Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | BUD |
Entity Registrant Name | ANHEUSER-BUSCH INBEV SA/NV |
Entity Central Index Key | 1,668,717 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,693,242,156 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Profit or loss [abstract] | |||
Revenue | $ 56,444 | $ 45,517 | $ 43,064 |
Cost of sales | (21,386) | (17,803) | (17,137) |
Gross profit | 35,058 | 27,715 | 26,467 |
Distribution expenses | (5,876) | (4,543) | (4,259) |
Sales and marketing expenses | (8,382) | (7,745) | (6,913) |
Administrative expenses | (3,841) | (2,883) | (2,560) |
Other operating income/(expenses) | 854 | 732 | 1,032 |
Restructuring | (468) | (323) | (171) |
Business and asset disposal | (39) | 377 | 524 |
Acquisition costs business combinations | (155) | (448) | (55) |
Impairment of assets | (82) | ||
Judicial settlement | (80) | ||
Profit from operations | 17,152 | 12,882 | 13,904 |
Finance cost | (6,885) | (9,382) | (3,142) |
Finance income | 378 | 818 | 1,689 |
Net finance income/(cost) | (6,507) | (8,564) | (1,453) |
Share of result of associates and joint ventures | 430 | 16 | 10 |
Profit before tax | 11,076 | 4,334 | 12,461 |
Income tax expense | (1,920) | (1,613) | (2,594) |
Profit from continuing operations | 9,155 | 2,721 | 9,867 |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 9,183 | 2,769 | 9,867 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 7,968 | 1,193 | 8,273 |
Non-controlling interest | 1,187 | 1,528 | 1,594 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 7,996 | 1,241 | 8,273 |
Non-controllinginterest | $ 1,187 | $ 1,528 | $ 1,594 |
Basic earnings per share | $ 4.06 | $ 0.72 | $ 5.05 |
Diluted earnings per share | 3.98 | 0.71 | 4.96 |
Basic earnings per share from continuing operations | 4.04 | 0.69 | 5.05 |
Diluted earnings per share from continuing operations | $ 3.96 | $ 0.68 | $ 4.96 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Profit | $ 9,183 | $ 2,769 | $ 9,867 |
Other comprehensive income: Items that will not be reclassified to profit or loss: | |||
Re-measurements of post-employment benefits | (37) | (226) | 45 |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (37) | (226) | 45 |
Other comprehensive income: Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 1,716 | (2,918) | (6,898) |
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (1,738) | |
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||
Effective portion of changes in fair value of net investment hedges | (542) | (161) | (201) |
Cash flow hedges recognized in equity | (60) | 110 | 281 |
Cash flow hedges reclassified from equity to profit or loss | (36) | (3) | (240) |
Other comprehensive income that will be reclassified to profit or loss net of tax | 1,077 | (1,234) | (8,796) |
Other comprehensive income, net of tax | 1,040 | (1,460) | (8,751) |
Total comprehensive income | 10,223 | 1,309 | 1,116 |
Attributable to: | |||
Equity holders of AB InBev | 8,838 | (275) | 389 |
Non-controllinginterest | $ 1,385 | $ 1,584 | $ 727 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Non-current assets | ||||
Property, plant and equipment | $ 27,184 | $ 26,219 | [1] | |
Goodwill | 140,940 | 135,864 | [1] | |
Intangible assets | 45,874 | 44,789 | [1] | |
Investments in associates and joint ventures | 5,263 | 4,324 | [1] | |
Investment securities | 100 | 82 | [1] | |
Deferred tax assets | 1,216 | 1,261 | [1] | |
Employee benefits | 22 | 10 | [1] | |
Income tax receivables | 708 | 6 | [1] | |
Derivatives | 25 | 146 | [1] | |
Trade and other receivables | 834 | 868 | [1] | |
Non-current assets | 222,166 | 213,569 | [1] | |
Current assets | ||||
Investment securities | 1,304 | 5,659 | [1] | |
Inventories | 4,119 | 3,889 | [1] | |
Income tax receivables | 908 | 1,112 | [1] | |
Derivatives | 458 | 971 | [1] | |
Trade and other receivables | 6,566 | 6,352 | [1] | |
Cash and cash equivalents | 10,472 | 8,579 | [1] | |
Assets classified as held for sale | 133 | 16,458 | [1] | |
Current assets | 23,960 | 43,017 | [1] | |
Total assets | 246,126 | 256,586 | [1] | |
Equity | ||||
Issued capital | 1,736 | 1,736 | [1] | |
Share premium | 17,620 | 17,620 | [1] | |
Reserves | 24,835 | 23,769 | [1] | |
Retained earnings | 28,394 | 28,214 | [1] | |
Equity attributable to equity holders of AB InBev | 72,585 | 71,339 | [1] | |
Non-controlling interests | 7,635 | 10,086 | [1] | |
Equity | 80,220 | 81,425 | [1] | |
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 108,949 | 113,941 | [1] | |
Employee benefits | 2,993 | 3,014 | [1] | |
Deferred tax liabilities | 13,107 | 14,703 | [1] | |
Income tax payables | 732 | |||
Derivatives | 937 | 471 | [1] | |
Trade and other payables | 1,462 | 1,316 | [1] | |
Provisions | 1,515 | 1,347 | [1] | |
Non-current liabilities | 129,695 | 134,792 | [1] | |
Current liabilities | ||||
Bank overdrafts | 117 | 184 | [1] | |
Interest-bearing loans and borrowings | 7,433 | 8,618 | [1] | |
Income tax payables | 1,558 | 3,845 | [1] | |
Derivatives | 1,457 | 1,263 | [1] | |
Trade and other payables | 24,762 | 23,086 | [1] | |
Provisions | 885 | 1,199 | [1] | |
Liabilities associated with assets held for sale | [1] | 2,174 | ||
Current liabilities | 36,211 | 40,369 | [1] | |
Total equity and liabilities | $ 246,126 | 256,586 | [1] | |
Previously stated [member] | ||||
Non-current assets | ||||
Property, plant and equipment | [2] | 27,522 | ||
Goodwill | [2] | 136,533 | ||
Intangible assets | [2] | 44,568 | ||
Investments in associates and joint ventures | [2] | 4,324 | ||
Investment securities | [2] | 82 | ||
Deferred tax assets | [2] | 1,261 | ||
Employee benefits | [2] | 10 | ||
Income tax receivables | [2] | 6 | ||
Derivatives | [2] | 146 | ||
Trade and other receivables | [2] | 868 | ||
Non-current assets | [2] | 215,320 | ||
Current assets | ||||
Investment securities | [2] | 5,659 | ||
Inventories | [2] | 3,913 | ||
Income tax receivables | [2] | 1,112 | ||
Derivatives | [2] | 971 | ||
Trade and other receivables | [2] | 6,391 | ||
Cash and cash equivalents | [2] | 8,579 | ||
Assets classified as held for sale | [2] | 16,439 | ||
Current assets | [2] | 43,061 | ||
Total assets | [2] | 258,381 | ||
Equity | ||||
Issued capital | [2] | 1,736 | ||
Share premium | [2] | 17,620 | ||
Reserves | [2] | 23,769 | ||
Retained earnings | [2] | 28,214 | ||
Equity attributable to equity holders of AB InBev | [2] | 71,339 | ||
Non-controlling interests | [2] | 10,086 | ||
Equity | [2] | 81,425 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | [2] | 113,941 | ||
Employee benefits | [2] | 3,014 | ||
Deferred tax liabilities | [2] | 16,678 | ||
Derivatives | [2] | 471 | ||
Trade and other payables | [2] | 1,328 | ||
Provisions | [2] | 1,409 | ||
Non-current liabilities | [2] | 136,841 | ||
Current liabilities | ||||
Bank overdrafts | [2] | 184 | ||
Interest-bearing loans and borrowings | [2] | 8,618 | ||
Income tax payables | [2] | 3,922 | ||
Derivatives | [2] | 1,263 | ||
Trade and other payables | [2] | 23,086 | ||
Provisions | [2] | 869 | ||
Liabilities associated with assets held for sale | [2] | 2,174 | ||
Current liabilities | [2] | 40,116 | ||
Total equity and liabilities | [2] | $ 258,381 | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity € in Millions, $ in Millions | USD ($) | EUR (€) | Issued capital [member]USD ($) | Share premium [member]USD ($) | Treasury shares [member]USD ($) | Share-based payment reserves [member]USD ($) | OCI reserves [member]USD ($) | Deferred share instrument [member]USD ($) | Retained earnings [member]USD ($) | Equity attributable to owners of parent [member]USD ($) | Non-controlling interest [member]USD ($) | Reserves [member]USD ($) | ||||
Beginning balance at Dec. 31, 2014 | $ 54,257 | $ 1,736 | $ 17,620 | $ (819) | $ 1,080 | $ (6,226) | [1] | $ 1,407 | $ 35,174 | $ 49,972 | $ 4,285 | |||||
Profit | 9,867 | 8,273 | 8,273 | 1,594 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | (7,099) | (6,157) | [1] | (6,157) | (942) | |||||||||||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (1,738) | (1,738) | [1] | (1,738) | ||||||||||||
Cash flow hedges | 41 | (36) | [1] | (36) | 77 | |||||||||||
Re-measurements of post-employment benefits | 45 | 47 | [1] | 47 | (2) | |||||||||||
Total comprehensive income | 1,116 | (7,884) | [1] | 8,273 | 389 | 727 | ||||||||||
Dividends | (8,559) | (103) | (7,191) | (7,294) | (1,305) | |||||||||||
Treasury shares | (807) | (807) | (807) | |||||||||||||
Share-based payments | 204 | 184 | 184 | 20 | ||||||||||||
Scope and other changes | (452) | (307) | (307) | (145) | ||||||||||||
Ending balance at Dec. 31, 2015 | 45,719 | 1,736 | 17,620 | (1,626) | 1,264 | (14,110) | [1] | 1,304 | 35,949 | 42,137 | 3,582 | |||||
Profit | 2,769 | 1,241 | 1,241 | 1,528 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | (3,079) | (3,265) | [1] | (3,265) | 186 | |||||||||||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (7,099) | [1] | (7,099) | ||||||||||||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | 8,837 | [1] | 8,837 | ||||||||||||
Cash flow hedges | 107 | 223 | [1] | 223 | (116) | |||||||||||
Re-measurements of post-employment benefits | (226) | (212) | [1] | (212) | (14) | |||||||||||
Total comprehensive income | 1,309 | (1,516) | [1] | 1,241 | (275) | 1,584 | ||||||||||
Issuance of restricted shares for SAB ordinary shares | 36,772 | 9,528 | 27,244 | 36,772 | ||||||||||||
Transfer to reserves | [1] | (9,528) | (27,244) | (8,953) | $ 45,726 | |||||||||||
Acquisitions through business combinations | 6,201 | [2] | 9,528 | 6,201 | [2] | |||||||||||
Dividends | (8,480) | (92) | (7,041) | (7,133) | (1,347) | |||||||||||
Treasury shares | 50 | 174 | (124) | 50 | ||||||||||||
Share-based payments | 180 | 173 | 173 | 7 | ||||||||||||
Scope and other changes | [3] | (327) | 1,425 | (1,812) | (386) | 59 | ||||||||||
Ending balance at Dec. 31, 2016 | 81,425 | [4] | 1,736 | 17,620 | (8,980) | 1,437 | (15,626) | [1] | 1,212 | 28,214 | 71,339 | 10,086 | 45,726 | |||
Profit | 9,183 | 7,996 | 1,187 | |||||||||||||
Other comprehensive income | ||||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 1,174 | 1,053 | 1,053 | 121 | ||||||||||||
Cash flow hedges | (96) | (158) | (158) | 61 | ||||||||||||
Re-measurements of post-employment benefits | (37) | (53) | (53) | 16 | ||||||||||||
Total comprehensive income | 10,223 | 842 | 7,996 | 1,385 | ||||||||||||
Dividends | (9,230) | € (6,956) | (93) | (7,821) | (7,914) | (1,316) | ||||||||||
Share-based payments | 333 | 316 | 316 | 18 | ||||||||||||
Purchase/(sale) of non-controlling interests | (2,401) | (2,401) | ||||||||||||||
Scope and other changes | (132) | 5 | 5 | (137) | ||||||||||||
Ending balance at Dec. 31, 2017 | $ 80,220 | $ 1,736 | $ 17,620 | $ (8,980) | $ 1,753 | $ (14,784) | $ 1,119 | $ 28,394 | $ 72,585 | $ 7,635 | $ 45,726 | |||||
[1] | See Note 23 Changes in equity and earnings per share. | |||||||||||||||
[2] | See Note 6 Acquisitions and disposals. | |||||||||||||||
[3] | During 2016, the company reclassified the results of treasury shares of 1 452m US dollar to retained earnings. | |||||||||||||||
[4] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Profit | $ 9,183 | $ 2,769 | $ 9,867 |
Depreciation, amortization and impairment | 4,276 | 3,477 | 3,153 |
Impairment losses on receivables, inventories and other assets | 130 | 110 | 64 |
Additions/(reversals) in provisions and employee benefits | 178 | 293 | 324 |
Net finance cost/(income) | 6,507 | 8,564 | 1,453 |
Loss/(gain) on sale of property, plant and equipment and intangible assets | (117) | (4) | (189) |
Loss/(gain) on sale of subsidiaries, associates and assets held for sale | (47) | (410) | (362) |
Equity-settled share-based payment expense | 351 | 231 | 221 |
Income tax expense | 1,920 | 1,613 | 2,594 |
Other non-cash items included in profit | (284) | (286) | (389) |
Share of result of associates and joint ventures | (430) | (16) | (10) |
Cash flow from operating activities before changes in working capital and use of provisions | 21,667 | 16,341 | 16,726 |
Decrease/(increase) in trade and other receivables | 67 | (714) | (138) |
Decrease/(increase) in inventories | (213) | (364) | (424) |
Increase/(decrease) in trade and other payables | 365 | 1,251 | 2,348 |
Pension contributions and use of provisions | (616) | (470) | (449) |
Cash generated from operations | 21,270 | 16,044 | 18,063 |
Interest paid | (4,652) | (3,279) | (1,943) |
Interest received | 811 | 558 | 334 |
Dividends received | 142 | 43 | 22 |
Income tax paid | (2,141) | (3,256) | (2,355) |
CASH FLOW FROM OPERATING ACTIVITIES | 15,430 | 10,110 | 14,121 |
INVESTING ACTIVITIES | |||
Acquisition of property, plant and equipment and of intangible assets | (4,741) | (4,979) | (4,749) |
Proceeds from sale of property, plant and equipment and of intangible assets | 617 | 211 | 412 |
Proceeds from SAB transaction-related divestitures | 11,697 | 16,342 | |
Taxes on SAB transaction-related divestitures | (3,449) | ||
Acquisition of other subsidiaries, net of cash acquired | (598) | (1,445) | (990) |
Sale of subsidiaries, net of cash disposed of | 42 | 653 | 72 |
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | 397 |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 4,337 | (5,583) | 169 |
Net proceeds from sale/(acquisition) of other assets | (280) | (27) | (195) |
Net repayments/(payments) of loans granted | 213 | (229) | (46) |
CASH FLOW FROM INVESTING ACTIVITIES | 7,854 | (60,077) | (4,930) |
FINANCING ACTIVITIES | |||
Purchase of non-controllinginterest | (206) | (10) | (296) |
Net proceeds from the issue of share capital | 5 | ||
Proceeds from borrowings | 13,352 | 86,292 | 16,237 |
Payments on borrowings | (23,333) | (23,617) | (15,780) |
Cash net finance (cost)/income other than interests | (1,542) | (3,484) | (481) |
Share buyback | (1,000) | ||
Dividends paid | (9,275) | (8,450) | (7,966) |
CASH FLOW FROM FINANCING ACTIVITIES | (21,004) | 50,731 | (9,281) |
Net increase/(decrease) in cash and cash equivalents | 2,280 | 764 | (90) |
Cash and cash equivalents less bank overdrafts at beginning of year | 8,395 | 6,910 | 8,316 |
Effect of exchange rate fluctuations | (319) | 721 | (1,316) |
Cash and cash equivalents less bank overdrafts at end of period | $ 10,356 | 8,395 | $ 6,910 |
SAB [member] | |||
INVESTING ACTIVITIES | |||
Acquisition of other subsidiaries, net of cash acquired | $ (65,166) |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Corporate Information | 1. CORPORATE INFORMATION Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). Our Dream is to bring people together for a better world. Beer, the original social network, has been bringing people together for thousands of years. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® The consolidated financial statements of the company for the year ended 31 December 2017 comprise the company and its subsidiaries (together referred to as “AB InBev” or the “company”) and the company’s interest in associates, joint ventures and operations. The financial statements were authorized for issue by the Board of Directors on 15 March 2018. |
Statement of Compliance
Statement of Compliance | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Statement of Compliance | 2. STATEMENT OF The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB”) and in conformity with IFRS as adopted by the European Union up to 31 December 2017 (collectively “IFRS”). AB InBev did not early apply any new IFRS requirements that were not yet effective in 2017 and did not apply any European carve-outs from IFRS. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements by the company and its subsidiaries. (A) BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), (B) FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. (C) USE OF ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. (D) PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling non-controlling Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases. The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associate Anadolu Efes are reported on a three month lag. Transactions with non-controlling non-controlling non-controlling All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES A number of new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning 1 January 2017, and have not been listed in these consolidated financial statements because of either their non-applicability (F) FOREIGN CURRENCIES FOREIGN CURRENCY TRANSACTIONS Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary Non-monetary TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end In hyperinflationary economies, re-measurement non-monetary re-measured EXCHANGE RATES The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 2017 2016 2015 2017 2016 2015 Argentinean peso 18.774210 15.850116 13.004955 16.580667 14.762591 9.101728 Australian dollar 1.279580 1.384689 — 1.308997 1.3440978 — Brazilian real 3.308005 3.259106 3.904803 3.201667 3.474928 3.259601 Canadian dollar 1.253982 1.345983 1.388446 1.303248 1.318844 1.270237 Colombian peso 2 988.60 3 002.14 3 145.64 2 965.94 2 986.89 2 792.222 Chinese yuan 6.507500 6.944520 6.485535 6.785290 6.607635 6.256495 Euro 0.833819 0.948677 0.918527 0.886817 0.902821 0.899096 Mexican peso 19.735828 20.663842 17.206357 18.811612 18.464107 15.730837 Pound sterling 0.739790 0.812238 0.674152 0.773029 0.737400 0.653179 Peruvian nuevo sol 3.244558 3.352820 3.413342 3.267432 3.394121 3.135481 Russian ruble 57.631946 60.657097 72.881615 58.144309 66.905365 59.186097 South Korean won 1 067.63 1 203.90 1 176.09 1 134.04 1 154.50 1 129.52 South African rand 12.345193 13.714953 — 13.338803 14.0166901 — Turkish lira 3.790879 3.516940 — 3.615028 3.50148 — Ukrainian hryvnia 28.068098 27.190513 24.000600 26.501419 25.408674 21.493019 (G) INTANGIBLE ASSETS RESEARCH AND DEVELOPMENT Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy P). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUPPLY AND DISTRIBUTION RIGHTS A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. BRANDS If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. SOFTWARE Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. OTHER INTANGIBLE ASSETS Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. SUBSEQUENT EXPENDITURE Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. AMORTIZATION Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy P). GAINS AND LOSSES ON SALE Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (H) BUSINESS COMBINATIONS The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured re-measurement (I) GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations year-end If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations (J) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy P). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUBSEQUENT EXPENDITURE The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. DEPRECIATION The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life. GAINS AND LOSSES ON SALE Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. (K) ACCOUNTING FOR LEASES Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and P). Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place. (L) INVESTMENTS All investments are accounted for at trade date. INVESTMENTS IN EQUITY SECURITIES Investments in equity securities are undertakings in which AB InBev does not have significant influence or control. This is generally evidenced by ownership of less than 20% of the voting rights. Such investments are designated as available-for-sale On disposal of an investment, the cumulative gain or loss previously recognized directly in other comprehensive income is recognized in profit or loss. INVESTMENTS IN DEBT SECURITIES Investments in debt securities classified as trading or as being available-for-sale Investments in debt securities classified as held to maturity are measured at amortized cost. In general, investments in debt securities with maturities of more than three months when acquired and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. OTHER INVESTMENTS Other investments held by the company are classified as available-for-sale (M) INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case (N) TRADE AND OTHER RECEIVABLES Trade and other receivables are carried at amortized cost less impairment losses. An estimate of impairment losses for doubtful receivables is made based on a review of all outstanding amounts at the balance sheet date. An allowance for impairment of trade and other receivables is established if the collection of a receivable becomes doubtful. Such receivable becomes doubtful when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. An impairment loss is recognized in the income statement, as are subsequent recoveries of previous impairments. (O) CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. (P) IMPAIRMENT The carrying amounts of financial assets, property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the business unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. CALCULATION OF RECOVERABLE AMOUNT The recoverable amount of the company’s investments in unquoted debt securities is calculated as the present value of expected future cash flows, discounted at the debt securities’ original effective interest rate. For equity investments classified as available for sale and quoted debt securities the recoverable amount is their fair value. The recoverable amount of other assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis. REVERSAL OF IMPAIRMENT LOSSES Non-financial (Q) SHARE CAPITAL REPURCHASE OF SHARE CAPITAL When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. DIVIDENDS Dividends are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability. SHARE ISSUANCE COSTS Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (R) PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax RESTRUCTURING A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes. ONEROUS CONTRACTS A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. DISPUTES AND LITIGATIONS A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters. (S) EMPLOYEE BENEFITS POST-EMPLOYMENT BENEFITS Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a) Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b) Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company recognizes related restructuring or termination costs. The pension obligations recognized in the balance sheet are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan assets. Re-measurements, Re-measurements Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. OTHER POST-EMPLOYMENT OBLIGATIONS Some AB InBev companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. TERMINATION BENEFITS Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Termination benefits for voluntary redundancies are recognized if the company has made an offer encouraging voluntary redundancy and when the company can no longer withdraw the offer of termination, which is the earlier of either when the employee accepts the offer or when a legal, regulatory or contractual requirement or restriction on the company’s ability to withdraw the offer takes effect. BONUSES Bonuses received by company employees and management are based on pre-defined (T) SHARE-BASED PAYMENTS Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using an option pricing model that is most appropriate for the respective option. Based on the expected number of options that will vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the amount of the proceeds received. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the company obtains the goods or the counterparty renders the service. (U) INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. (V) TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. (W) INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the balance sheet date, and any adjustment to tax payable in respect of previous years. In accordance with IAS 12 Income Taxes so-called Deferred tax assets and liabilities are offset if there is a legal |
Use of Estimates and Judgments
Use of Estimates and Judgments | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Use of Estimates and Judgments | 4. USE OF ESTIMA The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and the understanding of its results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows. The company uses its judgment to select a variety of methods including the discounted cash flow method and option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each balance sheet date. Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expense and liability. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy. The company is subject to income tax in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some subsidiaries within the group are involved in tax audits and local enquiries usually in relation to prior years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the balance sheet date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimation is made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period such determination is made. Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are further discussed in the relevant notes hereafter. In preparing these consolidated financial statements, the significant judgments made by management in applying the company’s accounting policies and the key sources of estimating uncertainty mainly related to the valuation of the individual assets acquired and liabilities assumed as part of the allocation of the SAB purchase price and to the impact on current and deferred taxes of the US tax reform enacted on 22 December 2017, for which a 1.8 billion US dollar adjustment was provisionally estimated and recognized as a exceptional gain per 31 December 2017. This 1.8 billion US dollar adjustment results mainly from the re-measurement re-measurement Low-Taxed Acquisitions and disposals of Subsidiaries, Income Taxes Deferred tax assets and liabilities |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Segment Reporting | 5. SEG Segment information is presented by geographical segments, consistent with the information that is available and evaluated regularly by the chief operating decision maker. AB InBev operates its business through seven business segments. Regional and operating company management is responsible for managing performance, underlying risks, and effectiveness of operations. Internally, AB InBev’s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and to make decisions regarding allocation of resources. The company’s six geographic regions: North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific, plus its Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes. Given the transformational nature of the transaction with SAB, that closed on 10 October 2016, and to facilitate the understanding of AB InBev’s underlying performance, AB InBev has updated its 2016 segment reporting for purposes of result announcement and internal review by management. This presentation (further referred to as the “2016 Reference base”) includes, for comparative purposes, the SAB results as from the 1 st The 2016 Reference Base and 2017 segment reporting exclude the results of the SAB businesses sold since the combination was completed, including the joint venture stakes in MillerCoors and CR Snow, and the sale of the Peroni, Grolsch and Meantime brands and associated businesses in Italy, the Netherlands, the UK and internationally. The 2016 Reference Base and 2017 segment reporting also exclude the results of the Central and Eastern Europe business and the stake in Distell. The results of the Central and Eastern Europe business were reported as “Results from discontinued operations” until the completion of the sale that took place on 31 March 2017. The results of Distell were reported as share of results of associates until the completion of the sale that occurred on 12 April 2017, and accordingly, are excluded from normalized EBIT and EBITDA. Furthermore, the company stopped consolidating CCBA in its consolidated financial statements as from the completion of the CCBA disposal on 4 October 2017. The differences between the 2016 Reference base and the 2016 audited income statement as Reported represent the effect of the combination with SAB. All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). SEGMENT REPORTING (REFERENCE BASE) - UNAUDITED North America Latin America Latin America Latin America EMEA Asia Pacific Global Export and Effect of Consolidated 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Volumes 114 117 111 109 119 120 34 32 132 135 102 101 1 2 — (116 ) 613 500 Revenue 15 588 15 698 9 238 8 595 9 775 8 630 3 363 2 850 10 344 9 700 7 804 7 250 332 1 218 — (8 424 ) 56 444 45 517 Normalized EBITDA 6 329 6 250 4 512 3 983 4 180 3 790 1 595 1 431 3 349 2 903 2 695 2 114 (577 ) (837 ) — (2 881 ) 22 084 16 753 Normalized EBITDA margin % 40.6 % 39.8 % 48.8 % 46.3 % 42.8 % 43.9 % 47.4 % 50.2 % 32.4 % 29.9 % 34.5 % 29.2 % 39.1 % 36.8 % Depreciation, amortization and impairment (843 ) (809 ) (616 ) (613 ) (848 ) (770 ) (207 ) (191 ) (843 ) (740 ) (660 ) (740 ) (253 ) (252 ) — 638 (4 270 ) (3 477 ) Normalized profit from operations (EBIT) 5 486 5 441 3 896 3 370 3 332 3 020 1 388 1 240 2 507 2 163 2 035 1 374 (830 ) (1 089 ) — (2 243 ) 17 814 13 276 SEGMENT REPORTING (2016 REPORTED) North America Latin America West Latin America North Latin America South EMEA 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 Volume 114 117 118 111 64 44 119 118 123 34 32 34 132 75 46 Revenue 15 588 15 698 15 603 9 238 5 188 4 079 9 775 8 461 9 096 3 363 2 850 3 331 10 344 6 010 4 128 Normalized EBITDA 6 329 6 250 6 172 4 512 2 376 2 002 4 180 3 751 4 709 1 595 1 431 1 593 3 349 1 774 1 142 Normalized EBITDA margin % 40.6 % 39.8 % 39.6 % 48.8 % 45.8 % 49.1 % 42.8 % 44.3 % 51.8 % 47.4 % 50.2 % 47.8 % 32.4 % 29.6 % 27.7 % Depreciation, amortization and impairment (843 ) (809 ) (754 ) (616 ) (388 ) (350 ) (848 ) (750 ) (689 ) (207 ) (191 ) (182 ) (843 ) (473 ) (342 ) Normalized profit from operations (EBIT) 5 486 5 441 5 418 3 896 1 988 1 652 3 332 3 001 4 020 1 388 1 240 1 411 2 507 1 302 800 Exceptional items (refer Note 8) 4 (29 ) 102 (153 ) 252 29 (18 ) (20 ) (84 ) (13 ) (12 ) (11 ) (144 ) (118 ) 70 Profit from operations (EBIT) 5 490 5 412 5 520 3 743 2 240 1 681 3 314 2 981 3 937 1 375 1 228 1 400 2 363 1 184 870 Net finance income/(cost) Share of results of associates and joint ventures Income tax expense Profit from continuing operations Discontinued operations Profit/(loss) Segment assets (non-current) 2 63 045 62 467 61 870 71 219 69 472 21 749 13 756 13 656 11 357 2 396 2 357 2 301 45 920 41 749 4 316 Gross capex 530 895 1 112 1 079 710 515 580 709 1 056 323 389 488 1 086 1 001 466 FTE 3 19 306 19 314 16 844 48 892 51 418 32 201 38 651 40 416 39 359 9 603 9 571 9 615 26 823 43 456 11 749 1 2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information. 2 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations Acquisitions and disposals of subsidiaries 3 Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year. Asia Pacific Global Export and Consolidated 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 Volume 102 92 90 1 2 3 613 500 457 Revenue 7 804 6 074 5 784 332 1 237 1 582 56 444 45 517 43 604 Normalized EBITDA 2 695 1 639 1 444 (577 ) (474 ) (225 ) 22 084 16 753 16 839 Normalized EBITDA margin % 34.5 % 27.1 % 25.0 % — 39.1 % 36.8 % 38.6 % Depreciation, amortization and impairment (660 ) (658 ) (606 ) (253 ) (210 ) (148 ) (4 270 ) (3 477 ) (3 071 ) Normalized profit from operations (EBIT) 2 035 987 838 (830 ) (683 ) (373 ) 17 814 13 276 13 768 Exceptional items (refer Note 8) (97 ) (84 ) 90 (241 ) (383 ) (61 ) (662 ) (394 ) 136 Profit from operations (EBIT) 1 939 903 928 (1 071 ) (1 066 ) (434 ) 17 152 12 882 13 904 Net finance income/(cost) (6 507 ) (8 564 ) (1 453 ) Share of results of associates and joint ventures 430 16 10 Income tax expense (1 920 ) (1 613 ) (2 594 ) Profit from continuing operations 9 155 2 721 9 867 Discontinued operations 28 48 — Profit/(loss) 9 183 2 769 9 867 Segment assets (non-current) 2 24 088 22 071 12 761 1 741 1 797 1 987 222 166 213 569 116 341 Gross capex 635 837 1 166 247 379 225 4 479 4 919 5 028 FTE 3 36 386 39 213 40 101 3 254 3 245 2 454 182 915 206 633 152 321 For the period ended 31 December 2017, net revenue from the beer business amounted to 50 301m US dollar (2016: 41 421m US dollar; 2015: 40 595m US dollar) while the net revenue from the non-beer non-current 1 2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information. 2 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations Acquisitions and disposals of subsidiaries 3 Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year. |
Acquisitions and Disposals of S
Acquisitions and Disposals of Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
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Acquisitions and Disposals of Subsidiaries | 6. COMBINATION WITH SAB On 10 October 2016, AB InBev announced the completion of the Belgian Merger and the successful completion of the business combination with the former SABMiller Group (“SAB”). The combination with SAB was implemented through a series of steps, including the acquisition of SAB by Newbelco, a newly incorporated Belgian company formed for the purposes of the combination with SAB, and completed on 10 October 2016. During the final step of the combination with SAB, former AB InBev merged into Newbelco (the “Belgian Merger”) so that, following completion of the combination with SAB, Newbelco, now named Anheuser-Busch InBev SA/NV, became the new holding company for the Combined Group. Under the terms of the combination with SAB, each SAB shareholder was entitled to receive GBP 45.00 in cash in respect of each SAB share. The combination with SAB also included a partial share alternative (the “Partial Share Alternative”), under which SAB shareholders could elect to receive GBP 4.6588 in cash and 0.483969 Restricted Shares in respect of each SAB share in lieu of the full cash consideration to which they would otherwise be entitled under the combination with SAB (subject to scaling back in accordance with the terms of the Partial Share Alternative). On 6 October 2016, Newbelco issued 163 276 737 100 ordinary shares (“Initial Newbelco Shares”) to SAB shareholders through a capital increase of 85 531m euro equivalent to 75.4 billion pound sterling, as consideration for 1 632 767 371 ordinary shares of SAB pursuant to a UK law court-sanctioned scheme of arrangement (the “UK Scheme”). Following completion of the tender offer, AB InBev acquired 102 890 758 014 Initial Newbelco Shares tendered into the Belgian offer. Based on the terms of the UK Scheme, all Initial Newbelco Shares not tendered to AB InBev in the context of the Belgian 0ffer (i.e. 60 385 979 086 Initial Newbelco Shares) were reclassified into 325 999 817 restricted shares, in accordance with the mechanism by which any Initial Newbelco Shares that were retained after closing of the Belgian offer were automatically reclassified and consolidated. The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one The SAB purchase consideration is calculated as follows: Newbelco number Newbelco Newbelco Tender offer 102 890 758 014 46 301 52 522 Converted to restricted shares 60 385 979 086 29 099 33 009 (i) 163 276 737 100 75 400 85 531 Total equity value at offer in million euro 85 531 Purchase from option holders 5 Total equity value in million euro 85 536 Total equity value in million US dollar 95 288 Foreign exchange hedges and other 7 848 (ii) Purchase consideration 103 136 Add: fair market value of total debt assumed 11 870 Less: total cash acquired (1 198 ) Gross purchase consideration 113 808 Notes (i) The Restricted Share valuation is based on the valuation of the Newbelco shares that were not tendered into the Belgian Offer and has regard to the share price of former AB InBev of the day of the closing of the combination with SAB, adjusted for the specificities of the Restricted Shares in line with fair value measurement rules under IFRS. (ii) During 2015 and 2016, the company entered into derivative foreign exchange forward contracts, as well as other non-derivative non-derivative mark-to-market AB InBev financed the cash consideration of the transaction with 18.0 billion US dollar drawn down under the 75.0 billion US dollar Committed Senior Acquisition Facilities agreement dated 28 October 2015, as well excess liquidity resulting from the issuance of bonds in 2016 that were mainly invested in US Treasury Bills pending the closing of the combination. The transaction costs incurred in connection with the transaction, which include transaction taxes, advisory, legal, audit, valuation and other fees and costs, amounted to approximately 1.0 billion US dollar. In addition AB InBev incurred approximately 0.7 billion US dollar of costs in connection with the transaction-related financing arrangements. In accordance with IFRS, the merger of the former AB InBev into Newbelco is considered for accounting purposes as a reverse acquisition, operation by which Newbelco legally absorbed assets and liabilities of former AB InBev. As a consequence, the legal acquirer (Newbelco) should be considered as the accounting acquiree and the legal acquiree (former AB InBev) should be considered the accounting acquirer. Therefore, the consolidated financial statements represent the continuation of the financial statements of former AB InBev. The assets and liabilities of former AB InBev remained recognized at their pre-combination non-controlling Business Combinations In 2017, the company completed the purchase price allocation to the individual assets acquired and liabilities assumed as part of the SAB combination, in compliance with IFRS 3. The valuation of the property, plant and equipment, intangible assets, investment in associates, interest bearing loans and borrowings, employee benefits, other assets and liabilities and non-controlling IFRS 3 requires the acquirer to retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The following table summarizes the provisional and final purchase price allocation of the SAB business with adjustments being retrospectively applied as of 10 October 2016: Million US dollar Provisional fair Adjustments Fair values Non-current Property, plant and equipment 9 060 (1 303 ) 7 757 Intangible assets 20 040 221 20 261 Investment in associates 4 386 — 4 386 Investment securities 21 — 21 Deferred tax assets 179 — 179 Derivatives 579 — 579 Trade and other receivables 59 — 59 Current assets Inventories 977 (24 ) 953 Income tax receivable 189 — 189 Derivatives 60 — 60 Trade and other receivables 1 257 (39 ) 1 218 Cash and cash equivalents 1 410 — 1 410 Assets held for sale 24 805 19 24 824 Non-current Interest-bearing loans and borrowings (9 021 ) — (9 021 ) Employee benefits (195 ) — (195 ) Deferred tax liabilities (5 801 ) 2 983 (2 818 ) Derivatives (24 ) — (24 ) Trade and other payables (146 ) 12 (134 ) Provisions (688 ) 62 (626 ) Current liabilities Bank overdraft (212 ) — (212 ) Interest-bearing loans and borrowings (2 849 ) — (2 849 ) Income tax payable (4 310 ) 77 (4 233 ) Derivatives (156 ) — (156 ) Trade and other payables (3 520 ) — (3 520 ) Provisions (847 ) (330 ) (1 177 ) Net identified assets and liabilities 35 253 1 677 36 930 Non-controlling (6 200 ) — (6 200 ) Goodwill on acquisition 74 083 (1 677 ) 72 406 Purchase consideration 103 136 — 103 136 Given the nature of the adjustments, the impact to the consolidated income statement as of 31 December 2016 is immaterial. The combination with SAB resulted in 72.4 billion US dollar of goodwill allocated primarily to the businesses in Colombia, Ecuador, Peru, Australia, South Africa and other African, Asia Pacific and Latin American countries. The factors that contributed to the recognition of goodwill include the acquisition of an assembled workforce and the premiums paid for cost synergies expected to be achieved in SAB. Our assessment of the future economic benefits supporting recognition of this goodwill is in part based on expected savings through the implementation of best practices such as, among others, a zero based budgeting program and initiatives that are expected to bring greater efficiency and standardization, generate cost savings and maximize purchasing power. Goodwill also arises due to the recognition of deferred tax liabilities in relation to the fair value adjustments on acquired intangible assets for which the amortization does not qualify as a tax deductible expense. None of the goodwill recognized is deductible for tax purposes. On 11 October, 2016, AB InBev completed the disposal of SAB’s interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the “Miller International Business” to Molson Coors Brewing Company. The disposal was completed for 12 billion US dollar in cash, subject to a downward purchase price adjustment. AB InBev set up a provision of 330m US dollar as part of the opening balance sheet related to the purchase price adjustment. The parties entered into a settlement agreement on 21 January 2018 for 330m US dollar of which 328m US dollar constitutes the purchase price adjustment amount. OTHER ACQUISITIONS AND DISPOSALS The table below summarizes the impact of acquisitions on the Statement of financial position and cash flows of AB InBev for 31 December 2017 and 31 December 2016: Million US dollar 2017 2016 2017 2016 Non-current Property, plant and equipment 169 286 — (115 ) Intangible assets 417 679 — — Investments in associates — 62 — — Deferred tax assets — 4 — — Employee benefits — 3 — — Trade and other receivables 1 — — — Current assets Inventories 9 41 — (17 ) Trade and other receivables 20 28 — (4 ) Cash and cash equivalents 5 45 — (75 ) Assets held for sale 27 — — — Non-current Interest-bearing loans and borrowings (1 ) (109 ) — — Employee benefits — (1 ) — — Deferred tax liabilities (74 ) (11 ) — 6 Trade and other payables — — — 10 Current liabilities Interest-bearing loans and borrowings — (3 ) — — Trade and other payables (24 ) (72 ) — 41 Net identifiable assets and liabilities 549 952 — (156 ) Non-controlling (114 ) (14 ) — — Goodwill on acquisitions and goodwill disposed of 398 803 — (187 ) Loss/(gain) on disposal — — (42 ) (406 ) Prior year payments — (143 ) — — Consideration to be paid (375 ) (365 ) — — Net cash paid on prior years acquisitions 136 34 — (5 ) Consideration paid/(received) 594 1 267 (42 ) (754 ) Cash (acquired)/ disposed of (5 ) (45 ) — 75 Net cash outflow / (inflow) 589 1 222 (42 ) (679 ) In the first quarter of 2017, AB InBev and Keurig Green Mountain, Inc. established a joint venture for conducting research and development of an in-home During 2017, AB InBev collected 42m US dollar proceeds from prior years’ sale of SeaWorld to Blackstone. During 2016, AB InBev completed the acquisition of the Canadian rights to a range of primarily spirit-based beers and ciders from Mark Anthony Group. In a separate transaction, Mark Anthony Group agreed to sell certain non-U.S. non-Canadian The company undertook a series of additional acquisitions and disposals during 2016 and 2017, with no significant impact in the company’s consolidated financial statements. |
Other Operating Income_(Expense
Other Operating Income/(Expenses) | 12 Months Ended |
Dec. 31, 2017 | |
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Other Operating Income/(Expenses) | 7. Million US dollar 2017 2016 2015 Government grants 404 432 668 License income 65 65 73 Net (additions to)/reversals of provisions (4 ) (50 ) (31 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 154 37 20 Net rental and other operating income 235 248 302 854 732 1032 Research expenses as incurred 276 244 207 The government grants relate primarily to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company’s operations and developments in those regions. In 2017, the company expensed 276m US dollar in research, compared to 244m US dollar in 2016 and 207m US dollar in 2015. The spend focused on product innovations, market research, as well as process optimization and product development. |
Exceptional Items
Exceptional Items | 12 Months Ended |
Dec. 31, 2017 | |
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Exceptional Items | 8. IAS 1 Presentation of financial statements Segment Reporting The exceptional items included in the income statement are as follows: Million US dollar 2017 2016 2015 Restructuring (468 ) (323 ) (171 ) Acquisition costs business combinations (155 ) (448 ) (55 ) Business and asset disposal (including impairment losses) (39 ) 377 524 Impairment of assets — — (82 ) Judicial settlement — — (80 ) Impact on profit from operations (662 ) (394 ) 136 The exceptional restructuring charges for 2017 amount to (468)m US dollar. These charges primarily relate to the SAB integration. These changes aim to eliminate overlapping organizations or duplicated processes, taking into account the right match of employee profiles with the new organizational requirements. These one-time decision-making 2017 acquisition costs of business combinations amount to (155)m US dollar are primarily related to cost incurred to facilitate the combination with SAB. Business and asset disposals amount to (39)m US dollar by year-end The exceptional restructuring charges for 2016 total (323)m US dollar. These charges primarily relate to organizational alignments in EMEA and Asia Pacific . The company incurred exceptional net finance cost of (693)m US dollar by the end of December 2017 (2016: (3 356)m US dollar cost) – see Note 11 Finance cost and income Income taxes 18- Deferred tax assets and liabilities, Non-controlling . The exceptional restructuring charges for 2015 total (171)m US dollar. These charges primarily relate to the integration of Grupo Modelo and to organizational alignments in North America and EMEA. Business and asset disposals resulted in a net gain of 524m US dollar as per 31 December 2015, which consists primarily of gains on property sales, and compensation for the termination agreements with Crown Imports for the distribution of Grupo Modelo products through the company’s wholly owned distributors in the US, and with Monster for the distribution of its brands through the Anheuser-Busch distribution system. |
Payroll and Related Benefits
Payroll and Related Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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Payroll and Related Benefits | 9. Million US dollar 2017 2016 2015 Wages and salaries (4 884 ) (4 404 ) (3 706 ) Social security contributions (699 ) (647 ) (633 ) Other personnel cost (762 ) (580 ) (648 ) Pension expense for defined benefit plans (196 ) (194 ) (212 ) Share-based payment expense (359 ) (228 ) (225 ) Contributions to defined contribution plans (118 ) (77 ) (90 ) (7 018 ) (6 130 ) (5 514 ) Number of full time equivalents (FTE) at year-end 182 915 206 633 152 321 The number of full time equivalents can be split as follows: 2017 2016 2015 AB InBev NV (parent company) 215 225 191 Other subsidiaries 182 700 206 408 152 130 182 915 206 633 152 321 The 2017 increase in payroll and related benefits is mainly due to the full year reporting of the retained operations following the combination with SAB, whereas the reduction in FTEs mainly results from the disposals completed during the year. The 2016 increase in payroll and related benefits and FTEs is mainly due to the business combination with SAB. See also Note 22 – Assets classified as held for sale and discontinued operations. |
Additional Information on Opera
Additional Information on Operating Expenses By Nature | 12 Months Ended |
Dec. 31, 2017 | |
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Additional Information on Operating Expenses By Nature | 10. Depreciation, amortization and impairment charges are included in the following line items of the 2017 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 817 40 — Distribution expenses 199 4 — Sales and marketing expenses 425 196 — Administrative expenses 337 248 — Other operating expenses 4 — 6 3 782 488 6 Depreciation, amortization and impairment charges were included in the following line items of the 2016 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 292 21 — Distribution expenses 143 1 — Sales and marketing expenses 363 208 — Administrative expenses 222 218 — Other operating expenses 2 1 — 3 025 452 — Depreciation, amortization and impairment charges were included in the following line items of the 2015 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 122 17 — Distribution expenses 122 1 — Sales and marketing expenses 285 173 — Administrative expenses 170 177 — Other operating expenses 4 — — Exceptional items 12 32 38 2 715 400 38 The depreciation, amortization and impairment of property, plant and equipment included a full-cost reallocation of 1m US dollar in 2017 from the aggregate depreciation, amortization and impairment expense to cost of goods sold (2016: 9m US dollar; 2015: 3m US dollar). The 2017 increase in depreciation, amortization and impairment charges is mainly due to the business combination with SAB. |
Finance Cost and Income
Finance Cost and Income | 12 Months Ended |
Dec. 31, 2017 | |
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Finance Cost and Income | 11. RECOGNIZED IN PROFIT OR LOSS FINANCE COSTS Million US dollar 2017 2016 2015 Interest expense (4 314 ) (4 092 ) (1 833 ) Capitalization of borrowing costs 22 12 28 Net interest on net defined benefit liabilities (101 ) (113 ) (118 ) Accretion expense (614 ) (648 ) (326 ) Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) (304 ) (21 ) — Net losses on hedging instruments that are not part of a hedge accounting relationship (674 ) (797 ) — Tax on financial transactions (68 ) (70 ) (61 ) Other financial costs, including bank fees (139 ) (131 ) (107 ) (6 192 ) (5 860 ) (2 417 ) Exceptional finance cost (693 ) (3 522 ) (725 ) (6 885 ) (9 382 ) (3 142 ) Finance costs, excluding exceptional items, increased by 332m US dollar compared to 2016 mainly as a result of interest expense on the bonds issued in 2016 to fund the combination with SAB, as well as interest expenses on the legacy debt of SAB. 2016 finance costs, excluding exceptional items, increased by 3 443m US dollar from prior year driven by higher interest expense, mainly as a result of the issuance of bonds in January and March 2016 in connection with the funding of the combination with SAB, as well as higher accretion expenses and net losses on hedging instruments that are not part of a hedge accounting relationship. Mark-to-market Borrowing costs capitalized relate to the capitalization of interest expenses directly attributable to the acquisition and construction of qualifying assets mainly in Brazil and China. Interest is capitalized at a borrowing rate ranging from 4% to 8%. Exceptional net finance cost for 2017 includes: • 261m US dollar foreign exchange translation losses on intragroup loans that were historically reported in equity and were recycled to profit and loss account, upon the reimbursement of these loans; • 44m US dollar related to the Brazilian Federal Tax Regularization Program entered into by Ambev – see note 12 Income taxes • 100m US dollar related to accelerated accretion expenses associated to the repayment of the 2015 senior facilities agreement and the early redemption of certain notes. See also Note 24 Interest-bearing loans and borrowings • 146m US dollar resulting from mark-to-market Changes in equity and earnings per share • 142m US dollar resulting from mark-to-market 2016 exceptional finance cost mainly relates to: • 2 693m US dollar negative mark-to-market • 306m US dollar related to accelerated accretion expenses associated to the 2015 senior facilities agreement, as well as commitment fees and other fees; • 304m US dollar resulting from mark-to-market • 127m US dollar resulting from mark-to-market Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk – see also Note 29 Risks arising from financial instruments FINANCE INCOME Million US dollar 2017 2016 2015 Interest income 287 561 339 Net foreign exchange gains (net of the effect of foreign exchange derivative instruments) — — 378 Net gains on hedging instruments that are not part of a hedging accounting relationship — — 399 Other financial income 91 91 62 378 652 1 178 Exceptional finance income — 166 511 378 818 1 689 No interest income was recognized on impaired financial assets. The interest income stems from the following financial assets: Million US dollar 2017 2016 2015 Cash and cash equivalents 207 479 254 Investment debt securities held for trading 16 16 37 Other loans and receivables 64 66 48 287 561 339 The interest income on other loans and receivables includes the interest accrued on cash deposits given as guarantees for certain legal proceedings pending resolution. For further information on instruments hedging AB InBev’s foreign exchange risk see Note 29 Risks arising from financial instruments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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Income Taxes | 12. Income taxes recognized in the income statement can be detailed as follows: Million US dollar 2017 2016 2015 Current tax expense Current year (3 833 ) (1 544 ) (2 300 ) (Underprovided)/overprovided in prior years 1 47 95 (3 832 ) (1 497 ) (2 395 ) Deferred tax (expense)/income Origination and reversal of temporary differences 1 872 (459 ) (242 ) (Utilization)/recognition of deferred tax assets on tax losses 23 116 3 Recognition of previously unrecognized tax losses 16 227 40 1 912 (116 ) (199 ) Total income tax expense in the income statement (1 920 ) (1 613 ) (2 594 ) The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2017 2016 2015 Profit before tax 11 076 4 334 12 461 Deduct share of result of associates and joint ventures 430 16 10 Profit before tax and before share of result of associates and joint ventures 10 646 4 318 12 451 Adjustments on taxable basis Foreign source income — (809 ) (969 ) Government incentives (982 ) (769 ) (948 ) Taxable intercompany dividends — 619 173 Expenses not deductible for tax purposes 2 374 4 351 1 559 Other non-taxable (178 ) (415 ) (165 ) 11 860 7 296 12 101 Aggregated weighted nominal tax rate 28.5 % 32.7 % 30.5 % Tax at aggregated weighted nominal tax rate (3 378 ) (2 387 ) (3 687 ) Adjustments on tax expense Utilization of tax losses not previously recognized 23 76 32 Recognition of deferred taxes assets on previous years’ tax losses 16 229 40 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (143 ) (975 ) (195 ) (Underprovided)/overprovided in prior years 1 63 (95 ) Deductions from interest on equity 553 644 643 Deductions from goodwill 57 63 66 Other tax deductions 723 869 1 033 US Tax reform (change in tax rate and other) 1 760 — — Change in tax rate (other) (59 ) (1 ) 12 Withholding taxes (386 ) (286 ) (450 ) Brazilian Federal Tax Regularization Program (870 ) — — Other tax adjustments (217 ) 93 7 (1 920 ) (1 613 ) (2 594 ) Effective tax rate 18.0 % 37.4 % 20.8 % The total income tax expense for 2017 amounts to 1 920m US dollar compared to 1 613m US dollar for 2016. The effective tax rate decrease from 37.4% for 2016 to 18.0% for 2017. The 2017 effective tax rate was positively impacted by a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017. This 1.8 billion US dollar adjustment results mainly from the re-measurement re-measurement The 2016 effective tax rate was negatively impacted by the non-deductible mark-to-market The company benefits from tax exempted income and tax credits which are expected to continue in the future. The company does not have significant benefits coming from low tax rates in any particular jurisdiction. Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2017 2016 2015 Income tax (losses)/gains Re-measurements (39 ) 54 (37 ) Cash flow and net investment hedges (95 ) (258 ) 930 (134 ) (204 ) 893 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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Property, Plant and Equipment | 13. 31 December 2017 31 December Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year as reported 12 483 30 611 2 561 45 655 35 329 Adjustments (469 ) (834 ) — (1 303 ) — Balance at end of previous year as adjusted 12 014 29 777 2 561 44 352 35 329 Effect of movements in foreign exchange 378 988 65 1 431 (156 ) Acquisitions 192 1 512 2 518 4 221 4 395 Acquisitions through business combinations 81 85 2 169 9 346 Disposals (344 ) (1 193 ) (29 ) (1 566 ) (1 683 ) Disposals through the sale of subsidiaries (14 ) (45 ) — (60 ) (88 ) Transfer (to)/from other asset categories and other movements 12 435 2 594 (2 852 ) 177 (1 487 ) Balance at end of the period 12 742 33 717 2 265 48 724 45 655 Depreciation and impairment losses Balance at end of previous year (3 065 ) (15 068 ) — (18 133 ) (16 377 ) Effect of movements in foreign exchange (118 ) (579 ) — (697 ) (190 ) Depreciation (472 ) (3 095 ) — (3 567 ) (2 986 ) Disposals 141 1 020 — 1 161 1 431 Disposals through the sale of subsidiaries 9 39 — 48 (27 ) Impairment losses (2 ) (83 ) — (85 ) (39 ) Transfer to/(from) other asset categories and other movements 1 (7 ) (260 ) — (267 ) 56 Balance at end of the period (3 514 ) (18 026 ) — (21 540 ) (18 132 ) Carrying amount at 31 December 2016 as reported 9 418 15 543 2 561 27 522 27 522 at 31 December 2016 as adjusted 8 949 14 709 2 561 26 219 26 219 at 31 December 2017 9 228 15 691 2 265 27 184 — 12 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 and 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. The carrying amount of property, plant and equipment subject to restrictions on title amounts to 14m US dollar. Contractual commitments to purchase property, plant and equipment amounted to 550m US dollar as at 31 December 2017 compared to 817m US dollar as at 31 December 2016. AB InBev’s net capital expenditures amounted to 4 124m US dollar in 2017 and 4 768m US dollar in 2016. Out of the total 2017 capital expenditures approximately 45% was used to improve the company’s production facilities while 30% was used for logistics and commercial investments and 25% was used for improving administrative capabilities and purchase of hardware and software. LEASED ASSETS The company leases land and buildings as well as equipment under a number of finance lease agreements. The carrying amount as at 31 December 2017 of leased land and buildings was 300m US dollar (31 December 2016: 302m US dollar). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
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Goodwill | 14. Million US dollar 31 December 2017 31 December 2016 Acquisition cost Balance at end of previous year as reported 136 566 65 099 Adjustments (669 ) — Balance at end of previous year as adjusted 135 897 65 099 Effect of movements in foreign exchange 4 684 (2 222 ) Disposals through the sale of subsidiaries — (187 ) Acquisitions through business combinations 398 74 886 Reclassified as held for sale — (1 008 ) Balance at end of the period 140 980 136 566 Impairment losses Balance at end of previous year (34 ) (38 ) Impairment losses (6 ) — Effect of movements in foreign exchange and other movements — 4 Balance at end of the period (40 ) (34 ) Carrying amount at 31 December 2016 as reported 136 533 136 533 at 31 December 2016 as adjusted 135 864 135 864 at 31 December 2017 140 940 — Current year acquisitions through business combinations primarily reflect acquisitions of craft breweries in the US and in China, and resulted in the recognition of goodwill of 398m US dollar. In 2017, the company completed the purchase price allocation to the individual assets acquired and liabilities assumed as part of the SAB combination, including the allocation of goodwill to the different business units in compliance with IFRS 3. The combination with SAB resulting in the recognition of goodwill of 72 406m US dollar (compared to 74 083m US dollar on a provisional basis). The business combinations that took place in 2016, other than the combination with SAB, resulted in goodwill recognition of 803m US dollar. See also Note 6 Acquisitions and disposals of subsidiaries The carrying amount of goodwill was allocated to the different business unit levels as follows: Million US dollar Business unit 2017 2016 SAB — 73 736 USA 33 277 33 056 Colombia 20 425 — South Africa 18 551 — Peru 15 074 — Mexico 12 580 12 035 Rest of Africa 8 326 — Australia 6 922 — Brazil 5 523 5 531 South Korea 4 119 3 652 Ecuador 3 925 — China 2 914 2 710 Honduras & El Salvador 2 335 — Canada 2 056 1 892 Other countries 4 913 4 928 Reclassified as held for sale 13 — (1 008 ) 140 940 136 533 13 See also note 22 Assets classified as held for sale and discontinued operations AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. AB InBev believes that all of its estimates are reasonable: they are consistent with the company’s internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control. During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of the US, Colombia, South Africa, Mexico and Peru, countries that show the highest goodwill. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a business unit’s carrying amount to exceed its recoverable amount. Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill, which accounted for approximately 57% of AB InBev’s total assets as at 31 December 2017, is tested for impairment at the business unit level (that is one level below the operating segments). The business unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev’s business units that are expected to benefit from the synergies of the combination whenever a business combination occurs. AB InBev’s impairment testing methodology is in accordance with IAS 36, in which fair-value-less-cost-to-sell The key judgments, estimates and assumptions used in the discounted free cash flow calculations are generally as follows: • In the first three years of the model, free cash flows are based on AB InBev’s strategic plan as approved by key management. AB InBev’s strategic plan is prepared per business 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 • Projections are discounted at the unit’s weighted average cost of capital (WACC), considering sensitivities on this metric; • Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 0% and 3%. The WACC applied in US dollar nominal terms were as follows: Business unit 2017 US 6 % Colombia 7 % South Africa 8 % Mexico 9 % Peru 7 % Ecuador 11 % Australia 6 % Rest of Africa 10 % In the sensitivity analysis performed by management, an adverse change of 1% in WACC would not cause a business unit’s carrying amount to exceed its recoverable amount. The above calculations are corroborated by valuation multiples, quoted share prices for publicly-traded subsidiaries or other available fair value indicators (i.e. recent market transactions from peers). Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Intangible Assets | 15. INTANGIBLE ASSETS 31 December 2017 31 December Million US dollar Brands Commercial Software Other Total Total Acquisition cost Balance at end of previous year as reported 42 077 2 715 1 872 306 46 969 31 719 Adjustments — 261 (40 ) — 221 — Balance at end of previous year as adjusted 42 077 2 976 1 832 306 47 191 31 719 Effect of movements in foreign exchange 973 110 170 33 1 286 (805 ) Acquisitions through business combinations 411 — — 6 417 20 723 Acquisitions and expenditures 8 24 124 156 312 563 Disposals — (32 ) (95 ) (64 ) (191 ) (161 ) Transfer (to)/from other asset categories and other movements 14 (67 ) (174 ) 146 (49 ) (144 ) (5 070 ) Balance at end of period 43 402 2 904 2 177 388 48 871 46 969 Amortization and impairment losses Balance at end of previous year (32 ) (1 124 ) (1 151 ) (94 ) (2 401 ) (2 042 ) Effect of movements in foreign exchange — (49 ) (88 ) (2 ) (139 ) 34 Amortization — (198 ) (275 ) (25 ) (498 ) (446 ) Impairment losses — — — — — (3 ) Disposals — 23 56 10 89 142 Transfer to/(from) other asset categories and other movements 1 — (31 ) (14 ) (3 ) (48 ) (86 ) Balance at end of period (32 ) (1 379 ) (1 472 ) (114 ) (2 997 ) (2 401 ) Carrying value at 31 December 2016 as reported 42 045 1 591 720 212 44 568 44 568 at 31 December 2016 as adjusted 42 045 1 852 681 212 44 789 44 789 at 31 December 2017 43 370 1 525 705 274 45 874 — AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution rights. Given AB InBev’s more than 600-year Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-year sponsorship rights and other commercial intangibles. Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchases for its own products, and are tested for impairment during the fourth quarter of the year or whenever a triggering event has occurred. As of 31 December 2017, the carrying amount of the intangible assets amounted to 45 874m US dollar (31 December 2016: 44 568m US dollar) of which 43 595m US dollar was assigned an indefinite useful life (31 December 2016: 42 272m US dollar) and 2 279m US dollar a finite life (31 December 2016: 2 296m US dollar). The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows: Million US dollar Country 2017 2016 USA 21 960 21 570 Colombia 3 820 3 803 South Africa 3 899 3 518 Mexico 3 058 2 920 Peru 2 825 2 731 Australia 2 773 2 373 South Korea 1 058 938 Ecuador 595 604 China 403 373 Dominican Republic 353 366 Rest of Africa 1 353 1 364 Other countries 1 498 1 712 43 595 42 272 14 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 and 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 Intangible assets with indefinite useful lives have been tested for impairment using the same methodology and assumptions as disclosed in Note 14 Goodwill. |
Investments in Associates
Investments in Associates | 12 Months Ended |
Dec. 31, 2017 | |
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Investments in Associates | 16. A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows: 2017 2016 Million US dollar Castel 15 Efes Castel 1 Efes Balance at 1 January 2 793 750 — — Combination with SAB — — 2 932 895 Dividends received (23 ) — — — Share of results of associates 354 (2 ) 18 (27 ) Effect of movements in foreign exchange 356 (54 ) (158 ) (119 ) Balance at 31 December 3 480 694 2 793 750 Summarized financial information of the company’s material associates is as follows: 2017 2016 Million US dollar Castel 1 Efes Castel 1 Efes Current assets 4 894 2 415 3 970 1 058 Non-current 3 912 5 243 2 900 4 668 Current liabilities 1 724 1 106 1 391 561 Non-current 857 2 494 547 1 570 Non-controlling 879 1 520 762 1 464 Net assets 5 346 2 538 4 170 2 131 Revenue 5 447 3 415 1 236 659 Profit (loss) 746 (7 ) 42 (111 ) Other comprehensive income (loss) (94 ) 553 (108 ) 75 Total comprehensive income (loss) 652 546 (66 ) (35 ) Reconciliation of the above summarized financial information to the carrying amount of the interest in Castel and Efes recognized in the consolidated financial statements is as follows: 2017 2016 Million US dollar Castel 1 Efes Castel 1 Efes Net assets of the associate 5 346 2 4 170 2 Interest in associates (%) 20-40 24 20-40 24 Interest in associate 1 293 609 939 511 Goodwill 2 187 85 1 854 239 Carrying amount of investment in associates 3 480 694 2 793 750 During 2017, associates that are not individually material contributed to 78m US dollar to the results of investment in associates (2016: 47m US dollar). Additional information related to the significant associates is presented in Note 36 AB InBev Companies |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
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Investment Securities | 17. Million US dollar 2017 2016 Non-current Investments in unquoted companies – available for sale 76 58 Debt securities held to maturity 24 24 100 82 Current investments Debt securities held for trading 1 304 5 659 1 304 5 659 15 Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd, Marocaine d’Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I’Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up Castel’s African beverage operations. Details of individual ownership percentages are included in Note 36 AB InBev companies As of 31 December 2017, current debt securities of 1 304m US dollar mainly represented investments in US Treasury Bills. The company’s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. The securities available for sale consist of investments in unquoted companies and are measured at cost as their fair value cannot be reliably determined. |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Deferred Tax Assets and Liabilities | 18. The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2017 Million US dollar Assets Liabilities Net Property, plant and equipment 324 (2 586 ) (2 262 ) Intangible assets 113 (11 387 ) (11 274 ) Inventories 114 (63 ) 51 Trade and other receivables 148 (62 ) 86 Interest-bearing loans and borrowings 431 (646 ) (215 ) Employee benefits 663 (10 ) 653 Provisions 562 (17 ) 545 Derivatives 40 (49 ) (9 ) Other items 200 (796 ) (596 ) Loss carry forwards 1 130 — 1 130 Gross deferred tax assets/(liabilities) 3 725 (15 616 ) (11 891 ) Netting by taxable entity (2 509 ) 2 509 — Net deferred tax assets/(liabilities) 1 216 (13 107 ) (11 891 ) 2016 Million US dollar Assets Liabilities Net Property, plant and equipment 533 (4 017 ) (3 484 ) Intangible assets 200 (14 863 ) (14 663 ) Inventories 145 (95 ) 50 Trade and other receivables 74 (59 ) 15 Interest-bearing loans and borrowings 322 (456 ) (134 ) Employee benefits 704 (22 ) 682 Provisions 578 (234 ) 344 Derivatives 42 (30 ) 12 Other items 147 (1 119 ) (972 ) Loss carry forwards 1 278 — 1 278 Reclassified as held for sale (4 ) 1 459 1 455 Gross deferred tax assets/(liabilities) 4 019 (19 436 ) (15 417 ) Netting by taxable entity (2 758 ) 2 758 — Net deferred tax assets/(liabilities) as reported 1 261 (16 678 ) (15 417 ) Adjustments — 1 975 1 975 Net deferred tax assets/(liabilities) as adjusted 1 261 (14 703 ) (13 442 ) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2017 2016 2015 Balance at 1 January as reported (15 417 ) (10 780 ) (11 643 ) Adjustments 1 975 — — Balance at 1 January as adjusted (13 442 ) (10 780 ) (11 643 ) Recognized in profit or loss 1 912 (116 ) (199 ) Recognized in other comprehensive income (134 ) (204 ) 893 Acquisitions through business combinations (74 ) (5 623 ) (7 ) Reclassified as held for sale — 1 455 — Other movements and effect of changes in foreign exchange rates (153 ) (149 ) 176 Balance at 31 December as reported (11 891 ) (15 417 ) (10 780 ) Balance at 31 December as adjusted — (13 442 ) — Following the US Tax reform enancted on 22 December 2017 whereby the US Federal tax rate was reduced from 35% to 21%, the company adjusted the deferred tax liabilities set up in 2008 in line with IFRS, as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets. This adjustment provisionally estimated at 1.8 billion US dollar was recognized as a exceptional tax gain – see also Note 12 – Income Taxes Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of such temporary differences is unlikely to revert within 12 months. On 31 December 2017, a deferred tax liability of 111m US dollar (2016: 121m US dollar; 2015: 235m US dollar) relating to investment in subsidiaries has not been recognized because management believes that this liability will not be incurred in the foreseeable future. Tax losses carried forward and deductible temporary differences on which no deferred tax asset is recognized amount to 4 449m US dollar (2016: 4 499m US dollar; 2015: 2 766m US dollar). 2 077m US dollar of these tax losses and deductible temporary differences do not have an expiration date, 67m US dollar, 88m US dollar and 116m US dollar expire within respectively 1, 2 and 3 years, while 2 101m US dollar have an expiration date of more than 3 years. Deferred tax assets have not been recognized on these items because it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
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Inventories | 19. I Million US dollar 2017 2016 2016 Prepayments 101 90 90 Raw materials and consumables 2 304 2 119 2 143 Work in progress 387 391 391 Finished goods 1 216 1 166 1 166 Goods purchased for resale 111 124 124 4 119 3 889 3 913 Inventories other than work in progress Inventories stated at net realizable value 57 42 42 Carrying amount of inventories subject to collateral — — — The cost of inventories recognized as an expense in 2017 amounts to 21 386m US dollar, included in cost of sales (2016: 17 803m US dollar; 2015: 17 137m US dollar). Impairment losses on inventories recognized in 2017 amount to 72m US dollar (2016: 70m US dollar; 2015: 21m US dollar). |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2017 | |
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Trade and Other Receivables | 20. NON-CURRENT Million US dollar 2017 2016 Cash deposits for guarantees 209 200 Loans to customers 13 15 Deferred collection on disposals 11 11 Tax receivable, other than income tax 68 105 Trade and other receivables 533 537 834 868 For the nature of cash deposits for guarantees see Note 31 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2017 2016 2016 Trade receivables and accrued income 4 752 4 523 4 562 Interest receivable 6 10 10 Tax receivable, other than income tax 368 572 572 Loans to customers 166 85 85 Prepaid expenses 428 316 316 Other receivables 846 846 846 6 566 6 352 6 391 The fair value of trade and other receivables equals their carrying amounts as the impact of discounting is not significant. The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current Net carrying Of which: Of which not impaired as of the reporting date and past Less than Between 30 Between 60 More than Trade receivables and accrued income 4 752 4 369 265 47 40 31 Loans to customers 179 179 — — — — Interest receivable 6 6 — — — — Other receivables 846 803 19 6 14 4 5 783 5 357 284 53 54 35 Net carrying Of which: Of which not impaired as of the reporting date and past Less than Between 30 Between 60 More than Trade receivables and accrued income 4 562 4 201 189 64 37 70 Loans to customers 100 96 — 2 2 — Interest receivable 10 10 — — — — Other receivables 846 721 42 21 6 56 5 518 5 028 231 87 45 126 In accordance with IFRS 7 Financial Instruments: Disclosures non-current AB InBev’s exposure to credit, currency and interest rate risks is disclosed in Note 29 Risks arising from financial instruments |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
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Cash and Cash Equivalents | 21. Million US dollar 31 December 2017 31 December 2016 Short-term bank deposits 3 896 3 231 Treasury Bills — 250 Cash and bank accounts 6 576 5 098 Cash and cash equivalents 10 472 8 579 Bank overdrafts (117 ) (184 ) 10 355 8 395 The cash outstanding per 31 December 2017 includes restricted cash for an amount of 2m US dollar (31 December 2016: 2m US dollar). This restricted cash refers to outstanding consideration payable to former Anheuser-Busch shareholders who did not yet claim the proceeds from the 2008 combination. |
Assets Classified as Held for S
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
