span class=\"_ _3\"/>ing RSUs <span class=\"_ _3\"/><span class=\"lsa\">in <span class=\"_ _3\"/><span class=\"ls3\">2022</span></span> <span class=\"_ _3\"/>with an<span class=\"_ _3\"/> e<span class=\"_ _3\"/>stimated fair <span class=\"_ _3\"/>v<span class=\"_ _3\"/>alue o<span class=\"_ _3\"/>f less <span class=\"_ _3\"/>than <span class=\"_ _3\"/>1m <span class=\"_ _3\"/>US dollar (2021<span class=\"ls2\">: </span>0.1m matching RSUs with an estimated fair value of less than 1m US dollar<span class=\"ls5\">).</span> Since <span class=\"_ _2\"/>2018, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _6\"/>a <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _2\"/>which <span class=\"_ _2\"/>is <span class=\"_ _2\"/>substantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>under which <span class=\"_ _2\"/>bonuses <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>company <span class=\"_ _2\"/>employees <span class=\"_ _3\"/>and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _2\"/>in <span class=\"_ _2\"/>shares. <span class=\"_ _3\"/>Unde<span class=\"_ _3\"/>r <span class=\"_ _3\"/>the <span class=\"_ _2\"/>2018 <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plan, <span class=\"_ _2\"/>Ambev<span class=\"_ _3\"/> <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>49.3m <span class=\"_ _3\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _3\"/><span class=\"lsa\">in</span> <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _3\"/>with <span class=\"_ _3\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>148m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar (<span class=\"ls3\">2021<span class=\"ls2\">: </span></span>20.6m matching RSUs with an estimated fair value of 61m US dollar<span class=\"ls5\">).</span> As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in the <span class=\"_ _3\"/>future, similar share-<span class=\"ff4\">based <span class=\"_ _3\"/>instruments), depending on management\u2019s<span class=\"_ _3\"/></span> <span class=\"ff4\">assessment of the <span class=\"_ _3\"/>employee\u2019s performance </span>and future potential. No stock options were granted in<span class=\"_ _3\"/> 2022 <span class=\"ls3\">and </span>2021. The total number of outstanding Ambev options developed a<span class=\"_ _0\"/>s follows:<span class=\"_ _3\"/><span class=\"fs6\">  </span>Million options<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 113.8  127.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year - (5.2) Options forfeited dur<span class=\"_ _1\"/>ing the year (14.0) (8.3) Options outstand<span class=\"_ _1\"/>ing at the end of December 99.8  113.8  The <span class=\"_ _0\"/>range <span class=\"_ _1\"/>of <span class=\"_ _1\"/>exercise pri<span class=\"_ _0\"/>ces <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>ou<span class=\"_ _3\"/>tstanding <span class=\"_ _1\"/>options <span class=\"_ _1\"/>is be<span class=\"_ _0\"/>tween 15.95 <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real <span class=\"_ _0\"/>(3.06 <span class=\"_ _1\"/>US do<span class=\"_ _1\"/>l<span class=\"_ _3\"/>lar) <span class=\"_ _1\"/>and 39.04 <span class=\"_ _f\"/>Brazilian real (7.48 US dollar) while the weighted average remaining contractual life is<span class=\"_ _3\"/> 4.3 years. Of the 99.7m outstanding options 63.9<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the Ambev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 3.57  3.81  Granted during<span class=\"_ _0\"/> the year - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year - 2.36  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 4.33  4.53  Outstanding at the<span class=\"_ _1\"/> end of December 3.72  3.57  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 3.86  3.79  The total number of outstanding Ambev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> 63.8  49.6  RSUs issued during<span class=\"_ _1\"/> the year 49.3  20.7  RSUs vested during<span class=\"_ _1\"/> the year (0.2) (5.0) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (3.1) (1.5) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 109.8  63.8  During 2022, <span class=\"_ _1\"/>a limited <span class=\"_ _0\"/>number <span class=\"_ _0\"/>of Ambev s<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>reholders wh<span class=\"_ _1\"/>o are <span class=\"_ _1\"/>p<span class=\"_ _3\"/>art of <span class=\"_ _1\"/>the senior <span class=\"_ _1\"/>management of <span class=\"_ _1\"/>AB InBev <span class=\"_ _1\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>given the opportunity <span class=\"_ _7\"/>to <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xchange <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>against <span class=\"_ _6\"/>a <span class=\"_ _7\"/>total <span class=\"_ _7\"/>of<span class=\"_ _3\"/> <span class=\"_ _7\"/>54 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _7\"/></span></span>3 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev shares) at <span class=\"_ _3\"/>a discount of 16.66% provided <span class=\"_ _3\"/>that they stay i<span class=\"_ _3\"/>n se<span class=\"_ _3\"/>rvice for <span class=\"_ _3\"/>another five years. The <span class=\"_ _3\"/>fair value of this<span class=\"_ _3\"/> transaction amounts <span class=\"_ _6\"/><span class=\"lsc\">to<span class=\"_ _3\"/></span> <span class=\"_ _6\"/><span class=\"ls3\">1m</span> <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>(2021<span class=\"ls2\">: <span class=\"_ _6\"/></span>less <span class=\"_ _6\"/>than <span class=\"_ _7\"/><span class=\"ff4\">1m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>and <span class=\"_ _6\"/>is <span class=\"_ _6\"/>expensed <span class=\"_ _6\"/>over <span class=\"_ _6\"/>the <span class=\"_ _6\"/>five <span class=\"_ _2\"/>y<span class=\"_ _3\"/>ears\u2019 <span class=\"_ _6\"/>service <span class=\"_ _6\"/>period. <span class=\"_ _2\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fair </span>values of the Ambev and AB InBev shares were determined based on the market price. BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM Discretionary Restricted Stock Units Plan In <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2019, <span class=\"_ _7\"/>Budweiser <span class=\"_ _6\"/>APAC <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>et <span class=\"_ _7\"/>up <span class=\"_ _7\"/>a <span class=\"_ _7\"/>discretionary <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>plan <span class=\"_ _7\"/>which <span class=\"_ _7\"/>allows <span class=\"_ _7\"/>for <span class=\"_ _7\"/>the <span class=\"_ _7\"/>offer <span class=\"_ _7\"/>of <span class=\"_ _7\"> </span>RSUs <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>certain employees <span class=\"_ _1\"/>in <span class=\"_ _1\"/>ce<span class=\"_ _3\"/>rtain <span class=\"_ _f\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>circumstances, at <span class=\"_ _f\"/>the <span class=\"_ _1\"/>discretion <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Board, <span class=\"_ _1\"/>e<span class=\"_ _3\"/>.g., <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a <span class=\"_ _1\"/>special <span class=\"_ _0\"/>retention <span class=\"_ _1\"/>incentive. <span class=\"_ _1\"/>The RSUs vest <span class=\"_ _2\"/>after <span class=\"_ _6\"/>three <span class=\"_ _2\"/>to <span class=\"_ _6\"/>five <span class=\"_ _2\"/>years <span class=\"_ _2\"/>and <span class=\"_ _6\"/>in <span class=\"_ _2\"/>the <span class=\"_ _6\"/>event <span class=\"_ _2\"/>that <span class=\"_ _2\"/>a<span class=\"_ _3\"/>n <span class=\"_ _2\"/>employee\u2019s <span class=\"_ _2\"/>service <span class=\"_ _6\"/>is <span class=\"_ _2\"/>te<span class=\"_ _3\"/>rminated <span class=\"_ _2\"/>before <span class=\"_ _2\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting <span class=\"_ _2\"/>date, <span class=\"_ _2\"/>sp<span class=\"_ _3\"/>ecial forfeiture rules apply. In 2022 <span class=\"ls3\">and </span>2021, <span class=\"ls3\">no </span>RSUs were granted under this pro<span class=\"_ _0\"/>gram. Share-Based Compensation Plan In <span class=\"_ _3\"/>M<span class=\"_ _3\"/>arch <span class=\"_ _3\"/>2020, <span class=\"_ _2\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _2\"/>set <span class=\"_ _2\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program <span class=\"_ _3\"/>allo<span class=\"_ _3\"/>wing <span class=\"_ _3\"/>for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>to <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nvest <span class=\"_ _3\"/>some <span class=\"_ _2\"/>or <span class=\"_ _3\"/>all <span class=\"_ _2\"/>of <span class=\"_ _2\"/>their <span class=\"_ _3\"/>variable compensation <span class=\"_ _0\"/>in <span class=\"_ _1\"/>Budweiser A<span class=\"_ _1\"/>PAC shares <span class=\"_ _1\"/>(Voluntary Shares<span class=\"_ _1\"/>). As <span class=\"_ _1\"/>an additional <span class=\"_ _1\"/>reward, <span class=\"_ _1\"/>employees<span class=\"_ _3\"/> <span class=\"_ _1\"/>who in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>est <span class=\"_ _1\"/>in Voluntar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> Shares also receive a<span class=\"_ _3\"/> company <span class=\"_ _3\"/>shares match of three matching <span class=\"_ _3\"/>shares for <span class=\"_ _3\"/>each Voluntary Share invested up t<span class=\"_ _3\"/>o a limited total <span class=\"_ _3\"/>percentage <span class=\"_ _3\"/>of <span class=\"_ _3\"/>each <span class=\"_ _3\"/>employee\u2019s <span class=\"_ _3\"/>v<span class=\"_ _3\"/>ariable co<span class=\"_ _3\"/>mpensation. In<span class=\"_ _3\"/> <span class=\"_ _2\"/><span class=\"ff2\">2022, <span class=\"_ _3\"/>Bu<span class=\"_ _3\"/>dweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>12.5m <span class=\"_ _3\"/>matching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/>in </span>relation <span class=\"_ _6\"/>to <span class=\"_ _2\"/>bonuses <span class=\"_ _6\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _6\"/>Budweiser <span class=\"_ _2\"/>APAC <span class=\"_ _7\"/>employees <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _6\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _2\"/>of <span class=\"_ _6\"/>39m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"ls2\">: <span class=\"_ _2\"/></span></span>0.1m matching restricted stock units with an estimated fair value of less than 1m US dollar).  New Restricted Stock Units Plan In <span class=\"_ _7\"> </span>Novembe<span class=\"_ _3\"/>r <span class=\"_ _7\"/>2020, <span class=\"_ _7\"> </span>Budweiser <span class=\"_ _7\"> </span>APAC <span class=\"_ _5\"> </span>set <span class=\"_ _5\"> </span>up <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>new <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _7\"> </span>which <span class=\"_ _5\"> </span>allows <span class=\"_ _7\"> </span>for <span class=\"_ _5\"> </span>the <span class=\"_ _7\"/>offer <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>to <span class=\"_ _5\"> </span>certain <span class=\"_ _7\"> </span>eligible employees <span class=\"_ _6\"/>in <span class=\"_ _6\"/>certain <span class=\"_ _6\"/>specific <span class=\"_ _2\"/>circumstances, <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>discretion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Board, <span class=\"_ _6\"/>e.g., <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a <span class=\"_ _6\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _6\"/>incentive. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting period of the <span class=\"_ _3\"/>RSUs is in principle<span class=\"_ _3\"/> between three and five years with<span class=\"_ _3\"/>out a performance test and i<span class=\"_ _3\"/>n the event of termination of service before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e ve<span class=\"_ _0\"/>sting date, forfeiture <span class=\"_ _1\"/>rules apply. The <span class=\"_ _1\"/>Boa<span class=\"_ _3\"/>rd may <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et shorter o<span class=\"_ _1\"/>r longer periods for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific grant<span class=\"_ _0\"/>s o<span class=\"_ _3\"/><span class=\"ls5\">r </span>introduce <span class=\"_ _3\"/>performance <span class=\"_ _2\"/>tests <span class=\"_ _3\"/>similar <span class=\"_ _3\"/>to <span class=\"_ _2\"/>other <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company. <span class=\"_ _2\"/>During <span class=\"_ _6\"/>2022<span class=\"lsc\">, <span class=\"_ _2\"/></span>14.1<span class=\"ls9\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an <span class=\"_ _3\"/>estimated <span class=\"_ _2\"/>fair value <span class=\"_ _2\"/>of <span class=\"_ _2\"/><span class=\"ls8\">45</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>were <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>under <span class=\"_ _3\"/>th<span class=\"_ _3\"/>is <span class=\"_ _3\"/>program <span class=\"_ _2\"/>to <span class=\"_ _3\"/>a <span class=\"_ _2\"/>selected <span class=\"_ _2\"/>number <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>employees <span class=\"_ _7\"/>(2021: <span class=\"_ _3\"/>10<span class=\"ls4\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an estimated fair value of 26m US dollar<span class=\"ls5\">).</span> People Bet Plan In <span class=\"_ _3\"/>March <span class=\"_ _3\"/>2020, <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>set <span class=\"_ _3\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program a<span class=\"_ _3\"/>llowing for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>shares at a <span class=\"_ _1\"/>discount which <span class=\"_ _1\"/>is aimed <span class=\"_ _1\"/>at providi<span class=\"_ _0\"/>ng a <span class=\"_ _1\"/>long<span class=\"_ _3\"/>-term ret<span class=\"_ _0\"/>ention <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ncentive <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>hig<span class=\"_ _3\"/>h-potential e<span class=\"_ _0\"/>mployees of <span class=\"_ _1\"/>the company, <span class=\"_ _1\"/>who are at a mid-manager <span class=\"ff4\">level (\u201cPeople bet <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hare purchase program\u201d).<span class=\"_ _0\"/> The voluntary investment i<span class=\"_ _0\"/>n company shares leads t<span class=\"_ _0\"/>o </span>the gra<span class=\"_ _3\"/>nt of <span class=\"_ _3\"/>an amou<span class=\"_ _3\"/>nt of m<span class=\"_ _3\"/>atching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/><span class=\"ff4\">which v<span class=\"_ _3\"/>est after <span class=\"_ _3\"/>5 y<span class=\"_ _3\"/>ears. In <span class=\"_ _3\"/>the even<span class=\"_ _3\"/>t that a<span class=\"_ _3\"/>n employee\u2019s <span class=\"_ _3\"/>service is <span class=\"_ _3\"/>terminated </span>before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>vesting <span class=\"_ _1\"/>date, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>pecial <span class=\"_ _1\"/>forfei<span class=\"_ _3\"/>ture <span class=\"_ _1\"/>rules a<span class=\"_ _1\"/>p<span class=\"_ _3\"/>ply. <span class=\"_ _1\"/>During <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"lsc\">, <span class=\"ls0\">0.5<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fa<span class=\"_ _1\"/>i<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value <span class=\"_ _1\"/>of 2m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar </span></span></span></span></span>were granted to a selected number of employees (<span class=\"ls3\">2021<span class=\"ls2\">: </span>no</span> RSU<span class=\"_ _1\"/>s<span class=\"_ _3\"/> were granted under this program). 25.<span class=\"ls0\"> <span class=\"_ _1\"/>Provisions </span>Million US dol<span class=\"_ _0\"/>lar Restructuring<span class=\"_ _0\"/> Disputes Other Total Balance at 1 Jan<span class=\"_ _1\"/>uary 2022 80<span class=\"ls0\">  </span>420<span class=\"ls0\">  </span>106<span class=\"ls0\">  </span>605<span class=\"ls0\">  </span>Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e   <span class=\"ls7\">(5)</span>  <span class=\"ls7\">(11)</span>  <span class=\"ls7\">(2)</span>  <span class=\"ls7\">(18)</span> Provisions made<span class=\"_ _0\"/> 37<span class=\"ls0\">  </span>157<span class=\"ls0\">  </span>32<span class=\"ls0\">  </span>226<span class=\"ls0\">  </span>Provisions u<span class=\"_ _0\"/>sed  <span class=\"ls7\">(37)</span>  <span class=\"ls7\">(109)</span> -  <span class=\"ls7\">(147)</span> Provisions rever<span class=\"_ _1\"/>sed -  <span class=\"ls7\">(21)</span> -  <span class=\"ls7\">(22)</span> Other movement<span class=\"_ _0\"/>s  <span class=\"ls7\">(23)</span> 1   <span class=\"ls7\">(50)</span>  <span class=\"ls7\">(73)</span> Balance at 31 Dec<span class=\"_ _0\"/>ember 2022<span class=\"_ _1\"/> 51<span class=\"ls0\">  </span>436<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>572<span class=\"ls0\">  </span>The <span class=\"_ _6\"/>restructuring <span class=\"_ _2\"/>p<span class=\"_ _3\"/>rovisions <span class=\"_ _2\"/>are <span class=\"_ _6\"/>primarily <span class=\"_ _6\"/>explained <span class=\"_ _6\"/>by <span class=\"_ _6\"/>the <span class=\"_ _2\"/>o<span class=\"_ _3\"/>rganizational <span class=\"_ _6\"/>alignments <span class=\"_ _7\"/>- <span class=\"_ _6\"/>see <span class=\"_ _2\"/>also <span class=\"_ _6\"/>Note<span class=\"_ _3\"/> <span class=\"ls3\">8 <span class=\"_ _6\"/></span><span class=\"ff5\">Non-underlying </span>items<span class=\"ff2\">. <span class=\"_ _3\"/>Provisions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>disputes <span class=\"_ _3\"/>mainly <span class=\"_ _3\"/>relate <span class=\"_ _3\"/>to <span class=\"_ _3\"/>va<span class=\"_ _3\"/>rious <span class=\"_ _3\"/>disputed taxes <span class=\"_ _3\"/>othe<span class=\"_ _3\"/>r than <span class=\"_ _3\"/>in<span class=\"_ _3\"/>come <span class=\"_ _3\"/>taxes <span class=\"_ _3\"/>and <span class=\"_ _3\"/>to <span class=\"_ _3\"/>claims <span class=\"_ _3\"/>from <span class=\"_ _3\"/>former </span>employees.<span class=\"fs6\"> </span>The provisions are expected to be settled within the following time windows:<span class=\"fs6\">  </span>Million US dol<span class=\"_ _0\"/>lar Due within one yea<span class=\"_ _0\"/>r Due after one year<span class=\"_ _0\"/> Total Restructuring<span class=\"_ _0\"/> 33<span class=\"ls0\">  </span>18<span class=\"ls0\">  </span>51<span class=\"ls0\">  </span>Indirect taxes 10<span class=\"ls0\">  </span>82<span class=\"ls0\">  </span>93<span class=\"ls0\">  </span>Labor<span class=\"ls0\"> </span>30<span class=\"ls0\">  </span>105<span class=\"ls0\">  </span>136<span class=\"ls0\">  </span>Commercial 12<span class=\"ls0\">  </span>54<span class=\"ls0\">  </span>66<span class=\"ls0\">  </span>Excise duties 2  21<span class=\"ls0\">  </span>23<span class=\"ls0\">  </span>Other disputes 26<span class=\"ls0\">  </span>92<span class=\"ls0\">  </span>118<span class=\"ls0\">  </span>Disputes 81<span class=\"ls0\">  </span>355<span class=\"ls0\">  </span>436<span class=\"ls0\">  </span>Other provisio<span class=\"_ _0\"/>ns 63<span class=\"ls0\">  </span>22<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Total provisions<span class=\"_ _1\"/> 176<span class=\"ls0\">  </span>396<span class=\"ls0\">  </span>572<span class=\"ls0\">  </span>26.<span class=\"ls0\"> <span class=\"_ _1\"/>Trade and other paya<span class=\"_ _0\"/>bles </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Indirect taxes payab<span class=\"_ _0\"/>le 174<span class=\"ls0\">  </span>194<span class=\"ls0\">  </span>Trade payables 176<span class=\"ls0\">  </span>51<span class=\"ls0\">  </span>Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions 464<span class=\"ls0\">  </span>662<span class=\"ls0\">  </span>Other payable<span class=\"_ _0\"/>s 46<span class=\"ls0\">  </span>100<span class=\"ls0\">  </span>Non-current trade a<span class=\"_ _1\"/>nd other payables 859<span class=\"ls0\">  </span>1 <span class=\"ls6\">008</span>  Trade payables an<span class=\"_ _0\"/>d accrued e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>penses 18<span class=\"ls0\"> </span>589<span class=\"ls0\">  </span>17<span class=\"ls0\"> </span>810<span class=\"ls0\">  </span>Payroll and social<span class=\"_ _1\"/> security payables 1 <span class=\"ls6\">520</span>  1 <span class=\"ls6\">716</span>  Indirect taxes payab<span class=\"_ _0\"/>le 2 <span class=\"ls6\">768</span>  2 <span class=\"ls6\">457</span>  Interest payable<span class=\"_ _1\"/> 1 <span class=\"ls6\">428</span>  1 <span class=\"ls6\">501</span>  Consigned pac<span class=\"_ _0\"/>kaging 1 <span class=\"ls6\">012</span>  1 <span class=\"ls6\">050</span>  Dividends payable<span class=\"_ _1\"/> 356<span class=\"ls0\">  </span>355<span class=\"ls0\">  </span>Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions 313<span class=\"ls0\">  </span>191<span class=\"ls0\">  </span>Other payable<span class=\"_ _0\"/>s and deferre<span class=\"_ _0\"/>d income 362<span class=\"ls0\">  </span>353<span class=\"ls0\">  </span>Current trade an<span class=\"_ _1\"/>d <span class=\"_ _3\"/>other payab<span class=\"_ _1\"/>les 26<span class=\"ls0\"> </span>349<span class=\"ls0\">  </span>25<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>has <span class=\"_ _2\"/>entered <span class=\"_ _2\"/>into <span class=\"_ _2\"/>reverse <span class=\"_ _2\"/>factoring <span class=\"_ _2\"/>arrangements <span class=\"_ _2\"/>with <span class=\"_ _2\"/>suppliers <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>134m <span class=\"_ _2\"/>Us <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/>31 December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ostly <span class=\"_ _3\"/>due <span class=\"_ _2\"/>to <span class=\"_ _2\"/>legal <span class=\"_ _3\"/>re<span class=\"_ _3\"/>quirements. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>nature, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as <span class=\"_ _2\"/>the <span class=\"_ _2\"/>terms <span class=\"_ _3\"/>and<span class=\"_ _3\"/> <span class=\"_ _3\"/>conditions <span class=\"_ _2\"/>of <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>that are <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>thes<span class=\"_ _3\"/>e <span class=\"_ _3\"/>arrangements <span class=\"_ _2\"/>do <span class=\"_ _3\"/>n<span class=\"_ _3\"/>ot <span class=\"_ _3\"/>d<span class=\"_ _3\"/>iffer <span class=\"_ _3\"/>fro<span class=\"_ _3\"/>m <span class=\"_ _2\"/>those <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"ff4\">ompany\u2019s <span class=\"_ _2\"/>normal <span class=\"_ _2\"/>trade <span class=\"_ _3\"/>payables. <span class=\"_ _2\"/>As <span class=\"_ _2\"/>a <span class=\"_ _2\"/>result, <span class=\"_ _2\"/>these <span class=\"_ _3\"/>a<span class=\"_ _3\"/>re </span>presented as part of Trade and other payables in accordance with IAS 1 <span class=\"ff5\">Presen<span class=\"_ _3\"/>tation of financial statement<span class=\"_ _0\"/>s<span class=\"ff2\">. </span></span>As <span class=\"_ _2\"/>at <span class=\"_ _2\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _2\"/>deferred <span class=\"_ _2\"/>consideration <span class=\"_ _2\"/>on <span class=\"_ _2\"/>acquisitions <span class=\"_ _2\"/>is <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ainly <span class=\"_ _6\"/><span class=\"ls10\">co</span>mprised <span class=\"_ _2\"/>of <span class=\"_ _2\"/>0.6 <span class=\"_ _2\"/>billion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>put option <span class=\"_ _7\"/>included <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>2012 <span class=\"_ _7\"/>shareholders\u2019 <span class=\"_ _6\"/>agreement <span class=\"_ _7\"> </span>between <span class=\"_ _6\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>ELJ, <span class=\"_ _7\"> </span>which <span class=\"_ _7\"/>may <span class=\"_ _7\"/>result <span class=\"_ _6\"/>in <span class=\"_ _7\"> </span>Ambev <span class=\"_ _7\"/>acquiring additional sh<span class=\"_ _3\"/>ares in <span class=\"_ _3\"/>Cervecer\u00eda <span class=\"_ _3\"/>Nacional Dominicana <span class=\"_ _3\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d) (<span class=\"_ _3\"/><span class=\"ff2\">31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"lsc\">: <span class=\"_ _2\"/></span>0.6<span class=\"fs6\"> <span class=\"_ _3\"/></span>billion US <span class=\"_ _3\"/>dollar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>terms </span>of the shareholders\u2019 agreement were amended as described i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> Note 2<span class=\"_ _3\"/><span class=\"ff2\">7 <span class=\"ff5\">Risk arising from financial instruments</span>.<span class=\"fs6\">  </span></span>27.<span class=\"ls0\"> <span class=\"_ _1\"/>Risks arising from<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial<span class=\"_ _1\"/> <span class=\"_ _3\"/>instruments </span>A)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FINANCIAL ASSETS AND LIABILITIES  </span>1Set out below is an overview of financial assets and liabilities held by the company as at the dates indi<span class=\"_ _0\"/>cated:31 <span class=\"ls0\">December 2022 </span>31 December 2021\u00b9<span class=\"_ _1\"/> At fair At fair value At fair value At fair At<span class=\"ls0\"> </span>through value At<span class=\"ls0\"> </span>through value amortized profit or through amortized profit or through Million US dol<span class=\"_ _0\"/>lar cost loss OCI Total cost loss OCI Total Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 973 - - 9 973 12 097 - - 12 097 Trade and other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s 4 973 - - 4 973 4 607 - - 4 607 Investment se<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urities 25<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>149<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>374<span class=\"ls0\"> </span>139<span class=\"ls0\"> </span>535<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - - - - - 37<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - - 63<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>112<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 41<span class=\"ls0\"> </span>182<span class=\"ls0\"> </span>223<span class=\"ls0\"> </span>- 82<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>238<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - 4 4 - - - - Commodities - - 101<span class=\"ls0\"> </span>101<span class=\"ls0\"> </span>- - 282<span class=\"ls0\"> </span>282<span class=\"ls0\"> </span>Financial assets<span class=\"_ _1\"/> 14 971 139<span class=\"ls0\"> </span>498<span class=\"ls0\"> </span>15 608 16 726 546<span class=\"ls0\"> </span>637<span class=\"ls0\"> </span>17 908 Non-curren<span class=\"_ _0\"/>t 522<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>193<span class=\"ls0\"> </span>730<span class=\"ls0\"> </span>526<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>162<span class=\"ls0\"> </span>712<span class=\"ls0\"> </span>Current 14 450 124<span class=\"ls0\"> </span>305<span class=\"ls0\"> </span>14 878 16 200 521<span class=\"ls0\"> </span>475<span class=\"ls0\"> </span>17 196 . Trade and other pa<span class=\"_ _1\"/>yables 21 983 762<span class=\"ls0\"> </span>- 22 746 21 242 832<span class=\"ls0\"> </span>- 22 074 Non-curren<span class=\"_ _0\"/>t interest-bearing loans<span class=\"_ _1\"/> <span class=\"_ _3\"/>and borrowing<span class=\"_ _0\"/>s 78 880 - - 78 880 87 369 - - 87 369 Current interes<span class=\"_ _0\"/>t-bearing loans and<span class=\"_ _1\"/> borrowing<span class=\"_ _0\"/>s 1 029 - - 1 029 1 408 - - 1 408 Bank overdrafts<span class=\"_ _0\"/> 83<span class=\"ls0\"> </span>- - 83<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- - 53<span class=\"ls0\"> </span>Equity swaps - 4 763 - 4 763 - 5 412 - 5 412 Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - 16<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>- 174<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>270<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 20<span class=\"ls0\"> </span>245<span class=\"ls0\"> </span>265<span class=\"ls0\"> </span>- 24<span class=\"ls0\"> </span>105<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - - - - - 37<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>Commodities - - 271<span class=\"ls0\"> </span>271<span class=\"ls0\"> </span>- - 35<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - 3 2 5 - - 3 3 Financial liabi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ities 101 975 5 565 689<span class=\"ls0\"> </span>108 229 110 073 6 443 275<span class=\"ls0\"> </span>116 790 Non-curren<span class=\"_ _0\"/>t 79 108 473<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>79 749 87 531 678<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>88 282 Current 22 867 5 092 521<span class=\"ls0\"> </span>28 480 22 541 5 764 202<span class=\"ls0\"> </span>28 508 B)<span class=\"ls0\"> <span class=\"_ _18\"> </span>DERIVATIVES </span>AB InBev\u2019s <span class=\"_ _1\"/>activities expose <span class=\"_ _1\"/>it to <span class=\"_ _1\"/>a variety <span class=\"_ _1\"/>of financial <span class=\"_ _1\"/>risks: market r<span class=\"_ _1\"/>isk (including <span class=\"_ _1\"/>currency risk, f<span class=\"_ _1\"/>ai<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value interest <span class=\"_ _0\"/>ra<span class=\"_ _3\"/><span class=\"ff2\">te risk, </span>cash flo<span class=\"_ _3\"/>w interest risk, <span class=\"_ _3\"/>commodity <span class=\"_ _3\"/>risk and <span class=\"_ _3\"/>equity risk), <span class=\"_ _3\"/>credit risk <span class=\"_ _3\"/>and li<span class=\"_ _3\"/>quidity risk. The <span class=\"_ _3\"/>company analyses e<span class=\"_ _3\"/>ach of <span class=\"_ _3\"/>these risks individually <span class=\"_ _1\"/>as well <span class=\"_ _0\"/>as <span class=\"_ _0\"/>on <span class=\"_ _1\"/>a<span class=\"_ _3\"/> combined <span class=\"_ _1\"/>basis and <span class=\"_ _1\"/>defines strategies to <span class=\"_ _1\"/>manage the <span class=\"_ _1\"/>economic impact <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>company\u2019s performance in line with its financial risk management policy. AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/> <span class=\"_ _2\"/>primarily <span class=\"_ _6\"/>uses <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>following <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments: <span class=\"_ _6\"/>foreign <span class=\"_ _6\"/>exchange <span class=\"_ _2\"/>forwards, <span class=\"_ _2\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _2\"/>futures, <span class=\"_ _6\"/>interest <span class=\"_ _2\"/>ra<span class=\"_ _3\"/>te swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.<span class=\"ff2\"> </span>Th<span class=\"ls0\">e <span class=\"_ _7\"/>table <span class=\"_ _6\"/>below <span class=\"_ _6\"/>provides <span class=\"_ _7\"/>an <span class=\"_ _6\"/>overview <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>notional <span class=\"_ _6\"/>amounts <span class=\"_ _6\"/>of <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>outstanding <span class=\"_ _6\"/>as <span class=\"_ _7\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>dates <span class=\"_ _6\"/>indicated <span class=\"_ _7\"/>by </span>maturity bucket. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> &lt; 1 1-2 2-3 3-5 &gt; 5  &lt; 1 1-2 2-3 3-5 &gt; Million US dol<span class=\"_ _0\"/>lar  <span class=\"ls6\">year</span>  years  years  years years  <span class=\"ls6\">year</span>  years  years  years years Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 11 445  <span class=\"ls6\">479</span> - - - 12 599  <span class=\"ls6\">29</span> - - - Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  <span class=\"ls6\">503</span> - - - - 1 617 - - - - Interest rate Interest rate swap<span class=\"_ _1\"/>s 1 000 - - - - 1 500 1 000 - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  <span class=\"ls6\">900</span> 1 923 1 834 2 608  <span class=\"ls6\">560</span> 4 614 1 400 1 173 1 573 1 453 Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/> 2 161  4 - - - 1 241 - - - - Other commodi<span class=\"_ _0\"/>ty derivatives 1 160  <span class=\"ls6\">22</span> - - - 1 034 - - - - Equity Equity derivati<span class=\"_ _0\"/>ves 10 800 - - - - 11 469 - - - - C)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FOREIGN CURRENCY RISK </span>AB <span class=\"_ _7\"/>InBev <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>su<span class=\"_ _3\"/>bject <span class=\"_ _7\"/>to <span class=\"_ _7\"> </span>foreign <span class=\"_ _5\"> </span>currency <span class=\"_ _5\"> </span>risk <span class=\"_ _7\"/>when <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ontracts <span class=\"_ _7\"/>are <span class=\"_ _7\"> </span>denominated <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>than <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>functional currency <span class=\"_\"> </span>of<span class=\"_ _0\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>entity. <span class=\"_ _8\"> </span>This <span class=\"_\"> </span>i<span class=\"_ _1\"/>nc<span class=\"_ _3\"/>ludes <span class=\"_ _8\"> </span>borrowings, <span class=\"_\"> </span>i<span class=\"_ _1\"/>nv<span class=\"_ _3\"/>estments, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>sales, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>purchases, <span class=\"_ _8\"> </span>royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the com<span class=\"_ _0\"/>pany uses mainly foreign exchange forwards, currency futures and cross curren<span class=\"_ _0\"/>cy interest rate swaps.<span class=\"_ _3\"/>  Foreign exchange risk on operating activities AB <span class=\"_ _1\"/>InBev\u2019s <span class=\"_ _1\"/><span class=\"ff2\">policy <span class=\"_ _1\"/>is <span class=\"_ _1\"/>to <span class=\"_ _1\"/>hedge <span class=\"_ _1\"/>operating <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>which <span class=\"_ _1\"/>are <span class=\"_ _1\"/>reasonably <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xpected <span class=\"_ _f\"/>to <span class=\"_ _1\"/>occur <span class=\"_ _1\"/>(e.g<span class=\"_ _3\"/>., <span class=\"_ _f\"/>cost <span class=\"_ _1\"/>of <span class=\"_ _1\"/>sales <span class=\"_ _1\"/>and <span class=\"_ _1\"/>selling, </span>general <span class=\"_\"> </span>&amp; <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>dministrative <span class=\"_ _8\"> </span>expenses) <span class=\"_\"> </span>wi<span class=\"_ _0\"/>thin <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>for<span class=\"_ _0\"/>ecast <span class=\"_ _8\"> </span>period <span class=\"_\"> </span>det<span class=\"_ _0\"/>ermined <span class=\"_ _8\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _8\"> </span>financial <span class=\"_ _8\"> </span>risk <span class=\"_ _8\"> </span>management <span class=\"_ _8\"> </span>policy. Operating tra<span class=\"_ _0\"/>nsactions th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>t are<span class=\"_ _1\"/> considered cer<span class=\"_ _0\"/>tain to<span class=\"_ _1\"/> occur <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>he<span class=\"_ _3\"/>dged <span class=\"_ _1\"/>without any <span class=\"_ _1\"/>time limits. <span class=\"_ _1\"/>Non<span class=\"_ _2\"/>-operating <span class=\"_ _1\"/>transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.<span class=\"_ _3\"/> The <span class=\"_\"> </span>table <span class=\"_ _e\"> </span>below <span class=\"_\"> </span>shows <span class=\"_\"> </span>the <span class=\"_\"> </span>company\u2019s <span class=\"_ _e\"> </span>main <span class=\"_\"> </span>net <span class=\"_\"> </span>foreign <span class=\"_ _e\"> </span>curren<span class=\"_ _3\"/><span class=\"ff2\">cy <span class=\"_ _e\"> </span>positions <span class=\"_\"> </span>for <span class=\"_\"> </span>firm <span class=\"_\"> </span>commitments <span class=\"_\"> </span>and <span class=\"_ _e\"> </span>forecasted </span>transactions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the most <span class=\"_ _3\"/>important c<span class=\"_ _3\"/>urrency pa<span class=\"_ _3\"/>irs. The <span class=\"_ _3\"/>open <span class=\"_ _3\"/>positions <span class=\"_ _3\"/>are the <span class=\"_ _3\"/>result <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the app<span class=\"_ _3\"/>lication of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>risk management pol<span class=\"_ _0\"/>icy. Po<span class=\"_ _1\"/>s<span class=\"_ _3\"/>itive <span class=\"_ _0\"/>amounts <span class=\"_ _1\"/>in<span class=\"_ _3\"/>dicate <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>company is <span class=\"_ _1\"/>long (net <span class=\"_ _1\"/>future c<span class=\"_ _3\"/>ash <span class=\"_ _1\"/>in<span class=\"_ _3\"/>flows) i<span class=\"_ _1\"/>n the <span class=\"_ _0\"/>first <span class=\"_ _1\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the currency <span class=\"_ _3\"/>pair whi<span class=\"_ _3\"/>le negative <span class=\"_ _3\"/>amounts <span class=\"_ _3\"/>indicate that <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company i<span class=\"_ _3\"/>s sho<span class=\"_ _3\"/>rt (net <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash outflows) <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first c<span class=\"_ _3\"/>urrency of the currency pair. The second currency of the currency pairs listed is the functional curre<span class=\"_ _3\"/>ncy of the related subsidiary. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Total Total Open Total Total Open Million US dol<span class=\"_ _0\"/>lar exposure  hedges position exposure hedges position Euro/Mexican pe<span class=\"_ _0\"/>so            <span class=\"ls7\">(108)</span>  <span class=\"ls6\">100</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(112)</span>  <span class=\"ls6\">111</span>               <span class=\"ls7\">(1)</span> Euro/Pound sterl<span class=\"_ _1\"/>ing            <span class=\"ls7\">(136)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(24)</span>           <span class=\"ls7\">(124)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(12)</span> Euro/South Afri<span class=\"_ _1\"/>c<span class=\"_ _3\"/>an rand              <span class=\"ls7\">(67)</span>  <span class=\"ls6\">31</span>             <span class=\"ls7\">(37)</span>             <span class=\"ls7\">(79)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(4)</span> Euro/US dollar <span class=\"_ _0\"/>             <span class=\"ls7\">(38)</span>  <span class=\"ls6\">58</span>  <span class=\"ls6\">20</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">100</span>             <span class=\"ls7\">(23)</span> Mexican peso/<span class=\"_ _0\"/>Euro           <span class=\"ls7\">(269)</span>  <span class=\"ls6\">268</span>               <span class=\"ls7\">(2)</span>           <span class=\"ls7\">(254)</span>  <span class=\"ls6\">231</span>             <span class=\"ls7\">(23)</span> US dollar/Argen<span class=\"_ _0\"/>tinian peso            <span class=\"ls7\">(702)</span>  <span class=\"ls6\">206</span>           <span class=\"ls7\">(496)</span>           <span class=\"ls7\">(661)</span>  <span class=\"ls6\">674</span>  <span class=\"ls6\">13</span> US dollar/Bolivian bo<span class=\"_ _0\"/>liviano<span class=\"_ _0\"/>              <span class=\"ls7\">(74)</span>  <span class=\"ls6\">76</span>  1             <span class=\"ls7\">(80)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(5)</span> US dollar/Brazi<span class=\"_ _0\"/>lian real  (1 955) 1 789           <span class=\"ls7\">(166)</span> (1 846) 1 618           <span class=\"ls7\">(228)</span> US dollar/Canadian<span class=\"_ _0\"/> dollar            <span class=\"ls7\">(310)</span>  <span class=\"ls6\">249</span>             <span class=\"ls7\">(61)</span>           <span class=\"ls7\">(304)</span>  <span class=\"ls6\">253</span>             <span class=\"ls7\">(51)</span> US dollar/Chilean<span class=\"_ _1\"/> peso            <span class=\"ls7\">(135)</span>  <span class=\"ls6\">129</span>               <span class=\"ls7\">(6)</span>           <span class=\"ls7\">(171)</span>  <span class=\"ls6\">162</span>               <span class=\"ls7\">(9)</span> US dollar/Chine<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e yuan            <span class=\"ls7\">(125)</span>  <span class=\"ls6\">113</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">116</span>               <span class=\"ls7\">(7)</span> US dollar/Colo<span class=\"_ _0\"/>mbian peso            <span class=\"ls7\">(615)</span>  <span class=\"ls6\">559</span>             <span class=\"ls7\">(56)</span>           <span class=\"ls7\">(476)</span>  <span class=\"ls6\">434</span>             <span class=\"ls7\">(42)</span> US dollar/Euro <span class=\"_ _0\"/>           <span class=\"ls7\">(134)</span>  <span class=\"ls6\">111</span>             <span class=\"ls7\">(23)</span>           <span class=\"ls7\">(103)</span>  <span class=\"ls6\">96</span>               <span class=\"ls7\">(7)</span> US dollar/Mexican pe<span class=\"_ _1\"/>so  (1 442) 1 436               <span class=\"ls7\">(6)</span> (1 236) 1 168             <span class=\"ls7\">(68)</span> US dollar/Parag<span class=\"_ _0\"/>uayan guarani            <span class=\"ls7\">(144)</span>  <span class=\"ls6\">135</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(153)</span>  <span class=\"ls6\">139</span>             <span class=\"ls7\">(14)</span> US dollar/Peruvian<span class=\"_ _1\"/> nuevo sol            <span class=\"ls7\">(264)</span>  <span class=\"ls6\">276</span>               <span class=\"ls6\">13</span>            <span class=\"ls7\">(292)</span>  <span class=\"ls6\">278</span>             <span class=\"ls7\">(14)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>African rand<span class=\"_ _1\"/>            <span class=\"ls7\">(196)</span>  <span class=\"ls6\">121</span>             <span class=\"ls7\">(75)</span>           <span class=\"ls7\">(196)</span>  <span class=\"ls6\">148</span>             <span class=\"ls7\">(48)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>Korean won            <span class=\"ls7\">(121)</span>  <span class=\"ls6\">110</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(114)</span>  <span class=\"ls6\">79</span>             <span class=\"ls7\">(35)</span> Others            <span class=\"ls7\">(326)</span>  <span class=\"ls6\">197</span>           <span class=\"ls7\">(129)</span>           <span class=\"ls7\">(424)</span>  <span class=\"ls6\">313</span>           <span class=\"ls7\">(111)</span> Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of f<span class=\"_ _1\"/>irm commitments and <span class=\"_ _1\"/>highly probable fore<span class=\"_ _0\"/>casted transactions <span class=\"_ _1\"/>denominated in for<span class=\"_ _1\"/>ei<span class=\"_ _3\"/>gn currency<span class=\"_ _0\"/> are de<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ignated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt It <span class=\"_ _2\"/>i<span class=\"_ _3\"/><span class=\"ff4\">s <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _2\"/>policy <span class=\"_ _6\"/>to <span class=\"_ _2\"/>have <span class=\"_ _6\"/>the <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ebt <span class=\"_ _2\"/>in <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>as <span class=\"_ _6\"/>much <span class=\"_ _6\"/>as <span class=\"_ _2\"/>possible <span class=\"_ _6\"/>linked <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>functional <span class=\"_ _2\"/>currency <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the </span>subsidiary. To the <span class=\"_ _0\"/>extent this <span class=\"_ _1\"/>is not the ca<span class=\"_ _0\"/>se, foreign e<span class=\"_ _0\"/>xchange risk <span class=\"_ _0\"/>is managed us<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng deriv<span class=\"_ _0\"/>atives unless the <span class=\"_ _1\"/>cost to hedge outweighs the <span class=\"_ _3\"/>benefits. Interest <span class=\"_ _3\"/>rate decisions and<span class=\"_ _3\"/> currency mix of <span class=\"_ _3\"/>debt and <span class=\"_ _3\"/>cash are decided <span class=\"_ _3\"/>on a global <span class=\"_ _3\"/>basis and take into consideration a holistic risk management approach. A <span class=\"_ _f\"/>de<span class=\"_ _3\"/>scription <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>foreign <span class=\"_ _1\"/>currency <span class=\"_ _f\"/>risk <span class=\"_ _1\"/>hedging <span class=\"_ _1\"/>of <span class=\"_ _1\"/>debt <span class=\"_ _f\"/>instruments <span class=\"_ _1\"/>issued <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>a <span class=\"_ _1\"/>currency <span class=\"_ _1\"/>o<span class=\"_ _2\"/>ther <span class=\"_ _f\"/>than <span class=\"_ _1\"/>the <span class=\"_ _1\"/>functional <span class=\"_ _f\"/>c<span class=\"_ _3\"/>urrency of the subsidiary is further detailed in the <span class=\"ff5\">Interest Rate Risk</span> sec<span class=\"_ _3\"/>tion below. Currency sensitivity analysis Currency transactional risk Most of <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>no<span class=\"_ _3\"/>n<span class=\"ff2\">-derivative financial <span class=\"_ _1\"/>instruments are <span class=\"_ _1\"/>either denominated <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e fu<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ctional c<span class=\"_ _1\"/>urre<span class=\"_ _3\"/>ncy o<span class=\"_ _1\"/>f the subsidiary<span class=\"_ _1\"/> </span>or <span class=\"_ _3\"/>are <span class=\"_ _3\"/>converted <span class=\"_ _3\"/>into <span class=\"_ _3\"/>the <span class=\"_ _3\"/>functional currency <span class=\"_ _3\"/>through <span class=\"_ _3\"/>the <span class=\"_ _3\"/>use <span class=\"_ _3\"/>of <span class=\"_ _3\"/>derivatives. <span class=\"_ _3\"/>Where i<span class=\"_ _3\"/>lliquidity i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the local <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket prevents hedging at a <span class=\"_ _1\"/>re<span class=\"_ _3\"/>asonable c<span class=\"_ _0\"/>ost, the c<span class=\"_ _1\"/>om<span class=\"_ _3\"/>pany can <span class=\"_ _1\"/>have open positions. <span class=\"_ _1\"/>The transactional foreign c<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rrency risk <span class=\"_ _1\"/>mainly arises from <span class=\"_ _1\"/>open <span class=\"_ _1\"/>positions <span class=\"_ _f\"/>in <span class=\"_ _1\"/>Argentinean <span class=\"_ _1\"/>peso, <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real, <span class=\"_ _f\"/>Canadian <span class=\"_ _1\"/>dollar, <span class=\"_ _1\"/>Colombian <span class=\"_ _1\"/>peso, <span class=\"_ _f\"/>Mexican <span class=\"_ _1\"/>peso <span class=\"_ _1\"/>and <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African<span class=\"_ _3\"/> 1rand against the US dollar. <span class=\"fs6\"> </span>The <span class=\"_\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_\"> </span>uses <span class=\"_ _e\"> </span>a <span class=\"_\"> </span>sensitivity<span class=\"_ _3\"/> <span class=\"_\"> </span>analysis <span class=\"_ _e\"> </span>to <span class=\"_\"> </span>estimate <span class=\"_ _e\"> </span>the <span class=\"_\"> </span>impact <span class=\"_ _e\"> </span>in <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>consolidated <span class=\"_\"> </span>income <span class=\"_ _e\"> </span>statement <span class=\"_ _e\"> </span>and <span class=\"_\"> </span>other comprehensive income of <span class=\"_ _0\"/>a strengthening or a <span class=\"_ _1\"/>weaken<span class=\"_ _3\"/>ing of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e US dollar <span class=\"_ _1\"/>a<span class=\"_ _3\"/>gainst the other <span class=\"_ _1\"/>g<span class=\"_ _3\"/>roup currencies. I<span class=\"_ _3\"/>n case the<span class=\"_ _1\"/> open positions remain <span class=\"_ _0\"/>unchanged and <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h all <span class=\"_ _1\"/>oth<span class=\"_ _3\"/>er variab<span class=\"_ _0\"/>les held cons<span class=\"_ _0\"/>tant, a 10% <span class=\"_ _1\"/>s<span class=\"_ _3\"/>trengthening or we<span class=\"_ _1\"/>ak<span class=\"_ _3\"/>ening of t<span class=\"_ _1\"/>he US dollar <span class=\"_ _5\"> </span>against <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>currencies <span class=\"_ _7\"> </span>co<span class=\"_ _3\"/>uld <span class=\"_ _7\"/>lead <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>an <span class=\"_ _5\"> </span>estimated <span class=\"_ _7\"> </span>decrease/inc<span class=\"_ _3\"/>rease <span class=\"_ _7\"/>on <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>consolidated <span class=\"_ _7\"> </span>profit <span class=\"_ _5\"> </span>before <span class=\"_ _7\"> </span>tax <span class=\"_ _5\"> </span>of 1approximately 144m<span class=\"_ _0\"/> US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>ove<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the next <span class=\"_ _1\"/>12 months <span class=\"_ _1\"/>(31 <span class=\"_ _0\"/>December 20<span class=\"_ _1\"/>2<span class=\"_ _3\"/>1: <span class=\"_ _1\"/>99m US <span class=\"_ _1\"/>dollar). Applying <span class=\"_ _1\"/>a si<span class=\"_ _0\"/>milar <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivity on the total <span class=\"_ _0\"/>derivatives posit<span class=\"_ _0\"/>ions could le<span class=\"_ _0\"/>ad to a <span class=\"_ _1\"/>negative/positive pre-tax impact on equity <span class=\"_ _1\"/>reserves of 537m US <span class=\"_ _1\"/>dollar (31 1December 2021: 523m US dollar). The results of the sensitivity analysis should not be cons<span class=\"_ _0\"/>idered as projections of likely future <span class=\"_ _1\"/>events, <span class=\"_ _1\"/>as <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>gains<span class=\"_ _3\"/> <span class=\"_ _f\"/>or <span class=\"_ _1\"/>losses <span class=\"_ _1\"/>from <span class=\"_ _1\"/>exchange <span class=\"_ _f\"/>rates <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>future <span class=\"_ _1\"/>may <span class=\"_ _1\"/>differ <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>developments <span class=\"_ _1\"/>in <span class=\"_ _f\"/>the <span class=\"_ _1\"/>global <span class=\"_ _1\"/>financia<span class=\"_ _2\"/><span class=\"ls1d\">l </span>markets. Foreign exchange risk on net investments in foreign operations  AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>mitigates <span class=\"_ _2\"/>exposures <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>using <span class=\"_ _2\"/>both <span class=\"_ _3\"/>d<span class=\"_ _3\"/>erivative <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _2\"/>financial instruments as hedging instruments. As of 31 December 2<span class=\"_ _3\"/>022, designated derivative <span class=\"_ _3\"/>financial instruments in net investment hedges <span class=\"ff4\">a<span class=\"_ _3\"/>pplied on the company\u2019s </span>1debt<span class=\"fs6 fc7 ls0\"> <span class=\"_ _3\"/></span><span class=\"ls0\">amount <span class=\"_ _3\"/>to <span class=\"_ _3\"/>8<span class=\"_ _3\"/> <span class=\"_ _3\"/>482m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>equivalent <span class=\"_ _3\"/>(<span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021</span>: <span class=\"_ _3\"/>7 <span class=\"_ _3\"/>473m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>These <span class=\"_ _2\"/>instruments <span class=\"_ _3\"/>hedge <span class=\"_ _3\"/>foreign operations with Canadian dollar, Chinese yuan and South Korean won functional currencies. Net foreign exchange results Foreign exchange results recognized on hedged and unhedged exposures are as follows:<span class=\"_ _3\"/> Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Hedged (econ<span class=\"_ _0\"/>omic hedges) 297<span class=\"ls0\"> </span>717<span class=\"ls0\"> </span>Not hedged (660)<span class=\"ls0\"> </span>(801)<span class=\"ls0\"> </span>(363)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>D)<span class=\"ls0\"> <span class=\"_ _18\"> </span>INTEREST RATE RISK  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>applies <span class=\"_ _2\"/>a <span class=\"_ _2\"/>dynamic <span class=\"_ _2\"/>interest <span class=\"_ _2\"/>rate <span class=\"_ _3\"/>he<span class=\"_ _3\"/>dging <span class=\"_ _3\"/>approach <span class=\"_ _2\"/>whereby <span class=\"_ _2\"/>the <span class=\"_ _2\"/>target <span class=\"_ _2\"/>mix <span class=\"_ _2\"/>between <span class=\"_ _2\"/>fixed <span class=\"_ _2\"/>and <span class=\"_ _2\"/>floating <span class=\"_ _2\"/>rate debt <span class=\"_ _7\"/>is <span class=\"_ _6\"/>reviewed <span class=\"_ _7\"/>periodically. <span class=\"_ _6\"/>The <span class=\"_ _7\"> </span>purpose <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>AB <span class=\"_ _7\"/>InBev\u2019s <span class=\"_ _6\"/>policy <span class=\"_ _7\"> </span>is <span class=\"_ _7\"/>to <span class=\"_ _6\"/>achieve <span class=\"_ _7\"/>an <span class=\"_ _6\"/>optimal <span class=\"_ _7\"/>balance <span class=\"_ _6\"/>b<span class=\"_ _3\"/>etween <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>cost <span class=\"_ _6\"/>of fun<span class=\"ff4\">ding <span class=\"_ _6\"/>and <span class=\"_ _7\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>olatility <span class=\"_ _6\"/>of <span class=\"_ _6\"/>financial <span class=\"_ _6\"/>results, <span class=\"_ _6\"/>while <span class=\"_ _7\"/>taking <span class=\"_ _6\"/>into <span class=\"_ _6\"/>account <span class=\"_ _6\"/>market <span class=\"_ _6\"/>conditions <span class=\"_ _6\"/>as <span class=\"_ _7\"/>well <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _6\"/>o<span class=\"_ _3\"/>verall </span>business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impa<span class=\"_ _0\"/>ct of changes in the US dol<span class=\"_ _0\"/>lar interest rates on the fa<span class=\"_ _0\"/>ir value of certain fi<span class=\"_ _0\"/>xed rate <span class=\"_ _2\"/>b<span class=\"_ _3\"/>onds <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>aggregate <span class=\"_ _2\"/>principal <span class=\"_ _6\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>1.0 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>through <span class=\"_ _6\"/>fixed/floating <span class=\"_ _2\"/>interest <span class=\"_ _6\"/>rate <span class=\"_ _2\"/>swaps. <span class=\"_ _6\"/>These derivative instruments have been designated in fair value hedge accounting relationships. Cash flow hedges Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling) In <span class=\"_ _3\"/>September <span class=\"_ _3\"/>2013, <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany i<span class=\"_ _3\"/>ssued <span class=\"_ _3\"/>a <span class=\"_ _3\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>bond <span class=\"_ _2\"/>for <span class=\"_ _3\"/>500m <span class=\"_ _6\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>at <span class=\"_ _3\"/>a <span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te <span class=\"_ _3\"/>of <span class=\"_ _3\"/>4.00% <span class=\"_ _3\"/>per <span class=\"_ _3\"/>year <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd maturing in September 2025. The impact of <span class=\"_ _3\"/>changes in the pound sterling exchange rate<span class=\"_ _3\"/> and interest rate on this bond is managed <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>redu<span class=\"_ _0\"/>ced <span class=\"_ _4\"> </span>through <span class=\"_ _4\"> </span>pound <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>terling <span class=\"_ _4\"> </span>fixed/euro <span class=\"_ _4\"> </span>fixed <span class=\"_ _4\"> </span>cross <span class=\"_ _4\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _4\"> </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_\"> </span>swaps. <span class=\"_ _4\"> </span>These <span class=\"_ _4\"> </span>derivative instruments have been designated in a cash flow hedge relationship.  US dollar bank loan hedges (foreign currency risk on borr<span class=\"_ _1\"/>ow<span class=\"_ _3\"/>ings against the Nigerian naira)<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>ha<span class=\"_ _3\"/>s a<span class=\"_ _0\"/> floating r<span class=\"_ _1\"/>ate loan denominated <span class=\"_ _1\"/>in US doll<span class=\"_ _0\"/>ar for a<span class=\"_ _1\"/> <span class=\"_ _3\"/>total of 309<span class=\"_ _0\"/>m in Ni<span class=\"_ _1\"/>ge<span class=\"_ _3\"/>ria. Thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> loan <span class=\"_ _1\"/>is held by<span class=\"_ _1\"/> an entity with <span class=\"_ _3\"/>functional <span class=\"_ _3\"/>currency <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Nigerian <span class=\"_ _3\"/>Naira. In <span class=\"_ _2\"/>order <span class=\"_ _3\"/>to <span class=\"_ _3\"/>hedge ag<span class=\"_ _3\"/>ainst <span class=\"_ _3\"/>fluctuations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>foreign exchange <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company entered into foreign exchange futures which have been designated in <span class=\"_ _0\"/>a cash fl<span class=\"_ _3\"/>ow hedge relationship.<span class=\"ff1\"> </span>Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real)  During 2022 and 2021, Ambev invested in highly liquid Brazili<span class=\"_ _0\"/>an real denominated government debt securities. <span class=\"_ _3\"/><span class=\"ff1 fc6\"> </span>Interest rate sensitivity analysis The <span class=\"_ _2\"/>table <span class=\"_ _3\"/>below <span class=\"_ _2\"/>reflects <span class=\"_ _2\"/>the <span class=\"_ _3\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>rates <span class=\"_ _3\"/>of <span class=\"_ _2\"/>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _3\"/>as<span class=\"_ _3\"/> <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as 1the currency in which the debt is denominated.<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 4.34% 1 <span class=\"ls6\">455</span>  Euro 1.68% 1 <span class=\"ls6\">048</span>  1.68% 1 <span class=\"ls6\">048</span>  Pound sterling<span class=\"_ _0\"/> - - 3.70% 1 <span class=\"ls6\">078</span>  South Korean wo<span class=\"_ _0\"/>n - 1  3.08% 311<span class=\"ls0\">  </span>US dollar 5.05% 430<span class=\"ls0\">  </span>- - Other 13.39% 252<span class=\"ls0\">  </span>11.17% 666<span class=\"ls0\">  </span>1 <span class=\"ls6\">730</span>  4 <span class=\"ls6\">557</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.50% 613<span class=\"ls0\">  </span>4.37% 3 <span class=\"ls6\">741</span>  Chinese yuan 2.44% 50<span class=\"ls0\">  </span>2.50% 1 <span class=\"ls6\">230</span>  Euro 2.27% 20<span class=\"ls0\"> </span>391<span class=\"ls0\">  </span>2.31% 21<span class=\"ls0\"> </span>242<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 5.13% 2 <span class=\"ls6\">208</span>  5.55% 1 <span class=\"ls6\">607</span>  South Korean wo<span class=\"_ _0\"/>n 2.96% 46<span class=\"ls0\">  </span>0.94% 1 <span class=\"ls6\">896</span>  US dollar 4.99% 53<span class=\"ls0\"> </span>478<span class=\"ls0\">  </span>5.27% 44<span class=\"ls0\"> </span>547<span class=\"ls0\">  </span>Other 10.53% 1 <span class=\"ls6\">476</span>  12.19% 1 <span class=\"ls6\">172</span>  78<span class=\"ls0\"> </span>261<span class=\"ls0\">  </span>75<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>31 December 2021\u00b9<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 1.21% 2 <span class=\"ls6\">043</span>  Euro - 1 <span class=\"ls6\">113</span>  - 1 <span class=\"ls6\">113</span>  Pound sterling<span class=\"_ _0\"/> - - 1.05% 1 <span class=\"ls6\">002</span>  South Korean wo<span class=\"_ _0\"/>n - - 1.67% 502<span class=\"ls0\">  </span>US dollar 1.67% 463<span class=\"ls0\">  </span>- - Other 5.37% 734<span class=\"ls0\">  </span>5.99% 1 <span class=\"ls6\">504</span>  2 <span class=\"ls6\">310</span>  6 <span class=\"ls6\">164</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.11% 626<span class=\"ls0\">  </span>4.29% 3 <span class=\"ls6\">158</span>  Chinese yuan 3.87% 34<span class=\"ls0\">  </span>1.78% 194<span class=\"ls0\">  </span>Euro 2.27% 21<span class=\"ls0\"> </span>654<span class=\"ls0\">  </span>2.11% 27<span class=\"ls0\"> </span>553<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 4.35% 3 <span class=\"ls6\">611</span>  4.43% 2 <span class=\"ls6\">937</span>  South Korean wo<span class=\"_ _0\"/>n 3.85% 31<span class=\"ls0\">  </span>0.87% 1 <span class=\"ls6\">695</span>  US dollar 4.93% 59<span class=\"ls0\"> </span>399<span class=\"ls0\">  </span>5.41% 46<span class=\"ls0\"> </span>288<span class=\"ls0\">  </span>Other 8.09% 1 <span class=\"ls6\">165</span>  9.62% 841<span class=\"ls0\">  </span>86<span class=\"ls0\"> </span>520<span class=\"ls0\">  </span>82<span class=\"ls0\"> </span>667<span class=\"ls0\">  </span>As at 31 December 2022, the total carrying amount of the flo<span class=\"_ _0\"/>ating and fixed rate interest-bearing financial liabilities before hedging <span class=\"_ _3\"/>as <span class=\"_ _3\"/>listed <span class=\"_ _3\"/>above <span class=\"_ _3\"/>includes <span class=\"_ _3\"/>bank o<span class=\"_ _3\"/>verdrafts o<span class=\"_ _3\"/>f <span class=\"_ _2\"/><span class=\"ls3\">83</span>m US <span class=\"_ _3\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">53</span></span>m<span class=\"_ _3\"/> US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). As <span class=\"_ _3\"/>disclosed <span class=\"_ _3\"/>in the above <span class=\"_ _1\"/>table, 4 557m <span class=\"_ _1\"/>US dollar <span class=\"_ _0\"/>or 5.7% <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>co<span class=\"_ _3\"/>mpan<span class=\"ff4\">y\u2019s <span class=\"_ _0\"/>interest<span class=\"ff2\">-bearing financial <span class=\"_ _1\"/>liabilities bears <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rest a<span class=\"_ _1\"/>t a variable<span class=\"_ _1\"/> </span></span>rate.  The sensitivity analysis ha<span class=\"_ _0\"/>s been prepared <span class=\"_ _1\"/>ba<span class=\"_ _3\"/>sed on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e exposure <span class=\"_ _1\"/>to<span class=\"_ _3\"/> interest rat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s for the <span class=\"_ _0\"/>floating rate <span class=\"_ _1\"/>debt after hedging, assuming the <span class=\"_ _0\"/>amount <span class=\"_ _0\"/>of liabilit<span class=\"_ _1\"/>y<span class=\"_ _3\"/> outstanding <span class=\"_ _1\"/>at re<span class=\"_ _3\"/>porting <span class=\"_ _0\"/>date was <span class=\"_ _0\"/>outstanding <span class=\"_ _0\"/>for the <span class=\"_ _1\"/>whole year. The <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany e<span class=\"_ _1\"/>s<span class=\"_ _3\"/>timates that <span class=\"_ _6\"/>an <span class=\"_ _6\"/>increase <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _2\"/>decrease <span class=\"_ _6\"/>of <span class=\"_ _6\"/>100 <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>points <span class=\"_ _2\"/>represents <span class=\"_ _6\"/>a <span class=\"_ _6\"/>reasonably <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _2\"/>applicable <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>rates. Accordingly, if interest rates had been higher/lower by 100 bas<span class=\"_ _3\"/>is <span class=\"_ _3\"/>points, with all other variables held constant, the interest 1expense wo<span class=\"_ _1\"/>u<span class=\"_ _3\"/>ld <span class=\"_ _1\"/>have been <span class=\"_ _1\"/><span class=\"ls8\">46<span class=\"ls0\">m<span class=\"_ _3\"/> <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>higher/lower <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 <span class=\"_ _1\"/>December 2021</span></span>: <span class=\"_ _1\"/>20m US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>This<span class=\"_ _3\"/> <span class=\"_ _1\"/>impact would <span class=\"_ _1\"/>have <span class=\"_ _1\"/>been 1more than offset by <span class=\"_ _3\"/><span class=\"ls3\">93</span>m US dollar higher/lower interest income on i<span class=\"_ _3\"/>nterest-bearing fin<span class=\"_ _3\"/>ancial assets (31 December 2021: 81m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dolla<span class=\"_ _3\"/>r). <span class=\"_ _3\"/>Additionally, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pre<span class=\"_ _3\"/>-tax <span class=\"_ _2\"/>impact <span class=\"_ _2\"/>on <span class=\"_ _3\"/>equity<span class=\"_ _3\"/> <span class=\"_ _3\"/>reserves <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>hed<span class=\"_ _3\"/>ging <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>would not have been significant. Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Financial liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> measured a<span class=\"_ _1\"/>t <span class=\"_ _3\"/>amorti<span class=\"_ _1\"/>z<span class=\"_ _3\"/>ed cost <span class=\"ff4\">\u2013</span> not hedged<span class=\"_ _1\"/> (3 641) (3 836) Fair value hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  (20)<span class=\"ls0\"> </span>(6)<span class=\"ls0\"> </span>Cash flow hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  24<span class=\"ls0\">  </span>17<span class=\"ls0\">  </span>Net investment he<span class=\"_ _0\"/>dges - hedging<span class=\"_ _0\"/> instruments<span class=\"_ _0\"/> (interest componen<span class=\"_ _0\"/>t)  (1)<span class=\"ls0\"> </span>- Economic hedge<span class=\"_ _1\"/>s 42<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>(3 597) (3 684) E)<span class=\"ls0\"> <span class=\"_ _24\"> </span>COMMODITY PRICE RISK </span>The <span class=\"_ _5\"> </span>commodity <span class=\"_ _4\"> </span>markets <span class=\"_ _5\"> </span>have <span class=\"_ _4\"> </span>experienced <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>are <span class=\"_ _5\"> </span>expected <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>continue <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>experience <span class=\"_ _5\"> </span>price <span class=\"_ _4\"> </span>fluctuations. <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev therefore <span class=\"_ _7\"/>uses <span class=\"_ _7\"/>both <span class=\"_ _7\"/>fixed <span class=\"_ _7\"/>price <span class=\"_ _7\"/>purchasing <span class=\"_ _7\"/>contracts <span class=\"_ _7\"/>and <span class=\"_ _7\"/>commodity <span class=\"_ _7\"/>derivatives <span class=\"_ _7\"/>to <span class=\"_ _6\"/>m<span class=\"_ _3\"/>anage <span class=\"_ _7\"/>the <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xposure <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>price volatility. The most significa<span class=\"_ _3\"/>nt commodity exposures as at 31 December 202<span class=\"_ _3\"/>2 and 31 December 2021 are included in <span class=\"_ _3\"/>the table below (expressed in outstanding notional amounts): Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Aluminum 2 <span class=\"ls6\">165</span>  1 <span class=\"ls6\">241</span>  Energy 417<span class=\"ls0\">  </span>350<span class=\"ls0\">  </span>Corn 321<span class=\"ls0\">  </span>292<span class=\"ls0\">  </span>Wheat<span class=\"ls0\"> </span>127<span class=\"ls0\">  </span>129<span class=\"ls0\">  </span>Plastic 122<span class=\"ls0\">  </span>93<span class=\"ls0\">  </span>Rice 100<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Sugar 95<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>3 <span class=\"ls6\">348</span>  2 <span class=\"ls6\">274</span>  Commodity price sensitivity analysis The impact <span class=\"_ _1\"/>of changes <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>commodity pr<span class=\"_ _0\"/>ices wo<span class=\"_ _0\"/>uld <span class=\"_ _0\"/>not <span class=\"_ _0\"/>have had<span class=\"_ _0\"/> a <span class=\"_ _1\"/>material im<span class=\"_ _0\"/>pact on <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>pro<span class=\"_ _3\"/>fit <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>20<span class=\"_ _3\"/>22 <span class=\"_ _1\"/>as most of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>exposure is<span class=\"_ _3\"/> hedged <span class=\"_ _3\"/>using <span class=\"_ _3\"/>derivative <span class=\"_ _3\"/>contracts <span class=\"_ _3\"/>and <span class=\"_ _3\"/>designated <span class=\"_ _3\"/>in <span class=\"_ _3\"/>hedge accoun<span class=\"_ _3\"/>ting in <span class=\"_ _3\"/>accordance <span class=\"_ _3\"/>with 1IFRS 9 rules.<span class=\"fs6\"> </span>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>bel<span class=\"_ _3\"/>ow <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ow <span class=\"_ _1\"/>the <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>impact t<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>t <span class=\"_ _f\"/>ch<span class=\"_ _3\"/>anges <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>price <span class=\"_ _0\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>commodities, <span class=\"_ _1\"/>for <span class=\"_ _1\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>held <span class=\"_ _1\"/>material derivative exposures as at 31 December 2022 and 31 December 2021, would have on t<span class=\"_ _0\"/>he equity reserves.22022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Pre-tax impact o<span class=\"_ _1\"/>n <span class=\"_ _3\"/>equity . Pre-tax impact o<span class=\"_ _0\"/>n equity Volatility of Prices Prices Volatility of Prices Prices 2increase decrease prices in %2Million US dol<span class=\"_ _0\"/>lar prices in %increase decrease Aluminum 30.71% 665<span class=\"ls0\">  </span>(665)<span class=\"ls0\"> </span>23.09% 287<span class=\"ls0\">  </span>(287)<span class=\"ls0\"> </span>Energy 49.37% 206<span class=\"ls0\">  </span>(206)<span class=\"ls0\"> </span>25.88% 91<span class=\"ls0\">  </span>(91)<span class=\"ls0\"> </span>Corn 22.44% 72<span class=\"ls0\">  </span>(72)<span class=\"ls0\"> </span>23.26% 68<span class=\"ls0\">  </span>(68)<span class=\"ls0\"> </span>Wheat<span class=\"ls0\"> </span>51.59% 66<span class=\"ls0\">  </span>(66)<span class=\"ls0\"> </span>29.24% 38<span class=\"ls0\">  </span>(38)<span class=\"ls0\"> </span>Plastic 32.31% 25<span class=\"ls0\">  </span>(25)<span class=\"ls0\"> </span>28.68% 27<span class=\"ls0\">  </span>(27)<span class=\"ls0\"> </span>Rice 19.31% 19<span class=\"ls0\">  </span>(19)<span class=\"ls0\"> </span>15.96% 14<span class=\"ls0\">  </span>(14)<span class=\"ls0\"> </span>Sugar 22.17% 21<span class=\"ls0\">  </span>(21)<span class=\"ls0\"> </span>26.39% 22<span class=\"ls0\">  </span>(22)<span class=\"ls0\"> </span>F)<span class=\"ls0\"> <span class=\"_ _21\"> </span>EQUITY PRICE RISK  </span>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>enters <span class=\"_ _6\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _6\"/>equity <span class=\"_ _7\"/>swap <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>h<span class=\"_ _3\"/>edge <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>price<span class=\"_ _3\"/> <span class=\"_ _6\"/>risk <span class=\"_ _7\"/>on <span class=\"_ _7\"/>its <span class=\"_ _7\"/>shares <span class=\"_ _6\"/>in <span class=\"_ _7\"/>connection <span class=\"_ _7\"/>with <span class=\"_ _6\"/>its <span class=\"_ _7\"/>share<span class=\"_ _6\"/>-based payments <span class=\"_ _6\"/>programs, <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>disclosed <span class=\"_ _6\"/>in <span class=\"_ _6\"/>Note <span class=\"_ _2\"/>24 <span class=\"_ _7\"> </span><span class=\"ff5\">Share-based <span class=\"_ _6\"/>Payments.</span> <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _6\"/>also <span class=\"_ _6\"/>hedges <span class=\"_ _6\"/>its <span class=\"_ _6\"/>exposure <span class=\"_ _6\"/>arising <span class=\"_ _6\"/>from shares issu<span class=\"_ _3\"/>ed in conn<span class=\"_ _3\"/>ection with the <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB combinati<span class=\"_ _3\"/>ons (see a<span class=\"_ _3\"/>lso Note <span class=\"_ _3\"/>11 <span class=\"_ _2\"/><span class=\"ff5\">Finance c<span class=\"_ _3\"/>ost and <span class=\"_ _3\"/>income</span>). <span class=\"_ _3\"/>These derivatives do not qualify for hedge accounting and the chan<span class=\"_ _0\"/>ges in fair value are recorded in<span class=\"_ _3\"/> the profit or loss. As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n <span class=\"_ _3\"/>exposure <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _3\"/>equivalent <span class=\"_ _2\"/>of <span class=\"_ _2\"/>100.5m <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>was <span class=\"_ _2\"/>hedged, <span class=\"_ _2\"/>resulting <span class=\"_ _3\"/>in <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>total gain<span class=\"ls0\"> <span class=\"_ _6\"/>of <span class=\"_ _6\"/></span>605<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _7\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _6\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _6\"/>account <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period, <span class=\"_ _6\"/>of <span class=\"_ _7\"/>which <span class=\"_ _7\"/></span>331<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e </span>company\u2019s sha<span class=\"_ _3\"/>re<span class=\"ff2\">-based payment <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>and <span class=\"_ _3\"/><span class=\"ls3\">274</span>m US <span class=\"_ _3\"/>dollar related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the Grupo <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB c<span class=\"_ _3\"/>ombinations. <span class=\"_ _3\"/>As </span>at <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>for <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>swap <span class=\"_ _2\"/>d<span class=\"_ _3\"/>erivatives <span class=\"_ _2\"/>amo<span class=\"_ _3\"/>unted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>4.8<span class=\"_ _3\"/> <span class=\"_ _2\"/>billion<span class=\"_ _3\"/> <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _6\"/>(31 <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>20<span class=\"_ _3\"/>21: <span class=\"_ _2\"/>5<span class=\"_ _3\"/>.4 billion US dollar). Equity price sensitivity analysis The <span class=\"_ _0\"/>sensitivity <span class=\"_ _1\"/>analysis on <span class=\"_ _1\"/>the <span class=\"_ _0\"/>equity <span class=\"_ _0\"/>swap <span class=\"_ _0\"/>derivatives, <span class=\"_ _1\"/>calculated ba<span class=\"_ _0\"/>sed o<span class=\"_ _1\"/>n a 27.53% <span class=\"_ _1\"/>(2021<span class=\"ls2\">: </span>26.51%) <span class=\"_ _1\"/>reasonably p<span class=\"_ _0\"/>ossible volatility <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>AB <span class=\"_\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_\"> </span>share <span class=\"_\"> </span>price, <span class=\"_\"> </span>with <span class=\"_\"> </span>all <span class=\"_\"> </span>the <span class=\"_\"> </span>other <span class=\"_\"> </span>variables <span class=\"_\"> </span>held <span class=\"_\"> </span>c<span class=\"_ _3\"/>onstant, <span class=\"_\"> </span>would <span class=\"_\"> </span>show <span class=\"_ _a\"> </span>1 <span class=\"_\"> </span>660m <span class=\"_\"> </span>US <span class=\"_\"> </span>dolla<span class=\"_ _3\"/>r positive/negative impact on the 2022 profit before tax (31 December 2021<span class=\"lsc\">: <span class=\"_ _3\"/></span>1 604m US dollar). G)<span class=\"ls0\"> <span class=\"_ _15\"> </span>CREDIT RISK </span>Credit risk <span class=\"_ _3\"/>encompasses all forms of c<span class=\"_ _3\"/>ounterparty exposure, i.e., <span class=\"_ _3\"/>where counterparties may default on <span class=\"_ _3\"/>their obligations to AB InBev i<span class=\"_ _0\"/>n relation <span class=\"_ _1\"/>to lending, hedging, <span class=\"_ _1\"/>settlement and other<span class=\"_ _1\"/> financial activities. The <span class=\"_ _1\"/>company has a <span class=\"_ _1\"/>credit policy in <span class=\"_ _1\"/>place<span class=\"_ _2\"/> and the exposure to counterparty credit risk is monitored.  AB InBev <span class=\"_ _3\"/>mitigates its exposure th<span class=\"_ _3\"/>rough a variety of m<span class=\"_ _3\"/>echanisms. It has established <span class=\"_ _3\"/>minimum counterparty credit ratings and enters <span class=\"_ _1\"/>in<span class=\"_ _3\"/>to tra<span class=\"_ _0\"/>nsactions only wi<span class=\"_ _0\"/>th financial <span class=\"_ _1\"/>institutions of investment <span class=\"_ _1\"/>grade r<span class=\"_ _3\"/>ating. The <span class=\"_ _1\"/>comp<span class=\"_ _3\"/>any mo<span class=\"_ _0\"/>nitors counterpart<span class=\"_ _0\"/>y credit exposures closely a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> reviews <span class=\"_ _0\"/>any external down<span class=\"_ _0\"/>grade in credit ra<span class=\"_ _0\"/>ting immediately. To <span class=\"_ _1\"/>m<span class=\"_ _3\"/>itigate pre<span class=\"_ _3\"/>-settlement risk, counterparty <span class=\"_ _4\"> </span>minimum <span class=\"_ _4\"> </span>credit <span class=\"_ _4\"> </span>standards <span class=\"_ _4\"> </span>become <span class=\"_ _4\"> </span>more <span class=\"_ _4\"> </span>stringent <span class=\"_ _4\"> </span>with <span class=\"_ _5\"> </span>in<span class=\"_ _3\"/>creases <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>duration <span class=\"_ _4\"> </span>o<span class=\"_ _2\"/>f <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>derivatives. <span class=\"_ _4\"> </span>To minimize <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>concentration <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ounterparty <span class=\"_ _5\"> </span>credit <span class=\"_ _4\"> </span>risk, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company <span class=\"_ _4\"> </span>enters <span class=\"_ _4\"> </span>into <span class=\"_ _4\"> </span>derivative <span class=\"_ _4\"> </span>transactions <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>different<span class=\"_ _1\"/> financial institutions. The <span class=\"_ _2\"/>company <span class=\"_ _3\"/>also <span class=\"_ _3\"/>h<span class=\"_ _3\"/>as <span class=\"_ _3\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _2\"/>agreements <span class=\"_ _3\"/>with <span class=\"_ _2\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>institutions <span class=\"_ _2\"/>that <span class=\"_ _6\"/>are <span class=\"_ _2\"/>counterparties <span class=\"_ _3\"/>to <span class=\"_ _2\"/>over <span class=\"_ _3\"/>the counter <span class=\"_ _2\"/>(OTC) <span class=\"_ _6\"/>derivatives. <span class=\"_ _2\"/>These <span class=\"_ _6\"/>agreements <span class=\"_ _2\"/>allo<span class=\"_ _3\"/>w <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>et <span class=\"_ _2\"/>settlement <span class=\"_ _6\"/>of <span class=\"_ _2\"/>assets <span class=\"_ _6\"/>and <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>arising <span class=\"_ _2\"/>from <span class=\"_ _6\"/>different transactions <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>the same <span class=\"_ _1\"/>counterparty. <span class=\"_ _1\"/>Based on <span class=\"_ _1\"/>these <span class=\"_ _1\"/>factors, AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>considers <span class=\"_ _1\"/>the im<span class=\"_ _0\"/>pact o<span class=\"_ _1\"/>f the <span class=\"_ _1\"/>r<span class=\"_ _2\"/>isk <span class=\"_ _1\"/>of counterparty<span class=\"_ _1\"/> default as at 31 December 2022 to be limited.<span class=\"ff1\"> </span>Exposure to credit risk The carrying amount of financi<span class=\"_ _1\"/>al<span class=\"_ _3\"/> assets represents t<span class=\"_ _0\"/>he maximum credit exposure of t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> company. The carry<span class=\"_ _0\"/>ing amount is 1presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Net carrying Net carrying Million US dol<span class=\"_ _0\"/>lar Gross Impairment<span class=\"_ _0\"/> amount Gross Impairment amount Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 <span class=\"ls6\">973</span>  - 9 <span class=\"ls6\">973</span>  12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>- 12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>Trade receivable<span class=\"_ _1\"/>s 3 <span class=\"ls6\">980</span>  (343)<span class=\"ls0\"> </span>3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">796</span>  (331)<span class=\"ls0\"> </span>3 <span class=\"ls6\">465</span>  Other receivables 1 <span class=\"ls6\">545</span>  (68)<span class=\"ls0\"> </span>1 <span class=\"ls6\">477</span>  1 <span class=\"ls6\">272</span>  (65)<span class=\"ls0\"> </span>1 <span class=\"ls6\">207</span>  Derivatives 391<span class=\"ls0\">  </span>- 391<span class=\"ls0\">  </span>            <span class=\"ls6\">669</span>  -             <span class=\"ls6\">669</span>  Cash deposit<span class=\"_ _1\"/>s<span class=\"_ _3\"/> for guaran<span class=\"_ _0\"/>tees 189<span class=\"ls0\">  </span>- 189<span class=\"ls0\">  </span>            <span class=\"ls6\">168</span>  -             <span class=\"ls6\">168</span>  Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s 155<span class=\"ls0\">  </span>(5)<span class=\"ls0\"> </span>149<span class=\"ls0\">  </span>            <span class=\"ls6\">145</span>  (6)<span class=\"ls0\"> </span>            <span class=\"ls6\">139</span>  Investment in deb<span class=\"_ _0\"/>t securitie<span class=\"_ _0\"/>s 123<span class=\"ls0\">  </span>- 123<span class=\"ls0\">  </span>            <span class=\"ls6\">396</span>  -             <span class=\"ls6\">396</span>  Loans to custo<span class=\"_ _1\"/>mers 81<span class=\"ls0\">  </span>- 81<span class=\"ls0\">  </span>            <span class=\"ls6\">117</span>  -             <span class=\"ls6\">117</span>  16<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>(416)<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>019<span class=\"ls0\">  </span>18<span class=\"ls0\"> </span>660<span class=\"ls0\">  </span>(402)<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>258<span class=\"ls0\">  </span>There was no <span class=\"_ _3\"/>significant concentration of credit <span class=\"_ _3\"/>risks with any single co<span class=\"_ _3\"/>unterparty as of <span class=\"_ _2\"/>31 December 2022<span class=\"_ _3\"/> and no si<span class=\"_ _3\"/>ngle customer represented more than 10% of the total revenue of the group in <span class=\"_ _3\"/>2022. Impairment losses 1The allowance for impairment recognized during the period on financial assets was as follows:31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r (402)<span class=\"ls0\"> </span>(376)<span class=\"ls0\"> </span>Impairment losse<span class=\"_ _1\"/>s (38)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>Derecognition<span class=\"_ _1\"/> 24<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>Currency tran<span class=\"_ _0\"/>slation and o<span class=\"_ _0\"/>ther 1 (19)<span class=\"ls0\"> </span>Balance at end<span class=\"_ _0\"/> of period (416)<span class=\"ls0\"> </span>(402)<span class=\"ls0\"> </span>H)<span class=\"ls0\"> <span class=\"_ _18\"> </span>LIQUIDITY RISK </span>Historically, AB InBev\u2019s <span class=\"_ _0\"/>primary sources of <span class=\"_ _1\"/>cash flow have been ca<span class=\"_ _0\"/>sh flows from <span class=\"_ _1\"/>operating<span class=\"_ _3\"/> a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>tivities, the i<span class=\"_ _1\"/>s<span class=\"_ _3\"/>suance of <span class=\"_ _0\"/>debt, bank borrowings and equity securities. AB InBev\u2019s material c<span class=\"_ _0\"/>ash requirements have <span class=\"_ _3\"/><span class=\"ff2\">included the following: </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Debt servicing; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Capital expenditures; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Investments in companies; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff4 fs3 fc1\">Increases in ownership of AB InBev\u2019s subsidiaries or companies in which it holds equity inv<span class=\"_ _0\"/>estments;<span class=\"_ _3\"/><span class=\"ff2\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Share buyback programs; and </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Payments of dividends and <span class=\"ff4\">interest on shareholders\u2019 equity.</span> </span></span>The company believes <span class=\"_ _0\"/>that ca<span class=\"_ _0\"/>sh flows from op<span class=\"_ _1\"/>e<span class=\"_ _3\"/>rating activiti<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s, available cash <span class=\"_ _1\"/>and<span class=\"_ _3\"/> <span class=\"_ _0\"/>cash equivalents as wel<span class=\"_ _1\"/>l<span class=\"_ _3\"/> as <span class=\"_ _0\"/>short term investments, <span class=\"_ _0\"/>along <span class=\"_ _1\"/>with<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>deri<span class=\"_ _3\"/>vatives <span class=\"_ _1\"/>and access <span class=\"_ _1\"/>to borr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>wing <span class=\"_ _0\"/>facilities, <span class=\"_ _1\"/>will be <span class=\"_ _1\"/>sufficient <span class=\"_ _1\"/>t<span class=\"_ _2\"/>o fund <span class=\"_ _1\"/>capital ex<span class=\"_ _0\"/>penditures, financial <span class=\"_ _0\"/>instrument <span class=\"_ _1\"/>liabili<span class=\"_ _3\"/>ties <span class=\"_ _1\"/>and dividend <span class=\"_ _1\"/>payments g<span class=\"_ _1\"/>oi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>forward. It <span class=\"_ _1\"/>is the<span class=\"_ _0\"/> i<span class=\"_ _1\"/>nte<span class=\"_ _3\"/>ntion <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompany t<span class=\"_ _1\"/>o continue <span class=\"_ _1\"/>to reduc<span class=\"_ _3\"/><span class=\"ls8\">e </span>its financial indebtedness through a combination of strong o<span class=\"_ _0\"/>perating cash flow generation and contin<span class=\"_ _3\"/>u<span class=\"_ _3\"/>ed refinancing. The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>are <span class=\"_ _3\"/>the <span class=\"_ _2\"/>nominal <span class=\"_ _3\"/>contractual <span class=\"_ _2\"/>maturities <span class=\"_ _3\"/>of <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>including <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>payments <span class=\"_ _3\"/>and 2derivative liabilities: 31 December 2022<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than 2Million US dol<span class=\"_ _0\"/>lar Amountflows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (76 798) (133 670) (3 273) (5 683) (3 783) (15 482) (105 450) Trade and other pa<span class=\"_ _1\"/>yables  (27 208) (27 453) (26 376) (170)<span class=\"ls0\"> </span>(349)<span class=\"ls0\"> </span>(260)<span class=\"ls0\"> </span>(297)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 492) (2 840) (618)<span class=\"ls0\"> </span>(566)<span class=\"ls0\"> </span>(414)<span class=\"ls0\"> </span>(531)<span class=\"ls0\"> </span>(712)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (393)<span class=\"ls0\"> </span>(405)<span class=\"ls0\"> </span>(371)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(10)<span class=\"ls0\"> </span>(14)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (125)<span class=\"ls0\"> </span>(193)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(78)<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(31)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>- - - - (107 199) (164 745) (30 856) (6 501) (4 <span class=\"ls6\">579)<span class=\"ls0\"> </span></span>(16 313) (106 496) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (4 763) (4 763) (4 763) - - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (192)<span class=\"ls0\"> </span>(191)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(43)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (271)<span class=\"ls0\"> </span>(251)<span class=\"ls0\"> </span>(249)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>- - - (5 492) (5 471) (5 287) (45)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (551)<span class=\"ls0\"> </span>(530)<span class=\"ls0\"> </span>(469)<span class=\"ls0\"> </span>- (43)<span class=\"ls0\"> </span>(17)<span class=\"ls0\"> </span>- 31 December 2021<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than Million US dol<span class=\"_ _0\"/>lar amount\u00b9 flows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (85 726) (152 064) (3 479) (3 596) (6 192) (13 800) (124 997) Trade and other pa<span class=\"_ _1\"/>yables  (26 442) (26 643) (25 424) (314)<span class=\"ls0\"> </span>(507)<span class=\"ls0\"> </span>(96)<span class=\"ls0\"> </span>(302)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 277) (2 429) (497)<span class=\"ls0\"> </span>(470)<span class=\"ls0\"> </span>(337)<span class=\"ls0\"> </span>(450)<span class=\"ls0\"> </span>(675)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (628)<span class=\"ls0\"> </span>(636)<span class=\"ls0\"> </span>(551)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(18)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (40)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>(11)<span class=\"ls0\"> </span>(48)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>- - - - (115 272) (182 015) (30 121) (4 481) (7 046) (14 359) (126 008) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (5 412) (5 420) (5 <span class=\"ls6\">420)<span class=\"ls0\"> </span></span>- - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (273)<span class=\"ls0\"> </span>(293)<span class=\"ls0\"> </span>(147)<span class=\"ls0\"> </span>(35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>- - - - (5 885) (5 913) (5 767) (35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (203)<span class=\"ls0\"> </span>(203)<span class=\"ls0\"> </span>(170)<span class=\"ls0\"> </span>- - (29)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>I)<span class=\"ls0\"> <span class=\"_ _d\"> </span>CAPITAL MANAGEMENT </span>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>continuously <span class=\"_ _3\"/>optimizes <span class=\"_ _2\"/>its c<span class=\"_ _3\"/>apital <span class=\"_ _3\"/>structure <span class=\"_ _3\"/>to <span class=\"_ _3\"/>maximize <span class=\"_ _3\"/>shareholder <span class=\"_ _3\"/>value <span class=\"_ _3\"/>while <span class=\"_ _3\"/>keeping <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>flexibility to <span class=\"_ _1\"/>execute <span class=\"_ _1\"/>strategic <span class=\"_ _1\"/>proj<span class=\"_ _3\"/>ects. <span class=\"_ _1\"/>AB <span class=\"_ _1\"/><span class=\"ff4\">InBev\u2019s <span class=\"_ _0\"/>capital <span class=\"_ _f\"/>structu<span class=\"_ _3\"/>re <span class=\"_ _f\"/>p<span class=\"_ _3\"/>olicy <span class=\"_ _1\"/>and <span class=\"_ _1\"/>framework <span class=\"_ _1\"/>aims <span class=\"_ _1\"/>to <span class=\"_ _1\"/>o<span class=\"_ _3\"/>ptimize <span class=\"_ _f\"/>s<span class=\"_ _3\"/>hareholder <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _1\"/>through </span>cash <span class=\"_ _3\"/>flow <span class=\"_ _2\"/>distribution <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>from <span class=\"_ _3\"/>its<span class=\"_ _3\"/> <span class=\"_ _3\"/>subsidiaries, <span class=\"_ _3\"/>while <span class=\"_ _3\"/>maintaining<span class=\"_ _3\"/> <span class=\"_ _3\"/>an <span class=\"_ _3\"/>investment<span class=\"_ _3\"/>-grad<span class=\"_ _3\"/>e <span class=\"_ _3\"/>rating <span class=\"_ _3\"/>and <span class=\"_ _3\"/>m<span class=\"_ _3\"/>inimizing investments <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>returns be<span class=\"_ _0\"/>low <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>wei<span class=\"ff2\">ghted average <span class=\"_ _1\"/>cost <span class=\"_ _1\"/>of capital. <span class=\"_ _1\"/>Besides t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _1\"/>statutory <span class=\"_ _1\"/>m<span class=\"_ _3\"/>inimum <span class=\"_ _1\"/>equity funding<span class=\"_ _1\"/> </span>requirements that <span class=\"_ _3\"/>apply to<span class=\"_ _3\"/> the company\u2019s s<span class=\"_ _3\"/>ubsidiaries in <span class=\"_ _3\"/>the different <span class=\"_ _3\"/>countries, AB InBev<span class=\"_ _3\"/> is n<span class=\"_ _3\"/>ot subject <span class=\"_ _3\"/>to any <span class=\"_ _3\"/>externally imposed <span class=\"_ _3\"/>capital <span class=\"_ _3\"/>requirements. <span class=\"_ _3\"/>Management <span class=\"_ _3\"/>uses <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>d<span class=\"_ _3\"/><span class=\"ff4\">ebt/equity <span class=\"_ _3\"/>classifications <span class=\"_ _3\"/>as <span class=\"_ _3\"/>applied <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>IFRS </span>reporting to analyze the capital structure. J)<span class=\"ls0\"> <span class=\"_ _22\"> </span>FAIR VALUE </span>The <span class=\"_ _1\"/>following <span class=\"_ _1\"/>table <span class=\"_ _1\"/>summ<span class=\"_ _3\"/>arizes <span class=\"_ _f\"/>for <span class=\"_ _0\"/>each <span class=\"_ _f\"/>ty<span class=\"_ _3\"/>pe <span class=\"_ _1\"/>of <span class=\"_ _1\"/>derivative <span class=\"_ _1\"/>the <span class=\"_ _1\"/>fair <span class=\"_ _0\"/>values <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>as <span class=\"_ _1\"/>assets <span class=\"_ _1\"/>or <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>tateme<span class=\"_ _3\"/>nt 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 223<span class=\"ls0\">  </span>238<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(129)<span class=\"ls0\"> </span>(42)<span class=\"ls0\"> </span>109<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  4  - - (37)<span class=\"ls0\"> </span>4  (37)<span class=\"ls0\"> </span>Interest rate Interest rate swap<span class=\"_ _1\"/>s  - 38<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>- (5)<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  63<span class=\"ls0\">  </span>111<span class=\"ls0\"> </span>(187)<span class=\"ls0\"> </span>(273)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(162)<span class=\"ls0\"> </span>Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/>  52<span class=\"ls0\">  </span>178<span class=\"ls0\"> </span>(174)<span class=\"ls0\"> </span>(20)<span class=\"ls0\"> </span>(122)<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>Sugar futures  4  13<span class=\"ls0\"> </span>- - 4  13<span class=\"ls0\"> </span>Energy  12<span class=\"ls0\">  </span>29<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>Other commodi<span class=\"_ _0\"/>ty derivatives<span class=\"_ _1\"/>  32<span class=\"ls0\">  </span>62<span class=\"ls0\"> </span>(69)<span class=\"ls0\"> </span>(13)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Equity Equity derivati<span class=\"_ _0\"/>ves  - - (4 763) (5 412) (4 763) (5 412) 391<span class=\"ls0\">  </span>669<span class=\"ls0\"> </span>(5 492) (5 886) (5 <span class=\"ls6\">101)<span class=\"ls0\"> </span></span>(5 216) Of which: Non-curren<span class=\"_ _0\"/>t  60<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>(184)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(52)<span class=\"ls0\"> </span>Current  331<span class=\"ls0\">  </span>621<span class=\"ls0\"> </span>(5 308) (5 786) (4 977) (5 164) The following table summarizes the carrying amount and the fair v<span class=\"_ _3\"/>alue of the fixed rate interest<span class=\"_ _2\"/>-bearing financial liabilities as <span class=\"_ _5\"> </span>recognized <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>position. <span class=\"_ _5\"> </span>Floating <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>liabilities, <span class=\"_ _5\"> </span>trade <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _7\"> </span>other receivables <span class=\"_ _2\"/>and <span class=\"_ _3\"/>trade <span class=\"_ _2\"/>and <span class=\"_ _2\"/>other <span class=\"_ _3\"/>payables, <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>and <span class=\"_ _3\"/>derivative <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>have <span class=\"_ _3\"/>been <span class=\"_ _2\"/>excluded <span class=\"_ _2\"/>from the analysis as their carrying amount is a reasonable approximation of their fair value. 2Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities 31 December <span class=\"ls6\">2022</span> 31 December 2021Million US dol<span class=\"_ _0\"/>lar Carrying amount<span class=\"_ _1\"/>\u00b9 Fair value Carrying amount<span class=\"_ _1\"/>\u00b9<span class=\"_ _3\"/> Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling<span class=\"_ _0\"/> (2 148) (2 039) (3 539) (3 913) Canadian dolla<span class=\"_ _0\"/>r (515)<span class=\"ls0\"> </span>(437)<span class=\"ls0\"> </span>(549)<span class=\"ls0\"> </span>(604)<span class=\"ls0\"> </span>Other (458)<span class=\"ls0\"> </span>(448)<span class=\"ls0\"> </span>(389)<span class=\"ls0\"> </span>(420)<span class=\"ls0\"> </span>(75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market i<span class=\"_ _0\"/>nputs are <span class=\"_ _3\"/>ob<span class=\"_ _3\"/>servable: Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2022 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> <span class=\"ls7\">(non</span>-derivatives) - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 41<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 36<span class=\"ls0\">  </span>219<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 94<span class=\"ls0\">  </span>- 36<span class=\"ls0\">  </span>364<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value - - 762<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 4 <span class=\"ls6\">799</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 26<span class=\"ls0\">  </span>525<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge re<span class=\"_ _0\"/>lationship - 4  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 138<span class=\"ls0\">  </span>- 26<span class=\"ls0\">  </span>5 <span class=\"ls6\">466</span>  762<span class=\"ls0\">  </span>Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2021 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> (non-derivatives)<span class=\"_ _1\"/> - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 155<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 58<span class=\"ls0\">  </span>352<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge relationship - 17<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 87<span class=\"ls0\">  </span>- 58<span class=\"ls0\">  </span>620<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value  - - 832<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 5 <span class=\"ls6\">611</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 52<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 82<span class=\"ls0\">  </span>- 52<span class=\"ls0\">  </span>5 <span class=\"ls6\">834</span>  832<span class=\"ls0\">  </span>There <span class=\"_ _7\"/>were <span class=\"_ _6\"/>no <span class=\"_ _7\"/>significant <span class=\"_ _6\"/>changes <span class=\"_ _7\"/>in <span class=\"_ _6\"/>the <span class=\"_ _7\"/>measurement <span class=\"_ _7\"/>and <span class=\"_ _6\"/>valuation <span class=\"_ _6\"/>techniques, <span class=\"_ _7\"/>or <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _6\"/>transfers <span class=\"_ _4\"> </span>between <span class=\"_ _6\"/>the levels <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>financial <span class=\"_ _2\"/>asse<span class=\"_ _3\"/>ts <span class=\"_ _2\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>during <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period. <span class=\"_ _6\"/>Movements <span class=\"_ _6\"/>in<span class=\"_ _2\"/> <span class=\"_ _2\"/>2022 <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/><span class=\"ff4\">the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>\u201clevel <span class=\"_ _6\"/>3\u201d <span class=\"_ _6\"/>category <span class=\"_ _6\"/>of </span>financial liabilities, <span class=\"_ _1\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _0\"/>on a <span class=\"_ _1\"/>recurring basis, are <span class=\"_ _1\"/>mainly related t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> the <span class=\"_ _1\"/>settlement of def<span class=\"_ _1\"/>erre<span class=\"_ _3\"/>d consideration<span class=\"_ _0\"/> fro<span class=\"_ _3\"/>m prior years acquisitions. Non-derivative financial liabilities As <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>2012 <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>agreement <span class=\"_ _6\"/>between <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>ELJ, <span class=\"_ _3\"/>following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>acquisition <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Cervecer\u00eda <span class=\"_ _2\"/>Nacional Dominicana S.A. (\u201cCND\u201d), a forward<span class=\"ff2\">-purchase contract (com<span class=\"_ _0\"/>bination of a put option and<span class=\"_ _1\"/> p<span class=\"_ _3\"/>urchased call option) wa<span class=\"_ _1\"/>s<span class=\"_ _3\"/> put in </span>place <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>may <span class=\"_ _4\"> </span>result <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev <span class=\"_ _4\"> </span>acquiring <span class=\"_ _4\"> </span>additional <span class=\"_ _4\"> </span>shares <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>CND. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>July <span class=\"_ _4\"> </span>20<span class=\"_ _3\"/>20, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _4\"> </span>ELJ <span class=\"_ _5\"> </span>am<span class=\"_ _3\"/>ended <span class=\"_ _4\"> </span>the Shareholders\u2019 <span class=\"_ _7\"/>Agreement <span class=\"_ _7\"/>to <span class=\"_ _6\"/>extend <span class=\"_ _7\"> </span>their <span class=\"_ _7\"> </span>partnership <span class=\"_ _7\"/>and <span class=\"_ _6\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"/>the <span class=\"_ _6\"/>terms <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span><span class=\"ff2\">exercise <span class=\"_ _7\"/>date <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>call <span class=\"_ _7\"/>and <span class=\"_ _7\"/>put </span>options. <span class=\"_ _3\"/>ELJ <span class=\"_ _2\"/>currently <span class=\"_ _3\"/>holds <span class=\"_ _3\"/>15% <span class=\"_ _3\"/>of <span class=\"_ _2\"/>CND <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _2\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>is <span class=\"_ _3\"/>e<span class=\"_ _3\"/>xercisable i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>2023, <span class=\"_ _3\"/>2024 <span class=\"_ _3\"/>and <span class=\"_ _2\"/>2026.<span class=\"_ _2\"/> <span class=\"_ _3\"/>As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December<span class=\"_ _0\"/> 2022<span class=\"ls0\">, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>remaining <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>held b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>ELJ <span class=\"_ _3\"/>was <span class=\"_ _3\"/>valued <span class=\"_ _3\"/>at <span class=\"_ _6\"/>585m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>202<span class=\"_ _3\"/>1<span class=\"ls2\">: <span class=\"_ _3\"/></span>5<span class=\"ls8\">89</span>m <span class=\"_ _2\"/>US </span>dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel <span class=\"_ _0\"/>3\u201d category above. <span class=\"_ _3\"/><span class=\"ff2\"> </span>K)<span class=\"ls0\"> <span class=\"_ _18\"> </span>HEDGING RESERVES </span>The company\u2019s hedging reserves disclosed in Note 21 C<span class=\"ff5\">hanges in equity and earnings per share<span class=\"ff2\"> re<span class=\"_ _3\"/>late to the following </span></span>instruments: Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2022 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _1\"/> instrument recognized <span class=\"_ _1\"/>in <span class=\"_ _3\"/>OCI 143<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>- 182<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (331)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>(518)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2022 491<span class=\"ls0\"> </span>(476)<span class=\"ls0\"> </span>131<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2021 20<span class=\"ls0\"> </span>274<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>376<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _0\"/> instrumen<span class=\"_ _0\"/>t recognized in OC<span class=\"_ _0\"/>I 766<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>- 888<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (107)<span class=\"ls0\"> </span>(703)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>(783)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2021 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>L)<span class=\"ls0\"> <span class=\"_ _21\"> </span>OFFSETTING FINANCIAL ASSETS AND LIABILITIES </span>The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>are <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>offsetting, <span class=\"_ _3\"/>enforceable <span class=\"_ _2\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _3\"/>agreements<span class=\"_ _3\"/> <span class=\"_ _3\"/>and <span class=\"_ _3\"/>s<span class=\"_ _3\"/>imilar 12agreements:31 December 2022<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 391<span class=\"ls0\">  </span>391<span class=\"ls0\">  </span>(381)<span class=\"ls0\"> </span>10<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 492) (5 492) 381<span class=\"ls0\">  </span>(5 111) 31 December 2021<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 670<span class=\"ls0\">  </span>670<span class=\"ls0\">  </span>(651)<span class=\"ls0\"> </span>19<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 886) (5 886) 651<span class=\"ls0\">  </span>(5 235) 28.<span class=\"ls0\"> <span class=\"_ _1\"/>Collateral and con<span class=\"_ _0\"/>tractual co<span class=\"_ _1\"/>mmitments for the acquisit<span class=\"_ _0\"/>ion of propert<span class=\"_ _1\"/>y, <span class=\"_ _3\"/>plant and </span>equipment, loans<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o cu<span class=\"_ _1\"/>stomers and other Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Collateral given<span class=\"_ _0\"/> for own liabil<span class=\"_ _0\"/>ities 306<span class=\"ls0\">  </span>310<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to pur<span class=\"_ _1\"/>chase property, plan<span class=\"_ _0\"/>t and equipmen<span class=\"_ _0\"/>t 538<span class=\"ls0\">  </span>449<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quire<span class=\"_ _0\"/> loans to associates/cu<span class=\"_ _0\"/>stomers 72<span class=\"ls0\">  </span>142<span class=\"ls0\">  </span>Other commitmen<span class=\"_ _1\"/>ts 1 <span class=\"ls6\">800</span>  1 <span class=\"ls6\">943</span>  The <span class=\"_ _1\"/>collateral <span class=\"_ _1\"/>given <span class=\"_ _1\"/>for <span class=\"_ _1\"/>own <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>of 306m<span class=\"_ _0\"/> <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>as <span class=\"_ _1\"/>at <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2022 <span class=\"_ _1\"/>con<span class=\"_ _3\"/>tains <span class=\"_ _1\"/>189m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>guarantees (31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2021: <span class=\"_ _6\"/>310m<span class=\"_ _3\"/> <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _2\"/>collateral <span class=\"_ _6\"/>given <span class=\"_ _6\"/>for <span class=\"_ _2\"/>own <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>contained <span class=\"_ _6\"/><span class=\"ls3\">168</span>m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>of <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>guarantees). Such <span class=\"_ _6\"/>cash <span class=\"_ _2\"/>deposits <span class=\"_ _6\"/>are <span class=\"_ _2\"/>a <span class=\"_ _6\"/>customary <span class=\"_ _2\"/>feature <span class=\"_ _6\"/>associated <span class=\"_ _2\"/>with <span class=\"_ _2\"/>l<span class=\"_ _3\"/>itigations <span class=\"_ _2\"/>in <span class=\"_ _6\"/>Brazil: <span class=\"_ _2\"/>in <span class=\"_ _6\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>laws<span class=\"_ _3\"/> <span class=\"_ _2\"/>and regulations <span class=\"_ _0\"/>a <span class=\"_ _1\"/>company may <span class=\"_ _1\"/>or <span class=\"_ _1\"/>mus<span class=\"_ _3\"/>t <span class=\"_ _1\"/>(depend<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>on the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ircumstances) <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ace <span class=\"_ _1\"/>a <span class=\"_ _0\"/>deposit <span class=\"_ _0\"/>with <span class=\"_ _1\"/>a <span class=\"_ _1\"/>b<span class=\"_ _3\"/>ank d<span class=\"_ _1\"/>esign<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>by th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>co<span class=\"_ _3\"/>urt or <span class=\"_\"> </span>provide <span class=\"_\"> </span>other <span class=\"_\"> </span>security <span class=\"_\"> </span>s<span class=\"_ _0\"/>uch <span class=\"_\"> </span>as <span class=\"_\"> </span>collateral <span class=\"_ _8\"> </span>on <span class=\"_\"> </span>property, <span class=\"_\"> </span>plant <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>equipment<span class=\"_ _2\"/>, <span class=\"_\"> </span>insurance <span class=\"_\"> </span>guarantees <span class=\"_\"> </span>or <span class=\"_ _8\"> </span>letters <span class=\"_\"> </span>of guarantees. <span class=\"_ _7\"/>With <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>gard <span class=\"_ _7\"/>to <span class=\"_ _7\"/>judicial <span class=\"_ _7\"/>cases, <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>has <span class=\"_ _7\"/>made <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>appropriate <span class=\"_ _7\"/>provisions <span class=\"_ _7\"> </span>in <span class=\"_ _5\"> </span>accordance <span class=\"_ _7\"/>with <span class=\"_ _7\"/>IAS <span class=\"_ _7\"/>37 Provisions, <span class=\"_ _6\"/>Contingent <span class=\"_ _2\"/>Liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>Contingent <span class=\"_ _6\"/>Assets<span class=\"_ _3\"/><span class=\"ff2\"> <span class=\"_ _2\"/><span class=\"ff4\">\u2013<span class=\"_ _3\"/></span> <span class=\"_ _2\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _2\"/>2<span class=\"_ _3\"/>5 <span class=\"_ _2\"/></span>Provisions<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>In <span class=\"_ _6\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/><span class=\"ff2\">statement <span class=\"_ _2\"/>of </span></span>financial <span class=\"_ _4\"> </span>position, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>guarantees <span class=\"_ _8\"> </span>are <span class=\"_ _4\"> </span>presented <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>part <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>other <span class=\"_ _4\"> </span>receivables <span class=\"_\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>see <span class=\"_ _8\"> </span>Note <span class=\"_ _4\"> </span>19 <span class=\"_ _4\"> </span><span class=\"ff5\">Trade <span class=\"_ _8\"> </span>and <span class=\"_ _4\"> </span>other </span>receivables<span class=\"ff2 ls2\">. <span class=\"ls0\">The legal proceedings cov<span class=\"_ _0\"/>ered by insurance guarantees and letters of g<span class=\"_ _1\"/>u<span class=\"_ _3\"/>arantee issued by the company are </span></span>disclosed <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>29 <span class=\"_ _3\"/><span class=\"ff5\">Contingenci<span class=\"_ _3\"/>es</span><span class=\"ls2\">. <span class=\"_ _3\"/></span>The <span class=\"_ _2\"/>remaining <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>collateral <span class=\"_ _2\"/>given <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>own <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _2\"/>117m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/><span class=\"ls8\">31 </span>December 2022 (<span class=\"_ _0\"/>31 December <span class=\"_ _0\"/>2021: <span class=\"ls3\">142<span class=\"_ _0\"/><span class=\"ls0\">m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar<span class=\"ff4\">) <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ontains collat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ral on <span class=\"_ _1\"/>AB InBev\u2019s pro<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erty in <span class=\"_ _1\"/>favo<span class=\"_ _3\"/>r of<span class=\"_ _1\"/> the excise t<span class=\"_ _1\"/>ax </span></span></span>authorities, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>amount <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>which <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>determined <span class=\"_ _4\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>level<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>of <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>monthly <span class=\"_ _4\"> </span>excise <span class=\"_ _8\"> </span>taxes <span class=\"_ _8\"> </span>due, <span class=\"_ _4\"> </span>inventory <span class=\"_ _8\"> </span>levels <span class=\"_ _4\"> </span>and tr<span class=\"ls0\">ansportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that </span>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>would <span class=\"_ _1\"/>not <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>its <span class=\"_ _1\"/>obligations <span class=\"_ _1\"/>under <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>contracts <span class=\"_ _1\"/>or <span class=\"_ _1\"/>would l<span class=\"_ _1\"/>os<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pending <span class=\"_ _1\"/>judicial <span class=\"_ _1\"/>cases, the col<span class=\"ff4\">lateralized assets would be used to settle AB InBev\u2019s obligations.</span> AB In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>entered <span class=\"_ _3\"/>into <span class=\"_ _3\"/>commitments <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase pro<span class=\"_ _3\"/>perty, plant <span class=\"_ _3\"/>and <span class=\"_ _3\"/>equipment <span class=\"_ _6\"/>for <span class=\"_ _3\"/>538m <span class=\"_ _3\"/>US d<span class=\"_ _3\"/>ollar a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 (31 December 2021: 449m US dollar). In <span class=\"_ _2\"/>a <span class=\"_ _2\"/>li<span class=\"_ _3\"/>mited <span class=\"_ _2\"/>number <span class=\"_ _2\"/>of <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>A<span class=\"_ _3\"/>B <span class=\"_ _2\"/>InBev <span class=\"_ _6\"/>has <span class=\"_ _2\"/>committed <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>acquire <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>to <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>from <span class=\"_ _2\"/>banks <span class=\"_ _2\"/>at their <span class=\"_ _6\"/>notional <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>if <span class=\"_ _6\"/>the <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>do <span class=\"_ _2\"/>not <span class=\"_ _6\"/>respect <span class=\"_ _6\"/>their <span class=\"_ _2\"/>reimbursement <span class=\"_ _2\"/>commitments <span class=\"_ _6\"/>towards <span class=\"_ _2\"/>the <span class=\"_ _6\"/>banks. The total out<span class=\"_ _0\"/>standing amount <span class=\"_ _1\"/>of such loans is <span class=\"ls3\">72<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">US dollar <span class=\"_ _0\"/>at 31 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2022 <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 Dec<span class=\"_ _0\"/>ember 2021: <span class=\"ls3\">142</span>m <span class=\"_ _0\"/>US dollar).</span></span></span>Other <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ommitments <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>to <span class=\"_ _2\"/>1 <span class=\"_ _6\"/>800m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>mainly <span class=\"_ _2\"/>cover <span class=\"_ _6\"/>guarantees <span class=\"_ _2\"/>given <span class=\"_ _6\"/>to <span class=\"_ _2\"/>pension<span class=\"_ _3\"/> funds, rental and other guarantees (31 December 2021: 1 943m US dollar<span class=\"ls5\">).</span>In <span class=\"_ _1\"/>order <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/><span class=\"ff4\">ful<span class=\"_ _3\"/>fil <span class=\"_ _1\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>commitments <span class=\"_ _1\"/>under <span class=\"_ _1\"/>various <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>option <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>AB In<span class=\"_ _1\"/>Bev<span class=\"_ _3\"/> <span class=\"_ _1\"/>entered <span class=\"_ _1\"/>into <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>lending </span>arrangements for <span class=\"_ _1\"/>up to <span class=\"_ _1\"/>30 million <span class=\"_ _1\"/>of its <span class=\"_ _1\"/>own ordinary <span class=\"_ _1\"/>shares. AB <span class=\"_ _1\"/>InBev will pay <span class=\"_ _1\"/>any dividend <span class=\"_ _1\"/>equivalent, after <span class=\"_ _1\"/>tax in <span class=\"_ _1\"/>respect of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>loaned <span class=\"_ _2\"/>secu<span class=\"_ _3\"/>rities. <span class=\"_ _2\"/>This <span class=\"_ _3\"/>payment <span class=\"_ _2\"/>will <span class=\"_ _2\"/>be <span class=\"_ _6\"/>reported <span class=\"_ _3\"/>through <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>as <span class=\"_ _6\"/>dividend. <span class=\"_ _3\"/>As <span class=\"_ _2\"/>of <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2022<span class=\"lsc\">, <span class=\"_ _6\"/></span>30 <span class=\"_ _2\"/>million loaned securities were used to fulfil stock option plan commit<span class=\"_ _0\"/>ments.<span class=\"_ _3\"/> As at 31 December 2022, the M&amp;A related commitments existed as discussed below. Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)<span class=\"ff8\"> </span>As part <span class=\"_ _3\"/>of the 2012 shareholders <span class=\"_ _3\"/>agreement between Ambev and E. L<span class=\"_ _3\"/>e\u00f3n Jimenes S.A. <span class=\"_ _3\"/>(\u201cELJ\u201d), following the acquisition of <span class=\"_ _3\"/>Cerv<span class=\"_ _3\"/>ecer\u00eda <span class=\"_ _2\"/>Nacional <span class=\"_ _3\"/>Dominicana <span class=\"_ _2\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>put <span class=\"_ _2\"/>and <span class=\"_ _3\"/>call<span class=\"_ _3\"/> <span class=\"_ _3\"/>option <span class=\"_ _2\"/>is <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>place <span class=\"_ _2\"/>which <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>res<span class=\"_ _2\"/><span class=\"ff2\">ult <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>acquiring </span>additional <span class=\"_ _1\"/>shares in <span class=\"_ _1\"/>CND. <span class=\"_ _1\"/>In <span class=\"_ _0\"/>January <span class=\"_ _1\"/>2018 Ambev <span class=\"_ _f\"/>i<span class=\"_ _3\"/>ncreased <span class=\"_ _1\"/>its <span class=\"_ _0\"/>participation <span class=\"_ _1\"/>in CND <span class=\"_ _f\"/>from 55<span class=\"_ _1\"/>% to <span class=\"_ _1\"/>85%. A<span class=\"_ _1\"/>s of 31 <span class=\"_ _1\"/>December 2022<span class=\"ls0\">, the put option for the remaining shares held by ELJ was valued <span class=\"_ _3\"/>0.6 billion US dollar (31 December 2021<span class=\"ls2\">: </span>0.6 billion </span>US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>c<span class=\"_ _3\"/>orresponding <span class=\"_ _3\"/>liability <span class=\"_ _3\"/>is <span class=\"_ _2\"/>presented <span class=\"_ _3\"/>as <span class=\"_ _2\"/>a <span class=\"_ _3\"/>no<span class=\"_ _3\"/>n<span class=\"_ _3\"/>-current <span class=\"_ _3\"/>liability <span class=\"_ _2\"/>and <span class=\"_ _3\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _3\"/>a <span class=\"_ _2\"/>deferred <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onsideration<span class=\"_ _0\"/> on acquisitions at fair value in \u201clevel 3\u201d category. See also note 2<span class=\"ff2\">7<span class=\"_ _3\"/> <span class=\"ff5\">Risks arising from financi<span class=\"_ _1\"/>a<span class=\"_ _3\"/>l instruments<span class=\"ff2\">. </span></span></span>29.<span class=\"ls0\"> <span class=\"_ _1\"/>Contingencies </span>The company has contingencies for which, in the opinion of management and it<span class=\"_ _0\"/>s legal counsel, the risk of loss is po<span class=\"_ _0\"/>ssible but <span class=\"_ _2\"/>n<span class=\"_ _3\"/>ot <span class=\"_ _2\"/>probable <span class=\"_ _6\"/>and <span class=\"_ _6\"/>therefore <span class=\"_ _6\"/>no <span class=\"_ _2\"/>provisions <span class=\"_ _6\"/>have <span class=\"_ _6\"/>been <span class=\"_ _2\"/>recorded. <span class=\"_ _6\"/>Due <span class=\"_ _2\"/>to <span class=\"_ _6\"/>their <span class=\"_ _6\"/>nature, <span class=\"_ _2\"/>such <span class=\"_ _6\"/>legal <span class=\"_ _6\"/>proceedings <span class=\"_ _6\"/>and <span class=\"_ _2\"/>tax matters involve in<span class=\"_ _0\"/>herent uncert<span class=\"_ _0\"/>ainties including, but<span class=\"_ _1\"/> not lim<span class=\"_ _3\"/>ited to, <span class=\"_ _1\"/>cou<span class=\"_ _3\"/>rt rul<span class=\"_ _0\"/>ings, negotiations<span class=\"_ _0\"/> between affect<span class=\"_ _0\"/>ed parties <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd governmental <span class=\"_ _3\"/>actions, <span class=\"_ _2\"/>and <span class=\"_ _3\"/>a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>a <span class=\"_ _2\"/>consequence <span class=\"_ _2\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _2\"/>management <span class=\"_ _6\"/><span class=\"ff2\">cannot <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>this <span class=\"_ _2\"/>stage <span class=\"_ _3\"/>estimate <span class=\"_ _2\"/>the <span class=\"_ _2\"/>likely <span class=\"_ _3\"/>timing <span class=\"_ _2\"/>of </span>resolution of t<span class=\"_ _1\"/>he<span class=\"_ _3\"/>se <span class=\"_ _1\"/>m<span class=\"_ _3\"/>atters. The <span class=\"_ _1\"/>mos<span class=\"_ _3\"/>t s<span class=\"_ _1\"/>i<span class=\"_ _3\"/>gnificant conti<span class=\"_ _0\"/>ngencies are <span class=\"_ _1\"/>discu<span class=\"_ _3\"/>ssed below.<span class=\"fs6\"> </span>Amounts h<span class=\"_ _0\"/>ave been <span class=\"_ _1\"/>c<span class=\"_ _3\"/>onverted <span class=\"_ _0\"/>to US<span class=\"_ _1\"/> dollar at the closing rate of the respective period. AMBEV TAX MATTERS As <span class=\"_ _7\"/>of <span class=\"_ _7\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _7\"/>2022 <span class=\"_ _7\"/>and <span class=\"_ _6\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2021<span class=\"ls2\">, <span class=\"_ _7\"/></span><span class=\"ff4\">AB <span class=\"_ _6\"/>InBev\u2019s<span class=\"_ _3\"/> <span class=\"_ _6\"/>material <span class=\"_ _7\"> </span>tax <span class=\"_ _7\"/>proceedings <span class=\"_ _6\"/>are <span class=\"_ _7\"/>related <span class=\"_ _7\"/>to <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>and <span class=\"_ _6\"/>i<span class=\"_ _3\"/>ts </span>subsidiaries. Estimates of amounts of possible loss are as follows: Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> . Income tax and<span class=\"_ _1\"/> <span class=\"_ _3\"/>social con<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ribution 11 586 9 723 Value-added an<span class=\"_ _0\"/>d excise taxe<span class=\"_ _1\"/>s 4 965 4 285 Other taxes             <span class=\"ls6\">854</span>              <span class=\"ls6\">663</span>  17 405 14 671 The most significant tax proceedings of Ambev are discussed below.The compan<span class=\"_ _0\"/>y and <span class=\"_ _1\"/>its <span class=\"_ _0\"/>subsidiaries <span class=\"_ _0\"/>have in<span class=\"_ _0\"/>surance gu<span class=\"_ _1\"/>a<span class=\"_ _3\"/>rantees <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>le<span class=\"_ _3\"/>tters o<span class=\"_ _1\"/>f guarantee f<span class=\"_ _1\"/>or certain <span class=\"_ _1\"/>legal proceedings, <span class=\"_ _1\"/>which are presented as guarantees in civil, labor and tax proceedings. INCOME TAX AND SOCIAL CONTRIBUTION Foreign Earnings Since <span class=\"_ _5\"> </span>2005, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>certain <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>its <span class=\"_ _5\"> </span>subsidiaries <span class=\"_ _5\"> </span>have <span class=\"_ _5\"> </span>been <span class=\"_ _5\"> </span>receiving <span class=\"_ _5\"> </span>assessments <span class=\"_ _5\"> </span>from <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>Brazilian <span class=\"_ _5\"> </span>Federal <span class=\"_ _5\"> </span>Tax Authorities relating to the profits of its foreign subsidiaries. The cases are<span class=\"_ _3\"/> be<span class=\"_ _3\"/>ing challenged at both the administrative and judicial levels of the courts in Brazil. The <span class=\"_ _3\"/>administrative <span class=\"_ _3\"/>proceedings <span class=\"_ _3\"/>have <span class=\"_ _3\"/>resulted <span class=\"_ _3\"/>in <span class=\"_ _3\"/>partially <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decisions, m<span class=\"_ _3\"/>ost o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>which <span class=\"_ _3\"/>are <span class=\"_ _3\"/>still <span class=\"_ _3\"/>subject <span class=\"_ _3\"/>to <span class=\"_ _3\"/>review <span class=\"_ _3\"/>by the <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>August 202<span class=\"_ _3\"/>2, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Upper <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court <span class=\"_ _3\"/>rendered <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decisions <span class=\"_ _3\"/>to <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>on two cases <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>taxation <span class=\"_ _3\"/>of <span class=\"_ _2\"/>p<span class=\"_ _3\"/>rofits <span class=\"_ _3\"/>of <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>subsidiaries, <span class=\"_ _2\"/>one <span class=\"_ _2\"/>of <span class=\"_ _2\"/>which <span class=\"_ _2\"/>recognized <span class=\"_ _2\"/>the <span class=\"_ _2\"/>application <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>double <span class=\"_ _2\"/>tax treaty <span class=\"_ _f\"/>s<span class=\"_ _3\"/>igned <span class=\"_ _f\"/>by <span class=\"_ _1\"/>Brazil <span class=\"_ _1\"/>to <span class=\"_ _1\"/>mitigate <span class=\"_ _f\"/>such <span class=\"_ _1\"/>taxation; <span class=\"_ _1\"/>both o<span class=\"_ _1\"/>f <span class=\"_ _1\"/>these <span class=\"_ _1\"/>decisions <span class=\"_ _1\"/>are <span class=\"_ _1\"/>final. <span class=\"_ _1\"/>In <span class=\"_ _f\"/>October <span class=\"_ _f\"/>20<span class=\"_ _3\"/>22, <span class=\"_ _1\"/>the <span class=\"_ _f\"/>Lower <span class=\"_ _1\"/>Administrative Court <span class=\"_ _0\"/>rendered <span class=\"_ _1\"/>a favorable <span class=\"_ _1\"/>decision <span class=\"_ _0\"/>to <span class=\"_ _1\"/>Ambev on <span class=\"_ _1\"/>a <span class=\"_ _0\"/>third <span class=\"_ _1\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>case. Am<span class=\"_ _1\"/>be<span class=\"_ _3\"/>v <span class=\"_ _1\"/>is awaiting <span class=\"_ _1\"/>formal <span class=\"_ _1\"/>n<span class=\"_ _3\"/>otification <span class=\"_ _1\"/>of t<span class=\"_ _0\"/>his d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>cision to <span class=\"_ _5\"> </span>analyze <span class=\"_ _7\"> </span>its <span class=\"_ _5\"> </span>content <span class=\"_ _7\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _7\"/>any <span class=\"_ _5\"> </span>applicable <span class=\"_ _7\"> </span>l<span class=\"_ _3\"/>egal <span class=\"_ _7\"/>motions <span class=\"_ _5\"> </span>or <span class=\"_ _4\"> </span>appeals. <span class=\"_ _5\"> </span>In <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>judicial <span class=\"_ _5\"> </span>proceedings, <span class=\"_ _7\"/>Ambev <span class=\"_ _5\"> </span>has <span class=\"_ _5\"> </span>received favorable <span class=\"_ _1\"/>injunctions <span class=\"_ _1\"/>that <span class=\"_ _1\"/>suspend <span class=\"_ _1\"/>the <span class=\"_ _1\"/>enforceability <span class=\"_ _1\"/>of <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _f\"/>c<span class=\"_ _3\"/>redit, <span class=\"_ _f\"/>as<span class=\"_ _3\"/> <span class=\"_ _1\"/>well <span class=\"_ _1\"/>as <span class=\"_ _1\"/>favorable <span class=\"_ _1\"/>first <span class=\"_ _1\"/>level <span class=\"_ _1\"/>decisions, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>re<span class=\"_ _2\"/>main subject to review by the second-level judicial court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount re<span class=\"_ _3\"/>lated <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this u<span class=\"_ _3\"/>ncertain tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>7.3 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _1\"/>(1.4 billion <span class=\"_ _1\"/>US dollar) an<span class=\"_ _0\"/>d Ambev <span class=\"_ _1\"/>has not <span class=\"_ _1\"/>recorded any <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rovisions <span class=\"_ _0\"/>in conn<span class=\"_ _0\"/>ection <span class=\"_ _0\"/>therewith as <span class=\"_ _1\"/>it considers <span class=\"_ _1\"/>the chance of loss to <span class=\"_ _1\"/>be possible. For proceedings where <span class=\"_ _1\"/>it considers the chance of <span class=\"_ _1\"/>loss to be probable, Am<span class=\"_ _1\"/>b<span class=\"_ _3\"/>ev has r<span class=\"_ _0\"/>ecorded a provision in the total amount of 58 million Brazilian real (11 million US dollar).<span class=\"_ _3\"/> Goodwill InBev Holding<span class=\"ff2\"> </span>In December 2011, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax <span class=\"_ _3\"/>assessment related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> the <span class=\"_ _0\"/>goodwill amortization i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> calendar years <span class=\"_ _1\"/>2005<span class=\"_ _3\"/> <span class=\"_ _0\"/>to 2010<span class=\"_ _1\"/> resulting <span class=\"_ _7\"/>from <span class=\"_ _7\"/>the <span class=\"_ _6\"/>InBev <span class=\"_ _7\"> </span>Holding <span class=\"_ _7\"/>Brasil <span class=\"_ _7\"/>S.A. <span class=\"_ _7\"/>merger <span class=\"_ _7\"/>with <span class=\"_ _7\"/>Ambev. <span class=\"_ _6\"/>At <span class=\"_ _7\"/>the <span class=\"_ _7\"/>administrative <span class=\"_ _7\"/>level, <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>re<span class=\"_ _3\"/>ceived <span class=\"_ _6\"/>pa<span class=\"_ _3\"/>rtially<span class=\"_ _1\"/> favorable <span class=\"_ _6\"/>decisions <span class=\"_ _6\"/>at <span class=\"_ _2\"/>bo<span class=\"_ _3\"/>th <span class=\"_ _2\"/>the <span class=\"_ _6\"/>Lower <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrat<span class=\"_ _3\"/>ive <span class=\"_ _6\"/>Court. <span class=\"_ _6\"/>Ambev <span class=\"_ _6\"/>filed <span class=\"_ _6\"/>judicial <span class=\"_ _6\"/>proceedings <span class=\"_ _6\"/>to <span class=\"_ _2\"/>discuss <span class=\"_ _6\"/>the unfavorable <span class=\"_ _1\"/>portion of<span class=\"_ _1\"/> the <span class=\"_ _1\"/>decisions <span class=\"_ _1\"/>of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>Lower <span class=\"_ _1\"/>and <span class=\"_ _0\"/>the <span class=\"_ _1\"/>Upper Ad<span class=\"_ _1\"/>m<span class=\"_ _3\"/>inistrative <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>and re<span class=\"_ _0\"/>quested <span class=\"_ _1\"/>injunctions <span class=\"_ _0\"/>to <span class=\"_ _1\"/>suspend the enforceability of the remaining tax credit, which were granted. In <span class=\"_ _1\"/>June 2016, <span class=\"_ _f\"/>Ambev re<span class=\"_ _1\"/>c<span class=\"_ _3\"/>eived <span class=\"_ _1\"/>a <span class=\"_ _1\"/>n<span class=\"_ _3\"/>ew <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>assessment <span class=\"_ _1\"/>charg<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>the <span class=\"_ _1\"/>remaining <span class=\"_ _1\"/>value of<span class=\"_ _1\"/> the <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>amortization <span class=\"_ _1\"/>in <span class=\"_ _1\"/>c<span class=\"_ _3\"/>alendar years 2011 to 2013 and filed a defense. Ambev received partially favorable decisions at the first level administrative court<span class=\"_ _1\"/> and <span class=\"_ _3\"/>Lower <span class=\"_ _2\"/>Administrative <span class=\"_ _2\"/>Court. <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>filed <span class=\"_ _3\"/>a <span class=\"_ _2\"/>Special <span class=\"_ _3\"/>Appeal <span class=\"_ _2\"/>which <span class=\"_ _2\"/>was <span class=\"_ _3\"/>partially <span class=\"_ _2\"/>admitted <span class=\"_ _3\"/>and <span class=\"_ _3\"/>awaits <span class=\"_ _2\"/>judgment <span class=\"_ _3\"/>by <span class=\"_ _2\"/>the Upper <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court. <span class=\"_ _6\"/>For <span class=\"_ _7\"/>the <span class=\"_ _6\"/>unfavorable <span class=\"_ _6\"/>portion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>decision <span class=\"_ _6\"/>which <span class=\"_ _6\"/>became <span class=\"_ _6\"/>final <span class=\"_ _7\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>ad<span class=\"_ _3\"/>ministrative <span class=\"_ _2\"/>le<span class=\"_ _3\"/>vel, Ambev filed a<span class=\"_ _3\"/> judicial proceeding req<span class=\"_ _3\"/>uesting an injunction to s<span class=\"_ _3\"/>uspend the enforceability of <span class=\"_ _3\"/>the remaining tax c<span class=\"_ _3\"/>redit, which was granted. The updated assessed amount related to this uncertain tax position as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 11.1 billion Brazilian real (2.<span class=\"_ _0\"/>1 billion <span class=\"_ _1\"/>US dollar) and Ambev <span class=\"_ _1\"/>has not recorded any <span class=\"_ _1\"/>provisions for this <span class=\"_ _1\"/>ma<span class=\"_ _3\"/>tter as it co<span class=\"_ _0\"/>nsiders the <span class=\"_ _1\"/>cha<span class=\"_ _3\"/>nces of <span class=\"_ _4\"> </span>loss <span class=\"_ _5\"> </span>to<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>be <span class=\"_ _4\"> </span>possible<span class=\"_ _3\"/>. <span class=\"_ _5\"> </span>In <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>ev<span class=\"_ _3\"/>ent <span class=\"_ _4\"> </span>Ambev <span class=\"_ _5\"> </span>is <span class=\"_ _4\"> </span>required <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>pay <span class=\"_ _4\"> </span>these <span class=\"_ _4\"> </span>amounts, <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev <span class=\"_ _5\"> </span>wil<span class=\"_ _3\"/>l <span class=\"_ _4\"> </span>reimburse<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>mount proportional to the benefit received by AB InBev pursuant to the merger proto<span class=\"_ _0\"/>col as well as the related costs.<span class=\"_ _3\"/> Goodwill Beverage Associate Holding (BAH)<span class=\"ff2\"> </span>In <span class=\"_ _3\"/>Oc<span class=\"_ _3\"/>tober <span class=\"_ _3\"/>2013, <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>assessment <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>go<span class=\"_ _3\"/>odwill <span class=\"_ _3\"/>amortization <span class=\"_ _3\"/>in <span class=\"_ _3\"/>c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>lendar <span class=\"_ _2\"/>years <span class=\"_ _3\"/>2007 <span class=\"_ _3\"/>to <span class=\"_ _2\"/>2012 resulting <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _2\"/>merger <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>Beverage <span class=\"_ _2\"/>Associates <span class=\"_ _2\"/>Holding <span class=\"_ _2\"/>Limited <span class=\"_ _3\"/>(\u201cBAH\u201d) <span class=\"_ _2\"/>into <span class=\"_ _2\"/>Ambev. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>from <span class=\"_ _6\"/>the <span class=\"_ _3\"/>first <span class=\"_ _2\"/>level administrative <span class=\"_ _7\"/>court <span class=\"_ _7\"/>was <span class=\"_ _7\"/>unfavorable <span class=\"_ _7\"/>to <span class=\"_ _6\"/>Ambev. <span class=\"_ _7\"/>Ambev <span class=\"_ _7\"/>filed <span class=\"_ _7\"/>an <span class=\"_ _7\"/>appeal <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>L<span class=\"_ _3\"/>ower <span class=\"_ _6\"/>Admin<span class=\"_ _3\"/>istrative <span class=\"_ _7\"/>Court <span class=\"_ _6\"/>against <span class=\"_ _8\"> </span>the decision, <span class=\"_ _6\"/>which <span class=\"_ _6\"/>was <span class=\"_ _6\"/>partially <span class=\"_ _6\"/>granted. <span class=\"_ _7\"/>Ambev <span class=\"_ _2\"/>an<span class=\"_ _3\"/>d <span class=\"_ _6\"/>the <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _6\"/>filed <span class=\"_ _6\"/>Special <span class=\"_ _6\"/>Appeals <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrative Court. In July <span class=\"_ _1\"/>2022, the Upper <span class=\"_ _1\"/>Ad<span class=\"_ _3\"/>ministrative Court re<span class=\"_ _1\"/>nd<span class=\"_ _3\"/>ered <span class=\"_ _1\"/>a<span class=\"_ _3\"/> partially f<span class=\"_ _1\"/>a<span class=\"_ _3\"/>vorable decisi<span class=\"_ _0\"/>on to Ambev.<span class=\"_ _0\"/> The de<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ision did not<span class=\"_ _1\"/> recognize <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Special <span class=\"_ _2\"/>Appeal <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _3\"/>ta<span class=\"_ _3\"/>x <span class=\"_ _3\"/>a<span class=\"_ _3\"/>uthorities, <span class=\"_ _3\"/>thereby <span class=\"_ _2\"/>preserving <span class=\"_ _2\"/>the <span class=\"_ _2\"/>portion <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>rendered <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the Lower <span class=\"_ _3\"/>Administrative Court <span class=\"_ _3\"/>that <span class=\"_ _3\"/>was <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>to Ambev <span class=\"_ _3\"/>with <span class=\"_ _3\"/>respect to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>qualified pe<span class=\"_ _3\"/>nalties a<span class=\"_ _3\"/>pplied and <span class=\"_ _3\"/>the s<span class=\"_ _3\"/>tatute of limitation 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 <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ecision. <span class=\"_ _3\"/> In April <span class=\"_ _1\"/>and August <span class=\"_ _1\"/>2018, Amb<span class=\"_ _0\"/>ev rece<span class=\"_ _0\"/>ived new<span class=\"_ _0\"/> ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sessments <span class=\"_ _1\"/>c<span class=\"_ _3\"/>harging <span class=\"_ _1\"/>the rem<span class=\"_ _3\"/>aining <span class=\"_ _0\"/>value <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the goodwill <span class=\"_ _1\"/>amortization in ca<span class=\"_ _3\"/>lendar years 2013 <span class=\"_ _3\"/>to 2014 a<span class=\"_ _3\"/>nd filed <span class=\"_ _3\"/>defenses. In <span class=\"_ _3\"/>April 2019, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first level administrative <span class=\"_ _3\"/>court rendered <span class=\"_ _3\"/>unfavorable decisions to Ambev. As a result thereof, Am<span class=\"_ _0\"/>bev appealed to the Lower Administrative Court<span class=\"_ _1\"/>.<span class=\"_ _2\"/> In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev a<span class=\"_ _3\"/>nd the tax authorities filed Special <span class=\"_ _5\"> </span>Appeals <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _5\"> </span>Upper <span class=\"_ _5\"> </span>Administrative <span class=\"_ _5\"> </span>Court. <span class=\"_ _5\"> </span>The <span class=\"_ _4\"> </span>Special <span class=\"_ _5\"> </span>Appeals <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>both <span class=\"_ _4\"> </span>tax <span class=\"_ _5\"> </span>assessments <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>awa<span class=\"_ _2\"/>iti<span class=\"_ _3\"/>ng judgment by the Upper Administrative Court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>2.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.4 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _3\"/>provisions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>this <span class=\"_ _6\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it <span class=\"_ _3\"/>considers <span class=\"_ _3\"/>the <span class=\"_ _3\"/>chance <span class=\"_ _3\"/>of loss to be possible. Goodwill CND Holdings<span class=\"ff2\"> </span>In November 2017, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax assessment related to <span class=\"_ _0\"/>the goodwill am<span class=\"_ _0\"/>ortization in calendar <span class=\"_ _1\"/>y<span class=\"_ _3\"/>ears 2012 <span class=\"_ _1\"/>to 2016 resulting <span class=\"_ _8\"> </span>from <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>merger <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>CND <span class=\"_ _8\"> </span>Holdings <span class=\"_ _8\"> </span>into <span class=\"_ _8\"> </span>A<span class=\"_ _0\"/>mbev. <span class=\"_ _4\"> </span>Th<span class=\"_ _3\"/>e <span class=\"_\"> </span>decision <span class=\"_ _4\"> </span>from <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_ _8\"> </span>first <span class=\"_ _8\"> </span>level <span class=\"_ _8\"> </span>admini<span class=\"_ _0\"/>strative <span class=\"_ _8\"> </span>court <span class=\"_ _8\"> </span>was unfavorable <span class=\"_ _e\"> </span>to <span class=\"_ _a\"> </span>Ambev. <span class=\"_ _e\"> </span>Ambev <span class=\"_ _e\"> </span>filed <span class=\"_ _e\"> </span>a<span class=\"_ _3\"/>n <span class=\"_ _e\"> </span>appeal <span class=\"_ _e\"> </span>to <span class=\"_ _a\"> </span>the <span class=\"_ _e\"> </span>Lower <span class=\"_ _e\"> </span>Administrative <span class=\"_ _a\"> </span>Court. <span class=\"_ _e\"> </span>In <span class=\"_ _e\"> </span>February <span class=\"_ _e\"> </span>2<span class=\"_ _3\"/>020, <span class=\"_ _e\"> </span>the <span class=\"_ _e\"> </span>Lower Administrative <span class=\"_ _2\"/>Court <span class=\"_ _6\"/>rendered <span class=\"_ _2\"/>a <span class=\"_ _6\"/>partially <span class=\"_ _2\"/>favorable <span class=\"_ _2\"/>decision. <span class=\"_ _2\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _2\"/>and <span class=\"_ _2\"/>the <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>authorities <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _2\"/>Sp<span class=\"_ _3\"/>ecial <span class=\"_ _2\"/>Appeals <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the Upper Administrative Court. The Special Appeal filed by Ambev was partially admitted and is awaiting judgment. In <span class=\"_ _6\"/>Octobe<span class=\"_ _3\"/>r <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>received <span class=\"_ _6\"/>a <span class=\"_ _6\"/>new <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _6\"/>charging <span class=\"_ _7\"/>the <span class=\"_ _6\"/>remaining <span class=\"_ _6\"/>value <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>goodwill <span class=\"_ _6\"/>amortization <span class=\"_ _6\"/>in calendar year 2017. Ambev has filed a defense and awaits judgment by the first level administrative court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>1.3 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _3\"/>(0.2 billion US dollar). Am<span class=\"_ _3\"/>bev has not recorded any <span class=\"_ _3\"/>provisions for this <span class=\"_ _3\"/>matter <span class=\"_ _2\"/>as it consi<span class=\"_ _3\"/>ders the chances of loss to be possible<span class=\"ls2\">. </span> Goodwill MAG  In <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>CRBS <span class=\"_ _3\"/>S.A (a <span class=\"_ _3\"/>subsidiary <span class=\"_ _3\"/>of Ambev) <span class=\"_ _3\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>related to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>goodwill amortization <span class=\"_ _3\"/>in calendar <span class=\"_ _3\"/>years <span class=\"_ _3\"/>20<span class=\"_ _3\"/>17 <span class=\"_ _3\"/>to <span class=\"_ _3\"/>2020, <span class=\"_ _3\"/>resulting<span class=\"_ _3\"/> <span class=\"_ _3\"/>from <span class=\"_ _3\"/>the <span class=\"_ _3\"/>merger <span class=\"_ _2\"/>of <span class=\"_ _3\"/>RTD <span class=\"_ _3\"/>Barbados <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _3\"/>CRBS. <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _3\"/>a <span class=\"_ _3\"/>defense <span class=\"_ _3\"/>in<span class=\"_ _3\"/> J<span class=\"_ _3\"/>anuary 2023, and awaits judgement by the first level administrative court.   The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assesse<span class=\"_ _3\"/>d <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022<span class=\"fs6\"> <span class=\"_ _3\"/></span>is <span class=\"_ _2\"/>approximately <span class=\"_ _3\"/>0.3 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Ambev <span class=\"_ _1\"/>has <span class=\"_ _1\"/>continued <span class=\"_ _1\"/>to ta<span class=\"_ _1\"/>k<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>same <span class=\"_ _1\"/>deductions <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the <span class=\"_ _0\"/>calendar <span class=\"_ _f\"/>y<span class=\"_ _3\"/>ears <span class=\"_ _1\"/>following <span class=\"_ _1\"/>the <span class=\"_ _1\"/>assessed <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>riods <span class=\"_ _f\"/>(2<span class=\"_ _3\"/>021 <span class=\"_ _1\"/>to <span class=\"_ _1\"/>February 2022). <span class=\"_ _2\"/>Therefore, <span class=\"_ _3\"/>i<span class=\"_ _3\"/>f <span class=\"_ _3\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _3\"/>receives <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>for <span class=\"_ _2\"/>this <span class=\"_ _2\"/>period, <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>management <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>the <span class=\"_ _2\"/>outcome would be consistent with the already assessed periods. Disallowance of financial expenses<span class=\"ff2\"> </span>In <span class=\"_ _1\"/>2<span class=\"_ _3\"/>015, <span class=\"_ _1\"/>2016 and <span class=\"_ _f\"/>2<span class=\"_ _3\"/>020, <span class=\"_ _1\"/>Ambev rec<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ived <span class=\"_ _1\"/>tax assessments <span class=\"_ _1\"/>related <span class=\"_ _1\"/>to the <span class=\"_ _1\"/>disallowance <span class=\"_ _1\"/>of a<span class=\"_ _0\"/>lleged <span class=\"_ _0\"/>non<span class=\"_ _3\"/>-deductible e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>penses and the <span class=\"_ _1\"/>deduction of <span class=\"_ _1\"/>ce<span class=\"_ _3\"/>rtain <span class=\"_ _1\"/>losses mainly a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociated t<span class=\"_ _1\"/>o financial in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>estments <span class=\"_ _0\"/>and <span class=\"_ _0\"/>loans. A<span class=\"_ _0\"/>mbev presented <span class=\"_ _1\"/>defenses and,<span class=\"_ _3\"/> in <span class=\"_ _3\"/>November <span class=\"_ _3\"/>2019, <span class=\"_ _2\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _3\"/>first <span class=\"_ _3\"/>level <span class=\"_ _3\"/>administrative <span class=\"_ _3\"/>cou<span class=\"_ _3\"/>rt re<span class=\"_ _3\"/>garding <span class=\"_ _3\"/>the <span class=\"_ _3\"/>2016 <span class=\"_ _3\"/>case, <span class=\"_ _2\"/>which <span class=\"_ _3\"/>is subject <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>mandatory <span class=\"_ _1\"/>review <span class=\"_ _f\"/>by <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Lower <span class=\"_ _1\"/>Administrative <span class=\"_ _f\"/>Court. <span class=\"_ _f\"/>In<span class=\"_ _3\"/> <span class=\"_ _f\"/>June <span class=\"_ _1\"/>2021, <span class=\"_ _1\"/>Ambev <span class=\"_ _f\"/>received <span class=\"_ _1\"/>a <span class=\"_ _1\"/>partially <span class=\"_ _f\"/>favorable <span class=\"_ _1\"/>decision for the <span class=\"_ _1\"/>2020 case <span class=\"_ _1\"/>at the <span class=\"_ _1\"/>first l<span class=\"_ _0\"/>evel <span class=\"_ _1\"/>adminis<span class=\"_ _3\"/>trative <span class=\"_ _1\"/>court and <span class=\"_ _1\"/>filed an <span class=\"_ _1\"/>appeal to <span class=\"_ _1\"/>the Lower <span class=\"_ _1\"/>Administrative Co<span class=\"_ _1\"/>urt.<span class=\"_ _3\"/> <span class=\"_ _1\"/>The favorable portion <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _7\"/>decision <span class=\"_ _7\"/>is <span class=\"_ _7\"> </span>also <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>ubject <span class=\"_ _7\"/>to <span class=\"_ _7\"/>mandatory <span class=\"_ _5\"> </span>review <span class=\"_ _7\"/>by <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>Lower <span class=\"_ _7\"/>Administrative <span class=\"_ _7\"/>Court. <span class=\"_ _5\"> </span>In <span class=\"_ _7\"/>June <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>Am<span class=\"_ _3\"/>bev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the <span class=\"_ _2\"/>Lower <span class=\"_ _6\"/>Administrative <span class=\"_ _3\"/>Cou<span class=\"_ _3\"/>rt. <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>favorable <span class=\"_ _2\"/>portion <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ecision <span class=\"_ _2\"/>is <span class=\"_ _2\"/>also <span class=\"_ _2\"/>sub<span class=\"_ _3\"/>ject <span class=\"_ _2\"/>to <span class=\"_ _2\"/>mandatory <span class=\"_ _2\"/>review <span class=\"_ _2\"/>by <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>Lower Administrative Court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount re<span class=\"_ _3\"/>lated to<span class=\"_ _3\"/> <span class=\"_ _3\"/>this u<span class=\"_ _3\"/>ncertain tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>5.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(1.0 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _3\"/>provisions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>this <span class=\"_ _3\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it <span class=\"_ _3\"/>considers <span class=\"_ _3\"/>the <span class=\"_ _2\"/>chance <span class=\"_ _3\"/>of loss to be possible. Disallowance of tax paid abroad<span class=\"ff2\"> </span>Since 2014, Ambev has been <span class=\"_ _1\"/>re<span class=\"_ _3\"/>ceiving tax assessments fro<span class=\"_ _0\"/>m the Brazilian Federal Ta<span class=\"_ _0\"/>x Authorities, for calendar years <span class=\"_ _1\"/>as of 2007, related <span class=\"_ _3\"/>to the disallowance of deductions associated with alleged un<span class=\"_ _3\"/>proven taxes paid abroad by its subsidiaries and has b<span class=\"_ _3\"/>een filing <span class=\"_ _3\"/>defenses. The cases <span class=\"_ _3\"/>are being challenged <span class=\"_ _3\"/>at both the a<span class=\"_ _3\"/>dministrative and judicial l<span class=\"_ _3\"/>evels. In November 2019, the Lower Administrative Court<span class=\"_ _0\"/> rendered a favorable decision to<span class=\"_ _0\"/> Ambev in one of<span class=\"_ _0\"/> the cases (related to th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> 2010 tax period), which became definitive.  In <span class=\"_ _6\"/>January <span class=\"_ _6\"/>2020, <span class=\"_ _7\"/>the <span class=\"_ _6\"/>Lower <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>rendered <span class=\"_ _6\"/>unfavorable <span class=\"_ _6\"/>de<span class=\"_ _3\"/>cisions <span class=\"_ _6\"/>regarding <span class=\"_ _6\"/>four <span class=\"_ _6\"/>of <span class=\"_ _6\"/>these <span class=\"_ _6\"/>assessments related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>periods <span class=\"_ _3\"/>of <span class=\"_ _3\"/>2015 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>2<span class=\"_ _3\"/>016. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>these <span class=\"_ _3\"/>cases, <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>filed <span class=\"_ _3\"/>Special <span class=\"_ _3\"/>Appeals <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Upper <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court which <span class=\"_ _2\"/>are <span class=\"_ _3\"/>pendin<span class=\"_ _3\"/>g <span class=\"_ _3\"/>judgment. <span class=\"_ _2\"/>With <span class=\"_ _2\"/>respect <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>cases <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>periods <span class=\"_ _2\"/>of <span class=\"_ _2\"/>2015<span class=\"_ _3\"/> <span class=\"_ _2\"/>and <span class=\"_ _3\"/>2016, <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>were filed <span class=\"_ _1\"/>to <span class=\"_ _1\"/>charge <span class=\"_ _1\"/>isolated <span class=\"_ _1\"/>fines <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the <span class=\"_ _1\"/>lack <span class=\"_ _1\"/>of <span class=\"_ _1\"/>monthly <span class=\"_ _1\"/>prepayments <span class=\"_ _1\"/>of <span class=\"_ _1\"/>income <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a <span class=\"_ _1\"/>result <span class=\"_ _1\"/>of <span class=\"_ _1\"/>allegedly <span class=\"_ _1\"/>undue <span class=\"_ _1\"/>deductions<span class=\"_ _3\"/> of <span class=\"_ _1\"/>taxes <span class=\"_ _1\"/>p<span class=\"_ _3\"/>aid <span class=\"_ _1\"/>abroad. <span class=\"_ _1\"/>In <span class=\"_ _1\"/>2021,<span class=\"_ _3\"/> <span class=\"_ _f\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _1\"/>received <span class=\"_ _1\"/>unfavorable <span class=\"_ _1\"/>decisions <span class=\"_ _0\"/>from <span class=\"_ _1\"/>the <span class=\"_ _1\"/>first <span class=\"_ _1\"/>level ad<span class=\"_ _1\"/>m<span class=\"_ _3\"/>inistrative <span class=\"_ _1\"/>court <span class=\"_ _1\"/>in two <span class=\"_ _1\"/>of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>ese assessments wit<span class=\"_ _3\"/>h respect <span class=\"_ _3\"/>to the <span class=\"_ _3\"/>2015 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>2016 <span class=\"_ _3\"/>isolated fine <span class=\"_ _3\"/>cases, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>filed appeals <span class=\"_ _3\"/>in connecti<span class=\"_ _3\"/>on therewith, <span class=\"_ _3\"/>which are pending judgment <span class=\"_ _1\"/>by the Lower <span class=\"_ _1\"/>Administra<span class=\"_ _3\"/>tive Court. <span class=\"_ _0\"/>In 2022<span class=\"_ _1\"/>, Ambev received an<span class=\"_ _0\"/> unfavorable <span class=\"_ _1\"/>decision from the <span class=\"_ _1\"/>fi<span class=\"_ _3\"/>rst <span class=\"_ _1\"/>l<span class=\"_ _3\"/>evel administrative <span class=\"_ _2\"/>court <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second <span class=\"_ _2\"/>ass<span class=\"_ _3\"/>essment <span class=\"_ _3\"/>re<span class=\"_ _3\"/>lated <span class=\"_ _3\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>2016 <span class=\"_ _2\"/>isolated <span class=\"_ _2\"/>fine <span class=\"_ _2\"/>case, <span class=\"_ _2\"/>and <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>an <span class=\"_ _6\"/>appeal <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onnection therewith <span class=\"_ _8\"> </span>which <span class=\"_ _8\"> </span>awaits <span class=\"_ _8\"> </span>judgment <span class=\"_ _8\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>Lower <span class=\"_ _8\"> </span>Administrative <span class=\"_\"> </span>Court. <span class=\"_ _8\"> </span>In <span class=\"_ _8\"> </span>October <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>022, <span class=\"_ _8\"> </span>Ambev <span class=\"_ _8\"> </span>received <span class=\"_ _8\"> </span>a <span class=\"_ _8\"> </span>new <span class=\"_ _8\"> </span>tax assessment charging such isolated fi<span class=\"_ _0\"/>ne related to calendar y<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ar 2017. Ambev ha<span class=\"_ _0\"/>s filed a d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>fense in this <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase, and await<span class=\"_ _0\"/>s 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 <span class=\"_ _3\"/>as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 12<span class=\"_ _3\"/>.6 billion Brazilian real (2.4 billion <span class=\"_ _3\"/>US dollar). Ambev has not recorded any provisions for this matter as it considers t<span class=\"_ _3\"/>he chance of loss to be possible. The company has continued <span class=\"_ _1\"/>to take the same deductions for t<span class=\"_ _1\"/>he calendar years following the asses<span class=\"_ _0\"/>sed periods (the 201<span class=\"_ _0\"/>8 to <span class=\"_ _5\"> </span>2022 <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>alendar <span class=\"_ _5\"> </span>years). <span class=\"_ _5\"> </span>Therefore, <span class=\"_ _4\"> </span>if <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>receives <span class=\"_ _4\"> </span>similar <span class=\"_ _5\"> </span>tax <span class=\"_ _5\"> </span>assessments <span class=\"_ _4\"> </span>for <span class=\"_ _5\"> </span>this <span class=\"_ _5\"> </span>period, <span class=\"_ _5\"> </span>Am<span class=\"_ _3\"/>bev <span class=\"_ _5\"> </span>man<span class=\"_ _2\"/>agement believes the outcome would be the same as those tax years already asses<span class=\"_ _0\"/>sed.<span class=\"_ _3\"/> In <span class=\"_ _3\"/>addition, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>been <span class=\"_ _3\"/>charged <span class=\"_ _3\"/>isolated <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>nes d<span class=\"_ _3\"/>ue <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>non<span class=\"_ _2\"/>-recognition of <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>offsets. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>constitutionality <span class=\"_ _3\"/>of <span class=\"_ _3\"/>this penalty <span class=\"_ _7\"/>is <span class=\"_ _7\"/>under <span class=\"_ _7\"/>review <span class=\"_ _6\"/>at <span class=\"_ _7\"/>the <span class=\"_ _7\"/>Supreme <span class=\"_ _7\"/>Court <span class=\"_ _6\"/>of<span class=\"_ _3\"/> <span class=\"_ _7\"/>Justice. <span class=\"_ _7\"/>The <span class=\"_ _7\"/>updated <span class=\"_ _7\"/>assessed <span class=\"_ _6\"/>amount <span class=\"_ _7\"> </span>as <span class=\"_ _7\"> </span>of <span class=\"_ _7\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2022<span class=\"_ _3\"/> <span class=\"_ _7\"/>is approximately <span class=\"_ _3\"/>1.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.2 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any p<span class=\"_ _3\"/>rovisions <span class=\"_ _3\"/>for this <span class=\"_ _3\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it<span class=\"_ _2\"/> considers the chance of loss to be possible. Presumed Profit In <span class=\"_ _7\"/><span class=\"ff4\">April <span class=\"_ _6\"/>2016, <span class=\"_ _7\"/>Arosuco <span class=\"_ _6\"/>(a <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ubsidiary <span class=\"_ _6\"/>of <span class=\"_ _7\"/>Ambev) <span class=\"_ _6\"/>received <span class=\"_ _7\"/>a <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _7\"/>regarding <span class=\"_ _6\"/>the <span class=\"_ _7\"/>use <span class=\"_ _6\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>\u201cpresumed <span class=\"_ _6\"/>profit\u201d </span>method <span class=\"_ _2\"/>for <span class=\"_ _6\"/>the <span class=\"_ _2\"/>calculation <span class=\"_ _2\"/>of <span class=\"_ _6\"/>income <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>and <span class=\"_ _6\"/>the <span class=\"_ _2\"/>social <span class=\"_ _2\"/>contribution <span class=\"_ _2\"/>o<span class=\"_ _3\"/>n <span class=\"_ _2\"/>net <span class=\"_ _2\"/>profits <span class=\"_ _6\"/>instead <span class=\"_ _3\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>\u201creal <span class=\"_ _2\"/>profit\u201d <span class=\"_ _2\"/>method. <span class=\"_ _2\"/>In September 2017, <span class=\"_ _1\"/>Aros<span class=\"_ _3\"/>uco <span class=\"_ _0\"/>received <span class=\"_ _1\"/>a<span class=\"_ _3\"/>n u<span class=\"_ _1\"/>nfavo<span class=\"_ _3\"/>rable f<span class=\"_ _1\"/>irs<span class=\"_ _3\"/>t l<span class=\"_ _1\"/>e<span class=\"_ _3\"/>vel <span class=\"_ _1\"/>adm<span class=\"_ _3\"/>inistrative <span class=\"_ _0\"/>decision <span class=\"_ _0\"/>and <span class=\"_ _0\"/>filed <span class=\"_ _1\"/>an<span class=\"_ _3\"/> a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>eal. <span class=\"_ _0\"/>In <span class=\"_ _1\"/>J<span class=\"_ _3\"/>anuary <span class=\"_ _1\"/>2<span class=\"_ _3\"/>019, the Lower Administrative Court rendered a favorable decision to Arosuco, which became definitive. In March <span class=\"_ _1\"/>201<span class=\"_ _3\"/>9, Ar<span class=\"_ _1\"/>o<span class=\"_ _3\"/>suco re<span class=\"_ _0\"/>ceived a <span class=\"_ _1\"/>new tax a<span class=\"_ _0\"/>ssessment regarding the <span class=\"_ _1\"/>same subject and <span class=\"_ _1\"/>filed a defense.<span class=\"_ _0\"/> In <span class=\"_ _0\"/>October 20<span class=\"_ _0\"/>19, Arosuco received an unfavorable first level administrative decision and filed an appeal which is pending ju<span class=\"_ _0\"/>dgment. <span class=\"_ _2\"/> The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>0.6 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _3\"/>(0.1 billion US dollar). Arosuco has n<span class=\"_ _3\"/>ot recorded any provisions for <span class=\"_ _3\"/>this matter as it <span class=\"_ _3\"/>considers the chance of<span class=\"_ _2\"/> loss to be possible.  Deductibility of IOC expenses In <span class=\"_ _5\"> </span>2013, <span class=\"_ _5\"> </span>as <span class=\"_ _5\"> </span>approved <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>Shareholde<span class=\"_ _3\"/>rs <span class=\"_ _5\"> </span>Meeting, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _7\"> </span>im<span class=\"_ _3\"/>plemented <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>rporate <span class=\"_ _7\"/>restructuring <span class=\"_ _5\"> </span>with <span class=\"_ _7\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _7\"> </span>purpose <span class=\"_ _5\"> </span>of simplifying <span class=\"_ _3\"/>its <span class=\"_ _3\"/>corporate structure <span class=\"_ _3\"/>and c<span class=\"_ _3\"/>onverting into<span class=\"_ _3\"/> a <span class=\"_ _3\"/>single <span class=\"_ _3\"/>class <span class=\"_ _3\"/>of <span class=\"_ _3\"/>shares company, <span class=\"_ _3\"/>among <span class=\"_ _3\"/>other <span class=\"_ _3\"/>factors. <span class=\"_ _3\"/>One of <span class=\"_ _3\"/>the steps <span class=\"_ _7\"/>of <span class=\"_ _7\"/>such <span class=\"_ _7\"/>restructuring <span class=\"_ _7\"/>involved <span class=\"_ _7\"/>a <span class=\"_ _7\"/>contribution <span class=\"_ _7\"/>of <span class=\"_ _7\"/>sha<span class=\"_ _3\"/>res <span class=\"_ _7\"/>followed <span class=\"_ _7\"/>by <span class=\"_ _7\"/>the <span class=\"_ _7\"/>merger <span class=\"_ _7\"/>of <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>of <span class=\"_ _7\"/>its <span class=\"_ _7\"/>controlled <span class=\"_ _7\"/>entity, Companhia de <span class=\"_ _3\"/>Bebidas das Am\u00e9ricas, into <span class=\"_ _3\"/>Ambev. As one <span class=\"_ _3\"/>of the results o<span class=\"_ _3\"/>f such restructuring, <span class=\"_ _3\"/>the counterpart register o<span class=\"_ _3\"/>f the positive difference between the value of shares issued for the merger<span class=\"_ _3\"/> <span class=\"ff4\">and the net equity value of its controlled entity\u2019s<span class=\"_ _0\"/> </span>share <span class=\"_ _3\"/>was <span class=\"_ _3\"/>accounted, a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>per IFRS <span class=\"_ _3\"/>10/CPC <span class=\"_ _3\"/>36 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>ICPC09, <span class=\"_ _3\"/>in <span class=\"_ _3\"/>an <span class=\"_ _3\"/>equity <span class=\"_ _3\"/>account <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Ambev refe<span class=\"_ _3\"/>rred <span class=\"_ _3\"/>to as<span class=\"_ _3\"/> carrying <span class=\"_ _3\"/>value adjustment. In November 2019, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax assessment from the <span class=\"_ _1\"/>Bra<span class=\"_ _3\"/>zilian Federal Tax Authorities related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> the in<span class=\"_ _1\"/>te<span class=\"_ _3\"/>rest on<span class=\"_ _0\"/> capital <span class=\"_\"> </span>(\u201cIOC<span class=\"_ _0\"/>\u201d) <span class=\"_\"> </span>d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>duction <span class=\"_ _8\"> </span>in <span class=\"_ _8\"> </span>2014. <span class=\"_ _8\"> </span>The <span class=\"_\"> </span>a<span class=\"_ _0\"/>ssessment <span class=\"_ _8\"> </span>refers <span class=\"_\"> </span>pr<span class=\"_ _0\"/>imarily <span class=\"_\"> </span>t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he <span class=\"_\"> </span>accounting <span class=\"_ _8\"> </span>and <span class=\"_ _8\"> </span>corporate <span class=\"_ _8\"> </span>effects <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>the restructuring carried out by Ambev in 2013 and the impact on the increase in the deductibility of <span class=\"_ _3\"/>IOC expenses. In August 2020, Ambev received a partially f<span class=\"_ _3\"/>avorable decision at the first level adminis<span class=\"_ _3\"/>trative court and filed an Appeal to the L<span class=\"_ _3\"/>ower Administrative Court, which awaits judge<span class=\"_ _0\"/>ment. The favorable portio<span class=\"_ _0\"/>n of the decision i<span class=\"_ _1\"/>s<span class=\"_ _3\"/> subject to mandatory<span class=\"_ _3\"/> review by th<span class=\"_ _0\"/>e Lower Administrative Court. In <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>2020, <span class=\"_ _2\"/>Ambev <span class=\"_ _6\"/>received <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessment <span class=\"_ _2\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>deduction <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _2\"/>IOC <span class=\"_ _6\"/>in <span class=\"_ _2\"/>2015 <span class=\"_ _6\"/>and <span class=\"_ _2\"/>2016. <span class=\"_ _2\"/>The defense against such new <span class=\"_ _1\"/>ta<span class=\"_ _3\"/>x assessment <span class=\"_ _0\"/>was filed by Ambev <span class=\"_ _0\"/>in January 2021. In June 2021, Amb<span class=\"_ _0\"/>ev received a partially favorable <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>and <span class=\"_ _3\"/>filed <span class=\"_ _3\"/>an <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ppeal <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Lower <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court, <span class=\"_ _6\"/>which <span class=\"_ _3\"/>also <span class=\"_ _3\"/>awaits <span class=\"_ _3\"/>judgment<span class=\"_ _3\"/><span class=\"lsc\">. <span class=\"_ _3\"/></span>Similar <span class=\"_ _3\"/>to <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>first tax <span class=\"_ _6\"/>assessment, <span class=\"_ _7\"/>the <span class=\"_ _6\"/>favorable <span class=\"_ _6\"/>portion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>decision <span class=\"_ _6\"/>is <span class=\"_ _6\"/>also <span class=\"_ _6\"/>subject <span class=\"_ _7\"/>to <span class=\"_ _6\"/>mandatory <span class=\"_ _6\"/>review <span class=\"_ _6\"/>by <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Lower <span class=\"_ _6\"/>Administrative<span class=\"_ _3\"/> Court.  