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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-560": { "value": "-61000000", "decimals": -6, "dimensions": { "concept": "abinbev:DerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-561": { "value": "-22000000", "decimals": -6, "dimensions": { "concept": "abinbev:ProceedsFromChangesInOwnershipInterestsInSubsidiariesAndPaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-562": { "value": "-20000000", "decimals": -6, "dimensions": { "concept": "abinbev:ProceedsFromChangesInOwnershipInterestsInSubsidiariesAndPaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-563": { "value": "-682000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-564": { "value": "-435000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-565": { "value": "-8596000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-566": { "value": "-10620000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-567": { "value": "315000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-568": { "value": "-1942000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-569": { "value": "9890000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-570": { "value": "12043000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493008H3828EMEXB082", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-571": { "value": "109000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-572": { "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" } }, "fact-573": { "value": "10314000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493008H3828EMEXB082", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-574": { "value": "9890000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-3": { "value": "Anheuser-Busch InBev", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Anheuser-Busch InBev", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Anheuser-Busch InBev", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Our diverse portfolio of well over 500 beer brands includes global brands Budweiser\u00ae, Corona\u00ae, Stella Artois\u00ae and Michelob Ultra\u00ae; multi-country brands Beck\u2019s\u00ae, Hoegaarden\u00ae and Leffe\u00ae; and local champions such as Aguila\u00ae, Antarctica\u00ae, Bud Light\u00ae, Brahma\u00ae, Cass\u00ae, Castle\u00ae, Castle Lite\u00ae, Cristal\u00ae, Harbin\u00ae, Jupiler\u00ae, Modelo Especial\u00ae, Quilmes\u00ae, Victoria\u00ae, Sedrin\u00ae and Skol\u00ae.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "
The consolidated financial statements of the company for the year ended 31 December 2023 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)
Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar, which is the company\u2019s presentation currency, and has been rounded to the nearest million. The functional currency of the parent company is the euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "
The consolidated financial statements were authorized for issue by the Board of Directors on 28 February 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "
The consolidated financial statements were authorized for issue by the Board of Directors on 28 February 2024.
32. Events after the reporting date
None.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "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 2023 and did not apply any European carve-outs from IFRS.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "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.
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.
Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar, which is the company\u2019s presentation currency, and has been rounded to the nearest million. The functional currency of the parent company is the euro.
Subsidiaries are those entities controlled by AB\u00a0InBev. 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\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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\u00a0InBev companies.
A number of amendments to standards became mandatory for the first time for the financial year beginning on 1 January 2023 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev\u2019s consolidated financial statements.
The IASB made amendments to IAS 12 Income taxes in May 2023 that (a) provide a temporary exception from accounting for deferred taxes arising from legislation enacted to implement the OECD\u2019s Pillar Two model rules, and (b) introduce additional disclosure requirements. The company and its subsidiaries are within the scope of the OECD Pillar Two model rules as Pillar Two legislation was enacted in Belgium, the jurisdiction in which the parent entity is incorporated, and will come into effect from 1 January 2024. The company applied the exception from accounting for deferred taxes arising from legislation enacted and is in the process of assessing the full impact. Based on the preliminary analysis made, the company does not expect the impact to be material.
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 reporting. 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 or, for those stated at fair value, 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 2023 results, restated for purchasing power, were translated at the December 2023 closing rate of 808.737265 Argentinean pesos per US dollar (2022 results - at 177.131872 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 2023
31 December 2022
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0\u00a0\u00a0
Argentinean peso
808.737265\u00a0
177.131872\u00a0
-
-
Brazilian real
4.841287\u00a0
5.217705\u00a0
5.008522\u00a0
5.164428\u00a0
Canadian dollar
1.325066\u00a0
1.353834\u00a0
1.351906\u00a0
1.297354\u00a0
Chinese yuan
7.104880\u00a0
6.898736\u00a0
7.063811\u00a0
6.661729\u00a0
Colombian peso
3\u00a0818.47\u00a0
4\u00a0807.99\u00a0
4\u00a0284.95\u00a0
4\u00a0211.36\u00a0
Euro
0.904977\u00a0
0.937559\u00a0
0.925550\u00a0
0.951768\u00a0
Mexican peso
16.893354\u00a0
19.361452\u00a0
17.728805\u00a0
20.123646\u00a0
Peruvian nuevo sol
3.713000\u00a0
3.820004\u00a0
3.745164\u00a0
3.845294\u00a0
Pound sterling
0.786470\u00a0
0.831548\u00a0
0.804601\u00a0
0.811905\u00a0
South African rand
18.414052\u00a0
16.968472\u00a0
18.409380\u00a0
16.392270\u00a0
South Korean won
1\u00a0296.53\u00a0
1\u00a0260.16\u00a0
1\u00a0309.12\u00a0
1\u00a0286.17\u00a0
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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.
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.
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.
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\u2011constructed 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.
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.
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.
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.
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.
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.
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:
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.
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\u00a0local legislation or the bylaws of\u00a0the company\u2019s subsidiaries. In such instances, statutory 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.
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.

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.
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.
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.
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 Hull 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 Restricted Stock Units (\u201cRSUs\u201d) is the share price at grant date. The fair value of the Performance Stock Units (PSUs) with a market condition (relative Total Shareholder Return (\u201cTSR\u201d)) is determined using Monte Carlo simulations. The fair value of the options, RSUs and PSUs 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. When the share-based payment programs are vested, they are settled net of tax withholdings.
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.
The company has long-term loan agreements with foreign subsidiaries, denominated in foreign currency, the settlement of which is neither planned nor likely to occur in the foreseeable future. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the exchange differences on retranslation of these loans are recognized in other comprehensive income in the consolidated financial statements. If the loan becomes planned or likely to be settled in the foreseeable future, the related foreign currency differences are recognized in profit or loss. In the event of partial settlement, only the foreign currency differences corresponding to the settled portion are reclassified to the profit or loss of the period in non-underlying finance income/(cost).
Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
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 has administrative and judicial discussions with tax authorities related to certain tax treatments adopted when calculating the income tax and social contribution, in particular in Brazil. As required by IFRIC 23, the company assesses each material tax position. When the company assesses that it is probable that the tax authorities will accept the tax treatments adopted, income taxes are calculated and reported consistently with the tax treatment used. The company discloses the potential effect of material uncertainties as a tax-related contingency in Note 29 Contingencies. When the company concludes that it is not probable that a particular tax treatment is accepted, the company generally uses the most likely amount of the tax treatment when determining the tax provision to be recorded.
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.

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:
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.
Tax credits
From 2020 to 2023, Ambev, our subsidiary in Brazil, recognized tax credits in other operating income after a favorable judicial decision by the Brazilian Supreme Court, which recognized the right to exclude the Value-Added Tax (ICMS) from the taxable basis of the social contribution on gross revenue (PIS and COFINS). The tax credits are reported in other operating income when the conditions in IAS 37 are met and the related interest in finance income.

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.
Emission allowances
The company is subject to greenhouse gas emission allowance trading schemes in force in a number of geographies. Acquired emission allowances are recognized at cost in cost of sales. To the extent that it is expected that the number of allowances needed to settle the greenhouse gas emissions exceeds the number of emission allowances owned, a provision is recognized. Such provision is measured at the estimated amount of the expenditure required to settle the obligation.
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:
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 party 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 current 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.
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.
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 or business activities and the effect of the accelerated repayment of certain debt facilities.
Mark-to-market adjustments on derivative instruments related to the hedging of share-based payment programs and on derivative instruments entered into to hedge the shares issued in relation to the combinations with Grupo Modelo and SAB are reported in non-underlying finance income/(cost).
The impact of income tax on the non-underlying items is calculated country-by-country and is included in non-underlying taxes (Refer to Note 8 Non-Underlying items).
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.
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 2023.
A number of amendments to standards are effective for annual periods beginning after 1 January 2024 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\u00a0InBev 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "
Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar, which is the company\u2019s presentation currency, and has been rounded to the nearest million. The functional currency of the parent company is the euro.
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 reporting. 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 or, for those stated at fair value, 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 2023 results, restated for purchasing power, were translated at the December 2023 closing rate of 808.737265 Argentinean pesos per US dollar (2022 results - at 177.131872 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 2023
31 December 2022
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0\u00a0\u00a0
Argentinean peso
808.737265\u00a0
177.131872\u00a0
-
-
Brazilian real
4.841287\u00a0
5.217705\u00a0
5.008522\u00a0
5.164428\u00a0
Canadian dollar
1.325066\u00a0
1.353834\u00a0
1.351906\u00a0
1.297354\u00a0
Chinese yuan
7.104880\u00a0
6.898736\u00a0
7.063811\u00a0
6.661729\u00a0
Colombian peso
3\u00a0818.47\u00a0
4\u00a0807.99\u00a0
4\u00a0284.95\u00a0
4\u00a0211.36\u00a0
Euro
0.904977\u00a0
0.937559\u00a0
0.925550\u00a0
0.951768\u00a0
Mexican peso
16.893354\u00a0
19.361452\u00a0
17.728805\u00a0
20.123646\u00a0
Peruvian nuevo sol
3.713000\u00a0
3.820004\u00a0
3.745164\u00a0
3.845294\u00a0
Pound sterling
0.786470\u00a0
0.831548\u00a0
0.804601\u00a0
0.811905\u00a0
South African rand
18.414052\u00a0
16.968472\u00a0
18.409380\u00a0
16.392270\u00a0
South Korean won
1\u00a0296.53\u00a0
1\u00a0260.16\u00a0
1\u00a0309.12\u00a0
1\u00a0286.17\u00a0
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "
Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar, which is the company\u2019s presentation currency, and has been rounded to the nearest million. The functional currency of the parent company is the euro.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "
Subsidiaries are those entities controlled by AB\u00a0InBev. 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\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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\u00a0InBev companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": "
Subsidiaries are those entities controlled by AB\u00a0InBev. 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\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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\u00a0InBev companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "
Subsidiaries are those entities controlled by AB\u00a0InBev. 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\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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\u00a0InBev companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "value": "
Subsidiaries are those entities controlled by AB\u00a0InBev. 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "
Associates are undertakings in which AB\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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.
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\u00a0InBev\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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "value": "
Associates are undertakings in which AB\u00a0InBev 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\u00a0InBev\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\u00a0InBev 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\u00a0exceptional cases\u00a0when 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.\u00a0In such cases, the difference between the end of the reporting period of\u00a0these subsidiaries, joint ventures, joint operations or associates\u00a0from 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\u00a0InBev\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-20": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-21": { "value": "
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 reporting. 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 or, for those stated at fair value, 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 2023 results, restated for purchasing power, were translated at the December 2023 closing rate of 808.737265 Argentinean pesos per US dollar (2022 results - at 177.131872 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 2023
31 December 2022
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0\u00a0\u00a0
Argentinean peso
808.737265\u00a0
177.131872\u00a0
-
-
Brazilian real
4.841287\u00a0
5.217705\u00a0
5.008522\u00a0
5.164428\u00a0
Canadian dollar
1.325066\u00a0
1.353834\u00a0
1.351906\u00a0
1.297354\u00a0
Chinese yuan
7.104880\u00a0
6.898736\u00a0
7.063811\u00a0
6.661729\u00a0
Colombian peso
3\u00a0818.47\u00a0
4\u00a0807.99\u00a0
4\u00a0284.95\u00a0
4\u00a0211.36\u00a0
Euro
0.904977\u00a0
0.937559\u00a0
0.925550\u00a0
0.951768\u00a0
Mexican peso
16.893354\u00a0
19.361452\u00a0
17.728805\u00a0
20.123646\u00a0
Peruvian nuevo sol
3.713000\u00a0
3.820004\u00a0
3.745164\u00a0
3.845294\u00a0
Pound sterling
0.786470\u00a0
0.831548\u00a0
0.804601\u00a0
0.811905\u00a0
South African rand
18.414052\u00a0
16.968472\u00a0
18.409380\u00a0
16.392270\u00a0
South Korean won
1\u00a0296.53\u00a0
1\u00a0260.16\u00a0
1\u00a0309.12\u00a0
1\u00a0286.17\u00a0
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
Other comprehensive income reserves
The changes in the other comprehensive income reserves are as\u00a0follows:
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2023
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
4\u00a0497
-\u00a0\u00a0\u00a0
-
4\u00a0497
Cash flow hedges
-\u00a0\u00a0\u00a0
36\u00a0
-
36\u00a0
Re-measurements of post-employment benefits
-\u00a0\u00a0\u00a0
-\u00a0\u00a0\u00a0
(134)
(134)
Other comprehensive income/(loss)
4\u00a0497
36\u00a0
(134)
4\u00a0398
As per 31 December 2023
(30\u00a0180)
181\u00a0
(1\u00a0155)
(31\u00a0155)
The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South African rand, which resulted in a net foreign exchange translation adjustment of 4\u202f497m US dollar as of 31 December 2023 (increase of equity).
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2022
(33\u00a0554)
481\u00a0
(1\u00a0504)
(34\u00a0577)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
(1\u00a0123)
-
-
(1\u00a0123)
Cash flow hedges
-
(336)
-
(336)
Re-measurements of post-employment benefits
-
-
483\u00a0
483\u00a0
Other comprehensive income/(loss)
(1\u00a0123)
(336)
483\u00a0
(976)
As per 31 December 2022
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-22": { "value": "
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 2023 results, restated for purchasing power, were translated at the December 2023 closing rate of 808.737265 Argentinean pesos per US dollar (2022 results - at 177.131872 Argentinean pesos per US dollar).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-23": { "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.
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-24": { "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.
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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.
In 2023, the company expensed 256m US dollar in research, compared to 268m US dollar in 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-25": { "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.
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-26": { "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.
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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 2023
31 December 2022
Million US dollar
Brands
Commercial intangibles
Software
Other
Total
Total
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
37 741
2 026
4 050
354\u00a0
44\u00a0170
45 015
Effect of movements in foreign exchange
703
67
181
6
957
\u00a0(751)
Acquisitions through business combinations
15
-
-
-
15\u00a0
-
Acquisitions and expenditures
7
182
632
17
838
978
Disposals through sale and derecognition
\u00a0(1)
-
(56)
\u00a0(9)
(67)
(1 437)
Transfer (to)/from other asset categories and other movements12
\u00a0(132)
(56)
572\u00a0
(218)
166\u00a0
365\u00a0
Balance at end of period
38 332
2 219
5\u00a0379
150\u00a0
46\u00a0080
44 170
\u00a0\u00a0\u00a0
Amortization and impairment losses
Balance at end of previous year\u00a0
\u00a0(88)
(1\u00a0247)
(2\u00a0577)
(49)
(3\u00a0961)
(4 585)
Effect of movements in foreign exchange
-
\u00a0(51)
\u00a0(132)
\u00a0(8)
\u00a0(191)
100
Amortization
-
\u00a0(136)
\u00a0(544)
\u00a0(31)
\u00a0(711)
\u00a0(647)
Impairment
(5)
-
\u00a0(25)
-
\u00a0(31)
\u00a0(4)
Disposals through sale and derecognition
-
-
56
4
60
1 339
Transfer to/(from) other asset categories and other movements1
-
46
2
(9)
39
\u00a0(164)
Balance at end of period
\u00a0(94)
(1\u00a0388)
(3\u00a0219)
(93)
(4\u00a0794)
(3 961)
\u00a0\u00a0\u00a0
Carrying value
at 31 December 2022
37 652
779
1\u00a0473
305
40\u00a0209
40\u00a0209
at 31 December 2023
38 239
830
2\u00a0160
57
41 286
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-year sponsorship rights and other commercial intangibles.
Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred. 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 2023, the carrying amount of the intangible assets amounted to 41\u00a0286m US dollar (31 December 2022: 40\u00a0209m US dollar) of which 38\u00a0239m US dollar was assigned an indefinite useful life (31 December 2022: 37\u00a0652m US dollar) and 3\u00a0047m US dollar a finite life (31 December 2022: 2\u00a0557m US dollar).

Million US dollar
Cash-generating unit
2023
2022
United States
21\u00a0939\u00a0
21\u00a0979\u00a0
Rest of North America
41\u00a0
40\u00a0
Mexico
3\u00a0629\u00a0
3\u00a0166\u00a0
Colombia
2\u00a0990\u00a0
2\u00a0374\u00a0
Rest of Middle Americas
3\u00a0590\u00a0
3\u00a0531\u00a0
Brazil
15\u00a0
-
Rest of South America
655\u00a0
767\u00a0
Europe
432\u00a0
423\u00a0
South Africa
2\u00a0623\u00a0
2\u00a0847\u00a0
Rest of Africa
910\u00a0
1\u00a0072\u00a0
China
393\u00a0
405\u00a0
Rest of Asia Pacific
1\u00a0021\u00a0
1\u00a0048\u00a0
Total carrying amount of intangible assets with indefinite useful lives
38\u00a0239\u00a0
37\u00a0652\u00a0
In 2023, the company expensed 256m US dollar in research, compared to 268m US dollar in 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-27": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-28": { "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.
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 has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized generally over 3 to 10 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-29": { "value": "
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.
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:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-30": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-31": { "value": "
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-32": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-33": { "value": "
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\u2011constructed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-34": { "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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-35": { "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.
CASH AND CASH EQUIVALENTSCash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-36": { "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.
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.
The company has long-term loan agreements with foreign subsidiaries, denominated in foreign currency, the settlement of which is neither planned nor likely to occur in the foreseeable future. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the exchange differences on retranslation of these loans are recognized in other comprehensive income in the consolidated financial statements. If the loan becomes planned or likely to be settled in the foreseeable future, the related foreign currency differences are recognized in profit or loss. In the event of partial settlement, only the foreign currency differences corresponding to the settled portion are reclassified to the profit or loss of the period in non-underlying finance income/(cost).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-37": { "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.
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.
CASH AND CASH EQUIVALENTSCash 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
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.
The company has long-term loan agreements with foreign subsidiaries, denominated in foreign currency, the settlement of which is neither planned nor likely to occur in the foreseeable future. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the exchange differences on retranslation of these loans are recognized in other comprehensive income in the consolidated financial statements. If the loan becomes planned or likely to be settled in the foreseeable future, the related foreign currency differences are recognized in profit or loss. In the event of partial settlement, only the foreign currency differences corresponding to the settled portion are reclassified to the profit or loss of the period in non-underlying finance income/(cost).
Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
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.
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.
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:
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 party 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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-38": { "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.
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.
The company has long-term loan agreements with foreign subsidiaries, denominated in foreign currency, the settlement of which is neither planned nor likely to occur in the foreseeable future. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the exchange differences on retranslation of these loans are recognized in other comprehensive income in the consolidated financial statements. If the loan becomes planned or likely to be settled in the foreseeable future, the related foreign currency differences are recognized in profit or loss. In the event of partial settlement, only the foreign currency differences corresponding to the settled portion are reclassified to the profit or loss of the period in non-underlying finance income/(cost).
Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
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.
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.
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 party 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 current 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-39": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-40": { "value": "
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 2023
31 December 2022
\u00a0\u00a0\u00a0
Prepayments
120\u00a0
87\u00a0
Raw materials and consumables
\u00a03\u00a0207\u00a0
\u00a03\u00a0851\u00a0
Work in progress
588\u00a0
529\u00a0
Finished goods
\u00a01\u00a0434\u00a0
\u00a01\u00a0837\u00a0
Goods purchased for resale
234\u00a0
308\u00a0
Inventories
\u00a05\u00a0583\u00a0
\u00a06\u00a0612\u00a0
\u00a0\u00a0\u00a0
Inventories other than work in progress
Inventories stated at net realizable value
323\u00a0
395\u00a0
The cost of inventories recognized as an expense in 2023 amounts to 27\u00a0396m US dollar, included in cost of sales (2022: 26\u00a0305m US dollar). Impairment losses on inventories recognized in 2023 amount to 110m US dollar (2022: 148m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-41": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-42": { "value": "
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.
CASH AND CASH EQUIVALENTSCash 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
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:
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 party 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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-43": { "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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-44": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-45": { "value": "CASH AND CASH EQUIVALENTSCash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-46": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-47": { "value": "
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:
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-48": { "value": "
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:
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.
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
Assets
Liabilities
Net
31 December
31 December
31 December
31 December
31 December
31 December
Million US dollar
2023
202220
2023
202220
2023
202220
Foreign currency
Foreign exchange derivatives
363\u00a0
227\u00a0
(432)
(265)
(70)
(38)
Interest rate
Interest rate swaps
3\u00a0
-
(10)
(5)
(7)
(5)
Cross currency interest rate swaps
52\u00a0
63
(164)
(187)
(112)
(124)
Commodities
Aluminum derivatives
72\u00a0
52
(57)
(174)
15\u00a0
(122)
Energy derivatives
30\u00a0
12
(29)
(28)
1\u00a0
(16)
Other commodity derivatives
29\u00a0
36
(58)
(69)
(30)
(32)
Equity
Equity derivatives
-
-
(4\u00a0718)
(4\u00a0763)
(4\u00a0718)
(4\u00a0763)
549\u00a0
391
(5\u00a0469)
(5\u00a0492)
(4\u00a0920)
(5\u00a0101)
Of which:
Non-current
44\u00a0
60
(151)
(184)
(107)
(124)
Current
505\u00a0
331
(5\u00a0318)
(5\u00a0308)
(4\u00a0813)
(4\u00a0977)
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.
Interest-bearing financial liabilities
31 December 2023
31 December 2022
Million US dollar
Carrying amount21
Fair value
Carrying amount21
Fair value
Fixed rate
US dollar
(49\u00a0917)
(52\u00a0268)
(52\u00a0993)
(52\u00a0158)
Euro
(20\u00a0379)
(19\u00a0796)
(19\u00a0655)
(17\u00a0926)
Pound sterling
(2\u00a0069)
(2\u00a0012)
(2\u00a0148)
(2\u00a0039)
Canadian dollar
(526)
(505)
(515)
(437)
Other
(558)
(554)
(458)
(448)
(73\u00a0449)
(75\u00a0135)
(75\u00a0769)
(73\u00a0008)