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Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations | 22. ASSETS CLASSIFIED AS HELD FOR SALE Million US dollar 31 December 2017 31 December 2016 Balance at the end of previous year as reported 16 439 48 Adjustments 19 — Balance at the end of previous year as adjusted 16 458 48 Combination with SAB — 24 805 Disposals from SAB transaction-related divestitures (15 514 ) (16 342 ) Reclassified to assets held for sale in the period 91 7 959 Disposals (26 ) (28 ) Effect of movements in foreign exchange 132 (51 ) Other movements (1 008 ) 48 Balance at the end of year as reported 133 16 439 Balance at the end of year as adjusted — 16 458 LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE Million US dollar 31 December 2017 31 December 2016 Balance at the end of previous year 2 174 — Reclassified to assets held for sale in the period — 2 174 Disposals from SAB transaction-related divestitures (1 166 ) — Other movements (1 008 ) — Balance at the end of year — 2 174 Completion of CCBA disposal On 4 October 2017, AB InBev announced the completion of the transition of its 54.5% equity stake in Coca-Cola Beverages Africa (“CCBA”) for 3.15 billion US dollar, after customary adjustments. AB InBev stopped consolidating CCBA in its consolidated financial statements as of that date. CCBA, the largest Coca-Cola bottler in Africa, was formed in 2016 through the combination of the African non-alcohol ready-to-drink Following completion, CCBA will remain subject to the agreement reached with the South African Government and the South African Competition Authorities on several conditions, all of which were previously announced. In addition the companies continue to work towards finalizing the terms and conditions of the agreement for The Coca-Cola Company to acquire AB InBev’s interest in, or the bottling operations of, its businesses in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador, and Honduras. These transactions are subject to the relevant regulatory and shareholder approvals in the different jurisdictions. By 31 December 2017, the assets and liabilities of the above operations were not reported as assets classified as held for sale and liabilities associated with assets held for sale. SAB announced divestitures Proceeds from assets held for sale in the period also relate to the completion of the divestitures of the businesses formerly owned by SAB in Poland, the Czech Republic, Slovakia, Hungary and Romania, and the completion of the sale of the company’s indirect shareholding in Distell Group Limited in South Africa to the Public Investment Corporation Limited. The results of the Central and Eastern European businesses acquired through the SAB combination exclusively with a view to resale, qualified as discontinued operations and have been presented as such in these consolidated financial statements until the completion of the disposal on 31 March 2017. The results of Distell were reported as share of results of associates until the completion of the disposal on 12 April 2017. On 11 October 2016, the company completed the disposals of SAB’s interests in MillerCoors and the global Miller brand, SAB’s interest in China Resources Snow Breweries and part of SAB’s European business. These businesses had been classified as assets held for sale upon the combination with SAB. |
Changes in Equity and Earnings
Changes in Equity and Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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Changes in Equity and Earnings Per Share | 23. STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2017: ISSUED CAPITAL Issued capital Million shares Million US dollar At the end of the previous year 2 019 1 736 Changes during the period — — 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of Million shares Million US dollar Million US dollar At the end of the previous year 85.5 (8 980 ) (1 452 ) Changes during the period — — — 85.5 (8 980 ) (1 452 ) The 2016 equity was impacted by the Combination with SAB. The Combination was implemented through a series of steps and completed on the 10th of October. During the final step of the proposed structure, the former Anheuser-Busch InBev SA/NV (the “former AB InBev”) has merged into Newbelco SA/NV (“Newbelco”), and Newbelco has become the holding company for the combined former AB InBev and SAB groups. All assets and liabilities of the former AB InBev have been transferred to Newbelco, and Newbelco has automatically been substituted for the former AB InBev in all its rights and obligations by operation of Belgian law. Newbelco has been renamed Anheuser-Busch InBev SA/NV, and the former AB InBev has been dissolved by operation of Belgian law. The combination resulted in a series of equity reorganizations: • On 6 October 2016, Newbelco issued 163 276 737 100 ordinary shares (“Initial Newbelco Shares”) to SAB shareholders through a capital increase of 85 531m euro represented by 8 553m euro capital (9 528 m US dollar) and 76 978m euro share premium (85 754m US dollar), as consideration for 1 632 767 371 ordinary shares of SAB pursuant to a UK law court-sanctioned scheme of arrangement (the “UK Scheme”). • Following completion of the tender offer, AB InBev acquired 102 890 758 014 Initial Newbelco Shares tendered into the Belgian offer equivalent to 555 466 167 new ordinary shares considering the consolidation factor of 185.233168056448 defined in the UK Scheme. • Based on the terms of the UK Scheme, all Initial Newbelco Shares not tendered to AB InBev in the context of the Belgian offer (i.e. 60 385 979 086 Initial Newbelco Shares) were reclassified into 325 999 817 restricted shares, in accordance with the mechanism by which any Initial Newbelco Shares that were retained after closing of the Belgian offer were automatically reclassified and consolidated. • After the Belgian offer and, upon completion of the Belgian merger, all shares acquired by AB InBev in the Belgian offer were cancelled except for the equivalent of 85 000 000 of new ordinary shares, which were retained by Newbelco and held as treasury after completion of the Belgian Merger, as decided by the general meeting of Newbelco in the notarial deed approving the merger of former AB InBev into Newbelco and in accordance with the Belgian Companies Code. As a result of the merger the share premium was reduced by 52 522m euro (58 510m US dollar) against undistributable reserves, 44 485m euro (49 556m US dollar) of such reserves were cancelled upon cancellation of the shares acquired by AB InBev in the Belgian offer, and 8 037m euro (8 953m US dollar) undistributable reserves remained outstanding against the 85 000 000 treasury shares in accordance with Belgian Companies Code. Upon the merger, the capital and share premium of Newbelco were further reorganized. Newbelco’s share capital was reduced by 8 553m euro (9 528m US dollar) and its issue premium account was reduced by 24 456m euro (27 244m USD) to create distributable reserves of 33 009m euro (36 772m US dollar) as decided by the general meeting of Newbelco in the notarial deed approving the merger of former AB InBev into Newbelco and in accordance with the Belgian Companies Code. Each such step became effective simultaneously with the merger of former AB InBev into Newbelco upon completion of the SAB transaction. As discussed in Note 6 – Acquisition and disposal of subsidiaries IFRS 3 requires that the comparative equity structure of the accounting acquirer (former AB InBev) be restated using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. As the exchange ratio resulting from the Belgian Merger represented one new ordinary share issued to the AB InBev shareholders in exchange for one former AB InBev Share, without any cash compensation, no restatement of comparative figures was deemed needed. The tables below summarize the changes in issued capital and treasury shares during 2016: Issued capital FORMER AB INBEV – PRE MERGER Million shares Million US dollar At the end of the previous year and pre-merger 1 608 1 736 1 608 1 736 Issued capital ISSUED CAPITAL – IMPACT MERGER Million shares Million US dollar 6 October capital increase 881 9 528 Cancellation of acquired shares (470 ) — Share for share exchange former AB InBev 1 608 1 736 Transfer to reserves — (9 528 ) 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of 16 Million shares Million US dollar Million US dollar At the end of the previous year 1.9 (202 ) (1 424 ) Treasury shares as a result of the Belgian Merger 85.0 (8 953 ) — Other changes during the period (1.4 ) 175 (28 ) 85.5 (8 980 ) (1 452 ) As at 31 December 2017, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 85 541 785 are held in treasury by AB InBev and its subsidiaries. All shares are new ordinary shares, except for 325 999 817 Restricted Shares. As at 31 December 2017, the total of authorized, un-issued The treasury shares held by the company are reported in equity in Treasury shares. The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev, rights are suspended. The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one The shareholders’ structure based on the notifications made to the company pursuant to the Belgian Law of 02 May 2007 on the disclosure of significant shareholdings in listed companies is included in the Corporate Governance CHANGES IN OWNERSHIP INTERESTS In compliance with IFRS 10, the acquisition of additional shares in a subsidiary is accounted for as an equity transaction with owners. During 2017, AB InBev purchased non-controlling non-controlling REPORT ACCORDING TO ARTICLE 624 OF THE BELGIAN COMPANIES CODE - PURCHASE OF OWN SHARES During 2017, the company proceeded with the following sale transactions: • 778 668 shares were granted to executives of the group according to the company’s executive remuneration policy; • 3 025 512 shares were sold, as a result of the exercise of options granted to employees of the group. At the end of the period, the group owned 85 541 785 own shares of which 85 000 000 were held directly by AB InBev. The par value of the shares is 0.61 euro. As a consequence, the shares that were sold during the year 2017 represent 2 783 038 US dollar (2 320 550 euro) of the subscribed capital and the shares that the company still owned at the end of 2017 represent 62 580 115 US dollar ( 52 180 489 euro) of the subscribed capital. DIVIDENDS On 25 October 2017, an interim dividend of 1.60 euro per share or 3 089m euro was approved by the Board of Directors. This interim dividend was paid out on 16 November 2017. On 28 February 2018, in addition to the interim dividend paid on 16 November 2017, a dividend of 2.00 euro per share or 3 867m euro was proposed by the Board of Directors, reflecting a total dividend payment for 2017 fiscal year of 3.60 euro per share or 6 956m euro. On 27 October 2016, an interim dividend of 1.60 euro per share or 3 091m euro was approved by the Board of Directors. This interim dividend was paid out on 17 November 2016. On 26 April 2017, in addition to the interim dividend paid on 17 November 2016, a dividend of 2.00 euro per share or 3 856m euro was approved at the shareholders meeting, reflecting a total dividend payment for 2016 fiscal year of 3.60 euro per share or 6 947m euro. The dividend was paid out on 4 May 2017. TRANSLATION RESERVES The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment hedges in conformity with IAS 39 Financial Instruments: Recognition and Measurement 16 During 2016, the company reclassified the results of treasury shares to retained earnings HEDGING RESERVES The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent the hedged risk has not yet impacted profit or loss. TRANSFERS FROM SUBSIDIARIES The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries, and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2017, the restrictions above mentioned were not deemed significant on the company’s ability to access or use the assets or settle the liabilities of its operating subsidiaries. Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding tax, if applicable, generally does not exceed 15%. DEFERRED SHARE INSTRUMENT In a transaction related to the combination with Grupo Modelo, selected Grupo Modelo shareholders committed, upon tender of their Grupo Modelo shares, to acquire 23 076 922 AB InBev shares to be delivered within 5 years for a consideration of approximately 1.5 billion US dollar. The consideration was paid on 5 June 2013. Pending the delivery of the AB InBev shares, AB InBev will pay a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders are compensated on an after tax basis, for dividends they would have received had the AB InBev shares been delivered to them prior to the record date for such dividend. The deferred share instrument is classified as an equity instrument, in line with IAS 32, as the number of shares and consideration received are fixed. The coupon to compensate for the dividend equivalent is reported through equity. On 4 May 2017, the company paid a coupon of 2.00 euro per share or approximately 51m US dollar. On 16 November 2017, the company paid a coupon of 1.60 euro per share or approximately 42m US dollar. STOCK LENDING In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 19 million of its own ordinary shares. As of 31 December 2017, the outstanding balance of loaned securities amounted to 19 million, of which 17 million were used to fulfil stock option plan commitments. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend. OTHER COMPREHENSIVE INCOME RESERVES The changes in the other comprehensive income reserves are as follows: Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2017 (14 758 ) 744 (1 612 ) (15 626 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 053 — — 1 053 Cash flow hedges — (158 ) — (158 ) Re-measurements — — (53 ) (53 ) Total comprehensive income 1 053 (158 ) (53 ) 842 As per 31 December 2017 (13 705 ) 586 (1 665 ) (14 784 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2016 (11 493 ) (1 217 ) (1 400 ) (14 110 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (3 265 ) — — (3 265 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (7 — (7 099 ) Foreign exchange contracts reclassified from equity in relation to the SAB combination 8 837 8 837 Cash flow hedges — 223 — 223 Re-measurements — — (212 ) (212 ) Total comprehensive income (3 265 ) 1 961 (212 ) (1 516 ) As per 31 December 2016 (14 758 ) 744 (1 612 ) (15 626 ) Million US dollar Translation Hedging Post- Total As per 1 January 2015 (5 336 ) 557 (1 447 ) (6 226 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (6 157 ) — — (6 157 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (1 738 ) — (1 738 ) Cash flow hedges — (36 ) — (36 ) Re-measurements — — 47 47 Total comprehensive income (6 157 ) (1 774 ) 47 (7 884 ) As per 31 December 2015 (11 493 ) (1 217 ) (1 400 ) (14 110 ) EARNINGS PER SHARE The calculation of basic earnings per share for the year ended 31 December 2017 is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2017 2016 2015 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 934 1 606 1 607 Effect of restricted shares issued upon the SAB combination — 94 — Effect of shares issued and share buyback programs — (20 ) (2 ) Effect of stock lending 14 12 10 Effect of undelivered shares under the deferred share instrument 23 23 23 Weighted average number of ordinary and restricted shares at 31 December 1 971 1 717 1 638 The calculation of diluted earnings per share is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar; 31 December 2015: 8 273m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2017 2016 2015 Weighted average number of ordinary and restricted shares at 31 December 1 971 1 717 1 638 Effect of share options and restricted stock units 39 38 30 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 010 1 755 1 668 The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows: Million US dollar 2017 2016 17 2015 1 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 7 967 4 853 8 513 Exceptional items, before taxes (refer to Note 8) (662 ) (394 ) 136 Exceptional finance income/(cost), before taxes (refer to Note 8) (693 ) (3 356 ) (214 ) Exceptional taxes (refer to Note 8) 830 77 (201 ) Exceptional non-controlling 526 13 39 Profit from discontinued operations 28 48 — Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 The table below sets out the EPS calculation: Million US dollar 2017 2016 2015 Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 Basic EPS from continuing and discontinued operations 4.06 0.72 5.05 Profit from continuing operations attributable to equity holders of AB InBev 7 968 1 193 8 273 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 Basic EPS from continuing operations 4.04 0.69 5.05 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 7 967 4 853 8 513 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 EPS from continuing operations before exceptional items 4.04 2.83 5.20 Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing and discontinued operations 3.98 0.71 4.96 Profit from continuing operations attributable to equity holders of AB InBev 7 968 1 193 8 273 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing operations 3.96 0.68 4.96 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 7 967 4 853 8 513 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing operations before exceptional items 3.96 2.77 5.10 17 Reclassified to conform to 2017 presentation. The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted stock units was based on quoted market prices for the period that the options and restricted stock units were outstanding. 5m share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2017. |
Interest-Bearing Loans and Borr
Interest-Bearing Loans and Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Interest-Bearing Loans and Borrowings | 24. This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 29 Risks arising from financial instruments. NON-CURRENT Million US dollar 2017 2016 Secured bank loans 230 210 Unsecured bank loans 153 8 266 Unsecured bond issues 108 327 105 146 Unsecured other loans 53 111 Finance lease liabilities 186 208 108 949 113 941 CURRENT LIABILITIES Million US dollar 2017 2016 Secured bank loans 272 652 Commercial papers 1 870 2 053 Unsecured bank loans 739 1 396 Unsecured bond issues 4 510 4 481 Unsecured other loans 15 10 Finance lease liabilities 27 26 7 433 8 618 The current and non-current Commercial papers amount to 1.9 billion US dollar as of 31 December 2017 and include programs in US dollar and euro with a total authorized issuance up to 3.0 billion US dollar and 1.0 billion euro, respectively. During 2017, AB InBev completed the issuance of the following series of bonds: Issue date Aggregate Currency Interest rate Maturity date 15 May 2017 1 300 Canadian dollar 2.600% 15 May 2024 15 May 2017 700 Canadian dollar 4.320% 15 May 2047 24 May 2017 650 Pound sterling 1.750% 7 March 2025 24 May 2017 700 Pound sterling 2.250% 24 May 2029 24 May 2017 900 Pound sterling 2.850% 25 May 2037 6 September 2017 550 Australian dollar 3.250% 6 September 2022 6 September 2017 650 Australian dollar 3.750% 6 September 2024 6 September 2017 450 Australian dollar 4.100% 6 September 2027 6 September 2017 300 Australian dollar 3M BBSW 6 September 2022 In connection with the combination with SAB, AB InBev entered into a 75.0 billion US dollar Committed Senior Acquisition Facilities agreement dated 28 October 2015 to fund the cash consideration of the transaction. The financing consisted of a 10.0 billion US dollar Disposal Bridge Facility, a 15.0 billion US dollar Cash/DCM Bridge Facility A, a 15.0 billion US dollar Cash/DCM Bridge Facility B, a 25.0 billion US dollar Term Facility A, and a 10.0 billion US dollar Term Facility B, (“2015 senior facilities agreement”). During the first half of 2016, AB InBev cancelled the Bridge to Cash / DCM Facilities A & B and Term Facility A for a total of 55 billion US dollar of the 75.0 billion US dollar Committed Senior Acquisition Facilities following the issuance of bonds to pre-finance On 6 October 2016, the company drew down 8.0 billion US dollar under the Term Facility B and 10.0 billion US dollar under the Disposal Bridge Facility to finance the acquisition of SAB and announced that it had chosen to make an additional voluntary cancellation of 2.0 billion US dollar of the Term Facility B. On 20 October 2016, the company fully repaid the Disposal Bridge Facility, following completion of the disposals of SAB’s interests in MillerCoors and the global Miller brand, SAB’s interest in China Resources Snow Breweries and part of SAB’s European business – see also Note 6 – Acquisitions and disposals of subsidiaries On 10 April 2017, the company repaid 6 billion US dollar of the 8 billion US dollar Term Facility B and on 12 June 2017, AB InBev fully repaid the remaining 2 billion US dollar outstanding. This Term Loan was the last remaining facility of the 75 billion US dollar credit facilities raised in October 2015 to finance the combination with SAB. A summation of the Facilities, related cancellations and drawdowns as of 31 December 2017 is presented below: Term Applicable Original 2016 October October April June Term Facility A 3 Years LIBOR + 110 25.0 (25.0 ) — — — — Term Facility B 5 Years LIBOR + 125 10.0 (2.0 ) (8.0 ) — 6.0 2.0 Disposal Bridge Facility 1 Year LIBOR + 100 10.0 — (10.0 ) 10.0 — — Bridge to Cash / DCM Facility A 1 Year LIBOR + 100 15.0 (15.0 ) — — — — Bridge to Cash / DCM Facility B 2 Years LIBOR + 100 15.0 (15.0 ) — — — — 75.0 (57.0 ) (18.0 ) 10.0 6.0 2.0 The facilities bore interest calculated at the LIBOR rate for a period equal to the length of the interest period plus an applicable margin. The margins on each facility were determined based on ratings assigned by rating agencies to AB InBev long-term debt. For Term Facility B, the margin ranged between 1.00% per annum and 1.45% per annum. Customary commitment fees were payable on any undrawn but available funds under the 2015 senior facilities agreement. These fees were recorded in 2016 as exceptional finance cost. On 19 April 2017, the company announced the final results of U.S. private exchange offers for any and all of the outstanding notes listed below in exchange for a combination of AB InBev’s notes due 2048 and cash: Issuer Title of series of notes issued Original principal (thousand US Principal amount 18 Principal amount Anheuser-Busch Companies 7.55% Debentures due 2030 200 000 74 046 125 954 Anheuser-Busch Companies 6.80% Debentures due 2031 200 000 19 986 180 014 Anheuser-Busch Companies 6.80% Debentures due 2032 300 000 126 932 173 068 Anheuser-Busch Companies 5.95% Debentures due 2033 300 000 148 183 151 817 Anheuser-Busch Companies 5.75% Debentures due 2036 300 000 192 686 107 314 Anheuser-Busch Companies 6.45% Debentures due 2037 500 000 252 556 247 444 Anheuser Busch InBev Worldwide Inc. 6.375% Notes due 2040 500 000 255 575 244 425 Anheuser-Busch Companies 6.00% Debentures due 2041 250 000 83 583 166 417 Anheuser-Busch Companies 6.50% Debentures due 2042 250 000 74 449 175 551 Anheuser-Busch Companies 6.50% Debentures due 2043 300 000 122 392 177 608 The new notes mature on 6 October 2048 and will bear interest at a rate per annum of 4.439%. On 11 October 2017, AB InBev announced that the company exercised its option to redeem in full the entire outstanding principal amount of the following series of notes on 10 November 2017: Issuer Title of series of notes Aggregate principal Anheuser-Busch InBev Finance 1.25% Notes due 2018 1 000 Anheuser-Busch InBev Worldwide 6.50% Notes due 2018 627 Anheuser-Busch Companies 4.50% Notes due 2018 200 Anheuser-Busch Companies 5.50% Notes due 2018 500 ABI SAB Group Holding Limited 6.50% Notes due 2018 73 The total principal amount of the retired notes was 2.4 billion US dollar and the redemption of the notes was financed with cash. In 2017, the company extended the maturity date of the 9.0 billion US dollar 2010 senior facilities by two years to a new maturity date of August 30, 2022. As at 31 December 2017, there are no amounts drawn down under the 9.0 billion US dollar 2010 senior facilities. AB InBev is in compliance with all its debt covenants as of 31 December 2017. The 2010 senior facilities do not include restrictive financial covenants. TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 502 272 128 18 33 51 Commercial papers 1 870 1 870 — — — — Unsecured bank loans 892 739 122 31 — — Unsecured bond issues 112 837 4 510 9 956 9 389 18 441 70 541 Unsecured other loans 68 15 18 7 3 25 Finance lease liabilities 213 27 29 20 23 114 116 382 7 433 10 253 9 465 18 500 70 731 TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2016 Million US dollar Total 1 year or 1-2 2-3 3-5 More than 5 Secured bank loans 862 652 107 26 21 56 Commercial papers 2 053 2 053 — — — — Unsecured bank loans 9 662 1 396 195 91 7 980 — Unsecured bond issues 109 627 4 481 6 234 10 032 18 697 70 183 Unsecured other loans 121 10 20 15 22 54 Finance lease liabilities 234 26 26 31 46 105 122 559 8 618 6 582 10 195 26 766 70 398 FINANCE LEASE LIABILITIES Million US dollar 2017 2017 2017 2016 2016 2016 Less than one year 42 15 27 45 19 26 Between one and two years 42 13 29 43 16 27 Between two and three years 31 11 20 44 13 31 Between three and five years 40 17 23 70 24 46 More than 5 years 146 32 114 144 40 104 301 88 213 346 112 234 18 In accordance to IAS 39 the exchanged bonds were kept at their previous amortized cost in accordance to IAS 39 rules. Net debt is defined as non-current AB InBev’s net debt decreased to 104.4 billion US dollar as of 31 December 2017, from 108.0 billion US dollar as of 31 December 2016. Apart from operating results net of capital expenditures, the net debt is mainly impacted by the proceeds from the announced divestitures completed during 2017 (11.7 billion US dollar), the payment of taxes on disposals completed in 2016 (3.4 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (9.3 billion US dollar), the payment of interests and taxes (6.0 billion US dollar) and the impact of changes in foreign exchange rates (4.2 billion US dollar increase of net debt). The following table provides a reconciliation of AB InBev’s net debt as at 31 December: Million US dollar 2017 2016 Non-current 108 949 113 941 Current interest-bearing loans and borrowings 7 433 8 618 116 382 122 559 Bank overdrafts 117 184 Cash and cash equivalents (10 472 ) (8 579 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (309 ) (528 ) Debt securities (included within Investment securities) (1 328 ) (5 683 ) Net debt 104 390 107 953 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Employee Benefits | 25. AB InBev sponsors various post-employment benefit plans worldwide. These include pension plans, both defined contribution plans, and defined benefit plans, and other post-employment benefits. In accordance with IAS 19 Employee Benefits DEFINED CONTRIBUTION PLANS For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions constitute an expense for the year in which they are due. For 2017, contributions paid into defined contribution plans for the company amounted to 118m US dollar compared to 77m US dollar for 2016 and to 90m US dollar for 2015. The increase mainly results from the combination with SAB. DEFINED BENEFIT PLANS During 2017, the company contributed to 86 defined benefit plans, of which 64 are retirement or leaving service plans, 18 are medical cost plans and 4 other long-term employee benefit plans. Most plans provide retirement and leaving service benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded, the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practice in each country. The medical cost plans in Barbados, Brazil, Canada, Colombia, South Africa and US provide medical benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants. The present value of funded obligations includes a 230m US dollar liability related to two medical plans in Brazil, for which the benefits are provided through the Fundação Antonio Helena Zerrenner (“FAHZ”). The FAHZ is a legally distinct entity which provides medical, dental, educational and social assistance to current and retired employees of Ambev. On 31 December 2017, the actuarial liabilities related to the benefits provided by the FAHZ are fully offset by an equivalent amount of assets existing in the fund. The net liability recognized in the balance sheet is nil. The employee benefit net liability amounts to 2 971m US dollar as of 31 December 2017 compared to 3 004m US dollar as of 31 December 2016. In 2017, the fair value of the plan assets increased by 446m US dollar and the defined benefit obligations increased by 458m US dollar. The decrease in the employee benefit net liability is mainly driven by positive asset returns and decreases in the irrecoverable surplus. The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December: Million US dollar 2017 2016 Present value of funded obligations (7 506 ) (7 044 ) Fair value of plan assets 5 623 5 177 Present value of net obligations for funded plans (1 883 ) (1 867 ) Present value of unfunded obligations (904 ) (908 ) Present value of net obligations (2 787 ) (2 775 ) Unrecognized asset (111 ) (168 ) Net liability (2 898 ) (2 943 ) Other long term employee benefits (73 ) (73 ) Reclassified as held for sale — 12 Total employee benefits (2 971 ) (3 004 ) Employee benefits amounts in the balance sheet: Liabilities (2 993 ) (3 014 ) Assets 22 10 Net liability (2 971 ) (3 004 ) The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2017 2016 2015 Defined benefit obligation at 1 January (7 952 ) (7 594 ) (8 585 ) Current service costs (74 ) (73 ) (81 ) Interest cost (340 ) (347 ) (354 ) Past service gain/(cost) 17 8 8 Settlements 6 174 3 Benefits paid 502 482 517 Contribution by plan participants (4 ) (4 ) (4 ) Acquisition and disposal through business combination — (260 ) — Actuarial gains/(losses) – demographic assumptions 24 (1 ) 4 Actuarial gains/(losses) – financial assumptions (264 ) (607 ) 283 Experience adjustments (21 ) 37 14 Exchange differences (343 ) 256 606 Transfers and other movements 39 (23 ) (5 ) Defined benefit obligation at 31 December (8 410 ) (7 952 ) (7 594 ) As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.9 billion US dollar relating to active employees, 1.6 billion US dollar relating to deferred members and 4.9 billion US dollar relating to members in retirement. The changes in the fair value of plan assets are as follows: Million US dollar 2017 2016 2015 Fair value of plan assets at 1 January 5 177 5 075 5 773 Interest income 239 249 253 Administration costs (22 ) (24 ) (20 ) Return on plan assets exceeding interest income 233 297 (211 ) Contributions by AB InBev 315 302 275 Contributions by plan participants 4 4 4 Benefits paid net of administration costs (502 ) (478 ) (517 ) Acquisition through business combination — 68 — Assets distributed on settlements (7 ) (164 ) — Exchange differences 214 (155 ) (482 ) Transfers and other movements (28 ) 3 — Fair value of plan assets at 31 December 5 623 5 177 5 075 Actual return on plans assets amounted to a gain of 472m US dollar in 2017 compared to a gain of 546m US dollar in 2016 and to a gain of 42m US dollar in 2015. The changes in the unrecognized asset are as follows: Million US dollar 2017 2016 2015 Irrecoverable surplus impact at 1 January (168 ) (137 ) (171 ) Interest expense (17 ) (17 ) (15 ) Changes excluding amounts included in interest expense 74 (14 ) 49 Irrecoverable surplus impact at 31 December (111 ) (168 ) (137 ) The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows: Million US dollar 2017 2016 2015 Current service costs (74 ) (73 ) (81 ) Administration costs (22 ) (24 ) (20 ) Past service cost due to plan amendments and curtailments 17 8 8 (Losses)/gains on settlements — 10 (2 ) (Losses)/gains on due to experience and demographic assumption changes 3 — — Profit from operations (76 ) (79 ) (95 ) Net finance cost (120 ) (115 ) (116 ) Total employee benefit expense (196 ) (194 ) (211 ) The employee benefit expense is included in the following line items of the income statement: Million US dollar 2017 2016 2015 Cost of sales (24 ) (59 ) (64 ) Distribution expenses (10 ) (9 ) (8 ) Sales and marketing expenses (15 ) (13 ) (14 ) Administrative expenses (29 ) (15 ) (17 ) Other operating (expense)/income (4 ) 10 6 Exceptional items 6 7 2 Net finance cost (120 ) (115 ) (116 ) (196 ) (194 ) (211 ) Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows: 2017 United Canada Mexico Brazil United AB InBev Discount rate 3.7 % 3.6 % 8.0 % 10.0 % 2.6 % 4.0 % Price inflation 2.5 % 2.0 % 3.5 % 4.3 % 3.3 % 2.7 % Future salary increases — 1.0 % 4.3 % 5.6 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.3 % 3.0 % 2.8 % Medical cost trend rate 6.2%-5.0 % 4.5 % — 7.9 % — 6.8%-6.4 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 88 89 85 88 89 88 2016 United Canada Mexico Brazil United AB InBev Discount rate 4.2 % 3.9 % 7.8 % 10.5 % 2.7 % 4.4 % Price inflation 2.5 % 2.0 % 3.5 % 4.5 % 3.4 % 2.8 % Future salary increases — 1.0 % 4.8 % 5.8 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.5 % 3.1 % 2.8 % Medical cost trend rate 7.0%-5.0 % 4.5 % — 8.2 % — 7.2%-6.5 % Life expectation for a 65 year old male 85 86 82 85 87 86 Life expectation for a 65 year old female 88 89 85 88 89 88 Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number of risks, the most significant are detailed below: INVESTMENT STRATEGY In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. Within this framework, the company’s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligation. ASSET VOLATILITY In general, the company’s funded plans are invested in a combination of equities and bonds, generating high but volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature, the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since 2015, the company started the implementation of a new pension de-risking CHANGES IN BOND YIELDS A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. INFLATION RISK Some of the company’s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan’s assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation could potentially increase the company’s net benefit obligation. LIFE EXPECTANCY The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities. The weighted average duration of the defined benefit obligation is 13.8 years (2016: 14.0 years; 2015: 14.4 years). The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Million US dollar 2017 Change in Increase in Decrease in Discount rate 0.5 % (530 ) 581 Price inflation 0.5 % 172 (130 ) Future salary increase 0.5 % 28 (23 ) Medical cost trend rate 1 % 55 (47 ) Longevity One year 248 (246 ) The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear. Sensitivities are what is reasonably possible changes in assumptions and they are calculated using the same approach as was used to determine the defined benefit obligation. Therefore, the above information is not necessarily a reasonable representation of future results. The fair value of plan assets at 31 December consists of the following: 2017 2016 Quoted Unquoted Total Quoted Unquoted Total Government bonds 27 % — 27 % 30 % — 30 % Corporate bonds 37 % — 37 % 38 % — 38 % Equity instruments 26 % — 26 % 22 % — 22 % Property — 4 % 4 % — 3 % 3 % Insurance contracts and others 5 % 1 % 6 % 6 % 1 % 7 % 95 % 5 % 100 % 96 % 4 % 100 % AB InBev expects to contribute approximately 311m US dollar for its funded defined benefit plans and 79m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2018. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Share-Based Payments | 26. SHARE-BASED PAYMENTS 19 Different share and share option programs allow company senior management and members of the board of directors to receive or acquire shares of AB InBev or Ambev. AB InBev has three primary share-based compensation plans, the share-based compensation plan (“Share-Based Compensation Plan”), established in 2006 and amended as from 2010, the long-term incentive warrant plan (“LTI Warrant Plan”), established in 1999 and replaced by a long-term incentive stock option plan for directors (“LTI Stock Option Plan Directors”) in 2014, and the long-term incentive stock-option plan for executives (“LTI Stock Option Plan Executives”), established in 2009. For all option plans, the fair value of share-based payment compensation is estimated at grant date, using a binomial Hull model, modified to reflect the IFRS 2 Share-based Payment Share-based payment transactions resulted in a total expense of 359m US dollar for the year 2017, as compared to 228m US dollar for the year 2016 and 225m US dollar for the year 2015. AB INBEV SHARE-BASED COMPENSATION PROGRAMS Share-Based Compensation Plan As from 1 January 2010, the structure of the Share-Based Compensation Plan for certain executives, including the executive board of management and other senior management in the general headquarters, has been modified. From 1 January 2011, the new plan structure applies to all other senior management. Under this plan, the executive board of management and other senior employees will receive their bonus in cash but have the choice to invest some or all of the value of their bonus in AB InBev shares with a five-year vesting period, referred to as bonus shares. Such voluntary investment leads to a 10% discount to the market price of the shares. The company will also match such voluntary investment by granting three matching shares for each bonus share voluntarily invested in, up to a limited total percentage of each 19 Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated. participant’s bonus. The percentage of the variable compensation that is entitled to get matching shares varies depending on the position of the executive. The matching is based on the gross amount of the variable compensation invested. The discount shares and matching shares are granted in the form of restricted stock units which have a five-year vesting period. Additionally, the holders of the restricted stock units may be entitled to receive from AB InBev additional restricted stock units equal to the dividends declared since the restricted stock units were granted. During 2017, AB InBev issued 0.3m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 31m US dollar and cliff vest after five years. During 2016, AB InBev issued 0.7m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 85m US dollar and cliff vest after five years. LTI Stock Option Plan for Directors Before 2014, the company issued regularly warrants, or rights to subscribe for newly issued shares under the LTI Warrant Plan for the benefit of directors and, until 2006, for the benefit of members of the executive board of management and other senior employees. LTI warrants were subject to a vesting period ranging from one to three years. Forfeiture of a warrant occurs in certain circumstances when the holder leaves the company’s employment. Since 2007, members of the executive board of management and other employees are no longer eligible to receive warrants under the LTI Warrant Plan, but instead receive a portion of their compensation in the form of shares and options granted under the Share-Based Compensation Plan and the LTI Stock Option Plan Executives. Since 2014, directors are no longer eligible to receive warrants under the LTI Warrant Plan. Instead, on 30 April 2014, the annual shareholders meeting decided to replace the LTI Warrant Plan by a LTI Stock Option plan for directors. As a result, grants for directors now consist of LTI stock options instead of LTI warrants (i.e. the right to purchase existing shares instead of the right to subscribe to newly issued shares). Grants are made annually at the company’s shareholders meeting on a discretionary basis upon recommendation of the Remuneration Committee. The LTI stock options have an exercise price that is set equal to the market price at the time of the granting, a maximum lifetime of 10 years and an exercise period that starts after 5 years. The LTI stock options cliff vest after 5 years. Unvested options are subject to specific forfeiture provisions in the event that the directorship is not renewed upon the expiry of its term or is terminated in the course of its term, both due to a breach of duty by the director. Furthermore, at the annual shareholders meeting of 30 April 2014, all outstanding LTI warrants granted under the company’s LTI Warrant Plan were converted into LTI stock options, i.e. the right to purchase existing ordinary shares of Anheuser-Busch InBev SA/NV instead of the right to subscribe to newly issued shares. All other terms and conditions of the existing grants under the LTI Warrant Plan remain unchanged. AB InBev granted 0.2m stock options to members of the board of directors during 2017 representing a fair value of approximately 4m US dollar (2016: 0.2m stock options with a fair value of approximately 5m US dollar). LTI Stock Option Plan for Executives As from 1 July 2009, senior employees are eligible for an annual long-term incentive to be paid out in LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. During 2017 AB InBev issued 7.8m LTI stock options with an estimated fair value of 149m US dollar, whereby 1.4m options relate to American Depositary Shares (ADSs) and 6.4m options to AB InBev shares. In December 2016 AB InBev issued 4.6m LTI stock options with an estimated fair value of 83m US dollar, whereby 1.3m options relate to American Depositary Shares (ADSs) and 3.3m options to AB InBev shares. Exceptional incentive stock options During 2017, approximately 6.5m options were granted to a selected group of members of the senior management of the company considering the significant contribution that these employees can make to the success of the company and the achievement of integration benefits. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 118m US dollar (2016: 13.2m options with an estimated fair value of 228m US dollar). The options have a duration of 10 years from grant and vest on 1 January 2022. The options only become exercisable provided a performance test is met. Members of the Executive Board of Management were granted an aggregate amount of 1.8m options under this program. During 2017, approximately 0.8m options were granted to employees of SAB. The grant results from the commitment that AB InBev has made under the terms of the combination with SAB, that it would, for at least one year, preserve the terms and conditions for employment of all employees that remain with SAB. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 14m US dollar (2016: 1.3m options with an estimated fair value of 29m US dollar). The options have a duration of 10 years as from granting and vest after 3 years. Specific forfeiture rules apply if the employee leaves the company before the vesting date. During 2017, approximately 18m options were granted to a selected group of members of the senior management of the company, including a number of members of our Executive Board of Management, under a new long term special incentive Plan which is designed to incentivize and retain senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 360m US dollar. The options have a duration of 15 years from grant and vest on 1 January 2028. The options only become exercisable provided a performance test is met. Specific forfeiture rules apply if the employee leaves the company before the performance test achievement or vesting date. Performance related incentive plan for Disruptive Growth Function In 2016 the company implemented a new performance related incentive plan which will substitute the long-term incentive stock option plan for executives of the Disruptive Growth Function. This function was created in 2015 to accelerate new business development opportunities, focusing on initiatives in e-commerce, During 2017, approximately 2.0m performance units were granted to senior management of the Disruptive Growth Function (2016: approximately 2.4m performance units). The value of the performance units will depend on the return of the Disruptive Growth business area. Out of these, 0.2m performance units were granted to a member of the Executive Board of Management. The units vest after 5 years provided a performance test is met. Specific forfeiture rules apply in case the executive leaves the company. Other Grants AB InBev has in place three specific long-term incentive programs. One program allows for the offer of restricted stock units to certain employees in certain specific circumstances, whereby grants are made at the discretion of the CEO, e.g. to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after five years and in case of termination of service before the vesting date, special forfeiture rules apply. In 2017, 0.1m restricted stock units with an estimated fair value of 9m US dollar were granted under this program to a selected number of employees (2016: 0.4m restricted stock units with an estimated fair value of 40m US dollar). A second program allows for the exceptional offer of restricted stock units to certain employees at the discretion of the Remuneration Committee of AB InBev as a long-term retention incentive for key employees of the company. Employees eligible to receive a grant under this program receive two series of restricted stock units, the first half of the restricted stock units vesting after five years, the second half after ten years. In case of termination of service before the vesting date, special forfeiture rules apply. As of 2017, instead of restricted stock units, stock options may be granted under the program with similar vesting and forfeiture rules. During 2017, 0.8m options were granted under the program to a member of the Executive Board of Management. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 15m US dollar. In 2016, 0.2m restricted stock units with an estimated fair value of 18m US dollar were granted under this program to a selected number of employees. A third program allows certain employees to purchase company shares at a discount aimed as a long-term retention incentive for (i) high-potential employees of the company, who are at a mid-manager In order to maintain consistency of benefits granted to executives and to encourage international mobility of executives, an options exchange program can be executed whereby unvested options are exchanged against restricted shares that remain locked-up locked-up The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2017 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 20 2017 2016 2015 Fair value of options granted 19.94 17.40 21.78 Share price 117.77 103.77 125.29 Exercise price 117.77 103.77 125.29 Expected volatility 23 % 24 % 24 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.72 % 0.54 % 0.82 % Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility, AB InBev is excluding the volatility measured during the period 15 July 2008 until 30 April 2009, in view of the extreme market conditions experienced during that period. The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. As a result, no single expected option life applies. 20 Amounts have been converted to US dollar at the closing rate of the respective period. The total number of outstanding AB InBev options developed as follows: Million options 2017 2016 2015 Options outstanding at 1 January 64.9 47.6 45.6 Options issued during the year 35.0 20.4 9.7 Options exercised during the year (3.0 ) (2.2 ) (6.6 ) Options forfeited during the year (3.9 ) (0.9 ) (1.1 ) Options outstanding at the end of December 93.0 64.9 47.6 The range of exercise prices of the outstanding options is between 10.32 euro (12.38 US dollar) 1 Of the 93.0m outstanding options 9.8m are vested at 31 December 2017. The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 1 2017 2016 2015 Options outstanding at 1 January 76.25 64.50 51.35 Granted during the year 117.24 104.71 126.67 Exercised during the year 38.94 32.45 32.47 Forfeited during the year 108.26 88.68 54.88 Outstanding at the end of December 98.32 76.25 64.50 Exercisable at the end of December 59.66 40.62 37.15 For share options exercised during 2017, the weighted average share price at the date of exercise was 102.60 euro (123.04 US dollar). The total number of outstanding AB InBev restricted stock units developed as follows: Million restricted stock units 2017 2016 2015 Restricted stock units outstanding at 1 January 5.8 5.6 5.8 Restricted stock units issued during the year 0.7 1.4 1.0 Restricted stock units exercised during the year (0.7 ) (1.1 ) (1.0 ) Restricted stock units forfeited during the year (0.4 ) (0.1 ) (0.2 ) Restricted stock units outstanding at the end of December 5.4 5.8 5.6 AMBEV SHARE-BASED COMPENSATION PROGRAMS Since 2005, Ambev has had a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 0.8 m restricted stock units in 2017 with an estimated fair value of 5m US dollar. As from 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. In 2017, Ambev granted 20.4m LTI stock options with an estimated fair value of 42m US dollar (2016: 24.8m LTI stock options with an estimated fair value of 44m US dollar). The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2017 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 21 2017 2016 2015 Fair value of options granted 1.97 1.90 2.01 Share price 5.99 5.27 4.72 Exercise price 5.99 5.27 4.72 Expected volatility 27% 27% 27% Expected dividends 0.00% - 5.00% 0.00% - 5.00% 0.00% - 5.00% Risk-free interest rate 10.10% 12.40% 15.90% The total number of outstanding Ambev options developed as follows: Million options 2017 2016 2015 Options outstanding at 1 January 131.3 121.7 126.1 Options issued during the year 20.4 24.8 16.6 Options exercised during the year (13.5 ) (11.6 ) (20.0 ) Options forfeited during the year (2.9 ) (3.7 ) (1.0 ) Options outstanding at the end of December 135.2 131.3 121.7 21 Amounts have been converted to US dollar at the closing rate of the respective period. The range of exercise prices of the outstanding options is between 0.01 Brazilian real (0.00 US dollar) and 26.09 Brazilian real (7.89 US dollar) while the weighted average remaining contractual life is 6.40 years. Of the 135.2m outstanding options 40.2m options are vested at 31 December 2017. The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 1 2017 2016 2015 Options outstanding at 1 January 4.19 3.17 3.79 Granted during the year 5.99 5.27 4.72 Exercised during the year 1.76 0.77 1.29 Forfeited during the year 5.41 3.94 5.21 Outstanding at the end of December 4.92 4.26 3.17 Exercisable at the end of December 1.14 1.12 0.84 For share options exercised during 2017, the weighted average share price at the date of exercise was 18.87 Brazilian real (5.71 US dollar). The total number of outstanding Ambev restricted stock units developed as follows: Million restricted stock units 2017 2016 2015 Restricted stock units outstanding at 1 January 19.3 19.1 17.5 Restricted stock units issued during the year 0.8 7.3 2.7 Restricted stock units exercised during the year (2.9 ) (6.1 ) (0.8 ) Restricted stock units forfeited during the year (0.9 ) (1.0 ) (0.3 ) Restricted stock units outstanding at the end of December 16.3 19.3 19.1 Additionally, as a means of creating a long term incentive (wealth incentive) for certain senior employees and members of management considered as having “high potential,” share appreciation rights in the form of phantom stocks have been granted to those employees, pursuant to which the beneficiary shall receive two separate lots – Lot A and Lot B – subject to lockup periods of five and ten years, respectively. During 2017, a limited number of Ambev shareholders who are part of the senior management of AB InBev were given the opportunity to exchange Ambev shares against a total of 0.1m AB InBev shares (0.3m AB InBev shares in 2016) at a discount of 16.7% provided that they stay in service for another five years. The fair value of this transaction amounts to approximately 2m US dollar (5m US dollar in 2016) and is expensed over the five years’ service period. The fair values of the Ambev and AB InBev shares were determined based on the market price. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
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Provisions | 27. PROVISIONS Million US dollar Restructuring Disputes Other Total Balance at 1 January 2017 as reported 232 1 592 454 2 278 Adjustments — (126 ) 394 268 Balance at 1 January 2017 as adjusted 232 1 466 848 2 546 Effect of changes in foreign exchange rates 15 20 38 73 Acquisitions through business combinations — — — — Provisions made 88 185 35 308 Provisions used (186 ) (135 ) (99 ) (419 ) Provisions reversed (2) (160) 2 (160) Other movements 6 7 39 52 Balance at 31 December 2017 153 1 383 864 2 400 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2016 157 733 7 897 Effect of changes in foreign exchange rates (9 ) 9 (3 ) (3 ) Acquisitions through business combinations 216 703 616 1 535 Provisions made 100 483 17 600 Provisions used (228 ) (274 ) (6 ) (508 ) Provisions reversed (3 ) (63 ) (27 ) (93 ) Other movements (1) 1 (150 ) (150 ) Balance at 31 December 2016 as reported 232 1 592 454 2 278 The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Exceptional items The provisions are expected to be settled within the following time windows: Million US dollar Total < 1 year 1-2 years 2-5 years > 5 years Restructuring 153 69 22 60 2 Disputes Income and indirect taxes 701 138 464 57 42 Labor 135 37 7 85 6 Commercial 44 16 19 6 3 Excise duties 59 — 6 53 — Other disputes 444 30 296 117 1 1 383 221 792 318 52 Other provisions 864 595 6 263 — Total provisions 2 400 885 820 641 54 AB InBev is subject to the greenhouse gas emission allowance trading scheme in force in the European Union and a similar scheme in Korea. Acquired emission allowances are recognized at cost as intangible assets. To the extent that it is expected that the number of allowances needed to settle the CO 2 2 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2017 | |
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Trade and Other Payables | 28. TRADE AND OTHER PAYABLES NON-CURRENT Million US dollar 2017 2016 2016 Indirect taxes payable 157 159 159 Trade payables 380 465 465 Deferred consideration on acquisitions 699 379 379 Other payables 226 313 325 1 462 1 316 1 328 CURRENT TRADE AND OTHER PAYABLES Million US dollar 2017 2016 Trade payables and accrued expenses 15 240 14 071 Payroll and social security payables 1 284 1 027 Indirect taxes payable 2 862 2 750 Interest payable 1 790 1 797 Consigned packaging 1 111 974 Dividends payable 479 447 Deferred income 30 52 Deferred consideration on acquisitions 1 723 1 640 Other payables 243 327 24 762 23 086 Deferred consideration on acquisitions is mainly comprised of 1.6 billion US dollar for the put option included in the 2012 shareholders’ agreement between Ambev and E. León Jimenes S.A. (“ELJ”) as amended in 2017 to allow for a partial exercise of the option, which may result in Ambev acquiring additional Class B shares of Cervecería Nacional Dominicana S.A. (“CND”). The put option granted to ELJ is exercisable since 2013. The valuation of this option is based on the EBITDA of the consolidated operations in Dominican Republic. On 1 December 2017, Ambev announced that ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar. The transaction closed in January 2018 resulting in Ambev’s participation in CND increasing from 55% to 85%. |
Risks Arising from Financial In
Risks Arising from Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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Risks Arising from Financial Instruments | 29. RISKS ARISING FROM FINANCIAL INSTRUMENTS AB InBev’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on an interconnected basis, and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy. Some of the company’s risk management strategies include the usage of derivatives. The main derivative instruments used are foreign currency rate agreements, exchange traded foreign currency futures and options, interest rate swaps and forwards, cross currency interest rate swaps (“CCIRS”), exchange traded interest rate futures, commodity swaps, exchange traded commodity futures and equity swaps. AB InBev’s policy prohibits the use of derivatives in the context of speculative trading. The following table provides an overview of the derivative financial instruments outstanding at year-end 2017 2016 Million US dollar < 1 year 1-2 2-3 3-5 > 5 < 1 1-2 2-3 3-5 > 5 Foreign currency Forward exchange contracts 11 637 233 — — — 22 396 96 — — — Foreign currency futures 655 — — — — 610 — — — — Interest rate Interest rate swaps 1 075 2 250 750 1 883 88 1 292 1 075 2 250 784 3 630 Cross currency interest rate swaps 711 1 797 — 5 900 1 176 1 553 785 1 796 460 1 134 Interest rate futures — — 5 — — — — 46 77 — Other interest rate derivatives — — — — 565 — — — — 565 Commodities Aluminum swaps 1 412 21 — — — 1 211 31 — — — Other commodity derivatives 1 214 144 — — — 1 124 189 — — — Equity Equity derivatives 11 799 — — — — 10 087 235 — — — A. FOREIGN CURRENCY RISK AB InBev incurs foreign currency risk on borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income whenever they are denominated in a currency other than the functional currency of the subsidiary. The main derivative financial instruments used to manage foreign currency risk are foreign currency rate agreements, exchange traded foreign currency futures and cross currency interest rate swaps. FOREIGN EXCHANGE RISK ON THE COMBINATION WITH SAB During 2015 and 2016, AB InBev entered into derivative foreign exchange forward contracts, as well as other non-derivative non-derivative mark-to-market The portion that did not qualify for hedge accounting was reported as an exceptional finance cost in the profit and loss account in 2016 - see Note 11 Finance cost and income FOREIGN EXCHANGE RISK ON OPERATING ACTIVITIES As far as foreign currency risk on firm commitments and forecasted transactions is concerned, AB InBev’s policy is to hedge operational transactions which are reasonably expected to occur (e.g. cost of goods sold and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operational transactions that are certain are hedged without any limitation in time. Non-operational The table below provides an indication of the company’s main net foreign currency positions as regards firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary. 31 December 2017 31 December 2016 Million US dollar Total Total Open Total Total Open Euro/Canadian dollar (32 ) 32 — (52 ) 52 — Euro/Mexican peso (275 ) 246 (29 ) (159 ) 197 38 Euro/Pound sterling (82 ) 110 28 (33 ) 146 113 Euro/Russian ruble (58 ) 68 10 (64 ) 93 29 Euro/South African rand (84 ) 84 — (64 ) 64 — Euro/South Korean won (53 ) 44 (9 ) (63 ) 55 (8 ) Euro/Ukrainian hryvnia (58 ) — (58 ) (60 ) — (60 ) Euro/US dollar (271 ) 425 154 (924 ) 483 (441 ) Pound sterling/Euro (87 ) 128 41 (69 ) 71 2 Pound sterling/US dollar (40 ) 40 — (492 ) 162 (330 ) US dollar/Argentinean peso (678 ) 678 — (219 ) 219 — US dollar/Australian dollar (469 ) 192 (277 ) (171 ) 73 (98 ) US dollar/Bolivian boliviano (20 ) 20 — (59 ) 59 — US dollar/Brazilian real (1 184 ) 1 184 — (1 102 ) 1 102 — US dollar/Canadian dollar (306 ) 306 — (347 ) 347 — US dollar/Chilean peso (324 ) 324 — (255 ) 255 — US dollar/Chinese yuan (303 ) 134 (169 ) (248 ) 228 (20 ) US dollar/Colombian peso (319 ) 195 (124 ) (202 ) 187 (15 ) US dollar/Euro (157 ) 145 (12 ) (115 ) 68 (47 ) US dollar/Honduran lempira — — — (172 ) — (172 ) US dollar/Mexican peso (1 143 ) 873 (270 ) (952 ) 1 065 113 US dollar/Nigerian naira (172 ) — (172 ) (87 ) — (87 ) US dollar/Paraguayan guarani (108 ) 108 — (136 ) 136 — US dollar/Peruvian nuevo sol (255 ) 154 (101 ) (196 ) 123 (73 ) US dollar/Russian ruble (45 ) 30 (15 ) (71 ) 91 20 US dollar/South African rand (72 ) 66 (6 ) (95 ) 95 — US dollar/South Korean won (20 ) 60 40 (48 ) 112 64 US dollar/Tanzanian shilling (2 ) — (2 ) (85 ) 14 (71 ) US dollar/Ukrainian hryvnia (18 ) — (18 ) (22 ) — (22 ) US dollar/Uruguayan peso (57 ) 57 — (44 ) 44 — US dollar/Zambian kwacha (4 ) — (4 ) (89 ) — (89 ) Others (118 ) 104 (14 ) (390 ) 71 (319 ) Further analysis on the impact of open currency exposures is performed in the Currency Sensitivity Analysis In conformity with IAS 39 hedge accounting rules, these hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges. FOREIGN EXCHANGE RISK ON NET INVESTMENTS IN FOREIGN OPERATIONS AB InBev enters into hedging activities to mitigate exposures related to its investments in foreign operations. These strategies are designated as net investment hedges and include both derivative and non-derivative As of 31 December 2017, designated derivative and non-derivative non-derivatives FOREIGN EXCHANGE RISK ON FOREIGN CURRENCY DENOMINATED DEBT It is AB InBev’s policy to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, hedging is put in place unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration the holistic risk management approach. A description of the foreign currency risk hedging related to the debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk CURRENCY SENSITIVITY ANALYSIS Currency transactional risk Most of AB InBev’s non-derivative 2017 Closing rate Possible 22 Volatility Euro/Mexican peso 23.67 20.81 - 26.53 12.07 % Euro/Pound sterling 0.89 0.82 - 0.96 7.94 % Euro/Russian ruble 69.12 60.86 - 77.38 11.95 % Euro/South Korean won 1 280.41 1 181.37 - 1 379.44 7.73 % Euro/Ukrainian hryvnia 33.66 30.39 - 36.93 9.72 % Euro/US dollar 1.20 1.11 - 1.28 7.12 % Pound sterling/US dollar 1.35 1.16 - 1.54 13.99 % US dollar/Australian dollar 1.28 1.18 - 1.38 7.50 % US dollar/Chinese yuan 6.51 6.15 - 6.86 5.45 % US dollar/Colombian peso 2 988.60 2 732.94 - 3 244.26 8.55 % US dollar/Euro 0.83 0.77 - 0.89 7.12 % US dollar/Mexican peso 19.74 17.45 - 22.02 11.59 % US dollar/Nigerian naira 360.03 284.18 - 435.87 21.07 % US dollar/Peruvian nuevo sol 3.24 3.11 - 3.38 4.19 % US dollar/Russian ruble 57.63 51.43 - 63.83 10.76 % US dollar/South African rand 12.35 10.44 - 14.25 15.39 % US dollar/South Korean won 1 067.63 921.4 - 1 213.86 13.70 % US dollar/Tanzanian shilling 2 235.44 2 176.76 - 2 294.12 2.63 % US dollar/Ukrainian hryvnia 28.07 26.86 - 29.27 4.30 % US dollar/Zambian kwacha 9.98 8.91 - 11.05 10.72 % 2016 Closing rate Possible 23 Volatility Euro/Mexican peso 21.78 18.12 - 25.45 16.83 % Euro/Pound sterling 0.86 0.76 - 0.96 11.63 % Euro/Russian ruble 63.94 51.45 - 76.43 19.53 % Euro/Ukrainian hryvnia 28.66 24.85 - 32.47 13.30 % Euro/US dollar 1.05 0.97 - 1.14 8.09 % Pound sterling/US dollar 1.23 1.06 - 1.40 13.99 % US dollar/Australian dollar 1.38 1.23 - 1.54 11.22 % US dollar/Chinese yuan 6.94 6.57 - 7.32 5.45 % US dollar/Colombian peso 3 002.14 2 449.43 - 3 554.86 18.41 % 22 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. 23 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016. US dollar/Euro 0.95 0.87 - 1.03 8.09 % US dollar/Honduran lempira 23.49 23.36 - 23.63 0.57 % US dollar/Mexican peso 20.66 17.20 - 24.13 16.76 % US dollar/Nigerian naira 315.28 192.49 - 438.07 38.95 % US dollar/Peruvian nuevo sol 3.35 3.11 - 3.60 7.29 % US dollar/Russian ruble 60.66 48.77 - 72.55 19.60 % US dollar/South Korean won 1 203.90 1 039.01 - 1 368.80 13.70 % US dollar/Tanzanian shilling 2 180.87 2 151.10 - 2 210.64 1.37 % US dollar/Ukrainian hryvnia 27.19 24.27 - 30.11 10.74 % US dollar/Zambian kwacha 9.94 8.06 - 11.82 18.91 % Had the Australian dollar, Chinese yuan, Colombian peso, Mexican peso, Nigerian naira, Peruvian nuevo sol, pound sterling, Russian ruble, South African rand, South Korean won, Tanzanian shilling, Ukrainian hryvnia and Zambian kwacha weakened/strengthened during 2017 by the above estimated changes against the euro or the US dollar, with all other variables held constant, the 2017 impact on consolidated profit before taxes would have been approximately 142m US dollar (112m US dollar in 2016) higher/lower. Additionally, the AB InBev sensitivity 1 pre-tax NET FOREIGN EXCHANGE RESULTS Foreign exchange results recognized on unhedged and hedged exposures and from the related hedging derivative instruments can be summarized per type of hedging relationship as follows: Million US dollar 2017 2016 2015 Cash flow hedges - hedged items (2 ) 98 61 Cash flow hedges - hedging instruments (reclassified from equity) (11 ) (151 ) (11 ) Economic hedges - hedged items not part of a hedge accounting relationship 406 9 (347 ) Economic hedges - hedging instruments not part of a hedge accounting relationship (455 ) (45 ) 352 Other results - not hedged (242 ) 68 323 (304 ) (21 ) 378 B. INTEREST RATE RISK The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev’s policy is to achieve an optimal balance between cost of funding and volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy. FAIR VALUE HEDGE US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company entered into several US dollar fixed/floating interest rate swaps to manage and reduce the impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 3.0 billion US dollar. These derivative instruments have been designated in a fair value hedge accounting relationship. CASH FLOW HEDGE Canadian dollar bond hedges (foreign currency risk + interest rate risk on borrowings in Canadian dollar) In January 2013, the company issued a series of notes in an aggregated principal amount of 1.2 billion Canadian dollar. These bonds bear interest at 2.375% with maturity in January 2018 and 3.375% with maturity in January 2023. The company entered into several Canadian dollar fixed/US dollar fixed cross currency interest rate swaps to manage and reduce the impact of changes in the Canadian dollar exchange rate and interest rate on these bonds. These derivative instruments have been designated in a cash flow hedge accounting relationship. Pound sterling bond hedges (foreign currency risk + interest rate risk on borrowings in pound sterling) In September 2013, the company issued a pound sterling bond for an equivalent of 500m pound sterling. This bond bears interest at 4.00% per year with maturity in September 2025. The company entered into several pound sterling fixed/euro fixed cross currency interest rate swaps to manage and reduce the impact of changes in the pound sterling exchange rate and interest rate on this bond. These derivative instruments have been designated in a cash flow hedge accounting relationship. ECONOMIC HEDGE Marketable debt security hedges (interest rate risk on Brazilian real) During 2017 and 2016, Ambev invested in highly liquid Brazilian real denominated government debt securities. The company also entered into interest rate future contacts in order to offset the Brazilian real interest rate exposure of such government bonds. Since both instruments are measured at fair value with changes recorded into profit or loss, no hedge accounting designation was done. INTEREST RATE SENSITIVITY ANALYSIS In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the split per currency in which the debt is denominated. 31 December 2017 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.68 % 234 2.68 % 234 Brazilian real 9.22 % 122 7.61 % 199 Canadian dollar 2.09 % 207 2.45 % 224 Euro 0.35 % 3 398 0.35 % 3 415 South Africa rand 8.00 % 666 8.00 % 666 US dollar 1.48 % 1 285 1.43 % 2 521 Other 16.68 % 450 16.68 % 450 6 362 7 709 Fixed rate Australian dollar 3.70 % 1 838 3.70 % 1 838 Brazilian real 6.43 % 206 5.86 % 112 Canadian dollar 3.08 % 2 543 3.19 % 2 176 Euro 1.88 % 26 386 1.70 % 34 251 Peruvian nuevo sol 6.87 % 33 6.87 % 33 Pound sterling 3.83 % 4 403 3.80 % 3 734 South Korean won — — 2.50 % 1 000 US dollar 4.18 % 74 476 4.51 % 65 394 Other 3.36 % 252 2.36 % 252 110 137 108 790 31 December 2016 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Brazilian real 9.76 % 205 12.62 % 729 Canadian dollar 1.55 % 386 1.55 % 386 Euro 0.20 % 3 037 0.12 % 4 046 South African rand 8.30 % 446 8.30 % 446 US dollar 1.82 % 10 187 2.33 % 18 002 Other 18.75 % 352 18.75 % 352 14 613 23 961 Fixed rate Australian dollar 3.85 % 520 3.85 % 520 Brazilian real 6.67 % 375 6.20 % 258 Canadian dollar 2.93 % 886 2.89 % 554 Euro 0.26 % 23 991 1.86 % 26 396 Peruvian nuevo sol 5.88 % 119 5.88 % 119 Pound sterling 6.80 % 2 212 9.75 % 594 South Korean won — — 2.50 % 1 000 US dollar 4.06 % 79 615 4.15 % 68 928 Other 11.41 % 412 11.41 % 412 108 130 98 782 At 31 December 2017, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging listed above includes bank overdrafts of 117m US dollar. As disclosed in the above table, 7 709m US dollar or 6.62% of the company’s interest bearing financial liabilities bear a variable interest rate. The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows: 2017 Interest rate 24 Possible 25 Volatility Brazilian real 6.90 % 5.29% - 8.50% 23.27 % Canadian dollar 1.54 % 1.38% - 1.71% 10.72 % Euro — — 3.50 % South African rand 7.16 % 6.88% - 7.43% 3.84 % US dollar 1.69 % 1.59% - 1.80% 6.00 % 2016 Interest rate 26 Possible 27 Volatility Brazilian real 13.20 % 12.88% - 13.53% 2.46 % Canadian dollar 0.95 % 0.87% - 1.02% 7.83 % Euro — — 11.84 % South African rand 7.36 % 6.95% - 7.77% 5.55 % US dollar 1.00 % 0.89% - 1.11% 11.08 % When AB InBev applies the reasonably possible increase/decrease in the market interest rates mentioned above on its floating rate debt at 31 December 2017, with all other variables held constant, 2017 interest expense would have been 12m US dollar higher/lower (2016: 23m US dollar). This effect would be more than offset by -81m interest-bearing INTEREST EXPENSE Interest expense recognized on unhedged and hedged financial liabilities and the net interest expense from the related hedging derivative instruments can be summarized per type of hedging relationship as follows: Million US dollar 2017 2016 2015 Financial liabilities measured at amortized cost – not hedged (4 375 ) (4 119 ) (2 005 ) Fair value hedges—hedged items (34 ) (73 ) (87 ) Fair value hedges—hedging instruments 23 42 50 Cash flow hedges—hedged items (25 ) (24 ) (31 ) Cash flow hedges—hedging instruments (reclassified from equity) 26 16 24 Net investment hedges—hedging instruments (interest component) 77 34 152 Economic hedges—hedged items not part of a hedge accounting relationship — 8 8 Economic hedges—hedging instruments not part of a hedge accounting relationship (6 ) 24 56 (4 314 ) (4 092 ) (1 833 ) C. COMMODITY PRICE RISK The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to minimize exposure to commodity price volatility. The company has important exposures to the following commodities: aluminum, barley, coal, corn grits, corn syrup, corrugated board, diesel, fuel oil, glass, hops, labels, malt, natural gas, orange juice, plastics, rice, steel and wheat. As of 31 December 2017, the company has the following commodity derivatives outstanding (in notional amounts): aluminum swaps for 1 412m US dollar (2016: 1 242m US dollar), natural gas and energy derivatives for 211m US dollar (2016: 189m US dollar), exchange traded sugar futures for 87m US dollar (2016: 93m US dollar), corn swaps for 223m US dollar (2016: 179m US dollar), exchange traded wheat futures for 509m US dollar (2016: 557m US dollar), rice swaps for 221m US dollar (2016: 190m US dollar) and plastic derivatives for 91m US dollar (2016: 105m US dollar). These hedges are designated in a cash flow hedge accounting relationship. COMMODITY PRICE SENSITIVITY ANALYSIS The impact of changes in the commodity prices for AB InBev’s derivative exposures would have caused an immaterial impact on 2017 profits as most of the company’s commodity derivatives are designated in a hedge accounting relationship. The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2017, would have on the equity reserves. 2017 Volatility of 28 Pre-tax impact on equity Million US dollar Prices increase Prices decrease Aluminum 14.83 % 212 (212 ) Sugar 29.38 % 26 (26 ) Wheat 30.99 % 158 (158 ) Energy 20.37 % 43 (43 ) Rice 20.20 % 45 (45 ) Corn 24.81 % 45 (45 ) Plastic 17.50 % 15 (15 ) 24 Applicable 3-month 25 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. 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 26 Applicable 3-month 27 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. 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 28 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. 2016 Volatility of 29 Pre-tax Million US dollar Prices increase Prices decrease Aluminum 15.80 % 196 (196 ) Sugar 32.63 % 30 (30 ) Wheat 26.43 % 147 (147 ) Energy 28.60 % 54 (54 ) Rice 26.38 % 50 (50 ) Corn 24.30 % 44 (44 ) Plastic 18.62 % 20 (20 ) D. EQUITY PRICE RISK AB InBev entered into a series of derivative contracts to hedge the risk arising from the different share-based payment programs. The purpose of these derivatives is mainly to effectively hedge the risk that a price increase in the AB InBev shares will negatively impact future cash flows related to the share-based payments. Furthermore, AB InBev entered into a series of derivative contracts to hedge the deferred share instrument related to the Modelo combination (see also Note 11 Finance cost and income and 23 Changes in equity and earnings per share As of 31 December 2017, an exposure for an equivalent of 92.4m of AB InBev shares was hedged, resulting in a total loss of 579m US dollar recognized in the profit or loss account for the period, of which 291m US dollar related to the company’s share-based payment programs, 146m US dollar and 142m US dollar related to the Modelo and SAB transactions, respectively. Between 2012 and 2016, AB InBev reset with counterparties certain derivative contracts to market price. This resulted in a cash inflow of 3.2 billion US dollar between 2012 and 2016 and a cash outflow of 0.3 billion US dollar in 2017 and, accordingly, a decrease of counterparty risk. EQUITY PRICE SENSITIVITY ANALYSIS The sensitivity analysis on the share-based payments hedging program, calculated based on a 15.68% (2016: 22.84%) reasonable possible volatility 30 E. CREDIT RISK Credit risk encompasses all forms of counterparty exposure, i.e. where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored. AB InBev mitigates its exposure to counterparty credit risk through minimum counterparty credit guidelines, diversification of counterparties, working within agreed counterparty limits and through setting limits on the maturity of financial assets. The company has furthermore master netting agreements with all of the financial institutions that are counterparties to the over the counter (OTC) derivative financial instruments. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the risk of counterparty default per 31 December 2017 to be limited. AB InBev has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade. The company monitors counterparty credit exposures closely and reviews any downgrade in credit rating immediately. To mitigate pre-settlement 29 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016. 30 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. EXPOSURE TO CREDIT RISK The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 2017 2016 Million US dollar Gross Impairment Net carrying Gross Impairment Net carrying Debt securities held for trading 1 304 — 1 304 5 659 — 5 659 Available for sale 83 (7 ) 76 65 (7 ) 58 Held to maturity 24 — 24 24 — 24 Trade receivables 4 917 (194 ) 4 723 4 399 (202 ) 4 197 Cash deposits for guarantees 209 — 209 200 — 200 Loans to customers 179 — 179 100 — 100 Other receivables 2 326 (117 ) 2 209 2 818 (109 ) 2 709 Derivatives 483 — 483 1 117 — 1 117 Cash and cash equivalents 10 472 — 10 472 8 579 — 8 579 19 997 (318 ) 19 679 22 961 (318 ) 22 643 There was no significant concentration of credit risks with any single counterparty per 31 December 2017 and no single customer represented more than 10% of the total revenue of the group in 2017. IMPAIRMENT LOSSES The allowance for impairment recognized during the period per classes of financial assets was as follows: 2017 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (7 ) (202 ) — (109 ) (318 ) Impairment losses — (55 ) — (4 ) (59 ) Derecognition — 53 — 1 54 Currency translation and other — 10 — (5 ) 5 Balance at 31 December (7 ) (194 ) — (117 ) (318 ) 2016 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (9 ) (230 ) — (99 ) (338 ) Impairment losses — (43 ) — — (43 ) Derecognition — 69 — 2 71 Currency translation and other 2 2 — (12 ) (8 ) Balance at 31 December (7 ) (202 ) — (109 ) (318 ) 2015 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (11 ) (260 ) (30 ) (128 ) (429 ) Impairment losses — (41 ) — (16 ) (57 ) Derecognition — 20 30 22 72 Currency translation and other 2 51 — 23 76 Balance at 31 December (9 ) (230 ) — (99 ) (338 ) F. LIQUIDITY RISK AB InBev’s primary sources of cash flow have historically been cash flows from operating activities, the issuance of debt, bank borrowings and the issuance of equity securities. AB InBev’s material cash requirements have included the following: • Debt service; • 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. The company believes that cash flows from operating activities, available cash and cash equivalent and short term investments, along with the derivative instruments and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing. The following are the nominal contractual maturities of non-derivative 2017 Million US dollar Carrying 31 Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative Secured bank loans (502 ) (590 ) (318 ) (137 ) (23 ) (42 ) (70 ) Commercial papers (1 870 ) (1 871 ) (1 871 ) — — — — Unsecured bank loans (892 ) (927 ) (761 ) (129 ) (37 ) — — Unsecured bond issues (112 837 ) (167 056 ) (8 951 ) (13 951 ) (12 908 ) (24 655 ) (106 591 ) Unsecured other loans (68 ) (114 ) (17 ) (23 ) (13 ) (7 ) (54 ) Finance lease liabilities (213 ) (301 ) (42 ) (42 ) (32 ) (40 ) (145 ) Bank overdraft (117 ) (117 ) (117 ) — — — — Trade and other payables (26 167 ) (26 628 ) (24 (476 ) (207 ) (289 ) (900 ) (142 666 ) (197 604 ) (36 833 ) (14 758 ) (13 220 ) (25 033 ) (107 760 ) Derivative financial assets/(liabilities) Interest rate derivatives (96 ) (101 ) (9 ) (21 ) (14 ) 16 (73 ) Foreign exchange derivatives (61 ) (52 ) (59 ) 7 — — — Cross currency interest rate swaps (897 ) (1 043 ) 65 (128 ) 114 (904 ) (190 ) Commodity derivatives 179 143 139 4 — — — Equity derivatives (1 036 ) (1 134 ) (1 134 ) — — — — (1 911 ) (2 187 ) (998 ) (138 ) 100 (888 ) (263 ) Of which: directly related to cash flow hedges (20 ) (29 ) 64 5 2 4 (104 ) 2016 Million US dollar Carrying 1 Contractual Less than 1-2 2-3 3-5 More than Non-derivative Secured bank loans (862 ) (937 ) (676 ) (116 ) (33 ) (32 ) (80 ) Commercial papers (2 053 ) (2 054 ) (2 054 ) — — — — Unsecured bank loans (9 662 ) (11 057 ) (1 618 ) (535 ) (365 ) (8 535 ) (4 ) Unsecured bond issues (109 627 ) (162 300 ) (7 284 ) (10 262 ) (13 713 ) (25 383 ) (105 658 ) Unsecured other loans (122 ) (279 ) (27 ) (41 ) (33 ) (41 ) (137 ) Finance lease liabilities (234 ) (346 ) (44 ) (42 ) (44 ) (70 ) (146 ) Bank overdraft (184 ) (184 ) (184 ) — — — — Trade and other payables (24 879 ) (25 398 ) (23 (449 ) (209 ) (331 ) (692 ) (147 623 ) (202 555 ) (35 604 ) (11 445 ) (14 397 ) (34 392 ) (106 717 ) Derivative financial assets/(liabilities) Interest rate derivatives (267 ) (269 ) 5 3 (13 ) (35 ) (229 ) Foreign exchange derivatives 47 42 44 (2 ) — — — Cross currency interest rate swaps (32 ) (58 ) 22 (97 ) — 55 (38 ) Commodity derivatives 125 117 107 10 — — — Equity derivatives (490 ) (499 ) (499 ) — — — — (617 ) (667 ) (321 ) (86 ) (13 ) 20 (267 ) Of which: directly related to cash flow hedges 28 6 176 (112 ) (2 ) — (56 ) G. CAPITAL MANAGEMENT AB InBev is continuously optimizing its capital structure targeting to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. AB InBev’s capital structure policy and framework aims to optimize shareholder value through cash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing 31 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. investments with returns below AB InBev’s weighted average cost of capital. Besides the statutory minimum equity funding requirements that apply to the company’s subsidiaries in the different countries, AB InBev is not subject to any externally imposed capital requirements. When analyzing AB InBev’s capital structure the company uses the same debt/equity classifications as applied in the company’s IFRS reporting. H. FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In conformity with IAS 39 all derivatives are recognized at fair value in the balance sheet. The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates. The fair value of these instruments generally reflects the estimated amount that AB InBev would receive on the settlement of favorable contracts or be required to pay to terminate unfavorable contracts at the balance sheet date, and thereby takes into account any unrealized gains or losses on open contracts. The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet: Assets Liabilities Net Million US dollar 2017 2016 2017 2016 2017 2016 Foreign currency Forward exchange contracts 151 492 (211 ) (441 ) (60 ) 51 Foreign currency futures 1 3 (2 ) (7 ) (1 ) (4 ) Interest rate Interest rate swaps 14 26 (37 ) (216 ) (23 ) (190 ) Cross currency interest rate swaps 9 182 (906 ) (214 ) (897 ) (32 ) Other interest rate derivatives — — (73 ) (77 ) (73 ) (77 ) Commodities Aluminum swaps 178 69 (5 ) (8 ) 173 61 Sugar futures 24 22 (20 ) (5 ) 4 17 Wheat futures 34 52 (22 ) (30 ) 12 22 Other commodity derivatives 10 46 (20 ) (21 ) (10 ) 25 Equity Equity derivatives 62 225 (1 098 ) (715 ) (1 036 ) (490 ) 483 1 117 (2 394 ) (1 734 ) (1 911 ) (617 ) Of which: Non-current 25 146 (937 ) (471 ) (912 ) (325 ) Current 458 971 (1 457 ) (1 263 ) (999 ) (292 ) The following table summarizes the carrying amounts of the fixed rate interest-bearing financial liabilities as recognized in the balance sheet and the fair value of these liabilities. The fair value was assessed using common discounted cash-flow method based on market conditions existing at the balance sheet date. Therefore, the fair value of the fixed interest-bearing liabilities is within level 2 of the fair value hierarchy as set forth by IFRS 13 – Fair value measurement Interest-bearing financial liabilities Million US dollar 2017 32 2017 2016 1 2016 Fixed rate Australian dollar (1 838 ) (1 896 ) (520 ) (518 ) Brazilian real (206 ) (206 ) (375 ) (375 ) Canadian dollar (2 543 ) (2 574 ) (886 ) (954 ) Euro (26 386 ) (26 942 ) (23 991 ) (26 684 ) Peruvian nuevo sol (33 ) (33 ) (119 ) (118 ) Pound sterling (4 403 ) (4 902 ) (2 212 ) (2 847 ) US dollar (74 476 ) (83 482 ) (79 615 ) (85 397 ) Other (252 ) (252 ) (412 ) (411 ) (110 137 ) (120 287 ) (108 130 ) (117 305 ) 32 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. As required by IFRS 13 Fair value measurement • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 fair value measurements are those derived from valuation techniques for which the lowest level of input that is significant to the fair value measurement is unobservable. Fair value hierarchy 2017 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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Operating Leases | 30. OPERATING LEASES Non-cancelable 2017 Pub leases Other operational leases Net lease Million US dollar Lessee Sublease Lessee Sublease Lessor Within one year (131 ) 80 (179 ) 47 2 (181 ) Between one and five years (486 ) 294 (523 ) 131 7 (577 ) After five years (573 ) 197 (208 ) 14 4 (566 ) (1 190 ) 571 (910 ) 192 13 (1 324 ) 2016 Pub leases Other operational leases Net lease Million US dollar Lessee Sublease Lessee Sublease Lessor Within one year (95 ) 69 (153 ) 30 2 (147 ) Between one and five years (350 ) 246 (339 ) 66 5 (372 ) After five years (538 ) 156 (183 ) 15 2 (548 ) (983 ) 471 (675 ) 111 9 (1 067 ) Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements of 27 years. These operating leases maturing in November 2034 represent an undiscounted obligation of 1 190m US dollar. The pubs leased from Cofinimmo are subleased for an average outstanding period of 6 to 8 years and represent an undiscounted right to receive 571m US dollar. These leases are subject to renewal after their expiration date. The impact of such renewal is not reported in the table above. Furthermore, the company leases a number of warehouses, factory facilities and other commercial buildings under operating leases. The leases typically run for an initial period of five to ten years, with an option to renew the lease after that date. This represents an undiscounted obligation of 910m US dollar. Lease payments are increased annually to reflect market rentals. None of the leases include contingent rentals. Also in this category AB InBev has sublet some of the leased properties, representing an undiscounted right of 192m US dollar. At 31 December 2017, 307m US dollar was recognized as an expense in the income statement in respect of operating leases as lessee (2016: 272m US dollar; 2015: 233m US dollar), while 128m US dollar was recognized as income in the income statement in respect of subleases (2016: 117m US dollar; 2015: 121m US dollar). The company also leases out part of its own property under operating leases. At 31 December 2017, 10m US dollar was recognized as income in the income statement in respect of operating leases as lessor (2016: 10m US dollar; 2015: 20m US dollar). 33 Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules 34 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 |
