REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading symbol |
Name of each exchange on which registered | ||
* |
Accelerated filer |
Non-accelerated filer | |||
Emerging growth company |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP |
by the International Accounting Standards Board |
Other |
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• | “AB InBev we us our |
• | “ AB InBev Group |
• | “ Ambev |
• | “ Anheuser-Busch |
• | “ Budweiser APAC |
• | “ Grupo Modelo |
• | “ Newbelco |
• | “ Ordinary Shares |
• | “ Restricted Shares |
• | “ SAB |
• | “ SAB Group |
• | the effects of the COVID-19 pandemic and uncertainties about its impact and duration; |
• | local, regional, national and international economic conditions, including the risks of a global recession or a recession in one or more of our key markets, and the impact they may have on us and our customers and our assessment of that impact; |
• | financial risks, such as interest rate risk, foreign exchange rate risk (in particular as against the U.S. dollar, our reporting currency), commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, liquidity risk, inflation or deflation, including inability to achieve our optimal net debt level; |
• | continued geopolitical instability, which may result in, among other things, economic and political sanctions and currency exchange rate volatility, and which may have a substantial impact on the economies of one or more of our key markets; |
• | changes in government policies and currency controls; |
• | continued availability of financing and our ability to achieve our targeted coverage and debt levels and terms, including the risk of constraints on financing in the event of a credit rating downgrade; |
• | the monetary and interest rate policies of central banks, in particular the European Central Bank, the Board of Governors of the U.S. Federal Reserve System, the Bank of England, Banco Central do Brasil, Banco Central de la República Argentina Banco de la República |
• | changes in applicable laws, regulations and taxes in jurisdictions in which we operate, including the laws and regulations governing our operations and changes to tax benefit programs, as well as actions or decisions of courts and regulators; |
• | limitations on our ability to contain costs and expenses; |
• | our expectations with respect to expansion plans, premium growth, accretion to reported earnings, working capital improvements and investment income or cash flow projections; |
• | our ability to continue to introduce competitive new products and services on a timely, cost-effective basis; |
• | the effects of competition and consolidation in the markets in which we operate, which may be influenced by regulation, deregulation or enforcement policies; |
• | changes in consumer spending; |
• | changes in pricing environments; |
• | volatility in the availability or prices of raw materials, commodities and energy; |
• | difficulties in maintaining relationships with employees; |
• | regional or general changes in asset valuations; |
• | greater than expected costs (including taxes) and expenses; |
• | the risk of unexpected consequences resulting from acquisitions, joint ventures, strategic alliances, corporate reorganizations or divestiture plans, and our ability to successfully and cost-effectively implement these transactions and integrate the operations of businesses or other assets we have acquired; |
• | the outcome of pending and future litigation, investigations and governmental proceedings; |
• | natural and other disasters, including widespread health emergencies, cyberattacks and military conflict and political instability; |
• | any inability to economically hedge certain risks; |
• | inadequate impairment provisions and loss reserves; |
• | technological changes, threats to cybersecurity and the risk of loss or misuse of personal data; |
• | other statements included in this annual report that are not historical; and |
• | our success in managing the risks involved in the foregoing |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
1. | Financial Risks |
• | Our business, financial condition, cash flows and operating results have been and may continue to be negatively impacted by the COVID-19 pandemic. |
• | We are exposed to the risks of an economic recession, credit and capital markets volatility and economic and financial crisis (including as a result of the COVID-19 pandemic), which could adversely affect the demand for our products and adversely affect the market price of our Ordinary Shares and ADSs. |
• | Fluctuations in foreign currency exchange rates may lead to volatility in our results of operations. |
• | We may not be able to obtain the necessary funding for our future needs and may face financial risks due to our level of debt, uncertain market conditions and potential downgrading of our credit ratings. |
• | Our results could be negatively affected by increasing interest rates or by the future discontinuance of certain interest rate benchmarks. |
• | The ability of our subsidiaries to distribute cash upstream may be subject to various limitations. |
2. | Risks relating to our business activities and industry |
• | Changes in the availability or price of raw materials, commodities, energy and water, including as a result of currency fluctuations, constraints on sourcing and unexpected increases in tariffs on such raw materials and commodities could have an adverse effect on our results of operations. |
• | Certain of our operations depend on independent distributors or wholesalers to sell our products, and we may be unable to replace distributors or acquire interests in wholesalers or distributors. In addition, we may be adversely impacted by the consolidation of retailers. |
• | We rely on key third parties, including key suppliers, and the termination or modification of the arrangements with such third parties could negatively affect our business. |
3. | Risks relating to our corporate structure, acquisitions and investments |
• | We may be unable to influence our associates in which we have minority investments. |
• | We may have a conflict of interest with our majority-owned subsidiaries and we may not be able to resolve such conflict on terms favorable to us. |
• | We may be unsuccessful in identifying suitable acquisition targets or business partners or implementing our acquisitions, divestitures, investments or alliances, which may negatively impact our growth strategy. |
• | An inability to reduce costs could affect our profitability. |
• | Our failure to satisfy our obligations under the SAB settlement agreement could adversely affect our financial condition and results of operations. |
4. | Market Risks |
• | We are exposed to developing market risks, including risks of devaluation, nationalization and inflation. |
• | Competition and changing consumer preferences could adversely affect our profitability. |
5. | Legal and Regulatory Risks |
• | If any of our products is defective or found to contain contaminants, we may be subject to product recalls or other associated liabilities. |
• | Negative publicity, perceived health risks, failure to provide safe working environments and associated government regulation may harm our business. |
• | We could incur significant costs as a result of compliance with, and/or violations of or liabilities under, various regulations that govern our operations. |
• | We are exposed to the risk of litigation, claims and disputes, which may cause us to pay significant damage awards and incur other costs. |
• | We may be subject to adverse changes in taxation and other tax-related risks. |
• | We are exposed to antitrust and competition laws in certain jurisdictions and the risk of changes in such laws or in the interpretation and enforcement of existing antitrust and competition laws. In addition, in connection with our previous acquisitions, various regulatory authorities have previously imposed conditions with which we are required to comply. |
• | If we do not successfully comply with applicable anti-corruption laws, export control regulations and trade restrictions, we could become subject to regulatory sanctions and adverse press coverage. |
• | Our subsidiary Ambev operates a joint venture in Cuba, in which the Government of Cuba is its joint venture partner. Cuba remains subject to comprehensive economic and trade sanctions by the United States and Ambev’s operations in Cuba may adversely affect our reputation and the liquidity and value of our securities. |
6. | Brand and Intellectual Property Risks |
• | We rely on the reputation of our brands and our marketing efforts may be restricted by regulations. |
• | We may not be able to protect our intellectual property rights, and our ability to compete effectively may be harmed if our intellectual property rights are infringed by third parties. |
• | An impairment of goodwill or other intangible assets would adversely affect our financial condition. |
7. | Other risks related to our business |
• | Climate change or other environmental concerns, or legal, regulatory or market measures to address climate change or other environmental concerns, may negatively affect our business or operations. |
• | We are exposed to the risk of labor strikes and disputes that could lead to a negative impact on our costs and production level. |
• | Information and operational technology failures could damage our reputation and we could suffer a loss of revenue, incur substantial additional costs and become subject to litigation and regulatory scrutiny. |
• | If we fail to comply with personal data protection laws, we could be subject to adverse publicity, government enforcement actions and/or private litigation, which could negatively affect our business. |
8. | General Risks |
• | We may not be able to recruit or retain key personnel. |
• | Natural and other disasters could disrupt our operations. |
• | Our insurance coverage may not be sufficient to protect us from material liabilities. |
• | The market price of our Ordinary Shares and ADSs may be volatile. |
• | Our largest shareholder may use its significant interest to take actions not supported by our other shareholders. |
• | We may be unable to pay dividends. |
• | Fluctuations in the exchange rate between the Euro, the South African rand, the Mexican peso and the U.S. dollar may increase the risk of holding our ADSs and Ordinary Shares. |
• | Future equity issuances may dilute the holdings of current shareholders or ADS holders and could materially affect the market price of our Ordinary Shares or ADSs. |
• | Investors may suffer dilution if they are not able to participate in equity offerings, and our ADS holders may not receive any value for rights that we may grant. |
• | ADS holders may not be able to exercise their right to vote the shares underlying our ADSs |
• | ADS holders may be subject to limitations on the transfer of their ADSs or the withdrawal of the underlying Ordinary Shares from the deposit facility. |
• | Shareholders may not enjoy under Belgian corporate law and our articles of association certain of the rights and protections generally afforded to shareholders of U.S. companies. |
• | As a “foreign private issuer” in the United States, we are exempt from a number of rules under U.S. securities laws and are permitted to file less information with the SEC than domestic issuers. |
• | It may be difficult for investors outside Belgium to serve process on or enforce foreign judgments against us. |
1. |
Financial Risks |
• | We have experienced disruptions to our ability to operate our production facilities in some countries, and in the future, we may experience further disruption to our ability to operate our production facilities or distribution operations as a result of regulatory restrictions, safety protocols, social distancing requirements and heightened sanitation measures. In addition, although at this time we have not experienced any material disruption to our supply chain, we have experienced constraints on our ability to source beverage containers, such as cans and glass bottles, disruptions in the availability of transportation services and labor in certain markets, and may experience delays in deliveries of key supplies or further disruptions to our supply chain and distribution operations. Any sustained interruption in our operations or our business partners’ operations, distribution network or supply chain, or any significant continuous shortage of raw materials or other supplies could impact our ability to make, manufacture, distribute or sell our products or may result in an increase in our costs of production and distribution. |
• | Sales of our products in the on-premise channel have been significantly impacted by the implementation of social distancing and lockdown measures in most of our markets, including the closure of bars, clubs and restaurants and restrictions on sporting events, music festivals and similar events. Although sales in the on-premise channel have begun to improve as a result of the easing of social distancing and lockdown measures in many of these markets, such improvements have been, and may continue to be, impacted by the re-implementation of restrictions in certain markets due to the emergence and spread of COVID-19 and its variants. Any future outbreak or recurrence of COVID-19 cases in other markets that have eased social distancing and lock down measures may similarly result in the re-implementation of such measures and a further negative impact on our sales. Furthermore, if the COVID-19 pandemic intensifies and expands geographically or in duration, or efforts to curb the pandemic are ineffective, its negative impacts on our sales could be more prolonged and may become more severe. While we have experienced increased sales in the off-premise channel in certain markets since the outbreak, such increased volumes may not continue in the longer term and may not offset the pressure we are experiencing in the on-premise channel. |
• | Consumption of beer and other alcohol and non-alcohol beverages in many of the jurisdictions in which we operate is closely linked to general economic conditions, with levels of consumption tending to rise during periods of rising per capita income and fall during periods of declining per capita income. Deteriorating economic and political conditions in many of our major markets affected by the COVID-19 pandemic, such as increased unemployment, decreases in disposable income, declines in consumer confidence, or economic slowdowns or recessions, could cause a further decrease in demand for our products. Furthermore, even as governmental restrictions are lifted and economies gradually reopen in many of our major markets, the ongoing economic impacts and health concerns associated with the COVID-19 pandemic may continue to affect consumer behavior, spending levels and consumption preferences |
• | The impact of the COVID-19 pandemic on global economic conditions has impacted and may continue to impact the proper functioning of financial and capital markets, as well as foreign currency exchange rates, commodity and energy prices and interest rates. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access, or costs of, capital or borrowings, our business, our liquidity, our net debt to EBITDA ratio, credit ratings, results of operations and financial condition. |
• | Compliance with governmental measures imposed in response to the COVID-19 pandemic has caused and may continue to cause us to incur additional costs, and any inability to comply with such measures can subject us to restrictions on our business activities, fines, and other penalties, any of which can adversely affect our business. In addition, responses to the COVID-19 pandemic may result in both short-term and long-term changes to fiscal and tax policies in impacted jurisdictions, including increases in tax rates. |
• | in January 2016, our subsidiary Anheuser-Busch InBev Finance Inc. (“ ABIFI |
• | in March 2016, we issued bonds in a debt capital markets offering under our Euro Medium-Term Notes Programme (“ EMTN Programme |
• | increasing our vulnerability to general adverse economic and industry conditions; |
• | limiting our ability to fund future working capital and capital expenditures, to engage in future acquisitions or development activities or to otherwise realize the value of our assets and opportunities fully; |
• | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; |
• | impairing our ability to obtain additional financing in the future, or requiring us to obtain financing involving restrictive covenants; |
• | requiring us to issue additional equity (possibly under unfavorable conditions), which could dilute our existing shareholders’ equity; and |
• | placing us at a competitive disadvantage compared to our competitors that have less debt. |
2. |
Risks relating to our business activities and industry |
3. |
Risks relating to our corporate structure, acquisitions and investments |
4. |
Market Risks |
5. |
Legal and Regulatory Risks |
6. |
Brand and Intellectual Property Risks |
7. |
Other risks related to our business |
8. |
General Risks |
• | market expectations for our financial performance; |
• | actual or anticipated fluctuations in our results of operations and financial condition; |
• | changes in the estimates of our results of operations by securities analysts; |
• | investor perception of the impact of the combination with SAB on us and our shareholders; |
• | the conversion of Restricted Shares into Ordinary Shares, the Restricted Shares having become so convertible since 11 October 2021 (see “Item 10—Additional Information—B. Memorandum and Articles of Association and Other Share Information—Form and Transferability of Our Shares—Restricted Shares—Conversion into Ordinary Shares”); |
• | potential or actual sales of blocks of our Ordinary Shares or ADSs in the market by any shareholder or short selling of our Ordinary Shares or ADSs. Any such transaction could occur at any time or from time to time, with or without notice; |
• | the entry of new competitors or new products in the markets in which we operate; |
• | volatility in the market as a whole or investor perception of the beverage industry or of our competitors; and |
• | the occurrence of any of the matters discussed in the risk factors mentioned in this section. |
ITEM 4. |
INFORMATION ON THE COMPANY |
A. |
HISTORY AND DEVELOPMENT OF THE COMPANY |
• | In 2002, Interbrew acquired Beck’s for 3.5 billion German marks. |
• | In 2004, Interbrew combined with Ambev, a Brazilian company originally formed by the combination of Brahma and Antarctica in 1999–2000, resulting in the creation of InBev. Ambev is listed on the New York Stock Exchange and on the São Paulo Stock Exchange. As of 31 December 2021, we had a 61.8% voting and economic interest in Ambev. |
• | In July 2008, InBev combined with Anheuser-Busch Companies by way of an offer for USD 54.8 billion, as a result of which we changed our name to Anheuser-Busch InBev SA/NV. |
• | In 2013, we announced the completion of our combination with Grupo Modelo in a transaction valued at USD 20.1 billion, following which we owned approximately 95% of Grupo Modelo’s outstanding shares. We acquired the remaining shares via a mandatory tender offer, which was completed in August 2015. |
• | In 2013, in another transaction related to the combination with Grupo Modelo, Grupo Modelo completed the sale of its U.S. business to Constellation Brands, Inc. for approximately USD 4.75 billion, in aggregate. The transaction included the sale of Grupo Modelo’s Piedras Negras brewery, Grupo Modelo’s 50% stake in Crown Imports LLC and perpetual rights to certain of Grupo Modelo’s beer brands in the United States. As a consequence, we granted Constellation Brands, Inc. the exclusive and perpetual right to market and sell Corona beer and certain other Grupo Modelo beer brands in the 50 states of the United States, the District of Columbia and Guam. In December 2016, we also completed the sale of our brewery plant located in Obregón, Sonora, México to Constellation Brands, Inc. for a sale price of approximately USD 600 million. |
• | In October 2016, we completed our combination with SAB, valued at a gross purchase consideration of USD 114 billion. In connection with the combination with SAB, we transferred SAB’s business in Panama to Ambev in exchange for Ambev’s businesses in Colombia, Peru and Ecuador. We also undertook certain divestitures, with the goal of proactively addressing potential regulatory considerations regarding the combination with SAB. |
• | On 30 March 2018, we combined our Russia and Ukraine businesses with those of Anadolu Efes through the creation of a new company called AB InBev Efes. Following the closing of this transaction, the newly combined business was fully consolidated into Anadolu Efes. As a result of the transaction, we do not own a controlling stake in AB InBev Efes, do not consolidate these operations and account for our investment in AB InBev Efes under the equity method. See “Item 8. Financial Information—B. Significant Changes” for further details regarding our investment in AB InBev Efes. |
• | On 30 September 2019, we successfully completed the listing of a minority stake of our Asia Pacific subsidiary, Budweiser APAC, on the Hong Kong Stock Exchange for USD 5.75 billion (including the exercise of an over-allotment option). On 3 October 2019, the over-allotment option in connection with the initial public offering of a minority stake of Budweiser APAC was fully exercised. Following the full exercise of the over-allotment option, we control 87.22% of the issued share capital of Budweiser APAC. |
• | On 1 June 2020, we completed the sale of our Australia business (Carlton & United Breweries) to Asahi for AUD 16.0 billion, resulting in net proceeds of USD 10.8 billion. As part of this transaction, we granted Asahi rights to commercialize our portfolio of global and international brands in Australia. |
• | On 30 September 2020, we completed the acquisition of the remaining 68.8% stake in Craft Brew Alliance for net consideration of USD 0.2 billion and obtained 100% control over Craft Brew Alliance. |
• | On 31 December 2020, we completed the issuance of a 49.9% minority stake in our US-based metal container operations to Apollo Global Management, Inc. for net proceeds of USD 3.0 billion. We continue to have operational control of our US-based metal container operations. |
B. |
BUSINESS OVERVIEW |
1. |
STRENGTHS AND STRATEGY |
• | Global brands |
• | Multi-country brands |
• | Local brands |
• | Zero-Based Budgeting or ZBB ZBB zero-based budgets. ZBB has been successfully introduced into all of our major markets, as well as our global headquarters. |
• | Voyager Plant Optimization or VPO VPO |
• | Business Shared Services Centers |
i. | Category inclusivity |
ii. | Core superiority in-store and digital activation; |
iii. | Occasions Development |
iv. | Premiumization |
v. | Beyond Beer |
• | Smart Drinking and Moderation |
• | Climate |
• | Water stewardship |
• | Sustainable agriculture GHG |
• | Entrepreneurship |
• | Circular packaging |
• | Ethics and Transparency |
• | Diversity and Inclusion |
• | maintain long-term cost increases below inflation, benefiting from the application of cost-efficiency programs such as ZBB and VPO, internal and external benchmarking, as well as from our size; |
• | leverage our global procurement office to generate further cost savings, and build on our supplier relationships to bring new ideas and innovation to our business; and |
• | continue to share best practices across all functions, as well as benchmark performance externally against other leading companies. Cost management and efficiency will be part of an ongoing process and fueled by an ownership mindset. |
2. |
PRINCIPAL ACTIVITIES AND PRODUCTS |
Country by Region |
Brands | |
North America |
||
Canada | Beer and Beyond Beer | |
United States | Beer and Beyond Beer | |
Middle Americas |
||
Colombia | Beer and Beyond Beer |
Country by Region |
Brands | |
Non-Beer | ||
Dominican Republic | Beer | |
Non-Beer | ||
Ecuador | Beer | |
Non-Beer | ||
El Salvador | Beer | |
Non-Beer | ||
Guatemala |
Beer | |
Honduras | Beer and Beyond Beer | |
Non-Beer | ||
Mexico |
Beer and Beyond Beer (non-alcoholic), Corona Extra, Corona Light, Cucapá, Estrella, Goose Island, Guinness, Hoegaarden, Leon, Mexicali, Michelob Ultra, Michelob Ultra Seltzer, Modelo Ambar, Modelo Especial, Montejo, Pacifico, Stella Artois, Tijuana, Tropical Light, Victoria, Vickychelada, Vicky Chamoy | |
Non-Beer | ||
Panama |
Beer | |
Non-Beer | ||
Peru | Beer and Beyond Beer |
Country by Region |
Brands | |
Non-Beer | ||
South America |
||
Argentina |
Beer and Beyond Beer Non-Beer | |
Bolivia | Beer | |
Non-Beer | ||
Brazil |
Beer and Beyond Beer | |
Non-Beer | ||
Chile | Beer | |
Paraguay | Beer Non-Beer | |
Uruguay | Beer | |
Non-Beer | ||
EMEA |
||
Belgium | Beer and Beyond Beer |
Country by Region |
Brands | |
France | Beer and Beyond Beer | |
Germany | Beer | |
Italy | Beer | |
Luxembourg | Beer | |
Netherlands | Beer and Beyond Beer | |
Spain | Beer and Beyond Beer | |
United Kingdom | Beer and Beyond Beer | |
Botswana |
Beer and Beyond Beer | |
Non-Beer | ||
eSwatini |
Beer and Beyond Beer | |
Ghana |
Beer | |
Non-Beer | ||
Lesotho |
Beer and Beyond Beer | |
Mozambique |
Beer and Beyond Beer | |
Namibia |
Beer and Beyond Beer |
Country by Region |
Brands | |
Nigeria |
Beer | |
Non-Beer | ||
South Africa |
Beer and Beyond Beer | |
Non-Beer | ||
Tanzania |
Beer and Beyond Beer | |
Non-Beer | ||
Uganda |
Beer and Beyond Beer | |
Zambia |
Beer | |
Asia Pacific |
||
China | Beer | |
India |
Beer | |
South Korea |
Beer | |
Vietnam |
Beer |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Market |
Revenue( 1 )(USD million) |
Revenue (% of total) |
Revenue( 1 )(USD million) |
Revenue (% of total) |
Revenue( 1 )(USD million) |
Revenue (% of total) |
||||||||||||||||||
North America |
16,257 | 29.9 | % | 15,622 | 33.3 | % | 15,488 | 29.6 | % | |||||||||||||||
Middle Americas |
12,541 | 23.1 | % | 10,032 | 21.4 | % | 11,912 | 22.8 | % | |||||||||||||||
South America |
9,494 | 17.5 | % | 8,092 | 17.3 | % | 9,790 | 18.7 | % | |||||||||||||||
EMEA |
8,032 | 14.8 | % | 6,835 | 14.6 | % | 7,911 | 15.1 | % | |||||||||||||||
Asia Pacific |
6,848 | 12.6 | % | 5,648 | 12.0 | % | 6,544 | 12.5 | % | |||||||||||||||
Global Export and Holding Companies |
1,133 | 2.1 | % | 652 | 1.4 | % | 685 | 1.3 | % | |||||||||||||||
Total |
54,304 |
100.0 |
% |
46,881 |
100.0 |
% |
52,329 |
100.0 |
% | |||||||||||||||
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(1) | Revenue is turnover less excise taxes and discounts. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers (see “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Excise Taxes”). |
Beer and Beyond Beer (1)(2)(3) |
Non-Beer (3) |
Consolidated |
||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||
Volume (million hectoliters) |
512 | 471 | 498 | 70 | 60 | 63 | 582 | 530 | 561 | |||||||||||||||||||||||||||
Revenue (2) (USD million) |
49,333 | 43,044 | 47,984 | 4,971 | 3,387 | 4,345 | 54,304 | 46,881 | 52,329 |
(1) | Beer volumes and revenue include not only brands that we own or license, but also third-party brands that we brew or otherwise produce as a subcontractor and third-party products that we sell through our distribution network, particularly in Western Europe. |
(2) | Revenue is turnover less excise taxes and discounts. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers (see “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Excise Taxes”). |
(3) | The non-beer category includes soft drinks and certain other beverages. |
• | Premium or high-end brands; |
• | Core brands; and |
• | Value, discount or sub-premium brands. |
• | Beck’s, the world’s number one German beer, is renowned for uncompromising quality. It is brewed today, just as it was in 1873, with a rigorous brewing process and a recipe using only four natural ingredients. Beck’s adheres to the strictest quality standards of the German Reinheitsgebot (Purity Law). Beck’s is brewed in various countries, including the United States. |
• | Budweiser is one of the top-selling beers globally. Sales outside the United States represented over 70% of global Budweiser volume in 2021. In 2021, Budweiser was once again ranked as the most valuable beer brand worldwide, according to BrandZ™ . Budweiser also continues to support international football year-round as the sponsor of the English Premier League, La Liga and superstar Lionel Messi. |
• | Corona is the best-selling Mexican beer in the world and the leading beer brand in Mexico. Corona is available in more than 130 countries. In 2021, it was ranked number five in the BrandZ ™ list of most valuable beer brands worldwide. We granted Constellation Brands, Inc. the exclusive right to market and sell Corona beer and certain other Grupo Modelo beer brands in the 50 states of the United States, the District of Columbia and Guam, including Victoria, Modelo Especial, Pacifico and Negra Modelo. |
• | Hoegaarden is the world’s best-selling wheat beer. Based on its brewing tradition dating back to 1445 in Belgium, Hoegaarden is top fermented and then refermented in the bottle or keg, leading to its distinctive cloudy white appearance. |
• | Leffe is one of the most famous abbey beers in the world. A rich, full-bodied beer with a distinctive flavor that hails from Belgium, Leffe has the longest heritage in our beer portfolio and is available in over 90 countries worldwide. |
• | Michelob Ultra was rolled out nationally in the United States in 2002 and grew to become the second largest beer brand by value, in the U.S. in 2019, behind only Bud Light. A low calorie, low carb beer associated with an active lifestyle, Michelob Ultra has been the fastest-growing beer brand in the United States since 2016, according to IRI (based on volume share gains). This strong history of success has now been replicated in multiple international markets, including Canada, Mexico, Honduras, El Salvador, Peru, Chile, Brazil, Colombia, England, Argentina and Guatemala. In 2022, we aim to continue its expansion to more than 20 markets. |