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
51\u00a0
-
Derivatives in a cash flow hedge relationship
28\u00a0
381\u00a0
-
Derivatives in a net investment hedge relationship
-
89\u00a0
-
\u00a0\u00a0\u00a0
28\u00a0
530\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value
-
-
741\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0736\u00a0
-
Derivatives in a cash flow hedge relationship
18\u00a0
524\u00a0
-
Derivatives in a fair value hedge relationship
-
10\u00a0
-
Derivatives in a net investment hedge relationship
-
181\u00a0
-
\u00a0\u00a0\u00a0
18\u00a0
5\u00a0451\u00a0
741\u00a0
\u00a0\u00a0\u00a0
Fair value hierarchy 31 December 2022
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
41\u00a0
-
Derivatives in a cash flow hedge relationship
36\u00a0
219\u00a0
-
Derivatives in a net investment hedge relationship
-
94\u00a0
-
\u00a0\u00a0\u00a0
36\u00a0
364\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value\u00a0
-
-
762\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0799\u00a0
-
Derivatives in a cash flow hedge relationship
26\u00a0
525\u00a0
-
Derivatives in a fair value hedge relationship
-
4\u00a0
-
Derivatives in a net investment hedge relationship
-
138\u00a0
-
\u00a0\u00a0\u00a0
26\u00a0
5\u00a0466\u00a0
762\u00a0
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 2023 and 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement 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 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-49": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-50": { "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.
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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\u00a0local legislation or the bylaws of\u00a0the company\u2019s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability.
Dividend income
Dividend income is recognized in the income statement on the date that the dividend is declared.
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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.
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.
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.
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.
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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.
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.
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.
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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.
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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 Hull 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 Restricted Stock Units (\u201cRSUs\u201d) is the share price at grant date. The fair value of the Performance Stock Units (PSUs) with a market condition (relative Total Shareholder Return (\u201cTSR\u201d)) is determined using Monte Carlo simulations. The fair value of the options, RSUs and PSUs 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. When the share-based payment programs are vested, they are settled net of tax withholdings.
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Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
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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 has administrative and judicial discussions with tax authorities related to certain tax treatments adopted when calculating the income tax and social contribution, in particular in Brazil. As required by IFRIC 23, the company assesses each material tax position. When the company assesses that it is probable that the tax authorities will accept the tax treatments adopted, income taxes are calculated and reported consistently with the tax treatment used. The company discloses the potential effect of material uncertainties as a tax-related contingency in Note 29 Contingencies. When the company concludes that it is not probable that a particular tax treatment is accepted, the company generally uses the most likely amount of the tax treatment when determining the tax provision to be recorded.
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.
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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.
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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:
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.
Tax credits
From 2020 to 2023, Ambev, our subsidiary in Brazil, recognized tax credits in other operating income after a favorable judicial decision by the Brazilian Supreme Court, which recognized the right to exclude the Value-Added Tax (ICMS) from the taxable basis of the social contribution on gross revenue (PIS and COFINS). The tax credits are reported in other operating income when the conditions in IAS 37 are met and the related interest in finance income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-60": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-61": { "value": "
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.
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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.
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.
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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.
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.
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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.
Emission allowances
The company is subject to greenhouse gas emission allowance trading schemes in force in a number of geographies. Acquired emission allowances are recognized at cost in cost of sales. To the extent that it is expected that the number of allowances needed to settle the greenhouse gas emissions exceeds the number of emission allowances owned, a provision is recognized. Such provision is measured at the estimated amount of the expenditure required to settle the obligation.
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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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-66": { "value": "
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:
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 party 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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-67": { "value": "
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:
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 party 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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-68": { "value": "
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:
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 party 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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-69": { "value": "
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).
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-70": { "value": "", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-71": { "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 current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-72": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-73": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-74": { "value": "
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 or business activities and the effect of the accelerated repayment of certain debt facilities.
Mark-to-market adjustments on derivative instruments related to the hedging of share-based payment programs and on derivative instruments entered into to hedge the shares issued in relation to the combinations with Grupo Modelo and SAB are reported in non-underlying finance income/(cost).
The impact of income tax on the non-underlying items is calculated country-by-country and is included in non-underlying taxes (Refer to Note 8 Non-Underlying items).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-75": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-76": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-77": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-78": { "value": "
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 2023.
A number of amendments to standards are effective for annual periods beginning after 1 January 2024 and have not been discussed either because of their non-applicability or immateriality to AB InBev\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-79": { "value": "
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 2023.
A number of amendments to standards are effective for annual periods beginning after 1 January 2024 and have not been discussed either because of their non-applicability or immateriality to AB InBev\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-80": { "value": "4. Use of estimates and judgmentsThe 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\u00a0InBev 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.14. GoodwillMillion US dollar31 December 202331 December 2022\u00a0\u00a0\u00a0Acquisition costBalance at end of previous year115 541118 461Effect of movements in foreign exchange3 634(3 147)Disposal through business combinations-(32)Transfers (to)/from other assets categories(179)(68)Hyperinflation monetary adjustments306\u00a0328\u00a0Balance at end of the period119 302115 541\u00a0\u00a0\u00a0Impairment lossesBalance at end of previous year(2 531)(2 665)Effect of movements in foreign exchange293\u00a0134\u00a0Impairment losses(20)-Balance at end of the period(2 259)(2 531)\u00a0\u00a0\u00a0Carrying amountBalance at end of the period117 043113 010The carrying amount of goodwill was allocated to the different cash-generating units as follows:Million US dollar31 December 202331 December 2022\u00a0\u00a0\u00a0United States33 38733\u00a0578\u00a0Rest of North America2 0241\u00a0981\u00a0Mexico14 69712\u00a0823\u00a0Colombia15 98212\u00a0692\u00a0Rest of Middle Americas23 57623\u00a0242\u00a0Brazil3 7803\u00a0508\u00a0Rest of South America1 0361\u00a0249\u00a0Europe2 1572\u00a0081\u00a0South Africa8 8019\u00a0551\u00a0Rest of Africa4 6095\u00a0131\u00a0China3 0283\u00a0119\u00a0Rest of Asia Pacific3 4073\u00a0505\u00a0Global Export and Holding Companies559\u00a0549\u00a0Total carrying amount of goodwill117\u00a0043\u00a0113\u00a0010\u00a0Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, 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. 2023 impairment testingAB 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, 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 assumptionsThe key judgments, estimates and assumptions used in the discounted cash flow calculations were generally as follows:Cash flows are based on AB InBev\u2019s 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;In order to calculate the terminal value, the company extrapolated the cash flows after the first 10-year plan using expected annual long-term GDP growth rates based on external sources, or applied a market multiple after the first 5 years of the plan set at 14.4x. The company considered sensitivities on these metrics and corroborated the calculations by market multiples; Projections are discounted at the unit's weighted average cost of capital (WACC), considering sensitivities on this metric; 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 unit31 December 202331 December 2022 Colombia10%8%Rest of Middle Americas13%9%South Africa11%9%Rest of Africa14%15%Rest of Asia Pacific7%7%Sensitivity to change in key assumptionsDuring its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital, the terminal growth rate and the applied market multiple, 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 2023, an adverse change of 1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC would result in a negative headroom of 0.4 billion US dollar. 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.23. Pensions and similar obligationsAB\u00a0InBev 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 PLANSFor 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 2023, contributions paid into defined contribution plans for the company amounted to 166m US dollar compared to 164m US dollar for 2022.DEFINED BENEFIT PLANSDuring 2023, the company contributed to 84 defined benefit plans, of which 65 are retirement or leaving service plans, 15 are medical cost plans and 4 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 113m 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 2023, 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\u00a0661m US dollar as at 31 December 2023 compared to 1\u00a0523m US dollar as at 31 December 2022. In 2023, the fair value of the plan assets increased by 75m US dollar and the defined benefit obligations increased by 212m US dollar. The increase in the employee benefit net liability is mainly driven by decreases in the discount rates partially offset by favorable asset returns. The company\u2019s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2023 and 2022:Million US dollar20232022Present value of funded obligations(4 784)(4\u00a0604)Fair value of plan assets3 8823\u00a0807Present value of net obligations for funded plans\u00a0(902) (797)Present value of unfunded obligations\u00a0(619) (587)Present value of net obligations(1 521)(1\u00a0384)\u00a0\u00a0\u00a0Unrecognized asset\u00a0(38) (43)Net liability(1 559)(1\u00a0427)\u00a0\u00a0\u00a0Other long term employee benefits\u00a0(102) (96)Total employee benefits(1 661)(1\u00a0523)\u00a0\u00a0\u00a0Employee benefits amounts in the statement of financial position:Liabilities(1 673)(1\u00a0534)Assets12\u00a011\u00a0Net liability(1 661)(1\u00a0523)The changes in the present value of the defined benefit obligations are as follows:Million US dollar20232022Defined benefit obligation at 1 January(5 191)(7 478)Current service costs\u00a0(50)\u00a0(69)Interest cost\u00a0(302)\u00a0(229)Past service gain/(cost)4\u00a0-Settlements99\u00a0114\u00a0Benefits paid469\u00a0549\u00a0Contribution by plan participants\u00a0(2)\u00a0(2)Actuarial gains/(losses) \u2013 demographic assumptions17\u00a0\u00a0(2)Actuarial gains/(losses) \u2013 financial assumptions\u00a0(220)1\u00a0854\u00a0Experience adjustments\u00a0(44)\u00a0(116)Exchange differences\u00a0(182)243\u00a0Transfers and other movements-\u00a0(55)Defined benefit obligation at 31 December(5 403)(5 191)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, 1.0 billion US dollar relating to deferred members and 3.3 billion US dollar relating to members in retirement. The changes in the fair value of plan assets are as follows: Million US dollar20232022Fair value of plan assets at 1 January3 807\u00a05 381\u00a0Interest\u00a0income\u00a0\u00a0217\u00a0\u00a0157Administration costs\u00a0(17)\u00a0(17)Return on plan assets exceeding interest income\u00a094(1 084)Contributions by AB InBev\u00a0218\u00a0220Contributions by plan participants\u00a02\u00a02Benefits paid net of administration costs\u00a0(469)\u00a0(551)Assets distributed on settlements\u00a0(97)\u00a0(112)Exchange differences127\u00a0\u00a0(188)Transfers and other movements-\u00a0(2)Fair value of plan assets at 31 December3 8823 807\u00a0Actual return on plans assets amounted to a gain of 311m US dollar in 2023 compared to a loss of (927)m US dollar in 2022.The changes in the unrecognized asset are as follows:Million US dollar20232022Irrecoverable surplus impact at 1 January\u00a0(43) (32)Interest expense\u00a0(4) (3)Changes excluding amounts included in interest expense\u00a09\u00a0 (8)Irrecoverable surplus impact at 31 December\u00a0(38)\u00a0(43)The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows: Million US dollar20232022Current service costs\u00a0(50) (66)Administration costs\u00a0(17) (17)Past service cost due to plan amendments, curtailments or settlements6\u00a02\u00a0(Losses)/gains due to experience and demographic assumption changes\u00a0(1)-Profit from operations\u00a0(61)\u00a0 (81)Net finance cost\u00a0(88) (73)Total employee benefit expense\u00a0(150) (154)The employee benefit expense is included in the following line items of the income statement:Million US dollar20232022Cost of sales\u00a0(18)\u00a0(25)Distribution expenses\u00a0(9)\u00a0(11)Sales and marketing expenses\u00a0(14)\u00a0(17)Administrative expenses\u00a0(21)\u00a0(28)Net finance cost\u00a0(88)\u00a0(73)Total employee benefit expense\u00a0(150)\u00a0(154) Weighted average assumptions used in computing the benefit obligations of the company\u2019s significant plans at the reporting date are as follows: 2023United StatesCanadaMexicoBrazilUnited KingdomAB InBev\u00a0\u00a0\u00a0Discount rate5.3%4.6%9.3%9.2%4.7%5.6%Price inflation2.0%2.0%3.5%3.5%3.2%2.6%Future salary increases-1.0%4.3%6.7%-3.9%-3.7%Future pension increases-2.0%3.5%3.5%3.1%2.8%Medical cost trend rate6.8%-4.5%4.5%-7.1%-6.7%-6.2%Life expectation for a 65-year old male868785858785Life expectation for a 65-year old female8890888789882022United StatesCanadaMexicoBrazilUnited KingdomAB InBev\u00a0\u00a0\u00a0Discount rate5.5%5.1%9.5%10.0%4.9%5.9%Price inflation2.5%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 rate7.0%-4.5%4.5%-7.1%-6.8%-6.1%Life expectation for a 65-year old male868785858785Life expectation for a 65-year old female889088878988Through 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 STRATEGYIn 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 YIELDSAn 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 RISKSome 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 EXPECTANCYThe 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 2023 is 11.0 years (2022: 11.4 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: 2023Million US dollarChange in assumptionIncrease in assumptionDecrease in assumption Discount rate0.5% (275)300\u00a0Price inflation0.5%96\u00a0 (103)Future salary increases0.5%23\u00a0 (21)Medical cost trend rate1%25\u00a0 (22)MortalityOne year155\u00a0 (157)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: 20232022Million US dollarQuotedUnquotedTotalQuotedUnquotedTotal Government bonds38%-\u00a0\u00a0\u00a038%34% -\u00a0\u00a0\u00a034%Corporate bonds27%1%28%30% -\u00a0\u00a0\u00a030%Equity instruments22%-\u00a0\u00a0\u00a022%24% -\u00a0\u00a0\u00a024%Property -\u00a0\u00a0\u00a06%6% -\u00a0\u00a0\u00a07%7%Insurance contracts and others3%3%6%4%1%5%90%10%100%91%8%100%AB\u00a0InBev expects to contribute approximately 229m US dollar for its funded defined benefit plans and 76m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2024.24. Share-based paymentsDifferent 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 (\u201cRSU Plan for Directors\u201d), and the various long-term incentive plan for executives (\u201cLTI Plan Executives\u201d). These share-based payment programs relate to either AB InBev shares or American Depository Shares (\u201cADSs\u201d) 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 570m US dollar for 2023, as compared to 448m US dollar for 2022. AB INBEV SHARE-BASED COMPENSATION PROGRAMS Share-Based Compensation Plan for ExecutivesUnder 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 RSUs (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 three or five-year period and are subject to specific restrictions or forfeiture provisions in the event of termination of service.During 2023, AB InBev issued 1.7m discounted and matching RSUs in relation to bonuses granted to company employees and management (2022: 4.8m discounted and matching RSUs). These discounted and matching RSUs represent a fair value of approximately 102m US dollar (2022: 293m US dollar).Restricted Stock Units Plan for DirectorsThe remuneration of the directors comprises a fixed cash fee component and a share-based component. The share-based portion of the remuneration of the directors of the company is granted in the form of RSUs that vest after five years and, upon vesting, entitle their holders to one AB InBev share per RSU.During 2023, 0.1m RSUs with an estimated fair value of 4m US dollar were granted to directors (2022: 0.1m with an estimated fair value of 4m US dollar).Annual LTI Plans for ExecutivesSubject 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.Long-term Incentive RSUs: They cliff vest over a three or five-year period. Upon vesting, each RSU entitles its holder to acquire one share. During 2023, AB InBev issued 2.9m RSUs with an estimated fair value of 183m US dollar under this plan (2022: 3.9m RSUs with an estimated fair value of 228m US dollar under this plan). Out of these RSUs, 0.1m RSUs were granted to members of the Executive Committee (2022: 0.5m RSUs).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. During 2023, 0.5m PSUs were granted to Executives with an estimated fair value of 39m US dollar (2022: 0.5m PSUs with an estimated fair value of 39m US dollar under this plan). Out of these PSUs, 33 thousand PSUs were granted to members of the Executive Committee (2022: 0.1m PSUs).Exceptional LTI Plans for ExecutivesRSUs, 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 2023 and 2022, 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: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 2023, 0.6m RSUs with an estimated fair value of 35m US dollar were granted under this program (2022: 0.7m RSUs with an estimated fair value of 44m US dollar). No RSUs were granted to members of the Executive Committee in 2023 and 2022 under this program. 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 five years. In the event that an employee's service is terminated before the vesting date, special forfeiture rules apply. In 2023, no RSUs were granted under this plan (2022: 0.1m RSUs representing a fair value of 7m US dollar).Other disclosures for Share-based paymentsNo stock options were granted in 2023 and 2022. The total number of outstanding AB InBev options developed as follows:Million options\u00a020232022Options outstanding at 1 January83.2\u00a0102.7\u00a0Options exercised during the year(2.2)(1.0)Options forfeited during the year(1.3)(14.9)Options lapsed during the year(3.9)(3.6)Options outstanding at the end of December75.8\u00a083.2\u00a0The range of exercise prices of the outstanding options is between 10.32 euro (11.40 US dollar)15 and 128.46 euro (141.95 US dollar) while the weighted average remaining contractual life is 5.8 years. Out of the 75.8m outstanding options, 23.7m options are vested at 31 December 2023.The weighted average exercise price of the AB InBev options is as follows:Amounts in US dollar20232022Options outstanding at 1 January76.04\u00a064.77\u00a0Exercised during the year29.96\u00a016.11\u00a0Forfeited during the year67.66\u00a094.76\u00a0Lapsed during the year96.27\u00a088.10\u00a0Outstanding at the end of December79.46\u00a076.04\u00a0Exercisable at the end of December108.11\u00a0102.19\u00a0For share options exercised during 2023, the weighted average share price at the date of exercise was 54.83 euro (60.59 US dollar)1. The total number of outstanding AB InBev RSUs and PSUs developed as follows:Million RSU and PSUs20232022RSUs and PSUs outstanding at 1 January28.7\u00a020.9\u00a0RSUs and PSUs issued during the year5.9\u00a010.1\u00a0RSUs and PSUs vested during the year(4.3)(0.5)RSUs and PSUs forfeited during the year(1.3)(1.8)RSUs and PSUs outstanding at the end of December29.0\u00a028.7\u00a0AMBEV SHARE-BASED COMPENSATION PROGRAMSSince 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 47 thousand matching RSUs in 2023 with an estimated fair value of less than 1m US dollar (2022: 44 thousand 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. The vesting period is three or five years. Under the 2018 Share-based compensation plan, Ambev issued 33.7m matching RSUs in 2023 with an estimated fair value of 93m US dollar (2022: 49.3m matching RSUs with an estimated fair value of 148m 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 similar share-based instruments), depending on management\u2019s assessment of the employee\u2019s performance and future potential. No stock options were granted in 2023 and 2022.The total number of outstanding Ambev options developed as follows: Million options20232022Options outstanding at 1 January99.8\u00a0113.8\u00a0Options forfeited during the year(11.8)(14.0)Options outstanding at the end of December88.0\u00a099.8\u00a0The range of exercise prices of the outstanding options is between 15.95 Brazilian real (3.29 US dollar) and 32.81 Brazilian real (6.78 US dollar) while the weighted average remaining contractual life is 3.6 years.Of the 88m outstanding options 68.6m options are vested at 31 December 2023.The weighted average exercise price of the Ambev options is as follows:Amounts in US dollar20232022Options outstanding at 1 January3.72\u00a03.57\u00a0Forfeited during the year4.68\u00a04.33\u00a0Outstanding at the end of December3.89\u00a03.72\u00a0Exercisable at the end of December3.94\u00a03.86\u00a0The total number of outstanding Ambev RSUs and PSUs developed as follows:Million RSUs and PSUs20232022RSUs and PSUs outstanding at 1 January109.8\u00a063.8\u00a0RSUs and PSUs issued during the year33.7\u00a049.3\u00a0RSUs and PSUs vested during the year(18.3)(0.2)RSUs and PSUs forfeited during the year(5.2)(3.1)RSUs and PSUs outstanding at the end of December120.0\u00a0109.8\u00a0BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAMShare-Based Compensation PlanIn 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 one and a half matching shares for each Voluntary Share invested up to a limited total percentage of each employee\u2019s variable compensation. In 2023, Budweiser APAC issued 4.1m matching RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 13m US dollar (2022: 12.5m matching restricted stock units with an estimated fair value of 39m US dollar).Discretionary Restricted Stock Units PlanIn 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 2023 and 2022, no RSUs were granted under this program.New Restricted Stock Units PlanIn 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. In 2023, some RSUs include a performance test. They cliff vest between three and five years. Upon vesting, 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 to five-year TSR 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. During 2023, 29.8m RSUs with an estimated fair value of 50m US dollar were granted under this program to a selected number of employees (2022: 14.1m RSUs with an estimated fair value of 45m US dollar).People Bet PlanIn 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 five years. In the event that an employee\u2019s service is terminated before the vesting date, special forfeiture rules apply. During 2023, no RSUs were granted under this program (2022: 0.5m RSUs with an estimated fair value of 2m US dollar).", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-81": { "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\u00a0InBev 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-82": { "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\u00a0InBev 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.
14. Goodwill
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
115 541
118 461
Effect of movements in foreign exchange
3 634
(3 147)
Disposal through business combinations
-
(32)
Transfers (to)/from other assets categories
(179)
(68)
Hyperinflation monetary adjustments
306\u00a0
328\u00a0
Balance at end of the period
119 302
115 541
\u00a0\u00a0\u00a0
Impairment losses
Balance at end of previous year
(2 531)
(2 665)
Effect of movements in foreign exchange
293\u00a0
134\u00a0
Impairment losses
(20)
-
Balance at end of the period
(2 259)
(2 531)
\u00a0\u00a0\u00a0
Carrying amount
Balance at end of the period
117 043
113 010
The carrying amount of goodwill was allocated to the different cash-generating units as follows:
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
United States
33 387
33\u00a0578\u00a0
Rest of North America
2 024
1\u00a0981\u00a0
Mexico
14 697
12\u00a0823\u00a0
Colombia
15 982
12\u00a0692\u00a0
Rest of Middle Americas
23 576
23\u00a0242\u00a0
Brazil
3 780
3\u00a0508\u00a0
Rest of South America
1 036
1\u00a0249\u00a0
Europe
2 157
2\u00a0081\u00a0
South Africa
8 801
9\u00a0551\u00a0
Rest of Africa
4 609
5\u00a0131\u00a0
China
3 028
3\u00a0119\u00a0
Rest of Asia Pacific
3 407
3\u00a0505\u00a0
Global Export and Holding Companies
559\u00a0
549\u00a0
Total carrying amount of goodwill
117\u00a0043\u00a0
113\u00a0010\u00a0
Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, 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.
2023 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, 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:
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 2023
31 December 2022
Colombia
10%
8%
Rest of Middle Americas
13%
9%
South Africa
11%
9%
Rest of Africa
14%
15%
Rest of Asia Pacific
7%
7%
Sensitivity to change in key assumptions
During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital, the terminal growth rate and the applied market multiple, 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 2023, an adverse change of 1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC would result in a negative headroom of 0.4 billion US dollar. 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.
Weighted average assumptions used in computing the benefit obligations of the company\u2019s significant plans at the reporting date are as follows:
2023
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
Discount rate
5.3%
4.6%
9.3%
9.2%
4.7%
5.6%
Price inflation
2.0%
2.0%
3.5%
3.5%
3.2%
2.6%
Future salary increases
-
1.0%
4.3%
6.7%-3.9%
-
3.7%
Future pension increases
-
2.0%
3.5%
3.5%
3.1%
2.8%
Medical cost trend rate
6.8%-4.5%
4.5%
-
7.1%
-
6.7%-6.2%
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
2022
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
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
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 2023 is 11.0 years (2022: 11.4 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:
2023
Million US dollar
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.5%
(275)
300\u00a0
Price inflation
0.5%
96\u00a0
(103)
Future salary increases
0.5%
23\u00a0
(21)
Medical cost trend rate
1%
25\u00a0
(22)
Mortality
One year
155\u00a0
(157)
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.
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 (\u201cRSU Plan for Directors\u201d), and the various long-term incentive plan for executives (\u201cLTI Plan Executives\u201d). These share-based payment programs relate to either AB InBev shares or American Depository Shares (\u201cADSs\u201d) 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 570m US dollar for 2023, as compared to 448m US dollar for 2022.
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 RSUs (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 three or five-year period and are subject to specific restrictions or forfeiture provisions in the event of termination of service.
During 2023, AB InBev issued 1.7m discounted and matching RSUs in relation to bonuses granted to company employees and management (2022: 4.8m discounted and matching RSUs). These discounted and matching RSUs represent a fair value of approximately 102m US dollar (2022: 293m US dollar).
Restricted Stock Units Plan for Directors
The remuneration of the directors comprises a fixed cash fee component and a share-based component. The share-based portion of the remuneration of the directors of the company is granted in the form of RSUs that vest after five years and, upon vesting, entitle their holders to one AB InBev share per RSU.
During 2023, 0.1m RSUs with an estimated fair value of 4m US dollar were granted to directors (2022: 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.
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 2023 and 2022, 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:
Other disclosures for Share-based payments
No stock options were granted in 2023 and 2022. The total number of outstanding AB InBev options developed as follows:
Million options\u00a0
2023
2022
Options outstanding at 1 January
83.2\u00a0
102.7\u00a0
Options exercised during the year
(2.2)
(1.0)
Options forfeited during the year
(1.3)
(14.9)
Options lapsed during the year
(3.9)
(3.6)
Options outstanding at the end of December
75.8\u00a0
83.2\u00a0
The range of exercise prices of the outstanding options is between 10.32 euro (11.40 US dollar)15 and 128.46 euro (141.95 US dollar) while the weighted average remaining contractual life is 5.8 years.
Out of the 75.8m outstanding options, 23.7m options are vested at 31 December 2023.
The weighted average exercise price of the AB InBev options is as follows:
Amounts in US dollar
2023
2022
Options outstanding at 1 January
76.04\u00a0
64.77\u00a0
Exercised during the year
29.96\u00a0
16.11\u00a0
Forfeited during the year
67.66\u00a0
94.76\u00a0
Lapsed during the year
96.27\u00a0
88.10\u00a0
Outstanding at the end of December
79.46\u00a0
76.04\u00a0
Exercisable at the end of December
108.11\u00a0
102.19\u00a0
For share options exercised during 2023, the weighted average share price at the date of exercise was 54.83 euro (60.59 US dollar)1.
The total number of outstanding AB InBev RSUs and PSUs developed as follows:
Million RSU and PSUs
2023
2022
RSUs and PSUs outstanding at 1 January
28.7\u00a0
20.9\u00a0
RSUs and PSUs issued during the year
5.9\u00a0
10.1\u00a0
RSUs and PSUs vested during the year
(4.3)
(0.5)
RSUs and PSUs forfeited during the year
(1.3)
(1.8)
RSUs and PSUs outstanding at the end of December
29.0\u00a0
28.7\u00a0
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 47 thousand matching RSUs in 2023 with an estimated fair value of less than 1m US dollar (2022: 44 thousand 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. The vesting period is three or five years. Under the 2018 Share-based compensation plan, Ambev issued 33.7m matching RSUs in 2023 with an estimated fair value of 93m US dollar (2022: 49.3m matching RSUs with an estimated fair value of 148m 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 similar share-based instruments), depending on management\u2019s assessment of the employee\u2019s performance and future potential. No stock options were granted in 2023 and 2022.
The total number of outstanding Ambev options developed as follows:
Million options
2023
2022
Options outstanding at 1 January
99.8\u00a0
113.8\u00a0
Options forfeited during the year
(11.8)
(14.0)
Options outstanding at the end of December
88.0\u00a0
99.8\u00a0
The range of exercise prices of the outstanding options is between 15.95 Brazilian real (3.29 US dollar) and 32.81 Brazilian real (6.78 US dollar) while the weighted average remaining contractual life is 3.6 years.
Of the 88m outstanding options 68.6m options are vested at 31 December 2023.
The weighted average exercise price of the Ambev options is as follows:
Amounts in US dollar
2023
2022
Options outstanding at 1 January
3.72\u00a0
3.57\u00a0
Forfeited during the year
4.68\u00a0
4.33\u00a0
Outstanding at the end of December
3.89\u00a0
3.72\u00a0
Exercisable at the end of December
3.94\u00a0
3.86\u00a0
The total number of outstanding Ambev RSUs and PSUs developed as follows:
Million RSUs and PSUs
2023
2022
RSUs and PSUs outstanding at 1 January
109.8\u00a0
63.8\u00a0
RSUs and PSUs issued during the year
33.7\u00a0
49.3\u00a0
RSUs and PSUs vested during the year
(18.3)
(0.2)
RSUs and PSUs forfeited during the year
(5.2)
(3.1)
RSUs and PSUs outstanding at the end of December
120.0\u00a0
109.8\u00a0
BUDWEISER APAC SHARE-BASED COMPENSATION 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 one and a half matching shares for each Voluntary Share invested up to a limited total percentage of each employee\u2019s variable compensation. In 2023, Budweiser APAC issued 4.1m matching RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 13m US dollar (2022: 12.5m matching restricted stock units with an estimated fair value of 39m US dollar).
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 2023 and 2022, no RSUs were granted under this program.
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. In 2023, some RSUs include a performance test. They cliff vest between three and five years. Upon vesting, 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 to five-year TSR 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. During 2023, 29.8m RSUs with an estimated fair value of 50m US dollar were granted under this program to a selected number of employees (2022: 14.1m RSUs with an estimated fair value of 45m 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 five years. In the event that an employee\u2019s service is terminated before the vesting date, special forfeiture rules apply. During 2023, no RSUs were granted under this program (2022: 0.5m RSUs with an estimated fair value of 2m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-83": { "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 %).
North America
Middle Americas
South America
EMEA
Asia Pacific
Global Export and Holding companies
AB InBev Worldwide
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
.
Volume
90
103
149
148
162
164
90
91
93
89
-
1
585
595
Revenue
15\u00a0072
16\u00a0566
16\u00a0348
14\u00a0180
12\u00a0040
11\u00a0599
8\u00a0589
8\u00a0120
6\u00a0824
6\u00a0532
508
790
59\u00a0380
57\u00a0786
Normalized EBITDA
4\u00a0727
6\u00a0057
7\u00a0715
6\u00a0564
3\u00a0884
3\u00a0511
2\u00a0570
2\u00a0612
2\u00a0186
2\u00a0104
(1\u00a0106)
(1\u00a0004)
19\u00a0976
19\u00a0843
Normalized EBITDA margin %
31.4%
36.6%
47.2%
46.3%
32.3%
30.3%
29.9%
32.2%
32.0%
32.2%
-
-
33.6%
34.3%
Depreciation, amortization and impairment
(757)
(748)
(1\u00a0487)
(1\u00a0326)
(1\u00a0008)
(873)
(1\u00a0041)
(1\u00a0066)
(655)
(671)
(436)
(391)
(5\u00a0385)
(5\u00a0074)
Normalized profit from operations
3\u00a0970
5\u00a0309
6\u00a0228
5\u00a0238
2\u00a0875
2\u00a0638
1\u00a0528
1\u00a0546
1\u00a0531
1\u00a0433
(1\u00a0542)
(1\u00a0396)
14\u00a0590
14\u00a0768
Non-underlying items (including non-underlying impairment)
(363)
(89)
(27)
(19)
(37)
(18)
(67)
(68)
(80)
(2)
(50)
(55)
(624)
(251)
Profit from operations
3\u00a0607
5\u00a0220
6\u00a0201
5\u00a0219
2\u00a0838
2\u00a0620
1\u00a0461
1\u00a0478
1\u00a0451
1\u00a0431
(1\u00a0592)
(1\u00a0451)
13\u00a0966
14\u00a0517
Net finance income/(cost)
(5\u00a0102)
(4\u00a0148)
Share of results of associates
295
299
Non-underlying share of results of associates
(35)
(1\u00a0143)
Income tax expense
(2\u00a0234)
(1\u00a0928)
Profit
6\u00a0891
7\u00a0597
.
Segment assets (non-current)
62\u00a0931
63\u00a0379
74\u00a0160
66\u00a0262
14\u00a0791
14\u00a0297
29\u00a0302
30\u00a0918
11\u00a0980
12\u00a0397
2\u00a0808
2\u00a0505
195\u00a0973
189\u00a0757
Gross capex
530
695
1\u00a0371
1\u00a0319
830
1\u00a0001
906
1\u00a0011
498
496
504
638
4\u00a0638
5\u00a0160
FTE7
17\u00a0950
20\u00a0040
48\u00a0069
52\u00a0355
36\u00a0267
40\u00a0589
21\u00a0011
21\u00a0306
24\u00a0992
24\u00a0331
6\u00a0251
6\u00a0572
154\u00a0540
165\u00a0193
For the year ended 31 December 2023, net revenue from the beer business amounted to 52\u00a0645 m US dollar (2022: 51\u00a0544m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6\u00a0735m US dollar (2022: 6\u00a0242m US dollar). Additionally, for 2023, net revenue from the company\u2019s business in the United States amounted to 13\u00a0168m US dollar (2022: 14\u00a0580m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 9\u00a0257m US dollar (2022: 8\u00a0256m US dollar).
On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 606m US dollar (2022: 632m US dollar) and non-current assets located in the country of domicile represented 2\u00a0341m US dollar (2022: 2\u00a0533m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-84": { "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 %).
North America
Middle Americas
South America
EMEA
Asia Pacific
Global Export and Holding companies
AB InBev Worldwide
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
.
Volume
90
103
149
148
162
164
90
91
93
89
-
1
585
595
Revenue
15\u00a0072
16\u00a0566
16\u00a0348
14\u00a0180
12\u00a0040
11\u00a0599
8\u00a0589
8\u00a0120
6\u00a0824
6\u00a0532
508
790
59\u00a0380
57\u00a0786
Normalized EBITDA
4\u00a0727
6\u00a0057
7\u00a0715
6\u00a0564
3\u00a0884
3\u00a0511
2\u00a0570
2\u00a0612
2\u00a0186
2\u00a0104
(1\u00a0106)
(1\u00a0004)
19\u00a0976
19\u00a0843
Normalized EBITDA margin %
31.4%
36.6%
47.2%
46.3%
32.3%
30.3%
29.9%
32.2%
32.0%
32.2%
-
-
33.6%
34.3%
Depreciation, amortization and impairment
(757)
(748)
(1\u00a0487)
(1\u00a0326)
(1\u00a0008)
(873)
(1\u00a0041)
(1\u00a0066)
(655)
(671)
(436)
(391)
(5\u00a0385)
(5\u00a0074)
Normalized profit from operations
3\u00a0970
5\u00a0309
6\u00a0228
5\u00a0238
2\u00a0875
2\u00a0638
1\u00a0528
1\u00a0546
1\u00a0531
1\u00a0433
(1\u00a0542)
(1\u00a0396)
14\u00a0590
14\u00a0768
Non-underlying items (including non-underlying impairment)
(363)
(89)
(27)
(19)
(37)
(18)
(67)
(68)
(80)
(2)
(50)
(55)
(624)
(251)
Profit from operations
3\u00a0607
5\u00a0220
6\u00a0201
5\u00a0219
2\u00a0838
2\u00a0620
1\u00a0461
1\u00a0478
1\u00a0451
1\u00a0431
(1\u00a0592)
(1\u00a0451)
13\u00a0966
14\u00a0517
Net finance income/(cost)
(5\u00a0102)
(4\u00a0148)
Share of results of associates
295
299
Non-underlying share of results of associates
(35)
(1\u00a0143)
Income tax expense
(2\u00a0234)
(1\u00a0928)
Profit
6\u00a0891
7\u00a0597
.
Segment assets (non-current)
62\u00a0931
63\u00a0379
74\u00a0160
66\u00a0262
14\u00a0791
14\u00a0297
29\u00a0302
30\u00a0918
11\u00a0980
12\u00a0397
2\u00a0808
2\u00a0505
195\u00a0973
189\u00a0757
Gross capex
530
695
1\u00a0371
1\u00a0319
830
1\u00a0001
906
1\u00a0011
498
496
504
638
4\u00a0638
5\u00a0160
FTE7
17\u00a0950
20\u00a0040
48\u00a0069
52\u00a0355
36\u00a0267
40\u00a0589
21\u00a0011
21\u00a0306
24\u00a0992
24\u00a0331
6\u00a0251
6\u00a0572
154\u00a0540
165\u00a0193
For the year ended 31 December 2023, net revenue from the beer business amounted to 52\u00a0645 m US dollar (2022: 51\u00a0544m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6\u00a0735m US dollar (2022: 6\u00a0242m US dollar). Additionally, for 2023, net revenue from the company\u2019s business in the United States amounted to 13\u00a0168m US dollar (2022: 14\u00a0580m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 9\u00a0257m US dollar (2022: 8\u00a0256m US dollar).
On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 606m US dollar (2022: 632m US dollar) and non-current assets located in the country of domicile represented 2\u00a0341m US dollar (2022: 2\u00a0533m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-85": { "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 %).
North America
Middle Americas
South America
EMEA
Asia Pacific
Global Export and Holding companies
AB InBev Worldwide
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
.
Volume
90
103
149
148
162
164
90
91
93
89
-
1
585
595
Revenue
15\u00a0072
16\u00a0566
16\u00a0348
14\u00a0180
12\u00a0040
11\u00a0599
8\u00a0589
8\u00a0120
6\u00a0824
6\u00a0532
508
790
59\u00a0380
57\u00a0786
Normalized EBITDA
4\u00a0727
6\u00a0057
7\u00a0715
6\u00a0564
3\u00a0884
3\u00a0511
2\u00a0570
2\u00a0612
2\u00a0186
2\u00a0104
(1\u00a0106)
(1\u00a0004)
19\u00a0976
19\u00a0843
Normalized EBITDA margin %
31.4%
36.6%
47.2%
46.3%
32.3%
30.3%
29.9%
32.2%
32.0%
32.2%
-
-
33.6%
34.3%
Depreciation, amortization and impairment
(757)
(748)
(1\u00a0487)
(1\u00a0326)
(1\u00a0008)
(873)
(1\u00a0041)
(1\u00a0066)
(655)
(671)
(436)
(391)
(5\u00a0385)
(5\u00a0074)
Normalized profit from operations
3\u00a0970
5\u00a0309
6\u00a0228
5\u00a0238
2\u00a0875
2\u00a0638
1\u00a0528
1\u00a0546
1\u00a0531
1\u00a0433
(1\u00a0542)
(1\u00a0396)
14\u00a0590
14\u00a0768
Non-underlying items (including non-underlying impairment)
(363)
(89)
(27)
(19)
(37)
(18)
(67)
(68)
(80)
(2)
(50)
(55)
(624)
(251)
Profit from operations
3\u00a0607
5\u00a0220
6\u00a0201
5\u00a0219
2\u00a0838
2\u00a0620
1\u00a0461
1\u00a0478
1\u00a0451
1\u00a0431
(1\u00a0592)
(1\u00a0451)
13\u00a0966
14\u00a0517
Net finance income/(cost)
(5\u00a0102)
(4\u00a0148)
Share of results of associates
295
299
Non-underlying share of results of associates
(35)
(1\u00a0143)
Income tax expense
(2\u00a0234)
(1\u00a0928)
Profit
6\u00a0891
7\u00a0597
.
Segment assets (non-current)
62\u00a0931
63\u00a0379
74\u00a0160
66\u00a0262
14\u00a0791
14\u00a0297
29\u00a0302
30\u00a0918
11\u00a0980
12\u00a0397
2\u00a0808
2\u00a0505
195\u00a0973
189\u00a0757
Gross capex
530
695
1\u00a0371
1\u00a0319
830
1\u00a0001
906
1\u00a0011
498
496
504
638
4\u00a0638
5\u00a0160
FTE7
17\u00a0950
20\u00a0040
48\u00a0069
52\u00a0355
36\u00a0267
40\u00a0589
21\u00a0011
21\u00a0306
24\u00a0992
24\u00a0331
6\u00a0251
6\u00a0572
154\u00a0540
165\u00a0193
For the year ended 31 December 2023, net revenue from the beer business amounted to 52\u00a0645 m US dollar (2022: 51\u00a0544m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6\u00a0735m US dollar (2022: 6\u00a0242m US dollar). Additionally, for 2023, net revenue from the company\u2019s business in the United States amounted to 13\u00a0168m US dollar (2022: 14\u00a0580m US dollar) and net revenue from the company\u2019s business in Brazil amounted to 9\u00a0257m US dollar (2022: 8\u00a0256m US dollar).
On the same basis, net revenue from external customers attributable to AB InBev\u2019s country of domicile (Belgium) represented 606m US dollar (2022: 632m US dollar) and non-current assets located in the country of domicile represented 2\u00a0341m US dollar (2022: 2\u00a0533m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-86": { "value": "
6. Acquisitions and disposals of subsidiaries
The company undertook a series of acquisitions and disposals and settled payments related to prior year acquisitions during the year ended 31 December 2023 and 31 December 2022, with no significant impact in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-87": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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\u2019s 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:
Million US dollar
2023
20228
\u00a0\u00a0\u00a0
COVID-19 costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)
Restructuring
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(142)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(110)
Business and asset disposal (including impairment losses)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(385)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(71)
Claims and legal costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(85)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
AB InBev Efes related costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(51)
Acquisition costs business combinations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)
Impact on profit from operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(624)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(251)
\u00a0\u00a0\u00a0
Non-underlying net finance income/(cost)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(69)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1\u00a0143)
Non-underlying taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399\u00a0
Non-underlying non-controlling interest
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0
Net impact on profit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(614)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(153)
The non-underlying restructuring charges for the year ended 31 December 2023 total (142)m US dollar (31 December 2022: (110)m US dollar). These charges primarily relate to organizational alignments as a result of operational improvements and digitalization efforts across our supply chain and our commercial and support functions. 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 (385)m US dollar for the year ended 31 December 2023 (31 December 2022: (71)m US dollar), mainly comprising of a loss of (300)m US dollar the company recognized upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.
Non-underlying claims and legal costs amount to (85)m US dollar for the year ended 31 December 2023. These charges relate to a customs audit claim in South Korea of (66)m US dollar and legal costs of (19)m US dollar related to the successful outcome of a series of lawsuits regarding Ambev warrants (see also Note 29 Contingencies).
During the year ended 31 December 2023, the company recorded (12)m US dollar costs related to the disposal of the associate AB InBev Efes (31 December 2022: (51)m US dollar costs related to the discontinuation of the operations of the associate).
The company incurred a non-underlying net finance cost of (69)m US dollar for the year ended 31 December 2023 (31 December 2022: net finance income of 829m US dollar) \u2013 see Note 11 Finance cost and income.
During the year ended 31 December 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 16 Investments in associates.
All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 84m US dollar (decrease of income taxes) for the year ended 31 December 2023 (31 December 2022: decrease of income taxes by 399m US dollar).The non-underlying income taxes for the year ended 31 December 2022 were 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 30m US dollar for the year ended 31 December 2023 (31 December 2022: 13m US dollar).
9. Payroll and related benefits
Million US dollar
2023
2022
Wages and salaries
(5\u00a0164)
(4\u00a0900)
Social security contributions
(804)
(749)
Other personnel cost
(689)
(687)
Share-based payment expense
(570)
(448)
Pension expense for defined benefit plans
(150)
(154)
Pension expense for defined contribution plans
(166)
(164)
Payroll and related benefits
(7\u00a0544)
(7\u00a0101)
The number of full-time equivalents can be split as follows:
2023
20229
AB InBev NV/SA (parent company)
236\u00a0
241\u00a0
Other subsidiaries
154\u00a0304\u00a0
164\u00a0952\u00a0
Total number of FTE
154\u00a0540\u00a0
165\u00a0193\u00a0
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
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 2023 and 2022 includes:
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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
Income taxes recognized in the income statement can be detailed as follows:
Million US dollar
2023
2022
\u00a0\u00a0\u00a0
Current year
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0828)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0785)
(Underprovided)/overprovided in prior years
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(95)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0
Current tax expense
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0923)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0628)
\u00a0\u00a0\u00a0
Origination and reversal of temporary differences
855\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
(166)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(128)
Deferred tax (expense)/income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0689\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0701\u00a0
\u00a0\u00a0\u00a0
Total income tax expense in the income statement
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0234)
(1 928)
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
Million US dollar
2023
2022
.
Profit/(loss) before tax
9 124
9 524
Deduct share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0295
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0299
Deduct non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
(1 143)
Profit before tax and before share of results of associates
8 864
10 369
.
Adjustments to the tax basis
Government incentives
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(756)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(713)
Non-deductible/(non-taxable) mark-to-market on derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0325
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(606)
Other expenses not deductible for tax purposes
1 632
1 590
Other non-taxable income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(647)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(576)
.
Adjusted tax basis
9 417
10 065
.
Aggregate weighted nominal tax rate
27.4%
26.7%
.
Tax at aggregated nominal tax rate
(2 583)
(2 691)
.
Adjustments on tax expense
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(166)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(128)
(Underprovided)/overprovided in prior years
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(95)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157
Deductions from interest on equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0781
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0790
Deductions from goodwill and other tax deductions
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0491
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0473
Change in tax rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a048
Withholding taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(559)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(436)
Other tax adjustments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(105)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(140)
.
Total tax expense
(2 234)
(1 928)
.
Effective tax rate
25.2%\u00a0
18.6%\u00a0
The total income tax expense for 2023 amounts to 2\u00a0234m US dollar compared to 1\u00a0928m US dollar for 2022. The effective tax rate is 25.2% for 2023 compared to 18.6% for 2022.
The 2023 effective tax rate was negatively impacted by non-deductible losses from derivatives related to hedging of share-based payment programs and hedging of the shares issued in a transaction related to the combination with Grupo Modelo and SAB, while the 2022 effective tax rate was positively impacted by non-taxable gains from these derivatives. In addition, the 2022 effective tax rate included 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 2023 is 24.3% (2022: 23.8%).
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
2023
2022
Re-measurements of post-employment benefits
(13)
(126)
Exchange differences, cash flow and net investment hedges
(41)
(51)
Income tax (losses)/gains
(54)
(177)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-88": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-89": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-90": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-91": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-92": { "value": "
7. Other operating income/(expenses)
Million US dollar
2023
2022
Brazilian tax credits
44\u00a0
201\u00a0
Government grants
374\u00a0
311\u00a0
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
73\u00a0
82\u00a0
License income
31\u00a0
27\u00a0
Net rental and other operating income
256\u00a0
220\u00a0
Other operating income/(expenses)
778\u00a0
841\u00a0
In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m 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\u2019s 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:
Million US dollar
2023
20228
\u00a0\u00a0\u00a0
COVID-19 costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)
Restructuring
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(142)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(110)
Business and asset disposal (including impairment losses)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(385)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(71)
Claims and legal costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(85)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
AB InBev Efes related costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(51)
Acquisition costs business combinations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)
Impact on profit from operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(624)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(251)
\u00a0\u00a0\u00a0
Non-underlying net finance income/(cost)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(69)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1\u00a0143)
Non-underlying taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399\u00a0
Non-underlying non-controlling interest
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0
Net impact on profit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(614)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(153)
The non-underlying restructuring charges for the year ended 31 December 2023 total (142)m US dollar (31 December 2022: (110)m US dollar). These charges primarily relate to organizational alignments as a result of operational improvements and digitalization efforts across our supply chain and our commercial and support functions. 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 (385)m US dollar for the year ended 31 December 2023 (31 December 2022: (71)m US dollar), mainly comprising of a loss of (300)m US dollar the company recognized upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.
Non-underlying claims and legal costs amount to (85)m US dollar for the year ended 31 December 2023. These charges relate to a customs audit claim in South Korea of (66)m US dollar and legal costs of (19)m US dollar related to the successful outcome of a series of lawsuits regarding Ambev warrants (see also Note 29 Contingencies).
During the year ended 31 December 2023, the company recorded (12)m US dollar costs related to the disposal of the associate AB InBev Efes (31 December 2022: (51)m US dollar costs related to the discontinuation of the operations of the associate).
The company incurred a non-underlying net finance cost of (69)m US dollar for the year ended 31 December 2023 (31 December 2022: net finance income of 829m US dollar) \u2013 see Note 11 Finance cost and income.
During the year ended 31 December 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 16 Investments in associates.
All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 84m US dollar (decrease of income taxes) for the year ended 31 December 2023 (31 December 2022: decrease of income taxes by 399m US dollar).The non-underlying income taxes for the year ended 31 December 2022 were 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 30m US dollar for the year ended 31 December 2023 (31 December 2022: 13m US dollar).
9. Payroll and related benefits
Million US dollar
2023
2022
Wages and salaries
(5\u00a0164)
(4\u00a0900)
Social security contributions
(804)
(749)
Other personnel cost
(689)
(687)
Share-based payment expense
(570)
(448)
Pension expense for defined benefit plans
(150)
(154)
Pension expense for defined contribution plans
(166)
(164)
Payroll and related benefits
(7\u00a0544)
(7\u00a0101)
The number of full-time equivalents can be split as follows:
2023
20229
AB InBev NV/SA (parent company)
236\u00a0
241\u00a0
Other subsidiaries
154\u00a0304\u00a0
164\u00a0952\u00a0
Total number of FTE
154\u00a0540\u00a0
165\u00a0193\u00a0
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-93": { "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\u2019s 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:
Million US dollar
2023
20228
\u00a0\u00a0\u00a0
COVID-19 costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)
Restructuring
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(142)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(110)
Business and asset disposal (including impairment losses)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(385)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(71)
Claims and legal costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(85)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
AB InBev Efes related costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(51)
Acquisition costs business combinations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)
Impact on profit from operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(624)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(251)
\u00a0\u00a0\u00a0
Non-underlying net finance income/(cost)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(69)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1\u00a0143)
Non-underlying taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399\u00a0
Non-underlying non-controlling interest
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0
Net impact on profit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(614)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(153)
The non-underlying restructuring charges for the year ended 31 December 2023 total (142)m US dollar (31 December 2022: (110)m US dollar). These charges primarily relate to organizational alignments as a result of operational improvements and digitalization efforts across our supply chain and our commercial and support functions. 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 (385)m US dollar for the year ended 31 December 2023 (31 December 2022: (71)m US dollar), mainly comprising of a loss of (300)m US dollar the company recognized upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.
Non-underlying claims and legal costs amount to (85)m US dollar for the year ended 31 December 2023. These charges relate to a customs audit claim in South Korea of (66)m US dollar and legal costs of (19)m US dollar related to the successful outcome of a series of lawsuits regarding Ambev warrants (see also Note 29 Contingencies).
During the year ended 31 December 2023, the company recorded (12)m US dollar costs related to the disposal of the associate AB InBev Efes (31 December 2022: (51)m US dollar costs related to the discontinuation of the operations of the associate).
The company incurred a non-underlying net finance cost of (69)m US dollar for the year ended 31 December 2023 (31 December 2022: net finance income of 829m US dollar) \u2013 see Note 11 Finance cost and income.
During the year ended 31 December 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 16 Investments in associates.
All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 84m US dollar (decrease of income taxes) for the year ended 31 December 2023 (31 December 2022: decrease of income taxes by 399m US dollar).The non-underlying income taxes for the year ended 31 December 2022 were 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 30m US dollar for the year ended 31 December 2023 (31 December 2022: 13m US dollar).
12. Income taxes
Income taxes recognized in the income statement can be detailed as follows:
Million US dollar
2023
2022
\u00a0\u00a0\u00a0
Current year
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0828)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0785)
(Underprovided)/overprovided in prior years
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(95)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0
Current tax expense
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0923)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0628)
\u00a0\u00a0\u00a0
Origination and reversal of temporary differences
855\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
(166)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(128)
Deferred tax (expense)/income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0689\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0701\u00a0
\u00a0\u00a0\u00a0
Total income tax expense in the income statement
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2\u00a0234)
(1 928)
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
Million US dollar
2023
2022
.
Profit/(loss) before tax
9 124
9 524
Deduct share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0295
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0299
Deduct non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
(1 143)
Profit before tax and before share of results of associates
8 864
10 369
.
Adjustments to the tax basis
Government incentives
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(756)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(713)
Non-deductible/(non-taxable) mark-to-market on derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0325
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(606)
Other expenses not deductible for tax purposes
1 632
1 590
Other non-taxable income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(647)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(576)
.
Adjusted tax basis
9 417
10 065
.
Aggregate weighted nominal tax rate
27.4%
26.7%
.
Tax at aggregated nominal tax rate
(2 583)
(2 691)
.
Adjustments on tax expense
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(166)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(128)
(Underprovided)/overprovided in prior years
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(95)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157
Deductions from interest on equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0781
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0790
Deductions from goodwill and other tax deductions
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0491
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0473
Change in tax rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a048
Withholding taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(559)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(436)
Other tax adjustments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(105)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(140)
.
Total tax expense
(2 234)
(1 928)
.
Effective tax rate
25.2%\u00a0
18.6%\u00a0
The total income tax expense for 2023 amounts to 2\u00a0234m US dollar compared to 1\u00a0928m US dollar for 2022. The effective tax rate is 25.2% for 2023 compared to 18.6% for 2022.
The 2023 effective tax rate was negatively impacted by non-deductible losses from derivatives related to hedging of share-based payment programs and hedging of the shares issued in a transaction related to the combination with Grupo Modelo and SAB, while the 2022 effective tax rate was positively impacted by non-taxable gains from these derivatives. In addition, the 2022 effective tax rate included 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 2023 is 24.3% (2022: 23.8%).
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
2023
2022
Re-measurements of post-employment benefits
(13)
(126)
Exchange differences, cash flow and net investment hedges
(41)
(51)
Income tax (losses)/gains
(54)
(177)
17. Deferred tax assets and liabilities
The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:
2023
2022
Million US dollar
Assets
Liabilities
Net
Assets
Liabilities
Net
\u00a0\u00a0\u00a0
Property, plant and equipment
230\u00a0
(2 115)
(1 885)
191
(2 071)
(1 880)
Intangible assets
143\u00a0
(9 661)
(9 518)
89
(9 582)
(9 492)
Inventories
108\u00a0
(78)
30\u00a0
102
(90)
12
Trade and other receivables
43\u00a0
-
43\u00a0
51
-
51
Interest-bearing loans and borrowings
671\u00a0
(451)
220\u00a0
852
(657)
195
Employee benefits
431\u00a0
(8)
423\u00a0
433
(9)
423
Provisions
648\u00a0
(44)
604\u00a0
533
(56)
477
Derivatives
71\u00a0
(17)
54\u00a0
51
(61)
(10)
Other items
487\u00a0
(1 180)
(693)
532
(1 166)
(634)
Loss carry forwards
1 782
-
1 782
1 341
-
1 341
Gross deferred tax assets/(liabilities)
4 614
(13 553)
(8 939)
4 175
(13 693)
(9 518)
\u00a0\u00a0\u00a0
Netting by taxable entity
(1 679)
1 679
-
(1 874)
1 874
-
\u00a0\u00a0\u00a0
Net deferred tax assets/(liabilities)
2 935
(11 874)
(8 939)
2 300
(11 818)
(9 518)
The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:
Million US dollar
2023
2022
Balance at 1 January
(9\u00a0518)
(10\u00a0235)
Recognized in profit or loss
689\u00a0
701\u00a0
Recognized in other comprehensive income
(54)
(177)
Other movements and effect of changes in foreign exchange rates
(56)
193\u00a0
Balance at 31 December
(8\u00a0939)
(9\u00a0518)
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 6.3 billion US dollar as of 31 December 2023.
As of 31 December 2023, deferred taxes of 12.1 billion US dollar (31 December 2022: 11.0 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 48.7 billion US dollar compared to 44.5 billion US dollar as of 31 December 2022 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. 46.2 billion US dollar of these tax attributes do not have an expiration date, 0.2 billion US dollar and 0.1 billion US expire within respectively 1 and 2 years, while 2.2 billion US dollar have an expiration date of more than 3 years. Additionally, we have historical uncertain attributes without expiration date amounting to 16.2 billion US dollar for which no deferred tax asset was recognized. Deferred tax assets have not been recognized on these items because these are either contingent assets subject to conclusion of tax disputes 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-94": { "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\u2019s 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:
Million US dollar
2023
20228
\u00a0\u00a0\u00a0
COVID-19 costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)
Restructuring
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(142)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(110)
Business and asset disposal (including impairment losses)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(385)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(71)
Claims and legal costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(85)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
AB InBev Efes related costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(51)
Acquisition costs business combinations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)
Impact on profit from operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(624)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(251)
\u00a0\u00a0\u00a0
Non-underlying net finance income/(cost)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(69)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829\u00a0
Non-underlying share of results of associates
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1\u00a0143)
Non-underlying taxes
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399\u00a0
Non-underlying non-controlling interest
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0
Net impact on profit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(614)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(153)
The non-underlying restructuring charges for the year ended 31 December 2023 total (142)m US dollar (31 December 2022: (110)m US dollar). These charges primarily relate to organizational alignments as a result of operational improvements and digitalization efforts across our supply chain and our commercial and support functions. 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 (385)m US dollar for the year ended 31 December 2023 (31 December 2022: (71)m US dollar), mainly comprising of a loss of (300)m US dollar the company recognized upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.
Non-underlying claims and legal costs amount to (85)m US dollar for the year ended 31 December 2023. These charges relate to a customs audit claim in South Korea of (66)m US dollar and legal costs of (19)m US dollar related to the successful outcome of a series of lawsuits regarding Ambev warrants (see also Note 29 Contingencies).
During the year ended 31 December 2023, the company recorded (12)m US dollar costs related to the disposal of the associate AB InBev Efes (31 December 2022: (51)m US dollar costs related to the discontinuation of the operations of the associate).
The company incurred a non-underlying net finance cost of (69)m US dollar for the year ended 31 December 2023 (31 December 2022: net finance income of 829m US dollar) \u2013 see Note 11 Finance cost and income.
During the year ended 31 December 2022, the company recorded an impairment of (1 143)m US dollar on its investment in AB InBev Efes - see Note 16 Investments in associates.
All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 84m US dollar (decrease of income taxes) for the year ended 31 December 2023 (31 December 2022: decrease of income taxes by 399m US dollar).The non-underlying income taxes for the year ended 31 December 2022 were 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 30m US dollar for the year ended 31 December 2023 (31 December 2022: 13m US dollar).
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
13. Property, plant and equipment
Property, plant and equipment comprises owned and leased assets, as follows:
Million US dollar
31 December 2023
31 December 2022
Property, plant and equipment owned
24\u00a0092\u00a0
24\u00a0245\u00a0
Property, plant and equipment leased (right-of-use assets)
2\u00a0726\u00a0
2\u00a0426\u00a0
Total property, plant and equipment
26\u00a0818\u00a0
26\u00a0671\u00a0
31 December 2023
31 December 2022
Million US dollar
Land and buildings
Plant and equipment, fixtures and fittings
Under construction
Total
Total
Acquisition cost
Balance at end of previous year
12\u00a0591\u00a0
37\u00a0473\u00a0
2\u00a0205\u00a0
52\u00a0269\u00a0
50\u00a0742\u00a0
Effect of movements in foreign exchange
259\u00a0
754\u00a0
27\u00a0
1\u00a0039\u00a0
(983)
Acquisitions
38\u00a0
1\u00a0361\u00a0
2\u00a0490\u00a0
3\u00a0890\u00a0
4\u00a0279\u00a0
Disposals through sale and derecognition
(55)
(1\u00a0607)
(3)
(1\u00a0665)
(1\u00a0822)
Disposals through the sale of subsidiaries
-
-
-
-
(13)
Transfer (to)/from other asset categories and other movements11
237\u00a0
1\u00a0802\u00a0
(3\u00a0050)
(1\u00a0011)
66\u00a0
Balance at end of the period
13\u00a0071\u00a0
39\u00a0783\u00a0
1\u00a0669\u00a0
54\u00a0522\u00a0
52\u00a0269\u00a0
Depreciation and impairment losses
Balance at end of previous year
(4\u00a0584)
(23\u00a0440)
-
(28\u00a0024)
(26\u00a0284)
Effect of movements in foreign exchange
(86)
(508)
-
(594)
507\u00a0
Depreciation
(397)
(3\u00a0176)
-
(3\u00a0573)
(3\u00a0530)
Disposals through sale and derecognition
33\u00a0
1\u00a0500\u00a0
-
1\u00a0533\u00a0
1\u00a0631\u00a0
Disposals through the sale of subsidiaries
-
-
-
-
8\u00a0
Impairment losses
(8)
(173)
-
(181)
(172)
Transfer to/(from) other asset categories and other movements1
24\u00a0
384\u00a0
-
409\u00a0
(186)
Balance at end of the period
(5\u00a0017)
(25\u00a0414)
-
(30\u00a0430)
(28\u00a0024)
Carrying amount
at 31 December 2022
8\u00a0007\u00a0
14\u00a0033\u00a0
2\u00a0205\u00a0
24\u00a0245\u00a0
24\u00a0245\u00a0
at 31 December 2023
8\u00a0054\u00a0
14\u00a0370\u00a0
1\u00a0669\u00a0
24\u00a0092\u00a0
-
As at 2023 and 2022 there were no significant restrictions on title on property, plant and equipment.
Contractual commitments to purchase property, plant and equipment amounted to 641m US dollar as at 31 December 2023 compared to 538m US dollar as at 31 December 2022.\u00a0
AB InBev\u2019s net capital expenditures in the statement of cash flow amounted to 4\u202f482m US dollar in 2023 compared to
4\u202f838m US dollar for the same period last year. Out of the total 2023 capital expenditures approximately 40% was used to improve the company\u2019s production facilities while 44% was used for logistics and commercial investments and 16% 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:
31 December 2023
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0753\u00a0
973\u00a0
2\u00a0726\u00a0
Depreciation for the year ended 31 December
(446)
(360)
(806)
31 December 2022
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0640\u00a0
786\u00a0
2\u00a0426\u00a0
Depreciation for the year ended 31 December
(399)
(230)
(629)
Additions to right-of-use assets in 2023 were 825m US dollar (2022: 885m 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 2023, 120m US dollar was recognized as income in the income statement in respect of subleasing of right-of-use assets (2022: 108m US dollar). As at 31 December 2023, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 109m US dollar in the next 12 months, 306m US dollar in the years 2 through 5 and 67m 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 2023
31 December 2022
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
115 541
118 461
Effect of movements in foreign exchange
3 634
(3 147)
Disposal through business combinations
-
(32)
Transfers (to)/from other assets categories
(179)
(68)
Hyperinflation monetary adjustments
306\u00a0
328\u00a0
Balance at end of the period
119 302
115 541
\u00a0\u00a0\u00a0
Impairment losses
Balance at end of previous year
(2 531)
(2 665)
Effect of movements in foreign exchange
293\u00a0
134\u00a0
Impairment losses
(20)
-
Balance at end of the period
(2 259)
(2 531)
\u00a0\u00a0\u00a0
Carrying amount
Balance at end of the period
117 043
113 010
The carrying amount of goodwill was allocated to the different cash-generating units as follows:
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
United States
33 387
33\u00a0578\u00a0
Rest of North America
2 024
1\u00a0981\u00a0
Mexico
14 697
12\u00a0823\u00a0
Colombia
15 982
12\u00a0692\u00a0
Rest of Middle Americas
23 576
23\u00a0242\u00a0
Brazil
3 780
3\u00a0508\u00a0
Rest of South America
1 036
1\u00a0249\u00a0
Europe
2 157
2\u00a0081\u00a0
South Africa
8 801
9\u00a0551\u00a0
Rest of Africa
4 609
5\u00a0131\u00a0
China
3 028
3\u00a0119\u00a0
Rest of Asia Pacific
3 407
3\u00a0505\u00a0
Global Export and Holding Companies
559\u00a0
549\u00a0
Total carrying amount of goodwill
117\u00a0043\u00a0
113\u00a0010\u00a0
Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, 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.
2023 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, 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:
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 2023
31 December 2022
Colombia
10%
8%
Rest of Middle Americas
13%
9%
South Africa
11%
9%
Rest of Africa
14%
15%
Rest of Asia Pacific
7%
7%
Sensitivity to change in key assumptions
During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital, the terminal growth rate and the applied market multiple, 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 2023, an adverse change of 1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC would result in a negative headroom of 0.4 billion US dollar. 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 2023
31 December 2022
Million US dollar
Brands
Commercial intangibles
Software
Other
Total
Total
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
37 741
2 026
4 050
354\u00a0
44\u00a0170
45 015
Effect of movements in foreign exchange
703
67
181
6
957
\u00a0(751)
Acquisitions through business combinations
15
-
-
-
15\u00a0
-
Acquisitions and expenditures
7
182
632
17
838
978
Disposals through sale and derecognition
\u00a0(1)
-
(56)
\u00a0(9)
(67)
(1 437)
Transfer (to)/from other asset categories and other movements12
\u00a0(132)
(56)
572\u00a0
(218)
166\u00a0
365\u00a0
Balance at end of period
38 332
2 219
5\u00a0379
150\u00a0
46\u00a0080
44 170
\u00a0\u00a0\u00a0
Amortization and impairment losses
Balance at end of previous year\u00a0
\u00a0(88)
(1\u00a0247)
(2\u00a0577)
(49)
(3\u00a0961)
(4 585)
Effect of movements in foreign exchange
-
\u00a0(51)
\u00a0(132)
\u00a0(8)
\u00a0(191)
100
Amortization
-
\u00a0(136)
\u00a0(544)
\u00a0(31)
\u00a0(711)
\u00a0(647)
Impairment
(5)
-
\u00a0(25)
-
\u00a0(31)
\u00a0(4)
Disposals through sale and derecognition
-
-
56
4
60
1 339
Transfer to/(from) other asset categories and other movements1
-
46
2
(9)
39
\u00a0(164)
Balance at end of period
\u00a0(94)
(1\u00a0388)
(3\u00a0219)
(93)
(4\u00a0794)
(3 961)
\u00a0\u00a0\u00a0
Carrying value
at 31 December 2022
37 652
779
1\u00a0473
305
40\u00a0209
40\u00a0209
at 31 December 2023
38 239
830
2\u00a0160
57
41 286
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-year sponsorship rights and other commercial intangibles.
Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred. 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 2023, the carrying amount of the intangible assets amounted to 41\u00a0286m US dollar (31 December 2022: 40\u00a0209m US dollar) of which 38\u00a0239m US dollar was assigned an indefinite useful life (31 December 2022: 37\u00a0652m US dollar) and 3\u00a0047m US dollar a finite life (31 December 2022: 2\u00a0557m US dollar).