Collateral and Contractual Comm
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other | 12 Months Ended |
Dec. 31, 2017 | |
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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other | 31. COLLATERAL AND CONTRACTUAL COMMITMENTS FOR THE ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT, LOANS TO CUSTOMERS AND OTHER Million US dollar 2017 2016 Collateral given for own liabilities 426 490 Collateral and financial guarantees received for own receivables and loans to customers 326 228 Contractual commitments to purchase property, plant and equipment 550 817 Contractual commitments to acquire loans to customers 16 11 Other commitments 1 834 1 768 The collateral given for own liabilities of 426m US dollar at 31 December 2017 contains 209m US dollar cash guarantees. Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Provisions Trade and other receivables To keep AB InBev’s credit risk with regard to receivables and loans to customers as low as possible collateral and other credit enhancements were obtained for a total amount of 326m US dollar at 31 December 2017. Collateral is held on both real estate and debt securities while financial guarantees are obtained from banks and other third parties. AB InBev has entered into commitments to purchase property, plant and equipment for an amount of 550m US dollar at 31 December 2017. In a limited number of countries AB InBev has committed itself to acquire loans to customers from banks at their notional amount if the customers do not respect their reimbursement commitments towards the banks. The total outstanding amount of such loans is 16m US dollar at 31 December 2017. As at 31 December 2017, the following M&A related commitments existed: • In a transaction related to the combination of AB InBev and Grupo Modelo select Grupo Modelo shareholders committed, upon tender of their Grupo Modelo shares, to acquire 23 076 922 AB InBev shares to be delivered within 5 years for consideration of approximately 1.5 billion US dollar. The consideration was paid on 5 June 2013. Pending the delivery of the AB InBev shares, AB InBev will pay a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders are compensated on an after tax basis, for dividends they would have received had the AB InBev shares been delivered to them prior to the record date for such dividend. • As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A.(“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place which may result in Ambev acquiring additional shares in CND. On 1 December 2017, Ambev announced that ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar. The transaction closed in January 2018 resulting in Ambev’s participation in CND increasing from 55% to 85%. As of 31 December 2017, the put option was valued 1 669m US dollar (2016: 1 497m US dollar). The corresponding liability is presented as a current liability and recognized as a deferred consideration on acquisitions at fair value in “level 3” category above. See also note 29 Risks arising from financial instruments • On 11 October 2016, AB InBev was notified by The Coca-Cola Company of its intention to transition AB InBev’s stake in Coca-Cola Beverages Africa (“CCBA”). On 21 December 2016, The Coca-Cola Company and the company have reached an agreement regarding the transition of AB InBev’s 54.5% equity stake in CCBA for 3.15 billion US dollar, after customary adjustments. CCBA includes the Coca-Cola bottling operations in South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros. This transaction was completed on 4 October 2017. In addition, the companies have reached an agreement in principle for The Coca-Cola Company to acquire the companies’s interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount. These transactions are subject to the relevant regulatory and minority approvals in different jurisdictions. • In September 2017, AB InBev entered into a transaction with Compañia Cervecerías Unidas S.A. (“CCU”) whereby AB InBev will recover the distribution rights for Budweiser in Argentina for a consideration of approximately 300m US dollar. As part of the transaction, AB InBev will transfer the brands Isenbeck and Diosa to CCU. Concurrently, AB InBev and Quilmes, a subsidiary of Ambev, entered into an agreement whereby AB InBev will grant a perpetual license to Quilmes in Argentina for Budweiser and other North American brands upon the recovery of the distribution rights by AB InBev from CCU. The agreement also foresees the transfer of the brewery of Cerveceria Argentina Sociedad Anonima Isenbeck by AB InBev to Quilmes and the transfer of some Argentinean brands (Norte, Iguana and Baltica) along with 50m US dollar by Quilmes to CCU. The closing of these transactions is subject to the approval of the Argentinean antitrust authority. • On 11 October 2016, AB InBev completed the disposal of SAB’s interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the “Miller International Business” to Molson Coors Brewing Company. The disposal was completed for 12 billion US dollar in cash, subject to a downward purchase price adjustment. AB InBev set up a provision of 330m US dollar as part of the opening balance sheet related to the purchase price adjustment. The parties entered into a settlement agreement on 21 January 2018 for 330m US dollar of which 328m US dollar constitutes the purchase price adjustment amount. Other commitments amount to 1 834m US dollar at 31 December 2017 and mainly cover guarantees given to pension funds, rental and other guarantees. In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 19 million of its own ordinary shares. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend. As of 31 December 2017, 17 million loaned securities were used to fulfil stock option plan commitments. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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Contingencies | 32. CONTINGENCIES 35 The company has contingencies for which, in the opinion of management and its legal counsel, the risk of loss is possible but not probable and therefore no provisions have been recorded. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions, and as a consequence AB InBev management cannot at this stage estimate the likely timing of resolution of these matters. The most significant contingencies are discussed below. AMBEV TAX MATTERS As of 31 December 2017, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2017 31 December 2016 Income tax and social contribution 9 600 8 878 Value-added and excise taxes 5 987 4 924 Other taxes 1 390 605 16 977 14 407 The most significant tax proceedings of Ambev are discussed below. INCOME TAX AND SOCIAL CONTRIBUTION During 2005, certain subsidiaries of Ambev received a number of assessments from Brazilian federal tax authorities relating to profits of its foreign subsidiaries. In December 2008, the Administrative Court decided on one of the tax assessments relating to earnings of Ambev’s foreign subsidiaries. This decision was partially favorable to Ambev, and in connection with the remaining part, Ambev filed an appeal to the Upper House of the Administrative Court, which was denied in full in March 2017. In September 2017, Ambev filed a judicial proceeding for this tax assessment with a motion of injunction, which was granted to Ambev. With respect to another tax assessment relating to foreign profits, the Administrative Court rendered a decision favorable to Ambev in September 2011. In 2013, 2016 and 2017, Ambev received other tax assessments related to profits of its foreign subsidiaries. As of 31 December 2017, Ambev management estimates the exposure of approximately 6.1 billion Brazilian real (1.8 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount, and approximately 44m Brazilian real (13m US dollar) as a probable loss. In December 2011, Ambev received a tax assessment related to the goodwill amortization resulting from the InBev Holding Brasil S.A. merger with Ambev. In November 2014 the Lower Administrative Court concluded the judgment. The decision was partly favorable, Ambev was notified in August 2015 and presented a motion to clarify the decision to the Administrative Court. This motion was admitted in September 2016 and Ambev was notified of the clarified decision in January 2018. The Administrative Court’s decision was partly favorable to Ambev. Therefore Ambev will file a judicial proceeding to discuss the unfavorable part of the decision. The remaining part, which was favorable to Ambev, will be reexamined by the Administrative Upper Court. In June 2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization and filed a defense. In March 2017, Ambev was notified of a partially favorable first level administrative decision on this tax assessment and filed an appeal to the Lower Administrative Court. Ambev has not recorded any provisions for this matter, and management estimates possible losses in relation to this assessment to be approximately 8.3 billion Brazilian real (2.5 billion US dollar) as of 31 December 2017. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amount proportional to the benefit received by AB InBev pursuant to the merger protocol, as well as the related costs. In October 2013, Ambev also received a tax assessment related to the goodwill amortization resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. Ambev filed a defense in November 2013. In December 2014, Ambev filed an appeal against the unfavorable first level administrative decision published in November 2014. In March 2017, the Lower Administrative Court remanded the case back to the first level administrative judgment due to processual matters. In July 2017, Ambev was notified of the new first level decision and filed a new appeal to the Lower Administrative Court. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 1.6 billion Brazilian real (0.5 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. In November 2017, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of CND Holdings into Ambev. Ambev filed a response in December 2017 and is awaiting the first level administrative decision. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 1.1 billion Brazilian real (0.3 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. 35 Amounts have been converted to US dollar at the closing rate of the respective period. Ambev and certain of its subsidiaries received a number of assessments from Brazilian federal tax authorities relating to the offset of tax loss carry forward arising in the context of business combinations. In February 2016, the Upper House of the Administrative Tax Court concluded the judgment of two tax assessments on this matter. In both cases the decision was unfavorable. Ambev filed a judicial proceeding. In September 2016, Ambev received a favorable first level decision in one of the judicial claims. In March 2017, Ambev received an unfavorable first level decision on the other judicial case and filed an appeal to the court. Ambev management estimates the total exposures of possible loss in relation to these assessments to be approximately 0.5 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017. In December 2014, Ambev received a tax assessment from the Brazilian Federal Tax Authorities related to the disallowance of alleged non-deductible Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities related to the disallowance of deductions associated with alleged unproven taxes paid abroad, for which the decision from the Upper House of the Administrative Court is still pending. In September 2017, Ambev decided to include part of those tax assessments in the Brazilian Federal Tax Regularization Program of the Provisional Measure nº 783. As of 31 December 2017, Ambev management estimates the exposure of approximately 7.2 billion Brazilian real (2.2 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount. In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of “presumed profit” method for the calculation of income tax and the social contribution on net profit instead of the “real profit” method. In September 2017, Arosuco received the unfavorable first level administrative decision and filed an appeal to the Lower Administrative Court. Arosuco management estimates the amount of possible losses in relation to this assessment to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017. Arosuco has not recorded any provision in connection therewith. In December 2016, CRBS (a subsidiary of Ambev) received a tax assessment regarding the use of “presumed profit” method for the calculation of income tax and the social contribution on net profit instead of the “real profit” method. In July 2017, CRBS was notified of an unfavorable first level administrative decision and filed an appeal to the Administrative Court. In September 2017, CRBS decided to include this tax assessment in the Brazilian Federal Tax Regularization Program of the Provisional Measure nº 783. ICMS VALUE ADDED TAX, IPI EXCISE TAX AND TAXES ON NET SALES In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt from IPI excise tax. There is discussion on whether the acquisition of such benefited goods gives rise to the right of IPI excise tax credits by the relevant acquirers. Ambev’s subsidiaries have been registering IPI excise tax presumed credits upon the acquisition of exempted goods manufactured therein and discussing the matter at Courts. Since 2009, Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to the disallowance of such presumed IPI excise tax credits and other IPI excise tax credits, which are under discussion before the Brazilian Supreme Court. Ambev management estimates the possible loss related to these assessments to be approximately 3.2 billion Brazilian real (1.0 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. Over the years, Ambev has also received tax assessments from the Brazilian Federal Tax Authorities charging federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits which are under discussion in the above mentioned proceedings. Ambev is challenging these charges before Courts. Ambev management estimates the possible loss related to these assessments to be approximately 0.9 billion Brazilian real (0.3 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities to charge the IPI excise tax, supposedly due over remittances of manufactured goods to related factories, for which a decision from the Upper House of the Administrative Tax Court is still pending. Ambev management estimates the possible loss related to these assessments to be approximately 1.5 billion Brazilian real (0.5 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. Ambev is currently challenging tax assessments issued by the States of São Paulo, Rio de Janeiro, Minas Gerais and other States questioning the legality of ICMS tax credits arising from transactions with companies that has tax incentives. Ambev management estimates the possible losses related to these assessments to be approximately 1.9 billion Brazilian real (0.6 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. Ambev was assessed by the State of Rio de Janeiro to charge the ICMS supposedly due with respect to unconditional discounts granted by Ambev from January 1996 to February 1998. In October, 2015 and January, 2016, Ambev paid the amounts under discussion in an incentive tax program under which discounts were granted, in the total amount of approximately 0.3 billion Brazilian real (0.1 billion US dollar). In 2013, 2014 and 2015, Ambev received similar tax assessments issued by the States of Pará and Piauí relating to the same issue, which are currently under discussion. After the above mentioned payments, Ambev management estimates the possible loss involved in these proceedings to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith. Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by the company is above the fixed price table basis established by the relevant States, cases in which the State tax authorities understand that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before Courts. Among other similar cases, the company received three assessments issued by the State of Minas Gerais in the original amount of 1.4 billion Brazilian real (0.4 billion US dollar). In the second quarter of 2017, the Administrative Tax Court of the State of Minas Gerais ruled unfavorably to Ambev on three relevant cases. Ambev presented a defense against such decisions to the Upper House of the Administrative Tax Court of the State of Minas Gerais and currently awaits a judgement. In 2017, Ambev received ten relevant assessments from the State of Rio de Janeiro which amounts to 0.9 billion Brazilian real (0.3 billion US dollar). Ambev presented defenses against such tax assessments and now awaits the decision by the Administrative Courts. Ambev management estimates the total possible loss related to this issue to be approximately 5.8 billion Brazilian real (1.8 billion US dollar) as of 31 December 2017. Ambev has recorded provisions in the total amount of 7m Brazilian real (2m US dollar) in relation to certain proceedings for which it considers the chances of loss to be probable due to specific procedural issues. SOCIAL CONTRIBUTIONS Ambev received some tax assessments issued by the Brazilian Federal Tax Authorities relating to amounts allegedly due under Integration Program / Social Security Financing Levy (PIS/COFINS) over bonus products granted to its customers. The cases are now being discussed at Courts. Ambev management estimates the possible loss related to these assessments to be approximately 3.1 billion Brazilian real (0.9 billion US dollar) as of 31 December 2017. No related provision has been made. OTHER TAX MATTERS During 2014, Anheuser-Busch InBev Worldwide Inc. received a net proposed tax assessment from the United States federal tax authorities (IRS) of 0.3 billion US dollar predominantly involving certain inter-company transactions, related to tax returns for the years 2008 and 2009. In November 2015, the IRS issued an additional proposed tax assessment of 0.1 billion US dollar for tax years 2010 and 2011. Anheuser-Busch InBev Worldwide Inc. has filed protests with the IRS for the 2008 to 2011 tax years and intends to vigorously defend its position. In February 2015, the European Commission opened an in-depth non-recognized In addition, the Belgian tax authorities have also questioned the validity and the actual application of the excess profit ruling that was issued in favor of AB InBev and have refused the actual tax exemption which it confers. Against such decision AB InBev has filed a court claim before the Brussels court of first instance. Also in respect of this aspect of the EPR matter, considering the company’s and its counsel assessment in respect of the merits of the case, AB InBev has not recorded any provisions as of 31 December 2017. WARRANTS Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming that they should receive the dividends relative to these shares since 2003, approximately 847m Brazilian real (256m US dollar) in addition to legal fees. Ambev disputes these claims and intends to continue to vigorously defend its case. Five of the six lawsuits were ruled favorable to Ambev by the Superior Court of Justice (STJ). Two of them during the year of 2017. All of these five cases are pending final judgment by STJ’s Special Court. In November, 2017 the Federal Public Prosecutor filled a motion favorable to Ambev’s position in one of the cases. Considering all of these facts, the company and our external counsels strongly believe that the chance of loss of these cases are remote. ANTITRUST MATTERS On 12 December 2014, a lawsuit was commenced in the Ontario Superior Court of Justice against the Liquor Control Board of Ontario, Brewers Retail Inc. (known as The Beer Store or “TBS”) and the owners of Brewers Retail Inc. (Molson Coors Canada, Sleeman Breweries Ltd. and Labatt Breweries of Canada LP). The lawsuit was brought in Canada pursuant to the Ontario Class Proceedings Act, and sought, among other things: (i) to obtain a declaration that the defendants conspired with each other to allocate markets for the supply of beer sold in Ontario since 1 June 2000; (ii) to obtain a declaration that Brewers Retail Inc. and the owners of Brewers Retail Inc. conspired to fix, increase and/or maintain prices charged to Ontario licensees (on-trade) In 2016, the European Commission announced an investigation into alleged abuse of a dominant position by AB InBev through certain practices aimed at restricting trade from other European Union member states to Belgium. On 30 November 2017, the European Commission informed AB InBev of its preliminary view in a Statement of Objections that these practices are an infringement and invited AB InBev to respond, which it shall do. The fact that a Statement of Objections has been issued does not mean that the European Commission has concluded that there is an infringement. It is not possible to indicate how long the investigation will take or what the outcome will be and no provision has been made in connection therewith. There is no connection between this investigation and the combination with former SAB. 2009 DISPOSITIONS PENSION LITIGATION On 1 December 2009, AB InBev and several of its related companies were sued in Federal Court in the Eastern District of Missouri in a lawsuit styled Richard F. Angevine v. AB InBev, et al. The plaintiff sought to represent a class of certain employees of Busch Entertainment Corporation, which was divested on 1 December 2009, and the four Metal Container Corporation plants which were divested on 1 October 2009. He also sought to represent certain employees of any other subsidiary of Anheuser-Busch Companies, Inc. (ABC) which were divested on 1 October 2009. The lawsuit contained claims that the class was entitled to enhanced retirement benefits under sections 4.3 and 19.11(f) of the Anheuser-Busch Companies’ Salaried Employees’ Pension Plan (the “Plan”). Specifically, plaintiff alleged that the divestitures resulted in his “involuntary termination” from “ABC and its operating division and subsidiaries” within three years after the 18 November 2008 ABC/InBev merger, which allegedly triggered the enhanced benefits under the Plan. The lawsuit claimed that by failing to provide the class members with these enhanced benefits, AB InBev, et al. breached their fiduciary duties under ERISA. The complaint sought punitive damages and attorneys’ fees. On 16 July 2010, the Court ruled that the claims for breach of fiduciary duty and punitive damages were not proper. The Court also found that Angevine did not exhaust his administrative remedies, which was required before filing a lawsuit. Angevine filed an appeal of this ruling with the Eighth Circuit Court of Appeals. On 22 July 2011, the Court of Appeals affirmed the decision of the lower court. No further appeals were filed. On 15 September 2010, AB InBev and several of its related companies were sued in Federal Court for the Southern District of Ohio in a lawsuit entitled Rusby Adams et al. v. AB InBev et al. This lawsuit was filed by four employees of Metal Container Corporation’s facilities (“MCC”) in Columbus, Ohio, Gainesville, Florida, and Ft. Atkinson, Wisconsin that were divested on 1 October 2009. Similar to the Angevine lawsuit, these plaintiffs sought to represent a class of participants of the Anheuser-Busch Companies’ Inc. Salaried Employees’ Pension Plan (the “Plan”) who had been employed by subsidiaries of Anheuser-Busch Companies, Inc. that had been divested during the period of 18 November 2008 and 17 November 2011. The plaintiffs also alleged claims similar to the Angevine lawsuit: (1) that they were entitled to benefits under section 19.11(f) of the Plan; and (2) that the denial of benefits was a breach of fiduciary duty. AB InBev believed that it had defenses to these claims, and filed a motion to dismiss. On 25 April 2011, the Court dismissed the breach of fiduciary duty claims, and the only remaining claim was for benefits under section 19.11(f). On 28 March 2012, the Court certified that the case could proceed as a class action comprised of former employees of the divested MCC operations. On 9 January 2013, the Court granted AB InBev’s motion for Judgment on the Administrative Record. The plaintiffs appealed this decision on 5 February 2013. On 11 July 2014, the Court of Appeals for the 6 th On 10 January 2012, a class action complaint asserting claims very similar to those asserted in the Angevine lawsuit was filed in Federal Court for the Eastern District of Missouri, styled Nancy Anderson et al. v. Anheuser-Busch Companies Pension Plan et al. Unlike the Angevine case, however, the plaintiff in this matter alleges complete exhaustion of all administrative remedies. The company filed a motion to dismiss on 9 October 2012. This was still pending when the Court allowed the complaint to be amended on 19 November 2012 to name four new plaintiffs. AB InBev filed a motion to dismiss on 17 December 2012. While this motion was pending, on 11 March 2013 the Court consolidated the case with the Knowlton case (see below) which had been transferred from California to Missouri. On 10 October 2012, another class action complaint was filed against Anheuser-Busch Companies, LLC, Anheuser-Busch Companies Pension Plan, Anheuser-Busch Companies Pension Plan Appeals Committee and the Anheuser-Busch Companies Pension Plans Administrative Committee by Brian Knowlton, an employee of the divested Busch Entertainment Corporation (“BEC”). This complaint, filed in Federal Court in the Southern District of California, was amended on 12 October 2012. Like the other lawsuits, it claims that the employees of any divested assets were entitled to enhanced retirement benefits under section 19.11(f) of the Plan. However, it specifically excludes the divested Metal Container Corporation facilities that have been included in the Adams class action. On 6 November 2012, the plaintiffs filed a motion asking the court to move the Anderson case to California to join it with the Knowlton case for discovery. The company filed a motion to dismiss/motion to transfer the case to Missouri on 12 November 2012, which was granted on 30 January 2013. As outlined above, on 11 March 2013, the Knowlton case was then consolidated in Missouri with the Anderson case. On 19 April 2013 a consolidated complaint was filed, and a Motion to Dismiss was filed by the company on 10 May 2013. On 30 October 2013, the court dismissed the breach of fiduciary claims, and an answer was filed on 13 November 2013. On 19 November 2013, plaintiffs amended one count of the consolidated complaint. On 16 May 2014, the Court granted class certification. The class consists of divested BEC employees. On 10 November 2014, Plaintiffs filed a Motion for Judgment on the Pleadings based on the decision by the Sixth Circuit Court of Appeals in the Adams case. On 8 July 2015, the Court issued an order of partial judgment on the pleadings, holding that the employees of BEC were entitled to enhanced retirement benefits under the Plan. The 8 July 2015 order, however, was not a final, appealable order. On 21 August 2015, the company filed a motion seeking entry of a final, appealable order, as well as a stay pending appeal, both of which were granted on 9 October 2015. The company subsequently appealed. On 22 February 2017, the 8 th |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2017 | |
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Non-Controlling Interests | 33. NON-CONTROLLING As of 31 December 2017 and 2016, material non-controlling Summarized financial information of Ambev, in which the company has material non-controlling Million US dollar 2017 2016 Summarized balance sheet information Current assets 7 472 7 329 Non-current 18 783 18 396 Current liabilities 8 672 8 829 Non-current 3 078 2 582 Equity attributable to equity holders 13 908 13 754 Non-controlling 597 560 Summarized income statement and comprehensive income information Revenue 14 961 13 123 Net income 2 452 3 765 Attributable to: Equity holders 2 290 3 611 Non-controlling 162 155 Net income 2 452 3 765 Other comprehensive income 809 (1 534 ) Total comprehensive income 3 261 2 231 Attributable to: Equity holders 3 090 2 190 Non-controlling 171 41 Summarized cash flow information Cash flow from operating activities 5 583 3 552 Cash flow from investing activities (960 ) (1 697 ) Cash flow from financing activities (4 018 ) (3 351 ) Net increase/(decrease) in cash and cash equivalents 605 (1 496 ) Dividends paid by Ambev to non-controlling Other non-controlling non-controlling In 2017 non-controlling non-controlling Assets classified as held for sale and discontinued operations |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
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Related Parties | 34. RELATED PARTIES TRANSACTIONS WITH DIRECTORS AND EXECUTIVE BOARD MANAGEMENT MEMBERS (KEY MANAGEMENT PERSONNEL) In addition to short-term employee benefits (primarily salaries) AB InBev’s executive board management members are entitled to post-employment benefits. In particular, members of the executive board of management participate in the pension plan of their respective country – see also Note 25 Employee Benefits Share-based Payments 2017 2016 2015 Million US dollar Directors Executive board Directors Executive board Directors Executive board Short-term employee benefits 2 28 2 18 3 25 Post employment benefits — 1 — — — 2 Share-based payments 3 68 3 64 2 65 5 97 5 82 5 91 Directors’ compensation consists mainly of directors’ fees. During 2017, AB InBev entered into the following transactions: • The acquisition, through Grupo Modelo and its subsidiaries, of information technology and infrastructure services for a consideration of approximately 0.8m US dollar from a company in which one of the company’s Board Member had significant influence as of 31 December 2017. • The acquisition, mainly through its subsidiary Bavaria S.A., of transportation services, lease agreements and advertising services for an aggregated consideration of 5.4m US dollar from companies in which one of the company’s Board Member had a significant influence as of 31 December 2017. The outstanding balance of these transactions as of 31 December 2017 amounts to 1.1m US dollar. With the exception of the abovementioned transactions, key management personnel were not engaged in any transactions with AB InBev and did not have any significant outstanding balances with the company. JOINTLY CONTROLLED ENTITIES Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows: Million US dollar 2017 2016 2015 Non-current 12 11 2 Current assets 5 5 5 Non-current 11 9 2 Current liabilities 6 6 5 Result from operations (3 ) (6 ) (1 ) Profit attributable to equity holders of AB InBev (3 ) (7 ) — TRANSACTIONS WITH ASSOCIATES Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2017 2016 2015 Gross profit 91 (47 ) (77 ) Current assets 73 (8 ) 2 Current liabilities 20 20 25 TRANSACTIONS WITH PENSION PLANS AB InBev’s transactions with pension plans mainly comprise 12m US dollar other income from pension plans in US. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
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Supplemental Guarantor Financial Information | 35. SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION The following guarantor financial information is presented to comply with U.S. SEC disclosure requirements of Rule 3-10 S-X. The issuances or exchanges of securities described below are related to securities issued by Anheuser-Busch InBev Worldwide Inc. or Anheuser-Busch InBev Finance Inc., and in each case fully and unconditionally guaranteed by Anheuser-Busch InBev SA/NV (the “Parent Guarantor”). Each such security is also jointly and severally guaranteed by Anheuser-Busch • On 13 October 2009, Anheuser-Busch InBev Worldwide Inc. issued 2.25 billion US dollar principal amount of 5.375% unsecured notes due 2020, which were exchanged for publicly registered notes on 8 February 2010. • On 24 March 2010, Anheuser-Busch InBev Worldwide Inc. issued 1.0 billion US dollar principal amount of 5.0% due 2020, which were exchanged for publicly registered notes on 5 August 2010. • On 24 January 2011, Anheuser-Busch InBev Worldwide Inc. issued 0.5 billion US dollar aggregate principal amount of fixed rate notes due 2021. The notes bear interest at an annual rate of 4.375% and will mature on 15 February 2021. The issuance closed on 27 January 2011. • On 14 March 2011, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the following series of unregistered notes (i) 2.5 billion US dollar principal amount of 7.75 % notes due 2019, (ii) 1.25 billion US dollar principal amount of 8.2 % notes due 2039 and (iii) 1.0 billion US dollar principal amount of 6.875 % notes due 2019 and (iv) 0.45 billion US dollar principal amount of 8.0 % notes due 2039. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable, SEC-registered • On 16 July 2012, Anheuser-Busch InBev Worldwide Inc. issued 3.0 billion US dollar aggregate principal amount of fixed rate notes due 2022 and 1.0 billion US dollar aggregate principal amount of fixed rate notes due 2042. The notes bear interest at an annual rate of 2.500% for the 2022 notes and 3.750% for the 2042 notes. • On 17 January 2013, Anheuser-Busch InBev Finance Inc. issued 1.25 billion US dollar aggregate principal amount of fixed rate notes due 2023 and 0.75 billion US dollar aggregate principal amount of fixed rate notes due 2043. The notes bear interest at an annual rate of 2.625% for the 2023 notes and 4.000% for the 2043 notes. • On 27 January 2014, Anheuser-Busch InBev Finance Inc. issued 5.25 billion US dollar aggregate principal amount of bonds, consisting of 1.25 billion US dollar aggregate principal amount of fixed rate notes due 2019; 250m US dollar aggregate principal amount of floating rate notes due 2019; 1.4 billion US dollar aggregate principal amount of fixed rate notes due 2024; and 850m US dollar aggregate principal amount of fixed rate notes due 2044. The fixed rate notes bear interest at an annual rate of 2.150% for the 2019 notes; 3.700% for the 2024 notes; and 4.625% for the 2044 notes. The floating rate notes bear interest at an annual rate of 40.00 basis points above three-month LIBOR. • On 23 July 2015, Anheuser-Busch InBev Finance Inc. issued 565 million US dollar aggregated principal amount of fixed rate notes due 2045. The notes bear interest at an annual rate of 4.60%. • On 25 January 2016, Anheuser-Busch InBev Finance Inc. issued 46.0 billion US dollar aggregate principal amount of bonds, consisting of 4.0 billion US dollar aggregate principal amount of fixed rate notes due 2019; 7.5 billion US dollar aggregate principal amount of fixed rate notes due 2021; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2023; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2026; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2036; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2046; and 500m US dollar aggregate principal amount of floating rate notes due 2021. The fixed rate notes will bear interest at an annual rate of 1.900% for the 2019 notes; 2.650% for the 2021 notes; 3.300% for the 2023 notes; 3.650% for the 2026 notes; 4.700% for the 2036 notes and 4.900% for the 2046 notes. The 2021 floating rate notes bear interest at an annual rate of 126.00 basis points above three-month LIBOR. • On 29 January 2016, Anheuser-Busch InBev Finance Inc. issued 1.47 billion US dollar aggregated principal amount of fixed rate notes due 2046. The notes bear interest at an annual rate of 4.915%. • On 16 December 2016, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 6.8 billion US dollar aggregate principal amount of certain SAB Group notes, in connection with which Anheuser-Busch InBev Worldwide Inc. issued (i) 309 million US dollar aggregate principal amount of floating rate notes due 2018; (ii) 641 million US dollar aggregate principal amount of 2.200% fixed rate notes due 2018; (iii) 2.35 billion US dollar aggregate principal amount of 3.750% fixed rates due 2022; (iv) 298 million US dollar aggregate principal amount of 6.625% fixed rate notes due 2033; (v) 300 million US dollar aggregate principal amount of 5.875% fixed rate notes due 2035; and (vi) 1.49 billion US dollar aggregate principal amount of 4.950% fixed rate notes due 2042. The floating rate notes bear interest at an annual rate of 69.00 basis points above three-month LIBOR. • On 6 April and 19 April 2017, Anheuser-Busch InBev Worldwide Inc. completed U.S. private exchange offers for certain outstanding notes issued by either Anheuser-Busch Companies, LLC or Anheuser-Busch InBev Worldwide Inc. in exchange for a combination of new Anheuser-Busch InBev Worldwide Inc. Notes due 2048 and cash. The new notes have 1,735,171,000 US dollar aggregate principal amount outstanding, mature on 6 October 2048 and bear interest at a rate per annum of 4.439% 36 • On 21 August 2017, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered 1,735,169,000 US dollar principal amount of 4.439% notes due 2048. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable notes, SEC-registered The following condensed consolidating financial information presents the Condensed Consolidating Statement of Financial Position as of 31 December 2017 and 31 December 2016, the Condensed Consolidating Income Statements and Condensed Consolidating Statements of Cash Flows for the years ended 31 December 2017, 2016 and 2015 of (a) Anheuser-Busch InBev SA/NV, (b) Anheuser-Busch InBev Worldwide Inc. (guarantor of notes issued by Anheuser-Busch InBev Finance Inc.), (c) Anheuser-Busch InBev Finance Inc. (guarantor of notes issued by Anheuser-Busch InBev Worldwide Inc.), (d) the Other Subsidiary Guarantors, (e) the non-guarantor non-guarantor 36 In accordance to IAS 39 the exchanged bonds were kept at their previous amortized cost in accordance to IAS 39 rules. See also Note 16 Interest-bearing loans and borrowings Separate financial statements and other disclosures with respect to the guarantor subsidiaries have not been provided as management believes the following information is sufficient, as the guarantor subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional, except for certain customary release provisions, including: (1) the sale or disposal of all or substantially all of the assets of a guarantor subsidiary; (2) the sale or other disposition of the capital stock of a guarantor subsidiary; (3) the contemporaneous release of substantially all of a guarantor subsidiary’s guarantees of other indebtedness for which such guarantor subsidiary also provides a guarantee; and (4) if a guarantor subsidiary would be required to include full financial statements in any registration statement filed with the SEC in place of this condensed consolidating information. Except as disclosed in Note 23 Changes in Equity and Earnings per Share, there are no restrictions on the Company’s ability to obtain funds from any of its direct or indirect wholly-owned subsidiaries through dividends, loans or advances. CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 540 — — 14 015 44 235 (2 346 ) 56 444 Cost of sales (338 ) — — (5 838 ) (17 556 ) 2 346 (21 386 ) Gross profit 202 — — 8 177 26 679 — 35 058 Distribution expenses (23 ) — — (996 ) (4 857 ) — (5 876 ) Sales and marketing expenses (181 ) — — (2 208 ) (5 993 ) — (8 382 ) Administrative expenses (255 ) — — (404 ) (3 182 ) — (3 841 ) Other operating income/(expenses) 793 1 066 — (1 837 ) 170 — 192 Profit from operations 536 1 066 — 2 732 12 834 — 17 152 Net finance cost (819 ) (3 064 ) 26 4 160 (6 810 ) — (6 507 ) Share of result of associates — — — 2 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 894 6 437 — 11 076 Income tax expense (16 ) 614 (17 ) 1 329 (3 830 ) — (1 920 ) Profit (299 ) (1 384 ) 9 8 223 2 606 — 9 155 Income from subsidiaries 8 295 3 721 — 4 167 6 204 (22 387 ) — Profit from continuing operations 7 996 2 337 9 12 390 8 810 (22 387 ) 9 155 Profit from discontinued operations — — — — 28 — 28 Profit of the year 7 996 2 337 9 12 390 8 838 (22 387 ) 9 183 Profit from continuing operations attributable to: Equity holders of AB InBev 7 996 2 337 9 12 390 7 623 (22 387 ) 7 968 Non-controlling interest — — — — 1 187 — 1 187 Profit of the year attributable to: Equity holders of AB InBev 7 996 2 337 9 12 390 7 651 (22 387 ) 7 996 Non-controlling interest — — — — 1 187 — 1 187 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 506 — — 14 135 32 884 (2 008 ) 45 517 Cost of sales (300 ) — — (5 923 ) (13 587 ) 2 008 (17 803 ) Gross profit 206 — — 8 212 19 297 — 27 715 Distribution expenses (27 ) — — (967 ) (3 549 ) — (4 543 ) Sales and marketing expenses (204 ) — — (2 372 ) (5 169 ) — (7 745 ) Administrative expenses (198 ) (4 ) — (384 ) (2 297 ) — (2 883 ) Other operating income/(expenses) 464 559 — (1 283 ) 598 — 338 Profit from operations 241 555 — 3 206 8 880 — 12 882 Net finance cost (1 599 ) (1 283 ) 36 (3 805 ) (1 913 ) — (8 564 ) Share of result of associates — — — 2 14 — 16 Profit before tax (1 358 ) (728 ) 36 (597 ) 6 981 — 4 334 Income tax expense — 280 2 (1 358 ) (537 ) — (1 613 ) Profit (1 358 ) (448 ) 38 (1 955 ) 6 444 — 2 721 Income from subsidiaries 2 599 1 958 — 1 322 1 469 (7 348 ) — Profit from continuing operations 1 241 1 510 38 (633 ) 7 913 (7 348 ) 2 721 Profit from discontinued operations — — — — 48 — 48 Profit of the year 1 241 1 510 38 (633 ) 7 961 (7 348 ) 2 769 Profit from continuing operations attributable to: Equity holders of AB InBev 1 241 1 510 38 (633 ) 6 385 (7 348 ) 1 193 Non-controlling interest — — — — 1 528 — 1 528 Profit of the year attributable to: Equity holders of AB InBev 1 241 1 510 38 (633 ) 6 433 (7 348 ) 1 241 Non-controlling interest — — — — 1 528 — 1 528 For the year ended 31 December 2015 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 104 — — 14 097 31 059 (1 656 ) 43 604 Cost of sales (72 ) — — (6 179 ) (12 542 ) 1 656 (17 137 ) Gross profit 32 — — 7 918 18 517 — 26 467 Distribution expenses (3 ) — — (1 009 ) (3 246 ) — (4 258 ) Sales and marketing expenses (147 ) — — (2 065 ) (4 701 ) — (6 913 ) Administrative expenses (297 ) — — (258 ) (2 005 ) — (2 560 ) Other operating income/(expenses) 542 701 — (1 210 ) 1 135 — 1 168 Profit from operations 127 701 — 3 376 9 700 — 13 904 Net finance cost (565 ) (1 791 ) 41 (311 ) 1 173 — (1 453 ) Share of result of associates — — — 2 8 — 10 Profit before tax (438 ) (1 090 ) 41 3 067 10 881 — 12 461 Income tax expense — 659 (36 ) (1 068 ) (2 149 ) — (2 594 ) Profit (438 ) (431 ) 5 1 999 8 732 — 9 867 Income from subsidiaries 8 711 1 374 — 3 484 1 410 (14 979 ) — Profit 8 273 943 5 5 483 10 142 (14 979 ) 9 867 Attributable to: Equity holders of AB InBev 8 273 943 5 5 484 8 548 (14 979 ) 8 273 Non-controlling — — — — 1 594 — 1 594 CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 44 — — 4 589 22 551 — 27 184 Goodwill — — — 33 277 107 663 — 140 940 Intangible assets 584 — — 22 105 23 185 — 45 874 Investments in subsidiaries 121 847 77 388 — 83 368 99 398 (382 000 ) — Investments in associates and joint ventures — — — 28 5 235 — 5 263 Deferred tax assets — — — 1 216 — 1 216 Derivatives — — — 16 9 — 25 Other non-current 53 565 10 290 55 432 25 293 67 709 (210 623 ) 1 664 176 040 87 677 55 432 168 676 326 966 (592 623 ) 222 166 Current assets Investment securities 1 301 — — — 3 — 1 304 Inventories 21 — — 626 3 472 — 4 119 Derivatives — — — 320 138 — 458 Trade and other receivables 16 585 1 514 1 947 25 237 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 5 982 9 768 (5 571 ) 10 472 Assets classified as held for sale — — — — 133 — 133 Other current assets — — — — 908 — 908 17 950 1 756 1 955 32 165 34 364 (64 231 ) 23 960 Total assets 193 989 89 434 57 387 200 841 361 330 (656 855 ) 246 126 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 585 38 307 586 131 657 211 449 (382 000 ) 72 585 Minority interest — — — — 7 635 — 7 635 72 585 38 307 586 131 656 219 084 (382 000 ) 80 220 Non-current Interest-bearing loans and borrowings 102 398 49 230 55 464 29 005 83 459 (210 607 ) 108 949 Employee benefits 5 — — 1 240 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 6 907 — 13 107 Derivatives — — — 920 17 — 937 Other non-current 131 — — 1 023 2 573 (18 ) 3 709 102 534 48 893 55 473 38 716 94 705 (210 625 ) 129 695 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 19 336 20 531 (51 994 ) 7 433 Income tax payable — (665 ) 3 734 1 486 — 1 558 Derivatives — — — 1 360 97 — 1 457 Trade and other payables 2 033 535 848 5 481 22 530 (6 665 ) 24 762 Other current liabilities 121 — — 3 558 2 894 (5 571 ) 1 002 18 872 2 233 1 330 30 469 47 538 (64 230 ) 36 211 Total equity and liabilities 193 989 89 434 57 387 200 841 361 330 (656 855 ) 246 126 As at 31 December 2016 37 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 52 — — 4 829 22 641 — 27 522 Goodwill — — — 33 056 103 477 — 136 533 Intangible assets 520 — — 22 094 21 954 — 44 568 Investments in subsidiaries 126 200 41 488 — 8 042 — (175 730 ) — Investments in associates and joint ventures — — — 40 4 284 — 4 324 Deferred tax assets — 327 — — 1 261 (327 ) 1 261 Derivatives — — — 120 26 — 146 Other non-current 48 333 24 322 55 258 60 420 34 582 (221 949 ) 966 175 105 66 137 55 258 128 601 188 225 (398 006 ) 215 320 Current assets Investment securities 5 500 — — — 159 — 5 659 Inventories 9 — — 635 3 269 — 3 913 Derivatives — — — (120 ) 1 091 — 971 Trade and other receivables 12 072 7 937 2 338 16 622 27 215 (59 793 ) 6 391 Cash and cash equivalents 257 155 — 28 780 8 941 (29 554 ) 8 579 Assets classified as held for sale — — — 16 439 — 16 439 Other current assets — — — (610 ) 1 719 — 1 109 17 838 8 092 2 338 45 307 58 833 (89 347 ) 43 061 Total assets 192 943 74 229 57 596 173 908 247 058 (487 353 ) 258 381 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 71 677 20 009 564 107 258 47 561 (175 730 ) 71 339 Minority interest — — — — 10 086 — 10 086 71 677 20 009 564 107 258 57 647 (175 730 ) 81 425 Non-current Interest-bearing loans and borrowings 86 757 50 672 55 239 16 257 126 948 (221 932 ) 113 941 Employee benefits 4 — — 1 290 1 720 — 3 014 Deferred tax liabilities — — 16 10 141 6 848 (327 ) 16 678 Derivatives — — — 275 196 — 471 Other non-current 116 — — 853 1 786 (18 ) 2 737 86 877 50 672 55 255 28 816 137 498 (222 277 ) 136 841 Current liabilities Interest-bearing loans and borrowings 21 815 3 670 300 24 576 14 333 (56 076 ) 8 618 Income tax payable — (881 ) 10 6 4 787 — 3 922 Derivatives — — — (275 ) 1 538 — 1 263 Trade and other payables 2 068 759 850 4 583 18 542 (3 716 ) 23 086 Liabilities associated with assets held for sale — — — — 2 174 — 2 174 Other current liabilities 10 506 — 617 8 944 10 540 (29 554 ) 1 053 34 389 3 548 1 777 37 834 51 914 (89 346 ) 40 116 Total equity and liabilities 192 943 74 229 57 596 173 908 247 058 (487 353 ) 258 381 37 Reclassified to conform to the 2017 presentation. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 7 996 2 338 8 12 391 8 837 (22 387 ) 9 183 Depreciation, amortization and impairment 128 — — 771 3 377 — 4 276 Net finance cost 819 3 064 (26 ) (4 160 ) 6 810 — 6 507 Income tax expense 16 (614 ) 17 (1 329 ) 3 830 — 1 920 Investment income (8 296 ) (3 721 ) — (4 167 ) (6 203 ) 22 387 — Other items 126 — — (7 ) (338 ) — (219 ) Cash flow from operating activities before changes in working capital and use of provisions 789 1 067 (1 ) 3 499 16 313 — 21 667 Working capital and provisions (283 ) 869 (4 ) (1 210 ) 72 159 ( 397 ) Cash generated from operations 506 1 936 (5 ) 2 289 16 385 159 21 270 Interest paid, net (860 ) (3 156 ) 79 351 (6 120 ) 5 865 (3 841 ) Dividends received 2 — — 78 139 (77 ) 142 Income tax paid (16 ) — (16 ) 285 (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 3 003 8 010 5 947 15 430 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 18 599 — 617 Sale of subsidiaries, net of cash disposed of — — — 42 — — 42 Proceeds from SAB transaction-related divestitures — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures (3 449 ) (3 449 ) Acquisition of other subsidiaries, net of cash acquired — — — (306 ) ( 292 ) — ( 598 ) Acquisition of property, plant and equipment and of intangible assets (126 ) — — (534 ) (4 081 ) — (4 741 ) Net of tax proceeds from the sale of assets held for sale — — — — 16 — 16 Net proceeds from sale/(acquisition) of investment in short-term debt securities 4 177 — — — 160 — 4 337 Net proceeds from sale/(acquisition) of other assets 535 — — (69 ) (746 ) — (280 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 4 607 43 229 (45 002 ) 213 CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 308 50 582 (45 002 ) 7 854 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — (21 152 ) 2 558 — — Purchase of non-controlling — — — — (206 ) — (206 ) Proceeds from borrowings 24 604 2 262 1 470 16 197 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (19 354 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — 1 977 (3 055 ) — (1 541 ) Dividends paid (7 992 ) (75 ) — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 (22 332 ) (48 213 ) 38 898 (21 004 ) Net increase/(decrease) in cash and cash equivalents 10 438 87 554 (19 021 ) 10 379 (157 ) 2 280 Cash and cash equivalents less bank overdrafts at beginning of year (10 244 ) 155 (617 ) 19 840 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 1 611 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 2 430 7 749 — 10 356 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 1 241 1 510 38 (633 ) 7 961 (7 348 ) 2 769 Depreciation, amortization and impairment 96 — — 748 2 633 — 3 477 Net finance cost 1 599 1 284 (36 ) 3 805 1 912 — 8 564 Income tax expense — (280 ) (2 ) 1 358 537 — 1 613 Investment income (2 599 ) (1 958 ) — (1 322 ) (1 469 ) 7 348 — Other items 56 (1 ) — 231 (368 ) — (82 ) Cash flow from operating activities before changes in working capital and use of provisions 393 555 — 4 187 11 206 — 16 341 Working capital and provisions (121 ) 541 4 (650 ) (80 ) 9 (297 ) Cash generated from operations 272 1 096 4 3 537 11 126 9 16 044 Interest paid, net (1 543 ) (1 153 ) 59 999 (1 108 ) 25 (2 721 ) Dividends received 9 256 — — 4 40 (9 257 ) 43 Income tax paid — — — (511 ) (2 745 ) — (3 256 ) CASH FLOW FROM OPERATING ACTIVITIES 7 985 (57 ) 63 4 029 7 313 (9 223 ) 10 110 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 25 186 — 211 Sale of subsidiaries, net of cash disposed of — — — 13 640 — 653 Acquisition of SAB, net of cash acquired (57 712 ) — — (8 652 ) 1 198 — (65 166 ) Proceeds from SAB transaction-related divestitures — — — — 16 342 — 16 342 Acquisition of other subsidiaries, net of cash acquired — — — — (1 445 ) — (1 445 ) Acquisition of property, plant and equipment and of intangible assets (369 ) — — (650 ) (3 960 ) — (4 979 ) Net of tax proceeds from the sale of assets held for sale — — — — 146 — 146 Net proceeds from sale/(acquisition) of investment in short-term debt securities (5 500 ) — — — (83 ) — (5 583 ) Net proceeds from sale/(acquisition) of other assets — — — (31 ) 4 — (27 ) Net repayments/(payments) of loans granted (11 753 ) (900 ) (46 052 ) (229 ) (32 475 ) 91 180 (229 ) CASH FLOW FROM INVESTING ACTIVITIES (75 334 ) (900 ) (46 052 ) (9 524 ) (19 447 ) 91 180 (60 077 ) FINANCING ACTIVITIES Intra-group capital reimbursements (79 ) — — (2 115 ) 2 194 — — Purchase of non-controlling — — — — (10 ) — (10 ) Proceeds from borrowings 81 137 4 486 47 051 32 887 14 895 (94 164 ) 86 292 Payments on borrowings (13 370 ) (4 049 ) (2 200 ) (1 372 ) (5 600 ) 2 974 (23 617 ) Cash net finance (cost)/income other than interests (628 ) (64 ) (5 ) (3 157 ) 370 — (3 484 ) Dividends paid (7 134 ) — — — (10 573 ) 9 257 (8 450 ) CASH FLOW FROM FINANCING ACTIVITIES 59 926 373 44 846 26 243 1 276 (81 933 ) 50 731 Net increase/(decrease) in cash and cash equivalents (7 423 ) (584 ) (1 143 ) 20 748 (10 858 ) 24 764 Cash and cash equivalents less bank overdrafts at beginning of year (1 832 ) 739 525 (1 100 ) 8 578 — 6 910 Effect of exchange rate fluctuations (989 ) — — 194 1 540 (24 ) 721 Cash and cash equivalents less bank overdrafts at end of year (10 244 ) 155 (618 ) 19 842 (740 ) — 8 395 For the year ended 31 December 2015 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 8 273 943 5 5 483 10 142 (14 979 ) 9 867 Depreciation, amortization and impairment 73 — — 727 2 352 — 3 153 Net finance cost 565 1 791 (41 ) 311 (1 173 ) — 1 453 Income tax expense 101 (659 ) 36 1 068 2 048 — 2 594 Investment income (8 711 ) (1 374 ) — (3 484 ) (1 410 ) 14 979 — Other items 57 — — 85 (483 ) — (341 ) Cash flow from operating activities before changes in working capital and use of provisions 359 701 — 4 190 11 476 — 16 726 Working capital and provisions (215 ) 550 (2 ) (630 ) 1 669 (35 ) 1 337 Cash generated from operations 144 1 251 (2 ) 3 560 13 145 (35 ) 18 063 Interest paid, net (442 ) (1 845 ) 48 1 820 (1 122 ) (68 ) (1 609 ) Dividends received 2 607 1 891 — 19 984 (5 479 ) 22 Income tax paid (9 ) — — (846 ) (1 500 ) — (2 355 ) CASH FLOW FROM OPERATING ACTIVITIES 2 300 1 297 46 4 553 11 507 (5 582 ) 14 121 INVESTING ACTIVITIES Acquisition and sale of subsidiaries, net of cash acquired/disposed of — (2 ) — (312 ) (604 ) — (918 ) Acquisition of property, plant and equipment and of intangible assets (105 ) — — (646 ) (3 998 ) — (4 749 ) Net of tax proceeds from the sale of assets held for sale — — — 244 153 — 397 Net proceeds/(acquisition) of other assets — — — 44 173 — 217 Net proceeds from sale/(acquisition) of investment in short-term debt securities — — — — 169 — 169 Net repayments/(payments) of loans granted (13 496 ) 508 (565 ) 598 (10 284 ) 23 193 (46 ) CASH FLOW FROM INVESTING ACTIVITIES (13 601 ) 506 (565 ) 72 (14 391 ) 23 193 (4 930 ) FINANCING ACTIVITIES Intra-group capital reimbursements 156 — 22 3 294 (3 472 ) — — Proceeds from borrowings 19 965 24 078 565 6 933 12 163 (47 467 ) 16 237 Payments on borrowings (3 553 ) (24 869 ) (3 ) (3 845 ) (7 807 ) 24 297 (15 780 ) Other financing activities 159 (33 ) (1 ) (2 353 ) 1 456 — (772 ) Share buy back (1 000 ) — — — — — (1 000 ) Dividends paid (6 586 ) — — (3 370 ) (3 489 ) 5 479 (7 966 ) CASH FLOW FROM FINANCING ACTIVITIES 9 141 (824 ) 583 659 (1 149 ) (17 691 ) (9 281 ) Net increase/(decrease) in cash and cash equivalents (2 160 ) 979 64 5 140 (4 033 ) (80 ) (90 ) Cash and cash equivalents less bank overdrafts at beginning of year 502 (240 ) 460 (5 789 ) 13 383 — 8 316 Effect of exchange rate fluctuations (174 ) — 1 (451 ) (774 ) 80 (1 316 ) Cash and cash equivalents less bank overdrafts at end of year (1 832 ) 739 525 (1 100 ) 8 578 — 6 910 |
Events After the Balance Sheet
Events After the Balance Sheet Date | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Events After the Balance Sheet Date | 36. EVENTS AFTER THE BALANCE SHEET DATE BOND ISSUANCE On 23 January 2018, Anheuser-Busch InBev SA/NV issued 4.25 billion euro aggregate principal amount of bonds. The bonds comprise the following series: 1.5 billion euro aggregate principal amount of floating rate Notes due 15 April 2024 bearing interest at annual rate of 30 basis point above three-month EURIBOR; 2.0 billion euro aggregate principal amount of fixed rate Notes due 22 January 2027 bearing interest at an annual rate of 1.150% and 0.75 billion euro aggregate principal amount of fixed rate Notes due 23 January 2035 bearing interest at an annual rate of 2.000%. The proceeds of the Notes will be used for general corporate purposes. The Notes were issued by Anheuser-Busch InBev SA/NV under its Euro Medium Term Note programme base prospectus published on 20 December 2017. EARLY REDEMPTION OF NOTES On 15 February 2018, AB InBev announced that it is exercising its option to redeem in full the entire outstanding principal amount of the 7.75% Notes due in 2019 on 19 March 2018. The total principal amount of the notes that will be retired is approximately 2.5 billion US dollar and the redemption of the notes will be financed with cash. DEFERRED SHARE INSTRUMENT On 1 March 2018, AB InBev announced that it will deliver 23 076 922 Ordinary Shares on 21 May 2018, that are due under deferred share instruments. The deferred share entitlements had been issued by AB InBev in connection with the closing of the Grupo Modelo acquisition in June 2013. Under such entitlements, selected former Grupo Modelo shareholders committed upon tendering of their shares in Grupo Modelo, to invest 1.5 billion US dollar of their proceeds from the tender offer into ordinary shares of AB InBev, and acquired an aggregate of 23 076 922 ordinary shares, to be delivered within five years. The consideration for the acquisition of such ordinary shares was paid by such former Grupo Modelo shareholders to AB InBev on 5 June 2013. The deferred share entitlements provided for the delivery of these ordinary shares no later than 5 June 2018. Such delivery obligation will be met through the use of part of AB InBev’s outstanding treasury shares. |
Ab Inbev Companies
Ab Inbev Companies | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Ab Inbev Companies | 37. AB INBEV COMPANIES Listed below are the most important AB InBev companies. A complete list of the company’s investments is available at AB InBev NV, Brouwerijplein 1, B-3000 LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 ARGENTINA CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires 61.92 AUSTRALIA FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 BELGIUM AB INBEV N.V. – Grand Place 1 – 1000 – Brussel Consolidating Company BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant 98.54 BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden 100.00 COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven 100.00 INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel 100.00 BOTSWANA KGALAGADI BREWERIES (PTY) LTD – Plot 20768, Broadhurst industrial estate – Gaborone 38 31.00 BOLIVIA CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz 61.92 BRAZIL AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 61.92 CANADA LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto 61.92 38 The group’s shares entitle the holder to twice the voting rights NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 CHILE CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura 61.92 CHINA ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province 100.00 ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province 97.06 ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong 100.00 ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province 100.00 ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province 100.00 NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province 100.00 SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province 100.00 ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province 100.00 ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province 100.00 ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province 100.00 INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province 60.00 ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province 100.00 COLOMBIA BOGOTA BEER COMPANY BBC S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 97.22 BAVARIA S.A. S.A. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 99.14 AMBEV COLOMBIA S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 97.22 CZECH REPUBLIC PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4 100.00 DOMINICAN REPUBLIC CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo 39 34.06 ECUADOR COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil 97.22 CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas 95.58 EL SALVADOR INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador 100.00 FRANCE AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine 100.00 GERMANY BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen 100.00 BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum 100.00 HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen 99.96 HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode 100.00 ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen 100.00 SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München 100.00 ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen 100.00 LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München 100.00 39 55% owned by Ambev S.A NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 GHANA ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra 60.00 GRAND DUCHY OF LUXEMBOURG BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 95.82 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes 99.00 INDIA CROWN BEERS INDIA LIMITED – #8-2-684/A, 100.00 SABMILLER INDIA LIMITED LTD. – Unit No.301-302, 99.60 ITALY ANHEUSER-BUSCH INBEV ITALIA SPA – Piazza Buffoni 3, 21013 Gallarate 100.00 MEXICO CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City 100.00 MOZAMBIQUE CERVEJAS DE MOÇAMBIQUE SA – Rua do Jardim 1329 – Maputo 40 49.00 THE NETHERLANDS INBEV NEDERLAND N.V. – Ceresstraat 1 – 4811 CA – Breda 100.00 INTERBREW INTERNATIONAL B.V. – Ceresstraat 1 – 4811 CA – Breda 100.00 AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 NIGERIA BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. – 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos 50.00 INTERNATIONAL BREWERIES PLC – Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State 1 37.50 PANAMA CERVECERÍA NACIONAL HOLDING SA – Costa del Este Business Park, torre Oeste Piso 2 – Ciudad de Panama 60.00 PARAGUAY CERVECERIA PARAGUAYA S.A. – Ruta Villeta km 30 N 3045 – 2660 – Ypané 61.92 PERU COMPANIA CERVECERA AMBEV PERU S.A.C. – Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa – Lurigancho (Chosica) – Lima 15 97.22 UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA – 3986 Av. Nicolas Ayllon, Ate, Lima 3 93.65 RUSSIA SUN INBEV – 28 Moscovskaya Street, Moscow region – 141607 – Klin 99.95 SOUTH AFRICA SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY – 65 Park Lane, Sandown – 2001 – Johannesburg 100.00 THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES – 65 Park Lane, Sandown – 2146 – Johannesburg 91.55 SOUTH KOREA ORIENTAL BREWERY CO., LTD – 151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do 100.00 SWITZERLAND ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) – Turmstrasse 26 – 6300 – Zug 100.00 40 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 31 DECEMBER 2017 TANZANIA KIBO BREWERIES LTD PRIVATE COMPANY – Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District – – Dar es Salaam 1 36.00 UGANDA NILE BREWERIES LTD – Plot M90 Yusuf Lule Roa, Njeru, Jinja – Eastern Uganda 61.76 UKRAINE SUN INBEV UKRAINE PJSC – 30-V 98.34 UNITED KINGDOM AB INBEV UK LTD – Porter Tun House, 500 Capability Green – LU1 3LS – Luton 100.00 PIONEER BREWING COMPANY LTD – Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED – AB INBEV HOUSE, CHURCH STREET WEST – GU21 6HT – WOKING, SURREY 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT 100.00 UNITED STATES ANHEUSER-BUSCH COMPANIES, LLC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH INTERNATIONAL, INC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH PACKAGING GROUP, INC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH, LLC – One Busch Place, St. Louis, MO. 63118 100.00 METAL CONTAINER CORPORATION, INC. – One Busch Place, St. Louis, MO. 63118 100.00 ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION – C/O THE CORPORATION TRUST COMPANY INC. – 1209 Orange Street – DE 19801 – Wilmington 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. – Cesar Cortinas, 2037 – C.P. 11500 – Montevideo 61.92 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, II-A 100.00 ZAMBIA ZAMBIAN BREWERIES PLC – Mungwi Road, Plot Number 6438, Lusaka 54.00 LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES % OF ECONOMIC 31 DECEMBER 2017 FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA – 30 AV George V, 75008, Paris 20.00 GIBRALTAR BIH BRASSERIES INTERNATIONALES HOLDING LTD – CC Building, 10th Floor, Main Street 20.00 BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD – Suite 10/3, International Commercial Centre, 2A Main Street 27.00 TURKEY ANADOLU EFES BIRACILIK VE MALT SANAYII AS – Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul 24.00 ZIMBABWE DELTA CORPORATION LTD – Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare 25.00 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
BASIS OF PREPARATION AND MEASUREMENT | (A) BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), |
FUNCTIONAL AND PRESENTATION CURRENCY | (B) FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. |
USE OF ESTIMATES AND JUDGMENTS | (C) USE OF ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
PRINCIPLES OF CONSOLIDATION | (D) PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling non-controlling Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases. The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associate Anadolu Efes are reported on a three month lag. Transactions with non-controlling non-controlling non-controlling All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies |
SUMMARY OF CHANGES IN ACCOUNTING POLICIES | (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES A number of new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning 1 January 2017, and have not been listed in these consolidated financial statements because of either their non-applicability |