In <span class=\"_ _7\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _7\"/>Ambev<span class=\"_ _0\"/> <span class=\"_ _6\"/>received <span class=\"_ _7\"/>a <span class=\"_ _6\"/>new <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _7\"/>related <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>deduction <span class=\"_ _6\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>IOC <span class=\"_ _7\"/>in <span class=\"_ _6\"/>2017. <span class=\"_ _7\"/>The <span class=\"_ _6\"/>defense against <span class=\"_ _5\"> </span>this <span class=\"_ _5\"> </span>new <span class=\"_ _4\"> </span>tax <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>ssessment <span class=\"_ _5\"> </span>was <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>by <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>Ja<span class=\"_ _3\"/>nuary <span class=\"_ _5\"> </span>2023, <span class=\"_ _5\"> </span>which <span class=\"_ _5\"> </span>is <span class=\"_ _5\"> </span>pending <span class=\"_ _5\"> </span>judgment <span class=\"_ _5\"> </span>by <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>first <span class=\"_ _5\"> </span>level administrative court. The updated assessed amount <span class=\"_ _3\"/>as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 13<span class=\"_ _3\"/>.8 billion Brazilian real (2.6 billion <span class=\"_ _3\"/>US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. The <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>continued to <span class=\"_ _3\"/>be <span class=\"_ _3\"/>adopted <span class=\"_ _3\"/>by <span class=\"_ _3\"/>Ambev a<span class=\"_ _3\"/>s it <span class=\"_ _3\"/>also <span class=\"_ _3\"/>distributed <span class=\"_ _3\"/>or a<span class=\"_ _3\"/>ccrued IOC <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>years fo<span class=\"_ _3\"/>llowing the <span class=\"_ _1\"/>assessed <span class=\"_ _f\"/>pe<span class=\"_ _3\"/>riod <span class=\"_ _f\"/>(2018<span class=\"_ _3\"/>-2022) <span class=\"_ _f\"/>and <span class=\"_ _1\"/>deducted <span class=\"_ _1\"/>such <span class=\"_ _1\"/>amounts <span class=\"_ _f\"/>from <span class=\"_ _1\"/>its <span class=\"_ _1\"/>Corporate <span class=\"_ _1\"/>Income <span class=\"_ _1\"/>Taxes <span class=\"_ _f\"/>taxable <span class=\"_ _1\"/>basis <span class=\"_ _1\"/>(2018<span class=\"_ _2\"/>-2022). Therefore, in <span class=\"_ _1\"/>a scenario <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>re <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e IOC <span class=\"_ _1\"/>d<span class=\"_ _3\"/>eductibility would <span class=\"_ _1\"/>also be <span class=\"_ _1\"/>questioned for <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e p<span class=\"_ _1\"/>e<span class=\"_ _3\"/>riod <span class=\"_ _0\"/>after 2017, <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>same b<span class=\"_ _0\"/>asis and <span class=\"_ _1\"/>arguments <span class=\"_ _0\"/>as <span class=\"_ _1\"/>the <span class=\"_ _1\"/>aforementioned <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssessments, <span class=\"_ _1\"/>Ambev <span class=\"_ _1\"/>management <span class=\"_ _1\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _1\"/>that <span class=\"_ _1\"/>the <span class=\"_ _1\"/>outcom<span class=\"_ _3\"/>e <span class=\"_ _1\"/>of <span class=\"_ _1\"/>such <span class=\"_ _1\"/>potential further assessments would be consistent with the already assessed periods. Disallowance on Income Tax deduction In <span class=\"_ _3\"/>January <span class=\"_ _3\"/>2020, <span class=\"_ _2\"/>Arosuco, <span class=\"_ _3\"/>a <span class=\"_ _3\"/>subsidiary <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Ambev, <span class=\"_ _2\"/>received a <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>from <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>Federal <span class=\"_ _3\"/>Tax <span class=\"_ _2\"/>Authorities<span class=\"_ _1\"/> regarding the disallowance of <span class=\"_ _3\"/>the income tax reduction benefit p<span class=\"_ _3\"/>rovided for in P<span class=\"_ _2\"/>rovisional Measure No. 2199<span class=\"_ _3\"/>-14/2001, for calendar years 2015 to 2018, and an administrative defen<span class=\"_ _0\"/>se was filed. In October 2020, the<span class=\"_ _0\"/> first level administrative court rendered <span class=\"_ _2\"/>a<span class=\"_ _3\"/>n <span class=\"_ _2\"/>unfavorable <span class=\"_ _2\"/>decision <span class=\"_ _6\"/>to <span class=\"_ _2\"/>Arosuco. <span class=\"_ _6\"/>Arosuco <span class=\"_ _2\"/>filed <span class=\"_ _6\"/>an <span class=\"_ _2\"/>ap<span class=\"_ _3\"/>peal <span class=\"_ _2\"/>against <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>aforementi<span class=\"_ _2\"/>oned <span class=\"_ _6\"/>decision <span class=\"_ _2\"/>and <span class=\"_ _2\"/>a<span class=\"_ _3\"/>waits judgment b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> t<span class=\"_ _1\"/>he Lower <span class=\"_ _1\"/>Administrative Court. <span class=\"_ _1\"/>The <span class=\"_ _1\"/>u<span class=\"_ _3\"/>pdated <span class=\"_ _1\"/>assessed amount <span class=\"_ _1\"/>as <span class=\"_ _0\"/>of 31 Dec<span class=\"_ _0\"/>ember <span class=\"_ _1\"/>2022<span class=\"_ _3\"/> <span class=\"_ _1\"/>is approximately <span class=\"_ _1\"/>2.3 billion <span class=\"_ _1\"/>Brazilian <span class=\"_ _0\"/>real <span class=\"_ _1\"/>(0.4 <span class=\"_ _1\"/>billion <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar). A<span class=\"_ _1\"/>mbev ha<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>not <span class=\"_ _1\"/>recorded <span class=\"_ _1\"/>any pr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>visions <span class=\"_ _1\"/>for <span class=\"_ _1\"/>this <span class=\"_ _1\"/>matter a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>it <span class=\"_ _1\"/>conside<span class=\"_ _2\"/>rs <span class=\"_ _1\"/>the <span class=\"_ _1\"/>ch<span class=\"_ _3\"/>ance of loss to be possible. This <span class=\"_ _2\"/>uncertain <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _2\"/>continued <span class=\"_ _2\"/>to <span class=\"_ _2\"/>be <span class=\"_ _3\"/>applied <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Com<span class=\"_ _3\"/>pany <span class=\"_ _3\"/>impacting <span class=\"_ _2\"/>calendar <span class=\"_ _2\"/>years <span class=\"_ _2\"/>following <span class=\"_ _2\"/>those <span class=\"_ _3\"/>assessed (2019-2022) in which it benefited from the income ta<span class=\"_ _0\"/>x reduction provided for in Provisional <span class=\"_ _1\"/>M<span class=\"_ _3\"/>easure N<span class=\"_ _3\"/>o. 2199-14/2001. In a <span class=\"_ _f\"/>s<span class=\"_ _3\"/>cenario <span class=\"_ _f\"/>Arosuco<span class=\"_ _3\"/> <span class=\"_ _f\"/>is <span class=\"_ _1\"/>questioned <span class=\"_ _f\"/>on <span class=\"_ _1\"/>this <span class=\"_ _1\"/>matter <span class=\"_ _1\"/>for <span class=\"_ _1\"/>future <span class=\"_ _f\"/>periods, <span class=\"_ _1\"/>on <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ame <span class=\"_ _f\"/>b<span class=\"_ _3\"/>asis <span class=\"_ _f\"/>and <span class=\"_ _1\"/>arguments <span class=\"_ _1\"/>as <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _f\"/>aforementioned tax <span class=\"_ _4\"> </span>assessment, <span class=\"_ _4\"> </span>Arosuco <span class=\"_ _4\"> </span>management <span class=\"_ _4\"> </span>estimates <span class=\"_ _8\"> </span>that <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>outcome <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>uch <span class=\"_ _4\"> </span>potential <span class=\"_ _4\"> </span>further <span class=\"_ _4\"> </span>assessments <span class=\"_ _4\"> </span>would <span class=\"_ _4\"> </span>be consistent to the already assessed periods. Tax Loss Offset  Ambev <span class=\"_ _1\"/>and cert<span class=\"_ _0\"/>ain <span class=\"_ _1\"/>of it<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>subsidiaries <span class=\"_ _1\"/>received a <span class=\"_ _f\"/>number <span class=\"_ _0\"/>of <span class=\"_ _1\"/>assessments <span class=\"_ _1\"/>from the <span class=\"_ _1\"/>Brazilian <span class=\"_ _f\"/>Fe<span class=\"_ _3\"/>deral <span class=\"_ _1\"/>Tax <span class=\"_ _1\"/>Au<span class=\"_ _3\"/>thorities <span class=\"_ _1\"/>relating to the offset of tax losses carried forward in the context of bu<span class=\"_ _0\"/>siness combin<span class=\"_ _3\"/>ations.  In <span class=\"_ _1\"/>February <span class=\"_ _1\"/>2016, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Upper <span class=\"_ _1\"/>Administrative <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>ruled <span class=\"_ _1\"/>unfavorably <span class=\"_ _1\"/>to <span class=\"_ _1\"/>Ambev <span class=\"_ _f\"/>in<span class=\"_ _3\"/> <span class=\"_ _1\"/>two <span class=\"_ _1\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>cases, <span class=\"_ _1\"/>following <span class=\"_ _1\"/>which <span class=\"_ _1\"/>Ambev filed judicial p<span class=\"_ _3\"/>roceedings. In September 2016, <span class=\"_ _3\"/>Ambev received a <span class=\"_ _3\"/>favorable first level <span class=\"_ _3\"/>decision in one <span class=\"_ _3\"/>of the judicial <span class=\"_ _3\"/>claims which <span class=\"_ _2\"/>was <span class=\"_ _2\"/>confirmed <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second<span class=\"_ _3\"/>-level <span class=\"_ _2\"/>judicial <span class=\"_ _2\"/>court <span class=\"_ _2\"/>in <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2022. <span class=\"_ _2\"/>This <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>is <span class=\"_ _2\"/>subject <span class=\"_ _2\"/>to <span class=\"_ _2\"/>appeal <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>tax authorities. In <span class=\"_ _1\"/>March 2017, <span class=\"_ _1\"/>Ambev<span class=\"_ _3\"/> re<span class=\"_ _1\"/>c<span class=\"_ _3\"/>eived a<span class=\"_ _0\"/>n unfavorable <span class=\"_ _1\"/>first level <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ecision <span class=\"_ _1\"/>with<span class=\"_ _3\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>pect t<span class=\"_ _1\"/>o the second <span class=\"_ _1\"/>judicial case a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d filed an appeal, which is pending judgment by the second<span class=\"_ _3\"/>-level judicial court. There is <span class=\"_ _1\"/>a third <span class=\"_ _1\"/>case being <span class=\"_ _1\"/>challenged at <span class=\"_ _1\"/>the administrative <span class=\"_ _1\"/>level in <span class=\"_ _1\"/>which an <span class=\"_ _1\"/>u<span class=\"_ _3\"/>nfavorable <span class=\"_ _1\"/>decision was <span class=\"_ _1\"/>rendered to <span class=\"_ _0\"/>Ambev by <span class=\"_ _6\"/>the <span class=\"_ _3\"/>L<span class=\"_ _3\"/>ower <span class=\"_ _2\"/>Administrative <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>June <span class=\"_ _2\"/>2019. <span class=\"_ _6\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>appealed <span class=\"_ _2\"/>th<span class=\"_ _2\"/>is <span class=\"_ _2\"/>decision <span class=\"_ _6\"/>and <span class=\"_ _2\"/>awaits <span class=\"_ _2\"/>judgment <span class=\"_ _6\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Upper Administrative Court. The <span class=\"_ _3\"/>amount <span class=\"_ _2\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of<span class=\"_ _3\"/> <span class=\"_ _3\"/>3<span class=\"_ _3\"/>1 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _2\"/>approximately <span class=\"_ _3\"/>0.5 <span class=\"_ _3\"/>bi<span class=\"_ _3\"/>llion <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _2\"/>(0.1 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the<span class=\"_ _1\"/> c<span class=\"_ _3\"/>hance of loss to be possible.<span class=\"_ _3\"/> ICMS VALUE ADDED TAX, EXCISE TAX (\u201cIPI\u201d) AND TAXES ON NET SALES<span class=\"ff1\"> </span>Manaus Free Trade Zone <span class=\"ffe\">\u2013</span> IPI / Social contributions In Brazil, g<span class=\"_ _1\"/>o<span class=\"_ _3\"/>ods manufa<span class=\"_ _0\"/>ctured within <span class=\"_ _1\"/>the Manaus Free <span class=\"_ _0\"/>Trade <span class=\"_ _1\"/>Zon<span class=\"_ _3\"/>e intend<span class=\"_ _0\"/>ed for r<span class=\"_ _1\"/>emittance elsewhere in <span class=\"_ _1\"/>Brazil are exempt<span class=\"_ _0\"/> and/ <span class=\"_ _1\"/>or <span class=\"_ _1\"/>zero-<span class=\"ff4\">rated <span class=\"_ _1\"/>from <span class=\"_ _1\"/>excise <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>(\u201cIPI\u201d) <span class=\"_ _1\"/>and <span class=\"_ _1\"/>social <span class=\"_ _1\"/>contributions <span class=\"_ _1\"/>(\u201cPIS/COFINS\u201d). <span class=\"_ _1\"/>With <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>to <span class=\"_ _1\"/>IP<span class=\"_ _3\"/>I, <span class=\"_ _1\"/>Ambev\u2019s <span class=\"_ _1\"/>subsidiaries </span>have <span class=\"_ _1\"/>be<span class=\"_ _3\"/>en <span class=\"_ _1\"/>registering <span class=\"_ _1\"/>IPI pres<span class=\"_ _1\"/>u<span class=\"_ _3\"/>med <span class=\"_ _1\"/>tax cr<span class=\"_ _0\"/>edits <span class=\"_ _1\"/>upon the <span class=\"_ _f\"/>acquisition of <span class=\"_ _f\"/>exempted <span class=\"_ _1\"/>g<span class=\"_ _3\"/>oods <span class=\"_ _1\"/>manufactured <span class=\"_ _0\"/>therein. <span class=\"_ _1\"/>Since <span class=\"_ _0\"/>2009, Ambev <span class=\"_ _4\"> </span>has <span class=\"_ _4\"> </span>been <span class=\"_ _4\"> </span>receiving <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>number <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>tax <span class=\"_ _4\"> </span>assessments <span class=\"_ _4\"> </span>from <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>Brazilian <span class=\"_ _4\"> </span>Federal <span class=\"_ _4\"> </span>Tax <span class=\"_ _4\"> </span>Authorities <span class=\"_ _4\"> </span>relating <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>the disallowance of such credits. Ambev <span class=\"_ _2\"/>and <span class=\"_ _3\"/>its <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _3\"/>have <span class=\"_ _2\"/>also <span class=\"_ _3\"/>been <span class=\"_ _2\"/>receiving <span class=\"_ _3\"/>charges <span class=\"_ _2\"/>from <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Brazilian <span class=\"_ _3\"/>Federal <span class=\"_ _2\"/>Tax <span class=\"_ _2\"/>Authorities <span class=\"_ _3\"/>in <span class=\"_ _2\"/>relation <span class=\"_ _3\"/>to <span class=\"_ _2\"/>(i)<span class=\"_ _0\"/> federal taxes <span class=\"_ _1\"/>allegedly unduly <span class=\"_ _1\"/>offset with t<span class=\"_ _1\"/>he disallowed <span class=\"_ _0\"/>presumed IP<span class=\"_ _1\"/>I excise ta<span class=\"_ _0\"/>x credit<span class=\"_ _0\"/>s tha<span class=\"_ _1\"/>t are under<span class=\"_ _3\"/> discussion <span class=\"_ _1\"/>in these proceedings and (ii) PIS/COFINS amounts allegedly due on Arosuco\u2019s remittance to Amb<span class=\"_ _0\"/>ev subsidiaries. <span class=\"_ _3\"/><span class=\"ff2\"> </span>In <span class=\"_ _3\"/>April <span class=\"_ _3\"/>2019, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Federal <span class=\"_ _3\"/>Supreme <span class=\"_ _3\"/>Court <span class=\"_ _3\"/>(\u201cSTF\u201d) <span class=\"_ _3\"/>announced <span class=\"_ _3\"/>its <span class=\"_ _3\"/>judgment <span class=\"_ _2\"/>on <span class=\"_ _3\"/>Extraordinary Appeal <span class=\"_ _3\"/>No. <span class=\"_ _3\"/>592.891/SP <span class=\"_ _2\"/>and 596.614/SP, <span class=\"_ _4\"> </span>with <span class=\"_ _5\"> </span>binding <span class=\"_ _4\"> </span>effects, <span class=\"_ _5\"> </span>deciding <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>rights <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>taxpayers <span class=\"_ _4\"> </span>registering <span class=\"_ _5\"> </span>IPI <span class=\"_ _5\"> </span>excise <span class=\"_ _4\"> </span>tax <span class=\"_ _5\"> </span>p<span class=\"_ _3\"/>resumed <span class=\"_ _5\"> </span>credits <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>n acquisitions <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>raw <span class=\"_ _7\"> </span>mate<span class=\"_ _3\"/>rials <span class=\"_ _7\"/>and <span class=\"_ _7\"> </span>e<span class=\"_ _3\"/>xempted <span class=\"_ _7\"/>inputs <span class=\"_ _7\"> </span>originating <span class=\"_ _5\"> </span>from <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>Manaus <span class=\"_ _7\"/>Free <span class=\"_ _5\"> </span>Trade <span class=\"_ _7\"> </span>Zone. <span class=\"_ _5\"> </span>As <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>result <span class=\"_ _5\"> </span>of <span class=\"_ _7\"/>this decision, Ambev reclassified part of th<span class=\"_ _0\"/>e amounts related to the IPI cases <span class=\"_ _0\"/>as remote losses maintaining a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> possible losses only issues <span class=\"_ _3\"/>related to<span class=\"_ _3\"/> other additional <span class=\"_ _3\"/>discussions that were <span class=\"_ _3\"/>not incl<span class=\"_ _3\"/>uded in the <span class=\"_ _3\"/>analysis of th<span class=\"_ _3\"/>e STF. <span class=\"_ _3\"/>The cases a<span class=\"_ _3\"/>re being challenged at both the administrative and judicial levels. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>the <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _6\"/>to <span class=\"_ _2\"/>these <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _6\"/>be <span class=\"_ _2\"/>approximately <span class=\"_ _2\"/>5.9 <span class=\"_ _6\"/>billion <span class=\"_ _2\"/>Brazilian real (1.1 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in c<span class=\"_ _3\"/>onnection therewith. In <span class=\"_ _2\"/>addition, <span class=\"_ _6\"/>Ambev <span class=\"_ _2\"/>an<span class=\"_ _3\"/>d <span class=\"_ _2\"/>its <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _2\"/>been <span class=\"_ _2\"/>c<span class=\"_ _3\"/>harged <span class=\"_ _3\"/>i<span class=\"_ _3\"/>solated <span class=\"_ _2\"/>fines <span class=\"_ _6\"/>due <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>non<span class=\"_ _3\"/>-recognition <span class=\"_ _2\"/>of <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>offsets. <span class=\"_ _2\"/>The constitutionality <span class=\"_ _3\"/>of <span class=\"_ _3\"/>this <span class=\"_ _2\"/>penalty <span class=\"_ _3\"/>is <span class=\"_ _3\"/>under <span class=\"_ _3\"/>review <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Supreme <span class=\"_ _3\"/>Cou<span class=\"_ _3\"/>rt <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Justice. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>ass<span class=\"_ _3\"/>essed <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 December <span class=\"_ _3\"/>2022<span class=\"_ _3\"/> i<span class=\"_ _3\"/>s <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>0.2 <span class=\"_ _3\"/>billion <span class=\"_ _2\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _2\"/>provisions for this matter as it considers the chance of loss to be possible. IPI Suspension<span class=\"ff2\"> </span>In <span class=\"_ _2\"/>2014 <span class=\"_ _6\"/>and <span class=\"_ _2\"/>2015, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>Fe<span class=\"_ _3\"/>deral <span class=\"_ _2\"/>Tax <span class=\"_ _2\"/>Authorities <span class=\"_ _2\"/>relating <span class=\"_ _2\"/>to <span class=\"_ _6\"/>IPI <span class=\"_ _2\"/>allegedly due <span class=\"_ _5\"> </span>over <span class=\"_ _5\"> </span>remittances <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>manufactured <span class=\"_ _5\"> </span>goods <span class=\"_ _5\"> </span>to<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>oth<span class=\"_ _3\"/>er <span class=\"_ _5\"> </span>related <span class=\"_ _5\"> </span>factories. <span class=\"_ _5\"> </span>The <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ases <span class=\"_ _5\"> </span>are <span class=\"_ _7\"> </span>be<span class=\"_ _3\"/>ing <span class=\"_ _5\"> </span>challenged <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _5\"> </span>both <span class=\"_ _5\"> </span>the administrative and judicial levels. In 2020, Ambev received a <span class=\"_ _0\"/>final partially favo<span class=\"_ _2\"/>rable decision at the administrative level in one <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ases. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>July <span class=\"_ _3\"/>2022, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>received <span class=\"_ _3\"/>the <span class=\"_ _2\"/>first <span class=\"_ _3\"/>judicial <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>on <span class=\"_ _3\"/>this <span class=\"_ _2\"/>matter; <span class=\"_ _3\"/>the <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>was <span class=\"_ _3\"/>unfavorable <span class=\"_ _3\"/>to Ambev and it has filed an appeal. In <span class=\"_ _6\"/>October <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>rende<span class=\"_ _3\"/>red <span class=\"_ _6\"/>a <span class=\"_ _6\"/>parti<span class=\"_ _3\"/>ally <span class=\"_ _2\"/>fav<span class=\"_ _3\"/>orable <span class=\"_ _2\"/>de<span class=\"_ _3\"/>cision <span class=\"_ _6\"/>to <span class=\"_ _2\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _6\"/>one <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>cases related <span class=\"_ _1\"/>to <span class=\"_ _1\"/>this<span class=\"_ _3\"/> <span class=\"_ _1\"/>matter. <span class=\"_ _1\"/>Ambev <span class=\"_ _1\"/>awaits <span class=\"_ _0\"/>formal <span class=\"_ _1\"/>notification <span class=\"_ _1\"/>of <span class=\"_ _1\"/>this <span class=\"_ _1\"/>dec<span class=\"_ _3\"/>ision <span class=\"_ _1\"/>to <span class=\"_ _1\"/>assess <span class=\"_ _0\"/>whether <span class=\"_ _f\"/>any portion <span class=\"_ _f\"/>of <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>assessment<span class=\"_ _3\"/> may be challenged at the judicial level. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _6\"/>the <span class=\"_ _2\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _6\"/>related <span class=\"_ _2\"/>to <span class=\"_ _2\"/>th<span class=\"_ _3\"/>ese <span class=\"_ _2\"/>assessments <span class=\"_ _6\"/>to <span class=\"_ _2\"/>be <span class=\"_ _6\"/>approximately <span class=\"_ _2\"/>1.7 <span class=\"_ _2\"/>billion <span class=\"_ _6\"/>Brazilian real (0.3 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in c<span class=\"_ _3\"/>onnection therewith.<span class=\"ff5\"> </span>ICMS tax credits<span class=\"ff2\"> </span>Ambev is currently challenging tax<span class=\"_ _3\"/> assessments issued by the states of S\u00e3o Paulo, Rio de Janeiro, Minas Gerais, among others, <span class=\"_ _7\"/>questioning <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>legality <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>ICMS <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>credits <span class=\"_ _7\"/>arising <span class=\"_ _7\"/>from <span class=\"_ _7\"/>transactions <span class=\"_ _7\"> </span>with <span class=\"_ _7\"/>companies <span class=\"_ _7\"> </span>that <span class=\"_ _7\"> </span>h<span class=\"_ _3\"/>ave <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>incentives granted <span class=\"_ _6\"/>by <span class=\"_ _6\"/>other <span class=\"_ _6\"/>states. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _6\"/>are <span class=\"_ _2\"/>b<span class=\"_ _3\"/>eing <span class=\"_ _6\"/>challen<span class=\"_ _3\"/>ged <span class=\"_ _6\"/>at <span class=\"_ _2\"/>b<span class=\"_ _3\"/>oth <span class=\"_ _6\"/>the <span class=\"_ _6\"/>administrative <span class=\"_ _6\"/>and <span class=\"_ _2\"/>judi<span class=\"_ _3\"/>cial <span class=\"_ _2\"/>level <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>the <span class=\"_ _2\"/>courts. <span class=\"_ _6\"/>On August 2020, the <span class=\"_ _3\"/>STF issued a binding <span class=\"_ _3\"/>decision (Extraordinary Appeal No. 628.075) <span class=\"_ _3\"/>ruling that tax credits granted by <span class=\"_ _3\"/>the states in <span class=\"_ _1\"/>the context <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>ICMS tax <span class=\"_ _0\"/>war <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hall <span class=\"_ _1\"/>be considered <span class=\"_ _1\"/>unlaw<span class=\"_ _3\"/>ful. The <span class=\"_ _1\"/>decision also <span class=\"_ _1\"/>recognized <span class=\"_ _0\"/>that <span class=\"_ _0\"/>the <span class=\"_ _0\"/>states <span class=\"_ _0\"/>should abide by the tax incentives <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alidation process prov<span class=\"_ _0\"/>ided for in Complementary Law No.<span class=\"_ _0\"/> 160/17. This decision<span class=\"_ _1\"/> b<span class=\"_ _3\"/>ecame final (and <span class=\"_ _4\"> </span>no <span class=\"_ _4\"> </span>longer <span class=\"_ _4\"> </span>subject <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>appeal) <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>December <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>it <span class=\"_ _4\"> </span>does <span class=\"_ _8\"> </span>not <span class=\"_ _5\"> </span>change <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>l<span class=\"_ _2\"/><span class=\"ff4\">ikelihood <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>loss <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev\u2019s <span class=\"_ _4\"> </span>tax </span>assessments. With <span class=\"_ _3\"/>respect to the <span class=\"_ _3\"/>assessments issued by<span class=\"_ _3\"/> the State of <span class=\"_ _3\"/>S\u00e3o Paulo, <span class=\"_ _3\"/>Ambev received un<span class=\"_ _3\"/>favorable decisions at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second <span class=\"_ _2\"/>administrative <span class=\"_ _2\"/>level <span class=\"_ _2\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>April, <span class=\"_ _3\"/>M<span class=\"_ _3\"/>ay <span class=\"_ _2\"/>and <span class=\"_ _2\"/>June <span class=\"_ _2\"/>2022. <span class=\"_ _2\"/>In <span class=\"_ _2\"/>these <span class=\"_ _2\"/>cases, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>appeals <span class=\"_ _2\"/>to <span class=\"_ _7\"> </span>the <span class=\"_ _2\"/>second administrative level. Ambev management estimates <span class=\"_ _3\"/>the possible losses related to thes<span class=\"_ _3\"/>e assessments to be approximately 1<span class=\"_ _3\"/>.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in <span class=\"_ _3\"/>connection therewith. In <span class=\"_ _2\"/>ad<span class=\"_ _3\"/>dition, <span class=\"_ _2\"/>in <span class=\"_ _6\"/>2018 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>2021, <span class=\"_ _2\"/>Ambe<span class=\"_ _3\"/>v <span class=\"_ _2\"/>received <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _6\"/>from <span class=\"_ _2\"/>the <span class=\"_ _6\"/>States <span class=\"_ _2\"/>of <span class=\"_ _6\"/>Rio <span class=\"_ _2\"/>Grand<span class=\"_ _3\"/>e <span class=\"_ _2\"/>do <span class=\"_ _6\"/>Sul <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>S\u00e3o <span class=\"_ _6\"/>Paulo charging alleged differences in ICMS due to the disallowance of credits<span class=\"_ _3\"/> arising from transactions with suppliers located <span class=\"_ _2\"/>in the Manaus <span class=\"_ _3\"/>Free Trade Zone. <span class=\"_ _3\"/>With regard <span class=\"_ _3\"/>to the assessment i<span class=\"_ _3\"/>ssued by <span class=\"_ _3\"/>the State of <span class=\"_ _3\"/>Rio Grande do <span class=\"_ _3\"/>Sul, Ambev <span class=\"_ _3\"/>received a <span class=\"_ _1\"/>favourable <span class=\"_ _1\"/>judgment <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>seco<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>administrative <span class=\"_ _f\"/>level<span class=\"_ _3\"/> <span class=\"_ _f\"/>in<span class=\"_ _3\"/> <span class=\"_ _f\"/>February <span class=\"_ _1\"/>2022, <span class=\"_ _1\"/>which <span class=\"_ _0\"/>is <span class=\"_ _f\"/>sti<span class=\"_ _3\"/>ll <span class=\"_ _f\"/>sub<span class=\"_ _3\"/>ject <span class=\"_ _1\"/>to <span class=\"_ _1\"/>appeal <span class=\"_ _1\"/>by <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>authoritie<span class=\"_ _2\"/>s. With <span class=\"_ _2\"/>respect <span class=\"_ _2\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>assessments <span class=\"_ _3\"/>issued <span class=\"_ _2\"/>by <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>State <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>S\u00e3o <span class=\"_ _2\"/>Paulo, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _3\"/>unfavourable <span class=\"_ _3\"/>judgments <span class=\"_ _2\"/>at <span class=\"_ _3\"/>the <span class=\"_ _2\"/>first administrative <span class=\"_ _2\"/>level <span class=\"_ _2\"/>in <span class=\"_ _3\"/>Ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>June <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022. <span class=\"_ _3\"/>In <span class=\"_ _6\"/>these <span class=\"_ _3\"/>cases, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>appeals <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>second <span class=\"_ _2\"/>administrative <span class=\"_ _2\"/>level. Ambev management estimates <span class=\"_ _3\"/>the possible l<span class=\"_ _3\"/>osses related to these assessments to <span class=\"_ _3\"/>be approximately <span class=\"_ _3\"/>0.7 billio<span class=\"_ _3\"/>n Brazilian real (0.1 billion US dollar) as of 31 December 2022. ICMS-ST Trigger<span class=\"ff2\"> </span>Over <span class=\"_ _2\"/>the <span class=\"_ _2\"/>y<span class=\"_ _3\"/>ears, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>received <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _2\"/>charge <span class=\"_ _6\"/>supposed <span class=\"_ _2\"/>ICMS <span class=\"_ _2\"/>differences <span class=\"_ _2\"/>considered <span class=\"_ _6\"/>d<span class=\"_ _2\"/>ue <span class=\"_ _2\"/>when <span class=\"_ _2\"/>the price of the products sold b<span class=\"_ _0\"/>y Ambev is above the fixed pr<span class=\"_ _1\"/>ic<span class=\"_ _3\"/>e table basis established b<span class=\"_ _0\"/>y the relevant state<span class=\"_ _0\"/>s, cases in which the <span class=\"_ _6\"/>state <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _7\"/>understand <span class=\"_ _6\"/>that <span class=\"_ _6\"/>the <span class=\"_ _7\"/>calculation <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>should <span class=\"_ _7\"/>be <span class=\"_ _6\"/>based <span class=\"_ _6\"/>o<span class=\"_ _3\"/>n <span class=\"_ _6\"/>a <span class=\"_ _6\"/>value<span class=\"_ _2\"/>-added <span class=\"_ _6\"/>percentage <span class=\"_ _7\"/>over <span class=\"_ _6\"/>the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are<span class=\"_ _0\"/> being challenged at both the administrative and judicial levels. Ambev mana<span class=\"_ _0\"/>gement <span class=\"_ _0\"/>estimates th<span class=\"_ _1\"/>e total <span class=\"_ _1\"/>p<span class=\"_ _3\"/>ossible <span class=\"_ _1\"/>loss related <span class=\"_ _1\"/>to thi<span class=\"_ _0\"/>s i<span class=\"_ _0\"/>ssu<span class=\"_ _3\"/>e t<span class=\"_ _0\"/>o b<span class=\"_ _1\"/>e<span class=\"_ _3\"/> a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>roximately <span class=\"_ _1\"/>9.3 billion <span class=\"_ _1\"/>Brazilian real <span class=\"_ _1\"/>(1.8 billion <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar) <span class=\"_ _6\"/>as <span class=\"_ _6\"/>of<span class=\"_ _3\"/> <span class=\"_ _6\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _6\"/>2022. <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>has <span class=\"_ _6\"/>not <span class=\"_ _6\"/>reco<span class=\"_ _3\"/>rded <span class=\"_ _6\"/>any <span class=\"_ _6\"/>provisions <span class=\"_ _7\"/>for <span class=\"_ _6\"/>this <span class=\"_ _6\"/>matter <span class=\"_ _6\"/>as <span class=\"_ _6\"/>i<span class=\"_ _3\"/>t <span class=\"_ _6\"/>considers <span class=\"_ _6\"/>the chance of loss to be possible. SOCIAL CONTRIBUTIONS Since 2015, <span class=\"_ _0\"/>Ambev h<span class=\"_ _0\"/>as received t<span class=\"_ _1\"/>ax assessments issued<span class=\"_ _0\"/> by <span class=\"_ _1\"/>the Brazilian Federal<span class=\"_ _0\"/> Tax A<span class=\"_ _1\"/>uthoriti<span class=\"_ _3\"/>es rela<span class=\"_ _0\"/>ting to <span class=\"_ _0\"/>PIS/COFINS amounts <span class=\"_ _4\"> </span>allegedly <span class=\"_ _4\"> </span>due <span class=\"_ _8\"> </span>over <span class=\"_ _5\"> </span>bonus <span class=\"_ _4\"> </span>pro<span class=\"_ _3\"/>ducts <span class=\"_ _5\"> </span>g<span class=\"_ _3\"/>ranted <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>its <span class=\"_ _4\"> </span>customers. <span class=\"_ _8\"> </span>The <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ases <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>being <span class=\"_ _4\"> </span>challenged <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _4\"> </span>both <span class=\"_ _4\"> </span>the administrative <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>judicial <span class=\"_ _4\"> </span>levels <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _4\"> </span>the <span class=\"_ _8\"> </span>courts.<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>019 <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>020, <span class=\"_ _4\"> </span>Ambev <span class=\"_ _8\"> </span>received <span class=\"_ _4\"> </span>final <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"/>vorable <span class=\"_ _4\"> </span>decisions <span class=\"_ _8\"> </span>at <span class=\"_ _5\"> </span>the administrative <span class=\"_ _3\"/>level <span class=\"_ _2\"/>in <span class=\"_ _3\"/>some <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>these <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _3\"/>and <span class=\"_ _3\"/>favorable <span class=\"_ _2\"/>decisions <span class=\"_ _3\"/>in <span class=\"_ _2\"/>other <span class=\"_ _3\"/>cases <span class=\"_ _3\"/>th<span class=\"_ _3\"/>at <span class=\"_ _3\"/>are <span class=\"_ _3\"/>still <span class=\"_ _2\"/>subject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>review. <span class=\"_ _3\"/>At <span class=\"_ _2\"/>the judicial level, <span class=\"_ _3\"/>one c<span class=\"_ _3\"/>ase is <span class=\"_ _3\"/>pending decision <span class=\"_ _3\"/>by th<span class=\"_ _3\"/>e second <span class=\"_ _3\"/>level <span class=\"_ _3\"/>judicial <span class=\"_ _3\"/>court afte<span class=\"_ _3\"/>r the first <span class=\"_ _3\"/>level <span class=\"_ _3\"/>judicial court <span class=\"_ _3\"/>rendered an unfavorable decision to Ambev. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>the <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _6\"/>to <span class=\"_ _2\"/>these <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _6\"/>be <span class=\"_ _2\"/>approximately <span class=\"_ _2\"/>1.6 <span class=\"_ _6\"/>billion <span class=\"_ _2\"/>Brazilian real (0.3 billion US dollar) as o<span class=\"_ _1\"/>f<span class=\"_ _3\"/> 31 December 2022<span class=\"ls2\">. </span>Ambev has not recorded any<span class=\"_ _0\"/> provisions for this matter a<span class=\"_ _0\"/>s it considers the chance of loss to be possible. AB INBEV\u2019S TANZANIA TAX MATTERS<span class=\"ff1\"> </span>Tanzania <span class=\"_ _7\"/>Breweries <span class=\"_ _7\"/>Limited <span class=\"_ _7\"/>(\u201cTBL\u201d), <span class=\"_ _7\"/>a <span class=\"_ _6\"/>subsidiary <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>InBev <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Tanzania, <span class=\"_ _7\"/>received <span class=\"_ _7\"/>a <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>assessment <span class=\"_ _6\"/>for <span class=\"_ _7\"> </span>850 <span class=\"_ _7\"> </span>bil<span class=\"_ _2\"/><span class=\"ff2\">lion </span>Tanzanian <span class=\"_ _6\"/>shillings <span class=\"_ _6\"/>(0.4 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>i<span class=\"_ _3\"/>ncome <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>o<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _6\"/>alleged <span class=\"_ _6\"/>capital <span class=\"_ _6\"/>gain <span class=\"_ _6\"/>derived <span class=\"_ _6\"/>from <span class=\"_ _6\"/>the <span class=\"_ _6\"/>change <span class=\"_ _6\"/>in underlying <span class=\"_ _5\"> </span>ownership <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>TBL <span class=\"_ _5\"> </span>whi<span class=\"_ _3\"/>ch <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>Ta<span class=\"_ _3\"/>nzania <span class=\"_ _5\"> </span>Revenue <span class=\"_ _5\"> </span>Authority <span class=\"_ _4\"> </span>claims <span class=\"_ _5\"> </span>was <span class=\"_ _4\"> </span>more <span class=\"_ _5\"> </span>than <span class=\"_ _4\"> </span>50% <span class=\"_ _5\"> </span>following <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>2016 combination <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>SAB <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>AB <span class=\"_ _5\"> </span>InBev. <span class=\"_ _4\"> </span>TBL <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>an <span class=\"_ _4\"> </span>appeal <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>Tax <span class=\"_ _5\"> </span>Revenue <span class=\"_ _4\"> </span>Appeals <span class=\"_ _5\"> </span>Board. <span class=\"_ _5\"> </span>TBL <span class=\"_ _4\"> </span>believes <span class=\"_ _5\"> </span>that <span class=\"_ _4\"> </span>the<span class=\"_ _1\"/> assessment is without merit and will vigorously defend against the assessment. No related provision has been ma<span class=\"_ _0\"/>de.<span class=\"_ _3\"/> AB<span class=\"ls0\"> <span class=\"ff3\">INBEV\u2019S SOUTH AFRICA TAX MATTERS </span> </span>The <span class=\"_ _1\"/>South <span class=\"_ _1\"/>Africa<span class=\"ff4\">n <span class=\"_ _1\"/>Revenue <span class=\"_ _1\"/>Service <span class=\"_ _1\"/>(\u201cSARS\u201d) <span class=\"_ _1\"/>conducted <span class=\"_ _1\"/>an <span class=\"_ _1\"/>audit <span class=\"_ _1\"/>of <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African <span class=\"_ _1\"/>subsidiary, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>South <span class=\"_ _1\"/>African </span>Breweries (Pty) <span class=\"_ _1\"/>Ltd<span class=\"_ _3\"/>. (\u201cSAB\u201d), <span class=\"_ _1\"/>in <span class=\"_ _0\"/>relation to <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e 2<span class=\"_ _1\"/>01<span class=\"_ _3\"/>7 rep<span class=\"_ _0\"/>urchase of <span class=\"_ _1\"/>SAB\u2019s equity <span class=\"_ _1\"/>s<span class=\"_ _3\"/>take in <span class=\"_ _1\"/>Coca<span class=\"_ _3\"/><span class=\"ff2\">-Col<span class=\"_ _3\"/>a Beverag<span class=\"_ _0\"/>es Africa <span class=\"_ _1\"/>(Pty<span class=\"_ _3\"/>)<span class=\"_ _0\"/> </span>Ltd (\u201cCCBA\u201d), the Co<span class=\"_ _0\"/>ca<span class=\"ff2\">-Cola bottling business in <span class=\"_ _0\"/>Africa, b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> CCBA. The pre<span class=\"_ _1\"/>l<span class=\"_ _3\"/>iminary audit f<span class=\"_ _0\"/>inding claims tha<span class=\"_ _0\"/>t SAB owes <span class=\"_ _1\"/>6.3 </span>billion <span class=\"_ _8\"> </span>S<span class=\"_ _0\"/>outh <span class=\"_ _8\"> </span>A<span class=\"_ _0\"/>frican <span class=\"_ _4\"> </span>Rand <span class=\"_ _8\"> </span>(0.4 <span class=\"_ _4\"> </span>billion <span class=\"_ _4\"> </span>US <span class=\"_ _8\"> </span>dollar) <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>taxes, <span class=\"_ _8\"> </span>in <span class=\"_ _4\"> </span>addition <span class=\"_ _4\"> </span>to <span class=\"_ _8\"> </span>potential <span class=\"_ _4\"> </span>penalties <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>interest, <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>are unspecified <span class=\"_ _5\"> </span>but <span class=\"_ _5\"> </span>may <span class=\"_ _5\"> </span>be <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>ignificant <span class=\"_ _7\"> </span>as<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>prop<span class=\"_ _3\"/>ortion <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>total. <span class=\"_ _5\"> </span>SAB <span class=\"_ _5\"> </span>contests <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>oth <span class=\"_ _7\"> </span>cl<span class=\"_ _3\"/>aims <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>has <span class=\"_ _5\"> </span>responded <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>the preliminary audit <span class=\"_ _1\"/>fi<span class=\"_ _3\"/>nding. SAB <span class=\"_ _1\"/>intends to object <span class=\"_ _0\"/>to a<span class=\"_ _0\"/>ny assessment <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ssued, <span class=\"_ _0\"/>but may <span class=\"_ _1\"/>be required to secur<span class=\"_ _0\"/>e or <span class=\"_ _0\"/>pre<span class=\"_ _3\"/>-pay some or <span class=\"_ _6\"/>all <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>taxes <span class=\"_ _6\"/>assessed, <span class=\"_ _6\"/>pend<span class=\"_ _3\"/>ing <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>outcome <span class=\"_ _6\"/>of <span class=\"_ _6\"/>SAB\u2019s <span class=\"_ _6\"/>chall<span class=\"_ _2\"/><span class=\"ff2\">enge <span class=\"_ _6\"/>and <span class=\"_ _2\"/>a<span class=\"_ _3\"/>ny <span class=\"_ _6\"/>appeal. <span class=\"_ _2\"/>No <span class=\"_ _6\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _6\"/>provision <span class=\"_ _6\"/>has <span class=\"_ _6\"/>been </span>made. AB INBEV\u2019S AUSTRALIAN BUSINESS TAX MATTERS<span class=\"ff1\"> </span>In <span class=\"_ _2\"/>2019, <span class=\"_ _2\"/>SAB <span class=\"_ _2\"/>Australia <span class=\"_ _2\"/>Pty <span class=\"_ _2\"/>Limited <span class=\"_ _2\"/>(\u201cSAB <span class=\"_ _2\"/>Australia\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>subsidiary <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _6\"/>InBev, <span class=\"_ _3\"/>received <span class=\"_ _2\"/>amended <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>for 0.4 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>Australian <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>(0.3 <span class=\"_ _7\"/><span class=\"ff4\">billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>deductions <span class=\"_ _6\"/>of <span class=\"_ _6\"/>SAB\u2019s <span class=\"_ _6\"/>acquisition <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Foster\u2019s </span>group (<span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>\u201cFoster\u2019s <span class=\"_ _1\"/>acquisition\u201d), <span class=\"_ _0\"/>following <span class=\"_ _1\"/>an audit <span class=\"_ _f\"/>of the <span class=\"_ _1\"/>2012 <span class=\"_ _1\"/>to 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>14 <span class=\"_ _1\"/>income ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> <span class=\"_ _1\"/>years. I<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>June <span class=\"_ _1\"/>2<span class=\"_ _3\"/>022, <span class=\"_ _1\"/>AB I<span class=\"_ _1\"/>n<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>reached a <span class=\"_ _1\"/>settlement <span class=\"_ _1\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Australian <span class=\"_ _1\"/>tax <span class=\"_ _f\"/>a<span class=\"_ _3\"/>uthorities <span class=\"_ _1\"/>that <span class=\"_ _1\"/>resolved <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pre<span class=\"_ _3\"/>-transaction <span class=\"_ _f\"/>income <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>liabilities, <span class=\"_ _1\"/>resulting <span class=\"_ _1\"/>in <span class=\"_ _1\"/>a <span class=\"_ _1\"/>payment of <span class=\"_ _3\"/>0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>Australian <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>disposal <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Australian <span class=\"_ _3\"/>business <span class=\"_ _3\"/>on 1<span class=\"_ _3\"/> J<span class=\"_ _3\"/>une <span class=\"_ _3\"/>2020 <span class=\"_ _3\"/>included <span class=\"_ _3\"/>an indemnity by AB InBev for all pre-transaction tax liabilities. OTHER TAX MATTERS In <span class=\"_ _6\"/>February <span class=\"_ _6\"/>20<span class=\"_ _3\"/>15, <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Europ<span class=\"_ _0\"/>ean <span class=\"_ _6\"/>Commission <span class=\"_ _6\"/>opened <span class=\"_ _7\"/>an <span class=\"_ _6\"/>in<span class=\"_ _3\"/>-depth <span class=\"_ _6\"/>state <span class=\"_ _7\"/>aid <span class=\"_ _6\"/>investigation <span class=\"_ _6\"/>into <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Belgian <span class=\"_ _6\"/>excess <span class=\"_ _6\"/>profit ruling <span class=\"_ _1\"/>system. <span class=\"_ _1\"/>On 1<span class=\"_ _1\"/>1 J<span class=\"_ _1\"/>a<span class=\"_ _3\"/>nuary <span class=\"_ _1\"/>2016, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>European <span class=\"_ _1\"/>Commission <span class=\"_ _1\"/>ado<span class=\"_ _3\"/>pted <span class=\"_ _f\"/>a <span class=\"_ _0\"/>negative <span class=\"_ _1\"/>decision <span class=\"_ _1\"/>finding that <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Belgian <span class=\"_ _1\"/>excess profit <span class=\"_ _3\"/>ruling <span class=\"_ _3\"/>system <span class=\"_ _3\"/>constitutes <span class=\"_ _3\"/>an <span class=\"_ _3\"/>aid <span class=\"_ _3\"/>scheme <span class=\"_ _3\"/>incompatible <span class=\"_ _3\"/>with <span class=\"_ _3\"/>the <span class=\"_ _2\"/>internal m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>and <span class=\"_ _3\"/>ordering <span class=\"_ _3\"/>Belgium <span class=\"_ _3\"/>to <span class=\"_ _3\"/>recover <span class=\"_ _3\"/>the incompatible aid from <span class=\"_ _3\"/>a number of ai<span class=\"_ _3\"/>d beneficiaries. The Belgian authorities contacted <span class=\"_ _3\"/>the companies that had <span class=\"_ _3\"/>b<span class=\"_ _2\"/>enefitted from the <span class=\"_ _3\"/>system and <span class=\"_ _3\"/>advised each company <span class=\"_ _3\"/>of the amount of <span class=\"_ _3\"/>incompatible aid<span class=\"_ _3\"/> that is <span class=\"_ _3\"/>potentially subject to <span class=\"_ _3\"/>recovery. The European <span class=\"_ _2\"/>Commission\u2019s <span class=\"_ _6\"/>decision <span class=\"_ _2\"/>was <span class=\"_ _2\"/>appealed <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>European <span class=\"_ _2\"/>Union\u2019s <span class=\"_ _6\"/>General <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>by <span class=\"_ _2\"/>Belgium <span class=\"_ _2\"/>on <span class=\"_ _6\"/>22 <span class=\"_ _2\"/>March <span class=\"_ _2\"/>2016 and by AB InBev <span class=\"_ _3\"/>on 12 July 2016. On 14 Fe<span class=\"_ _3\"/>bruary 2019, the European General Court concluded that the Belgian excess profit <span class=\"_ _1\"/>ruling <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ystem <span class=\"_ _1\"/>does <span class=\"_ _1\"/>not <span class=\"_ _1\"/>constitute<span class=\"_ _3\"/> <span class=\"_ _1\"/><span class=\"ls8\">an<span class=\"_ _3\"/><span class=\"ls0\"> <span class=\"_ _1\"/>aid <span class=\"_ _1\"/>scheme. The <span class=\"_ _f\"/>European Co<span class=\"_ _1\"/>mmission <span class=\"_ _0\"/>appealed <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>judgment <span class=\"_ _1\"/>to th<span class=\"_ _1\"/>e European<span class=\"_ _0\"/> </span></span>Court of <span class=\"_ _1\"/>Justice. The <span class=\"_ _1\"/>public hearing <span class=\"_ _1\"/>in<span class=\"_ _3\"/> the <span class=\"_ _1\"/>framework<span class=\"_ _3\"/> <span class=\"_ _1\"/>of the a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>eal <span class=\"_ _0\"/>proceedings to<span class=\"_ _1\"/>o<span class=\"_ _3\"/>k p<span class=\"_ _0\"/>lace <span class=\"_ _1\"/>on<span class=\"_ _3\"/> <span class=\"_ _0\"/>24 Se<span class=\"_ _0\"/>ptember <span class=\"_ _0\"/>2020 and <span class=\"_ _1\"/>AB InBev was heard as an intervening party.  On 3 December 2020, the Ad<span class=\"_ _0\"/>vocate General (AG) of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e European Court o<span class=\"_ _1\"/>f Justice presented her non<span class=\"_ _3\"/>-binding opinion on the <span class=\"_ _6\"/>appeal <span class=\"_ _7\"/>procedure <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>11 <span class=\"_ _6\"/>January <span class=\"_ _6\"/>2016 <span class=\"_ _6\"/>opening <span class=\"_ _6\"/>d<span class=\"_ _3\"/>ecision, <span class=\"_ _2\"/>s<span class=\"_ _3\"/>tating <span class=\"_ _6\"/>that, <span class=\"_ _6\"/>contrary <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>14 <span class=\"_ _6\"/>February <span class=\"_ _6\"/>2019 judgment of the European Ge<span class=\"_ _1\"/>ne<span class=\"_ _3\"/>ral Court, the B<span class=\"_ _0\"/>elgian excess profit ruling s<span class=\"_ _0\"/>ystem would fulfil t<span class=\"_ _0\"/>he legal requirements for an \u201caid <span class=\"_ _2\"/>scheme\u201d. <span class=\"_ _2\"/>In <span class=\"_ _2\"/>the <span class=\"_ _2\"/>initial <span class=\"_ _2\"/>Europ<span class=\"ff2\">ea<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Gene<span class=\"_ _3\"/>ral <span class=\"_ _3\"/>Court <span class=\"_ _2\"/>judgment, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>court <span class=\"_ _2\"/>limited <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to <span class=\"_ _2\"/>finding <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Bel<span class=\"_ _3\"/>gian <span class=\"_ _3\"/>excess <span class=\"_ _2\"/>profit </span>rulings were<span class=\"_ _3\"/> not an<span class=\"_ _3\"/> \u201caid scheme\u201d, <span class=\"_ _3\"/>but <span class=\"_ _3\"/>did not co<span class=\"_ _3\"/>nsider whether th<span class=\"_ _3\"/>ey constituted <span class=\"_ _3\"/>State aid. Consequently, <span class=\"_ _3\"/>the AG a<span class=\"_ _3\"/>dvised the European Co<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rt of <span class=\"_ _0\"/>Justice <span class=\"_ _1\"/>to<span class=\"_ _3\"/> refer <span class=\"_ _0\"/>the <span class=\"_ _0\"/>case back to the <span class=\"_ _1\"/>European General Court <span class=\"_ _1\"/>to review whether <span class=\"_ _1\"/>the Belgian excess profit <span class=\"_ _1\"/>rulings <span class=\"_ _1\"/>constitute <span class=\"_ _1\"/>State <span class=\"_ _1\"/>aid. O<span class=\"_ _0\"/>n <span class=\"_ _1\"/>16 <span class=\"_ _1\"/>September <span class=\"_ _1\"/>2021, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>European <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>of <span class=\"_ _1\"/>J<span class=\"_ _3\"/>ustice <span class=\"_ _f\"/>agreed <span class=\"_ _0\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>AG <span class=\"_ _1\"/>and <span class=\"_ _1\"/>concluded that the excess pr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>fit ruling s<span class=\"_ _1\"/>yste<span class=\"_ _3\"/>m constitutes <span class=\"_ _0\"/>an aid <span class=\"_ _1\"/>s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me and <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et aside the <span class=\"_ _1\"/>ju<span class=\"_ _3\"/>dgment of <span class=\"_ _1\"/>the<span class=\"_ _3\"/> European <span class=\"_ _0\"/>General Court.<span class=\"_ _0\"/> The <span class=\"_ _0\"/>case <span class=\"_ _1\"/>h<span class=\"_ _3\"/>as <span class=\"_ _1\"/>been referred <span class=\"_ _1\"/>back to <span class=\"_ _1\"/>the Euro<span class=\"_ _0\"/>pean G<span class=\"_ _0\"/>eneral <span class=\"_ _1\"/>Court to <span class=\"_ _1\"/>decide whether <span class=\"_ _1\"/>the B<span class=\"_ _1\"/>e<span class=\"_ _3\"/>lgian <span class=\"_ _1\"/>excess profit <span class=\"_ _1\"/>ruling <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ystem constitutes illegal State aid as well as the other remaining open issues in<span class=\"_ _3\"/> the appeal, where it remains ongoing along with other pending appeals related to the matter.  Following <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>initial <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nnulment <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>European <span class=\"_ _5\"> </span>Commission\u2019s <span class=\"_ _5\"> </span>decision <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>y <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>European <span class=\"_ _5\"> </span>General <span class=\"_ _5\"> </span>Court <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>2019, <span class=\"_ _7\"> </span>the European Co<span class=\"_ _0\"/>mmission ope<span class=\"_ _0\"/>ned <span class=\"_ _0\"/>new <span class=\"_ _1\"/>s<span class=\"_ _3\"/>tate <span class=\"_ _0\"/>aid investigations <span class=\"_ _1\"/>into the <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ndividual <span class=\"_ _0\"/>Belgian <span class=\"_ _1\"/>tax rulings, <span class=\"_ _1\"/>including the <span class=\"_ _1\"/>one<span class=\"_ _3\"/> <span class=\"_ _1\"/>issued to AB InBev in September 2019, to remedy the concerns that had led to the annulment.<span class=\"_ _3\"/> These investigations relate to the same rulings <span class=\"_ _1\"/>that were <span class=\"_ _1\"/>the subject <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>Eu<span class=\"_ _3\"/>ropean C<span class=\"_ _1\"/>omm<span class=\"_ _3\"/><span class=\"ff4\">ission\u2019s<span class=\"_ _3\"/> <span class=\"_ _1\"/>decision issued <span class=\"_ _1\"/>on<span class=\"_ _3\"/> <span class=\"_ _1\"/>11 January <span class=\"_ _0\"/>2016. <span class=\"_ _1\"/>AB InBev ha<span class=\"_ _1\"/>s<span class=\"_ _3\"/> fi<span class=\"_ _0\"/>led </span>its <span class=\"_ _3\"/>observations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>respect <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>opening <span class=\"_ _3\"/>decisions <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the Euro<span class=\"_ _3\"/>pean <span class=\"_ _3\"/>Commission. <span class=\"_ _3\"/>On <span class=\"_ _3\"/>28 <span class=\"_ _3\"/>October <span class=\"_ _3\"/>2021, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>European Commission <span class=\"_ _3\"/>s<span class=\"_ _3\"/>tayed <span class=\"_ _3\"/>the <span class=\"_ _3\"/>new <span class=\"_ _2\"/>state <span class=\"_ _3\"/>aid <span class=\"_ _2\"/>investigations <span class=\"_ _3\"/>into <span class=\"_ _2\"/>the <span class=\"_ _3\"/>individual <span class=\"_ _2\"/>Belgi<span class=\"_ _3\"/>an <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>rulings <span class=\"_ _3\"/>pen<span class=\"_ _3\"/>ding <span class=\"_ _3\"/>final <span class=\"_ _2\"/>resolution <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the case. In <span class=\"_ _1\"/>addition, t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _1\"/>Belgian <span class=\"_ _1\"/>tax <span class=\"_ _0\"/>authorities <span class=\"_ _1\"/>have <span class=\"_ _1\"/>a<span class=\"_ _3\"/>lso <span class=\"_ _1\"/>questioned <span class=\"_ _1\"/>the <span class=\"_ _1\"/>validity <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>the <span class=\"_ _1\"/>actual <span class=\"_ _0\"/>application <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the e<span class=\"_ _0\"/>xcess <span class=\"_ _1\"/>profit ruli<span class=\"_ _3\"/>ng that <span class=\"_ _0\"/>was <span class=\"_ _1\"/>issued<span class=\"_ _3\"/> <span class=\"_ _1\"/>in fa<span class=\"_ _1\"/>v<span class=\"_ _3\"/>or <span class=\"_ _1\"/>of AB <span class=\"_ _1\"/>InBev an<span class=\"_ _1\"/>d<span class=\"_ _3\"/> <span class=\"_ _1\"/>have refused <span class=\"_ _1\"/>the <span class=\"_ _0\"/>actual <span class=\"_ _1\"/>tax exemption wh<span class=\"_ _0\"/>ich <span class=\"_ _1\"/>it confers. <span class=\"_ _1\"/>AB <span class=\"_ _0\"/>InBev <span class=\"_ _1\"/>has filed <span class=\"_ _1\"/>a c<span class=\"_ _1\"/>ou<span class=\"_ _3\"/>rt claim ag<span class=\"_ _3\"/>ainst such <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>before the <span class=\"_ _3\"/>Brussels c<span class=\"_ _3\"/>ourt of <span class=\"_ _3\"/>first <span class=\"_ _3\"/>instance <span class=\"_ _3\"/>which ruled <span class=\"_ _3\"/>in <span class=\"_ _3\"/>favor of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev on<span class=\"_ _3\"/> 21 <span class=\"_ _3\"/>June <span class=\"_ _3\"/>2019, and again on 9 July 2021 for subsequent years. The Belgian <span class=\"_ _0\"/>tax authorities appealed<span class=\"_ _3\"/> both judgments. In Ja<span class=\"_ _3\"/>nuary 2019, <span class=\"_ _3\"/>AB InBev <span class=\"_ _3\"/>deposited 68<span class=\"_ _3\"/> mi<span class=\"_ _3\"/>llion euro <span class=\"_ _3\"/>(72 <span class=\"_ _3\"/>million US <span class=\"_ _3\"/>dollar) on<span class=\"_ _3\"/> a <span class=\"_ _3\"/>blocked account. <span class=\"_ _3\"/>Depending <span class=\"_ _3\"/>on the <span class=\"_ _3\"/>final outcome <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the <span class=\"_ _6\"/>European <span class=\"_ _2\"/>Court <span class=\"_ _6\"/>procedures <span class=\"_ _2\"/>on <span class=\"_ _6\"/>the <span class=\"_ _2\"/>Belgian <span class=\"_ _6\"/>excess <span class=\"_ _2\"/>profit <span class=\"_ _6\"/>ruling <span class=\"_ _6\"/>system, <span class=\"_ _2\"/>as <span class=\"_ _2\"/>wel<span class=\"_ _3\"/>l <span class=\"_ _2\"/>as <span class=\"_ _6\"/>the <span class=\"_ _6\"/>pending <span class=\"_ _2\"/>Belgian court cases, <span class=\"_ _0\"/>this a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ount will <span class=\"_ _1\"/>either be s<span class=\"_ _0\"/>lightly modified, <span class=\"_ _1\"/>or released <span class=\"_ _0\"/>back to <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r paid <span class=\"_ _1\"/>over to th<span class=\"_ _0\"/>e Belgian <span class=\"_ _1\"/>State. In <span class=\"_ _6\"/>connection <span class=\"_ _6\"/>with <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>European <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>procedures, <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _6\"/>recognized <span class=\"_ _6\"/>a <span class=\"_ _6\"/>provision <span class=\"_ _6\"/>of <span class=\"_ _6\"/>68<span class=\"_ _3\"/> <span class=\"_ _6\"/>m<span class=\"_ _3\"/>illion <span class=\"_ _6\"/>euro <span class=\"_ _7\"/>(72 <span class=\"_ _2\"/>million <span class=\"_ _7\"/>US dollar) in 2020.   CERBUCO BREWING ARBITRATION Cerbuco <span class=\"_ _1\"/>Brewing <span class=\"_ _1\"/>Inc., <span class=\"_ _1\"/>(\u201cCerbuco\u201d) <span class=\"_ _0\"/>a <span class=\"_ _1\"/>Canadian <span class=\"_ _1\"/>subsidiary <span class=\"_ _f\"/>o<span class=\"_ _3\"/>f <span class=\"_ _f\"/>Am<span class=\"_ _3\"/>bev, <span class=\"_ _1\"/>owns <span class=\"_ _1\"/>a <span class=\"_ _1\"/>50% <span class=\"_ _1\"/>equity <span class=\"_ _1\"/>ownership <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Cerveceria <span class=\"_ _1\"/>Bu<span class=\"_ _3\"/>canero S.A. <span class=\"_ _f\"/>(\u201cBu<span class=\"_ _3\"/>canero\u201d), <span class=\"_ _1\"/>a <span class=\"_ _f\"/>joint <span class=\"_ _1\"/>venture <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Cuba. <span class=\"_ _1\"/>In <span class=\"_ _f\"/>202<span class=\"_ _3\"/>1, <span class=\"_ _f\"/>Cerbuco <span class=\"_ _1\"/>initiated <span class=\"_ _1\"/>an <span class=\"_ _1\"/>arbitration <span class=\"_ _1\"/>proceeding <span class=\"_ _f\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Inter<span class=\"_ _2\"/><span class=\"ff2\">national <span class=\"_ _1\"/>Chamber </span>of <span class=\"_ _3\"/>Commerce <span class=\"_ _2\"/><span class=\"ff4 ls5\">(\u201c</span>ICC<span class=\"ff4 ls5\">\u201d)</span>, <span class=\"_ _3\"/>relating <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>potential <span class=\"_ _3\"/>breach <span class=\"_ _3\"/>of <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _3\"/>relating <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>venture, <span class=\"_ _2\"/>with <span class=\"_ _3\"/>the <span class=\"_ _3\"/>terms <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f reference <span class=\"_ _7\"/>being <span class=\"_ _7\"/>formally <span class=\"_ _7\"/>executed <span class=\"_ _7\"/>in <span class=\"_ _7\"/>2022. <span class=\"_ _5\"> </span>Depending <span class=\"_ _7\"/>on <span class=\"_ _7\"/>the <span class=\"_ _7\"/>outcome <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>arbitration<span class=\"_ _3\"/>, <span class=\"_ _7\"/>there <span class=\"_ _7\"/>may <span class=\"_ _7\"/>be <span class=\"_ _7\"/>an <span class=\"_ _7\"/>impact<span class=\"_ _3\"/> <span class=\"_ _7\"/>on<span class=\"_ _1\"/> Cerbuco\u2019s <span class=\"_\"> </span>ability <span class=\"_\"> </span>to <span class=\"_ _8\"> </span>influence <span class=\"_\"> </span>the <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_\"> </span>Bucanero\u2019s <span class=\"_\"> </span>o<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erations. <span class=\"_\"> </span>As <span class=\"_ _8\"> </span>a <span class=\"_\"> </span>result, <span class=\"_\"> </span>Ambev\u2019s<span class=\"ff2\"> <span class=\"_\"> </span>ability <span class=\"_\"> </span>to <span class=\"_ _8\"> </span>continue </span>consolidating <span class=\"_\"> </span>Bucanero <span class=\"_ _8\"> </span>into <span class=\"_\"> </span>its <span class=\"_\"> </span>financial <span class=\"_\"> </span>statements <span class=\"_ _8\"> </span>may <span class=\"_\"> </span>also <span class=\"_\"> </span>be <span class=\"_ _8\"> </span>affected. <span class=\"_\"> </span>The <span class=\"_\"> </span>financial <span class=\"_\"> </span>impact <span class=\"_\"> </span>has <span class=\"_ _8\"> </span>not <span class=\"_\"> </span>yet <span class=\"_\"> </span>be<span class=\"_ _0\"/>en ascertained, as it depends on the outcome of the arbitration. WARRANTS<span class=\"fc1\"> </span>Certain h<span class=\"_ _3\"/>olders of <span class=\"_ _3\"/>warrants <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>by Ambev <span class=\"_ _3\"/>in <span class=\"_ _3\"/>1996 <span class=\"_ _3\"/>for <span class=\"_ _3\"/>exercise in <span class=\"_ _3\"/>2003 <span class=\"_ _3\"/>proposed <span class=\"_ _3\"/>lawsuits to <span class=\"_ _3\"/>subscribe <span class=\"_ _3\"/>correspondent shares <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>lower <span class=\"_ _2\"/>than <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>co<span class=\"_ _3\"/>nsiders <span class=\"_ _3\"/>as <span class=\"_ _2\"/>established <span class=\"_ _2\"/>upon <span class=\"_ _2\"/>the <span class=\"_ _2\"/>warrant <span class=\"_ _2\"/>issuance. <span class=\"_ _2\"/>In <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ase <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>loses <span class=\"_ _2\"/>the totality of these <span class=\"_ _3\"/>lawsuits, the issuance of 172,831,574 sh<span class=\"_ _3\"/>ares would be necessary. Ambev would <span class=\"_ _3\"/>receive in consideration funds <span class=\"_ _6\"/>that <span class=\"_ _7\"/>are <span class=\"_ _6\"/>materially <span class=\"_ _7\"/>lower <span class=\"_ _2\"/>tha<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _6\"/>cu<span class=\"_ _3\"/>rrent <span class=\"_ _6\"/>market <span class=\"_ _6\"/>value. <span class=\"_ _7\"/>This <span class=\"_ _6\"/>could <span class=\"_ _7\"/>result <span class=\"_ _6\"/>in <span class=\"_ _6\"/>a <span class=\"_ _7\"/>dilution <span class=\"_ _6\"/>of <span class=\"_ _6\"/>a<span class=\"_ _3\"/>bout <span class=\"_ _6\"/>1% <span class=\"_ _7\"/>to <span class=\"_ _6\"/>all <span class=\"_ _6\"/>Ambev shareholders. <span class=\"_ _2\"/>Furthermore, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>hol<span class=\"_ _3\"/>ders <span class=\"_ _2\"/>of <span class=\"_ _2\"/>these <span class=\"_ _2\"/>warrants <span class=\"_ _3\"/>a<span class=\"_ _3\"/>re <span class=\"_ _3\"/>claiming <span class=\"_ _2\"/>that <span class=\"_ _2\"/>they <span class=\"_ _2\"/>should <span class=\"_ _2\"/>receive <span class=\"_ _3\"/>the <span class=\"_ _2\"/>dividends <span class=\"_ _2\"/>relative <span class=\"_ _2\"/>to these <span class=\"_ _6\"/>shares <span class=\"_ _2\"/>si<span class=\"_ _3\"/>nce <span class=\"_ _2\"/>2003, <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>1.2 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>Brazilian <span class=\"_ _6\"/>real <span class=\"_ _6\"/>(0.2 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>in <span class=\"_ _2\"/>addition <span class=\"_ _6\"/>to <span class=\"_ _6\"/>legal <span class=\"_ _2\"/>fe<span class=\"_ _3\"/>es. <span class=\"_ _6\"/>Ambev disputes <span class=\"_ _2\"/>these <span class=\"_ _3\"/>c<span class=\"_ _3\"/>laims <span class=\"_ _2\"/>and <span class=\"_ _3\"/>in<span class=\"_ _3\"/>tends <span class=\"_ _3\"/>to <span class=\"_ _2\"/>continue <span class=\"_ _6\"/>to <span class=\"_ _2\"/>vigorously <span class=\"_ _2\"/>defend <span class=\"_ _2\"/>these <span class=\"_ _2\"/>cases. <span class=\"_ _2\"/>All <span class=\"_ _2\"/>six <span class=\"_ _2\"/>lawsuits <span class=\"_ _2\"/>were <span class=\"_ _2\"/>ruled <span class=\"_ _3\"/>favo<span class=\"_ _3\"/>rably <span class=\"_ _3\"/>to Ambev by t<span class=\"_ _0\"/>he Superior Co<span class=\"_ _1\"/>urt of Justice (\u201cSTJ\u201d). <span class=\"_ _1\"/>Three cases were <span class=\"_ _1\"/>dismissed by the S<span class=\"_ _1\"/>TJ<span class=\"_ _3\"/>\u2019s <span class=\"_ _0\"/>Special Court <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd the <span class=\"_ _1\"/>plaintiffs\u2019 appeals <span class=\"_ _3\"/>were <span class=\"_ _3\"/>denied <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>Sup<span class=\"_ _3\"/>reme Cou<span class=\"_ _3\"/>rt <span class=\"_ _3\"/>(\u201cSTF\u201d).<span class=\"ff2\"> <span class=\"_ _2\"/>The <span class=\"_ _3\"/>plaintiffs <span class=\"_ _3\"/>filed <span class=\"_ _3\"/>an <span class=\"_ _3\"/>appeal <span class=\"_ _3\"/>for <span class=\"_ _3\"/>further <span class=\"_ _3\"/>review <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the <span class=\"_ _2\"/>STF </span>chamber, which was denied b<span class=\"_ _1\"/>y the STF chamber in a <span class=\"_ _0\"/>unanimous ruling. The fourth <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase was ruled f<span class=\"_ _1\"/>av<span class=\"_ _3\"/>orably to Ambev <span class=\"_ _0\"/>by the <span class=\"_ _2\"/>STJ\u2019s <span class=\"_ _2\"/>Sp<span class=\"_ _3\"/>ecial <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>and <span class=\"_ _2\"/>the <span class=\"_ _6\"/>judgment <span class=\"_ _2\"/>became <span class=\"_ _2\"/>final. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>fi<span class=\"_ _3\"/>fth <span class=\"_ _2\"/>case <span class=\"_ _2\"/>was <span class=\"_ _2\"/>remi<span class=\"_ _2\"/>tted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>STJ<span class=\"_ _3\"/>\u2019s <span class=\"_ _2\"/>lower <span class=\"_ _2\"/>court <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new judgment <span class=\"_ _3\"/>and th<span class=\"_ _3\"/>e sixth <span class=\"_ _3\"/>case <span class=\"_ _3\"/>was <span class=\"_ _3\"/>ruled favorably <span class=\"_ _3\"/>to <span class=\"_ _3\"/>Ambev and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>became final<span class=\"_ _3\"/>. Considering <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of <span class=\"_ _3\"/>these <span class=\"_ _3\"/>facts, Ambev and its external counsels strongly believe that the chance of loss in these cases is r<span class=\"_ _1\"/>em<span class=\"_ _3\"/>ot<span class=\"_ _3\"/><span class=\"ls3\">e.</span> 30.<span class=\"ls0\"> <span class=\"_ _1\"/>Non-controlling inte<span class=\"_ _1\"/>rests </span>As <span class=\"_ _1\"/>a<span class=\"_ _3\"/>t <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _1\"/>and <span class=\"_ _1\"/>2021<span class=\"_ _3\"/>, <span class=\"_ _1\"/>material <span class=\"_ _1\"/>n<span class=\"_ _3\"/>on-controlling <span class=\"_ _1\"/>interests r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>late <span class=\"_ _1\"/>to <span class=\"_ _0\"/>Ambev, <span class=\"_ _1\"/>a <span class=\"_ _1\"/>Brazilian l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>sted <span class=\"_ _1\"/>subsidiary <span class=\"_ _1\"/>in which AB In<span class=\"_ _3\"/>Bev has <span class=\"_ _3\"/>61.77% ownership, <span class=\"_ _3\"/>and Budweiser <span class=\"_ _3\"/>APAC, an Asi<span class=\"_ _3\"/>a Pacific <span class=\"_ _3\"/>listed subsidiary <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which AB <span class=\"_ _3\"/>InBev has <span class=\"_ _3\"/>87.22% ownership. <span class=\"_ _0\"/>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>below <span class=\"_ _1\"/>provide <span class=\"_ _1\"/>summarized <span class=\"_ _0\"/>information <span class=\"_ _1\"/>derived <span class=\"_ _1\"/>from <span class=\"_ _0\"/>the <span class=\"_ _1\"/>consolidated <span class=\"_ _1\"/>financial <span class=\"_ _1\"/>statements <span class=\"_ _1\"/>of Am<span class=\"_ _0\"/>bev and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.  Summarized <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>nancial <span class=\"_ _6\"/>information <span class=\"_ _6\"/>of <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Bu<span class=\"_ _3\"/>dweiser <span class=\"_ _6\"/>APAC, <span class=\"_ _6\"/>in <span class=\"_ _7\"/>which <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>company <span class=\"_ _6\"/>has<span class=\"_ _3\"/> <span class=\"_ _6\"/>material <span class=\"_ _6\"/>non<span class=\"_ _2\"/>-c<span class=\"_ _3\"/>ontrolling interests, is as follows: Ambev Budweiser APA<span class=\"_ _0\"/>C 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Summarized sta<span class=\"_ _0\"/>tement of fi<span class=\"_ _0\"/>nancial positi<span class=\"_ _1\"/>on information Current assets 7 <span class=\"ls6\">248</span>  6 <span class=\"ls6\">922</span>  3 <span class=\"ls6\">606</span>  3 <span class=\"ls6\">161</span>  Non-curren<span class=\"_ _0\"/>t assets 19<span class=\"ls0\"> </span>193<span class=\"ls0\">  </span>17<span class=\"ls0\"> </span>915<span class=\"ls0\">  </span>12<span class=\"ls0\"> </span>390<span class=\"ls0\">  </span>13<span class=\"ls0\"> </span>464<span class=\"ls0\">  </span>Current liabilities<span class=\"_ _0\"/> 7 <span class=\"ls6\">770</span>  6 <span class=\"ls6\">965</span>  4 <span class=\"ls6\">414</span>  4 <span class=\"ls6\">691</span>  Non-curren<span class=\"_ _0\"/>t liabilities 2 <span class=\"ls6\">700</span>  2 <span class=\"ls6\">817</span>  748<span class=\"ls0\">  </span>851<span class=\"ls0\">  </span>Equity attributable<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o equit<span class=\"_ _0\"/>y holders 15<span class=\"ls0\"> </span>707<span class=\"ls0\">  </span>14<span class=\"ls0\"> </span>809<span class=\"ls0\">  </span>10<span class=\"ls0\"> </span>765<span class=\"ls0\">  </span>11<span class=\"ls0\"> </span>013<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 263<span class=\"ls0\">  </span>246<span class=\"ls0\">  </span>69<span class=\"ls0\">  </span>70<span class=\"ls0\">  </span>Ambev Budweiser APA<span class=\"_ _0\"/>C Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Summarized <span class=\"_ _0\"/>income statement<span class=\"_ _1\"/> and  other comprehens<span class=\"_ _1\"/>ive income informatio<span class=\"_ _0\"/>n Revenue 15<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>13<span class=\"ls0\"> </span>570<span class=\"ls0\">  </span>6 <span class=\"ls6\">478</span>  6 <span class=\"ls6\">788</span>  Net income 2 <span class=\"ls6\">883</span>  2 <span class=\"ls6\">444</span>  949<span class=\"ls0\">  </span>981<span class=\"ls0\">  </span>Attributable to:<span class=\"_ _0\"/> Equity holder<span class=\"_ _0\"/>s 2 <span class=\"ls6\">800</span>  2 <span class=\"ls6\">360</span>  913<span class=\"ls0\">  </span>950<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 84<span class=\"ls0\">  </span>84<span class=\"ls0\">  </span>36<span class=\"ls0\">  </span>31<span class=\"ls0\">  </span>Net income 2 <span class=\"ls6\">883</span>  2 <span class=\"ls6\">444</span>  949<span class=\"ls0\">  </span>981<span class=\"ls0\">  </span>Other compreh<span class=\"_ _0\"/>ensive income (1 300) 629<span class=\"ls0\">  </span> <span class=\"ls7\">(812)</span>  <span class=\"ls7\">(289)</span> Total comprehens<span class=\"_ _1\"/>iv<span class=\"_ _3\"/>e income<span class=\"_ _1\"/> 1 <span class=\"ls6\">584</span>  3 <span class=\"ls6\">074</span>  137<span class=\"ls0\">  </span>692<span class=\"ls0\">  </span>Attributable to: Equity holder<span class=\"_ _0\"/>s 1 <span class=\"ls6\">517</span>  2 <span class=\"ls6\">970</span>  105<span class=\"ls0\">  </span>660<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 67<span class=\"ls0\">  </span>104<span class=\"ls0\">  </span>32<span class=\"ls0\">  </span>32<span class=\"ls0\">  </span>Summarized cas<span class=\"_ _0\"/>h flow inf<span class=\"_ _0\"/>ormation Cash flow from op<span class=\"_ _0\"/>erating act<span class=\"_ _0\"/>ivities 3 <span class=\"ls6\">997</span>  4 <span class=\"ls6\">266</span>  1 <span class=\"ls6\">577</span>  1 <span class=\"ls6\">903</span>  Cash flow from in<span class=\"_ _1\"/>vesting activities  <span class=\"ls7\">(969)</span> (1 441)  <span class=\"ls7\">(440)</span>  <span class=\"ls7\">(731)</span> Cash flow from f<span class=\"_ _1\"/>inancing activities (3 164) (2 988)  <span class=\"ls7\">(500)</span>  <span class=\"ls7\">(464)</span> Net increase/(dec<span class=\"_ _0\"/>rease) in cas<span class=\"_ _0\"/>h and cas<span class=\"_ _0\"/>h equivalent<span class=\"_ _0\"/>s  <span class=\"ls7\">(136)</span>  <span class=\"ls7\">(163)</span> 637<span class=\"ls0\">  </span>708<span class=\"ls0\">  </span>Dividends <span class=\"_ _6\"/>paid <span class=\"_ _6\"/>by <span class=\"_ _6\"/>Ambev <span class=\"_ _6\"/>and <span class=\"_ _6\"/>its <span class=\"_ _6\"/>subsidiaries <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>non-controlling <span class=\"_ _2\"/>interests <span class=\"_ _6\"/>(i.e., <span class=\"_ _6\"/>to <span class=\"_ _6\"/>entities <span class=\"_ _6\"/>outside <span class=\"_ _6\"/>the <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>Group) amounted to 1.0 billion US dollar and 0.8 <span class=\"_ _0\"/>billion US dollar for 2022 and 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>21, respectively. I<span class=\"_ _0\"/>n 2022, Budweiser APAC <span class=\"_ _3\"/>and its <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>paid <span class=\"_ _2\"/>a <span class=\"_ _2\"/>final <span class=\"_ _2\"/>dividend <span class=\"_ _2\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>year <span class=\"_ _3\"/>2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>1 <span class=\"_ _2\"/>to <span class=\"_ _2\"/>non-controlling <span class=\"_ _3\"/>interests <span class=\"_ _2\"/>amounting <span class=\"_ _2\"/>to <span class=\"_ _2\"/><span class=\"ls3\">83</span>m <span class=\"_ _2\"/>US dollar (2021: <span class=\"ls8\">67<span class=\"_ _3\"/></span>m US dollar).Other <span class=\"_\"> </span>non-<span class=\"ff4\">controlling <span class=\"_\"> </span>interests <span class=\"_\"> </span>not <span class=\"_\"> </span>deemed <span class=\"_\"> </span>individually <span class=\"_\"> </span>m<span class=\"_ _0\"/>aterial <span class=\"_\"> </span>by <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_\"> </span>mainly <span class=\"_\"> </span>related <span class=\"_\"> </span>to <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>company\u2019s </span>oper<span class=\"ls0\">ations <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Africa <span class=\"_ _1\"/>in <span class=\"_ _1\"/>association <span class=\"_ _1\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Cas<span class=\"_ _3\"/>tel <span class=\"_ _1\"/>Group <span class=\"_ _1\"/>(e.g., <span class=\"_ _f\"/>Bots<span class=\"_ _3\"/>wana, <span class=\"_ _1\"/>Ghana, <span class=\"_ _1\"/>Mozambique, <span class=\"_ _1\"/>Nigeria, <span class=\"_ _1\"/>Tanzania, <span class=\"_ _1\"/>Uganda </span>and <span class=\"_ _1\"/>Zambia), as<span class=\"_ _0\"/> <span class=\"_ _1\"/>well a<span class=\"_ _0\"/>s <span class=\"_ _1\"/><span class=\"ls3\">non<span class=\"ls0\">-controlling <span class=\"_ _1\"/>interests <span class=\"_ _1\"/>in US-based <span class=\"_ _1\"/>metal <span class=\"_ _1\"/>container <span class=\"_ _1\"/>operations fr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>m <span class=\"_ _1\"/>Apollo <span class=\"_ _1\"/>Glo<span class=\"_ _3\"/>bal <span class=\"_ _1\"/>Management, </span></span>Inc. (\u201cApollo\u201d)<span class=\"ff2\"> a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d <span class=\"ls3\">non</span>-<span class=\"_ _1\"/><span class=\"ff4\">c<span class=\"_ _3\"/>ontrolling <span class=\"_ _1\"/>in<span class=\"_ _3\"/>terests <span class=\"_ _1\"/>re<span class=\"_ _3\"/>cognized <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n res<span class=\"_ _0\"/>pect of <span class=\"_ _1\"/>the company\u2019s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>in Colombia, Ec<span class=\"_ _0\"/>uador and </span></span>Peru.  31.<span class=\"ls0\"> <span class=\"_ _1\"/>Related parties </span>TRANSACTIONS<span class=\"ff2 fc1\"> </span>WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL)<span class=\"ff2 fc1\"> </span>AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/>\u2019s <span class=\"_ _2\"/>Executive <span class=\"_ _6\"/>Committee <span class=\"_ _6\"/>members\u2019<span class=\"_ _3\"/> <span class=\"_ _2\"/>compensat<span class=\"ff2\">ion <span class=\"_ _6\"/>consists <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>s<span class=\"_ _3\"/>hort-term <span class=\"_ _2\"/>employee <span class=\"_ _6\"/>benefits <span class=\"_ _2\"/>(p<span class=\"_ _3\"/>rimarily <span class=\"_ _2\"/>salaries) </span>and<span class=\"ls0\"> <span class=\"_ _2\"/>po<span class=\"_ _3\"/>st-employment <span class=\"_ _2\"/>benefits <span class=\"_ _6\"/>from <span class=\"_ _6\"/>pension <span class=\"_ _6\"/>plans <span class=\"_ _6\"/>of <span class=\"_ _6\"/>their <span class=\"_ _6\"/>respective <span class=\"_ _2\"/>country <span class=\"_ _6\"/><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _6\"/>23 <span class=\"_ _6\"/><span class=\"ff5\">Pensions <span class=\"_ _6\"/>and <span class=\"_ _2\"/>similar </span></span>obligations<span class=\"ff2 ls2\">. <span class=\"_ _6\"/><span class=\"ls0\">Key <span class=\"_ _2\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>personnel <span class=\"_ _6\"/>are <span class=\"_ _6\"/>also <span class=\"_ _6\"/>eligible <span class=\"_ _2\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/><span class=\"ff4\">company\u2019s <span class=\"_ _2\"/>sh<span class=\"_ _3\"/>are <span class=\"_ _2\"/>option; <span class=\"_ _6\"/>restricted <span class=\"_ _2\"/>s<span class=\"_ _3\"/>tock <span class=\"_ _2\"/>and/or <span class=\"_ _6\"/>share </span></span></span>swap program (see Note 24 <span class=\"ff5\">Share-based Payments</span>). Total directors and Executive Committee compensation included in<span class=\"_ _1\"/> the income statement can be detailed as follows:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Executive Executive Million US dol<span class=\"_ _0\"/>lar Directors Committee Directors Committee\u00b9 Short-term emplo<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ee benefits                 2                <span class=\"ls6\">15</span>                  2                <span class=\"ls6\">24</span>  Termination bene<span class=\"_ _1\"/>f<span class=\"_ _3\"/>its                 -                  -                  -                  -  Share-based pay<span class=\"_ _1\"/>ment                 -                <span class=\"ls6\">35</span>                  -                <span class=\"ls6\">33</span>                  2                <span class=\"ls6\">50</span>                  2                <span class=\"ls6\">57</span>  1Directors\u2019 compensation consists mainly of directors\u2019 fees.During 2022, AB InBev entered into the following transactions: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">The <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>of <span class=\"_ _3\"/>commercial <span class=\"_ _3\"/>premises <span class=\"_ _3\"/>from <span class=\"_ _3\"/>and<span class=\"_ _3\"/> th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>sale <span class=\"_ _3\"/>of <span class=\"_ _3\"/>malt<span class=\"_ _3\"/>-based <span class=\"_ _3\"/>beverages <span class=\"_ _3\"/>and <span class=\"_ _2\"/>beer to<span class=\"_ _3\"/> <span class=\"_ _3\"/>companies <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which </span></span>one <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>company's <span class=\"_ _7\"/>Board <span class=\"_ _6\"/>M<span class=\"_ _3\"/>ember <span class=\"_ _7\"/>had <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>influence <span class=\"_ _6\"/>as<span class=\"_ _3\"/> <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2022. <span class=\"_ _7\"/>The <span class=\"_ _6\"/>tra<span class=\"_ _3\"/>nsactions happened m<span class=\"_ _3\"/>ainly <span class=\"_ _3\"/>through AB <span class=\"_ _3\"/>InBev<span class=\"_ _3\"/>\u2019s s<span class=\"_ _3\"/>ubsidiary B<span class=\"_ _3\"/><span class=\"ff2\">avaria <span class=\"_ _3\"/>S.A. <span class=\"_ _3\"/>for <span class=\"_ _3\"/>an <span class=\"_ _3\"/>aggregated <span class=\"_ _3\"/>consideration <span class=\"_ _3\"/>of <span class=\"_ _3\"/>approximately </span>33<span class=\"ls0\">m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2<span class=\"_ _3\"/>021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">19<span class=\"_ _3\"/></span></span>m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>outstanding <span class=\"_ _2\"/>balance <span class=\"_ _3\"/>of <span class=\"_ _2\"/>these <span class=\"_ _3\"/>transactions <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _3\"/>2022 </span>amounts to 1m US dollar (31 December 2021: 3m US dollar).  \u2022 <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">In <span class=\"_\"> </span>202<span class=\"_ _3\"/>1, <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_ _e\"> </span>acquired<span class=\"_ _3\"/>, <span class=\"_\"> </span>through <span class=\"_ _e\"> </span>Grupo <span class=\"_\"> </span>Modelo <span class=\"_\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>subsidiaries, <span class=\"_\"> </span>information <span class=\"_\"> </span>tech<span class=\"_ _3\"/>nology <span class=\"_\"> </span>and </span>infrastructure <span class=\"_ _6\"/>services <span class=\"_ _2\"/>for <span class=\"_ _6\"/>a <span class=\"_ _6\"/>consideration <span class=\"_ _2\"/>of <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>1m <span class=\"_ _7\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>from <span class=\"_ _2\"/>a <span class=\"_ _6\"/>company <span class=\"_ _6\"/>in <span class=\"_ _2\"/>which <span class=\"_ _6\"/>one <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>the company\u2019s Board Member had significant influence.<span class=\"ff2\"> In 2022, there were no such transactions. </span>JOINTLY CONTROLLED ENTITIES Interests <span class=\"_ _3\"/>in <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>ventures <span class=\"_ _3\"/>include three<span class=\"_ _3\"/> entities <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Brazil, <span class=\"_ _3\"/>one i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Mexico <span class=\"_ _3\"/>and one<span class=\"_ _3\"/> i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Canada. None <span class=\"_ _3\"/>of <span class=\"_ _3\"/>these <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>ventures are material to the company.<span class=\"fs6 fc5\"> </span>TRANSACTIONS WITH ASSOCIATES Significant <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rests <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>associates a<span class=\"_ _1\"/>re shown <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>note <span class=\"_ _1\"/>16 <span class=\"ff5\">Investments <span class=\"_ _1\"/>in assoc<span class=\"_ _0\"/>iates<span class=\"ff4\">. AB<span class=\"_ _1\"/> InBev\u2019s <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociates </span></span>were as follows:  Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Gross profit (4)<span class=\"ls0\"> </span>58<span class=\"ls0\">  </span>Current assets 100<span class=\"ls0\">  </span>57<span class=\"ls0\">  </span>Current liabilities<span class=\"_ _0\"/> 16<span class=\"ls0\">  </span>99<span class=\"ls0\">  </span>TRANSACTIONS WITH PENSION PLANS AB InBev\u2019s transactions with pension plans mainly comprise <span class=\"ff2\">(12)m<span class=\"_ _3\"/> US dollar other expense <span class=\"ls2\">to</span> pension plans in the US in </span>2022<span class=\"ls0\"> (</span>2021<span class=\"ls2\">: <span class=\"ls0\">(12)m US d<span class=\"_ _0\"/>ollar). </span></span>32.<span class=\"ls0\"> <span class=\"_ _1\"/>Events after the reporting date<span class=\"_ _1\"/> </span>None. 33.<span class=\"ls0\"> <span class=\"_ _1\"/>AB InBev companies<span class=\"_ _1\"/> </span>The most important AB InBev companies included in the consolidation scope are listed below<span class=\"ls2\">. </span>The complete list of the company\u2019s investments is available at AB<span class=\"ff2\"> InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. </span>1LIST OF THE MOST IMPORTANT FULLY CONSOLIDATED COMPANIES % economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of the fully conso<span class=\"_ _1\"/>lidated companies at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 . Argentina Cerveceria y Malter<span class=\"_ _0\"/>ia Quilmes<span class=\"_ _1\"/> <span class=\"_ _3\"/>Saica Y G - Charca<span class=\"_ _1\"/>s <span class=\"_ _3\"/>5160 - C14<span class=\"_ _0\"/>25BOF Bueno<span class=\"_ _1\"/>s Aires 61.62% . Belgium Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev NV - Gra<span class=\"_ _0\"/>nd Place 1 - 1000 Bru<span class=\"_ _1\"/>ssels Consolidating Brasserie de l'Abba<span class=\"_ _1\"/>ye de Leffe S.A. - Place de<span class=\"_ _1\"/> <span class=\"_ _3\"/>l'Abbaye<span class=\"_ _0\"/>, 1 - <span class=\"ls6\">5500 </span>- Dinant 98.54% Brouwerij van<span class=\"_ _0\"/> Hoegaarde<span class=\"_ _0\"/>n N.V. - Stoopkens<span class=\"_ _0\"/>straat 46 - <span class=\"ls6\">3320 </span>- Hoegaar<span class=\"_ _0\"/>den 100.00% Cobrew N.V - Brou<span class=\"_ _1\"/>werijplein 1, 3000 Leuven<span class=\"_ _0\"/> 100.00% InBev Belgium<span class=\"_ _0\"/> BV/SRL - Boulevar<span class=\"_ _1\"/>d Industriel, 21 - 1070 Anderlech<span class=\"_ _1\"/>t 100.00% . Bolivia Cervecer\u00eda Boli<span class=\"_ _1\"/>v<span class=\"_ _3\"/>iana Naciona<span class=\"_ _0\"/>l S.A. - Av. Monte<span class=\"_ _1\"/>s<span class=\"_ _3\"/> 400 &amp; Calle C<span class=\"_ _0\"/>huquisaca<span class=\"_ _1\"/> No. 121, Zona Challapa<span class=\"_ _0\"/>mpa, La 52.72% Paz . Botswana Kgalagadi Brewer<span class=\"_ _0\"/>ies (Pty) Ltd<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Plot 20768, Kudu Ro<span class=\"_ _0\"/>ad, Broadhu<span class=\"_ _1\"/>rst Industrial Estate - PO Box 1157<span class=\"_ _1\"/> <span class=\"_ _3\"/>- 31.06% Gaborone\u00b9 . Brazil Ambev S.A. - Rua<span class=\"_ _0\"/> Dr. Renato <span class=\"_ _1\"/>P<span class=\"_ _3\"/>aes de Barro<span class=\"_ _0\"/>s 1017, 3\u00b0 Andar<span class=\"_ _0\"/> Itaim Bibi, S\u00e3o<span class=\"_ _1\"/> P<span class=\"_ _3\"/>aulo 61.77% . Canada Labatt Brewing C<span class=\"_ _0\"/>ompany Limited -<span class=\"_ _1\"/> <span class=\"_ _3\"/>207 Queen's Qua<span class=\"_ _1\"/>y West, Suite 29<span class=\"_ _0\"/>9 - M5J 1A7 - Toronto 61.77% . Chile Cerveceria Chile<span class=\"_ _1\"/> <span class=\"_ _3\"/>S.A - Av. Preside<span class=\"_ _1\"/>nte Eduardo Frei Montalva<span class=\"_ _1\"/> 9600, Quilicura - <span class=\"ls6\">8700000 S<span class=\"_ _3\"/>antiago de Chile</span> 61.77% . China Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Inbev (China)<span class=\"_ _0\"/> Sales Compan<span class=\"_ _0\"/>y Limited - Shangshou<span class=\"_ _1\"/>, Qin Duan Kou, Hanyang<span class=\"_ _1\"/> Area <span class=\"_ _3\"/>- 87.22% 430051 <span class=\"ls0\">- Wuhan City, Hube<span class=\"_ _0\"/>i Province </span>Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev (Wu<span class=\"_ _0\"/>han) Brew<span class=\"_ _1\"/>ing Co., <span class=\"_ _3\"/>Ltd. - Shang<span class=\"_ _0\"/>shou, Qin Du<span class=\"_ _0\"/>an Kou, Hanyang<span class=\"_ _0\"/> Area - 43005<span class=\"_ _0\"/>1 - 84.66% Wuhan City, Hubei<span class=\"_ _1\"/> P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Sedrin <span class=\"_ _1\"/>Brewery Co., Ltd - No.1 Wes<span class=\"_ _0\"/>t Xuejin Avenue,Han<span class=\"_ _0\"/>jiang Dis<span class=\"_ _0\"/>trict - <span class=\"ls6\">351111 </span>- 87.22% Putian City, Fujian <span class=\"_ _1\"/>P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Southea<span class=\"_ _1\"/>st Sales Co., Ltd. - No.1 We<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t Xuejin Avenu<span class=\"_ _0\"/>e, Hanjiang<span class=\"_ _0\"/> District, Putian,<span class=\"_ _1\"/> 87.22% Fujian , P.R.China -<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"ls6\">351111 </span>- Putian City, Fujian<span class=\"_ _1\"/> Province Blue Girl Beer (Guan<span class=\"_ _0\"/>gzhou) C<span class=\"_ _0\"/>o. Ltd - Units 2101,21<span class=\"_ _1\"/>/F, Tower A, China<span class=\"_ _0\"/> International Cen<span class=\"_ _0\"/>tre, 33 56.69% Zhongshan San<span class=\"_ _1\"/> <span class=\"_ _3\"/>Road - <span class=\"ls6\">510000 </span>- Guangzhou<span class=\"_ _0\"/> City . Colombia Bavaria &amp; Cia S<span class=\"_ _0\"/>.C.A. - Carrer<span class=\"_ _0\"/>a 53 A, No 127<span class=\"_ _0\"/> - 35 - <span class=\"ls6\">110221 </span>- Bogota 99.16% . Czech Republ<span class=\"_ _0\"/>ic Pivovar Samson<span class=\"_ _0\"/> s.r.o. - <span class=\"ff4\">Lidick\u00e1<span class=\"_ _1\"/> <span class=\"_ _3\"/>458/51, 37001,<span class=\"_ _0\"/> \u010cesk\u00e9 Bud\u011bjovi<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e<span class=\"ff2\"> </span></span>100.00% . Dominican Repub<span class=\"_ _1\"/>li<span class=\"_ _3\"/>c Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional Domini<span class=\"_ _1\"/>cana S.A. <span class=\"_ _3\"/>- Autopis<span class=\"_ _1\"/>t<span class=\"_ _3\"/>a 30 de Ma<span class=\"_ _1\"/>y<span class=\"_ _3\"/>o Km 6<span class=\"_ _1\"/>1/<span class=\"_ _3\"/>2, Distrito Nacional -<span class=\"_ _1\"/> <span class=\"_ _3\"/>A.P. 10100 <span class=\"_ _0\"/>- 52.51% 2Santo Domingo. Ecuador Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S.A. - Via a<span class=\"_ _1\"/> <span class=\"_ _3\"/>daule k<span class=\"_ _0\"/>m 16,5 y calle <span class=\"_ _1\"/>c<span class=\"_ _3\"/>obre s/n - EC09<span class=\"_ _0\"/>0150 - Guayaquil, Gua<span class=\"_ _1\"/>yas 95.58% . El Salvador La Constancia L<span class=\"_ _1\"/>t<span class=\"_ _3\"/>da de C.V<span class=\"_ _1\"/>.<span class=\"_ _3\"/> - Avenida Independ<span class=\"_ _0\"/>encia, No 526 - <span class=\"ls13\">PBX </span>(503) 22<span class=\"_ _0\"/>09-<span class=\"ls6\">7555 </span>- San Salvador 100.00% . France AB InBev France <span class=\"_ _1\"/>S.A.S. - Immeuble Crystal, 38,<span class=\"_ _0\"/> Place Vauban - C<span class=\"_ _0\"/>.P. 59110 - La Madelein<span class=\"_ _0\"/>e 100.00% 1Germany Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Deu<span class=\"_ _0\"/>tschland GmbH <span class=\"_ _1\"/>&amp;<span class=\"_ _3\"/> Co. KG - Am Deich<span class=\"_ _1\"/> 18/19 - <span class=\"ls6\">28199 </span>- Bremen 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev German<span class=\"_ _1\"/>y Holding GmbH - Am Deich 18/19<span class=\"_ _1\"/> - <span class=\"ls6\">28199 <span class=\"_ _3\"/></span>- Bremen 100.00% . Ghana Accra Brewer<span class=\"_ _1\"/>y<span class=\"_ _3\"/> PLC - 20 Grap<span class=\"_ _0\"/>hic Road, South<span class=\"_ _0\"/> Industrial Area - Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> GP1219 - Accra<span class=\"_ _1\"/> 61.61% . Honduras Cervecer\u00eda Hondu<span class=\"_ _0\"/>re\u00f1a S.A. de<span class=\"_ _1\"/> <span class=\"_ _3\"/>C.V. - Boulevard de<span class=\"_ _0\"/>l Norte - Pos<span class=\"_ _0\"/>tal No. 86 - San Ped<span class=\"_ _0\"/>ro Sula 99.61% . Hong Kong Budweiser Brew<span class=\"_ _1\"/>ing Company APAC Limited - Sui<span class=\"_ _0\"/>tes 3012-16, Tow<span class=\"_ _1\"/>er Two, 1 Matheson Street<span class=\"_ _0\"/>, Cause<span class=\"_ _0\"/>way 87.22% Bay, Hong Kong . India Crown Beers <span class=\"_ _0\"/>India Private Li<span class=\"_ _1\"/>mi<span class=\"_ _3\"/>ted - 510/511, Miner<span class=\"_ _1\"/>va House, Sarojini De<span class=\"_ _0\"/>vi Road - <span class=\"ls6\">500003 </span>- 87.22% Secunderabad, <span class=\"_ _1\"/>Telangana Anheuser Busch <span class=\"_ _1\"/>I<span class=\"_ _3\"/>nBev India Li<span class=\"_ _1\"/>mited - <span class=\"_ _3\"/>Unit No.301-<span class=\"_ _1\"/>302, Dynasty Business Park<span class=\"_ _1\"/>,<span class=\"_ _3\"/> 3rd Floor <span class=\"_ _1\"/>A<span class=\"_ _3\"/>ndheri - Kur<span class=\"_ _0\"/>la 87.05% Road, Andheri (<span class=\"_ _1\"/>East) <span class=\"_ _3\"/>- <span class=\"ls6\">400059 </span>- Mumbai, Mah<span class=\"_ _1\"/>arashtra . Ita<span class=\"ls15\">ly</span> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Italia - Via<span class=\"_ _1\"/> Fratelli Castiglioni, 8,<span class=\"_ _0\"/> 20124 Milano MI<span class=\"_ _0\"/>, Italy 100.00% . Luxembourg Brasserie de Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg Mou<span class=\"_ _1\"/>s<span class=\"_ _3\"/>el-Diekirch S<span class=\"_ _1\"/>.<span class=\"_ _3\"/>A. - Rue de la<span class=\"_ _1\"/> <span class=\"_ _3\"/>Brasserie<span class=\"_ _0\"/>, 1 - L-<span class=\"ls6\">9214 </span>- Diekirch 95.82% . Mexico Cervecer\u00eda Mode<span class=\"_ _0\"/>lo de M\u00e9xico S<span class=\"_ _0\"/>. de R.L. de C.<span class=\"_ _1\"/>V<span class=\"_ _3\"/>. - Cerrada de Pa<span class=\"_ _1\"/>lomas 22, 6th Floor, Refor<span class=\"_ _0\"/>ma Social, 100.00% Miguel Hidalgo, 11<span class=\"_ _0\"/>650 Mexico Ci<span class=\"_ _1\"/>ty . Mozambique Cervejas De Mo<span class=\"_ _1\"/>\u00e7<span class=\"_ _3\"/>ambique SA<span class=\"_ _0\"/> - Rua do Jardi<span class=\"_ _0\"/>m 1329, Maputo 51.47% . Netherlands<span class=\"_ _0\"/> AB InBev Africa<span class=\"_ _1\"/> <span class=\"_ _3\"/>B.V. - Ceress<span class=\"_ _0\"/>traat 1 - 4811 C<span class=\"_ _1\"/>A<span class=\"_ _3\"/> - Breda<span class=\"_ _0\"/> 62.00% InBev Nederlan<span class=\"_ _0\"/>d N.V. - Ceres<span class=\"_ _0\"/>straat 1 - 4811 CA<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Breda 100.00% Interbrew Internat<span class=\"_ _1\"/>ional B.V. - Ceresstraat 1 - 4811 C<span class=\"_ _1\"/>A <span class=\"_ _3\"/>- Breda 100.00% . Nigeria International Brew<span class=\"_ _1\"/>eries PLC - 22/36 Glover<span class=\"_ _0\"/> Road, Lagos, Ikoyi\u00b9<span class=\"_ _0\"/> 43.00% . Panama Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S. de R<span class=\"_ _1\"/>.L.<span class=\"_ _3\"/> - Complejo Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>iness Par<span class=\"_ _1\"/>k, Costa del Este Torre Oe<span class=\"_ _1\"/>ste, Piso No.2 Pana<span class=\"_ _0\"/>m\u00e1 61.77% . Paraguay Cervecer\u00eda Para<span class=\"_ _0\"/>guaya S.A. - Ruta<span class=\"_ _1\"/> <span class=\"_ _3\"/>Acceso Sur<span class=\"_ _0\"/> Km 30 s/ De<span class=\"_ _1\"/>sv\u00ed<span class=\"_ _3\"/>o a Vil<span class=\"_ _1\"/>let<span class=\"_ _3\"/>a N\u00b0 825  53.96% . Peru Compania Cervecer<span class=\"_ _0\"/>a AmBe<span class=\"_ _1\"/>v<span class=\"_ _3\"/> Peru S.A.C. - Av. Lo<span class=\"_ _0\"/>s Laureles M<span class=\"_ _1\"/>z<span class=\"_ _3\"/>a. A Lt. 4 del Cen<span class=\"_ _0\"/>tro Poblado <span class=\"_ _1\"/>Menor 97.22% Santa Maria de Hua<span class=\"_ _1\"/>chipa - Lurigancho (Chosi<span class=\"_ _0\"/>ca) - 25 - Lima Uni\u00f3n de Cervecer<span class=\"_ _1\"/>\u00edas Peruanas Backus y Joh<span class=\"_ _0\"/>nston S.A.<span class=\"_ _1\"/>A<span class=\"_ _3\"/>. - Av. Nicolas Ayllon 398<span class=\"_ _0\"/>6, Ate - <span class=\"ls12\">3 </span>- Lima 93.65% . South Africa<span class=\"_ _1\"/> SABSA Holding<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (Pty) Ltd<span class=\"_ _0\"/> - 65 Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2001 </span>- Johann<span class=\"_ _1\"/>esburg 100.00% The South African<span class=\"_ _1\"/> B<span class=\"_ _3\"/>reweries<span class=\"_ _0\"/> (Pty) Ltd - <span class=\"ls6\">65 </span>Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2146 </span>- Johannesbur<span class=\"_ _1\"/>g 100.00% . South Korea<span class=\"_ _1\"/> Oriental Brewe<span class=\"_ _0\"/>ry Co Ltd - 517<span class=\"_ _0\"/>, Yeongdong-d<span class=\"_ _0\"/>aero, Gangam-gu<span class=\"_ _0\"/>, Seoul - Asem Tower 8<span class=\"_ _1\"/>th floor - Seoul 87.22% . Spain Compa\u00f1\u00eda Cerve<span class=\"_ _1\"/>cera de Canarias S.A. - C/ Mali, 7 (38<span class=\"_ _1\"/>320 La Laguna - Santa Cruz<span class=\"_ _1\"/> <span class=\"_ _3\"/>de Tenerife) 51.03% . Switzerland<span class=\"_ _1\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Procure<span class=\"_ _1\"/>ment GmbH - Suurstoffi 22 - 6343<span class=\"_ _1\"/> - Rotkreuz 100.00% . Tanzania 1Tanzania Brewe<span class=\"_ _1\"/>ries PLC - Uhuru Street, Plot No<span class=\"_ _0\"/> 79, Block AA<span class=\"_ _1\"/>,<span class=\"_ _3\"/> Mchikichini,<span class=\"_ _0\"/> Ilala District<span class=\"_ _0\"/>, Dar es Salaa<span class=\"_ _1\"/>m<span class=\"_ _3\"/>\u00b939.65% . Uganda Nile Breweries Ltd -<span class=\"_ _1\"/> <span class=\"_ _3\"/>Plot M90 <span class=\"_ _0\"/>Yusuf Lule Road,<span class=\"_ _0\"/> Njeru - P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 762 - Jinja<span class=\"_ _1\"/> 61.64% . United Kingdom<span class=\"_ _1\"/> AB InBev Holding<span class=\"_ _1\"/>s Limited - Bureau, 90 Fe<span class=\"_ _0\"/>tter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _1\"/>n 100.00% AB InBev Internat<span class=\"_ _1\"/>ional Brands Limited - AB InBev<span class=\"_ _1\"/> <span class=\"_ _3\"/>House, Chu<span class=\"_ _0\"/>rch Street Wes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>, Woking,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Surrey, GU21 6<span class=\"_ _1\"/>HT<span class=\"_ _3\"/> 100.00% AB InBev UK Limi<span class=\"_ _1\"/>ted <span class=\"_ _3\"/>- Bureau<span class=\"_ _0\"/>, 90 Fetter Lan<span class=\"_ _0\"/>e - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI SAB Group Holdin<span class=\"_ _1\"/>g Limited - Bureau, 90 Fetter<span class=\"_ _1\"/> Lane - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI UK Holding 1<span class=\"_ _1\"/> <span class=\"_ _3\"/>Limited - Burea<span class=\"_ _1\"/>u, 90 Fetter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _0\"/>n 100.00% ZX Ventures Lim<span class=\"_ _0\"/>ited - Bureau,<span class=\"_ _0\"/> 90 Fetter Lane - EC4<span class=\"_ _1\"/>A 1EN - <span class=\"ls6\">London</span> 100.00% . United States<span class=\"_ _0\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Americas Holdin<span class=\"_ _1\"/>gs LLC <span class=\"_ _3\"/>- One Bu<span class=\"_ _1\"/>sch Place - MO 63118 - St. Loui<span class=\"_ _1\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Companies LL<span class=\"_ _0\"/>C - One Bus<span class=\"_ _0\"/>ch Place - MO 63118<span class=\"_ _1\"/> <span class=\"_ _3\"/>- St. Loui<span class=\"_ _0\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Wor<span class=\"_ _0\"/>ldwide Inc. - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 631<span class=\"_ _1\"/>18 - St. Louis 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Internationa<span class=\"_ _0\"/>l LLC - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 6311<span class=\"_ _0\"/>8 - St. Lou<span class=\"_ _0\"/>is 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>LLC - One Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ch Place - MO<span class=\"_ _0\"/> 63118 - St. Louis<span class=\"_ _0\"/> 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>North Ameri<span class=\"_ _1\"/>can Holding LLC - One Busch Pla<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e - MO 63118 - St<span class=\"_ _0\"/>. Louis 100.00% MCC Holding Compan<span class=\"_ _1\"/>y LLC - One Busch<span class=\"_ _0\"/> Place - MO 63118 - <span class=\"_ _1\"/>S<span class=\"_ _3\"/>t. Louis 50.10% . Uruguay Cerveceria y Malter<span class=\"_ _0\"/>ia Paysandu<span class=\"_ _1\"/> S.A. <span class=\"_ _3\"/>- Cesar Cor<span class=\"_ _1\"/>t<span class=\"_ _3\"/>inas, 203<span class=\"_ _0\"/>7 - C.P. 1150<span class=\"_ _1\"/>0 <span class=\"_ _3\"/>Montevideo 61.77% . Vietnam Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Vie<span class=\"_ _0\"/>tnam Brew<span class=\"_ _0\"/>ery Co., Ltd - 2 VSIP II-A,<span class=\"_ _0\"/> Street No.<span class=\"_ _1\"/> <span class=\"_ _3\"/>28 - <span class=\"ls6\">820000 </span>- Tan Uyen To<span class=\"_ _1\"/>wn, 87.22% Binh Duong Pro<span class=\"_ _0\"/>vince . Zambia Zambian Brewe<span class=\"_ _0\"/>ries PLC - Plot No<span class=\"_ _0\"/> 6438, Mungwi Ro<span class=\"_ _1\"/>ad <span class=\"_ _3\"/>- P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 31293 - Lusa<span class=\"_ _1\"/>k<span class=\"_ _3\"/>a 54.02% LIST <span class=\"_ _e\"> </span>OF <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>MOST <span class=\"_ _a\"> </span>IMPORTANT <span class=\"_ _e\"> </span>COMPANIES <span class=\"_ _e\"> </span>CONSOLIDATED <span class=\"_ _e\"> </span>BY <span class=\"_ _e\"> </span>APPLYING <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>EQUITY <span class=\"_ _e\"> </span>M<span class=\"_ _3\"/>ETHOD <span class=\"_\"> </span>OF 1ACCOUNTING (ASSOCIATES)% economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of associat<span class=\"_ _0\"/>es at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 France Soci\u00e9t\u00e9 des bras<span class=\"_ _1\"/>s<span class=\"_ _3\"/>eries et gla<span class=\"_ _1\"/>ci\u00e8res internationales S.A. - 49 rue Fra<span class=\"_ _1\"/>n\u00e7ois 1er - <span class=\"ls6\">75008 <span class=\"_ _3\"/></span>- Pari<span class=\"_ _0\"/>s\u00b9 20.00% . Luxembourg B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g (Angola) Li<span class=\"_ _0\"/>mited - <span class=\"ls6\">34</span>-38 Avenue de la Libert\u00e9<span class=\"_ _1\"/> <span class=\"_ _3\"/>- <span class=\"ls6\">1930 </span>27.50% Luxembourg\u00b9 B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g Limited - <span class=\"ls6\">34</span>-38 Avenue de<span class=\"_ _0\"/> la Libert\u00e9 - 1930 Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg\u00b9<span class=\"_ _1\"/> 20.00% . Netherlands<span class=\"_ _0\"/> AB InBev Efes<span class=\"_ _0\"/> B.V. - 1227 S<span class=\"_ _0\"/>trawinskylaan - 1077X<span class=\"_ _1\"/>X Amsterdam 50.00% . Turkey Anadolu Efes Bira<span class=\"_ _0\"/>cilik Ve Mal<span class=\"_ _0\"/>t Sanayii A.<span class=\"_ _0\"/>S. - Bah\u00e7elievler Mah<span class=\"_ _0\"/>allesi, Sehi<span class=\"_ _0\"/>t Ibrahim Kopa<span class=\"_ _0\"/>rir Caddesi N<span class=\"_ _0\"/>o. 4, 24.00% Bah\u00e7elievler Istan<span class=\"_ _0\"/>bul . Zimbabwe Delta Corpora<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ion Limited - Sable<span class=\"_ _1\"/> House, Northridge Close,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Borrowd<span class=\"_ _1\"/>ale <span class=\"_ _3\"/>- P.O. Box BW<span class=\"_ _0\"/> 343 - Harare 25.27% Information t<span class=\"_ _0\"/>o our sharehol<span class=\"_ _1\"/>de<span class=\"_ _3\"/>rs<span class=\"ff1\"> </span>Earnings, divid<span class=\"_ _3\"/>ends, share and share pric<span class=\"_ _3\"/>e<span class=\"_ _3\"/><span class=\"ff1\"> </span>2018 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2020<span class=\"ls0\"> </span>2019<span class=\"ls0\"> </span>restated Cash flow from ope<span class=\"_ _0\"/>rating activi<span class=\"_ _0\"/>ties (US dollar<span class=\"_ _1\"/> per share) 6.61 7.37 5.45 6.75 7.18 Underlying earn<span class=\"_ _0\"/>ings per share (U<span class=\"_ _1\"/>S dollar per share) 3.03 2.88 2.51 3.63 4.10 Dividend (euro pe<span class=\"_ _0\"/>r share) 0.75 0.5 0.5 1.3 1.8 Share price high<span class=\"_ _0\"/> (euro per <span class=\"_ _0\"/>share) 59.53 65.34 74.49 92.71 96.7 Share price low (e<span class=\"_ _0\"/>uro per <span class=\"_ _0\"/>share) 46.27 47.00 30.97 57.47 56.84 Year-end share pr<span class=\"_ _0\"/>ice (euro pe<span class=\"_ _0\"/>r share) 56.27 53.17 57.01 72.71 57.7 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>(million  2 <span class=\"ls6\">013</span>   2 <span class=\"ls6\">007</span>   1 <span class=\"ls6\">998</span>   1 <span class=\"ls6\">984</span>   1 <span class=\"ls6\">975</span>  shares) Diluted weighted<span class=\"_ _1\"/> <span class=\"_ _3\"/>average number<span class=\"_ _1\"/> of ordinary and restricted<span class=\"_ _0\"/> shares  2 <span class=\"ls6\">050</span>   2 <span class=\"ls6\">045</span>   2 <span class=\"ls6\">037</span>   2 <span class=\"ls6\">026</span>   2 <span class=\"ls6\">014</span>  (million shares)<span class=\"_ _0\"/> Volume of shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>traded (million<span class=\"_ _0\"/> share<span class=\"_ _0\"/>s) 435<span class=\"ls0\">  </span>416<span class=\"ls0\">  </span>587<span class=\"ls0\">  </span>452<span class=\"ls0\">  </span>496<span class=\"ls0\">  </span>Information on t<span class=\"_ _3\"/>he auditors\u2019<span class=\"_ _f\"/> assignmen<span class=\"_ _3\"/>ts <span class=\"_ _3\"/><span class=\"ff1\"> </span>and related fees<span class=\"_ _3\"/><span class=\"ff1\"> </span>AB InBev\u2019s Statutory auditor is PwC Bedrijfsrevisoren BV, represented by Koen Hens, audi<span class=\"_ _0\"/>t partner. <span class=\"_ _3\"/><span class=\"ff2\"> </span>Base fe<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>auditing <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>annual finan<span class=\"_ _0\"/>cial <span class=\"_ _1\"/>s<span class=\"_ _3\"/>tatements <span class=\"_ _1\"/>of AB <span class=\"_ _1\"/>InBev <span class=\"_ _1\"/>and it<span class=\"_ _0\"/>s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>are d<span class=\"_ _0\"/>etermined <span class=\"_ _1\"/>by<span class=\"_ _3\"/> <span class=\"_ _1\"/>the shareholders meeting after review and approval <span class=\"ff4\">by the company\u2019s Audit Committee and Board of Directors.</span> Fees <span class=\"_ _3\"/>for <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>in <span class=\"_ _3\"/>relation to <span class=\"_ _3\"/>services <span class=\"_ _3\"/>provided b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>PwC Bed<span class=\"_ _3\"/>rijfsrevisoren BV <span class=\"_ _3\"/>amounted <span class=\"_ _2\"/>to <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>322k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>617k US <span class=\"_ _3\"/>dollar), <span class=\"_ _3\"/>which <span class=\"_ _2\"/>was <span class=\"_ _3\"/>composed <span class=\"_ _3\"/>of <span class=\"_ _3\"/>audit <span class=\"_ _3\"/>services <span class=\"_ _2\"/>for <span class=\"_ _3\"/>the <span class=\"_ _3\"/>annual <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>statem<span class=\"_ _2\"/>ents <span class=\"_ _3\"/>of <span class=\"_ _2\"/>2 263<span class=\"_ _3\"/>k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(<span class=\"_ _3\"/>2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>512k US dollar) and audit related services of <span class=\"ls3\">59</span>k US dollar (2021: 105k US dollar).  Fees <span class=\"_ _5\"> </span>for <span class=\"_ _4\"> </span>2022 <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>relation <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>services <span class=\"_ _5\"> </span>provided <span class=\"_ _4\"> </span>by <span class=\"_ _5\"> </span>other <span class=\"_ _5\"> </span>offices <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>PwC <span class=\"_ _5\"> </span>netwo<span class=\"_ _3\"/>rk <span class=\"_ _5\"> </span>amounted <span class=\"_ _5\"> </span>to <span class=\"_ _8\"> </span>17 <span class=\"_ _7\"> </span>8<span class=\"_ _3\"/>41k <span class=\"_ _5\"> </span>US <span class=\"_ _5\"> </span>dollar           (<span class=\"ls3\">2021</span>: 16 <span class=\"_ _1\"/>19<span class=\"_ _3\"/>8k US <span class=\"_ _1\"/>dollar), which was <span class=\"_ _1\"/>composed of audit se<span class=\"_ _0\"/>rvices for <span class=\"_ _1\"/>the annual financial <span class=\"_ _1\"/>statements of <span class=\"_ _3\"/>14 321k US <span class=\"_ _1\"/>dollar (<span class=\"ls3\">2021</span>: 13 191k US dollar), tax services of 3 185k US dollar (2021: <span class=\"_ _3\"/>2 648k US dollar),  audit related services amounting to 33<span class=\"ls0\">4k US <span class=\"_ _3\"/>Dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>281k <span class=\"_ _3\"/>US dol<span class=\"_ _3\"/>lar) and <span class=\"_ _3\"/>other s<span class=\"_ _3\"/>ervices amounting <span class=\"_ _2\"/>to <span class=\"_ _3\"/></span>nil<span class=\"ls0\"> (2021: <span class=\"_ _3\"/>78k <span class=\"_ _3\"/>US dollar), <span class=\"_ _3\"/>all o<span class=\"_ _3\"/>f which<span class=\"_ _3\"/> have <span class=\"_ _3\"/>been </span>pre-<span class=\"ff4\">approved by the company\u2019s Audit Committee.</span> Financial calendar<span class=\"_ _3\"/><span class=\"ff1\"> </span>Publication of 2022<span class=\"_ _1\"/> <span class=\"_ _3\"/>results 2 March 2023 Annual report 2022<span class=\"_ _0\"/> available<span class=\"_ _1\"/> <span class=\"_ _3\"/>on <span class=\"fcf\">www.ab-inbe<span class=\"_ _0\"/>v.com<span class=\"fc1\"> </span></span>2 March 2023 General shareh<span class=\"_ _0\"/>olders meeting 26 April 2023 Dividend: ex-coup<span class=\"_ _0\"/>on date 3 May 2023 Publication of <span class=\"_ _0\"/>first quarter re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ults 4 May 2023 Publication of hal<span class=\"_ _1\"/>f <span class=\"_ _3\"/>year result<span class=\"_ _1\"/>s 3 August 2023 Publication of <span class=\"_ _0\"/>third quarter re<span class=\"_ _1\"/>sults 31 October 2023 Investor relatio<span class=\"_ _3\"/>ns contact<span class=\"_ _3\"/><span class=\"ff1\"> </span>Investors Media Shaun Fullalove<span class=\"_ _1\"/> Kate Laverge Tel: +1 212 573 928<span class=\"_ _0\"/>7  Tel: +1 917 940 742<span class=\"_ _0\"/>1 E-mail: <span class=\"fcf\">shaun.fullalo<span class=\"_ _0\"/>ve@ab-inbe<span class=\"_ _0\"/>v.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">kate.laverge<span class=\"_ _0\"/>@ab-inbev.<span class=\"_ _0\"/>com <span class=\"fc1\"> </span></span>Marya Glukhova<span class=\"_ _1\"/> Ana Zenatti Tel: +32 16 276 <span class=\"ls6\">888</span> Tel: +1 646 249 544<span class=\"_ _0\"/>0 E-mail: <span class=\"fcf\">mariya.glukho<span class=\"_ _1\"/>va@ab-inbev.com<span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">ana.zenat<span class=\"_ _0\"/>ti@ab-inbev.com<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"fc1\"> </span></span>Cyrus Nentin Fallon Bucke<span class=\"_ _0\"/>lew Tel: +1 646 746 967<span class=\"_ _0\"/>3 Tel: +1 310 592 631<span class=\"_ _0\"/>9 E-mail: <span class=\"fcf\">cyrus.nent<span class=\"_ _1\"/>in@ab-inbev.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">fallon.bu<span class=\"_ _1\"/>c<span class=\"_ _3\"/>kelew@ab-inbe<span class=\"_ _1\"/>v.c<span class=\"_ _3\"/>om<span class=\"fc1\">  </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__7-1": {
   "value": "Anheuser-Busch InBevThe consolidated financial statements of the company for the year ended 31 December 2022 comprise the company and its subsidiaries (together referred to as \u201cAB InBev\u201d or the \u201ccompany\u201d) and the company\u2019s interest in associates, joint ventures and operations.The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board (IASB) and in conformity with International Financial Reporting Standards as adopted by the European Union (collectively \u201cIFRS\u201d).(B)  FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev\u2019s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__6": {
   "value": "Anheuser-Busch InBev",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__8": {
   "value": "Leuven, Belgium",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__9": {
   "value": "Belgium",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__10": {
   "value": "Our <span class=\"_ _7\"/>diverse <span class=\"_ _6\"/>portfolio <span class=\"_ _6\"/>of <span class=\"_ _6\"/>wel<span class=\"_ _3\"/>l <span class=\"_ _6\"/>over <span class=\"_ _7\"/>500 <span class=\"_ _6\"/>beer <span class=\"_ _6\"/>brands <span class=\"_ _7\"/>includes <span class=\"_ _6\"/>global <span class=\"_ _6\"/>brands <span class=\"_ _6\"/>Budweiser\u00ae, <span class=\"_ _7\"/>Corona\u00ae <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Stella Artois\u00ae; <span class=\"_ _3\"/>multi-<span class=\"ff4\">country brands <span class=\"_ _3\"/>Beck\u2019s\u00ae, <span class=\"_ _3\"/>Hoegaarden\u00ae, Lef<span class=\"_ _3\"/></span>fe\u00ae and<span class=\"_ _3\"/> Michelob <span class=\"_ _3\"/>Ultra\u00ae; and <span class=\"_ _3\"/>local <span class=\"_ _3\"/>champions su<span class=\"_ _3\"/>ch as <span class=\"_ _3\"/>Aguila\u00ae, Antarctica\u00ae, <span class=\"_ _e\"> </span>Bud <span class=\"_\"> </span>Light\u00ae, <span class=\"_ _e\"> </span>Brahma\u00ae, <span class=\"_\"> </span>Cass\u00ae, <span class=\"_ _e\"> </span>Castle\u00ae, <span class=\"_ _e\"> </span>Castle <span class=\"_\"> </span>Lite\u00ae, <span class=\"_ _e\"> </span>Cristal\u00ae, <span class=\"_ _e\"> </span>Harbin\u00ae, <span class=\"_\"> </span>Jupiler\u00ae, <span class=\"_\"> </span>M<span class=\"_ _3\"/>odelo <span class=\"_\"> </span>Especial\u00ae, ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__13-1": {
   "value": "The consolidated financial statements were authorized for issue by the Board of Directors on 1 March 2023. 32. Events after the reporting date None. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__11": {
   "value": "The consolidated financial statements were authorized for issue by the Board of Directors on 1 March 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__14": {
   "value": "2.  Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board (IASB) and in conformity with International Financial Reporting Standards as adopted by the European Union (collectively \u201cIFRS\u201d). AB InBev did not early apply any new IFRS requirements that were not yet effective in 2022 and did not apply any European carve-outs from IFRS. ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__16-1": {
   "value": "3.  Summary of significant accounting policies The accounting policies applied are consistent to all periods presented in these consolidated financial statements by the company and its subsidiary. (A)  BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net  realizable  value,  fair  value  or  recoverable  amount.  Whenever  IFRS  provides  an  option  between  cost  and  another measurement basis (e.g., systematic re-measurement), the cost approach is applied. (B)  FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev\u2019s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. (C)  PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from  the date that control  commences  until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method  of  accounting, from the  date  that significant influence or  joint  control commences until  the  date that significant influence or joint control ceases. When AB InBev\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.  The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control.  All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company\u2019s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 33 AB InBev companies. (D)  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 2022 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev\u2019s consolidated financial statements. (E)  FOREIGN CURRENCIES Foreign currency transactions Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the date of the reporting sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities  denominated  in  foreign  currencies  are  translated  at  the  foreign  exchange  rate  prevailing  at  the  date  of  the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates prevailing at the dates the fair value was determined. Translation of the results and financial position of foreign operations Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the reporting date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders\u2019 equity are translated at historical rates. Exchange differences arising from the translation of shareholders\u2019 equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, causing Argentina\u00b4s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as of 2018, as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies. Under IAS 29, non-monetary assets and liabilities stated at historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency, applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the  statement of financial position and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. The  2022  results,  restated  for  purchasing  power,  were  translated  at  the  December  2022  closing  rate  of  177.131872 Argentinean pesos per US dollar (2021 results - at 102.749214 Argentinean pesos per US dollar). Exchange rates  The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 2022 31 December 2021 31 December 2022 31 December 2021 Argentinean peso 177.131872  102.749214  - - Brazilian real 5.217705  5.580497  5.164428  5.368651  Canadian dollar 1.353834  1.270792  1.297354  1.249693  Colombian peso 4 807.99  3 977.14  4 211.36  3 741.19  Chinese yuan 6.898736  6.352382  6.661729  6.456753  Euro 0.937559  0.882924  0.951768  0.841767  Mexican peso 19.361452  20.583378  20.123646  20.339905  Pound sterling 0.831548  0.741903  0.811905  0.725564  Peruvian nuevo sol 3.820004  3.976006  3.845294  3.877055  South Korean won 1 260.16  1 188.32  1 286.17  1 139.06  South African rand 16.968472  15.947907  16.392270  14.873785  (F)  INTANGIBLE ASSETS Research and development Expenditure  on  research  activities,  undertaken  with  the  prospect  of  gaining  new  scientific  or  technical  knowledge  and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The expenditure  capitalized  includes  the  cost  of  materials,  direct  labor  and  an  appropriate  proportion  of  overheads.  Other development  expenditure  is  recognized  in  the  income  statement  as  an  expense  as  incurred.  Capitalized  development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy N). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If  part  of  the  consideration  paid  in  a  business  combination  relates  to  trademarks,  trade  names,  formulas,  recipes  or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software  is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.  Other intangible  assets  also  include multi-year  sponsorship  rights  acquired by  the company.  These  are  initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an  indefinite  life unless  plans  exist  to  discontinue  the  brand.  Discontinuance  of  a  brand can  be  either  through  sale  or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered  indefinite,  unless  the  company  have  a  plan  to  discontinue  the  related  brand  or  distribution.  Software  and capitalized development costs related to technology are amortized generally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (G)  BUSINESS COMBINATIONS The  company  applies  the  acquisition  method  of  accounting  to  account  for  acquisitions  of  businesses.  The  cost  of  an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company\u2019s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev\u2019s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss. (H)  GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. If AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred. (I)  PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy N). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g., nonrefundable tax and transport cost). The cost of a self-constructed asset is determined using the same principles as for an acquired asset. The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Subsequent expenditure The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. Depreciation The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The  estimated  useful  lives  are  defined  in  terms  of  the  asset\u2019s  expected  utility  to  the  company  and  can  vary  from  one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings \u2013 other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 10 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life.  Gains and losses on sale Net gains on sale of items of property, plant and equipment are presented in the income statement as  other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. (J)  LEASES The company as lessee The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in cash flow from operating activities. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the shorter period of useful life of the underlying asset and lease term (refer to accounting policies I and N). The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement. The company as lessor Leases where the company transfers substantially all the risks and rewards of ownership to the lessee are classified as finance  leases.  Leases  of  assets  under  which all  the  risks and  rewards  of  ownership  are  substantially  retained  by  the company are classified as operating leases. Rental income is recognized in other operating income on a straight-line basis over the term of the lease. (K)  INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. (L)  TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at the amount adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. (M)   CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. (N)  IMPAIRMENT The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is an indicator of impairment, the asset\u2019s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. Calculation of recoverable amount The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated  by  valuation  multiples,  quoted  share  prices  for  publicly  traded  subsidiaries  or  other  available  fair  value indicators. Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined,  net of depreciation or amortization, if no impairment loss had been recognized. (O)  FAIR VALUE MEASUREMENT A number of AB InBev\u2019s accounting policies and notes require fair value measurement for both financial and non-financial items.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022  Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022  Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived from prices).  \u2022  Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. Derivatives The fair value of exchange traded derivatives (e.g., exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g., the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. Debt securities This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. Non-derivative financial liabilities The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall into level 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are discounted using a risk adjusted rate. (P)  SHARE CAPITAL Repurchase of share capital When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. The difference between the carrying value of the treasury shares issued to employees and their fair value is recognized in retained earnings. Dividends Dividends paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company\u2019s subsidiaries. In such instancesstatutory minimum dividends are recognized as a liability. Share issuance costs Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (Q)  PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Restructuring A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not  provided  for.  The  provision includes the benefit commitments  in connection  with  early retirement and redundancy schemes. Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Disputes and Litigations A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating  to  antitrust  laws,  violations  of  distribution  and  license  agreements,  environmental  matters,  employment  related disputes, claims from tax authorities related to indirect taxes, and alcohol industry litigation matters. (R)  PENSION AND SIMILAR OBLIGATIONS Post-employment benefits Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a)  Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b)  Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past  service  costs  are  recognized  at  the  earlier  of  when  the  amendment  /  curtailment  occurs  or  when  the  company recognizes  related  restructuring  or  termination  costs.  The  pension  obligations  recognized  in  the  statement  of  financial position are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan  assets. Re-measurements,  comprising  of  actuarial gains  and  losses,  the  effect of  the  asset ceiling  (excluding  net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.  Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. Other post-employment obligations Some of AB InBev\u2019s companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. Termination benefits Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Bonuses Bonuses  received  by  company  employees  and  management  are  based  on  pre-defined  company  and  individual  target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned.  (S)  SHARE-BASED PAYMENTS Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using a binomial Hall model, modified to reflect the IFRS 2 requirement that assumptions about forfeiture before the end of the vesting period cannot impact the fair value of the option. The fair value of the options granted is expensed over the vesting period based on the expected number of options that will vest. When the options are exercised, equity is increased by the amount of the proceeds received. (T)  INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. (U)  TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and  subsequently measured at amortized cost using the effective interest method. (V)  INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the reporting date, and any adjustment to tax payable in respect of previous years. In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position a deferred tax liability or asset is recognized. Under this method a provision for  deferred taxes  is also  made  for  differences  between  the  fair  values of  assets  and liabilities  acquired in  a business combination and their tax base. IAS 12 prescribes that no deferred taxes are recognized (i) on initial recognition of goodwill, (ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit and (iii) on differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using currently or substantively enacted tax rates. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized. The company presents income tax provisions in income tax liabilities. Assets and liabilities for uncertain tax treatments are presented as current tax assets/liabilities or deferred tax assets/liabilities. (W) INCOME RECOGNITION Goods sold Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognizes revenue when performance obligations are satisfied, meaning when the company transfers control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: \u2022  Identification of the contracts with a customer \u2022  Identification of the performance obligations in the contracts \u2022  Determination of the transaction price \u2022  Allocation of the transaction price to the performance obligations in the contracts \u2022  Revenue recognition when performance obligations are satisfied Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected to be received in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved. Royalty income The company recognizes the sales-based or usage-based royalties in other operating income when the later of the following events occurs: (a) the customer\u2019s subsequent sales or usage; and (b) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Government grants A government grant is recognized in the statement of financial position initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset. Finance income Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt. Dividend income Dividend income is recognized in the income statement on the date that the dividend is declared. (X)  EXPENSES Finance costs Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method. Research and development, advertising and promotional costs and systems development costs Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy F). Purchasing, receiving and warehousing costs Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses.   (Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. (Z)  SEGMENT REPORTING  Operating segments are components of the company\u2019s business activities about  which separate financial information is available that is evaluated regularly by senior management. The company has six operating segments. AB InBev\u2019s operating segment reporting format is geographical because the company\u2019s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company\u2019s management structure and internal reporting system to the Board of Directors is set up accordingly. The company\u2019s five geographic regions are North America, Middle Americas, South America, EMEA and Asia Pacific. The aggregation criteria applied are based on similarities in the economic indicators (e.g., margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore, management assessed additional factors such as management\u2019s views on the optimal number of reporting segments, AB InBev historical geographies, peer comparison (e.g., Asia Pacific and EMEA being a commonly reported regions amongst the company\u2019s peers), as well as management\u2019s view on the optimal balance between practical and more granular information. The results of Global Export and Holding Companies, which includes the company\u2019s global headquarters and the export businesses  in  countries in  which  AB  InBev  has  no  operations  are  reported  separately.  The  company\u2019s  five  geographic regions  plus  the  Global  Export  and  Holding  Companies  comprise  the  company\u2019s  six  reportable  segments  for  financial reporting purposes. Segment  capital expenditure is  the total  cost incurred  during the  period  to  acquire  property, plant  and equipment,  and intangible assets other than goodwill. (AA)  NON-UNDERLYING ITEMS Non-underlying items are those that in management\u2019s judgment need to be disclosed separately by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to non-underlying items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities. (BB)  DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures  the  carrying  amount  of  the  asset  (or  all  the  assets  and  liabilities  in  the  disposal  group)  in  accordance  with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included  in  profit  or  loss.  The  same  applies  to  gains  and  losses  on  subsequent  re-measurement.  Non-current  assets classified as held for sale are no longer depreciated or amortized. (CC)  RECENTLY ISSUED IFRS To the extent that new IFRS requirements are expected to be applicable in the future, they have not been applied in preparing these consolidated financial statements for the year ended 31 December 2022.  A number of amendments to standards are effective for annual periods beginning after 1 January 2023 and have not been discussed either because of their non-applicability or immateriality to AB InBev\u2019s consolidated financial statements. 4.  Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.   These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or, if the revision affects both current and future periods, in the period of the revision and future periods. Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and understanding results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows. The  company  uses  its  judgment  to  select a  variety  of  methods  including  the  discounted  cash  flow  method and  option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each reporting date. Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expenses and liabilities. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy. The company is subject to income tax in numerous jurisdictions. Significant judgment is required to determine the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some  subsidiaries  within  the  group  are  involved  in  tax  audits  and  local  enquiries  usually  in  relation  to  prior  years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the reporting date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimates are made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period that such determination is made. Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk  of material adjustment  in the following year are further discussed in the relevant notes hereafter. In  preparing  these  consolidated  financial  statements,  the  significant  judgments  made  by  management  in  applying  the company\u2019s accounting policies and the key sources of uncertainty relate mainly to accounting for the impact of the conflict between Russia and Ukraine on the company\u2019s results as discussed below. CONFLICT BETWEEN RUSSIA AND UKRAINE Management  considered  the  impact  of  the  conflict  between  Russia  and  Ukraine  on  the  basis  of  preparation  of  these consolidated financial statements. On 11 March 2022, the company announced that it is forfeiting all financial benefits from the operations of AB InBev Efes, an associate which does business in Russia and Ukraine, in which it holds a 50% non-controlling stake and which the company does not consolidate. On 22 April 2022, the company announced its decision to sell its non-controlling interest in AB InBev Efes and is in active discussions with its partner, Turkish Brewer Anadolu Efes, to acquire this interest. AB InBev\u2019s request regarding the suspension of the license for production and sale of Bud in Russia will  also  be  part  of  a  potential  transaction.  During  the  year  ended  31  December  2022,  the  company  derecognized  its investment in AB InBev Efes and reported a (1 143)m US dollar non-cash impairment charge in non-underlying share of results of associates. (Refer to Note 8 Non-underlying items and Note 16 Investments in associates). As of 31 December 2022, the investment has been classified as non-current asset held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__17": {
   "value": "(A)  BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net  realizable  value,  fair  value  or  recoverable  amount.  Whenever  IFRS  provides  an  option  between  cost  and  another measurement basis (e.g., systematic re-measurement), the cost approach is applied. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__20-1": {
   "value": "(B)  FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev\u2019s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. (E)  FOREIGN CURRENCIES Foreign currency transactions Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the date of the reporting sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities  denominated  in  foreign  currencies  are  translated  at  the  foreign  exchange  rate  prevailing  at  the  date  of  the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates prevailing at the dates the fair value was determined. Translation of the results and financial position of foreign operations Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the reporting date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders\u2019 equity are translated at historical rates. Exchange differences arising from the translation of shareholders\u2019 equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, causing Argentina\u00b4s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as of 2018, as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies. Under IAS 29, non-monetary assets and liabilities stated at historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency, applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the  statement of financial position and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. The  2022  results,  restated  for  purchasing  power,  were  translated  at  the  December  2022  closing  rate  of  177.131872 Argentinean pesos per US dollar (2021 results - at 102.749214 Argentinean pesos per US dollar). Exchange rates  The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 2022 31 December 2021 31 December 2022 31 December 2021 Argentinean peso 177.131872  102.749214  - - Brazilian real 5.217705  5.580497  5.164428  5.368651  Canadian dollar 1.353834  1.270792  1.297354  1.249693  Colombian peso 4 807.99  3 977.14  4 211.36  3 741.19  Chinese yuan 6.898736  6.352382  6.661729  6.456753  Euro 0.937559  0.882924  0.951768  0.841767  Mexican peso 19.361452  20.583378  20.123646  20.339905  Pound sterling 0.831548  0.741903  0.811905  0.725564  Peruvian nuevo sol 3.820004  3.976006  3.845294  3.877055  South Korean won 1 260.16  1 188.32  1 286.17  1 139.06  South African rand 16.968472  15.947907  16.392270  14.873785  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.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__18": {
   "value": "(B)  FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev\u2019s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__32": {
   "value": "(C)  PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from  the date that control  commences  until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method  of  accounting, from the  date  that significant influence or  joint  control commences until  the  date that significant influence or joint control ceases. When AB InBev\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.  The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control.  All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company\u2019s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 33 AB InBev companies. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__31": {
   "value": "(C)  PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from  the date that control  commences  until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method  of  accounting, from the  date  that significant influence or  joint  control commences until  the  date that significant influence or joint control ceases. When AB InBev\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.  The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control.  All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company\u2019s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 33 AB InBev companies. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__30": {
   "value": "(C)  PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from  the date that control  commences  until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method  of  accounting, from the  date  that significant influence or  joint  control commences until  the  date that significant influence or joint control ceases. When AB InBev\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.  The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control.  All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company\u2019s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 33 AB InBev companies. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__21-1": {
   "value": "Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from  the date that control  commences  until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required.All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__23-1": {
   "value": "Associates are undertakings in<span class=\"_ _0\"/> which AB InBev has significant influence over the f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial and operating p<span class=\"_ _1\"/>o<span class=\"_ _3\"/>licies, bu<span class=\"_ _3\"/>t which it <span class=\"_ _3\"/>does <span class=\"_ _3\"/>not control. <span class=\"_ _3\"/>This <span class=\"_ _3\"/>is <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>evidenced by <span class=\"_ _3\"/>ownership <span class=\"_ _3\"/>of <span class=\"_ _3\"/>between <span class=\"_ _3\"/>20% and <span class=\"_ _3\"/>50% <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the voting <span class=\"_ _3\"/>rights. <span class=\"_ _3\"/>A <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>venture is <span class=\"_ _3\"/>an <span class=\"_ _3\"/>arrangement <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>control, <span class=\"_ _3\"/>whereby <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>rights <span class=\"_ _3\"/>to the <span class=\"_ _3\"/>net <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>arrangement, rather than rights to its <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssets and obligations <span class=\"_ _0\"/>for its liabilities. <span class=\"_ _1\"/>As<span class=\"_ _3\"/>sociates and joint <span class=\"_ _0\"/>ventures are accounted <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r by the <span class=\"_ _0\"/>e<span class=\"_ _2\"/>quity method <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>accounting, <span class=\"_ _7\"/>from <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>date <span class=\"_ _5\"> </span>that <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>influence <span class=\"_ _7\"/>or <span class=\"_ _7\"> </span>joint <span class=\"_ _5\"> </span>control <span class=\"_ _7\"/>commences <span class=\"_ _7\"/>until <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>date <span class=\"_ _7\"/>that <span class=\"_ _7\"/>significant inf<span class=\"ls0\">luence <span class=\"_ _2\"/>or <span class=\"_ _2\"/>joint <span class=\"_ _2\"/>control <span class=\"_ _2\"/>c<span class=\"_ _3\"/>eases. <span class=\"_ _2\"/>When <span class=\"_ _2\"/>AB<span class=\"_ _3\"/> <span class=\"ff4\">InBev\u2019s <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of <span class=\"_ _2\"/>losses <span class=\"_ _6\"/>exceeds <span class=\"_ _2\"/>the <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>associate <span class=\"_ _2\"/>or <span class=\"_ _2\"/>joint </span></span>venture, <span class=\"_ _6\"/>the <span class=\"_ _6\"/>carrying <span class=\"_ _7\"/>amount <span class=\"_ _2\"/>is <span class=\"_ _6\"/>re<span class=\"_ _3\"/>duced <span class=\"_ _6\"/>to <span class=\"_ _6\"/>nil <span class=\"_ _6\"/>and <span class=\"_ _6\"/>recognition <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>further <span class=\"_ _6\"/>losses <span class=\"_ _6\"/>is <span class=\"_ _6\"/>discontinued <span class=\"_ _6\"/>except <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>extent <span class=\"_ _6\"/>that AB<span class=\"ls0\"> InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. </span>Joint <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>arise <span class=\"_ _6\"/>when <span class=\"_ _2\"/>AB <span class=\"_ _3\"/>InBe<span class=\"_ _3\"/>v <span class=\"_ _2\"/>has <span class=\"_ _2\"/>rights <span class=\"_ _2\"/>to <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>assets <span class=\"_ _2\"/>and <span class=\"_ _2\"/>obligations <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>the <span class=\"_ _2\"/>liabilities <span class=\"_ _2\"/>of <span class=\"_ _2\"/>a <span class=\"_ _2\"/>joint <span class=\"_ _6\"/>arrangement. <span class=\"_ _2\"/>AB InBev <span class=\"_ _1\"/>accounts <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>its <span class=\"_ _1\"/>share <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>assets, <span class=\"_ _1\"/>li<span class=\"_ _3\"/>abilities, <span class=\"_ _1\"/>revenues <span class=\"_ _1\"/>and <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>penses <span class=\"_ _1\"/>as <span class=\"_ _1\"/>from <span class=\"_ _1\"/>the m<span class=\"_ _1\"/>omen<span class=\"_ _3\"/>t <span class=\"_ _1\"/>joint <span class=\"_ _1\"/>operation <span class=\"_ _1\"/>commences until the date that joint operation ceases.  The financial sta<span class=\"_ _3\"/>tements of the company\u2019s s<span class=\"_ _3\"/>ubsidiaries, joint ventures, joint <span class=\"_ _3\"/>operations and associates are p<span class=\"_ _3\"/>repared for the same <span class=\"_ _3\"/>rep<span class=\"_ _3\"/>orting y<span class=\"_ _3\"/>ear <span class=\"_ _3\"/>as <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>parent <span class=\"_ _3\"/>company, <span class=\"_ _3\"/>using <span class=\"_ _2\"/>consistent <span class=\"_ _3\"/>accounting <span class=\"_ _3\"/>policies. <span class=\"_ _3\"/>In<span class=\"_ _2\"/> exceptional <span class=\"_ _3\"/>cases whe<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>financial statements <span class=\"_ _6\"/>of <span class=\"_ _6\"/>a <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubsidiary, <span class=\"_ _2\"/>joint <span class=\"_ _6\"/>venture, <span class=\"_ _6\"/>joint <span class=\"_ _6\"/>operation <span class=\"_ _6\"/>or <span class=\"_ _2\"/>as<span class=\"_ _3\"/>sociate <span class=\"_ _2\"/>are <span class=\"_ _6\"/>prepared <span class=\"_ _6\"/>as <span class=\"_ _6\"/>of <span class=\"_ _2\"/>a <span class=\"_ _6\"/>di<span class=\"_ _3\"/>fferent <span class=\"_ _2\"/>date <span class=\"_ _6\"/>from <span class=\"_ _6\"/>that <span class=\"_ _6\"/>of <span class=\"_ _6\"/>AB InBev, <span class=\"_ _3\"/>adjustments are <span class=\"_ _3\"/>made for th<span class=\"_ _3\"/>e effects <span class=\"_ _3\"/>of significant <span class=\"_ _3\"/>transactions or <span class=\"_ _3\"/>events that <span class=\"_ _3\"/>occur between <span class=\"_ _3\"/>that date an<span class=\"_ _3\"/>d the d<span class=\"_ _3\"/>ate of <span class=\"_\"> </span>AB <span class=\"_\"> </span>InBev's <span class=\"_\"> </span>financial <span class=\"_\"> </span>statements. In <span class=\"_\"> </span>such <span class=\"_\"> </span>cases, <span class=\"_\"> </span>the <span class=\"_\"> </span>di<span class=\"_ _0\"/>fference <span class=\"_\"> </span>between <span class=\"_\"> </span>the <span class=\"_\"> </span>end <span class=\"_\"> </span>of <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>reporting <span class=\"_\"> </span>period <span class=\"_\"> </span>of<span class=\"_ _3\"/> these subsidiaries, <span class=\"_ _3\"/>joint <span class=\"_ _2\"/>ventures, <span class=\"_ _3\"/>joint <span class=\"_ _6\"/>operations <span class=\"_ _3\"/>or <span class=\"_ _2\"/>associates from <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev's <span class=\"_ _2\"/>reporting <span class=\"_ _3\"/>period <span class=\"_ _3\"/>is <span class=\"_ _2\"/>no <span class=\"_ _3\"/>more <span class=\"_ _2\"/>than <span class=\"_ _3\"/>th<span class=\"_ _3\"/>ree <span class=\"_ _3\"/>months. Results <span class=\"_ _3\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>ass<span class=\"_ _3\"/>ociates <span class=\"_ _3\"/>Anadolu <span class=\"_ _3\"/>Efes <span class=\"_ _2\"/>and <span class=\"_ _3\"/>Castel <span class=\"_ _2\"/>are <span class=\"_ _3\"/>reported <span class=\"_ _3\"/>on <span class=\"_ _2\"/>a <span class=\"_ _3\"/>three<span class=\"_ _2\"/><span class=\"ff2\">-month <span class=\"_ _3\"/>lag. <span class=\"_ _2\"/>Therefore, <span class=\"_ _3\"/>estimates </span>are made t<span class=\"_ _1\"/>o reflect AB <span class=\"_ _1\"/>InBev\u2019s share in <span class=\"_ _1\"/>the result<span class=\"ff2\"> of these <span class=\"_ _1\"/>associates for <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e l<span class=\"_ _0\"/>ast quarter. <span class=\"_ _1\"/>Such estimates are<span class=\"_ _1\"/> revisited when </span>required. All <span class=\"_ _3\"/>inte<span class=\"_ _3\"/>rcompany <span class=\"_ _3\"/>transactions, bal<span class=\"_ _3\"/>ances <span class=\"_ _3\"/>and <span class=\"_ _3\"/>un<span class=\"_ _3\"/>realized g<span class=\"_ _3\"/>ains <span class=\"_ _3\"/>and <span class=\"_ _3\"/>losses <span class=\"_ _3\"/>on <span class=\"_ _2\"/>transactions <span class=\"_ _3\"/>between <span class=\"_ _3\"/>group <span class=\"_ _3\"/>co<span class=\"_ _3\"/>mpanies <span class=\"_ _3\"/>have been <span class=\"_ _f\"/>el<span class=\"_ _3\"/>iminated. <span class=\"_ _f\"/>Unrealized <span class=\"_ _1\"/>gains <span class=\"_ _f\"/>arising <span class=\"_ _1\"/>from <span class=\"_ _1\"/>transactions <span class=\"_ _f\"/>with <span class=\"_ _1\"/>joint <span class=\"_ _f\"/>ventures, <span class=\"_ _1\"/>joint <span class=\"_ _1\"/>operations <span class=\"_ _f\"/>and <span class=\"_ _1\"/>associates <span class=\"_ _f\"/>are <span class=\"_ _1\"/>eliminat<span class=\"_ _2\"/><span class=\"ls8\">ed </span>to the <span class=\"_ _3\"/>extent of <span class=\"_ _3\"/>AB <span class=\"ff4\">InBev\u2019s interest in <span class=\"_ _3\"/>the entity. Unrealized losses<span class=\"_ _3\"/> are eliminated in <span class=\"_ _3\"/>the same way <span class=\"_ _3\"/>as unrealized gains, <span class=\"_ _3\"/>but<span class=\"_ _0\"/> </span>only to the extent that there is no evidence of impairment.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__22-1": {
   "value": "Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method  of  accounting, from the  date  that significant influence or  joint  control commences until  the  date that significant influence or joint control ceases. When AB InBev\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture.The financial statements of the company\u2019s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of  AB  InBev's  financial  statements. In  such  cases,  the  difference  between  the  end  of  the  reporting  period  of these subsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months. Results from the company\u2019s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev\u2019s share in the result of these associates for the last quarter. Such estimates are revisited when required.All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__26": {
   "value": "Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__33-1": {
   "value": "(E)  FOREIGN CURRENCIES Foreign currency transactions Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the date of the reporting sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities  denominated  in  foreign  currencies  are  translated  at  the  foreign  exchange  rate  prevailing  at  the  date  of  the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates prevailing at the dates the fair value was determined. Translation of the results and financial position of foreign operations Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the reporting date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders\u2019 equity are translated at historical rates. Exchange differences arising from the translation of shareholders\u2019 equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, causing Argentina\u00b4s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as of 2018, as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies. Under IAS 29, non-monetary assets and liabilities stated at historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency, applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the  statement of financial position and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. The  2022  results,  restated  for  purchasing  power,  were  translated  at  the  December  2022  closing  rate  of  177.131872 Argentinean pesos per US dollar (2021 results - at 102.749214 Argentinean pesos per US dollar). Exchange rates  The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 2022 31 December 2021 31 December 2022 31 December 2021 Argentinean peso 177.131872  102.749214  - - Brazilian real 5.217705  5.580497  5.164428  5.368651  Canadian dollar 1.353834  1.270792  1.297354  1.249693  Colombian peso 4 807.99  3 977.14  4 211.36  3 741.19  Chinese yuan 6.898736  6.352382  6.661729  6.456753  Euro 0.937559  0.882924  0.951768  0.841767  Mexican peso 19.361452  20.583378  20.123646  20.339905  Pound sterling 0.831548  0.741903  0.811905  0.725564  Peruvian nuevo sol 3.820004  3.976006  3.845294  3.877055  South Korean won 1 260.16  1 188.32  1 286.17  1 139.06  South African rand 16.968472  15.947907  16.392270  14.873785  Other financial results for 2022 and 2021 include: 2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Net foreign exchange gains/(losses) (363) - (363) (101) - (101) Net gains/(losses) on hedging instruments (747) - (747) (562) - (562) Hyperinflation monetary adjustments - 286  286  - 152  152  Other financial income/(cost), including bank fees and taxes (239) 66  (173) (208) 48  (160) Other financial results (1 349) 352  (997) (871) 200  (671)OTHER COMPREHENSIVE INCOME RESERVES The changes in the other comprehensive income reserves are as follows:  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2022 (33 554)             481  (1 504) (34 577) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (1 123)             -                -    (1 123) (gains/(losses)) Cash flow hedges             -              (336)             -              (336) Re-measurements of post-employment benefits             -                -                483              483  Other comprehensive income/(loss) (1 123)           (336)             483            (976) As per 31 December 2022 (34 677) 145  (1 021) (35 553) The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the Argentinean peso, the Chinese yuan, the Colombian peso and the South Africa rand, partially offset by the weakening of the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of 1 123m US dollar as of 31 December 2022 (decrease of equity).  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2021 (29 234)             376  (1 983) (30 841) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (4 320)             -                -    (4 320) (gains/(losses)) Cash flow hedges             -                105              -                105  Re-measurements of post-employment benefits             -                -                479              479  Other comprehensive income/(loss) (4 320)             105              479  (3 736) As per 31 December 2021 (33 554) 481  (1 504) (34 577) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__34-1": {
   "value": "Financial Reporting in hyperinflationary economies In May <span class=\"_ _3\"/>2018, the Argentinean pe<span class=\"_ _3\"/>so underwent a se<span class=\"_ _3\"/>vere devaluation, causing <span class=\"_ _3\"/>Argentin<span class=\"_ _3\"/>a\u00b4s three<span class=\"_ _3\"/>-year cumulative inflation to exceed 100% <span class=\"_ _1\"/>and thus, <span class=\"_ _1\"/>triggering t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e re<span class=\"_ _1\"/>q<span class=\"_ _3\"/>uirement <span class=\"_ _0\"/>to <span class=\"_ _1\"/>tra<span class=\"_ _3\"/>nsition <span class=\"_ _1\"/>to hyperinflation <span class=\"_ _1\"/>accounting<span class=\"_ _2\"/> <span class=\"ls3\">as</span> <span class=\"_ _1\"/>of 2018, <span class=\"_ _1\"/>as prescribed <span class=\"_ _1\"/>by IAS 29 <span class=\"ff5 ls0\">Financial Reporting in Hyperinflationary Economies<span class=\"ff2\">. </span></span>Under <span class=\"_ _6\"/>IAS <span class=\"_ _6\"/>29, <span class=\"_ _2\"/>no<span class=\"_ _3\"/>n-monetary <span class=\"_ _2\"/>assets<span class=\"_ _3\"/> <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>sta<span class=\"_ _3\"/>ted <span class=\"_ _2\"/>at <span class=\"_ _6\"/>historical <span class=\"_ _6\"/>cost, <span class=\"_ _2\"/>e<span class=\"_ _3\"/>quity <span class=\"_ _2\"/>and <span class=\"_ _6\"/>income <span class=\"_ _6\"/>statements <span class=\"_ _6\"/>of <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubsidiaries operating <span class=\"_ _2\"/>in <span class=\"_ _6\"/>hyperinflationary <span class=\"_ _2\"/>economies <span class=\"_ _2\"/>are <span class=\"_ _6\"/>restated <span class=\"_ _2\"/>for <span class=\"_ _6\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _6\"/>the <span class=\"_ _2\"/>general <span class=\"_ _6\"/>purchasing <span class=\"_ _2\"/>power <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>local <span class=\"_ _2\"/>currency, applying <span class=\"_ _2\"/>a <span class=\"_ _2\"/>general <span class=\"_ _2\"/>price <span class=\"_ _6\"/>index. <span class=\"_ _3\"/>These <span class=\"_ _2\"/>re<span class=\"_ _3\"/>-measured<span class=\"_ _3\"/> <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ccounts <span class=\"_ _3\"/>are<span class=\"_ _3\"/> <span class=\"_ _2\"/>used <span class=\"_ _2\"/>for <span class=\"_ _2\"/>conversion <span class=\"_ _2\"/>into <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dolla<span class=\"_ _3\"/>r <span class=\"_ _3\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>period <span class=\"_ _2\"/>closing exchange <span class=\"_ _7\"/>rate. <span class=\"_ _6\"/>As <span class=\"_ _7\"/>a <span class=\"_ _7\"/>result, <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _6\"/>of <span class=\"_ _7\"/>financial <span class=\"_ _7\"/>position <span class=\"_ _7\"/>and <span class=\"_ _6\"/>net <span class=\"_ _7\"/>results <span class=\"_ _7\"/>of <span class=\"_ _6\"/>subsidiaries <span class=\"_ _7\"/>operating <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. The <span class=\"_ _8\"> </span>2022 <span class=\"_ _4\"> </span>results, <span class=\"_ _4\"> </span>resta<span class=\"_ _3\"/>ted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>purc<span class=\"_ _3\"/>hasing <span class=\"_ _4\"> </span>power, <span class=\"_ _4\"> </span>were<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>translated <span class=\"_ _8\"> </span>at <span class=\"_ _4\"> </span>the <span class=\"_\"> </span>December <span class=\"_ _4\"> </span>2022 <span class=\"_ _8\"> </span>closing <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>of <span class=\"_\"> </span>17<span class=\"_ _0\"/>7.131872 Argentinean pesos per US dollar (2021 results - at 102.749214 Argentinean pesos per US dolla<span class=\"ls5\">r).</span> Other financial results for 2022 <span class=\"ls3\">and </span>2021 include: 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Finance Finance Finance Finance Million US dollar<span class=\"_ _1\"/> cost income Net cost income Net Net foreign ex<span class=\"_ _1\"/>c<span class=\"_ _3\"/>hange gains/(los<span class=\"_ _1\"/>s<span class=\"_ _3\"/>es) (363)<span class=\"ls0\"> </span>- (363)<span class=\"ls0\"> </span>(101)<span class=\"ls0\"> </span>- (101)<span class=\"ls0\"> </span>Net gains/(losse<span class=\"_ _1\"/>s<span class=\"_ _3\"/>) on hedging <span class=\"_ _1\"/>instruments (747)<span class=\"ls0\"> </span>- (747)<span class=\"ls0\"> </span>(562)<span class=\"ls0\"> </span>- (562)<span class=\"ls0\"> </span>Hyperinflation mone<span class=\"_ _1\"/>tary <span class=\"_ _3\"/>adjustme<span class=\"_ _1\"/>nts - 286<span class=\"ls0\">  </span>286<span class=\"ls0\">  </span>- 152<span class=\"ls0\">  </span>152<span class=\"ls0\">  </span>Other financial<span class=\"_ _0\"/> income/(cos<span class=\"_ _0\"/>t), including ban<span class=\"_ _0\"/>k fees and taxe<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (239)<span class=\"ls0\"> </span>66<span class=\"ls0\">  </span>(173)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>48<span class=\"ls0\">  </span>(160)<span class=\"ls0\"> </span>Other financial<span class=\"_ _1\"/> <span class=\"_ _3\"/>results (1<span class=\"ls0\"> <span class=\"ls6\">349)</span> </span>352<span class=\"ls0\">  </span>(997)<span class=\"ls0\"> </span>(871)<span class=\"ls0\"> </span>200<span class=\"ls0\">  </span>(671)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__45-1": {
   "value": "(F)  INTANGIBLE ASSETS Research and development Expenditure  on  research  activities,  undertaken  with  the  prospect  of  gaining  new  scientific  or  technical  knowledge  and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The expenditure  capitalized  includes  the  cost  of  materials,  direct  labor  and  an  appropriate  proportion  of  overheads.  Other development  expenditure  is  recognized  in  the  income  statement  as  an  expense  as  incurred.  Capitalized  development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy N). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If  part  of  the  consideration  paid  in  a  business  combination  relates  to  trademarks,  trade  names,  formulas,  recipes  or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software  is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.  Other intangible  assets  also  include multi-year  sponsorship  rights  acquired by  the company.  These  are  initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an  indefinite  life unless  plans  exist  to  discontinue  the  brand.  Discontinuance  of  a  brand can  be  either  through  sale  or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered  indefinite,  unless  the  company  have  a  plan  to  discontinue  the  related  brand  or  distribution.  Software  and capitalized development costs related to technology are amortized generally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. 15. Intangible assets   31 December 31 December 2022 2021 Commercial Million US dollar Brands intangibles Software Other Total Total Acquisition cost Balance at end of previous year 38 409 2 832 3 437 337  45 015 45 885 Effect of movements in foreign exchange  (568)  (22)  (114)  (47)  (751) (1 289) Acquisitions and expenditures 11 221 497 249 978 760 Disposals through sale and derecognition  (93) (1 058)  (272)  (15) (1 437)  (98) Disposals through the sale of subsidiaries - - - - -  (3) Transfer (to)/from other asset categories 1 (19) 53  502   (171) 365   (240) and other movements\u00b9Balance at end of period 37 741 2 026 4 050 354  44 170 45 015 Amortization and impairment losses Balance at end of previous year   (89) (2 082) (2 381)  (33) (4 585) (4 358) Effect of movements in foreign exchange 1 18 77 4 100 192 Amortization -  (141)  (479)  (27)  (647)  (644) Impairment - -  (3)  (1)  (4)  (176) Disposals through sale and derecognition - 1 058 271 10 1 339 73 Disposals through the sale of subsidiaries - - - - - 3 Transfer to/(from) other asset categories  -  (100)  (62)  (2)  (164) 326 and other movements\u00b9 Balance at end of period  (88) (1 247) (2 577)  (49) (3 961) (4 585) Carrying value at 31 December 2021 38 320 750 1 056 304 40 430 40 430 at 31 December 2022 37 652 779 1 473 305 40 209 In 2022, the company recognized (4)m US dollar impairment on intangibles compared to (176)m US dollar in 2021 when the  company  recognized  an  impairment  following  the  cessation  of  the  activities  of  Bedford  Systems,  a  70%-owned subsidiary of the company and joint venture with Keurig Dr. Pepper. Please refer to Note 8 Non-underlying items.   AB InBev is the owner of some of the world\u2019s 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\u2019s 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-1year 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 during the fourth quarter of the year or whenever a triggering event has occurred. Based on the impairment testing results, no impairment loss was allocated to intangible assets with indefinite useful lives \u2013 refer to Note 14 Goodwill. As at 31 December 2022, the carrying amount of the intangible assets amounted to 40 209m US dollar (31 December 2021: 40 430m US dollar) of which 37 652m US dollar was assigned an indefinite useful life (31 December 2021: 38 320m US dollar) and 2 557m US dollar a finite life (31 December 2021: 2 110m US dollar). Million US dollar Cash-generating unit 2022 2021 United States 21 979  22 129  Rest of North America 40  42  Mexico 3 166  2 977  Colombia 2 374  2 870  Rest of Middle Americas 3 531  3 432  Rest of South America 767  724  Europe 423  452  South Africa 2 847  3 029  Rest of Africa 1 072  1 112  China 405  440  Rest of Asia Pacific 1 048  1 113  Total carrying amount of intangible assets with indefinite useful lives 37 652  38 320  In 2022, the company expensed 268m US dollar in research, compared to 298m US dollar in 2021. The spend focused on product innovations, market research, as well as process optimization and product development. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__44-1": {
   "value": "(F)  INTANGIBLE ASSETS Research and development Expenditure  on  research  activities,  undertaken  with  the  prospect  of  gaining  new  scientific  or  technical  knowledge  and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The expenditure  capitalized  includes  the  cost  of  materials,  direct  labor  and  an  appropriate  proportion  of  overheads.  Other development  expenditure  is  recognized  in  the  income  statement  as  an  expense  as  incurred.  Capitalized  development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy N). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If  part  of  the  consideration  paid  in  a  business  combination  relates  to  trademarks,  trade  names,  formulas,  recipes  or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software  is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.  Other intangible  assets  also  include multi-year  sponsorship  rights  acquired by  the company.  These  are  initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an  indefinite  life unless  plans  exist  to  discontinue  the  brand.  Discontinuance  of  a  brand can  be  either  through  sale  or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered  indefinite,  unless  the  company  have  a  plan  to  discontinue  the  related  brand  or  distribution.  Software  and capitalized development costs related to technology are amortized generally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (H)  GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. If AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__43-1": {
   "value": "(F)  INTANGIBLE ASSETS Research and development Expenditure  on  research  activities,  undertaken  with  the  prospect  of  gaining  new  scientific  or  technical  knowledge  and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The expenditure  capitalized  includes  the  cost  of  materials,  direct  labor  and  an  appropriate  proportion  of  overheads.  Other development  expenditure  is  recognized  in  the  income  statement  as  an  expense  as  incurred.  Capitalized  development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy N). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If  part  of  the  consideration  paid  in  a  business  combination  relates  to  trademarks,  trade  names,  formulas,  recipes  or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software  is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.  Other intangible  assets  also  include multi-year  sponsorship  rights  acquired by  the company.  These  are  initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an  indefinite  life unless  plans  exist  to  discontinue  the  brand.  Discontinuance  of  a  brand can  be  either  through  sale  or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered  indefinite,  unless  the  company  have  a  plan  to  discontinue  the  related  brand  or  distribution.  Software  and capitalized development costs related to technology are amortized generally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (H)  GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. If AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__36": {
   "value": "Research and development Expenditure  on  research  activities,  undertaken  with  the  prospect  of  gaining  new  scientific  or  technical  knowledge  and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The expenditure  capitalized  includes  the  cost  of  materials,  direct  labor  and  an  appropriate  proportion  of  overheads.  Other development  expenditure  is  recognized  in  the  income  statement  as  an  expense  as  incurred.  Capitalized  development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy N). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__38-1": {