• | Stella Artois is the number one Belgian beer in the world according to Plato Logic Limited, it is the world’s third most valuable beer brand according to the BrandZ ™ list of most valuable beer brands worldwide and it is distributed in over 100 countries worldwide. As a premium lager with roots tracing back to 1366 in the town of Leuven, Belgium, its legacy of quality and elegance is reflected in its iconic chalice and nine-step pouring ritual. The top three markets in terms of revenue for Stella Artois as of 2021 are the United States, the United Kingdom and Brazil with expansion plans well under way in several new growth markets, including South Africa and Mexico. |
• | Bud Light is the best-selling beer in the United States and the leader in the light category. It is the official sponsor of the NFL (National Football League), with the arrangement most recently extended to 2027. |
• | Modelo Especial is a full-flavored pilsner beer brewed with premium two-row barley malt for a slightly sweet, well-balanced taste with a light hop character and crisp finish. Brewed since 1925, it was created to stand for pride and authenticity. |
• | Victoria is a Vienna-style lager and one of Mexico’s most popular beers. Victoria was produced for the first time in 1865, making Victoria Mexico’s oldest beer brand. |
• | Aguila is a classic Colombian lager beer with a balanced and refreshing flavor that was first brewed in 1913. |
• | Cristal is Peru’s leading beer, brewed since 1922. With a crisp taste and dedication to quality, Cerveza Cristal is a favorite among Peruvians. |
• | Pilsen Callao, first brewed 150 years ago in Peru, offers the clean and simple taste of a true Pilsner. |
• | Poker is a Pilsner lager that has been enjoyed by Colombians for its traditional, bittersweet taste since 1929. |
• | Skol is the leading beer brand in the Brazilian market, according to Plato Logic Limited. Skol has been a pioneer and innovator in the beer category, engaging with consumers and creating new market trends and products such as Skol Puro Malte, which launched in 2019. |
• | Brahma Franchise brands, together, are the second most consumed beer brand in Brazil, according to Plato Logic Limited. It was one of the Brazilian official sponsors of the 2018 FIFA World Cup ™ , and in 2020 was one of the main brands to entertain consumers at home with the livestream concerts. Brahma Duplo Malte was launched in 2020 and is one of the best examples of our innovation strategy, resulting from actively listening to consumer demands. |
• | Jupiler is Belgium’s largest brand by volume, according to Plato Logic Limited. It is the official sponsor of the Belgian National Football Team, “The Red Devils”. It also sponsors the most important Belgian professional football league, the Jupiler Pro League. |
• | Carling Black Label is Africa’s most awarded beer as well as South Africa’s biggest brand by volume and brand power. It is brewed to deliver a distinctly aromatic and full-flavored refreshment. |
• | Castle Lager is popularly described as South Africa’s national beer, first brewed in Johannesburg in 1895 using homegrown ingredients, giving it the iconic “somewhat dry, somewhat bitter, never sweet” taste. Castle Lager is the official sponsor of several South African sporting associations. |
• | Castle Lite was first brewed in South Africa in 1994 with a mission to provide the coldest and most refreshing lite beer on the South African market. Today, it is an Africa-wide premium brand enjoyed in 14 countries and continues to innovate to offer consumers “extra cold” refreshment. |
• | Flying Fish Premium Flavored Blend combines the pure refreshment of beer with delicious, fresh flavors: pressed lemon and green apple. With an easy drinking taste, Flying Fish offers something different for consumers, beer and cider drinkers alike, looking to share new experiences. |
• | Hansa Pilsener is brewed in true pilsener style, using the Saaz hop and a special blend of ingredients to deliver quality refreshment. |
• | Hero is a Nigerian beer brewed using local sorghum and malted barley. |
• | Kilimanjaro Premium Lager is named after Tanzania’s iconic Mount Kilimanjaro, the highest mountain in Africa. Launched in 1996, it boasts an easy drinking taste made from ingredients grown on the slopes of Mount Kilimanjaro and nourished by the pure waters that flow from its ice-capped peak. It is light in color with 4.5% alcohol by volume (“ABV”) and a crisp refreshing taste. |
• | Safari, first brewed in Tanzania in 1977, is a full-flavored, full-bodied beer with a rich golden color and taste that gave rise to a new era of beer brewing in Tanzania. Today it is still the mainstream category leader in terms of brand power, inspiring young Tanzanian consumers to follow their paths. |
• | Trophy Lager beer is one of the top selling beers in Nigeria. Originated in 1978, Trophy has grown from a small core brand in the west of Nigeria to a strong lovemark (a brand that commands both high respect and “love” from consumers) and is now expanding nationally. Sales have grown by double digits over the years and Trophy now contributes 46% to our beer business in Nigeria. Trophy is known as the honorable beer that accords respect to Nigerian consumers and Nigeria. |
• | Cass is the market leader in South Korea. |
• | Harbin is a national brand with its roots in the northeast of China. |
• | Sedrin is a strong regional brand that originated in China’s Fujian province. |
• | Haywards 5000, India’s original strong beer, is one of the largest core lager brands in India and is made from high quality malt to deliver a full bodied, full flavoured taste enjoyed by millions. |
3. |
MAIN MARKETS |
• | North America |
• | Middle Americas |
• | South America |
• | EMEA |
• | Asia Pacific |
• | Global Export and Holdings Companies |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Market |
Volumes (million hectoliters) |
Volumes (% of total) |
Volumes (million hectoliters) |
Volumes (% of total) |
Volumes (million hectoliters) |
Volumes (% of total) |
||||||||||||||||||
North America |
107 | 18.4 | % | 107 | 20.2 | % | 108 | 19.3 | % | |||||||||||||||
Middle Americas |
141 | 24.3 | % | 121 | 22.8 | % | 134 | 23.9 | % | |||||||||||||||
South America |
157 | 26.9 | % | 144 | 27.1 | % | 140 | 25.0 | % | |||||||||||||||
EMEA |
87 | 14.9 | % | 76 | 14.3 | % | 86 | 15.3 | % | |||||||||||||||
Asia Pacific |
88 | 15.2 | % | 82 | 15.4 | % | 93 | 16.6 | % | |||||||||||||||
Global Export and Holding Companies |
2 | 0.3 | % | 1 | 0.2 | % | 1 | 0.2 | % | |||||||||||||||
Total |
582 |
100.0 |
% |
531 |
100.0 |
% |
561 |
100.0 |
% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
4. |
COMPETITION |
• | the acquisition of Beck’s in 2002; |
• | the creation of InBev in 2004, through the combination of Interbrew and Ambev; |
• | the acquisition of Anheuser-Busch Companies in November 2008; |
• | the combination with Grupo Modelo in June 2013; and |
• | the combination with SAB in October 2016. |
1 | AB InBev |
475 | ||||
2 | Heineken |
236 | ||||
3 | Carlsberg |
121 | ||||
4 | CR Snow |
111 | ||||
5 | Molson Coors Brewing Company |
82 | ||||
6 | Tsingtao (Group) |
78 | ||||
7 | Asahi |
69 | ||||
8 | EFES |
36 | ||||
9 | Beijing Yanjing |
35 | ||||
10 | Castel |
30 |
(1) | Source: Plato Logic Limited report for the calendar year 2020 (published in December 2021). Volumes are based on calculations on total volumes of majority-owned subsidiaries, also licensed brewing. Our own beer volumes for the year ended 31 December 2021 were 509 million hectoliters and 467 million hectoliters for the year ended 31 December 2020. |
5. |
WEATHER AND SEASONALITY |
6. |
BREWING PROCESS; RAW MATERIALS AND PACKAGING; PRODUCTION FACILITIES; LOGISTICS |
• | the level of crop production; |
• | weather conditions; |
• | local and export demand; and |
• | governmental taxes, import tariffs and regulations. |
2021 Volumes (1)(3) |
Annual engineering capacity as of 31 December 2021 |
|||||||||||||||||||
Business Segment |
Number of plants as of 31 December 2021 (3) |
Beer and Beyond Beer (khl) |
Non-Beer (khl) (2) |
Beer and Beyond Beer (khl) |
Non-Beer (khl) (2) |
|||||||||||||||
North America |
38 | 101,819 | 5,147 | 128,021 | — | |||||||||||||||
Middle Americas |
33 | 116,134 | 25,314 | 150,773 | 30,026 | |||||||||||||||
South America |
50 | 117,708 | 38,914 | 142,517 | 70,773 | |||||||||||||||
EMEA |
48 | 84,014 | 2,693 | 120,095 | 1,483 | |||||||||||||||
Asia Pacific |
50 | 87,656 | 723 | 154,410 | 23 | |||||||||||||||
Total |
219 |
507,331 |
72,791 |
695,817 |
102,305 |
(1) | Reported volumes. |
(2) | The non-beer category includes soft drinks and certain other beverages. |
(3) | Excludes our joint ventures and assets where we are not the majority owner. |
Type of plant / facility |
Number of plants / facilities (1) |
Countries in which plants / facilities are located (1) | ||
Malt plants |
20 | Argentina, Brazil, Colombia, Ecuador, Mexico, Peru, South Africa, South Korea, Uganda, United States, Uruguay, Zambia | ||
Rice and corn grits mill |
6 | Argentina, Bolivia, Peru, United States | ||
Farm and agriculture |
3 | Germany, United States, South Africa | ||
Hop pellet plant |
1 | Argentina | ||
Glass bottle plants |
4 | Brazil, Mexico, Paraguay | ||
Crown and closure plants |
5 | Argentina, Brazil, Colombia, Mexico, South Africa | ||
Label plants |
2 | Brazil, Colombia | ||
Can plants |
8 | Brazil, Bolivia, Mexico, United States | ||
Can lid manufacturing plants |
2 | United States | ||
Crown and closure liner material plants |
1 | United States | ||
Soft drink concentrate plants |
4 | Brazil | ||
Sand quarries |
1 | Mexico | ||
Yeast plants |
1 | Brazil | ||
Other |
1 | United States | ||
|
||||
Total |
59 |
|||
|
(1) | Excludes plants and facilities owned by joint ventures and assets where we are not the majority owner. |
7. |
DISTRIBUTION OF PRODUCTS |
8. |
LICENSING |
• | Stella Artois is licensed to third parties in various countries including Algeria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Israel, Kosovo, Montenegro, New Zealand, Romania, Serbia and Slovakia, while Beck’s is licensed to third parties in Algeria, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Montenegro, New Zealand, Romania, Serbia, Slovakia, Tunisia and Turkey. |
• | Anadolu Efes has the right to brew and sell Bud in Turkey. For more information, see “Item 5. Operating and Financial Review—H. Contractual Obligations and Contingencies—Contractual Obligations.” We also sell various brands, including Budweiser, by exporting from our license partners’ breweries to other countries. |
• | The Corona beer brand is perpetually licensed to a subsidiary of Constellation Brands, Inc. for production in Mexico and marketing and sales in 50 states of the United States, the District of Columbia and Guam. |
• | Aguila, Castle Lager, Cusqueña, Cristal, Redd’s and certain other brands are perpetually licensed to Molson Coors Brewing Company in the 50 states of the United States, the District of Columbia and Puerto Rico. We have retained rights to brew and distribute these beers outside of the United States, the District of Columbia and Puerto Rico. |
• | On 30 March 2018, following the merger of our businesses in Russia and Ukraine with Anadolu Efes, we granted the right to brew and/or distribute several of our brands to our associate, AB InBev Efes in which we own a 50% non-controlling stake and which we do not consolidate. On 11 March 2022, we announced that we have requested Anadolu Efes to suspend the license granted to AB InBev Efes for the production and sale of Bud in Russia. See “Item 8. Financial Information—B. Significant Changes” for further details regarding our investment in AB InBev Efes. |
• | In connection with the listing of a minority stake of Budweiser APAC on the Hong Kong Stock Exchange, we have entered into a number of framework agreements granting Budweiser APAC (i) exclusive licenses to import for sale, manufacture, sell and distribute and (ii) non-exclusive licenses to advertise and promote our brands in APAC territories. |
• | Molson Coors Brewing Company has rights to brew and/or distribute, under license, Beck’s, Löwenbräu, Spaten and Stella Artois, in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovakia and Slovenia. |
• | The Budweiser, Corona Extra, Corona Ligera, Coronita Extra, Pacifico, Modelo Negra, Lowenbrau Original, Lowenbrau Oktoberfest, Hoegaarden, Spaten, Spaten Oktoberfest, Franziskaner Hefe-Weissbier Dunkel, Franziskaner Hefe-Weissbier, Leffe Blonde, Leffe Brune, Leffe Radieuse, Belle Vue Extra, Birra del Borgo and Goose Island brands are perpetually licensed to Carlton & United Breweries, a subsidiary of Asahi, in Australia. |
• | The Stella Artois, Beck’s and Beck’s 4.0 brands are perpetually licensed to a subsidiary of Heineken in Australia. |
• | In Europe, certain third parties have the right to brew and/or distribute some of our brands such as Mahou San Miguel in Spain (excluding the Canary Islands) and C&C in Scotland, Northern Ireland and Ireland. |
9. |
BRANDING AND MARKETING |
10. |
INTELLECTUAL PROPERTY; INNOVATION; RESEARCH AND DEVELOPMENT |
11. |
REGULATIONS AFFECTING OUR BUSINESS |
12. |
INSURANCE |
• | Assets: a combination of self-insurance and insurance is used to cover our physical properties and business interruption; and |
• | Liabilities: a combination of self-insurance and insurance is used to cover losses due to damages caused to third parties; for executive risks (risks related to our board and management); and automobile insurance (which is required by law in most jurisdictions). |
13. |
SOCIAL AND COMMUNITY MATTERS |
• | COVID-19 Community Response and Recovery; |
• | Improving environmental resilience and promoting inclusive growth; |
• | Promoting smart drinking; |
• | Increasing workplace safety; and |
• | Business ethics. |
• | Producing and donating more than 3.5 million bottles of hand sanitizer and more than 3.9 million masks |
• | Raising awareness for COVID-19 vaccines by sitting out Budweiser’s iconic Super Bowl airtime for the first time in 37 year and reallocating the media investment towards vaccination awareness |
• | Supporting millions of pubs, restaurants and retailers in the road to recovery as countries like the UK, Belgium and the Netherlands reopened in the spring of 2021 |
• | Increasing vaccine availability through the donation of USD 1 million by Cervejas de Moçambique to purchase vaccines in Mozambique |
• | Smart agriculture |
• | Water stewardship |
• | Circular packaging |
• | Climate action |
• | Influencing behavior change with social norms through the power of our brands and their marketing |
• | Providing Smart Drinking resources and evidence-based programs to consumers and communities |
• | Expanding consumer access to no- and low-alcohol beer (NABLAB) alternatives |
• | Amplifying our Smart Drinking messages through digital and technology |
• | Promoting the adoption of evidence-based public policy regarding alcohol |
• | Adhering to a clear code of Responsible Marketing and Communications (“RMCC”) |
• | Investing in breakthrough social norms marketing campaigns through our brands |
• | Providing actionable Smart Drinking labels on our packaging. |
Subsidiary Name |
Jurisdiction of incorporation or residence |
Proportion of ownership interest |
Proportion of voting rights held |
|||||||
Anheuser-Busch Companies, LLC One Busch Place St. Louis, MO 63118 |
Delaware, U.S.A. |
100 | % | 100 | % | |||||
Ambev S.A. Rua Dr. Renato Paes de Barros 1017 3° Andar Itaim Bibi São Paulo, Brazil |
Brazil | 61.79 | % | 61.79 | % | |||||
Budweiser Brewing Company APAC Limited Suites 3012-16, Tower Two1 Matheson Street, Causeway Bay Hong Kong |
Cayman Islands | 87.22 | % | 87.22 | % | |||||
Cervecería Modelo de México, S. de R.L. de C.V. Cerrada de Palomas 22, 6th Floor, Reforma Social Miguel Hidalgo 11650 Mexico City, Mexico |
Mexico | 100 | % | 100 | % | |||||
ABI SAB Group Holding Limited Bureau, 90 Fetter Lane London EC4A 1EN, United Kingdom |
United Kingdom | 100 | % | 100 | % |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW |
• | The new scheme was implemented through the listing of a special purpose company, which is called SAB Zenzele Kabili Holdings Limited (Zenzele Kabili) on the segment of the Johannesburg Stock Exchange’s Main Board on which an issuer may list its B-BBEE shares; |
• | Zenzele Kabili holds our shares; |
• | Existing Zenzele participants (SAB retailers) reinvested a portion of their Zenzele payout into Zenzele Kabili and the SAB Foundation invested our shares into Zenzele Kabili; |
• | A new Employee Share Plan, funded by us, subscribed for shares in Zenzele Kabili. |
1 |
Converted at the 24 May 2021 closing rate. |
2 |
Calculated assuming the closing share price of EUR 62.26 per share as at 24 May 2021 and an exchange rate of ZAR 17.0064 to EUR 1.00 as at 24 May 2021. |
• | Revenue. Revenue per hectoliter derived from sales through own distribution tends to be higher than revenue derived from sales through third parties. In general, under own distribution, we receive a higher price for our products since we are selling directly to points of sale, capturing the margin that would otherwise be retained by intermediaries; |
• | Transportation costs. In our own distribution networks, we sell our products to the point of sale and incur additional freight costs in transporting those products between our plant and such points of sale. Such costs are included in our distribution expenses under IFRS. In most of our own distribution networks, we use third-party transporters and incur costs through payments to these transporters, which are also included in our distribution expenses under IFRS. In third-party distribution networks, our distribution expenses are generally limited to expenses incurred in delivering our products to relevant wholesalers or independent distributors in those circumstances in which we make deliveries; and |
• | Sales expenses. Under fully third-party distribution systems, the salesperson is generally an employee of the distributor, while under our own distribution and indirect agency networks, the salesperson is generally our employee. To the extent that we deliver our products to points of sale through direct or indirect agency distribution networks, we will incur additional sales expenses from the hiring of additional employees (which may offset to a certain extent increased revenue gained as a result of own distribution). |
• | Legal drinking ages; |
• | Global and national alcohol policy reviews and the implementation of policies aimed at preventing the harmful effects of alcohol misuse (including, among others, relating to underage drinking, drunk driving, drinking while pregnant and excessive or abusive drinking); |
• | Restrictions on sales of alcohol generally or beer specifically, including restrictions on distribution networks, restrictions on certain retail venues, requirements that retail stores hold special licenses for the sale of alcohol, restrictions on times or days of sale and minimum alcohol pricing requirements; |
• | Advertising restrictions, which affect, among other things, the media channels employed, the content of advertising campaigns for our products and the times and places where our products can be advertised, including, in some instances, sporting events; |
• | Restrictions imposed by antitrust or competition laws; |
• | Deposit laws (including those for bottles, crates and kegs); |
• | Heightened environmental regulations and standards, including regulations addressing emissions of gas and liquid effluents and the disposal of waste and one-way packaging, compliance with which imposes costs; and |
• | Litigation associated with any of the above. |
• | Changes in the value of our operating companies’ functional currencies against other currencies in which their costs and expenses are priced may affect those operating companies’ cost of sales and operating expenses, and, thus, negatively impact their operating margins in functional currency terms. Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions, while monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date. Except for exchange differences on transactions entered into in order to hedge certain foreign currency risk and exchange rate differences on monetary items that form part of the net investment in the foreign operations, gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities in currencies other than an operating company’s functional currency are recognized in the income statement. Historically, we have been able to raise prices and implement cost-saving initiatives to partly offset cost and expense increases due to exchange rate volatility. We also have hedge policies designed to manage commodity price and foreign currency risks to protect our exposure to currencies other than our operating companies’ respective functional currencies. Please refer to “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Market Risk, Hedging and Financial Instruments” for further detail on our approach to hedging commodity price and foreign currency risk. |
• | Identification of the contracts with a customer; |
• | Identification of the performance obligations in the contracts; |
• | Determination of the transaction price; |
• | Allocation of the transaction price to the performance obligations in the contracts; and |
• | Revenue recognition when performance obligations are satisfied. |
• | In the first three years of the model, cash flows are based on our one-year plan as approved by key management and management assumptions for the following two years. The three-year plan model 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; |
• | For the subsequent seven years of the model, data from the strategic plan is extrapolated generally using simplified assumptions such as macro-economic and industry assumptions, variable cost per hectoliter and fixed cost linked to inflation, as obtained from external sources; |
• | Cash flows after the first ten-year period are extrapolated generally using expected annual long-term gross domestic product, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric; |
• | Projections are discounted at the unit’s weighted average cost of capital (“ WACC |
• | Cost to sell is assumed to reach 2% of the entity value based on historical precedents. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
Colombia |
6 | % | 6 | % | ||||
Rest of Middle Americas |
10 | % | 9 | % | ||||
South Africa |
8 | % | 7 | % | ||||
Rest of Africa |
10 | % | 10 | % | ||||
Rest of Asia Pacific |
6 | % | 6 | % |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million, except volumes) |
(%) (1) |
|||||||||||
Volumes (thousand hectoliters) |
581,678 | 530,644 | 9.6 | |||||||||
Revenue |
54,304 | 46,881 | 15.8 | |||||||||
Cost of sales |
(23,097 | ) | (19,634 | ) | (17.6 | ) | ||||||
Gross profit |
31,207 | 27,247 | 14.5 | |||||||||
Selling, General and Administrative expenses |
(17,574 | ) | (15,368 | ) | (14.4 | ) | ||||||
Other operating income/(expenses) |
805 | 845 | (4.7 | ) | ||||||||
Exceptional items |
(614 | ) | (3,103 | ) | 80.2 | |||||||
Profit from operations |
13,824 | 9,620 | 43.7 | |||||||||
Normalized EBITDA (2) |
19,209 | 17,321 | 10.9 |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
(2) | For a discussion of how we use Normalized EBITDA, and its limitations, and a table showing the calculation of our Normalized EBITDA, for the periods shown, see “—Normalized EBITDA” below. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(thousand hectoliters) |
(%) (1) |
|||||||||||
North America |
106,965 | 106,846 | 0.1 | |||||||||
Middle Americas |
141,447 | 120,800 | 17.1 | |||||||||
South America |
156,622 | 144,209 | 8.6 | |||||||||
EMEA |
86,707 | 76,207 | 13.8 | |||||||||
Asia Pacific |
88,379 | 81,649 | 8.2 | |||||||||
Global Export and Holding Companies |
1,558 | 933 | 67.0 | |||||||||
|
|
|
|
|
|
|||||||
Total |
581,678 |
530,644 |
9.6 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | During 2021 we undertook a series of acquisitions and disposals with no significant individual impact in our consolidated financial statements (the “ 2021 acquisitions and disposals |
• | On 1 June 2020, we completed the sale of our Australia business (Carlton & United Breweries) to Asahi for AUD 16.0 billion (USD 10.8 billion as reported in our audited consolidated cash flow statement). As part of this transaction, we granted Asahi rights to commercialize our portfolio of global and international brands in Australia. Effective 30 September 2019, we classified the assets and liabilities associated with the Australian operations as assets held for sale and liabilities associated with assets held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
• | In addition, on 30 September 2020, we completed the acquisition of the remaining 68.8% stake in Craft Brew Alliance for the net consideration of USD 0.2 billion and hence obtained 100% control over Craft Brew Alliance. During 2020 we also undertook a series of additional acquisitions and disposals with no significant individual impact in our consolidated financial statements (collectively, the “ 2020 acquisitions and disposals 2020 and 2021 acquisitions and disposals |
• | The 2020 and 2021 acquisitions and disposals positively impacted our volumes by 0.1 million hectoliters (net) for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
16,257 | 15,622 | 4.1 | |||||||||
Middle Americas |
12,541 | 10,032 | 25.0 | |||||||||
South America |
9,494 | 8,092 | 17.3 | |||||||||
EMEA |
8,032 | 6,835 | 17.5 | |||||||||
Asia Pacific |
6,848 | 5,648 | 21.2 | |||||||||
Global Export and Holding Companies |
1,133 | 652 | 73.8 | |||||||||
|
|
|
|
|
|
|||||||
Total |
54,304 |
46,881 |
15.8 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2020 and 2021 acquisitions and disposals and changes in classification of commercial arrangements negatively impacted our consolidated revenue by USD 193 million for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
• | Our consolidated revenue for the year ended 31 December 2021 also reflects a positive currency translation impact of USD 326 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
(6,185 | ) | (5,870 | ) | (5.4 | ) | ||||||
Middle Americas |
(4,428 | ) | (3,331 | ) | (32.9 | ) | ||||||
South America |
(4,763 | ) | (3,786 | ) | (25.8 | ) | ||||||
EMEA |
(3,793 | ) | (3,394 | ) | (11.8 | ) | ||||||
Asia Pacific |
(3,048 | ) | (2,605 | ) | (17.0 | ) | ||||||
Global Export and Holding Companies |
(880 | ) | (648 | ) | (35.8 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
( 23,097 |
) |
( 19,634 |
) |
( 17.6 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2020 and 2021 acquisitions and disposals positively impacted our consolidated cost of sales by USD 61 million for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
• | Our consolidated cost of sales for the year ended 31 December 2021 also reflects a negative currency translation impact of USD 119 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Selling, General and Administrative Expenses |
(17,574 | ) | (15,368 | ) | (14.4 | ) | ||||||
Other Operating Income/(Expenses) |
805 | 845 | (4.7 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total Operating Expenses |
(16,769 |
) |
(14,523 |
) |
(15.5 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
(4,769 | ) | (4,369 | ) | (9.2 | ) | ||||||
Middle Americas |
(3,149 | ) | (2,710 | ) | (16.2 | ) | ||||||
South America |
(2,762 | ) | (2,417 | ) | (14.3 | ) | ||||||
EMEA |
(2,855 | ) | (2,696 | ) | (5.9 | ) | ||||||
Asia Pacific |
(2,330 | ) | (2,097 | ) | (11.1 | ) | ||||||
Global Export and Holding Companies |
(1,709 | ) | (1,079 | ) | (58.4 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
(17,574 |
) |
(15,368 |
) |
(14.4 |
) | ||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2020 and 2021 acquisitions and disposals and changes in classification of commercial arrangements described above positively impacted our consolidated selling, general and administrative expenses by USD 100 million on a net basis for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
• | Our consolidated selling, general and administrative expenses for the year ended 31 December 2021 also reflects a negative currency translation impact of USD 180 million mainly arising from currency translation effects in South America, EMEA and Asia Pacific. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
North America |
46 | (14 | ) | — | ||||||||
Middle Americas |
24 | 6 | — | |||||||||
South America |
397 | 522 | (23.9 | ) | ||||||||
EMEA |
200 | 163 | 22.7 | |||||||||
Asia Pacific |
139 | 146 | (4.8 | ) | ||||||||
Global Export and Holding Companies |
— | 22 | (100.0 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total |
805 |
845 |
(4.7 |
) | ||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2020 and 2021 acquisitions and disposals and the Brazilian tax credits described above negatively impacted our net consolidated other operating income and expenses by USD 187 million for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
• | Our net consolidated other operating income and expenses for the year ended 31 December 2021 also reflect a positive currency translation impact of USD 8 million. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
(USD million) |
||||||||
COVID-19 costs |
(105 | ) | (182 | ) | ||||
Restructuring |
(172 | ) | (157 | ) | ||||
Business and asset disposal (including impairment losses) |
(247 | ) | (239 | ) | ||||
Acquisition costs/Business combinations |
(17 | ) | (25 | ) | ||||
Zenzele Kabili costs |
(73 | ) | — | |||||
Impairment of goodwill |
— | (2,500 | ) | |||||
|
|
|
|
|||||
Total |
(614 |
) |
(3,103 |
) | ||||
|
|
|
|
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
North America |
5,110 | 5,147 | (0.7 | ) | ||||||||
Middle Americas |
4,888 | 3,885 | 25.8 | |||||||||
South America |
2,305 | 2,350 | (1.9 | ) | ||||||||
EMEA |
1,472 | (1,722 | ) | — | ||||||||
Asia Pacific |
1,569 | 1,062 | 47.8 | |||||||||
Global Export and Holding Companies |
(1,520 | ) | (1,103 | ) | (37.8 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
13,824 |
9,620 |
43.7 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | The 2020 and 2021 acquisitions and disposals and the Brazilian tax credits described above negatively impacted our consolidated profit from operations by USD 218 million for the year ended 31 December 2021 compared to the year ended 31 December 2020. |
• | Our consolidated profit from operations for the year ended 31 December 2021 also reflects a positive currency translation impact of USD 36 million. |