Million US dollar
Cash-generating unit
2023
2022
United States
21\u00a0939\u00a0
21\u00a0979\u00a0
Rest of North America
41\u00a0
40\u00a0
Mexico
3\u00a0629\u00a0
3\u00a0166\u00a0
Colombia
2\u00a0990\u00a0
2\u00a0374\u00a0
Rest of Middle Americas
3\u00a0590\u00a0
3\u00a0531\u00a0
Brazil
15\u00a0
-
Rest of South America
655\u00a0
767\u00a0
Europe
432\u00a0
423\u00a0
South Africa
2\u00a0623\u00a0
2\u00a0847\u00a0
Rest of Africa
910\u00a0
1\u00a0072\u00a0
China
393\u00a0
405\u00a0
Rest of Asia Pacific
1\u00a0021\u00a0
1\u00a0048\u00a0
Total carrying amount of intangible assets with indefinite useful lives
38\u00a0239\u00a0
37\u00a0652\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-95": { "value": "
9. Payroll and related benefits
Million US dollar
2023
2022
Wages and salaries
(5\u00a0164)
(4\u00a0900)
Social security contributions
(804)
(749)
Other personnel cost
(689)
(687)
Share-based payment expense
(570)
(448)
Pension expense for defined benefit plans
(150)
(154)
Pension expense for defined contribution plans
(166)
(164)
Payroll and related benefits
(7\u00a0544)
(7\u00a0101)
The number of full-time equivalents can be split as follows:
2023
20229
AB InBev NV/SA (parent company)
236\u00a0
241\u00a0
Other subsidiaries
154\u00a0304\u00a0
164\u00a0952\u00a0
Total number of FTE
154\u00a0540\u00a0
165\u00a0193\u00a0
23. Pensions and similar obligations
AB\u00a0InBev 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 2023, contributions paid into defined contribution plans for the company amounted to 166m US dollar compared to 164m US dollar for 2022.
DEFINED BENEFIT PLANS
During 2023, the company contributed to 84 defined benefit plans, of which 65 are retirement or leaving service plans, 15 are medical cost plans and 4 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 113m 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 2023, 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\u00a0661m US dollar as at 31 December 2023 compared to 1\u00a0523m US dollar as at 31 December 2022. In 2023, the fair value of the plan assets increased by 75m US dollar and the defined benefit obligations increased by 212m US dollar. The increase in the employee benefit net liability is mainly driven by decreases in the discount rates partially offset by favorable asset returns.
The company\u2019s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2023 and 2022:
Million US dollar
2023
2022
Present value of funded obligations
(4 784)
(4\u00a0604)
Fair value of plan assets
3 882
3\u00a0807
Present value of net obligations for funded plans
\u00a0(902)
(797)
Present value of unfunded obligations
\u00a0(619)
(587)
Present value of net obligations
(1 521)
(1\u00a0384)
\u00a0\u00a0\u00a0
Unrecognized asset
\u00a0(38)
(43)
Net liability
(1 559)
(1\u00a0427)
\u00a0\u00a0\u00a0
Other long term employee benefits
\u00a0(102)
(96)
Total employee benefits
(1 661)
(1\u00a0523)
\u00a0\u00a0\u00a0
Employee benefits amounts in the statement of financial position:
Liabilities
(1 673)
(1\u00a0534)
Assets
12\u00a0
11\u00a0
Net liability
(1 661)
(1\u00a0523)
The changes in the present value of the defined benefit obligations are as follows:
Million US dollar
2023
2022
Defined benefit obligation at 1 January
(5 191)
(7 478)
Current service costs
\u00a0(50)
\u00a0(69)
Interest cost
\u00a0(302)
\u00a0(229)
Past service gain/(cost)
4\u00a0
-
Settlements
99\u00a0
114\u00a0
Benefits paid
469\u00a0
549\u00a0
Contribution by plan participants
\u00a0(2)
\u00a0(2)
Actuarial gains/(losses) \u2013 demographic assumptions
17\u00a0
\u00a0(2)
Actuarial gains/(losses) \u2013 financial assumptions
\u00a0(220)
1\u00a0854\u00a0
Experience adjustments
\u00a0(44)
\u00a0(116)
Exchange differences
\u00a0(182)
243\u00a0
Transfers and other movements
-
\u00a0(55)
Defined benefit obligation at 31 December
(5 403)
(5 191)
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, 1.0 billion US dollar relating to deferred members and 3.3 billion US dollar relating to members in retirement.
The changes in the fair value of plan assets are as follows:
Million US dollar
2023
2022
Fair value of plan assets at 1 January
3 807\u00a0
5 381\u00a0
Interest\u00a0income\u00a0
\u00a0217\u00a0
\u00a0157
Administration costs
\u00a0(17)
\u00a0(17)
Return on plan assets exceeding interest income
\u00a094
(1 084)
Contributions by AB InBev
\u00a0218
\u00a0220
Contributions by plan participants
\u00a02
\u00a02
Benefits paid net of administration costs
\u00a0(469)
\u00a0(551)
Assets distributed on settlements
\u00a0(97)
\u00a0(112)
Exchange differences
127\u00a0
\u00a0(188)
Transfers and other movements
-
\u00a0(2)
Fair value of plan assets at 31 December
3 882
3 807\u00a0

Actual return on plans assets amounted to a gain of 311m US dollar in 2023 compared to a loss of (927)m US dollar in 2022.
The changes in the unrecognized asset are as follows:
Million US dollar
2023
2022
Irrecoverable surplus impact at 1 January
\u00a0(43)
(32)
Interest expense
\u00a0(4)
(3)
Changes excluding amounts included in interest expense\u00a0
9\u00a0
(8)
Irrecoverable surplus impact at 31 December
\u00a0(38)
\u00a0(43)
The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:
Million US dollar
2023
2022
Current service costs
\u00a0(50)
(66)
Administration costs
\u00a0(17)
(17)
Past service cost due to plan amendments, curtailments or settlements
6\u00a0
2\u00a0
(Losses)/gains due to experience and demographic assumption changes
\u00a0(1)
-
Profit from operations
\u00a0(61)\u00a0
(81)
Net finance cost
\u00a0(88)
(73)
Total employee benefit expense
\u00a0(150)
(154)
The employee benefit expense is included in the following line items of the income statement:
Million US dollar
2023
2022
Cost of sales
\u00a0(18)
\u00a0(25)
Distribution expenses
\u00a0(9)
\u00a0(11)
Sales and marketing expenses
\u00a0(14)
\u00a0(17)
Administrative expenses
\u00a0(21)
\u00a0(28)
Net finance cost
\u00a0(88)
\u00a0(73)
Total employee benefit expense
\u00a0(150)
\u00a0(154)
Weighted average assumptions used in computing the benefit obligations of the company\u2019s significant plans at the reporting date are as follows:
2023
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
Discount rate
5.3%
4.6%
9.3%
9.2%
4.7%
5.6%
Price inflation
2.0%
2.0%
3.5%
3.5%
3.2%
2.6%
Future salary increases
-
1.0%
4.3%
6.7%-3.9%
-
3.7%
Future pension increases
-
2.0%
3.5%
3.5%
3.1%
2.8%
Medical cost trend rate
6.8%-4.5%
4.5%
-
7.1%
-
6.7%-6.2%
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
2022
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
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
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 2023 is 11.0 years (2022: 11.4 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:
2023
Million US dollar
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.5%
(275)
300\u00a0
Price inflation
0.5%
96\u00a0
(103)
Future salary increases
0.5%
23\u00a0
(21)
Medical cost trend rate
1%
25\u00a0
(22)
Mortality
One year
155\u00a0
(157)
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:
2023
2022
Million US dollar
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Government bonds
38%
-\u00a0\u00a0\u00a0
38%
34%
-\u00a0\u00a0\u00a0
34%
Corporate bonds
27%
1%
28%
30%
-\u00a0\u00a0\u00a0
30%
Equity instruments
22%
-\u00a0\u00a0\u00a0
22%
24%
-\u00a0\u00a0\u00a0
24%
Property
-\u00a0\u00a0\u00a0
6%
6%
-\u00a0\u00a0\u00a0
7%
7%
Insurance contracts and others
3%
3%
6%
4%
1%
5%
90%
10%
100%
91%
8%
100%
AB\u00a0InBev expects to contribute approximately 229m US dollar for its funded defined benefit plans and 76m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-96": { "value": "
9. Payroll and related benefits
Million US dollar
2023
2022
Wages and salaries
(5\u00a0164)
(4\u00a0900)
Social security contributions
(804)
(749)
Other personnel cost
(689)
(687)
Share-based payment expense
(570)
(448)
Pension expense for defined benefit plans
(150)
(154)
Pension expense for defined contribution plans
(166)
(164)
Payroll and related benefits
(7\u00a0544)
(7\u00a0101)
The number of full-time equivalents can be split as follows:
2023
20229
AB InBev NV/SA (parent company)
236\u00a0
241\u00a0
Other subsidiaries
154\u00a0304\u00a0
164\u00a0952\u00a0
Total number of FTE
154\u00a0540\u00a0
165\u00a0193\u00a0
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-97": { "value": "
The number of full-time equivalents can be split as follows:
2023
20229
AB InBev NV/SA (parent company)
236\u00a0
241\u00a0
Other subsidiaries
154\u00a0304\u00a0
164\u00a0952\u00a0
Total number of FTE
154\u00a0540\u00a0
165\u00a0193\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-98": { "value": "
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-99": { "value": "
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-100": { "value": "
10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 085
\u00a0\u00a0 74
\u00a0\u00a0 44
\u00a0 -
Distribution expenses
\u00a0\u00a0 139
\u00a0\u00a0 12
\u00a0\u00a0 351
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 291
\u00a0\u00a0 260
\u00a0\u00a0 274
\u00a0 -
Administrative expenses
\u00a0\u00a0 313
\u00a0\u00a0 375
\u00a0\u00a0 137
\u00a0 -
Other operating expenses
5
25
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0\u00a0 6
\u00a0 -
\u00a0\u00a0 20
Depreciation, amortization and impairment
3\u00a0833
752
\u00a0\u00a0 806
\u00a0\u00a0 20
Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income statement:
Million US dollar
Depreciation and impairment of property, plant and equipment
Amortization and impairment of intangible assets\u00a0
Depreciation and impairment of right-of-use assets
Impairment of goodwill, tangible and intangible assets
\u00a0\u00a0\u00a0
Cost of sales
3 008
\u00a0\u00a0 78
\u00a0\u00a0 36
\u00a0 -
Distribution expenses
\u00a0\u00a0 162
\u00a0\u00a0 13
\u00a0\u00a0 233
\u00a0 -
Sales and marketing expenses
\u00a0\u00a0 298
\u00a0\u00a0 152
\u00a0\u00a0 236
\u00a0 -
Administrative expenses
\u00a0\u00a0 299
\u00a0\u00a0 416
\u00a0\u00a0 124
\u00a0 -
Other operating expenses
19
-
\u00a0 -
\u00a0 -
Non-underlying items
\u00a0 -
\u00a0 -
\u00a0 -
\u00a0\u00a0 4
Depreciation, amortization and impairment
3\u00a0786
659
\u00a0\u00a0 629
\u00a0\u00a0 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-101": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
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 2023 and 2022 includes:
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-102": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
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 2023 and 2022 includes:
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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.
19. Trade and other receivables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Cash deposits for guarantees
164
189
Loans to customers
2
10
Tax receivable, other than income tax
154
137
Brazilian tax credits and interest receivables
1 341
1 149
Trade and other receivables
280
298
Non-current trade and other receivables
1 941
1 782
\u00a0\u00a0\u00a0
Trade receivables and accrued income
4 347
3 637
Interest receivables
45
67
Tax receivable, other than income tax
479
444
Loans to customers
70
71
Prepaid expenses
474
410
Other receivables
609
702
Current trade and other receivables
6 024
5 330
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 2023, the total amount of such credits and interest receivables represented 1\u00a0341m US dollar (31 December 2022: 1\u00a0149m US dollar).\u00a0
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\u2011current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022 respectively:

Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
4 347
4 118
162
43
18
6
Loans to customers
72
51
9
12
-
-
Interest receivables
45
45
-
-
-
-
Other receivables
609
580
9
7
11
2
5 073
4 794
180
62
29
8
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
3 637
3 418
151
41
24
4
Loans to customers
81
78
1
1
1
-
Interest receivables
67
67
-
-
-
-
Other receivables
702
684
11
4
3
-
4 487
4 247
162
46
28
4
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 2023 amount to 47m US dollar (31 December 2022: 38m US dollar).
AB InBev\u2019s exposure to credit, currency and interest rate risks is disclosed in Note 27 Risks arising from financial instruments.
Investment securities
Million US dollar
31 December 2023
31 December 2022
Investment in unquoted companies
151\u00a0
149\u00a0
Investment in debt securities
27\u00a0
26\u00a0
Non-current investments
178\u00a0
175\u00a0
Investment in debt securities
67\u00a0
97\u00a0
Current investments
67\u00a0
97\u00a0
As at 31 December 2023, current debt securities of 67m US dollar mainly represented investments in government bonds (31 December 2022: 97m US dollar). The company\u2019s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation.
Other comprehensive income reserves
The changes in the other comprehensive income reserves are as\u00a0follows:
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2023
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
4\u00a0497
-\u00a0\u00a0\u00a0
-
4\u00a0497
Cash flow hedges
-\u00a0\u00a0\u00a0
36\u00a0
-
36\u00a0
Re-measurements of post-employment benefits
-\u00a0\u00a0\u00a0
-\u00a0\u00a0\u00a0
(134)
(134)
Other comprehensive income/(loss)
4\u00a0497
36\u00a0
(134)
4\u00a0398
As per 31 December 2023
(30\u00a0180)
181\u00a0
(1\u00a0155)
(31\u00a0155)
The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South African rand, which resulted in a net foreign exchange translation adjustment of 4\u202f497m US dollar as of 31 December 2023 (increase of equity).
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2022
(33\u00a0554)
481\u00a0
(1\u00a0504)
(34\u00a0577)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
(1\u00a0123)
-
-
(1\u00a0123)
Cash flow hedges
-
(336)
-
(336)
Re-measurements of post-employment benefits
-
-
483\u00a0
483\u00a0
Other comprehensive income/(loss)
(1\u00a0123)
(336)
483\u00a0
(976)
As per 31 December 2022
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
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 2023
31 December 2022
Unsecured bond issues
71\u00a0896\u00a0
76\u00a0798\u00a0
Lease liabilities
2\u00a0126\u00a0
1\u00a0963\u00a0
Unsecured other loans
119\u00a0
95\u00a0
Secured bank loans
23\u00a0
24\u00a0
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Unsecured bond issues
2\u00a0514\u00a0
-
Lease liabilities
703\u00a0
529\u00a0
Secured bank loans
392\u00a0
369\u00a0
Unsecured bank loans
182\u00a0
100\u00a0
Unsecured other loans
196\u00a0
30\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
The current and non-current interest-bearing loans and borrowings amount to 78.1 billion US dollar as at 31 December 2023, compared to 79.9 billion US dollar as at 31 December 2022.
As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively.
On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (\u201cABISA\u201d) and its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (\u201cABIWW\u201d), Anheuser-Busch Companies, LLC (\u201cABC\u201d) and Anheuser-Busch InBev Finance Inc. (\u201cABIFI\u201d) and repurchased 3.4 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:
Date of redemption
Issuer (abbreviated)
Title of series of notes partially repurchased
Currency
Original principal amount outstanding
(in million)
Principal amount repurchased
(in million)
Principal amount not repurchased (in million)
5 December 2023
ABISA
2.850% Notes due 2037
GBP
411
163
248
5 December 2023
ABIWW
3.750% Notes due 2042
USD
471
121
350
5 December 2023
ABIWW
4.600% Notes due 2060
USD
497
150
347
5 December 2023
ABIWW
4.500% Notes due 2050
USD
1 567
465
1 102
5 December 2023
ABIWW
4.600% Notes due 2048
USD
2 179
1 124
1 055
5 December 2023
ABIWW and ABC
3.650% Notes due 2026
USD
3 491
1 237
2 254
5 December 2023
ABIFI
4.000% Notes due 2043
USD
404
64
340
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 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase 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 2023
31 December 2022
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
Bank overdrafts
17
83
Cash and cash equivalents
(10\u00a0332)
(9\u00a0973)
Interest bearing loans granted and other deposits (included within Trade and other receivables)
(168)
(183)
Debt securities (included within Investment securities)
(94)
(123)
Net debt
67\u00a0573\u00a0
69\u00a0713\u00a0

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.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2023
78\u00a0880
1\u00a0029
Proceeds from borrowings
59
143
Repayments of borrowings
(3\u00a0004)
(94)
Capitalization / (payment) of lease liabilities
686
(458)
Amortized cost
61
-
Unrealized foreign exchange effects
909\u00a0
83\u00a0
Current portion of long-term debt
(3\u00a0113)
3\u00a0113\u00a0
(Gain)/Loss on bond redemption and other movements
(316)
171
Balance at 31 December 2023
74\u00a0163
3\u00a0987
.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2022
87\u00a0369
1\u00a0408
Proceeds from borrowings
74
17
Repayments of borrowings
(6\u00a0698)
(567)
Capitalization / (payment) of lease liabilities
794
(519)
Amortized cost
63
-
Unrealized foreign exchange effects
(1\u00a0776)
(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\u00a0880
1\u00a0029
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
27. Risks arising from financial instruments
Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:
31 December 2023
31 December 202216
At fair
At fair
value
At fair
value
At fair
At
through
value
At
through
value
amortized
profit or
through
amortized
profit or
through
Million US dollar
cost
loss
OCI
Total
cost
loss
OCI
Total
\u00a0\u00a0\u00a0
Cash and cash equivalents
10 332
-
-
10 332
9 973
-
-
9 973
Trade and other receivables
5\u00a0517
-
-
5\u00a0517
4 973
-
-
4 973
Investment securities
27
67
151
245
25
97
149
272
Foreign exchange derivatives
-
48
315
363
-
41
186
227
Commodities
-
-
131
131
-
-
101
101
Cross currency interest rate swaps
-
-
52
52
-
-
63
63
Interest rate swaps
-
3
-
3
-
-
-
-
Financial assets
15\u00a0876
118
649
16\u00a0642
14 971
139
498
15 608
Non-current
473
-
195
668
522
15
193
730
Current
15\u00a0403
118
454
15\u00a0975
14 450
124
305
14 878
.
Trade and other payables
21\u00a0284
741
-
22\u00a0026
21 983
762
-
22 746
Non-current interest-bearing loans and borrowings
73 592
571
-
74 163
78 880
-
-
78 880
Current interest-bearing loans and borrowings
3\u00a0987
-
-
3\u00a0987
1 029
-
-
1 029
Bank overdrafts
17
-
-
17
83
-
-
83
Equity swaps
-
4 718
-
4 718
-
4 763
-
4 763
Foreign exchange derivatives
-
18
414
432
-
20
245
265
Cross currency interest rate swaps
-
-
164
164
-
16
171
187
Commodities
-
-
145
145
-
-
271
271
Interest rate swaps
-
10
-
10
-
3
2
5
Financial liabilities
98\u00a0880
6 058
723
105\u00a0662
101 975
5 565
689
108 229
Non-current
73\u00a0920
876
151
74\u00a0947
79 108
473
168
79 749
Current
24\u00a0961
5 182
573
30\u00a0715
22 867
5 092
521
28 480

AB InBev\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company\u2019s performance in line with its financial risk management policy.
AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.
The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
31 December 2023
31 December 2022
< 1
1-2
2-3
3-5
> 5
< 1
1-2
2-3
3-5
> 5
Million US dollar
year
years
years
years
years
year
years
years
years
years
Foreign currency
Foreign exchange forwards
13\u00a0440
105
300
-
-
11\u00a0445
479
-
-
-
Foreign currency futures
245
-
-
-
-
503
-
-
-
-
Interest rate
Interest rate swaps
580
-
-
-
-
1\u00a0000
-
-
-
-
Cross currency interest rate swaps
1\u00a0217
1\u00a0863
510
4\u00a0353
717
900
1\u00a0923
1\u00a0834
2\u00a0608
560
Commodities
Aluminum swaps
1\u00a0780
-
-
-
-
2\u00a0161
4
-
-
-
Other commodity derivatives
913
25
-
-
-
1\u00a0160
22
-
-
-
Equity
Equity derivatives
11\u00a0189
-
-
-
-
10\u00a0800
-
-
-
-

AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses mainly foreign exchange forwards, currency futures and cross currency interest rate swaps.
Foreign exchange risk on operating activities
AB InBev\u2019s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.
The table below shows the company\u2019s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev\u2019s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.
31 December 2023
31 December 202217
Total
Total
Open
Total
Total
Open
Million US dollar
exposure
\u00a0hedges
position
exposure
hedges
position
\u00a0\u00a0\u00a0
Euro/Colombian peso
(138)
65\u00a0
(73)
(66)
41\u00a0
(25)
Euro/Mexican peso
(99)
95\u00a0
(4)
(108)
100\u00a0
(8)
Euro/Pound sterling
(71)
65\u00a0
(6)
(136)
112\u00a0
(24)
Euro/South African rand
(99)
86\u00a0
(13)
(67)
31\u00a0
(36)
Mexican peso/Euro
(219)
180\u00a0
(39)
(269)
268\u00a0
(1)
Mexican peso/US dollar
(100)
71\u00a0
(29)
(68)
50\u00a0
(18)
US dollar/Argentinean peso
(437)
-\u00a0\u00a0\u00a0
(437)
(702)
206\u00a0
(496)
US dollar/Brazilian real
(1\u00a0832)
1\u00a0833
1\u00a0
(1\u00a0955)
1\u00a0789
(166)
US dollar/Canadian dollar
(310)
291\u00a0
(19)
(310)
249\u00a0
(61)
US dollar/Chilean peso
(164)
129\u00a0
(35)
(135)
129\u00a0
(6)
US dollar/Chinese yuan
(87)
83\u00a0
(4)
(125)
113\u00a0
(12)
US dollar/Colombian peso
(546)
542\u00a0
(4)
(615)
559\u00a0
(56)
US dollar/Dominican peso
(108)
\u00a026
(82)
(121)
-
(121)
US dollar/Euro
(90)
100\u00a0
10\u00a0
(134)
111\u00a0
(23)
US dollar/Mexican peso
(1\u00a0229)
1\u00a0282
53\u00a0
(1\u00a0442)
1\u00a0436
(6)
US dollar/Paraguayan guarani
(157)
152\u00a0
(5)
(144)
135\u00a0
(9)
US dollar/Peruvian nuevo sol
(217)
209\u00a0
(8)
(264)
276\u00a0
12\u00a0
US dollar/South African rand
(224)
189\u00a0
(35)
(196)
121\u00a0
(75)
US dollar/South Korean won
(146)
135\u00a0
(11)
(121)
110\u00a0
(11)
Others
(394)
\u00a0254
(140)
(305)
\u00a0240
(65)
Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below.
Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges.
Foreign exchange risk on foreign currency denominated debt
AB InBev\u2019s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration a holistic risk management approach.
A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk section below.

Currency sensitivity analysis
Currency transactional risk
Most of AB InBev\u2019s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Argentinean peso, Canadian dollar, Chilean peso, Dominican peso and South African rand against the US dollar.
The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and other comprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax of approximately 98m US dollar over the next 12 months (31 December 2022: 144m US dollar). Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of 504m US dollar (31 December 2022: 537m US dollar). The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets.
Foreign exchange risk on net investments in foreign operations
AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments.
As of 31 December 2023, designated derivative financial instruments in net investment hedges applied on the company\u2019s debt amount to 7 908m US dollar equivalent (31 December 2022: 8\u202f482m US dollar). These instruments hedge foreign operations with Canadian dollar, Chinese yuan, Mexican peso and South Korean won functional currencies.
Net foreign exchange results
Foreign exchange results recognized on hedged and unhedged exposures are as follows:
Million US dollar
2023
2022
Hedged (economic hedges)
70
297
Not hedged
(423)
(660)
(353)
(363)
The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev\u2019s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev\u2019s overall 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 impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 0.6 billion US dollar through fixed/floating interest rate swaps. 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 September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of 2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85% per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2023 of 500m, 337m and 248m pound sterling, respectively.
The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in cash flow hedge relationships.
US dollar bank loan hedges (foreign currency risk on borrowings against the Nigerian naira)
The company has a floating rate loan denominated in US dollar for a total of 389m in Nigeria. This loan is held by an entity with functional currency in Nigerian Naira. In order to hedge against fluctuations in foreign exchange rates, the company entered into foreign exchange futures which have been designated in a cash flow hedge relationship.
Economic Hedges
Marketable debt security hedges (interest rate risk on Brazilian real)
During 2023 and 2022, Ambev invested in highly liquid Brazilian real denominated government debt securities.
Interest rate sensitivity analysis
The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.
31 December 2023
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Euro
4.27%
1\u00a0086\u00a0
4.27%
1\u00a0086\u00a0
US dollar
6.00%
505\u00a0
6.35%
789\u00a0
Other
10.47%
299\u00a0
11.66%
595\u00a0
\u00a0\u00a0\u00a0
1\u00a0889\u00a0
2\u00a0469\u00a0
Fixed rate
Canadian dollar
4.54%
625\u00a0
4.37%
2\u00a0988\u00a0
Chinese yuan
2.91%
57\u00a0
2.49%
2\u00a0437\u00a0
Euro
2.26%
21\u00a0233\u00a0
2.46%
22\u00a0072\u00a0
Pound sterling
5.38%
2\u00a0122\u00a0
8.24%
827\u00a0
South Korean won
5.49%
49\u00a0
1.85%
2\u00a0209\u00a0
US dollar
5.02%
50\u00a0368\u00a0
5.20%
43\u00a0344\u00a0
Other
8.85%
1\u00a0825\u00a0
10.00%
1\u00a0820\u00a0
\u00a0\u00a0\u00a0
76\u00a0277\u00a0
75\u00a0697\u00a0
\u00a0\u00a0\u00a0
31 December 2022
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Canadian dollar
-
-
4.34%
1\u00a0455\u00a0
Euro
1.68%
1\u00a0048\u00a0
1.68%
1\u00a0048\u00a0
Pound sterling
-
-
3.70%
1\u00a0078\u00a0
South Korean won
-
1\u00a0
3.08%
311\u00a0
US dollar
5.05%
430\u00a0
-
-
Other
13.39%
252\u00a0
11.17%
666\u00a0
\u00a0\u00a0\u00a0
1\u00a0730\u00a0
4\u00a0557\u00a0
Fixed rate
Canadian dollar
4.50%
613\u00a0
4.37%
3\u00a0741\u00a0
Chinese yuan
2.44%
50\u00a0
2.50%
1\u00a0230\u00a0
Euro
2.27%
20\u00a0391\u00a0
2.31%
21\u00a0242\u00a0
Pound sterling
5.13%
2\u00a0208\u00a0
5.55%
1\u00a0607\u00a0
South Korean won
2.96%
46\u00a0
0.94%
1\u00a0896\u00a0
US dollar
4.99%
53\u00a0478\u00a0
5.27%
44\u00a0547\u00a0
Other
10.53%
1\u00a0476\u00a0
12.19%
1\u00a0172\u00a0
\u00a0\u00a0\u00a0
78\u00a0261\u00a0
75\u00a0434\u00a0
As at 31 December 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 17m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 2\u202f469m US dollar or 3.2% of the company\u2019s interest-bearing financial liabilities bears interest at a variable rate.
The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been 26m US dollar higher/lower (31 December 2022: 46m US dollar). This impact would have been more than offset by 96m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022: 93m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant.
Interest expense
Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar
2023
2022
Financial liabilities measured at amortized cost \u2013 not hedged
(3\u00a0722)
(3\u00a0641)
Fair value hedges
(22)
(20)
Cash flow hedges
28\u00a0
24\u00a0
Net investment hedges - hedging instruments (interest component)
10\u00a0
(1)
Economic hedges
-
42\u00a0
(3\u00a0705)
(3\u00a0597)
The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility. The most significant commodity exposures are included in the table below (expressed in outstanding notional amounts):
Million US dollar
31 December 2023
31 December 2022
Aluminum
1\u00a0780
2\u00a0165
Energy
249
417
Corn
289
321
Wheat
163
127
Plastic
95
122
Rice
51
100
Sugar
91
95
2\u00a0719
3\u00a0348
Commodity price sensitivity analysis
The impact of changes in prices of commodities that are being financially hedged would not have had a material impact on AB InBev\u2019s profit in 2023 as they are hedged using derivative contracts which are designated in hedge accounting in accordance with IFRS 9 rules.
The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures would have on the equity reserves.
2023
2022
.
Pre-tax impact on equity
.
Pre-tax impact on equity
Million US dollar
Volatility of prices in %18
Prices increase
Prices decrease
Volatility of prices in %18
Prices increase
Prices decrease
Aluminum
19%
337
(337)
31%
665\u00a0
(665)
Energy
52%
130
(130)
49%
206\u00a0
(206)
Corn
27%
78
(78)
22%
72\u00a0
(72)
Wheat
35%
56
(56)
52%
66\u00a0
(66)
Plastic
15%
14
(14)
32%
25\u00a0
(25)
Rice
26%
13
(13)
19%
19\u00a0
(19)
Sugar
29%
26
(26)
22%
21\u00a0
(21)
AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 24 Share-based Payments. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combinations (see also Note 11 Finance cost and income). These derivatives do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss.
As at 31 December 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (325)m US dollar recognized in the profit or loss account for the period in non-underlying finance income/(cost). As at 31 December 2023, liabilities for equity swap derivatives amounted to 4.7 billion US dollar (31 December 2022: 4.8 billion US dollar).
Equity price sensitivity analysis
The sensitivity analysis on the equity swap derivatives, calculated based on a 18% (2022: 28%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1\u202f181m US dollar positive/negative impact on the 2023 profit before tax (31 December 2022: 1\u202f660m US dollar).
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 2023 to be limited.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
31 December 2023
31 December 2022
Million US dollar
Gross
Impairment
Net carrying amount
Gross
Impairment
Net carrying amount
Cash and cash equivalents
10\u00a0332\u00a0
-
10\u00a0332\u00a0
9\u00a0973\u00a0
-
9\u00a0973\u00a0
Trade receivables
4\u00a0734\u00a0
(387)
4\u00a0347\u00a0
3\u00a0980\u00a0
(343)
3\u00a0637\u00a0
Other receivables
1\u00a0483\u00a0
(74)
1\u00a0409\u00a0
1\u00a0545\u00a0
(68)
1\u00a0477\u00a0
Derivatives
549\u00a0
-
549\u00a0
391\u00a0
-
391\u00a0
Cash deposits for guarantees
164\u00a0
-
164\u00a0
189\u00a0
-
189\u00a0
Investment in unquoted companies
151\u00a0
-
151\u00a0
155\u00a0
(5)
149\u00a0
Loans to customers
72\u00a0
-
72\u00a0
81\u00a0
-
81\u00a0
Investment in debt securities
94\u00a0
-
94\u00a0
123\u00a0
-
123\u00a0
17\u00a0578\u00a0
(462)
17\u00a0116\u00a0
16\u00a0434\u00a0
(416)
16\u00a0019\u00a0
There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single customer represented more than 10% of the total revenue of the group in 2023.

Impairment losses
The allowance for impairment recognized during the period on financial assets was as follows:
31 December 2023
31 December 2022
Balance at end of previous year
(416)
(402)
Impairment losses
(54)
(38)
Derecognition
26\u00a0
24
Currency translation and other
(18)
1
Balance at end of period
(462)
(416)
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:

The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing.
The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
31 December 2023
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(74\u00a0410)
(125\u00a0728)
(5\u00a0689)
(3\u00a0699)
(6\u00a0352)
(16\u00a0731)
(93\u00a0258)
Trade and other payables
(26\u00a0719)
(27\u00a0020)
(26\u00a0026)
(233)
(156)
(240)
(365)
Lease liabilities
(2\u00a0829)
(3\u00a0228)
(823)
(596)
(472)
(599)
(738)
Secured bank loans
(415)
(426)
(395)
(5)
(5)
(10)
(10)
Unsecured bank loans
(182)
(182)
(182)
-
-
-
-
Unsecured other loans
(314)
(364)
(200)
(109)
(28)
(16)
(11)
Bank overdraft
(17)
(17)
(17)
-
-
-
-
(104\u00a0886)
(156\u00a0965)
(33\u00a0331)
(4\u00a0642)
(7\u00a0013)
(17\u00a0597)
(94\u00a0383)
Derivative financial liabilities
Equity derivatives
(4\u00a0718)
(4\u00a0718)
(4\u00a0718)
-
-
-
-
Foreign exchange derivatives
(432)
(432)
(428)
-
(4)
-
-
Cross currency interest rate swaps
(174)
(174)
(24)
(34)
(13)
(103)
-
Commodity derivatives
(145)
(145)
(145)
-
-
-
-
(5\u00a0469)
(5\u00a0469)
(5\u00a0316)
(34)
(16)
(103)
-
Of which: related to cash flow hedges
(542)
(542)
(494)
(34)
-
(14)
-
31 December 2022
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(76\u00a0798)
(133\u00a0670)
(3\u00a0273)
(5\u00a0683)
(3\u00a0783)
(15\u00a0482)
(105\u00a0450)
Trade and other payables
(27\u00a0208)
(27\u00a0453)
(26\u00a0376)
(170)
(349)
(260)
(297)
Lease liabilities
(2\u00a0492)
(2\u00a0840)
(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\u00a0199)
(164\u00a0745)
(30\u00a0856)
(6\u00a0501)
(4\u00a0579)
(16\u00a0313)
(106\u00a0496)
Derivative financial liabilities
Equity derivatives
(4\u00a0763)
(4\u00a0763)
(4\u00a0763)
-
-
-
-
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\u00a0492)
(5\u00a0471)
(5\u00a0287)
(45)
(47)
(62)
(30)
Of which: related to cash flow hedges
(551)
(530)
(469)
-
(43)
(17)
-

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 aim 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.
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
Assets
Liabilities
Net
31 December
31 December
31 December
31 December
31 December
31 December
Million US dollar
2023
202220
2023
202220
2023
202220
Foreign currency
Foreign exchange derivatives
363\u00a0
227\u00a0
(432)
(265)
(70)
(38)
Interest rate
Interest rate swaps
3\u00a0
-
(10)
(5)
(7)
(5)
Cross currency interest rate swaps
52\u00a0
63
(164)
(187)
(112)
(124)
Commodities
Aluminum derivatives
72\u00a0
52
(57)
(174)
15\u00a0
(122)
Energy derivatives
30\u00a0
12
(29)
(28)
1\u00a0
(16)
Other commodity derivatives
29\u00a0
36
(58)
(69)
(30)
(32)
Equity
Equity derivatives
-
-
(4\u00a0718)
(4\u00a0763)
(4\u00a0718)
(4\u00a0763)
549\u00a0
391
(5\u00a0469)
(5\u00a0492)
(4\u00a0920)
(5\u00a0101)
Of which:
Non-current
44\u00a0
60
(151)
(184)
(107)
(124)
Current
505\u00a0
331
(5\u00a0318)
(5\u00a0308)
(4\u00a0813)
(4\u00a0977)
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.
Interest-bearing financial liabilities
31 December 2023
31 December 2022
Million US dollar
Carrying amount21
Fair value
Carrying amount21
Fair value
Fixed rate
US dollar
(49\u00a0917)
(52\u00a0268)
(52\u00a0993)
(52\u00a0158)
Euro
(20\u00a0379)
(19\u00a0796)
(19\u00a0655)
(17\u00a0926)
Pound sterling
(2\u00a0069)
(2\u00a0012)
(2\u00a0148)
(2\u00a0039)
Canadian dollar
(526)
(505)
(515)
(437)
Other
(558)
(554)
(458)
(448)
(73\u00a0449)
(75\u00a0135)
(75\u00a0769)
(73\u00a0008)

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
51\u00a0
-
Derivatives in a cash flow hedge relationship
28\u00a0
381\u00a0
-
Derivatives in a net investment hedge relationship
-
89\u00a0
-
\u00a0\u00a0\u00a0
28\u00a0
530\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value
-
-
741\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0736\u00a0
-
Derivatives in a cash flow hedge relationship
18\u00a0
524\u00a0
-
Derivatives in a fair value hedge relationship
-
10\u00a0
-
Derivatives in a net investment hedge relationship
-
181\u00a0
-
\u00a0\u00a0\u00a0
18\u00a0
5\u00a0451\u00a0
741\u00a0
\u00a0\u00a0\u00a0
Fair value hierarchy 31 December 2022
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
41\u00a0
-
Derivatives in a cash flow hedge relationship
36\u00a0
219\u00a0
-
Derivatives in a net investment hedge relationship
-
94\u00a0
-
\u00a0\u00a0\u00a0
36\u00a0
364\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value\u00a0
-
-
762\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0799\u00a0
-
Derivatives in a cash flow hedge relationship
26\u00a0
525\u00a0
-
Derivatives in a fair value hedge relationship
-
4\u00a0
-
Derivatives in a net investment hedge relationship
-
138\u00a0
-
\u00a0\u00a0\u00a0
26\u00a0
5\u00a0466\u00a0
762\u00a0
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 2023 and 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement 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 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.