   "value": "Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.In 2022, the company expensed 268m US dollar in research, compared to 298m US dollar in 2021. The spend focused on product innovations, market research, as well as process optimization and product development.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__37-1": {
   "value": "Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities.Amortization related to supply and distribution rights is included within sales and marketing expenses.Amortization related to software  is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports.Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an  indefinite  life unless  plans  exist  to  discontinue  the  brand.  Discontinuance  of  a  brand can  be  either  through  sale  or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered  indefinite,  unless  the  company  have  a  plan  to  discontinue  the  related  brand  or  distribution.  Software  and capitalized development costs related to technology are amortized generally over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy N).Depreciation The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The  estimated  useful  lives  are  defined  in  terms  of  the  asset\u2019s  expected  utility  to  the  company  and  can  vary  from  one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings \u2013 other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 10 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life.The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the shorter period of useful life of the underlying asset and lease term (refer to accounting policies I and N).",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__39-1": {
   "value": "Borrowing costs directly attrib<span class=\"_ _0\"/>utable to the a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quisition, construction or <span class=\"_ _1\"/>p<span class=\"_ _3\"/>roduction of <span class=\"_ _0\"/>qualifying assets are <span class=\"_ _1\"/>capi<span class=\"_ _3\"/>talized as <span class=\"_ _3\"/>part of the cost of such assets. Borrowing costs directly attrib<span class=\"_ _0\"/>utable to the a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quisition, construction or <span class=\"_ _1\"/>p<span class=\"_ _3\"/>roduction of <span class=\"_ _0\"/>qualifying assets are <span class=\"_ _1\"/>capi<span class=\"_ _3\"/>talized as <span class=\"_ _3\"/>part of the cost of such assets. All intere<span class=\"_ _0\"/>st <span class=\"_ _0\"/>costs in<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urred i<span class=\"_ _1\"/>n connection <span class=\"_ _1\"/>with borrowings <span class=\"_ _1\"/>or financial transactions <span class=\"_ _1\"/>are expensed <span class=\"_ _1\"/>as incurred <span class=\"_ _1\"/>as part<span class=\"_ _0\"/> of<span class=\"_ _1\"/> finance costs. Any difference between the initial amount and the<span class=\"_ _0\"/> maturity amount of interest-be<span class=\"_ _3\"/>aring loans and borrowings, su<span class=\"_ _0\"/>ch as transaction <span class=\"_ _5\"> </span>costs <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>fair <span class=\"_ _5\"> </span>value <span class=\"_ _5\"> </span>adjustments, <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>recognized <span class=\"_ _4\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>income <span class=\"_ _5\"> </span>s<span class=\"_ _2\"/>tatement <span class=\"_ _5\"> </span>(in <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>ccretion <span class=\"_ _7\"> </span>ex<span class=\"_ _3\"/>pense) <span class=\"_ _5\"> </span>over <span class=\"_ _5\"> </span>the expected <span class=\"_ _5\"> </span>life <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>instrument <span class=\"_ _5\"> </span>on <span class=\"_ _4\"> </span>an <span class=\"_ _5\"> </span>effective <span class=\"_ _5\"> </span>interest <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>ba<span class=\"_ _3\"/>sis <span class=\"_ _5\"> </span>(refer <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>accounting <span class=\"_ _7\"> </span>po<span class=\"_ _3\"/>licy <span class=\"_ _5\"> </span>T). <span class=\"_ _5\"> </span>The <span class=\"_ _4\"> </span>interest <span class=\"_ _5\"> </span>expense component of lease p<span class=\"_ _1\"/>ayme<span class=\"_ _3\"/>nts <span class=\"_ _0\"/>is also recognized <span class=\"_ _1\"/>in the income statement <span class=\"_ _0\"/>(in accretion <span class=\"_ _1\"/>ex<span class=\"_ _3\"/>pense) <span class=\"_ _3\"/>using the <span class=\"_ _0\"/>effective interest rate method.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__47-1": {
   "value": "(G)  BUSINESS COMBINATIONS The  company  applies  the  acquisition  method  of  accounting  to  account  for  acquisitions  of  businesses.  The  cost  of  an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company\u2019s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev\u2019s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss. (H)  GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. If AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__46": {
   "value": "(G)  BUSINESS COMBINATIONS The  company  applies  the  acquisition  method  of  accounting  to  account  for  acquisitions  of  businesses.  The  cost  of  an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company\u2019s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev\u2019s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__49": {
   "value": "(H)  GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. If AB InBev\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__54": {
   "value": "(I)  PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy N). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g., nonrefundable tax and transport cost). The cost of a self-constructed asset is determined using the same principles as for an acquired asset. The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Subsequent expenditure The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. Depreciation The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The  estimated  useful  lives  are  defined  in  terms  of  the  asset\u2019s  expected  utility  to  the  company  and  can  vary  from  one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings \u2013 other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 10 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life.  Gains and losses on sale Net gains on sale of items of property, plant and equipment are presented in the income statement as  other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__61": {
   "value": "(J)  LEASES The company as lessee The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in cash flow from operating activities. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the shorter period of useful life of the underlying asset and lease term (refer to accounting policies I and N). The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement. The company as lessor Leases where the company transfers substantially all the risks and rewards of ownership to the lessee are classified as finance  leases.  Leases  of  assets  under  which all  the  risks and  rewards  of  ownership  are  substantially  retained  by  the company are classified as operating leases. Rental income is recognized in other operating income on a straight-line basis over the term of the lease. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__55-1": {
   "value": "The company as lessee The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in cash flow from operating activities.The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement.(M)   CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__58-1": {
   "value": "The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset.The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement.(T)  INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. (U)  TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and  subsequently measured at amortized cost using the effective interest method. Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method.Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__57-1": {
   "value": "The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset.The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement.(L)  TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at the amount adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. (M)   CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. (T)  INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. (U)  TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and  subsequently measured at amortized cost using the effective interest method. Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method.(Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__56-1": {
   "value": "The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset.The lease liability is presented in the \u2018Interest-bearing loans and borrowings\u2019 line and the right-of-use assets are presented in the \u2018Property, plant and equipment\u2019 line in the consolidated statement of financial position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is  presented  within operating activities in the consolidated cash flow statement.(T)  INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__66-1": {
   "value": "(K)  INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. 18. Inventories Million US dollar 31 December 2022 31 December 2021 Prepayments 87  115  Raw materials and consumables  3 851   3 072  Work in progress 529  451  Finished goods  1 837   1 537  Goods purchased for resale 308  224  Inventories  6 612   5 399  Inventories other than work in progress Inventories stated at net realizable value 395  368  The cost of inventories recognized as an expense in 2022 amounts to 26 305m US dollar, included in cost of sales (2021: 23 097m US dollar). Impairment losses on inventories recognized in  2022 amount to 148m US dollar (2021: 91m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__65": {
   "value": "(K)  INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__68-1": {
   "value": "(L)  TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at the amount adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. (M)   CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. (Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__67": {
   "value": "(L)  TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at the amount adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__70": {
   "value": "Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__69-1": {
   "value": "Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered.(N)  IMPAIRMENT The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is an indicator of impairment, the asset\u2019s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. Calculation of recoverable amount The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated  by  valuation  multiples,  quoted  share  prices  for  publicly  traded  subsidiaries  or  other  available  fair  value indicators. Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined,  net of depreciation or amortization, if no impairment loss had been recognized. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__73": {
   "value": "(M)   CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__77": {
   "value": "(N)  IMPAIRMENT The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is an indicator of impairment, the asset\u2019s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. Calculation of recoverable amount The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated  by  valuation  multiples,  quoted  share  prices  for  publicly  traded  subsidiaries  or  other  available  fair  value indicators. Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined,  net of depreciation or amortization, if no impairment loss had been recognized. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__79-1": {
   "value": "(O)  FAIR VALUE MEASUREMENT A number of AB InBev\u2019s accounting policies and notes require fair value measurement for both financial and non-financial items.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022  Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022  Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived from prices).  \u2022  Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. Derivatives The fair value of exchange traded derivatives (e.g., exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g., the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. Debt securities This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. Non-derivative financial liabilities The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall into level 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are discounted using a risk adjusted rate. J)  FAIR VALUE The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dollar 2022 2021 2022 2021 2022 2021 Foreign currency Foreign exchange forwards 223  238 (265) (129) (42) 109 Foreign currency futures  4  - - (37) 4  (37) Interest rate Interest rate swaps  - 38 (5) - (5) 38 Cross currency interest rate swaps  63  111 (187) (273) (124) (162) Commodities Aluminum swaps  52  178 (174) (20) (122) 158 Sugar futures  4  13 - - 4  13 Energy  12  29 (28) (2) (16) 27 Other commodity derivatives  32  62 (69) (13) (37) 50 Equity Equity derivatives  - - (4 763) (5 412) (4 763) (5 412) 391  669 (5 492) (5 886) (5 101) (5 216) Of which: Non-current  60  48 (184) (100) (124) (52) Current  331  621 (5 308) (5 786) (4 977) (5 164) 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. 2Interest-bearing financial liabilities 31 December 2022 31 December 2021Million US dollar Carrying amount\u00b9 Fair value Carrying amount\u00b9 Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling (2 148) (2 039) (3 539) (3 913) Canadian dollar (515) (437) (549) (604) Other (458) (448) (389) (420) (75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2022 Quoted (unadjusted)  Observable market  Unobservable market  Million US dollar prices - level 1 inputs - level 2 inputs - level 3 Financial Assets Held for trading (non-derivatives) - 9  - Derivatives at fair value through profit and loss - 41  - Derivatives in a cash flow hedge relationship 36  219  - Derivatives in a net investment hedge relationship - 94  - 36  364  - Financial Liabilities Deferred consideration on acquisitions at fair value - - 762  Derivatives at fair value through profit and loss - 4 799  - Derivatives in a cash flow hedge relationship 26  525  - Derivatives in a fair value hedge relationship - 4  - Derivatives in a net investment hedge relationship - 138  - 26  5 466  762  Fair value hierarchy 31 December 2021 Quoted (unadjusted)  Observable market  Unobservable market  Million US dollar prices - level 1 inputs - level 2 inputs - level 3 Financial Assets Held for trading (non-derivatives) - 9  - Derivatives at fair value through profit and loss - 155  - Derivatives in a cash flow hedge relationship 58  352  - Derivatives in a fair value hedge relationship - 17  - Derivatives in a net investment hedge relationship - 87  - 58  620  - Financial Liabilities Deferred consideration on acquisitions at fair value  - - 832  Derivatives at fair value through profit and loss - 5 611  - Derivatives in a cash flow hedge relationship 52  141  - Derivatives in a net investment hedge relationship - 82  - 52  5 834  832  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. Movements in 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement of deferred consideration from prior years acquisitions. Non-derivative financial liabilities As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d), 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\u2019 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 31 December 2022, the put option on the remaining shares held by ELJ was valued at 585m US dollar (31 December 2021: 589m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__78": {
   "value": "(O)  FAIR VALUE MEASUREMENT A number of AB InBev\u2019s accounting policies and notes require fair value measurement for both financial and non-financial items.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022  Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022  Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived from prices).  \u2022  Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. Derivatives The fair value of exchange traded derivatives (e.g., exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g., the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. Debt securities This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. Non-derivative financial liabilities The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall into level 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are discounted using a risk adjusted rate. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__81": {
   "value": "Repurchase of share capital When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. The difference between the carrying value of the treasury shares issued to employees and their fair value is recognized in retained earnings.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__80-1": {
   "value": "Repurchase of share capital When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. The difference between the carrying value of the treasury shares issued to employees and their fair value is recognized in retained earnings.Share issuance costs Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__82-1": {
   "value": "Dividends paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company\u2019s subsidiaries. In such instancesstatutory minimum dividends are recognized as a liability.Dividend income is recognized in the income statement on the date that the dividend is declared. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__84-1": {
   "value": "(Q)  PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Restructuring A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not  provided  for.  The  provision includes the benefit commitments  in connection  with  early retirement and redundancy schemes. Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Disputes and Litigations A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating  to  antitrust  laws,  violations  of  distribution  and  license  agreements,  environmental  matters,  employment  related disputes, claims from tax authorities related to indirect taxes, and alcohol industry litigation matters. (R)  PENSION AND SIMILAR OBLIGATIONS Post-employment benefits Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a)  Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b)  Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past  service  costs  are  recognized  at  the  earlier  of  when  the  amendment  /  curtailment  occurs  or  when  the  company recognizes  related  restructuring  or  termination  costs.  The  pension  obligations  recognized  in  the  statement  of  financial position are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan  assets. Re-measurements,  comprising  of  actuarial gains  and  losses,  the  effect of  the  asset ceiling  (excluding  net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.  Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. Other post-employment obligations Some of AB InBev\u2019s companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. Termination benefits Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Bonuses Bonuses  received  by  company  employees  and  management  are  based  on  pre-defined  company  and  individual  target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__85": {
   "value": "(R)  PENSION AND SIMILAR OBLIGATIONS Post-employment benefits Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a)  Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b)  Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past  service  costs  are  recognized  at  the  earlier  of  when  the  amendment  /  curtailment  occurs  or  when  the  company recognizes  related  restructuring  or  termination  costs.  The  pension  obligations  recognized  in  the  statement  of  financial position are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan  assets. Re-measurements,  comprising  of  actuarial gains  and  losses,  the  effect of  the  asset ceiling  (excluding  net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.  Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. Other post-employment obligations Some of AB InBev\u2019s companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. Termination benefits Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Bonuses Bonuses  received  by  company  employees  and  management  are  based  on  pre-defined  company  and  individual  target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__86": {
   "value": "Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__88": {
   "value": "(S)  SHARE-BASED PAYMENTS Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using a binomial Hall model, modified to reflect the IFRS 2 requirement that assumptions about forfeiture before the end of the vesting period cannot impact the fair value of the option. The fair value of the options granted is expensed over the vesting period based on the expected number of options that will vest. When the options are exercised, equity is increased by the amount of the proceeds received. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__92": {
   "value": "(U)  TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and  subsequently measured at amortized cost using the effective interest method. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__96": {
   "value": "(V)  INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the reporting date, and any adjustment to tax payable in respect of previous years. In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position a deferred tax liability or asset is recognized. Under this method a provision for  deferred taxes  is also  made  for  differences  between  the  fair  values of  assets  and liabilities  acquired in  a business combination and their tax base. IAS 12 prescribes that no deferred taxes are recognized (i) on initial recognition of goodwill, (ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit and (iii) on differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using currently or substantively enacted tax rates. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized. The company presents income tax provisions in income tax liabilities. Assets and liabilities for uncertain tax treatments are presented as current tax assets/liabilities or deferred tax assets/liabilities. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__95": {
   "value": "In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position a deferred tax liability or asset is recognized. Under this method a provision for  deferred taxes  is also  made  for  differences  between  the  fair  values of  assets  and liabilities  acquired in  a business combination and their tax base. IAS 12 prescribes that no deferred taxes are recognized (i) on initial recognition of goodwill, (ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit and (iii) on differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using currently or substantively enacted tax rates. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__97": {
   "value": "(W) INCOME RECOGNITION Goods sold Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognizes revenue when performance obligations are satisfied, meaning when the company transfers control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: \u2022  Identification of the contracts with a customer \u2022  Identification of the performance obligations in the contracts \u2022  Determination of the transaction price \u2022  Allocation of the transaction price to the performance obligations in the contracts \u2022  Revenue recognition when performance obligations are satisfied Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected to be received in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved. Royalty income The company recognizes the sales-based or usage-based royalties in other operating income when the later of the following events occurs: (a) the customer\u2019s subsequent sales or usage; and (b) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Government grants A government grant is recognized in the statement of financial position initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset. Finance income Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt. Dividend income Dividend income is recognized in the income statement on the date that the dividend is declared. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__98": {
   "value": "Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__99": {
   "value": "A government grant is recognized in the statement of financial position initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__101-1": {
   "value": "Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__100-1": {
   "value": "Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Y). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__111": {
   "value": "(X)  EXPENSES Finance costs Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method. Research and development, advertising and promotional costs and systems development costs Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy F). Purchasing, receiving and warehousing costs Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses.   ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__107": {
   "value": "Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction  costs  and  fair  value  adjustments,  are  recognized  in  the  income  statement  (in  accretion  expense)  over  the expected  life  of  the  instrument  on  an  effective  interest  rate  basis  (refer  to  accounting  policy  T).  The  interest  expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__120": {
   "value": "(Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__119": {
   "value": "(Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__112": {
   "value": "(Y)  FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company\u2019s performance. AB InBev\u2019s financial risk management policy prohibits the use of  derivative  financial  instruments  for  trading  purposes  and  the  company  does  therefore  not  hold  or  issue  any  such instruments for such purposes. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is  based  on  two  criteria:  the  objective  of  the  company\u2019s  business  model  for  managing  the  assets;  and  whether  the instruments\u2019 contractual cash flows represent \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u2018SPPI criterion\u2019). The classification and measurement of the company\u2019s financial assets is as follows: \u2022  Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is to collect contractual cash flows. Interest  income,  foreign  exchange  gains  and  losses  and  any  impairment  charges  for  such  instruments  are recognized in profit or loss. \u2022  Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments in debt securities where the contractual cash flows are solely payments of principal and interest and the company\u2019s business model is achieved by both collecting contractual cash flows and selling financial assets. Interest income, foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt securities, any related balance within FVOCI reserve is reclassified to profit or loss. \u2022  Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss. \u2022  Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.  At the  inception  of  the  hedging  relationships, the  company  documents  the  risk management  objective  and  strategy  for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match  the  critical  terms  of  the  hedging  instrument,  the  company  uses  a  hypothetical  derivative  method  to  assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign  currency risk of a  firm commitment or a  recognized asset or  liability (such  as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).  When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs.  If  the  hedged  transaction  is  no  longer  expected  to  occur,  the  cumulative  gain  or  loss  recognized  in  other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss.  Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__115-1": {
   "value": "Except <span class=\"_ _3\"/>for <span class=\"_ _3\"/>certain <span class=\"_ _2\"/>trade <span class=\"_ _3\"/>receivables, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>measures <span class=\"_ _3\"/>a <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>asset <span class=\"_ _3\"/>at <span class=\"_ _3\"/>its <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>plus, <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>case <span class=\"_ _2\"/>of a financial asset <span class=\"_ _3\"/>not <span class=\"_ _3\"/>at fair <span class=\"_ _3\"/>value th<span class=\"_ _3\"/>rough profit <span class=\"_ _3\"/>or loss, <span class=\"_ _3\"/>transaction c<span class=\"_ _3\"/>osts directly <span class=\"_ _3\"/>attributable to <span class=\"_ _3\"/>the acquisition <span class=\"_ _3\"/>or issue<span class=\"_ _2\"/> <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the financial asset. <span class=\"_ _1\"/>Debt financial <span class=\"_ _0\"/>instruments ar<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _0\"/>subsequently <span class=\"_ _0\"/>measured at <span class=\"_ _1\"/>amortized cost, <span class=\"_ _1\"/>FVOCI or <span class=\"_ _1\"/>FVPL. The classifi<span class=\"_ _0\"/>cation is <span class=\"_ _8\"> </span>based <span class=\"_ _8\"> </span>on <span class=\"_ _8\"> </span>two <span class=\"_ _4\"> </span>criteria: <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>obj<span class=\"_ _3\"/>ective <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>com<span class=\"_ _3\"/>pany\u2019s <span class=\"_ _4\"> </span>business <span class=\"_\"> </span>mo<span class=\"_ _0\"/>del <span class=\"_ _8\"> </span>for <span class=\"_ _4\"> </span>ma<span class=\"_ _3\"/>naging <span class=\"_ _4\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _8\"> </span>assets; <span class=\"_ _4\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _8\"> </span>whether <span class=\"_ _4\"> </span>the instruments\u2019 contractual <span class=\"_ _1\"/>cash flows represent <span class=\"_ _1\"/>\u2018solely payments <span class=\"_ _1\"/>of principal and <span class=\"_ _1\"/>interest\u2019 on <span class=\"_ _0\"/>the <span class=\"_ _0\"/>principal amount <span class=\"_ _1\"/>outstanding (the \u2018SPPI criterion\u2019).\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff5 fs3 fc1\">Financial <span class=\"_ _6\"/>assets <span class=\"_ _6\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>t <span class=\"_ _6\"/>FVPL<span class=\"ff2\">: <span class=\"_ _7\"/>comprise <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments <span class=\"_ _6\"/>and <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>which <span class=\"_ _6\"/>were <span class=\"_ _6\"/>not </span></span></span>designated <span class=\"_ _1\"/>as <span class=\"_ _1\"/>FVOCI. <span class=\"_ _1\"/>This <span class=\"_ _1\"/>category <span class=\"_ _f\"/>also <span class=\"_ _1\"/>includes <span class=\"_ _1\"/>debt <span class=\"_ _1\"/>instruments <span class=\"_ _f\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _f\"/>do <span class=\"_ _1\"/>not <span class=\"_ _1\"/>meet <span class=\"_ _1\"/>the <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>flow <span class=\"_ _f\"/>or <span class=\"_ _1\"/>the <span class=\"_ _1\"/>business model tests. Fair value hedge accounting When <span class=\"_ _3\"/>a derivative <span class=\"_ _3\"/>hedges the v<span class=\"_ _3\"/>ariability in <span class=\"_ _3\"/>fair v<span class=\"_ _3\"/>alue of <span class=\"_ _3\"/>a recogn<span class=\"_ _3\"/>ized asset <span class=\"_ _3\"/>or liability <span class=\"_ _3\"/>(such<span class=\"_ _3\"/> <span class=\"_ _3\"/>as <span class=\"_ _3\"/>a <span class=\"_ _3\"/>fixed rate <span class=\"_ _3\"/>instrument) or <span class=\"_ _3\"/>a firm <span class=\"_ _1\"/>commitment, an<span class=\"_ _0\"/>y <span class=\"_ _1\"/>resulting gain <span class=\"_ _1\"/>or <span class=\"_ _1\"/>loss <span class=\"_ _1\"/>o<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _1\"/>hedgi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>instrument <span class=\"_ _1\"/>is recogni<span class=\"_ _0\"/>zed <span class=\"_ _1\"/>in th<span class=\"_ _0\"/>e <span class=\"_ _1\"/>profit <span class=\"_ _0\"/>or <span class=\"_ _1\"/>loss. T<span class=\"_ _0\"/>he <span class=\"_ _1\"/>carrying a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>oun<span class=\"_ _3\"/><span class=\"lsc\">t </span>of <span class=\"_ _3\"/>the <span class=\"_ _2\"/>hedged <span class=\"_ _3\"/>item <span class=\"_ _2\"/>is <span class=\"_ _3\"/>also <span class=\"_ _2\"/>adjusted <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _2\"/>changes <span class=\"_ _3\"/>in <span class=\"_ _2\"/>respect <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>risk <span class=\"_ _2\"/>being <span class=\"_ _3\"/>hedged,<span class=\"_ _2\"/> <span class=\"_ _2\"/>with <span class=\"_ _3\"/>any <span class=\"_ _2\"/>gain <span class=\"_ _3\"/>or <span class=\"_ _2\"/>loss <span class=\"_ _3\"/>being recognized in <span class=\"_ _0\"/>profit or<span class=\"_ _1\"/> loss. The fair <span class=\"_ _1\"/>value adjustment to <span class=\"_ _1\"/>the carrying amount<span class=\"_ _1\"/> of the h<span class=\"_ _0\"/>edged i<span class=\"_ _0\"/>tem is a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ortized t<span class=\"_ _0\"/>o profit <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r loss from the date of discontinuation. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__116": {
   "value": "Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: these instruments are undertakings in which the company does not have significant influence or control and is generally evidenced by ownership of less than 20% of the voting rights. The company designates these investments on an instrument-by-instrument basis as equity securities at FVOCI because they represent investments held for long  term  strategic  purposes.  Investments  in  unquoted  companies  are  subsequently  measured  at  cost,  when appropriate. These investments are non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These  investments  are  not  subject  to  impairment  testing  and  upon  disposal,  the  cumulative  gain  or  loss accumulated in other comprehensive income are not reclassified to profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__121": {
   "value": "Offsetting Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__123": {
   "value": "Derecognition A financial asset is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__124": {
   "value": "(Z)  SEGMENT REPORTING  Operating segments are components of the company\u2019s business activities about  which separate financial information is available that is evaluated regularly by senior management. The company has six operating segments. AB InBev\u2019s operating segment reporting format is geographical because the company\u2019s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company\u2019s management structure and internal reporting system to the Board of Directors is set up accordingly. The company\u2019s five geographic regions are North America, Middle Americas, South America, EMEA and Asia Pacific. The aggregation criteria applied are based on similarities in the economic indicators (e.g., margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore, management assessed additional factors such as management\u2019s views on the optimal number of reporting segments, AB InBev historical geographies, peer comparison (e.g., Asia Pacific and EMEA being a commonly reported regions amongst the company\u2019s peers), as well as management\u2019s view on the optimal balance between practical and more granular information. The results of Global Export and Holding Companies, which includes the company\u2019s global headquarters and the export businesses  in  countries in  which  AB  InBev  has  no  operations  are  reported  separately.  The  company\u2019s  five  geographic regions  plus  the  Global  Export  and  Holding  Companies  comprise  the  company\u2019s  six  reportable  segments  for  financial reporting purposes. Segment  capital expenditure is  the total  cost incurred  during the  period  to  acquire  property, plant  and equipment,  and intangible assets other than goodwill. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__125": {
   "value": "(AA)  NON-UNDERLYING ITEMS Non-underlying items are those that in management\u2019s judgment need to be disclosed separately by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to non-underlying items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__128": {
   "value": "(BB)  DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures  the  carrying  amount  of  the  asset  (or  all  the  assets  and  liabilities  in  the  disposal  group)  in  accordance  with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included  in  profit  or  loss.  The  same  applies  to  gains  and  losses  on  subsequent  re-measurement.  Non-current  assets classified as held for sale are no longer depreciated or amortized. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__127": {
   "value": "(BB)  DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures  the  carrying  amount  of  the  asset  (or  all  the  assets  and  liabilities  in  the  disposal  group)  in  accordance  with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included  in  profit  or  loss.  The  same  applies  to  gains  and  losses  on  subsequent  re-measurement.  Non-current  assets classified as held for sale are no longer depreciated or amortized. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__126": {
   "value": "(BB)  DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures  the  carrying  amount  of  the  asset  (or  all  the  assets  and  liabilities  in  the  disposal  group)  in  accordance  with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included  in  profit  or  loss.  The  same  applies  to  gains  and  losses  on  subsequent  re-measurement.  Non-current  assets classified as held for sale are no longer depreciated or amortized. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__132-1": {
   "value": "4.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Use<span class=\"_ _0\"/> of estimates and <span class=\"_ _1\"/>judgments </span>The <span class=\"_ _2\"/>preparation <span class=\"_ _2\"/>of <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>statements <span class=\"_ _2\"/>in <span class=\"_ _2\"/>conformity <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IFRS <span class=\"_ _2\"/>requires <span class=\"_ _2\"/>management <span class=\"_ _2\"/>to <span class=\"_ _2\"/>make <span class=\"_ _2\"/>judgments, <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>and assumptions that <span class=\"_ _0\"/>affect th<span class=\"_ _0\"/>e application <span class=\"_ _1\"/>of policies an<span class=\"_ _0\"/>d reported <span class=\"_ _0\"/>amounts of<span class=\"_ _0\"/> assets <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd l<span class=\"_ _0\"/>iabilities, income <span class=\"_ _1\"/>and expenses. T<span class=\"_ _0\"/>he estimates and <span class=\"_ _3\"/>associated assumptions are based o<span class=\"_ _3\"/>n historical experience and various other <span class=\"_ _3\"/>factors that <span class=\"_ _3\"/>are believed to be reasonable <span class=\"_ _3\"/>under the <span class=\"_ _3\"/>circumstances, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>results of <span class=\"_ _3\"/>which <span class=\"_ _3\"/>form th<span class=\"_ _3\"/>e basis <span class=\"_ _3\"/>of <span class=\"_ _3\"/>making <span class=\"_ _3\"/>the judgments <span class=\"_ _3\"/>about <span class=\"_ _3\"/>carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.   These <span class=\"_ _6\"/>estimates <span class=\"_ _7\"/>and <span class=\"_ _6\"/>underlying <span class=\"_ _6\"/>assumptions <span class=\"_ _6\"/>are <span class=\"_ _7\"/>reviewed <span class=\"_ _2\"/>on <span class=\"_ _7\"/>an <span class=\"_ _6\"/>ongoing <span class=\"_ _7\"/>basis. <span class=\"_ _6\"/>Revisions <span class=\"_ _6\"/>to <span class=\"_ _7\"/>accounting <span class=\"_ _2\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _6\"/>are recognized in the period in which the estimate is revised if the revision affects only that period or, if the r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>vision affects both current and future periods, in the period of the revision and future periods. Although <span class=\"_ _2\"/>each <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _3\"/>ac<span class=\"_ _3\"/>counting <span class=\"_ _3\"/>polic<span class=\"_ _3\"/>ies <span class=\"_ _2\"/>reflects <span class=\"_ _3\"/>judgments, <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>or <span class=\"_ _2\"/>est<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ates, <span class=\"_ _2\"/>AB InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that the <span class=\"_ _6\"/>following <span class=\"_ _7\"/>accounting <span class=\"_ _6\"/>policies <span class=\"_ _6\"/>reflect <span class=\"_ _6\"/>the <span class=\"_ _6\"/>m<span class=\"_ _3\"/>ost <span class=\"_ _6\"/>critical <span class=\"_ _7\"/>judgments, <span class=\"_ _6\"/>estimates <span class=\"_ _6\"/>and <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>that <span class=\"_ _6\"/>are <span class=\"_ _6\"/>important <span class=\"_ _6\"/>to <span class=\"_ _7\"/>its business operations and understanding results: busine<span class=\"_ _0\"/>ss combinations, intangible assets, <span class=\"_ _1\"/>go<span class=\"_ _3\"/>odwill, imp<span class=\"_ _3\"/>airment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>values <span class=\"_ _3\"/>of <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>identifiable <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ntangibles are <span class=\"_ _3\"/>based <span class=\"_ _3\"/>o<span class=\"_ _3\"/>n <span class=\"_ _3\"/>an <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>of <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash <span class=\"_ _3\"/>flows. <span class=\"_ _3\"/>Impairment <span class=\"_ _3\"/>analyses of <span class=\"_ _3\"/>goodwill <span class=\"_ _2\"/>and <span class=\"_ _3\"/>indefinite<span class=\"_ _3\"/>-lived i<span class=\"_ _3\"/>ntangible <span class=\"_ _3\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _3\"/>performed <span class=\"_ _3\"/>annually <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>whenever <span class=\"_ _3\"/>a <span class=\"_ _3\"/>trigge<span class=\"_ _3\"/>ring <span class=\"_ _3\"/>event <span class=\"_ _3\"/>has <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ccurred, <span class=\"_ _3\"/>in order to determine wh<span class=\"_ _0\"/>ether the carrying v<span class=\"_ _1\"/>a<span class=\"_ _3\"/>lue exceeds th<span class=\"_ _0\"/>e recoverable amount<span class=\"_ _0\"/>. These calculations <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re based on <span class=\"_ _1\"/>e<span class=\"_ _3\"/>stimates of future cash flows. The <span class=\"_ _5\"> </span>company <span class=\"_ _7\"> </span>uses<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>its <span class=\"_ _5\"> </span>judgment <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>elect <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>variety <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethods <span class=\"_ _7\"> </span>in<span class=\"_ _3\"/>cluding <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>discounted <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>flow <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethod <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>option valuation <span class=\"_ _6\"/>models <span class=\"_ _7\"/>and <span class=\"_ _6\"/>makes <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>about <span class=\"_ _6\"/>the <span class=\"_ _7\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"/>financial <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>that <span class=\"_ _7\"/>are <span class=\"_ _6\"/>mainly <span class=\"_ _6\"/>b<span class=\"_ _3\"/>ased <span class=\"_ _6\"/>on <span class=\"_ _6\"/>market conditions existing at each reporting date. Actuarial <span class=\"_ _3\"/>assumptions <span class=\"_ _2\"/>are <span class=\"_ _3\"/>established <span class=\"_ _2\"/>to <span class=\"_ _3\"/>anticipate <span class=\"_ _2\"/>future <span class=\"_ _3\"/>events <span class=\"_ _2\"/>and <span class=\"_ _3\"/>are <span class=\"_ _2\"/>used <span class=\"_ _3\"/>in <span class=\"_ _3\"/>c<span class=\"_ _3\"/>alculating <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>l<span class=\"_ _3\"/>ong<span class=\"_ _2\"/>-term employee <span class=\"_ _1\"/>b<span class=\"_ _3\"/>enefit <span class=\"_ _1\"/>expenses and <span class=\"_ _1\"/>liabilities. T<span class=\"_ _0\"/>hese <span class=\"_ _1\"/>factors include <span class=\"_ _1\"/>assumptions with<span class=\"_ _0\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>pect <span class=\"_ _1\"/>to interest <span class=\"_ _1\"/>rates, rate<span class=\"_ _1\"/>s<span class=\"_ _3\"/> of increas<span class=\"_ _0\"/>e in health care costs, rates of future compensation increases, t<span class=\"_ _1\"/>urn<span class=\"_ _3\"/>over rates, and life expectancy.<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>is subject <span class=\"_ _1\"/>to income <span class=\"_ _0\"/>tax in <span class=\"_ _1\"/>numerous juris<span class=\"_ _0\"/>dictions. Significant <span class=\"_ _1\"/>judgment is <span class=\"_ _1\"/>required to <span class=\"_ _1\"/>determine the <span class=\"_ _1\"/>worldwide provision for <span class=\"_ _1\"/>in<span class=\"_ _3\"/>come tax. <span class=\"_ _1\"/>Th<span class=\"_ _3\"/>ere are <span class=\"_ _1\"/>some transactions and <span class=\"_ _1\"/>calculations for which <span class=\"_ _1\"/>the ultimate tax <span class=\"_ _1\"/>dete<span class=\"_ _3\"/>rmination <span class=\"_ _1\"/>is uncertain. Some <span class=\"_\"> </span>subsi<span class=\"_ _0\"/>diaries <span class=\"_\"> </span>with<span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_\"> </span>t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e <span class=\"_ _8\"> </span>group <span class=\"_\"> </span>are <span class=\"_ _8\"> </span>involved <span class=\"_ _8\"> </span>in <span class=\"_ _8\"> </span>tax <span class=\"_\"> </span>a<span class=\"_ _0\"/>udits <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>local <span class=\"_ _8\"> </span>enquiries <span class=\"_ _8\"> </span>usually <span class=\"_\"> </span>in<span class=\"_ _0\"/> <span class=\"_\"> </span>rel<span class=\"_ _0\"/>ation <span class=\"_\"> </span>to<span class=\"_ _0\"/> <span class=\"_\"> </span>pri<span class=\"_ _0\"/>or <span class=\"_\"> </span>year<span class=\"_ _1\"/>s. Investigations <span class=\"_ _2\"/>and <span class=\"_ _6\"/>negotiations <span class=\"_ _2\"/>w<span class=\"_ _3\"/>ith <span class=\"_ _2\"/>local <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _2\"/>are <span class=\"_ _2\"/>o<span class=\"_ _3\"/>ngoing <span class=\"_ _2\"/>in <span class=\"_ _2\"/>various <span class=\"_ _6\"/>jurisdictions <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _7\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _6\"/>and, <span class=\"_ _2\"/>by their <span class=\"_ _6\"/>nature, <span class=\"_ _6\"/>these <span class=\"_ _6\"/>can <span class=\"_ _6\"/>take <span class=\"_ _6\"/>considerable <span class=\"_ _6\"/>time <span class=\"_ _7\"/>to <span class=\"_ _6\"/>conclude. <span class=\"_ _2\"/>In <span class=\"_ _7\"/>assessing <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>amount <span class=\"_ _6\"/>of <span class=\"_ _2\"/>an<span class=\"_ _3\"/>y <span class=\"_ _6\"/>income <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>provisions <span class=\"_ _6\"/>to <span class=\"_ _6\"/>be recognized <span class=\"_ _f\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>financial <span class=\"_ _f\"/>statements, <span class=\"_ _1\"/>esti<span class=\"_ _3\"/>mates <span class=\"_ _f\"/>are <span class=\"_ _1\"/>made <span class=\"_ _1\"/>of <span class=\"_ _f\"/>the <span class=\"_ _1\"/>expected <span class=\"_ _f\"/>successful <span class=\"_ _1\"/>settlement <span class=\"_ _f\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>matters. <span class=\"_ _1\"/>Estimates of <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>and <span class=\"_ _3\"/>penalties <span class=\"_ _3\"/>on <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>are <span class=\"_ _2\"/>also <span class=\"_ _3\"/>recorded. <span class=\"_ _3\"/>Where <span class=\"_ _2\"/>the <span class=\"_ _3\"/>final <span class=\"_ _3\"/>outcome <span class=\"_ _2\"/>of <span class=\"_ _3\"/>these <span class=\"_ _2\"/>matters <span class=\"_ _3\"/>is <span class=\"_ _3\"/>different <span class=\"_ _2\"/>from <span class=\"_ _3\"/>th<span class=\"_ _2\"/><span class=\"ls3\">e </span>amounts <span class=\"_ _3\"/>that <span class=\"_ _3\"/>were <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>recorded, <span class=\"_ _3\"/>such <span class=\"_ _3\"/>diffe<span class=\"_ _3\"/>rences <span class=\"_ _3\"/>will <span class=\"_ _3\"/>impact <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>urrent an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>income <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>and l<span class=\"_ _3\"/>iabilities in the period that such determination is made. Judgments <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>de <span class=\"_ _3\"/>by <span class=\"_ _2\"/>management <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>applica<span class=\"_ _3\"/>tion <span class=\"_ _3\"/>of <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>that <span class=\"_ _2\"/>have <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>significant <span class=\"_ _2\"/>effect <span class=\"_ _3\"/>on <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>statements <span class=\"_ _2\"/>and estimates <span class=\"_ _7\"/>with <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>risk <span class=\"_ _7\"> </span>of <span class=\"_ _7\"/>material <span class=\"_ _7\"/>adjustment <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>following <span class=\"_ _7\"/>year <span class=\"_ _7\"/>are <span class=\"_ _7\"/>further <span class=\"_ _7\"/>discussed <span class=\"_ _7\"/>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>relevant <span class=\"_ _7\"/>notes hereafter. In <span class=\"_ _4\"> </span>preparing <span class=\"_ _4\"> </span>these <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>onsolidated <span class=\"_ _5\"> </span>financial <span class=\"_ _4\"> </span>statements, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>judgments <span class=\"_ _5\"> </span>m<span class=\"_ _3\"/>ade <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>management <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>applying <span class=\"_ _4\"> </span>the company\u2019s <span class=\"_ _3\"/>accountin<span class=\"ff2\">g <span class=\"_ _3\"/>policies <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>key <span class=\"_ _3\"/>sources <span class=\"_ _3\"/>of <span class=\"_ _3\"/>uncertainty <span class=\"_ _3\"/>relate <span class=\"_ _2\"/>mainly to <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the <span class=\"_ _2\"/>im<span class=\"_ _3\"/>pact o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>onflict </span>between Russia and <span class=\"ff4\">Ukraine on the company\u2019s results as discussed below.</span> CONFLICT BETWEEN RUSSIA AND UKRAINE Management <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>nsidered <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>impact <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>con<span class=\"_ _3\"/>flict <span class=\"_ _4\"> </span>between <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>and <span class=\"_ _5\"> </span>Ukraine <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>bas<span class=\"_ _3\"/>is <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>preparation <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _5\"> </span>these<span class=\"_ _3\"/> consolidated financial statements. <span class=\"_ _3\"/>On 11 March 20<span class=\"_ _3\"/>22, the company announced that it i<span class=\"_ _3\"/>s forfeiting all financial benefits <span class=\"_ _3\"/>from the <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>of <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _3\"/>Efes, <span class=\"_ _2\"/>an <span class=\"_ _2\"/>ass<span class=\"_ _3\"/>ociate <span class=\"_ _2\"/>which <span class=\"_ _3\"/>do<span class=\"_ _3\"/>es <span class=\"_ _3\"/>bus<span class=\"_ _3\"/>iness <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Russia <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Ukraine, <span class=\"_ _2\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>it <span class=\"_ _2\"/>holds <span class=\"_ _2\"/>a <span class=\"_ _2\"/>50% <span class=\"_ _2\"/>non<span class=\"_ _6\"/>-controlling <span class=\"_ _3\"/>stake <span class=\"_ _2\"/>and <span class=\"_ _2\"/>which <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>does <span class=\"_ _3\"/>not <span class=\"_ _6\"/>consolidate. <span class=\"_ _2\"/>On <span class=\"_ _3\"/>22 <span class=\"_ _2\"/>April <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>announced <span class=\"_ _3\"/>its <span class=\"_ _2\"/>decision <span class=\"_ _3\"/>to sell <span class=\"_ _3\"/>its non<span class=\"_ _3\"/>-controlling interest in<span class=\"_ _3\"/> AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>Efes <span class=\"_ _3\"/>and is <span class=\"_ _3\"/>in <span class=\"_ _3\"/>active <span class=\"_ _3\"/>discussions with <span class=\"_ _3\"/>its <span class=\"_ _3\"/>partner, Turkish <span class=\"_ _3\"/>Brewer <span class=\"_ _3\"/>Anadolu <span class=\"_ _3\"/>Efes, to acquire this <span class=\"_ _0\"/>interest. AB InB<span class=\"_ _1\"/>e<span class=\"_ _3\"/>v\u2019s request regarding <span class=\"_ _0\"/>the s<span class=\"ff2\">uspension of the lic<span class=\"_ _0\"/>ense for prod<span class=\"_ _0\"/>uction and sale of <span class=\"_ _1\"/>Bud in Russia </span>will <span class=\"_ _5\"> </span>also <span class=\"_ _4\"> </span>be <span class=\"_ _5\"> </span>part <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>potential <span class=\"_ _5\"> </span>transaction. <span class=\"_ _4\"> </span>Duri<span class=\"_ _3\"/>ng <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>year <span class=\"_ _5\"> </span>end<span class=\"_ _3\"/>ed <span class=\"_ _5\"> </span>31 <span class=\"_ _5\"> </span>December <span class=\"_ _5\"> </span>2022<span class=\"_ _3\"/>, <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_ _5\"> </span>derecognized <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ts investment <span class=\"_ _2\"/>in <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>Efes <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _2\"/>reported <span class=\"_ _2\"/>a<span class=\"_ _3\"/> <span class=\"_ _6\"/>(1 <span class=\"_ _6\"/>143)m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _2\"/>n<span class=\"_ _3\"/>on-cash <span class=\"_ _6\"/>impairment <span class=\"_ _2\"/>charge <span class=\"_ _6\"/>in <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-underlying <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of results <span class=\"_ _2\"/>of <span class=\"_ _3\"/>associates. <span class=\"_ _2\"/>(Refer <span class=\"_ _2\"/>to <span class=\"_ _3\"/>Note <span class=\"_ _2\"/>8 <span class=\"_ _6\"/><span class=\"ff5\">Non-underlying <span class=\"_ _3\"/>items</span> <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>16 <span class=\"_ _3\"/><span class=\"ff5\">Investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>associates</span><span class=\"ls5\">).</span> <span class=\"_ _2\"/>As <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December 2022<span class=\"ls0\">, the investment has been classified as non-current asset held for sale. </span>14.<span class=\"ls0\"> <span class=\"_ _1\"/>Goodwill <span class=\"ls20\">  </span> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Acquisition cost<span class=\"_ _0\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r 118 461 123 702 Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e (3 147) (5 456) Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidia<span class=\"_ _0\"/>ries (32)<span class=\"ls0\"> </span>- Transfers (to)/fro<span class=\"_ _0\"/>m other a<span class=\"_ _0\"/>sset catego<span class=\"_ _0\"/>ries (68)<span class=\"ls0\"> </span>18<span class=\"ls0\">  </span>Hyperinflation mone<span class=\"_ _1\"/>tary adjustments 328<span class=\"ls0\">  </span>196<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> 115 541 118 461 Impairment losse<span class=\"_ _1\"/>s Balance at end<span class=\"_ _0\"/> of previous year<span class=\"_ _1\"/> (2 665) (2 731) Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e 134<span class=\"ls0\">  </span>66<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> (2 531) (2 665) Carrying amount<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/>      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  The carrying amount of goodwill was allocated to the different cash-g<span class=\"_ _3\"/>enerating units as follo<span class=\"_ _0\"/>ws: Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> United States<span class=\"_ _0\"/>        <span class=\"ls6\">33</span> <span class=\"ls6\">578</span>         <span class=\"ls6\">33</span> <span class=\"ls6\">607</span>  Rest of North<span class=\"_ _0\"/> America          1 <span class=\"ls6\">981</span>           2 <span class=\"ls6\">114</span>  Mexico        <span class=\"ls6\">12</span> <span class=\"ls6\">823</span>         <span class=\"ls6\">12</span> <span class=\"ls6\">062</span>  Colombia        <span class=\"ls6\">12</span> <span class=\"ls6\">692</span>         <span class=\"ls6\">15</span> <span class=\"ls6\">344</span>  Rest of Middle <span class=\"_ _0\"/>Americas        <span class=\"ls6\">23</span> <span class=\"ls6\">242</span>         <span class=\"ls6\">22</span> <span class=\"ls6\">769</span>  Brazil          3 <span class=\"ls6\">508</span>           3 <span class=\"ls6\">280</span>  Rest of South<span class=\"_ _1\"/> <span class=\"_ _3\"/>America          1 <span class=\"ls6\">249</span>           1 <span class=\"ls6\">173</span>  Europe          2 <span class=\"ls6\">081</span>           2 <span class=\"ls6\">244</span>  South Africa          9 <span class=\"ls6\">551</span>         <span class=\"ls6\">10</span> <span class=\"ls6\">231</span>  Rest of Africa<span class=\"_ _0\"/>          5 <span class=\"ls6\">131</span>           5 <span class=\"ls6\">287</span>  China          3 <span class=\"ls6\">119</span>           3 <span class=\"ls6\">387</span>  Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic          3 <span class=\"ls6\">505</span>           3 <span class=\"ls6\">717</span>  Global Export<span class=\"_ _0\"/> and Holding Compa<span class=\"_ _1\"/>nies             <span class=\"ls6\">549</span>              <span class=\"ls6\">582</span>  Total carrying<span class=\"_ _0\"/> amount of go<span class=\"_ _0\"/>odwill      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  Goodwill, <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>accounted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>approximately <span class=\"_ _8\"> </span>53% <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>AB <span class=\"_ _4\"> </span>InBev <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>assets <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>at<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>31 <span class=\"_ _5\"> </span>Dec<span class=\"_ _3\"/>ember <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>test<span class=\"_ _0\"/>ed <span class=\"_ _4\"> </span>for impairment <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>cash-generating <span class=\"_ _2\"/>unit <span class=\"_ _2\"/>level <span class=\"_ _2\"/>(that <span class=\"_ _2\"/>is <span class=\"_ _2\"/>one <span class=\"_ _2\"/>level <span class=\"_ _2\"/>below <span class=\"_ _2\"/>the <span class=\"_ _2\"/>operating <span class=\"_ _2\"/>segments). <span class=\"_ _2\"/>The <span class=\"_ _2\"/>cash<span class=\"_ _2\"/>-generating <span class=\"_ _3\"/>unit level is <span class=\"_ _1\"/>the lowest <span class=\"_ _1\"/>level at wh<span class=\"_ _1\"/>ich goodwill <span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>m<span class=\"_ _3\"/>onitored <span class=\"_ _0\"/>for <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nternal <span class=\"_ _1\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _1\"/>pu<span class=\"_ _3\"/>rposes. E<span class=\"_ _1\"/>xc<span class=\"_ _3\"/>ept <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>re <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>ini<span class=\"_ _6\"/>tial allocation of goodwill h<span class=\"_ _0\"/>as not been <span class=\"_ _0\"/>concluded by the <span class=\"_ _1\"/>e<span class=\"_ _3\"/>nd of th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> initial reporting per<span class=\"_ _1\"/>i<span class=\"_ _3\"/>od followi<span class=\"_ _0\"/>ng the business c<span class=\"_ _0\"/>ombination, goodwill is allocated as from the acquisition date to each of AB In<span class=\"_ _3\"/>Bev\u2019s cash<span class=\"_ _3\"/><span class=\"ff2\">-generating units that are expected to benefit </span>fr<span class=\"ls0\">om the synergies of the combination whenever a business combination occurs.  </span>2022 impairment testing AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _6\"/>completed <span class=\"_ _7\"/>its <span class=\"_ _7\"/>annual <span class=\"_ _6\"/>impairment <span class=\"_ _7\"/>test <span class=\"_ _6\"/>for <span class=\"_ _7\"/>goodwill <span class=\"_ _6\"/>and <span class=\"_ _7\"/>concluded <span class=\"_ _6\"/>that, <span class=\"_ _7\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>the <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>described below, no impairment charge was warranted. The company <span class=\"_ _1\"/>cannot predict w<span class=\"_ _1\"/>heth<span class=\"_ _3\"/>er a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> event <span class=\"_ _1\"/>that triggers <span class=\"_ _1\"/>impa<span class=\"_ _3\"/>irment <span class=\"_ _1\"/>wil<span class=\"_ _3\"/>l o<span class=\"_ _1\"/>c<span class=\"_ _3\"/>cur, when <span class=\"_ _1\"/>it will <span class=\"_ _0\"/>occur or <span class=\"_ _1\"/>how it wi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>l affect <span class=\"_ _1\"/>the<span class=\"_ _2\"/> value <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>asset <span class=\"_\"> </span>reported. <span class=\"_\"> </span>Goodwill <span class=\"_\"> </span>impair<span class=\"_ _0\"/>ment <span class=\"_\"> </span>testing <span class=\"_\"> </span>relies <span class=\"_\"> </span>on <span class=\"_\"> </span>a <span class=\"_\"> </span>number <span class=\"_\"> </span>of<span class=\"_ _1\"/> <span class=\"_ _e\"> </span>critical <span class=\"_\"> </span>judgments, <span class=\"_\"> </span>estimates <span class=\"_\"> </span>and<span class=\"_ _1\"/> assumptions. <span class=\"_ _3\"/>AB <span class=\"_ _2\"/><span class=\"ff4\">InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>estimates <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonable: <span class=\"_ _3\"/>th<span class=\"_ _3\"/>ey <span class=\"_ _3\"/>are <span class=\"_ _3\"/>co<span class=\"_ _3\"/>nsistent <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>internal </span>reporting and <span class=\"_ _1\"/>reflect management\u2019s <span class=\"_ _1\"/>best estimates. <span class=\"_ _1\"/>However, inherent <span class=\"_ _0\"/>uncertainties <span class=\"ff2\">exist, including <span class=\"_ _1\"/>the rate <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f r<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>overy <span class=\"_ _1\"/>of </span>the <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>following <span class=\"_ _2\"/>the <span class=\"_ _6\"/>COVID-19 <span class=\"_ _2\"/>pandemic, <span class=\"_ _2\"/>that <span class=\"_ _2\"/>management <span class=\"_ _2\"/>may <span class=\"_ _2\"/>not <span class=\"_ _2\"/>be <span class=\"_ _2\"/>able <span class=\"_ _6\"/>to <span class=\"_ _3\"/>control<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>If <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>current </span>assumptions <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>e<span class=\"_ _3\"/>stimates, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"> </span>projected <span class=\"_ _4\"> </span>revenues <span class=\"_ _4\"> </span>growth <span class=\"_ _8\"> </span>rates, <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompetitive <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>consumer <span class=\"_ _4\"> </span>trends, <span class=\"_ _8\"> </span>weighted average <span class=\"_ _3\"/>cost of <span class=\"_ _3\"/>capital, <span class=\"_ _3\"/>terminal <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>and ot<span class=\"_ _3\"/>her <span class=\"_ _3\"/>market <span class=\"_ _3\"/>factors, <span class=\"_ _3\"/>are n<span class=\"_ _3\"/>ot met, <span class=\"_ _3\"/>or <span class=\"_ _3\"/>if <span class=\"_ _3\"/>valuation <span class=\"_ _3\"/>factors outside <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _7\"> </span>control <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"> </span>unfavorably, <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>e<span class=\"_ _3\"/>stimated <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>goodwill <span class=\"_ _5\"> </span>could <span class=\"_ _7\"> </span>be <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>dversely <span class=\"_ _7\"/>affected, <span class=\"_ _7\"> </span>leading <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>a potential impairment in the future. The <span class=\"_ _1\"/>company <span class=\"_ _0\"/>performed <span class=\"_ _1\"/>its <span class=\"_ _1\"/>annua<span class=\"_ _3\"/>l <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>test a<span class=\"_ _1\"/>t cash-generating <span class=\"_ _1\"/>unit <span class=\"_ _1\"/>level, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>is the <span class=\"_ _f\"/>lowest <span class=\"_ _1\"/>level <span class=\"_ _0\"/>at <span class=\"_ _1\"/>which goodwill is monitored for internal management purposes.  The <span class=\"_ _2\"/>company\u2019s<span class=\"ff2\"> <span class=\"_ _2\"/>impairment <span class=\"_ _3\"/>testi<span class=\"_ _3\"/>ng <span class=\"_ _3\"/>methodology <span class=\"_ _2\"/>is <span class=\"_ _2\"/>in <span class=\"_ _3\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IAS <span class=\"_ _2\"/>36 <span class=\"_ _2\"/><span class=\"ff5\">Impai<span class=\"_ _3\"/>rment <span class=\"_ _3\"/>of <span class=\"_ _2\"/>Assets<span class=\"_ _3\"/></span>, <span class=\"_ _3\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>fair-value-</span>less-cost-<span class=\"lsc\">to<span class=\"_ _3\"/></span>-sell <span class=\"_ _2\"/>and <span class=\"_ _6\"/>value <span class=\"_ _2\"/>in <span class=\"_ _2\"/>use <span class=\"_ _6\"/>approaches <span class=\"_ _2\"/>are <span class=\"_ _2\"/>taken <span class=\"_ _6\"/>into <span class=\"_ _2\"/>consideration. <span class=\"_ _6\"/>This <span class=\"_ _2\"/>consists <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a<span class=\"_ _3\"/>pplying <span class=\"_ _2\"/>a <span class=\"_ _2\"/>discounted <span class=\"_ _6\"/>cash flow approach <span class=\"_ _1\"/>based on ac<span class=\"_ _0\"/>quisition valuation <span class=\"_ _1\"/>models for th<span class=\"_ _0\"/>e cash-g<span class=\"_ _3\"/>enerating un<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ts showi<span class=\"_ _1\"/>n<span class=\"_ _3\"/>g <span class=\"_ _1\"/>an<span class=\"_ _3\"/> invested <span class=\"_ _1\"/>capital to EBITDA<span class=\"_ _1\"/> multiple <span class=\"_ _6\"/>above <span class=\"_ _6\"/>9x <span class=\"_ _6\"/>and <span class=\"_ _2\"/>valuation <span class=\"_ _6\"/>multiples <span class=\"_ _6\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/>other <span class=\"_ _2\"/>cash<span class=\"_ _3\"/>-generating <span class=\"_ _6\"/>units. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>discounted <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>flow <span class=\"_ _2\"/>app<span class=\"_ _3\"/>roach <span class=\"_ _2\"/>was applied <span class=\"_ _3\"/>for the <span class=\"_ _3\"/>Colombia, <span class=\"_ _3\"/>Rest <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Middle Americas, <span class=\"_ _3\"/>South <span class=\"_ _3\"/>Africa, Res<span class=\"_ _3\"/>t of <span class=\"_ _3\"/>Africa <span class=\"_ _3\"/>and <span class=\"_ _3\"/>Rest o<span class=\"_ _3\"/>f Asia <span class=\"_ _3\"/>Pacific <span class=\"_ _6\"/>cash-generating<span class=\"_ _1\"/> units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash fl<span class=\"_ _0\"/>ow calculations were generally as follows:<span class=\"_ _3\"/> \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">C<span class=\"ff4\">ash <span class=\"_ _6\"/>flows <span class=\"_ _7\"/>are <span class=\"_ _6\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>AB <span class=\"_ _2\"/>InBe<span class=\"_ _3\"/>v\u2019s <span class=\"_ _6\"/>1<span class=\"_ _3\"/></span>-year <span class=\"_ _6\"/>and <span class=\"_ _6\"/>10<span class=\"_ _3\"/>-year <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a<span class=\"_ _3\"/>pproved <span class=\"_ _6\"/>by <span class=\"_ _6\"/>key <span class=\"_ _7\"/>management. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>is </span></span>prepared per cash-generating unit and is based on e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>ternal sources in respect of <span class=\"_ _0\"/>macro<span class=\"_ _3\"/>-economic assumptions, industry, inflation and foreign exchange rates, past experience and i<span class=\"_ _3\"/>dentified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cash <span class=\"_ _3\"/>flows <span class=\"_ _2\"/>after <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first <span class=\"_ _2\"/><span class=\"ls3\">10</span>-year <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ex<span class=\"_ _3\"/>trapolated <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>using <span class=\"_ _3\"/>expected <span class=\"_ _3\"/>annual <span class=\"_ _2\"/>long<span class=\"_ _3\"/>-term <span class=\"_ _3\"/>GDP <span class=\"_ _3\"/>growth </span></span>rates, based on external sources, in order to calculate the terminal value, considering se<span class=\"_ _0\"/>nsitivities <span class=\"_ _3\"/>on this metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Projections <span class=\"_ _0\"/>are <span class=\"_ _1\"/>d<span class=\"_ _3\"/>iscounted <span class=\"_ _1\"/>a<span class=\"_ _3\"/>t <span class=\"_ _1\"/>the unit's <span class=\"_ _1\"/>weighted average <span class=\"_ _1\"/>cost of <span class=\"_ _1\"/>capital (WACC), <span class=\"_ _1\"/>considering <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivities <span class=\"_ _1\"/>on this </span></span>metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cost to sell is assumed to reach 2% of the entity value based on historical precedents. </span></span>For the main cash generating units, the terminal growth rate applied generally ranged between 2% and <span class=\"_ _3\"/>6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generat<span class=\"_ _0\"/>ing unit 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Colombia 8%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Rest of Middle <span class=\"_ _0\"/>Americas 9%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>South Africa 9%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>Rest of Africa<span class=\"_ _0\"/> 15%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic 7%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Sensitivity to change in key assumptions During <span class=\"_ _1\"/>its <span class=\"_ _f\"/>val<span class=\"_ _3\"/>uation, <span class=\"_ _f\"/>the <span class=\"_ _1\"/>company <span class=\"_ _f\"/>ran<span class=\"_ _3\"/> <span class=\"_ _f\"/>sensitivity <span class=\"_ _f\"/>a<span class=\"_ _3\"/>nalysis <span class=\"_ _1\"/>for <span class=\"_ _f\"/>key <span class=\"_ _1\"/>assumptions <span class=\"_ _1\"/>including <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>weighted <span class=\"_ _1\"/>average <span class=\"_ _1\"/>cost <span class=\"_ _f\"/>of <span class=\"_ _1\"/>capital<span class=\"_ _2\"/> and the terminal <span class=\"_ _3\"/>growth rate, in particular for t<span class=\"_ _3\"/>he valuations of Colom<span class=\"_ _3\"/>bia, South Africa and Rest <span class=\"_ _3\"/>of Africa cash<span class=\"_ _6\"/>-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed <span class=\"_ _3\"/>by management during the annual impairment testing in 2022, an adverse change of 1% in <span class=\"_ _3\"/>WACC or terminal growth rate <span class=\"_ _3\"/>would not cause a c<span class=\"_ _3\"/>ash-<span class=\"ff4\">g<span class=\"_ _3\"/>enerating unit\u2019s c<span class=\"_ _3\"/></span>arrying amount to exceed its <span class=\"_ _3\"/>recoverable amount<span class=\"ls2\">. </span>Wh<span class=\"_ _1\"/>i<span class=\"_ _3\"/>le <span class=\"_ _1\"/>a<span class=\"_ _3\"/> <span class=\"_ _1\"/>change in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _1\"/>used could <span class=\"_ _1\"/>have a <span class=\"_ _f\"/>material impact <span class=\"_ _1\"/>on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>calculation of <span class=\"_ _1\"/>the <span class=\"_ _0\"/>fair <span class=\"_ _1\"/>val<span class=\"_ _3\"/>ues <span class=\"_ _1\"/>and trigger<span class=\"_ _1\"/> an impairment charge, <span class=\"_ _3\"/>the company, based on the sensitivity analysis pe<span class=\"_ _3\"/>rformed is not aware<span class=\"_ _2\"/> of any reasonably possible change <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a <span class=\"_ _2\"/>key <span class=\"_ _6\"/>assumption <span class=\"_ _3\"/>used<span class=\"_ _3\"/> <span class=\"_ _2\"/>that <span class=\"_ _2\"/>would <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ause <span class=\"_ _2\"/>a <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>generating <span class=\"_ _2\"/>unit<span class=\"_ _2\"/><span class=\"ff4\">\u2019</span>s <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>to <span class=\"_ _2\"/>exceed <span class=\"_ _2\"/>its <span class=\"_ _6\"/>recoverable amount. Although AB InBev believes that its judg<span class=\"_ _0\"/>ments, assumptions and estimates are appr<span class=\"_ _0\"/>opriate, actual results<span class=\"_ _3\"/> may differ from these estimates under different assumptions or market or macro-economic conditions. Weighted <span class=\"_ _4\"> </span>average <span class=\"_ _4\"> </span>assumptions <span class=\"_ _4\"> </span>used <span class=\"_ _4\"> </span>in<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>mputing <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>benefit <span class=\"_ _4\"> </span>obligations <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company<span class=\"_ _3\"/>\u2019s <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>plans <span class=\"_ _4\"> </span>at <span class=\"_ _4\"> </span>the reporting date are as follows:   2022<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 5.5% 5.1% 9.5% 10.0% 4.9% 5.9% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.5% 3.2% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 7.1%-5.3% - 4.0% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.5% 3.0% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 7.0%-4.5% 4.5% - 7.1% - 6.8%-6.1% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 2.8% 2.9% 8.0% 8.7% 1.9% 3.2% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.3% 3.6% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 6.9%-5.0% - 3.7% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.3% 3.2% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 5.3%-4.5% 4.5% - 6.9% - 5.9%-5.7% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>Through <span class=\"_ _3\"/>its <span class=\"_ _2\"/>defined <span class=\"_ _3\"/>benefi<span class=\"_ _3\"/>t <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>and <span class=\"_ _3\"/>p<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>-employment <span class=\"_ _3\"/>medical <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>ans, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>is <span class=\"_ _2\"/>exposed <span class=\"_ _3\"/>to <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>number <span class=\"_ _2\"/>of risks, the most significant are detailed below: INVESTMENT STRATEGY In <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase <span class=\"_ _1\"/>of funded <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>ensures <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>investment <span class=\"_ _1\"/>positions a<span class=\"_ _0\"/>re <span class=\"_ _1\"/>managed w<span class=\"_ _0\"/>ithin <span class=\"_ _1\"/>an<span class=\"_ _3\"/> <span class=\"_ _1\"/>asset<span class=\"_ _2\"/>-liability <span class=\"_ _1\"/>matching (ALM) framework that <span class=\"_ _0\"/>has been developed t<span class=\"_ _1\"/>o achieve long<span class=\"_ _3\"/>-term in<span class=\"_ _0\"/>vestments that are <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n line <span class=\"_ _1\"/>with the obligations under the pension <span class=\"_ _3\"/>schemes. <span class=\"_ _2\"/>Within <span class=\"_ _3\"/>this <span class=\"_ _3\"/>framework, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>ALM <span class=\"_ _3\"/>objective <span class=\"_ _2\"/>is <span class=\"_ _3\"/>to <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tch <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pension <span class=\"_ _3\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _3\"/>by investing <span class=\"_ _3\"/>in <span class=\"_ _3\"/>long-term <span class=\"_ _2\"/>fixed <span class=\"_ _3\"/>interest s<span class=\"_ _3\"/>ecurities <span class=\"_ _3\"/>with m<span class=\"_ _3\"/>aturities <span class=\"_ _3\"/>that <span class=\"_ _3\"/>match <span class=\"_ _3\"/>the <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>as <span class=\"_ _3\"/>they <span class=\"_ _3\"/>fall <span class=\"_ _3\"/>due <span class=\"_ _3\"/>and <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the appropriate <span class=\"_ _7\"/>currency. <span class=\"_ _6\"/>The <span class=\"_ _7\"/>company <span class=\"_ _7\"/>actively <span class=\"_ _6\"/>monitors <span class=\"_ _6\"/>h<span class=\"_ _3\"/>ow <span class=\"_ _6\"/>the <span class=\"_ _7\"/>duration <span class=\"_ _7\"/>and <span class=\"_ _6\"/>the <span class=\"_ _7\"/>expected <span class=\"_ _6\"/>yield <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>investments <span class=\"_ _7\"/>are<span class=\"_ _0\"/> matching the expected cash outflows arising from the pension obligation.  ASSET VOLATILITY  In general, <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _3\"/>funded plans are <span class=\"_ _3\"/>invested in <span class=\"_ _3\"/>a<span class=\"_ _3\"/><span class=\"ff2\"> combi<span class=\"_ _3\"/>nation of equities<span class=\"_ _3\"/><span class=\"ls2\">, </span>bonds <span class=\"_ _3\"/>and real e<span class=\"_ _3\"/>state, <span class=\"_ _3\"/>generating high </span>but <span class=\"_ _1\"/>volatile <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>equities <span class=\"_ _f\"/>and <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>same <span class=\"_ _f\"/>time <span class=\"_ _1\"/>stable <span class=\"_ _1\"/>and <span class=\"_ _f\"/>liability<span class=\"_ _2\"/>-matching <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>bonds. <span class=\"_ _f\"/>As<span class=\"_ _3\"/> <span class=\"_ _f\"/>the <span class=\"_ _1\"/>plans <span class=\"_ _1\"/>mature, the company <span class=\"_ _1\"/>usually reduces t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> level <span class=\"_ _1\"/>of investment <span class=\"_ _1\"/>risk by investing more <span class=\"_ _1\"/>in assets th<span class=\"_ _0\"/>at b<span class=\"_ _0\"/>etter match <span class=\"_ _1\"/>the liabilities. S<span class=\"_ _1\"/>ince 2015, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _2\"/>started <span class=\"_ _3\"/>the <span class=\"_ _3\"/>implementation <span class=\"_ _3\"/>of <span class=\"_ _3\"/>a <span class=\"_ _2\"/>pension <span class=\"_ _3\"/>de<span class=\"_ _3\"/>-risking <span class=\"_ _3\"/>strategy <span class=\"_ _2\"/>to <span class=\"_ _3\"/>reduce <span class=\"_ _3\"/>the <span class=\"_ _3\"/>risk <span class=\"_ _2\"/>profile <span class=\"_ _3\"/>of <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>plans by reducing gradually the current exposure to equities and shifting <span class=\"_ _3\"/>those assets to fixed inc<span class=\"_ _1\"/>o<span class=\"_ _3\"/>me securities. CHANGES IN BOND YIELDS An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in <span class=\"_ _3\"/>bond <span class=\"_ _3\"/>yields <span class=\"_ _3\"/>will <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>liabilities, <span class=\"_ _3\"/>although <span class=\"_ _3\"/>this <span class=\"_ _3\"/>will <span class=\"_ _3\"/>be <span class=\"_ _3\"/>partially <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>by <span class=\"_ _3\"/>a <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the va<span class=\"_ _3\"/>lue <span class=\"_ _6\"/>of the plans\u2019 bond holdings.<span class=\"ff2\"> </span>INFLATION RISK Some of <span class=\"_ _0\"/>the <span class=\"ff4\">company\u2019s <span class=\"_ _1\"/>pension obligations, mainly<span class=\"_ _0\"/> in th<span class=\"_ _1\"/>e UK, are li<span class=\"_ _0\"/>nked to <span class=\"_ _1\"/>inflation, and hig<span class=\"_ _1\"/>h<span class=\"_ _3\"/>er inflation <span class=\"_ _1\"/>will lead to <span class=\"_ _0\"/>higher </span>liabilities. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>majority <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _3\"/>plan\u2019s <span class=\"_ _6\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _2\"/>either <span class=\"_ _2\"/>unaffected <span class=\"_ _2\"/>by <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>osely <span class=\"_ _2\"/>correlated <span class=\"_ _3\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _2\"/>inflation, <span class=\"_ _2\"/>meaning <span class=\"_ _2\"/>that <span class=\"_ _2\"/>an<span class=\"_ _2\"/><span class=\"ff2\"> </span>increase in inf<span class=\"ff4\">lation could potentially increase the company\u2019s net benefit obligation.</span> LIFE EXPECTANCY The majority of the plans\u2019 obligations <span class=\"_ _0\"/>are to provide benefits f<span class=\"_ _1\"/>o<span class=\"_ _3\"/>r the life of the member, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>o increases in life expectan<span class=\"_ _1\"/>c<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/><span class=\"ff2\">ll </span>result in an increase in the plans\u2019 liab<span class=\"ff2\">iliti<span class=\"_ _3\"/>es. </span>The <span class=\"_ _3\"/>weighted <span class=\"_ _3\"/>average <span class=\"_ _3\"/>duration <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>defined <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>obligation <span class=\"_ _3\"/>in <span class=\"_ _6\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>11.4 <span class=\"_ _3\"/>y<span class=\"_ _3\"/>ears <span class=\"_ _3\"/>(2021<span class=\"ls2\">: <span class=\"_ _3\"/></span>13.7 <span class=\"_ _3\"/>years). <span class=\"_ _2\"/>An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in bond yields reduces the average duration. The sensitivity of the defined benefit obligation to changes in <span class=\"_ _0\"/>the <span class=\"_ _3\"/>weighted principal assumptions is:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>Change in Increase in Decrease in Million US dol<span class=\"_ _0\"/>lar assumption assumption assumption Discount rate 0.5%  <span class=\"ls7\">(271)</span> 295<span class=\"ls0\">  </span>Price inflation<span class=\"_ _0\"/> 0.5% 94<span class=\"ls0\">  </span> <span class=\"ls7\">(101)</span> Future salary incre<span class=\"_ _0\"/>ases 0.5% 20<span class=\"ls0\">  </span> <span class=\"ls7\">(19)</span> Medical cost trend ra<span class=\"_ _1\"/>te 1%<span class=\"ls0\"> </span>25<span class=\"ls0\">  </span> <span class=\"ls7\">(22)</span> Mortality One year 147<span class=\"ls0\">  </span> <span class=\"ls7\">(149)</span> The <span class=\"_ _2\"/>above <span class=\"_ _2\"/>are <span class=\"_ _2\"/>purely <span class=\"_ _2\"/>hypothetical <span class=\"_ _3\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>individual <span class=\"_ _2\"/>assumptions <span class=\"_ _2\"/>holding <span class=\"_ _2\"/>all <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ther <span class=\"_ _2\"/>assumptions <span class=\"_ _3\"/>constant: <span class=\"_ _2\"/>economic conditions <span class=\"_ _3\"/>and <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>therein will <span class=\"_ _3\"/>often <span class=\"_ _3\"/>affect <span class=\"_ _3\"/>multiple <span class=\"_ _3\"/>assumptions at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>time <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>effects o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>changes in <span class=\"_ _3\"/>key assumptions are not linear.  Sensitivities <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonably <span class=\"_ _3\"/>possible <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>in <span class=\"_ _3\"/>assumptions, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>they <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ca<span class=\"_ _3\"/>lculated <span class=\"_ _3\"/>using the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ame <span class=\"_ _3\"/>approach <span class=\"_ _3\"/>as <span class=\"_ _3\"/>was used <span class=\"_ _8\"> </span>to <span class=\"_ _4\"> </span>determine <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>defined <span class=\"_ _8\"> </span>benefit <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>bligation. <span class=\"_ _4\"> </span>Therefore, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>above <span class=\"_ _8\"> </span>information <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>not <span class=\"_ _8\"> </span>necessarily <span class=\"_ _4\"> </span>a <span class=\"_ _8\"> </span>reasonable representation of future results. 24.<span class=\"ls0\"> <span class=\"_ _1\"/>Share-based payments </span>Different <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>programs allow <span class=\"_ _3\"/>company <span class=\"_ _3\"/>senior m<span class=\"_ _3\"/>anagement and <span class=\"_ _3\"/>members of <span class=\"_ _3\"/>the b<span class=\"_ _3\"/>oard of <span class=\"_ _3\"/>directors <span class=\"_ _3\"/>to <span class=\"_ _3\"/>receive or acquire <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>or <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC. <span class=\"_ _6\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>three <span class=\"_ _3\"/>primary <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plans, the <span class=\"_ _5\"> </span>share<span class=\"_ _3\"/>-<span class=\"ff4\">based <span class=\"_ _7\"> </span>compensation <span class=\"_ _5\"> </span>plan <span class=\"_ _4\"> </span>(\u201cShare</span>-Based <span class=\"_ _4\"> </span>Co<span class=\"ff4\">mpensation <span class=\"_ _5\"> </span>Plan\u201d), <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>l<span class=\"_ _3\"/>ong</span>-term <span class=\"_ _5\"> </span>restricted <span class=\"_ _5\"> </span>s<span class=\"_ _3\"/>tock <span class=\"_ _7\"> </span>unit <span class=\"_ _5\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _5\"> </span>for directors <span class=\"_ _3\"/>(\u201cRes<span class=\"_ _3\"/>tricted <span class=\"_ _3\"/>Stock <span class=\"_ _2\"/>Units <span class=\"_ _2\"/>Plan <span class=\"_ _3\"/>for <span class=\"_ _2\"/>Directors<span class=\"_ _3\"/>\u201d<span class=\"ff2\">), <span class=\"_ _3\"/>and <span class=\"_ _2\"/>the <span class=\"_ _2\"/>various <span class=\"_ _2\"/>long-</span>term <span class=\"_ _3\"/>incen<span class=\"_ _3\"/>tive <span class=\"_ _3\"/>plan <span class=\"_ _2\"/>for <span class=\"_ _2\"/>executives <span class=\"_ _3\"/>(\u201cLTI <span class=\"_ _2\"/>Plan Executives\u201d). <span class=\"ff2\">For all option plans,<span class=\"_ _0\"/> the fair value of share-based payment compensation<span class=\"_ _0\"/> is estimated at grant date, <span class=\"_ _1\"/>u<span class=\"_ _3\"/>sing a </span>binomial <span class=\"_ _3\"/>Hull <span class=\"_ _3\"/>model<span class=\"_ _3\"/>, m<span class=\"_ _3\"/>odified to<span class=\"_ _3\"/> <span class=\"_ _3\"/>reflect <span class=\"_ _3\"/>the <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>2 <span class=\"_ _2\"/><span class=\"ff5\">Share-based <span class=\"_ _3\"/>Payment<span class=\"_ _3\"/></span> <span class=\"_ _3\"/>requirement <span class=\"_ _3\"/>that <span class=\"_ _3\"/>assumptions <span class=\"_ _3\"/>about <span class=\"_ _2\"/>forfeiture before <span class=\"_ _6\"/>the <span class=\"_ _6\"/>end <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>vesting <span class=\"_ _2\"/>peri<span class=\"_ _3\"/>od <span class=\"_ _2\"/>c<span class=\"_ _3\"/>annot <span class=\"_ _6\"/>impact <span class=\"_ _6\"/>the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>option. <span class=\"_ _5\"> </span><span class=\"ls17\">Th</span>ese <span class=\"_ _6\"/>share-based <span class=\"_ _6\"/>payment <span class=\"_ _2\"/>prog<span class=\"_ _3\"/>rams relate to either AB InBev shares or American Depository Shar<span class=\"_ _0\"/>es (ADSs) as underlying equity instruments.<span class=\"_ _3\"/><span class=\"ff6 fs9\"> </span>All the <span class=\"_ _1\"/>company share-based <span class=\"_ _1\"/>pa<span class=\"_ _3\"/>yment <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ans ar<span class=\"_ _1\"/>e equity-settled. Amounts <span class=\"_ _1\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _1\"/>been<span class=\"_ _3\"/> <span class=\"_ _1\"/>converted to US <span class=\"_ _1\"/>dollar at <span class=\"_ _1\"/>the average rate of the period, unless otherwise indicated.  Share-based <span class=\"_ _0\"/>payment <span class=\"_ _1\"/>transactions res<span class=\"_ _0\"/>ulted <span class=\"_ _1\"/>in a <span class=\"_ _1\"/>total ex<span class=\"_ _0\"/>pense <span class=\"_ _1\"/>of 448m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar for <span class=\"_ _1\"/>2022, <span class=\"_ _0\"/>as <span class=\"_ _1\"/>compared <span class=\"_ _0\"/>to <span class=\"_ _1\"/><span class=\"ls3\">510<span class=\"ls0\">m US <span class=\"_ _f\"/>dollar </span></span>for <span class=\"_ _3\"/>2021, <span class=\"_ _3\"/>which inclu<span class=\"_ _3\"/>ded an <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>o<span class=\"ls2\">f <span class=\"_ _3\"/></span>72m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>that <span class=\"_ _3\"/>w<span class=\"ls3\">as</span> reported <span class=\"_ _3\"/>in <span class=\"_ _3\"/>non-underlying items <span class=\"_ _3\"/>representing <span class=\"_ _3\"/>the <span class=\"_ _3\"/>IFRS <span class=\"_ _3\"/>2 cost related to the Zenzele Kabili scheme<span class=\"ls2\">. </span>For more details, refer to Note <span class=\"ls3\">21</span> <span class=\"ff5\">Changes in equity and earnings per share</span>. AB INBEV SHARE-BASED COMPENSATION PROGRAMS <span class=\"fc1\"> </span>Share-Based Compensation Plan for Executives Under <span class=\"_ _3\"/>this <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>members <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _2\"/>Executive <span class=\"_ _3\"/>Committee <span class=\"_ _3\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>senior <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>receive <span class=\"_ _3\"/>their <span class=\"_ _3\"/>bonus <span class=\"_ _3\"/>in <span class=\"_ _2\"/>cash <span class=\"_ _3\"/>but <span class=\"_ _3\"/>have the <span class=\"_ _1\"/>choice <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>invest <span class=\"_ _1\"/>some <span class=\"_ _1\"/>or <span class=\"_ _f\"/>all <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _f\"/>of <span class=\"_ _1\"/>their <span class=\"_ _1\"/>bonus <span class=\"_ _1\"/>in <span class=\"_ _f\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ares, <span class=\"_ _f\"/>referred <span class=\"_ _1\"/>to <span class=\"_ _1\"/>as <span class=\"_ _f\"/>voluntary <span class=\"_ _1\"/>shares. <span class=\"_ _1\"/>The <span class=\"_ _f\"/>volunta<span class=\"_ _6\"/>ry shares are entitled <span class=\"_ _1\"/>to dividends from th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> date <span class=\"_ _1\"/>of grant and <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re subject <span class=\"_ _0\"/>to a <span class=\"_ _1\"/>lock<span class=\"_ _3\"/>-up period of <span class=\"_ _0\"/>three years. <span class=\"_ _0\"/>They are gra<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form <span class=\"_ _3\"/>of restricted Stock Units (\u201c<span class=\"ff2 ls0\">RSUs</span>\u201d) <span class=\"ff2 ls0\">(Discounted <span class=\"_ _1\"/>Shares). Exe<span class=\"_ _0\"/>cutives who <span class=\"_ _1\"/>invest i<span class=\"_ _0\"/>n Volu<span class=\"_ _1\"/>nta<span class=\"_ _3\"/>ry <span class=\"_ _1\"/>Sh<span class=\"_ _3\"/>ares a<span class=\"_ _1\"/>lso receive <span class=\"_ _1\"/>one and a<span class=\"_ _1\"/> half <span class=\"_ _1\"/>matchi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>shares for </span>each voluntary <span class=\"_ _1\"/>share i<span class=\"_ _0\"/>nvested <span class=\"_ _1\"/>up<span class=\"_ _3\"/> to <span class=\"_ _1\"/>a l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>mited t<span class=\"_ _1\"/>o<span class=\"_ _3\"/>tal <span class=\"_ _0\"/>percentage <span class=\"_ _1\"/>of each <span class=\"_ _0\"/>executive\u2019s <span class=\"_ _0\"/>variable <span class=\"_ _1\"/>compensation. These <span class=\"_ _1\"/>matching shares <span class=\"_ _6\"/>are <span class=\"_ _7\"/>also <span class=\"_ _2\"/>de<span class=\"_ _3\"/>livered <span class=\"_ _6\"/>in <span class=\"_ _7\"/>the <span class=\"_ _6\"/>form <span class=\"_ _6\"/>of <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>(Matching <span class=\"_ _6\"/>Shares). <span class=\"_ _6\"/>The <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>relating <span class=\"_ _7\"/>to <span class=\"_ _2\"/>the <span class=\"_ _7\"/>Matching <span class=\"_ _6\"/>Shares <span class=\"_ _6\"/>and <span class=\"_ _6\"/>the Discounted Shares vest over a 3<span class=\"_ _3\"/>-year period<span class=\"fs6\"> </span>and<span class=\"_ _3\"/> are subject to specific restrictions or forfeiture provisions in the event of termination of service.<span class=\"ff6\"> </span>During 2022, <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>issued <span class=\"_ _1\"/>4<span class=\"_ _3\"/>.8m d<span class=\"_ _0\"/>iscounted <span class=\"_ _1\"/>and matching <span class=\"_ _1\"/>RSUs <span class=\"_ _0\"/>in <span class=\"_ _0\"/>relation <span class=\"_ _0\"/>to <span class=\"_ _1\"/>bonuses gr<span class=\"_ _1\"/>a<span class=\"_ _3\"/>nted <span class=\"_ _0\"/>to <span class=\"_ _1\"/>company e<span class=\"_ _0\"/>mployees and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _3\"/>0.2m <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs). <span class=\"_ _2\"/>These <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _2\"/>represent <span class=\"_ _2\"/>a <span class=\"_ _2\"/>fair value of approximately 293m US dollar (2021<span class=\"ls2\">: </span>9m US dollar<span class=\"ls1e\">).<span class=\"_ _3\"/></span> Restricted Stock Units Plan for Directors The share-based portion <span class=\"_ _1\"/>of the remuneration <span class=\"_ _1\"/>of the directors <span class=\"_ _1\"/>of the company <span class=\"ls1d\">is<span class=\"_ _3\"/></span> granted <span class=\"_ _0\"/>in the <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>rm of <span class=\"_ _1\"/>RSUs<span class=\"_ _3\"/> that <span class=\"_ _1\"/>v<span class=\"_ _3\"/>est after<span class=\"_ _0\"/> 5 years and, upon vesting, entitle their holders to one AB <span class=\"_ _3\"/>InBev share per RSU.<span class=\"ff6\"> </span>During <span class=\"_ _7\"/>2022<span class=\"ls2\">, <span class=\"_ _7\"/></span>0.1m <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an <span class=\"_ _7\"/>estimated <span class=\"_ _7\"/>fair <span class=\"_ _7\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"> </span><span class=\"ls8\">4m<span class=\"_ _3\"/></span> <span class=\"_ _7\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _7\"/>to <span class=\"_ _6\"/>directors<span class=\"_ _3\"/> <span class=\"_ _7\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _6\"/>0.1m <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an estimated fair value of 4m US dollar<span class=\"ls5\">).</span> Annual LTI Plans for Executives Subject <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span><span class=\"ff4\">management\u2019s <span class=\"_ _9\"> </span>assessment <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _9\"> </span>executive\u2019s</span> <span class=\"_ _9\"> </span>performance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>future <span class=\"_ _9\"> </span>potential<span class=\"_ _3\"/>, <span class=\"_ _9\"> </span>members <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>seni<span class=\"_ _3\"/>or management may be eligible f<span class=\"_ _1\"/>or an annual long-term incentive to be paid o<span class=\"_ _1\"/>u<span class=\"_ _3\"/>t <span class=\"ff4\">in RSUs, Performance St<span class=\"_ _0\"/>ock Units (\u201cPSUs\u201d)<span class=\"_ _0\"/> </span>and/or stock options. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Incenti<span class=\"_ _0\"/>ve RSUs: They c<span class=\"_ _0\"/>liff vest o<span class=\"_ _0\"/>ver a thr<span class=\"ls3\">ee</span>-year <span class=\"_ _1\"/>period<span class=\"_ _3\"/>. Upon <span class=\"_ _1\"/>vesting, each RSU entitles <span class=\"_ _1\"/>its<span class=\"_ _3\"/> holder <span class=\"_ _1\"/>to </span></span></span>acquire <span class=\"_ _6\"/>one <span class=\"_ _2\"/>share. <span class=\"_ _6\"/>During <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>i<span class=\"_ _3\"/>ssued <span class=\"_ _2\"/>3<span class=\"_ _3\"/>.9m <span class=\"_ _6\"/>RSUs <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>228m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar under th<span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>p<span class=\"_ _3\"/>lan <span class=\"_ _1\"/>(20<span class=\"_ _3\"/>21: <span class=\"_ _1\"/>2.8m RSUs <span class=\"_ _1\"/>with an <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>fa<span class=\"_ _3\"/>ir <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>155m under <span class=\"_ _1\"/>this <span class=\"_ _0\"/>plan). Out <span class=\"_ _1\"/>of these <span class=\"_ _1\"/>RSUs, 0.5m<span class=\"_ _0\"/> RSUs were granted to members of the Executive Committee (<span class=\"ls3\">2021</span>: 0.2m RSUs). \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term <span class=\"_ _2\"/>PSUs: <span class=\"_ _6\"/>They <span class=\"_ _2\"/>cliff <span class=\"_ _2\"/>vest <span class=\"_ _6\"/>over <span class=\"_ _2\"/>a <span class=\"_ _6\"/>three-year <span class=\"_ _2\"/>p<span class=\"_ _3\"/>eriod. <span class=\"_ _2\"/>Upon <span class=\"_ _2\"/>vestin<span class=\"_ _3\"/>g <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _6\"/>PSUs, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>umber <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _2\"/>to </span></span></span>which the <span class=\"_ _3\"/>holders thereof shall <span class=\"ls3\">be</span> entitled shall <span class=\"_ _3\"/>depend on a performance test me<span class=\"_ _3\"/>asuring (on a percentile basis) the <span class=\"_ _7\"> </span>company\u2019s <span class=\"_ _7\"> </span>three<span class=\"ff2\">-year <span class=\"_ _7\"> </span>Total <span class=\"_ _7\"/>Shareholder <span class=\"_ _7\"/>Return <span class=\"_ _7\"/>(</span>\u201c<span class=\"_ _3\"/><span class=\"ff2\">TSR</span>\u201d<span class=\"ff2\">) <span class=\"_ _6\"/>rel<span class=\"_ _3\"/>ative <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>TSR <span class=\"_ _7\"/>realized <span class=\"_ _7\"/>for <span class=\"_ _7\"/>that <span class=\"_ _7\"/>period <span class=\"_ _7\"/>by <span class=\"_ _7\"/>a </span>representative <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ample <span class=\"_ _2\"/>of <span class=\"_ _6\"/>listed <span class=\"_ _6\"/>companies <span class=\"_ _6\"/>belonging <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>consumer <span class=\"_ _6\"/>goods <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ector. <span class=\"_ _2\"/>The<span class=\"_ _2\"/> <span class=\"_ _6\"/>number <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _6\"/>to which <span class=\"_ _7\"/>such <span class=\"_ _7\"/>Units <span class=\"_ _7\"/>entitle <span class=\"_ _7\"/>their <span class=\"_ _6\"/>hold<span class=\"_ _3\"/>ers <span class=\"_ _6\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _7\"/>to <span class=\"_ _6\"/>a <span class=\"_ _7\"/>hurdle <span class=\"_ _7\"/>and <span class=\"_ _7\"/>cap.<span class=\"_ _3\"/><span class=\"fs6\"> <span class=\"_ _7\"> </span></span>PSUs <span class=\"_ _7\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _6\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>rst <span class=\"_ _7\"/>time <span class=\"_ _6\"/>in December <span class=\"_ _2\"/>2022.<span class=\"fs6\"> <span class=\"_ _2\"/></span>0.5m <span class=\"_ _2\"/>PSUs <span class=\"_ _3\"/>were<span class=\"_ _3\"/> <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>Executives <span class=\"_ _3\"/>with <span class=\"_ _2\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _2\"/>value <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>39m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar. <span class=\"_ _2\"/>Out <span class=\"_ _2\"/>of these PSUs, 0.1m PSUs were granted to members of the Executive Committee. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Inc<span class=\"_ _0\"/>entive stock <span class=\"_ _0\"/>options: They cliff <span class=\"_ _1\"/>vest over a f<span class=\"_ _0\"/>ive-year period and t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ey have a<span class=\"_ _1\"/> maximum lifetime of 10<span class=\"_ _1\"/> </span></span></span>years and <span class=\"_ _3\"/>an exercise period <span class=\"_ _3\"/>that starts after <span class=\"_ _3\"/>five years. Upon exercise, e<span class=\"_ _3\"/>ach option entitles th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>option holder <span class=\"_ _3\"/>to purchase one share. During 2022 and 2021<span class=\"ls2\">, <span class=\"ls3\">no</span></span> LTI stock options were granted to Executives. Exceptional LTI Plans for Executives RSUs, <span class=\"_ _3\"/>PSUs <span class=\"_ _3\"/>or <span class=\"_ _3\"/>stock <span class=\"_ _3\"/>options <span class=\"_ _3\"/>may <span class=\"_ _3\"/>be <span class=\"_ _3\"/>g<span class=\"_ _3\"/>ranted <span class=\"_ _3\"/>from <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>members <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>enior management <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the<span class=\"_ _3\"/> c<span class=\"_ _3\"/>ompany, who <span class=\"_\"> </span>have <span class=\"_\"> </span>made <span class=\"_\"> </span>a <span class=\"_\"> </span>significant <span class=\"_\"> </span>contribution <span class=\"_ _8\"> </span>to <span class=\"_\"> </span>the <span class=\"_\"> </span>success <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_\"> </span>(a<span class=\"_ _0\"/>chieving <span class=\"_\"> </span>the <span class=\"_\"> </span>growth <span class=\"_\"> </span>agenda, <span class=\"_ _8\"> </span>specific acquisitions, <span class=\"_ _1\"/>etc.). Vesti<span class=\"_ _0\"/>ng <span class=\"_ _1\"/>of<span class=\"_ _3\"/> <span class=\"_ _1\"/>such<span class=\"_ _3\"/> <span class=\"_ _1\"/>RSUs, <span class=\"_ _0\"/>PSUs <span class=\"_ _1\"/>or <span class=\"_ _1\"/>sto<span class=\"_ _3\"/>ck <span class=\"_ _1\"/>options <span class=\"_ _1\"/>may be <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _1\"/>to <span class=\"_ _1\"/>achi<span class=\"_ _3\"/>evement <span class=\"_ _1\"/>of <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>rformance <span class=\"_ _1\"/>conditions which will be related to the objectives of such exceptional grants. During 2022 and 2021, no exceptional grants were made to Executives. Other Recurring LTI RSU Plans for Executives   AB InBev has specific recurring long-term RSU incentive programs in place, including: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 lsb\">A <span class=\"_ _f\"/><span class=\"ls0\">ba<span class=\"_ _3\"/>se <span class=\"_ _1\"/>long-term <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>p<span class=\"_ _3\"/>rogram <span class=\"_ _f\"/><span class=\"ff4\">al<span class=\"_ _3\"/>lowing <span class=\"_ _f\"/>for <span class=\"_ _1\"/>the <span class=\"_ _1\"/>offer <span class=\"_ _1\"/>of <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>membe<span class=\"_ _3\"/>rs <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>company\u2019s <span class=\"_ _f\"/>sen<span class=\"_ _3\"/>ior <span class=\"_ _f\"/>management. </span></span></span></span>In <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ddition <span class=\"_ _1\"/>to t<span class=\"_ _0\"/>he <span class=\"_ _1\"/>annual Long-term <span class=\"_ _1\"/>RSUs des<span class=\"_ _0\"/>cribed <span class=\"_ _1\"/>a<span class=\"_ _3\"/>bove <span class=\"_ _1\"/>under thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>program, RSUs <span class=\"_ _f\"/>can<span class=\"_ _3\"/> <span class=\"_ _1\"/>be <span class=\"_ _1\"/>gra<span class=\"_ _3\"/>nted <span class=\"_ _1\"/>under ot<span class=\"_ _0\"/>her sub-plans with specific <span class=\"_ _3\"/>terms and conditions and for specific purpos<span class=\"_ _2\"/>es, e.g., for special retention incentives or <span class=\"_ _3\"/>to compensate <span class=\"_ _3\"/>for assignments of <span class=\"_ _3\"/>expatriates in <span class=\"_ _3\"/>certain countries. <span class=\"_ _3\"/>In most c<span class=\"_ _3\"/>ases, the <span class=\"_ _3\"/>RSUs vest aft<span class=\"_ _3\"/>er three o<span class=\"_ _3\"/>r five years <span class=\"_ _7\"> </span>without <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>performance <span class=\"_ _7\"/>test <span class=\"_ _7\"/>and <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>event <span class=\"_ _7\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>termination <span class=\"_ _7\"/>of <span class=\"_ _7\"/>service <span class=\"_ _7\"> </span>before <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>vesting<span class=\"_ _2\"/> <span class=\"_ _7\"/>date, <span class=\"_ _7\"/>specific forfeiture <span class=\"_ _0\"/>rules <span class=\"_ _1\"/>apply. The <span class=\"_ _1\"/>Board <span class=\"_ _1\"/>may<span class=\"_ _3\"/> <span class=\"_ _1\"/>set d<span class=\"_ _0\"/>ifferent <span class=\"_ _1\"/>vesting periods <span class=\"_ _1\"/>for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>sub<span class=\"_ _3\"/>-plans or <span class=\"_ _1\"/>introduce <span class=\"_ _0\"/>performance tests <span class=\"_ _3\"/>in <span class=\"_ _3\"/>line <span class=\"_ _3\"/>with <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>high<span class=\"_ _3\"/><span class=\"ff2\">-performance <span class=\"_ _3\"/>culture <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>reation of <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>ng-term <span class=\"_ _3\"/>sustainable <span class=\"_ _3\"/>value <span class=\"_ _3\"/>for <span class=\"_ _3\"/>its </span>shareholders. <span class=\"_ _0\"/>In <span class=\"_ _1\"/>2022, 0.7m <span class=\"_ _1\"/>RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fair<span class=\"_ _0\"/> <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>44m <span class=\"_ _1\"/>US dollar <span class=\"_ _f\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>granted under <span class=\"_ _f\"/>th<span class=\"_ _3\"/>is <span class=\"_ _1\"/>program (2021: <span class=\"_ _6\"/>0.8m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fai<span class=\"_ _3\"/>r <span class=\"_ _2\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>45m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar). <span class=\"_ _6\"/>No <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>mem<span class=\"_ _3\"/>bers <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the Executive Committee in 2022 and 2021 under this program.  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">A <span class=\"_ _5\"> </span>pro<span class=\"_ _3\"/>gram <span class=\"_ _5\"> </span>allowing <span class=\"_ _5\"> </span>for <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ertain <span class=\"_ _5\"> </span>employees <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>purchase <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>shares <span class=\"_ _4\"> </span>at <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>discount <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>th<span class=\"_ _3\"/>at <span class=\"_ _5\"> </span>is <span class=\"_ _5\"> </span>aimed <span class=\"_ _4\"> </span>at </span></span>providing <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>long-term <span class=\"_ _7\"/>retention <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ncentive <span class=\"_ _7\"/>for <span class=\"_ _7\"> </span>(i) <span class=\"_ _5\"> </span>high-potential <span class=\"_ _7\"> </span>employees <span class=\"_ _5\"> </span>of <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ompany, <span class=\"_ _7\"/>who <span class=\"_ _7\"> </span>are <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _7\"/>a <span class=\"_ _7\"> </span>mid<span class=\"_ _3\"/>-manager level (\"People bet <span class=\"_ _0\"/>share purchase program\") or (ii) <span class=\"_ _1\"/>newly<span class=\"_ _3\"/> hired emp<span class=\"_ _0\"/>loyees. The voluntary i<span class=\"_ _0\"/>nvestment in<span class=\"_ _1\"/> company shares leads to <span class=\"_ _0\"/>the grant of an <span class=\"_ _0\"/>amount of matching <span class=\"_ _1\"/>RSUs which vest after 5 years. <span class=\"_ _1\"/>In<span class=\"_ _3\"/> the event that a<span class=\"_ _0\"/>n employee's <span class=\"_ _5\"> </span>service <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>te<span class=\"_ _3\"/>rminated <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>efore <span class=\"_ _7\"> </span>the<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>vesting <span class=\"_ _5\"> </span>date, <span class=\"_ _5\"> </span>special <span class=\"_ _5\"> </span>forfei<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>re <span class=\"_ _7\"> </span>rules<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>apply. <span class=\"_ _5\"> </span>In <span class=\"_ _5\"> </span>2022, <span class=\"_ _5\"> </span>employees received <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>0.1m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>u<span class=\"_ _3\"/>nder <span class=\"_ _2\"/>this <span class=\"_ _6\"/>program <span class=\"_ _6\"/>representing <span class=\"_ _2\"/>a <span class=\"_ _6\"/>fair <span class=\"_ _2\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _2\"/>of <span class=\"_ _6\"/>7m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _2\"/>(2021: <span class=\"_ _6\"/>0.1m RSUs representing a fair value of 7m US dollar). Performance related incentive plan for ZX Ventures In <span class=\"_ _2\"/>2016, <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>company <span class=\"_ _2\"/>implemented <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _2\"/>p<span class=\"_ _3\"/>erformance <span class=\"_ _2\"/>related <span class=\"_ _2\"/>incentive <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>which <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstitutes <span class=\"_ _2\"/>the <span class=\"_ _2\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _2\"/>incentive stock <span class=\"_ _3\"/>option <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>for <span class=\"_ _3\"/>executives <span class=\"_ _3\"/>of <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures. <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures <span class=\"_ _3\"/>is <span class=\"_ _3\"/>our <span class=\"_ _3\"/>global <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>and <span class=\"_ _3\"/>innovation <span class=\"_ _3\"/>group <span class=\"_ _3\"/>whose <span class=\"_ _3\"/>mandate is to invest in, incubate and develop new products and businesses that address emerging c<span class=\"_ _0\"/>onsumer needs.<span class=\"_ _3\"/> During <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>no <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>units <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>s<span class=\"_ _3\"/>enior <span class=\"_ _3\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>of <span class=\"_ _2\"/>ZX <span class=\"_ _6\"/>Ventures <span class=\"_ _3\"/>(<span class=\"_ _2\"/><span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _6\"/></span></span>1m <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>u<span class=\"_ _3\"/>nits). The value of th<span class=\"_ _3\"/>e performance units will depend on <span class=\"_ _3\"/>the return of ZX <span class=\"_ _3\"/>Vent<span class=\"_ _3\"/>ures. These units <span class=\"_ _3\"/>vest after 5 years provi<span class=\"_ _3\"/>ded that a performance test is met. Specific forfeiture rules apply in th<span class=\"_ _0\"/>e event that the executive leaves the company.<span class=\"_ _3\"/> Other disclosures for Share-based payments No stock <span class=\"_ _1\"/>options were gr<span class=\"_ _1\"/>an<span class=\"_ _3\"/>ted <span class=\"_ _1\"/>in<span class=\"_ _3\"/> 2022 <span class=\"_ _1\"/>an<span class=\"_ _3\"/>d 2<span class=\"_ _1\"/>02<span class=\"_ _3\"/>1. The <span class=\"_ _1\"/>total number <span class=\"_ _1\"/>of outstanding AB <span class=\"_ _1\"/>InBev options <span class=\"_ _1\"/>developed as <span class=\"_ _1\"/>follo<span class=\"_ _3\"/>ws: Million options <span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 102.7  113.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year (1.0) (1.3) Options forfeited dur<span class=\"_ _0\"/>ing the year<span class=\"_ _1\"/> (14.9) (9.2) Options lapsed<span class=\"_ _0\"/> during the year<span class=\"_ _0\"/> (3.6) - Options outstand<span class=\"_ _1\"/>ing at the end of December 83.2  102.7  1The range of<span class=\"_ _1\"/> exercise prices <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _1\"/>outstanding options i<span class=\"_ _0\"/>s between<span class=\"fs6\"> </span>10.32 euro (<span class=\"_ _1\"/>11<span class=\"_ _3\"/>.01 US<span class=\"_ _1\"/> dollar) and 12<span class=\"_ _0\"/>8.46 euro (<span class=\"_ _1\"/>13<span class=\"_ _3\"/>7.02 US dollar) while the weighted average remaining contractual life is 6.4 years.<span class=\"fs6\"> </span> Out of the 83.2m outstanding options, 23.7<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the AB InBev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 64.77  71.22  Granted during<span class=\"_ _0\"/> the year  - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 16.11  46.30  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 94.76  89.56  Lapsed during the<span class=\"_ _1\"/> y<span class=\"_ _3\"/>ear 88.10  - Outstanding at the<span class=\"_ _1\"/> end of December 76.04  64.77  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 102.19  98.27  For share options exercised during 2022, the weighted average share price at the<span class=\"_ _1\"/> d<span class=\"_ _3\"/>ate of exercise was 52.93 euro (56.46 US dollar)\u00b9. The total number of outstanding AB InBev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _1\"/> <span class=\"_ _3\"/>at 1 Januar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> 20.9  19.1  RSUs issued during<span class=\"_ _1\"/> the year 9.6  3.9  RSUs vested during<span class=\"_ _1\"/> the year (0.5) (1.1) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (1.8) (1.1) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 28.2  20.9  AMBEV SHARE-BASED COMPENSATION PROGRAMS Since <span class=\"_ _2\"/>2005, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _6\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _2\"/>a <span class=\"_ _2\"/>plan <span class=\"_ _6\"/>which <span class=\"_ _3\"/>is <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _3\"/>u<span class=\"_ _3\"/>nder which <span class=\"_ _3\"/>bonuses <span class=\"_ _2\"/>granted <span class=\"_ _3\"/>to <span class=\"_ _3\"/>company <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>and <span class=\"_ _3\"/>management <span class=\"_ _3\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _3\"/>in <span class=\"_ _3\"/>shares. <span class=\"_ _2\"/>Under <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based compensation <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>44 <span class=\"_ _3\"/>thousand <span class=\"_ _3\"/>match<span class=\"_ _3\"/>ing RSUs <span class=\"_ _3\"/><span class=\"lsa\">in <span class=\"_ _3\"/><span class=\"ls3\">2022</span></span> <span class=\"_ _3\"/>with an<span class=\"_ _3\"/> e<span class=\"_ _3\"/>stimated fair <span class=\"_ _3\"/>v<span class=\"_ _3\"/>alue o<span class=\"_ _3\"/>f less <span class=\"_ _3\"/>than <span class=\"_ _3\"/>1m <span class=\"_ _3\"/>US dollar (2021<span class=\"ls2\">: </span>0.1m matching RSUs with an estimated fair value of less than 1m US dollar<span class=\"ls5\">).</span> Since <span class=\"_ _2\"/>2018, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _6\"/>a <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _2\"/>which <span class=\"_ _2\"/>is <span class=\"_ _2\"/>substantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>under which <span class=\"_ _2\"/>bonuses <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>company <span class=\"_ _2\"/>employees <span class=\"_ _3\"/>and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _2\"/>in <span class=\"_ _2\"/>shares. <span class=\"_ _3\"/>Unde<span class=\"_ _3\"/>r <span class=\"_ _3\"/>the <span class=\"_ _2\"/>2018 <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plan, <span class=\"_ _2\"/>Ambev<span class=\"_ _3\"/> <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>49.3m <span class=\"_ _3\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _3\"/><span class=\"lsa\">in</span> <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _3\"/>with <span class=\"_ _3\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>148m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar (<span class=\"ls3\">2021<span class=\"ls2\">: </span></span>20.6m matching RSUs with an estimated fair value of 61m US dollar<span class=\"ls5\">).</span> As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in the <span class=\"_ _3\"/>future, similar share-<span class=\"ff4\">based <span class=\"_ _3\"/>instruments), depending on management\u2019s<span class=\"_ _3\"/></span> <span class=\"ff4\">assessment of the <span class=\"_ _3\"/>employee\u2019s performance </span>and future potential. No stock options were granted in<span class=\"_ _3\"/> 2022 <span class=\"ls3\">and </span>2021. The total number of outstanding Ambev options developed a<span class=\"_ _0\"/>s follows:<span class=\"_ _3\"/><span class=\"fs6\">  </span>Million options<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 113.8  127.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year - (5.2) Options forfeited dur<span class=\"_ _1\"/>ing the year (14.0) (8.3) Options outstand<span class=\"_ _1\"/>ing at the end of December 99.8  113.8  The <span class=\"_ _0\"/>range <span class=\"_ _1\"/>of <span class=\"_ _1\"/>exercise pri<span class=\"_ _0\"/>ces <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>ou<span class=\"_ _3\"/>tstanding <span class=\"_ _1\"/>options <span class=\"_ _1\"/>is be<span class=\"_ _0\"/>tween 15.95 <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real <span class=\"_ _0\"/>(3.06 <span class=\"_ _1\"/>US do<span class=\"_ _1\"/>l<span class=\"_ _3\"/>lar) <span class=\"_ _1\"/>and 39.04 <span class=\"_ _f\"/>Brazilian real (7.48 US dollar) while the weighted average remaining contractual life is<span class=\"_ _3\"/> 4.3 years. Of the 99.7m outstanding options 63.9<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the Ambev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 3.57  3.81  Granted during<span class=\"_ _0\"/> the year - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year - 2.36  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 4.33  4.53  Outstanding at the<span class=\"_ _1\"/> end of December 3.72  3.57  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 3.86  3.79  The total number of outstanding Ambev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> 63.8  49.6  RSUs issued during<span class=\"_ _1\"/> the year 49.3  20.7  RSUs vested during<span class=\"_ _1\"/> the year (0.2) (5.0) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (3.1) (1.5) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 109.8  63.8  During 2022, <span class=\"_ _1\"/>a limited <span class=\"_ _0\"/>number <span class=\"_ _0\"/>of Ambev s<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>reholders wh<span class=\"_ _1\"/>o are <span class=\"_ _1\"/>p<span class=\"_ _3\"/>art of <span class=\"_ _1\"/>the senior <span class=\"_ _1\"/>management of <span class=\"_ _1\"/>AB InBev <span class=\"_ _1\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>given the opportunity <span class=\"_ _7\"/>to <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xchange <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>against <span class=\"_ _6\"/>a <span class=\"_ _7\"/>total <span class=\"_ _7\"/>of<span class=\"_ _3\"/> <span class=\"_ _7\"/>54 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _7\"/></span></span>3 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev shares) at <span class=\"_ _3\"/>a discount of 16.66% provided <span class=\"_ _3\"/>that they stay i<span class=\"_ _3\"/>n se<span class=\"_ _3\"/>rvice for <span class=\"_ _3\"/>another five years. The <span class=\"_ _3\"/>fair value of this<span class=\"_ _3\"/> transaction amounts <span class=\"_ _6\"/><span class=\"lsc\">to<span class=\"_ _3\"/></span> <span class=\"_ _6\"/><span class=\"ls3\">1m</span> <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>(2021<span class=\"ls2\">: <span class=\"_ _6\"/></span>less <span class=\"_ _6\"/>than <span class=\"_ _7\"/><span class=\"ff4\">1m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>and <span class=\"_ _6\"/>is <span class=\"_ _6\"/>expensed <span class=\"_ _6\"/>over <span class=\"_ _6\"/>the <span class=\"_ _6\"/>five <span class=\"_ _2\"/>y<span class=\"_ _3\"/>ears\u2019 <span class=\"_ _6\"/>service <span class=\"_ _6\"/>period. <span class=\"_ _2\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fair </span>values of the Ambev and AB InBev shares were determined based on the market price. BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM Discretionary Restricted Stock Units Plan In <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2019, <span class=\"_ _7\"/>Budweiser <span class=\"_ _6\"/>APAC <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>et <span class=\"_ _7\"/>up <span class=\"_ _7\"/>a <span class=\"_ _7\"/>discretionary <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>plan <span class=\"_ _7\"/>which <span class=\"_ _7\"/>allows <span class=\"_ _7\"/>for <span class=\"_ _7\"/>the <span class=\"_ _7\"/>offer <span class=\"_ _7\"/>of <span class=\"_ _7\"> </span>RSUs <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>certain employees <span class=\"_ _1\"/>in <span class=\"_ _1\"/>ce<span class=\"_ _3\"/>rtain <span class=\"_ _f\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>circumstances, at <span class=\"_ _f\"/>the <span class=\"_ _1\"/>discretion <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Board, <span class=\"_ _1\"/>e<span class=\"_ _3\"/>.g., <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a <span class=\"_ _1\"/>special <span class=\"_ _0\"/>retention <span class=\"_ _1\"/>incentive. <span class=\"_ _1\"/>The RSUs vest <span class=\"_ _2\"/>after <span class=\"_ _6\"/>three <span class=\"_ _2\"/>to <span class=\"_ _6\"/>five <span class=\"_ _2\"/>years <span class=\"_ _2\"/>and <span class=\"_ _6\"/>in <span class=\"_ _2\"/>the <span class=\"_ _6\"/>event <span class=\"_ _2\"/>that <span class=\"_ _2\"/>a<span class=\"_ _3\"/>n <span class=\"_ _2\"/>employee\u2019s <span class=\"_ _2\"/>service <span class=\"_ _6\"/>is <span class=\"_ _2\"/>te<span class=\"_ _3\"/>rminated <span class=\"_ _2\"/>before <span class=\"_ _2\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting <span class=\"_ _2\"/>date, <span class=\"_ _2\"/>sp<span class=\"_ _3\"/>ecial forfeiture rules apply. In 2022 <span class=\"ls3\">and </span>2021, <span class=\"ls3\">no </span>RSUs were granted under this pro<span class=\"_ _0\"/>gram. Share-Based Compensation Plan In <span class=\"_ _3\"/>M<span class=\"_ _3\"/>arch <span class=\"_ _3\"/>2020, <span class=\"_ _2\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _2\"/>set <span class=\"_ _2\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program <span class=\"_ _3\"/>allo<span class=\"_ _3\"/>wing <span class=\"_ _3\"/>for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>to <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nvest <span class=\"_ _3\"/>some <span class=\"_ _2\"/>or <span class=\"_ _3\"/>all <span class=\"_ _2\"/>of <span class=\"_ _2\"/>their <span class=\"_ _3\"/>variable compensation <span class=\"_ _0\"/>in <span class=\"_ _1\"/>Budweiser A<span class=\"_ _1\"/>PAC shares <span class=\"_ _1\"/>(Voluntary Shares<span class=\"_ _1\"/>). As <span class=\"_ _1\"/>an additional <span class=\"_ _1\"/>reward, <span class=\"_ _1\"/>employees<span class=\"_ _3\"/> <span class=\"_ _1\"/>who in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>est <span class=\"_ _1\"/>in Voluntar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> Shares also receive a<span class=\"_ _3\"/> company <span class=\"_ _3\"/>shares match of three matching <span class=\"_ _3\"/>shares for <span class=\"_ _3\"/>each Voluntary Share invested up t<span class=\"_ _3\"/>o a limited total <span class=\"_ _3\"/>percentage <span class=\"_ _3\"/>of <span class=\"_ _3\"/>each <span class=\"_ _3\"/>employee\u2019s <span class=\"_ _3\"/>v<span class=\"_ _3\"/>ariable co<span class=\"_ _3\"/>mpensation. In<span class=\"_ _3\"/> <span class=\"_ _2\"/><span class=\"ff2\">2022, <span class=\"_ _3\"/>Bu<span class=\"_ _3\"/>dweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>12.5m <span class=\"_ _3\"/>matching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/>in </span>relation <span class=\"_ _6\"/>to <span class=\"_ _2\"/>bonuses <span class=\"_ _6\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _6\"/>Budweiser <span class=\"_ _2\"/>APAC <span class=\"_ _7\"/>employees <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _6\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _2\"/>of <span class=\"_ _6\"/>39m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"ls2\">: <span class=\"_ _2\"/></span></span>0.1m matching restricted stock units with an estimated fair value of less than 1m US dollar).  New Restricted Stock Units Plan In <span class=\"_ _7\"> </span>Novembe<span class=\"_ _3\"/>r <span class=\"_ _7\"/>2020, <span class=\"_ _7\"> </span>Budweiser <span class=\"_ _7\"> </span>APAC <span class=\"_ _5\"> </span>set <span class=\"_ _5\"> </span>up <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>new <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _7\"> </span>which <span class=\"_ _5\"> </span>allows <span class=\"_ _7\"> </span>for <span class=\"_ _5\"> </span>the <span class=\"_ _7\"/>offer <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>to <span class=\"_ _5\"> </span>certain <span class=\"_ _7\"> </span>eligible employees <span class=\"_ _6\"/>in <span class=\"_ _6\"/>certain <span class=\"_ _6\"/>specific <span class=\"_ _2\"/>circumstances, <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>discretion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Board, <span class=\"_ _6\"/>e.g., <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a <span class=\"_ _6\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _6\"/>incentive. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting period of the <span class=\"_ _3\"/>RSUs is in principle<span class=\"_ _3\"/> between three and five years with<span class=\"_ _3\"/>out a performance test and i<span class=\"_ _3\"/>n the event of termination of service before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e ve<span class=\"_ _0\"/>sting date, forfeiture <span class=\"_ _1\"/>rules apply. The <span class=\"_ _1\"/>Boa<span class=\"_ _3\"/>rd may <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et shorter o<span class=\"_ _1\"/>r longer periods for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific grant<span class=\"_ _0\"/>s o<span class=\"_ _3\"/><span class=\"ls5\">r </span>introduce <span class=\"_ _3\"/>performance <span class=\"_ _2\"/>tests <span class=\"_ _3\"/>similar <span class=\"_ _3\"/>to <span class=\"_ _2\"/>other <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company. <span class=\"_ _2\"/>During <span class=\"_ _6\"/>2022<span class=\"lsc\">, <span class=\"_ _2\"/></span>14.1<span class=\"ls9\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an <span class=\"_ _3\"/>estimated <span class=\"_ _2\"/>fair value <span class=\"_ _2\"/>of <span class=\"_ _2\"/><span class=\"ls8\">45</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>were <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>under <span class=\"_ _3\"/>th<span class=\"_ _3\"/>is <span class=\"_ _3\"/>program <span class=\"_ _2\"/>to <span class=\"_ _3\"/>a <span class=\"_ _2\"/>selected <span class=\"_ _2\"/>number <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>employees <span class=\"_ _7\"/>(2021: <span class=\"_ _3\"/>10<span class=\"ls4\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an estimated fair value of 26m US dollar<span class=\"ls5\">).</span> People Bet Plan In <span class=\"_ _3\"/>March <span class=\"_ _3\"/>2020, <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>set <span class=\"_ _3\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program a<span class=\"_ _3\"/>llowing for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>shares at a <span class=\"_ _1\"/>discount which <span class=\"_ _1\"/>is aimed <span class=\"_ _1\"/>at providi<span class=\"_ _0\"/>ng a <span class=\"_ _1\"/>long<span class=\"_ _3\"/>-term ret<span class=\"_ _0\"/>ention <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ncentive <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>hig<span class=\"_ _3\"/>h-potential e<span class=\"_ _0\"/>mployees of <span class=\"_ _1\"/>the company, <span class=\"_ _1\"/>who are at a mid-manager <span class=\"ff4\">level (\u201cPeople bet <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hare purchase program\u201d).<span class=\"_ _0\"/> The voluntary investment i<span class=\"_ _0\"/>n company shares leads t<span class=\"_ _0\"/>o </span>the gra<span class=\"_ _3\"/>nt of <span class=\"_ _3\"/>an amou<span class=\"_ _3\"/>nt of m<span class=\"_ _3\"/>atching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/><span class=\"ff4\">which v<span class=\"_ _3\"/>est after <span class=\"_ _3\"/>5 y<span class=\"_ _3\"/>ears. In <span class=\"_ _3\"/>the even<span class=\"_ _3\"/>t that a<span class=\"_ _3\"/>n employee\u2019s <span class=\"_ _3\"/>service is <span class=\"_ _3\"/>terminated </span>before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>vesting <span class=\"_ _1\"/>date, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>pecial <span class=\"_ _1\"/>forfei<span class=\"_ _3\"/>ture <span class=\"_ _1\"/>rules a<span class=\"_ _1\"/>p<span class=\"_ _3\"/>ply. <span class=\"_ _1\"/>During <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"lsc\">, <span class=\"ls0\">0.5<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fa<span class=\"_ _1\"/>i<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value <span class=\"_ _1\"/>of 2m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar </span></span></span></span></span>were granted to a selected number of employees (<span class=\"ls3\">2021<span class=\"ls2\">: </span>no</span> RSU<span class=\"_ _1\"/>s<span class=\"_ _3\"/> were granted under this program). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__130": {
   "value": "4.  Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.   These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or, if the revision affects both current and future periods, in the period of the revision and future periods. Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and understanding results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows. The  company  uses  its  judgment  to  select a  variety  of  methods  including  the  discounted  cash  flow  method and  option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each reporting date. Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expenses and liabilities. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy. The company is subject to income tax in numerous jurisdictions. Significant judgment is required to determine the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some  subsidiaries  within  the  group  are  involved  in  tax  audits  and  local  enquiries  usually  in  relation  to  prior  years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the reporting date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimates are made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period that such determination is made. Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk  of material adjustment  in the following year are further discussed in the relevant notes hereafter. In  preparing  these  consolidated  financial  statements,  the  significant  judgments  made  by  management  in  applying  the company\u2019s accounting policies and the key sources of uncertainty relate mainly to accounting for the impact of the conflict between Russia and Ukraine on the company\u2019s results as discussed below. CONFLICT BETWEEN RUSSIA AND UKRAINE Management  considered  the  impact  of  the  conflict  between  Russia  and  Ukraine  on  the  basis  of  preparation  of  these consolidated financial statements. On 11 March 2022, the company announced that it is forfeiting all financial benefits from the operations of AB InBev Efes, an associate which does business in Russia and Ukraine, in which it holds a 50% non-controlling stake and which the company does not consolidate. On 22 April 2022, the company announced its decision to sell its non-controlling interest in AB InBev Efes and is in active discussions with its partner, Turkish Brewer Anadolu Efes, to acquire this interest. AB InBev\u2019s request regarding the suspension of the license for production and sale of Bud in Russia will  also  be  part  of  a  potential  transaction.  During  the  year  ended  31  December  2022,  the  company  derecognized  its investment in AB InBev Efes and reported a (1 143)m US dollar non-cash impairment charge in non-underlying share of results of associates. (Refer to Note 8 Non-underlying items and Note 16 Investments in associates). As of 31 December 2022, the investment has been classified as non-current asset held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__129-1": {
   "value": "4.<span class=\"ls0\"> <span class=\"_ _18\"> </span>Use<span class=\"_ _0\"/> of estimates and <span class=\"_ _1\"/>judgments </span>The <span class=\"_ _2\"/>preparation <span class=\"_ _2\"/>of <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>statements <span class=\"_ _2\"/>in <span class=\"_ _2\"/>conformity <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IFRS <span class=\"_ _2\"/>requires <span class=\"_ _2\"/>management <span class=\"_ _2\"/>to <span class=\"_ _2\"/>make <span class=\"_ _2\"/>judgments, <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>and assumptions that <span class=\"_ _0\"/>affect th<span class=\"_ _0\"/>e application <span class=\"_ _1\"/>of policies an<span class=\"_ _0\"/>d reported <span class=\"_ _0\"/>amounts of<span class=\"_ _0\"/> assets <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd l<span class=\"_ _0\"/>iabilities, income <span class=\"_ _1\"/>and expenses. T<span class=\"_ _0\"/>he estimates and <span class=\"_ _3\"/>associated assumptions are based o<span class=\"_ _3\"/>n historical experience and various other <span class=\"_ _3\"/>factors that <span class=\"_ _3\"/>are believed to be reasonable <span class=\"_ _3\"/>under the <span class=\"_ _3\"/>circumstances, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>results of <span class=\"_ _3\"/>which <span class=\"_ _3\"/>form th<span class=\"_ _3\"/>e basis <span class=\"_ _3\"/>of <span class=\"_ _3\"/>making <span class=\"_ _3\"/>the judgments <span class=\"_ _3\"/>about <span class=\"_ _3\"/>carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.   These <span class=\"_ _6\"/>estimates <span class=\"_ _7\"/>and <span class=\"_ _6\"/>underlying <span class=\"_ _6\"/>assumptions <span class=\"_ _6\"/>are <span class=\"_ _7\"/>reviewed <span class=\"_ _2\"/>on <span class=\"_ _7\"/>an <span class=\"_ _6\"/>ongoing <span class=\"_ _7\"/>basis. <span class=\"_ _6\"/>Revisions <span class=\"_ _6\"/>to <span class=\"_ _7\"/>accounting <span class=\"_ _2\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _6\"/>are recognized in the period in which the estimate is revised if the revision affects only that period or, if the r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>vision affects both current and future periods, in the period of the revision and future periods. Although <span class=\"_ _2\"/>each <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _3\"/>ac<span class=\"_ _3\"/>counting <span class=\"_ _3\"/>polic<span class=\"_ _3\"/>ies <span class=\"_ _2\"/>reflects <span class=\"_ _3\"/>judgments, <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>or <span class=\"_ _2\"/>est<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ates, <span class=\"_ _2\"/>AB InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that the <span class=\"_ _6\"/>following <span class=\"_ _7\"/>accounting <span class=\"_ _6\"/>policies <span class=\"_ _6\"/>reflect <span class=\"_ _6\"/>the <span class=\"_ _6\"/>m<span class=\"_ _3\"/>ost <span class=\"_ _6\"/>critical <span class=\"_ _7\"/>judgments, <span class=\"_ _6\"/>estimates <span class=\"_ _6\"/>and <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>that <span class=\"_ _6\"/>are <span class=\"_ _6\"/>important <span class=\"_ _6\"/>to <span class=\"_ _7\"/>its business operations and understanding results: busine<span class=\"_ _0\"/>ss combinations, intangible assets, <span class=\"_ _1\"/>go<span class=\"_ _3\"/>odwill, imp<span class=\"_ _3\"/>airment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>values <span class=\"_ _3\"/>of <span class=\"_ _3\"/>acquired <span class=\"_ _3\"/>identifiable <span class=\"_ _3\"/>i<span class=\"_ _3\"/>ntangibles are <span class=\"_ _3\"/>based <span class=\"_ _3\"/>o<span class=\"_ _3\"/>n <span class=\"_ _3\"/>an <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>of <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash <span class=\"_ _3\"/>flows. <span class=\"_ _3\"/>Impairment <span class=\"_ _3\"/>analyses of <span class=\"_ _3\"/>goodwill <span class=\"_ _2\"/>and <span class=\"_ _3\"/>indefinite<span class=\"_ _3\"/>-lived i<span class=\"_ _3\"/>ntangible <span class=\"_ _3\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _3\"/>performed <span class=\"_ _3\"/>annually <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>whenever <span class=\"_ _3\"/>a <span class=\"_ _3\"/>trigge<span class=\"_ _3\"/>ring <span class=\"_ _3\"/>event <span class=\"_ _3\"/>has <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ccurred, <span class=\"_ _3\"/>in order to determine wh<span class=\"_ _0\"/>ether the carrying v<span class=\"_ _1\"/>a<span class=\"_ _3\"/>lue exceeds th<span class=\"_ _0\"/>e recoverable amount<span class=\"_ _0\"/>. These calculations <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re based on <span class=\"_ _1\"/>e<span class=\"_ _3\"/>stimates of future cash flows. The <span class=\"_ _5\"> </span>company <span class=\"_ _7\"> </span>uses<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>its <span class=\"_ _5\"> </span>judgment <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>elect <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>variety <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethods <span class=\"_ _7\"> </span>in<span class=\"_ _3\"/>cluding <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>discounted <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>flow <span class=\"_ _7\"> </span>m<span class=\"_ _3\"/>ethod <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>option valuation <span class=\"_ _6\"/>models <span class=\"_ _7\"/>and <span class=\"_ _6\"/>makes <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>about <span class=\"_ _6\"/>the <span class=\"_ _7\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"/>financial <span class=\"_ _6\"/>instruments <span class=\"_ _6\"/>that <span class=\"_ _7\"/>are <span class=\"_ _6\"/>mainly <span class=\"_ _6\"/>b<span class=\"_ _3\"/>ased <span class=\"_ _6\"/>on <span class=\"_ _6\"/>market conditions existing at each reporting date. Actuarial <span class=\"_ _3\"/>assumptions <span class=\"_ _2\"/>are <span class=\"_ _3\"/>established <span class=\"_ _2\"/>to <span class=\"_ _3\"/>anticipate <span class=\"_ _2\"/>future <span class=\"_ _3\"/>events <span class=\"_ _2\"/>and <span class=\"_ _3\"/>are <span class=\"_ _2\"/>used <span class=\"_ _3\"/>in <span class=\"_ _3\"/>c<span class=\"_ _3\"/>alculating <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>l<span class=\"_ _3\"/>ong<span class=\"_ _2\"/>-term employee <span class=\"_ _1\"/>b<span class=\"_ _3\"/>enefit <span class=\"_ _1\"/>expenses and <span class=\"_ _1\"/>liabilities. T<span class=\"_ _0\"/>hese <span class=\"_ _1\"/>factors include <span class=\"_ _1\"/>assumptions with<span class=\"_ _0\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>pect <span class=\"_ _1\"/>to interest <span class=\"_ _1\"/>rates, rate<span class=\"_ _1\"/>s<span class=\"_ _3\"/> of increas<span class=\"_ _0\"/>e in health care costs, rates of future compensation increases, t<span class=\"_ _1\"/>urn<span class=\"_ _3\"/>over rates, and life expectancy.<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>is subject <span class=\"_ _1\"/>to income <span class=\"_ _0\"/>tax in <span class=\"_ _1\"/>numerous juris<span class=\"_ _0\"/>dictions. Significant <span class=\"_ _1\"/>judgment is <span class=\"_ _1\"/>required to <span class=\"_ _1\"/>determine the <span class=\"_ _1\"/>worldwide provision for <span class=\"_ _1\"/>in<span class=\"_ _3\"/>come tax. <span class=\"_ _1\"/>Th<span class=\"_ _3\"/>ere are <span class=\"_ _1\"/>some transactions and <span class=\"_ _1\"/>calculations for which <span class=\"_ _1\"/>the ultimate tax <span class=\"_ _1\"/>dete<span class=\"_ _3\"/>rmination <span class=\"_ _1\"/>is uncertain. Some <span class=\"_\"> </span>subsi<span class=\"_ _0\"/>diaries <span class=\"_\"> </span>with<span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_\"> </span>t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e <span class=\"_ _8\"> </span>group <span class=\"_\"> </span>are <span class=\"_ _8\"> </span>involved <span class=\"_ _8\"> </span>in <span class=\"_ _8\"> </span>tax <span class=\"_\"> </span>a<span class=\"_ _0\"/>udits <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>local <span class=\"_ _8\"> </span>enquiries <span class=\"_ _8\"> </span>usually <span class=\"_\"> </span>in<span class=\"_ _0\"/> <span class=\"_\"> </span>rel<span class=\"_ _0\"/>ation <span class=\"_\"> </span>to<span class=\"_ _0\"/> <span class=\"_\"> </span>pri<span class=\"_ _0\"/>or <span class=\"_\"> </span>year<span class=\"_ _1\"/>s. Investigations <span class=\"_ _2\"/>and <span class=\"_ _6\"/>negotiations <span class=\"_ _2\"/>w<span class=\"_ _3\"/>ith <span class=\"_ _2\"/>local <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _2\"/>are <span class=\"_ _2\"/>o<span class=\"_ _3\"/>ngoing <span class=\"_ _2\"/>in <span class=\"_ _2\"/>various <span class=\"_ _6\"/>jurisdictions <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _7\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _6\"/>and, <span class=\"_ _2\"/>by their <span class=\"_ _6\"/>nature, <span class=\"_ _6\"/>these <span class=\"_ _6\"/>can <span class=\"_ _6\"/>take <span class=\"_ _6\"/>considerable <span class=\"_ _6\"/>time <span class=\"_ _7\"/>to <span class=\"_ _6\"/>conclude. <span class=\"_ _2\"/>In <span class=\"_ _7\"/>assessing <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>amount <span class=\"_ _6\"/>of <span class=\"_ _2\"/>an<span class=\"_ _3\"/>y <span class=\"_ _6\"/>income <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>provisions <span class=\"_ _6\"/>to <span class=\"_ _6\"/>be recognized <span class=\"_ _f\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>financial <span class=\"_ _f\"/>statements, <span class=\"_ _1\"/>esti<span class=\"_ _3\"/>mates <span class=\"_ _f\"/>are <span class=\"_ _1\"/>made <span class=\"_ _1\"/>of <span class=\"_ _f\"/>the <span class=\"_ _1\"/>expected <span class=\"_ _f\"/>successful <span class=\"_ _1\"/>settlement <span class=\"_ _f\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>matters. <span class=\"_ _1\"/>Estimates of <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>and <span class=\"_ _3\"/>penalties <span class=\"_ _3\"/>on <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>are <span class=\"_ _2\"/>also <span class=\"_ _3\"/>recorded. <span class=\"_ _3\"/>Where <span class=\"_ _2\"/>the <span class=\"_ _3\"/>final <span class=\"_ _3\"/>outcome <span class=\"_ _2\"/>of <span class=\"_ _3\"/>these <span class=\"_ _2\"/>matters <span class=\"_ _3\"/>is <span class=\"_ _3\"/>different <span class=\"_ _2\"/>from <span class=\"_ _3\"/>th<span class=\"_ _2\"/><span class=\"ls3\">e </span>amounts <span class=\"_ _3\"/>that <span class=\"_ _3\"/>were <span class=\"_ _3\"/>initially <span class=\"_ _3\"/>recorded, <span class=\"_ _3\"/>such <span class=\"_ _3\"/>diffe<span class=\"_ _3\"/>rences <span class=\"_ _3\"/>will <span class=\"_ _3\"/>impact <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>urrent an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>income <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>and l<span class=\"_ _3\"/>iabilities in the period that such determination is made. Judgments <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>de <span class=\"_ _3\"/>by <span class=\"_ _2\"/>management <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the <span class=\"_ _3\"/>applica<span class=\"_ _3\"/>tion <span class=\"_ _3\"/>of <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>that <span class=\"_ _2\"/>have <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>significant <span class=\"_ _2\"/>effect <span class=\"_ _3\"/>on <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>statements <span class=\"_ _2\"/>and estimates <span class=\"_ _7\"/>with <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>risk <span class=\"_ _7\"> </span>of <span class=\"_ _7\"/>material <span class=\"_ _7\"/>adjustment <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>following <span class=\"_ _7\"/>year <span class=\"_ _7\"/>are <span class=\"_ _7\"/>further <span class=\"_ _7\"/>discussed <span class=\"_ _7\"/>in <span class=\"_ _7\"/>the <span class=\"_ _7\"/>relevant <span class=\"_ _7\"/>notes hereafter. In <span class=\"_ _4\"> </span>preparing <span class=\"_ _4\"> </span>these <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>onsolidated <span class=\"_ _5\"> </span>financial <span class=\"_ _4\"> </span>statements, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>judgments <span class=\"_ _5\"> </span>m<span class=\"_ _3\"/>ade <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>management <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>applying <span class=\"_ _4\"> </span>the company\u2019s <span class=\"_ _3\"/>accountin<span class=\"ff2\">g <span class=\"_ _3\"/>policies <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>key <span class=\"_ _3\"/>sources <span class=\"_ _3\"/>of <span class=\"_ _3\"/>uncertainty <span class=\"_ _3\"/>relate <span class=\"_ _2\"/>mainly to <span class=\"_ _2\"/>accounting <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the <span class=\"_ _2\"/>im<span class=\"_ _3\"/>pact o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>the c<span class=\"_ _3\"/>onflict </span>between Russia and <span class=\"ff4\">Ukraine on the company\u2019s results as discussed below.</span> CONFLICT BETWEEN RUSSIA AND UKRAINE Management <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>nsidered <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>impact <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>con<span class=\"_ _3\"/>flict <span class=\"_ _4\"> </span>between <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>and <span class=\"_ _5\"> </span>Ukraine <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>bas<span class=\"_ _3\"/>is <span class=\"_ _5\"> </span>of <span class=\"_ _4\"> </span>preparation <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _5\"> </span>these<span class=\"_ _3\"/> consolidated financial statements. <span class=\"_ _3\"/>On 11 March 20<span class=\"_ _3\"/>22, the company announced that it i<span class=\"_ _3\"/>s forfeiting all financial benefits <span class=\"_ _3\"/>from the <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>of <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _3\"/>Efes, <span class=\"_ _2\"/>an <span class=\"_ _2\"/>ass<span class=\"_ _3\"/>ociate <span class=\"_ _2\"/>which <span class=\"_ _3\"/>do<span class=\"_ _3\"/>es <span class=\"_ _3\"/>bus<span class=\"_ _3\"/>iness <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Russia <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Ukraine, <span class=\"_ _2\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>it <span class=\"_ _2\"/>holds <span class=\"_ _2\"/>a <span class=\"_ _2\"/>50% <span class=\"_ _2\"/>non<span class=\"_ _6\"/>-controlling <span class=\"_ _3\"/>stake <span class=\"_ _2\"/>and <span class=\"_ _2\"/>which <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>does <span class=\"_ _3\"/>not <span class=\"_ _6\"/>consolidate. <span class=\"_ _2\"/>On <span class=\"_ _3\"/>22 <span class=\"_ _2\"/>April <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>announced <span class=\"_ _3\"/>its <span class=\"_ _2\"/>decision <span class=\"_ _3\"/>to sell <span class=\"_ _3\"/>its non<span class=\"_ _3\"/>-controlling interest in<span class=\"_ _3\"/> AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>Efes <span class=\"_ _3\"/>and is <span class=\"_ _3\"/>in <span class=\"_ _3\"/>active <span class=\"_ _3\"/>discussions with <span class=\"_ _3\"/>its <span class=\"_ _3\"/>partner, Turkish <span class=\"_ _3\"/>Brewer <span class=\"_ _3\"/>Anadolu <span class=\"_ _3\"/>Efes, to acquire this <span class=\"_ _0\"/>interest. AB InB<span class=\"_ _1\"/>e<span class=\"_ _3\"/>v\u2019s request regarding <span class=\"_ _0\"/>the s<span class=\"ff2\">uspension of the lic<span class=\"_ _0\"/>ense for prod<span class=\"_ _0\"/>uction and sale of <span class=\"_ _1\"/>Bud in Russia </span>will <span class=\"_ _5\"> </span>also <span class=\"_ _4\"> </span>be <span class=\"_ _5\"> </span>part <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>potential <span class=\"_ _5\"> </span>transaction. <span class=\"_ _4\"> </span>Duri<span class=\"_ _3\"/>ng <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>year <span class=\"_ _5\"> </span>end<span class=\"_ _3\"/>ed <span class=\"_ _5\"> </span>31 <span class=\"_ _5\"> </span>December <span class=\"_ _5\"> </span>2022<span class=\"_ _3\"/>, <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_ _5\"> </span>derecognized <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ts investment <span class=\"_ _2\"/>in <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>Efes <span class=\"_ _2\"/>and<span class=\"_ _3\"/> <span class=\"_ _2\"/>reported <span class=\"_ _2\"/>a<span class=\"_ _3\"/> <span class=\"_ _6\"/>(1 <span class=\"_ _6\"/>143)m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _2\"/>n<span class=\"_ _3\"/>on-cash <span class=\"_ _6\"/>impairment <span class=\"_ _2\"/>charge <span class=\"_ _6\"/>in <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-underlying <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of results <span class=\"_ _2\"/>of <span class=\"_ _3\"/>associates. <span class=\"_ _2\"/>(Refer <span class=\"_ _2\"/>to <span class=\"_ _3\"/>Note <span class=\"_ _2\"/>8 <span class=\"_ _6\"/><span class=\"ff5\">Non-underlying <span class=\"_ _3\"/>items</span> <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>16 <span class=\"_ _3\"/><span class=\"ff5\">Investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>associates</span><span class=\"ls5\">).</span> <span class=\"_ _2\"/>As <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December 2022<span class=\"ls0\">, the investment has been classified as non-current asset held for sale. </span>14.<span class=\"ls0\"> <span class=\"_ _1\"/>Goodwill <span class=\"ls20\">  </span> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Acquisition cost<span class=\"_ _0\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r 118 461 123 702 Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e (3 147) (5 456) Disposals throu<span class=\"_ _0\"/>gh the sale of<span class=\"_ _1\"/> <span class=\"_ _3\"/>subsidia<span class=\"_ _0\"/>ries (32)<span class=\"ls0\"> </span>- Transfers (to)/fro<span class=\"_ _0\"/>m other a<span class=\"_ _0\"/>sset catego<span class=\"_ _0\"/>ries (68)<span class=\"ls0\"> </span>18<span class=\"ls0\">  </span>Hyperinflation mone<span class=\"_ _1\"/>tary adjustments 328<span class=\"ls0\">  </span>196<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> 115 541 118 461 Impairment losse<span class=\"_ _1\"/>s Balance at end<span class=\"_ _0\"/> of previous year<span class=\"_ _1\"/> (2 665) (2 731) Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e 134<span class=\"ls0\">  </span>66<span class=\"ls0\">  </span>Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/> (2 531) (2 665) Carrying amount<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of the period<span class=\"_ _0\"/>      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  The carrying amount of goodwill was allocated to the different cash-g<span class=\"_ _3\"/>enerating units as follo<span class=\"_ _0\"/>ws: Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> United States<span class=\"_ _0\"/>        <span class=\"ls6\">33</span> <span class=\"ls6\">578</span>         <span class=\"ls6\">33</span> <span class=\"ls6\">607</span>  Rest of North<span class=\"_ _0\"/> America          1 <span class=\"ls6\">981</span>           2 <span class=\"ls6\">114</span>  Mexico        <span class=\"ls6\">12</span> <span class=\"ls6\">823</span>         <span class=\"ls6\">12</span> <span class=\"ls6\">062</span>  Colombia        <span class=\"ls6\">12</span> <span class=\"ls6\">692</span>         <span class=\"ls6\">15</span> <span class=\"ls6\">344</span>  Rest of Middle <span class=\"_ _0\"/>Americas        <span class=\"ls6\">23</span> <span class=\"ls6\">242</span>         <span class=\"ls6\">22</span> <span class=\"ls6\">769</span>  Brazil          3 <span class=\"ls6\">508</span>           3 <span class=\"ls6\">280</span>  Rest of South<span class=\"_ _1\"/> <span class=\"_ _3\"/>America          1 <span class=\"ls6\">249</span>           1 <span class=\"ls6\">173</span>  Europe          2 <span class=\"ls6\">081</span>           2 <span class=\"ls6\">244</span>  South Africa          9 <span class=\"ls6\">551</span>         <span class=\"ls6\">10</span> <span class=\"ls6\">231</span>  Rest of Africa<span class=\"_ _0\"/>          5 <span class=\"ls6\">131</span>           5 <span class=\"ls6\">287</span>  China          3 <span class=\"ls6\">119</span>           3 <span class=\"ls6\">387</span>  Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic          3 <span class=\"ls6\">505</span>           3 <span class=\"ls6\">717</span>  Global Export<span class=\"_ _0\"/> and Holding Compa<span class=\"_ _1\"/>nies             <span class=\"ls6\">549</span>              <span class=\"ls6\">582</span>  Total carrying<span class=\"_ _0\"/> amount of go<span class=\"_ _0\"/>odwill      <span class=\"ls6\">113</span> <span class=\"ls6\">010</span>       <span class=\"ls6\">115</span> <span class=\"ls6\">796</span>  Goodwill, <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>accounted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>approximately <span class=\"_ _8\"> </span>53% <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>AB <span class=\"_ _4\"> </span>InBev <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>assets <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>at<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>31 <span class=\"_ _5\"> </span>Dec<span class=\"_ _3\"/>ember <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>test<span class=\"_ _0\"/>ed <span class=\"_ _4\"> </span>for impairment <span class=\"_ _2\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>cash-generating <span class=\"_ _2\"/>unit <span class=\"_ _2\"/>level <span class=\"_ _2\"/>(that <span class=\"_ _2\"/>is <span class=\"_ _2\"/>one <span class=\"_ _2\"/>level <span class=\"_ _2\"/>below <span class=\"_ _2\"/>the <span class=\"_ _2\"/>operating <span class=\"_ _2\"/>segments). <span class=\"_ _2\"/>The <span class=\"_ _2\"/>cash<span class=\"_ _2\"/>-generating <span class=\"_ _3\"/>unit level is <span class=\"_ _1\"/>the lowest <span class=\"_ _1\"/>level at wh<span class=\"_ _1\"/>ich goodwill <span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>m<span class=\"_ _3\"/>onitored <span class=\"_ _0\"/>for <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nternal <span class=\"_ _1\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _1\"/>pu<span class=\"_ _3\"/>rposes. E<span class=\"_ _1\"/>xc<span class=\"_ _3\"/>ept <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>re <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>ini<span class=\"_ _6\"/>tial allocation of goodwill h<span class=\"_ _0\"/>as not been <span class=\"_ _0\"/>concluded by the <span class=\"_ _1\"/>e<span class=\"_ _3\"/>nd of th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> initial reporting per<span class=\"_ _1\"/>i<span class=\"_ _3\"/>od followi<span class=\"_ _0\"/>ng the business c<span class=\"_ _0\"/>ombination, goodwill is allocated as from the acquisition date to each of AB In<span class=\"_ _3\"/>Bev\u2019s cash<span class=\"_ _3\"/><span class=\"ff2\">-generating units that are expected to benefit </span>fr<span class=\"ls0\">om the synergies of the combination whenever a business combination occurs.  </span>2022 impairment testing AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _6\"/>completed <span class=\"_ _7\"/>its <span class=\"_ _7\"/>annual <span class=\"_ _6\"/>impairment <span class=\"_ _7\"/>test <span class=\"_ _6\"/>for <span class=\"_ _7\"/>goodwill <span class=\"_ _6\"/>and <span class=\"_ _7\"/>concluded <span class=\"_ _6\"/>that, <span class=\"_ _7\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>the <span class=\"_ _6\"/>assumptions <span class=\"_ _7\"/>described below, no impairment charge was warranted. The company <span class=\"_ _1\"/>cannot predict w<span class=\"_ _1\"/>heth<span class=\"_ _3\"/>er a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> event <span class=\"_ _1\"/>that triggers <span class=\"_ _1\"/>impa<span class=\"_ _3\"/>irment <span class=\"_ _1\"/>wil<span class=\"_ _3\"/>l o<span class=\"_ _1\"/>c<span class=\"_ _3\"/>cur, when <span class=\"_ _1\"/>it will <span class=\"_ _0\"/>occur or <span class=\"_ _1\"/>how it wi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>l affect <span class=\"_ _1\"/>the<span class=\"_ _2\"/> value <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>asset <span class=\"_\"> </span>reported. <span class=\"_\"> </span>Goodwill <span class=\"_\"> </span>impair<span class=\"_ _0\"/>ment <span class=\"_\"> </span>testing <span class=\"_\"> </span>relies <span class=\"_\"> </span>on <span class=\"_\"> </span>a <span class=\"_\"> </span>number <span class=\"_\"> </span>of<span class=\"_ _1\"/> <span class=\"_ _e\"> </span>critical <span class=\"_\"> </span>judgments, <span class=\"_\"> </span>estimates <span class=\"_\"> </span>and<span class=\"_ _1\"/> assumptions. <span class=\"_ _3\"/>AB <span class=\"_ _2\"/><span class=\"ff4\">InBev <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>that <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>estimates <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonable: <span class=\"_ _3\"/>th<span class=\"_ _3\"/>ey <span class=\"_ _3\"/>are <span class=\"_ _3\"/>co<span class=\"_ _3\"/>nsistent <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>internal </span>reporting and <span class=\"_ _1\"/>reflect management\u2019s <span class=\"_ _1\"/>best estimates. <span class=\"_ _1\"/>However, inherent <span class=\"_ _0\"/>uncertainties <span class=\"ff2\">exist, including <span class=\"_ _1\"/>the rate <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f r<span class=\"_ _1\"/>ec<span class=\"_ _3\"/>overy <span class=\"_ _1\"/>of </span>the <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>following <span class=\"_ _2\"/>the <span class=\"_ _6\"/>COVID-19 <span class=\"_ _2\"/>pandemic, <span class=\"_ _2\"/>that <span class=\"_ _2\"/>management <span class=\"_ _2\"/>may <span class=\"_ _2\"/>not <span class=\"_ _2\"/>be <span class=\"_ _2\"/>able <span class=\"_ _6\"/>to <span class=\"_ _3\"/>control<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>If <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>current </span>assumptions <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>e<span class=\"_ _3\"/>stimates, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"> </span>projected <span class=\"_ _4\"> </span>revenues <span class=\"_ _4\"> </span>growth <span class=\"_ _8\"> </span>rates, <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ompetitive <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>consumer <span class=\"_ _4\"> </span>trends, <span class=\"_ _8\"> </span>weighted average <span class=\"_ _3\"/>cost of <span class=\"_ _3\"/>capital, <span class=\"_ _3\"/>terminal <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>and ot<span class=\"_ _3\"/>her <span class=\"_ _3\"/>market <span class=\"_ _3\"/>factors, <span class=\"_ _3\"/>are n<span class=\"_ _3\"/>ot met, <span class=\"_ _3\"/>or <span class=\"_ _3\"/>if <span class=\"_ _3\"/>valuation <span class=\"_ _3\"/>factors outside <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _7\"> </span>control <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"> </span>unfavorably, <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>e<span class=\"_ _3\"/>stimated <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _5\"> </span>of <span class=\"_ _7\"> </span>goodwill <span class=\"_ _5\"> </span>could <span class=\"_ _7\"> </span>be <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>dversely <span class=\"_ _7\"/>affected, <span class=\"_ _7\"> </span>leading <span class=\"_ _5\"> </span>to <span class=\"_ _7\"> </span>a potential impairment in the future. The <span class=\"_ _1\"/>company <span class=\"_ _0\"/>performed <span class=\"_ _1\"/>its <span class=\"_ _1\"/>annua<span class=\"_ _3\"/>l <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>test a<span class=\"_ _1\"/>t cash-generating <span class=\"_ _1\"/>unit <span class=\"_ _1\"/>level, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>is the <span class=\"_ _f\"/>lowest <span class=\"_ _1\"/>level <span class=\"_ _0\"/>at <span class=\"_ _1\"/>which goodwill is monitored for internal management purposes.  The <span class=\"_ _2\"/>company\u2019s<span class=\"ff2\"> <span class=\"_ _2\"/>impairment <span class=\"_ _3\"/>testi<span class=\"_ _3\"/>ng <span class=\"_ _3\"/>methodology <span class=\"_ _2\"/>is <span class=\"_ _2\"/>in <span class=\"_ _3\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _2\"/>IAS <span class=\"_ _2\"/>36 <span class=\"_ _2\"/><span class=\"ff5\">Impai<span class=\"_ _3\"/>rment <span class=\"_ _3\"/>of <span class=\"_ _2\"/>Assets<span class=\"_ _3\"/></span>, <span class=\"_ _3\"/>in <span class=\"_ _2\"/>which <span class=\"_ _2\"/>fair-value-</span>less-cost-<span class=\"lsc\">to<span class=\"_ _3\"/></span>-sell <span class=\"_ _2\"/>and <span class=\"_ _6\"/>value <span class=\"_ _2\"/>in <span class=\"_ _2\"/>use <span class=\"_ _6\"/>approaches <span class=\"_ _2\"/>are <span class=\"_ _2\"/>taken <span class=\"_ _6\"/>into <span class=\"_ _2\"/>consideration. <span class=\"_ _6\"/>This <span class=\"_ _2\"/>consists <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a<span class=\"_ _3\"/>pplying <span class=\"_ _2\"/>a <span class=\"_ _2\"/>discounted <span class=\"_ _6\"/>cash flow approach <span class=\"_ _1\"/>based on ac<span class=\"_ _0\"/>quisition valuation <span class=\"_ _1\"/>models for th<span class=\"_ _0\"/>e cash-g<span class=\"_ _3\"/>enerating un<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ts showi<span class=\"_ _1\"/>n<span class=\"_ _3\"/>g <span class=\"_ _1\"/>an<span class=\"_ _3\"/> invested <span class=\"_ _1\"/>capital to EBITDA<span class=\"_ _1\"/> multiple <span class=\"_ _6\"/>above <span class=\"_ _6\"/>9x <span class=\"_ _6\"/>and <span class=\"_ _2\"/>valuation <span class=\"_ _6\"/>multiples <span class=\"_ _6\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/>other <span class=\"_ _2\"/>cash<span class=\"_ _3\"/>-generating <span class=\"_ _6\"/>units. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>discounted <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>flow <span class=\"_ _2\"/>app<span class=\"_ _3\"/>roach <span class=\"_ _2\"/>was applied <span class=\"_ _3\"/>for the <span class=\"_ _3\"/>Colombia, <span class=\"_ _3\"/>Rest <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Middle Americas, <span class=\"_ _3\"/>South <span class=\"_ _3\"/>Africa, Res<span class=\"_ _3\"/>t of <span class=\"_ _3\"/>Africa <span class=\"_ _3\"/>and <span class=\"_ _3\"/>Rest o<span class=\"_ _3\"/>f Asia <span class=\"_ _3\"/>Pacific <span class=\"_ _6\"/>cash-generating<span class=\"_ _1\"/> units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash fl<span class=\"_ _0\"/>ow calculations were generally as follows:<span class=\"_ _3\"/> \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">C<span class=\"ff4\">ash <span class=\"_ _6\"/>flows <span class=\"_ _7\"/>are <span class=\"_ _6\"/>based <span class=\"_ _6\"/>on <span class=\"_ _7\"/>AB <span class=\"_ _2\"/>InBe<span class=\"_ _3\"/>v\u2019s <span class=\"_ _6\"/>1<span class=\"_ _3\"/></span>-year <span class=\"_ _6\"/>and <span class=\"_ _6\"/>10<span class=\"_ _3\"/>-year <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a<span class=\"_ _3\"/>pproved <span class=\"_ _6\"/>by <span class=\"_ _6\"/>key <span class=\"_ _7\"/>management. <span class=\"_ _6\"/>The <span class=\"_ _6\"/>plan <span class=\"_ _6\"/>is </span></span>prepared per cash-generating unit and is based on e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>ternal sources in respect of <span class=\"_ _0\"/>macro<span class=\"_ _3\"/>-economic assumptions, industry, inflation and foreign exchange rates, past experience and i<span class=\"_ _3\"/>dentified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cash <span class=\"_ _3\"/>flows <span class=\"_ _2\"/>after <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first <span class=\"_ _2\"/><span class=\"ls3\">10</span>-year <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ex<span class=\"_ _3\"/>trapolated <span class=\"_ _3\"/>generally <span class=\"_ _3\"/>using <span class=\"_ _3\"/>expected <span class=\"_ _3\"/>annual <span class=\"_ _2\"/>long<span class=\"_ _3\"/>-term <span class=\"_ _3\"/>GDP <span class=\"_ _3\"/>growth </span></span>rates, based on external sources, in order to calculate the terminal value, considering se<span class=\"_ _0\"/>nsitivities <span class=\"_ _3\"/>on this metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Projections <span class=\"_ _0\"/>are <span class=\"_ _1\"/>d<span class=\"_ _3\"/>iscounted <span class=\"_ _1\"/>a<span class=\"_ _3\"/>t <span class=\"_ _1\"/>the unit's <span class=\"_ _1\"/>weighted average <span class=\"_ _1\"/>cost of <span class=\"_ _1\"/>capital (WACC), <span class=\"_ _1\"/>considering <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivities <span class=\"_ _1\"/>on this </span></span>metric;  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Cost to sell is assumed to reach 2% of the entity value based on historical precedents. </span></span>For the main cash generating units, the terminal growth rate applied generally ranged between 2% and <span class=\"_ _3\"/>6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generat<span class=\"_ _0\"/>ing unit 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Colombia 8%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Rest of Middle <span class=\"_ _0\"/>Americas 9%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>South Africa 9%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>Rest of Africa<span class=\"_ _0\"/> 15%<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Rest of Asia Paci<span class=\"_ _1\"/>f<span class=\"_ _3\"/>ic 7%<span class=\"ls0\"> </span>6%<span class=\"ls0\"> </span>Sensitivity to change in key assumptions During <span class=\"_ _1\"/>its <span class=\"_ _f\"/>val<span class=\"_ _3\"/>uation, <span class=\"_ _f\"/>the <span class=\"_ _1\"/>company <span class=\"_ _f\"/>ran<span class=\"_ _3\"/> <span class=\"_ _f\"/>sensitivity <span class=\"_ _f\"/>a<span class=\"_ _3\"/>nalysis <span class=\"_ _1\"/>for <span class=\"_ _f\"/>key <span class=\"_ _1\"/>assumptions <span class=\"_ _1\"/>including <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>weighted <span class=\"_ _1\"/>average <span class=\"_ _1\"/>cost <span class=\"_ _f\"/>of <span class=\"_ _1\"/>capital<span class=\"_ _2\"/> and the terminal <span class=\"_ _3\"/>growth rate, in particular for t<span class=\"_ _3\"/>he valuations of Colom<span class=\"_ _3\"/>bia, South Africa and Rest <span class=\"_ _3\"/>of Africa cash<span class=\"_ _6\"/>-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed <span class=\"_ _3\"/>by management during the annual impairment testing in 2022, an adverse change of 1% in <span class=\"_ _3\"/>WACC or terminal growth rate <span class=\"_ _3\"/>would not cause a c<span class=\"_ _3\"/>ash-<span class=\"ff4\">g<span class=\"_ _3\"/>enerating unit\u2019s c<span class=\"_ _3\"/></span>arrying amount to exceed its <span class=\"_ _3\"/>recoverable amount<span class=\"ls2\">. </span>Wh<span class=\"_ _1\"/>i<span class=\"_ _3\"/>le <span class=\"_ _1\"/>a<span class=\"_ _3\"/> <span class=\"_ _1\"/>change in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _1\"/>used could <span class=\"_ _1\"/>have a <span class=\"_ _f\"/>material impact <span class=\"_ _1\"/>on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>calculation of <span class=\"_ _1\"/>the <span class=\"_ _0\"/>fair <span class=\"_ _1\"/>val<span class=\"_ _3\"/>ues <span class=\"_ _1\"/>and trigger<span class=\"_ _1\"/> an impairment charge, <span class=\"_ _3\"/>the company, based on the sensitivity analysis pe<span class=\"_ _3\"/>rformed is not aware<span class=\"_ _2\"/> of any reasonably possible change <span class=\"_ _2\"/>in <span class=\"_ _2\"/>a <span class=\"_ _2\"/>key <span class=\"_ _6\"/>assumption <span class=\"_ _3\"/>used<span class=\"_ _3\"/> <span class=\"_ _2\"/>that <span class=\"_ _2\"/>would <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ause <span class=\"_ _2\"/>a <span class=\"_ _2\"/>cash <span class=\"_ _2\"/>generating <span class=\"_ _2\"/>unit<span class=\"_ _2\"/><span class=\"ff4\">\u2019</span>s <span class=\"_ _2\"/>carrying <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>to <span class=\"_ _2\"/>exceed <span class=\"_ _2\"/>its <span class=\"_ _6\"/>recoverable amount. Although AB InBev believes that its judg<span class=\"_ _0\"/>ments, assumptions and estimates are appr<span class=\"_ _0\"/>opriate, actual results<span class=\"_ _3\"/> may differ from these estimates under different assumptions or market or macro-economic conditions. Weighted <span class=\"_ _4\"> </span>average <span class=\"_ _4\"> </span>assumptions <span class=\"_ _4\"> </span>used <span class=\"_ _4\"> </span>in<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>mputing <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>benefit <span class=\"_ _4\"> </span>obligations <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company<span class=\"_ _3\"/>\u2019s <span class=\"_ _4\"> </span>significant <span class=\"_ _4\"> </span>plans <span class=\"_ _4\"> </span>at <span class=\"_ _4\"> </span>the reporting date are as follows:   2022<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 5.5% 5.1% 9.5% 10.0% 4.9% 5.9% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.5% 3.2% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 7.1%-5.3% - 4.0% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.5% 3.0% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 7.0%-4.5% 4.5% - 7.1% - 6.8%-6.1% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 2.8% 2.9% 8.0% 8.7% 1.9% 3.2% Price inflation<span class=\"_ _0\"/> 2.5% 2.0% 3.5% 3.3% 3.6% 2.7% Future salary incre<span class=\"_ _0\"/>ases - 1.0% 4.5%-4.0% 6.9%-5.0% - 3.7% Future pension<span class=\"_ _0\"/> increases - 2.0% 3.5% 3.3% 3.2% 2.7% Medical cost trend<span class=\"_ _0\"/> rate 5.3%-4.5% 4.5% - 6.9% - 5.9%-5.7% Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>male<span class=\"_ _3\"/> 86<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>Life expectation <span class=\"_ _0\"/>for a 65-year old <span class=\"_ _1\"/>female 88<span class=\"ls0\"> </span>90<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>Through <span class=\"_ _3\"/>its <span class=\"_ _2\"/>defined <span class=\"_ _3\"/>benefi<span class=\"_ _3\"/>t <span class=\"_ _3\"/>pension <span class=\"_ _2\"/>plans <span class=\"_ _3\"/>and <span class=\"_ _3\"/>p<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>-employment <span class=\"_ _3\"/>medical <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>ans, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>is <span class=\"_ _2\"/>exposed <span class=\"_ _3\"/>to <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>number <span class=\"_ _2\"/>of risks, the most significant are detailed below: INVESTMENT STRATEGY In <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase <span class=\"_ _1\"/>of funded <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>ensures <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>investment <span class=\"_ _1\"/>positions a<span class=\"_ _0\"/>re <span class=\"_ _1\"/>managed w<span class=\"_ _0\"/>ithin <span class=\"_ _1\"/>an<span class=\"_ _3\"/> <span class=\"_ _1\"/>asset<span class=\"_ _2\"/>-liability <span class=\"_ _1\"/>matching (ALM) framework that <span class=\"_ _0\"/>has been developed t<span class=\"_ _1\"/>o achieve long<span class=\"_ _3\"/>-term in<span class=\"_ _0\"/>vestments that are <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n line <span class=\"_ _1\"/>with the obligations under the pension <span class=\"_ _3\"/>schemes. <span class=\"_ _2\"/>Within <span class=\"_ _3\"/>this <span class=\"_ _3\"/>framework, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _2\"/>ALM <span class=\"_ _3\"/>objective <span class=\"_ _2\"/>is <span class=\"_ _3\"/>to <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tch <span class=\"_ _3\"/>assets <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pension <span class=\"_ _3\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _3\"/>by investing <span class=\"_ _3\"/>in <span class=\"_ _3\"/>long-term <span class=\"_ _2\"/>fixed <span class=\"_ _3\"/>interest s<span class=\"_ _3\"/>ecurities <span class=\"_ _3\"/>with m<span class=\"_ _3\"/>aturities <span class=\"_ _3\"/>that <span class=\"_ _3\"/>match <span class=\"_ _3\"/>the <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>payments <span class=\"_ _3\"/>as <span class=\"_ _3\"/>they <span class=\"_ _3\"/>fall <span class=\"_ _3\"/>due <span class=\"_ _3\"/>and <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the appropriate <span class=\"_ _7\"/>currency. <span class=\"_ _6\"/>The <span class=\"_ _7\"/>company <span class=\"_ _7\"/>actively <span class=\"_ _6\"/>monitors <span class=\"_ _6\"/>h<span class=\"_ _3\"/>ow <span class=\"_ _6\"/>the <span class=\"_ _7\"/>duration <span class=\"_ _7\"/>and <span class=\"_ _6\"/>the <span class=\"_ _7\"/>expected <span class=\"_ _6\"/>yield <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>investments <span class=\"_ _7\"/>are<span class=\"_ _0\"/> matching the expected cash outflows arising from the pension obligation.  ASSET VOLATILITY  In general, <span class=\"_ _3\"/>the company\u2019s <span class=\"_ _3\"/>funded plans are <span class=\"_ _3\"/>invested in <span class=\"_ _3\"/>a<span class=\"_ _3\"/><span class=\"ff2\"> combi<span class=\"_ _3\"/>nation of equities<span class=\"_ _3\"/><span class=\"ls2\">, </span>bonds <span class=\"_ _3\"/>and real e<span class=\"_ _3\"/>state, <span class=\"_ _3\"/>generating high </span>but <span class=\"_ _1\"/>volatile <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>equities <span class=\"_ _f\"/>and <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>same <span class=\"_ _f\"/>time <span class=\"_ _1\"/>stable <span class=\"_ _1\"/>and <span class=\"_ _f\"/>liability<span class=\"_ _2\"/>-matching <span class=\"_ _1\"/>returns <span class=\"_ _f\"/>from <span class=\"_ _1\"/>bonds. <span class=\"_ _f\"/>As<span class=\"_ _3\"/> <span class=\"_ _f\"/>the <span class=\"_ _1\"/>plans <span class=\"_ _1\"/>mature, the company <span class=\"_ _1\"/>usually reduces t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> level <span class=\"_ _1\"/>of investment <span class=\"_ _1\"/>risk by investing more <span class=\"_ _1\"/>in assets th<span class=\"_ _0\"/>at b<span class=\"_ _0\"/>etter match <span class=\"_ _1\"/>the liabilities. S<span class=\"_ _1\"/>ince 2015, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company <span class=\"_ _2\"/>started <span class=\"_ _3\"/>the <span class=\"_ _3\"/>implementation <span class=\"_ _3\"/>of <span class=\"_ _3\"/>a <span class=\"_ _2\"/>pension <span class=\"_ _3\"/>de<span class=\"_ _3\"/>-risking <span class=\"_ _3\"/>strategy <span class=\"_ _2\"/>to <span class=\"_ _3\"/>reduce <span class=\"_ _3\"/>the <span class=\"_ _3\"/>risk <span class=\"_ _2\"/>profile <span class=\"_ _3\"/>of <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>plans by reducing gradually the current exposure to equities and shifting <span class=\"_ _3\"/>those assets to fixed inc<span class=\"_ _1\"/>o<span class=\"_ _3\"/>me securities. CHANGES IN BOND YIELDS An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in <span class=\"_ _3\"/>bond <span class=\"_ _3\"/>yields <span class=\"_ _3\"/>will <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>liabilities, <span class=\"_ _3\"/>although <span class=\"_ _3\"/>this <span class=\"_ _3\"/>will <span class=\"_ _3\"/>be <span class=\"_ _3\"/>partially <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>by <span class=\"_ _3\"/>a <span class=\"_ _3\"/>decrease <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the va<span class=\"_ _3\"/>lue <span class=\"_ _6\"/>of the plans\u2019 bond holdings.<span class=\"ff2\"> </span>INFLATION RISK Some of <span class=\"_ _0\"/>the <span class=\"ff4\">company\u2019s <span class=\"_ _1\"/>pension obligations, mainly<span class=\"_ _0\"/> in th<span class=\"_ _1\"/>e UK, are li<span class=\"_ _0\"/>nked to <span class=\"_ _1\"/>inflation, and hig<span class=\"_ _1\"/>h<span class=\"_ _3\"/>er inflation <span class=\"_ _1\"/>will lead to <span class=\"_ _0\"/>higher </span>liabilities. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>majority <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _3\"/>plan\u2019s <span class=\"_ _6\"/>assets <span class=\"_ _2\"/>are <span class=\"_ _2\"/>either <span class=\"_ _2\"/>unaffected <span class=\"_ _2\"/>by <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>osely <span class=\"_ _2\"/>correlated <span class=\"_ _3\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _2\"/>inflation, <span class=\"_ _2\"/>meaning <span class=\"_ _2\"/>that <span class=\"_ _2\"/>an<span class=\"_ _2\"/><span class=\"ff2\"> </span>increase in inf<span class=\"ff4\">lation could potentially increase the company\u2019s net benefit obligation.</span> LIFE EXPECTANCY The majority of the plans\u2019 obligations <span class=\"_ _0\"/>are to provide benefits f<span class=\"_ _1\"/>o<span class=\"_ _3\"/>r the life of the member, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>o increases in life expectan<span class=\"_ _1\"/>c<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/><span class=\"ff2\">ll </span>result in an increase in the plans\u2019 liab<span class=\"ff2\">iliti<span class=\"_ _3\"/>es. </span>The <span class=\"_ _3\"/>weighted <span class=\"_ _3\"/>average <span class=\"_ _3\"/>duration <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>defined <span class=\"_ _3\"/>benefit <span class=\"_ _3\"/>obligation <span class=\"_ _3\"/>in <span class=\"_ _6\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>11.4 <span class=\"_ _3\"/>y<span class=\"_ _3\"/>ears <span class=\"_ _3\"/>(2021<span class=\"ls2\">: <span class=\"_ _3\"/></span>13.7 <span class=\"_ _3\"/>years). <span class=\"_ _2\"/>An <span class=\"_ _3\"/>increase <span class=\"_ _3\"/>in bond yields reduces the average duration. The sensitivity of the defined benefit obligation to changes in <span class=\"_ _0\"/>the <span class=\"_ _3\"/>weighted principal assumptions is:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>Change in Increase in Decrease in Million US dol<span class=\"_ _0\"/>lar assumption assumption assumption Discount rate 0.5%  <span class=\"ls7\">(271)</span> 295<span class=\"ls0\">  </span>Price inflation<span class=\"_ _0\"/> 0.5% 94<span class=\"ls0\">  </span> <span class=\"ls7\">(101)</span> Future salary incre<span class=\"_ _0\"/>ases 0.5% 20<span class=\"ls0\">  </span> <span class=\"ls7\">(19)</span> Medical cost trend ra<span class=\"_ _1\"/>te 1%<span class=\"ls0\"> </span>25<span class=\"ls0\">  </span> <span class=\"ls7\">(22)</span> Mortality One year 147<span class=\"ls0\">  </span> <span class=\"ls7\">(149)</span> The <span class=\"_ _2\"/>above <span class=\"_ _2\"/>are <span class=\"_ _2\"/>purely <span class=\"_ _2\"/>hypothetical <span class=\"_ _3\"/>changes <span class=\"_ _2\"/>in <span class=\"_ _2\"/>individual <span class=\"_ _2\"/>assumptions <span class=\"_ _2\"/>holding <span class=\"_ _2\"/>all <span class=\"_ _3\"/>o<span class=\"_ _3\"/>ther <span class=\"_ _2\"/>assumptions <span class=\"_ _3\"/>constant: <span class=\"_ _2\"/>economic conditions <span class=\"_ _3\"/>and <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>therein will <span class=\"_ _3\"/>often <span class=\"_ _3\"/>affect <span class=\"_ _3\"/>multiple <span class=\"_ _3\"/>assumptions at <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>time <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>effects o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>changes in <span class=\"_ _3\"/>key assumptions are not linear.  Sensitivities <span class=\"_ _3\"/>are <span class=\"_ _3\"/>reasonably <span class=\"_ _3\"/>possible <span class=\"_ _3\"/>changes <span class=\"_ _3\"/>in <span class=\"_ _3\"/>assumptions, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>they <span class=\"_ _3\"/>are <span class=\"_ _3\"/>ca<span class=\"_ _3\"/>lculated <span class=\"_ _3\"/>using the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ame <span class=\"_ _3\"/>approach <span class=\"_ _3\"/>as <span class=\"_ _3\"/>was used <span class=\"_ _8\"> </span>to <span class=\"_ _4\"> </span>determine <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>defined <span class=\"_ _8\"> </span>benefit <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>bligation. <span class=\"_ _4\"> </span>Therefore, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>above <span class=\"_ _8\"> </span>information <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>not <span class=\"_ _8\"> </span>necessarily <span class=\"_ _4\"> </span>a <span class=\"_ _8\"> </span>reasonable representation of future results. 24.<span class=\"ls0\"> <span class=\"_ _1\"/>Share-based payments </span>Different <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>programs allow <span class=\"_ _3\"/>company <span class=\"_ _3\"/>senior m<span class=\"_ _3\"/>anagement and <span class=\"_ _3\"/>members of <span class=\"_ _3\"/>the b<span class=\"_ _3\"/>oard of <span class=\"_ _3\"/>directors <span class=\"_ _3\"/>to <span class=\"_ _3\"/>receive or acquire <span class=\"_ _3\"/>shares <span class=\"_ _3\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>or <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC. <span class=\"_ _6\"/>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>three <span class=\"_ _3\"/>primary <span class=\"_ _3\"/>share-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plans, the <span class=\"_ _5\"> </span>share<span class=\"_ _3\"/>-<span class=\"ff4\">based <span class=\"_ _7\"> </span>compensation <span class=\"_ _5\"> </span>plan <span class=\"_ _4\"> </span>(\u201cShare</span>-Based <span class=\"_ _4\"> </span>Co<span class=\"ff4\">mpensation <span class=\"_ _5\"> </span>Plan\u201d), <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>l<span class=\"_ _3\"/>ong</span>-term <span class=\"_ _5\"> </span>restricted <span class=\"_ _5\"> </span>s<span class=\"_ _3\"/>tock <span class=\"_ _7\"> </span>unit <span class=\"_ _5\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _5\"> </span>for directors <span class=\"_ _3\"/>(\u201cRes<span class=\"_ _3\"/>tricted <span class=\"_ _3\"/>Stock <span class=\"_ _2\"/>Units <span class=\"_ _2\"/>Plan <span class=\"_ _3\"/>for <span class=\"_ _2\"/>Directors<span class=\"_ _3\"/>\u201d<span class=\"ff2\">), <span class=\"_ _3\"/>and <span class=\"_ _2\"/>the <span class=\"_ _2\"/>various <span class=\"_ _2\"/>long-</span>term <span class=\"_ _3\"/>incen<span class=\"_ _3\"/>tive <span class=\"_ _3\"/>plan <span class=\"_ _2\"/>for <span class=\"_ _2\"/>executives <span class=\"_ _3\"/>(\u201cLTI <span class=\"_ _2\"/>Plan Executives\u201d). <span class=\"ff2\">For all option plans,<span class=\"_ _0\"/> the fair value of share-based payment compensation<span class=\"_ _0\"/> is estimated at grant date, <span class=\"_ _1\"/>u<span class=\"_ _3\"/>sing a </span>binomial <span class=\"_ _3\"/>Hull <span class=\"_ _3\"/>model<span class=\"_ _3\"/>, m<span class=\"_ _3\"/>odified to<span class=\"_ _3\"/> <span class=\"_ _3\"/>reflect <span class=\"_ _3\"/>the <span class=\"_ _2\"/>IFRS <span class=\"_ _3\"/>2 <span class=\"_ _2\"/><span class=\"ff5\">Share-based <span class=\"_ _3\"/>Payment<span class=\"_ _3\"/></span> <span class=\"_ _3\"/>requirement <span class=\"_ _3\"/>that <span class=\"_ _3\"/>assumptions <span class=\"_ _3\"/>about <span class=\"_ _2\"/>forfeiture before <span class=\"_ _6\"/>the <span class=\"_ _6\"/>end <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>vesting <span class=\"_ _2\"/>peri<span class=\"_ _3\"/>od <span class=\"_ _2\"/>c<span class=\"_ _3\"/>annot <span class=\"_ _6\"/>impact <span class=\"_ _6\"/>the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>option. <span class=\"_ _5\"> </span><span class=\"ls17\">Th</span>ese <span class=\"_ _6\"/>share-based <span class=\"_ _6\"/>payment <span class=\"_ _2\"/>prog<span class=\"_ _3\"/>rams relate to either AB InBev shares or American Depository Shar<span class=\"_ _0\"/>es (ADSs) as underlying equity instruments.<span class=\"_ _3\"/><span class=\"ff6 fs9\"> </span>All the <span class=\"_ _1\"/>company share-based <span class=\"_ _1\"/>pa<span class=\"_ _3\"/>yment <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ans ar<span class=\"_ _1\"/>e equity-settled. Amounts <span class=\"_ _1\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _1\"/>been<span class=\"_ _3\"/> <span class=\"_ _1\"/>converted to US <span class=\"_ _1\"/>dollar at <span class=\"_ _1\"/>the average rate of the period, unless otherwise indicated.  Share-based <span class=\"_ _0\"/>payment <span class=\"_ _1\"/>transactions res<span class=\"_ _0\"/>ulted <span class=\"_ _1\"/>in a <span class=\"_ _1\"/>total ex<span class=\"_ _0\"/>pense <span class=\"_ _1\"/>of 448m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar for <span class=\"_ _1\"/>2022, <span class=\"_ _0\"/>as <span class=\"_ _1\"/>compared <span class=\"_ _0\"/>to <span class=\"_ _1\"/><span class=\"ls3\">510<span class=\"ls0\">m US <span class=\"_ _f\"/>dollar </span></span>for <span class=\"_ _3\"/>2021, <span class=\"_ _3\"/>which inclu<span class=\"_ _3\"/>ded an <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>o<span class=\"ls2\">f <span class=\"_ _3\"/></span>72m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>that <span class=\"_ _3\"/>w<span class=\"ls3\">as</span> reported <span class=\"_ _3\"/>in <span class=\"_ _3\"/>non-underlying items <span class=\"_ _3\"/>representing <span class=\"_ _3\"/>the <span class=\"_ _3\"/>IFRS <span class=\"_ _3\"/>2 cost related to the Zenzele Kabili scheme<span class=\"ls2\">. </span>For more details, refer to Note <span class=\"ls3\">21</span> <span class=\"ff5\">Changes in equity and earnings per share</span>. AB INBEV SHARE-BASED COMPENSATION PROGRAMS <span class=\"fc1\"> </span>Share-Based Compensation Plan for Executives Under <span class=\"_ _3\"/>this <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>members <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _2\"/>Executive <span class=\"_ _3\"/>Committee <span class=\"_ _3\"/>and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>senior <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>receive <span class=\"_ _3\"/>their <span class=\"_ _3\"/>bonus <span class=\"_ _3\"/>in <span class=\"_ _2\"/>cash <span class=\"_ _3\"/>but <span class=\"_ _3\"/>have the <span class=\"_ _1\"/>choice <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>invest <span class=\"_ _1\"/>some <span class=\"_ _1\"/>or <span class=\"_ _f\"/>all <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _f\"/>of <span class=\"_ _1\"/>their <span class=\"_ _1\"/>bonus <span class=\"_ _1\"/>in <span class=\"_ _f\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ares, <span class=\"_ _f\"/>referred <span class=\"_ _1\"/>to <span class=\"_ _1\"/>as <span class=\"_ _f\"/>voluntary <span class=\"_ _1\"/>shares. <span class=\"_ _1\"/>The <span class=\"_ _f\"/>volunta<span class=\"_ _6\"/>ry shares are entitled <span class=\"_ _1\"/>to dividends from th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> date <span class=\"_ _1\"/>of grant and <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re subject <span class=\"_ _0\"/>to a <span class=\"_ _1\"/>lock<span class=\"_ _3\"/>-up period of <span class=\"_ _0\"/>three years. <span class=\"_ _0\"/>They are gra<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form <span class=\"_ _3\"/>of restricted Stock Units (\u201c<span class=\"ff2 ls0\">RSUs</span>\u201d) <span class=\"ff2 ls0\">(Discounted <span class=\"_ _1\"/>Shares). Exe<span class=\"_ _0\"/>cutives who <span class=\"_ _1\"/>invest i<span class=\"_ _0\"/>n Volu<span class=\"_ _1\"/>nta<span class=\"_ _3\"/>ry <span class=\"_ _1\"/>Sh<span class=\"_ _3\"/>ares a<span class=\"_ _1\"/>lso receive <span class=\"_ _1\"/>one and a<span class=\"_ _1\"/> half <span class=\"_ _1\"/>matchi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>shares for </span>each voluntary <span class=\"_ _1\"/>share i<span class=\"_ _0\"/>nvested <span class=\"_ _1\"/>up<span class=\"_ _3\"/> to <span class=\"_ _1\"/>a l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>mited t<span class=\"_ _1\"/>o<span class=\"_ _3\"/>tal <span class=\"_ _0\"/>percentage <span class=\"_ _1\"/>of each <span class=\"_ _0\"/>executive\u2019s <span class=\"_ _0\"/>variable <span class=\"_ _1\"/>compensation. These <span class=\"_ _1\"/>matching shares <span class=\"_ _6\"/>are <span class=\"_ _7\"/>also <span class=\"_ _2\"/>de<span class=\"_ _3\"/>livered <span class=\"_ _6\"/>in <span class=\"_ _7\"/>the <span class=\"_ _6\"/>form <span class=\"_ _6\"/>of <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>(Matching <span class=\"_ _6\"/>Shares). <span class=\"_ _6\"/>The <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>relating <span class=\"_ _7\"/>to <span class=\"_ _2\"/>the <span class=\"_ _7\"/>Matching <span class=\"_ _6\"/>Shares <span class=\"_ _6\"/>and <span class=\"_ _6\"/>the Discounted Shares vest over a 3<span class=\"_ _3\"/>-year period<span class=\"fs6\"> </span>and<span class=\"_ _3\"/> are subject to specific restrictions or forfeiture provisions in the event of termination of service.<span class=\"ff6\"> </span>During 2022, <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>issued <span class=\"_ _1\"/>4<span class=\"_ _3\"/>.8m d<span class=\"_ _0\"/>iscounted <span class=\"_ _1\"/>and matching <span class=\"_ _1\"/>RSUs <span class=\"_ _0\"/>in <span class=\"_ _0\"/>relation <span class=\"_ _0\"/>to <span class=\"_ _1\"/>bonuses gr<span class=\"_ _1\"/>a<span class=\"_ _3\"/>nted <span class=\"_ _0\"/>to <span class=\"_ _1\"/>company e<span class=\"_ _0\"/>mployees and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _3\"/>0.2m <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs). <span class=\"_ _2\"/>These <span class=\"_ _2\"/>discounted <span class=\"_ _2\"/>and <span class=\"_ _2\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _2\"/>represent <span class=\"_ _2\"/>a <span class=\"_ _2\"/>fair value of approximately 293m US dollar (2021<span class=\"ls2\">: </span>9m US dollar<span class=\"ls1e\">).<span class=\"_ _3\"/></span> Restricted Stock Units Plan for Directors The share-based portion <span class=\"_ _1\"/>of the remuneration <span class=\"_ _1\"/>of the directors <span class=\"_ _1\"/>of the company <span class=\"ls1d\">is<span class=\"_ _3\"/></span> granted <span class=\"_ _0\"/>in the <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>rm of <span class=\"_ _1\"/>RSUs<span class=\"_ _3\"/> that <span class=\"_ _1\"/>v<span class=\"_ _3\"/>est after<span class=\"_ _0\"/> 5 years and, upon vesting, entitle their holders to one AB <span class=\"_ _3\"/>InBev share per RSU.<span class=\"ff6\"> </span>During <span class=\"_ _7\"/>2022<span class=\"ls2\">, <span class=\"_ _7\"/></span>0.1m <span class=\"_ _6\"/>RSUs <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an <span class=\"_ _7\"/>estimated <span class=\"_ _7\"/>fair <span class=\"_ _7\"/>value <span class=\"_ _6\"/>of <span class=\"_ _7\"> </span><span class=\"ls8\">4m<span class=\"_ _3\"/></span> <span class=\"_ _7\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _7\"/>to <span class=\"_ _6\"/>directors<span class=\"_ _3\"/> <span class=\"_ _7\"/>(<span class=\"ls3\">2021</span>: <span class=\"_ _6\"/>0.1m <span class=\"_ _7\"/>with <span class=\"_ _6\"/>an estimated fair value of 4m US dollar<span class=\"ls5\">).</span> Annual LTI Plans for Executives Subject <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span><span class=\"ff4\">management\u2019s <span class=\"_ _9\"> </span>assessment <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _9\"> </span>executive\u2019s</span> <span class=\"_ _9\"> </span>performance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>future <span class=\"_ _9\"> </span>potential<span class=\"_ _3\"/>, <span class=\"_ _9\"> </span>members <span class=\"_ _9\"> </span>of <span class=\"_ _9\"> </span>seni<span class=\"_ _3\"/>or management may be eligible f<span class=\"_ _1\"/>or an annual long-term incentive to be paid o<span class=\"_ _1\"/>u<span class=\"_ _3\"/>t <span class=\"ff4\">in RSUs, Performance St<span class=\"_ _0\"/>ock Units (\u201cPSUs\u201d)<span class=\"_ _0\"/> </span>and/or stock options. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Incenti<span class=\"_ _0\"/>ve RSUs: They c<span class=\"_ _0\"/>liff vest o<span class=\"_ _0\"/>ver a thr<span class=\"ls3\">ee</span>-year <span class=\"_ _1\"/>period<span class=\"_ _3\"/>. Upon <span class=\"_ _1\"/>vesting, each RSU entitles <span class=\"_ _1\"/>its<span class=\"_ _3\"/> holder <span class=\"_ _1\"/>to </span></span></span>acquire <span class=\"_ _6\"/>one <span class=\"_ _2\"/>share. <span class=\"_ _6\"/>During <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>i<span class=\"_ _3\"/>ssued <span class=\"_ _2\"/>3<span class=\"_ _3\"/>.9m <span class=\"_ _6\"/>RSUs <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>228m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar under th<span class=\"_ _1\"/>i<span class=\"_ _3\"/>s <span class=\"_ _1\"/>p<span class=\"_ _3\"/>lan <span class=\"_ _1\"/>(20<span class=\"_ _3\"/>21: <span class=\"_ _1\"/>2.8m RSUs <span class=\"_ _1\"/>with an <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>fa<span class=\"_ _3\"/>ir <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>155m under <span class=\"_ _1\"/>this <span class=\"_ _0\"/>plan). Out <span class=\"_ _1\"/>of these <span class=\"_ _1\"/>RSUs, 0.5m<span class=\"_ _0\"/> RSUs were granted to members of the Executive Committee (<span class=\"ls3\">2021</span>: 0.2m RSUs). \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term <span class=\"_ _2\"/>PSUs: <span class=\"_ _6\"/>They <span class=\"_ _2\"/>cliff <span class=\"_ _2\"/>vest <span class=\"_ _6\"/>over <span class=\"_ _2\"/>a <span class=\"_ _6\"/>three-year <span class=\"_ _2\"/>p<span class=\"_ _3\"/>eriod. <span class=\"_ _2\"/>Upon <span class=\"_ _2\"/>vestin<span class=\"_ _3\"/>g <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _6\"/>PSUs, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>umber <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _2\"/>to </span></span></span>which the <span class=\"_ _3\"/>holders thereof shall <span class=\"ls3\">be</span> entitled shall <span class=\"_ _3\"/>depend on a performance test me<span class=\"_ _3\"/>asuring (on a percentile basis) the <span class=\"_ _7\"> </span>company\u2019s <span class=\"_ _7\"> </span>three<span class=\"ff2\">-year <span class=\"_ _7\"> </span>Total <span class=\"_ _7\"/>Shareholder <span class=\"_ _7\"/>Return <span class=\"_ _7\"/>(</span>\u201c<span class=\"_ _3\"/><span class=\"ff2\">TSR</span>\u201d<span class=\"ff2\">) <span class=\"_ _6\"/>rel<span class=\"_ _3\"/>ative <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>TSR <span class=\"_ _7\"/>realized <span class=\"_ _7\"/>for <span class=\"_ _7\"/>that <span class=\"_ _7\"/>period <span class=\"_ _7\"/>by <span class=\"_ _7\"/>a </span>representative <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ample <span class=\"_ _2\"/>of <span class=\"_ _6\"/>listed <span class=\"_ _6\"/>companies <span class=\"_ _6\"/>belonging <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>consumer <span class=\"_ _6\"/>goods <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ector. <span class=\"_ _2\"/>The<span class=\"_ _2\"/> <span class=\"_ _6\"/>number <span class=\"_ _2\"/>of <span class=\"_ _6\"/>shares <span class=\"_ _6\"/>to which <span class=\"_ _7\"/>such <span class=\"_ _7\"/>Units <span class=\"_ _7\"/>entitle <span class=\"_ _7\"/>their <span class=\"_ _6\"/>hold<span class=\"_ _3\"/>ers <span class=\"_ _6\"/>is<span class=\"_ _3\"/> <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _7\"/>to <span class=\"_ _6\"/>a <span class=\"_ _7\"/>hurdle <span class=\"_ _7\"/>and <span class=\"_ _7\"/>cap.<span class=\"_ _3\"/><span class=\"fs6\"> <span class=\"_ _7\"> </span></span>PSUs <span class=\"_ _7\"/>were <span class=\"_ _7\"/>granted <span class=\"_ _6\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>rst <span class=\"_ _7\"/>time <span class=\"_ _6\"/>in December <span class=\"_ _2\"/>2022.<span class=\"fs6\"> <span class=\"_ _2\"/></span>0.5m <span class=\"_ _2\"/>PSUs <span class=\"_ _3\"/>were<span class=\"_ _3\"/> <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>Executives <span class=\"_ _3\"/>with <span class=\"_ _2\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _2\"/>value <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>39m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar. <span class=\"_ _2\"/>Out <span class=\"_ _2\"/>of these PSUs, 0.1m PSUs were granted to members of the Executive Committee. \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 ls3\">Long<span class=\"ls0\">-term Inc<span class=\"_ _0\"/>entive stock <span class=\"_ _0\"/>options: They cliff <span class=\"_ _1\"/>vest over a f<span class=\"_ _0\"/>ive-year period and t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>ey have a<span class=\"_ _1\"/> maximum lifetime of 10<span class=\"_ _1\"/> </span></span></span>years and <span class=\"_ _3\"/>an exercise period <span class=\"_ _3\"/>that starts after <span class=\"_ _3\"/>five years. Upon exercise, e<span class=\"_ _3\"/>ach option entitles th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>option holder <span class=\"_ _3\"/>to purchase one share. During 2022 and 2021<span class=\"ls2\">, <span class=\"ls3\">no</span></span> LTI stock options were granted to Executives. Exceptional LTI Plans for Executives RSUs, <span class=\"_ _3\"/>PSUs <span class=\"_ _3\"/>or <span class=\"_ _3\"/>stock <span class=\"_ _3\"/>options <span class=\"_ _3\"/>may <span class=\"_ _3\"/>be <span class=\"_ _3\"/>g<span class=\"_ _3\"/>ranted <span class=\"_ _3\"/>from <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>time <span class=\"_ _3\"/>to <span class=\"_ _3\"/>members <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>s<span class=\"_ _3\"/>enior management <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the<span class=\"_ _3\"/> c<span class=\"_ _3\"/>ompany, who <span class=\"_\"> </span>have <span class=\"_\"> </span>made <span class=\"_\"> </span>a <span class=\"_\"> </span>significant <span class=\"_\"> </span>contribution <span class=\"_ _8\"> </span>to <span class=\"_\"> </span>the <span class=\"_\"> </span>success <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_\"> </span>(a<span class=\"_ _0\"/>chieving <span class=\"_\"> </span>the <span class=\"_\"> </span>growth <span class=\"_\"> </span>agenda, <span class=\"_ _8\"> </span>specific acquisitions, <span class=\"_ _1\"/>etc.). Vesti<span class=\"_ _0\"/>ng <span class=\"_ _1\"/>of<span class=\"_ _3\"/> <span class=\"_ _1\"/>such<span class=\"_ _3\"/> <span class=\"_ _1\"/>RSUs, <span class=\"_ _0\"/>PSUs <span class=\"_ _1\"/>or <span class=\"_ _1\"/>sto<span class=\"_ _3\"/>ck <span class=\"_ _1\"/>options <span class=\"_ _1\"/>may be <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _1\"/>to <span class=\"_ _1\"/>achi<span class=\"_ _3\"/>evement <span class=\"_ _1\"/>of <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>rformance <span class=\"_ _1\"/>conditions which will be related to the objectives of such exceptional grants. During 2022 and 2021, no exceptional grants were made to Executives. Other Recurring LTI RSU Plans for Executives   AB InBev has specific recurring long-term RSU incentive programs in place, including: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1 lsb\">A <span class=\"_ _f\"/><span class=\"ls0\">ba<span class=\"_ _3\"/>se <span class=\"_ _1\"/>long-term <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>p<span class=\"_ _3\"/>rogram <span class=\"_ _f\"/><span class=\"ff4\">al<span class=\"_ _3\"/>lowing <span class=\"_ _f\"/>for <span class=\"_ _1\"/>the <span class=\"_ _1\"/>offer <span class=\"_ _1\"/>of <span class=\"_ _1\"/>RSUs <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>membe<span class=\"_ _3\"/>rs <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>company\u2019s <span class=\"_ _f\"/>sen<span class=\"_ _3\"/>ior <span class=\"_ _f\"/>management. </span></span></span></span>In <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ddition <span class=\"_ _1\"/>to t<span class=\"_ _0\"/>he <span class=\"_ _1\"/>annual Long-term <span class=\"_ _1\"/>RSUs des<span class=\"_ _0\"/>cribed <span class=\"_ _1\"/>a<span class=\"_ _3\"/>bove <span class=\"_ _1\"/>under thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>program, RSUs <span class=\"_ _f\"/>can<span class=\"_ _3\"/> <span class=\"_ _1\"/>be <span class=\"_ _1\"/>gra<span class=\"_ _3\"/>nted <span class=\"_ _1\"/>under ot<span class=\"_ _0\"/>her sub-plans with specific <span class=\"_ _3\"/>terms and conditions and for specific purpos<span class=\"_ _2\"/>es, e.g., for special retention incentives or <span class=\"_ _3\"/>to compensate <span class=\"_ _3\"/>for assignments of <span class=\"_ _3\"/>expatriates in <span class=\"_ _3\"/>certain countries. <span class=\"_ _3\"/>In most c<span class=\"_ _3\"/>ases, the <span class=\"_ _3\"/>RSUs vest aft<span class=\"_ _3\"/>er three o<span class=\"_ _3\"/>r five years <span class=\"_ _7\"> </span>without <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>performance <span class=\"_ _7\"/>test <span class=\"_ _7\"/>and <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>event <span class=\"_ _7\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>termination <span class=\"_ _7\"/>of <span class=\"_ _7\"/>service <span class=\"_ _7\"> </span>before <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>vesting<span class=\"_ _2\"/> <span class=\"_ _7\"/>date, <span class=\"_ _7\"/>specific forfeiture <span class=\"_ _0\"/>rules <span class=\"_ _1\"/>apply. The <span class=\"_ _1\"/>Board <span class=\"_ _1\"/>may<span class=\"_ _3\"/> <span class=\"_ _1\"/>set d<span class=\"_ _0\"/>ifferent <span class=\"_ _1\"/>vesting periods <span class=\"_ _1\"/>for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>sub<span class=\"_ _3\"/>-plans or <span class=\"_ _1\"/>introduce <span class=\"_ _0\"/>performance tests <span class=\"_ _3\"/>in <span class=\"_ _3\"/>line <span class=\"_ _3\"/>with <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>high<span class=\"_ _3\"/><span class=\"ff2\">-performance <span class=\"_ _3\"/>culture <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>reation of <span class=\"_ _3\"/>lo<span class=\"_ _3\"/>ng-term <span class=\"_ _3\"/>sustainable <span class=\"_ _3\"/>value <span class=\"_ _3\"/>for <span class=\"_ _3\"/>its </span>shareholders. <span class=\"_ _0\"/>In <span class=\"_ _1\"/>2022, 0.7m <span class=\"_ _1\"/>RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fair<span class=\"_ _0\"/> <span class=\"_ _1\"/>value of <span class=\"_ _1\"/>44m <span class=\"_ _1\"/>US dollar <span class=\"_ _f\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>granted under <span class=\"_ _f\"/>th<span class=\"_ _3\"/>is <span class=\"_ _1\"/>program (2021: <span class=\"_ _6\"/>0.8m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>e<span class=\"_ _3\"/>stimated <span class=\"_ _2\"/>fai<span class=\"_ _3\"/>r <span class=\"_ _2\"/>value <span class=\"_ _6\"/>of <span class=\"_ _6\"/>45m <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar). <span class=\"_ _6\"/>No <span class=\"_ _6\"/>RSUs <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>mem<span class=\"_ _3\"/>bers <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the Executive Committee in 2022 and 2021 under this program.  \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">A <span class=\"_ _5\"> </span>pro<span class=\"_ _3\"/>gram <span class=\"_ _5\"> </span>allowing <span class=\"_ _5\"> </span>for <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ertain <span class=\"_ _5\"> </span>employees <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>purchase <span class=\"_ _5\"> </span>company <span class=\"_ _5\"> </span>shares <span class=\"_ _4\"> </span>at <span class=\"_ _5\"> </span>a <span class=\"_ _4\"> </span>discount <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>th<span class=\"_ _3\"/>at <span class=\"_ _5\"> </span>is <span class=\"_ _5\"> </span>aimed <span class=\"_ _4\"> </span>at </span></span>providing <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>long-term <span class=\"_ _7\"/>retention <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>ncentive <span class=\"_ _7\"/>for <span class=\"_ _7\"> </span>(i) <span class=\"_ _5\"> </span>high-potential <span class=\"_ _7\"> </span>employees <span class=\"_ _5\"> </span>of <span class=\"_ _7\"/>the <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ompany, <span class=\"_ _7\"/>who <span class=\"_ _7\"> </span>are <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _7\"/>a <span class=\"_ _7\"> </span>mid<span class=\"_ _3\"/>-manager level (\"People bet <span class=\"_ _0\"/>share purchase program\") or (ii) <span class=\"_ _1\"/>newly<span class=\"_ _3\"/> hired emp<span class=\"_ _0\"/>loyees. The voluntary i<span class=\"_ _0\"/>nvestment in<span class=\"_ _1\"/> company shares leads to <span class=\"_ _0\"/>the grant of an <span class=\"_ _0\"/>amount of matching <span class=\"_ _1\"/>RSUs which vest after 5 years. <span class=\"_ _1\"/>In<span class=\"_ _3\"/> the event that a<span class=\"_ _0\"/>n employee's <span class=\"_ _5\"> </span>service <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>te<span class=\"_ _3\"/>rminated <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>efore <span class=\"_ _7\"> </span>the<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>vesting <span class=\"_ _5\"> </span>date, <span class=\"_ _5\"> </span>special <span class=\"_ _5\"> </span>forfei<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>re <span class=\"_ _7\"> </span>rules<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>apply. <span class=\"_ _5\"> </span>In <span class=\"_ _5\"> </span>2022, <span class=\"_ _5\"> </span>employees received <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>0.1m <span class=\"_ _2\"/>RSUs <span class=\"_ _6\"/>u<span class=\"_ _3\"/>nder <span class=\"_ _2\"/>this <span class=\"_ _6\"/>program <span class=\"_ _6\"/>representing <span class=\"_ _2\"/>a <span class=\"_ _6\"/>fair <span class=\"_ _2\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _2\"/>of <span class=\"_ _6\"/>7m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _2\"/>(2021: <span class=\"_ _6\"/>0.1m RSUs representing a fair value of 7m US dollar). Performance related incentive plan for ZX Ventures In <span class=\"_ _2\"/>2016, <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>company <span class=\"_ _2\"/>implemented <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _2\"/>p<span class=\"_ _3\"/>erformance <span class=\"_ _2\"/>related <span class=\"_ _2\"/>incentive <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>which <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstitutes <span class=\"_ _2\"/>the <span class=\"_ _2\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _2\"/>incentive stock <span class=\"_ _3\"/>option <span class=\"_ _3\"/>plan <span class=\"_ _3\"/>for <span class=\"_ _3\"/>executives <span class=\"_ _3\"/>of <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures. <span class=\"_ _3\"/>ZX <span class=\"_ _3\"/>Ventures <span class=\"_ _3\"/>is <span class=\"_ _3\"/>our <span class=\"_ _3\"/>global <span class=\"_ _3\"/>growth <span class=\"_ _3\"/>and <span class=\"_ _3\"/>innovation <span class=\"_ _3\"/>group <span class=\"_ _3\"/>whose <span class=\"_ _3\"/>mandate is to invest in, incubate and develop new products and businesses that address emerging c<span class=\"_ _0\"/>onsumer needs.<span class=\"_ _3\"/> During <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>no <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>units <span class=\"_ _6\"/>were <span class=\"_ _2\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>s<span class=\"_ _3\"/>enior <span class=\"_ _3\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>of <span class=\"_ _2\"/>ZX <span class=\"_ _6\"/>Ventures <span class=\"_ _3\"/>(<span class=\"_ _2\"/><span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _6\"/></span></span>1m <span class=\"_ _2\"/>performance <span class=\"_ _2\"/>u<span class=\"_ _3\"/>nits). The value of th<span class=\"_ _3\"/>e performance units will depend on <span class=\"_ _3\"/>the return of ZX <span class=\"_ _3\"/>Vent<span class=\"_ _3\"/>ures. These units <span class=\"_ _3\"/>vest after 5 years provi<span class=\"_ _3\"/>ded that a performance test is met. Specific forfeiture rules apply in th<span class=\"_ _0\"/>e event that the executive leaves the company.<span class=\"_ _3\"/> Other disclosures for Share-based payments No stock <span class=\"_ _1\"/>options were gr<span class=\"_ _1\"/>an<span class=\"_ _3\"/>ted <span class=\"_ _1\"/>in<span class=\"_ _3\"/> 2022 <span class=\"_ _1\"/>an<span class=\"_ _3\"/>d 2<span class=\"_ _1\"/>02<span class=\"_ _3\"/>1. The <span class=\"_ _1\"/>total number <span class=\"_ _1\"/>of outstanding AB <span class=\"_ _1\"/>InBev options <span class=\"_ _1\"/>developed as <span class=\"_ _1\"/>follo<span class=\"_ _3\"/>ws: Million options <span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 102.7  113.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year (1.0) (1.3) Options forfeited dur<span class=\"_ _0\"/>ing the year<span class=\"_ _1\"/> (14.9) (9.2) Options lapsed<span class=\"_ _0\"/> during the year<span class=\"_ _0\"/> (3.6) - Options outstand<span class=\"_ _1\"/>ing at the end of December 83.2  102.7  1The range of<span class=\"_ _1\"/> exercise prices <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the <span class=\"_ _1\"/>outstanding options i<span class=\"_ _0\"/>s between<span class=\"fs6\"> </span>10.32 euro (<span class=\"_ _1\"/>11<span class=\"_ _3\"/>.01 US<span class=\"_ _1\"/> dollar) and 12<span class=\"_ _0\"/>8.46 euro (<span class=\"_ _1\"/>13<span class=\"_ _3\"/>7.02 US dollar) while the weighted average remaining contractual life is 6.4 years.<span class=\"fs6\"> </span> Out of the 83.2m outstanding options, 23.7<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the AB InBev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 64.77  71.22  Granted during<span class=\"_ _0\"/> the year  - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 16.11  46.30  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 94.76  89.56  Lapsed during the<span class=\"_ _1\"/> y<span class=\"_ _3\"/>ear 88.10  - Outstanding at the<span class=\"_ _1\"/> end of December 76.04  64.77  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 102.19  98.27  For share options exercised during 2022, the weighted average share price at the<span class=\"_ _1\"/> d<span class=\"_ _3\"/>ate of exercise was 52.93 euro (56.46 US dollar)\u00b9. The total number of outstanding AB InBev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _1\"/> <span class=\"_ _3\"/>at 1 Januar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> 20.9  19.1  RSUs issued during<span class=\"_ _1\"/> the year 9.6  3.9  RSUs vested during<span class=\"_ _1\"/> the year (0.5) (1.1) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (1.8) (1.1) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 28.2  20.9  AMBEV SHARE-BASED COMPENSATION PROGRAMS Since <span class=\"_ _2\"/>2005, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _6\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _2\"/>a <span class=\"_ _2\"/>plan <span class=\"_ _6\"/>which <span class=\"_ _3\"/>is <span class=\"_ _2\"/>s<span class=\"_ _3\"/>ubstantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _3\"/>u<span class=\"_ _3\"/>nder which <span class=\"_ _3\"/>bonuses <span class=\"_ _2\"/>granted <span class=\"_ _3\"/>to <span class=\"_ _3\"/>company <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>and <span class=\"_ _3\"/>management <span class=\"_ _3\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _3\"/>in <span class=\"_ _3\"/>shares. <span class=\"_ _2\"/>Under <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based compensation <span class=\"_ _3\"/>plan, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>44 <span class=\"_ _3\"/>thousand <span class=\"_ _3\"/>match<span class=\"_ _3\"/>ing RSUs <span class=\"_ _3\"/><span class=\"lsa\">in <span class=\"_ _3\"/><span class=\"ls3\">2022</span></span> <span class=\"_ _3\"/>with an<span class=\"_ _3\"/> e<span class=\"_ _3\"/>stimated fair <span class=\"_ _3\"/>v<span class=\"_ _3\"/>alue o<span class=\"_ _3\"/>f less <span class=\"_ _3\"/>than <span class=\"_ _3\"/>1m <span class=\"_ _3\"/>US dollar (2021<span class=\"ls2\">: </span>0.1m matching RSUs with an estimated fair value of less than 1m US dollar<span class=\"ls5\">).</span> Since <span class=\"_ _2\"/>2018, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>had <span class=\"_ _2\"/>in <span class=\"_ _2\"/>place <span class=\"_ _6\"/>a <span class=\"_ _3\"/>pl<span class=\"_ _3\"/>an <span class=\"_ _2\"/>which <span class=\"_ _2\"/>is <span class=\"_ _2\"/>substantially <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>Share<span class=\"_ _3\"/>-base<span class=\"_ _3\"/>d <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ompensation <span class=\"_ _2\"/>plan <span class=\"_ _2\"/>under which <span class=\"_ _2\"/>bonuses <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>company <span class=\"_ _2\"/>employees <span class=\"_ _3\"/>and <span class=\"_ _2\"/>management <span class=\"_ _2\"/>are <span class=\"_ _2\"/>partially <span class=\"_ _3\"/>settled <span class=\"_ _2\"/>in <span class=\"_ _2\"/>shares. <span class=\"_ _3\"/>Unde<span class=\"_ _3\"/>r <span class=\"_ _3\"/>the <span class=\"_ _2\"/>2018 <span class=\"_ _2\"/>Share<span class=\"_ _2\"/>-based <span class=\"_ _3\"/>compensation <span class=\"_ _3\"/>plan, <span class=\"_ _2\"/>Ambev<span class=\"_ _3\"/> <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>49.3m <span class=\"_ _3\"/>matching <span class=\"_ _2\"/>RSUs <span class=\"_ _3\"/><span class=\"lsa\">in</span> <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _3\"/>with <span class=\"_ _3\"/>an <span class=\"_ _2\"/>estimated <span class=\"_ _3\"/>fair <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>148m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar (<span class=\"ls3\">2021<span class=\"ls2\">: </span></span>20.6m matching RSUs with an estimated fair value of 61m US dollar<span class=\"ls5\">).</span> As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in the <span class=\"_ _3\"/>future, similar share-<span class=\"ff4\">based <span class=\"_ _3\"/>instruments), depending on management\u2019s<span class=\"_ _3\"/></span> <span class=\"ff4\">assessment of the <span class=\"_ _3\"/>employee\u2019s performance </span>and future potential. No stock options were granted in<span class=\"_ _3\"/> 2022 <span class=\"ls3\">and </span>2021. The total number of outstanding Ambev options developed a<span class=\"_ _0\"/>s follows:<span class=\"_ _3\"/><span class=\"fs6\">  </span>Million options<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 113.8  127.3  Options issued during<span class=\"_ _1\"/> the year - - Options exerci<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ed during the<span class=\"_ _1\"/> <span class=\"_ _3\"/>year - (5.2) Options forfeited dur<span class=\"_ _1\"/>ing the year (14.0) (8.3) Options outstand<span class=\"_ _1\"/>ing at the end of December 99.8  113.8  The <span class=\"_ _0\"/>range <span class=\"_ _1\"/>of <span class=\"_ _1\"/>exercise pri<span class=\"_ _0\"/>ces <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>ou<span class=\"_ _3\"/>tstanding <span class=\"_ _1\"/>options <span class=\"_ _1\"/>is be<span class=\"_ _0\"/>tween 15.95 <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real <span class=\"_ _0\"/>(3.06 <span class=\"_ _1\"/>US do<span class=\"_ _1\"/>l<span class=\"_ _3\"/>lar) <span class=\"_ _1\"/>and 39.04 <span class=\"_ _f\"/>Brazilian real (7.48 US dollar) while the weighted average remaining contractual life is<span class=\"_ _3\"/> 4.3 years. Of the 99.7m outstanding options 63.9<span class=\"ls4\">m </span>options are vested at 31 December 2022. The weighted average exercise price of the Ambev options is as follows: Amounts in US<span class=\"_ _1\"/> <span class=\"_ _3\"/>dollar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Options outstanding<span class=\"_ _0\"/> at 1 Januar<span class=\"_ _1\"/>y 3.57  3.81  Granted during<span class=\"_ _0\"/> the year - - Exercised during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year - 2.36  Forfeited during<span class=\"_ _1\"/> <span class=\"_ _3\"/>the year 4.33  4.53  Outstanding at the<span class=\"_ _1\"/> end of December 3.72  3.57  Exercisable at<span class=\"_ _0\"/> the end of De<span class=\"_ _0\"/>cember 3.86  3.79  The total number of outstanding Ambev RSUs developed as follows: Million RSUs<span class=\"_ _1\"/> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>RSUs outstanding<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> 63.8  49.6  RSUs issued during<span class=\"_ _1\"/> the year 49.3  20.7  RSUs vested during<span class=\"_ _1\"/> the year (0.2) (5.0) RSUs forfeited du<span class=\"_ _0\"/>ring the <span class=\"_ _0\"/>year (3.1) (1.5) RSUs outstand<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng at the e<span class=\"_ _0\"/>nd of De<span class=\"_ _0\"/>cember 109.8  63.8  During 2022, <span class=\"_ _1\"/>a limited <span class=\"_ _0\"/>number <span class=\"_ _0\"/>of Ambev s<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>reholders wh<span class=\"_ _1\"/>o are <span class=\"_ _1\"/>p<span class=\"_ _3\"/>art of <span class=\"_ _1\"/>the senior <span class=\"_ _1\"/>management of <span class=\"_ _1\"/>AB InBev <span class=\"_ _1\"/>were<span class=\"_ _3\"/> <span class=\"_ _1\"/>given the opportunity <span class=\"_ _7\"/>to <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xchange <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>against <span class=\"_ _6\"/>a <span class=\"_ _7\"/>total <span class=\"_ _7\"/>of<span class=\"_ _3\"/> <span class=\"_ _7\"/>54 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"lsc\">: <span class=\"_ _7\"/></span></span>3 <span class=\"_ _7\"/>thousand <span class=\"_ _7\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev shares) at <span class=\"_ _3\"/>a discount of 16.66% provided <span class=\"_ _3\"/>that they stay i<span class=\"_ _3\"/>n se<span class=\"_ _3\"/>rvice for <span class=\"_ _3\"/>another five years. The <span class=\"_ _3\"/>fair value of this<span class=\"_ _3\"/> transaction amounts <span class=\"_ _6\"/><span class=\"lsc\">to<span class=\"_ _3\"/></span> <span class=\"_ _6\"/><span class=\"ls3\">1m</span> <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>(2021<span class=\"ls2\">: <span class=\"_ _6\"/></span>less <span class=\"_ _6\"/>than <span class=\"_ _7\"/><span class=\"ff4\">1m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>and <span class=\"_ _6\"/>is <span class=\"_ _6\"/>expensed <span class=\"_ _6\"/>over <span class=\"_ _6\"/>the <span class=\"_ _6\"/>five <span class=\"_ _2\"/>y<span class=\"_ _3\"/>ears\u2019 <span class=\"_ _6\"/>service <span class=\"_ _6\"/>period. <span class=\"_ _2\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>fair </span>values of the Ambev and AB InBev shares were determined based on the market price. BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM Discretionary Restricted Stock Units Plan In <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2019, <span class=\"_ _7\"/>Budweiser <span class=\"_ _6\"/>APAC <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>et <span class=\"_ _7\"/>up <span class=\"_ _7\"/>a <span class=\"_ _7\"/>discretionary <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>plan <span class=\"_ _7\"/>which <span class=\"_ _7\"/>allows <span class=\"_ _7\"/>for <span class=\"_ _7\"/>the <span class=\"_ _7\"/>offer <span class=\"_ _7\"/>of <span class=\"_ _7\"> </span>RSUs <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>certain employees <span class=\"_ _1\"/>in <span class=\"_ _1\"/>ce<span class=\"_ _3\"/>rtain <span class=\"_ _f\"/>sp<span class=\"_ _3\"/>ecific <span class=\"_ _1\"/>circumstances, at <span class=\"_ _f\"/>the <span class=\"_ _1\"/>discretion <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Board, <span class=\"_ _1\"/>e<span class=\"_ _3\"/>.g., <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a <span class=\"_ _1\"/>special <span class=\"_ _0\"/>retention <span class=\"_ _1\"/>incentive. <span class=\"_ _1\"/>The RSUs vest <span class=\"_ _2\"/>after <span class=\"_ _6\"/>three <span class=\"_ _2\"/>to <span class=\"_ _6\"/>five <span class=\"_ _2\"/>years <span class=\"_ _2\"/>and <span class=\"_ _6\"/>in <span class=\"_ _2\"/>the <span class=\"_ _6\"/>event <span class=\"_ _2\"/>that <span class=\"_ _2\"/>a<span class=\"_ _3\"/>n <span class=\"_ _2\"/>employee\u2019s <span class=\"_ _2\"/>service <span class=\"_ _6\"/>is <span class=\"_ _2\"/>te<span class=\"_ _3\"/>rminated <span class=\"_ _2\"/>before <span class=\"_ _2\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting <span class=\"_ _2\"/>date, <span class=\"_ _2\"/>sp<span class=\"_ _3\"/>ecial forfeiture rules apply. In 2022 <span class=\"ls3\">and </span>2021, <span class=\"ls3\">no </span>RSUs were granted under this pro<span class=\"_ _0\"/>gram. Share-Based Compensation Plan In <span class=\"_ _3\"/>M<span class=\"_ _3\"/>arch <span class=\"_ _3\"/>2020, <span class=\"_ _2\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _2\"/>set <span class=\"_ _2\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program <span class=\"_ _3\"/>allo<span class=\"_ _3\"/>wing <span class=\"_ _3\"/>for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _2\"/>to <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nvest <span class=\"_ _3\"/>some <span class=\"_ _2\"/>or <span class=\"_ _3\"/>all <span class=\"_ _2\"/>of <span class=\"_ _2\"/>their <span class=\"_ _3\"/>variable compensation <span class=\"_ _0\"/>in <span class=\"_ _1\"/>Budweiser A<span class=\"_ _1\"/>PAC shares <span class=\"_ _1\"/>(Voluntary Shares<span class=\"_ _1\"/>). As <span class=\"_ _1\"/>an additional <span class=\"_ _1\"/>reward, <span class=\"_ _1\"/>employees<span class=\"_ _3\"/> <span class=\"_ _1\"/>who in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>est <span class=\"_ _1\"/>in Voluntar<span class=\"_ _1\"/>y<span class=\"_ _3\"/> Shares also receive a<span class=\"_ _3\"/> company <span class=\"_ _3\"/>shares match of three matching <span class=\"_ _3\"/>shares for <span class=\"_ _3\"/>each Voluntary Share invested up t<span class=\"_ _3\"/>o a limited total <span class=\"_ _3\"/>percentage <span class=\"_ _3\"/>of <span class=\"_ _3\"/>each <span class=\"_ _3\"/>employee\u2019s <span class=\"_ _3\"/>v<span class=\"_ _3\"/>ariable co<span class=\"_ _3\"/>mpensation. In<span class=\"_ _3\"/> <span class=\"_ _2\"/><span class=\"ff2\">2022, <span class=\"_ _3\"/>Bu<span class=\"_ _3\"/>dweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>12.5m <span class=\"_ _3\"/>matching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/>in </span>relation <span class=\"_ _6\"/>to <span class=\"_ _2\"/>bonuses <span class=\"_ _6\"/>granted <span class=\"_ _2\"/>to <span class=\"_ _6\"/>Budweiser <span class=\"_ _2\"/>APAC <span class=\"_ _7\"/>employees <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _6\"/>estimated <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _2\"/>of <span class=\"_ _6\"/>39m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _7\"/>(<span class=\"ls3\">2021<span class=\"ls2\">: <span class=\"_ _2\"/></span></span>0.1m matching restricted stock units with an estimated fair value of less than 1m US dollar).  New Restricted Stock Units Plan In <span class=\"_ _7\"> </span>Novembe<span class=\"_ _3\"/>r <span class=\"_ _7\"/>2020, <span class=\"_ _7\"> </span>Budweiser <span class=\"_ _7\"> </span>APAC <span class=\"_ _5\"> </span>set <span class=\"_ _5\"> </span>up <span class=\"_ _7\"/>a <span class=\"_ _5\"> </span>new <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"> </span>pl<span class=\"_ _3\"/>an <span class=\"_ _7\"> </span>which <span class=\"_ _5\"> </span>allows <span class=\"_ _7\"> </span>for <span class=\"_ _5\"> </span>the <span class=\"_ _7\"/>offer <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>RSUs <span class=\"_ _7\"/>to <span class=\"_ _5\"> </span>certain <span class=\"_ _7\"> </span>eligible employees <span class=\"_ _6\"/>in <span class=\"_ _6\"/>certain <span class=\"_ _6\"/>specific <span class=\"_ _2\"/>circumstances, <span class=\"_ _6\"/>at <span class=\"_ _6\"/>the <span class=\"_ _6\"/>discretion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Board, <span class=\"_ _6\"/>e.g., <span class=\"_ _6\"/>as <span class=\"_ _6\"/>a <span class=\"_ _6\"/>long<span class=\"_ _2\"/>-term <span class=\"_ _6\"/>incentive. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>v<span class=\"_ _3\"/>esting period of the <span class=\"_ _3\"/>RSUs is in principle<span class=\"_ _3\"/> between three and five years with<span class=\"_ _3\"/>out a performance test and i<span class=\"_ _3\"/>n the event of termination of service before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e ve<span class=\"_ _0\"/>sting date, forfeiture <span class=\"_ _1\"/>rules apply. The <span class=\"_ _1\"/>Boa<span class=\"_ _3\"/>rd may <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et shorter o<span class=\"_ _1\"/>r longer periods for <span class=\"_ _1\"/>sp<span class=\"_ _3\"/>ecific grant<span class=\"_ _0\"/>s o<span class=\"_ _3\"/><span class=\"ls5\">r </span>introduce <span class=\"_ _3\"/>performance <span class=\"_ _2\"/>tests <span class=\"_ _3\"/>similar <span class=\"_ _3\"/>to <span class=\"_ _2\"/>other <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company. <span class=\"_ _2\"/>During <span class=\"_ _6\"/>2022<span class=\"lsc\">, <span class=\"_ _2\"/></span>14.1<span class=\"ls9\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an <span class=\"_ _3\"/>estimated <span class=\"_ _2\"/>fair value <span class=\"_ _2\"/>of <span class=\"_ _2\"/><span class=\"ls8\">45</span>m <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>were <span class=\"_ _3\"/>granted <span class=\"_ _2\"/>under <span class=\"_ _3\"/>th<span class=\"_ _3\"/>is <span class=\"_ _3\"/>program <span class=\"_ _2\"/>to <span class=\"_ _3\"/>a <span class=\"_ _2\"/>selected <span class=\"_ _2\"/>number <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>employees <span class=\"_ _7\"/>(2021: <span class=\"_ _3\"/>10<span class=\"ls4\">m <span class=\"_ _2\"/></span>RSUs <span class=\"_ _2\"/>with <span class=\"_ _3\"/>an estimated fair value of 26m US dollar<span class=\"ls5\">).</span> People Bet Plan In <span class=\"_ _3\"/>March <span class=\"_ _3\"/>2020, <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>set <span class=\"_ _3\"/>up <span class=\"_ _3\"/>a <span class=\"_ _2\"/>program a<span class=\"_ _3\"/>llowing for <span class=\"_ _2\"/>certain <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase <span class=\"_ _3\"/>Budweiser <span class=\"_ _3\"/>APAC <span class=\"_ _3\"/>shares at a <span class=\"_ _1\"/>discount which <span class=\"_ _1\"/>is aimed <span class=\"_ _1\"/>at providi<span class=\"_ _0\"/>ng a <span class=\"_ _1\"/>long<span class=\"_ _3\"/>-term ret<span class=\"_ _0\"/>ention <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ncentive <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>hig<span class=\"_ _3\"/>h-potential e<span class=\"_ _0\"/>mployees of <span class=\"_ _1\"/>the company, <span class=\"_ _1\"/>who are at a mid-manager <span class=\"ff4\">level (\u201cPeople bet <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hare purchase program\u201d).<span class=\"_ _0\"/> The voluntary investment i<span class=\"_ _0\"/>n company shares leads t<span class=\"_ _0\"/>o </span>the gra<span class=\"_ _3\"/>nt of <span class=\"_ _3\"/>an amou<span class=\"_ _3\"/>nt of m<span class=\"_ _3\"/>atching <span class=\"_ _3\"/>RSUs <span class=\"_ _3\"/><span class=\"ff4\">which v<span class=\"_ _3\"/>est after <span class=\"_ _3\"/>5 y<span class=\"_ _3\"/>ears. In <span class=\"_ _3\"/>the even<span class=\"_ _3\"/>t that a<span class=\"_ _3\"/>n employee\u2019s <span class=\"_ _3\"/>service is <span class=\"_ _3\"/>terminated </span>before <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>vesting <span class=\"_ _1\"/>date, <span class=\"_ _1\"/>s<span class=\"_ _3\"/>pecial <span class=\"_ _1\"/>forfei<span class=\"_ _3\"/>ture <span class=\"_ _1\"/>rules a<span class=\"_ _1\"/>p<span class=\"_ _3\"/>ply. <span class=\"_ _1\"/>During <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"lsc\">, <span class=\"ls0\">0.5<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">RSUs <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>estimated fa<span class=\"_ _1\"/>i<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value <span class=\"_ _1\"/>of 2m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar </span></span></span></span></span>were granted to a selected number of employees (<span class=\"ls3\">2021<span class=\"ls2\">: </span>no</span> RSU<span class=\"_ _1\"/>s<span class=\"_ _3\"/> were granted under this program). ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__135": {
   "value": "5.  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\u2019s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and 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 tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). Global Export and Holding North America Middle Americas South America EMEA Asia Pacific AB InBev Worldwide companies 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 . Volume 103 107 148 141 164 157 91 87 89 88 1 2 595 582 Revenue 16 566 16 257 14 180 12 541 11 599 9 494 8 120 8 032 6 532 6 848 790  1 133 57 786 54 304 Normalized EBITDA 6 057 6 131 6 564 6 126 3 511 3 125 2 612 2 598 2 104 2 321 (1 004) (1 093) 19 843 19 209 Normalized EBITDA margin % 36.6% 37.7% 46.3% 48.8% 30.3% 32.9% 32.2% 32.4% 32.2% 33.9%                  -                     -    34.3% 35.4% Depreciation, amortization and impairment   (748) (782) (1 326) (1 138) (873) (760) (1 066) (1 014) (671) (712) (392) (364) (5 075) (4 771) Normalized profit from operations 5 309 5 349 5 238 4 988 2 638 2 365 1 546 1 584 1 433 1 609 (1 396) (1 457) 14 768 14 438 Non-underlying items (including non-underlying impairment) (89) (239) (19) (100) (18) (60) (68) (112) (2) (40) (55) (63) (251) (614) Profit from operations 5 220 5 110 5 219 4 888 2 620 2 305 1 478 1 472 1 431 1 569 (1 451) (1 520) 14 517 13 824 Net finance income/(cost) (4 148) (5 609) Share of results of associates 299  248  Non-underlying share of results of associates (1 143)                  -    Income tax expense (1 928) (2 350) Profit 7 597 6 114 . Segment assets (non-current) 63 379 63 722 66 262 67 516 14 297 12 917 30 918 34 098 12 397 13 453 2 505 1 973 189 757 193 678 Gross capex 695  868  1 319 1 307 1 001 1 154 1 011 1 051 496  605  638  655  5 160 5 640 FTE 20 040 19 691 52 355 51 969 42 028 42 209 21 306 22 215 24 331 26 095 6 572 7 160 166 632 169 339 For the year ended 31 December 2022, net revenue from the beer business amounted to 51 544m US dollar (2021: 49 333m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 242m US dollar (2021: 4 971m US dollar). Additionally, for 2022, net revenue from the company\u2019s business in the United States amounted to 14 580m US dollar (2021: 14 259m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 8 256m US dollar (2021: 6 500m US dollar).  On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 632m US dollar (2021: 623m US dollar) and non-current assets located in the country of domicile represented 2 533m US dollar (2021: 2 457m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__134": {
   "value": "5.  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\u2019s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and 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 tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). Global Export and Holding North America Middle Americas South America EMEA Asia Pacific AB InBev Worldwide companies 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 . Volume 103 107 148 141 164 157 91 87 89 88 1 2 595 582 Revenue 16 566 16 257 14 180 12 541 11 599 9 494 8 120 8 032 6 532 6 848 790  1 133 57 786 54 304 Normalized EBITDA 6 057 6 131 6 564 6 126 3 511 3 125 2 612 2 598 2 104 2 321 (1 004) (1 093) 19 843 19 209 Normalized EBITDA margin % 36.6% 37.7% 46.3% 48.8% 30.3% 32.9% 32.2% 32.4% 32.2% 33.9%                  -                     -    34.3% 35.4% Depreciation, amortization and impairment   (748) (782) (1 326) (1 138) (873) (760) (1 066) (1 014) (671) (712) (392) (364) (5 075) (4 771) Normalized profit from operations 5 309 5 349 5 238 4 988 2 638 2 365 1 546 1 584 1 433 1 609 (1 396) (1 457) 14 768 14 438 Non-underlying items (including non-underlying impairment) (89) (239) (19) (100) (18) (60) (68) (112) (2) (40) (55) (63) (251) (614) Profit from operations 5 220 5 110 5 219 4 888 2 620 2 305 1 478 1 472 1 431 1 569 (1 451) (1 520) 14 517 13 824 Net finance income/(cost) (4 148) (5 609) Share of results of associates 299  248  Non-underlying share of results of associates (1 143)                  -    Income tax expense (1 928) (2 350) Profit 7 597 6 114 . Segment assets (non-current) 63 379 63 722 66 262 67 516 14 297 12 917 30 918 34 098 12 397 13 453 2 505 1 973 189 757 193 678 Gross capex 695  868  1 319 1 307 1 001 1 154 1 011 1 051 496  605  638  655  5 160 5 640 FTE 20 040 19 691 52 355 51 969 42 028 42 209 21 306 22 215 24 331 26 095 6 572 7 160 166 632 169 339 For the year ended 31 December 2022, net revenue from the beer business amounted to 51 544m US dollar (2021: 49 333m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 242m US dollar (2021: 4 971m US dollar). Additionally, for 2022, net revenue from the company\u2019s business in the United States amounted to 14 580m US dollar (2021: 14 259m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 8 256m US dollar (2021: 6 500m US dollar).  On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 632m US dollar (2021: 623m US dollar) and non-current assets located in the country of domicile represented 2 533m US dollar (2021: 2 457m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__133": {
   "value": "5.  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\u2019s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and 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 tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). Global Export and Holding North America Middle Americas South America EMEA Asia Pacific AB InBev Worldwide companies 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 . Volume 103 107 148 141 164 157 91 87 89 88 1 2 595 582 Revenue 16 566 16 257 14 180 12 541 11 599 9 494 8 120 8 032 6 532 6 848 790  1 133 57 786 54 304 Normalized EBITDA 6 057 6 131 6 564 6 126 3 511 3 125 2 612 2 598 2 104 2 321 (1 004) (1 093) 19 843 19 209 Normalized EBITDA margin % 36.6% 37.7% 46.3% 48.8% 30.3% 32.9% 32.2% 32.4% 32.2% 33.9%                  -                     -    34.3% 35.4% Depreciation, amortization and impairment   (748) (782) (1 326) (1 138) (873) (760) (1 066) (1 014) (671) (712) (392) (364) (5 075) (4 771) Normalized profit from operations 5 309 5 349 5 238 4 988 2 638 2 365 1 546 1 584 1 433 1 609 (1 396) (1 457) 14 768 14 438 Non-underlying items (including non-underlying impairment) (89) (239) (19) (100) (18) (60) (68) (112) (2) (40) (55) (63) (251) (614) Profit from operations 5 220 5 110 5 219 4 888 2 620 2 305 1 478 1 472 1 431 1 569 (1 451) (1 520) 14 517 13 824 Net finance income/(cost) (4 148) (5 609) Share of results of associates 299  248  Non-underlying share of results of associates (1 143)                  -    Income tax expense (1 928) (2 350) Profit 7 597 6 114 . Segment assets (non-current) 63 379 63 722 66 262 67 516 14 297 12 917 30 918 34 098 12 397 13 453 2 505 1 973 189 757 193 678 Gross capex 695  868  1 319 1 307 1 001 1 154 1 011 1 051 496  605  638  655  5 160 5 640 FTE 20 040 19 691 52 355 51 969 42 028 42 209 21 306 22 215 24 331 26 095 6 572 7 160 166 632 169 339 For the year ended 31 December 2022, net revenue from the beer business amounted to 51 544m US dollar (2021: 49 333m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 242m US dollar (2021: 4 971m US dollar). Additionally, for 2022, net revenue from the company\u2019s business in the United States amounted to 14 580m US dollar (2021: 14 259m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 8 256m US dollar (2021: 6 500m US dollar).  On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 632m US dollar (2021: 623m US dollar) and non-current assets located in the country of domicile represented 2 533m US dollar (2021: 2 457m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__136": {
   "value": "6.  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 year ended 31 December 2022 and 31 December 2021, with no significant impact in the consolidated financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__142-1": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. 8.  Non-underlying items IAS 1 Presentation of financial statements requires that material items of income and expense be disclosed separately. Non-underlying items are items that in management\u2019s judgment need to be disclosed by virtue of their size or incidence so that a user can obtain a proper understanding of the company\u00b4s financial information. The company considers these items to be significant and accordingly, management has excluded them from their segment measure of performance in Note 5 Segment Reporting.  The non-underlying items included in the income statement are as follows: For the year ended 31 December Million US dollar 2022 2021 COVID-19 costs             (18)           (105) Restructuring           (110)           (172) Business and asset disposal (including impairment losses)             (71)           (247) AB InBev Efes related costs             (51)             -    Acquisition costs business combinations               (1)             (17) Zenzele Kabili costs             -                (72) Impact on profit from operations           (251)           (614) Non-underlying net finance income/(cost)             498            (806) Non-underlying share of results of associates        (1 143)             -    Non-underlying taxes             399              346  Non-underlying non-controlling interest               13                20  Net impact on profit           (484)        (1 054) COVID-19 costs amount  to  (18)m US dollar for  the year ended 31  December  2022  (2021:  (105)m US dollar).  These expenses mainly comprise costs related to personal protection equipment for the company\u2019s employees and other costs incurred as a direct consequence of the COVID-19 pandemic. The  non-underlying  restructuring  charges  for  2022  total  (110)m  US  dollar  (2021:  (172)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\u2019s core activities, quicker decision-making and improvements to efficiency, service and quality. Business  and  asset  disposals  (including  impairment  losses)  amount  to  (71)m  US  dollar  for  2022  mainly  comprising impairment of intangible assets and other non-core assets sold in the period. Business and asset disposals (including impairment losses) amounted to (247)m US dollar for 2021, mainly comprising (258)m US dollar of non-cash impairment charge  associated  with  Bedford  Systems, a  joint venture  with  Keurig  Dr.  Pepper,  following  the  announcement  of  the cessation of the business in December 2021, that was partially offset with gains incurred in relation to disposals completed in the first half of 2021. AB InBev Efes related costs of (51)m US dollar for 2022 relate to the discontinuation of exports to Russia and the forfeiting of company benefits from the operations of the associate. In May 2021, the company set up a new broad-based black economic empowerment (\u201cB-BBEE\u201d) scheme (the \u201cZenzele Kabili scheme\u201d) and reported (72)m US dollar in non-underlying items mainly representing the IFRS 2 cost related to the grant of shares to qualifying SAB retailers and employees participating to the Zenzele Kabili scheme. For more details, refer to Note 21 Changes in equity and earnings per share.  The company incurred a non-underlying net finance income of 498m US dollar for 2022 (2021: net finance cost of (806)m US dollar) \u2013 see Note 11 Finance cost and income. During 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 4 Use of estimates and judgments and Note 16 Investments in associates. All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 399m US dollar (decrease of income taxes) for 2022 (2021: decrease of income taxes by 346m US dollar). The non-underlying income taxes for the year ended 31 December 2022 are mainly driven by a reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (350m US dollar).  Non-controlling interest on the non-underlying items amounts to 13m US dollar for 2022 (2021: 20m US dollar). 9.  Payroll and related benefits Million US dollar 2022 2021 Wages and salaries (4 621) (4 734) Social security contributions  (749)  (670) Other personnel cost  (687)  (706) Share-based payment expense  (448)  (510) Pension expense for defined benefit plans  (154)  (176) Pension expense for defined contribution plans  (164)  (147) Payroll and related benefits (6 822) (6 944) The number of full-time equivalents can be split as follows:  2022 2021 AB InBev NV/SA (parent company) 241  214  Other subsidiaries 166 391  169 125  Total number of FTE 166 632  169 339  10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__141": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__140": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__139": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__138": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__137-1": {
   "value": "7.  Other operating income/(expenses) Million US dollar 2022 2021 Brazilian tax credits             201              226  Government grants             311              322  Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale               82                65  License income               27                25  Net rental and other operating income             220              167  Other operating income/(expenses)             841              805  In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income (2021: 226m US dollar) in Other operating income related to tax credits. Additionally, in 2022 Ambev recognized 168m US dollar (2021: 118m US dollar) of interest income on tax credits in Finance income (refer to Note 11 Finance cost and income). The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company\u2019s operations and developments in those regions. 8.  Non-underlying items IAS 1 Presentation of financial statements requires that material items of income and expense be disclosed separately. Non-underlying items are items that in management\u2019s judgment need to be disclosed by virtue of their size or incidence so that a user can obtain a proper understanding of the company\u00b4s financial information. The company considers these items to be significant and accordingly, management has excluded them from their segment measure of performance in Note 5 Segment Reporting.  The non-underlying items included in the income statement are as follows: For the year ended 31 December Million US dollar 2022 2021 COVID-19 costs             (18)           (105) Restructuring           (110)           (172) Business and asset disposal (including impairment losses)             (71)           (247) AB InBev Efes related costs             (51)             -    Acquisition costs business combinations               (1)             (17) Zenzele Kabili costs             -                (72) Impact on profit from operations           (251)           (614) Non-underlying net finance income/(cost)             498            (806) Non-underlying share of results of associates        (1 143)             -    Non-underlying taxes             399              346  Non-underlying non-controlling interest               13                20  Net impact on profit           (484)        (1 054) COVID-19 costs amount  to  (18)m US dollar for  the year ended 31  December  2022  (2021:  (105)m US dollar).  These expenses mainly comprise costs related to personal protection equipment for the company\u2019s employees and other costs incurred as a direct consequence of the COVID-19 pandemic. The  non-underlying  restructuring  charges  for  2022  total  (110)m  US  dollar  (2021:  (172)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\u2019s core activities, quicker decision-making and improvements to efficiency, service and quality. Business  and  asset  disposals  (including  impairment  losses)  amount  to  (71)m  US  dollar  for  2022  mainly  comprising impairment of intangible assets and other non-core assets sold in the period. Business and asset disposals (including impairment losses) amounted to (247)m US dollar for 2021, mainly comprising (258)m US dollar of non-cash impairment charge  associated  with  Bedford  Systems, a  joint venture  with  Keurig  Dr.  Pepper,  following  the  announcement  of  the cessation of the business in December 2021, that was partially offset with gains incurred in relation to disposals completed in the first half of 2021. AB InBev Efes related costs of (51)m US dollar for 2022 relate to the discontinuation of exports to Russia and the forfeiting of company benefits from the operations of the associate. In May 2021, the company set up a new broad-based black economic empowerment (\u201cB-BBEE\u201d) scheme (the \u201cZenzele Kabili scheme\u201d) and reported (72)m US dollar in non-underlying items mainly representing the IFRS 2 cost related to the grant of shares to qualifying SAB retailers and employees participating to the Zenzele Kabili scheme. For more details, refer to Note 21 Changes in equity and earnings per share.  The company incurred a non-underlying net finance income of 498m US dollar for 2022 (2021: net finance cost of (806)m US dollar) \u2013 see Note 11 Finance cost and income. During 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 4 Use of estimates and judgments and Note 16 Investments in associates. All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 399m US dollar (decrease of income taxes) for 2022 (2021: decrease of income taxes by 346m US dollar). The non-underlying income taxes for the year ended 31 December 2022 are mainly driven by a reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (350m US dollar).  Non-controlling interest on the non-underlying items amounts to 13m US dollar for 2022 (2021: 20m US dollar). 9.  Payroll and related benefits Million US dollar 2022 2021 Wages and salaries (4 621) (4 734) Social security contributions  (749)  (670) Other personnel cost  (687)  (706) Share-based payment expense  (448)  (510) Pension expense for defined benefit plans  (154)  (176) Pension expense for defined contribution plans  (164)  (147) Payroll and related benefits (6 822) (6 944) The number of full-time equivalents can be split as follows:  2022 2021 AB InBev NV/SA (parent company) 241  214  Other subsidiaries 166 391  169 125  Total number of FTE 166 632  169 339  10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar). Other financial results for 2022 and 2021 include: 2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Net foreign exchange gains/(losses) (363) - (363) (101) - (101) Net gains/(losses) on hedging instruments (747) - (747) (562) - (562) Hyperinflation monetary adjustments - 286  286  - 152  152  Other financial income/(cost), including bank fees and taxes (239) 66  (173) (208) 48  (160) Other financial results (1 349) 352  (997) (871) 200  (671) For further information on instruments hedging AB InBev\u2019s foreign exchange risk, see Note 27 Risks arising from financial instruments. Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022  274m US dollar gain resulting from mark-to-market adjustments on derivative instruments entered into to hedge the shares issued in relation to the combination with Grupo Modelo and SAB (2021: (25)m US dollar loss); \u2022  246m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); \u2022  (22)m US dollar loss related to the remeasurement of deferred considerations on prior year acquisitions (2021: (19)m US dollar loss); \u2022  In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     12. Income taxes 1Income taxes recognized in the income statement can be detailed as follows:      Million US dollar 2022 2021\u00b9 Current year        (2 785)        (2 857) (Underprovided)/overprovided in prior years             157              159  Current tax expense        (2 628)        (2 698) Origination and reversal of temporary differences             829              632  Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)           (128)           (284) Deferred tax (expense)/income             701              348  Total income tax expense in the income statement        (1 928)        (2 350) 1The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2022 2021\u00b9 . Profit/(loss) before tax 9 524 8 463 Deduct share of results of associates 299  248  Deduct non-underlying share of results of associates (1 143)               -    Profit before tax and before share of results of associates 10 369 8 215 . Adjustments to the tax basis Government incentives (713) (543) Non-deductible/(non-taxable) mark-to-market on derivatives (606) 48  Other expenses not deductible for tax purposes 1 590 1 979 Other non-taxable income (576) (476) . Adjusted tax basis 10 065 9 223 . Aggregate weighted nominal tax rate 26.7% 26.7% . Tax at aggregated nominal tax rate (2 691) (2 463) . Adjustments on tax expense Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward) (128) (284) (Underprovided)/overprovided in prior years 157  159  Deductions from interest on equity 790  469  Deductions from goodwill and other tax deductions 473  226  Change in tax rate 48  (147) Withholding taxes (436) (485) Other tax adjustments (140) 175  . Total tax expense (1 928) (2 350) . Effective tax rate 18.6%  28.6%  The total income tax expense for 2022 amounts to 1 928m US dollar compared to 2 350m US dollar for 2021. The effective tax rate is 18.6% for 2022 compared to 28.6% for 2021.  The 2022 effective tax rate is positively impacted by non-taxable gains 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 2021 effective tax rate was negatively impacted by non-deductible losses from these derivatives. In addition, the 2022 effective tax rate was positively impacted by higher distribution of interest on shareholders\u2019 equity from Brazil and lower  non-deductible costs.  The  2022 effective tax  rate includes 350m  US dollar benefit from a  reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (refer to Note 8 Non-underlying items).  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. The normalized effective tax rate for 2022 is 23.0% (2021: 28.0%). The normalized effective tax rate excluding mark-to-market gains or losses on derivatives related to the hedging of share-based payment programs for 2022 is 23.8% (2021: 27.9%).  Normalized effective tax rate is the effective tax rate adjusted for non-underlying items. Normalized effective tax rate is not an accounting measure under IFRS accounting and should not be considered as an alternative to the effective tax rate. Normalized effective tax rate method does not have a standard calculation method and AB InBev\u2019s definition of normalized tax rate may not be comparable to other companies. Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2022 2021 Re-measurements of post-employment benefits           (126)           (123) Exchange differences, cash flow and net investment hedges             (51)             (45) Income tax (losses)/gains           (177)           (167) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__145-1": {
   "value": "8.  Non-underlying items IAS 1 Presentation of financial statements requires that material items of income and expense be disclosed separately. Non-underlying items are items that in management\u2019s judgment need to be disclosed by virtue of their size or incidence so that a user can obtain a proper understanding of the company\u00b4s financial information. The company considers these items to be significant and accordingly, management has excluded them from their segment measure of performance in Note 5 Segment Reporting.  The non-underlying items included in the income statement are as follows: For the year ended 31 December Million US dollar 2022 2021 COVID-19 costs             (18)           (105) Restructuring           (110)           (172) Business and asset disposal (including impairment losses)             (71)           (247) AB InBev Efes related costs             (51)             -    Acquisition costs business combinations               (1)             (17) Zenzele Kabili costs             -                (72) Impact on profit from operations           (251)           (614) Non-underlying net finance income/(cost)             498            (806) Non-underlying share of results of associates        (1 143)             -    Non-underlying taxes             399              346  Non-underlying non-controlling interest               13                20  Net impact on profit           (484)        (1 054) COVID-19 costs amount  to  (18)m US dollar for  the year ended 31  December  2022  (2021:  (105)m US dollar).  These expenses mainly comprise costs related to personal protection equipment for the company\u2019s employees and other costs incurred as a direct consequence of the COVID-19 pandemic. The  non-underlying  restructuring  charges  for  2022  total  (110)m  US  dollar  (2021:  (172)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\u2019s core activities, quicker decision-making and improvements to efficiency, service and quality. Business  and  asset  disposals  (including  impairment  losses)  amount  to  (71)m  US  dollar  for  2022  mainly  comprising impairment of intangible assets and other non-core assets sold in the period. Business and asset disposals (including impairment losses) amounted to (247)m US dollar for 2021, mainly comprising (258)m US dollar of non-cash impairment charge  associated  with  Bedford  Systems, a  joint venture  with  Keurig  Dr.  Pepper,  following  the  announcement  of  the cessation of the business in December 2021, that was partially offset with gains incurred in relation to disposals completed in the first half of 2021. AB InBev Efes related costs of (51)m US dollar for 2022 relate to the discontinuation of exports to Russia and the forfeiting of company benefits from the operations of the associate. In May 2021, the company set up a new broad-based black economic empowerment (\u201cB-BBEE\u201d) scheme (the \u201cZenzele Kabili scheme\u201d) and reported (72)m US dollar in non-underlying items mainly representing the IFRS 2 cost related to the grant of shares to qualifying SAB retailers and employees participating to the Zenzele Kabili scheme. For more details, refer to Note 21 Changes in equity and earnings per share.  The company incurred a non-underlying net finance income of 498m US dollar for 2022 (2021: net finance cost of (806)m US dollar) \u2013 see Note 11 Finance cost and income. During 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 4 Use of estimates and judgments and Note 16 Investments in associates. All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 399m US dollar (decrease of income taxes) for 2022 (2021: decrease of income taxes by 346m US dollar). The non-underlying income taxes for the year ended 31 December 2022 are mainly driven by a reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (350m US dollar).  Non-controlling interest on the non-underlying items amounts to 13m US dollar for 2022 (2021: 20m US dollar). 10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation.13. Property, plant and equipment  Property, plant and equipment comprises owned and leased assets, as follows:      Million US dollar 31 December 2022 31 December 2021 Property, plant and equipment owned 24 245  24 459  Property, plant and equipment leased (right-of-use assets) 2 426  2 219  Total property, plant and equipment 26 671  26 678  31 December 2022 31 December 2021 Plant and equipment, Land and fixtures and Under Million US dollar buildings fittings construction Total Total Acquisition cost Balance at end of previous year 12 374  35 906  2 462  50 742  48 993  Effect of movements in foreign exchange (208) (729) (46) (983) (1 616) Acquisitions 27  1 340  2 912  4 279  4 739  Acquisitions through business combinations  - - - - 2  Disposals through sale and derecognition (154) (1 667) (1) (1 822) (1 301) Disposals through the sale of subsidiaries (1) (12) - (13) (51) Transfer (to)/from other asset categories 554  2 634  (3 122) 66  (23) and other movements\u00b9 Balance at end of the period 12 591  37 473  2 205  52 269  50 742  Depreciation and impairment losses Balance at end of previous year (4 292) (21 992) - (26 284) (24 802) Effect of movements in foreign exchange 82  425  - 507  813  Depreciation (423) (3 106) - (3 530) (3 384) Disposals through sale and derecognition 66  1 565  - 1 631  1 168  Disposals through the sale of subsidiaries - 8  - 8  46  Impairment losses (3) (168) - (172) (182) Transfer to/(from) other asset categories (14) (172) - (186) 57  and other movements\u00b9 Balance at end of the period (4 584) (23 440) - (28 024) (26 284) Carrying amount at 31 December 2021 8 082  13 915  2 462  24 459  24 459  at 31 December 2022 8 007  14 033  2 205  24 245  - 1As at 2022 and 2021 there were no significant restrictions on title on property, plant and equipment. Contractual commitments to purchase property, plant and equipment amounted to 538m US dollar as at 31 December 2022 compared to 449m US dollar as at 31 December 2021.  AB InBev\u2019s net capital expenditures in the statement of cash flow amounted to 4 838m US dollar in 2022 compared to 5 498m US dollar for the same period last year. Out of the total 2022 capital expenditures approximately 36% was used to improve the company\u2019s production facilities while 45% was used for logistics and commercial investments and 20% for improving administrative capabilities and for the purchase of hardware and software.    Property, plant and equipment leased by the company (right-of-use assets) is detailed as follows:  2022 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 640  786  2 426  Depreciation for the period ended 31 December (398) (230) (628) 2021 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 696  523  2 219  Depreciation for the year ended 31 December (373) (201) (574) Additions to right-of-use assets in 2022 were 885m US dollar (2021: 674m 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 five 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 6 to 8 years and part of its own property under  operating  leases.  In  2022,  108m  US  dollar  was  recognized  as  income  in  the  income  statement  in  respect  of subleasing of right-of-use assets (2021: 112m US dollar). As at 31 December 2022, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 92m US dollar in the next 12 months, 253m US dollar in the years 2 through 5 and 53m US dollar after 5 years. 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. 14. Goodwill    Million US dollar 31 December 2022 31 December 2021 Acquisition cost Balance at end of previous year 118 461 123 702 Effect of movements in foreign exchange (3 147) (5 456) Disposals through the sale of subsidiaries (32) - Transfers (to)/from other asset categories (68) 18  Hyperinflation monetary adjustments 328  196  Balance at end of the period 115 541 118 461 Impairment losses Balance at end of previous year (2 665) (2 731) Effect of movements in foreign exchange 134  66  Balance at end of the period (2 531) (2 665) Carrying amount Balance at end of the period      113 010       115 796  The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar 31 December 2022 31 December 2021 United States        33 578         33 607  Rest of North America          1 981           2 114  Mexico        12 823         12 062  Colombia        12 692         15 344  Rest of Middle Americas        23 242         22 769  Brazil          3 508           3 280  Rest of South America          1 249           1 173  Europe          2 081           2 244  South Africa          9 551         10 231  Rest of Africa          5 131           5 287  China          3 119           3 387  Rest of Asia Pacific          3 505           3 717  Global Export and Holding Companies             549              582  Total carrying amount of goodwill      113 010       115 796  Goodwill,  which  accounted  for  approximately  53%  of  AB  InBev  total  assets  as  at  31  December  2022,  is  tested  for impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev\u2019s cash-generating units that are expected to benefit from the synergies of the combination whenever a business combination occurs.  2022 impairment testing AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value  of  the  asset  reported.  Goodwill  impairment  testing  relies  on  a  number  of  critical  judgments,  estimates  and assumptions. AB InBev believes that all of its estimates are reasonable: they are consistent with the company\u2019s internal reporting and reflect management\u2019s best estimates. However, inherent uncertainties exist, including the rate of recovery of the countries following the COVID-19 pandemic, that management may not be able to control. If the company\u2019s current assumptions  and  estimates,  including  projected  revenues  growth  rates,  competitive  and  consumer  trends,  weighted average cost of capital, terminal growth rates, and other market factors, are not met, or if valuation factors outside of the company\u2019s  control  change  unfavorably,  the  estimated  fair  value  of  goodwill  could  be  adversely affected,  leading  to  a potential impairment in the future. The company performed its annual goodwill impairment test at cash-generating unit level, which is the lowest level at which goodwill is monitored for internal management purposes.  The company\u2019s impairment testing methodology is in accordance with IAS 36 Impairment of Assets, in which fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted cash flow approach based on acquisition valuation models for the cash-generating units showing an invested capital to EBITDA multiple above 9x and valuation multiples for the other cash-generating units. The discounted cash flow approach was applied for the Colombia, Rest of Middle Americas, South Africa, Rest of Africa and Rest of Asia Pacific cash-generating units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash flow calculations were generally as follows: \u2022  Cash flows are based on AB InBev\u2019s 1-year and 10-year plan as approved by key management. The plan is prepared per cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022  Cash flows after the first 10-year plan are extrapolated generally using expected annual long-term GDP growth rates, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric;  \u2022  Projections are discounted at the unit's weighted average cost of capital (WACC), considering sensitivities on this metric;  \u2022  Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 2% and 6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generating unit 31 December 2022 31 December 2021 Colombia 8% 6% Rest of Middle Americas 9% 10% South Africa 9% 8% Rest of Africa 15% 10% Rest of Asia Pacific 7% 6% Sensitivity to change in key assumptions During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of Colombia, South Africa and Rest of Africa cash-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed by management during the annual impairment testing in 2022, an adverse change of 1% in WACC or terminal growth rate would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a cash generating unit\u2019s carrying amount to exceed its recoverable amount. Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. 15. Intangible assets   31 December 31 December 2022 2021 Commercial Million US dollar Brands intangibles Software Other Total Total Acquisition cost Balance at end of previous year 38 409 2 832 3 437 337  45 015 45 885 Effect of movements in foreign exchange  (568)  (22)  (114)  (47)  (751) (1 289) Acquisitions and expenditures 11 221 497 249 978 760 Disposals through sale and derecognition  (93) (1 058)  (272)  (15) (1 437)  (98) Disposals through the sale of subsidiaries - - - - -  (3) Transfer (to)/from other asset categories 1 (19) 53  502   (171) 365   (240) and other movements\u00b9Balance at end of period 37 741 2 026 4 050 354  44 170 45 015 Amortization and impairment losses Balance at end of previous year   (89) (2 082) (2 381)  (33) (4 585) (4 358) Effect of movements in foreign exchange 1 18 77 4 100 192 Amortization -  (141)  (479)  (27)  (647)  (644) Impairment - -  (3)  (1)  (4)  (176) Disposals through sale and derecognition - 1 058 271 10 1 339 73 Disposals through the sale of subsidiaries - - - - - 3 Transfer to/(from) other asset categories  -  (100)  (62)  (2)  (164) 326 and other movements\u00b9 Balance at end of period  (88) (1 247) (2 577)  (49) (3 961) (4 585) Carrying value at 31 December 2021 38 320 750 1 056 304 40 430 40 430 at 31 December 2022 37 652 779 1 473 305 40 209 In 2022, the company recognized (4)m US dollar impairment on intangibles compared to (176)m US dollar in 2021 when the  company  recognized  an  impairment  following  the  cessation  of  the  activities  of  Bedford  Systems,  a  70%-owned subsidiary of the company and joint venture with Keurig Dr. Pepper. Please refer to Note 8 Non-underlying items.   AB InBev is the owner of some of the world\u2019s 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\u2019s 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-1year 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 during the fourth quarter of the year or whenever a triggering event has occurred. Based on the impairment testing results, no impairment loss was allocated to intangible assets with indefinite useful lives \u2013 refer to Note 14 Goodwill. As at 31 December 2022, the carrying amount of the intangible assets amounted to 40 209m US dollar (31 December 2021: 40 430m US dollar) of which 37 652m US dollar was assigned an indefinite useful life (31 December 2021: 38 320m US dollar) and 2 557m US dollar a finite life (31 December 2021: 2 110m US dollar). Million US dollar Cash-generating unit 2022 2021 United States 21 979  22 129  Rest of North America 40  42  Mexico 3 166  2 977  Colombia 2 374  2 870  Rest of Middle Americas 3 531  3 432  Rest of South America 767  724  Europe 423  452  South Africa 2 847  3 029  Rest of Africa 1 072  1 112  China 405  440  Rest of Asia Pacific 1 048  1 113  Total carrying amount of intangible assets with indefinite useful lives 37 652  38 320  In 2022, the company expensed 268m US dollar in research, compared to 298m US dollar in 2021. The spend focused on product innovations, market research, as well as process optimization and product development. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__144-1": {
   "value": "8.  Non-underlying items IAS 1 Presentation of financial statements requires that material items of income and expense be disclosed separately. Non-underlying items are items that in management\u2019s judgment need to be disclosed by virtue of their size or incidence so that a user can obtain a proper understanding of the company\u00b4s financial information. The company considers these items to be significant and accordingly, management has excluded them from their segment measure of performance in Note 5 Segment Reporting.  The non-underlying items included in the income statement are as follows: For the year ended 31 December Million US dollar 2022 2021 COVID-19 costs             (18)           (105) Restructuring           (110)           (172) Business and asset disposal (including impairment losses)             (71)           (247) AB InBev Efes related costs             (51)             -    Acquisition costs business combinations               (1)             (17) Zenzele Kabili costs             -                (72) Impact on profit from operations           (251)           (614) Non-underlying net finance income/(cost)             498            (806) Non-underlying share of results of associates        (1 143)             -    Non-underlying taxes             399              346  Non-underlying non-controlling interest               13                20  Net impact on profit           (484)        (1 054) COVID-19 costs amount  to  (18)m US dollar for  the year ended 31  December  2022  (2021:  (105)m US dollar).  These expenses mainly comprise costs related to personal protection equipment for the company\u2019s employees and other costs incurred as a direct consequence of the COVID-19 pandemic. The  non-underlying  restructuring  charges  for  2022  total  (110)m  US  dollar  (2021:  (172)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\u2019s core activities, quicker decision-making and improvements to efficiency, service and quality. Business  and  asset  disposals  (including  impairment  losses)  amount  to  (71)m  US  dollar  for  2022  mainly  comprising impairment of intangible assets and other non-core assets sold in the period. Business and asset disposals (including impairment losses) amounted to (247)m US dollar for 2021, mainly comprising (258)m US dollar of non-cash impairment charge  associated  with  Bedford  Systems, a  joint venture  with  Keurig  Dr.  Pepper,  following  the  announcement  of  the cessation of the business in December 2021, that was partially offset with gains incurred in relation to disposals completed in the first half of 2021. AB InBev Efes related costs of (51)m US dollar for 2022 relate to the discontinuation of exports to Russia and the forfeiting of company benefits from the operations of the associate. In May 2021, the company set up a new broad-based black economic empowerment (\u201cB-BBEE\u201d) scheme (the \u201cZenzele Kabili scheme\u201d) and reported (72)m US dollar in non-underlying items mainly representing the IFRS 2 cost related to the grant of shares to qualifying SAB retailers and employees participating to the Zenzele Kabili scheme. For more details, refer to Note 21 Changes in equity and earnings per share.  The company incurred a non-underlying net finance income of 498m US dollar for 2022 (2021: net finance cost of (806)m US dollar) \u2013 see Note 11 Finance cost and income. During 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 4 Use of estimates and judgments and Note 16 Investments in associates. All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 399m US dollar (decrease of income taxes) for 2022 (2021: decrease of income taxes by 346m US dollar). The non-underlying income taxes for the year ended 31 December 2022 are mainly driven by a reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (350m US dollar).  Non-controlling interest on the non-underlying items amounts to 13m US dollar for 2022 (2021: 20m US dollar). 12. Income taxes 1Income taxes recognized in the income statement can be detailed as follows:      Million US dollar 2022 2021\u00b9 Current year        (2 785)        (2 857) (Underprovided)/overprovided in prior years             157              159  Current tax expense        (2 628)        (2 698) Origination and reversal of temporary differences             829              632  Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)           (128)           (284) Deferred tax (expense)/income             701              348  Total income tax expense in the income statement        (1 928)        (2 350) 1The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2022 2021\u00b9 . Profit/(loss) before tax 9 524 8 463 Deduct share of results of associates 299  248  Deduct non-underlying share of results of associates (1 143)               -    Profit before tax and before share of results of associates 10 369 8 215 . Adjustments to the tax basis Government incentives (713) (543) Non-deductible/(non-taxable) mark-to-market on derivatives (606) 48  Other expenses not deductible for tax purposes 1 590 1 979 Other non-taxable income (576) (476) . Adjusted tax basis 10 065 9 223 . Aggregate weighted nominal tax rate 26.7% 26.7% . Tax at aggregated nominal tax rate (2 691) (2 463) . Adjustments on tax expense Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward) (128) (284) (Underprovided)/overprovided in prior years 157  159  Deductions from interest on equity 790  469  Deductions from goodwill and other tax deductions 473  226  Change in tax rate 48  (147) Withholding taxes (436) (485) Other tax adjustments (140) 175  . Total tax expense (1 928) (2 350) . Effective tax rate 18.6%  28.6%  The total income tax expense for 2022 amounts to 1 928m US dollar compared to 2 350m US dollar for 2021. The effective tax rate is 18.6% for 2022 compared to 28.6% for 2021.  The 2022 effective tax rate is positively impacted by non-taxable gains 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 2021 effective tax rate was negatively impacted by non-deductible losses from these derivatives. In addition, the 2022 effective tax rate was positively impacted by higher distribution of interest on shareholders\u2019 equity from Brazil and lower  non-deductible costs.  The  2022 effective tax  rate includes 350m  US dollar benefit from a  reorganization which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized (refer to Note 8 Non-underlying items).  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. The normalized effective tax rate for 2022 is 23.0% (2021: 28.0%). The normalized effective tax rate excluding mark-to-market gains or losses on derivatives related to the hedging of share-based payment programs for 2022 is 23.8% (2021: 27.9%).  Normalized effective tax rate is the effective tax rate adjusted for non-underlying items. Normalized effective tax rate is not an accounting measure under IFRS accounting and should not be considered as an alternative to the effective tax rate. Normalized effective tax rate method does not have a standard calculation method and AB InBev\u2019s definition of normalized tax rate may not be comparable to other companies. Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2022 2021 Re-measurements of post-employment benefits           (126)           (123) Exchange differences, cash flow and net investment hedges             (51)             (45) Income tax (losses)/gains           (177)           (167) 17. Deferred tax assets and liabilities The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2022 2021 Million US dollar Assets Liabilities Net Assets Liabilities Net Property, plant and equipment 191  (2 071) (1 880) 91 (2 113) (2 023) Intangible assets 89  (9 582) (9 492) 60 (9 796) (9 736) Inventories 102   (90) 12  88  (66) 22 Trade and other receivables 51  - 51  48 - 48 Interest-bearing loans and borrowings 852   (657) 195  905  (628) 277 Employee benefits 433   (9) 423  577  (8) 569 Provisions 533   (56) 477  511  (19) 492 Derivatives 51   (61)  (10) 11  (118) (107) Other items 532  (1 166)  (634) 407 (1 198) (792) Loss carry forwards 1 341 - 1 341 1 015 - 1 015 Gross deferred tax assets/(liabilities) 4 175 (13 693) (9 518) 3 713 (13 947) (10 235) Netting by taxable entity (1 874) 1 874 - (1 743) 1 743 - Net deferred tax assets/(liabilities) 2 300 (11 817) (9 518) 1 969 (12 204) (10 235) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2022 2021 Balance at 1 January (10 235) (10 607) Recognized in profit or loss 701  348  Recognized in other comprehensive income  (177)  (166) Other movements and effect of changes in foreign exchange rates 193  190  Balance at 31 December (9 518) (10 235) Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of the temporary differences on intangible  assets  acquired through business combinations is unlikely to revert within 12 months as they would be realized upon impairment or disposal of these intangibles which is currently not expected. The net deferred tax liabilities attributable to the US business and mainly related to purchase price accounting amount to  6.4 billion US dollar as of  31 December 2022. As of 31 December 2022, deferred taxes of 11.0 billion US dollar (31 December 2021: 6.9 billion US dollar) were not recognized on a series of tax attributes. The tax attributes for which no deferred tax asset was recognized amount to 44.5 billion US dollar compared to 27.9 billion US dollar as of 31 December 2021 and include tax losses carry forward either confirmed or resulting from tax positions under dispute, capital losses, foreign and withholding tax credits, excess dividend received deduction, excess interest carry forward, amongst others. 42.7 billion US dollar of these tax attributes do not have an expiration date, 0.1 billion US dollar, 0.2 billion US dollar and 0.2 billion US dollar expire within respectively 1, 2 and 3 years,  while  1.4  billion  US  dollar  have  an  expiration  date  of  more  than  3  years.  Deferred  tax  assets  have  not  been recognized on these items because these are either contingent assets or it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__150-1": {
   "value": "9.  Payroll and related benefits Million US dollar 2022 2021 Wages and salaries (4 621) (4 734) Social security contributions  (749)  (670) Other personnel cost  (687)  (706) Share-based payment expense  (448)  (510) Pension expense for defined benefit plans  (154)  (176) Pension expense for defined contribution plans  (164)  (147) Payroll and related benefits (6 822) (6 944) The number of full-time equivalents can be split as follows:  2022 2021 AB InBev NV/SA (parent company) 241  214  Other subsidiaries 166 391  169 125  Total number of FTE 166 632  169 339  10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__148-1": {
   "value": "9.  Payroll and related benefits Million US dollar 2022 2021 Wages and salaries (4 621) (4 734) Social security contributions  (749)  (670) Other personnel cost  (687)  (706) Share-based payment expense  (448)  (510) Pension expense for defined benefit plans  (154)  (176) Pension expense for defined contribution plans  (164)  (147) Payroll and related benefits (6 822) (6 944) The number of full-time equivalents can be split as follows:  2022 2021 AB InBev NV/SA (parent company) 241  214  Other subsidiaries 166 391  169 125  Total number of FTE 166 632  169 339  23. Pension and similar obligations AB InBev  sponsors  various  post-employment  benefit  plans  worldwide,  which  include  both  defined  contribution  plans, defined  benefit  plans,  and  other  post-employment  benefits.  In  accordance  with  IAS  19  Employee  Benefits  post-employment benefit plans are classified as either defined contribution plans or defined benefit plans. DEFINED CONTRIBUTION PLANS For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions constitute an expense for the year in which they are due. For 2022, contributions paid into defined contribution plans for the company amounted to 164m US dollar compared to 147m US dollar for 2021. DEFINED BENEFIT PLANS During 2022, the company contributed to 86 defined benefit plans, of which 64 are retirement or leaving service plans, 17 are medical cost plans and 5 other long-term employee benefit plans. Most plans provide retirement and leaving service benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded, the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practice in each country. The medical cost plans in Barbados, Brazil, Canada, Colombia, South Africa and US provide medical benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants. The present value of funded obligations includes a 115m US dollar liability related to two medical plans in Brazil, for which the benefits are provided through the Funda\u00e7\u00e3o Antonio Helena Zerrenner (\u201cFAHZ\u201d). The FAHZ is a legally distinct entity which provides medical, dental, educational and social assistance to current and retired employees of Ambev. As at 31 December 2022, the actuarial liabilities related to  the benefits provided by the FAHZ are fully offset by an equivalent amount of assets existing in the fund. The net liability recognized in the statement of financial position is nil.  The employee benefit net liability amounts to 1 523m US dollar as at 31 December 2022 compared to 2 256m US dollar as at 31 December 2021. In 2022, the fair value of the plan assets decreased by 1 574m US dollar and the defined benefit obligations decreased by 2 287m US dollar. The decrease in the employee benefit net liability is mainly driven by increases in the discount rates partially offset by unfavorable asset returns.  The company\u2019s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2022 and 2021: Million US dollar 2022 2021 Present value of funded obligations (4 604) (6 791) Fair value of plan assets 3 807 5 381 Present value of net obligations for funded plans  (797) (1 410) Present value of unfunded obligations  (587)  (687) Present value of net obligations (1 384) (2 097) Unrecognized asset  (43)  (32) Net liability (1 427) (2 129) Other long term employee benefits  (96)  (127) Total employee benefits (1 523) (2 256) Employee benefits amounts in the statement of financial position: Liabilities (1 534) (2 261) Assets 11  5  Net liability (1 523) (2 256) The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2022 2021 Defined benefit obligation at 1 January (7 478) (8 496) Current service costs  (69)  (80) Interest cost  (229)  (212) Past service gain/(cost) -  (5) Settlements 114  176  Benefits paid 549  553  Contribution by plan participants  (2)  (3) Actuarial gains/(losses) \u2013 demographic assumptions  (2)  (41) Actuarial gains/(losses) \u2013 financial assumptions 1 854  460  Experience adjustments  (116) 16  Exchange differences 243  154  Transfers and other movements  (55) - Defined benefit obligation at 31 December (5 191) (7 478) As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.1 billion US dollar relating to active employees, 0.9 billion US dollar relating to deferred members and 3.2 billion US dollar relating to members in retirement.  The changes in the fair value of plan assets are as follows:  Million US dollar 2022 2021 Fair value of plan assets at 1 January 5 381  5 649  Interest income  157  137 Administration costs  (17)  (19) Return on plan assets exceeding interest income (1 084)  197 Contributions by AB InBev  220  241 Contributions by plan participants  2  3 Benefits paid net of administration costs  (551)  (553) Assets distributed on settlements  (112)  (172) Exchange differences  (188)  (102) Transfers and other movements  (2) - Fair value of plan assets at 31 December 3 807 5 381  Actual return on plans assets amounted to a loss of (927)m US dollar in 2022 compared to a gain of 334m US dollar in 2021. The changes in the unrecognized asset are as follows: Million US dollar 2022 2021 Irrecoverable surplus impact at 1 January  (32)  (31) Interest expense  (3)  (2) Changes excluding amounts included in interest expense   (8)  1 Irrecoverable surplus impact at 31 December  (43)  (32) The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:  Million US dollar 2022 2021 Current service costs  (66)  (80) Administration costs  (17)  (19) Past service cost due to plan amendments, curtailments or settlements 2   (2) (Losses)/gains due to experience and demographic assumption changes -  1 Profit from operations  (81)  (100) Net finance cost  (73)  (76) Total employee benefit expense  (154)  (176) The employee benefit expense is included in the following line items of the income statement: Million US dollar 2022 2021 Cost of sales  (25)  (30) Distribution expenses  (11)  (11) Sales and marketing expenses  (17)  (24) Administrative expenses  (28)  (34) Other operating (expense)/income -  (1) Net finance cost  (73)  (76) Total employee benefit expense  (154)  (176) Weighted  average  assumptions  used  in  computing  the  benefit  obligations  of  the  company\u2019s  significant  plans  at  the reporting date are as follows:   2022 United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 5.5% 5.1% 9.5% 10.0% 4.9% 5.9% Price inflation 2.5% 2.0% 3.5% 3.5% 3.2% 2.7% Future salary increases - 1.0% 4.5%-4.0% 7.1%-5.3% - 4.0% Future pension increases - 2.0% 3.5% 3.5% 3.0% 2.7% Medical cost trend rate 7.0%-4.5% 4.5% - 7.1% - 6.8%-6.1% Life expectation for a 65-year old male 86 87 85 85 87 85 Life expectation for a 65-year old female 88 90 88 87 89 88 2021 United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 2.8% 2.9% 8.0% 8.7% 1.9% 3.2% Price inflation 2.5% 2.0% 3.5% 3.3% 3.6% 2.7% Future salary increases - 1.0% 4.5%-4.0% 6.9%-5.0% - 3.7% Future pension increases - 2.0% 3.5% 3.3% 3.2% 2.7% Medical cost trend rate 5.3%-4.5% 4.5% - 6.9% - 5.9%-5.7% Life expectation for a 65-year old male 86 87 85 85 87 85 Life expectation for a 65-year old female 88 90 88 87 89 88 Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number of risks, the most significant are detailed below: INVESTMENT STRATEGY In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. Within this framework, the company\u2019s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligation.  ASSET VOLATILITY  In general, the company\u2019s funded plans are invested in a combination of equities, bonds and real estate, generating high but volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature, the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since 2015, the company started the implementation of a pension de-risking strategy to reduce the risk profile of certain plans by reducing gradually the current exposure to equities and shifting those assets to fixed income securities. CHANGES IN BOND YIELDS An increase in bond yields will decrease plan liabilities, although this will be partially offset by a decrease in the value of the plans\u2019 bond holdings. INFLATION RISK Some of the company\u2019s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan\u2019s assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation could potentially increase the company\u2019s net benefit obligation. LIFE EXPECTANCY The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans\u2019 liabilities. The weighted average duration of the defined benefit obligation in 2022 is 11.4 years (2021: 13.7 years). An increase in bond yields reduces the average duration. The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:  2022 Change in Increase in Decrease in Million US dollar assumption assumption assumption Discount rate 0.5%  (271) 295  Price inflation 0.5% 94   (101) Future salary increases 0.5% 20   (19) Medical cost trend rate 1% 25   (22) Mortality One year 147   (149) The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear.  Sensitivities are reasonably possible changes in assumptions, and they are calculated using the same approach as was used  to  determine  the  defined  benefit  obligation.  Therefore,  the  above  information  is  not  necessarily  a  reasonable representation of future results. The fair value of plan assets at 31 December consists of the following:  2022 2021 Million US dollar Quoted Unquoted Total Quoted Unquoted Total Government bonds 34%             -    34% 34%             -    34% Corporate bonds 30%             -    30% 34%             -    34% Equity instruments 24%             -    24% 24%             -    24% Property             -    7% 7%             -    4% 4% Insurance contracts and others 4% 1% 5% 2% 2% 4% 91% 8% 100% 94% 6% 100% AB InBev expects to contribute approximately 182m US dollar for its funded defined benefit plans and 69m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__147": {
   "value": "The number of full-time equivalents can be split as follows:  2022 2021 AB InBev NV/SA (parent company) 241  214  Other subsidiaries 166 391  169 125  Total number of FTE 166 632  169 339  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__156": {
   "value": "10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__153": {
   "value": "10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__152": {
   "value": "10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 3 008 78  36  - Distribution expenses 162  13  233  - Sales and marketing expenses 298  152  236  - Administrative expenses 299  416  124  - Other operating expenses 19  - - - Non-underlying items - - - 4  Depreciation, amortization and impairment 3 786 659  629  4  Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income statement: Depreciation and Impairment of impairment of Amortization and Depreciation and goodwill, tangible property, plant impairment of impairment of and intangible Million US dollar and equipment intangible assets  right-of-use asset assets Cost of sales 2 782 91  39  - Distribution expenses 136  10  176  - Sales and marketing expenses 319  223  249  - Administrative expenses 306  327  110  - Other operating expenses 3  - - - Non-underlying items - - - 281  Depreciation, amortization and impairment 3 546 651  574  281  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__173-1": {
   "value": "11.<span class=\"ls0\"> <span class=\"_ _1\"/>Finance cost and<span class=\"_ _0\"/> income<span class=\"fc1\"> </span> </span>1Finance cost and income included in the income statement are as follows:2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Finance Finance Finance Finance Million US dol<span class=\"_ _0\"/>lar cost income Net cost income Net Interest income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(expense) (3 588) 294<span class=\"ls0\">  </span>(3 294) (3 674) 113<span class=\"ls0\">  </span>(3 560) Net interest on ne<span class=\"_ _0\"/>t defined bene<span class=\"_ _1\"/>fit liabilities (73)<span class=\"ls0\"> </span>- (73)<span class=\"ls0\"> </span>(73)<span class=\"ls0\"> </span>- (73)<span class=\"ls0\"> </span>Accretion expen<span class=\"_ _1\"/>se<span class=\"_ _3\"/> (782)<span class=\"ls0\"> </span>- (782)<span class=\"ls0\"> </span>(593)<span class=\"ls0\"> </span>- (593)<span class=\"ls0\"> </span>Mark-<span class=\"ls15\">to</span>-mar<span class=\"_ _1\"/>k<span class=\"_ _3\"/>et - 331<span class=\"ls0\">  </span>331<span class=\"ls0\">  </span>(23)<span class=\"ls0\"> </span>- (23)<span class=\"ls0\"> </span>Net interest inco<span class=\"_ _1\"/>me <span class=\"_ _3\"/>on Braz<span class=\"_ _0\"/>ilian tax cre<span class=\"_ _0\"/>dits - 168<span class=\"ls0\">  </span>168<span class=\"ls0\">  </span>- 118<span class=\"ls0\">  </span>118<span class=\"ls0\">  </span>Other financial<span class=\"_ _0\"/> results (1 349) 352<span class=\"ls0\">  </span>(997)<span class=\"ls0\"> </span>(871)<span class=\"ls0\"> </span>200<span class=\"ls0\">  </span>(671)<span class=\"ls0\"> </span>Finance income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(cost) exc<span class=\"_ _0\"/>luding non-underlying ite<span class=\"_ _1\"/>m<span class=\"_ _3\"/>s (5 792) 1 146 (4 646) (5 <span class=\"ls6\">234)<span class=\"ls0\"> </span></span>431<span class=\"ls0\">  </span>(4 803) Non-unde<span class=\"_ _0\"/>rlying finance income/(<span class=\"_ _1\"/>cost) (255)<span class=\"ls0\"> </span>753<span class=\"ls0\">  </span>498<span class=\"ls0\">  </span>(806)<span class=\"ls0\"> </span>- (806)<span class=\"ls0\"> </span>Finance income<span class=\"_ _1\"/>/<span class=\"_ _3\"/>(cost) (6<span class=\"ls0\"> <span class=\"ls6\">047)</span> </span>1 <span class=\"ls6\">898</span>  (4<span class=\"ls0\"> <span class=\"ls6\">148)</span> </span>(6<span class=\"ls0\"> <span class=\"ls6\">040)</span> </span>431<span class=\"ls0\">  </span>(5<span class=\"ls0\"> <span class=\"ls6\">609)</span> </span>Net finance <span class=\"_ _1\"/>costs<span class=\"_ _3\"/>, e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>cluding n<span class=\"_ _1\"/>o<span class=\"_ _3\"/>n-underlying items, <span class=\"_ _1\"/>were<span class=\"_ _3\"/> 4 <span class=\"_ _1\"/>646m US <span class=\"_ _1\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n 2022 <span class=\"_ _1\"/>compared to 4 <span class=\"_ _1\"/>803m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar in <span class=\"_ _1\"/>2021. <span class=\"fs6\"> </span>The <span class=\"_ _7\"> </span>decrease <span class=\"_ _5\"> </span>was <span class=\"_ _7\"/>predominantly <span class=\"_ _7\"/>due <span class=\"_ _7\"/>to <span class=\"_ _5\"> </span>a <span class=\"_ _7\"/>mark<span class=\"_ _3\"/>-<span class=\"ls2\">to</span>-market <span class=\"_ _7\"/>gain <span class=\"_ _5\"> </span>on <span class=\"_ _7\"> </span>derivatives <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>lated <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>hedging <span class=\"_ _7\"/>of <span class=\"_ _7\"/>share<span class=\"_ _3\"/>-based payment progr<span class=\"_ _0\"/>ams of <span class=\"_ _1\"/>331m US <span class=\"_ _1\"/>dollar in <span class=\"_ _1\"/>2022, compared <span class=\"_ _1\"/>to a <span class=\"_ _1\"/>l<span class=\"_ _3\"/>oss o<span class=\"_ _1\"/>f 23m US <span class=\"_ _1\"/>dollar in <span class=\"_ _1\"/>2021, resulting <span class=\"_ _1\"/>in a <span class=\"_ _1\"/>change of <span class=\"_ _1\"/>354m US dollar. In <span class=\"_ _7\"/>2022, <span class=\"_ _6\"/>acc<span class=\"_ _3\"/>retion <span class=\"_ _6\"/>expense <span class=\"_ _7\"/>includes <span class=\"_ _6\"/>interest <span class=\"_ _7\"/>on <span class=\"_ _7\"/>lease <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _5\"> </span>1<span class=\"_ _3\"/>30m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar <span class=\"_ _6\"/>(<span class=\"_ _3\"/>2021<span class=\"lsc\">: <span class=\"_ _7\"/><span class=\"ls3\">123</span></span>m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar), <span class=\"_ _7\"/>unwind <span class=\"_ _6\"/>of discounts of <span class=\"ls3\">499</span>m US dollar on payables <span class=\"_ _3\"/>(2021<span class=\"ls2\">: </span>349m US dollar), bond fees of<span class=\"_ _3\"/> <span class=\"ls3\">64</span>m US dollar (2021<span class=\"ls2\">: <span class=\"ls8\">67</span></span>m<span class=\"_ _3\"/> US dollar) and interest on provisions of 89m US dollar (2021<span class=\"ls2\">: <span class=\"ls8\">54<span class=\"_ _3\"/></span></span>m US dollar). Interest expense <span class=\"_ _3\"/><span class=\"ls1d\">is</span> pre<span class=\"_ _3\"/>sented net of the <span class=\"_ _3\"/>effect of interest rate de<span class=\"_ _3\"/>rivative instruments hedging AB <span class=\"_ _3\"/>I<span class=\"_ _3\"/><span class=\"ff4\">nBev\u2019s interest ra<span class=\"_ _3\"/>te risk </span>\u2013<span class=\"ff2\"> see also Note <span class=\"ls8\">27<span class=\"_ _3\"/></span> <span class=\"ff5\">Risks arising from financial instruments</span>. </span>In 2022, <span class=\"_ _3\"/>Ambev, a subsidiary of <span class=\"_ _3\"/>AB InBev, <span class=\"_ _3\"/>recognized 201m US <span class=\"_ _3\"/>dollar income in <span class=\"_ _3\"/>Other operating income (refer <span class=\"_ _3\"/>to Note 7 Other <span class=\"_ _1\"/>operating <span class=\"_ _0\"/>income/(expenses)<span class=\"ff2\">) <span class=\"_ _1\"/>related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>credits <span class=\"_ _1\"/>(<span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _1\"/><span class=\"ls3\">226<span class=\"ls0\">m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>Ad<span class=\"_ _3\"/>ditionally, <span class=\"_ _1\"/>in <span class=\"_ _1\"/><span class=\"ls3\">2022<span class=\"ls0\">, <span class=\"_ _1\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _1\"/>recognized </span></span></span></span></span></span>168m US dollar interest income on Brazilian tax credits <span class=\"_ _3\"/>in Finance income (2021: 118m US dollar). Other financial results for 2022 <span class=\"ls3\">and </span>2021 include: 2022<span class=\"ls0\"> </span>2021\u00b9<span class=\"ls0\"> </span>Finance Finance Finance Finance Million US dollar<span class=\"_ _1\"/> cost income Net cost income Net Net foreign ex<span class=\"_ _1\"/>c<span class=\"_ _3\"/>hange gains/(los<span class=\"_ _1\"/>s<span class=\"_ _3\"/>es) (363)<span class=\"ls0\"> </span>- (363)<span class=\"ls0\"> </span>(101)<span class=\"ls0\"> </span>- (101)<span class=\"ls0\"> </span>Net gains/(losse<span class=\"_ _1\"/>s<span class=\"_ _3\"/>) on hedging <span class=\"_ _1\"/>instruments (747)<span class=\"ls0\"> </span>- (747)<span class=\"ls0\"> </span>(562)<span class=\"ls0\"> </span>- (562)<span class=\"ls0\"> </span>Hyperinflation mone<span class=\"_ _1\"/>tary <span class=\"_ _3\"/>adjustme<span class=\"_ _1\"/>nts - 286<span class=\"ls0\">  </span>286<span class=\"ls0\">  </span>- 152<span class=\"ls0\">  </span>152<span class=\"ls0\">  </span>Other financial<span class=\"_ _0\"/> income/(cos<span class=\"_ _0\"/>t), including ban<span class=\"_ _0\"/>k fees and taxe<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (239)<span class=\"ls0\"> </span>66<span class=\"ls0\">  </span>(173)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>48<span class=\"ls0\">  </span>(160)<span class=\"ls0\"> </span>Other financial<span class=\"_ _1\"/> <span class=\"_ _3\"/>results (1<span class=\"ls0\"> <span class=\"ls6\">349)</span> </span>352<span class=\"ls0\">  </span>(997)<span class=\"ls0\"> </span>(871)<span class=\"ls0\"> </span>200<span class=\"ls0\">  </span>(671)<span class=\"ls0\"> </span>For further information on in<span class=\"_ _0\"/>struments hedging AB <span class=\"ff4\">InBev\u2019s foreign exchange risk</span>, see Note <span class=\"_ _1\"/>2<span class=\"_ _3\"/>7 <span class=\"ff5\">Risks arising from<span class=\"_ _0\"/> financial </span>instruments.<span class=\"ff2\"> </span>Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span><span class=\"ls3\">274m</span> US <span class=\"_ _3\"/>dollar ga<span class=\"_ _3\"/>in resulting <span class=\"_ _3\"/>from m<span class=\"_ _3\"/>ark-<span class=\"ls2\">to</span>-market adjustments <span class=\"_ _3\"/>on d<span class=\"_ _3\"/>erivative instruments ente<span class=\"_ _3\"/>red into <span class=\"_ _3\"/>to <span class=\"_ _2\"/>hedge </span>the shares issued in relation to the combination with Grupo Modelo and SAB (2021<span class=\"ls2\">: </span>(<span class=\"ls3\">25</span>)m US dollar loss); \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>2<span class=\"ls3\">46</span>m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); </span>\u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>(<span class=\"ls3\">22</span>)m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>remeasurement <span class=\"_ _2\"/>of <span class=\"_ _3\"/>deferred <span class=\"_ _3\"/>considerations <span class=\"_ _2\"/>on <span class=\"_ _3\"/>prior <span class=\"_ _2\"/>year <span class=\"_ _3\"/>acquisitions<span class=\"_ _3\"/> <span class=\"_ _2\"/>(<span class=\"ls3\">2021<span class=\"lsc\">: </span></span></span>(19)m US dollar loss<span class=\"ls5\">);</span> \u2022<span class=\"ff2\"> <span class=\"_ _23\"> </span>In <span class=\"_ _1\"/>2021, <span class=\"_ _f\"/>(<span class=\"_ _3\"/><span class=\"ls3\">22</span>)m <span class=\"_ _f\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _f\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _f\"/>from <span class=\"_ _1\"/>impairment <span class=\"_ _1\"/>of <span class=\"_ _1\"/>receivables <span class=\"_ _f\"/>against <span class=\"_ _1\"/>Delta <span class=\"_ _1\"/>Corporation <span class=\"_ _f\"/>Ltd <span class=\"_ _1\"/>(Delta), <span class=\"_ _1\"/>a <span class=\"_ _1\"/>Zimbabwean </span>associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 235<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Investments in<span class=\"_ _1\"/> <span class=\"_ _3\"/>debt secur<span class=\"_ _0\"/>ities held for <span class=\"_ _0\"/>trading 39<span class=\"ls0\">  </span>16<span class=\"ls0\">  </span>Other loans and re<span class=\"_ _0\"/>ceivables 21<span class=\"ls0\">  </span>12<span class=\"ls0\">  </span>Total 294<span class=\"ls0\">  </span>113<span class=\"ls0\">  </span>The <span class=\"_ _2\"/>i<span class=\"_ _3\"/>nterest <span class=\"_ _2\"/>income <span class=\"_ _6\"/>on <span class=\"_ _2\"/>other <span class=\"_ _6\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _6\"/>receivables <span class=\"_ _2\"/>includes <span class=\"_ _2\"/>the <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>accrued <span class=\"_ _2\"/>on <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ash <span class=\"_ _2\"/>deposited <span class=\"_ _6\"/>as <span class=\"_ _2\"/>guarantees <span class=\"_ _6\"/>for certain legal proceedings pending their resolution. <span class=\"_ _3\"/>No interest income was recognized on impaired financial assets.     The carrying <span class=\"_ _0\"/>amount of<span class=\"_ _1\"/> trade and other <span class=\"_ _1\"/>receivables is a <span class=\"_ _1\"/>good approximation <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f the<span class=\"_ _0\"/>ir fair <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alue a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> the <span class=\"_ _1\"/>impact of discounting<span class=\"_ _1\"/> is <span class=\"_ _3\"/>not <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ignificant. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>ageing <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _3\"/>current <span class=\"_ _3\"/>trade <span class=\"_ _3\"/>receivables <span class=\"_ _3\"/>an<span class=\"_ _3\"/>d <span class=\"_ _3\"/>accrued <span class=\"_ _3\"/>income, <span class=\"_ _3\"/>interest <span class=\"_ _3\"/>receivable, <span class=\"_ _3\"/>oth<span class=\"_ _3\"/>er<span class=\"_ _2\"/> <span class=\"_ _3\"/>receivables and current and non-current loans to customers can be detailed as follows for 2022 <span class=\"ls3\">and</span> 2021 respectively:<span class=\"fs6\"> </span> Of which not i<span class=\"_ _0\"/>mpaired as of the<span class=\"_ _1\"/> reporting  Of which: neither date and past due<span class=\"_ _1\"/> Net carrying impaired nor amount as of<span class=\"_ _0\"/>  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2022<span class=\"ls0\"> </span>date 30 days and 59 days and 89 days days Trade receivable<span class=\"_ _1\"/>s and accrued 3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">418</span>  151<span class=\"ls0\">  </span>41<span class=\"ls0\">  </span>24<span class=\"ls0\">  </span>4  income Loans to custo<span class=\"_ _1\"/>mers 81<span class=\"ls0\">  </span>78<span class=\"ls0\">  </span>1  1  1  - Interest receivable<span class=\"_ _1\"/> 67<span class=\"ls0\">  </span>67<span class=\"ls0\">  </span>- - - - Other receivables 702<span class=\"ls0\">  </span>684<span class=\"ls0\">  </span>11<span class=\"ls0\">  </span>4  3  - 4 <span class=\"ls6\">487</span>  4 <span class=\"ls6\">247</span>  162<span class=\"ls0\">  </span>46<span class=\"ls0\">  </span>28<span class=\"ls0\">  </span>4  Of which not i<span class=\"_ _0\"/>mpaired as of the<span class=\"_ _1\"/> reporting  Of which: neither date and past due<span class=\"_ _1\"/> Net carrying impaired nor amount as of<span class=\"_ _0\"/>  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2021<span class=\"ls0\"> </span>date 30 days and 59 days and 89 days days Trade receivable<span class=\"_ _1\"/>s and accrued 3 <span class=\"ls6\">465</span>  3 <span class=\"ls6\">223</span>  164<span class=\"ls0\">  </span>62<span class=\"ls0\">  </span>11<span class=\"ls0\">  </span>5  income Loans to custo<span class=\"_ _1\"/>mers 117<span class=\"ls0\">  </span>83<span class=\"ls0\">  </span>2  2  31<span class=\"ls0\">  </span>- Interest receivable<span class=\"_ _1\"/> 18<span class=\"ls0\">  </span>18<span class=\"ls0\">  </span>- - - - Other receivables 521<span class=\"ls0\">  </span>513<span class=\"ls0\">  </span>2  1  2  3  4 <span class=\"ls6\">120</span>  3 <span class=\"ls6\">836</span>  167<span class=\"ls0\">  </span>65<span class=\"ls0\">  </span>44<span class=\"ls0\">  </span>8  The above analysis of the age of fi<span class=\"_ _3\"/>nancial assets <span class=\"_ _3\"/>that are past due as at <span class=\"_ _3\"/>the reporting date but not impaired also includes non<span class=\"ls0\">-current loan<span class=\"_ _0\"/>s to <span class=\"_ _1\"/>custo<span class=\"_ _3\"/>mers. Pa<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t due <span class=\"_ _1\"/>amounts were not <span class=\"_ _1\"/>impaired when c<span class=\"_ _0\"/>ollection is <span class=\"_ _1\"/>still considered likely,<span class=\"_ _0\"/> for <span class=\"_ _0\"/>instance </span>because <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>amounts <span class=\"_ _1\"/>c<span class=\"_ _3\"/>an <span class=\"_ _1\"/>be <span class=\"_ _0\"/>recovered <span class=\"_ _1\"/>from <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>authorit<span class=\"_ _3\"/>ies, <span class=\"_ _1\"/>AB InBe<span class=\"_ _0\"/>v <span class=\"_ _1\"/>has suf<span class=\"_ _0\"/>ficient <span class=\"_ _1\"/>collateral, or<span class=\"_ _1\"/> the <span class=\"_ _1\"/>customer <span class=\"_ _1\"/>entered into <span class=\"_ _3\"/>a payme<span class=\"_ _3\"/>nt plan. <span class=\"_ _3\"/>Impairment losses <span class=\"_ _3\"/>on <span class=\"_ _3\"/>trade and <span class=\"_ _3\"/>other <span class=\"_ _3\"/>receivables recognized <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _3\"/>the <span class=\"_ _3\"/>year ended <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 amount to <span class=\"ls3\">38</span>m US dollar (2021: <span class=\"ls3\">36</span>m US dollar).  AB <span class=\"_ _4\"> </span>InBev\u2019s <span class=\"_ _8\"> </span>exposure <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>redit, <span class=\"_ _4\"> </span>currency <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>i<span class=\"_ _3\"/>nterest <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>risks <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>di<span class=\"_ _3\"/>sclosed <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _4\"> </span>Note <span class=\"_\"> </span>27 <span class=\"_ _4\"> </span>Risks <span class=\"_ _8\"> </span>arising <span class=\"_ _5\"> </span>from <span class=\"_ _8\"> </span>financial instruments<span class=\"ff2\">. </span> <span class=\"ff1 fc6\">Investment securities </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s <span class=\"_ _3\"/>             <span class=\"ls6\">149</span>              <span class=\"ls6\">139</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">26</span>                <span class=\"ls6\">22</span>  Non-current inve<span class=\"_ _0\"/>stments              <span class=\"ls6\">175</span>              <span class=\"ls6\">161</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  Current invest<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ents                <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  As <span class=\"_ _3\"/>at 31 <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>current debt <span class=\"_ _3\"/>securities of <span class=\"_ _2\"/><span class=\"ls3\">97</span>m US <span class=\"_ _3\"/>dollar ma<span class=\"_ _3\"/>inly represented in<span class=\"_ _3\"/>vestments in government <span class=\"_ _3\"/>bonds (31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2021: <span class=\"_ _7\"/>374m <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar). <span class=\"_ _7\"/>The <span class=\"_ _7\"> </span><span class=\"ff4\">c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/>investments <span class=\"_ _7\"> </span>in <span class=\"_ _7\"/>such <span class=\"_ _7\"/>short</span>-term <span class=\"_ _7\"/>debt <span class=\"_ _7\"/>securities <span class=\"_ _7\"/>are <span class=\"_ _7\"/>primarily <span class=\"_ _6\"/>to facilitate liquidity and for capital preservation.OTHER COMPREHENSIVE INCOME RESERVES<span class=\"fc5\"> </span>The changes in the other comprehensive income reserves are as<span class=\"fs6\"> </span>follows: <span class=\"fs6\"> </span>Post- Translation Hedging employment Total OCI  Million US dol<span class=\"_ _0\"/>lar Reserves reserves benefits Reserves . As per 1 January<span class=\"_ _0\"/> 2022 (33 554)             <span class=\"ls6\">481</span>  (1 504) (34 577) Other comprehens<span class=\"_ _1\"/>ive income/(loss) Exchange differe<span class=\"_ _0\"/>nces on tran<span class=\"_ _0\"/>slation of for<span class=\"_ _0\"/>eign operation<span class=\"_ _1\"/>s (1 123)             -                -    (1 123) (gains/(losses)) Cash flow hedge<span class=\"_ _1\"/>s             -              <span class=\"ls7\">(336)</span>             -              <span class=\"ls7\">(336)</span> Re<span class=\"ls0\">-measurements of po<span class=\"_ _0\"/>st-employ<span class=\"_ _0\"/>ment benefits </span>            -                -                <span class=\"ls6\">483</span>              <span class=\"ls6\">483</span>  Other comprehens<span class=\"_ _1\"/>ive income/(loss) (1 123)           <span class=\"ls7\">(336)</span>             <span class=\"ls6\">483</span>            <span class=\"ls7\">(976)</span> As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2022 (34 677) 145<span class=\"ls0\">  </span>(1 021) (35 553) The <span class=\"lsa\">in</span>crease <span class=\"lsa\">in <span class=\"_ _0\"/><span class=\"ls0\">translation reserves is pri<span class=\"_ _0\"/>marily related to the combined effect of<span class=\"_ _1\"/> t<span class=\"_ _3\"/>he weakening of the c<span class=\"_ _0\"/>losing rates of the<span class=\"_ _1\"/> </span></span>Argentinean <span class=\"_ _3\"/>peso, the <span class=\"_ _3\"/>Chinese <span class=\"_ _3\"/>yuan, <span class=\"_ _3\"/>the Colombian <span class=\"_ _3\"/>peso <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the South <span class=\"_ _3\"/>Africa <span class=\"_ _3\"/>rand, partially <span class=\"_ _3\"/>offset <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the weakening of the closing rate of the Eu<span class=\"_ _3\"/>ro, which resulted in a <span class=\"_ _3\"/>net foreign exchange<span class=\"_ _3\"/> translation adjustment of 1 123m<span class=\"_ _3\"/> US dollar as of 31 December 2022 (decrease of equity).<span class=\"fs6\"> </span> Post- Translation Hedging employment Total OCI  Million US dol<span class=\"_ _0\"/>lar Reserves reserves benefits Reserves . As per 1 January<span class=\"_ _0\"/> 2021 (29 234)             <span class=\"ls6\">376</span>  (1 983) (30 841) Other comprehens<span class=\"_ _1\"/>ive income/(loss) Exchange differen<span class=\"_ _0\"/>ces on trans<span class=\"_ _1\"/>lat<span class=\"_ _3\"/>ion of fore<span class=\"_ _0\"/>ign operation<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (4 320)             -                -    (4 320) (gains/(losses)) Cash flow hedge<span class=\"_ _1\"/>s             -                <span class=\"ls6\">105</span>              -                <span class=\"ls6\">105</span>  Re<span class=\"ls0\">-measurements of po<span class=\"_ _0\"/>st-employ<span class=\"_ _0\"/>ment benefits </span>            -                -                <span class=\"ls6\">479</span>              <span class=\"ls6\">479</span>  Other comprehens<span class=\"_ _1\"/>ive income/(loss) (4 320)             <span class=\"ls6\">105</span>              <span class=\"ls6\">479</span>  (3 736) As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2021 (33 554) 481<span class=\"ls0\">  </span>(1 504) (34 577) 22.<span class=\"ls0\"> <span class=\"_ _1\"/>Interest-bearing loans <span class=\"_ _0\"/>and borrowings </span>This <span class=\"_ _2\"/>note <span class=\"_ _2\"/>p<span class=\"_ _3\"/>rovides <span class=\"_ _2\"/>information <span class=\"_ _3\"/>ab<span class=\"_ _3\"/>out <span class=\"_ _2\"/>the <span class=\"_ _2\"/>company\u2019s <span class=\"_ _2\"/>inte<span class=\"_ _3\"/>rest<span class=\"ff2\">-be<span class=\"_ _3\"/>aring <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _2\"/>borro<span class=\"_ _3\"/>wings. <span class=\"_ _3\"/>Fo<span class=\"_ _3\"/>r <span class=\"_ _2\"/>more <span class=\"_ _2\"/>information <span class=\"_ _2\"/>about </span>the company\u2019s exposure <span class=\"_ _3\"/>to<span class=\"ff2\"> interest rate <span class=\"_ _3\"/>and foreign exposure currency ri<span class=\"_ _3\"/>sk <span class=\"_ _3\"/></span>\u2013<span class=\"ff2\"> refer to <span class=\"_ _3\"/>Note <span class=\"ls3\">27</span> <span class=\"ff5\">Risks a<span class=\"_ _3\"/>rising from financial </span></span>instruments.<span class=\"ff2\"> </span> Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Unsecured bond i<span class=\"_ _1\"/>ssues 76 798 85 433 Lease liabilitie<span class=\"_ _0\"/>s 1 963 1 830 Unsecured other<span class=\"_ _1\"/> loans   <span class=\"ls6\">95<span class=\"ls0\"> </span></span>  <span class=\"ls6\">31<span class=\"ls0\"> </span></span>Secured ban<span class=\"_ _0\"/>k loans   <span class=\"ls6\">24<span class=\"ls0\"> </span></span>  <span class=\"ls6\">75<span class=\"ls0\"> </span></span>Non-current inte<span class=\"_ _0\"/>rest-bearing<span class=\"_ _0\"/> loans and borr<span class=\"_ _0\"/>owings 78 880 87 369 Lease liabilitie<span class=\"_ _0\"/>s   <span class=\"ls6\">529<span class=\"ls0\"> </span></span>  <span class=\"ls6\">447<span class=\"ls0\"> </span></span>Secured ban<span class=\"_ _0\"/>k loans   <span class=\"ls6\">369<span class=\"ls0\"> </span></span>  <span class=\"ls6\">553<span class=\"ls0\"> </span></span>Unsecured bank<span class=\"_ _0\"/> loans   <span class=\"ls6\">100<span class=\"ls0\"> </span></span>  <span class=\"ls6\">106<span class=\"ls0\"> </span></span>Unsecured other<span class=\"_ _1\"/> loans   <span class=\"ls6\">30<span class=\"ls0\"> </span></span>  <span class=\"ls0\">9 </span>Unsecured bond i<span class=\"_ _1\"/>ssues -   <span class=\"ls6\">293<span class=\"ls0\"> </span></span>Current interest-bea<span class=\"_ _1\"/>ring loans and borrow<span class=\"_ _1\"/>ings 1 029 1 408 Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>loans and bo<span class=\"_ _1\"/>rrowings 79 909 88 777 The <span class=\"_ _2\"/>current <span class=\"_ _2\"/>and <span class=\"_ _6\"/>non-current <span class=\"_ _2\"/>interest-bearing <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>and <span class=\"_ _6\"/>borrowings <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>to <span class=\"_ _2\"/>79<span class=\"_ _3\"/>.9 <span class=\"_ _3\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _2\"/>as <span class=\"_ _2\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December 2022<span class=\"ls0\">, compared to 88.8 billion US dollar as at 31 December 2021. </span>As at <span class=\"_ _3\"/>31 December <span class=\"_ _3\"/>2022, the company <span class=\"_ _3\"/>had no <span class=\"_ _3\"/>outstanding balance <span class=\"_ _3\"/>on commercial <span class=\"_ _3\"/>papers (31 <span class=\"_ _3\"/>December 2021: <span class=\"_ _3\"/>nil). The commercial papers include programs in US do<span class=\"_ _0\"/>llar and euro with a<span class=\"_ _0\"/> total authorized issuance <span class=\"_ _0\"/>up to <span class=\"_ _3\"/>5.0 billion US dollar and<span class=\"_ _0\"/> 3.0 billion euro, respectively.   On <span class=\"_ _3\"/>10 <span class=\"_ _2\"/>January <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022, <span class=\"_ _3\"/>Anh<span class=\"_ _3\"/>euser-Busch <span class=\"_ _3\"/>InBev <span class=\"_ _2\"/>SA/NV <span class=\"_ _3\"/>(<span class=\"_ _3\"/><span class=\"ff4\">\u201cABISA\u201d</span>) <span class=\"_ _3\"/>announced <span class=\"_ _3\"/>th<span class=\"_ _3\"/>at <span class=\"_ _3\"/>its <span class=\"_ _2\"/>wholly-owned <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubsidiary <span class=\"_ _3\"/>Anheuser- Busch <span class=\"_ _3\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>Finance <span class=\"_ _2\"/>Inc. <span class=\"_ _2\"/>(\u201cABIFI\u201d) <span class=\"_ _3\"/>exercised <span class=\"_ _2\"/>its <span class=\"_ _2\"/>option <span class=\"_ _3\"/>to <span class=\"_ _2\"/>redeem <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>outstanding <span class=\"_ _2\"/>principal <span class=\"_ _3\"/>amounts <span class=\"_ _2\"/>for <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n<span class=\"_ _2\"/><span class=\"ff2\"> <span class=\"_ _2\"/>aggregate </span>principal amount of 3.1 billion <span class=\"lsd\">US</span> dollar of the following serie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"ls3\">of</span> notes: Original principa<span class=\"_ _1\"/>l<span class=\"_ _3\"/> amount Principal amount<span class=\"_ _1\"/> Date of Issuer Title of series<span class=\"_ _0\"/> of notes outstanding<span class=\"_ _1\"/> redeemed redemption  (abbreviated)  redeemed  Currency (in million) (in million) 9 February 2022<span class=\"_ _1\"/> ABIFI 3.650% Notes du<span class=\"_ _0\"/>e 2026 USD 1 633 1 633 1 <span class=\"ls0\">March 2022 </span>ABIFI 4.915% Notes du<span class=\"_ _0\"/>e 2046 USD 1 470 1 470 On <span class=\"_ _2\"/>2 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>20<span class=\"_ _3\"/>22, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>completed <span class=\"_ _6\"/>the <span class=\"_ _2\"/>tender <span class=\"_ _2\"/>off<span class=\"_ _3\"/>ers <span class=\"_ _2\"/>of <span class=\"_ _6\"/>twelve <span class=\"_ _2\"/>series <span class=\"_ _6\"/>of <span class=\"_ _2\"/>USD <span class=\"_ _2\"/>notes <span class=\"_ _6\"/>and <span class=\"_ _6\"/>two <span class=\"_ _2\"/>series <span class=\"_ _6\"/>of <span class=\"_ _2\"/>GBP notes <span class=\"_ _3\"/>for up <span class=\"_ _3\"/>to <span class=\"_ _3\"/>3.5 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US dollar <span class=\"_ _3\"/>aggregate purchase <span class=\"_ _3\"/>price. <span class=\"_ _3\"/>The c<span class=\"_ _3\"/>ompany <span class=\"_ _2\"/>accepted <span class=\"_ _3\"/>the tender <span class=\"_ _3\"/>offers <span class=\"_ _3\"/>of eight <span class=\"_ _3\"/>series <span class=\"_ _3\"/>of notes <span class=\"_ _3\"/>issued <span class=\"_ _2\"/>by <span class=\"_ _3\"/>Anheuser<span class=\"_ _3\"/>-<span class=\"ff4\">Busch <span class=\"_ _3\"/>InBev <span class=\"_ _2\"/>SA/NV <span class=\"_ _3\"/>(\u201cABISA\u201d), <span class=\"_ _2\"/>Anheuser</span>-<span class=\"ff4\">Busch <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>Worldwide <span class=\"_ _2\"/>(\u201cABIWW\u201d) <span class=\"_ _3\"/>and <span class=\"_ _3\"/>Anheuser<span class=\"_ _3\"/></span>-Busch InBev Finance <span class=\"_ _3\"/>Inc. (\u201cABIFI\u201d) and <span class=\"_ _3\"/>repurchased 3.9 billion US do<span class=\"_ _3\"/>llar aggregate principal amount of<span class=\"_ _2\"/><span class=\"ff2\"> <span class=\"_ _3\"/>these notes. The </span>total principal amount repurchased in the tender offers is set out in the table below: Original principal Principal Principal amount amount amount not Issuer Title of series<span class=\"_ _0\"/> of notes outstanding<span class=\"_ _1\"/> repurchased repurchased Date of redempt<span class=\"_ _0\"/>ion  (abbreviated)  partially repurc<span class=\"_ _0\"/>hased  Currency (in million) (in million) (in million) 2 December 2022<span class=\"_ _1\"/> ABISA 2.850% Notes du<span class=\"_ _0\"/>e 2037 GBP 900<span class=\"ls0\"> </span> <span class=\"ls6\">489</span>  <span class=\"ls6\">411 </span> 2 December 2022<span class=\"_ _1\"/> ABISA 2.250% Notes du<span class=\"_ _0\"/>e 2029 GBP 700<span class=\"ls0\"> </span> <span class=\"ls6\">363 </span>  <span class=\"ls6\">337 </span> 2 December 2022<span class=\"_ _1\"/> ABIFI 4.000% Notes du<span class=\"_ _0\"/>e 2043 USD 750<span class=\"ls0\"> </span> <span class=\"ls6\">346 </span>  <span class=\"ls6\">404 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 3.750% Notes du<span class=\"_ _0\"/>e 2042 USD 1 000  <span class=\"ls6\">529 </span>  <span class=\"ls6\">471 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.600% Notes du<span class=\"_ _0\"/>e 2060 USD 1 000  <span class=\"ls6\">503</span>  <span class=\"ls6\">497 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.500% Notes du<span class=\"_ _0\"/>e 2050 USD 2 250  <span class=\"ls6\">683 </span>  1 567  2 <span class=\"ls0\">December 2022 </span>ABIWW 4.750% Notes du<span class=\"_ _0\"/>e 2058 USD 1 500  <span class=\"ls6\">519 </span>  <span class=\"ls6\">981 </span> 2 December 2022<span class=\"_ _1\"/> ABIWW 4.600% Notes du<span class=\"_ _0\"/>e 2048 USD 2 500  <span class=\"ls6\">321 </span>  2 179  These tender offers were financed with cash. Net <span class=\"_ _7\"/>debt <span class=\"_ _6\"/>is <span class=\"_ _6\"/>d<span class=\"_ _3\"/>efined <span class=\"_ _6\"/>as <span class=\"_ _6\"/>n<span class=\"_ _3\"/>on-current <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>current <span class=\"_ _7\"/>interest-bearing <span class=\"_ _6\"/>loans <span class=\"_ _7\"/>and <span class=\"_ _6\"/>borrowings <span class=\"_ _7\"/>and <span class=\"_ _6\"/>bank <span class=\"_ _7\"/>overdrafts <span class=\"_ _6\"/>minus <span class=\"_ _7\"/>debt securities <span class=\"_ _5\"> </span>and<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>and<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>cash <span class=\"_ _5\"> </span>eq<span class=\"_ _3\"/>uivalents. <span class=\"_ _5\"> </span>Net <span class=\"_ _4\"> </span>debt <span class=\"_ _5\"> </span>is <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>financial <span class=\"_ _5\"> </span>performance <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>ndicator <span class=\"_ _5\"> </span>that <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>s <span class=\"_ _5\"> </span>used <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>AB <span class=\"_ _5\"> </span>InBev\u2019s management to highlight changes in the company\u2019s overall liquidity posit<span class=\"_ _3\"/><span class=\"ff2\">ion. </span>AB <span class=\"_ _6\"/><span class=\"ff4 ls0\">InBev\u2019s <span class=\"_ _6\"/>net <span class=\"_ _6\"/>debt <span class=\"_ _7\"/><span class=\"ff2\">decreased <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>69.7 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>as<span class=\"_ _3\"/> <span class=\"_ _2\"/>at <span class=\"_ _7\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>from <span class=\"_ _6\"/>76.2 <span class=\"_ _6\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _6\"/>do<span class=\"_ _3\"/>llar <span class=\"_ _6\"/>as <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 </span></span>December 2<span class=\"_ _3\"/>021. <span class=\"_ _3\"/>Aside from <span class=\"_ _3\"/>operating <span class=\"_ _3\"/>results th<span class=\"_ _3\"/>at are <span class=\"_ _3\"/>net <span class=\"_ _3\"/>of ca<span class=\"_ _3\"/>pital expenditures, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>net debt <span class=\"_ _3\"/>is <span class=\"_ _3\"/>impacted mainly <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the payment <span class=\"_ _2\"/>of <span class=\"_ _6\"/>interests <span class=\"_ _2\"/>and <span class=\"_ _2\"/>taxes <span class=\"_ _6\"/>(6<span class=\"_ _3\"/>.1 <span class=\"_ _2\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar), <span class=\"_ _2\"/>dividend <span class=\"_ _2\"/>payments <span class=\"_ _6\"/>to <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>of <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _2\"/>and <span class=\"_ _2\"/>Ambev <span class=\"_ _6\"/>(<span class=\"_ _3\"/>2.4 billion US dollar) and foreign exchange impact on net debt (1.5 billion US dollar d<span class=\"_ _3\"/>ecrease of net debt). The following table provides a reconciliation of AB InBev\u2019s net debt as at the d<span class=\"_ _0\"/>ates indicated:<span class=\"_ _3\"/><span class=\"ff2\"> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Non-curren<span class=\"_ _0\"/>t interest-bearing loans<span class=\"_ _1\"/> <span class=\"_ _3\"/>and borro<span class=\"_ _0\"/>wings 78 880 87 369 Current interes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>-bearing loans and<span class=\"_ _1\"/> borrowings 1 029 1 408 Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>loans and bo<span class=\"_ _1\"/>rrowings 79 909 88 777 Bank overdrafts<span class=\"_ _0\"/>  <span class=\"ls6\">83</span>  <span class=\"ls6\">53</span> Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents (9 973) (12 097) Interest bearing loan<span class=\"_ _1\"/>s <span class=\"_ _3\"/>granted<span class=\"_ _1\"/> <span class=\"_ _3\"/>and other depo<span class=\"_ _0\"/>sits (included<span class=\"_ _0\"/> within Tra<span class=\"_ _0\"/>de and other           <span class=\"ls7\">(183)</span>           <span class=\"ls7\">(175)</span> receivables)<span class=\"_ _0\"/> Debt securities<span class=\"_ _1\"/> <span class=\"_ _3\"/>(included within <span class=\"_ _1\"/>Investment securities)           <span class=\"ls7\">(123)</span>           <span class=\"ls7\">(396)</span> Net debt 69 713 76 162 Reconciliation of liabilities arising from financing activities The <span class=\"_ _3\"/>table <span class=\"_ _2\"/>below <span class=\"_ _3\"/>details <span class=\"_ _2\"/>the <span class=\"_ _3\"/><span class=\"ff4\">c<span class=\"_ _3\"/>hanges <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company\u2019s <span class=\"_ _3\"/>liabilities <span class=\"_ _3\"/>arising <span class=\"_ _3\"/>fro<span class=\"_ _3\"/>m <span class=\"_ _3\"/>financing <span class=\"_ _3\"/>activities, <span class=\"_ _2\"/>including <span class=\"_ _3\"/>both <span class=\"_ _3\"/>cash<span class=\"_ _3\"/> <span class=\"_ _3\"/>and </span>non<span class=\"ls0\">-cash changes. L<span class=\"_ _1\"/>i<span class=\"_ _3\"/>abilities arising <span class=\"_ _0\"/>from financing activities <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re those for <span class=\"_ _1\"/>which cash flows <span class=\"_ _0\"/>were, or future <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ash flows wil<span class=\"_ _1\"/>l<span class=\"_ _3\"/> </span>be classified in the company\u2019s consolidated cash flow statement from financing activit<span class=\"_ _0\"/>ies.<span class=\"_ _3\"/><span class=\"ff2\"> </span>Short-term debt a<span class=\"_ _1\"/>nd Long<span class=\"ls0\">-term debt<span class=\"_ _1\"/>,<span class=\"_ _3\"/> net of </span>current portion<span class=\"_ _0\"/> of long-Million US dol<span class=\"_ _0\"/>lar current portion<span class=\"_ _0\"/> term debt Balance at 1 Jan<span class=\"_ _1\"/>uary 2022 87 369 1 408 Proceeds from bo<span class=\"_ _0\"/>rrowings  <span class=\"ls6\">74</span>  <span class=\"ls6\">17</span> Payments on borro<span class=\"_ _1\"/>wings (6 698) (567)<span class=\"ls0\"> </span>Capitalization <span class=\"_ _0\"/>/ (payment) of <span class=\"_ _0\"/>lease liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  <span class=\"ls6\">794</span> (519)<span class=\"ls0\"> </span>Amortized co<span class=\"_ _0\"/>st  <span class=\"ls6\">63</span> - Unrealized foreign e<span class=\"_ _1\"/>xchange effects (1 776) (6)<span class=\"ls0\"> </span>Current portion<span class=\"_ _0\"/> of long-term deb<span class=\"_ _0\"/>t (617)<span class=\"ls0\"> </span> <span class=\"ls6\">617</span> (Gain)/Loss on bon<span class=\"_ _0\"/>d redemp<span class=\"_ _0\"/>tion and other mo<span class=\"_ _1\"/>v<span class=\"_ _3\"/>ements (329)<span class=\"ls0\"> </span> <span class=\"ls6\">79</span> Balance at 31 Dec<span class=\"_ _0\"/>ember 2022<span class=\"_ _1\"/> 78 880 1 029 . Short-term debt a<span class=\"_ _1\"/>nd Long<span class=\"ls0\">-term debt<span class=\"_ _1\"/>,<span class=\"_ _3\"/> net of </span>current portion<span class=\"_ _1\"/> <span class=\"_ _3\"/>of long-Million US dol<span class=\"_ _0\"/>lar current portion<span class=\"_ _0\"/> term debt Balance at 1 Jan<span class=\"_ _1\"/>uary 2021 95 478 3 081 Proceeds from bo<span class=\"_ _0\"/>rrowings  <span class=\"ls6\">148</span>  <span class=\"ls6\">306</span> Payments on borro<span class=\"_ _1\"/>wings (6 735) (2 230) Capitalization <span class=\"_ _0\"/>/ (payment) of <span class=\"_ _0\"/>lease liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  <span class=\"ls6\">697</span>           <span class=\"ls7\">(547)</span> Amortized co<span class=\"_ _0\"/>st  <span class=\"ls6\">64</span> - Unrealized foreign e<span class=\"_ _1\"/>xchange effects (2 149)             <span class=\"ls7\">(88)</span> Current portion<span class=\"_ _0\"/> of long-term deb<span class=\"_ _0\"/>t           <span class=\"ls7\">(875)</span>  <span class=\"ls6\">875</span> (Gain)/Loss on bon<span class=\"_ _0\"/>d redemp<span class=\"_ _0\"/>tion and other mo<span class=\"_ _1\"/>v<span class=\"_ _3\"/>ements  <span class=\"ls6\">741</span>  <span class=\"ls6\">10</span> Balance at 31 Dec<span class=\"_ _0\"/>ember 2021<span class=\"_ _1\"/> 87 369 1 408<span class=\"ls0\"> </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Indirect taxes payab<span class=\"_ _0\"/>le 174<span class=\"ls0\">  </span>194<span class=\"ls0\">  </span>Trade payables 176<span class=\"ls0\">  </span>51<span class=\"ls0\">  </span>Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions 464<span class=\"ls0\">  </span>662<span class=\"ls0\">  </span>Other payable<span class=\"_ _0\"/>s 46<span class=\"ls0\">  </span>100<span class=\"ls0\">  </span>Non-current trade a<span class=\"_ _1\"/>nd other payables 859<span class=\"ls0\">  </span>1 <span class=\"ls6\">008</span>  Trade payables an<span class=\"_ _0\"/>d accrued e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>penses 18<span class=\"ls0\"> </span>589<span class=\"ls0\">  </span>17<span class=\"ls0\"> </span>810<span class=\"ls0\">  </span>Payroll and social<span class=\"_ _1\"/> security payables 1 <span class=\"ls6\">520</span>  1 <span class=\"ls6\">716</span>  Indirect taxes payab<span class=\"_ _0\"/>le 2 <span class=\"ls6\">768</span>  2 <span class=\"ls6\">457</span>  Interest payable<span class=\"_ _1\"/> 1 <span class=\"ls6\">428</span>  1 <span class=\"ls6\">501</span>  Consigned pac<span class=\"_ _0\"/>kaging 1 <span class=\"ls6\">012</span>  1 <span class=\"ls6\">050</span>  Dividends payable<span class=\"_ _1\"/> 356<span class=\"ls0\">  </span>355<span class=\"ls0\">  </span>Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions 313<span class=\"ls0\">  </span>191<span class=\"ls0\">  </span>Other payable<span class=\"_ _0\"/>s and deferre<span class=\"_ _0\"/>d income 362<span class=\"ls0\">  </span>353<span class=\"ls0\">  </span>Current trade an<span class=\"_ _1\"/>d <span class=\"_ _3\"/>other payab<span class=\"_ _1\"/>les 26<span class=\"ls0\"> </span>349<span class=\"ls0\">  </span>25<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>has <span class=\"_ _2\"/>entered <span class=\"_ _2\"/>into <span class=\"_ _2\"/>reverse <span class=\"_ _2\"/>factoring <span class=\"_ _2\"/>arrangements <span class=\"_ _2\"/>with <span class=\"_ _2\"/>suppliers <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>134m <span class=\"_ _2\"/>Us <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/>31 December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ostly <span class=\"_ _3\"/>due <span class=\"_ _2\"/>to <span class=\"_ _2\"/>legal <span class=\"_ _3\"/>re<span class=\"_ _3\"/>quirements. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>nature, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as <span class=\"_ _2\"/>the <span class=\"_ _2\"/>terms <span class=\"_ _3\"/>and<span class=\"_ _3\"/> <span class=\"_ _3\"/>conditions <span class=\"_ _2\"/>of <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>that are <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>thes<span class=\"_ _3\"/>e <span class=\"_ _3\"/>arrangements <span class=\"_ _2\"/>do <span class=\"_ _3\"/>n<span class=\"_ _3\"/>ot <span class=\"_ _3\"/>d<span class=\"_ _3\"/>iffer <span class=\"_ _3\"/>fro<span class=\"_ _3\"/>m <span class=\"_ _2\"/>those <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>c<span class=\"ff4\">ompany\u2019s <span class=\"_ _2\"/>normal <span class=\"_ _2\"/>trade <span class=\"_ _3\"/>payables. <span class=\"_ _2\"/>As <span class=\"_ _2\"/>a <span class=\"_ _2\"/>result, <span class=\"_ _2\"/>these <span class=\"_ _3\"/>a<span class=\"_ _3\"/>re </span>presented as part of Trade and other payables in accordance with IAS 1 <span class=\"ff5\">Presen<span class=\"_ _3\"/>tation of financial statement<span class=\"_ _0\"/>s<span class=\"ff2\">. </span></span>As <span class=\"_ _2\"/>at <span class=\"_ _2\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _2\"/>deferred <span class=\"_ _2\"/>consideration <span class=\"_ _2\"/>on <span class=\"_ _2\"/>acquisitions <span class=\"_ _2\"/>is <span class=\"_ _3\"/>m<span class=\"_ _3\"/>ainly <span class=\"_ _6\"/><span class=\"ls10\">co</span>mprised <span class=\"_ _2\"/>of <span class=\"_ _2\"/>0.6 <span class=\"_ _2\"/>billion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>put option <span class=\"_ _7\"/>included <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>2012 <span class=\"_ _7\"/>shareholders\u2019 <span class=\"_ _6\"/>agreement <span class=\"_ _7\"> </span>between <span class=\"_ _6\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _6\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _6\"/>ELJ, <span class=\"_ _7\"> </span>which <span class=\"_ _7\"/>may <span class=\"_ _7\"/>result <span class=\"_ _6\"/>in <span class=\"_ _7\"> </span>Ambev <span class=\"_ _7\"/>acquiring additional sh<span class=\"_ _3\"/>ares in <span class=\"_ _3\"/>Cervecer\u00eda <span class=\"_ _3\"/>Nacional Dominicana <span class=\"_ _3\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d) (<span class=\"_ _3\"/><span class=\"ff2\">31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"lsc\">: <span class=\"_ _2\"/></span>0.6<span class=\"fs6\"> <span class=\"_ _3\"/></span>billion US <span class=\"_ _3\"/>dollar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>terms </span>of the shareholders\u2019 agreement were amended as described i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> Note 2<span class=\"_ _3\"/><span class=\"ff2\">7 <span class=\"ff5\">Risk arising from financial instruments</span>.<span class=\"fs6\">  </span></span>A)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FINANCIAL ASSETS AND LIABILITIES  </span>1Set out below is an overview of financial assets and liabilities held by the company as at the dates indi<span class=\"_ _0\"/>cated:31 <span class=\"ls0\">December 2022 </span>31 December 2021\u00b9<span class=\"_ _1\"/> At fair At fair value At fair value At fair At<span class=\"ls0\"> </span>through value At<span class=\"ls0\"> </span>through value amortized profit or through amortized profit or through Million US dol<span class=\"_ _0\"/>lar cost loss OCI Total cost loss OCI Total Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 973 - - 9 973 12 097 - - 12 097 Trade and other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s 4 973 - - 4 973 4 607 - - 4 607 Investment se<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urities 25<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>149<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>374<span class=\"ls0\"> </span>139<span class=\"ls0\"> </span>535<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - - - - - 37<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - - 63<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>112<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 41<span class=\"ls0\"> </span>182<span class=\"ls0\"> </span>223<span class=\"ls0\"> </span>- 82<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>238<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - 4 4 - - - - Commodities - - 101<span class=\"ls0\"> </span>101<span class=\"ls0\"> </span>- - 282<span class=\"ls0\"> </span>282<span class=\"ls0\"> </span>Financial assets<span class=\"_ _1\"/> 14 971 139<span class=\"ls0\"> </span>498<span class=\"ls0\"> </span>15 608 16 726 546<span class=\"ls0\"> </span>637<span class=\"ls0\"> </span>17 908 Non-curren<span class=\"_ _0\"/>t 522<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>193<span class=\"ls0\"> </span>730<span class=\"ls0\"> </span>526<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>162<span class=\"ls0\"> </span>712<span class=\"ls0\"> </span>Current 14 450 124<span class=\"ls0\"> </span>305<span class=\"ls0\"> </span>14 878 16 200 521<span class=\"ls0\"> </span>475<span class=\"ls0\"> </span>17 196 . Trade and other pa<span class=\"_ _1\"/>yables 21 983 762<span class=\"ls0\"> </span>- 22 746 21 242 832<span class=\"ls0\"> </span>- 22 074 Non-curren<span class=\"_ _0\"/>t interest-bearing loans<span class=\"_ _1\"/> <span class=\"_ _3\"/>and borrowing<span class=\"_ _0\"/>s 78 880 - - 78 880 87 369 - - 87 369 Current interes<span class=\"_ _0\"/>t-bearing loans and<span class=\"_ _1\"/> borrowing<span class=\"_ _0\"/>s 1 029 - - 1 029 1 408 - - 1 408 Bank overdrafts<span class=\"_ _0\"/> 83<span class=\"ls0\"> </span>- - 83<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- - 53<span class=\"ls0\"> </span>Equity swaps - 4 763 - 4 763 - 5 412 - 5 412 Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - 16<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>- 174<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>270<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 20<span class=\"ls0\"> </span>245<span class=\"ls0\"> </span>265<span class=\"ls0\"> </span>- 24<span class=\"ls0\"> </span>105<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - - - - - 37<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>Commodities - - 271<span class=\"ls0\"> </span>271<span class=\"ls0\"> </span>- - 35<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - 3 2 5 - - 3 3 Financial liabi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ities 101 975 5 565 689<span class=\"ls0\"> </span>108 229 110 073 6 443 275<span class=\"ls0\"> </span>116 790 Non-curren<span class=\"_ _0\"/>t 79 108 473<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>79 749 87 531 678<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>88 282 Current 22 867 5 092 521<span class=\"ls0\"> </span>28 480 22 541 5 764 202<span class=\"ls0\"> </span>28 508 B)<span class=\"ls0\"> <span class=\"_ _18\"> </span>DERIVATIVES </span>AB InBev\u2019s <span class=\"_ _1\"/>activities expose <span class=\"_ _1\"/>it to <span class=\"_ _1\"/>a variety <span class=\"_ _1\"/>of financial <span class=\"_ _1\"/>risks: market r<span class=\"_ _1\"/>isk (including <span class=\"_ _1\"/>currency risk, f<span class=\"_ _1\"/>ai<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value interest <span class=\"_ _0\"/>ra<span class=\"_ _3\"/><span class=\"ff2\">te risk, </span>cash flo<span class=\"_ _3\"/>w interest risk, <span class=\"_ _3\"/>commodity <span class=\"_ _3\"/>risk and <span class=\"_ _3\"/>equity risk), <span class=\"_ _3\"/>credit risk <span class=\"_ _3\"/>and li<span class=\"_ _3\"/>quidity risk. The <span class=\"_ _3\"/>company analyses e<span class=\"_ _3\"/>ach of <span class=\"_ _3\"/>these risks individually <span class=\"_ _1\"/>as well <span class=\"_ _0\"/>as <span class=\"_ _0\"/>on <span class=\"_ _1\"/>a<span class=\"_ _3\"/> combined <span class=\"_ _1\"/>basis and <span class=\"_ _1\"/>defines strategies to <span class=\"_ _1\"/>manage the <span class=\"_ _1\"/>economic impact <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>company\u2019s performance in line with its financial risk management policy. AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/> <span class=\"_ _2\"/>primarily <span class=\"_ _6\"/>uses <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>following <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments: <span class=\"_ _6\"/>foreign <span class=\"_ _6\"/>exchange <span class=\"_ _2\"/>forwards, <span class=\"_ _2\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _2\"/>futures, <span class=\"_ _6\"/>interest <span class=\"_ _2\"/>ra<span class=\"_ _3\"/>te swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.<span class=\"ff2\"> </span>Th<span class=\"ls0\">e <span class=\"_ _7\"/>table <span class=\"_ _6\"/>below <span class=\"_ _6\"/>provides <span class=\"_ _7\"/>an <span class=\"_ _6\"/>overview <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>notional <span class=\"_ _6\"/>amounts <span class=\"_ _6\"/>of <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>outstanding <span class=\"_ _6\"/>as <span class=\"_ _7\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>dates <span class=\"_ _6\"/>indicated <span class=\"_ _7\"/>by </span>maturity bucket. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> &lt; 1 1-2 2-3 3-5 &gt; 5  &lt; 1 1-2 2-3 3-5 &gt; Million US dol<span class=\"_ _0\"/>lar  <span class=\"ls6\">year</span>  years  years  years years  <span class=\"ls6\">year</span>  years  years  years years Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 11 445  <span class=\"ls6\">479</span> - - - 12 599  <span class=\"ls6\">29</span> - - - Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  <span class=\"ls6\">503</span> - - - - 1 617 - - - - Interest rate Interest rate swap<span class=\"_ _1\"/>s 1 000 - - - - 1 500 1 000 - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  <span class=\"ls6\">900</span> 1 923 1 834 2 608  <span class=\"ls6\">560</span> 4 614 1 400 1 173 1 573 1 453 Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/> 2 161  4 - - - 1 241 - - - - Other commodi<span class=\"_ _0\"/>ty derivatives 1 160  <span class=\"ls6\">22</span> - - - 1 034 - - - - Equity Equity derivati<span class=\"_ _0\"/>ves 10 800 - - - - 11 469 - - - - C)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FOREIGN CURRENCY RISK </span>AB <span class=\"_ _7\"/>InBev <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>su<span class=\"_ _3\"/>bject <span class=\"_ _7\"/>to <span class=\"_ _7\"> </span>foreign <span class=\"_ _5\"> </span>currency <span class=\"_ _5\"> </span>risk <span class=\"_ _7\"/>when <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ontracts <span class=\"_ _7\"/>are <span class=\"_ _7\"> </span>denominated <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>than <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>functional currency <span class=\"_\"> </span>of<span class=\"_ _0\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>entity. <span class=\"_ _8\"> </span>This <span class=\"_\"> </span>i<span class=\"_ _1\"/>nc<span class=\"_ _3\"/>ludes <span class=\"_ _8\"> </span>borrowings, <span class=\"_\"> </span>i<span class=\"_ _1\"/>nv<span class=\"_ _3\"/>estments, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>sales, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>purchases, <span class=\"_ _8\"> </span>royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the com<span class=\"_ _0\"/>pany uses mainly foreign exchange forwards, currency futures and cross curren<span class=\"_ _0\"/>cy interest rate swaps.<span class=\"_ _3\"/>  Foreign exchange risk on operating activities AB <span class=\"_ _1\"/>InBev\u2019s <span class=\"_ _1\"/><span class=\"ff2\">policy <span class=\"_ _1\"/>is <span class=\"_ _1\"/>to <span class=\"_ _1\"/>hedge <span class=\"_ _1\"/>operating <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>which <span class=\"_ _1\"/>are <span class=\"_ _1\"/>reasonably <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xpected <span class=\"_ _f\"/>to <span class=\"_ _1\"/>occur <span class=\"_ _1\"/>(e.g<span class=\"_ _3\"/>., <span class=\"_ _f\"/>cost <span class=\"_ _1\"/>of <span class=\"_ _1\"/>sales <span class=\"_ _1\"/>and <span class=\"_ _1\"/>selling, </span>general <span class=\"_\"> </span>&amp; <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>dministrative <span class=\"_ _8\"> </span>expenses) <span class=\"_\"> </span>wi<span class=\"_ _0\"/>thin <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>for<span class=\"_ _0\"/>ecast <span class=\"_ _8\"> </span>period <span class=\"_\"> </span>det<span class=\"_ _0\"/>ermined <span class=\"_ _8\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _8\"> </span>financial <span class=\"_ _8\"> </span>risk <span class=\"_ _8\"> </span>management <span class=\"_ _8\"> </span>policy. Operating tra<span class=\"_ _0\"/>nsactions th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>t are<span class=\"_ _1\"/> considered cer<span class=\"_ _0\"/>tain to<span class=\"_ _1\"/> occur <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>he<span class=\"_ _3\"/>dged <span class=\"_ _1\"/>without any <span class=\"_ _1\"/>time limits. <span class=\"_ _1\"/>Non<span class=\"_ _2\"/>-operating <span class=\"_ _1\"/>transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.<span class=\"_ _3\"/> The <span class=\"_\"> </span>table <span class=\"_ _e\"> </span>below <span class=\"_\"> </span>shows <span class=\"_\"> </span>the <span class=\"_\"> </span>company\u2019s <span class=\"_ _e\"> </span>main <span class=\"_\"> </span>net <span class=\"_\"> </span>foreign <span class=\"_ _e\"> </span>curren<span class=\"_ _3\"/><span class=\"ff2\">cy <span class=\"_ _e\"> </span>positions <span class=\"_\"> </span>for <span class=\"_\"> </span>firm <span class=\"_\"> </span>commitments <span class=\"_\"> </span>and <span class=\"_ _e\"> </span>forecasted </span>transactions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the most <span class=\"_ _3\"/>important c<span class=\"_ _3\"/>urrency pa<span class=\"_ _3\"/>irs. The <span class=\"_ _3\"/>open <span class=\"_ _3\"/>positions <span class=\"_ _3\"/>are the <span class=\"_ _3\"/>result <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the app<span class=\"_ _3\"/>lication of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>risk management pol<span class=\"_ _0\"/>icy. Po<span class=\"_ _1\"/>s<span class=\"_ _3\"/>itive <span class=\"_ _0\"/>amounts <span class=\"_ _1\"/>in<span class=\"_ _3\"/>dicate <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>company is <span class=\"_ _1\"/>long (net <span class=\"_ _1\"/>future c<span class=\"_ _3\"/>ash <span class=\"_ _1\"/>in<span class=\"_ _3\"/>flows) i<span class=\"_ _1\"/>n the <span class=\"_ _0\"/>first <span class=\"_ _1\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the currency <span class=\"_ _3\"/>pair whi<span class=\"_ _3\"/>le negative <span class=\"_ _3\"/>amounts <span class=\"_ _3\"/>indicate that <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company i<span class=\"_ _3\"/>s sho<span class=\"_ _3\"/>rt (net <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash outflows) <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first c<span class=\"_ _3\"/>urrency of the currency pair. The second currency of the currency pairs listed is the functional curre<span class=\"_ _3\"/>ncy of the related subsidiary. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Total Total Open Total Total Open Million US dol<span class=\"_ _0\"/>lar exposure  hedges position exposure hedges position Euro/Mexican pe<span class=\"_ _0\"/>so            <span class=\"ls7\">(108)</span>  <span class=\"ls6\">100</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(112)</span>  <span class=\"ls6\">111</span>               <span class=\"ls7\">(1)</span> Euro/Pound sterl<span class=\"_ _1\"/>ing            <span class=\"ls7\">(136)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(24)</span>           <span class=\"ls7\">(124)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(12)</span> Euro/South Afri<span class=\"_ _1\"/>c<span class=\"_ _3\"/>an rand              <span class=\"ls7\">(67)</span>  <span class=\"ls6\">31</span>             <span class=\"ls7\">(37)</span>             <span class=\"ls7\">(79)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(4)</span> Euro/US dollar <span class=\"_ _0\"/>             <span class=\"ls7\">(38)</span>  <span class=\"ls6\">58</span>  <span class=\"ls6\">20</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">100</span>             <span class=\"ls7\">(23)</span> Mexican peso/<span class=\"_ _0\"/>Euro           <span class=\"ls7\">(269)</span>  <span class=\"ls6\">268</span>               <span class=\"ls7\">(2)</span>           <span class=\"ls7\">(254)</span>  <span class=\"ls6\">231</span>             <span class=\"ls7\">(23)</span> US dollar/Argen<span class=\"_ _0\"/>tinian peso            <span class=\"ls7\">(702)</span>  <span class=\"ls6\">206</span>           <span class=\"ls7\">(496)</span>           <span class=\"ls7\">(661)</span>  <span class=\"ls6\">674</span>  <span class=\"ls6\">13</span> US dollar/Bolivian bo<span class=\"_ _0\"/>liviano<span class=\"_ _0\"/>              <span class=\"ls7\">(74)</span>  <span class=\"ls6\">76</span>  1             <span class=\"ls7\">(80)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(5)</span> US dollar/Brazi<span class=\"_ _0\"/>lian real  (1 955) 1 789           <span class=\"ls7\">(166)</span> (1 846) 1 618           <span class=\"ls7\">(228)</span> US dollar/Canadian<span class=\"_ _0\"/> dollar            <span class=\"ls7\">(310)</span>  <span class=\"ls6\">249</span>             <span class=\"ls7\">(61)</span>           <span class=\"ls7\">(304)</span>  <span class=\"ls6\">253</span>             <span class=\"ls7\">(51)</span> US dollar/Chilean<span class=\"_ _1\"/> peso            <span class=\"ls7\">(135)</span>  <span class=\"ls6\">129</span>               <span class=\"ls7\">(6)</span>           <span class=\"ls7\">(171)</span>  <span class=\"ls6\">162</span>               <span class=\"ls7\">(9)</span> US dollar/Chine<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e yuan            <span class=\"ls7\">(125)</span>  <span class=\"ls6\">113</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">116</span>               <span class=\"ls7\">(7)</span> US dollar/Colo<span class=\"_ _0\"/>mbian peso            <span class=\"ls7\">(615)</span>  <span class=\"ls6\">559</span>             <span class=\"ls7\">(56)</span>           <span class=\"ls7\">(476)</span>  <span class=\"ls6\">434</span>             <span class=\"ls7\">(42)</span> US dollar/Euro <span class=\"_ _0\"/>           <span class=\"ls7\">(134)</span>  <span class=\"ls6\">111</span>             <span class=\"ls7\">(23)</span>           <span class=\"ls7\">(103)</span>  <span class=\"ls6\">96</span>               <span class=\"ls7\">(7)</span> US dollar/Mexican pe<span class=\"_ _1\"/>so  (1 442) 1 436               <span class=\"ls7\">(6)</span> (1 236) 1 168             <span class=\"ls7\">(68)</span> US dollar/Parag<span class=\"_ _0\"/>uayan guarani            <span class=\"ls7\">(144)</span>  <span class=\"ls6\">135</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(153)</span>  <span class=\"ls6\">139</span>             <span class=\"ls7\">(14)</span> US dollar/Peruvian<span class=\"_ _1\"/> nuevo sol            <span class=\"ls7\">(264)</span>  <span class=\"ls6\">276</span>               <span class=\"ls6\">13</span>            <span class=\"ls7\">(292)</span>  <span class=\"ls6\">278</span>             <span class=\"ls7\">(14)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>African rand<span class=\"_ _1\"/>            <span class=\"ls7\">(196)</span>  <span class=\"ls6\">121</span>             <span class=\"ls7\">(75)</span>           <span class=\"ls7\">(196)</span>  <span class=\"ls6\">148</span>             <span class=\"ls7\">(48)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>Korean won            <span class=\"ls7\">(121)</span>  <span class=\"ls6\">110</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(114)</span>  <span class=\"ls6\">79</span>             <span class=\"ls7\">(35)</span> Others            <span class=\"ls7\">(326)</span>  <span class=\"ls6\">197</span>           <span class=\"ls7\">(129)</span>           <span class=\"ls7\">(424)</span>  <span class=\"ls6\">313</span>           <span class=\"ls7\">(111)</span> Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of f<span class=\"_ _1\"/>irm commitments and <span class=\"_ _1\"/>highly probable fore<span class=\"_ _0\"/>casted transactions <span class=\"_ _1\"/>denominated in for<span class=\"_ _1\"/>ei<span class=\"_ _3\"/>gn currency<span class=\"_ _0\"/> are de<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ignated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt It <span class=\"_ _2\"/>i<span class=\"_ _3\"/><span class=\"ff4\">s <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _2\"/>policy <span class=\"_ _6\"/>to <span class=\"_ _2\"/>have <span class=\"_ _6\"/>the <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ebt <span class=\"_ _2\"/>in <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>as <span class=\"_ _6\"/>much <span class=\"_ _6\"/>as <span class=\"_ _2\"/>possible <span class=\"_ _6\"/>linked <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>functional <span class=\"_ _2\"/>currency <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the </span>subsidiary. To the <span class=\"_ _0\"/>extent this <span class=\"_ _1\"/>is not the ca<span class=\"_ _0\"/>se, foreign e<span class=\"_ _0\"/>xchange risk <span class=\"_ _0\"/>is managed us<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng deriv<span class=\"_ _0\"/>atives unless the <span class=\"_ _1\"/>cost to hedge outweighs the <span class=\"_ _3\"/>benefits. Interest <span class=\"_ _3\"/>rate decisions and<span class=\"_ _3\"/> currency mix of <span class=\"_ _3\"/>debt and <span class=\"_ _3\"/>cash are decided <span class=\"_ _3\"/>on a global <span class=\"_ _3\"/>basis and take into consideration a holistic risk management approach. A <span class=\"_ _f\"/>de<span class=\"_ _3\"/>scription <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>foreign <span class=\"_ _1\"/>currency <span class=\"_ _f\"/>risk <span class=\"_ _1\"/>hedging <span class=\"_ _1\"/>of <span class=\"_ _1\"/>debt <span class=\"_ _f\"/>instruments <span class=\"_ _1\"/>issued <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>a <span class=\"_ _1\"/>currency <span class=\"_ _1\"/>o<span class=\"_ _2\"/>ther <span class=\"_ _f\"/>than <span class=\"_ _1\"/>the <span class=\"_ _1\"/>functional <span class=\"_ _f\"/>c<span class=\"_ _3\"/>urrency of the subsidiary is further detailed in the <span class=\"ff5\">Interest Rate Risk</span> sec<span class=\"_ _3\"/>tion below. Currency sensitivity analysis Currency transactional risk Most of <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>no<span class=\"_ _3\"/>n<span class=\"ff2\">-derivative financial <span class=\"_ _1\"/>instruments are <span class=\"_ _1\"/>either denominated <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e fu<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ctional c<span class=\"_ _1\"/>urre<span class=\"_ _3\"/>ncy o<span class=\"_ _1\"/>f the subsidiary<span class=\"_ _1\"/> </span>or <span class=\"_ _3\"/>are <span class=\"_ _3\"/>converted <span class=\"_ _3\"/>into <span class=\"_ _3\"/>the <span class=\"_ _3\"/>functional currency <span class=\"_ _3\"/>through <span class=\"_ _3\"/>the <span class=\"_ _3\"/>use <span class=\"_ _3\"/>of <span class=\"_ _3\"/>derivatives. <span class=\"_ _3\"/>Where i<span class=\"_ _3\"/>lliquidity i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the local <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket prevents hedging at a <span class=\"_ _1\"/>re<span class=\"_ _3\"/>asonable c<span class=\"_ _0\"/>ost, the c<span class=\"_ _1\"/>om<span class=\"_ _3\"/>pany can <span class=\"_ _1\"/>have open positions. <span class=\"_ _1\"/>The transactional foreign c<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rrency risk <span class=\"_ _1\"/>mainly arises from <span class=\"_ _1\"/>open <span class=\"_ _1\"/>positions <span class=\"_ _f\"/>in <span class=\"_ _1\"/>Argentinean <span class=\"_ _1\"/>peso, <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real, <span class=\"_ _f\"/>Canadian <span class=\"_ _1\"/>dollar, <span class=\"_ _1\"/>Colombian <span class=\"_ _1\"/>peso, <span class=\"_ _f\"/>Mexican <span class=\"_ _1\"/>peso <span class=\"_ _1\"/>and <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African<span class=\"_ _3\"/> 1rand against the US dollar. <span class=\"fs6\"> </span>The <span class=\"_\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_\"> </span>uses <span class=\"_ _e\"> </span>a <span class=\"_\"> </span>sensitivity<span class=\"_ _3\"/> <span class=\"_\"> </span>analysis <span class=\"_ _e\"> </span>to <span class=\"_\"> </span>estimate <span class=\"_ _e\"> </span>the <span class=\"_\"> </span>impact <span class=\"_ _e\"> </span>in <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>consolidated <span class=\"_\"> </span>income <span class=\"_ _e\"> </span>statement <span class=\"_ _e\"> </span>and <span class=\"_\"> </span>other comprehensive income of <span class=\"_ _0\"/>a strengthening or a <span class=\"_ _1\"/>weaken<span class=\"_ _3\"/>ing of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e US dollar <span class=\"_ _1\"/>a<span class=\"_ _3\"/>gainst the other <span class=\"_ _1\"/>g<span class=\"_ _3\"/>roup currencies. I<span class=\"_ _3\"/>n case the<span class=\"_ _1\"/> open positions remain <span class=\"_ _0\"/>unchanged and <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h all <span class=\"_ _1\"/>oth<span class=\"_ _3\"/>er variab<span class=\"_ _0\"/>les held cons<span class=\"_ _0\"/>tant, a 10% <span class=\"_ _1\"/>s<span class=\"_ _3\"/>trengthening or we<span class=\"_ _1\"/>ak<span class=\"_ _3\"/>ening of t<span class=\"_ _1\"/>he US dollar <span class=\"_ _5\"> </span>against <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>currencies <span class=\"_ _7\"> </span>co<span class=\"_ _3\"/>uld <span class=\"_ _7\"/>lead <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>an <span class=\"_ _5\"> </span>estimated <span class=\"_ _7\"> </span>decrease/inc<span class=\"_ _3\"/>rease <span class=\"_ _7\"/>on <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>consolidated <span class=\"_ _7\"> </span>profit <span class=\"_ _5\"> </span>before <span class=\"_ _7\"> </span>tax <span class=\"_ _5\"> </span>of 1approximately 144m<span class=\"_ _0\"/> US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>ove<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the next <span class=\"_ _1\"/>12 months <span class=\"_ _1\"/>(31 <span class=\"_ _0\"/>December 20<span class=\"_ _1\"/>2<span class=\"_ _3\"/>1: <span class=\"_ _1\"/>99m US <span class=\"_ _1\"/>dollar). Applying <span class=\"_ _1\"/>a si<span class=\"_ _0\"/>milar <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivity on the total <span class=\"_ _0\"/>derivatives posit<span class=\"_ _0\"/>ions could le<span class=\"_ _0\"/>ad to a <span class=\"_ _1\"/>negative/positive pre-tax impact on equity <span class=\"_ _1\"/>reserves of 537m US <span class=\"_ _1\"/>dollar (31 1December 2021: 523m US dollar). The results of the sensitivity analysis should not be cons<span class=\"_ _0\"/>idered as projections of likely future <span class=\"_ _1\"/>events, <span class=\"_ _1\"/>as <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>gains<span class=\"_ _3\"/> <span class=\"_ _f\"/>or <span class=\"_ _1\"/>losses <span class=\"_ _1\"/>from <span class=\"_ _1\"/>exchange <span class=\"_ _f\"/>rates <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>future <span class=\"_ _1\"/>may <span class=\"_ _1\"/>differ <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>developments <span class=\"_ _1\"/>in <span class=\"_ _f\"/>the <span class=\"_ _1\"/>global <span class=\"_ _1\"/>financia<span class=\"_ _2\"/><span class=\"ls1d\">l </span>markets. Foreign exchange risk on net investments in foreign operations  AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>mitigates <span class=\"_ _2\"/>exposures <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>using <span class=\"_ _2\"/>both <span class=\"_ _3\"/>d<span class=\"_ _3\"/>erivative <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _2\"/>financial instruments as hedging instruments. As of 31 December 2<span class=\"_ _3\"/>022, designated derivative <span class=\"_ _3\"/>financial instruments in net investment hedges <span class=\"ff4\">a<span class=\"_ _3\"/>pplied on the company\u2019s </span>1debt<span class=\"fs6 fc7 ls0\"> <span class=\"_ _3\"/></span><span class=\"ls0\">amount <span class=\"_ _3\"/>to <span class=\"_ _3\"/>8<span class=\"_ _3\"/> <span class=\"_ _3\"/>482m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>equivalent <span class=\"_ _3\"/>(<span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021</span>: <span class=\"_ _3\"/>7 <span class=\"_ _3\"/>473m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>These <span class=\"_ _2\"/>instruments <span class=\"_ _3\"/>hedge <span class=\"_ _3\"/>foreign operations with Canadian dollar, Chinese yuan and South Korean won functional currencies. Net foreign exchange results Foreign exchange results recognized on hedged and unhedged exposures are as follows:<span class=\"_ _3\"/> Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Hedged (econ<span class=\"_ _0\"/>omic hedges) 297<span class=\"ls0\"> </span>717<span class=\"ls0\"> </span>Not hedged (660)<span class=\"ls0\"> </span>(801)<span class=\"ls0\"> </span>(363)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>D)<span class=\"ls0\"> <span class=\"_ _18\"> </span>INTEREST RATE RISK  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>applies <span class=\"_ _2\"/>a <span class=\"_ _2\"/>dynamic <span class=\"_ _2\"/>interest <span class=\"_ _2\"/>rate <span class=\"_ _3\"/>he<span class=\"_ _3\"/>dging <span class=\"_ _3\"/>approach <span class=\"_ _2\"/>whereby <span class=\"_ _2\"/>the <span class=\"_ _2\"/>target <span class=\"_ _2\"/>mix <span class=\"_ _2\"/>between <span class=\"_ _2\"/>fixed <span class=\"_ _2\"/>and <span class=\"_ _2\"/>floating <span class=\"_ _2\"/>rate debt <span class=\"_ _7\"/>is <span class=\"_ _6\"/>reviewed <span class=\"_ _7\"/>periodically. <span class=\"_ _6\"/>The <span class=\"_ _7\"> </span>purpose <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>AB <span class=\"_ _7\"/>InBev\u2019s <span class=\"_ _6\"/>policy <span class=\"_ _7\"> </span>is <span class=\"_ _7\"/>to <span class=\"_ _6\"/>achieve <span class=\"_ _7\"/>an <span class=\"_ _6\"/>optimal <span class=\"_ _7\"/>balance <span class=\"_ _6\"/>b<span class=\"_ _3\"/>etween <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>cost <span class=\"_ _6\"/>of fun<span class=\"ff4\">ding <span class=\"_ _6\"/>and <span class=\"_ _7\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>olatility <span class=\"_ _6\"/>of <span class=\"_ _6\"/>financial <span class=\"_ _6\"/>results, <span class=\"_ _6\"/>while <span class=\"_ _7\"/>taking <span class=\"_ _6\"/>into <span class=\"_ _6\"/>account <span class=\"_ _6\"/>market <span class=\"_ _6\"/>conditions <span class=\"_ _6\"/>as <span class=\"_ _7\"/>well <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _6\"/>o<span class=\"_ _3\"/>verall </span>business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impa<span class=\"_ _0\"/>ct of changes in the US dol<span class=\"_ _0\"/>lar interest rates on the fa<span class=\"_ _0\"/>ir value of certain fi<span class=\"_ _0\"/>xed rate <span class=\"_ _2\"/>b<span class=\"_ _3\"/>onds <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>aggregate <span class=\"_ _2\"/>principal <span class=\"_ _6\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>1.0 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>through <span class=\"_ _6\"/>fixed/floating <span class=\"_ _2\"/>interest <span class=\"_ _6\"/>rate <span class=\"_ _2\"/>swaps. <span class=\"_ _6\"/>These derivative instruments have been designated in fair value hedge accounting relationships. Cash flow hedges Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling) In <span class=\"_ _3\"/>September <span class=\"_ _3\"/>2013, <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany i<span class=\"_ _3\"/>ssued <span class=\"_ _3\"/>a <span class=\"_ _3\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>bond <span class=\"_ _2\"/>for <span class=\"_ _3\"/>500m <span class=\"_ _6\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>at <span class=\"_ _3\"/>a <span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te <span class=\"_ _3\"/>of <span class=\"_ _3\"/>4.00% <span class=\"_ _3\"/>per <span class=\"_ _3\"/>year <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd maturing in September 2025. The impact of <span class=\"_ _3\"/>changes in the pound sterling exchange rate<span class=\"_ _3\"/> and interest rate on this bond is managed <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>redu<span class=\"_ _0\"/>ced <span class=\"_ _4\"> </span>through <span class=\"_ _4\"> </span>pound <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>terling <span class=\"_ _4\"> </span>fixed/euro <span class=\"_ _4\"> </span>fixed <span class=\"_ _4\"> </span>cross <span class=\"_ _4\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _4\"> </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_\"> </span>swaps. <span class=\"_ _4\"> </span>These <span class=\"_ _4\"> </span>derivative instruments have been designated in a cash flow hedge relationship.  US dollar bank loan hedges (foreign currency risk on borr<span class=\"_ _1\"/>ow<span class=\"_ _3\"/>ings against the Nigerian naira)<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>ha<span class=\"_ _3\"/>s a<span class=\"_ _0\"/> floating r<span class=\"_ _1\"/>ate loan denominated <span class=\"_ _1\"/>in US doll<span class=\"_ _0\"/>ar for a<span class=\"_ _1\"/> <span class=\"_ _3\"/>total of 309<span class=\"_ _0\"/>m in Ni<span class=\"_ _1\"/>ge<span class=\"_ _3\"/>ria. Thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> loan <span class=\"_ _1\"/>is held by<span class=\"_ _1\"/> an entity with <span class=\"_ _3\"/>functional <span class=\"_ _3\"/>currency <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Nigerian <span class=\"_ _3\"/>Naira. In <span class=\"_ _2\"/>order <span class=\"_ _3\"/>to <span class=\"_ _3\"/>hedge ag<span class=\"_ _3\"/>ainst <span class=\"_ _3\"/>fluctuations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>foreign exchange <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company entered into foreign exchange futures which have been designated in <span class=\"_ _0\"/>a cash fl<span class=\"_ _3\"/>ow hedge relationship.<span class=\"ff1\"> </span>Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real)  During 2022 and 2021, Ambev invested in highly liquid Brazili<span class=\"_ _0\"/>an real denominated government debt securities. <span class=\"_ _3\"/><span class=\"ff1 fc6\"> </span>Interest rate sensitivity analysis The <span class=\"_ _2\"/>table <span class=\"_ _3\"/>below <span class=\"_ _2\"/>reflects <span class=\"_ _2\"/>the <span class=\"_ _3\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>rates <span class=\"_ _3\"/>of <span class=\"_ _2\"/>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _3\"/>as<span class=\"_ _3\"/> <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as 1the currency in which the debt is denominated.<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 4.34% 1 <span class=\"ls6\">455</span>  Euro 1.68% 1 <span class=\"ls6\">048</span>  1.68% 1 <span class=\"ls6\">048</span>  Pound sterling<span class=\"_ _0\"/> - - 3.70% 1 <span class=\"ls6\">078</span>  South Korean wo<span class=\"_ _0\"/>n - 1  3.08% 311<span class=\"ls0\">  </span>US dollar 5.05% 430<span class=\"ls0\">  </span>- - Other 13.39% 252<span class=\"ls0\">  </span>11.17% 666<span class=\"ls0\">  </span>1 <span class=\"ls6\">730</span>  4 <span class=\"ls6\">557</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.50% 613<span class=\"ls0\">  </span>4.37% 3 <span class=\"ls6\">741</span>  Chinese yuan 2.44% 50<span class=\"ls0\">  </span>2.50% 1 <span class=\"ls6\">230</span>  Euro 2.27% 20<span class=\"ls0\"> </span>391<span class=\"ls0\">  </span>2.31% 21<span class=\"ls0\"> </span>242<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 5.13% 2 <span class=\"ls6\">208</span>  5.55% 1 <span class=\"ls6\">607</span>  South Korean wo<span class=\"_ _0\"/>n 2.96% 46<span class=\"ls0\">  </span>0.94% 1 <span class=\"ls6\">896</span>  US dollar 4.99% 53<span class=\"ls0\"> </span>478<span class=\"ls0\">  </span>5.27% 44<span class=\"ls0\"> </span>547<span class=\"ls0\">  </span>Other 10.53% 1 <span class=\"ls6\">476</span>  12.19% 1 <span class=\"ls6\">172</span>  78<span class=\"ls0\"> </span>261<span class=\"ls0\">  </span>75<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>31 December 2021\u00b9<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 1.21% 2 <span class=\"ls6\">043</span>  Euro - 1 <span class=\"ls6\">113</span>  - 1 <span class=\"ls6\">113</span>  Pound sterling<span class=\"_ _0\"/> - - 1.05% 1 <span class=\"ls6\">002</span>  South Korean wo<span class=\"_ _0\"/>n - - 1.67% 502<span class=\"ls0\">  </span>US dollar 1.67% 463<span class=\"ls0\">  </span>- - Other 5.37% 734<span class=\"ls0\">  </span>5.99% 1 <span class=\"ls6\">504</span>  2 <span class=\"ls6\">310</span>  6 <span class=\"ls6\">164</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.11% 626<span class=\"ls0\">  </span>4.29% 3 <span class=\"ls6\">158</span>  Chinese yuan 3.87% 34<span class=\"ls0\">  </span>1.78% 194<span class=\"ls0\">  </span>Euro 2.27% 21<span class=\"ls0\"> </span>654<span class=\"ls0\">  </span>2.11% 27<span class=\"ls0\"> </span>553<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 4.35% 3 <span class=\"ls6\">611</span>  4.43% 2 <span class=\"ls6\">937</span>  South Korean wo<span class=\"_ _0\"/>n 3.85% 31<span class=\"ls0\">  </span>0.87% 1 <span class=\"ls6\">695</span>  US dollar 4.93% 59<span class=\"ls0\"> </span>399<span class=\"ls0\">  </span>5.41% 46<span class=\"ls0\"> </span>288<span class=\"ls0\">  </span>Other 8.09% 1 <span class=\"ls6\">165</span>  9.62% 841<span class=\"ls0\">  </span>86<span class=\"ls0\"> </span>520<span class=\"ls0\">  </span>82<span class=\"ls0\"> </span>667<span class=\"ls0\">  </span>As at 31 December 2022, the total carrying amount of the flo<span class=\"_ _0\"/>ating and fixed rate interest-bearing financial liabilities before hedging <span class=\"_ _3\"/>as <span class=\"_ _3\"/>listed <span class=\"_ _3\"/>above <span class=\"_ _3\"/>includes <span class=\"_ _3\"/>bank o<span class=\"_ _3\"/>verdrafts o<span class=\"_ _3\"/>f <span class=\"_ _2\"/><span class=\"ls3\">83</span>m US <span class=\"_ _3\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">53</span></span>m<span class=\"_ _3\"/> US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). As <span class=\"_ _3\"/>disclosed <span class=\"_ _3\"/>in the above <span class=\"_ _1\"/>table, 4 557m <span class=\"_ _1\"/>US dollar <span class=\"_ _0\"/>or 5.7% <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>co<span class=\"_ _3\"/>mpan<span class=\"ff4\">y\u2019s <span class=\"_ _0\"/>interest<span class=\"ff2\">-bearing financial <span class=\"_ _1\"/>liabilities bears <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rest a<span class=\"_ _1\"/>t a variable<span class=\"_ _1\"/> </span></span>rate.  The sensitivity analysis ha<span class=\"_ _0\"/>s been prepared <span class=\"_ _1\"/>ba<span class=\"_ _3\"/>sed on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e exposure <span class=\"_ _1\"/>to<span class=\"_ _3\"/> interest rat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s for the <span class=\"_ _0\"/>floating rate <span class=\"_ _1\"/>debt after hedging, assuming the <span class=\"_ _0\"/>amount <span class=\"_ _0\"/>of liabilit<span class=\"_ _1\"/>y<span class=\"_ _3\"/> outstanding <span class=\"_ _1\"/>at re<span class=\"_ _3\"/>porting <span class=\"_ _0\"/>date was <span class=\"_ _0\"/>outstanding <span class=\"_ _0\"/>for the <span class=\"_ _1\"/>whole year. The <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany e<span class=\"_ _1\"/>s<span class=\"_ _3\"/>timates that <span class=\"_ _6\"/>an <span class=\"_ _6\"/>increase <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _2\"/>decrease <span class=\"_ _6\"/>of <span class=\"_ _6\"/>100 <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>points <span class=\"_ _2\"/>represents <span class=\"_ _6\"/>a <span class=\"_ _6\"/>reasonably <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _2\"/>applicable <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>rates. Accordingly, if interest rates had been higher/lower by 100 bas<span class=\"_ _3\"/>is <span class=\"_ _3\"/>points, with all other variables held constant, the interest 1expense wo<span class=\"_ _1\"/>u<span class=\"_ _3\"/>ld <span class=\"_ _1\"/>have been <span class=\"_ _1\"/><span class=\"ls8\">46<span class=\"ls0\">m<span class=\"_ _3\"/> <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>higher/lower <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 <span class=\"_ _1\"/>December 2021</span></span>: <span class=\"_ _1\"/>20m US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>This<span class=\"_ _3\"/> <span class=\"_ _1\"/>impact would <span class=\"_ _1\"/>have <span class=\"_ _1\"/>been 1more than offset by <span class=\"_ _3\"/><span class=\"ls3\">93</span>m US dollar higher/lower interest income on i<span class=\"_ _3\"/>nterest-bearing fin<span class=\"_ _3\"/>ancial assets (31 December 2021: 81m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dolla<span class=\"_ _3\"/>r). <span class=\"_ _3\"/>Additionally, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pre<span class=\"_ _3\"/>-tax <span class=\"_ _2\"/>impact <span class=\"_ _2\"/>on <span class=\"_ _3\"/>equity<span class=\"_ _3\"/> <span class=\"_ _3\"/>reserves <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>hed<span class=\"_ _3\"/>ging <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>would not have been significant. Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Financial liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> measured a<span class=\"_ _1\"/>t <span class=\"_ _3\"/>amorti<span class=\"_ _1\"/>z<span class=\"_ _3\"/>ed cost <span class=\"ff4\">\u2013</span> not hedged<span class=\"_ _1\"/> (3 641) (3 836) Fair value hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  (20)<span class=\"ls0\"> </span>(6)<span class=\"ls0\"> </span>Cash flow hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  24<span class=\"ls0\">  </span>17<span class=\"ls0\">  </span>Net investment he<span class=\"_ _0\"/>dges - hedging<span class=\"_ _0\"/> instruments<span class=\"_ _0\"/> (interest componen<span class=\"_ _0\"/>t)  (1)<span class=\"ls0\"> </span>- Economic hedge<span class=\"_ _1\"/>s 42<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>(3 597) (3 684) E)<span class=\"ls0\"> <span class=\"_ _24\"> </span>COMMODITY PRICE RISK </span>The <span class=\"_ _5\"> </span>commodity <span class=\"_ _4\"> </span>markets <span class=\"_ _5\"> </span>have <span class=\"_ _4\"> </span>experienced <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>are <span class=\"_ _5\"> </span>expected <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>continue <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>experience <span class=\"_ _5\"> </span>price <span class=\"_ _4\"> </span>fluctuations. <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev therefore <span class=\"_ _7\"/>uses <span class=\"_ _7\"/>both <span class=\"_ _7\"/>fixed <span class=\"_ _7\"/>price <span class=\"_ _7\"/>purchasing <span class=\"_ _7\"/>contracts <span class=\"_ _7\"/>and <span class=\"_ _7\"/>commodity <span class=\"_ _7\"/>derivatives <span class=\"_ _7\"/>to <span class=\"_ _6\"/>m<span class=\"_ _3\"/>anage <span class=\"_ _7\"/>the <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xposure <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>price volatility. The most significa<span class=\"_ _3\"/>nt commodity exposures as at 31 December 202<span class=\"_ _3\"/>2 and 31 December 2021 are included in <span class=\"_ _3\"/>the table below (expressed in outstanding notional amounts): Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Aluminum 2 <span class=\"ls6\">165</span>  1 <span class=\"ls6\">241</span>  Energy 417<span class=\"ls0\">  </span>350<span class=\"ls0\">  </span>Corn 321<span class=\"ls0\">  </span>292<span class=\"ls0\">  </span>Wheat<span class=\"ls0\"> </span>127<span class=\"ls0\">  </span>129<span class=\"ls0\">  </span>Plastic 122<span class=\"ls0\">  </span>93<span class=\"ls0\">  </span>Rice 100<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Sugar 95<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>3 <span class=\"ls6\">348</span>  2 <span class=\"ls6\">274</span>  Commodity price sensitivity analysis The impact <span class=\"_ _1\"/>of changes <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>commodity pr<span class=\"_ _0\"/>ices wo<span class=\"_ _0\"/>uld <span class=\"_ _0\"/>not <span class=\"_ _0\"/>have had<span class=\"_ _0\"/> a <span class=\"_ _1\"/>material im<span class=\"_ _0\"/>pact on <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>pro<span class=\"_ _3\"/>fit <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>20<span class=\"_ _3\"/>22 <span class=\"_ _1\"/>as most of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>exposure is<span class=\"_ _3\"/> hedged <span class=\"_ _3\"/>using <span class=\"_ _3\"/>derivative <span class=\"_ _3\"/>contracts <span class=\"_ _3\"/>and <span class=\"_ _3\"/>designated <span class=\"_ _3\"/>in <span class=\"_ _3\"/>hedge accoun<span class=\"_ _3\"/>ting in <span class=\"_ _3\"/>accordance <span class=\"_ _3\"/>with 1IFRS 9 rules.<span class=\"fs6\"> </span>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>bel<span class=\"_ _3\"/>ow <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ow <span class=\"_ _1\"/>the <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>impact t<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>t <span class=\"_ _f\"/>ch<span class=\"_ _3\"/>anges <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>price <span class=\"_ _0\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>commodities, <span class=\"_ _1\"/>for <span class=\"_ _1\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>held <span class=\"_ _1\"/>material derivative exposures as at 31 December 2022 and 31 December 2021, would have on t<span class=\"_ _0\"/>he equity reserves.22022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Pre-tax impact o<span class=\"_ _1\"/>n <span class=\"_ _3\"/>equity . Pre-tax impact o<span class=\"_ _0\"/>n equity Volatility of Prices Prices Volatility of Prices Prices 2increase decrease prices in %2Million US dol<span class=\"_ _0\"/>lar prices in %increase decrease Aluminum 30.71% 665<span class=\"ls0\">  </span>(665)<span class=\"ls0\"> </span>23.09% 287<span class=\"ls0\">  </span>(287)<span class=\"ls0\"> </span>Energy 49.37% 206<span class=\"ls0\">  </span>(206)<span class=\"ls0\"> </span>25.88% 91<span class=\"ls0\">  </span>(91)<span class=\"ls0\"> </span>Corn 22.44% 72<span class=\"ls0\">  </span>(72)<span class=\"ls0\"> </span>23.26% 68<span class=\"ls0\">  </span>(68)<span class=\"ls0\"> </span>Wheat<span class=\"ls0\"> </span>51.59% 66<span class=\"ls0\">  </span>(66)<span class=\"ls0\"> </span>29.24% 38<span class=\"ls0\">  </span>(38)<span class=\"ls0\"> </span>Plastic 32.31% 25<span class=\"ls0\">  </span>(25)<span class=\"ls0\"> </span>28.68% 27<span class=\"ls0\">  </span>(27)<span class=\"ls0\"> </span>Rice 19.31% 19<span class=\"ls0\">  </span>(19)<span class=\"ls0\"> </span>15.96% 14<span class=\"ls0\">  </span>(14)<span class=\"ls0\"> </span>Sugar 22.17% 21<span class=\"ls0\">  </span>(21)<span class=\"ls0\"> </span>26.39% 22<span class=\"ls0\">  </span>(22)<span class=\"ls0\"> </span>F)<span class=\"ls0\"> <span class=\"_ _21\"> </span>EQUITY PRICE RISK  </span>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>enters <span class=\"_ _6\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _6\"/>equity <span class=\"_ _7\"/>swap <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>h<span class=\"_ _3\"/>edge <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>price<span class=\"_ _3\"/> <span class=\"_ _6\"/>risk <span class=\"_ _7\"/>on <span class=\"_ _7\"/>its <span class=\"_ _7\"/>shares <span class=\"_ _6\"/>in <span class=\"_ _7\"/>connection <span class=\"_ _7\"/>with <span class=\"_ _6\"/>its <span class=\"_ _7\"/>share<span class=\"_ _6\"/>-based payments <span class=\"_ _6\"/>programs, <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>disclosed <span class=\"_ _6\"/>in <span class=\"_ _6\"/>Note <span class=\"_ _2\"/>24 <span class=\"_ _7\"> </span><span class=\"ff5\">Share-based <span class=\"_ _6\"/>Payments.</span> <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _6\"/>also <span class=\"_ _6\"/>hedges <span class=\"_ _6\"/>its <span class=\"_ _6\"/>exposure <span class=\"_ _6\"/>arising <span class=\"_ _6\"/>from shares issu<span class=\"_ _3\"/>ed in conn<span class=\"_ _3\"/>ection with the <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB combinati<span class=\"_ _3\"/>ons (see a<span class=\"_ _3\"/>lso Note <span class=\"_ _3\"/>11 <span class=\"_ _2\"/><span class=\"ff5\">Finance c<span class=\"_ _3\"/>ost and <span class=\"_ _3\"/>income</span>). <span class=\"_ _3\"/>These derivatives do not qualify for hedge accounting and the chan<span class=\"_ _0\"/>ges in fair value are recorded in<span class=\"_ _3\"/> the profit or loss. As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n <span class=\"_ _3\"/>exposure <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _3\"/>equivalent <span class=\"_ _2\"/>of <span class=\"_ _2\"/>100.5m <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>was <span class=\"_ _2\"/>hedged, <span class=\"_ _2\"/>resulting <span class=\"_ _3\"/>in <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>total gain<span class=\"ls0\"> <span class=\"_ _6\"/>of <span class=\"_ _6\"/></span>605<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _7\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _6\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _6\"/>account <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period, <span class=\"_ _6\"/>of <span class=\"_ _7\"/>which <span class=\"_ _7\"/></span>331<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e </span>company\u2019s sha<span class=\"_ _3\"/>re<span class=\"ff2\">-based payment <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>and <span class=\"_ _3\"/><span class=\"ls3\">274</span>m US <span class=\"_ _3\"/>dollar related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the Grupo <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB c<span class=\"_ _3\"/>ombinations. <span class=\"_ _3\"/>As </span>at <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>for <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>swap <span class=\"_ _2\"/>d<span class=\"_ _3\"/>erivatives <span class=\"_ _2\"/>amo<span class=\"_ _3\"/>unted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>4.8<span class=\"_ _3\"/> <span class=\"_ _2\"/>billion<span class=\"_ _3\"/> <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _6\"/>(31 <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>20<span class=\"_ _3\"/>21: <span class=\"_ _2\"/>5<span class=\"_ _3\"/>.4 billion US dollar). Equity price sensitivity analysis The <span class=\"_ _0\"/>sensitivity <span class=\"_ _1\"/>analysis on <span class=\"_ _1\"/>the <span class=\"_ _0\"/>equity <span class=\"_ _0\"/>swap <span class=\"_ _0\"/>derivatives, <span class=\"_ _1\"/>calculated ba<span class=\"_ _0\"/>sed o<span class=\"_ _1\"/>n a 27.53% <span class=\"_ _1\"/>(2021<span class=\"ls2\">: </span>26.51%) <span class=\"_ _1\"/>reasonably p<span class=\"_ _0\"/>ossible volatility <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>AB <span class=\"_\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_\"> </span>share <span class=\"_\"> </span>price, <span class=\"_\"> </span>with <span class=\"_\"> </span>all <span class=\"_\"> </span>the <span class=\"_\"> </span>other <span class=\"_\"> </span>variables <span class=\"_\"> </span>held <span class=\"_\"> </span>c<span class=\"_ _3\"/>onstant, <span class=\"_\"> </span>would <span class=\"_\"> </span>show <span class=\"_ _a\"> </span>1 <span class=\"_\"> </span>660m <span class=\"_\"> </span>US <span class=\"_\"> </span>dolla<span class=\"_ _3\"/>r positive/negative impact on the 2022 profit before tax (31 December 2021<span class=\"lsc\">: <span class=\"_ _3\"/></span>1 604m US dollar). G)<span class=\"ls0\"> <span class=\"_ _15\"> </span>CREDIT RISK </span>Credit risk <span class=\"_ _3\"/>encompasses all forms of c<span class=\"_ _3\"/>ounterparty exposure, i.e., <span class=\"_ _3\"/>where counterparties may default on <span class=\"_ _3\"/>their obligations to AB InBev i<span class=\"_ _0\"/>n relation <span class=\"_ _1\"/>to lending, hedging, <span class=\"_ _1\"/>settlement and other<span class=\"_ _1\"/> financial activities. The <span class=\"_ _1\"/>company has a <span class=\"_ _1\"/>credit policy in <span class=\"_ _1\"/>place<span class=\"_ _2\"/> and the exposure to counterparty credit risk is monitored.  AB InBev <span class=\"_ _3\"/>mitigates its exposure th<span class=\"_ _3\"/>rough a variety of m<span class=\"_ _3\"/>echanisms. It has established <span class=\"_ _3\"/>minimum counterparty credit ratings and enters <span class=\"_ _1\"/>in<span class=\"_ _3\"/>to tra<span class=\"_ _0\"/>nsactions only wi<span class=\"_ _0\"/>th financial <span class=\"_ _1\"/>institutions of investment <span class=\"_ _1\"/>grade r<span class=\"_ _3\"/>ating. The <span class=\"_ _1\"/>comp<span class=\"_ _3\"/>any mo<span class=\"_ _0\"/>nitors counterpart<span class=\"_ _0\"/>y credit exposures closely a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> reviews <span class=\"_ _0\"/>any external down<span class=\"_ _0\"/>grade in credit ra<span class=\"_ _0\"/>ting immediately. To <span class=\"_ _1\"/>m<span class=\"_ _3\"/>itigate pre<span class=\"_ _3\"/>-settlement risk, counterparty <span class=\"_ _4\"> </span>minimum <span class=\"_ _4\"> </span>credit <span class=\"_ _4\"> </span>standards <span class=\"_ _4\"> </span>become <span class=\"_ _4\"> </span>more <span class=\"_ _4\"> </span>stringent <span class=\"_ _4\"> </span>with <span class=\"_ _5\"> </span>in<span class=\"_ _3\"/>creases <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>duration <span class=\"_ _4\"> </span>o<span class=\"_ _2\"/>f <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>derivatives. <span class=\"_ _4\"> </span>To minimize <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>concentration <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ounterparty <span class=\"_ _5\"> </span>credit <span class=\"_ _4\"> </span>risk, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company <span class=\"_ _4\"> </span>enters <span class=\"_ _4\"> </span>into <span class=\"_ _4\"> </span>derivative <span class=\"_ _4\"> </span>transactions <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>different<span class=\"_ _1\"/> financial institutions. The <span class=\"_ _2\"/>company <span class=\"_ _3\"/>also <span class=\"_ _3\"/>h<span class=\"_ _3\"/>as <span class=\"_ _3\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _2\"/>agreements <span class=\"_ _3\"/>with <span class=\"_ _2\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>institutions <span class=\"_ _2\"/>that <span class=\"_ _6\"/>are <span class=\"_ _2\"/>counterparties <span class=\"_ _3\"/>to <span class=\"_ _2\"/>over <span class=\"_ _3\"/>the counter <span class=\"_ _2\"/>(OTC) <span class=\"_ _6\"/>derivatives. <span class=\"_ _2\"/>These <span class=\"_ _6\"/>agreements <span class=\"_ _2\"/>allo<span class=\"_ _3\"/>w <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>et <span class=\"_ _2\"/>settlement <span class=\"_ _6\"/>of <span class=\"_ _2\"/>assets <span class=\"_ _6\"/>and <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>arising <span class=\"_ _2\"/>from <span class=\"_ _6\"/>different transactions <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>the same <span class=\"_ _1\"/>counterparty. <span class=\"_ _1\"/>Based on <span class=\"_ _1\"/>these <span class=\"_ _1\"/>factors, AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>considers <span class=\"_ _1\"/>the im<span class=\"_ _0\"/>pact o<span class=\"_ _1\"/>f the <span class=\"_ _1\"/>r<span class=\"_ _2\"/>isk <span class=\"_ _1\"/>of counterparty<span class=\"_ _1\"/> default as at 31 December 2022 to be limited.<span class=\"ff1\"> </span>Exposure to credit risk The carrying amount of financi<span class=\"_ _1\"/>al<span class=\"_ _3\"/> assets represents t<span class=\"_ _0\"/>he maximum credit exposure of t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> company. The carry<span class=\"_ _0\"/>ing amount is 1presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Net carrying Net carrying Million US dol<span class=\"_ _0\"/>lar Gross Impairment<span class=\"_ _0\"/> amount Gross Impairment amount Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 <span class=\"ls6\">973</span>  - 9 <span class=\"ls6\">973</span>  12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>- 12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>Trade receivable<span class=\"_ _1\"/>s 3 <span class=\"ls6\">980</span>  (343)<span class=\"ls0\"> </span>3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">796</span>  (331)<span class=\"ls0\"> </span>3 <span class=\"ls6\">465</span>  Other receivables 1 <span class=\"ls6\">545</span>  (68)<span class=\"ls0\"> </span>1 <span class=\"ls6\">477</span>  1 <span class=\"ls6\">272</span>  (65)<span class=\"ls0\"> </span>1 <span class=\"ls6\">207</span>  Derivatives 391<span class=\"ls0\">  </span>- 391<span class=\"ls0\">  </span>            <span class=\"ls6\">669</span>  -             <span class=\"ls6\">669</span>  Cash deposit<span class=\"_ _1\"/>s<span class=\"_ _3\"/> for guaran<span class=\"_ _0\"/>tees 189<span class=\"ls0\">  </span>- 189<span class=\"ls0\">  </span>            <span class=\"ls6\">168</span>  -             <span class=\"ls6\">168</span>  Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s 155<span class=\"ls0\">  </span>(5)<span class=\"ls0\"> </span>149<span class=\"ls0\">  </span>            <span class=\"ls6\">145</span>  (6)<span class=\"ls0\"> </span>            <span class=\"ls6\">139</span>  Investment in deb<span class=\"_ _0\"/>t securitie<span class=\"_ _0\"/>s 123<span class=\"ls0\">  </span>- 123<span class=\"ls0\">  </span>            <span class=\"ls6\">396</span>  -             <span class=\"ls6\">396</span>  Loans to custo<span class=\"_ _1\"/>mers 81<span class=\"ls0\">  </span>- 81<span class=\"ls0\">  </span>            <span class=\"ls6\">117</span>  -             <span class=\"ls6\">117</span>  16<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>(416)<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>019<span class=\"ls0\">  </span>18<span class=\"ls0\"> </span>660<span class=\"ls0\">  </span>(402)<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>258<span class=\"ls0\">  </span>There was no <span class=\"_ _3\"/>significant concentration of credit <span class=\"_ _3\"/>risks with any single co<span class=\"_ _3\"/>unterparty as of <span class=\"_ _2\"/>31 December 2022<span class=\"_ _3\"/> and no si<span class=\"_ _3\"/>ngle customer represented more than 10% of the total revenue of the group in <span class=\"_ _3\"/>2022. Impairment losses 1The allowance for impairment recognized during the period on financial assets was as follows:31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r (402)<span class=\"ls0\"> </span>(376)<span class=\"ls0\"> </span>Impairment losse<span class=\"_ _1\"/>s (38)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>Derecognition<span class=\"_ _1\"/> 24<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>Currency tran<span class=\"_ _0\"/>slation and o<span class=\"_ _0\"/>ther 1 (19)<span class=\"ls0\"> </span>Balance at end<span class=\"_ _0\"/> of period (416)<span class=\"ls0\"> </span>(402)<span class=\"ls0\"> </span>H)<span class=\"ls0\"> <span class=\"_ _18\"> </span>LIQUIDITY RISK </span>Historically, AB InBev\u2019s <span class=\"_ _0\"/>primary sources of <span class=\"_ _1\"/>cash flow have been ca<span class=\"_ _0\"/>sh flows from <span class=\"_ _1\"/>operating<span class=\"_ _3\"/> a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>tivities, the i<span class=\"_ _1\"/>s<span class=\"_ _3\"/>suance of <span class=\"_ _0\"/>debt, bank borrowings and equity securities. AB InBev\u2019s material c<span class=\"_ _0\"/>ash requirements have <span class=\"_ _3\"/><span class=\"ff2\">included the following: </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Debt servicing; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Capital expenditures; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Investments in companies; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff4 fs3 fc1\">Increases in ownership of AB InBev\u2019s subsidiaries or companies in which it holds equity inv<span class=\"_ _0\"/>estments;<span class=\"_ _3\"/><span class=\"ff2\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Share buyback programs; and </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Payments of dividends and <span class=\"ff4\">interest on shareholders\u2019 equity.</span> </span></span>The company believes <span class=\"_ _0\"/>that ca<span class=\"_ _0\"/>sh flows from op<span class=\"_ _1\"/>e<span class=\"_ _3\"/>rating activiti<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s, available cash <span class=\"_ _1\"/>and<span class=\"_ _3\"/> <span class=\"_ _0\"/>cash equivalents as wel<span class=\"_ _1\"/>l<span class=\"_ _3\"/> as <span class=\"_ _0\"/>short term investments, <span class=\"_ _0\"/>along <span class=\"_ _1\"/>with<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>deri<span class=\"_ _3\"/>vatives <span class=\"_ _1\"/>and access <span class=\"_ _1\"/>to borr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>wing <span class=\"_ _0\"/>facilities, <span class=\"_ _1\"/>will be <span class=\"_ _1\"/>sufficient <span class=\"_ _1\"/>t<span class=\"_ _2\"/>o fund <span class=\"_ _1\"/>capital ex<span class=\"_ _0\"/>penditures, financial <span class=\"_ _0\"/>instrument <span class=\"_ _1\"/>liabili<span class=\"_ _3\"/>ties <span class=\"_ _1\"/>and dividend <span class=\"_ _1\"/>payments g<span class=\"_ _1\"/>oi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>forward. It <span class=\"_ _1\"/>is the<span class=\"_ _0\"/> i<span class=\"_ _1\"/>nte<span class=\"_ _3\"/>ntion <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompany t<span class=\"_ _1\"/>o continue <span class=\"_ _1\"/>to reduc<span class=\"_ _3\"/><span class=\"ls8\">e </span>its financial indebtedness through a combination of strong o<span class=\"_ _0\"/>perating cash flow generation and contin<span class=\"_ _3\"/>u<span class=\"_ _3\"/>ed refinancing. The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>are <span class=\"_ _3\"/>the <span class=\"_ _2\"/>nominal <span class=\"_ _3\"/>contractual <span class=\"_ _2\"/>maturities <span class=\"_ _3\"/>of <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>including <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>payments <span class=\"_ _3\"/>and 2derivative liabilities: 31 December 2022<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than 2Million US dol<span class=\"_ _0\"/>lar Amountflows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (76 798) (133 670) (3 273) (5 683) (3 783) (15 482) (105 450) Trade and other pa<span class=\"_ _1\"/>yables  (27 208) (27 453) (26 376) (170)<span class=\"ls0\"> </span>(349)<span class=\"ls0\"> </span>(260)<span class=\"ls0\"> </span>(297)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 492) (2 840) (618)<span class=\"ls0\"> </span>(566)<span class=\"ls0\"> </span>(414)<span class=\"ls0\"> </span>(531)<span class=\"ls0\"> </span>(712)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (393)<span class=\"ls0\"> </span>(405)<span class=\"ls0\"> </span>(371)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(10)<span class=\"ls0\"> </span>(14)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (125)<span class=\"ls0\"> </span>(193)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(78)<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(31)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>- - - - (107 199) (164 745) (30 856) (6 501) (4 <span class=\"ls6\">579)<span class=\"ls0\"> </span></span>(16 313) (106 496) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (4 763) (4 763) (4 763) - - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (192)<span class=\"ls0\"> </span>(191)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(43)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (271)<span class=\"ls0\"> </span>(251)<span class=\"ls0\"> </span>(249)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>- - - (5 492) (5 471) (5 287) (45)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (551)<span class=\"ls0\"> </span>(530)<span class=\"ls0\"> </span>(469)<span class=\"ls0\"> </span>- (43)<span class=\"ls0\"> </span>(17)<span class=\"ls0\"> </span>- 31 December 2021<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than Million US dol<span class=\"_ _0\"/>lar amount\u00b9 flows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (85 726) (152 064) (3 479) (3 596) (6 192) (13 800) (124 997) Trade and other pa<span class=\"_ _1\"/>yables  (26 442) (26 643) (25 424) (314)<span class=\"ls0\"> </span>(507)<span class=\"ls0\"> </span>(96)<span class=\"ls0\"> </span>(302)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 277) (2 429) (497)<span class=\"ls0\"> </span>(470)<span class=\"ls0\"> </span>(337)<span class=\"ls0\"> </span>(450)<span class=\"ls0\"> </span>(675)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (628)<span class=\"ls0\"> </span>(636)<span class=\"ls0\"> </span>(551)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(18)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (40)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>(11)<span class=\"ls0\"> </span>(48)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>- - - - (115 272) (182 015) (30 121) (4 481) (7 046) (14 359) (126 008) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (5 412) (5 420) (5 <span class=\"ls6\">420)<span class=\"ls0\"> </span></span>- - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (273)<span class=\"ls0\"> </span>(293)<span class=\"ls0\"> </span>(147)<span class=\"ls0\"> </span>(35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>- - - - (5 885) (5 913) (5 767) (35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (203)<span class=\"ls0\"> </span>(203)<span class=\"ls0\"> </span>(170)<span class=\"ls0\"> </span>- - (29)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>I)<span class=\"ls0\"> <span class=\"_ _d\"> </span>CAPITAL MANAGEMENT </span>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>continuously <span class=\"_ _3\"/>optimizes <span class=\"_ _2\"/>its c<span class=\"_ _3\"/>apital <span class=\"_ _3\"/>structure <span class=\"_ _3\"/>to <span class=\"_ _3\"/>maximize <span class=\"_ _3\"/>shareholder <span class=\"_ _3\"/>value <span class=\"_ _3\"/>while <span class=\"_ _3\"/>keeping <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>flexibility to <span class=\"_ _1\"/>execute <span class=\"_ _1\"/>strategic <span class=\"_ _1\"/>proj<span class=\"_ _3\"/>ects. <span class=\"_ _1\"/>AB <span class=\"_ _1\"/><span class=\"ff4\">InBev\u2019s <span class=\"_ _0\"/>capital <span class=\"_ _f\"/>structu<span class=\"_ _3\"/>re <span class=\"_ _f\"/>p<span class=\"_ _3\"/>olicy <span class=\"_ _1\"/>and <span class=\"_ _1\"/>framework <span class=\"_ _1\"/>aims <span class=\"_ _1\"/>to <span class=\"_ _1\"/>o<span class=\"_ _3\"/>ptimize <span class=\"_ _f\"/>s<span class=\"_ _3\"/>hareholder <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _1\"/>through </span>cash <span class=\"_ _3\"/>flow <span class=\"_ _2\"/>distribution <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>from <span class=\"_ _3\"/>its<span class=\"_ _3\"/> <span class=\"_ _3\"/>subsidiaries, <span class=\"_ _3\"/>while <span class=\"_ _3\"/>maintaining<span class=\"_ _3\"/> <span class=\"_ _3\"/>an <span class=\"_ _3\"/>investment<span class=\"_ _3\"/>-grad<span class=\"_ _3\"/>e <span class=\"_ _3\"/>rating <span class=\"_ _3\"/>and <span class=\"_ _3\"/>m<span class=\"_ _3\"/>inimizing investments <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>returns be<span class=\"_ _0\"/>low <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>wei<span class=\"ff2\">ghted average <span class=\"_ _1\"/>cost <span class=\"_ _1\"/>of capital. <span class=\"_ _1\"/>Besides t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _1\"/>statutory <span class=\"_ _1\"/>m<span class=\"_ _3\"/>inimum <span class=\"_ _1\"/>equity funding<span class=\"_ _1\"/> </span>requirements that <span class=\"_ _3\"/>apply to<span class=\"_ _3\"/> the company\u2019s s<span class=\"_ _3\"/>ubsidiaries in <span class=\"_ _3\"/>the different <span class=\"_ _3\"/>countries, AB InBev<span class=\"_ _3\"/> is n<span class=\"_ _3\"/>ot subject <span class=\"_ _3\"/>to any <span class=\"_ _3\"/>externally imposed <span class=\"_ _3\"/>capital <span class=\"_ _3\"/>requirements. <span class=\"_ _3\"/>Management <span class=\"_ _3\"/>uses <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>d<span class=\"_ _3\"/><span class=\"ff4\">ebt/equity <span class=\"_ _3\"/>classifications <span class=\"_ _3\"/>as <span class=\"_ _3\"/>applied <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>IFRS </span>reporting to analyze the capital structure. J)<span class=\"ls0\"> <span class=\"_ _22\"> </span>FAIR VALUE </span>The <span class=\"_ _1\"/>following <span class=\"_ _1\"/>table <span class=\"_ _1\"/>summ<span class=\"_ _3\"/>arizes <span class=\"_ _f\"/>for <span class=\"_ _0\"/>each <span class=\"_ _f\"/>ty<span class=\"_ _3\"/>pe <span class=\"_ _1\"/>of <span class=\"_ _1\"/>derivative <span class=\"_ _1\"/>the <span class=\"_ _1\"/>fair <span class=\"_ _0\"/>values <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>as <span class=\"_ _1\"/>assets <span class=\"_ _1\"/>or <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>tateme<span class=\"_ _3\"/>nt 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 223<span class=\"ls0\">  </span>238<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(129)<span class=\"ls0\"> </span>(42)<span class=\"ls0\"> </span>109<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  4  - - (37)<span class=\"ls0\"> </span>4  (37)<span class=\"ls0\"> </span>Interest rate Interest rate swap<span class=\"_ _1\"/>s  - 38<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>- (5)<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  63<span class=\"ls0\">  </span>111<span class=\"ls0\"> </span>(187)<span class=\"ls0\"> </span>(273)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(162)<span class=\"ls0\"> </span>Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/>  52<span class=\"ls0\">  </span>178<span class=\"ls0\"> </span>(174)<span class=\"ls0\"> </span>(20)<span class=\"ls0\"> </span>(122)<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>Sugar futures  4  13<span class=\"ls0\"> </span>- - 4  13<span class=\"ls0\"> </span>Energy  12<span class=\"ls0\">  </span>29<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>Other commodi<span class=\"_ _0\"/>ty derivatives<span class=\"_ _1\"/>  32<span class=\"ls0\">  </span>62<span class=\"ls0\"> </span>(69)<span class=\"ls0\"> </span>(13)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Equity Equity derivati<span class=\"_ _0\"/>ves  - - (4 763) (5 412) (4 763) (5 412) 391<span class=\"ls0\">  </span>669<span class=\"ls0\"> </span>(5 492) (5 886) (5 <span class=\"ls6\">101)<span class=\"ls0\"> </span></span>(5 216) Of which: Non-curren<span class=\"_ _0\"/>t  60<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>(184)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(52)<span class=\"ls0\"> </span>Current  331<span class=\"ls0\">  </span>621<span class=\"ls0\"> </span>(5 308) (5 786) (4 977) (5 164) The following table summarizes the carrying amount and the fair v<span class=\"_ _3\"/>alue of the fixed rate interest<span class=\"_ _2\"/>-bearing financial liabilities as <span class=\"_ _5\"> </span>recognized <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>position. <span class=\"_ _5\"> </span>Floating <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>liabilities, <span class=\"_ _5\"> </span>trade <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _7\"> </span>other receivables <span class=\"_ _2\"/>and <span class=\"_ _3\"/>trade <span class=\"_ _2\"/>and <span class=\"_ _2\"/>other <span class=\"_ _3\"/>payables, <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>and <span class=\"_ _3\"/>derivative <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>have <span class=\"_ _3\"/>been <span class=\"_ _2\"/>excluded <span class=\"_ _2\"/>from the analysis as their carrying amount is a reasonable approximation of their fair value. 2Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities 31 December <span class=\"ls6\">2022</span> 31 December 2021Million US dol<span class=\"_ _0\"/>lar Carrying amount<span class=\"_ _1\"/>\u00b9 Fair value Carrying amount<span class=\"_ _1\"/>\u00b9<span class=\"_ _3\"/> Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling<span class=\"_ _0\"/> (2 148) (2 039) (3 539) (3 913) Canadian dolla<span class=\"_ _0\"/>r (515)<span class=\"ls0\"> </span>(437)<span class=\"ls0\"> </span>(549)<span class=\"ls0\"> </span>(604)<span class=\"ls0\"> </span>Other (458)<span class=\"ls0\"> </span>(448)<span class=\"ls0\"> </span>(389)<span class=\"ls0\"> </span>(420)<span class=\"ls0\"> </span>(75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market i<span class=\"_ _0\"/>nputs are <span class=\"_ _3\"/>ob<span class=\"_ _3\"/>servable: Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2022 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> <span class=\"ls7\">(non</span>-derivatives) - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 41<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 36<span class=\"ls0\">  </span>219<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 94<span class=\"ls0\">  </span>- 36<span class=\"ls0\">  </span>364<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value - - 762<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 4 <span class=\"ls6\">799</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 26<span class=\"ls0\">  </span>525<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge re<span class=\"_ _0\"/>lationship - 4  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 138<span class=\"ls0\">  </span>- 26<span class=\"ls0\">  </span>5 <span class=\"ls6\">466</span>  762<span class=\"ls0\">  </span>Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2021 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> (non-derivatives)<span class=\"_ _1\"/> - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 155<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 58<span class=\"ls0\">  </span>352<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge relationship - 17<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 87<span class=\"ls0\">  </span>- 58<span class=\"ls0\">  </span>620<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value  - - 832<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 5 <span class=\"ls6\">611</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 52<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 82<span class=\"ls0\">  </span>- 52<span class=\"ls0\">  </span>5 <span class=\"ls6\">834</span>  832<span class=\"ls0\">  </span>There <span class=\"_ _7\"/>were <span class=\"_ _6\"/>no <span class=\"_ _7\"/>significant <span class=\"_ _6\"/>changes <span class=\"_ _7\"/>in <span class=\"_ _6\"/>the <span class=\"_ _7\"/>measurement <span class=\"_ _7\"/>and <span class=\"_ _6\"/>valuation <span class=\"_ _6\"/>techniques, <span class=\"_ _7\"/>or <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _6\"/>transfers <span class=\"_ _4\"> </span>between <span class=\"_ _6\"/>the levels <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>financial <span class=\"_ _2\"/>asse<span class=\"_ _3\"/>ts <span class=\"_ _2\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>during <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period. <span class=\"_ _6\"/>Movements <span class=\"_ _6\"/>in<span class=\"_ _2\"/> <span class=\"_ _2\"/>2022 <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/><span class=\"ff4\">the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>\u201clevel <span class=\"_ _6\"/>3\u201d <span class=\"_ _6\"/>category <span class=\"_ _6\"/>of </span>financial liabilities, <span class=\"_ _1\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _0\"/>on a <span class=\"_ _1\"/>recurring basis, are <span class=\"_ _1\"/>mainly related t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> the <span class=\"_ _1\"/>settlement of def<span class=\"_ _1\"/>erre<span class=\"_ _3\"/>d consideration<span class=\"_ _0\"/> fro<span class=\"_ _3\"/>m prior years acquisitions. Non-derivative financial liabilities As <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>2012 <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>agreement <span class=\"_ _6\"/>between <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>ELJ, <span class=\"_ _3\"/>following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>acquisition <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Cervecer\u00eda <span class=\"_ _2\"/>Nacional Dominicana S.A. (\u201cCND\u201d), a forward<span class=\"ff2\">-purchase contract (com<span class=\"_ _0\"/>bination of a put option and<span class=\"_ _1\"/> p<span class=\"_ _3\"/>urchased call option) wa<span class=\"_ _1\"/>s<span class=\"_ _3\"/> put in </span>place <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>may <span class=\"_ _4\"> </span>result <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev <span class=\"_ _4\"> </span>acquiring <span class=\"_ _4\"> </span>additional <span class=\"_ _4\"> </span>shares <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>CND. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>July <span class=\"_ _4\"> </span>20<span class=\"_ _3\"/>20, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _4\"> </span>ELJ <span class=\"_ _5\"> </span>am<span class=\"_ _3\"/>ended <span class=\"_ _4\"> </span>the Shareholders\u2019 <span class=\"_ _7\"/>Agreement <span class=\"_ _7\"/>to <span class=\"_ _6\"/>extend <span class=\"_ _7\"> </span>their <span class=\"_ _7\"> </span>partnership <span class=\"_ _7\"/>and <span class=\"_ _6\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"/>the <span class=\"_ _6\"/>terms <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span><span class=\"ff2\">exercise <span class=\"_ _7\"/>date <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>call <span class=\"_ _7\"/>and <span class=\"_ _7\"/>put </span>options. <span class=\"_ _3\"/>ELJ <span class=\"_ _2\"/>currently <span class=\"_ _3\"/>holds <span class=\"_ _3\"/>15% <span class=\"_ _3\"/>of <span class=\"_ _2\"/>CND <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _2\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>is <span class=\"_ _3\"/>e<span class=\"_ _3\"/>xercisable i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>2023, <span class=\"_ _3\"/>2024 <span class=\"_ _3\"/>and <span class=\"_ _2\"/>2026.<span class=\"_ _2\"/> <span class=\"_ _3\"/>As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December<span class=\"_ _0\"/> 2022<span class=\"ls0\">, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>remaining <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>held b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>ELJ <span class=\"_ _3\"/>was <span class=\"_ _3\"/>valued <span class=\"_ _3\"/>at <span class=\"_ _6\"/>585m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>202<span class=\"_ _3\"/>1<span class=\"ls2\">: <span class=\"_ _3\"/></span>5<span class=\"ls8\">89</span>m <span class=\"_ _2\"/>US </span>dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel <span class=\"_ _0\"/>3\u201d category above. <span class=\"_ _3\"/><span class=\"ff2\"> </span>K)<span class=\"ls0\"> <span class=\"_ _18\"> </span>HEDGING RESERVES </span>The company\u2019s hedging reserves disclosed in Note 21 C<span class=\"ff5\">hanges in equity and earnings per share<span class=\"ff2\"> re<span class=\"_ _3\"/>late to the following </span></span>instruments: Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2022 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _1\"/> instrument recognized <span class=\"_ _1\"/>in <span class=\"_ _3\"/>OCI 143<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>- 182<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (331)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>(518)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2022 491<span class=\"ls0\"> </span>(476)<span class=\"ls0\"> </span>131<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2021 20<span class=\"ls0\"> </span>274<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>376<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _0\"/> instrumen<span class=\"_ _0\"/>t recognized in OC<span class=\"_ _0\"/>I 766<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>- 888<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (107)<span class=\"ls0\"> </span>(703)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>(783)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2021 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>L)<span class=\"ls0\"> <span class=\"_ _21\"> </span>OFFSETTING FINANCIAL ASSETS AND LIABILITIES </span>The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>are <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>offsetting, <span class=\"_ _3\"/>enforceable <span class=\"_ _2\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _3\"/>agreements<span class=\"_ _3\"/> <span class=\"_ _3\"/>and <span class=\"_ _3\"/>s<span class=\"_ _3\"/>imilar 12agreements:31 December 2022<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 391<span class=\"ls0\">  </span>391<span class=\"ls0\">  </span>(381)<span class=\"ls0\"> </span>10<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 492) (5 492) 381<span class=\"ls0\">  </span>(5 111) 31 December 2021<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 670<span class=\"ls0\">  </span>670<span class=\"ls0\">  </span>(651)<span class=\"ls0\"> </span>19<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 886) (5 886) 651<span class=\"ls0\">  </span>(5 235) 28.<span class=\"ls0\"> <span class=\"_ _1\"/>Collateral and con<span class=\"_ _0\"/>tractual co<span class=\"_ _1\"/>mmitments for the acquisit<span class=\"_ _0\"/>ion of propert<span class=\"_ _1\"/>y, <span class=\"_ _3\"/>plant and </span>equipment, loans<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o cu<span class=\"_ _1\"/>stomers and other Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Collateral given<span class=\"_ _0\"/> for own liabil<span class=\"_ _0\"/>ities 306<span class=\"ls0\">  </span>310<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to pur<span class=\"_ _1\"/>chase property, plan<span class=\"_ _0\"/>t and equipmen<span class=\"_ _0\"/>t 538<span class=\"ls0\">  </span>449<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quire<span class=\"_ _0\"/> loans to associates/cu<span class=\"_ _0\"/>stomers 72<span class=\"ls0\">  </span>142<span class=\"ls0\">  </span>Other commitmen<span class=\"_ _1\"/>ts 1 <span class=\"ls6\">800</span>  1 <span class=\"ls6\">943</span>  The <span class=\"_ _1\"/>collateral <span class=\"_ _1\"/>given <span class=\"_ _1\"/>for <span class=\"_ _1\"/>own <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>of 306m<span class=\"_ _0\"/> <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>as <span class=\"_ _1\"/>at <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2022 <span class=\"_ _1\"/>con<span class=\"_ _3\"/>tains <span class=\"_ _1\"/>189m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>guarantees (31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2021: <span class=\"_ _6\"/>310m<span class=\"_ _3\"/> <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _2\"/>collateral <span class=\"_ _6\"/>given <span class=\"_ _6\"/>for <span class=\"_ _2\"/>own <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>contained <span class=\"_ _6\"/><span class=\"ls3\">168</span>m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>of <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>guarantees). Such <span class=\"_ _6\"/>cash <span class=\"_ _2\"/>deposits <span class=\"_ _6\"/>are <span class=\"_ _2\"/>a <span class=\"_ _6\"/>customary <span class=\"_ _2\"/>feature <span class=\"_ _6\"/>associated <span class=\"_ _2\"/>with <span class=\"_ _2\"/>l<span class=\"_ _3\"/>itigations <span class=\"_ _2\"/>in <span class=\"_ _6\"/>Brazil: <span class=\"_ _2\"/>in <span class=\"_ _6\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>laws<span class=\"_ _3\"/> <span class=\"_ _2\"/>and regulations <span class=\"_ _0\"/>a <span class=\"_ _1\"/>company may <span class=\"_ _1\"/>or <span class=\"_ _1\"/>mus<span class=\"_ _3\"/>t <span class=\"_ _1\"/>(depend<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>on the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ircumstances) <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ace <span class=\"_ _1\"/>a <span class=\"_ _0\"/>deposit <span class=\"_ _0\"/>with <span class=\"_ _1\"/>a <span class=\"_ _1\"/>b<span class=\"_ _3\"/>ank d<span class=\"_ _1\"/>esign<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>by th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>co<span class=\"_ _3\"/>urt or <span class=\"_\"> </span>provide <span class=\"_\"> </span>other <span class=\"_\"> </span>security <span class=\"_\"> </span>s<span class=\"_ _0\"/>uch <span class=\"_\"> </span>as <span class=\"_\"> </span>collateral <span class=\"_ _8\"> </span>on <span class=\"_\"> </span>property, <span class=\"_\"> </span>plant <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>equipment<span class=\"_ _2\"/>, <span class=\"_\"> </span>insurance <span class=\"_\"> </span>guarantees <span class=\"_\"> </span>or <span class=\"_ _8\"> </span>letters <span class=\"_\"> </span>of guarantees. <span class=\"_ _7\"/>With <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>gard <span class=\"_ _7\"/>to <span class=\"_ _7\"/>judicial <span class=\"_ _7\"/>cases, <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>has <span class=\"_ _7\"/>made <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>appropriate <span class=\"_ _7\"/>provisions <span class=\"_ _7\"> </span>in <span class=\"_ _5\"> </span>accordance <span class=\"_ _7\"/>with <span class=\"_ _7\"/>IAS <span class=\"_ _7\"/>37 Provisions, <span class=\"_ _6\"/>Contingent <span class=\"_ _2\"/>Liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>Contingent <span class=\"_ _6\"/>Assets<span class=\"_ _3\"/><span class=\"ff2\"> <span class=\"_ _2\"/><span class=\"ff4\">\u2013<span class=\"_ _3\"/></span> <span class=\"_ _2\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _2\"/>2<span class=\"_ _3\"/>5 <span class=\"_ _2\"/></span>Provisions<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>In <span class=\"_ _6\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/><span class=\"ff2\">statement <span class=\"_ _2\"/>of </span></span>financial <span class=\"_ _4\"> </span>position, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>guarantees <span class=\"_ _8\"> </span>are <span class=\"_ _4\"> </span>presented <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>part <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>other <span class=\"_ _4\"> </span>receivables <span class=\"_\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>see <span class=\"_ _8\"> </span>Note <span class=\"_ _4\"> </span>19 <span class=\"_ _4\"> </span><span class=\"ff5\">Trade <span class=\"_ _8\"> </span>and <span class=\"_ _4\"> </span>other </span>receivables<span class=\"ff2 ls2\">. <span class=\"ls0\">The legal proceedings cov<span class=\"_ _0\"/>ered by insurance guarantees and letters of g<span class=\"_ _1\"/>u<span class=\"_ _3\"/>arantee issued by the company are </span></span>disclosed <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>29 <span class=\"_ _3\"/><span class=\"ff5\">Contingenci<span class=\"_ _3\"/>es</span><span class=\"ls2\">. <span class=\"_ _3\"/></span>The <span class=\"_ _2\"/>remaining <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>collateral <span class=\"_ _2\"/>given <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>own <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _2\"/>117m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/><span class=\"ls8\">31 </span>December 2022 (<span class=\"_ _0\"/>31 December <span class=\"_ _0\"/>2021: <span class=\"ls3\">142<span class=\"_ _0\"/><span class=\"ls0\">m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar<span class=\"ff4\">) <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ontains collat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ral on <span class=\"_ _1\"/>AB InBev\u2019s pro<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erty in <span class=\"_ _1\"/>favo<span class=\"_ _3\"/>r of<span class=\"_ _1\"/> the excise t<span class=\"_ _1\"/>ax </span></span></span>authorities, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>amount <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>which <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>determined <span class=\"_ _4\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>level<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>of <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>monthly <span class=\"_ _4\"> </span>excise <span class=\"_ _8\"> </span>taxes <span class=\"_ _8\"> </span>due, <span class=\"_ _4\"> </span>inventory <span class=\"_ _8\"> </span>levels <span class=\"_ _4\"> </span>and tr<span class=\"ls0\">ansportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that </span>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>would <span class=\"_ _1\"/>not <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>its <span class=\"_ _1\"/>obligations <span class=\"_ _1\"/>under <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>contracts <span class=\"_ _1\"/>or <span class=\"_ _1\"/>would l<span class=\"_ _1\"/>os<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pending <span class=\"_ _1\"/>judicial <span class=\"_ _1\"/>cases, the col<span class=\"ff4\">lateralized assets would be used to settle AB InBev\u2019s obligations.</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__170": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar). Other financial results for 2022 and 2021 include: 2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Net foreign exchange gains/(losses) (363) - (363) (101) - (101) Net gains/(losses) on hedging instruments (747) - (747) (562) - (562) Hyperinflation monetary adjustments - 286  286  - 152  152  Other financial income/(cost), including bank fees and taxes (239) 66  (173) (208) 48  (160) Other financial results (1 349) 352  (997) (871) 200  (671) For further information on instruments hedging AB InBev\u2019s foreign exchange risk, see Note 27 Risks arising from financial instruments. Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022  274m US dollar gain resulting from mark-to-market adjustments on derivative instruments entered into to hedge the shares issued in relation to the combination with Grupo Modelo and SAB (2021: (25)m US dollar loss); \u2022  246m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); \u2022  (22)m US dollar loss related to the remeasurement of deferred considerations on prior year acquisitions (2021: (19)m US dollar loss); \u2022  In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__169": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar). Other financial results for 2022 and 2021 include: 2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Net foreign exchange gains/(losses) (363) - (363) (101) - (101) Net gains/(losses) on hedging instruments (747) - (747) (562) - (562) Hyperinflation monetary adjustments - 286  286  - 152  152  Other financial income/(cost), including bank fees and taxes (239) 66  (173) (208) 48  (160) Other financial results (1 349) 352  (997) (871) 200  (671) For further information on instruments hedging AB InBev\u2019s foreign exchange risk, see Note 27 Risks arising from financial instruments. Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022  274m US dollar gain resulting from mark-to-market adjustments on derivative instruments entered into to hedge the shares issued in relation to the combination with Grupo Modelo and SAB (2021: (25)m US dollar loss); \u2022  246m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); \u2022  (22)m US dollar loss related to the remeasurement of deferred considerations on prior year acquisitions (2021: (19)m US dollar loss); \u2022  In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__168": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar). Other financial results for 2022 and 2021 include: 2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Net foreign exchange gains/(losses) (363) - (363) (101) - (101) Net gains/(losses) on hedging instruments (747) - (747) (562) - (562) Hyperinflation monetary adjustments - 286  286  - 152  152  Other financial income/(cost), including bank fees and taxes (239) 66  (173) (208) 48  (160) Other financial results (1 349) 352  (997) (871) 200  (671) For further information on instruments hedging AB InBev\u2019s foreign exchange risk, see Note 27 Risks arising from financial instruments. Non-underlying finance income/(cost) for 2022 and 2021 includes: \u2022  274m US dollar gain resulting from mark-to-market adjustments on derivative instruments entered into to hedge the shares issued in relation to the combination with Grupo Modelo and SAB (2021: (25)m US dollar loss); \u2022  246m US dollar gain resulting from the redemption of certain bonds (2021:(741)m US dollar loss); \u2022  (22)m US dollar loss related to the remeasurement of deferred considerations on prior year acquisitions (2021: (19)m US dollar loss); \u2022  In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation. The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__162-1": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar).The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__161": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__160-1": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609) Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.  The  decrease  was predominantly due to  a mark-to-market gain  on  derivatives  related to the  hedging of share-based payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m US dollar. In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev\u2019s interest rate risk \u2013 see also Note 27 Risks arising from financial instruments. In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7 Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar).The interest income stems from the following financial assets:Million US dollar 2022 2021 Cash and cash equivalents 235  85  Investments in debt securities held for trading 39  16  Other loans and receivables 21  12  Total 294  113  The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.     ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__159": {
   "value": "11. Finance cost and income  1Finance cost and income included in the income statement are as follows:2022 2021\u00b9 Finance Finance Finance Finance Million US dollar cost income Net cost income Net Interest income/(expense) (3 588) 294  (3 294) (3 674) 113  (3 560) Net interest on net defined benefit liabilities (73) - (73) (73) - (73) Accretion expense (782) - (782) (593) - (593) Mark-to-market - 331  331  (23) - (23) Net interest income on Brazilian tax credits - 168  168  - 118  118  Other financial results (1 349) 352  (997) (871) 200  (671) Finance income/(cost) excluding non-underlying items (5 792) 1 146 (4 646) (5 234) 431  (4 803) Non-underlying finance income/(cost) (255) 753  498  (806) - (806) Finance income/(cost) (6 047) 1 898  (4 148) (6 040) 431  (5 609)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__163-1": {
   "value": "In 2022, accretion expense includes interest on lease liabilities of  130m US dollar (2021: 123m US dollar), unwind of discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and interest on provisions of 89m US dollar (2021: 54m US dollar).Property, plant and equipment leased by the company (right-of-use assets) is detailed as follows:  2022 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 640  786  2 426  Depreciation for the period ended 31 December (398) (230) (628) 2021 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 696  523  2 219  Depreciation for the year ended 31 December (373) (201) (574) Additions to right-of-use assets in 2022 were 885m US dollar (2021: 674m 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 five 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 6 to 8 years and part of its own property under  operating  leases.  In  2022,  108m  US  dollar  was  recognized  as  income  in  the  income  statement  in  respect  of subleasing of right-of-use assets (2021: 112m US dollar). As at 31 December 2022, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 92m US dollar in the next 12 months, 253m US dollar in the years 2 through 5 and 53m US dollar after 5 years. 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. The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and 2derivative liabilities: 31 December 2022 Contractual Less More Carrying cash  than than 2Million US dollar Amountflows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative financial liabilities Unsecured bond issues  (76 798) (133 670) (3 273) (5 683) (3 783) (15 482) (105 450) Trade and other payables  (27 208) (27 453) (26 376) (170) (349) (260) (297) Lease liabilities  (2 492) (2 840) (618) (566) (414) (531) (712) Secured bank loans  (393) (405) (371) (5) (5) (10) (14) Unsecured bank loans  (100) (100) (100) - - - - Unsecured other loans  (125) (193) (34) (78) (28) (31) (23) Bank overdraft  (83) (83) (83) - - - - (107 199) (164 745) (30 856) (6 501) (4 579) (16 313) (106 496) Derivative financial liabilities Equity derivatives  (4 763) (4 763) (4 763) - - - - Foreign exchange derivatives  (265) (265) (265) - - - - Cross currency interest rate swaps  (192) (191) (9) (43) (47) (62) (30) Commodity derivatives  (271) (251) (249) (2) - - - (5 492) (5 471) (5 287) (45) (47) (62) (30) Of which: related to cash flow hedges  (551) (530) (469) - (43) (17) - 31 December 2021 Contractual Less More Carrying cash  than than Million US dollar amount\u00b9 flows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative financial liabilities Unsecured bond issues  (85 726) (152 064) (3 479) (3 596) (6 192) (13 800) (124 997) Trade and other payables  (26 442) (26 643) (25 424) (314) (507) (96) (302) Lease liabilities  (2 277) (2 429) (497) (470) (337) (450) (675) Secured bank loans  (628) (636) (551) (53) (5) (9) (18) Unsecured bank loans  (106) (106) (106) - - - - Unsecured other loans  (40) (84) (11) (48) (5) (4) (16) Bank overdraft  (53) (53) (53) - - - - (115 272) (182 015) (30 121) (4 481) (7 046) (14 359) (126 008) Derivative financial liabilities Equity derivatives  (5 412) (5 420) (5 420) - - - - Foreign exchange derivatives  (166) (166) (166) - - - - Cross currency interest rate swaps  (273) (293) (147) (35) (32) (56) (23) Commodity derivatives  (34) (34) (34) - - - - (5 885) (5 913) (5 767) (35) (32) (56) (23) Of which: related to cash flow hedges  (203) (203) (170) - - (29) (4)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__177": {
   "value": "13. Property, plant and equipment  Property, plant and equipment comprises owned and leased assets, as follows:      Million US dollar 31 December 2022 31 December 2021 Property, plant and equipment owned 24 245  24 459  Property, plant and equipment leased (right-of-use assets) 2 426  2 219  Total property, plant and equipment 26 671  26 678  31 December 2022 31 December 2021 Plant and equipment, Land and fixtures and Under Million US dollar buildings fittings construction Total Total Acquisition cost Balance at end of previous year 12 374  35 906  2 462  50 742  48 993  Effect of movements in foreign exchange (208) (729) (46) (983) (1 616) Acquisitions 27  1 340  2 912  4 279  4 739  Acquisitions through business combinations  - - - - 2  Disposals through sale and derecognition (154) (1 667) (1) (1 822) (1 301) Disposals through the sale of subsidiaries (1) (12) - (13) (51) Transfer (to)/from other asset categories 554  2 634  (3 122) 66  (23) and other movements\u00b9 Balance at end of the period 12 591  37 473  2 205  52 269  50 742  Depreciation and impairment losses Balance at end of previous year (4 292) (21 992) - (26 284) (24 802) Effect of movements in foreign exchange 82  425  - 507  813  Depreciation (423) (3 106) - (3 530) (3 384) Disposals through sale and derecognition 66  1 565  - 1 631  1 168  Disposals through the sale of subsidiaries - 8  - 8  46  Impairment losses (3) (168) - (172) (182) Transfer to/(from) other asset categories (14) (172) - (186) 57  and other movements\u00b9 Balance at end of the period (4 584) (23 440) - (28 024) (26 284) Carrying amount at 31 December 2021 8 082  13 915  2 462  24 459  24 459  at 31 December 2022 8 007  14 033  2 205  24 245  - 1As at 2022 and 2021 there were no significant restrictions on title on property, plant and equipment. Contractual commitments to purchase property, plant and equipment amounted to 538m US dollar as at 31 December 2022 compared to 449m US dollar as at 31 December 2021.  AB InBev\u2019s net capital expenditures in the statement of cash flow amounted to 4 838m US dollar in 2022 compared to 5 498m US dollar for the same period last year. Out of the total 2022 capital expenditures approximately 36% was used to improve the company\u2019s production facilities while 45% was used for logistics and commercial investments and 20% for improving administrative capabilities and for the purchase of hardware and software.    Property, plant and equipment leased by the company (right-of-use assets) is detailed as follows:  2022 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 640  786  2 426  Depreciation for the period ended 31 December (398) (230) (628) 2021 Machinery, equipment and Million US dollar Land and buildings other Total Net carrying amount at 31 December 1 696  523  2 219  Depreciation for the year ended 31 December (373) (201) (574) Additions to right-of-use assets in 2022 were 885m US dollar (2021: 674m 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 five 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 6 to 8 years and part of its own property under  operating  leases.  In  2022,  108m  US  dollar  was  recognized  as  income  in  the  income  statement  in  respect  of subleasing of right-of-use assets (2021: 112m US dollar). As at 31 December 2022, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 92m US dollar in the next 12 months, 253m US dollar in the years 2 through 5 and 53m US dollar after 5 years. 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. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__183-1": {
   "value": "14. Goodwill    Million US dollar 31 December 2022 31 December 2021 Acquisition cost Balance at end of previous year 118 461 123 702 Effect of movements in foreign exchange (3 147) (5 456) Disposals through the sale of subsidiaries (32) - Transfers (to)/from other asset categories (68) 18  Hyperinflation monetary adjustments 328  196  Balance at end of the period 115 541 118 461 Impairment losses Balance at end of previous year (2 665) (2 731) Effect of movements in foreign exchange 134  66  Balance at end of the period (2 531) (2 665) Carrying amount Balance at end of the period      113 010       115 796  The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar 31 December 2022 31 December 2021 United States        33 578         33 607  Rest of North America          1 981           2 114  Mexico        12 823         12 062  Colombia        12 692         15 344  Rest of Middle Americas        23 242         22 769  Brazil          3 508           3 280  Rest of South America          1 249           1 173  Europe          2 081           2 244  South Africa          9 551         10 231  Rest of Africa          5 131           5 287  China          3 119           3 387  Rest of Asia Pacific          3 505           3 717  Global Export and Holding Companies             549              582  Total carrying amount of goodwill      113 010       115 796  Goodwill,  which  accounted  for  approximately  53%  of  AB  InBev  total  assets  as  at  31  December  2022,  is  tested  for impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev\u2019s cash-generating units that are expected to benefit from the synergies of the combination whenever a business combination occurs.  2022 impairment testing AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value  of  the  asset  reported.  Goodwill  impairment  testing  relies  on  a  number  of  critical  judgments,  estimates  and assumptions. AB InBev believes that all of its estimates are reasonable: they are consistent with the company\u2019s internal reporting and reflect management\u2019s best estimates. However, inherent uncertainties exist, including the rate of recovery of the countries following the COVID-19 pandemic, that management may not be able to control. If the company\u2019s current assumptions  and  estimates,  including  projected  revenues  growth  rates,  competitive  and  consumer  trends,  weighted average cost of capital, terminal growth rates, and other market factors, are not met, or if valuation factors outside of the company\u2019s  control  change  unfavorably,  the  estimated  fair  value  of  goodwill  could  be  adversely affected,  leading  to  a potential impairment in the future. The company performed its annual goodwill impairment test at cash-generating unit level, which is the lowest level at which goodwill is monitored for internal management purposes.  The company\u2019s impairment testing methodology is in accordance with IAS 36 Impairment of Assets, in which fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted cash flow approach based on acquisition valuation models for the cash-generating units showing an invested capital to EBITDA multiple above 9x and valuation multiples for the other cash-generating units. The discounted cash flow approach was applied for the Colombia, Rest of Middle Americas, South Africa, Rest of Africa and Rest of Asia Pacific cash-generating units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash flow calculations were generally as follows: \u2022  Cash flows are based on AB InBev\u2019s 1-year and 10-year plan as approved by key management. The plan is prepared per cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022  Cash flows after the first 10-year plan are extrapolated generally using expected annual long-term GDP growth rates, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric;  \u2022  Projections are discounted at the unit's weighted average cost of capital (WACC), considering sensitivities on this metric;  \u2022  Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 2% and 6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generating unit 31 December 2022 31 December 2021 Colombia 8% 6% Rest of Middle Americas 9% 10% South Africa 9% 8% Rest of Africa 15% 10% Rest of Asia Pacific 7% 6% Sensitivity to change in key assumptions During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of Colombia, South Africa and Rest of Africa cash-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed by management during the annual impairment testing in 2022, an adverse change of 1% in WACC or terminal growth rate would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a cash generating unit\u2019s carrying amount to exceed its recoverable amount. Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. 15. Intangible assets   31 December 31 December 2022 2021 Commercial Million US dollar Brands intangibles Software Other Total Total Acquisition cost Balance at end of previous year 38 409 2 832 3 437 337  45 015 45 885 Effect of movements in foreign exchange  (568)  (22)  (114)  (47)  (751) (1 289) Acquisitions and expenditures 11 221 497 249 978 760 Disposals through sale and derecognition  (93) (1 058)  (272)  (15) (1 437)  (98) Disposals through the sale of subsidiaries - - - - -  (3) Transfer (to)/from other asset categories 1 (19) 53  502   (171) 365   (240) and other movements\u00b9Balance at end of period 37 741 2 026 4 050 354  44 170 45 015 Amortization and impairment losses Balance at end of previous year   (89) (2 082) (2 381)  (33) (4 585) (4 358) Effect of movements in foreign exchange 1 18 77 4 100 192 Amortization -  (141)  (479)  (27)  (647)  (644) Impairment - -  (3)  (1)  (4)  (176) Disposals through sale and derecognition - 1 058 271 10 1 339 73 Disposals through the sale of subsidiaries - - - - - 3 Transfer to/(from) other asset categories  -  (100)  (62)  (2)  (164) 326 and other movements\u00b9 Balance at end of period  (88) (1 247) (2 577)  (49) (3 961) (4 585) Carrying value at 31 December 2021 38 320 750 1 056 304 40 430 40 430 at 31 December 2022 37 652 779 1 473 305 40 209 In 2022, the company recognized (4)m US dollar impairment on intangibles compared to (176)m US dollar in 2021 when the  company  recognized  an  impairment  following  the  cessation  of  the  activities  of  Bedford  Systems,  a  70%-owned subsidiary of the company and joint venture with Keurig Dr. Pepper. Please refer to Note 8 Non-underlying items.   AB InBev is the owner of some of the world\u2019s 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\u2019s 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-1year 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 during the fourth quarter of the year or whenever a triggering event has occurred. Based on the impairment testing results, no impairment loss was allocated to intangible assets with indefinite useful lives \u2013 refer to Note 14 Goodwill. As at 31 December 2022, the carrying amount of the intangible assets amounted to 40 209m US dollar (31 December 2021: 40 430m US dollar) of which 37 652m US dollar was assigned an indefinite useful life (31 December 2021: 38 320m US dollar) and 2 557m US dollar a finite life (31 December 2021: 2 110m US dollar). Million US dollar Cash-generating unit 2022 2021 United States 21 979  22 129  Rest of North America 40  42  Mexico 3 166  2 977  Colombia 2 374  2 870  Rest of Middle Americas 3 531  3 432  Rest of South America 767  724  Europe 423  452  South Africa 2 847  3 029  Rest of Africa 1 072  1 112  China 405  440  Rest of Asia Pacific 1 048  1 113  Total carrying amount of intangible assets with indefinite useful lives 37 652  38 320  In 2022, the company expensed 268m US dollar in research, compared to 298m US dollar in 2021. The spend focused on product innovations, market research, as well as process optimization and product development. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__179": {
   "value": "14. Goodwill    Million US dollar 31 December 2022 31 December 2021 Acquisition cost Balance at end of previous year 118 461 123 702 Effect of movements in foreign exchange (3 147) (5 456) Disposals through the sale of subsidiaries (32) - Transfers (to)/from other asset categories (68) 18  Hyperinflation monetary adjustments 328  196  Balance at end of the period 115 541 118 461 Impairment losses Balance at end of previous year (2 665) (2 731) Effect of movements in foreign exchange 134  66  Balance at end of the period (2 531) (2 665) Carrying amount Balance at end of the period      113 010       115 796  The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar 31 December 2022 31 December 2021 United States        33 578         33 607  Rest of North America          1 981           2 114  Mexico        12 823         12 062  Colombia        12 692         15 344  Rest of Middle Americas        23 242         22 769  Brazil          3 508           3 280  Rest of South America          1 249           1 173  Europe          2 081           2 244  South Africa          9 551         10 231  Rest of Africa          5 131           5 287  China          3 119           3 387  Rest of Asia Pacific          3 505           3 717  Global Export and Holding Companies             549              582  Total carrying amount of goodwill      113 010       115 796  Goodwill,  which  accounted  for  approximately  53%  of  AB  InBev  total  assets  as  at  31  December  2022,  is  tested  for impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev\u2019s cash-generating units that are expected to benefit from the synergies of the combination whenever a business combination occurs.  2022 impairment testing AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value  of  the  asset  reported.  Goodwill  impairment  testing  relies  on  a  number  of  critical  judgments,  estimates  and assumptions. AB InBev believes that all of its estimates are reasonable: they are consistent with the company\u2019s internal reporting and reflect management\u2019s best estimates. However, inherent uncertainties exist, including the rate of recovery of the countries following the COVID-19 pandemic, that management may not be able to control. If the company\u2019s current assumptions  and  estimates,  including  projected  revenues  growth  rates,  competitive  and  consumer  trends,  weighted average cost of capital, terminal growth rates, and other market factors, are not met, or if valuation factors outside of the company\u2019s  control  change  unfavorably,  the  estimated  fair  value  of  goodwill  could  be  adversely affected,  leading  to  a potential impairment in the future. The company performed its annual goodwill impairment test at cash-generating unit level, which is the lowest level at which goodwill is monitored for internal management purposes.  The company\u2019s impairment testing methodology is in accordance with IAS 36 Impairment of Assets, in which fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted cash flow approach based on acquisition valuation models for the cash-generating units showing an invested capital to EBITDA multiple above 9x and valuation multiples for the other cash-generating units. The discounted cash flow approach was applied for the Colombia, Rest of Middle Americas, South Africa, Rest of Africa and Rest of Asia Pacific cash-generating units. Key assumptions The key judgments, estimates and assumptions used in the discounted cash flow calculations were generally as follows: \u2022  Cash flows are based on AB InBev\u2019s 1-year and 10-year plan as approved by key management. The plan is prepared per cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; \u2022  Cash flows after the first 10-year plan are extrapolated generally using expected annual long-term GDP growth rates, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric;  \u2022  Projections are discounted at the unit's weighted average cost of capital (WACC), considering sensitivities on this metric;  \u2022  Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 2% and 6%.  The WACC applied in US dollar nominal terms were as follows: Cash-generating unit 31 December 2022 31 December 2021 Colombia 8% 6% Rest of Middle Americas 9% 10% South Africa 9% 8% Rest of Africa 15% 10% Rest of Asia Pacific 7% 6% Sensitivity to change in key assumptions During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of Colombia, South Africa and Rest of Africa cash-generating units that show the highest invested capital to EBITDA multiple.  In the sensitivity analysis performed by management during the annual impairment testing in 2022, an adverse change of 1% in WACC or terminal growth rate would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a cash generating unit\u2019s carrying amount to exceed its recoverable amount. Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__191-1": {
   "value": "16. Investments in associates A reconciliation of the summarized  financial  information to the  carrying  amount of the company\u2019s  interests  in material associates is as follows:  2022  2021 AB InBev Anadolu AB InBev Anadolu Million US dollar Efes Castel Efes Efes Castel Efes . Balance at 1 January 1 143  3 400  201  1 135  3 566  391  Effect of movements in foreign exchange            -    (172) (57)            -    (246) (159) Dividends received             -    (87) (14)            -    (36) (67) Share of results of associates            -    152  41  7  116  35  Non-underlying share of results of associates (1 143)            -               -               -               -               -    Balance at 31 December                -  3 293  171  1 143  3 400  201  Summarized financial information of the company\u2019s material associates is as follows:      2022  2021 Million US dollar Castel Anadolu Efes AB InBev Efes Castel Anadolu Efes . Current assets          3 399           2 973   385 3 016 1 500 Non-current assets          3 679           4 654   624 3 923 3 157 Current liabilities        (1 803)        (2 581)           (693)        (1 774)        (1 259) Non-current liabilities           (439)        (1 767)             (42)           (499)        (1 218) Non-controlling interests           (564)        (1 789)                 -            (543)        (1 128) \u00b9Net assets         4 272           1 490   274 4 124 1 053 . Revenue          4 942           4 222  1 393 5 017 3 781 Profit (loss)             767              287   1  741  275 Other comprehensive income (loss)               74           1 503                  -            (295)  241 Total comprehensive income (loss)             841           1 790  1 447 516 In 2022, the company reported a (1 143)m US dollar non-underlying share of results of associates related to its investment in AB InBev Efes (for more details refer to Note 4 Use of estimates and judgments and Note 8 Non-underlying items). As of 31 December 2022, the investment has been classified as non-current asset held for sale. In 2022, associates that are not individually material contributed 106m US dollar to the results of investment in associates (31 December 2021: 90m US dollar). Following the entry of Turkey in a hyperinflation economy in 2022, the company accounted for the share of result of its Turkish associate Anadolu Efes at the December closing rate (18.718236 Turkish lira per US dollar) instead of the average rate. Additional information related to the significant associates is presented in Note 33 AB InBev Companies. LIST  OF  THE  MOST  IMPORTANT  COMPANIES  CONSOLIDATED  BY  APPLYING  THE  EQUITY  METHOD  OF 1ACCOUNTING (ASSOCIATES)% economic interest as Name and registered office of associates at 31 December 2022 France Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 49 rue Fran\u00e7ois 1er - 75008 - Paris\u00b9 20.00% . Luxembourg B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 27.50% Luxembourg\u00b9 B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg\u00b9 20.00% . Netherlands AB InBev Efes B.V. - 1227 Strawinskylaan - 1077XX Amsterdam 50.00% . Turkey Anadolu Efes Biracilik Ve Malt Sanayii A.S. - Bah\u00e7elievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, 24.00% Bah\u00e7elievler Istanbul . Zimbabwe Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare 25.27%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__190-1": {
   "value": "16. Investments in associates A reconciliation of the summarized  financial  information to the  carrying  amount of the company\u2019s  interests  in material associates is as follows:  2022  2021 AB InBev Anadolu AB InBev Anadolu Million US dollar Efes Castel Efes Efes Castel Efes . Balance at 1 January 1 143  3 400  201  1 135  3 566  391  Effect of movements in foreign exchange            -    (172) (57)            -    (246) (159) Dividends received             -    (87) (14)            -    (36) (67) Share of results of associates            -    152  41  7  116  35  Non-underlying share of results of associates (1 143)            -               -               -               -               -    Balance at 31 December                -  3 293  171  1 143  3 400  201  Summarized financial information of the company\u2019s material associates is as follows:      2022  2021 Million US dollar Castel Anadolu Efes AB InBev Efes Castel Anadolu Efes . Current assets          3 399           2 973   385 3 016 1 500 Non-current assets          3 679           4 654   624 3 923 3 157 Current liabilities        (1 803)        (2 581)           (693)        (1 774)        (1 259) Non-current liabilities           (439)        (1 767)             (42)           (499)        (1 218) Non-controlling interests           (564)        (1 789)                 -            (543)        (1 128) \u00b9Net assets         4 272           1 490   274 4 124 1 053 . Revenue          4 942           4 222  1 393 5 017 3 781 Profit (loss)             767              287   1  741  275 Other comprehensive income (loss)               74           1 503                  -            (295)  241 Total comprehensive income (loss)             841           1 790  1 447 516 In 2022, the company reported a (1 143)m US dollar non-underlying share of results of associates related to its investment in AB InBev Efes (for more details refer to Note 4 Use of estimates and judgments and Note 8 Non-underlying items). As of 31 December 2022, the investment has been classified as non-current asset held for sale. In 2022, associates that are not individually material contributed 106m US dollar to the results of investment in associates (31 December 2021: 90m US dollar). Following the entry of Turkey in a hyperinflation economy in 2022, the company accounted for the share of result of its Turkish associate Anadolu Efes at the December closing rate (18.718236 Turkish lira per US dollar) instead of the average rate. Additional information related to the significant associates is presented in Note 33 AB InBev Companies. LIST  OF  THE  MOST  IMPORTANT  COMPANIES  CONSOLIDATED  BY  APPLYING  THE  EQUITY  METHOD  OF 1ACCOUNTING (ASSOCIATES)% economic interest as Name and registered office of associates at 31 December 2022 France Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 49 rue Fran\u00e7ois 1er - 75008 - Paris\u00b9 20.00% . Luxembourg B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 27.50% Luxembourg\u00b9 B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg\u00b9 20.00% . Netherlands AB InBev Efes B.V. - 1227 Strawinskylaan - 1077XX Amsterdam 50.00% . Turkey Anadolu Efes Biracilik Ve Malt Sanayii A.S. - Bah\u00e7elievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, 24.00% Bah\u00e7elievler Istanbul . Zimbabwe Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare 25.27%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__189-1": {
   "value": "16.<span class=\"ls0\"> <span class=\"_ _1\"/>Investments in associa<span class=\"_ _1\"/>t<span class=\"_ _3\"/>es </span>A <span class=\"_ _7\"/>reconciliation <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>summarized <span class=\"_ _7\"> </span>financial <span class=\"_ _7\"> </span>information <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>carrying <span class=\"_ _7\"> </span>amount <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>company\u2019s <span class=\"_ _7\"> </span>interests <span class=\"_ _7\"> </span>in <span class=\"_ _6\"/>m<span class=\"_ _3\"/>aterial associates is as follows:  <span class=\"ls6\">2022</span>  <span class=\"ls6\">2021</span> AB <span class=\"ls0\">InBev </span>Anadolu AB InBev Anadolu Million US dol<span class=\"_ _0\"/>lar Efes Castel Efes Efes Castel Efes . Balance at 1 Jan<span class=\"_ _1\"/>uary 1 <span class=\"ls6\">143</span>  3 <span class=\"ls6\">400</span>  201<span class=\"ls0\">  </span>1 <span class=\"ls6\">135</span>  3 <span class=\"ls6\">566</span>  391<span class=\"ls0\">  </span>Effect of movemen<span class=\"_ _1\"/>ts in foreign exchang<span class=\"_ _0\"/>e            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(172)<span class=\"ls0\"> </span>(57)<span class=\"ls0\"> </span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(246)<span class=\"ls0\"> </span>(159)<span class=\"ls0\"> </span>Dividends recei<span class=\"_ _0\"/>ved             -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(87)<span class=\"ls0\"> </span>(14)<span class=\"ls0\"> </span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>(36)<span class=\"ls0\"> </span>(67)<span class=\"ls0\"> </span>Share of results<span class=\"_ _1\"/> <span class=\"_ _3\"/>of associa<span class=\"_ _0\"/>tes            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>152<span class=\"ls0\">  </span>41<span class=\"ls0\">  </span>7  116<span class=\"ls0\">  </span>35<span class=\"ls0\">  </span>Non-unde<span class=\"_ _0\"/>rlying share of resul<span class=\"_ _0\"/>ts of asso<span class=\"_ _0\"/>ciates (1<span class=\"ls0\"> <span class=\"ls6\">143)</span> </span>           -<span class=\"ls15\">   </span>            -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>           -<span class=\"ls15\">   <span class=\"_ _0\"/><span class=\"ls0\"> </span></span>Balance at 31 Dec<span class=\"_ _0\"/>ember                -  3 <span class=\"ls6\">293</span>  171<span class=\"ls0\">  </span>1 <span class=\"ls6\">143</span>  3 <span class=\"ls6\">400</span>  201<span class=\"ls0\">  </span>Summarized financial information of the company\u2019s material associates i<span class=\"_ _0\"/>s as follows:<span class=\"_ _3\"/><span class=\"ff2 fs6\"> <span class=\"fs3\"> </span> <span class=\"fs3\">  </span></span> <span class=\"ls6\">2022</span>  <span class=\"ls6\">2021</span> Million US dol<span class=\"_ _0\"/>lar Castel Anadolu Efes AB <span class=\"ls0\">InBev Efes </span>Castel Anadolu Efes<span class=\"_ _0\"/> . Current assets          3 <span class=\"ls6\">399</span>           2 <span class=\"ls6\">973</span>   <span class=\"ls6\">385</span> 3 016 1 500 Non-curren<span class=\"_ _0\"/>t assets          3 <span class=\"ls6\">679</span>           4 <span class=\"ls6\">654</span>   <span class=\"ls6\">624</span> 3 923 3 157 Current liabilities<span class=\"_ _0\"/>        (1 803)        (2 581)           <span class=\"ls7\">(693)</span>        (1 774)        (1 259) Non-curren<span class=\"_ _0\"/>t liabilities           <span class=\"ls7\">(439)</span>        (1 767)             <span class=\"ls7\">(42)</span>           <span class=\"ls7\">(499)</span>        (1 218) Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests           <span class=\"ls7\">(564)</span>        (1 789)                 -            <span class=\"ls7\">(543)</span>        (1 128) \u00b9Net assets         4 <span class=\"ls6\">272</span>           1 <span class=\"ls6\">490</span>   <span class=\"ls6\">274</span> 4 124 1 053 . Revenue          4 <span class=\"ls6\">942</span>           4 <span class=\"ls6\">222</span>  1 393 5 017 3 781 Profit (loss)             <span class=\"ls6\">767</span>              <span class=\"ls6\">287</span>   1  <span class=\"ls6\">741</span>  <span class=\"ls6\">275</span> Other comprehe<span class=\"_ _0\"/>nsive income<span class=\"_ _1\"/> <span class=\"_ _3\"/>(loss)               <span class=\"ls6\">74</span>           1 <span class=\"ls6\">503</span>                  -            <span class=\"ls7\">(295)</span>  <span class=\"ls6\">241</span> Total comprehens<span class=\"_ _1\"/>iv<span class=\"_ _3\"/>e income (lo<span class=\"_ _1\"/>ss)             <span class=\"ls6\">841</span>           1 <span class=\"ls6\">790</span>  1 447<span class=\"ls0\"> </span>516<span class=\"ls0\"> </span>In 2022, <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>reported a <span class=\"_ _1\"/>(1 143)m <span class=\"_ _0\"/>US <span class=\"_ _1\"/>dollar non-underlying <span class=\"_ _1\"/>sha<span class=\"_ _3\"/>re <span class=\"_ _1\"/>of results <span class=\"_ _1\"/>of associates <span class=\"_ _0\"/>related <span class=\"_ _1\"/>to its <span class=\"_ _1\"/>investment in AB <span class=\"_ _3\"/>InBev Efes<span class=\"_ _3\"/> (for <span class=\"_ _3\"/>more details <span class=\"_ _3\"/>refer to <span class=\"_ _3\"/>Note 4 <span class=\"_ _3\"/><span class=\"ff5\">Use <span class=\"_ _3\"/>of estimates <span class=\"_ _3\"/>and judgments<span class=\"_ _3\"/></span> and <span class=\"_ _3\"/>Note 8 <span class=\"_ _3\"/><span class=\"ff5\">Non-underlying items)</span>. <span class=\"_ _3\"/>As of 31 December 2022, the investment has been classified as non-<span class=\"lsf\">cu</span>rrent asset held for sale. In<span class=\"ls0\"> 2022, associates that are n<span class=\"_ _1\"/>o<span class=\"_ _3\"/>t individually material contributed<span class=\"_ _0\"/> <span class=\"_ _3\"/><span class=\"ls3\">106</span>m US dollar<span class=\"_ _0\"/> to the results of<span class=\"_ _0\"/> investment in associates<span class=\"_ _0\"/> </span>(31 December 2021<span class=\"ls2\">: <span class=\"ls3\">90</span></span>m US dollar). Following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>entry <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>Turkey <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>a <span class=\"_ _2\"/>hyperinflation <span class=\"_ _2\"/>economy <span class=\"_ _2\"/>in <span class=\"_ _2\"/>2022, <span class=\"_ _6\"/>the <span class=\"_ _2\"/>company <span class=\"_ _2\"/>accounted <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>share <span class=\"_ _2\"/>of <span class=\"_ _6\"/>result <span class=\"_ _3\"/>of <span class=\"_ _6\"/>its Turkish a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociate <span class=\"_ _1\"/>Anadolu Efe<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>at the De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember <span class=\"_ _1\"/>closing rate <span class=\"_ _1\"/>(18.718236 Turkish <span class=\"_ _f\"/>l<span class=\"_ _3\"/>ira <span class=\"_ _1\"/>per US <span class=\"_ _1\"/>dollar) <span class=\"_ _1\"/>i<span class=\"_ _3\"/>nstead <span class=\"_ _1\"/>of<span class=\"_ _3\"/> <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>average rate. Additional information related to the significant associates is presented in Note 33 <span class=\"ff5\">AB InBev Companies</span>. 31.<span class=\"ls0\"> <span class=\"_ _1\"/>Related parties </span>TRANSACTIONS<span class=\"ff2 fc1\"> </span>WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL)<span class=\"ff2 fc1\"> </span>AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/>\u2019s <span class=\"_ _2\"/>Executive <span class=\"_ _6\"/>Committee <span class=\"_ _6\"/>members\u2019<span class=\"_ _3\"/> <span class=\"_ _2\"/>compensat<span class=\"ff2\">ion <span class=\"_ _6\"/>consists <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>s<span class=\"_ _3\"/>hort-term <span class=\"_ _2\"/>employee <span class=\"_ _6\"/>benefits <span class=\"_ _2\"/>(p<span class=\"_ _3\"/>rimarily <span class=\"_ _2\"/>salaries) </span>and<span class=\"ls0\"> <span class=\"_ _2\"/>po<span class=\"_ _3\"/>st-employment <span class=\"_ _2\"/>benefits <span class=\"_ _6\"/>from <span class=\"_ _6\"/>pension <span class=\"_ _6\"/>plans <span class=\"_ _6\"/>of <span class=\"_ _6\"/>their <span class=\"_ _6\"/>respective <span class=\"_ _2\"/>country <span class=\"_ _6\"/><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _6\"/>23 <span class=\"_ _6\"/><span class=\"ff5\">Pensions <span class=\"_ _6\"/>and <span class=\"_ _2\"/>similar </span></span>obligations<span class=\"ff2 ls2\">. <span class=\"_ _6\"/><span class=\"ls0\">Key <span class=\"_ _2\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>personnel <span class=\"_ _6\"/>are <span class=\"_ _6\"/>also <span class=\"_ _6\"/>eligible <span class=\"_ _2\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/><span class=\"ff4\">company\u2019s <span class=\"_ _2\"/>sh<span class=\"_ _3\"/>are <span class=\"_ _2\"/>option; <span class=\"_ _6\"/>restricted <span class=\"_ _2\"/>s<span class=\"_ _3\"/>tock <span class=\"_ _2\"/>and/or <span class=\"_ _6\"/>share </span></span></span>swap program (see Note 24 <span class=\"ff5\">Share-based Payments</span>). Total directors and Executive Committee compensation included in<span class=\"_ _1\"/> the income statement can be detailed as follows:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Executive Executive Million US dol<span class=\"_ _0\"/>lar Directors Committee Directors Committee\u00b9 Short-term emplo<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ee benefits                 2                <span class=\"ls6\">15</span>                  2                <span class=\"ls6\">24</span>  Termination bene<span class=\"_ _1\"/>f<span class=\"_ _3\"/>its                 -                  -                  -                  -  Share-based pay<span class=\"_ _1\"/>ment                 -                <span class=\"ls6\">35</span>                  -                <span class=\"ls6\">33</span>                  2                <span class=\"ls6\">50</span>                  2                <span class=\"ls6\">57</span>  1Directors\u2019 compensation consists mainly of directors\u2019 fees.During 2022, AB InBev entered into the following transactions: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">The <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>of <span class=\"_ _3\"/>commercial <span class=\"_ _3\"/>premises <span class=\"_ _3\"/>from <span class=\"_ _3\"/>and<span class=\"_ _3\"/> th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>sale <span class=\"_ _3\"/>of <span class=\"_ _3\"/>malt<span class=\"_ _3\"/>-based <span class=\"_ _3\"/>beverages <span class=\"_ _3\"/>and <span class=\"_ _2\"/>beer to<span class=\"_ _3\"/> <span class=\"_ _3\"/>companies <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which </span></span>one <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>company's <span class=\"_ _7\"/>Board <span class=\"_ _6\"/>M<span class=\"_ _3\"/>ember <span class=\"_ _7\"/>had <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>influence <span class=\"_ _6\"/>as<span class=\"_ _3\"/> <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2022. <span class=\"_ _7\"/>The <span class=\"_ _6\"/>tra<span class=\"_ _3\"/>nsactions happened m<span class=\"_ _3\"/>ainly <span class=\"_ _3\"/>through AB <span class=\"_ _3\"/>InBev<span class=\"_ _3\"/>\u2019s s<span class=\"_ _3\"/>ubsidiary B<span class=\"_ _3\"/><span class=\"ff2\">avaria <span class=\"_ _3\"/>S.A. <span class=\"_ _3\"/>for <span class=\"_ _3\"/>an <span class=\"_ _3\"/>aggregated <span class=\"_ _3\"/>consideration <span class=\"_ _3\"/>of <span class=\"_ _3\"/>approximately </span>33<span class=\"ls0\">m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2<span class=\"_ _3\"/>021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">19<span class=\"_ _3\"/></span></span>m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>outstanding <span class=\"_ _2\"/>balance <span class=\"_ _3\"/>of <span class=\"_ _2\"/>these <span class=\"_ _3\"/>transactions <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _3\"/>2022 </span>amounts to 1m US dollar (31 December 2021: 3m US dollar).  \u2022 <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">In <span class=\"_\"> </span>202<span class=\"_ _3\"/>1, <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_ _e\"> </span>acquired<span class=\"_ _3\"/>, <span class=\"_\"> </span>through <span class=\"_ _e\"> </span>Grupo <span class=\"_\"> </span>Modelo <span class=\"_\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>subsidiaries, <span class=\"_\"> </span>information <span class=\"_\"> </span>tech<span class=\"_ _3\"/>nology <span class=\"_\"> </span>and </span>infrastructure <span class=\"_ _6\"/>services <span class=\"_ _2\"/>for <span class=\"_ _6\"/>a <span class=\"_ _6\"/>consideration <span class=\"_ _2\"/>of <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>1m <span class=\"_ _7\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>from <span class=\"_ _2\"/>a <span class=\"_ _6\"/>company <span class=\"_ _6\"/>in <span class=\"_ _2\"/>which <span class=\"_ _6\"/>one <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>the company\u2019s Board Member had significant influence.<span class=\"ff2\"> In 2022, there were no such transactions. </span>JOINTLY CONTROLLED ENTITIES Interests <span class=\"_ _3\"/>in <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>ventures <span class=\"_ _3\"/>include three<span class=\"_ _3\"/> entities <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Brazil, <span class=\"_ _3\"/>one i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Mexico <span class=\"_ _3\"/>and one<span class=\"_ _3\"/> i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Canada. None <span class=\"_ _3\"/>of <span class=\"_ _3\"/>these <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>ventures are material to the company.<span class=\"fs6 fc5\"> </span>TRANSACTIONS WITH ASSOCIATES Significant <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rests <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>associates a<span class=\"_ _1\"/>re shown <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>note <span class=\"_ _1\"/>16 <span class=\"ff5\">Investments <span class=\"_ _1\"/>in assoc<span class=\"_ _0\"/>iates<span class=\"ff4\">. AB<span class=\"_ _1\"/> InBev\u2019s <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>with a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociates </span></span>were as follows:  Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Gross profit (4)<span class=\"ls0\"> </span>58<span class=\"ls0\">  </span>Current assets 100<span class=\"ls0\">  </span>57<span class=\"ls0\">  </span>Current liabilities<span class=\"_ _0\"/> 16<span class=\"ls0\">  </span>99<span class=\"ls0\">  </span>TRANSACTIONS WITH PENSION PLANS AB InBev\u2019s transactions with pension plans mainly comprise <span class=\"ff2\">(12)m<span class=\"_ _3\"/> US dollar other expense <span class=\"ls2\">to</span> pension plans in the US in </span>2022<span class=\"ls0\"> (</span>2021<span class=\"ls2\">: <span class=\"ls0\">(12)m US d<span class=\"_ _0\"/>ollar). </span></span>33.<span class=\"ls0\"> <span class=\"_ _1\"/>AB InBev companies<span class=\"_ _1\"/> </span>The most important AB InBev companies included in the consolidation scope are listed below<span class=\"ls2\">. </span>The complete list of the company\u2019s investments is available at AB<span class=\"ff2\"> InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. </span>1LIST OF THE MOST IMPORTANT FULLY CONSOLIDATED COMPANIES % economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of the fully conso<span class=\"_ _1\"/>lidated companies at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 . Argentina Cerveceria y Malter<span class=\"_ _0\"/>ia Quilmes<span class=\"_ _1\"/> <span class=\"_ _3\"/>Saica Y G - Charca<span class=\"_ _1\"/>s <span class=\"_ _3\"/>5160 - C14<span class=\"_ _0\"/>25BOF Bueno<span class=\"_ _1\"/>s Aires 61.62% . Belgium Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev NV - Gra<span class=\"_ _0\"/>nd Place 1 - 1000 Bru<span class=\"_ _1\"/>ssels Consolidating Brasserie de l'Abba<span class=\"_ _1\"/>ye de Leffe S.A. - Place de<span class=\"_ _1\"/> <span class=\"_ _3\"/>l'Abbaye<span class=\"_ _0\"/>, 1 - <span class=\"ls6\">5500 </span>- Dinant 98.54% Brouwerij van<span class=\"_ _0\"/> Hoegaarde<span class=\"_ _0\"/>n N.V. - Stoopkens<span class=\"_ _0\"/>straat 46 - <span class=\"ls6\">3320 </span>- Hoegaar<span class=\"_ _0\"/>den 100.00% Cobrew N.V - Brou<span class=\"_ _1\"/>werijplein 1, 3000 Leuven<span class=\"_ _0\"/> 100.00% InBev Belgium<span class=\"_ _0\"/> BV/SRL - Boulevar<span class=\"_ _1\"/>d Industriel, 21 - 1070 Anderlech<span class=\"_ _1\"/>t 100.00% . Bolivia Cervecer\u00eda Boli<span class=\"_ _1\"/>v<span class=\"_ _3\"/>iana Naciona<span class=\"_ _0\"/>l S.A. - Av. Monte<span class=\"_ _1\"/>s<span class=\"_ _3\"/> 400 &amp; Calle C<span class=\"_ _0\"/>huquisaca<span class=\"_ _1\"/> No. 121, Zona Challapa<span class=\"_ _0\"/>mpa, La 52.72% Paz . Botswana Kgalagadi Brewer<span class=\"_ _0\"/>ies (Pty) Ltd<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Plot 20768, Kudu Ro<span class=\"_ _0\"/>ad, Broadhu<span class=\"_ _1\"/>rst Industrial Estate - PO Box 1157<span class=\"_ _1\"/> <span class=\"_ _3\"/>- 31.06% Gaborone\u00b9 . Brazil Ambev S.A. - Rua<span class=\"_ _0\"/> Dr. Renato <span class=\"_ _1\"/>P<span class=\"_ _3\"/>aes de Barro<span class=\"_ _0\"/>s 1017, 3\u00b0 Andar<span class=\"_ _0\"/> Itaim Bibi, S\u00e3o<span class=\"_ _1\"/> P<span class=\"_ _3\"/>aulo 61.77% . Canada Labatt Brewing C<span class=\"_ _0\"/>ompany Limited -<span class=\"_ _1\"/> <span class=\"_ _3\"/>207 Queen's Qua<span class=\"_ _1\"/>y West, Suite 29<span class=\"_ _0\"/>9 - M5J 1A7 - Toronto 61.77% . Chile Cerveceria Chile<span class=\"_ _1\"/> <span class=\"_ _3\"/>S.A - Av. Preside<span class=\"_ _1\"/>nte Eduardo Frei Montalva<span class=\"_ _1\"/> 9600, Quilicura - <span class=\"ls6\">8700000 S<span class=\"_ _3\"/>antiago de Chile</span> 61.77% . China Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Inbev (China)<span class=\"_ _0\"/> Sales Compan<span class=\"_ _0\"/>y Limited - Shangshou<span class=\"_ _1\"/>, Qin Duan Kou, Hanyang<span class=\"_ _1\"/> Area <span class=\"_ _3\"/>- 87.22% 430051 <span class=\"ls0\">- Wuhan City, Hube<span class=\"_ _0\"/>i Province </span>Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev (Wu<span class=\"_ _0\"/>han) Brew<span class=\"_ _1\"/>ing Co., <span class=\"_ _3\"/>Ltd. - Shang<span class=\"_ _0\"/>shou, Qin Du<span class=\"_ _0\"/>an Kou, Hanyang<span class=\"_ _0\"/> Area - 43005<span class=\"_ _0\"/>1 - 84.66% Wuhan City, Hubei<span class=\"_ _1\"/> P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Sedrin <span class=\"_ _1\"/>Brewery Co., Ltd - No.1 Wes<span class=\"_ _0\"/>t Xuejin Avenue,Han<span class=\"_ _0\"/>jiang Dis<span class=\"_ _0\"/>trict - <span class=\"ls6\">351111 </span>- 87.22% Putian City, Fujian <span class=\"_ _1\"/>P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Southea<span class=\"_ _1\"/>st Sales Co., Ltd. - No.1 We<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t Xuejin Avenu<span class=\"_ _0\"/>e, Hanjiang<span class=\"_ _0\"/> District, Putian,<span class=\"_ _1\"/> 87.22% Fujian , P.R.China -<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"ls6\">351111 </span>- Putian City, Fujian<span class=\"_ _1\"/> Province Blue Girl Beer (Guan<span class=\"_ _0\"/>gzhou) C<span class=\"_ _0\"/>o. Ltd - Units 2101,21<span class=\"_ _1\"/>/F, Tower A, China<span class=\"_ _0\"/> International Cen<span class=\"_ _0\"/>tre, 33 56.69% Zhongshan San<span class=\"_ _1\"/> <span class=\"_ _3\"/>Road - <span class=\"ls6\">510000 </span>- Guangzhou<span class=\"_ _0\"/> City . Colombia Bavaria &amp; Cia S<span class=\"_ _0\"/>.C.A. - Carrer<span class=\"_ _0\"/>a 53 A, No 127<span class=\"_ _0\"/> - 35 - <span class=\"ls6\">110221 </span>- Bogota 99.16% . Czech Republ<span class=\"_ _0\"/>ic Pivovar Samson<span class=\"_ _0\"/> s.r.o. - <span class=\"ff4\">Lidick\u00e1<span class=\"_ _1\"/> <span class=\"_ _3\"/>458/51, 37001,<span class=\"_ _0\"/> \u010cesk\u00e9 Bud\u011bjovi<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e<span class=\"ff2\"> </span></span>100.00% . Dominican Repub<span class=\"_ _1\"/>li<span class=\"_ _3\"/>c Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional Domini<span class=\"_ _1\"/>cana S.A. <span class=\"_ _3\"/>- Autopis<span class=\"_ _1\"/>t<span class=\"_ _3\"/>a 30 de Ma<span class=\"_ _1\"/>y<span class=\"_ _3\"/>o Km 6<span class=\"_ _1\"/>1/<span class=\"_ _3\"/>2, Distrito Nacional -<span class=\"_ _1\"/> <span class=\"_ _3\"/>A.P. 10100 <span class=\"_ _0\"/>- 52.51% 2Santo Domingo. Ecuador Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S.A. - Via a<span class=\"_ _1\"/> <span class=\"_ _3\"/>daule k<span class=\"_ _0\"/>m 16,5 y calle <span class=\"_ _1\"/>c<span class=\"_ _3\"/>obre s/n - EC09<span class=\"_ _0\"/>0150 - Guayaquil, Gua<span class=\"_ _1\"/>yas 95.58% . El Salvador La Constancia L<span class=\"_ _1\"/>t<span class=\"_ _3\"/>da de C.V<span class=\"_ _1\"/>.<span class=\"_ _3\"/> - Avenida Independ<span class=\"_ _0\"/>encia, No 526 - <span class=\"ls13\">PBX </span>(503) 22<span class=\"_ _0\"/>09-<span class=\"ls6\">7555 </span>- San Salvador 100.00% . France AB InBev France <span class=\"_ _1\"/>S.A.S. - Immeuble Crystal, 38,<span class=\"_ _0\"/> Place Vauban - C<span class=\"_ _0\"/>.P. 59110 - La Madelein<span class=\"_ _0\"/>e 100.00% 1Germany Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Deu<span class=\"_ _0\"/>tschland GmbH <span class=\"_ _1\"/>&amp;<span class=\"_ _3\"/> Co. KG - Am Deich<span class=\"_ _1\"/> 18/19 - <span class=\"ls6\">28199 </span>- Bremen 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev German<span class=\"_ _1\"/>y Holding GmbH - Am Deich 18/19<span class=\"_ _1\"/> - <span class=\"ls6\">28199 <span class=\"_ _3\"/></span>- Bremen 100.00% . Ghana Accra Brewer<span class=\"_ _1\"/>y<span class=\"_ _3\"/> PLC - 20 Grap<span class=\"_ _0\"/>hic Road, South<span class=\"_ _0\"/> Industrial Area - Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> GP1219 - Accra<span class=\"_ _1\"/> 61.61% . Honduras Cervecer\u00eda Hondu<span class=\"_ _0\"/>re\u00f1a S.A. de<span class=\"_ _1\"/> <span class=\"_ _3\"/>C.V. - Boulevard de<span class=\"_ _0\"/>l Norte - Pos<span class=\"_ _0\"/>tal No. 86 - San Ped<span class=\"_ _0\"/>ro Sula 99.61% . Hong Kong Budweiser Brew<span class=\"_ _1\"/>ing Company APAC Limited - Sui<span class=\"_ _0\"/>tes 3012-16, Tow<span class=\"_ _1\"/>er Two, 1 Matheson Street<span class=\"_ _0\"/>, Cause<span class=\"_ _0\"/>way 87.22% Bay, Hong Kong . India Crown Beers <span class=\"_ _0\"/>India Private Li<span class=\"_ _1\"/>mi<span class=\"_ _3\"/>ted - 510/511, Miner<span class=\"_ _1\"/>va House, Sarojini De<span class=\"_ _0\"/>vi Road - <span class=\"ls6\">500003 </span>- 87.22% Secunderabad, <span class=\"_ _1\"/>Telangana Anheuser Busch <span class=\"_ _1\"/>I<span class=\"_ _3\"/>nBev India Li<span class=\"_ _1\"/>mited - <span class=\"_ _3\"/>Unit No.301-<span class=\"_ _1\"/>302, Dynasty Business Park<span class=\"_ _1\"/>,<span class=\"_ _3\"/> 3rd Floor <span class=\"_ _1\"/>A<span class=\"_ _3\"/>ndheri - Kur<span class=\"_ _0\"/>la 87.05% Road, Andheri (<span class=\"_ _1\"/>East) <span class=\"_ _3\"/>- <span class=\"ls6\">400059 </span>- Mumbai, Mah<span class=\"_ _1\"/>arashtra . Ita<span class=\"ls15\">ly</span> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Italia - Via<span class=\"_ _1\"/> Fratelli Castiglioni, 8,<span class=\"_ _0\"/> 20124 Milano MI<span class=\"_ _0\"/>, Italy 100.00% . Luxembourg Brasserie de Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg Mou<span class=\"_ _1\"/>s<span class=\"_ _3\"/>el-Diekirch S<span class=\"_ _1\"/>.<span class=\"_ _3\"/>A. - Rue de la<span class=\"_ _1\"/> <span class=\"_ _3\"/>Brasserie<span class=\"_ _0\"/>, 1 - L-<span class=\"ls6\">9214 </span>- Diekirch 95.82% . Mexico Cervecer\u00eda Mode<span class=\"_ _0\"/>lo de M\u00e9xico S<span class=\"_ _0\"/>. de R.L. de C.<span class=\"_ _1\"/>V<span class=\"_ _3\"/>. - Cerrada de Pa<span class=\"_ _1\"/>lomas 22, 6th Floor, Refor<span class=\"_ _0\"/>ma Social, 100.00% Miguel Hidalgo, 11<span class=\"_ _0\"/>650 Mexico Ci<span class=\"_ _1\"/>ty . Mozambique Cervejas De Mo<span class=\"_ _1\"/>\u00e7<span class=\"_ _3\"/>ambique SA<span class=\"_ _0\"/> - Rua do Jardi<span class=\"_ _0\"/>m 1329, Maputo 51.47% . Netherlands<span class=\"_ _0\"/> AB InBev Africa<span class=\"_ _1\"/> <span class=\"_ _3\"/>B.V. - Ceress<span class=\"_ _0\"/>traat 1 - 4811 C<span class=\"_ _1\"/>A<span class=\"_ _3\"/> - Breda<span class=\"_ _0\"/> 62.00% InBev Nederlan<span class=\"_ _0\"/>d N.V. - Ceres<span class=\"_ _0\"/>straat 1 - 4811 CA<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Breda 100.00% Interbrew Internat<span class=\"_ _1\"/>ional B.V. - Ceresstraat 1 - 4811 C<span class=\"_ _1\"/>A <span class=\"_ _3\"/>- Breda 100.00% . Nigeria International Brew<span class=\"_ _1\"/>eries PLC - 22/36 Glover<span class=\"_ _0\"/> Road, Lagos, Ikoyi\u00b9<span class=\"_ _0\"/> 43.00% . Panama Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S. de R<span class=\"_ _1\"/>.L.<span class=\"_ _3\"/> - Complejo Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>iness Par<span class=\"_ _1\"/>k, Costa del Este Torre Oe<span class=\"_ _1\"/>ste, Piso No.2 Pana<span class=\"_ _0\"/>m\u00e1 61.77% . Paraguay Cervecer\u00eda Para<span class=\"_ _0\"/>guaya S.A. - Ruta<span class=\"_ _1\"/> <span class=\"_ _3\"/>Acceso Sur<span class=\"_ _0\"/> Km 30 s/ De<span class=\"_ _1\"/>sv\u00ed<span class=\"_ _3\"/>o a Vil<span class=\"_ _1\"/>let<span class=\"_ _3\"/>a N\u00b0 825  53.96% . Peru Compania Cervecer<span class=\"_ _0\"/>a AmBe<span class=\"_ _1\"/>v<span class=\"_ _3\"/> Peru S.A.C. - Av. Lo<span class=\"_ _0\"/>s Laureles M<span class=\"_ _1\"/>z<span class=\"_ _3\"/>a. A Lt. 4 del Cen<span class=\"_ _0\"/>tro Poblado <span class=\"_ _1\"/>Menor 97.22% Santa Maria de Hua<span class=\"_ _1\"/>chipa - Lurigancho (Chosi<span class=\"_ _0\"/>ca) - 25 - Lima Uni\u00f3n de Cervecer<span class=\"_ _1\"/>\u00edas Peruanas Backus y Joh<span class=\"_ _0\"/>nston S.A.<span class=\"_ _1\"/>A<span class=\"_ _3\"/>. - Av. Nicolas Ayllon 398<span class=\"_ _0\"/>6, Ate - <span class=\"ls12\">3 </span>- Lima 93.65% . South Africa<span class=\"_ _1\"/> SABSA Holding<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (Pty) Ltd<span class=\"_ _0\"/> - 65 Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2001 </span>- Johann<span class=\"_ _1\"/>esburg 100.00% The South African<span class=\"_ _1\"/> B<span class=\"_ _3\"/>reweries<span class=\"_ _0\"/> (Pty) Ltd - <span class=\"ls6\">65 </span>Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2146 </span>- Johannesbur<span class=\"_ _1\"/>g 100.00% . South Korea<span class=\"_ _1\"/> Oriental Brewe<span class=\"_ _0\"/>ry Co Ltd - 517<span class=\"_ _0\"/>, Yeongdong-d<span class=\"_ _0\"/>aero, Gangam-gu<span class=\"_ _0\"/>, Seoul - Asem Tower 8<span class=\"_ _1\"/>th floor - Seoul 87.22% . Spain Compa\u00f1\u00eda Cerve<span class=\"_ _1\"/>cera de Canarias S.A. - C/ Mali, 7 (38<span class=\"_ _1\"/>320 La Laguna - Santa Cruz<span class=\"_ _1\"/> <span class=\"_ _3\"/>de Tenerife) 51.03% . Switzerland<span class=\"_ _1\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Procure<span class=\"_ _1\"/>ment GmbH - Suurstoffi 22 - 6343<span class=\"_ _1\"/> - Rotkreuz 100.00% . Tanzania 1Tanzania Brewe<span class=\"_ _1\"/>ries PLC - Uhuru Street, Plot No<span class=\"_ _0\"/> 79, Block AA<span class=\"_ _1\"/>,<span class=\"_ _3\"/> Mchikichini,<span class=\"_ _0\"/> Ilala District<span class=\"_ _0\"/>, Dar es Salaa<span class=\"_ _1\"/>m<span class=\"_ _3\"/>\u00b939.65% . Uganda Nile Breweries Ltd -<span class=\"_ _1\"/> <span class=\"_ _3\"/>Plot M90 <span class=\"_ _0\"/>Yusuf Lule Road,<span class=\"_ _0\"/> Njeru - P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 762 - Jinja<span class=\"_ _1\"/> 61.64% . United Kingdom<span class=\"_ _1\"/> AB InBev Holding<span class=\"_ _1\"/>s Limited - Bureau, 90 Fe<span class=\"_ _0\"/>tter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _1\"/>n 100.00% AB InBev Internat<span class=\"_ _1\"/>ional Brands Limited - AB InBev<span class=\"_ _1\"/> <span class=\"_ _3\"/>House, Chu<span class=\"_ _0\"/>rch Street Wes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>, Woking,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Surrey, GU21 6<span class=\"_ _1\"/>HT<span class=\"_ _3\"/> 100.00% AB InBev UK Limi<span class=\"_ _1\"/>ted <span class=\"_ _3\"/>- Bureau<span class=\"_ _0\"/>, 90 Fetter Lan<span class=\"_ _0\"/>e - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI SAB Group Holdin<span class=\"_ _1\"/>g Limited - Bureau, 90 Fetter<span class=\"_ _1\"/> Lane - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI UK Holding 1<span class=\"_ _1\"/> <span class=\"_ _3\"/>Limited - Burea<span class=\"_ _1\"/>u, 90 Fetter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _0\"/>n 100.00% ZX Ventures Lim<span class=\"_ _0\"/>ited - Bureau,<span class=\"_ _0\"/> 90 Fetter Lane - EC4<span class=\"_ _1\"/>A 1EN - <span class=\"ls6\">London</span> 100.00% . United States<span class=\"_ _0\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Americas Holdin<span class=\"_ _1\"/>gs LLC <span class=\"_ _3\"/>- One Bu<span class=\"_ _1\"/>sch Place - MO 63118 - St. Loui<span class=\"_ _1\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Companies LL<span class=\"_ _0\"/>C - One Bus<span class=\"_ _0\"/>ch Place - MO 63118<span class=\"_ _1\"/> <span class=\"_ _3\"/>- St. Loui<span class=\"_ _0\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Wor<span class=\"_ _0\"/>ldwide Inc. - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 631<span class=\"_ _1\"/>18 - St. Louis 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Internationa<span class=\"_ _0\"/>l LLC - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 6311<span class=\"_ _0\"/>8 - St. Lou<span class=\"_ _0\"/>is 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>LLC - One Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ch Place - MO<span class=\"_ _0\"/> 63118 - St. Louis<span class=\"_ _0\"/> 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>North Ameri<span class=\"_ _1\"/>can Holding LLC - One Busch Pla<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e - MO 63118 - St<span class=\"_ _0\"/>. Louis 100.00% MCC Holding Compan<span class=\"_ _1\"/>y LLC - One Busch<span class=\"_ _0\"/> Place - MO 63118 - <span class=\"_ _1\"/>S<span class=\"_ _3\"/>t. Louis 50.10% . Uruguay Cerveceria y Malter<span class=\"_ _0\"/>ia Paysandu<span class=\"_ _1\"/> S.A. <span class=\"_ _3\"/>- Cesar Cor<span class=\"_ _1\"/>t<span class=\"_ _3\"/>inas, 203<span class=\"_ _0\"/>7 - C.P. 1150<span class=\"_ _1\"/>0 <span class=\"_ _3\"/>Montevideo 61.77% . Vietnam Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Vie<span class=\"_ _0\"/>tnam Brew<span class=\"_ _0\"/>ery Co., Ltd - 2 VSIP II-A,<span class=\"_ _0\"/> Street No.<span class=\"_ _1\"/> <span class=\"_ _3\"/>28 - <span class=\"ls6\">820000 </span>- Tan Uyen To<span class=\"_ _1\"/>wn, 87.22% Binh Duong Pro<span class=\"_ _0\"/>vince . Zambia Zambian Brewe<span class=\"_ _0\"/>ries PLC - Plot No<span class=\"_ _0\"/> 6438, Mungwi Ro<span class=\"_ _1\"/>ad <span class=\"_ _3\"/>- P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 31293 - Lusa<span class=\"_ _1\"/>k<span class=\"_ _3\"/>a 54.02% LIST <span class=\"_ _e\"> </span>OF <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>MOST <span class=\"_ _a\"> </span>IMPORTANT <span class=\"_ _e\"> </span>COMPANIES <span class=\"_ _e\"> </span>CONSOLIDATED <span class=\"_ _e\"> </span>BY <span class=\"_ _e\"> </span>APPLYING <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>EQUITY <span class=\"_ _e\"> </span>M<span class=\"_ _3\"/>ETHOD <span class=\"_\"> </span>OF 1ACCOUNTING (ASSOCIATES)% economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of associat<span class=\"_ _0\"/>es at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 France Soci\u00e9t\u00e9 des bras<span class=\"_ _1\"/>s<span class=\"_ _3\"/>eries et gla<span class=\"_ _1\"/>ci\u00e8res internationales S.A. - 49 rue Fra<span class=\"_ _1\"/>n\u00e7ois 1er - <span class=\"ls6\">75008 <span class=\"_ _3\"/></span>- Pari<span class=\"_ _0\"/>s\u00b9 20.00% . Luxembourg B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g (Angola) Li<span class=\"_ _0\"/>mited - <span class=\"ls6\">34</span>-38 Avenue de la Libert\u00e9<span class=\"_ _1\"/> <span class=\"_ _3\"/>- <span class=\"ls6\">1930 </span>27.50% Luxembourg\u00b9 B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g Limited - <span class=\"ls6\">34</span>-38 Avenue de<span class=\"_ _0\"/> la Libert\u00e9 - 1930 Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg\u00b9<span class=\"_ _1\"/> 20.00% . Netherlands<span class=\"_ _0\"/> AB InBev Efes<span class=\"_ _0\"/> B.V. - 1227 S<span class=\"_ _0\"/>trawinskylaan - 1077X<span class=\"_ _1\"/>X Amsterdam 50.00% . Turkey Anadolu Efes Bira<span class=\"_ _0\"/>cilik Ve Mal<span class=\"_ _0\"/>t Sanayii A.<span class=\"_ _0\"/>S. - Bah\u00e7elievler Mah<span class=\"_ _0\"/>allesi, Sehi<span class=\"_ _0\"/>t Ibrahim Kopa<span class=\"_ _0\"/>rir Caddesi N<span class=\"_ _0\"/>o. 4, 24.00% Bah\u00e7elievler Istan<span class=\"_ _0\"/>bul . Zimbabwe Delta Corpora<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ion Limited - Sable<span class=\"_ _1\"/> House, Northridge Close,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Borrowd<span class=\"_ _1\"/>ale <span class=\"_ _3\"/>- P.O. Box BW<span class=\"_ _0\"/> 343 - Harare 25.27% Information t<span class=\"_ _0\"/>o our sharehol<span class=\"_ _1\"/>de<span class=\"_ _3\"/>rs<span class=\"ff1\"> </span>Earnings, divid<span class=\"_ _3\"/>ends, share and share pric<span class=\"_ _3\"/>e<span class=\"_ _3\"/><span class=\"ff1\"> </span>2018 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2020<span class=\"ls0\"> </span>2019<span class=\"ls0\"> </span>restated Cash flow from ope<span class=\"_ _0\"/>rating activi<span class=\"_ _0\"/>ties (US dollar<span class=\"_ _1\"/> per share) 6.61 7.37 5.45 6.75 7.18 Underlying earn<span class=\"_ _0\"/>ings per share (U<span class=\"_ _1\"/>S dollar per share) 3.03 2.88 2.51 3.63 4.10 Dividend (euro pe<span class=\"_ _0\"/>r share) 0.75 0.5 0.5 1.3 1.8 Share price high<span class=\"_ _0\"/> (euro per <span class=\"_ _0\"/>share) 59.53 65.34 74.49 92.71 96.7 Share price low (e<span class=\"_ _0\"/>uro per <span class=\"_ _0\"/>share) 46.27 47.00 30.97 57.47 56.84 Year-end share pr<span class=\"_ _0\"/>ice (euro pe<span class=\"_ _0\"/>r share) 56.27 53.17 57.01 72.71 57.7 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>(million  2 <span class=\"ls6\">013</span>   2 <span class=\"ls6\">007</span>   1 <span class=\"ls6\">998</span>   1 <span class=\"ls6\">984</span>   1 <span class=\"ls6\">975</span>  shares) Diluted weighted<span class=\"_ _1\"/> <span class=\"_ _3\"/>average number<span class=\"_ _1\"/> of ordinary and restricted<span class=\"_ _0\"/> shares  2 <span class=\"ls6\">050</span>   2 <span class=\"ls6\">045</span>   2 <span class=\"ls6\">037</span>   2 <span class=\"ls6\">026</span>   2 <span class=\"ls6\">014</span>  (million shares)<span class=\"_ _0\"/> Volume of shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>traded (million<span class=\"_ _0\"/> share<span class=\"_ _0\"/>s) 435<span class=\"ls0\">  </span>416<span class=\"ls0\">  </span>587<span class=\"ls0\">  </span>452<span class=\"ls0\">  </span>496<span class=\"ls0\">  </span>Information on t<span class=\"_ _3\"/>he auditors\u2019<span class=\"_ _f\"/> assignmen<span class=\"_ _3\"/>ts <span class=\"_ _3\"/><span class=\"ff1\"> </span>and related fees<span class=\"_ _3\"/><span class=\"ff1\"> </span>AB InBev\u2019s Statutory auditor is PwC Bedrijfsrevisoren BV, represented by Koen Hens, audi<span class=\"_ _0\"/>t partner. <span class=\"_ _3\"/><span class=\"ff2\"> </span>Base fe<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>auditing <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>annual finan<span class=\"_ _0\"/>cial <span class=\"_ _1\"/>s<span class=\"_ _3\"/>tatements <span class=\"_ _1\"/>of AB <span class=\"_ _1\"/>InBev <span class=\"_ _1\"/>and it<span class=\"_ _0\"/>s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>are d<span class=\"_ _0\"/>etermined <span class=\"_ _1\"/>by<span class=\"_ _3\"/> <span class=\"_ _1\"/>the shareholders meeting after review and approval <span class=\"ff4\">by the company\u2019s Audit Committee and Board of Directors.</span> Fees <span class=\"_ _3\"/>for <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>in <span class=\"_ _3\"/>relation to <span class=\"_ _3\"/>services <span class=\"_ _3\"/>provided b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>PwC Bed<span class=\"_ _3\"/>rijfsrevisoren BV <span class=\"_ _3\"/>amounted <span class=\"_ _2\"/>to <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>322k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>617k US <span class=\"_ _3\"/>dollar), <span class=\"_ _3\"/>which <span class=\"_ _2\"/>was <span class=\"_ _3\"/>composed <span class=\"_ _3\"/>of <span class=\"_ _3\"/>audit <span class=\"_ _3\"/>services <span class=\"_ _2\"/>for <span class=\"_ _3\"/>the <span class=\"_ _3\"/>annual <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>statem<span class=\"_ _2\"/>ents <span class=\"_ _3\"/>of <span class=\"_ _2\"/>2 263<span class=\"_ _3\"/>k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(<span class=\"_ _3\"/>2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>512k US dollar) and audit related services of <span class=\"ls3\">59</span>k US dollar (2021: 105k US dollar).  Fees <span class=\"_ _5\"> </span>for <span class=\"_ _4\"> </span>2022 <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>relation <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>services <span class=\"_ _5\"> </span>provided <span class=\"_ _4\"> </span>by <span class=\"_ _5\"> </span>other <span class=\"_ _5\"> </span>offices <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>PwC <span class=\"_ _5\"> </span>netwo<span class=\"_ _3\"/>rk <span class=\"_ _5\"> </span>amounted <span class=\"_ _5\"> </span>to <span class=\"_ _8\"> </span>17 <span class=\"_ _7\"> </span>8<span class=\"_ _3\"/>41k <span class=\"_ _5\"> </span>US <span class=\"_ _5\"> </span>dollar           (<span class=\"ls3\">2021</span>: 16 <span class=\"_ _1\"/>19<span class=\"_ _3\"/>8k US <span class=\"_ _1\"/>dollar), which was <span class=\"_ _1\"/>composed of audit se<span class=\"_ _0\"/>rvices for <span class=\"_ _1\"/>the annual financial <span class=\"_ _1\"/>statements of <span class=\"_ _3\"/>14 321k US <span class=\"_ _1\"/>dollar (<span class=\"ls3\">2021</span>: 13 191k US dollar), tax services of 3 185k US dollar (2021: <span class=\"_ _3\"/>2 648k US dollar),  audit related services amounting to 33<span class=\"ls0\">4k US <span class=\"_ _3\"/>Dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>281k <span class=\"_ _3\"/>US dol<span class=\"_ _3\"/>lar) and <span class=\"_ _3\"/>other s<span class=\"_ _3\"/>ervices amounting <span class=\"_ _2\"/>to <span class=\"_ _3\"/></span>nil<span class=\"ls0\"> (2021: <span class=\"_ _3\"/>78k <span class=\"_ _3\"/>US dollar), <span class=\"_ _3\"/>all o<span class=\"_ _3\"/>f which<span class=\"_ _3\"/> have <span class=\"_ _3\"/>been </span>pre-<span class=\"ff4\">approved by the company\u2019s Audit Committee.</span> Financial calendar<span class=\"_ _3\"/><span class=\"ff1\"> </span>Publication of 2022<span class=\"_ _1\"/> <span class=\"_ _3\"/>results 2 March 2023 Annual report 2022<span class=\"_ _0\"/> available<span class=\"_ _1\"/> <span class=\"_ _3\"/>on <span class=\"fcf\">www.ab-inbe<span class=\"_ _0\"/>v.com<span class=\"fc1\"> </span></span>2 March 2023 General shareh<span class=\"_ _0\"/>olders meeting 26 April 2023 Dividend: ex-coup<span class=\"_ _0\"/>on date 3 May 2023 Publication of <span class=\"_ _0\"/>first quarter re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ults 4 May 2023 Publication of hal<span class=\"_ _1\"/>f <span class=\"_ _3\"/>year result<span class=\"_ _1\"/>s 3 August 2023 Publication of <span class=\"_ _0\"/>third quarter re<span class=\"_ _1\"/>sults 31 October 2023 Investor relatio<span class=\"_ _3\"/>ns contact<span class=\"_ _3\"/><span class=\"ff1\"> </span>Investors Media Shaun Fullalove<span class=\"_ _1\"/> Kate Laverge Tel: +1 212 573 928<span class=\"_ _0\"/>7  Tel: +1 917 940 742<span class=\"_ _0\"/>1 E-mail: <span class=\"fcf\">shaun.fullalo<span class=\"_ _0\"/>ve@ab-inbe<span class=\"_ _0\"/>v.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">kate.laverge<span class=\"_ _0\"/>@ab-inbev.<span class=\"_ _0\"/>com <span class=\"fc1\"> </span></span>Marya Glukhova<span class=\"_ _1\"/> Ana Zenatti Tel: +32 16 276 <span class=\"ls6\">888</span> Tel: +1 646 249 544<span class=\"_ _0\"/>0 E-mail: <span class=\"fcf\">mariya.glukho<span class=\"_ _1\"/>va@ab-inbev.com<span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">ana.zenat<span class=\"_ _0\"/>ti@ab-inbev.com<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"fc1\"> </span></span>Cyrus Nentin Fallon Bucke<span class=\"_ _0\"/>lew Tel: +1 646 746 967<span class=\"_ _0\"/>3 Tel: +1 310 592 631<span class=\"_ _0\"/>9 E-mail: <span class=\"fcf\">cyrus.nent<span class=\"_ _1\"/>in@ab-inbev.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">fallon.bu<span class=\"_ _1\"/>c<span class=\"_ _3\"/>kelew@ab-inbe<span class=\"_ _1\"/>v.c<span class=\"_ _3\"/>om<span class=\"fc1\">  </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__188-1": {