• | Our profit from operations for the year ended 31 December 2021 was negatively impacted by USD 614 million of certain exceptional items reported in continuing operations, as compared to a negative impact of USD 3,103 million for the year ended 31 December 2020. See “Exceptional Items” above for a description of the exceptional items during the year ended 31 December 2021 and 2020. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%)(1) |
|||||||||||
Profit attributable to equity holders of AB InBev |
4,670 | 1,405 | — | |||||||||
Profit attributable to non-controlling interests |
1,444 | 797 | 81.2 | |||||||||
Profit of the period |
6,114 |
2,202 |
— | |||||||||
Profit from discontinued operations |
— | (2,055 | ) | — | ||||||||
Profit from continuing operations |
6,114 |
147 |
— | |||||||||
Net finance cost |
5,609 | 7,697 | (27.1 | ) | ||||||||
Income tax expense |
2,350 | 1,932 | 21.6 | |||||||||
Share of result of associates and joint ventures |
(248 | ) | (156 | ) | (59.0 | ) | ||||||
Profit from operations |
13,824 | 9,620 | 43.7 | |||||||||
Exceptional items |
614 | 3,103 | — | |||||||||
|
|
|
|
|
|
|||||||
Profit from operations, before exceptional items |
14,438 |
12,723 |
13.5 |
|||||||||
Depreciation, amortization and impairment |
4,771 | 4,598 | 3.8 | |||||||||
|
|
|
|
|
|
|||||||
Normalized EBITDA |
19,209 |
17,321 |
10.9 |
|||||||||
|
|
|
|
|
|
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
• | Profit from operations, before exceptional items and Normalized EBITDA do not reflect the impact of financing costs on our operating performance. Such costs are significant in light of our increased debt subsequent to the combination with SAB; |
• | Normalized EBITDA does not reflect depreciation and amortization, but the assets being depreciated and amortized will often have to be replaced in the future; |
• | Normalized EBITDA does not reflect the impact of charges for existing capital assets or their replacements; |
• | Profit from operations, before exceptional items and Normalized EBITDA do not reflect our tax expense; and |
• | Profit from operations, before exceptional items and Normalized EBITDA may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
Change |
||||||||||
(USD million) |
(%) (1) |
|||||||||||
Net interest expense |
(3,561 | ) | (3,854 | ) | 7.6 | |||||||
Net interest on net defined benefit liabilities |
(73 | ) | (82 | ) | 11.0 | |||||||
Accretion expense |
(593 | ) | (564 | ) | (5.1 | ) | ||||||
Mark-to-market |
(23 | ) | (1,211 | ) | — | |||||||
Net interest income on Brazilian tax credits |
118 | 315 | — | |||||||||
Other financial results |
(670 | ) | (563 | ) | (19.0 | ) | ||||||
|
|
|
|
|
|
|||||||
Net finance cost before exceptional finance results |
(4,803 |
) |
(5,959 |
) |
— |
|||||||
Other mark-to-market |
(25 | ) | (1,008 | ) | — |
|||||||
Other |
(781 | ) | (730 | ) | (7.0 | ) | ||||||
|
|
|
|
|
|
|||||||
Exceptional net finance income/(cost) |
(806 |
) |
(1,738 |
) |
— |
|||||||
|
|
|
|
|
|
|||||||
Net finance income/(cost) |
(5,609 |
) |
(7,697 |
) |
— |
(1) | The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
Share price at the start of the twelve-month period (in euro) |
57.01 | 72.71 | ||||||
Share price at the end of the twelve-month period (in euro) |
53.17 | 57.01 | ||||||
Number of derivative equity instruments at the end of the period ( in millions |
55.0 | 55.0 |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
Share price at the start of the twelve-month period (in euro) |
57.01 | 72.71 | ||||||
Share price at the end of the twelve-month period (in euro) |
53.17 | 57.01 | ||||||
Number of derivative equity instruments at the end of the period ( in millions |
45.5 | 45.5 |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
(USD million) |
||||||||
Profit attributable to equity holders of AB InBev |
4,670 |
1,405 |
||||||
Exceptional items, before taxes, attributable to equity holders of AB InBev |
614 | 3,103 | ||||||
Exceptional net finance cost, before taxes, attributable to equity holders of AB InBev |
806 | 1,738 | ||||||
Exceptional taxes attributable to equity holders of AB InBev |
(346 | ) | (155 | ) | ||||
Exceptional non-controlling interest |
(20 | ) | (228 | ) | ||||
Profit from discontinued operations attributable to equity holders of AB InBev |
— | (2,055 | ) | |||||
|
|
|
|
|||||
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |
5,723 |
3,807 |
• | Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev does not reflect items which are exceptional; |
• | Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev does not reflect the impact of discontinued operations; |
• | Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations; and |
• | the adjustments made in calculating profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev are those that management consider are not representative of the underlying operations of the company and therefore are subjective in nature. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
(USD per share) |
||||||||
Basic earnings per share |
2.33 |
0.70 |
||||||
Exceptional items, before taxes, attributable to equity holders of AB InBev |
0.31 | 1.55 | ||||||
Exceptional net finance cost, before taxes, attributable to equity holders of AB InBev |
0.40 | 0.87 | ||||||
Exceptional taxes attributable to equity holders of AB InBev |
(0.17 | ) | (0.08 | ) | ||||
Exceptional non-controlling interest |
(0.01 | ) | (0.11 | ) | ||||
Profit from discontinued operations attributable to equity holders of AB InBev |
— | (1.03 | ) | |||||
|
|
|
|
|||||
Basic EPS from continuing operations before exceptional items |
2.85 |
1.91 |
||||||
Mark-to-market |
0.01 | 0.61 | ||||||
Hyperinflation accounting impacts in EPS |
0.01 | — | ||||||
|
|
|
|
|||||
Underlying EPS |
2.88 |
2.51 |
||||||
|
|
|
|
• | Basic EPS from continuing operations before exceptional items and Underlying EPS do not reflect items which are exceptional, and Underlying EPS further does not reflect items over which management has no control, such as the effects of hyperinflation in Argentina; |
• | Basic EPS from continuing operations before exceptional items and Underlying EPS do not reflect the impact of discontinued operations; |
• | Underlying EPS does not reflect the mark-to-market |
• | Basic EPS from continuing operations before exceptional items and Underlying EPS may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations; and |
• | the adjustments made in calculating basic EPS from continuing operations before exceptional items and Underlying EPS are those that management consider are not representative of the underlying operations of the company and therefore are subjective in nature. |
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
(USD million) |
||||||||
Indexation |
240 | 146 | ||||||
Closing rate |
(158 | ) | (227 | ) | ||||
|
|
|
|
|||||
Total |
82 |
(80 |
) | |||||
|
|
|
|
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|||||||
(USD million) |
||||||||
Indexation |
74 | 43 | ||||||
Closing rate |
(20 | ) | (87 | ) | ||||
|
|
|
|
|||||
Total |
54 |
(45 |
) | |||||
|
|
|
|
Year ended 31 December, |
||||||||
2021 |
2020 |
|||||||
U.S. dollar |
29.6 | % | 31.9 | % | ||||
Brazilian real |
12.4 | % | 12.7 | % | ||||
Chinese yuan |
9.7 | % | 9.1 | % | ||||
Mexican peso |
9.4 | % | 8.9 | % | ||||
Euro |
6.2 | % | 6.9 | % | ||||
Colombian peso |
4.1 | % | 3.8 | % | ||||
South African rand |
4.0 | % | 3.3 | % | ||||
Canadian dollar |
3.7 | % | 3.9 | % | ||||
Argentinean peso (1) |
3.0 | % | 2.4 | % | ||||
Pound sterling |
2.7 | % | 2.7 | % | ||||
Peruvian peso |
2.6 | % | 2.5 | % | ||||
Dominican peso |
2.1 | % | 1.9 | % | ||||
South Korean won |
2.1 | % | 2.3 | % | ||||
Other |
8.1 | % | 7.6 | % |
(1) | Hyperinflation accounting was adopted in 2018 to report the company’s Argentinean operations. |
• | We recorded a positive translation impact, including hyperinflation accounting impact, of USD 326 million on our revenue for the year ended 31 December 2021 (as compared to a negative translation impact of USD 3,410 million in 2020) and a positive translation impact, including hyperinflation accounting impact, of USD 36 million on our profit from operations for the year ended 31 December 2021 (as compared to a negative translation impact on our profit from operations of USD 593 million in 2020). |
• | Our reported profit of the year was positively affected by a USD 41 million translation impact, including hyperinflation accounting impact, for the year ended 31 December 2021 (as compared to a negative translation impact of USD 297 million in 2020), while the positive translation impact, including hyperinflation accounting impact, on our basic earnings per share base for the year ended 31 December 2021 was USD 38 million, or USD 0.02 per share (as compared to a negative impact of USD 174 million, or USD 0.09 per share in 2020). |
• | Our net debt decreased by USD 1,609 million in the year ended 31 December 2021 as a result of translation impacts (as compared to an increase of USD 3,426 million in 2020). |
• | Equity attributable to our equity holders decreased by USD 4 320 million in the year ended 31 December 2021 as a result of translation impacts (as compared to a decrease of USD 9 943 million in 2020). |
• | Debt service; |
• | Capital expenditures; |
• | Investments in companies participating in the brewing, carbonated soft drink and malting industries; |
• | Increases in ownership of our subsidiaries or companies in which we hold equity investments; |
• | Share buyback programs; and |
• | Payments of dividends and interest on shareholders’ equity. |
• | increasing our vulnerability to general adverse economic and industry conditions; |
• | limiting our ability to fund future working capital and capital expenditures, to engage in future acquisitions or development activities or to otherwise realize the value of our assets and opportunities fully; |
• | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; |
• | impairing our ability to obtain additional financing in the future, or requiring us to obtain financing involving restrictive covenants; |
• | requiring us to issue additional equity (possibly under unfavorable conditions), which could dilute our existing shareholders’ equity; and |
• | placing us at a competitive disadvantage compared to our competitors that have less debt. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Cash flow from operating activities |
14,799 | 10,891 | ||||||
Cash flow from (used in) investing activities |
(5,878 | ) | 6,336 | |||||
Cash flow from (used in) financing activities |
(11,598 | ) | (8,475 | ) | ||||
Net increase/(decrease) in cash and cash equivalents |
(2,677 |
) |
8,752 |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Profit from continuing operations |
6,114 | 147 | ||||||
Interest, taxes and non-cash items included in profit |
12,693 | 17,024 | ||||||
|
|
|
|
|||||
Cash flow from operating activities before changes in working capital and use of provisions |
18,806 |
17,171 |
||||||
Change in working capital (1) |
2,459 | 592 | ||||||
Pension contributions and use of provisions |
(375 | ) | (616 | ) | ||||
Interest and taxes (paid)/received |
(6,197 | ) | (6,391 | ) | ||||
Dividends received |
106 | 51 | ||||||
Cash flow from operating activities on Australia discontinued operations |
— | 84 | ||||||
|
|
|
|
|||||
Cash flow from operating activities |
14,799 |
10,891 |
||||||
|
|
|
|
(1) | For purposes of the table above, working capital includes inventories, trade and other receivables and trade and other payables, both current and non-current. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Net capital expenditure (1) |
(5,498 | ) | (3,687 | ) | ||||
Acquisition and sale of subsidiaries and associates, net of cash acquired / disposed of |
(444 | ) | (510 | ) | ||||
Net proceeds from the sale / (acquisition) of other assets |
65 | (292 | ) | |||||
Proceeds from Australia divestiture (discontinued operations) |
— | 10,838 | ||||||
Cash flow from investing activities on Australia discontinued operations |
— | (13 | ) | |||||
|
|
|
|
|||||
Cash flow from (used in) investing activities |
(5,878 |
) |
6,336 |
(1) | Net capital expenditure consists of acquisitions of plant, property and equipment and of intangible assets, minus proceeds from sale. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Dividends paid (1) |
(2,364 | ) | (1,800 | ) | ||||
Net (payments on) / proceeds from borrowings |
(8,511 | ) | (8,294 | ) | ||||
Payments of lease liabilities |
(531 | ) | (461 | ) | ||||
Other (including purchase of non-controlling interests) |
(192 | ) | 2,086 | |||||
Cash flow from financing activities on Australia discontinued operations |
— | (6 | ) | |||||
|
|
|
|
|||||
Cash flow from (used in) financing activities |
(11,598 |
) |
(8,475 |
) | ||||
|
|
|
|
(1) | Dividends paid in 2021 consisted primarily of USD 1.2 billion paid by Anheuser-Busch InBev SA/NV and USD 0.8 billion paid by Ambev and its subsidiaries. Dividends paid in 2020 consisted primarily of USD 1.1 billion paid by Anheuser-Busch InBev SA/NV and USD 0.6 billion paid by Ambev and its subsidiaries. |
Year ended 31 December (derived from audited financial statements) |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Cash and cash equivalents |
4,505 | 5,132 | ||||||
Bank overdrafts |
(53 | ) | (5 | ) | ||||
Investment in short-term debt securities |
7,592 | 10,119 | ||||||
Cash and Cash Equivalents and Short-Term Investments |
12,043 |
15,247 |
Date of redemption |
Issuer (abbreviated) |
Title of series of notes issued exchanged |
Currency |
Aggregate principal amount outstanding (in millions) |
Principal amount redeemed (in millions) | |||||
27 January 2021 |
ABIWW | 3.750% Notes due 2024 | AUD | 650 | 650 | |||||
28 January 2021 |
ABISA | 1.500% Notes due 2025 | EUR | 2,147 | 2,147 | |||||
29 June 2021 |
ABIWW | 4.150% Notes due 2025 | USD | 2,500 | 2,500 | |||||
23 July 2021 |
ABIFI | 4.600% Notes due 2045 | USD | 565 | 565 |
3 |
Converted at the closing rate of December 2021. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Secured bank loans |
628 | 702 | ||||||
Commercial papers |
— | 1,522 | ||||||
Unsecured bank loans |
106 | 294 | ||||||
Unsecured bond issues |
85,726 | 93,725 | ||||||
Unsecured other loans |
40 | 83 | ||||||
Lease liabilities |
2,277 | 2,234 | ||||||
|
|
|
|
|||||
Total |
88,777 |
98,559 |
||||||
|
|
|
|
Carrying Amount (1) |
Less than 1 year |
1-2 years |
2-3 years |
3-5 years |
More than 5 years |
|||||||||||||||||||
(USD million) |
||||||||||||||||||||||||
Secured bank loans |
628 | 553 | 53 | 3 | 6 | 13 | ||||||||||||||||||
Unsecured bank loans |
106 | 106 | — | — | — | — | ||||||||||||||||||
Unsecured bond issues |
85,716 | 293 | — | 2,371 | 6,738 | 76,314 | ||||||||||||||||||
Unsecured other loans |
50 | 9 | 38 | — | — | 3 | ||||||||||||||||||
Lease liabilities |
2,277 | 446 | 434 | 311 | 425 | 661 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
88,777 |
1,407 |
525 |
2,685 |
7,169 |
76,991 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | “Carrying Amount” refers to net book value as recognized on the balance sheet at 31 December 2021. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Non-current interest bearing loans and borrowings |
87,369 | 95,478 | ||||||
Current interest bearing loans and borrowings |
1,408 | 3,081 | ||||||
Total |
88,777 |
98,559 |
||||||
Bank overdrafts |
53 | 5 | ||||||
Cash and cash equivalents |
(12,097 | ) | (15,252 | ) | ||||
Interest-bearing loans granted (included within Trade and other receivables) |
(175 | ) | (173 | ) | ||||
Non-current and current debt securities (included within Investment securities)(1) |
(396 | ) | (418 | ) | ||||
Net debt |
76,162 |
82,722 |
(1) | See note 23 to our audited consolidated financial statements as of 31 December 2021 and 2020, and for the three years ended 31 December 2021. |
(i) | in the case of Brandbrew S.A., any obligation which, if incurred, would constitute a breach of the provisions on unlawful financial assistance as contained in article 430-19 (formerly article 49-6) of the Luxembourg Law on Commercial Companies dated 10 August 1915, as amended; and |
(ii) | in the case of Brandbev S.à r.l., the guarantee of any amount if and to the extent the granting of such guarantee for such amounts would constitute unlawful financial assistance in violation of article 1500-7 (formerly article 168) of the Luxembourg Law on Commercial Companies dated 10 August 1915, as amended. |
Year ended 31 December |
||||||||
2021 (1) |
2020 (2) |
|||||||
(USD million) |
||||||||
Statement of Income Data |
||||||||
Revenue |
14,920 | 14,260 | ||||||
Gross profit |
8,339 | 8,193 | ||||||
Profit from continuing operations |
2,055 | 859 | ||||||
Profit from discontinued operations |
— | 368 | ||||||
Profit for the period |
2,055 | 1,227 | ||||||
Balance Sheet Data |
||||||||
Due from non-guarantor subsidiaries |
78,031 | 43,420 | ||||||
Other non-current assets |
61,434 | 61,602 | ||||||
Non-current assets |
139,465 |
105,022 |
||||||
Due from non-guarantor subsidiaries |
7,160 | 22,881 | ||||||
Other current assets |
11,874 | 23,323 | ||||||
Current assets |
19,034 |
46,204 |
||||||
Due to non-guarantor subsidiaries |
48,960 | 36,364 | ||||||
Other non-current liabilities |
93,317 | 103,874 | ||||||
Non-current liabilities |
142,277 |
140,238 |
||||||
Due to non-guarantor subsidiaries |
14,937 | 15,963 | ||||||
Other current liabilities |
22,303 | 33,290 | ||||||
Current liabilities |
37,240 |
49,253 |
(1) | For the year ended 31 December 2021, revenue, gross profit, profit from continuing operations and profit for the period includes USD 344 million, USD (500) million, USD 3,162 million and USD 3,162 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
(2) | For the year ended 31 December 2020, revenue, gross profit, profit from continuing operations and profit for the period includes USD 365 million, USD (524) million, USD 2,758 million and USD 2,758 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. |
Year ended 31 December |
||||||||
2021 |
2020 |
|||||||
(USD million) |
||||||||
Collateral given for own liabilities |
310 | 391 | ||||||
Contractual commitments to purchase property, plant and equipment |
449 | 528 | ||||||
Contractual commitments to acquire loans to customers |
142 | 150 | ||||||
Other commitments |
1,943 | 1,953 |
• | As part of the 2012 shareholders agreement between our subsidiary Ambev and E. León Jimenes S.A. (“ ELJ CND |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
• | three independent directors will be appointed by our shareholders’ meeting upon proposal by our Board of Directors; |
• | so long as the Stichting and/or any of its affiliates, any of their respective successors and/or successors’ affiliates own, in aggregate, more than 30% of the shares with voting rights in our share capital, nine directors will be appointed by our shareholders’ meeting upon proposal by the Stichting (and/or any of its affiliates, any of their respective successors and/or successors’ affiliates); and |
• | so long as the holders of Restricted Shares, together with their affiliates and/or any of their successors and/or successors’ affiliates, own in aggregate: |
• | more than 13.5% of the shares with voting rights in our share capital, three directors will be appointed by our shareholders’ meeting upon proposal by the holders of the Restricted Shares; |
• | more than 9% but not more than 13.5% of the shares with voting rights in our share capital, two directors will be appointed by our shareholders’ meeting upon proposal by the holders of the Restricted Shares; |
• | more than 4.5% but not more than 9% of the shares with voting rights in our share capital, one director will be appointed by our shareholders’ meeting upon proposal by the holders of the Restricted Shares; and |
• | 4.5% or less than 4.5% of the shares with voting rights in our share capital, the holders of the Restricted Shares will no longer have the right to propose any candidate for appointment as a member of our Board of Directors and no directors will be appointed upon proposal by the holders of the Restricted Shares. |
• | the director is not an executive, or exercising a function as a person entrusted with the daily management of the company or a related company or person, and has not been in such a position for the previous three years before his or her appointment and is no longer enjoying stock options of the company related to this position; |
• | the director has not served for a total term of more than twelve years as a board member; |
• | the director is not an employee of the senior management of the company or a related company or person, and has not been in such a position for the previous three years before his or her appointment and is no longer enjoying stock options of the company related to this position; |
• | the director is not receiving, or has not received during their mandate or for a period of three years prior to their appointment, any significant remuneration or any other significant advantage of a patrimonial nature from the company or a related company or person, apart from any fee they receive or have received as a non-executive board member; |
• | the director does not hold shares, either directly or indirectly, either alone or in concert, representing globally one-tenth or more of the company’s capital or one-tenth or more of the voting rights in the company at the moment of appointment and not has not been nominated, in any circumstances, by a shareholder fulfilling the conditions covered above; |
• | the director does not maintain, or has not maintained in the past year before their appointment, a significant business relationship with the company or a related company or person, either directly or as partner, shareholder, board member, member of the senior management of a company or person who maintains such a relationship; |
• | the director is not or has not been within the last three years before his or her appointment, a partner or member of the audit team of the company or person who is, or has been within the last three years before their appointment, the external auditor of the company or a related company or person; |
• | the director is not an executive of another company in which an executive of the company is a non-executive board member; and |
• | the director does not have, in the company or a related company or person, a spouse, legal partner or close family member to the second degree, exercising a function as board member or executive or person entrusted with the daily management or employee of the senior management, or falling in one of the other cases referred to in bullets 1. to 8. above, and as far as the second bullet is concerned, up to three years after the date on which the relevant relative has terminated his or her last term. |
Name |
Principal Function |
Nature of Directorship |
Initially Appointed |
Term Expires | ||||
María Asunción Aramburuzabala | Director | Non-executive |
2016 | 2024 | ||||
Martin J. Barrington | Director and Chair of the Board (1) |
Non-executive, nominated by the holders of Restricted Shares |
2016 | 2022 | ||||
M. Michele Burns | Independent Director | Non-executive |
2016 | 2024 | ||||
Sabine Chalmers | Director | Non-executive, nominated by the holders of class A Stichting certificates |
2019 | 2023 | ||||
Paul Cornet de Ways Ruart | Director | Non-executive, nominated by the holders of class A Stichting certificates |
2016 | 2024 | ||||
Claudio Garcia | Director | Non-executive, nominated by the holders of class B Stichting certificates |
2019 | 2023 | ||||
William F. Gifford, Jr. | Director | Non-executive, nominated by the holders of Restricted Shares |
2016 | 2022 | ||||
Paulo Alberto Lemann | Director | Non-executive, nominated by the holders of class B Stichting certificates |
2016 | 2024 | ||||
Xiaozhi Liu | Independent Director | Non-executive |
2019 | 2023 | ||||
Alejandro Santo Domingo Dávila | Director | Non-executive, nominated by the holders of Restricted Shares |
2016 | 2022 | ||||
Elio Leoni Sceti | Independent Director | Non-executive |
2016 | 2024 | ||||
Cecilia Sicupira | Director | Non-executive, nominated by the holders of class B Stichting certificates |
2019 | 2023 | ||||
Grégoire de Spoelberch | Director | Non-executive, nominated by the holders of class A Stichting certificates |
2016 | 2024 | ||||
Roberto Thompson Motta | Director | Non-executive, nominated by the holders of class B Stichting certificates |
2020 | 2024 | ||||
Alexandre Van Damme | Director | Non-executive, nominated by the holders of class A Stichting certificates |
2016 | 2024 |
(1) | We have determined that Mr. Barrington is an independent director for purposes of Rule 10A-3 of the Exchange Act. |
Name |
Current |
Past | ||
María Asunción Aramburuzabala |
Tresalia Capital, Abilia, Red Universalia, Medistik, Consejo Mexicano de Negocios, Coty Inc and Instituto Tecnológico Autónomo de México (ITAM) School of Business | Grupo Financiero Banamex, LLC, Banco Nacional de México, América Móvil, Grupo Televicentro, Televisa, Cablevisión, Empresas ICA, Aeroméxico, Siemens, Tory Burch, LLC, Artega Automobil, Diblo, Dirección de Fábricas, Filantropía Modelo, Consejo Asesor para las Negociaciones Comerciales Internacionales, Compromiso Social por la Calidad de la Educación, Latin America Conservation Council, Fresnillo plc, Médica Sur, Calidad de Vida, Progreso y Desarrollo para la Ciudad de México and Compañía Periodística Nacional, Grupo Modelo, KIO Networks | ||
Martin J. Barrington |
Richmond Performing Arts Center L.L.P. | Altria Group, Inc., NextUp (formerly Middle School Renaissance 2020, LLC), Virginia Museum of Fine Arts | ||
M. Michele Burns |
Cisco Systems Inc., The Goldman Sachs Group Inc., Etsy Inc., Circle Internet Financial | Alexion Pharmaceuticals Inc. | ||
Sabine Chalmers |
BT Group Plc, Continental Grain Group, Eugénie Patri Sébastien S.A. and the Stichting | Coty Inc. | ||
Paul Cornet de Ways Ruart |
Eugénie Patri Sébastien S.A., Sebacoop SCRL, Adrien Invest SCRL, Floridienne S.A.and the Stichting | Sparflex, Bunge Ltd, Krispy Kreme Doughnuts Inc., Panera Bread Holdings Corp., Peet’s Coffee & Tea, LLC, Coffee & Bagel Brands Inc. Company, Inc., Rayvax Société d’Investissement S.A. | ||
Claudio Garcia |
Lojas Americanas S.A., Garcia Family Foundation, Telles Foundation and Chapin School in New York | — | ||
William F. Gifford, Jr. |
Altria Group Inc., Catalyst Inc., Virginia Commonwealth University School of Business Foundation | Virginia Foundation for Independent Colleges, National Association of Manufacturers, Greater Richmond Partnership, Inc. | ||
Paulo Alberto Lemann |
Vectis Partners, Lojas Americanas S.A., Lemann Foundation and Lone Pine Capital LLC | Ambev | ||
Elio Leoni Sceti |
LSG Holdings (Chairman), the Kraft Heinz Company, Barry Callebaut, One Young World (Trustee), The Craftory (Chairman), Room to Read UK (Chairman) | EMI Music, Iglo Group, Beamly Ltd. and Nomad Foods | ||
Xiaozhi Liu |
ASL Automobile Science & Technology (Shanghai) Co., Ltd., Autoliv (NYSE) and Johnson Matthey Plc | Fuyao Glass Group |
Name |
Current |
Past | ||
Alejandro Santo Domingo Dávila |
Quadrant Capital Advisors, Inc., Bavaria S.A., Valorem S.A., JDE Peet’s, Cine Colombia S.A., Organización Decameron S. de R.L., Florida Crystals Corporation, Caracol Televisión S.A., Life Time Inc., Metropolitan Museum of Art, Wildlife Conservation Society, DKMS and Fundación Mario Santo Domingo, Contour Global plc, Mount Sinai Health Systems, Advanced Merger Partners (AMPI) | SABMiller plc., Celumóvil S.A., Avianca S.A., Sofasa S.A., Cervecería Nacional S.A. (Panamá), Compañía de Cervezas Nacionales S.A. (Ecuador), Union de Cervecerías Peruanas Backus & Johnston S.A.A., Keurig Green Mountain (KGM), Millicom International Cellular SA | ||
Cecilia Sicupira |
LTS Investments | Restaurant Brands International and São Carlos Empreendimentos S.A., Ambev S.A., Lojas Americanas S.A. | ||
Grégoire de Spoelberch |
Agemar S.A., Fiprolux S.A., Eugénie Patri Sébastien S.A., the Stichting, G.D.S. Consult, Cobehold, Compagnie Benelux Participations, Vervodev, Wesparc, Groupe Josi, (1) Financière Stockel,(1) Immobilière du Canal,(1) Verlinvest,(1) Midi Developpement,(1) Solferino Holding S.A., Vedihold, Clearvolt S.A. and Fonds Baillet Latour |
Atanor, (1) Amantelia,(1) Demeter Finance, Lunch Garden Services,(1) Lunch Garden,(1) Lunch Garden Management,(1) Lunch Garden Finance,(1) Lunch Garden Concepts,(1) HEC Partners,(1) Q.C.C.,(1) A.V.G. Catering Equipment,(1) Immo Drijvers-Stevens and(1) Elpo-Cuisinex Wholesale(1) Navarin S.A., Wernelin S.A., Zencar S.A. | ||
Roberto Thompson Motta |
Ambev S.A., StoneCo Ltd., the Stichting,3G Capital, Inc. LTS Investments, The Wharton School of The University of Pennsylvania, Metropolitan Museum of Art. | Lojas Americanas S.A., São Carlos Empreendimentos S.A., Restaurant Brands International | ||
Alexandre Van Damme |
Patri S.A., the Stichting, Eugénie Patri Sébastien, S.A. and the Kraft Heinz Company | Keurig Green Mountain (KGM), Jacobs Douwe Egberts (JDE), DKMS and Fonds Baillet Latour, Restaurant Brands International |
(1) | As permanent representative. |
Name |
Function | |
Michel Doukeris (1) |
Chief Executive Officer | |
John Blood |
Chief Legal and Corporate Affairs Officer and Corporate Secretary | |
Fernando Tennenbaum |
Chief Financial Officer | |
David Almeida |
Chief Strategy and Technology Officer |
(1) | Michel Doukeris became Chief Executive Officer and a member of the Executive Committee on 1 July 2021, succeeding Carlos Brito who was the Chief Executive Officer and a member of the Executive Committee until 30 June 2021. |
Name |
Function | |
Katherine Barrett |
General Counsel | |
Pedro Earp |
Chief Marketing and ZX Ventures Officer | |
Lucas Herscovici |
Chief Sales Officer | |
Peter Kraemer |
Chief Supply Officer | |
Nelson Jamel |
Chief People Officer | |
Ezgi Barcenas |
Chief Sustainability Officer | |
Pablo Panizza |
Chief Direct to Consumer Officer | |
Ricardo Tadeu |
Chief B2B Officer | |
Jan Craps |
Zone President Asia Pacific (APAC) | |
Brendan Whitworth |
Zone President North America | |
Carlos Lisboa |
Zone President Middle Americas | |
Ricardo Moreira |
Zone President Africa | |
Jean Jereissati Neto |
Zone President South America | |
Jason Warner |
Zone President Europe |
Name |
Current |
Past | ||
Michel Doukeris | — | The Beer Institute | ||
John Blood | — | International Institute for Conflict Prevention and Resolution (CPR) | ||
Fernando Tennenbaum | — | — | ||
David Almeida | — | — |
Grant date of stock options |
Expiry date of stock options |