FOREIGN CURRENCIES | (F) FOREIGN CURRENCIES FOREIGN CURRENCY TRANSACTIONS Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary Non-monetary TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end In hyperinflationary economies, re-measurement non-monetary re-measured EXCHANGE RATES The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 2017 2016 2015 2017 2016 2015 Argentinean peso 18.774210 15.850116 13.004955 16.580667 14.762591 9.101728 Australian dollar 1.279580 1.384689 — 1.308997 1.3440978 — Brazilian real 3.308005 3.259106 3.904803 3.201667 3.474928 3.259601 Canadian dollar 1.253982 1.345983 1.388446 1.303248 1.318844 1.270237 Colombian peso 2 988.60 3 002.14 3 145.64 2 965.94 2 986.89 2 792.222 Chinese yuan 6.507500 6.944520 6.485535 6.785290 6.607635 6.256495 Euro 0.833819 0.948677 0.918527 0.886817 0.902821 0.899096 Mexican peso 19.735828 20.663842 17.206357 18.811612 18.464107 15.730837 Pound sterling 0.739790 0.812238 0.674152 0.773029 0.737400 0.653179 Peruvian nuevo sol 3.244558 3.352820 3.413342 3.267432 3.394121 3.135481 Russian ruble 57.631946 60.657097 72.881615 58.144309 66.905365 59.186097 South Korean won 1 067.63 1 203.90 1 176.09 1 134.04 1 154.50 1 129.52 South African rand 12.345193 13.714953 — 13.338803 14.0166901 — Turkish lira 3.790879 3.516940 — 3.615028 3.50148 — Ukrainian hryvnia 28.068098 27.190513 24.000600 26.501419 25.408674 21.493019 |
INTANGIBLE ASSETS | (G) INTANGIBLE ASSETS RESEARCH AND DEVELOPMENT Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy P). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUPPLY AND DISTRIBUTION RIGHTS A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. BRANDS If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. SOFTWARE Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. OTHER INTANGIBLE ASSETS Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. SUBSEQUENT EXPENDITURE Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. AMORTIZATION Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy P). GAINS AND LOSSES ON SALE Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. |
BUSINESS COMBINATIONS | (H) BUSINESS COMBINATIONS The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured re-measurement |
GOODWILL | (I) GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations year-end If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations |
PROPERTY, PLANT AND EQUIPMENT | (J) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy P). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUBSEQUENT EXPENDITURE The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. DEPRECIATION The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life. GAINS AND LOSSES ON SALE Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. |
ACCOUNTING FOR LEASES | (K) ACCOUNTING FOR LEASES Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and P). Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place. |
INVESTMENTS | (L) INVESTMENTS All investments are accounted for at trade date. INVESTMENTS IN EQUITY SECURITIES Investments in equity securities are undertakings in which AB InBev does not have significant influence or control. This is generally evidenced by ownership of less than 20% of the voting rights. Such investments are designated as available-for-sale On disposal of an investment, the cumulative gain or loss previously recognized directly in other comprehensive income is recognized in profit or loss. INVESTMENTS IN DEBT SECURITIES Investments in debt securities classified as trading or as being available-for-sale Investments in debt securities classified as held to maturity are measured at amortized cost. In general, investments in debt securities with maturities of more than three months when acquired and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. OTHER INVESTMENTS Other investments held by the company are classified as available-for-sale |
INVENTORIES | (M) INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case |
TRADE AND OTHER RECEIVABLES | (N) TRADE AND OTHER RECEIVABLES Trade and other receivables are carried at amortized cost less impairment losses. An estimate of impairment losses for doubtful receivables is made based on a review of all outstanding amounts at the balance sheet date. An allowance for impairment of trade and other receivables is established if the collection of a receivable becomes doubtful. Such receivable becomes doubtful when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. An impairment loss is recognized in the income statement, as are subsequent recoveries of previous impairments. |
CASH AND CASH EQUIVALENTS | (O) CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. |
IMPAIRMENT | (P) IMPAIRMENT The carrying amounts of financial assets, property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the business unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. CALCULATION OF RECOVERABLE AMOUNT The recoverable amount of the company’s investments in unquoted debt securities is calculated as the present value of expected future cash flows, discounted at the debt securities’ original effective interest rate. For equity investments classified as available for sale and quoted debt securities the recoverable amount is their fair value. The recoverable amount of other assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis. REVERSAL OF IMPAIRMENT LOSSES Non-financial |
SHARE CAPITAL | (Q) SHARE CAPITAL REPURCHASE OF SHARE CAPITAL When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. DIVIDENDS Dividends are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability. SHARE ISSUANCE COSTS Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
PROVISIONS | (R) PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax RESTRUCTURING A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes. ONEROUS CONTRACTS A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. DISPUTES AND LITIGATIONS A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters. |
EMPLOYEE BENEFITS | (S) EMPLOYEE BENEFITS POST-EMPLOYMENT BENEFITS Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a) Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b) Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company recognizes related restructuring or termination costs. The pension obligations recognized in the balance sheet are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan assets. Re-measurements, Re-measurements Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. OTHER POST-EMPLOYMENT OBLIGATIONS Some AB InBev companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. TERMINATION BENEFITS Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Termination benefits for voluntary redundancies are recognized if the company has made an offer encouraging voluntary redundancy and when the company can no longer withdraw the offer of termination, which is the earlier of either when the employee accepts the offer or when a legal, regulatory or contractual requirement or restriction on the company’s ability to withdraw the offer takes effect. BONUSES Bonuses received by company employees and management are based on pre-defined |
SHARE-BASED PAYMENTS | (T) SHARE-BASED PAYMENTS Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using an option pricing model that is most appropriate for the respective option. Based on the expected number of options that will vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the amount of the proceeds received. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the company obtains the goods or the counterparty renders the service. |
INTEREST-BEARING LOANS AND BORROWINGS | (U) INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. |
TRADE AND OTHER PAYABLES | (V) TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
INCOME TAX | (W) INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the balance sheet date, and any adjustment to tax payable in respect of previous years. In accordance with IAS 12 Income Taxes so-called Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized. Tax claims are recorded within provisions on the balance sheet (refer to accounting policy R). |
INCOME RECOGNITION | (X) INCOME RECOGNITION Income is recognized when it is probable that the economic benefits associated with the transaction will flow to the company and the income can be measured reliably. GOODS SOLD In relation to the sale of beverages and packaging, revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, and no significant uncertainties remain regarding recovery of the consideration due, associated costs or the possible return of goods, and there is no continuing management involvement with the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates, discounts for cash payments and excise taxes. RENTAL AND ROYALTY INCOME Rental income is recognized under other operating income on a straight-line basis over the term of the lease. Royalties arising from the use by others of the company’s resources are recognized in other operating income on an accrual basis in accordance with the substance of the relevant agreement. GOVERNMENT GRANTS A government grant is recognized in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance FINANCE INCOME Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets classified as trading as well as any gains from hedge ineffectiveness (refer to accounting policy Z). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt. DIVIDEND INCOME Dividend income is recognized in the income statement on the date that the dividend is declared. |
EXPENSES | (Y) EXPENSES FINANCE COSTS Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on available-for-sale All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest bearing loans and borrowings, such as transaction costs and fair value adjustments, are recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis (refer to accounting policy U). The interest expense component of finance lease payments is also recognized in the income statement using the effective interest rate method. RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND SYSTEMS DEVELOPMENT COSTS Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy G). PURCHASING, RECEIVING AND WAREHOUSING COSTS Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses. |
DERIVATIVE FINANCIAL INSTRUMENTS | (Z) DERIVATIVE FINANCIAL INSTRUMENTS AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company’s performance. AB InBev’s financial risk management policy prohibits the use of derivative financial instruments for trading purposes and the company does therefore not hold or issue any such instruments for such purposes. Derivative financial instruments that are economic hedges but that do not meet the strict IAS 39 Financial Instruments: Recognition and Measurement Derivative financial instruments are recognized initially at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates. These pricing models also take into account the current creditworthiness of the counterparties. Subsequent to initial recognition, derivative financial instruments are re-measured Cash flow, fair value or net investment hedge accounting is applied to all hedges that qualify for hedge accounting when the required hedge documentation is in place and when the hedge relation is determined to be effective. CASH FLOW HEDGE ACCOUNTING When a derivative financial instrument hedges the variability in cash flows of a recognized asset or liability, the foreign currency risk of a firm commitment or a highly probable forecasted transaction, the effective part of any resulting gain or loss on the derivative financial instrument is recognized directly in other comprehensive income (hedging reserves). When the firm commitment in foreign currency or the forecasted transaction results in the recognition of a non-financial non-financial When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified in accordance with the above policy when the hedged transaction occurs. If the hedged transaction is no longer probable, the cumulative gain or loss recognized in other comprehensive income is reclassified into the income statement immediately. FAIR VALUE HEDGE ACCOUNTING When a derivative financial instrument hedges the variability in fair value of a recognized asset or liability, any resulting gain or loss on the hedging instrument is recognized in the income statement. The hedged item is also stated at fair value in respect of the risk being hedged, with any gain or loss being recognized in the income statement. NET INVESTMENT HEDGE ACCOUNTING When a foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be an effective hedge is recognized directly in other comprehensive income (translation reserves), while the ineffective portion is reported in the income statement. Investments in equity instruments or derivatives linked to and to be settled by delivery of an equity instrument are stated at cost when such equity instrument does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable. OFFSETTING DERIVATIVE ASSETS WITH DERIVATIVE LIABILITIES A derivative asset and a derivative liability shall be offset and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the recognized amounts; and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. |
SEGMENT REPORTING | (AA) SEGMENT REPORTING Operating segments are components of the company’s business activities about which separate financial information is available that is evaluated regularly by senior management. AB InBev’s operating segment reporting format is geographical because the company’s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company’s management structure and internal reporting system to the Board of Directors is set up accordingly. The company has nine operating segments. Given the transformational nature of the combination with SAB, that closed on 10 October 2016, the company has updated its segment reporting in order to add the former SAB geographies into the previous AB InBev geographies. Colombia, Peru, Ecuador, Honduras and El Salvador are reported together with Mexico as Latin America West, Panama is reported within Latin America North, Africa is reported together with Europe as EMEA, and Australia, India and Vietnam are reported within Asia Pacific. The company’s six geographic regions are North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific. The aggregation criteria applied are based on similarities in the economic indicators (e.g. margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore management assessed additional factors such as management’s views on the optimal number of reporting segments, the continuation of the previous AB InBev geographies, peer comparison (e.g. Asia Pacific and EMEA being a commonly reported regions amongst the company’s peers), as well management’s view on the optimal balance between practical and more granular information. The results of Global Export and Holding Companies, which includes the company’s global headquarters and the export businesses in countries in which AB InBev has no operations are reported separately. The company six geographic regions plus the Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
EXCEPTIONAL ITEMS | (BB) EXCEPTIONAL ITEMS Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to exceptional items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities. |
DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE | (CC) DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized. |
RECENTLY ISSUED IFRS | (DD) RECENTLY ISSUED IFRS To the extent that new IFRS requirements are expected to be applicable in the future, they have been listed hereafter. For the year ended 31 December 2017 they have not been applied in preparing these consolidated financial statements. The following standards, amendments and interpretations have been issued recently, but are not yet effective: IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases The company is in process of assessing the full impact of IFRS 16 and, apart from changes in the presentation of operating leases in the balance sheet, does not expect significant impacts in the consolidated income statement. Other Standards, Interpretations and Amendments to Standards A number of other amendments to standards are effective for annual periods beginning after 1 January 2017, and have not been listed above because of either their non-applicability |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Exchange Rates | The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 2017 2016 2015 2017 2016 2015 Argentinean peso 18.774210 15.850116 13.004955 16.580667 14.762591 9.101728 Australian dollar 1.279580 1.384689 — 1.308997 1.3440978 — Brazilian real 3.308005 3.259106 3.904803 3.201667 3.474928 3.259601 Canadian dollar 1.253982 1.345983 1.388446 1.303248 1.318844 1.270237 Colombian peso 2 988.60 3 002.14 3 145.64 2 965.94 2 986.89 2 792.222 Chinese yuan 6.507500 6.944520 6.485535 6.785290 6.607635 6.256495 Euro 0.833819 0.948677 0.918527 0.886817 0.902821 0.899096 Mexican peso 19.735828 20.663842 17.206357 18.811612 18.464107 15.730837 Pound sterling 0.739790 0.812238 0.674152 0.773029 0.737400 0.653179 Peruvian nuevo sol 3.244558 3.352820 3.413342 3.267432 3.394121 3.135481 Russian ruble 57.631946 60.657097 72.881615 58.144309 66.905365 59.186097 South Korean won 1 067.63 1 203.90 1 176.09 1 134.04 1 154.50 1 129.52 South African rand 12.345193 13.714953 — 13.338803 14.0166901 — Turkish lira 3.790879 3.516940 — 3.615028 3.50148 — Ukrainian hryvnia 28.068098 27.190513 24.000600 26.501419 25.408674 21.493019 |
Summary of Estimated Useful Live of Assets Expected Utility | The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Segment Reporting | SEGMENT REPORTING (REFERENCE BASE) - UNAUDITED North America Latin America Latin America Latin America EMEA Asia Pacific Global Export and Effect of Consolidated 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Volumes 114 117 111 109 119 120 34 32 132 135 102 101 1 2 — (116 ) 613 500 Revenue 15 588 15 698 9 238 8 595 9 775 8 630 3 363 2 850 10 344 9 700 7 804 7 250 332 1 218 — (8 424 ) 56 444 45 517 Normalized EBITDA 6 329 6 250 4 512 3 983 4 180 3 790 1 595 1 431 3 349 2 903 2 695 2 114 (577 ) (837 ) — (2 881 ) 22 084 16 753 Normalized EBITDA margin % 40.6 % 39.8 % 48.8 % 46.3 % 42.8 % 43.9 % 47.4 % 50.2 % 32.4 % 29.9 % 34.5 % 29.2 % 39.1 % 36.8 % Depreciation, amortization and impairment (843 ) (809 ) (616 ) (613 ) (848 ) (770 ) (207 ) (191 ) (843 ) (740 ) (660 ) (740 ) (253 ) (252 ) — 638 (4 270 ) (3 477 ) Normalized profit from operations (EBIT) 5 486 5 441 3 896 3 370 3 332 3 020 1 388 1 240 2 507 2 163 2 035 1 374 (830 ) (1 089 ) — (2 243 ) 17 814 13 276 SEGMENT REPORTING (2016 REPORTED) North America Latin America West Latin America North Latin America South EMEA 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 Volume 114 117 118 111 64 44 119 118 123 34 32 34 132 75 46 Revenue 15 588 15 698 15 603 9 238 5 188 4 079 9 775 8 461 9 096 3 363 2 850 3 331 10 344 6 010 4 128 Normalized EBITDA 6 329 6 250 6 172 4 512 2 376 2 002 4 180 3 751 4 709 1 595 1 431 1 593 3 349 1 774 1 142 Normalized EBITDA margin % 40.6 % 39.8 % 39.6 % 48.8 % 45.8 % 49.1 % 42.8 % 44.3 % 51.8 % 47.4 % 50.2 % 47.8 % 32.4 % 29.6 % 27.7 % Depreciation, amortization and impairment (843 ) (809 ) (754 ) (616 ) (388 ) (350 ) (848 ) (750 ) (689 ) (207 ) (191 ) (182 ) (843 ) (473 ) (342 ) Normalized profit from operations (EBIT) 5 486 5 441 5 418 3 896 1 988 1 652 3 332 3 001 4 020 1 388 1 240 1 411 2 507 1 302 800 Exceptional items (refer Note 8) 4 (29 ) 102 (153 ) 252 29 (18 ) (20 ) (84 ) (13 ) (12 ) (11 ) (144 ) (118 ) 70 Profit from operations (EBIT) 5 490 5 412 5 520 3 743 2 240 1 681 3 314 2 981 3 937 1 375 1 228 1 400 2 363 1 184 870 Net finance income/(cost) Share of results of associates and joint ventures Income tax expense Profit from continuing operations Discontinued operations Profit/(loss) Segment assets (non-current) 2 63 045 62 467 61 870 71 219 69 472 21 749 13 756 13 656 11 357 2 396 2 357 2 301 45 920 41 749 4 316 Gross capex 530 895 1 112 1 079 710 515 580 709 1 056 323 389 488 1 086 1 001 466 FTE 3 19 306 19 314 16 844 48 892 51 418 32 201 38 651 40 416 39 359 9 603 9 571 9 615 26 823 43 456 11 749 1 2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information. 2 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations Acquisitions and disposals of subsidiaries 3 Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year. Asia Pacific Global Export and Consolidated 2017 2016 2015 1 2017 2016 2015 1 2017 2016 2015 1 Volume 102 92 90 1 2 3 613 500 457 Revenue 7 804 6 074 5 784 332 1 237 1 582 56 444 45 517 43 604 Normalized EBITDA 2 695 1 639 1 444 (577 ) (474 ) (225 ) 22 084 16 753 16 839 Normalized EBITDA margin % 34.5 % 27.1 % 25.0 % — 39.1 % 36.8 % 38.6 % Depreciation, amortization and impairment (660 ) (658 ) (606 ) (253 ) (210 ) (148 ) (4 270 ) (3 477 ) (3 071 ) Normalized profit from operations (EBIT) 2 035 987 838 (830 ) (683 ) (373 ) 17 814 13 276 13 768 Exceptional items (refer Note 8) (97 ) (84 ) 90 (241 ) (383 ) (61 ) (662 ) (394 ) 136 Profit from operations (EBIT) 1 939 903 928 (1 071 ) (1 066 ) (434 ) 17 152 12 882 13 904 Net finance income/(cost) (6 507 ) (8 564 ) (1 453 ) Share of results of associates and joint ventures 430 16 10 Income tax expense (1 920 ) (1 613 ) (2 594 ) Profit from continuing operations 9 155 2 721 9 867 Discontinued operations 28 48 — Profit/(loss) 9 183 2 769 9 867 Segment assets (non-current) 2 24 088 22 071 12 761 1 741 1 797 1 987 222 166 213 569 116 341 Gross capex 635 837 1 166 247 379 225 4 479 4 919 5 028 FTE 3 36 386 39 213 40 101 3 254 3 245 2 454 182 915 206 633 152 321 For the period ended 31 December 2017, net revenue from the beer business amounted to 50 301m US dollar (2016: 41 421m US dollar; 2015: 40 595m US dollar) while the net revenue from the non-beer non-current 1 2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information. 2 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations Acquisitions and disposals of subsidiaries 3 Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year. |
Acquisitions and Disposals of47
Acquisitions and Disposals of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of SABMiller Purchase Consideration | The SAB purchase consideration is calculated as follows: Newbelco number Newbelco Newbelco Tender offer 102 890 758 014 46 301 52 522 Converted to restricted shares 60 385 979 086 29 099 33 009 (i) 163 276 737 100 75 400 85 531 Total equity value at offer in million euro 85 531 Purchase from option holders 5 Total equity value in million euro 85 536 Total equity value in million US dollar 95 288 Foreign exchange hedges and other 7 848 (ii) Purchase consideration 103 136 Add: fair market value of total debt assumed 11 870 Less: total cash acquired (1 198 ) Gross purchase consideration 113 808 Notes (i) The Restricted Share valuation is based on the valuation of the Newbelco shares that were not tendered into the Belgian Offer and has regard to the share price of former AB InBev of the day of the closing of the combination with SAB, adjusted for the specificities of the Restricted Shares in line with fair value measurement rules under IFRS. (ii) During 2015 and 2016, the company entered into derivative foreign exchange forward contracts, as well as other non-derivative non-derivative mark-to-market |
Summary of Provisional and Final Purchase Price Allocation of SAB Business with Adjustments being Retrospectively Applied | The following table summarizes the provisional and final purchase price allocation of the SAB business with adjustments being retrospectively applied as of 10 October 2016: Million US dollar Provisional fair Adjustments Fair values Non-current Property, plant and equipment 9 060 (1 303 ) 7 757 Intangible assets 20 040 221 20 261 Investment in associates 4 386 — 4 386 Investment securities 21 — 21 Deferred tax assets 179 — 179 Derivatives 579 — 579 Trade and other receivables 59 — 59 Current assets Inventories 977 (24 ) 953 Income tax receivable 189 — 189 Derivatives 60 — 60 Trade and other receivables 1 257 (39 ) 1 218 Cash and cash equivalents 1 410 — 1 410 Assets held for sale 24 805 19 24 824 Non-current Interest-bearing loans and borrowings (9 021 ) — (9 021 ) Employee benefits (195 ) — (195 ) Deferred tax liabilities (5 801 ) 2 983 (2 818 ) Derivatives (24 ) — (24 ) Trade and other payables (146 ) 12 (134 ) Provisions (688 ) 62 (626 ) Current liabilities Bank overdraft (212 ) — (212 ) Interest-bearing loans and borrowings (2 849 ) — (2 849 ) Income tax payable (4 310 ) 77 (4 233 ) Derivatives (156 ) — (156 ) Trade and other payables (3 520 ) — (3 520 ) Provisions (847 ) (330 ) (1 177 ) Net identified assets and liabilities 35 253 1 677 36 930 Non-controlling (6 200 ) — (6 200 ) Goodwill on acquisition 74 083 (1 677 ) 72 406 Purchase consideration 103 136 — 103 136 |
Summary of Impact of Acquisitions and Disposals on Consolidated Statements | The table below summarizes the impact of acquisitions on the Statement of financial position and cash flows of AB InBev for 31 December 2017 and 31 December 2016: Million US dollar 2017 2016 2017 2016 Non-current Property, plant and equipment 169 286 — (115 ) Intangible assets 417 679 — — Investments in associates — 62 — — Deferred tax assets — 4 — — Employee benefits — 3 — — Trade and other receivables 1 — — — Current assets Inventories 9 41 — (17 ) Trade and other receivables 20 28 — (4 ) Cash and cash equivalents 5 45 — (75 ) Assets held for sale 27 — — — Non-current Interest-bearing loans and borrowings (1 ) (109 ) — — Employee benefits — (1 ) — — Deferred tax liabilities (74 ) (11 ) — 6 Trade and other payables — — — 10 Current liabilities Interest-bearing loans and borrowings — (3 ) — — Trade and other payables (24 ) (72 ) — 41 Net identifiable assets and liabilities 549 952 — (156 ) Non-controlling (114 ) (14 ) — — Goodwill on acquisitions and goodwill disposed of 398 803 — (187 ) Loss/(gain) on disposal — — (42 ) (406 ) Prior year payments — (143 ) — — Consideration to be paid (375 ) (365 ) — — Net cash paid on prior years acquisitions 136 34 — (5 ) Consideration paid/(received) 594 1 267 (42 ) (754 ) Cash (acquired)/ disposed of (5 ) (45 ) — 75 Net cash outflow / (inflow) 589 1 222 (42 ) (679 ) |
Other Operating Income_(Expen48
Other Operating Income/(Expenses) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Other Operating Income/(Expenses) | Million US dollar 2017 2016 2015 Government grants 404 432 668 License income 65 65 73 Net (additions to)/reversals of provisions (4 ) (50 ) (31 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 154 37 20 Net rental and other operating income 235 248 302 854 732 1032 Research expenses as incurred 276 244 207 |
Exceptional Items (Tables)
Exceptional Items (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Exceptional Items Included in Income Statement | The exceptional items included in the income statement are as follows: Million US dollar 2017 2016 2015 Restructuring (468 ) (323 ) (171 ) Acquisition costs business combinations (155 ) (448 ) (55 ) Business and asset disposal (including impairment losses) (39 ) 377 524 Impairment of assets — — (82 ) Judicial settlement — — (80 ) Impact on profit from operations (662 ) (394 ) 136 |
Payroll and Related Benefits (T
Payroll and Related Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Payroll and Related Benefits | Million US dollar 2017 2016 2015 Wages and salaries (4 884 ) (4 404 ) (3 706 ) Social security contributions (699 ) (647 ) (633 ) Other personnel cost (762 ) (580 ) (648 ) Pension expense for defined benefit plans (196 ) (194 ) (212 ) Share-based payment expense (359 ) (228 ) (225 ) Contributions to defined contribution plans (118 ) (77 ) (90 ) (7 018 ) (6 130 ) (5 514 ) Number of full time equivalents (FTE) at year-end 182 915 206 633 152 321 |
Summary of Number of Full Time Equivalents | The number of full time equivalents can be split as follows: 2017 2016 2015 AB InBev NV (parent company) 215 225 191 Other subsidiaries 182 700 206 408 152 130 182 915 206 633 152 321 |
Additional Information on Ope51
Additional Information on Operating Expenses By Nature (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Depreciation, Amortization and Impairment Charges | Depreciation, amortization and impairment charges are included in the following line items of the 2017 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 817 40 — Distribution expenses 199 4 — Sales and marketing expenses 425 196 — Administrative expenses 337 248 — Other operating expenses 4 — 6 3 782 488 6 Depreciation, amortization and impairment charges were included in the following line items of the 2016 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 292 21 — Distribution expenses 143 1 — Sales and marketing expenses 363 208 — Administrative expenses 222 218 — Other operating expenses 2 1 — 3 025 452 — Depreciation, amortization and impairment charges were included in the following line items of the 2015 income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 122 17 — Distribution expenses 122 1 — Sales and marketing expenses 285 173 — Administrative expenses 170 177 — Other operating expenses 4 — — Exceptional items 12 32 38 2 715 400 38 |
Finance Cost and Income (Tables
Finance Cost and Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Finance Costs | FINANCE COSTS Million US dollar 2017 2016 2015 Interest expense (4 314 ) (4 092 ) (1 833 ) Capitalization of borrowing costs 22 12 28 Net interest on net defined benefit liabilities (101 ) (113 ) (118 ) Accretion expense (614 ) (648 ) (326 ) Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) (304 ) (21 ) — Net losses on hedging instruments that are not part of a hedge accounting relationship (674 ) (797 ) — Tax on financial transactions (68 ) (70 ) (61 ) Other financial costs, including bank fees (139 ) (131 ) (107 ) (6 192 ) (5 860 ) (2 417 ) Exceptional finance cost (693 ) (3 522 ) (725 ) (6 885 ) (9 382 ) (3 142 ) |
Summary of Finance Income | FINANCE INCOME Million US dollar 2017 2016 2015 Interest income 287 561 339 Net foreign exchange gains (net of the effect of foreign exchange derivative instruments) — — 378 Net gains on hedging instruments that are not part of a hedging accounting relationship — — 399 Other financial income 91 91 62 378 652 1 178 Exceptional finance income — 166 511 378 818 1 689 |
Summary of Interest Income | The interest income stems from the following financial assets: Million US dollar 2017 2016 2015 Cash and cash equivalents 207 479 254 Investment debt securities held for trading 16 16 37 Other loans and receivables 64 66 48 287 561 339 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Income Taxes | Income taxes recognized in the income statement can be detailed as follows: Million US dollar 2017 2016 2015 Current tax expense Current year (3 833 ) (1 544 ) (2 300 ) (Underprovided)/overprovided in prior years 1 47 95 (3 832 ) (1 497 ) (2 395 ) Deferred tax (expense)/income Origination and reversal of temporary differences 1 872 (459 ) (242 ) (Utilization)/recognition of deferred tax assets on tax losses 23 116 3 Recognition of previously unrecognized tax losses 16 227 40 1 912 (116 ) (199 ) Total income tax expense in the income statement (1 920 ) (1 613 ) (2 594 ) |
Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate | The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2017 2016 2015 Profit before tax 11 076 4 334 12 461 Deduct share of result of associates and joint ventures 430 16 10 Profit before tax and before share of result of associates and joint ventures 10 646 4 318 12 451 Adjustments on taxable basis Foreign source income — (809 ) (969 ) Government incentives (982 ) (769 ) (948 ) Taxable intercompany dividends — 619 173 Expenses not deductible for tax purposes 2 374 4 351 1 559 Other non-taxable (178 ) (415 ) (165 ) 11 860 7 296 12 101 Aggregated weighted nominal tax rate 28.5 % 32.7 % 30.5 % Tax at aggregated weighted nominal tax rate (3 378 ) (2 387 ) (3 687 ) Adjustments on tax expense Utilization of tax losses not previously recognized 23 76 32 Recognition of deferred taxes assets on previous years’ tax losses 16 229 40 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (143 ) (975 ) (195 ) (Underprovided)/overprovided in prior years 1 63 (95 ) Deductions from interest on equity 553 644 643 Deductions from goodwill 57 63 66 Other tax deductions 723 869 1 033 US Tax reform (change in tax rate and other) 1 760 — — Change in tax rate (other) (59 ) (1 ) 12 Withholding taxes (386 ) (286 ) (450 ) Brazilian Federal Tax Regularization Program (870 ) — — Other tax adjustments (217 ) 93 7 (1 920 ) (1 613 ) (2 594 ) Effective tax rate 18.0 % 37.4 % 20.8 % |
Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income | Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2017 2016 2015 Income tax (losses)/gains Re-measurements (39 ) 54 (37 ) Cash flow and net investment hedges (95 ) (258 ) 930 (134 ) (204 ) 893 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Property, Plant and Equipment | 31 December 2017 31 December Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year as reported 12 483 30 611 2 561 45 655 35 329 Adjustments (469 ) (834 ) — (1 303 ) — Balance at end of previous year as adjusted 12 014 29 777 2 561 44 352 35 329 Effect of movements in foreign exchange 378 988 65 1 431 (156 ) Acquisitions 192 1 512 2 518 4 221 4 395 Acquisitions through business combinations 81 85 2 169 9 346 Disposals (344 ) (1 193 ) (29 ) (1 566 ) (1 683 ) Disposals through the sale of subsidiaries (14 ) (45 ) — (60 ) (88 ) Transfer (to)/from other asset categories and other movements 12 435 2 594 (2 852 ) 177 (1 487 ) Balance at end of the period 12 742 33 717 2 265 48 724 45 655 Depreciation and impairment losses Balance at end of previous year (3 065 ) (15 068 ) — (18 133 ) (16 377 ) Effect of movements in foreign exchange (118 ) (579 ) — (697 ) (190 ) Depreciation (472 ) (3 095 ) — (3 567 ) (2 986 ) Disposals 141 1 020 — 1 161 1 431 Disposals through the sale of subsidiaries 9 39 — 48 (27 ) Impairment losses (2 ) (83 ) — (85 ) (39 ) Transfer to/(from) other asset categories and other movements 1 (7 ) (260 ) — (267 ) 56 Balance at end of the period (3 514 ) (18 026 ) — (21 540 ) (18 132 ) Carrying amount at 31 December 2016 as reported 9 418 15 543 2 561 27 522 27 522 at 31 December 2016 as adjusted 8 949 14 709 2 561 26 219 26 219 at 31 December 2017 9 228 15 691 2 265 27 184 — 12 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 and 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. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Reconciliation of Goodwill | Million US dollar 31 December 2017 31 December 2016 Acquisition cost Balance at end of previous year as reported 136 566 65 099 Adjustments (669 ) — Balance at end of previous year as adjusted 135 897 65 099 Effect of movements in foreign exchange 4 684 (2 222 ) Disposals through the sale of subsidiaries — (187 ) Acquisitions through business combinations 398 74 886 Reclassified as held for sale — (1 008 ) Balance at end of the period 140 980 136 566 Impairment losses Balance at end of previous year (34 ) (38 ) Impairment losses (6 ) — Effect of movements in foreign exchange and other movements — 4 Balance at end of the period (40 ) (34 ) Carrying amount at 31 December 2016 as reported 136 533 136 533 at 31 December 2016 as adjusted 135 864 135 864 at 31 December 2017 140 940 — |
Summary of Carrying Amount of Goodwill Allocated to the Different Business Unit Levels | The carrying amount of goodwill was allocated to the different business unit levels as follows: Million US dollar Business unit 2017 2016 SAB — 73 736 USA 33 277 33 056 Colombia 20 425 — South Africa 18 551 — Peru 15 074 — Mexico 12 580 12 035 Rest of Africa 8 326 — Australia 6 922 — Brazil 5 523 5 531 South Korea 4 119 3 652 Ecuador 3 925 — China 2 914 2 710 Honduras & El Salvador 2 335 — Canada 2 056 1 892 Other countries 4 913 4 928 Reclassified as held for sale 13 — (1 008 ) 140 940 136 533 13 See also note 22 Assets classified as held for sale and discontinued operations |
Summary of Weighted Average Cost of Capital | The WACC applied in US dollar nominal terms were as follows: Business unit 2017 US 6 % Colombia 7 % South Africa 8 % Mexico 9 % Peru 7 % Ecuador 11 % Australia 6 % Rest of Africa 10 % |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Intangible Assets | 31 December 2017 31 December Million US dollar Brands Commercial Software Other Total Total Acquisition cost Balance at end of previous year as reported 42 077 2 715 1 872 306 46 969 31 719 Adjustments — 261 (40 ) — 221 — Balance at end of previous year as adjusted 42 077 2 976 1 832 306 47 191 31 719 Effect of movements in foreign exchange 973 110 170 33 1 286 (805 ) Acquisitions through business combinations 411 — — 6 417 20 723 Acquisitions and expenditures 8 24 124 156 312 563 Disposals — (32 ) (95 ) (64 ) (191 ) (161 ) Transfer (to)/from other asset categories and other movements 14 (67 ) (174 ) 146 (49 ) (144 ) (5 070 ) Balance at end of period 43 402 2 904 2 177 388 48 871 46 969 Amortization and impairment losses Balance at end of previous year (32 ) (1 124 ) (1 151 ) (94 ) (2 401 ) (2 042 ) Effect of movements in foreign exchange — (49 ) (88 ) (2 ) (139 ) 34 Amortization — (198 ) (275 ) (25 ) (498 ) (446 ) Impairment losses — — — — — (3 ) Disposals — 23 56 10 89 142 Transfer to/(from) other asset categories and other movements 1 — (31 ) (14 ) (3 ) (48 ) (86 ) Balance at end of period (32 ) (1 379 ) (1 472 ) (114 ) (2 997 ) (2 401 ) Carrying value at 31 December 2016 as reported 42 045 1 591 720 212 44 568 44 568 at 31 December 2016 as adjusted 42 045 1 852 681 212 44 789 44 789 at 31 December 2017 43 370 1 525 705 274 45 874 — |
Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives | The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows: Million US dollar Country 2017 2016 USA 21 960 21 570 Colombia 3 820 3 803 South Africa 3 899 3 518 Mexico 3 058 2 920 Peru 2 825 2 731 Australia 2 773 2 373 South Korea 1 058 938 Ecuador 595 604 China 403 373 Dominican Republic 353 366 Rest of Africa 1 353 1 364 Other countries 1 498 1 712 43 595 42 272 |
Investments in Associates (Tabl
Investments in Associates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates | A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows: 2017 2016 Million US dollar Castel 15 Efes Castel 1 Efes Balance at 1 January 2 793 750 — — Combination with SAB — — 2 932 895 Dividends received (23 ) — — — Share of results of associates 354 (2 ) 18 (27 ) Effect of movements in foreign exchange 356 (54 ) (158 ) (119 ) Balance at 31 December 3 480 694 2 793 750 |
Summarized Financial Information of the Company's Material Associates | Summarized financial information of the company’s material associates is as follows: 2017 2016 Million US dollar Castel 1 Efes Castel 1 Efes Current assets 4 894 2 415 3 970 1 058 Non-current 3 912 5 243 2 900 4 668 Current liabilities 1 724 1 106 1 391 561 Non-current 857 2 494 547 1 570 Non-controlling 879 1 520 762 1 464 Net assets 5 346 2 538 4 170 2 131 Revenue 5 447 3 415 1 236 659 Profit (loss) 746 (7 ) 42 (111 ) Other comprehensive income (loss) (94 ) 553 (108 ) 75 Total comprehensive income (loss) 652 546 (66 ) (35 ) |
Summarized Financial Information to the Carrying Amount of the Interest in Castel and Efes Recognized in the Consolidated Financial Statements | Reconciliation of the above summarized financial information to the carrying amount of the interest in Castel and Efes recognized in the consolidated financial statements is as follows: 2017 2016 Million US dollar Castel 1 Efes Castel 1 Efes Net assets of the associate 5 346 2 4 170 2 Interest in associates (%) 20-40 24 20-40 24 Interest in associate 1 293 609 939 511 Goodwill 2 187 85 1 854 239 Carrying amount of investment in associates 3 480 694 2 793 750 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Information about Non-Current and Current Investments | Million US dollar 2017 2016 Non-current Investments in unquoted companies – available for sale 76 58 Debt securities held to maturity 24 24 100 82 Current investments Debt securities held for trading 1 304 5 659 1 304 5 659 15 Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd, Marocaine d’Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I’Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up Castel’s African beverage operations. Details of individual ownership percentages are included in Note 36 AB InBev companies |
Deferred Tax Assets and Liabi59
Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference | The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2017 Million US dollar Assets Liabilities Net Property, plant and equipment 324 (2 586 ) (2 262 ) Intangible assets 113 (11 387 ) (11 274 ) Inventories 114 (63 ) 51 Trade and other receivables 148 (62 ) 86 Interest-bearing loans and borrowings 431 (646 ) (215 ) Employee benefits 663 (10 ) 653 Provisions 562 (17 ) 545 Derivatives 40 (49 ) (9 ) Other items 200 (796 ) (596 ) Loss carry forwards 1 130 — 1 130 Gross deferred tax assets/(liabilities) 3 725 (15 616 ) (11 891 ) Netting by taxable entity (2 509 ) 2 509 — Net deferred tax assets/(liabilities) 1 216 (13 107 ) (11 891 ) 2016 Million US dollar Assets Liabilities Net Property, plant and equipment 533 (4 017 ) (3 484 ) Intangible assets 200 (14 863 ) (14 663 ) Inventories 145 (95 ) 50 Trade and other receivables 74 (59 ) 15 Interest-bearing loans and borrowings 322 (456 ) (134 ) Employee benefits 704 (22 ) 682 Provisions 578 (234 ) 344 Derivatives 42 (30 ) 12 Other items 147 (1 119 ) (972 ) Loss carry forwards 1 278 — 1 278 Reclassified as held for sale (4 ) 1 459 1 455 Gross deferred tax assets/(liabilities) 4 019 (19 436 ) (15 417 ) Netting by taxable entity (2 758 ) 2 758 — Net deferred tax assets/(liabilities) as reported 1 261 (16 678 ) (15 417 ) Adjustments — 1 975 1 975 Net deferred tax assets/(liabilities) as adjusted 1 261 (14 703 ) (13 442 ) |
Summary of Change in Net Deferred Tax Assets and Liabilities | The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2017 2016 2015 Balance at 1 January as reported (15 417 ) (10 780 ) (11 643 ) Adjustments 1 975 — — Balance at 1 January as adjusted (13 442 ) (10 780 ) (11 643 ) Recognized in profit or loss 1 912 (116 ) (199 ) Recognized in other comprehensive income (134 ) (204 ) 893 Acquisitions through business combinations (74 ) (5 623 ) (7 ) Reclassified as held for sale — 1 455 — Other movements and effect of changes in foreign exchange rates (153 ) (149 ) 176 Balance at 31 December as reported (11 891 ) (15 417 ) (10 780 ) Balance at 31 December as adjusted — (13 442 ) — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Inventories | Million US dollar 2017 2016 2016 Prepayments 101 90 90 Raw materials and consumables 2 304 2 119 2 143 Work in progress 387 391 391 Finished goods 1 216 1 166 1 166 Goods purchased for resale 111 124 124 4 119 3 889 3 913 Inventories other than work in progress Inventories stated at net realizable value 57 42 42 Carrying amount of inventories subject to collateral — — — |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Non-Current Trade and Other Receivables | NON-CURRENT Million US dollar 2017 2016 Cash deposits for guarantees 209 200 Loans to customers 13 15 Deferred collection on disposals 11 11 Tax receivable, other than income tax 68 105 Trade and other receivables 533 537 834 868 |
Schedule of Current Trade and Other Receivables | CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2017 2016 2016 Trade receivables and accrued income 4 752 4 523 4 562 Interest receivable 6 10 10 Tax receivable, other than income tax 368 572 572 Loans to customers 166 85 85 Prepaid expenses 428 316 316 Other receivables 846 846 846 6 566 6 352 6 391 |
Schedule of Trade Receivables and Other Receivables | The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current Net carrying Of which: Of which not impaired as of the reporting date and past Less than Between 30 Between 60 More than Trade receivables and accrued income 4 752 4 369 265 47 40 31 Loans to customers 179 179 — — — — Interest receivable 6 6 — — — — Other receivables 846 803 19 6 14 4 5 783 5 357 284 53 54 35 Net carrying Of which: Of which not impaired as of the reporting date and past Less than Between 30 Between 60 More than Trade receivables and accrued income 4 562 4 201 189 64 37 70 Loans to customers 100 96 — 2 2 — Interest receivable 10 10 — — — — Other receivables 846 721 42 21 6 56 5 518 5 028 231 87 45 126 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Cash and Cash Equivalents | Million US dollar 31 December 2017 31 December 2016 Short-term bank deposits 3 896 3 231 Treasury Bills — 250 Cash and bank accounts 6 576 5 098 Cash and cash equivalents 10 472 8 579 Bank overdrafts (117 ) (184 ) 10 355 8 395 |
Assets Classified as Held for63
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Assets Held for Sale | ASSETS CLASSIFIED AS HELD FOR SALE Million US dollar 31 December 2017 31 December 2016 Balance at the end of previous year as reported 16 439 48 Adjustments 19 — Balance at the end of previous year as adjusted 16 458 48 Combination with SAB — 24 805 Disposals from SAB transaction-related divestitures (15 514 ) (16 342 ) Reclassified to assets held for sale in the period 91 7 959 Disposals (26 ) (28 ) Effect of movements in foreign exchange 132 (51 ) Other movements (1 008 ) 48 Balance at the end of year as reported 133 16 439 Balance at the end of year as adjusted — 16 458 |
Summary of Liabilities Associated With Assets Held for Sale | LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE Million US dollar 31 December 2017 31 December 2016 Balance at the end of previous year 2 174 — Reclassified to assets held for sale in the period — 2 174 Disposals from SAB transaction-related divestitures (1 166 ) — Other movements (1 008 ) — Balance at the end of year — 2 174 |
Changes in Equity and Earning64
Changes in Equity and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during 2017: ISSUED CAPITAL Issued capital Million shares Million US dollar At the end of the previous year 2 019 1 736 Changes during the period — — 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of Million shares Million US dollar Million US dollar At the end of the previous year 85.5 (8 980 ) (1 452 ) Changes during the period — — — 85.5 (8 980 ) (1 452 ) The tables below summarize the changes in issued capital and treasury shares during 2016: Issued capital FORMER AB INBEV – PRE MERGER Million shares Million US dollar At the end of the previous year and pre-merger 1 608 1 736 1 608 1 736 Issued capital ISSUED CAPITAL – IMPACT MERGER Million shares Million US dollar 6 October capital increase 881 9 528 Cancellation of acquired shares (470 ) — Share for share exchange former AB InBev 1 608 1 736 Transfer to reserves — (9 528 ) 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of 16 Million shares Million US dollar Million US dollar At the end of the previous year 1.9 (202 ) (1 424 ) Treasury shares as a result of the Belgian Merger 85.0 (8 953 ) — Other changes during the period (1.4 ) 175 (28 ) 85.5 (8 980 ) (1 452 ) |
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows: Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2017 (14 758 ) 744 (1 612 ) (15 626 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 053 — — 1 053 Cash flow hedges — (158 ) — (158 ) Re-measurements — — (53 ) (53 ) Total comprehensive income 1 053 (158 ) (53 ) 842 As per 31 December 2017 (13 705 ) 586 (1 665 ) (14 784 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2016 (11 493 ) (1 217 ) (1 400 ) (14 110 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (3 265 ) — — (3 265 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (7 — (7 099 ) Foreign exchange contracts reclassified from equity in relation to the SAB combination 8 837 8 837 Cash flow hedges — 223 — 223 Re-measurements — — (212 ) (212 ) Total comprehensive income (3 265 ) 1 961 (212 ) (1 516 ) As per 31 December 2016 (14 758 ) 744 (1 612 ) (15 626 ) Million US dollar Translation Hedging Post- Total As per 1 January 2015 (5 336 ) 557 (1 447 ) (6 226 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (6 157 ) — — (6 157 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (1 738 ) — (1 738 ) Cash flow hedges — (36 ) — (36 ) Re-measurements — — 47 47 Total comprehensive income (6 157 ) (1 774 ) 47 (7 884 ) As per 31 December 2015 (11 493 ) (1 217 ) (1 400 ) (14 110 ) |
Summary of Basic and Diluted Earnings Per Share | EARNINGS PER SHARE The calculation of basic earnings per share for the year ended 31 December 2017 is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2017 2016 2015 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 934 1 606 1 607 Effect of restricted shares issued upon the SAB combination — 94 — Effect of shares issued and share buyback programs — (20 ) (2 ) Effect of stock lending 14 12 10 Effect of undelivered shares under the deferred share instrument 23 23 23 Weighted average number of ordinary and restricted shares at 31 December 1 971 1 717 1 638 The calculation of diluted earnings per share is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar; 31 December 2015: 8 273m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2017 2016 2015 Weighted average number of ordinary and restricted shares at 31 December 1 971 1 717 1 638 Effect of share options and restricted stock units 39 38 30 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 010 1 755 1 668 The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows: Million US dollar 2017 2016 17 2015 1 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 7 967 4 853 8 513 Exceptional items, before taxes (refer to Note 8) (662 ) (394 ) 136 Exceptional finance income/(cost), before taxes (refer to Note 8) (693 ) (3 356 ) (214 ) Exceptional taxes (refer to Note 8) 830 77 (201 ) Exceptional non-controlling 526 13 39 Profit from discontinued operations 28 48 — Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 |
Summary of Calculation of EPS | The table below sets out the EPS calculation: Million US dollar 2017 2016 2015 Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 Basic EPS from continuing and discontinued operations 4.06 0.72 5.05 Profit from continuing operations attributable to equity holders of AB InBev 7 968 1 193 8 273 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 Basic EPS from continuing operations 4.04 0.69 5.05 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 7 967 4 853 8 513 Weighted average number of ordinary and restricted shares 1 971 1 717 1 638 EPS from continuing operations before exceptional items 4.04 2.83 5.20 Profit attributable to equity holders of AB InBev 7 996 1 241 8 273 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing and discontinued operations 3.98 0.71 4.96 Profit from continuing operations attributable to equity holders of AB InBev 7 968 1 193 8 273 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing operations 3.96 0.68 4.96 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 7 967 4 853 8 513 Weighted average number of ordinary and restricted shares (diluted) 2 010 1 755 1 668 Diluted EPS from continuing operations before exceptional items 3.96 2.77 5.10 |
Interest-Bearing Loans and Bo65
Interest-Bearing Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Interest-bearing Loans and Borrowings | NON-CURRENT Million US dollar 2017 2016 Secured bank loans 230 210 Unsecured bank loans 153 8 266 Unsecured bond issues 108 327 105 146 Unsecured other loans 53 111 Finance lease liabilities 186 208 108 949 113 941 CURRENT LIABILITIES Million US dollar 2017 2016 Secured bank loans 272 652 Commercial papers 1 870 2 053 Unsecured bank loans 739 1 396 Unsecured bond issues 4 510 4 481 Unsecured other loans 15 10 Finance lease liabilities 27 26 7 433 8 618 |
Summary of Series of Bonds | During 2017, AB InBev completed the issuance of the following series of bonds: Issue date Aggregate Currency Interest rate Maturity date 15 May 2017 1 300 Canadian dollar 2.600% 15 May 2024 15 May 2017 700 Canadian dollar 4.320% 15 May 2047 24 May 2017 650 Pound sterling 1.750% 7 March 2025 24 May 2017 700 Pound sterling 2.250% 24 May 2029 24 May 2017 900 Pound sterling 2.850% 25 May 2037 6 September 2017 550 Australian dollar 3.250% 6 September 2022 6 September 2017 650 Australian dollar 3.750% 6 September 2024 6 September 2017 450 Australian dollar 4.100% 6 September 2027 6 September 2017 300 Australian dollar 3M BBSW 6 September 2022 |
Summary of Facilities, Related Cancellations and Drawdowns | A summation of the Facilities, related cancellations and drawdowns as of 31 December 2017 is presented below: Term Applicable Original 2016 October October April June Term Facility A 3 Years LIBOR + 110 25.0 (25.0 ) — — — — Term Facility B 5 Years LIBOR + 125 10.0 (2.0 ) (8.0 ) — 6.0 2.0 Disposal Bridge Facility 1 Year LIBOR + 100 10.0 — (10.0 ) 10.0 — — Bridge to Cash / DCM Facility A 1 Year LIBOR + 100 15.0 (15.0 ) — — — — Bridge to Cash / DCM Facility B 2 Years LIBOR + 100 15.0 (15.0 ) — — — — 75.0 (57.0 ) (18.0 ) 10.0 6.0 2.0 |
Summary of Exchange Offers | On 19 April 2017, the company announced the final results of U.S. private exchange offers for any and all of the outstanding notes listed below in exchange for a combination of AB InBev’s notes due 2048 and cash: Issuer Title of series of notes issued Original principal (thousand US Principal amount 18 Principal amount Anheuser-Busch Companies 7.55% Debentures due 2030 200 000 74 046 125 954 Anheuser-Busch Companies 6.80% Debentures due 2031 200 000 19 986 180 014 Anheuser-Busch Companies 6.80% Debentures due 2032 300 000 126 932 173 068 Anheuser-Busch Companies 5.95% Debentures due 2033 300 000 148 183 151 817 Anheuser-Busch Companies 5.75% Debentures due 2036 300 000 192 686 107 314 Anheuser-Busch Companies 6.45% Debentures due 2037 500 000 252 556 247 444 Anheuser Busch InBev Worldwide Inc. 6.375% Notes due 2040 500 000 255 575 244 425 Anheuser-Busch Companies 6.00% Debentures due 2041 250 000 83 583 166 417 Anheuser-Busch Companies 6.50% Debentures due 2042 250 000 74 449 175 551 Anheuser-Busch Companies 6.50% Debentures due 2043 300 000 122 392 177 608 |
Summary of Redemption in Outstanding Principal Amount of Notes | On 11 October 2017, AB InBev announced that the company exercised its option to redeem in full the entire outstanding principal amount of the following series of notes on 10 November 2017: Issuer Title of series of notes Aggregate principal Anheuser-Busch InBev Finance 1.25% Notes due 2018 1 000 Anheuser-Busch InBev Worldwide 6.50% Notes due 2018 627 Anheuser-Busch Companies 4.50% Notes due 2018 200 Anheuser-Busch Companies 5.50% Notes due 2018 500 ABI SAB Group Holding Limited 6.50% Notes due 2018 73 |
Summary of Terms and Debt Repayment | TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 502 272 128 18 33 51 Commercial papers 1 870 1 870 — — — — Unsecured bank loans 892 739 122 31 — — Unsecured bond issues 112 837 4 510 9 956 9 389 18 441 70 541 Unsecured other loans 68 15 18 7 3 25 Finance lease liabilities 213 27 29 20 23 114 116 382 7 433 10 253 9 465 18 500 70 731 TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2016 Million US dollar Total 1 year or 1-2 2-3 3-5 More than 5 Secured bank loans 862 652 107 26 21 56 Commercial papers 2 053 2 053 — — — — Unsecured bank loans 9 662 1 396 195 91 7 980 — Unsecured bond issues 109 627 4 481 6 234 10 032 18 697 70 183 Unsecured other loans 121 10 20 15 22 54 Finance lease liabilities 234 26 26 31 46 105 122 559 8 618 6 582 10 195 26 766 70 398 |
Summary of Lease Liabilities | FINANCE LEASE LIABILITIES Million US dollar 2017 2017 2017 2016 2016 2016 Less than one year 42 15 27 45 19 26 Between one and two years 42 13 29 43 16 27 Between two and three years 31 11 20 44 13 31 Between three and five years 40 17 23 70 24 46 More than 5 years 146 32 114 144 40 104 301 88 213 346 112 234 |
Summary of Reconciliation of Net Debt | The following table provides a reconciliation of AB InBev’s net debt as at 31 December: Million US dollar 2017 2016 Non-current 108 949 113 941 Current interest-bearing loans and borrowings 7 433 8 618 116 382 122 559 Bank overdrafts 117 184 Cash and cash equivalents (10 472 ) (8 579 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (309 ) (528 ) Debt securities (included within Investment securities) (1 328 ) (5 683 ) Net debt 104 390 107 953 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Net Liability for Post-Employment and Long-Term Employee Benefit Plans | The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December: Million US dollar 2017 2016 Present value of funded obligations (7 506 ) (7 044 ) Fair value of plan assets 5 623 5 177 Present value of net obligations for funded plans (1 883 ) (1 867 ) Present value of unfunded obligations (904 ) (908 ) Present value of net obligations (2 787 ) (2 775 ) Unrecognized asset (111 ) (168 ) Net liability (2 898 ) (2 943 ) Other long term employee benefits (73 ) (73 ) Reclassified as held for sale — 12 Total employee benefits (2 971 ) (3 004 ) Employee benefits amounts in the balance sheet: Liabilities (2 993 ) (3 014 ) Assets 22 10 Net liability (2 971 ) (3 004 ) |
Summary of Changes in Unrecognized Assets | The changes in the unrecognized asset are as follows: Million US dollar 2017 2016 2015 Irrecoverable surplus impact at 1 January (168 ) (137 ) (171 ) Interest expense (17 ) (17 ) (15 ) Changes excluding amounts included in interest expense 74 (14 ) 49 Irrecoverable surplus impact at 31 December (111 ) (168 ) (137 ) |
Summary of Employee Benefit Expense Recognized in Income Statement | The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows: Million US dollar 2017 2016 2015 Current service costs (74 ) (73 ) (81 ) Administration costs (22 ) (24 ) (20 ) Past service cost due to plan amendments and curtailments 17 8 8 (Losses)/gains on settlements — 10 (2 ) (Losses)/gains on due to experience and demographic assumption changes 3 — — Profit from operations (76 ) (79 ) (95 ) Net finance cost (120 ) (115 ) (116 ) Total employee benefit expense (196 ) (194 ) (211 ) |
Summary of Employee Benefit Expense Recognized in Income Statement | The employee benefit expense is included in the following line items of the income statement: Million US dollar 2017 2016 2015 Cost of sales (24 ) (59 ) (64 ) Distribution expenses (10 ) (9 ) (8 ) Sales and marketing expenses (15 ) (13 ) (14 ) Administrative expenses (29 ) (15 ) (17 ) Other operating (expense)/income (4 ) 10 6 Exceptional items 6 7 2 Net finance cost (120 ) (115 ) (116 ) (196 ) (194 ) (211 ) |
Summary of Weighted Average Assumptions used in Computing Benefit Obligations | Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows: 2017 United Canada Mexico Brazil United AB InBev Discount rate 3.7 % 3.6 % 8.0 % 10.0 % 2.6 % 4.0 % Price inflation 2.5 % 2.0 % 3.5 % 4.3 % 3.3 % 2.7 % Future salary increases — 1.0 % 4.3 % 5.6 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.3 % 3.0 % 2.8 % Medical cost trend rate 6.2%-5.0 % 4.5 % — 7.9 % — 6.8%-6.4 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 88 89 85 88 89 88 2016 United Canada Mexico Brazil United AB InBev Discount rate 4.2 % 3.9 % 7.8 % 10.5 % 2.7 % 4.4 % Price inflation 2.5 % 2.0 % 3.5 % 4.5 % 3.4 % 2.8 % Future salary increases — 1.0 % 4.8 % 5.8 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.5 % 3.1 % 2.8 % Medical cost trend rate 7.0%-5.0 % 4.5 % — 8.2 % — 7.2%-6.5 % Life expectation for a 65 year old male 85 86 82 85 87 86 Life expectation for a 65 year old female 88 89 85 88 89 88 |
Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption | The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Million US dollar 2017 Change in Increase in Decrease in Discount rate 0.5 % (530 ) 581 Price inflation 0.5 % 172 (130 ) Future salary increase 0.5 % 28 (23 ) Medical cost trend rate 1 % 55 (47 ) Longevity One year 248 (246 ) |
Summary of Fair Value of Plan Assets | The fair value of plan assets at 31 December consists of the following: 2017 2016 Quoted Unquoted Total Quoted Unquoted Total Government bonds 27 % — 27 % 30 % — 30 % Corporate bonds 37 % — 37 % 38 % — 38 % Equity instruments 26 % — 26 % 22 % — 22 % Property — 4 % 4 % — 3 % 3 % Insurance contracts and others 5 % 1 % 6 % 6 % 1 % 7 % 95 % 5 % 100 % 96 % 4 % 100 % |
Present Value of Defined Benefit Obligation [Member] | |
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets | The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2017 2016 2015 Defined benefit obligation at 1 January (7 952 ) (7 594 ) (8 585 ) Current service costs (74 ) (73 ) (81 ) Interest cost (340 ) (347 ) (354 ) Past service gain/(cost) 17 8 8 Settlements 6 174 3 Benefits paid 502 482 517 Contribution by plan participants (4 ) (4 ) (4 ) Acquisition and disposal through business combination — (260 ) — Actuarial gains/(losses) – demographic assumptions 24 (1 ) 4 Actuarial gains/(losses) – financial assumptions (264 ) (607 ) 283 Experience adjustments (21 ) 37 14 Exchange differences (343 ) 256 606 Transfers and other movements 39 (23 ) (5 ) Defined benefit obligation at 31 December (8 410 ) (7 952 ) (7 594 ) |
Plan Assets [Member] | |
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets | The changes in the fair value of plan assets are as follows: Million US dollar 2017 2016 2015 Fair value of plan assets at 1 January 5 177 5 075 5 773 Interest income 239 249 253 Administration costs (22 ) (24 ) (20 ) Return on plan assets exceeding interest income 233 297 (211 ) Contributions by AB InBev 315 302 275 Contributions by plan participants 4 4 4 Benefits paid net of administration costs (502 ) (478 ) (517 ) Acquisition through business combination — 68 — Assets distributed on settlements (7 ) (164 ) — Exchange differences 214 (155 ) (482 ) Transfers and other movements (28 ) 3 — Fair value of plan assets at 31 December 5 623 5 177 5 075 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Ambev [Member] | |
Summary of Weighted Average Fair Value of Options and Assumptions | The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2017 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 21 2017 2016 2015 Fair value of options granted 1.97 1.90 2.01 Share price 5.99 5.27 4.72 Exercise price 5.99 5.27 4.72 Expected volatility 27% 27% 27% Expected dividends 0.00% - 5.00% 0.00% - 5.00% 0.00% - 5.00% Risk-free interest rate 10.10% 12.40% 15.90% |
Summary of Number of Options Outstanding | The total number of outstanding Ambev options developed as follows: Million options 2017 2016 2015 Options outstanding at 1 January 131.3 121.7 126.1 Options issued during the year 20.4 24.8 16.6 Options exercised during the year (13.5 ) (11.6 ) (20.0 ) Options forfeited during the year (2.9 ) (3.7 ) (1.0 ) Options outstanding at the end of December 135.2 131.3 121.7 |
Summary of Weighted Average Exercise Price of Options | The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 1 2017 2016 2015 Options outstanding at 1 January 4.19 3.17 3.79 Granted during the year 5.99 5.27 4.72 Exercised during the year 1.76 0.77 1.29 Forfeited during the year 5.41 3.94 5.21 Outstanding at the end of December 4.92 4.26 3.17 Exercisable at the end of December 1.14 1.12 0.84 |
Ambev [Member] | Restricted Stock Units [Member] | |
Summary of Number of Outstanding Restricted stock Units | The total number of outstanding Ambev restricted stock units developed as follows: Million restricted stock units 2017 2016 2015 Restricted stock units outstanding at 1 January 19.3 19.1 17.5 Restricted stock units issued during the year 0.8 7.3 2.7 Restricted stock units exercised during the year (2.9 ) (6.1 ) (0.8 ) Restricted stock units forfeited during the year (0.9 ) (1.0 ) (0.3 ) Restricted stock units outstanding at the end of December 16.3 19.3 19.1 |
AB inBev [member] | |
Summary of Weighted Average Fair Value of Options and Assumptions | The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2017 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 20 2017 2016 2015 Fair value of options granted 19.94 17.40 21.78 Share price 117.77 103.77 125.29 Exercise price 117.77 103.77 125.29 Expected volatility 23 % 24 % 24 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.72 % 0.54 % 0.82 % |
Summary of Number of Options Outstanding | The total number of outstanding AB InBev options developed as follows: Million options 2017 2016 2015 Options outstanding at 1 January 64.9 47.6 45.6 Options issued during the year 35.0 20.4 9.7 Options exercised during the year (3.0 ) (2.2 ) (6.6 ) Options forfeited during the year (3.9 ) (0.9 ) (1.1 ) Options outstanding at the end of December 93.0 64.9 47.6 |
Summary of Weighted Average Exercise Price of Options | The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 1 2017 2016 2015 Options outstanding at 1 January 76.25 64.50 51.35 Granted during the year 117.24 104.71 126.67 Exercised during the year 38.94 32.45 32.47 Forfeited during the year 108.26 88.68 54.88 Outstanding at the end of December 98.32 76.25 64.50 Exercisable at the end of December 59.66 40.62 37.15 |
AB inBev [member] | Restricted Stock Units [Member] | |
Summary of Number of Outstanding Restricted stock Units | Million restricted stock units 2017 2016 2015 Restricted stock units outstanding at 1 January 5.8 5.6 5.8 Restricted stock units issued during the year 0.7 1.4 1.0 Restricted stock units exercised during the year (0.7 ) (1.1 ) (1.0 ) Restricted stock units forfeited during the year (0.4 ) (0.1 ) (0.2 ) Restricted stock units outstanding at the end of December 5.4 5.8 5.6 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Provisions by Class | US dollar Restructuring Disputes Other Total Balance at 1 January 2017 as reported 232 1 592 454 2 278 Adjustments — (126 ) 394 268 Balance at 1 January 2017 as adjusted 232 1 466 848 2 546 Effect of changes in foreign exchange rates 15 20 38 73 Acquisitions through business combinations — — — — Provisions made 88 185 35 308 Provisions used (186 ) (135 ) (99 ) (419 ) Provisions reversed (2) (160) 2 (160) Other movements 6 7 39 52 Balance at 31 December 2017 153 1 383 864 2 400 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2016 157 733 7 897 Effect of changes in foreign exchange rates (9 ) 9 (3 ) (3 ) Acquisitions through business combinations 216 703 616 1 535 Provisions made 100 483 17 600 Provisions used (228 ) (274 ) (6 ) (508 ) Provisions reversed (3 ) (63 ) (27 ) (93 ) Other movements (1) 1 (150 ) (150 ) Balance at 31 December 2016 as reported 232 1 592 454 2 278 |
Summary of Provisions are Expected to Be Settled Within the Following Time Windows | The provisions are expected to be settled within the following time windows: Million US dollar Total < 1 year 1-2 years 2-5 years > 5 years Restructuring 153 69 22 60 2 Disputes Income and indirect taxes 701 138 464 57 42 Labor 135 37 7 85 6 Commercial 44 16 19 6 3 Excise duties 59 — 6 53 — Other disputes 444 30 296 117 1 1 383 221 792 318 52 Other provisions 864 595 6 263 — Total provisions 2 400 885 820 641 54 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Trade and Other Payables | NON-CURRENT Million US dollar 2017 2016 2016 Indirect taxes payable 157 159 159 Trade payables 380 465 465 Deferred consideration on acquisitions 699 379 379 Other payables 226 313 325 1 462 1 316 1 328 CURRENT TRADE AND OTHER PAYABLES Million US dollar 2017 2016 Trade payables and accrued expenses 15 240 14 071 Payroll and social security payables 1 284 1 027 Indirect taxes payable 2 862 2 750 Interest payable 1 790 1 797 Consigned packaging 1 111 974 Dividends payable 479 447 Deferred income 30 52 Deferred consideration on acquisitions 1 723 1 640 Other payables 243 327 24 762 23 086 |
Risks Arising from Financial 70
Risks Arising from Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Derivative Financial Instruments Outstanding at Year-end by Maturity Bucket | The following table provides an overview of the derivative financial instruments outstanding at year-end 2017 2016 Million US dollar < 1 year 1-2 2-3 3-5 > 5 < 1 1-2 2-3 3-5 > 5 Foreign currency Forward exchange contracts 11 637 233 — — — 22 396 96 — — — Foreign currency futures 655 — — — — 610 — — — — Interest rate Interest rate swaps 1 075 2 250 750 1 883 88 1 292 1 075 2 250 784 3 630 Cross currency interest rate swaps 711 1 797 — 5 900 1 176 1 553 785 1 796 460 1 134 Interest rate futures — — 5 — — — — 46 77 — Other interest rate derivatives — — — — 565 — — — — 565 Commodities Aluminum swaps 1 412 21 — — — 1 211 31 — — — Other commodity derivatives 1 214 144 — — — 1 124 189 — — — Equity Equity derivatives 11 799 — — — — 10 087 235 — — — |
Summary of Foreign Exchange Risk on Operating Activities | The second currency of the currency pairs listed is the functional currency of the related subsidiary. 31 December 2017 31 December 2016 Million US dollar Total Total Open Total Total Open Euro/Canadian dollar (32 ) 32 — (52 ) 52 — Euro/Mexican peso (275 ) 246 (29 ) (159 ) 197 38 Euro/Pound sterling (82 ) 110 28 (33 ) 146 113 Euro/Russian ruble (58 ) 68 10 (64 ) 93 29 Euro/South African rand (84 ) 84 — (64 ) 64 — Euro/South Korean won (53 ) 44 (9 ) (63 ) 55 (8 ) Euro/Ukrainian hryvnia (58 ) — (58 ) (60 ) — (60 ) Euro/US dollar (271 ) 425 154 (924 ) 483 (441 ) Pound sterling/Euro (87 ) 128 41 (69 ) 71 2 Pound sterling/US dollar (40 ) 40 — (492 ) 162 (330 ) US dollar/Argentinean peso (678 ) 678 — (219 ) 219 — US dollar/Australian dollar (469 ) 192 (277 ) (171 ) 73 (98 ) US dollar/Bolivian boliviano (20 ) 20 — (59 ) 59 — US dollar/Brazilian real (1 184 ) 1 184 — (1 102 ) 1 102 — US dollar/Canadian dollar (306 ) 306 — (347 ) 347 — US dollar/Chilean peso (324 ) 324 — (255 ) 255 — US dollar/Chinese yuan (303 ) 134 (169 ) (248 ) 228 (20 ) US dollar/Colombian peso (319 ) 195 (124 ) (202 ) 187 (15 ) US dollar/Euro (157 ) 145 (12 ) (115 ) 68 (47 ) US dollar/Honduran lempira — — — (172 ) — (172 ) US dollar/Mexican peso (1 143 ) 873 (270 ) (952 ) 1 065 113 US dollar/Nigerian naira (172 ) — (172 ) (87 ) — (87 ) US dollar/Paraguayan guarani (108 ) 108 — (136 ) 136 — US dollar/Peruvian nuevo sol (255 ) 154 (101 ) (196 ) 123 (73 ) US dollar/Russian ruble (45 ) 30 (15 ) (71 ) 91 20 US dollar/South African rand (72 ) 66 (6 ) (95 ) 95 — US dollar/South Korean won (20 ) 60 40 (48 ) 112 64 US dollar/Tanzanian shilling (2 ) — (2 ) (85 ) 14 (71 ) US dollar/Ukrainian hryvnia (18 ) — (18 ) (22 ) — (22 ) US dollar/Uruguayan peso (57 ) 57 — (44 ) 44 — US dollar/Zambian kwacha (4 ) — (4 ) (89 ) — (89 ) Others (118 ) 104 (14 ) (390 ) 71 (319 ) |
Summary of Currency Transactional Risk | AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows: 2017 Closing rate Possible 22 Volatility Euro/Mexican peso 23.67 20.81 - 26.53 12.07 % Euro/Pound sterling 0.89 0.82 - 0.96 7.94 % Euro/Russian ruble 69.12 60.86 - 77.38 11.95 % Euro/South Korean won 1 280.41 1 181.37 - 1 379.44 7.73 % Euro/Ukrainian hryvnia 33.66 30.39 - 36.93 9.72 % Euro/US dollar 1.20 1.11 - 1.28 7.12 % Pound sterling/US dollar 1.35 1.16 - 1.54 13.99 % US dollar/Australian dollar 1.28 1.18 - 1.38 7.50 % US dollar/Chinese yuan 6.51 6.15 - 6.86 5.45 % US dollar/Colombian peso 2 988.60 2 732.94 - 3 244.26 8.55 % US dollar/Euro 0.83 0.77 - 0.89 7.12 % US dollar/Mexican peso 19.74 17.45 - 22.02 11.59 % US dollar/Nigerian naira 360.03 284.18 - 435.87 21.07 % US dollar/Peruvian nuevo sol 3.24 3.11 - 3.38 4.19 % US dollar/Russian ruble 57.63 51.43 - 63.83 10.76 % US dollar/South African rand 12.35 10.44 - 14.25 15.39 % US dollar/South Korean won 1 067.63 921.4 - 1 213.86 13.70 % US dollar/Tanzanian shilling 2 235.44 2 176.76 - 2 294.12 2.63 % US dollar/Ukrainian hryvnia 28.07 26.86 - 29.27 4.30 % US dollar/Zambian kwacha 9.98 8.91 - 11.05 10.72 % 2016 Closing rate Possible 23 Volatility Euro/Mexican peso 21.78 18.12 - 25.45 16.83 % Euro/Pound sterling 0.86 0.76 - 0.96 11.63 % Euro/Russian ruble 63.94 51.45 - 76.43 19.53 % Euro/Ukrainian hryvnia 28.66 24.85 - 32.47 13.30 % Euro/US dollar 1.05 0.97 - 1.14 8.09 % Pound sterling/US dollar 1.23 1.06 - 1.40 13.99 % US dollar/Australian dollar 1.38 1.23 - 1.54 11.22 % US dollar/Chinese yuan 6.94 6.57 - 7.32 5.45 % US dollar/Colombian peso 3 002.14 2 449.43 - 3 554.86 18.41 % 22 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. 23 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016. US dollar/Euro 0.95 0.87 - 1.03 8.09 % US dollar/Honduran lempira 23.49 23.36 - 23.63 0.57 % US dollar/Mexican peso 20.66 17.20 - 24.13 16.76 % US dollar/Nigerian naira 315.28 192.49 - 438.07 38.95 % US dollar/Peruvian nuevo sol 3.35 3.11 - 3.60 7.29 % US dollar/Russian ruble 60.66 48.77 - 72.55 19.60 % US dollar/South Korean won 1 203.90 1 039.01 - 1 368.80 13.70 % US dollar/Tanzanian shilling 2 180.87 2 151.10 - 2 210.64 1.37 % US dollar/Ukrainian hryvnia 27.19 24.27 - 30.11 10.74 % US dollar/Zambian kwacha 9.94 8.06 - 11.82 18.91 % |
Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures and from Related Hedging Derivative Instruments | Foreign exchange results recognized on unhedged and hedged exposures and from the related hedging derivative instruments can be summarized per type of hedging relationship as follows: Million US dollar 2017 2016 2015 Cash flow hedges - hedged items (2 ) 98 61 Cash flow hedges - hedging instruments (reclassified from equity) (11 ) (151 ) (11 ) Economic hedges - hedged items not part of a hedge accounting relationship 406 9 (347 ) Economic hedges - hedging instruments not part of a hedge accounting relationship (455 ) (45 ) 352 Other results - not hedged (242 ) 68 323 (304 ) (21 ) 378 |
Summary of Effective Interest Rates at Balance Sheet | In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the split per currency in which the debt is denominated. 31 December 2017 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.68 % 234 2.68 % 234 Brazilian real 9.22 % 122 7.61 % 199 Canadian dollar 2.09 % 207 2.45 % 224 Euro 0.35 % 3 398 0.35 % 3 415 South Africa rand 8.00 % 666 8.00 % 666 US dollar 1.48 % 1 285 1.43 % 2 521 Other 16.68 % 450 16.68 % 450 6 362 7 709 Fixed rate Australian dollar 3.70 % 1 838 3.70 % 1 838 Brazilian real 6.43 % 206 5.86 % 112 Canadian dollar 3.08 % 2 543 3.19 % 2 176 Euro 1.88 % 26 386 1.70 % 34 251 Peruvian nuevo sol 6.87 % 33 6.87 % 33 Pound sterling 3.83 % 4 403 3.80 % 3 734 South Korean won — — 2.50 % 1 000 US dollar 4.18 % 74 476 4.51 % 65 394 Other 3.36 % 252 2.36 % 252 110 137 108 790 31 December 2016 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Brazilian real 9.76 % 205 12.62 % 729 Canadian dollar 1.55 % 386 1.55 % 386 Euro 0.20 % 3 037 0.12 % 4 046 South African rand 8.30 % 446 8.30 % 446 US dollar 1.82 % 10 187 2.33 % 18 002 Other 18.75 % 352 18.75 % 352 14 613 23 961 Fixed rate Australian dollar 3.85 % 520 3.85 % 520 Brazilian real 6.67 % 375 6.20 % 258 Canadian dollar 2.93 % 886 2.89 % 554 Euro 0.26 % 23 991 1.86 % 26 396 Peruvian nuevo sol 5.88 % 119 5.88 % 119 Pound sterling 6.80 % 2 212 9.75 % 594 South Korean won — — 2.50 % 1 000 US dollar 4.06 % 79 615 4.15 % 68 928 Other 11.41 % 412 11.41 % 412 108 130 98 782 |
Summary of Floating Rate Debt after Hedging | The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows: 2017 Interest rate 24 Possible 25 Volatility Brazilian real 6.90 % 5.29% - 8.50% 23.27 % Canadian dollar 1.54 % 1.38% - 1.71% 10.72 % Euro — — 3.50 % South African rand 7.16 % 6.88% - 7.43% 3.84 % US dollar 1.69 % 1.59% - 1.80% 6.00 % 2016 Interest rate 26 Possible 27 Volatility Brazilian real 13.20 % 12.88% - 13.53% 2.46 % Canadian dollar 0.95 % 0.87% - 1.02% 7.83 % Euro — — 11.84 % South African rand 7.36 % 6.95% - 7.77% 5.55 % US dollar 1.00 % 0.89% - 1.11% 11.08 % |
Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities | Interest expense recognized on unhedged and hedged financial liabilities and the net interest expense from the related hedging derivative instruments can be summarized per type of hedging relationship as follows: Million US dollar 2017 2016 2015 Financial liabilities measured at amortized cost – not hedged (4 375 ) (4 119 ) (2 005 ) Fair value hedges—hedged items (34 ) (73 ) (87 ) Fair value hedges—hedging instruments 23 42 50 Cash flow hedges—hedged items (25 ) (24 ) (31 ) Cash flow hedges—hedging instruments (reclassified from equity) 26 16 24 Net investment hedges—hedging instruments (interest component) 77 34 152 Economic hedges—hedged items not part of a hedge accounting relationship — 8 8 Economic hedges—hedging instruments not part of a hedge accounting relationship (6 ) 24 56 (4 314 ) (4 092 ) (1 833 ) |
Summary of Estimated Impact on Changes in the Price of Commodities | The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2017, would have on the equity reserves. 2017 Volatility of 28 Pre-tax impact on equity Million US dollar Prices increase Prices decrease Aluminum 14.83 % 212 (212 ) Sugar 29.38 % 26 (26 ) Wheat 30.99 % 158 (158 ) Energy 20.37 % 43 (43 ) Rice 20.20 % 45 (45 ) Corn 24.81 % 45 (45 ) Plastic 17.50 % 15 (15 ) 24 Applicable 3-month 25 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. 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 26 Applicable 3-month 27 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. 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 28 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. 2016 Volatility of 29 Pre-tax Million US dollar Prices increase Prices decrease Aluminum 15.80 % 196 (196 ) Sugar 32.63 % 30 (30 ) Wheat 26.43 % 147 (147 ) Energy 28.60 % 54 (54 ) Rice 26.38 % 50 (50 ) Corn 24.30 % 44 (44 ) Plastic 18.62 % 20 (20 ) |
Summary of Carrying Amount of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 2017 2016 Million US dollar Gross Impairment Net carrying Gross Impairment Net carrying Debt securities held for trading 1 304 — 1 304 5 659 — 5 659 Available for sale 83 (7 ) 76 65 (7 ) 58 Held to maturity 24 — 24 24 — 24 Trade receivables 4 917 (194 ) 4 723 4 399 (202 ) 4 197 Cash deposits for guarantees 209 — 209 200 — 200 Loans to customers 179 — 179 100 — 100 Other receivables 2 326 (117 ) 2 209 2 818 (109 ) 2 709 Derivatives 483 — 483 1 117 — 1 117 Cash and cash equivalents 10 472 — 10 472 8 579 — 8 579 19 997 (318 ) 19 679 22 961 (318 ) 22 643 |
Summary of Allowance for Impairment | The allowance for impairment recognized during the period per classes of financial assets was as follows: 2017 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (7 ) (202 ) — (109 ) (318 ) Impairment losses — (55 ) — (4 ) (59 ) Derecognition — 53 — 1 54 Currency translation and other — 10 — (5 ) 5 Balance at 31 December (7 ) (194 ) — (117 ) (318 ) 2016 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (9 ) (230 ) — (99 ) (338 ) Impairment losses — (43 ) — — (43 ) Derecognition — 69 — 2 71 Currency translation and other 2 2 — (12 ) (8 ) Balance at 31 December (7 ) (202 ) — (109 ) (318 ) 2015 Million US dollar Available for Trade Loans to Other Total Balance at 1 January (11 ) (260 ) (30 ) (128 ) (429 ) Impairment losses — (41 ) — (16 ) (57 ) Derecognition — 20 30 22 72 Currency translation and other 2 51 — 23 76 Balance at 31 December (9 ) (230 ) — (99 ) (338 ) |
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative 2017 Million US dollar Carrying 31 Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative Secured bank loans (502 ) (590 ) (318 ) (137 ) (23 ) (42 ) (70 ) Commercial papers (1 870 ) (1 871 ) (1 871 ) — — — — Unsecured bank loans (892 ) (927 ) (761 ) (129 ) (37 ) — — Unsecured bond issues (112 837 ) (167 056 ) (8 951 ) (13 951 ) (12 908 ) (24 655 ) (106 591 ) Unsecured other loans (68 ) (114 ) (17 ) (23 ) (13 ) (7 ) (54 ) Finance lease liabilities (213 ) (301 ) (42 ) (42 ) (32 ) (40 ) (145 ) Bank overdraft (117 ) (117 ) (117 ) — — — — Trade and other payables (26 167 ) (26 628 ) (24 (476 ) (207 ) (289 ) (900 ) (142 666 ) (197 604 ) (36 833 ) (14 758 ) (13 220 ) (25 033 ) (107 760 ) Derivative financial assets/(liabilities) Interest rate derivatives (96 ) (101 ) (9 ) (21 ) (14 ) 16 (73 ) Foreign exchange derivatives (61 ) (52 ) (59 ) 7 — — — Cross currency interest rate swaps (897 ) (1 043 ) 65 (128 ) 114 (904 ) (190 ) Commodity derivatives 179 143 139 4 — — — Equity derivatives (1 036 ) (1 134 ) (1 134 ) — — — — (1 911 ) (2 187 ) (998 ) (138 ) 100 (888 ) (263 ) Of which: directly related to cash flow hedges (20 ) (29 ) 64 5 2 4 (104 ) 2016 Million US dollar Carrying 1 Contractual Less than 1-2 2-3 3-5 More than Non-derivative Secured bank loans (862 ) (937 ) (676 ) (116 ) (33 ) (32 ) (80 ) Commercial papers (2 053 ) (2 054 ) (2 054 ) — — — — Unsecured bank loans (9 662 ) (11 057 ) (1 618 ) (535 ) (365 ) (8 535 ) (4 ) Unsecured bond issues (109 627 ) (162 300 ) (7 284 ) (10 262 ) (13 713 ) (25 383 ) (105 658 ) Unsecured other loans (122 ) (279 ) (27 ) (41 ) (33 ) (41 ) (137 ) Finance lease liabilities (234 ) (346 ) (44 ) (42 ) (44 ) (70 ) (146 ) Bank overdraft (184 ) (184 ) (184 ) — — — — Trade and other payables (24 879 ) (25 398 ) (23 (449 ) (209 ) (331 ) (692 ) (147 623 ) (202 555 ) (35 604 ) (11 445 ) (14 397 ) (34 392 ) (106 717 ) Derivative financial assets/(liabilities) Interest rate derivatives (267 ) (269 ) 5 3 (13 ) (35 ) (229 ) Foreign exchange derivatives 47 42 44 (2 ) — — — Cross currency interest rate swaps (32 ) (58 ) 22 (97 ) — 55 (38 ) Commodity derivatives 125 117 107 10 — — — Equity derivatives (490 ) (499 ) (499 ) — — — — (617 ) (667 ) (321 ) (86 ) (13 ) 20 (267 ) Of which: directly related to cash flow hedges 28 6 176 (112 ) (2 ) — (56 ) |
Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities | The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet: Assets Liabilities Net Million US dollar 2017 2016 2017 2016 2017 2016 Foreign currency Forward exchange contracts 151 492 (211 ) (441 ) (60 ) 51 Foreign currency futures 1 3 (2 ) (7 ) (1 ) (4 ) Interest rate Interest rate swaps 14 26 (37 ) (216 ) (23 ) (190 ) Cross currency interest rate swaps 9 182 (906 ) (214 ) (897 ) (32 ) Other interest rate derivatives — — (73 ) (77 ) (73 ) (77 ) Commodities Aluminum swaps 178 69 (5 ) (8 ) 173 61 Sugar futures 24 22 (20 ) (5 ) 4 17 Wheat futures 34 52 (22 ) (30 ) 12 22 Other commodity derivatives 10 46 (20 ) (21 ) (10 ) 25 Equity Equity derivatives 62 225 (1 098 ) (715 ) (1 036 ) (490 ) 483 1 117 (2 394 ) (1 734 ) (1 911 ) (617 ) Of which: Non-current 25 146 (937 ) (471 ) (912 ) (325 ) Current 458 971 (1 457 ) (1 263 ) (999 ) (292 ) |
Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amounts of the fixed rate interest-bearing financial liabilities as recognized in the balance sheet and the fair value of these liabilities. The fair value was assessed using common discounted cash-flow method based on market conditions existing at the balance sheet date. Therefore, the fair value of the fixed interest-bearing liabilities is within level 2 of the fair value hierarchy as set forth by IFRS 13 – Fair value measurement Interest-bearing financial liabilities Million US dollar 2017 32 2017 2016 1 2016 Fixed rate Australian dollar (1 838 ) (1 896 ) (520 ) (518 ) Brazilian real (206 ) (206 ) (375 ) (375 ) Canadian dollar (2 543 ) (2 574 ) (886 ) (954 ) Euro (26 386 ) (26 942 ) (23 991 ) (26 684 ) Peruvian nuevo sol (33 ) (33 ) (119 ) (118 ) Pound sterling (4 403 ) (4 902 ) (2 212 ) (2 847 ) US dollar (74 476 ) (83 482 ) (79 615 ) (85 397 ) Other (252 ) (252 ) (412 ) (411 ) (110 137 ) (120 287 ) (108 130 ) (117 305 ) 32 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. |
Analysis of Financial Instruments | Fair value hierarchy 2017 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 1 304 5 — Derivatives at fair value through profit and loss — 89 — Derivatives in a cash flow hedge relationship 9 340 — Derivatives in a fair value hedge relationship — 36 — Derivatives in a net investment hedge relationship — 9 — 1 313 479 — Financial Liabilities Non-derivatives — — — Deferred consideration on acquisitions at fair value — — 2 210 Derivatives at fair value through profit and loss 1 1 210 — Derivatives in a cash flow hedge relationship 28 341 — Derivatives in a fair value hedge relationship — 129 — Derivatives in a net investment hedge relationship — 685 — 29 2 365 2 210 Fair value hierarchy 2016 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 5 659 — — Derivatives at fair value through profit and loss 1 338 — Derivatives in a cash flow hedge relationship 30 549 — Derivatives in a fair value hedge relationship — 54 — Derivatives in a net investment hedge relationship — 145 — 5 690 1 086 — Financial Liabilities Non-derivatives — 1 485 — Deferred consideration on acquisitions at fair value — — 1 826 Derivatives at fair value through profit and loss 3 818 — Derivatives in a cash flow hedge relationship 27 524 — Derivatives in a fair value hedge relationship — 354 — Derivatives in a net investment hedge relationship — 8 — 30 3 189 1 826 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements: 2017 Million US dollar Gross Net amount 33 Other offsetting 34 Total net amount Derivative assets 483 483 (466 ) 17 Derivative liabilities (2 394 ) (2 394 ) 466 (1 928 ) 2016 Million US dollar Gross Net amount 1 Other offsetting 2 Total net amount Derivative assets 1 117 1 117 (1 054 ) 63 Derivative liabilities (1 734 ) (1 734 ) 1 261 (473 ) |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Non-Cancelable Operating Leases are Payable and Receivable | Non-cancelable 2017 Pub leases Other operational leases Net lease Million US dollar Lessee Sublease Lessee Sublease Lessor Within one year (131 ) 80 (179 ) 47 2 (181 ) Between one and five years (486 ) 294 (523 ) 131 7 (577 ) After five years (573 ) 197 (208 ) 14 4 (566 ) (1 190 ) 571 (910 ) 192 13 (1 324 ) 2016 Pub leases Other operational leases Net lease Million US dollar Lessee Sublease Lessee Sublease Lessor Within one year (95 ) 69 (153 ) 30 2 (147 ) Between one and five years (350 ) 246 (339 ) 66 5 (372 ) After five years (538 ) 156 (183 ) 15 2 (548 ) (983 ) 471 (675 ) 111 9 (1 067 ) |
Collateral and Contractual Co72
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other | Million US dollar 2017 2016 Collateral given for own liabilities 426 490 Collateral and financial guarantees received for own receivables and loans to customers 326 228 Contractual commitments to purchase property, plant and equipment 550 817 Contractual commitments to acquire loans to customers 16 11 Other commitments 1 834 1 768 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries | As of 31 December 2017, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2017 31 December 2016 Income tax and social contribution 9 600 8 878 Value-added and excise taxes 5 987 4 924 Other taxes 1 390 605 16 977 14 407 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Financial Information of Material Non-Controlling Interest | Summarized financial information of Ambev, in which the company has material non-controlling Million US dollar 2017 2016 Summarized balance sheet information Current assets 7 472 7 329 Non-current 18 783 18 396 Current liabilities 8 672 8 829 Non-current 3 078 2 582 Equity attributable to equity holders 13 908 13 754 Non-controlling 597 560 Summarized income statement and comprehensive income information Revenue 14 961 13 123 Net income 2 452 3 765 Attributable to: Equity holders 2 290 3 611 Non-controlling 162 155 Net income 2 452 3 765 Other comprehensive income 809 (1 534 ) Total comprehensive income 3 261 2 231 Attributable to: Equity holders 3 090 2 190 Non-controlling 171 41 Summarized cash flow information Cash flow from operating activities 5 583 3 552 Cash flow from investing activities (960 ) (1 697 ) Cash flow from financing activities (4 018 ) (3 351 ) Net increase/(decrease) in cash and cash equivalents 605 (1 496 ) |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Directors and Executive Board Management Compensation | Total directors and executive board management compensation included in the income statement can be detailed as follows: 2017 2016 2015 Million US dollar Directors Executive board Directors Executive board Directors Executive board Short-term employee benefits 2 28 2 18 3 25 Post employment benefits — 1 — — — 2 Share-based payments 3 68 3 64 2 65 5 97 5 82 5 91 |
Summary of Aggregate Amounts of AB InBev's Interest | Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows: Million US dollar 2017 2016 2015 Non-current 12 11 2 Current assets 5 5 5 Non-current 11 9 2 Current liabilities 6 6 5 Result from operations (3 ) (6 ) (1 ) Profit attributable to equity holders of AB InBev (3 ) (7 ) — |
Summary of AB InBev's Transactions with Associates | Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2017 2016 2015 Gross profit 91 (47 ) (77 ) Current assets 73 (8 ) 2 Current liabilities 20 20 25 |
Supplemental Guarantor Financ76
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Condensed Consolidating Income Statement | CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 540 — — 14 015 44 235 (2 346 ) 56 444 Cost of sales (338 ) — — (5 838 ) (17 556 ) 2 346 (21 386 ) Gross profit 202 — — 8 177 26 679 — 35 058 Distribution expenses (23 ) — — (996 ) (4 857 ) — (5 876 ) Sales and marketing expenses (181 ) — — (2 208 ) (5 993 ) — (8 382 ) Administrative expenses (255 ) — — (404 ) (3 182 ) — (3 841 ) Other operating income/(expenses) 793 1 066 — (1 837 ) 170 — 192 Profit from operations 536 1 066 — 2 732 12 834 — 17 152 Net finance cost (819 ) (3 064 ) 26 4 160 (6 810 ) — (6 507 ) Share of result of associates — — — 2 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 894 6 437 — 11 076 Income tax expense (16 ) 614 (17 ) 1 329 (3 830 ) — (1 920 ) Profit (299 ) (1 384 ) 9 8 223 2 606 — 9 155 Income from subsidiaries 8 295 3 721 — 4 167 6 204 (22 387 ) — Profit from continuing operations 7 996 2 337 9 12 390 8 810 (22 387 ) 9 155 Profit from discontinued operations — — — — 28 — 28 Profit of the year 7 996 2 337 9 12 390 8 838 (22 387 ) 9 183 Profit from continuing operations attributable to: Equity holders of AB InBev 7 996 2 337 9 12 390 7 623 (22 387 ) 7 968 Non-controlling interest — — — — 1 187 — 1 187 Profit of the year attributable to: Equity holders of AB InBev 7 996 2 337 9 12 390 7 651 (22 387 ) 7 996 Non-controlling interest — — — — 1 187 — 1 187 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 506 — — 14 135 32 884 (2 008 ) 45 517 Cost of sales (300 ) — — (5 923 ) (13 587 ) 2 008 (17 803 ) Gross profit 206 — — 8 212 19 297 — 27 715 Distribution expenses (27 ) — — (967 ) (3 549 ) — (4 543 ) Sales and marketing expenses (204 ) — — (2 372 ) (5 169 ) — (7 745 ) Administrative expenses (198 ) (4 ) — (384 ) (2 297 ) — (2 883 ) Other operating income/(expenses) 464 559 — (1 283 ) 598 — 338 Profit from operations 241 555 — 3 206 8 880 — 12 882 Net finance cost (1 599 ) (1 283 ) 36 (3 805 ) (1 913 ) — (8 564 ) Share of result of associates — — — 2 14 — 16 Profit before tax (1 358 ) (728 ) 36 (597 ) 6 981 — 4 334 Income tax expense — 280 2 (1 358 ) (537 ) — (1 613 ) Profit (1 358 ) (448 ) 38 (1 955 ) 6 444 — 2 721 Income from subsidiaries 2 599 1 958 — 1 322 1 469 (7 348 ) — Profit from continuing operations 1 241 1 510 38 (633 ) 7 913 (7 348 ) 2 721 Profit from discontinued operations — — — — 48 — 48 Profit of the year 1 241 1 510 38 (633 ) 7 961 (7 348 ) 2 769 Profit from continuing operations attributable to: Equity holders of AB InBev 1 241 1 510 38 (633 ) 6 385 (7 348 ) 1 193 Non-controlling interest — — — — 1 528 — 1 528 Profit of the year attributable to: Equity holders of AB InBev 1 241 1 510 38 (633 ) 6 433 (7 348 ) 1 241 Non-controlling interest — — — — 1 528 — 1 528 For the year ended 31 December 2015 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 104 — — 14 097 31 059 (1 656 ) 43 604 Cost of sales (72 ) — — (6 179 ) (12 542 ) 1 656 (17 137 ) Gross profit 32 — — 7 918 18 517 — 26 467 Distribution expenses (3 ) — — (1 009 ) (3 246 ) — (4 258 ) Sales and marketing expenses (147 ) — — (2 065 ) (4 701 ) — (6 913 ) Administrative expenses (297 ) — — (258 ) (2 005 ) — (2 560 ) Other operating income/(expenses) 542 701 — (1 210 ) 1 135 — 1 168 Profit from operations 127 701 — 3 376 9 700 — 13 904 Net finance cost (565 ) (1 791 ) 41 (311 ) 1 173 — (1 453 ) Share of result of associates — — — 2 8 — 10 Profit before tax (438 ) (1 090 ) 41 3 067 10 881 — 12 461 Income tax expense — 659 (36 ) (1 068 ) (2 149 ) — (2 594 ) Profit (438 ) (431 ) 5 1 999 8 732 — 9 867 Income from subsidiaries 8 711 1 374 — 3 484 1 410 (14 979 ) — Profit 8 273 943 5 5 483 10 142 (14 979 ) 9 867 Attributable to: Equity holders of AB InBev 8 273 943 5 5 484 8 548 (14 979 ) 8 273 Non-controlling — — — — 1 594 — 1 594 |
Schedule of Condensed Consolidating Statement of Financial Position | CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 44 — — 4 589 22 551 — 27 184 Goodwill — — — 33 277 107 663 — 140 940 Intangible assets 584 — — 22 105 23 185 — 45 874 Investments in subsidiaries 121 847 77 388 — 83 368 99 398 (382 000 ) — Investments in associates and joint ventures — — — 28 5 235 — 5 263 Deferred tax assets — — — 1 216 — 1 216 Derivatives — — — 16 9 — 25 Other non-current 53 565 10 290 55 432 25 293 67 709 (210 623 ) 1 664 176 040 87 677 55 432 168 676 326 966 (592 623 ) 222 166 Current assets Investment securities 1 301 — — — 3 — 1 304 Inventories 21 — — 626 3 472 — 4 119 Derivatives — — — 320 138 — 458 Trade and other receivables 16 585 1 514 1 947 25 237 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 5 982 9 768 (5 571 ) 10 472 Assets classified as held for sale — — — — 133 — 133 Other current assets — — — — 908 — 908 17 950 1 756 1 955 32 165 34 364 (64 231 ) 23 960 Total assets 193 989 89 434 57 387 200 841 361 330 (656 855 ) 246 126 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 585 38 307 586 131 657 211 449 (382 000 ) 72 585 Minority interest — — — — 7 635 — 7 635 72 585 38 307 586 131 656 219 084 (382 000 ) 80 220 Non-current Interest-bearing loans and borrowings 102 398 49 230 55 464 29 005 83 459 (210 607 ) 108 949 Employee benefits 5 — — 1 240 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 6 907 — 13 107 Derivatives — — — 920 17 — 937 Other non-current 131 — — 1 023 2 573 (18 ) 3 709 102 534 48 893 55 473 38 716 94 705 (210 625 ) 129 695 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 19 336 20 531 (51 994 ) 7 433 Income tax payable — (665 ) 3 734 1 486 — 1 558 Derivatives — — — 1 360 97 — 1 457 Trade and other payables 2 033 535 848 5 481 22 530 (6 665 ) 24 762 Other current liabilities 121 — — 3 558 2 894 (5 571 ) 1 002 18 872 2 233 1 330 30 469 47 538 (64 230 ) 36 211 Total equity and liabilities 193 989 89 434 57 387 200 841 361 330 (656 855 ) 246 126 As at 31 December 2016 37 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 52 — — 4 829 22 641 — 27 522 Goodwill — — — 33 056 103 477 — 136 533 Intangible assets 520 — — 22 094 21 954 — 44 568 Investments in subsidiaries 126 200 41 488 — 8 042 — (175 730 ) — Investments in associates and joint ventures — — — 40 4 284 — 4 324 Deferred tax assets — 327 — — 1 261 (327 ) 1 261 Derivatives — — — 120 26 — 146 Other non-current 48 333 24 322 55 258 60 420 34 582 (221 949 ) 966 175 105 66 137 55 258 128 601 188 225 (398 006 ) 215 320 Current assets Investment securities 5 500 — — — 159 — 5 659 Inventories 9 — — 635 3 269 — 3 913 Derivatives — — — (120 ) 1 091 — 971 Trade and other receivables 12 072 7 937 2 338 16 622 27 215 (59 793 ) 6 391 Cash and cash equivalents 257 155 — 28 780 8 941 (29 554 ) 8 579 Assets classified as held for sale — — — 16 439 — 16 439 Other current assets — — — (610 ) 1 719 — 1 109 17 838 8 092 2 338 45 307 58 833 (89 347 ) 43 061 Total assets 192 943 74 229 57 596 173 908 247 058 (487 353 ) 258 381 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 71 677 20 009 564 107 258 47 561 (175 730 ) 71 339 Minority interest — — — — 10 086 — 10 086 71 677 20 009 564 107 258 57 647 (175 730 ) 81 425 Non-current Interest-bearing loans and borrowings 86 757 50 672 55 239 16 257 126 948 (221 932 ) 113 941 Employee benefits 4 — — 1 290 1 720 — 3 014 Deferred tax liabilities — — 16 10 141 6 848 (327 ) 16 678 Derivatives — — — 275 196 — 471 Other non-current 116 — — 853 1 786 (18 ) 2 737 86 877 50 672 55 255 28 816 137 498 (222 277 ) 136 841 Current liabilities Interest-bearing loans and borrowings 21 815 3 670 300 24 576 14 333 (56 076 ) 8 618 Income tax payable — (881 ) 10 6 4 787 — 3 922 Derivatives — — — (275 ) 1 538 — 1 263 Trade and other payables 2 068 759 850 4 583 18 542 (3 716 ) 23 086 Liabilities associated with assets held for sale — — — — 2 174 — 2 174 Other current liabilities 10 506 — 617 8 944 10 540 (29 554 ) 1 053 34 389 3 548 1 777 37 834 51 914 (89 346 ) 40 116 Total equity and liabilities 192 943 74 229 57 596 173 908 247 058 (487 353 ) 258 381 37 Reclassified to conform to the 2017 presentation. |
Schedule of Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 7 996 2 338 8 12 391 8 837 (22 387 ) 9 183 Depreciation, amortization and impairment 128 — — 771 3 377 — 4 276 Net finance cost 819 3 064 (26 ) (4 160 ) 6 810 — 6 507 Income tax expense 16 (614 ) 17 (1 329 ) 3 830 — 1 920 Investment income (8 296 ) (3 721 ) — (4 167 ) (6 203 ) 22 387 — Other items 126 — — (7 ) (338 ) — (219 ) Cash flow from operating activities before changes in working capital and use of provisions 789 1 067 (1 ) 3 499 16 313 — 21 667 Working capital and provisions (283 ) 869 (4 ) (1 210 ) 72 159 ( 397 ) Cash generated from operations 506 1 936 (5 ) 2 289 16 385 159 21 270 Interest paid, net (860 ) (3 156 ) 79 351 (6 120 ) 5 865 (3 841 ) Dividends received 2 — — 78 139 (77 ) 142 Income tax paid (16 ) — (16 ) 285 (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 3 003 8 010 5 947 15 430 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 18 599 — 617 Sale of subsidiaries, net of cash disposed of — — — 42 — — 42 Proceeds from SAB transaction-related divestitures — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures (3 449 ) (3 449 ) Acquisition of other subsidiaries, net of cash acquired — — — (306 ) ( 292 ) — ( 598 ) Acquisition of property, plant and equipment and of intangible assets (126 ) — — (534 ) (4 081 ) — (4 741 ) Net of tax proceeds from the sale of assets held for sale — — — — 16 — 16 Net proceeds from sale/(acquisition) of investment in short-term debt securities 4 177 — — — 160 — 4 337 Net proceeds from sale/(acquisition) of other assets 535 — — (69 ) (746 ) — (280 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 4 607 43 229 (45 002 ) 213 CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 308 50 582 (45 002 ) 7 854 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — (21 152 ) 2 558 — — Purchase of non-controlling — — — — (206 ) — (206 ) Proceeds from borrowings 24 604 2 262 1 470 16 197 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (19 354 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — 1 977 (3 055 ) — (1 541 ) Dividends paid (7 992 ) (75 ) — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 (22 332 ) (48 213 ) 38 898 (21 004 ) Net increase/(decrease) in cash and cash equivalents 10 438 87 554 (19 021 ) 10 379 (157 ) 2 280 Cash and cash equivalents less bank overdrafts at beginning of year (10 244 ) 155 (617 ) 19 840 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 1 611 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 2 430 7 749 — 10 356 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 1 241 1 510 38 (633 ) 7 961 (7 348 ) 2 769 Depreciation, amortization and impairment 96 — — 748 2 633 — 3 477 Net finance cost 1 599 1 284 (36 ) 3 805 1 912 — 8 564 Income tax expense — (280 ) (2 ) 1 358 537 — 1 613 Investment income (2 599 ) (1 958 ) — (1 322 ) (1 469 ) 7 348 — Other items 56 (1 ) — 231 (368 ) — (82 ) Cash flow from operating activities before changes in working capital and use of provisions 393 555 — 4 187 11 206 — 16 341 Working capital and provisions (121 ) 541 4 (650 ) (80 ) 9 (297 ) Cash generated from operations 272 1 096 4 3 537 11 126 9 16 044 Interest paid, net (1 543 ) (1 153 ) 59 999 (1 108 ) 25 (2 721 ) Dividends received 9 256 — — 4 40 (9 257 ) 43 Income tax paid — — — (511 ) (2 745 ) — (3 256 ) CASH FLOW FROM OPERATING ACTIVITIES 7 985 (57 ) 63 4 029 7 313 (9 223 ) 10 110 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 25 186 — 211 Sale of subsidiaries, net of cash disposed of — — — 13 640 — 653 Acquisition of SAB, net of cash acquired (57 712 ) — — (8 652 ) 1 198 — (65 166 ) Proceeds from SAB transaction-related divestitures — — — — 16 342 — 16 342 Acquisition of other subsidiaries, net of cash acquired — — — — (1 445 ) — (1 445 ) Acquisition of property, plant and equipment and of intangible assets (369 ) — — (650 ) (3 960 ) — (4 979 ) Net of tax proceeds from the sale of assets held for sale — — — — 146 — 146 Net proceeds from sale/(acquisition) of investment in short-term debt securities (5 500 ) — — — (83 ) — (5 583 ) Net proceeds from sale/(acquisition) of other assets — — — (31 ) 4 — (27 ) Net repayments/(payments) of loans granted (11 753 ) (900 ) (46 052 ) (229 ) (32 475 ) 91 180 (229 ) CASH FLOW FROM INVESTING ACTIVITIES (75 334 ) (900 ) (46 052 ) (9 524 ) (19 447 ) 91 180 (60 077 ) FINANCING ACTIVITIES Intra-group capital reimbursements (79 ) — — (2 115 ) 2 194 — — Purchase of non-controlling — — — — (10 ) — (10 ) Proceeds from borrowings 81 137 4 486 47 051 32 887 14 895 (94 164 ) 86 292 Payments on borrowings (13 370 ) (4 049 ) (2 200 ) (1 372 ) (5 600 ) 2 974 (23 617 ) Cash net finance (cost)/income other than interests (628 ) (64 ) (5 ) (3 157 ) 370 — (3 484 ) Dividends paid (7 134 ) — — — (10 573 ) 9 257 (8 450 ) CASH FLOW FROM FINANCING ACTIVITIES 59 926 373 44 846 26 243 1 276 (81 933 ) 50 731 Net increase/(decrease) in cash and cash equivalents (7 423 ) (584 ) (1 143 ) 20 748 (10 858 ) 24 764 Cash and cash equivalents less bank overdrafts at beginning of year (1 832 ) 739 525 (1 100 ) 8 578 — 6 910 Effect of exchange rate fluctuations (989 ) — — 194 1 540 (24 ) 721 Cash and cash equivalents less bank overdrafts at end of year (10 244 ) 155 (618 ) 19 842 (740 ) — 8 395 For the year ended 31 December 2015 Million US dollar Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit 8 273 943 5 5 483 10 142 (14 979 ) 9 867 Depreciation, amortization and impairment 73 — — 727 2 352 — 3 153 Net finance cost 565 1 791 (41 ) 311 (1 173 ) — 1 453 Income tax expense 101 (659 ) 36 1 068 2 048 — 2 594 Investment income (8 711 ) (1 374 ) — (3 484 ) (1 410 ) 14 979 — Other items 57 — — 85 (483 ) — (341 ) Cash flow from operating activities before changes in working capital and use of provisions 359 701 — 4 190 11 476 — 16 726 Working capital and provisions (215 ) 550 (2 ) (630 ) 1 669 (35 ) 1 337 Cash generated from operations 144 1 251 (2 ) 3 560 13 145 (35 ) 18 063 Interest paid, net (442 ) (1 845 ) 48 1 820 (1 122 ) (68 ) (1 609 ) Dividends received 2 607 1 891 — 19 984 (5 479 ) 22 Income tax paid (9 ) — — (846 ) (1 500 ) — (2 355 ) CASH FLOW FROM OPERATING ACTIVITIES 2 300 1 297 46 4 553 11 507 (5 582 ) 14 121 INVESTING ACTIVITIES Acquisition and sale of subsidiaries, net of cash acquired/disposed of — (2 ) — (312 ) (604 ) — (918 ) Acquisition of property, plant and equipment and of intangible assets (105 ) — — (646 ) (3 998 ) — (4 749 ) Net of tax proceeds from the sale of assets held for sale — — — 244 153 — 397 Net proceeds/(acquisition) of other assets — — — 44 173 — 217 Net proceeds from sale/(acquisition) of investment in short-term debt securities — — — — 169 — 169 Net repayments/(payments) of loans granted (13 496 ) 508 (565 ) 598 (10 284 ) 23 193 (46 ) CASH FLOW FROM INVESTING ACTIVITIES (13 601 ) 506 (565 ) 72 (14 391 ) 23 193 (4 930 ) FINANCING ACTIVITIES Intra-group capital reimbursements 156 — 22 3 294 (3 472 ) — — Proceeds from borrowings 19 965 24 078 565 6 933 12 163 (47 467 ) 16 237 Payments on borrowings (3 553 ) (24 869 ) (3 ) (3 845 ) (7 807 ) 24 297 (15 780 ) Other financing activities 159 (33 ) (1 ) (2 353 ) 1 456 — (772 ) Share buy back (1 000 ) — — — — — (1 000 ) Dividends paid (6 586 ) — — (3 370 ) (3 489 ) 5 479 (7 966 ) CASH FLOW FROM FINANCING ACTIVITIES 9 141 (824 ) 583 659 (1 149 ) (17 691 ) (9 281 ) Net increase/(decrease) in cash and cash equivalents (2 160 ) 979 64 5 140 (4 033 ) (80 ) (90 ) Cash and cash equivalents less bank overdrafts at beginning of year 502 (240 ) 460 (5 789 ) 13 383 — 8 316 Effect of exchange rate fluctuations (174 ) — 1 (451 ) (774 ) 80 (1 316 ) Cash and cash equivalents less bank overdrafts at end of year (1 832 ) 739 525 (1 100 ) 8 578 — 6 910 |
Ab Inbev Companies (Tables)
Ab Inbev Companies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Name and Registered Office of Fully Consolidated Companies | LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 ARGENTINA CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires 61.92 AUSTRALIA FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria 100.00 BELGIUM AB INBEV N.V. – Grand Place 1 – 1000 – Brussel Consolidating Company BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant 98.54 BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden 100.00 COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven 100.00 INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel 100.00 BOTSWANA KGALAGADI BREWERIES (PTY) LTD – Plot 20768, Broadhurst industrial estate – Gaborone 38 31.00 BOLIVIA CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz 61.92 BRAZIL AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 61.92 CANADA LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto 61.92 38 The group’s shares entitle the holder to twice the voting rights NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 CHILE CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura 61.92 CHINA ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province 100.00 ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province 97.06 ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong 100.00 ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province 100.00 ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province 100.00 NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province 100.00 SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province 100.00 ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province 100.00 ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province 100.00 ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province 100.00 INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province 60.00 ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province 100.00 COLOMBIA BOGOTA BEER COMPANY BBC S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 97.22 BAVARIA S.A. S.A. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 99.14 AMBEV COLOMBIA S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota 97.22 CZECH REPUBLIC PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4 100.00 DOMINICAN REPUBLIC CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo 39 34.06 ECUADOR COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil 97.22 CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas 95.58 EL SALVADOR INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador 100.00 FRANCE AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine 100.00 GERMANY BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen 100.00 BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum 100.00 HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen 99.96 HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode 100.00 ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen 100.00 SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München 100.00 ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen 100.00 LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München 100.00 39 55% owned by Ambev S.A NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES % OF ECONOMIC 31 DECEMBER 2017 GHANA ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra 60.00 GRAND DUCHY OF LUXEMBOURG BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 95.82 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes 99.00 INDIA CROWN BEERS INDIA LIMITED – #8-2-684/A, 100.00 SABMILLER INDIA LIMITED LTD. – Unit No.301-302, 99.60 ITALY ANHEUSER-BUSCH INBEV ITALIA SPA – Piazza Buffoni 3, 21013 Gallarate 100.00 MEXICO CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City 100.00 MOZAMBIQUE CERVEJAS DE MOÇAMBIQUE SA – Rua do Jardim 1329 – Maputo 40 49.00 THE NETHERLANDS INBEV NEDERLAND N.V. – Ceresstraat 1 – 4811 CA – Breda 100.00 INTERBREW INTERNATIONAL B.V. – Ceresstraat 1 – 4811 CA – Breda 100.00 AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 NIGERIA BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. – 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos 50.00 INTERNATIONAL BREWERIES PLC – Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State 1 37.50 PANAMA CERVECERÍA NACIONAL HOLDING SA – Costa del Este Business Park, torre Oeste Piso 2 – Ciudad de Panama 60.00 PARAGUAY CERVECERIA PARAGUAYA S.A. – Ruta Villeta km 30 N 3045 – 2660 – Ypané 61.92 PERU COMPANIA CERVECERA AMBEV PERU S.A.C. – Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa – Lurigancho (Chosica) – Lima 15 97.22 UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA – 3986 Av. Nicolas Ayllon, Ate, Lima 3 93.65 RUSSIA SUN INBEV – 28 Moscovskaya Street, Moscow region – 141607 – Klin 99.95 SOUTH AFRICA SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY – 65 Park Lane, Sandown – 2001 – Johannesburg 100.00 THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES – 65 Park Lane, Sandown – 2146 – Johannesburg 91.55 SOUTH KOREA ORIENTAL BREWERY CO., LTD – 151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do 100.00 SWITZERLAND ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) – Turmstrasse 26 – 6300 – Zug 100.00 40 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 31 DECEMBER 2017 TANZANIA KIBO BREWERIES LTD PRIVATE COMPANY – Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District – – Dar es Salaam 1 36.00 UGANDA NILE BREWERIES LTD – Plot M90 Yusuf Lule Roa, Njeru, Jinja – Eastern Uganda 61.76 UKRAINE SUN INBEV UKRAINE PJSC – 30-V 98.34 UNITED KINGDOM AB INBEV UK LTD – Porter Tun House, 500 Capability Green – LU1 3LS – Luton 100.00 PIONEER BREWING COMPANY LTD – Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED – AB INBEV HOUSE, CHURCH STREET WEST – GU21 6HT – WOKING, SURREY 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT 100.00 UNITED STATES ANHEUSER-BUSCH COMPANIES, LLC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH INTERNATIONAL, INC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH PACKAGING GROUP, INC. – One Busch Place – St. Louis, MO 63118 100.00 ANHEUSER-BUSCH, LLC – One Busch Place, St. Louis, MO. 63118 100.00 METAL CONTAINER CORPORATION, INC. – One Busch Place, St. Louis, MO. 63118 100.00 ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION – C/O THE CORPORATION TRUST COMPANY INC. – 1209 Orange Street – DE 19801 – Wilmington 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. – Cesar Cortinas, 2037 – C.P. 11500 – Montevideo 61.92 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, II-A 100.00 ZAMBIA ZAMBIAN BREWERIES PLC – Mungwi Road, Plot Number 6438, Lusaka 54.00 LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES % OF ECONOMIC 31 DECEMBER 2017 FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA – 30 AV George V, 75008, Paris 20.00 GIBRALTAR BIH BRASSERIES INTERNATIONALES HOLDING LTD – CC Building, 10th Floor, Main Street 20.00 BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD – Suite 10/3, International Commercial Centre, 2A Main Street 27.00 TURKEY ANADOLU EFES BIRACILIK VE MALT SANAYII AS – Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul 24.00 ZIMBABWE DELTA CORPORATION LTD – Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare 25.00 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)EmployeesCountry | Dec. 31, 2016USD ($)Employees | Dec. 31, 2015USD ($)Employees | |
Disclosure Of Corporate Information [Line Items] | |||
Number of employees | 182,915 | 206,633 | 152,321 |
Revenue | $ | $ 56,444 | $ 45,517 | $ 43,064 |
Anheuser-Busch in Bev SA/NV [member] | |||
Disclosure Of Corporate Information [Line Items] | |||
Number of employees | 200,000 | ||
Anheuser-Busch in Bev SA/NV [member] | Bottom of range [member] | |||
Disclosure Of Corporate Information [Line Items] | |||
Number of beer brand | 500 | ||
Brewing heritage periods | 600 | ||
Number of countries where the entity operates | Country | 50 |
Summary of Significant Accoun79
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017SegmentsRegion | |
Disclosure Of Corporate Information [Line Items] | |
Number of operating segments | 9 |
Number of reportable segments | 7 |
Number of geographical regions | Region | 6 |
Bottom of range [member] | |
Disclosure Of Corporate Information [Line Items] | |
Voting rights in associate | 20.00% |
Top of range [member] | |
Disclosure Of Corporate Information [Line Items] | |
Voting rights in associate | 50.00% |
Voting rights percentage | 20.00% |
Software and capitalized development cost [member] | Bottom of range [member] | |
Disclosure Of Corporate Information [Line Items] | |
Amortisation period | 3 years |
Software and capitalized development cost [member] | Top of range [member] | |
Disclosure Of Corporate Information [Line Items] | |
Amortisation period | 5 years |
Summary of Significant Accoun80
Summary of Significant Accounting Policies - Summary of Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Argentinean Peso [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 18.774210 | 15.850116 | 13.004955 |
Average rate | 16.580667 | 14.7625910 | 9.101728 |
Australian Dollar [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 1.279580 | 1.384689 | |
Average rate | 1.308997 | 1.3440978 | |
Brazilian Real [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 3.308005 | 3.259106 | 3.904803 |
Average rate | 3.201667 | 3.4749280 | 3.259601 |
Canadian Dollar [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 1.253982 | 1.345983 | 1.388446 |
Average rate | 1.303248 | 1.3188440 | 1.270237 |
Colombian Peso [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 2,988.600000 | 3,002.140000 | 3,145.640000 |
Average rate | 2,965.940000 | 2,986.8900000 | 2,792.222000 |
Chinese Yuan [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 6.507500 | 6.944520 | 6.485535 |
Average rate | 6.785290 | 6.6076350 | 6.256495 |
Euro [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 0.833819 | 0.948677 | 0.918527 |
Average rate | 0.886817 | 0.9028210 | 0.899096 |
Mexican Peso [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 19.735828 | 20.663842 | 17.206357 |
Average rate | 18.811612 | 18.4641070 | 15.730837 |
Pound Sterling [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 0.739790 | 0.812238 | 0.674152 |
Average rate | 0.773029 | 0.7374000 | 0.653179 |
Peruvian Nuevo Sol [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 3.244558 | 3.352820 | 3.413342 |
Average rate | 3.267432 | 3.3941210 | 3.135481 |
Russian Ruble [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 57.631946 | 60.657097 | 72.881615 |
Average rate | 58.144309 | 66.9053650 | 59.186097 |
South Korea [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 1,067.630000 | 1,203.900000 | 1,176.090000 |
Average rate | 1,134.040000 | 1,154.5000000 | 1,129.520000 |
South African Rand [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 12.345193 | 13.714953 | |
Average rate | 13.338803 | 14.0166901 | |
Turkish Lira [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 3.790879 | 3.516940 | |
Average rate | 3.615028 | 3.5014800 | |
Ukrainian Hryvnia [member] | |||
Disclosure Of Exchange Rates [Line Items] | |||
Closing rate | 28.068098 | 27.190513 | 24.000600 |
Average rate | 26.501419 | 25.4086740 | 21.493019 |
Summary of Significant Accoun81
Summary of Significant Accounting Policies - Summary of Estimated Useful Live of Assets Expected Utility (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Point of sale furniture and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Industrial buildings - other real estate properties [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Bottom of range [member] | Production plant and equipment production equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Bottom of range [member] | Production plant and equipment storage, packaging and handling equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Returnable packaging kegs [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Returnable packaging crates [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Returnable packaging bottles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Information processing equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Top of range [member] | Industrial buildings - other real estate properties [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Top of range [member] | Production plant and equipment production equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Top of range [member] | Production plant and equipment storage, packaging and handling equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Top of range [member] | Returnable packaging kegs [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Top of range [member] | Returnable packaging crates [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Top of range [member] | Returnable packaging bottles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Top of range [member] | Information processing equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Use of Estimates and Judgments
Use of Estimates and Judgments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of changes in accounting estimates [line items] | ||
Exceptional income tax income | $ 830 | |
Federal income tax rate | 35.00% | |
US tax reform [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Exceptional income tax income | $ 1,800 | |
Changes in tax rates or tax laws enacted or announced [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Federal income tax rate | 21.00% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017SegmentsRegion | |
Disclosure of operating segments [abstract] | |
Number of business segment | 7 |
Number of reportable segments | 7 |
Number of geographical regions | Region | 6 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting (Detail) HLS in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)HLS | Dec. 31, 2016USD ($)HLS | Dec. 31, 2015USD ($)HLS | ||
Disclosure of operating segments [line items] | ||||
Revenue | $ 56,444 | $ 45,517 | $ 43,064 | |
Profit from operations | 17,152 | 12,882 | 13,904 | |
Net finance income/(cost) | (6,507) | (8,564) | (1,453) | |
Share of results of associates and joint ventures | 430 | 16 | 10 | |
Income tax expense | 1,920 | 1,613 | 2,594 | |
Profit from continuing operations | 9,155 | 2,721 | 9,867 | |
Discontinued operations | 28 | 48 | ||
Profit/(loss) | 9,183 | 2,769 | 9,867 | |
Revenue | 56,444 | 45,517 | 43,064 | |
Profit from operations (EBIT) | 17,152 | 12,882 | 13,904 | |
Net finance income/(cost) | (6,507) | (8,564) | (1,453) | |
Share of results of associates and joint ventures | 430 | 16 | 10 | |
Income tax expense | (1,920) | (1,613) | (2,594) | |
Profit from continuing operations | 9,155 | 2,721 | $ 9,867 | |
Discontinued operations | 28 | 48 | ||
Segment assets (non-current) | $ 222,166 | $ 213,569 | [1] | |
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 613 | 500 | 457 | |
Revenue | $ 56,444 | $ 45,517 | $ 43,604 | |
Normalized EBITDA | $ 22,084 | $ 16,753 | $ 16,839 | |
Normalized EBITDA margin | 39.10% | 36.80% | 38.60% | |
Depreciation, amortization and impairment | $ (4,270) | $ (3,477) | $ (3,071) | |
Normalized profit from operations (EBIT) | 17,814 | 13,276 | 13,768 | |
Exceptional items (refer Note 8) | 662 | 394 | (136) | |
Profit from operations | 17,152 | 12,882 | 13,904 | |
Net finance income/(cost) | (6,507) | (8,564) | (1,453) | |
Share of results of associates and joint ventures | 430 | 16 | 10 | |
Income tax expense | 1,920 | 1,613 | 2,594 | |
Profit from continuing operations | 9,155 | 2,721 | 9,867 | |
Discontinued operations | 28 | 48 | ||
Profit/(loss) | $ 9,183 | $ 2,769 | $ 9,867 | |
Volume | HLS | 613 | 500 | 457 | |
Revenue | $ 56,444 | $ 45,517 | $ 43,604 | |
Normalized EBITDA | $ 22,084 | $ 16,753 | $ 16,839 | |
Normalized EBITDA margin | 39.10% | 36.80% | 38.60% | |
Depreciation, amortization and impairment | $ (4,270) | $ (3,477) | $ (3,071) | |
Normalized profit from operations (EBIT) | 17,814 | 13,276 | 13,768 | |
Exceptional items (refer Note 8) | (662) | (394) | 136 | |
Profit from operations (EBIT) | 17,152 | 12,882 | 13,904 | |
Net finance income/(cost) | (6,507) | (8,564) | (1,453) | |
Share of results of associates and joint ventures | 430 | 16 | 10 | |
Income tax expense | (1,920) | (1,613) | (2,594) | |
Profit from continuing operations | 9,155 | 2,721 | 9,867 | |
Discontinued operations | 28 | 48 | ||
Segment assets (non-current) | 222,166 | 213,569 | 116,341 | |
Gross capex | $ 4,479 | $ 4,919 | $ 5,028 | |
FTE | 182,915,000,000 | 206,633,000,000 | 152,321,000,000 | |
Operating segments [member] | North America [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 114 | 117 | 118 | |
Revenue | $ 15,588 | $ 15,698 | $ 15,603 | |
Normalized EBITDA | $ 6,329 | $ 6,250 | $ 6,172 | |
Normalized EBITDA margin | 40.60% | 39.80% | 39.60% | |
Depreciation, amortization and impairment | $ (843) | $ (809) | $ (754) | |
Normalized profit from operations (EBIT) | 5,486 | 5,441 | 5,418 | |
Exceptional items (refer Note 8) | 4 | (29) | 102 | |
Profit from operations | $ 5,490 | $ 5,412 | $ 5,520 | |
Volume | HLS | 114 | 117 | 118 | |
Revenue | $ 15,588 | $ 15,698 | $ 15,603 | |
Normalized EBITDA | $ 6,329 | $ 6,250 | $ 6,172 | |
Normalized EBITDA margin | 40.60% | 39.80% | 39.60% | |
Depreciation, amortization and impairment | $ (843) | $ (809) | $ (754) | |
Normalized profit from operations (EBIT) | 5,486 | 5,441 | 5,418 | |
Exceptional items (refer Note 8) | (4) | 29 | (102) | |
Profit from operations (EBIT) | 5,490 | 5,412 | 5,520 | |
Segment assets (non-current) | 63,045 | 62,467 | 61,870 | |
Gross capex | $ 530 | $ 895 | $ 1,112 | |
FTE | 19,306,000,000 | 19,314,000,000 | 16,844,000,000 | |
Operating segments [member] | Latin America West [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 111 | 64 | 44 | |
Revenue | $ 9,238 | $ 5,188 | $ 4,079 | |
Normalized EBITDA | $ 4,512 | $ 2,376 | $ 2,002 | |
Normalized EBITDA margin | 48.80% | 45.80% | 49.10% | |
Depreciation, amortization and impairment | $ (616) | $ (388) | $ (350) | |
Normalized profit from operations (EBIT) | 3,896 | 1,988 | 1,652 | |
Exceptional items (refer Note 8) | (153) | 252 | 29 | |
Profit from operations | $ 3,743 | $ 2,240 | $ 1,681 | |
Volume | HLS | 111 | 64 | 44 | |
Revenue | $ 9,238 | $ 5,188 | $ 4,079 | |
Normalized EBITDA | $ 4,512 | $ 2,376 | $ 2,002 | |
Normalized EBITDA margin | 48.80% | 45.80% | 49.10% | |
Depreciation, amortization and impairment | $ (616) | $ (388) | $ (350) | |
Normalized profit from operations (EBIT) | 3,896 | 1,988 | 1,652 | |
Exceptional items (refer Note 8) | 153 | (252) | (29) | |
Profit from operations (EBIT) | 3,743 | 2,240 | 1,681 | |
Segment assets (non-current) | 71,219 | 69,472 | 21,749 | |
Gross capex | $ 1,079 | $ 710 | $ 515 | |
FTE | 48,892,000,000 | 51,418,000,000 | 32,201,000,000 | |
Operating segments [member] | Latin America North [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 119 | 118 | 123 | |
Revenue | $ 9,775 | $ 8,461 | $ 9,096 | |
Normalized EBITDA | $ 4,180 | $ 3,751 | $ 4,709 | |
Normalized EBITDA margin | 42.80% | 44.30% | 51.80% | |
Depreciation, amortization and impairment | $ (848) | $ (750) | $ (689) | |
Normalized profit from operations (EBIT) | 3,332 | 3,001 | 4,020 | |
Exceptional items (refer Note 8) | (18) | (20) | (84) | |
Profit from operations | $ 3,314 | $ 2,981 | $ 3,937 | |
Volume | HLS | 119 | 118 | 123 | |
Revenue | $ 9,775 | $ 8,461 | $ 9,096 | |
Normalized EBITDA | $ 4,180 | $ 3,751 | $ 4,709 | |
Normalized EBITDA margin | 42.80% | 44.30% | 51.80% | |
Depreciation, amortization and impairment | $ (848) | $ (750) | $ (689) | |
Normalized profit from operations (EBIT) | 3,332 | 3,001 | 4,020 | |
Exceptional items (refer Note 8) | 18 | 20 | 84 | |
Profit from operations (EBIT) | 3,314 | 2,981 | 3,937 | |
Segment assets (non-current) | 13,756 | 13,656 | 11,357 | |
Gross capex | $ 580 | $ 709 | $ 1,056 | |
FTE | 38,651,000,000 | 40,416,000,000 | 39,359,000,000 | |
Operating segments [member] | Latin America South [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 34 | 32 | 34 | |
Revenue | $ 3,363 | $ 2,850 | $ 3,331 | |
Normalized EBITDA | $ 1,595 | $ 1,431 | $ 1,593 | |
Normalized EBITDA margin | 47.40% | 50.20% | 47.80% | |
Depreciation, amortization and impairment | $ (207) | $ (191) | $ (182) | |
Normalized profit from operations (EBIT) | 1,388 | 1,240 | 1,411 | |
Exceptional items (refer Note 8) | (13) | (12) | (11) | |
Profit from operations | $ 1,375 | $ 1,228 | $ 1,400 | |
Volume | HLS | 34 | 32 | 34 | |
Revenue | $ 3,363 | $ 2,850 | $ 3,331 | |
Normalized EBITDA | $ 1,595 | $ 1,431 | $ 1,593 | |
Normalized EBITDA margin | 47.40% | 50.20% | 47.80% | |
Depreciation, amortization and impairment | $ (207) | $ (191) | $ (182) | |
Normalized profit from operations (EBIT) | 1,388 | 1,240 | 1,411 | |
Exceptional items (refer Note 8) | 13 | 12 | 11 | |
Profit from operations (EBIT) | 1,375 | 1,228 | 1,400 | |
Segment assets (non-current) | 2,396 | 2,357 | 2,301 | |
Gross capex | $ 323 | $ 389 | $ 488 | |
FTE | 9,603,000,000 | 9,571,000,000 | 9,615,000,000 | |
Operating segments [member] | EMEA [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 132 | 75 | 46 | |
Revenue | $ 10,344 | $ 6,010 | $ 4,128 | |
Normalized EBITDA | $ 3,349 | $ 1,774 | $ 1,142 | |
Normalized EBITDA margin | 32.40% | 29.60% | 27.70% | |
Depreciation, amortization and impairment | $ (843) | $ (473) | $ (342) | |
Normalized profit from operations (EBIT) | 2,507 | 1,302 | 800 | |
Exceptional items (refer Note 8) | (144) | (118) | 70 | |
Profit from operations | $ 2,363 | $ 1,184 | $ 870 | |
Volume | HLS | 132 | 75 | 46 | |
Revenue | $ 10,344 | $ 6,010 | $ 4,128 | |
Normalized EBITDA | $ 3,349 | $ 1,774 | $ 1,142 | |
Normalized EBITDA margin | 32.40% | 29.60% | 27.70% | |
Depreciation, amortization and impairment | $ (843) | $ (473) | $ (342) | |
Normalized profit from operations (EBIT) | 2,507 | 1,302 | 800 | |
Exceptional items (refer Note 8) | 144 | 118 | (70) | |
Profit from operations (EBIT) | 2,363 | 1,184 | 870 | |
Segment assets (non-current) | 45,920 | 41,749 | 4,316 | |
Gross capex | $ 1,086 | $ 1,001 | $ 466 | |
FTE | 26,823,000,000 | 43,456,000,000 | 11,749,000,000 | |
Operating segments [member] | Asia Pacific [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 102 | 92 | 90 | |
Revenue | $ 7,804 | $ 6,074 | $ 5,784 | |
Normalized EBITDA | $ 2,695 | $ 1,639 | $ 1,444 | |
Normalized EBITDA margin | 34.50% | 27.10% | 25.00% | |
Depreciation, amortization and impairment | $ (660) | $ (658) | $ (606) | |
Normalized profit from operations (EBIT) | 2,035 | 987 | 838 | |
Exceptional items (refer Note 8) | 97 | 84 | (90) | |
Profit from operations | $ 1,939 | $ 903 | $ 928 | |
Volume | HLS | 102 | 92 | 90 | |
Revenue | $ 7,804 | $ 6,074 | $ 5,784 | |
Normalized EBITDA | $ 2,695 | $ 1,639 | $ 1,444 | |
Normalized EBITDA margin | 34.50% | 27.10% | 25.00% | |
Depreciation, amortization and impairment | $ (660) | $ (658) | $ (606) | |
Normalized profit from operations (EBIT) | 2,035 | 987 | 838 | |
Exceptional items (refer Note 8) | (97) | (84) | 90 | |
Profit from operations (EBIT) | 1,939 | 903 | 928 | |
Segment assets (non-current) | 24,088 | 22,071 | 12,761 | |
Gross capex | $ 635 | $ 837 | $ 1,166 | |
FTE | 36,386,000,000 | 39,213,000,000 | 40,101,000,000 | |
Operating segments [member] | Global export and holding companies [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 1 | 2 | 3 | |
Revenue | $ 332 | $ 1,237 | $ 1,582 | |
Normalized EBITDA | (577) | (474) | (225) | |
Depreciation, amortization and impairment | (253) | (210) | (148) | |
Normalized profit from operations (EBIT) | (830) | (683) | (373) | |
Exceptional items (refer Note 8) | 241 | 383 | 61 | |
Profit from operations | $ (1,071) | $ (1,066) | $ (434) | |
Volume | HLS | 1 | 2 | 3 | |
Revenue | $ 332 | $ 1,237 | $ 1,582 | |
Normalized EBITDA | (577) | (474) | (225) | |
Depreciation, amortization and impairment | (253) | (210) | (148) | |
Normalized profit from operations (EBIT) | (830) | (683) | (373) | |
Exceptional items (refer Note 8) | (241) | (383) | (61) | |
Profit from operations (EBIT) | (1,071) | (1,066) | (434) | |
Segment assets (non-current) | 1,741 | 1,797 | 1,987 | |
Gross capex | $ 247 | $ 379 | $ 225 | |
FTE | 3,254,000,000 | 3,245,000,000 | 2,454,000,000 | |
Reference Base [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 613 | 500 | ||
Revenue | $ 56,444 | $ 45,517 | ||
Normalized EBITDA | $ 22,084 | $ 16,753 | ||
Normalized EBITDA margin | 39.10% | 36.80% | ||
Depreciation, amortization and impairment | $ (4,270) | $ (3,477) | ||
Normalized profit from operations (EBIT) | $ 17,814 | $ 13,276 | ||
Volume | HLS | 613 | 500 | ||
Revenue | $ 56,444 | $ 45,517 | ||
Normalized EBITDA | $ 22,084 | $ 16,753 | ||
Normalized EBITDA margin | 39.10% | 36.80% | ||
Depreciation, amortization and impairment | $ (4,270) | $ (3,477) | ||
Normalized profit from operations (EBIT) | $ 17,814 | $ 13,276 | ||
Reference Base [member] | Operating segments [member] | North America [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 114 | 117 | ||
Revenue | $ 15,588 | |||
Normalized EBITDA | $ 6,329 | |||
Normalized EBITDA margin | 40.60% | 39.80% | ||
Depreciation, amortization and impairment | $ (843) | $ (809) | ||
Normalized profit from operations (EBIT) | $ 5,486 | $ 5,441 | ||
Volume | HLS | 114 | 117 | ||
Revenue | $ 15,588 | |||
Normalized EBITDA | $ 6,329 | |||
Normalized EBITDA margin | 40.60% | 39.80% | ||
Depreciation, amortization and impairment | $ (843) | $ (809) | ||
Normalized profit from operations (EBIT) | $ 5,486 | $ 5,441 | ||
Reference Base [member] | Operating segments [member] | Latin America West [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 111 | 109 | ||
Revenue | $ 9,238 | $ 8,595 | ||
Normalized EBITDA | $ 4,512 | $ 3,983 | ||
Normalized EBITDA margin | 48.80% | 46.30% | ||
Depreciation, amortization and impairment | $ (616) | $ (613) | ||
Normalized profit from operations (EBIT) | $ 3,896 | $ 3,370 | ||
Volume | HLS | 111 | 109 | ||
Revenue | $ 9,238 | $ 8,595 | ||
Normalized EBITDA | $ 4,512 | $ 3,983 | ||
Normalized EBITDA margin | 48.80% | 46.30% | ||
Depreciation, amortization and impairment | $ (616) | $ (613) | ||
Normalized profit from operations (EBIT) | $ 3,896 | $ 3,370 | ||
Reference Base [member] | Operating segments [member] | Latin America North [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 119 | 120 | ||
Revenue | $ 9,775 | $ 8,630 | ||
Normalized EBITDA | $ 4,180 | $ 3,790 | ||
Normalized EBITDA margin | 42.80% | 43.90% | ||
Depreciation, amortization and impairment | $ (848) | $ (770) | ||
Normalized profit from operations (EBIT) | $ 3,332 | $ 3,020 | ||
Volume | HLS | 119 | 120 | ||
Revenue | $ 9,775 | $ 8,630 | ||
Normalized EBITDA | $ 4,180 | $ 3,790 | ||
Normalized EBITDA margin | 42.80% | 43.90% | ||
Depreciation, amortization and impairment | $ (848) | $ (770) | ||
Normalized profit from operations (EBIT) | $ 3,332 | $ 3,020 | ||
Reference Base [member] | Operating segments [member] | Latin America South [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 34 | 32 | ||
Revenue | $ 3,363 | $ 2,850 | ||
Normalized EBITDA | $ 1,595 | $ 1,431 | ||
Normalized EBITDA margin | 47.40% | 50.20% | ||
Depreciation, amortization and impairment | $ (207) | $ (191) | ||
Normalized profit from operations (EBIT) | $ 1,388 | $ 1,240 | ||
Volume | HLS | 34 | 32 | ||
Revenue | $ 3,363 | $ 2,850 | ||
Normalized EBITDA | $ 1,595 | $ 1,431 | ||
Normalized EBITDA margin | 47.40% | 50.20% | ||
Depreciation, amortization and impairment | $ (207) | $ (191) | ||
Normalized profit from operations (EBIT) | $ 1,388 | $ 1,240 | ||
Reference Base [member] | Operating segments [member] | EMEA [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 132 | 135 | ||
Revenue | $ 10,344 | $ 9,700 | ||
Normalized EBITDA | $ 3,349 | $ 2,903 | ||
Normalized EBITDA margin | 32.40% | 29.90% | ||
Depreciation, amortization and impairment | $ (843) | $ (740) | ||
Normalized profit from operations (EBIT) | $ 2,507 | $ 2,163 | ||
Volume | HLS | 132 | 135 | ||
Revenue | $ 10,344 | $ 9,700 | ||
Normalized EBITDA | $ 3,349 | $ 2,903 | ||
Normalized EBITDA margin | 32.40% | 29.90% | ||
Depreciation, amortization and impairment | $ (843) | $ (740) | ||
Normalized profit from operations (EBIT) | $ 2,507 | $ 2,163 | ||
Reference Base [member] | Operating segments [member] | Asia Pacific [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 102 | 101 | ||
Revenue | $ 7,804 | $ 7,250 | ||
Normalized EBITDA | $ 2,695 | $ 2,114 | ||
Normalized EBITDA margin | 34.50% | 29.20% | ||
Depreciation, amortization and impairment | $ (660) | $ (740) | ||
Normalized profit from operations (EBIT) | $ 2,035 | $ 1,374 | ||
Volume | HLS | 102 | 101 | ||
Revenue | $ 7,804 | $ 7,250 | ||
Normalized EBITDA | $ 2,695 | $ 2,114 | ||
Normalized EBITDA margin | 34.50% | 29.20% | ||
Depreciation, amortization and impairment | $ (660) | $ (740) | ||
Normalized profit from operations (EBIT) | $ 2,035 | $ 1,374 | ||
Reference Base [member] | Operating segments [member] | Global export and holding companies [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 1 | 2 | ||
Revenue | $ 332 | $ 1,218 | ||
Normalized EBITDA | (577) | (837) | ||
Depreciation, amortization and impairment | (253) | (252) | ||
Normalized profit from operations (EBIT) | $ (830) | $ (1,089) | ||
Volume | HLS | 1 | 2 | ||
Revenue | $ 332 | $ 1,218 | ||
Normalized EBITDA | (577) | (837) | ||
Depreciation, amortization and impairment | (253) | (252) | ||
Normalized profit from operations (EBIT) | $ (830) | $ (1,089) | ||
Reference Base [member] | Effect of acquisition [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | (116) | |||
Revenue | $ (8,424) | |||
Normalized EBITDA | (2,881) | |||
Depreciation, amortization and impairment | 638 | |||
Normalized profit from operations (EBIT) | $ (2,243) | |||
Volume | HLS | (116) | |||
Revenue | $ (8,424) | |||
Normalized EBITDA | (2,881) | |||
Depreciation, amortization and impairment | 638 | |||
Normalized profit from operations (EBIT) | $ (2,243) | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Segment Reporting - Summary o85
Segment Reporting - Summary of Segment Reporting (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating segments [line items] | ||||
Net revenue | $ 56,444 | $ 45,517 | $ 43,064 | |
Non current Assets | 222,166 | 213,569 | [1] | |
Beer business [member] | ||||
Disclosure of operating segments [line items] | ||||
Net revenue | 50,301 | 41,421 | 40,595 | |
Non beer business [member] | ||||
Disclosure of operating segments [line items] | ||||
Net revenue | 6,143 | 4,096 | 3,009 | |
Belgium [member] | ||||
Disclosure of operating segments [line items] | ||||
Net revenue | 704 | 687 | 690 | |
Non current Assets | $ 1,658 | $ 1,440 | $ 1,169 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Acquisitions and Disposals of86
Acquisitions and Disposals of Subsidiaries - Additional Information (Detail) € in Millions | Oct. 11, 2016USD ($) | Oct. 10, 2016USD ($)shares | Oct. 06, 2016EUR (€)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares | Oct. 10, 2016GBP (£)shares | Oct. 06, 2016GBP (£)shares | Dec. 31, 2015shares |
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Number of shares acquired | shares | 102,890,758,014 | |||||||
Number of shares reclassified | shares | 60,385,979,086 | 60,385,979,086 | ||||||
Number of shares issued | shares | 1,934,000,000 | 1,606,000,000 | 1,607,000,000 | |||||
Conversion ratio | One-for-one basis | |||||||
Goodwill recognised deductible tax purposes | $ 0 | |||||||
Foreign countries [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Goodwill provisionally allocated | $ 72,400,000,000 | |||||||
Restricted shares [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Number of shares issued | shares | 325,999,817 | 325,999,817 | ||||||
Keurig green mountain incorporated [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Percentage of voting interest held in joint venture | 70.00% | |||||||
Percentage of economic interest held in joint venture | 70.00% | |||||||
SAB's interest in MillerCoors LLC [Member] | Miller international business [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Proceeds from disposal of assets | $ 12,000,000,000 | |||||||
Provision related to purchase price adjustment | 330,000,000 | |||||||
Purchase price adjustment amount | $ 328,000,000 | |||||||
Sale of SeaWorld to blackstone [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Proceeds from disposal of assets | $ 42,000,000 | |||||||
SAB [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Cash consideration | £ | £ 45 | |||||||
Consideration transferred, issuance of capital | € 85,531 | £ 75,400,000,000 | ||||||
Number of shares acquired | shares | 105,246 | |||||||
Total consideration | € | € 5 | |||||||
Percentage of shares owned | 100.00% | |||||||
SAB [member] | Ordinary shares [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Consideration transferred, issuance of shares | shares | 163,276,737,100 | 163,276,737,100 | ||||||
Number of shares issued | shares | 555,466,167 | 555,466,167 | ||||||
SAB [member] | Ordinary shares [member] | UK Scheme [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Consideration transferred, issuance of shares | shares | 1,632,767,371 | 1,632,767,371 | ||||||
SAB [member] | Partial share alternative [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Cash consideration | £ | £ 4.6588 | |||||||
SAB [member] | Partial share alternative [member] | Restricted shares [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Consideration transferred, issuance of shares | shares | 0.483969 | 0.483969 | ||||||
AB inBev [member] | ||||||||
Disclosure of acquisitions and disposals [Line Items] | ||||||||
Cash consideration | $ 18,000,000,000 | |||||||
Additional drawn down amount under borrowing facility | 75,000,000,000 | |||||||
Transaction cost | 1,000,000,000 | |||||||
Transaction cost on financial Activities | $ 700,000,000 |
Acquisitions and Disposals of87
Acquisitions and Disposals of Subsidiaries - Summary of SABMiller Purchase Consideration (Detail) € in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) | Oct. 10, 2016GBP (£) | Oct. 06, 2016EUR (€) | Oct. 06, 2016GBP (£) |
Disclosure of detailed information about business combination [line items] | ||||||
Converted to restricted shares | 163,276,737,100 | 163,276,737,100 | 163,276,737,100 | |||
Tender offer shares [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Converted to restricted shares | 102,890,758,014 | 102,890,758,014 | 102,890,758,014 | |||
SAB [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Tender offer | £ | £ 45 | |||||
Converted to restricted shares | € 85,531 | £ 75,400,000,000 | ||||
Gross purchase consideration | € 5 | |||||
SAB [member] | Newbelco [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Tender offer | € 52,522 | £ 46,301,000,000 | ||||
Converted to restricted shares | 33,009 | 29,099,000,000 | ||||
Total equity value at offer | 85,531 | 75,400,000,000 | ||||
Total equity value at offer | 85,531 | £ 75,400,000,000 | ||||
Purchase from option holders | 5 | |||||
Total equity value | $ 95,288 | 85,536 | ||||
Total equity value | $ 95,288 | 85,536 | ||||
Foreign exchange hedges and other | 7,848 | |||||
Purchase consideration | 103,136 | |||||
Add: fair market value of total debt assumed | 11,870 | |||||
Less: total cash acquired | (1,198) | |||||
Gross purchase consideration | € 113,808 | |||||
SAB [member] | Newbelco [member] | Converted restricted shares [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Converted to restricted shares | 60,385,979,086 | 60,385,979,086 | 60,385,979,086 |
Acquisitions and Disposals of88
Acquisitions and Disposals of Subsidiaries - Summary of SABMiller Purchase Consideration (Parenthetical) (Detail) - SAB [member] - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about business combination [line items] | ||
Amount qualified for hedge accounting | $ 7.4 | $ 7.4 |
Mark to market adjustment [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Mark-to-market adjustment related to hedging | $ 12.3 | $ 12.3 |
Acquisitions and Disposals of89
Acquisitions and Disposals of Subsidiaries - Summary of Provisional and Final Purchase Price Allocation of SAB Business with Adjustments being Retrospectively Applied (Detail) - SAB [member] € in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | Oct. 06, 2016EUR (€) | |
Current liabilities | ||
Purchase consideration | € | € 5 | |
Provisional fair values [Member] | ||
Non-current assets | ||
Property, plant and equipment | $ 9,060 | |
Intangible assets | 20,040 | |
Investment in associates | 4,386 | |
Investment securities | 21 | |
Deferred tax assets | 179 | |
Derivatives | 579 | |
Trade and other receivables | 59 | |
Current assets | ||
Inventories | 977 | |
Income tax receivable | 189 | |
Derivatives | 60 | |
Trade and other receivables | 1,257 | |
Cash and cash equivalents | 1,410 | |
Assets held for sale | 24,805 | |
Non-current liabilities | ||
Interest-bearing loans and borrowings | (9,021) | |
Employee benefits | (195) | |
Deferred tax liabilities | (5,801) | |
Derivatives | (24) | |
Trade and other payables | (146) | |
Provisions | (688) | |
Current liabilities | ||
Bank overdraft | (212) | |
Interest-bearing loans and borrowings | (2,849) | |
Income tax payable | (4,310) | |
Derivatives | (156) | |
Trade and other payables | (3,520) | |
Provisions | (847) | |
Net identified assets and liabilities | 35,253 | |
Non-controlling interests | (6,200) | |
Goodwill on acquisition | 74,083 | |
Purchase consideration | 103,136 | |
Adjustments [Member] | ||
Non-current assets | ||
Property, plant and equipment | (1,303) | |
Intangible assets | 221 | |
Current assets | ||
Inventories | (24) | |
Trade and other receivables | (39) | |
Assets held for sale | 19 | |
Non-current liabilities | ||
Deferred tax liabilities | 2,983 | |
Trade and other payables | 12 | |
Provisions | 62 | |
Current liabilities | ||
Income tax payable | 77 | |
Provisions | (330) | |
Net identified assets and liabilities | 1,677 | |
Goodwill on acquisition | (1,677) | |
Fair values adjusted 2016 [Member] | ||
Non-current assets | ||
Property, plant and equipment | 7,757 | |
Intangible assets | 20,261 | |
Investment in associates | 4,386 | |
Investment securities | 21 | |
Deferred tax assets | 179 | |
Derivatives | 579 | |
Trade and other receivables | 59 | |
Current assets | ||
Inventories | 953 | |
Income tax receivable | 189 | |
Derivatives | 60 | |
Trade and other receivables | 1,218 | |
Cash and cash equivalents | 1,410 | |
Assets held for sale | 24,824 | |
Non-current liabilities | ||
Interest-bearing loans and borrowings | (9,021) | |
Employee benefits | (195) | |
Deferred tax liabilities | (2,818) | |
Derivatives | (24) | |
Trade and other payables | (134) | |
Provisions | (626) | |
Current liabilities | ||
Bank overdraft | (212) | |
Interest-bearing loans and borrowings | (2,849) | |
Income tax payable | (4,233) | |
Derivatives | (156) | |
Trade and other payables | (3,520) | |
Provisions | (1,177) | |
Net identified assets and liabilities | 36,930 | |
Non-controlling interests | (6,200) | |
Goodwill on acquisition | 72,406 | |
Purchase consideration | $ 103,136 |
Acquisitions and Disposals of90
Acquisitions and Disposals of Subsidiaries - Summary of Impact of Acquisitions and Disposals on Consolidated Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business combinations [member] | ||
Non-current assets | ||
Property, plant and equipment | $ 169 | $ 286 |
Intangible assets | 417 | 679 |
Investments in associates | 62 | |
Deferred tax assets | 4 | |
Employee benefits | 3 | |
Trade and other receivables | 1 | |
Current assets | ||
Inventories | 9 | 41 |
Trade and other receivables | 20 | 28 |
Cash and cash equivalents | 5 | 45 |
Assets held for sale | 27 | |
Non-current liabilities | ||
Interest-bearing loans and borrowings | (1) | (109) |
Employee benefits | (1) | |
Deferred tax liabilities | (74) | (11) |
Trade and other payables | 0 | 0 |
Current liabilities | ||
Interest-bearing loans and borrowings | (3) | |
Trade and other payables | (24) | (72) |
Net identifiable assets and liabilities | 549 | 952 |
Non-controlling interest | (114) | (14) |
Goodwill on acquisitions and goodwill disposed of | 398 | 803 |
Prior year payments | (143) | |
Consideration to be paid | (375) | (365) |
Net cash paid on prior years acquisitions | 136 | 34 |
Consideration paid/(received) | 594 | 1,267 |
Cash (acquired)/ disposed of | (5) | (45) |
Net cash outflow / (inflow) | 589 | 1,222 |
Current liabilities | ||
Prior year payments | 143 | |
Consideration to be paid | 375 | 365 |
Disposals [Member] | ||
Non-current assets | ||
Property, plant and equipment | (115) | |
Intangible assets | 0 | 0 |
Investments in associates | 0 | 0 |
Deferred tax assets | 0 | 0 |
Employee benefits | 0 | 0 |
Trade and other receivables | 0 | 0 |
Current assets | ||
Inventories | (17) | |
Trade and other receivables | (4) | |
Cash and cash equivalents | (75) | |
Assets held for sale | 0 | 0 |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 0 | 0 |
Employee benefits | 0 | 0 |
Current liabilities | ||
Loss/(gain) on disposal | 42 | 406 |
Deferred tax liabilities | 6 | |
Trade and other payables | 10 | |
Current liabilities | ||
Interest-bearing loans and borrowings | 0 | 0 |
Trade and other payables | 41 | |
Net identifiable assets and liabilities | (156) | |
Non-controlling interest | 0 | 0 |
Goodwill on acquisitions and goodwill disposed of | (187) | |
Loss/(gain) on disposal | (42) | (406) |
Net cash paid on prior years acquisitions | (5) | |
Consideration paid/(received) | (42) | (754) |
Cash (acquired)/ disposed of | 75 | |
Net cash outflow / (inflow) | $ (42) | $ (679) |
Other Operating Income_(Expen91
Other Operating Income/(Expenses) - Summary of Other Operating Income/(Expenses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other operating income expense [abstract] | |||
Government grants | $ 404 | $ 432 | $ 668 |
License income | 65 | 65 | 73 |
Net (additions to)/reversals of provisions | (4) | (50) | (31) |
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale | 154 | 37 | 20 |
Net rental and other operating income | 235 | 248 | 302 |
Other operating income/(expenses) | 854 | 732 | 1,032 |
Research expenses as incurred | $ 276 | $ 244 | $ 207 |
Other Operating Income_(Expen92
Other Operating Income/(Expenses) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other operating income expense [abstract] | |||
Research expenses as incurred | $ 276 | $ 244 | $ 207 |
Exceptional Items - Exceptional
Exceptional Items - Exceptional Items Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Exceptional Items [Abstract] | |||
Restructuring | $ (468) | $ (323) | $ (171) |
Acquisition costs business combinations | (155) | (448) | (55) |
Business and asset disposal (including impairment losses) | (39) | 377 | 524 |
Impairment of assets | (82) | ||
Judicial settlement | (80) | ||
Impact on profit from operations | $ (662) | $ (394) | $ 136 |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Exceptional Items [line items] | |||
Exceptional restructuring charges | $ (468) | $ (323) | $ (171) |
Acquisition costs business combinations | (155) | (448) | (55) |
Exceptional net finance cost | (693) | (3,356) | |
Exceptional income tax income | 830 | ||
Non-controlling interest on the exceptional items | 526 | 13 | |
Business and asset disposal | (39) | $ 377 | $ 524 |
US tax reform [member] | |||
Disclosure of Exceptional Items [line items] | |||
Exceptional income tax income | $ 1,800 |
Payroll and Related Benefits -
Payroll and Related Benefits - Summary of Payroll and Related Benefits (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Employees | Dec. 31, 2016USD ($)Employees | Dec. 31, 2015USD ($)Employees | |
Disclosure of employee benefits [Line Items] | |||
Share-based payment expense | $ (359) | $ (228) | $ (225) |
Employee benefits expense | $ (196) | $ (194) | $ (211) |
Number of full time equivalents (FTE) at year-end | Employees | 182,915 | 206,633 | 152,321 |
Payroll and related benefits [member] | |||
Disclosure of employee benefits [Line Items] | |||
Wages and salaries | $ (4,884) | $ (4,404) | $ (3,706) |
Social security contributions | (699) | (647) | (633) |
Other personnel cost | (762) | (580) | (648) |
Pension expense for defined benefit plans | (196) | (194) | (212) |
Share-based payment expense | (359) | (228) | (225) |
Contributions to defined contribution plans | (118) | (77) | (90) |
Employee benefits expense | $ (7,018) | $ (6,130) | $ (5,514) |
Payroll and Related Benefits 96
Payroll and Related Benefits - Summary of Number of Full Time Equivalents (Detail) - Employees | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of employee benefits [Line Items] | |||
Total number of full time equivalents | 182,915 | 206,633 | 152,321 |
Parent [member] | |||
Disclosure of employee benefits [Line Items] | |||
Total number of full time equivalents | 215 | 225 | 191 |
Other subsidiaries [member] | |||
Disclosure of employee benefits [Line Items] | |||
Total number of full time equivalents | 182,700 | 206,408 | 152,130 |
Additional Information on Ope97
Additional Information on Operating Expenses By Nature - Summary of Depreciation, Amortization and Impairment Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | $ 3,782 | $ 3,025 | $ 2,715 |
Amortization and impairment of intangible assets | 488 | 452 | 400 |
Impairment of goodwill | 6 | 38 | |
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 2,817 | 2,292 | 2,122 |
Amortization and impairment of intangible assets | 40 | 21 | 17 |
Distribution expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 199 | 143 | 122 |
Amortization and impairment of intangible assets | 4 | 1 | 1 |
Sales and marketing expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 425 | 363 | 285 |
Amortization and impairment of intangible assets | 196 | 208 | 173 |
Administrative expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 337 | 222 | 170 |
Amortization and impairment of intangible assets | 248 | 218 | 177 |
Other operating expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 4 | 2 | 4 |
Amortization and impairment of intangible assets | $ 1 | ||
Impairment of goodwill | $ 6 | ||
Exceptional items [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Depreciation and impairment of property, plant and equipment | 12 | ||
Amortization and impairment of intangible assets | 32 | ||
Impairment of goodwill | $ 38 |
Additional Information on Ope98
Additional Information on Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Full cost reallocation from the aggregate depreciation, amortization and impairment expense | $ 1 | $ 9 | $ 3 |
Finance Cost and Income - Summa
Finance Cost and Income - Summary of Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance income expense [Abstract] | |||