   "value": "16. Investments in associates A reconciliation of the summarized  financial  information to the  carrying  amount of the company\u2019s  interests  in material associates is as follows:  2022  2021 AB InBev Anadolu AB InBev Anadolu Million US dollar Efes Castel Efes Efes Castel Efes . Balance at 1 January 1 143  3 400  201  1 135  3 566  391  Effect of movements in foreign exchange            -    (172) (57)            -    (246) (159) Dividends received             -    (87) (14)            -    (36) (67) Share of results of associates            -    152  41  7  116  35  Non-underlying share of results of associates (1 143)            -               -               -               -               -    Balance at 31 December                -  3 293  171  1 143  3 400  201  Summarized financial information of the company\u2019s material associates is as follows:      2022  2021 Million US dollar Castel Anadolu Efes AB InBev Efes Castel Anadolu Efes . Current assets          3 399           2 973   385 3 016 1 500 Non-current assets          3 679           4 654   624 3 923 3 157 Current liabilities        (1 803)        (2 581)           (693)        (1 774)        (1 259) Non-current liabilities           (439)        (1 767)             (42)           (499)        (1 218) Non-controlling interests           (564)        (1 789)                 -            (543)        (1 128) \u00b9Net assets         4 272           1 490   274 4 124 1 053 . Revenue          4 942           4 222  1 393 5 017 3 781 Profit (loss)             767              287   1  741  275 Other comprehensive income (loss)               74           1 503                  -            (295)  241 Total comprehensive income (loss)             841           1 790  1 447 516 In 2022, the company reported a (1 143)m US dollar non-underlying share of results of associates related to its investment in AB InBev Efes (for more details refer to Note 4 Use of estimates and judgments and Note 8 Non-underlying items). As of 31 December 2022, the investment has been classified as non-current asset held for sale. In 2022, associates that are not individually material contributed 106m US dollar to the results of investment in associates (31 December 2021: 90m US dollar). Following the entry of Turkey in a hyperinflation economy in 2022, the company accounted for the share of result of its Turkish associate Anadolu Efes at the December closing rate (18.718236 Turkish lira per US dollar) instead of the average rate. Additional information related to the significant associates is presented in Note 33 AB InBev Companies. LIST  OF  THE  MOST  IMPORTANT  COMPANIES  CONSOLIDATED  BY  APPLYING  THE  EQUITY  METHOD  OF 1ACCOUNTING (ASSOCIATES)% economic interest as Name and registered office of associates at 31 December 2022 France Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 49 rue Fran\u00e7ois 1er - 75008 - Paris\u00b9 20.00% . Luxembourg B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 27.50% Luxembourg\u00b9 B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg\u00b9 20.00% . Netherlands AB InBev Efes B.V. - 1227 Strawinskylaan - 1077XX Amsterdam 50.00% . Turkey Anadolu Efes Biracilik Ve Malt Sanayii A.S. - Bah\u00e7elievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, 24.00% Bah\u00e7elievler Istanbul . Zimbabwe Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare 25.27%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__193": {
   "value": "17. Deferred tax assets and liabilities The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2022 2021 Million US dollar Assets Liabilities Net Assets Liabilities Net Property, plant and equipment 191  (2 071) (1 880) 91 (2 113) (2 023) Intangible assets 89  (9 582) (9 492) 60 (9 796) (9 736) Inventories 102   (90) 12  88  (66) 22 Trade and other receivables 51  - 51  48 - 48 Interest-bearing loans and borrowings 852   (657) 195  905  (628) 277 Employee benefits 433   (9) 423  577  (8) 569 Provisions 533   (56) 477  511  (19) 492 Derivatives 51   (61)  (10) 11  (118) (107) Other items 532  (1 166)  (634) 407 (1 198) (792) Loss carry forwards 1 341 - 1 341 1 015 - 1 015 Gross deferred tax assets/(liabilities) 4 175 (13 693) (9 518) 3 713 (13 947) (10 235) Netting by taxable entity (1 874) 1 874 - (1 743) 1 743 - Net deferred tax assets/(liabilities) 2 300 (11 817) (9 518) 1 969 (12 204) (10 235) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2022 2021 Balance at 1 January (10 235) (10 607) Recognized in profit or loss 701  348  Recognized in other comprehensive income  (177)  (166) Other movements and effect of changes in foreign exchange rates 193  190  Balance at 31 December (9 518) (10 235) Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of the temporary differences on intangible  assets  acquired through business combinations is unlikely to revert within 12 months as they would be realized upon impairment or disposal of these intangibles which is currently not expected. The net deferred tax liabilities attributable to the US business and mainly related to purchase price accounting amount to  6.4 billion US dollar as of  31 December 2022. As of 31 December 2022, deferred taxes of 11.0 billion US dollar (31 December 2021: 6.9 billion US dollar) were not recognized on a series of tax attributes. The tax attributes for which no deferred tax asset was recognized amount to 44.5 billion US dollar compared to 27.9 billion US dollar as of 31 December 2021 and include tax losses carry forward either confirmed or resulting from tax positions under dispute, capital losses, foreign and withholding tax credits, excess dividend received deduction, excess interest carry forward, amongst others. 42.7 billion US dollar of these tax attributes do not have an expiration date, 0.1 billion US dollar, 0.2 billion US dollar and 0.2 billion US dollar expire within respectively 1, 2 and 3 years,  while  1.4  billion  US  dollar  have  an  expiration  date  of  more  than  3  years.  Deferred  tax  assets  have  not  been recognized on these items because these are either contingent assets or it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__198-1": {
   "value": "19. Trade and other receivables Million US dollar 31 December 2022 31 December 2021 Cash deposits for guarantees 189  168  Loans to customers               10                17  Tax receivable, other than income tax             137              116  Brazilian tax credits and interest receivables 1 149              960  Trade and other receivables             298              319  Non-current trade and other receivables 1 782  1 580  Trade receivables and accrued income 3 637  3 465  Interest receivables               67                18  Tax receivable, other than income tax             444              593  Loans to customers               71                99  Prepaid expenses             410              350  Other receivables             702              521  Current trade and other receivables 5 330  5 046  Ambev\u2019s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31 December 2022, the total amount of such credits and interest receivables represented 1 149m US dollar (31 December 2021: 960m US dollar). Refer to Note 11 Finance cost and income for more details.26. Trade and other payables Million US dollar 31 December 2022 31 December 2021 Indirect taxes payable 174  194  Trade payables 176  51  Deferred consideration on acquisitions 464  662  Other payables 46  100  Non-current trade and other payables 859  1 008  Trade payables and accrued expenses 18 589  17 810  Payroll and social security payables 1 520  1 716  Indirect taxes payable 2 768  2 457  Interest payable 1 428  1 501  Consigned packaging 1 012  1 050  Dividends payable 356  355  Deferred consideration on acquisitions 313  191  Other payables and deferred income 362  353  Current trade and other payables 26 349  25 434  The company has entered into reverse factoring arrangements with suppliers in the amount of 134m Us dollar as at 31 December 2022, mostly due to legal requirements. The nature, as well as the terms and conditions of the liabilities that are part of these arrangements do not differ from those of the company\u2019s normal trade payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation of financial statements. As at 31 December 2022, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the  2012 shareholders\u2019 agreement  between Ambev and ELJ,  which may result in  Ambev acquiring additional shares in Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d) (31 December 2021: 0.6 billion US dollar). The terms of the shareholders\u2019 agreement were amended as described in Note 27 Risk arising from financial instruments.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__197": {
   "value": "19. Trade and other receivables Million US dollar 31 December 2022 31 December 2021 Cash deposits for guarantees 189  168  Loans to customers               10                17  Tax receivable, other than income tax             137              116  Brazilian tax credits and interest receivables 1 149              960  Trade and other receivables             298              319  Non-current trade and other receivables 1 782  1 580  Trade receivables and accrued income 3 637  3 465  Interest receivables               67                18  Tax receivable, other than income tax             444              593  Loans to customers               71                99  Prepaid expenses             410              350  Other receivables             702              521  Current trade and other receivables 5 330  5 046  Ambev\u2019s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31 December 2022, the total amount of such credits and interest receivables represented 1 149m US dollar (31 December 2021: 960m US dollar). Refer to Note 11 Finance cost and income for more details.  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 2022 and 2021 respectively:  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2022 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 637  3 418  151  41  24  4  income Loans to customers 81  78  1  1  1  - Interest receivable 67  67  - - - - Other receivables 702  684  11  4  3  - 4 487  4 247  162  46  28  4  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2021 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 465  3 223  164  62  11  5  income Loans to customers 117  83  2  2  31  - Interest receivable 18  18  - - - - Other receivables 521  513  2  1  2  3  4 120  3 836  167  65  44  8  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 year ended 31 December 2022 amount to 38m US dollar (2021: 36m US dollar).  AB  InBev\u2019s  exposure  to  credit,  currency  and  interest  rate  risks  is  disclosed  in  Note  27  Risks  arising  from  financial instruments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__196": {
   "value": "19. Trade and other receivables Million US dollar 31 December 2022 31 December 2021 Cash deposits for guarantees 189  168  Loans to customers               10                17  Tax receivable, other than income tax             137              116  Brazilian tax credits and interest receivables 1 149              960  Trade and other receivables             298              319  Non-current trade and other receivables 1 782  1 580  Trade receivables and accrued income 3 637  3 465  Interest receivables               67                18  Tax receivable, other than income tax             444              593  Loans to customers               71                99  Prepaid expenses             410              350  Other receivables             702              521  Current trade and other receivables 5 330  5 046  Ambev\u2019s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31 December 2022, the total amount of such credits and interest receivables represented 1 149m US dollar (31 December 2021: 960m US dollar). Refer to Note 11 Finance cost and income for more details.  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 2022 and 2021 respectively:  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2022 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 637  3 418  151  41  24  4  income Loans to customers 81  78  1  1  1  - Interest receivable 67  67  - - - - Other receivables 702  684  11  4  3  - 4 487  4 247  162  46  28  4  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2021 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 465  3 223  164  62  11  5  income Loans to customers 117  83  2  2  31  - Interest receivable 18  18  - - - - Other receivables 521  513  2  1  2  3  4 120  3 836  167  65  44  8  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 year ended 31 December 2022 amount to 38m US dollar (2021: 36m US dollar).  AB  InBev\u2019s  exposure  to  credit,  currency  and  interest  rate  risks  is  disclosed  in  Note  27  Risks  arising  from  financial instruments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__195-1": {
   "value": "19. Trade and other receivables Million US dollar 31 December 2022 31 December 2021 Cash deposits for guarantees 189  168  Loans to customers               10                17  Tax receivable, other than income tax             137              116  Brazilian tax credits and interest receivables 1 149              960  Trade and other receivables             298              319  Non-current trade and other receivables 1 782  1 580  Trade receivables and accrued income 3 637  3 465  Interest receivables               67                18  Tax receivable, other than income tax             444              593  Loans to customers               71                99  Prepaid expenses             410              350  Other receivables             702              521  Current trade and other receivables 5 330  5 046  Ambev\u2019s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31 December 2022, the total amount of such credits and interest receivables represented 1 149m US dollar (31 December 2021: 960m US dollar). Refer to Note 11 Finance cost and income for more details.  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 2022 and 2021 respectively:  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2022 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 637  3 418  151  41  24  4  income Loans to customers 81  78  1  1  1  - Interest receivable 67  67  - - - - Other receivables 702  684  11  4  3  - 4 487  4 247  162  46  28  4  Of which not impaired as of the reporting  Of which: neither date and past due Net carrying impaired nor amount as of  past due on 31 December the reporting Less than Between 30 Between 60 More than 90 2021 date 30 days and 59 days and 89 days days Trade receivables and accrued 3 465  3 223  164  62  11  5  income Loans to customers 117  83  2  2  31  - Interest receivable 18  18  - - - - Other receivables 521  513  2  1  2  3  4 120  3 836  167  65  44  8  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 year ended 31 December 2022 amount to 38m US dollar (2021: 36m US dollar).  AB  InBev\u2019s  exposure  to  credit,  currency  and  interest  rate  risks  is  disclosed  in  Note  27  Risks  arising  from  financial instruments. G)  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 31 December 2022 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 1presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 31 December 2022 31 December 2021\u00b9 Net carrying Net carrying Million US dollar Gross Impairment amount Gross Impairment amount Cash and cash equivalents 9 973  - 9 973  12 097  - 12 097  Trade receivables 3 980  (343) 3 637  3 796  (331) 3 465  Other receivables 1 545  (68) 1 477  1 272  (65) 1 207  Derivatives 391  - 391              669  -             669  Cash deposits for guarantees 189  - 189              168  -             168  Investment in unquoted companies 155  (5) 149              145  (6)             139  Investment in debt securities 123  - 123              396  -             396  Loans to customers 81  - 81              117  -             117  16 434  (416) 16 019  18 660  (402) 18 258  There was no significant concentration of credit risks with any single counterparty as of 31 December 2022 and no single customer represented more than 10% of the total revenue of the group in 2022. Impairment losses 1The allowance for impairment recognized during the period on financial assets was as follows:31 December 2022 31 December 2021\u00b9 Balance at end of previous year (402) (376) Impairment losses (38) (37) Derecognition 24 30 Currency translation and other 1 (19) Balance at end of period (416) (402) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__202-1": {
   "value": "20. Cash and cash equivalents and investment securities Million US dollar  31 December 2022 31 December 2021 Short-term bank deposits          4 685           6 542  Cash and bank accounts          5 288           4 505  Treasury Bills                 -           1 050  Cash and cash equivalents          9 973         12 097  . Bank overdrafts             (83)             (53) Cash and cash equivalents in the statement of cash flows          9 890         12 043  The company's investment in Treasury Bills as at 31 December 2021 was to facilitate liquidity and for capital preservation. The cash outstanding as at 31 December 2022 includes restricted cash for an amount of 73m US dollar (31 December 2021: 78m US dollar). This restricted cash relates to an outstanding consideration payable to former Anheuser-Busch shareholders that have not yet claimed the proceeds from the 2008 combination (1m US dollar) and amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (72m US dollar).  Investment securities Million US dollar 31 December 2022 31 December 2021 Investment in unquoted companies              149              139  Investment on debt securities               26                22  Non-current investments              175              161  Investment on debt securities               97              374  Current investments                97              374  As at 31 December 2022, current debt securities of 97m US dollar mainly represented investments in government bonds (31 December 2021: 374m US dollar). The  company\u2019s investments  in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. Reconciliation of liabilities arising from financing activities The table below details the changes in the company\u2019s 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\u2019s consolidated cash flow statement from financing activities. Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2022 87 369 1 408 Proceeds from borrowings  74  17 Payments on borrowings (6 698) (567) Capitalization / (payment) of lease liabilities  794 (519) Amortized cost  63 - Unrealized foreign exchange effects (1 776) (6) Current portion of long-term debt (617)  617 (Gain)/Loss on bond redemption and other movements (329)  79 Balance at 31 December 2022 78 880 1 029 . Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2021 95 478 3 081 Proceeds from borrowings  148  306 Payments on borrowings (6 735) (2 230) Capitalization / (payment) of lease liabilities  697           (547) Amortized cost  64 - Unrealized foreign exchange effects (2 149)             (88) Current portion of long-term debt           (875)  875 (Gain)/Loss on bond redemption and other movements  741  10 Balance at 31 December 2021 87 369 1 408 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__200": {
   "value": "20. Cash and cash equivalents and investment securities Million US dollar  31 December 2022 31 December 2021 Short-term bank deposits          4 685           6 542  Cash and bank accounts          5 288           4 505  Treasury Bills                 -           1 050  Cash and cash equivalents          9 973         12 097  . Bank overdrafts             (83)             (53) Cash and cash equivalents in the statement of cash flows          9 890         12 043  The company's investment in Treasury Bills as at 31 December 2021 was to facilitate liquidity and for capital preservation. The cash outstanding as at 31 December 2022 includes restricted cash for an amount of 73m US dollar (31 December 2021: 78m US dollar). This restricted cash relates to an outstanding consideration payable to former Anheuser-Busch shareholders that have not yet claimed the proceeds from the 2008 combination (1m US dollar) and amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (72m US dollar).  Investment securities Million US dollar 31 December 2022 31 December 2021 Investment in unquoted companies              149              139  Investment on debt securities               26                22  Non-current investments              175              161  Investment on debt securities               97              374  Current investments                97              374  As at 31 December 2022, current debt securities of 97m US dollar mainly represented investments in government bonds (31 December 2021: 374m US dollar). The  company\u2019s investments  in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__203": {
   "value": "The cash outstanding as at 31 December 2022 includes restricted cash for an amount of 73m US dollar (31 December 2021: 78m US dollar). This restricted cash relates to an outstanding consideration payable to former Anheuser-Busch shareholders that have not yet claimed the proceeds from the 2008 combination (1m US dollar) and amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (72m US dollar).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__205": {
   "value": " <span class=\"ff1 fc6\">Investment securities </span>Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s <span class=\"_ _3\"/>             <span class=\"ls6\">149</span>              <span class=\"ls6\">139</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">26</span>                <span class=\"ls6\">22</span>  Non-current inve<span class=\"_ _0\"/>stments              <span class=\"ls6\">175</span>              <span class=\"ls6\">161</span>  Investment on<span class=\"_ _0\"/> debt securitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/>               <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  Current invest<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ents                <span class=\"ls6\">97</span>              <span class=\"ls6\">374</span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__201-1": {
   "value": " Investment securities Million US dollar 31 December 2022 31 December 2021 Investment in unquoted companies              149              139  Investment on debt securities               26                22  Non-current investments              175              161  Investment on debt securities               97              374  Current investments                97              374  As at 31 December 2022, current debt securities of 97m US dollar mainly represented investments in government bonds (31 December 2021: 374m US dollar). The  company\u2019s investments  in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. 22. Interest-bearing loans and borrowings This note provides information about the company\u2019s interest-bearing loans and borrowings. For more information about the company\u2019s exposure to interest rate and foreign exposure currency risk \u2013 refer to Note 27 Risks arising from financial instruments.  Million US dollar 31 December 2022 31 December 2021 Unsecured bond issues 76 798 85 433 Lease liabilities 1 963 1 830 Unsecured other loans   95   31 Secured bank loans   24   75 Non-current interest-bearing loans and borrowings 78 880 87 369 Lease liabilities   529   447 Secured bank loans   369   553 Unsecured bank loans   100   106 Unsecured other loans   30   9 Unsecured bond issues -   293 Current interest-bearing loans and borrowings 1 029 1 408 Interest-bearing loans and borrowings 79 909 88 777 The current and non-current interest-bearing loans and borrowings amount to 79.9 billion US dollar as at 31 December 2022, compared to 88.8 billion US dollar as at 31 December 2021. As at 31 December 2022, the company had no outstanding balance on commercial papers (31 December 2021: 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.   On 10 January 2022, Anheuser-Busch InBev SA/NV (\u201cABISA\u201d) announced that its wholly-owned subsidiary Anheuser- Busch InBev Finance Inc. (\u201cABIFI\u201d) exercised its option to redeem the outstanding principal amounts for an aggregate principal amount of 3.1 billion US dollar of the following series of notes: Original principal amount Principal amount Date of Issuer Title of series of notes outstanding redeemed redemption  (abbreviated)  redeemed  Currency (in million) (in million) 9 February 2022 ABIFI 3.650% Notes due 2026 USD 1 633 1 633 1 March 2022 ABIFI 4.915% Notes due 2046 USD 1 470 1 470 On 2 December 2022, the company completed the tender offers of twelve series of USD notes and two series of GBP notes for up to 3.5 billion US dollar aggregate purchase price. The company accepted the tender offers of eight series of notes issued by Anheuser-Busch InBev SA/NV (\u201cABISA\u201d), Anheuser-Busch InBev Worldwide (\u201cABIWW\u201d) and Anheuser-Busch InBev Finance Inc. (\u201cABIFI\u201d) and repurchased 3.9 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below: Original principal Principal Principal amount amount amount not Issuer Title of series of notes outstanding repurchased repurchased Date of redemption  (abbreviated)  partially repurchased  Currency (in million) (in million) (in million) 2 December 2022 ABISA 2.850% Notes due 2037 GBP 900  489  411  2 December 2022 ABISA 2.250% Notes due 2029 GBP 700  363   337  2 December 2022 ABIFI 4.000% Notes due 2043 USD 750  346   404  2 December 2022 ABIWW 3.750% Notes due 2042 USD 1 000  529   471  2 December 2022 ABIWW 4.600% Notes due 2060 USD 1 000  503  497  2 December 2022 ABIWW 4.500% Notes due 2050 USD 2 250  683   1 567  2 December 2022 ABIWW 4.750% Notes due 2058 USD 1 500  519   981  2 December 2022 ABIWW 4.600% Notes due 2048 USD 2 500  321   2 179  These tender offers were financed with cash. 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\u2019s management to highlight changes in the company\u2019s overall liquidity position. AB InBev\u2019s net debt decreased to 69.7 billion US dollar as at 31 December 2022, from 76.2 billion US dollar as at 31 December 2021. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (6.1 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (2.4 billion US dollar) and foreign exchange impact on net debt (1.5 billion US dollar decrease of net debt). The following table provides a reconciliation of AB InBev\u2019s net debt as at the dates indicated: Million US dollar 31 December 2022 31 December 2021 Non-current interest-bearing loans and borrowings 78 880 87 369 Current interest-bearing loans and borrowings 1 029 1 408 Interest-bearing loans and borrowings 79 909 88 777 Bank overdrafts  83  53 Cash and cash equivalents (9 973) (12 097) Interest bearing loans granted and other deposits (included within Trade and other           (183)           (175) receivables) Debt securities (included within Investment securities)           (123)           (396) Net debt 69 713 76 162 Reconciliation of liabilities arising from financing activities The table below details the changes in the company\u2019s 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\u2019s consolidated cash flow statement from financing activities. Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2022 87 369 1 408 Proceeds from borrowings  74  17 Payments on borrowings (6 698) (567) Capitalization / (payment) of lease liabilities  794 (519) Amortized cost  63 - Unrealized foreign exchange effects (1 776) (6) Current portion of long-term debt (617)  617 (Gain)/Loss on bond redemption and other movements (329)  79 Balance at 31 December 2022 78 880 1 029 . Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2021 95 478 3 081 Proceeds from borrowings  148  306 Payments on borrowings (6 735) (2 230) Capitalization / (payment) of lease liabilities  697           (547) Amortized cost  64 - Unrealized foreign exchange effects (2 149)             (88) Current portion of long-term debt           (875)  875 (Gain)/Loss on bond redemption and other movements  741  10 Balance at 31 December 2021 87 369 1 408 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__207-1": {
   "value": "21. Changes in equity and earnings per share STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2022:  Issued capital Issued capital Million shares Million US dollar At the end of the previous year 2 019  1 736  Changes during the period - - 2 019  1 736  Of which:    Ordinary shares 1 737     Restricted shares 282  Result on the use of Treasury shares treasury shares Treasury shares Million shares Million US dollar Million US dollar At the end of the previous year 38.2  (3 994) (4 366) Changes during the period (2.8) 289  (193) At the end of the current period 35.5  (3 706) (4 559) As at 31 December 2022, 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 35 455 836 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 050 690 restricted shares (31 December 2021: 282 107 042). As at 31 December 2022, the total of authorized, unissued capital amounts to 37 million 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\u2019s 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 one-for-one  basis  and  they  rank  equally  with  the  ordinary  shares  with  respect  to  dividends  and  voting  rights.  By  31 December 2022, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares. The shareholders\u2019 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 section of AB InBev\u2019s annual report.   ZENZELE SCHEMES IN SOUTH AFRICA Following the combination with SAB in 2016, AB InBev decided to  maintain the SAB Zenzele share-scheme (Zenzele Scheme), the broad-based black economic empowerment (B-BBEE) scheme, which provided opportunities for black South Africans, including employees (through the SAB Zenzele Employee Trust), SAB retailers (through SAB Zenzele Holdings Limited) and the SAB Foundation, to participate as shareholders of AB InBev\u2019s indirect subsidiary, South African Breweries Pty Ltd (SAB). The Zenzele Scheme, originally implemented by SAB in 2010 as a 10-year scheme, was amended at the time of the combination with SAB and matured on 31 March 2020. As part of the combination with SAB in 2016, AB InBev made a commitment to the South African Government and Competition Authorities to create a new B-BBEE scheme upon maturity of the Zenzele Scheme. Obligations to the SAB Foundation and the employees as beneficiaries of the SAB Zenzele Employee Share Trust were settled in full on 15 April 2020. The obligations to SAB retailers, who participate in the Zenzele Scheme through SAB Zenzele Holdings, were partially settled (77.4%) on 15 April 2020. As a direct consequence of the COVID-19 outbreak, the remaining settlement (22,6%) was postponed and was performed on 28 May 2021, when the new scheme, Zenzele Kabili was created. 5.1 million AB InBev Treasury shares were used in 2021 for the settlement of part of the prior and the new 1B-BBEE schemes (based on the AB InBev share price and the ZAR Euro exchange rate as at 24 May 2021). The new Zenzele scheme arrangement met the criteria under IFRS 2 to be classified as equity settled. The IFRS 2 charge for the year-ended 31 December 2021 is reported in non-underlying items (Refer to Note 8 Non-underlying items). CHANGES IN OWNERSHIP INTERESTS In  accordance  with  IFRS  10  Consolidated  Financial  Statements,  the  acquisition  or  disposal  of  additional  shares  in  a subsidiary is accounted for as an equity transaction with owners. During 2022, there were no significant purchases or disposals of non-controlling interests in subsidiaries. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES\u2013 PURCHASE OF OWN SHARES During 2022, the company has not acquired any treasury shares in accordance with article 7:215 of the Belgian Code of Companies and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of its own shares. Treasury shares As at 31 December 2022, the group owned 35 455 836 own shares of which 34 817 843 were held directly by AB InBev. The par value of the share is 0.61 euro. The treasury shares that the company still owned at the end of 2022 represented 26 539 776 US dollar (21 628 060 euro) of the subscribed capital. Borrowed shares In order to fulfill AB InBev\u2019s commitments under various outstanding share-based compensation plans, during the course of 2022, 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 will pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.DIVIDENDS  On 1 March 2023, a dividend of 0.75 euro per share or 1 508m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 26 April 2023. On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.  On 28 April 2021, a dividend of 0.50 euro per share or 1 003m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 6 May 2021. TRANSFERS FROM SUBSIDIARIES Dividends payable to AB InBev by its operating subsidiaries are 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\u2019s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2022, the restrictions above mentioned were not deemed significant on the company\u2019s 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%. EARNINGS PER SHARE The calculation of basic earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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: Million shares 2022 2021 . Issued ordinary and restricted shares at 1 January, net of treasury shares 1 981 1 972 Effect of stock lending               30                30  Effect of delivery of treasury shares                 2                  4  Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 The calculation of diluted earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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:  Million shares 2022 2021 . Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 Effect of share options, warrants and restricted stock units               37                38  Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 050 2 045 The calculation of earnings per share before  non-underlying items is based on the profit before non-underlying items, attributable  to  equity holders  of  AB  InBev.  The  calculation  of  the  Underlying  EPS  is  based  on  the  profit  before  non-underlying items, mark-to-market gains/losses 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 non-underlying items, attributable 1to equity holders of AB InBev is calculated as follows:  Million US dollar 2022 2021\u00b9 . Profit attributable to equity holders of AB InBev 5 969 4 670 Net impact of non-underlying items on profit (refer to Note 8)             484  1 054 Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Mark-to-market losses/(gains) on derivatives related to the hedging of share-based payment programs           (331)               23  (refer to Note 11) Hyperinflation impacts             (30)               28  Underlying profit 6 093 5 774 The table below sets out the EPS calculation:  Million US dollar 2022 2021 . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS 2.97  2.33  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS before non-underlying items 3.21  2.85  . Underlying profit 6 093 5 774 Weighted average number of ordinary and restricted shares 2 013 2 007 Underlying EPS 3.03  2.88  . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS 2.91  2.28  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS before non-underlying items 3.15  2.80  Earnings per share before non-underlying items and Underlying EPS are non-IFRS measures. The average market value of the company\u2019s 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 before non-underlying items, 51 million share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2022 (31 December 2021: 68 million share options).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__206-1": {
   "value": "21. Changes in equity and earnings per share STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2022:  Issued capital Issued capital Million shares Million US dollar At the end of the previous year 2 019  1 736  Changes during the period - - 2 019  1 736  Of which:    Ordinary shares 1 737     Restricted shares 282  Result on the use of Treasury shares treasury shares Treasury shares Million shares Million US dollar Million US dollar At the end of the previous year 38.2  (3 994) (4 366) Changes during the period (2.8) 289  (193) At the end of the current period 35.5  (3 706) (4 559) As at 31 December 2022, 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 35 455 836 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 050 690 restricted shares (31 December 2021: 282 107 042). As at 31 December 2022, the total of authorized, unissued capital amounts to 37 million 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\u2019s 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 one-for-one  basis  and  they  rank  equally  with  the  ordinary  shares  with  respect  to  dividends  and  voting  rights.  By  31 December 2022, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares. The shareholders\u2019 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 section of AB InBev\u2019s annual report.   ZENZELE SCHEMES IN SOUTH AFRICA Following the combination with SAB in 2016, AB InBev decided to  maintain the SAB Zenzele share-scheme (Zenzele Scheme), the broad-based black economic empowerment (B-BBEE) scheme, which provided opportunities for black South Africans, including employees (through the SAB Zenzele Employee Trust), SAB retailers (through SAB Zenzele Holdings Limited) and the SAB Foundation, to participate as shareholders of AB InBev\u2019s indirect subsidiary, South African Breweries Pty Ltd (SAB). The Zenzele Scheme, originally implemented by SAB in 2010 as a 10-year scheme, was amended at the time of the combination with SAB and matured on 31 March 2020. As part of the combination with SAB in 2016, AB InBev made a commitment to the South African Government and Competition Authorities to create a new B-BBEE scheme upon maturity of the Zenzele Scheme. Obligations to the SAB Foundation and the employees as beneficiaries of the SAB Zenzele Employee Share Trust were settled in full on 15 April 2020. The obligations to SAB retailers, who participate in the Zenzele Scheme through SAB Zenzele Holdings, were partially settled (77.4%) on 15 April 2020. As a direct consequence of the COVID-19 outbreak, the remaining settlement (22,6%) was postponed and was performed on 28 May 2021, when the new scheme, Zenzele Kabili was created. 5.1 million AB InBev Treasury shares were used in 2021 for the settlement of part of the prior and the new 1B-BBEE schemes (based on the AB InBev share price and the ZAR Euro exchange rate as at 24 May 2021). The new Zenzele scheme arrangement met the criteria under IFRS 2 to be classified as equity settled. The IFRS 2 charge for the year-ended 31 December 2021 is reported in non-underlying items (Refer to Note 8 Non-underlying items). CHANGES IN OWNERSHIP INTERESTS In  accordance  with  IFRS  10  Consolidated  Financial  Statements,  the  acquisition  or  disposal  of  additional  shares  in  a subsidiary is accounted for as an equity transaction with owners. During 2022, there were no significant purchases or disposals of non-controlling interests in subsidiaries. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES\u2013 PURCHASE OF OWN SHARES During 2022, the company has not acquired any treasury shares in accordance with article 7:215 of the Belgian Code of Companies and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of its own shares. Treasury shares As at 31 December 2022, the group owned 35 455 836 own shares of which 34 817 843 were held directly by AB InBev. The par value of the share is 0.61 euro. The treasury shares that the company still owned at the end of 2022 represented 26 539 776 US dollar (21 628 060 euro) of the subscribed capital. Borrowed shares In order to fulfill AB InBev\u2019s commitments under various outstanding share-based compensation plans, during the course of 2022, 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 will pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.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 Dividends payable to AB InBev by its operating subsidiaries are 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\u2019s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2022, the restrictions above mentioned were not deemed significant on the company\u2019s 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:  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2022 (33 554)             481  (1 504) (34 577) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (1 123)             -                -    (1 123) (gains/(losses)) Cash flow hedges             -              (336)             -              (336) Re-measurements of post-employment benefits             -                -                483              483  Other comprehensive income/(loss) (1 123)           (336)             483            (976) As per 31 December 2022 (34 677) 145  (1 021) (35 553) The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the Argentinean peso, the Chinese yuan, the Colombian peso and the South Africa rand, partially offset by the weakening of the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of 1 123m US dollar as of 31 December 2022 (decrease of equity).  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2021 (29 234)             376  (1 983) (30 841) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (4 320)             -                -    (4 320) (gains/(losses)) Cash flow hedges             -                105              -                105  Re-measurements of post-employment benefits             -                -                479              479  Other comprehensive income/(loss) (4 320)             105              479  (3 736) As per 31 December 2021 (33 554) 481  (1 504) (34 577) EARNINGS PER SHARE The calculation of basic earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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: Million shares 2022 2021 . Issued ordinary and restricted shares at 1 January, net of treasury shares 1 981 1 972 Effect of stock lending               30                30  Effect of delivery of treasury shares                 2                  4  Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 The calculation of diluted earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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:  Million shares 2022 2021 . Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 Effect of share options, warrants and restricted stock units               37                38  Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 050 2 045 The calculation of earnings per share before  non-underlying items is based on the profit before non-underlying items, attributable  to  equity holders  of  AB  InBev.  The  calculation  of  the  Underlying  EPS  is  based  on  the  profit  before  non-underlying items, mark-to-market gains/losses 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 non-underlying items, attributable 1to equity holders of AB InBev is calculated as follows:  Million US dollar 2022 2021\u00b9 . Profit attributable to equity holders of AB InBev 5 969 4 670 Net impact of non-underlying items on profit (refer to Note 8)             484  1 054 Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Mark-to-market losses/(gains) on derivatives related to the hedging of share-based payment programs           (331)               23  (refer to Note 11) Hyperinflation impacts             (30)               28  Underlying profit 6 093 5 774 The table below sets out the EPS calculation:  Million US dollar 2022 2021 . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS 2.97  2.33  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS before non-underlying items 3.21  2.85  . Underlying profit 6 093 5 774 Weighted average number of ordinary and restricted shares 2 013 2 007 Underlying EPS 3.03  2.88  . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS 2.91  2.28  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS before non-underlying items 3.15  2.80  Earnings per share before non-underlying items and Underlying EPS are non-IFRS measures. The average market value of the company\u2019s 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 before non-underlying items, 51 million share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2022 (31 December 2021: 68 million share options).  30. Non-controlling interests As at 31 December 2022 and 2021, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.77% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22% ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.  Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling interests, is as follows: Ambev Budweiser APAC 31 December 31 December 31 December 31 December Million US dollar 2022 2021 2022 2021 Summarized statement of financial position information Current assets 7 248  6 922  3 606  3 161  Non-current assets 19 193  17 915  12 390  13 464  Current liabilities 7 770  6 965  4 414  4 691  Non-current liabilities 2 700  2 817  748  851  Equity attributable to equity holders 15 707  14 809  10 765  11 013  Non-controlling interests 263  246  69  70  Ambev Budweiser APAC Million US dollar 2022 2021 2022 2021 Summarized income statement and  other comprehensive income information Revenue 15 434  13 570  6 478  6 788  Net income 2 883  2 444  949  981  Attributable to: Equity holders 2 800  2 360  913  950  Non-controlling interests 84  84  36  31  Net income 2 883  2 444  949  981  Other comprehensive income (1 300) 629   (812)  (289) Total comprehensive income 1 584  3 074  137  692  Attributable to: Equity holders 1 517  2 970  105  660  Non-controlling interests 67  104  32  32  Summarized cash flow information Cash flow from operating activities 3 997  4 266  1 577  1 903  Cash flow from investing activities  (969) (1 441)  (440)  (731) Cash flow from financing activities (3 164) (2 988)  (500)  (464) Net increase/(decrease) in cash and cash equivalents  (136)  (163) 637  708  Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 1.0 billion US dollar and 0.8 billion US dollar for 2022 and 2021, respectively. In 2022, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2021 to non-controlling interests amounting to 83m US dollar (2021: 67m US dollar).Other  non-controlling  interests  not  deemed  individually  material  by  the  company  mainly  related  to  the  company\u2019s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management, Inc. (\u201cApollo\u201d) and non-controlling interests recognized in respect of the company\u2019s subsidiaries in Colombia, Ecuador and Peru.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__208-1": {
   "value": "STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2022:  Issued capital Issued capital Million shares Million US dollar At the end of the previous year 2 019  1 736  Changes during the period - - 2 019  1 736  Of which:    Ordinary shares 1 737     Restricted shares 282  Result on the use of Treasury shares treasury shares Treasury shares Million shares Million US dollar Million US dollar At the end of the previous year 38.2  (3 994) (4 366) Changes during the period (2.8) 289  (193) At the end of the current period 35.5  (3 706) (4 559) As at 31 December 2022, 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 35 455 836 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 050 690 restricted shares (31 December 2021: 282 107 042). As at 31 December 2022, the total of authorized, unissued capital amounts to 37 million 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\u2019s 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 one-for-one  basis  and  they  rank  equally  with  the  ordinary  shares  with  respect  to  dividends  and  voting  rights.  By  31 December 2022, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares. The shareholders\u2019 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 section of AB InBev\u2019s annual report.   ZENZELE SCHEMES IN SOUTH AFRICA Following the combination with SAB in 2016, AB InBev decided to  maintain the SAB Zenzele share-scheme (Zenzele Scheme), the broad-based black economic empowerment (B-BBEE) scheme, which provided opportunities for black South Africans, including employees (through the SAB Zenzele Employee Trust), SAB retailers (through SAB Zenzele Holdings Limited) and the SAB Foundation, to participate as shareholders of AB InBev\u2019s indirect subsidiary, South African Breweries Pty Ltd (SAB). The Zenzele Scheme, originally implemented by SAB in 2010 as a 10-year scheme, was amended at the time of the combination with SAB and matured on 31 March 2020. As part of the combination with SAB in 2016, AB InBev made a commitment to the South African Government and Competition Authorities to create a new B-BBEE scheme upon maturity of the Zenzele Scheme. Obligations to the SAB Foundation and the employees as beneficiaries of the SAB Zenzele Employee Share Trust were settled in full on 15 April 2020. The obligations to SAB retailers, who participate in the Zenzele Scheme through SAB Zenzele Holdings, were partially settled (77.4%) on 15 April 2020. As a direct consequence of the COVID-19 outbreak, the remaining settlement (22,6%) was postponed and was performed on 28 May 2021, when the new scheme, Zenzele Kabili was created. 5.1 million AB InBev Treasury shares were used in 2021 for the settlement of part of the prior and the new 1B-BBEE schemes (based on the AB InBev share price and the ZAR Euro exchange rate as at 24 May 2021). The new Zenzele scheme arrangement met the criteria under IFRS 2 to be classified as equity settled. The IFRS 2 charge for the year-ended 31 December 2021 is reported in non-underlying items (Refer to Note 8 Non-underlying items). CHANGES IN OWNERSHIP INTERESTS In  accordance  with  IFRS  10  Consolidated  Financial  Statements,  the  acquisition  or  disposal  of  additional  shares  in  a subsidiary is accounted for as an equity transaction with owners. During 2022, there were no significant purchases or disposals of non-controlling interests in subsidiaries. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES\u2013 PURCHASE OF OWN SHARES During 2022, the company has not acquired any treasury shares in accordance with article 7:215 of the Belgian Code of Companies and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of its own shares. Treasury shares As at 31 December 2022, the group owned 35 455 836 own shares of which 34 817 843 were held directly by AB InBev. The par value of the share is 0.61 euro. The treasury shares that the company still owned at the end of 2022 represented 26 539 776 US dollar (21 628 060 euro) of the subscribed capital. Borrowed shares In order to fulfill AB InBev\u2019s commitments under various outstanding share-based compensation plans, during the course of 2022, 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 will pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend. DIVIDENDS  On 1 March 2023, a dividend of 0.75 euro per share or 1 508m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 26 April 2023. On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.  On 28 April 2021, a dividend of 0.50 euro per share or 1 003m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 6 May 2021.TRANSFERS FROM SUBSIDIARIES Dividends payable to AB InBev by its operating subsidiaries are 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\u2019s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2022, the restrictions above mentioned were not deemed significant on the company\u2019s 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%. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__209-1": {
   "value": "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\u2019s shares that are held by AB InBev and its subsidiaries, the economic and voting rights are suspended.DIVIDENDS  On 1 March 2023, a dividend of 0.75 euro per share or 1 508m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 26 April 2023. On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.  On 28 April 2021, a dividend of 0.50 euro per share or 1 003m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 6 May 2021. 26. Trade and other payables Million US dollar 31 December 2022 31 December 2021 Indirect taxes payable 174  194  Trade payables 176  51  Deferred consideration on acquisitions 464  662  Other payables 46  100  Non-current trade and other payables 859  1 008  Trade payables and accrued expenses 18 589  17 810  Payroll and social security payables 1 520  1 716  Indirect taxes payable 2 768  2 457  Interest payable 1 428  1 501  Consigned packaging 1 012  1 050  Dividends payable 356  355  Deferred consideration on acquisitions 313  191  Other payables and deferred income 362  353  Current trade and other payables 26 349  25 434  The company has entered into reverse factoring arrangements with suppliers in the amount of 134m Us dollar as at 31 December 2022, mostly due to legal requirements. The nature, as well as the terms and conditions of the liabilities that are part of these arrangements do not differ from those of the company\u2019s normal trade payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation of financial statements. As at 31 December 2022, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the  2012 shareholders\u2019 agreement  between Ambev and ELJ,  which may result in  Ambev acquiring additional shares in Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d) (31 December 2021: 0.6 billion US dollar). The terms of the shareholders\u2019 agreement were amended as described in Note 27 Risk arising from financial instruments.  Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 1.0 billion US dollar and 0.8 billion US dollar for 2022 and 2021, respectively. In 2022, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2021 to non-controlling interests amounting to 83m US dollar (2021: 67m US dollar).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__210-1": {
   "value": "ZENZELE SCHEMES IN SOUTH AFRICA Following the combination with SAB in 2016, AB InBev decided to  maintain the SAB Zenzele share-scheme (Zenzele Scheme), the broad-based black economic empowerment (B-BBEE) scheme, which provided opportunities for black South Africans, including employees (through the SAB Zenzele Employee Trust), SAB retailers (through SAB Zenzele Holdings Limited) and the SAB Foundation, to participate as shareholders of AB InBev\u2019s indirect subsidiary, South African Breweries Pty Ltd (SAB). The Zenzele Scheme, originally implemented by SAB in 2010 as a 10-year scheme, was amended at the time of the combination with SAB and matured on 31 March 2020. As part of the combination with SAB in 2016, AB InBev made a commitment to the South African Government and Competition Authorities to create a new B-BBEE scheme upon maturity of the Zenzele Scheme. Obligations to the SAB Foundation and the employees as beneficiaries of the SAB Zenzele Employee Share Trust were settled in full on 15 April 2020. The obligations to SAB retailers, who participate in the Zenzele Scheme through SAB Zenzele Holdings, were partially settled (77.4%) on 15 April 2020. As a direct consequence of the COVID-19 outbreak, the remaining settlement (22,6%) was postponed and was performed on 28 May 2021, when the new scheme, Zenzele Kabili was created. 5.1 million AB InBev Treasury shares were used in 2021 for the settlement of part of the prior and the new 1B-BBEE schemes (based on the AB InBev share price and the ZAR Euro exchange rate as at 24 May 2021). The new Zenzele scheme arrangement met the criteria under IFRS 2 to be classified as equity settled. The IFRS 2 charge for the year-ended 31 December 2021 is reported in non-underlying items (Refer to Note 8 Non-underlying items). CHANGES IN OWNERSHIP INTERESTS In  accordance  with  IFRS  10  Consolidated  Financial  Statements,  the  acquisition  or  disposal  of  additional  shares  in  a subsidiary is accounted for as an equity transaction with owners. During 2022, there were no significant purchases or disposals of non-controlling interests in subsidiaries. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES\u2013 PURCHASE OF OWN SHARES During 2022, the company has not acquired any treasury shares in accordance with article 7:215 of the Belgian Code of Companies and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of its own shares. Treasury shares As at 31 December 2022, the group owned 35 455 836 own shares of which 34 817 843 were held directly by AB InBev. The par value of the share is 0.61 euro. The treasury shares that the company still owned at the end of 2022 represented 26 539 776 US dollar (21 628 060 euro) of the subscribed capital. Borrowed shares In order to fulfill AB InBev\u2019s commitments under various outstanding share-based compensation plans, during the course of 2022, 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 will pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.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.  OTHER COMPREHENSIVE INCOME RESERVES The changes in the other comprehensive income reserves are as follows:  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2022 (33 554)             481  (1 504) (34 577) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (1 123)             -                -    (1 123) (gains/(losses)) Cash flow hedges             -              (336)             -              (336) Re-measurements of post-employment benefits             -                -                483              483  Other comprehensive income/(loss) (1 123)           (336)             483            (976) As per 31 December 2022 (34 677) 145  (1 021) (35 553) The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the Argentinean peso, the Chinese yuan, the Colombian peso and the South Africa rand, partially offset by the weakening of the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of 1 123m US dollar as of 31 December 2022 (decrease of equity).  Post- Translation Hedging employment Total OCI  Million US dollar Reserves reserves benefits Reserves . As per 1 January 2021 (29 234)             376  (1 983) (30 841) Other comprehensive income/(loss) Exchange differences on translation of foreign operations (4 320)             -                -    (4 320) (gains/(losses)) Cash flow hedges             -                105              -                105  Re-measurements of post-employment benefits             -                -                479              479  Other comprehensive income/(loss) (4 320)             105              479  (3 736) As per 31 December 2021 (33 554) 481  (1 504) (34 577) 30. Non-controlling interests As at 31 December 2022 and 2021, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.77% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22% ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.  Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling interests, is as follows: Ambev Budweiser APAC 31 December 31 December 31 December 31 December Million US dollar 2022 2021 2022 2021 Summarized statement of financial position information Current assets 7 248  6 922  3 606  3 161  Non-current assets 19 193  17 915  12 390  13 464  Current liabilities 7 770  6 965  4 414  4 691  Non-current liabilities 2 700  2 817  748  851  Equity attributable to equity holders 15 707  14 809  10 765  11 013  Non-controlling interests 263  246  69  70  Ambev Budweiser APAC Million US dollar 2022 2021 2022 2021 Summarized income statement and  other comprehensive income information Revenue 15 434  13 570  6 478  6 788  Net income 2 883  2 444  949  981  Attributable to: Equity holders 2 800  2 360  913  950  Non-controlling interests 84  84  36  31  Net income 2 883  2 444  949  981  Other comprehensive income (1 300) 629   (812)  (289) Total comprehensive income 1 584  3 074  137  692  Attributable to: Equity holders 1 517  2 970  105  660  Non-controlling interests 67  104  32  32  Summarized cash flow information Cash flow from operating activities 3 997  4 266  1 577  1 903  Cash flow from investing activities  (969) (1 441)  (440)  (731) Cash flow from financing activities (3 164) (2 988)  (500)  (464) Net increase/(decrease) in cash and cash equivalents  (136)  (163) 637  708  Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 1.0 billion US dollar and 0.8 billion US dollar for 2022 and 2021, respectively. In 2022, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2021 to non-controlling interests amounting to 83m US dollar (2021: 67m US dollar).Other  non-controlling  interests  not  deemed  individually  material  by  the  company  mainly  related  to  the  company\u2019s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management, Inc. (\u201cApollo\u201d) and non-controlling interests recognized in respect of the company\u2019s subsidiaries in Colombia, Ecuador and Peru.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "s8_notes__6__213": {
   "value": "0.75",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:USD/xbrli:shares"
   }
  },
  "s8_notes__6__214": {
   "value": "1508000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:USD"
   }
  },
  "s8_notes__7__215": {
   "value": "0.5",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:USD/xbrli:shares"
   }
  },
  "s8_notes__6__215": {
   "value": "0.5",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:USD/xbrli:shares"
   }
  },
  "s8_notes__6__225": {
   "value": "EARNINGS PER SHARE The calculation of basic earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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: Million shares 2022 2021 . Issued ordinary and restricted shares at 1 January, net of treasury shares 1 981 1 972 Effect of stock lending               30                30  Effect of delivery of treasury shares                 2                  4  Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 The calculation of diluted earnings per share for 2022 is based on the profit attributable to equity holders of AB InBev of  5 969m US dollar (2021: 4 670m 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:  Million shares 2022 2021 . Weighted average number of ordinary and restricted shares at 31 December 2 013 2 007 Effect of share options, warrants and restricted stock units               37                38  Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 050 2 045 The calculation of earnings per share before  non-underlying items is based on the profit before non-underlying items, attributable  to  equity holders  of  AB  InBev.  The  calculation  of  the  Underlying  EPS  is  based  on  the  profit  before  non-underlying items, mark-to-market gains/losses 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 non-underlying items, attributable 1to equity holders of AB InBev is calculated as follows:  Million US dollar 2022 2021\u00b9 . Profit attributable to equity holders of AB InBev 5 969 4 670 Net impact of non-underlying items on profit (refer to Note 8)             484  1 054 Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Mark-to-market losses/(gains) on derivatives related to the hedging of share-based payment programs           (331)               23  (refer to Note 11) Hyperinflation impacts             (30)               28  Underlying profit 6 093 5 774 The table below sets out the EPS calculation:  Million US dollar 2022 2021 . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS 2.97  2.33  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares 2 013 2 007 Basic EPS before non-underlying items 3.21  2.85  . Underlying profit 6 093 5 774 Weighted average number of ordinary and restricted shares 2 013 2 007 Underlying EPS 3.03  2.88  . Profit attributable to equity holders of AB InBev 5 969 4 670 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS 2.91  2.28  . Profit before non-underlying items, attributable to equity holders of AB InBev 6 454 5 723 Weighted average number of ordinary and restricted shares (diluted) 2 050 2 045 Diluted EPS before non-underlying items 3.15  2.80  Earnings per share before non-underlying items and Underlying EPS are non-IFRS measures. The average market value of the company\u2019s 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 before non-underlying items, 51 million share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2022 (31 December 2021: 68 million share options).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__228": {
   "value": "22. Interest-bearing loans and borrowings This note provides information about the company\u2019s interest-bearing loans and borrowings. For more information about the company\u2019s exposure to interest rate and foreign exposure currency risk \u2013 refer to Note 27 Risks arising from financial instruments.  Million US dollar 31 December 2022 31 December 2021 Unsecured bond issues 76 798 85 433 Lease liabilities 1 963 1 830 Unsecured other loans   95   31 Secured bank loans   24   75 Non-current interest-bearing loans and borrowings 78 880 87 369 Lease liabilities   529   447 Secured bank loans   369   553 Unsecured bank loans   100   106 Unsecured other loans   30   9 Unsecured bond issues -   293 Current interest-bearing loans and borrowings 1 029 1 408 Interest-bearing loans and borrowings 79 909 88 777 The current and non-current interest-bearing loans and borrowings amount to 79.9 billion US dollar as at 31 December 2022, compared to 88.8 billion US dollar as at 31 December 2021. As at 31 December 2022, the company had no outstanding balance on commercial papers (31 December 2021: 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.   On 10 January 2022, Anheuser-Busch InBev SA/NV (\u201cABISA\u201d) announced that its wholly-owned subsidiary Anheuser- Busch InBev Finance Inc. (\u201cABIFI\u201d) exercised its option to redeem the outstanding principal amounts for an aggregate principal amount of 3.1 billion US dollar of the following series of notes: Original principal amount Principal amount Date of Issuer Title of series of notes outstanding redeemed redemption  (abbreviated)  redeemed  Currency (in million) (in million) 9 February 2022 ABIFI 3.650% Notes due 2026 USD 1 633 1 633 1 March 2022 ABIFI 4.915% Notes due 2046 USD 1 470 1 470 On 2 December 2022, the company completed the tender offers of twelve series of USD notes and two series of GBP notes for up to 3.5 billion US dollar aggregate purchase price. The company accepted the tender offers of eight series of notes issued by Anheuser-Busch InBev SA/NV (\u201cABISA\u201d), Anheuser-Busch InBev Worldwide (\u201cABIWW\u201d) and Anheuser-Busch InBev Finance Inc. (\u201cABIFI\u201d) and repurchased 3.9 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below: Original principal Principal Principal amount amount amount not Issuer Title of series of notes outstanding repurchased repurchased Date of redemption  (abbreviated)  partially repurchased  Currency (in million) (in million) (in million) 2 December 2022 ABISA 2.850% Notes due 2037 GBP 900  489  411  2 December 2022 ABISA 2.250% Notes due 2029 GBP 700  363   337  2 December 2022 ABIFI 4.000% Notes due 2043 USD 750  346   404  2 December 2022 ABIWW 3.750% Notes due 2042 USD 1 000  529   471  2 December 2022 ABIWW 4.600% Notes due 2060 USD 1 000  503  497  2 December 2022 ABIWW 4.500% Notes due 2050 USD 2 250  683   1 567  2 December 2022 ABIWW 4.750% Notes due 2058 USD 1 500  519   981  2 December 2022 ABIWW 4.600% Notes due 2048 USD 2 500  321   2 179  These tender offers were financed with cash. 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\u2019s management to highlight changes in the company\u2019s overall liquidity position. AB InBev\u2019s net debt decreased to 69.7 billion US dollar as at 31 December 2022, from 76.2 billion US dollar as at 31 December 2021. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (6.1 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (2.4 billion US dollar) and foreign exchange impact on net debt (1.5 billion US dollar decrease of net debt). The following table provides a reconciliation of AB InBev\u2019s net debt as at the dates indicated: Million US dollar 31 December 2022 31 December 2021 Non-current interest-bearing loans and borrowings 78 880 87 369 Current interest-bearing loans and borrowings 1 029 1 408 Interest-bearing loans and borrowings 79 909 88 777 Bank overdrafts  83  53 Cash and cash equivalents (9 973) (12 097) Interest bearing loans granted and other deposits (included within Trade and other           (183)           (175) receivables) Debt securities (included within Investment securities)           (123)           (396) Net debt 69 713 76 162 Reconciliation of liabilities arising from financing activities The table below details the changes in the company\u2019s 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\u2019s consolidated cash flow statement from financing activities. Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2022 87 369 1 408 Proceeds from borrowings  74  17 Payments on borrowings (6 698) (567) Capitalization / (payment) of lease liabilities  794 (519) Amortized cost  63 - Unrealized foreign exchange effects (1 776) (6) Current portion of long-term debt (617)  617 (Gain)/Loss on bond redemption and other movements (329)  79 Balance at 31 December 2022 78 880 1 029 . Short-term debt and Long-term debt, net of current portion of long-Million US dollar current portion term debt Balance at 1 January 2021 95 478 3 081 Proceeds from borrowings  148  306 Payments on borrowings (6 735) (2 230) Capitalization / (payment) of lease liabilities  697           (547) Amortized cost  64 - Unrealized foreign exchange effects (2 149)             (88) Current portion of long-term debt           (875)  875 (Gain)/Loss on bond redemption and other movements  741  10 Balance at 31 December 2021 87 369 1 408 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__232-1": {
   "value": "23. Pension and similar obligations AB InBev  sponsors  various  post-employment  benefit  plans  worldwide,  which  include  both  defined  contribution  plans, defined  benefit  plans,  and  other  post-employment  benefits.  In  accordance  with  IAS  19  Employee  Benefits  post-employment benefit plans are classified as either defined contribution plans or defined benefit plans. DEFINED CONTRIBUTION PLANS For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions constitute an expense for the year in which they are due. For 2022, contributions paid into defined contribution plans for the company amounted to 164m US dollar compared to 147m US dollar for 2021. DEFINED BENEFIT PLANS During 2022, the company contributed to 86 defined benefit plans, of which 64 are retirement or leaving service plans, 17 are medical cost plans and 5 other long-term employee benefit plans. Most plans provide retirement and leaving service benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded, the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practice in each country. The medical cost plans in Barbados, Brazil, Canada, Colombia, South Africa and US provide medical benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants. The present value of funded obligations includes a 115m US dollar liability related to two medical plans in Brazil, for which the benefits are provided through the Funda\u00e7\u00e3o Antonio Helena Zerrenner (\u201cFAHZ\u201d). The FAHZ is a legally distinct entity which provides medical, dental, educational and social assistance to current and retired employees of Ambev. As at 31 December 2022, the actuarial liabilities related to  the benefits provided by the FAHZ are fully offset by an equivalent amount of assets existing in the fund. The net liability recognized in the statement of financial position is nil.  The employee benefit net liability amounts to 1 523m US dollar as at 31 December 2022 compared to 2 256m US dollar as at 31 December 2021. In 2022, the fair value of the plan assets decreased by 1 574m US dollar and the defined benefit obligations decreased by 2 287m US dollar. The decrease in the employee benefit net liability is mainly driven by increases in the discount rates partially offset by unfavorable asset returns.  The company\u2019s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2022 and 2021: Million US dollar 2022 2021 Present value of funded obligations (4 604) (6 791) Fair value of plan assets 3 807 5 381 Present value of net obligations for funded plans  (797) (1 410) Present value of unfunded obligations  (587)  (687) Present value of net obligations (1 384) (2 097) Unrecognized asset  (43)  (32) Net liability (1 427) (2 129) Other long term employee benefits  (96)  (127) Total employee benefits (1 523) (2 256) Employee benefits amounts in the statement of financial position: Liabilities (1 534) (2 261) Assets 11  5  Net liability (1 523) (2 256) The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2022 2021 Defined benefit obligation at 1 January (7 478) (8 496) Current service costs  (69)  (80) Interest cost  (229)  (212) Past service gain/(cost) -  (5) Settlements 114  176  Benefits paid 549  553  Contribution by plan participants  (2)  (3) Actuarial gains/(losses) \u2013 demographic assumptions  (2)  (41) Actuarial gains/(losses) \u2013 financial assumptions 1 854  460  Experience adjustments  (116) 16  Exchange differences 243  154  Transfers and other movements  (55) - Defined benefit obligation at 31 December (5 191) (7 478) As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.1 billion US dollar relating to active employees, 0.9 billion US dollar relating to deferred members and 3.2 billion US dollar relating to members in retirement.  The changes in the fair value of plan assets are as follows:  Million US dollar 2022 2021 Fair value of plan assets at 1 January 5 381  5 649  Interest income  157  137 Administration costs  (17)  (19) Return on plan assets exceeding interest income (1 084)  197 Contributions by AB InBev  220  241 Contributions by plan participants  2  3 Benefits paid net of administration costs  (551)  (553) Assets distributed on settlements  (112)  (172) Exchange differences  (188)  (102) Transfers and other movements  (2) - Fair value of plan assets at 31 December 3 807 5 381  Actual return on plans assets amounted to a loss of (927)m US dollar in 2022 compared to a gain of 334m US dollar in 2021. The changes in the unrecognized asset are as follows: Million US dollar 2022 2021 Irrecoverable surplus impact at 1 January  (32)  (31) Interest expense  (3)  (2) Changes excluding amounts included in interest expense   (8)  1 Irrecoverable surplus impact at 31 December  (43)  (32) The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:  Million US dollar 2022 2021 Current service costs  (66)  (80) Administration costs  (17)  (19) Past service cost due to plan amendments, curtailments or settlements 2   (2) (Losses)/gains due to experience and demographic assumption changes -  1 Profit from operations  (81)  (100) Net finance cost  (73)  (76) Total employee benefit expense  (154)  (176) The employee benefit expense is included in the following line items of the income statement: Million US dollar 2022 2021 Cost of sales  (25)  (30) Distribution expenses  (11)  (11) Sales and marketing expenses  (17)  (24) Administrative expenses  (28)  (34) Other operating (expense)/income -  (1) Net finance cost  (73)  (76) Total employee benefit expense  (154)  (176) Weighted  average  assumptions  used  in  computing  the  benefit  obligations  of  the  company\u2019s  significant  plans  at  the reporting date are as follows:   2022 United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 5.5% 5.1% 9.5% 10.0% 4.9% 5.9% Price inflation 2.5% 2.0% 3.5% 3.5% 3.2% 2.7% Future salary increases - 1.0% 4.5%-4.0% 7.1%-5.3% - 4.0% Future pension increases - 2.0% 3.5% 3.5% 3.0% 2.7% Medical cost trend rate 7.0%-4.5% 4.5% - 7.1% - 6.8%-6.1% Life expectation for a 65-year old male 86 87 85 85 87 85 Life expectation for a 65-year old female 88 90 88 87 89 88 2021 United United States Canada Mexico Brazil Kingdom AB InBev Discount rate 2.8% 2.9% 8.0% 8.7% 1.9% 3.2% Price inflation 2.5% 2.0% 3.5% 3.3% 3.6% 2.7% Future salary increases - 1.0% 4.5%-4.0% 6.9%-5.0% - 3.7% Future pension increases - 2.0% 3.5% 3.3% 3.2% 2.7% Medical cost trend rate 5.3%-4.5% 4.5% - 6.9% - 5.9%-5.7% Life expectation for a 65-year old male 86 87 85 85 87 85 Life expectation for a 65-year old female 88 90 88 87 89 88 Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number of risks, the most significant are detailed below: INVESTMENT STRATEGY In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. Within this framework, the company\u2019s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligation.  ASSET VOLATILITY  In general, the company\u2019s funded plans are invested in a combination of equities, bonds and real estate, generating high but volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature, the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since 2015, the company started the implementation of a pension de-risking strategy to reduce the risk profile of certain plans by reducing gradually the current exposure to equities and shifting those assets to fixed income securities. CHANGES IN BOND YIELDS An increase in bond yields will decrease plan liabilities, although this will be partially offset by a decrease in the value of the plans\u2019 bond holdings. INFLATION RISK Some of the company\u2019s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan\u2019s assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation could potentially increase the company\u2019s net benefit obligation. LIFE EXPECTANCY The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans\u2019 liabilities. The weighted average duration of the defined benefit obligation in 2022 is 11.4 years (2021: 13.7 years). An increase in bond yields reduces the average duration. The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:  2022 Change in Increase in Decrease in Million US dollar assumption assumption assumption Discount rate 0.5%  (271) 295  Price inflation 0.5% 94   (101) Future salary increases 0.5% 20   (19) Medical cost trend rate 1% 25   (22) Mortality One year 147   (149) The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear.  Sensitivities are reasonably possible changes in assumptions, and they are calculated using the same approach as was used  to  determine  the  defined  benefit  obligation.  Therefore,  the  above  information  is  not  necessarily  a  reasonable representation of future results. The fair value of plan assets at 31 December consists of the following:  2022 2021 Million US dollar Quoted Unquoted Total Quoted Unquoted Total Government bonds 34%             -    34% 34%             -    34% Corporate bonds 30%             -    30% 34%             -    34% Equity instruments 24%             -    24% 24%             -    24% Property             -    7% 7%             -    4% 4% Insurance contracts and others 4% 1% 5% 2% 2% 4% 91% 8% 100% 94% 6% 100% AB InBev expects to contribute approximately 182m US dollar for its funded defined benefit plans and 69m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2023. 25. Provisions Million US dollar Restructuring Disputes Other Total Balance at 1 January 2022 80  420  106  605  Effect of movements in foreign exchange   (5)  (11)  (2)  (18) Provisions made 37  157  32  226  Provisions used  (37)  (109) -  (147) Provisions reversed -  (21) -  (22) Other movements  (23) 1   (50)  (73) Balance at 31 December 2022 51  436  85  572  The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Non-underlying items. Provisions for disputes mainly relate to various disputed taxes other than income taxes and to claims from former employees. The provisions are expected to be settled within the following time windows:  Million US dollar Due within one year Due after one year Total Restructuring 33  18  51  Indirect taxes 10  82  93  Labor 30  105  136  Commercial 12  54  66  Excise duties 2  21  23  Other disputes 26  92  118  Disputes 81  355  436  Other provisions 63  22  85  Total provisions 176  396  572  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__235": {
   "value": "24. 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  (\u201cShare-Based  Compensation  Plan\u201d),  the  long-term  restricted  stock  unit  plan  for directors (\u201cRestricted Stock Units Plan for Directors\u201d), and the various long-term incentive plan for executives (\u201cLTI Plan Executives\u201d). For all option plans, the fair value of share-based payment compensation is estimated at grant date, using a binomial Hull model, modified to reflect the IFRS 2 Share-based Payment requirement that assumptions about forfeiture before the end of the vesting period cannot impact the fair value of the option.  These share-based payment programs relate to either AB InBev shares or American Depository Shares (ADSs) as underlying equity instruments. All the company share-based payment plans are equity-settled. Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated.  Share-based payment transactions resulted in a total expense of 448m US dollar for 2022, as compared to 510m US dollar for 2021, which included an amount of 72m US dollar that was reported in non-underlying items representing the IFRS 2 cost related to the Zenzele Kabili scheme. For more details, refer to Note 21 Changes in equity and earnings per share. AB INBEV SHARE-BASED COMPENSATION PROGRAMS  Share-Based Compensation Plan for Executives Under this plan, members of the Executive Committee and other senior employees receive their bonus in cash but have the choice to invest some or all of the value of their bonus in AB InBev shares, referred to as voluntary shares. The voluntary shares are entitled to dividends from the date of grant and are subject to a lock-up period of three years. They are granted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form of restricted Stock Units (\u201cRSUs\u201d) (Discounted Shares). Executives who invest in Voluntary Shares also receive one and a half matching shares for each voluntary share invested up to a limited total percentage of each executive\u2019s variable compensation. These matching shares are also delivered in the form of RSUs (Matching Shares). The RSUs relating to the Matching Shares and the Discounted Shares vest over a 3-year period and are subject to specific restrictions or forfeiture provisions in the event of termination of service. During 2022, AB InBev issued 4.8m discounted and matching RSUs in relation to bonuses granted to company employees and management (2021: 0.2m discounted and matching RSUs). These discounted and matching RSUs represent a fair value of approximately 293m US dollar (2021: 9m US dollar). Restricted Stock Units Plan for Directors The share-based portion of the remuneration of the directors of the company is granted in the form of RSUs that vest after 5 years and, upon vesting, entitle their holders to one AB InBev share per RSU. During 2022, 0.1m RSUs with an estimated fair value of  4m US dollar were granted to directors (2021: 0.1m with an estimated fair value of 4m US dollar). Annual LTI Plans for Executives Subject  to  management\u2019s  assessment  of  the  executive\u2019s  performance  and  future  potential,  members  of  senior management may be eligible for an annual long-term incentive to be paid out in RSUs, Performance Stock Units (\u201cPSUs\u201d) and/or stock options. \u2022  Long-term Incentive RSUs: They cliff vest over a three-year period. Upon vesting, each RSU entitles its holder to acquire one share. During 2022, AB InBev issued 3.9m RSUs with an estimated fair value of 228m US dollar under this plan (2021: 2.8m RSUs with an estimated fair value of 155m under this plan). Out of these RSUs, 0.5m RSUs were granted to members of the Executive Committee (2021: 0.2m RSUs). \u2022  Long-term PSUs: They cliff vest over a three-year period. Upon vesting of the PSUs, the number of shares to which the holders thereof shall be entitled shall depend on a performance test measuring (on a percentile basis) the  company\u2019s  three-year  Total Shareholder Return (\u201cTSR\u201d) relative to the TSR realized for that period by a representative sample of listed companies belonging to the consumer goods sector. The number of shares to which such Units entitle their holders is subject to a hurdle and cap.  PSUs were granted for the first time in December 2022. 0.5m PSUs were granted to Executives with an estimated fair value of 39m US dollar. Out of these PSUs, 0.1m PSUs were granted to members of the Executive Committee. \u2022  Long-term Incentive stock options: They cliff vest over a five-year period and they have a maximum lifetime of 10 years and an exercise period that starts after five years. Upon exercise, each option entitles the option holder to purchase one share. During 2022 and 2021, no LTI stock options were granted to Executives. Exceptional LTI Plans for Executives RSUs, PSUs or stock options may be granted from time to time to members of the senior management of the company, who  have  made  a  significant  contribution  to  the  success  of  the  company  (achieving  the  growth  agenda,  specific acquisitions, etc.). Vesting of such RSUs, PSUs or stock options may be subject to achievement of performance conditions which will be related to the objectives of such exceptional grants. During 2022 and 2021, no exceptional grants were made to Executives. Other Recurring LTI RSU Plans for Executives   AB InBev has specific recurring long-term RSU incentive programs in place, including: \u2022  A base long-term RSUs program allowing for the offer of RSUs to members of the company\u2019s senior management. In addition to the annual Long-term RSUs described above under this program, RSUs can be granted under other sub-plans with specific terms and conditions and for specific purposes, e.g., for special retention incentives or to compensate for assignments of expatriates in certain countries. In most cases, the RSUs vest after three or five years  without  a  performance test and  in  the  event  of termination of service  before  the  vesting date, specific forfeiture rules apply. The Board may set different vesting periods for specific sub-plans or introduce performance tests in line with the company\u2019s high-performance culture and the creation of long-term sustainable value for its shareholders. In 2022, 0.7m RSUs with an estimated fair value of 44m US dollar were granted under this program (2021: 0.8m RSUs with an estimated fair value of 45m US dollar). No RSUs were granted to members of the Executive Committee in 2022 and 2021 under this program.  \u2022  A  program  allowing  for  certain  employees  to  purchase  company  shares  at  a  discount  and  that  is  aimed  at providing  a  long-term retention  incentive for  (i)  high-potential  employees  of the  company, who  are  at a  mid-manager level (\"People bet share purchase program\") or (ii) newly hired employees. The voluntary investment in company shares leads to the grant of an amount of matching RSUs which vest after 5 years. In the event that an employee's  service  is  terminated  before  the  vesting  date,  special  forfeiture  rules  apply.  In  2022,  employees received approximately 0.1m RSUs under this program representing a fair value of 7m US dollar (2021: 0.1m RSUs representing a fair value of 7m US dollar). Performance related incentive plan for ZX Ventures In 2016, the company implemented a new performance related incentive plan which substitutes the long-term incentive stock option plan for executives of ZX Ventures. ZX Ventures is our global growth and innovation group whose mandate is to invest in, incubate and develop new products and businesses that address emerging consumer needs. During 2022, no performance units were granted to senior management of ZX Ventures (2021: 1m performance units). The value of the performance units will depend on the return of ZX Ventures. These units vest after 5 years provided that a performance test is met. Specific forfeiture rules apply in the event that the executive leaves the company. Other disclosures for Share-based payments No stock options were granted in 2022 and 2021. The total number of outstanding AB InBev options developed as follows: Million options  2022 2021 Options outstanding at 1 January 102.7  113.3  Options issued during the year - - Options exercised during the year (1.0) (1.3) Options forfeited during the year (14.9) (9.2) Options lapsed during the year (3.6) - Options outstanding at the end of December 83.2  102.7  1The range of exercise prices of the outstanding options is between 10.32 euro (11.01 US dollar) and 128.46 euro (137.02 US dollar) while the weighted average remaining contractual life is 6.4 years.  Out of the 83.2m outstanding options, 23.7m options are vested at 31 December 2022. The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 2022 2021 Options outstanding at 1 January 64.77  71.22  Granted during the year  - - Exercised during the year 16.11  46.30  Forfeited during the year 94.76  89.56  Lapsed during the year 88.10  - Outstanding at the end of December 76.04  64.77  Exercisable at the end of December 102.19  98.27  For share options exercised during 2022, the weighted average share price at the date of exercise was 52.93 euro (56.46 US dollar)\u00b9. The total number of outstanding AB InBev RSUs developed as follows: Million RSUs 2022 2021 RSUs outstanding at 1 January 20.9  19.1  RSUs issued during the year 9.6  3.9  RSUs vested during the year (0.5) (1.1) RSUs forfeited during the year (1.8) (1.1) RSUs outstanding at the end of December 28.2  20.9  AMBEV SHARE-BASED COMPENSATION PROGRAMS Since 2005, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 44 thousand matching RSUs in 2022 with an estimated fair value of less than 1m US dollar (2021: 0.1m matching RSUs with an estimated fair value of less than 1m US dollar). Since 2018, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the 2018 Share-based compensation plan, Ambev issued 49.3m matching RSUs in 2022 with an estimated fair value of 148m US dollar (2021: 20.6m matching RSUs with an estimated fair value of 61m US dollar). As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in the future, similar share-based instruments), depending on management\u2019s assessment of the employee\u2019s performance and future potential. No stock options were granted in 2022 and 2021. The total number of outstanding Ambev options developed as follows:  Million options 2022 2021 Options outstanding at 1 January 113.8  127.3  Options issued during the year - - Options exercised during the year - (5.2) Options forfeited during the year (14.0) (8.3) Options outstanding at the end of December 99.8  113.8  The range of exercise prices of the outstanding options is between 15.95 Brazilian real (3.06 US dollar) and 39.04 Brazilian real (7.48 US dollar) while the weighted average remaining contractual life is 4.3 years. Of the 99.7m outstanding options 63.9m options are vested at 31 December 2022. The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 2022 2021 Options outstanding at 1 January 3.57  3.81  Granted during the year - - Exercised during the year - 2.36  Forfeited during the year 4.33  4.53  Outstanding at the end of December 3.72  3.57  Exercisable at the end of December 3.86  3.79  The total number of outstanding Ambev RSUs developed as follows: Million RSUs 2022 2021 RSUs outstanding at 1 January 63.8  49.6  RSUs issued during the year 49.3  20.7  RSUs vested during the year (0.2) (5.0) RSUs forfeited during the year (3.1) (1.5) RSUs outstanding at the end of December 109.8  63.8  During 2022, a limited number of Ambev shareholders who are part of the senior management of AB InBev were given the opportunity to exchange Ambev shares against a total of 54 thousand AB InBev shares (2021: 3 thousand AB InBev shares) at a discount of 16.66% provided that they stay in service for another five years. The fair value of this transaction amounts to 1m US dollar (2021: less than 1m US dollar) and is expensed over the five years\u2019 service period. The fair values of the Ambev and AB InBev shares were determined based on the market price. BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM Discretionary Restricted Stock Units Plan In December 2019, Budweiser APAC  set up a discretionary  RSUs plan which allows for the offer of  RSUs  to certain employees in certain specific circumstances, at the discretion of the Board, e.g., as a special retention incentive. The RSUs vest after three to five years and in the event that an employee\u2019s service is terminated before the vesting date, special forfeiture rules apply. In 2022 and 2021, no RSUs were granted under this program. Share-Based Compensation Plan In March 2020, Budweiser APAC set up a program allowing for certain employees to invest some or all of their variable compensation in Budweiser APAC shares (Voluntary Shares). As an additional reward, employees who invest in Voluntary Shares also receive a company shares match of three matching shares for each Voluntary Share invested up to a limited total percentage of each employee\u2019s variable compensation. In 2022, Budweiser APAC issued 12.5m matching RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 39m US dollar (2021: 0.1m matching restricted stock units with an estimated fair value of less than 1m US dollar).  New Restricted Stock Units Plan In  November 2020,  Budweiser  APAC  set  up a  new  RSUs  plan  which  allows  for  the offer  of  RSUs to  certain  eligible employees in certain specific circumstances, at the discretion of the Board, e.g., as a long-term incentive. The vesting period of the RSUs is in principle between three and five years without a performance test and in the event of termination of service before the vesting date, forfeiture rules apply. The Board may set shorter or longer periods for specific grants or introduce performance tests similar to other programs in the company. During 2022, 14.1m RSUs with an estimated fair value of 45m US dollar were granted under this program to a selected number of employees (2021: 10m RSUs with an estimated fair value of 26m US dollar). People Bet Plan In March 2020, Budweiser APAC set up a program allowing for certain employees to purchase Budweiser APAC shares at a discount which is aimed at providing a long-term retention incentive for high-potential employees of the company, who are at a mid-manager level (\u201cPeople bet share purchase program\u201d). The voluntary investment in company shares leads to the grant of an amount of matching RSUs which vest after 5 years. In the event that an employee\u2019s service is terminated before the vesting date, special forfeiture rules apply. During 2022, 0.5m RSUs with an estimated fair value of 2m US dollar were granted to a selected number of employees (2021: no RSUs were granted under this program). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__238-1": {
   "value": "25. Provisions Million US dollar Restructuring Disputes Other Total Balance at 1 January 2022 80  420  106  605  Effect of movements in foreign exchange   (5)  (11)  (2)  (18) Provisions made 37  157  32  226  Provisions used  (37)  (109) -  (147) Provisions reversed -  (21) -  (22) Other movements  (23) 1   (50)  (73) Balance at 31 December 2022 51  436  85  572  The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Non-underlying items. Provisions for disputes mainly relate to various disputed taxes other than income taxes and to claims from former employees. The provisions are expected to be settled within the following time windows:  Million US dollar Due within one year Due after one year Total Restructuring 33  18  51  Indirect taxes 10  82  93  Labor 30  105  136  Commercial 12  54  66  Excise duties 2  21  23  Other disputes 26  92  118  Disputes 81  355  436  Other provisions 63  22  85  Total provisions 176  396  572  29. 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\u2019s 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 31 December 2022 and 31 December 2021, AB InBev\u2019s material  tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2022 31 December 2021 . Income tax and social contribution 11 586 9 723 Value-added and excise taxes 4 965 4 285 Other taxes             854              663  17 405 14 671 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 August 2022, the Upper Administrative Court rendered favorable decisions to Ambev on two cases related to the taxation of profits of foreign subsidiaries, one of which recognized the application of the double tax treaty signed by Brazil to mitigate such taxation; both of these decisions are final. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev on a third related case. Ambev is awaiting formal notification of this decision to  analyze  its  content  and any  applicable  legal motions  or  appeals.  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 31 December 2022 is approximately 7.3 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 58 million Brazilian real (11 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 and awaits judgment 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. The updated assessed amount related to this uncertain tax position as of 31 December 2022 is approximately 11.1 billion Brazilian real (2.1 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 (\u201cBAH\u201d) 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 limitation 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.  The  Special  Appeals  filed  in  both  tax  assessments  are  awaiting judgment by the Upper Administrative Court. The updated assessed amount related to this uncertain tax position as of 31 December 2022 is approximately 2.2 billion Brazilian real (0.4 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 31 December 2022 is approximately 1.3 billion Brazilian real (0.2 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 31 December 2022 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 is subject to mandatory review by the Lower Administrative Court. 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. The favorable portion  of  the decision is  also  subject to mandatory  review by  the  Lower Administrative Court.  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 31 December 2022 is approximately 5.2 billion Brazilian real (1.0 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. In these cases, Ambev filed Special Appeals to the Upper Administrative Court which are pending judgment. With respect to the cases related to the periods of 2015 and 2016, 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 31 December 2022 is approximately 12.6 billion Brazilian real (2.4 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 (the 2018 to  2022  calendar  years).  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. In addition, Ambev has been charged isolated fines due to the non-recognition of tax offsets. The constitutionality of this penalty is under review at the Supreme Court of Justice. The updated assessed amount  as  of 31 December 2022 is approximately 1.2 billion Brazilian real (0.2 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Presumed Profit In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \u201cpresumed profit\u201d method for the calculation of income tax and the social contribution on net profits instead of the \u201creal profit\u201d 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 31 December 2022 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 Am\u00e9ricas, 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\u2019s 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  (\u201cIOC\u201d)  deduction  in  2014.  The  assessment  refers  primarily  to  the  accounting  and  corporate  effects  of  the restructuring carried out by Ambev in 2013 and the 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 31 December 2022 is approximately 13.8 billion Brazilian real (2.6 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 (2018-2022) and deducted such amounts from its Corporate Income Taxes taxable basis (2018-2022). 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 2020, 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 31 December 2022 is approximately 2.3 billion Brazilian real (0.4 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 (2019-2022) 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 an unfavorable decision was rendered to Ambev by the Lower Administrative Court in June 2019. Ambev has appealed this decision and awaits judgment by the Upper Administrative Court. The amount related to this uncertain tax position as of 31 December 2022 is approximately 0.5 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 (\u201cIPI\u201d) AND TAXES ON NET SALES Manaus Free Trade Zone \u2013 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 (\u201cIPI\u201d) and social contributions (\u201cPIS/COFINS\u201d). With respect to IPI, Ambev\u2019s 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\u2019s remittance to Ambev subsidiaries.  In April 2019, the Federal Supreme Court (\u201cSTF\u201d) announced its judgment on Extraordinary Appeal No. 592.891/SP and 596.614/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 assessments to be approximately 5.9 billion Brazilian real (1.1 billion US dollar) as of 31 December 2022. Ambev has not recorded any provision in connection therewith. In addition, Ambev and its subsidiaries have been charged isolated fines due to the non-recognition of tax offsets. The constitutionality of this penalty is under review at the Supreme Court of Justice. The updated assessed amount as of 31 December 2022 is approximately 0.2 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. 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 1.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. Ambev has not recorded any provision in connection therewith. ICMS tax credits Ambev is currently challenging tax assessments issued by the states of S\u00e3o 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\u2019s  tax assessments. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the second administrative level in April, 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 1.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. 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 S\u00e3o 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 in February 2022, which is still subject to appeal by tax authorities. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavourable judgments 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 0.7 billion Brazilian real (0.1 billion US dollar) as of 31 December 2022. 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 9.3 billion Brazilian real (1.8 billion US dollar) as of 31 December 2022. Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. 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  and  2020,  Ambev  received  final  favorable  decisions  at  the administrative level in some of these cases and favorable decisions in other cases that are still subject to review. 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 31 December 2022. Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. AB INBEV\u2019S TANZANIA TAX MATTERS Tanzania Breweries Limited (\u201cTBL\u201d), 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\u2019S SOUTH AFRICA TAX MATTERS  The South African Revenue Service (\u201cSARS\u201d) conducted an audit of AB InBev\u2019s South African subsidiary, the South African Breweries (Pty) Ltd. (\u201cSAB\u201d), in relation to the 2017 repurchase of SAB\u2019s equity stake in Coca-Cola Beverages Africa (Pty) Ltd (\u201cCCBA\u201d), the Coca-Cola bottling business in Africa, by CCBA. The preliminary audit finding claims that SAB owes 6.3 billion  South  African  Rand  (0.4  billion  US  dollar)  in  taxes,  in  addition  to  potential  penalties  and  interest,  which  are unspecified  but  may  be  significant  as  a  proportion  of  the  total.  SAB  contests  both  claims and  has  responded  to  the preliminary audit finding. SAB intends to object to any assessment issued, but may be required to secure or pre-pay some or all of the taxes assessed, pending the outcome of SAB\u2019s challenge and any appeal. No related provision has been made. AB INBEV\u2019S AUSTRALIAN BUSINESS TAX MATTERS In 2019, SAB Australia Pty Limited (\u201cSAB Australia\u201d), a subsidiary of AB InBev, received amended tax assessments for 0.4 billion Australian dollar (0.3 billion US dollar) related to the interest deductions of SAB\u2019s acquisition of the Foster\u2019s group (the \u201cFoster\u2019s acquisition\u201d), following an audit of the 2012 to 2014 income tax years. In June 2022, AB InBev reached a settlement with the Australian tax authorities that resolved the pre-transaction income tax liabilities, resulting in a payment of 0.1 billion Australian dollar (0.1 billion US dollar). The disposal of the Australian business on 1 June 2020 included an indemnity by AB InBev for all pre-transaction tax liabilities. 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\u2019s decision was appealed to the European Union\u2019s 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 an aid scheme. 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 \u201caid scheme\u201d. In the initial European General Court judgment, the court limited itself to finding the Belgian excess profit rulings were not an \u201caid scheme\u201d, 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\u2019s  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\u2019s 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 (72 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 (72 million US dollar) in 2020.   CERBUCO BREWING ARBITRATION Cerbuco Brewing Inc., (\u201cCerbuco\u201d) a Canadian subsidiary of Ambev, owns a 50% equity ownership in Cerveceria Bucanero S.A. (\u201cBucanero\u201d), a joint venture in Cuba. In 2021, Cerbuco initiated an arbitration proceeding at the International Chamber of Commerce (\u201cICC\u201d), 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\u2019s  ability  to  influence  the  management  of  Bucanero\u2019s  operations.  As  a  result,  Ambev\u2019s  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 subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming 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. Ambev disputes these claims and intends to continue to vigorously defend these cases. All six lawsuits were ruled favorably to Ambev by the Superior Court of Justice (\u201cSTJ\u201d). Three cases were dismissed by the STJ\u2019s Special Court and the plaintiffs\u2019 appeals were denied by the Brazilian Supreme Court (\u201cSTF\u201d). The plaintiffs filed an appeal for further review by the STF chamber, which was denied by the STF chamber in a unanimous ruling. The fourth case was ruled favorably to Ambev by the STJ\u2019s Special Court and the judgment became final. The fifth case was remitted to the STJ\u2019s lower court for a new judgment and the sixth case was ruled favorably to Ambev and the decision became final. Considering all of these facts, Ambev and its external counsels strongly believe that the chance of loss in these cases is remote. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__244": {
   "value": "26. Trade and other payables Million US dollar 31 December 2022 31 December 2021 Indirect taxes payable 174  194  Trade payables 176  51  Deferred consideration on acquisitions 464  662  Other payables 46  100  Non-current trade and other payables 859  1 008  Trade payables and accrued expenses 18 589  17 810  Payroll and social security payables 1 520  1 716  Indirect taxes payable 2 768  2 457  Interest payable 1 428  1 501  Consigned packaging 1 012  1 050  Dividends payable 356  355  Deferred consideration on acquisitions 313  191  Other payables and deferred income 362  353  Current trade and other payables 26 349  25 434  The company has entered into reverse factoring arrangements with suppliers in the amount of 134m Us dollar as at 31 December 2022, mostly due to legal requirements. The nature, as well as the terms and conditions of the liabilities that are part of these arrangements do not differ from those of the company\u2019s normal trade payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation of financial statements. As at 31 December 2022, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the  2012 shareholders\u2019 agreement  between Ambev and ELJ,  which may result in  Ambev acquiring additional shares in Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d) (31 December 2021: 0.6 billion US dollar). The terms of the shareholders\u2019 agreement were amended as described in Note 27 Risk arising from financial instruments.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__242": {
   "value": "26. Trade and other payables Million US dollar 31 December 2022 31 December 2021 Indirect taxes payable 174  194  Trade payables 176  51  Deferred consideration on acquisitions 464  662  Other payables 46  100  Non-current trade and other payables 859  1 008  Trade payables and accrued expenses 18 589  17 810  Payroll and social security payables 1 520  1 716  Indirect taxes payable 2 768  2 457  Interest payable 1 428  1 501  Consigned packaging 1 012  1 050  Dividends payable 356  355  Deferred consideration on acquisitions 313  191  Other payables and deferred income 362  353  Current trade and other payables 26 349  25 434  The company has entered into reverse factoring arrangements with suppliers in the amount of 134m Us dollar as at 31 December 2022, mostly due to legal requirements. The nature, as well as the terms and conditions of the liabilities that are part of these arrangements do not differ from those of the company\u2019s normal trade payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation of financial statements. As at 31 December 2022, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the  2012 shareholders\u2019 agreement  between Ambev and ELJ,  which may result in  Ambev acquiring additional shares in Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d) (31 December 2021: 0.6 billion US dollar). The terms of the shareholders\u2019 agreement were amended as described in Note 27 Risk arising from financial instruments.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__241": {
   "value": "26. Trade and other payables Million US dollar 31 December 2022 31 December 2021 Indirect taxes payable 174  194  Trade payables 176  51  Deferred consideration on acquisitions 464  662  Other payables 46  100  Non-current trade and other payables 859  1 008  Trade payables and accrued expenses 18 589  17 810  Payroll and social security payables 1 520  1 716  Indirect taxes payable 2 768  2 457  Interest payable 1 428  1 501  Consigned packaging 1 012  1 050  Dividends payable 356  355  Deferred consideration on acquisitions 313  191  Other payables and deferred income 362  353  Current trade and other payables 26 349  25 434  The company has entered into reverse factoring arrangements with suppliers in the amount of 134m Us dollar as at 31 December 2022, mostly due to legal requirements. The nature, as well as the terms and conditions of the liabilities that are part of these arrangements do not differ from those of the company\u2019s normal trade payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation of financial statements. As at 31 December 2022, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the  2012 shareholders\u2019 agreement  between Ambev and ELJ,  which may result in  Ambev acquiring additional shares in Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d) (31 December 2021: 0.6 billion US dollar). The terms of the shareholders\u2019 agreement were amended as described in Note 27 Risk arising from financial instruments.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__247-1": {
   "value": "A)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FINANCIAL ASSETS AND LIABILITIES  </span>1Set out below is an overview of financial assets and liabilities held by the company as at the dates indi<span class=\"_ _0\"/>cated:31 <span class=\"ls0\">December 2022 </span>31 December 2021\u00b9<span class=\"_ _1\"/> At fair At fair value At fair value At fair At<span class=\"ls0\"> </span>through value At<span class=\"ls0\"> </span>through value amortized profit or through amortized profit or through Million US dol<span class=\"_ _0\"/>lar cost loss OCI Total cost loss OCI Total Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 973 - - 9 973 12 097 - - 12 097 Trade and other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s 4 973 - - 4 973 4 607 - - 4 607 Investment se<span class=\"_ _1\"/>c<span class=\"_ _3\"/>urities 25<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>149<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>374<span class=\"ls0\"> </span>139<span class=\"ls0\"> </span>535<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - - - - - 37<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - - 63<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>112<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 41<span class=\"ls0\"> </span>182<span class=\"ls0\"> </span>223<span class=\"ls0\"> </span>- 82<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>238<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - 4 4 - - - - Commodities - - 101<span class=\"ls0\"> </span>101<span class=\"ls0\"> </span>- - 282<span class=\"ls0\"> </span>282<span class=\"ls0\"> </span>Financial assets<span class=\"_ _1\"/> 14 971 139<span class=\"ls0\"> </span>498<span class=\"ls0\"> </span>15 608 16 726 546<span class=\"ls0\"> </span>637<span class=\"ls0\"> </span>17 908 Non-curren<span class=\"_ _0\"/>t 522<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>193<span class=\"ls0\"> </span>730<span class=\"ls0\"> </span>526<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>162<span class=\"ls0\"> </span>712<span class=\"ls0\"> </span>Current 14 450 124<span class=\"ls0\"> </span>305<span class=\"ls0\"> </span>14 878 16 200 521<span class=\"ls0\"> </span>475<span class=\"ls0\"> </span>17 196 . Trade and other pa<span class=\"_ _1\"/>yables 21 983 762<span class=\"ls0\"> </span>- 22 746 21 242 832<span class=\"ls0\"> </span>- 22 074 Non-curren<span class=\"_ _0\"/>t interest-bearing loans<span class=\"_ _1\"/> <span class=\"_ _3\"/>and borrowing<span class=\"_ _0\"/>s 78 880 - - 78 880 87 369 - - 87 369 Current interes<span class=\"_ _0\"/>t-bearing loans and<span class=\"_ _1\"/> borrowing<span class=\"_ _0\"/>s 1 029 - - 1 029 1 408 - - 1 408 Bank overdrafts<span class=\"_ _0\"/> 83<span class=\"ls0\"> </span>- - 83<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- - 53<span class=\"ls0\"> </span>Equity swaps - 4 763 - 4 763 - 5 412 - 5 412 Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps - 16<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>- 174<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>270<span class=\"ls0\"> </span>Foreign exchang<span class=\"_ _0\"/>e forwards - 20<span class=\"ls0\"> </span>245<span class=\"ls0\"> </span>265<span class=\"ls0\"> </span>- 24<span class=\"ls0\"> </span>105<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures - - - - - - 37<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>Commodities - - 271<span class=\"ls0\"> </span>271<span class=\"ls0\"> </span>- - 35<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>Interest rate swap<span class=\"_ _1\"/>s - 3 2 5 - - 3 3 Financial liabi<span class=\"_ _1\"/>l<span class=\"_ _3\"/>ities 101 975 5 565 689<span class=\"ls0\"> </span>108 229 110 073 6 443 275<span class=\"ls0\"> </span>116 790 Non-curren<span class=\"_ _0\"/>t 79 108 473<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>79 749 87 531 678<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>88 282 Current 22 867 5 092 521<span class=\"ls0\"> </span>28 480 22 541 5 764 202<span class=\"ls0\"> </span>28 508B)<span class=\"ls0\"> <span class=\"_ _18\"> </span>DERIVATIVES </span>AB InBev\u2019s <span class=\"_ _1\"/>activities expose <span class=\"_ _1\"/>it to <span class=\"_ _1\"/>a variety <span class=\"_ _1\"/>of financial <span class=\"_ _1\"/>risks: market r<span class=\"_ _1\"/>isk (including <span class=\"_ _1\"/>currency risk, f<span class=\"_ _1\"/>ai<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value interest <span class=\"_ _0\"/>ra<span class=\"_ _3\"/><span class=\"ff2\">te risk, </span>cash flo<span class=\"_ _3\"/>w interest risk, <span class=\"_ _3\"/>commodity <span class=\"_ _3\"/>risk and <span class=\"_ _3\"/>equity risk), <span class=\"_ _3\"/>credit risk <span class=\"_ _3\"/>and li<span class=\"_ _3\"/>quidity risk. The <span class=\"_ _3\"/>company analyses e<span class=\"_ _3\"/>ach of <span class=\"_ _3\"/>these risks individually <span class=\"_ _1\"/>as well <span class=\"_ _0\"/>as <span class=\"_ _0\"/>on <span class=\"_ _1\"/>a<span class=\"_ _3\"/> combined <span class=\"_ _1\"/>basis and <span class=\"_ _1\"/>defines strategies to <span class=\"_ _1\"/>manage the <span class=\"_ _1\"/>economic impact <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>company\u2019s performance in line with its financial risk management policy. AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/> <span class=\"_ _2\"/>primarily <span class=\"_ _6\"/>uses <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>following <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments: <span class=\"_ _6\"/>foreign <span class=\"_ _6\"/>exchange <span class=\"_ _2\"/>forwards, <span class=\"_ _2\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _2\"/>futures, <span class=\"_ _6\"/>interest <span class=\"_ _2\"/>ra<span class=\"_ _3\"/>te swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.<span class=\"ff2\"> </span>Th<span class=\"ls0\">e <span class=\"_ _7\"/>table <span class=\"_ _6\"/>below <span class=\"_ _6\"/>provides <span class=\"_ _7\"/>an <span class=\"_ _6\"/>overview <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>notional <span class=\"_ _6\"/>amounts <span class=\"_ _6\"/>of <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>outstanding <span class=\"_ _6\"/>as <span class=\"_ _7\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>dates <span class=\"_ _6\"/>indicated <span class=\"_ _7\"/>by </span>maturity bucket. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> &lt; 1 1-2 2-3 3-5 &gt; 5  &lt; 1 1-2 2-3 3-5 &gt; Million US dol<span class=\"_ _0\"/>lar  <span class=\"ls6\">year</span>  years  years  years years  <span class=\"ls6\">year</span>  years  years  years years Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 11 445  <span class=\"ls6\">479</span> - - - 12 599  <span class=\"ls6\">29</span> - - - Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  <span class=\"ls6\">503</span> - - - - 1 617 - - - - Interest rate Interest rate swap<span class=\"_ _1\"/>s 1 000 - - - - 1 500 1 000 - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  <span class=\"ls6\">900</span> 1 923 1 834 2 608  <span class=\"ls6\">560</span> 4 614 1 400 1 173 1 573 1 453 Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/> 2 161  4 - - - 1 241 - - - - Other commodi<span class=\"_ _0\"/>ty derivatives 1 160  <span class=\"ls6\">22</span> - - - 1 034 - - - - Equity Equity derivati<span class=\"_ _0\"/>ves 10 800 - - - - 11 469 - - - - J)<span class=\"ls0\"> <span class=\"_ _22\"> </span>FAIR VALUE </span>The <span class=\"_ _1\"/>following <span class=\"_ _1\"/>table <span class=\"_ _1\"/>summ<span class=\"_ _3\"/>arizes <span class=\"_ _f\"/>for <span class=\"_ _0\"/>each <span class=\"_ _f\"/>ty<span class=\"_ _3\"/>pe <span class=\"_ _1\"/>of <span class=\"_ _1\"/>derivative <span class=\"_ _1\"/>the <span class=\"_ _1\"/>fair <span class=\"_ _0\"/>values <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>as <span class=\"_ _1\"/>assets <span class=\"_ _1\"/>or <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>tateme<span class=\"_ _3\"/>nt 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 223<span class=\"ls0\">  </span>238<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(129)<span class=\"ls0\"> </span>(42)<span class=\"ls0\"> </span>109<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  4  - - (37)<span class=\"ls0\"> </span>4  (37)<span class=\"ls0\"> </span>Interest rate Interest rate swap<span class=\"_ _1\"/>s  - 38<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>- (5)<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  63<span class=\"ls0\">  </span>111<span class=\"ls0\"> </span>(187)<span class=\"ls0\"> </span>(273)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(162)<span class=\"ls0\"> </span>Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/>  52<span class=\"ls0\">  </span>178<span class=\"ls0\"> </span>(174)<span class=\"ls0\"> </span>(20)<span class=\"ls0\"> </span>(122)<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>Sugar futures  4  13<span class=\"ls0\"> </span>- - 4  13<span class=\"ls0\"> </span>Energy  12<span class=\"ls0\">  </span>29<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>Other commodi<span class=\"_ _0\"/>ty derivatives<span class=\"_ _1\"/>  32<span class=\"ls0\">  </span>62<span class=\"ls0\"> </span>(69)<span class=\"ls0\"> </span>(13)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Equity Equity derivati<span class=\"_ _0\"/>ves  - - (4 763) (5 412) (4 763) (5 412) 391<span class=\"ls0\">  </span>669<span class=\"ls0\"> </span>(5 492) (5 886) (5 <span class=\"ls6\">101)<span class=\"ls0\"> </span></span>(5 216) Of which: Non-curren<span class=\"_ _0\"/>t  60<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>(184)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(52)<span class=\"ls0\"> </span>Current  331<span class=\"ls0\">  </span>621<span class=\"ls0\"> </span>(5 308) (5 786) (4 977) (5 164) The following table summarizes the carrying amount and the fair v<span class=\"_ _3\"/>alue of the fixed rate interest<span class=\"_ _2\"/>-bearing financial liabilities as <span class=\"_ _5\"> </span>recognized <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>position. <span class=\"_ _5\"> </span>Floating <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>liabilities, <span class=\"_ _5\"> </span>trade <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _7\"> </span>other receivables <span class=\"_ _2\"/>and <span class=\"_ _3\"/>trade <span class=\"_ _2\"/>and <span class=\"_ _2\"/>other <span class=\"_ _3\"/>payables, <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>and <span class=\"_ _3\"/>derivative <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>have <span class=\"_ _3\"/>been <span class=\"_ _2\"/>excluded <span class=\"_ _2\"/>from the analysis as their carrying amount is a reasonable approximation of their fair value. 2Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities 31 December <span class=\"ls6\">2022</span> 31 December 2021Million US dol<span class=\"_ _0\"/>lar Carrying amount<span class=\"_ _1\"/>\u00b9 Fair value Carrying amount<span class=\"_ _1\"/>\u00b9<span class=\"_ _3\"/> Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling<span class=\"_ _0\"/> (2 148) (2 039) (3 539) (3 913) Canadian dolla<span class=\"_ _0\"/>r (515)<span class=\"ls0\"> </span>(437)<span class=\"ls0\"> </span>(549)<span class=\"ls0\"> </span>(604)<span class=\"ls0\"> </span>Other (458)<span class=\"ls0\"> </span>(448)<span class=\"ls0\"> </span>(389)<span class=\"ls0\"> </span>(420)<span class=\"ls0\"> </span>(75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market i<span class=\"_ _0\"/>nputs are <span class=\"_ _3\"/>ob<span class=\"_ _3\"/>servable: Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2022 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> <span class=\"ls7\">(non</span>-derivatives) - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 41<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 36<span class=\"ls0\">  </span>219<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 94<span class=\"ls0\">  </span>- 36<span class=\"ls0\">  </span>364<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value - - 762<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 4 <span class=\"ls6\">799</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 26<span class=\"ls0\">  </span>525<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge re<span class=\"_ _0\"/>lationship - 4  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 138<span class=\"ls0\">  </span>- 26<span class=\"ls0\">  </span>5 <span class=\"ls6\">466</span>  762<span class=\"ls0\">  </span>Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2021 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> (non-derivatives)<span class=\"_ _1\"/> - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 155<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 58<span class=\"ls0\">  </span>352<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge relationship - 17<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 87<span class=\"ls0\">  </span>- 58<span class=\"ls0\">  </span>620<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value  - - 832<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 5 <span class=\"ls6\">611</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 52<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 82<span class=\"ls0\">  </span>- 52<span class=\"ls0\">  </span>5 <span class=\"ls6\">834</span>  832<span class=\"ls0\">  </span>There <span class=\"_ _7\"/>were <span class=\"_ _6\"/>no <span class=\"_ _7\"/>significant <span class=\"_ _6\"/>changes <span class=\"_ _7\"/>in <span class=\"_ _6\"/>the <span class=\"_ _7\"/>measurement <span class=\"_ _7\"/>and <span class=\"_ _6\"/>valuation <span class=\"_ _6\"/>techniques, <span class=\"_ _7\"/>or <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _6\"/>transfers <span class=\"_ _4\"> </span>between <span class=\"_ _6\"/>the levels <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>financial <span class=\"_ _2\"/>asse<span class=\"_ _3\"/>ts <span class=\"_ _2\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>during <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period. <span class=\"_ _6\"/>Movements <span class=\"_ _6\"/>in<span class=\"_ _2\"/> <span class=\"_ _2\"/>2022 <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/><span class=\"ff4\">the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>\u201clevel <span class=\"_ _6\"/>3\u201d <span class=\"_ _6\"/>category <span class=\"_ _6\"/>of </span>financial liabilities, <span class=\"_ _1\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _0\"/>on a <span class=\"_ _1\"/>recurring basis, are <span class=\"_ _1\"/>mainly related t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> the <span class=\"_ _1\"/>settlement of def<span class=\"_ _1\"/>erre<span class=\"_ _3\"/>d consideration<span class=\"_ _0\"/> fro<span class=\"_ _3\"/>m prior years acquisitions. Non-derivative financial liabilities As <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>2012 <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>agreement <span class=\"_ _6\"/>between <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>ELJ, <span class=\"_ _3\"/>following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>acquisition <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Cervecer\u00eda <span class=\"_ _2\"/>Nacional Dominicana S.A. (\u201cCND\u201d), a forward<span class=\"ff2\">-purchase contract (com<span class=\"_ _0\"/>bination of a put option and<span class=\"_ _1\"/> p<span class=\"_ _3\"/>urchased call option) wa<span class=\"_ _1\"/>s<span class=\"_ _3\"/> put in </span>place <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>may <span class=\"_ _4\"> </span>result <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev <span class=\"_ _4\"> </span>acquiring <span class=\"_ _4\"> </span>additional <span class=\"_ _4\"> </span>shares <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>CND. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>July <span class=\"_ _4\"> </span>20<span class=\"_ _3\"/>20, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _4\"> </span>ELJ <span class=\"_ _5\"> </span>am<span class=\"_ _3\"/>ended <span class=\"_ _4\"> </span>the Shareholders\u2019 <span class=\"_ _7\"/>Agreement <span class=\"_ _7\"/>to <span class=\"_ _6\"/>extend <span class=\"_ _7\"> </span>their <span class=\"_ _7\"> </span>partnership <span class=\"_ _7\"/>and <span class=\"_ _6\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"/>the <span class=\"_ _6\"/>terms <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span><span class=\"ff2\">exercise <span class=\"_ _7\"/>date <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>call <span class=\"_ _7\"/>and <span class=\"_ _7\"/>put </span>options. <span class=\"_ _3\"/>ELJ <span class=\"_ _2\"/>currently <span class=\"_ _3\"/>holds <span class=\"_ _3\"/>15% <span class=\"_ _3\"/>of <span class=\"_ _2\"/>CND <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _2\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>is <span class=\"_ _3\"/>e<span class=\"_ _3\"/>xercisable i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>2023, <span class=\"_ _3\"/>2024 <span class=\"_ _3\"/>and <span class=\"_ _2\"/>2026.<span class=\"_ _2\"/> <span class=\"_ _3\"/>As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December<span class=\"_ _0\"/> 2022<span class=\"ls0\">, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>remaining <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>held b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>ELJ <span class=\"_ _3\"/>was <span class=\"_ _3\"/>valued <span class=\"_ _3\"/>at <span class=\"_ _6\"/>585m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>202<span class=\"_ _3\"/>1<span class=\"ls2\">: <span class=\"_ _3\"/></span>5<span class=\"ls8\">89</span>m <span class=\"_ _2\"/>US </span>dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel <span class=\"_ _0\"/>3\u201d category above. <span class=\"_ _3\"/><span class=\"ff2\"> </span>L)<span class=\"ls0\"> <span class=\"_ _21\"> </span>OFFSETTING FINANCIAL ASSETS AND LIABILITIES </span>The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>are <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>offsetting, <span class=\"_ _3\"/>enforceable <span class=\"_ _2\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _3\"/>agreements<span class=\"_ _3\"/> <span class=\"_ _3\"/>and <span class=\"_ _3\"/>s<span class=\"_ _3\"/>imilar 12agreements:31 December 2022<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 391<span class=\"ls0\">  </span>391<span class=\"ls0\">  </span>(381)<span class=\"ls0\"> </span>10<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 492) (5 492) 381<span class=\"ls0\">  </span>(5 111) 31 December 2021<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 670<span class=\"ls0\">  </span>670<span class=\"ls0\">  </span>(651)<span class=\"ls0\"> </span>19<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 886) (5 886) 651<span class=\"ls0\">  </span>(5 235) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__251-1": {
   "value": "B)<span class=\"ls0\"> <span class=\"_ _18\"> </span>DERIVATIVES </span>AB InBev\u2019s <span class=\"_ _1\"/>activities expose <span class=\"_ _1\"/>it to <span class=\"_ _1\"/>a variety <span class=\"_ _1\"/>of financial <span class=\"_ _1\"/>risks: market r<span class=\"_ _1\"/>isk (including <span class=\"_ _1\"/>currency risk, f<span class=\"_ _1\"/>ai<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value interest <span class=\"_ _0\"/>ra<span class=\"_ _3\"/><span class=\"ff2\">te risk, </span>cash flo<span class=\"_ _3\"/>w interest risk, <span class=\"_ _3\"/>commodity <span class=\"_ _3\"/>risk and <span class=\"_ _3\"/>equity risk), <span class=\"_ _3\"/>credit risk <span class=\"_ _3\"/>and li<span class=\"_ _3\"/>quidity risk. The <span class=\"_ _3\"/>company analyses e<span class=\"_ _3\"/>ach of <span class=\"_ _3\"/>these risks individually <span class=\"_ _1\"/>as well <span class=\"_ _0\"/>as <span class=\"_ _0\"/>on <span class=\"_ _1\"/>a<span class=\"_ _3\"/> combined <span class=\"_ _1\"/>basis and <span class=\"_ _1\"/>defines strategies to <span class=\"_ _1\"/>manage the <span class=\"_ _1\"/>economic impact <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>company\u2019s performance in line with its financial risk management policy. AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/> <span class=\"_ _2\"/>primarily <span class=\"_ _6\"/>uses <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>following <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments: <span class=\"_ _6\"/>foreign <span class=\"_ _6\"/>exchange <span class=\"_ _2\"/>forwards, <span class=\"_ _2\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _2\"/>futures, <span class=\"_ _6\"/>interest <span class=\"_ _2\"/>ra<span class=\"_ _3\"/>te swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.<span class=\"ff2\"> </span>Th<span class=\"ls0\">e <span class=\"_ _7\"/>table <span class=\"_ _6\"/>below <span class=\"_ _6\"/>provides <span class=\"_ _7\"/>an <span class=\"_ _6\"/>overview <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>notional <span class=\"_ _6\"/>amounts <span class=\"_ _6\"/>of <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>outstanding <span class=\"_ _6\"/>as <span class=\"_ _7\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>dates <span class=\"_ _6\"/>indicated <span class=\"_ _7\"/>by </span>maturity bucket. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> &lt; 1 1-2 2-3 3-5 &gt; 5  &lt; 1 1-2 2-3 3-5 &gt; Million US dol<span class=\"_ _0\"/>lar  <span class=\"ls6\">year</span>  years  years  years years  <span class=\"ls6\">year</span>  years  years  years years Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 11 445  <span class=\"ls6\">479</span> - - - 12 599  <span class=\"ls6\">29</span> - - - Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  <span class=\"ls6\">503</span> - - - - 1 617 - - - - Interest rate Interest rate swap<span class=\"_ _1\"/>s 1 000 - - - - 1 500 1 000 - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  <span class=\"ls6\">900</span> 1 923 1 834 2 608  <span class=\"ls6\">560</span> 4 614 1 400 1 173 1 573 1 453 Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/> 2 161  4 - - - 1 241 - - - - Other commodi<span class=\"_ _0\"/>ty derivatives 1 160  <span class=\"ls6\">22</span> - - - 1 034 - - - - Equity Equity derivati<span class=\"_ _0\"/>ves 10 800 - - - - 11 469 - - - - J)<span class=\"ls0\"> <span class=\"_ _22\"> </span>FAIR VALUE </span>The <span class=\"_ _1\"/>following <span class=\"_ _1\"/>table <span class=\"_ _1\"/>summ<span class=\"_ _3\"/>arizes <span class=\"_ _f\"/>for <span class=\"_ _0\"/>each <span class=\"_ _f\"/>ty<span class=\"_ _3\"/>pe <span class=\"_ _1\"/>of <span class=\"_ _1\"/>derivative <span class=\"_ _1\"/>the <span class=\"_ _1\"/>fair <span class=\"_ _0\"/>values <span class=\"_ _1\"/>recognized <span class=\"_ _1\"/>as <span class=\"_ _1\"/>assets <span class=\"_ _1\"/>or <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>tateme<span class=\"_ _3\"/>nt 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 223<span class=\"ls0\">  </span>238<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(129)<span class=\"ls0\"> </span>(42)<span class=\"ls0\"> </span>109<span class=\"ls0\"> </span>Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  4  - - (37)<span class=\"ls0\"> </span>4  (37)<span class=\"ls0\"> </span>Interest rate Interest rate swap<span class=\"_ _1\"/>s  - 38<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>- (5)<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  63<span class=\"ls0\">  </span>111<span class=\"ls0\"> </span>(187)<span class=\"ls0\"> </span>(273)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(162)<span class=\"ls0\"> </span>Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/>  52<span class=\"ls0\">  </span>178<span class=\"ls0\"> </span>(174)<span class=\"ls0\"> </span>(20)<span class=\"ls0\"> </span>(122)<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>Sugar futures  4  13<span class=\"ls0\"> </span>- - 4  13<span class=\"ls0\"> </span>Energy  12<span class=\"ls0\">  </span>29<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>Other commodi<span class=\"_ _0\"/>ty derivatives<span class=\"_ _1\"/>  32<span class=\"ls0\">  </span>62<span class=\"ls0\"> </span>(69)<span class=\"ls0\"> </span>(13)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Equity Equity derivati<span class=\"_ _0\"/>ves  - - (4 763) (5 412) (4 763) (5 412) 391<span class=\"ls0\">  </span>669<span class=\"ls0\"> </span>(5 492) (5 886) (5 <span class=\"ls6\">101)<span class=\"ls0\"> </span></span>(5 216) Of which: Non-curren<span class=\"_ _0\"/>t  60<span class=\"ls0\">  </span>48<span class=\"ls0\"> </span>(184)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(124)<span class=\"ls0\"> </span>(52)<span class=\"ls0\"> </span>Current  331<span class=\"ls0\">  </span>621<span class=\"ls0\"> </span>(5 308) (5 786) (4 977) (5 164) The following table summarizes the carrying amount and the fair v<span class=\"_ _3\"/>alue of the fixed rate interest<span class=\"_ _2\"/>-bearing financial liabilities as <span class=\"_ _5\"> </span>recognized <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>tatement <span class=\"_ _7\"/>of <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>position. <span class=\"_ _5\"> </span>Floating <span class=\"_ _5\"> </span>rate <span class=\"_ _5\"> </span>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _5\"> </span>financial <span class=\"_ _5\"> </span>liabilities, <span class=\"_ _5\"> </span>trade <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _7\"> </span>other receivables <span class=\"_ _2\"/>and <span class=\"_ _3\"/>trade <span class=\"_ _2\"/>and <span class=\"_ _2\"/>other <span class=\"_ _3\"/>payables, <span class=\"_ _2\"/>lease <span class=\"_ _3\"/>liabilities <span class=\"_ _2\"/>and <span class=\"_ _3\"/>derivative <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>have <span class=\"_ _3\"/>been <span class=\"_ _2\"/>excluded <span class=\"_ _2\"/>from the analysis as their carrying amount is a reasonable approximation of their fair value. 2Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities 31 December <span class=\"ls6\">2022</span> 31 December 2021Million US dol<span class=\"_ _0\"/>lar Carrying amount<span class=\"_ _1\"/>\u00b9 Fair value Carrying amount<span class=\"_ _1\"/>\u00b9<span class=\"_ _3\"/> Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling<span class=\"_ _0\"/> (2 148) (2 039) (3 539) (3 913) Canadian dolla<span class=\"_ _0\"/>r (515)<span class=\"ls0\"> </span>(437)<span class=\"ls0\"> </span>(549)<span class=\"ls0\"> </span>(604)<span class=\"ls0\"> </span>Other (458)<span class=\"ls0\"> </span>(448)<span class=\"ls0\"> </span>(389)<span class=\"ls0\"> </span>(420)<span class=\"ls0\"> </span>(75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market i<span class=\"_ _0\"/>nputs are <span class=\"_ _3\"/>ob<span class=\"_ _3\"/>servable: Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2022 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> <span class=\"ls7\">(non</span>-derivatives) - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 41<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 36<span class=\"ls0\">  </span>219<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 94<span class=\"ls0\">  </span>- 36<span class=\"ls0\">  </span>364<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value - - 762<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 4 <span class=\"ls6\">799</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 26<span class=\"ls0\">  </span>525<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge re<span class=\"_ _0\"/>lationship - 4  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 138<span class=\"ls0\">  </span>- 26<span class=\"ls0\">  </span>5 <span class=\"ls6\">466</span>  762<span class=\"ls0\">  </span>Fair value hierarc<span class=\"_ _0\"/>hy 31 Dece<span class=\"_ _0\"/>mber 2021 Quoted (unadjusted)<span class=\"_ _1\"/>  Observable marke<span class=\"_ _0\"/>t  Unobservable<span class=\"_ _0\"/> market  Million US dol<span class=\"_ _0\"/>lar prices - level 1 inputs - level 2<span class=\"_ _0\"/> inputs - level 3<span class=\"_ _1\"/> Financial Assets<span class=\"_ _1\"/> Held for trading<span class=\"_ _0\"/> (non-derivatives)<span class=\"_ _1\"/> - 9  - Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 155<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 58<span class=\"ls0\">  </span>352<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>fair value he<span class=\"_ _0\"/>dge relationship - 17<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 87<span class=\"ls0\">  </span>- 58<span class=\"ls0\">  </span>620<span class=\"ls0\">  </span>- Financial Liabil<span class=\"_ _0\"/>ities Deferred considera<span class=\"_ _0\"/>tion on a<span class=\"_ _0\"/>cquisitions at <span class=\"_ _0\"/>fair value  - - 832<span class=\"ls0\">  </span>Derivatives at<span class=\"_ _0\"/> fair value throu<span class=\"_ _0\"/>gh profit<span class=\"_ _0\"/> and loss - 5 <span class=\"ls6\">611</span>  - Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>cash flow hedg<span class=\"_ _0\"/>e relationship 52<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>- Derivatives in a<span class=\"_ _1\"/> <span class=\"_ _3\"/>net investmen<span class=\"_ _0\"/>t hedge relation<span class=\"_ _0\"/>ship - 82<span class=\"ls0\">  </span>- 52<span class=\"ls0\">  </span>5 <span class=\"ls6\">834</span>  832<span class=\"ls0\">  </span>There <span class=\"_ _7\"/>were <span class=\"_ _6\"/>no <span class=\"_ _7\"/>significant <span class=\"_ _6\"/>changes <span class=\"_ _7\"/>in <span class=\"_ _6\"/>the <span class=\"_ _7\"/>measurement <span class=\"_ _7\"/>and <span class=\"_ _6\"/>valuation <span class=\"_ _6\"/>techniques, <span class=\"_ _7\"/>or <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ignificant <span class=\"_ _6\"/>transfers <span class=\"_ _4\"> </span>between <span class=\"_ _6\"/>the levels <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>financial <span class=\"_ _2\"/>asse<span class=\"_ _3\"/>ts <span class=\"_ _2\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>during <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period. <span class=\"_ _6\"/>Movements <span class=\"_ _6\"/>in<span class=\"_ _2\"/> <span class=\"_ _2\"/>2022 <span class=\"_ _6\"/>in<span class=\"_ _3\"/> <span class=\"_ _6\"/><span class=\"ff4\">the <span class=\"_ _2\"/>fair <span class=\"_ _6\"/>value <span class=\"_ _6\"/>\u201clevel <span class=\"_ _6\"/>3\u201d <span class=\"_ _6\"/>category <span class=\"_ _6\"/>of </span>financial liabilities, <span class=\"_ _1\"/>m<span class=\"_ _3\"/>easured <span class=\"_ _0\"/>on a <span class=\"_ _1\"/>recurring basis, are <span class=\"_ _1\"/>mainly related t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> the <span class=\"_ _1\"/>settlement of def<span class=\"_ _1\"/>erre<span class=\"_ _3\"/>d consideration<span class=\"_ _0\"/> fro<span class=\"_ _3\"/>m prior years acquisitions. Non-derivative financial liabilities As <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>2012 <span class=\"_ _2\"/>shareholders <span class=\"_ _2\"/>agreement <span class=\"_ _6\"/>between <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>ELJ, <span class=\"_ _3\"/>following <span class=\"_ _2\"/>the <span class=\"_ _2\"/>acquisition <span class=\"_ _2\"/>of <span class=\"_ _2\"/>Cervecer\u00eda <span class=\"_ _2\"/>Nacional Dominicana S.A. (\u201cCND\u201d), a forward<span class=\"ff2\">-purchase contract (com<span class=\"_ _0\"/>bination of a put option and<span class=\"_ _1\"/> p<span class=\"_ _3\"/>urchased call option) wa<span class=\"_ _1\"/>s<span class=\"_ _3\"/> put in </span>place <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>may <span class=\"_ _4\"> </span>result <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev <span class=\"_ _4\"> </span>acquiring <span class=\"_ _4\"> </span>additional <span class=\"_ _4\"> </span>shares <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>CND. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>July <span class=\"_ _4\"> </span>20<span class=\"_ _3\"/>20, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_ _4\"> </span>ELJ <span class=\"_ _5\"> </span>am<span class=\"_ _3\"/>ended <span class=\"_ _4\"> </span>the Shareholders\u2019 <span class=\"_ _7\"/>Agreement <span class=\"_ _7\"/>to <span class=\"_ _6\"/>extend <span class=\"_ _7\"> </span>their <span class=\"_ _7\"> </span>partnership <span class=\"_ _7\"/>and <span class=\"_ _6\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _7\"/>the <span class=\"_ _6\"/>terms <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span><span class=\"ff2\">exercise <span class=\"_ _7\"/>date <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>call <span class=\"_ _7\"/>and <span class=\"_ _7\"/>put </span>options. <span class=\"_ _3\"/>ELJ <span class=\"_ _2\"/>currently <span class=\"_ _3\"/>holds <span class=\"_ _3\"/>15% <span class=\"_ _3\"/>of <span class=\"_ _2\"/>CND <span class=\"_ _3\"/>and <span class=\"_ _3\"/>the <span class=\"_ _2\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>is <span class=\"_ _3\"/>e<span class=\"_ _3\"/>xercisable i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>2023, <span class=\"_ _3\"/>2024 <span class=\"_ _3\"/>and <span class=\"_ _2\"/>2026.<span class=\"_ _2\"/> <span class=\"_ _3\"/>As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _2\"/>December<span class=\"_ _0\"/> 2022<span class=\"ls0\">, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>put <span class=\"_ _3\"/>option <span class=\"_ _3\"/>on <span class=\"_ _3\"/>the <span class=\"_ _3\"/>remaining <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>held b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>ELJ <span class=\"_ _3\"/>was <span class=\"_ _3\"/>valued <span class=\"_ _3\"/>at <span class=\"_ _6\"/>585m <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>202<span class=\"_ _3\"/>1<span class=\"ls2\">: <span class=\"_ _3\"/></span>5<span class=\"ls8\">89</span>m <span class=\"_ _2\"/>US </span>dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel <span class=\"_ _0\"/>3\u201d category above. <span class=\"_ _3\"/><span class=\"ff2\"> </span>L)<span class=\"ls0\"> <span class=\"_ _21\"> </span>OFFSETTING FINANCIAL ASSETS AND LIABILITIES </span>The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>are <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>offsetting, <span class=\"_ _3\"/>enforceable <span class=\"_ _2\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _3\"/>agreements<span class=\"_ _3\"/> <span class=\"_ _3\"/>and <span class=\"_ _3\"/>s<span class=\"_ _3\"/>imilar 12agreements:31 December 2022<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 391<span class=\"ls0\">  </span>391<span class=\"ls0\">  </span>(381)<span class=\"ls0\"> </span>10<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 492) (5 492) 381<span class=\"ls0\">  </span>(5 111) 31 December 2021<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 670<span class=\"ls0\">  </span>670<span class=\"ls0\">  </span>(651)<span class=\"ls0\"> </span>19<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 886) (5 886) 651<span class=\"ls0\">  </span>(5 235) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__248-1": {