Number of options granted |
Number of options outstanding |
Exercise price |
||||||||||
(in millions) |
(in millions) |
(in EUR) |
||||||||||||
30 April 2014 |
29 April 2024 | 0.185 | 0.185 | 80.83 | ||||||||||
29 April 2015 |
28 April 2025 | 0.236 | 0.236 | 113.10 | ||||||||||
27 April 2016 |
27 April 2026 | 0.236 | 0.236 | 113.25 | ||||||||||
26 April 2017 |
26 April 2027 | 0.221 | 0.221 | 104.50 | ||||||||||
25 April 2018 |
25 April 2028 | 0.228 | 0.228 | 84.47 | ||||||||||
|
|
|
|
|||||||||||
Total |
1.105 |
1.105 |
||||||||||||
|
|
|
|
(1) | Under the former LTI Stock Option Plan Directors, stock options were granted to directors at an exercise price equal to the market price of our shares at the time of the grant. These LTI stock options cliff vest after five years, have a maximum lifetime of 10 years and an exercise period that starts five years after the grant date. Unvested LTI stock options are subject to forfeiture provisions in the event a director’s mandate is not renewed upon the expiry of his or her term, or he or she is terminated in the course of his or term, in each case due to a breach of duty by such director. |
Grant date of RSUs |
Vesting date of RSUs |
Number of RSUs granted |
Number of RSUs outstanding |
|||||||||
(in millions) |
(in millions) |
|||||||||||
24 April 2019 |
24 April 2024 | 0.042 | 0.042 | |||||||||
3 June 2020 |
3 June 2025 | 0.075 | 0.075 | |||||||||
28 April 2021 |
28 April 2026 | 0.057 | 0.057 | |||||||||
Total |
0.173 |
0.173 |
• | existing Ordinary Shares; |
• | entitled to dividends paid as from the date of grant; |
• | subject to a lock-up period of three years with respect to bonuses for the financial year 2022 and onwards; and |
• | granted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form of restricted stock units, subject to specific restrictions or forfeiture provisions in the event of termination of service (“ Discounted Share |
• | has earned a variable compensation, which is subject to the successful achievement of total company, business unit and individual performance targets (performance condition); and |
• | has agreed to reinvest all or part of his or her variable compensation in company shares, which are subject to a lock-up as indicated above (ownership condition). |
• | for the variable remuneration to be paid out based on the achievement of annual targets without staggering its grant or payment over a three-year period. However, eligible employees are encouraged to invest some or all of their variable compensation in voluntary shares. Such voluntary investment also leads to a grant of Matching Shares in the form of restricted stock units, which vest over a three-year period, promoting sustainable long-term performance; and |
• | for the voluntary shares granted under the Share-Based Compensation Plan to vest at their grant, instead of applying a vesting period of a minimum of three years. Nonetheless, the voluntary shares are subject to a three-year lock-up period. |
• | a grant value determined on the basis of the market price or an average market price of the share at the time of grant; |
• | upon vesting, each restricted stock unit entitles its holder to acquire one share; |
• | all long-term restricted stock units cliff-vest over a three-year period (with respect to financial year 2021, half of the restricted stock units cliff vest over a three-year period and the other half cliff vest over a five-year period); and |
• | in the event the executive leaves the company before the vesting date, specific forfeiture rules will apply. |
• | a grant value determined on the basis of the market price or an average market price of the share at the time of grant; |
• | the performance stock units cliff vest over a three-year period; |
• | upon vesting of the performance stock units, the number of shares to which the holder thereof shall be entitled will depend on a performance test measuring (on a percentile basis) the company’s three-year total shareholder return (TSR) relative to the TSR realized for that period by a representative sample of listed companies belonging to the fast-moving consumer goods sector. The number of shares to which holders of the performance stock units shall be entitled is subject to a hurdle and cap; and |
• | in the event the executive leaves the company before the vesting date, specific forfeiture rules will apply. |
• | upon exercise, each LTI stock option entitles the option holder to one share. As of 2010, we have also issued LTI stock options entitling the holder to one ADS; |
• | an exercise price equal to the market price or an average market price of our share or our ADS at the time of granting; |
• | a maximum lifetime of 10 years and an exercise period that starts after five years; and |
• | the LTI stock options cliff vest after five years. Unvested options are subject to specific forfeiture provisions in case of termination of service before the end of the five-year vesting period. |
Issue Date |
Number of LTI stock options granted |
Number of LTI stock options outstanding |
Exercise price |
Expiry date of options |
||||||||||||
(in millions) |
(in millions) |
(in EUR) |
||||||||||||||
30 November 2012 |
2.75 | 1.65 | 66.56 | 29 November 2022 | ||||||||||||
14 December 2012 |
0.22 | 0.09 | 66.88 | 13 December 2022 | ||||||||||||
2 December 2013 |
2.48 | 1.66 | 75.15 | 1 December 2023 | ||||||||||||
19 December 2013 |
0.37 | 0.21 | 74.49 | 18 December 2023 | ||||||||||||
1 December 2014 |
2.48 | 1.70 | 94.46 | 30 November 2024 | ||||||||||||
17 December 2014 |
0.53 | 0.31 | 88.53 | 16 December 2024 | ||||||||||||
1 December 2015 |
1.63 | 0.99 | 121.95 | 30 November 2025 | ||||||||||||
22 December 2015 |
1.86 | 1.39 | 113.00 | 21 December 2025 | ||||||||||||
1 December 2016 |
2.32 | 1.46 | 98.04 | 30 November 2026 | ||||||||||||
15 December 2016 |
1.15 | 0.75 | 97.99 | 14 December 2026 | ||||||||||||
13 January 2017 |
0.02 | 0.01 | 99.01 | 12 January 2027 | ||||||||||||
20 January 2017 |
0.96 | 0.81 | 98.85 | 19 January 2027 |
Issue Date |
Number of LTI stock options granted |
Number of LTI stock options outstanding |
Exercise price |
Expiry date of options |
||||||||||||
(in millions) |
(in millions) |
(in EUR) |
||||||||||||||
1 December 2017 |
4.79 | 3.36 | 96.70 | 30 November 2027 | ||||||||||||
22 January 2018 |
1.05 | 0.96 | 94.36 | 21 January 2028 | ||||||||||||
8 March 2018 |
0.27 | 0.25 | 89.43 | 7 March 2028 | ||||||||||||
3 December 2018 |
4.48 | 3.12 | 67.64 | 2 December 2028 | ||||||||||||
25 January 2019 |
0.93 | 0.81 | 65.70 | 24 January 2029 | ||||||||||||
2 December 2019 |
5.87 | 4.87 | 71.87 | 1 December 2029 |
Issue Date |
Number of LTI stock options granted |
Number of LTI stock options outstanding |
Exercise price |
Expiry date of options |
||||||||||||
(in millions) |
(in millions) |
(in USD) |
||||||||||||||
30 November 2012 |
1.16 | 0.67 | 86.43 | 29 November 2022 | ||||||||||||
14 December 2012 |
0.17 | 0.11 | 87.34 | 13 December 2022 | ||||||||||||
2 December 2013 |
1.05 | 0.67 | 102.11 | 1 December 2023 | ||||||||||||
19 December 2013 |
0.09 | 0.06 | 103.39 | 18 December 2023 | ||||||||||||
1 December 2014 |
1.04 | 0.66 | 116.99 | 30 November 2024 | ||||||||||||
17 December 2014 |
0.22 | 0.16 | 108.93 | 16 December 2024 | ||||||||||||
1 December 2015 |
1.00 | 0.66 | 128.46 | 30 November 2025 | ||||||||||||
22 December 2015 |
0.14 | 0.08 | 123.81 | 21 December 2025 | ||||||||||||
1 December 2016 |
1.29 | 0.89 | 103.27 | 30 November 2026 | ||||||||||||
15 December 2016 |
0.08 | 0.05 | 102.91 | 14 December 2026 | ||||||||||||
1 December 2017 |
1.40 | 1.01 | 114.50 | 30 November 2027 | ||||||||||||
3 December 2018 |
1.19 | 0.96 | 76.87 | 2 December 2028 | ||||||||||||
2 December 2019 |
1.26 | 1.09 | 79.35 | 1 December 2029 |
• | who have made a significant contribution to the success of the company; or |
• | who have made a significant contribution in relation to acquisitions and/or the achievement of integration benefits; or |
• | to incentivize and retain senior leaders who are considered to be instrumental in achieving the company’s ambitious short or long-term growth agenda. |
i. | 2020 Incentive Plan 2020 Incentive Plan |
ii. | Integration Incentive Plan Integration Incentive Plan |
iii. | Incentive Plan for SAB Employees Incentive Plan for SAB Employees |
iv. | Long Run Stock Options Incentive Plan Long Run Stock Options Incentive Plan |
i. | Base Long-Term Restricted Stock Units Program: sub-plans with specific terms and conditions and for specific purposes e.g. as a special retention incentive or to compensate for assignments of expatriates in countries with difficult living conditions. In most cases, the restricted stock units 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 shorter or longer vesting periods for specific sub-plans or introduce performance tests. Any grant to members of the Executive Committee and/or senior leadership team is subject to Board approval, upon recommendation of the Remuneration Committee. Other than the grants of annual long-term restricted stock units described below under “—Compensation of Directors and Executives—Long-Term Incentives—Annual Long-Term Incentives”, no restricted stock units were granted under the program to members of the Executive Committee in 2021. |
ii. | Share Purchase Program mid-manager level or (ii) for newly hired employees. A voluntary investment in our shares by the participating employee is matched with a grant of up to three matching shares for each share invested or, as the case may be, a number of matching shares corresponding to a fixed monetary value that depends on seniority level. The matching shares are granted in the form of restricted stock units which vest after five years. In case of termination before the vesting date, specific forfeiture rules apply. Beginning in 2016, instead of restricted stock units, stock options may also be granted under this program with similar vesting and forfeiture rules. No shares under the program were purchased by members of the Executive Committee in 2021. |
i. | The Exchange Program 1 and the options granted under the April 2009 Exceptional Grant2 could be released, e.g. Exchange Program lock-up period). |
ii. | The Dividend Waiver Program |
1 | The Series A Options had a duration of 10 years from granting and vested on 1 January 2014. The Series B Options have a duration of 15 years from granting and vested on 1 January 2019. The exercise of the stock options is subject, among other things, to AB InBev meeting a performance test. This performance test has been met as the net debt/Normalized EBITDA (adjusted for exceptional items), ratio fell below 2.5 before 31 December 2013. Specific forfeiture rules apply in the case of termination of employment. The exercise price of the options is EUR 10.32 (USD 11.82) or EUR 10.50 (USD 12.02), which corresponds to the fair market value of the shares at the time of the option grant, as adjusted for the rights offering that took place in December 2008. No options were exercised by members of the Executive Committee in 2021. |
2 | The options had a duration of 10 years from granting and vested on 1 January 2014. The exercise of the stock options is subject, among other things, to AB InBev meeting a performance test. This performance test has been met as the net debt/Normalized EBITDA (adjusted for exceptional items), ratio fell below 2.5 before 31 December 2013. Specific forfeiture rules apply in the case of termination of employment. The exercise price of the options is EUR 21.94 (USD 25.12) or EUR 23.28 (USD 26.66), which corresponds to the fair market value of the shares at the time of the option grant. |
Name |
Number of Board meetings attended |
Annual fee for Board meetings |
Fees for Committee meetings |
Total fee |
Number of RSUs granted (2) |
|||||||||||||||
(EUR) |
(EUR) |
(EUR) |
||||||||||||||||||
María Asunción Aramburuzabala |
10 | 75,000 | 0 | 75,000 | 3,444 | |||||||||||||||
Martin J. Barrington |
10 | 255,000 | 21,000 | 276,000 | 9,472 | |||||||||||||||
Michele Burns |
10 | 127,500 | 42,000 | 169,500 | 6,028 | |||||||||||||||
Sabine Chalmers |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Paul Cornet de Ways Ruart |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Grégoire de Spoelberch |
10 | 75,000 | 14,000 | 89,000 | 3,444 | |||||||||||||||
Claudio Garcia |
10 | 75,000 | 28,000 | 103,000 | 3,444 | |||||||||||||||
William F. Gifford Jr. (1) |
8 | 0 | 0 | 0 | 0 | |||||||||||||||
Paulo Lemann |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Xiaozhi Liu |
10 | 75,000 | 14,000 | 89,000 | 3,444 | |||||||||||||||
Alejandro Santo Domingo |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Elio Leoni Sceti |
10 | 75,000 | 21,000 | 96,000 | 3,444 | |||||||||||||||
Cecilia Sicupira |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Roberto Thompson Motta |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
Alexandre Van Damme |
10 | 75,000 | 7,000 | 82,000 | 3,444 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
All directors as group |
1,282,500 | 189,000 | 1,471,500 | 56,828 | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Mr. Gifford has waived his entitlement to any type of remuneration, including share-based remuneration, relating to the exercise of his mandate in 2021 and before. |
(2) | No restricted stock units granted to Directors vested in 2021. |
LTI 26 |
LTI 25 |
LTI 24 |
LTI 23 |
LTI 22 |
Total options |
|||||||||||||||||||
Grant date |
25 April 2018 |
26 April 2017 |
27 April 2016 |
29 April 2015 |
30 April 2014 |
|||||||||||||||||||
Expiry date |
24 April 2028 |
25 April 2027 |
26 April 2026 |
28 April 2025 |
29 April 2024 |
|||||||||||||||||||
María Asunción Aramburuzabala |
15,000 | 15,000 | 15,000 | 15,000 | 0 | 60,000 |
||||||||||||||||||
Martin J. Barrington |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
Sabine Chalmers (2) |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
Michele Burns |
25,500 | 25,500 | 25,500 | 0 | 0 | 76,500 |
||||||||||||||||||
Paul Cornet de Ways Ruart |
15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 75,000 |
||||||||||||||||||
Grégoire de Spoelberch |
15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 75,000 |
||||||||||||||||||
Claudio Garcia (2) |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
William F. Gifford Jr. (3) |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
Paulo Lemann |
15,000 | 15,000 | 15,000 | 15,000 | 0 | 60,000 |
||||||||||||||||||
Xiaozhi Liu |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
Alejandro Santo Domingo |
15,000 | 15,000 | 0 | 0 | 0 | 30,000 |
||||||||||||||||||
Elio Leoni Sceti |
15,000 | 15,000 | 15,000 | 15,000 | 0 | 60,000 |
||||||||||||||||||
Cecilia Sicupira |
0 | 0 | 0 | 0 | 0 | 0 |
||||||||||||||||||
Roberto Thompson Motta |
0 | 0 | 0 | 0 | 15,000 | (4) |
15,000 |
|||||||||||||||||
Alexandre Van Damme |
15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 75,000 |
||||||||||||||||||
Strike price (EUR) |
84.47 |
104.50 |
113.25 |
113.10 |
80.83 |
— |
(1) | At the annual shareholders’ meeting of AB InBev on 30 April 2014, all outstanding LTI warrants under our LTI Warrant Plan (see “—Share-Based Payment Plans—LTI Warrant Plan”) were converted into LTI stock options, i.e., the right to purchase existing shares instead of the right to subscribe to newly issued shares. All other terms and conditions of the existing grants under the LTI Warrant Plan remained unchanged. In 2021, no LTI stock options listed in the table above were exercised by directors. |
(2) | Mr. Garcia and Ms. Chalmers do not hold stock options under the company’s LTI Stock Options Plan for directors. However, they do still hold certain stock options that were awarded to them in the past in their capacity as executives of the company. Out of these, in 2021 Mr. Garcia exercised 57,293 LTI Options granted on 30 November 2011 with an exercise price of EUR 44.00. |
(3) | Mr. Gifford has waived his entitlement to any type of remuneration, including long-term incentive stock options, relating to the exercise of his mandate in 2021 and before. |
(4) | 15,000 stock options granted on 30 April 2014 to Roberto Thompson Motta from his previous service as director at the company. |
Grant Date |
24 April 2019 |
3 June 2020 |
28 April 2021 |
Number of RSUs owned (3) |
||||||||||||
Vesting Date |
24 April 2024 |
3 June 2025 |
28 April 2026 |
|||||||||||||
María Asunción Aramburuzabala |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Martin J. Barrington |
1,614 | 12,447 | 9,472 | 23,533 | ||||||||||||
Michele Burns |
4,544 | 7,920 | 6,028 | 18,492 | ||||||||||||
Sabine Chalmers (2) |
0 | 4,526 | 3,444 | 7,970 | ||||||||||||
Paul Cornet de Ways Ruart |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Grégoire de Spoelberch |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Claudio Garcia (2) |
0 | 4,526 | 3,444 | 7,970 | ||||||||||||
William F. Gifford Jr. (1) |
0 | 0 | 0 | 0 | ||||||||||||
Paulo Lemann |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Xiaozhi Liu |
0 | 4,526 | 3,444 | 7,970 | ||||||||||||
Alejandro Santo Domingo |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Elio Leoni Sceti |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
Cecilia Sicupira |
0 | 4,526 | 3,444 | 7,970 | ||||||||||||
Roberto Thompson Motta |
0 | 0 | 3,444 | 3,444 | ||||||||||||
Alexandre Van Damme |
2,595 | 4,526 | 3,444 | 10,565 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
All directors as group |
24,323 | 70,153 | 56,828 | 151,304 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | William F. Gifford has waived his entitlement to any type of remuneration, including share-based remuneration, relating to the exercise of his mandate in 2021 and before. |
(2) | In addition to the restricted stock units held under the company’s RSU plan for directors, Claudio Garcia and Sabine Chalmers hold certain restricted stock units that were awarded to them in the past in their capacity as executives of the company. |
(3) | No restricted stock units granted to directors vested in 2021. |
Name |
Number of our shares held |
% of our outstanding shares |
||||||
María Asunción Aramburuzabala |
(*) | (*) | ||||||
Martin J. Barrington |
(*) | (*) | ||||||
Claudio Garcia |
(*) | (*) | ||||||
Michele Burns |
(*) | (*) | ||||||
Paul Cornet de Ways Ruart |
(*) | (*) | ||||||
Sabine Chalmers |
(*) | (*) | ||||||
Grégoire de Spoelberch |
(*) | (*) | ||||||
William F. Gifford Jr. |
(*) | (*) | ||||||
Xiaozhi Liu |
(*) | (*) | ||||||
Paulo Lemann |
(*) | (*) | ||||||
Elio Leoni Sceti |
(*) | (*) | ||||||
Alejandro Santo Domingo |
(*) | (*) | ||||||
Cecilia Sicupira |
(*) | (*) | ||||||
Roberto Thompson Motta |
(*) | (*) | ||||||
Alexandre Van Damme |
(*) | (*) | ||||||
TOTAL |
19.78 million |
<1 |
% |
(*) | Each director owns less than 1% of our outstanding shares as of the most recent practicable date. |
Performance Metrics |
Weight |
|||
Net Revenue (organic) |
50 | % | ||
EBITDA (organic) |
30 | % | ||
Cash flow (organic) |
20 | % | ||
|
|
|||
Total |
100 |
% | ||
|
|
Program |
Options held in aggregate by our Executive Committee |
Strike price (EUR) |
Grant date |
Expiry date |
||||||||||||
LTI Plan 2009 (1) |
0 | 44.00 | 30 November 2011 | 29 November 2021 | ||||||||||||
LTI Plan 2009 |
56,880 | 66.56 | 30 November 2012 | 29 November 2022 | ||||||||||||
LTI Plan 2009 |
83,922 | 75.15 | 2 December 2013 | 1 December 2023 | ||||||||||||
LTI Plan 2009 |
113,468 | 94.46 | 1 December 2014 | 30 November 2024 | ||||||||||||
LTI Plan 2009 |
36,035 | 121.95 | 1 December 2015 | 30 November 2025 | ||||||||||||
LTI Plan 2009 |
45,837 | 113.00 | 22 December 2015 | 21 December 2025 | ||||||||||||
LTI Plan 2009 |
36,728 | 98.04 | 1 December 2016 | 30 November 2025 | ||||||||||||
LTI Plan 2009 |
75,756 | 98.85 | 20 January 2017 | 19 January 2027 | ||||||||||||
LTI Plan 2009 |
19,112 | 96.70 | 1 December 2017 | 30 November 2027 | ||||||||||||
LTI Plan 2009 |
146,486 | 94.36 | 22 January 2018 | 21 January 2028 | ||||||||||||
LTI Plan 2009 |
306,794 | 65.70 | 25 January 2019 | 24 January 2029 | ||||||||||||
LTI Plan 2009 |
377,402 | 71.87 | 2 December 2019 | 1 December 2029 | ||||||||||||
November 2008 Exceptional Grant Options Series B |
0 | 10.32 | 25 November 2008 | 24 November 2023 | ||||||||||||
November 2008 Exceptional Grant Options Series B – Dividend Waiver 09 (2) |
228,943 | 33.24 | 1 December 2009 | 24 November 2023 | ||||||||||||
2020 Incentive Options (3) |
191,294 | 113.00 | 22 December 2015 | 21 December 2025 |
Program |
Options held in aggregate by our Executive Committee |
Strike price (EUR) |
Grant date |
Expiry date |
||||||||||||
Integration Incentive Stock Options (4) |
173,628 | 97.99 | 15 December 2016 | 31 December 2026 | ||||||||||||
Integration Incentive Stock Options (4) |
261,706 | 109.10 | 5 May 2017 | 31 December 2026 | ||||||||||||
Long Run Stock Options Incentive Plan (5) |
2,503,130 | 96.70 | 1 December 2017 | 31 December 2032 | ||||||||||||
March 2020 Stock Option Incentive |
4,980,927 | 40.40 | 25 March 2020 | 24 March 2030 |
(1) | In 2021, David Almeida exercised 49,923 LTI stock options granted on 30 November 2011 with a strike price of EUR 44.00, John Blood exercised 6,517 LTI stock options granted on 30 November 2011 with a strike price of EUR 44.00, and Carlos Brito (Chief Executive Officer until 1 July 2021) exercised 280,273 LTI stock options granted on 30 November 2011 with a strike price of EUR 44.00. |
(2) | Options granted under the Dividend Waiver Program. See “—Share-Based Payment Plans.” |
(3) | Options granted under the 2020 Incentive Plan. See “—Share-Based Payment Plans—Exceptional Long-Term Incentive Stock Options.” |
(4) | Options granted under the Integration Incentive Plan. See “—Share-Based Payment Plans—Exceptional Long-Term Incentive Stock Options.” |
(5) | Options granted under the Long Run Stock Options Incentives Plan. See “—Share-Based Payment Plans—Exceptional Long-Term Incentive Stock Options.” |
Program |
RSUs held in aggregate by our Executive Committee |
Grant date |
Vesting date |
|||||||||
Exceptional Incentive Restricted RSUs (2) |
7,214 | 14 December 2012 | 14 December 2022 | |||||||||
Exceptional Incentive Restricted RSUs (2) |
10,717 | 17 December 2014 | 17 December 2024 | |||||||||
Share Based Compensation Plan (3) |
0 | 2 March 2016 | 2 March 2021 | |||||||||
Share Based Compensation Plan (3) |
2,043 | 3 March 2017 | 3 March 2022 | |||||||||
Share Based Compensation Plan (3) |
77,853 | 2 March 2018 | 2 March 2023 | |||||||||
Performance-Based RSUs (4) |
54,479 | 14 August 2018 | 14 August 2023 | |||||||||
Share Based Compensation Plan (3) |
16,827 | 4 March 2019 | 4 March 2024 | |||||||||
Share Based Compensation Plan (3) |
41,866 | 29 July 2019 | 29 July 2024 | |||||||||
Share Based Compensation Plan (3) |
10,748 | 2 March 2020 | 2 March 2025 | |||||||||
RSUs (5) |
1,269,855 | 25 March 2020 | 25 March 2025 | |||||||||
Annual Long-Term RSUs (6) |
35,434 | 14 December 2020 | 14 December 2023 | |||||||||
Annual Long-Term RSUs (6) |
35,431 | 14 December 2020 | 14 December 2025 | |||||||||
Annual Long-Term RSUs (6) |
26,070 | 13 December 2021 | 13 December 2024 | |||||||||
Annual Long-Term RSUs (6) |
26,070 | 13 December 2021 | 13 December 2026 |
(1) | The following restricted stock units vested in 2021: (i) 17,548 restricted stock units from 2 March 2016 held by Michel Doukeris vested in March 2021 at a price of EUR 49.20; (ii) 2,304 restricted stock units from 2 March 2016 held by Fernando Tennenbaum vested in March 2021 at a price of EUR 49.20; and (iii) 3,099 restricted stock units from 2 March 2016 held by John Blood vested in March 2021 at a price of EUR 49.20. |
(2) | Restricted stock units granted under the Exceptional Incentive Restricted Stock Units Program, which allowed for the exceptional offer of restricted stock units to certain employees at the discretion of our Remuneration Committee as a long-term retention incentive for our key employees. Employees eligible to receive a grant |
under the program received two series of restricted stock units. The first half of the restricted stock units vests after five years. The second half of the restricted stock units vests after 10 years. Under a variant of this program, restricted stock units could be granted with a shorter vesting period of between two and a half and three years for the first half, and five years for the second half. In case of termination of service before the vesting date, specific forfeiture rules apply. As of 1 December 2020, this program has been replaced by the Base Long-Term Restricted Stock Units Plan. See “—Share-Based Payment Plans—Other Recurring Long-Term Restricted Stock Unit Programs.” |
(3) | Restricted stock units granted under the Share Based Compensation Plan. See “—Share-Based Payment Plans—Share Based Compensation Plan from 2010.” |
(4) | Restricted stock units granted under the Performance-Based Restricted Stock Units Program, which allowed for the offer of performance-based restricted stock units (“ Performance RSUs |
(5) | Restricted stock units granted under the Restricted Stock Units Program, which allowed for the offer of restricted stock units to certain employees in certain specific circumstances e.g. as a special retention incentive or to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after five years and in the case of termination of service before the vesting date, specific forfeiture rules apply. As of 1 December 2020, this program has been replaced by the Base Long-Term Restricted Stock Units Plan. See “—Share-Based Payment Plans—Other Recurring Long-Term Restricted Stock Unit Programs.” |
(6) | Long-term restricted stock units granted under the Base Long-Term Restricted Stock Units Program. See “—Share-Based Payment Plans—Annual Long-Term Incentives” and “—Other Recurring Long-Term Restricted Stock Unit Programs.” |
Name |
Number of our shares held |
% of our outstanding shares |
||||||
Michel Doukeris – CEO |
( | *) | ( | *) | ||||
David Almeida |
( | *) | ( | *) | ||||
John Blood |
( | *) | ( | *) | ||||
Fernando Tennenbaum |
( | *) | ( | *) | ||||
Carlos Brito (until 1 July 2021) |
( | *) | ( | *) | ||||
TOTAL |
4.3 million | <1 | % |
(*) | Each member of our Executive Committee serving in 2021 owns less than 1% of our outstanding shares as of the most recent practicable date. |
As of 31 December |
||||||||||||
2021 (1) |
2020 |
2019 |
||||||||||
North America |
19,691 | 20,281 | 20,040 | |||||||||
Middle Americas |
51,969 | 48,751 | 52,412 | |||||||||
South America |
42,209 | 40,630 | 41,603 | |||||||||
EMEA |
22,215 | 22,357 | 23,804 | |||||||||
Asia Pacific |
26,095 | 26,510 | 29,482 | |||||||||
Global Export and Holding Companies |
7,160 | 5,166 | 4,574 | |||||||||
|
|
|
|
|
|
|||||||
Total |
169,339 |
163,695 |
171,915 |
|||||||||
|
|
|
|
|
|
(1) | The number of our employees fluctuates over the years based on a number of factors, including the performance of our different markets, business combinations (including divestitures) and our continued efforts to improve productivity and efficiency across our operations. |
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Major shareholders |
Number of shares |
% of voting rights attached to our outstanding shares held (9) |
||||||
Holders of Ordinary Shares |
||||||||
Stichting Anheuser-Busch InBev, Stichting (1)(2) |
663,074,832 | 33.47 | % | |||||
EPS Participations S. à .R.L, (2)(3)(5) (“EPS Participations |
129,992,215 | 6.56 | % | |||||
Eugénie Patri Sébastien (EPS) S.A., (2)(3)(5) (“EPS |
99,999 | 0.01 | % | |||||
BRC S.á.R.L., (2)(4) (“BRC |
34,670,040 | 1.75 | % | |||||
Rayvax Société d’Investissements SA, Rayvax |
50,000 | 0.00 | % | |||||
Sébastien Holding SA, (2) |
0 | 0.00 | % | |||||
Fonds Verhelst SRL, |
0 | 0.00 | % | |||||
Fonds Voorzitter Verhelst SRL, |
6,997,665 | 0.35 | % | |||||
Stichting Fonds InBev-Baillet Latour, |
0 | 0.00 | % | |||||
Fonds Baillet Latour SC, (6) |
5,485,415 | 0.28 | % |
Major shareholders |
Number of shares |
% of voting rights attached to our outstanding shares held (9) |
||||||
LTS Trading Company LLC, |
4,468 | 0.00 | % | |||||
Olia 2 AG, |
259,000 | 0.01 | % | |||||
BR Global Investments GP, |
304,663 | 0.02 | % | |||||
Santa Venerina, |
4,408,563 | 0.22 | % | |||||
Holders of Restricted Shares |
||||||||
Altria Group, Inc. (7) (“Altria”) |
185,115,417 | 9.34 | % | |||||
BEVCO Lux S.à R.L (8) (“BEVCO”) |
96,862,718 | 4.89 | % |
(1) | See section “—Controlling Shareholder” below. By virtue of their responsibilities as directors of the Stichting, Sabine Chalmers, Paul Cornet de Ways Ruart, Grégoire de Spoelberch, Alexandre Van Damme, Marcel Herrmann Telles, Jorge Paulo Lemann, Roberto Moses Thompson Motta and Carlos Alberto da Veiga Sicupira may be deemed, under the rules of the SEC, to be beneficial owners of our Ordinary Shares held by the Stichting. However, each of these individuals disclaims such beneficial ownership in such capacity. |
(2) | See section “—Shareholders’ Arrangements” below. |
(3) | By virtue of their responsibilities as directors of EPS and EPS Participations, Sabine Chalmers, Paul Cornet de Ways Ruart, Grégoire de Spoelberch and Alexandre Van Damme may be deemed, under the rules of the SEC, to be beneficial owners of our Ordinary Shares held by EPS and EPS Participations. However, each of these individuals disclaims such beneficial ownership in such capacity. |
(4) | Marcel Herrmann Telles, Jorge Paulo Lemann and Carlos Alberto da Veiga Sicupira have disclosed to us that they control BRC and as a result, under the rules of the SEC, they are deemed to be beneficial owners of our Ordinary Shares held by BRC. By virtue of their responsibilities as directors of BRC, Alexandre Behring, Carlos Alberto da Veiga Sicupira, Jorge Paulo Lemann, Paulo Alberto Lemann, Marc Lemann, Cecilia Sicupira, Marcel Herrmann Telles, Claudio Garcia, Roberto Moses Thompson Motta and Eduardo Saggioro may also be deemed, under the rules of the SEC, to be the beneficial owners of our Ordinary Shares held by BRC. However, Alexandre Behring, Paulo Alberto Lemann, Marc Lemann, Cecilia Sicupira, Claudio Garcia, Roberto Moses Thompson Motta and Eduardo Saggioro disclaim such beneficial ownership in such capacity. |
(5) | On 18 December 2013, EPS contributed to EPS Participations its certificates in the Stichting and the shares it held directly in AB InBev, except for 100,000 shares. |
(6) | On 27 December 2013, Stichting Fonds InBev-Baillet Latour, under Dutch law, acquired a controlling stake in Fonds Baillet Latour. |