Interest expense | $ (4,314) | $ (4,092) | $ (1,833) |
Capitalization of borrowing costs | 22 | 12 | 28 |
Net interest on net defined benefit liabilities | (101) | (113) | (118) |
Accretion expense | (614) | (648) | (326) |
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) | (304) | (21) | |
Net losses on hedging instruments that are not part of a hedge accounting relationship | (674) | (797) | |
Tax on financial transactions | (68) | (70) | (61) |
Other financial costs, including bank fees | (139) | (131) | (107) |
Finance costs before Non-Recurring items | (6,192) | (5,860) | (2,417) |
Exceptional finance cost | (693) | (3,522) | (725) |
Total finance costs | $ (6,885) | $ (9,382) | $ (3,142) |
Finance Cost and Income - Addit
Finance Cost and Income - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance income expense [Line Items] | |||
Increase in finance costs before exceptional items and remeasurements | $ 332,000,000 | $ 3,443,000,000 | |
Share based payment of net (loss) gain | (291,000,000) | (384,000,000) | $ 844,000,000 |
Foreign exchange translation losses on intragroup loans | 261,000,000 | ||
Derivative adjustment of finance cost | 6,885,000,000 | 9,382,000,000 | $ 3,142,000,000 |
Accelerated accretion related cost expenses | 100,000,000 | 306,000,000 | |
Derivative adjustment of deferred share instrument issued | $ 146,000,000 | 304,000,000 | |
Percentage of deferred share instrument hedged | 100.00% | ||
Mark-to-market adjustments | 2,693,000,000 | ||
Interest income recognized on impaired financial assets | $ 0 | ||
SAB [member] | |||
Disclosure of finance income expense [Line Items] | |||
Derivative adjustment of finance cost | 142,000,000 | $ 127,000,000 | |
Brazilian federal tax regularization program [member] | |||
Disclosure of finance income expense [Line Items] | |||
Derivative adjustment of finance cost | $ 44,000,000 | ||
Bottom of range [member] | |||
Disclosure of finance income expense [Line Items] | |||
Borrowing costs capitalised | 4.00% | ||
Top of range [member] | |||
Disclosure of finance income expense [Line Items] | |||
Borrowing costs capitalised | 8.00% |
Finance Cost and Income - Su101
Finance Cost and Income - Summary of Finance Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Finance Income [Abstract] | |||
Interest income | $ 287 | $ 561 | $ 339 |
Net foreign exchange gains (net of the effect of foreign exchange derivative instruments) | 378 | ||
Net gains on hedging instruments that are not part of a hedging accounting relationship | 399 | ||
Other financial income | 91 | 91 | 62 |
Finance costs before Non- Recurring items | 378 | 652 | |
Exceptional finance income | 166 | 511 | |
Total finance income | $ 378 | $ 818 | $ 1,689 |
Finance Cost and Income - Su102
Finance Cost and Income - Summary of Interest Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance income expense [Abstract] | |||
Cash and cash equivalents | $ 207 | $ 479 | $ 254 |
Investment debt securities held for trading | 16 | 16 | 37 |
Other loans and receivables | 64 | 66 | 48 |
Revenue from interest | $ 287 | $ 561 | $ 339 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense | |||
Current year | $ (3,833) | $ (1,544) | $ (2,300) |
(Underprovided)/overprovided in prior years | 1 | 47 | 95 |
Current tax expense | (3,832) | (1,497) | (2,395) |
Deferred tax (expense)/income | |||
Origination and reversal of temporary differences | 1,872 | (459) | (242) |
(Utilization)/recognition of deferred tax assets on tax losses | 23 | 116 | 3 |
Recognition of previously unrecognized tax losses | 16 | 227 | 40 |
Deferred tax (expense)/income | 1,912 | (116) | (199) |
Income tax expense | $ (1,920) | $ (1,613) | $ (2,594) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
Profit before tax | $ 11,076 | $ 4,334 | $ 12,461 |
Deduct share of result of associates and joint ventures | 430 | 16 | 10 |
Profit before tax and before share of result of associates and joint ventures | 10,646 | 4,318 | 12,451 |
Adjustments on taxable basis | |||
Foreign source income | (809) | (969) | |
Government incentives | (982) | (769) | (948) |
Taxable intercompany dividends | 619 | 173 | |
Expenses not deductible for tax purposes | 2,374 | 4,351 | 1,559 |
Other non-taxable income | (178) | (415) | (165) |
Gross adjustments on taxable basis | $ 11,860 | $ 7,296 | $ 12,101 |
Aggregated weighted nominal tax rate | 28.50% | 32.70% | 30.50% |
Tax at aggregated weighted nominal tax rate | $ (3,378) | $ (2,387) | $ (3,687) |
Adjustments on tax expense | |||
Utilization of tax losses not previously recognized | 23 | 76 | 32 |
Recognition of deferred taxes assets on previous years' tax losses | 16 | 229 | 40 |
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized | (143) | (975) | (195) |
(Underprovided)/overprovided in prior years | 1 | 63 | (95) |
Deductions from interest on equity | 553 | 644 | 643 |
Deductions from goodwill | 57 | 63 | 66 |
Other tax deductions | 723 | 869 | 1,033 |
US Tax reform (change in tax rate and other) | 1,760 | ||
Change in tax rate | (59) | (1) | 12 |
Withholding taxes | (386) | (286) | (450) |
Brazilian Federal Tax Regularization Program | (870) | ||
Other tax adjustments | (217) | 93 | 7 |
Income tax expense | $ (1,920) | $ (1,613) | $ (2,594) |
Effective tax rate | 18.00% | 37.40% | 20.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) (Detail) R$ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017USD ($)mo | Dec. 31, 2017BRL (R$)mo | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017BRL (R$) | |
Disclosure Of Income Taxes [Line Items] | ||||||
Income tax expense | $ 1,920 | $ 1,613 | $ 2,594 | |||
Effective tax rate | 18.00% | 18.00% | 37.40% | |||
Federal tax rate | 35.00% | 35.00% | ||||
Exceptional amount | $ 830 | $ 77 | $ (201) | |||
Exceptional amount in income tax line | 830 | |||||
Exceptional amount in finance line | (693) | $ (3,356) | ||||
Changes in tax rates or tax laws enacted or announced [member] | ||||||
Disclosure Of Income Taxes [Line Items] | ||||||
Federal tax rate | 21.00% | |||||
US tax reform [member] | ||||||
Disclosure Of Income Taxes [Line Items] | ||||||
Remeasurement of deferred tax liabilities | $ 1,800 | |||||
Federal tax rate | 35.00% | 35.00% | ||||
Tax contingencies under dispute | $ 1,100 | R$ 3500 | ||||
Tax contingencies | $ 300 | R$ 1000 | ||||
Number of monthly installments | mo | 145 | 145 | ||||
US tax reform [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||
Disclosure Of Income Taxes [Line Items] | ||||||
Federal tax rate | 21.00% | |||||
Brazilian federal tax regularization program [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||
Disclosure Of Income Taxes [Line Items] | ||||||
Exceptional amount | $ 900 | R$ 2900 | ||||
Exceptional amount in income tax line | 900 | 2,800 | ||||
Exceptional amount in finance line | $ 44 | R$ 141 |
Income Taxes - Summary of Detai
Income Taxes - Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax (losses)/gains | |||
Re-measurements of post-employment benefits | $ (39) | $ 54 | $ (37) |
Cash flow and net investment hedges | (95) | (258) | 930 |
Income tax (losses)/gains | $ (134) | $ (204) | $ 893 |
Property, Plant and Equipment -
Property, Plant and Equipment - Detailed Information About Property,Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | $ 26,219 | ||
Ending balance | 27,184 | $ 26,219 | [1] | |
Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [2] | 27,522 | ||
Ending balance | [2] | 27,522 | ||
Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 26,219 | |||
Ending balance | 26,219 | |||
Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 44,352 | 35,329 | ||
Effect of movements in foreign exchange | 1,431 | (156) | ||
Acquisitions | 4,221 | 4,395 | ||
Acquisitions through business combinations | 169 | 9,346 | ||
Disposals | (1,566) | (1,683) | ||
Disposals through the sale of subsidiaries | (60) | (88) | ||
Transfer (to)/from other asset categories and other movements1 | 177 | (1,487) | ||
Ending balance | 48,724 | 44,352 | ||
Acquisition cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 45,655 | 35,329 | ||
Ending balance | 45,655 | |||
Acquisition cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (1,303) | |||
Ending balance | (1,303) | |||
Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (18,133) | (16,377) | ||
Effect of movements in foreign exchange | (697) | (190) | ||
Depreciation | (3,567) | (2,986) | ||
Disposals | 1,161 | 1,431 | ||
Disposals through the sale of subsidiaries | 48 | (27) | ||
Impairment losses | (85) | (39) | ||
Transfer (to)/from other asset categories and other movements1 | (267) | 56 | ||
Ending balance | (21,540) | (18,133) | ||
Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Ending balance | 9,228 | |||
Land and buildings [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,418 | |||
Ending balance | 9,418 | |||
Land and buildings [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,949 | |||
Ending balance | 8,949 | |||
Land and buildings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 12,014 | |||
Effect of movements in foreign exchange | 378 | |||
Acquisitions | 192 | |||
Acquisitions through business combinations | 81 | |||
Disposals | (344) | |||
Disposals through the sale of subsidiaries | (14) | |||
Transfer (to)/from other asset categories and other movements1 | 435 | |||
Ending balance | 12,742 | 12,014 | ||
Land and buildings [member] | Acquisition cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 12,483 | |||
Ending balance | 12,483 | |||
Land and buildings [member] | Acquisition cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (469) | |||
Ending balance | (469) | |||
Land and buildings [member] | Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (3,065) | |||
Effect of movements in foreign exchange | (118) | |||
Depreciation | (472) | |||
Disposals | 141 | |||
Disposals through the sale of subsidiaries | 9 | |||
Impairment losses | (2) | |||
Transfer (to)/from other asset categories and other movements1 | (7) | |||
Ending balance | (3,514) | (3,065) | ||
Plant and Equipment Fixtures and Fittings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Ending balance | 15,691 | |||
Plant and Equipment Fixtures and Fittings [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 15,543 | |||
Ending balance | 15,543 | |||
Plant and Equipment Fixtures and Fittings [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,709 | |||
Ending balance | 14,709 | |||
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 29,777 | |||
Effect of movements in foreign exchange | 988 | |||
Acquisitions | 1,512 | |||
Acquisitions through business combinations | 85 | |||
Disposals | (1,193) | |||
Disposals through the sale of subsidiaries | (45) | |||
Transfer (to)/from other asset categories and other movements1 | 2,594 | |||
Ending balance | 33,717 | 29,777 | ||
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 30,611 | |||
Ending balance | 30,611 | |||
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (834) | |||
Ending balance | (834) | |||
Plant and Equipment Fixtures and Fittings [member] | Depreciation and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (15,068) | |||
Effect of movements in foreign exchange | (579) | |||
Depreciation | (3,095) | |||
Disposals through the sale of subsidiaries | 39 | |||
Impairment losses | (83) | |||
Transfer (to)/from other asset categories and other movements1 | (260) | |||
Ending balance | (18,026) | (15,068) | ||
Construction in Progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Ending balance | 2,265 | |||
Construction in Progress [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,561 | |||
Ending balance | 2,561 | |||
Construction in Progress [member] | Adjustments [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,561 | |||
Ending balance | 2,561 | |||
Construction in Progress [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,561 | |||
Effect of movements in foreign exchange | 65 | |||
Acquisitions | 2,518 | |||
Acquisitions through business combinations | 2 | |||
Disposals | (29) | |||
Transfer (to)/from other asset categories and other movements1 | (2,852) | |||
Ending balance | 2,265 | 2,561 | ||
Construction in Progress [member] | Acquisition cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 2,561 | |||
Ending balance | $ 2,561 | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Property, Plant and Equipmen108
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | $ 550 | $ 817 | |
AB InBev's net capital expenditures in the statement of cash flow | 4,124 | 4,768 | |
Property plant and equipment | $ 27,184 | 26,219 | [1] |
Production facilities [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of capital expenditures property plant and equipment | 45.00% | ||
Logistics and commercial investments [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of capital expenditures property plant and equipment | 30.00% | ||
Administrative capabilities and purchase of hardware and software [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of capital expenditures property plant and equipment | 25.00% | ||
Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property plant and equipment | $ 9,228 | ||
Gross carrying amount [member] | Restrictions [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, restrictions on title | 14 | ||
Gross carrying amount [member] | Land and buildings [member] | Property, plant and equipment not subject to operating leases [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property plant and equipment | $ 300 | $ 302 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Goodwill - Reconciliation of Go
Goodwill - Reconciliation of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | [1] | $ 135,864 | ||
Goodwill ending balance | 140,940 | $ 135,864 | [1] | |
Previously stated [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | [2] | 136,533 | ||
Goodwill ending balance | [2] | 136,533 | ||
Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | 135,897 | 65,099 | ||
Effect of movements in foreign exchange | 4,684 | (2,222) | ||
Disposals through the sale of subsidiaries | (187) | |||
Reclassified as held for sale | (1,008) | |||
Goodwill ending balance | 140,980 | 135,897 | ||
Gross carrying amount [member] | Previously stated [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | 136,566 | 65,099 | ||
Goodwill ending balance | 136,566 | |||
Gross carrying amount [member] | Adjustments [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | (669) | |||
Goodwill ending balance | (669) | |||
Gross carrying amount [member] | Acquisition of goods[member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Acquisitions through business combinations | 398 | 74,886 | ||
Impairment losses [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | (34) | (38) | ||
Impairment losses | (6) | |||
Effect of movements in foreign exchange | 4 | |||
Goodwill ending balance | $ (40) | $ (34) | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill recognised through acquisition | $ 803 | |
Cost to sell expected to reach as percentage of entity value | 2.00% | |
Adverse change in WACC | 1.00% | |
Bottom of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 0.00% | |
Top of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.00% | |
AB inBev [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Percentage of goodwill to total assets | 57.00% | |
Craft breweries [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill recognised through acquisition | $ 398 | |
SAB [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill recognised through acquisition | $ 72,406 | |
Goodwill recognised through acquisition, provisional | $ 74,083 |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill Allocated to the Different Business Unit Levels (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | $ 140,940 | $ 135,864 | [1] | |
Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Reclassified as held for sale | (1,008) | |||
Goodwill | [2] | 136,533 | ||
Previously stated [member] | SAB [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 73,736 | |||
United States [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 33,277 | |||
United States [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 33,056 | |||
Colombia [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 20,425 | |||
South Africa [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 18,551 | |||
Peru [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 15,074 | |||
Mexico [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 12,580 | |||
Mexico [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 12,035 | |||
Rest of Africa [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 8,326 | |||
Australia [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 6,922 | |||
Brazil [Member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 5,523 | |||
Brazil [Member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 5,531 | |||
South Korea [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 4,119 | |||
South Korea [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 3,652 | |||
Ecuador [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 3,925 | |||
China [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 2,914 | |||
China [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 2,710 | |||
Honduras & El Salvador [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 2,335 | |||
Canada [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 2,056 | |||
Canada [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | 1,892 | |||
Other countries [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | $ 4,913 | |||
Other countries [member] | Previously stated [member] | ||||
Disclosure Of Carrying Amount Of Goodwill [Line Items] | ||||
Goodwill | $ 4,928 | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Goodwill - Summary of Weighted
Goodwill - Summary of Weighted Average Cost of Capital (Detail) - US Dollar [member] | 12 Months Ended |
Dec. 31, 2017 | |
United States [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 6.00% |
Colombia [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 7.00% |
South Africa [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 8.00% |
Mexico [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 9.00% |
Peru [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 7.00% |
Ecuador [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 11.00% |
Australia [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 6.00% |
Rest of Africa [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Weighted average cost of capital | 10.00% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | [1] | $ 44,789 | ||
Ending balance | 45,874 | $ 44,789 | [1] | |
Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | [2] | 44,568 | ||
Ending balance | [2] | 44,568 | ||
Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 44,789 | |||
Ending balance | 44,789 | |||
Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (2,401) | (2,042) | ||
Effect of movements in foreign exchange | (139) | 34 | ||
Amortization | (498) | (446) | ||
Impairment losses | (3) | |||
Disposals | 89 | 142 | ||
Transfer (to)/from other asset categories and other movements | (48) | (86) | ||
Ending balance | (2,997) | (2,401) | ||
At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 46,969 | 31,719 | ||
Effect of movements in foreign exchange | 1,286 | (805) | ||
Acquisitions through business combinations | 417 | 20,723 | ||
Acquisitions and expenditures | 312 | 563 | ||
Disposals | (191) | (161) | ||
Transfer (to)/from other asset categories and other movements | (144) | (5,070) | ||
Ending balance | 48,871 | 46,969 | ||
At cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 46,969 | 31,719 | ||
Ending balance | 46,969 | |||
At cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 221 | |||
Ending balance | 221 | |||
Brands [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Ending balance | 43,370 | |||
Brands [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 42,045 | |||
Ending balance | 42,045 | |||
Brands [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 42,045 | |||
Ending balance | 42,045 | |||
Brands [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (32) | |||
Ending balance | (32) | (32) | ||
Brands [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 42,077 | |||
Effect of movements in foreign exchange | 973 | |||
Acquisitions through business combinations | 411 | |||
Acquisitions and expenditures | 8 | |||
Transfer (to)/from other asset categories and other movements | (67) | |||
Ending balance | 43,402 | 42,077 | ||
Brands [member] | At cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 42,077 | |||
Ending balance | 42,077 | |||
Commercial intangibles [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Ending balance | 1,525 | |||
Commercial intangibles [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,591 | |||
Ending balance | 1,591 | |||
Commercial intangibles [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,852 | |||
Ending balance | 1,852 | |||
Commercial intangibles [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (1,124) | |||
Effect of movements in foreign exchange | (49) | |||
Amortization | (198) | |||
Disposals | 23 | |||
Transfer (to)/from other asset categories and other movements | (31) | |||
Ending balance | (1,379) | (1,124) | ||
Commercial intangibles [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 2,976 | |||
Effect of movements in foreign exchange | 110 | |||
Acquisitions and expenditures | 24 | |||
Disposals | (32) | |||
Transfer (to)/from other asset categories and other movements | (174) | |||
Ending balance | 2,904 | 2,976 | ||
Commercial intangibles [member] | At cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 2,715 | |||
Ending balance | 2,715 | |||
Commercial intangibles [member] | At cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 261 | |||
Ending balance | 261 | |||
Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Ending balance | 705 | |||
Software [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 720 | |||
Ending balance | 720 | |||
Software [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 681 | |||
Ending balance | 681 | |||
Software [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (1,151) | |||
Effect of movements in foreign exchange | (88) | |||
Amortization | (275) | |||
Disposals | 56 | |||
Transfer (to)/from other asset categories and other movements | (14) | |||
Ending balance | (1,472) | (1,151) | ||
Software [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,832 | |||
Effect of movements in foreign exchange | 170 | |||
Acquisitions and expenditures | 124 | |||
Disposals | (95) | |||
Transfer (to)/from other asset categories and other movements | 146 | |||
Ending balance | 2,177 | 1,832 | ||
Software [member] | At cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,872 | |||
Ending balance | 1,872 | |||
Software [member] | At cost [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (40) | |||
Ending balance | (40) | |||
Other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Ending balance | 274 | |||
Other [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 212 | |||
Ending balance | 212 | |||
Other [member] | Adjustments [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 212 | |||
Ending balance | 212 | |||
Other [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (94) | |||
Effect of movements in foreign exchange | (2) | |||
Amortization | (25) | |||
Disposals | 10 | |||
Transfer (to)/from other asset categories and other movements | (3) | |||
Ending balance | (114) | (94) | ||
Other [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 306 | |||
Effect of movements in foreign exchange | 33 | |||
Acquisitions through business combinations | 6 | |||
Acquisitions and expenditures | 156 | |||
Disposals | (64) | |||
Transfer (to)/from other asset categories and other movements | (49) | |||
Ending balance | 388 | 306 | ||
Other [member] | At cost [member] | Previously stated [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | $ 306 | |||
Ending balance | $ 306 | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Carrying amount of intangible assets | $ 45,874 | $ 44,789 | [1] |
Intangible Assets With Indefinite Useful Life [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Carrying amount of intangible assets | 43,595 | 42,272 | |
Intangible Assets With Finite Useful Life [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Carrying amount of intangible assets | $ 2,279 | $ 2,296 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Intangible Assets - Summary 115
Intangible Assets - Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | $ 45,874 | $ 44,789 | [1] |
Intangible assets with indefinite useful lives [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 43,595 | 42,272 | |
Intangible assets with indefinite useful lives [member] | United States [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 21,960 | 21,570 | |
Intangible assets with indefinite useful lives [member] | Colombia [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,820 | 3,803 | |
Intangible assets with indefinite useful lives [member] | South Africa [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,899 | 3,518 | |
Intangible assets with indefinite useful lives [member] | Mexico [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,058 | 2,920 | |
Intangible assets with indefinite useful lives [member] | Peru [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 2,825 | 2,731 | |
Intangible assets with indefinite useful lives [member] | Australia [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 2,773 | 2,373 | |
Intangible assets with indefinite useful lives [member] | South Korea [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 1,058 | 938 | |
Intangible assets with indefinite useful lives [member] | Ecuador [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 595 | 604 | |
Intangible assets with indefinite useful lives [member] | China [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 403 | 373 | |
Intangible assets with indefinite useful lives [member] | Dominican Republic [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 353 | 366 | |
Intangible assets with indefinite useful lives [member] | Rest of Africa [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 1,353 | 1,364 | |
Intangible assets with indefinite useful lives [member] | Other countries [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | $ 1,498 | $ 1,712 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Investment in Associates - Summ
Investment in Associates - Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Castel [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | $ 2,793 | |
Combination with SAB | $ 2,932 | |
Dividends received | (23) | |
Share of results of associates | 354 | 18 |
Effect of movements in foreign exchange | 356 | (158) |
Ending balance | 3,480 | 2,793 |
Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 750 | |
Combination with SAB | 895 | |
Share of results of associates | (2) | (27) |
Effect of movements in foreign exchange | (54) | (119) |
Ending balance | $ 694 | $ 750 |
Investment in Associates - S117
Investment in Associates - Summarized Financial Information of the Company's Material Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of summarized financial information [Line Items] | ||||
Current assets | $ 23,960 | $ 43,017 | [1] | |
Non-current assets | 222,166 | 213,569 | [1] | |
Current liabilities | 36,211 | 40,369 | [1] | |
Non-current liabilities | 129,695 | 134,792 | [1] | |
Non-controlling interests | 7,635 | 10,086 | [1] | |
Net assets | 246,126 | 256,586 | [1] | |
Revenue | 56,444 | 45,517 | $ 43,064 | |
Profit (loss) | 9,155 | 2,721 | 9,867 | |
Other comprehensive income (loss) | 1,040 | (1,460) | (8,751) | |
Total comprehensive income | 10,223 | 1,309 | $ 1,116 | |
Castel [member] | ||||
Disclosure of summarized financial information [Line Items] | ||||
Current assets | 4,894 | 3,970 | ||
Non-current assets | 3,912 | 2,900 | ||
Current liabilities | 1,724 | 1,391 | ||
Non-current liabilities | 857 | 547 | ||
Non-controlling interests | 879 | 762 | ||
Net assets | 5,346 | 4,170 | ||
Revenue | 5,447 | 1,236 | ||
Profit (loss) | 746 | 42 | ||
Other comprehensive income (loss) | (94) | (108) | ||
Total comprehensive income | 652 | (66) | ||
Efes [member] | ||||
Disclosure of summarized financial information [Line Items] | ||||
Current assets | 2,415 | 1,058 | ||
Non-current assets | 5,243 | 4,668 | ||
Current liabilities | 1,106 | 561 | ||
Non-current liabilities | 2,494 | 1,570 | ||
Non-controlling interests | 1,520 | 1,464 | ||
Net assets | 2,538 | 2,131 | ||
Revenue | 3,415 | 659 | ||
Profit (loss) | (7) | (111) | ||
Other comprehensive income (loss) | 553 | 75 | ||
Total comprehensive income | $ 546 | $ (35) | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Investment in Associates - S118
Investment in Associates - Summarized Financial Information to the Carrying Amount of the Interest in Castel and Efes Recognized in the Consolidated Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Castel [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Carrying amount of investment in associates | $ 3,480 | $ 2,793 |
Castel [member] | Gross carrying amount [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Net assets of the associate | 5,346 | 4,170 |
Interest in associate | 1,293 | 939 |
Goodwill | 2,187 | 1,854 |
Carrying amount of investment in associates | $ 3,480 | $ 2,793 |
Castel [member] | Gross carrying amount [member] | Bottom of range [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Interest in associates (%) | 20.00% | 20.00% |
Castel [member] | Gross carrying amount [member] | Top of range [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Interest in associates (%) | 40.00% | 40.00% |
Efes [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Carrying amount of investment in associates | $ 694 | $ 750 |
Efes [member] | Gross carrying amount [member] | ||
Disclosure of summarized financial information [Line Items] | ||
Net assets of the associate | $ 2,538 | $ 2,131 |
Interest in associates (%) | 24.00% | 24.00% |
Interest in associate | $ 609 | $ 511 |
Goodwill | 85 | 239 |
Carrying amount of investment in associates | $ 694 | $ 750 |
Investments in Associates - Add
Investments in Associates - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregated individually immaterial associates [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | $ 78 | $ 47 |
Investment Securities - Summary
Investment Securities - Summary of Information about Non-current and Current Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-current investments | |||
Investments in unquoted companies - available for sale | $ 76 | $ 58 | |
Debt securities held to maturity | 24 | 24 | |
Non-current investments,Total | 100 | 82 | [1] |
Current investments | |||
Debt securities held for trading | 1,304 | 5,659 | |
Current investments,Total | $ 1,304 | $ 5,659 | [1] |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Abstract] | |||
Current debt securities | $ 1,304 | $ 5,659 | [1] |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Deferred Tax Assets and Liab122
Deferred Tax Assets and Liabilities - Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | $ (1,216) | $ (1,261) | [1] | |||
Liabilities | 13,107 | 14,703 | [1] | |||
Net | (13,442) | $ (10,780) | $ (11,643) | |||
Netting by taxable entity, Assets | (2,509) | (2,758) | ||||
Netting by taxable entity, Liabilities | 2,509 | 2,758 | ||||
Netting by taxable entity, Net | 0 | 0 | ||||
Net deferred tax assets/(liabilities), Assets | 1,216 | 1,261 | ||||
Net deferred tax assets/(liabilities), Liabilities | (13,107) | (14,703) | ||||
Net deferred tax assets/(liabilities), Net | (11,891) | (13,442) | ||||
Previously stated [member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | [2] | (1,261) | ||||
Liabilities | [2] | 16,678 | ||||
Net | (11,891) | (15,417) | $ (10,780) | $ (11,643) | ||
Net deferred tax assets/(liabilities), Assets | 1,261 | |||||
Net deferred tax assets/(liabilities), Liabilities | (16,678) | |||||
Net deferred tax assets/(liabilities), Net | (15,417) | |||||
Adjustments [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Net | 1,975 | |||||
Net deferred tax assets/(liabilities), Liabilities | 1,975 | |||||
Net deferred tax assets/(liabilities), Net | 1,975 | |||||
Property, Plant and Equipment [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 324 | 533 | ||||
Liabilities | (2,586) | (4,017) | ||||
Net | (2,262) | (3,484) | ||||
Intangibles [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 113 | 200 | ||||
Liabilities | (11,387) | (14,863) | ||||
Net | (11,274) | (14,663) | ||||
Inventory [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 114 | 145 | ||||
Liabilities | (63) | (95) | ||||
Net | 51 | 50 | ||||
Trades and Other Receivables [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 148 | 74 | ||||
Liabilities | (62) | (59) | ||||
Net | 86 | 15 | ||||
Interest Bearing Loans and Borrowings [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 431 | 322 | ||||
Liabilities | (646) | (456) | ||||
Net | (215) | (134) | ||||
Employee Benefits [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 663 | 704 | ||||
Liabilities | (10) | (22) | ||||
Net | 653 | 682 | ||||
Provisions [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 562 | 578 | ||||
Liabilities | (17) | (234) | ||||
Net | 545 | 344 | ||||
Derivatives [member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 40 | 42 | ||||
Liabilities | (49) | (30) | ||||
Net | (9) | 12 | ||||
Other Items [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 200 | 147 | ||||
Liabilities | (796) | (1,119) | ||||
Net | (596) | (972) | ||||
Loss Carry Forwards [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 1,130 | 1,278 | ||||
Net | 1,130 | 1,278 | ||||
Deferred Tax Reclassified as Held for Sale [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | (4) | |||||
Liabilities | 1,459 | |||||
Net | 1,455 | |||||
Gross Deferred Tax Assets/(Liabilities) [Member] | ||||||
Disclosure Of Deferred Taxes [Line Items] | ||||||
Assets | 3,725 | 4,019 | ||||
Liabilities | (15,616) | (19,436) | ||||
Net | $ (11,891) | $ (15,417) | ||||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||||
[2] | 2016 amounts previously reported. |
Deferred Tax Assets and Liab123
Deferred Tax Assets and Liabilities - Summary of Change in Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Deferred Taxes [Line Items] | |||
Beginning balance | $ (13,442) | $ (10,780) | $ (11,643) |
Recognized in profit or loss | 1,912 | (116) | (199) |
Recognized in other comprehensive income | (134) | (204) | 893 |
Acquisitions through business combinations | (74) | (5,623) | (7) |
Reclassified as held for sale | 1,455 | ||
Other movements and effect of changes in foreign exchange rates | (153) | (149) | 176 |
Ending balance | (13,442) | (10,780) | |
Previously stated [member] | |||
Disclosure Of Deferred Taxes [Line Items] | |||
Beginning balance | (15,417) | (10,780) | (11,643) |
Ending balance | (11,891) | (15,417) | $ (10,780) |
Adjustments [Member] | |||
Disclosure Of Deferred Taxes [Line Items] | |||
Beginning balance | $ 1,975 | ||
Ending balance | $ 1,975 |
Deferred Tax Assets and Liab124
Deferred Tax Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
US Federal tax rate | 35.00% | |||
Exceptional tax gain recognized in profit or loss due to US tax reform | $ 1,800 | |||
Tax losses carried forward and deductible temporary differences on which no deferred tax asset | 4,449 | $ 4,499 | $ 2,766 | |
Tax losses | 2,007 | |||
Tax losses carried forward and deductible temporary differences | 2,101 | |||
Changes in tax rates or tax laws enacted or announced [member] | ||||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
US Federal tax rate | 21.00% | |||
Expiration period 1 [member] | ||||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Tax losses carried forward and deductible temporary differences | $ 67 | |||
Tax losses and deductible temporary differences expiration period | Year 1 | |||
Expiration period 2 [member] | ||||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Tax losses carried forward and deductible temporary differences | $ 88 | |||
Tax losses and deductible temporary differences expiration period | Year 2 | |||
Expiration period 3 [member] | ||||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Tax losses carried forward and deductible temporary differences | $ 116 | |||
Tax losses and deductible temporary differences expiration period | Year 3 | |||
Subsidiaries [member] | ||||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Deferred tax liability not yet recognized amount | $ 111 | $ 121 | $ 235 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of inventories [line items] | ||
Prepayments | $ 428 | $ 316 |
Total | 4,119 | 3,913 |
Inventories other than work in progress | ||
Inventories stated at net realizable value | 57 | 42 |
Carrying amount of inventories subject to collateral | 0 | 0 |
Adjustments [Member] | ||
Disclosure of inventories [line items] | ||
Prepayments | 316 | |
Total | 3,889 | |
Inventories other than work in progress | ||
Inventories stated at net realizable value | 42 | |
Carrying amount of inventories subject to collateral | 0 | |
Current Inventories [Member] | ||
Disclosure of inventories [line items] | ||
Prepayments | 101 | 90 |
Raw materials and consumables | 2,304 | 2,143 |
Work in progress | 387 | 391 |
Finished goods | 1,216 | 1,166 |
Goods purchased for resale | $ 111 | 124 |
Current Inventories [Member] | Adjustments [Member] | ||
Disclosure of inventories [line items] | ||
Prepayments | 90 | |
Raw materials and consumables | 2,119 | |
Work in progress | 391 | |
Finished goods | 1,166 | |
Goods purchased for resale | $ 124 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Classes of current inventories [abstract] | |||
Cost of inventories sales | $ 21,386 | $ 17,803 | $ 17,137 |
Impairment losses on inventories | $ 72 | $ 70 | $ 21 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Non-Current Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of trade and other receivables [abstract] | |||
Cash deposits for guarantees | $ 209 | $ 200 | |
Loans to customers | 13 | 15 | |
Deferred collection on disposals | 11 | 11 | |
Tax receivable, other than income tax | 68 | 105 | |
Trade and other receivables | 533 | 537 | |
Total, Non-Current | $ 834 | $ 868 | [1] |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Trade and Other Receivables 128
Trade and Other Receivables - Schedule of Current Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Receivables And Accrued Income [Line Items] | ||
Trade receivables and accrued income | $ 4,752 | $ 4,562 |
Interest receivable | 6 | 10 |
Tax receivable, other than income tax | 368 | 572 |
Loans to customers | 166 | 85 |
Prepaid expenses | 428 | 316 |
Other receivables | 846 | 846 |
Current trade and other receivable | $ 6,566 | 6,391 |
Adjustments [Member] | ||
Trade Receivables And Accrued Income [Line Items] | ||
Trade receivables and accrued income | 4,523 | |
Interest receivable | 10 | |
Tax receivable, other than income tax | 572 | |
Loans to customers | 85 | |
Prepaid expenses | 316 | |
Other receivables | 846 | |
Current trade and other receivable | $ 6,352 |
Trade and Other Receivables 129
Trade and Other Receivables - Schedule of Trade Receivables and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,752 | $ 4,562 |
Loans to customers | 166 | 85 |
Interest receivable | 6 | 10 |
Other receivables | 846 | 846 |
Current trade and other receivable | 6,566 | 6,391 |
Net carrying amount [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 4,752 | 4,562 |
Loans to customers | 179 | 100 |
Interest receivable | 6 | 10 |
Other receivables | 846 | 846 |
Current trade and other receivable | 5,783 | 5,518 |
Neither Impaired Nor Past Due on the Reporting Date [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 4,369 | 4,201 |
Loans to customers | 179 | 96 |
Interest receivable | 6 | 10 |
Other receivables | 803 | 721 |
Current trade and other receivable | 5,357 | 5,028 |
Not Impaired as of the Reporting Date and Past [Member] | Less Than 30 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 265 | 189 |
Other receivables | 19 | 42 |
Current trade and other receivable | 284 | 231 |
Not Impaired as of the Reporting Date and Past [Member] | Between 30 and 59 Day [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 47 | 64 |
Loans to customers | 2 | |
Other receivables | 6 | 21 |
Current trade and other receivable | 53 | 87 |
Not Impaired as of the Reporting Date and Past [Member] | Between 60 and 89 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 40 | 37 |
Loans to customers | 2 | |
Other receivables | 14 | 6 |
Current trade and other receivable | 54 | 45 |
Not Impaired as of the Reporting Date and Past [Member] | More Than 90 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 31 | 70 |
Other receivables | 4 | 56 |
Current trade and other receivable | $ 35 | $ 126 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Trade receivables [member] | ||
Disclosure of inventories [line items] | ||
Impairment losses | $ 59 | $ 40 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |||||
Short-term bank deposits | $ 3,896 | $ 3,231 | |||
Treasury Bills | 250 | ||||
Cash and bank accounts | 6,576 | 5,098 | |||
Cash and cash equivalents | 10,472 | 8,579 | [1] | ||
Bank overdrafts | (117) | (184) | |||
Total | $ 10,356 | $ 8,395 | $ 6,910 | $ 8,316 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Cash And Cash Equivalents [Abstract] | ||
Restricted cash | $ 2 | $ 2 |
Assets Classified as Held fo133
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Schedule of Assets Held for Sale (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items] | ||||
Beginning balance | $ 16,458 | [1] | $ 48 | |
Disposals from SAB transaction-related divestitures | (15,514) | (16,342) | ||
Reclassified to assets held for sale in the period | 91 | 7,959 | ||
Disposals | (26) | (28) | ||
Effect of movements in foreign exchange | 132 | (51) | ||
Other movements | (1,008) | 48 | ||
Ending balance | 133 | 16,458 | [1] | |
Provisional fair values [Member] | ||||
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items] | ||||
Beginning balance | 16,439 | 48 | ||
Ending balance | 133 | 16,439 | ||
Adjustments [Member] | ||||
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items] | ||||
Beginning balance | $ 19 | |||
Ending balance | 19 | |||
SAB [member] | ||||
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items] | ||||
Combination with SAB | $ 24,805 | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Assets Classified as Held fo134
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Summary of Liabilities Associated With Assets Held for Sale (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [Abstract] | |||
Balance at the end of previous year | [1] | $ 2,174 | |
Reclassified to assets held for sale in the period | $ 2,174 | ||
Disposals from SAB transaction-related divestitures | (1,166) | ||
Other movements | $ (1,008) | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Assets Classified as Held fo135
Assets Classified as Held for Sale and Discontinued Operations - Additional Information (Detail) - Coca-cola Beverages Africa [member] $ in Millions | Oct. 04, 2017USD ($) |
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [Line Items] | |
Percentage of equity stake in subsidiary | 54.50% |
Agreed selling price of assets held for sale | $ 3,150 |
Changes in Equity and Earnin136
Changes in Equity and Earnings per Share - Summary of Changes in Issued Capital and Treasury Shares (Detail) - USD ($) shares in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of classes of share capital [line items] | ||||||
At the end of the previous year | 2,019 | |||||
Changes during the period | 0 | |||||
At the end of the current year | 2,019 | 2,019 | ||||
6 October capital increase | [1] | $ 6,201,000,000 | ||||
At the end of the previous year | $ 1,736,000,000 | [2] | 1,736,000,000 | |||
Changes during the period | 0 | |||||
At the end of the current year | 1,736,000,000 | $ 1,736,000,000 | [2] | $ 1,736,000,000 | ||
6 October capital increase | 881 | |||||
Cancellation of acquired shares | (470) | |||||
Changes during the period | $ (50,000,000) | 807,000,000 | ||||
Share for share exchange former AB InBev | 1,608 | |||||
At the end of the current year | $ 85,541,785 | |||||
Transfer to reserves | 1,608 | |||||
At the end of the previous year | 85.5 | 1.9 | ||||
Ordinary shares | 2,019 | 2,019 | ||||
Treasury shares as a result of the Belgian Merger | 85 | |||||
Issued capital | $ 1,736,000,000 | [2] | $ 1,736,000,000 | $ 1,736,000,000 | ||
Changes during the period | (1.4) | |||||
At the end of the current year | 85.5 | 85.5 | 1.9 | |||
Ordinary shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
At the end of the previous year | 1,693 | |||||
At the end of the current year | 1,693 | 1,693 | ||||
Ordinary shares | 1,693 | 1,693 | ||||
Treasury shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Restricted shares | 326 | 326 | ||||
Treasury shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
At the end of the previous year | $ (8,980,000,000) | $ (202,000,000) | ||||
Treasury shares as a result of the Belgian Merger | (8,953) | |||||
Changes during the period | $ (174,000,000) | $ 807,000,000 | ||||
At the end of the current year | (8,980,000,000) | (8,980,000,000) | (202,000,000) | |||
Treasury Shares On Use [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
At the end of the previous year | (1,452,000,000) | (1,424,000,000) | ||||
Changes during the period | (28,000,000) | |||||
At the end of the current year | $ (1,452,000,000) | $ (1,452,000,000) | $ (1,424,000,000) | |||
Issued capital [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
At the end of the previous year | 1,608 | 1,608 | ||||
At the end of the current year | 1,608 | 1,608 | ||||
6 October capital increase | $ 9,528,000,000 | |||||
Cancellation of acquired shares | 0 | |||||
Share for share exchange former AB InBev | 1,736,000,000 | |||||
Transfer to reserves | $ (9,528,000,000) | |||||
Ordinary shares | 1,608 | 1,608 | 1,608 | |||
[1] | See Note 6 Acquisitions and disposals. | |||||
[2] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Changes in Equity and Earnin137
Changes in Equity and Earnings per Share - Additional Information (Detail) | Nov. 16, 2017USD ($) | Nov. 16, 2017€ / shares | May 04, 2017USD ($) | May 04, 2017EUR (€)€ / shares | Oct. 06, 2016USD ($)shares | Oct. 06, 2016EUR (€) | Jun. 05, 2013USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017EUR (€)€ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2017EUR (€)€ / sharesshares | Oct. 25, 2017€ / shares | Dec. 31, 2016EUR (€)€ / sharesshares | Oct. 27, 2016EUR (€)€ / shares | Oct. 06, 2016EUR (€)shares | Dec. 31, 2014USD ($) | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Capital | $ | $ 80,220,000,000 | $ 81,425,000,000 | [1] | $ 45,719,000,000 | $ 54,257,000,000 | ||||||||||||||
Share premium | $ | $ 17,620,000,000 | $ 17,620,000,000 | [1] | ||||||||||||||||
Number of shares issued | 1,934,000,000 | 1,606,000,000 | 1,607,000,000 | 1,934,000,000 | 1,606,000,000 | ||||||||||||||
Retained earnings | $ | $ 28,394,000,000 | $ 28,214,000,000 | [1] | ||||||||||||||||
Number Of treasury shares | 85,500,000 | 85,500,000 | 1,900,000 | 85,500,000 | 85,500,000 | ||||||||||||||
Issued capital | $ | $ 1,736,000,000 | $ 1,736,000,000 | [1] | $ 1,736,000,000 | |||||||||||||||
Number of shares granted | 778,668 | 778,668 | |||||||||||||||||
Shares exercised | 3,025,512 | 3,025,512 | |||||||||||||||||
Number of shares outstanding | $ | $ 85,541,785 | ||||||||||||||||||
Number of shares outstanding | 2,019,000,000 | 2,019,000,000 | 2,019,000,000 | 2,019,000,000 | |||||||||||||||
Par value per share | € / shares | € 0.61 | ||||||||||||||||||
Subscribed capital | $ 62,580,115 | € 52,180,489 | |||||||||||||||||
Dividend declared per share | € / shares | € 1.60 | € 1.60 | |||||||||||||||||
Dividend declared | € | € 3,089,000,000 | € 3,091,000,000 | € 2,570,000,000 | ||||||||||||||||
Dividend declared date | Oct. 25, 2017 | Oct. 25, 2017 | Oct. 27, 2016 | Oct. 27, 2016 | |||||||||||||||
Dividend proposed per share | € / shares | € 2 | € 2 | |||||||||||||||||
Dividend proposed | € | € 3,867,000,000 | € 3,856,000,000 | |||||||||||||||||
Dividend paid per share | € / shares | € 3.60 | € 3.60 | |||||||||||||||||
Dividend paid | € 6,947,000,000 | $ 9,230,000,000 | € 6,956,000,000 | $ 8,480,000,000 | 8,559,000,000 | ||||||||||||||
Profit attributable to equity holders | $ | 7,996,000,000 | 1,241,000,000 | 8,273,000,000 | ||||||||||||||||
Diluted earnings per share based on the profit | $ | $ 7,996,000,000 | $ 1,241,000,000 | $ 8,273,000,000 | ||||||||||||||||
Number of antidilutive share options outstanding | 5,000,000 | 5,000,000 | |||||||||||||||||
Treasury shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Restricted shares | 326,000,000 | 326,000,000 | 326,000,000 | 326,000,000 | |||||||||||||||
Restricted shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares issued | 325,999,817 | 325,999,817 | |||||||||||||||||
Ordinary shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares outstanding | 1,693,000,000 | 1,693,000,000 | 1,693,000,000 | 1,693,000,000 | |||||||||||||||
Grupo Modelo [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Dividend paid per share | € / shares | € 1.60 | € 2 | |||||||||||||||||
Dividend paid | $ | $ 42,000,000 | $ 51,000,000 | |||||||||||||||||
Shares reserved for issue under options and contracts for sale of shares | 23,076,922 | ||||||||||||||||||
Deferred share units vesting period | 5 years | ||||||||||||||||||
Proceeds from issuing shares | $ | $ 1,500,000,000 | ||||||||||||||||||
SAB [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares transferred | 102,890,758,014 | 102,890,758,014 | |||||||||||||||||
Consolidation factor | 185.2331680564 | 185.2331680564 | |||||||||||||||||
Shares converted into restricted shares | 60,385,979,068 | 60,385,979,068 | |||||||||||||||||
Restricted shares | $ | $ 325,999,817 | ||||||||||||||||||
SAB [member] | Ordinary shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Shares issued for consideration | 163,276,737,100 | 163,276,737,100 | |||||||||||||||||
Capital | € | € 85,531,000,000 | ||||||||||||||||||
Capital increase | $ 9,528,000,000 | € 8,553,000,000 | |||||||||||||||||
Share premium | $ 85,754,000,000 | € 76,978,000,000 | |||||||||||||||||
Shares transferred for consideration paid | 1,632,767,371 | 1,632,767,371 | |||||||||||||||||
Number of shares issued | 555,466,167 | 555,466,167 | |||||||||||||||||
Newbelco [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Changes in share premium | $ (27,244,000,000) | € (24,456,000,000) | |||||||||||||||||
Changes in issued capital | 9,528,000,000 | € 8,553,000,000 | |||||||||||||||||
Other reserves | $ 36,772,000,000 | 33,009,000,000 | |||||||||||||||||
Top of range [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Tax withholding percentage | 15.00% | 15.00% | |||||||||||||||||
Parent [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Changes in share premium | $ (58,510,000,000) | € (52,522,000,000) | |||||||||||||||||
Retained earnings | 49,556,000,000 | 44,485,000,000 | |||||||||||||||||
Issued capital | $ 1,736,000,000,000 | € 1,238,608,344.12 | |||||||||||||||||
Restricted shares | 2,019,241,973 | 2,019,241,973 | |||||||||||||||||
Number of shares authorized | 37,000,000 | 37,000,000 | |||||||||||||||||
Number of shares outstanding | 85,000,000 | 85,000,000 | |||||||||||||||||
Expenses on stock option plans and in equity | $ | $ 17,000,000 | ||||||||||||||||||
Profit attributable to equity holders | $ | $ 7,996,000,000 | $ 1,241,000,000 | |||||||||||||||||
Parent [member] | Treasury shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Capital reserve | $ 8,953,000,000 | € 8,037,000,000 | |||||||||||||||||
Number Of treasury shares | 85,000,000 | 85,000,000 | |||||||||||||||||
Equity shares | 85,541,785 | 85,541,785 | |||||||||||||||||
Parent [member] | Restricted shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Restricted shares | 325,999,817 | 325,999,817 | |||||||||||||||||
Parent [member] | Ordinary shares [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares issued | 85,000,000 | 85,000,000 | |||||||||||||||||
Parent [member] | Top of range [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from issuing shares | $ | $ 19,000,000 | ||||||||||||||||||
Parent [member] | Subscribed Capital [Member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Issued capital | 2,783,038 | € 2,320,550 | |||||||||||||||||
AB inBev [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Purchase of interests in associates | $ | $ 206,000,000 | ||||||||||||||||||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Changes in Equity and Earnin138
Changes in Equity and Earnings Per Share - Summary of Changes in Other Comprehensive Income Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Other comprehensive income | |||||
Exchange differences on translation of foreign operations (gains/(losses)) | $ 1,174 | $ (3,079) | $ (7,099) | ||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (1,738) | |||
Cash flow hedges | (96) | 107 | 41 | ||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Re-measurements of post-employment benefits | (37) | (226) | 45 | ||
Total comprehensive income | 10,223 | 1,309 | 1,116 | ||
Translation reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [Line Items] | |||||
Beginning balance | (14,758) | (11,493) | (5,336) | ||
Other comprehensive income | |||||
Exchange differences on translation of foreign operations (gains/(losses)) | 1,053 | (3,265) | (6,157) | ||
Total comprehensive income | 1,053 | (3,265) | (6,157) | ||
Ending balance | (13,705) | (14,758) | (11,493) | ||
Hedging reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [Line Items] | |||||
Beginning balance | 744 | (1,217) | 557 | ||
Other comprehensive income | |||||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (1,738) | |||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Total comprehensive income | (158) | 1,961 | (1,774) | ||
Ending balance | 586 | 744 | (1,217) | ||
Hedging reserves [member] | Cash flow hedges [member] | |||||
Other comprehensive income | |||||
Cash flow hedges | (158) | 223 | (36) | ||
Post- employment benefits [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [Line Items] | |||||
Beginning balance | (1,612) | (1,400) | (1,447) | ||
Other comprehensive income | |||||
Re-measurements of post-employment benefits | (53) | (212) | 47 | ||
Total comprehensive income | (53) | (212) | 47 | ||
Ending balance | (1,665) | (1,612) | (1,400) | ||
OCI reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [Line Items] | |||||
Beginning balance | (15,626) | (14,110) | (6,226) | ||
Other comprehensive income | |||||
Exchange differences on translation of foreign operations (gains/(losses)) | 1,053 | (3,265) | [1] | (6,157) | [1] |
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (1,738) | |||
Cash flow hedges | (158) | 223 | [1] | (36) | [1] |
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Re-measurements of post-employment benefits | (53) | (212) | [1] | 47 | [1] |
Total comprehensive income | 842 | (1,516) | [1] | (7,884) | [1] |
Ending balance | (14,784) | (15,626) | (14,110) | ||
OCI reserves [member] | Cash flow hedges [member] | |||||
Other comprehensive income | |||||
Cash flow hedges | $ (158) | $ 223 | $ (36) | ||
[1] | See Note 23 Changes in equity and earnings per share. |
Changes in Equity and Earnin139
Changes in Equity and Earnings Per Share - Summary of Weighted Average Number of Ordinary and Restricted Shares (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items] | |||
Issued ordinary and restricted shares at 1 January, net of treasury shares | 1,934 | 1,606 | 1,607 |
Effect of shares issued and share buyback programs | (20) | (2) | |
Effect of stock lending | 14 | 12 | 10 |
Effect of undelivered shares under the deferred share instrument | 23 | 23 | 23 |
Weighted average number of ordinary and restricted shares at 31 December | 1,971 | 1,717 | 1,638 |
Effect of share options and restricted stock units | 39 | 38 | 30 |
Weighted average number of ordinary and restricted shares (diluted) at 31 December | 2,010 | 1,755 | 1,668 |
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev | $ 7,967 | $ 4,853 | $ 8,513 |
Exceptional items, before taxes (refer to Note 8) | (662) | (394) | 136 |
Exceptional finance income/(cost), before taxes (refer to Note 8) | (693) | (3,356) | (214) |
Exceptional taxes (refer to Note 8) | 830 | 77 | (201) |
Exceptional non-controllinginterest (refer to Note 8) | 526 | 13 | 39 |
Profit from discontinued operations | 28 | 48 | |
Profit attributable to equity holders of AB InBev | $ 7,996 | $ 1,241 | $ 8,273 |
Sabmiller Combination [member] | |||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items] | |||
Effect of restricted shares issued upon the SAB combination | 94 | ||
Ordinary restricted shares [member] | |||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items] | |||
Weighted average number of ordinary and restricted shares at 31 December | 1,971 | 1,717 | 1,638 |
Changes in Equity and Earnin140
Changes in Equity and Earnings Per Share - Summary of EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Profit attributable to equity holders of AB InBev | $ 7,996 | $ 1,241 | $ 8,273 |
Weighted average number of ordinary and restricted shares | 1,971 | 1,717 | 1,638 |
Basic EPS from continuing and discontinued operations | $ 4.06 | $ 0.72 | $ 5.05 |
Profit from continuing operations attributable to equity holders of AB InBev | $ 7,968 | $ 1,193 | $ 8,273 |
Weighted average number of ordinary and restricted shares | 1,971 | 1,717 | 1,638 |
Basic EPS from continuing operations | $ 4.04 | $ 0.69 | $ 5.05 |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 7,967 | $ 4,853 | $ 8,513 |
Weighted average number of ordinary and restricted shares | 1,971 | 1,717 | 1,638 |
EPS from continuing operations before exceptional items | $ 4.04 | $ 2.83 | $ 5.20 |
Profit attributable to equity holders of AB InBev | $ 7,996 | $ 1,241 | $ 8,273 |
Weighted average number of ordinary and restricted shares (diluted) | 2,010 | 1,755 | 1,668 |
Diluted EPS from continuing and discontinued operations | $ 3.98 | $ 0.71 | $ 4.96 |
Profit from continuing operations attributable to equity holders of AB InBev | $ 7,968 | $ 1,193 | $ 8,273 |
Weighted average number of ordinary and restricted shares (diluted) | 2,010 | 1,755 | 1,668 |
Diluted EPS from continuing operations | $ 3.96 | $ 0.68 | $ 4.96 |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 7,967 | $ 4,853 | $ 8,513 |
Weighted average number of ordinary and restricted shares (diluted) | 2,010 | 1,755 | 1,668 |
Diluted EPS from continuing operations before exceptional items | $ 3.96 | $ 2.77 | $ 5.10 |
Interest-Bearing Loans and B141
Interest-Bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT LIABILITIES | ||
Commercial papers | $ 1,900 | |
Non-Current Liabilities [Member] | ||
NON-CURRENT LIABILITIES | ||
Secured bank loans | 230 | $ 210 |
Unsecured bank loans | 153 | 8,266 |
Unsecured bond issues | 108,327 | 105,146 |
Unsecured other loans | 53 | 111 |
Finance lease liabilities | 186 | 208 |
Non-current interest-bearing loans and borrowings | 108,949 | 113,941 |
Current Liabilities [Member] | ||
CURRENT LIABILITIES | ||
Secured bank loans | 272 | 652 |
Commercial papers | 1,870 | 2,053 |
Unsecured bank loans | 739 | 1,396 |
Unsecured bond issues | 4,510 | 4,481 |
Unsecured other loans | 15 | 10 |
Finance lease liabilities | 27 | 26 |
Current interest-bearing loans and borrowings | $ 7,433 | $ 8,618 |
Interest-Bearing Loans and B142
Interest-Bearing Loans and Borrowings - Additional Information (Detail) € in Billions | Jan. 24, 2011USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Apr. 10, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 06, 2016USD ($) | Oct. 28, 2015USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Current and non-current interest-bearing loans and borrowings | $ 116,382,000,000 | $ 122,559,000,000 | |||||
Commercial papers | 1,900,000,000 | ||||||
Commercial papers authorized amount | 3,000,000,000 | € 1 | |||||
Business acquisition cash consideration | $ 500,000,000 | 75,000,000,000 | |||||
Debt securities cancelled | (57,000,000,000) | ||||||
Amounts of draw down under Senior Facilities | (18,000,000,000) | ||||||
Redemption of outstanding principal amount | 2,400,000,000 | ||||||
Maturity date | 15 February 2021 | ||||||
USD Cash DCM Bridge Facility A [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 15,000,000,000 | ||||||
Debt securities cancelled | $ (15,000,000,000) | ||||||
Credit facility extended term | 1 year | ||||||
USD Cash DCM Bridge Facility B [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | $ 15,000,000,000 | ||||||
Debt securities cancelled | $ (15,000,000,000) | ||||||
Credit facility extended term | 2 years | ||||||
Term Facility B [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | $ 10,000,000,000 | ||||||
Debt securities cancelled | (2,000,000,000) | ||||||
Amounts of draw down under Senior Facilities | $ (8,000,000,000) | $ 8,000,000,000 | |||||
Additional debt securities voluntary cancellation | 2,000,000,000 | ||||||
Credit facility net amount repaid | $ 6,000,000,000 | ||||||
Credit facility remaining amount | 75,000,000,000 | ||||||
Credit facility extended term | 5 years | ||||||
Disposal Bridge Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | $ 10,000,000,000 | ||||||
Amounts of draw down under Senior Facilities | $ (10,000,000,000) | $ 10,000,000,000 | |||||
Credit facility extended term | 1 year | ||||||
9.0 Billion US Dollar 2010 Senior facilities [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | $ 9,000,000,000 | ||||||
Amounts of draw down under Senior Facilities | $ 0 | ||||||
Credit facility extended term | 2 years | ||||||
Maturity date | August 30, 2022 | ||||||
AB inBev [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Current and non-current interest-bearing loans and borrowings | $ 116,382,000,000 | 122,559,000,000 | |||||
Credit facility net amount repaid | $ 2,000,000,000 | ||||||
AB inBev [member] | Term Facility B [Member] | Bottom of range [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Percentage of facilities bear interest rate | 1.00% | ||||||
AB inBev [member] | Term Facility B [Member] | Top of range [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Percentage of facilities bear interest rate | 1.45% | ||||||
Ambev [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Net increased decreased debt | $ 104,400,000,000 | 108,000,000,000 | |||||
Proceeds from announced divestitures | 11,700,000,000 | ||||||
Dividend payments to shareholders | 9,300,000,000 | ||||||
Payment of interests and taxes | 6,000,000,000 | ||||||
Impact of changes in foreign exchange rates | 4,200,000,000 | ||||||
Payment of taxes on disposals | $ 3,400,000,000 | ||||||
SAB [member] | USD Bridge Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | $ 10,000,000,000 | ||||||
SAB [member] | USD Cash DCM Bridge Facility A [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 15,000,000,000 | ||||||
SAB [member] | USD Cash DCM Bridge Facility B [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 15,000,000,000 | ||||||
SAB [member] | USD Term Facility A [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 25,000,000,000 | ||||||
SAB [member] | USD Term Facility B [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 10,000,000,000 | ||||||
SAB [member] | AB inBev [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Business acquisition cash consideration | 75,000,000,000 | $ 75,000,000,000 | |||||
Debt securities cancelled | $ (55,000,000,000) |
Interest-Bearing Loans and B143
Interest-Bearing Loans and Borrowings - Summary of Series of Bonds (Detail) - USD ($) | Jan. 24, 2011 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 15 February 2021 | |
3M BBSW+97bps Bonds issued on 6 September 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 6 September 2017 | |
Aggregate principal amount | $ 300,000,000 | |
Currency | Australian dollar | |
Maturity date | 6 September 2022 | |
Interest rate, basis | 3M BBSW+97bps | |
2.600% Bonds issued on15 May 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 15 May 2017 | |
Aggregate principal amount | $ 1,300,000,000 | |
Currency | Canadian dollar | |
Interest rate | 2.60% | |
Maturity date | 15 May 2024 | |
4.320% Bonds issued on15 May 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 15 May 2017 | |
Aggregate principal amount | $ 700,000,000 | |
Currency | Canadian dollar | |
Interest rate | 4.32% | |
Maturity date | 15 May 2047 | |
1.750% Bonds issued on 24 May 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 24 May 2017 | |
Aggregate principal amount | $ 650,000,000 | |
Currency | Pound sterling | |
Interest rate | 1.75% | |
Maturity date | 7 March 2025 | |
2.250% Bonds issued on 24 May 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 24 May 2017 | |
Aggregate principal amount | $ 700,000,000 | |
Currency | Pound sterling | |
Interest rate | 2.25% | |
Maturity date | 24 May 2029 | |
2.850% Bonds issued on 24 May 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 24 May 2017 | |
Aggregate principal amount | $ 900,000,000 | |
Currency | Pound sterling | |
Interest rate | 2.85% | |
Maturity date | 25 May 2037 | |
3.250% Bonds issued on 6 September 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 6 September 2017 | |
Aggregate principal amount | $ 550,000,000 | |
Currency | Australian dollar | |
Interest rate | 3.25% | |
Maturity date | 6 September 2022 | |
3.750% Bonds issued on 6 September 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 6 September 2017 | |
Aggregate principal amount | $ 650,000,000 | |
Currency | Australian dollar | |
Interest rate | 3.75% | |
Maturity date | 6 September 2024 | |
4.100% Bonds issued on 6 September 2017 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issue date | 6 September 2017 | |
Aggregate principal amount | $ 450,000,000 | |
Currency | Australian dollar | |
Interest rate | 4.10% | |
Maturity date | 6 September 2027 |
Interest-Bearing Loans and B144
Interest-Bearing Loans and Borrowings - Summary of Facilities, Related Cancellations and Drawdowns (Detail) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Oct. 06, 2016 | Jan. 24, 2011 | |
Disclosure of detailed information about borrowings [line items] | |||
Original Amount | $ 75 | $ 0.5 | |
Cancellation | (57) | ||
Drawdown | (18) | ||
Repayment | 10 | ||
April 2017 Repayment [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Repayment | 6 | ||
June 2017 Repayment [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Repayment | $ 2 | ||
Term Facility A [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Term | 3 years | ||
Applicable Margin | LIBOR + 110 | ||
Original Amount | $ 25 | ||
Cancellation | $ (25) | ||
Term Facility B [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Term | 5 years | ||
Applicable Margin | LIBOR + 125 | ||
Original Amount | $ 10 | ||
Cancellation | (2) | ||
Drawdown | (8) | $ 8 | |
Term Facility B [Member] | April 2017 Repayment [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Repayment | 6 | ||
Term Facility B [Member] | June 2017 Repayment [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Repayment | $ 2 | ||
Disposal Bridge Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Term | 1 year | ||
Applicable Margin | LIBOR + 100 | ||
Original Amount | $ 10 | ||
Drawdown | (10) | $ 10 | |
Repayment | $ 10 | ||
USD Cash DCM Bridge Facility A [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Term | 1 year | ||
Applicable Margin | LIBOR + 100 | ||
Original Amount | $ 15 | ||
Cancellation | $ (15) | ||
USD Cash DCM Bridge Facility B [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Term | 2 years | ||
Applicable Margin | LIBOR + 100 | ||
Original Amount | $ 15 | ||
Cancellation | $ (15) |
Interest-Bearing Loans and B145
Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Detail) $ in Thousands | Apr. 19, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Notes issued exchanged percentage | 4.439% |
Notes issued exchanged due maturity period | 6 October 2048 |
7.55% Debentures due 2030 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 7.55% |
Notes issued exchanged due maturity period | Debentures due 2030 |
Original principal amount outstanding | $ 200,000 |
Principal amount outstanding exchanged | 74,046 |
Principal amount not exchanged | $ 125,954 |
6.80% Debentures due 2031 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.80% |
Notes issued exchanged due maturity period | Debentures due 2031 |
Original principal amount outstanding | $ 200,000 |
Principal amount outstanding exchanged | 19,986 |
Principal amount not exchanged | $ 180,014 |
6.80% Debentures due 2032 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.80% |
Notes issued exchanged due maturity period | Debentures due 2032 |
Original principal amount outstanding | $ 300,000 |
Principal amount outstanding exchanged | 126,932 |
Principal amount not exchanged | $ 173,068 |
5.95% Debentures due 2033 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 5.95% |
Notes issued exchanged due maturity period | Debentures due 2033 |
Original principal amount outstanding | $ 300,000 |
Principal amount outstanding exchanged | 148,183 |
Principal amount not exchanged | $ 151,817 |
5.75% Debentures due 2036 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 5.75% |
Notes issued exchanged due maturity period | Debentures due 2036 |
Original principal amount outstanding | $ 300,000 |
Principal amount outstanding exchanged | 192,686 |
Principal amount not exchanged | $ 107,314 |
6.45% Debentures due 2037 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.45% |
Notes issued exchanged due maturity period | Debentures due 2037 |
Original principal amount outstanding | $ 500,000 |
Principal amount outstanding exchanged | 252,556 |
Principal amount not exchanged | $ 247,444 |
6.375% Notes due 2040 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser Busch InBev Worldwide Inc. |
Notes issued exchanged percentage | 6.375% |
Notes issued exchanged due maturity period | Notes due 2040 |
Original principal amount outstanding | $ 500,000 |
Principal amount outstanding exchanged | 255,575 |
Principal amount not exchanged | $ 244,425 |
6.00% Debentures due 2041 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.00% |
Notes issued exchanged due maturity period | Debentures due 2041 |
Original principal amount outstanding | $ 250,000 |
Principal amount outstanding exchanged | 83,583 |
Principal amount not exchanged | $ 166,417 |
6.50% Debentures due 2042 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.50% |
Notes issued exchanged due maturity period | Debentures due 2042 |
Original principal amount outstanding | $ 250,000 |
Principal amount outstanding exchanged | 74,449 |
Principal amount not exchanged | $ 175,551 |
6.50% Debentures due 2043 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch Companies |
Notes issued exchanged percentage | 6.50% |
Notes issued exchanged due maturity period | Debentures due 2043 |
Original principal amount outstanding | $ 300,000 |
Principal amount outstanding exchanged | 122,392 |
Principal amount not exchanged | $ 177,608 |
Interest-Bearing Loans and B146
Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Parenthetical) (Detail) | Apr. 19, 2017 |
Disclosure of detailed information about borrowings [abstract] | |
Notes issued exchanged percentage | 4.439% |
Notes issued exchanged due maturity period | 6 October 2048 |
Interest-Bearing Loans and B147
Interest-Bearing Loans and Borrowings - Summary of Redemption in Outstanding Principal Amount of Notes (Detail) - USD ($) $ in Thousands | Oct. 11, 2017 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Aggregate principal amount | $ 2,400,000 | |
1.25% Notes due 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuer | Anheuser-Busch InBev Finance | |
Percentage of outstanding principal amount redeemed | 1.25% | |
Debt instrument maturity year | 2,018 | |
Aggregate principal amount | $ 1,000 | |
6.50% Notes due 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuer | Anheuser-Busch InBev Worldwide | |
Percentage of outstanding principal amount redeemed | 6.50% | |
Debt instrument maturity year | 2,018 | |
Aggregate principal amount | $ 627 | |
4.50% Notes due 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuer | Anheuser-Busch Companies | |
Percentage of outstanding principal amount redeemed | 4.50% | |
Debt instrument maturity year | 2,018 | |
Aggregate principal amount | $ 200 | |
5.50% Notes due 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuer | Anheuser-Busch Companies | |
Percentage of outstanding principal amount redeemed | 5.50% | |
Debt instrument maturity year | 2,018 | |
Aggregate principal amount | $ 500 | |
6.50% Notes due 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuer | ABI SAB Group Holding Limited | |
Percentage of outstanding principal amount redeemed | 6.50% | |
Debt instrument maturity year | 2,018 | |
Aggregate principal amount | $ 73 |
Interest-Bearing Loans and B148
Interest-Bearing Loans and Borrowings - Summary of Finance Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease liabilities [Line Items] | ||
Payments | $ 301 | $ 346 |
Interests | 88 | 112 |
Principal | 213 | 234 |
Less than 1 year [Member] | ||
Disclosure of finance lease liabilities [Line Items] | ||
Payments | 42 | 45 |
Interests | 15 | 19 |
Principal | 27 | 26 |
1-2 years [Member] | ||
Disclosure of finance lease liabilities [Line Items] | ||
Payments | 42 | 43 |
Interests | 13 | 16 |
Principal | 29 | 27 |
2-3 years [member] | ||
Disclosure of finance lease liabilities [Line Items] | ||
Payments | 31 | 44 |
Interests | 11 | 13 |
Principal | 20 | 31 |
3-5 years [member] | ||
Disclosure of finance lease liabilities [Line Items] | ||
Payments | 40 | 70 |
Interests | 17 | 24 |
Principal | 23 | 46 |
Greater than 5 years [Member] | ||
Disclosure of finance lease liabilities [Line Items] | ||
Payments | 146 | 144 |
Interests | 32 | 40 |
Principal | $ 114 | $ 104 |
Interest-Bearing Loans and B149
Interest-Bearing Loans and Borrowings - Summary of Terms and Debt Repayment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 116,382 | $ 122,559 |
Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 502 | 862 |
Commerical Paper [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,870 | 2,053 |
Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 892 | 9,662 |
Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 112,837 | 109,627 |
Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 68 | 121 |
Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 213 | 234 |
Less than 1 year [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 7,433 | 8,618 |
Less than 1 year [Member] | Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 272 | 652 |
Less than 1 year [Member] | Commerical Paper [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,870 | 2,053 |
Less than 1 year [Member] | Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 739 | 1,396 |