The company\u2019s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following instruments:
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2023
491
(476)
131
145
Change in fair value of hedging instrument recognized in OCI
(237)
(197)
-
(434)
Reclassified to profit or loss / cost of inventory
102
368
-
470
As per 31 December 2023
356
(304)
131
181
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
143
39
-
183
Reclassified to profit or loss / cost of inventory
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
31 December 2023
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
549\u00a0
549\u00a0
(538)
11\u00a0
Derivative liabilities
(5\u00a0469)
(5\u00a0469)
538\u00a0
(4\u00a0931)
31 December 2022
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
391\u00a0
391\u00a0
(381)
10\u00a0
Derivative liabilities
(5\u00a0492)
(5\u00a0492)
381\u00a0
(5\u00a0111)
28. Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other
Million US dollar
31 December 2023
31 December 2022
Collateral given for own liabilities
277\u00a0
306\u00a0
Contractual commitments to purchase property, plant and equipment
641\u00a0
538\u00a0
Contractual commitments to acquire loans to associates/customers
59\u00a0
72\u00a0
Other commitments
1\u00a0846\u00a0
1\u00a0800\u00a0
The collateral given for own liabilities of 277m US dollar as at 31 December 2023 contains 164m US dollar cash guarantees (31 December 2022: 306m US dollar collateral given for own liabilities contained 189m US dollar of cash guarantees). Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment, insurance guarantees or letters of guarantees. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u2013 see also Note 25 Provisions. In the company\u2019s statement of financial position, the cash guarantees are presented as part of other receivables \u2013 see Note 19 Trade and other receivables. The legal proceedings covered by insurance guarantees and letters of guarantee issued by the company are disclosed in Note 29 Contingencies. The remaining part of collateral given for own liabilities of 113m US dollar as at 31 December 2023 (31 December 2022: 117m US dollar) contains collateral on AB InBev\u2019s property in favor of the excise tax authorities, the amount of which is determined by the level of the monthly excise taxes due, inventory levels and transportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that AB InBev would not respect its obligations under the related outstanding contracts or would lose the pending judicial cases, the collateralized assets would be used to settle AB InBev\u2019s obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-103": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
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 2023 and 2022 includes:
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-104": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:
2023
2022
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
\u00a0\u00a0\u00a0
Net foreign exchange gains/(losses)
(353)
-
(353)
(363)
-
(363)
Net gains/(losses) on hedging instruments
(613)
-
(613)
(747)
-
(747)
Hyperinflation monetary adjustments
-
17\u00a0
17\u00a0
-
286
286\u00a0
Other financial income/(cost), including bank fees and taxes
(248)
25\u00a0
(223)
(239)
66
(173)
Other financial results
(1 214)
42\u00a0
(1 172)
(1 349)
352
(997)
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 2023 and 2022 includes:
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-105": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-106": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-107": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
The interest income stems from the following financial assets:
Million US dollar
2023
2022
Cash and cash equivalents
537\u00a0
235\u00a0
Investments in debt securities held for trading
10\u00a0
39\u00a0
Other loans and receivables
19\u00a0
21\u00a0
Total
565\u00a0
294\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-108": { "value": "
11. Finance cost and income
The finance cost and income included in the income statement are as follows:
2023
202210
Finance
Finance
Net
Finance
Finance
Net
Million US dollar
cost
income
cost
income
Interest income/(expense)
(3\u00a0696)
565
(3\u00a0131)
(3\u00a0588)
294
(3\u00a0294)
Net interest on net defined benefit liabilities
(90)
-
(90)
(73)
-
(73)
Accretion expense
(808)
-
(808)
(782)
-
(782)
Net interest income on Brazilian tax credits
-
168
168\u00a0
-
168
168\u00a0
Other financial results
(1\u00a0214)
42
(1\u00a0172)
(1\u00a0349)
352
(997)
Finance income/(cost) excluding non-underlying items
(5\u00a0808)
775
(5\u00a0033)
(5\u00a0792)
814
(4\u00a0978)
Non-underlying finance income/(cost)
(325)
256
(69)
(22)
851
829\u00a0
Finance income/(cost)
(6\u00a0133)
1\u00a0031
(5\u00a0102)
(5\u00a0814)
1\u00a0665
(4\u00a0148)
Net finance costs, excluding non-underlying items, were 5\u00a0033m US dollar in 2023 compared to 4\u00a0978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m 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 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-109": { "value": "
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of 62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m US dollar).
Property, plant and equipment leased by the company (right-of-use assets) is detailed as follows:
31 December 2023
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0753\u00a0
973\u00a0
2\u00a0726\u00a0
Depreciation for the year ended 31 December
(446)
(360)
(806)
31 December 2022
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0640\u00a0
786\u00a0
2\u00a0426\u00a0
Depreciation for the year ended 31 December
(399)
(230)
(629)
Additions to right-of-use assets in 2023 were 825m US dollar (2022: 885m 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 2023, 120m US dollar was recognized as income in the income statement in respect of subleasing of right-of-use assets (2022: 108m US dollar). As at 31 December 2023, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 109m US dollar in the next 12 months, 306m US dollar in the years 2 through 5 and 67m 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 derivative liabilities:
31 December 2023
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(74\u00a0410)
(125\u00a0728)
(5\u00a0689)
(3\u00a0699)
(6\u00a0352)
(16\u00a0731)
(93\u00a0258)
Trade and other payables
(26\u00a0719)
(27\u00a0020)
(26\u00a0026)
(233)
(156)
(240)
(365)
Lease liabilities
(2\u00a0829)
(3\u00a0228)
(823)
(596)
(472)
(599)
(738)
Secured bank loans
(415)
(426)
(395)
(5)
(5)
(10)
(10)
Unsecured bank loans
(182)
(182)
(182)
-
-
-
-
Unsecured other loans
(314)
(364)
(200)
(109)
(28)
(16)
(11)
Bank overdraft
(17)
(17)
(17)
-
-
-
-
(104\u00a0886)
(156\u00a0965)
(33\u00a0331)
(4\u00a0642)
(7\u00a0013)
(17\u00a0597)
(94\u00a0383)
Derivative financial liabilities
Equity derivatives
(4\u00a0718)
(4\u00a0718)
(4\u00a0718)
-
-
-
-
Foreign exchange derivatives
(432)
(432)
(428)
-
(4)
-
-
Cross currency interest rate swaps
(174)
(174)
(24)
(34)
(13)
(103)
-
Commodity derivatives
(145)
(145)
(145)
-
-
-
-
(5\u00a0469)
(5\u00a0469)
(5\u00a0316)
(34)
(16)
(103)
-
Of which: related to cash flow hedges
(542)
(542)
(494)
(34)
-
(14)
-
31 December 2022
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(76\u00a0798)
(133\u00a0670)
(3\u00a0273)
(5\u00a0683)
(3\u00a0783)
(15\u00a0482)
(105\u00a0450)
Trade and other payables
(27\u00a0208)
(27\u00a0453)
(26\u00a0376)
(170)
(349)
(260)
(297)
Lease liabilities
(2\u00a0492)
(2\u00a0840)
(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\u00a0199)
(164\u00a0745)
(30\u00a0856)
(6\u00a0501)
(4\u00a0579)
(16\u00a0313)
(106\u00a0496)
Derivative financial liabilities
Equity derivatives
(4\u00a0763)
(4\u00a0763)
(4\u00a0763)
-
-
-
-
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\u00a0492)
(5\u00a0471)
(5\u00a0287)
(45)
(47)
(62)
(30)
Of which: related to cash flow hedges
(551)
(530)
(469)
-
(43)
(17)
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-110": { "value": "
13. Property, plant and equipment
Property, plant and equipment comprises owned and leased assets, as follows:
Million US dollar
31 December 2023
31 December 2022
Property, plant and equipment owned
24\u00a0092\u00a0
24\u00a0245\u00a0
Property, plant and equipment leased (right-of-use assets)
2\u00a0726\u00a0
2\u00a0426\u00a0
Total property, plant and equipment
26\u00a0818\u00a0
26\u00a0671\u00a0
31 December 2023
31 December 2022
Million US dollar
Land and buildings
Plant and equipment, fixtures and fittings
Under construction
Total
Total
Acquisition cost
Balance at end of previous year
12\u00a0591\u00a0
37\u00a0473\u00a0
2\u00a0205\u00a0
52\u00a0269\u00a0
50\u00a0742\u00a0
Effect of movements in foreign exchange
259\u00a0
754\u00a0
27\u00a0
1\u00a0039\u00a0
(983)
Acquisitions
38\u00a0
1\u00a0361\u00a0
2\u00a0490\u00a0
3\u00a0890\u00a0
4\u00a0279\u00a0
Disposals through sale and derecognition
(55)
(1\u00a0607)
(3)
(1\u00a0665)
(1\u00a0822)
Disposals through the sale of subsidiaries
-
-
-
-
(13)
Transfer (to)/from other asset categories and other movements11
237\u00a0
1\u00a0802\u00a0
(3\u00a0050)
(1\u00a0011)
66\u00a0
Balance at end of the period
13\u00a0071\u00a0
39\u00a0783\u00a0
1\u00a0669\u00a0
54\u00a0522\u00a0
52\u00a0269\u00a0
Depreciation and impairment losses
Balance at end of previous year
(4\u00a0584)
(23\u00a0440)
-
(28\u00a0024)
(26\u00a0284)
Effect of movements in foreign exchange
(86)
(508)
-
(594)
507\u00a0
Depreciation
(397)
(3\u00a0176)
-
(3\u00a0573)
(3\u00a0530)
Disposals through sale and derecognition
33\u00a0
1\u00a0500\u00a0
-
1\u00a0533\u00a0
1\u00a0631\u00a0
Disposals through the sale of subsidiaries
-
-
-
-
8\u00a0
Impairment losses
(8)
(173)
-
(181)
(172)
Transfer to/(from) other asset categories and other movements1
24\u00a0
384\u00a0
-
409\u00a0
(186)
Balance at end of the period
(5\u00a0017)
(25\u00a0414)
-
(30\u00a0430)
(28\u00a0024)
Carrying amount
at 31 December 2022
8\u00a0007\u00a0
14\u00a0033\u00a0
2\u00a0205\u00a0
24\u00a0245\u00a0
24\u00a0245\u00a0
at 31 December 2023
8\u00a0054\u00a0
14\u00a0370\u00a0
1\u00a0669\u00a0
24\u00a0092\u00a0
-
As at 2023 and 2022 there were no significant restrictions on title on property, plant and equipment.
Contractual commitments to purchase property, plant and equipment amounted to 641m US dollar as at 31 December 2023 compared to 538m US dollar as at 31 December 2022.\u00a0
AB InBev\u2019s net capital expenditures in the statement of cash flow amounted to 4\u202f482m US dollar in 2023 compared to
4\u202f838m US dollar for the same period last year. Out of the total 2023 capital expenditures approximately 40% was used to improve the company\u2019s production facilities while 44% was used for logistics and commercial investments and 16% 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:
31 December 2023
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0753\u00a0
973\u00a0
2\u00a0726\u00a0
Depreciation for the year ended 31 December
(446)
(360)
(806)
31 December 2022
Million US dollar
Land and buildings
Machinery, equipment and other
Total
Net carrying amount at 31 December
1\u00a0640\u00a0
786\u00a0
2\u00a0426\u00a0
Depreciation for the year ended 31 December
(399)
(230)
(629)
Additions to right-of-use assets in 2023 were 825m US dollar (2022: 885m 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 2023, 120m US dollar was recognized as income in the income statement in respect of subleasing of right-of-use assets (2022: 108m US dollar). As at 31 December 2023, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 109m US dollar in the next 12 months, 306m US dollar in the years 2 through 5 and 67m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-111": { "value": "
14. Goodwill
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
115 541
118 461
Effect of movements in foreign exchange
3 634
(3 147)
Disposal through business combinations
-
(32)
Transfers (to)/from other assets categories
(179)
(68)
Hyperinflation monetary adjustments
306\u00a0
328\u00a0
Balance at end of the period
119 302
115 541
\u00a0\u00a0\u00a0
Impairment losses
Balance at end of previous year
(2 531)
(2 665)
Effect of movements in foreign exchange
293\u00a0
134\u00a0
Impairment losses
(20)
-
Balance at end of the period
(2 259)
(2 531)
\u00a0\u00a0\u00a0
Carrying amount
Balance at end of the period
117 043
113 010
The carrying amount of goodwill was allocated to the different cash-generating units as follows:
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
United States
33 387
33\u00a0578\u00a0
Rest of North America
2 024
1\u00a0981\u00a0
Mexico
14 697
12\u00a0823\u00a0
Colombia
15 982
12\u00a0692\u00a0
Rest of Middle Americas
23 576
23\u00a0242\u00a0
Brazil
3 780
3\u00a0508\u00a0
Rest of South America
1 036
1\u00a0249\u00a0
Europe
2 157
2\u00a0081\u00a0
South Africa
8 801
9\u00a0551\u00a0
Rest of Africa
4 609
5\u00a0131\u00a0
China
3 028
3\u00a0119\u00a0
Rest of Asia Pacific
3 407
3\u00a0505\u00a0
Global Export and Holding Companies
559\u00a0
549\u00a0
Total carrying amount of goodwill
117\u00a0043\u00a0
113\u00a0010\u00a0
Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, 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.
2023 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, 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:
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 2023
31 December 2022
Colombia
10%
8%
Rest of Middle Americas
13%
9%
South Africa
11%
9%
Rest of Africa
14%
15%
Rest of Asia Pacific
7%
7%
Sensitivity to change in key assumptions
During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital, the terminal growth rate and the applied market multiple, 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 2023, an adverse change of 1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC would result in a negative headroom of 0.4 billion US dollar. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-112": { "value": "
14. Goodwill
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
115 541
118 461
Effect of movements in foreign exchange
3 634
(3 147)
Disposal through business combinations
-
(32)
Transfers (to)/from other assets categories
(179)
(68)
Hyperinflation monetary adjustments
306\u00a0
328\u00a0
Balance at end of the period
119 302
115 541
\u00a0\u00a0\u00a0
Impairment losses
Balance at end of previous year
(2 531)
(2 665)
Effect of movements in foreign exchange
293\u00a0
134\u00a0
Impairment losses
(20)
-
Balance at end of the period
(2 259)
(2 531)
\u00a0\u00a0\u00a0
Carrying amount
Balance at end of the period
117 043
113 010
The carrying amount of goodwill was allocated to the different cash-generating units as follows:
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
United States
33 387
33\u00a0578\u00a0
Rest of North America
2 024
1\u00a0981\u00a0
Mexico
14 697
12\u00a0823\u00a0
Colombia
15 982
12\u00a0692\u00a0
Rest of Middle Americas
23 576
23\u00a0242\u00a0
Brazil
3 780
3\u00a0508\u00a0
Rest of South America
1 036
1\u00a0249\u00a0
Europe
2 157
2\u00a0081\u00a0
South Africa
8 801
9\u00a0551\u00a0
Rest of Africa
4 609
5\u00a0131\u00a0
China
3 028
3\u00a0119\u00a0
Rest of Asia Pacific
3 407
3\u00a0505\u00a0
Global Export and Holding Companies
559\u00a0
549\u00a0
Total carrying amount of goodwill
117\u00a0043\u00a0
113\u00a0010\u00a0
Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, 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.
2023 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, 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:
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 2023
31 December 2022
Colombia
10%
8%
Rest of Middle Americas
13%
9%
South Africa
11%
9%
Rest of Africa
14%
15%
Rest of Asia Pacific
7%
7%
Sensitivity to change in key assumptions
During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital, the terminal growth rate and the applied market multiple, 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 2023, an adverse change of 1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating unit\u2019s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC would result in a negative headroom of 0.4 billion US dollar. 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 2023
31 December 2022
Million US dollar
Brands
Commercial intangibles
Software
Other
Total
Total
\u00a0\u00a0\u00a0
Acquisition cost
Balance at end of previous year
37 741
2 026
4 050
354\u00a0
44\u00a0170
45 015
Effect of movements in foreign exchange
703
67
181
6
957
\u00a0(751)
Acquisitions through business combinations
15
-
-
-
15\u00a0
-
Acquisitions and expenditures
7
182
632
17
838
978
Disposals through sale and derecognition
\u00a0(1)
-
(56)
\u00a0(9)
(67)
(1 437)
Transfer (to)/from other asset categories and other movements12
\u00a0(132)
(56)
572\u00a0
(218)
166\u00a0
365\u00a0
Balance at end of period
38 332
2 219
5\u00a0379
150\u00a0
46\u00a0080
44 170
\u00a0\u00a0\u00a0
Amortization and impairment losses
Balance at end of previous year\u00a0
\u00a0(88)
(1\u00a0247)
(2\u00a0577)
(49)
(3\u00a0961)
(4 585)
Effect of movements in foreign exchange
-
\u00a0(51)
\u00a0(132)
\u00a0(8)
\u00a0(191)
100
Amortization
-
\u00a0(136)
\u00a0(544)
\u00a0(31)
\u00a0(711)
\u00a0(647)
Impairment
(5)
-
\u00a0(25)
-
\u00a0(31)
\u00a0(4)
Disposals through sale and derecognition
-
-
56
4
60
1 339
Transfer to/(from) other asset categories and other movements1
-
46
2
(9)
39
\u00a0(164)
Balance at end of period
\u00a0(94)
(1\u00a0388)
(3\u00a0219)
(93)
(4\u00a0794)
(3 961)
\u00a0\u00a0\u00a0
Carrying value
at 31 December 2022
37 652
779
1\u00a0473
305
40\u00a0209
40\u00a0209
at 31 December 2023
38 239
830
2\u00a0160
57
41 286
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-year sponsorship rights and other commercial intangibles.
Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred. 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 2023, the carrying amount of the intangible assets amounted to 41\u00a0286m US dollar (31 December 2022: 40\u00a0209m US dollar) of which 38\u00a0239m US dollar was assigned an indefinite useful life (31 December 2022: 37\u00a0652m US dollar) and 3\u00a0047m US dollar a finite life (31 December 2022: 2\u00a0557m US dollar).

Million US dollar
Cash-generating unit
2023
2022
United States
21\u00a0939\u00a0
21\u00a0979\u00a0
Rest of North America
41\u00a0
40\u00a0
Mexico
3\u00a0629\u00a0
3\u00a0166\u00a0
Colombia
2\u00a0990\u00a0
2\u00a0374\u00a0
Rest of Middle Americas
3\u00a0590\u00a0
3\u00a0531\u00a0
Brazil
15\u00a0
-
Rest of South America
655\u00a0
767\u00a0
Europe
432\u00a0
423\u00a0
South Africa
2\u00a0623\u00a0
2\u00a0847\u00a0
Rest of Africa
910\u00a0
1\u00a0072\u00a0
China
393\u00a0
405\u00a0
Rest of Asia Pacific
1\u00a0021\u00a0
1\u00a0048\u00a0
Total carrying amount of intangible assets with indefinite useful lives
38\u00a0239\u00a0
37\u00a0652\u00a0
In 2023, the company expensed 256m US dollar in research, compared to 268m US dollar in 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-113": { "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:
2023
2022
Million US dollar
Castel
\u00a0Anadolu Efes
AB InBev Efes
Castel
\u00a0Anadolu Efes
.
Balance\u00a0at\u00a01\u00a0January
3\u00a0293
171
1 143
3 400
201
Effect of movements in foreign exchange
107
(63)
\u00a0 -
\u00a0(172)
\u00a0(57)
Dividends received\u00a0
(22)
(10)
\u00a0 -
\u00a0(87)
\u00a0(14)
Share of results of associates
104
66
\u00a0 -
152
41
Non-underlying share of results of associates
\u00a0 -
\u00a0 -
\u00a0(1 143)
\u00a0 -
\u00a0 -
Balance at 31 December
3\u00a0482
164
\u00a0 -
3 293
171
Summarized financial information of the company\u2019s material associates is as follows:
2023
2022
Million US dollar
Castel
Anadolu Efes
Castel
Anadolu Efes
.
Current\u00a0assets
3\u00a0854
3\u00a0028
3 399
2 973
Non-current assets
4\u00a0168
3\u00a0590
3 679
4 654
Current liabilities
(2\u00a0012)
(2\u00a0462)
\u00a0(1 803)
\u00a0(2 581)
Non-current liabilities
(540)
(1\u00a0408)
\u00a0(439)
\u00a0(1 767)
Non-controlling interests
(647)
(1\u00a0457)
\u00a0(564)
\u00a0(1 789)
Net assets13
4\u00a0823
1\u00a0291
4 272
1\u00a0490
.
Revenue
5\u00a0273
4\u00a0561
4 942
4 222
Profit (loss)
585
481
767
287
Other comprehensive income (loss)
83
212
74
1 503
Total comprehensive income (loss)
668
693
841
1 790
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 (Refer to Note 8 Non-underlying items). As of 31 December 2023, the investment in AB InBev Efes remains classified as non-current asset held for sale.
In 2023, associates that are not individually material contributed 126m US dollar to the results of investment in associates (31 December 2022: 106m US dollar).
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 accounting (associates)
Name and registered office of associates
% economic interest as at 31 December 2023
France
Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 \u2013 Paris27
20.00%
.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
27.50%
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
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, Bah\u00e7elievler Istanbul
24.00%
.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-114": { "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:
2023
2022
Million US dollar
Castel
\u00a0Anadolu Efes
AB InBev Efes
Castel
\u00a0Anadolu Efes
.
Balance\u00a0at\u00a01\u00a0January
3\u00a0293
171
1 143
3 400
201
Effect of movements in foreign exchange
107
(63)
\u00a0 -
\u00a0(172)
\u00a0(57)
Dividends received\u00a0
(22)
(10)
\u00a0 -
\u00a0(87)
\u00a0(14)
Share of results of associates
104
66
\u00a0 -
152
41
Non-underlying share of results of associates
\u00a0 -
\u00a0 -
\u00a0(1 143)
\u00a0 -
\u00a0 -
Balance at 31 December
3\u00a0482
164
\u00a0 -
3 293
171
Summarized financial information of the company\u2019s material associates is as follows:
2023
2022
Million US dollar
Castel
Anadolu Efes
Castel
Anadolu Efes
.
Current\u00a0assets
3\u00a0854
3\u00a0028
3 399
2 973
Non-current assets
4\u00a0168
3\u00a0590
3 679
4 654
Current liabilities
(2\u00a0012)
(2\u00a0462)
\u00a0(1 803)
\u00a0(2 581)
Non-current liabilities
(540)
(1\u00a0408)
\u00a0(439)
\u00a0(1 767)
Non-controlling interests
(647)
(1\u00a0457)
\u00a0(564)
\u00a0(1 789)
Net assets13
4\u00a0823
1\u00a0291
4 272
1\u00a0490
.
Revenue
5\u00a0273
4\u00a0561
4 942
4 222
Profit (loss)
585
481
767
287
Other comprehensive income (loss)
83
212
74
1 503
Total comprehensive income (loss)
668
693
841
1 790
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 (Refer to Note 8 Non-underlying items). As of 31 December 2023, the investment in AB InBev Efes remains classified as non-current asset held for sale.
In 2023, associates that are not individually material contributed 126m US dollar to the results of investment in associates (31 December 2022: 106m US dollar).
Additional information related to the significant associates is presented in Note 33 AB InBev Companies.
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 other share-based programs (see Note 24 Share-based Payments). Total directors and Executive Committee compensation included in the income statement can be detailed as follows:
2023
2022
Executive
Executive
Million US dollar
Directors
Committee
Directors
Committee
Short-term employee benefits
2\u00a0
12\u00a0
2\u00a0
15\u00a0
Termination benefits
-\u00a0
-\u00a0
-\u00a0
-\u00a0
Share-based payment
-\u00a0
46\u00a0
-\u00a0
35\u00a0
2\u00a0
58\u00a0
2\u00a0
50\u00a0
Directors\u2019 compensation consists mainly of directors\u2019 fees.
During 2023, AB InBev entered into the following 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
2023
2022
.
Gross profit
(233)
(4)
Current assets
108\u00a0
100\u00a0
Current liabilities
9\u00a0
16\u00a0
Transactions with PENSION PLANS
AB InBev\u2019s transactions with pension plans mainly comprise (13)m US dollar other expense to pension plans in the US in 2023 (2022: (12)m US dollar).
33. AB InBev companies
The most important AB\u00a0InBev companies included in the consolidation scope are listed below. The complete list of the company\u2019s investments is available at AB\u00a0InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. The address of the registered office of the company is Grand Place 1, 1000 Brussels, Belgium.
List of THE most important fully consolidated companies
Name and registered office of the fully consolidated companies
% economic interest as at 31 December 2023
.
Argentina
Cerveceria y Malteria Quilmes Saica Y G - Charcas 5160 - C1425BOF Buenos Aires
61.62%
.
Belgium
Anheuser-Busch InBev NV - Grand Place 1 - 1000 Brussels
Consolidating
Brasserie de l'Abbaye de Leffe S.A. - Place de l'Abbaye, 1 - 5500 - Dinant
98.54%
Brouwerij van Hoegaarden N.V. - Stoopkensstraat 46 - 3320 - Hoegaarden
100.00%
Cobrew N.V - Brouwerijplein 1, 3000 Leuven
100.00%
InBev Belgium BV/SRL - Boulevard Industriel, 21 - 1070 Anderlecht
100.00%
.
Bolivia
Cervecer\u00eda Boliviana Nacional S.A. - Av. Montes 400 & Calle Chuquisaca No. 121, Zona Challapampa, La Paz
52.70%
.
Botswana
Kgalagadi Breweries (Pty) Ltd - Grant Thornton Business Services, Plot 50370, Acumen Park, Fairgrounds, Gaborone24
31.06%
.
Brazil
Ambev S.A. - Rua Dr. Renato Paes de Barros 1017, 3\u00b0 Andar Itaim Bibi, S\u00e3o Paulo
61.76%
.
Canada
Labatt Brewing Company Limited - 207 Queen's Quay West, Suite 299 - M5J 1A7 - Toronto
61.76%
.
Chile
Cerveceria Chile S.A - Av. Presidente Eduardo Frei Montalva 9600, Quilicura - 8700000 Santiago de Chile
61.76%
.
China
Anheuser-Busch Inbev (China) Sales Company Limited - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
87.22%
Anheuser-Busch InBev (Wuhan) Brewing Co., Ltd. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
84.66%
Anheuser-Busch InBev Sedrin Brewery Co., Ltd - No.1 West Xuejin Avenue,Hanjiang District - 351111 - Putian City, Fujian Province
87.22%
Anheuser-Busch InBev Southeast Sales Co., Ltd. - No.1 West Xuejin Avenue, Hanjiang District, Putian, Fujian , P.R.China - 351111 - Putian City, Fujian Province
87.22%
Blue Girl Beer (Guangzhou) Co. Ltd - Units 2101,21/F, Tower A, China International Centre, 33 Zhongshan San Road - 510000 - Guangzhou City
56.69%
.
Colombia
Bavaria & Cia S.C.A. - Carrera 53 A, No 127 - 35 - 110221 - Bogota
99.16%
.
Czech Republic
Pivovar Samson s.r.o. - Lidick\u00e1 458/51, 37001, \u010cesk\u00e9 Bud\u011bjovice
100.00%
.
Dominican Republic
Cervecer\u00eda Nacional Dominicana S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 10100 - Santo Domingo25
52.49%
.
Ecuador
Cervecer\u00eda Nacional S.A. - Via a daule km 16,5 y calle cobre s/n - EC090150 - Guayaquil, Guayas
95.58%
.
El Salvador
La Constancia Ltda de C.V. - Avenida Independencia, No 526 - PBX (503) 2209-7555 - San Salvador
100.00%
.
France
AB InBev France S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine
100.00%
Germany
Anheuser-Busch InBev Deutschland GmbH & Co. KG - Am Deich 18/19 - 28199 - Bremen
100.00%
Anheuser-Busch InBev Germany Holding GmbH - Am Deich 18/19 - 28199 - Bremen
100.00%
.
Ghana
Accra Brewery PLC - 20 Graphic Road, South Industrial Area - Box GP1219 - Accra
61.61%
.
Honduras
Cervecer\u00eda Hondure\u00f1a S.A. de C.V. - Boulevard del Norte - Postal No. 86 - San Pedro Sula
99.61%
.
Hong Kong
Budweiser Brewing Company APAC Limited - Flat/RM 12-16, BLK2, 30/F Times Square, 1 Matheson Street, Causeway Bay - 999077 - Hong Kong
87.22%
.
India
Crown Beers India Private Limited - 510/511, Minerva House, Sarojini Devi Road - 500003 - Secunderabad, Telangana
87.22%
Anheuser Busch InBev India Limited - Unit No.301-302, Dynasty Business Park, 3rd FloorAndheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra
87.05%
.
Italy
Anheuser-Busch InBev Italia - Piazza Gae Aulenti n. 8, 20154 Milano, Italy
100.00%
.
Luxembourg
Brasserie de Luxembourg Mousel-Diekirch S.A. - Rue de la Brasserie, 1 - L-9214 - Diekirch
95.82%
.
Mexico
Cervecer\u00eda Modelo de M\u00e9xico S. de R.L. de C.V. - Cerrada de Palomas 22, 6th Floor, Reforma Social, Miguel Hidalgo, 11650 Mexico City
100.00%
.
Mozambique
Cervejas De Mo\u00e7ambique SA - Rua do Jardim 1329, Maputo
51.47%
.
Netherlands
AB InBev Africa B.V. - Ceresstraat 1 - 4811 CA - Breda
62.00%
InBev Nederland N.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
Interbrew International B.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
.
Nigeria
International Breweries PLC - 22/36 Glover Road, Lagos, Ikoyi26
43.65%
.
Panama
Cervecer\u00eda Nacional S. de R.L. - Complejo Business Park, Costa del Este Torre Oeste, Piso No.2 Panam\u00e1
61.76%
.
Paraguay
Cervecer\u00eda Paraguaya S.A. - Ruta Acceso Sur Km 30 s/ Desv\u00edo a Villeta N\u00b0 825\u00a0
53.95%
.
Peru
Compania Cervecera AmBev Peru S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa - Lurigancho (Chosica) - 25 - Lima
100.00%
Uni\u00f3n de Cervecer\u00edas Peruanas Backus y Johnston S.A.A. - Av. Nicolas Ayllon 3986, Ate - 3 - Lima
93.65%
.
South Africa
SABSA Holdings (Pty) Ltd - 65 Park Lane, Sandown - 2001 - Johannesburg
100.00%
The South African Breweries (Pty) Ltd - 65 Park Lane, Sandown - 2146 - Johannesburg
100.00%
.
South Korea
Oriental Brewery Co Ltd - 517, Yeongdong-daero, Gangam-gu, Seoul - Asem Tower 8th floor - Seoul
87.22%
.
Spain
Compa\u00f1\u00eda Cervecera de Canarias S.A. - C/ Mali, 7 (38320 La Laguna - Santa Cruz de Tenerife)
51.03%

Switzerland
Anheuser-Busch InBev Procurement GmbH - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
BEES Global AG - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
.
Tanzania
Tanzania Breweries PLC - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District, Dar es Salaam26
39.65%
Uganda
Nile Breweries Ltd - Plot M90 Yusuf Lule Road, Njeru - P.O. Box 762 - Jinja
61.76%
.
United Kingdom
AB InBev Holdings Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
AB InBev International Brands Limited - AB InBev House, Church Street West, Woking, Surrey, GU21 6HT
100.00%
AB InBev UK Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI SAB Group Holding Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI UK Holding 1 Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ZX Ventures Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
.
United States
Anheuser-Busch Americas Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch Companies LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch InBev Worldwide Inc. - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch International LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch North American Holding LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch America Investments LLC - One Busch Place - MO 63118 - St. Louis
100.00%
AB MAZ Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
MCC Holding Company LLC - One Busch Place - MO 63118 - St. Louis
50.10%
.
Uruguay
Cerveceria y Malteria Paysandu S.A. - Cesar Cortinas, 2037 - C.P. 11500 Montevideo
61.76%
.
Vietnam
Anheuser-Busch InBev Vietnam Brewery Co., Ltd - 2 VSIP II-A, Street No. 28 - 820000 - Tan Uyen Town, Binh Duong Province
87.22%
.
Zambia
Zambian Breweries PLC - Plot No 6438, Mungwi Road - P.O. Box 31293 - Lusaka
54.02%
List of the most important companies consolidated by applying the equity method of accounting (associates)
Name and registered office of associates
% economic interest as at 31 December 2023
France
Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 \u2013 Paris27
20.00%
.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
27.50%
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
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, Bah\u00e7elievler Istanbul
24.00%
.
Zimbabwe
Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare
25.27%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-115": { "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:
2023
2022
Million US dollar
Castel
\u00a0Anadolu Efes
AB InBev Efes
Castel
\u00a0Anadolu Efes
.
Balance\u00a0at\u00a01\u00a0January
3\u00a0293
171
1 143
3 400
201
Effect of movements in foreign exchange
107
(63)
\u00a0 -
\u00a0(172)
\u00a0(57)
Dividends received\u00a0
(22)
(10)
\u00a0 -
\u00a0(87)
\u00a0(14)
Share of results of associates
104
66
\u00a0 -
152
41
Non-underlying share of results of associates
\u00a0 -
\u00a0 -
\u00a0(1 143)
\u00a0 -
\u00a0 -
Balance at 31 December
3\u00a0482
164
\u00a0 -
3 293
171
Summarized financial information of the company\u2019s material associates is as follows:
2023
2022
Million US dollar
Castel
Anadolu Efes
Castel
Anadolu Efes
.
Current\u00a0assets
3\u00a0854
3\u00a0028
3 399
2 973
Non-current assets
4\u00a0168
3\u00a0590
3 679
4 654
Current liabilities
(2\u00a0012)
(2\u00a0462)
\u00a0(1 803)
\u00a0(2 581)
Non-current liabilities
(540)
(1\u00a0408)
\u00a0(439)
\u00a0(1 767)
Non-controlling interests
(647)
(1\u00a0457)
\u00a0(564)
\u00a0(1 789)
Net assets13
4\u00a0823
1\u00a0291
4 272
1\u00a0490
.
Revenue
5\u00a0273
4\u00a0561
4 942
4 222
Profit (loss)
585
481
767
287
Other comprehensive income (loss)
83
212
74
1 503
Total comprehensive income (loss)
668
693
841
1 790
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 (Refer to Note 8 Non-underlying items). As of 31 December 2023, the investment in AB InBev Efes remains classified as non-current asset held for sale.
In 2023, associates that are not individually material contributed 126m US dollar to the results of investment in associates (31 December 2022: 106m US dollar).
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 accounting (associates)
Name and registered office of associates
% economic interest as at 31 December 2023
France
Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 \u2013 Paris27
20.00%
.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
27.50%
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
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, Bah\u00e7elievler Istanbul
24.00%
.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-116": { "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:
2023
2022
Million US dollar
Castel
\u00a0Anadolu Efes
AB InBev Efes
Castel
\u00a0Anadolu Efes
.
Balance\u00a0at\u00a01\u00a0January
3\u00a0293
171
1 143
3 400
201
Effect of movements in foreign exchange
107
(63)
\u00a0 -
\u00a0(172)
\u00a0(57)
Dividends received\u00a0
(22)
(10)
\u00a0 -
\u00a0(87)
\u00a0(14)
Share of results of associates
104
66
\u00a0 -
152
41
Non-underlying share of results of associates
\u00a0 -
\u00a0 -
\u00a0(1 143)
\u00a0 -
\u00a0 -
Balance at 31 December
3\u00a0482
164
\u00a0 -
3 293
171
Summarized financial information of the company\u2019s material associates is as follows:
2023
2022
Million US dollar
Castel
Anadolu Efes
Castel
Anadolu Efes
.
Current\u00a0assets
3\u00a0854
3\u00a0028
3 399
2 973
Non-current assets
4\u00a0168
3\u00a0590
3 679
4 654
Current liabilities
(2\u00a0012)
(2\u00a0462)
\u00a0(1 803)
\u00a0(2 581)
Non-current liabilities
(540)
(1\u00a0408)
\u00a0(439)
\u00a0(1 767)
Non-controlling interests
(647)
(1\u00a0457)
\u00a0(564)
\u00a0(1 789)
Net assets13
4\u00a0823
1\u00a0291
4 272
1\u00a0490
.
Revenue
5\u00a0273
4\u00a0561
4 942
4 222
Profit (loss)
585
481
767
287
Other comprehensive income (loss)
83
212
74
1 503
Total comprehensive income (loss)
668
693
841
1 790
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 (Refer to Note 8 Non-underlying items). As of 31 December 2023, the investment in AB InBev Efes remains classified as non-current asset held for sale.
In 2023, associates that are not individually material contributed 126m US dollar to the results of investment in associates (31 December 2022: 106m US dollar).
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 accounting (associates)
Name and registered office of associates
% economic interest as at 31 December 2023
France
Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 \u2013 Paris27
20.00%
.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
27.50%
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
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, Bah\u00e7elievler Istanbul
24.00%
.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-117": { "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:
2023
2022
Million US dollar
Assets
Liabilities
Net
Assets
Liabilities
Net
\u00a0\u00a0\u00a0
Property, plant and equipment
230\u00a0
(2 115)
(1 885)
191
(2 071)
(1 880)
Intangible assets
143\u00a0
(9 661)
(9 518)
89
(9 582)
(9 492)
Inventories
108\u00a0
(78)
30\u00a0
102
(90)
12
Trade and other receivables
43\u00a0
-
43\u00a0
51
-
51
Interest-bearing loans and borrowings
671\u00a0
(451)
220\u00a0
852
(657)
195
Employee benefits
431\u00a0
(8)
423\u00a0
433
(9)
423
Provisions
648\u00a0
(44)
604\u00a0
533
(56)
477
Derivatives
71\u00a0
(17)
54\u00a0
51
(61)
(10)
Other items
487\u00a0
(1 180)
(693)
532
(1 166)
(634)
Loss carry forwards
1 782
-
1 782
1 341
-
1 341
Gross deferred tax assets/(liabilities)
4 614
(13 553)
(8 939)
4 175
(13 693)
(9 518)
\u00a0\u00a0\u00a0
Netting by taxable entity
(1 679)
1 679
-
(1 874)
1 874
-
\u00a0\u00a0\u00a0
Net deferred tax assets/(liabilities)
2 935
(11 874)
(8 939)
2 300
(11 818)
(9 518)
The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:
Million US dollar
2023
2022
Balance at 1 January
(9\u00a0518)
(10\u00a0235)
Recognized in profit or loss
689\u00a0
701\u00a0
Recognized in other comprehensive income
(54)
(177)
Other movements and effect of changes in foreign exchange rates
(56)
193\u00a0
Balance at 31 December
(8\u00a0939)
(9\u00a0518)
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 6.3 billion US dollar as of 31 December 2023.
As of 31 December 2023, deferred taxes of 12.1 billion US dollar (31 December 2022: 11.0 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 48.7 billion US dollar compared to 44.5 billion US dollar as of 31 December 2022 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. 46.2 billion US dollar of these tax attributes do not have an expiration date, 0.2 billion US dollar and 0.1 billion US expire within respectively 1 and 2 years, while 2.2 billion US dollar have an expiration date of more than 3 years. Additionally, we have historical uncertain attributes without expiration date amounting to 16.2 billion US dollar for which no deferred tax asset was recognized. Deferred tax assets have not been recognized on these items because these are either contingent assets subject to conclusion of tax disputes 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-118": { "value": "
19. Trade and other receivables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Cash deposits for guarantees
164
189
Loans to customers
2
10
Tax receivable, other than income tax
154
137
Brazilian tax credits and interest receivables
1 341
1 149
Trade and other receivables
280
298
Non-current trade and other receivables
1 941
1 782
\u00a0\u00a0\u00a0
Trade receivables and accrued income
4 347
3 637
Interest receivables
45
67
Tax receivable, other than income tax
479
444
Loans to customers
70
71
Prepaid expenses
474
410
Other receivables
609
702
Current trade and other receivables
6 024
5 330
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 2023, the total amount of such credits and interest receivables represented 1\u00a0341m US dollar (31 December 2022: 1\u00a0149m US dollar).\u00a0
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\u2011current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022 respectively:

Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
4 347
4 118
162
43
18
6
Loans to customers
72
51
9
12
-
-
Interest receivables
45
45
-
-
-
-
Other receivables
609
580
9
7
11
2
5 073
4 794
180
62
29
8
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
3 637
3 418
151
41
24
4
Loans to customers
81
78
1
1
1
-
Interest receivables
67
67
-
-
-
-
Other receivables
702
684
11
4
3
-
4 487
4 247
162
46
28
4
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 2023 amount to 47m US dollar (31 December 2022: 38m US dollar).
AB InBev\u2019s exposure to credit, currency and interest rate risks is disclosed in Note 27 Risks arising from financial instruments.
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 2023 to be limited.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
31 December 2023
31 December 2022
Million US dollar
Gross
Impairment
Net carrying amount
Gross
Impairment
Net carrying amount
Cash and cash equivalents
10\u00a0332\u00a0
-
10\u00a0332\u00a0
9\u00a0973\u00a0
-
9\u00a0973\u00a0
Trade receivables
4\u00a0734\u00a0
(387)
4\u00a0347\u00a0
3\u00a0980\u00a0
(343)
3\u00a0637\u00a0
Other receivables
1\u00a0483\u00a0
(74)
1\u00a0409\u00a0
1\u00a0545\u00a0
(68)
1\u00a0477\u00a0
Derivatives
549\u00a0
-
549\u00a0
391\u00a0
-
391\u00a0
Cash deposits for guarantees
164\u00a0
-
164\u00a0
189\u00a0
-
189\u00a0
Investment in unquoted companies
151\u00a0
-
151\u00a0
155\u00a0
(5)
149\u00a0
Loans to customers
72\u00a0
-
72\u00a0
81\u00a0
-
81\u00a0
Investment in debt securities
94\u00a0
-
94\u00a0
123\u00a0
-
123\u00a0
17\u00a0578\u00a0
(462)
17\u00a0116\u00a0
16\u00a0434\u00a0
(416)
16\u00a0019\u00a0
There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single customer represented more than 10% of the total revenue of the group in 2023.