   "value": "B)<span class=\"ls0\"> <span class=\"_ _18\"> </span>DERIVATIVES </span>AB InBev\u2019s <span class=\"_ _1\"/>activities expose <span class=\"_ _1\"/>it to <span class=\"_ _1\"/>a variety <span class=\"_ _1\"/>of financial <span class=\"_ _1\"/>risks: market r<span class=\"_ _1\"/>isk (including <span class=\"_ _1\"/>currency risk, f<span class=\"_ _1\"/>ai<span class=\"_ _3\"/>r <span class=\"_ _1\"/>value interest <span class=\"_ _0\"/>ra<span class=\"_ _3\"/><span class=\"ff2\">te risk, </span>cash flo<span class=\"_ _3\"/>w interest risk, <span class=\"_ _3\"/>commodity <span class=\"_ _3\"/>risk and <span class=\"_ _3\"/>equity risk), <span class=\"_ _3\"/>credit risk <span class=\"_ _3\"/>and li<span class=\"_ _3\"/>quidity risk. The <span class=\"_ _3\"/>company analyses e<span class=\"_ _3\"/>ach of <span class=\"_ _3\"/>these risks individually <span class=\"_ _1\"/>as well <span class=\"_ _0\"/>as <span class=\"_ _0\"/>on <span class=\"_ _1\"/>a<span class=\"_ _3\"/> combined <span class=\"_ _1\"/>basis and <span class=\"_ _1\"/>defines strategies to <span class=\"_ _1\"/>manage the <span class=\"_ _1\"/>economic impact <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>company\u2019s performance in line with its financial risk management policy. AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/> <span class=\"_ _2\"/>primarily <span class=\"_ _6\"/>uses <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>following <span class=\"_ _6\"/>derivative <span class=\"_ _2\"/>instruments: <span class=\"_ _6\"/>foreign <span class=\"_ _6\"/>exchange <span class=\"_ _2\"/>forwards, <span class=\"_ _2\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _2\"/>futures, <span class=\"_ _6\"/>interest <span class=\"_ _2\"/>ra<span class=\"_ _3\"/>te swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.<span class=\"ff2\"> </span>Th<span class=\"ls0\">e <span class=\"_ _7\"/>table <span class=\"_ _6\"/>below <span class=\"_ _6\"/>provides <span class=\"_ _7\"/>an <span class=\"_ _6\"/>overview <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>notional <span class=\"_ _6\"/>amounts <span class=\"_ _6\"/>of <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>outstanding <span class=\"_ _6\"/>as <span class=\"_ _7\"/>at <span class=\"_ _7\"/>the <span class=\"_ _6\"/>dates <span class=\"_ _6\"/>indicated <span class=\"_ _7\"/>by </span>maturity bucket. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> &lt; 1 1-2 2-3 3-5 &gt; 5  &lt; 1 1-2 2-3 3-5 &gt; Million US dol<span class=\"_ _0\"/>lar  <span class=\"ls6\">year</span>  years  years  years years  <span class=\"ls6\">year</span>  years  years  years years Foreign currency<span class=\"_ _1\"/> Foreign exchang<span class=\"_ _0\"/>e forwards 11 445  <span class=\"ls6\">479</span> - - - 12 599  <span class=\"ls6\">29</span> - - - Foreign currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> futures  <span class=\"ls6\">503</span> - - - - 1 617 - - - - Interest rate Interest rate swap<span class=\"_ _1\"/>s 1 000 - - - - 1 500 1 000 - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  <span class=\"ls6\">900</span> 1 923 1 834 2 608  <span class=\"ls6\">560</span> 4 614 1 400 1 173 1 573 1 453 Commodities<span class=\"_ _1\"/> Aluminum swaps<span class=\"_ _1\"/> 2 161  4 - - - 1 241 - - - - Other commodi<span class=\"_ _0\"/>ty derivatives 1 160  <span class=\"ls6\">22</span> - - - 1 034 - - - - Equity Equity derivati<span class=\"_ _0\"/>ves 10 800 - - - - 11 469 - - - - C)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FOREIGN CURRENCY RISK </span>AB <span class=\"_ _7\"/>InBev <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>su<span class=\"_ _3\"/>bject <span class=\"_ _7\"/>to <span class=\"_ _7\"> </span>foreign <span class=\"_ _5\"> </span>currency <span class=\"_ _5\"> </span>risk <span class=\"_ _7\"/>when <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ontracts <span class=\"_ _7\"/>are <span class=\"_ _7\"> </span>denominated <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>than <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>functional currency <span class=\"_\"> </span>of<span class=\"_ _0\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>entity. <span class=\"_ _8\"> </span>This <span class=\"_\"> </span>i<span class=\"_ _1\"/>nc<span class=\"_ _3\"/>ludes <span class=\"_ _8\"> </span>borrowings, <span class=\"_\"> </span>i<span class=\"_ _1\"/>nv<span class=\"_ _3\"/>estments, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>sales, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>purchases, <span class=\"_ _8\"> </span>royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the com<span class=\"_ _0\"/>pany uses mainly foreign exchange forwards, currency futures and cross curren<span class=\"_ _0\"/>cy interest rate swaps.<span class=\"_ _3\"/>  Foreign exchange risk on operating activities AB <span class=\"_ _1\"/>InBev\u2019s <span class=\"_ _1\"/><span class=\"ff2\">policy <span class=\"_ _1\"/>is <span class=\"_ _1\"/>to <span class=\"_ _1\"/>hedge <span class=\"_ _1\"/>operating <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>which <span class=\"_ _1\"/>are <span class=\"_ _1\"/>reasonably <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xpected <span class=\"_ _f\"/>to <span class=\"_ _1\"/>occur <span class=\"_ _1\"/>(e.g<span class=\"_ _3\"/>., <span class=\"_ _f\"/>cost <span class=\"_ _1\"/>of <span class=\"_ _1\"/>sales <span class=\"_ _1\"/>and <span class=\"_ _1\"/>selling, </span>general <span class=\"_\"> </span>&amp; <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>dministrative <span class=\"_ _8\"> </span>expenses) <span class=\"_\"> </span>wi<span class=\"_ _0\"/>thin <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>for<span class=\"_ _0\"/>ecast <span class=\"_ _8\"> </span>period <span class=\"_\"> </span>det<span class=\"_ _0\"/>ermined <span class=\"_ _8\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _8\"> </span>financial <span class=\"_ _8\"> </span>risk <span class=\"_ _8\"> </span>management <span class=\"_ _8\"> </span>policy. Operating tra<span class=\"_ _0\"/>nsactions th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>t are<span class=\"_ _1\"/> considered cer<span class=\"_ _0\"/>tain to<span class=\"_ _1\"/> occur <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>he<span class=\"_ _3\"/>dged <span class=\"_ _1\"/>without any <span class=\"_ _1\"/>time limits. <span class=\"_ _1\"/>Non<span class=\"_ _2\"/>-operating <span class=\"_ _1\"/>transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.<span class=\"_ _3\"/> The <span class=\"_\"> </span>table <span class=\"_ _e\"> </span>below <span class=\"_\"> </span>shows <span class=\"_\"> </span>the <span class=\"_\"> </span>company\u2019s <span class=\"_ _e\"> </span>main <span class=\"_\"> </span>net <span class=\"_\"> </span>foreign <span class=\"_ _e\"> </span>curren<span class=\"_ _3\"/><span class=\"ff2\">cy <span class=\"_ _e\"> </span>positions <span class=\"_\"> </span>for <span class=\"_\"> </span>firm <span class=\"_\"> </span>commitments <span class=\"_\"> </span>and <span class=\"_ _e\"> </span>forecasted </span>transactions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the most <span class=\"_ _3\"/>important c<span class=\"_ _3\"/>urrency pa<span class=\"_ _3\"/>irs. The <span class=\"_ _3\"/>open <span class=\"_ _3\"/>positions <span class=\"_ _3\"/>are the <span class=\"_ _3\"/>result <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the app<span class=\"_ _3\"/>lication of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>risk management pol<span class=\"_ _0\"/>icy. Po<span class=\"_ _1\"/>s<span class=\"_ _3\"/>itive <span class=\"_ _0\"/>amounts <span class=\"_ _1\"/>in<span class=\"_ _3\"/>dicate <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>company is <span class=\"_ _1\"/>long (net <span class=\"_ _1\"/>future c<span class=\"_ _3\"/>ash <span class=\"_ _1\"/>in<span class=\"_ _3\"/>flows) i<span class=\"_ _1\"/>n the <span class=\"_ _0\"/>first <span class=\"_ _1\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the currency <span class=\"_ _3\"/>pair whi<span class=\"_ _3\"/>le negative <span class=\"_ _3\"/>amounts <span class=\"_ _3\"/>indicate that <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company i<span class=\"_ _3\"/>s sho<span class=\"_ _3\"/>rt (net <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash outflows) <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first c<span class=\"_ _3\"/>urrency of the currency pair. The second currency of the currency pairs listed is the functional curre<span class=\"_ _3\"/>ncy of the related subsidiary. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Total Total Open Total Total Open Million US dol<span class=\"_ _0\"/>lar exposure  hedges position exposure hedges position Euro/Mexican pe<span class=\"_ _0\"/>so            <span class=\"ls7\">(108)</span>  <span class=\"ls6\">100</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(112)</span>  <span class=\"ls6\">111</span>               <span class=\"ls7\">(1)</span> Euro/Pound sterl<span class=\"_ _1\"/>ing            <span class=\"ls7\">(136)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(24)</span>           <span class=\"ls7\">(124)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(12)</span> Euro/South Afri<span class=\"_ _1\"/>c<span class=\"_ _3\"/>an rand              <span class=\"ls7\">(67)</span>  <span class=\"ls6\">31</span>             <span class=\"ls7\">(37)</span>             <span class=\"ls7\">(79)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(4)</span> Euro/US dollar <span class=\"_ _0\"/>             <span class=\"ls7\">(38)</span>  <span class=\"ls6\">58</span>  <span class=\"ls6\">20</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">100</span>             <span class=\"ls7\">(23)</span> Mexican peso/<span class=\"_ _0\"/>Euro           <span class=\"ls7\">(269)</span>  <span class=\"ls6\">268</span>               <span class=\"ls7\">(2)</span>           <span class=\"ls7\">(254)</span>  <span class=\"ls6\">231</span>             <span class=\"ls7\">(23)</span> US dollar/Argen<span class=\"_ _0\"/>tinian peso            <span class=\"ls7\">(702)</span>  <span class=\"ls6\">206</span>           <span class=\"ls7\">(496)</span>           <span class=\"ls7\">(661)</span>  <span class=\"ls6\">674</span>  <span class=\"ls6\">13</span> US dollar/Bolivian bo<span class=\"_ _0\"/>liviano<span class=\"_ _0\"/>              <span class=\"ls7\">(74)</span>  <span class=\"ls6\">76</span>  1             <span class=\"ls7\">(80)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(5)</span> US dollar/Brazi<span class=\"_ _0\"/>lian real  (1 955) 1 789           <span class=\"ls7\">(166)</span> (1 846) 1 618           <span class=\"ls7\">(228)</span> US dollar/Canadian<span class=\"_ _0\"/> dollar            <span class=\"ls7\">(310)</span>  <span class=\"ls6\">249</span>             <span class=\"ls7\">(61)</span>           <span class=\"ls7\">(304)</span>  <span class=\"ls6\">253</span>             <span class=\"ls7\">(51)</span> US dollar/Chilean<span class=\"_ _1\"/> peso            <span class=\"ls7\">(135)</span>  <span class=\"ls6\">129</span>               <span class=\"ls7\">(6)</span>           <span class=\"ls7\">(171)</span>  <span class=\"ls6\">162</span>               <span class=\"ls7\">(9)</span> US dollar/Chine<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e yuan            <span class=\"ls7\">(125)</span>  <span class=\"ls6\">113</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">116</span>               <span class=\"ls7\">(7)</span> US dollar/Colo<span class=\"_ _0\"/>mbian peso            <span class=\"ls7\">(615)</span>  <span class=\"ls6\">559</span>             <span class=\"ls7\">(56)</span>           <span class=\"ls7\">(476)</span>  <span class=\"ls6\">434</span>             <span class=\"ls7\">(42)</span> US dollar/Euro <span class=\"_ _0\"/>           <span class=\"ls7\">(134)</span>  <span class=\"ls6\">111</span>             <span class=\"ls7\">(23)</span>           <span class=\"ls7\">(103)</span>  <span class=\"ls6\">96</span>               <span class=\"ls7\">(7)</span> US dollar/Mexican pe<span class=\"_ _1\"/>so  (1 442) 1 436               <span class=\"ls7\">(6)</span> (1 236) 1 168             <span class=\"ls7\">(68)</span> US dollar/Parag<span class=\"_ _0\"/>uayan guarani            <span class=\"ls7\">(144)</span>  <span class=\"ls6\">135</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(153)</span>  <span class=\"ls6\">139</span>             <span class=\"ls7\">(14)</span> US dollar/Peruvian<span class=\"_ _1\"/> nuevo sol            <span class=\"ls7\">(264)</span>  <span class=\"ls6\">276</span>               <span class=\"ls6\">13</span>            <span class=\"ls7\">(292)</span>  <span class=\"ls6\">278</span>             <span class=\"ls7\">(14)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>African rand<span class=\"_ _1\"/>            <span class=\"ls7\">(196)</span>  <span class=\"ls6\">121</span>             <span class=\"ls7\">(75)</span>           <span class=\"ls7\">(196)</span>  <span class=\"ls6\">148</span>             <span class=\"ls7\">(48)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>Korean won            <span class=\"ls7\">(121)</span>  <span class=\"ls6\">110</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(114)</span>  <span class=\"ls6\">79</span>             <span class=\"ls7\">(35)</span> Others            <span class=\"ls7\">(326)</span>  <span class=\"ls6\">197</span>           <span class=\"ls7\">(129)</span>           <span class=\"ls7\">(424)</span>  <span class=\"ls6\">313</span>           <span class=\"ls7\">(111)</span> Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of f<span class=\"_ _1\"/>irm commitments and <span class=\"_ _1\"/>highly probable fore<span class=\"_ _0\"/>casted transactions <span class=\"_ _1\"/>denominated in for<span class=\"_ _1\"/>ei<span class=\"_ _3\"/>gn currency<span class=\"_ _0\"/> are de<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ignated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt It <span class=\"_ _2\"/>i<span class=\"_ _3\"/><span class=\"ff4\">s <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _2\"/>policy <span class=\"_ _6\"/>to <span class=\"_ _2\"/>have <span class=\"_ _6\"/>the <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ebt <span class=\"_ _2\"/>in <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>as <span class=\"_ _6\"/>much <span class=\"_ _6\"/>as <span class=\"_ _2\"/>possible <span class=\"_ _6\"/>linked <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>functional <span class=\"_ _2\"/>currency <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the </span>subsidiary. To the <span class=\"_ _0\"/>extent this <span class=\"_ _1\"/>is not the ca<span class=\"_ _0\"/>se, foreign e<span class=\"_ _0\"/>xchange risk <span class=\"_ _0\"/>is managed us<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng deriv<span class=\"_ _0\"/>atives unless the <span class=\"_ _1\"/>cost to hedge outweighs the <span class=\"_ _3\"/>benefits. Interest <span class=\"_ _3\"/>rate decisions and<span class=\"_ _3\"/> currency mix of <span class=\"_ _3\"/>debt and <span class=\"_ _3\"/>cash are decided <span class=\"_ _3\"/>on a global <span class=\"_ _3\"/>basis and take into consideration a holistic risk management approach. A <span class=\"_ _f\"/>de<span class=\"_ _3\"/>scription <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>foreign <span class=\"_ _1\"/>currency <span class=\"_ _f\"/>risk <span class=\"_ _1\"/>hedging <span class=\"_ _1\"/>of <span class=\"_ _1\"/>debt <span class=\"_ _f\"/>instruments <span class=\"_ _1\"/>issued <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>a <span class=\"_ _1\"/>currency <span class=\"_ _1\"/>o<span class=\"_ _2\"/>ther <span class=\"_ _f\"/>than <span class=\"_ _1\"/>the <span class=\"_ _1\"/>functional <span class=\"_ _f\"/>c<span class=\"_ _3\"/>urrency of the subsidiary is further detailed in the <span class=\"ff5\">Interest Rate Risk</span> sec<span class=\"_ _3\"/>tion below. Currency sensitivity analysis Currency transactional risk Most of <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>no<span class=\"_ _3\"/>n<span class=\"ff2\">-derivative financial <span class=\"_ _1\"/>instruments are <span class=\"_ _1\"/>either denominated <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e fu<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ctional c<span class=\"_ _1\"/>urre<span class=\"_ _3\"/>ncy o<span class=\"_ _1\"/>f the subsidiary<span class=\"_ _1\"/> </span>or <span class=\"_ _3\"/>are <span class=\"_ _3\"/>converted <span class=\"_ _3\"/>into <span class=\"_ _3\"/>the <span class=\"_ _3\"/>functional currency <span class=\"_ _3\"/>through <span class=\"_ _3\"/>the <span class=\"_ _3\"/>use <span class=\"_ _3\"/>of <span class=\"_ _3\"/>derivatives. <span class=\"_ _3\"/>Where i<span class=\"_ _3\"/>lliquidity i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the local <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket prevents hedging at a <span class=\"_ _1\"/>re<span class=\"_ _3\"/>asonable c<span class=\"_ _0\"/>ost, the c<span class=\"_ _1\"/>om<span class=\"_ _3\"/>pany can <span class=\"_ _1\"/>have open positions. <span class=\"_ _1\"/>The transactional foreign c<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rrency risk <span class=\"_ _1\"/>mainly arises from <span class=\"_ _1\"/>open <span class=\"_ _1\"/>positions <span class=\"_ _f\"/>in <span class=\"_ _1\"/>Argentinean <span class=\"_ _1\"/>peso, <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real, <span class=\"_ _f\"/>Canadian <span class=\"_ _1\"/>dollar, <span class=\"_ _1\"/>Colombian <span class=\"_ _1\"/>peso, <span class=\"_ _f\"/>Mexican <span class=\"_ _1\"/>peso <span class=\"_ _1\"/>and <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African<span class=\"_ _3\"/> 1rand against the US dollar. <span class=\"fs6\"> </span>The <span class=\"_\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_\"> </span>uses <span class=\"_ _e\"> </span>a <span class=\"_\"> </span>sensitivity<span class=\"_ _3\"/> <span class=\"_\"> </span>analysis <span class=\"_ _e\"> </span>to <span class=\"_\"> </span>estimate <span class=\"_ _e\"> </span>the <span class=\"_\"> </span>impact <span class=\"_ _e\"> </span>in <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>consolidated <span class=\"_\"> </span>income <span class=\"_ _e\"> </span>statement <span class=\"_ _e\"> </span>and <span class=\"_\"> </span>other comprehensive income of <span class=\"_ _0\"/>a strengthening or a <span class=\"_ _1\"/>weaken<span class=\"_ _3\"/>ing of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e US dollar <span class=\"_ _1\"/>a<span class=\"_ _3\"/>gainst the other <span class=\"_ _1\"/>g<span class=\"_ _3\"/>roup currencies. I<span class=\"_ _3\"/>n case the<span class=\"_ _1\"/> open positions remain <span class=\"_ _0\"/>unchanged and <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h all <span class=\"_ _1\"/>oth<span class=\"_ _3\"/>er variab<span class=\"_ _0\"/>les held cons<span class=\"_ _0\"/>tant, a 10% <span class=\"_ _1\"/>s<span class=\"_ _3\"/>trengthening or we<span class=\"_ _1\"/>ak<span class=\"_ _3\"/>ening of t<span class=\"_ _1\"/>he US dollar <span class=\"_ _5\"> </span>against <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>currencies <span class=\"_ _7\"> </span>co<span class=\"_ _3\"/>uld <span class=\"_ _7\"/>lead <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>an <span class=\"_ _5\"> </span>estimated <span class=\"_ _7\"> </span>decrease/inc<span class=\"_ _3\"/>rease <span class=\"_ _7\"/>on <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>consolidated <span class=\"_ _7\"> </span>profit <span class=\"_ _5\"> </span>before <span class=\"_ _7\"> </span>tax <span class=\"_ _5\"> </span>of 1approximately 144m<span class=\"_ _0\"/> US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>ove<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the next <span class=\"_ _1\"/>12 months <span class=\"_ _1\"/>(31 <span class=\"_ _0\"/>December 20<span class=\"_ _1\"/>2<span class=\"_ _3\"/>1: <span class=\"_ _1\"/>99m US <span class=\"_ _1\"/>dollar). Applying <span class=\"_ _1\"/>a si<span class=\"_ _0\"/>milar <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivity on the total <span class=\"_ _0\"/>derivatives posit<span class=\"_ _0\"/>ions could le<span class=\"_ _0\"/>ad to a <span class=\"_ _1\"/>negative/positive pre-tax impact on equity <span class=\"_ _1\"/>reserves of 537m US <span class=\"_ _1\"/>dollar (31 1December 2021: 523m US dollar). The results of the sensitivity analysis should not be cons<span class=\"_ _0\"/>idered as projections of likely future <span class=\"_ _1\"/>events, <span class=\"_ _1\"/>as <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>gains<span class=\"_ _3\"/> <span class=\"_ _f\"/>or <span class=\"_ _1\"/>losses <span class=\"_ _1\"/>from <span class=\"_ _1\"/>exchange <span class=\"_ _f\"/>rates <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>future <span class=\"_ _1\"/>may <span class=\"_ _1\"/>differ <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>developments <span class=\"_ _1\"/>in <span class=\"_ _f\"/>the <span class=\"_ _1\"/>global <span class=\"_ _1\"/>financia<span class=\"_ _2\"/><span class=\"ls1d\">l </span>markets. Foreign exchange risk on net investments in foreign operations  AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>mitigates <span class=\"_ _2\"/>exposures <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>using <span class=\"_ _2\"/>both <span class=\"_ _3\"/>d<span class=\"_ _3\"/>erivative <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _2\"/>financial instruments as hedging instruments. As of 31 December 2<span class=\"_ _3\"/>022, designated derivative <span class=\"_ _3\"/>financial instruments in net investment hedges <span class=\"ff4\">a<span class=\"_ _3\"/>pplied on the company\u2019s </span>1debt<span class=\"fs6 fc7 ls0\"> <span class=\"_ _3\"/></span><span class=\"ls0\">amount <span class=\"_ _3\"/>to <span class=\"_ _3\"/>8<span class=\"_ _3\"/> <span class=\"_ _3\"/>482m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>equivalent <span class=\"_ _3\"/>(<span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021</span>: <span class=\"_ _3\"/>7 <span class=\"_ _3\"/>473m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>These <span class=\"_ _2\"/>instruments <span class=\"_ _3\"/>hedge <span class=\"_ _3\"/>foreign operations with Canadian dollar, Chinese yuan and South Korean won functional currencies. Net foreign exchange results Foreign exchange results recognized on hedged and unhedged exposures are as follows:<span class=\"_ _3\"/> Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Hedged (econ<span class=\"_ _0\"/>omic hedges) 297<span class=\"ls0\"> </span>717<span class=\"ls0\"> </span>Not hedged (660)<span class=\"ls0\"> </span>(801)<span class=\"ls0\"> </span>(363)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>D)<span class=\"ls0\"> <span class=\"_ _18\"> </span>INTEREST RATE RISK  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>applies <span class=\"_ _2\"/>a <span class=\"_ _2\"/>dynamic <span class=\"_ _2\"/>interest <span class=\"_ _2\"/>rate <span class=\"_ _3\"/>he<span class=\"_ _3\"/>dging <span class=\"_ _3\"/>approach <span class=\"_ _2\"/>whereby <span class=\"_ _2\"/>the <span class=\"_ _2\"/>target <span class=\"_ _2\"/>mix <span class=\"_ _2\"/>between <span class=\"_ _2\"/>fixed <span class=\"_ _2\"/>and <span class=\"_ _2\"/>floating <span class=\"_ _2\"/>rate debt <span class=\"_ _7\"/>is <span class=\"_ _6\"/>reviewed <span class=\"_ _7\"/>periodically. <span class=\"_ _6\"/>The <span class=\"_ _7\"> </span>purpose <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>AB <span class=\"_ _7\"/>InBev\u2019s <span class=\"_ _6\"/>policy <span class=\"_ _7\"> </span>is <span class=\"_ _7\"/>to <span class=\"_ _6\"/>achieve <span class=\"_ _7\"/>an <span class=\"_ _6\"/>optimal <span class=\"_ _7\"/>balance <span class=\"_ _6\"/>b<span class=\"_ _3\"/>etween <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>cost <span class=\"_ _6\"/>of fun<span class=\"ff4\">ding <span class=\"_ _6\"/>and <span class=\"_ _7\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>olatility <span class=\"_ _6\"/>of <span class=\"_ _6\"/>financial <span class=\"_ _6\"/>results, <span class=\"_ _6\"/>while <span class=\"_ _7\"/>taking <span class=\"_ _6\"/>into <span class=\"_ _6\"/>account <span class=\"_ _6\"/>market <span class=\"_ _6\"/>conditions <span class=\"_ _6\"/>as <span class=\"_ _7\"/>well <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _6\"/>o<span class=\"_ _3\"/>verall </span>business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impa<span class=\"_ _0\"/>ct of changes in the US dol<span class=\"_ _0\"/>lar interest rates on the fa<span class=\"_ _0\"/>ir value of certain fi<span class=\"_ _0\"/>xed rate <span class=\"_ _2\"/>b<span class=\"_ _3\"/>onds <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>aggregate <span class=\"_ _2\"/>principal <span class=\"_ _6\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>1.0 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>through <span class=\"_ _6\"/>fixed/floating <span class=\"_ _2\"/>interest <span class=\"_ _6\"/>rate <span class=\"_ _2\"/>swaps. <span class=\"_ _6\"/>These derivative instruments have been designated in fair value hedge accounting relationships. Cash flow hedges Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling) In <span class=\"_ _3\"/>September <span class=\"_ _3\"/>2013, <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany i<span class=\"_ _3\"/>ssued <span class=\"_ _3\"/>a <span class=\"_ _3\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>bond <span class=\"_ _2\"/>for <span class=\"_ _3\"/>500m <span class=\"_ _6\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>at <span class=\"_ _3\"/>a <span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te <span class=\"_ _3\"/>of <span class=\"_ _3\"/>4.00% <span class=\"_ _3\"/>per <span class=\"_ _3\"/>year <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd maturing in September 2025. The impact of <span class=\"_ _3\"/>changes in the pound sterling exchange rate<span class=\"_ _3\"/> and interest rate on this bond is managed <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>redu<span class=\"_ _0\"/>ced <span class=\"_ _4\"> </span>through <span class=\"_ _4\"> </span>pound <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>terling <span class=\"_ _4\"> </span>fixed/euro <span class=\"_ _4\"> </span>fixed <span class=\"_ _4\"> </span>cross <span class=\"_ _4\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _4\"> </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_\"> </span>swaps. <span class=\"_ _4\"> </span>These <span class=\"_ _4\"> </span>derivative instruments have been designated in a cash flow hedge relationship.  US dollar bank loan hedges (foreign currency risk on borr<span class=\"_ _1\"/>ow<span class=\"_ _3\"/>ings against the Nigerian naira)<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>ha<span class=\"_ _3\"/>s a<span class=\"_ _0\"/> floating r<span class=\"_ _1\"/>ate loan denominated <span class=\"_ _1\"/>in US doll<span class=\"_ _0\"/>ar for a<span class=\"_ _1\"/> <span class=\"_ _3\"/>total of 309<span class=\"_ _0\"/>m in Ni<span class=\"_ _1\"/>ge<span class=\"_ _3\"/>ria. Thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> loan <span class=\"_ _1\"/>is held by<span class=\"_ _1\"/> an entity with <span class=\"_ _3\"/>functional <span class=\"_ _3\"/>currency <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Nigerian <span class=\"_ _3\"/>Naira. In <span class=\"_ _2\"/>order <span class=\"_ _3\"/>to <span class=\"_ _3\"/>hedge ag<span class=\"_ _3\"/>ainst <span class=\"_ _3\"/>fluctuations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>foreign exchange <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company entered into foreign exchange futures which have been designated in <span class=\"_ _0\"/>a cash fl<span class=\"_ _3\"/>ow hedge relationship.<span class=\"ff1\"> </span>Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real)  During 2022 and 2021, Ambev invested in highly liquid Brazili<span class=\"_ _0\"/>an real denominated government debt securities. <span class=\"_ _3\"/><span class=\"ff1 fc6\"> </span>Interest rate sensitivity analysis The <span class=\"_ _2\"/>table <span class=\"_ _3\"/>below <span class=\"_ _2\"/>reflects <span class=\"_ _2\"/>the <span class=\"_ _3\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>rates <span class=\"_ _3\"/>of <span class=\"_ _2\"/>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _3\"/>as<span class=\"_ _3\"/> <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as 1the currency in which the debt is denominated.<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 4.34% 1 <span class=\"ls6\">455</span>  Euro 1.68% 1 <span class=\"ls6\">048</span>  1.68% 1 <span class=\"ls6\">048</span>  Pound sterling<span class=\"_ _0\"/> - - 3.70% 1 <span class=\"ls6\">078</span>  South Korean wo<span class=\"_ _0\"/>n - 1  3.08% 311<span class=\"ls0\">  </span>US dollar 5.05% 430<span class=\"ls0\">  </span>- - Other 13.39% 252<span class=\"ls0\">  </span>11.17% 666<span class=\"ls0\">  </span>1 <span class=\"ls6\">730</span>  4 <span class=\"ls6\">557</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.50% 613<span class=\"ls0\">  </span>4.37% 3 <span class=\"ls6\">741</span>  Chinese yuan 2.44% 50<span class=\"ls0\">  </span>2.50% 1 <span class=\"ls6\">230</span>  Euro 2.27% 20<span class=\"ls0\"> </span>391<span class=\"ls0\">  </span>2.31% 21<span class=\"ls0\"> </span>242<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 5.13% 2 <span class=\"ls6\">208</span>  5.55% 1 <span class=\"ls6\">607</span>  South Korean wo<span class=\"_ _0\"/>n 2.96% 46<span class=\"ls0\">  </span>0.94% 1 <span class=\"ls6\">896</span>  US dollar 4.99% 53<span class=\"ls0\"> </span>478<span class=\"ls0\">  </span>5.27% 44<span class=\"ls0\"> </span>547<span class=\"ls0\">  </span>Other 10.53% 1 <span class=\"ls6\">476</span>  12.19% 1 <span class=\"ls6\">172</span>  78<span class=\"ls0\"> </span>261<span class=\"ls0\">  </span>75<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>31 December 2021\u00b9<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 1.21% 2 <span class=\"ls6\">043</span>  Euro - 1 <span class=\"ls6\">113</span>  - 1 <span class=\"ls6\">113</span>  Pound sterling<span class=\"_ _0\"/> - - 1.05% 1 <span class=\"ls6\">002</span>  South Korean wo<span class=\"_ _0\"/>n - - 1.67% 502<span class=\"ls0\">  </span>US dollar 1.67% 463<span class=\"ls0\">  </span>- - Other 5.37% 734<span class=\"ls0\">  </span>5.99% 1 <span class=\"ls6\">504</span>  2 <span class=\"ls6\">310</span>  6 <span class=\"ls6\">164</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.11% 626<span class=\"ls0\">  </span>4.29% 3 <span class=\"ls6\">158</span>  Chinese yuan 3.87% 34<span class=\"ls0\">  </span>1.78% 194<span class=\"ls0\">  </span>Euro 2.27% 21<span class=\"ls0\"> </span>654<span class=\"ls0\">  </span>2.11% 27<span class=\"ls0\"> </span>553<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 4.35% 3 <span class=\"ls6\">611</span>  4.43% 2 <span class=\"ls6\">937</span>  South Korean wo<span class=\"_ _0\"/>n 3.85% 31<span class=\"ls0\">  </span>0.87% 1 <span class=\"ls6\">695</span>  US dollar 4.93% 59<span class=\"ls0\"> </span>399<span class=\"ls0\">  </span>5.41% 46<span class=\"ls0\"> </span>288<span class=\"ls0\">  </span>Other 8.09% 1 <span class=\"ls6\">165</span>  9.62% 841<span class=\"ls0\">  </span>86<span class=\"ls0\"> </span>520<span class=\"ls0\">  </span>82<span class=\"ls0\"> </span>667<span class=\"ls0\">  </span>As at 31 December 2022, the total carrying amount of the flo<span class=\"_ _0\"/>ating and fixed rate interest-bearing financial liabilities before hedging <span class=\"_ _3\"/>as <span class=\"_ _3\"/>listed <span class=\"_ _3\"/>above <span class=\"_ _3\"/>includes <span class=\"_ _3\"/>bank o<span class=\"_ _3\"/>verdrafts o<span class=\"_ _3\"/>f <span class=\"_ _2\"/><span class=\"ls3\">83</span>m US <span class=\"_ _3\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">53</span></span>m<span class=\"_ _3\"/> US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). As <span class=\"_ _3\"/>disclosed <span class=\"_ _3\"/>in the above <span class=\"_ _1\"/>table, 4 557m <span class=\"_ _1\"/>US dollar <span class=\"_ _0\"/>or 5.7% <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>co<span class=\"_ _3\"/>mpan<span class=\"ff4\">y\u2019s <span class=\"_ _0\"/>interest<span class=\"ff2\">-bearing financial <span class=\"_ _1\"/>liabilities bears <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rest a<span class=\"_ _1\"/>t a variable<span class=\"_ _1\"/> </span></span>rate.  The sensitivity analysis ha<span class=\"_ _0\"/>s been prepared <span class=\"_ _1\"/>ba<span class=\"_ _3\"/>sed on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e exposure <span class=\"_ _1\"/>to<span class=\"_ _3\"/> interest rat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s for the <span class=\"_ _0\"/>floating rate <span class=\"_ _1\"/>debt after hedging, assuming the <span class=\"_ _0\"/>amount <span class=\"_ _0\"/>of liabilit<span class=\"_ _1\"/>y<span class=\"_ _3\"/> outstanding <span class=\"_ _1\"/>at re<span class=\"_ _3\"/>porting <span class=\"_ _0\"/>date was <span class=\"_ _0\"/>outstanding <span class=\"_ _0\"/>for the <span class=\"_ _1\"/>whole year. The <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany e<span class=\"_ _1\"/>s<span class=\"_ _3\"/>timates that <span class=\"_ _6\"/>an <span class=\"_ _6\"/>increase <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _2\"/>decrease <span class=\"_ _6\"/>of <span class=\"_ _6\"/>100 <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>points <span class=\"_ _2\"/>represents <span class=\"_ _6\"/>a <span class=\"_ _6\"/>reasonably <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _2\"/>applicable <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>rates. Accordingly, if interest rates had been higher/lower by 100 bas<span class=\"_ _3\"/>is <span class=\"_ _3\"/>points, with all other variables held constant, the interest 1expense wo<span class=\"_ _1\"/>u<span class=\"_ _3\"/>ld <span class=\"_ _1\"/>have been <span class=\"_ _1\"/><span class=\"ls8\">46<span class=\"ls0\">m<span class=\"_ _3\"/> <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>higher/lower <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 <span class=\"_ _1\"/>December 2021</span></span>: <span class=\"_ _1\"/>20m US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>This<span class=\"_ _3\"/> <span class=\"_ _1\"/>impact would <span class=\"_ _1\"/>have <span class=\"_ _1\"/>been 1more than offset by <span class=\"_ _3\"/><span class=\"ls3\">93</span>m US dollar higher/lower interest income on i<span class=\"_ _3\"/>nterest-bearing fin<span class=\"_ _3\"/>ancial assets (31 December 2021: 81m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dolla<span class=\"_ _3\"/>r). <span class=\"_ _3\"/>Additionally, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pre<span class=\"_ _3\"/>-tax <span class=\"_ _2\"/>impact <span class=\"_ _2\"/>on <span class=\"_ _3\"/>equity<span class=\"_ _3\"/> <span class=\"_ _3\"/>reserves <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>hed<span class=\"_ _3\"/>ging <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>would not have been significant. Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Financial liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> measured a<span class=\"_ _1\"/>t <span class=\"_ _3\"/>amorti<span class=\"_ _1\"/>z<span class=\"_ _3\"/>ed cost <span class=\"ff4\">\u2013</span> not hedged<span class=\"_ _1\"/> (3 641) (3 836) Fair value hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  (20)<span class=\"ls0\"> </span>(6)<span class=\"ls0\"> </span>Cash flow hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  24<span class=\"ls0\">  </span>17<span class=\"ls0\">  </span>Net investment he<span class=\"_ _0\"/>dges - hedging<span class=\"_ _0\"/> instruments<span class=\"_ _0\"/> (interest componen<span class=\"_ _0\"/>t)  (1)<span class=\"ls0\"> </span>- Economic hedge<span class=\"_ _1\"/>s 42<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>(3 597) (3 684) E)<span class=\"ls0\"> <span class=\"_ _24\"> </span>COMMODITY PRICE RISK </span>The <span class=\"_ _5\"> </span>commodity <span class=\"_ _4\"> </span>markets <span class=\"_ _5\"> </span>have <span class=\"_ _4\"> </span>experienced <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>are <span class=\"_ _5\"> </span>expected <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>continue <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>experience <span class=\"_ _5\"> </span>price <span class=\"_ _4\"> </span>fluctuations. <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev therefore <span class=\"_ _7\"/>uses <span class=\"_ _7\"/>both <span class=\"_ _7\"/>fixed <span class=\"_ _7\"/>price <span class=\"_ _7\"/>purchasing <span class=\"_ _7\"/>contracts <span class=\"_ _7\"/>and <span class=\"_ _7\"/>commodity <span class=\"_ _7\"/>derivatives <span class=\"_ _7\"/>to <span class=\"_ _6\"/>m<span class=\"_ _3\"/>anage <span class=\"_ _7\"/>the <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xposure <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>price volatility. The most significa<span class=\"_ _3\"/>nt commodity exposures as at 31 December 202<span class=\"_ _3\"/>2 and 31 December 2021 are included in <span class=\"_ _3\"/>the table below (expressed in outstanding notional amounts): Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Aluminum 2 <span class=\"ls6\">165</span>  1 <span class=\"ls6\">241</span>  Energy 417<span class=\"ls0\">  </span>350<span class=\"ls0\">  </span>Corn 321<span class=\"ls0\">  </span>292<span class=\"ls0\">  </span>Wheat<span class=\"ls0\"> </span>127<span class=\"ls0\">  </span>129<span class=\"ls0\">  </span>Plastic 122<span class=\"ls0\">  </span>93<span class=\"ls0\">  </span>Rice 100<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Sugar 95<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>3 <span class=\"ls6\">348</span>  2 <span class=\"ls6\">274</span>  Commodity price sensitivity analysis The impact <span class=\"_ _1\"/>of changes <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>commodity pr<span class=\"_ _0\"/>ices wo<span class=\"_ _0\"/>uld <span class=\"_ _0\"/>not <span class=\"_ _0\"/>have had<span class=\"_ _0\"/> a <span class=\"_ _1\"/>material im<span class=\"_ _0\"/>pact on <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>pro<span class=\"_ _3\"/>fit <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>20<span class=\"_ _3\"/>22 <span class=\"_ _1\"/>as most of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>exposure is<span class=\"_ _3\"/> hedged <span class=\"_ _3\"/>using <span class=\"_ _3\"/>derivative <span class=\"_ _3\"/>contracts <span class=\"_ _3\"/>and <span class=\"_ _3\"/>designated <span class=\"_ _3\"/>in <span class=\"_ _3\"/>hedge accoun<span class=\"_ _3\"/>ting in <span class=\"_ _3\"/>accordance <span class=\"_ _3\"/>with 1IFRS 9 rules.<span class=\"fs6\"> </span>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>bel<span class=\"_ _3\"/>ow <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ow <span class=\"_ _1\"/>the <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>impact t<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>t <span class=\"_ _f\"/>ch<span class=\"_ _3\"/>anges <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>price <span class=\"_ _0\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>commodities, <span class=\"_ _1\"/>for <span class=\"_ _1\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>held <span class=\"_ _1\"/>material derivative exposures as at 31 December 2022 and 31 December 2021, would have on t<span class=\"_ _0\"/>he equity reserves.22022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Pre-tax impact o<span class=\"_ _1\"/>n <span class=\"_ _3\"/>equity . Pre-tax impact o<span class=\"_ _0\"/>n equity Volatility of Prices Prices Volatility of Prices Prices 2increase decrease prices in %2Million US dol<span class=\"_ _0\"/>lar prices in %increase decrease Aluminum 30.71% 665<span class=\"ls0\">  </span>(665)<span class=\"ls0\"> </span>23.09% 287<span class=\"ls0\">  </span>(287)<span class=\"ls0\"> </span>Energy 49.37% 206<span class=\"ls0\">  </span>(206)<span class=\"ls0\"> </span>25.88% 91<span class=\"ls0\">  </span>(91)<span class=\"ls0\"> </span>Corn 22.44% 72<span class=\"ls0\">  </span>(72)<span class=\"ls0\"> </span>23.26% 68<span class=\"ls0\">  </span>(68)<span class=\"ls0\"> </span>Wheat<span class=\"ls0\"> </span>51.59% 66<span class=\"ls0\">  </span>(66)<span class=\"ls0\"> </span>29.24% 38<span class=\"ls0\">  </span>(38)<span class=\"ls0\"> </span>Plastic 32.31% 25<span class=\"ls0\">  </span>(25)<span class=\"ls0\"> </span>28.68% 27<span class=\"ls0\">  </span>(27)<span class=\"ls0\"> </span>Rice 19.31% 19<span class=\"ls0\">  </span>(19)<span class=\"ls0\"> </span>15.96% 14<span class=\"ls0\">  </span>(14)<span class=\"ls0\"> </span>Sugar 22.17% 21<span class=\"ls0\">  </span>(21)<span class=\"ls0\"> </span>26.39% 22<span class=\"ls0\">  </span>(22)<span class=\"ls0\"> </span>F)<span class=\"ls0\"> <span class=\"_ _21\"> </span>EQUITY PRICE RISK  </span>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>enters <span class=\"_ _6\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _6\"/>equity <span class=\"_ _7\"/>swap <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>h<span class=\"_ _3\"/>edge <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>price<span class=\"_ _3\"/> <span class=\"_ _6\"/>risk <span class=\"_ _7\"/>on <span class=\"_ _7\"/>its <span class=\"_ _7\"/>shares <span class=\"_ _6\"/>in <span class=\"_ _7\"/>connection <span class=\"_ _7\"/>with <span class=\"_ _6\"/>its <span class=\"_ _7\"/>share<span class=\"_ _6\"/>-based payments <span class=\"_ _6\"/>programs, <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>disclosed <span class=\"_ _6\"/>in <span class=\"_ _6\"/>Note <span class=\"_ _2\"/>24 <span class=\"_ _7\"> </span><span class=\"ff5\">Share-based <span class=\"_ _6\"/>Payments.</span> <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _6\"/>also <span class=\"_ _6\"/>hedges <span class=\"_ _6\"/>its <span class=\"_ _6\"/>exposure <span class=\"_ _6\"/>arising <span class=\"_ _6\"/>from shares issu<span class=\"_ _3\"/>ed in conn<span class=\"_ _3\"/>ection with the <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB combinati<span class=\"_ _3\"/>ons (see a<span class=\"_ _3\"/>lso Note <span class=\"_ _3\"/>11 <span class=\"_ _2\"/><span class=\"ff5\">Finance c<span class=\"_ _3\"/>ost and <span class=\"_ _3\"/>income</span>). <span class=\"_ _3\"/>These derivatives do not qualify for hedge accounting and the chan<span class=\"_ _0\"/>ges in fair value are recorded in<span class=\"_ _3\"/> the profit or loss. As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n <span class=\"_ _3\"/>exposure <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _3\"/>equivalent <span class=\"_ _2\"/>of <span class=\"_ _2\"/>100.5m <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>was <span class=\"_ _2\"/>hedged, <span class=\"_ _2\"/>resulting <span class=\"_ _3\"/>in <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>total gain<span class=\"ls0\"> <span class=\"_ _6\"/>of <span class=\"_ _6\"/></span>605<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _7\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _6\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _6\"/>account <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period, <span class=\"_ _6\"/>of <span class=\"_ _7\"/>which <span class=\"_ _7\"/></span>331<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e </span>company\u2019s sha<span class=\"_ _3\"/>re<span class=\"ff2\">-based payment <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>and <span class=\"_ _3\"/><span class=\"ls3\">274</span>m US <span class=\"_ _3\"/>dollar related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the Grupo <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB c<span class=\"_ _3\"/>ombinations. <span class=\"_ _3\"/>As </span>at <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>for <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>swap <span class=\"_ _2\"/>d<span class=\"_ _3\"/>erivatives <span class=\"_ _2\"/>amo<span class=\"_ _3\"/>unted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>4.8<span class=\"_ _3\"/> <span class=\"_ _2\"/>billion<span class=\"_ _3\"/> <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _6\"/>(31 <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>20<span class=\"_ _3\"/>21: <span class=\"_ _2\"/>5<span class=\"_ _3\"/>.4 billion US dollar). Equity price sensitivity analysis The <span class=\"_ _0\"/>sensitivity <span class=\"_ _1\"/>analysis on <span class=\"_ _1\"/>the <span class=\"_ _0\"/>equity <span class=\"_ _0\"/>swap <span class=\"_ _0\"/>derivatives, <span class=\"_ _1\"/>calculated ba<span class=\"_ _0\"/>sed o<span class=\"_ _1\"/>n a 27.53% <span class=\"_ _1\"/>(2021<span class=\"ls2\">: </span>26.51%) <span class=\"_ _1\"/>reasonably p<span class=\"_ _0\"/>ossible volatility <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>AB <span class=\"_\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_\"> </span>share <span class=\"_\"> </span>price, <span class=\"_\"> </span>with <span class=\"_\"> </span>all <span class=\"_\"> </span>the <span class=\"_\"> </span>other <span class=\"_\"> </span>variables <span class=\"_\"> </span>held <span class=\"_\"> </span>c<span class=\"_ _3\"/>onstant, <span class=\"_\"> </span>would <span class=\"_\"> </span>show <span class=\"_ _a\"> </span>1 <span class=\"_\"> </span>660m <span class=\"_\"> </span>US <span class=\"_\"> </span>dolla<span class=\"_ _3\"/>r positive/negative impact on the 2022 profit before tax (31 December 2021<span class=\"lsc\">: <span class=\"_ _3\"/></span>1 604m US dollar). G)<span class=\"ls0\"> <span class=\"_ _15\"> </span>CREDIT RISK </span>Credit risk <span class=\"_ _3\"/>encompasses all forms of c<span class=\"_ _3\"/>ounterparty exposure, i.e., <span class=\"_ _3\"/>where counterparties may default on <span class=\"_ _3\"/>their obligations to AB InBev i<span class=\"_ _0\"/>n relation <span class=\"_ _1\"/>to lending, hedging, <span class=\"_ _1\"/>settlement and other<span class=\"_ _1\"/> financial activities. The <span class=\"_ _1\"/>company has a <span class=\"_ _1\"/>credit policy in <span class=\"_ _1\"/>place<span class=\"_ _2\"/> and the exposure to counterparty credit risk is monitored.  AB InBev <span class=\"_ _3\"/>mitigates its exposure th<span class=\"_ _3\"/>rough a variety of m<span class=\"_ _3\"/>echanisms. It has established <span class=\"_ _3\"/>minimum counterparty credit ratings and enters <span class=\"_ _1\"/>in<span class=\"_ _3\"/>to tra<span class=\"_ _0\"/>nsactions only wi<span class=\"_ _0\"/>th financial <span class=\"_ _1\"/>institutions of investment <span class=\"_ _1\"/>grade r<span class=\"_ _3\"/>ating. The <span class=\"_ _1\"/>comp<span class=\"_ _3\"/>any mo<span class=\"_ _0\"/>nitors counterpart<span class=\"_ _0\"/>y credit exposures closely a<span class=\"_ _1\"/>nd<span class=\"_ _3\"/> reviews <span class=\"_ _0\"/>any external down<span class=\"_ _0\"/>grade in credit ra<span class=\"_ _0\"/>ting immediately. To <span class=\"_ _1\"/>m<span class=\"_ _3\"/>itigate pre<span class=\"_ _3\"/>-settlement risk, counterparty <span class=\"_ _4\"> </span>minimum <span class=\"_ _4\"> </span>credit <span class=\"_ _4\"> </span>standards <span class=\"_ _4\"> </span>become <span class=\"_ _4\"> </span>more <span class=\"_ _4\"> </span>stringent <span class=\"_ _4\"> </span>with <span class=\"_ _5\"> </span>in<span class=\"_ _3\"/>creases <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>duration <span class=\"_ _4\"> </span>o<span class=\"_ _2\"/>f <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>derivatives. <span class=\"_ _4\"> </span>To minimize <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>concentration <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ounterparty <span class=\"_ _5\"> </span>credit <span class=\"_ _4\"> </span>risk, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>company <span class=\"_ _4\"> </span>enters <span class=\"_ _4\"> </span>into <span class=\"_ _4\"> </span>derivative <span class=\"_ _4\"> </span>transactions <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>different<span class=\"_ _1\"/> financial institutions. The <span class=\"_ _2\"/>company <span class=\"_ _3\"/>also <span class=\"_ _3\"/>h<span class=\"_ _3\"/>as <span class=\"_ _3\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _2\"/>agreements <span class=\"_ _3\"/>with <span class=\"_ _2\"/>all <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _3\"/>institutions <span class=\"_ _2\"/>that <span class=\"_ _6\"/>are <span class=\"_ _2\"/>counterparties <span class=\"_ _3\"/>to <span class=\"_ _2\"/>over <span class=\"_ _3\"/>the counter <span class=\"_ _2\"/>(OTC) <span class=\"_ _6\"/>derivatives. <span class=\"_ _2\"/>These <span class=\"_ _6\"/>agreements <span class=\"_ _2\"/>allo<span class=\"_ _3\"/>w <span class=\"_ _2\"/>for <span class=\"_ _2\"/>the <span class=\"_ _2\"/>n<span class=\"_ _3\"/>et <span class=\"_ _2\"/>settlement <span class=\"_ _6\"/>of <span class=\"_ _2\"/>assets <span class=\"_ _6\"/>and <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>arising <span class=\"_ _2\"/>from <span class=\"_ _6\"/>different transactions <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>the same <span class=\"_ _1\"/>counterparty. <span class=\"_ _1\"/>Based on <span class=\"_ _1\"/>these <span class=\"_ _1\"/>factors, AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>considers <span class=\"_ _1\"/>the im<span class=\"_ _0\"/>pact o<span class=\"_ _1\"/>f the <span class=\"_ _1\"/>r<span class=\"_ _2\"/>isk <span class=\"_ _1\"/>of counterparty<span class=\"_ _1\"/> default as at 31 December 2022 to be limited.<span class=\"ff1\"> </span>Exposure to credit risk The carrying amount of financi<span class=\"_ _1\"/>al<span class=\"_ _3\"/> assets represents t<span class=\"_ _0\"/>he maximum credit exposure of t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> company. The carry<span class=\"_ _0\"/>ing amount is 1presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Net carrying Net carrying Million US dol<span class=\"_ _0\"/>lar Gross Impairment<span class=\"_ _0\"/> amount Gross Impairment amount Cash and cash<span class=\"_ _1\"/> <span class=\"_ _3\"/>equivalents 9 <span class=\"ls6\">973</span>  - 9 <span class=\"ls6\">973</span>  12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>- 12<span class=\"ls0\"> </span>097<span class=\"ls0\">  </span>Trade receivable<span class=\"_ _1\"/>s 3 <span class=\"ls6\">980</span>  (343)<span class=\"ls0\"> </span>3 <span class=\"ls6\">637</span>  3 <span class=\"ls6\">796</span>  (331)<span class=\"ls0\"> </span>3 <span class=\"ls6\">465</span>  Other receivables 1 <span class=\"ls6\">545</span>  (68)<span class=\"ls0\"> </span>1 <span class=\"ls6\">477</span>  1 <span class=\"ls6\">272</span>  (65)<span class=\"ls0\"> </span>1 <span class=\"ls6\">207</span>  Derivatives 391<span class=\"ls0\">  </span>- 391<span class=\"ls0\">  </span>            <span class=\"ls6\">669</span>  -             <span class=\"ls6\">669</span>  Cash deposit<span class=\"_ _1\"/>s<span class=\"_ _3\"/> for guaran<span class=\"_ _0\"/>tees 189<span class=\"ls0\">  </span>- 189<span class=\"ls0\">  </span>            <span class=\"ls6\">168</span>  -             <span class=\"ls6\">168</span>  Investment in unq<span class=\"_ _0\"/>uoted companie<span class=\"_ _1\"/>s 155<span class=\"ls0\">  </span>(5)<span class=\"ls0\"> </span>149<span class=\"ls0\">  </span>            <span class=\"ls6\">145</span>  (6)<span class=\"ls0\"> </span>            <span class=\"ls6\">139</span>  Investment in deb<span class=\"_ _0\"/>t securitie<span class=\"_ _0\"/>s 123<span class=\"ls0\">  </span>- 123<span class=\"ls0\">  </span>            <span class=\"ls6\">396</span>  -             <span class=\"ls6\">396</span>  Loans to custo<span class=\"_ _1\"/>mers 81<span class=\"ls0\">  </span>- 81<span class=\"ls0\">  </span>            <span class=\"ls6\">117</span>  -             <span class=\"ls6\">117</span>  16<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>(416)<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>019<span class=\"ls0\">  </span>18<span class=\"ls0\"> </span>660<span class=\"ls0\">  </span>(402)<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>258<span class=\"ls0\">  </span>There was no <span class=\"_ _3\"/>significant concentration of credit <span class=\"_ _3\"/>risks with any single co<span class=\"_ _3\"/>unterparty as of <span class=\"_ _2\"/>31 December 2022<span class=\"_ _3\"/> and no si<span class=\"_ _3\"/>ngle customer represented more than 10% of the total revenue of the group in <span class=\"_ _3\"/>2022. Impairment losses 1The allowance for impairment recognized during the period on financial assets was as follows:31 December 2022<span class=\"_ _1\"/> 31 December 2021\u00b9<span class=\"_ _1\"/> Balance at end<span class=\"_ _0\"/> of previous yea<span class=\"_ _0\"/>r (402)<span class=\"ls0\"> </span>(376)<span class=\"ls0\"> </span>Impairment losse<span class=\"_ _1\"/>s (38)<span class=\"ls0\"> </span>(37)<span class=\"ls0\"> </span>Derecognition<span class=\"_ _1\"/> 24<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>Currency tran<span class=\"_ _0\"/>slation and o<span class=\"_ _0\"/>ther 1 (19)<span class=\"ls0\"> </span>Balance at end<span class=\"_ _0\"/> of period (416)<span class=\"ls0\"> </span>(402)<span class=\"ls0\"> </span>H)<span class=\"ls0\"> <span class=\"_ _18\"> </span>LIQUIDITY RISK </span>Historically, AB InBev\u2019s <span class=\"_ _0\"/>primary sources of <span class=\"_ _1\"/>cash flow have been ca<span class=\"_ _0\"/>sh flows from <span class=\"_ _1\"/>operating<span class=\"_ _3\"/> a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>tivities, the i<span class=\"_ _1\"/>s<span class=\"_ _3\"/>suance of <span class=\"_ _0\"/>debt, bank borrowings and equity securities. AB InBev\u2019s material c<span class=\"_ _0\"/>ash requirements have <span class=\"_ _3\"/><span class=\"ff2\">included the following: </span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Debt servicing; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Capital expenditures; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Investments in companies; </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"ff4 fs3 fc1\">Increases in ownership of AB InBev\u2019s subsidiaries or companies in which it holds equity inv<span class=\"_ _0\"/>estments;<span class=\"_ _3\"/><span class=\"ff2\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Share buyback programs; and </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">Payments of dividends and <span class=\"ff4\">interest on shareholders\u2019 equity.</span> </span></span>The company believes <span class=\"_ _0\"/>that ca<span class=\"_ _0\"/>sh flows from op<span class=\"_ _1\"/>e<span class=\"_ _3\"/>rating activiti<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s, available cash <span class=\"_ _1\"/>and<span class=\"_ _3\"/> <span class=\"_ _0\"/>cash equivalents as wel<span class=\"_ _1\"/>l<span class=\"_ _3\"/> as <span class=\"_ _0\"/>short term investments, <span class=\"_ _0\"/>along <span class=\"_ _1\"/>with<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>deri<span class=\"_ _3\"/>vatives <span class=\"_ _1\"/>and access <span class=\"_ _1\"/>to borr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>wing <span class=\"_ _0\"/>facilities, <span class=\"_ _1\"/>will be <span class=\"_ _1\"/>sufficient <span class=\"_ _1\"/>t<span class=\"_ _2\"/>o fund <span class=\"_ _1\"/>capital ex<span class=\"_ _0\"/>penditures, financial <span class=\"_ _0\"/>instrument <span class=\"_ _1\"/>liabili<span class=\"_ _3\"/>ties <span class=\"_ _1\"/>and dividend <span class=\"_ _1\"/>payments g<span class=\"_ _1\"/>oi<span class=\"_ _3\"/>ng <span class=\"_ _1\"/>forward. It <span class=\"_ _1\"/>is the<span class=\"_ _0\"/> i<span class=\"_ _1\"/>nte<span class=\"_ _3\"/>ntion <span class=\"_ _1\"/>of the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ompany t<span class=\"_ _1\"/>o continue <span class=\"_ _1\"/>to reduc<span class=\"_ _3\"/><span class=\"ls8\">e </span>its financial indebtedness through a combination of strong o<span class=\"_ _0\"/>perating cash flow generation and contin<span class=\"_ _3\"/>u<span class=\"_ _3\"/>ed refinancing. The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>are <span class=\"_ _3\"/>the <span class=\"_ _2\"/>nominal <span class=\"_ _3\"/>contractual <span class=\"_ _2\"/>maturities <span class=\"_ _3\"/>of <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>including <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>payments <span class=\"_ _3\"/>and 2derivative liabilities: 31 December 2022<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than 2Million US dol<span class=\"_ _0\"/>lar Amountflows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (76 798) (133 670) (3 273) (5 683) (3 783) (15 482) (105 450) Trade and other pa<span class=\"_ _1\"/>yables  (27 208) (27 453) (26 376) (170)<span class=\"ls0\"> </span>(349)<span class=\"ls0\"> </span>(260)<span class=\"ls0\"> </span>(297)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 492) (2 840) (618)<span class=\"ls0\"> </span>(566)<span class=\"ls0\"> </span>(414)<span class=\"ls0\"> </span>(531)<span class=\"ls0\"> </span>(712)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (393)<span class=\"ls0\"> </span>(405)<span class=\"ls0\"> </span>(371)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(10)<span class=\"ls0\"> </span>(14)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>(100)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (125)<span class=\"ls0\"> </span>(193)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(78)<span class=\"ls0\"> </span>(28)<span class=\"ls0\"> </span>(31)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>(83)<span class=\"ls0\"> </span>- - - - (107 199) (164 745) (30 856) (6 501) (4 <span class=\"ls6\">579)<span class=\"ls0\"> </span></span>(16 313) (106 496) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (4 763) (4 763) (4 763) - - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>(265)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (192)<span class=\"ls0\"> </span>(191)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(43)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (271)<span class=\"ls0\"> </span>(251)<span class=\"ls0\"> </span>(249)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>- - - (5 492) (5 471) (5 287) (45)<span class=\"ls0\"> </span>(47)<span class=\"ls0\"> </span>(62)<span class=\"ls0\"> </span>(30)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (551)<span class=\"ls0\"> </span>(530)<span class=\"ls0\"> </span>(469)<span class=\"ls0\"> </span>- (43)<span class=\"ls0\"> </span>(17)<span class=\"ls0\"> </span>- 31 December 2021<span class=\"_ _1\"/> Contractual<span class=\"_ _0\"/> Less More Carrying cash  than than Million US dol<span class=\"_ _0\"/>lar amount\u00b9 flows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative f<span class=\"_ _1\"/>i<span class=\"_ _3\"/>nancial lia<span class=\"_ _1\"/>bi<span class=\"_ _3\"/>lities Unsecured bond i<span class=\"_ _1\"/>ssues  (85 726) (152 064) (3 479) (3 596) (6 192) (13 800) (124 997) Trade and other pa<span class=\"_ _1\"/>yables  (26 442) (26 643) (25 424) (314)<span class=\"ls0\"> </span>(507)<span class=\"ls0\"> </span>(96)<span class=\"ls0\"> </span>(302)<span class=\"ls0\"> </span>Lease liabilitie<span class=\"_ _0\"/>s  (2 277) (2 429) (497)<span class=\"ls0\"> </span>(470)<span class=\"ls0\"> </span>(337)<span class=\"ls0\"> </span>(450)<span class=\"ls0\"> </span>(675)<span class=\"ls0\"> </span>Secured ban<span class=\"_ _0\"/>k loans  (628)<span class=\"ls0\"> </span>(636)<span class=\"ls0\"> </span>(551)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(9)<span class=\"ls0\"> </span>(18)<span class=\"ls0\"> </span>Unsecured bank<span class=\"_ _0\"/> loans  (106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>(106)<span class=\"ls0\"> </span>- - - - Unsecured other<span class=\"_ _1\"/> loans  (40)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>(11)<span class=\"ls0\"> </span>(48)<span class=\"ls0\"> </span>(5)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>(16)<span class=\"ls0\"> </span>Bank overdraft <span class=\"_ _1\"/> (53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>(53)<span class=\"ls0\"> </span>- - - - (115 272) (182 015) (30 121) (4 481) (7 046) (14 359) (126 008) Derivative financ<span class=\"_ _1\"/>i<span class=\"_ _3\"/>al liabilit<span class=\"_ _1\"/>i<span class=\"_ _3\"/>es Equity derivati<span class=\"_ _0\"/>ves  (5 412) (5 420) (5 <span class=\"ls6\">420)<span class=\"ls0\"> </span></span>- - - - Foreign exchang<span class=\"_ _0\"/>e derivatives<span class=\"_ _1\"/>  (166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>(166)<span class=\"ls0\"> </span>- - - - Cross currenc<span class=\"_ _1\"/>y<span class=\"_ _3\"/> interest rate<span class=\"_ _1\"/> <span class=\"_ _3\"/>swaps  (273)<span class=\"ls0\"> </span>(293)<span class=\"ls0\"> </span>(147)<span class=\"ls0\"> </span>(35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Commodity deri<span class=\"_ _1\"/>v<span class=\"_ _3\"/>atives  (34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>(34)<span class=\"ls0\"> </span>- - - - (5 885) (5 913) (5 767) (35)<span class=\"ls0\"> </span>(32)<span class=\"ls0\"> </span>(56)<span class=\"ls0\"> </span>(23)<span class=\"ls0\"> </span>Of which: related <span class=\"_ _1\"/>to cash flow hedges  (203)<span class=\"ls0\"> </span>(203)<span class=\"ls0\"> </span>(170)<span class=\"ls0\"> </span>- - (29)<span class=\"ls0\"> </span>(4)<span class=\"ls0\"> </span>I)<span class=\"ls0\"> <span class=\"_ _d\"> </span>CAPITAL MANAGEMENT </span>AB <span class=\"_ _3\"/>InBev <span class=\"_ _3\"/>continuously <span class=\"_ _3\"/>optimizes <span class=\"_ _2\"/>its c<span class=\"_ _3\"/>apital <span class=\"_ _3\"/>structure <span class=\"_ _3\"/>to <span class=\"_ _3\"/>maximize <span class=\"_ _3\"/>shareholder <span class=\"_ _3\"/>value <span class=\"_ _3\"/>while <span class=\"_ _3\"/>keeping <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>flexibility to <span class=\"_ _1\"/>execute <span class=\"_ _1\"/>strategic <span class=\"_ _1\"/>proj<span class=\"_ _3\"/>ects. <span class=\"_ _1\"/>AB <span class=\"_ _1\"/><span class=\"ff4\">InBev\u2019s <span class=\"_ _0\"/>capital <span class=\"_ _f\"/>structu<span class=\"_ _3\"/>re <span class=\"_ _f\"/>p<span class=\"_ _3\"/>olicy <span class=\"_ _1\"/>and <span class=\"_ _1\"/>framework <span class=\"_ _1\"/>aims <span class=\"_ _1\"/>to <span class=\"_ _1\"/>o<span class=\"_ _3\"/>ptimize <span class=\"_ _f\"/>s<span class=\"_ _3\"/>hareholder <span class=\"_ _f\"/>v<span class=\"_ _3\"/>alue <span class=\"_ _1\"/>through </span>cash <span class=\"_ _3\"/>flow <span class=\"_ _2\"/>distribution <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>company <span class=\"_ _3\"/>from <span class=\"_ _3\"/>its<span class=\"_ _3\"/> <span class=\"_ _3\"/>subsidiaries, <span class=\"_ _3\"/>while <span class=\"_ _3\"/>maintaining<span class=\"_ _3\"/> <span class=\"_ _3\"/>an <span class=\"_ _3\"/>investment<span class=\"_ _3\"/>-grad<span class=\"_ _3\"/>e <span class=\"_ _3\"/>rating <span class=\"_ _3\"/>and <span class=\"_ _3\"/>m<span class=\"_ _3\"/>inimizing investments <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h <span class=\"_ _1\"/>returns be<span class=\"_ _0\"/>low <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>wei<span class=\"ff2\">ghted average <span class=\"_ _1\"/>cost <span class=\"_ _1\"/>of capital. <span class=\"_ _1\"/>Besides t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _1\"/>statutory <span class=\"_ _1\"/>m<span class=\"_ _3\"/>inimum <span class=\"_ _1\"/>equity funding<span class=\"_ _1\"/> </span>requirements that <span class=\"_ _3\"/>apply to<span class=\"_ _3\"/> the company\u2019s s<span class=\"_ _3\"/>ubsidiaries in <span class=\"_ _3\"/>the different <span class=\"_ _3\"/>countries, AB InBev<span class=\"_ _3\"/> is n<span class=\"_ _3\"/>ot subject <span class=\"_ _3\"/>to any <span class=\"_ _3\"/>externally imposed <span class=\"_ _3\"/>capital <span class=\"_ _3\"/>requirements. <span class=\"_ _3\"/>Management <span class=\"_ _3\"/>uses <span class=\"_ _3\"/>the <span class=\"_ _3\"/>same <span class=\"_ _3\"/>d<span class=\"_ _3\"/><span class=\"ff4\">ebt/equity <span class=\"_ _3\"/>classifications <span class=\"_ _3\"/>as <span class=\"_ _3\"/>applied <span class=\"_ _3\"/>in <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _3\"/>IFRS </span>reporting to analyze the capital structure. K)<span class=\"ls0\"> <span class=\"_ _18\"> </span>HEDGING RESERVES </span>The company\u2019s hedging reserves disclosed in Note 21 C<span class=\"ff5\">hanges in equity and earnings per share<span class=\"ff2\"> re<span class=\"_ _3\"/>late to the following </span></span>instruments: Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2022 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _1\"/> instrument recognized <span class=\"_ _1\"/>in <span class=\"_ _3\"/>OCI 143<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>- 182<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (331)<span class=\"ls0\"> </span>(208)<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>(518)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2022 491<span class=\"ls0\"> </span>(476)<span class=\"ls0\"> </span>131<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>Foreign Total hedging Million US dol<span class=\"_ _0\"/>lar currency Commodities<span class=\"_ _1\"/> Others reserves As per 1 January<span class=\"_ _0\"/> 2021 20<span class=\"ls0\"> </span>274<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>376<span class=\"ls0\"> </span>Change in fair value<span class=\"_ _0\"/> of hedging<span class=\"_ _0\"/> instrumen<span class=\"_ _0\"/>t recognized in OC<span class=\"_ _0\"/>I 766<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>- 888<span class=\"ls0\"> </span>Reclassified to pr<span class=\"_ _0\"/>ofit or loss <span class=\"_ _0\"/>/ cost of inventory (107)<span class=\"ls0\"> </span>(703)<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>(783)<span class=\"ls0\"> </span>As per 31 Dece<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ber 2021 679<span class=\"ls0\"> </span>(306)<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>481<span class=\"ls0\"> </span>L)<span class=\"ls0\"> <span class=\"_ _21\"> </span>OFFSETTING FINANCIAL ASSETS AND LIABILITIES </span>The <span class=\"_ _2\"/>following <span class=\"_ _3\"/>financial <span class=\"_ _2\"/>assets <span class=\"_ _3\"/>and <span class=\"_ _6\"/>liabilities <span class=\"_ _2\"/>are <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>offsetting, <span class=\"_ _3\"/>enforceable <span class=\"_ _2\"/>master <span class=\"_ _2\"/>netting <span class=\"_ _3\"/>agreements<span class=\"_ _3\"/> <span class=\"_ _3\"/>and <span class=\"_ _3\"/>s<span class=\"_ _3\"/>imilar 12agreements:31 December 2022<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 391<span class=\"ls0\">  </span>391<span class=\"ls0\">  </span>(381)<span class=\"ls0\"> </span>10<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 492) (5 492) 381<span class=\"ls0\">  </span>(5 111) 31 December 2021<span class=\"_ _1\"/> Net amount recognized in<span class=\"_ _0\"/> the statement of Other offsett<span class=\"_ _0\"/>ing Million US dol<span class=\"_ _0\"/>lar Gross amount<span class=\"_ _0\"/> financial positi<span class=\"_ _1\"/>on\u00b9 agreements\u00b2<span class=\"_ _0\"/> Total net amount<span class=\"_ _1\"/> Derivative asse<span class=\"_ _1\"/>t<span class=\"_ _3\"/>s 670<span class=\"ls0\">  </span>670<span class=\"ls0\">  </span>(651)<span class=\"ls0\"> </span>19<span class=\"ls0\">  </span>Derivative liabilit<span class=\"_ _1\"/>ies (5 886) (5 886) 651<span class=\"ls0\">  </span>(5 235) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__252-1": {
   "value": "C)<span class=\"ls0\"> <span class=\"_ _18\"> </span>FOREIGN CURRENCY RISK </span>AB <span class=\"_ _7\"/>InBev <span class=\"_ _5\"> </span>is <span class=\"_ _7\"> </span>su<span class=\"_ _3\"/>bject <span class=\"_ _7\"/>to <span class=\"_ _7\"> </span>foreign <span class=\"_ _5\"> </span>currency <span class=\"_ _5\"> </span>risk <span class=\"_ _7\"/>when <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ontracts <span class=\"_ _7\"/>are <span class=\"_ _7\"> </span>denominated <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>than <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>functional currency <span class=\"_\"> </span>of<span class=\"_ _0\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _8\"> </span>entity. <span class=\"_ _8\"> </span>This <span class=\"_\"> </span>i<span class=\"_ _1\"/>nc<span class=\"_ _3\"/>ludes <span class=\"_ _8\"> </span>borrowings, <span class=\"_\"> </span>i<span class=\"_ _1\"/>nv<span class=\"_ _3\"/>estments, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>sales, <span class=\"_ _8\"> </span>(forecasted) <span class=\"_ _8\"> </span>purchases, <span class=\"_ _8\"> </span>royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the com<span class=\"_ _0\"/>pany uses mainly foreign exchange forwards, currency futures and cross curren<span class=\"_ _0\"/>cy interest rate swaps.<span class=\"_ _3\"/>  Foreign exchange risk on operating activities AB <span class=\"_ _1\"/>InBev\u2019s <span class=\"_ _1\"/><span class=\"ff2\">policy <span class=\"_ _1\"/>is <span class=\"_ _1\"/>to <span class=\"_ _1\"/>hedge <span class=\"_ _1\"/>operating <span class=\"_ _1\"/>transactions <span class=\"_ _1\"/>which <span class=\"_ _1\"/>are <span class=\"_ _1\"/>reasonably <span class=\"_ _f\"/>e<span class=\"_ _3\"/>xpected <span class=\"_ _f\"/>to <span class=\"_ _1\"/>occur <span class=\"_ _1\"/>(e.g<span class=\"_ _3\"/>., <span class=\"_ _f\"/>cost <span class=\"_ _1\"/>of <span class=\"_ _1\"/>sales <span class=\"_ _1\"/>and <span class=\"_ _1\"/>selling, </span>general <span class=\"_\"> </span>&amp; <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>dministrative <span class=\"_ _8\"> </span>expenses) <span class=\"_\"> </span>wi<span class=\"_ _0\"/>thin <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>for<span class=\"_ _0\"/>ecast <span class=\"_ _8\"> </span>period <span class=\"_\"> </span>det<span class=\"_ _0\"/>ermined <span class=\"_ _8\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _8\"> </span>financial <span class=\"_ _8\"> </span>risk <span class=\"_ _8\"> </span>management <span class=\"_ _8\"> </span>policy. Operating tra<span class=\"_ _0\"/>nsactions th<span class=\"_ _1\"/>a<span class=\"_ _3\"/>t are<span class=\"_ _1\"/> considered cer<span class=\"_ _0\"/>tain to<span class=\"_ _1\"/> occur <span class=\"_ _1\"/>a<span class=\"_ _3\"/>re <span class=\"_ _1\"/>he<span class=\"_ _3\"/>dged <span class=\"_ _1\"/>without any <span class=\"_ _1\"/>time limits. <span class=\"_ _1\"/>Non<span class=\"_ _2\"/>-operating <span class=\"_ _1\"/>transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.<span class=\"_ _3\"/> The <span class=\"_\"> </span>table <span class=\"_ _e\"> </span>below <span class=\"_\"> </span>shows <span class=\"_\"> </span>the <span class=\"_\"> </span>company\u2019s <span class=\"_ _e\"> </span>main <span class=\"_\"> </span>net <span class=\"_\"> </span>foreign <span class=\"_ _e\"> </span>curren<span class=\"_ _3\"/><span class=\"ff2\">cy <span class=\"_ _e\"> </span>positions <span class=\"_\"> </span>for <span class=\"_\"> </span>firm <span class=\"_\"> </span>commitments <span class=\"_\"> </span>and <span class=\"_ _e\"> </span>forecasted </span>transactions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>the most <span class=\"_ _3\"/>important c<span class=\"_ _3\"/>urrency pa<span class=\"_ _3\"/>irs. The <span class=\"_ _3\"/>open <span class=\"_ _3\"/>positions <span class=\"_ _3\"/>are the <span class=\"_ _3\"/>result <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the app<span class=\"_ _3\"/>lication of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _3\"/>risk management pol<span class=\"_ _0\"/>icy. Po<span class=\"_ _1\"/>s<span class=\"_ _3\"/>itive <span class=\"_ _0\"/>amounts <span class=\"_ _1\"/>in<span class=\"_ _3\"/>dicate <span class=\"_ _1\"/>that the <span class=\"_ _1\"/>company is <span class=\"_ _1\"/>long (net <span class=\"_ _1\"/>future c<span class=\"_ _3\"/>ash <span class=\"_ _1\"/>in<span class=\"_ _3\"/>flows) i<span class=\"_ _1\"/>n the <span class=\"_ _0\"/>first <span class=\"_ _1\"/>c<span class=\"_ _3\"/>urrency <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the currency <span class=\"_ _3\"/>pair whi<span class=\"_ _3\"/>le negative <span class=\"_ _3\"/>amounts <span class=\"_ _3\"/>indicate that <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company i<span class=\"_ _3\"/>s sho<span class=\"_ _3\"/>rt (net <span class=\"_ _3\"/>future <span class=\"_ _3\"/>cash outflows) <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first c<span class=\"_ _3\"/>urrency of the currency pair. The second currency of the currency pairs listed is the functional curre<span class=\"_ _3\"/>ncy of the related subsidiary. 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Total Total Open Total Total Open Million US dol<span class=\"_ _0\"/>lar exposure  hedges position exposure hedges position Euro/Mexican pe<span class=\"_ _0\"/>so            <span class=\"ls7\">(108)</span>  <span class=\"ls6\">100</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(112)</span>  <span class=\"ls6\">111</span>               <span class=\"ls7\">(1)</span> Euro/Pound sterl<span class=\"_ _1\"/>ing            <span class=\"ls7\">(136)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(24)</span>           <span class=\"ls7\">(124)</span>  <span class=\"ls6\">112</span>             <span class=\"ls7\">(12)</span> Euro/South Afri<span class=\"_ _1\"/>c<span class=\"_ _3\"/>an rand              <span class=\"ls7\">(67)</span>  <span class=\"ls6\">31</span>             <span class=\"ls7\">(37)</span>             <span class=\"ls7\">(79)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(4)</span> Euro/US dollar <span class=\"_ _0\"/>             <span class=\"ls7\">(38)</span>  <span class=\"ls6\">58</span>  <span class=\"ls6\">20</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">100</span>             <span class=\"ls7\">(23)</span> Mexican peso/<span class=\"_ _0\"/>Euro           <span class=\"ls7\">(269)</span>  <span class=\"ls6\">268</span>               <span class=\"ls7\">(2)</span>           <span class=\"ls7\">(254)</span>  <span class=\"ls6\">231</span>             <span class=\"ls7\">(23)</span> US dollar/Argen<span class=\"_ _0\"/>tinian peso            <span class=\"ls7\">(702)</span>  <span class=\"ls6\">206</span>           <span class=\"ls7\">(496)</span>           <span class=\"ls7\">(661)</span>  <span class=\"ls6\">674</span>  <span class=\"ls6\">13</span> US dollar/Bolivian bo<span class=\"_ _0\"/>liviano<span class=\"_ _0\"/>              <span class=\"ls7\">(74)</span>  <span class=\"ls6\">76</span>  1             <span class=\"ls7\">(80)</span>  <span class=\"ls6\">75</span>               <span class=\"ls7\">(5)</span> US dollar/Brazi<span class=\"_ _0\"/>lian real  (1 955) 1 789           <span class=\"ls7\">(166)</span> (1 846) 1 618           <span class=\"ls7\">(228)</span> US dollar/Canadian<span class=\"_ _0\"/> dollar            <span class=\"ls7\">(310)</span>  <span class=\"ls6\">249</span>             <span class=\"ls7\">(61)</span>           <span class=\"ls7\">(304)</span>  <span class=\"ls6\">253</span>             <span class=\"ls7\">(51)</span> US dollar/Chilean<span class=\"_ _1\"/> peso            <span class=\"ls7\">(135)</span>  <span class=\"ls6\">129</span>               <span class=\"ls7\">(6)</span>           <span class=\"ls7\">(171)</span>  <span class=\"ls6\">162</span>               <span class=\"ls7\">(9)</span> US dollar/Chine<span class=\"_ _1\"/>s<span class=\"_ _3\"/>e yuan            <span class=\"ls7\">(125)</span>  <span class=\"ls6\">113</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(123)</span>  <span class=\"ls6\">116</span>               <span class=\"ls7\">(7)</span> US dollar/Colo<span class=\"_ _0\"/>mbian peso            <span class=\"ls7\">(615)</span>  <span class=\"ls6\">559</span>             <span class=\"ls7\">(56)</span>           <span class=\"ls7\">(476)</span>  <span class=\"ls6\">434</span>             <span class=\"ls7\">(42)</span> US dollar/Euro <span class=\"_ _0\"/>           <span class=\"ls7\">(134)</span>  <span class=\"ls6\">111</span>             <span class=\"ls7\">(23)</span>           <span class=\"ls7\">(103)</span>  <span class=\"ls6\">96</span>               <span class=\"ls7\">(7)</span> US dollar/Mexican pe<span class=\"_ _1\"/>so  (1 442) 1 436               <span class=\"ls7\">(6)</span> (1 236) 1 168             <span class=\"ls7\">(68)</span> US dollar/Parag<span class=\"_ _0\"/>uayan guarani            <span class=\"ls7\">(144)</span>  <span class=\"ls6\">135</span>               <span class=\"ls7\">(8)</span>           <span class=\"ls7\">(153)</span>  <span class=\"ls6\">139</span>             <span class=\"ls7\">(14)</span> US dollar/Peruvian<span class=\"_ _1\"/> nuevo sol            <span class=\"ls7\">(264)</span>  <span class=\"ls6\">276</span>               <span class=\"ls6\">13</span>            <span class=\"ls7\">(292)</span>  <span class=\"ls6\">278</span>             <span class=\"ls7\">(14)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>African rand<span class=\"_ _1\"/>            <span class=\"ls7\">(196)</span>  <span class=\"ls6\">121</span>             <span class=\"ls7\">(75)</span>           <span class=\"ls7\">(196)</span>  <span class=\"ls6\">148</span>             <span class=\"ls7\">(48)</span> US dollar/South<span class=\"_ _1\"/> <span class=\"_ _3\"/>Korean won            <span class=\"ls7\">(121)</span>  <span class=\"ls6\">110</span>             <span class=\"ls7\">(12)</span>           <span class=\"ls7\">(114)</span>  <span class=\"ls6\">79</span>             <span class=\"ls7\">(35)</span> Others            <span class=\"ls7\">(326)</span>  <span class=\"ls6\">197</span>           <span class=\"ls7\">(129)</span>           <span class=\"ls7\">(424)</span>  <span class=\"ls6\">313</span>           <span class=\"ls7\">(111)</span> Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of f<span class=\"_ _1\"/>irm commitments and <span class=\"_ _1\"/>highly probable fore<span class=\"_ _0\"/>casted transactions <span class=\"_ _1\"/>denominated in for<span class=\"_ _1\"/>ei<span class=\"_ _3\"/>gn currency<span class=\"_ _0\"/> are de<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ignated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt It <span class=\"_ _2\"/>i<span class=\"_ _3\"/><span class=\"ff4\">s <span class=\"_ _2\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _2\"/>policy <span class=\"_ _6\"/>to <span class=\"_ _2\"/>have <span class=\"_ _6\"/>the <span class=\"_ _2\"/>d<span class=\"_ _3\"/>ebt <span class=\"_ _2\"/>in <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>as <span class=\"_ _6\"/>much <span class=\"_ _6\"/>as <span class=\"_ _2\"/>possible <span class=\"_ _6\"/>linked <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>functional <span class=\"_ _2\"/>currency <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the </span>subsidiary. To the <span class=\"_ _0\"/>extent this <span class=\"_ _1\"/>is not the ca<span class=\"_ _0\"/>se, foreign e<span class=\"_ _0\"/>xchange risk <span class=\"_ _0\"/>is managed us<span class=\"_ _1\"/>i<span class=\"_ _3\"/>ng deriv<span class=\"_ _0\"/>atives unless the <span class=\"_ _1\"/>cost to hedge outweighs the <span class=\"_ _3\"/>benefits. Interest <span class=\"_ _3\"/>rate decisions and<span class=\"_ _3\"/> currency mix of <span class=\"_ _3\"/>debt and <span class=\"_ _3\"/>cash are decided <span class=\"_ _3\"/>on a global <span class=\"_ _3\"/>basis and take into consideration a holistic risk management approach. A <span class=\"_ _f\"/>de<span class=\"_ _3\"/>scription <span class=\"_ _f\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>foreign <span class=\"_ _1\"/>currency <span class=\"_ _f\"/>risk <span class=\"_ _1\"/>hedging <span class=\"_ _1\"/>of <span class=\"_ _1\"/>debt <span class=\"_ _f\"/>instruments <span class=\"_ _1\"/>issued <span class=\"_ _f\"/>i<span class=\"_ _3\"/>n <span class=\"_ _f\"/>a <span class=\"_ _1\"/>currency <span class=\"_ _1\"/>o<span class=\"_ _2\"/>ther <span class=\"_ _f\"/>than <span class=\"_ _1\"/>the <span class=\"_ _1\"/>functional <span class=\"_ _f\"/>c<span class=\"_ _3\"/>urrency of the subsidiary is further detailed in the <span class=\"ff5\">Interest Rate Risk</span> sec<span class=\"_ _3\"/>tion below. Currency sensitivity analysis Currency transactional risk Most of <span class=\"_ _1\"/>AB InBev\u2019s <span class=\"_ _1\"/>no<span class=\"_ _3\"/>n<span class=\"ff2\">-derivative financial <span class=\"_ _1\"/>instruments are <span class=\"_ _1\"/>either denominated <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e fu<span class=\"_ _1\"/>n<span class=\"_ _3\"/>ctional c<span class=\"_ _1\"/>urre<span class=\"_ _3\"/>ncy o<span class=\"_ _1\"/>f the subsidiary<span class=\"_ _1\"/> </span>or <span class=\"_ _3\"/>are <span class=\"_ _3\"/>converted <span class=\"_ _3\"/>into <span class=\"_ _3\"/>the <span class=\"_ _3\"/>functional currency <span class=\"_ _3\"/>through <span class=\"_ _3\"/>the <span class=\"_ _3\"/>use <span class=\"_ _3\"/>of <span class=\"_ _3\"/>derivatives. <span class=\"_ _3\"/>Where i<span class=\"_ _3\"/>lliquidity i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>the local <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket prevents hedging at a <span class=\"_ _1\"/>re<span class=\"_ _3\"/>asonable c<span class=\"_ _0\"/>ost, the c<span class=\"_ _1\"/>om<span class=\"_ _3\"/>pany can <span class=\"_ _1\"/>have open positions. <span class=\"_ _1\"/>The transactional foreign c<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rrency risk <span class=\"_ _1\"/>mainly arises from <span class=\"_ _1\"/>open <span class=\"_ _1\"/>positions <span class=\"_ _f\"/>in <span class=\"_ _1\"/>Argentinean <span class=\"_ _1\"/>peso, <span class=\"_ _1\"/>Brazilian <span class=\"_ _1\"/>real, <span class=\"_ _f\"/>Canadian <span class=\"_ _1\"/>dollar, <span class=\"_ _1\"/>Colombian <span class=\"_ _1\"/>peso, <span class=\"_ _f\"/>Mexican <span class=\"_ _1\"/>peso <span class=\"_ _1\"/>and <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African<span class=\"_ _3\"/> 1rand against the US dollar. <span class=\"fs6\"> </span>The <span class=\"_\"> </span>c<span class=\"_ _3\"/>ompany <span class=\"_\"> </span>uses <span class=\"_ _e\"> </span>a <span class=\"_\"> </span>sensitivity<span class=\"_ _3\"/> <span class=\"_\"> </span>analysis <span class=\"_ _e\"> </span>to <span class=\"_\"> </span>estimate <span class=\"_ _e\"> </span>the <span class=\"_\"> </span>impact <span class=\"_ _e\"> </span>in <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>consolidated <span class=\"_\"> </span>income <span class=\"_ _e\"> </span>statement <span class=\"_ _e\"> </span>and <span class=\"_\"> </span>other comprehensive income of <span class=\"_ _0\"/>a strengthening or a <span class=\"_ _1\"/>weaken<span class=\"_ _3\"/>ing of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e US dollar <span class=\"_ _1\"/>a<span class=\"_ _3\"/>gainst the other <span class=\"_ _1\"/>g<span class=\"_ _3\"/>roup currencies. I<span class=\"_ _3\"/>n case the<span class=\"_ _1\"/> open positions remain <span class=\"_ _0\"/>unchanged and <span class=\"_ _1\"/>wit<span class=\"_ _3\"/>h all <span class=\"_ _1\"/>oth<span class=\"_ _3\"/>er variab<span class=\"_ _0\"/>les held cons<span class=\"_ _0\"/>tant, a 10% <span class=\"_ _1\"/>s<span class=\"_ _3\"/>trengthening or we<span class=\"_ _1\"/>ak<span class=\"_ _3\"/>ening of t<span class=\"_ _1\"/>he US dollar <span class=\"_ _5\"> </span>against <span class=\"_ _7\"> </span>other <span class=\"_ _5\"> </span>currencies <span class=\"_ _7\"> </span>co<span class=\"_ _3\"/>uld <span class=\"_ _7\"/>lead <span class=\"_ _5\"> </span>to <span class=\"_ _7\"/>an <span class=\"_ _5\"> </span>estimated <span class=\"_ _7\"> </span>decrease/inc<span class=\"_ _3\"/>rease <span class=\"_ _7\"/>on <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>consolidated <span class=\"_ _7\"> </span>profit <span class=\"_ _5\"> </span>before <span class=\"_ _7\"> </span>tax <span class=\"_ _5\"> </span>of 1approximately 144m<span class=\"_ _0\"/> US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>ove<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the next <span class=\"_ _1\"/>12 months <span class=\"_ _1\"/>(31 <span class=\"_ _0\"/>December 20<span class=\"_ _1\"/>2<span class=\"_ _3\"/>1: <span class=\"_ _1\"/>99m US <span class=\"_ _1\"/>dollar). Applying <span class=\"_ _1\"/>a si<span class=\"_ _0\"/>milar <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ensitivity on the total <span class=\"_ _0\"/>derivatives posit<span class=\"_ _0\"/>ions could le<span class=\"_ _0\"/>ad to a <span class=\"_ _1\"/>negative/positive pre-tax impact on equity <span class=\"_ _1\"/>reserves of 537m US <span class=\"_ _1\"/>dollar (31 1December 2021: 523m US dollar). The results of the sensitivity analysis should not be cons<span class=\"_ _0\"/>idered as projections of likely future <span class=\"_ _1\"/>events, <span class=\"_ _1\"/>as <span class=\"_ _f\"/>the<span class=\"_ _3\"/> <span class=\"_ _f\"/>gains<span class=\"_ _3\"/> <span class=\"_ _f\"/>or <span class=\"_ _1\"/>losses <span class=\"_ _1\"/>from <span class=\"_ _1\"/>exchange <span class=\"_ _f\"/>rates <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>future <span class=\"_ _1\"/>may <span class=\"_ _1\"/>differ <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>developments <span class=\"_ _1\"/>in <span class=\"_ _f\"/>the <span class=\"_ _1\"/>global <span class=\"_ _1\"/>financia<span class=\"_ _2\"/><span class=\"ls1d\">l </span>markets. Foreign exchange risk on net investments in foreign operations  AB <span class=\"_ _2\"/>InBev <span class=\"_ _2\"/>mitigates <span class=\"_ _2\"/>exposures <span class=\"_ _2\"/>of <span class=\"_ _2\"/>its <span class=\"_ _2\"/>investments <span class=\"_ _2\"/>in <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>operations <span class=\"_ _2\"/>using <span class=\"_ _2\"/>both <span class=\"_ _3\"/>d<span class=\"_ _3\"/>erivative <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>non<span class=\"_ _3\"/>-derivative <span class=\"_ _2\"/>financial instruments as hedging instruments. As of 31 December 2<span class=\"_ _3\"/>022, designated derivative <span class=\"_ _3\"/>financial instruments in net investment hedges <span class=\"ff4\">a<span class=\"_ _3\"/>pplied on the company\u2019s </span>1debt<span class=\"fs6 fc7 ls0\"> <span class=\"_ _3\"/></span><span class=\"ls0\">amount <span class=\"_ _3\"/>to <span class=\"_ _3\"/>8<span class=\"_ _3\"/> <span class=\"_ _3\"/>482m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _3\"/>equivalent <span class=\"_ _3\"/>(<span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021</span>: <span class=\"_ _3\"/>7 <span class=\"_ _3\"/>473m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>These <span class=\"_ _2\"/>instruments <span class=\"_ _3\"/>hedge <span class=\"_ _3\"/>foreign operations with Canadian dollar, Chinese yuan and South Korean won functional currencies. Net foreign exchange results Foreign exchange results recognized on hedged and unhedged exposures are as follows:<span class=\"_ _3\"/> Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Hedged (econ<span class=\"_ _0\"/>omic hedges) 297<span class=\"ls0\"> </span>717<span class=\"ls0\"> </span>Not hedged (660)<span class=\"ls0\"> </span>(801)<span class=\"ls0\"> </span>(363)<span class=\"ls0\"> </span>(84)<span class=\"ls0\"> </span>D)<span class=\"ls0\"> <span class=\"_ _18\"> </span>INTEREST RATE RISK  </span>The <span class=\"_ _2\"/>company <span class=\"_ _2\"/>applies <span class=\"_ _2\"/>a <span class=\"_ _2\"/>dynamic <span class=\"_ _2\"/>interest <span class=\"_ _2\"/>rate <span class=\"_ _3\"/>he<span class=\"_ _3\"/>dging <span class=\"_ _3\"/>approach <span class=\"_ _2\"/>whereby <span class=\"_ _2\"/>the <span class=\"_ _2\"/>target <span class=\"_ _2\"/>mix <span class=\"_ _2\"/>between <span class=\"_ _2\"/>fixed <span class=\"_ _2\"/>and <span class=\"_ _2\"/>floating <span class=\"_ _2\"/>rate debt <span class=\"_ _7\"/>is <span class=\"_ _6\"/>reviewed <span class=\"_ _7\"/>periodically. <span class=\"_ _6\"/>The <span class=\"_ _7\"> </span>purpose <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>AB <span class=\"_ _7\"/>InBev\u2019s <span class=\"_ _6\"/>policy <span class=\"_ _7\"> </span>is <span class=\"_ _7\"/>to <span class=\"_ _6\"/>achieve <span class=\"_ _7\"/>an <span class=\"_ _6\"/>optimal <span class=\"_ _7\"/>balance <span class=\"_ _6\"/>b<span class=\"_ _3\"/>etween <span class=\"_ _6\"/>the <span class=\"_ _7\"> </span>cost <span class=\"_ _6\"/>of fun<span class=\"ff4\">ding <span class=\"_ _6\"/>and <span class=\"_ _7\"/>the <span class=\"_ _2\"/>v<span class=\"_ _3\"/>olatility <span class=\"_ _6\"/>of <span class=\"_ _6\"/>financial <span class=\"_ _6\"/>results, <span class=\"_ _6\"/>while <span class=\"_ _7\"/>taking <span class=\"_ _6\"/>into <span class=\"_ _6\"/>account <span class=\"_ _6\"/>market <span class=\"_ _6\"/>conditions <span class=\"_ _6\"/>as <span class=\"_ _7\"/>well <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev\u2019s <span class=\"_ _6\"/>o<span class=\"_ _3\"/>verall </span>business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impa<span class=\"_ _0\"/>ct of changes in the US dol<span class=\"_ _0\"/>lar interest rates on the fa<span class=\"_ _0\"/>ir value of certain fi<span class=\"_ _0\"/>xed rate <span class=\"_ _2\"/>b<span class=\"_ _3\"/>onds <span class=\"_ _2\"/>with <span class=\"_ _6\"/>an <span class=\"_ _2\"/>aggregate <span class=\"_ _2\"/>principal <span class=\"_ _6\"/>amount <span class=\"_ _2\"/>of <span class=\"_ _6\"/>1.0 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>through <span class=\"_ _6\"/>fixed/floating <span class=\"_ _2\"/>interest <span class=\"_ _6\"/>rate <span class=\"_ _2\"/>swaps. <span class=\"_ _6\"/>These derivative instruments have been designated in fair value hedge accounting relationships. Cash flow hedges Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling) In <span class=\"_ _3\"/>September <span class=\"_ _3\"/>2013, <span class=\"_ _2\"/>the c<span class=\"_ _3\"/>ompany i<span class=\"_ _3\"/>ssued <span class=\"_ _3\"/>a <span class=\"_ _3\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>bond <span class=\"_ _2\"/>for <span class=\"_ _3\"/>500m <span class=\"_ _6\"/>pound <span class=\"_ _3\"/>sterling <span class=\"_ _3\"/>at <span class=\"_ _3\"/>a <span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te <span class=\"_ _3\"/>of <span class=\"_ _3\"/>4.00% <span class=\"_ _3\"/>per <span class=\"_ _3\"/>year <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd maturing in September 2025. The impact of <span class=\"_ _3\"/>changes in the pound sterling exchange rate<span class=\"_ _3\"/> and interest rate on this bond is managed <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>redu<span class=\"_ _0\"/>ced <span class=\"_ _4\"> </span>through <span class=\"_ _4\"> </span>pound <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>terling <span class=\"_ _4\"> </span>fixed/euro <span class=\"_ _4\"> </span>fixed <span class=\"_ _4\"> </span>cross <span class=\"_ _4\"> </span>c<span class=\"_ _3\"/>urrency <span class=\"_ _4\"> </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_\"> </span>swaps. <span class=\"_ _4\"> </span>These <span class=\"_ _4\"> </span>derivative instruments have been designated in a cash flow hedge relationship.  US dollar bank loan hedges (foreign currency risk on borr<span class=\"_ _1\"/>ow<span class=\"_ _3\"/>ings against the Nigerian naira)<span class=\"_ _3\"/> The company <span class=\"_ _1\"/>ha<span class=\"_ _3\"/>s a<span class=\"_ _0\"/> floating r<span class=\"_ _1\"/>ate loan denominated <span class=\"_ _1\"/>in US doll<span class=\"_ _0\"/>ar for a<span class=\"_ _1\"/> <span class=\"_ _3\"/>total of 309<span class=\"_ _0\"/>m in Ni<span class=\"_ _1\"/>ge<span class=\"_ _3\"/>ria. Thi<span class=\"_ _1\"/>s<span class=\"_ _3\"/> loan <span class=\"_ _1\"/>is held by<span class=\"_ _1\"/> an entity with <span class=\"_ _3\"/>functional <span class=\"_ _3\"/>currency <span class=\"_ _3\"/>in <span class=\"_ _3\"/>Nigerian <span class=\"_ _3\"/>Naira. In <span class=\"_ _2\"/>order <span class=\"_ _3\"/>to <span class=\"_ _3\"/>hedge ag<span class=\"_ _3\"/>ainst <span class=\"_ _3\"/>fluctuations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>foreign exchange <span class=\"_ _3\"/>rates, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company entered into foreign exchange futures which have been designated in <span class=\"_ _0\"/>a cash fl<span class=\"_ _3\"/>ow hedge relationship.<span class=\"ff1\"> </span>Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real)  During 2022 and 2021, Ambev invested in highly liquid Brazili<span class=\"_ _0\"/>an real denominated government debt securities. <span class=\"_ _3\"/><span class=\"ff1 fc6\"> </span>Interest rate sensitivity analysis The <span class=\"_ _2\"/>table <span class=\"_ _3\"/>below <span class=\"_ _2\"/>reflects <span class=\"_ _2\"/>the <span class=\"_ _3\"/>e<span class=\"_ _3\"/>ffective <span class=\"_ _3\"/>interest <span class=\"_ _2\"/>rates <span class=\"_ _3\"/>of <span class=\"_ _2\"/>interest<span class=\"_ _3\"/>-bearing <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>liabilities <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>reporting <span class=\"_ _2\"/>date <span class=\"_ _3\"/>as<span class=\"_ _3\"/> <span class=\"_ _3\"/>well <span class=\"_ _2\"/>as 1the currency in which the debt is denominated.<span class=\"fs6\"> </span>31 December 2022<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 4.34% 1 <span class=\"ls6\">455</span>  Euro 1.68% 1 <span class=\"ls6\">048</span>  1.68% 1 <span class=\"ls6\">048</span>  Pound sterling<span class=\"_ _0\"/> - - 3.70% 1 <span class=\"ls6\">078</span>  South Korean wo<span class=\"_ _0\"/>n - 1  3.08% 311<span class=\"ls0\">  </span>US dollar 5.05% 430<span class=\"ls0\">  </span>- - Other 13.39% 252<span class=\"ls0\">  </span>11.17% 666<span class=\"ls0\">  </span>1 <span class=\"ls6\">730</span>  4 <span class=\"ls6\">557</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.50% 613<span class=\"ls0\">  </span>4.37% 3 <span class=\"ls6\">741</span>  Chinese yuan 2.44% 50<span class=\"ls0\">  </span>2.50% 1 <span class=\"ls6\">230</span>  Euro 2.27% 20<span class=\"ls0\"> </span>391<span class=\"ls0\">  </span>2.31% 21<span class=\"ls0\"> </span>242<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 5.13% 2 <span class=\"ls6\">208</span>  5.55% 1 <span class=\"ls6\">607</span>  South Korean wo<span class=\"_ _0\"/>n 2.96% 46<span class=\"ls0\">  </span>0.94% 1 <span class=\"ls6\">896</span>  US dollar 4.99% 53<span class=\"ls0\"> </span>478<span class=\"ls0\">  </span>5.27% 44<span class=\"ls0\"> </span>547<span class=\"ls0\">  </span>Other 10.53% 1 <span class=\"ls6\">476</span>  12.19% 1 <span class=\"ls6\">172</span>  78<span class=\"ls0\"> </span>261<span class=\"ls0\">  </span>75<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>31 December 2021\u00b9<span class=\"_ _1\"/> Before hedging<span class=\"_ _0\"/> After hedging<span class=\"_ _0\"/> Interest-bearing<span class=\"_ _1\"/> <span class=\"_ _3\"/>financial l<span class=\"_ _0\"/>iabilities Effective  Effective  Million US dol<span class=\"_ _0\"/>lar interest rate Amount interest rate Amount Floating rate<span class=\"_ _0\"/> Canadian dolla<span class=\"_ _0\"/>r - - 1.21% 2 <span class=\"ls6\">043</span>  Euro - 1 <span class=\"ls6\">113</span>  - 1 <span class=\"ls6\">113</span>  Pound sterling<span class=\"_ _0\"/> - - 1.05% 1 <span class=\"ls6\">002</span>  South Korean wo<span class=\"_ _0\"/>n - - 1.67% 502<span class=\"ls0\">  </span>US dollar 1.67% 463<span class=\"ls0\">  </span>- - Other 5.37% 734<span class=\"ls0\">  </span>5.99% 1 <span class=\"ls6\">504</span>  2 <span class=\"ls6\">310</span>  6 <span class=\"ls6\">164</span>  Fixed rate Canadian dolla<span class=\"_ _0\"/>r 4.11% 626<span class=\"ls0\">  </span>4.29% 3 <span class=\"ls6\">158</span>  Chinese yuan 3.87% 34<span class=\"ls0\">  </span>1.78% 194<span class=\"ls0\">  </span>Euro 2.27% 21<span class=\"ls0\"> </span>654<span class=\"ls0\">  </span>2.11% 27<span class=\"ls0\"> </span>553<span class=\"ls0\">  </span>Pound sterling<span class=\"_ _0\"/> 4.35% 3 <span class=\"ls6\">611</span>  4.43% 2 <span class=\"ls6\">937</span>  South Korean wo<span class=\"_ _0\"/>n 3.85% 31<span class=\"ls0\">  </span>0.87% 1 <span class=\"ls6\">695</span>  US dollar 4.93% 59<span class=\"ls0\"> </span>399<span class=\"ls0\">  </span>5.41% 46<span class=\"ls0\"> </span>288<span class=\"ls0\">  </span>Other 8.09% 1 <span class=\"ls6\">165</span>  9.62% 841<span class=\"ls0\">  </span>86<span class=\"ls0\"> </span>520<span class=\"ls0\">  </span>82<span class=\"ls0\"> </span>667<span class=\"ls0\">  </span>As at 31 December 2022, the total carrying amount of the flo<span class=\"_ _0\"/>ating and fixed rate interest-bearing financial liabilities before hedging <span class=\"_ _3\"/>as <span class=\"_ _3\"/>listed <span class=\"_ _3\"/>above <span class=\"_ _3\"/>includes <span class=\"_ _3\"/>bank o<span class=\"_ _3\"/>verdrafts o<span class=\"_ _3\"/>f <span class=\"_ _2\"/><span class=\"ls3\">83</span>m US <span class=\"_ _3\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _3\"/>(31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">53</span></span>m<span class=\"_ _3\"/> US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). As <span class=\"_ _3\"/>disclosed <span class=\"_ _3\"/>in the above <span class=\"_ _1\"/>table, 4 557m <span class=\"_ _1\"/>US dollar <span class=\"_ _0\"/>or 5.7% <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>co<span class=\"_ _3\"/>mpan<span class=\"ff4\">y\u2019s <span class=\"_ _0\"/>interest<span class=\"ff2\">-bearing financial <span class=\"_ _1\"/>liabilities bears <span class=\"_ _1\"/>inte<span class=\"_ _3\"/>rest a<span class=\"_ _1\"/>t a variable<span class=\"_ _1\"/> </span></span>rate.  The sensitivity analysis ha<span class=\"_ _0\"/>s been prepared <span class=\"_ _1\"/>ba<span class=\"_ _3\"/>sed on <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e exposure <span class=\"_ _1\"/>to<span class=\"_ _3\"/> interest rat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s for the <span class=\"_ _0\"/>floating rate <span class=\"_ _1\"/>debt after hedging, assuming the <span class=\"_ _0\"/>amount <span class=\"_ _0\"/>of liabilit<span class=\"_ _1\"/>y<span class=\"_ _3\"/> outstanding <span class=\"_ _1\"/>at re<span class=\"_ _3\"/>porting <span class=\"_ _0\"/>date was <span class=\"_ _0\"/>outstanding <span class=\"_ _0\"/>for the <span class=\"_ _1\"/>whole year. The <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ompany e<span class=\"_ _1\"/>s<span class=\"_ _3\"/>timates that <span class=\"_ _6\"/>an <span class=\"_ _6\"/>increase <span class=\"_ _2\"/>o<span class=\"_ _3\"/>r <span class=\"_ _2\"/>decrease <span class=\"_ _6\"/>of <span class=\"_ _6\"/>100 <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>points <span class=\"_ _2\"/>represents <span class=\"_ _6\"/>a <span class=\"_ _6\"/>reasonably <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>c<span class=\"_ _3\"/>hange <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _2\"/>applicable <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>rates. Accordingly, if interest rates had been higher/lower by 100 bas<span class=\"_ _3\"/>is <span class=\"_ _3\"/>points, with all other variables held constant, the interest 1expense wo<span class=\"_ _1\"/>u<span class=\"_ _3\"/>ld <span class=\"_ _1\"/>have been <span class=\"_ _1\"/><span class=\"ls8\">46<span class=\"ls0\">m<span class=\"_ _3\"/> <span class=\"_ _1\"/>US dollar <span class=\"_ _1\"/>higher/lower <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 <span class=\"_ _1\"/>December 2021</span></span>: <span class=\"_ _1\"/>20m US <span class=\"_ _1\"/>dollar). <span class=\"_ _1\"/>This<span class=\"_ _3\"/> <span class=\"_ _1\"/>impact would <span class=\"_ _1\"/>have <span class=\"_ _1\"/>been 1more than offset by <span class=\"_ _3\"/><span class=\"ls3\">93</span>m US dollar higher/lower interest income on i<span class=\"_ _3\"/>nterest-bearing fin<span class=\"_ _3\"/>ancial assets (31 December 2021: 81m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dolla<span class=\"_ _3\"/>r). <span class=\"_ _3\"/>Additionally, <span class=\"_ _2\"/>the <span class=\"_ _3\"/>pre<span class=\"_ _3\"/>-tax <span class=\"_ _2\"/>impact <span class=\"_ _2\"/>on <span class=\"_ _3\"/>equity<span class=\"_ _3\"/> <span class=\"_ _3\"/>reserves <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _3\"/>m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>value <span class=\"_ _3\"/>of <span class=\"_ _2\"/>hed<span class=\"_ _3\"/>ging <span class=\"_ _3\"/>instruments <span class=\"_ _2\"/>would not have been significant. Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Financial liabilitie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> measured a<span class=\"_ _1\"/>t <span class=\"_ _3\"/>amorti<span class=\"_ _1\"/>z<span class=\"_ _3\"/>ed cost <span class=\"ff4\">\u2013</span> not hedged<span class=\"_ _1\"/> (3 641) (3 836) Fair value hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  (20)<span class=\"ls0\"> </span>(6)<span class=\"ls0\"> </span>Cash flow hedge<span class=\"_ _1\"/>s<span class=\"_ _3\"/>  24<span class=\"ls0\">  </span>17<span class=\"ls0\">  </span>Net investment he<span class=\"_ _0\"/>dges - hedging<span class=\"_ _0\"/> instruments<span class=\"_ _0\"/> (interest componen<span class=\"_ _0\"/>t)  (1)<span class=\"ls0\"> </span>- Economic hedge<span class=\"_ _1\"/>s 42<span class=\"ls0\">  </span>141<span class=\"ls0\">  </span>(3 597) (3 684) E)<span class=\"ls0\"> <span class=\"_ _24\"> </span>COMMODITY PRICE RISK </span>The <span class=\"_ _5\"> </span>commodity <span class=\"_ _4\"> </span>markets <span class=\"_ _5\"> </span>have <span class=\"_ _4\"> </span>experienced <span class=\"_ _5\"> </span>and <span class=\"_ _4\"> </span>are <span class=\"_ _5\"> </span>expected <span class=\"_ _4\"> </span>to <span class=\"_ _5\"> </span>continue <span class=\"_ _5\"> </span>to <span class=\"_ _4\"> </span>experience <span class=\"_ _5\"> </span>price <span class=\"_ _4\"> </span>fluctuations. <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev therefore <span class=\"_ _7\"/>uses <span class=\"_ _7\"/>both <span class=\"_ _7\"/>fixed <span class=\"_ _7\"/>price <span class=\"_ _7\"/>purchasing <span class=\"_ _7\"/>contracts <span class=\"_ _7\"/>and <span class=\"_ _7\"/>commodity <span class=\"_ _7\"/>derivatives <span class=\"_ _7\"/>to <span class=\"_ _6\"/>m<span class=\"_ _3\"/>anage <span class=\"_ _7\"/>the <span class=\"_ _6\"/>e<span class=\"_ _3\"/>xposure <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _7\"/>price volatility. The most significa<span class=\"_ _3\"/>nt commodity exposures as at 31 December 202<span class=\"_ _3\"/>2 and 31 December 2021 are included in <span class=\"_ _3\"/>the table below (expressed in outstanding notional amounts): Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Aluminum 2 <span class=\"ls6\">165</span>  1 <span class=\"ls6\">241</span>  Energy 417<span class=\"ls0\">  </span>350<span class=\"ls0\">  </span>Corn 321<span class=\"ls0\">  </span>292<span class=\"ls0\">  </span>Wheat<span class=\"ls0\"> </span>127<span class=\"ls0\">  </span>129<span class=\"ls0\">  </span>Plastic 122<span class=\"ls0\">  </span>93<span class=\"ls0\">  </span>Rice 100<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>Sugar 95<span class=\"ls0\">  </span>85<span class=\"ls0\">  </span>3 <span class=\"ls6\">348</span>  2 <span class=\"ls6\">274</span>  Commodity price sensitivity analysis The impact <span class=\"_ _1\"/>of changes <span class=\"_ _1\"/>in the <span class=\"_ _1\"/>commodity pr<span class=\"_ _0\"/>ices wo<span class=\"_ _0\"/>uld <span class=\"_ _0\"/>not <span class=\"_ _0\"/>have had<span class=\"_ _0\"/> a <span class=\"_ _1\"/>material im<span class=\"_ _0\"/>pact on <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>pro<span class=\"_ _3\"/>fit <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n <span class=\"_ _1\"/>20<span class=\"_ _3\"/>22 <span class=\"_ _1\"/>as most of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>company\u2019s <span class=\"_ _3\"/>exposure is<span class=\"_ _3\"/> hedged <span class=\"_ _3\"/>using <span class=\"_ _3\"/>derivative <span class=\"_ _3\"/>contracts <span class=\"_ _3\"/>and <span class=\"_ _3\"/>designated <span class=\"_ _3\"/>in <span class=\"_ _3\"/>hedge accoun<span class=\"_ _3\"/>ting in <span class=\"_ _3\"/>accordance <span class=\"_ _3\"/>with 1IFRS 9 rules.<span class=\"fs6\"> </span>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>bel<span class=\"_ _3\"/>ow <span class=\"_ _f\"/>sh<span class=\"_ _3\"/>ow <span class=\"_ _1\"/>the <span class=\"_ _1\"/>estimated <span class=\"_ _1\"/>impact t<span class=\"_ _1\"/>ha<span class=\"_ _3\"/>t <span class=\"_ _f\"/>ch<span class=\"_ _3\"/>anges <span class=\"_ _1\"/>in <span class=\"_ _1\"/>the <span class=\"_ _1\"/>price <span class=\"_ _0\"/>of <span class=\"_ _1\"/>the <span class=\"_ _1\"/>commodities, <span class=\"_ _1\"/>for <span class=\"_ _1\"/>whi<span class=\"_ _3\"/>ch <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>held <span class=\"_ _1\"/>material derivative exposures as at 31 December 2022 and 31 December 2021, would have on t<span class=\"_ _0\"/>he equity reserves.22022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>. Pre-tax impact o<span class=\"_ _1\"/>n <span class=\"_ _3\"/>equity . Pre-tax impact o<span class=\"_ _0\"/>n equity Volatility of Prices Prices Volatility of Prices Prices 2increase decrease prices in %2Million US dol<span class=\"_ _0\"/>lar prices in %increase decrease Aluminum 30.71% 665<span class=\"ls0\">  </span>(665)<span class=\"ls0\"> </span>23.09% 287<span class=\"ls0\">  </span>(287)<span class=\"ls0\"> </span>Energy 49.37% 206<span class=\"ls0\">  </span>(206)<span class=\"ls0\"> </span>25.88% 91<span class=\"ls0\">  </span>(91)<span class=\"ls0\"> </span>Corn 22.44% 72<span class=\"ls0\">  </span>(72)<span class=\"ls0\"> </span>23.26% 68<span class=\"ls0\">  </span>(68)<span class=\"ls0\"> </span>Wheat<span class=\"ls0\"> </span>51.59% 66<span class=\"ls0\">  </span>(66)<span class=\"ls0\"> </span>29.24% 38<span class=\"ls0\">  </span>(38)<span class=\"ls0\"> </span>Plastic 32.31% 25<span class=\"ls0\">  </span>(25)<span class=\"ls0\"> </span>28.68% 27<span class=\"ls0\">  </span>(27)<span class=\"ls0\"> </span>Rice 19.31% 19<span class=\"ls0\">  </span>(19)<span class=\"ls0\"> </span>15.96% 14<span class=\"ls0\">  </span>(14)<span class=\"ls0\"> </span>Sugar 22.17% 21<span class=\"ls0\">  </span>(21)<span class=\"ls0\"> </span>26.39% 22<span class=\"ls0\">  </span>(22)<span class=\"ls0\"> </span>F)<span class=\"ls0\"> <span class=\"_ _21\"> </span>EQUITY PRICE RISK  </span>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>enters <span class=\"_ _6\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _6\"/>equity <span class=\"_ _7\"/>swap <span class=\"_ _7\"/>derivatives <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>h<span class=\"_ _3\"/>edge <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>price<span class=\"_ _3\"/> <span class=\"_ _6\"/>risk <span class=\"_ _7\"/>on <span class=\"_ _7\"/>its <span class=\"_ _7\"/>shares <span class=\"_ _6\"/>in <span class=\"_ _7\"/>connection <span class=\"_ _7\"/>with <span class=\"_ _6\"/>its <span class=\"_ _7\"/>share<span class=\"_ _6\"/>-based payments <span class=\"_ _6\"/>programs, <span class=\"_ _2\"/>a<span class=\"_ _3\"/>s <span class=\"_ _6\"/>disclosed <span class=\"_ _6\"/>in <span class=\"_ _6\"/>Note <span class=\"_ _2\"/>24 <span class=\"_ _7\"> </span><span class=\"ff5\">Share-based <span class=\"_ _6\"/>Payments.</span> <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _6\"/>also <span class=\"_ _6\"/>hedges <span class=\"_ _6\"/>its <span class=\"_ _6\"/>exposure <span class=\"_ _6\"/>arising <span class=\"_ _6\"/>from shares issu<span class=\"_ _3\"/>ed in conn<span class=\"_ _3\"/>ection with the <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB combinati<span class=\"_ _3\"/>ons (see a<span class=\"_ _3\"/>lso Note <span class=\"_ _3\"/>11 <span class=\"_ _2\"/><span class=\"ff5\">Finance c<span class=\"_ _3\"/>ost and <span class=\"_ _3\"/>income</span>). <span class=\"_ _3\"/>These derivatives do not qualify for hedge accounting and the chan<span class=\"_ _0\"/>ges in fair value are recorded in<span class=\"_ _3\"/> the profit or loss. As <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022, <span class=\"_ _3\"/>a<span class=\"_ _3\"/>n <span class=\"_ _3\"/>exposure <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _3\"/>equivalent <span class=\"_ _2\"/>of <span class=\"_ _2\"/>100.5m <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _2\"/>InBev <span class=\"_ _3\"/>s<span class=\"_ _3\"/>hares <span class=\"_ _3\"/>was <span class=\"_ _2\"/>hedged, <span class=\"_ _2\"/>resulting <span class=\"_ _3\"/>in <span class=\"_ _3\"/>a<span class=\"_ _3\"/> <span class=\"_ _3\"/>total gain<span class=\"ls0\"> <span class=\"_ _6\"/>of <span class=\"_ _6\"/></span>605<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _7\"/>recognized <span class=\"_ _6\"/>in <span class=\"_ _6\"/>the <span class=\"_ _6\"/>profit <span class=\"_ _6\"/>or <span class=\"_ _6\"/>lo<span class=\"_ _3\"/>ss <span class=\"_ _6\"/>account <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _6\"/>the <span class=\"_ _6\"/>period, <span class=\"_ _6\"/>of <span class=\"_ _7\"/>which <span class=\"_ _7\"/></span>331<span class=\"ls0\">m <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e </span>company\u2019s sha<span class=\"_ _3\"/>re<span class=\"ff2\">-based payment <span class=\"_ _3\"/>programs <span class=\"_ _3\"/>and <span class=\"_ _3\"/><span class=\"ls3\">274</span>m US <span class=\"_ _3\"/>dollar related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the Grupo <span class=\"_ _3\"/>Modelo and <span class=\"_ _3\"/>SAB c<span class=\"_ _3\"/>ombinations. <span class=\"_ _3\"/>As </span>at <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>for <span class=\"_ _6\"/>equity <span class=\"_ _6\"/>swap <span class=\"_ _2\"/>d<span class=\"_ _3\"/>erivatives <span class=\"_ _2\"/>amo<span class=\"_ _3\"/>unted <span class=\"_ _6\"/>to <span class=\"_ _2\"/>4.8<span class=\"_ _3\"/> <span class=\"_ _2\"/>billion<span class=\"_ _3\"/> <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _6\"/>(31 <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>20<span class=\"_ _3\"/>21: <span class=\"_ _2\"/>5<span class=\"_ _3\"/>.4 billion US dollar). Equity price sensitivity analysis The <span class=\"_ _0\"/>sensitivity <span class=\"_ _1\"/>analysis on <span class=\"_ _1\"/>the <span class=\"_ _0\"/>equity <span class=\"_ _0\"/>swap <span class=\"_ _0\"/>derivatives, <span class=\"_ _1\"/>calculated ba<span class=\"_ _0\"/>sed o<span class=\"_ _1\"/>n a 27.53% <span class=\"_ _1\"/>(2021<span class=\"ls2\">: </span>26.51%) <span class=\"_ _1\"/>reasonably p<span class=\"_ _0\"/>ossible volatility <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_\"> </span>AB <span class=\"_\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_\"> </span>share <span class=\"_\"> </span>price, <span class=\"_\"> </span>with <span class=\"_\"> </span>all <span class=\"_\"> </span>the <span class=\"_\"> </span>other <span class=\"_\"> </span>variables <span class=\"_\"> </span>held <span class=\"_\"> </span>c<span class=\"_ _3\"/>onstant, <span class=\"_\"> </span>would <span class=\"_\"> </span>show <span class=\"_ _a\"> </span>1 <span class=\"_\"> </span>660m <span class=\"_\"> </span>US <span class=\"_\"> </span>dolla<span class=\"_ _3\"/>r positive/negative impact on the 2022 profit before tax (31 December 2021<span class=\"lsc\">: <span class=\"_ _3\"/></span>1 604m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__256": {
   "value": "G)  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 31 December 2022 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 1presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 31 December 2022 31 December 2021\u00b9 Net carrying Net carrying Million US dollar Gross Impairment amount Gross Impairment amount Cash and cash equivalents 9 973  - 9 973  12 097  - 12 097  Trade receivables 3 980  (343) 3 637  3 796  (331) 3 465  Other receivables 1 545  (68) 1 477  1 272  (65) 1 207  Derivatives 391  - 391              669  -             669  Cash deposits for guarantees 189  - 189              168  -             168  Investment in unquoted companies 155  (5) 149              145  (6)             139  Investment in debt securities 123  - 123              396  -             396  Loans to customers 81  - 81              117  -             117  16 434  (416) 16 019  18 660  (402) 18 258  There was no significant concentration of credit risks with any single counterparty as of 31 December 2022 and no single customer represented more than 10% of the total revenue of the group in 2022. Impairment losses 1The allowance for impairment recognized during the period on financial assets was as follows:31 December 2022 31 December 2021\u00b9 Balance at end of previous year (402) (376) Impairment losses (38) (37) Derecognition 24 30 Currency translation and other 1 (19) Balance at end of period (416) (402) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__258": {
   "value": "H)  LIQUIDITY RISK Historically, AB InBev\u2019s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev\u2019s material cash requirements have included the following: \u2022  Debt servicing; \u2022  Capital expenditures; \u2022  Investments in companies; \u2022  Increases in ownership of AB InBev\u2019s subsidiaries or companies in which it holds equity investments; \u2022  Share buyback programs; and \u2022  Payments of dividends and interest on shareholders\u2019 equity. 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 2derivative liabilities: 31 December 2022 Contractual Less More Carrying cash  than than 2Million US dollar Amountflows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative financial liabilities Unsecured bond issues  (76 798) (133 670) (3 273) (5 683) (3 783) (15 482) (105 450) Trade and other payables  (27 208) (27 453) (26 376) (170) (349) (260) (297) Lease liabilities  (2 492) (2 840) (618) (566) (414) (531) (712) Secured bank loans  (393) (405) (371) (5) (5) (10) (14) Unsecured bank loans  (100) (100) (100) - - - - Unsecured other loans  (125) (193) (34) (78) (28) (31) (23) Bank overdraft  (83) (83) (83) - - - - (107 199) (164 745) (30 856) (6 501) (4 579) (16 313) (106 496) Derivative financial liabilities Equity derivatives  (4 763) (4 763) (4 763) - - - - Foreign exchange derivatives  (265) (265) (265) - - - - Cross currency interest rate swaps  (192) (191) (9) (43) (47) (62) (30) Commodity derivatives  (271) (251) (249) (2) - - - (5 492) (5 471) (5 287) (45) (47) (62) (30) Of which: related to cash flow hedges  (551) (530) (469) - (43) (17) - 31 December 2021 Contractual Less More Carrying cash  than than Million US dollar amount\u00b9 flows  1 year 1-2 years 2-3 years 3-5 years 5 years Non-derivative financial liabilities Unsecured bond issues  (85 726) (152 064) (3 479) (3 596) (6 192) (13 800) (124 997) Trade and other payables  (26 442) (26 643) (25 424) (314) (507) (96) (302) Lease liabilities  (2 277) (2 429) (497) (470) (337) (450) (675) Secured bank loans  (628) (636) (551) (53) (5) (9) (18) Unsecured bank loans  (106) (106) (106) - - - - Unsecured other loans  (40) (84) (11) (48) (5) (4) (16) Bank overdraft  (53) (53) (53) - - - - (115 272) (182 015) (30 121) (4 481) (7 046) (14 359) (126 008) Derivative financial liabilities Equity derivatives  (5 412) (5 420) (5 420) - - - - Foreign exchange derivatives  (166) (166) (166) - - - - Cross currency interest rate swaps  (273) (293) (147) (35) (32) (56) (23) Commodity derivatives  (34) (34) (34) - - - - (5 885) (5 913) (5 767) (35) (32) (56) (23) Of which: related to cash flow hedges  (203) (203) (170) - - (29) (4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__260": {
   "value": "I)  CAPITAL MANAGEMENT AB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility to execute strategic projects. AB InBev\u2019s capital structure policy and framework aims to optimize shareholder value through cash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing investments with returns below AB InBev\u2019s weighted average cost of capital. Besides the statutory minimum equity funding requirements that apply to the company\u2019s subsidiaries in the different countries, AB InBev is not subject to any externally imposed capital requirements. Management uses the same debt/equity classifications as applied in the company\u2019s IFRS reporting to analyze the capital structure. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__263": {
   "value": "J)  FAIR VALUE The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement 1of financial position: Assets Liabilities Net 31 December 31 December 31 December 31 December 31 December 31 December Million US dollar 2022 2021 2022 2021 2022 2021 Foreign currency Foreign exchange forwards 223  238 (265) (129) (42) 109 Foreign currency futures  4  - - (37) 4  (37) Interest rate Interest rate swaps  - 38 (5) - (5) 38 Cross currency interest rate swaps  63  111 (187) (273) (124) (162) Commodities Aluminum swaps  52  178 (174) (20) (122) 158 Sugar futures  4  13 - - 4  13 Energy  12  29 (28) (2) (16) 27 Other commodity derivatives  32  62 (69) (13) (37) 50 Equity Equity derivatives  - - (4 763) (5 412) (4 763) (5 412) 391  669 (5 492) (5 886) (5 101) (5 216) Of which: Non-current  60  48 (184) (100) (124) (52) Current  331  621 (5 308) (5 786) (4 977) (5 164) 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. 2Interest-bearing financial liabilities 31 December 2022 31 December 2021Million US dollar Carrying amount\u00b9 Fair value Carrying amount\u00b9 Fair value Fixed rate US dollar (52 993) (52 158) (58 912) (74 852) Euro (19 655) (17 926) (20 856) (23 801) Pound sterling (2 148) (2 039) (3 539) (3 913) Canadian dollar (515) (437) (549) (604) Other (458) (448) (389) (420) (75 769) (73 008) (84 244) (103 590) 1The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2022 Quoted (unadjusted)  Observable market  Unobservable market  Million US dollar prices - level 1 inputs - level 2 inputs - level 3 Financial Assets Held for trading (non-derivatives) - 9  - Derivatives at fair value through profit and loss - 41  - Derivatives in a cash flow hedge relationship 36  219  - Derivatives in a net investment hedge relationship - 94  - 36  364  - Financial Liabilities Deferred consideration on acquisitions at fair value - - 762  Derivatives at fair value through profit and loss - 4 799  - Derivatives in a cash flow hedge relationship 26  525  - Derivatives in a fair value hedge relationship - 4  - Derivatives in a net investment hedge relationship - 138  - 26  5 466  762  Fair value hierarchy 31 December 2021 Quoted (unadjusted)  Observable market  Unobservable market  Million US dollar prices - level 1 inputs - level 2 inputs - level 3 Financial Assets Held for trading (non-derivatives) - 9  - Derivatives at fair value through profit and loss - 155  - Derivatives in a cash flow hedge relationship 58  352  - Derivatives in a fair value hedge relationship - 17  - Derivatives in a net investment hedge relationship - 87  - 58  620  - Financial Liabilities Deferred consideration on acquisitions at fair value  - - 832  Derivatives at fair value through profit and loss - 5 611  - Derivatives in a cash flow hedge relationship 52  141  - Derivatives in a net investment hedge relationship - 82  - 52  5 834  832  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. Movements in 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement of deferred consideration from prior years acquisitions. Non-derivative financial liabilities As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d), 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\u2019 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 31 December 2022, the put option on the remaining shares held by ELJ was valued at 585m US dollar (31 December 2021: 589m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__269-1": {
   "value": "28.<span class=\"ls0\"> <span class=\"_ _1\"/>Collateral and con<span class=\"_ _0\"/>tractual co<span class=\"_ _1\"/>mmitments for the acquisit<span class=\"_ _0\"/>ion of propert<span class=\"_ _1\"/>y, <span class=\"_ _3\"/>plant and </span>equipment, loans<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o cu<span class=\"_ _1\"/>stomers and other Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Collateral given<span class=\"_ _0\"/> for own liabil<span class=\"_ _0\"/>ities 306<span class=\"ls0\">  </span>310<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to pur<span class=\"_ _1\"/>chase property, plan<span class=\"_ _0\"/>t and equipmen<span class=\"_ _0\"/>t 538<span class=\"ls0\">  </span>449<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quire<span class=\"_ _0\"/> loans to associates/cu<span class=\"_ _0\"/>stomers 72<span class=\"ls0\">  </span>142<span class=\"ls0\">  </span>Other commitmen<span class=\"_ _1\"/>ts 1 <span class=\"ls6\">800</span>  1 <span class=\"ls6\">943</span>  The <span class=\"_ _1\"/>collateral <span class=\"_ _1\"/>given <span class=\"_ _1\"/>for <span class=\"_ _1\"/>own <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>of 306m<span class=\"_ _0\"/> <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>as <span class=\"_ _1\"/>at <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2022 <span class=\"_ _1\"/>con<span class=\"_ _3\"/>tains <span class=\"_ _1\"/>189m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>guarantees (31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2021: <span class=\"_ _6\"/>310m<span class=\"_ _3\"/> <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _2\"/>collateral <span class=\"_ _6\"/>given <span class=\"_ _6\"/>for <span class=\"_ _2\"/>own <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>contained <span class=\"_ _6\"/><span class=\"ls3\">168</span>m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>of <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>guarantees). Such <span class=\"_ _6\"/>cash <span class=\"_ _2\"/>deposits <span class=\"_ _6\"/>are <span class=\"_ _2\"/>a <span class=\"_ _6\"/>customary <span class=\"_ _2\"/>feature <span class=\"_ _6\"/>associated <span class=\"_ _2\"/>with <span class=\"_ _2\"/>l<span class=\"_ _3\"/>itigations <span class=\"_ _2\"/>in <span class=\"_ _6\"/>Brazil: <span class=\"_ _2\"/>in <span class=\"_ _6\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>laws<span class=\"_ _3\"/> <span class=\"_ _2\"/>and regulations <span class=\"_ _0\"/>a <span class=\"_ _1\"/>company may <span class=\"_ _1\"/>or <span class=\"_ _1\"/>mus<span class=\"_ _3\"/>t <span class=\"_ _1\"/>(depend<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>on the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ircumstances) <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ace <span class=\"_ _1\"/>a <span class=\"_ _0\"/>deposit <span class=\"_ _0\"/>with <span class=\"_ _1\"/>a <span class=\"_ _1\"/>b<span class=\"_ _3\"/>ank d<span class=\"_ _1\"/>esign<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>by th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>co<span class=\"_ _3\"/>urt or <span class=\"_\"> </span>provide <span class=\"_\"> </span>other <span class=\"_\"> </span>security <span class=\"_\"> </span>s<span class=\"_ _0\"/>uch <span class=\"_\"> </span>as <span class=\"_\"> </span>collateral <span class=\"_ _8\"> </span>on <span class=\"_\"> </span>property, <span class=\"_\"> </span>plant <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>equipment<span class=\"_ _2\"/>, <span class=\"_\"> </span>insurance <span class=\"_\"> </span>guarantees <span class=\"_\"> </span>or <span class=\"_ _8\"> </span>letters <span class=\"_\"> </span>of guarantees. <span class=\"_ _7\"/>With <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>gard <span class=\"_ _7\"/>to <span class=\"_ _7\"/>judicial <span class=\"_ _7\"/>cases, <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>has <span class=\"_ _7\"/>made <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>appropriate <span class=\"_ _7\"/>provisions <span class=\"_ _7\"> </span>in <span class=\"_ _5\"> </span>accordance <span class=\"_ _7\"/>with <span class=\"_ _7\"/>IAS <span class=\"_ _7\"/>37 Provisions, <span class=\"_ _6\"/>Contingent <span class=\"_ _2\"/>Liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>Contingent <span class=\"_ _6\"/>Assets<span class=\"_ _3\"/><span class=\"ff2\"> <span class=\"_ _2\"/><span class=\"ff4\">\u2013<span class=\"_ _3\"/></span> <span class=\"_ _2\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _2\"/>2<span class=\"_ _3\"/>5 <span class=\"_ _2\"/></span>Provisions<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>In <span class=\"_ _6\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/><span class=\"ff2\">statement <span class=\"_ _2\"/>of </span></span>financial <span class=\"_ _4\"> </span>position, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>guarantees <span class=\"_ _8\"> </span>are <span class=\"_ _4\"> </span>presented <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>part <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>other <span class=\"_ _4\"> </span>receivables <span class=\"_\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>see <span class=\"_ _8\"> </span>Note <span class=\"_ _4\"> </span>19 <span class=\"_ _4\"> </span><span class=\"ff5\">Trade <span class=\"_ _8\"> </span>and <span class=\"_ _4\"> </span>other </span>receivables<span class=\"ff2 ls2\">. <span class=\"ls0\">The legal proceedings cov<span class=\"_ _0\"/>ered by insurance guarantees and letters of g<span class=\"_ _1\"/>u<span class=\"_ _3\"/>arantee issued by the company are </span></span>disclosed <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>29 <span class=\"_ _3\"/><span class=\"ff5\">Contingenci<span class=\"_ _3\"/>es</span><span class=\"ls2\">. <span class=\"_ _3\"/></span>The <span class=\"_ _2\"/>remaining <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>collateral <span class=\"_ _2\"/>given <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>own <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _2\"/>117m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/><span class=\"ls8\">31 </span>December 2022 (<span class=\"_ _0\"/>31 December <span class=\"_ _0\"/>2021: <span class=\"ls3\">142<span class=\"_ _0\"/><span class=\"ls0\">m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar<span class=\"ff4\">) <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ontains collat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ral on <span class=\"_ _1\"/>AB InBev\u2019s pro<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erty in <span class=\"_ _1\"/>favo<span class=\"_ _3\"/>r of<span class=\"_ _1\"/> the excise t<span class=\"_ _1\"/>ax </span></span></span>authorities, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>amount <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>which <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>determined <span class=\"_ _4\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>level<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>of <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>monthly <span class=\"_ _4\"> </span>excise <span class=\"_ _8\"> </span>taxes <span class=\"_ _8\"> </span>due, <span class=\"_ _4\"> </span>inventory <span class=\"_ _8\"> </span>levels <span class=\"_ _4\"> </span>and tr<span class=\"ls0\">ansportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that </span>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>would <span class=\"_ _1\"/>not <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>its <span class=\"_ _1\"/>obligations <span class=\"_ _1\"/>under <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>contracts <span class=\"_ _1\"/>or <span class=\"_ _1\"/>would l<span class=\"_ _1\"/>os<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pending <span class=\"_ _1\"/>judicial <span class=\"_ _1\"/>cases, the col<span class=\"ff4\">lateralized assets would be used to settle AB InBev\u2019s obligations.</span> AB In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>entered <span class=\"_ _3\"/>into <span class=\"_ _3\"/>commitments <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase pro<span class=\"_ _3\"/>perty, plant <span class=\"_ _3\"/>and <span class=\"_ _3\"/>equipment <span class=\"_ _6\"/>for <span class=\"_ _3\"/>538m <span class=\"_ _3\"/>US d<span class=\"_ _3\"/>ollar a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 (31 December 2021: 449m US dollar). In <span class=\"_ _2\"/>a <span class=\"_ _2\"/>li<span class=\"_ _3\"/>mited <span class=\"_ _2\"/>number <span class=\"_ _2\"/>of <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>A<span class=\"_ _3\"/>B <span class=\"_ _2\"/>InBev <span class=\"_ _6\"/>has <span class=\"_ _2\"/>committed <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>acquire <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>to <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>from <span class=\"_ _2\"/>banks <span class=\"_ _2\"/>at their <span class=\"_ _6\"/>notional <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>if <span class=\"_ _6\"/>the <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>do <span class=\"_ _2\"/>not <span class=\"_ _6\"/>respect <span class=\"_ _6\"/>their <span class=\"_ _2\"/>reimbursement <span class=\"_ _2\"/>commitments <span class=\"_ _6\"/>towards <span class=\"_ _2\"/>the <span class=\"_ _6\"/>banks. The total out<span class=\"_ _0\"/>standing amount <span class=\"_ _1\"/>of such loans is <span class=\"ls3\">72<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">US dollar <span class=\"_ _0\"/>at 31 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2022 <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 Dec<span class=\"_ _0\"/>ember 2021: <span class=\"ls3\">142</span>m <span class=\"_ _0\"/>US dollar).</span></span></span>Other <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ommitments <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>to <span class=\"_ _2\"/>1 <span class=\"_ _6\"/>800m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>mainly <span class=\"_ _2\"/>cover <span class=\"_ _6\"/>guarantees <span class=\"_ _2\"/>given <span class=\"_ _6\"/>to <span class=\"_ _2\"/>pension<span class=\"_ _3\"/> funds, rental and other guarantees (31 December 2021: 1 943m US dollar<span class=\"ls5\">).</span>In <span class=\"_ _1\"/>order <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/><span class=\"ff4\">ful<span class=\"_ _3\"/>fil <span class=\"_ _1\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>commitments <span class=\"_ _1\"/>under <span class=\"_ _1\"/>various <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>option <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>AB In<span class=\"_ _1\"/>Bev<span class=\"_ _3\"/> <span class=\"_ _1\"/>entered <span class=\"_ _1\"/>into <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>lending </span>arrangements for <span class=\"_ _1\"/>up to <span class=\"_ _1\"/>30 million <span class=\"_ _1\"/>of its <span class=\"_ _1\"/>own ordinary <span class=\"_ _1\"/>shares. AB <span class=\"_ _1\"/>InBev will pay <span class=\"_ _1\"/>any dividend <span class=\"_ _1\"/>equivalent, after <span class=\"_ _1\"/>tax in <span class=\"_ _1\"/>respect of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>loaned <span class=\"_ _2\"/>secu<span class=\"_ _3\"/>rities. <span class=\"_ _2\"/>This <span class=\"_ _3\"/>payment <span class=\"_ _2\"/>will <span class=\"_ _2\"/>be <span class=\"_ _6\"/>reported <span class=\"_ _3\"/>through <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>as <span class=\"_ _6\"/>dividend. <span class=\"_ _3\"/>As <span class=\"_ _2\"/>of <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2022<span class=\"lsc\">, <span class=\"_ _6\"/></span>30 <span class=\"_ _2\"/>million loaned securities were used to fulfil stock option plan commit<span class=\"_ _0\"/>ments.<span class=\"_ _3\"/> As at 31 December 2022, the M&amp;A related commitments existed as discussed below. Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)<span class=\"ff8\"> </span>As part <span class=\"_ _3\"/>of the 2012 shareholders <span class=\"_ _3\"/>agreement between Ambev and E. L<span class=\"_ _3\"/>e\u00f3n Jimenes S.A. <span class=\"_ _3\"/>(\u201cELJ\u201d), following the acquisition of <span class=\"_ _3\"/>Cerv<span class=\"_ _3\"/>ecer\u00eda <span class=\"_ _2\"/>Nacional <span class=\"_ _3\"/>Dominicana <span class=\"_ _2\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>put <span class=\"_ _2\"/>and <span class=\"_ _3\"/>call<span class=\"_ _3\"/> <span class=\"_ _3\"/>option <span class=\"_ _2\"/>is <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>place <span class=\"_ _2\"/>which <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>res<span class=\"_ _2\"/><span class=\"ff2\">ult <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>acquiring </span>additional <span class=\"_ _1\"/>shares in <span class=\"_ _1\"/>CND. <span class=\"_ _1\"/>In <span class=\"_ _0\"/>January <span class=\"_ _1\"/>2018 Ambev <span class=\"_ _f\"/>i<span class=\"_ _3\"/>ncreased <span class=\"_ _1\"/>its <span class=\"_ _0\"/>participation <span class=\"_ _1\"/>in CND <span class=\"_ _f\"/>from 55<span class=\"_ _1\"/>% to <span class=\"_ _1\"/>85%. A<span class=\"_ _1\"/>s of 31 <span class=\"_ _1\"/>December 2022<span class=\"ls0\">, the put option for the remaining shares held by ELJ was valued <span class=\"_ _3\"/>0.6 billion US dollar (31 December 2021<span class=\"ls2\">: </span>0.6 billion </span>US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>c<span class=\"_ _3\"/>orresponding <span class=\"_ _3\"/>liability <span class=\"_ _3\"/>is <span class=\"_ _2\"/>presented <span class=\"_ _3\"/>as <span class=\"_ _2\"/>a <span class=\"_ _3\"/>no<span class=\"_ _3\"/>n<span class=\"_ _3\"/>-current <span class=\"_ _3\"/>liability <span class=\"_ _2\"/>and <span class=\"_ _3\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _3\"/>a <span class=\"_ _2\"/>deferred <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onsideration<span class=\"_ _0\"/> on acquisitions at fair value in \u201clevel 3\u201d category. See also note 2<span class=\"ff2\">7<span class=\"_ _3\"/> <span class=\"ff5\">Risks arising from financi<span class=\"_ _1\"/>a<span class=\"_ _3\"/>l instruments<span class=\"ff2\">. </span></span></span>29.<span class=\"ls0\"> <span class=\"_ _1\"/>Contingencies </span>The company has contingencies for which, in the opinion of management and it<span class=\"_ _0\"/>s legal counsel, the risk of loss is po<span class=\"_ _0\"/>ssible but <span class=\"_ _2\"/>n<span class=\"_ _3\"/>ot <span class=\"_ _2\"/>probable <span class=\"_ _6\"/>and <span class=\"_ _6\"/>therefore <span class=\"_ _6\"/>no <span class=\"_ _2\"/>provisions <span class=\"_ _6\"/>have <span class=\"_ _6\"/>been <span class=\"_ _2\"/>recorded. <span class=\"_ _6\"/>Due <span class=\"_ _2\"/>to <span class=\"_ _6\"/>their <span class=\"_ _6\"/>nature, <span class=\"_ _2\"/>such <span class=\"_ _6\"/>legal <span class=\"_ _6\"/>proceedings <span class=\"_ _6\"/>and <span class=\"_ _2\"/>tax matters involve in<span class=\"_ _0\"/>herent uncert<span class=\"_ _0\"/>ainties including, but<span class=\"_ _1\"/> not lim<span class=\"_ _3\"/>ited to, <span class=\"_ _1\"/>cou<span class=\"_ _3\"/>rt rul<span class=\"_ _0\"/>ings, negotiations<span class=\"_ _0\"/> between affect<span class=\"_ _0\"/>ed parties <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd governmental <span class=\"_ _3\"/>actions, <span class=\"_ _2\"/>and <span class=\"_ _3\"/>a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>a <span class=\"_ _2\"/>consequence <span class=\"_ _2\"/>AB <span class=\"_ _3\"/>InBev\u2019s <span class=\"_ _2\"/>management <span class=\"_ _6\"/><span class=\"ff2\">cannot <span class=\"_ _3\"/>a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>this <span class=\"_ _2\"/>stage <span class=\"_ _3\"/>estimate <span class=\"_ _2\"/>the <span class=\"_ _2\"/>likely <span class=\"_ _3\"/>timing <span class=\"_ _2\"/>of </span>resolution of t<span class=\"_ _1\"/>he<span class=\"_ _3\"/>se <span class=\"_ _1\"/>m<span class=\"_ _3\"/>atters. The <span class=\"_ _1\"/>mos<span class=\"_ _3\"/>t s<span class=\"_ _1\"/>i<span class=\"_ _3\"/>gnificant conti<span class=\"_ _0\"/>ngencies are <span class=\"_ _1\"/>discu<span class=\"_ _3\"/>ssed below.<span class=\"fs6\"> </span>Amounts h<span class=\"_ _0\"/>ave been <span class=\"_ _1\"/>c<span class=\"_ _3\"/>onverted <span class=\"_ _0\"/>to US<span class=\"_ _1\"/> dollar at the closing rate of the respective period. AMBEV TAX MATTERS As <span class=\"_ _7\"/>of <span class=\"_ _7\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _7\"/>2022 <span class=\"_ _7\"/>and <span class=\"_ _6\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2021<span class=\"ls2\">, <span class=\"_ _7\"/></span><span class=\"ff4\">AB <span class=\"_ _6\"/>InBev\u2019s<span class=\"_ _3\"/> <span class=\"_ _6\"/>material <span class=\"_ _7\"> </span>tax <span class=\"_ _7\"/>proceedings <span class=\"_ _6\"/>are <span class=\"_ _7\"/>related <span class=\"_ _7\"/>to <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>and <span class=\"_ _6\"/>i<span class=\"_ _3\"/>ts </span>subsidiaries. Estimates of amounts of possible loss are as follows: Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> . Income tax and<span class=\"_ _1\"/> <span class=\"_ _3\"/>social con<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ribution 11 586 9 723 Value-added an<span class=\"_ _0\"/>d excise taxe<span class=\"_ _1\"/>s 4 965 4 285 Other taxes             <span class=\"ls6\">854</span>              <span class=\"ls6\">663</span>  17 405 14 671 The most significant tax proceedings of Ambev are discussed below.The compan<span class=\"_ _0\"/>y and <span class=\"_ _1\"/>its <span class=\"_ _0\"/>subsidiaries <span class=\"_ _0\"/>have in<span class=\"_ _0\"/>surance gu<span class=\"_ _1\"/>a<span class=\"_ _3\"/>rantees <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>le<span class=\"_ _3\"/>tters o<span class=\"_ _1\"/>f guarantee f<span class=\"_ _1\"/>or certain <span class=\"_ _1\"/>legal proceedings, <span class=\"_ _1\"/>which are presented as guarantees in civil, labor and tax proceedings. INCOME TAX AND SOCIAL CONTRIBUTION Foreign Earnings Since <span class=\"_ _5\"> </span>2005, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>and <span class=\"_ _5\"> </span>certain <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>its <span class=\"_ _5\"> </span>subsidiaries <span class=\"_ _5\"> </span>have <span class=\"_ _5\"> </span>been <span class=\"_ _5\"> </span>receiving <span class=\"_ _5\"> </span>assessments <span class=\"_ _5\"> </span>from <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>Brazilian <span class=\"_ _5\"> </span>Federal <span class=\"_ _5\"> </span>Tax Authorities relating to the profits of its foreign subsidiaries. The cases are<span class=\"_ _3\"/> be<span class=\"_ _3\"/>ing challenged at both the administrative and judicial levels of the courts in Brazil. The <span class=\"_ _3\"/>administrative <span class=\"_ _3\"/>proceedings <span class=\"_ _3\"/>have <span class=\"_ _3\"/>resulted <span class=\"_ _3\"/>in <span class=\"_ _3\"/>partially <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decisions, m<span class=\"_ _3\"/>ost o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>which <span class=\"_ _3\"/>are <span class=\"_ _3\"/>still <span class=\"_ _3\"/>subject <span class=\"_ _3\"/>to <span class=\"_ _3\"/>review <span class=\"_ _3\"/>by the <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>August 202<span class=\"_ _3\"/>2, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Upper <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court <span class=\"_ _3\"/>rendered <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decisions <span class=\"_ _3\"/>to <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>on two cases <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>taxation <span class=\"_ _3\"/>of <span class=\"_ _2\"/>p<span class=\"_ _3\"/>rofits <span class=\"_ _3\"/>of <span class=\"_ _2\"/>foreign <span class=\"_ _2\"/>subsidiaries, <span class=\"_ _2\"/>one <span class=\"_ _2\"/>of <span class=\"_ _2\"/>which <span class=\"_ _2\"/>recognized <span class=\"_ _2\"/>the <span class=\"_ _2\"/>application <span class=\"_ _3\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>double <span class=\"_ _2\"/>tax treaty <span class=\"_ _f\"/>s<span class=\"_ _3\"/>igned <span class=\"_ _f\"/>by <span class=\"_ _1\"/>Brazil <span class=\"_ _1\"/>to <span class=\"_ _1\"/>mitigate <span class=\"_ _f\"/>such <span class=\"_ _1\"/>taxation; <span class=\"_ _1\"/>both o<span class=\"_ _1\"/>f <span class=\"_ _1\"/>these <span class=\"_ _1\"/>decisions <span class=\"_ _1\"/>are <span class=\"_ _1\"/>final. <span class=\"_ _1\"/>In <span class=\"_ _f\"/>October <span class=\"_ _f\"/>20<span class=\"_ _3\"/>22, <span class=\"_ _1\"/>the <span class=\"_ _f\"/>Lower <span class=\"_ _1\"/>Administrative Court <span class=\"_ _0\"/>rendered <span class=\"_ _1\"/>a favorable <span class=\"_ _1\"/>decision <span class=\"_ _0\"/>to <span class=\"_ _1\"/>Ambev on <span class=\"_ _1\"/>a <span class=\"_ _0\"/>third <span class=\"_ _1\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>case. Am<span class=\"_ _1\"/>be<span class=\"_ _3\"/>v <span class=\"_ _1\"/>is awaiting <span class=\"_ _1\"/>formal <span class=\"_ _1\"/>n<span class=\"_ _3\"/>otification <span class=\"_ _1\"/>of t<span class=\"_ _0\"/>his d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>cision to <span class=\"_ _5\"> </span>analyze <span class=\"_ _7\"> </span>its <span class=\"_ _5\"> </span>content <span class=\"_ _7\"> </span>an<span class=\"_ _3\"/>d <span class=\"_ _7\"/>any <span class=\"_ _5\"> </span>applicable <span class=\"_ _7\"> </span>l<span class=\"_ _3\"/>egal <span class=\"_ _7\"/>motions <span class=\"_ _5\"> </span>or <span class=\"_ _4\"> </span>appeals. <span class=\"_ _5\"> </span>In <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>judicial <span class=\"_ _5\"> </span>proceedings, <span class=\"_ _7\"/>Ambev <span class=\"_ _5\"> </span>has <span class=\"_ _5\"> </span>received favorable <span class=\"_ _1\"/>injunctions <span class=\"_ _1\"/>that <span class=\"_ _1\"/>suspend <span class=\"_ _1\"/>the <span class=\"_ _1\"/>enforceability <span class=\"_ _1\"/>of <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _f\"/>c<span class=\"_ _3\"/>redit, <span class=\"_ _f\"/>as<span class=\"_ _3\"/> <span class=\"_ _1\"/>well <span class=\"_ _1\"/>as <span class=\"_ _1\"/>favorable <span class=\"_ _1\"/>first <span class=\"_ _1\"/>level <span class=\"_ _1\"/>decisions, <span class=\"_ _1\"/>which <span class=\"_ _1\"/>re<span class=\"_ _2\"/>main subject to review by the second-level judicial court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount re<span class=\"_ _3\"/>lated <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this u<span class=\"_ _3\"/>ncertain tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>7.3 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _1\"/>(1.4 billion <span class=\"_ _1\"/>US dollar) an<span class=\"_ _0\"/>d Ambev <span class=\"_ _1\"/>has not <span class=\"_ _1\"/>recorded any <span class=\"_ _1\"/>p<span class=\"_ _3\"/>rovisions <span class=\"_ _0\"/>in conn<span class=\"_ _0\"/>ection <span class=\"_ _0\"/>therewith as <span class=\"_ _1\"/>it considers <span class=\"_ _1\"/>the chance of loss to <span class=\"_ _1\"/>be possible. For proceedings where <span class=\"_ _1\"/>it considers the chance of <span class=\"_ _1\"/>loss to be probable, Am<span class=\"_ _1\"/>b<span class=\"_ _3\"/>ev has r<span class=\"_ _0\"/>ecorded a provision in the total amount of 58 million Brazilian real (11 million US dollar).<span class=\"_ _3\"/> Goodwill InBev Holding<span class=\"ff2\"> </span>In December 2011, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax <span class=\"_ _3\"/>assessment related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> the <span class=\"_ _0\"/>goodwill amortization i<span class=\"_ _1\"/>n<span class=\"_ _3\"/> calendar years <span class=\"_ _1\"/>2005<span class=\"_ _3\"/> <span class=\"_ _0\"/>to 2010<span class=\"_ _1\"/> resulting <span class=\"_ _7\"/>from <span class=\"_ _7\"/>the <span class=\"_ _6\"/>InBev <span class=\"_ _7\"> </span>Holding <span class=\"_ _7\"/>Brasil <span class=\"_ _7\"/>S.A. <span class=\"_ _7\"/>merger <span class=\"_ _7\"/>with <span class=\"_ _7\"/>Ambev. <span class=\"_ _6\"/>At <span class=\"_ _7\"/>the <span class=\"_ _7\"/>administrative <span class=\"_ _7\"/>level, <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>re<span class=\"_ _3\"/>ceived <span class=\"_ _6\"/>pa<span class=\"_ _3\"/>rtially<span class=\"_ _1\"/> favorable <span class=\"_ _6\"/>decisions <span class=\"_ _6\"/>at <span class=\"_ _2\"/>bo<span class=\"_ _3\"/>th <span class=\"_ _2\"/>the <span class=\"_ _6\"/>Lower <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrat<span class=\"_ _3\"/>ive <span class=\"_ _6\"/>Court. <span class=\"_ _6\"/>Ambev <span class=\"_ _6\"/>filed <span class=\"_ _6\"/>judicial <span class=\"_ _6\"/>proceedings <span class=\"_ _6\"/>to <span class=\"_ _2\"/>discuss <span class=\"_ _6\"/>the unfavorable <span class=\"_ _1\"/>portion of<span class=\"_ _1\"/> the <span class=\"_ _1\"/>decisions <span class=\"_ _1\"/>of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>Lower <span class=\"_ _1\"/>and <span class=\"_ _0\"/>the <span class=\"_ _1\"/>Upper Ad<span class=\"_ _1\"/>m<span class=\"_ _3\"/>inistrative <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>and re<span class=\"_ _0\"/>quested <span class=\"_ _1\"/>injunctions <span class=\"_ _0\"/>to <span class=\"_ _1\"/>suspend the enforceability of the remaining tax credit, which were granted. In <span class=\"_ _1\"/>June 2016, <span class=\"_ _f\"/>Ambev re<span class=\"_ _1\"/>c<span class=\"_ _3\"/>eived <span class=\"_ _1\"/>a <span class=\"_ _1\"/>n<span class=\"_ _3\"/>ew <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>assessment <span class=\"_ _1\"/>charg<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>the <span class=\"_ _1\"/>remaining <span class=\"_ _1\"/>value of<span class=\"_ _1\"/> the <span class=\"_ _1\"/>goodwill <span class=\"_ _1\"/>amortization <span class=\"_ _1\"/>in <span class=\"_ _1\"/>c<span class=\"_ _3\"/>alendar years 2011 to 2013 and filed a defense. Ambev received partially favorable decisions at the first level administrative court<span class=\"_ _1\"/> and <span class=\"_ _3\"/>Lower <span class=\"_ _2\"/>Administrative <span class=\"_ _2\"/>Court. <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>filed <span class=\"_ _3\"/>a <span class=\"_ _2\"/>Special <span class=\"_ _3\"/>Appeal <span class=\"_ _2\"/>which <span class=\"_ _2\"/>was <span class=\"_ _3\"/>partially <span class=\"_ _2\"/>admitted <span class=\"_ _3\"/>and <span class=\"_ _3\"/>awaits <span class=\"_ _2\"/>judgment <span class=\"_ _3\"/>by <span class=\"_ _2\"/>the Upper <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court. <span class=\"_ _6\"/>For <span class=\"_ _7\"/>the <span class=\"_ _6\"/>unfavorable <span class=\"_ _6\"/>portion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>decision <span class=\"_ _6\"/>which <span class=\"_ _6\"/>became <span class=\"_ _6\"/>final <span class=\"_ _7\"/>at <span class=\"_ _6\"/>the <span class=\"_ _2\"/>ad<span class=\"_ _3\"/>ministrative <span class=\"_ _2\"/>le<span class=\"_ _3\"/>vel, Ambev filed a<span class=\"_ _3\"/> judicial proceeding req<span class=\"_ _3\"/>uesting an injunction to s<span class=\"_ _3\"/>uspend the enforceability of <span class=\"_ _3\"/>the remaining tax c<span class=\"_ _3\"/>redit, which was granted. The updated assessed amount related to this uncertain tax position as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 11.1 billion Brazilian real (2.<span class=\"_ _0\"/>1 billion <span class=\"_ _1\"/>US dollar) and Ambev <span class=\"_ _1\"/>has not recorded any <span class=\"_ _1\"/>provisions for this <span class=\"_ _1\"/>ma<span class=\"_ _3\"/>tter as it co<span class=\"_ _0\"/>nsiders the <span class=\"_ _1\"/>cha<span class=\"_ _3\"/>nces of <span class=\"_ _4\"> </span>loss <span class=\"_ _5\"> </span>to<span class=\"_ _3\"/> <span class=\"_ _5\"> </span>be <span class=\"_ _4\"> </span>possible<span class=\"_ _3\"/>. <span class=\"_ _5\"> </span>In <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>ev<span class=\"_ _3\"/>ent <span class=\"_ _4\"> </span>Ambev <span class=\"_ _5\"> </span>is <span class=\"_ _4\"> </span>required <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>pay <span class=\"_ _4\"> </span>these <span class=\"_ _4\"> </span>amounts, <span class=\"_ _5\"> </span>AB <span class=\"_ _4\"> </span>InBev <span class=\"_ _5\"> </span>wil<span class=\"_ _3\"/>l <span class=\"_ _4\"> </span>reimburse<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>a<span class=\"_ _3\"/>mount proportional to the benefit received by AB InBev pursuant to the merger proto<span class=\"_ _0\"/>col as well as the related costs.<span class=\"_ _3\"/> Goodwill Beverage Associate Holding (BAH)<span class=\"ff2\"> </span>In <span class=\"_ _3\"/>Oc<span class=\"_ _3\"/>tober <span class=\"_ _3\"/>2013, <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>assessment <span class=\"_ _3\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>go<span class=\"_ _3\"/>odwill <span class=\"_ _3\"/>amortization <span class=\"_ _3\"/>in <span class=\"_ _3\"/>c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>lendar <span class=\"_ _2\"/>years <span class=\"_ _3\"/>2007 <span class=\"_ _3\"/>to <span class=\"_ _2\"/>2012 resulting <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _2\"/>merger <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>Beverage <span class=\"_ _2\"/>Associates <span class=\"_ _2\"/>Holding <span class=\"_ _2\"/>Limited <span class=\"_ _3\"/>(\u201cBAH\u201d) <span class=\"_ _2\"/>into <span class=\"_ _2\"/>Ambev. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>from <span class=\"_ _6\"/>the <span class=\"_ _3\"/>first <span class=\"_ _2\"/>level administrative <span class=\"_ _7\"/>court <span class=\"_ _7\"/>was <span class=\"_ _7\"/>unfavorable <span class=\"_ _7\"/>to <span class=\"_ _6\"/>Ambev. <span class=\"_ _7\"/>Ambev <span class=\"_ _7\"/>filed <span class=\"_ _7\"/>an <span class=\"_ _7\"/>appeal <span class=\"_ _7\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>L<span class=\"_ _3\"/>ower <span class=\"_ _6\"/>Admin<span class=\"_ _3\"/>istrative <span class=\"_ _7\"/>Court <span class=\"_ _6\"/>against <span class=\"_ _8\"> </span>the decision, <span class=\"_ _6\"/>which <span class=\"_ _6\"/>was <span class=\"_ _6\"/>partially <span class=\"_ _6\"/>granted. <span class=\"_ _7\"/>Ambev <span class=\"_ _2\"/>an<span class=\"_ _3\"/>d <span class=\"_ _6\"/>the <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _6\"/>filed <span class=\"_ _6\"/>Special <span class=\"_ _6\"/>Appeals <span class=\"_ _7\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrative Court. In July <span class=\"_ _1\"/>2022, the Upper <span class=\"_ _1\"/>Ad<span class=\"_ _3\"/>ministrative Court re<span class=\"_ _1\"/>nd<span class=\"_ _3\"/>ered <span class=\"_ _1\"/>a<span class=\"_ _3\"/> partially f<span class=\"_ _1\"/>a<span class=\"_ _3\"/>vorable decisi<span class=\"_ _0\"/>on to Ambev.<span class=\"_ _0\"/> The de<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ision did not<span class=\"_ _1\"/> recognize <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Special <span class=\"_ _2\"/>Appeal <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _3\"/>ta<span class=\"_ _3\"/>x <span class=\"_ _3\"/>a<span class=\"_ _3\"/>uthorities, <span class=\"_ _3\"/>thereby <span class=\"_ _2\"/>preserving <span class=\"_ _2\"/>the <span class=\"_ _2\"/>portion <span class=\"_ _2\"/>of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>rendered <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the Lower <span class=\"_ _3\"/>Administrative Court <span class=\"_ _3\"/>that <span class=\"_ _3\"/>was <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>to Ambev <span class=\"_ _3\"/>with <span class=\"_ _3\"/>respect to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>qualified pe<span class=\"_ _3\"/>nalties a<span class=\"_ _3\"/>pplied and <span class=\"_ _3\"/>the s<span class=\"_ _3\"/>tatute of limitation 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 <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ecision. <span class=\"_ _3\"/> In April <span class=\"_ _1\"/>and August <span class=\"_ _1\"/>2018, Amb<span class=\"_ _0\"/>ev rece<span class=\"_ _0\"/>ived new<span class=\"_ _0\"/> ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sessments <span class=\"_ _1\"/>c<span class=\"_ _3\"/>harging <span class=\"_ _1\"/>the rem<span class=\"_ _3\"/>aining <span class=\"_ _0\"/>value <span class=\"_ _1\"/>o<span class=\"_ _3\"/>f <span class=\"_ _1\"/>the goodwill <span class=\"_ _1\"/>amortization in ca<span class=\"_ _3\"/>lendar years 2013 <span class=\"_ _3\"/>to 2014 a<span class=\"_ _3\"/>nd filed <span class=\"_ _3\"/>defenses. In <span class=\"_ _3\"/>April 2019, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>first level administrative <span class=\"_ _3\"/>court rendered <span class=\"_ _3\"/>unfavorable decisions to Ambev. As a result thereof, Am<span class=\"_ _0\"/>bev appealed to the Lower Administrative Court<span class=\"_ _1\"/>.<span class=\"_ _2\"/> In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev a<span class=\"_ _3\"/>nd the tax authorities filed Special <span class=\"_ _5\"> </span>Appeals <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _5\"> </span>Upper <span class=\"_ _5\"> </span>Administrative <span class=\"_ _5\"> </span>Court. <span class=\"_ _5\"> </span>The <span class=\"_ _4\"> </span>Special <span class=\"_ _5\"> </span>Appeals <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>both <span class=\"_ _4\"> </span>tax <span class=\"_ _5\"> </span>assessments <span class=\"_ _5\"> </span>are <span class=\"_ _5\"> </span>awa<span class=\"_ _2\"/>iti<span class=\"_ _3\"/>ng judgment by the Upper Administrative Court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>2.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.4 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _3\"/>provisions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>this <span class=\"_ _6\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it <span class=\"_ _3\"/>considers <span class=\"_ _3\"/>the <span class=\"_ _3\"/>chance <span class=\"_ _3\"/>of loss to be possible. Goodwill CND Holdings<span class=\"ff2\"> </span>In November 2017, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax assessment related to <span class=\"_ _0\"/>the goodwill am<span class=\"_ _0\"/>ortization in calendar <span class=\"_ _1\"/>y<span class=\"_ _3\"/>ears 2012 <span class=\"_ _1\"/>to 2016 resulting <span class=\"_ _8\"> </span>from <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>merger <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>CND <span class=\"_ _8\"> </span>Holdings <span class=\"_ _8\"> </span>into <span class=\"_ _8\"> </span>A<span class=\"_ _0\"/>mbev. <span class=\"_ _4\"> </span>Th<span class=\"_ _3\"/>e <span class=\"_\"> </span>decision <span class=\"_ _4\"> </span>from <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_ _8\"> </span>first <span class=\"_ _8\"> </span>level <span class=\"_ _8\"> </span>admini<span class=\"_ _0\"/>strative <span class=\"_ _8\"> </span>court <span class=\"_ _8\"> </span>was unfavorable <span class=\"_ _e\"> </span>to <span class=\"_ _a\"> </span>Ambev. <span class=\"_ _e\"> </span>Ambev <span class=\"_ _e\"> </span>filed <span class=\"_ _e\"> </span>a<span class=\"_ _3\"/>n <span class=\"_ _e\"> </span>appeal <span class=\"_ _e\"> </span>to <span class=\"_ _a\"> </span>the <span class=\"_ _e\"> </span>Lower <span class=\"_ _e\"> </span>Administrative <span class=\"_ _a\"> </span>Court. <span class=\"_ _e\"> </span>In <span class=\"_ _e\"> </span>February <span class=\"_ _e\"> </span>2<span class=\"_ _3\"/>020, <span class=\"_ _e\"> </span>the <span class=\"_ _e\"> </span>Lower Administrative <span class=\"_ _2\"/>Court <span class=\"_ _6\"/>rendered <span class=\"_ _2\"/>a <span class=\"_ _6\"/>partially <span class=\"_ _2\"/>favorable <span class=\"_ _2\"/>decision. <span class=\"_ _2\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _2\"/>and <span class=\"_ _2\"/>the <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>authorities <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _2\"/>Sp<span class=\"_ _3\"/>ecial <span class=\"_ _2\"/>Appeals <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the Upper Administrative Court. The Special Appeal filed by Ambev was partially admitted and is awaiting judgment. In <span class=\"_ _6\"/>Octobe<span class=\"_ _3\"/>r <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>Ambev <span class=\"_ _7\"/>received <span class=\"_ _6\"/>a <span class=\"_ _6\"/>new <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _6\"/>charging <span class=\"_ _7\"/>the <span class=\"_ _6\"/>remaining <span class=\"_ _6\"/>value <span class=\"_ _7\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>goodwill <span class=\"_ _6\"/>amortization <span class=\"_ _6\"/>in calendar year 2017. Ambev has filed a defense and awaits judgment by the first level administrative court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>1.3 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _3\"/>(0.2 billion US dollar). Am<span class=\"_ _3\"/>bev has not recorded any <span class=\"_ _3\"/>provisions for this <span class=\"_ _3\"/>matter <span class=\"_ _2\"/>as it consi<span class=\"_ _3\"/>ders the chances of loss to be possible<span class=\"ls2\">. </span> Goodwill MAG  In <span class=\"_ _3\"/>December 2022, <span class=\"_ _3\"/>CRBS <span class=\"_ _3\"/>S.A (a <span class=\"_ _3\"/>subsidiary <span class=\"_ _3\"/>of Ambev) <span class=\"_ _3\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>related to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>goodwill amortization <span class=\"_ _3\"/>in calendar <span class=\"_ _3\"/>years <span class=\"_ _3\"/>20<span class=\"_ _3\"/>17 <span class=\"_ _3\"/>to <span class=\"_ _3\"/>2020, <span class=\"_ _3\"/>resulting<span class=\"_ _3\"/> <span class=\"_ _3\"/>from <span class=\"_ _3\"/>the <span class=\"_ _3\"/>merger <span class=\"_ _2\"/>of <span class=\"_ _3\"/>RTD <span class=\"_ _3\"/>Barbados <span class=\"_ _3\"/>i<span class=\"_ _3\"/>nto <span class=\"_ _3\"/>CRBS. <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>led <span class=\"_ _3\"/>a <span class=\"_ _3\"/>defense <span class=\"_ _3\"/>in<span class=\"_ _3\"/> J<span class=\"_ _3\"/>anuary 2023, and awaits judgement by the first level administrative court.   The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assesse<span class=\"_ _3\"/>d <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022<span class=\"fs6\"> <span class=\"_ _3\"/></span>is <span class=\"_ _2\"/>approximately <span class=\"_ _3\"/>0.3 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Ambev <span class=\"_ _1\"/>has <span class=\"_ _1\"/>continued <span class=\"_ _1\"/>to ta<span class=\"_ _1\"/>k<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>same <span class=\"_ _1\"/>deductions <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>the <span class=\"_ _0\"/>calendar <span class=\"_ _f\"/>y<span class=\"_ _3\"/>ears <span class=\"_ _1\"/>following <span class=\"_ _1\"/>the <span class=\"_ _1\"/>assessed <span class=\"_ _1\"/>pe<span class=\"_ _3\"/>riods <span class=\"_ _f\"/>(2<span class=\"_ _3\"/>021 <span class=\"_ _1\"/>to <span class=\"_ _1\"/>February 2022). <span class=\"_ _2\"/>Therefore, <span class=\"_ _3\"/>i<span class=\"_ _3\"/>f <span class=\"_ _3\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _3\"/>receives <span class=\"_ _2\"/>similar <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>for <span class=\"_ _2\"/>this <span class=\"_ _2\"/>period, <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>management <span class=\"_ _2\"/>believes <span class=\"_ _2\"/>the <span class=\"_ _2\"/>outcome would be consistent with the already assessed periods. Disallowance of financial expenses<span class=\"ff2\"> </span>In <span class=\"_ _1\"/>2<span class=\"_ _3\"/>015, <span class=\"_ _1\"/>2016 and <span class=\"_ _f\"/>2<span class=\"_ _3\"/>020, <span class=\"_ _1\"/>Ambev rec<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ived <span class=\"_ _1\"/>tax assessments <span class=\"_ _1\"/>related <span class=\"_ _1\"/>to the <span class=\"_ _1\"/>disallowance <span class=\"_ _1\"/>of a<span class=\"_ _0\"/>lleged <span class=\"_ _0\"/>non<span class=\"_ _3\"/>-deductible e<span class=\"_ _1\"/>x<span class=\"_ _3\"/>penses and the <span class=\"_ _1\"/>deduction of <span class=\"_ _1\"/>ce<span class=\"_ _3\"/>rtain <span class=\"_ _1\"/>losses mainly a<span class=\"_ _1\"/>s<span class=\"_ _3\"/>sociated t<span class=\"_ _1\"/>o financial in<span class=\"_ _1\"/>v<span class=\"_ _3\"/>estments <span class=\"_ _0\"/>and <span class=\"_ _0\"/>loans. A<span class=\"_ _0\"/>mbev presented <span class=\"_ _1\"/>defenses and,<span class=\"_ _3\"/> in <span class=\"_ _3\"/>November <span class=\"_ _3\"/>2019, <span class=\"_ _2\"/>received <span class=\"_ _3\"/>a <span class=\"_ _3\"/>favorable <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _3\"/>first <span class=\"_ _3\"/>level <span class=\"_ _3\"/>administrative <span class=\"_ _3\"/>cou<span class=\"_ _3\"/>rt re<span class=\"_ _3\"/>garding <span class=\"_ _3\"/>the <span class=\"_ _3\"/>2016 <span class=\"_ _3\"/>case, <span class=\"_ _2\"/>which <span class=\"_ _3\"/>is subject <span class=\"_ _f\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/>mandatory <span class=\"_ _1\"/>review <span class=\"_ _f\"/>by <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Lower <span class=\"_ _1\"/>Administrative <span class=\"_ _f\"/>Court. <span class=\"_ _f\"/>In<span class=\"_ _3\"/> <span class=\"_ _f\"/>June <span class=\"_ _1\"/>2021, <span class=\"_ _1\"/>Ambev <span class=\"_ _f\"/>received <span class=\"_ _1\"/>a <span class=\"_ _1\"/>partially <span class=\"_ _f\"/>favorable <span class=\"_ _1\"/>decision for the <span class=\"_ _1\"/>2020 case <span class=\"_ _1\"/>at the <span class=\"_ _1\"/>first l<span class=\"_ _0\"/>evel <span class=\"_ _1\"/>adminis<span class=\"_ _3\"/>trative <span class=\"_ _1\"/>court and <span class=\"_ _1\"/>filed an <span class=\"_ _1\"/>appeal to <span class=\"_ _1\"/>the Lower <span class=\"_ _1\"/>Administrative Co<span class=\"_ _1\"/>urt.<span class=\"_ _3\"/> <span class=\"_ _1\"/>The favorable portion <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _7\"/>decision <span class=\"_ _7\"/>is <span class=\"_ _7\"> </span>also <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>ubject <span class=\"_ _7\"/>to <span class=\"_ _7\"/>mandatory <span class=\"_ _5\"> </span>review <span class=\"_ _7\"/>by <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>Lower <span class=\"_ _7\"/>Administrative <span class=\"_ _7\"/>Court. <span class=\"_ _5\"> </span>In <span class=\"_ _7\"/>June <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>Am<span class=\"_ _3\"/>bev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the <span class=\"_ _2\"/>Lower <span class=\"_ _6\"/>Administrative <span class=\"_ _3\"/>Cou<span class=\"_ _3\"/>rt. <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>favorable <span class=\"_ _2\"/>portion <span class=\"_ _2\"/>of <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ecision <span class=\"_ _2\"/>is <span class=\"_ _2\"/>also <span class=\"_ _2\"/>sub<span class=\"_ _3\"/>ject <span class=\"_ _2\"/>to <span class=\"_ _2\"/>mandatory <span class=\"_ _2\"/>review <span class=\"_ _2\"/>by <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>Lower Administrative Court. The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount re<span class=\"_ _3\"/>lated to<span class=\"_ _3\"/> <span class=\"_ _3\"/>this u<span class=\"_ _3\"/>ncertain tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>5.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(1.0 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _3\"/>provisions <span class=\"_ _3\"/>for <span class=\"_ _3\"/>this <span class=\"_ _3\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it <span class=\"_ _3\"/>considers <span class=\"_ _3\"/>the <span class=\"_ _2\"/>chance <span class=\"_ _3\"/>of loss to be possible. Disallowance of tax paid abroad<span class=\"ff2\"> </span>Since 2014, Ambev has been <span class=\"_ _1\"/>re<span class=\"_ _3\"/>ceiving tax assessments fro<span class=\"_ _0\"/>m the Brazilian Federal Ta<span class=\"_ _0\"/>x Authorities, for calendar years <span class=\"_ _1\"/>as of 2007, related <span class=\"_ _3\"/>to the disallowance of deductions associated with alleged un<span class=\"_ _3\"/>proven taxes paid abroad by its subsidiaries and has b<span class=\"_ _3\"/>een filing <span class=\"_ _3\"/>defenses. The cases <span class=\"_ _3\"/>are being challenged <span class=\"_ _3\"/>at both the a<span class=\"_ _3\"/>dministrative and judicial l<span class=\"_ _3\"/>evels. In November 2019, the Lower Administrative Court<span class=\"_ _0\"/> rendered a favorable decision to<span class=\"_ _0\"/> Ambev in one of<span class=\"_ _0\"/> the cases (related to th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> 2010 tax period), which became definitive.  In <span class=\"_ _6\"/>January <span class=\"_ _6\"/>2020, <span class=\"_ _7\"/>the <span class=\"_ _6\"/>Lower <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>rendered <span class=\"_ _6\"/>unfavorable <span class=\"_ _6\"/>de<span class=\"_ _3\"/>cisions <span class=\"_ _6\"/>regarding <span class=\"_ _6\"/>four <span class=\"_ _6\"/>of <span class=\"_ _6\"/>these <span class=\"_ _6\"/>assessments related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>periods <span class=\"_ _3\"/>of <span class=\"_ _3\"/>2015 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>2<span class=\"_ _3\"/>016. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>these <span class=\"_ _3\"/>cases, <span class=\"_ _3\"/>Ambev <span class=\"_ _2\"/>filed <span class=\"_ _3\"/>Special <span class=\"_ _3\"/>Appeals <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Upper <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court which <span class=\"_ _2\"/>are <span class=\"_ _3\"/>pendin<span class=\"_ _3\"/>g <span class=\"_ _3\"/>judgment. <span class=\"_ _2\"/>With <span class=\"_ _2\"/>respect <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>cases <span class=\"_ _2\"/>related <span class=\"_ _2\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>periods <span class=\"_ _2\"/>of <span class=\"_ _2\"/>2015<span class=\"_ _3\"/> <span class=\"_ _2\"/>and <span class=\"_ _3\"/>2016, <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>were filed <span class=\"_ _1\"/>to <span class=\"_ _1\"/>charge <span class=\"_ _1\"/>isolated <span class=\"_ _1\"/>fines <span class=\"_ _1\"/>due <span class=\"_ _1\"/>to <span class=\"_ _1\"/>the <span class=\"_ _1\"/>lack <span class=\"_ _1\"/>of <span class=\"_ _1\"/>monthly <span class=\"_ _1\"/>prepayments <span class=\"_ _1\"/>of <span class=\"_ _1\"/>income <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>as <span class=\"_ _1\"/>a <span class=\"_ _1\"/>result <span class=\"_ _1\"/>of <span class=\"_ _1\"/>allegedly <span class=\"_ _1\"/>undue <span class=\"_ _1\"/>deductions<span class=\"_ _3\"/> of <span class=\"_ _1\"/>taxes <span class=\"_ _1\"/>p<span class=\"_ _3\"/>aid <span class=\"_ _1\"/>abroad. <span class=\"_ _1\"/>In <span class=\"_ _1\"/>2021,<span class=\"_ _3\"/> <span class=\"_ _f\"/>Am<span class=\"_ _3\"/>bev <span class=\"_ _1\"/>received <span class=\"_ _1\"/>unfavorable <span class=\"_ _1\"/>decisions <span class=\"_ _0\"/>from <span class=\"_ _1\"/>the <span class=\"_ _1\"/>first <span class=\"_ _1\"/>level ad<span class=\"_ _1\"/>m<span class=\"_ _3\"/>inistrative <span class=\"_ _1\"/>court <span class=\"_ _1\"/>in two <span class=\"_ _1\"/>of <span class=\"_ _1\"/>th<span class=\"_ _3\"/>ese assessments wit<span class=\"_ _3\"/>h respect <span class=\"_ _3\"/>to the <span class=\"_ _3\"/>2015 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>2016 <span class=\"_ _3\"/>isolated fine <span class=\"_ _3\"/>cases, <span class=\"_ _3\"/>and <span class=\"_ _3\"/>filed appeals <span class=\"_ _3\"/>in connecti<span class=\"_ _3\"/>on therewith, <span class=\"_ _3\"/>which are pending judgment <span class=\"_ _1\"/>by the Lower <span class=\"_ _1\"/>Administra<span class=\"_ _3\"/>tive Court. <span class=\"_ _0\"/>In 2022<span class=\"_ _1\"/>, Ambev received an<span class=\"_ _0\"/> unfavorable <span class=\"_ _1\"/>decision from the <span class=\"_ _1\"/>fi<span class=\"_ _3\"/>rst <span class=\"_ _1\"/>l<span class=\"_ _3\"/>evel administrative <span class=\"_ _2\"/>court <span class=\"_ _2\"/>in <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second <span class=\"_ _2\"/>ass<span class=\"_ _3\"/>essment <span class=\"_ _3\"/>re<span class=\"_ _3\"/>lated <span class=\"_ _3\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>2016 <span class=\"_ _2\"/>isolated <span class=\"_ _2\"/>fine <span class=\"_ _2\"/>case, <span class=\"_ _2\"/>and <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>an <span class=\"_ _6\"/>appeal <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onnection therewith <span class=\"_ _8\"> </span>which <span class=\"_ _8\"> </span>awaits <span class=\"_ _8\"> </span>judgment <span class=\"_ _8\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>Lower <span class=\"_ _8\"> </span>Administrative <span class=\"_\"> </span>Court. <span class=\"_ _8\"> </span>In <span class=\"_ _8\"> </span>October <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>022, <span class=\"_ _8\"> </span>Ambev <span class=\"_ _8\"> </span>received <span class=\"_ _8\"> </span>a <span class=\"_ _8\"> </span>new <span class=\"_ _8\"> </span>tax assessment charging such isolated fi<span class=\"_ _0\"/>ne related to calendar y<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ar 2017. Ambev ha<span class=\"_ _0\"/>s filed a d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>fense in this <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase, and await<span class=\"_ _0\"/>s 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 <span class=\"_ _3\"/>as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 12<span class=\"_ _3\"/>.6 billion Brazilian real (2.4 billion <span class=\"_ _3\"/>US dollar). Ambev has not recorded any provisions for this matter as it considers t<span class=\"_ _3\"/>he chance of loss to be possible. The company has continued <span class=\"_ _1\"/>to take the same deductions for t<span class=\"_ _1\"/>he calendar years following the asses<span class=\"_ _0\"/>sed periods (the 201<span class=\"_ _0\"/>8 to <span class=\"_ _5\"> </span>2022 <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>alendar <span class=\"_ _5\"> </span>years). <span class=\"_ _5\"> </span>Therefore, <span class=\"_ _4\"> </span>if <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>receives <span class=\"_ _4\"> </span>similar <span class=\"_ _5\"> </span>tax <span class=\"_ _5\"> </span>assessments <span class=\"_ _4\"> </span>for <span class=\"_ _5\"> </span>this <span class=\"_ _5\"> </span>period, <span class=\"_ _5\"> </span>Am<span class=\"_ _3\"/>bev <span class=\"_ _5\"> </span>man<span class=\"_ _2\"/>agement believes the outcome would be the same as those tax years already asses<span class=\"_ _0\"/>sed.<span class=\"_ _3\"/> In <span class=\"_ _3\"/>addition, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>been <span class=\"_ _3\"/>charged <span class=\"_ _3\"/>isolated <span class=\"_ _3\"/>fi<span class=\"_ _3\"/>nes d<span class=\"_ _3\"/>ue <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>non<span class=\"_ _2\"/>-recognition of <span class=\"_ _3\"/>tax <span class=\"_ _2\"/>offsets. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>constitutionality <span class=\"_ _3\"/>of <span class=\"_ _3\"/>this penalty <span class=\"_ _7\"/>is <span class=\"_ _7\"/>under <span class=\"_ _7\"/>review <span class=\"_ _6\"/>at <span class=\"_ _7\"/>the <span class=\"_ _7\"/>Supreme <span class=\"_ _7\"/>Court <span class=\"_ _6\"/>of<span class=\"_ _3\"/> <span class=\"_ _7\"/>Justice. <span class=\"_ _7\"/>The <span class=\"_ _7\"/>updated <span class=\"_ _7\"/>assessed <span class=\"_ _6\"/>amount <span class=\"_ _7\"> </span>as <span class=\"_ _7\"> </span>of <span class=\"_ _7\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2022<span class=\"_ _3\"/> <span class=\"_ _7\"/>is approximately <span class=\"_ _3\"/>1.2 <span class=\"_ _3\"/>billion Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.2 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any p<span class=\"_ _3\"/>rovisions <span class=\"_ _3\"/>for this <span class=\"_ _3\"/>matter <span class=\"_ _3\"/>as <span class=\"_ _3\"/>it<span class=\"_ _2\"/> considers the chance of loss to be possible. Presumed Profit In <span class=\"_ _7\"/><span class=\"ff4\">April <span class=\"_ _6\"/>2016, <span class=\"_ _7\"/>Arosuco <span class=\"_ _6\"/>(a <span class=\"_ _6\"/>s<span class=\"_ _3\"/>ubsidiary <span class=\"_ _6\"/>of <span class=\"_ _7\"/>Ambev) <span class=\"_ _6\"/>received <span class=\"_ _7\"/>a <span class=\"_ _6\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _7\"/>regarding <span class=\"_ _6\"/>the <span class=\"_ _7\"/>use <span class=\"_ _6\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>\u201cpresumed <span class=\"_ _6\"/>profit\u201d </span>method <span class=\"_ _2\"/>for <span class=\"_ _6\"/>the <span class=\"_ _2\"/>calculation <span class=\"_ _2\"/>of <span class=\"_ _6\"/>income <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>and <span class=\"_ _6\"/>the <span class=\"_ _2\"/>social <span class=\"_ _2\"/>contribution <span class=\"_ _2\"/>o<span class=\"_ _3\"/>n <span class=\"_ _2\"/>net <span class=\"_ _2\"/>profits <span class=\"_ _6\"/>instead <span class=\"_ _3\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>\u201creal <span class=\"_ _2\"/>profit\u201d <span class=\"_ _2\"/>method. <span class=\"_ _2\"/>In September 2017, <span class=\"_ _1\"/>Aros<span class=\"_ _3\"/>uco <span class=\"_ _0\"/>received <span class=\"_ _1\"/>a<span class=\"_ _3\"/>n u<span class=\"_ _1\"/>nfavo<span class=\"_ _3\"/>rable f<span class=\"_ _1\"/>irs<span class=\"_ _3\"/>t l<span class=\"_ _1\"/>e<span class=\"_ _3\"/>vel <span class=\"_ _1\"/>adm<span class=\"_ _3\"/>inistrative <span class=\"_ _0\"/>decision <span class=\"_ _0\"/>and <span class=\"_ _0\"/>filed <span class=\"_ _1\"/>an<span class=\"_ _3\"/> a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>eal. <span class=\"_ _0\"/>In <span class=\"_ _1\"/>J<span class=\"_ _3\"/>anuary <span class=\"_ _1\"/>2<span class=\"_ _3\"/>019, the Lower Administrative Court rendered a favorable decision to Arosuco, which became definitive. In March <span class=\"_ _1\"/>201<span class=\"_ _3\"/>9, Ar<span class=\"_ _1\"/>o<span class=\"_ _3\"/>suco re<span class=\"_ _0\"/>ceived a <span class=\"_ _1\"/>new tax a<span class=\"_ _0\"/>ssessment regarding the <span class=\"_ _1\"/>same subject and <span class=\"_ _1\"/>filed a defense.<span class=\"_ _0\"/> In <span class=\"_ _0\"/>October 20<span class=\"_ _0\"/>19, Arosuco received an unfavorable first level administrative decision and filed an appeal which is pending ju<span class=\"_ _0\"/>dgment. <span class=\"_ _2\"/> The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>assessed <span class=\"_ _3\"/>amount related <span class=\"_ _3\"/>to <span class=\"_ _3\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _3\"/>December <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>0.6 <span class=\"_ _3\"/>billion Brazilian real <span class=\"_ _3\"/>(0.1 billion US dollar). Arosuco has n<span class=\"_ _3\"/>ot recorded any provisions for <span class=\"_ _3\"/>this matter as it <span class=\"_ _3\"/>considers the chance of<span class=\"_ _2\"/> loss to be possible.  Deductibility of IOC expenses In <span class=\"_ _5\"> </span>2013, <span class=\"_ _5\"> </span>as <span class=\"_ _5\"> </span>approved <span class=\"_ _5\"> </span>in <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>Shareholde<span class=\"_ _3\"/>rs <span class=\"_ _5\"> </span>Meeting, <span class=\"_ _5\"> </span>Ambev <span class=\"_ _7\"> </span>im<span class=\"_ _3\"/>plemented <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>co<span class=\"_ _3\"/>rporate <span class=\"_ _7\"/>restructuring <span class=\"_ _5\"> </span>with <span class=\"_ _7\"> </span>th<span class=\"_ _3\"/>e <span class=\"_ _7\"> </span>purpose <span class=\"_ _5\"> </span>of simplifying <span class=\"_ _3\"/>its <span class=\"_ _3\"/>corporate structure <span class=\"_ _3\"/>and c<span class=\"_ _3\"/>onverting into<span class=\"_ _3\"/> a <span class=\"_ _3\"/>single <span class=\"_ _3\"/>class <span class=\"_ _3\"/>of <span class=\"_ _3\"/>shares company, <span class=\"_ _3\"/>among <span class=\"_ _3\"/>other <span class=\"_ _3\"/>factors. <span class=\"_ _3\"/>One of <span class=\"_ _3\"/>the steps <span class=\"_ _7\"/>of <span class=\"_ _7\"/>such <span class=\"_ _7\"/>restructuring <span class=\"_ _7\"/>involved <span class=\"_ _7\"/>a <span class=\"_ _7\"/>contribution <span class=\"_ _7\"/>of <span class=\"_ _7\"/>sha<span class=\"_ _3\"/>res <span class=\"_ _7\"/>followed <span class=\"_ _7\"/>by <span class=\"_ _7\"/>the <span class=\"_ _7\"/>merger <span class=\"_ _7\"/>of <span class=\"_ _7\"/>shares <span class=\"_ _7\"/>of <span class=\"_ _7\"/>its <span class=\"_ _7\"/>controlled <span class=\"_ _7\"/>entity, Companhia de <span class=\"_ _3\"/>Bebidas das Am\u00e9ricas, into <span class=\"_ _3\"/>Ambev. As one <span class=\"_ _3\"/>of the results o<span class=\"_ _3\"/>f such restructuring, <span class=\"_ _3\"/>the counterpart register o<span class=\"_ _3\"/>f the positive difference between the value of shares issued for the merger<span class=\"_ _3\"/> <span class=\"ff4\">and the net equity value of its controlled entity\u2019s<span class=\"_ _0\"/> </span>share <span class=\"_ _3\"/>was <span class=\"_ _3\"/>accounted, a<span class=\"_ _3\"/>s <span class=\"_ _3\"/>per IFRS <span class=\"_ _3\"/>10/CPC <span class=\"_ _3\"/>36 <span class=\"_ _3\"/>and <span class=\"_ _3\"/>ICPC09, <span class=\"_ _3\"/>in <span class=\"_ _3\"/>an <span class=\"_ _3\"/>equity <span class=\"_ _3\"/>account <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Ambev refe<span class=\"_ _3\"/>rred <span class=\"_ _3\"/>to as<span class=\"_ _3\"/> carrying <span class=\"_ _3\"/>value adjustment. In November 2019, <span class=\"_ _0\"/>Ambev received a <span class=\"_ _1\"/>tax assessment from the <span class=\"_ _1\"/>Bra<span class=\"_ _3\"/>zilian Federal Tax Authorities related <span class=\"_ _1\"/>to<span class=\"_ _3\"/> the in<span class=\"_ _1\"/>te<span class=\"_ _3\"/>rest on<span class=\"_ _0\"/> capital <span class=\"_\"> </span>(\u201cIOC<span class=\"_ _0\"/>\u201d) <span class=\"_\"> </span>d<span class=\"_ _1\"/>e<span class=\"_ _3\"/>duction <span class=\"_ _8\"> </span>in <span class=\"_ _8\"> </span>2014. <span class=\"_ _8\"> </span>The <span class=\"_\"> </span>a<span class=\"_ _0\"/>ssessment <span class=\"_ _8\"> </span>refers <span class=\"_\"> </span>pr<span class=\"_ _0\"/>imarily <span class=\"_\"> </span>t<span class=\"_ _1\"/>o<span class=\"_ _3\"/> <span class=\"_\"> </span>t<span class=\"_ _1\"/>he <span class=\"_\"> </span>accounting <span class=\"_ _8\"> </span>and <span class=\"_ _8\"> </span>corporate <span class=\"_ _8\"> </span>effects <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>the restructuring carried out by Ambev in 2013 and the impact on the increase in the deductibility of <span class=\"_ _3\"/>IOC expenses. In August 2020, Ambev received a partially f<span class=\"_ _3\"/>avorable decision at the first level adminis<span class=\"_ _3\"/>trative court and filed an Appeal to the L<span class=\"_ _3\"/>ower Administrative Court, which awaits judge<span class=\"_ _0\"/>ment. The favorable portio<span class=\"_ _0\"/>n of the decision i<span class=\"_ _1\"/>s<span class=\"_ _3\"/> subject to mandatory<span class=\"_ _3\"/> review by th<span class=\"_ _0\"/>e Lower Administrative Court. In <span class=\"_ _2\"/>Decem<span class=\"_ _3\"/>ber <span class=\"_ _2\"/>2020, <span class=\"_ _2\"/>Ambev <span class=\"_ _6\"/>received <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessment <span class=\"_ _2\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>deduction <span class=\"_ _2\"/>of <span class=\"_ _6\"/>the <span class=\"_ _2\"/>IOC <span class=\"_ _6\"/>in <span class=\"_ _2\"/>2015 <span class=\"_ _6\"/>and <span class=\"_ _2\"/>2016. <span class=\"_ _2\"/>The defense against such new <span class=\"_ _1\"/>ta<span class=\"_ _3\"/>x assessment <span class=\"_ _0\"/>was filed by Ambev <span class=\"_ _0\"/>in January 2021. In June 2021, Amb<span class=\"_ _0\"/>ev received a partially favorable <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>and <span class=\"_ _3\"/>filed <span class=\"_ _3\"/>an <span class=\"_ _3\"/>a<span class=\"_ _3\"/>ppeal <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Lower <span class=\"_ _3\"/>Administrative <span class=\"_ _3\"/>Court, <span class=\"_ _6\"/>which <span class=\"_ _3\"/>also <span class=\"_ _3\"/>awaits <span class=\"_ _3\"/>judgment<span class=\"_ _3\"/><span class=\"lsc\">. <span class=\"_ _3\"/></span>Similar <span class=\"_ _3\"/>to <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>first tax <span class=\"_ _6\"/>assessment, <span class=\"_ _7\"/>the <span class=\"_ _6\"/>favorable <span class=\"_ _6\"/>portion <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _7\"/>decision <span class=\"_ _6\"/>is <span class=\"_ _6\"/>also <span class=\"_ _6\"/>subject <span class=\"_ _7\"/>to <span class=\"_ _6\"/>mandatory <span class=\"_ _6\"/>review <span class=\"_ _6\"/>by <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Lower <span class=\"_ _6\"/>Administrative<span class=\"_ _3\"/> Court.  In <span class=\"_ _7\"/>December <span class=\"_ _6\"/>2022, <span class=\"_ _7\"/>Ambev<span class=\"_ _0\"/> <span class=\"_ _6\"/>received <span class=\"_ _7\"/>a <span class=\"_ _6\"/>new <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>assessment <span class=\"_ _7\"/>related <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>deduction <span class=\"_ _6\"/>of <span class=\"_ _7\"/>the <span class=\"_ _6\"/>IOC <span class=\"_ _7\"/>in <span class=\"_ _6\"/>2017. <span class=\"_ _7\"/>The <span class=\"_ _6\"/>defense against <span class=\"_ _5\"> </span>this <span class=\"_ _5\"> </span>new <span class=\"_ _4\"> </span>tax <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>ssessment <span class=\"_ _5\"> </span>was <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>by <span class=\"_ _5\"> </span>Ambev <span class=\"_ _5\"> </span>in <span class=\"_ _5\"> </span>Ja<span class=\"_ _3\"/>nuary <span class=\"_ _5\"> </span>2023, <span class=\"_ _5\"> </span>which <span class=\"_ _5\"> </span>is <span class=\"_ _5\"> </span>pending <span class=\"_ _5\"> </span>judgment <span class=\"_ _5\"> </span>by <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>first <span class=\"_ _5\"> </span>level administrative court. The updated assessed amount <span class=\"_ _3\"/>as of 3<span class=\"_ _3\"/>1 December 2022 is approximately 13<span class=\"_ _3\"/>.8 billion Brazilian real (2.6 billion <span class=\"_ _3\"/>US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. The <span class=\"_ _3\"/>uncertain <span class=\"_ _3\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _3\"/>continued to <span class=\"_ _3\"/>be <span class=\"_ _3\"/>adopted <span class=\"_ _3\"/>by <span class=\"_ _3\"/>Ambev a<span class=\"_ _3\"/>s it <span class=\"_ _3\"/>also <span class=\"_ _3\"/>distributed <span class=\"_ _3\"/>or a<span class=\"_ _3\"/>ccrued IOC <span class=\"_ _3\"/>in <span class=\"_ _3\"/>the <span class=\"_ _3\"/>years fo<span class=\"_ _3\"/>llowing the <span class=\"_ _1\"/>assessed <span class=\"_ _f\"/>pe<span class=\"_ _3\"/>riod <span class=\"_ _f\"/>(2018<span class=\"_ _3\"/>-2022) <span class=\"_ _f\"/>and <span class=\"_ _1\"/>deducted <span class=\"_ _1\"/>such <span class=\"_ _1\"/>amounts <span class=\"_ _f\"/>from <span class=\"_ _1\"/>its <span class=\"_ _1\"/>Corporate <span class=\"_ _1\"/>Income <span class=\"_ _1\"/>Taxes <span class=\"_ _f\"/>taxable <span class=\"_ _1\"/>basis <span class=\"_ _1\"/>(2018<span class=\"_ _2\"/>-2022). Therefore, in <span class=\"_ _1\"/>a scenario <span class=\"_ _1\"/>whe<span class=\"_ _3\"/>re <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e IOC <span class=\"_ _1\"/>d<span class=\"_ _3\"/>eductibility would <span class=\"_ _1\"/>also be <span class=\"_ _1\"/>questioned for <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e p<span class=\"_ _1\"/>e<span class=\"_ _3\"/>riod <span class=\"_ _0\"/>after 2017, <span class=\"_ _1\"/>on the <span class=\"_ _0\"/>same b<span class=\"_ _0\"/>asis and <span class=\"_ _1\"/>arguments <span class=\"_ _0\"/>as <span class=\"_ _1\"/>the <span class=\"_ _1\"/>aforementioned <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>a<span class=\"_ _3\"/>ssessments, <span class=\"_ _1\"/>Ambev <span class=\"_ _1\"/>management <span class=\"_ _1\"/>es<span class=\"_ _3\"/>timates <span class=\"_ _1\"/>that <span class=\"_ _1\"/>the <span class=\"_ _1\"/>outcom<span class=\"_ _3\"/>e <span class=\"_ _1\"/>of <span class=\"_ _1\"/>such <span class=\"_ _1\"/>potential further assessments would be consistent with the already assessed periods. Disallowance on Income Tax deduction In <span class=\"_ _3\"/>January <span class=\"_ _3\"/>2020, <span class=\"_ _2\"/>Arosuco, <span class=\"_ _3\"/>a <span class=\"_ _3\"/>subsidiary <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Ambev, <span class=\"_ _2\"/>received a <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>assessment <span class=\"_ _3\"/>from <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>Federal <span class=\"_ _3\"/>Tax <span class=\"_ _2\"/>Authorities<span class=\"_ _1\"/> regarding the disallowance of <span class=\"_ _3\"/>the income tax reduction benefit p<span class=\"_ _3\"/>rovided for in P<span class=\"_ _2\"/>rovisional Measure No. 2199<span class=\"_ _3\"/>-14/2001, for calendar years 2015 to 2018, and an administrative defen<span class=\"_ _0\"/>se was filed. In October 2020, the<span class=\"_ _0\"/> first level administrative court rendered <span class=\"_ _2\"/>a<span class=\"_ _3\"/>n <span class=\"_ _2\"/>unfavorable <span class=\"_ _2\"/>decision <span class=\"_ _6\"/>to <span class=\"_ _2\"/>Arosuco. <span class=\"_ _6\"/>Arosuco <span class=\"_ _2\"/>filed <span class=\"_ _6\"/>an <span class=\"_ _2\"/>ap<span class=\"_ _3\"/>peal <span class=\"_ _2\"/>against <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _2\"/>aforementi<span class=\"_ _2\"/>oned <span class=\"_ _6\"/>decision <span class=\"_ _2\"/>and <span class=\"_ _2\"/>a<span class=\"_ _3\"/>waits judgment b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> t<span class=\"_ _1\"/>he Lower <span class=\"_ _1\"/>Administrative Court. <span class=\"_ _1\"/>The <span class=\"_ _1\"/>u<span class=\"_ _3\"/>pdated <span class=\"_ _1\"/>assessed amount <span class=\"_ _1\"/>as <span class=\"_ _0\"/>of 31 Dec<span class=\"_ _0\"/>ember <span class=\"_ _1\"/>2022<span class=\"_ _3\"/> <span class=\"_ _1\"/>is approximately <span class=\"_ _1\"/>2.3 billion <span class=\"_ _1\"/>Brazilian <span class=\"_ _0\"/>real <span class=\"_ _1\"/>(0.4 <span class=\"_ _1\"/>billion <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar). A<span class=\"_ _1\"/>mbev ha<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>not <span class=\"_ _1\"/>recorded <span class=\"_ _1\"/>any pr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>visions <span class=\"_ _1\"/>for <span class=\"_ _1\"/>this <span class=\"_ _1\"/>matter a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>it <span class=\"_ _1\"/>conside<span class=\"_ _2\"/>rs <span class=\"_ _1\"/>the <span class=\"_ _1\"/>ch<span class=\"_ _3\"/>ance of loss to be possible. This <span class=\"_ _2\"/>uncertain <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _2\"/>continued <span class=\"_ _2\"/>to <span class=\"_ _2\"/>be <span class=\"_ _3\"/>applied <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Com<span class=\"_ _3\"/>pany <span class=\"_ _3\"/>impacting <span class=\"_ _2\"/>calendar <span class=\"_ _2\"/>years <span class=\"_ _2\"/>following <span class=\"_ _2\"/>those <span class=\"_ _3\"/>assessed (2019-2022) in which it benefited from the income ta<span class=\"_ _0\"/>x reduction provided for in Provisional <span class=\"_ _1\"/>M<span class=\"_ _3\"/>easure N<span class=\"_ _3\"/>o. 2199-14/2001. In a <span class=\"_ _f\"/>s<span class=\"_ _3\"/>cenario <span class=\"_ _f\"/>Arosuco<span class=\"_ _3\"/> <span class=\"_ _f\"/>is <span class=\"_ _1\"/>questioned <span class=\"_ _f\"/>on <span class=\"_ _1\"/>this <span class=\"_ _1\"/>matter <span class=\"_ _1\"/>for <span class=\"_ _1\"/>future <span class=\"_ _f\"/>periods, <span class=\"_ _1\"/>on <span class=\"_ _1\"/>the <span class=\"_ _f\"/>s<span class=\"_ _3\"/>ame <span class=\"_ _f\"/>b<span class=\"_ _3\"/>asis <span class=\"_ _f\"/>and <span class=\"_ _1\"/>arguments <span class=\"_ _1\"/>as <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _f\"/>aforementioned tax <span class=\"_ _4\"> </span>assessment, <span class=\"_ _4\"> </span>Arosuco <span class=\"_ _4\"> </span>management <span class=\"_ _4\"> </span>estimates <span class=\"_ _8\"> </span>that <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>outcome <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>s<span class=\"_ _3\"/>uch <span class=\"_ _4\"> </span>potential <span class=\"_ _4\"> </span>further <span class=\"_ _4\"> </span>assessments <span class=\"_ _4\"> </span>would <span class=\"_ _4\"> </span>be consistent to the already assessed periods. Tax Loss Offset  Ambev <span class=\"_ _1\"/>and cert<span class=\"_ _0\"/>ain <span class=\"_ _1\"/>of it<span class=\"_ _1\"/>s<span class=\"_ _3\"/> <span class=\"_ _1\"/>subsidiaries <span class=\"_ _1\"/>received a <span class=\"_ _f\"/>number <span class=\"_ _0\"/>of <span class=\"_ _1\"/>assessments <span class=\"_ _1\"/>from the <span class=\"_ _1\"/>Brazilian <span class=\"_ _f\"/>Fe<span class=\"_ _3\"/>deral <span class=\"_ _1\"/>Tax <span class=\"_ _1\"/>Au<span class=\"_ _3\"/>thorities <span class=\"_ _1\"/>relating to the offset of tax losses carried forward in the context of bu<span class=\"_ _0\"/>siness combin<span class=\"_ _3\"/>ations.  