Less than 1 year [Member] | Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 4,510 | 4,481 |
Less than 1 year [Member] | Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 15 | 10 |
Less than 1 year [Member] | Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 27 | 26 |
1-2 years [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 10,253 | 6,582 |
1-2 years [Member] | Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 128 | 107 |
1-2 years [Member] | Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 122 | 195 |
1-2 years [Member] | Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 9,956 | 6,234 |
1-2 years [Member] | Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 18 | 20 |
1-2 years [Member] | Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 29 | 26 |
2-3 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 9,465 | 10,195 |
2-3 years [member] | Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 18 | 26 |
2-3 years [member] | Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 31 | 91 |
2-3 years [member] | Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 9,389 | 10,032 |
2-3 years [member] | Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 7 | 15 |
2-3 years [member] | Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 20 | 31 |
2-5 years [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 18,500 | 26,766 |
2-5 years [Member] | Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 33 | 21 |
2-5 years [Member] | Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 7,980 | |
2-5 years [Member] | Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 18,441 | 18,697 |
2-5 years [Member] | Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 3 | 22 |
2-5 years [Member] | Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 23 | 46 |
Greater than 5 years [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 70,731 | 70,398 |
Greater than 5 years [Member] | Secured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 51 | 56 |
Greater than 5 years [Member] | Unsecured Bond [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 70,541 | 70,183 |
Greater than 5 years [Member] | Unsecured Other Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 25 | 54 |
Greater than 5 years [Member] | Finance Lease Liabilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 114 | $ 105 |
Interest-Bearing Loans and B150
Interest-Bearing Loans and Borrowings - Summary of Reconciliation of Net Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | |||
Current and non-current interest-bearing loans and borrowings | $ 116,382 | $ 122,559 | |
Bank overdrafts | 117 | 184 | |
Cash and cash equivalents | 10,472 | 8,579 | [1] |
AB inBev [member] | |||
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | |||
Non-current interest-bearing loans and borrowings | 108,949 | 113,941 | |
Current interest-bearing loans and borrowings | 7,433 | 8,618 | |
Current and non-current interest-bearing loans and borrowings | 116,382 | 122,559 | |
Bank overdrafts | 117 | 184 | |
Cash and cash equivalents | (10,472) | (8,579) | |
Interest bearing loans granted and other deposits (included within Trade and other receivables) | (309) | (528) | |
Debt securities (included within Investment securities) | (1,328) | (5,683) | |
Net debt | $ 104,390 | $ 107,953 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($)yr | |
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 86 | ||
Present value of funded obligations | $ 7,506,000,000 | $ 7,044,000,000 | |
Employee benefit net | 2,971,000,000 | 3,004,000,000 | |
Fair value of the plan assets | 446,000,000 | ||
Increase in employee benefit net liability | 458,000,000 | ||
Actual return on plans assets resulting to gain | $ 472,000,000 | $ 546,000,000 | $ 42,000,000 |
Weighted average duration of the benefit benefit obligation | yr | 13.8 | 14 | 14.4 |
Defined Benefit Plan [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined contribution plans | $ 118,000,000 | $ 77,000,000 | $ 90,000,000 |
Retirement or Leaving Service Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 64 | ||
Medical Cost Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 18 | ||
Medical Cost Plans [Member] | Brazil [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | $ 230,000,000 | ||
Net liability recognized in the balance sheet | $ 0 | ||
Other Long Term Employee Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 4 | ||
Active Employees [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | $ 1,900,000,000 | ||
Deferred [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 1,600,000,000 | ||
Members in Retirement [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 4,900,000,000 | ||
Funded Defined Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | 311,000,000 | ||
Unfunded Defined Benefit Plans and Post-Retirement Medical Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | $ 79,000,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Net Liability for Post-employment and Long-term Employee Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure of defined benefit plans [abstract] | |||||
Present value of funded obligations | $ (7,044) | $ (7,506) | |||
Fair value of plan assets | 5,177 | 5,623 | |||
Present value of net obligations for funded plans | (1,867) | (1,883) | |||
Present value of unfunded obligations | (908) | (904) | |||
Present value of net obligations | (2,775) | (2,787) | |||
Unrecognized asset | (168) | (111) | $ (137) | $ (171) | |
Net liability | (2,943) | (2,898) | |||
Other long term employee benefits | (73) | (73) | |||
Reclassified as held for sale | 12 | ||||
Net liability | (3,004) | (2,971) | |||
Employee benefits amounts in the balance sheet: | |||||
Liabilities | (3,014) | [1] | (2,993) | ||
Assets | 10 | [1] | 22 | ||
Net liability | $ (3,004) | $ (2,971) | |||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Employee Benefits - Summary 153
Employee Benefits - Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | $ 3,004 | ||
Interest cost | (101) | $ (113) | $ (118) |
Actuarial gains/(losses) - demographic assumptions | (472) | (546) | (42) |
Defined benefit obligation at 31 December | 2,971 | 3,004 | |
Present Value of Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | 7,952 | 7,594 | 8,585 |
Current service costs | (74) | (73) | (81) |
Interest cost | 340 | 347 | 354 |
Past service gain/(cost) | 17 | 8 | 8 |
Assets distributed on settlements | 6 | 174 | 3 |
Benefits paid | 502 | 482 | 517 |
Contribution by plan participants | 4 | 4 | 4 |
Acquisition and disposal through business combination | 260 | ||
Actuarial gains/(losses) - demographic assumptions | 24 | (1) | 4 |
Actuarial gains/(losses) - financial assumptions | (264) | (607) | 283 |
Experience adjustments | (21) | 37 | 14 |
Exchange differences | (343) | 256 | 606 |
Transfers and other movements | (39) | 23 | 5 |
Defined benefit obligation at 31 December | 8,410 | 7,952 | 7,594 |
Plan Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | 5,177 | 5,075 | 5,773 |
Interest cost | 239 | 249 | 253 |
Administration costs | (22) | (24) | (20) |
Assets distributed on settlements | 7 | 164 | |
Return on plan assets exceeding interest income | 233 | 297 | (211) |
Benefits paid | 502 | 478 | 517 |
Contributions by AB InBev | 315 | 302 | 275 |
Contribution by plan participants | 4 | 4 | 4 |
Acquisition and disposal through business combination | 68 | ||
Exchange differences | 214 | (155) | (482) |
Transfers and other movements | (28) | 3 | |
Defined benefit obligation at 31 December | $ 5,623 | $ 5,177 | $ 5,075 |
Employee Benefits - Summary 154
Employee Benefits - Summary of Changes in Unrecognized Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of changes in unrecognized assets of defined benefit plans [Abstract] | |||
Irrecoverable surplus impact at 1 January | $ (168) | $ (137) | $ (171) |
Interest expense | (17) | (17) | (15) |
Changes excluding amounts included in interest expense | 74 | (14) | 49 |
Irrecoverable surplus impact at 31 December | $ (111) | $ (168) | $ (137) |
Employee Benefits - Summary 155
Employee Benefits - Summary of Employee Benefit Expense Recognized in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | $ 196 | $ 194 | $ 211 |
Cost of sales [member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 24 | 59 | 64 |
Distribution expenses [member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 10 | 9 | 8 |
Sales and marketing expenses [member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 15 | 13 | 14 |
Administrative expenses [member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 29 | 15 | 17 |
Other Operating (Expense)/Income [Member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 4 | (10) | (6) |
Exceptional items [member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 6 | 7 | 2 |
Net Finance Cost [Member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Employee benefits expense | 120 | 115 | 116 |
Defined Benefit Plan [Member] | |||
Disclosure Of Employee Benefit Expenses [Line Items] | |||
Current service costs | (74) | (73) | (81) |
Administration costs | (22) | (24) | (20) |
Past service cost due to plan amendments and curtailments | 17 | 8 | 8 |
(Losses)/gains on settlements | 10 | (2) | |
(Losses)/gains on due to experience and demographic assumption changes | 3 | ||
Profit from operations | (76) | (79) | (95) |
Net finance cost | (120) | (115) | (116) |
Employee benefits expense | $ 196 | $ 194 | $ 211 |
Employee Benefits - Summary 156
Employee Benefits - Summary of Weighted Average Assumptions Used in Computing Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
United States [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 3.70% | 4.20% |
Price inflation | 2.50% | 2.50% |
United States [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
United States [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 88 years | 88 years |
United States [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Medical cost trend rate | 6.20% | 7.00% |
United States [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Medical cost trend rate | 5.00% | 5.00% |
Canada [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 3.60% | 3.90% |
Price inflation | 2.00% | 2.00% |
Future salary increases | 1.00% | 1.00% |
Future pension increases | 2.00% | 2.00% |
Medical cost trend rate | 4.50% | 4.50% |
Canada [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 87 years | 86 years |
Canada [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 89 years | 89 years |
Mexico [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 8.00% | 7.80% |
Price inflation | 3.50% | 3.50% |
Future salary increases | 4.30% | 4.80% |
Future pension increases | 3.50% | 3.50% |
Mexico [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 82 years | 82 years |
Mexico [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
Brazil [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 10.00% | 10.50% |
Price inflation | 4.30% | 4.50% |
Future salary increases | 5.60% | 5.80% |
Future pension increases | 4.30% | 4.50% |
Medical cost trend rate | 7.90% | 8.20% |
Brazil [Member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
Brazil [Member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 88 years | 88 years |
United Kingdom [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 2.60% | 2.70% |
Price inflation | 3.30% | 3.40% |
Future pension increases | 3.00% | 3.10% |
United Kingdom [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 87 years | 87 years |
United Kingdom [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 89 years | 89 years |
AB inBev [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Discount rate | 4.00% | 4.40% |
Price inflation | 2.70% | 2.80% |
Future salary increases | 3.50% | 3.50% |
Future pension increases | 2.80% | 2.80% |
AB inBev [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 85 years | 86 years |
AB inBev [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Life expectation for a 65 year old | 88 years | 88 years |
AB inBev [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Medical cost trend rate | 6.80% | 7.20% |
AB inBev [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items] | ||
Medical cost trend rate | 6.40% | 6.50% |
Employee Benefits - Summary 157
Employee Benefits - Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Discount Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ (530) |
Decrease in assumption | $ 581 |
Actuarial assumption of price inflation [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 172 |
Decrease in assumption | $ (130) |
Future Salary Increase [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 28 |
Decrease in assumption | $ (23) |
Medical Cost Trend Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 1.00% |
Increase in assumption | $ 55 |
Decrease in assumption | $ (47) |
Longevity [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | One year |
Increase in assumption | $ 248 |
Decrease in assumption | $ (246) |
Employee Benefits - Summary 158
Employee Benefits - Summary of Fair Value of Plan Assets (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 100.00% | 100.00% |
Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 27.00% | 30.00% |
Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 37.00% | 38.00% |
Equity Instruments [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 26.00% | 22.00% |
Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 3.00% |
Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 6.00% | 7.00% |
Quoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 95.00% | 96.00% |
Quoted [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 27.00% | 30.00% |
Quoted [Member] | Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 37.00% | 38.00% |
Quoted [Member] | Equity Instruments [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 26.00% | 22.00% |
Quoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 5.00% | 6.00% |
Unquoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 5.00% | 4.00% |
Unquoted [Member] | Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 3.00% |
Unquoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 1.00% | 1.00% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Programshares | Dec. 31, 2017EUR (€)Program | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2017EUR (€)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment transactions expense | $ 359,000,000 | $ 228,000,000 | $ 225,000,000 | ||
Percentage of discount on market price of share for share based payments | 10.00% | 10.00% | |||
Share-based compensation number of shares issued | shares | 1,934 | 1,606 | 1,607 | 1,934 | |
Stock options granted | 778,668 | 778,668 | |||
Fair value of stock options granted | $ 19.94 | $ 17.40 | $ 21.78 | ||
Description on calculation of expected volatility | Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility | Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility | |||
Description on exercise price of options | The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. | The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. | |||
Weighted average remaining contractual life of options and warrants | 7.32 years | 7.32 years | |||
Options and warrants outstanding | 93,000,000 | 93,000,000 | |||
Options and warrants vested | 9.8 | 9.8 | |||
Weighted average share price at the date of exercise | $ 123.04 | € 102.60 | |||
Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | 12.38 | € 10.32 | |||
Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 146.25 | € 121.95 | |||
Management board members and other employees [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | Five-year | Five-year | |||
Restricted Stock Units [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | Five-year | Five-year | |||
Share-based compensation number of shares issued | shares | 0.3 | 0.3 | |||
Share-based compensation grant date fair value | $ 31,000,000 | $ 85,000,000 | |||
Share-based compensation number of shares issued | 700,000 | 700,000 | 1,400,000 | 1,000,000 | |
Restricted Stock Units Granted Under 2014 Bonus Plan [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 700,000 | ||||
Performance Share Unit [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | The units vest after 5 years provided a performance test is met | The units vest after 5 years provided a performance test is met | |||
Number of long-term unit programs | Program | 3 | 3 | |||
Fair value of stock options granted | $ 360,000,000 | ||||
Performance Share Unit [Member] | Executive Board [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years | Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years | |||
Share-based compensation number of shares issued | 200,000 | 200,000 | |||
Long Term Restricted Stock Unit Program One [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 9,000,000 | $ 40,000,000 | |||
Share-based compensation number of shares issued | 100,000 | 100,000 | 400,000 | ||
Long Term Restricted Stock Unit Program One [Member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 5 years | 5 years | |||
Long Term Restricted Stock Unit Program Two [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 18,000,000 | ||||
Stock options granted | 200,000 | ||||
Long Term Restricted Stock Unit Program Two [Member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Portion of units vesting period | Five years | Five years | |||
Remaining portion of units vesting period | Ten years | Ten years | |||
Long Term Restricted Stock Unit Program Two [Member] | Executive Board [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 800,000 | 800,000 | |||
Fair value of stock options granted | $ 15,000,000 | ||||
Long Term Restricted Stock Unit Program Three [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 5,000,000 | $ 500,000 | |||
Share-based compensation number of shares issued | 100,000 | 100,000 | |||
Share based payment vesting period | 5 years | 5 years | |||
Long Term Restricted Stock Unit Program Three [Member] | Executive Board [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 100,000 | 100,000 | |||
Other Grants Plan [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exchange of stock options | 300,000 | 300,000 | 0 | ||
Unvested stock options issued | 0 | 0 | 200,000 | ||
Other Grants Plan [Member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Shares lock up period | 5 years | 5 years |
Share-Based Payments - LTI Stoc
Share-Based Payments - LTI Stock Option Plan for Directors - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 778,668 | ||
Fair value of stock options granted | $ 19.94 | $ 17.40 | $ 21.78 |
Board of Director [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | Vest after 5 years | ||
Exercise period of stock options | 5 years | ||
Board of Director [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Maximum term of stock options | 10 years | ||
Long Term Incentive Warrant Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | One to three years | ||
Long Term Incentive Stock Option Plan [Member] | Board of Director [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 200,000 | 200,000 | |
Fair value of stock options granted | $ 4,000,000 | $ 5,000,000 |
Share-Based Payments - LTI S161
Share-Based Payments - LTI Stock Option Plan Executives - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 778,668 | ||
Fair value of stock options granted | $ 19.94 | $ 17.40 | $ 21.78 |
Long Term Incentive Stock Option Plan [Member] | Executives [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 7,800,000 | 4,600,000 | |
Fair value of stock options granted | $ 149,000,000 | $ 83,000,000 | |
Long Term Incentive Stock Option Plan [Member] | Executives [Member] | American Depositary Shares [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 1,400,000 | 1,300,000 | |
Long Term Incentive Stock Option Plan [Member] | Executives [Member] | Ordinary shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 6,400,000 | 3,300,000 |
Share-Based Payments - Exceptio
Share-Based Payments - Exceptional Incentive Stock Options - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 778,668 | ||
Fair value of stock options granted | $ 19.94 | $ 17.40 | $ 21.78 |
Exceptional Incentive Stock Option [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 6,500,000 | 13,200,000 | |
Fair value of stock options granted | $ 118,000,000 | $ 228,000,000 | |
Maximum term of stock options | 10 years | 10 years | |
Share based payment vesting date | 1 January 2022 | ||
Exceptional Incentive Stock Option [Member] | SAB [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 800,000 | 1,300,000 | |
Fair value of stock options granted | $ 14,000,000 | $ 29,000,000 | |
Exceptional Incentive Stock Option [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based arrangement vesting requirements | 3 years | ||
Performance Share Unit [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of stock options granted | $ 360,000,000 | ||
Share based arrangement vesting requirements | The units vest after 5 years provided a performance test is met | ||
Performance Share Unit [Member] | Senior Management [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 18,000,000 | ||
Maximum term of stock options | 15 years | ||
Share based payment vesting date | 1 January 2028 | ||
Performance Share Unit [Member] | Executive Board [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based arrangement vesting requirements | Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years |
Share-Based Payments - Performa
Share-Based Payments - Performance Related Incentive Plan For Disruptive Growth Function - Additional Information (Detail) - Performance Share Unit [Member] pure in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based arrangement vesting requirements | The units vest after 5 years provided a performance test is met | |
Senior Management [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | 2 | 2.4 |
Executive Board [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | 0.2 | |
Share based arrangement vesting requirements | Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years |
Share-Based Payments - Summary
Share-Based Payments - Summary of Weighted Average Fair Value of Options and Assumptions (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 19.94 | $ 17.40 | $ 21.78 |
Share price | 117.77 | 103.77 | 125.29 |
Exercise price | $ 117.77 | $ 103.77 | $ 125.29 |
Expected volatility | 23.00% | 24.00% | 24.00% |
Expected dividends | 3.00% | 3.00% | 3.00% |
Risk-free interest rate | 0.72% | 0.54% | 0.82% |
Ambev [Member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 1.97 | $ 1.90 | $ 2.01 |
Share price | 5.99 | 5.27 | 4.72 |
Exercise price | $ 5.99 | $ 5.27 | $ 4.72 |
Expected volatility | 27.00% | 27.00% | 27.00% |
Risk-free interest rate | 10.10% | 12.40% | 15.90% |
Bottom of range [member] | Ambev [Member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividends | 0.00% | 0.00% | 0.00% |
Top of range [member] | Ambev [Member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividends | 0.00% | 5.00% | 5.00% |
Share-Based Payments - Summa165
Share-Based Payments - Summary of Number of Options Outstanding (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about options outstanding [Line Items] | |||
Options issued during the year | 778,668 | ||
Options exercised during the year | (3,025,512) | ||
Options outstanding at the end of December | 135,200,000 | ||
Brazil [Member] | Ambev [Member] | |||
Disclosure of information about options outstanding [Line Items] | |||
Options outstanding at 1 January | 131,300,000 | 121,700,000 | 126,100,000 |
Options issued during the year | 20,400,000 | 24,800,000 | 16,600,000 |
Options exercised during the year | (13,500,000) | (11,600,000) | (20,000,000) |
Options forfeited during the year | (2,900,000) | (3,700,000) | (1,000,000) |
Options outstanding at the end of December | 135,200,000 | 131,300,000 | 121,700,000 |
AB inBev [member] | |||
Disclosure of information about options outstanding [Line Items] | |||
Options outstanding at 1 January | 64,900,000 | 47,600,000 | 45,600,000 |
Options issued during the year | 35,000,000 | 20,400,000 | 9,700,000 |
Options exercised during the year | (3,000,000) | (2,200,000) | (6,600,000) |
Options forfeited during the year | (3,900,000) | (900,000) | (1,100,000) |
Options outstanding at the end of December | 93,000,000 | 64,900,000 | 47,600,000 |
Share-Based Payments - Summa166
Share-Based Payments - Summary of Weighted Average Exercise Price of Options (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AB inBev [member] | |||
Disclosure of options weighted average exercise price [Line Items] | |||
Options outstanding at 1 January | $ 76.25 | $ 64.50 | $ 51.35 |
Granted during the year | 117.24 | 104.71 | 126.67 |
Exercised during the year | 38.94 | 32.45 | 32.47 |
Forfeited during the year | 108.26 | 88.68 | 54.88 |
Outstanding at the end of December | 98.32 | 76.25 | 64.50 |
Exercisable at the end of December | 59.66 | 40.62 | 37.15 |
Brazil [Member] | Ambev [Member] | |||
Disclosure of options weighted average exercise price [Line Items] | |||
Options outstanding at 1 January | 4.26 | 3.17 | 3.79 |
Granted during the year | 5.99 | 5.27 | 4.72 |
Exercised during the year | 1.76 | 0.77 | 1.29 |
Forfeited during the year | 5.41 | 3.94 | 5.21 |
Outstanding at the end of December | 4.92 | 4.26 | 3.17 |
Exercisable at the end of December | $ 1.14 | $ 1.12 | $ 0.84 |
Share-Based Payments - Summa167
Share-Based Payments - Summary of Number of Outstanding Restricted Stock Units (Detail) - Restricted Stock Units [Member] pure in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other equity instruments [Line Items] | |||
Restricted stock units outstanding at 1 January | 5.8 | 5.6 | 5.8 |
Restricted stock units issued during the year | 0.7 | 1.4 | 1 |
Restricted stock units exercised during the year | (0.7) | (1.1) | (1) |
Restricted stock units forfeited during the year | (0.4) | (0.1) | (0.2) |
Restricted stock units outstanding at the end of December | 5.4 | 5.8 | 5.6 |
Ambev [Member] | |||
Disclosure of other equity instruments [Line Items] | |||
Restricted stock units issued during the year | 0.8 | ||
Brazil [Member] | Ambev [Member] | |||
Disclosure of other equity instruments [Line Items] | |||
Restricted stock units outstanding at 1 January | 19.3 | 19.1 | 17.5 |
Restricted stock units issued during the year | 0.8 | 7.3 | 2.7 |
Restricted stock units exercised during the year | (2.9) | (6.1) | (0.8) |
Restricted stock units forfeited during the year | (0.9) | (1) | (0.3) |
Restricted stock units outstanding at the end of December | 16.3 | 19.3 | 19.1 |
Share-Based Payments - Ambev Sh
Share-Based Payments - Ambev Share-Based Payment Programs - Additional Information (Detail) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)yrshares | Dec. 31, 2017BRL (R$)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2017BRL (R$)yr | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 778,668 | 778,668 | |||
Stock options grant date fair value | $ 19.94 | $ 17.40 | $ 21.78 | ||
Options outstanding | 135,200,000 | 135,200,000 | |||
Options vested | 40,200,000 | 40,200,000 | |||
Ambev [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average remaining contractual life of options and warrants | yr | 0 | 0 | |||
Weighted average share price at the date of exercise | $ 5.71 | R$ 18.87 | |||
Number of shares exchanged | shares | 0.1 | 0.1 | 0.3 | ||
Discount on exchange | 16.70% | 16.70% | |||
Fair value of the transaction | $ 2,000,000 | $ 5,000,000 | |||
Description of the fair value measured | The fair values of the Ambev and AB InBev shares were determined based on the market price. | The fair values of the Ambev and AB InBev shares were determined based on the market price. | |||
Ambev [Member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 0 | R$ 0.01 | |||
Ambev [Member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 7.89 | R$ 26.09 | |||
Phantom Shares [Member] | Ambev [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Phantom shares lock up period A | 5 years | 5 years | |||
Phantom shares lock up period B | 10 years | 10 years | |||
Restricted Stock Units [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 700,000 | 700,000 | 1,400,000 | 1,000,000 | |
Share-based compensation grant date fair value | $ 31,000,000 | $ 85,000,000 | |||
Restricted Stock Units [Member] | Ambev [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 800,000 | 800,000 | |||
Share-based compensation grant date fair value | $ 5,000,000 | ||||
Long Term Incentive Stock Option Plan [Member] | Ambev [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 20,400,000 | 20,400,000 | 24,800,000 | ||
Stock options grant date fair value | $ 42,000,000 | $ 44,000,000 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions by Class (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 2,278 | $ 897 |
Effect of changes in foreign exchange rates | 73 | (3) |
Acquisitions through business combinations | 1,535 | |
Provisions made | 308 | 600 |
Provisions used | (419) | (508) |
Provisions reversed | (160) | (93) |
Other movements | 52 | (150) |
Ending balance | 2,400 | 2,278 |
Adjustments [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 268 | |
Ending balance | 268 | |
Fair values adjusted 2016 [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 2,546 | |
Ending balance | 2,546 | |
Restructuring [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 232 | 157 |
Effect of changes in foreign exchange rates | 15 | (9) |
Acquisitions through business combinations | 216 | |
Provisions made | 88 | 100 |
Provisions used | (186) | (228) |
Provisions reversed | (2) | (3) |
Other movements | 6 | (1) |
Ending balance | 153 | 232 |
Restructuring [Member] | Fair values adjusted 2016 [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 232 | |
Ending balance | 232 | |
Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 1,592 | 733 |
Effect of changes in foreign exchange rates | 20 | 9 |
Acquisitions through business combinations | 703 | |
Provisions made | 185 | 483 |
Provisions used | (135) | (274) |
Provisions reversed | (160) | (63) |
Other movements | 7 | 1 |
Ending balance | 1,383 | 1,592 |
Disputes [Member] | Adjustments [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | (126) | |
Ending balance | (126) | |
Disputes [Member] | Fair values adjusted 2016 [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 1,466 | |
Ending balance | 1,466 | |
Other - Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 454 | 7 |
Effect of changes in foreign exchange rates | 38 | (3) |
Acquisitions through business combinations | 616 | |
Provisions made | 35 | 17 |
Provisions used | (99) | (6) |
Provisions reversed | 2 | (27) |
Other movements | 39 | (150) |
Ending balance | 864 | 454 |
Other - Disputes [Member] | Adjustments [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 394 | |
Ending balance | 394 | |
Other - Disputes [Member] | Fair values adjusted 2016 [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | $ 848 | |
Ending balance | $ 848 |
Provisions - Summary of Prov170
Provisions - Summary of Provisions are Expected to be Settled Within the Following Time Windows (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | $ 2,400 | $ 2,278 | $ 897 |
Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 153 | 232 | 157 |
Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 701 | ||
Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 135 | ||
Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 44 | ||
Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 59 | ||
Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 444 | ||
Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 1,383 | 1,592 | 733 |
Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 864 | $ 454 | $ 7 |
Less than 1 year [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 885 | ||
Less than 1 year [Member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 69 | ||
Less than 1 year [Member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 138 | ||
Less than 1 year [Member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 37 | ||
Less than 1 year [Member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 16 | ||
Less than 1 year [Member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 30 | ||
Less than 1 year [Member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 221 | ||
Less than 1 year [Member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 595 | ||
1-2 years [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 820 | ||
1-2 years [Member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 22 | ||
1-2 years [Member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 464 | ||
1-2 years [Member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 7 | ||
1-2 years [Member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 19 | ||
1-2 years [Member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 6 | ||
1-2 years [Member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 296 | ||
1-2 years [Member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 792 | ||
1-2 years [Member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 6 | ||
2-5 years [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 641 | ||
2-5 years [Member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 60 | ||
2-5 years [Member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 57 | ||
2-5 years [Member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 85 | ||
2-5 years [Member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 6 | ||
2-5 years [Member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 53 | ||
2-5 years [Member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 117 | ||
2-5 years [Member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 318 | ||
2-5 years [Member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 263 | ||
Greater than 5 years [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 54 | ||
Greater than 5 years [Member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 2 | ||
Greater than 5 years [Member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 42 | ||
Greater than 5 years [Member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 6 | ||
Greater than 5 years [Member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 3 | ||
Greater than 5 years [Member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | 1 | ||
Greater than 5 years [Member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [Line Items] | |||
Total provisions | $ 52 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of trade and other payables [Line Items] | ||||
Indirect taxes payable | $ 157 | $ 159 | ||
Trade payables | 380 | 465 | ||
Deferred consideration on acquisitions | 699 | 379 | ||
Other payables | 226 | 313 | ||
Non-current trade and other payables | 1,462 | 1,316 | [1] | |
Trade payables and accrued expenses | 15,240 | |||
Payroll and social security payables | 1,284 | |||
Indirect taxes payable | 2,862 | |||
Interest payable | 1,790 | |||
Consigned packaging | 1,111 | |||
Dividends payable | 479 | |||
Deferred income | 30 | |||
Deferred consideration on acquisitions | 1,723 | |||
Other payables | 243 | |||
Current trade and other payables | $ 24,762 | 23,086 | [1] | |
Previously stated [member] | ||||
Disclosure of trade and other payables [Line Items] | ||||
Indirect taxes payable | 159 | |||
Trade payables | 465 | |||
Deferred consideration on acquisitions | 379 | |||
Other payables | 325 | |||
Non-current trade and other payables | [2] | 1,328 | ||
Trade payables and accrued expenses | 14,071 | |||
Payroll and social security payables | 1,027 | |||
Indirect taxes payable | 2,750 | |||
Interest payable | 1,797 | |||
Consigned packaging | 974 | |||
Dividends payable | 447 | |||
Deferred income | 52 | |||
Deferred consideration on acquisitions | 1,640 | |||
Other payables | 327 | |||
Current trade and other payables | [2] | $ 23,086 | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). | |||
[2] | 2016 amounts previously reported. |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) - USD ($) $ in Billions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Dec. 31, 2017 | |
Disclosure of trade and other payables [Line Items] | ||
Ownership interest | 100.00% | |
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member] | ||
Disclosure of trade and other payables [Line Items] | ||
Ownership interest | 55.00% | |
Increase in controlling interests [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member] | ||
Disclosure of trade and other payables [Line Items] | ||
Percentage of shares sold | 30.00% | |
Consideration received | $ 0.9 | |
Ownership interest | 85.00% | |
Ambev And E Leon Jimenes Sa [member] | Written Put Options [Member] | ||
Disclosure of trade and other payables [Line Items] | ||
Deferred consideration on acquisitions | $ 1.6 |
Risks Arising from Financial173
Risks Arising from Financial Instruments - Summary of Derivative Financial Instruments Outstanding at Year-end by Maturity Bucket (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Less than 1 year [Member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 11,637,000,000 | $ 22,396,000,000 |
Less than 1 year [Member] | Foreign Currency Futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 655,000,000 | 610,000,000 |
Less than 1 year [Member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,075,000,000 | 1,292,000,000 |
Less than 1 year [Member] | Cross Currency Interest Rate Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 711,000,000 | 1,553,000,000 |
Less than 1 year [Member] | Aluminum Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,412,000,000 | 1,211,000,000 |
Less than 1 year [Member] | Other Commodity Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,214,000,000 | 1,124,000,000 |
Less than 1 year [Member] | Equity Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 11,799,000,000 | 10,087,000,000 |
1-2 years [Member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 233,000,000 | 96,000,000 |
1-2 years [Member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 2,250,000,000 | 1,075,000,000 |
1-2 years [Member] | Cross Currency Interest Rate Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,797,000,000 | 785,000,000 |
1-2 years [Member] | Aluminum Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 21,000,000 | 31,000,000 |
1-2 years [Member] | Other Commodity Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 144,000,000 | 189,000,000 |
1-2 years [Member] | Equity Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 235,000,000 | |
2-3 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 750,000,000 | 2,250,000,000 |
2-3 years [member] | Cross Currency Interest Rate Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,796,000,000 | |
2-3 years [member] | Interest Rate Futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 5,000,000 | 46,000,000 |
3-5 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,883,000,000 | 784,000,000 |
3-5 years [member] | Cross Currency Interest Rate Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 5,900,000,000 | 460,000,000 |
3-5 years [member] | Interest Rate Futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 77,000,000 | |
Greater than 5 years [Member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 88,000,000 | 3,630,000,000 |
Greater than 5 years [Member] | Cross Currency Interest Rate Swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,176,000,000 | 1,134,000,000 |
Greater than 5 years [Member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 565,000,000 | $ 565,000,000 |
Risks Arising From Financial174
Risks Arising From Financial Instruments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 48 Months Ended | |||
Jan. 31, 2018USD ($) | Sep. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative contracts negative mark-to-market hedging adjustments | $ 12,300,000,000 | |||||
Derivatives contracts qualified for hedge accounting | 7,400,000,000 | |||||
Derivative position positive pre-tax impact on equity reserves | 639,000,000 | $ 774,000,000 | $ 774,000,000 | |||
Amount of exposure equivalent to shares hedged | $ 19,679,000,000 | 22,643,000,000 | 22,643,000,000 | |||
Description of methods to use sensitivity analysis is assessed | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016. | |||||
Ownership interest | 100.00% | |||||
Interest Rate Risk [Member] | Floating interest rate [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | $ 7,709,000,000 | |||||
Proportion of company's financial liabilities | 6.62% | |||||
Higher/lower interest expense | $ 12,000,000 | 23,000,000 | ||||
Higher/lower interest income | 81,000,000 | $ 53,000,000 | ||||
Interest Rate Risk [Member] | Before hedging [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | 117,000,000 | |||||
Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Amount of exposure equivalent to shares hedged | 92,400,000 | |||||
Loss recognized in the profit or loss | 579,000,000 | |||||
Cash inflow (out flow) from reset of derivative contracts to market prices | $ (300,000,000) | $ 3,200,000,000 | ||||
Reasonable possible volatility rate | 15.68% | 22.84% | 22.84% | |||
Positive/negative impact on profit before tax | $ 1,422,000,000 | $ 2,236,000,000 | $ 2,236,000,000 | |||
Equity price risk [member] | Share-Based Compensation Plan [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | $ 291,000,000 | |||||
Credit risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Concentration of credit risks, description | There was no significant concentration of credit risks with any single counterparty per 31 December 2017 and no single customer represented more than 10% of the total revenue of the group in 2017. | |||||
Holding Company [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | $ 7,424,000,000 | 15,583,000,000 | 15,583,000,000 | |||
Ambev [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | $ 1,669,000,000 | 1,497,000,000 | 1,497,000,000 | |||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Ownership interest | 55.00% | |||||
Grupo Modelo [member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | $ 146,000,000 | |||||
SABMiller Group [Member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | 142,000,000 | |||||
Call Options [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Non derivative financial liability | 0 | |||||
Commodity derivatives [member] | Commodity price risk [member] | Aluminum swap [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 1,412,000,000 | 1,242,000,000 | 1,242,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Natural gas and energy derivatives [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 211,000,000 | 189,000,000 | 189,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Exchange traded sugar futures [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 87,000,000 | 93,000,000 | 93,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Corn swaps [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 223,000,000 | 179,000,000 | 179,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Exchange traded wheat futures [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 509,000,000 | 557,000,000 | 557,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Rice swaps [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | 221,000,000 | 190,000,000 | 190,000,000 | |||
Commodity derivatives [member] | Commodity price risk [member] | Plastic derivatives [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Commodity derivatives outstanding | $ 91,000,000 | 105,000,000 | 105,000,000 | |||
Major business combination [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of shares sold | 30.00% | |||||
Consideration received | $ 900,000,000 | |||||
Ownership interest | 85.00% | |||||
Fair value hedges [member] | Interest Rate Risk [Member] | US Dollar Fixed Rate Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Issuance amount | 3,000,000,000 | |||||
Cash flow hedges [member] | Interest Rate Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Issuance amount | 1,200,000,000 | |||||
Cash flow hedges [member] | Interest Rate Risk [Member] | 2.375% Canadian Dollar Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate percentage | 2.375% | |||||
Maturity period | January 2,018 | |||||
Cash flow hedges [member] | Interest Rate Risk [Member] | 3.375% Canadian Dollar Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate percentage | 3.375% | |||||
Maturity period | January 2,023 | |||||
Cash flow hedges [member] | Interest Rate Risk [Member] | Pound Sterling Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Issuance amount | 500,000,000 | |||||
Interest rate percentage | 4.00% | |||||
Maturity period | September 2,025 | |||||
Deferred consideration on acquisitions [member] | Put Option [Member] | Observable Market Inputs - Level 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Non derivative financial liability | $ 1,669,000,000 | 1,497,000,000 | $ 1,497,000,000 | |||
Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Currency transactional risk impact on consolidated profit before taxes | $ 142,000,000 | $ 112,000,000 | ||||
Top of range [member] | Credit risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of revenue accounted by individual customer | 10.00% |
Risks Arising from Financial175
Risks Arising from Financial Instruments - Summary of Foreign Exchange Risk on Operating Activities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Euro to Canadian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | $ (32) | $ (52) |
Total hedges | 32 | 52 |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (275) | (159) |
Total hedges | 246 | 197 |
Open position | (29) | 38 |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (82) | (33) |
Total hedges | 110 | 146 |
Open position | 28 | 113 |
Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (58) | (64) |
Total hedges | 68 | 93 |
Open position | 10 | 29 |
Euro to South African Rand [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (84) | (64) |
Total hedges | 84 | 64 |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (53) | (63) |
Total hedges | 44 | 55 |
Open position | (9) | (8) |
Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (58) | (60) |
Open position | (58) | (60) |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (271) | (924) |
Total hedges | 425 | 483 |
Open position | 154 | (441) |
Pound Sterling to Euro [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (87) | (69) |
Total hedges | 128 | 71 |
Open position | 41 | 2 |
Pound Sterling to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (40) | (492) |
Total hedges | 40 | 162 |
Open position | (330) | |
US Dollar to Argentinean Peso [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (678) | (219) |
Total hedges | 678 | 219 |
US Dollar to Australian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (469) | (171) |
Total hedges | 192 | 73 |
Open position | (277) | (98) |
US Dollar to Bolivian Boliviano [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (20) | (59) |
Total hedges | 20 | 59 |
US Dollar to Brazilian Real [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (1,184) | (1,102) |
Total hedges | 1,184 | 1,102 |
US Dollar to Canadian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (306) | (347) |
Total hedges | 306 | 347 |
US Dollar to Chilean Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (324) | (255) |
Total hedges | 324 | 255 |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (303) | (248) |
Total hedges | 134 | 228 |
Open position | (169) | (20) |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (319) | (202) |
Total hedges | 195 | 187 |
Open position | (124) | (15) |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (157) | (115) |
Total hedges | 145 | 68 |
Open position | (12) | (47) |
US Dollar to Honduran Lempira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (172) | |
Open position | (172) | |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (1,143) | (952) |
Total hedges | 873 | 1,065 |
Open position | (270) | 113 |
US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (172) | (87) |
Open position | (172) | (87) |
US Dollar to Paraguayan Guarani [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (108) | (136) |
Total hedges | 108 | 136 |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (255) | (196) |
Total hedges | 154 | 123 |
Open position | (101) | (73) |
US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (45) | (71) |
Total hedges | 30 | 91 |
Open position | (15) | 20 |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (72) | (95) |
Total hedges | 66 | 95 |
Open position | (6) | |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (20) | (48) |
Total hedges | 60 | 112 |
Open position | 40 | 64 |
US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (2) | (85) |
Total hedges | 14 | |
Open position | (2) | (71) |
US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (18) | (22) |
Open position | (18) | (22) |
US Dollar to Uruguayan Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (57) | (44) |
Total hedges | 57 | 44 |
US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (4) | (89) |
Open position | (4) | (89) |
Other currency [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Total exposure | (118) | (390) |
Total hedges | 104 | 71 |
Open position | $ (14) | $ (319) |
Risks Arising from Financial176
Risks Arising from Financial Instruments - Summary of Currency Transactional Risk (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 23.67 | 21.78 |
Volatility of rates | 12.07% | 16.83% |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 0.89 | 0.86 |
Volatility of rates | 7.94% | 11.63% |
Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 69.12 | 63.94 |
Volatility of rates | 11.95% | 19.53% |
Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 33.66 | 28.66 |
Volatility of rates | 9.72% | 13.30% |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 1.20 | 1.05 |
Volatility of rates | 7.12% | 8.09% |
Pound Sterling to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 1.35 | 1.23 |
Volatility of rates | 13.99% | 13.99% |
US Dollar to Australian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 1.28 | 1.38 |
Volatility of rates | 7.50% | 11.22% |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 6.51 | 6.94 |
Volatility of rates | 5.45% | 5.45% |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 2,988.60 | 3,002.14 |
Volatility of rates | 8.55% | 18.41% |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 0.83 | 0.95 |
Volatility of rates | 7.12% | 8.09% |
US Dollar to Honduran Lempira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 23.49 | |
Volatility of rates | 0.57% | |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 19.74 | 20.66 |
Volatility of rates | 11.59% | 16.76% |
US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 360.03 | 315.28 |
Volatility of rates | 21.07% | 38.95% |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 3.24 | 3.35 |
Volatility of rates | 4.19% | 7.29% |
US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 57.63 | 60.66 |
Volatility of rates | 10.76% | 19.60% |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 1,067.63 | 1,203.90 |
Volatility of rates | 13.70% | 13.70% |
US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 2,235.44 | 2,180.87 |
Volatility of rates | 2.63% | 1.37% |
US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 28.07 | 27.19 |
Volatility of rates | 4.30% | 10.74% |
US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 9.98 | 9.94 |
Volatility of rates | 10.72% | 18.91% |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 1,280.41 | |
Volatility of rates | 7.73% | |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Closing rate | 12.35 | |
Volatility of rates | 15.39% | |
Bottom of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 20.81 | 18.12 |
Bottom of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 0.82 | 0.76 |
Bottom of range [member] | Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 60.86 | 51.45 |
Bottom of range [member] | Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 30.39 | 24.85 |
Bottom of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.11 | 0.97 |
Bottom of range [member] | Pound Sterling to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.16 | 1.06 |
Bottom of range [member] | US Dollar to Australian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.18 | 1.23 |
Bottom of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 6.15 | 6.57 |
Bottom of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 2,732.94 | 2,449.43 |
Bottom of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 0.77 | 0.87 |
Bottom of range [member] | US Dollar to Honduran Lempira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 23.36 | |
Bottom of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 17.45 | 17.20 |
Bottom of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 284.18 | 192.49 |
Bottom of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 3.11 | 3.11 |
Bottom of range [member] | US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 51.43 | 48.77 |
Bottom of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 921.40 | 1,039.01 |
Bottom of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 2,176.76 | 2,151.10 |
Bottom of range [member] | US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 26.86 | 24.27 |
Bottom of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 8.91 | 8.06 |
Bottom of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1,181.37 | |
Bottom of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 10.44 | |
Top of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 26.53 | 25.45 |
Top of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 0.96 | 0.96 |
Top of range [member] | Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 77.38 | 76.43 |
Top of range [member] | Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 36.93 | 32.47 |
Top of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.28 | 1.14 |
Top of range [member] | Pound Sterling to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.54 | 1.40 |
Top of range [member] | US Dollar to Australian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1.38 | 1.54 |
Top of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 6.86 | 7.32 |
Top of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 3,244.26 | 3,554.86 |
Top of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 0.89 | 1.03 |
Top of range [member] | US Dollar to Honduran Lempira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 23.63 | |
Top of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 22.02 | 24.13 |
Top of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 435.87 | 438.07 |
Top of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 3.38 | 3.60 |
Top of range [member] | US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 63.83 | 72.55 |
Top of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1,213.86 | 1,368.80 |
Top of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 2,294.12 | 2,210.64 |
Top of range [member] | US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 29.27 | 30.11 |
Top of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 11.05 | 11.82 |
Top of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 1,379.44 | |
Top of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [Line Items] | ||
Possible closing rate | 14.25 |
Risks Arising from Financial177
Risks Arising from Financial Instruments - Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures and from Related Hedging Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | $ (304) | $ (21) | $ 378 |
Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | (2) | 98 | 61 |
Cash Flow Hedges - Hedging Instruments (Reclassified From Equity) [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | (11) | (151) | (11) |
Economic Hedges - Hedged Items Not Part of a Hedge Accounting Relationship [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | 406 | 9 | (347) |
Economic Hedges - Hedging Instruments Not Part of a Hedge Accounting Relationship [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | (455) | (45) | 352 |
Other Results - Not Hedged [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign exchange results recognized | $ (242) | $ 68 | $ 323 |
Risks Arising from Financial178
Risks Arising from Financial Instruments - Summary of Effective Interest Rates at Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | $ 2,394 | $ 1,734 |
Before hedging [Member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 6,362 | 14,613 |
Before hedging [Member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | $ 110,137 | $ 108,130 |
Before hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 9.22% | 9.76% |
After hedging | $ 122 | $ 205 |
Before hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 6.43% | 6.67% |
After hedging | $ 206 | $ 375 |
Before hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.09% | 1.55% |
After hedging | $ 207 | $ 386 |
Before hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.08% | 2.93% |
After hedging | $ 2,543 | $ 886 |
Before hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 0.35% | 0.20% |
After hedging | $ 3,398 | $ 3,037 |
Before hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 1.88% | 0.26% |
After hedging | $ 26,386 | $ 23,991 |
Before hedging [Member] | South African Rand [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 8.00% | 8.30% |
After hedging | $ 666 | $ 446 |
Before hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 1.48% | 1.82% |
After hedging | $ 1,285 | $ 10,187 |
Before hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 4.18% | 4.06% |
After hedging | $ 74,476 | $ 79,615 |
Before hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 16.68% | 18.75% |
After hedging | $ 450 | $ 352 |
Before hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.36% | 11.41% |
After hedging | $ 252 | $ 412 |
Before hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.68% | |
After hedging | $ 234 | |
Before hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.70% | 3.85% |
After hedging | $ 1,838 | $ 520 |
Before hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 6.87% | 5.88% |
After hedging | $ 33 | $ 119 |
Before hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.83% | 6.80% |
After hedging | $ 4,403 | $ 2,212 |
After hedging [Member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 7,709 | 23,961 |
After hedging [Member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | $ 108,790 | $ 98,782 |
After hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 7.61% | 12.62% |
After hedging | $ 199 | $ 729 |
After hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 5.86% | 6.20% |
After hedging | $ 112 | $ 258 |
After hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.45% | 1.55% |
After hedging | $ 224 | $ 386 |
After hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.19% | 2.89% |
After hedging | $ 2,176 | $ 554 |
After hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 0.35% | 0.12% |
After hedging | $ 3,415 | $ 4,046 |
After hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 1.70% | 1.86% |
After hedging | $ 34,251 | $ 26,396 |
After hedging [Member] | South African Rand [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 8.00% | 8.30% |
After hedging | $ 666 | $ 446 |
After hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 1.43% | 2.33% |
After hedging | $ 2,521 | $ 18,002 |
After hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 4.51% | 4.15% |
After hedging | $ 65,394 | $ 68,928 |
After hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 16.68% | 18.75% |
After hedging | $ 450 | $ 352 |
After hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.36% | 11.41% |
After hedging | $ 252 | $ 412 |
After hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.68% | |
After hedging | $ 234 | |
After hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.70% | 3.85% |
After hedging | $ 1,838 | $ 520 |
After hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 6.87% | 5.88% |
After hedging | $ 33 | $ 119 |
After hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 3.80% | 9.75% |
After hedging | $ 3,734 | $ 594 |
After hedging [Member] | South Korea [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
After hedging | 2.50% | 2.50% |
After hedging | $ 1,000 | $ 1,000 |
Risks Arising from Financial179
Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 6.90% | 13.20% |
Volatility rates in % | 23.27% | 2.46% |
Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 1.54% | 0.95% |
Volatility rates in % | 10.72% | 7.83% |
Euro [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Volatility rates in % | 3.50% | 11.84% |
South African Rand [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 7.16% | 7.36% |
Volatility rates in % | 3.84% | 5.55% |
US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 1.69% | 1.00% |
Volatility rates in % | 6.00% | 11.08% |
Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 4.00% | |
Bottom of range [member] | Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 5.29% | 12.88% |
Bottom of range [member] | Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 1.38% | 0.87% |
Bottom of range [member] | South African Rand [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 6.88% | 6.95% |
Bottom of range [member] | US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 1.59% | 0.89% |
Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 8.00% | |
Top of range [member] | Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 8.50% | 13.53% |
Top of range [member] | Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 1.71% | 1.02% |
Top of range [member] | South African Rand [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 7.43% | 7.77% |
Top of range [member] | US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 1.80% | 1.11% |
Risks Arising from Financial180
Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Economic Hedges [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Borrowings rate basis | Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016. | Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016. |
Risks Arising from Financial181
Risks Arising from Financial Instruments - Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ 4,314 | $ 4,092 | $ 1,833 |
Interest Rate Risk [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (4,314) | (4,092) | (1,833) |
Interest Rate Risk [Member] | Financial Liabilities at Amortised Cost, Class [Member] | Not Designated in Hedging Relationship [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (4,375) | (4,119) | (2,005) |
Interest Rate Risk [Member] | Fair value hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (34) | (73) | (87) |
Interest Rate Risk [Member] | Fair value hedges [member] | Hedging Instrument [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 23 | 42 | 50 |
Interest Rate Risk [Member] | Cash flow hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (25) | (24) | (31) |
Interest Rate Risk [Member] | Cash flow hedges [member] | Cash Flow Hedges - Hedging Instruments (Reclassified From Equity) [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 26 | 16 | 24 |
Interest Rate Risk [Member] | Net investment hedges [member] | Hedging Instrument [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 77 | 34 | 152 |
Interest Rate Risk [Member] | Economic Hedges [Member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 8 | 8 | |
Interest Rate Risk [Member] | Economic Hedges [Member] | Hedging Instrument [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ (6) | $ 24 | $ 56 |
Risks Arising from Financial182
Risks Arising from Financial Instruments - Summary of Estimated Impact on Changes in the Price of Commodities (Detail) - Commodity price risk [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Aluminum swap [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 14.83% | 15.80% |
Pre-tax impact on equity Price Increases | $ 212 | $ 196 |
Prices decrease | $ (212) | $ (196) |
Exchange traded sugar futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 29.38% | 32.63% |
Pre-tax impact on equity Price Increases | $ 26 | $ 30 |
Prices decrease | $ (26) | $ (30) |
Exchange traded wheat futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 30.99% | 26.43% |
Pre-tax impact on equity Price Increases | $ 158 | $ 147 |
Prices decrease | $ (158) | $ (147) |
Natural gas and energy derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 20.37% | 28.60% |
Pre-tax impact on equity Price Increases | $ 43 | $ 54 |
Prices decrease | $ (43) | $ (54) |
Rice swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 20.20% | 26.38% |
Pre-tax impact on equity Price Increases | $ 45 | $ 50 |
Prices decrease | $ (45) | $ (50) |
Corn swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 24.81% | 24.30% |
Pre-tax impact on equity Price Increases | $ 45 | $ 44 |
Prices decrease | $ (45) | $ (44) |
Plastic derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %1 | 17.50% | 18.62% |
Pre-tax impact on equity Price Increases | $ 15 | $ 20 |
Prices decrease | $ (15) | $ (20) |
Risks Arising from Financial183
Risks Arising from Financial Instruments - Summary of Carrying Amount of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of credit risk exposure [line items] | ||
Gross | $ 19,679 | $ 22,643 |
Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,304 | 5,659 |
Available for sale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 76 | 58 |
Held-to-maturity investments, category [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 24 | 24 |
Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,723 | 4,197 |
Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 209 | 200 |
Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 179 | 100 |
Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 2,209 | 2,709 |
Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 483 | 1,117 |
Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 10,472 | 8,579 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 19,997 | 22,961 |
Gross carrying amount [member] | Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,304 | 5,659 |
Gross carrying amount [member] | Available for sale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 83 | 65 |
Gross carrying amount [member] | Held-to-maturity investments, category [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 24 | 24 |
Gross carrying amount [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,917 | 4,399 |
Gross carrying amount [member] | Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 209 | 200 |
Gross carrying amount [member] | Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 179 | 100 |
Gross carrying amount [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 2,326 | 2,818 |
Gross carrying amount [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 483 | |
Gross carrying amount [member] | Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 10,472 | 8,579 |
Impairment losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (318) | (318) |
Impairment losses [member] | Available for sale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (7) | (7) |
Impairment losses [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (194) | (202) |
Impairment losses [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | $ (117) | $ (109) |
Risks Arising from Financial184
Risks Arising from Financial Instruments - Summary of Allowance for Impairment (Detail) - Impairment losses [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | $ (318) | $ (338) | $ (429) |
Impairment losses | (59) | (43) | (57) |
Derecognition | 54 | 71 | 72 |
Currency translation and other | 5 | (8) | 76 |
Ending balance | (318) | (318) | (338) |
Available for sale [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (7) | (9) | (11) |
Currency translation and other | 2 | 2 | |
Ending balance | (7) | (7) | (9) |
Trade receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (202) | (230) | (260) |
Impairment losses | (55) | (43) | (41) |
Derecognition | 53 | 69 | 20 |
Currency translation and other | 10 | 2 | 51 |
Ending balance | (194) | (202) | (230) |
Loans to customers [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (30) | ||
Derecognition | 30 | ||
Other receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (109) | (99) | (128) |
Impairment losses | (4) | (16) | |
Derecognition | 1 | 2 | 22 |
Currency translation and other | (5) | (12) | 23 |
Ending balance | $ (117) | $ (109) | $ (99) |
Risks Arising from Financial185
Risks Arising from Financial Instruments - Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Non-derivative financial liabilities | ||
Finance lease liabilities | $ (213) | $ (234) |
Bank overdraft | (117) | (184) |
Net carrying amount [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (502) | (862) |
Commercial papers | (1,870) | (2,053) |
Unsecured bank loans | (892) | (9,662) |
Unsecured bond issues | (112,837) | (109,627) |
Unsecured other loans | (68) | (122) |
Finance lease liabilities | (213) | (234) |
Bank overdraft | (117) | (184) |
Trade and other payables | (26,167) | (24,879) |
Non-derivative financial liabilities | (142,666) | (147,623) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (96) | (267) |
Foreign exchange derivatives | (61) | 47 |
Cross currency interest rate swaps | (897) | (32) |
Commodity derivatives | 179 | 125 |
Equity derivatives | (1,036) | (490) |
Derivative financial assets/(liabilities) | (1,911) | (617) |
Of which: directly related to cash flow hedges | (20) | 28 |
Contractual cash flows [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (590) | (937) |
Commercial papers | (1,871) | (2,054) |
Unsecured bank loans | (927) | (11,057) |
Unsecured bond issues | (167,056) | (162,300) |
Unsecured other loans | (114) | (279) |
Finance lease liabilities | (301) | (346) |
Bank overdraft | (117) | (184) |
Trade and other payables | (26,628) | (25,398) |
Non-derivative financial liabilities | (197,604) | (202,555) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (101) | (269) |
Foreign exchange derivatives | (52) | 42 |
Cross currency interest rate swaps | (1,043) | (58) |
Commodity derivatives | 143 | 117 |
Equity derivatives | (1,134) | (499) |
Derivative financial assets/(liabilities) | (2,187) | (667) |
Of which: directly related to cash flow hedges | (29) | 6 |
Less than 1 year [Member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (318) | (676) |
Commercial papers | (1,871) | (2,054) |
Unsecured bank loans | (761) | (1,618) |
Unsecured bond issues | (8,951) | (7,284) |
Unsecured other loans | (17) | (27) |
Finance lease liabilities | (42) | (44) |
Bank overdraft | (117) | (184) |
Trade and other payables | (24,756) | (23,717) |
Non-derivative financial liabilities | (36,833) | (35,604) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (9) | 5 |
Foreign exchange derivatives | (59) | 44 |
Cross currency interest rate swaps | 65 | 22 |
Commodity derivatives | 139 | 107 |
Equity derivatives | (1,134) | (499) |
Derivative financial assets/(liabilities) | (998) | (321) |
Of which: directly related to cash flow hedges | 64 | 176 |
1-2 years [Member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (137) | (116) |
Unsecured bank loans | (129) | (535) |
Unsecured bond issues | (13,951) | (10,262) |
Unsecured other loans | (23) | (41) |
Finance lease liabilities | (42) | (42) |
Trade and other payables | (476) | (449) |
Non-derivative financial liabilities | (14,758) | (11,445) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (21) | 3 |
Foreign exchange derivatives | 7 | (2) |
Cross currency interest rate swaps | (128) | (97) |
Commodity derivatives | 4 | 10 |
Derivative financial assets/(liabilities) | (138) | (86) |
Of which: directly related to cash flow hedges | 5 | (112) |
2-3 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (23) | (33) |
Unsecured bank loans | (37) | (365) |
Unsecured bond issues | (12,908) | (13,713) |
Unsecured other loans | (13) | (33) |
Finance lease liabilities | (32) | (44) |
Trade and other payables | (207) | (209) |
Non-derivative financial liabilities | (13,220) | (14,397) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (14) | (13) |
Cross currency interest rate swaps | 114 | |
Derivative financial assets/(liabilities) | 100 | (13) |
Of which: directly related to cash flow hedges | 2 | (2) |
3-5 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (42) | (32) |
Unsecured bank loans | (8,535) | |
Unsecured bond issues | (24,655) | (25,383) |
Unsecured other loans | (7) | (41) |
Finance lease liabilities | (40) | (70) |
Trade and other payables | (289) | (331) |
Non-derivative financial liabilities | (25,033) | (34,392) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | 16 | (35) |
Cross currency interest rate swaps | (904) | 55 |
Derivative financial assets/(liabilities) | (888) | 20 |
Of which: directly related to cash flow hedges | 4 | |
Greater than 5 years [Member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (70) | (80) |
Unsecured bank loans | (4) | |
Unsecured bond issues | (106,591) | (105,658) |
Unsecured other loans | (54) | (137) |
Finance lease liabilities | (145) | (146) |
Trade and other payables | (900) | (692) |
Non-derivative financial liabilities | (107,760) | (106,717) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (73) | (229) |
Cross currency interest rate swaps | (190) | (38) |
Derivative financial assets/(liabilities) | (263) | (267) |
Of which: directly related to cash flow hedges | $ (104) | $ (56) |
Risks Arising from Financial186
Risks Arising from Financial Instruments - Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||
Assets | $ 483 | $ 1,117 | |
Liabilities | (2,394) | (1,734) | |
Net | (1,911) | (617) | |
Non-current, Assets | 25 | 146 | [1] |
Non-current, Liabilities | (937) | (471) | [1] |
Non-current, Net | (912) | (325) | |
Derivatives | 458 | 971 | [1] |
Derivatives | (1,457) | (1,263) | [1] |
Current derivative financial assets liabilities, net, Total | (999) | (292) | |
Forward exchange contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 151 | 492 | |
Liabilities | (211) | (441) | |
Net | (60) | 51 | |
Foreign currency futures [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 1 | 3 | |
Liabilities | (2) | (7) | |
Net | (1) | (4) | |
Interest rate swap [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 14 | 26 | |
Liabilities | (37) | (216) | |
Net | (23) | (190) | |
Cross currency interest rate swap [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 9 | 182 | |
Liabilities | (906) | (214) | |
Net | (897) | (32) | |
Other interest rate derivatives [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Liabilities | (73) | (77) | |
Net | (73) | (77) | |
Aluminum swaps [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 178 | 69 | |
Liabilities | (5) | (8) | |
Net | 173 | 61 | |
Sugar futures commodity contract [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 24 | 22 | |
Liabilities | (20) | (5) | |
Net | 4 | 17 | |
Wheat futures commodity contract [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 34 | 52 | |
Liabilities | (22) | (30) | |
Net | 12 | 22 | |
Other commodity contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 10 | 46 | |
Liabilities | (20) | (21) | |
Net | (10) | 25 | |
Equity derivatives [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Assets | 62 | 225 | |