Impairment losses
The allowance for impairment recognized during the period on financial assets was as follows:
31 December 2023
31 December 2022
Balance at end of previous year
(416)
(402)
Impairment losses
(54)
(38)
Derecognition
26\u00a0
24
Currency translation and other
(18)
1
Balance at end of period
(462)
(416)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-119": { "value": "
19. Trade and other receivables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Cash deposits for guarantees
164
189
Loans to customers
2
10
Tax receivable, other than income tax
154
137
Brazilian tax credits and interest receivables
1 341
1 149
Trade and other receivables
280
298
Non-current trade and other receivables
1 941
1 782
\u00a0\u00a0\u00a0
Trade receivables and accrued income
4 347
3 637
Interest receivables
45
67
Tax receivable, other than income tax
479
444
Loans to customers
70
71
Prepaid expenses
474
410
Other receivables
609
702
Current trade and other receivables
6 024
5 330
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 2023, the total amount of such credits and interest receivables represented 1\u00a0341m US dollar (31 December 2022: 1\u00a0149m US dollar).\u00a0
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\u2011current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022 respectively:

Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
4 347
4 118
162
43
18
6
Loans to customers
72
51
9
12
-
-
Interest receivables
45
45
-
-
-
-
Other receivables
609
580
9
7
11
2
5 073
4 794
180
62
29
8
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
3 637
3 418
151
41
24
4
Loans to customers
81
78
1
1
1
-
Interest receivables
67
67
-
-
-
-
Other receivables
702
684
11
4
3
-
4 487
4 247
162
46
28
4
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 2023 amount to 47m US dollar (31 December 2022: 38m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-120": { "value": "
19. Trade and other receivables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Cash deposits for guarantees
164
189
Loans to customers
2
10
Tax receivable, other than income tax
154
137
Brazilian tax credits and interest receivables
1 341
1 149
Trade and other receivables
280
298
Non-current trade and other receivables
1 941
1 782
\u00a0\u00a0\u00a0
Trade receivables and accrued income
4 347
3 637
Interest receivables
45
67
Tax receivable, other than income tax
479
444
Loans to customers
70
71
Prepaid expenses
474
410
Other receivables
609
702
Current trade and other receivables
6 024
5 330
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 2023, the total amount of such credits and interest receivables represented 1\u00a0341m US dollar (31 December 2022: 1\u00a0149m US dollar).\u00a0
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\u2011current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022 respectively:

Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
4 347
4 118
162
43
18
6
Loans to customers
72
51
9
12
-
-
Interest receivables
45
45
-
-
-
-
Other receivables
609
580
9
7
11
2
5 073
4 794
180
62
29
8
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
3 637
3 418
151
41
24
4
Loans to customers
81
78
1
1
1
-
Interest receivables
67
67
-
-
-
-
Other receivables
702
684
11
4
3
-
4 487
4 247
162
46
28
4
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 2023 amount to 47m US dollar (31 December 2022: 38m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-121": { "value": "
19. Trade and other receivables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Cash deposits for guarantees
164
189
Loans to customers
2
10
Tax receivable, other than income tax
154
137
Brazilian tax credits and interest receivables
1 341
1 149
Trade and other receivables
280
298
Non-current trade and other receivables
1 941
1 782
\u00a0\u00a0\u00a0
Trade receivables and accrued income
4 347
3 637
Interest receivables
45
67
Tax receivable, other than income tax
479
444
Loans to customers
70
71
Prepaid expenses
474
410
Other receivables
609
702
Current trade and other receivables
6 024
5 330
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 2023, the total amount of such credits and interest receivables represented 1\u00a0341m US dollar (31 December 2022: 1\u00a0149m US dollar).\u00a0
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\u2011current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022 respectively:

Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
4 347
4 118
162
43
18
6
Loans to customers
72
51
9
12
-
-
Interest receivables
45
45
-
-
-
-
Other receivables
609
580
9
7
11
2
5 073
4 794
180
62
29
8
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount as of
Of which: neither impaired nor past due on the reporting date
Of which not impaired as of the reporting\u00a0
date and past due
Less than 30 days
Between 30 and 59 days
Between 60 and 89 days
More than 90 days
.
Trade receivables and accrued income
3 637
3 418
151
41
24
4
Loans to customers
81
78
1
1
1
-
Interest receivables
67
67
-
-
-
-
Other receivables
702
684
11
4
3
-
4 487
4 247
162
46
28
4
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 2023 amount to 47m US dollar (31 December 2022: 38m US dollar).
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-122": { "value": "
20. Cash and cash equivalents and investment securities
Million US dollar
31 December 2023
31 December 2022
Short-term bank deposits
4\u00a0201\u00a0
4\u00a0685\u00a0
Cash and bank accounts
6\u00a0131\u00a0
5\u00a0288\u00a0
Cash and cash equivalents
10\u00a0332\u00a0
9\u00a0973\u00a0
.
Bank overdrafts
(17)
(83)
Cash and cash equivalents in the statement of cash flows
10\u00a0314\u00a0
9\u00a0890\u00a0
The cash outstanding as at 31 December 2023 includes restricted cash for an amount of 109m US dollar (31 December 2022: 73m US dollar). This restricted cash mainly relates to amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (76m US dollar).
Investment securities
Million US dollar
31 December 2023
31 December 2022
Investment in unquoted companies
151\u00a0
149\u00a0
Investment in debt securities
27\u00a0
26\u00a0
Non-current investments
178\u00a0
175\u00a0
Investment in debt securities
67\u00a0
97\u00a0
Current investments
67\u00a0
97\u00a0
As at 31 December 2023, current debt securities of 67m US dollar mainly represented investments in government bonds (31 December 2022: 97m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-123": { "value": "
20. Cash and cash equivalents and investment securities
Million US dollar
31 December 2023
31 December 2022
Short-term bank deposits
4\u00a0201\u00a0
4\u00a0685\u00a0
Cash and bank accounts
6\u00a0131\u00a0
5\u00a0288\u00a0
Cash and cash equivalents
10\u00a0332\u00a0
9\u00a0973\u00a0
.
Bank overdrafts
(17)
(83)
Cash and cash equivalents in the statement of cash flows
10\u00a0314\u00a0
9\u00a0890\u00a0
The cash outstanding as at 31 December 2023 includes restricted cash for an amount of 109m US dollar (31 December 2022: 73m US dollar). This restricted cash mainly relates to amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (76m US dollar).
Investment securities
Million US dollar
31 December 2023
31 December 2022
Investment in unquoted companies
151\u00a0
149\u00a0
Investment in debt securities
27\u00a0
26\u00a0
Non-current investments
178\u00a0
175\u00a0
Investment in debt securities
67\u00a0
97\u00a0
Current investments
67\u00a0
97\u00a0
As at 31 December 2023, current debt securities of 67m US dollar mainly represented investments in government bonds (31 December 2022: 97m 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.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2023
78\u00a0880
1\u00a0029
Proceeds from borrowings
59
143
Repayments of borrowings
(3\u00a0004)
(94)
Capitalization / (payment) of lease liabilities
686
(458)
Amortized cost
61
-
Unrealized foreign exchange effects
909\u00a0
83\u00a0
Current portion of long-term debt
(3\u00a0113)
3\u00a0113\u00a0
(Gain)/Loss on bond redemption and other movements
(316)
171
Balance at 31 December 2023
74\u00a0163
3\u00a0987
.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2022
87\u00a0369
1\u00a0408
Proceeds from borrowings
74
17
Repayments of borrowings
(6\u00a0698)
(567)
Capitalization / (payment) of lease liabilities
794
(519)
Amortized cost
63
-
Unrealized foreign exchange effects
(1\u00a0776)
(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\u00a0880
1\u00a0029
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-124": { "value": "
The cash outstanding as at 31 December 2023 includes restricted cash for an amount of 109m US dollar (31 December 2022: 73m US dollar). This restricted cash mainly relates to amounts deposited on a blocked account in respect to the state aid investigation into the Belgian excess profit ruling system (76m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-125": { "value": "
Investment securities
Million US dollar
31 December 2023
31 December 2022
Investment in unquoted companies
151\u00a0
149\u00a0
Investment in debt securities
27\u00a0
26\u00a0
Non-current investments
178\u00a0
175\u00a0
Investment in debt securities
67\u00a0
97\u00a0
Current investments
67\u00a0
97\u00a0
As at 31 December 2023, current debt securities of 67m US dollar mainly represented investments in government bonds (31 December 2022: 97m 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 2023
31 December 2022
Unsecured bond issues
71\u00a0896\u00a0
76\u00a0798\u00a0
Lease liabilities
2\u00a0126\u00a0
1\u00a0963\u00a0
Unsecured other loans
119\u00a0
95\u00a0
Secured bank loans
23\u00a0
24\u00a0
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Unsecured bond issues
2\u00a0514\u00a0
-
Lease liabilities
703\u00a0
529\u00a0
Secured bank loans
392\u00a0
369\u00a0
Unsecured bank loans
182\u00a0
100\u00a0
Unsecured other loans
196\u00a0
30\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
The current and non-current interest-bearing loans and borrowings amount to 78.1 billion US dollar as at 31 December 2023, compared to 79.9 billion US dollar as at 31 December 2022.
As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively.
On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (\u201cABISA\u201d) and its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (\u201cABIWW\u201d), Anheuser-Busch Companies, LLC (\u201cABC\u201d) and Anheuser-Busch InBev Finance Inc. (\u201cABIFI\u201d) and repurchased 3.4 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:
Date of redemption
Issuer (abbreviated)
Title of series of notes partially repurchased
Currency
Original principal amount outstanding
(in million)
Principal amount repurchased
(in million)
Principal amount not repurchased (in million)
5 December 2023
ABISA
2.850% Notes due 2037
GBP
411
163
248
5 December 2023
ABIWW
3.750% Notes due 2042
USD
471
121
350
5 December 2023
ABIWW
4.600% Notes due 2060
USD
497
150
347
5 December 2023
ABIWW
4.500% Notes due 2050
USD
1 567
465
1 102
5 December 2023
ABIWW
4.600% Notes due 2048
USD
2 179
1 124
1 055
5 December 2023
ABIWW and ABC
3.650% Notes due 2026
USD
3 491
1 237
2 254
5 December 2023
ABIFI
4.000% Notes due 2043
USD
404
64
340
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 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase 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 2023
31 December 2022
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
Bank overdrafts
17
83
Cash and cash equivalents
(10\u00a0332)
(9\u00a0973)
Interest bearing loans granted and other deposits (included within Trade and other receivables)
(168)
(183)
Debt securities (included within Investment securities)
(94)
(123)
Net debt
67\u00a0573\u00a0
69\u00a0713\u00a0

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.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2023
78\u00a0880
1\u00a0029
Proceeds from borrowings
59
143
Repayments of borrowings
(3\u00a0004)
(94)
Capitalization / (payment) of lease liabilities
686
(458)
Amortized cost
61
-
Unrealized foreign exchange effects
909\u00a0
83\u00a0
Current portion of long-term debt
(3\u00a0113)
3\u00a0113\u00a0
(Gain)/Loss on bond redemption and other movements
(316)
171
Balance at 31 December 2023
74\u00a0163
3\u00a0987
.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2022
87\u00a0369
1\u00a0408
Proceeds from borrowings
74
17
Repayments of borrowings
(6\u00a0698)
(567)
Capitalization / (payment) of lease liabilities
794
(519)
Amortized cost
63
-
Unrealized foreign exchange effects
(1\u00a0776)
(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\u00a0880
1\u00a0029
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-126": { "value": "
Investment securities
Million US dollar
31 December 2023
31 December 2022
Investment in unquoted companies
151\u00a0
149\u00a0
Investment in debt securities
27\u00a0
26\u00a0
Non-current investments
178\u00a0
175\u00a0
Investment in debt securities
67\u00a0
97\u00a0
Current investments
67\u00a0
97\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-127": { "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 2023:
Issued capital
Issued capital
Million shares
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
2\u00a0019\u00a0
1\u00a0736\u00a0
Changes during the period
-
-
\u00a0\u00a0\u00a0
2\u00a0019\u00a0
1\u00a0736\u00a0
Of which:
\u00a0\u00a0 Ordinary shares
1\u00a0737\u00a0
\u00a0\u00a0 Restricted shares
282\u00a0
Treasury shares
Result on the use of treasury shares
Treasury shares
Million shares
Million US dollar
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
35.5\u00a0
(3 706)
(4 559)
Changes during the period
(0.1)
240\u00a0
(477)
At the end of the current period
35.4\u00a0
(3 465)
(5 036)
As of 31 December 2023, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1\u00a0736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 35 414 191 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 044 710 restricted shares (31 December 2022: 282 050 690). As of 31 December 2023, the total of authorized, unissued capital amounts to 37m euro.
The treasury shares held by the company are reported in equity in Treasury shares.
The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\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\u00a0from 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 2023, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares.
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.
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 2023, 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 2023, the company has acquired 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
Using the powers granted at the shareholders meeting of 28 April 2021, the Board of Directors approved a share buyback program for an amount of 1 billion US dollar. As of 31 December 2023, AB InBev bought back 5.813.148 shares for a total amount of 362 million US dollar, corresponding to 0,29% of the total shares outstanding. The shares acquired were mainly used to fulfill the company\u2019s various share delivery commitments under the stock ownership plan.
As of 31 December 2023, the group owned 35 414 191 own shares of which 34 775 830 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 2023 represented 26 508 604 US dollar (21 602 657 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 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.
Translation reserves
The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment.
Hedging reserves
The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss.
Transfers from subsidiaries
The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries and may affect AB InBev\u2019s flexibility in implementing a capital structure it believes to be efficient. As of 31 December 2023, 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\u00a0follows:
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2023
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
4\u00a0497
-\u00a0\u00a0\u00a0
-
4\u00a0497
Cash flow hedges
-\u00a0\u00a0\u00a0
36\u00a0
-
36\u00a0
Re-measurements of post-employment benefits
-\u00a0\u00a0\u00a0
-\u00a0\u00a0\u00a0
(134)
(134)
Other comprehensive income/(loss)
4\u00a0497
36\u00a0
(134)
4\u00a0398
As per 31 December 2023
(30\u00a0180)
181\u00a0
(1\u00a0155)
(31\u00a0155)
The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South African rand, which resulted in a net foreign exchange translation adjustment of 4\u202f497m US dollar as of 31 December 2023 (increase of equity).
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2022
(33\u00a0554)
481\u00a0
(1\u00a0504)
(34\u00a0577)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
(1\u00a0123)
-
-
(1\u00a0123)
Cash flow hedges
-
(336)
-
(336)
Re-measurements of post-employment benefits
-
-
483\u00a0
483\u00a0
Other comprehensive income/(loss)
(1\u00a0123)
(336)
483\u00a0
(976)
As per 31 December 2022
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
Earnings per share
The calculation of basic earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Issued ordinary and restricted shares at 1 January, net of treasury shares
1\u00a0984
1\u00a0981
Effect of stock lending
30
30
Effect of delivery of treasury shares and share buyback programs
2
2
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
The calculation of diluted earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
Effect of share options, PSUs and restricted stock units
38
37
Weighted average number of ordinary and restricted shares (diluted) at 31 December
2\u00a0054
2\u00a0050

The calculation of the Underlying EPS is based on the profit before non-underlying items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before non-underlying items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
For the year ended 31 December
Million US dollar
2023
202214
.
Profit attributable to equity holders of AB\u00a0InBev
5\u00a0341
5\u00a0969
Net impact of non-underlying items on profit (refer to Note 8)
614\u00a0
153\u00a0
Profit before non-underlying items, attributable to equity holders of AB InBev
5\u00a0955
6\u00a0122
Hyperinflation impacts
203\u00a0
(30)
Underlying profit
6\u00a0158
6\u00a0093
The table below sets out the EPS calculation:
For the year ended 31 December
Million US dollar
2023
2022
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares
2 016
2 013
Basic EPS
2.65
2.97
.
Underlying profit
6 158
6 093
Weighted average number of ordinary and restricted shares
2 016
2 013
Underlying EPS
3.05
3.03
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares (diluted)
2 054
2 050
Diluted EPS
2.60
2.91
Underlying EPS is a non-IFRS measure.
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, 46m share options were anti-dilutive and not included in the calculation of the dilutive effect per 2023 (2022: 51m share options).
The company\u2019s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following instruments:
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2023
491
(476)
131
145
Change in fair value of hedging instrument recognized in OCI
(237)
(197)
-
(434)
Reclassified to profit or loss / cost of inventory
102
368
-
470
As per 31 December 2023
356
(304)
131
181
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
143
39
-
183
Reclassified to profit or loss / cost of inventory
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
30. Non-controlling interests
As at 31 December 2023 and 2022, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.76% 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 2023 and 2022, 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
Million US dollar
31 December 2023
31 December 2022
31 December 2023
31 December 2022
Summarized statement of financial position information
Current assets
7\u00a0552\u00a0
7\u00a0248\u00a0
4\u00a0259\u00a0
3\u00a0606\u00a0
Non-current assets
19\u00a0846\u00a0
19\u00a0193\u00a0
11\u00a0975\u00a0
12\u00a0390\u00a0
Current liabilities
8\u00a0470\u00a0
7\u00a0770\u00a0
4\u00a0649\u00a0
4\u00a0414\u00a0
Non-current liabilities
2\u00a0374\u00a0
2\u00a0700\u00a0
735\u00a0
748\u00a0
Equity attributable to equity holders
16\u00a0312\u00a0
15\u00a0707\u00a0
10\u00a0785\u00a0
10\u00a0765\u00a0
Non-controlling interests
242\u00a0
263\u00a0
65\u00a0
69\u00a0
Ambev
Budweiser APAC
Million US dollar
2023
2022
2023
2022
Summarized income statement and
other comprehensive income information
Revenue
15\u00a0920\u00a0
15\u00a0434\u00a0
6\u00a0856\u00a0
6\u00a0478\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Attributable to:
Equity holders
2\u00a0895\u00a0
2\u00a0800\u00a0
852\u00a0
913\u00a0
Non-controlling interests
92\u00a0
84\u00a0
28\u00a0
36\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Other comprehensive income
(1\u00a0909)
(1\u00a0300)
(286)
(812)
Total comprehensive income
1\u00a0078\u00a0
1\u00a0584\u00a0
594\u00a0
137\u00a0
Attributable to:
Equity holders
1\u00a0011\u00a0
1\u00a0517\u00a0
567\u00a0
105\u00a0
Non-controlling interests
67\u00a0
67\u00a0
27\u00a0
32\u00a0
Summarized cash flow information
Cash flow from operating activities
4\u00a0934\u00a0
3\u00a0997\u00a0
1\u00a0811\u00a0
1\u00a0577\u00a0
Cash flow from investing activities
(1\u00a0151)
(969)
(447)
(440)
Cash flow from financing activities
(3\u00a0218)
(3\u00a0164)
(621)
(500)
Net increase/(decrease) in cash and cash equivalents
565\u00a0
(136)
743\u00a0
637\u00a0
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 for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-128": { "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 2023:
Issued capital
Issued capital
Million shares
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
2\u00a0019\u00a0
1\u00a0736\u00a0
Changes during the period
-
-
\u00a0\u00a0\u00a0
2\u00a0019\u00a0
1\u00a0736\u00a0
Of which:
\u00a0\u00a0 Ordinary shares
1\u00a0737\u00a0
\u00a0\u00a0 Restricted shares
282\u00a0
Treasury shares
Result on the use of treasury shares
Treasury shares
Million shares
Million US dollar
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
35.5\u00a0
(3 706)
(4 559)
Changes during the period
(0.1)
240\u00a0
(477)
At the end of the current period
35.4\u00a0
(3 465)
(5 036)
As of 31 December 2023, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1\u00a0736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 35 414 191 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 044 710 restricted shares (31 December 2022: 282 050 690). As of 31 December 2023, the total of authorized, unissued capital amounts to 37m euro.
The treasury shares held by the company are reported in equity in Treasury shares.
The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\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\u00a0from 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 2023, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares.
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.
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 2023, 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 2023, the company has acquired 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
Using the powers granted at the shareholders meeting of 28 April 2021, the Board of Directors approved a share buyback program for an amount of 1 billion US dollar. As of 31 December 2023, AB InBev bought back 5.813.148 shares for a total amount of 362 million US dollar, corresponding to 0,29% of the total shares outstanding. The shares acquired were mainly used to fulfill the company\u2019s various share delivery commitments under the stock ownership plan.
As of 31 December 2023, the group owned 35 414 191 own shares of which 34 775 830 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 2023 represented 26 508 604 US dollar (21 602 657 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 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.
Dividends
On 28 February 2024, a dividend of 0.82 euro per share or 1 645m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 24 April 2024.
On 26 April 2023, a dividend of 0.75 euro per share or 1 510m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2023.
On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.
Transfers from subsidiaries
The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries and may affect AB InBev\u2019s flexibility in implementing a capital structure it believes to be efficient. As of 31 December 2023, 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 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Issued ordinary and restricted shares at 1 January, net of treasury shares
1\u00a0984
1\u00a0981
Effect of stock lending
30
30
Effect of delivery of treasury shares and share buyback programs
2
2
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
The calculation of diluted earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
Effect of share options, PSUs and restricted stock units
38
37
Weighted average number of ordinary and restricted shares (diluted) at 31 December
2\u00a0054
2\u00a0050

The calculation of the Underlying EPS is based on the profit before non-underlying items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before non-underlying items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
For the year ended 31 December
Million US dollar
2023
202214
.
Profit attributable to equity holders of AB\u00a0InBev
5\u00a0341
5\u00a0969
Net impact of non-underlying items on profit (refer to Note 8)
614\u00a0
153\u00a0
Profit before non-underlying items, attributable to equity holders of AB InBev
5\u00a0955
6\u00a0122
Hyperinflation impacts
203\u00a0
(30)
Underlying profit
6\u00a0158
6\u00a0093
The table below sets out the EPS calculation:
For the year ended 31 December
Million US dollar
2023
2022
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares
2 016
2 013
Basic EPS
2.65
2.97
.
Underlying profit
6 158
6 093
Weighted average number of ordinary and restricted shares
2 016
2 013
Underlying EPS
3.05
3.03
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares (diluted)
2 054
2 050
Diluted EPS
2.60
2.91
Underlying EPS is a non-IFRS measure.
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, 46m share options were anti-dilutive and not included in the calculation of the dilutive effect per 2023 (2022: 51m share options).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-129": { "value": "
Statement of capital
The tables below summarize the changes in issued capital and treasury shares during 2023:
Issued capital
Issued capital
Million shares
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
2\u00a0019\u00a0
1\u00a0736\u00a0
Changes during the period
-
-
\u00a0\u00a0\u00a0
2\u00a0019\u00a0
1\u00a0736\u00a0
Of which:
\u00a0\u00a0 Ordinary shares
1\u00a0737\u00a0
\u00a0\u00a0 Restricted shares
282\u00a0
Treasury shares
Result on the use of treasury shares
Treasury shares
Million shares
Million US dollar
Million US dollar
\u00a0\u00a0\u00a0
At the end of the previous year
35.5\u00a0
(3 706)
(4 559)
Changes during the period
(0.1)
240\u00a0
(477)
At the end of the current period
35.4\u00a0
(3 465)
(5 036)
As of 31 December 2023, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1\u00a0736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 35 414 191 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 282 044 710 restricted shares (31 December 2022: 282 050 690). As of 31 December 2023, the total of authorized, unissued capital amounts to 37m euro.
The treasury shares held by the company are reported in equity in Treasury shares.
The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\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\u00a0from 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 2023, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted shares were converted into new ordinary shares.
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.
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 2023, 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 2023, the company has acquired 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
Using the powers granted at the shareholders meeting of 28 April 2021, the Board of Directors approved a share buyback program for an amount of 1 billion US dollar. As of 31 December 2023, AB InBev bought back 5.813.148 shares for a total amount of 362 million US dollar, corresponding to 0,29% of the total shares outstanding. The shares acquired were mainly used to fulfill the company\u2019s various share delivery commitments under the stock ownership plan.
As of 31 December 2023, the group owned 35 414 191 own shares of which 34 775 830 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 2023 represented 26 508 604 US dollar (21 602 657 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 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.
Dividends
On 28 February 2024, a dividend of 0.82 euro per share or 1 645m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 24 April 2024.
On 26 April 2023, a dividend of 0.75 euro per share or 1 510m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2023.
On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.
Translation reserves
The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment.
Transfers from subsidiaries
The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries and may affect AB InBev\u2019s flexibility in implementing a capital structure it believes to be efficient. As of 31 December 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-130": { "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 28 February 2024, a dividend of 0.82 euro per share or 1 645m euro was proposed by the Board of Directors and will be subject to approval at the shareholders\u2019 meeting on 24 April 2024.
On 26 April 2023, a dividend of 0.75 euro per share or 1 510m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2023.
On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders\u2019 meeting. The dividend was paid out as of 5 May 2022.
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
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 for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-131": { "value": "
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 2023, 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 2023, the company has acquired 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
Using the powers granted at the shareholders meeting of 28 April 2021, the Board of Directors approved a share buyback program for an amount of 1 billion US dollar. As of 31 December 2023, AB InBev bought back 5.813.148 shares for a total amount of 362 million US dollar, corresponding to 0,29% of the total shares outstanding. The shares acquired were mainly used to fulfill the company\u2019s various share delivery commitments under the stock ownership plan.
As of 31 December 2023, the group owned 35 414 191 own shares of which 34 775 830 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 2023 represented 26 508 604 US dollar (21 602 657 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 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend.
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\u00a0follows:
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2023
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
4\u00a0497
-\u00a0\u00a0\u00a0
-
4\u00a0497
Cash flow hedges
-\u00a0\u00a0\u00a0
36\u00a0
-
36\u00a0
Re-measurements of post-employment benefits
-\u00a0\u00a0\u00a0
-\u00a0\u00a0\u00a0
(134)
(134)
Other comprehensive income/(loss)
4\u00a0497
36\u00a0
(134)
4\u00a0398
As per 31 December 2023
(30\u00a0180)
181\u00a0
(1\u00a0155)
(31\u00a0155)
The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South African rand, which resulted in a net foreign exchange translation adjustment of 4\u202f497m US dollar as of 31 December 2023 (increase of equity).
Million US dollar
Post-
Translation
Hedging
employment
Total OCI
Reserves
reserves
benefits
Reserves
.
As per 1 January 2022
(33\u00a0554)
481\u00a0
(1\u00a0504)
(34\u00a0577)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations (gains/(losses))
(1\u00a0123)
-
-
(1\u00a0123)
Cash flow hedges
-
(336)
-
(336)
Re-measurements of post-employment benefits
-
-
483\u00a0
483\u00a0
Other comprehensive income/(loss)
(1\u00a0123)
(336)
483\u00a0
(976)
As per 31 December 2022
(34\u00a0677)
145\u00a0
(1\u00a0021)
(35\u00a0553)
The company\u2019s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following instruments:
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2023
491
(476)
131
145
Change in fair value of hedging instrument recognized in OCI
(237)
(197)
-
(434)
Reclassified to profit or loss / cost of inventory
102
368
-
470
As per 31 December 2023
356
(304)
131
181
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
143
39
-
183
Reclassified to profit or loss / cost of inventory
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
30. Non-controlling interests
As at 31 December 2023 and 2022, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.76% 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 2023 and 2022, 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
Million US dollar
31 December 2023
31 December 2022
31 December 2023
31 December 2022
Summarized statement of financial position information
Current assets
7\u00a0552\u00a0
7\u00a0248\u00a0
4\u00a0259\u00a0
3\u00a0606\u00a0
Non-current assets
19\u00a0846\u00a0
19\u00a0193\u00a0
11\u00a0975\u00a0
12\u00a0390\u00a0
Current liabilities
8\u00a0470\u00a0
7\u00a0770\u00a0
4\u00a0649\u00a0
4\u00a0414\u00a0
Non-current liabilities
2\u00a0374\u00a0
2\u00a0700\u00a0
735\u00a0
748\u00a0
Equity attributable to equity holders
16\u00a0312\u00a0
15\u00a0707\u00a0
10\u00a0785\u00a0
10\u00a0765\u00a0
Non-controlling interests
242\u00a0
263\u00a0
65\u00a0
69\u00a0
Ambev
Budweiser APAC
Million US dollar
2023
2022
2023
2022
Summarized income statement and
other comprehensive income information
Revenue
15\u00a0920\u00a0
15\u00a0434\u00a0
6\u00a0856\u00a0
6\u00a0478\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Attributable to:
Equity holders
2\u00a0895\u00a0
2\u00a0800\u00a0
852\u00a0
913\u00a0
Non-controlling interests
92\u00a0
84\u00a0
28\u00a0
36\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Other comprehensive income
(1\u00a0909)
(1\u00a0300)
(286)
(812)
Total comprehensive income
1\u00a0078\u00a0
1\u00a0584\u00a0
594\u00a0
137\u00a0
Attributable to:
Equity holders
1\u00a0011\u00a0
1\u00a0517\u00a0
567\u00a0
105\u00a0
Non-controlling interests
67\u00a0
67\u00a0
27\u00a0
32\u00a0
Summarized cash flow information
Cash flow from operating activities
4\u00a0934\u00a0
3\u00a0997\u00a0
1\u00a0811\u00a0
1\u00a0577\u00a0
Cash flow from investing activities
(1\u00a0151)
(969)
(447)
(440)
Cash flow from financing activities
(3\u00a0218)
(3\u00a0164)
(621)
(500)
Net increase/(decrease) in cash and cash equivalents
565\u00a0
(136)
743\u00a0
637\u00a0
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 for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-132": { "value": "0.82", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-133": { "value": "1645000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-134": { "value": "0.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-135": { "value": "
Earnings per share
The calculation of basic earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Issued ordinary and restricted shares at 1 January, net of treasury shares
1\u00a0984
1\u00a0981
Effect of stock lending
30
30
Effect of delivery of treasury shares and share buyback programs
2
2
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
The calculation of diluted earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5\u202f341m US dollar (2022: 5\u202f969m 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
2023
2022
.
Weighted average number of ordinary and restricted shares at 31 December
2\u00a0016
2\u00a0013
Effect of share options, PSUs and restricted stock units
38
37
Weighted average number of ordinary and restricted shares (diluted) at 31 December
2\u00a0054
2\u00a0050

The calculation of the Underlying EPS is based on the profit before non-underlying items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before non-underlying items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
For the year ended 31 December
Million US dollar
2023
202214
.
Profit attributable to equity holders of AB\u00a0InBev
5\u00a0341
5\u00a0969
Net impact of non-underlying items on profit (refer to Note 8)
614\u00a0
153\u00a0
Profit before non-underlying items, attributable to equity holders of AB InBev
5\u00a0955
6\u00a0122
Hyperinflation impacts
203\u00a0
(30)
Underlying profit
6\u00a0158
6\u00a0093
The table below sets out the EPS calculation:
For the year ended 31 December
Million US dollar
2023
2022
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares
2 016
2 013
Basic EPS
2.65
2.97
.
Underlying profit
6 158
6 093
Weighted average number of ordinary and restricted shares
2 016
2 013
Underlying EPS
3.05
3.03
.
Profit attributable to equity holders of AB\u00a0InBev
5 341
5 969
Weighted average number of ordinary and restricted shares (diluted)
2 054
2 050
Diluted EPS
2.60
2.91
Underlying EPS is a non-IFRS measure.
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, 46m share options were anti-dilutive and not included in the calculation of the dilutive effect per 2023 (2022: 51m share options).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-136": { "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 2023
31 December 2022
Unsecured bond issues
71\u00a0896\u00a0
76\u00a0798\u00a0
Lease liabilities
2\u00a0126\u00a0
1\u00a0963\u00a0
Unsecured other loans
119\u00a0
95\u00a0
Secured bank loans
23\u00a0
24\u00a0
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Unsecured bond issues
2\u00a0514\u00a0
-
Lease liabilities
703\u00a0
529\u00a0
Secured bank loans
392\u00a0
369\u00a0
Unsecured bank loans
182\u00a0
100\u00a0
Unsecured other loans
196\u00a0
30\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
The current and non-current interest-bearing loans and borrowings amount to 78.1 billion US dollar as at 31 December 2023, compared to 79.9 billion US dollar as at 31 December 2022.
As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively.
On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (\u201cABISA\u201d) and its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (\u201cABIWW\u201d), Anheuser-Busch Companies, LLC (\u201cABC\u201d) and Anheuser-Busch InBev Finance Inc. (\u201cABIFI\u201d) and repurchased 3.4 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:
Date of redemption
Issuer (abbreviated)
Title of series of notes partially repurchased
Currency
Original principal amount outstanding
(in million)
Principal amount repurchased
(in million)
Principal amount not repurchased (in million)
5 December 2023
ABISA
2.850% Notes due 2037
GBP
411
163
248
5 December 2023
ABIWW
3.750% Notes due 2042
USD
471
121
350
5 December 2023
ABIWW
4.600% Notes due 2060
USD
497
150
347
5 December 2023
ABIWW
4.500% Notes due 2050
USD
1 567
465
1 102
5 December 2023
ABIWW
4.600% Notes due 2048
USD
2 179
1 124
1 055
5 December 2023
ABIWW and ABC
3.650% Notes due 2026
USD
3 491
1 237
2 254
5 December 2023
ABIFI
4.000% Notes due 2043
USD
404
64
340
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 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase 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 2023
31 December 2022
Non-current interest-bearing loans and borrowings
74\u00a0163\u00a0
78\u00a0880\u00a0
Current interest-bearing loans and borrowings
3\u00a0987\u00a0
1\u00a0029\u00a0
Interest-bearing loans and borrowings
78\u00a0150\u00a0
79\u00a0909\u00a0
Bank overdrafts
17
83
Cash and cash equivalents
(10\u00a0332)
(9\u00a0973)
Interest bearing loans granted and other deposits (included within Trade and other receivables)
(168)
(183)
Debt securities (included within Investment securities)
(94)
(123)
Net debt
67\u00a0573\u00a0
69\u00a0713\u00a0

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.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2023
78\u00a0880
1\u00a0029
Proceeds from borrowings
59
143
Repayments of borrowings
(3\u00a0004)
(94)
Capitalization / (payment) of lease liabilities
686
(458)
Amortized cost
61
-
Unrealized foreign exchange effects
909\u00a0
83\u00a0
Current portion of long-term debt
(3\u00a0113)
3\u00a0113\u00a0
(Gain)/Loss on bond redemption and other movements
(316)
171
Balance at 31 December 2023
74\u00a0163
3\u00a0987
.
Million US dollar
Long-term debt, net of current portion
Short-term debt and current portion of long-term debt
Balance at 1 January 2022
87\u00a0369
1\u00a0408
Proceeds from borrowings
74
17
Repayments of borrowings
(6\u00a0698)
(567)
Capitalization / (payment) of lease liabilities
794
(519)
Amortized cost
63
-
Unrealized foreign exchange effects
(1\u00a0776)
(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\u00a0880
1\u00a0029
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-137": { "value": "
23. Pensions and similar obligations
AB\u00a0InBev 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 2023, contributions paid into defined contribution plans for the company amounted to 166m US dollar compared to 164m US dollar for 2022.
DEFINED BENEFIT PLANS
During 2023, the company contributed to 84 defined benefit plans, of which 65 are retirement or leaving service plans, 15 are medical cost plans and 4 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 113m 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 2023, 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\u00a0661m US dollar as at 31 December 2023 compared to 1\u00a0523m US dollar as at 31 December 2022. In 2023, the fair value of the plan assets increased by 75m US dollar and the defined benefit obligations increased by 212m US dollar. The increase in the employee benefit net liability is mainly driven by decreases in the discount rates partially offset by favorable asset returns.
The company\u2019s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2023 and 2022:
Million US dollar
2023
2022
Present value of funded obligations
(4 784)
(4\u00a0604)
Fair value of plan assets
3 882
3\u00a0807
Present value of net obligations for funded plans
\u00a0(902)
(797)
Present value of unfunded obligations
\u00a0(619)
(587)
Present value of net obligations
(1 521)
(1\u00a0384)
\u00a0\u00a0\u00a0
Unrecognized asset
\u00a0(38)
(43)
Net liability
(1 559)
(1\u00a0427)
\u00a0\u00a0\u00a0
Other long term employee benefits
\u00a0(102)
(96)
Total employee benefits
(1 661)
(1\u00a0523)
\u00a0\u00a0\u00a0
Employee benefits amounts in the statement of financial position:
Liabilities
(1 673)
(1\u00a0534)
Assets
12\u00a0
11\u00a0
Net liability
(1 661)
(1\u00a0523)
The changes in the present value of the defined benefit obligations are as follows:
Million US dollar
2023
2022
Defined benefit obligation at 1 January
(5 191)
(7 478)
Current service costs
\u00a0(50)
\u00a0(69)
Interest cost
\u00a0(302)
\u00a0(229)
Past service gain/(cost)
4\u00a0
-
Settlements
99\u00a0
114\u00a0
Benefits paid
469\u00a0
549\u00a0
Contribution by plan participants
\u00a0(2)
\u00a0(2)
Actuarial gains/(losses) \u2013 demographic assumptions
17\u00a0
\u00a0(2)
Actuarial gains/(losses) \u2013 financial assumptions
\u00a0(220)
1\u00a0854\u00a0
Experience adjustments
\u00a0(44)
\u00a0(116)
Exchange differences
\u00a0(182)
243\u00a0
Transfers and other movements
-
\u00a0(55)
Defined benefit obligation at 31 December
(5 403)
(5 191)
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, 1.0 billion US dollar relating to deferred members and 3.3 billion US dollar relating to members in retirement.
The changes in the fair value of plan assets are as follows:
Million US dollar
2023
2022
Fair value of plan assets at 1 January
3 807\u00a0
5 381\u00a0
Interest\u00a0income\u00a0
\u00a0217\u00a0
\u00a0157
Administration costs
\u00a0(17)
\u00a0(17)
Return on plan assets exceeding interest income
\u00a094
(1 084)
Contributions by AB InBev
\u00a0218
\u00a0220
Contributions by plan participants
\u00a02
\u00a02
Benefits paid net of administration costs
\u00a0(469)
\u00a0(551)
Assets distributed on settlements
\u00a0(97)
\u00a0(112)
Exchange differences
127\u00a0
\u00a0(188)
Transfers and other movements
-
\u00a0(2)
Fair value of plan assets at 31 December
3 882
3 807\u00a0