(7) | In addition to the Restricted Shares listed above, Altria announced in its Schedule 13D beneficial ownership report on 11 October 2016 that, following completion of the combination with SAB, it purchased 11,941,937 Ordinary Shares in the Company. Altria further increased its position of Ordinary Shares in the Company to 12,341,937, as disclosed in the Schedule 13D beneficial ownership report filed by the Stichting dated 1 November 2016, resulting in an aggregate ownership of 9.97% based on the number of shares with voting rights as at 31 December 2021. |
(8) | In addition to the Restricted Shares listed above, BEVCO announced in a notification made on 17 January 2017 in accordance with the Belgian Law of 2 May 2007 on the notification of significant shareholdings, that it purchased 4,215,794 Ordinary Shares in the company. BEVCO disclosed to us that it increased its position of Ordinary Shares in the company to an aggregate of 6,000,000 Ordinary Shares, resulting in an aggregate ownership of 5.19% based on the number of shares with voting rights as at 31 December 2021. |
(9) | Percentages are calculated on the total number of outstanding shares as at 31 December 2021 (2,019,241,973 shares) minus the number of outstanding shares held in treasury by us and certain of our subsidiaries as at 31 December 2021 (38,217,386 Ordinary Shares). |
• | the Stichting is required to exercise the voting rights attached to its Ordinary Shares of AB InBev to give effect to the directors’ appointments principles set out in articles 19 and 20 of our articles of association; |
• | each holder of Restricted Shares is required to exercise the voting rights attached to his or her Ordinary Shares and Restricted Shares, as applicable, to give effect to the directors’ appointments principles set out in articles 19 and 20 of our articles of association; and |
• | each holder of Restricted Shares is required not to exercise the voting rights attached to his or her Ordinary Shares and Restricted Shares, as applicable, in favor of any resolutions that would be proposed to modify the rights attached to Restricted Shares, unless such resolution has been approved by a qualified majority of the holders of at least 75% of the Restricted Shareholder Voting Shares (as defined in our articles of association). |
Year ended 31 December 2021 |
||||||||
Directors |
Executive Committee (1) |
|||||||
(USD million) |
||||||||
Short-term employee benefits |
2 | 24 | ||||||
Termination benefits |
— | — | ||||||
Other long-term employee benefits Share-based payments |
— | 33 | ||||||
|
|
|
|
|||||
Total |
2 |
57 |
||||||
|
|
|
|
(1) | The 2021 Executive Committee members’ compensation includes the cost reported for our former CEO up to 30 June 2021 and the costs for the newly appointed CEO for the full year 2021. |
As of 31 December 2021 |
||||
(USD million) |
||||
Non-current assets |
8 | |||
Current assets |
2 | |||
Non-current liabilities |
9 | |||
Current liabilities |
2 | |||
Result from operations |
(3 | ) | ||
Profit attributable to equity holders |
(2 | ) |
Year ended 31 December 2021 |
||||
(USD million) |
||||
Gross profit |
58 | |||
Current assets |
57 | |||
Current liabilities |
99 |
ITEM 8. |
FINANCIAL INFORMATION |
Financial year |
Number of our shares outstanding at end of relevant financial year |
Gross amount of dividend per share (in EUR) |
Gross amount of dividend per share (in USD) |
Payment date(s) |
||||||||||||
2020 |
2,019,241,973 | 0.50 | 0.57 | 6 May 2021 | ||||||||||||
2019 |
2,019,241,973 | 0.50 | 0.56 | 11 June 2020 | ||||||||||||
2019 |
2,019,241,973 | 0.80 | 0.89 | 21 November 2019 | ||||||||||||
2018 |
2,019,241,973 | 1.00 | 1.12 | 9 May 2019 | ||||||||||||
2018 |
2,019,241,973 | 0.80 | 0.91 | 29 November 2018 | ||||||||||||
2017 |
2,019,241,973 | 2.00 | 2.44 | 3 May 2018 | ||||||||||||
2017 |
2,019,241,973 | 1.60 | 1.89 | 16 November 2017 | ||||||||||||
2016 |
2,019,241,973 | 2.00 | 2.11 | 4 May 2017 | ||||||||||||
2016 |
2,019,241,973 | 1.60 | 1.75 | 17 November 2016 |
Financial year |
Number of our shares outstanding at end of relevant financial year |
Gross amount of dividend per share (in EUR) |
Gross amount of dividend per share (in USD) |
Payment date(s) |
||||||
2015 |
1,608,242,156 | 2.00 | 2.20 | 3 May 2016 | ||||||
2015 |
1,608,242,156 | 1.60 | 1.75 | |
16 November 2015 |
| ||||
2014 |
1,608,242,156 | 2.00 | 2.27 | 6 May 2015 | ||||||
2014 |
1,608,242,156 | 1.00 | 1.25 | |
14 November 2014 |
| ||||
2013 |
1,607,844,590 | 1.45 | 2.00 | 8 May 2014 | ||||||
2013 |
1,607,844,590 | 0.60 | 0.83 | |
18 November 2013 |
| ||||
2012 |
1,606,787,543 | 1.70 | 2.24 | 2 May 2013 | ||||||
2011 |
1,606,071,789 | 1.20 | 1.55 | 3 May 2012 | ||||||
2010 |
1,605,183,954 | 0.80 | 1.07 | 2 May 2011 | ||||||
2009 |
1,604,301,123 | 0.38 | 0.55 | 3 May 2010 |
ITEM 9. |
THE OFFER AND LISTING |
ITEM 10. |
ADDITIONAL INFORMATION |
• | to produce and deal in all kinds of products, including (but not limited to) beers, drinks, foodstuffs and any ancillary products, as well as all by-products and accessories, of whatsoever use, origin, purpose or form, and to provide all kinds of services; and |
• | to acquire, hold and manage direct or indirect shareholdings or interests in companies, undertakings or other entities having a corporate purpose similar or related to, or likely to promote directly or indirectly the attainment of the foregoing corporate purpose, in Belgium and abroad, and to finance such companies, undertakings or other entities by means of loans, guarantees or in any other manner whatsoever. |
• | have the ownership of his or her shares recorded in his or her name on the 14th calendar day preceding the date of the shareholders’ meeting, either through registration in the register of our registered shares, for holders of registered shares, or through book-entry in the accounts of an authorized account holder or clearing organization, for holders of dematerialized shares; and |
• | notify us (or a person designated by us) at the latest on the sixth calendar day preceding the date of the shareholders’ meeting of his or her intention to participate in the meeting, indicating the number of shares in respect of which he or she intends to do so. In addition, a holder of dematerialized shares must, at the latest on the same day, provide us (or a person designated by us) with an original certificate issued by an authorized account holder or a clearing organization certifying the number of shares owned by the relevant shareholder on the record date for the shareholders’ meeting and for which he or she has notified his or her intention to participate in that meeting. |
• | three independent directors will be appointed by our shareholders’ meeting upon proposal by our board of directors; |
• | so long as the Stichting and/or any of its affiliates, any of their respective successors and/or successors’ affiliates own, in aggregate, more than 30% of the shares with voting rights in our share capital, nine directors will be appointed by our shareholders’ meeting upon proposal by the Stichting (and/or any of its affiliates, any of their respective successors and/or successors’ affiliates); and |
• | so long as the Restricted Shareholders, together with their affiliates and/or any of their successors and/or successors’ affiliates, own in aggregate: |
• | more than 13.5% of the shares with voting rights in our share capital, three directors will be appointed by our shareholders’ meeting upon proposal by the Restricted Shareholders; |
• | more than 9% but not more than 13.5% of the shares with voting rights in our share capital, two directors will be appointed by our shareholders’ meeting upon proposal by the Restricted Shareholders; |
• | more than 4.5% but not more than 9% of the shares with voting rights in our share capital, one director will be appointed by our shareholders’ meeting upon proposal by the Restricted Shareholders; and |
• | 4.5% or less than 4.5% of the shares with voting rights in our share capital, the Restricted Shareholders will no longer have the right to propose any candidate for appointment as a member of our board of directors and no directors will be appointed upon proposal by the Restricted Shareholders. |
• | it will be the sole legal and beneficial holder of no less than 10% of our share capital in issue from time to time; |
• | for the purposes of its financial reporting, it accounts for its shareholding in AB InBev on the basis of the equity method of accounting in accordance with U.S. Generally Accepted Accounting Principles (“ GAAP |
• | it is a U.S. listed company subject to the reporting requirements under the Exchange Act and section 404 of the Sarbanes-Oxley Act of 2002. |
• | we will not acquire control of a distributor if doing so would result in more than 10% of our U.S. annual volume being distributed through majority-owned distributorships in the U.S.; and |
• | we will not terminate any wholesalers as a result of the combination with SAB. |
• | improving water efficiency in our breweries globally; |
• | increasing PET recycled content in PET primary packaging; |
• | sourcing purchased electricity from renewable sources; and |
• | reducing GHG emissions. |
• | a bank; |
• | a dealer in securities; |
• | a trader in securities that elects to use a mark-to-market |
• | a tax-exempt organization; |
• | a life insurance company; |
• | a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or of the total value of our stock; |
• | a person that holds shares or ADSs as part of a straddle or a hedging or conversion transaction; |
• | a person that purchases or sells shares or ADSs as part of a wash sale for tax purposes; or |
• | a person whose functional currency is not the U.S. dollar. |
• | a citizen or resident of the United States; |
• | a domestic corporation; |
• | an estate whose income is subject to United States federal income tax regardless of its source; or |
• | a trust if a United States court can exercise primary supervision over the trust’s administration and one or more United States persons are authorized to control all substantial decisions of the trust. |
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Notional |
Fair Value |
|||||||||||||||||||
Commodities |
<1 year |
1-5 years |
>5 years |
Total |
||||||||||||||||
Aluminum swaps |
1,241 | — | — | 1,241 | 158 | |||||||||||||||
Other commodity derivatives |
1,033 | — | — | 1,033 | 90 |
(1) | These hedges are designated in a cash flow hedge accounting relationship in accordance with IFRS 9. |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
Persons depositing or withdrawing shares or ADS holders must pay: |
For: | |
No more than $5.00 per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
No more than the greater of (a) $0.02 per ADS and (b) 10% of the dividend or cash distribution amount per ADS | Any dividend or cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | Distribution of securities to holders of deposited securities by the depositary to ADS holders | |
Registration or transfer fees | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) | |
Converting foreign currency to U.S. dollars | ||
Taxes and other governmental charges that the depositary or the custodian has to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | As necessary | |
Telex or facsimile charges provided for in the deposit agreement | Expenses for depositary services | |
Any unavoidable charges incurred by the depositary or its agents for servicing the deposited securities |
As necessary |
Expenses the depositary reimbursed us |
Amount (in USD) |
|||
Maintenance expenses (1) |
6,702,716.74 | |||
|
|
|||
Total |
6,702,716.74 |
|||
|
|
(1) | This includes both direct payments to AB InBev as well as The Bank of New York Mellon invoices that have been offset with revenue sharing balance. |
Expenses the depositary paid to third parties on our behalf |
Amount (in USD) |
|||
Standard out-of-pocket |
127,331.97 | |||
|
|
|||
Total |
127,331.97 |
|||
|
|
• | when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked to permit voting at a shareholders’ meeting or (iii) we are paying a dividend on our shares; |
• | when you owe money to pay fees, taxes and similar charges; or |
• | when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited securities. |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. |
CONTROLS AND PROCEDURES |
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. |
CODE OF ETHICS |
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
2021 |
2020 |
|||||||
(USD thousand) |
||||||||
Audit Fees |
15,703 | 15,904 | ||||||
Audit-Related Fees (2) |
386 | 373 | ||||||
Tax Fees |
2,648 | 3,317 | ||||||
All Other Fees |
78 | 404 | ||||||
Total |
18,815 |
19,998 |
• | An audit opinion on our consolidated financial statements; |
• | An audit opinion on the statutory financial statements of individual companies within the AB InBev Group, where legally required; |
• | A review opinion on interim financial statements; and |
• | In general, any opinion assigned to the statutory auditor by local legislation or regulations. |
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER |
Total number of shares purchased(1) |
Average price paid per share |
Total number of shares purchased as part of publicly announced plans or programs |
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
|||||||||||||
(number of shares) |
(USD) |
(number of shares) |
(USD million) |
|||||||||||||
1 January 2021 – 31 January 2021 |
— | — | — | — | ||||||||||||
1 February 2021 – 28 February 2021 |
— | — | — | — | ||||||||||||
1 March 2021 – 31 March 2021 |
— | — | — | — | ||||||||||||
1 April 2021 – 30 April 2021 |
— | — | — | — | ||||||||||||
1 May 2021 – 31 May 2021 |
— | — | — | — | ||||||||||||
1 June 2021 – 30 June 2021 |
— | — | — | — | ||||||||||||
1 July 2021 – 31 July 2021 |
— | — | — | — | ||||||||||||
1 August 2021 – 31 August 2021 |
— | — | — | — | ||||||||||||
1 September 2021 – 30 September 2021 |
— | — | — | — | ||||||||||||
1 October 2021 – 31 October 2021 |
— | — | — | — | ||||||||||||
1 November 2021 – 30 November 2021 |
— | — | — | — | ||||||||||||
1 December 2021 – 31 December 2021 |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
— | — | — | — |
(1) | Under certain of our share-based compensation plans, shares are granted to employees at a discount. See “Item 6. Directors, Senior Management and Employees—B. Compensation—Share-Based Payment Plans.” The discount is granted in the form of additional shares, and if such employees leave the AB InBev Group prior to the end of the applicable vesting period, we take back the shares representing the discount. Technically, all of the “discount” shares are repurchased from the employee by our subsidiary, Brandbev, for an aggregate price of EUR 1, or USD 1 if the individual is located in the United States. |
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 16G. |
CORPORATE GOVERNANCE |
ITEM 16H. |
MINE SAFETY DISCLOSURE |
ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 17. |
FINANCIAL STATEMENTS |
ITEM 18. |
FINANCIAL STATEMENTS |
ITEM 19. |
EXHIBITS |
101.PRE | Inline XBRL Taxonomy Extension Schema Presentation Linkbase. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Previously filed. |
†† | Portions of this exhibit have been omitted pursuant to Instruction 4 as to Exhibits. The omitted information is not material and is the type of information that the registrant customarily and actually treats as private and confidential. |
‡ | This filing excludes certain schedules and exhibits, which the Registrant agrees to furnish supplementally to the SEC upon request by the SEC. |
Anheuser-Busch InBev SA/NV (Registrant) | ||||||
Date: 18 March 2022 | By: | /s/ John Blood | ||||
Name: | John Blood | |||||
Title: | Chief Legal and Corporate Affairs Officer and Corporate Secretary |
F-1 | ||
F-5 | ||
F-6 | ||
F-7 | ||
F-8 | ||
F-10 | ||
F-11 |
For the year ended 31 December |
||||||||||||||
Million US dollar, except earnings per shares in US dollar |
Notes |
2021 |
2020 |
2019 |
||||||||||
Revenue |
||||||||||||||
|
|
|
|
|
|
|||||||||
Cost of sales |
( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Gross profit |
||||||||||||||
|
|
|
|
|
|
|||||||||
Distribution expenses |
( |
) | ( |
) | ( |
) | ||||||||
Sales and marketing expenses |
( |
) | ( |
) | ( |
) | ||||||||
Administrative expenses |
( |
) | ( |
) | ( |
) | ||||||||
Other operating income/(expenses) |
7 | |||||||||||||
COVID-19 costs |
8 | ( |
) | ( |
) | — | ||||||||
Restructuring |
8 | ( |
) | ( |
) | ( |
) | |||||||
Business and asset disposal (including impairment losses) |
8 | ( |
) | ( |
) | ( |
) | |||||||
Acquisition costs business combinations |
8 | ( |
) | ( |
) | ( |
) | |||||||
Zenzele Kabili costs |
8 | ( |
) | — | — | |||||||||
Impairment of goodwill |
8 | — | ( |
) | — | |||||||||
Brazil state tax regularization program |
8 | — | — | ( |
) | |||||||||
Cost related to public offering of minority stake in Budweiser APAC |
8 | — | — | ( |
) | |||||||||
|
|
|
|
|
|
|||||||||
Profit from operations |
||||||||||||||
|
|
|
|
|
|
|||||||||
Finance cost |
11 | ( |
) | ( |
) | ( |
) | |||||||
Finance income |
11 | |||||||||||||
|
|
|
|
|
|
|||||||||
Net finance income/(cost) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Share of result of associates and joint ventures |
16 | |||||||||||||
|
|
|
|
|
|
|||||||||
Profit before tax |
||||||||||||||
|
|
|
|
|
|
|||||||||
Income tax expense |
12 | ( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||||
Profit from continuing operations |
||||||||||||||
|
|
|
|
|
|
|||||||||
Profit from discontinued operations |
21 | — | ||||||||||||
|
|
|
|
|
|
|||||||||
Profit of the period |
||||||||||||||
|
|
|
|
|
|
|||||||||
Profit/(loss) from continuing operations attributable to: |
||||||||||||||
Equity holders of AB InBev |
( |
) | ||||||||||||
Non-controlling interest |
||||||||||||||
Profit of the period attributable to: |
||||||||||||||
Equity holders of AB InBev |
||||||||||||||
Non-controlling interest |
||||||||||||||
Basic earnings per share |
22 | |||||||||||||
Diluted earnings per share |
22 | |||||||||||||
Basic earnings per share from continuing operations |
22 | ( |
) | |||||||||||
Diluted earnings per share from continuing operations |
22 | ( |
) |
For the twelve-month period ended 31 December |
||||||||||||||
Million US dollar |
Notes |
2021 |
2020 |
2019 |
||||||||||
Profit of the period |
||||||||||||||
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss): items that will not be reclassified to profit or loss: |
||||||||||||||
Re-measurements of post-employment benefits |
22 | ( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|||||||||
( |
) |
( |
) | |||||||||||
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss): items that may be reclassified subsequently to profit or loss: |
||||||||||||||
Exchange differences on translation of foreign operations |
22 | ( |
) | ( |
) | |||||||||
Effective portion of changes in fair value of net investment hedges |
( |
) | ||||||||||||
Cash flow hedges recognized in equity |
||||||||||||||
Cash flow hedges and cumulative translation adjustments reclassified from equity to profit or loss in relation to Australia divestiture |
22 | — | — | |||||||||||
Cash flow hedges reclassified from equity to profit or loss |
( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||||
( |
) |
( |
) |
|||||||||||
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss), net of tax |
( |
) |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||||
Total comprehensive income/(loss) |
( |
) |
||||||||||||
|
|
|
|
|
|
|||||||||
Attributable to: |
||||||||||||||
Equity holders of AB InBev |
( |
) | ||||||||||||
Non-controlling interest |
As at |
||||||||||
Million US dollar |
Notes |
31 December 2021 |
31 December 2020 |
|||||||
ASSETS |
||||||||||
Non-current assets |
||||||||||
Property, plant and equipment |
13 | |||||||||
Goodwill |
14 | |||||||||
Intangible assets |
15 | |||||||||
Investments in associates and joint ventures |
16 | |||||||||
Investment securities |
20 | |||||||||
Deferred tax assets |
17 | |||||||||
Employee benefits |
24 | |||||||||
Income tax receivables |
||||||||||
Derivatives |
28 | |||||||||
Trade and other receivables |
19 | |||||||||
|
|
|
|
|||||||
Total non-current assets |
||||||||||
|
|
|
|
|||||||
Current assets |
||||||||||
Investment securities |
20 | |||||||||
Inventories |
18 | |||||||||
Income tax receivables |
||||||||||
Derivatives |
28 | |||||||||
Trade and other receivables |
19 | |||||||||
Cash and cash equivalents |
20 | |||||||||
Assets classified as held for sale |
21 | |||||||||
|
|
|
|
|||||||
Total current assets |
||||||||||
|
|
|
|
|||||||
Total assets |
||||||||||
|
|
|
|
|||||||
EQUITY AND LIABILITIES |
||||||||||
Equity |
||||||||||
Issued capital |
22 | |||||||||
Share premium |
||||||||||
Reserves |
||||||||||
Retained earnings |
||||||||||
|
|
|
|
|||||||
Equity attributable to equity holders of AB InBev |
||||||||||
|
|
|
|
|||||||
Non-controlling interests |
32 | |||||||||
|
|
|
|
|||||||
Total equity |
||||||||||
|
|
|
|
|||||||
Non-current liabilities |
||||||||||
Interest-bearing loans and borrowings |
23 | |||||||||
Employee benefits |
24 | |||||||||
Deferred tax liabilities |
17 | |||||||||
Income tax payables |
||||||||||
Derivatives |
28 | |||||||||
Trade and other payables |
27 | |||||||||
Provisions |
26 | |||||||||
|
|
|
|
|||||||
Total non-current liabilities |
||||||||||
|
|
|
|
|||||||
Current liabilities |
||||||||||
Bank overdrafts |
20 | |||||||||
Interest-bearing loans and borrowings |
23 | |||||||||
Income tax payables |
||||||||||
Derivatives |
28 | |||||||||
Trade and other payables |
27 | |||||||||
Provisions |
26 | |||||||||
|
|
|
|
|||||||
Total current liabilities |
||||||||||
|
|
|
|
|||||||
Total equity and liabilities |
||||||||||
|
|
|
|
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Issued Capital |
Share premium |
Treasury shares |
Reserves |
Share-based payments reserves |
Other comprehensive income reserves |
Retained earnings |
Total |
Non-controlling interest |
Total Equity |
|||||||||||||||||||||||||||||||
As per 1 January 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Profit of the period |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other comprehensive income/(loss) |
||||||||||||||||||||||||||||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
22 |
— |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||||
Cash flow hedges |
22 |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||
Re-measurements of post-employment benefits |
22 |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total comprehensive income/(loss) |
22 |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Dividends |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Treasury shares |
— |
— |
— |
— |
— |
( |
) |
— |
— |
— |
||||||||||||||||||||||||||||||||
Share-based payments |
25 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Sale/(purchase) of non-controlling interest |
32 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Hyperinflation monetary adjustments |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Scope and other changes |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
As per 31 December 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||||||
Issued |
Share |
Treasury |
Share-based payments |
Other comprehensive income |
Retained |
Non-controlling |
Total |
|||||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Capital |
premium |
shares |
Reserves |
reserves |
reserves |
earnings |
Total |
interest |
Equity |
|||||||||||||||||||||||||||||||
As per 1 January 2020 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Profit/(loss) of the period |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other comprehensive income/(loss) |
||||||||||||||||||||||||||||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
22 |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||
Cash flow hedges |
22 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Cash flow hedges and cumulative translation adjustments reclassified from equity to profit or loss in relation to Australia divestiture |
22 |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Re-measurements of post-employment benefits |
22 |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total comprehensive income/(loss) |
— |
— |
— |
— |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Dividends |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Treasury shares |
— |
— |
— |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||||||||||
Share-based payments |
25 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Hyperinflation monetary adjustments |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Sales/(purchase) of non-controlling interests¹ |
32 |
|||||||||||||||||||||||||||||||||||||||||
Scope and other changes |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
As per 31 December 2020 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The 2020 sale of non-controlling interest relates to the issuance of a 49.9% minority stake in the company’s US-based metal container operations completed in December 2020 (refer to Note 22 Changes in equity and earnings per share |
Attributable to equity holders of AB InBev |
||||||||||||||||||||||||||||||||||||||||||
Million US dollar |
Notes |
Issued Capital |
Share premium |
Treasury shares |
Reserves |
Share-based payments reserves |
Other comprehensive income reserves |
Retained earnings |
Total |
Non-controlling interest |
Total Equity |
|||||||||||||||||||||||||||||||
As per 1 January 2021 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Profit/(loss) of the period |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other comprehensive income/(loss) |
||||||||||||||||||||||||||||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
22 |
— | — | — | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Cash flow hedges |
22 |
— | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Re-measurements of post-employment benefits |
22 |
— | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total comprehensive income/(loss) |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Dividends |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Treasury shares |
— | — | — | — | — | ( |
) | — | ||||||||||||||||||||||||||||||||||
Share-based payments |
25 |
— | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Hyperinflation monetary adjustments |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Scope and other changes |
— | — | — | — | — | — | ( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
As per 31 December 2021 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended 31 December |
||||||||||||||
Million US dollar |
Notes |
2021 |
2020 |
2019¹ |
||||||||||
OPERATING ACTIVITIES |
||||||||||||||
Profit/(loss) from continuing operations |
||||||||||||||
|
|
|
|
|
|
|||||||||
Depreciation, amortization and impairment |
10 | |||||||||||||
Impairment losses on goodwill |
14 | — | — | |||||||||||
Impairment losses on receivables, inventories and other assets |
||||||||||||||
Additions/(reversals) in provisions and employee benefits |
||||||||||||||
Net finance cost/(income) |
11 | |||||||||||||
Loss/(gain) on sale of property, plant and equipment and intangible assets |
( |
) | ( |
) | ( |
) | ||||||||
Loss/(gain) on sale of subsidiaries, associates and assets held for sale |
( |
) | ( |
) | ||||||||||
Equity-settled share-based payment expense |
25 | |||||||||||||
Income tax expense |
12 | |||||||||||||
Other non-cash items included in profit |
( |
) | ( |
) | ( |
) | ||||||||
Share of result of associates and joint ventures |
16 | ( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||||
Cash flow from operating activities before changes in working capital and use of provisions |
||||||||||||||
|
|
|
|
|
|
|||||||||
Decrease/(increase) in trade and other receivables |
( |
) | ||||||||||||
Decrease/(increase) in inventories |
( |
) | ( |
) | ( |
) | ||||||||
Increase/(decrease) in trade and other payables |
||||||||||||||
Pension contributions and use of provisions |
( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Cash generated from operations |
||||||||||||||
|
|
|
|
|
|
|||||||||
Interest paid |
( |
) | ( |
) | ( |
) | ||||||||
Interest received |
||||||||||||||
Dividends received |
||||||||||||||
Income tax paid |
( |
) | ( |
) | ( |
) | ||||||||
Cash flow from operating activities on Australia discontinued operations |
21 | — | ||||||||||||
|
|
|
|
|
|
|||||||||
Cash flow from operating activities |
||||||||||||||
|
|
|
|
|
|
|||||||||
INVESTING ACTIVITIES |
||||||||||||||
Acquisition of property, plant and equipment and of intangible assets |
13/15 | ( |
) | ( |
) | ( |
) | |||||||
Proceeds from sale of property, plant and equipment and of intangible assets |
||||||||||||||
Acquisition of subsidiaries, net of cash acquired |
6 | ( |
) | ( |
) | ( |
) | |||||||
Sale of other subsidiaries, net of cash disposed of |
6 | — | ||||||||||||
Net proceeds from sale/(acquisition) of other assets |
( |
) | ||||||||||||
Proceeds from Australia divestiture |
21 | — | ||||||||||||
Cash flow from investing activities on Australia discontinued operations |
21 | — | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Cash flow from investing activities |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||||
FINANCING ACTIVITIES |
||||||||||||||
Sale/(purchase) of non-controlling interests |
22 | — | ||||||||||||
Proceeds from borrowings |
23 | |||||||||||||
Payments on borrowings |
23 | ( |
) | ( |
) | ( |
) | |||||||
Cash net finance (cost)/income other than interests |
( |
) | ( |
) | ( |
) | ||||||||
Payment of lease liabilities |
( |
) | ( |
) | ( |
) | ||||||||
Dividends paid |
( |
) | ( |
) | ( |
) | ||||||||
Cash flow from financing activities on Australia discontinued operations |
21 | — | ( |
) | ( |
) | ||||||||
Proceeds from public offering of minority stake in Budweiser APAC |
22 | |||||||||||||
|
|
|
|
|
|
|||||||||
Cash flow from financing activities |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Net increase/(decrease) in cash and cash equivalents |
( |
) |
||||||||||||
|
|
|
|
|
|
|||||||||
Cash and cash equivalents less bank overdrafts at beginning of year |
||||||||||||||
Effect of exchange rate fluctuations |
( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||||
Cash and cash equivalents less bank overdrafts at end of period |
20 |
|||||||||||||
|
|
|
|
|
|
1 |