Liabilities | (1,098) | (715) | |
Net | $ (1,036) | $ (490) | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Risks Arising from Financial187
Risks Arising from Financial Instruments - Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | $ (110,137) | $ (108,130) |
Fair value | (120,287) | (117,305) |
Fixed interest rate [member] | Australian Dollar [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (1,838) | (520) |
Fair value | (1,896) | (518) |
Fixed interest rate [member] | Brazilian Real [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (206) | (375) |
Fair value | (206) | (375) |
Fixed interest rate [member] | Canadian Dollar [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (2,543) | (886) |
Fair value | (2,574) | (954) |
Fixed interest rate [member] | Euro [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (26,386) | (23,991) |
Fair value | (26,942) | (26,684) |
Fixed interest rate [member] | Peruvian Nuevo Sol [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (33) | (119) |
Fair value | (33) | (118) |
Fixed interest rate [member] | Pound Sterling [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (4,403) | (2,212) |
Fair value | (4,902) | (2,847) |
Fixed interest rate [member] | US Dollar [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (74,476) | (79,615) |
Fair value | (83,482) | (85,397) |
Fixed interest rate [member] | Other currency [member] | ||
Disclosure of interest bearing financial instruments [Line Items] | ||
Carrying amount | (252) | (412) |
Fair value | $ (252) | $ (411) |
Risks Arising from Financial188
Risks Arising from Financial Instruments - Analysis of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Quoted (unadjusted) prices- level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | $ 1,313 | $ 5,690 |
Financial Liabilities | 29 | 30 |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1 | 3 |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 28 | 27 |
Quoted (unadjusted) prices- level 1 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 1,304 | 5,659 |
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 1 | |
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 9 | 30 |
Observable market inputs - level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 479 | 1,086 |
Financial Liabilities | 2,365 | 3,189 |
Observable market inputs - level 2 [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 685 | 8 |
Observable market inputs - level 2 [member] | Non-derivative financial liabilities [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1,485 | |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1,210 | 818 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 341 | 524 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 129 | 354 |
Observable market inputs - level 2 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 5 | |
Observable market inputs - level 2 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 89 | 338 |
Observable market inputs - level 2 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 340 | 549 |
Observable market inputs - level 2 [member] | Derivatives [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 36 | 54 |
Observable market inputs - level 2 [member] | Derivatives [member] | Net investment hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 9 | 145 |
Observable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 2,210 | 1,826 |
Observable Market Inputs - Level 3 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 2,210 | $ 1,826 |
Risks Arising from Financial189
Risks Arising from Financial Instruments - Summary of Offsetting Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 24, 2017 | Dec. 31, 2016 |
Derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | $ 483 | $ 1,117 |
Net amount recognized in the statement of financial position | 483 | 1,117 |
Other offsetting agreements | (466) | (1,054) |
Total net amount | 17 | 63 |
Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | (2,394) | (1,734) |
Net amount recognized in the statement of financial position | (2,394) | (1,734) |
Other offsetting agreements | 466 | 1,261 |
Total net amount | $ (1,928) | $ (473) |
Operating Leases - Summary of N
Operating Leases - Summary of Non-Cancelable Operating Leases are Payable and Receivable (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Pub leases, Lessee | $ (1,190) | $ (983) |
Pub leases, Sublease | 571 | 471 |
Other operational leases, Lessee | (910) | (675) |
Other operational leases, Sublease | 192 | 111 |
Other operational leases, Lessor | 13 | 9 |
Net lease obligations | (1,324) | (1,067) |
Less than 1 year [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Pub leases, Lessee | (131) | (95) |
Pub leases, Sublease | 80 | 69 |
Other operational leases, Lessee | (179) | (153) |
Other operational leases, Sublease | 47 | 30 |
Other operational leases, Lessor | 2 | 2 |
Net lease obligations | (181) | (147) |
Between 1 and 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Pub leases, Lessee | (486) | (350) |
Pub leases, Sublease | 294 | 246 |
Other operational leases, Lessee | (523) | (339) |
Other operational leases, Sublease | 131 | 66 |
Other operational leases, Lessor | 7 | 5 |
Net lease obligations | (577) | (372) |
Greater than 5 years [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Pub leases, Lessee | (573) | (538) |
Pub leases, Sublease | 197 | 156 |
Other operational leases, Lessee | (208) | (183) |
Other operational leases, Sublease | 14 | 15 |
Other operational leases, Lessor | 4 | 2 |
Net lease obligations | $ (566) | $ (548) |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease income | $ 10 | $ 10 | $ 20 |
Operating lease recognized expense | 307 | 272 | 233 |
Operating sub lease recognized expense | 128 | $ 117 | $ 121 |
Property, plant and equipment under operating leases [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Undiscounted operating lease obligation | 910 | ||
Operating lease income | $ 192 | ||
Property, plant and equipment under operating leases [member] | Bottom of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease initial period | Five years | ||
Property, plant and equipment under operating leases [member] | Top of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease initial period | Ten years | ||
Dutch and Belgian pub real estate [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Pub lease term | 27 years | ||
Operating leases undiscounted obligation | $ 1,190 | ||
Pubs leased from Cofinimmo [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Undiscounted operating lease received | $ 571 | ||
Pubs leased from Cofinimmo [member] | Bottom of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | Six years | ||
Pubs leased from Cofinimmo [member] | Top of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | Eight years |
Collateral and Contractual C192
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Collateral and contractual commitments [Abstract] | ||
Collateral given for own liabilities | $ 426 | $ 490 |
Collateral and financial guarantees received for own receivables and loans to customers | 326 | 228 |
Contractual commitments to purchase property, plant and equipment | 550 | 817 |
Contractual commitments to acquire loans to customers | 16 | 11 |
Other commitments | $ 1,834 | $ 1,768 |
Collateral and Contractual C193
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Additional Information (Detail) - USD ($) $ in Millions | Dec. 21, 2016 | Oct. 11, 2016 | Jun. 05, 2013 | Jan. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of collateral and contractual commitments [line items] | ||||||||
Collateral given for own liabilities | $ 426 | $ 490 | ||||||
Cash guarantees for liabilities | 209 | |||||||
Property collateral given for remaining own liabilities | 217 | |||||||
Collateral and other credit enhancements value | 326 | |||||||
Commitments to purchase property plant and equipment | 550 | 817 | ||||||
Contractual commitments to acquire loans to customers | $ 16 | 11 | ||||||
Ownership interest | 100.00% | |||||||
Disposal of business in cash | $ 42 | 653 | $ 72 | |||||
Other commitments | 1,834 | 1,768 | ||||||
Stock option plans [member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Loaned securities | 17 | |||||||
Ordinary shares [member] | Stock option plans [member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Stock lending arrangements value | $ 19 | |||||||
Grupo Modelo [member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Shares reserved for issue under options and contracts for sale of shares | 23,076,922 | |||||||
Deferred share units vesting period | 5 years | |||||||
Proceeds from issuing shares | $ 1,500 | |||||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Ownership interest | 55.00% | |||||||
Put option | $ 1,669 | $ 1,497 | ||||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Increase in controlling interests [member] | Ambev [Member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Consideration received | $ 900 | |||||||
Ownership interest | 85.00% | |||||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Increase in controlling interests [member] | Deferred consideration on acquisitions [member] | Put Option [Member] | Observable Market Inputs - Level 3 [member] | Ambev [Member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Percentage of shares sold | 30.00% | |||||||
Coca Cola Company [member] | Coca Cola Beverages Africa [member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Consideration received | $ 3,150 | |||||||
Ownership interest | 54.50% | |||||||
Compania Cervecerias Unidas S.A. [member] | Quilmes [Member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Consideration received | $ 50 | |||||||
Compania Cervecerias Unidas S.A. [member] | Ambev [Member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Consideration received | $ 300 | |||||||
Disposal of SAB's interests in MillerCoors [member] | ||||||||
Disclosure of collateral and contractual commitments [line items] | ||||||||
Disposal of business in cash | $ 12,000 | |||||||
Provision for purchase price adjustment | 330 | |||||||
Purchase price adjustment amount | $ 328 | |||||||
Settlement agreement date | Jan. 21, 2018 |
Contingencies - Summary of Ab I
Contingencies - Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries (Detail) - Ambev [Member] - Legal proceedings contingent liability [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about material tax [line items] | ||
Income tax and social contribution | $ 9,600 | $ 8,878 |
Value-added and excise taxes | 5,987 | 4,924 |
Other taxes | 1,390 | 605 |
Material tax net | $ 16,977 | $ 14,407 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) R$ in Millions | 4 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016USD ($) | Jan. 31, 2016BRL (R$) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($) | Dec. 31, 2017BRL (R$)shares | Aug. 31, 2016USD ($) | Aug. 31, 2016BRL (R$) | Dec. 31, 2015USD ($)shares | Nov. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Disclosure of detailed information about material tax [line items] | |||||||||||
Exposure to credit risk | $ 19,679,000,000 | $ 22,643,000,000 | |||||||||
Provisions recorded | $ 2,400,000,000 | $ 2,278,000,000 | $ 897,000,000 | ||||||||
Net proposed tax assessment | $ 300,000,000 | ||||||||||
Additional proposed tax assessment | $ 100,000,000 | ||||||||||
Number of shares issued | shares | 1,934,000,000 | 1,606,000,000 | 1,934,000,000 | 1,607,000,000 | |||||||
Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | $ 200,000,000 | R$ 500 | |||||||||
Tax Assessment During 2005 [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Exposure to credit risk | 1,800,000,000 | 6,100 | |||||||||
Estimate of possible loss | 13,000,000 | 44 | |||||||||
Tax Assessment in December 2011 [member] | Ambev [Member] | In Bev Holding Brasil SA [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 2,500,000,000 | 8,300 | |||||||||
Tax Assessment in December 2011 [member] | Ambev [Member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 300,000,000 | 1,100 | |||||||||
Tax assessment in October 2013 [member] | Ambev [Member] | Beverage Associates Holding Limited [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 500,000,000 | 1,600 | |||||||||
Tax Assessment in December 2014 [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 1,300,000,000 | 4,400 | |||||||||
Tax Assessment During 2014 and First Quarter of 2015 [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Exposure to credit risk | 2,200,000,000 | 7,200 | |||||||||
Tax Assessment in April 2016 [member] | Ambev [Member] | Arosuco [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 200,000,000 | 600 | |||||||||
Tax Assessment in December 2015 [member] | Ambev [Member] | Integration program social security financing levy [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 900,000,000 | 3,100 | |||||||||
Rio de Janeiro [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 200,000,000 | 600 | |||||||||
Tax assessment amount | 300,000,000 | 900 | |||||||||
Payment made related to proceedings | $ 100,000,000 | R$ 300 | |||||||||
State of Sao Paulo [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 600,000,000 | 1,900 | |||||||||
Minas Gerais [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 1,800,000,000 | 5,800 | |||||||||
Tax assessment amount | 300,000,000 | 900 | $ 400,000,000 | R$ 1400 | |||||||
Provisions recorded | 2,000,000 | 7 | |||||||||
Disallowance of presumed credits and other IPI excise tax credits [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 1,000,000,000 | 3,200 | |||||||||
IPI excise tax [member] | Tax Assessment in 2014 and 2015 [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Estimate of possible loss | 500,000,000 | R$ 1500 | |||||||||
Legal proceedings contingent liability [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Punitive, exemplary and aggravated damages | $ 4,000,000 | $ 5,000,000 | |||||||||
Pension benefit | 8,000,000 | ||||||||||
Legal fees | 1,000,000 | ||||||||||
Pension liability | $ 68,000,000 | ||||||||||
Legal proceedings contingent liability [member] | Top of range [member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Claims on damages | $ 1,100,000,000 | $ 1,400,000,000 | |||||||||
Legal proceedings contingent liability [member] | Ambev [Member] | |||||||||||
Disclosure of detailed information about material tax [line items] | |||||||||||
Number of shares issued | shares | 172,831,574 | 172,831,574 | |||||||||
Percentage of shares issued diluted | 1.00% | ||||||||||
Claim on dividends of shares | $ 256,000,000 | R$ 847 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of noncontrolling interests [Line Items] | ||
Proportion of ownership interests in subsidiary | 100.00% | |
Ambev [Member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Proportion of ownership interests in subsidiary | 62.00% | 62.00% |
Dividends paid to non-controlling interests | $ 1.1 | $ 1.2 |
Decrease in non-controlling interests | $ (2.4) |
Non-Controlling Interests - Sum
Non-Controlling Interests - Summary of Financial Information of Material Non-controlling Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Summarized balance sheet information | ||||
Current assets | $ 23,960 | $ 43,017 | [1] | |
Non-current assets | 222,166 | 213,569 | [1] | |
Current liabilities | 36,211 | 40,369 | [1] | |
Non-current liabilities | 129,695 | 134,792 | [1] | |
Equity attributable to equity holders | 72,585 | 71,339 | [1] | |
Non-controlling interests | 7,635 | 10,086 | [1] | |
Summarized income statement and comprehensive income information | ||||
Revenue | 56,444 | 45,517 | $ 43,064 | |
Net income | 9,183 | 2,769 | 9,867 | |
Attributable to: | ||||
Equity holders | 7,996 | 1,241 | 8,273 | |
Non-controlling interests | 1,187 | 1,528 | 1,594 | |
Net income | 9,183 | 2,769 | 9,867 | |
Other comprehensive income | 1,040 | (1,460) | (8,751) | |
Total comprehensive income | 10,223 | 1,309 | 1,116 | |
Attributable to: | ||||
Equity holders | 8,838 | (275) | 389 | |
Non-controlling interests | 1,385 | 1,584 | 727 | |
Summarized cash flow information | ||||
Cash flow from operating activities | 15,430 | 10,110 | 14,121 | |
Cash flow from investing activities | 7,854 | (60,077) | (4,930) | |
Cash flow from financing activities | (21,004) | 50,731 | (9,281) | |
Net increase/(decrease) in cash and cash equivalents | 2,280 | 764 | $ (90) | |
Ambev [Member] | ||||
Summarized balance sheet information | ||||
Current assets | 7,472 | 7,329 | ||
Non-current assets | 18,783 | 18,396 | ||
Current liabilities | 8,672 | 8,829 | ||
Non-current liabilities | 3,078 | 2,582 | ||
Equity attributable to equity holders | 13,908 | 13,754 | ||
Non-controlling interests | 597 | 560 | ||
Summarized income statement and comprehensive income information | ||||
Revenue | 14,961 | 13,123 | ||
Net income | 2,452 | 3,765 | ||
Attributable to: | ||||
Equity holders | 2,290 | 3,611 | ||
Non-controlling interests | 162 | 155 | ||
Net income | 2,452 | 3,765 | ||
Other comprehensive income | 809 | (1,534) | ||
Total comprehensive income | 3,261 | 2,231 | ||
Attributable to: | ||||
Equity holders | 3,090 | 2,190 | ||
Non-controlling interests | 171 | 41 | ||
Summarized cash flow information | ||||
Cash flow from operating activities | 5,583 | 3,552 | ||
Cash flow from investing activities | (960) | (1,697) | ||
Cash flow from financing activities | (4,018) | (3,351) | ||
Net increase/(decrease) in cash and cash equivalents | $ 605 | $ (1,496) | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Related Parties - Summary of Di
Related Parties - Summary of Directors and Executive Board Management Compensation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 2 | $ 2 | $ 3 |
Share-based payments | 3 | 3 | 2 |
Total Compensation | 5 | 5 | 5 |
Executive board management [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | 28 | 18 | 25 |
Post employment benefits | 1 | 2 | |
Share-based payments | 68 | 64 | 65 |
Total Compensation | $ 97 | $ 82 | $ 91 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
BAVARIA S.A. [member] | Transportation services, lease agreements and advertising services [member] | |
Disclosure of transactions between related parties [line items] | |
Amount received on services rendered | $ 5.4 |
Outstanding balance payable | $ 1.1 |
Grupo Modelo and Subsidiaries [member] | |
Disclosure of transactions between related parties [line items] | |
Name of acquiree | Grupo Modelo and its subsidiaries |
Grupo Modelo and Subsidiaries [member] | Information technology and infrastructure services [member] | |
Disclosure of transactions between related parties [line items] | |
Amount received on services rendered | $ 0.8 |
United States defined benefit plans [member] | |
Disclosure of transactions between related parties [line items] | |
Other income | $ 12 |
Related Parties - Summary of Ag
Related Parties - Summary of Aggregate Amounts of AB InBev's Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of joint ventures [line items] | ||||
Non-current assets | $ 222,166 | $ 213,569 | [1] | |
Current assets | 23,960 | 43,017 | [1] | |
Non-current liabilities | 129,695 | 134,792 | [1] | |
Current liabilities | 36,211 | 40,369 | [1] | |
Result from operations | 17,152 | 12,882 | $ 13,904 | |
Profit attributable to equity holders of AB InBev | 7,996 | 1,241 | 8,273 | |
Jointly controlled entities [member] | ||||
Disclosure of joint ventures [line items] | ||||
Non-current assets | 12 | 11 | 2 | |
Current assets | 5 | 5 | 5 | |
Non-current liabilities | 11 | 9 | 2 | |
Current liabilities | 6 | 6 | 5 | |
Result from operations | (3) | (6) | $ (1) | |
Profit attributable to equity holders of AB InBev | $ (3) | $ (7) | ||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Related Parties - Summary of AB
Related Parties - Summary of AB InBev's Transactions with Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of associates [line items] | ||||
Gross profit | $ 35,058 | $ 27,715 | $ 26,467 | |
Current assets | 23,960 | 43,017 | [1] | |
Current liabilities | 36,211 | 40,369 | [1] | |
Associates [member] | ||||
Disclosure of associates [line items] | ||||
Gross profit | 91 | (47) | (77) | |
Current assets | 73 | (8) | 2 | |
Current liabilities | $ 20 | $ 20 | $ 25 | |
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Supplemental Guarantor Finan202
Supplemental Guarantor Financial Information - Additional Information (Detail) - USD ($) | Feb. 15, 2018 | Apr. 19, 2017 | Apr. 06, 2017 | Dec. 16, 2016 | Jan. 29, 2016 | Jan. 25, 2016 | Jul. 23, 2015 | Jan. 27, 2014 | Jan. 17, 2013 | Jul. 16, 2012 | Mar. 14, 2011 | Jan. 24, 2011 | Mar. 24, 2010 | Oct. 13, 2009 | Dec. 31, 2017 | Aug. 21, 2017 |
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 500,000,000 | $ 75,000,000,000 | ||||||||||||||
Maturity date | 15 February 2021 | |||||||||||||||
Issuance closed date | 27 January 2011 | |||||||||||||||
Ownership percentage of parent in guarantor subsidiaries | 100.00% | |||||||||||||||
Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 6,800,000,000 | |||||||||||||||
Principal amount | $ 46,000,000,000 | $ 5,250,000,000 | ||||||||||||||
Fixed interest rate [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 4.375% | |||||||||||||||
Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | 309,000,000 | |||||||||||||||
5.375% unsecured notes due 2020 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 2,250,000,000 | |||||||||||||||
Interest rate | 5.375% | |||||||||||||||
Maturity date | 2,020 | |||||||||||||||
5.0% due 2020 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,000,000,000 | |||||||||||||||
Interest rate | 5.00% | |||||||||||||||
Maturity date | 2,020 | |||||||||||||||
7.75% Notes Due on 2019 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 2,500,000,000 | |||||||||||||||
Interest rate | 7.75% | |||||||||||||||
Maturity date | 2,019 | |||||||||||||||
8.2% notes due on 2039 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,250,000,000 | |||||||||||||||
Interest rate | 8.20% | |||||||||||||||
Maturity date | 2,039 | |||||||||||||||
6.875% notes due on 2019 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,000,000,000 | |||||||||||||||
Interest rate | 6.875% | |||||||||||||||
Maturity date | 2,019 | |||||||||||||||
8.0% notes due on 2039 [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 450,000,000 | |||||||||||||||
Interest rate | 8.00% | |||||||||||||||
Maturity date | 2,039 | |||||||||||||||
7.75% notes due in 2019 [member] | Entering into significant commitments or contingent liabilities [member] | AB inBev [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 7.75% | |||||||||||||||
Maturity date | 2,019 | |||||||||||||||
Principal amount of the notes to be retired | $ 2,500,000,000 | |||||||||||||||
Notes due 2022 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 2,350,000,000 | $ 3,000,000,000 | ||||||||||||||
Interest rate | 3.75% | 2.50% | ||||||||||||||
Maturity date | 2,022 | 2,022 | ||||||||||||||
Notes due 2042 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,000,000,000 | |||||||||||||||
Interest rate | 3.75% | |||||||||||||||
Maturity date | 2,042 | |||||||||||||||
Notes due 2023 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,250,000,000 | |||||||||||||||
Interest rate | 3.30% | 2.625% | ||||||||||||||
Maturity date | 2,023 | 2,023 | ||||||||||||||
Principal amount | $ 6,000,000,000 | |||||||||||||||
Notes Due 2043 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 750,000,000 | |||||||||||||||
Interest rate | 4.00% | |||||||||||||||
Maturity date | 2,043 | |||||||||||||||
Notes due 2019 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 1.90% | 2.15% | ||||||||||||||
Maturity date | 2,019 | 2,019 | ||||||||||||||
Principal amount | $ 4,000,000,000 | $ 1,250,000,000 | ||||||||||||||
Notes due 2019 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Maturity date | 2,019 | |||||||||||||||
Principal amount | $ 250,000,000 | |||||||||||||||
Notes due 2019 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 0.40% | |||||||||||||||
Notes Due 2024 [Member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 3.70% | |||||||||||||||
Maturity date | 2,024 | |||||||||||||||
Principal amount | $ 1,400,000,000 | |||||||||||||||
Notes due 2044 [Member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 4.625% | |||||||||||||||
Maturity date | 2,044 | |||||||||||||||
Principal amount | $ 850,000,000 | |||||||||||||||
Notes Due 2045 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 565,000,000 | |||||||||||||||
Interest rate | 4.60% | |||||||||||||||
Maturity date | 2,045 | |||||||||||||||
Notes due 2021 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 2.65% | |||||||||||||||
Maturity date | 2,021 | |||||||||||||||
Principal amount | $ 7,500,000,000 | |||||||||||||||
Notes due 2021 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Maturity date | 2,021 | |||||||||||||||
Principal amount | $ 500,000,000 | |||||||||||||||
Notes due 2021 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 1.26% | |||||||||||||||
Notes due 2026 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 3.65% | |||||||||||||||
Maturity date | 2,026 | |||||||||||||||
Principal amount | $ 11,000,000,000 | |||||||||||||||
Notes due 2036 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 4.70% | |||||||||||||||
Maturity date | 2,036 | |||||||||||||||
Principal amount | $ 6,000,000,000 | |||||||||||||||
Notes Due 2046 [member] | Fixed interest rate [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,470,000,000 | |||||||||||||||
Interest rate | 4.915% | |||||||||||||||
Maturity date | 2,046 | |||||||||||||||
Notes Due 2046 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 4.90% | |||||||||||||||
Maturity date | 2,046 | |||||||||||||||
Principal amount | $ 11,000,000,000 | |||||||||||||||
Notes Due 2018 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 641,000,000 | |||||||||||||||
Interest rate | 2.20% | |||||||||||||||
Maturity date | 2,018 | |||||||||||||||
Notes Due 2018 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Maturity date | 2,018 | |||||||||||||||
Notes Due 2018 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Interest rate | 0.69% | |||||||||||||||
Notes Due 2033 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 298,000,000 | |||||||||||||||
Interest rate | 6.625% | |||||||||||||||
Maturity date | 2,033 | |||||||||||||||
Notes Due 2035 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 300,000,000 | |||||||||||||||
Interest rate | 5.875% | |||||||||||||||
Maturity date | 2,035 | |||||||||||||||
Notes Due 2042 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,490,000,000 | |||||||||||||||
Interest rate | 4.95% | |||||||||||||||
Maturity date | 2,042 | |||||||||||||||
Notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,735,171,000 | $ 1,735,171,000 | ||||||||||||||
Interest rate | 4.439% | 4.439% | ||||||||||||||
Maturity date | 6 October 2048 | 6 October 2048 | ||||||||||||||
4.439% notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||
Notes issued | $ 1,735,169,000 | |||||||||||||||
Interest rate | 4.439% |
Supplemental Guarantor Finan203
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of supplemental guarantor information [line items] | |||
Revenue | $ 56,444 | $ 45,517 | $ 43,064 |
Cost of sales | (21,386) | (17,803) | (17,137) |
Gross profit | 35,058 | 27,715 | 26,467 |
Distribution expenses | (5,876) | (4,543) | (4,259) |
Sales and marketing expenses | (8,382) | (7,745) | (6,913) |
Administrative expenses | (3,841) | (2,883) | (2,560) |
Other operating income/(expenses) | 854 | 732 | 1,032 |
Profit from operations | 17,152 | 12,882 | 13,904 |
Net finance cost | (6,885) | (9,382) | (3,142) |
Share of result of associates | 430 | 16 | 10 |
Profit before tax | 11,076 | 4,334 | 12,461 |
Income tax expense | (1,920) | (1,613) | (2,594) |
Profit from continuing operations | 9,155 | 2,721 | 9,867 |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 9,183 | 2,769 | 9,867 |
Profit from continuing operations attributable to: | |||
Non-controlling interest | 1,187 | 1,528 | 1,594 |
Attributable to: | |||
Equity holders of AB InBev | 7,996 | 1,241 | 8,273 |
Non-controlling interest | 1,187 | 1,528 | 1,594 |
Anheuser- Busch InBev SA/NV [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Revenue | 540 | 506 | 104 |
Cost of sales | (338) | (300) | (72) |
Gross profit | 202 | 206 | 32 |
Distribution expenses | (23) | (27) | (3) |
Sales and marketing expenses | (181) | (204) | (147) |
Administrative expenses | (255) | (198) | (297) |
Other operating income/(expenses) | 793 | 464 | 542 |
Profit from operations | 536 | 241 | 127 |
Net finance cost | (819) | (1,599) | (565) |
Profit before tax | (283) | (1,358) | (438) |
Income tax expense | (16) | ||
Profit | (299) | (1,358) | (438) |
Income from subsidiaries | 8,295 | 2,599 | 8,711 |
Profit from continuing operations | 7,996 | 1,241 | |
Profit of the year | 7,996 | 1,241 | 8,273 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 7,996 | 1,241 | |
Attributable to: | |||
Equity holders of AB InBev | 7,996 | 1,241 | 8,273 |
Anheuser Busch InBev Worldwide Inc. [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Administrative expenses | (4) | ||
Other operating income/(expenses) | 1,066 | 559 | 701 |
Profit from operations | 1,066 | 555 | 701 |
Net finance cost | (3,064) | (1,283) | (1,791) |
Profit before tax | (1,998) | (728) | (1,090) |
Income tax expense | 614 | 280 | 659 |
Profit | (1,384) | (448) | (431) |
Income from subsidiaries | 3,721 | 1,958 | 1,374 |
Profit from continuing operations | 2,337 | 1,510 | |
Profit of the year | 2,337 | 1,510 | 943 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 2,337 | 1,510 | |
Attributable to: | |||
Equity holders of AB InBev | 2,337 | 1,510 | 943 |
Anheuser Busch InBev Finance Inc. [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Net finance cost | 26 | 36 | 41 |
Profit before tax | 26 | 36 | 41 |
Income tax expense | (17) | 2 | (36) |
Profit | 9 | 38 | 5 |
Profit from continuing operations | 9 | 38 | |
Profit of the year | 9 | 38 | 5 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 9 | 38 | |
Attributable to: | |||
Equity holders of AB InBev | 9 | 38 | 5 |
Subsidiary Guarantors [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Revenue | 14,015 | 14,135 | 14,097 |
Cost of sales | (5,838) | (5,923) | (6,179) |
Gross profit | 8,177 | 8,212 | |
Distribution expenses | (996) | (967) | (1,009) |
Sales and marketing expenses | (2,208) | (2,372) | (2,065) |
Administrative expenses | (404) | (384) | (258) |
Other operating income/(expenses) | (1,837) | (1,283) | (1,210) |
Profit from operations | 2,732 | 3,206 | 3,376 |
Net finance cost | 4,160 | (3,805) | (311) |
Share of result of associates | 2 | 2 | 2 |
Profit before tax | 6,894 | (597) | 3,067 |
Income tax expense | 1,329 | (1,358) | (1,068) |
Profit | 8,223 | (1,955) | 1,999 |
Income from subsidiaries | 4,167 | 1,322 | 3,484 |
Profit from continuing operations | 12,390 | (633) | |
Profit of the year | 12,390 | (633) | 5,483 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 12,390 | (633) | |
Attributable to: | |||
Equity holders of AB InBev | 12,390 | (633) | 5,484 |
Non-Guarantors [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Revenue | 44,235 | 32,884 | 31,059 |
Cost of sales | (17,556) | (13,587) | (12,542) |
Gross profit | 26,679 | 19,297 | 18,517 |
Distribution expenses | (4,857) | (3,549) | (3,246) |
Sales and marketing expenses | (5,993) | (5,169) | (4,701) |
Administrative expenses | (3,182) | (2,297) | (2,005) |
Other operating income/(expenses) | 170 | 598 | 1,135 |
Profit from operations | 12,834 | 8,880 | 9,700 |
Net finance cost | (6,810) | (1,913) | 1,173 |
Share of result of associates | 428 | 14 | 8 |
Profit before tax | 6,437 | 6,981 | 10,881 |
Income tax expense | (3,830) | (537) | (2,149) |
Profit | 2,606 | 6,444 | 8,732 |
Income from subsidiaries | 6,204 | 1,469 | 1,410 |
Profit from continuing operations | 8,810 | 7,913 | |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 8,838 | 7,961 | 10,142 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 7,623 | 6,385 | |
Non-controlling interest | 1,187 | 1,528 | |
Attributable to: | |||
Equity holders of AB InBev | 7,651 | 6,433 | 8,548 |
Non-controlling interest | 1,187 | 1,528 | 1,594 |
Eliminations [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Revenue | (2,346) | (2,008) | (1,656) |
Cost of sales | 2,346 | 2,008 | 1,656 |
Income from subsidiaries | (22,387) | (7,348) | (14,979) |
Profit from continuing operations | (22,387) | (7,348) | |
Profit of the year | (22,387) | (7,348) | (14,979) |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | (22,387) | (7,348) | |
Attributable to: | |||
Equity holders of AB InBev | (22,387) | (7,348) | (14,979) |
Consolidation [member] | |||
Disclosure of supplemental guarantor information [line items] | |||
Revenue | 56,444 | 45,517 | 43,604 |
Cost of sales | (21,386) | (17,803) | (17,137) |
Gross profit | 35,058 | 27,715 | 26,467 |
Distribution expenses | (5,876) | (4,543) | (4,258) |
Sales and marketing expenses | (8,382) | (7,745) | (6,913) |
Administrative expenses | (3,841) | (2,883) | (2,560) |
Other operating income/(expenses) | 192 | 338 | 1,168 |
Profit from operations | 17,152 | 12,882 | 13,904 |
Net finance cost | (6,507) | (8,564) | (1,453) |
Share of result of associates | 430 | 16 | 10 |
Profit before tax | 11,076 | 4,334 | 12,461 |
Income tax expense | (1,920) | (1,613) | (2,594) |
Profit | 9,155 | 2,721 | 9,867 |
Profit from continuing operations | 9,155 | 2,721 | |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 9,183 | 2,769 | 9,867 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 7,968 | 1,193 | |
Non-controlling interest | 1,187 | 1,528 | |
Attributable to: | |||
Equity holders of AB InBev | 7,996 | 1,241 | 8,273 |
Non-controlling interest | $ 1,187 | $ 1,528 | $ 1,594 |
Supplemental Guarantor Finan204
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Non-current assets | ||||||
Property, plant and equipment | $ 27,184 | $ 26,219 | [1] | |||
Goodwill | 140,940 | 135,864 | [1] | |||
Intangible assets | 45,874 | 44,789 | [1] | |||
Deferred tax assets | 1,216 | 1,261 | [1] | |||
Derivatives | 25 | 146 | [1] | |||
Non-current assets | 222,166 | 213,569 | [1] | |||
Current assets | ||||||
Inventories | 4,119 | 3,889 | [1] | |||
Derivatives | 458 | 971 | [1] | |||
Trade and other receivables | 6,566 | 6,352 | [1] | |||
Cash and cash equivalents | 10,472 | 8,579 | [1] | |||
Assets classified as held for sale | 133 | 16,458 | [1] | $ 48 | ||
Current assets | 23,960 | 43,017 | [1] | |||
Total assets | 246,126 | 256,586 | [1] | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 72,585 | 71,339 | [1] | |||
Minority interest | 7,635 | 10,086 | [1] | |||
Equity | 80,220 | 81,425 | [1] | $ 45,719 | $ 54,257 | |
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 108,949 | 113,941 | [1] | |||
Employee benefits | 2,993 | 3,014 | [1] | |||
Deferred tax liabilities | 13,107 | 14,703 | [1] | |||
Derivatives | 937 | 471 | [1] | |||
Non-current liabilities | 129,695 | 134,792 | [1] | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 7,433 | 8,618 | [1] | |||
Income tax payable | 1,558 | 3,845 | [1] | |||
Derivatives | 1,457 | 1,263 | [1] | |||
Trade and other payables | 24,762 | 23,086 | [1] | |||
Liabilities associated with assets held for sale | [1] | 2,174 | ||||
Current liabilities | 36,211 | 40,369 | [1] | |||
Total equity and liabilities | 246,126 | 256,586 | [1] | |||
Anheuser- Busch InBev SA/NV [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 44 | 52 | ||||
Intangible assets | 584 | 520 | ||||
Investments in subsidiaries | 121,847 | 126,200 | ||||
Other non-current assets | 53,565 | 48,333 | ||||
Non-current assets | 176,040 | 175,105 | ||||
Current assets | ||||||
Investment securities | 1,301 | 5,500 | ||||
Inventories | 21 | 9 | ||||
Trade and other receivables | 16,585 | 12,072 | ||||
Cash and cash equivalents | 43 | 257 | ||||
Current assets | 17,950 | 17,838 | ||||
Total assets | 193,989 | 192,943 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 72,585 | 71,677 | ||||
Equity | 72,585 | 71,677 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 102,398 | 86,757 | ||||
Employee benefits | 5 | 4 | ||||
Other non-current liabilities | 131 | 116 | ||||
Non-current liabilities | 102,534 | 86,877 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 16,718 | 21,815 | ||||
Trade and other payables | 2,033 | 2,068 | ||||
Other current liabilities | 121 | 10,506 | ||||
Current liabilities | 18,872 | 34,389 | ||||
Total equity and liabilities | 193,989 | 192,943 | ||||
Anheuser Busch InBev Worldwide Inc. [member] | ||||||
Non-current assets | ||||||
Investments in subsidiaries | 77,388 | 41,488 | ||||
Deferred tax assets | 327 | |||||
Other non-current assets | 10,290 | 24,322 | ||||
Non-current assets | 87,677 | 66,137 | ||||
Current assets | ||||||
Trade and other receivables | 1,514 | 7,937 | ||||
Cash and cash equivalents | 242 | 155 | ||||
Current assets | 1,756 | 8,092 | ||||
Total assets | 89,434 | 74,229 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 38,307 | 20,009 | ||||
Equity | 38,307 | 20,009 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 49,230 | 50,672 | ||||
Deferred tax liabilities | (337) | |||||
Non-current liabilities | 48,893 | 50,672 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 2,363 | 3,670 | ||||
Income tax payable | (665) | (881) | ||||
Trade and other payables | 535 | 759 | ||||
Current liabilities | 2,233 | 3,548 | ||||
Total equity and liabilities | 89,434 | 74,229 | ||||
Anheuser Busch InBev Finance Inc. [member] | ||||||
Non-current assets | ||||||
Other non-current assets | 55,432 | 55,258 | ||||
Non-current assets | 55,432 | 55,258 | ||||
Current assets | ||||||
Trade and other receivables | 1,947 | 2,338 | ||||
Cash and cash equivalents | 8 | |||||
Current assets | 1,955 | 2,338 | ||||
Total assets | 57,387 | 57,596 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 586 | 564 | ||||
Equity | 586 | 564 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 55,464 | 55,239 | ||||
Deferred tax liabilities | 9 | 16 | ||||
Non-current liabilities | 55,473 | 55,255 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 479 | 300 | ||||
Income tax payable | 3 | 10 | ||||
Trade and other payables | 848 | 850 | ||||
Other current liabilities | 617 | |||||
Current liabilities | 1,330 | 1,777 | ||||
Total equity and liabilities | 57,387 | 57,596 | ||||
Subsidiary Guarantors [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 4,589 | 4,829 | ||||
Goodwill | 33,277 | 33,056 | ||||
Intangible assets | 22,105 | 22,094 | ||||
Investments in subsidiaries | 83,368 | 8,042 | ||||
Investments in associates and joint ventures | 28 | 40 | ||||
Derivatives | 16 | 120 | ||||
Other non-current assets | 25,293 | 60,420 | ||||
Non-current assets | 168,676 | 128,601 | ||||
Current assets | ||||||
Inventories | 626 | 635 | ||||
Derivatives | 320 | (120) | ||||
Trade and other receivables | 25,237 | 16,622 | ||||
Cash and cash equivalents | 5,982 | 28,780 | ||||
Other current assets | (610) | |||||
Current assets | 32,165 | 45,307 | ||||
Total assets | 200,841 | 173,908 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 131,657 | 107,258 | ||||
Equity | 131,656 | 107,258 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 29,005 | 16,257 | ||||
Employee benefits | 1,240 | 1,290 | ||||
Deferred tax liabilities | 6,528 | 10,141 | ||||
Derivatives | 920 | 275 | ||||
Other non-current liabilities | 1,023 | 853 | ||||
Non-current liabilities | 38,716 | 28,816 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 19,336 | 24,576 | ||||
Income tax payable | 734 | 6 | ||||
Derivatives | 1,360 | (275) | ||||
Trade and other payables | 5,481 | 4,583 | ||||
Other current liabilities | 3,558 | 8,944 | ||||
Current liabilities | 30,469 | 37,834 | ||||
Total equity and liabilities | 200,841 | 173,908 | ||||
Non-Guarantors [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 22,551 | 22,641 | ||||
Goodwill | 107,663 | 103,477 | ||||
Intangible assets | 23,185 | 21,954 | ||||
Investments in subsidiaries | 99,398 | |||||
Investments in associates and joint ventures | 5,235 | 4,284 | ||||
Deferred tax assets | 1,216 | 1,261 | ||||
Derivatives | 9 | 26 | ||||
Other non-current assets | 67,709 | 34,582 | ||||
Non-current assets | 326,966 | 188,225 | ||||
Current assets | ||||||
Investment securities | 3 | 159 | ||||
Inventories | 3,472 | 3,269 | ||||
Derivatives | 138 | 1,091 | ||||
Trade and other receivables | 19,942 | 27,215 | ||||
Cash and cash equivalents | 9,768 | 8,941 | ||||
Assets classified as held for sale | 133 | 16,439 | ||||
Other current assets | 908 | 1,719 | ||||
Current assets | 34,364 | 58,833 | ||||
Total assets | 361,330 | 247,058 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 211,449 | 47,561 | ||||
Minority interest | 7,635 | 10,086 | ||||
Equity | 219,084 | 57,647 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 83,459 | 126,948 | ||||
Employee benefits | 1,748 | 1,720 | ||||
Deferred tax liabilities | 6,907 | 6,848 | ||||
Derivatives | 17 | 196 | ||||
Other non-current liabilities | 2,573 | 1,786 | ||||
Non-current liabilities | 94,705 | 137,498 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 20,531 | 14,333 | ||||
Income tax payable | 1,486 | 4,787 | ||||
Derivatives | 97 | 1,538 | ||||
Trade and other payables | 22,530 | 18,542 | ||||
Liabilities associated with assets held for sale | 2,174 | |||||
Other current liabilities | 2,894 | 10,540 | ||||
Current liabilities | 47,538 | 51,914 | ||||
Total equity and liabilities | 361,330 | 247,058 | ||||
Eliminations [member] | ||||||
Non-current assets | ||||||
Investments in subsidiaries | (382,000) | (175,730) | ||||
Deferred tax assets | (327) | |||||
Other non-current assets | (210,623) | (221,949) | ||||
Non-current assets | (592,623) | (398,006) | ||||
Current assets | ||||||
Trade and other receivables | (58,660) | (59,793) | ||||
Cash and cash equivalents | (5,571) | (29,554) | ||||
Current assets | (64,231) | (89,347) | ||||
Total assets | (656,855) | (487,353) | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | (382,000) | (175,730) | ||||
Equity | (382,000) | (175,730) | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | (210,607) | (221,932) | ||||
Deferred tax liabilities | (327) | |||||
Other non-current liabilities | (18) | (18) | ||||
Non-current liabilities | (210,625) | (222,277) | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | (51,994) | (56,076) | ||||
Trade and other payables | (6,665) | (3,716) | ||||
Other current liabilities | (5,571) | (29,554) | ||||
Current liabilities | (64,230) | (89,346) | ||||
Total equity and liabilities | (656,855) | (487,353) | ||||
Consolidation [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 27,522 | |||||
Goodwill | 136,533 | |||||
Intangible assets | 44,568 | |||||
Investments in associates and joint ventures | 4,324 | |||||
Deferred tax assets | 1,261 | |||||
Derivatives | 25 | 146 | ||||
Other non-current assets | 1,664 | 966 | ||||
Non-current assets | 222,166 | 215,320 | ||||
Current assets | ||||||
Investment securities | 1,304 | 5,659 | ||||
Inventories | 4,119 | 3,913 | ||||
Derivatives | 458 | 971 | ||||
Trade and other receivables | 6,566 | 6,391 | ||||
Cash and cash equivalents | 10,472 | 8,579 | ||||
Assets classified as held for sale | 133 | 16,439 | ||||
Other current assets | 908 | 1,109 | ||||
Current assets | 23,960 | 43,061 | ||||
Total assets | 246,126 | 258,381 | ||||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 72,585 | 71,339 | ||||
Minority interest | 7,635 | 10,086 | ||||
Equity | 80,220 | 81,425 | ||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 108,949 | 113,941 | ||||
Employee benefits | 2,993 | 3,014 | ||||
Deferred tax liabilities | 13,107 | 16,678 | ||||
Derivatives | 937 | 471 | ||||
Other non-current liabilities | 3,709 | 2,737 | ||||
Non-current liabilities | 129,695 | 136,841 | ||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 7,433 | 8,618 | ||||
Income tax payable | 1,558 | 3,922 | ||||
Derivatives | 1,457 | 1,263 | ||||
Trade and other payables | 24,762 | 23,086 | ||||
Liabilities associated with assets held for sale | 2,174 | |||||
Other current liabilities | 1,002 | 1,053 | ||||
Current liabilities | 36,211 | 40,116 | ||||
Total equity and liabilities | $ 246,126 | $ 258,381 | ||||
[1] | 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries). |
Supplemental Guarantor Finan205
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Profit | $ 9,183 | $ 2,769 | $ 9,867 |
Depreciation, amortization and impairment | 4,276 | 3,477 | 3,153 |
Income tax expense | 1,920 | 1,613 | 2,594 |
Cash flow from operating activities before changes in working capital and use of provisions | 21,667 | 16,341 | 16,726 |
Cash generated from operations | 21,270 | 16,044 | 18,063 |
Interest paid, net | (4,652) | (3,279) | (1,943) |
Dividends received | 142 | 43 | 22 |
Income tax paid | (2,141) | (3,256) | (2,355) |
CASH FLOW FROM OPERATING ACTIVITIES | 15,430 | 10,110 | 14,121 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 617 | 211 | 412 |
Taxes on SAB transaction-related divestitures | (3,449) | ||
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | 397 |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 4,337 | (5,583) | 169 |
Net proceeds from sale/(acquisition) of other assets | (280) | (27) | (195) |
CASH FLOW FROM INVESTING ACTIVITIES | 7,854 | (60,077) | (4,930) |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 13,352 | 86,292 | 16,237 |
Payments on borrowings | (23,333) | (23,617) | (15,780) |
Cash net finance (cost)/income other than interests | 6,507 | 8,564 | 1,453 |
Dividends paid | (9,275) | (8,450) | (7,966) |
CASH FLOW FROM FINANCING ACTIVITIES | (21,004) | 50,731 | (9,281) |
Net increase/(decrease) in cash and cash equivalents | 2,280 | 764 | (90) |
Cash and cash equivalents less bank overdrafts at beginning of year | 8,395 | 6,910 | 8,316 |
Effect of exchange rate fluctuations | (319) | 721 | (1,316) |
Cash and cash equivalents less bank overdrafts at end of period | 10,356 | 8,395 | 6,910 |
Anheuser- Busch InBev SA/NV [member] | |||
OPERATING ACTIVITIES | |||
Profit | 7,996 | 1,241 | 8,273 |
Depreciation, amortization and impairment | 128 | 96 | 73 |
Net finance cost | 819 | 1,599 | 565 |
Income tax expense | 16 | 101 | |
Investment income | (8,296) | (2,599) | (8,711) |
Other items | 126 | 56 | 57 |
Cash flow from operating activities before changes in working capital and use of provisions | 789 | 393 | 359 |
Working capital and provisions | (283) | (121) | (215) |
Cash generated from operations | 506 | 272 | 144 |
Interest paid, net | (860) | (1,543) | (442) |
Dividends received | 2 | 9,256 | 2,607 |
Income tax paid | (16) | (9) | |
CASH FLOW FROM OPERATING ACTIVITIES | (368) | 7,985 | 2,300 |
INVESTING ACTIVITIES | |||
Acquisition of property, plant and equipment and of intangible assets | (126) | (369) | (105) |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 4,177 | (5,500) | |
Net proceeds from sale/(acquisition) of other assets | 535 | ||
Net repayments/(payments) of loans granted | (7,949) | (11,753) | (13,496) |
CASH FLOW FROM INVESTING ACTIVITIES | (3,363) | (75,334) | (13,601) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 18,594 | (79) | 156 |
Proceeds from borrowings | 24,604 | 81,137 | 19,965 |
Payments on borrowings | (20,574) | (13,370) | (3,553) |
Cash net finance (cost)/income other than interests | (463) | (628) | |
Other financing activities | 159 | ||
Share buy back | (1,000) | ||
Dividends paid | (7,992) | (7,134) | (6,586) |
CASH FLOW FROM FINANCING ACTIVITIES | 14,169 | 59,926 | 9,141 |
Net increase/(decrease) in cash and cash equivalents | 10,438 | (7,423) | (2,160) |
Cash and cash equivalents less bank overdrafts at beginning of year | (10,244) | (1,832) | 502 |
Effect of exchange rate fluctuations | (268) | (989) | (174) |
Cash and cash equivalents less bank overdrafts at end of period | (74) | (10,244) | (1,832) |
Anheuser- Busch InBev SA/NV [member] | SAB [member] | |||
INVESTING ACTIVITIES | |||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (57,712) | ||
Anheuser Busch InBev Worldwide Inc. [member] | |||
OPERATING ACTIVITIES | |||
Profit | 2,337 | 1,510 | 943 |
Net finance cost | 3,064 | 1,284 | 1,791 |
Income tax expense | (614) | (280) | (659) |
Investment income | (3,721) | (1,958) | (1,374) |
Other items | (1) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 1,067 | 555 | 701 |
Working capital and provisions | 869 | 541 | 550 |
Cash generated from operations | 1,936 | 1,096 | 1,251 |
Interest paid, net | (3,156) | (1,153) | (1,845) |
Dividends received | 1,891 | ||
CASH FLOW FROM OPERATING ACTIVITIES | (1,220) | (57) | 1,297 |
INVESTING ACTIVITIES | |||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (2) | ||
Net repayments/(payments) of loans granted | 4,996 | (900) | 508 |
CASH FLOW FROM INVESTING ACTIVITIES | 4,996 | (900) | 506 |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 2,262 | 4,486 | 24,078 |
Payments on borrowings | (5,876) | (4,049) | (24,869) |
Cash net finance (cost)/income other than interests | (64) | ||
Other financing activities | (33) | ||
Dividends paid | (75) | ||
CASH FLOW FROM FINANCING ACTIVITIES | (3,689) | 373 | (824) |
Net increase/(decrease) in cash and cash equivalents | 87 | (584) | 979 |
Cash and cash equivalents less bank overdrafts at beginning of year | 155 | 739 | (240) |
Cash and cash equivalents less bank overdrafts at end of period | 242 | 155 | 739 |
Anheuser Busch InBev Finance Inc. [member] | |||
OPERATING ACTIVITIES | |||
Profit | 9 | 38 | 5 |
Net finance cost | (26) | (36) | (41) |
Income tax expense | 17 | (2) | 36 |
Cash flow from operating activities before changes in working capital and use of provisions | (1) | ||
Working capital and provisions | (4) | 4 | (2) |
Cash generated from operations | (5) | 4 | (2) |
Interest paid, net | 79 | 59 | 48 |
Income tax paid | (16) | ||
CASH FLOW FROM OPERATING ACTIVITIES | 58 | 63 | 46 |
INVESTING ACTIVITIES | |||
Net repayments/(payments) of loans granted | 332 | (46,052) | (565) |
CASH FLOW FROM INVESTING ACTIVITIES | 332 | (46,052) | (565) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 22 | ||
Proceeds from borrowings | 1,470 | 47,051 | 565 |
Payments on borrowings | (1,306) | (2,200) | (3) |
Cash net finance (cost)/income other than interests | (5) | ||
Other financing activities | (1) | ||
CASH FLOW FROM FINANCING ACTIVITIES | 164 | 44,846 | 583 |
Net increase/(decrease) in cash and cash equivalents | 554 | (1,143) | 64 |
Cash and cash equivalents less bank overdrafts at beginning of year | (617) | 525 | 460 |
Effect of exchange rate fluctuations | 72 | 1 | |
Cash and cash equivalents less bank overdrafts at end of period | 9 | (617) | 525 |
Subsidiary Guarantors [member] | |||
OPERATING ACTIVITIES | |||
Profit | 12,390 | (633) | 5,483 |
Depreciation, amortization and impairment | 771 | 748 | 727 |
Net finance cost | (4,160) | 3,805 | 311 |
Income tax expense | (1,329) | 1,358 | 1,068 |
Investment income | (4,167) | (1,322) | (3,484) |
Other items | (7) | 231 | 85 |
Cash flow from operating activities before changes in working capital and use of provisions | 3,499 | 4,187 | 4,190 |
Working capital and provisions | (1,210) | (650) | (630) |
Cash generated from operations | 2,289 | 3,537 | 3,560 |
Interest paid, net | 351 | 999 | 1,820 |
Dividends received | 78 | 4 | 19 |
Income tax paid | 285 | (511) | (846) |
CASH FLOW FROM OPERATING ACTIVITIES | 3,003 | 4,029 | 4,553 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 18 | 25 | |
Sale of subsidiaries, net of cash disposed of | 42 | 13 | |
Taxes on SAB transaction-related divestitures | (3,449) | ||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (306) | (312) | |
Acquisition of property, plant and equipment and of intangible assets | (534) | (650) | (646) |
Net of tax proceeds from the sale of assets held for sale | 244 | ||
Net proceeds from sale/(acquisition) of other assets | (69) | (31) | 44 |
Net repayments/(payments) of loans granted | 4,607 | (229) | 598 |
CASH FLOW FROM INVESTING ACTIVITIES | 308 | (9,524) | 72 |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | (21,152) | (2,115) | 3,294 |
Proceeds from borrowings | 16,197 | 32,887 | 6,933 |
Payments on borrowings | (19,354) | (1,372) | (3,845) |
Cash net finance (cost)/income other than interests | 1,977 | (3,157) | |
Other financing activities | (2,353) | ||
Dividends paid | (3,370) | ||
CASH FLOW FROM FINANCING ACTIVITIES | (22,332) | 26,243 | 659 |
Net increase/(decrease) in cash and cash equivalents | (19,021) | 20,748 | 5,140 |
Cash and cash equivalents less bank overdrafts at beginning of year | 19,840 | (1,100) | (5,789) |
Effect of exchange rate fluctuations | 1,611 | 194 | (451) |
Cash and cash equivalents less bank overdrafts at end of period | 2,430 | 19,840 | (1,100) |
Subsidiary Guarantors [member] | SAB [member] | |||
INVESTING ACTIVITIES | |||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (8,652) | ||
Non-Guarantors [member] | |||
OPERATING ACTIVITIES | |||
Profit | 8,838 | 7,961 | 10,142 |
Depreciation, amortization and impairment | 3,377 | 2,633 | 2,352 |
Net finance cost | 6,810 | 1,912 | (1,173) |
Income tax expense | 3,830 | 537 | 2,048 |
Investment income | (6,203) | (1,469) | (1,410) |
Other items | (338) | (368) | (483) |
Cash flow from operating activities before changes in working capital and use of provisions | 16,313 | 11,206 | 11,476 |
Working capital and provisions | 72 | (80) | 1,669 |
Cash generated from operations | 16,385 | 11,126 | 13,145 |
Interest paid, net | (6,120) | (1,108) | (1,122) |
Dividends received | 139 | 40 | 984 |
Income tax paid | (2,394) | (2,745) | (1,500) |
CASH FLOW FROM OPERATING ACTIVITIES | 8,010 | 7,313 | 11,507 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 599 | 186 | |
Sale of subsidiaries, net of cash disposed of | 640 | ||
Proceeds from SAB transaction-related divestitures | 11,697 | 16,342 | |
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (1,445) | (604) | |
Acquisition of property, plant and equipment and of intangible assets | (4,081) | (3,960) | (3,998) |
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | 153 |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 160 | (83) | 169 |
Net proceeds from sale/(acquisition) of other assets | (746) | 4 | 173 |
Net repayments/(payments) of loans granted | 43,229 | (32,475) | (10,284) |
CASH FLOW FROM INVESTING ACTIVITIES | 50,582 | (19,447) | (14,391) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 2,558 | 2,194 | (3,472) |
Purchase of non-controllinginterest | (206) | (10) | |
Proceeds from borrowings | (219) | 14,895 | 12,163 |
Payments on borrowings | (46,006) | (5,600) | (7,807) |
Cash net finance (cost)/income other than interests | (3,055) | 370 | |
Other financing activities | 1,456 | ||
Dividends paid | (1,285) | (10,573) | (3,489) |
CASH FLOW FROM FINANCING ACTIVITIES | (48,213) | 1,276 | (1,149) |
Net increase/(decrease) in cash and cash equivalents | 10,379 | (10,858) | (4,033) |
Cash and cash equivalents less bank overdrafts at beginning of year | (740) | 8,578 | 13,383 |
Effect of exchange rate fluctuations | (1,891) | 1,540 | (774) |
Cash and cash equivalents less bank overdrafts at end of period | 7,749 | (740) | 8,578 |
Non-Guarantors [member] | SAB [member] | |||
INVESTING ACTIVITIES | |||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | 1,198 | ||
Eliminations [member] | |||
OPERATING ACTIVITIES | |||
Profit | (22,387) | (7,348) | (14,979) |
Investment income | 22,387 | 7,348 | 14,979 |
Working capital and provisions | 159 | 9 | (35) |
Cash generated from operations | 159 | 9 | (35) |
Interest paid, net | 5,865 | 25 | (68) |
Dividends received | (77) | (9,257) | (5,479) |
CASH FLOW FROM OPERATING ACTIVITIES | 5,947 | (9,223) | (5,582) |
INVESTING ACTIVITIES | |||
Net repayments/(payments) of loans granted | (45,002) | 91,180 | 23,193 |
CASH FLOW FROM INVESTING ACTIVITIES | (45,002) | 91,180 | 23,193 |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | (30,962) | (94,164) | (47,467) |
Payments on borrowings | 69,783 | 2,974 | 24,297 |
Dividends paid | 77 | 9,257 | 5,479 |
CASH FLOW FROM FINANCING ACTIVITIES | 38,898 | (81,933) | (17,691) |
Net increase/(decrease) in cash and cash equivalents | (157) | 24 | (80) |
Effect of exchange rate fluctuations | 157 | (24) | 80 |
Consolidation [member] | |||
OPERATING ACTIVITIES | |||
Profit | 9,183 | 2,769 | 9,867 |
Depreciation, amortization and impairment | 4,276 | 3,477 | 3,153 |
Net finance cost | 6,507 | 8,564 | 1,453 |
Income tax expense | 1,920 | 1,613 | 2,594 |
Other items | (219) | (82) | (341) |
Cash flow from operating activities before changes in working capital and use of provisions | 21,667 | 16,341 | 16,726 |
Working capital and provisions | (297) | 1,337 | |
Cash generated from operations | 21,270 | 16,044 | 18,063 |
Interest paid, net | (3,841) | (2,721) | (1,609) |
Dividends received | 142 | 43 | 22 |
Income tax paid | (2,141) | (3,256) | (2,355) |
CASH FLOW FROM OPERATING ACTIVITIES | 15,430 | 10,110 | 14,121 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 617 | 211 | |
Sale of subsidiaries, net of cash disposed of | 42 | 653 | |
Proceeds from SAB transaction-related divestitures | 11,697 | 16,342 | |
Taxes on SAB transaction-related divestitures | (3,449) | ||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | (1,445) | (918) | |
Acquisition of property, plant and equipment and of intangible assets | (4,741) | (4,979) | (4,749) |
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | 397 |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 4,337 | (5,583) | 169 |
Net proceeds from sale/(acquisition) of other assets | (280) | (27) | 217 |
Net repayments/(payments) of loans granted | 213 | (229) | (46) |
CASH FLOW FROM INVESTING ACTIVITIES | 7,854 | (60,077) | (4,930) |
FINANCING ACTIVITIES | |||
Purchase of non-controllinginterest | (206) | (10) | |
Proceeds from borrowings | 13,352 | 86,292 | 16,237 |
Payments on borrowings | (23,333) | (23,617) | (15,780) |
Cash net finance (cost)/income other than interests | (1,541) | (3,484) | |
Other financing activities | (772) | ||
Share buy back | (1,000) | ||
Dividends paid | (9,275) | (8,450) | (7,966) |
CASH FLOW FROM FINANCING ACTIVITIES | (21,004) | 50,731 | (9,281) |
Net increase/(decrease) in cash and cash equivalents | 2,280 | 764 | (90) |
Cash and cash equivalents less bank overdrafts at beginning of year | 8,395 | 6,910 | 8,316 |
Effect of exchange rate fluctuations | (319) | 721 | (1,316) |
Cash and cash equivalents less bank overdrafts at end of period | $ 10,356 | 8,395 | $ 6,910 |
Consolidation [member] | SAB [member] | |||
INVESTING ACTIVITIES | |||
Acquisition and sale of subsidiaries, net of cash acquired/disposed of | $ (65,166) |
Events After the Balance She206
Events After the Balance Sheet Date - Additional Information (Detail) € in Millions, $ in Billions | Mar. 01, 2018shares | Feb. 15, 2018USD ($) | Jan. 23, 2018EUR (€) | Jun. 05, 2013USD ($)shares | Mar. 14, 2011 | Jan. 24, 2011 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Borrowings, maturity | 15 February 2021 | |||||
Grupo Modelo [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proceeds from issuing shares | $ | $ 1.5 | |||||
Shares reserved for issue under options and contracts for sale of shares | shares | 23,076,922 | |||||
Deferred share units vesting period | 5 years | |||||
7.75% Notes Due on 2019 [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Borrowings, maturity | 2,019 | |||||
Borrowings, interest rate | 7.75% | |||||
Fixed interest rate [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Borrowings, interest rate | 4.375% | |||||
Bonds [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Bonds issued | € 4,250 | |||||
Bonds [member] | Floating interest rate [member] | Bonds due on 15 April 2024 [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Bonds issued | € 1,500 | |||||
Borrowings rate basis | 30 basis point above three-month EURIBOR | |||||
Borrowings, maturity | 15 April 2024 | |||||
Bonds [member] | Fixed interest rate [member] | Bonds due on 22 January 2027 [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Bonds issued | € 2,000 | |||||
Borrowings, maturity | 22 January 2027 | |||||
Borrowings, interest rate | 1.15% | |||||
Bonds [member] | Fixed interest rate [member] | Bonds due on 23 January 2035 [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Bonds issued | € 750 | |||||
Borrowings, maturity | 23 January 2035 | |||||
Borrowings, interest rate | 2.00% | |||||
Redemption of notes [member] | 7.75% Notes Due on 2019 [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Borrowings, maturity | 2,019 | |||||
Borrowings, interest rate | 7.75% | |||||
Redemption of notes | $ | $ 2.5 | |||||
Major ordinary share transactions [member] | Grupo Modelo [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of ordinary shares issued during period | shares | 23,076,922 |
AB INBEV Companies - Summary of
AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of information about consolidated structured entities [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Dominican Republic [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo1 |
Proportion of ownership interest in subsidiary | 34.06% |
Argentina [member] | CERVECERIA Y MALTERIA QUILMES SAICA y G [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires |
Proportion of ownership interest in subsidiary | 61.92% |
Australia [member] | FOSTER'S GROUP PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | CUB PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | FBG FINANCE PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | FBG TREASURY (AUST) PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | BRASSERIE DE L'ABBAYE DE LEFFE S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant |
Proportion of ownership interest in subsidiary | 98.54% |
Belgium [member] | BROUWERIJ VAN HOEGAARDEN N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | COBREW N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | INBEV BELGIUM S.P.R.L. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel |
Proportion of ownership interest in subsidiary | 100.00% |
Botswana [member] | KGALAGADI BREWERIES (PTY) LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | KGALAGADI BREWERIES (PTY) LTD - Plot 20768, Broadhurst industrial estate - Gaborone1 |
Proportion of ownership interest in subsidiary | 31.00% |
Bolivia [member] | CERVECERIA BOLIVIANA NACIONAL S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz |
Proportion of ownership interest in subsidiary | 61.92% |
Brazil [Member] | Ambev [Member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 – São Paulo |
Proportion of ownership interest in subsidiary | 61.92% |
Canada [member] | LABATT BREWING COMPANY LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto |
Proportion of ownership interest in subsidiary | 61.92% |
Chile [member] | CERVECERIA CHILE S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura |
Proportion of ownership interest in subsidiary | 61.92% |
China [member] | ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province |
Proportion of ownership interest in subsidiary | 97.06% |
China [member] | ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | NANCHANG ASIA BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | SIPING GINSBER DRAFT BEER CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province |
Proportion of ownership interest in subsidiary | 60.00% |
China [member] | ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province |
Proportion of ownership interest in subsidiary | 100.00% |
Colombia [member] | BOGOTA BEER COMPANY BBC S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BOGOTA BEER COMPANY BBC S.A.S. – Avenida Carrera 24 85A-47 – Bogota |
Proportion of ownership interest in subsidiary | 97.22% |
Colombia [member] | BAVARIA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BAVARIA SA – Carrera 53A 127–35 – Cundinamarca – 111111 Bogota |
Proportion of ownership interest in subsidiary | 99.14% |
Colombia [member] | AMBEV COLOMBIA S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AMBEV COLOMBIA S.A.S. – Calle 90 12-28 Piso 2 – Bogota |
Proportion of ownership interest in subsidiary | 97.22% |
Czech Republic [member] | PIVOVAR SAMSON A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4 |
Proportion of ownership interest in subsidiary | 100.00% |
Ecuador [member] | COMPANIA CERVECERA AMBEV ECUADOR S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil |
Proportion of ownership interest in subsidiary | 97.22% |
Ecuador [member] | CERVECERIA NACIONAL (CN) S,A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas |
Proportion of ownership interest in subsidiary | 95.58% |
El Salvador [member] | INDUSTRIAS LA CONSTANCIA, SA DE CV [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador |
Proportion of ownership interest in subsidiary | 100.00% |
France [member] | AB INBEV FRANCE S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | BRAUEREI BECK GmbH & CO. KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | BRAUEREI DIEBELS GmbH & CO.KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | HAAKE-BECK AG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen |
Proportion of ownership interest in subsidiary | 99.96% |
Germany [member] | HASSERODER BRAUEREI GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | SPATEN - FRANZISKANER - BRAU GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | LOEWENBRAEU AG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München |
Proportion of ownership interest in subsidiary | 100.00% |
Ghana [member] | ACCRA BREWERY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra |
Proportion of ownership interest in subsidiary | 60.00% |
Luxembourg [member] | BRASSERIE DE LUXEMBOURG MOUSEL - DIEKIRCH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 – Diekirch |
Proportion of ownership interest in subsidiary | 95.82% |
Honduras [member] | CERVECERIA HONDURENA, SA DE CV [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes |
Proportion of ownership interest in subsidiary | 99.00% |
India [member] | CROWN BEERS INDIA LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CROWN BEERS INDIA LIMITED – #8-2-684/A, Road No. 12 – Banjara Hills, Hyderabad 500034 – Andhra Pradesh |
Proportion of ownership interest in subsidiary | 100.00% |
India [member] | SABMILLER INDIA LIMITED LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SABMILLER INDIA LIMITED LTD. – Unit No.301-302, Dynasty Business Park, 3rd Floor – Andheri – Kurla Road, Andheri (East) – 400059 – Mumbai, Maharashtra |
Proportion of ownership interest in subsidiary | 99.60% |
Italy [member] | ANHEUSER-BUSCH INBEV ITALIA SPA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV ITALIA SPA - Piazza Buffoni 3, 21013 Gallarate |
Proportion of ownership interest in subsidiary | 100.00% |
Mexico [member] | CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City |
Proportion of ownership interest in subsidiary | 100.00% |
Mozambique [member] | CERVEJAS DE MOCAMBIQUE SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVEJAS DE MOÇAMBIQUE SA - Rua do Jardim 1329 - Maputo2 |
Proportion of ownership interest in subsidiary | 49.00% |
Netherlands [member] | INBEV NEDERLAND N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV NEDERLAND N.V.-Ceresstraat 1-4811 CA - Breda |
Proportion of ownership interest in subsidiary | 100.00% |
Netherlands [member] | INTERBREW INTERNATIONAL B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INTERBREW INTERNATIONAL B.V.-Ceresstraat 1-4811 CA-Breda |
Proportion of ownership interest in subsidiary | 100.00% |
Netherlands [member] | AB InBev Africa B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB InBev Africa B.V.- Ceresstraat 1, 4811 CA - Breda |
Proportion of ownership interest in subsidiary | 62.00% |
Netherlands [member] | AB InBev Botswana B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA - Breda |
Proportion of ownership interest in subsidiary | 62.00% |
Nigeria [member] | BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD.-58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere-Lagos |
Proportion of ownership interest in subsidiary | 50.00% |
Nigeria [member] | INTERNATIONAL BREWERIES PLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INTERNATIONAL BREWERIES PLC - Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State2 |
Proportion of ownership interest in subsidiary | 37.50% |
Panama [member] | CERVECERIA NACIONAL HOLDING SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA NACIONAL HOLDING SA - Costa del Este Business Park, torre Oeste Piso 2 - Ciudad de Panama |
Proportion of ownership interest in subsidiary | 60.00% |
Paraguay [member] | CERVECERIA PARAGUAYA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA PARAGUAYA S.A.-Ruta Villeta km 30 N 3045-2660-Ypané |
Proportion of ownership interest in subsidiary | 61.92% |
Peru [member] | COMPANIA CERVECERA AMBEV PERU S.A.C. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COMPANIA CERVECERA AMBEV PERU S.A.C.-Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa-Lurigancho (Chosica)-Lima 15 |
Proportion of ownership interest in subsidiary | 97.22% |
Peru [member] | UNIOIN DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON SAA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | UNION DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON SAA - 3986 Av. Nicolas Ayllon, Ate, Lima 3 |
Proportion of ownership interest in subsidiary | 93.65% |
Russian Federation [member] | OAO SUN INBEV [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | OAO SUN INBEV - 28 Moscovskaya Street, Moscow region - 141600 - Klin |
Proportion of ownership interest in subsidiary | 99.95% |
South Africa [member] | SABSA HOLDINGS LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SABSA HOLDINGS LTD - 2 Jan Smuts Avenue, Gauteng - Johannesburg |
Proportion of ownership interest in subsidiary | 100.00% |
South Africa [member] | THE SOUTH AFRICAN BREWERIES (PTY) LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | THE SOUTH AFRICAN BREWERIES (PTY) LTD - 65 Park Lane, Gauteng - Johannesburg |
Proportion of ownership interest in subsidiary | 91.55% |
South Korea [member] | ORIENTAL BREWERY CO., LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ORIENTAL BREWERY CO., LTD-151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do |
Proportion of ownership interest in subsidiary | 100.00% |
Switzerland [member] | Anheuser Bush InBev Procurement (GMBH) [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH)-Turmstrasse 26-6300-Zug |
Proportion of ownership interest in subsidiary | 100.00% |
Tanzania [member] | KIBO Breweries LTD Private Company [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | KIBO BREWERIES LTD PRIVATE COMPANY-Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District-Dar es Salaam1 |
Proportion of ownership interest in subsidiary | 36.00% |
Uganda [member] | NILE BREWERIES LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | NILE BREWERIES LTD-Plot M90 Yusuf Lule Roa, Njeru, Jinja-Eastern Uganda |
Proportion of ownership interest in subsidiary | 61.76% |
Ukraine [member] | SUN INBEV UKRAINE PJSC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SUN INBEV UKRAINE PJSC-30-V Fizkultury Str., BC "Faringeit" 4th floor-3068-Kiev |
Proportion of ownership interest in subsidiary | 98.34% |
United Kingdom [member] | AB INBEV UK LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV UK LTD-Porter Tun House, 500 Capability Green-LU1 3LS-Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | PIONEER BREWING COMPANY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | PIONEER BREWING COMPANY LTD-Porter Tun House, 500 Capability Green-LU1 3LS-Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | AB InBev Holdings Limited [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV HOLDINGS LIMITED-AB INBEV HOUSE, CHURCH STREET WEST-GU21 6HT-WOKING, SURREY |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | AB InBev International Brands Limited [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH COMPANIES, LLC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH COMPANIES, LLC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH INTERNATIONAL, INC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INTERNATIONAL, INC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH PACKAGING GROUP, INC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH PACKAGING GROUP, INC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH, LLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH, LLC-One Busch Place, St. Louis, MO. 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | METAL CONTAINER CORPORATION, INC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | METAL CONTAINER CORPORATION, INC.-One Busch Place, St. Louis, MO. 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | Anheuser-Busch North American Holding Corporation [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION-C/O THE CORPORATION TRUST COMPANY INC.-1209 Orange Street-DE 19801-Wilmington |
Proportion of ownership interest in subsidiary | 100.00% |
Uruguay [member] | CERVECERIA Y MALTERIA PAYSANDU S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA Y MALTERIA PAYSANDU S.A.-Cesar Cortinas, 2037-C.P. 11500-Montevideo |
Proportion of ownership interest in subsidiary | 61.92% |
Vietnam [member] | ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam-Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province |
Proportion of ownership interest in subsidiary | 100.00% |
Zambia [member] | ZAMBIAN BREWERIES PLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ZAMBIAN BREWERIES PLC-Mungwi Road, Plot Number 6438, Lusaka |
Proportion of ownership interest in subsidiary | 54.00% |
AB INBEV Companies - Summary208
AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of information about consolidated structured entities [line items] | |
Ownership interest | 100.00% |
Ambev [Member] | Dominican Republic [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Ownership interest | 55.00% |
AB INBEV Companies - Summary209
AB INBEV Companies - Summary of Name and Registered Office of Associates and Joint Ventures (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
France [member] | SOCIETE DES BRASSERIES ET GLACIERES INTERNATIONALES SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SOCIETE DES BRASSERIES ET GLACIERES INTERNATIONALES SA - 30 AV George V, 75008, Paris |
Proportion of ownership interest in subsidiary | 20.00% |
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BIH BRASSERIES INTERNATIONALES HOLDING LTD - CC Building, 10th Floor, Main Street |
Proportion of ownership interest in subsidiary | 20.00% |
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING ANGOLA LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD - Suite 10/3, International Commercial Centre, 2A Main Street |
Proportion of ownership interest in subsidiary | 27.00% |
Turkey [member] | ANADOLU EFES BIRACILIK VE MALT SANAYII AS [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANADOLU EFES BIRACILIK VE MALT SANAYII AS - Bahcelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul |
Proportion of ownership interest in subsidiary | 24.00% |
Zimbabwe [member] | DELTA CORPORATION LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | DELTA CORPORATION LTD - Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare |
Proportion of ownership interest in subsidiary | 25.00% |