Actual return on plans assets amounted to a gain of 311m US dollar in 2023 compared to a loss of (927)m US dollar in 2022.
The changes in the unrecognized asset are as follows:
Million US dollar
2023
2022
Irrecoverable surplus impact at 1 January
\u00a0(43)
(32)
Interest expense
\u00a0(4)
(3)
Changes excluding amounts included in interest expense\u00a0
9\u00a0
(8)
Irrecoverable surplus impact at 31 December
\u00a0(38)
\u00a0(43)
The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:
Million US dollar
2023
2022
Current service costs
\u00a0(50)
(66)
Administration costs
\u00a0(17)
(17)
Past service cost due to plan amendments, curtailments or settlements
6\u00a0
2\u00a0
(Losses)/gains due to experience and demographic assumption changes
\u00a0(1)
-
Profit from operations
\u00a0(61)\u00a0
(81)
Net finance cost
\u00a0(88)
(73)
Total employee benefit expense
\u00a0(150)
(154)
The employee benefit expense is included in the following line items of the income statement:
Million US dollar
2023
2022
Cost of sales
\u00a0(18)
\u00a0(25)
Distribution expenses
\u00a0(9)
\u00a0(11)
Sales and marketing expenses
\u00a0(14)
\u00a0(17)
Administrative expenses
\u00a0(21)
\u00a0(28)
Net finance cost
\u00a0(88)
\u00a0(73)
Total employee benefit expense
\u00a0(150)
\u00a0(154)
Weighted average assumptions used in computing the benefit obligations of the company\u2019s significant plans at the reporting date are as follows:
2023
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
Discount rate
5.3%
4.6%
9.3%
9.2%
4.7%
5.6%
Price inflation
2.0%
2.0%
3.5%
3.5%
3.2%
2.6%
Future salary increases
-
1.0%
4.3%
6.7%-3.9%
-
3.7%
Future pension increases
-
2.0%
3.5%
3.5%
3.1%
2.8%
Medical cost trend rate
6.8%-4.5%
4.5%
-
7.1%
-
6.7%-6.2%
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
2022
United States
Canada
Mexico
Brazil
United Kingdom
AB InBev
\u00a0\u00a0\u00a0
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
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 2023 is 11.0 years (2022: 11.4 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:
2023
Million US dollar
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.5%
(275)
300\u00a0
Price inflation
0.5%
96\u00a0
(103)
Future salary increases
0.5%
23\u00a0
(21)
Medical cost trend rate
1%
25\u00a0
(22)
Mortality
One year
155\u00a0
(157)
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:
2023
2022
Million US dollar
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Government bonds
38%
-\u00a0\u00a0\u00a0
38%
34%
-\u00a0\u00a0\u00a0
34%
Corporate bonds
27%
1%
28%
30%
-\u00a0\u00a0\u00a0
30%
Equity instruments
22%
-\u00a0\u00a0\u00a0
22%
24%
-\u00a0\u00a0\u00a0
24%
Property
-\u00a0\u00a0\u00a0
6%
6%
-\u00a0\u00a0\u00a0
7%
7%
Insurance contracts and others
3%
3%
6%
4%
1%
5%
90%
10%
100%
91%
8%
100%
AB\u00a0InBev expects to contribute approximately 229m US dollar for its funded defined benefit plans and 76m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2024.
25. Provisions
Million US dollar
Restructuring
Disputes
Other
Total
Balance at 1 January 2023
51\u00a0
436\u00a0
85\u00a0
572\u00a0
Effect of movements in foreign exchange\u00a0
1\u00a0
16\u00a0
\u00a0(3)
14\u00a0
Provisions made
31\u00a0
132\u00a0
-
163\u00a0
Provisions used
(14)
(86)
(19)
(119)
Provisions reversed
-
\u00a0(42)
-
\u00a0(42)
Other movements
-
20\u00a0
(19)
1\u00a0
Balance at 31 December 2023
69\u00a0
476\u00a0
44\u00a0
589\u00a0
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
56\u00a0
13\u00a0
69\u00a0
\u00a0\u00a0\u00a0
Indirect taxes
24\u00a0
79\u00a0
103\u00a0
Labor
34\u00a0
71\u00a0
105\u00a0
Commercial
50\u00a0
24\u00a0
74\u00a0
Excise duties
2\u00a0
19\u00a0
21\u00a0
Other disputes
81\u00a0
92\u00a0
173\u00a0
Disputes
191\u00a0
285\u00a0
476\u00a0
\u00a0\u00a0\u00a0
Other provisions
23\u00a0
21\u00a0
44\u00a0
Total provisions
270\u00a0
319\u00a0
589\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-138": { "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 (\u201cRSU Plan for Directors\u201d), and the various long-term incentive plan for executives (\u201cLTI Plan Executives\u201d). These share-based payment programs relate to either AB InBev shares or American Depository Shares (\u201cADSs\u201d) 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 570m US dollar for 2023, as compared to 448m US dollar for 2022.
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 RSUs (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 three or five-year period and are subject to specific restrictions or forfeiture provisions in the event of termination of service.
During 2023, AB InBev issued 1.7m discounted and matching RSUs in relation to bonuses granted to company employees and management (2022: 4.8m discounted and matching RSUs). These discounted and matching RSUs represent a fair value of approximately 102m US dollar (2022: 293m US dollar).
Restricted Stock Units Plan for Directors
The remuneration of the directors comprises a fixed cash fee component and a share-based component. The share-based portion of the remuneration of the directors of the company is granted in the form of RSUs that vest after five years and, upon vesting, entitle their holders to one AB InBev share per RSU.
During 2023, 0.1m RSUs with an estimated fair value of 4m US dollar were granted to directors (2022: 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.
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 2023 and 2022, 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:
Other disclosures for Share-based payments
No stock options were granted in 2023 and 2022. The total number of outstanding AB InBev options developed as follows:
Million options\u00a0
2023
2022
Options outstanding at 1 January
83.2\u00a0
102.7\u00a0
Options exercised during the year
(2.2)
(1.0)
Options forfeited during the year
(1.3)
(14.9)
Options lapsed during the year
(3.9)
(3.6)
Options outstanding at the end of December
75.8\u00a0
83.2\u00a0
The range of exercise prices of the outstanding options is between 10.32 euro (11.40 US dollar)15 and 128.46 euro (141.95 US dollar) while the weighted average remaining contractual life is 5.8 years.
Out of the 75.8m outstanding options, 23.7m options are vested at 31 December 2023.
The weighted average exercise price of the AB InBev options is as follows:
Amounts in US dollar
2023
2022
Options outstanding at 1 January
76.04\u00a0
64.77\u00a0
Exercised during the year
29.96\u00a0
16.11\u00a0
Forfeited during the year
67.66\u00a0
94.76\u00a0
Lapsed during the year
96.27\u00a0
88.10\u00a0
Outstanding at the end of December
79.46\u00a0
76.04\u00a0
Exercisable at the end of December
108.11\u00a0
102.19\u00a0
For share options exercised during 2023, the weighted average share price at the date of exercise was 54.83 euro (60.59 US dollar)1.
The total number of outstanding AB InBev RSUs and PSUs developed as follows:
Million RSU and PSUs
2023
2022
RSUs and PSUs outstanding at 1 January
28.7\u00a0
20.9\u00a0
RSUs and PSUs issued during the year
5.9\u00a0
10.1\u00a0
RSUs and PSUs vested during the year
(4.3)
(0.5)
RSUs and PSUs forfeited during the year
(1.3)
(1.8)
RSUs and PSUs outstanding at the end of December
29.0\u00a0
28.7\u00a0
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 47 thousand matching RSUs in 2023 with an estimated fair value of less than 1m US dollar (2022: 44 thousand 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. The vesting period is three or five years. Under the 2018 Share-based compensation plan, Ambev issued 33.7m matching RSUs in 2023 with an estimated fair value of 93m US dollar (2022: 49.3m matching RSUs with an estimated fair value of 148m 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 similar share-based instruments), depending on management\u2019s assessment of the employee\u2019s performance and future potential. No stock options were granted in 2023 and 2022.
The total number of outstanding Ambev options developed as follows:
Million options
2023
2022
Options outstanding at 1 January
99.8\u00a0
113.8\u00a0
Options forfeited during the year
(11.8)
(14.0)
Options outstanding at the end of December
88.0\u00a0
99.8\u00a0
The range of exercise prices of the outstanding options is between 15.95 Brazilian real (3.29 US dollar) and 32.81 Brazilian real (6.78 US dollar) while the weighted average remaining contractual life is 3.6 years.
Of the 88m outstanding options 68.6m options are vested at 31 December 2023.
The weighted average exercise price of the Ambev options is as follows:
Amounts in US dollar
2023
2022
Options outstanding at 1 January
3.72\u00a0
3.57\u00a0
Forfeited during the year
4.68\u00a0
4.33\u00a0
Outstanding at the end of December
3.89\u00a0
3.72\u00a0
Exercisable at the end of December
3.94\u00a0
3.86\u00a0
The total number of outstanding Ambev RSUs and PSUs developed as follows:
Million RSUs and PSUs
2023
2022
RSUs and PSUs outstanding at 1 January
109.8\u00a0
63.8\u00a0
RSUs and PSUs issued during the year
33.7\u00a0
49.3\u00a0
RSUs and PSUs vested during the year
(18.3)
(0.2)
RSUs and PSUs forfeited during the year
(5.2)
(3.1)
RSUs and PSUs outstanding at the end of December
120.0\u00a0
109.8\u00a0
BUDWEISER APAC SHARE-BASED COMPENSATION 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 one and a half matching shares for each Voluntary Share invested up to a limited total percentage of each employee\u2019s variable compensation. In 2023, Budweiser APAC issued 4.1m matching RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 13m US dollar (2022: 12.5m matching restricted stock units with an estimated fair value of 39m US dollar).
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 2023 and 2022, no RSUs were granted under this program.
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. In 2023, some RSUs include a performance test. They cliff vest between three and five years. Upon vesting, 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 to five-year TSR 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. During 2023, 29.8m RSUs with an estimated fair value of 50m US dollar were granted under this program to a selected number of employees (2022: 14.1m RSUs with an estimated fair value of 45m 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 five years. In the event that an employee\u2019s service is terminated before the vesting date, special forfeiture rules apply. During 2023, no RSUs were granted under this program (2022: 0.5m RSUs with an estimated fair value of 2m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-139": { "value": "
25. Provisions
Million US dollar
Restructuring
Disputes
Other
Total
Balance at 1 January 2023
51\u00a0
436\u00a0
85\u00a0
572\u00a0
Effect of movements in foreign exchange\u00a0
1\u00a0
16\u00a0
\u00a0(3)
14\u00a0
Provisions made
31\u00a0
132\u00a0
-
163\u00a0
Provisions used
(14)
(86)
(19)
(119)
Provisions reversed
-
\u00a0(42)
-
\u00a0(42)
Other movements
-
20\u00a0
(19)
1\u00a0
Balance at 31 December 2023
69\u00a0
476\u00a0
44\u00a0
589\u00a0
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
56\u00a0
13\u00a0
69\u00a0
\u00a0\u00a0\u00a0
Indirect taxes
24\u00a0
79\u00a0
103\u00a0
Labor
34\u00a0
71\u00a0
105\u00a0
Commercial
50\u00a0
24\u00a0
74\u00a0
Excise duties
2\u00a0
19\u00a0
21\u00a0
Other disputes
81\u00a0
92\u00a0
173\u00a0
Disputes
191\u00a0
285\u00a0
476\u00a0
\u00a0\u00a0\u00a0
Other provisions
23\u00a0
21\u00a0
44\u00a0
Total provisions
270\u00a0
319\u00a0
589\u00a0
29. Contingencies
The company has contingencies related to legal proceedings and tax matters arising in the normal course of its business. 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 2023 and 31 December 2022, 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 2023
31 December 2022
.
Income tax and social contribution
13\u00a0141
11\u00a0586
Value-added and excise taxes
5\u00a0528
4\u00a0965
Other taxes
953
854
19\u00a0622
17\u00a0405
The most significant tax proceedings of Ambev are discussed below.
Ambev 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.
On 20 September 2023, Law 14,689 was enacted in Brazil (\u201cLaw 14,689/2023\u201d), which provides for the cancellation of fines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts. Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success in cases where fines were imposed in proceedings decided by a tie-breaking vote. This resulted in the reclassification of the risk of loss from possible to remote in the approximate amount of 6.9 billion Brazilian real (1.4 billion US dollar) in some of the cases discussed below, such as the deductibility of goodwill amortization expenses, Foreign Earnings, Tax Loss Offset, and the Manaus Free Trade Zone - IPI.
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 in Brazil.
The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision to Ambev in three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification of these decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as favorable first-level decisions, which remain subject to review by the second-level judicial court.
In December 2023, Ambev received a new tax assessment relating to the taxation of profits of foreign subsidiaries. Ambev filed a defense in January 2024 and the case awaits decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.1 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provision in connection therewith.
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 and the tax authorities both filed Special Appeals which were partially admitted by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit, which was granted.
In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax assessment which was subject to the Special Appeals filed by Ambev and the tax authorities. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment at the first-level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.5 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss. 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 limitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision and received a favorable decision at the first-level judicial court. The tax authorities appealed this decision and the matter awaits judgment at the second level judicial court.
In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization in calendar years 2013 to 2014 and filed defenses. In April 2019, the first-level administrative court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partially favorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decisions and received favorable decisions at the first-level judicial court. The tax authorities appealed these decisions and the matter awaits judgment at the second level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023 , as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 to Ambev. 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 filed a defense and in October 2023 received an unfavorable decision from the first-level administrative court. Ambev has filed an appeal to the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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. In November 2023, Ambev received a partially favorable decision from the first-level administrative court which reduced the qualified penalty applied to 100% (instead of 150% as initially charged). This decision is not final and is subject to review by the Lower Administrative Court. Ambev has filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 with financial investments and loans. Ambev presented defenses and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which was confirmed by the Upper Administrative Court in April 2023.
In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court and filed an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023. In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
Disallowance of tax paid abroad
Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years as of 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax period), which became definitive.
In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. Ambev received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals in April 2023 and filed an appeal to the first-level judicial court in November 2023.
In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions of taxes paid abroad. In 2021, Ambev received unfavorable decisions from the first-level administrative court in two of these assessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first-level administrative court in the second assessment related to the 2016 isolated fine case and filed an appeal in connection therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The other cases are still awaiting final decisions at both administrative and judicial courts.
In November 2023, Ambev received a new tax assessment charging such isolated fine related to calendar year 2018. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 14.3 billion Brazilian real (2.9 billion US dollar). Ambev has not recorded any provision in connection therewith.
The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to 2023). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be the same as those tax years already assessed.
Presumed Profit
In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \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 with the Administrative Council for Tax Appeals (\u201cCARF\u201d).
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter based on the probability of loss.
In February 2024, Arosuco received a unanimous favorable decision from CARF. Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 reasons. 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 this 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 its impact on the increase in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. Ambev filed a defense against this new tax assessment 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. Ambev filed a defense against this new tax assessment in January 2023. In September 2023, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In November 2023, Ambev received a new tax assessment related to the deduction of the IOC in the periods 2018 to 2021. Ambev has filed a defense against this new tax assessment, which is pending decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 27.4 billion Brazilian real (5.7 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
The uncertain tax position, as per IFRIC 23, continued to be adopted by Ambev as it also distributed or accrued IOC in the years following the assessed period (2022-2023) and deducted such amounts from its Corporate Income Taxes taxable basis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2021, 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.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 2.6 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
This uncertain tax position, as per IFRIC 23, continued to be applied by the Company impacting calendar years following those assessed (2019-2023) in which it benefited from the income tax reduction provided for in Provisional Measure No. 2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further assessments would be consistent with the already assessed periods.
In February 2024, Arosuco received a partially favorable, unanimous decision from CARF, which partially granted the appeal filed by Arosuco. The decision recognizes Arosuco\u2019s full enjoyment of the tax benefit reduction provided by Provisional Measure No. 2199-14/2001, and only requires payment of a portion of the assessment related to the difference in calculation methodology between the tax authorities and Arosuco, as the taxpayer. The portion of the assessed amount as of 31 December 2023 related to the tax incentive is approximately 2.6 billion Brazilian real (0.5 billion US dollar), and the portion related to the calculation difference is approximately 0.02 billion Brazilian real (5 million US dollar). Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 was appealed 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.
In a third case, Ambev received an unfavorable decision from the Lower Administrative Court in June 2019. Ambev filed an appeal to the Upper Administrative Court, which was unfavorably decided against Ambev by a casting vote in February 2023. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, Ambev opted to pay the assessment in December 2023, with the corresponding reductions.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.2 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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, with binding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the possible loss related to these proceedings to be approximately 6.3 billion Brazilian real (1.3 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
IPI Suspension
In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annulling the first level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are pending judgment by the Federal Court.
In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results of the tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of the decision.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. 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. In 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.
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 and filed motions for reconsideration to the second administrative level. In September 2023, Ambev received partially favorable decisions related to the motions for reconsideration. The favorable portion of those decisions became final and is not subject to appeal, while the unfavorable portion is yet to be reviewed at the judicial level. In December 2023, the STF issued a binding decision (Claim of Non-compliance with a Fundamental Precept \u2013 ADPF No. 1004) holding that the unfavorable decisions regarding tax credits from the State of Amazonas issued by the State of S\u00e3o Paulo in 2022 are unconstitutional. Therefore, even though Ambev is not part of this trial at the STF, the central discussion has generated a positive impact on the Company\u2019s assessments. Ambev management estimates the possible losses related to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and 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 favorable judgment at the second administrative level, which was amended by the third administrative level in favor of the tax authorities. This decision is not final and remains subject to appeal at the judicial level. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the first administrative level. In these cases, Ambev has filed appeals at the second administrative level. In one of these cases, Ambev received an unfavorable decision from the second-level administrative authority, which is not final and has been appealed at a third-level authority. With regard to the other two cases, one is awaiting judgment, and the first-instance decision issued in respect of the other was cancelled, requiring a new trial to be held.
Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian real (0.2 billion US dollar) as 31 December 2023.
ICMS-ST Trigger
Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the total possible loss related to this issue to be approximately 10.7 billion Brazilian real (2.2 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
SOCIAL CONTRIBUTIONS
Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-level judicial court rendered an unfavorable decision to Ambev.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provisions for this matter.
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 (0.3 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. In accordance with IFRIC 23, 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 assessment from SARS claims that SAB owes 6.4 billion South African Rand (0.3 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment totals 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US dollar). Both of these assessments are contested, but SAB may be required to secure or pre-pay some or all of the amounts assessed, pending the outcome of the challenge and any appeal(s). In accordance with IFRIC 23, no related provision for these matters has been made based on the probability of loss.
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 illegal state aid. The European Commission appealed the judgment to the European Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB InBev was heard as an intervening party.
On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019 judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an \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 was 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. On 20 September 2023, the European General Court upheld the European Commission\u2019s decision. That judgment has been appealed by AB InBev and other parties to the European Court of Justice.
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 (75 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 (75 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 rights. 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. The holders of these warrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion Brazilian real (0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled in previous years. Five cases have been finally resolved favorably to Ambev, with three of these decided in the second quarter of 2023. The last case was ruled favorably to Ambev by the Superior Court of Justice and the decision became final in September 2023. With the closure of the last case, this litigation has ended completely in favor of the Company. No provisions have been made in connection with this litigation.
PROPOSED CLASS ACTION IN QUEBEC
Labatt and other third-party defendants have been named in a proposed class action lawsuit in the Superior Court of Quebec seeking unquantified compensatory and punitive damages.\u00a0The plaintiffs allege that the defendants failed to warn of certain specific health risks of consuming defendants\u2019 alcoholic beverages.\u00a0A sub-class of plaintiffs further alleges that their diseases were caused by the consumption of defendants\u2019 products.\u00a0The proposed class action has not yet been authorized by the Superior Court.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-140": { "value": "
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-141": { "value": "
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-142": { "value": "
26. Trade and other payables
Million US dollar
31 December 2023
31 December 2022
\u00a0\u00a0\u00a0
Indirect taxes payable
\u00a0105\u00a0
\u00a0174\u00a0
Trade payables
\u00a0256\u00a0
\u00a0176\u00a0
Deferred consideration on acquisitions
\u00a0308\u00a0
\u00a0464\u00a0
Other payables
\u00a069\u00a0
\u00a046\u00a0
Non-current trade and other payables
\u00a0738\u00a0
\u00a0859\u00a0
\u00a0\u00a0\u00a0
Trade payables and accrued expenses
17\u00a0729\u00a0
18\u00a0589\u00a0
Payroll and social security payables
1\u00a0439\u00a0
1\u00a0520\u00a0
Indirect taxes payable
3\u00a0149\u00a0
2\u00a0768\u00a0
Interest payable
1\u00a0407\u00a0
1\u00a0428\u00a0
Consigned packaging
1\u00a0041\u00a0
1\u00a0012\u00a0
Dividends payable
\u00a0376\u00a0
\u00a0356\u00a0
Deferred consideration on acquisitions
\u00a0441\u00a0
\u00a0313\u00a0
Other payables and deferred income
\u00a0399\u00a0
\u00a0362\u00a0
Current trade and other payables
25\u00a0981\u00a0
26\u00a0349\u00a0
The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31 December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). 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 2023, 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 (31 December 2022: 0.6 billion US dollar). See also Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-143": { "value": "
27. Risks arising from financial instruments
Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:
31 December 2023
31 December 202216
At fair
At fair
value
At fair
value
At fair
At
through
value
At
through
value
amortized
profit or
through
amortized
profit or
through
Million US dollar
cost
loss
OCI
Total
cost
loss
OCI
Total
\u00a0\u00a0\u00a0
Cash and cash equivalents
10 332
-
-
10 332
9 973
-
-
9 973
Trade and other receivables
5\u00a0517
-
-
5\u00a0517
4 973
-
-
4 973
Investment securities
27
67
151
245
25
97
149
272
Foreign exchange derivatives
-
48
315
363
-
41
186
227
Commodities
-
-
131
131
-
-
101
101
Cross currency interest rate swaps
-
-
52
52
-
-
63
63
Interest rate swaps
-
3
-
3
-
-
-
-
Financial assets
15\u00a0876
118
649
16\u00a0642
14 971
139
498
15 608
Non-current
473
-
195
668
522
15
193
730
Current
15\u00a0403
118
454
15\u00a0975
14 450
124
305
14 878
.
Trade and other payables
21\u00a0284
741
-
22\u00a0026
21 983
762
-
22 746
Non-current interest-bearing loans and borrowings
73 592
571
-
74 163
78 880
-
-
78 880
Current interest-bearing loans and borrowings
3\u00a0987
-
-
3\u00a0987
1 029
-
-
1 029
Bank overdrafts
17
-
-
17
83
-
-
83
Equity swaps
-
4 718
-
4 718
-
4 763
-
4 763
Foreign exchange derivatives
-
18
414
432
-
20
245
265
Cross currency interest rate swaps
-
-
164
164
-
16
171
187
Commodities
-
-
145
145
-
-
271
271
Interest rate swaps
-
10
-
10
-
3
2
5
Financial liabilities
98\u00a0880
6 058
723
105\u00a0662
101 975
5 565
689
108 229
Non-current
73\u00a0920
876
151
74\u00a0947
79 108
473
168
79 749
Current
24\u00a0961
5 182
573
30\u00a0715
22 867
5 092
521
28 480
AB InBev\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company\u2019s performance in line with its financial risk management policy.
AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.
The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
31 December 2023
31 December 2022
< 1
1-2
2-3
3-5
> 5
< 1
1-2
2-3
3-5
> 5
Million US dollar
year
years
years
years
years
year
years
years
years
years
Foreign currency
Foreign exchange forwards
13\u00a0440
105
300
-
-
11\u00a0445
479
-
-
-
Foreign currency futures
245
-
-
-
-
503
-
-
-
-
Interest rate
Interest rate swaps
580
-
-
-
-
1\u00a0000
-
-
-
-
Cross currency interest rate swaps
1\u00a0217
1\u00a0863
510
4\u00a0353
717
900
1\u00a0923
1\u00a0834
2\u00a0608
560
Commodities
Aluminum swaps
1\u00a0780
-
-
-
-
2\u00a0161
4
-
-
-
Other commodity derivatives
913
25
-
-
-
1\u00a0160
22
-
-
-
Equity
Equity derivatives
11\u00a0189
-
-
-
-
10\u00a0800
-
-
-
-
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
Assets
Liabilities
Net
31 December
31 December
31 December
31 December
31 December
31 December
Million US dollar
2023
202220
2023
202220
2023
202220
Foreign currency
Foreign exchange derivatives
363\u00a0
227\u00a0
(432)
(265)
(70)
(38)
Interest rate
Interest rate swaps
3\u00a0
-
(10)
(5)
(7)
(5)
Cross currency interest rate swaps
52\u00a0
63
(164)
(187)
(112)
(124)
Commodities
Aluminum derivatives
72\u00a0
52
(57)
(174)
15\u00a0
(122)
Energy derivatives
30\u00a0
12
(29)
(28)
1\u00a0
(16)
Other commodity derivatives
29\u00a0
36
(58)
(69)
(30)
(32)
Equity
Equity derivatives
-
-
(4\u00a0718)
(4\u00a0763)
(4\u00a0718)
(4\u00a0763)
549\u00a0
391
(5\u00a0469)
(5\u00a0492)
(4\u00a0920)
(5\u00a0101)
Of which:
Non-current
44\u00a0
60
(151)
(184)
(107)
(124)
Current
505\u00a0
331
(5\u00a0318)
(5\u00a0308)
(4\u00a0813)
(4\u00a0977)
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.
Interest-bearing financial liabilities
31 December 2023
31 December 2022
Million US dollar
Carrying amount21
Fair value
Carrying amount21
Fair value
Fixed rate
US dollar
(49\u00a0917)
(52\u00a0268)
(52\u00a0993)
(52\u00a0158)
Euro
(20\u00a0379)
(19\u00a0796)
(19\u00a0655)
(17\u00a0926)
Pound sterling
(2\u00a0069)
(2\u00a0012)
(2\u00a0148)
(2\u00a0039)
Canadian dollar
(526)
(505)
(515)
(437)
Other
(558)
(554)
(458)
(448)
(73\u00a0449)
(75\u00a0135)
(75\u00a0769)
(73\u00a0008)

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
51\u00a0
-
Derivatives in a cash flow hedge relationship
28\u00a0
381\u00a0
-
Derivatives in a net investment hedge relationship
-
89\u00a0
-
\u00a0\u00a0\u00a0
28\u00a0
530\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value
-
-
741\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0736\u00a0
-
Derivatives in a cash flow hedge relationship
18\u00a0
524\u00a0
-
Derivatives in a fair value hedge relationship
-
10\u00a0
-
Derivatives in a net investment hedge relationship
-
181\u00a0
-
\u00a0\u00a0\u00a0
18\u00a0
5\u00a0451\u00a0
741\u00a0
\u00a0\u00a0\u00a0
Fair value hierarchy 31 December 2022
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
41\u00a0
-
Derivatives in a cash flow hedge relationship
36\u00a0
219\u00a0
-
Derivatives in a net investment hedge relationship
-
94\u00a0
-
\u00a0\u00a0\u00a0
36\u00a0
364\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value\u00a0
-
-
762\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0799\u00a0
-
Derivatives in a cash flow hedge relationship
26\u00a0
525\u00a0
-
Derivatives in a fair value hedge relationship
-
4\u00a0
-
Derivatives in a net investment hedge relationship
-
138\u00a0
-
\u00a0\u00a0\u00a0
26\u00a0
5\u00a0466\u00a0
762\u00a0
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 2023 and 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement 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 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
31 December 2023
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
549\u00a0
549\u00a0
(538)
11\u00a0
Derivative liabilities
(5\u00a0469)
(5\u00a0469)
538\u00a0
(4\u00a0931)
31 December 2022
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
391\u00a0
391\u00a0
(381)
10\u00a0
Derivative liabilities
(5\u00a0492)
(5\u00a0492)
381\u00a0
(5\u00a0111)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-144": { "value": "
AB InBev\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company\u2019s performance in line with its financial risk management policy.
AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.
The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
31 December 2023
31 December 2022
< 1
1-2
2-3
3-5
> 5
< 1
1-2
2-3
3-5
> 5
Million US dollar
year
years
years
years
years
year
years
years
years
years
Foreign currency
Foreign exchange forwards
13\u00a0440
105
300
-
-
11\u00a0445
479
-
-
-
Foreign currency futures
245
-
-
-
-
503
-
-
-
-
Interest rate
Interest rate swaps
580
-
-
-
-
1\u00a0000
-
-
-
-
Cross currency interest rate swaps
1\u00a0217
1\u00a0863
510
4\u00a0353
717
900
1\u00a0923
1\u00a0834
2\u00a0608
560
Commodities
Aluminum swaps
1\u00a0780
-
-
-
-
2\u00a0161
4
-
-
-
Other commodity derivatives
913
25
-
-
-
1\u00a0160
22
-
-
-
Equity
Equity derivatives
11\u00a0189
-
-
-
-
10\u00a0800
-
-
-
-
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
Assets
Liabilities
Net
31 December
31 December
31 December
31 December
31 December
31 December
Million US dollar
2023
202220
2023
202220
2023
202220
Foreign currency
Foreign exchange derivatives
363\u00a0
227\u00a0
(432)
(265)
(70)
(38)
Interest rate
Interest rate swaps
3\u00a0
-
(10)
(5)
(7)
(5)
Cross currency interest rate swaps
52\u00a0
63
(164)
(187)
(112)
(124)
Commodities
Aluminum derivatives
72\u00a0
52
(57)
(174)
15\u00a0
(122)
Energy derivatives
30\u00a0
12
(29)
(28)
1\u00a0
(16)
Other commodity derivatives
29\u00a0
36
(58)
(69)
(30)
(32)
Equity
Equity derivatives
-
-
(4\u00a0718)
(4\u00a0763)
(4\u00a0718)
(4\u00a0763)
549\u00a0
391
(5\u00a0469)
(5\u00a0492)
(4\u00a0920)
(5\u00a0101)
Of which:
Non-current
44\u00a0
60
(151)
(184)
(107)
(124)
Current
505\u00a0
331
(5\u00a0318)
(5\u00a0308)
(4\u00a0813)
(4\u00a0977)
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.
Interest-bearing financial liabilities
31 December 2023
31 December 2022
Million US dollar
Carrying amount21
Fair value
Carrying amount21
Fair value
Fixed rate
US dollar
(49\u00a0917)
(52\u00a0268)
(52\u00a0993)
(52\u00a0158)
Euro
(20\u00a0379)
(19\u00a0796)
(19\u00a0655)
(17\u00a0926)
Pound sterling
(2\u00a0069)
(2\u00a0012)
(2\u00a0148)
(2\u00a0039)
Canadian dollar
(526)
(505)
(515)
(437)
Other
(558)
(554)
(458)
(448)
(73\u00a0449)
(75\u00a0135)
(75\u00a0769)
(73\u00a0008)

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
51\u00a0
-
Derivatives in a cash flow hedge relationship
28\u00a0
381\u00a0
-
Derivatives in a net investment hedge relationship
-
89\u00a0
-
\u00a0\u00a0\u00a0
28\u00a0
530\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value
-
-
741\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0736\u00a0
-
Derivatives in a cash flow hedge relationship
18\u00a0
524\u00a0
-
Derivatives in a fair value hedge relationship
-
10\u00a0
-
Derivatives in a net investment hedge relationship
-
181\u00a0
-
\u00a0\u00a0\u00a0
18\u00a0
5\u00a0451\u00a0
741\u00a0
\u00a0\u00a0\u00a0
Fair value hierarchy 31 December 2022
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
41\u00a0
-
Derivatives in a cash flow hedge relationship
36\u00a0
219\u00a0
-
Derivatives in a net investment hedge relationship
-
94\u00a0
-
\u00a0\u00a0\u00a0
36\u00a0
364\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value\u00a0
-
-
762\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0799\u00a0
-
Derivatives in a cash flow hedge relationship
26\u00a0
525\u00a0
-
Derivatives in a fair value hedge relationship
-
4\u00a0
-
Derivatives in a net investment hedge relationship
-
138\u00a0
-
\u00a0\u00a0\u00a0
26\u00a0
5\u00a0466\u00a0
762\u00a0
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 2023 and 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement 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 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
The company\u2019s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following instruments:
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2023
491
(476)
131
145
Change in fair value of hedging instrument recognized in OCI
(237)
(197)
-
(434)
Reclassified to profit or loss / cost of inventory
102
368
-
470
As per 31 December 2023
356
(304)
131
181
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
143
39
-
183
Reclassified to profit or loss / cost of inventory
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
31 December 2023
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
549\u00a0
549\u00a0
(538)
11\u00a0
Derivative liabilities
(5\u00a0469)
(5\u00a0469)
538\u00a0
(4\u00a0931)
31 December 2022
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
391\u00a0
391\u00a0
(381)
10\u00a0
Derivative liabilities
(5\u00a0492)
(5\u00a0492)
381\u00a0
(5\u00a0111)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-145": { "value": "
AB InBev\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company\u2019s performance in line with its financial risk management policy.
AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate swaps, cross currency interest rate swaps (\u201cCCIRS\u201d), commodity swaps, commodity futures and equity swaps.
The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
31 December 2023
31 December 2022
< 1
1-2
2-3
3-5
> 5
< 1
1-2
2-3
3-5
> 5
Million US dollar
year
years
years
years
years
year
years
years
years
years
Foreign currency
Foreign exchange forwards
13\u00a0440
105
300
-
-
11\u00a0445
479
-
-
-
Foreign currency futures
245
-
-
-
-
503
-
-
-
-
Interest rate
Interest rate swaps
580
-
-
-
-
1\u00a0000
-
-
-
-
Cross currency interest rate swaps
1\u00a0217
1\u00a0863
510
4\u00a0353
717
900
1\u00a0923
1\u00a0834
2\u00a0608
560
Commodities
Aluminum swaps
1\u00a0780
-
-
-
-
2\u00a0161
4
-
-
-
Other commodity derivatives
913
25
-
-
-
1\u00a0160
22
-
-
-
Equity
Equity derivatives
11\u00a0189
-
-
-
-
10\u00a0800
-
-
-
-
AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses mainly foreign exchange forwards, currency futures and cross currency interest rate swaps.
Foreign exchange risk on operating activities
AB InBev\u2019s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.
The table below shows the company\u2019s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev\u2019s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.
31 December 2023
31 December 202217
Total
Total
Open
Total
Total
Open
Million US dollar
exposure
\u00a0hedges
position
exposure
hedges
position
\u00a0\u00a0\u00a0
Euro/Colombian peso
(138)
65\u00a0
(73)
(66)
41\u00a0
(25)
Euro/Mexican peso
(99)
95\u00a0
(4)
(108)
100\u00a0
(8)
Euro/Pound sterling
(71)
65\u00a0
(6)
(136)
112\u00a0
(24)
Euro/South African rand
(99)
86\u00a0
(13)
(67)
31\u00a0
(36)
Mexican peso/Euro
(219)
180\u00a0
(39)
(269)
268\u00a0
(1)
Mexican peso/US dollar
(100)
71\u00a0
(29)
(68)
50\u00a0
(18)
US dollar/Argentinean peso
(437)
-\u00a0\u00a0\u00a0
(437)
(702)
206\u00a0
(496)
US dollar/Brazilian real
(1\u00a0832)
1\u00a0833
1\u00a0
(1\u00a0955)
1\u00a0789
(166)
US dollar/Canadian dollar
(310)
291\u00a0
(19)
(310)
249\u00a0
(61)
US dollar/Chilean peso
(164)
129\u00a0
(35)
(135)
129\u00a0
(6)
US dollar/Chinese yuan
(87)
83\u00a0
(4)
(125)
113\u00a0
(12)
US dollar/Colombian peso
(546)
542\u00a0
(4)
(615)
559\u00a0
(56)
US dollar/Dominican peso
(108)
\u00a026
(82)
(121)
-
(121)
US dollar/Euro
(90)
100\u00a0
10\u00a0
(134)
111\u00a0
(23)
US dollar/Mexican peso
(1\u00a0229)
1\u00a0282
53\u00a0
(1\u00a0442)
1\u00a0436
(6)
US dollar/Paraguayan guarani
(157)
152\u00a0
(5)
(144)
135\u00a0
(9)
US dollar/Peruvian nuevo sol
(217)
209\u00a0
(8)
(264)
276\u00a0
12\u00a0
US dollar/South African rand
(224)
189\u00a0
(35)
(196)
121\u00a0
(75)
US dollar/South Korean won
(146)
135\u00a0
(11)
(121)
110\u00a0
(11)
Others
(394)
\u00a0254
(140)
(305)
\u00a0240
(65)
Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below.
Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges.
Foreign exchange risk on foreign currency denominated debt
AB InBev\u2019s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration a holistic risk management approach.
A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk section below.