In <span class=\"_ _1\"/>February <span class=\"_ _1\"/>2016, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Upper <span class=\"_ _1\"/>Administrative <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>ruled <span class=\"_ _1\"/>unfavorably <span class=\"_ _1\"/>to <span class=\"_ _1\"/>Ambev <span class=\"_ _f\"/>in<span class=\"_ _3\"/> <span class=\"_ _1\"/>two <span class=\"_ _1\"/>of <span class=\"_ _1\"/>these <span class=\"_ _1\"/>cases, <span class=\"_ _1\"/>following <span class=\"_ _1\"/>which <span class=\"_ _1\"/>Ambev filed judicial p<span class=\"_ _3\"/>roceedings. In September 2016, <span class=\"_ _3\"/>Ambev received a <span class=\"_ _3\"/>favorable first level <span class=\"_ _3\"/>decision in one <span class=\"_ _3\"/>of the judicial <span class=\"_ _3\"/>claims which <span class=\"_ _2\"/>was <span class=\"_ _2\"/>confirmed <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second<span class=\"_ _3\"/>-level <span class=\"_ _2\"/>judicial <span class=\"_ _2\"/>court <span class=\"_ _2\"/>in <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2022. <span class=\"_ _2\"/>This <span class=\"_ _2\"/>decision <span class=\"_ _2\"/>is <span class=\"_ _2\"/>subject <span class=\"_ _2\"/>to <span class=\"_ _2\"/>appeal <span class=\"_ _2\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>tax authorities. In <span class=\"_ _1\"/>March 2017, <span class=\"_ _1\"/>Ambev<span class=\"_ _3\"/> re<span class=\"_ _1\"/>c<span class=\"_ _3\"/>eived a<span class=\"_ _0\"/>n unfavorable <span class=\"_ _1\"/>first level <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ecision <span class=\"_ _1\"/>with<span class=\"_ _3\"/> re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>pect t<span class=\"_ _1\"/>o the second <span class=\"_ _1\"/>judicial case a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d filed an appeal, which is pending judgment by the second<span class=\"_ _3\"/>-level judicial court. There is <span class=\"_ _1\"/>a third <span class=\"_ _1\"/>case being <span class=\"_ _1\"/>challenged at <span class=\"_ _1\"/>the administrative <span class=\"_ _1\"/>level in <span class=\"_ _1\"/>which an <span class=\"_ _1\"/>u<span class=\"_ _3\"/>nfavorable <span class=\"_ _1\"/>decision was <span class=\"_ _1\"/>rendered to <span class=\"_ _0\"/>Ambev by <span class=\"_ _6\"/>the <span class=\"_ _3\"/>L<span class=\"_ _3\"/>ower <span class=\"_ _2\"/>Administrative <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>June <span class=\"_ _2\"/>2019. <span class=\"_ _6\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>appealed <span class=\"_ _2\"/>th<span class=\"_ _2\"/>is <span class=\"_ _2\"/>decision <span class=\"_ _6\"/>and <span class=\"_ _2\"/>awaits <span class=\"_ _2\"/>judgment <span class=\"_ _6\"/>by <span class=\"_ _2\"/>the <span class=\"_ _2\"/>Upper Administrative Court. The <span class=\"_ _3\"/>amount <span class=\"_ _2\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>this <span class=\"_ _3\"/>uncertain <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>position <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of<span class=\"_ _3\"/> <span class=\"_ _3\"/>3<span class=\"_ _3\"/>1 <span class=\"_ _3\"/>December <span class=\"_ _2\"/>2022 <span class=\"_ _3\"/>is <span class=\"_ _2\"/>approximately <span class=\"_ _3\"/>0.5 <span class=\"_ _3\"/>bi<span class=\"_ _3\"/>llion <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _2\"/>(0.1 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the<span class=\"_ _1\"/> c<span class=\"_ _3\"/>hance of loss to be possible.<span class=\"_ _3\"/> ICMS VALUE ADDED TAX, EXCISE TAX (\u201cIPI\u201d) AND TAXES ON NET SALES<span class=\"ff1\"> </span>Manaus Free Trade Zone <span class=\"ffe\">\u2013</span> IPI / Social contributions In Brazil, g<span class=\"_ _1\"/>o<span class=\"_ _3\"/>ods manufa<span class=\"_ _0\"/>ctured within <span class=\"_ _1\"/>the Manaus Free <span class=\"_ _0\"/>Trade <span class=\"_ _1\"/>Zon<span class=\"_ _3\"/>e intend<span class=\"_ _0\"/>ed for r<span class=\"_ _1\"/>emittance elsewhere in <span class=\"_ _1\"/>Brazil are exempt<span class=\"_ _0\"/> and/ <span class=\"_ _1\"/>or <span class=\"_ _1\"/>zero-<span class=\"ff4\">rated <span class=\"_ _1\"/>from <span class=\"_ _1\"/>excise <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>(\u201cIPI\u201d) <span class=\"_ _1\"/>and <span class=\"_ _1\"/>social <span class=\"_ _1\"/>contributions <span class=\"_ _1\"/>(\u201cPIS/COFINS\u201d). <span class=\"_ _1\"/>With <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>to <span class=\"_ _1\"/>IP<span class=\"_ _3\"/>I, <span class=\"_ _1\"/>Ambev\u2019s <span class=\"_ _1\"/>subsidiaries </span>have <span class=\"_ _1\"/>be<span class=\"_ _3\"/>en <span class=\"_ _1\"/>registering <span class=\"_ _1\"/>IPI pres<span class=\"_ _1\"/>u<span class=\"_ _3\"/>med <span class=\"_ _1\"/>tax cr<span class=\"_ _0\"/>edits <span class=\"_ _1\"/>upon the <span class=\"_ _f\"/>acquisition of <span class=\"_ _f\"/>exempted <span class=\"_ _1\"/>g<span class=\"_ _3\"/>oods <span class=\"_ _1\"/>manufactured <span class=\"_ _0\"/>therein. <span class=\"_ _1\"/>Since <span class=\"_ _0\"/>2009, Ambev <span class=\"_ _4\"> </span>has <span class=\"_ _4\"> </span>been <span class=\"_ _4\"> </span>receiving <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>number <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>tax <span class=\"_ _4\"> </span>assessments <span class=\"_ _4\"> </span>from <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>Brazilian <span class=\"_ _4\"> </span>Federal <span class=\"_ _4\"> </span>Tax <span class=\"_ _4\"> </span>Authorities <span class=\"_ _4\"> </span>relating <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>the disallowance of such credits. Ambev <span class=\"_ _2\"/>and <span class=\"_ _3\"/>its <span class=\"_ _3\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _3\"/>have <span class=\"_ _2\"/>also <span class=\"_ _3\"/>been <span class=\"_ _2\"/>receiving <span class=\"_ _3\"/>charges <span class=\"_ _2\"/>from <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Brazilian <span class=\"_ _3\"/>Federal <span class=\"_ _2\"/>Tax <span class=\"_ _2\"/>Authorities <span class=\"_ _3\"/>in <span class=\"_ _2\"/>relation <span class=\"_ _3\"/>to <span class=\"_ _2\"/>(i)<span class=\"_ _0\"/> federal taxes <span class=\"_ _1\"/>allegedly unduly <span class=\"_ _1\"/>offset with t<span class=\"_ _1\"/>he disallowed <span class=\"_ _0\"/>presumed IP<span class=\"_ _1\"/>I excise ta<span class=\"_ _0\"/>x credit<span class=\"_ _0\"/>s tha<span class=\"_ _1\"/>t are under<span class=\"_ _3\"/> discussion <span class=\"_ _1\"/>in these proceedings and (ii) PIS/COFINS amounts allegedly due on Arosuco\u2019s remittance to Amb<span class=\"_ _0\"/>ev subsidiaries. <span class=\"_ _3\"/><span class=\"ff2\"> </span>In <span class=\"_ _3\"/>April <span class=\"_ _3\"/>2019, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Federal <span class=\"_ _3\"/>Supreme <span class=\"_ _3\"/>Court <span class=\"_ _3\"/>(\u201cSTF\u201d) <span class=\"_ _3\"/>announced <span class=\"_ _3\"/>its <span class=\"_ _3\"/>judgment <span class=\"_ _2\"/>on <span class=\"_ _3\"/>Extraordinary Appeal <span class=\"_ _3\"/>No. <span class=\"_ _3\"/>592.891/SP <span class=\"_ _2\"/>and 596.614/SP, <span class=\"_ _4\"> </span>with <span class=\"_ _5\"> </span>binding <span class=\"_ _4\"> </span>effects, <span class=\"_ _5\"> </span>deciding <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>rights <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>taxpayers <span class=\"_ _4\"> </span>registering <span class=\"_ _5\"> </span>IPI <span class=\"_ _5\"> </span>excise <span class=\"_ _4\"> </span>tax <span class=\"_ _5\"> </span>p<span class=\"_ _3\"/>resumed <span class=\"_ _5\"> </span>credits <span class=\"_ _5\"> </span>o<span class=\"_ _3\"/>n acquisitions <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>raw <span class=\"_ _7\"> </span>mate<span class=\"_ _3\"/>rials <span class=\"_ _7\"/>and <span class=\"_ _7\"> </span>e<span class=\"_ _3\"/>xempted <span class=\"_ _7\"/>inputs <span class=\"_ _7\"> </span>originating <span class=\"_ _5\"> </span>from <span class=\"_ _7\"> </span>the <span class=\"_ _5\"> </span>Manaus <span class=\"_ _7\"/>Free <span class=\"_ _5\"> </span>Trade <span class=\"_ _7\"> </span>Zone. <span class=\"_ _5\"> </span>As <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>result <span class=\"_ _5\"> </span>of <span class=\"_ _7\"/>this decision, Ambev reclassified part of th<span class=\"_ _0\"/>e amounts related to the IPI cases <span class=\"_ _0\"/>as remote losses maintaining a<span class=\"_ _1\"/>s<span class=\"_ _3\"/> possible losses only issues <span class=\"_ _3\"/>related to<span class=\"_ _3\"/> other additional <span class=\"_ _3\"/>discussions that were <span class=\"_ _3\"/>not incl<span class=\"_ _3\"/>uded in the <span class=\"_ _3\"/>analysis of th<span class=\"_ _3\"/>e STF. <span class=\"_ _3\"/>The cases a<span class=\"_ _3\"/>re being challenged at both the administrative and judicial levels. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>the <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _6\"/>to <span class=\"_ _2\"/>these <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _6\"/>be <span class=\"_ _2\"/>approximately <span class=\"_ _2\"/>5.9 <span class=\"_ _6\"/>billion <span class=\"_ _2\"/>Brazilian real (1.1 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in c<span class=\"_ _3\"/>onnection therewith. In <span class=\"_ _2\"/>addition, <span class=\"_ _6\"/>Ambev <span class=\"_ _2\"/>an<span class=\"_ _3\"/>d <span class=\"_ _2\"/>its <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>h<span class=\"_ _3\"/>ave <span class=\"_ _2\"/>been <span class=\"_ _2\"/>c<span class=\"_ _3\"/>harged <span class=\"_ _3\"/>i<span class=\"_ _3\"/>solated <span class=\"_ _2\"/>fines <span class=\"_ _6\"/>due <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _6\"/>non<span class=\"_ _3\"/>-recognition <span class=\"_ _2\"/>of <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>offsets. <span class=\"_ _2\"/>The constitutionality <span class=\"_ _3\"/>of <span class=\"_ _3\"/>this <span class=\"_ _2\"/>penalty <span class=\"_ _3\"/>is <span class=\"_ _3\"/>under <span class=\"_ _3\"/>review <span class=\"_ _3\"/>at <span class=\"_ _2\"/>the <span class=\"_ _3\"/>Supreme <span class=\"_ _3\"/>Cou<span class=\"_ _3\"/>rt <span class=\"_ _3\"/>of <span class=\"_ _3\"/>Justice. <span class=\"_ _3\"/>The <span class=\"_ _3\"/>updated <span class=\"_ _3\"/>ass<span class=\"_ _3\"/>essed <span class=\"_ _3\"/>amount <span class=\"_ _3\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 December <span class=\"_ _3\"/>2022<span class=\"_ _3\"/> i<span class=\"_ _3\"/>s <span class=\"_ _3\"/>approximately <span class=\"_ _3\"/>0.2 <span class=\"_ _3\"/>billion <span class=\"_ _2\"/>Brazilian <span class=\"_ _3\"/>real <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar). <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>not <span class=\"_ _3\"/>recorded <span class=\"_ _3\"/>any <span class=\"_ _2\"/>provisions for this matter as it considers the chance of loss to be possible. IPI Suspension<span class=\"ff2\"> </span>In <span class=\"_ _2\"/>2014 <span class=\"_ _6\"/>and <span class=\"_ _2\"/>2015, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>from <span class=\"_ _2\"/>the <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>Fe<span class=\"_ _3\"/>deral <span class=\"_ _2\"/>Tax <span class=\"_ _2\"/>Authorities <span class=\"_ _2\"/>relating <span class=\"_ _2\"/>to <span class=\"_ _6\"/>IPI <span class=\"_ _2\"/>allegedly due <span class=\"_ _5\"> </span>over <span class=\"_ _5\"> </span>remittances <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>manufactured <span class=\"_ _5\"> </span>goods <span class=\"_ _5\"> </span>to<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>oth<span class=\"_ _3\"/>er <span class=\"_ _5\"> </span>related <span class=\"_ _5\"> </span>factories. <span class=\"_ _5\"> </span>The <span class=\"_ _7\"> </span>c<span class=\"_ _3\"/>ases <span class=\"_ _5\"> </span>are <span class=\"_ _7\"> </span>be<span class=\"_ _3\"/>ing <span class=\"_ _5\"> </span>challenged <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _5\"> </span>both <span class=\"_ _5\"> </span>the administrative and judicial levels. In 2020, Ambev received a <span class=\"_ _0\"/>final partially favo<span class=\"_ _2\"/>rable decision at the administrative level in one <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ases. <span class=\"_ _3\"/>In <span class=\"_ _3\"/>July <span class=\"_ _3\"/>2022, <span class=\"_ _3\"/>Ambev <span class=\"_ _3\"/>received <span class=\"_ _3\"/>the <span class=\"_ _2\"/>first <span class=\"_ _3\"/>judicial <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>on <span class=\"_ _3\"/>this <span class=\"_ _2\"/>matter; <span class=\"_ _3\"/>the <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>was <span class=\"_ _3\"/>unfavorable <span class=\"_ _3\"/>to Ambev and it has filed an appeal. In <span class=\"_ _6\"/>October <span class=\"_ _6\"/>2022, <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Upper <span class=\"_ _6\"/>Administrative <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>rende<span class=\"_ _3\"/>red <span class=\"_ _6\"/>a <span class=\"_ _6\"/>parti<span class=\"_ _3\"/>ally <span class=\"_ _2\"/>fav<span class=\"_ _3\"/>orable <span class=\"_ _2\"/>de<span class=\"_ _3\"/>cision <span class=\"_ _6\"/>to <span class=\"_ _2\"/>Amb<span class=\"_ _3\"/>ev <span class=\"_ _2\"/>i<span class=\"_ _3\"/>n <span class=\"_ _6\"/>one <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>cases related <span class=\"_ _1\"/>to <span class=\"_ _1\"/>this<span class=\"_ _3\"/> <span class=\"_ _1\"/>matter. <span class=\"_ _1\"/>Ambev <span class=\"_ _1\"/>awaits <span class=\"_ _0\"/>formal <span class=\"_ _1\"/>notification <span class=\"_ _1\"/>of <span class=\"_ _1\"/>this <span class=\"_ _1\"/>dec<span class=\"_ _3\"/>ision <span class=\"_ _1\"/>to <span class=\"_ _1\"/>assess <span class=\"_ _0\"/>whether <span class=\"_ _f\"/>any portion <span class=\"_ _f\"/>of <span class=\"_ _0\"/>the <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>assessment<span class=\"_ _3\"/> may be challenged at the judicial level. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _6\"/>the <span class=\"_ _2\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _6\"/>related <span class=\"_ _2\"/>to <span class=\"_ _2\"/>th<span class=\"_ _3\"/>ese <span class=\"_ _2\"/>assessments <span class=\"_ _6\"/>to <span class=\"_ _2\"/>be <span class=\"_ _6\"/>approximately <span class=\"_ _2\"/>1.7 <span class=\"_ _2\"/>billion <span class=\"_ _6\"/>Brazilian real (0.3 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in c<span class=\"_ _3\"/>onnection therewith.<span class=\"ff5\"> </span>ICMS tax credits<span class=\"ff2\"> </span>Ambev is currently challenging tax<span class=\"_ _3\"/> assessments issued by the states of S\u00e3o Paulo, Rio de Janeiro, Minas Gerais, among others, <span class=\"_ _7\"/>questioning <span class=\"_ _7\"> </span>the <span class=\"_ _7\"> </span>legality <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>ICMS <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>credits <span class=\"_ _7\"/>arising <span class=\"_ _7\"/>from <span class=\"_ _7\"/>transactions <span class=\"_ _7\"> </span>with <span class=\"_ _7\"/>companies <span class=\"_ _7\"> </span>that <span class=\"_ _7\"> </span>h<span class=\"_ _3\"/>ave <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>incentives granted <span class=\"_ _6\"/>by <span class=\"_ _6\"/>other <span class=\"_ _6\"/>states. <span class=\"_ _6\"/>The <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _6\"/>are <span class=\"_ _2\"/>b<span class=\"_ _3\"/>eing <span class=\"_ _6\"/>challen<span class=\"_ _3\"/>ged <span class=\"_ _6\"/>at <span class=\"_ _2\"/>b<span class=\"_ _3\"/>oth <span class=\"_ _6\"/>the <span class=\"_ _6\"/>administrative <span class=\"_ _6\"/>and <span class=\"_ _2\"/>judi<span class=\"_ _3\"/>cial <span class=\"_ _2\"/>level <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _6\"/>the <span class=\"_ _2\"/>courts. <span class=\"_ _6\"/>On August 2020, the <span class=\"_ _3\"/>STF issued a binding <span class=\"_ _3\"/>decision (Extraordinary Appeal No. 628.075) <span class=\"_ _3\"/>ruling that tax credits granted by <span class=\"_ _3\"/>the states in <span class=\"_ _1\"/>the context <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>ICMS tax <span class=\"_ _0\"/>war <span class=\"_ _1\"/>s<span class=\"_ _3\"/>hall <span class=\"_ _1\"/>be considered <span class=\"_ _1\"/>unlaw<span class=\"_ _3\"/>ful. The <span class=\"_ _1\"/>decision also <span class=\"_ _1\"/>recognized <span class=\"_ _0\"/>that <span class=\"_ _0\"/>the <span class=\"_ _0\"/>states <span class=\"_ _0\"/>should abide by the tax incentives <span class=\"_ _1\"/>v<span class=\"_ _3\"/>alidation process prov<span class=\"_ _0\"/>ided for in Complementary Law No.<span class=\"_ _0\"/> 160/17. This decision<span class=\"_ _1\"/> b<span class=\"_ _3\"/>ecame final (and <span class=\"_ _4\"> </span>no <span class=\"_ _4\"> </span>longer <span class=\"_ _4\"> </span>subject <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>appeal) <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>December <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>it <span class=\"_ _4\"> </span>does <span class=\"_ _8\"> </span>not <span class=\"_ _5\"> </span>change <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>l<span class=\"_ _2\"/><span class=\"ff4\">ikelihood <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>loss <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Ambev\u2019s <span class=\"_ _4\"> </span>tax </span>assessments. With <span class=\"_ _3\"/>respect to the <span class=\"_ _3\"/>assessments issued by<span class=\"_ _3\"/> the State of <span class=\"_ _3\"/>S\u00e3o Paulo, <span class=\"_ _3\"/>Ambev received un<span class=\"_ _3\"/>favorable decisions at <span class=\"_ _2\"/>the <span class=\"_ _2\"/>second <span class=\"_ _2\"/>administrative <span class=\"_ _2\"/>level <span class=\"_ _2\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>April, <span class=\"_ _3\"/>M<span class=\"_ _3\"/>ay <span class=\"_ _2\"/>and <span class=\"_ _2\"/>June <span class=\"_ _2\"/>2022. <span class=\"_ _2\"/>In <span class=\"_ _2\"/>these <span class=\"_ _2\"/>cases, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>appeals <span class=\"_ _2\"/>to <span class=\"_ _7\"> </span>the <span class=\"_ _2\"/>second administrative level. Ambev management estimates <span class=\"_ _3\"/>the possible losses related to thes<span class=\"_ _3\"/>e assessments to be approximately 1<span class=\"_ _3\"/>.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. Am<span class=\"_ _3\"/>bev has not recorded any provision <span class=\"_ _1\"/>in <span class=\"_ _3\"/>connection therewith. In <span class=\"_ _2\"/>ad<span class=\"_ _3\"/>dition, <span class=\"_ _2\"/>in <span class=\"_ _6\"/>2018 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>2021, <span class=\"_ _2\"/>Ambe<span class=\"_ _3\"/>v <span class=\"_ _2\"/>received <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _6\"/>from <span class=\"_ _2\"/>the <span class=\"_ _6\"/>States <span class=\"_ _2\"/>of <span class=\"_ _6\"/>Rio <span class=\"_ _2\"/>Grand<span class=\"_ _3\"/>e <span class=\"_ _2\"/>do <span class=\"_ _6\"/>Sul <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>S\u00e3o <span class=\"_ _6\"/>Paulo charging alleged differences in ICMS due to the disallowance of credits<span class=\"_ _3\"/> arising from transactions with suppliers located <span class=\"_ _2\"/>in the Manaus <span class=\"_ _3\"/>Free Trade Zone. <span class=\"_ _3\"/>With regard <span class=\"_ _3\"/>to the assessment i<span class=\"_ _3\"/>ssued by <span class=\"_ _3\"/>the State of <span class=\"_ _3\"/>Rio Grande do <span class=\"_ _3\"/>Sul, Ambev <span class=\"_ _3\"/>received a <span class=\"_ _1\"/>favourable <span class=\"_ _1\"/>judgment <span class=\"_ _1\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>seco<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>administrative <span class=\"_ _f\"/>level<span class=\"_ _3\"/> <span class=\"_ _f\"/>in<span class=\"_ _3\"/> <span class=\"_ _f\"/>February <span class=\"_ _1\"/>2022, <span class=\"_ _1\"/>which <span class=\"_ _0\"/>is <span class=\"_ _f\"/>sti<span class=\"_ _3\"/>ll <span class=\"_ _f\"/>sub<span class=\"_ _3\"/>ject <span class=\"_ _1\"/>to <span class=\"_ _1\"/>appeal <span class=\"_ _1\"/>by <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>authoritie<span class=\"_ _2\"/>s. With <span class=\"_ _2\"/>respect <span class=\"_ _2\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>assessments <span class=\"_ _3\"/>issued <span class=\"_ _2\"/>by <span class=\"_ _3\"/>th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>State <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>S\u00e3o <span class=\"_ _2\"/>Paulo, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>received <span class=\"_ _3\"/>unfavourable <span class=\"_ _3\"/>judgments <span class=\"_ _2\"/>at <span class=\"_ _3\"/>the <span class=\"_ _2\"/>first administrative <span class=\"_ _2\"/>level <span class=\"_ _2\"/>in <span class=\"_ _3\"/>Ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>June <span class=\"_ _3\"/>2<span class=\"_ _3\"/>022. <span class=\"_ _3\"/>In <span class=\"_ _6\"/>these <span class=\"_ _3\"/>cases, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>filed <span class=\"_ _2\"/>appeals <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _3\"/>second <span class=\"_ _2\"/>administrative <span class=\"_ _2\"/>level. Ambev management estimates <span class=\"_ _3\"/>the possible l<span class=\"_ _3\"/>osses related to these assessments to <span class=\"_ _3\"/>be approximately <span class=\"_ _3\"/>0.7 billio<span class=\"_ _3\"/>n Brazilian real (0.1 billion US dollar) as of 31 December 2022. ICMS-ST Trigger<span class=\"ff2\"> </span>Over <span class=\"_ _2\"/>the <span class=\"_ _2\"/>y<span class=\"_ _3\"/>ears, <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>has <span class=\"_ _2\"/>received <span class=\"_ _6\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _2\"/>charge <span class=\"_ _6\"/>supposed <span class=\"_ _2\"/>ICMS <span class=\"_ _2\"/>differences <span class=\"_ _2\"/>considered <span class=\"_ _6\"/>d<span class=\"_ _2\"/>ue <span class=\"_ _2\"/>when <span class=\"_ _2\"/>the price of the products sold b<span class=\"_ _0\"/>y Ambev is above the fixed pr<span class=\"_ _1\"/>ic<span class=\"_ _3\"/>e table basis established b<span class=\"_ _0\"/>y the relevant state<span class=\"_ _0\"/>s, cases in which the <span class=\"_ _6\"/>state <span class=\"_ _7\"/>tax <span class=\"_ _6\"/>authorities <span class=\"_ _7\"/>understand <span class=\"_ _6\"/>that <span class=\"_ _6\"/>the <span class=\"_ _7\"/>calculation <span class=\"_ _6\"/>basis <span class=\"_ _6\"/>should <span class=\"_ _7\"/>be <span class=\"_ _6\"/>based <span class=\"_ _6\"/>o<span class=\"_ _3\"/>n <span class=\"_ _6\"/>a <span class=\"_ _6\"/>value<span class=\"_ _2\"/>-added <span class=\"_ _6\"/>percentage <span class=\"_ _7\"/>over <span class=\"_ _6\"/>the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are<span class=\"_ _0\"/> being challenged at both the administrative and judicial levels. Ambev mana<span class=\"_ _0\"/>gement <span class=\"_ _0\"/>estimates th<span class=\"_ _1\"/>e total <span class=\"_ _1\"/>p<span class=\"_ _3\"/>ossible <span class=\"_ _1\"/>loss related <span class=\"_ _1\"/>to thi<span class=\"_ _0\"/>s i<span class=\"_ _0\"/>ssu<span class=\"_ _3\"/>e t<span class=\"_ _0\"/>o b<span class=\"_ _1\"/>e<span class=\"_ _3\"/> a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>roximately <span class=\"_ _1\"/>9.3 billion <span class=\"_ _1\"/>Brazilian real <span class=\"_ _1\"/>(1.8 billion <span class=\"_ _6\"/>US <span class=\"_ _7\"/>dollar) <span class=\"_ _6\"/>as <span class=\"_ _6\"/>of<span class=\"_ _3\"/> <span class=\"_ _6\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _6\"/>2022. <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>has <span class=\"_ _6\"/>not <span class=\"_ _6\"/>reco<span class=\"_ _3\"/>rded <span class=\"_ _6\"/>any <span class=\"_ _6\"/>provisions <span class=\"_ _7\"/>for <span class=\"_ _6\"/>this <span class=\"_ _6\"/>matter <span class=\"_ _6\"/>as <span class=\"_ _6\"/>i<span class=\"_ _3\"/>t <span class=\"_ _6\"/>considers <span class=\"_ _6\"/>the chance of loss to be possible. SOCIAL CONTRIBUTIONS Since 2015, <span class=\"_ _0\"/>Ambev h<span class=\"_ _0\"/>as received t<span class=\"_ _1\"/>ax assessments issued<span class=\"_ _0\"/> by <span class=\"_ _1\"/>the Brazilian Federal<span class=\"_ _0\"/> Tax A<span class=\"_ _1\"/>uthoriti<span class=\"_ _3\"/>es rela<span class=\"_ _0\"/>ting to <span class=\"_ _0\"/>PIS/COFINS amounts <span class=\"_ _4\"> </span>allegedly <span class=\"_ _4\"> </span>due <span class=\"_ _8\"> </span>over <span class=\"_ _5\"> </span>bonus <span class=\"_ _4\"> </span>pro<span class=\"_ _3\"/>ducts <span class=\"_ _5\"> </span>g<span class=\"_ _3\"/>ranted <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>its <span class=\"_ _4\"> </span>customers. <span class=\"_ _8\"> </span>The <span class=\"_ _5\"> </span>c<span class=\"_ _3\"/>ases <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>being <span class=\"_ _4\"> </span>challenged <span class=\"_ _4\"> </span>a<span class=\"_ _3\"/>t <span class=\"_ _4\"> </span>both <span class=\"_ _4\"> </span>the administrative <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>judicial <span class=\"_ _4\"> </span>levels <span class=\"_ _4\"> </span>o<span class=\"_ _3\"/>f <span class=\"_ _4\"> </span>the <span class=\"_ _8\"> </span>courts.<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>019 <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>2<span class=\"_ _3\"/>020, <span class=\"_ _4\"> </span>Ambev <span class=\"_ _8\"> </span>received <span class=\"_ _4\"> </span>final <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"/>vorable <span class=\"_ _4\"> </span>decisions <span class=\"_ _8\"> </span>at <span class=\"_ _5\"> </span>the administrative <span class=\"_ _3\"/>level <span class=\"_ _2\"/>in <span class=\"_ _3\"/>some <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>these <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ases <span class=\"_ _3\"/>and <span class=\"_ _3\"/>favorable <span class=\"_ _2\"/>decisions <span class=\"_ _3\"/>in <span class=\"_ _2\"/>other <span class=\"_ _3\"/>cases <span class=\"_ _3\"/>th<span class=\"_ _3\"/>at <span class=\"_ _3\"/>are <span class=\"_ _3\"/>still <span class=\"_ _2\"/>subject <span class=\"_ _3\"/>to <span class=\"_ _2\"/>review. <span class=\"_ _3\"/>At <span class=\"_ _2\"/>the judicial level, <span class=\"_ _3\"/>one c<span class=\"_ _3\"/>ase is <span class=\"_ _3\"/>pending decision <span class=\"_ _3\"/>by th<span class=\"_ _3\"/>e second <span class=\"_ _3\"/>level <span class=\"_ _3\"/>judicial <span class=\"_ _3\"/>court afte<span class=\"_ _3\"/>r the first <span class=\"_ _3\"/>level <span class=\"_ _3\"/>judicial court <span class=\"_ _3\"/>rendered an unfavorable decision to Ambev. Ambev <span class=\"_ _2\"/>mana<span class=\"_ _3\"/>gement <span class=\"_ _2\"/>estimates <span class=\"_ _2\"/>the <span class=\"_ _6\"/>possible <span class=\"_ _2\"/>loss <span class=\"_ _2\"/>related <span class=\"_ _6\"/>to <span class=\"_ _2\"/>these <span class=\"_ _6\"/>assessments <span class=\"_ _2\"/>to <span class=\"_ _6\"/>be <span class=\"_ _2\"/>approximately <span class=\"_ _2\"/>1.6 <span class=\"_ _6\"/>billion <span class=\"_ _2\"/>Brazilian real (0.3 billion US dollar) as o<span class=\"_ _1\"/>f<span class=\"_ _3\"/> 31 December 2022<span class=\"ls2\">. </span>Ambev has not recorded any<span class=\"_ _0\"/> provisions for this matter a<span class=\"_ _0\"/>s it considers the chance of loss to be possible. AB INBEV\u2019S TANZANIA TAX MATTERS<span class=\"ff1\"> </span>Tanzania <span class=\"_ _7\"/>Breweries <span class=\"_ _7\"/>Limited <span class=\"_ _7\"/>(\u201cTBL\u201d), <span class=\"_ _7\"/>a <span class=\"_ _6\"/>subsidiary <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>InBev <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Tanzania, <span class=\"_ _7\"/>received <span class=\"_ _7\"/>a <span class=\"_ _7\"/>tax <span class=\"_ _7\"/>assessment <span class=\"_ _6\"/>for <span class=\"_ _7\"> </span>850 <span class=\"_ _7\"> </span>bil<span class=\"_ _2\"/><span class=\"ff2\">lion </span>Tanzanian <span class=\"_ _6\"/>shillings <span class=\"_ _6\"/>(0.4 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>i<span class=\"_ _3\"/>ncome <span class=\"_ _2\"/>tax <span class=\"_ _6\"/>o<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _6\"/>alleged <span class=\"_ _6\"/>capital <span class=\"_ _6\"/>gain <span class=\"_ _6\"/>derived <span class=\"_ _6\"/>from <span class=\"_ _6\"/>the <span class=\"_ _6\"/>change <span class=\"_ _6\"/>in underlying <span class=\"_ _5\"> </span>ownership <span class=\"_ _4\"> </span>of <span class=\"_ _5\"> </span>TBL <span class=\"_ _5\"> </span>whi<span class=\"_ _3\"/>ch <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>Ta<span class=\"_ _3\"/>nzania <span class=\"_ _5\"> </span>Revenue <span class=\"_ _5\"> </span>Authority <span class=\"_ _4\"> </span>claims <span class=\"_ _5\"> </span>was <span class=\"_ _4\"> </span>more <span class=\"_ _5\"> </span>than <span class=\"_ _4\"> </span>50% <span class=\"_ _5\"> </span>following <span class=\"_ _4\"> </span>the <span class=\"_ _5\"> </span>2016 combination <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>SAB <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>AB <span class=\"_ _5\"> </span>InBev. <span class=\"_ _4\"> </span>TBL <span class=\"_ _5\"> </span>filed <span class=\"_ _5\"> </span>an <span class=\"_ _4\"> </span>appeal <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>the <span class=\"_ _4\"> </span>Tax <span class=\"_ _5\"> </span>Revenue <span class=\"_ _4\"> </span>Appeals <span class=\"_ _5\"> </span>Board. <span class=\"_ _5\"> </span>TBL <span class=\"_ _4\"> </span>believes <span class=\"_ _5\"> </span>that <span class=\"_ _4\"> </span>the<span class=\"_ _1\"/> assessment is without merit and will vigorously defend against the assessment. No related provision has been ma<span class=\"_ _0\"/>de.<span class=\"_ _3\"/> AB<span class=\"ls0\"> <span class=\"ff3\">INBEV\u2019S SOUTH AFRICA TAX MATTERS </span> </span>The <span class=\"_ _1\"/>South <span class=\"_ _1\"/>Africa<span class=\"ff4\">n <span class=\"_ _1\"/>Revenue <span class=\"_ _1\"/>Service <span class=\"_ _1\"/>(\u201cSARS\u201d) <span class=\"_ _1\"/>conducted <span class=\"_ _1\"/>an <span class=\"_ _1\"/>audit <span class=\"_ _1\"/>of <span class=\"_ _1\"/>AB <span class=\"_ _1\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>South <span class=\"_ _f\"/>African <span class=\"_ _1\"/>subsidiary, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>South <span class=\"_ _1\"/>African </span>Breweries (Pty) <span class=\"_ _1\"/>Ltd<span class=\"_ _3\"/>. (\u201cSAB\u201d), <span class=\"_ _1\"/>in <span class=\"_ _0\"/>relation to <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e 2<span class=\"_ _1\"/>01<span class=\"_ _3\"/>7 rep<span class=\"_ _0\"/>urchase of <span class=\"_ _1\"/>SAB\u2019s equity <span class=\"_ _1\"/>s<span class=\"_ _3\"/>take in <span class=\"_ _1\"/>Coca<span class=\"_ _3\"/><span class=\"ff2\">-Col<span class=\"_ _3\"/>a Beverag<span class=\"_ _0\"/>es Africa <span class=\"_ _1\"/>(Pty<span class=\"_ _3\"/>)<span class=\"_ _0\"/> </span>Ltd (\u201cCCBA\u201d), the Co<span class=\"_ _0\"/>ca<span class=\"ff2\">-Cola bottling business in <span class=\"_ _0\"/>Africa, b<span class=\"_ _1\"/>y<span class=\"_ _3\"/> CCBA. The pre<span class=\"_ _1\"/>l<span class=\"_ _3\"/>iminary audit f<span class=\"_ _0\"/>inding claims tha<span class=\"_ _0\"/>t SAB owes <span class=\"_ _1\"/>6.3 </span>billion <span class=\"_ _8\"> </span>S<span class=\"_ _0\"/>outh <span class=\"_ _8\"> </span>A<span class=\"_ _0\"/>frican <span class=\"_ _4\"> </span>Rand <span class=\"_ _8\"> </span>(0.4 <span class=\"_ _4\"> </span>billion <span class=\"_ _4\"> </span>US <span class=\"_ _8\"> </span>dollar) <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>taxes, <span class=\"_ _8\"> </span>in <span class=\"_ _4\"> </span>addition <span class=\"_ _4\"> </span>to <span class=\"_ _8\"> </span>potential <span class=\"_ _4\"> </span>penalties <span class=\"_ _4\"> </span>and <span class=\"_ _8\"> </span>interest, <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>are unspecified <span class=\"_ _5\"> </span>but <span class=\"_ _5\"> </span>may <span class=\"_ _5\"> </span>be <span class=\"_ _7\"> </span>s<span class=\"_ _3\"/>ignificant <span class=\"_ _7\"> </span>as<span class=\"_ _3\"/> <span class=\"_ _7\"> </span>a <span class=\"_ _5\"> </span>prop<span class=\"_ _3\"/>ortion <span class=\"_ _5\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>total. <span class=\"_ _5\"> </span>SAB <span class=\"_ _5\"> </span>contests <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>oth <span class=\"_ _7\"> </span>cl<span class=\"_ _3\"/>aims <span class=\"_ _7\"/>and <span class=\"_ _5\"> </span>has <span class=\"_ _5\"> </span>responded <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>the preliminary audit <span class=\"_ _1\"/>fi<span class=\"_ _3\"/>nding. SAB <span class=\"_ _1\"/>intends to object <span class=\"_ _0\"/>to a<span class=\"_ _0\"/>ny assessment <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ssued, <span class=\"_ _0\"/>but may <span class=\"_ _1\"/>be required to secur<span class=\"_ _0\"/>e or <span class=\"_ _0\"/>pre<span class=\"_ _3\"/>-pay some or <span class=\"_ _6\"/>all <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>taxes <span class=\"_ _6\"/>assessed, <span class=\"_ _6\"/>pend<span class=\"_ _3\"/>ing <span class=\"_ _2\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>outcome <span class=\"_ _6\"/>of <span class=\"_ _6\"/>SAB\u2019s <span class=\"_ _6\"/>chall<span class=\"_ _2\"/><span class=\"ff2\">enge <span class=\"_ _6\"/>and <span class=\"_ _2\"/>a<span class=\"_ _3\"/>ny <span class=\"_ _6\"/>appeal. <span class=\"_ _2\"/>No <span class=\"_ _6\"/>rel<span class=\"_ _3\"/>ated <span class=\"_ _6\"/>provision <span class=\"_ _6\"/>has <span class=\"_ _6\"/>been </span>made. AB INBEV\u2019S AUSTRALIAN BUSINESS TAX MATTERS<span class=\"ff1\"> </span>In <span class=\"_ _2\"/>2019, <span class=\"_ _2\"/>SAB <span class=\"_ _2\"/>Australia <span class=\"_ _2\"/>Pty <span class=\"_ _2\"/>Limited <span class=\"_ _2\"/>(\u201cSAB <span class=\"_ _2\"/>Australia\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>subsidiary <span class=\"_ _2\"/>of <span class=\"_ _3\"/>AB <span class=\"_ _6\"/>InBev, <span class=\"_ _3\"/>received <span class=\"_ _2\"/>amended <span class=\"_ _2\"/>tax <span class=\"_ _2\"/>assessments <span class=\"_ _2\"/>for 0.4 <span class=\"_ _6\"/>billion <span class=\"_ _6\"/>Australian <span class=\"_ _6\"/>dollar <span class=\"_ _6\"/>(0.3 <span class=\"_ _7\"/><span class=\"ff4\">billion <span class=\"_ _6\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>the <span class=\"_ _6\"/>interest <span class=\"_ _6\"/>deductions <span class=\"_ _6\"/>of <span class=\"_ _6\"/>SAB\u2019s <span class=\"_ _6\"/>acquisition <span class=\"_ _6\"/>of <span class=\"_ _6\"/>the <span class=\"_ _6\"/>Foster\u2019s </span>group (<span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>\u201cFoster\u2019s <span class=\"_ _1\"/>acquisition\u201d), <span class=\"_ _0\"/>following <span class=\"_ _1\"/>an audit <span class=\"_ _f\"/>of the <span class=\"_ _1\"/>2012 <span class=\"_ _1\"/>to 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>14 <span class=\"_ _1\"/>income ta<span class=\"_ _1\"/>x<span class=\"_ _3\"/> <span class=\"_ _1\"/>years. I<span class=\"_ _1\"/>n<span class=\"_ _3\"/> <span class=\"_ _1\"/>June <span class=\"_ _1\"/>2<span class=\"_ _3\"/>022, <span class=\"_ _1\"/>AB I<span class=\"_ _1\"/>n<span class=\"_ _3\"/>Bev <span class=\"_ _1\"/>reached a <span class=\"_ _1\"/>settlement <span class=\"_ _1\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Australian <span class=\"_ _1\"/>tax <span class=\"_ _f\"/>a<span class=\"_ _3\"/>uthorities <span class=\"_ _1\"/>that <span class=\"_ _1\"/>resolved <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pre<span class=\"_ _3\"/>-transaction <span class=\"_ _f\"/>income <span class=\"_ _1\"/>tax <span class=\"_ _1\"/>liabilities, <span class=\"_ _1\"/>resulting <span class=\"_ _1\"/>in <span class=\"_ _1\"/>a <span class=\"_ _1\"/>payment of <span class=\"_ _3\"/>0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>Australian <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(0.1 <span class=\"_ _3\"/>billion <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>disposal <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Australian <span class=\"_ _3\"/>business <span class=\"_ _3\"/>on 1<span class=\"_ _3\"/> J<span class=\"_ _3\"/>une <span class=\"_ _3\"/>2020 <span class=\"_ _3\"/>included <span class=\"_ _3\"/>an indemnity by AB InBev for all pre-transaction tax liabilities. OTHER TAX MATTERS In <span class=\"_ _6\"/>February <span class=\"_ _6\"/>20<span class=\"_ _3\"/>15, <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Europ<span class=\"_ _0\"/>ean <span class=\"_ _6\"/>Commission <span class=\"_ _6\"/>opened <span class=\"_ _7\"/>an <span class=\"_ _6\"/>in<span class=\"_ _3\"/>-depth <span class=\"_ _6\"/>state <span class=\"_ _7\"/>aid <span class=\"_ _6\"/>investigation <span class=\"_ _6\"/>into <span class=\"_ _6\"/>the <span class=\"_ _7\"/>Belgian <span class=\"_ _6\"/>excess <span class=\"_ _6\"/>profit ruling <span class=\"_ _1\"/>system. <span class=\"_ _1\"/>On 1<span class=\"_ _1\"/>1 J<span class=\"_ _1\"/>a<span class=\"_ _3\"/>nuary <span class=\"_ _1\"/>2016, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>European <span class=\"_ _1\"/>Commission <span class=\"_ _1\"/>ado<span class=\"_ _3\"/>pted <span class=\"_ _f\"/>a <span class=\"_ _0\"/>negative <span class=\"_ _1\"/>decision <span class=\"_ _1\"/>finding that <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Belgian <span class=\"_ _1\"/>excess profit <span class=\"_ _3\"/>ruling <span class=\"_ _3\"/>system <span class=\"_ _3\"/>constitutes <span class=\"_ _3\"/>an <span class=\"_ _3\"/>aid <span class=\"_ _3\"/>scheme <span class=\"_ _3\"/>incompatible <span class=\"_ _3\"/>with <span class=\"_ _3\"/>the <span class=\"_ _2\"/>internal m<span class=\"_ _3\"/>arket <span class=\"_ _3\"/>and <span class=\"_ _3\"/>ordering <span class=\"_ _3\"/>Belgium <span class=\"_ _3\"/>to <span class=\"_ _3\"/>recover <span class=\"_ _3\"/>the incompatible aid from <span class=\"_ _3\"/>a number of ai<span class=\"_ _3\"/>d beneficiaries. The Belgian authorities contacted <span class=\"_ _3\"/>the companies that had <span class=\"_ _3\"/>b<span class=\"_ _2\"/>enefitted from the <span class=\"_ _3\"/>system and <span class=\"_ _3\"/>advised each company <span class=\"_ _3\"/>of the amount of <span class=\"_ _3\"/>incompatible aid<span class=\"_ _3\"/> that is <span class=\"_ _3\"/>potentially subject to <span class=\"_ _3\"/>recovery. The European <span class=\"_ _2\"/>Commission\u2019s <span class=\"_ _6\"/>decision <span class=\"_ _2\"/>was <span class=\"_ _2\"/>appealed <span class=\"_ _2\"/>to <span class=\"_ _6\"/>the <span class=\"_ _2\"/>European <span class=\"_ _2\"/>Union\u2019s <span class=\"_ _6\"/>General <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>by <span class=\"_ _2\"/>Belgium <span class=\"_ _2\"/>on <span class=\"_ _6\"/>22 <span class=\"_ _2\"/>March <span class=\"_ _2\"/>2016 and by AB InBev <span class=\"_ _3\"/>on 12 July 2016. On 14 Fe<span class=\"_ _3\"/>bruary 2019, the European General Court concluded that the Belgian excess profit <span class=\"_ _1\"/>ruling <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ystem <span class=\"_ _1\"/>does <span class=\"_ _1\"/>not <span class=\"_ _1\"/>constitute<span class=\"_ _3\"/> <span class=\"_ _1\"/><span class=\"ls8\">an<span class=\"_ _3\"/><span class=\"ls0\"> <span class=\"_ _1\"/>aid <span class=\"_ _1\"/>scheme. The <span class=\"_ _f\"/>European Co<span class=\"_ _1\"/>mmission <span class=\"_ _0\"/>appealed <span class=\"_ _f\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>judgment <span class=\"_ _1\"/>to th<span class=\"_ _1\"/>e European<span class=\"_ _0\"/> </span></span>Court of <span class=\"_ _1\"/>Justice. The <span class=\"_ _1\"/>public hearing <span class=\"_ _1\"/>in<span class=\"_ _3\"/> the <span class=\"_ _1\"/>framework<span class=\"_ _3\"/> <span class=\"_ _1\"/>of the a<span class=\"_ _1\"/>pp<span class=\"_ _3\"/>eal <span class=\"_ _0\"/>proceedings to<span class=\"_ _1\"/>o<span class=\"_ _3\"/>k p<span class=\"_ _0\"/>lace <span class=\"_ _1\"/>on<span class=\"_ _3\"/> <span class=\"_ _0\"/>24 Se<span class=\"_ _0\"/>ptember <span class=\"_ _0\"/>2020 and <span class=\"_ _1\"/>AB InBev was heard as an intervening party.  On 3 December 2020, the Ad<span class=\"_ _0\"/>vocate General (AG) of t<span class=\"_ _1\"/>h<span class=\"_ _3\"/>e European Court o<span class=\"_ _1\"/>f Justice presented her non<span class=\"_ _3\"/>-binding opinion on the <span class=\"_ _6\"/>appeal <span class=\"_ _7\"/>procedure <span class=\"_ _6\"/>related <span class=\"_ _6\"/>to <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>11 <span class=\"_ _6\"/>January <span class=\"_ _6\"/>2016 <span class=\"_ _6\"/>opening <span class=\"_ _6\"/>d<span class=\"_ _3\"/>ecision, <span class=\"_ _2\"/>s<span class=\"_ _3\"/>tating <span class=\"_ _6\"/>that, <span class=\"_ _6\"/>contrary <span class=\"_ _6\"/>to <span class=\"_ _7\"/>the <span class=\"_ _6\"/>14 <span class=\"_ _6\"/>February <span class=\"_ _6\"/>2019 judgment of the European Ge<span class=\"_ _1\"/>ne<span class=\"_ _3\"/>ral Court, the B<span class=\"_ _0\"/>elgian excess profit ruling s<span class=\"_ _0\"/>ystem would fulfil t<span class=\"_ _0\"/>he legal requirements for an \u201caid <span class=\"_ _2\"/>scheme\u201d. <span class=\"_ _2\"/>In <span class=\"_ _2\"/>the <span class=\"_ _2\"/>initial <span class=\"_ _2\"/>Europ<span class=\"ff2\">ea<span class=\"_ _3\"/>n <span class=\"_ _3\"/>Gene<span class=\"_ _3\"/>ral <span class=\"_ _3\"/>Court <span class=\"_ _2\"/>judgment, <span class=\"_ _2\"/>the <span class=\"_ _2\"/>court <span class=\"_ _2\"/>limited <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to <span class=\"_ _2\"/>finding <span class=\"_ _3\"/>the <span class=\"_ _2\"/>Bel<span class=\"_ _3\"/>gian <span class=\"_ _3\"/>excess <span class=\"_ _2\"/>profit </span>rulings were<span class=\"_ _3\"/> not an<span class=\"_ _3\"/> \u201caid scheme\u201d, <span class=\"_ _3\"/>but <span class=\"_ _3\"/>did not co<span class=\"_ _3\"/>nsider whether th<span class=\"_ _3\"/>ey constituted <span class=\"_ _3\"/>State aid. Consequently, <span class=\"_ _3\"/>the AG a<span class=\"_ _3\"/>dvised the European Co<span class=\"_ _1\"/>u<span class=\"_ _3\"/>rt of <span class=\"_ _0\"/>Justice <span class=\"_ _1\"/>to<span class=\"_ _3\"/> refer <span class=\"_ _0\"/>the <span class=\"_ _0\"/>case back to the <span class=\"_ _1\"/>European General Court <span class=\"_ _1\"/>to review whether <span class=\"_ _1\"/>the Belgian excess profit <span class=\"_ _1\"/>rulings <span class=\"_ _1\"/>constitute <span class=\"_ _1\"/>State <span class=\"_ _1\"/>aid. O<span class=\"_ _0\"/>n <span class=\"_ _1\"/>16 <span class=\"_ _1\"/>September <span class=\"_ _1\"/>2021, <span class=\"_ _1\"/>the <span class=\"_ _1\"/>European <span class=\"_ _1\"/>Court <span class=\"_ _1\"/>of <span class=\"_ _1\"/>J<span class=\"_ _3\"/>ustice <span class=\"_ _f\"/>agreed <span class=\"_ _0\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>AG <span class=\"_ _1\"/>and <span class=\"_ _1\"/>concluded that the excess pr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>fit ruling s<span class=\"_ _1\"/>yste<span class=\"_ _3\"/>m constitutes <span class=\"_ _0\"/>an aid <span class=\"_ _1\"/>s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me and <span class=\"_ _1\"/>s<span class=\"_ _3\"/>et aside the <span class=\"_ _1\"/>ju<span class=\"_ _3\"/>dgment of <span class=\"_ _1\"/>the<span class=\"_ _3\"/> European <span class=\"_ _0\"/>General Court.<span class=\"_ _0\"/> The <span class=\"_ _0\"/>case <span class=\"_ _1\"/>h<span class=\"_ _3\"/>as <span class=\"_ _1\"/>been referred <span class=\"_ _1\"/>back to <span class=\"_ _1\"/>the Euro<span class=\"_ _0\"/>pean G<span class=\"_ _0\"/>eneral <span class=\"_ _1\"/>Court to <span class=\"_ _1\"/>decide whether <span class=\"_ _1\"/>the B<span class=\"_ _1\"/>e<span class=\"_ _3\"/>lgian <span class=\"_ _1\"/>excess profit <span class=\"_ _1\"/>ruling <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ystem constitutes illegal State aid as well as the other remaining open issues in<span class=\"_ _3\"/> the appeal, where it remains ongoing along with other pending appeals related to the matter.  Following <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>initial <span class=\"_ _7\"> </span>a<span class=\"_ _3\"/>nnulment <span class=\"_ _7\"> </span>of <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>European <span class=\"_ _5\"> </span>Commission\u2019s <span class=\"_ _5\"> </span>decision <span class=\"_ _7\"> </span>b<span class=\"_ _3\"/>y <span class=\"_ _5\"> </span>the <span class=\"_ _7\"> </span>European <span class=\"_ _5\"> </span>General <span class=\"_ _5\"> </span>Court <span class=\"_ _7\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>2019, <span class=\"_ _7\"> </span>the European Co<span class=\"_ _0\"/>mmission ope<span class=\"_ _0\"/>ned <span class=\"_ _0\"/>new <span class=\"_ _1\"/>s<span class=\"_ _3\"/>tate <span class=\"_ _0\"/>aid investigations <span class=\"_ _1\"/>into the <span class=\"_ _1\"/>i<span class=\"_ _3\"/>ndividual <span class=\"_ _0\"/>Belgian <span class=\"_ _1\"/>tax rulings, <span class=\"_ _1\"/>including the <span class=\"_ _1\"/>one<span class=\"_ _3\"/> <span class=\"_ _1\"/>issued to AB InBev in September 2019, to remedy the concerns that had led to the annulment.<span class=\"_ _3\"/> These investigations relate to the same rulings <span class=\"_ _1\"/>that were <span class=\"_ _1\"/>the subject <span class=\"_ _1\"/>of the <span class=\"_ _1\"/>Eu<span class=\"_ _3\"/>ropean C<span class=\"_ _1\"/>omm<span class=\"_ _3\"/><span class=\"ff4\">ission\u2019s<span class=\"_ _3\"/> <span class=\"_ _1\"/>decision issued <span class=\"_ _1\"/>on<span class=\"_ _3\"/> <span class=\"_ _1\"/>11 January <span class=\"_ _0\"/>2016. <span class=\"_ _1\"/>AB InBev ha<span class=\"_ _1\"/>s<span class=\"_ _3\"/> fi<span class=\"_ _0\"/>led </span>its <span class=\"_ _3\"/>observations <span class=\"_ _3\"/>in <span class=\"_ _3\"/>respect <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the <span class=\"_ _3\"/>opening <span class=\"_ _3\"/>decisions <span class=\"_ _3\"/>with <span class=\"_ _2\"/>the Euro<span class=\"_ _3\"/>pean <span class=\"_ _3\"/>Commission. <span class=\"_ _3\"/>On <span class=\"_ _3\"/>28 <span class=\"_ _3\"/>October <span class=\"_ _3\"/>2021, <span class=\"_ _3\"/>the <span class=\"_ _3\"/>European Commission <span class=\"_ _3\"/>s<span class=\"_ _3\"/>tayed <span class=\"_ _3\"/>the <span class=\"_ _3\"/>new <span class=\"_ _2\"/>state <span class=\"_ _3\"/>aid <span class=\"_ _2\"/>investigations <span class=\"_ _3\"/>into <span class=\"_ _2\"/>the <span class=\"_ _3\"/>individual <span class=\"_ _2\"/>Belgi<span class=\"_ _3\"/>an <span class=\"_ _2\"/>tax <span class=\"_ _3\"/>rulings <span class=\"_ _3\"/>pen<span class=\"_ _3\"/>ding <span class=\"_ _3\"/>final <span class=\"_ _2\"/>resolution <span class=\"_ _3\"/>of <span class=\"_ _3\"/>the case. In <span class=\"_ _1\"/>addition, t<span class=\"_ _1\"/>he<span class=\"_ _3\"/> <span class=\"_ _1\"/>Belgian <span class=\"_ _1\"/>tax <span class=\"_ _0\"/>authorities <span class=\"_ _1\"/>have <span class=\"_ _1\"/>a<span class=\"_ _3\"/>lso <span class=\"_ _1\"/>questioned <span class=\"_ _1\"/>the <span class=\"_ _1\"/>validity <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _1\"/>the <span class=\"_ _1\"/>actual <span class=\"_ _0\"/>application <span class=\"_ _1\"/>of <span class=\"_ _1\"/>the e<span class=\"_ _0\"/>xcess <span class=\"_ _1\"/>profit ruli<span class=\"_ _3\"/>ng that <span class=\"_ _0\"/>was <span class=\"_ _1\"/>issued<span class=\"_ _3\"/> <span class=\"_ _1\"/>in fa<span class=\"_ _1\"/>v<span class=\"_ _3\"/>or <span class=\"_ _1\"/>of AB <span class=\"_ _1\"/>InBev an<span class=\"_ _1\"/>d<span class=\"_ _3\"/> <span class=\"_ _1\"/>have refused <span class=\"_ _1\"/>the <span class=\"_ _0\"/>actual <span class=\"_ _1\"/>tax exemption wh<span class=\"_ _0\"/>ich <span class=\"_ _1\"/>it confers. <span class=\"_ _1\"/>AB <span class=\"_ _0\"/>InBev <span class=\"_ _1\"/>has filed <span class=\"_ _1\"/>a c<span class=\"_ _1\"/>ou<span class=\"_ _3\"/>rt claim ag<span class=\"_ _3\"/>ainst such <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>before the <span class=\"_ _3\"/>Brussels c<span class=\"_ _3\"/>ourt of <span class=\"_ _3\"/>first <span class=\"_ _3\"/>instance <span class=\"_ _3\"/>which ruled <span class=\"_ _3\"/>in <span class=\"_ _3\"/>favor of <span class=\"_ _3\"/>AB <span class=\"_ _3\"/>InBev on<span class=\"_ _3\"/> 21 <span class=\"_ _3\"/>June <span class=\"_ _3\"/>2019, and again on 9 July 2021 for subsequent years. The Belgian <span class=\"_ _0\"/>tax authorities appealed<span class=\"_ _3\"/> both judgments. In Ja<span class=\"_ _3\"/>nuary 2019, <span class=\"_ _3\"/>AB InBev <span class=\"_ _3\"/>deposited 68<span class=\"_ _3\"/> mi<span class=\"_ _3\"/>llion euro <span class=\"_ _3\"/>(72 <span class=\"_ _3\"/>million US <span class=\"_ _3\"/>dollar) on<span class=\"_ _3\"/> a <span class=\"_ _3\"/>blocked account. <span class=\"_ _3\"/>Depending <span class=\"_ _3\"/>on the <span class=\"_ _3\"/>final outcome <span class=\"_ _6\"/>of <span class=\"_ _2\"/>the <span class=\"_ _6\"/>European <span class=\"_ _2\"/>Court <span class=\"_ _6\"/>procedures <span class=\"_ _2\"/>on <span class=\"_ _6\"/>the <span class=\"_ _2\"/>Belgian <span class=\"_ _6\"/>excess <span class=\"_ _2\"/>profit <span class=\"_ _6\"/>ruling <span class=\"_ _6\"/>system, <span class=\"_ _2\"/>as <span class=\"_ _2\"/>wel<span class=\"_ _3\"/>l <span class=\"_ _2\"/>as <span class=\"_ _6\"/>the <span class=\"_ _6\"/>pending <span class=\"_ _2\"/>Belgian court cases, <span class=\"_ _0\"/>this a<span class=\"_ _1\"/>m<span class=\"_ _3\"/>ount will <span class=\"_ _1\"/>either be s<span class=\"_ _0\"/>lightly modified, <span class=\"_ _1\"/>or released <span class=\"_ _0\"/>back to <span class=\"_ _1\"/>the company <span class=\"_ _1\"/>o<span class=\"_ _3\"/>r paid <span class=\"_ _1\"/>over to th<span class=\"_ _0\"/>e Belgian <span class=\"_ _1\"/>State. In <span class=\"_ _6\"/>connection <span class=\"_ _6\"/>with <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>European <span class=\"_ _6\"/>Court <span class=\"_ _6\"/>procedures, <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>In<span class=\"_ _3\"/>Bev <span class=\"_ _6\"/>recognized <span class=\"_ _6\"/>a <span class=\"_ _6\"/>provision <span class=\"_ _6\"/>of <span class=\"_ _6\"/>68<span class=\"_ _3\"/> <span class=\"_ _6\"/>m<span class=\"_ _3\"/>illion <span class=\"_ _6\"/>euro <span class=\"_ _7\"/>(72 <span class=\"_ _2\"/>million <span class=\"_ _7\"/>US dollar) in 2020.   CERBUCO BREWING ARBITRATION Cerbuco <span class=\"_ _1\"/>Brewing <span class=\"_ _1\"/>Inc., <span class=\"_ _1\"/>(\u201cCerbuco\u201d) <span class=\"_ _0\"/>a <span class=\"_ _1\"/>Canadian <span class=\"_ _1\"/>subsidiary <span class=\"_ _f\"/>o<span class=\"_ _3\"/>f <span class=\"_ _f\"/>Am<span class=\"_ _3\"/>bev, <span class=\"_ _1\"/>owns <span class=\"_ _1\"/>a <span class=\"_ _1\"/>50% <span class=\"_ _1\"/>equity <span class=\"_ _1\"/>ownership <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Cerveceria <span class=\"_ _1\"/>Bu<span class=\"_ _3\"/>canero S.A. <span class=\"_ _f\"/>(\u201cBu<span class=\"_ _3\"/>canero\u201d), <span class=\"_ _1\"/>a <span class=\"_ _f\"/>joint <span class=\"_ _1\"/>venture <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Cuba. <span class=\"_ _1\"/>In <span class=\"_ _f\"/>202<span class=\"_ _3\"/>1, <span class=\"_ _f\"/>Cerbuco <span class=\"_ _1\"/>initiated <span class=\"_ _1\"/>an <span class=\"_ _1\"/>arbitration <span class=\"_ _1\"/>proceeding <span class=\"_ _f\"/>at <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Inter<span class=\"_ _2\"/><span class=\"ff2\">national <span class=\"_ _1\"/>Chamber </span>of <span class=\"_ _3\"/>Commerce <span class=\"_ _2\"/><span class=\"ff4 ls5\">(\u201c</span>ICC<span class=\"ff4 ls5\">\u201d)</span>, <span class=\"_ _3\"/>relating <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _2\"/>potential <span class=\"_ _3\"/>breach <span class=\"_ _3\"/>of <span class=\"_ _3\"/>certain <span class=\"_ _3\"/>o<span class=\"_ _3\"/>bligations <span class=\"_ _3\"/>relating <span class=\"_ _3\"/>to <span class=\"_ _3\"/>the <span class=\"_ _3\"/>joint <span class=\"_ _3\"/>venture, <span class=\"_ _2\"/>with <span class=\"_ _3\"/>the <span class=\"_ _3\"/>terms <span class=\"_ _3\"/>o<span class=\"_ _3\"/>f reference <span class=\"_ _7\"/>being <span class=\"_ _7\"/>formally <span class=\"_ _7\"/>executed <span class=\"_ _7\"/>in <span class=\"_ _7\"/>2022. <span class=\"_ _5\"> </span>Depending <span class=\"_ _7\"/>on <span class=\"_ _7\"/>the <span class=\"_ _7\"/>outcome <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>arbitration<span class=\"_ _3\"/>, <span class=\"_ _7\"/>there <span class=\"_ _7\"/>may <span class=\"_ _7\"/>be <span class=\"_ _7\"/>an <span class=\"_ _7\"/>impact<span class=\"_ _3\"/> <span class=\"_ _7\"/>on<span class=\"_ _1\"/> Cerbuco\u2019s <span class=\"_\"> </span>ability <span class=\"_\"> </span>to <span class=\"_ _8\"> </span>influence <span class=\"_\"> </span>the <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_\"> </span>Bucanero\u2019s <span class=\"_\"> </span>o<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erations. <span class=\"_\"> </span>As <span class=\"_ _8\"> </span>a <span class=\"_\"> </span>result, <span class=\"_\"> </span>Ambev\u2019s<span class=\"ff2\"> <span class=\"_\"> </span>ability <span class=\"_\"> </span>to <span class=\"_ _8\"> </span>continue </span>consolidating <span class=\"_\"> </span>Bucanero <span class=\"_ _8\"> </span>into <span class=\"_\"> </span>its <span class=\"_\"> </span>financial <span class=\"_\"> </span>statements <span class=\"_ _8\"> </span>may <span class=\"_\"> </span>also <span class=\"_\"> </span>be <span class=\"_ _8\"> </span>affected. <span class=\"_\"> </span>The <span class=\"_\"> </span>financial <span class=\"_\"> </span>impact <span class=\"_\"> </span>has <span class=\"_ _8\"> </span>not <span class=\"_\"> </span>yet <span class=\"_\"> </span>be<span class=\"_ _0\"/>en ascertained, as it depends on the outcome of the arbitration. WARRANTS<span class=\"fc1\"> </span>Certain h<span class=\"_ _3\"/>olders of <span class=\"_ _3\"/>warrants <span class=\"_ _3\"/>issued <span class=\"_ _3\"/>by Ambev <span class=\"_ _3\"/>in <span class=\"_ _3\"/>1996 <span class=\"_ _3\"/>for <span class=\"_ _3\"/>exercise in <span class=\"_ _3\"/>2003 <span class=\"_ _3\"/>proposed <span class=\"_ _3\"/>lawsuits to <span class=\"_ _3\"/>subscribe <span class=\"_ _3\"/>correspondent shares <span class=\"_ _2\"/>for <span class=\"_ _2\"/>an <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>lower <span class=\"_ _2\"/>than <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>co<span class=\"_ _3\"/>nsiders <span class=\"_ _3\"/>as <span class=\"_ _2\"/>established <span class=\"_ _2\"/>upon <span class=\"_ _2\"/>the <span class=\"_ _2\"/>warrant <span class=\"_ _2\"/>issuance. <span class=\"_ _2\"/>In <span class=\"_ _3\"/>c<span class=\"_ _3\"/>ase <span class=\"_ _2\"/>Ambev <span class=\"_ _3\"/>loses <span class=\"_ _2\"/>the totality of these <span class=\"_ _3\"/>lawsuits, the issuance of 172,831,574 sh<span class=\"_ _3\"/>ares would be necessary. Ambev would <span class=\"_ _3\"/>receive in consideration funds <span class=\"_ _6\"/>that <span class=\"_ _7\"/>are <span class=\"_ _6\"/>materially <span class=\"_ _7\"/>lower <span class=\"_ _2\"/>tha<span class=\"_ _3\"/>n <span class=\"_ _6\"/>the <span class=\"_ _6\"/>cu<span class=\"_ _3\"/>rrent <span class=\"_ _6\"/>market <span class=\"_ _6\"/>value. <span class=\"_ _7\"/>This <span class=\"_ _6\"/>could <span class=\"_ _7\"/>result <span class=\"_ _6\"/>in <span class=\"_ _6\"/>a <span class=\"_ _7\"/>dilution <span class=\"_ _6\"/>of <span class=\"_ _6\"/>a<span class=\"_ _3\"/>bout <span class=\"_ _6\"/>1% <span class=\"_ _7\"/>to <span class=\"_ _6\"/>all <span class=\"_ _6\"/>Ambev shareholders. <span class=\"_ _2\"/>Furthermore, <span class=\"_ _3\"/>the <span class=\"_ _2\"/>hol<span class=\"_ _3\"/>ders <span class=\"_ _2\"/>of <span class=\"_ _2\"/>these <span class=\"_ _2\"/>warrants <span class=\"_ _3\"/>a<span class=\"_ _3\"/>re <span class=\"_ _3\"/>claiming <span class=\"_ _2\"/>that <span class=\"_ _2\"/>they <span class=\"_ _2\"/>should <span class=\"_ _2\"/>receive <span class=\"_ _3\"/>the <span class=\"_ _2\"/>dividends <span class=\"_ _2\"/>relative <span class=\"_ _2\"/>to these <span class=\"_ _6\"/>shares <span class=\"_ _2\"/>si<span class=\"_ _3\"/>nce <span class=\"_ _2\"/>2003, <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>1.2 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>Brazilian <span class=\"_ _6\"/>real <span class=\"_ _6\"/>(0.2 <span class=\"_ _2\"/>b<span class=\"_ _3\"/>illion <span class=\"_ _2\"/>US <span class=\"_ _6\"/>dollar) <span class=\"_ _6\"/>in <span class=\"_ _2\"/>addition <span class=\"_ _6\"/>to <span class=\"_ _6\"/>legal <span class=\"_ _2\"/>fe<span class=\"_ _3\"/>es. <span class=\"_ _6\"/>Ambev disputes <span class=\"_ _2\"/>these <span class=\"_ _3\"/>c<span class=\"_ _3\"/>laims <span class=\"_ _2\"/>and <span class=\"_ _3\"/>in<span class=\"_ _3\"/>tends <span class=\"_ _3\"/>to <span class=\"_ _2\"/>continue <span class=\"_ _6\"/>to <span class=\"_ _2\"/>vigorously <span class=\"_ _2\"/>defend <span class=\"_ _2\"/>these <span class=\"_ _2\"/>cases. <span class=\"_ _2\"/>All <span class=\"_ _2\"/>six <span class=\"_ _2\"/>lawsuits <span class=\"_ _2\"/>were <span class=\"_ _2\"/>ruled <span class=\"_ _3\"/>favo<span class=\"_ _3\"/>rably <span class=\"_ _3\"/>to Ambev by t<span class=\"_ _0\"/>he Superior Co<span class=\"_ _1\"/>urt of Justice (\u201cSTJ\u201d). <span class=\"_ _1\"/>Three cases were <span class=\"_ _1\"/>dismissed by the S<span class=\"_ _1\"/>TJ<span class=\"_ _3\"/>\u2019s <span class=\"_ _0\"/>Special Court <span class=\"_ _1\"/>a<span class=\"_ _3\"/>nd the <span class=\"_ _1\"/>plaintiffs\u2019 appeals <span class=\"_ _3\"/>were <span class=\"_ _3\"/>denied <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the <span class=\"_ _3\"/>Brazilian <span class=\"_ _3\"/>Sup<span class=\"_ _3\"/>reme Cou<span class=\"_ _3\"/>rt <span class=\"_ _3\"/>(\u201cSTF\u201d).<span class=\"ff2\"> <span class=\"_ _2\"/>The <span class=\"_ _3\"/>plaintiffs <span class=\"_ _3\"/>filed <span class=\"_ _3\"/>an <span class=\"_ _3\"/>appeal <span class=\"_ _3\"/>for <span class=\"_ _3\"/>further <span class=\"_ _3\"/>review <span class=\"_ _3\"/>by <span class=\"_ _3\"/>the <span class=\"_ _2\"/>STF </span>chamber, which was denied b<span class=\"_ _1\"/>y the STF chamber in a <span class=\"_ _0\"/>unanimous ruling. The fourth <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ase was ruled f<span class=\"_ _1\"/>av<span class=\"_ _3\"/>orably to Ambev <span class=\"_ _0\"/>by the <span class=\"_ _2\"/>STJ\u2019s <span class=\"_ _2\"/>Sp<span class=\"_ _3\"/>ecial <span class=\"_ _2\"/>Court <span class=\"_ _2\"/>and <span class=\"_ _2\"/>the <span class=\"_ _6\"/>judgment <span class=\"_ _2\"/>became <span class=\"_ _2\"/>final. <span class=\"_ _2\"/>The <span class=\"_ _2\"/>fi<span class=\"_ _3\"/>fth <span class=\"_ _2\"/>case <span class=\"_ _2\"/>was <span class=\"_ _2\"/>remi<span class=\"_ _2\"/>tted <span class=\"_ _2\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>STJ<span class=\"_ _3\"/>\u2019s <span class=\"_ _2\"/>lower <span class=\"_ _2\"/>court <span class=\"_ _2\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _2\"/>a <span class=\"_ _2\"/>new judgment <span class=\"_ _3\"/>and th<span class=\"_ _3\"/>e sixth <span class=\"_ _3\"/>case <span class=\"_ _3\"/>was <span class=\"_ _3\"/>ruled favorably <span class=\"_ _3\"/>to <span class=\"_ _3\"/>Ambev and <span class=\"_ _3\"/>the <span class=\"_ _3\"/>decision <span class=\"_ _3\"/>became final<span class=\"_ _3\"/>. Considering <span class=\"_ _3\"/>all <span class=\"_ _3\"/>of <span class=\"_ _3\"/>these <span class=\"_ _3\"/>facts, Ambev and its external counsels strongly believe that the chance of loss in these cases is r<span class=\"_ _1\"/>em<span class=\"_ _3\"/>ot<span class=\"_ _3\"/><span class=\"ls3\">e.</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__268-1": {
   "value": "28.<span class=\"ls0\"> <span class=\"_ _1\"/>Collateral and con<span class=\"_ _0\"/>tractual co<span class=\"_ _1\"/>mmitments for the acquisit<span class=\"_ _0\"/>ion of propert<span class=\"_ _1\"/>y, <span class=\"_ _3\"/>plant and </span>equipment, loans<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o cu<span class=\"_ _1\"/>stomers and other Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Collateral given<span class=\"_ _0\"/> for own liabil<span class=\"_ _0\"/>ities 306<span class=\"ls0\">  </span>310<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to pur<span class=\"_ _1\"/>chase property, plan<span class=\"_ _0\"/>t and equipmen<span class=\"_ _0\"/>t 538<span class=\"ls0\">  </span>449<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quire<span class=\"_ _0\"/> loans to associates/cu<span class=\"_ _0\"/>stomers 72<span class=\"ls0\">  </span>142<span class=\"ls0\">  </span>Other commitmen<span class=\"_ _1\"/>ts 1 <span class=\"ls6\">800</span>  1 <span class=\"ls6\">943</span>  AB In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>entered <span class=\"_ _3\"/>into <span class=\"_ _3\"/>commitments <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase pro<span class=\"_ _3\"/>perty, plant <span class=\"_ _3\"/>and <span class=\"_ _3\"/>equipment <span class=\"_ _6\"/>for <span class=\"_ _3\"/>538m <span class=\"_ _3\"/>US d<span class=\"_ _3\"/>ollar a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 (31 December 2021: 449m US dollar). In <span class=\"_ _2\"/>a <span class=\"_ _2\"/>li<span class=\"_ _3\"/>mited <span class=\"_ _2\"/>number <span class=\"_ _2\"/>of <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>A<span class=\"_ _3\"/>B <span class=\"_ _2\"/>InBev <span class=\"_ _6\"/>has <span class=\"_ _2\"/>committed <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>acquire <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>to <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>from <span class=\"_ _2\"/>banks <span class=\"_ _2\"/>at their <span class=\"_ _6\"/>notional <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>if <span class=\"_ _6\"/>the <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>do <span class=\"_ _2\"/>not <span class=\"_ _6\"/>respect <span class=\"_ _6\"/>their <span class=\"_ _2\"/>reimbursement <span class=\"_ _2\"/>commitments <span class=\"_ _6\"/>towards <span class=\"_ _2\"/>the <span class=\"_ _6\"/>banks. The total out<span class=\"_ _0\"/>standing amount <span class=\"_ _1\"/>of such loans is <span class=\"ls3\">72<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">US dollar <span class=\"_ _0\"/>at 31 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2022 <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 Dec<span class=\"_ _0\"/>ember 2021: <span class=\"ls3\">142</span>m <span class=\"_ _0\"/>US dollar).</span></span></span>Other <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ommitments <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>to <span class=\"_ _2\"/>1 <span class=\"_ _6\"/>800m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>mainly <span class=\"_ _2\"/>cover <span class=\"_ _6\"/>guarantees <span class=\"_ _2\"/>given <span class=\"_ _6\"/>to <span class=\"_ _2\"/>pension<span class=\"_ _3\"/> funds, rental and other guarantees (31 December 2021: 1 943m US dollar<span class=\"ls5\">).</span>In <span class=\"_ _1\"/>order <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/><span class=\"ff4\">ful<span class=\"_ _3\"/>fil <span class=\"_ _1\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>commitments <span class=\"_ _1\"/>under <span class=\"_ _1\"/>various <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>option <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>AB In<span class=\"_ _1\"/>Bev<span class=\"_ _3\"/> <span class=\"_ _1\"/>entered <span class=\"_ _1\"/>into <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>lending </span>arrangements for <span class=\"_ _1\"/>up to <span class=\"_ _1\"/>30 million <span class=\"_ _1\"/>of its <span class=\"_ _1\"/>own ordinary <span class=\"_ _1\"/>shares. AB <span class=\"_ _1\"/>InBev will pay <span class=\"_ _1\"/>any dividend <span class=\"_ _1\"/>equivalent, after <span class=\"_ _1\"/>tax in <span class=\"_ _1\"/>respect of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>loaned <span class=\"_ _2\"/>secu<span class=\"_ _3\"/>rities. <span class=\"_ _2\"/>This <span class=\"_ _3\"/>payment <span class=\"_ _2\"/>will <span class=\"_ _2\"/>be <span class=\"_ _6\"/>reported <span class=\"_ _3\"/>through <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>as <span class=\"_ _6\"/>dividend. <span class=\"_ _3\"/>As <span class=\"_ _2\"/>of <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2022<span class=\"lsc\">, <span class=\"_ _6\"/></span>30 <span class=\"_ _2\"/>million loaned securities were used to fulfil stock option plan commit<span class=\"_ _0\"/>ments.<span class=\"_ _3\"/> As at 31 December 2022, the M&amp;A related commitments existed as discussed below. Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)<span class=\"ff8\"> </span>As part <span class=\"_ _3\"/>of the 2012 shareholders <span class=\"_ _3\"/>agreement between Ambev and E. L<span class=\"_ _3\"/>e\u00f3n Jimenes S.A. <span class=\"_ _3\"/>(\u201cELJ\u201d), following the acquisition of <span class=\"_ _3\"/>Cerv<span class=\"_ _3\"/>ecer\u00eda <span class=\"_ _2\"/>Nacional <span class=\"_ _3\"/>Dominicana <span class=\"_ _2\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>put <span class=\"_ _2\"/>and <span class=\"_ _3\"/>call<span class=\"_ _3\"/> <span class=\"_ _3\"/>option <span class=\"_ _2\"/>is <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>place <span class=\"_ _2\"/>which <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>res<span class=\"_ _2\"/><span class=\"ff2\">ult <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>acquiring </span>additional <span class=\"_ _1\"/>shares in <span class=\"_ _1\"/>CND. <span class=\"_ _1\"/>In <span class=\"_ _0\"/>January <span class=\"_ _1\"/>2018 Ambev <span class=\"_ _f\"/>i<span class=\"_ _3\"/>ncreased <span class=\"_ _1\"/>its <span class=\"_ _0\"/>participation <span class=\"_ _1\"/>in CND <span class=\"_ _f\"/>from 55<span class=\"_ _1\"/>% to <span class=\"_ _1\"/>85%. A<span class=\"_ _1\"/>s of 31 <span class=\"_ _1\"/>December 2022<span class=\"ls0\">, the put option for the remaining shares held by ELJ was valued <span class=\"_ _3\"/>0.6 billion US dollar (31 December 2021<span class=\"ls2\">: </span>0.6 billion </span>US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>c<span class=\"_ _3\"/>orresponding <span class=\"_ _3\"/>liability <span class=\"_ _3\"/>is <span class=\"_ _2\"/>presented <span class=\"_ _3\"/>as <span class=\"_ _2\"/>a <span class=\"_ _3\"/>no<span class=\"_ _3\"/>n<span class=\"_ _3\"/>-current <span class=\"_ _3\"/>liability <span class=\"_ _2\"/>and <span class=\"_ _3\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _3\"/>a <span class=\"_ _2\"/>deferred <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onsideration<span class=\"_ _0\"/> on acquisitions at fair value in \u201clevel 3\u201d category. See also note 2<span class=\"ff2\">7<span class=\"_ _3\"/> <span class=\"ff5\">Risks arising from financi<span class=\"_ _1\"/>a<span class=\"_ _3\"/>l instruments<span class=\"ff2\">. </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__267": {
   "value": "28.<span class=\"ls0\"> <span class=\"_ _1\"/>Collateral and con<span class=\"_ _0\"/>tractual co<span class=\"_ _1\"/>mmitments for the acquisit<span class=\"_ _0\"/>ion of propert<span class=\"_ _1\"/>y, <span class=\"_ _3\"/>plant and </span>equipment, loans<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o cu<span class=\"_ _1\"/>stomers and other Million US dol<span class=\"_ _0\"/>lar 31 December 2022<span class=\"_ _1\"/> 31 December 2021<span class=\"_ _1\"/> Collateral given<span class=\"_ _0\"/> for own liabil<span class=\"_ _0\"/>ities 306<span class=\"ls0\">  </span>310<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to pur<span class=\"_ _1\"/>chase property, plan<span class=\"_ _0\"/>t and equipmen<span class=\"_ _0\"/>t 538<span class=\"ls0\">  </span>449<span class=\"ls0\">  </span>Contractual co<span class=\"_ _1\"/>mm<span class=\"_ _3\"/>itments to a<span class=\"_ _1\"/>c<span class=\"_ _3\"/>quire<span class=\"_ _0\"/> loans to associates/cu<span class=\"_ _0\"/>stomers 72<span class=\"ls0\">  </span>142<span class=\"ls0\">  </span>Other commitmen<span class=\"_ _1\"/>ts 1 <span class=\"ls6\">800</span>  1 <span class=\"ls6\">943</span>  The <span class=\"_ _1\"/>collateral <span class=\"_ _1\"/>given <span class=\"_ _1\"/>for <span class=\"_ _1\"/>own <span class=\"_ _1\"/>liabilities <span class=\"_ _1\"/>of 306m<span class=\"_ _0\"/> <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>as <span class=\"_ _1\"/>at <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2022 <span class=\"_ _1\"/>con<span class=\"_ _3\"/>tains <span class=\"_ _1\"/>189m <span class=\"_ _1\"/>US <span class=\"_ _1\"/>dollar <span class=\"_ _1\"/>cash <span class=\"_ _1\"/>guarantees (31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2021: <span class=\"_ _6\"/>310m<span class=\"_ _3\"/> <span class=\"_ _2\"/>US <span class=\"_ _2\"/>dol<span class=\"_ _3\"/>lar <span class=\"_ _2\"/>collateral <span class=\"_ _6\"/>given <span class=\"_ _6\"/>for <span class=\"_ _2\"/>own <span class=\"_ _6\"/>liabilities <span class=\"_ _6\"/>contained <span class=\"_ _6\"/><span class=\"ls3\">168</span>m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>doll<span class=\"_ _3\"/>ar <span class=\"_ _2\"/>of <span class=\"_ _6\"/>cash <span class=\"_ _6\"/>guarantees). Such <span class=\"_ _6\"/>cash <span class=\"_ _2\"/>deposits <span class=\"_ _6\"/>are <span class=\"_ _2\"/>a <span class=\"_ _6\"/>customary <span class=\"_ _2\"/>feature <span class=\"_ _6\"/>associated <span class=\"_ _2\"/>with <span class=\"_ _2\"/>l<span class=\"_ _3\"/>itigations <span class=\"_ _2\"/>in <span class=\"_ _6\"/>Brazil: <span class=\"_ _2\"/>in <span class=\"_ _6\"/>accordance <span class=\"_ _2\"/>with <span class=\"_ _6\"/>Brazilian <span class=\"_ _2\"/>laws<span class=\"_ _3\"/> <span class=\"_ _2\"/>and regulations <span class=\"_ _0\"/>a <span class=\"_ _1\"/>company may <span class=\"_ _1\"/>or <span class=\"_ _1\"/>mus<span class=\"_ _3\"/>t <span class=\"_ _1\"/>(depend<span class=\"_ _3\"/>ing <span class=\"_ _1\"/>on the <span class=\"_ _f\"/>c<span class=\"_ _3\"/>ircumstances) <span class=\"_ _1\"/>pl<span class=\"_ _3\"/>ace <span class=\"_ _1\"/>a <span class=\"_ _0\"/>deposit <span class=\"_ _0\"/>with <span class=\"_ _1\"/>a <span class=\"_ _1\"/>b<span class=\"_ _3\"/>ank d<span class=\"_ _1\"/>esign<span class=\"_ _3\"/>ated <span class=\"_ _1\"/>by th<span class=\"_ _1\"/>e<span class=\"_ _3\"/> <span class=\"_ _1\"/>co<span class=\"_ _3\"/>urt or <span class=\"_\"> </span>provide <span class=\"_\"> </span>other <span class=\"_\"> </span>security <span class=\"_\"> </span>s<span class=\"_ _0\"/>uch <span class=\"_\"> </span>as <span class=\"_\"> </span>collateral <span class=\"_ _8\"> </span>on <span class=\"_\"> </span>property, <span class=\"_\"> </span>plant <span class=\"_\"> </span>and <span class=\"_ _8\"> </span>equipment<span class=\"_ _2\"/>, <span class=\"_\"> </span>insurance <span class=\"_\"> </span>guarantees <span class=\"_\"> </span>or <span class=\"_ _8\"> </span>letters <span class=\"_\"> </span>of guarantees. <span class=\"_ _7\"/>With <span class=\"_ _7\"> </span>re<span class=\"_ _3\"/>gard <span class=\"_ _7\"/>to <span class=\"_ _7\"/>judicial <span class=\"_ _7\"/>cases, <span class=\"_ _7\"> </span>AB <span class=\"_ _7\"> </span>In<span class=\"_ _3\"/>Bev <span class=\"_ _7\"/>has <span class=\"_ _7\"/>made <span class=\"_ _7\"/>the <span class=\"_ _5\"> </span>appropriate <span class=\"_ _7\"/>provisions <span class=\"_ _7\"> </span>in <span class=\"_ _5\"> </span>accordance <span class=\"_ _7\"/>with <span class=\"_ _7\"/>IAS <span class=\"_ _7\"/>37 Provisions, <span class=\"_ _6\"/>Contingent <span class=\"_ _2\"/>Liabilities <span class=\"_ _2\"/>a<span class=\"_ _3\"/>nd <span class=\"_ _2\"/>Contingent <span class=\"_ _6\"/>Assets<span class=\"_ _3\"/><span class=\"ff2\"> <span class=\"_ _2\"/><span class=\"ff4\">\u2013<span class=\"_ _3\"/></span> <span class=\"_ _2\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _2\"/>2<span class=\"_ _3\"/>5 <span class=\"_ _2\"/></span>Provisions<span class=\"_ _3\"/><span class=\"ff4\">. <span class=\"_ _2\"/>In <span class=\"_ _6\"/>the <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ompany\u2019s <span class=\"_ _6\"/><span class=\"ff2\">statement <span class=\"_ _2\"/>of </span></span>financial <span class=\"_ _4\"> </span>position, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>guarantees <span class=\"_ _8\"> </span>are <span class=\"_ _4\"> </span>presented <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>part <span class=\"_ _8\"> </span>of <span class=\"_ _4\"> </span>other <span class=\"_ _4\"> </span>receivables <span class=\"_\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>see <span class=\"_ _8\"> </span>Note <span class=\"_ _4\"> </span>19 <span class=\"_ _4\"> </span><span class=\"ff5\">Trade <span class=\"_ _8\"> </span>and <span class=\"_ _4\"> </span>other </span>receivables<span class=\"ff2 ls2\">. <span class=\"ls0\">The legal proceedings cov<span class=\"_ _0\"/>ered by insurance guarantees and letters of g<span class=\"_ _1\"/>u<span class=\"_ _3\"/>arantee issued by the company are </span></span>disclosed <span class=\"_ _3\"/>in<span class=\"_ _3\"/> <span class=\"_ _2\"/>Note <span class=\"_ _2\"/>29 <span class=\"_ _3\"/><span class=\"ff5\">Contingenci<span class=\"_ _3\"/>es</span><span class=\"ls2\">. <span class=\"_ _3\"/></span>The <span class=\"_ _2\"/>remaining <span class=\"_ _2\"/>part <span class=\"_ _2\"/>of <span class=\"_ _3\"/>collateral <span class=\"_ _2\"/>given <span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _3\"/>own <span class=\"_ _2\"/>liabilities <span class=\"_ _6\"/>of <span class=\"_ _2\"/>117m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>d<span class=\"_ _3\"/>ollar <span class=\"_ _3\"/>as <span class=\"_ _2\"/>at <span class=\"_ _2\"/><span class=\"ls8\">31 </span>December 2022 (<span class=\"_ _0\"/>31 December <span class=\"_ _0\"/>2021: <span class=\"ls3\">142<span class=\"_ _0\"/><span class=\"ls0\">m US <span class=\"_ _1\"/>d<span class=\"_ _3\"/>ollar<span class=\"ff4\">) <span class=\"_ _1\"/>c<span class=\"_ _3\"/>ontains collat<span class=\"_ _1\"/>e<span class=\"_ _3\"/>ral on <span class=\"_ _1\"/>AB InBev\u2019s pro<span class=\"_ _1\"/>p<span class=\"_ _3\"/>erty in <span class=\"_ _1\"/>favo<span class=\"_ _3\"/>r of<span class=\"_ _1\"/> the excise t<span class=\"_ _1\"/>ax </span></span></span>authorities, <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>amount <span class=\"_ _8\"> </span>of <span class=\"_ _8\"> </span>which <span class=\"_ _4\"> </span>is <span class=\"_ _8\"> </span>determined <span class=\"_ _4\"> </span>by <span class=\"_ _8\"> </span>the <span class=\"_ _4\"> </span>level<span class=\"_ _3\"/> <span class=\"_ _4\"> </span>of <span class=\"_ _8\"> </span>the <span class=\"_ _8\"> </span>monthly <span class=\"_ _4\"> </span>excise <span class=\"_ _8\"> </span>taxes <span class=\"_ _8\"> </span>due, <span class=\"_ _4\"> </span>inventory <span class=\"_ _8\"> </span>levels <span class=\"_ _4\"> </span>and tr<span class=\"ls0\">ansportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that </span>AB <span class=\"_ _1\"/>InBev <span class=\"_ _0\"/>would <span class=\"_ _1\"/>not <span class=\"_ _1\"/>respect <span class=\"_ _1\"/>its <span class=\"_ _1\"/>obligations <span class=\"_ _1\"/>under <span class=\"_ _1\"/>the<span class=\"_ _3\"/> <span class=\"_ _1\"/>related <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>contracts <span class=\"_ _1\"/>or <span class=\"_ _1\"/>would l<span class=\"_ _1\"/>os<span class=\"_ _3\"/>e <span class=\"_ _1\"/>the <span class=\"_ _1\"/>pending <span class=\"_ _1\"/>judicial <span class=\"_ _1\"/>cases, the col<span class=\"ff4\">lateralized assets would be used to settle AB InBev\u2019s obligations.</span> AB In<span class=\"_ _3\"/>Bev <span class=\"_ _3\"/>has <span class=\"_ _3\"/>entered <span class=\"_ _3\"/>into <span class=\"_ _3\"/>commitments <span class=\"_ _3\"/>to <span class=\"_ _3\"/>purchase pro<span class=\"_ _3\"/>perty, plant <span class=\"_ _3\"/>and <span class=\"_ _3\"/>equipment <span class=\"_ _6\"/>for <span class=\"_ _3\"/>538m <span class=\"_ _3\"/>US d<span class=\"_ _3\"/>ollar a<span class=\"_ _3\"/>t <span class=\"_ _3\"/>31 <span class=\"_ _3\"/>December 2022 (31 December 2021: 449m US dollar). In <span class=\"_ _2\"/>a <span class=\"_ _2\"/>li<span class=\"_ _3\"/>mited <span class=\"_ _2\"/>number <span class=\"_ _2\"/>of <span class=\"_ _2\"/>countries <span class=\"_ _2\"/>A<span class=\"_ _3\"/>B <span class=\"_ _2\"/>InBev <span class=\"_ _6\"/>has <span class=\"_ _2\"/>committed <span class=\"_ _2\"/>itself <span class=\"_ _2\"/>to<span class=\"_ _3\"/> <span class=\"_ _2\"/>acquire <span class=\"_ _2\"/>loans <span class=\"_ _2\"/>to <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>from <span class=\"_ _2\"/>banks <span class=\"_ _2\"/>at their <span class=\"_ _6\"/>notional <span class=\"_ _2\"/>amount <span class=\"_ _2\"/>if <span class=\"_ _6\"/>the <span class=\"_ _6\"/>associates/customers <span class=\"_ _6\"/>do <span class=\"_ _2\"/>not <span class=\"_ _6\"/>respect <span class=\"_ _6\"/>their <span class=\"_ _2\"/>reimbursement <span class=\"_ _2\"/>commitments <span class=\"_ _6\"/>towards <span class=\"_ _2\"/>the <span class=\"_ _6\"/>banks. The total out<span class=\"_ _0\"/>standing amount <span class=\"_ _1\"/>of such loans is <span class=\"ls3\">72<span class=\"ls4\">m <span class=\"_ _1\"/><span class=\"ls0\">US dollar <span class=\"_ _0\"/>at 31 De<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ember 2022 <span class=\"_ _1\"/>(3<span class=\"_ _3\"/>1 Dec<span class=\"_ _0\"/>ember 2021: <span class=\"ls3\">142</span>m <span class=\"_ _0\"/>US dollar).</span></span></span>Other <span class=\"_ _2\"/>c<span class=\"_ _3\"/>ommitments <span class=\"_ _2\"/>amount <span class=\"_ _6\"/>to <span class=\"_ _2\"/>1 <span class=\"_ _6\"/>800m <span class=\"_ _6\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>at <span class=\"_ _6\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _2\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _2\"/>and <span class=\"_ _6\"/>mainly <span class=\"_ _2\"/>cover <span class=\"_ _6\"/>guarantees <span class=\"_ _2\"/>given <span class=\"_ _6\"/>to <span class=\"_ _2\"/>pension<span class=\"_ _3\"/> funds, rental and other guarantees (31 December 2021: 1 943m US dollar<span class=\"ls5\">).</span>In <span class=\"_ _1\"/>order <span class=\"_ _1\"/>to<span class=\"_ _3\"/> <span class=\"_ _f\"/><span class=\"ff4\">ful<span class=\"_ _3\"/>fil <span class=\"_ _1\"/>AB <span class=\"_ _f\"/>In<span class=\"_ _3\"/>Bev\u2019s <span class=\"_ _1\"/>commitments <span class=\"_ _1\"/>under <span class=\"_ _1\"/>various <span class=\"_ _1\"/>outstanding <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>option <span class=\"_ _1\"/>plans, <span class=\"_ _1\"/>AB In<span class=\"_ _1\"/>Bev<span class=\"_ _3\"/> <span class=\"_ _1\"/>entered <span class=\"_ _1\"/>into <span class=\"_ _1\"/>stock <span class=\"_ _1\"/>lending </span>arrangements for <span class=\"_ _1\"/>up to <span class=\"_ _1\"/>30 million <span class=\"_ _1\"/>of its <span class=\"_ _1\"/>own ordinary <span class=\"_ _1\"/>shares. AB <span class=\"_ _1\"/>InBev will pay <span class=\"_ _1\"/>any dividend <span class=\"_ _1\"/>equivalent, after <span class=\"_ _1\"/>tax in <span class=\"_ _1\"/>respect of <span class=\"_ _2\"/>the <span class=\"_ _2\"/>loaned <span class=\"_ _2\"/>secu<span class=\"_ _3\"/>rities. <span class=\"_ _2\"/>This <span class=\"_ _3\"/>payment <span class=\"_ _2\"/>will <span class=\"_ _2\"/>be <span class=\"_ _6\"/>reported <span class=\"_ _3\"/>through <span class=\"_ _2\"/>equity <span class=\"_ _2\"/>as <span class=\"_ _6\"/>dividend. <span class=\"_ _3\"/>As <span class=\"_ _2\"/>of <span class=\"_ _6\"/>31 <span class=\"_ _6\"/>December <span class=\"_ _2\"/>2022<span class=\"lsc\">, <span class=\"_ _6\"/></span>30 <span class=\"_ _2\"/>million loaned securities were used to fulfil stock option plan commit<span class=\"_ _0\"/>ments.<span class=\"_ _3\"/> As at 31 December 2022, the M&amp;A related commitments existed as discussed below. Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)<span class=\"ff8\"> </span>As part <span class=\"_ _3\"/>of the 2012 shareholders <span class=\"_ _3\"/>agreement between Ambev and E. L<span class=\"_ _3\"/>e\u00f3n Jimenes S.A. <span class=\"_ _3\"/>(\u201cELJ\u201d), following the acquisition of <span class=\"_ _3\"/>Cerv<span class=\"_ _3\"/>ecer\u00eda <span class=\"_ _2\"/>Nacional <span class=\"_ _3\"/>Dominicana <span class=\"_ _2\"/>S.A. <span class=\"_ _3\"/>(\u201cCND\u201d), <span class=\"_ _2\"/>a <span class=\"_ _2\"/>put <span class=\"_ _2\"/>and <span class=\"_ _3\"/>call<span class=\"_ _3\"/> <span class=\"_ _3\"/>option <span class=\"_ _2\"/>is <span class=\"_ _3\"/>i<span class=\"_ _3\"/>n <span class=\"_ _3\"/>place <span class=\"_ _2\"/>which <span class=\"_ _3\"/>ma<span class=\"_ _3\"/>y <span class=\"_ _3\"/>res<span class=\"_ _2\"/><span class=\"ff2\">ult <span class=\"_ _2\"/>in <span class=\"_ _2\"/>Ambev <span class=\"_ _2\"/>acquiring </span>additional <span class=\"_ _1\"/>shares in <span class=\"_ _1\"/>CND. <span class=\"_ _1\"/>In <span class=\"_ _0\"/>January <span class=\"_ _1\"/>2018 Ambev <span class=\"_ _f\"/>i<span class=\"_ _3\"/>ncreased <span class=\"_ _1\"/>its <span class=\"_ _0\"/>participation <span class=\"_ _1\"/>in CND <span class=\"_ _f\"/>from 55<span class=\"_ _1\"/>% to <span class=\"_ _1\"/>85%. A<span class=\"_ _1\"/>s of 31 <span class=\"_ _1\"/>December 2022<span class=\"ls0\">, the put option for the remaining shares held by ELJ was valued <span class=\"_ _3\"/>0.6 billion US dollar (31 December 2021<span class=\"ls2\">: </span>0.6 billion </span>US <span class=\"_ _3\"/>dol<span class=\"_ _3\"/>lar). <span class=\"_ _3\"/>The <span class=\"_ _3\"/>c<span class=\"_ _3\"/>orresponding <span class=\"_ _3\"/>liability <span class=\"_ _3\"/>is <span class=\"_ _2\"/>presented <span class=\"_ _3\"/>as <span class=\"_ _2\"/>a <span class=\"_ _3\"/>no<span class=\"_ _3\"/>n<span class=\"_ _3\"/>-current <span class=\"_ _3\"/>liability <span class=\"_ _2\"/>and <span class=\"_ _3\"/>recognized <span class=\"_ _2\"/>as <span class=\"_ _3\"/>a <span class=\"_ _2\"/>deferred <span class=\"_ _3\"/>c<span class=\"_ _3\"/>onsideration<span class=\"_ _0\"/> on acquisitions at fair value in \u201clevel 3\u201d category. See also note 2<span class=\"ff2\">7<span class=\"_ _3\"/> <span class=\"ff5\">Risks arising from financi<span class=\"_ _1\"/>a<span class=\"_ _3\"/>l instruments<span class=\"ff2\">. </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__273": {
   "value": "29. 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\u2019s 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 31 December 2022 and 31 December 2021, AB InBev\u2019s material  tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2022 31 December 2021 . Income tax and social contribution 11 586 9 723 Value-added and excise taxes 4 965 4 285 Other taxes             854              663  17 405 14 671 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 August 2022, the Upper Administrative Court rendered favorable decisions to Ambev on two cases related to the taxation of profits of foreign subsidiaries, one of which recognized the application of the double tax treaty signed by Brazil to mitigate such taxation; both of these decisions are final. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev on a third related case. Ambev is awaiting formal notification of this decision to  analyze  its  content  and any  applicable  legal motions  or  appeals.  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 31 December 2022 is approximately 7.3 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 58 million Brazilian real (11 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 and awaits judgment 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. The updated assessed amount related to this uncertain tax position as of 31 December 2022 is approximately 11.1 billion Brazilian real (2.1 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 (\u201cBAH\u201d) 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 limitation 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.  The  Special  Appeals  filed  in  both  tax  assessments  are  awaiting judgment by the Upper Administrative Court. The updated assessed amount related to this uncertain tax position as of 31 December 2022 is approximately 2.2 billion Brazilian real (0.4 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 31 December 2022 is approximately 1.3 billion Brazilian real (0.2 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 31 December 2022 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 is subject to mandatory review by the Lower Administrative Court. 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. The favorable portion  of  the decision is  also  subject to mandatory  review by  the  Lower Administrative Court.  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 31 December 2022 is approximately 5.2 billion Brazilian real (1.0 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. In these cases, Ambev filed Special Appeals to the Upper Administrative Court which are pending judgment. With respect to the cases related to the periods of 2015 and 2016, 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 31 December 2022 is approximately 12.6 billion Brazilian real (2.4 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 (the 2018 to  2022  calendar  years).  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. In addition, Ambev has been charged isolated fines due to the non-recognition of tax offsets. The constitutionality of this penalty is under review at the Supreme Court of Justice. The updated assessed amount  as  of 31 December 2022 is approximately 1.2 billion Brazilian real (0.2 billion US dollar). Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. Presumed Profit In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \u201cpresumed profit\u201d method for the calculation of income tax and the social contribution on net profits instead of the \u201creal profit\u201d 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 31 December 2022 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 Am\u00e9ricas, 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\u2019s 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  (\u201cIOC\u201d)  deduction  in  2014.  The  assessment  refers  primarily  to  the  accounting  and  corporate  effects  of  the restructuring carried out by Ambev in 2013 and the 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 31 December 2022 is approximately 13.8 billion Brazilian real (2.6 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 (2018-2022) and deducted such amounts from its Corporate Income Taxes taxable basis (2018-2022). 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 2020, 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 31 December 2022 is approximately 2.3 billion Brazilian real (0.4 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 (2019-2022) 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 an unfavorable decision was rendered to Ambev by the Lower Administrative Court in June 2019. Ambev has appealed this decision and awaits judgment by the Upper Administrative Court. The amount related to this uncertain tax position as of 31 December 2022 is approximately 0.5 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 (\u201cIPI\u201d) AND TAXES ON NET SALES Manaus Free Trade Zone \u2013 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 (\u201cIPI\u201d) and social contributions (\u201cPIS/COFINS\u201d). With respect to IPI, Ambev\u2019s 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\u2019s remittance to Ambev subsidiaries.  In April 2019, the Federal Supreme Court (\u201cSTF\u201d) announced its judgment on Extraordinary Appeal No. 592.891/SP and 596.614/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 assessments to be approximately 5.9 billion Brazilian real (1.1 billion US dollar) as of 31 December 2022. Ambev has not recorded any provision in connection therewith. In addition, Ambev and its subsidiaries have been charged isolated fines due to the non-recognition of tax offsets. The constitutionality of this penalty is under review at the Supreme Court of Justice. The updated assessed amount as of 31 December 2022 is approximately 0.2 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. 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 1.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. Ambev has not recorded any provision in connection therewith. ICMS tax credits Ambev is currently challenging tax assessments issued by the states of S\u00e3o 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\u2019s  tax assessments. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the second administrative level in April, 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 1.7 billion Brazilian real (0.3 billion US dollar) as of 31 December 2022. 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 S\u00e3o 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 in February 2022, which is still subject to appeal by tax authorities. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavourable judgments 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 0.7 billion Brazilian real (0.1 billion US dollar) as of 31 December 2022. 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 9.3 billion Brazilian real (1.8 billion US dollar) as of 31 December 2022. Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. 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  and  2020,  Ambev  received  final  favorable  decisions  at  the administrative level in some of these cases and favorable decisions in other cases that are still subject to review. 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 31 December 2022. Ambev has not recorded any provisions for this matter as it considers the chance of loss to be possible. AB INBEV\u2019S TANZANIA TAX MATTERS Tanzania Breweries Limited (\u201cTBL\u201d), 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\u2019S SOUTH AFRICA TAX MATTERS  The South African Revenue Service (\u201cSARS\u201d) conducted an audit of AB InBev\u2019s South African subsidiary, the South African Breweries (Pty) Ltd. (\u201cSAB\u201d), in relation to the 2017 repurchase of SAB\u2019s equity stake in Coca-Cola Beverages Africa (Pty) Ltd (\u201cCCBA\u201d), the Coca-Cola bottling business in Africa, by CCBA. The preliminary audit finding claims that SAB owes 6.3 billion  South  African  Rand  (0.4  billion  US  dollar)  in  taxes,  in  addition  to  potential  penalties  and  interest,  which  are unspecified  but  may  be  significant  as  a  proportion  of  the  total.  SAB  contests  both  claims and  has  responded  to  the preliminary audit finding. SAB intends to object to any assessment issued, but may be required to secure or pre-pay some or all of the taxes assessed, pending the outcome of SAB\u2019s challenge and any appeal. No related provision has been made. AB INBEV\u2019S AUSTRALIAN BUSINESS TAX MATTERS In 2019, SAB Australia Pty Limited (\u201cSAB Australia\u201d), a subsidiary of AB InBev, received amended tax assessments for 0.4 billion Australian dollar (0.3 billion US dollar) related to the interest deductions of SAB\u2019s acquisition of the Foster\u2019s group (the \u201cFoster\u2019s acquisition\u201d), following an audit of the 2012 to 2014 income tax years. In June 2022, AB InBev reached a settlement with the Australian tax authorities that resolved the pre-transaction income tax liabilities, resulting in a payment of 0.1 billion Australian dollar (0.1 billion US dollar). The disposal of the Australian business on 1 June 2020 included an indemnity by AB InBev for all pre-transaction tax liabilities. 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\u2019s decision was appealed to the European Union\u2019s 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 an aid scheme. 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 \u201caid scheme\u201d. In the initial European General Court judgment, the court limited itself to finding the Belgian excess profit rulings were not an \u201caid scheme\u201d, 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\u2019s  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\u2019s 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 (72 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 (72 million US dollar) in 2020.   CERBUCO BREWING ARBITRATION Cerbuco Brewing Inc., (\u201cCerbuco\u201d) a Canadian subsidiary of Ambev, owns a 50% equity ownership in Cerveceria Bucanero S.A. (\u201cBucanero\u201d), a joint venture in Cuba. In 2021, Cerbuco initiated an arbitration proceeding at the International Chamber of Commerce (\u201cICC\u201d), 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\u2019s  ability  to  influence  the  management  of  Bucanero\u2019s  operations.  As  a  result,  Ambev\u2019s  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 subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming 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. Ambev disputes these claims and intends to continue to vigorously defend these cases. All six lawsuits were ruled favorably to Ambev by the Superior Court of Justice (\u201cSTJ\u201d). Three cases were dismissed by the STJ\u2019s Special Court and the plaintiffs\u2019 appeals were denied by the Brazilian Supreme Court (\u201cSTF\u201d). The plaintiffs filed an appeal for further review by the STF chamber, which was denied by the STF chamber in a unanimous ruling. The fourth case was ruled favorably to Ambev by the STJ\u2019s Special Court and the judgment became final. The fifth case was remitted to the STJ\u2019s lower court for a new judgment and the sixth case was ruled favorably to Ambev and the decision became final. Considering all of these facts, Ambev and its external counsels strongly believe that the chance of loss in these cases is remote. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__276": {
   "value": "30. Non-controlling interests As at 31 December 2022 and 2021, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.77% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22% ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.  Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling interests, is as follows: Ambev Budweiser APAC 31 December 31 December 31 December 31 December Million US dollar 2022 2021 2022 2021 Summarized statement of financial position information Current assets 7 248  6 922  3 606  3 161  Non-current assets 19 193  17 915  12 390  13 464  Current liabilities 7 770  6 965  4 414  4 691  Non-current liabilities 2 700  2 817  748  851  Equity attributable to equity holders 15 707  14 809  10 765  11 013  Non-controlling interests 263  246  69  70  Ambev Budweiser APAC Million US dollar 2022 2021 2022 2021 Summarized income statement and  other comprehensive income information Revenue 15 434  13 570  6 478  6 788  Net income 2 883  2 444  949  981  Attributable to: Equity holders 2 800  2 360  913  950  Non-controlling interests 84  84  36  31  Net income 2 883  2 444  949  981  Other comprehensive income (1 300) 629   (812)  (289) Total comprehensive income 1 584  3 074  137  692  Attributable to: Equity holders 1 517  2 970  105  660  Non-controlling interests 67  104  32  32  Summarized cash flow information Cash flow from operating activities 3 997  4 266  1 577  1 903  Cash flow from investing activities  (969) (1 441)  (440)  (731) Cash flow from financing activities (3 164) (2 988)  (500)  (464) Net increase/(decrease) in cash and cash equivalents  (136)  (163) 637  708  Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 1.0 billion US dollar and 0.8 billion US dollar for 2022 and 2021, respectively. In 2022, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2021 to non-controlling interests amounting to 83m US dollar (2021: 67m US dollar).Other  non-controlling  interests  not  deemed  individually  material  by  the  company  mainly  related  to  the  company\u2019s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management, Inc. (\u201cApollo\u201d) and non-controlling interests recognized in respect of the company\u2019s subsidiaries in Colombia, Ecuador and Peru.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__275-1": {
   "value": "30.<span class=\"ls0\"> <span class=\"_ _1\"/>Non-controlling inte<span class=\"_ _1\"/>rests </span>As <span class=\"_ _1\"/>a<span class=\"_ _3\"/>t <span class=\"_ _1\"/>31 <span class=\"_ _1\"/>December <span class=\"_ _1\"/>2<span class=\"_ _3\"/>022 <span class=\"_ _1\"/>and <span class=\"_ _1\"/>2021<span class=\"_ _3\"/>, <span class=\"_ _1\"/>material <span class=\"_ _1\"/>n<span class=\"_ _3\"/>on-controlling <span class=\"_ _1\"/>interests r<span class=\"_ _1\"/>e<span class=\"_ _3\"/>late <span class=\"_ _1\"/>to <span class=\"_ _0\"/>Ambev, <span class=\"_ _1\"/>a <span class=\"_ _1\"/>Brazilian l<span class=\"_ _1\"/>i<span class=\"_ _3\"/>sted <span class=\"_ _1\"/>subsidiary <span class=\"_ _1\"/>in which AB In<span class=\"_ _3\"/>Bev has <span class=\"_ _3\"/>61.77% ownership, <span class=\"_ _3\"/>and Budweiser <span class=\"_ _3\"/>APAC, an Asi<span class=\"_ _3\"/>a Pacific <span class=\"_ _3\"/>listed subsidiary <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which AB <span class=\"_ _3\"/>InBev has <span class=\"_ _3\"/>87.22% ownership. <span class=\"_ _0\"/>The <span class=\"_ _1\"/>tables <span class=\"_ _1\"/>below <span class=\"_ _1\"/>provide <span class=\"_ _1\"/>summarized <span class=\"_ _0\"/>information <span class=\"_ _1\"/>derived <span class=\"_ _1\"/>from <span class=\"_ _0\"/>the <span class=\"_ _1\"/>consolidated <span class=\"_ _1\"/>financial <span class=\"_ _1\"/>statements <span class=\"_ _1\"/>of Am<span class=\"_ _0\"/>bev and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.  Summarized <span class=\"_ _6\"/>fi<span class=\"_ _3\"/>nancial <span class=\"_ _6\"/>information <span class=\"_ _6\"/>of <span class=\"_ _7\"/>Ambev <span class=\"_ _6\"/>and <span class=\"_ _6\"/>Bu<span class=\"_ _3\"/>dweiser <span class=\"_ _6\"/>APAC, <span class=\"_ _6\"/>in <span class=\"_ _7\"/>which <span class=\"_ _6\"/>th<span class=\"_ _3\"/>e <span class=\"_ _6\"/>company <span class=\"_ _6\"/>has<span class=\"_ _3\"/> <span class=\"_ _6\"/>material <span class=\"_ _6\"/>non<span class=\"_ _2\"/>-c<span class=\"_ _3\"/>ontrolling interests, is as follows: Ambev Budweiser APA<span class=\"_ _0\"/>C 31 December 31 December 31 December 31 December Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Summarized sta<span class=\"_ _0\"/>tement of fi<span class=\"_ _0\"/>nancial positi<span class=\"_ _1\"/>on information Current assets 7 <span class=\"ls6\">248</span>  6 <span class=\"ls6\">922</span>  3 <span class=\"ls6\">606</span>  3 <span class=\"ls6\">161</span>  Non-curren<span class=\"_ _0\"/>t assets 19<span class=\"ls0\"> </span>193<span class=\"ls0\">  </span>17<span class=\"ls0\"> </span>915<span class=\"ls0\">  </span>12<span class=\"ls0\"> </span>390<span class=\"ls0\">  </span>13<span class=\"ls0\"> </span>464<span class=\"ls0\">  </span>Current liabilities<span class=\"_ _0\"/> 7 <span class=\"ls6\">770</span>  6 <span class=\"ls6\">965</span>  4 <span class=\"ls6\">414</span>  4 <span class=\"ls6\">691</span>  Non-curren<span class=\"_ _0\"/>t liabilities 2 <span class=\"ls6\">700</span>  2 <span class=\"ls6\">817</span>  748<span class=\"ls0\">  </span>851<span class=\"ls0\">  </span>Equity attributable<span class=\"_ _1\"/> t<span class=\"_ _3\"/>o equit<span class=\"_ _0\"/>y holders 15<span class=\"ls0\"> </span>707<span class=\"ls0\">  </span>14<span class=\"ls0\"> </span>809<span class=\"ls0\">  </span>10<span class=\"ls0\"> </span>765<span class=\"ls0\">  </span>11<span class=\"ls0\"> </span>013<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 263<span class=\"ls0\">  </span>246<span class=\"ls0\">  </span>69<span class=\"ls0\">  </span>70<span class=\"ls0\">  </span>Ambev Budweiser APA<span class=\"_ _0\"/>C Million US dol<span class=\"_ _0\"/>lar 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Summarized <span class=\"_ _0\"/>income statement<span class=\"_ _1\"/> and  other comprehens<span class=\"_ _1\"/>ive income informatio<span class=\"_ _0\"/>n Revenue 15<span class=\"ls0\"> </span>434<span class=\"ls0\">  </span>13<span class=\"ls0\"> </span>570<span class=\"ls0\">  </span>6 <span class=\"ls6\">478</span>  6 <span class=\"ls6\">788</span>  Net income 2 <span class=\"ls6\">883</span>  2 <span class=\"ls6\">444</span>  949<span class=\"ls0\">  </span>981<span class=\"ls0\">  </span>Attributable to:<span class=\"_ _0\"/> Equity holder<span class=\"_ _0\"/>s 2 <span class=\"ls6\">800</span>  2 <span class=\"ls6\">360</span>  913<span class=\"ls0\">  </span>950<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 84<span class=\"ls0\">  </span>84<span class=\"ls0\">  </span>36<span class=\"ls0\">  </span>31<span class=\"ls0\">  </span>Net income 2 <span class=\"ls6\">883</span>  2 <span class=\"ls6\">444</span>  949<span class=\"ls0\">  </span>981<span class=\"ls0\">  </span>Other compreh<span class=\"_ _0\"/>ensive income (1 300) 629<span class=\"ls0\">  </span> <span class=\"ls7\">(812)</span>  <span class=\"ls7\">(289)</span> Total comprehens<span class=\"_ _1\"/>iv<span class=\"_ _3\"/>e income<span class=\"_ _1\"/> 1 <span class=\"ls6\">584</span>  3 <span class=\"ls6\">074</span>  137<span class=\"ls0\">  </span>692<span class=\"ls0\">  </span>Attributable to: Equity holder<span class=\"_ _0\"/>s 1 <span class=\"ls6\">517</span>  2 <span class=\"ls6\">970</span>  105<span class=\"ls0\">  </span>660<span class=\"ls0\">  </span>Non-controlling in<span class=\"_ _1\"/>t<span class=\"_ _3\"/>erests 67<span class=\"ls0\">  </span>104<span class=\"ls0\">  </span>32<span class=\"ls0\">  </span>32<span class=\"ls0\">  </span>Summarized cas<span class=\"_ _0\"/>h flow inf<span class=\"_ _0\"/>ormation Cash flow from op<span class=\"_ _0\"/>erating act<span class=\"_ _0\"/>ivities 3 <span class=\"ls6\">997</span>  4 <span class=\"ls6\">266</span>  1 <span class=\"ls6\">577</span>  1 <span class=\"ls6\">903</span>  Cash flow from in<span class=\"_ _1\"/>vesting activities  <span class=\"ls7\">(969)</span> (1 441)  <span class=\"ls7\">(440)</span>  <span class=\"ls7\">(731)</span> Cash flow from f<span class=\"_ _1\"/>inancing activities (3 164) (2 988)  <span class=\"ls7\">(500)</span>  <span class=\"ls7\">(464)</span> Net increase/(dec<span class=\"_ _0\"/>rease) in cas<span class=\"_ _0\"/>h and cas<span class=\"_ _0\"/>h equivalent<span class=\"_ _0\"/>s  <span class=\"ls7\">(136)</span>  <span class=\"ls7\">(163)</span> 637<span class=\"ls0\">  </span>708<span class=\"ls0\">  </span>Dividends <span class=\"_ _6\"/>paid <span class=\"_ _6\"/>by <span class=\"_ _6\"/>Ambev <span class=\"_ _6\"/>and <span class=\"_ _6\"/>its <span class=\"_ _6\"/>subsidiaries <span class=\"_ _6\"/>to<span class=\"_ _3\"/> <span class=\"_ _6\"/>non-controlling <span class=\"_ _2\"/>interests <span class=\"_ _6\"/>(i.e., <span class=\"_ _6\"/>to <span class=\"_ _6\"/>entities <span class=\"_ _6\"/>outside <span class=\"_ _6\"/>the <span class=\"_ _6\"/>AB <span class=\"_ _6\"/>InBev <span class=\"_ _7\"/>Group) amounted to 1.0 billion US dollar and 0.8 <span class=\"_ _0\"/>billion US dollar for 2022 and 2<span class=\"_ _1\"/>0<span class=\"_ _3\"/>21, respectively. I<span class=\"_ _0\"/>n 2022, Budweiser APAC <span class=\"_ _3\"/>and its <span class=\"_ _2\"/>subsidiaries <span class=\"_ _2\"/>paid <span class=\"_ _2\"/>a <span class=\"_ _2\"/>final <span class=\"_ _2\"/>dividend <span class=\"_ _2\"/>related <span class=\"_ _3\"/>to <span class=\"_ _2\"/>the <span class=\"_ _2\"/>financial <span class=\"_ _2\"/>year <span class=\"_ _3\"/>2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>1 <span class=\"_ _2\"/>to <span class=\"_ _2\"/>non-controlling <span class=\"_ _3\"/>interests <span class=\"_ _2\"/>amounting <span class=\"_ _2\"/>to <span class=\"_ _2\"/><span class=\"ls3\">83</span>m <span class=\"_ _2\"/>US dollar (2021: <span class=\"ls8\">67<span class=\"_ _3\"/></span>m US dollar).Other <span class=\"_\"> </span>non-<span class=\"ff4\">controlling <span class=\"_\"> </span>interests <span class=\"_\"> </span>not <span class=\"_\"> </span>deemed <span class=\"_\"> </span>individually <span class=\"_\"> </span>m<span class=\"_ _0\"/>aterial <span class=\"_\"> </span>by <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_\"> </span>mainly <span class=\"_\"> </span>related <span class=\"_\"> </span>to <span class=\"_\"> </span>the<span class=\"_ _0\"/> <span class=\"_\"> </span>company\u2019s </span>oper<span class=\"ls0\">ations <span class=\"_ _1\"/>in <span class=\"_ _1\"/>Africa <span class=\"_ _1\"/>in <span class=\"_ _1\"/>association <span class=\"_ _1\"/>with <span class=\"_ _1\"/>the <span class=\"_ _1\"/>Cas<span class=\"_ _3\"/>tel <span class=\"_ _1\"/>Group <span class=\"_ _1\"/>(e.g., <span class=\"_ _f\"/>Bots<span class=\"_ _3\"/>wana, <span class=\"_ _1\"/>Ghana, <span class=\"_ _1\"/>Mozambique, <span class=\"_ _1\"/>Nigeria, <span class=\"_ _1\"/>Tanzania, <span class=\"_ _1\"/>Uganda </span>and <span class=\"_ _1\"/>Zambia), as<span class=\"_ _0\"/> <span class=\"_ _1\"/>well a<span class=\"_ _0\"/>s <span class=\"_ _1\"/><span class=\"ls3\">non<span class=\"ls0\">-controlling <span class=\"_ _1\"/>interests <span class=\"_ _1\"/>in US-based <span class=\"_ _1\"/>metal <span class=\"_ _1\"/>container <span class=\"_ _1\"/>operations fr<span class=\"_ _1\"/>o<span class=\"_ _3\"/>m <span class=\"_ _1\"/>Apollo <span class=\"_ _1\"/>Glo<span class=\"_ _3\"/>bal <span class=\"_ _1\"/>Management, </span></span>Inc. (\u201cApollo\u201d)<span class=\"ff2\"> a<span class=\"_ _1\"/>n<span class=\"_ _3\"/>d <span class=\"ls3\">non</span>-<span class=\"_ _1\"/><span class=\"ff4\">c<span class=\"_ _3\"/>ontrolling <span class=\"_ _1\"/>in<span class=\"_ _3\"/>terests <span class=\"_ _1\"/>re<span class=\"_ _3\"/>cognized <span class=\"_ _1\"/>i<span class=\"_ _3\"/>n res<span class=\"_ _0\"/>pect of <span class=\"_ _1\"/>the company\u2019s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>in Colombia, Ec<span class=\"_ _0\"/>uador and </span></span>Peru.  LIST OF THE MOST IMPORTANT FULLY CONSOLIDATED COMPANIES % economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of the fully conso<span class=\"_ _1\"/>lidated companies at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 . Argentina Cerveceria y Malter<span class=\"_ _0\"/>ia Quilmes<span class=\"_ _1\"/> <span class=\"_ _3\"/>Saica Y G - Charca<span class=\"_ _1\"/>s <span class=\"_ _3\"/>5160 - C14<span class=\"_ _0\"/>25BOF Bueno<span class=\"_ _1\"/>s Aires 61.62% . Belgium Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev NV - Gra<span class=\"_ _0\"/>nd Place 1 - 1000 Bru<span class=\"_ _1\"/>ssels Consolidating Brasserie de l'Abba<span class=\"_ _1\"/>ye de Leffe S.A. - Place de<span class=\"_ _1\"/> <span class=\"_ _3\"/>l'Abbaye<span class=\"_ _0\"/>, 1 - <span class=\"ls6\">5500 </span>- Dinant 98.54% Brouwerij van<span class=\"_ _0\"/> Hoegaarde<span class=\"_ _0\"/>n N.V. - Stoopkens<span class=\"_ _0\"/>straat 46 - <span class=\"ls6\">3320 </span>- Hoegaar<span class=\"_ _0\"/>den 100.00% Cobrew N.V - Brou<span class=\"_ _1\"/>werijplein 1, 3000 Leuven<span class=\"_ _0\"/> 100.00% InBev Belgium<span class=\"_ _0\"/> BV/SRL - Boulevar<span class=\"_ _1\"/>d Industriel, 21 - 1070 Anderlech<span class=\"_ _1\"/>t 100.00% . Bolivia Cervecer\u00eda Boli<span class=\"_ _1\"/>v<span class=\"_ _3\"/>iana Naciona<span class=\"_ _0\"/>l S.A. - Av. Monte<span class=\"_ _1\"/>s<span class=\"_ _3\"/> 400 &amp; Calle C<span class=\"_ _0\"/>huquisaca<span class=\"_ _1\"/> No. 121, Zona Challapa<span class=\"_ _0\"/>mpa, La 52.72% Paz . Botswana Kgalagadi Brewer<span class=\"_ _0\"/>ies (Pty) Ltd<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Plot 20768, Kudu Ro<span class=\"_ _0\"/>ad, Broadhu<span class=\"_ _1\"/>rst Industrial Estate - PO Box 1157<span class=\"_ _1\"/> <span class=\"_ _3\"/>- 31.06% Gaborone\u00b9 . Brazil Ambev S.A. - Rua<span class=\"_ _0\"/> Dr. Renato <span class=\"_ _1\"/>P<span class=\"_ _3\"/>aes de Barro<span class=\"_ _0\"/>s 1017, 3\u00b0 Andar<span class=\"_ _0\"/> Itaim Bibi, S\u00e3o<span class=\"_ _1\"/> P<span class=\"_ _3\"/>aulo 61.77% . Canada Labatt Brewing C<span class=\"_ _0\"/>ompany Limited -<span class=\"_ _1\"/> <span class=\"_ _3\"/>207 Queen's Qua<span class=\"_ _1\"/>y West, Suite 29<span class=\"_ _0\"/>9 - M5J 1A7 - Toronto 61.77% . Chile Cerveceria Chile<span class=\"_ _1\"/> <span class=\"_ _3\"/>S.A - Av. Preside<span class=\"_ _1\"/>nte Eduardo Frei Montalva<span class=\"_ _1\"/> 9600, Quilicura - <span class=\"ls6\">8700000 S<span class=\"_ _3\"/>antiago de Chile</span> 61.77% . China Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Inbev (China)<span class=\"_ _0\"/> Sales Compan<span class=\"_ _0\"/>y Limited - Shangshou<span class=\"_ _1\"/>, Qin Duan Kou, Hanyang<span class=\"_ _1\"/> Area <span class=\"_ _3\"/>- 87.22% 430051 <span class=\"ls0\">- Wuhan City, Hube<span class=\"_ _0\"/>i Province </span>Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev (Wu<span class=\"_ _0\"/>han) Brew<span class=\"_ _1\"/>ing Co., <span class=\"_ _3\"/>Ltd. - Shang<span class=\"_ _0\"/>shou, Qin Du<span class=\"_ _0\"/>an Kou, Hanyang<span class=\"_ _0\"/> Area - 43005<span class=\"_ _0\"/>1 - 84.66% Wuhan City, Hubei<span class=\"_ _1\"/> P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Sedrin <span class=\"_ _1\"/>Brewery Co., Ltd - No.1 Wes<span class=\"_ _0\"/>t Xuejin Avenue,Han<span class=\"_ _0\"/>jiang Dis<span class=\"_ _0\"/>trict - <span class=\"ls6\">351111 </span>- 87.22% Putian City, Fujian <span class=\"_ _1\"/>P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Southea<span class=\"_ _1\"/>st Sales Co., Ltd. - No.1 We<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t Xuejin Avenu<span class=\"_ _0\"/>e, Hanjiang<span class=\"_ _0\"/> District, Putian,<span class=\"_ _1\"/> 87.22% Fujian , P.R.China -<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"ls6\">351111 </span>- Putian City, Fujian<span class=\"_ _1\"/> Province Blue Girl Beer (Guan<span class=\"_ _0\"/>gzhou) C<span class=\"_ _0\"/>o. Ltd - Units 2101,21<span class=\"_ _1\"/>/F, Tower A, China<span class=\"_ _0\"/> International Cen<span class=\"_ _0\"/>tre, 33 56.69% Zhongshan San<span class=\"_ _1\"/> <span class=\"_ _3\"/>Road - <span class=\"ls6\">510000 </span>- Guangzhou<span class=\"_ _0\"/> City . Colombia Bavaria &amp; Cia S<span class=\"_ _0\"/>.C.A. - Carrer<span class=\"_ _0\"/>a 53 A, No 127<span class=\"_ _0\"/> - 35 - <span class=\"ls6\">110221 </span>- Bogota 99.16% . Czech Republ<span class=\"_ _0\"/>ic Pivovar Samson<span class=\"_ _0\"/> s.r.o. - <span class=\"ff4\">Lidick\u00e1<span class=\"_ _1\"/> <span class=\"_ _3\"/>458/51, 37001,<span class=\"_ _0\"/> \u010cesk\u00e9 Bud\u011bjovi<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e<span class=\"ff2\"> </span></span>100.00% . Dominican Repub<span class=\"_ _1\"/>li<span class=\"_ _3\"/>c Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional Domini<span class=\"_ _1\"/>cana S.A. <span class=\"_ _3\"/>- Autopis<span class=\"_ _1\"/>t<span class=\"_ _3\"/>a 30 de Ma<span class=\"_ _1\"/>y<span class=\"_ _3\"/>o Km 6<span class=\"_ _1\"/>1/<span class=\"_ _3\"/>2, Distrito Nacional -<span class=\"_ _1\"/> <span class=\"_ _3\"/>A.P. 10100 <span class=\"_ _0\"/>- 52.51% 2Santo Domingo. Ecuador Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S.A. - Via a<span class=\"_ _1\"/> <span class=\"_ _3\"/>daule k<span class=\"_ _0\"/>m 16,5 y calle <span class=\"_ _1\"/>c<span class=\"_ _3\"/>obre s/n - EC09<span class=\"_ _0\"/>0150 - Guayaquil, Gua<span class=\"_ _1\"/>yas 95.58% . El Salvador La Constancia L<span class=\"_ _1\"/>t<span class=\"_ _3\"/>da de C.V<span class=\"_ _1\"/>.<span class=\"_ _3\"/> - Avenida Independ<span class=\"_ _0\"/>encia, No 526 - <span class=\"ls13\">PBX </span>(503) 22<span class=\"_ _0\"/>09-<span class=\"ls6\">7555 </span>- San Salvador 100.00% . France AB InBev France <span class=\"_ _1\"/>S.A.S. - Immeuble Crystal, 38,<span class=\"_ _0\"/> Place Vauban - C<span class=\"_ _0\"/>.P. 59110 - La Madelein<span class=\"_ _0\"/>e 100.00% 1Germany Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Deu<span class=\"_ _0\"/>tschland GmbH <span class=\"_ _1\"/>&amp;<span class=\"_ _3\"/> Co. KG - Am Deich<span class=\"_ _1\"/> 18/19 - <span class=\"ls6\">28199 </span>- Bremen 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev German<span class=\"_ _1\"/>y Holding GmbH - Am Deich 18/19<span class=\"_ _1\"/> - <span class=\"ls6\">28199 <span class=\"_ _3\"/></span>- Bremen 100.00% . Ghana Accra Brewer<span class=\"_ _1\"/>y<span class=\"_ _3\"/> PLC - 20 Grap<span class=\"_ _0\"/>hic Road, South<span class=\"_ _0\"/> Industrial Area - Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> GP1219 - Accra<span class=\"_ _1\"/> 61.61% . Honduras Cervecer\u00eda Hondu<span class=\"_ _0\"/>re\u00f1a S.A. de<span class=\"_ _1\"/> <span class=\"_ _3\"/>C.V. - Boulevard de<span class=\"_ _0\"/>l Norte - Pos<span class=\"_ _0\"/>tal No. 86 - San Ped<span class=\"_ _0\"/>ro Sula 99.61% . Hong Kong Budweiser Brew<span class=\"_ _1\"/>ing Company APAC Limited - Sui<span class=\"_ _0\"/>tes 3012-16, Tow<span class=\"_ _1\"/>er Two, 1 Matheson Street<span class=\"_ _0\"/>, Cause<span class=\"_ _0\"/>way 87.22% Bay, Hong Kong . India Crown Beers <span class=\"_ _0\"/>India Private Li<span class=\"_ _1\"/>mi<span class=\"_ _3\"/>ted - 510/511, Miner<span class=\"_ _1\"/>va House, Sarojini De<span class=\"_ _0\"/>vi Road - <span class=\"ls6\">500003 </span>- 87.22% Secunderabad, <span class=\"_ _1\"/>Telangana Anheuser Busch <span class=\"_ _1\"/>I<span class=\"_ _3\"/>nBev India Li<span class=\"_ _1\"/>mited - <span class=\"_ _3\"/>Unit No.301-<span class=\"_ _1\"/>302, Dynasty Business Park<span class=\"_ _1\"/>,<span class=\"_ _3\"/> 3rd Floor <span class=\"_ _1\"/>A<span class=\"_ _3\"/>ndheri - Kur<span class=\"_ _0\"/>la 87.05% Road, Andheri (<span class=\"_ _1\"/>East) <span class=\"_ _3\"/>- <span class=\"ls6\">400059 </span>- Mumbai, Mah<span class=\"_ _1\"/>arashtra . Ita<span class=\"ls15\">ly</span> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Italia - Via<span class=\"_ _1\"/> Fratelli Castiglioni, 8,<span class=\"_ _0\"/> 20124 Milano MI<span class=\"_ _0\"/>, Italy 100.00% . Luxembourg Brasserie de Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg Mou<span class=\"_ _1\"/>s<span class=\"_ _3\"/>el-Diekirch S<span class=\"_ _1\"/>.<span class=\"_ _3\"/>A. - Rue de la<span class=\"_ _1\"/> <span class=\"_ _3\"/>Brasserie<span class=\"_ _0\"/>, 1 - L-<span class=\"ls6\">9214 </span>- Diekirch 95.82% . Mexico Cervecer\u00eda Mode<span class=\"_ _0\"/>lo de M\u00e9xico S<span class=\"_ _0\"/>. de R.L. de C.<span class=\"_ _1\"/>V<span class=\"_ _3\"/>. - Cerrada de Pa<span class=\"_ _1\"/>lomas 22, 6th Floor, Refor<span class=\"_ _0\"/>ma Social, 100.00% Miguel Hidalgo, 11<span class=\"_ _0\"/>650 Mexico Ci<span class=\"_ _1\"/>ty . Mozambique Cervejas De Mo<span class=\"_ _1\"/>\u00e7<span class=\"_ _3\"/>ambique SA<span class=\"_ _0\"/> - Rua do Jardi<span class=\"_ _0\"/>m 1329, Maputo 51.47% . Netherlands<span class=\"_ _0\"/> AB InBev Africa<span class=\"_ _1\"/> <span class=\"_ _3\"/>B.V. - Ceress<span class=\"_ _0\"/>traat 1 - 4811 C<span class=\"_ _1\"/>A<span class=\"_ _3\"/> - Breda<span class=\"_ _0\"/> 62.00% InBev Nederlan<span class=\"_ _0\"/>d N.V. - Ceres<span class=\"_ _0\"/>straat 1 - 4811 CA<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Breda 100.00% Interbrew Internat<span class=\"_ _1\"/>ional B.V. - Ceresstraat 1 - 4811 C<span class=\"_ _1\"/>A <span class=\"_ _3\"/>- Breda 100.00% . Nigeria International Brew<span class=\"_ _1\"/>eries PLC - 22/36 Glover<span class=\"_ _0\"/> Road, Lagos, Ikoyi\u00b9<span class=\"_ _0\"/> 43.00% . Panama Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S. de R<span class=\"_ _1\"/>.L.<span class=\"_ _3\"/> - Complejo Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>iness Par<span class=\"_ _1\"/>k, Costa del Este Torre Oe<span class=\"_ _1\"/>ste, Piso No.2 Pana<span class=\"_ _0\"/>m\u00e1 61.77% . Paraguay Cervecer\u00eda Para<span class=\"_ _0\"/>guaya S.A. - Ruta<span class=\"_ _1\"/> <span class=\"_ _3\"/>Acceso Sur<span class=\"_ _0\"/> Km 30 s/ De<span class=\"_ _1\"/>sv\u00ed<span class=\"_ _3\"/>o a Vil<span class=\"_ _1\"/>let<span class=\"_ _3\"/>a N\u00b0 825  53.96% . Peru Compania Cervecer<span class=\"_ _0\"/>a AmBe<span class=\"_ _1\"/>v<span class=\"_ _3\"/> Peru S.A.C. - Av. Lo<span class=\"_ _0\"/>s Laureles M<span class=\"_ _1\"/>z<span class=\"_ _3\"/>a. A Lt. 4 del Cen<span class=\"_ _0\"/>tro Poblado <span class=\"_ _1\"/>Menor 97.22% Santa Maria de Hua<span class=\"_ _1\"/>chipa - Lurigancho (Chosi<span class=\"_ _0\"/>ca) - 25 - Lima Uni\u00f3n de Cervecer<span class=\"_ _1\"/>\u00edas Peruanas Backus y Joh<span class=\"_ _0\"/>nston S.A.<span class=\"_ _1\"/>A<span class=\"_ _3\"/>. - Av. Nicolas Ayllon 398<span class=\"_ _0\"/>6, Ate - <span class=\"ls12\">3 </span>- Lima 93.65% . South Africa<span class=\"_ _1\"/> SABSA Holding<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (Pty) Ltd<span class=\"_ _0\"/> - 65 Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2001 </span>- Johann<span class=\"_ _1\"/>esburg 100.00% The South African<span class=\"_ _1\"/> B<span class=\"_ _3\"/>reweries<span class=\"_ _0\"/> (Pty) Ltd - <span class=\"ls6\">65 </span>Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2146 </span>- Johannesbur<span class=\"_ _1\"/>g 100.00% . South Korea<span class=\"_ _1\"/> Oriental Brewe<span class=\"_ _0\"/>ry Co Ltd - 517<span class=\"_ _0\"/>, Yeongdong-d<span class=\"_ _0\"/>aero, Gangam-gu<span class=\"_ _0\"/>, Seoul - Asem Tower 8<span class=\"_ _1\"/>th floor - Seoul 87.22% . Spain Compa\u00f1\u00eda Cerve<span class=\"_ _1\"/>cera de Canarias S.A. - C/ Mali, 7 (38<span class=\"_ _1\"/>320 La Laguna - Santa Cruz<span class=\"_ _1\"/> <span class=\"_ _3\"/>de Tenerife) 51.03% . Switzerland<span class=\"_ _1\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Procure<span class=\"_ _1\"/>ment GmbH - Suurstoffi 22 - 6343<span class=\"_ _1\"/> - Rotkreuz 100.00% . Tanzania 1Tanzania Brewe<span class=\"_ _1\"/>ries PLC - Uhuru Street, Plot No<span class=\"_ _0\"/> 79, Block AA<span class=\"_ _1\"/>,<span class=\"_ _3\"/> Mchikichini,<span class=\"_ _0\"/> Ilala District<span class=\"_ _0\"/>, Dar es Salaa<span class=\"_ _1\"/>m<span class=\"_ _3\"/>\u00b939.65% . Uganda Nile Breweries Ltd -<span class=\"_ _1\"/> <span class=\"_ _3\"/>Plot M90 <span class=\"_ _0\"/>Yusuf Lule Road,<span class=\"_ _0\"/> Njeru - P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 762 - Jinja<span class=\"_ _1\"/> 61.64% . United Kingdom<span class=\"_ _1\"/> AB InBev Holding<span class=\"_ _1\"/>s Limited - Bureau, 90 Fe<span class=\"_ _0\"/>tter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _1\"/>n 100.00% AB InBev Internat<span class=\"_ _1\"/>ional Brands Limited - AB InBev<span class=\"_ _1\"/> <span class=\"_ _3\"/>House, Chu<span class=\"_ _0\"/>rch Street Wes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>, Woking,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Surrey, GU21 6<span class=\"_ _1\"/>HT<span class=\"_ _3\"/> 100.00% AB InBev UK Limi<span class=\"_ _1\"/>ted <span class=\"_ _3\"/>- Bureau<span class=\"_ _0\"/>, 90 Fetter Lan<span class=\"_ _0\"/>e - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI SAB Group Holdin<span class=\"_ _1\"/>g Limited - Bureau, 90 Fetter<span class=\"_ _1\"/> Lane - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI UK Holding 1<span class=\"_ _1\"/> <span class=\"_ _3\"/>Limited - Burea<span class=\"_ _1\"/>u, 90 Fetter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _0\"/>n 100.00% ZX Ventures Lim<span class=\"_ _0\"/>ited - Bureau,<span class=\"_ _0\"/> 90 Fetter Lane - EC4<span class=\"_ _1\"/>A 1EN - <span class=\"ls6\">London</span> 100.00% . United States<span class=\"_ _0\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Americas Holdin<span class=\"_ _1\"/>gs LLC <span class=\"_ _3\"/>- One Bu<span class=\"_ _1\"/>sch Place - MO 63118 - St. Loui<span class=\"_ _1\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Companies LL<span class=\"_ _0\"/>C - One Bus<span class=\"_ _0\"/>ch Place - MO 63118<span class=\"_ _1\"/> <span class=\"_ _3\"/>- St. Loui<span class=\"_ _0\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Wor<span class=\"_ _0\"/>ldwide Inc. - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 631<span class=\"_ _1\"/>18 - St. Louis 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Internationa<span class=\"_ _0\"/>l LLC - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 6311<span class=\"_ _0\"/>8 - St. Lou<span class=\"_ _0\"/>is 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>LLC - One Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ch Place - MO<span class=\"_ _0\"/> 63118 - St. Louis<span class=\"_ _0\"/> 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>North Ameri<span class=\"_ _1\"/>can Holding LLC - One Busch Pla<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e - MO 63118 - St<span class=\"_ _0\"/>. Louis 100.00% MCC Holding Compan<span class=\"_ _1\"/>y LLC - One Busch<span class=\"_ _0\"/> Place - MO 63118 - <span class=\"_ _1\"/>S<span class=\"_ _3\"/>t. Louis 50.10% . Uruguay Cerveceria y Malter<span class=\"_ _0\"/>ia Paysandu<span class=\"_ _1\"/> S.A. <span class=\"_ _3\"/>- Cesar Cor<span class=\"_ _1\"/>t<span class=\"_ _3\"/>inas, 203<span class=\"_ _0\"/>7 - C.P. 1150<span class=\"_ _1\"/>0 <span class=\"_ _3\"/>Montevideo 61.77% . Vietnam Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Vie<span class=\"_ _0\"/>tnam Brew<span class=\"_ _0\"/>ery Co., Ltd - 2 VSIP II-A,<span class=\"_ _0\"/> Street No.<span class=\"_ _1\"/> <span class=\"_ _3\"/>28 - <span class=\"ls6\">820000 </span>- Tan Uyen To<span class=\"_ _1\"/>wn, 87.22% Binh Duong Pro<span class=\"_ _0\"/>vince . Zambia Zambian Brewe<span class=\"_ _0\"/>ries PLC - Plot No<span class=\"_ _0\"/> 6438, Mungwi Ro<span class=\"_ _1\"/>ad <span class=\"_ _3\"/>- P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 31293 - Lusa<span class=\"_ _1\"/>k<span class=\"_ _3\"/>a 54.02% ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__282": {
   "value": "31. Related parties TRANSACTIONS WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL) AB InBev\u2019s Executive Committee members\u2019 compensation consists of short-term employee benefits (primarily salaries) and post-employment benefits from pension plans of their respective country \u2013 see also Note 23 Pensions and similar obligations. Key management personnel are also eligible for the company\u2019s share option; restricted stock and/or share swap program (see Note 24 Share-based Payments). Total directors and Executive Committee compensation included in the income statement can be detailed as follows:  2022 2021 Executive Executive Million US dollar Directors Committee Directors Committee\u00b9 Short-term employee benefits                 2                15                  2                24  Termination benefits                 -                  -                  -                  -  Share-based payment                 -                35                  -                33                  2                50                  2                57  1Directors\u2019 compensation consists mainly of directors\u2019 fees.During 2022, AB InBev entered into the following transactions: \u2022  The lease of commercial premises from and the sale of malt-based beverages and beer to companies in which one of the company's Board Member had a significant influence as of 31 December 2022. The transactions happened mainly through AB InBev\u2019s subsidiary Bavaria S.A. for an aggregated consideration of approximately 33m US dollar (2021: 19m US dollar). The outstanding balance of these transactions as of 31 December 2022 amounts to 1m US dollar (31 December 2021: 3m US dollar).  \u2022  In  2021,  the  company  acquired,  through  Grupo  Modelo  and  its  subsidiaries,  information  technology  and infrastructure services for a consideration of approximately 1m US dollar from a company in which one of the company\u2019s Board Member had significant influence. In 2022, there were no such transactions. JOINTLY CONTROLLED ENTITIES Interests in joint ventures include three entities in Brazil, one in Mexico and one in Canada. None of these joint ventures are material to the company. TRANSACTIONS WITH ASSOCIATES Significant interests in associates are shown in note 16 Investments in associates. AB InBev\u2019s transactions with associates were as follows:  Million US dollar 2022 2021 Gross profit (4) 58  Current assets 100  57  Current liabilities 16  99  TRANSACTIONS WITH PENSION PLANS AB InBev\u2019s transactions with pension plans mainly comprise (12)m US dollar other expense to pension plans in the US in 2022 (2021: (12)m US dollar). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__281": {
   "value": "TRANSACTIONS<span class=\"ff2 fc1\"> </span>WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL)<span class=\"ff2 fc1\"> </span>AB <span class=\"_ _2\"/>InBev<span class=\"_ _3\"/>\u2019s <span class=\"_ _2\"/>Executive <span class=\"_ _6\"/>Committee <span class=\"_ _6\"/>members\u2019<span class=\"_ _3\"/> <span class=\"_ _2\"/>compensat<span class=\"ff2\">ion <span class=\"_ _6\"/>consists <span class=\"_ _2\"/>of<span class=\"_ _3\"/> <span class=\"_ _2\"/>s<span class=\"_ _3\"/>hort-term <span class=\"_ _2\"/>employee <span class=\"_ _6\"/>benefits <span class=\"_ _2\"/>(p<span class=\"_ _3\"/>rimarily <span class=\"_ _2\"/>salaries) </span>and<span class=\"ls0\"> <span class=\"_ _2\"/>po<span class=\"_ _3\"/>st-employment <span class=\"_ _2\"/>benefits <span class=\"_ _6\"/>from <span class=\"_ _6\"/>pension <span class=\"_ _6\"/>plans <span class=\"_ _6\"/>of <span class=\"_ _6\"/>their <span class=\"_ _6\"/>respective <span class=\"_ _2\"/>country <span class=\"_ _6\"/><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"/>see <span class=\"_ _6\"/>also <span class=\"_ _2\"/>Not<span class=\"_ _3\"/>e <span class=\"_ _6\"/>23 <span class=\"_ _6\"/><span class=\"ff5\">Pensions <span class=\"_ _6\"/>and <span class=\"_ _2\"/>similar </span></span>obligations<span class=\"ff2 ls2\">. <span class=\"_ _6\"/><span class=\"ls0\">Key <span class=\"_ _2\"/>m<span class=\"_ _3\"/>anagement <span class=\"_ _2\"/>personnel <span class=\"_ _6\"/>are <span class=\"_ _6\"/>also <span class=\"_ _6\"/>eligible <span class=\"_ _2\"/>for <span class=\"_ _6\"/>the <span class=\"_ _6\"/><span class=\"ff4\">company\u2019s <span class=\"_ _2\"/>sh<span class=\"_ _3\"/>are <span class=\"_ _2\"/>option; <span class=\"_ _6\"/>restricted <span class=\"_ _2\"/>s<span class=\"_ _3\"/>tock <span class=\"_ _2\"/>and/or <span class=\"_ _6\"/>share </span></span></span>swap program (see Note 24 <span class=\"ff5\">Share-based Payments</span>). Total directors and Executive Committee compensation included in<span class=\"_ _1\"/> the income statement can be detailed as follows:<span class=\"fs6\">  </span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Executive Executive Million US dol<span class=\"_ _0\"/>lar Directors Committee Directors Committee\u00b9 Short-term emplo<span class=\"_ _1\"/>y<span class=\"_ _3\"/>ee benefits                 2                <span class=\"ls6\">15</span>                  2                <span class=\"ls6\">24</span>  Termination bene<span class=\"_ _1\"/>f<span class=\"_ _3\"/>its                 -                  -                  -                  -  Share-based pay<span class=\"_ _1\"/>ment                 -                <span class=\"ls6\">35</span>                  -                <span class=\"ls6\">33</span>                  2                <span class=\"ls6\">50</span>                  2                <span class=\"ls6\">57</span>  1Directors\u2019 compensation consists mainly of directors\u2019 fees.During 2022, AB InBev entered into the following transactions: \u2022<span class=\"ff2\"> <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">The <span class=\"_ _3\"/>lease <span class=\"_ _3\"/>of <span class=\"_ _3\"/>commercial <span class=\"_ _3\"/>premises <span class=\"_ _3\"/>from <span class=\"_ _3\"/>and<span class=\"_ _3\"/> th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>sale <span class=\"_ _3\"/>of <span class=\"_ _3\"/>malt<span class=\"_ _3\"/>-based <span class=\"_ _3\"/>beverages <span class=\"_ _3\"/>and <span class=\"_ _2\"/>beer to<span class=\"_ _3\"/> <span class=\"_ _3\"/>companies <span class=\"_ _3\"/>in <span class=\"_ _3\"/>which </span></span>one <span class=\"_ _7\"/>of <span class=\"_ _7\"/>the <span class=\"_ _7\"/>company's <span class=\"_ _7\"/>Board <span class=\"_ _6\"/>M<span class=\"_ _3\"/>ember <span class=\"_ _7\"/>had <span class=\"_ _7\"/>a <span class=\"_ _7\"/>significant <span class=\"_ _7\"/>influence <span class=\"_ _6\"/>as<span class=\"_ _3\"/> <span class=\"_ _6\"/>o<span class=\"_ _3\"/>f <span class=\"_ _7\"/>31 <span class=\"_ _7\"/>December <span class=\"_ _7\"/>2022. <span class=\"_ _7\"/>The <span class=\"_ _6\"/>tra<span class=\"_ _3\"/>nsactions happened m<span class=\"_ _3\"/>ainly <span class=\"_ _3\"/>through AB <span class=\"_ _3\"/>InBev<span class=\"_ _3\"/>\u2019s s<span class=\"_ _3\"/>ubsidiary B<span class=\"_ _3\"/><span class=\"ff2\">avaria <span class=\"_ _3\"/>S.A. <span class=\"_ _3\"/>for <span class=\"_ _3\"/>an <span class=\"_ _3\"/>aggregated <span class=\"_ _3\"/>consideration <span class=\"_ _3\"/>of <span class=\"_ _3\"/>approximately </span>33<span class=\"ls0\">m <span class=\"_ _2\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2<span class=\"_ _3\"/>021<span class=\"ls2\">: <span class=\"_ _3\"/><span class=\"ls8\">19<span class=\"_ _3\"/></span></span>m <span class=\"_ _3\"/>US <span class=\"_ _2\"/>dollar). <span class=\"_ _3\"/>Th<span class=\"_ _3\"/>e <span class=\"_ _3\"/>outstanding <span class=\"_ _2\"/>balance <span class=\"_ _3\"/>of <span class=\"_ _2\"/>these <span class=\"_ _3\"/>transactions <span class=\"_ _2\"/>as <span class=\"_ _3\"/>of <span class=\"_ _2\"/>31 <span class=\"_ _2\"/>December <span class=\"_ _3\"/>2022 </span>amounts to 1m US dollar (31 December 2021: 3m US dollar).  \u2022 <span class=\"_ _d\"> </span><span class=\"fs3 fc1\">In <span class=\"_\"> </span>202<span class=\"_ _3\"/>1, <span class=\"_\"> </span>the <span class=\"_\"> </span>company <span class=\"_ _e\"> </span>acquired<span class=\"_ _3\"/>, <span class=\"_\"> </span>through <span class=\"_ _e\"> </span>Grupo <span class=\"_\"> </span>Modelo <span class=\"_\"> </span>a<span class=\"_ _3\"/>nd <span class=\"_\"> </span>its <span class=\"_ _e\"> </span>subsidiaries, <span class=\"_\"> </span>information <span class=\"_\"> </span>tech<span class=\"_ _3\"/>nology <span class=\"_\"> </span>and </span>infrastructure <span class=\"_ _6\"/>services <span class=\"_ _2\"/>for <span class=\"_ _6\"/>a <span class=\"_ _6\"/>consideration <span class=\"_ _2\"/>of <span class=\"_ _6\"/>approximately <span class=\"_ _6\"/>1m <span class=\"_ _7\"/>US <span class=\"_ _2\"/>dollar <span class=\"_ _6\"/>from <span class=\"_ _2\"/>a <span class=\"_ _6\"/>company <span class=\"_ _6\"/>in <span class=\"_ _2\"/>which <span class=\"_ _6\"/>one <span class=\"_ _2\"/>o<span class=\"_ _3\"/>f <span class=\"_ _2\"/>the company\u2019s Board Member had significant influence.<span class=\"ff2\"> In 2022, there were no such transactions. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__287": {
   "value": "33.<span class=\"ls0\"> <span class=\"_ _1\"/>AB InBev companies<span class=\"_ _1\"/> </span>The most important AB InBev companies included in the consolidation scope are listed below<span class=\"ls2\">. </span>The complete list of the company\u2019s investments is available at AB<span class=\"ff2\"> InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. </span>1LIST OF THE MOST IMPORTANT FULLY CONSOLIDATED COMPANIES % economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of the fully conso<span class=\"_ _1\"/>lidated companies at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 . Argentina Cerveceria y Malter<span class=\"_ _0\"/>ia Quilmes<span class=\"_ _1\"/> <span class=\"_ _3\"/>Saica Y G - Charca<span class=\"_ _1\"/>s <span class=\"_ _3\"/>5160 - C14<span class=\"_ _0\"/>25BOF Bueno<span class=\"_ _1\"/>s Aires 61.62% . Belgium Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev NV - Gra<span class=\"_ _0\"/>nd Place 1 - 1000 Bru<span class=\"_ _1\"/>ssels Consolidating Brasserie de l'Abba<span class=\"_ _1\"/>ye de Leffe S.A. - Place de<span class=\"_ _1\"/> <span class=\"_ _3\"/>l'Abbaye<span class=\"_ _0\"/>, 1 - <span class=\"ls6\">5500 </span>- Dinant 98.54% Brouwerij van<span class=\"_ _0\"/> Hoegaarde<span class=\"_ _0\"/>n N.V. - Stoopkens<span class=\"_ _0\"/>straat 46 - <span class=\"ls6\">3320 </span>- Hoegaar<span class=\"_ _0\"/>den 100.00% Cobrew N.V - Brou<span class=\"_ _1\"/>werijplein 1, 3000 Leuven<span class=\"_ _0\"/> 100.00% InBev Belgium<span class=\"_ _0\"/> BV/SRL - Boulevar<span class=\"_ _1\"/>d Industriel, 21 - 1070 Anderlech<span class=\"_ _1\"/>t 100.00% . Bolivia Cervecer\u00eda Boli<span class=\"_ _1\"/>v<span class=\"_ _3\"/>iana Naciona<span class=\"_ _0\"/>l S.A. - Av. Monte<span class=\"_ _1\"/>s<span class=\"_ _3\"/> 400 &amp; Calle C<span class=\"_ _0\"/>huquisaca<span class=\"_ _1\"/> No. 121, Zona Challapa<span class=\"_ _0\"/>mpa, La 52.72% Paz . Botswana Kgalagadi Brewer<span class=\"_ _0\"/>ies (Pty) Ltd<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Plot 20768, Kudu Ro<span class=\"_ _0\"/>ad, Broadhu<span class=\"_ _1\"/>rst Industrial Estate - PO Box 1157<span class=\"_ _1\"/> <span class=\"_ _3\"/>- 31.06% Gaborone\u00b9 . Brazil Ambev S.A. - Rua<span class=\"_ _0\"/> Dr. Renato <span class=\"_ _1\"/>P<span class=\"_ _3\"/>aes de Barro<span class=\"_ _0\"/>s 1017, 3\u00b0 Andar<span class=\"_ _0\"/> Itaim Bibi, S\u00e3o<span class=\"_ _1\"/> P<span class=\"_ _3\"/>aulo 61.77% . Canada Labatt Brewing C<span class=\"_ _0\"/>ompany Limited -<span class=\"_ _1\"/> <span class=\"_ _3\"/>207 Queen's Qua<span class=\"_ _1\"/>y West, Suite 29<span class=\"_ _0\"/>9 - M5J 1A7 - Toronto 61.77% . Chile Cerveceria Chile<span class=\"_ _1\"/> <span class=\"_ _3\"/>S.A - Av. Preside<span class=\"_ _1\"/>nte Eduardo Frei Montalva<span class=\"_ _1\"/> 9600, Quilicura - <span class=\"ls6\">8700000 S<span class=\"_ _3\"/>antiago de Chile</span> 61.77% . China Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Inbev (China)<span class=\"_ _0\"/> Sales Compan<span class=\"_ _0\"/>y Limited - Shangshou<span class=\"_ _1\"/>, Qin Duan Kou, Hanyang<span class=\"_ _1\"/> Area <span class=\"_ _3\"/>- 87.22% 430051 <span class=\"ls0\">- Wuhan City, Hube<span class=\"_ _0\"/>i Province </span>Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev (Wu<span class=\"_ _0\"/>han) Brew<span class=\"_ _1\"/>ing Co., <span class=\"_ _3\"/>Ltd. - Shang<span class=\"_ _0\"/>shou, Qin Du<span class=\"_ _0\"/>an Kou, Hanyang<span class=\"_ _0\"/> Area - 43005<span class=\"_ _0\"/>1 - 84.66% Wuhan City, Hubei<span class=\"_ _1\"/> P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Sedrin <span class=\"_ _1\"/>Brewery Co., Ltd - No.1 Wes<span class=\"_ _0\"/>t Xuejin Avenue,Han<span class=\"_ _0\"/>jiang Dis<span class=\"_ _0\"/>trict - <span class=\"ls6\">351111 </span>- 87.22% Putian City, Fujian <span class=\"_ _1\"/>P<span class=\"_ _3\"/>rovince Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Southea<span class=\"_ _1\"/>st Sales Co., Ltd. - No.1 We<span class=\"_ _1\"/>s<span class=\"_ _3\"/>t Xuejin Avenu<span class=\"_ _0\"/>e, Hanjiang<span class=\"_ _0\"/> District, Putian,<span class=\"_ _1\"/> 87.22% Fujian , P.R.China -<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"ls6\">351111 </span>- Putian City, Fujian<span class=\"_ _1\"/> Province Blue Girl Beer (Guan<span class=\"_ _0\"/>gzhou) C<span class=\"_ _0\"/>o. Ltd - Units 2101,21<span class=\"_ _1\"/>/F, Tower A, China<span class=\"_ _0\"/> International Cen<span class=\"_ _0\"/>tre, 33 56.69% Zhongshan San<span class=\"_ _1\"/> <span class=\"_ _3\"/>Road - <span class=\"ls6\">510000 </span>- Guangzhou<span class=\"_ _0\"/> City . Colombia Bavaria &amp; Cia S<span class=\"_ _0\"/>.C.A. - Carrer<span class=\"_ _0\"/>a 53 A, No 127<span class=\"_ _0\"/> - 35 - <span class=\"ls6\">110221 </span>- Bogota 99.16% . Czech Republ<span class=\"_ _0\"/>ic Pivovar Samson<span class=\"_ _0\"/> s.r.o. - <span class=\"ff4\">Lidick\u00e1<span class=\"_ _1\"/> <span class=\"_ _3\"/>458/51, 37001,<span class=\"_ _0\"/> \u010cesk\u00e9 Bud\u011bjovi<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e<span class=\"ff2\"> </span></span>100.00% . Dominican Repub<span class=\"_ _1\"/>li<span class=\"_ _3\"/>c Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional Domini<span class=\"_ _1\"/>cana S.A. <span class=\"_ _3\"/>- Autopis<span class=\"_ _1\"/>t<span class=\"_ _3\"/>a 30 de Ma<span class=\"_ _1\"/>y<span class=\"_ _3\"/>o Km 6<span class=\"_ _1\"/>1/<span class=\"_ _3\"/>2, Distrito Nacional -<span class=\"_ _1\"/> <span class=\"_ _3\"/>A.P. 10100 <span class=\"_ _0\"/>- 52.51% 2Santo Domingo. Ecuador Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S.A. - Via a<span class=\"_ _1\"/> <span class=\"_ _3\"/>daule k<span class=\"_ _0\"/>m 16,5 y calle <span class=\"_ _1\"/>c<span class=\"_ _3\"/>obre s/n - EC09<span class=\"_ _0\"/>0150 - Guayaquil, Gua<span class=\"_ _1\"/>yas 95.58% . El Salvador La Constancia L<span class=\"_ _1\"/>t<span class=\"_ _3\"/>da de C.V<span class=\"_ _1\"/>.<span class=\"_ _3\"/> - Avenida Independ<span class=\"_ _0\"/>encia, No 526 - <span class=\"ls13\">PBX </span>(503) 22<span class=\"_ _0\"/>09-<span class=\"ls6\">7555 </span>- San Salvador 100.00% . France AB InBev France <span class=\"_ _1\"/>S.A.S. - Immeuble Crystal, 38,<span class=\"_ _0\"/> Place Vauban - C<span class=\"_ _0\"/>.P. 59110 - La Madelein<span class=\"_ _0\"/>e 100.00% 1Germany Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Deu<span class=\"_ _0\"/>tschland GmbH <span class=\"_ _1\"/>&amp;<span class=\"_ _3\"/> Co. KG - Am Deich<span class=\"_ _1\"/> 18/19 - <span class=\"ls6\">28199 </span>- Bremen 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev German<span class=\"_ _1\"/>y Holding GmbH - Am Deich 18/19<span class=\"_ _1\"/> - <span class=\"ls6\">28199 <span class=\"_ _3\"/></span>- Bremen 100.00% . Ghana Accra Brewer<span class=\"_ _1\"/>y<span class=\"_ _3\"/> PLC - 20 Grap<span class=\"_ _0\"/>hic Road, South<span class=\"_ _0\"/> Industrial Area - Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> GP1219 - Accra<span class=\"_ _1\"/> 61.61% . Honduras Cervecer\u00eda Hondu<span class=\"_ _0\"/>re\u00f1a S.A. de<span class=\"_ _1\"/> <span class=\"_ _3\"/>C.V. - Boulevard de<span class=\"_ _0\"/>l Norte - Pos<span class=\"_ _0\"/>tal No. 86 - San Ped<span class=\"_ _0\"/>ro Sula 99.61% . Hong Kong Budweiser Brew<span class=\"_ _1\"/>ing Company APAC Limited - Sui<span class=\"_ _0\"/>tes 3012-16, Tow<span class=\"_ _1\"/>er Two, 1 Matheson Street<span class=\"_ _0\"/>, Cause<span class=\"_ _0\"/>way 87.22% Bay, Hong Kong . India Crown Beers <span class=\"_ _0\"/>India Private Li<span class=\"_ _1\"/>mi<span class=\"_ _3\"/>ted - 510/511, Miner<span class=\"_ _1\"/>va House, Sarojini De<span class=\"_ _0\"/>vi Road - <span class=\"ls6\">500003 </span>- 87.22% Secunderabad, <span class=\"_ _1\"/>Telangana Anheuser Busch <span class=\"_ _1\"/>I<span class=\"_ _3\"/>nBev India Li<span class=\"_ _1\"/>mited - <span class=\"_ _3\"/>Unit No.301-<span class=\"_ _1\"/>302, Dynasty Business Park<span class=\"_ _1\"/>,<span class=\"_ _3\"/> 3rd Floor <span class=\"_ _1\"/>A<span class=\"_ _3\"/>ndheri - Kur<span class=\"_ _0\"/>la 87.05% Road, Andheri (<span class=\"_ _1\"/>East) <span class=\"_ _3\"/>- <span class=\"ls6\">400059 </span>- Mumbai, Mah<span class=\"_ _1\"/>arashtra . Ita<span class=\"ls15\">ly</span> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Italia - Via<span class=\"_ _1\"/> Fratelli Castiglioni, 8,<span class=\"_ _0\"/> 20124 Milano MI<span class=\"_ _0\"/>, Italy 100.00% . Luxembourg Brasserie de Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg Mou<span class=\"_ _1\"/>s<span class=\"_ _3\"/>el-Diekirch S<span class=\"_ _1\"/>.<span class=\"_ _3\"/>A. - Rue de la<span class=\"_ _1\"/> <span class=\"_ _3\"/>Brasserie<span class=\"_ _0\"/>, 1 - L-<span class=\"ls6\">9214 </span>- Diekirch 95.82% . Mexico Cervecer\u00eda Mode<span class=\"_ _0\"/>lo de M\u00e9xico S<span class=\"_ _0\"/>. de R.L. de C.<span class=\"_ _1\"/>V<span class=\"_ _3\"/>. - Cerrada de Pa<span class=\"_ _1\"/>lomas 22, 6th Floor, Refor<span class=\"_ _0\"/>ma Social, 100.00% Miguel Hidalgo, 11<span class=\"_ _0\"/>650 Mexico Ci<span class=\"_ _1\"/>ty . Mozambique Cervejas De Mo<span class=\"_ _1\"/>\u00e7<span class=\"_ _3\"/>ambique SA<span class=\"_ _0\"/> - Rua do Jardi<span class=\"_ _0\"/>m 1329, Maputo 51.47% . Netherlands<span class=\"_ _0\"/> AB InBev Africa<span class=\"_ _1\"/> <span class=\"_ _3\"/>B.V. - Ceress<span class=\"_ _0\"/>traat 1 - 4811 C<span class=\"_ _1\"/>A<span class=\"_ _3\"/> - Breda<span class=\"_ _0\"/> 62.00% InBev Nederlan<span class=\"_ _0\"/>d N.V. - Ceres<span class=\"_ _0\"/>straat 1 - 4811 CA<span class=\"_ _1\"/> <span class=\"_ _3\"/>- Breda 100.00% Interbrew Internat<span class=\"_ _1\"/>ional B.V. - Ceresstraat 1 - 4811 C<span class=\"_ _1\"/>A <span class=\"_ _3\"/>- Breda 100.00% . Nigeria International Brew<span class=\"_ _1\"/>eries PLC - 22/36 Glover<span class=\"_ _0\"/> Road, Lagos, Ikoyi\u00b9<span class=\"_ _0\"/> 43.00% . Panama Cervecer\u00eda Na<span class=\"_ _1\"/>c<span class=\"_ _3\"/>ional S. de R<span class=\"_ _1\"/>.L.<span class=\"_ _3\"/> - Complejo Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>iness Par<span class=\"_ _1\"/>k, Costa del Este Torre Oe<span class=\"_ _1\"/>ste, Piso No.2 Pana<span class=\"_ _0\"/>m\u00e1 61.77% . Paraguay Cervecer\u00eda Para<span class=\"_ _0\"/>guaya S.A. - Ruta<span class=\"_ _1\"/> <span class=\"_ _3\"/>Acceso Sur<span class=\"_ _0\"/> Km 30 s/ De<span class=\"_ _1\"/>sv\u00ed<span class=\"_ _3\"/>o a Vil<span class=\"_ _1\"/>let<span class=\"_ _3\"/>a N\u00b0 825  53.96% . Peru Compania Cervecer<span class=\"_ _0\"/>a AmBe<span class=\"_ _1\"/>v<span class=\"_ _3\"/> Peru S.A.C. - Av. Lo<span class=\"_ _0\"/>s Laureles M<span class=\"_ _1\"/>z<span class=\"_ _3\"/>a. A Lt. 4 del Cen<span class=\"_ _0\"/>tro Poblado <span class=\"_ _1\"/>Menor 97.22% Santa Maria de Hua<span class=\"_ _1\"/>chipa - Lurigancho (Chosi<span class=\"_ _0\"/>ca) - 25 - Lima Uni\u00f3n de Cervecer<span class=\"_ _1\"/>\u00edas Peruanas Backus y Joh<span class=\"_ _0\"/>nston S.A.<span class=\"_ _1\"/>A<span class=\"_ _3\"/>. - Av. Nicolas Ayllon 398<span class=\"_ _0\"/>6, Ate - <span class=\"ls12\">3 </span>- Lima 93.65% . South Africa<span class=\"_ _1\"/> SABSA Holding<span class=\"_ _1\"/>s<span class=\"_ _3\"/> (Pty) Ltd<span class=\"_ _0\"/> - 65 Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2001 </span>- Johann<span class=\"_ _1\"/>esburg 100.00% The South African<span class=\"_ _1\"/> B<span class=\"_ _3\"/>reweries<span class=\"_ _0\"/> (Pty) Ltd - <span class=\"ls6\">65 </span>Park Lane,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Sandown - <span class=\"ls6\">2146 </span>- Johannesbur<span class=\"_ _1\"/>g 100.00% . South Korea<span class=\"_ _1\"/> Oriental Brewe<span class=\"_ _0\"/>ry Co Ltd - 517<span class=\"_ _0\"/>, Yeongdong-d<span class=\"_ _0\"/>aero, Gangam-gu<span class=\"_ _0\"/>, Seoul - Asem Tower 8<span class=\"_ _1\"/>th floor - Seoul 87.22% . Spain Compa\u00f1\u00eda Cerve<span class=\"_ _1\"/>cera de Canarias S.A. - C/ Mali, 7 (38<span class=\"_ _1\"/>320 La Laguna - Santa Cruz<span class=\"_ _1\"/> <span class=\"_ _3\"/>de Tenerife) 51.03% . Switzerland<span class=\"_ _1\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Procure<span class=\"_ _1\"/>ment GmbH - Suurstoffi 22 - 6343<span class=\"_ _1\"/> - Rotkreuz 100.00% . Tanzania 1Tanzania Brewe<span class=\"_ _1\"/>ries PLC - Uhuru Street, Plot No<span class=\"_ _0\"/> 79, Block AA<span class=\"_ _1\"/>,<span class=\"_ _3\"/> Mchikichini,<span class=\"_ _0\"/> Ilala District<span class=\"_ _0\"/>, Dar es Salaa<span class=\"_ _1\"/>m<span class=\"_ _3\"/>\u00b939.65% . Uganda Nile Breweries Ltd -<span class=\"_ _1\"/> <span class=\"_ _3\"/>Plot M90 <span class=\"_ _0\"/>Yusuf Lule Road,<span class=\"_ _0\"/> Njeru - P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 762 - Jinja<span class=\"_ _1\"/> 61.64% . United Kingdom<span class=\"_ _1\"/> AB InBev Holding<span class=\"_ _1\"/>s Limited - Bureau, 90 Fe<span class=\"_ _0\"/>tter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _1\"/>n 100.00% AB InBev Internat<span class=\"_ _1\"/>ional Brands Limited - AB InBev<span class=\"_ _1\"/> <span class=\"_ _3\"/>House, Chu<span class=\"_ _0\"/>rch Street Wes<span class=\"_ _1\"/>t<span class=\"_ _3\"/>, Woking,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Surrey, GU21 6<span class=\"_ _1\"/>HT<span class=\"_ _3\"/> 100.00% AB InBev UK Limi<span class=\"_ _1\"/>ted <span class=\"_ _3\"/>- Bureau<span class=\"_ _0\"/>, 90 Fetter Lan<span class=\"_ _0\"/>e - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI SAB Group Holdin<span class=\"_ _1\"/>g Limited - Bureau, 90 Fetter<span class=\"_ _1\"/> Lane - EC4A 1EN - <span class=\"ls6\">London</span> 100.00% ABI UK Holding 1<span class=\"_ _1\"/> <span class=\"_ _3\"/>Limited - Burea<span class=\"_ _1\"/>u, 90 Fetter Lane - EC4A 1<span class=\"_ _1\"/>E<span class=\"_ _3\"/>N - Londo<span class=\"_ _0\"/>n 100.00% ZX Ventures Lim<span class=\"_ _0\"/>ited - Bureau,<span class=\"_ _0\"/> 90 Fetter Lane - EC4<span class=\"_ _1\"/>A 1EN - <span class=\"ls6\">London</span> 100.00% . United States<span class=\"_ _0\"/> Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Americas Holdin<span class=\"_ _1\"/>gs LLC <span class=\"_ _3\"/>- One Bu<span class=\"_ _1\"/>sch Place - MO 63118 - St. Loui<span class=\"_ _1\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Companies LL<span class=\"_ _0\"/>C - One Bus<span class=\"_ _0\"/>ch Place - MO 63118<span class=\"_ _1\"/> <span class=\"_ _3\"/>- St. Loui<span class=\"_ _0\"/>s 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Wor<span class=\"_ _0\"/>ldwide Inc. - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 631<span class=\"_ _1\"/>18 - St. Louis 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>Internationa<span class=\"_ _0\"/>l LLC - One Busch <span class=\"_ _1\"/>P<span class=\"_ _3\"/>lace - MO 6311<span class=\"_ _0\"/>8 - St. Lou<span class=\"_ _0\"/>is 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>LLC - One Bu<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ch Place - MO<span class=\"_ _0\"/> 63118 - St. Louis<span class=\"_ _0\"/> 100.00% Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>North Ameri<span class=\"_ _1\"/>can Holding LLC - One Busch Pla<span class=\"_ _1\"/>c<span class=\"_ _3\"/>e - MO 63118 - St<span class=\"_ _0\"/>. Louis 100.00% MCC Holding Compan<span class=\"_ _1\"/>y LLC - One Busch<span class=\"_ _0\"/> Place - MO 63118 - <span class=\"_ _1\"/>S<span class=\"_ _3\"/>t. Louis 50.10% . Uruguay Cerveceria y Malter<span class=\"_ _0\"/>ia Paysandu<span class=\"_ _1\"/> S.A. <span class=\"_ _3\"/>- Cesar Cor<span class=\"_ _1\"/>t<span class=\"_ _3\"/>inas, 203<span class=\"_ _0\"/>7 - C.P. 1150<span class=\"_ _1\"/>0 <span class=\"_ _3\"/>Montevideo 61.77% . Vietnam Anheuser-Busch<span class=\"_ _1\"/> <span class=\"_ _3\"/>InBev Vie<span class=\"_ _0\"/>tnam Brew<span class=\"_ _0\"/>ery Co., Ltd - 2 VSIP II-A,<span class=\"_ _0\"/> Street No.<span class=\"_ _1\"/> <span class=\"_ _3\"/>28 - <span class=\"ls6\">820000 </span>- Tan Uyen To<span class=\"_ _1\"/>wn, 87.22% Binh Duong Pro<span class=\"_ _0\"/>vince . Zambia Zambian Brewe<span class=\"_ _0\"/>ries PLC - Plot No<span class=\"_ _0\"/> 6438, Mungwi Ro<span class=\"_ _1\"/>ad <span class=\"_ _3\"/>- P.O. Bo<span class=\"_ _1\"/>x<span class=\"_ _3\"/> 31293 - Lusa<span class=\"_ _1\"/>k<span class=\"_ _3\"/>a 54.02% LIST <span class=\"_ _e\"> </span>OF <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>MOST <span class=\"_ _a\"> </span>IMPORTANT <span class=\"_ _e\"> </span>COMPANIES <span class=\"_ _e\"> </span>CONSOLIDATED <span class=\"_ _e\"> </span>BY <span class=\"_ _e\"> </span>APPLYING <span class=\"_ _e\"> </span>THE <span class=\"_ _e\"> </span>EQUITY <span class=\"_ _e\"> </span>M<span class=\"_ _3\"/>ETHOD <span class=\"_\"> </span>OF 1ACCOUNTING (ASSOCIATES)% economic intere<span class=\"_ _0\"/>st as Name and reg<span class=\"_ _0\"/>istered office<span class=\"_ _1\"/> <span class=\"_ _3\"/>of associat<span class=\"_ _0\"/>es at 31 December<span class=\"_ _1\"/> <span class=\"_ _3\"/>2022 France Soci\u00e9t\u00e9 des bras<span class=\"_ _1\"/>s<span class=\"_ _3\"/>eries et gla<span class=\"_ _1\"/>ci\u00e8res internationales S.A. - 49 rue Fra<span class=\"_ _1\"/>n\u00e7ois 1er - <span class=\"ls6\">75008 <span class=\"_ _3\"/></span>- Pari<span class=\"_ _0\"/>s\u00b9 20.00% . Luxembourg B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g (Angola) Li<span class=\"_ _0\"/>mited - <span class=\"ls6\">34</span>-38 Avenue de la Libert\u00e9<span class=\"_ _1\"/> <span class=\"_ _3\"/>- <span class=\"ls6\">1930 </span>27.50% Luxembourg\u00b9 B.I.H. Brasserie<span class=\"_ _1\"/>s<span class=\"_ _3\"/> Internationale<span class=\"_ _1\"/>s <span class=\"_ _3\"/>Holdin<span class=\"_ _0\"/>g Limited - <span class=\"ls6\">34</span>-38 Avenue de<span class=\"_ _0\"/> la Libert\u00e9 - 1930 Lu<span class=\"_ _1\"/>x<span class=\"_ _3\"/>embourg\u00b9<span class=\"_ _1\"/> 20.00% . Netherlands<span class=\"_ _0\"/> AB InBev Efes<span class=\"_ _0\"/> B.V. - 1227 S<span class=\"_ _0\"/>trawinskylaan - 1077X<span class=\"_ _1\"/>X Amsterdam 50.00% . Turkey Anadolu Efes Bira<span class=\"_ _0\"/>cilik Ve Mal<span class=\"_ _0\"/>t Sanayii A.<span class=\"_ _0\"/>S. - Bah\u00e7elievler Mah<span class=\"_ _0\"/>allesi, Sehi<span class=\"_ _0\"/>t Ibrahim Kopa<span class=\"_ _0\"/>rir Caddesi N<span class=\"_ _0\"/>o. 4, 24.00% Bah\u00e7elievler Istan<span class=\"_ _0\"/>bul . Zimbabwe Delta Corpora<span class=\"_ _1\"/>t<span class=\"_ _3\"/>ion Limited - Sable<span class=\"_ _1\"/> House, Northridge Close,<span class=\"_ _1\"/> <span class=\"_ _3\"/>Borrowd<span class=\"_ _1\"/>ale <span class=\"_ _3\"/>- P.O. Box BW<span class=\"_ _0\"/> 343 - Harare 25.27% Information t<span class=\"_ _0\"/>o our sharehol<span class=\"_ _1\"/>de<span class=\"_ _3\"/>rs<span class=\"ff1\"> </span>Earnings, divid<span class=\"_ _3\"/>ends, share and share pric<span class=\"_ _3\"/>e<span class=\"_ _3\"/><span class=\"ff1\"> </span>2018 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>2020<span class=\"ls0\"> </span>2019<span class=\"ls0\"> </span>restated Cash flow from ope<span class=\"_ _0\"/>rating activi<span class=\"_ _0\"/>ties (US dollar<span class=\"_ _1\"/> per share) 6.61 7.37 5.45 6.75 7.18 Underlying earn<span class=\"_ _0\"/>ings per share (U<span class=\"_ _1\"/>S dollar per share) 3.03 2.88 2.51 3.63 4.10 Dividend (euro pe<span class=\"_ _0\"/>r share) 0.75 0.5 0.5 1.3 1.8 Share price high<span class=\"_ _0\"/> (euro per <span class=\"_ _0\"/>share) 59.53 65.34 74.49 92.71 96.7 Share price low (e<span class=\"_ _0\"/>uro per <span class=\"_ _0\"/>share) 46.27 47.00 30.97 57.47 56.84 Year-end share pr<span class=\"_ _0\"/>ice (euro pe<span class=\"_ _0\"/>r share) 56.27 53.17 57.01 72.71 57.7 Weighted average nu<span class=\"_ _1\"/>mber of ordinary and res<span class=\"_ _0\"/>tricted shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>(million  2 <span class=\"ls6\">013</span>   2 <span class=\"ls6\">007</span>   1 <span class=\"ls6\">998</span>   1 <span class=\"ls6\">984</span>   1 <span class=\"ls6\">975</span>  shares) Diluted weighted<span class=\"_ _1\"/> <span class=\"_ _3\"/>average number<span class=\"_ _1\"/> of ordinary and restricted<span class=\"_ _0\"/> shares  2 <span class=\"ls6\">050</span>   2 <span class=\"ls6\">045</span>   2 <span class=\"ls6\">037</span>   2 <span class=\"ls6\">026</span>   2 <span class=\"ls6\">014</span>  (million shares)<span class=\"_ _0\"/> Volume of shares<span class=\"_ _1\"/> <span class=\"_ _3\"/>traded (million<span class=\"_ _0\"/> share<span class=\"_ _0\"/>s) 435<span class=\"ls0\">  </span>416<span class=\"ls0\">  </span>587<span class=\"ls0\">  </span>452<span class=\"ls0\">  </span>496<span class=\"ls0\">  </span>Information on t<span class=\"_ _3\"/>he auditors\u2019<span class=\"_ _f\"/> assignmen<span class=\"_ _3\"/>ts <span class=\"_ _3\"/><span class=\"ff1\"> </span>and related fees<span class=\"_ _3\"/><span class=\"ff1\"> </span>AB InBev\u2019s Statutory auditor is PwC Bedrijfsrevisoren BV, represented by Koen Hens, audi<span class=\"_ _0\"/>t partner. <span class=\"_ _3\"/><span class=\"ff2\"> </span>Base fe<span class=\"_ _1\"/>e<span class=\"_ _3\"/>s <span class=\"_ _1\"/>fo<span class=\"_ _3\"/>r <span class=\"_ _1\"/>auditing <span class=\"_ _1\"/>th<span class=\"_ _3\"/>e <span class=\"_ _1\"/>annual finan<span class=\"_ _0\"/>cial <span class=\"_ _1\"/>s<span class=\"_ _3\"/>tatements <span class=\"_ _1\"/>of AB <span class=\"_ _1\"/>InBev <span class=\"_ _1\"/>and it<span class=\"_ _0\"/>s <span class=\"_ _1\"/>s<span class=\"_ _3\"/>ubsidiaries <span class=\"_ _1\"/>are d<span class=\"_ _0\"/>etermined <span class=\"_ _1\"/>by<span class=\"_ _3\"/> <span class=\"_ _1\"/>the shareholders meeting after review and approval <span class=\"ff4\">by the company\u2019s Audit Committee and Board of Directors.</span> Fees <span class=\"_ _3\"/>for <span class=\"_ _3\"/>2022 <span class=\"_ _3\"/>in <span class=\"_ _3\"/>relation to <span class=\"_ _3\"/>services <span class=\"_ _3\"/>provided b<span class=\"_ _3\"/>y <span class=\"_ _3\"/>PwC Bed<span class=\"_ _3\"/>rijfsrevisoren BV <span class=\"_ _3\"/>amounted <span class=\"_ _2\"/>to <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>322k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>617k US <span class=\"_ _3\"/>dollar), <span class=\"_ _3\"/>which <span class=\"_ _2\"/>was <span class=\"_ _3\"/>composed <span class=\"_ _3\"/>of <span class=\"_ _3\"/>audit <span class=\"_ _3\"/>services <span class=\"_ _2\"/>for <span class=\"_ _3\"/>the <span class=\"_ _3\"/>annual <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>statem<span class=\"_ _2\"/>ents <span class=\"_ _3\"/>of <span class=\"_ _2\"/>2 263<span class=\"_ _3\"/>k <span class=\"_ _3\"/>US <span class=\"_ _3\"/>dollar <span class=\"_ _3\"/>(<span class=\"_ _3\"/>2021: <span class=\"_ _3\"/>2 <span class=\"_ _3\"/>512k US dollar) and audit related services of <span class=\"ls3\">59</span>k US dollar (2021: 105k US dollar).  Fees <span class=\"_ _5\"> </span>for <span class=\"_ _4\"> </span>2022 <span class=\"_ _5\"> </span>in <span class=\"_ _4\"> </span>relation <span class=\"_ _5\"> </span>to <span class=\"_ _5\"> </span>services <span class=\"_ _5\"> </span>provided <span class=\"_ _4\"> </span>by <span class=\"_ _5\"> </span>other <span class=\"_ _5\"> </span>offices <span class=\"_ _5\"> </span>i<span class=\"_ _3\"/>n <span class=\"_ _5\"> </span>the <span class=\"_ _5\"> </span>PwC <span class=\"_ _5\"> </span>netwo<span class=\"_ _3\"/>rk <span class=\"_ _5\"> </span>amounted <span class=\"_ _5\"> </span>to <span class=\"_ _8\"> </span>17 <span class=\"_ _7\"> </span>8<span class=\"_ _3\"/>41k <span class=\"_ _5\"> </span>US <span class=\"_ _5\"> </span>dollar           (<span class=\"ls3\">2021</span>: 16 <span class=\"_ _1\"/>19<span class=\"_ _3\"/>8k US <span class=\"_ _1\"/>dollar), which was <span class=\"_ _1\"/>composed of audit se<span class=\"_ _0\"/>rvices for <span class=\"_ _1\"/>the annual financial <span class=\"_ _1\"/>statements of <span class=\"_ _3\"/>14 321k US <span class=\"_ _1\"/>dollar (<span class=\"ls3\">2021</span>: 13 191k US dollar), tax services of 3 185k US dollar (2021: <span class=\"_ _3\"/>2 648k US dollar),  audit related services amounting to 33<span class=\"ls0\">4k US <span class=\"_ _3\"/>Dollar <span class=\"_ _3\"/>(2021: <span class=\"_ _3\"/>281k <span class=\"_ _3\"/>US dol<span class=\"_ _3\"/>lar) and <span class=\"_ _3\"/>other s<span class=\"_ _3\"/>ervices amounting <span class=\"_ _2\"/>to <span class=\"_ _3\"/></span>nil<span class=\"ls0\"> (2021: <span class=\"_ _3\"/>78k <span class=\"_ _3\"/>US dollar), <span class=\"_ _3\"/>all o<span class=\"_ _3\"/>f which<span class=\"_ _3\"/> have <span class=\"_ _3\"/>been </span>pre-<span class=\"ff4\">approved by the company\u2019s Audit Committee.</span> Financial calendar<span class=\"_ _3\"/><span class=\"ff1\"> </span>Publication of 2022<span class=\"_ _1\"/> <span class=\"_ _3\"/>results 2 March 2023 Annual report 2022<span class=\"_ _0\"/> available<span class=\"_ _1\"/> <span class=\"_ _3\"/>on <span class=\"fcf\">www.ab-inbe<span class=\"_ _0\"/>v.com<span class=\"fc1\"> </span></span>2 March 2023 General shareh<span class=\"_ _0\"/>olders meeting 26 April 2023 Dividend: ex-coup<span class=\"_ _0\"/>on date 3 May 2023 Publication of <span class=\"_ _0\"/>first quarter re<span class=\"_ _1\"/>s<span class=\"_ _3\"/>ults 4 May 2023 Publication of hal<span class=\"_ _1\"/>f <span class=\"_ _3\"/>year result<span class=\"_ _1\"/>s 3 August 2023 Publication of <span class=\"_ _0\"/>third quarter re<span class=\"_ _1\"/>sults 31 October 2023 Investor relatio<span class=\"_ _3\"/>ns contact<span class=\"_ _3\"/><span class=\"ff1\"> </span>Investors Media Shaun Fullalove<span class=\"_ _1\"/> Kate Laverge Tel: +1 212 573 928<span class=\"_ _0\"/>7  Tel: +1 917 940 742<span class=\"_ _0\"/>1 E-mail: <span class=\"fcf\">shaun.fullalo<span class=\"_ _0\"/>ve@ab-inbe<span class=\"_ _0\"/>v.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">kate.laverge<span class=\"_ _0\"/>@ab-inbev.<span class=\"_ _0\"/>com <span class=\"fc1\"> </span></span>Marya Glukhova<span class=\"_ _1\"/> Ana Zenatti Tel: +32 16 276 <span class=\"ls6\">888</span> Tel: +1 646 249 544<span class=\"_ _0\"/>0 E-mail: <span class=\"fcf\">mariya.glukho<span class=\"_ _1\"/>va@ab-inbev.com<span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">ana.zenat<span class=\"_ _0\"/>ti@ab-inbev.com<span class=\"_ _1\"/> <span class=\"_ _3\"/><span class=\"fc1\"> </span></span>Cyrus Nentin Fallon Bucke<span class=\"_ _0\"/>lew Tel: +1 646 746 967<span class=\"_ _0\"/>3 Tel: +1 310 592 631<span class=\"_ _0\"/>9 E-mail: <span class=\"fcf\">cyrus.nent<span class=\"_ _1\"/>in@ab-inbev.com <span class=\"fc1\"> </span></span>E-mail: <span class=\"fcf\">fallon.bu<span class=\"_ _1\"/>c<span class=\"_ _3\"/>kelew@ab-inbe<span class=\"_ _1\"/>v.c<span class=\"_ _3\"/>om<span class=\"fc1\">  </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__294": {
   "value": "AB InBev NV",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__293": {
   "value": "AB InBev NV",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__292": {
   "value": "AB InBev NV",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__295": {
   "value": "Brouwerijplein 1, B-3000 Leuven",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__291": {
   "value": "Grand Place 1 - 1000 Brussels",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__6__296": {
   "value": "Information on the auditors\u2019 assignments  and related fees AB InBev\u2019s Statutory auditor is PwC Bedrijfsrevisoren BV, represented by Koen Hens, audit partner.  Base fees for auditing the annual financial statements of AB InBev and its subsidiaries are determined by the shareholders meeting after review and approval by the company\u2019s Audit Committee and Board of Directors. Fees for 2022 in relation to services provided by PwC Bedrijfsrevisoren BV amounted to 2 322k US dollar (2021: 2 617k US dollar), which was composed of audit services for the annual financial statements of 2 263k US dollar (2021: 2 512k US dollar) and audit related services of 59k US dollar (2021: 105k US dollar).  Fees  for  2022  in  relation  to  services  provided  by  other  offices  in  the  PwC  network  amounted  to  17  841k  US  dollar           (2021: 16 198k US dollar), which was composed of audit services for the annual financial statements of 14 321k US dollar (2021: 13 191k US dollar), tax services of 3 185k US dollar (2021: 2 648k US dollar),  audit related services amounting to 334k US Dollar (2021: 281k US dollar) and other services amounting to nil (2021: 78k US dollar), all of which have been pre-approved by the company\u2019s Audit Committee. Financial calendar Publication of 2022 results 2 March 2023 Annual report 2022 available on www.ab-inbev.com 2 March 2023 General shareholders meeting 26 April 2023 Dividend: ex-coupon date 3 May 2023 Publication of first quarter results 4 May 2023 Publication of half year results 3 August 2023 Publication of third quarter results 31 October 2023 Investor relations contact Investors Media Shaun Fullalove Kate Laverge Tel: +1 212 573 9287  Tel: +1 917 940 7421 E-mail: shaun.fullalove@ab-inbev.com  E-mail: kate.laverge@ab-inbev.com  Marya Glukhova Ana Zenatti Tel: +32 16 276 888 Tel: +1 646 249 5440 E-mail: mariya.glukhova@ab-inbev.com E-mail: ana.zenatti@ab-inbev.com  Cyrus Nentin Fallon Buckelew Tel: +1 646 746 9673 Tel: +1 310 592 6319 E-mail: cyrus.nentin@ab-inbev.com  E-mail: fallon.buckelew@ab-inbev.com  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:5493008H3828EMEXB082",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}