The consolidated statement of cash flows for 2019 has been restated to include operating, investing and financing activities from discontinued operations separately in the cashflow statement. In addition, the 2019 cash flow from investing activities has been restated to reflect reclassification of the cash flow hedges in relation to the Australia divestiture reported in the financing activities in 2019 and recycled to profit or loss upon the completion of the transaction. |
Note |
||||
12 |
||||
12 |
||||
12 |
||||
25 |
||||
26 |
||||
28 |
||||
29 |
||||
30 |
||||
31 |
||||
32 |
||||
33 |
||||
35 |
||||
37 |
||||
38 |
||||
41 |
||||
42 |
||||
43 |
||||
44 |
||||
45 |
||||
46 |
||||
46 |
||||
48 |
||||
53 |
||||
55 |
||||
58 |
||||
63 |
||||
64 |
||||
65 |
||||
77 |
||||
78 |
||||
83 |
||||
84 |
||||
85 |
||||
88 |
||||
89 |
1. |
Corporate information |
2. |
Statement of compliance |
3. |
Summary of significant accounting policies |
(A) |
BASIS OF PREPARATION AND MEASUREMENT |
(B) |
FUNCTIONAL AND PRESENTATION CURRENCY |
(C) |
USE OF ESTIMATES AND JUDGMENTS |
(D) |
PRINCIPLES OF CONSOLIDATION |
(E) |
SUMMARY OF CHANGES IN ACCOUNTING POLICIES |
(F) |
FOREIGN CURRENCIES |
• | Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of Argentina were restated using an inflation index. The hyperinflation accounting impacts resulting from changes in the general purchasing power from 1 January 2018 are reported in the income statement in a dedicated account for hyperinflation monetary adjustments in the finance line (see also Note 11 Finance cost and income |
• | The income statement is adjusted at the end of each reporting period using the change in the general price index. It is converted at the closing exchange rate of each period (rather than the year-to-date non-hyperinflationary economies), thereby restating the year-to-date |
Closing rate |
Average rate |
|||||||||||||||||||||||
1 US dollar equals: |
31 December 2021 |
31 December 2020 |
31 December 2019 |
31 December 2021 |
31 December 2020 |
31 December 2019 |
||||||||||||||||||
Argentinean peso |
— | — | — | |||||||||||||||||||||
Brazilian real |
||||||||||||||||||||||||
Canadian dollar |
||||||||||||||||||||||||
Colombian peso |
||||||||||||||||||||||||
Chinese yuan |
||||||||||||||||||||||||
Euro |
||||||||||||||||||||||||
Mexican peso |
||||||||||||||||||||||||
Pound sterling |
||||||||||||||||||||||||
Peruvian nuevo sol |
||||||||||||||||||||||||
South Korean won |
||||||||||||||||||||||||
South African rand |
(G) |
INTANGIBLE ASSETS |
(H) |
BUSINESS COMBINATIONS |
(I) |
GOODWILL |
(J) |
PROPERTY, PLANT AND EQUIPMENT |
Industrial buildings – other real estate properties |
||||
Production plant and equipment: |
||||
Production equipment |
||||
Storage, packaging and handling equipment |
||||
Returnable packaging: |
||||
Kegs |
||||
Crates |
||||
Bottles |
||||
Point of sale furniture and equipment |
||||
Vehicles |
||||
Information processing equipment |
(K) |
LEASES |
(L) |
INVENTORIES |
(M) |
TRADE AND OTHER RECEIVABLES |
(N) |
CASH AND CASH EQUIVALENTS |
(O) |
IMPAIRMENT |
(P) |
FAIR VALUE MEASUREMENT |
• | Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. |
• | Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived from prices). |
• | Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data. |
(Q) |
SHARE CAPITAL |
(R) |
PROVISIONS |
(S) |
EMPLOYEE BENEFITS |
a) |
Defined contribution plans |
b) |
Defined benefit plans |
(T) |
SHARE-BASED PAYMENTS |
(U) |
INTEREST-BEARING LOANS AND BORROWINGS |
(V) |
TRADE AND OTHER PAYABLES |
(W) |
INCOME TAX |
(X) |
INCOME RECOGNITION |
• | Identification of the contracts with a customer |
• | Identification of the performance obligations in the contracts |
• | Determination of the transaction price |
• | Allocation of the transaction price to the performance obligations in the contracts |
• | Revenue recognition when performance obligations are satisfied |
(Y) |
EXPENSES |
(Z) |
FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING |
• | Debt instruments at amortized cost: |
• | Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: |
• | Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition instrument-by-instrument non-monetary items and gains or losses presented in the other comprehensive income include any related foreign exchange component. Dividends received are recognized in the profit or loss. These investments are not subject to impairment testing and upon disposal, the cumulative gain or loss accumulated in other comprehensive income are not reclassified to profit or loss. |
• | Financial assets and liabilities at FVPL |
(AA) |
SEGMENT REPORTING |
(BB) |
EXCEPTIONAL ITEMS |
(CC) |
DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE |
(DD) |
RECENTLY ISSUED IFRS |
4. |
Use of estimates and judgments |
(A) |
COVID-19 PANDEMIC IMPACT |
5. |
Segment reporting |
North America |
Middle Americas |
South America |
EMEA |
Asia Pacific |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||||||||||||||
Volume |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Profit from operations |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net finance income/(cost) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share of results of associates and joint ventures |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit from discontinued operations |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/(loss) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets (non-current) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross capex |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTE |
Global Export and Holding companies |
AB InBev Worldwide |
|||||||||||||||||||||||
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
|||||||||||||||||||
Volume |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenue |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Profit from operations |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net finance income/(cost) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Share of results of associates and joint ventures |
||||||||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Profit from continuing operations |
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Profit from discontinued operations |
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Profit/(loss) |
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Segment assets (non-current) |
||||||||||||||||||||||||
Gross capex |
||||||||||||||||||||||||
FTE |
6. |
Acquisitions and disposals of subsidiaries |
Million US dollar |
2021 Acquisitions |
2020 Acquisitions |
2021 Disposals |
2020 Disposals |
||||||||||||
Non-current assets |
||||||||||||||||
Property, plant and equipment |
( |
) | ||||||||||||||
Intangible assets |
— | |||||||||||||||
Investments in associates |
( |
) | — | — | ||||||||||||
Current assets |
||||||||||||||||
Inventories |
( |
) | ||||||||||||||
Trade and other receivables |
( |
) | ||||||||||||||
Cash and cash equivalents |
( |
) | — | |||||||||||||
Non-current liabilities |
||||||||||||||||
Interest-bearing loans and borrowings |
( |
) | — | — | ||||||||||||
Trade and other payables |
( |
) | — | — | ||||||||||||
Deferred tax liabilities |
( |
) | — | |||||||||||||
Current liabilities |
||||||||||||||||
Interest-bearing loans and borrowings |
( |
) | — | — | ||||||||||||
Trade and other payables |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net identifiable assets and liabilities |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-controlling interest |
— |
— |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Goodwill on acquisitions and goodwill disposed of |
— | |||||||||||||||
Loss/(gain) on disposal |
— | — | ||||||||||||||
Consideration to be (paid)/received |
( |
) | — | — | ||||||||||||
Net cash paid/(received) on prior years acquisitions/(disposals) |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Consideration paid/(received) |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash (acquired)/disposed of |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash outflow / (inflow) |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
7. |
Other operating income/(expenses) |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Brazilian tax credits |
— | |||||||||||
Government grants |
||||||||||||
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale |
||||||||||||
License income |
||||||||||||
Net (additions to)/reversals of provisions |
( |
) | ( |
) | ( |
) | ||||||
Net rental and other operating income |
||||||||||||
|
|
|
|
|
|
|||||||
Other operating income/(expenses) |
||||||||||||
|
|
|
|
|
|
8. |
Exceptional items |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
COVID-19 costs |
( |
) | ( |
) | — | |||||||
Restructuring |
( |
) | ( |
) | ( |
) | ||||||
Business and asset disposal (including impairment losses) |
( |
) | ( |
) | ( |
) | ||||||
Acquisition costs business combinations |
( |
) | ( |
) | ( |
) | ||||||
Zenzele Kabili costs |
( |
) | — | — | ||||||||
Impairment of goodwill |
— | ( |
) | — | ||||||||
Brazil State tax regularization program |
— | — | ( |
) | ||||||||
Cost related to public offering of minority stake in Budweiser APAC |
— | — | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Impact on profit from operations |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Gain on divestiture of Australia (discontinued operations) |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Impact on profit |
( |
) | ( |
) |
( |
) | ||||||
|
|
|
|
|
|
9. |
Payroll and related benefits |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Wages and salaries |
( |
) | ( |
) | ( |
) | ||||||
Social security contributions |
( |
) | ( |
) | ( |
) | ||||||
Other personnel cost |
( |
) | ( |
) | ( |
) | ||||||
Pension expense for defined benefit plans |
( |
) | ( |
) | ( |
) | ||||||
Share-based payment expense |
( |
) | ( |
) | ( |
) | ||||||
Contributions to defined contribution plans |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Payroll and related benefits |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
AB InBev NV/SA (parent company) |
||||||||||||
Other subsidiaries |
||||||||||||
|
|
|
|
|
|
|||||||
Total number of FTE |
||||||||||||
|
|
|
|
|
|
10. |
Additional information on operating expenses by nature |
Million US dollar |
Depreciation and impairment of property, plant and equipment |
Amortization and impairment of intangible assets |
Depreciation and impairment of right- of-use asset |
Impairment of goodwill, tangible and intangible assets |
||||||||||||
Cost of sales |
— | |||||||||||||||
Distribution expenses |
— | |||||||||||||||
Sales and marketing expenses |
— | |||||||||||||||
Administrative expenses |
— | |||||||||||||||
Other operating expenses |
— | — | — | |||||||||||||
Exceptional items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation, amortization and impairment |
||||||||||||||||
|
|
|
|
|
|
|
|
Million US dollar |
Depreciation and impairment of property, plant and equipment |
Amortization and impairment of intangible assets |
Depreciation and impairment of right- of-use asset |
Impairment of goodwill, tangible and intangible assets |
||||||||||||
Cost of sales |
— | |||||||||||||||
Distribution expenses |
— | |||||||||||||||
Sales and marketing expenses |
— | |||||||||||||||
Administrative expenses |
— | |||||||||||||||
Other operating expenses |
— | — | — | |||||||||||||
Exceptional items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation, amortization and impairment |
||||||||||||||||
|
|
|
|
|
|
|
|
Million US dollar (restated) |
Depreciation and impairment of property, plant and equipment |
Amortization and impairment of intangible assets |
Depreciation and impairment of right- of-use asset |
Impairment of goodwill, tangible and intangible assets |
||||||||||||
Cost of sales |
— | |||||||||||||||
Distribution expenses |
— | |||||||||||||||
Sales and marketing expenses |
— | |||||||||||||||
Administrative expenses |
— | |||||||||||||||
Other operating expenses |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation, amortization and impairment |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
11. |
Finance cost and income |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||
Capitalization of borrowing costs |
||||||||||||
Net interest on net defined benefit liabilities |
( |
) | ( |
) | ( |
) | ||||||
Accretion expense |
( |
) | ( |
) | ( |
) | ||||||
Net losses on hedging instruments that are not part of a hedge accounting relationship |
( |
) | ( |
) | ( |
) | ||||||
Net foreign exchange results (net of the effect of foreign exchange derivative instruments) |
( |
) | — | ( |
) | |||||||
Tax on financial transactions |
( |
) | ( |
) | ( |
) | ||||||
Net mark-to-market |
( |
) | ( |
) | — | |||||||
Other financial costs, including bank fees |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Finance cost excluding exceptional items |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Exceptional finance cost |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Finance cost |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Interest income |
||||||||||||
Interest income on Brazilian tax credits |
||||||||||||
Hyperinflation monetary adjustments |
||||||||||||
Net mark-to-market |
— |
— | ||||||||||
Net foreign exchange results (net of the effect of foreign exchange derivative instruments) |
— | — | ||||||||||
Other financial income |
||||||||||||
|
|
|
|
|
|
|||||||
Finance income excluding exceptional items |
||||||||||||
|
|
|
|
|
|
|||||||
Exceptional finance income |
— | |||||||||||
|
|
|
|
|
|
|||||||
Finance income |
||||||||||||
|
|
|
|
|
|
|||||||
Net finance income/(cost) excluding exceptional items |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net finance income/(cost) |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
• | mark-to-market |
• | |
• | |
• | |
• | |
• | |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Cash and cash equivalents |
||||||||||||
Investment debt securities held for trading |
||||||||||||
Other loans and receivables |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12. |
Income taxes |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Current year |
( |
) | ( |
) | ( |
) | ||||||
(Underprovided)/overprovided in prior years |
||||||||||||
|
|
|
|
|
|
|||||||
Current tax expense |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Origination and reversal of temporary differences |
( |
) | ( |
) | ||||||||
(Utilization)/recognition of deferred tax assets on tax losses |
||||||||||||
Recognition of previously unrecognized tax losses |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax (expense)/income |
||||||||||||
|
|
|
|
|
|
|||||||
Total income tax expense |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Profit/(loss) before tax |
0 | |||||||||||
Deduct share of results of associates and joint ventures |
||||||||||||
|
|
|
|
|
|
|||||||
Profit/(loss) before tax and before share of results of associates and joint ventures |
||||||||||||
|
|
|
|
|
|
|||||||
Adjustments to the tax basis |
||||||||||||
Government incentives |
( |
) | ( |
) | ( |
) | ||||||
Non-deductible/(non-taxable) mark-to-market |
( |
) | ||||||||||
Non-deductible impairment of goodwill |
— | — | ||||||||||
Other expenses not deductible for tax purposes |
||||||||||||
Other non-taxable income |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Aggregate weighted nominal tax rate |
% |
% |
% | |||||||||
|
|
|
|
|
|
|||||||
Tax at aggregated nominal tax rate |
( |
) | ( |
) | ( |
) | ||||||
Adjustments on tax expense |
||||||||||||
Utilization of tax losses not previously recognized |
||||||||||||
Recognition of deferred taxes on previous years’ tax losses |
||||||||||||
Write-down of deferred tax assets on losses and current year losses for which no deferred tax asset is recognized |
( |
) | ( |
) | ( |
) | ||||||
(Underprovided)/overprovided in prior years |
||||||||||||
Deductions from interest on equity |
||||||||||||
Deductions from goodwill |
||||||||||||
Other tax deductions |
||||||||||||
Change in tax rate |
( |
) | ( |
) | ||||||||
Withholding taxes |
( |
) | ( |
) | ( |
) | ||||||
Other tax adjustments |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) |
( |
) | |||||||
|
|
|
|
|
|
|||||||
Effective tax rate |
% |
% |
% | |||||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Re-measurements of post-employment benefits |
( |
) | ||||||||||
Exchange differences, cash flow and net investment hedges |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Income tax (losses)/gains |
( |
) |
||||||||||
|
|
|
|
|
|
13. |
Property, plant and equipment |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Property, plant and equipment owned |
||||||||
Property, plant and equipment leased (right-of-use |
||||||||
|
|
|
|
|||||
Total property, plant and equipment |
||||||||
|
|
|
|
31 December 2021 |
31 December 2020 |
|||||||||||||||||||
Million US dollar |
Land and buildings |
Plant and equipment, fixtures and fittings |
Under construction |
Total |
Total |
|||||||||||||||
Acquisition cost |
||||||||||||||||||||
Balance at end of previous year |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Acquisitions |
||||||||||||||||||||
Acquisitions through business combinations |
( |
) | ||||||||||||||||||
Disposals through sale and derecognition |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Disposals through the sale of subsidiaries |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Transfer (to)/from other asset categories and other movements¹ |
( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at end of the period |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and impairment losses |
||||||||||||||||||||
Balance at end of previous year |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Effect of movements in foreign exchange |
— | |||||||||||||||||||
Depreciation |
( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||
Disposals through sale and derecognition |
— | |||||||||||||||||||
Disposals through the sale of subsidiaries |
— | |||||||||||||||||||
Impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Transfer to/(from) other asset categories and other movements 1 |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at end of the period |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Carrying amount |
||||||||||||||||||||
at 31 December 2020 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
at 31 December 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 |
The transfer (to)/from other asset categories and other movements relates mainly to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
2021 |
||||||||||||
Million US dollar |
Land and buildings |
Machinery, equipment and other |
Total |
|||||||||
Net carrying amount at 31 December |
||||||||||||
Depreciation for the year ended 31 December |
( |
) | ( |
) | ( |
) | ||||||
2020 |
||||||||||||
Million US dollar |
Land and buildings |
Machinery, equipment and other |
Total |
|||||||||
Net carrying amount at 31 December |
||||||||||||
Depreciation for the year ended 31 December |
( |
) | ( |
) | ( |
) |
14. |
Goodwill |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Acquisition cost |
||||||||
Balance at end of previous year |
||||||||
|
|
|
|
|||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ||||
Acquisitions through business combinations |
— | |||||||
Transfers (to)/from intangible assets |
— | |||||||
Hyperinflation monetary adjustments |
||||||||
|
|
|
|
|||||
Balance at end of the period |
||||||||
|
|
|
|
|||||
Impairment losses |
||||||||
Balance at end of previous year |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Effect of movements in foreign exchange |
( |
) | ||||||
Impairment losses |
— | ( |
) | |||||
|
|
|
|
|||||
Balance at end of the period |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Carrying amount |
||||||||
at 31 December 2020 |
||||||||
|
|
|
|
|||||
at 31 December 2021 |
||||||||
|
|
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
United States |
||||||||
Rest of North America |
||||||||
Mexico |
||||||||
Colombia |
||||||||
Rest of Middle Americas |
||||||||
Brazil |
||||||||
Rest of South America |
||||||||
Europe |
||||||||
South Africa |
||||||||
Rest of Africa |
||||||||
China |
||||||||
Rest of Asia Pacific |
||||||||
Global Export and Holding Companies |
||||||||
|
|
|
|
|||||
Total carrying amount of goodwill |
||||||||
|
|
|
|
• | In the first three years of the model, cash flows are based on AB InBev’s 1-year plan as approved by key management and management assumptions for the following 2 years. The three-year plan model 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; |
• | For the subsequent seven years of the model, data from the strategic extrapolated generally using simplified assumptions such as macro-economic and industry assumptions, variable cost per hectoliter and fixed cost linked to inflation, as obtained from external sources; plan is |
• | Cash flows after the first ten-year period are extrapolated generally using expected annual long-term GDP growth rates, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric; |
• | 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 |
Cash-generating unit |
31 December 2021 |
31 December 2020 |
||||||
Colombia |
% | % | ||||||
Rest of Middle Americas |
% | % | ||||||
South Africa |
% | % | ||||||
Rest of Africa |
% | % | ||||||
Rest of Asia Pacific |
% | % |
15. |
Intangible assets |
31 December 2021 |
31 December 2020 |
|||||||||||||||||||||||
Million US dollar |
Brands |
Commercial intangibles |
Software |
Other |
Total |
Total |
||||||||||||||||||
Acquisition cost |
||||||||||||||||||||||||
Balance at end of previous year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions through business combinations |
— | — | — | — | — | |||||||||||||||||||
Acquisitions and expenditures |
||||||||||||||||||||||||
Disposals through sale and derecognition |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Disposals through the sale of subsidiaries |
— | — | — | ( |
) | ( |
) | — | ||||||||||||||||
Transfer (to)/from other asset categories and other movements 1 |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at end of period |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization and impairment losses |
||||||||||||||||||||||||
Balance at end of previous year |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Effect of movements in foreign exchange |
— | ( |
) | |||||||||||||||||||||
Amortization |
— | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Impairment |
( |
) | — | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Disposals through sale and derecognition |
||||||||||||||||||||||||
Disposals through the sale of subsidiaries |
— | — | — | — | ||||||||||||||||||||
Transfer to/(from) other asset categories and other movements 1 |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at end of period |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Carrying value |
||||||||||||||||||||||||
at 31 December 2020 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
at 31 December 2021 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 |
The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of intangible assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
Million US dollar |
||||||||
Cash-generating unit |
2021 |
2020 |
||||||
United States |
||||||||
Rest of North America |
||||||||
Mexico |
||||||||
Colombia |
||||||||
Rest of Middle Americas |
||||||||
Brazil |
||||||||
Rest of South America |
||||||||
Europe |
||||||||
South Africa |
||||||||
Rest of Africa |
||||||||
China |
||||||||
Rest of Asia Pacific |
||||||||
|
|
|
|
|||||
Total carrying amount of intangible assets with indefinite useful lives |
||||||||
|
|
|
|
16. |
Investments in associates |
2021 |
2020 |
|||||||||||||||||||||||
Million US dollar |
AB InBev Efes |
Castel |
Efes |
AB InBev Efes |
Castel |
Efes |
||||||||||||||||||
Balance at 1 January |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Effect of movements in foreign exchange |
— | ( |
) | ( |
) | — | ( |
) | ||||||||||||||||
Dividends received |
— | ( |
) | ( |
) | — | ( |
) | — | |||||||||||||||
Share of results of associates |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 31 December |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||||||||||
Million US dollar |
AB InBev Efes |
Castel |
Efes |
AB InBev Efes |
Castel |
Efes |
||||||||||||||||||
Current assets |
||||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Non-controlling interests |
— | ( |
) | ( |
) | — | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net assets 1 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenue |
||||||||||||||||||||||||
Profit (loss) |
( |
) | ||||||||||||||||||||||
Other comprehensive income (loss) |
— | ( |
) | — | ( |
) | ||||||||||||||||||
Total comprehensive income (loss) |
( |
) |
1 |
The net assets are converted at the respective closing rates of December. |
17. |
Deferred tax assets and liabilities |
2021 |
||||||||||||
Million US dollar |
Assets |
Liabilities |
Net |
|||||||||
Property, plant and equipment |
( |
) | ( |
) | ||||||||
Intangible assets |
( |
) | ( |
) | ||||||||
Inventories |
( |
) | ||||||||||
Trade and other receivables |
— | |||||||||||
Interest-bearing loans and borrowings |
( |
) | ||||||||||
Employee benefits |
( |
) | ||||||||||
Provisions |
( |
) | ||||||||||
Derivatives |
( |
) | ( |
) | ||||||||
Other items |
( |
) | ( |
) | ||||||||
Loss carry forwards |
— | |||||||||||
|
|
|
|
|
|
|||||||
Gross deferred tax assets/(liabilities) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Netting by taxable entity |
( |
) |
— |
|||||||||
|
|
|
|
|
|
|||||||
Net deferred tax assets/(liabilities) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
2020 |
||||||||||||
Million US dollar |
Assets |
Liabilities |
Net |
|||||||||
Property, plant and equipment |
( |
) | ( |
) | ||||||||
Intangible assets |
( |
) | ( |
) | ||||||||
Inventories |
( |
) | ||||||||||
Trade and other receivables |
— | |||||||||||
Interest-bearing loans and borrowings |
( |
) | ||||||||||
Employee benefits |
( |
) | ||||||||||
Provisions |
( |
) | ||||||||||
Derivatives |
( |
) | ( |
) | ||||||||
Other items |
( |
) | ( |
) | ||||||||
Loss carry forwards |
— | |||||||||||
|
|
|
|
|
|
|||||||
Gross deferred tax assets/(liabilities) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Netting by taxable entity |
( |
) |
— |
|||||||||
|
|
|
|
|
|
|||||||
Net deferred tax assets/(liabilities) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Balance at 1 January |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Recognized in profit or loss |
||||||||||||
Recognized in other comprehensive income |
( | ) | ||||||||||
Acquisitions through business combinations |
— | ( |
) | ( |
) | |||||||
Reclassified as held for sale |
— | ( |
) | |||||||||
Other movements and effect of changes in foreign exchange rates |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at 31 December |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
1 |
2020 restated to include all tax attributes. |
18. |
Inventories |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Prepayments |
||||||||
Raw materials and consumables |
||||||||
Work in progress |
||||||||
Finished goods |
||||||||
Goods purchased for resale |
||||||||
|
|
|
|
|||||
Inventories |
||||||||
|
|
|
|
|||||
Inventories other than work in progress |
||||||||
Inventories stated at net realizable value |
19. |
Trade and other receivables |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Cash deposits for guarantees |
||||||||
Loans to customers |
||||||||
Tax receivable, other than income tax |
||||||||
Brazilian tax credits and interest receivables |
||||||||
Trade and other receivables |
||||||||
|
|
|
|
|||||
Non-current trade and other receivables |
||||||||
|
|
|
|
|||||
Trade receivables and accrued income |
||||||||
Interest receivables |
||||||||
Tax receivable, other than income tax |
||||||||
Loans to customers |
||||||||
Prepaid expenses |
||||||||
Other receivables |
||||||||
|
|
|
|
|||||
Current trade and other receivables |
||||||||
|
|
|
|
Net carrying amount as of 31 December 2021 |
Of which: neither impaired nor past due on the reporting date |
Of which not impaired as of the reporting date and past due |
||||||||||||||||||||||
Less than 30 days |
Between 30 and 59 days |
Between 60 and 89 days |
More than 90 days |
|||||||||||||||||||||
Trade receivables and accrued income |
||||||||||||||||||||||||
Loans to customers |
— | |||||||||||||||||||||||
Interest receivable |
— | — | — | — | ||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
Net carrying amount as of 31 December 2020 |
Of which: neither impaired nor past due on the reporting date |
Of which not impaired as of the reporting date and past due |
||||||||||||||||||||||
Less than 30 days |
Between 30 and 59 days |
Between 60 and 89 days |
More than 90 days |
|||||||||||||||||||||
Trade receivables and accrued income |
||||||||||||||||||||||||
Loans to customers |
— |
|||||||||||||||||||||||
Interest receivable |
— |
— |
— |
— |
||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
20. |
Cash and cash equivalents and investment securities |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Short-term bank deposits |
||||||||
Treasury Bills |
||||||||
Cash and bank accounts |
||||||||
|
|
|
|
|||||
Cash and cash equivalents |
||||||||
|
|
|
|
|||||
Bank overdrafts |
( |
) |
( |
) | ||||
|
|
|
|
|||||
|
|
|
|
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Investment in unquoted companies |
||||||||
Investment on debt securities |
||||||||
|
|
|
|
|||||
Non-current investments |
||||||||
|
|
|
|
|||||
Investment on debt securities |
||||||||
|
|
|
|
|||||
Current investments |
||||||||
|
|
|
|
21. |
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Balance at the end of previous year |
||||||||
|
|
|
|
|||||
Reclassified to assets held for sale in the period |
||||||||
Impairment losses |
( |
) | — | |||||
Disposals |
( |
) | ( |
) | ||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balance at the end of year |
||||||||
|
|
|
|
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Balance at end of previous year |
||||||||
|
|
|
|
|||||
Reclassified to liabilities associated with assets held for sale |
( |
) | ||||||
Disposals |
( |
) | ( |
) | ||||
Effect of movements in foreign exchange |
( |
) | ||||||
|
|
|
|
|||||
Balance at end of the period |
— |
|||||||
|
|
|
|
Million US dollar |
1 June 2020 |
|||
Assets |
||||
Property, plant and equipment |
||||
Goodwill and intangible assets |
||||
Other assets |
||||
|
|
|||
Assets classified as held for sale |
||||
|
|
|||
Liabilities |
||||
Trade and other payables |
( |
) | ||
Deferred tax liabilities |
( |
) | ||
Other liabilities |
( |
) | ||
|
|
|||
Liabilities associated with assets held for sale |
( |
) | ||
|
|
|||
Net assets disposed of |
||||
Exceptional gain on divestiture of Australia (discontinued operations) |
||||
Recycling of cash flow hedges and cumulative translation adjustments |
||||
|
|
|||
Consideration received |
||||
|
|
For the period ended |
||||||||
Million US dollar |
1 June 2020 |
31 December 2019 |
||||||
Revenue |
||||||||
Profit from operations |
||||||||
Profit from discontinued operations (including gain on divestiture) |
||||||||
Weighted average number of ordinary and restricted shares 1 |
||||||||
|
|
|
|
|||||
Basic EPS from discontinued operations |
||||||||
|
|
|
|
|||||
Weighted average number of ordinary and restricted shares (diluted) 1 |
||||||||
|
|
|
|
|||||
Diluted EPS from discontinued operations |
||||||||
|
|
|
|
For the period ended |
||||||||
Million US dollar |
1 June 2020 |
31 December 2019 2 |
||||||
Cash flow from operating activities |
||||||||
Cash flow from investing activities (proceeds from Australia divestiture) |
||||||||
Cash flow from investing activities (other) |
( |
) | ( |
) | ||||
Cash flow from financing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net increase in cash and cash equivalents |
||||||||
|
|
|
|
1 |
The calculation of basic EPS and diluted EPS from discontinued operations for 2020 and 2019 is based on the profit from discontinued operations (including gain on divestiture) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) as of 31 December 2020 and 2019, and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) as of 31 December 2020 and 2019, respectively. |
2 |
The 2019 cash flow from investing activities has been restated to reflect reclassification of the cash flow hedges in relation to the Australia divestiture reported in the financing activities in 2019 and recycled to profit or loss upon the completion of the transaction. |
22. |
Changes in equity and earnings per share |
Issued capital |
||||||||
Issued capital |
Million shares |
Million US dollar |
||||||
At the end of the previous year |
||||||||
Changes during the period |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Of which: |
||||||||
Ordinary shares |
||||||||
Restricted shares |
Treasury shares |
Result on the use of treasury shares |
|||||||||||
Treasury shares |
Million shares |
Million US dollar |
Million US dollar |
|||||||||
At the end of the previous year |
( |
) | ( |
) | ||||||||
Changes during the period |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
• | The new scheme was implemented through the listing of a special purpose company, which is called SAB Zenzele Kabili Holdings Limited (Zenzele Kabili) on the segment of the Johannesburg Stock Exchange’s Main Board on which an issuer may list its B-BBEE shares; |
• | Zenzele Kabili holds AB InBev shares; |
• | Existing Zenzele participants (SAB retailers) reinvested a portion of their Zenzele payout into Zenzele Kabili and the SAB Foundation invested AB InBev shares into Zenzele Kabili; |
• | A new Employee Share Plan, funded by AB InBev, subscribed for shares in Zenzele Kabili. |
1 |
Converted at the closing rate as at 24 May 2021. |
2 |
Considering the closing share price of 62.26 euro per share as at 24 May 2021 and ZAR per Euro exchange rate of 17.0064 as at 24 May 2021. |
Post- |
||||||||||||||||
Translation |
Hedging |
employment |
Total OCI |
|||||||||||||
Million US dollar |
Reserves |
reserves |
benefits |
Reserves |
||||||||||||
As per 1 January 2021 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
( |
) | — | — | ( |
) | ||||||||||
Cash flow hedges |
— | — | ||||||||||||||
Re-measurements of post-employment benefits |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 31 December 2021 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Post- |
||||||||||||||||
Translation |
Hedging |
employment |
Total OCI |
|||||||||||||
Million US dollar |
Reserves |
reserves |
benefits |
Reserves |
||||||||||||
As per 1 January 2020 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
( |
) | — | — | ( |
) | ||||||||||
Cash flow hedges |
— | — | ||||||||||||||
Cash flow hedges and cumulative translation adjustments reclassified from equity to profit or loss in relation to Australia divestiture |
( |
) | — | |||||||||||||
Re-measurements of post-employment benefits |
— | — | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 31 December 2020 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Post- |
||||||||||||||||
Translation |
Hedging |
employment |
Total OCI |
|||||||||||||
Million US dollar |
Reserves |
reserves |
benefits |
Reserves |
||||||||||||
As per 1 January 2019 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) |
— | — | ||||||||||||||
Cash flow hedges |
— | ( |
) | — | ( |
) | ||||||||||
Re-measurements of post-employment benefits |
— | — | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income/(loss) |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 31 December 2019 |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Million shares |
2021 |
2020 |
2019 |
|||||||||
Issued ordinary and restricted shares at 1 January, net of treasury shares |
||||||||||||
Effect of stock lending |
||||||||||||
Effect of delivery of treasury shares |
||||||||||||
|
|
|
|
|
|
|||||||
Weighted average number of ordinary and restricted shares at 31 December |
||||||||||||
|
|
|
|
|
|
Million shares |
2021 |
2020 |
2019 |
|||||||||
Weighted average number of ordinary and restricted shares at 31 December |
||||||||||||
Effect of share options, warrants and restricted stock units |
||||||||||||
|
|
|
|
|
|
|||||||
Weighted average number of ordinary and restricted shares (diluted) at 31 December |
||||||||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
| ||||||||
Profit attributable to equity holders of AB InBev |
|
|
|
|
|
|
|
|
|
|
|
|
Exceptional items, before taxes (refer to Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
Exceptional finance income/(cost), before taxes (refer to Note 11) |
|
|
|
|
|
|
|
|
|
|
( |
) |
Exceptional taxes (refer to Note 8) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
Exceptional non-controlling interest (refer to Note 8) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Profit from discontinued operations (refer to Note 21) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |
| |||||||||||
Mark-to-market (losses)/gains on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) |
( |
) | ||||||||||
Hyperinflation impacts |
| |||||||||||
|
|
|
|
|
|
| ||||||
Profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev |
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Profit attributable to equity holders of AB InBev |
||||||||||||
Weighted average number of ordinary and restricted shares |
||||||||||||
|
|
|
|
|
|
|||||||
Basic EPS from continuing and discontinued operations |
||||||||||||
|
|
|
|
|
|
|||||||
Profit/(loss) from continuing operations attributable to equity holders of AB InBev |
( |
) | ||||||||||
Weighted average number of ordinary and restricted shares |
||||||||||||
|
|
|
|
|
|
|||||||
Basic EPS from continuing operations |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |
||||||||||||
Weighted average number of ordinary and restricted shares |
||||||||||||
|
|
|
|
|
|
|||||||
Basic EPS from continuing operations before exceptional items |
||||||||||||
|
|
|
|
|
|
|||||||
Profit before exceptional items, discontinued operations, mark-to-market |
||||||||||||
Weighted average number of ordinary and restricted shares |
||||||||||||
|
|
|
|
|
|
|||||||
Underlying EPS |
||||||||||||
|
|
|
|
|
|
|||||||
Profit attributable to equity holders of AB InBev |
||||||||||||
Weighted average number of ordinary and restricted shares (diluted) |
||||||||||||
|
|
|
|
|
|
|||||||
Diluted EPS from continuing and discontinued operations |
||||||||||||
|
|
|
|
|
|
|||||||
Profit/(loss) from continuing operations attributable to equity holders of AB InBev |
( |
) | ||||||||||
Weighted average number of ordinary and restricted shares (diluted) |
||||||||||||
|
|
|
|
|
|
|||||||
Diluted EPS from continuing operations |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |
||||||||||||
Weighted average number of ordinary and restricted shares (diluted) |
||||||||||||
|
|
|
|
|
|
|||||||
Diluted EPS from continuing operations before exceptional items |
||||||||||||
|
|
|
|
|
|
23. |
Interest-bearing loans and borrowings |
Non-current liabilities |
||||||||
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Secured bank loans |
||||||||
Unsecured bond issues |
||||||||
Unsecured other loans |
||||||||
Lease liabilities |
||||||||
|
|
|
|
|||||
Non-current interest-bearing loans and borrowings |
||||||||
|
|
|
|
|||||
Current liabilities |
||||||||
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Secured bank loans |
||||||||
Commercial papers |
||||||||
Unsecured bank loans |
||||||||
Unsecured bond issues |
||||||||
Unsecured other loans |
||||||||
Lease liabilities |
||||||||
|
|
|
|
|||||
Current interest-bearing loans and borrowings |
||||||||
|
|
|
|
Date of redemption |
Issuer (abbreviated) |
Title of series of notes issued exchanged |
Currency |
Original principal amount outstanding (in million) |
Principal amount redeemed (in million) |
|||||||||
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Non-current interest-bearing loans and borrowings |
||||||||
Current interest-bearing loans and borrowings |
||||||||
|
|
|
|
|||||
Interest-bearing loans and borrowings |
||||||||
|
|
|
|
|||||
Bank overdrafts |
||||||||
Cash and cash equivalents |
( |
) | ( |
) | ||||
Interest bearing loans granted and other deposits (included within Trade and other receivables) |
( |
) | ( |
) | ||||
Debt securities (included within Investment securities) |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net debt |
||||||||
|
|
|
|
Million US dollar |
Long-term debt, net of current portion |
Short-term debt and current portion of long-term debt |
||||||
Balance at 1 January 2021 |
||||||||
|
|
|
|
|||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
) | ( |
) | ||||
Capitalization / (payment) of lease liabilities |
( |
) | ||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
( |
) | ( |
) | ||||
Current portion of long-term debt |
( |
) | ||||||
Loss on bond redemption and other movements |
||||||||
|
|
|
|
|||||
Balance at 31 December 2021 |
||||||||
|
|
|
|
|||||
Million US dollar |
Long-term debt, net of current portion |
Short-term debt and current portion of long-term debt |
||||||
Balance at 1 January 2020 |
||||||||
|
|
|
|
|||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
) | ( |
) | ||||
Capitalization / (payment) of lease liabilities |
( |
) | ||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
||||||||
Current portion of long-term debt |
( |
) | ||||||
Loss on bond redemption and other movements |
||||||||
|
|
|
|
|||||
Balance at 31 December 2020 |
||||||||
|
|
|
|
|||||
Million US dollar |
Long-term debt, net of current portion |
Short-term debt and current portion of long-term debt |
||||||
Balance at 1 January 2019 |
||||||||
|
|
|
|
|||||
Proceeds from borrowings |
||||||||
Payments on borrowings |
( |
) | ( |
) | ||||
Capitalization / (payment) of lease liabilities |
( |
) | ||||||
Amortized cost |
||||||||
Unrealized foreign exchange effects |
( |
) | ( |
) | ||||
Current portion of long-term debt |
( |
) | ||||||
Liabilities associated with assets held for sale |
( |
) | ( |
) | ||||
Other movements |
( |
) | ||||||
|
|
|
|
|||||
Balance at 31 December 2019 |
||||||||
|
|
|
|
24. |
Employee benefits |
Million US dollar |
2021 |
2020 |
||||||
Present value of funded obligations |
( |
) | ( |
) | ||||
Fair value of plan assets |
||||||||
|
|
|
|
|||||
Present value of net obligations for funded plans |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Present value of unfunded obligations |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Present value of net obligations |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Unrecognized asset |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net liability |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Other long term employee benefits |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total employee benefits |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Employee benefits amounts in the balance sheet: |
||||||||
Liabilities |
( |
) | ( |
) | ||||
Assets |
||||||||
|
|
|
|
|||||
Net liability |
( |
) |
( |
) | ||||
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Defined benefit obligation at 1 January |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Current service costs |
( |
) | ( |
) | ( |
) | ||||||
Interest cost |
( |
) | ( |
) | ( |
) | ||||||
Past service gain/(cost) |
( |
) | ( |
) | ||||||||
Settlements |
||||||||||||
Benefits paid |
||||||||||||
Contribution by plan participants |
( |
) | ( |
) | ( |
) | ||||||
Actuarial gains/(losses) – demographic assumptions |
( |
) | ||||||||||
Actuarial gains/(losses) – financial assumptions |
( |
) | ( |
) | ||||||||
Experience adjustments |
( |
) | ||||||||||
Exchange differences |
( |
) | ( |
) | ||||||||
Transfers and other movements |
— | |||||||||||
|
|
|
|
|
|
|||||||
Defined benefit obligation at 31 December |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Fair value of plan assets at 1 January |
||||||||||||
|
|
|
|
|
|
|||||||
Interest income |
||||||||||||
Administration costs |
( |
) | ( |
) | ( |
) | ||||||
Return on plan assets exceeding interest income |
||||||||||||
Contributions by AB InBev |
||||||||||||
Contributions by plan participants |
||||||||||||
Benefits paid net of administration costs |
( |
) | ( |
) | ( |
) | ||||||
Assets distributed on settlements |
( |
) | ( |
) | ( |
) | ||||||
Exchange differences |
( |
) | ( |
) | ||||||||
Transfers and other movements |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Fair value of plan assets at 31 December |
||||||||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Irrecoverable surplus impact at 1 January |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||
Changes excluding amounts included in interest expense |
||||||||||||
|
|
|
|
|
|
|||||||
Irrecoverable surplus impact at 31 December |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Current service costs |
( |
) | ( |
) | ( |
) | ||||||
Administration costs |
( |
) | ( |
) | ( |
) | ||||||
Past service cost due to plan amendments, curtailments or settlements |
( |
) | ||||||||||
(Losses)/gains due to experience and demographic assumption changes |
||||||||||||
|
|
|
|
|
|
|||||||
Profit from operations |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net finance cost |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total employee benefit expense |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Cost of sales |
( |
) | ( |
) | ( |
) | ||||||
Distribution expenses |
( |
) | ( |
) | ( |
) | ||||||
Sales and marketing expenses |
( |
) | ( |
) | ( |
) | ||||||
Administrative expenses |
( |
) | ( |
) | ||||||||
Other operating (expense)/income |
( |
) | ( |
) | ||||||||
Exceptional items |
— | — | ||||||||||
Net finance cost |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) |
( |
) | |||||||
|
|
|
|
|
|
2021 |
||||||||||||||||||||||||
Million US dollar |
United States |
Canada |
Mexico |
Brazil |
United Kingdom |
AB InBev |
||||||||||||||||||
Discount rate |
% | % | % | % | % | % | ||||||||||||||||||
Price inflation |
% | % | % | % | % | % | ||||||||||||||||||
Future salary increases |
— | % | % | % | — | % | ||||||||||||||||||
Future pension increases |
— | % | % | % | % | |||||||||||||||||||
Medical cost trend rate |
% | % | — | % | — | % | ||||||||||||||||||
Life expectation for a 65-year old male |
||||||||||||||||||||||||
Life expectation for a 65-year old female |
2020 |
||||||||||||||||||||||||
Million US dollar |
United States |
Canada |
Mexico |
Brazil |
United Kingdom |
AB InBev |
||||||||||||||||||
Discount rate |
% | % | % | % | % | % | ||||||||||||||||||
Price inflation |
% | % | % | % | % | % | ||||||||||||||||||
Future salary increases |
— | % | % | % | — | % | ||||||||||||||||||
Future pension increases |
— | % | % | % | % | % | ||||||||||||||||||
Medical cost trend rate |
% | % | — | % | — | % | ||||||||||||||||||
Life expectation for a 65-year old male |
||||||||||||||||||||||||
Life expectation for a 65-year old female |
2021 |
||||||||||||
Million US dollar |
Change in assumption |
Increase in assumption |
Decrease in assumption |
|||||||||
Discount rate |
% | ( |
) | |||||||||
Price inflation |
% | ( |
) | |||||||||
Future salary increases |
% | ( |
) | |||||||||
Medical cost trend rate |
% | ( |
) | |||||||||
Longevity |
( |
) |
2021 |
2020 |
|||||||||||||||||||||||
Million US dollar |
Quoted |
Unquoted |
Total |
Quoted |
Unquoted |
Total |
||||||||||||||||||
Government bonds |
% | — | % |
% | — | % | ||||||||||||||||||
Corporate bonds |
% | — | % |
% | — | % | ||||||||||||||||||
Equity instruments |
% | — | % |
% | — | % | ||||||||||||||||||
Property |
— | % | % |
— | % | % | ||||||||||||||||||
Insurance contracts and others |
% | % | % |
% | % | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
% | % | % |
% |
% |
% | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
25. |
Share-based payments |
• | A program allowing for the offer of restricted stock units to certain members of senior management in certain specific circumstances, e.g., as a special retention incentive or to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after |
• | 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 restricted stock units or stock options which vest after |
• | A series of sub-plans under the Company’s new base long-term Restricted Stock Units program (created in 2020) allowing for the offer of Restricted Stock Units to certain members of the company’s senior management in certain specific circumstances, e.g., as a special retention incentive or to compensate for assignments of expatriates in certain limited countries. Under this program, Restricted Stock Units can be granted under sub-plans with specific terms and conditions and for specific purposes. The Restricted Stock Units in principle vest after 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 vesting periods for specific sub-plans or introduce performance tests similar to those described under the program above. In 2021, |
Amounts in US dollar unless otherwise indicated |
2020 |
2019 |
||||||
Fair value of options granted |
||||||||
Share price |
||||||||
Exercise price |
||||||||
Expected volatility |
% | % | ||||||
Expected dividends |
% | % | ||||||
Risk-free interest rate |
- |
% | % |
Million options |
2021 |
2020 |
2019 |
|||||||||
Options outstanding at 1 January |
||||||||||||
Options issued during the year |
— | |||||||||||
Options exercised during the year |
( |
) | ( |
) | ( |
) | ||||||
Options forfeited during the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Options outstanding at the end of December |
||||||||||||
|
|
|
|
|
|
Amounts in US dollar |
2021 |
2020 |
2019 |
|||||||||
Options outstanding at 1 January |
||||||||||||
Granted during the year |
— | |||||||||||
Exercised during the year |
||||||||||||
Forfeited during the year |
||||||||||||
Outstanding at the end of December |
||||||||||||
Exercisable at the end of December |
Million restricted stock units |
2021 |
2020 |
2019 |
|||||||||
Restricted stock units outstanding at 1 January |
||||||||||||
Restricted stock units issued during the year |
||||||||||||
Restricted stock units vested during the year |
( |
) | ( |
) | ( |
) | ||||||
Restricted stock units forfeited during the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Restricted stock units outstanding at the end of December |
||||||||||||
|
|
|
|
|
|
1 |
Amounts have been converted to US dollar at the closing rate of the respective period. |
Amounts in US dollar unless otherwise indicated 1 |
2020 |
2019 |
||||||
Fair value of options granted |
||||||||
Share price |
||||||||
Exercise price |
||||||||
Expected volatility |
% | % | ||||||
Expected dividends |
% | % | ||||||
Risk-free interest rate |
% | % |
Million options |
2021 |
2020 |
2019 |
|||||||||
Options outstanding at 1 January |
||||||||||||
Options issued during the year |
— | — | ||||||||||
Options exercised during the year |
( |
) | ( |
) | ( |
) | ||||||
Options forfeited during the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Options outstanding at the end of December |
||||||||||||
|
|
|
|
|
|
Amounts in US dollar 1 |
2021 |
2020 |
2019 |
|||||||||
Options outstanding at 1 January |
||||||||||||
Granted during the year |
— | |||||||||||
Exercised during the year |
||||||||||||
Forfeited during the year |
||||||||||||
Outstanding at the end of December |
||||||||||||
Exercisable at the end of December |
Million restricted stock units |
2021 |
2020 |
2019 |
|||||||||
Restricted stock units outstanding at 1 January |
||||||||||||
Restricted stock units issued during the year |
||||||||||||
Restricted stock units vested during the year |
( |
) | ( |
) | ( |
) | ||||||
Restricted stock units forfeited during the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Restricted stock units outstanding at the end of December |
||||||||||||
|
|
|
|
|
|
1 |
Amounts have been converted to US dollar at the closing rate of the respective period. |
26. |
Provisions |
Million US dollar |
Restructuring |
Disputes |
Other |
Total |
||||||||||||
Balance at 1 January 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Provisions made |
||||||||||||||||
Provisions used |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Provisions reversed |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other movements |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
Million US dollar |
Restructuring |
Disputes |
Other |
Total |
||||||||||||
Balance at 1 January 2020 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Effect of movements in foreign exchange |
( |
) | ( |
) | ( |
) | ||||||||||
Provisions made |
||||||||||||||||
Provisions used |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Provisions reversed |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other movements |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2020 |
||||||||||||||||
|
|
|
|
|
|
|
|
Million US dollar |
Total |
< 1 year |
1-2 years |
2-5 years |
> 5 years |
|||||||||||||||
Restructuring |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Indirect taxes |
||||||||||||||||||||
Labor |
||||||||||||||||||||
Commercial |
||||||||||||||||||||
Environmental |
— | — | — | |||||||||||||||||
Excise duties |
— | — | ||||||||||||||||||
Other disputes |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Disputes |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other provisions |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total provisions |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
27. |
Trade and other payables |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Indirect taxes payable |
||||||||
Trade payables |
||||||||
Deferred consideration on acquisitions |
||||||||
Other payables |
||||||||
|
|
|
|
|||||
Non-current trade and other payables |
||||||||
|
|
|
|
|||||
Trade payables and accrued expenses |
||||||||
Payroll and social security payables |
||||||||
Indirect taxes payable |
||||||||
Interest payable |
||||||||
Consigned packaging |
||||||||
Dividends payable |
||||||||
Deferred income |
||||||||
Deferred consideration on acquisitions |
||||||||
Other payables |
||||||||
|
|
|
|
|||||
Current trade and other payables |
||||||||
|
|
|
|
28. |
Risks arising from financial instruments |
31 December 2021 |
31 December 2020 |
|||||||||||||||||||||||||||||||
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 |
||||||||||||||||||||||||
Trade and other receivables |
— | — | — | — | ||||||||||||||||||||||||||||
Unquoted debt (debt instruments) |
— | — | — | — | ||||||||||||||||||||||||||||
Quoted debt (debt instruments) |
— | — | — | — | ||||||||||||||||||||||||||||
Unquoted companies (equity instruments) |
— | — | — | — | ||||||||||||||||||||||||||||
Derivatives not designated in hedge accounting relationships: |
||||||||||||||||||||||||||||||||
Equity swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Derivatives designated in hedge accounting relationships: |
||||||||||||||||||||||||||||||||
Foreign exchange forward contracts |
— | — | — | — | ||||||||||||||||||||||||||||
Foreign currency futures |
— | — | — | — | ||||||||||||||||||||||||||||
Interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Commodities |
— | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Non-current |
||||||||||||||||||||||||||||||||
Current |
||||||||||||||||||||||||||||||||
Trade and other payables |
— | — | — | — | ||||||||||||||||||||||||||||
Interest-bearing loans and borrowings: |
||||||||||||||||||||||||||||||||
Secured bank loans |
— | — | — | — | ||||||||||||||||||||||||||||
Unsecured bank loans |
— | — | — | — | ||||||||||||||||||||||||||||
Unsecured bond issues |
— | — | — | — | ||||||||||||||||||||||||||||
Unsecured other loans |
— | — | — | — | ||||||||||||||||||||||||||||
Commercial paper |
— | — | — | — | ||||||||||||||||||||||||||||
Bank overdrafts |
— | — | — | — | ||||||||||||||||||||||||||||
Lease liabilities |
— | — | — | — | ||||||||||||||||||||||||||||
Derivatives not designated in hedge accounting relationships: |
||||||||||||||||||||||||||||||||
Equity swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Foreign exchange forward contracts |
— | — | — | — | ||||||||||||||||||||||||||||
Derivatives designated in hedge accounting relationships: |
||||||||||||||||||||||||||||||||
Foreign exchange forward contracts |
— | — | — | — | ||||||||||||||||||||||||||||
Foreign currency futures |
— | — | — | — | ||||||||||||||||||||||||||||
Cross currency interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Commodities |
— | — | — | — | ||||||||||||||||||||||||||||
Equity swaps |
— | — | — | — | ||||||||||||||||||||||||||||
Interest rate swaps |
— | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Non-current |
— | — | ||||||||||||||||||||||||||||||
Current |
1 |
Cash and short-term deposits are not included in this overview. |
31 December 2021 |
31 December 2020 |
|||||||||||||||||||||||||||||||||||||||
< 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 |
||||||||||||||||||||||||||||||||||||||||
Forward exchange contracts |
||||||||||||||||||||||||||||||||||||||||
Foreign currency futures |
||||||||||||||||||||||||||||||||||||||||
Interest rate |
||||||||||||||||||||||||||||||||||||||||
Interest rate swaps |
||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps |
||||||||||||||||||||||||||||||||||||||||
Other interest rate derivatives |
||||||||||||||||||||||||||||||||||||||||
Commodities |
||||||||||||||||||||||||||||||||||||||||
Aluminum swaps |
||||||||||||||||||||||||||||||||||||||||
Other commodity derivatives |
||||||||||||||||||||||||||||||||||||||||
Equity |
||||||||||||||||||||||||||||||||||||||||
Equity derivatives |
31 December 2021 |
31 December 2020 |
|||||||||||||||||||||||
Total |
Total |
Open |
Total |
Total |
Open |
|||||||||||||||||||
Million US dollar |
exposure |
hedges |
position |
exposure |
hedges |
position |
||||||||||||||||||
Euro/Canadian dollar |
( |
) | — | ( |
) | — | ||||||||||||||||||
Euro/Mexican peso |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Euro/Pound sterling |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Euro/South African rand |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Euro/South Korean won |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Euro/US dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Mexican peso/Euro |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Pound sterling/Euro |
( |
) | ( |
) | ||||||||||||||||||||
US dollar/Argentinian peso |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
US dollar/Bolivian boliviano |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Brazilian real |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
US dollar/Canadian dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Chilean peso |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Chinese yuan |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
US dollar/Colombian peso |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Euro |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Mexican peso |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Paraguayan guarani |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Peruvian nuevo sol |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/South African rand |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/South Korean won |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
US dollar/Uruguayan peso |
( |
) | — | ( |
) | ( |
) | |||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ( |
) |
2021 |
||||||||||||
Closing rate |
Possible |
Volatility |
||||||||||
31 December 2021 |
closing rate 1 |
of rates in % |
||||||||||
Euro/Mexican peso |
% | |||||||||||
Euro/Pound sterling |
% | |||||||||||
Euro/South Korean won |
% | |||||||||||
Euro/US dollar |
% | |||||||||||
Pound sterling/US dollar |
% | |||||||||||
US dollar/Argentinian peso |
% | |||||||||||
US dollar/Brazilian real |
% | |||||||||||
US dollar/Canadian dollar |
% | |||||||||||
US dollar/Chinese yuan |
% | |||||||||||
US dollar/Colombian peso |
% | |||||||||||
US dollar/Euro |
% | |||||||||||
US dollar/Mexican peso |
% | |||||||||||
US dollar/Nigerian naira |
% | |||||||||||
US dollar/Peruvian nuevo sol |
% | |||||||||||
US dollar/South African rand |
% | |||||||||||
US dollar/South Korean won |
% | |||||||||||
US dollar/Tanzanian shilling |
% | |||||||||||
US dollar/Zambian kwacha |
% |
2020 |
||||||||||||
Closing rate |
Possible |
Volatility |
||||||||||
31 December 2020 |
closing rate 2 |
of rates in % |
||||||||||
Euro/Mexican peso |
% | |||||||||||
Euro/Pound sterling |
% | |||||||||||
Euro/South Korean won |
% | |||||||||||
Euro/US dollar |
% | |||||||||||
Pound sterling/US dollar |
% | |||||||||||
US dollar/Argentinian peso |
% | |||||||||||
US dollar/Brazilian real |
% | |||||||||||
US dollar/Canadian dollar |
% | |||||||||||
US dollar/Chinese yuan |
% | |||||||||||
US dollar/Colombian peso |
% | |||||||||||
US dollar/Euro |
% | |||||||||||
US dollar/Mexican peso |
% | |||||||||||
US dollar/Nigerian naira |
% | |||||||||||
US dollar/Peruvian nuevo sol |
% | |||||||||||
US dollar/South African rand |
% | |||||||||||
US dollar/South Korean won |
% | |||||||||||
US dollar/Tanzanian shilling |
% | |||||||||||
US dollar/Zambian kwacha |
% |
1 |
. |
2 |
Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2020. |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Economic hedges |
( |
) | ||||||||||
Other results - not hedged |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
31 December 2021 |
Before hedging |
After hedging |
||||||||||||||
Interest-bearing financial liabilities |
Effective |
Effective |
||||||||||||||
Million US dollar |
interest rate |
Amount |
interest rate |
Amount |
||||||||||||
Floating rate |
||||||||||||||||
Australian dollar |
% | — | — | |||||||||||||
Canadian dollar |
— | — | % | |||||||||||||
Euro |
— | — | ||||||||||||||
Pound sterling |
— | — | % | |||||||||||||
South Korean won |
— | — | % | |||||||||||||
US dollar |
% | — | — | |||||||||||||
Other |
% | % | ||||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Fixed rate |
||||||||||||||||
Australian dollar |
% | — | — | |||||||||||||
Brazilian real |
% | % | ||||||||||||||
Canadian dollar |
% | % | ||||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
% | % | ||||||||||||||
South Korean won |
% | % | ||||||||||||||
US dollar |
% | % | ||||||||||||||
Other |
% | % | ||||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
31 December 2020 |
Before hedging |
After hedging |
||||||||||||||
Interest-bearing financial liabilities |
Effective |
Effective |
||||||||||||||
Million US dollar |
interest rate |
Amount |
interest rate |
Amount |
||||||||||||
Floating rate |
||||||||||||||||
Australian dollar |
% | — | — | |||||||||||||
Brazilian real |
% | % | ||||||||||||||
Canadian dollar |
— | — | % | |||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
— | — | % | |||||||||||||
US dollar |
% | % | ||||||||||||||
Other |
% | % | ||||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Fixed rate |
||||||||||||||||
Australian dollar |
% | — | — | |||||||||||||
Brazilian real |
% | % | ||||||||||||||
Canadian dollar |
% | % | ||||||||||||||
Euro |
% | % | ||||||||||||||
Pound sterling |
% | % | ||||||||||||||
South Korean won |
— | — | % | |||||||||||||
US dollar |
% | % | ||||||||||||||
Other |
% | % | ||||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
2021 |
||||||||||||
Interest rate |
Possible |
Volatility |
||||||||||
31 December 2021 1 |
interest rate 2 |
of rates in % |
||||||||||
Brazilian real |
% | % | % | |||||||||
Euro |
— | — | % | |||||||||
US dollar |
% | % | % | |||||||||
2020 |
||||||||||||
Interest rate |
Possible |
Volatility |
||||||||||
31 December 2020 1 |
interest rate 2 |
of rates in % |
||||||||||
Brazilian real |
% | % | % | |||||||||
Euro |
— | — | % | |||||||||
US dollar |
% | % | % |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Financial liabilities measured at amortized cost – not hedged |
( |
) | ( |
) | ( |
) | ||||||
Fair value hedges |
( |
) | ( |
) | ( |
) | ||||||
Cash flow hedges |
||||||||||||
Net investment hedges - hedging instruments (interest component) |
||||||||||||
Economic hedges |
||||||||||||
|
|
|
|
|
|
|||||||
( |
) |
( |
) |
( |
) | |||||||
|
|
|
|
|
|
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Aluminum swaps |
||||||||
Exchange traded sugar futures |
||||||||
Natural gas and energy derivatives |
||||||||
Corn swaps |
||||||||
Exchange traded wheat futures |
||||||||
Rice swaps |
||||||||
Plastic derivatives |
||||||||
|
|
|
|
|||||
|
|
|
|
1 |
Applicable 3-month InterBank Offered Rates as of 3 1 December 2021 and as of 31 December 2020. |
2 |
Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 3 1 December 2021 and at December 2020. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M). The sensitive analysis does not include any spread applicable to the company’s funding. |
2021 |
||||||||||||
Pre-tax impact on equity |
||||||||||||
Million US dollar |
Volatility of prices in % 1 |
Prices increase |
Prices decrease |
|||||||||
Aluminum |
% | ( |
) | |||||||||
Sugar |
% | ( |
) | |||||||||
Energy |
% | ( |
) | |||||||||
Corn |
% | ( |
) | |||||||||
Wheat |
% | ( |
) | |||||||||
Rice |
% | ( |
) | |||||||||
Plastic |
% | ( |
) | |||||||||
2020 |
||||||||||||
Pre-tax impact on equity |
||||||||||||
Million US dollar |
Volatility of prices in % 2 |
Prices increase |
Prices decrease |
|||||||||
Aluminum |
% | ( |
) | |||||||||
Sugar |
% | ( |
) | |||||||||
Energy |
% | ( |
) | |||||||||
Corn |
% | ( |
) | |||||||||
Wheat |
% | ( |
) | |||||||||
Rice |
% | ( |
) | |||||||||
Plastic |
% | ( |
) |
1 |
Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2021. |
2 |
Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2020. |
31 December 2021 |
31 December 2020 |
|||||||||||||||||||||||
Million US dollar |
Gross |
Impairment |
Net carrying amount |
Gross |
Impairment |
Net carrying amount |
||||||||||||||||||
Investment in unquoted companies |
( |
) | ( |
) | ||||||||||||||||||||
Investment in debt securities |
— | — | ||||||||||||||||||||||
Trade receivables |
( |
) | ( |
) | ||||||||||||||||||||
Cash deposits for guarantees |
— | — | ||||||||||||||||||||||
Loans to customers |
— | — | ||||||||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||||||
Derivatives |
— | — | ||||||||||||||||||||||
Cash and cash equivalents |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
( |
) |
( |
) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||
Million US dollar |
Trade receivables |
FVOCI |
Other receivables |
Total |
||||||||||||
Balance at 1 January |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Impairment losses |
( |
) | — | ( |
) | ( |
) | |||||||||
Derecognition |
— | |||||||||||||||
Currency translation and other |
( |
) | — | ( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
2020 |
||||||||||||||||
Million US dollar |
Trade receivables |
FVOCI |
Other receivables |
Total |
||||||||||||
Balance at 1 January |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Impairment losses |
( |
) | — | ( |
) | ( |
) | |||||||||
Derecognition |
— | |||||||||||||||
Currency translation and other |
( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
2019 |
||||||||||||||||
Million US dollar |
Trade receivables |
FVOCI |
Other receivables |
Total |
||||||||||||
Balance at 1 January |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Impairment losses |
( |
) | — | ( |
) | ( |
) | |||||||||
Derecognition |
— | |||||||||||||||
Currency translation and other |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
• | Debt servicing; |
• | Capital expenditures; |
• | Investments in companies; |
• | Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments; |
• | Share buyback programs; and |
• | Payments of dividends and interest on shareholders’ equity. |
31 December 2021 |
||||||||||||||||||||||||||||
Contractual |
Less |
More |
||||||||||||||||||||||||||
Carrying |
cash |
than |
than |
|||||||||||||||||||||||||
Million US dollar |
amount 1 |
flows |
1 year |
1-2 years |
2-3 years |
3-5 years |
5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
|
|||||||||||||||||||||||||||
Secured bank loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured bank loans |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Unsecured bond issues |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured other loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Lease liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Bank overdraft |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Trade and other payables |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Foreign exchange derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Commodity derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Of which: related to cash flow hedges |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
31 December 2020 |
||||||||||||||||||||||||||||
Contractual |
Less |
More |
||||||||||||||||||||||||||
Carrying |
cash |
than |
than |
|||||||||||||||||||||||||
Million US dollar |
amount 1 |
flows |
1 year |
1-2 years |
2-3 years |
3-5 years |
5 years |
|||||||||||||||||||||
Non-derivative financial liabilities |
||||||||||||||||||||||||||||
Secured bank loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Commercial papers |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Unsecured bank loans |
( |
) | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Unsecured bond issues |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Unsecured other loans |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Lease liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Bank overdraft |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Trade and other payables |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||||||||||
Foreign exchange derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Commodity derivatives |
( |
) | ( |
) | ( |
) | — | — | — | — | ||||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | ( |
) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Of which: related to cash flow hedges |
( |
) |
( |
) |
( |
) |
( |
) |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
“Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. |
Assets |
Liabilities |
Net |
||||||||||||||||||||||
31 December |
31 December |
31 December |
31 December |
31 December |
31 December |
|||||||||||||||||||
Million US dollar |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||
Foreign currency |
||||||||||||||||||||||||
Forward exchange contracts |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Foreign currency futures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Interest rate |
||||||||||||||||||||||||
Interest rate swaps |
— | |||||||||||||||||||||||
Cross currency interest rate swaps |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Commodities |
||||||||||||||||||||||||
Aluminum swaps |
( |
) | ( |
) | ||||||||||||||||||||
Sugar futures |
— | |||||||||||||||||||||||
Energy |
( |
) | ( |
) | ||||||||||||||||||||
Other commodity derivatives |
( |
) | ( |
) | ||||||||||||||||||||
Equity |
||||||||||||||||||||||||
Equity derivatives |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Of which: |
||||||||||||||||||||||||
Non-current |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Current |
( |
) | ( |
) | ( |
) | ( |
) |
Interest-bearing financial liabilities |
31 December 2021 |
31 December 2020 |
||||||||||||||
Million US dollar |
Carrying amount 1 |
Fair value |
Carrying amount 1 |
Fair value |
||||||||||||
Fixed rate |
||||||||||||||||
Australian dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Brazilian real |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Canadian dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Euro |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Pound sterling |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
US dollar |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
|
|
1 |
“Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. |
Fair value hierarchy 31 December 2021 |
Quoted (unadjusted) |
Observable market |
Unobservable market |
|||||||||
Million US dollar |
prices - level 1 |
inputs - level 2 |
inputs - level 3 |
|||||||||
Financial Assets |
||||||||||||
Held for trading (non-derivatives) |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a fair value hedge relationship |
— | — | ||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
— |
||||||||||||
|
|
|
|
|
|
|||||||
Financial Liabilities |
||||||||||||
Deferred consideration on acquisitions at fair value |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Fair value hierarchy 31 December 2020 |
Quoted (unadjusted) |
Observable market |
Unobservable market |
|||||||||
Million US dollar |
prices - level 1 |
inputs - level 2 |
inputs - level 3 |
|||||||||
Financial Assets |
||||||||||||
Held for trading (non-derivatives) |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a fair value hedge relationship |
— | — | ||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
— |
||||||||||||
|
|
|
|
|
|
|||||||
Financial Liabilities |
||||||||||||
Deferred consideration on acquisitions at fair value |
— | — | ||||||||||
Derivatives at fair value through profit and loss |
— | — | ||||||||||
Derivatives in a cash flow hedge relationship |
— | |||||||||||
Derivatives in a net investment hedge relationship |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
Million US dollar |
Foreign currency |
Commodities |
Others |
Total hedging reserves |
||||||||||||
As per 1 January 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in fair value of hedging instrument recognized in OCI |
— | |||||||||||||||
Reclassified to profit or loss / cost of inventory |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 31 December 2021 |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Million US dollar |
Foreign currency |
Commodities |
Others |
Total hedging reserves |
||||||||||||
As per 1 January 2020 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in fair value of hedging instrument recognized in OCI |
— | |||||||||||||||
Reclassified to profit or loss / cost of inventory |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
As per 31 December 2020 |
||||||||||||||||
|
|
|
|
|
|
|
|
31 December 2021 |
||||||||||||||||
Million US dollar |
Gross amount |
Net amount recognized in the statement of financial position 1 |
Other offsetting agreements 2 |
Total net amount |
||||||||||||
Derivative assets |
( |
) | ||||||||||||||
Derivative liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
31 December 2020 |
||||||||||||||||
Million US dollar |
Gross amount |
Net amount recognized in the statement of financial position 1 |
Other offsetting agreements 2 |
Total net amount |
||||||||||||
Derivative assets |
( |
) | ||||||||||||||
Derivative liabilities |
( |
) | ( |
) | ( |
) |
29. |
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Collateral given for own liabilities |
||||||||
Contractual commitments to purchase property, plant and equipment |
||||||||
Contractual commitments to acquire loans to associates/customers |
||||||||
Other commitments |
1 |
Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules. |
2 |
Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS rules. |
30. |
Contingencies |
Million US dollar |
31 December 2021 |
31 December 2020 |
||||||
Income tax and social contribution |
||||||||
Value-added and excise taxes |
||||||||
Other taxes |
||||||||
|
|
|
|
|||||
|
|
|
|
31. |
Non-controlling interests |
Ambev |
Budweiser APAC |
|||||||||||||||
Million US dollar |
31 December 2021 |
31 December 2020 |
31 December 2021 |
31 December 2020 |
||||||||||||
Summarized balance sheet information |
||||||||||||||||
Current assets |
|
|
||||||||||||||
Non-current assets |
|
|
||||||||||||||
Current liabilities |
|
|
||||||||||||||
Non-current liabilities |
|
|
||||||||||||||
Equity attributable to equity holders |
|
|
||||||||||||||
Non-controlling interests |
|
|
Ambev |
Budweiser APAC |
|||||||||||||||||||||||
Million US dollar |
2021 |
2020 |
2019 1 |
2021 |
2020 |
2019 2 |
||||||||||||||||||
Summarized income statement and other comprehensive income information |
||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||
Attributable to: |
||||||||||||||||||||||||
Equity holders |
||||||||||||||||||||||||
Non-controlling interests |
||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||
Other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||
Attributable to: |
||||||||||||||||||||||||
Equity holders |
||||||||||||||||||||||||
Non-controlling interests |
||||||||||||||||||||||||
Summarized cash flow information |
||||||||||||||||||||||||
Cash flow from operating activities |
||||||||||||||||||||||||
Cash flow from investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Cash flow from financing activities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase/(decrease) in cash and cash equivalents |
( |
) |
( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
1 |
In 2020, Ambev concluded the calculation of its tax credits on a judicial decision related to the exclusion of the Value-Added Tax (ICMS) from the taxable basis of the social contribution on gross revenues (PIS and COFINS). As a result of this judicial decision and other tax credit adjustments, in 2020, Ambev reclassified the tax credits previously reported in revenue to other operating income, and as such, restated its 2019 comparatives as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. |
2 |
In 2020, Budweiser APAC reclassified the “Proceeds from cash pooling loans from AB InBev” from investing to financing activities in the summarized cash flow information. The presentation of the comparative amount has been restated to conform to the current year presentation. |
32. |
Related parties |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Million US dollar |
Directors |
Executive Committee 1 |
Directors |
Executive Committee |
Directors |
Executive Committee |
||||||||||||||||||
Short-term employee benefits |
||||||||||||||||||||||||
Termination benefits |
— | — | — | |||||||||||||||||||||
Share-based payment |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
• | The acquisition, through |
• | The lease of commercial premises from and the sale of malt-based beverages and beer to companies in which one of the company’s Board Member had a significant influence as of 31 December 2021. The transactions happened mainly through AB InBev’s subsidiary Bavaria S.A. for an aggregated consideration of approximately |
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Non-current assets |
||||||||||||
Current assets |
||||||||||||
Non-current liabilities |
||||||||||||
Current liabilities |
||||||||||||
Result from operations |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Profit attributable to equity holders of AB InBev |
( |
) |
||||||||||
|
|
|
|
|
|
Million US dollar |
2021 |
2020 |
2019 |
|||||||||
Gross profit |
( |
) | ( |
) | ||||||||
Current assets |
||||||||||||
Current liabilities |
1 |
The 2021 Executive Committee members’ compensation includes the cost reported for AB InBev’s former CEO up to 30 June 2021 and the costs for the newly appointed CEO for the full year 2021. |
33. |
Suppl e mental guarantor financial information |
Income Statement Data For the year ended 31 December 2021 |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Million US dollar | ||||||||||||||||||||||||||||
Revenue - external |
— |
— |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from non-guarantor subsidiaries |
— |
— |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from guarantor subsidiaries |
— |
— |
— |
— |
( |
) |
— |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cost of sales - external |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to non-guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross profit |
— |
— |
— |
( |
) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Selling, general and administrative expenses - external |
( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Selling, general and administrative expenses (non-guarantor subsidiaries) |
( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Selling, general and administrative expenses (guarantor subsidiaries) |
— | ( |
) | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ - external |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||
Other operating income/(expenses)¹ (non-guarantor subsidiaries) |
— | — | — | — | ||||||||||||||||||||||||
Other operating income/(expenses)¹ (guarantor subsidiaries) |
( |
) | — | ( |
) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit /(loss) from operations |
( |
) |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net finance income/(cost) - external |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Net finance income/(cost) (non-guarantor subsidiaries) |
— | |||||||||||||||||||||||||||
Net finance income/(cost) (guarantor subsidiaries) |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Share of result of associates and joint ventures |
— | — | — | — | — | |||||||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit /(loss) from continuing operations |
( |
) |
( |
) |
— |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from non-guarantor subsidiaries |
( |
) | — | ( |
) | — | ||||||||||||||||||||||
Income from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
Profit from discontinued operations |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit of the year |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Other operating income/(expense) include exceptional items. |
Income Statement Data For the year ended 31 December 2020 |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Million US dollar | ||||||||||||||||||||||||||||
Revenue - external |
— |
— |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from non-guarantor subsidiaries |
— |
— |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from guarantor subsidiaries |
— |
— |
— |
— |
( |
) |
— |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cost of sales - external |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to non-guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||
Cost of sales to guarantor subsidiaries |
( |
) | — | — | ( |
) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross profit |
— |
— |
— |
— |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Selling, general and administrative expenses - external |
( |
) | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Selling, general and administrative expenses (non-guarantor subsidiaries) |
— | ( |
) | — | ( |
) | ||||||||||||||||||||||
Selling, general and administrative expenses (guarantor subsidiaries) |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Other operating income/(expenses )¹ - external |
( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Other operating income/(expenses)¹ (non-guarantor subsidiaries) |
( |
) | — | — | — | — | ||||||||||||||||||||||
Other operating income/(expenses)¹ (guarantor subsidiaries) |
( |
) | — | ( |
) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit /(loss) from operations |
( |
) |
— |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net finance income/(cost) - external |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Net finance income/(cost) (non-guarantor subsidiaries) |
— | |||||||||||||||||||||||||||
Net finance income/(cost) (guarantor subsidiaries) |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Share of result of associates and joint ventures |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit /(loss) from continuing operations |
( |
) |
( |
) |
( |
) |
— |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from non-guarantor subsidiaries |
( |
) | — | ( |
) | — | ||||||||||||||||||||||
Income from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
Profit from discontinued operations |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Profit of the year |
( |
) |
( |
) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Other operating income/(expense) include exceptional items. |
Bal a nce Sheet DataAs at 31 December 2021 |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Million US dollar | ||||||||||||||||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Property, plant and equipment |
— | — | — | — | ||||||||||||||||||||||||
Goodwill and intangible assets |
— | — | — | |||||||||||||||||||||||||
Investments in subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current assets |
— | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current assets |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due from guarantor subsidiaries |
( |
) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Inventories |
— | — | — | — | — | |||||||||||||||||||||||
Derivatives |
— | — | — | — | ||||||||||||||||||||||||
Trade and other receivables |
— | — | — | |||||||||||||||||||||||||
Cash and cash equivalents |
— | |||||||||||||||||||||||||||
Other current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current assets |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total equity |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | — | — | ( |
) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | ||||||||||||||||||||||||||
Employee benefits |
— | — | — | — | ||||||||||||||||||||||||
Deferred tax liabilities |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current liabilities |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | — | |||||||||||||||||||||||||
Derivatives |
— | — | — | |||||||||||||||||||||||||
Bank overdrafts |
— | — | — | |||||||||||||||||||||||||
Trade and other payables |
— | |||||||||||||||||||||||||||
Other current liabilities |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data As at 31 December 2020 |
ABISA |
ABIWW |
ABIFI |
ABC |
Brandbrew, Brandbev and Cobrew |
Eliminations |
Total ABISA and Subsidiary Guarantors after eliminations |
|||||||||||||||||||||
Million US dollar | ||||||||||||||||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
— | — | — | — | ( |
) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Property, plant and equipment |
— | — | — | — | ||||||||||||||||||||||||
Goodwill and intangible assets |
— | — | — | |||||||||||||||||||||||||
Investments in subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current assets |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due from guarantor subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due from subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Inventories |
— | — | — | — | — | |||||||||||||||||||||||
Derivatives |
— | — | — | — | ||||||||||||||||||||||||
Trade and other receivables |
— | — | — | |||||||||||||||||||||||||
Cash and cash equivalents |
— | — | ||||||||||||||||||||||||||
Other current assets |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current assets |
— |
— |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current assets |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total equity |
( |
) |
( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | — | ||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | — | — | — | ( |
) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
— |
( |
) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | ||||||||||||||||||||||||||
Employee benefits |
— | — | — | — | ||||||||||||||||||||||||
Deferred tax liabilities |
— | — | — | — | — | |||||||||||||||||||||||
Derivatives |
— | — | — | — | — | |||||||||||||||||||||||
Other non-current liabilities |
— | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other non-current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to non-guarantor subsidiaries |
— | |||||||||||||||||||||||||||
Due to guarantor subsidiaries |
— | ( |
) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due to subsidiaries |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing loans and borrowings |
— | — | ||||||||||||||||||||||||||
Derivatives |
— | — | — | — | ||||||||||||||||||||||||
Bank overdrafts |
— | |||||||||||||||||||||||||||
Trade and other payables |
— | |||||||||||||||||||||||||||
Other current liabilities |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other current liabilities |
— |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total current liabilities |
( |
) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34. |
Events after the balance sheet date |
Date of redemption |
Issuer (abbreviated) |
Title of series of notes issued redeemed |
Currency |
Original principal amount outstanding (in million) |
Principal amount redeemed (in million) |
|||||||||||||
|
||||||||||||||||||
|
35. |
AB InBev companies |
% of economic interest |
||||
as at |
||||
Name and registered office of fully consolidated companies |
31 December 2021 |
|||
ARGENTINA |
||||
|
% | |||
BELGIUM |
||||
AB-INBEV N.V - Grand Place 1 - 1000 - Brussel |
Consolidating | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
BOTSWANA |
||||
1 |
% | |||
BOLIVIA |
||||
|
% | |||
BRAZIL |
||||
04530-001 - Sao Paulo |
% | |||
CANADA |
||||
|
% | |||
CHILE |
||||
|
% | |||
CHINA |
||||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% |
1 |
The group’s shares entitle the holder to twice the voting rights. |
Name and registered office of fully consolidated companies |
% of economic interest as at 31 December 2021 |
|||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
COLOMBIA |
||||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
#38-39, Itagui - 55412 - Itaguí |
% | |||
CZECH REPUBLIC |
||||
|
% | |||
4-Michle |
% | |||
DOMINICAN REPUBLIC |
||||
1 |
% | |||
ECUADOR |
||||
|
% | |||
EL SALVADOR |
||||
|
% | |||
FRANCE |
||||
|
% | |||
GERMANY |
||||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
SPATEN-FRANZISKANER-BRÄU GMBH. - Marsstrasse 46 + 48 - 80335 - München |
% | |||
|
% | |||
|
% | |||
GHANA |
||||
|
% | |||
GRAND DUCHY OF LUXEMBOURG |
||||
L-9214 - Diekirch |
% | |||
HONDURAS |
||||
|
% | |||
HONG KONG |
||||
3012-16, Tower Two, Times Square, 1 Matheson Street, Causeway Bay - Hong Kong |
% |
1 |
85% owned by Ambev S.A. |
Name and registered office of fully consolidated companies |
% of economic interest as at 31 December 2021 |
|||
INDIA |
||||
|
% | |||
No.301-302, Dynasty Business Park, 3rd Floor Andheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra |
% | |||
ITALY |
||||
|
% | |||
MEXICO |
||||
|
% | |||
|
% | |||
MOZAMBIQUE |
||||
|
% | |||
THE NETHERLANDS |
||||
|
% | |||
|
% | |||
|
% | |||
NIGERIA |
||||
1 |
% | |||
PANAMA |
||||
|
% | |||
PARAGUAY |
||||
|
% | |||
PERU |
||||
|
% | |||
|
% | |||
SPAIN |
||||
|
% | |||
SOUTH AFRICA |
||||
|
% | |||
|
% | |||
SOUTH KOREA |
||||
Gangnam-gu - 06164 - Seoul |
% | |||
SWITZERLAND |
||||
|
% | |||
TANZANIA |
||||
1 |
% | |||
UGANDA |
||||
|
% |
1 |
The company is consolidated due to the group’s majority shareholdings and ability to control the operations. |
Name and registered office of fully consolidated companies |
% of economic interest as at 31 December 2021 |
|||
UNITED KINGDOM |
||||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
UNITED STATES |
||||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
|
% | |||
URUGUAY |
||||
|
% | |||
VIETNAM |
||||
II-A, Street No. 28 - Singapore II-A Industrial Park, Vinh Tan Ward - Tan Uyen Town, Binh Duong Province |
% | |||
ZAMBIA |
||||
|
% |
Name and registered office of associates and joint ventures |
% of economic interest as at 31 December 2021 |
|||
FRANCE |
||||
|
% | |||
GIBRALTAR |
||||
|
% | |||
|
% | |||
TURKEY |
||||
|
% | |||
ZIMBABWE |
||||
|
% | |||
RUSSIA |
||||
|
% |