Currency sensitivity analysis
Currency transactional risk
Most of AB InBev\u2019s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Argentinean peso, Canadian dollar, Chilean peso, Dominican peso and South African rand against the US dollar.
The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and other comprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax of approximately 98m US dollar over the next 12 months (31 December 2022: 144m US dollar). Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of 504m US dollar (31 December 2022: 537m US dollar). The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets.
Foreign exchange risk on net investments in foreign operations
AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments.
As of 31 December 2023, designated derivative financial instruments in net investment hedges applied on the company\u2019s debt amount to 7 908m US dollar equivalent (31 December 2022: 8\u202f482m US dollar). These instruments hedge foreign operations with Canadian dollar, Chinese yuan, Mexican peso and South Korean won functional currencies.
Net foreign exchange results
Foreign exchange results recognized on hedged and unhedged exposures are as follows:
Million US dollar
2023
2022
Hedged (economic hedges)
70
297
Not hedged
(423)
(660)
(353)
(363)
The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev\u2019s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev\u2019s overall 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 impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 0.6 billion US dollar through fixed/floating interest rate swaps. 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 September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of 2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85% per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2023 of 500m, 337m and 248m pound sterling, respectively.
The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in cash flow hedge relationships.
US dollar bank loan hedges (foreign currency risk on borrowings against the Nigerian naira)
The company has a floating rate loan denominated in US dollar for a total of 389m in Nigeria. This loan is held by an entity with functional currency in Nigerian Naira. In order to hedge against fluctuations in foreign exchange rates, the company entered into foreign exchange futures which have been designated in a cash flow hedge relationship.
Economic Hedges
Marketable debt security hedges (interest rate risk on Brazilian real)
During 2023 and 2022, Ambev invested in highly liquid Brazilian real denominated government debt securities.
Interest rate sensitivity analysis
The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.
31 December 2023
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Euro
4.27%
1\u00a0086\u00a0
4.27%
1\u00a0086\u00a0
US dollar
6.00%
505\u00a0
6.35%
789\u00a0
Other
10.47%
299\u00a0
11.66%
595\u00a0
\u00a0\u00a0\u00a0
1\u00a0889\u00a0
2\u00a0469\u00a0
Fixed rate
Canadian dollar
4.54%
625\u00a0
4.37%
2\u00a0988\u00a0
Chinese yuan
2.91%
57\u00a0
2.49%
2\u00a0437\u00a0
Euro
2.26%
21\u00a0233\u00a0
2.46%
22\u00a0072\u00a0
Pound sterling
5.38%
2\u00a0122\u00a0
8.24%
827\u00a0
South Korean won
5.49%
49\u00a0
1.85%
2\u00a0209\u00a0
US dollar
5.02%
50\u00a0368\u00a0
5.20%
43\u00a0344\u00a0
Other
8.85%
1\u00a0825\u00a0
10.00%
1\u00a0820\u00a0
\u00a0\u00a0\u00a0
76\u00a0277\u00a0
75\u00a0697\u00a0
\u00a0\u00a0\u00a0
31 December 2022
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Canadian dollar
-
-
4.34%
1\u00a0455\u00a0
Euro
1.68%
1\u00a0048\u00a0
1.68%
1\u00a0048\u00a0
Pound sterling
-
-
3.70%
1\u00a0078\u00a0
South Korean won
-
1\u00a0
3.08%
311\u00a0
US dollar
5.05%
430\u00a0
-
-
Other
13.39%
252\u00a0
11.17%
666\u00a0
\u00a0\u00a0\u00a0
1\u00a0730\u00a0
4\u00a0557\u00a0
Fixed rate
Canadian dollar
4.50%
613\u00a0
4.37%
3\u00a0741\u00a0
Chinese yuan
2.44%
50\u00a0
2.50%
1\u00a0230\u00a0
Euro
2.27%
20\u00a0391\u00a0
2.31%
21\u00a0242\u00a0
Pound sterling
5.13%
2\u00a0208\u00a0
5.55%
1\u00a0607\u00a0
South Korean won
2.96%
46\u00a0
0.94%
1\u00a0896\u00a0
US dollar
4.99%
53\u00a0478\u00a0
5.27%
44\u00a0547\u00a0
Other
10.53%
1\u00a0476\u00a0
12.19%
1\u00a0172\u00a0
\u00a0\u00a0\u00a0
78\u00a0261\u00a0
75\u00a0434\u00a0
As at 31 December 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 17m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 2\u202f469m US dollar or 3.2% of the company\u2019s interest-bearing financial liabilities bears interest at a variable rate.
The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been 26m US dollar higher/lower (31 December 2022: 46m US dollar). This impact would have been more than offset by 96m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022: 93m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant.
Interest expense
Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar
2023
2022
Financial liabilities measured at amortized cost \u2013 not hedged
(3\u00a0722)
(3\u00a0641)
Fair value hedges
(22)
(20)
Cash flow hedges
28\u00a0
24\u00a0
Net investment hedges - hedging instruments (interest component)
10\u00a0
(1)
Economic hedges
-
42\u00a0
(3\u00a0705)
(3\u00a0597)
The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility. The most significant commodity exposures are included in the table below (expressed in outstanding notional amounts):
Million US dollar
31 December 2023
31 December 2022
Aluminum
1\u00a0780
2\u00a0165
Energy
249
417
Corn
289
321
Wheat
163
127
Plastic
95
122
Rice
51
100
Sugar
91
95
2\u00a0719
3\u00a0348
Commodity price sensitivity analysis
The impact of changes in prices of commodities that are being financially hedged would not have had a material impact on AB InBev\u2019s profit in 2023 as they are hedged using derivative contracts which are designated in hedge accounting in accordance with IFRS 9 rules.
The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures would have on the equity reserves.
2023
2022
.
Pre-tax impact on equity
.
Pre-tax impact on equity
Million US dollar
Volatility of prices in %18
Prices increase
Prices decrease
Volatility of prices in %18
Prices increase
Prices decrease
Aluminum
19%
337
(337)
31%
665\u00a0
(665)
Energy
52%
130
(130)
49%
206\u00a0
(206)
Corn
27%
78
(78)
22%
72\u00a0
(72)
Wheat
35%
56
(56)
52%
66\u00a0
(66)
Plastic
15%
14
(14)
32%
25\u00a0
(25)
Rice
26%
13
(13)
19%
19\u00a0
(19)
Sugar
29%
26
(26)
22%
21\u00a0
(21)
AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 24 Share-based Payments. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combinations (see also Note 11 Finance cost and income). These derivatives do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss.
As at 31 December 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (325)m US dollar recognized in the profit or loss account for the period in non-underlying finance income/(cost). As at 31 December 2023, liabilities for equity swap derivatives amounted to 4.7 billion US dollar (31 December 2022: 4.8 billion US dollar).
Equity price sensitivity analysis
The sensitivity analysis on the equity swap derivatives, calculated based on a 18% (2022: 28%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1\u202f181m US dollar positive/negative impact on the 2023 profit before tax (31 December 2022: 1\u202f660m US dollar).
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 2023 to be limited.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
31 December 2023
31 December 2022
Million US dollar
Gross
Impairment
Net carrying amount
Gross
Impairment
Net carrying amount
Cash and cash equivalents
10\u00a0332\u00a0
-
10\u00a0332\u00a0
9\u00a0973\u00a0
-
9\u00a0973\u00a0
Trade receivables
4\u00a0734\u00a0
(387)
4\u00a0347\u00a0
3\u00a0980\u00a0
(343)
3\u00a0637\u00a0
Other receivables
1\u00a0483\u00a0
(74)
1\u00a0409\u00a0
1\u00a0545\u00a0
(68)
1\u00a0477\u00a0
Derivatives
549\u00a0
-
549\u00a0
391\u00a0
-
391\u00a0
Cash deposits for guarantees
164\u00a0
-
164\u00a0
189\u00a0
-
189\u00a0
Investment in unquoted companies
151\u00a0
-
151\u00a0
155\u00a0
(5)
149\u00a0
Loans to customers
72\u00a0
-
72\u00a0
81\u00a0
-
81\u00a0
Investment in debt securities
94\u00a0
-
94\u00a0
123\u00a0
-
123\u00a0
17\u00a0578\u00a0
(462)
17\u00a0116\u00a0
16\u00a0434\u00a0
(416)
16\u00a0019\u00a0
There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single customer represented more than 10% of the total revenue of the group in 2023.

Impairment losses
The allowance for impairment recognized during the period on financial assets was as follows:
31 December 2023
31 December 2022
Balance at end of previous year
(416)
(402)
Impairment losses
(54)
(38)
Derecognition
26\u00a0
24
Currency translation and other
(18)
1
Balance at end of period
(462)
(416)
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:
The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing.
The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
31 December 2023
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(74\u00a0410)
(125\u00a0728)
(5\u00a0689)
(3\u00a0699)
(6\u00a0352)
(16\u00a0731)
(93\u00a0258)
Trade and other payables
(26\u00a0719)
(27\u00a0020)
(26\u00a0026)
(233)
(156)
(240)
(365)
Lease liabilities
(2\u00a0829)
(3\u00a0228)
(823)
(596)
(472)
(599)
(738)
Secured bank loans
(415)
(426)
(395)
(5)
(5)
(10)
(10)
Unsecured bank loans
(182)
(182)
(182)
-
-
-
-
Unsecured other loans
(314)
(364)
(200)
(109)
(28)
(16)
(11)
Bank overdraft
(17)
(17)
(17)
-
-
-
-
(104\u00a0886)
(156\u00a0965)
(33\u00a0331)
(4\u00a0642)
(7\u00a0013)
(17\u00a0597)
(94\u00a0383)
Derivative financial liabilities
Equity derivatives
(4\u00a0718)
(4\u00a0718)
(4\u00a0718)
-
-
-
-
Foreign exchange derivatives
(432)
(432)
(428)
-
(4)
-
-
Cross currency interest rate swaps
(174)
(174)
(24)
(34)
(13)
(103)
-
Commodity derivatives
(145)
(145)
(145)
-
-
-
-
(5\u00a0469)
(5\u00a0469)
(5\u00a0316)
(34)
(16)
(103)
-
Of which: related to cash flow hedges
(542)
(542)
(494)
(34)
-
(14)
-
31 December 2022
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(76\u00a0798)
(133\u00a0670)
(3\u00a0273)
(5\u00a0683)
(3\u00a0783)
(15\u00a0482)
(105\u00a0450)
Trade and other payables
(27\u00a0208)
(27\u00a0453)
(26\u00a0376)
(170)
(349)
(260)
(297)
Lease liabilities
(2\u00a0492)
(2\u00a0840)
(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\u00a0199)
(164\u00a0745)
(30\u00a0856)
(6\u00a0501)
(4\u00a0579)
(16\u00a0313)
(106\u00a0496)
Derivative financial liabilities
Equity derivatives
(4\u00a0763)
(4\u00a0763)
(4\u00a0763)
-
-
-
-
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\u00a0492)
(5\u00a0471)
(5\u00a0287)
(45)
(47)
(62)
(30)
Of which: related to cash flow hedges
(551)
(530)
(469)
-
(43)
(17)
-
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 aim 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.
The company\u2019s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following instruments:
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2023
491
(476)
131
145
Change in fair value of hedging instrument recognized in OCI
(237)
(197)
-
(434)
Reclassified to profit or loss / cost of inventory
102
368
-
470
As per 31 December 2023
356
(304)
131
181
Million US dollar
Foreign currency
Commodities
Others
Total hedging reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
143
39
-
183
Reclassified to profit or loss / cost of inventory
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
31 December 2023
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
549\u00a0
549\u00a0
(538)
11\u00a0
Derivative liabilities
(5\u00a0469)
(5\u00a0469)
538\u00a0
(4\u00a0931)
31 December 2022
Million US dollar
Gross amount
Net amount recognized in the statement of financial position22
Other offsetting agreements23
Total net amount
Derivative assets
391\u00a0
391\u00a0
(381)
10\u00a0
Derivative liabilities
(5\u00a0492)
(5\u00a0492)
381\u00a0
(5\u00a0111)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-146": { "value": "
AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses mainly foreign exchange forwards, currency futures and cross currency interest rate swaps.
Foreign exchange risk on operating activities
AB InBev\u2019s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.
The table below shows the company\u2019s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev\u2019s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.
31 December 2023
31 December 202217
Total
Total
Open
Total
Total
Open
Million US dollar
exposure
\u00a0hedges
position
exposure
hedges
position
\u00a0\u00a0\u00a0
Euro/Colombian peso
(138)
65\u00a0
(73)
(66)
41\u00a0
(25)
Euro/Mexican peso
(99)
95\u00a0
(4)
(108)
100\u00a0
(8)
Euro/Pound sterling
(71)
65\u00a0
(6)
(136)
112\u00a0
(24)
Euro/South African rand
(99)
86\u00a0
(13)
(67)
31\u00a0
(36)
Mexican peso/Euro
(219)
180\u00a0
(39)
(269)
268\u00a0
(1)
Mexican peso/US dollar
(100)
71\u00a0
(29)
(68)
50\u00a0
(18)
US dollar/Argentinean peso
(437)
-\u00a0\u00a0\u00a0
(437)
(702)
206\u00a0
(496)
US dollar/Brazilian real
(1\u00a0832)
1\u00a0833
1\u00a0
(1\u00a0955)
1\u00a0789
(166)
US dollar/Canadian dollar
(310)
291\u00a0
(19)
(310)
249\u00a0
(61)
US dollar/Chilean peso
(164)
129\u00a0
(35)
(135)
129\u00a0
(6)
US dollar/Chinese yuan
(87)
83\u00a0
(4)
(125)
113\u00a0
(12)
US dollar/Colombian peso
(546)
542\u00a0
(4)
(615)
559\u00a0
(56)
US dollar/Dominican peso
(108)
\u00a026
(82)
(121)
-
(121)
US dollar/Euro
(90)
100\u00a0
10\u00a0
(134)
111\u00a0
(23)
US dollar/Mexican peso
(1\u00a0229)
1\u00a0282
53\u00a0
(1\u00a0442)
1\u00a0436
(6)
US dollar/Paraguayan guarani
(157)
152\u00a0
(5)
(144)
135\u00a0
(9)
US dollar/Peruvian nuevo sol
(217)
209\u00a0
(8)
(264)
276\u00a0
12\u00a0
US dollar/South African rand
(224)
189\u00a0
(35)
(196)
121\u00a0
(75)
US dollar/South Korean won
(146)
135\u00a0
(11)
(121)
110\u00a0
(11)
Others
(394)
\u00a0254
(140)
(305)
\u00a0240
(65)
Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below.
Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges.
Foreign exchange risk on foreign currency denominated debt
AB InBev\u2019s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration a holistic risk management approach.
A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk section below.

Currency sensitivity analysis
Currency transactional risk
Most of AB InBev\u2019s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Argentinean peso, Canadian dollar, Chilean peso, Dominican peso and South African rand against the US dollar.
The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and other comprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax of approximately 98m US dollar over the next 12 months (31 December 2022: 144m US dollar). Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of 504m US dollar (31 December 2022: 537m US dollar). The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets.
Foreign exchange risk on net investments in foreign operations
AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments.
As of 31 December 2023, designated derivative financial instruments in net investment hedges applied on the company\u2019s debt amount to 7 908m US dollar equivalent (31 December 2022: 8\u202f482m US dollar). These instruments hedge foreign operations with Canadian dollar, Chinese yuan, Mexican peso and South Korean won functional currencies.
Net foreign exchange results
Foreign exchange results recognized on hedged and unhedged exposures are as follows:
Million US dollar
2023
2022
Hedged (economic hedges)
70
297
Not hedged
(423)
(660)
(353)
(363)
The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev\u2019s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev\u2019s overall 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 impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 0.6 billion US dollar through fixed/floating interest rate swaps. 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 September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of 2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85% per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2023 of 500m, 337m and 248m pound sterling, respectively.
The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in cash flow hedge relationships.
US dollar bank loan hedges (foreign currency risk on borrowings against the Nigerian naira)
The company has a floating rate loan denominated in US dollar for a total of 389m in Nigeria. This loan is held by an entity with functional currency in Nigerian Naira. In order to hedge against fluctuations in foreign exchange rates, the company entered into foreign exchange futures which have been designated in a cash flow hedge relationship.
Economic Hedges
Marketable debt security hedges (interest rate risk on Brazilian real)
During 2023 and 2022, Ambev invested in highly liquid Brazilian real denominated government debt securities.
Interest rate sensitivity analysis
The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.
31 December 2023
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Euro
4.27%
1\u00a0086\u00a0
4.27%
1\u00a0086\u00a0
US dollar
6.00%
505\u00a0
6.35%
789\u00a0
Other
10.47%
299\u00a0
11.66%
595\u00a0
\u00a0\u00a0\u00a0
1\u00a0889\u00a0
2\u00a0469\u00a0
Fixed rate
Canadian dollar
4.54%
625\u00a0
4.37%
2\u00a0988\u00a0
Chinese yuan
2.91%
57\u00a0
2.49%
2\u00a0437\u00a0
Euro
2.26%
21\u00a0233\u00a0
2.46%
22\u00a0072\u00a0
Pound sterling
5.38%
2\u00a0122\u00a0
8.24%
827\u00a0
South Korean won
5.49%
49\u00a0
1.85%
2\u00a0209\u00a0
US dollar
5.02%
50\u00a0368\u00a0
5.20%
43\u00a0344\u00a0
Other
8.85%
1\u00a0825\u00a0
10.00%
1\u00a0820\u00a0
\u00a0\u00a0\u00a0
76\u00a0277\u00a0
75\u00a0697\u00a0
\u00a0\u00a0\u00a0
31 December 2022
Before hedging
After hedging
Interest-bearing financial liabilities
Effective\u00a0
Amount
Effective\u00a0
Amount
Million US dollar
interest rate
interest rate
\u00a0\u00a0\u00a0
Floating rate
Canadian dollar
-
-
4.34%
1\u00a0455\u00a0
Euro
1.68%
1\u00a0048\u00a0
1.68%
1\u00a0048\u00a0
Pound sterling
-
-
3.70%
1\u00a0078\u00a0
South Korean won
-
1\u00a0
3.08%
311\u00a0
US dollar
5.05%
430\u00a0
-
-
Other
13.39%
252\u00a0
11.17%
666\u00a0
\u00a0\u00a0\u00a0
1\u00a0730\u00a0
4\u00a0557\u00a0
Fixed rate
Canadian dollar
4.50%
613\u00a0
4.37%
3\u00a0741\u00a0
Chinese yuan
2.44%
50\u00a0
2.50%
1\u00a0230\u00a0
Euro
2.27%
20\u00a0391\u00a0
2.31%
21\u00a0242\u00a0
Pound sterling
5.13%
2\u00a0208\u00a0
5.55%
1\u00a0607\u00a0
South Korean won
2.96%
46\u00a0
0.94%
1\u00a0896\u00a0
US dollar
4.99%
53\u00a0478\u00a0
5.27%
44\u00a0547\u00a0
Other
10.53%
1\u00a0476\u00a0
12.19%
1\u00a0172\u00a0
\u00a0\u00a0\u00a0
78\u00a0261\u00a0
75\u00a0434\u00a0
As at 31 December 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 17m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 2\u202f469m US dollar or 3.2% of the company\u2019s interest-bearing financial liabilities bears interest at a variable rate.
The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been 26m US dollar higher/lower (31 December 2022: 46m US dollar). This impact would have been more than offset by 96m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022: 93m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant.
Interest expense
Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar
2023
2022
Financial liabilities measured at amortized cost \u2013 not hedged
(3\u00a0722)
(3\u00a0641)
Fair value hedges
(22)
(20)
Cash flow hedges
28\u00a0
24\u00a0
Net investment hedges - hedging instruments (interest component)
10\u00a0
(1)
Economic hedges
-
42\u00a0
(3\u00a0705)
(3\u00a0597)
The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility. The most significant commodity exposures are included in the table below (expressed in outstanding notional amounts):
Million US dollar
31 December 2023
31 December 2022
Aluminum
1\u00a0780
2\u00a0165
Energy
249
417
Corn
289
321
Wheat
163
127
Plastic
95
122
Rice
51
100
Sugar
91
95
2\u00a0719
3\u00a0348
Commodity price sensitivity analysis
The impact of changes in prices of commodities that are being financially hedged would not have had a material impact on AB InBev\u2019s profit in 2023 as they are hedged using derivative contracts which are designated in hedge accounting in accordance with IFRS 9 rules.
The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures would have on the equity reserves.
2023
2022
.
Pre-tax impact on equity
.
Pre-tax impact on equity
Million US dollar
Volatility of prices in %18
Prices increase
Prices decrease
Volatility of prices in %18
Prices increase
Prices decrease
Aluminum
19%
337
(337)
31%
665\u00a0
(665)
Energy
52%
130
(130)
49%
206\u00a0
(206)
Corn
27%
78
(78)
22%
72\u00a0
(72)
Wheat
35%
56
(56)
52%
66\u00a0
(66)
Plastic
15%
14
(14)
32%
25\u00a0
(25)
Rice
26%
13
(13)
19%
19\u00a0
(19)
Sugar
29%
26
(26)
22%
21\u00a0
(21)
AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 24 Share-based Payments. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combinations (see also Note 11 Finance cost and income). These derivatives do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss.
As at 31 December 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (325)m US dollar recognized in the profit or loss account for the period in non-underlying finance income/(cost). As at 31 December 2023, liabilities for equity swap derivatives amounted to 4.7 billion US dollar (31 December 2022: 4.8 billion US dollar).
Equity price sensitivity analysis
The sensitivity analysis on the equity swap derivatives, calculated based on a 18% (2022: 28%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1\u202f181m US dollar positive/negative impact on the 2023 profit before tax (31 December 2022: 1\u202f660m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-147": { "value": "
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 2023 to be limited.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
31 December 2023
31 December 2022
Million US dollar
Gross
Impairment
Net carrying amount
Gross
Impairment
Net carrying amount
Cash and cash equivalents
10\u00a0332\u00a0
-
10\u00a0332\u00a0
9\u00a0973\u00a0
-
9\u00a0973\u00a0
Trade receivables
4\u00a0734\u00a0
(387)
4\u00a0347\u00a0
3\u00a0980\u00a0
(343)
3\u00a0637\u00a0
Other receivables
1\u00a0483\u00a0
(74)
1\u00a0409\u00a0
1\u00a0545\u00a0
(68)
1\u00a0477\u00a0
Derivatives
549\u00a0
-
549\u00a0
391\u00a0
-
391\u00a0
Cash deposits for guarantees
164\u00a0
-
164\u00a0
189\u00a0
-
189\u00a0
Investment in unquoted companies
151\u00a0
-
151\u00a0
155\u00a0
(5)
149\u00a0
Loans to customers
72\u00a0
-
72\u00a0
81\u00a0
-
81\u00a0
Investment in debt securities
94\u00a0
-
94\u00a0
123\u00a0
-
123\u00a0
17\u00a0578\u00a0
(462)
17\u00a0116\u00a0
16\u00a0434\u00a0
(416)
16\u00a0019\u00a0
There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single customer represented more than 10% of the total revenue of the group in 2023.

Impairment losses
The allowance for impairment recognized during the period on financial assets was as follows:
31 December 2023
31 December 2022
Balance at end of previous year
(416)
(402)
Impairment losses
(54)
(38)
Derecognition
26\u00a0
24
Currency translation and other
(18)
1
Balance at end of period
(462)
(416)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-148": { "value": "
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:
The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing.
The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
31 December 2023
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(74\u00a0410)
(125\u00a0728)
(5\u00a0689)
(3\u00a0699)
(6\u00a0352)
(16\u00a0731)
(93\u00a0258)
Trade and other payables
(26\u00a0719)
(27\u00a0020)
(26\u00a0026)
(233)
(156)
(240)
(365)
Lease liabilities
(2\u00a0829)
(3\u00a0228)
(823)
(596)
(472)
(599)
(738)
Secured bank loans
(415)
(426)
(395)
(5)
(5)
(10)
(10)
Unsecured bank loans
(182)
(182)
(182)
-
-
-
-
Unsecured other loans
(314)
(364)
(200)
(109)
(28)
(16)
(11)
Bank overdraft
(17)
(17)
(17)
-
-
-
-
(104\u00a0886)
(156\u00a0965)
(33\u00a0331)
(4\u00a0642)
(7\u00a0013)
(17\u00a0597)
(94\u00a0383)
Derivative financial liabilities
Equity derivatives
(4\u00a0718)
(4\u00a0718)
(4\u00a0718)
-
-
-
-
Foreign exchange derivatives
(432)
(432)
(428)
-
(4)
-
-
Cross currency interest rate swaps
(174)
(174)
(24)
(34)
(13)
(103)
-
Commodity derivatives
(145)
(145)
(145)
-
-
-
-
(5\u00a0469)
(5\u00a0469)
(5\u00a0316)
(34)
(16)
(103)
-
Of which: related to cash flow hedges
(542)
(542)
(494)
(34)
-
(14)
-
31 December 2022
Contractual
Less
More
Carrying
cash
than
than
Million US dollar
amount19
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(76\u00a0798)
(133\u00a0670)
(3\u00a0273)
(5\u00a0683)
(3\u00a0783)
(15\u00a0482)
(105\u00a0450)
Trade and other payables
(27\u00a0208)
(27\u00a0453)
(26\u00a0376)
(170)
(349)
(260)
(297)
Lease liabilities
(2\u00a0492)
(2\u00a0840)
(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\u00a0199)
(164\u00a0745)
(30\u00a0856)
(6\u00a0501)
(4\u00a0579)
(16\u00a0313)
(106\u00a0496)
Derivative financial liabilities
Equity derivatives
(4\u00a0763)
(4\u00a0763)
(4\u00a0763)
-
-
-
-
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\u00a0492)
(5\u00a0471)
(5\u00a0287)
(45)
(47)
(62)
(30)
Of which: related to cash flow hedges
(551)
(530)
(469)
-
(43)
(17)
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-149": { "value": "
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 aim 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-150": { "value": "
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
Assets
Liabilities
Net
31 December
31 December
31 December
31 December
31 December
31 December
Million US dollar
2023
202220
2023
202220
2023
202220
Foreign currency
Foreign exchange derivatives
363\u00a0
227\u00a0
(432)
(265)
(70)
(38)
Interest rate
Interest rate swaps
3\u00a0
-
(10)
(5)
(7)
(5)
Cross currency interest rate swaps
52\u00a0
63
(164)
(187)
(112)
(124)
Commodities
Aluminum derivatives
72\u00a0
52
(57)
(174)
15\u00a0
(122)
Energy derivatives
30\u00a0
12
(29)
(28)
1\u00a0
(16)
Other commodity derivatives
29\u00a0
36
(58)
(69)
(30)
(32)
Equity
Equity derivatives
-
-
(4\u00a0718)
(4\u00a0763)
(4\u00a0718)
(4\u00a0763)
549\u00a0
391
(5\u00a0469)
(5\u00a0492)
(4\u00a0920)
(5\u00a0101)
Of which:
Non-current
44\u00a0
60
(151)
(184)
(107)
(124)
Current
505\u00a0
331
(5\u00a0318)
(5\u00a0308)
(4\u00a0813)
(4\u00a0977)
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.
Interest-bearing financial liabilities
31 December 2023
31 December 2022
Million US dollar
Carrying amount21
Fair value
Carrying amount21
Fair value
Fixed rate
US dollar
(49\u00a0917)
(52\u00a0268)
(52\u00a0993)
(52\u00a0158)
Euro
(20\u00a0379)
(19\u00a0796)
(19\u00a0655)
(17\u00a0926)
Pound sterling
(2\u00a0069)
(2\u00a0012)
(2\u00a0148)
(2\u00a0039)
Canadian dollar
(526)
(505)
(515)
(437)
Other
(558)
(554)
(458)
(448)
(73\u00a0449)
(75\u00a0135)
(75\u00a0769)
(73\u00a0008)

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
51\u00a0
-
Derivatives in a cash flow hedge relationship
28\u00a0
381\u00a0
-
Derivatives in a net investment hedge relationship
-
89\u00a0
-
\u00a0\u00a0\u00a0
28\u00a0
530\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value
-
-
741\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0736\u00a0
-
Derivatives in a cash flow hedge relationship
18\u00a0
524\u00a0
-
Derivatives in a fair value hedge relationship
-
10\u00a0
-
Derivatives in a net investment hedge relationship
-
181\u00a0
-
\u00a0\u00a0\u00a0
18\u00a0
5\u00a0451\u00a0
741\u00a0
\u00a0\u00a0\u00a0
Fair value hierarchy 31 December 2022
Quoted (unadjusted)\u00a0
Observable market\u00a0
Unobservable market\u00a0
Million US dollar
prices - level 1
inputs - level 2
inputs - level 3
\u00a0\u00a0\u00a0
Financial Assets
Held for trading (non-derivatives)
-
9\u00a0
-
Derivatives at fair value through profit and loss
-
41\u00a0
-
Derivatives in a cash flow hedge relationship
36\u00a0
219\u00a0
-
Derivatives in a net investment hedge relationship
-
94\u00a0
-
\u00a0\u00a0\u00a0
36\u00a0
364\u00a0
-
Financial Liabilities
Deferred consideration on acquisitions at fair value\u00a0
-
-
762\u00a0
Derivatives at fair value through profit and loss
-
4\u00a0799\u00a0
-
Derivatives in a cash flow hedge relationship
26\u00a0
525\u00a0
-
Derivatives in a fair value hedge relationship
-
4\u00a0
-
Derivatives in a net investment hedge relationship
-
138\u00a0
-
\u00a0\u00a0\u00a0
26\u00a0
5\u00a0466\u00a0
762\u00a0
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 2023 and 2022 in the fair value \u201clevel 3\u201d category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement 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 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the \u201clevel 3\u201d category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-151": { "value": "
28. Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other
Million US dollar
31 December 2023
31 December 2022
Collateral given for own liabilities
277\u00a0
306\u00a0
Contractual commitments to purchase property, plant and equipment
641\u00a0
538\u00a0
Contractual commitments to acquire loans to associates/customers
59\u00a0
72\u00a0
Other commitments
1\u00a0846\u00a0
1\u00a0800\u00a0
The collateral given for own liabilities of 277m US dollar as at 31 December 2023 contains 164m US dollar cash guarantees (31 December 2022: 306m US dollar collateral given for own liabilities contained 189m US dollar of cash guarantees). Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment, insurance guarantees or letters of guarantees. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u2013 see also Note 25 Provisions. In the company\u2019s statement of financial position, the cash guarantees are presented as part of other receivables \u2013 see Note 19 Trade and other receivables. The legal proceedings covered by insurance guarantees and letters of guarantee issued by the company are disclosed in Note 29 Contingencies. The remaining part of collateral given for own liabilities of 113m US dollar as at 31 December 2023 (31 December 2022: 117m US dollar) contains collateral on AB InBev\u2019s property in favor of the excise tax authorities, the amount of which is determined by the level of the monthly excise taxes due, inventory levels and transportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that AB InBev would not respect its obligations under the related outstanding contracts or would lose the pending judicial cases, the collateralized assets would be used to settle AB InBev\u2019s obligations.
AB InBev has entered into commitments to purchase property, plant and equipment for 641m US dollar at 31 December 2023 (31 December 2022: 538m US dollar).
In a limited number of countries AB InBev has committed itself to acquire loans to associates/customers from banks at their notional amount if the associates/customers do not respect their reimbursement commitments towards the banks. The total outstanding amount of such loans is 59m US dollar at 31 December 2023 (31 December 2022: 72m US dollar).
Other commitments amount to 1\u202f846m US dollar at 31 December 2023 and mainly cover guarantees given to pension funds, rental and other guarantees (31 December 2022: 1\u202f800m US dollar).
In order to fulfil AB InBev\u2019s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements. For more details, refer to Note 22 Changes in equity and earnings per share.
As at 31 December 2023, the M&A related commitments existed as discussed below.
Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)
As part of the 2012 shareholders agreement between Ambev and E. Le\u00f3n Jimenes S.A. (\u201cELJ\u201d), following the acquisition of Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d), a put and call option is in place, which may result in Ambev acquiring additional shares in CND. In January 2018 Ambev increased its participation in CND from 55% to 85%. 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, the put option being exercisable in 2024 and 2026. As of 31 December 2023, the put option for the remaining shares held by ELJ was valued 0.6 billion US dollar. On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-152": { "value": "
28. Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other
Million US dollar
31 December 2023
31 December 2022
Collateral given for own liabilities
277\u00a0
306\u00a0
Contractual commitments to purchase property, plant and equipment
641\u00a0
538\u00a0
Contractual commitments to acquire loans to associates/customers
59\u00a0
72\u00a0
Other commitments
1\u00a0846\u00a0
1\u00a0800\u00a0
The collateral given for own liabilities of 277m US dollar as at 31 December 2023 contains 164m US dollar cash guarantees (31 December 2022: 306m US dollar collateral given for own liabilities contained 189m US dollar of cash guarantees). Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment, insurance guarantees or letters of guarantees. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u2013 see also Note 25 Provisions. In the company\u2019s statement of financial position, the cash guarantees are presented as part of other receivables \u2013 see Note 19 Trade and other receivables. The legal proceedings covered by insurance guarantees and letters of guarantee issued by the company are disclosed in Note 29 Contingencies. The remaining part of collateral given for own liabilities of 113m US dollar as at 31 December 2023 (31 December 2022: 117m US dollar) contains collateral on AB InBev\u2019s property in favor of the excise tax authorities, the amount of which is determined by the level of the monthly excise taxes due, inventory levels and transportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that AB InBev would not respect its obligations under the related outstanding contracts or would lose the pending judicial cases, the collateralized assets would be used to settle AB InBev\u2019s obligations.
AB InBev has entered into commitments to purchase property, plant and equipment for 641m US dollar at 31 December 2023 (31 December 2022: 538m US dollar).
In a limited number of countries AB InBev has committed itself to acquire loans to associates/customers from banks at their notional amount if the associates/customers do not respect their reimbursement commitments towards the banks. The total outstanding amount of such loans is 59m US dollar at 31 December 2023 (31 December 2022: 72m US dollar).
Other commitments amount to 1\u202f846m US dollar at 31 December 2023 and mainly cover guarantees given to pension funds, rental and other guarantees (31 December 2022: 1\u202f800m US dollar).
In order to fulfil AB InBev\u2019s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements. For more details, refer to Note 22 Changes in equity and earnings per share.
As at 31 December 2023, the M&A related commitments existed as discussed below.
Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d)
As part of the 2012 shareholders agreement between Ambev and E. Le\u00f3n Jimenes S.A. (\u201cELJ\u201d), following the acquisition of Cervecer\u00eda Nacional Dominicana S.A. (\u201cCND\u201d), a put and call option is in place, which may result in Ambev acquiring additional shares in CND. In January 2018 Ambev increased its participation in CND from 55% to 85%. 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, the put option being exercisable in 2024 and 2026. As of 31 December 2023, the put option for the remaining shares held by ELJ was valued 0.6 billion US dollar. On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev\u2019s participation in CND increasing from 85% to 97%.
29. Contingencies
The company has contingencies related to legal proceedings and tax matters arising in the normal course of its business. 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 2023 and 31 December 2022, 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 2023
31 December 2022
.
Income tax and social contribution
13\u00a0141
11\u00a0586
Value-added and excise taxes
5\u00a0528
4\u00a0965
Other taxes
953
854
19\u00a0622
17\u00a0405
The most significant tax proceedings of Ambev are discussed below.
Ambev 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.
On 20 September 2023, Law 14,689 was enacted in Brazil (\u201cLaw 14,689/2023\u201d), which provides for the cancellation of fines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts. Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success in cases where fines were imposed in proceedings decided by a tie-breaking vote. This resulted in the reclassification of the risk of loss from possible to remote in the approximate amount of 6.9 billion Brazilian real (1.4 billion US dollar) in some of the cases discussed below, such as the deductibility of goodwill amortization expenses, Foreign Earnings, Tax Loss Offset, and the Manaus Free Trade Zone - IPI.
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 in Brazil.
The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision to Ambev in three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification of these decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as favorable first-level decisions, which remain subject to review by the second-level judicial court.
In December 2023, Ambev received a new tax assessment relating to the taxation of profits of foreign subsidiaries. Ambev filed a defense in January 2024 and the case awaits decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.1 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provision in connection therewith.
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 and the tax authorities both filed Special Appeals which were partially admitted by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit, which was granted.
In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax assessment which was subject to the Special Appeals filed by Ambev and the tax authorities. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment at the first-level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.5 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss. 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 limitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision and received a favorable decision at the first-level judicial court. The tax authorities appealed this decision and the matter awaits judgment at the second level judicial court.
In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization in calendar years 2013 to 2014 and filed defenses. In April 2019, the first-level administrative court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partially favorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decisions and received favorable decisions at the first-level judicial court. The tax authorities appealed these decisions and the matter awaits judgment at the second level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023 , as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 to Ambev. 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 filed a defense and in October 2023 received an unfavorable decision from the first-level administrative court. Ambev has filed an appeal to the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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. In November 2023, Ambev received a partially favorable decision from the first-level administrative court which reduced the qualified penalty applied to 100% (instead of 150% as initially charged). This decision is not final and is subject to review by the Lower Administrative Court. Ambev has filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 with financial investments and loans. Ambev presented defenses and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which was confirmed by the Upper Administrative Court in April 2023.
In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court and filed an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023. In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
Disallowance of tax paid abroad
Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years as of 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax period), which became definitive.
In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. Ambev received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals in April 2023 and filed an appeal to the first-level judicial court in November 2023.
In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions of taxes paid abroad. In 2021, Ambev received unfavorable decisions from the first-level administrative court in two of these assessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first-level administrative court in the second assessment related to the 2016 isolated fine case and filed an appeal in connection therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The other cases are still awaiting final decisions at both administrative and judicial courts.
In November 2023, Ambev received a new tax assessment charging such isolated fine related to calendar year 2018. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 14.3 billion Brazilian real (2.9 billion US dollar). Ambev has not recorded any provision in connection therewith.
The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to 2023). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be the same as those tax years already assessed.
Presumed Profit
In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \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 with the Administrative Council for Tax Appeals (\u201cCARF\u201d).
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter based on the probability of loss.
In February 2024, Arosuco received a unanimous favorable decision from CARF. Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 reasons. 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 this 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 its impact on the increase in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. Ambev filed a defense against this new tax assessment 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. Ambev filed a defense against this new tax assessment in January 2023. In September 2023, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In November 2023, Ambev received a new tax assessment related to the deduction of the IOC in the periods 2018 to 2021. Ambev has filed a defense against this new tax assessment, which is pending decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 27.4 billion Brazilian real (5.7 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
The uncertain tax position, as per IFRIC 23, continued to be adopted by Ambev as it also distributed or accrued IOC in the years following the assessed period (2022-2023) and deducted such amounts from its Corporate Income Taxes taxable basis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2021, 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.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 2.6 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
This uncertain tax position, as per IFRIC 23, continued to be applied by the Company impacting calendar years following those assessed (2019-2023) in which it benefited from the income tax reduction provided for in Provisional Measure No. 2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further assessments would be consistent with the already assessed periods.
In February 2024, Arosuco received a partially favorable, unanimous decision from CARF, which partially granted the appeal filed by Arosuco. The decision recognizes Arosuco\u2019s full enjoyment of the tax benefit reduction provided by Provisional Measure No. 2199-14/2001, and only requires payment of a portion of the assessment related to the difference in calculation methodology between the tax authorities and Arosuco, as the taxpayer. The portion of the assessed amount as of 31 December 2023 related to the tax incentive is approximately 2.6 billion Brazilian real (0.5 billion US dollar), and the portion related to the calculation difference is approximately 0.02 billion Brazilian real (5 million US dollar). Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 was appealed 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.
In a third case, Ambev received an unfavorable decision from the Lower Administrative Court in June 2019. Ambev filed an appeal to the Upper Administrative Court, which was unfavorably decided against Ambev by a casting vote in February 2023. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, Ambev opted to pay the assessment in December 2023, with the corresponding reductions.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.2 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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, with binding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the possible loss related to these proceedings to be approximately 6.3 billion Brazilian real (1.3 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
IPI Suspension
In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annulling the first level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are pending judgment by the Federal Court.
In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results of the tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of the decision.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. 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. In 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.
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 and filed motions for reconsideration to the second administrative level. In September 2023, Ambev received partially favorable decisions related to the motions for reconsideration. The favorable portion of those decisions became final and is not subject to appeal, while the unfavorable portion is yet to be reviewed at the judicial level. In December 2023, the STF issued a binding decision (Claim of Non-compliance with a Fundamental Precept \u2013 ADPF No. 1004) holding that the unfavorable decisions regarding tax credits from the State of Amazonas issued by the State of S\u00e3o Paulo in 2022 are unconstitutional. Therefore, even though Ambev is not part of this trial at the STF, the central discussion has generated a positive impact on the Company\u2019s assessments. Ambev management estimates the possible losses related to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and 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 favorable judgment at the second administrative level, which was amended by the third administrative level in favor of the tax authorities. This decision is not final and remains subject to appeal at the judicial level. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the first administrative level. In these cases, Ambev has filed appeals at the second administrative level. In one of these cases, Ambev received an unfavorable decision from the second-level administrative authority, which is not final and has been appealed at a third-level authority. With regard to the other two cases, one is awaiting judgment, and the first-instance decision issued in respect of the other was cancelled, requiring a new trial to be held.
Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian real (0.2 billion US dollar) as 31 December 2023.
ICMS-ST Trigger
Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the total possible loss related to this issue to be approximately 10.7 billion Brazilian real (2.2 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
SOCIAL CONTRIBUTIONS
Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-level judicial court rendered an unfavorable decision to Ambev.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provisions for this matter.
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 (0.3 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. In accordance with IFRIC 23, 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 assessment from SARS claims that SAB owes 6.4 billion South African Rand (0.3 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment totals 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US dollar). Both of these assessments are contested, but SAB may be required to secure or pre-pay some or all of the amounts assessed, pending the outcome of the challenge and any appeal(s). In accordance with IFRIC 23, no related provision for these matters has been made based on the probability of loss.
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 illegal state aid. The European Commission appealed the judgment to the European Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB InBev was heard as an intervening party.
On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019 judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an \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 was 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. On 20 September 2023, the European General Court upheld the European Commission\u2019s decision. That judgment has been appealed by AB InBev and other parties to the European Court of Justice.
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 (75 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 (75 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 rights. 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. The holders of these warrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion Brazilian real (0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled in previous years. Five cases have been finally resolved favorably to Ambev, with three of these decided in the second quarter of 2023. The last case was ruled favorably to Ambev by the Superior Court of Justice and the decision became final in September 2023. With the closure of the last case, this litigation has ended completely in favor of the Company. No provisions have been made in connection with this litigation.
PROPOSED CLASS ACTION IN QUEBEC
Labatt and other third-party defendants have been named in a proposed class action lawsuit in the Superior Court of Quebec seeking unquantified compensatory and punitive damages.\u00a0The plaintiffs allege that the defendants failed to warn of certain specific health risks of consuming defendants\u2019 alcoholic beverages.\u00a0A sub-class of plaintiffs further alleges that their diseases were caused by the consumption of defendants\u2019 products.\u00a0The proposed class action has not yet been authorized by the Superior Court.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-153": { "value": "
28. Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other
Million US dollar
31 December 2023
31 December 2022
Collateral given for own liabilities
277\u00a0
306\u00a0
Contractual commitments to purchase property, plant and equipment
641\u00a0
538\u00a0
Contractual commitments to acquire loans to associates/customers
59\u00a0
72\u00a0
Other commitments
1\u00a0846\u00a0
1\u00a0800\u00a0
AB InBev has entered into commitments to purchase property, plant and equipment for 641m US dollar at 31 December 2023 (31 December 2022: 538m US dollar).
29. Contingencies
The company has contingencies related to legal proceedings and tax matters arising in the normal course of its business. 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 2023 and 31 December 2022, 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 2023
31 December 2022
.
Income tax and social contribution
13\u00a0141
11\u00a0586
Value-added and excise taxes
5\u00a0528
4\u00a0965
Other taxes
953
854
19\u00a0622
17\u00a0405
The most significant tax proceedings of Ambev are discussed below.
Ambev 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.
On 20 September 2023, Law 14,689 was enacted in Brazil (\u201cLaw 14,689/2023\u201d), which provides for the cancellation of fines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts. Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success in cases where fines were imposed in proceedings decided by a tie-breaking vote. This resulted in the reclassification of the risk of loss from possible to remote in the approximate amount of 6.9 billion Brazilian real (1.4 billion US dollar) in some of the cases discussed below, such as the deductibility of goodwill amortization expenses, Foreign Earnings, Tax Loss Offset, and the Manaus Free Trade Zone - IPI.
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 in Brazil.
The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision to Ambev in three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification of these decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as favorable first-level decisions, which remain subject to review by the second-level judicial court.
In December 2023, Ambev received a new tax assessment relating to the taxation of profits of foreign subsidiaries. Ambev filed a defense in January 2024 and the case awaits decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.1 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provision in connection therewith.
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 and the tax authorities both filed Special Appeals which were partially admitted by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit, which was granted.
In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax assessment which was subject to the Special Appeals filed by Ambev and the tax authorities. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment at the first-level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.5 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss. 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 limitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision and received a favorable decision at the first-level judicial court. The tax authorities appealed this decision and the matter awaits judgment at the second level judicial court.
In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization in calendar years 2013 to 2014 and filed defenses. In April 2019, the first-level administrative court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partially favorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decisions and received favorable decisions at the first-level judicial court. The tax authorities appealed these decisions and the matter awaits judgment at the second level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023 , as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 to Ambev. 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 filed a defense and in October 2023 received an unfavorable decision from the first-level administrative court. Ambev has filed an appeal to the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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. In November 2023, Ambev received a partially favorable decision from the first-level administrative court which reduced the qualified penalty applied to 100% (instead of 150% as initially charged). This decision is not final and is subject to review by the Lower Administrative Court. Ambev has filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 with financial investments and loans. Ambev presented defenses and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which was confirmed by the Upper Administrative Court in April 2023.
In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court and filed an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023. In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
Disallowance of tax paid abroad
Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years as of 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax period), which became definitive.
In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. Ambev received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals in April 2023 and filed an appeal to the first-level judicial court in November 2023.
In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions of taxes paid abroad. In 2021, Ambev received unfavorable decisions from the first-level administrative court in two of these assessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first-level administrative court in the second assessment related to the 2016 isolated fine case and filed an appeal in connection therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The other cases are still awaiting final decisions at both administrative and judicial courts.
In November 2023, Ambev received a new tax assessment charging such isolated fine related to calendar year 2018. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 14.3 billion Brazilian real (2.9 billion US dollar). Ambev has not recorded any provision in connection therewith.
The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to 2023). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be the same as those tax years already assessed.
Presumed Profit
In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \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 with the Administrative Council for Tax Appeals (\u201cCARF\u201d).
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter based on the probability of loss.
In February 2024, Arosuco received a unanimous favorable decision from CARF. Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 reasons. 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 this 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 its impact on the increase in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. Ambev filed a defense against this new tax assessment 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. Ambev filed a defense against this new tax assessment in January 2023. In September 2023, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In November 2023, Ambev received a new tax assessment related to the deduction of the IOC in the periods 2018 to 2021. Ambev has filed a defense against this new tax assessment, which is pending decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 27.4 billion Brazilian real (5.7 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
The uncertain tax position, as per IFRIC 23, continued to be adopted by Ambev as it also distributed or accrued IOC in the years following the assessed period (2022-2023) and deducted such amounts from its Corporate Income Taxes taxable basis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2021, 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.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 2.6 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
This uncertain tax position, as per IFRIC 23, continued to be applied by the Company impacting calendar years following those assessed (2019-2023) in which it benefited from the income tax reduction provided for in Provisional Measure No. 2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further assessments would be consistent with the already assessed periods.
In February 2024, Arosuco received a partially favorable, unanimous decision from CARF, which partially granted the appeal filed by Arosuco. The decision recognizes Arosuco\u2019s full enjoyment of the tax benefit reduction provided by Provisional Measure No. 2199-14/2001, and only requires payment of a portion of the assessment related to the difference in calculation methodology between the tax authorities and Arosuco, as the taxpayer. The portion of the assessed amount as of 31 December 2023 related to the tax incentive is approximately 2.6 billion Brazilian real (0.5 billion US dollar), and the portion related to the calculation difference is approximately 0.02 billion Brazilian real (5 million US dollar). Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 was appealed 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.
In a third case, Ambev received an unfavorable decision from the Lower Administrative Court in June 2019. Ambev filed an appeal to the Upper Administrative Court, which was unfavorably decided against Ambev by a casting vote in February 2023. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, Ambev opted to pay the assessment in December 2023, with the corresponding reductions.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.2 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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, with binding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the possible loss related to these proceedings to be approximately 6.3 billion Brazilian real (1.3 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
IPI Suspension
In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annulling the first level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are pending judgment by the Federal Court.
In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results of the tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of the decision.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. 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. In 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.
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 and filed motions for reconsideration to the second administrative level. In September 2023, Ambev received partially favorable decisions related to the motions for reconsideration. The favorable portion of those decisions became final and is not subject to appeal, while the unfavorable portion is yet to be reviewed at the judicial level. In December 2023, the STF issued a binding decision (Claim of Non-compliance with a Fundamental Precept \u2013 ADPF No. 1004) holding that the unfavorable decisions regarding tax credits from the State of Amazonas issued by the State of S\u00e3o Paulo in 2022 are unconstitutional. Therefore, even though Ambev is not part of this trial at the STF, the central discussion has generated a positive impact on the Company\u2019s assessments. Ambev management estimates the possible losses related to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and 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 favorable judgment at the second administrative level, which was amended by the third administrative level in favor of the tax authorities. This decision is not final and remains subject to appeal at the judicial level. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the first administrative level. In these cases, Ambev has filed appeals at the second administrative level. In one of these cases, Ambev received an unfavorable decision from the second-level administrative authority, which is not final and has been appealed at a third-level authority. With regard to the other two cases, one is awaiting judgment, and the first-instance decision issued in respect of the other was cancelled, requiring a new trial to be held.
Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian real (0.2 billion US dollar) as 31 December 2023.
ICMS-ST Trigger
Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the total possible loss related to this issue to be approximately 10.7 billion Brazilian real (2.2 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
SOCIAL CONTRIBUTIONS
Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-level judicial court rendered an unfavorable decision to Ambev.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provisions for this matter.
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 (0.3 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. In accordance with IFRIC 23, 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 assessment from SARS claims that SAB owes 6.4 billion South African Rand (0.3 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment totals 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US dollar). Both of these assessments are contested, but SAB may be required to secure or pre-pay some or all of the amounts assessed, pending the outcome of the challenge and any appeal(s). In accordance with IFRIC 23, no related provision for these matters has been made based on the probability of loss.
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 illegal state aid. The European Commission appealed the judgment to the European Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB InBev was heard as an intervening party.
On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019 judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an \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 was 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. On 20 September 2023, the European General Court upheld the European Commission\u2019s decision. That judgment has been appealed by AB InBev and other parties to the European Court of Justice.
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 (75 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 (75 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 rights. 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. The holders of these warrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion Brazilian real (0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled in previous years. Five cases have been finally resolved favorably to Ambev, with three of these decided in the second quarter of 2023. The last case was ruled favorably to Ambev by the Superior Court of Justice and the decision became final in September 2023. With the closure of the last case, this litigation has ended completely in favor of the Company. No provisions have been made in connection with this litigation.
PROPOSED CLASS ACTION IN QUEBEC
Labatt and other third-party defendants have been named in a proposed class action lawsuit in the Superior Court of Quebec seeking unquantified compensatory and punitive damages.\u00a0The plaintiffs allege that the defendants failed to warn of certain specific health risks of consuming defendants\u2019 alcoholic beverages.\u00a0A sub-class of plaintiffs further alleges that their diseases were caused by the consumption of defendants\u2019 products.\u00a0The proposed class action has not yet been authorized by the Superior Court.\u00a0
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29. Contingencies
The company has contingencies related to legal proceedings and tax matters arising in the normal course of its business. 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 2023 and 31 December 2022, 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 2023
31 December 2022
.
Income tax and social contribution
13\u00a0141
11\u00a0586
Value-added and excise taxes
5\u00a0528
4\u00a0965
Other taxes
953
854
19\u00a0622
17\u00a0405
The most significant tax proceedings of Ambev are discussed below.
Ambev 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.
On 20 September 2023, Law 14,689 was enacted in Brazil (\u201cLaw 14,689/2023\u201d), which provides for the cancellation of fines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts. Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success in cases where fines were imposed in proceedings decided by a tie-breaking vote. This resulted in the reclassification of the risk of loss from possible to remote in the approximate amount of 6.9 billion Brazilian real (1.4 billion US dollar) in some of the cases discussed below, such as the deductibility of goodwill amortization expenses, Foreign Earnings, Tax Loss Offset, and the Manaus Free Trade Zone - IPI.
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 in Brazil.
The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision to Ambev in three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification of these decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as favorable first-level decisions, which remain subject to review by the second-level judicial court.
In December 2023, Ambev received a new tax assessment relating to the taxation of profits of foreign subsidiaries. Ambev filed a defense in January 2024 and the case awaits decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.1 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provision in connection therewith.
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 and the tax authorities both filed Special Appeals which were partially admitted by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit, which was granted.
In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax assessment which was subject to the Special Appeals filed by Ambev and the tax authorities. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment at the first-level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 6.5 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss. 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 limitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decision and received a favorable decision at the first-level judicial court. The tax authorities appealed this decision and the matter awaits judgment at the second level judicial court.
In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization in calendar years 2013 to 2014 and filed defenses. In April 2019, the first-level administrative court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partially favorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial proceeding to appeal the unfavorable portion of the decisions and received favorable decisions at the first-level judicial court. The tax authorities appealed these decisions and the matter awaits judgment at the second level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023 , as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 to Ambev. 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 filed a defense and in October 2023 received an unfavorable decision from the first-level administrative court. Ambev has filed an appeal to the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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. In November 2023, Ambev received a partially favorable decision from the first-level administrative court which reduced the qualified penalty applied to 100% (instead of 150% as initially charged). This decision is not final and is subject to review by the Lower Administrative Court. Ambev has filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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 with financial investments and loans. Ambev presented defenses and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which was confirmed by the Upper Administrative Court in April 2023.
In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court and filed an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023. In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 case and filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
Disallowance of tax paid abroad
Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years as of 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax period), which became definitive.
In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. Ambev received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals in April 2023 and filed an appeal to the first-level judicial court in November 2023.
In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions of taxes paid abroad. In 2021, Ambev received unfavorable decisions from the first-level administrative court in two of these assessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first-level administrative court in the second assessment related to the 2016 isolated fine case and filed an appeal in connection therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The other cases are still awaiting final decisions at both administrative and judicial courts.
In November 2023, Ambev received a new tax assessment charging such isolated fine related to calendar year 2018. Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 14.3 billion Brazilian real (2.9 billion US dollar). Ambev has not recorded any provision in connection therewith.
The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to 2023). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome would be the same as those tax years already assessed.
Presumed Profit
In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the \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 with the Administrative Council for Tax Appeals (\u201cCARF\u201d).
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter based on the probability of loss.
In February 2024, Arosuco received a unanimous favorable decision from CARF. Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 reasons. 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 this 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 its impact on the increase in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. Ambev filed a defense against this new tax assessment 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. Ambev filed a defense against this new tax assessment in January 2023. In September 2023, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower Administrative Court against the unfavorable portion of the decision. The favorable portion of the decision is subject to mandatory review by the Lower Administrative Court.
In November 2023, Ambev received a new tax assessment related to the deduction of the IOC in the periods 2018 to 2021. Ambev has filed a defense against this new tax assessment, which is pending decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 27.4 billion Brazilian real (5.7 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
The uncertain tax position, as per IFRIC 23, continued to be adopted by Ambev as it also distributed or accrued IOC in the years following the assessed period (2022-2023) and deducted such amounts from its Corporate Income Taxes taxable basis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2021, 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.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 2.6 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
This uncertain tax position, as per IFRIC 23, continued to be applied by the Company impacting calendar years following those assessed (2019-2023) in which it benefited from the income tax reduction provided for in Provisional Measure No. 2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further assessments would be consistent with the already assessed periods.
In February 2024, Arosuco received a partially favorable, unanimous decision from CARF, which partially granted the appeal filed by Arosuco. The decision recognizes Arosuco\u2019s full enjoyment of the tax benefit reduction provided by Provisional Measure No. 2199-14/2001, and only requires payment of a portion of the assessment related to the difference in calculation methodology between the tax authorities and Arosuco, as the taxpayer. The portion of the assessed amount as of 31 December 2023 related to the tax incentive is approximately 2.6 billion Brazilian real (0.5 billion US dollar), and the portion related to the calculation difference is approximately 0.02 billion Brazilian real (5 million US dollar). Arosuco awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional necessary actions.
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 was appealed 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.
In a third case, Ambev received an unfavorable decision from the Lower Administrative Court in June 2019. Ambev filed an appeal to the Upper Administrative Court, which was unfavorably decided against Ambev by a casting vote in February 2023. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, Ambev opted to pay the assessment in December 2023, with the corresponding reductions.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, is approximately 0.2 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter based on the probability of loss.
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, with binding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the possible loss related to these proceedings to be approximately 6.3 billion Brazilian real (1.3 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
IPI Suspension
In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annulling the first level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are pending judgment by the Federal Court.
In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results of the tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of the decision.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. 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. In 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.
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 and filed motions for reconsideration to the second administrative level. In September 2023, Ambev received partially favorable decisions related to the motions for reconsideration. The favorable portion of those decisions became final and is not subject to appeal, while the unfavorable portion is yet to be reviewed at the judicial level. In December 2023, the STF issued a binding decision (Claim of Non-compliance with a Fundamental Precept \u2013 ADPF No. 1004) holding that the unfavorable decisions regarding tax credits from the State of Amazonas issued by the State of S\u00e3o Paulo in 2022 are unconstitutional. Therefore, even though Ambev is not part of this trial at the STF, the central discussion has generated a positive impact on the Company\u2019s assessments. Ambev management estimates the possible losses related to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and 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 favorable judgment at the second administrative level, which was amended by the third administrative level in favor of the tax authorities. This decision is not final and remains subject to appeal at the judicial level. With respect to the assessments issued by the State of S\u00e3o Paulo, Ambev received unfavorable decisions at the first administrative level. In these cases, Ambev has filed appeals at the second administrative level. In one of these cases, Ambev received an unfavorable decision from the second-level administrative authority, which is not final and has been appealed at a third-level authority. With regard to the other two cases, one is awaiting judgment, and the first-instance decision issued in respect of the other was cancelled, requiring a new trial to be held.
Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian real (0.2 billion US dollar) as 31 December 2023.
ICMS-ST Trigger
Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels.
Ambev management estimates the total possible loss related to this issue to be approximately 10.7 billion Brazilian real (2.2 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
SOCIAL CONTRIBUTIONS
Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-level judicial court rendered an unfavorable decision to Ambev.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provisions for this matter.
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 (0.3 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. In accordance with IFRIC 23, 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 assessment from SARS claims that SAB owes 6.4 billion South African Rand (0.3 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment totals 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US dollar). Both of these assessments are contested, but SAB may be required to secure or pre-pay some or all of the amounts assessed, pending the outcome of the challenge and any appeal(s). In accordance with IFRIC 23, no related provision for these matters has been made based on the probability of loss.
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 illegal state aid. The European Commission appealed the judgment to the European Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB InBev was heard as an intervening party.
On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019 judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an \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 was 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. On 20 September 2023, the European General Court upheld the European Commission\u2019s decision. That judgment has been appealed by AB InBev and other parties to the European Court of Justice.
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 (75 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 (75 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 rights. 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. The holders of these warrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion Brazilian real (0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled in previous years. Five cases have been finally resolved favorably to Ambev, with three of these decided in the second quarter of 2023. The last case was ruled favorably to Ambev by the Superior Court of Justice and the decision became final in September 2023. With the closure of the last case, this litigation has ended completely in favor of the Company. No provisions have been made in connection with this litigation.
PROPOSED CLASS ACTION IN QUEBEC
Labatt and other third-party defendants have been named in a proposed class action lawsuit in the Superior Court of Quebec seeking unquantified compensatory and punitive damages.\u00a0The plaintiffs allege that the defendants failed to warn of certain specific health risks of consuming defendants\u2019 alcoholic beverages.\u00a0A sub-class of plaintiffs further alleges that their diseases were caused by the consumption of defendants\u2019 products.\u00a0The proposed class action has not yet been authorized by the Superior Court.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-155": { "value": "
30. Non-controlling interests
As at 31 December 2023 and 2022, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.76% 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 2023 and 2022, 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
Million US dollar
31 December 2023
31 December 2022
31 December 2023
31 December 2022
Summarized statement of financial position information
Current assets
7\u00a0552\u00a0
7\u00a0248\u00a0
4\u00a0259\u00a0
3\u00a0606\u00a0
Non-current assets
19\u00a0846\u00a0
19\u00a0193\u00a0
11\u00a0975\u00a0
12\u00a0390\u00a0
Current liabilities
8\u00a0470\u00a0
7\u00a0770\u00a0
4\u00a0649\u00a0
4\u00a0414\u00a0
Non-current liabilities
2\u00a0374\u00a0
2\u00a0700\u00a0
735\u00a0
748\u00a0
Equity attributable to equity holders
16\u00a0312\u00a0
15\u00a0707\u00a0
10\u00a0785\u00a0
10\u00a0765\u00a0
Non-controlling interests
242\u00a0
263\u00a0
65\u00a0
69\u00a0
Ambev
Budweiser APAC
Million US dollar
2023
2022
2023
2022
Summarized income statement and
other comprehensive income information
Revenue
15\u00a0920\u00a0
15\u00a0434\u00a0
6\u00a0856\u00a0
6\u00a0478\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Attributable to:
Equity holders
2\u00a0895\u00a0
2\u00a0800\u00a0
852\u00a0
913\u00a0
Non-controlling interests
92\u00a0
84\u00a0
28\u00a0
36\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Other comprehensive income
(1\u00a0909)
(1\u00a0300)
(286)
(812)
Total comprehensive income
1\u00a0078\u00a0
1\u00a0584\u00a0
594\u00a0
137\u00a0
Attributable to:
Equity holders
1\u00a0011\u00a0
1\u00a0517\u00a0
567\u00a0
105\u00a0
Non-controlling interests
67\u00a0
67\u00a0
27\u00a0
32\u00a0
Summarized cash flow information
Cash flow from operating activities
4\u00a0934\u00a0
3\u00a0997\u00a0
1\u00a0811\u00a0
1\u00a0577\u00a0
Cash flow from investing activities
(1\u00a0151)
(969)
(447)
(440)
Cash flow from financing activities
(3\u00a0218)
(3\u00a0164)
(621)
(500)
Net increase/(decrease) in cash and cash equivalents
565\u00a0
(136)
743\u00a0
637\u00a0
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 for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m 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.
33. AB InBev companies
The most important AB\u00a0InBev companies included in the consolidation scope are listed below. The complete list of the company\u2019s investments is available at AB\u00a0InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. The address of the registered office of the company is Grand Place 1, 1000 Brussels, Belgium.
List of THE most important fully consolidated companies
Name and registered office of the fully consolidated companies
% economic interest as at 31 December 2023
.
Argentina
Cerveceria y Malteria Quilmes Saica Y G - Charcas 5160 - C1425BOF Buenos Aires
61.62%
.
Belgium
Anheuser-Busch InBev NV - Grand Place 1 - 1000 Brussels
Consolidating
Brasserie de l'Abbaye de Leffe S.A. - Place de l'Abbaye, 1 - 5500 - Dinant
98.54%
Brouwerij van Hoegaarden N.V. - Stoopkensstraat 46 - 3320 - Hoegaarden
100.00%
Cobrew N.V - Brouwerijplein 1, 3000 Leuven
100.00%
InBev Belgium BV/SRL - Boulevard Industriel, 21 - 1070 Anderlecht
100.00%
.
Bolivia
Cervecer\u00eda Boliviana Nacional S.A. - Av. Montes 400 & Calle Chuquisaca No. 121, Zona Challapampa, La Paz
52.70%
.
Botswana
Kgalagadi Breweries (Pty) Ltd - Grant Thornton Business Services, Plot 50370, Acumen Park, Fairgrounds, Gaborone24
31.06%
.
Brazil
Ambev S.A. - Rua Dr. Renato Paes de Barros 1017, 3\u00b0 Andar Itaim Bibi, S\u00e3o Paulo
61.76%
.
Canada
Labatt Brewing Company Limited - 207 Queen's Quay West, Suite 299 - M5J 1A7 - Toronto
61.76%
.
Chile
Cerveceria Chile S.A - Av. Presidente Eduardo Frei Montalva 9600, Quilicura - 8700000 Santiago de Chile
61.76%
.
China
Anheuser-Busch Inbev (China) Sales Company Limited - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
87.22%
Anheuser-Busch InBev (Wuhan) Brewing Co., Ltd. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
84.66%
Anheuser-Busch InBev Sedrin Brewery Co., Ltd - No.1 West Xuejin Avenue,Hanjiang District - 351111 - Putian City, Fujian Province
87.22%
Anheuser-Busch InBev Southeast Sales Co., Ltd. - No.1 West Xuejin Avenue, Hanjiang District, Putian, Fujian , P.R.China - 351111 - Putian City, Fujian Province
87.22%
Blue Girl Beer (Guangzhou) Co. Ltd - Units 2101,21/F, Tower A, China International Centre, 33 Zhongshan San Road - 510000 - Guangzhou City
56.69%
.
Colombia
Bavaria & Cia S.C.A. - Carrera 53 A, No 127 - 35 - 110221 - Bogota
99.16%
.
Czech Republic
Pivovar Samson s.r.o. - Lidick\u00e1 458/51, 37001, \u010cesk\u00e9 Bud\u011bjovice
100.00%
.
Dominican Republic
Cervecer\u00eda Nacional Dominicana S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 10100 - Santo Domingo25
52.49%
.
Ecuador
Cervecer\u00eda Nacional S.A. - Via a daule km 16,5 y calle cobre s/n - EC090150 - Guayaquil, Guayas
95.58%
.
El Salvador
La Constancia Ltda de C.V. - Avenida Independencia, No 526 - PBX (503) 2209-7555 - San Salvador
100.00%
.
France
AB InBev France S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine
100.00%
Germany
Anheuser-Busch InBev Deutschland GmbH & Co. KG - Am Deich 18/19 - 28199 - Bremen
100.00%
Anheuser-Busch InBev Germany Holding GmbH - Am Deich 18/19 - 28199 - Bremen
100.00%
.
Ghana
Accra Brewery PLC - 20 Graphic Road, South Industrial Area - Box GP1219 - Accra
61.61%
.
Honduras
Cervecer\u00eda Hondure\u00f1a S.A. de C.V. - Boulevard del Norte - Postal No. 86 - San Pedro Sula
99.61%
.
Hong Kong
Budweiser Brewing Company APAC Limited - Flat/RM 12-16, BLK2, 30/F Times Square, 1 Matheson Street, Causeway Bay - 999077 - Hong Kong
87.22%
.
India
Crown Beers India Private Limited - 510/511, Minerva House, Sarojini Devi Road - 500003 - Secunderabad, Telangana
87.22%
Anheuser Busch InBev India Limited - Unit No.301-302, Dynasty Business Park, 3rd FloorAndheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra
87.05%
.
Italy
Anheuser-Busch InBev Italia - Piazza Gae Aulenti n. 8, 20154 Milano, Italy
100.00%
.
Luxembourg
Brasserie de Luxembourg Mousel-Diekirch S.A. - Rue de la Brasserie, 1 - L-9214 - Diekirch
95.82%
.
Mexico
Cervecer\u00eda Modelo de M\u00e9xico S. de R.L. de C.V. - Cerrada de Palomas 22, 6th Floor, Reforma Social, Miguel Hidalgo, 11650 Mexico City
100.00%
.
Mozambique
Cervejas De Mo\u00e7ambique SA - Rua do Jardim 1329, Maputo
51.47%
.
Netherlands
AB InBev Africa B.V. - Ceresstraat 1 - 4811 CA - Breda
62.00%
InBev Nederland N.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
Interbrew International B.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
.
Nigeria
International Breweries PLC - 22/36 Glover Road, Lagos, Ikoyi26
43.65%
.
Panama
Cervecer\u00eda Nacional S. de R.L. - Complejo Business Park, Costa del Este Torre Oeste, Piso No.2 Panam\u00e1
61.76%
.
Paraguay
Cervecer\u00eda Paraguaya S.A. - Ruta Acceso Sur Km 30 s/ Desv\u00edo a Villeta N\u00b0 825\u00a0
53.95%
.
Peru
Compania Cervecera AmBev Peru S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa - Lurigancho (Chosica) - 25 - Lima
100.00%
Uni\u00f3n de Cervecer\u00edas Peruanas Backus y Johnston S.A.A. - Av. Nicolas Ayllon 3986, Ate - 3 - Lima
93.65%
.
South Africa
SABSA Holdings (Pty) Ltd - 65 Park Lane, Sandown - 2001 - Johannesburg
100.00%
The South African Breweries (Pty) Ltd - 65 Park Lane, Sandown - 2146 - Johannesburg
100.00%
.
South Korea
Oriental Brewery Co Ltd - 517, Yeongdong-daero, Gangam-gu, Seoul - Asem Tower 8th floor - Seoul
87.22%
.
Spain
Compa\u00f1\u00eda Cervecera de Canarias S.A. - C/ Mali, 7 (38320 La Laguna - Santa Cruz de Tenerife)
51.03%

Switzerland
Anheuser-Busch InBev Procurement GmbH - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
BEES Global AG - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
.
Tanzania
Tanzania Breweries PLC - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District, Dar es Salaam26
39.65%
Uganda
Nile Breweries Ltd - Plot M90 Yusuf Lule Road, Njeru - P.O. Box 762 - Jinja
61.76%
.
United Kingdom
AB InBev Holdings Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
AB InBev International Brands Limited - AB InBev House, Church Street West, Woking, Surrey, GU21 6HT
100.00%
AB InBev UK Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI SAB Group Holding Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI UK Holding 1 Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ZX Ventures Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
.
United States
Anheuser-Busch Americas Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch Companies LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch InBev Worldwide Inc. - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch International LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch North American Holding LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch America Investments LLC - One Busch Place - MO 63118 - St. Louis
100.00%
AB MAZ Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
MCC Holding Company LLC - One Busch Place - MO 63118 - St. Louis
50.10%
.
Uruguay
Cerveceria y Malteria Paysandu S.A. - Cesar Cortinas, 2037 - C.P. 11500 Montevideo
61.76%
.
Vietnam
Anheuser-Busch InBev Vietnam Brewery Co., Ltd - 2 VSIP II-A, Street No. 28 - 820000 - Tan Uyen Town, Binh Duong Province
87.22%
.
Zambia
Zambian Breweries PLC - Plot No 6438, Mungwi Road - P.O. Box 31293 - Lusaka
54.02%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-156": { "value": "
30. Non-controlling interests
As at 31 December 2023 and 2022, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.76% 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 2023 and 2022, 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
Million US dollar
31 December 2023
31 December 2022
31 December 2023
31 December 2022
Summarized statement of financial position information
Current assets
7\u00a0552\u00a0
7\u00a0248\u00a0
4\u00a0259\u00a0
3\u00a0606\u00a0
Non-current assets
19\u00a0846\u00a0
19\u00a0193\u00a0
11\u00a0975\u00a0
12\u00a0390\u00a0
Current liabilities
8\u00a0470\u00a0
7\u00a0770\u00a0
4\u00a0649\u00a0
4\u00a0414\u00a0
Non-current liabilities
2\u00a0374\u00a0
2\u00a0700\u00a0
735\u00a0
748\u00a0
Equity attributable to equity holders
16\u00a0312\u00a0
15\u00a0707\u00a0
10\u00a0785\u00a0
10\u00a0765\u00a0
Non-controlling interests
242\u00a0
263\u00a0
65\u00a0
69\u00a0
Ambev
Budweiser APAC
Million US dollar
2023
2022
2023
2022
Summarized income statement and
other comprehensive income information
Revenue
15\u00a0920\u00a0
15\u00a0434\u00a0
6\u00a0856\u00a0
6\u00a0478\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Attributable to:
Equity holders
2\u00a0895\u00a0
2\u00a0800\u00a0
852\u00a0
913\u00a0
Non-controlling interests
92\u00a0
84\u00a0
28\u00a0
36\u00a0
Net income
2\u00a0987\u00a0
2\u00a0883\u00a0
880\u00a0
949\u00a0
Other comprehensive income
(1\u00a0909)
(1\u00a0300)
(286)
(812)
Total comprehensive income
1\u00a0078\u00a0
1\u00a0584\u00a0
594\u00a0
137\u00a0
Attributable to:
Equity holders
1\u00a0011\u00a0
1\u00a0517\u00a0
567\u00a0
105\u00a0
Non-controlling interests
67\u00a0
67\u00a0
27\u00a0
32\u00a0
Summarized cash flow information
Cash flow from operating activities
4\u00a0934\u00a0
3\u00a0997\u00a0
1\u00a0811\u00a0
1\u00a0577\u00a0
Cash flow from investing activities
(1\u00a0151)
(969)
(447)
(440)
Cash flow from financing activities
(3\u00a0218)
(3\u00a0164)
(621)
(500)
Net increase/(decrease) in cash and cash equivalents
565\u00a0
(136)
743\u00a0
637\u00a0
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 for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-157": { "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 other share-based programs (see Note 24 Share-based Payments). Total directors and Executive Committee compensation included in the income statement can be detailed as follows:
2023
2022
Executive
Executive
Million US dollar
Directors
Committee
Directors
Committee
Short-term employee benefits
2\u00a0
12\u00a0
2\u00a0
15\u00a0
Termination benefits
-\u00a0
-\u00a0
-\u00a0
-\u00a0
Share-based payment
-\u00a0
46\u00a0
-\u00a0
35\u00a0
2\u00a0
58\u00a0
2\u00a0
50\u00a0
Directors\u2019 compensation consists mainly of directors\u2019 fees.
During 2023, AB InBev entered into the following transactions:
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-158": { "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 other share-based programs (see Note 24 Share-based Payments). Total directors and Executive Committee compensation included in the income statement can be detailed as follows:
2023
2022
Executive
Executive
Million US dollar
Directors
Committee
Directors
Committee
Short-term employee benefits
2\u00a0
12\u00a0
2\u00a0
15\u00a0
Termination benefits
-\u00a0
-\u00a0
-\u00a0
-\u00a0
Share-based payment
-\u00a0
46\u00a0
-\u00a0
35\u00a0
2\u00a0
58\u00a0
2\u00a0
50\u00a0
Directors\u2019 compensation consists mainly of directors\u2019 fees.
During 2023, AB InBev entered into the following 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
2023
2022
.
Gross profit
(233)
(4)
Current assets
108\u00a0
100\u00a0
Current liabilities
9\u00a0
16\u00a0
Transactions with PENSION PLANS
AB InBev\u2019s transactions with pension plans mainly comprise (13)m US dollar other expense to pension plans in the US in 2023 (2022: (12)m US dollar).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-159": { "value": "
33. AB InBev companies
The most important AB\u00a0InBev companies included in the consolidation scope are listed below. The complete list of the company\u2019s investments is available at AB\u00a0InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. The address of the registered office of the company is Grand Place 1, 1000 Brussels, Belgium.
List of THE most important fully consolidated companies
Name and registered office of the fully consolidated companies
% economic interest as at 31 December 2023
.
Argentina
Cerveceria y Malteria Quilmes Saica Y G - Charcas 5160 - C1425BOF Buenos Aires
61.62%
.
Belgium
Anheuser-Busch InBev NV - Grand Place 1 - 1000 Brussels
Consolidating
Brasserie de l'Abbaye de Leffe S.A. - Place de l'Abbaye, 1 - 5500 - Dinant
98.54%
Brouwerij van Hoegaarden N.V. - Stoopkensstraat 46 - 3320 - Hoegaarden
100.00%
Cobrew N.V - Brouwerijplein 1, 3000 Leuven
100.00%
InBev Belgium BV/SRL - Boulevard Industriel, 21 - 1070 Anderlecht
100.00%
.
Bolivia
Cervecer\u00eda Boliviana Nacional S.A. - Av. Montes 400 & Calle Chuquisaca No. 121, Zona Challapampa, La Paz
52.70%
.
Botswana
Kgalagadi Breweries (Pty) Ltd - Grant Thornton Business Services, Plot 50370, Acumen Park, Fairgrounds, Gaborone24
31.06%
.
Brazil
Ambev S.A. - Rua Dr. Renato Paes de Barros 1017, 3\u00b0 Andar Itaim Bibi, S\u00e3o Paulo
61.76%
.
Canada
Labatt Brewing Company Limited - 207 Queen's Quay West, Suite 299 - M5J 1A7 - Toronto
61.76%
.
Chile
Cerveceria Chile S.A - Av. Presidente Eduardo Frei Montalva 9600, Quilicura - 8700000 Santiago de Chile
61.76%
.
China
Anheuser-Busch Inbev (China) Sales Company Limited - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
87.22%
Anheuser-Busch InBev (Wuhan) Brewing Co., Ltd. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province
84.66%
Anheuser-Busch InBev Sedrin Brewery Co., Ltd - No.1 West Xuejin Avenue,Hanjiang District - 351111 - Putian City, Fujian Province
87.22%
Anheuser-Busch InBev Southeast Sales Co., Ltd. - No.1 West Xuejin Avenue, Hanjiang District, Putian, Fujian , P.R.China - 351111 - Putian City, Fujian Province
87.22%
Blue Girl Beer (Guangzhou) Co. Ltd - Units 2101,21/F, Tower A, China International Centre, 33 Zhongshan San Road - 510000 - Guangzhou City
56.69%
.
Colombia
Bavaria & Cia S.C.A. - Carrera 53 A, No 127 - 35 - 110221 - Bogota
99.16%
.
Czech Republic
Pivovar Samson s.r.o. - Lidick\u00e1 458/51, 37001, \u010cesk\u00e9 Bud\u011bjovice
100.00%
.
Dominican Republic
Cervecer\u00eda Nacional Dominicana S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 10100 - Santo Domingo25
52.49%
.
Ecuador
Cervecer\u00eda Nacional S.A. - Via a daule km 16,5 y calle cobre s/n - EC090150 - Guayaquil, Guayas
95.58%
.
El Salvador
La Constancia Ltda de C.V. - Avenida Independencia, No 526 - PBX (503) 2209-7555 - San Salvador
100.00%
.
France
AB InBev France S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine
100.00%
Germany
Anheuser-Busch InBev Deutschland GmbH & Co. KG - Am Deich 18/19 - 28199 - Bremen
100.00%
Anheuser-Busch InBev Germany Holding GmbH - Am Deich 18/19 - 28199 - Bremen
100.00%
.
Ghana
Accra Brewery PLC - 20 Graphic Road, South Industrial Area - Box GP1219 - Accra
61.61%
.
Honduras
Cervecer\u00eda Hondure\u00f1a S.A. de C.V. - Boulevard del Norte - Postal No. 86 - San Pedro Sula
99.61%
.
Hong Kong
Budweiser Brewing Company APAC Limited - Flat/RM 12-16, BLK2, 30/F Times Square, 1 Matheson Street, Causeway Bay - 999077 - Hong Kong
87.22%
.
India
Crown Beers India Private Limited - 510/511, Minerva House, Sarojini Devi Road - 500003 - Secunderabad, Telangana
87.22%
Anheuser Busch InBev India Limited - Unit No.301-302, Dynasty Business Park, 3rd FloorAndheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra
87.05%
.
Italy
Anheuser-Busch InBev Italia - Piazza Gae Aulenti n. 8, 20154 Milano, Italy
100.00%
.
Luxembourg
Brasserie de Luxembourg Mousel-Diekirch S.A. - Rue de la Brasserie, 1 - L-9214 - Diekirch
95.82%
.
Mexico
Cervecer\u00eda Modelo de M\u00e9xico S. de R.L. de C.V. - Cerrada de Palomas 22, 6th Floor, Reforma Social, Miguel Hidalgo, 11650 Mexico City
100.00%
.
Mozambique
Cervejas De Mo\u00e7ambique SA - Rua do Jardim 1329, Maputo
51.47%
.
Netherlands
AB InBev Africa B.V. - Ceresstraat 1 - 4811 CA - Breda
62.00%
InBev Nederland N.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
Interbrew International B.V. - Ceresstraat 1 - 4811 CA - Breda
100.00%
.
Nigeria
International Breweries PLC - 22/36 Glover Road, Lagos, Ikoyi26
43.65%
.
Panama
Cervecer\u00eda Nacional S. de R.L. - Complejo Business Park, Costa del Este Torre Oeste, Piso No.2 Panam\u00e1
61.76%
.
Paraguay
Cervecer\u00eda Paraguaya S.A. - Ruta Acceso Sur Km 30 s/ Desv\u00edo a Villeta N\u00b0 825\u00a0
53.95%
.
Peru
Compania Cervecera AmBev Peru S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa - Lurigancho (Chosica) - 25 - Lima
100.00%
Uni\u00f3n de Cervecer\u00edas Peruanas Backus y Johnston S.A.A. - Av. Nicolas Ayllon 3986, Ate - 3 - Lima
93.65%
.
South Africa
SABSA Holdings (Pty) Ltd - 65 Park Lane, Sandown - 2001 - Johannesburg
100.00%
The South African Breweries (Pty) Ltd - 65 Park Lane, Sandown - 2146 - Johannesburg
100.00%
.
South Korea
Oriental Brewery Co Ltd - 517, Yeongdong-daero, Gangam-gu, Seoul - Asem Tower 8th floor - Seoul
87.22%
.
Spain
Compa\u00f1\u00eda Cervecera de Canarias S.A. - C/ Mali, 7 (38320 La Laguna - Santa Cruz de Tenerife)
51.03%

Switzerland
Anheuser-Busch InBev Procurement GmbH - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
BEES Global AG - Suurstoffi 22 - 6343 - Rotkreuz
100.00%
.
Tanzania
Tanzania Breweries PLC - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District, Dar es Salaam26
39.65%
Uganda
Nile Breweries Ltd - Plot M90 Yusuf Lule Road, Njeru - P.O. Box 762 - Jinja
61.76%
.
United Kingdom
AB InBev Holdings Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
AB InBev International Brands Limited - AB InBev House, Church Street West, Woking, Surrey, GU21 6HT
100.00%
AB InBev UK Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI SAB Group Holding Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ABI UK Holding 1 Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
ZX Ventures Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
100.00%
.
United States
Anheuser-Busch Americas Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch Companies LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch InBev Worldwide Inc. - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch International LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch North American Holding LLC - One Busch Place - MO 63118 - St. Louis
100.00%
Anheuser-Busch America Investments LLC - One Busch Place - MO 63118 - St. Louis
100.00%
AB MAZ Holdings LLC - One Busch Place - MO 63118 - St. Louis
100.00%
MCC Holding Company LLC - One Busch Place - MO 63118 - St. Louis
50.10%
.
Uruguay
Cerveceria y Malteria Paysandu S.A. - Cesar Cortinas, 2037 - C.P. 11500 Montevideo
61.76%
.
Vietnam
Anheuser-Busch InBev Vietnam Brewery Co., Ltd - 2 VSIP II-A, Street No. 28 - 820000 - Tan Uyen Town, Binh Duong Province
87.22%
.
Zambia
Zambian Breweries PLC - Plot No 6438, Mungwi Road - P.O. Box 31293 - Lusaka
54.02%
List of the most important companies consolidated by applying the equity method of accounting (associates)
Name and registered office of associates
% economic interest as at 31 December 2023
France
Soci\u00e9t\u00e9 des brasseries et glaci\u00e8res internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 \u2013 Paris27
20.00%
.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
27.50%
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Libert\u00e9 - 1930 Luxembourg27
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, Bah\u00e7elievler Istanbul
24.00%
.
Zimbabwe
Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare
25.27%
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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 2023 in relation to services provided by PwC Bedrijfsrevisoren BV amounted to 2 616k US dollar (2022: 2 322k US dollar), which was composed of audit services for the annual financial statements of 2 455k US dollar (2022: 2 263k US dollar) and audit related services of 161k US dollar (2022: 59k US dollar).
Fees for 2023 in relation to services provided by other offices in the PwC network amounted to 22 857k US dollar (2022: 17 841k US dollar), which was composed of audit services for the annual financial statements of 16 194k US dollar (2022: 14 321k US dollar), tax services of 6 329k US dollar (2022: 3 185k US dollar) and audit related services amounting to 334k US Dollar (2022: 334k US dollar), all of which have been pre-approved by the company\u2019s Audit Committee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493008H3828EMEXB082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }