Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ANHEUSER-BUSCH INBEV SA/NV |
Entity Central Index Key | 0001668717 |
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 Emerging Growth Company | false |
Entity Shell Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Address, Country | BE |
Entity Common Stock, Shares Outstanding | 1,693,242,156 |
Ordinary shares [member] | |
Document Information [Line Items] | |
Trading Symbol | BUD |
Title of 12(b) Security | Ordinary shares without nominal value |
Security Exchange Name | NYSE |
American Depositary Shares, each representing one ordinary share without nominal value | |
Document Information [Line Items] | |
Trading Symbol | BUD |
Title of 12(b) Security | American Depositary Shares, each representing one ordinary share without nominal value |
Security Exchange Name | NYSE |
6.375% Notes due 2040 (issued January 2010) | |
Document Information [Line Items] | |
Trading Symbol | BUD40 |
Title of 12(b) Security | 6.375% Notes due 2040 (issued January 2010) |
Security Exchange Name | NYSE |
4.375% Notes due 2021 (issued January 2011) | |
Document Information [Line Items] | |
Trading Symbol | BUD21 |
Title of 12(b) Security | 4.375% Notes due 2021 (issued January 2011) |
Security Exchange Name | NYSE |
8.200% Notes due 2039 (issued March 2011) | |
Document Information [Line Items] | |
Trading Symbol | BUD39 |
Title of 12(b) Security | 8.200% Notes due 2039 (issued March 2011) |
Security Exchange Name | NYSE |
2.500% Notes due 2022 (issued July 2012) | |
Document Information [Line Items] | |
Trading Symbol | BU22 |
Title of 12(b) Security | 2.500% Notes due 2022 (issued July 2012) |
Security Exchange Name | NYSE |
3.750% Notes due 2042 (issued July 2012) | |
Document Information [Line Items] | |
Trading Symbol | BUD42A |
Title of 12(b) Security | 3.750% Notes due 2042 (issued July 2012) |
Security Exchange Name | NYSE |
2.625% Notes due 2023 (issued January 2013) | |
Document Information [Line Items] | |
Trading Symbol | BUD/23 |
Title of 12(b) Security | 2.625% Notes due 2023 (issued January 2013) |
Security Exchange Name | NYSE |
4.000% Notes due 2043 (issued January 2013) | |
Document Information [Line Items] | |
Trading Symbol | BUD/43 |
Title of 12(b) Security | 4.000% Notes due 2043 (issued January 2013) |
Security Exchange Name | NYSE |
3.700% Notes due 2024 (issued January 2014) | |
Document Information [Line Items] | |
Trading Symbol | BUD/24 |
Title of 12(b) Security | 3.700% Notes due 2024 (issued January 2014) |
Security Exchange Name | NYSE |
4.625% Notes due 2044 (issued January 2014) | |
Document Information [Line Items] | |
Trading Symbol | BUD/44 |
Title of 12(b) Security | 4.625% Notes due 2044 (issued January 2014) |
Security Exchange Name | NYSE |
3.300% Notes due 2023 (issued January 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/23A |
Title of 12(b) Security | 3.300% Notes due 2023 (issued January 2016) |
Security Exchange Name | NYSE |
3.650% Notes due 2026 (issued January 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/26 |
Title of 12(b) Security | 3.650% Notes due 2026 (issued January 2016) |
Security Exchange Name | NYSE |
4.700% Notes due 2036 (issued January 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/36 |
Title of 12(b) Security | 4.700% Notes due 2036 (issued January 2016) |
Security Exchange Name | NYSE |
4.900% Notes due 2046 (issued January 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/46 |
Title of 12(b) Security | 4.900% Notes due 2046 (issued January 2016) |
Security Exchange Name | NYSE |
Floating Rate Notes due 2021 (issued January 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/21A |
Title of 12(b) Security | Floating Rate Notes due 2021 (issued January 2016) |
Security Exchange Name | NYSE |
4.950% Notes due 2042 (issued December 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/42 |
Title of 12(b) Security | 4.950% Notes due 2042 (issued December 2016) |
Security Exchange Name | NYSE |
6.625% Notes due 2033 (issued December 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/33 |
Title of 12(b) Security | 6.625% Notes due 2033 (issued December 2016) |
Security Exchange Name | NYSE |
5.875% Notes due 2035 (issued December 2016) | |
Document Information [Line Items] | |
Trading Symbol | BUD/35 |
Title of 12(b) Security | 5.875% Notes due 2035 (issued December 2016) |
Security Exchange Name | NYSE |
4.439% Notes due 2048 (issued August 2017) | |
Document Information [Line Items] | |
Trading Symbol | BUD/48 |
Title of 12(b) Security | 4.439% Notes due 2048 (issued August 2017) |
Security Exchange Name | NYSE |
3.500% Notes due 2024 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD/24B |
Title of 12(b) Security | 3.500% Notes due 2024 (issued April 2018) |
Security Exchange Name | NYSE |
4.000% Notes due 2028 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD/28 |
Title of 12(b) Security | 4.000% Notes due 2028 (issued April 2018) |
Security Exchange Name | NYSE |
4.375% Notes due 2038 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD/38 |
Title of 12(b) Security | 4.375% Notes due 2038 (issued April 2018) |
Security Exchange Name | NYSE |
4.600% Notes due 2048 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD/48A |
Title of 12(b) Security | 4.600% Notes due 2048 (issued April 2018) |
Security Exchange Name | NYSE |
4.750% Notes due 2058 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD/58 |
Title of 12(b) Security | 4.750% Notes due 2058 (issued April 2018) |
Security Exchange Name | NYSE |
Floating Rate Notes due 2024 (issued April 2018) | |
Document Information [Line Items] | |
Trading Symbol | BUD24A |
Title of 12(b) Security | Floating Rate Notes due 2024 (issued April 2018) |
Security Exchange Name | NYSE |
4.150% Notes due 2025 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/25 |
Title of 12(b) Security | 4.150% Notes due 2025 (issued January 2019) |
Security Exchange Name | NYSE |
4.750% Notes due 2029 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/29 |
Title of 12(b) Security | 4.750% Notes due 2029 (issued January 2019) |
Security Exchange Name | NYSE |
4.900% Notes due 2031 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/31 |
Title of 12(b) Security | 4.900% Notes due 2031 (issued January 2019) |
Security Exchange Name | NYSE |
5.450% Notes due 2039 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/39A |
Title of 12(b) Security | 5.450% Notes due 2039 (issued January 2019) |
Security Exchange Name | NYSE |
5.550% Notes due 2049 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/49 |
Title of 12(b) Security | 5.550% Notes due 2049 (issued January 2019) |
Security Exchange Name | NYSE |
5.800% Notes due 2059 (issued January 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/59 |
Title of 12(b) Security | 5.800% Notes due 2059 (issued January 2019) |
Security Exchange Name | NYSE |
4.900% Notes due 2046 (issued May 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/46A |
Title of 12(b) Security | 4.900% Notes due 2046 (issued May 2019) |
Security Exchange Name | NYSE |
4.700% Notes due 2036 (issued May 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/36A |
Title of 12(b) Security | 4.700% Notes due 2036 (issued May 2019) |
Security Exchange Name | NYSE |
3.650% Notes due 2026 (issued May 2019) | |
Document Information [Line Items] | |
Trading Symbol | BUD/26A |
Title of 12(b) Security | 3.650% Notes due 2026 (issued May 2019) |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Profit or loss [abstract] | |||||
Revenue | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Cost of sales | (20,362) | (19,933) | [1] | (20,975) | [1] |
Gross profit | 31,967 | 33,108 | [1] | 33,884 | [1] |
Distribution expenses | (5,525) | (5,612) | [1] | (5,716) | [1] |
Sales and marketing expenses | (7,348) | (7,774) | [1] | (8,265) | [1] |
Administrative expenses | (3,548) | (3,421) | [1] | (3,779) | [1] |
Other operating income/(expenses) | 875 | 805 | [1] | 946 | [1] |
Restructuring | (170) | (363) | [1] | (447) | [1] |
Acquisition costs business combinations | (23) | (73) | [1] | (123) | [1] |
Business and asset disposal | (50) | (26) | [1] | (39) | [1] |
Brazil state tax regularization program | (74) | [1] | [1] | ||
Cost related to public offering of minority stake in Budweiser APAC | (6) | [1] | [1] | ||
Provision for EU investigation | (230) | [1] | [1] | ||
Profit from operations | 16,098 | 16,414 | [1] | 16,460 | [1] |
Finance cost | (5,095) | (9,261) | [1] | (7,006) | [1] |
Finance income | 1,622 | 435 | [1] | 380 | [1] |
Net finance income/(cost) | (3,473) | (8,826) | [1] | (6,626) | [1] |
Share of result of associates and joint ventures | 152 | 153 | [1] | 430 | [1] |
Profit before tax | 12,776 | 7,741 | [1] | 10,264 | [1] |
Income tax expense | (2,786) | (2,585) | [1] | (1,658) | [1] |
Profit from continuing operations | 9,990 | 5,157 | [1] | 8,606 | [1] |
Profit from discontinued operations | 424 | 531 | [1] | 560 | [1] |
Profit of the period | 10,414 | 5,688 | [2] | 9,166 | [2] |
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 8,748 | 3,839 | [1] | 7,430 | [1] |
Non-controlling interest | 1,243 | 1,318 | [1] | 1,176 | [1] |
Attributable to: | |||||
Equity holders of AB InBev | 9,171 | 4,370 | [1] | 7,990 | [1] |
Non-controlling interest | $ 1,243 | $ 1,318 | [1] | $ 1,176 | [1] |
Basic earnings per share | $ 4.62 | $ 2.21 | [1] | $ 4.05 | [1] |
Diluted earnings per share | 4.53 | 2.17 | [1] | 3.98 | [1] |
Basic earnings per share from continuing operations | 4.41 | 1.94 | [1] | 3.77 | [1] |
Diluted earnings per share from continuing operations | $ 4.32 | $ 1.91 | [1] | $ 3.70 | [1] |
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[2] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Statement of comprehensive income [abstract] | |||||
Profit of the period | $ 10,414 | $ 5,688 | $ 9,166 | ||
Other comprehensive income: items that will not be reclassified to profit or loss: | |||||
Re-measurements of post-employment benefits | (182) | 99 | (37) | ||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (182) | 99 | (37) | ||
Other comprehensive income: items that may be reclassified subsequently to profit or loss: | |||||
Exchange differences on translation of foreign operations | 947 | (7,916) | 1,716 | ||
Effective portion of changes in fair value of net investment hedges | (157) | 114 | (542) | ||
Cash flow hedges recognized in equity | 182 | 512 | (60) | ||
Cash flow hedges reclassified from equity to profit or loss | (292) | (565) | (36) | ||
Other comprehensive income that will be reclassified to profit or loss net of tax | 680 | (7,855) | 1,077 | ||
Other comprehensive income, net of tax | 498 | (7,756) | 1,040 | ||
Total comprehensive income | 10,912 | (2,068) | 10,205 | ||
Attributable to: | |||||
Equity holders of AB InBev | 10,044 | (2,998) | 8,831 | ||
Non-controlling interest | $ 867 | $ 930 | $ 1,374 | ||
[1] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] |
Non-current assets | |||||
Property, plant and equipment | $ 27,544 | $ 27,615 | $ 29,233 | ||
Goodwill | 128,114 | 133,311 | 140,940 | ||
Intangible assets | 42,452 | 44,831 | 45,874 | ||
Investments in associates and joint ventures | 5,861 | 6,136 | 5,263 | ||
Investment securities | 110 | 108 | 100 | ||
Deferred tax assets | 1,719 | 1,517 | 1,251 | ||
Employee benefits | 14 | 16 | 22 | ||
Income tax receivables | 1,081 | 992 | 708 | ||
Derivatives | 132 | 291 | 25 | ||
Trade and other receivables | 807 | 769 | 834 | ||
Non-current assets | 207,834 | 215,587 | 224,251 | ||
Current assets | |||||
Investment securities | 92 | 87 | 1,304 | ||
Inventories | 4,427 | 4,234 | 4,119 | ||
Income tax receivables | 627 | 457 | 908 | ||
Derivatives | 230 | 16 | 458 | ||
Trade and other receivables | 6,187 | 6,375 | 6,566 | ||
Cash and cash equivalents | 7,238 | 7,074 | 10,472 | ||
Assets classified as held for sale | 10,013 | 39 | 133 | ||
Current assets | 28,814 | 18,281 | 23,960 | ||
Total assets | 236,648 | 233,868 | 248,208 | ||
Equity | |||||
Issued capital | 1,736 | 1,736 | 1,736 | ||
Share premium | 17,620 | 17,620 | 17,620 | ||
Reserves | 24,882 | 19,061 | 24,833 | ||
Retained earnings | 31,484 | 26,068 | 28,387 | ||
Equity attributable to equity holders of AB InBev | 75,722 | 64,485 | 72,576 | ||
Non-controlling interests | 8,831 | 7,404 | 7,624 | ||
Total equity | 84,553 | 71,889 | 80,200 | ||
Non-current liabilities | |||||
Interest-bearing loans and borrowings | 97,564 | 106,997 | 110,637 | ||
Employee benefits | 2,848 | 2,681 | 2,993 | ||
Deferred tax liabilities | 12,824 | 13,165 | 13,107 | ||
Income tax payables | 1,022 | 576 | 732 | ||
Derivatives | 352 | 766 | 937 | ||
Trade and other payables | 1,943 | 1,816 | 1,462 | ||
Provisions | 701 | 1,152 | 1,515 | ||
Non-current liabilities | 117,254 | 127,153 | 131,383 | ||
Current liabilities | |||||
Bank overdrafts | 68 | 114 | 117 | ||
Interest-bearing loans and borrowings | 5,410 | 4,584 | 7,846 | ||
Income tax payables | 1,346 | 1,220 | 1,558 | ||
Derivatives | 3,799 | 5,574 | 1,457 | ||
Trade and other payables | 22,864 | 22,568 | 24,762 | ||
Provisions | 210 | 766 | 885 | ||
Liabilities associated with assets held for sale | 1,145 | ||||
Total current liabilities | 34,841 | 34,826 | 36,625 | ||
Total equity and liabilities | $ 236,648 | $ 233,868 | $ 248,208 | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity € in Millions, $ in Millions | USD ($) | EUR (€) | Issued capital [member]USD ($) | Share premium [member]USD ($) | Treasury shares [member]USD ($) | Reserves [member]USD ($) | Share-based payment reserves [member]USD ($) | OCI reserves [member]USD ($) | [1] | Deferred share instrument [member]USD ($) | Retained earnings [member]USD ($) | Equity attributable to owners of parent [member]USD ($) | Non-controlling interest [member]USD ($) | ||
Beginning balance at Dec. 31, 2016 | $ 81,425 | $ 1,736 | $ 17,620 | $ (8,980) | $ 45,726 | $ 1,437 | $ (15,626) | $ 1,212 | $ 28,214 | $ 71,339 | $ 10,086 | ||||
Profit of the period | 9,166 | [2] | 7,990 | 7,990 | 1,176 | ||||||||||
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) | [2] | (53) | (53) | 16 | ||||||||||
Total comprehensive income | 10,205 | [2] | 842 | 7,990 | 8,831 | 1,374 | |||||||||
Dividends | (9,230) | € (6,956) | (93) | (7,821) | (7,914) | (1,316) | |||||||||
Share-based payments | 333 | 316 | 316 | 18 | |||||||||||
Sale/(purchase) of non-controlling interests | (2,401) | (2,401) | |||||||||||||
Scope and other changes | (132) | 5 | 5 | (137) | |||||||||||
Ending balance at Dec. 31, 2017 | 80,200 | [3] | 1,736 | 17,620 | (8,980) | 45,726 | 1,753 | (14,784) | 1,119 | 28,387 | 72,576 | 7,624 | |||
Impact of adopting IFRSs 9 and 151 | [4] | (46) | (4) | (4) | (42) | ||||||||||
Beginning balance, as adjusted at Dec. 31, 2017 | 80,154 | 1,736 | 17,620 | (8,980) | 45,726 | 1,753 | (14,784) | 1,119 | 28,383 | 72,572 | 7,582 | ||||
Profit of the period | 5,688 | [2] | 4,370 | 4,370 | 1,318 | ||||||||||
Other comprehensive income | |||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | (7,802) | (7,374) | (7,374) | (429) | |||||||||||
Cash flow hedges | (52) | (92) | (92) | 40 | |||||||||||
Re-measurements of post-employment benefits | 99 | [2] | 98 | 98 | 1 | ||||||||||
Total comprehensive income | (2,068) | [2] | (7,368) | 4,370 | (2,998) | 930 | |||||||||
Dividends | (7,437) | (3,557) | (56) | (6,258) | (6,314) | (1,123) | |||||||||
Treasury shares | [1] | 2,431 | $ (1,063) | (1,368) | |||||||||||
Share-based payments | 290 | 284 | 284 | 6 | |||||||||||
Sale/(purchase) of non-controlling interests | 429 | 429 | (429) | ||||||||||||
Hyperinflation monetary adjustments | 905 | 560 | 560 | 345 | |||||||||||
Scope and other changes | 46 | (48) | (48) | 94 | |||||||||||
Ending balance at Dec. 31, 2018 | 71,889 | [3] | 1,736 | 17,620 | (6,549) | 45,726 | 2,037 | (22,152) | 26,068 | 64,485 | 7,404 | ||||
Profit of the period | 10,414 | 9,171 | 9,171 | 1,243 | |||||||||||
Other comprehensive income | |||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 790 | 1,143 | 1,143 | (353) | |||||||||||
Cash flow hedges | (110) | (97) | (97) | (13) | |||||||||||
Re-measurements of post-employment benefits | (182) | (173) | (173) | (9) | |||||||||||
Total comprehensive income | 10,912 | 873 | 9,171 | 10,044 | 867 | ||||||||||
Dividends | (5,179) | € (3,586) | (4,117) | (4,117) | (1,062) | ||||||||||
Treasury shares | 279 | (279) | |||||||||||||
Share-based payments | 319 | 290 | 290 | 29 | |||||||||||
Sale/(purchase) of non-controlling interests | 5,805 | 4,378 | 4,378 | 1,427 | |||||||||||
Hyperinflation monetary adjustments | 354 | 219 | 219 | 135 | |||||||||||
Scope and other changes | 452 | 421 | 421 | 31 | |||||||||||
Ending balance at Dec. 31, 2019 | $ 84,553 | $ 1,736 | $ 17,620 | $ (6,270) | $ 50,104 | $ 2,327 | $ (21,279) | $ 31,484 | $ 75,722 | $ 8,831 | |||||
[1] | See Note 23 Changes in equity and earnings per share. | ||||||||||||||
[2] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. | ||||||||||||||
[3] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. | ||||||||||||||
[4] | See Note 3 (E) Summary of changes in accounting policies. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | $ 9,990 | $ 5,157 | [1] | $ 8,606 | [1] |
Depreciation, amortization and impairment | 4,657 | 4,624 | 4,625 | ||
Impairment losses on receivables, inventories and other assets | 112 | 107 | 130 | ||
Additions/(reversals) in provisions and employee benefits | 216 | 504 | 175 | ||
Net finance cost/(income) | 3,473 | 8,826 | 6,626 | ||
Loss/(gain) on sale of property, plant and equipment and intangible assets | (149) | (82) | (104) | ||
Loss/(gain) on sale of subsidiaries, associates and assets held for sale | (34) | (20) | (47) | ||
Equity-settled share-based payment expense | 340 | 333 | 348 | ||
Income tax expense | 2,786 | 2,585 | 1,658 | ||
Other non-cash items included in profit | (220) | (654) | (261) | ||
Share of result of associates and joint ventures | (152) | (153) | (430) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 21,019 | 21,227 | 21,326 | ||
Decrease/(increase) in trade and other receivables | (258) | (105) | 98 | ||
Decrease/(increase) in inventories | (426) | (588) | (255) | ||
Increase/(decrease) in trade and other payables | 679 | 1,170 | 292 | ||
Pension contributions and use of provisions | (715) | (487) | (577) | ||
Cash generated from operations | 20,299 | 21,217 | 20,884 | ||
Interest paid | (4,450) | (4,559) | (4,777) | ||
Interest received | 523 | 429 | 811 | ||
Dividends received | 160 | 141 | 143 | ||
Income tax paid | (3,136) | (3,047) | (2,141) | ||
Cash flow from operating activities | 13,396 | 14,181 | 14,920 | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | (5,174) | (5,005) | (4,680) | ||
Proceeds from sale of property, plant and equipment and of intangible assets | 320 | 437 | 538 | ||
Acquisition of subsidiaries, net of cash acquired | (385) | (84) | (571) | ||
Sale of subsidiaries, net of cash disposed of | 133 | 257 | 40 | ||
Net proceeds from sale/(acquisition) of investment in short-term debt securities | (9) | 1,296 | 4,337 | ||
Net proceeds from sale/(acquisition) of other assets | (25) | (172) | (277) | ||
Net repayments/(payments) of loans granted | 12 | (156) | 215 | ||
Proceeds from assets held for sale | 55 | 0 | 15 | ||
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | |||
Taxes on SAB transaction-related divestitures | (100) | (3,449) | |||
Cash flow from investing activities | (5,073) | (3,857) | 7,865 | ||
FINANCING ACTIVITIES | |||||
(Purchase)/sale of non-controlling interest | 222 | (923) | (207) | ||
Proceeds from public offering of minority stake in Budweiser APAC | 5,575 | ||||
Proceeds from borrowings | 22,584 | 17,782 | 13,352 | ||
Payments on borrowings | (30,592) | (22,489) | (23,333) | ||
Cash net finance (cost)/income other than interests | (845) | (513) | (1,498) | ||
Payment of lease liabilities | (441) | (423) | (373) | ||
Dividends paid | (5,015) | (7,761) | (9,275) | ||
Cash flow from financing activities | (8,512) | (14,327) | (21,334) | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (189) | (4,003) | 1,451 | ||
Net increase/(decrease) in cash and cash equivalents on discontinued operations | 539 | 755 | 827 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 6,960 | 10,355 | 8,395 | ||
Effect of exchange rate fluctuations | (141) | (148) | (319) | ||
Cash and cash equivalents less bank overdrafts at end of period | $ 7,169 | $ 6,960 | $ 10,355 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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 2019 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 consolidated financial statements were authorized for issue by the Board of Directors on 1 1 |
Statement of compliance
Statement of compliance | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Statement of compliance | 2. Statement of compliance 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 2019 (collectively “IFRS”). AB InBev did not early apply any new IFRS requirements that were not yet effective in 2019 and did not apply any European carve-outs from IFRS. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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 associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev’s share in the result of these associates for the last quarter. Such estimates are revisited when required. 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 37 AB InBev companies (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES IFRS with effective application for annual periods beginning on 1 st IFRS 16 Leases IFRS 16 Leases IFRS 16 replaces the current lease accounting requirements and introduces significant changes to lessee accounting, removing the distinction between operating and finance leases under IAS 17 Leases right-of-use right-of-use For short-term leases and leases of low value assets, the company continues to recognize a lease expense on a straight-line basis as permitted by IFRS 16, and payments for these leases are presented in cash flow from operating activities. As a lessor, the company continues to classify leases as either finance leases or operating leases and accounts for those two types of leases differently. The company has chosen the full retrospective application of IFRS 16 and, consequently, has restated the comparative information in these financial statements. In addition, the company has applied the practical expedient available on transition to IFRS 16 to not reassess whether a contract is or contains a lease. Accordingly, the definition of a lease under IAS 17 and its related interpretations will continue to apply to the leases entered or modified before 1 January 2019. As a function of the transition to IFRS 16, the company recognized 1.7 billion US dollar of right-of-use Additional information is presented in Note 13 Property, plant and equipment Interest-bearing loans and borrowings Risks arising from financial instruments A number of other new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning on 1 January 2019 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. IFRIC 23 Uncertainty over Income Tax Treatments Effective 1 January 2019, AB InBev adopted IFRIC 23 Uncertainty over Income Tax Treatments (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 exchange rates prevailing on the date of the balance sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary 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 Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, leading Argentina’s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies Under IAS 29, 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: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 59.890668 37.807879 18.774210 — — 16.580667 Australian dollar 1.423804 1.416593 1.279580 1.438543 1.334300 1.308997 Brazilian real 4.030696 3.874806 3.308005 3.940998 3.634827 3.201667 Canadian dollar 1.299449 1.362882 1.253982 1.329140 1.293896 1.303248 Colombian peso 3 272.63 3 246.70 2 988.60 3 305.84 2 967.36 2 965.94 Chinese yuan 6.961461 6.877787 6.507500 6.886265 6.581607 6.785290 Euro 0.890155 0.873362 0.833819 0.892577 0.845697 0.886817 Mexican peso 18.845242 19.682728 19.735828 19.334915 19.195084 18.811612 Pound sterling 0.757344 0.781249 0.739790 0.784062 0.750773 0.773029 Peruvian nuevo sol 3.317006 3.369998 3.244558 3.346670 3.284477 3.267432 South Korean won 1 154.54 1 115.40 1 067.63 1 160.69 1 095.46 1 134.04 South African rand 14.044287 14.374909 12.345193 14.512975 13.105486 13.338803 (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 O). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company have a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized 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 O). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (H) 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 O). 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 control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. (K) LEASES The company as lessee The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a purchase option. The corresponding adjustment is made to the related right-of-use The right-of-use right-of-use The lease liability is presented in the ‘Interest-bearing loans and borrowings’ line and the right-of-use The company as lessor Leases where the company transfers substantially all the risks and rewards of ownership to the lessee are classified as finance leases. Leases of assets under which all the risks and rewards of ownership are substantially retained by the company are classified as operating leases. Rental income is recognized in other operating income on a straight-line basis over the term of the lease. (L) 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 (M) TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. (N) 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. (O) IMPAIRMENT The carrying amounts of 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 there is an indicator of impairment, 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 cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. Calculation of recoverable amount The recoverable amount of non-financial Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial (P) FAIR VALUE MEASUREMENT A number of AB InBev’s accounting policies and notes require fair value measurement for both financial and non-financial Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: inputs are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: fair value measurements incorporates significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. Derivatives The fair value of exchange traded derivatives (e.g. exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g. the New York Board of Trade). The fair value of over-the-counter Debt securities This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. Non-derivative The fair value of non-derivative (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 paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’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 of AB InBev’s 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 |
Use of estimates and judgments
Use of estimates and judgments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Use of estimates and judgments | 4. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or, if the revision affects both current and future periods, in the period of the revision and future periods. Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and understanding results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows. The company uses its judgment to select a variety of methods including the discounted cash flow method and option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each balance sheet date. Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expenses and liabilities. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy. The company is subject to income tax in numerous jurisdictions. Significant judgment is required to determine the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some subsidiaries within the group are involved in tax audits and local enquiries usually in relation to prior years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the 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, estimates are made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period that such determination is made. Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the following year are further discussed in the relevant notes hereafter. In preparing these consolidated financial statements, the significant judgments made by management in applying the company’s accounting policies and the key sources of uncertainty relate mainly to the following: the reporting of the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses into AB InBev Efes which closed on 30 March 2018; the adoption of hyperinflation accounting for the company’s Argentinean operations; the reporting of proceeds from the public offering of a minority stake in the company’s Asia Pacific subsidiary, Budweiser Brewing Company APAC Limited (“Budweiser APAC”); and the reporting of its Australian operations as assets held for sale as discussed below. (A) MERGER OF BUSINESSES IN RUSSIA AND UKRAINE WITH ANADOLU EFES On 30 March 2018, AB InBev announced the completion of the 50:50 merger of its Russia and Ukraine businesses with those of Anadolu Efes. Following completion, the company’s operations in Russia and Ukraine and those of Anadolu Efes are fully combined under a new company called AB InBev Efes. The combined business is fully consolidated into Anadolu Efes financial accounts. AB InBev has stopped consolidating the results of these operations as of the second quarter 2018 and account for its investment in AB InBev Efes under the equity method. Refer to Note 6 Acquisitions and disposals of Subsidiaries Investments in associates . (B) HYPERINFLATION IN ARGENTINA In May 2018, the Argentinean peso underwent a severe devaluation, resulting in Argentina’s Financial Reporting in Hyperinflationary Economies non-monetary re-measured Consequently, the company applied hyperinflation accounting for its Argentinean subsidiaries for the first time in the year-to-date • Non-monetary Finance cost and income • The income statement is adjusted at the end of each reporting period using the change in the general price index. It is converted at the closing exchange rate of each period (rather than the year-to-date non-hyperinflationary year-to-date The 2019 results, restated for purchasing power, were translated at the December 2019 closing rate of 59.890668 Argentinean pesos per US dollar (2018 results - at 37.807879 Argentinean pesos per US dollar). ( C ANNOUNCED DIVESTITURE OF AUSTRALIA BUSINESS TO ASAHI On 19 July 2019, AB InBev announced an agreement to divest its Australia business (Carlton & United Breweries) to Asahi for AUD 16.0 billion, equivalent to approximately USD 11.2 billion 1 As part of this transaction, the company will grant Asahi rights to commercialize its portfolio of global and international brands in Australia. The transaction is expected to close in the first half of 2020, subject to customary closing conditions, including but not limited to regulatory approvals in Australia. Effective 30 September 2019, AB InBev classified the assets and liabilities associated with the Australian operations as assets held for sale and liabilities associated with assets held for sale in accordance with IFRS 5 Non-current Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations (D) LISTING OF BUDWEISER APAC ON THE HONG KONG STOCK EXCHANGE On 30 September 2019, the company successfully completed the listing of a minority stake of its Asia Pacific subsidiary, Budweiser APAC, on the Hong Kong Stock Exchange for USD 5.75 billion (including the exercise of an over-allotment option). On 3 October 2019, the over-allotment option in connection with the initial public offering of a minority stake of Budweiser APAC was fully exercised. Following the full exercise of the over-allotment option, AB InBev controls 87.22% of the issued share capital of Budweiser APAC. Refer to Note 23 Changes in equity and earnings per share. 1 Converted into US dollars at the December 2019 closing rate of 1.423803. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2019 | |
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Segment reporting | 5. Segment reporting Segment information is presented by geographical segments, consistent with the information available to and regularly evaluated by the chief operating decision maker. AB InBev operates its business through six business segments. Regional and operating company management is responsible for managing performance, underlying risks, and the effectiveness of operations. Internally, AB InBev’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 the allocation of resources. The organizational structure effective as of 1 January 2019 comprises five regions: North America, Middle Americas, South America, EMEA and Asia Pacific. In addition to these five geographic regions, the company uses a sixth . AB InBev has restated the 2018 results (referred to as “2018 restated”) to reflect: • the new company organizational structure effective 1 January 2019; • the new IFRS rules on lease accounting as if the company had applied the new standard as of 1 January 2018; and • the classification of the Australian operations as a disposal group held for sale as if the classification had been applied as of 1 January 2018, in line with IFRS rules. Refer to Note 22 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations The results of the former SAB Central and Eastern European Business were reported as “Results from discontinued operations” until the completion of the disposal 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 transition of CCBA on 4 October 2017 and, following the completion of the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses on 30 March 2018, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes as results of associates as of that date . All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %) . North America Middle Americas South America EMEA Asia Pacific 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Volum e 108 111 114 134 129 124 140 136 140 86 87 132 93 96 94 Revenue 15 488 15 504 15 588 11 912 11 614 10 780 9 790 10 238 11 596 7 911 8 368 10 344 6 544 6 735 6 094 Normalized EBITDA 6 185 6 199 6 377 6 356 6 033 5 265 4 145 4 696 5 243 2 781 3 184 3 516 2 287 2 178 1 804 Normalized EBITDA margin % 39.9 % 40.0 % 40.9 % 53.4 % 51.9 % 48.8 % 42.3 % 45.9 % 45.2 % 35.2 % 38.1 % 34.0 % 35.0 % 32.3 % 29.6 % Depreciation, amortization and impairment (833 ) (834 ) (886 ) (921 ) (844 ) (781 ) (955 ) (1 008 ) (1 064 ) (974 ) (936 ) (992 ) (648 ) (734 ) (649 ) Normalized profit from operations (EBIT) 5 352 5 365 5 492 5 435 5 189 4 483 3 190 3 688 4 179 1 807 2 248 2 524 1 639 1 444 1 155 Exceptional items (see Note 8) (11 ) (10 ) 4 (51 ) (151 ) (158 ) (96 ) 1 (26 ) (61 ) (370 ) (144 ) (41 ) (43 ) (44 ) Profit from operations (EBIT) 5 341 5 355 5 495 5 384 5 038 4 325 3 094 3 689 4 153 1 746 1 878 2 381 1 598 1 401 1 110 Net finance income/(cost) Share of results of associates Income tax expense Profit from continuing operatio n Discontinued operations Profit/(loss) Segment assets (non-current) 63 725 63 443 63 341 76 168 71 844 74 196 13 452 13 250 13 858 39 442 42 874 46 889 13 450 22 545 24 189 Gross capex 679 917 530 1 286 1 324 1 206 1 063 777 776 1 208 1 163 1 086 626 599 564 FTE 20 040 19 323 19 306 52 412 53 140 56 006 41 603 40 503 41 140 23 804 23 604 26 823 29 482 31 523 36 386 Global Export and holding Consolidated 2019 2018 2017 2019 2018 2017 Volum e 1 1 2 561 560 605 Revenue 685 582 457 52 329 53 041 54 859 Normalized EBITDA (676 ) (558 ) (510 ) 21 078 21 732 21 695 Normalized EBITDA margin % — — — 40.3 % 41.0 % 39.5 % Depreciation, amortization and impairment (325 ) (269 ) (253 ) (4 657 ) (4 624 ) (4 625 ) Normalized profit from operations (EBIT) (1 001 ) (827 ) (764 ) 16 421 17 107 17 069 Exceptional items (see Note 8) (63 ) (119 ) (241 ) (323 ) (692 ) (609 ) Profit from operations (EBIT) (1 064 ) (946 ) (1 004 ) 16 098 16 414 16 460 Net finance income/(cost) (3 473 ) (8 826 ) (6 626 ) Share of results of associates 152 153 430 Income tax expense (2 786 ) (2 585 ) (1 658 ) Profit from continuing operations 9 990 5 157 8 606 Discontinued operations 424 531 560 Profit/(loss) 10 414 5 688 9 166 Segment assets (non-current) 1 595 1 631 1 778 207 834 215 587 224 251 Gross capex 312 224 247 5 174 5 005 4 409 FTE 4 574 4 683 3 254 171 915 172 776 182 915 For the period ended 31 December 2019, net revenue from the beer business amounted to 47 984m US dollar (31 December 2018: 48 602m US dollar; 31 December 2017: 50 703m US dollar) while the net revenue from the non-beer o On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 668m US dollar (31 December 2018: 710m US dollar; 31 December 2017: 704m US dollar) and non-current |
Acquisitions and disposals of s
Acquisitions and disposals of subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
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Acquisitions and disposals of subsidiaries | 6. Acquisitions and disposals of subsidiaries The table below summarizes the impact of acquisitions and disposals on the statement of financial position Million US dollar 2019 2018 2019 2018 Non-current Property, plant and equipment 44 2 (1 ) (310 ) Intangible assets 128 24 (29 ) (17 ) Deferred tax assets — 23 — — Trade and other receivables — — — (86 ) Investments in associates (15 ) — — — Current assets Inventories 43 17 (7 ) (84 ) Income tax receivables — — — (2 ) Trade and other receivables 19 2 (1 ) (79 ) Cash and cash equivalents 40 8 — (6 ) Assets held for sale — — — (27 ) Non-current Interest-bearing loans and borrowings (11 ) (3 ) — — Trade and other payables (110 ) — — — Deferred tax liabilities (33 ) — 9 4 Current liabilities Trade and other payables (65 ) (19 ) 2 406 Net identifiable assets and liabilities 40 54 (27 ) (201 ) Non-controlling (12 ) — 2 1 Goodwill on acquisitions and goodwill disposed of 682 107 (22 ) (652 ) Loss/(gain) on disposal — — (21 ) (15 ) Consideration to be (paid)/received (275 ) (112 ) — 47 Net cash paid on prior years acquisitions 16 68 (65 ) — Recycling of CTA in respect of net assets — — — (584 ) Contribution in kind — — — 1 150 Consideration paid/(received) 451 117 (133 ) (254 ) Cash (acquired)/disposed of (40 ) (5 ) — (3 ) Net cash outflow / (inflow) 411 112 (133 ) (257 ) Net cash outflow / (inflow) on continuing operations 385 84 (133 ) (257 ) Net cash outflow / (inflow) on discontinued operations 26 28 — — On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses as discussed in Note 4 (A). This transaction involved the contribution by AB InBev of its existing Russia and Ukraine businesses to AB InBev Efes in exchange for a 50% ownership in AB InBev Efes. In line with IFRS, the contribution by AB InBev of its existing Russia and Ukraine businesses to AB InBev Efes, with AB InBev losing control, is accounted for as a deemed disposal and the 50% non-controlling Investments in associates On 30 March 2018, AB InBev derecognized 573m US dollar net assets related to its former Russia and Ukraine businesses and recycled 584m US dollar from other comprehensive income to the consolidated income statement, resulting in a net exceptional, non-cash Exceptional items The company undertook a series of additional acquisitions and disposals during 2018 and 2019, with no significant impact in the company’s consolidated financial statements. |
Other operating income_(expense
Other operating income/(expenses) | 12 Months Ended |
Dec. 31, 2019 | |
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Other operating income/(expenses) | 7. Other operating income/(expenses) Million US dollar 2019 2018 2017 Government grants 280 317 404 License income 30 45 65 Net (additions to)/reversals of provisions (10 ) (11 ) (4 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 172 80 140 Net rental and other operating income 402 374 341 Other operating income/(expenses) 875 805 946 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 2019, the company expensed 291m US dollar in research, compared to 276m US dollar in 2018 and 265m US dollar in 2017. 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, 2019 | |
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Exceptional items | 8. Exceptional items IAS 1 Presentation of financial statements company’s financial information. The company considers these items to be significant and accordingly, management has excluded them from their segment measure of performance as noted in Note 5 Segment Reporting The exceptional items included in the income statement are as follows: Million US dollar 2019 2018 2017 Restructuring (170 ) (363 ) (447 ) Acquisition costs business combinations (23 ) (73 ) (123 ) Business and asset disposal (including impairment losses) (50 ) (26 ) (39 ) Brazil State tax regularization program (74 ) — — Cost related to public offering of minority stake in Budweiser APAC (6 ) — — Provision for EU investigation — (230 ) — Impact on profit from operations (323 ) (692 ) (609 ) The exceptional restructuring charges for 2019 total (170)m US dollar (2018: (363)m US dollar; 2017: (447)m US dollar). These charges primarily relate to organizational alignments. These changes aim to eliminate overlapping organizations or duplicated processes, taking into account the matching of employee profiles with new organizational requirements. These one-time InBev’s The acquisition costs of business combinations amount to (23)m US dollar in 2019, primarily related to cost incurred to facilitate the combination with SAB (2018: (73)m US dollar; 2017: (123)m US dollar). Business and asset disposals amount to (50)m US dollar in 2019, mainly comprising of costs incurred in relation to the announced divestiture of the Australia business. Business and asset disposals amounted to (26)m US dollar in 2018, mainly related to the costs incurred related to the IFRS treatment of the 50:50 merger of AB InBev’s and Anadolu Efes’ Russia and Ukraine businesses and the related transaction costs (see also Note 6 Acquisitions and disposals of subsidiaries In 2019, Ambev made a payment of (74)m US dollar to the State of Mato Grosso in relation to the Special Value-added Tax (ICMS) Amnesty Program in Brazil in accordance with the Brazilian State Tax Regularization Program. The company incurred 117m US dollar in fees related to the initial public offering of a minority stake of Budweiser APAC, its Asia Pacific subsidiary, of which 6m US dollar were reported in the income statement and 111m US dollar were capitalized in equity. In addition, the company has also reported 58m US dollar stamp duties in equity that are directly attributable to the public offering of Budweiser APAC. In 2016, the European Commission announced an investigation into alleged abuse of a dominant position by AB InBev in Belgium through certain practices aimed at restricting trade from other European Union member states to Belgium. In connection with these proceedings, a provision of 230m US was recognized in 2018 and settled in 2019. Refer also to Note 27 Provisions The company incurred exceptional net finance income of 882m US dollar for 2019 (2018: (1 982)m US dollar cost; 2017: (693)m US dollar cost) – see Note 11 Finance cost and income All the amounts referenced above are before income taxes. The exceptional items as of 31 December 2019 increased income taxes by 6m US dollar, decreased income taxes by 240m US dollar in 2018 and decreased income taxes by 814m US dollar in 2017. The 2017 decrease of income taxes, mainly related to a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017 partially offset by provisions accrued for tax contingencies covered by the Brazilian Federal Tax Regularization Program entered into by Ambev – see Note 12 Income taxes Deferred tax assets and liabilities Non-controlling |
Payroll and related benefits
Payroll and related benefits | 12 Months Ended |
Dec. 31, 2019 | |
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Payroll and related benefits | 9. Payroll and related benefits Million US dollar 2019 2018 2017 Wages and salaries (4 563 ) (4 638 ) (4 752 ) Social security contributions (683 ) (694 ) (688 ) Other personnel cost (678 ) (708 ) (759 ) Pension expense for defined benefit plans (193 ) (192 ) (196 ) Share-based payment expense (340 ) (353 ) (348 ) Contributions to defined contribution plans (101 ) (109 ) (107 ) Payroll and related benefits (6 558 ) (6 694 ) (6 850 ) The number of full time equivalents can be split as follows: 2019 2018 2017 AB InBev NV (parent company) 204 180 215 Other subsidiaries 171 711 172 596 182 700 Total number of FTE 171 915 172 776 182 915 |
Additional information on opera
Additional information on operating expenses by nature | 12 Months Ended |
Dec. 31, 2019 | |
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Additional information on operating expenses by nature | 10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2019 consolidated income statement: Million US dollar Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 751 86 11 — Distribution expenses 155 4 191 — Sales and marketing expenses 379 247 160 — Administrative expenses 277 290 98 — Other operating expenses 8 — — — Depreciation, amortization and impairment 3 570 627 460 — Depreciation, amortization and impairment charges are included in the following line items of the 2018 restated consolidated income statement : Million US dollar (restated) Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 807 67 — — Distribution expenses 166 3 186 — Sales and marketing expenses 414 165 153 — Administrative expenses 285 254 116 — Other operating expenses 8 — — — Depreciation, amortization and impairment 3 680 489 455 — Depreciation, amortization and impairment charges are included in the following line items of the 2017 restated consolidated income statement: Million US dollar (restated) Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 791 40 — — Distribution expenses 197 4 171 — Sales and marketing expenses 416 196 137 — Administrative expenses 335 245 83 — Other operating expenses 4 — — — Exceptional items — — — 6 Depreciation, amortization and impairment 3 743 485 391 6 The depreciation, amortization and impairment of property, plant and equipment included a full-cost reallocation of 5m US dollar in 2019 from the aggregate depreciation, amortization and impairment expense to cost of goods sold (2018: 1m US dollar; 2017: nil). |
Finance cost and income
Finance cost and income | 12 Months Ended |
Dec. 31, 2019 | |
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Finance cost and income | 11. Finance cost and income The finance costs included in the income statement are as follows : Million US dollar 2019 2018 2017 Interest expense (4 168 ) (4 141 ) (4 314 ) Capitalization of borrowing costs 19 23 22 Net interest on net defined benefit liabilities (95 ) (94 ) (102 ) Accretion expense (650 ) (511 ) (736 ) Net losses on hedging instruments that are not part of a hedge accounting relationship (393 ) (449 ) (382 ) Net foreign exchange results (net of the effect of foreign exchange derivative instruments) (180 ) 19 (306 ) Tax on financial transactions (79 ) (110 ) (68 ) Net mark-to-market 898 (1 774 ) (291 ) Other financial costs, including bank fees (225 ) (242 ) (136 ) (4 873 ) (7 279 ) (6 313 ) Exceptional finance cost (222 ) (1 982 ) (693 ) Finance costs (5 095 ) (9 261 ) (7 006 ) Finance income included in the income statement is as follows: Million US dollar 2019 2018 2017 Interest income 410 333 289 Hyperinflation monetary adjustments 86 46 — Other financial income 21 56 91 518 435 380 Exceptional finance income 1 104 — — Finance income 1 622 435 380 Finance costs, excluding exceptional items, decreased by 2 406m US dollar compared to 2018 mainly as a result of mark-to-market 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 China and South Africa. Interest is capitalized at a borrowing rate ranging from 3% to 4%. In 2019, accretion expense includes interest on lease liabilities of 124m US dollar (2018: 111m US dollar; 2017: 123m US dollar) . Interest expenses 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 Exceptional finance cost for 2019 includes: • 188m US dollar write-off • 34m US dollar of interest paid to the State of Mato Grosso in relation to the Special Value-added Tax (ICMS) Amnesty Program in Brazil in accordance with the Brazilian State Tax Regularization Program (2018: nil; 2017: 44m US dollar). Exceptional finance income for 2019 includes: • 445m US dollar resulting from mark-to-market Changes in equity and earnings per share • 433m US dollar resulting from mark-to-market • 226m US dollar gains resulting from the early termination of certain bonds, income related to the reduction of deferred considerations on acquisitions and foreign exchange translation gains on intragroup loans that were historically reported in equity and were recycled to profit and loss account upon the reimbursement of these loans (2018: 260m US dollar loss; 2017: 261m US dollar loss Exceptional net finance cost for 2017 also includes 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 No interest income was recognized on impaired financial assets. The interest income stems from the following financial assets: Million US dollar 2019 2018 2017 Cash and cash equivalents 237 256 207 Investment debt securities held for trading 9 22 16 Other loans and receivables 164 55 64 Total 410 333 287 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, 2019 | |
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Income taxes | 12. Income taxes Income taxes recognized in the income statement can be detailed a Million US dollar 2019 2018 2017 Current year (2 863 ) (2 704 ) (3 698 ) (Underprovided)/overprovided in prior years 58 101 1 Current tax expense (2 805 ) (2 603 ) (3 697 ) Origination and reversal of temporary differences (21 ) (148 ) 2 000 (Utilization)/recognition of deferred tax assets on tax losses 13 120 23 Recognition of previously unrecognized tax losses 27 46 16 Deferred tax (expense)/income 19 18 2 039 Total income tax expense (2 786 ) (2 585 ) (1 658 ) The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows : Million US dollar 2019 2018 2017 Profit before tax 12 776 7 741 10 264 Deduct share of result of associates and joint ventures 152 153 430 Profit before tax and before share of result of associates and joint ventures 12 624 7 588 9 834 Adjustments on taxable basis Government incentives (709 ) (742 ) (982 ) Non-deductible/(non-taxable) (1 776 ) 3 496 579 Other expenses not deductible for tax purposes 1 223 1 796 1 795 Other non-taxable (282 ) (158 ) (178 ) 11 080 11 980 11 048 Aggregated weighted nominal tax rate 26.2 % 26.5 % 28.2 % Tax at aggregated weighted nominal tax rate (2 901 ) (3 172 ) (3 116 ) Adjustments on tax expense Utilization of tax losses not previously recognized 13 120 23 Recognition of deferred taxes assets on previous years’ tax losses 27 46 16 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (137 ) (125 ) (143 ) (Underprovided)/overprovided in 58 101 1 Deductions from interest on equity 666 471 553 Deductions from goodwill 20 17 57 Other tax deductions 259 400 723 US Tax reform (change in tax rate and other) — 116 1 760 Change in tax rate (95 ) 144 (59 ) Withholding taxes (505 ) (403 ) (386 ) Brazilian Federal Tax Amnesty Program — — (870 ) Other tax adjustments (191 ) (300 ) (217 ) (2 786 ) (2 585 ) (1 658 ) Effective tax rate 22.1 % 34.1 % 16.9 % The total income tax expense for 2019 amounts to 2 786m US dollar compared to 2 585m US dollar for 2018. The effective tax rate decreased from 34.1% for 2018 to 22.1% for 2019 . The 2019 effective tax rate was positively impacted by non-taxable p non-deductible During 2018, the company finalized the re-measurement 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 resulted mainly from the re-measurement re-measurement 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 2019 2018 2017 Re-measurements 19 22 (39 ) Cash flow and net investment hedges 88 108 (95 ) Income tax (losses)/gains 107 130 (134 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
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Property, plant and equipment | 13. Property, plant and equipment Property, plant and equipment c : Million US dollar 31 December 31 December Property, plant and equipment owned 25 515 25 638 Property, plant and equipment leased (right-of-use 2 029 1 977 Total property, plant and equipment 27 544 27 615 31 December 2019 31 December 1 Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year 12 155 33 540 2 274 47 969 48 297 Effect of movements in foreign exchange (94 ) (374 ) (17 ) (485 ) (3 086 ) Acquisitions 48 1 236 3 167 4 451 4 342 Acquisitions through business combinations — 22 2 24 2 Disposals (208 ) (1 777 ) (2 ) (1 987 ) (1 474 ) Disposals through the sale of subsidiaries (1 ) (3 ) — (4 ) (1 128 ) Transfer (to)/from other asset categories and other movements 2 316 1 737 (3 264 ) (1 211 ) 1 014 Balance at end of the period 12 216 34 381 2 160 48 757 47 969 Depreciation and impairment losses Balance at end of previous year (3 450 ) (18 881 ) — (22 331 ) (21 414 ) Effect of movements in foreign exchange 40 270 — 310 1 392 Depreciation (409 ) (2 961 ) — (3 370 ) (3 530 ) Disposals 119 1 615 — 1 734 1 249 Disposals through the sale of subsidiaries 1 2 — 3 818 Impairment losses (1 ) (86 ) — (87 ) (91 ) Transfer to/(from) other asset 1 96 403 — 499 (755 ) Balance at end of the period (3 604 ) (19 638 ) — (23 242 ) (22 331 ) Carrying amount at 31 December 2018 8 704 14 659 2 274 25 638 25 638 at 31 December 2019 8 612 14 743 2 160 25 515 — As a result of the agreement to divest CUB to Asahi, the company reclassified 625m US dollar in property, plant and equipment to assets held for sale as at 31 December 2019 – see Note 22 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations As at 31 December 2019, the carrying amount of property, plant and equipment subject to restrictions on title amounted to 4m US dollar (31 December 2018: 8m US dollar). Contractual commitments to purchase property, plant and equipment amounted to 457m US dollar as at 31 December 2019 compared to 416m US dollar as at 31 December 2018. 1 The 2018 balances have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. As required by IFRS 5, the Australia property, plant and equipment balances for the Australia operations were reclassified to assets held for sale as at 31 December 2019 without restatement of 2018 balances. 2 The transfer (to)/from other asset categories and other movements relates mainly to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current non-monetary Financial reporting in hyperinflationary economies AB InBev’s net capital expenditures in the statement of cash flow amounted to 4 854m US dollar in 2019 and 4 568m US dollar in 2018. Out of the total 2019 capital expenditures approximately 42% was used to improve the company’s production facilities while 43% was used for logistics and commercial investments and 15% for improving administrative capabilities and for the purchase of hardware and software. Property, plant and equipment leased by the company (right-of-use 2019 Million US dollar Land and Machinery, Total Net carrying amount at 31 December 1 723 306 2 029 Depreciation for the period (329 ) (160 ) (489 ) 2018 restated Million US dollar Land and Machinery, Total Net carrying amount at 31 December 1 624 353 1 977 Depreciation for the period (318 ) (150 ) (468 ) As a result of the agreement to divest CUB to Asahi, the company reclassified 84m US dollar right-of-use 22 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements with a term of 27 years. These lease agreements will mature in November 2034. Furthermore, the company leases a number of warehouses, trucks, factory facilities and other commercial buildings, which typically run for a period of five to ten years. Lease payments are increased annually to reflect market rentals, if applicable. None of the leases include contingent rentals. Additions to right-of-use low-value right-of-use Acquisitions and disposals of subsidiaries The company leases out pub real estate for an average outstanding period of 6 to 8 years and part of its own property under operating leases . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
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Goodwill | 14. Goodwill Million US dollar 31 December 2019 31 December 2018 Acquisition cost Balance at end of previous year 133 316 140 980 Effect of movements in foreign exchange 53 (7 541 ) Disposals through the sale of subsidiaries (22 ) (652 ) Acquisitions through business combinations 682 107 Hyperinflation monetary adjustments 171 435 Reclassified as held for sale (6 081 ) (13 ) Balance at end of the period 128 119 133 316 Impairment losses Balance at end of previous year (5 ) (40 ) Impairment losses — — Disposals through the sale of subsidiaries — 35 Balance at end of the period (5 ) (5 ) Carrying amount at 31 December 2018 133 311 133 311 at 31 December 2019 128 114 As a result of the agreement to divest CUB to Asahi, the company reclassified 6 081m US dollar goodwill to assets held for sale – see Note 22 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations In 2019, AB InBev recognized goodwill on acquisitions of subsidiaries of 682m US dollar (2018: 107m US dollar) – see also Note 6 Acquisitions and disposals of subsidiaries . Effective 1 st re-allocated On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following this merger, the company derecognized its Russian and Ukrainian net assets including goodwill (see Note 6 Acquisitions and disposals of subsidiaries The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar Cash-generating unit 2019 2018 1 United States 33 451 33 288 Rest of North America 1 984 1 891 Mexico 13 175 12 614 Colombia 18 647 18 796 Rest of Middle Americas 25 257 21 969 Brazil 4 539 4 715 Rest of South America 1 101 1 139 Europe 2 277 2 222 South Africa 13 500 15 910 Rest of Africa 6 691 7 701 China 3 095 2 758 Rest of Asia Pacific 2 4 397 10 308 Total carrying amount of goodwill 128 114 133 311 A significant portion of the goodwill was recorded in connection with the 2016 combination with SAB. AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted . The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. AB InBev believes that all of its estimates are reasonable: they are consistent with the company’s internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control. If the company’s current assumptions and estimates, including projected revenues growth rates, competitive and consumer trends, weighted average cost of capital, terminal growth rates, and other market factors, are not met, or if valuation factors outside of the company’s control change unfavorably, the estimated fair value of goodwill could be adversely affected, leading to a potential impairment in the future. During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of Colombia, Rest of Middle Americas and South Africa cash-generating units that show the highest invested capital to EBITDA multiple. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a cash-generating unit’s carrying amount to exceed its recoverable amount. Goodwill, which accounted for approximately 54% of AB InBev total assets as at 31 December 2019, is tested for impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev’s cash-generating 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 cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; 1 The 2018 presentation has been restated following the change in cash-generating units effective as of 1 January 2019. 2 The balance attributable to the Rest of Asia Pacific CGU as at 31 December 2018 includes the Australia operations’ goodwill reclassified to assets held for sale as at 31 December 2019. • 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 3% and 5%. For the cash generating units subject to a discounted free cash flow approach, the WACC applied in US dollar nominal terms were as follows: Cash-generating unit 2019 2018 Colombia 6 % 7 % Rest of Middle Americas 9 % 9 % South Africa 7 % 8 % Rest of Africa 10 % 11 % In the sensitivity analysis performed by management, an adverse change of 1% in WACC would not cause a cash-generating 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). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible assets | 15. Intangible assets 31 December 2019 31 December 1 Million US dollar Brands Commerc i Software Other Total Total Acquisition cost Balance at end of previous year 42 133 2 949 2 692 691 48 465 48 871 Effect of movements in foreign exchange (13 ) (34 ) (29 ) (3 ) (79 ) (1 765 ) Acquisitions through business combinations 88 — 5 6 99 24 Acquisitions and expenditures — 290 113 228 631 668 Disposals — (120 ) (136 ) (3 ) (259 ) (96 ) Disposals through the sale of subsidiaries (29 ) — — — (29 ) (47 ) Transfer (to)/from other asset categories and other movements 2 (2 105 ) (311 ) (51 ) (253 ) (2 720 ) 810 Balance at end of period 40 074 2 774 2 594 666 46 108 48 465 Amortization and impairment losses Balance at end of previous year (32 ) (1 479 ) (2 002 ) (121 ) (3 634 ) (2 997 ) Effect of movements in foreign exchange — 24 16 1 41 164 Amortization — (239 ) (322 ) (61 ) (622 ) (445 ) Disposals — 117 135 2 254 14 Disposals through the sale of subsidiaries — — — — — 30 Transfer to/(from) other asset categories and other movements 1 — (18 ) 322 1 305 (400 ) Balance at end of period (32 ) (1 595 ) (1 851 ) (178 ) (3 656 ) (3 634 ) Carrying value at 31 December 2018 42 101 1 470 690 570 44 831 44 831 at 31 December 2019 40 042 1 179 743 488 42 452 As a result of the agreement to divest CUB to Asahi, the company reclassified 2 727m US dollar intangible assets to assets held for sale – see Note 22 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations During 2019, AB InBev recognized intangible assets on acquisitions of subsidiaries of 128m US dollar (2018: 24m US dollar) out of which 29m US dollar relates to acquisitions in Australia subsequently tranferred to assets held for sale – see also Note 6 Acquisitions and disposals of subsidiaries . On 2 May 2018, AB InBev recovered the Budweiser distribution rights in Argentina from CCU. The transaction involved the transfer of the Isenbeck, Iguana, Diosa, Norte and Baltica brands, along with a cash payment of 306m US dollar and other commitments, to CCU Argentina. The Budweiser distribution rights have been assigned an indefinite useful life. 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 at 31 December 2019, the carrying amount of the intangible assets amounted to 42 452m US dollar (31 December 2018: 44 831m US dollar) of which 40 181m US dollar was assigned an indefinite useful life (31 December 2018: 42 435m US dollar) and 2 271m US dollar a finite life (31 December 2018: 2 396m US dollar). 1 As required by IFRS 5, the intangible assets balances of the Australia operations were reclassified to assets held for sale as at 31 December 2019 without restatement of the 2018 balances. 2 The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of intangible assets held for sale in accordance with IFRS 5 Non-current non-monetary Financial reporting in hyperinflationary economies The carrying amount of intangible assets with indefinite useful lives was allocated to the cash-generating units as follows: Million US dollar Country 2019 2018 United States 22 124 22 037 Rest of North America 66 63 Mexico 3 243 3 068 Colombia 3 488 3 516 Rest of Middle Americas 3 915 3 915 Brazil 3 1 Rest of South America 714 741 Europe 489 535 South Africa 3 417 3 338 Rest of Africa 1 228 1 261 China 410 381 Rest of Asia Pacific 1 120 3 579 Total carrying amount of intangible assets with indefinite useful lives 40 217 42 435 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, 2019 | |
Investments accounted for using equity method [abstract] | |
Investments in associates | 16. Investments in associates A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows: 2019 2018 Million US dollar AB InBev Efes Castel Efes AB InBev Efes Castel Efes Balance at 1 January 1 159 3 279 479 — 3 480 694 Effect of movements in foreign exchange — (56 ) (59 ) — (213 ) (194 ) Acquisitions — — — 1 157 — — Dividends received (15 ) (95 ) (11 ) — (98 ) (11 ) Share of results of associates (11 ) 111 42 2 110 (10 ) Balance at end of period 1 133 3 239 451 1 159 3 279 479 On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following the closing of the transaction, the operations of AB InBev and Anadolu Efes in Russia and Ukraine are now combined under AB InBev Efes. The combined business is fully consolidated in the Anadolu Efes financial accounts. As a result of the transaction, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes under the equity method as of that date. See also Note 6 Acquisitions and disposals of subsidiaries The 2017 share of results of associates reported for Castel includes the revision of 2016 finalized result of associates. In 2018, the share of results of associates reported for Castel was negatively impacted by a currency devaluation in Angola. Summarized financial information of the company’s material associates is as follows: 2019 2018 Million US dollar AB InBev Efes Castel Efes AB InBev Efes Castel Efes Current assets 377 4 044 2 266 275 4 193 2 888 Non-current 767 4 255 5 618 664 4 291 6 463 Current liabilities 652 1 631 1 859 556 1 643 2 233 Non-current 109 743 1 986 — 635 2 207 Non-controlling — 723 1 909 — 939 2 297 Net assets 383 5 201 2 130 383 5 267 2 614 Revenue 1 388 5 107 4 015 1 081 5 786 3 816 Profit (loss) 23 719 276 4 921 (43 ) Other comprehensive income (loss) — (372 ) (431 ) — (254 ) 1 536 Total comprehensive income (loss) 23 347 (155 ) 4 667 1 493 In 2019, associates that are not individually material contributed 10m US dollar to the results of investment in associates (2018: 51m US dollar; 2017: 78m US dollar). Following the entry of Zimbabwe in a hyperinflation economy in 2019, the company recorded an impairment of 188m US dollar on its investment in Delta Corporation Ltd. The impairment is recorded as an exceptional net finance cost. Refer to Note 11 Finance cost and income . Additional information related to the significant associates is presented in Note 3 7 AB InBev Companies |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investment securities | 17. Investment securities Million US dollar 2019 2018 Investment in unquoted companies 86 84 Investment on debt securities 25 24 Non-current 111 108 Investment on debt securities 91 87 Current investments 91 87 As of 31 December 2019, current debt securities of 91m US dollar mainly represented investments in government bonds (31 December 2018: 87m US dollar). The company’s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Deferred tax assets and liabilities | 18. Deferred tax assets and liabilities The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows : 2019 Million US dollar Assets Liabilities Net Property, plant and equipment 415 (2 550 ) (2 135 ) Intangible assets 112 (10 327 ) (10 215 ) Inventories 119 (67 ) 52 Trade and other receivables 52 (1 ) 51 Interest-bearing loans and borrowings 706 (603 ) 103 Employee benefits 631 (3 ) 628 Provisions 467 (22 ) 445 Derivatives 23 (21 ) 2 Other items 311 (861 ) (550 ) Loss carry forwards 515 — 515 Gross deferred tax assets/(liabilities) 3 350 (14 455 ) (11 105 ) Netting by taxable entity (1 631 ) 1 631 — Net deferred tax assets/(liabilities) 1 719 (12 824 ) (11 105 ) 2018 restated Million US dollar Assets Liabilities Net Property, plant and equipment 381 (2 665 ) (2 284 ) Intangible assets 115 (10 665 ) (10 550 ) Inventories 101 (67 ) 34 Trade and other receivables 142 (62 ) 80 Interest-bearing loans and borrowings 535 (618 ) (83 ) Employee benefits 673 (5 ) 668 Provisions 483 (27 ) 456 Derivatives 33 (58 ) (25 ) Other items 215 (736 ) (521 ) Loss carry forwards 577 — 577 Gross deferred tax assets/(liabilities) 3 255 (14 903 ) (11 648 ) Netting by taxable entity (1 738 ) 1 738 — Net deferred tax assets/(liabilities) 1 517 (13 165 ) (11 648 ) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2019 2018 2017 Balance at 1 January (11 648 ) (11 857 ) (13 442 ) Recognized in profit or loss 19 95 1 929 Recognized in other comprehensive income 109 (130 ) (134 ) Acquisitions through business combinations (18 ) (23 ) (74 ) Reclassified as held for sale 363 — — Other movements and effect of changes in foreign exchange rates 70 267 (136 ) Balance at 31 December (11 105 ) (11 648 ) (11 857 ) Following the US Tax reform enacted 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 resulted in 1.8 billion US dollar recognized as an exceptional tax gain in 2017 – 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. Tax losses carried forward and deductible temporary differences on which no deferred tax asset is recognized amount to 4 734m US dollar (2018: 5 280m US dollar; 2017: 4 449m US dollar). 728m US dollar of these tax losses and deductible temporary differences do not have an expiration date, 22m US dollar, 737m US dollar and 218m US dollar expire within respectively 1, 2 and 3 years, while 3 029m 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, 2019 | |
Text block [abstract] | |
Inventories | 19. Inventories Million US dollar 2019 2018 Prepayments 105 123 Raw materials and consumables 2 478 2 387 Work in progress 405 363 Finished goods 1 257 1 215 Goods purchased for resale 182 146 Inventories 4 427 4 234 Inventories other than work in progress Inventories stated at net realizable value 171 59 The cost of inventories recognized as an expense in 2019 amounts to 20 362m US dollar, included in cost of sales (2018: 19 933m US dollar; 2017: 20 975m US dollar). Impairment losses on inventories recognized in 2019 amount to 59m US dollar (2018: 72m US dollar; 2017: 72m US dollar) . |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Trade and other receivables | 20. Trade and other receivables NON-CURRENT Million US dollar 2019 2018 Cash deposits for guarantees 219 197 Loans to customers 58 45 Deferred collection on disposals — 53 Tax receivable, other than income tax 166 139 Trade and other receivables 363 335 807 769 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 2019 2018 Trade receivables and accrued income 4 046 4 412 Interest receivable 21 19 Tax receivable, other than income tax 821 378 Loans to customers 119 143 Prepaid expenses 563 329 Other receivables 616 1 094 6 187 6 375 The carrying amount of trade and other receivables is a good approximation of their fair value as the impact of discounting is not significant . The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current Net carrying 2019 Of which: neither Of which not impaired as of the reporting date and Less than Between 30 Between 60 More than Trade receivables and accrued income 4 046 3 690 261 44 44 7 Loans to customers 177 172 1 2 2 — Interest receivable 21 21 — — — — Other receivables 616 582 9 16 5 4 4 860 4 465 271 62 51 11 Net carrying 2018 Of which: neither Of which not impaired as of the reporting date and Less than 30 days Between 30 days Between 60 days More than 90 days Trade receivables and accrued income 4 412 4 092 239 52 20 9 Loans to customers 188 176 4 5 3 — Interest receivable 19 19 — — — — Other receivables 1 094 1 051 13 26 4 — 5 713 5 338 256 83 27 9 The above analysis of the age of financial assets that are past due as at the reporting date but not impaired also includes non-current 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, 2019 | |
Text block [abstract] | |
Cash and cash equivalents | 21. Cash and cash equivalents Million US dollar 31 December 2019 31 December 2018 Short-term bank deposits 2 236 2 233 Cash and bank accounts 5 002 4 841 Cash and cash equivalents 7 238 7 074 Bank overdrafts (68 ) (114 ) 7 169 6 960 The cash outstanding as at 31 December 2019 includes restricted c a i Contingencies |
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, 2019 | |
Text block [abstract] | |
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations | 22. Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations ASSETS CLASSIFIED AS HELD FOR SALE Million US dollar 31 December 2019 31 December 2018 Balance at the end of previous year 39 133 Reclassified to assets held for sale in the period 9 692 35 Disposals (59 ) (128 ) Effect of movements in foreign exchange 341 (1 ) Balance at the end of year 10 013 39 LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE Million US dollar 31 December 2019 31 December 2018 Balance at the end of previous year — — Reclassified to liabilities associated with assets held for sale 1 106 — Effect of movements in foreign exchange 39 Balance at the end of year 1 145 — On 19 July 2019, AB InBev announced the agreement to divest CUB, its Australian subsidiary, to Asahi for 16.0 billion AUD (11.2 billion 1 Asahi has committed financing in place and the transaction is subject to customary closing conditions, including but not limited to regulatory approvals in Australia. The transaction is expected to close by the first half of 2020. The company will continue to manage these operations until the transaction completes. Consequently, in accordance with IFRS 5 Non-current , assets and liabilities associated with the Australian operations have been reclassified to assets held for sale and liabilities ass o ciated with assets held for sale. Furthermore, the results of the Australian operations are now accounted for as discontinued operations and presented in a separate line in the consolidated income statement (“profit from discontinued operations”). As required by IFRS 5, the 2018 and 2017 consolidated income statements and statements of cash flows have been restated in these consolidated financial statements . 1 Converted into US dollars at the December 2019 closing rate of 1.423803. ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities relating to the Australian operations have been classified as held for sale on the consolidated statement of financial position as at 31 December 2019. The relevant assets and liabilities are detailed in the table below: Million US dollar 31 December Assets Property, plant and equipment 625 Goodwill and intangible assets 9 030 Other assets 310 Assets classified as held for sale 9 965 Liabilities Trade and other payables 659 Deferred tax liabilities 380 Other liabilities 106 Liabilities associated with assets held for sale 1 145 RESULTS FROM DISCONTINUED OPERATIONS The following table summarizes the results of the Australian operations included in the consolidated income statements and presented as discontinued operations: For the twelve-month period ended 31 December Million US dollar 2019 2018 2017 Revenue 1 394 1 577 1 585 Profit from operations 632 775 764 Profit from discontinued operations 424 531 532 The cumulative foreign exchange differences arising from translation of the consolidated net assets of Australian operations to the presentation currency will be recycled upon the disposal of the subsidiary. The cumulative other comprehensive income / (loss) attributable to the Australian operations amounted to (426)m US dollar as of 31 December 2019. CASH FLOW FROM DISCONTINUED OPERATIONS Cash flows attributable to the operating, investing and financing activities of the Australian operations are summarized as follows: For the twelve-month period ended 31 December Million US dollar 2019 2018 2017 Cash flow from operating activities 640 883 858 Cash flow from investing activities (77 ) (109 ) (10 ) Cash flow from financing activities (24 ) (19 ) (21 ) Net increase in cash and cash equivalents 539 755 827 |
Changes in equity and earnings
Changes in equity and earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Changes in equity and earnings per share | 23. Changes in equity and earnings per share STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 201 9 : 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 Million shares Million US dollar Million US dollar At the end of the previous year 62.5 (6 549 ) (2 383 ) Changes during the period (2.7 ) 279 (173 ) 59.9 (6 270 ) (2 556 ) As at 31 December 2019, 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 59 862 847 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 325 999 817 restricted shares. As at 31 December 2019, 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 h e 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 is based on the notifications made to the company pursuant to the Belgian Law of 02 May 2007, which governs the disclosure of significant shareholdings in listed companies. It is included in the Corporate Governance CHANGES IN OWNERSHIP INTERESTS In compliance with IFRS 10, the acquisition or disposal of additional shares in a subsidiary is accounted for as an equity transaction with owners. On 30 September 2019, the initial public offering (the “IPO”) of a minority stake in Budweiser Brewing Company APAC Limited, AB InBev’s Asia Pacific subsidiary, was completed and Budweiser APAC commenced the listing of its shares on the Hong Kong Stock Exchange. In addition, on 3 October 2019, the over-allotment option in connection with the IPO of Budweiser APAC was fully exercised by the international underwriters. The final number of shares issued in the IPO was 1 669 459 000 shares comprising of 72 586 000 shares issued under the Hong Kong public offering, 1 379 118 000 shares placed under the international offering, and 217 755 000 shares issued under the over-allotment option fully exercised by the international underwriters. Following the completion of the IPO and after the exercise of the over-allotment option, AB InBev retained an 87.22% controlling interest of the issued share capital of Budweiser APAC. As presented in the consolidated statement of changes in equity, the transaction resulted in a 4.4 billion US dollar increase in equity and a 1.2 billion US dollar increase in non-controlling interest representing 12.78% of the net assets of Budweiser APAC. The net proceeds of the offering (after deducting the underwriting commissions and other expenses in connection with the IPO and the issuance of the new shares) amount to 5.6 billion US dollar and were used to repay debt of AB InBev. ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIAN COMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES– PURCHASE OF OWN SHARES During 2019, the company has not acquired any treasury shares in accordance with article 7:215 of the Belgian Code of Companies and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of its own shares. Treasury shares The company has used 2 664 658 treasury shares to reimburse stock lending arrangements. As a result, as at 31 December 2019, the group owned 59 862 847 own shares of which 42 158 420 were held directly by AB InBev. The par value of the share is 0.61 euro. As a consequence, the treasury shares used to reimburse stock lending arrangements during 2019 represented 1 826 021 US dollar (1 625 441 euro) of the subscribed capital and the shares that the company still owned at the end of 2019 represented 41 022 453 US dollar (36 516 337 euro) of the subscribed capital. Borrowed shares In order to fulfill AB InBev’s commitments under various outstanding stock option plans, during the course of 2019, the company had stock lending arrangements in place for up to 32 664 658 shares, of which 31 601 230 shares were used to fulfil stock option plan commitments during 2019. As at 31 December 2019, given the repayment of 2 664 658 shares, the balance of borrowed shares still to be repaid amounted to 30 million. On such date, an amount of 1 063 428 borrowed shares remained available for further use.The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend. DIVIDENDS On 24 October 2019, an interim dividend of 0.80 euro per share or approximately 1 588m euro was approved by the Board of Directors. This interim dividend was paid out on 21 November 2019. On 26 February 2020, in addition to the interim dividend paid on 21 November 2019, a dividend of 1 euro per share or 1 998m euro was proposed by the Board of Directors, reflecting a total dividend payment for the 2019 fiscal year of 1.80 euro per share or 3 586m euro. On 24 October 2018, an interim dividend of 0.80 euro per share or approximately 1 565m euro was approved by the Board of Directors. This interim dividend was paid out on 29 November 2018. On 24 April 2019, in addition to the interim dividend paid on 29 November 2018, a dividend of 1.00 euro per share (or 1 978m euro) was approved at the shareholder’ meeting, reflecting a total dividend payment for the 2018 fiscal year of 1.80 euro per share (or 3 557m euro). The dividend was paid out on 9 May 2019. 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 25 April 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 approved at the shareholders meeting, reflecting a total dividend payment for 2017 fiscal year of 3.60 euro per share ( ) TRANSLATION RESERVES The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment. HEDGING RESERVES The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss. TRANSFERS FROM SUBSIDIARIES The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries, and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2019, 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 taxes, if applicable, generally do 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. On 21 May 2018, AB InBev delivered the shares that were due under the deferred share instruments through the use of AB InBev treasury shares. Until the delivery of the AB InBev shares, AB InBev paid a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders were compensated on an after-tax The deferred share instrument was classified as an equity instrument, in line with IAS 32, because the number of shares and consideration received are fixed. The coupon to compensate for the dividend equivalent is reported through equity. On 3 May 2018, the company paid a coupon of 2.00 euro per share (approximately 56m US dollar). 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 2019 (21 079 ) 494 (1 567 ) (22 152 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 143 — — 1 143 Cash flow hedges — (97 ) — (97 ) Re-measurements — — (173 ) (173 ) Total comprehensive income 1 143 (97 ) (173 ) 873 As per 31 December 2019 (19 936 ) 397 (1 740 ) (21 279 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2018 (13 705 ) 586 (1 665 ) (14 784 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (7 374 ) — — (7 374 ) Cash flow hedges — (92 ) — (92 ) Re-measurements — — 98 98 Total comprehensive income (7 374 ) (92 ) 98 (7 368 ) As per 31 December 2018 (21 079 ) 494 (1 567 ) (22 152 ) 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 ) EARNINGS PER SHARE The calculation of basic earning s Million shares 2019 2018 2017 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 957 1 934 1 934 Effect of stock lending 25 18 14 Effect of undelivered shares under the deferred share instrument — 9 23 Effect of delivery of treasury shares 2 14 — Weighted average number of ordinary and restricted shares at 31 December 1 984 1 975 1 971 The calculation of diluted earnings per share for the year ended 31 December 2019 is based on the profit attributable to the equity holders of AB InBev of 9 171m US dollar (31 December 2018: 4 370m US dollar; 31 December 2017: 7 990m US dollar) and the weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows: Million shares 2019 2018 2017 Weighted average number of ordinary and restricted shares at 31 December 1 984 1 975 1 971 Effect of share options, warrants and restricted stock units 42 36 39 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 026 2 011 2 010 The calculation of earnings per share before exceptional items and discontinued oper a s : Million US dollar 2019 2018 2017 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 8 086 6 248 7 392 Exceptional items, before taxes (refer to Note 8) (323 ) (692 ) (609 ) Exceptional finance income/(cost), before taxes (refer to Note 8) 882 (1 982 ) (693 ) Exceptional taxes (refer to Note 8) (6 ) 233 814 Exceptional non-controlling 108 32 526 Profit from discontinued operations 424 531 560 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 The calculation of the Underlying EPS 1 mark-to-market discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev to the profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev, is calculated as follows: Million US dollar 2019 2018 2017 Profit before exceptional items, discontinued operations, mark-to-market 7 196 8 099 7 683 Mark-to-market 898 (1 774 ) (291 ) Hyperinflation impacts (7 ) (77 ) — Profit before exceptional items and discontinued operations, attributable t 8 086 6 248 7 392 The table below sets out the EPS calcul a Million US dollar 2019 2018 2017 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing and discontinued operations 4.62 2.21 4.05 Profit from continuing operations attributable to equity holders of AB InBev 8 748 3 839 7 430 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing operations 4.41 1.94 3.77 Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev 8 086 6 248 7 392 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing operations before exceptional items 4.08 3.16 3.75 Profit before exceptional items, discontinued operations, mark-to-market 7 196 8 099 7 683 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Underlying EPS 3.63 4.10 3.90 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing and discontinued operations 4.53 2.17 3.98 Profit from continuing operations attributable to equity holders of AB InBev 8 748 3 839 7 430 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing operations 4.32 1.91 3.70 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 8 086 6 248 7 392 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing operations before exceptional items 3.99 3.11 3.68 The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted st o p r 1 See glossary. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Interest-bearing loans and borrowings | 24. Interest-bearing loans and borrowings 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 31 December 2019 31 December 2018 Secured bank loans 71 109 Unsecured bank loans 50 86 Unsecured bond issues 95 674 105 170 Unsecured other loans 77 57 Lease liabilities 1 692 1 575 Non-current 97 564 106 997 Current liabilities Million US dollar 31 December 2019 31 December 2018 Secured bank loans 790 370 Commercial papers 1 599 1 142 Unsecured bank loans 135 22 Unsecured bond issues 2 532 2 626 Unsecured other loans 20 14 Lease liabilities 333 410 Current interest-bearing loans and borrowings 5 410 4 584 The current and non-current . Commercial papers amount to 1.6 billion US dollar as of 31 December 2019 and include programs in US dollar and euro with a total authorized issuance up to 5.0 During 2019, Anheuser-Busch InBev Worldwide Inc. (ABIWW) and Anheuser-Busch In B : Issue date Issuer Maturity date Currency Aggregate Interest rate 23 Jan 2019 ABIWW 23 Jan 2025 USD 2 500 4.150 % 23 Jan 2019 ABIWW 23 Jan 2029 USD 4 250 4.750 % 23 Jan 2019 ABIWW 23 Jan 2031 USD 750 4.900 % 23 Jan 2019 ABIWW 23 Jan 2039 USD 2 000 5.450 % 23 Jan 2019 ABIWW 23 Jan 2049 USD 4 000 5.550 % 23 Jan 2019 ABIWW 23 Jan 2059 USD 2 000 5.800 % 29 Mar 2019 ABISA 1 Jul 2027 EUR 1 250 1.125 % 29 Mar 2019 ABISA 28 Mar 2031 EUR 1 000 1.650 % On 11 February 2019, the company completed the tender offers of twelve series of notes issued by Anheuser-Busch InBev Finance Inc. (ABIFI), Anheuser-Busch Companies LLC (ABC) and Anheuser-Busch InBev Worldwide Inc. (ABIWW) and repurchased 16.3 billion US dollar aggregate principal amount of these notes. The total principal amount accepted in the tender offers is set out in the table below. Date of Issuer Title of series of notes issued exchanged Currency Original principal Principal amount 11 Feb 2019 ABIFI 2.650% Notes due 2021 USD 4 968 2 519 11 Feb 2019 ABIFI Floating Rate Notes due 2021 USD 500 189 11 Feb 2019 ABIWW 4.375% Notes due 2021 USD 500 215 11 Feb 2019 ABIWW 3.750% Notes due 2022 USD 2 350 1 101 11 Feb 2019 ABIWW 2.500% Notes due 2022 USD 3 000 1 296 11 Feb 2019 ABIFI 2.625% Notes due 2023 USD 1 250 607 11 Feb 2019 ABIFI 3.300% Notes due 2023 USD 6 000 2 886 11 Feb 2019 ABIWW Floating Rate Notes due 2024 USD 500 271 11 Feb 2019 ABIWW 3.500% Notes due 2024 USD 1 500 846 11 Feb 2019 ABIFI 3.700% Notes due 2024 USD 1 400 535 11 Feb 2019 ABIFI 3.650% Notes due 2026 USD 2 445 812 11 Feb 2019 ABC 3.650% Notes due 2026 USD 8 555 5 064 Furthermore, in 2019, the company redeemed the outstanding principal amounts indicated in the table bel o B Date of redemption Issuer Title of series of notes issued exchanged Currency Aggregate principal Principal amount 25 Apr 2019 ABISA 2.25% Notes due 2020 EUR 750 750 25 Apr 2019 ABIWW 3.750% Notes due 2022 USD 1 249 1 249 25 Apr 2019 ABIFI 3.300% Notes due 2023 USD 3 114 315 29 Oct 2019 ABISA 0.625% Notes due 2020 EUR 1 750 1 750 29 Oct 2019 ABIFI 2.650% Notes due 2021 USD 2 449 2 449 29 Oct 2019 ABIWW 2.500% Notes due 2022 USD 1 704 525 12 Nov 2019 ABIWW 2.500% Notes due 2022 USD 1 179 725 Terms and debt repayment schedule at Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 861 790 14 14 16 27 Commercial papers 1 599 1 599 — — — — Unsecured bank loans 185 135 50 — — — Unsecured bond issues 98 206 2 532 2 506 2 760 11 435 78 973 Unsecured other loans 98 21 13 8 4 52 Lease liabilities 2 025 333 290 198 225 979 102 974 5 410 2 873 2 980 11 680 80 031 Terms and debt repayment schedule at Million US dollar (restated) Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 479 370 38 14 26 31 Commercial papers 1 142 1 142 — — — — Unsecured bank loans 108 22 — 86 — — Unsecured bond issues 107 796 2 626 5 259 8 039 17 180 74 692 Unsecured other loans 71 14 18 7 9 23 Lease liabilities 1 985 410 312 255 357 650 111 581 4 584 5 627 8 401 17 572 75 396 Lease liabilities 2019 2019 2019 2018 2018 2018 Less than one year 404 71 333 508 98 410 Between one and two years 350 60 290 391 79 312 Between two and three years 243 45 198 325 70 255 Between three and five years 285 60 225 467 110 357 More than 5 years 1 056 77 979 900 250 650 2 338 313 2 025 2 591 606 1 985 Net debt is defined as non-current a . AB InBev’s net debt decreased to 95.5 billion US dollar as of 31 December 2019, from 104.2 billion US dollar as of 31 December 2018 after restatement for adoption of IFRS 16 on lease accounting and inclusion of the lease liability. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (7.1 billion US dollar), the settlement of derivatives (0.8 billion US dollar increase of net debt), dividend payments to AB InBev’s shareholders (5.0 The following table provides a reconciliation of AB InBev’s net deb t Million US dollar 31 December 2019 31 December 2018 Non-current 97 564 106 997 Current interest-bearing loans and borrowings 5 410 4 584 Interest-bearing loans and borrowings 102 974 111 581 Bank overdrafts 68 114 Cash and cash equivalents (7 238 ) (7 074 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (146 ) (268 ) Debt securities (included within Investment securities) (117 ) (111 ) Net debt 95 542 104 242 Reconciliation of liabilities arising from financing activities The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash n . Million US dollar Long-term debt, net Short-term debt and Balance at 1 January 2019 106 997 4 584 Proceeds from borrowings 17 939 4 645 Payments on borrowings (22 339 ) (8 253 ) Capitalization / (payment) of lease liabilities 420 (441 ) Amortized cost 75 13 Unrealized foreign exchange effects (538 ) (39 ) Current portion of long-term debt (4 769 ) 4 769 Liabilities associated with assets held for sale (69 ) (15 ) Other movements (152 ) 147 Balance at 31 December 2019 97 564 5 410 Million US dollar (restated) Long-term debt, net Short-term debt and Balance at 1 January 2018 110 637 7 846 Proceeds from borrowings 15 111 2 672 Payments on borrowings (13 925 ) (8 564 ) Capitalization / (payment) of lease liabilities 215 (423 ) Amortized cost 47 17 Unrealized foreign exchange effects (1 951 ) (316 ) Current portion of long-term debt (3 114 ) 3 114 Other movements (22 ) 238 Balance at 31 December 2018 106 997 4 584 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Employee benefits | 25. Employee benefits 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 2019, contributions paid into defined contribution plans for the company amounted to 101m US dollar compared to 109m US dollar for 2018 and 107m US dollar for 2017. DEFINED BENEFIT PLANS During 2019, the company contributed to 82 defined benefit plans, of which 61 are retirement or leaving service plans, 17 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 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 161m 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 2019, 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 834m US dollar as of 31 December 2019 compared to 2 665m US dollar as of 31 December 2018. In 2019, the fair value of the plan assets increased by 383m US dollar and the defined benefit obligations increased by 575m US dollar. The increase in the employee benefit net liability is mainly driven by decreases in discount rates and unfavorable foreign exchange movements. The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 Decembe r : Million US dollar 2019 2018 Present value of funded obligations (7 333 ) (6 762 ) Fair value of plan assets 5 442 5 059 Present value of net obligations for funded plans (1 891 ) (1 703 ) Present value of unfunded obligations (810 ) (806 ) Present value of net obligations (2 701 ) (2 509 ) Unrecognized asset (74 ) (77 ) Net liability (2 775 ) (2 586 ) Other long-term employee benefits (59 ) (79 ) Total employee benefits (2 834 ) (2 665 ) Employee benefits amounts in the balance sheet: Liabilities (2 848 ) (2 681 ) Assets 14 16 Net liability (2 834 ) (2 665 ) The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2019 2018 2017 Defined benefit obligation at 1 January (7 568 ) (8 410 ) (7 952 ) Current service costs (67 ) (72 ) (74 ) Interest cost (326 ) (322 ) (340 ) Past service gain/(cost) (9 ) (3 ) 17 Settlements 109 45 6 Benefits paid 596 493 502 Contribution by plan participants (2 ) (3 ) (4 ) Actuarial gains/(losses) – demographic assumptions 61 27 24 Actuarial gains/(losses) – financial assumptions (912 ) 350 (264 ) Experience adjustments 29 14 (21 ) Exchange differences (86 ) 313 (343 ) Transfers and other movements 32 — 39 Defined benefit obligation at 31 December (8 143 ) (7 568 ) (8 410 ) As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.7 billion US dollar relating to active employees, 1.7 billion US dollar relating to deferred members and 4.8 billion US dollar relating to members in retirement. The changes in the fair value of plan assets are as follows: Million US dollar 2019 2018 2017 Fair value of plan assets at 1 January 5 059 5 623 5 177 Interest income 218 225 239 Administration costs (23 ) (14 ) (22 ) Return on plan assets exceeding interest income 579 (333 ) 233 Contributions by AB InBev 294 307 315 Contributions by plan participants 2 3 4 Benefits paid net of administration costs (596 ) (493 ) (502 ) Assets distributed on settlements (107 ) (45 ) (7 ) Exchange differences 46 (214 ) 214 Transfers and other movements (30 ) — (28 ) Fair value of plan assets at 31 December 5 442 5 059 5 623 Actual return on plans assets amounted to a gain of 797m US dollar in 2019 compared to a loss of 108m US dollar in 2018. The changes in the unrecognized asset are as follows: Million US dollar 2019 2018 2017 Irrecoverable surplus impact at 1 January (77 ) (111 ) (168 ) Interest expense (7 ) (10 ) (17 ) Changes excluding amounts included in interest expense 9 44 74 Irrecoverable surplus impact at 31 December (74 ) (77 ) (111 ) The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows: Million US dollar 2019 2018 2017 Current service costs (67 ) (72 ) (74 ) Administration costs (23 ) (14 ) (22 ) Past service cost due to plan amendments and curtailments 66 (3 ) 17 (Losses)/gains due to experience and demographic assumption changes 1 3 3 Profit from operations (23 ) (86 ) (76 ) Net finance cost (114 ) (107 ) (120 ) Total employee benefit expense (137 ) (193 ) (196 ) The employee benefit expense is included in the following line items of the income statement: Million US dollar 2019 2018 2017 Cost of sales (17 ) (26 ) (24 ) Distribution expenses (5 ) (11 ) (10 ) Sales and marketing expenses (4 ) (16 ) (15 ) Administrative expenses 3 (28 ) (29 ) Other operating (expense)/income 0 (6 ) (4 ) Exceptional items 0 1 6 Net finance cost (114 ) (107 ) (120 ) (137 ) (193 ) (196 ) Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows: 2019 United Canada Mexico Brazil United AB InBev Discount rate 3.3 % 3.1 % 7.5 % 7.2 % 2.0 % 3.3 % Price inflation 2.5 % 2.0 % 3.5 % 3.8 % 3.1 % 2.7 % Future salary increases 0 1.0 % 4.3 % 7.4%-5.4 % 0 3.8 % Future pension increases 0 2.0 % 3.5 % 3.8 % 2.9 % 2.7 % Medical cost trend rate 6.5%-4.5 % 4.5 % 0 7.4 % 0 6.6%-6.1 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 2018 United Canada Mexico Brazil United AB InBev Discount rate 4.3 % 3.9 % 9.0 % 8.9 % 2.8 % 4.3 % Price inflation 2.5 % 2.0 % 3.5 % 4.0 % 3.4 % 2.7 % Future salary increases — 1.0 % 4.3 % 7.6%-5.6 % — 3.8 % Future pension increases — 2.0 % 3.5 % 4.0 % 3.0 % 2.8 % Medical cost trend rate 6.5%-4.5 % 4.5 % — 7.6 % — 6.8%-6.0 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 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 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 (2018: 13.3 years; 2017: 13.8 years). The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Million US dollar 2019 Change Increase Decrease Discount rate 0.5 % (523 ) 565 Price inflation 0.5 % 171 (182 ) Future salary increase 0.5 % 32 (30 ) Medical cost trend rate 1.0 % 45 (39 ) Longevity One year 251 (252 ) The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear. Sensitivities are reasonably possible changes in assumptions and they are calculated using the same approach as was used to determine the defined benefit obligation. Therefore, the above information is not necessarily a reasonable representation of future results. The fair value of plan assets at 31 December consists of the following: 2019 2018 Quoted Unquoted Total Quoted Unquoted Total Government bonds 33 % — 33 % 32 % — 32 % Corporate bonds 35 % — 35 % 36 % — 36 % Equity instruments 23 % — 23 % 22 % — 22 % Property — 4 % 4 % — 4 % 4 % Insurance contracts and others 4 % 1 % 5 % 4 % 2 % 6 % 95 % 5 % 100 % 94 % 6 % 100 % AB InBev expects to contribute approximately 325m US dollar for its funded defined benefit plans and 81m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2020. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Share-based payments | 26. Share-based payments 1 Different share and share option programs allow the company’s 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”), the long-term restricted stock unit Share-based payment transactions resulted in a total expense of 340m US dollar for the year 2019, as compared to 353m US dollar for the year 2018 and 348m US dollar for 2017. 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 in the general headquarters, has been modified. From 1 January 2011, the new plan structure applies to all other senior management. Under this plan, members of the Executive Committee and other senior employees receive their bonus in cash but have the choice to invest some or all of the value of their bonus in AB InBev shares 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 also matches such voluntary investment by granting three matching shares for each bonus share voluntarily invested in, up to a limited total percentage of each 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 2019, AB InBev issued 1.6m of matching restricted stock units in relation to bonus granted to company employees and management (2018: 1.5m of matching restricted stock units). These matching restricted stock units are valued at the share price at the grant date, and representing a fair value of approximately 153m US dollar and cliff vest after five years (2018: 158m US dollar). Restricted Stock Units Plan for Directors Since the annual shareholder meeting of 24 April 2019, the share-based portion of the remuneration of the directors of the company has been granted in the form of restricted stock units and will no longer be granted in the form of stock options as was previously the case. Such restricted stock units vest after 5 years and, upon vesting, entitle their holders to one AB InBev share per restricted stock unit. During 2019, approximately 0.1m restricted stock units were granted to directors with an estimated fair value of 4m 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 2019, AB InBev issued 8.1m LTI stock options with an estimated fair value of 91m US dollar (2018: 7.2m LTI stock options with an estimated fair value of 102m US dollar). Out of these, 0.4m stock options were granted to members of the Executive Committee. Performance related incentive plan for Disruptive Growth Function (ZX Ventures) In 2016 the company implemented a new performance related incentive plan which substitutes the long-term incentive stock option plan for executives of the Disruptive Growth Function. This function was created in 2015 to accelerate new business development opportunities, focusing on such as e.g. e-commerce, adjacenc ies , During 2019, approximately 3.8m performance units were granted to senior management of the Disruptive Growth Function (2018: 2.7m performance units). The value of the performance units will depend on the return of the Disruptive Growth business area. These units vest after 5 years provided that a performance test is met. Specific forfeiture rules apply in the event that the executive leaves the company. Other 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, at the discretion of the CEO, e.g. as a special retention incentive or to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after five years and in the event that an employee’s service is terminated before the vesting date, special forfeiture rules apply. In 2019, 0.9m restricted stock units with an estimated fair value of 74m US dollar were granted under this program to a selected number of employees (2018: 2.3m restricted stock units with an estimated fair value of 184m 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, in order to provide 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, with the first series of the restricted stock units vesting after five years, and the second series vesting after ten years. Alternatively, under this program, the restricted stock units may be granted with a shorter vesting period of 2.5 to 3 years for the first series and 5 years for the second series of the restricted stock units. In the event that an employee’s service is terminated 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. Each option gives the grantee the right to purchase one existing AB InBev share. During 2019, approximately 0.1m restricted stock units were granted with an estimated fair value of 2m US dollar (2018: 0.4m stock options with an estimated fair value of 35m US dollar). 1 Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated. A third program allows certain employees to purchase company shares at a discount and is aimed at providing a long-term retention incentive for (i) high-potential employees of the company, who are at a mid-manager In 2018, a new program was implemented allowing for the offer of performance based restricted stock units (“Performance RSUs”) to certain members of the company’s senior management. Upon vesting, each RSU gives the executive the right to receive one existing AB InBev share. The Performance RSUs can have a vesting period of 5 years or of 10 years. The shares resulting from the vesting of the Performance RSUs will only be delivered provided a performance test is met by the company. This performance test is based on an organic EBITDA compounded annual growth rate target which must be achieved by 31 December 2024 at the latest. Specific forfeiture rules apply if the employee leaves the company before the performance test is achieved or the vesting date. In 2019, no new Performance RSUs were granted under this program (2018: 0.5 m shares for the equivalent of 46m US dollar). In order to maintain the consistency of benefits granted to executives and to encourage the international mobility of executives, an option exchange program can be executed whereby unvested options are exchanged for restricted shares that remain locked-up locked-up The Board has also approved the early release of vesting conditions of unvested stock options or restricted stock units that are vesting within 6 months of the executives’ relocation. The shares that result from the early exercise of the options or the early vesting of the restricted stock units must remain blocked until the end of the initial vesting period. In 2019, the vesting of 0.1m stock options and restricted stock units was accelerated under this program for members of the senior management (2018: 0.3m options). The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2019 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 1 2019 2018 2017 Fair value of options granted 11.79 16.92 19.94 Share price 78.46 98.66 117.77 Exercise price 78.46 98.66 117.77 Expected volatility 23 % 23 % 23 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.43 % 0.39 % 0.72 % Expected volatility is based on historical volatility calculated over 10-years The total number of outstanding AB InBev options developed as follows: Million options 2019 2018 2017 Options outstanding at 1 January 92.6 93.0 64.9 Options issued during the year 13.8 5.2 35.0 Options exercised during the year (10.7 ) (1.7 ) (3.0 ) Options forfeited during the year (7.0 ) (4.0 ) (3.9 ) Options outstanding at the end of December 88.7 92.6 93.0 The range of exercise prices of the outstanding options is between 10.32 euro (11.59 US dollar) 1 Of the 88.7m outstanding options 18.6m are vested at 31 December 2019. The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 1 2019 2018 2017 Options outstanding at 1 January 94.74 98.32 76.25 Granted during the year 83.33 104.77 117.24 Exercised during the year 29.27 44.96 38.94 Forfeited during the year 108.44 113.19 108.26 Outstanding at the end of December 79.66 94.74 98.32 Exercisable at the end of December 65.33 21.40 59.66 For share options exercised during 2019, the weighted average share price at the date of exercise was 78.24 euro (87.89 US dollar). 1 Amounts have been converted to US dollar at the closing rate of the respective period. The total number of outstanding AB InBev restricted stock units developed as follows: Million restricted stock units 2019 2018 2017 Restricted stock units outstanding at 1 January 6.0 5.4 5.8 Restricted stock units issued during the year 5.5 2.3 0.7 Restricted stock units exercised during the year (1.0 ) (0.5 ) (0.7 ) Restricted stock units forfeited during the year (0.7 ) (1.2 ) (0.4 ) Restricted stock units outstanding at the end of December 9.9 6.0 5.4 AMBEV SHARE-BASED COMPENSATION PROGRAMS Since 2005, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 0.2 m Since 2018, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 11.8m restricted stock units in 2019 with an estimated fair value of 54m US dollar (2018: 13.1m restricted stock units with an estimated fair value of 66m US dollar). As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in the future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. In 2019, Ambev granted 24.6m LTI stock options with an estimated fair value of 28m US dollar (2018: 19.5m LTI stock options with an estimated fair value of 30m US dollar). The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2019 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 1 2019 2018 2017 Fair value of options granted 1.12 1.47 1.97 Share price 4.38 4.66 5.99 Exercise price 4.38 4.66 5.99 Expected volatility 24 % 26 % 27 % Expected dividends 0.00% - 5.00 % 0.00% - 5.00 % 0.00% - 5.00 % Risk-free interest rate 7.8 % 9.6 % 10.10 % The total number of outstanding Ambev options developed as follows: Million options 2019 2018 2017 Options outstanding at 1 January 141.3 135.2 131.3 Options issued during the year 24.6 19.9 20.4 Options exercised during the year (7.8 ) (10.0 ) (13.5 ) Options forfeited during the year (16.3 ) (3.8 ) (2.9 ) Options outstanding at the end of December 141.8 141.3 135.2 The range of exercise prices of the outstanding options is between 0.001 Brazilian real (0.00 US dollar) and 34.37 Brazilian real (8.53 US dollar) while the weighted average remaining contractual life is 6.33 years. Of the 141.8m outstanding options 46.6m options are vested at 31 December 2019. The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 1 2019 2018 2017 Options outstanding at 1 January 4.17 3.94 4.19 Granted during the year 4.48 4.66 5.99 Exercised during the year 2.25 1.93 1.76 Forfeited during the year 5.27 4.79 5.41 Outstanding at the end of December 4.60 4.17 4.92 Exercisable at the end of December 4.74 0.58 1.14 For share options exercised during 2019, the weighted average share price at the date of exercise was 18.68 Brazilian real (4.63 US 1 Amounts have been converted to US dollar at the closing rate of the respective period. The total number of outstanding Ambev deferred and restricted stock units developed as follows: Million restricted stock units 2019 2018 2017 Restricted stock units outstanding at 1 January 25.0 16.3 19.3 Restricted stock units issued during the year 12.0 13.5 0.8 Restricted stock units vested (4.2 ) (3.7 ) (2.9 ) Restricted stock units forfeited during the year (1.1 ) (1.1 ) (0.9 ) Restricted stock units outstanding at the end of December 31.7 25.0 16.3 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. In 2019, Ambev did not issue any share appreciation rights. During 2019, 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 (2018: 0.1m AB InBev shares) at a discount of 16.66% provided that they stay in service for another five years. The fair value of this transaction amounts to approximately 1m US dollar (2018: 1m US dollar) 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. BUD APAC SHARE-BASED COMPENSATION PROGRAM In December 2019, Budweiser APAC setup a new long term incentive plan in which senior employees are eligible for an annual long-term incentive to be paid out in Budweiser APAC stock options (or, in the future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. In 2019, Budweiser APAC granted 9m stock options with an estimated fair value of 10m US dollar . Additionally, Budweiser APAC setup a new discretionary restricted stock units plan which allows for the offer of restricted stock units to certain employees in certain specific circumstances, at the discretion of the Board, e.g. as a special retention incentive. The restricted stock units vest after five years and in the event that an employee’s service is terminated before the vesting date, special forfeiture rules apply. In 2019, 4m restricted stock units with an estimated fair value of 13m US dollar were granted under this program to a selected number of employees . |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Provisions | 27. Provisions Million US dollar Restructuring Disputes Other Total Balance at 1 January 2019 130 1 077 711 1 918 Effect of changes in foreign exchange rates (2 ) (13 ) — (15 ) Provisions made 69 234 2 305 Provisions used (78 ) (128 ) (293 ) (499 ) Provisions reversed (16 ) (92 ) (38 ) (146 ) Other movements — (642 ) (10 ) (652 ) Balance at 31 December 2019 103 436 372 911 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2018 153 1 383 864 2 400 Effect of changes in foreign exchange rates (7 ) (65 ) (43 ) (115 ) Provisions made 69 195 271 535 Provisions used (75 ) (377 ) (354 ) (806 ) Provisions reversed (2 ) (54 ) — (56 ) Other movements (8 ) (5 ) (27 ) (40 ) Balance at 31 December 2018 130 1 077 711 1 918 The restructuring provisions are primar i Exceptional items In 2016, the European Commission announced an investigation into the alleged abuse of a dominant position by AB InBev in Belgium through certain practices aimed at restricting trade from other European Union member states to Belgium. In connection with these ongoing proceedings, AB InBev recognized a provision of 230m US dollar in 2018. On 13 May 2019, the European Commission announced that it had fined AB InBev a total of 200m euro (226m US dollar) for breaching EU antitrust rules. The fine was paid in August 2019. Effective 1 January 2019, AB InBev adopted IFRIC 23 Uncertainty over Income Tax Treatments . T the interpreta tion was the company A B InBev the 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 103 39 22 23 19 I 107 11 37 8 51 Labor 133 30 18 77 8 Commercial 20 8 10 1 1 Environmental 1 1 — — — Excise duties 12 — 10 2 — Other disputes 163 53 98 12 — Disputes 436 103 173 100 60 Other provisions 372 68 134 170 — Total provisions 911 210 329 293 79 AB 2 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Trade and other payables | 28. Trade and other payables NON-CURRENT S Million US dollar 31 December 2019 31 December 2018 Indirect taxes payable 174 194 Trade payables 237 238 Deferred consideration on acquisitions 1 418 1 247 Other payables 113 138 Non-current 1 943 1 816 CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2019 31 December 2018 Trade payables and accrued expenses 15 876 15 512 Payroll and social security payables 736 900 Indirect taxes payable 2 708 2 633 Interest payable 1 679 1 616 Consigned packaging 1 106 1 093 Dividends payable 338 331 Deferred income 21 32 Deferred consideration on acquisitions 221 163 Other payables 179 289 Current trade and other payables 22 864 22 568 As at 31 December 2019, deferred consideration on acquisitions is mainly comprised of 0.7 billion US dollar for the put option included in the 2012 shareholders’ agreement between Ambev and ELJ, which may result in Ambev acquiring additional shares in Cervecería Nacional Dominicana S.A. (“CND”). |
Risks arising from financial in
Risks arising from financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Risks arising from financial instruments | 29. Risks arising from financial instruments FINANCIAL ASSETS AND FINANCIAL LIABILITIES Set out below is an overview of financial assets 1 year-end : Million US dollar 31 December 2019 31 December 2018 Debt instruments at amortized cost Trade and other receivables 5 444 6 298 Debt instruments at fair value through OCI Unquoted debt 25 24 Debt instruments at fair value through profit or loss Quoted debt 91 87 Equity instruments at fair value through OCI Unquoted companies 85 84 Financial assets at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 17 — Interest rate swaps 18 9 Cross currency interest rate swaps 157 32 Other derivatives — 20 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 112 191 Foreign currency futures 7 — Commodities 52 54 6 009 6 799 Of which: Non-current 883 1 068 Current 5 126 5 731 1 Cash and short term deposits are not included in this overview. Set out below is an overview of financial liabilities held by the company at year-end: Million US dollar 31 December 2019 31 December 2018 Financial liabilities at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 3 146 4 816 Cross currency interest rate swaps 140 387 Other derivatives 156 456 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 435 132 Cross currency interest rate swaps 35 103 Interest rate swaps 4 56 Commodities 97 273 Equity swaps 31 61 Other derivatives 107 56 Financial liabilities at amortized cost Trade and other payables 21 189 20 658 Non-current Secured bank loans 71 109 Unsecured bank loans 50 86 Unsecured bond issues 95 674 105 170 Unsecured other loans 77 57 Lease liabilities 1 692 1 575 Current interest-bearing loans and borrowings: Secured bank loans 790 370 Unsecured bank loans 135 22 Unsecured bond issues 2 532 2 626 Unsecured other loans 20 14 Commercial paper 1 599 1 142 Bank overdrafts 68 114 Lease liabilities 333 410 128 381 138 693 Of which: Non-current 99 684 109 385 Current 28 696 29 308 DERIVATIVES 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 a combined basis and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy. AB InBev’s primarily uses the following derivative instruments: 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. The table below provides an overview of the notional amounts of derivatives outstanding at year-end 31 December 2019 31 December 2018 Million US dollar < 1 1-2 2-3 3-5 > 5 < 1 1-2 2-3 3-5 > 5 Foreign currency Forward exchange contracts 21 216 36 — — — 11 423 190 — — — Foreign currency futures 1 359 723 — — — 648 — — — — Interest rate Interest rate swaps 750 — 1 500 1 000 — 2 250 750 28 1 873 36 Cross currency interest rate swaps 15 513 5 445 500 668 1 807 51 16 6 464 681 Other interest rate derivatives — — — — 565 4 — — — 565 Commodities Aluminum swaps 1 411 22 — — — 1 597 73 — — — Other commodity derivatives 771 20 — — — 1 241 32 — — — Equity Equity derivatives 11 638 — — — — 11 347 — — — — FOREIGN CURRENCY RISK AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk the company uses mainly foreign currency rate agreements, exchange traded foreign currency futures and cross currency interest rate swaps. FOREIGN EXCHANGE RISK ON THE DISPOSAL OF AUSTRALIAN OPERATIONS During 2019, AB InBev entered into derivative foreign exchange forward contracts in order to economically hedge against the exposure to changes in the US dollar against the proceeds denominated in Australian dollar. These derivatives qualify for cash flow hedge accounting under IFRS 9. As of 31 December 19, 22m US dollar positive mark-to-market mark-to-market FOREIGN EXCHANGE RISK ON OPERATING ACTIVITIES AB InBev’s policy is to hedge operating 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. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating The table below shows the company’s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’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 2019 31 December 2018 Million US dollar Total Total Open Total Total Open Euro/Canadian dollar (52 ) 39 (13 ) (39 ) 39 — Euro/Mexican peso (151 ) 156 5 (187 ) 182 (5 ) Euro/Pound sterling (126 ) 124 (2 ) (239 ) 213 (26 ) Euro/South African rand (99 ) 95 (4 ) (90 ) 52 (38 ) Euro/South Korean won (49 ) 46 (3 ) (51 ) 59 8 Euro/US dollar (409 ) 337 (72 ) (415 ) 404 (11 ) Mexican peso/Chinese yuan — — — (216 ) 199 (17 ) Mexican peso/Euro (178 ) 161 (17 ) (300 ) 301 1 Pound sterling/Euro (39 ) 40 1 (34 ) 34 — US dollar/Argentinian peso (531 ) 510 (21 ) (573 ) 484 (89 ) US dollar/Australian dollar (216 ) 204 (12 ) (209 ) 209 — US dollar/Bolivian boliviano (69 ) 70 1 (76 ) 76 — US dollar/Brazilian real (1 443 ) 1 447 4 (1 303 ) 1 223 (80 ) US dollar/Canadian dollar (287 ) 295 8 (362 ) 286 (76 ) US dollar/Chilean peso (109 ) 102 (7 ) (156 ) 155 1 US dollar/Chinese yuan (230 ) 191 (39 ) (201 ) 249 48 US dollar/Colombian peso (278 ) 272 (6 ) (287 ) 219 (68 ) US dollar/Euro (108 ) 113 5 (80 ) 78 (2 ) US dollar/Mexican peso (1 105 ) 903 (202 ) (1 151 ) 1 082 (69 ) US dollar/Paraguayan guarani (124 ) 130 6 (177 ) 166 (11 ) US dollar/Peruvian nuevo sol (243 ) 205 (38 ) (157 ) 149 (8 ) US dollar/South African rand (28 ) 31 3 (80 ) 83 3 US dollar/South Korean won (88 ) 99 11 (114 ) 128 14 US dollar/Uruguayan peso (41 ) 41 — (40 ) 41 1 Others (317 ) 250 (67 ) (321 ) 264 (57 ) Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt 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, foreign exchange risk is managed through the use of derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration the holistic risk management approach. A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk . Currency sensitivity analysis Currency transactional risk Most of AB InBev’s non-derivative 2019 Closing rate Possible 1 Volatility Euro/Mexican peso 21.17 19.28 - 8.92 % Euro/Pound sterling 0.85 0.79 - 7.35 % Euro/South Korean won 1 297.02 1 216.94 - 1 377.10 6.17 % Euro/US dollar 1.12 1.07 - 4.69 % Pound sterling/US dollar 1.32 1.21 - 8.08 % US dollar/Australian dollar 1.42 1.33 - 6.70 % US dollar/Chinese yuan 6.96 6.62 - 4.86 % US dollar/Colombian peso 3 272.63 2 935.33 - 3 609.92 10.31 % US dollar/Euro 0.89 0.85 - 4.69 % US dollar/Mexican peso 18.85 17.25 - 8.48 % US dollar/Nigerian naira 362.59 350.58 - 3.31 % US dollar/Peruvian nuevo sol 3.32 3.17 - 4.50 % US dollar/South African rand 14.04 12.26 - 12.74 % US dollar/South Korean won 1 154.55 1 064.67 - 7.78 % US dollar/Tanzanian shilling 2 300.14 2 186.57 - 2 413.71 4.94 % US dollar/Zambian kwacha 14.02 11.24 - 19.85 % 2018 Closing rate Possible 2 Volatility Euro/Mexican peso 22.54 19.21 - 14.75 % Euro/Pound sterling 0.89 0.84 - 6.03 % Euro/South Korean won 1 277.14 1 181.98 - 7.45 % Euro/US dollar 1.15 1.06 - 7.32 % Pound sterling/US dollar 1.28 1.17 - 8.45 % US dollar/Australian dollar 1.42 1.30 - 8.50 % US dollar/Chinese yuan 6.88 6.57 - 4.45 % US dollar/Colombian peso 3 246.70 2 868.9 - 11.64 % US dollar/Euro 0.87 0.81 - 7.32 % US dollar/Mexican peso 19.68 17.12 - 13.00 % US dollar/Nigerian naira 362.54 354.9 - 2.11 % US dollar/Peruvian nuevo sol 3.37 3.24 - 3.90 % US dollar/South African rand 14.37 11.96 - 16.82 % US dollar/South Korean won 1 115.40 1 029.1 - 7.74 % US dollar/Tanzanian shilling 2 298.32 2 211.95 - 3.76 % US dollar/Zambian kwacha 11.88 10.28 - 13.41 % Had the Mexican peso, Chinese yuan, Peruvian nuevo sol and South Korean won weakened/strengthened during 2019 by the above estimated changes against the euro or the US dollar, with all other variables held constant, the 2019 impact on consolidated profit before taxes from continuing operations would have been approximately 35m US dollar (76m US dollar in 2018; 142m US dollar in 2017) higher/lower. Additionally, the AB InBev sensitivity analysis 1 Foreign exchange risk on net investments in foreign operations AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative 1 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2019. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018. As of 31 December 2019, designated derivative and non-derivative Net foreign exchange results Foreign exchange results recognized on unhedged and hedged exposures are as follows: Million US dollar 2019 2018 restated 2017 restated Cash flow hedges — — (12 ) Economic hedges 6 (210 ) (49 ) Other results—not hedged (186 ) 230 (242 ) (180 ) 19 304 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 the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 1.0 billion US dollar through fixed/floating interest rate swaps. These derivative instruments have been designated in a fair value hedge accounting relationship. Cash flow hedges 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 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. The impact of changes in the pound sterling exchange rate and interest rate on this bond is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in a cash flow hedge accounting. Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real) During 2019 , 2018 7 Interest rate sensitivity analysis The table below reflects the effective interest rates of interest-bearing financial liabilities at balance sheet date as well as the currency in which the debt is denominated. 31 December 2019 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 1.87 % 210 1.87 % 210 Brazilian real 9.33 % 43 9.33 % 43 Euro 0.08 % 4 214 0.08 % 4 214 US dollar 2.36 % 1 749 2.85 % 4 269 Other 9.82 % 225 4.46 % 954 6 441 9 690 Fixed rate Australian dollar 3.71 % 1 647 3.71 % 1 647 Brazilian real 9.00 % 544 9.00 % 544 Canadian dollar 3.16 % 2 055 3.16 % 2 055 Euro 1.82 % 25 346 1.82 % 29 338 Pound sterling 3.82 % 4 373 3.79 % 3 713 South Korean won 3.37 % 15 2.46 % 1 015 US dollar 4.83 % 62 205 5.02 % 54 551 Other 7.31 % 416 6.95 % 489 96 601 93 352 31 December 2018 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Restated Effective Amount Effective Amount Floating rate Australian dollar 2.95 % 214 2.95 % 214 Brazilian real 9.13 % 61 6.86 % 133 Canadian dollar 3.66 % 190 3.38 % 206 Euro 0.24 % 3 138 0.24 % 3 138 US dollar 1.94 % 1 399 2.21 % 2 638 Other 7.19 % 709 7.19 % 709 5 711 7 038 Fixed rate Australian dollar 3.22 % 1 951 3.22 % 1 951 Brazilian real 11.51 % 525 12.13 % 453 Canadian dollar 3.23 % 1 942 3.23 % 1 942 Euro 1.80 % 28 217 1.65 % 36 044 Pound sterling 3.82 % 4 218 3.79 % 3 586 South Korean won — — 2.45 % 1 000 US dollar 4.28 % 68 820 4.66 % 59 370 Other 8.43 % 311 8.43 % 311 105 984 104 656 At 31 December 2019, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above . As disclosed in the above table, 9 690m US dollar or 9.41% of the company’s interest-bearing financial liabilities bears interest at a variable 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: 2019 Interest rate 1 Possible 2 Volatility Brazilian real 4.42 % 3.32% - 5.52 % 24.88 % Euro — — 6.43 % US dollar 1.91 % 1.51% - 2.30 % 20.66 % 2018 Interest rate 1 Possible 2 Volatility Brazilian real 6.44 % 6.12% - 6.76 % 5.00 % Canadian dollar 2.29 % 2.15% - 2.42 % 5.91 % Euro — — 2.45 % US dollar 2.78 % 2.61% - 2.94 % 5.97 % When AB InBev applies the reasonably possible increase/decrease in the market interest rates mentioned above on its floating rate debt at 31 December 2019, with all other variables held constant, 2019 interest expense would have been 16m US dollar higher/lower (2018: 8m US dollar; 2017: 12m US dollar). This effect would be more than offset by (22m) US dollar higher/lower interest income on AB InBev’s interest-bearing Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows : Million US dollar 2019 2018 restated 2017 restated Financial liabilities measured at amortized cost – not hedged (4 264 ) (4 053 ) (4 375 ) Fair value hedges (46 ) (76 ) (11 ) Cash flow hedges 15 21 1 Net investment hedges - 2 35 77 Economic hedges 129 100 (7 ) (4 164 ) (3 973 ) (4 314 ) 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 manage the exposure to the price volatility. The most significant commodity exposures as at 31 December 2019 are included in the table below (expressed in outstanding notional amounts): Million US dollar 2019 2018 Aluminum swaps 1 449 1 670 Exchange traded sugar futures 54 62 Natural gas and energy derivatives 256 313 Corn swaps 195 196 Exchange traded wheat futures 20 424 Rice swaps 328 194 Plastic derivatives 59 84 2 360 2 943 1 Applicable 3-month InterBank Offered Rates as of 31 December 2019 and as of 31 December 2018. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2019 and at December 2018. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M) . Commodity price sensitivity analysis The impact of changes in the commodity prices would have an immaterial impact on AB InBev’s profit in 2019 profits as most of the company’s exposure is hedged using derivative contracts and designated in hedge accounting in accordance with IFRS 9 rules. The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2019 and 2018, would have on the equity reserves. 2019 Volatility of 1 Pre-tax impact on equity Million US dollar Prices Prices Aluminum 21.78 % 312 (312 ) Sugar 29.73 % 16 (16 ) Wheat 30.30 % 6 (6 ) Energy 25.86 % 66 (66 ) Rice 22.64 % 47 (47 ) Corn 21.74 % 42 (42 ) Plastic 24.03 % 14 (14 ) 2018 Volatility of 2 Pre-tax impact on equity Million US dollar Prices Prices Aluminum 22.16 % 370 (370 ) Sugar 29.60 % 18 (18 ) Wheat 29.31 % 124 (124 ) Energy 23.83 % 74 (74 ) Rice 22.08 % 43 (43 ) Corn 23.85 % 47 (47 ) Plastic 20.54 % 17 (17 ) EQUITY PRICE RISK AB InBev enters into derivatives to hedge the price risk on its shares when such risk could negatively impact future cash flows related to the share-based payments programs. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combination (see also Note 11 Finance cost and income Changes in equity and earnings per share As of 31 December 2019, an exposure for an equivalent of 99.5m of AB InBev shares was hedged, resulting in a total gain of 1.8 billion US dollar recognized in the profit or loss account for the period, of which 898m US dollar related to the company’s share-based payment programs, 445m US dollar and 433m US dollar related to the Modelo and SAB transactions, respectively. Between 2012 and 2018, AB InBev reset certain equity derivatives to market price with counterparties. This resulted in a net cash inflow of 2.9 billion US dollar between 2012 and 2018 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 25.20% (2018: 22.03%; 2017: 15.68%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 2 066m US dollar positive/negative impact on the 2019 profit before tax (2018: 1 345m US dollar; 2017: 1 422m US dollar). CREDIT RISK Credit risk encompasses all forms of counterparty exposure, i.e. where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored. AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as at 31 December 2019 to be limited. 1 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2019. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018 . 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: 2019 2018 Million US dollar Gross Impairment Net Gross Impairment Net Investment in unquoted companies 92 (7 ) 85 91 (7 ) 84 Investment in debt securities 117 — 117 111 — 111 Trade receivables 4 219 (173 ) 4 046 4 400 (160 ) 4 240 Cash deposits for guarantees 219 — 219 197 — 197 Loans to customers 177 — 177 188 — 188 Other receivables 1 666 (103 ) 1 563 2 359 (106 ) 2 253 Derivatives 362 — 362 307 — 307 Cash and cash equivalents 7 238 — 7 238 7 074 — 7 074 14 090 (283 ) 13 807 14 727 (273 ) 14 454 There was no significant concentration of credit risks with any single counterparty per 31 December 2019 and no single customer represented more than 10% of the total revenue of the group in 2019. Impairment losses The allowance for impairment recognized during the period per classes of financial assets was as follows: 2019 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (160 ) — (7 ) (106 ) (273 ) Impairment losses (51 ) — — (30 ) (81 ) Derecognition 26 — — 31 57 Currency translation and other 12 — — 2 14 Balance at 31 December (173 ) — (7 ) (103 ) (283 ) 2018 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (194 ) — (7 ) (117 ) (318 ) Impairment losses (40 ) — — (3 ) (43 ) Derecognition 29 — — 6 35 Currency translation and other 44 — — 9 53 Balance at 31 December (160 ) — (7 ) (106 ) (273 ) 2017 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (202 ) — (7 ) (109 ) (318 ) Impairment losses (55 ) — — (4 ) (59 ) Derecognition 53 — — 1 54 Currency translation and other 10 — — (5 ) 5 Balance at 31 December (194 ) — (7 ) (117 ) (318 ) LIQUIDITY RISK Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following: • Debt servicing; • Capital expenditures; • Investments in companies; • Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments; • Share buyback programs; and • Payments of dividends and interest on shareholders’ equity. The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing. The following are the nominal contractual maturities of non-derivative : 31 December 2019 Million US dollar Carrying 1 Contractual Less 1-2 years 2-3 years 3-5 years More than Non-derivative Secured bank loans (861 ) (890 ) (795 ) (18 ) (18 ) (22 ) (37 ) Commercial papers (1 599 ) (1 599 ) (1 599 ) — — — — Unsecured bank loans (185 ) (188 ) (140 ) (47 ) (1 ) — — Unsecured bond issues (98 206 ) (165 424 ) (5 513 ) (6 415 ) (6 518 ) (18 605 ) (128 373 ) Unsecured other loans (98 ) (131 ) (27 ) (17 ) (9 ) (5 ) (73 ) Lease liabilities (2 025 ) (2 338 ) (404 ) (350 ) (243 ) (285 ) (1 056 ) Bank overdraft (68 ) (68 ) (68 ) — — — — Trade and other payables (24 806 ) (25 152 ) (22 861 ) (1 227 ) (472 ) (165 ) (427 ) (127 848 ) (195 790 ) (31 407 ) (8 074 ) (7 261 ) (19 082 ) (129 966 ) Derivative financial liabilitie s Interest rate derivatives (102 ) (103 ) (7 ) (1 ) (1 ) 3 (97 ) Foreign exchange derivatives (600 ) (600 ) (600 ) — — — — Cross currency interest rate swaps (175 ) (187 ) 75 (285 ) 6 75 (58 ) Commodity derivatives (97 ) (97 ) (97 ) — — — — Equity derivatives (3 177 ) (3 177 ) (3 177 ) — — — (4 151 ) (4 164 ) (3 806 ) (286 ) 5 78 (155 ) Of which: related to cash flow hedges (448 ) (448 ) (408 ) 5 3 5 (53 ) 31 December 2018 restated Million US dollar Carrying 1 Contractual Less 1-2 years 2-3 years 3-5 years More than Non-derivative s Secured bank loans (479 ) (496 ) (383 ) (39 ) (15 ) (27 ) (32 ) Commercial papers (1 142 ) (1 142 ) (1 142 ) — — — — Unsecured bank loans (108 ) (135 ) (33 ) (6 ) (96 ) — — Unsecured bond issues (107 796 ) (165 979 ) (6 410 ) (9 146 ) (11 636 ) (23 672 ) (115 115 ) Unsecured other loans (71 ) (110 ) (19 ) (22 ) (12 ) (12 ) (45 ) Lease liabilities (1 985 ) (2 591 ) (508 ) (391 ) (325 ) (467 ) (900 ) Bank overdraft (114 ) (114 ) (114 ) — — — — Trade and other payables (24 345 ) (24 722 ) (22 557 ) (260 ) (1 060 ) (333 ) (512 ) (136 040 ) (195 289 ) (31 166 ) (9 864 ) (13 144 ) (24 511 ) (116 604 ) Derivative financial liabilities Interest rate derivatives (112 ) (142 ) (125 ) (19 ) (13 ) 15 — Foreign exchange derivatives (589 ) (589 ) (589 ) — — — — Cross currency interest rate swaps (489 ) (515 ) (29 ) 72 71 (550 ) (79 ) Commodity derivatives (273 ) (273 ) (273 ) — — — — Equity derivatives (4 877 ) (4 877 ) (4 877 ) — — — — (6 340 ) (6 396 ) (5 893 ) 53 58 (535 ) (79 ) Of which: related to cash flow hedges (486 ) (490 ) (416 ) 2 1 2 (79 ) 1 “Carrying amount” refers to net book value as recognized in the balance sh e . CAPITAL MANAGEMENT AB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility to execute 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 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. The management uses the same debt/equity classifications as applied in the company’s IFRS reporting to analyze the capital structure. FAIR VALUE 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 31 December 31 December 31 December 31 December 31 December 31 December Foreign currency Forward exchange contracts 112 191 (590 ) (586 ) (478 ) (395 ) Foreign currency futures 7 7 (9 ) (3 ) (2 ) 4 Interest rate Interest rate swaps 18 9 (6 ) (27 ) 12 (18 ) Cross currency interest rate swaps 157 32 (175 ) (489 ) (18 ) (457 ) Other interest rate derivatives — 20 (97 ) (86 ) (97 ) (66 ) Commodities Aluminum swaps 15 23 (61 ) (172 ) (46 ) (149 ) Sugar futures 2 — (2 ) (8 ) — (8 ) Wheat futures 14 13 (9 ) (11 ) 5 2 Energy 8 4 (11 ) (54 ) (3 ) (50 ) Other commodity derivatives 13 8 (14 ) (28 ) (1 ) (20 ) Equity Equity derivatives 17 — (3 177 ) (4 877 ) (3 160 ) (4 877 ) 362 307 (4 151 ) (6 340 ) (3 789 ) (6 033 ) Of which: Non-current 132 10 (352 ) (805 ) (220 ) (795 ) Current 230 297 (3 799 ) (5 535 ) (3 569 ) (5 238 ) The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized at the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value : Interest-bearing financial liabilities Million US dollar 2019 1 2019 2018 restated 1 2018 restated Fixed rate Australian dollar (1 647 ) (1 748 ) (1 951 ) (1 977 ) Brazilian real (544 ) (542 ) (525 ) (525 ) Canadian dollar (2 055 ) (2 046 ) (1 942 ) (1 855 ) Euro (25 346 ) (30 365 ) (28 217 ) (27 551 ) Pound sterling (4 373 ) (4 816 ) (4 218 ) (4 365 ) US dollar (62 205 ) (74 035 ) (68 820 ) (66 123 ) Other (431 ) (431 ) (311 ) (311 ) (96 601 ) (113 983 ) (105 984 ) (102 707 ) 1 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date . The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2019 Million US dollar Quoted (unadjusted) - Observable market - Unobservable market - Financial Assets Held for trading (non-derivatives) 2 9 — Derivatives at fair value through profit and loss — 119 — Derivatives in a cash flow hedge relationship 17 153 — Derivatives in a fair value hedge relationship — 19 — Derivatives in a net investment hedge relationship — 54 — 19 354 Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 639 Derivatives at fair value through profit and loss — 3 441 — Derivatives in a cash flow hedge relationship 21 586 — Derivatives in a fair value hedge relationship — 103 — 21 4 130 1 639 Fair value hierarchy 31 December 2018 Million US dollar Quoted (unadjusted) - Observable market - Unobservable market - Financial Assets Held for trading (non-derivatives) 3 9 — Derivatives at fair value through profit and loss — 67 — Derivatives in a cash flow hedge relationship 7 225 — Derivatives in a fair value hedge relationship — 33 — Derivatives in a net investment hedge relationship — 14 — 10 348 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 409 Derivatives at fair value through profit and loss — 5 699 — Derivatives in a cash flow hedge relationship 18 507 — Derivatives in a fair value hedge relationship — 125 — Derivatives in a net investment hedge relationship — 31 — 18 6 362 1 409 Non-derivative As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a forward-purchase contract (i.e. combination of a written put option and purchased call option) was put in place which may result in Ambev acquiring additional shares in CND. In January 2018, ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar, resulting in Ambev’s participation in CND increasing from 55% to 85%. As of 31 December 2019, the put option on the remaining shares held by ELJ was valued at 0.7 billion US dollar (31 December 2018: 0.6 billion US dollar after the exercise of the put option by ELJ) and recognized as a deferred consideration on acquisitions at fair value in the “level 3” category above. The fair value of such deferred consideration is calculated using present value techniques, namely by discounting futures cash flows at the appropriate rat e HEDGING RESERVES The company’s hedging reserves disclosed in Note 23 relate to the following instruments : Million US dollar Foreign Commodities Others Total hedging As per 1 January 2019 480 (60 ) 76 494 Change in fair value of hedging instrument recognized in OCI 92 16 — 107 Reclassified to profit or loss / cost of inventory (398 ) 162 32 (204 ) Deferred tax — — — — As per 31 December 2019 174 117 107 397 Million US dollar Foreign Commodities Others Total hedging As per 1 January 2018 559 (20 ) 47 586 Change in fair value of hedging instrument recognized in OCI 262 97 — 358 Reclassified to profit or loss / cost of inventory (341 ) (137 ) 26 (452 ) Deferred tax — — 2 2 As per 31 December 2018 480 (60 ) 76 494 OFFSETTING FINANCIAL ASSETS AND LIABILITIES The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements : 31 December 2019 Million US dollar Gross Net amount 1 Other offsetting 2 Total net Derivative assets 362 362 (352 ) 10 Derivative liabilities (4 151 ) (4 151 ) 352 (3 799 ) 31 December 2018 Million US dollar Gross Net amount 1 Other offsetting 2 Total net Derivative assets 307 307 (293 ) 13 Derivative liabilities (6 340 ) (6 340 ) 293 (6 046 ) 1 Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules 2 Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS ru |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Operating leases | 30. Operating leases The company leases out pub real estate for an average outstanding period of 6 to 8 years and part of its own property under operating leases. The following table sets out the maturity analysis of the non-cancelable Million US dollar 31 December 31 December Within one year 155 152 Between one and five years 518 460 After five years 215 217 Total 888 829 In 2019, 152m US dollar was recognized as income in the income statement in respect of subleasing of right-of-use |
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, 2019 | |
Text block [abstract] | |
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 2019 2018 restated Collateral given for own liabilities 372 404 Contractual commitments to purchase property, plant and equipment 457 416 Contractual commitments to acquire loans to customers 151 171 Other commitments 1 911 1 973 The collateral given for own liabilities of 372m US dollar at 31 December 2019 contains 219m 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 s AB InBev has entered into commitments to purchase property, plant and equipment for an amount of 457m US dollar at 31 December 2019. 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 151m US dollar at 31 December 2019. As at 31 December 2019, the following M&A related commitments existed: • 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. In January 2018 Ambev increased its participation in CND from 55% to 85%. As of 31 December 2019, the put option for the remaining shares held by ELJ was valued 732 million US dollar (2018: 632 million 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 • Upon the combination with SAB, AB InBev maintained South African Breweries’ Zenzele share-scheme which supports broad-based black economic empowerment (B-BBEE) 1 2 • As part of the SAB transaction, AB InBev made a commitment to the South African Government and Competition Authorities to create a new B-BBEE B-BBEE • The new scheme will be implemented through the listing of a NewCo (which will be called Zenzele Kabili) on the Johannesburg Stock Exchange B-BBEE • The NewCo will hold unencumbered AB InBev shares; • Existing Zenzele participants (employees, retailers and the SAB Foundation) will be given an option to reinvest a portion of their Zenzele payout into the Newco; • A new Employee Share Plan, funded by AB In Bev • The new scheme is estimated to require 4.4 billion ZAR (0.3 billion USD 1 2 with s Other commitments amount to 1 911m US dollar at 31 December 2019 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 30 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 2019, 28.9 million loaned securities were used to fulfil stock option plan commitments. 1 Converted at the December 2019 closing rate . 2 Assuming the December 2019 closing share price of 72.71 euro per share and 31 December 2019 ZAR per Euro exchange rate of 15.777300. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Contingencies | 32. Contingencies 1 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’s 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 2019, AB InBev’s material tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows : Million US dollar 31 December 2019 31 December 2018 Income tax and social contribution 10 781 9 773 Value-added and excise taxes 5 514 6 166 Other taxes 1 018 1 434 17 313 17 373 The most significant tax proceedings of Ambev are discussed below. INCOME TAX AND SOCIAL CONTRIBUTION Foreign Earnings Since 2005, Ambev and certain of its subsidiaries have been receiving assessments from the Brazilian Federal Tax Authorities relating to the profits of its foreign subsidiaries. The cases are being challenged at both the administrative and judicial levels of the courts in Brazil. The administrative proceedings have resulted in partially favorable decisions, which are still subject to review by the administrative court. I As of 31 December 2019, Ambev management estimates the exposure of approximately 7.2 billion Brazilian real (1.8 billion US dollar) as a possible risk and approximately 52m Brazilian real (13m US dollar) as a probable loss. Goodwill InBev Holding In December 2011, Ambev received a tax assessment related to the goodwill amortization resulting from the InBev Holding Brasil S.A. merger with Ambev. The decision rendered by the Lower Administrative Court was partially favorable to Ambev. Ambev filed a judicial proceeding to discuss the unfavorable portion of the decision and requested an injunction which was granted to Ambev to suspend enforceability. Regarding the portion of the decision subject to review at the administrative level, in August 2019 the Upper Administrative House rendered a partially favorable decision to Ambev. Ambev is awaiting the issuance of the decision in order to file the applicable appeal. 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 and filed an appeal to the Lower Administrative Court. In May 2018, Ambev received a partially favorable decision at the Lower Administrative Court. In May 2019, Ambev filed a Special Appeal for analysis of the case by the Upper Administrative House. In November 2019, the Special Appeal was partially admitted by the Upper Administrative House and Ambev filed an appeal related to the portion that was not admitted Ambev management estimates possible losses in relation to these assessments to be approximately 10 billion Brazilian real (2.5 billion US dollar) as of 31 December 2019. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amount proportional to the benefit received by AB InBev pursuant to the merger protocol as well as the related costs. Goodwill Beverage Associate Holding (BAH) In October 2013, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. The decision from the first level administrative court was unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court against the decision. In November 2018, Ambev received a partially favorable decision at the Lower Administrative Court. Ambev submitted counterarguments responding to the special appeal filed by the tax authorities and, regarding the unfavorable part of the decision, filed a special appeal to the Administrative Upper House. In December 2019, the Special Appeal was partially admitted by the Administrative Upper House and Ambev filed an appeal related to the portion that was not admitted . In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization and filed defenses. In April 2019, the First Administrative Court rendered unfavorable decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December 2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev is awaiting the results of the remaining decisions in order to file the applicable appeals. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 2.2 billion Brazilian real (0.6 billion US dollar) as of 31 December 2019. Ambev has not recorded any provision in connection therewith. Goodwill CND Holdings In November 2017, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of CND Holdings into Ambev. The decision from the first-level administrative court was unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court which is currently pending analysis. 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 2019. Ambev has not recorded any provision in connection therewith. 1 Amounts have been converted to US dollar at the closing rate of the respective period. Tax Loss Offset Ambev and certain of its subsidiaries received a number of assessments from the Brazilian federal tax authorities relating to the offset of tax losses carry forward in the context of business combinations. In February 2016, the Administrative Upper House ruled unfavorably to Ambev in two cases. Ambev filed judicial proceedings to discuss the matter. In September 2016, Ambev received a favorable first level decision in one of the judicial claims, and in March 2017, an unfavorable first-level decision in the other case. Both cases are now awaiting analysis by the second-level judicial court. The other cases are being challenged at the administrative level and are still awaiting final decisions. Ambev management estimates the total exposure of possible losses in relation to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2019. Disallowance of financial expenses In 2015 and 2016, Ambev received tax assessments related to the disallowance of alleged non-deductible Ambev management estimates the amount of possible losses in relation to these assessments to be approximately 4.8 billion Brazilian real (1.2 billion US dollar) as of 31 December 2019. Ambev has not recorded any provision in connection with these assessments. Disallowance of tax paid abroad 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 by its subsidiaries and has been filing defenses. The cases are being challenged at the administrative level. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases, which became definitive. In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments (from 2015 and 2016). Ambev management estimates the total amount of possible losses in relation to these four assessments to be approximately 3.6 billion Brazilian real (0.9 billion US dollar) as of 31 December 2019. Ambev is awaiting for formal notification of these decisions to file the applicable appeals. The other cases are still waiting final decisions. In September 2017, Ambev decided to include part of these tax assessments in the Brazilian Federal Tax Regularization Program of the Provisional Measure No 783. As of 31 December 2019, Ambev management estimates the exposure of approximately 10.1 billion Brazilian real (2.5 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount. Presumed Profit In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the “presumed profit” method for the calculation of income tax and the social contribution on net profits instead of the “real profit” method. In September 2017, Arosuco received an unfavorable first level administrative decision and filed an appeal. In January 2019, the Lower Administrative Court rendered a favorable decision to Arosuco, which became definitive. In March 2019, Ambev received a new tax assessment regarding the same subject and filed a defense. In October 2019, Arosuco received an unfavorable first level administrative decision and filed an appeal. Arosuco management estimates the amount of possible losses in relation to this assessment to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2019. Arosuco has not recorded any provision in connection therewith. Deductibility of IOC expenses In November 2019, Ambev received a tax assessment from the Brazilian Federal Tax Authorities related to the interest on capital (“IOC”) deduction in 2014. The questions refer primarily to the accounting and effects of the corporate restructuring carried out by the company in 2013 and its impact on the increase in the deductibility of IOC expenses. Ambev filed an administrative defense and is awaiting a decision by the first-level administrative court. The company distributed IOC in the years following the assessed period. Accordingly, if the IOC deductibility is also questioned in the future, on the same basis as the aforementioned tax assessment notice, the company estimates that the conclusion of the discussion is similar to the present case, and therefore maintained the effect of the deductibility of IOC expenses in the effective income tax rate. As of 31 December 2019, Ambev management estimates the exposure of approximately 3.9 billion Brazilian real (1 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount. ICMS VALUE ADDED TAX, EXCISE TAX (“IPI”) AND TAXES ON NET SALES Manaus Free Trade Zone – IPI / Social contributions In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt and/ or zero-rated Ambev has also been receiving charges from the Brazilian Federal Tax Authorities in relation to (i) federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits that are under discussion in these proceedings and (ii) amounts allegedly due under social contribution over Arosuco’s remittance. In April 2019, the Federal Supreme Court (“STF”) announced its judgment on Extraordinary Appeal No. 592.891/SP, with binding effects, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels. Ambev management estimates the possible loss related to these assessments to be approximately 4.2 billion Brazilian real (1.0 billion US dollar) as of 31 December 2019. Ambev has not recorded any provision in connection therewith. IPI Suspension In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to excise tax (“IPI”) allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. Ambev management estimates the possible loss related to these assessments to be approximately 1.7 billion Brazilian real (0.4 billion US dollar) as of 31 December 2019. Ambev has not recorded any provision in connection therewith. ICMS tax credits Ambev is currently challenging tax assessments issued by the states of São Paulo, Rio de Janeiro, Minas Gerais, among others, questioning the legality of ICMS tax credits arising from transactions with companies that have tax incentives granted by other states. The cases are being challenged at both the administrative and judicial level of the courts. Ambev management estimates the possible losses related to these assessments to be approximately 2 billion Brazilian real (0.5 billion US dollar) as of 31 December 2019. Ambev has not recorded any provision in connection therewith. ICMS-ST Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant States, cases in which the State tax authorities understand that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels. Ambev management estimates the total possible loss related to this issue to be approximately 7.7 billion Brazilian real (1.9 billion US dollar) as of 31 December 2019. Ambev has recorded provisions in the total amount of 8m 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. ICMS – PRODEPE In 2015, Ambev received a tax assessment issued by the State of Pernambuco to charge ICMS differences due to an alleged non-compliance SOCIAL CONTRIBUTIONS Since 2015, Ambev has received 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 being challenged at both the administrative and judicial levels of the courts. In 2019, Ambev received final favorable decisions at the administrative level in some of these cases and favorable decisions in other casese that are still subject to review. At the judicial level, the case is still in the initial stage. Ambev management estimates the possible loss related to these assessments to be approximately 2.3 billion Brazilian real (0.6 billion US dollar) as of 31 December 2019. No related provision has been made. GRUPO MODELO TAX MATTERS Dirección de Fábricas (“DIFA”), a wholly owned subsidiary of Cervecería Modelo de Mexico S. de R.L. de C.V., received a tax assessment related to alleged taxable income for some intercompany transactions. DIFA presented defenses which are pending to be reviewed by the tax authorities. The company estimates the amount of possible loss in relation to this assessment to be approximately 0.3 billion US dollar. The company has not recorded any provision in connection therewith as of 31 December 2019. AB INBEV’S AUSTRALIAN BUSINESS TAX MATTERS AB InBev’s subsidiary SAB Australia Pty Limi r received a tax assessment for the 2012 to 2014 income tax years for 0.3 billion Australian dollar (0.2 billion US dollar) related to the interest deductions of SAB’s acquisition of the Foster’s group (the “Foster’s acquisition”). The subsidiary The Australian tax authorities have also notified the company OTHER TAX MATTERS 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 which ruled in favor of AB InBev on 21 June 2019. The Belgian tax authorities appealed this judgment. Also, in respect of this aspect of the excess profit ruling matter, considering the company’s and its counsel assessment, as well as the position taken by the tax authorities’ mediation services, in respect of the merits of the case, AB InBev has not recorded any provisions as of 31 December 2019. In January 2019, AB InBev deposited 68m euro (76m US dollar) on a blocked account. Depending on the final outcome of the European Court procedures on the Belgian excess profit ruling system, as well as the pending Belgian court case, this amount will either be slightly modified, or released back to the company or paid over to the Belgian State. WARRANTS Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming that they should receive the dividends relative to these shares since 2003, approximately 1.0 billion Brazilian real (0.25 billion 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). These five cases are pending final judgment by STJ’s Special Court and the Federal Public Prosecutor has filed a motion favorable to Ambev’s position in all five cases. Considering all of these facts, Ambev and its external counsels strongly believe that the chance of loss in these cases is remote. UNITED STATES CLASS ACTION SUIT On 21 June 2019, a proposed class action was filed in the United States District Court for the Southern District of New York against AB InBev and three of its officers. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Non-controlling interests | 33. Non-controlling As at 31 December 2019 and 2018, material non-controlling Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling : Ambev Budweiser APAC Million US dollar 2019 2018 2019 2018 1 Summarized balance sheet information Current assets 6 853 6 537 2 108 2 680 Non-current 18 389 18 165 13 200 13 182 Current liabilities 6 205 6 506 4 493 4 468 Non-current 3 517 3 368 931 1 222 Equity attributable to equity holders 15 203 14 516 9 836 10 153 Non-controlling 317 311 48 19 Ambev Budweiser APAC Million US dollar 2019 2018 2017 2019 2018 1 2017 1 Summarized income statement and other comprehensive income information Revenue 13 347 13 819 14 961 6 546 6 740 6 099 Net income 3 093 3 122 2 422 908 959 572 Attributable to: Equity holders 2 989 3 025 2 260 898 958 574 Non-controlling 104 97 162 10 1 (2 ) Net income 3 093 3 122 2 422 908 959 572 Other comprehensive income (193 ) 629 809 (229 ) (500 ) 926 Total comprehensive income 2 900 3 751 3 231 679 459 1 498 Attributable to: Equity holders 2 801 3 620 3 060 665 458 1 500 Non-controlling 99 130 171 14 1 (2 ) Summarized cash flow information Cash flow from operating activities 4 664 5 089 5 754 1 338 1 684 1 331 Cash flow from investing activities (1 228 ) (1 011 ) (960 ) (693 ) (472 ) (532 ) Cash flow from financing activities (3 117 ) (3 799 ) (4 190 ) (1 358 ) (1 237 ) (187 ) Net increase/(decrease) in cash and cash equivalents 319 279 605 (713 ) (25 ) 612 Dividends paid by Ambev to non-controlling Other non-controlling non-controlling 1 2018 a nd 2017 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Related parties | 34. Related parties TRANSACTIONS WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL) In addition to short-term employee benefits (primarily salaries) AB InBev’s Executive Committee members were entitled in 2019 to post-employment benefits. In particular, members of the Executive Committee participated in the pension plan of their respective country – see also Note 25 Employee Benefits Share-based Payments 2019 2018 2017 Million US dollar Directors Executive Directors Executive Directors Executive Short-term employee benefits 2 17 2 27 2 28 Termination benefits — 1 — — — 1 Share-based payments — 22 — 24 3 68 2 40 2 52 5 97 Directors’ compensation consists mainly of directors’ fees. During 2019, 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 2m US dollar from a company in which one of the company’s Board Member had significant influence as of 31 December 2019 (2018: 1m US dollar; 2017: 1m US dollar). • The acquisition, mainly through its subsidiary Bavaria S.A., of transportation services, lease agreements and advertising services for an aggregated consideration of 11m US dollar from companies in which one of the company’s Board Member had a significant influence as of 31 December 2019 (2018: 8m US dollar; 2017: 5m US dollar). The outstanding balance of these transactions as of 31 December 2019 amounts to 1m US dollar (31 December 2018: 1m US dollar). 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 2019 2018 2017 Non-current 10 11 12 Current assets 3 5 5 Non-current 11 9 11 Current liabilities 10 12 6 Result from operations 3 4 (3 ) Profit attributable to equity holders of AB InBev 3 3 (3 ) TRANSACTIONS WITH ASSOCIATES Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2019 2018 2017 Gross profit 76 74 91 Current assets 41 152 73 Current liabilities 119 130 20 TRANSACTIONS WITH PENSION PLANS AB InBev’s transactions with pension plans mainly comprise 12m US dollar other income from pension plans in the US (2018: 12m US dollar; 2017: 12m US dollar). |
Supplemental guarantor financia
Supplemental guarantor financial information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
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. or Anheuser Busch Companies, LLC, 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 Companies, LLC, Brandbrew S.A., Brandbev S.à r.l. and Cobrew NV (the “Other Subsidiary Guarantors”), and by Anheuser-Busch InBev Worldwide Inc. (in respect of debt issued by Anheuser-Busch InBev Finance Inc.) and by Anheuser-Busch InBev Finance Inc. (in respect of debt issued by Anheuser-Busch InBev Worldwide Inc.). The following notes issued by Anheuser-Busch Worldwide Inc., Anheuser-Busch Finance Inc. and Anheuser Busch Companies, LLC and registered with the SEC were outstanding as of 31 December 2019: • On 6 January 2010, Anheuser-Busch InBev Worldwide Inc. issued 0.5 billion US dollar aggregate principal amount of fixed rate notes due 2040. The notes bear interest at an annual rate of 6.375% and will mature on 15 January 2040. The issuance closed on 5 February 2010. In connection with bond exchange on 6 April and 19 April 2017, 51.12% of the principal of the 2040 note was exchanged. The remaining principal of the note amounts to 0.24 billion US dollar. • 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 1 • On 14 March 2011, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered notes with aggregate principal amount of 1.25 billion US dollar, due 2039 and bearing interest at an annual rate of 8.2%. 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 2 • On 17 January 2013, Anheuser-Busch InBev Finance Inc. issued 600m 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 2.3 billion US dollar aggregate principal amount of bonds, consisting of 865m 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 3.700% for the 2024 notes; and 4.625% for the 2044 notes. • On 25 January 2016, Anheuser-Busch InBev Finance Inc. issued 34.5 billion US dollar aggregate principal amount of bonds, consisting of 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2023 3 .0 4 5 .0 6 7 • On 16 December 2016, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 2.1 billion US dollar aggregate principal amount of certain SAB Group notes, in connection with which Anheuser-Busch InBev Worldwide Inc. issued (i) 298 million US dollar aggregate principal amount of 6.625% fixed rate notes due 2033; (ii) 300 million US dollar aggregate principal amount of 5.875% fixed rate notes due 2035; and (iii) 1.49 billion US dollar aggregate principal amount of 4.950% fixed rate notes due 2042. • On 21 August 2017, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered 1.7 billion US dollar principal amount of 4.439% notes due 2048. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable, SEC-registered • On 4 April 2018, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 10.0 billion US dollar aggregate principal amount of certain bonds and issued (i) 1.5 billion US dollar aggregate principal amount of 3.500% fixed rate notes due 2024 8 9 • On 23 January 2019, Anheuser-Busch InBev Worldwide Inc. completed the issuance of 15.5 billion US dollar aggregate principal amount of certain bonds (i) 4.3 billion US dollar aggregate principal amount of 4.750% fixed rate notes due 2029; (ii) 4.0 billion US dollar aggregate principal amount of 5.550% fixed rate notes due 2049; (iii) 2.5 billion US dollar aggregate principal amount of 4.150% fixed rates due 2025; (iv) 2.0 billion US dollar aggregate principal amount of 5.450% fixed rate notes due 2039; (v) 2.0 billion US dollar aggregate principal amount of 5.800% fixed rate notes due 2059; and (vi) 750 million US dollar aggregate principal amount of 4.900% fixed rate notes due 2031. 1 On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 4.375% fixed rate note due 2021 for the total aggregate principal amount of 215 million US dollar. 2 On 11 February 2019, Anheuser-Busch InBev Worldwide Inc. completed tender offers for the 2.500% fixed rate note due 2022 for the total aggregate principal amount of 1.3 billion US dollar. Furthermore on the 29 October 2019 and 12 November 2019, Anheuser-Busch InBev Finance Inc. redeemed 525 million US dollar and 725 million US dollar respectively of the same note. 3 On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 3.300% fixed rate note due 2023 for the total aggregate principal amount of 2.9 billion. On 25 April 2019, Anheuser-Busch InBev Finance Inc. completed the redemption of 315 million US dollar of the same note. 4 An aggregate principal amount of $8.5 billion US dollar of these notes were exchanged on 13 November 2018 for notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC. On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for these notes for the total aggregate principal amount of 812 million US dollar. On the same date Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC completed tender offers for its notes for the total aggregate principal amount of 5.1 billion US dollar. 5 An aggregate principal amount of $5.4 billion US dollar of these notes were exchanged on 13 November 2018 by notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC. 6 An aggregate principal amount of $9.5 billion US dollar of these notes were exchanged on 13 November 2018 by notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC. 7 On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the floating rate note due 2021 for the total aggregate principal amount of 189 million. 8 On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 3.500% fixed rate note due 2024 for the total aggregate principal amount of 846 million. 9 On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the floating rate note due 2024 for the total aggregate principal amount of 271 million US dollar • On 15 May 2019, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC completed an exchange offer for certain unregistered notes originally issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC on 13 November 2018. The aggregate principal amount accepted for offer were (i) 9.5 billion US dollar of 4.900% fixed rate notes due 2046; 5.3 billion US dollar of 4.700% fixed rate notes due 2036; and 3.3 billion US dollar of 3.650% fixed rate notes due 2026. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC issued freely tradeable, SEC-registered notes with otherwise substantially the same terms and conditions. The following condensed consolidated financial information presents the Condensed Consolidated Statement of Financial Position as of 31 December 2019 and 31 December 2018, the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Cash Flows for the period ended 31 December 2019 and 2018 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. and notes co-issued non-guarantor non-guarantor 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 consolidated information. Except as disclosed in Note 23 Changes in Equity and Earnings per Share CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 684 — — 14 229 — 38 924 (1 508 ) 52 329 Cost of sales (461 ) — — (5 985 ) — (15 424 ) 1 508 (20 362 ) Gross profit 223 — — 8 244 — 23 500 — 31 967 Distribution expenses (38 ) — — (1 063 ) — (4 424 ) — (5 525 ) Sales and marketing expenses (154 ) — — (2 007 ) — (5 187 ) — (7 348 ) Administrative expenses (306 ) — — (553 ) 15 (2 704 ) — (3 548 ) Other operating income/(expenses) 383 1 344 — (1 684 ) 1 508 — 552 Profit from operations 108 1 344 — 2 937 16 11 693 — 16 098 Net finance income/(cost) (320 ) (2 173 ) 66 931 369 (2 346 ) — (3 473 ) Share of result of associates and joint ventures — — — (6 ) — 158 — 152 Profit before tax (212 ) (829 ) 66 3 862 385 9 505 — 12 776 Income tax expense — 233 (8 ) (661 ) (1 ) (2 349 ) — (2 786 ) Profit (212 ) (596 ) 58 3 201 384 7 156 — 9 990 Income from subsidiaries 9 383 3 101 — 157 891 2 506 (16 038 ) — Profit from continuing operations 9 171 2 505 58 3 358 1 275 9 662 (16 038 ) 9 990 Profit from discontinued operations — — — — — 424 — 424 Profit of the year 9 171 2 505 58 3 358 1 275 10 086 (16 038 ) 10 414 Profit from continuing operations attributable to: Equity holders of AB InBev 9 171 2 505 58 3 361 1 275 8 416 (16 038 ) 8 748 Non-controlling — — — (3 ) — 1 246 — 1 243 Profit of the period attributable to: Equity holders of AB InBev 9 171 2 505 58 3 361 1 275 8 840 (16 038 ) 9 171 Non-controlling — — — ( 3 ) — 1 246 — 1 243 For the year ended 31 December 2018 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 592 — — 15 584 — 39 354 (2 489 ) 53 041 Cost of sales (370 ) — — (7 297 ) — (14 755 ) 2 489 (19 933 ) Gross profit 222 — — 8 287 — 24 599 — 33 108 Distribution expenses (35 ) — — (1 168 ) — (4 409 ) — (5 612 ) Sales and marketing expenses (187 ) — — (2 025 ) — (5 562 ) — (7 774 ) Administrative expenses (205 ) — — (556 ) (51 ) (2 609 ) — (3 421 ) Other operating income/(expenses) 579 1 125 — (1 563 ) 3 (31 ) — 113 Profit from operations 374 1 125 — 2 975 (48 ) 11 988 — 16 414 Net finance income/(cost) (209 ) (3 047 ) 37 2 435 113 (8 155 ) — (8 826 ) Share of result of associates and joint ventures — — — 3 — 150 — 153 Profit before tax 165 (1 922 ) 37 5 413 65 3 983 — 7 741 Income tax expense — 293 — (726 ) (2 ) (2 150 ) — (2 585 ) Profit 165 (1 629 ) 37 4 687 63 1 834 — 5 157 Income from subsidiaries 4 194 1 887 — 98 848 3 168 (10 195 ) — Profit from continuing operations 4 359 257 37 4 785 911 5 002 (10 195 ) 5 157 Profit from discontinued operations — — — — — 531 — 531 Profit of the year 4 359 257 37 4 785 911 5 533 (10 195 ) 5 688 Profit from continuing operations attributable to: Equity holders of AB InBev 4 359 257 37 4 784 911 3 685 (10 195 ) 3 839 Non-controlling — — — 1 — 1 317 — 1 318 Profit of the period attributable to: Equity holders of AB InBev 4 359 257 37 4 784 911 4 216 (10 195 ) 4 370 Non-controlling — — — 1 — 1 317 — 1 318 For the year ended 31 December 2017 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 540 — — 14 015 — 42 650 (2 346 ) 54 859 Cost of sales (338 ) — — (5 818 ) — (17 165 ) 2 346 (20 975 ) Gross profit 202 — — 8 197 — 25 485 — 33 884 Distribution expenses (23 ) — — (1 015 ) — (4 678 ) — (5 716 ) Sales and marketing expenses (181 ) — — (2 198 ) — (5 886 ) — (8 265 ) Administrative expenses (255 ) — — (345 ) (66 ) (3 113 ) — (3 779 ) Other operating income/(expenses) 793 1 066 — (1 845 ) 8 315 — 337 Profit from operations 536 1 066 — 2 794 (58 ) 12 122 — 16 460 Net finance income/(cost) (819 ) (3 064 ) 26 3 210 942 (6 921 ) — (6 626 ) Share of result of associates and joint ventures — — — 2 — 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 006 884 5 629 — 10 264 Income tax expense (16 ) 614 (17 ) 1 506 (177 ) (3 568 ) — (1 658 ) Profit (299 ) (1 384 ) 9 7 512 708 2 060 — 8 606 Income from subsidiaries 8 289 3 720 — 126 4 042 6 201 (22 377 ) — Profit from continuing operations 7 990 2 336 9 7 637 4 750 8 261 (22 377 ) 8 606 Profit from discontinued operations — — — — — 560 — 560 Profit of the year 7 990 2 336 9 7 637 4 750 8 821 (22 377 ) 9 166 Profit from continuing operations attributable to: Equity holders of AB InBev 7 990 2 336 9 7 637 4 750 7 085 (22 377 ) 7 430 Non-controlling — — — — — 1 176 — 1 176 Profit of the period attributable to: Equity holders of AB InBev 7 990 2 336 9 7 637 4 750 7 646 (22 377 ) 7 990 Non-controlling — — — — — 1 176 — 1 176 CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 36 — — 5 063 — 22 445 — 27 544 Goodwill — — — 33 157 — 94 957 — 128 114 Intangible assets 409 — — 22 195 97 19 751 — 42 452 Investments in subsidiaries 128 860 77,492 — 42 557 17 955 183 831 (450,696 ) — Investments in associates and joint ventures — — — 22 — 5 839 — 5 861 Deferred tax assets — 163 — — — 1 556 — 1 719 Derivatives — — — — 113 19 — 132 Other non-current 13 930 11 681 13 853 14 495 13 483 43 495 (108 925 ) 2 012 143 235 89,336 13 853 117 489 31 648 371 893 (559,621 ) 207 834 Current assets Investment securities — — — — — 92 — 92 Inventories — — — 822 — 3 605 — 4 427 Derivatives 188 — — 22 3 909 105 (3 994 ) 230 Trade and other receivables 4 152 10 163 846 7 331 113 13 139 (29 557 ) 6 187 Cash and cash equivalents 79 22 18 348 12 697 7 825 (13 751 ) 7 238 Assets classified as held for sale 236 — — — — 9 777 — 10 013 Other current assets 8 198 2 — 5 414 — 627 4 663 10 383 866 8 523 16 724 34 957 (47 302 ) 28 814 Total assets 147 898 99,719 14 719 126 012 48 372 406 850 (606,922 ) 236 648 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 75 722 46,188 622 77 569 25 359 300 957 (450,696 ) 75 722 Minority interests — — — (2 ) — 8 833 — 8 831 75 722 4 188 622 77 567 25 359 309 790 (450,696 ) 84 553 Non-current Interest-bearing loans and borrowings 59 605 49 310 13 874 28 313 3 586 51 690 (108 814 ) 97 564 Employee benefits 5 — — 1 067 — 1 776 — 2 848 Deferred tax liabilities — — 9 6 772 — 6 043 — 12 824 Derivatives — — — — 352 — — 352 Other non-current 60 — — 543 — 3 063 — 3 666 59 670 49 310 13 883 36 695 3 938 62 572 (108 814 ) 117 254 Current liabilities Interest-bearing loans and borrowings 3 651 3 633 — 7 302 9 775 8 701 (27 652 ) 5 410 Income tax payables — — — 237 — 1 109 — 1 346 Derivatives 198 — — 49 3 875 3 671 (3 994 ) 3 799 Trade and other payables 1 071 588 214 4 153 75 18 778 (2 015 ) 22 864 Liabilities associated with assets held for sale — — — — — 1 145 — 1 145 Other current liabilities 7 586 — — 9 5 350 1 084 (13 752 ) 277 12 506 4 221 214 11 750 19 075 34 488 (47 413 ) 34 841 Total equity and liabilities 147 898 99,719 14 719 126 012 48 372 406 850 (606,922 ) 236 648 As at 31 December 2018 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 45 — — 5 235 — 22 335 — 27 615 Goodwill — — — 33 226 — 100 085 — 133 311 Intangible assets 580 — — 22 227 98 21 926 — 44 831 Investments in subsidiaries 123 108 86 239 — 30 594 24 622 170 568 (435 131 ) — Investments in associates and joint ventures — — — — — 6 136 — 6 136 Deferred tax assets — 130 — — — 1 525 (138 ) 1 517 Derivatives — — — — 302 10 (21 ) 291 Other non-current 22 196 13 850 24 037 26 158 8 701 36 767 (129 823 ) 1 885 145 929 100 219 24 037 117 440 33 723 359 352 (565 113 ) 215 587 Current assets Investment securities — — — — — 87 — 87 Inventories — — — 819 — 3 415 — 4 234 Derivatives — — — 25 5 399 464 (5 872 ) 16 Trade and other receivables 3 079 3 471 1 176 6 678 1 619 10 415 (20 063 ) 6 375 Cash and cash equivalents 1 3 28 581 6 094 8 481 (8 114 ) 7 074 Assets classified as held for sale — — — — — 39 — 39 Other current assets — 500 3 — 454 (501 ) 457 3 080 3 974 1 207 8 103 13 112 23 355 (34 550 ) 18 281 Total assets 149 009 104 193 25 244 125 542 46 835 382 707 (599 663 ) 233 868 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 64 474 55 402 597 74 628 29 258 275 257 (435 131 ) 64 485 Minority interests — — — — — 7 404 — 7 404 64 474 55 402 597 74 628 29 258 282 662 (435 131 ) 71 890 Non-current Interest-bearing loans and borrowings 72 756 46 552 24 042 33 348 3 314 56 603 (129 618 ) 106 997 Employee benefits 5 — — 1 048 — 1 628 — 2 681 Deferred tax liabilities — — 8 6 692 — 6 601 (137 ) 13 165 Derivatives — — — — 788 — (21 ) 766 Other non-current 81 — — 150 — 3 312 — 3 544 72 842 46 552 24 050 41 238 4 102 68 145 (129 776 ) 127 153 Current liabilities Interest-bearing loans and borrowings 4 535 1 679 253 5 816 5 234 4 818 (17 752 ) 4 584 Income tax payables — — — 474 3 1 243 (500 ) 1 220 Derivatives 482 — — 131 5 563 5 272 (5 872 ) 5 575 Trade and other payables 1 228 562 342 3 211 65 19 674 (2 515 ) 22 568 Other current liabilities 5 450 — — 42 2 612 893 (8 117 ) 880 11 695 2 241 595 9 674 13 477 31 900 (34 756 ) 34 826 Total equity and liabilities 149 009 104 193 25 244 125 542 46 835 382 707 (599 663 ) 233 868 As at 1 January 2018 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total ASSETS Non-current Property, plant and equipment 44 — — 4 841 — 24 347 — 29 233 Goodwill — — — 33 089 188 107 663 — 140 940 Intangible assets 584 — — 21 947 158 23 185 — 45 874 Investments in subsidiaries 121 839 77 387 — 42 661 40 708 99 396 (381 990 ) — Investments in associates and joint ventures — — — 28 — 5 235 — 5 263 Deferred tax assets — — — — — 1 251 — 1 251 Derivatives — — — 3 13 9 — 25 Other non-current 53 565 10 290 55 432 18 115 7 178 67 709 (210 623 ) 1 664 176 032 87 677 55 432 120 683 48 246 328 795 (592 613 ) 224 251 Current assets Investment securities 1 301 — — — — 3 — 1 304 Inventories 21 — — 626 — 3 472 — 4 119 Derivatives — — — 122 198 138 — 458 Trade and other receivables 16 585 1 514 1 947 3 265 21 972 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 1 872 4 110 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 5 884 26 281 34 364 (64 231 ) 23 957 Total assets 193 982 89 433 57 387 126 568 74 526 363 158 (656 844 ) 248 208 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 576 38 306 586 89 301 42 352 211 446 (381 990 ) 72 576 Minority interests — — — — — 7 624 — 7 624 72 576 38 306 586 89 301 42 352 219 070 (381 990 ) 80 200 Non-current Interest-bearing loans and borrowings 102 398 49 230 55 464 25 095 4 131 84 926 (210 607 ) 110 637 Employee benefits 5 — — 1 241 — 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 — 6 907 — 13 107 Derivatives — — — 1 919 17 — 937 Other non-current 131 — — 1 012 11 2 573 (18 ) 3 709 102 534 48 893 55 473 33 875 5 062 96 171 (210 625 ) 131 383 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 421 18 949 20 914 (51 994 ) 7 846 Income tax payables — (665 ) 3 726 8 1 486 — 1 558 Derivatives — — — 31 1 329 97 — 1 457 Trade and other payables 2 033 535 848 2 207 3 274 22 530 (6 665 ) 24 762 Other current liabilities 121 — — 5 3 553 2 894 (5 571 ) 1 002 18 872 2 233 1 330 3 390 27 113 47 916 (64 230 ) 36 625 Total equity and liabilities 193 982 89 433 57 387 126 568 74 526 363 158 (656 844 ) 248 208 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS As at 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 9 171 2 505 58 3 358 1 275 9 661 (16 038 ) 9 990 Depreciation, amortization and impairment 175 — — 815 — 3 667 — 4 657 Net finance cost/(income) 320 2 173 (66 ) (931 ) (369 ) 2 346 — 3 473 Income tax expense — (232 ) 8 660 1 2 349 — 2 786 Investment income (9 383 ) (3 101 ) — (157 ) (891 ) (2 506 ) 16 038 — Other items 87 — — 129 — (103 ) — 113 Cash flow from operating activities before changes in working capital and use of provisions 370 1 345 — 3 874 16 15 414 — 21 019 Working capital and provisions (52 ) 740 — 4 111 (37 ) (5 482 ) — (720 ) Cash generated from operations 318 2 085 — 7 985 (21 ) 9 932 — 20 299 Interest paid, net (555 ) (2 664 ) 38 (47 ) (177 ) (522 ) — (3 927 ) Dividends received 8 784 — — 12 939 3 458 (22 024 ) 160 Income tax paid (8 ) — (7 ) (559 ) (8 ) (2 554 ) — (3 136 ) CASH FLOW FROM OPERATING ACTIVITIES 8 539 (579 ) 31 20 318 (203 ) 7 314 (22 024 ) 13 396 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (267 ) — — (500 ) — (4 407 ) — (5 174 ) Proceeds from sale of property, plant and equipment and of intangible assets 2 — — 73 1 244 — 320 Acquisition of subsidiaries, net of cash — — — (11 376 ) 222 10 769 — (385 ) Sale of subsidiaries, net of cash disposed of — — — 6 — 127 — 133 Net proceeds from sale/(acquisition) of investment in short-term debt securities — — — — — (9 ) — (9 ) Net proceeds from sale/(acquisition) of other assets — — — (16 ) — (9 ) — (25 ) Net repayments/(payments) of loans granted 5 273 (1 742 ) 10 459 (6 193 ) 506 7 603 (15 894 ) 12 Proceeds from assets held for sale — — — — — 55 — 55 CASH FLOW FROM INVESTING ACTIVITIES 5 008 (1 742 ) 10 459 (18 006 ) 729 14 373 (15 894 ) (5 073 ) FINANCING ACTIVITIES Intra-group capital reimbursements (248 ) — — — 7 500 (7 252 ) — — (Purchase)/sale of non-controlling — — — — — 222 — 222 Proceeds from public offering of minority stake in Budweiser APAC — — — — — 5 575 — 5 575 Proceeds from borrowings 21 223 22 264 — 5 033 4 696 19 390 (50 022 ) 22 584 Payments on borrowings (32 191 ) (19 792 ) (10 501 ) (9 958 ) (4 058 ) (20 008 ) 65 916 (30 592 ) Cash net finance (cost)/income other than interests 57 (130 ) — 2 713 95 (3 580 ) — (845 ) Payment of lease liabilities — — — (49 ) — (392 ) — (441 ) Dividends paid (4 027 ) — — (286 ) (5 049 ) (17 677 ) 22 024 (5 015 ) CASH FLOW FROM FINANCING ACTIVITIES (15 186 ) 2 342 (10 501 ) (2 547 ) 3 184 (23 722 ) 37 918 (8 512 ) Net increase/(decrease) in cash and cash equivalents on continuing operations (1 639 ) 21 (11 ) (235 ) 3 710 (2 035 ) — (189 ) Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 539 — 539 Cash and cash equivalents less bank overdrafts at beginning of year (5 445 ) 4 29 580 3 486 8 306 — 6 960 Effect of exchange rate fluctuations (419 ) — — — 152 126 — (141 ) Cash and cash equivalents less bank overdrafts at end of year (7 503 ) 25 18 345 7 348 6 936 — 7 169 As at 31 December 2018 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 4 359 348 37 6 293 911 5 110 (11 901 ) 5 157 Depreciation, amortization and impairment 147 — — 840 — 3 637 — 4 624 Net finance cost/(income) 209 3 047 (37 ) (2 435 ) (113 ) 8 155 — 8 826 Income tax expense — (293 ) — 718 2 2 158 — 2 585 Investment income (4 194 ) (1 979 ) — (1 502 ) (848 ) (3 379 ) 11 902 — Other items 158 — — 3 — (125 ) (1 ) 35 Cash flow from operating activities before changes in working capital and use of provisions 680 1 123 — 3 917 (48 ) 15 555 — 21 227 Working capital and provisions 182 360 — (403 ) (15 ) (230 ) 96 (10 ) Cash generated from operations 862 1 483 — 3 514 (63 ) 15 325 96 21 217 Interest paid, net (137 ) (2 718 ) 73 3 999 (190 ) (5 129 ) (28 ) (4 130 ) Dividends received — — — — — 39 102 141 Income tax paid — — (8 ) (616 ) (7 ) (2 416 ) — (3 047 ) CASH FLOW FROM OPERATING ACTIVITIES 725 (1 235 ) 65 6 897 (260 ) 7 819 170 14 181 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (194 ) — — (857 ) — (3 954 ) — (5 005 ) Proceeds from sale of property, plant and equipment and of intangible assets — — — 47 — 390 — 437 Acquisition of subsidiaries, net of cash (27 ) — — — — (57 ) — (84 ) Sale of subsidiaries, net of cash disposed of 127 — — — — 130 — 257 Net proceeds from sale/(acquisition) of investment in short-term debt securities 1 300 — — — — (4 ) — 1 296 Net proceeds from sale/(acquisition) of other assets — — — 13 — (185 ) — (172 ) Net repayments/(payments) of loans granted 29 335 4 599 31 459 (19 654 ) 3 051 93 436 (142 382 ) (156 ) Proceeds from SAB transaction-related divestitures — — — — — (330 ) — (330 ) Taxes on SAB transaction-related divestitures — — — — — (100 ) — (100 ) CASH FLOW FROM INVESTING ACTIVITIES 30 541 4 599 31 459 (20 451 ) 3 051 89 326 (142 382 ) (3 857 ) FINANCING ACTIVITIES (Purchase)/sale of non-controlling — — — — — (923 ) — (923 ) Proceeds from borrowings 6 337 9 762 9 755 23 483 157 (31 555 ) (157 ) 17 782 Payments on borrowings (36 673 ) (13 367 ) (41 259 ) (11 169 ) — (62 274 ) 142 253 (22 489 ) Cash net finance (cost)/income other than interests 263 — — 18 10 ( 925 ) 121 ( 513 ) Payment of lease liabilities — — — (48 ) — (375 ) — ( 423 ) Dividends paid (6 541 ) — — — — (1 218 ) ( 2 ) (7 761 ) CASH FLOW FROM FINANCING ACTIVITIES (36 614 ) (3 605 ) (31 504 ) 12 284 166 (97 269 ) 142 215 (14 327 ) Net increase/(decrease) in cash and cash equivalents on continuing operations (5 348 ) (241 ) 20 (1 270 ) 2 957 (124 ) 3 (4 003 ) Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 755 — 755 Cash and cash equivalents less bank overdrafts at beginning of year (74 ) 242 9 1 929 530 7 720 — 10 356 Effect of exchange rate fluctuations (23 ) — — (80 ) (5 ) (40 ) — (148 ) Cash and cash equivalents less bank overdrafts at end of year (5 445 ) 1 29 579 3 482 8 311 3 6 960 As at 31 December 2017 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 7 988 2 337 8 7 641 4 749 8 260 (22 377 ) 8 606 Depreciation, amortization and impairment 128 — — 884 (78 ) 3 691 — 4 625 Net finance cost/(income) 819 3 064 (26 ) (3 210 ) (942 ) 6 921 — 6 626 Income tax expense 16 (614 ) 17 (1 506 ) 177 3 568 — 1 658 Investment income (8 288 ) (3 720 ) — (127 ) (4 041 ) (6 201 ) 22 377 — Other items 126 — — (9 ) 2 (308 ) — (189 ) Cash flow from operating activities before changes in working capital and use of provisions 789 1 067 (1 ) 3 673 (133 ) 15 931 — 21 326 Working capital and provisions (283 ) 869 (4 ) (1 319 ) 109 27 159 (442 ) Cash generated from operations 506 1 936 (5 ) 2 354 (24 ) 15 958 159 20 884 Interest paid, net (860 ) (3 156 ) 79 98 245 (6 237 ) 5 865 (3 966 ) Dividends received 2 — — 76 2 140 (77 ) 143 Income tax paid (16 ) — (16 ) 289 (4 ) (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 2 817 219 7 467 5 947 14 920 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (126 ) — — (625 ) 91 (4 020 ) — (4 680 ) Proceeds from sale of property, plant and equipment and of intangible assets — — — 20 (2 ) 520 — 538 Acquisition of subsidiaries, net of cash — — — (419 ) 113 (265 ) — (571 ) Sale of subsidiaries, net of cash disposed of — — — 42 — (2 ) — 40 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 — — 4 (73 ) (743 ) — (277 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 378 4 229 43 231 (45 002 ) 215 Proceeds from assets held for sale — — — — — 15 — 15 Proceeds from SAB transaction-related divestitures — — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures — — — (3 449 ) — — — (3 449 ) CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 (4 049 ) 4 358 50 593 (45 002 ) 7 865 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — 28 (21 180 ) 2 558 — — (Purchase)/sale of non-controlling — — — — — (207 ) — (207 ) Proceeds from borrowings 24 604 2 262 1 470 8 152 8 045 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (6 541 ) (12 813 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — (22 ) 2 011 (3 024 ) — (1 498 ) Payment of lease liabilities — — — (44 ) — (329 ) — (373 ) Dividends paid (7 992 ) (75 ) — — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 1 573 (23 937 ) (48 512 ) 38 898 (21 334 ) Net increase/(decrease) in cash and cash equivalents on continuing operations 10 438 87 554 341 (19 360 ) 9 548 (157 ) 1 451 Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 827 — 827 Cash and cash equivalents less bank overdrafts at beginning of year (10 244 ) 155 (617 ) 1 464 18 376 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 28 1 583 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 1 833 599 7 745 — 10 355 |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Events after the balance sheet date | 36. Events after the balance sheet date None. |
AB InBev companies
AB InBev companies | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [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 interest as at 31 December 2019 ARGENTINA CERVECERIA Y MALTERIA QUILMES SAICA y G - Charcas 5160 - C1425BOF - Buenos Aires 61.85 AUSTRALIA FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 - 3006 100.00 CUB PTY LTD - Southbank Boulevard 77 - 3006 100.00 FBG FINANCE PTY LTD - Southbank Boulevard 77 - 3006 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 BV/SRL - Industrielaan 21 - 1070 – Brussel 100.00 BOTSWANA KGALAGADI BREWERIES (PTY) LTD - Plot 20768, Broadhurst industrial estate - Gaborone 1 31.00 BOLIVIA CERVECERIA BOLIVIANA NACIONAL S.A. - Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa - La Paz 52.97 BRAZIL AMBEV S.A. - Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi - CEP 04530-001 61.85 CANADA LABATT BREWING COMPANY LIMITED - 207 Queen’s Quay West, Suite 299 - M5J 1A7 – Toronto 61.85 CHILE CERVECERIA CHILE S.A. - Av. Presidente Eduardo Frei Montalva 9600 - 8700000 – Quilicura 61.85 CHINA ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 87.22 ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 84.66 ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. - 1 Budweiser Avenue, Southwest St., Sanshui District - 528132 - Foshan City, Guangdong 87.22 ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. - 9 HaPi Road Pingfang District - 150066 - Harbin City, Heilongijang Province 87.22 ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. - 18, Yingbin Road - 063300 - Tangshan City, Hebei Province 87.22 ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. - 660 Gong Ye Road, Hanjiang District - 351111 - Putian City, Fujian Province 87.22 1 The group’s shares entitle the holder to twice the voting rights Name and registered office of fully consolidated companies % of economic interest as at 31 December 2019 ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. - Lantian Economic District - 363005 - Zhangzhou City, Fujian Province 87.22 ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. - 159 Qi Xia East Road, Chengguan Town, Tiantai County - 317200 - Taizhou Cithy, Zhejiang Province 87.22 NANCHANG ASIA BREWERY CO. LTD. - 1188 Jinsha Avenue, Economic District - Nanchang City, Jiangxi Province 87.22 SIPING GINSBER DRAFT BEER CO. LTD. - Xianmaquan, Tiedong Area - Siping City, Jilin Province 87.22 ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. - 666 Zhaoxia Road - Nantong City, Jiangsu Province 87.22 ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. - No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area - 641300 - Ziyang City, Sichuan Province 87.22 ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. - No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town - 453100 - Weihui City, Henan Province 87.22 INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. - 89 Jin Long Quan Avenue - Jingmen City, Hubei Province 52.33 ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. - No 1 Qujiang Road, Suyu Industry Park - Suqian City, Jiangsu Province 87.22 COLOMBIA ZX VENTURES COLOMBIA S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 100.00 BAVARIA & CIA S.C.A. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 94.90 KOPPS COMERCIAL S.A.S - Carrera 53 A, No 127 - 35 - 110221 – Bogota 100.00 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 1 52.42 ECUADOR 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 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 – Diekirch 95.82 Name and registered office of fully consolidated companies % of economic interest as at 31 December 2019 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV - Blvd. Del Norte, Carretera Salida a Puerto Cortes - San Pedro Sula, Cortes 99.00 HONG KONG BUDWEISER BREWING CO APACT LTD - Flat Room 1823 18F Soundwill Plaza II-Middle Kong (SAR) 87.22 INDIA CROWN BEERS INDIA LIMITED - #8-2-684/A, 100.00 ANHEUSER BUSCH INBEV INDIA LIMITED. - 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 1 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 61.85 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 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 - 8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, S . 87.22 SWITZERLAND 1 The company is consolidated due to the group’s majority shareholdings and ability to control the operations. Name and registered office of fully consolidated companies % of economic interest as at 31 D ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) - Suurstoffi 22 – 6343 - Rotkreuz 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 61.64 UNITED KINGDOM ABI SAB GROUP HOLDING LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 ABI UK HOLDINGS 1 LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV UK LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 ZX VENTURES LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 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 – Wi lmingt on 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. - Cesar Cortinas, 2037 - C.P. 11500 – Montevideo 61.85 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, II-A 87.22 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 interest as at 31 d FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA - 49 Rue François 1er, 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 RUSSIA AB INBEV EFES - 28 Moscovskaya Street, Moscow region - 141607 – Klin 50.00 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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 associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev’s share in the result of these associates for the last quarter. Such estimates are revisited when required. 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 37 AB InBev companies |
SUMMARY OF CHANGES IN ACCOUNTING POLICIES | (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES IFRS with effective application for annual periods beginning on 1 st IFRS 16 Leases IFRS 16 Leases IFRS 16 replaces the current lease accounting requirements and introduces significant changes to lessee accounting, removing the distinction between operating and finance leases under IAS 17 Leases right-of-use right-of-use For short-term leases and leases of low value assets, the company continues to recognize a lease expense on a straight-line basis as permitted by IFRS 16, and payments for these leases are presented in cash flow from operating activities. As a lessor, the company continues to classify leases as either finance leases or operating leases and accounts for those two types of leases differently. The company has chosen the full retrospective application of IFRS 16 and, consequently, has restated the comparative information in these financial statements. In addition, the company has applied the practical expedient available on transition to IFRS 16 to not reassess whether a contract is or contains a lease. Accordingly, the definition of a lease under IAS 17 and its related interpretations will continue to apply to the leases entered or modified before 1 January 2019. As a function of the transition to IFRS 16, the company recognized 1.7 billion US dollar of right-of-use Additional information is presented in Note 13 Property, plant and equipment Interest-bearing loans and borrowings Risks arising from financial instruments A number of other new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning on 1 January 2019 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. IFRIC 23 Uncertainty over Income Tax Treatments Effective 1 January 2019, AB InBev adopted IFRIC 23 Uncertainty over Income Tax Treatments |
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 exchange rates prevailing on the date of the balance sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary 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 Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, leading Argentina’s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies Under IAS 29, 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: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 59.890668 37.807879 18.774210 — — 16.580667 Australian dollar 1.423804 1.416593 1.279580 1.438543 1.334300 1.308997 Brazilian real 4.030696 3.874806 3.308005 3.940998 3.634827 3.201667 Canadian dollar 1.299449 1.362882 1.253982 1.329140 1.293896 1.303248 Colombian peso 3 272.63 3 246.70 2 988.60 3 305.84 2 967.36 2 965.94 Chinese yuan 6.961461 6.877787 6.507500 6.886265 6.581607 6.785290 Euro 0.890155 0.873362 0.833819 0.892577 0.845697 0.886817 Mexican peso 18.845242 19.682728 19.735828 19.334915 19.195084 18.811612 Pound sterling 0.757344 0.781249 0.739790 0.784062 0.750773 0.773029 Peruvian nuevo sol 3.317006 3.369998 3.244558 3.346670 3.284477 3.267432 South Korean won 1 154.54 1 115.40 1 067.63 1 160.69 1 095.46 1 134.04 South African rand 14.044287 14.374909 12.345193 14.512975 13.105486 13.338803 |
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 O). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. Supply and distribution rights A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. Brands If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. Software Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. Other intangible assets Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. Amortization Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company have a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized 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 O). Gains and losses on sale Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. |
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 O). 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 control has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. |
ACCOUNTING FOR LEASES | (K) LEASES The company as lessee The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a purchase option. The corresponding adjustment is made to the related right-of-use The right-of-use right-of-use The lease liability is presented in the ‘Interest-bearing loans and borrowings’ line and the right-of-use The company as lessor Leases where the company transfers substantially all the risks and rewards of ownership to the lessee are classified as finance leases. Leases of assets under which all the risks and rewards of ownership are substantially retained by the company are classified as operating leases. Rental income is recognized in other operating income on a straight-line basis over the term of the lease. |
INVENTORIES | (L) 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 | (M) TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at adjusted for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. |
CASH AND CASH EQUIVALENTS | (N) 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 | (O) IMPAIRMENT The carrying amounts of 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 there is an indicator of impairment, 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 cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. Calculation of recoverable amount The recoverable amount of non-financial Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. Reversal of impairment losses Non-financial |
FAIR VALUE MEASUREMENT | (P) FAIR VALUE MEASUREMENT A number of AB InBev’s accounting policies and notes require fair value measurement for both financial and non-financial Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: inputs are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: fair value measurements incorporates significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. Derivatives The fair value of exchange traded derivatives (e.g. exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g. the New York Board of Trade). The fair value of over-the-counter Debt securities This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. Equity securities designated as at FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. Non-derivative The fair value of non-derivative |
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 paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’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 of AB InBev’s 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 Goods sold Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognizes revenue when performance obligations are satisfied, meaning when the company transfers control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: • Identification of the contracts with a customer • Identification of the performance obligations in the contracts • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contracts • Revenue recognition when performance obligations are satisfied Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected to receive in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved. Royalty income The company recognizes the sales-based or usage-based royalties in other operating income when the later of the following events occurs: (a) the customer’s subsequent sales or usage; and (b) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Rental income Rental income is recognized in other operating income on a straight-line basis over the term of the lease. 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. Finance income Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy 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 financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Z). 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 V). The interest expense component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest rate method. Research and development, advertising and promotional costs and systems development costs Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy 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. |
FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING | (Z) FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company’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. Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is based on two criteria: the objective of the company’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding (the ‘SPPI criterion’). The classification and measurement of the company’s financial assets is as follows: • Debt instruments at amortized cost: • Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: • Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition non-monetary • Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were not designated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the business model tests. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative At the inception of the hedging relationships, the company documents the risk management objective and strategy for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match the critical terms of the hedging instrument, the company uses a hypothetical derivative method to assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. Cash flow hedge accounting Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign currency risk of a firm commitment or a recognized asset or liability (such as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial non-financial For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g. when the variable interest expense is recognized). When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the cumulative gain or loss recognized in other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. Fair value hedge accounting When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. Net investment hedge accounting When a non-derivative When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
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. The company has six operating segments. 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’s five geographic regions are North America, Middle Americas, South America, EMEA and Asia Pacific. The aggregation criteria applied are based on similarities in the economic indicators (e.g. margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore, management assessed additional factors such as management’s views on the optimal number of reporting segments, AB InBev historical geographies, peer comparison (e.g. Asia Pacific and EMEA being a commonly reported regions amongst the company’s peers), as well as 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’s five geographic regions plus the Global Export and Holding Companies comprise the company’s six reportable segments for financial reporting purposes. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
EXCEPTIONAL ITEMS | (BB) EXCEPTIONAL ITEMS Exceptional items are those that in management’s judgment need to be disclosed separately by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to 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 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 non-current re-measurement. Non-current |
RECENTLY ISSUED IFRS | (DD) RECENTLY ISSUED IFRS To the extent that new IFRS requirements are expected to be applicable in the future, they have not been applied in preparing these consolidated restated financial statements for the year ended 31 December 2019. A number of amendments to standards are effective for annual periods beginning after 1 January 2019, and have not been discussed either because of their non-applicability |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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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: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 59.890668 37.807879 18.774210 — — 16.580667 Australian dollar 1.423804 1.416593 1.279580 1.438543 1.334300 1.308997 Brazilian real 4.030696 3.874806 3.308005 3.940998 3.634827 3.201667 Canadian dollar 1.299449 1.362882 1.253982 1.329140 1.293896 1.303248 Colombian peso 3 272.63 3 246.70 2 988.60 3 305.84 2 967.36 2 965.94 Chinese yuan 6.961461 6.877787 6.507500 6.886265 6.581607 6.785290 Euro 0.890155 0.873362 0.833819 0.892577 0.845697 0.886817 Mexican peso 18.845242 19.682728 19.735828 19.334915 19.195084 18.811612 Pound sterling 0.757344 0.781249 0.739790 0.784062 0.750773 0.773029 Peruvian nuevo sol 3.317006 3.369998 3.244558 3.346670 3.284477 3.267432 South Korean won 1 154.54 1 115.40 1 067.63 1 160.69 1 095.46 1 134.04 South African rand 14.044287 14.374909 12.345193 14.512975 13.105486 13.338803 |
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, 2019 | |
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Summary of Segment Reporting | All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %) . North America Middle Americas South America EMEA Asia Pacific 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Volum e 108 111 114 134 129 124 140 136 140 86 87 132 93 96 94 Revenue 15 488 15 504 15 588 11 912 11 614 10 780 9 790 10 238 11 596 7 911 8 368 10 344 6 544 6 735 6 094 Normalized EBITDA 6 185 6 199 6 377 6 356 6 033 5 265 4 145 4 696 5 243 2 781 3 184 3 516 2 287 2 178 1 804 Normalized EBITDA margin % 39.9 % 40.0 % 40.9 % 53.4 % 51.9 % 48.8 % 42.3 % 45.9 % 45.2 % 35.2 % 38.1 % 34.0 % 35.0 % 32.3 % 29.6 % Depreciation, amortization and impairment (833 ) (834 ) (886 ) (921 ) (844 ) (781 ) (955 ) (1 008 ) (1 064 ) (974 ) (936 ) (992 ) (648 ) (734 ) (649 ) Normalized profit from operations (EBIT) 5 352 5 365 5 492 5 435 5 189 4 483 3 190 3 688 4 179 1 807 2 248 2 524 1 639 1 444 1 155 Exceptional items (see Note 8) (11 ) (10 ) 4 (51 ) (151 ) (158 ) (96 ) 1 (26 ) (61 ) (370 ) (144 ) (41 ) (43 ) (44 ) Profit from operations (EBIT) 5 341 5 355 5 495 5 384 5 038 4 325 3 094 3 689 4 153 1 746 1 878 2 381 1 598 1 401 1 110 Net finance income/(cost) Share of results of associates Income tax expense Profit from continuing operatio n Discontinued operations Profit/(loss) Segment assets (non-current) 63 725 63 443 63 341 76 168 71 844 74 196 13 452 13 250 13 858 39 442 42 874 46 889 13 450 22 545 24 189 Gross capex 679 917 530 1 286 1 324 1 206 1 063 777 776 1 208 1 163 1 086 626 599 564 FTE 20 040 19 323 19 306 52 412 53 140 56 006 41 603 40 503 41 140 23 804 23 604 26 823 29 482 31 523 36 386 Global Export and holding Consolidated 2019 2018 2017 2019 2018 2017 Volum e 1 1 2 561 560 605 Revenue 685 582 457 52 329 53 041 54 859 Normalized EBITDA (676 ) (558 ) (510 ) 21 078 21 732 21 695 Normalized EBITDA margin % — — — 40.3 % 41.0 % 39.5 % Depreciation, amortization and impairment (325 ) (269 ) (253 ) (4 657 ) (4 624 ) (4 625 ) Normalized profit from operations (EBIT) (1 001 ) (827 ) (764 ) 16 421 17 107 17 069 Exceptional items (see Note 8) (63 ) (119 ) (241 ) (323 ) (692 ) (609 ) Profit from operations (EBIT) (1 064 ) (946 ) (1 004 ) 16 098 16 414 16 460 Net finance income/(cost) (3 473 ) (8 826 ) (6 626 ) Share of results of associates 152 153 430 Income tax expense (2 786 ) (2 585 ) (1 658 ) Profit from continuing operations 9 990 5 157 8 606 Discontinued operations 424 531 560 Profit/(loss) 10 414 5 688 9 166 Segment assets (non-current) 1 595 1 631 1 778 207 834 215 587 224 251 Gross capex 312 224 247 5 174 5 005 4 409 FTE 4 574 4 683 3 254 171 915 172 776 182 915 |
Acquisitions and disposals of_2
Acquisitions and disposals of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Impact of Acquisitions and Disposals on Consolidated Statements | The table below summarizes the impact of acquisitions and disposals on the statement of financial position Million US dollar 2019 2018 2019 2018 Non-current Property, plant and equipment 44 2 (1 ) (310 ) Intangible assets 128 24 (29 ) (17 ) Deferred tax assets — 23 — — Trade and other receivables — — — (86 ) Investments in associates (15 ) — — — Current assets Inventories 43 17 (7 ) (84 ) Income tax receivables — — — (2 ) Trade and other receivables 19 2 (1 ) (79 ) Cash and cash equivalents 40 8 — (6 ) Assets held for sale — — — (27 ) Non-current Interest-bearing loans and borrowings (11 ) (3 ) — — Trade and other payables (110 ) — — — Deferred tax liabilities (33 ) — 9 4 Current liabilities Trade and other payables (65 ) (19 ) 2 406 Net identifiable assets and liabilities 40 54 (27 ) (201 ) Non-controlling (12 ) — 2 1 Goodwill on acquisitions and goodwill disposed of 682 107 (22 ) (652 ) Loss/(gain) on disposal — — (21 ) (15 ) Consideration to be (paid)/received (275 ) (112 ) — 47 Net cash paid on prior years acquisitions 16 68 (65 ) — Recycling of CTA in respect of net assets — — — (584 ) Contribution in kind — — — 1 150 Consideration paid/(received) 451 117 (133 ) (254 ) Cash (acquired)/disposed of (40 ) (5 ) — (3 ) Net cash outflow / (inflow) 411 112 (133 ) (257 ) Net cash outflow / (inflow) on continuing operations 385 84 (133 ) (257 ) Net cash outflow / (inflow) on discontinued operations 26 28 — — |
Other operating income_(expen_2
Other operating income/(expenses) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Other Operating Income/(Expenses) | Million US dollar 2019 2018 2017 Government grants 280 317 404 License income 30 45 65 Net (additions to)/reversals of provisions (10 ) (11 ) (4 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 172 80 140 Net rental and other operating income 402 374 341 Other operating income/(expenses) 875 805 946 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Exceptional Items Included in Income Statement | The exceptional items included in the income statement are as follows: Million US dollar 2019 2018 2017 Restructuring (170 ) (363 ) (447 ) Acquisition costs business combinations (23 ) (73 ) (123 ) Business and asset disposal (including impairment losses) (50 ) (26 ) (39 ) Brazil State tax regularization program (74 ) — — Cost related to public offering of minority stake in Budweiser APAC (6 ) — — Provision for EU investigation — (230 ) — Impact on profit from operations (323 ) (692 ) (609 ) |
Payroll and related benefits (T
Payroll and related benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Payroll and Related Benefits | Million US dollar 2019 2018 2017 Wages and salaries (4 563 ) (4 638 ) (4 752 ) Social security contributions (683 ) (694 ) (688 ) Other personnel cost (678 ) (708 ) (759 ) Pension expense for defined benefit plans (193 ) (192 ) (196 ) Share-based payment expense (340 ) (353 ) (348 ) Contributions to defined contribution plans (101 ) (109 ) (107 ) Payroll and related benefits (6 558 ) (6 694 ) (6 850 ) |
Summary of Number of Full Time Equivalents | The number of full time equivalents can be split as follows: 2019 2018 2017 AB InBev NV (parent company) 204 180 215 Other subsidiaries 171 711 172 596 182 700 Total number of FTE 171 915 172 776 182 915 |
Additional information on ope_2
Additional information on operating expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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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 2019 consolidated income statement: Million US dollar Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 751 86 11 — Distribution expenses 155 4 191 — Sales and marketing expenses 379 247 160 — Administrative expenses 277 290 98 — Other operating expenses 8 — — — Depreciation, amortization and impairment 3 570 627 460 — Depreciation, amortization and impairment charges are included in the following line items of the 2018 restated consolidated income statement : Million US dollar (restated) Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 807 67 — — Distribution expenses 166 3 186 — Sales and marketing expenses 414 165 153 — Administrative expenses 285 254 116 — Other operating expenses 8 — — — Depreciation, amortization and impairment 3 680 489 455 — Depreciation, amortization and impairment charges are included in the following line items of the 2017 restated consolidated income statement: Million US dollar (restated) Depreciation and Amortization and Depreciation and Impairment of Cost of sales 2 791 40 — — Distribution expenses 197 4 171 — Sales and marketing expenses 416 196 137 — Administrative expenses 335 245 83 — Other operating expenses 4 — — — Exceptional items — — — 6 Depreciation, amortization and impairment 3 743 485 391 6 |
Finance cost and income (Tables
Finance cost and income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Finance Costs Included in Income Statement | The finance costs included in the income statement are as follows : Million US dollar 2019 2018 2017 Interest expense (4 168 ) (4 141 ) (4 314 ) Capitalization of borrowing costs 19 23 22 Net interest on net defined benefit liabilities (95 ) (94 ) (102 ) Accretion expense (650 ) (511 ) (736 ) Net losses on hedging instruments that are not part of a hedge accounting relationship (393 ) (449 ) (382 ) Net foreign exchange results (net of the effect of foreign exchange derivative instruments) (180 ) 19 (306 ) Tax on financial transactions (79 ) (110 ) (68 ) Net mark-to-market 898 (1 774 ) (291 ) Other financial costs, including bank fees (225 ) (242 ) (136 ) (4 873 ) (7 279 ) (6 313 ) Exceptional finance cost (222 ) (1 982 ) (693 ) Finance costs (5 095 ) (9 261 ) (7 006 ) |
Summary of Finance Income Included in Income Statement | Finance income included in the income statement is as follows: Million US dollar 2019 2018 2017 Interest income 410 333 289 Hyperinflation monetary adjustments 86 46 — Other financial income 21 56 91 518 435 380 Exceptional finance income 1 104 — — Finance income 1 622 435 380 |
Summary of Interest Income | The interest income stems from the following financial assets: Million US dollar 2019 2018 2017 Cash and cash equivalents 237 256 207 Investment debt securities held for trading 9 22 16 Other loans and receivables 164 55 64 Total 410 333 287 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Income Taxes | Income taxes recognized in the income statement can be detailed a Million US dollar 2019 2018 2017 Current year (2 863 ) (2 704 ) (3 698 ) (Underprovided)/overprovided in prior years 58 101 1 Current tax expense (2 805 ) (2 603 ) (3 697 ) Origination and reversal of temporary differences (21 ) (148 ) 2 000 (Utilization)/recognition of deferred tax assets on tax losses 13 120 23 Recognition of previously unrecognized tax losses 27 46 16 Deferred tax (expense)/income 19 18 2 039 Total income tax expense (2 786 ) (2 585 ) (1 658 ) |
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 2019 2018 2017 Profit before tax 12 776 7 741 10 264 Deduct share of result of associates and joint ventures 152 153 430 Profit before tax and before share of result of associates and joint ventures 12 624 7 588 9 834 Adjustments on taxable basis Government incentives (709 ) (742 ) (982 ) Non-deductible/(non-taxable) (1 776 ) 3 496 579 Other expenses not deductible for tax purposes 1 223 1 796 1 795 Other non-taxable (282 ) (158 ) (178 ) 11 080 11 980 11 048 Aggregated weighted nominal tax rate 26.2 % 26.5 % 28.2 % Tax at aggregated weighted nominal tax rate (2 901 ) (3 172 ) (3 116 ) Adjustments on tax expense Utilization of tax losses not previously recognized 13 120 23 Recognition of deferred taxes assets on previous years’ tax losses 27 46 16 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (137 ) (125 ) (143 ) (Underprovided)/overprovided in 58 101 1 Deductions from interest on equity 666 471 553 Deductions from goodwill 20 17 57 Other tax deductions 259 400 723 US Tax reform (change in tax rate and other) — 116 1 760 Change in tax rate (95 ) 144 (59 ) Withholding taxes (505 ) (403 ) (386 ) Brazilian Federal Tax Amnesty Program — — (870 ) Other tax adjustments (191 ) (300 ) (217 ) (2 786 ) (2 585 ) (1 658 ) Effective tax rate 22.1 % 34.1 % 16.9 % |
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 2019 2018 2017 Re-measurements 19 22 (39 ) Cash flow and net investment hedges 88 108 (95 ) Income tax (losses)/gains 107 130 (134 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment Owned and Leased Assets | Million US dollar 31 December 31 December Property, plant and equipment owned 25 515 25 638 Property, plant and equipment leased (right-of-use 2 029 1 977 Total property, plant and equipment 27 544 27 615 |
Summary of Property, Plant and Equipment | 31 December 2019 31 December 1 Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year 12 155 33 540 2 274 47 969 48 297 Effect of movements in foreign exchange (94 ) (374 ) (17 ) (485 ) (3 086 ) Acquisitions 48 1 236 3 167 4 451 4 342 Acquisitions through business combinations — 22 2 24 2 Disposals (208 ) (1 777 ) (2 ) (1 987 ) (1 474 ) Disposals through the sale of subsidiaries (1 ) (3 ) — (4 ) (1 128 ) Transfer (to)/from other asset categories and other movements 2 316 1 737 (3 264 ) (1 211 ) 1 014 Balance at end of the period 12 216 34 381 2 160 48 757 47 969 Depreciation and impairment losses Balance at end of previous year (3 450 ) (18 881 ) — (22 331 ) (21 414 ) Effect of movements in foreign exchange 40 270 — 310 1 392 Depreciation (409 ) (2 961 ) — (3 370 ) (3 530 ) Disposals 119 1 615 — 1 734 1 249 Disposals through the sale of subsidiaries 1 2 — 3 818 Impairment losses (1 ) (86 ) — (87 ) (91 ) Transfer to/(from) other asset 1 96 403 — 499 (755 ) Balance at end of the period (3 604 ) (19 638 ) — (23 242 ) (22 331 ) Carrying amount at 31 December 2018 8 704 14 659 2 274 25 638 25 638 at 31 December 2019 8 612 14 743 2 160 25 515 — |
Summary of Property, Plant and Equipment Leased (right- of- use assets) | Property, plant and equipment leased by the company (right-of-use 2019 Million US dollar Land and Machinery, Total Net carrying amount at 31 December 1 723 306 2 029 Depreciation for the period (329 ) (160 ) (489 ) 2018 restated Million US dollar Land and Machinery, Total Net carrying amount at 31 December 1 624 353 1 977 Depreciation for the period (318 ) (150 ) (468 ) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Reconciliation of Goodwill | Million US dollar 31 December 2019 31 December 2018 Acquisition cost Balance at end of previous year 133 316 140 980 Effect of movements in foreign exchange 53 (7 541 ) Disposals through the sale of subsidiaries (22 ) (652 ) Acquisitions through business combinations 682 107 Hyperinflation monetary adjustments 171 435 Reclassified as held for sale (6 081 ) (13 ) Balance at end of the period 128 119 133 316 Impairment losses Balance at end of previous year (5 ) (40 ) Impairment losses — — Disposals through the sale of subsidiaries — 35 Balance at end of the period (5 ) (5 ) Carrying amount at 31 December 2018 133 311 133 311 at 31 December 2019 128 114 |
Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units | The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar Cash-generating unit 2019 2018 1 United States 33 451 33 288 Rest of North America 1 984 1 891 Mexico 13 175 12 614 Colombia 18 647 18 796 Rest of Middle Americas 25 257 21 969 Brazil 4 539 4 715 Rest of South America 1 101 1 139 Europe 2 277 2 222 South Africa 13 500 15 910 Rest of Africa 6 691 7 701 China 3 095 2 758 Rest of Asia Pacific 2 4 397 10 308 Total carrying amount of goodwill 128 114 133 311 |
Summary of Weighted Average Cost of Capital | For the cash generating units subject to a discounted free cash flow approach, the WACC applied in US dollar nominal terms were as follows: Cash-generating unit 2019 2018 Colombia 6 % 7 % Rest of Middle Americas 9 % 9 % South Africa 7 % 8 % Rest of Africa 10 % 11 % |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible Assets | 31 December 2019 31 December 1 Million US dollar Brands Commerc i Software Other Total Total Acquisition cost Balance at end of previous year 42 133 2 949 2 692 691 48 465 48 871 Effect of movements in foreign exchange (13 ) (34 ) (29 ) (3 ) (79 ) (1 765 ) Acquisitions through business combinations 88 — 5 6 99 24 Acquisitions and expenditures — 290 113 228 631 668 Disposals — (120 ) (136 ) (3 ) (259 ) (96 ) Disposals through the sale of subsidiaries (29 ) — — — (29 ) (47 ) Transfer (to)/from other asset categories and other movements 2 (2 105 ) (311 ) (51 ) (253 ) (2 720 ) 810 Balance at end of period 40 074 2 774 2 594 666 46 108 48 465 Amortization and impairment losses Balance at end of previous year (32 ) (1 479 ) (2 002 ) (121 ) (3 634 ) (2 997 ) Effect of movements in foreign exchange — 24 16 1 41 164 Amortization — (239 ) (322 ) (61 ) (622 ) (445 ) Disposals — 117 135 2 254 14 Disposals through the sale of subsidiaries — — — — — 30 Transfer to/(from) other asset categories and other movements 1 — (18 ) 322 1 305 (400 ) Balance at end of period (32 ) (1 595 ) (1 851 ) (178 ) (3 656 ) (3 634 ) Carrying value at 31 December 2018 42 101 1 470 690 570 44 831 44 831 at 31 December 2019 40 042 1 179 743 488 42 452 |
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 cash-generating units as follows: Million US dollar Country 2019 2018 United States 22 124 22 037 Rest of North America 66 63 Mexico 3 243 3 068 Colombia 3 488 3 516 Rest of Middle Americas 3 915 3 915 Brazil 3 1 Rest of South America 714 741 Europe 489 535 South Africa 3 417 3 338 Rest of Africa 1 228 1 261 China 410 381 Rest of Asia Pacific 1 120 3 579 Total carrying amount of intangible assets with indefinite useful lives 40 217 42 435 |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
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: 2019 2018 Million US dollar AB InBev Efes Castel Efes AB InBev Efes Castel Efes Balance at 1 January 1 159 3 279 479 — 3 480 694 Effect of movements in foreign exchange — (56 ) (59 ) — (213 ) (194 ) Acquisitions — — — 1 157 — — Dividends received (15 ) (95 ) (11 ) — (98 ) (11 ) Share of results of associates (11 ) 111 42 2 110 (10 ) Balance at end of period 1 133 3 239 451 1 159 3 279 479 |
Summarized Financial Information of the Company's Material Associates | Summarized financial information of the company’s material associates is as follows: 2019 2018 Million US dollar AB InBev Efes Castel Efes AB InBev Efes Castel Efes Current assets 377 4 044 2 266 275 4 193 2 888 Non-current 767 4 255 5 618 664 4 291 6 463 Current liabilities 652 1 631 1 859 556 1 643 2 233 Non-current 109 743 1 986 — 635 2 207 Non-controlling — 723 1 909 — 939 2 297 Net assets 383 5 201 2 130 383 5 267 2 614 Revenue 1 388 5 107 4 015 1 081 5 786 3 816 Profit (loss) 23 719 276 4 921 (43 ) Other comprehensive income (loss) — (372 ) (431 ) — (254 ) 1 536 Total comprehensive income (loss) 23 347 (155 ) 4 667 1 493 |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investments in Short-Term Debt Securities | Million US dollar 2019 2018 Investment in unquoted companies 86 84 Investment on debt securities 25 24 Non-current 111 108 Investment on debt securities 91 87 Current investments 91 87 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
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 : 2019 Million US dollar Assets Liabilities Net Property, plant and equipment 415 (2 550 ) (2 135 ) Intangible assets 112 (10 327 ) (10 215 ) Inventories 119 (67 ) 52 Trade and other receivables 52 (1 ) 51 Interest-bearing loans and borrowings 706 (603 ) 103 Employee benefits 631 (3 ) 628 Provisions 467 (22 ) 445 Derivatives 23 (21 ) 2 Other items 311 (861 ) (550 ) Loss carry forwards 515 — 515 Gross deferred tax assets/(liabilities) 3 350 (14 455 ) (11 105 ) Netting by taxable entity (1 631 ) 1 631 — Net deferred tax assets/(liabilities) 1 719 (12 824 ) (11 105 ) 2018 restated Million US dollar Assets Liabilities Net Property, plant and equipment 381 (2 665 ) (2 284 ) Intangible assets 115 (10 665 ) (10 550 ) Inventories 101 (67 ) 34 Trade and other receivables 142 (62 ) 80 Interest-bearing loans and borrowings 535 (618 ) (83 ) Employee benefits 673 (5 ) 668 Provisions 483 (27 ) 456 Derivatives 33 (58 ) (25 ) Other items 215 (736 ) (521 ) Loss carry forwards 577 — 577 Gross deferred tax assets/(liabilities) 3 255 (14 903 ) (11 648 ) Netting by taxable entity (1 738 ) 1 738 — Net deferred tax assets/(liabilities) 1 517 (13 165 ) (11 648 ) |
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 2019 2018 2017 Balance at 1 January (11 648 ) (11 857 ) (13 442 ) Recognized in profit or loss 19 95 1 929 Recognized in other comprehensive income 109 (130 ) (134 ) Acquisitions through business combinations (18 ) (23 ) (74 ) Reclassified as held for sale 363 — — Other movements and effect of changes in foreign exchange rates 70 267 (136 ) Balance at 31 December (11 105 ) (11 648 ) (11 857 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | Million US dollar 2019 2018 Prepayments 105 123 Raw materials and consumables 2 478 2 387 Work in progress 405 363 Finished goods 1 257 1 215 Goods purchased for resale 182 146 Inventories 4 427 4 234 Inventories other than work in progress Inventories stated at net realizable value 171 59 |
Assets classified as held for_2
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Assets Held for Sale | ASSETS CLASSIFIED AS HELD FOR SALE Million US dollar 31 December 2019 31 December 2018 Balance at the end of previous year 39 133 Reclassified to assets held for sale in the period 9 692 35 Disposals (59 ) (128 ) Effect of movements in foreign exchange 341 (1 ) Balance at the end of year 10 013 39 |
Summary of Liabilities Associated With Assets Held for Sale | LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE Million US dollar 31 December 2019 31 December 2018 Balance at the end of previous year — — Reclassified to liabilities associated with assets held for sale 1 106 — Effect of movements in foreign exchange 39 Balance at the end of year 1 145 — |
Summary of Assets And Liabilities Of Disposal Groups Held For Sale | Assets and liabilities relating to the Australian operations have been classified as held for sale on the consolidated statement of financial position as at 31 December 2019. The relevant assets and liabilities are detailed in the table below: Million US dollar 31 December Assets Property, plant and equipment 625 Goodwill and intangible assets 9 030 Other assets 310 Assets classified as held for sale 9 965 Liabilities Trade and other payables 659 Deferred tax liabilities 380 Other liabilities 106 Liabilities associated with assets held for sale 1 145 |
Summary of Results From Discontinued Operations | The following table summarizes the results of the Australian operations included in the consolidated income statements and presented as discontinued operations: For the twelve-month period ended 31 December Million US dollar 2019 2018 2017 Revenue 1 394 1 577 1 585 Profit from operations 632 775 764 Profit from discontinued operations 424 531 532 |
Summary of Cash Flow From Discontinued Operations | Cash flows attributable to the operating, investing and financing activities of the Australian operations are summarized as follows: For the twelve-month period ended 31 December Million US dollar 2019 2018 2017 Cash flow from operating activities 640 883 858 Cash flow from investing activities (77 ) (109 ) (10 ) Cash flow from financing activities (24 ) (19 ) (21 ) Net increase in cash and cash equivalents 539 755 827 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Non-Current Trade and Other Receivables | NON-CURRENT Million US dollar 2019 2018 Cash deposits for guarantees 219 197 Loans to customers 58 45 Deferred collection on disposals — 53 Tax receivable, other than income tax 166 139 Trade and other receivables 363 335 807 769 |
Schedule of Current Trade and Other Receivables | CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2019 2018 Trade receivables and accrued income 4 046 4 412 Interest receivable 21 19 Tax receivable, other than income tax 821 378 Loans to customers 119 143 Prepaid expenses 563 329 Other receivables 616 1 094 6 187 6 375 |
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 2019 Of which: neither Of which not impaired as of the reporting date and Less than Between 30 Between 60 More than Trade receivables and accrued income 4 046 3 690 261 44 44 7 Loans to customers 177 172 1 2 2 — Interest receivable 21 21 — — — — Other receivables 616 582 9 16 5 4 4 860 4 465 271 62 51 11 Net carrying 2018 Of which: neither Of which not impaired as of the reporting date and Less than 30 days Between 30 days Between 60 days More than 90 days Trade receivables and accrued income 4 412 4 092 239 52 20 9 Loans to customers 188 176 4 5 3 — Interest receivable 19 19 — — — — Other receivables 1 094 1 051 13 26 4 — 5 713 5 338 256 83 27 9 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Cash and Cash Equivalents | Million US dollar 31 December 2019 31 December 2018 Short-term bank deposits 2 236 2 233 Cash and bank accounts 5 002 4 841 Cash and cash equivalents 7 238 7 074 Bank overdrafts (68 ) (114 ) 7 169 6 960 |
Changes in equity and earning_2
Changes in equity and earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during 201 9 : 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 Million shares Million US dollar Million US dollar At the end of the previous year 62.5 (6 549 ) (2 383 ) Changes during the period (2.7 ) 279 (173 ) 59.9 (6 270 ) (2 556 ) |
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 2019 (21 079 ) 494 (1 567 ) (22 152 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 143 — — 1 143 Cash flow hedges — (97 ) — (97 ) Re-measurements — — (173 ) (173 ) Total comprehensive income 1 143 (97 ) (173 ) 873 As per 31 December 2019 (19 936 ) 397 (1 740 ) (21 279 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2018 (13 705 ) 586 (1 665 ) (14 784 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (7 374 ) — — (7 374 ) Cash flow hedges — (92 ) — (92 ) Re-measurements — — 98 98 Total comprehensive income (7 374 ) (92 ) 98 (7 368 ) As per 31 December 2018 (21 079 ) 494 (1 567 ) (22 152 ) 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 ) |
Summary of Basic and Diluted Earnings Per Share | EARNINGS PER SHARE The calculation of basic earning s Million shares 2019 2018 2017 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 957 1 934 1 934 Effect of stock lending 25 18 14 Effect of undelivered shares under the deferred share instrument — 9 23 Effect of delivery of treasury shares 2 14 — Weighted average number of ordinary and restricted shares at 31 December 1 984 1 975 1 971 The calculation of diluted earnings per share for the year ended 31 December 2019 is based on the profit attributable to the equity holders of AB InBev of 9 171m US dollar (31 December 2018: 4 370m US dollar; 31 December 2017: 7 990m US dollar) and the weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows: Million shares 2019 2018 2017 Weighted average number of ordinary and restricted shares at 31 December 1 984 1 975 1 971 Effect of share options, warrants and restricted stock units 42 36 39 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 026 2 011 2 010 Million US dollar 2019 2018 2017 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 8 086 6 248 7 392 Exceptional items, before taxes (refer to Note 8) (323 ) (692 ) (609 ) Exceptional finance income/(cost), before taxes (refer to Note 8) 882 (1 982 ) (693 ) Exceptional taxes (refer to Note 8) (6 ) 233 814 Exceptional non-controlling 108 32 526 Profit from discontinued operations 424 531 560 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 The calculation of the Underlying EPS 1 mark-to-market discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev to the profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev, is calculated as follows: Million US dollar 2019 2018 2017 Profit before exceptional items, discontinued operations, mark-to-market 7 196 8 099 7 683 Mark-to-market 898 (1 774 ) (291 ) Hyperinflation impacts (7 ) (77 ) — Profit before exceptional items and discontinued operations, attributable t 8 086 6 248 7 392 |
Summary of Calculation of EPS | The table below sets out the EPS calcul a Million US dollar 2019 2018 2017 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing and discontinued operations 4.62 2.21 4.05 Profit from continuing operations attributable to equity holders of AB InBev 8 748 3 839 7 430 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing operations 4.41 1.94 3.77 Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev 8 086 6 248 7 392 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Basic EPS from continuing operations before exceptional items 4.08 3.16 3.75 Profit before exceptional items, discontinued operations, mark-to-market 7 196 8 099 7 683 Weighted average number of ordinary and restricted shares 1 984 1 975 1 971 Underlying EPS 3.63 4.10 3.90 Profit attributable to equity holders of AB InBev 9 171 4 370 7 990 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing and discontinued operations 4.53 2.17 3.98 Profit from continuing operations attributable to equity holders of AB InBev 8 748 3 839 7 430 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing operations 4.32 1.91 3.70 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 8 086 6 248 7 392 Weighted average number of ordinary and restricted shares (diluted) 2 026 2 011 2 010 Diluted EPS from continuing operations before exceptional items 3.99 3.11 3.68 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Interest-bearing Loans and Borrowings | Non-current Million US dollar 31 December 2019 31 December 2018 Secured bank loans 71 109 Unsecured bank loans 50 86 Unsecured bond issues 95 674 105 170 Unsecured other loans 77 57 Lease liabilities 1 692 1 575 Non-current 97 564 106 997 Current liabilities Million US dollar 31 December 2019 31 December 2018 Secured bank loans 790 370 Commercial papers 1 599 1 142 Unsecured bank loans 135 22 Unsecured bond issues 2 532 2 626 Unsecured other loans 20 14 Lease liabilities 333 410 Current interest-bearing loans and borrowings 5 410 4 584 |
Summary of Series of Bonds | During 2019, Anheuser-Busch InBev Worldwide Inc. (ABIWW) and Anheuser-Busch In B : Issue date Issuer Maturity date Currency Aggregate Interest rate 23 Jan 2019 ABIWW 23 Jan 2025 USD 2 500 4.150 % 23 Jan 2019 ABIWW 23 Jan 2029 USD 4 250 4.750 % 23 Jan 2019 ABIWW 23 Jan 2031 USD 750 4.900 % 23 Jan 2019 ABIWW 23 Jan 2039 USD 2 000 5.450 % 23 Jan 2019 ABIWW 23 Jan 2049 USD 4 000 5.550 % 23 Jan 2019 ABIWW 23 Jan 2059 USD 2 000 5.800 % 29 Mar 2019 ABISA 1 Jul 2027 EUR 1 250 1.125 % 29 Mar 2019 ABISA 28 Mar 2031 EUR 1 000 1.650 % |
Summary of Tender Offers | The total principal amount accepted in the tender offers is set out in the table below. Date of Issuer Title of series of notes issued exchanged Currency Original principal Principal amount 11 Feb 2019 ABIFI 2.650% Notes due 2021 USD 4 968 2 519 11 Feb 2019 ABIFI Floating Rate Notes due 2021 USD 500 189 11 Feb 2019 ABIWW 4.375% Notes due 2021 USD 500 215 11 Feb 2019 ABIWW 3.750% Notes due 2022 USD 2 350 1 101 11 Feb 2019 ABIWW 2.500% Notes due 2022 USD 3 000 1 296 11 Feb 2019 ABIFI 2.625% Notes due 2023 USD 1 250 607 11 Feb 2019 ABIFI 3.300% Notes due 2023 USD 6 000 2 886 11 Feb 2019 ABIWW Floating Rate Notes due 2024 USD 500 271 11 Feb 2019 ABIWW 3.500% Notes due 2024 USD 1 500 846 11 Feb 2019 ABIFI 3.700% Notes due 2024 USD 1 400 535 11 Feb 2019 ABIFI 3.650% Notes due 2026 USD 2 445 812 11 Feb 2019 ABC 3.650% Notes due 2026 USD 8 555 5 064 |
Summary of Redemption in Outstanding Principal Amount of Notes | Date of redemption Issuer Title of series of notes issued exchanged Currency Aggregate principal Principal amount 25 Apr 2019 ABISA 2.25% Notes due 2020 EUR 750 750 25 Apr 2019 ABIWW 3.750% Notes due 2022 USD 1 249 1 249 25 Apr 2019 ABIFI 3.300% Notes due 2023 USD 3 114 315 29 Oct 2019 ABISA 0.625% Notes due 2020 EUR 1 750 1 750 29 Oct 2019 ABIFI 2.650% Notes due 2021 USD 2 449 2 449 29 Oct 2019 ABIWW 2.500% Notes due 2022 USD 1 704 525 12 Nov 2019 ABIWW 2.500% Notes due 2022 USD 1 179 725 |
Summary of Terms and Debt Repayment | Terms and debt repayment schedule at Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 861 790 14 14 16 27 Commercial papers 1 599 1 599 — — — — Unsecured bank loans 185 135 50 — — — Unsecured bond issues 98 206 2 532 2 506 2 760 11 435 78 973 Unsecured other loans 98 21 13 8 4 52 Lease liabilities 2 025 333 290 198 225 979 102 974 5 410 2 873 2 980 11 680 80 031 Terms and debt repayment schedule at Million US dollar (restated) Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 479 370 38 14 26 31 Commercial papers 1 142 1 142 — — — — Unsecured bank loans 108 22 — 86 — — Unsecured bond issues 107 796 2 626 5 259 8 039 17 180 74 692 Unsecured other loans 71 14 18 7 9 23 Lease liabilities 1 985 410 312 255 357 650 111 581 4 584 5 627 8 401 17 572 75 396 Lease liabilities 2019 2019 2019 2018 2018 2018 Less than one year 404 71 333 508 98 410 Between one and two years 350 60 290 391 79 312 Between two and three years 243 45 198 325 70 255 Between three and five years 285 60 225 467 110 357 More than 5 years 1 056 77 979 900 250 650 2 338 313 2 025 2 591 606 1 985 |
Summary of Reconciliation of Net Debt | The following table provides a reconciliation of AB InBev’s net deb t Million US dollar 31 December 2019 31 December 2018 Non-current 97 564 106 997 Current interest-bearing loans and borrowings 5 410 4 584 Interest-bearing loans and borrowings 102 974 111 581 Bank overdrafts 68 114 Cash and cash equivalents (7 238 ) (7 074 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (146 ) (268 ) Debt securities (included within Investment securities) (117 ) (111 ) Net debt 95 542 104 242 |
Summary of Changes in the Company's Liabilities Arising from Financing Activities | The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash n . Million US dollar Long-term debt, net Short-term debt and Balance at 1 January 2019 106 997 4 584 Proceeds from borrowings 17 939 4 645 Payments on borrowings (22 339 ) (8 253 ) Capitalization / (payment) of lease liabilities 420 (441 ) Amortized cost 75 13 Unrealized foreign exchange effects (538 ) (39 ) Current portion of long-term debt (4 769 ) 4 769 Liabilities associated with assets held for sale (69 ) (15 ) Other movements (152 ) 147 Balance at 31 December 2019 97 564 5 410 Million US dollar (restated) Long-term debt, net Short-term debt and Balance at 1 January 2018 110 637 7 846 Proceeds from borrowings 15 111 2 672 Payments on borrowings (13 925 ) (8 564 ) Capitalization / (payment) of lease liabilities 215 (423 ) Amortized cost 47 17 Unrealized foreign exchange effects (1 951 ) (316 ) Current portion of long-term debt (3 114 ) 3 114 Other movements (22 ) 238 Balance at 31 December 2018 106 997 4 584 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
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 Decembe r : Million US dollar 2019 2018 Present value of funded obligations (7 333 ) (6 762 ) Fair value of plan assets 5 442 5 059 Present value of net obligations for funded plans (1 891 ) (1 703 ) Present value of unfunded obligations (810 ) (806 ) Present value of net obligations (2 701 ) (2 509 ) Unrecognized asset (74 ) (77 ) Net liability (2 775 ) (2 586 ) Other long-term employee benefits (59 ) (79 ) Total employee benefits (2 834 ) (2 665 ) Employee benefits amounts in the balance sheet: Liabilities (2 848 ) (2 681 ) Assets 14 16 Net liability (2 834 ) (2 665 ) |
Summary of Changes in Unrecognized Assets | The changes in the unrecognized asset are as follows: Million US dollar 2019 2018 2017 Irrecoverable surplus impact at 1 January (77 ) (111 ) (168 ) Interest expense (7 ) (10 ) (17 ) Changes excluding amounts included in interest expense 9 44 74 Irrecoverable surplus impact at 31 December (74 ) (77 ) (111 ) |
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 2019 2018 2017 Current service costs (67 ) (72 ) (74 ) Administration costs (23 ) (14 ) (22 ) Past service cost due to plan amendments and curtailments 66 (3 ) 17 (Losses)/gains due to experience and demographic assumption changes 1 3 3 Profit from operations (23 ) (86 ) (76 ) Net finance cost (114 ) (107 ) (120 ) Total employee benefit expense (137 ) (193 ) (196 ) |
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 2019 2018 2017 Cost of sales (17 ) (26 ) (24 ) Distribution expenses (5 ) (11 ) (10 ) Sales and marketing expenses (4 ) (16 ) (15 ) Administrative expenses 3 (28 ) (29 ) Other operating (expense)/income 0 (6 ) (4 ) Exceptional items 0 1 6 Net finance cost (114 ) (107 ) (120 ) (137 ) (193 ) (196 ) |
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: 2019 United Canada Mexico Brazil United AB InBev Discount rate 3.3 % 3.1 % 7.5 % 7.2 % 2.0 % 3.3 % Price inflation 2.5 % 2.0 % 3.5 % 3.8 % 3.1 % 2.7 % Future salary increases 0 1.0 % 4.3 % 7.4%-5.4 % 0 3.8 % Future pension increases 0 2.0 % 3.5 % 3.8 % 2.9 % 2.7 % Medical cost trend rate 6.5%-4.5 % 4.5 % 0 7.4 % 0 6.6%-6.1 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 2018 United Canada Mexico Brazil United AB InBev Discount rate 4.3 % 3.9 % 9.0 % 8.9 % 2.8 % 4.3 % Price inflation 2.5 % 2.0 % 3.5 % 4.0 % 3.4 % 2.7 % Future salary increases — 1.0 % 4.3 % 7.6%-5.6 % — 3.8 % Future pension increases — 2.0 % 3.5 % 4.0 % 3.0 % 2.8 % Medical cost trend rate 6.5%-4.5 % 4.5 % — 7.6 % — 6.8%-6.0 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 |
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 2019 Change Increase Decrease Discount rate 0.5 % (523 ) 565 Price inflation 0.5 % 171 (182 ) Future salary increase 0.5 % 32 (30 ) Medical cost trend rate 1.0 % 45 (39 ) Longevity One year 251 (252 ) |
Summary of Fair Value of Plan Assets | The fair value of plan assets at 31 December consists of the following: 2019 2018 Quoted Unquoted Total Quoted Unquoted Total Government bonds 33 % — 33 % 32 % — 32 % Corporate bonds 35 % — 35 % 36 % — 36 % Equity instruments 23 % — 23 % 22 % — 22 % Property — 4 % 4 % — 4 % 4 % Insurance contracts and others 4 % 1 % 5 % 4 % 2 % 6 % 95 % 5 % 100 % 94 % 6 % 100 % |
Present Value of Defined Benefit Obligation [Member] | |
Statement [LineItems] | |
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 2019 2018 2017 Defined benefit obligation at 1 January (7 568 ) (8 410 ) (7 952 ) Current service costs (67 ) (72 ) (74 ) Interest cost (326 ) (322 ) (340 ) Past service gain/(cost) (9 ) (3 ) 17 Settlements 109 45 6 Benefits paid 596 493 502 Contribution by plan participants (2 ) (3 ) (4 ) Actuarial gains/(losses) – demographic assumptions 61 27 24 Actuarial gains/(losses) – financial assumptions (912 ) 350 (264 ) Experience adjustments 29 14 (21 ) Exchange differences (86 ) 313 (343 ) Transfers and other movements 32 — 39 Defined benefit obligation at 31 December (8 143 ) (7 568 ) (8 410 ) |
Plan Assets [Member] | |
Statement [LineItems] | |
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 2019 2018 2017 Fair value of plan assets at 1 January 5 059 5 623 5 177 Interest income 218 225 239 Administration costs (23 ) (14 ) (22 ) Return on plan assets exceeding interest income 579 (333 ) 233 Contributions by AB InBev 294 307 315 Contributions by plan participants 2 3 4 Benefits paid net of administration costs (596 ) (493 ) (502 ) Assets distributed on settlements (107 ) (45 ) (7 ) Exchange differences 46 (214 ) 214 Transfers and other movements (30 ) — (28 ) Fair value of plan assets at 31 December 5 442 5 059 5 623 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
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 2019 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 1 2019 2018 2017 Fair value of options granted 11.79 16.92 19.94 Share price 78.46 98.66 117.77 Exercise price 78.46 98.66 117.77 Expected volatility 23 % 23 % 23 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.43 % 0.39 % 0.72 % |
Summary of Number of Options Outstanding | The total number of outstanding AB InBev options developed as follows: Million options 2019 2018 2017 Options outstanding at 1 January 92.6 93.0 64.9 Options issued during the year 13.8 5.2 35.0 Options exercised during the year (10.7 ) (1.7 ) (3.0 ) Options forfeited during the year (7.0 ) (4.0 ) (3.9 ) Options outstanding at the end of December 88.7 92.6 93.0 |
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 2019 2018 2017 Options outstanding at 1 January 94.74 98.32 76.25 Granted during the year 83.33 104.77 117.24 Exercised during the year 29.27 44.96 38.94 Forfeited during the year 108.44 113.19 108.26 Outstanding at the end of December 79.66 94.74 98.32 Exercisable at the end of December 65.33 21.40 59.66 1 Amounts have been converted to US dollar at the closing rate of the respective period. |
AB inBev [member] | Restricted Stock Units [member] | |
Statement [LineItems] | |
Summary of Number of Outstanding Deferred and Restricted stock Units | The total number of outstanding AB InBev restricted stock units developed as follows: Million restricted stock units 2019 2018 2017 Restricted stock units outstanding at 1 January 6.0 5.4 5.8 Restricted stock units issued during the year 5.5 2.3 0.7 Restricted stock units exercised during the year (1.0 ) (0.5 ) (0.7 ) Restricted stock units forfeited during the year (0.7 ) (1.2 ) (0.4 ) Restricted stock units outstanding at the end of December 9.9 6.0 5.4 |
Ambev [member] | |
Statement [LineItems] | |
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 2019 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 1 2019 2018 2017 Fair value of options granted 1.12 1.47 1.97 Share price 4.38 4.66 5.99 Exercise price 4.38 4.66 5.99 Expected volatility 24 % 26 % 27 % Expected dividends 0.00% - 5.00 % 0.00% - 5.00 % 0.00% - 5.00 % Risk-free interest rate 7.8 % 9.6 % 10.10 % |
Summary of Number of Options Outstanding | The total number of outstanding Ambev options developed as follows: Million options 2019 2018 2017 Options outstanding at 1 January 141.3 135.2 131.3 Options issued during the year 24.6 19.9 20.4 Options exercised during the year (7.8 ) (10.0 ) (13.5 ) Options forfeited during the year (16.3 ) (3.8 ) (2.9 ) Options outstanding at the end of December 141.8 141.3 135.2 |
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 2019 2018 2017 Options outstanding at 1 January 4.17 3.94 4.19 Granted during the year 4.48 4.66 5.99 Exercised during the year 2.25 1.93 1.76 Forfeited during the year 5.27 4.79 5.41 Outstanding at the end of December 4.60 4.17 4.92 Exercisable at the end of December 4.74 0.58 1.14 1 Amounts have been converted to US dollar at the closing rate of the respective period. |
Ambev [member] | Restricted Stock Units [member] | |
Statement [LineItems] | |
Summary of Number of Outstanding Deferred and Restricted stock Units | The total number of outstanding Ambev deferred and restricted stock units developed as follows: Million restricted stock units 2019 2018 2017 Restricted stock units outstanding at 1 January 25.0 16.3 19.3 Restricted stock units issued during the year 12.0 13.5 0.8 Restricted stock units vested (4.2 ) (3.7 ) (2.9 ) Restricted stock units forfeited during the year (1.1 ) (1.1 ) (0.9 ) Restricted stock units outstanding at the end of December 31.7 25.0 16.3 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Provisions by Class | Million US dollar Restructuring Disputes Other Total Balance at 1 January 2019 130 1 077 711 1 918 Effect of changes in foreign exchange rates (2 ) (13 ) — (15 ) Provisions made 69 234 2 305 Provisions used (78 ) (128 ) (293 ) (499 ) Provisions reversed (16 ) (92 ) (38 ) (146 ) Other movements — (642 ) (10 ) (652 ) Balance at 31 December 2019 103 436 372 911 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2018 153 1 383 864 2 400 Effect of changes in foreign exchange rates (7 ) (65 ) (43 ) (115 ) Provisions made 69 195 271 535 Provisions used (75 ) (377 ) (354 ) (806 ) Provisions reversed (2 ) (54 ) — (56 ) Other movements (8 ) (5 ) (27 ) (40 ) Balance at 31 December 2018 130 1 077 711 1 918 |
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 103 39 22 23 19 I 107 11 37 8 51 Labor 133 30 18 77 8 Commercial 20 8 10 1 1 Environmental 1 1 — — — Excise duties 12 — 10 2 — Other disputes 163 53 98 12 — Disputes 436 103 173 100 60 Other provisions 372 68 134 170 — Total provisions 911 210 329 293 79 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Payables | NON-CURRENT S Million US dollar 31 December 2019 31 December 2018 Indirect taxes payable 174 194 Trade payables 237 238 Deferred consideration on acquisitions 1 418 1 247 Other payables 113 138 Non-current 1 943 1 816 CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2019 31 December 2018 Trade payables and accrued expenses 15 876 15 512 Payroll and social security payables 736 900 Indirect taxes payable 2 708 2 633 Interest payable 1 679 1 616 Consigned packaging 1 106 1 093 Dividends payable 338 331 Deferred income 21 32 Deferred consideration on acquisitions 221 163 Other payables 179 289 Current trade and other payables 22 864 22 568 |
Risks arising from financial _2
Risks arising from financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Financial Assets | Set out below is an overview of financial assets 1 year-end : Million US dollar 31 December 2019 31 December 2018 Debt instruments at amortized cost Trade and other receivables 5 444 6 298 Debt instruments at fair value through OCI Unquoted debt 25 24 Debt instruments at fair value through profit or loss Quoted debt 91 87 Equity instruments at fair value through OCI Unquoted companies 85 84 Financial assets at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 17 — Interest rate swaps 18 9 Cross currency interest rate swaps 157 32 Other derivatives — 20 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 112 191 Foreign currency futures 7 — Commodities 52 54 6 009 6 799 Of which: Non-current 883 1 068 Current 5 126 5 731 1 Cash and short term deposits are not included in this overview. |
Disclosure of Financial Liabilities | Set out below is an overview of financial liabilities held by the company at year-end: Million US dollar 31 December 2019 31 December 2018 Financial liabilities at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 3 146 4 816 Cross currency interest rate swaps 140 387 Other derivatives 156 456 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 435 132 Cross currency interest rate swaps 35 103 Interest rate swaps 4 56 Commodities 97 273 Equity swaps 31 61 Other derivatives 107 56 Financial liabilities at amortized cost Trade and other payables 21 189 20 658 Non-current Secured bank loans 71 109 Unsecured bank loans 50 86 Unsecured bond issues 95 674 105 170 Unsecured other loans 77 57 Lease liabilities 1 692 1 575 Current interest-bearing loans and borrowings: Secured bank loans 790 370 Unsecured bank loans 135 22 Unsecured bond issues 2 532 2 626 Unsecured other loans 20 14 Commercial paper 1 599 1 142 Bank overdrafts 68 114 Lease liabilities 333 410 128 381 138 693 Of which: Non-current 99 684 109 385 Current 28 696 29 308 |
Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket | The table below provides an overview of the notional amounts of derivatives outstanding at year-end 31 December 2019 31 December 2018 Million US dollar < 1 1-2 2-3 3-5 > 5 < 1 1-2 2-3 3-5 > 5 Foreign currency Forward exchange contracts 21 216 36 — — — 11 423 190 — — — Foreign currency futures 1 359 723 — — — 648 — — — — Interest rate Interest rate swaps 750 — 1 500 1 000 — 2 250 750 28 1 873 36 Cross currency interest rate swaps 15 513 5 445 500 668 1 807 51 16 6 464 681 Other interest rate derivatives — — — — 565 4 — — — 565 Commodities Aluminum swaps 1 411 22 — — — 1 597 73 — — — Other commodity derivatives 771 20 — — — 1 241 32 — — — Equity Equity derivatives 11 638 — — — — 11 347 — — — — |
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 2019 31 December 2018 Million US dollar Total Total Open Total Total Open Euro/Canadian dollar (52 ) 39 (13 ) (39 ) 39 — Euro/Mexican peso (151 ) 156 5 (187 ) 182 (5 ) Euro/Pound sterling (126 ) 124 (2 ) (239 ) 213 (26 ) Euro/South African rand (99 ) 95 (4 ) (90 ) 52 (38 ) Euro/South Korean won (49 ) 46 (3 ) (51 ) 59 8 Euro/US dollar (409 ) 337 (72 ) (415 ) 404 (11 ) Mexican peso/Chinese yuan — — — (216 ) 199 (17 ) Mexican peso/Euro (178 ) 161 (17 ) (300 ) 301 1 Pound sterling/Euro (39 ) 40 1 (34 ) 34 — US dollar/Argentinian peso (531 ) 510 (21 ) (573 ) 484 (89 ) US dollar/Australian dollar (216 ) 204 (12 ) (209 ) 209 — US dollar/Bolivian boliviano (69 ) 70 1 (76 ) 76 — US dollar/Brazilian real (1 443 ) 1 447 4 (1 303 ) 1 223 (80 ) US dollar/Canadian dollar (287 ) 295 8 (362 ) 286 (76 ) US dollar/Chilean peso (109 ) 102 (7 ) (156 ) 155 1 US dollar/Chinese yuan (230 ) 191 (39 ) (201 ) 249 48 US dollar/Colombian peso (278 ) 272 (6 ) (287 ) 219 (68 ) US dollar/Euro (108 ) 113 5 (80 ) 78 (2 ) US dollar/Mexican peso (1 105 ) 903 (202 ) (1 151 ) 1 082 (69 ) US dollar/Paraguayan guarani (124 ) 130 6 (177 ) 166 (11 ) US dollar/Peruvian nuevo sol (243 ) 205 (38 ) (157 ) 149 (8 ) US dollar/South African rand (28 ) 31 3 (80 ) 83 3 US dollar/South Korean won (88 ) 99 11 (114 ) 128 14 US dollar/Uruguayan peso (41 ) 41 — (40 ) 41 1 Others (317 ) 250 (67 ) (321 ) 264 (57 ) |
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: 2019 Closing rate Possible 1 Volatility Euro/Mexican peso 21.17 19.28 - 8.92 % Euro/Pound sterling 0.85 0.79 - 7.35 % Euro/South Korean won 1 297.02 1 216.94 - 1 377.10 6.17 % Euro/US dollar 1.12 1.07 - 4.69 % Pound sterling/US dollar 1.32 1.21 - 8.08 % US dollar/Australian dollar 1.42 1.33 - 6.70 % US dollar/Chinese yuan 6.96 6.62 - 4.86 % US dollar/Colombian peso 3 272.63 2 935.33 - 3 609.92 10.31 % US dollar/Euro 0.89 0.85 - 4.69 % US dollar/Mexican peso 18.85 17.25 - 8.48 % US dollar/Nigerian naira 362.59 350.58 - 3.31 % US dollar/Peruvian nuevo sol 3.32 3.17 - 4.50 % US dollar/South African rand 14.04 12.26 - 12.74 % US dollar/South Korean won 1 154.55 1 064.67 - 7.78 % US dollar/Tanzanian shilling 2 300.14 2 186.57 - 2 413.71 4.94 % US dollar/Zambian kwacha 14.02 11.24 - 19.85 % 2018 Closing rate Possible 2 Volatility Euro/Mexican peso 22.54 19.21 - 14.75 % Euro/Pound sterling 0.89 0.84 - 6.03 % Euro/South Korean won 1 277.14 1 181.98 - 7.45 % Euro/US dollar 1.15 1.06 - 7.32 % Pound sterling/US dollar 1.28 1.17 - 8.45 % US dollar/Australian dollar 1.42 1.30 - 8.50 % US dollar/Chinese yuan 6.88 6.57 - 4.45 % US dollar/Colombian peso 3 246.70 2 868.9 - 11.64 % US dollar/Euro 0.87 0.81 - 7.32 % US dollar/Mexican peso 19.68 17.12 - 13.00 % US dollar/Nigerian naira 362.54 354.9 - 2.11 % US dollar/Peruvian nuevo sol 3.37 3.24 - 3.90 % US dollar/South African rand 14.37 11.96 - 16.82 % US dollar/South Korean won 1 115.40 1 029.1 - 7.74 % US dollar/Tanzanian shilling 2 298.32 2 211.95 - 3.76 % US dollar/Zambian kwacha 11.88 10.28 - 13.41 % |
Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures | Foreign exchange results recognized on unhedged and hedged exposures are as follows: Million US dollar 2019 2018 restated 2017 restated Cash flow hedges — — (12 ) Economic hedges 6 (210 ) (49 ) Other results—not hedged (186 ) 230 (242 ) (180 ) 19 304 |
Summary of Effective Interest Rates at Balance Sheet | The table below reflects the effective interest rates of interest-bearing financial liabilities at balance sheet date as well as the currency in which the debt is denominated. 31 December 2019 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 1.87 % 210 1.87 % 210 Brazilian real 9.33 % 43 9.33 % 43 Euro 0.08 % 4 214 0.08 % 4 214 US dollar 2.36 % 1 749 2.85 % 4 269 Other 9.82 % 225 4.46 % 954 6 441 9 690 Fixed rate Australian dollar 3.71 % 1 647 3.71 % 1 647 Brazilian real 9.00 % 544 9.00 % 544 Canadian dollar 3.16 % 2 055 3.16 % 2 055 Euro 1.82 % 25 346 1.82 % 29 338 Pound sterling 3.82 % 4 373 3.79 % 3 713 South Korean won 3.37 % 15 2.46 % 1 015 US dollar 4.83 % 62 205 5.02 % 54 551 Other 7.31 % 416 6.95 % 489 96 601 93 352 31 December 2018 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Restated Effective Amount Effective Amount Floating rate Australian dollar 2.95 % 214 2.95 % 214 Brazilian real 9.13 % 61 6.86 % 133 Canadian dollar 3.66 % 190 3.38 % 206 Euro 0.24 % 3 138 0.24 % 3 138 US dollar 1.94 % 1 399 2.21 % 2 638 Other 7.19 % 709 7.19 % 709 5 711 7 038 Fixed rate Australian dollar 3.22 % 1 951 3.22 % 1 951 Brazilian real 11.51 % 525 12.13 % 453 Canadian dollar 3.23 % 1 942 3.23 % 1 942 Euro 1.80 % 28 217 1.65 % 36 044 Pound sterling 3.82 % 4 218 3.79 % 3 586 South Korean won — — 2.45 % 1 000 US dollar 4.28 % 68 820 4.66 % 59 370 Other 8.43 % 311 8.43 % 311 105 984 104 656 |
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: 2019 Interest rate 1 Possible 2 Volatility Brazilian real 4.42 % 3.32% - 5.52 % 24.88 % Euro — — 6.43 % US dollar 1.91 % 1.51% - 2.30 % 20.66 % 2018 Interest rate 1 Possible 2 Volatility Brazilian real 6.44 % 6.12% - 6.76 % 5.00 % Canadian dollar 2.29 % 2.15% - 2.42 % 5.91 % Euro — — 2.45 % US dollar 2.78 % 2.61% - 2.94 % 5.97 % |
Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities | Interest expense recognized on unhedged and hedged financial liabilities are as follows : Million US dollar 2019 2018 restated 2017 restated Financial liabilities measured at amortized cost – not hedged (4 264 ) (4 053 ) (4 375 ) Fair value hedges (46 ) (76 ) (11 ) Cash flow hedges 15 21 1 Net investment hedges - 2 35 77 Economic hedges 129 100 (7 ) (4 164 ) (3 973 ) (4 314 ) |
Schedule of Commodity Derivatives Outstanding | The most significant commodity exposures as at 31 December 2019 are included in the table below (expressed in outstanding notional amounts): Million US dollar 2019 2018 Aluminum swaps 1 449 1 670 Exchange traded sugar futures 54 62 Natural gas and energy derivatives 256 313 Corn swaps 195 196 Exchange traded wheat futures 20 424 Rice swaps 328 194 Plastic derivatives 59 84 2 360 2 943 1 Applicable 3-month InterBank Offered Rates as of 31 December 2019 and as of 31 December 2018. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2019 and at December 2018. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M) . |
Summary of Estimated Impact on Changes in the Price of Commodities | The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2019 and 2018, would have on the equity reserves. 2019 Volatility of 1 Pre-tax impact on equity Million US dollar Prices Prices Aluminum 21.78 % 312 (312 ) Sugar 29.73 % 16 (16 ) Wheat 30.30 % 6 (6 ) Energy 25.86 % 66 (66 ) Rice 22.64 % 47 (47 ) Corn 21.74 % 42 (42 ) Plastic 24.03 % 14 (14 ) 2018 Volatility of 2 Pre-tax impact on equity Million US dollar Prices Prices Aluminum 22.16 % 370 (370 ) Sugar 29.60 % 18 (18 ) Wheat 29.31 % 124 (124 ) Energy 23.83 % 74 (74 ) Rice 22.08 % 43 (43 ) Corn 23.85 % 47 (47 ) Plastic 20.54 % 17 (17 ) |
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: 2019 2018 Million US dollar Gross Impairment Net Gross Impairment Net Investment in unquoted companies 92 (7 ) 85 91 (7 ) 84 Investment in debt securities 117 — 117 111 — 111 Trade receivables 4 219 (173 ) 4 046 4 400 (160 ) 4 240 Cash deposits for guarantees 219 — 219 197 — 197 Loans to customers 177 — 177 188 — 188 Other receivables 1 666 (103 ) 1 563 2 359 (106 ) 2 253 Derivatives 362 — 362 307 — 307 Cash and cash equivalents 7 238 — 7 238 7 074 — 7 074 14 090 (283 ) 13 807 14 727 (273 ) 14 454 |
Summary of Allowance for Impairment | The allowance for impairment recognized during the period per classes of financial assets was as follows: 2019 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (160 ) — (7 ) (106 ) (273 ) Impairment losses (51 ) — — (30 ) (81 ) Derecognition 26 — — 31 57 Currency translation and other 12 — — 2 14 Balance at 31 December (173 ) — (7 ) (103 ) (283 ) 2018 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (194 ) — (7 ) (117 ) (318 ) Impairment losses (40 ) — — (3 ) (43 ) Derecognition 29 — — 6 35 Currency translation and other 44 — — 9 53 Balance at 31 December (160 ) — (7 ) (106 ) (273 ) 2017 Million US dollar Trade Loans to FVOCI Other Total Balance at 1 January (202 ) — (7 ) (109 ) (318 ) Impairment losses (55 ) — — (4 ) (59 ) Derecognition 53 — — 1 54 Currency translation and other 10 — — (5 ) 5 Balance at 31 December (194 ) — (7 ) (117 ) (318 ) |
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative : 31 December 2019 Million US dollar Carrying 1 Contractual Less 1-2 years 2-3 years 3-5 years More than Non-derivative Secured bank loans (861 ) (890 ) (795 ) (18 ) (18 ) (22 ) (37 ) Commercial papers (1 599 ) (1 599 ) (1 599 ) — — — — Unsecured bank loans (185 ) (188 ) (140 ) (47 ) (1 ) — — Unsecured bond issues (98 206 ) (165 424 ) (5 513 ) (6 415 ) (6 518 ) (18 605 ) (128 373 ) Unsecured other loans (98 ) (131 ) (27 ) (17 ) (9 ) (5 ) (73 ) Lease liabilities (2 025 ) (2 338 ) (404 ) (350 ) (243 ) (285 ) (1 056 ) Bank overdraft (68 ) (68 ) (68 ) — — — — Trade and other payables (24 806 ) (25 152 ) (22 861 ) (1 227 ) (472 ) (165 ) (427 ) (127 848 ) (195 790 ) (31 407 ) (8 074 ) (7 261 ) (19 082 ) (129 966 ) Derivative financial liabilitie s Interest rate derivatives (102 ) (103 ) (7 ) (1 ) (1 ) 3 (97 ) Foreign exchange derivatives (600 ) (600 ) (600 ) — — — — Cross currency interest rate swaps (175 ) (187 ) 75 (285 ) 6 75 (58 ) Commodity derivatives (97 ) (97 ) (97 ) — — — — Equity derivatives (3 177 ) (3 177 ) (3 177 ) — — — (4 151 ) (4 164 ) (3 806 ) (286 ) 5 78 (155 ) Of which: related to cash flow hedges (448 ) (448 ) (408 ) 5 3 5 (53 ) 31 December 2018 restated Million US dollar Carrying 1 Contractual Less 1-2 years 2-3 years 3-5 years More than Non-derivative s Secured bank loans (479 ) (496 ) (383 ) (39 ) (15 ) (27 ) (32 ) Commercial papers (1 142 ) (1 142 ) (1 142 ) — — — — Unsecured bank loans (108 ) (135 ) (33 ) (6 ) (96 ) — — Unsecured bond issues (107 796 ) (165 979 ) (6 410 ) (9 146 ) (11 636 ) (23 672 ) (115 115 ) Unsecured other loans (71 ) (110 ) (19 ) (22 ) (12 ) (12 ) (45 ) Lease liabilities (1 985 ) (2 591 ) (508 ) (391 ) (325 ) (467 ) (900 ) Bank overdraft (114 ) (114 ) (114 ) — — — — Trade and other payables (24 345 ) (24 722 ) (22 557 ) (260 ) (1 060 ) (333 ) (512 ) (136 040 ) (195 289 ) (31 166 ) (9 864 ) (13 144 ) (24 511 ) (116 604 ) Derivative financial liabilities Interest rate derivatives (112 ) (142 ) (125 ) (19 ) (13 ) 15 — Foreign exchange derivatives (589 ) (589 ) (589 ) — — — — Cross currency interest rate swaps (489 ) (515 ) (29 ) 72 71 (550 ) (79 ) Commodity derivatives (273 ) (273 ) (273 ) — — — — Equity derivatives (4 877 ) (4 877 ) (4 877 ) — — — — (6 340 ) (6 396 ) (5 893 ) 53 58 (535 ) (79 ) Of which: related to cash flow hedges (486 ) (490 ) (416 ) 2 1 2 (79 ) |
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 31 December 31 December 31 December 31 December 31 December 31 December Foreign currency Forward exchange contracts 112 191 (590 ) (586 ) (478 ) (395 ) Foreign currency futures 7 7 (9 ) (3 ) (2 ) 4 Interest rate Interest rate swaps 18 9 (6 ) (27 ) 12 (18 ) Cross currency interest rate swaps 157 32 (175 ) (489 ) (18 ) (457 ) Other interest rate derivatives — 20 (97 ) (86 ) (97 ) (66 ) Commodities Aluminum swaps 15 23 (61 ) (172 ) (46 ) (149 ) Sugar futures 2 — (2 ) (8 ) — (8 ) Wheat futures 14 13 (9 ) (11 ) 5 2 Energy 8 4 (11 ) (54 ) (3 ) (50 ) Other commodity derivatives 13 8 (14 ) (28 ) (1 ) (20 ) Equity Equity derivatives 17 — (3 177 ) (4 877 ) (3 160 ) (4 877 ) 362 307 (4 151 ) (6 340 ) (3 789 ) (6 033 ) Of which: Non-current 132 10 (352 ) (805 ) (220 ) (795 ) Current 230 297 (3 799 ) (5 535 ) (3 569 ) (5 238 ) |
Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized at the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value : Interest-bearing financial liabilities Million US dollar 2019 1 2019 2018 restated 1 2018 restated Fixed rate Australian dollar (1 647 ) (1 748 ) (1 951 ) (1 977 ) Brazilian real (544 ) (542 ) (525 ) (525 ) Canadian dollar (2 055 ) (2 046 ) (1 942 ) (1 855 ) Euro (25 346 ) (30 365 ) (28 217 ) (27 551 ) Pound sterling (4 373 ) (4 816 ) (4 218 ) (4 365 ) US dollar (62 205 ) (74 035 ) (68 820 ) (66 123 ) Other (431 ) (431 ) (311 ) (311 ) (96 601 ) (113 983 ) (105 984 ) (102 707 ) 1 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date . The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: |
Analysis of Financial Instruments | The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2019 Million US dollar Quoted (unadjusted) - Observable market - Unobservable market - Financial Assets Held for trading (non-derivatives) 2 9 — Derivatives at fair value through profit and loss — 119 — Derivatives in a cash flow hedge relationship 17 153 — Derivatives in a fair value hedge relationship — 19 — Derivatives in a net investment hedge relationship — 54 — 19 354 Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 639 Derivatives at fair value through profit and loss — 3 441 — Derivatives in a cash flow hedge relationship 21 586 — Derivatives in a fair value hedge relationship — 103 — 21 4 130 1 639 Fair value hierarchy 31 December 2018 Million US dollar Quoted (unadjusted) - Observable market - Unobservable market - Financial Assets Held for trading (non-derivatives) 3 9 — Derivatives at fair value through profit and loss — 67 — Derivatives in a cash flow hedge relationship 7 225 — Derivatives in a fair value hedge relationship — 33 — Derivatives in a net investment hedge relationship — 14 — 10 348 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 409 Derivatives at fair value through profit and loss — 5 699 — Derivatives in a cash flow hedge relationship 18 507 — Derivatives in a fair value hedge relationship — 125 — Derivatives in a net investment hedge relationship — 31 — 18 6 362 1 409 |
Summary of Hedging Reserve and Hedging Instruments | The company’s hedging reserves disclosed in Note 23 relate to the following instruments : Million US dollar Foreign Commodities Others Total hedging As per 1 January 2019 480 (60 ) 76 494 Change in fair value of hedging instrument recognized in OCI 92 16 — 107 Reclassified to profit or loss / cost of inventory (398 ) 162 32 (204 ) Deferred tax — — — — As per 31 December 2019 174 117 107 397 Million US dollar Foreign Commodities Others Total hedging As per 1 January 2018 559 (20 ) 47 586 Change in fair value of hedging instrument recognized in OCI 262 97 — 358 Reclassified to profit or loss / cost of inventory (341 ) (137 ) 26 (452 ) Deferred tax — — 2 2 As per 31 December 2018 480 (60 ) 76 494 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements : 31 December 2019 Million US dollar Gross Net amount 1 Other offsetting 2 Total net Derivative assets 362 362 (352 ) 10 Derivative liabilities (4 151 ) (4 151 ) 352 (3 799 ) 31 December 2018 Million US dollar Gross Net amount 1 Other offsetting 2 Total net Derivative assets 307 307 (293 ) 13 Derivative liabilities (6 340 ) (6 340 ) 293 (6 046 ) 1 Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules 2 Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS rules |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of maturity analysis of the non-cancelable lease payments | The following table sets out the maturity analysis of the non-cancelable Million US dollar 31 December 31 December Within one year 155 152 Between one and five years 518 460 After five years 215 217 Total 888 829 |
Collateral and contractual co_2
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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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 2019 2018 restated Collateral given for own liabilities 372 404 Contractual commitments to purchase property, plant and equipment 457 416 Contractual commitments to acquire loans to customers 151 171 Other commitments 1 911 1 973 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries | As of 31 December 2019, AB InBev’s material tax proceedings are related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows : Million US dollar 31 December 2019 31 December 2018 Income tax and social contribution 10 781 9 773 Value-added and excise taxes 5 514 6 166 Other taxes 1 018 1 434 17 313 17 373 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Financial Information of Material Non-Controlling Interest | Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling : Ambev Budweiser APAC Million US dollar 2019 2018 2019 2018 1 Summarized balance sheet information Current assets 6 853 6 537 2 108 2 680 Non-current 18 389 18 165 13 200 13 182 Current liabilities 6 205 6 506 4 493 4 468 Non-current 3 517 3 368 931 1 222 Equity attributable to equity holders 15 203 14 516 9 836 10 153 Non-controlling 317 311 48 19 Ambev Budweiser APAC Million US dollar 2019 2018 2017 2019 2018 1 2017 1 Summarized income statement and other comprehensive income information Revenue 13 347 13 819 14 961 6 546 6 740 6 099 Net income 3 093 3 122 2 422 908 959 572 Attributable to: Equity holders 2 989 3 025 2 260 898 958 574 Non-controlling 104 97 162 10 1 (2 ) Net income 3 093 3 122 2 422 908 959 572 Other comprehensive income (193 ) 629 809 (229 ) (500 ) 926 Total comprehensive income 2 900 3 751 3 231 679 459 1 498 Attributable to: Equity holders 2 801 3 620 3 060 665 458 1 500 Non-controlling 99 130 171 14 1 (2 ) Summarized cash flow information Cash flow from operating activities 4 664 5 089 5 754 1 338 1 684 1 331 Cash flow from investing activities (1 228 ) (1 011 ) (960 ) (693 ) (472 ) (532 ) Cash flow from financing activities (3 117 ) (3 799 ) (4 190 ) (1 358 ) (1 237 ) (187 ) Net increase/(decrease) in cash and cash equivalents 319 279 605 (713 ) (25 ) 612 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Directors and Executive Board Management Compensation | Total directors and Executive Committee compensation included in the income statement can be detailed as follows: 2019 2018 2017 Million US dollar Directors Executive Directors Executive Directors Executive Short-term employee benefits 2 17 2 27 2 28 Termination benefits — 1 — — — 1 Share-based payments — 22 — 24 3 68 2 40 2 52 5 97 |
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 2019 2018 2017 Non-current 10 11 12 Current assets 3 5 5 Non-current 11 9 11 Current liabilities 10 12 6 Result from operations 3 4 (3 ) Profit attributable to equity holders of AB InBev 3 3 (3 ) |
Summary of AB InBev's Transactions with Associates | Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2019 2018 2017 Gross profit 76 74 91 Current assets 41 152 73 Current liabilities 119 130 20 |
Supplemental guarantor financ_2
Supplemental guarantor financial information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Condensed Consolidated Income Statemet | CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 684 — — 14 229 — 38 924 (1 508 ) 52 329 Cost of sales (461 ) — — (5 985 ) — (15 424 ) 1 508 (20 362 ) Gross profit 223 — — 8 244 — 23 500 — 31 967 Distribution expenses (38 ) — — (1 063 ) — (4 424 ) — (5 525 ) Sales and marketing expenses (154 ) — — (2 007 ) — (5 187 ) — (7 348 ) Administrative expenses (306 ) — — (553 ) 15 (2 704 ) — (3 548 ) Other operating income/(expenses) 383 1 344 — (1 684 ) 1 508 — 552 Profit from operations 108 1 344 — 2 937 16 11 693 — 16 098 Net finance income/(cost) (320 ) (2 173 ) 66 931 369 (2 346 ) — (3 473 ) Share of result of associates and joint ventures — — — (6 ) — 158 — 152 Profit before tax (212 ) (829 ) 66 3 862 385 9 505 — 12 776 Income tax expense — 233 (8 ) (661 ) (1 ) (2 349 ) — (2 786 ) Profit (212 ) (596 ) 58 3 201 384 7 156 — 9 990 Income from subsidiaries 9 383 3 101 — 157 891 2 506 (16 038 ) — Profit from continuing operations 9 171 2 505 58 3 358 1 275 9 662 (16 038 ) 9 990 Profit from discontinued operations — — — — — 424 — 424 Profit of the year 9 171 2 505 58 3 358 1 275 10 086 (16 038 ) 10 414 Profit from continuing operations attributable to: Equity holders of AB InBev 9 171 2 505 58 3 361 1 275 8 416 (16 038 ) 8 748 Non-controlling — — — (3 ) — 1 246 — 1 243 Profit of the period attributable to: Equity holders of AB InBev 9 171 2 505 58 3 361 1 275 8 840 (16 038 ) 9 171 Non-controlling — — — (3 ) — 1 246 — 1 243 For the year e Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 592 — — 15 584 — 39 354 (2 489 ) 53 041 Cost of sales (370 ) — — (7 297 ) — (14 755 ) 2 489 (19 933 ) Gross profit 222 — — 8 287 — 24 599 — 33 108 Distribution expenses (35 ) — — (1 168 ) — (4 409 ) — (5 612 ) Sales and marketing expenses (187 ) — — (2 025 ) — (5 562 ) — (7 774 ) Administrative expenses (205 ) — — (556 ) (51 ) (2 609 ) — (3 421 ) Other operating incom e / (ex penses) 579 1 125 — (1 563 ) 3 (31 ) — 113 Profit from operations 374 1 125 — 2 975 (48 ) 11 988 — 16 414 Net finance income/(cost) (209 ) (3 047 ) 37 2 435 113 (8 155 ) — (8 826 ) Share of result of associates and joint venture s — — — 3 — 150 — 153 Profit before tax 165 (1 922 ) 37 5 413 65 3 983 — 7 741 Income tax expense — 293 — (726 ) (2 ) (2 150 ) — (2 585 ) Profit 165 (1 629 ) 37 4 687 63 1 834 — 5 157 Income from subsidiaries 4 194 1 887 — 98 848 3 168 (10 195 ) — Profit from continuing operations 4 359 257 37 4 785 911 5 002 (10 195 ) 5 157 Profit from discontinued operations — — — — — 531 — 531 Profit of the year 4 359 257 37 4 785 911 5 533 (10 195 ) 5 688 Profit from continuing operations attributable to: Equity holders of AB InBev 4 359 257 37 4 784 911 3 685 (10 195 ) 3 839 Non-controlling — — — 1 — 1 317 — 1 318 Profit of the period attributable to : Equity holders of AB InBev 4 359 257 37 4 784 911 4 216 (10 195 ) 4 370 Non-controlling t — — — 1 — 1 317 — 1 318 For the year e n Million US dolla r Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total Revenue 540 — — 14 015 — 42 650 (2 346 ) 54 859 Cost of sales (338 ) — — (5 818 — (17 165 ) 2 346 (20 975 ) Gross profit 202 — — 8 197 — 25 485 — 33 884 Distribution expenses (23 ) — — (1 015 — (4 678 ) — (5 716 ) Sales and marketing expenses (181 ) — — (2 198 — (5 886 ) — (8 265 ) Administrative expenses (255 ) — — (345 (66 ) (3 113 ) — (3 779 ) Other operating income/(expenses) 793 1 066 — (1 845 8 315 — 337 Profit from operations 536 1 066 — 2 794 (58 ) 12 122 — 16 460 Net finance income/(cost) (819 ) (3 064 ) 26 3 210 942 (6 921 ) — (6 626 ) Share of result of associates and joint ventures — — — 2 — 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 006 884 5 629 — 10 264 Income tax expense (16 ) 614 (17 ) 1 506 (177 ) (3 568 ) — (1 658 ) Profit (299 ) (1 384 ) 9 7 512 708 2 060 — 8 606 Income from subsidiaries 8 289 3 720 — 126 4 042 6 201 (22 377 ) — Profit from continuing operations 7 990 2 336 9 7 637 4 750 8 261 (22 377 ) 8 606 Profit from discontinued operations — — — — — 560 — 560 Profit of the year 7 990 2 336 9 7 637 4 750 8 821 (22 377 ) 9 166 Profit from continuing operations attributable to: Equity holders of AB InBev 7 990 2 336 9 7 637 4 750 7 085 (22 377 ) 7 430 Non-controlling — — — — 1 176 — 1 176 Profit of the period attributable to: Equity holders of AB InBev 7 990 2 336 9 7 637 4 750 7 646 (22 377 ) 7 990 Non-controlling — — — — — 1 176 — 1 176 |
Schedule of Condensed Consolidated Statement of Financial Position | CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Guarantors Eliminations Total ASSETS Non-current Property, plant and equipment 36 — — 5 063 — 22 445 — 27 544 Goodwill — — — 33 157 — 94 957 — 128 114 Intangible assets 409 — — 22 195 97 19 751 — 42 452 Investments in subsidiaries 128 860 77,492 — 42 557 17 955 183 831 (450,696 ) — Investments in associates and joint ventures — — — 22 — 5 839 — 5 861 Deferred tax assets — 163 — — — 1 556 — 1 719 Derivatives — — — — 113 19 — 132 Other non-current 13 930 11 681 13 853 14 495 13 483 43 495 (108 925 ) 2 012 143 235 89,336 13 853 117 489 31 648 371 893 (559,621 ) 207 834 Current assets Investment securities — — — — — 92 — 92 Inventories — — — 822 — 3 605 — 4 427 Derivatives 188 — — 22 3 909 105 (3 994 ) 230 Trade and other receivables 4 152 10 163 846 7 331 113 13 139 (29 557 ) 6 187 Cash and cash equivalents 79 22 18 348 12 697 7 825 (13 751 ) 7 238 Assets classified as held for sale 236 — — — — 9 777 — 10 013 Other current assets 8 198 2 — 5 414 — 627 4 663 10 383 866 8 523 16 724 34 957 (47 302 ) 28 814 Total assets 147 898 99,719 14 719 126 012 48 372 406 850 (606,922 ) 236 648 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 75 722 46,188 622 77 569 25 359 300 957 (450,696 ) 75 722 Minority interests — — — (2 ) — 8 833 — 8 831 75 722 48 188 622 77 567 25 359 309 790 (450,696 ) 84 553 Non-current Interest-bearing loans and borrowings 59 605 49 310 13 874 28 313 3 586 51 690 (108 814 ) 97 564 Employee benefits 5 — — 1 067 — 1 776 — 2 848 Deferred tax liabilities — — 9 6 772 — 6 043 — 12 824 Derivatives — — — — 352 — — 352 Other non-current 60 — — 543 — 3 063 — 3 666 59 670 49 310 13 883 36 695 3 938 62 572 (108 814 ) 117 254 Current liabilities Interest-bearing loans and borrowings 3 651 3 633 — 7 302 9 775 8 701 (27 652 ) 5 410 Income tax payables — — — 237 — 1 109 — 1 346 Derivatives 198 — — 49 3 875 3 671 (3 994 ) 3 799 Trade and other payables 1 071 588 214 4 153 75 18 778 (2 015 ) 22 864 Liabilities associated with assets held for sale — — — — — 1 145 — 1 145 Other current liabilities 7 586 — — 9 5 350 1 084 (13 752 ) 277 12 506 4 221 214 11 750 19 075 34 488 (47 413 ) 34 841 Total equity and liabilities 147 898 99,719 14 719 126 012 48 372 406 850 (606,922 ) 236 648 As at 31 December 2018 Million US dollar Resta t Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Guarantors Eliminations Total ASSETS Non-current Property, plant and equipment 45 — — 5 235 — 22 335 — 27 615 Goodwill — — — 33 226 — 100 085 — 133 311 Intangible assets 580 — — 22 227 98 21 926 — 44 831 Investments in subsidiaries 123 108 86 239 — 30 594 24 622 170 568 (435 131 ) — Investments in associates and joint ventures — — — — — 6 136 — 6 136 Deferred tax assets — 130 — — — 1 525 (138 ) 1 517 Derivatives — — — — 302 10 (21 ) 291 Other non-current 22 196 13 850 24 037 26 158 8 701 36 767 (129 823 ) 1 885 145 929 100 219 24 037 117 440 33 723 359 352 (565 113 ) 215 587 Current assets Investment securities — — — — — 87 — 87 Inventories — — — 819 — 3 415 — 4 234 Derivatives — — — 25 5 399 464 (5 872 ) 16 Trade and other receivables 3 079 3 471 1 176 6 678 1 619 10 415 (20 063 ) 6 375 Cash and cash equivalents 1 3 28 581 6 094 8 481 (8 114 ) 7 074 Assets classified as held for sale — — — — — 39 — 39 Other current assets — 500 3 — 454 (501 ) 457 3 080 3 974 1 207 8 103 13 112 23 355 (34 550 ) 18 281 Total assets 149 009 104 193 25 244 125 542 46 835 382 707 (599 663 ) 233 868 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 64 474 55 402 597 74 628 29 258 275 257 (435 131 ) 64 485 Minority interests — — — — — 7 404 — 7 404 64 474 55 402 597 74 628 29 258 282 662 (435 131 ) 71 890 Non-current Interest-bearing loans and borrowings 72 756 46 552 24 042 33 348 3 314 56 603 (129 618 ) 106 997 Employee benefits 5 — — 1 048 — 1 628 — 2 681 Deferred tax liabilities — — 8 6 692 — 6 601 (137 ) 13 165 Derivatives — — — — 788 — (21 ) 766 Other non-current 81 — — 150 — 3 312 — 3 544 72 842 46 552 24 050 41 238 4 102 68 145 (129 776 ) 127 153 Current liabilities Interest-bearing loans and borrowings 4 535 1 679 253 5 816 5 234 4 818 (17 752 ) 4 584 Income tax payables — — — 474 3 1 243 (500 ) 1 220 Derivatives 482 — — 131 5 563 5 272 (5 872 ) 5 575 Trade and other payables 1 228 562 342 3 211 65 19 674 (2 515 ) 22 568 Other current liabilities 5 450 — — 42 2 612 893 (8 117 ) 880 11 695 2 241 595 9 674 13 477 31 900 (34 756 ) 34 826 Total equity and liabilities 149 009 104 193 25 244 125 542 46 835 382 707 (599 663 ) 233 868 As at 1 January 2018 Million US dollar t Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Guarantors Eliminations Total ASSETS Non-current Property, plant and equipment 44 — — 4 841 — 24 347 — 29 233 Goodwill — — — 33 089 188 107 663 — 140 940 Intangible assets 584 — — 21 947 158 23 185 — 45 874 Investments in subsidiaries 121 839 77 387 — 42 661 40 708 99 396 (381 990 ) — Investments in associates and joint ventures — — — 28 — 5 235 — 5 263 Deferred tax assets — — — — — 1 251 — 1 251 Derivatives — — — 3 13 9 — 25 Other non-current 53 565 10 290 55 432 18 115 7 178 67 709 (210 623 ) 1 664 176 032 87 677 55 432 120 683 48 246 328 795 (592 613 ) 224 251 Current assets Investment securities 1 301 — — — — 3 — 1 304 Inventories 21 — — 626 — 3 472 — 4 119 Derivatives — — — 122 198 138 — 458 Trade and other receivables 16 585 1 514 1 947 3 265 21 972 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 1 872 4 110 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 5 884 26 281 34 364 (64 231 ) 23 957 Total assets 193 982 89 433 57 387 126 568 74 526 363 158 (656 844 ) 248 208 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 576 38 306 586 89 301 42 352 211 446 (381 990 ) 72 576 Minority interests — — — — — 7 624 — 7 624 72 576 38 306 586 89 301 42 352 219 070 (381 990 ) 80 200 Non-current Interest-bearing loans and borrowings 102 398 49 230 55 464 25 095 4 131 84 926 (210 607 ) 110 637 Employee benefits 5 — — 1 241 — 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 — 6 907 — 13 107 Derivatives — — — 1 919 17 — 937 Other non-current 131 — — 1 012 11 2 573 (18 ) 3 709 102 534 48 893 55 473 33 875 5 062 96 171 (210 625 ) 131 383 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 421 18 949 20 914 (51 994 ) 7 846 Income tax payables — (665 ) 3 726 8 1 486 — 1 558 Derivatives — — — 31 1 329 97 — 1 457 Trade and other payables 2 033 535 848 2 207 3 274 22 530 (6 665 ) 24 762 Other current liabilities 121 — — 5 3 553 2 894 (5 571 ) 1 002 18 872 2 233 1 330 3 390 27 113 47 916 (64 230 ) 36 625 Total equity and liabilities 193 982 89 433 57 387 126 568 74 526 363 158 (656 844 ) 248 208 |
Schedule of Condensed Consolidated Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS As at 31 December 2019 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 9 171 2 505 58 3 358 1 275 9 661 (16 038 ) 9 990 Depreciation, amortization and impairment 175 — — 815 — 3 667 — 4 657 Net finance cost/(income) 320 2 173 (66 ) (931 ) (369 ) 2 346 — 3 473 Income tax expense — (232 ) 8 660 1 2 349 — 2 786 Investment income (9 383 ) (3 101 ) — (157 ) (891 ) (2 506 ) 16 038 — Other items 87 — — 129 — (103 ) — 113 Cash flow from operating activities before changes in working capital and use of provisions 370 1 345 — 3 874 16 15 414 — 21 019 Working capital and provisions (52 ) 740 — 4 111 (37 ) (5 482 ) — (720 ) Cash generated from operations 318 2 085 — 7 985 (21 ) 9 932 — 20 299 Interest paid, net (555 ) (2 664 ) 38 (47 ) (177 ) (522 ) — (3 927 ) Dividends received 8 784 — — 12 939 3 458 (22 024 ) 160 Income tax paid (8 ) — (7 ) (559 ) (8 ) (2 554 ) — (3 136 ) CASH FLOW FROM OPERATING ACTIVITIES 8 539 (579 ) 31 20 318 (203 ) 7 314 (22 024 ) 13 396 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (267 ) — — (500 ) — (4 407 ) — (5 174 ) Proceeds from sale of property, plant and equipment and of intangible assets 2 — — 73 1 244 — 320 Acquisition of subsidiaries, net of cash — — — (11 376 ) 222 10 769 — (385 ) Sale of subsidiaries, net of cash disposed of — — — 6 — 127 — 133 Net proceeds from sale/(acquisition) of investment in short-term debt securitie s — — — — — (9 ) — (9 ) Net proceeds from sale/(acquisition) of other assets — — — (16 ) — (9 ) — (25 ) Net repayments/(payments) of loans granted 5 273 (1 742 ) 10 459 (6 193 ) 506 7 603 (15 894 ) 12 Proceeds from assets held for sale — — — — — 55 — 55 CASH FLOW FROM INVESTING ACTIVITIES 5 008 (1 742 ) 10 459 (18 006 ) 729 14 373 (15 894 ) (5 073 ) FINANCING ACTIVITIES Intra-group capital reimbursements (248 ) — — — 7 500 (7 252 ) — — (Purchase)/sale of non-controlling interest — — — — — 222 — 222 Proceeds from public offering of minority stake in Budweiser APAC — — — — — 5 575 — 5 575 Proceeds from borrowings 21 223 22 264 — 5 033 4 696 19 390 (50 022 ) 22 584 Payments on borrowings (32 191 ) (19 792 ) (10 501 ) (9 958 ) (4 058 ) (20 008 ) 65 916 (30 592 ) Cash net finance (cost)/income other than interests 57 (130 ) — 2 713 95 (3 580 ) — (845 ) Payment of lease liabilities — — — (49 ) — (392 ) — (441 ) Dividends paid (4 027 ) — — (286 ) (5 049 ) (17 677 ) 22 024 (5 015 ) CASH FLOW FROM FINANCING ACTIVITIES (15 186 ) 2 342 (10 501 ) (2 547 ) 3 184 (23 722 ) 37 918 (8 512 ) Net increase/(decrease) in cash and cash equivalents on continuing operations (1 639 ) 21 (11 ) (235 ) 3 710 (2 035 ) — (189 ) Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 539 — 539 Cash and cash equivalents less bank overdrafts at beginning of year (5 445 ) 4 29 580 3 486 8 306 — 6 960 Effect of exchange rate fluctuations (419 ) — — — 152 126 — (141 ) Cash and cash equivalents less bank overdrafts at end of year (7 503 ) 25 18 345 7 348 6 936 — 7 169 As at 31 December 2018 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 4 359 348 37 6 293 911 5 110 (11 901 ) 5 157 Depreciation, amortization and impairmen t 147 — — 840 — 3 637 — 4 624 Net finance cost/(income) 209 3 047 (37 ) (2 435 ) (113 ) 8 155 — 8 826 Income tax expense — (293 ) — 718 2 2 158 — 2 585 Investment income (4 194 ) (1 979 ) — (1 502 ) (848 ) (3 379 ) 11 902 — Other items 158 — — 3 — (125 ) (1 ) 35 Cash flow from operating activities before changes in working capital and use of provisions 680 1 123 — 3 917 (48 ) 15 555 — 21 227 Working capital and provisions 182 360 — (403 ) (15 ) (230 ) 96 (10 ) Cash generated from operations 862 1 483 — 3 514 (63 ) 15 325 96 21 217 Interest paid, net (137 ) (2 718 ) 73 3 999 (190 ) (5 129 ) (28 ) (4 130 ) Dividends received — — — — — 39 102 141 Income tax paid — — (8 ) (616 ) (7 ) (2 416 ) — (3 047 ) CASH FLOW FROM OPERATING ACTIVITIES 725 (1 235 ) 65 6 897 (260 ) 7 819 170 14 181 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (194 ) — — (857 ) — (3 954 ) — (5 005 ) Proceeds from sale of property, plant and equipment and of intangible assets — — — 47 — 390 — 437 Acquisition of subsidiaries, net of cash (27 ) — — — — (57 ) — (84 ) Sale of subsidiaries, net of cash disposed of 127 — — — — 130 — 257 Net proceeds from sale/(acquisition) of investment in short-term debt securities 1 300 — — — — (4 ) — 1 296 Net proceeds from sale/(acquisition) of other assets — — — 13 — (185 ) — (172 ) Net repayments/(payments) of loans granted 29 335 4 599 31 459 (19 654 ) 3 051 93 436 (142 382 ) (156 ) Proceeds from SAB transaction-related divestitures — — — — — (330 ) — (330 ) Taxes on SAB transaction-related divestitures — — — — — (100 ) — (100 ) CASH FLOW FROM INVESTING ACTIVITIES 30 541 4 599 31 459 (20 451 ) 3 051 89 326 (142 382 ) (3 857 ) FINANCING ACTIVITIES (Purchase)/sale of non-controlling — — — — — (923 ) — (923 ) Proceeds from borrowings 6 337 9 762 9 755 23 483 157 (31 555 ) ( 157 ) 17 782 Payments on borrowings (36 673 ) (13 367 ) (41 259 ) (11 169 ) — (62 274 ) 142 253 (22 489 ) Cash net finance (cost)/income other than interests 263 — — 18 10 ( 925 ) 121 ( 513 ) Payment of lease liabilities — — — ( 48 ) — ( 375 ) — ( 423 ) Dividends paid (6 541 ) — — — — (1 218 ) ( 2 ) (7 761 ) CASH FLOW FROM FINANCING ACTIVITIES (36 614 ) (3 605 ) (31 504 ) 12 284 166 (97 269 ) 142 215 (14 327 ) Net increase/(decrease) in cash and cash equivalents on continuing operations (5 348 ) (241 ) 20 (1 270 ) 2 957 (124 ) 3 (4 003 ) Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 755 — 755 Cash and cash equivalents less bank overdrafts at beginning of year (74 ) 242 9 1 929 530 7 720 — 10 356 Effect of exchange rate fluctuations (23 ) — — (80 ) (5 ) (40 ) — (148 ) Cash and cash equivalents less bank overdrafts at end of year (5 445 ) 1 29 579 3 482 8 311 3 6 960 As at 31 December 2017 Million US dollar Restated Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit from continuing operations 7 988 2 337 8 7 641 4 749 8 260 (22 377 ) 8 606 Depreciation, amortization and impairmen t 128 — — 884 (78 ) 3 691 — 4 625 Net finance cost/(income) 819 3 064 (26 ) (3 210 ) (942 ) 6 921 — 6 626 Income tax expense 16 (614 ) 17 (1 506 ) 177 3 568 — 1 658 Investment income (8 288 ) (3 720 ) — (127 ) (4 041 ) (6 201 ) 22 377 — Other items 126 — — (9 ) 2 (308 ) — (189 ) Cash flow from operating activities before changes in working capital and use of provision s 789 1 067 (1 ) 3 673 (133 ) 15 931 — 21 326 Working capital and provisions (283 ) 869 (4 ) (1 319 ) 109 27 159 (442 ) Cash generated from operations 506 1 936 (5 ) 2 354 (24 ) 15 958 159 20 884 Interest paid, net (860 ) (3 156 ) 79 98 245 (6 237 ) 5 865 (3 966 ) Dividends received 2 — — 76 2 140 (77 ) 143 Income tax paid (16 ) — (16 ) 289 (4 ) (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 2 817 219 7 467 5 947 14 920 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (126 ) — — (625 ) 91 (4 020 ) — (4 680 ) Proceeds from sale of property, plant and equipment and of intangible assets — — — 20 (2 ) 520 — 538 Acquisition of subsidiaries, net of cash — — — (419 ) 113 (265 ) — (571 ) Sale of subsidiaries, net of cash disposed of — — — 42 — (2 ) — 40 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 — — 4 (73 ) (743 ) — (277 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 378 4 229 43 231 (45 002 ) 215 Proceeds from assets held for sale — — — — — 15 — 15 Proceeds from SAB transaction-related divestitures — — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures — — — (3 449 ) — — — (3 449 ) CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 (4 049 ) 4 358 50 593 (45 002 ) 7 865 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — 28 (21 180 ) 2 558 — — (Purchase)/sale of non-controlling — — — — — (207 ) — (207 ) Proceeds from borrowings 24 604 2 262 1 470 8 152 8 045 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (6 541 ) (12 813 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — (22 ) 2 011 (3 024 ) — (1 498 ) Payment of lease liabilities — — — (44 ) — (329 ) — (373 ) Dividends paid (7 992 ) (75 ) — — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 1 573 (23 937 ) (48 512 ) 38 898 (21 334 ) Net increase/(decrease) in cash and cash equivalents on continuing operations 10 438 87 554 341 (19 360 ) 9 548 (157 ) 1 451 Net increase/(decrease) in cash and cash equivalents on discontinued operations — — — — — 827 — 827 Cash and cash equivalents less bank overdrafts at beginning of year (10 244 ) 155 (617 ) 1 464 18 376 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 28 1 583 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 1 833 599 7 745 — 10 355 |
AB InBev companies (Tables)
AB InBev companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Schedule of Name and Registered Office of Fully Consolidated Companies | 1 85% owned by Ambev S.A Name and registered office of fully consolidated companies % of economic interest as at 31 December 2019 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV - Blvd. Del Norte, Carretera Salida a Puerto Cortes - San Pedro Sula, Cortes 99.00 HONG KONG BUDWEISER BREWING CO APACT LTD - Flat Room 1823 18F Soundwill Plaza II-Middle Kong (SAR) 87.22 INDIA CROWN BEERS INDIA LIMITED - #8-2-684/A, 100.00 ANHEUSER BUSCH INBEV INDIA LIMITED. - 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 1 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 61.85 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 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 - 8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, S . 87.22 SWITZERLAND 1 The company is consolidated due to the group’s majority shareholdings and ability to control the operations. Name and registered office of fully consolidated companies % of economic interest as at 31 D ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) - Suurstoffi 22 – 6343 - Rotkreuz 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 61.64 UNITED KINGDOM ABI SAB GROUP HOLDING LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 ABI UK HOLDINGS 1 LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV UK LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN 100.00 ZX VENTURES LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 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 – Wi lmingt on 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. - Cesar Cortinas, 2037 - C.P. 11500 – Montevideo 61.85 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, II-A 87.22 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 interest as at 31 d FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA - 49 Rue François 1er, 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 RUSSIA AB INBEV EFES - 28 Moscovskaya Street, Moscow region - 141607 – Klin 50.00 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)EmployeesCountryBrand | Dec. 31, 2018USD ($)Employees | Dec. 31, 2017USD ($)Employees | |||
Disclosure Of Corporate Information [line items] | |||||
Number of employees | 171,915 | 172,776 | 182,915 | ||
Revenue | $ | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Anheuser-Busch in Bev SA/NV [member] | |||||
Disclosure Of Corporate Information [line items] | |||||
Number of employees | 170,000 | ||||
Number of countries where the entity operates | Country | 50 | ||||
Anheuser-Busch in Bev SA/NV [member] | Bottom of range [member] | |||||
Disclosure Of Corporate Information [line items] | |||||
Number of beer brand | Brand | 500 | ||||
Brewing heritage periods | 600 years | ||||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2018 | Dec. 31, 2019USD ($)SegmentsRegion | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure Of Exchange Rates [line items] | ||||
Trade receivable settlement period | 30 days | |||
Number of operating segments | Segments | 6 | |||
Number of reportable segments | Segments | 6 | |||
Number of geographical regions | Region | 5 | |||
Right of use assets | $ 2,029 | $ 1,977 | ||
Lease liabilities | 2,025 | $ 1,985 | ||
income tax liabilities | 573 | |||
IFRIC 23 [Member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
income tax liabilities | $ 573 | |||
Bottom of range [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Voting rights in associate | 20.00% | |||
Bottom of range [member] | Argentina [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Cumulative inflation rate | 100.00% | |||
Top of range [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Voting rights in associate | 50.00% | |||
Software and capitalized development cost [member] | Bottom of range [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Amortisation period | 3 years | |||
Software and capitalized development cost [member] | Top of range [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Amortisation period | 5 years | |||
IFRS 16 [member] | Announcing or commencing implementation of major restructuring [member] | ||||
Disclosure Of Exchange Rates [line items] | ||||
Right of use assets | $ 17,000 | |||
Lease liabilities | $ 18,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentinean Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 59.890668 | 37.807879 | 18.774210 |
Average rate | 0 | 16.580667 | |
Australian Dollar [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1.423804 | 1.416593 | 1.279580 |
Average rate | 1.438543 | 1.334300 | 1.308997 |
Brazilian Real [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 4.030696 | 3.874806 | 3.308005 |
Average rate | 3.940998 | 3.634827 | 3.201667 |
Canadian Dollar [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1.299449 | 1.362882 | 1.253982 |
Average rate | 1.329140 | 1.293896 | 1.303248 |
Colombian Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3,272.63 | 3,246.70 | 2,988.60 |
Average rate | 3,305.84 | 2,967.36 | 2,965.94 |
Chinese Yuan [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 6.961461 | 6.877787 | 6.507500 |
Average rate | 6.886265 | 6.581607 | 6.785290 |
Euro [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.890155 | 0.873362 | 0.833819 |
Average rate | 0.892577 | 0.845697 | 0.886817 |
Mexican Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 18.845242 | 19.682728 | 19.735828 |
Average rate | 19.334915 | 19.195084 | 18.811612 |
Pound Sterling [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.757344 | 0.781249 | 0.739790 |
Average rate | 0.784062 | 0.750773 | 0.773029 |
Peruvian Nuevo Sol [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3.317006 | 3.369998 | 3.244558 |
Average rate | 3.346670 | 3.284477 | 3.267432 |
South Korea [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1,154.54 | 1,115.40 | 1,067.63 |
Average rate | 1,160.69 | 1,095.46 | 1,134.04 |
South African Rand [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 14.044287 | 14.374909 | 12.345193 |
Average rate | 14.512975 | 13.105486 | 13.338803 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Live of Assets Expected Utility (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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) $ in Millions, $ in Billions | Oct. 03, 2019 | Sep. 30, 2019USD ($) | Jul. 19, 2019USD ($) | Jul. 19, 2019AUD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2018 |
Disclosure of changes in accounting estimates [line items] | ||||||||
Average rate of devaluation results | 59,890,668 | 37,807,879 | ||||||
Acqusition of subsidiary company | $ 385 | $ 84 | $ 571 | |||||
Sale of Subsidiary company | $ 133 | $ 257 | $ 40 | |||||
Budweiser APAC [Member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Acqusition of subsidiary company | $ 5,750 | |||||||
Controlling interest on Subsidiary company | 87.22% | |||||||
Carlton & United Breweries [Member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Sale of Subsidiary company | $ 11,200 | $ 16 | ||||||
Closing Exchange rate | 1.423803 | |||||||
Argentinean Peso [member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Closing Exchange rate | 59.890668 | 37.807879 | 18.774210 | |||||
Bottom of range [member] | Argentinean Peso [member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Cumulative inflation rate | 100.00% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Segments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |||
Disclosure of operating segments [line items] | |||||
Number of business segment | Segments | 6 | ||||
Net revenue | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Non current Assets | 207,834 | 215,587 | [2] | 224,251 | [2] |
Belgium [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | 668 | 710 | 704 | ||
Non current Assets | 2,215 | 2,117 | 2,106 | ||
United States [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | 13,693 | 13,624 | 13,705 | ||
Brazil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | 7,277 | 7,375 | 8,233 | ||
Beer business [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | 47,984 | 48,602 | 50,703 | ||
Non-beer business [member] | |||||
Disclosure of operating segments [line items] | |||||
Net revenue | $ 4,345 | $ 4,439 | $ 4,156 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[2] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting (Detail) HLS in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)HLS | Dec. 31, 2018USD ($)HLS | Dec. 31, 2017USD ($)HLS | |||
Disclosure of operating segments [line items] | |||||
Revenue | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Profit from operations | 16,098 | 16,414 | [1] | 16,460 | [1] |
Net finance income/(cost) | (3,473) | (8,826) | [1] | (6,626) | [1] |
Share of results of associates and joint ventures | 152 | 153 | [1] | 430 | [1] |
Income tax expense | 2,786 | 2,585 | [1] | 1,658 | [1] |
Profit from continuing operations | 9,990 | 5,157 | [1] | 8,606 | [1] |
Discontinued operations | 424 | 531 | [1] | 560 | [1] |
Profit/(loss) | 10,414 | 5,688 | [2] | 9,166 | [2] |
Segment assets (non-current) | $ 207,834 | $ 215,587 | [3] | $ 224,251 | [3] |
Operating segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 561 | 560 | 605 | ||
Revenue | $ 52,329 | $ 53,041 | $ 54,859 | ||
Normalized EBITDA | $ 21,078 | $ 21,732 | $ 21,695 | ||
Normalized EBITDA margin % | 40.30% | 41.00% | 39.50% | ||
Depreciation, amortization and impairment | $ (4,657) | $ (4,624) | $ (4,625) | ||
Normalized profit from operations (EBIT) | 16,421 | 17,107 | 17,069 | ||
Exceptional items (see Note 8) | (323) | (692) | (609) | ||
Profit from operations | 16,098 | 16,414 | 16,460 | ||
Net finance income/(cost) | (3,473) | (8,826) | (6,626) | ||
Share of results of associates and joint ventures | 152 | 153 | 430 | ||
Income tax expense | (2,786) | (2,585) | (1,658) | ||
Profit from continuing operations | 9,990 | 5,157 | 8,606 | ||
Discontinued operations | 424 | 531 | 560 | ||
Profit/(loss) | 10,414 | 5,688 | 9,166 | ||
Segment assets (non-current) | 207,834 | 215,587 | 224,251 | ||
Gross capex | $ 5,174 | $ 5,005 | $ 4,409 | ||
FTE | 171,915 | 172,776 | 182,915 | ||
Operating segments [member] | North America [member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 108 | 111 | 114 | ||
Revenue | $ 15,488 | $ 15,504 | $ 15,588 | ||
Normalized EBITDA | $ 6,185 | $ 6,199 | $ 6,377 | ||
Normalized EBITDA margin % | 39.90% | 40.00% | 40.90% | ||
Depreciation, amortization and impairment | $ (833) | $ (834) | $ (886) | ||
Normalized profit from operations (EBIT) | 5,352 | 5,365 | 5,492 | ||
Exceptional items (see Note 8) | (11) | (10) | 4 | ||
Profit from operations | 5,341 | 5,355 | 5,495 | ||
Segment assets (non-current) | 63,725 | 63,443 | 63,341 | ||
Gross capex | $ 679 | $ 917 | $ 530 | ||
FTE | 20,040 | 19,323 | 19,306 | ||
Operating segments [member] | Middle America [Member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 134 | 129 | 124 | ||
Revenue | $ 11,912 | $ 11,614 | $ 10,780 | ||
Normalized EBITDA | $ 6,356 | $ 6,033 | $ 5,265 | ||
Normalized EBITDA margin % | 53.40% | 51.90% | 48.80% | ||
Depreciation, amortization and impairment | $ (921) | $ (844) | $ (781) | ||
Normalized profit from operations (EBIT) | 5,435 | 5,189 | 4,483 | ||
Exceptional items (see Note 8) | (51) | (151) | (158) | ||
Profit from operations | 5,384 | 5,038 | 4,325 | ||
Segment assets (non-current) | 76,168 | 71,844 | 74,196 | ||
Gross capex | $ 1,286 | $ 1,324 | $ 1,206 | ||
FTE | 52,412 | 53,140 | 56,006 | ||
Operating segments [member] | South America [Member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 140 | 136 | 140 | ||
Revenue | $ 9,790 | $ 10,238 | $ 11,596 | ||
Normalized EBITDA | $ 4,145 | $ 4,696 | $ 5,243 | ||
Normalized EBITDA margin % | 42.30% | 45.90% | 45.20% | ||
Depreciation, amortization and impairment | $ (955) | $ (1,008) | $ (1,064) | ||
Normalized profit from operations (EBIT) | 3,190 | 3,688 | 4,179 | ||
Exceptional items (see Note 8) | (96) | 1 | (26) | ||
Profit from operations | 3,094 | 3,689 | 4,153 | ||
Segment assets (non-current) | 13,452 | 13,250 | 13,858 | ||
Gross capex | $ 1,063 | $ 777 | $ 776 | ||
FTE | 41,603 | 40,503 | 41,140 | ||
Operating segments [member] | C- E- Carter [member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 86 | 87 | 132 | ||
Revenue | $ 7,911 | $ 8,368 | $ 10,344 | ||
Normalized EBITDA | $ 2,781 | $ 3,184 | $ 3,516 | ||
Normalized EBITDA margin % | 35.20% | 38.10% | 34.00% | ||
Depreciation, amortization and impairment | $ (974) | $ (936) | $ (992) | ||
Normalized profit from operations (EBIT) | 1,807 | 2,248 | 2,524 | ||
Exceptional items (see Note 8) | (61) | (370) | (144) | ||
Profit from operations | 1,746 | 1,878 | 2,381 | ||
Segment assets (non-current) | 39,442 | 42,874 | 46,889 | ||
Gross capex | $ 1,208 | $ 1,163 | $ 1,086 | ||
FTE | 23,804 | 23,604 | 26,823 | ||
Operating segments [member] | Asia Pacific [member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 93 | 96 | 94 | ||
Revenue | $ 6,544 | $ 6,735 | $ 6,094 | ||
Normalized EBITDA | $ 2,287 | $ 2,178 | $ 1,804 | ||
Normalized EBITDA margin % | 35.00% | 32.30% | 29.60% | ||
Depreciation, amortization and impairment | $ (648) | $ (734) | $ (649) | ||
Normalized profit from operations (EBIT) | 1,639 | 1,444 | 1,155 | ||
Exceptional items (see Note 8) | (41) | (43) | (44) | ||
Profit from operations | 1,598 | 1,401 | 1,110 | ||
Segment assets (non-current) | 13,450 | 22,545 | 24,189 | ||
Gross capex | $ 626 | $ 599 | $ 564 | ||
FTE | 29,482 | 31,523 | 36,386 | ||
Operating segments [member] | Global export and holding companies [member] | |||||
Disclosure of operating segments [line items] | |||||
Volume | HLS | 1 | 1 | 2 | ||
Revenue | $ 685 | $ 582 | $ 457 | ||
Normalized EBITDA | $ (676) | $ (558) | $ (510) | ||
Normalized EBITDA margin % | 8212.00% | 8212.00% | 8212.00% | ||
Depreciation, amortization and impairment | $ (325) | $ (269) | $ (253) | ||
Normalized profit from operations (EBIT) | (1,001) | (827) | (764) | ||
Exceptional items (see Note 8) | (63) | (119) | (241) | ||
Profit from operations | (1,064) | (946) | (1,004) | ||
Segment assets (non-current) | 1,595 | 1,631 | 1,778 | ||
Gross capex | $ 312 | $ 224 | $ 247 | ||
FTE | 4,574 | 4,683 | 3,254 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[2] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. | ||||
[3] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Acquisitions and Disposals of_3
Acquisitions and Disposals of Subsidiaries - Summary of Impact of Acquisitions and Disposals on Consolidated Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
Non-current liabilities | |||||
Trade and other payables | $ (1,943) | $ (1,816) | [1] | $ (1,462) | |
Business combinations [member] | |||||
Non-current assets | |||||
Property, plant and equipment | 44 | 2 | |||
Intangible assets | 128 | 24 | |||
Deferred tax assets | 23 | ||||
Investments in associates | (15) | ||||
Current assets | |||||
Inventories | 43 | 17 | |||
Trade and other receivables | 19 | 2 | |||
Cash and cash equivalents | 40 | 8 | |||
Non-current liabilities | |||||
Interest-bearing loans and borrowings | (11) | (3) | |||
Deferred tax liabilities | (33) | ||||
Trade and other payables | (110) | ||||
Current liabilities | |||||
Trade and other payables | (65) | (19) | |||
Net identifiable assets and liabilities | 40 | 54 | |||
Non-controlling interest | (12) | ||||
Goodwill on acquisitions and goodwill disposed of | 682 | 107 | |||
Consideration to be (paid)/received | (275) | (112) | |||
Net cash paid on prior years acquisitions | 16 | 68 | |||
Consideration paid/(received) | 451 | 117 | |||
Cash (acquired)/ disposed of | (40) | (5) | |||
Net cash outflow / (inflow) | 411 | 112 | |||
Net cash outflow / (inflow) on continuing operations | 385 | 84 | |||
Net cash outflow / (inflow) on discontinued operations | 26 | 28 | |||
Disposals [member] | |||||
Non-current liabilities | |||||
Deferred tax liabilities | 9 | 4 | |||
Non-current assets | |||||
Property, plant and equipment | (1) | (310) | |||
Intangible assets | (29) | (17) | |||
Trade and other receivables | (86) | ||||
Current assets | |||||
Inventories | (7) | (84) | |||
Income tax receivables | (2) | ||||
Trade and other receivables | (1) | (79) | |||
Cash and cash equivalents | (6) | ||||
Assets held for sale | (27) | ||||
Current liabilities | |||||
Trade and other payables | 2 | 406 | |||
Net identifiable assets and liabilities | (27) | (201) | |||
Non-controlling interest | 2 | 1 | |||
Goodwill on acquisitions and goodwill disposed of | (22) | (652) | |||
Loss/(gain) on disposal | (21) | (15) | |||
Consideration to be (paid)/received | 47 | ||||
Net cash paid on prior years acquisitions | (65) | ||||
Recycling of cumulative translation adjustment in respect of net assets | (584) | ||||
Contribution in kind | 1,150 | ||||
Consideration paid/(received) | (133) | (254) | |||
Cash (acquired)/ disposed of | (3) | ||||
Net cash outflow / (inflow) | (133) | (257) | |||
Net cash outflow / (inflow) on continuing operations | $ (133) | $ (257) | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Acquisitions and Disposals of_4
Acquisitions and Disposals of Subsidiaries - Additional Information (Detail) - AB inBev [member] $ in Millions | Mar. 30, 2018USD ($) |
Disclosure of acquisitions and disposals [line items] | |
Derecognized net assets | $ 573 |
OCI reclassified to consolidated income statement | 584 |
Non-cash loss | $ 7 |
AB InBev Efes [member] | |
Disclosure of acquisitions and disposals [line items] | |
Ownership interest | 50.00% |
Non-controlling interest | 50.00% |
Investment hold in non-controlling interest | 50.00% |
Acquisition and disposal measured at estimated fair value | $ 1,150 |
Other Operating Income_(Expen_3
Other Operating Income/(Expenses) - Summary of Other Operating Income Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of other operating income expense [abstract] | |||||
Government grants | $ 280 | $ 317 | $ 404 | ||
License income | 30 | 45 | 65 | ||
Net (additions to)/reversals of provisions | (10) | (11) | (4) | ||
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale | 172 | 80 | 140 | ||
Net rental and other operating income | 402 | 374 | 341 | ||
Other operating income/(expenses) | $ 875 | $ 805 | [1] | $ 946 | [1] |
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Other Operating Income_(Expen_4
Other Operating Income/(Expenses) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other operating income expense [abstract] | |||
Research and development | $ 291 | $ 276 | $ 265 |
Exceptional items - Summary of
Exceptional items - Summary of Exceptional Items Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure Of Exceptional Items [abstract] | |||||
Restructuring | $ (170) | $ (363) | [1] | $ (447) | [1] |
Acquisition costs business combinations | (23) | (73) | [1] | (123) | [1] |
Business and asset disposal (including impairment losses) | (50) | (26) | [1] | (39) | [1] |
Brazil State tax regularization program | (74) | ||||
Cost related to public offering of minority stake in Budweiser APAC | (6) | ||||
Provision for EU investigation | (230) | [1] | [1] | ||
Impact on profit from operations | $ (323) | $ (692) | $ (609) | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Exceptional Items [line items] | |||||
Exceptional restructuring charges | $ (170) | $ (363) | [1] | $ (447) | [1] |
Acquisition costs business combinations | (23) | (73) | [1] | (123) | [1] |
Business and asset disposal | (50) | (26) | [1] | (39) | [1] |
Provision for EU investigation | 230 | [1] | [1] | ||
Provision for EU Investigation Settlement | (230) | ||||
Exceptional net finance cost | (222) | (1,982) | (693) | ||
Decrease of income taxes | (6) | 240 | 814 | ||
Adjustments related to tax reform | 1,800 | ||||
Non-controlling interest on the exceptional items | 108 | $ 32 | $ 526 | ||
Budweiser APAC [Member] | |||||
Disclosure of Exceptional Items [line items] | |||||
Fees related to the initial public offering of a minority stake of Budweiser APAC | 117 | ||||
Expenses relating to share issuance cost | 6 | ||||
capitalization of share issuance cost | 111 | ||||
Stamp Duties In Equity That Are Directly Attributable To The Public Offering | 58 | ||||
Brazilian State Tax Regularization Program [Member] | |||||
Disclosure of Exceptional Items [line items] | |||||
Payment related to Special Value-added Tax (ICMS) Amnesty Program | $ (74) | ||||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Payroll and Related Benefits -
Payroll and Related Benefits - Summary of Payroll and Related Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Share Of Equity Investment [line items] | |||
Share-based payment expense | $ (340) | $ (353) | $ (348) |
Payroll and related benefits | (137) | (193) | (196) |
Payroll and related benefits [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Wages and salaries | (4,563) | (4,638) | (4,752) |
Social security contributions | (683) | (694) | (688) |
Other personnel cost | (678) | (708) | (759) |
Pension expense for defined benefit plans | (193) | (192) | (196) |
Share-based payment expense | (340) | (353) | (348) |
Contributions to defined contribution plans | (101) | (109) | (107) |
Payroll and related benefits | $ (6,558) | $ (6,694) | $ (6,850) |
Payroll and Related Benefits _2
Payroll and Related Benefits - Summary of Number of Full Time Equivalents (Detail) - Employees | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 171,915 | 172,776 | 182,915 |
Parent [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 204 | 180 | 215 |
Other subsidiaries [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 171,711 | 172,596 | 182,700 |
Additional Information on Ope_3
Additional Information on Operating Expenses By Nature - Summary of Depreciation, Amortization and Impairment Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | $ 3,570 | $ 3,680 | $ 3,743 |
Amortization and impairment of intangible assets | 627 | 489 | 485 |
Depreciation and impairment of right-of-use asset | 460 | 455 | 391 |
Impairment of goodwill | 6 | ||
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 2,751 | 2,807 | 2,791 |
Amortization and impairment of intangible assets | 86 | 67 | 40 |
Depreciation and impairment of right-of-use asset | 11 | ||
Distribution expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 155 | 166 | 197 |
Amortization and impairment of intangible assets | 4 | 3 | 4 |
Depreciation and impairment of right-of-use asset | 191 | 186 | 171 |
Sales and marketing expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 379 | 414 | 416 |
Amortization and impairment of intangible assets | 247 | 165 | 196 |
Depreciation and impairment of right-of-use asset | 160 | 153 | 137 |
Administrative expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 277 | 285 | 335 |
Amortization and impairment of intangible assets | 290 | 254 | 245 |
Depreciation and impairment of right-of-use asset | 98 | 116 | 83 |
Other operating expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | $ 8 | $ 8 | 4 |
Exceptional Items [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Impairment of goodwill | $ 6 |
Additional Information on Ope_4
Additional Information on Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Full cost reallocation from the aggregate depreciation, amortization and impairment expense to cost of good sold | $ 5 | $ 1 | $ 0 |
Finance Cost and Income - Summa
Finance Cost and Income - Summary of Finance Costs Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of finance income expense [abstract] | |||||
Interest expense | $ (4,168) | $ (4,141) | $ (4,314) | ||
Capitalization of borrowing costs | 19 | 23 | 22 | ||
Net interest on net defined benefit liabilities | (95) | (94) | (102) | ||
Accretion expense | (650) | (511) | (736) | ||
Net losses on hedging instruments that are not part of a hedge accounting relationship | (393) | (449) | (382) | ||
Net foreign exchange results (net of the effect of foreign exchange derivative instruments) | (180) | 19 | (306) | ||
Net mark-to-market results on derivatives related to the hedging of share-based payment | 898 | (1,774) | (291) | ||
Tax on financial transactions | (79) | (110) | (68) | ||
Other financial costs, including bank fees | (225) | (242) | (136) | ||
Finance costs, excluding exceptional items | (4,873) | (7,279) | (6,313) | ||
Exceptional finance cost | (222) | (1,982) | (693) | ||
Finance costs | $ (5,095) | $ (9,261) | [1] | $ (7,006) | [1] |
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Finance Cost and Income - Addit
Finance Cost and Income - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of finance income expense [line items] | |||||
Decrease in finance costs before exceptional items and remeasurements | $ (2,406,000,000) | ||||
Share based payment of net (loss) gain | 898,000,000 | $ (1,774,000,000) | $ (291,000,000) | ||
Derivative adjustment of deferred share instrument issued | 445,000,000 | 873,000,000 | 146,000,000 | ||
Derivative adjustment of finance cost | 5,095,000,000 | 9,261,000,000 | [1] | 7,006,000,000 | [1] |
Foreign exchange translation losses on intragroup loans | 226,000,000 | 260,000,000 | 261,000,000 | ||
Accelerated accretion related cost expenses | 100,000,000 | ||||
Interest income recognized on impaired financial assets | 0 | ||||
Interest expense on lease liabilities | 313,000,000 | 606,000,000 | 123,000,000 | ||
Interest expenses | 4,168,000,000 | 4,141,000,000 | 4,314,000,000 | ||
Brazilian federal tax regularization program [member] | |||||
Disclosure of finance income expense [line items] | |||||
Interest expenses | 34,000,000 | 0 | 44,000,000 | ||
DELTA CORPORATION LTD [member] | |||||
Disclosure of finance income expense [line items] | |||||
Write off company investment | 188,000,000 | ||||
SAB [member] | |||||
Disclosure of finance income expense [line items] | |||||
Derivative adjustment of finance cost | $ 433,000,000 | $ 849,000,000 | $ 142,000,000 | ||
Bottom of range [member] | |||||
Disclosure of finance income expense [line items] | |||||
Borrowing costs capitalised | 3.00% | ||||
Top of range [member] | |||||
Disclosure of finance income expense [line items] | |||||
Borrowing costs capitalised | 4.00% | ||||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Finance Cost and Income - Sum_2
Finance Cost and Income - Summary of Finance Income Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Finance Income [abstract] | |||||
Interest income | $ 410 | $ 333 | $ 289 | ||
Hyperinflation monetary adjustments | 86 | 46 | |||
Other financial income | 21 | 56 | 91 | ||
Finance income, excluding exceptional items | 518 | 435 | 380 | ||
Exceptional finance income | 1,104 | ||||
Finance income | $ 1,622 | $ 435 | [1] | $ 380 | [1] |
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Finance Cost and Income - Sum_3
Finance Cost and Income - Summary of Interest Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of finance income expense [abstract] | |||
Cash and cash equivalents | $ 237 | $ 256 | $ 207 |
Investment debt securities held for trading | 9 | 22 | 16 |
Other loans and receivables | 164 | 55 | 64 |
Total | $ 410 | $ 333 | $ 289 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure Of Income Taxes [line items] | |||||
Current year | $ (2,863) | ||||
(Underprovided)/overprovided in prior years | 58 | ||||
Current tax expense | (2,805) | ||||
Origination and reversal of temporary differences | (21) | ||||
(Utilization)/recognition of deferred tax assets on tax losses | 13 | ||||
Recognition of previously unrecognized tax losses | 27 | ||||
Deferred tax (expense)/income | 19 | ||||
Income tax expense | $ (2,786) | $ (2,585) | [1] | $ (1,658) | [1] |
As Restated [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Current year | (2,704) | (3,698) | |||
(Underprovided)/overprovided in prior years | 101 | 1 | |||
Current tax expense | (2,603) | (3,697) | |||
Origination and reversal of temporary differences | (148) | 2,000 | |||
(Utilization)/recognition of deferred tax assets on tax losses | 120 | 23 | |||
Recognition of previously unrecognized tax losses | 46 | 16 | |||
Deferred tax (expense)/income | 18 | 2,039 | |||
Income tax expense | $ (2,585) | $ (1,658) | |||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure Of Income Taxes [line items] | |||||
Profit before tax | $ 12,776 | $ 7,741 | [1] | $ 10,264 | [1] |
Deduct share of result of associates and joint ventures | 152 | ||||
Profit before tax and before share of result of associates and joint ventures | 12,624 | ||||
Adjustments on taxable basis | |||||
Government incentives | (709) | ||||
Non-deductible/(non-taxable) marked to market on derivatives | (1,776) | ||||
Other expenses not deductible for tax purposes | 1,223 | ||||
Other non-taxable income | (282) | ||||
Gross adjustments on taxable basis | $ 11,080 | ||||
Aggregated weighted nominal tax rate | 26.20% | ||||
Tax at aggregated weighted nominal tax rate | $ (2,901) | ||||
Adjustments on tax expense | |||||
Utilization of tax losses not previously recognized | 13 | ||||
Recognition of deferred taxes assets on previous years' tax losses | 27 | ||||
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized | (137) | ||||
(Underprovided)/overprovided in prior years | 58 | ||||
Deductions from interest on equity | 666 | ||||
Deductions from goodwill | 20 | ||||
Other tax deductions | 259 | ||||
US Tax reform (change in tax rate and other) | 0 | 116 | |||
Change in tax rate (other) | (95) | ||||
Withholding taxes | (505) | ||||
Brazilian Federal Tax Amnesty Program | 0 | ||||
Other tax adjustments | (191) | ||||
Income tax expense | $ (2,786) | (2,585) | [1] | (1,658) | [1] |
Effective tax rate | 22.10% | ||||
As Restated [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Profit before tax | 7,741 | 10,264 | |||
Deduct share of result of associates and joint ventures | 153 | 430 | |||
Profit before tax and before share of result of associates and joint ventures | 7,588 | 9,834 | |||
Adjustments on taxable basis | |||||
Government incentives | (742) | (982) | |||
Non-deductible/(non-taxable) marked to market on derivatives | 3,496 | 579 | |||
Other expenses not deductible for tax purposes | 1,796 | 1,795 | |||
Other non-taxable income | (158) | (178) | |||
Gross adjustments on taxable basis | $ 11,980 | $ 11,048 | |||
Aggregated weighted nominal tax rate | 26.50% | 28.20% | |||
Tax at aggregated weighted nominal tax rate | $ (3,172) | $ (3,116) | |||
Adjustments on tax expense | |||||
Utilization of tax losses not previously recognized | 120 | 23 | |||
Recognition of deferred taxes assets on previous years' tax losses | 46 | 16 | |||
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized | (125) | (143) | |||
(Underprovided)/overprovided in prior years | 101 | 1 | |||
Deductions from interest on equity | 471 | 553 | |||
Deductions from goodwill | 17 | 57 | |||
Other tax deductions | 400 | 723 | |||
US Tax reform (change in tax rate and other) | 116 | 1,760 | |||
Change in tax rate (other) | 144 | (59) | |||
Withholding taxes | (403) | (386) | |||
Brazilian Federal Tax Amnesty Program | (870) | ||||
Other tax adjustments | (300) | (217) | |||
Income tax expense | $ (2,585) | $ (1,658) | |||
Effective tax rate | 34.10% | 16.90% | |||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) R$ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)mo | Dec. 31, 2017USD ($) | Dec. 31, 2017BRL (R$) | Dec. 31, 2017BRL (R$) | |||
Disclosure Of Income Taxes [line items] | |||||||
Income tax expense | $ 2,786 | $ 2,585 | [1] | $ 1,658 | [1] | ||
Effective tax rate | 22.10% | 34.10% | |||||
Federal tax rate | 35.00% | 35.00% | 35.00% | ||||
Exceptional amount | $ (6) | $ 233 | $ 814 | ||||
Exceptional amount in finance line | 222 | 1,982 | 693 | ||||
US Tax reform (change in tax rate and other) | $ 0 | $ 116 | |||||
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 | ||||||
Tax contingencies under dispute | 1,100 | R$ 3500 | |||||
Tax contingencies | 300 | R$ 1000 | |||||
US tax reform [member] | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Disclosure Of Income Taxes [line items] | |||||||
Remeasurement of deferred tax liabilities | $ 1,800 | ||||||
Federal tax rate | 21.00% | 21.00% | |||||
Number of monthly installments | mo | 145 | ||||||
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 | |||||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Re-measurements of post-employment benefits | $ 19 | $ 22 | $ (39) |
Cash flow and net investment hedges | 88 | 108 | (95) |
Income tax (losses)/gains | $ 107 | $ 130 | $ (134) |
Property, Plant and Equipment -
Property, Plant and Equipment -Summary of Property, Plant and Equipment owned and Leased assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 27,544 | $ 27,615 | [1] | $ 29,233 | |
As Restated [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 25,638 | ||||
Property, plant and equipment owned [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 25,515 | ||||
Property, plant and equipment owned [member] | As Restated [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 25,638 | ||||
Property, plant and equipment leased (right-of-use assets) [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 2,029 | ||||
Property, plant and equipment leased (right-of-use assets) [member] | As Restated [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 1,977 | ||||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Detailed Information About Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | [1] | $ 27,615 | $ 29,233 | |
Ending balance | 27,544 | 27,615 | [1] | |
Carrying amount | [1] | 27,615 | 29,233 | |
As Restated [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 25,638 | |||
Ending balance | 25,638 | |||
Carrying amount | 25,638 | 25,638 | ||
Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 47,969 | |||
Effect of movements in foreign exchange | (485) | |||
Acquisitions | 4,451 | |||
Acquisitions through business combinations | 24 | |||
Disposals | (1,987) | |||
Disposals through the sale of subsidiaries | (4) | |||
Transfer (to)/from other asset categories and other movements | (1,211) | |||
Ending balance | 48,757 | 47,969 | ||
Carrying amount | 48,757 | 47,969 | ||
Acquisition cost [member] | As Restated [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 47,969 | 48,297 | ||
Effect of movements in foreign exchange | (3,086) | |||
Acquisitions | 4,342 | |||
Acquisitions through business combinations | 2 | |||
Disposals | (1,474) | |||
Disposals through the sale of subsidiaries | (1,128) | |||
Transfer (to)/from other asset categories and other movements | 1,014 | |||
Ending balance | 47,969 | |||
Carrying amount | 47,969 | 47,969 | ||
Amortization and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (22,331) | |||
Effect of movements in foreign exchange | 310 | |||
Depreciation | (3,370) | |||
Disposals | 1,734 | |||
Disposals through the sale of subsidiaries | 3 | |||
Impairment losses | (87) | |||
Transfer (to)/from other asset categories and other movements | 499 | |||
Ending balance | (23,242) | (22,331) | ||
Carrying amount | (23,242) | (22,331) | ||
Amortization and impairment losses [member] | As Restated [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (22,331) | (21,414) | ||
Effect of movements in foreign exchange | 1,392 | |||
Depreciation | (3,530) | |||
Disposals | 1,249 | |||
Disposals through the sale of subsidiaries | 818 | |||
Impairment losses | (91) | |||
Transfer (to)/from other asset categories and other movements | (755) | |||
Ending balance | (22,331) | |||
Carrying amount | (22,331) | (22,331) | ||
Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,704 | |||
Ending balance | 8,612 | 8,704 | ||
Carrying amount | 8,612 | 8,704 | ||
Land and buildings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 12,155 | |||
Effect of movements in foreign exchange | (94) | |||
Acquisitions | 48 | |||
Disposals | (208) | |||
Disposals through the sale of subsidiaries | (1) | |||
Transfer (to)/from other asset categories and other movements | 316 | |||
Ending balance | 12,216 | 12,155 | ||
Carrying amount | 12,216 | 12,155 | ||
Land and buildings [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (3,450) | |||
Effect of movements in foreign exchange | 40 | |||
Depreciation | (409) | |||
Disposals | 119 | |||
Disposals through the sale of subsidiaries | 1 | |||
Impairment losses | (1) | |||
Transfer (to)/from other asset categories and other movements | 96 | |||
Ending balance | (3,604) | (3,450) | ||
Carrying amount | (3,604) | (3,450) | ||
Plant and Equipment Fixtures and Fittings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,659 | |||
Ending balance | 14,743 | 14,659 | ||
Carrying amount | 14,743 | 14,659 | ||
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 33,540 | |||
Effect of movements in foreign exchange | (374) | |||
Acquisitions | 1,236 | |||
Acquisitions through business combinations | 22 | |||
Disposals | (1,777) | |||
Disposals through the sale of subsidiaries | (3) | |||
Transfer (to)/from other asset categories and other movements | 1,737 | |||
Ending balance | 34,381 | 33,540 | ||
Carrying amount | 34,381 | 33,540 | ||
Plant and Equipment Fixtures and Fittings [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (18,881) | |||
Effect of movements in foreign exchange | 270 | |||
Depreciation | (2,961) | |||
Disposals | 1,615 | |||
Disposals through the sale of subsidiaries | 2 | |||
Impairment losses | (86) | |||
Transfer (to)/from other asset categories and other movements | 403 | |||
Ending balance | (19,638) | (18,881) | ||
Carrying amount | (19,638) | (18,881) | ||
Construction in Progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,274 | |||
Ending balance | 2,160 | 2,274 | ||
Carrying amount | 2,160 | 2,274 | ||
Construction in Progress [member] | Acquisition cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,274 | |||
Effect of movements in foreign exchange | (17) | |||
Acquisitions | 3,167 | |||
Acquisitions through business combinations | 2 | |||
Disposals | (2) | |||
Disposals through the sale of subsidiaries | 0 | |||
Transfer (to)/from other asset categories and other movements | (3,264) | |||
Ending balance | 2,160 | 2,274 | ||
Carrying amount | $ 2,160 | $ 2,274 | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2007 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Contractual commitments for acquisition of property, plant and equipment | $ 457 | $ 416 | ||
AB InBev's net capital expenditures in the statement of cash flow | 4,854 | 4,568 | ||
Property, plant and equipment reclassification | 625 | |||
Right-of-use assets to assets held for sale | 55 | 0 | $ 15 | |
Lease agreement term | 27 years | |||
Additions to right of use assets | 420 | 215 | ||
Right-of-use assets | 2,029 | 1,977 | ||
AB inBev [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right-of-use assets | $ 12 | 0 | ||
Bottom of range [member] | Dutch and Belgian pub real estate [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sublease average outstanding period | 6 years | |||
Top of range [member] | Dutch and Belgian pub real estate [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sublease average outstanding period | 8 years | |||
Right-of-use assets [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right-of-use assets to assets held for sale | $ 84 | |||
Production facilities [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of capital expenditures property plant and equipment | 42.00% | |||
Logistics and commercial investments [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of capital expenditures property plant and equipment | 43.00% | |||
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 | 15.00% | |||
Property, plant and equipment subject to operating leases [member] | Bottom of range [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease initial period | 5 years | |||
Property, plant and equipment subject to operating leases [member] | Top of range [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease initial period | 10 years | |||
Gross carrying amount [member] | Restrictions [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment, restrictions on title | $ 4 | $ 8 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Summary of Property, Plant and Equipment Leased (right- of- use assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | $ 2,029 | $ 1,977 |
Right-of-use assets, depreciation for the period | (489) | (468) |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | 1,723 | 1,624 |
Right-of-use assets, depreciation for the period | (329) | (318) |
Machinery, equipment and other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets, net carrying amount | 306 | 353 |
Right-of-use assets, depreciation for the period | $ (160) | $ (150) |
Goodwill - Reconciliation of Go
Goodwill - Reconciliation of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | [1] | $ 133,311 | $ 140,940 | |
Acquisitions through business combinations | 128 | 24 | ||
Hyperinflation monetary adjustments | (86) | (46) | ||
Goodwill ending balance | 128,114 | 133,311 | [1] | |
Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | 133,316 | 140,980 | ||
Effect of movements in foreign exchange | 53 | (7,541) | ||
Disposals through the sale of subsidiaries | (22) | (652) | ||
Acquisitions through business combinations | 682 | 107 | ||
Hyperinflation monetary adjustments | 171 | 435 | ||
Reclassified as held for sale | (6,081) | (13) | ||
Goodwill ending balance | 128,119 | 133,316 | ||
Impairment losses [member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill beginning balance | (5) | (40) | ||
Disposals through the sale of subsidiaries | 35 | |||
Goodwill ending balance | $ (5) | $ (5) | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 30, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Cost to sell expected to reach as percentage of entity value | 2.00% | ||
Adverse change in WACC | 1.00% | ||
Additional recognition, goodwill | $ 128 | $ 24 | |
Goodwill [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill to assets held for sale | 6,081 | ||
30 Bio US dollar goodwill [member] | South Africa [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Reduced the amount of goodwill | 22,000 | ||
30 Bio US dollar goodwill [member] | Rest of Africa CGU [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Reduced the amount of goodwill | $ 8,000 | ||
Bottom of range [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Growth rate used to extrapolate cash flow projections | 3.00% | ||
Top of range [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Growth rate used to extrapolate cash flow projections | 5.00% | ||
AB inBev [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Percentage of merger proposed | 50.00% | ||
Percentage of goodwill to total assets | 54.00% | ||
Additional recognition, goodwill | $ 682 | $ 107 | |
Anadolu Efes [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Percentage of merger proposed | 50.00% |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | $ 128,114 | $ 133,311 | [1] | $ 140,940 | |
United States [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 33,451 | 33,288 | |||
Rest of North America [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 1,984 | 1,891 | |||
Mexico [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 13,175 | 12,614 | |||
Colombia [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 18,647 | 18,796 | |||
Rest of Middle Americas [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 25,257 | 21,969 | |||
Brazil [Member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 4,539 | 4,715 | |||
Rest of South America [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 1,101 | 1,139 | |||
Europe [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 2,277 | 2,222 | |||
South Africa [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 13,500 | 15,910 | |||
Rest of Africa [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 6,691 | 7,701 | |||
China [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | 3,095 | 2,758 | |||
Rest of Asia Pacific [member] | |||||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||||
Goodwill | $ 4,397 | $ 10,308 | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Goodwill - Summary of Weighted
Goodwill - Summary of Weighted Average Cost of Capital (Detail) - US Dollar [member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Colombia [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 6.00% | 7.00% |
Rest of Middle Americas [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 9.00% | 9.00% |
South Africa [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 8.00% |
Rest of Africa [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 10.00% | 11.00% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | [1] | $ 44,831 | $ 45,874 | |
Ending balance | 42,452 | 44,831 | [1] | |
Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (3,634) | (2,997) | ||
Effect of movements in foreign exchange | 41 | 164 | ||
Amortization | (622) | (445) | ||
Disposals | 254 | 14 | ||
Disposals through the sale of subsidiaries | 30 | |||
Transfer (to)/from other asset categories and other movements | 305 | (400) | ||
Ending balance | (3,656) | (3,634) | ||
At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 48,465 | 48,871 | ||
Effect of movements in foreign exchange | (79) | (1,765) | ||
Acquisitions through business combinations | 99 | 24 | ||
Acquisitions and expenditures | 631 | 668 | ||
Disposals | (259) | (96) | ||
Disposals through the sale of subsidiaries | (29) | (47) | ||
Transfer (to)/from other asset categories and other movements | (2,720) | 810 | ||
Ending balance | 46,108 | 48,465 | ||
Brands [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 42,101 | |||
Ending balance | 40,042 | 42,101 | ||
Brands [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (32) | |||
Ending balance | (32) | (32) | ||
Brands [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 42,133 | |||
Effect of movements in foreign exchange | (13) | |||
Acquisitions through business combinations | 88 | |||
Disposals through the sale of subsidiaries | (29) | |||
Transfer (to)/from other asset categories and other movements | (2,105) | |||
Ending balance | 40,074 | 42,133 | ||
Commercial intangibles [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 1,470 | |||
Ending balance | 1,179 | 1,470 | ||
Commercial intangibles [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (1,479) | |||
Effect of movements in foreign exchange | 24 | |||
Amortization | (239) | |||
Disposals | 117 | |||
Transfer (to)/from other asset categories and other movements | (18) | |||
Ending balance | (1,595) | (1,479) | ||
Commercial intangibles [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 2,949 | |||
Effect of movements in foreign exchange | (34) | |||
Acquisitions and expenditures | 290 | |||
Disposals | (120) | |||
Transfer (to)/from other asset categories and other movements | (311) | |||
Ending balance | 2,774 | 2,949 | ||
Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 690 | |||
Ending balance | 743 | 690 | ||
Software [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (2,002) | |||
Effect of movements in foreign exchange | 16 | |||
Amortization | (322) | |||
Disposals | 135 | |||
Transfer (to)/from other asset categories and other movements | 322 | |||
Ending balance | (1,851) | (2,002) | ||
Software [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 2,692 | |||
Effect of movements in foreign exchange | (29) | |||
Acquisitions through business combinations | 5 | |||
Acquisitions and expenditures | 113 | |||
Disposals | (136) | |||
Transfer (to)/from other asset categories and other movements | (51) | |||
Ending balance | 2,594 | 2,692 | ||
Other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 570 | |||
Ending balance | 488 | 570 | ||
Other [member] | Amortization and impairment losses [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | (121) | |||
Effect of movements in foreign exchange | 1 | |||
Amortization | (61) | |||
Disposals | 2 | |||
Transfer (to)/from other asset categories and other movements | 1 | |||
Ending balance | (178) | (121) | ||
Other [member] | At cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at end of previous year | 691 | |||
Effect of movements in foreign exchange | (3) | |||
Acquisitions through business combinations | 6 | |||
Acquisitions and expenditures | 228 | |||
Disposals | (3) | |||
Transfer (to)/from other asset categories and other movements | (253) | |||
Ending balance | $ 666 | $ 691 | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | May 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of detailed information about intangible assets [line items] | ||||||
Payment for recovery of distribution rights | $ 306 | |||||
Carrying amount of intangible assets | $ 42,452 | $ 44,831 | [1] | $ 45,874 | ||
Additional recognition, goodwill | 128 | 24 | ||||
AUSTRALIA | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Intangible asset held for sale | 29 | |||||
Intangible assets other than goodwill [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Intangible assets to assets held for sale | 2,727 | |||||
Intangible Assets With Indefinite Useful Life [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Carrying amount of intangible assets | 40,181 | 42,435 | ||||
Intangible Assets With Finite Useful Life [member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Carrying amount of intangible assets | $ 2,271 | $ 2,396 | ||||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | $ 42,452 | $ 44,831 | [1] | $ 45,874 | |
Intangible assets with indefinite useful lives [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 40,217 | 42,435 | |||
Intangible assets with indefinite useful lives [member] | United States [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 22,124 | 22,037 | |||
Intangible assets with indefinite useful lives [member] | Rest of North America [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 66 | 63 | |||
Intangible assets with indefinite useful lives [member] | Mexico [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 3,243 | 3,068 | |||
Intangible assets with indefinite useful lives [member] | Colombia [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 3,488 | 3,516 | |||
Intangible assets with indefinite useful lives [member] | Rest of Middle Americas [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 3,915 | 3,915 | |||
Intangible assets with indefinite useful lives [member] | Brazil [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 3 | 1 | |||
Intangible assets with indefinite useful lives [member] | Rest of South America [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 714 | 741 | |||
Intangible assets with indefinite useful lives [member] | Europe [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 489 | 535 | |||
Intangible assets with indefinite useful lives [member] | South Africa [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 3,417 | 3,338 | |||
Intangible assets with indefinite useful lives [member] | Rest of Africa [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 1,228 | 1,261 | |||
Intangible assets with indefinite useful lives [member] | China [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | 410 | 381 | |||
Intangible assets with indefinite useful lives [member] | Rest of Asia Pacific [member] | |||||
Disclosure of intangible assets with indefinite useful life [line items] | |||||
Intangible assets | $ 1,120 | $ 3,579 | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
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, 2019 | Dec. 31, 2018 | |
AB InBev Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | $ 1,159 | |
Acquisitions | $ 1,157 | |
Dividends received | (15) | |
Share of results of associates | (11) | 2 |
Ending balance | 1,133 | 1,159 |
Castel [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 3,279 | 3,480 |
Effect of movements in foreign exchange | (56) | (213) |
Dividends received | (95) | (98) |
Share of results of associates | 111 | 110 |
Ending balance | 3,239 | 3,279 |
Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 479 | 694 |
Effect of movements in foreign exchange | (59) | (194) |
Dividends received | (11) | (11) |
Share of results of associates | 42 | (10) |
Ending balance | $ 451 | $ 479 |
Investments in Associates - Add
Investments in Associates - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | ||||
Impairment of Investment | $ 188 | |||
AB InBev Efes [member] | ||||
Disclosure of associates [line items] | ||||
Percentage of voting equity interests acquired | 50.00% | |||
Aggregated individually immaterial associates [member] | ||||
Disclosure of associates [line items] | ||||
Investments in associates | $ 10,000,000 | $ 51,000,000 | $ 78,000,000 |
Investment in Associates - Su_2
Investment in Associates - Summarized Financial Information of the Company's Material Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of summarized financial information [line items] | |||||
Current assets | $ 28,814 | $ 18,281 | [1] | $ 23,960 | [1] |
Non-current assets | 207,834 | 215,587 | [1] | 224,251 | [1] |
Current liabilities | 34,841 | 34,826 | [1] | 36,625 | [1] |
Non-current liabilities | 117,254 | 127,153 | [1] | 131,383 | [1] |
Non-controlling interests | 8,831 | 7,404 | [1] | 7,624 | [1] |
Net assets | 236,648 | 233,868 | [1] | 248,208 | [1] |
Revenue | 52,329 | 53,041 | [2] | 54,859 | [2] |
Profit (loss) | 9,990 | 5,157 | [2] | 8,606 | [2] |
Other comprehensive income (loss) | 498 | (7,756) | [3] | 1,040 | [3] |
Total comprehensive income | 10,912 | (2,068) | [3] | $ 10,205 | [3] |
AB InBev Efes [member] | |||||
Disclosure of summarized financial information [line items] | |||||
Current assets | 377 | 275 | |||
Non-current assets | 767 | 664 | |||
Current liabilities | 652 | 556 | |||
Non-current liabilities | 109 | ||||
Net assets | 383 | 383 | |||
Revenue | 1,388 | 1,081 | |||
Profit (loss) | 23 | 4 | |||
Total comprehensive income | 23 | 4 | |||
Castel [member] | |||||
Disclosure of summarized financial information [line items] | |||||
Current assets | 4,044 | 4,193 | |||
Non-current assets | 4,255 | 4,291 | |||
Current liabilities | 1,631 | 1,643 | |||
Non-current liabilities | 743 | 635 | |||
Non-controlling interests | 723 | 939 | |||
Net assets | 5,201 | 5,267 | |||
Revenue | 5,107 | 5,786 | |||
Profit (loss) | 719 | 921 | |||
Other comprehensive income (loss) | (372) | (254) | |||
Total comprehensive income | 347 | 667 | |||
Efes [member] | |||||
Disclosure of summarized financial information [line items] | |||||
Current assets | 2,266 | 2,888 | |||
Non-current assets | 5,618 | 6,463 | |||
Current liabilities | 1,859 | 2,233 | |||
Non-current liabilities | 1,986 | 2,207 | |||
Non-controlling interests | 1,909 | 2,297 | |||
Net assets | 2,130 | 2,614 | |||
Revenue | 4,015 | 3,816 | |||
Profit (loss) | 276 | (43) | |||
Other comprehensive income (loss) | (431) | 1,536 | |||
Total comprehensive income | $ (155) | $ 1,493 | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. | ||||
[2] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[3] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. |
Investments Securities - Summar
Investments Securities - Summary of Investments in Short-Term Debt Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of detailed information about borrowings [abstract] | |||||
Investment in unquoted companies | $ 86 | $ 84 | |||
Investment on debt securities | 25 | 24 | |||
Non-current investments,Total | 110 | 108 | [1] | $ 100 | |
Investment on debt securities | 91 | 87 | |||
Current investments,Total | $ 91 | $ 87 | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Investment Securities [abstract] | |||||
Current debt securities | $ 92 | $ 87 | [1] | $ 1,304 | [1] |
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Deferred Tax Assets and Liabi_3
Deferred Tax Assets and Liabilities - Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure Of Deferred Taxes [line items] | |||||
Assets | $ 1,719 | $ 1,517 | [1] | $ 1,251 | |
Liabilities | (12,824) | (13,165) | [1] | $ (13,107) | |
Net | (11,105) | (11,648) | |||
Netting by taxable entity, Assets | (1,631) | (1,738) | |||
Netting by taxable entity, Liabilities | 1,631 | 1,738 | |||
Net deferred tax assets/(liabilities), Assets | 1,719 | 1,517 | |||
Net deferred tax assets/(liabilities), Liabilities | (12,824) | (13,165) | |||
Property, Plant and Equipment [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 415 | 381 | |||
Liabilities | (2,550) | (2,665) | |||
Net | (2,135) | (2,284) | |||
Intangibles [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 112 | 115 | |||
Liabilities | (10,327) | (10,665) | |||
Net | (10,215) | (10,550) | |||
Inventory [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 119 | 101 | |||
Liabilities | (67) | (67) | |||
Net | 52 | 34 | |||
Trades and Other Receivables [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 52 | 142 | |||
Liabilities | (1) | (62) | |||
Net | 51 | 80 | |||
Interest Bearing Loans and Borrowings [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 706 | 535 | |||
Liabilities | (603) | (618) | |||
Net | 103 | (83) | |||
Employee Benefits [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 631 | 673 | |||
Liabilities | (3) | (5) | |||
Net | 628 | 668 | |||
Provisions [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 467 | 483 | |||
Liabilities | (22) | (27) | |||
Net | 445 | 456 | |||
Derivatives [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 23 | 33 | |||
Liabilities | (21) | (58) | |||
Net | 2 | (25) | |||
Other Items [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 311 | 215 | |||
Liabilities | (861) | (736) | |||
Net | (550) | (521) | |||
Loss Carry Forwards [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 515 | 577 | |||
Net | 515 | 577 | |||
Gross Deferred Tax Assets/(Liabilities) [member] | |||||
Disclosure Of Deferred Taxes [line items] | |||||
Assets | 3,350 | 3,255 | |||
Liabilities | (14,455) | (14,903) | |||
Net | $ (11,105) | $ (11,648) | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Deferred Tax Assets and Liabi_4
Deferred Tax Assets and Liabilities - Summary of Change in Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Deferred Taxes [line items] | |||
Beginning balance | $ (11,648) | ||
Recognized in profit or loss | 19 | ||
Recognized in other comprehensive income | 107 | $ 130 | $ (134) |
Acquisitions through business combinations | (18) | ||
Reclassified as held for sale | 363 | ||
Other movements and effect of changes in foreign exchange rates | 70 | ||
Ending balance | (11,105) | (11,648) | |
As Restated [member] | |||
Disclosure Of Deferred Taxes [line items] | |||
Beginning balance | $ (11,648) | (11,857) | (13,442) |
Recognized in profit or loss | 95 | 1,929 | |
Recognized in other comprehensive income | (130) | (134) | |
Acquisitions through business combinations | (23) | (74) | |
Other movements and effect of changes in foreign exchange rates | 267 | (136) | |
Ending balance | $ (11,648) | $ (11,857) |
Deferred Tax Assets and Liabi_5
Deferred Tax Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
US Federal tax rate | 35.00% | 35.00% | |
Exceptional tax gain recognized in profit or loss due to US tax reform | $ 18,000 | ||
Tax losses carried forward and deductible temporary differences on which no deferred tax asset | $ 4,734 | $ 5,280 | $ 4,449 |
Tax losses | 728 | ||
Tax losses carried forward and deductible temporary differences | 3,029 | ||
Expiration period 1 [member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
Tax losses carried forward and deductible temporary differences | $ 22 | ||
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 | $ 737 | ||
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 | $ 218 | ||
Tax losses and deductible temporary differences expiration period | Year 3 | ||
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% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories other than work in progress | ||
Inventories stated at net realizable value | $ 171 | $ 59 |
Current Inventories [member] | ||
Disclosure of inventories [line items] | ||
Prepayments | 105 | 123 |
Raw materials and consumables | 2,478 | 2,387 |
Work in progress | 405 | 363 |
Finished goods | 1,257 | 1,215 |
Goods purchased for resale | 182 | 146 |
Inventories | $ 4,427 | $ 4,234 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Classes of current inventories [abstract] | |||||
Cost of inventories sales | $ 20,362 | $ 19,933 | [1] | $ 20,975 | [1] |
Impairment losses on inventories | $ (59) | $ (72) | $ (72) | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Non-Current Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of trade and other receivables [abstract] | |||||
Cash deposits for guarantees | $ 219 | $ 197 | |||
Loans to customers | 58 | 45 | |||
Deferred collection on disposals | 53 | ||||
Tax receivable, other than income tax | 166 | 139 | |||
Trade and other receivables | 363 | 335 | |||
Total, Non-Current | $ 807 | $ 769 | [1] | $ 834 | |
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Current Trade and Other Receivables (Detail) - Net carrying amount [member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,046 | $ 4,412 |
Interest receivable | 21 | 19 |
Tax receivable, other than income tax | 821 | 378 |
Loans to customers | 119 | 143 |
Prepaid expenses | 563 | 329 |
Other receivables | 616 | 1,094 |
Current trade and other receivable | $ 6,187 | $ 6,375 |
Trade and Other Receivables -_3
Trade and Other Receivables - Schedule of Trade Receivables and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Net carrying amount [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,046 | $ 4,412 |
Loans to customers | 177 | 188 |
Interest receivable | 21 | 19 |
Other receivables | 616 | 1,094 |
Current trade and other receivable | 4,860 | 5,713 |
Neither Impaired Nor Past Due on the Reporting Date [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 3,690 | 4,092 |
Loans to customers | 172 | 176 |
Interest receivable | 21 | 19 |
Other receivables | 582 | 1,051 |
Current trade and other receivable | 4,465 | 5,338 |
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 | 261 | 239 |
Loans to customers | 1 | 4 |
Other receivables | 9 | 13 |
Current trade and other receivable | 271 | 256 |
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 | 44 | 52 |
Loans to customers | 2 | 5 |
Other receivables | 16 | 26 |
Current trade and other receivable | 62 | 83 |
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 | 44 | 20 |
Loans to customers | 2 | 3 |
Other receivables | 5 | 4 |
Current trade and other receivable | 51 | 27 |
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 | 7 | 9 |
Other receivables | 4 | |
Current trade and other receivable | $ 11 | $ 9 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trade receivables [member] | |||
Disclosure of inventories [line items] | |||
Impairment losses | $ 51 | $ 43 | $ 58 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents and Investments in Short-Term Debt Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about borrowings [abstract] | ||||||
Short-term bank deposits | $ 2,236 | $ 2,233 | ||||
Cash and bank accounts | 5,002 | 4,841 | ||||
Cash and cash equivalents | 7,238 | 7,074 | [1] | $ 10,472 | [1] | |
Bank overdrafts | (68) | (114) | ||||
Total | $ 7,169 | $ 6,960 | $ 10,355 | $ 8,395 | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Restricted cash | $ 78 | $ 2 |
Amounts deposited on a blocked account | 76 | |
Share Holder [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Cash acquired in business combination | $ 2 |
Assets Classified as Held for_3
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, 2019 | Dec. 31, 2018 | |||
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [abstract] | ||||
Balance at the end of previous year | [1] | $ 39 | $ 133 | |
Reclassified to assets held for sale in the period | 9,692 | 35 | ||
Disposals | (59) | (128) | ||
Effect of movements in foreign exchange | 341 | (1) | ||
Balance at the end of year | $ 10,013 | $ 39 | [1] | |
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Assets Classified as Held for_4
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, 2019 | Dec. 31, 2018 | |
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [abstract] | ||
Balance at the end of previous year | $ 0 | $ 0 |
Reclassified to liabilities associated with assets held for sale | 1,106 | 0 |
Effect of movements in foreign exchange | 39 | |
Balance at the end of year | $ 1,145 | $ 0 |
Assets Classified as Held for_5
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Millions | Jul. 19, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | ||||
other comprehensive income / (loss) attributable to the Australian operations | $ 426 | |||
Sale of Subsidiary company | $ 133 | $ 257 | $ 40 | |
US Dollar [member] | ||||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | ||||
Closing Exchange rate | 1.423803 | |||
Carlton United Breweries Member [Member] | ||||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | ||||
Sale of Subsidiary company | $ 11,200 | |||
Asahi [Member] | ||||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | ||||
Sale of Subsidiary company | $ 16,000 |
Assets classified as held for_6
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations - Cash Flow From Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | |||
Net increase in cash and cash equivalents | $ 539 | $ 755 | $ 827 |
AUSTRALIA | |||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | |||
Cash flow from operating activities | 640 | 883 | 858 |
Cash flow from investing activities | (77) | (109) | (10) |
Cash flow from financing activities | (24) | (19) | (21) |
Net increase in cash and cash equivalents | $ 539 | $ 755 | $ 827 |
Assets classified as held for_7
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations - Results From Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | |||||
Revenue | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Profit from continuing operations | 9,990 | 5,157 | [1] | 8,606 | [1] |
Profit from discontinued operations | 424 | 531 | [1] | 560 | [1] |
AUSTRALIA | |||||
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | |||||
Revenue | 1,394 | 1,577 | 1,585 | ||
Profit from continuing operations | 632 | 775 | 764 | ||
Profit from discontinued operations | $ 424 | $ 531 | $ 532 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Assets classified as held for_8
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations - Asset And liabilities Held For Sale (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Assets | |
Property, plant and equipment | $ 625 |
Goodwill and intangible assets | 9,030 |
Other assets | 310 |
Assets classified as held for sale | 9,965 |
Liabilities | |
Trade and other payables | 659 |
Deferred tax liabilities | 380 |
Other liabilities | 106 |
Liabilities associated with assets held for sale | $ 1,145 |
Changes in Equity and Earning_3
Changes in Equity and Earnings per Share - Summary of Changes in Issued Capital and Treasury Shares (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares | 2,019,000,000 | 2,019,000,000 | ||
At the end of the previous year | 2,019,000,000 | |||
Changes during the period | 0 | |||
At the end of the current year | 2,019,000,000 | 2,019,000,000 | ||
At the end of the previous year | [1] | $ 1,736 | $ 1,736 | |
Changes during the period | 0 | |||
At the end of the current year | $ 1,736 | $ 1,736 | [1] | |
At the end of the previous year | 62,500,000 | |||
Changes during the period | (2,700,000) | |||
At the end of the current year | 59,900,000 | 62,500,000 | ||
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares | 1,693,000,000 | |||
At the end of the current year | 1,693,000,000 | |||
Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares | 59,862,847 | |||
At the end of the current year | 59,862,847 | |||
Restricted shares | 325,999,817 | |||
Result on the use of treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
At the end of the previous year | $ (2,383) | |||
Changes during the period | (173) | |||
At the end of the current year | (2,556) | $ (2,383) | ||
Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
At the end of the previous year | (6,549) | |||
Changes during the period | 279 | 2,431 | [2] | |
At the end of the current year | $ (6,270) | $ (6,549) | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. | |||
[2] | See Note 23 Changes in equity and earnings per share. |
Changes in Equity and Earning_4
Changes in Equity and Earnings per Share - Additional Information (Detail) | May 03, 2018USD ($) | May 03, 2018€ / shares | Jun. 05, 2013USD ($)shares | Sep. 30, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018EUR (€)€ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017EUR (€)€ / shares | Dec. 31, 2019EUR (€)€ / sharesshares | Oct. 24, 2019EUR (€)€ / shares | Dec. 31, 2018€ / shares | Oct. 24, 2018EUR (€)€ / shares | Dec. 31, 2017€ / shares | Oct. 25, 2017EUR (€)€ / shares | ||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Issued capital | $ | $ 1,736,000,000 | $ 1,736,000,000 | [1] | $ 1,736,000,000 | [1] | |||||||||||||
Number of shares issued | 1,957,000,000 | 1,934,000,000 | 1,934,000,000 | 1,957,000,000 | ||||||||||||||
Number of shares outstanding | 2,019,000,000 | 2,019,000,000 | 2,019,000,000 | |||||||||||||||
Dividend declared per share | € / shares | € 0.80 | € 0.80 | € 1.60 | |||||||||||||||
Dividend declared | € | € 1,588,000,000 | € 1,565,000,000 | € 3,089,000,000 | |||||||||||||||
Dividend declared date | Oct. 24, 2019 | Oct. 24, 2019 | Oct. 24, 2018 | Oct. 24, 2018 | Oct. 25, 2017 | Oct. 25, 2017 | ||||||||||||
Dividend proposed per share | € / shares | € 1 | € 1 | € 2 | |||||||||||||||
Dividend proposed | € | € 1,998,000,000 | € 1,978,000,000 | € 3,867,000,000 | |||||||||||||||
Dividend paid per share | € / shares | € 1.80 | € 1.80 | € 3.60 | |||||||||||||||
Dividend paid | $ 5,179,000,000 | € 3,586,000,000 | $ 7,437,000,000 | € 3,557,000,000 | $ 9,230,000,000 | € 6,956,000,000 | ||||||||||||
Dividend paid date | May 9, 2019 | May 9, 2019 | May 3, 2018 | May 3, 2018 | ||||||||||||||
Shares reserved for issue under options and contracts for sale of shares | 23,076,922 | |||||||||||||||||
Deferred share units vesting period | 5 years | |||||||||||||||||
Profit attributable to equity holders | $ | 9,171,000,000 | $ 4,370,000,000 | $ 7,990,000,000 | |||||||||||||||
Diluted earnings per share based on the profit | $ | $ 9,171,000,000 | $ 4,370,000,000 | $ 7,990,000,000 | |||||||||||||||
Number of antidilutive share options outstanding | 59,000,000 | 63,000,000 | 5,000,000 | 59,000,000 | ||||||||||||||
Borrowed amount | $ | $ 102,974,000,000 | $ 111,581,000,000 | ||||||||||||||||
IPO [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 1,669,459,000 | |||||||||||||||||
Budweiser APAC [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Controlling interest on Subsidiary company | 87.22% | 87.22% | 87.22% | |||||||||||||||
Proceeds from issuing shares | $ | $ 5,600,000,000 | |||||||||||||||||
Increase in equity | $ | 4,400,000,000 | |||||||||||||||||
Increase in non-controlling interest | $ | $ 1,200,000,000 | |||||||||||||||||
Percentage interest held by noncontrolling owners | 12.78% | |||||||||||||||||
Treasury shares [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Restricted shares | 325,999,817 | 325,999,817 | ||||||||||||||||
Number of shares outstanding | 59,862,847 | 59,862,847 | ||||||||||||||||
Par value per share | € / shares | € 0.61 | |||||||||||||||||
Subscribed capital | $ 41,022,453 | € 36,516,337 | ||||||||||||||||
Number Of Treasury Shares Reimbursed | 2,664,658 | 2,664,658 | ||||||||||||||||
Hong Kong Public Offering [Member] | IPO [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 72,586,000 | |||||||||||||||||
International Offering [Member] | IPO [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 1,379,118,000 | |||||||||||||||||
International Underwriters [Member] | IPO [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 217,755,000 | |||||||||||||||||
Grupo Modelo [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Dividend paid per share | € / shares | € 2 | |||||||||||||||||
Dividend paid | $ | $ 56,000,000 | |||||||||||||||||
Proceeds from issuing shares | $ | $ 1,500,000,000 | |||||||||||||||||
Borrowed Shares [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued for repayment of debt | 2,664,658 | 2,664,658 | ||||||||||||||||
Borrowed amount | $ | $ 30,000,000 | |||||||||||||||||
Number of shares available for future issuance | 1,063,428 | 1,063,428 | ||||||||||||||||
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] | ||||||||||||||||||
Issued capital | $ 1,736,000,000 | € 1,238,608,344 | ||||||||||||||||
Equity shares | 59,862,847 | 59,862,847 | ||||||||||||||||
Number of shares authorized | 2,019,241,973 | 2,019,241,973 | ||||||||||||||||
Number of shares outstanding | € | € 37,000,000 | |||||||||||||||||
Parent [member] | Stock Lending Arrangements [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 32,664,658 | 32,664,658 | ||||||||||||||||
Parent [member] | Stock Option Commitment [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | 31,601,230 | 31,601,230 | ||||||||||||||||
Parent [member] | Treasury shares [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding | 42,158,420 | 42,158,420 | ||||||||||||||||
Parent [member] | Subscribed Capital [Member] | Treasury shares [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Issued capital | $ 1,826,021 | € 1,625,441 | ||||||||||||||||
Parent [member] | Ambev [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorized | 37,000,000 | 37,000,000 | ||||||||||||||||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Changes in Equity and Earning_5
Changes in Equity and Earnings Per Share - Summary of Changes in Other Comprehensive Income Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Other comprehensive income | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | $ 790 | $ (7,802) | $ 1,174 | |||
Cash flow hedges | (110) | (52) | (96) | |||
Re-measurements of post-employment benefits | (182) | 99 | [1] | (37) | [1] | |
Total comprehensive income | 10,912 | (2,068) | [1] | 10,205 | [1] | |
Translation reserves [member] | ||||||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||||||
Beginning balance | (21,079) | (13,705) | (14,758) | |||
Other comprehensive income | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 1,143 | (7,374) | 1,053 | |||
Re-measurements of post-employment benefits | 0 | |||||
Total comprehensive income | 1,143 | (7,374) | 1,053 | |||
Ending balance | (19,936) | (21,079) | (13,705) | |||
Hedging reserves [member] | ||||||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||||||
Beginning balance | 494 | 586 | 744 | |||
Other comprehensive income | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 0 | |||||
Re-measurements of post-employment benefits | 0 | |||||
Total comprehensive income | (97) | (92) | (158) | |||
Ending balance | 397 | 494 | 586 | |||
Hedging reserves [member] | Cash flow hedges [member] | ||||||
Other comprehensive income | ||||||
Cash flow hedges | (97) | (92) | (158) | |||
Post- employment benefits [member] | ||||||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||||||
Beginning balance | (1,567) | (1,665) | (1,612) | |||
Other comprehensive income | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 0 | |||||
Re-measurements of post-employment benefits | (173) | 98 | (53) | |||
Total comprehensive income | (173) | 98 | (53) | |||
Ending balance | (1,740) | (1,567) | (1,665) | |||
Post- employment benefits [member] | Cash flow hedges [member] | ||||||
Other comprehensive income | ||||||
Cash flow hedges | 0 | |||||
OCI reserves [member] | ||||||
Disclosure of information about changes in other comprehensive income reserves [line items] | ||||||
Beginning balance | (22,152) | (14,784) | (15,626) | |||
Other comprehensive income | ||||||
Exchange differences on translation of foreign operations (gains/(losses)) | [2] | 1,143 | (7,374) | 1,053 | ||
Cash flow hedges | [2] | (97) | (92) | (158) | ||
Re-measurements of post-employment benefits | [2] | (173) | 98 | (53) | ||
Total comprehensive income | [2] | 873 | (7,368) | 842 | ||
Ending balance | (21,279) | (22,152) | (14,784) | |||
OCI reserves [member] | Cash flow hedges [member] | ||||||
Other comprehensive income | ||||||
Cash flow hedges | $ (97) | $ (92) | $ (158) | |||
[1] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. | |||||
[2] | See Note 23 Changes in equity and earnings per share. |
Changes in Equity and Earning_6
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||||
Issued ordinary shares at 1 January, net of treasury shares | 1,957 | 1,934 | 1,934 | ||
Effect of stock lending | 25 | 18 | 14 | ||
Effect of undelivered shares under the deferred share instrument | 0 | 9 | 23 | ||
Effect of delivery of treasury shares | 2 | 14 | |||
Weighted average number of ordinary and restricted shares at 31 December | 1,984 | 1,975 | 1,971 | ||
Effect of share options, warrants and restricted stock units | 42 | 36 | 39 | ||
Weighted average number of ordinary and restricted shares (diluted) at 31 December | 2,026 | 2,011 | 2,010 | ||
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev | $ 8,086 | $ 6,248 | $ 7,392 | ||
Exceptional items, before taxes (refer to Note 8) | (323) | (692) | (609) | ||
Exceptional finance income/(cost), before taxes (refer to Note 8) | 882 | (1,982) | (693) | ||
Exceptional taxes (refer to Note 8) | (6) | 233 | 814 | ||
Exceptional non-controllinginterest (refer to Note 8) | 108 | 32 | 526 | ||
Profit from discontinued operations | 424 | 531 | [1] | 560 | [1] |
Profit attributable to equity holders of AB InBev | 9,171 | 4,370 | [1] | 7,990 | [1] |
Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev | 7,196 | 8,099 | 7,683 | ||
Mark-to-market losses on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) | 898 | (1,774) | (291) | ||
Hyperinflation impacts | (7) | (77) | |||
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev | $ 8,086 | $ 6,248 | $ 7,392 | ||
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 | 1,984 | 1,975 | 1,971 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Changes in Equity and Earning_7
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings per share [abstract] | |||||
Profit attributable to equity holders of AB InBev | $ 9,171 | $ 4,370 | $ 7,990 | ||
Weighted average number of ordinary and restricted shares | 1,984 | 1,975 | 1,971 | ||
Basic EPS from continuing and discontinued operations | $ 4.62 | $ 2.21 | [1] | $ 4.05 | [1] |
Profit from continuing operations attributable to equity holders of AB InBev | $ 8,748 | $ 3,839 | $ 7,430 | ||
Weighted average number of ordinary and restricted shares | 1,984 | 1,975 | 1,971 | ||
Basic EPS from continuing operations | $ 4.41 | $ 1.94 | [1] | $ 3.77 | [1] |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 8,086 | $ 6,248 | $ 7,392 | ||
Weighted average number of ordinary and restricted shares | 1,984 | 1,975 | 1,971 | ||
Basic EPS from continuing operations before exceptional items | $ 4.08 | $ 3.16 | $ 3.75 | ||
Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev | $ 7,196 | $ 8,099 | $ 7,683 | ||
Weighted average number of ordinary and restricted shares | 1,984 | 1,975 | 1,971 | ||
Underlying EPS | $ 3.63 | $ 4.10 | $ 3.90 | ||
Profit attributable to equity holders of AB InBev | $ 9,171 | $ 4,370 | $ 7,990 | ||
Weighted average number of ordinary and restricted shares (diluted) | 2,026 | 2,011 | 2,010 | ||
Diluted EPS from continuing and discontinued operations | $ 4.53 | $ 2.17 | [1] | $ 3.98 | [1] |
Profit from continuing operations attributable to equity holders of AB InBev | $ 8,748 | $ 3,839 | $ 7,430 | ||
Weighted average number of ordinary and restricted shares (diluted) | 2,026 | 2,011 | 2,010 | ||
Diluted EPS from continuing operations | $ 4.32 | $ 1.91 | [1] | $ 3.70 | [1] |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 8,086 | $ 6,248 | $ 7,392 | ||
Weighted average number of ordinary and restricted shares (diluted) | 2,026 | 2,011 | 2,010 | ||
Diluted EPS from continuing operations before exceptional items | $ 3.99 | $ 3.11 | $ 3.68 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Interest-Bearing Loans and Bo_3
Interest-Bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT LIABILITIES | ||
Commercial papers | $ 1,600 | |
Non-Current Liabilities [Member] | ||
NON-CURRENT LIABILITIES | ||
Secured bank loans | 71 | $ 109 |
Unsecured bank loans | 50 | 86 |
Unsecured bond issues | 95,674 | 105,170 |
Unsecured other loans | 77 | 57 |
Finance lease liabilities | 1,692 | 1,575 |
Non-current interest-bearing loans and borrowings | 97,564 | 106,997 |
Current Liabilities [member] | ||
CURRENT LIABILITIES | ||
Secured bank loans | 790 | 370 |
Commercial papers | 1,599 | 1,142 |
Unsecured bank loans | 135 | 22 |
Unsecured bond issues | 2,532 | 2,626 |
Unsecured other loans | 20 | 14 |
Finance lease liabilities | 333 | 410 |
Current interest-bearing loans and borrowings | $ 5,410 | $ 4,584 |
Interest-Bearing Loans and Bo_4
Interest-Bearing Loans and Borrowings - Additional Information (Detail) $ in Millions, € in Billions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Current and non-current interest-bearing loans and borrowings | $ 102,974 | $ 111,581 | |
Commercial papers | 1,600 | ||
Commercial papers authorized amount | 5,000 | € 3 | |
Anheuser-Busch InBev Finance Inc., Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC [member] | Twelve series senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Redemption of outstanding principal amount | 16,300 | ||
AB InBevs Asia Pacific [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Proceeds from issuing shares | 5,600 | ||
Ambev [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Net increased decreased debt | 95,500 | $ 104,200 | |
Payment of interests and taxes | 7,100 | ||
Impact of changes in foreign exchange rates | 400 | ||
Settlement of derivatives | 800 | ||
Notes due 2019 and 2020 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Redemption of outstanding principal amount | $ 50,000 |
Interest-Bearing Loans and Bo_5
Interest-Bearing Loans and Borrowings - Summary of Series of Bonds (Detail) - USD ($) $ in Millions | Jan. 24, 2011 | Jan. 06, 2010 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | 15 February 2021 | 2040 | |
Anheuser-Busch InBev 4.150% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 2,500 | ||
Currency | USD | ||
Interest rate | 4.15% | ||
Maturity date | 23 Jan 2025 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 4.750% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 4,250 | ||
Currency | USD | ||
Interest rate | 4.75% | ||
Maturity date | 23 Jan 2029 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 4.900% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 750 | ||
Currency | USD | ||
Interest rate | 4.90% | ||
Maturity date | 23 Jan 2031 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 5.450% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 2,000 | ||
Currency | USD | ||
Interest rate | 5.45% | ||
Maturity date | 23 Jan 2039 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 5.550% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 4,000 | ||
Currency | USD | ||
Interest rate | 5.55% | ||
Maturity date | 23 Jan 2049 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 5.800% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 Jan 2019 | ||
Aggregate principal amount | $ 2,000 | ||
Currency | USD | ||
Interest rate | 5.80% | ||
Maturity date | 23 Jan 2059 | ||
Name of issuer | ABIWW | ||
Anheuser-Busch InBev 1.125% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 29 Mar 2019 | ||
Aggregate principal amount | $ 1,250 | ||
Currency | EUR | ||
Interest rate | 1.125% | ||
Maturity date | 1 Jul 2027 | ||
Name of issuer | ABISA | ||
Anheuser-Busch InBev 1.650% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 29 Mar 2019 | ||
Aggregate principal amount | $ 1,000 | ||
Currency | EUR | ||
Interest rate | 1.65% | ||
Maturity date | 28 Mar 2031 | ||
Name of issuer | ABISA |
Interest-Bearing Loans and Bo_6
Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
2.650% Notes due 2021 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Oct. 29, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 2.65% |
Title of series of notes issued exchanged due maturity period | Notes due 2021 |
Original principal amount outstanding | $ 2,449 |
Currency | USD |
2.650% Notes due 2021 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 2.65% |
Title of series of notes issued exchanged due maturity period | Notes due 2021 |
Original principal amount outstanding | $ 4,968 |
Principal amount redeemed | $ 2,519 |
Currency | USD |
Floating Rate Notes due 2021 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged due maturity period | Floating Rate Notes due 2021 |
Original principal amount outstanding | $ 500 |
Principal amount redeemed | $ 189 |
Currency | USD |
4.375% Notes due 2021 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 4.375% |
Title of series of notes issued exchanged due maturity period | Notes due 2021 |
Original principal amount outstanding | $ 500 |
Principal amount redeemed | $ 215 |
Currency | USD |
3.750% Notes due 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Apr. 25, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 3.75% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Original principal amount outstanding | $ 1,249 |
Currency | USD |
3.750% Notes due 2022 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 3.75% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Original principal amount outstanding | $ 2,350 |
Principal amount redeemed | $ 1,101 |
Currency | USD |
2.500% Notes due 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Oct. 29, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 2.50% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Original principal amount outstanding | $ 1,704 |
Currency | USD |
2.500% Notes due 2022 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 2.50% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Original principal amount outstanding | $ 3,000 |
Principal amount redeemed | $ 1,296 |
Currency | USD |
2.625% Notes due 2023 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 2.625% |
Title of series of notes issued exchanged due maturity period | Notes due 2023 |
Original principal amount outstanding | $ 1,250 |
Principal amount redeemed | $ 607 |
Currency | USD |
3.300% Notes due 2023 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Apr. 25, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 3.30% |
Title of series of notes issued exchanged due maturity period | Notes due 2023 |
Original principal amount outstanding | $ 3,114 |
Currency | USD |
3.300% Notes due 2023 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 3.30% |
Title of series of notes issued exchanged due maturity period | Notes due 2023 |
Original principal amount outstanding | $ 6,000 |
Principal amount redeemed | $ 2,886 |
Currency | USD |
Floating Rate Notes due 2024 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged due maturity period | Floating Rate Notes due 2024 |
Original principal amount outstanding | $ 500 |
Principal amount redeemed | $ 271 |
Currency | USD |
3.500% Notes due 2024 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 3.50% |
Title of series of notes issued exchanged due maturity period | Notes due 2024 |
Original principal amount outstanding | $ 1,500 |
Principal amount redeemed | $ 846 |
Currency | USD |
3.700% Notes due 2024 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 3.70% |
Title of series of notes issued exchanged due maturity period | Notes due 2024 |
Original principal amount outstanding | $ 1,400 |
Principal amount redeemed | $ 535 |
Currency | USD |
3.65% Notes due 2026 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 3.65% |
Title of series of notes issued exchanged due maturity period | Notes due 2026 |
Original principal amount outstanding | $ 2,445 |
Principal amount redeemed | $ 812 |
Currency | USD |
3.650% Notes due 2026 [member] | 11 Feb 2019 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Feb. 11, 2019 |
Issuer | ABC |
Title of series of notes issued exchanged percentage | 3.65% |
Title of series of notes issued exchanged due maturity period | Notes due 2026 |
Original principal amount outstanding | $ 8,555 |
Principal amount redeemed | $ 5,064 |
Currency | USD |
Interest-Bearing Loans and Bo_7
Interest-Bearing Loans and Borrowings - Summary of Redemption in Outstanding Principal Amount of Notes (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
2.25% Notes due 2020 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Apr. 25, 2019 |
Issuer | ABISA |
Title of series of notes issued exchanged percentage | 2.25% |
Title of series of notes issued exchanged due maturity period | Notes due 2020 |
Currency | EUR |
Aggregate principal amount outstanding | $ 750 |
Principal amount redeemed | $ 750 |
3.750% Notes due 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Apr. 25, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 3.75% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Currency | USD |
Aggregate principal amount outstanding | $ 1,249 |
Principal amount redeemed | $ 1,249 |
3.300% Notes due 2023 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Apr. 25, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 3.30% |
Title of series of notes issued exchanged due maturity period | Notes due 2023 |
Currency | USD |
Aggregate principal amount outstanding | $ 3,114 |
Principal amount redeemed | $ 315 |
0.625% Notes due 2020 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Oct. 29, 2019 |
Issuer | ABISA |
Title of series of notes issued exchanged percentage | 0.625% |
Title of series of notes issued exchanged due maturity period | Notes due 2020 |
Currency | EUR |
Aggregate principal amount outstanding | $ 1,750 |
Principal amount redeemed | $ 1,750 |
2.650% Notes due 2021 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Oct. 29, 2019 |
Issuer | ABIFI |
Title of series of notes issued exchanged percentage | 2.65% |
Title of series of notes issued exchanged due maturity period | Notes due 2021 |
Currency | USD |
Aggregate principal amount outstanding | $ 2,449 |
Principal amount redeemed | $ 2,449 |
2.500% Notes due 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Oct. 29, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 2.50% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Currency | USD |
Aggregate principal amount outstanding | $ 1,704 |
Principal amount redeemed | $ 525 |
2.500% Notes due 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Date of redemption | Nov. 12, 2019 |
Issuer | ABIWW |
Title of series of notes issued exchanged percentage | 2.50% |
Title of series of notes issued exchanged due maturity period | Notes due 2022 |
Currency | USD |
Aggregate principal amount outstanding | $ 1,179 |
Principal amount redeemed | $ 725 |
Interest-Bearing Loans and Bo_8
Interest-Bearing Loans and Borrowings - Summary of Terms and Debt Repayment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 102,974 | $ 111,581 |
Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 861 | 479 |
Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,599 | 1,142 |
Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 185 | 108 |
Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 98,206 | 107,796 |
Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 98 | 71 |
Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,025 | 1,985 |
Less than 1 year [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 5,410 | 4,584 |
Less than 1 year [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 790 | 370 |
Less than 1 year [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,599 | 1,142 |
Less than 1 year [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 135 | 22 |
Less than 1 year [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,532 | 2,626 |
Less than 1 year [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 21 | 14 |
Less than 1 year [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 333 | 410 |
1-2 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,873 | 5,627 |
1-2 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 14 | 38 |
1-2 years [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
1-2 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 50 | |
1-2 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,506 | 5,259 |
1-2 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 13 | 18 |
1-2 years [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 290 | 312 |
2-3 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,980 | 8,401 |
2-3 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 14 | 14 |
2-3 years [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
2-3 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | 86 |
2-3 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,760 | 8,039 |
2-3 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 8 | 7 |
2-3 years [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 198 | 255 |
2-5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 11,680 | 17,572 |
2-5 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 16 | 26 |
2-5 years [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
2-5 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
2-5 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 11,435 | 17,180 |
2-5 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 4 | 9 |
2-5 years [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 225 | 357 |
Greater than 5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 80,031 | 75,396 |
Greater than 5 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 27 | 31 |
Greater than 5 years [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
Greater than 5 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 0 | |
Greater than 5 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 78,973 | 74,692 |
Greater than 5 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 52 | 23 |
Greater than 5 years [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 979 | $ 650 |
Interest-Bearing Loans and Bo_9
Interest-Bearing Loans and Borrowings - Summary of Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Payments | $ 2,338 | $ 2,591 | |
Interests | 313 | 606 | $ 123 |
Principal | 2,025 | 1,985 | |
Less than 1 year [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Payments | 404 | 508 | |
Interests | 71 | 98 | |
Principal | 333 | 410 | |
1-2 years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Payments | 350 | 391 | |
Interests | 60 | 79 | |
Principal | 290 | 312 | |
2-3 years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Payments | 243 | 325 | |
Interests | 45 | 70 | |
Principal | 198 | 255 | |
3-5 years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Payments | 285 | 467 | |
Interests | 60 | 110 | |
Principal | 225 | 357 | |
Greater than 5 years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Payments | 1,056 | 900 | |
Interests | 77 | 250 | |
Principal | $ 979 | $ 650 |
Interest-Bearing Loans and B_10
Interest-Bearing Loans and Borrowings - Summary of Reconciliation of Net Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | |||||
Non-current interest-bearing loans and borrowings | $ 97,564 | $ 106,997 | |||
Current interest-bearing loans and borrowings | 5,410 | 4,584 | |||
Interest-bearing loans and borrowings | 102,974 | 111,581 | |||
Bank overdrafts | 68 | 114 | |||
Cash and cash equivalents | (7,238) | (7,074) | [1] | $ (10,472) | |
Interest bearing loans granted and other deposits (included within Trade and other receivables) | (146) | (268) | |||
Debt securities (included within Investment securities) | (117) | (111) | |||
Net debt | $ 95,542 | $ 104,242 | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Interest-Bearing Loans and B_11
Interest-Bearing Loans and Borrowings - Summary of Changes in the Company's Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from borrowings | $ 22,584 | $ 17,782 | $ 13,352 |
Payments on borrowings | (30,592) | (22,489) | (23,333) |
Liabilities associated with assets held for sale | (1,145) | ||
Long-term debt, net of current portion [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance beginning | 106,997 | 110,637 | |
Proceeds from borrowings | 17,939 | 15,111 | |
Payments on borrowings | (22,339) | (13,925) | |
Capitalization / (Payment) Of Lease Liabilities | 420 | 215 | |
Amortized cost | 75 | 47 | |
Unrealized foreign exchange effects | (538) | (1,951) | |
Current portion of long-term debt | (4,769) | (3,114) | |
Liabilities associated with assets held for sale | (69) | ||
Other movements | (152) | (22) | |
Balance ending | 97,564 | 106,997 | 110,637 |
Short-term debt and current portion of long-term debt [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance beginning | 4,584 | 7,846 | |
Proceeds from borrowings | 4,645 | 2,672 | |
Payments on borrowings | (8,253) | (8,564) | |
Capitalization / (Payment) Of Lease Liabilities | (441) | (423) | |
Amortized cost | 13 | 17 | |
Unrealized foreign exchange effects | (39) | (316) | |
Current portion of long-term debt | 4,769 | 3,114 | |
Liabilities associated with assets held for sale | (15) | ||
Other movements | 147 | 238 | |
Balance ending | $ 5,410 | $ 4,584 | $ 7,846 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 82 | ||
Present value of funded obligations | $ 7,333,000,000 | $ 6,762,000,000 | |
Employee benefit net | 2,834,000,000 | 2,665,000,000 | |
Fair value of the plan assets | 383,000,000 | ||
Increase in employee benefit net liability | 575,000,000 | ||
Actual return on plans assets resulting to gain (losses) | $ 797,000,000 | $ 108,000,000 | |
Weighted average duration of the benefit benefit obligation | 13 years 9 months 18 days | 13 years 3 months 18 days | 13 years 9 months 18 days |
Defined Benefit Plan [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined contribution plans | $ 101,000,000 | $ 109,000,000 | $ 107,000,000 |
Retirement or Leaving Service Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 61 | ||
Medical Cost Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 17 | ||
Medical Cost Plans [Member] | Brazil [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 2 | ||
Present value of funded obligations | $ 161,000,000 | ||
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 | $ 1,700,000,000 | ||
Deferred [member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 1,700,000,000 | ||
Members in Retirement [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 4,800,000,000 | ||
Funded Defined Benefit Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | 325,000,000 | ||
Unfunded Defined Benefit Plans And Post Retirement Medical Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | $ 81,000,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Net Liability for Post-employment and Long-term Employee Benefit Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of defined benefit plans [abstract] | ||||||
Present value of funded obligations | $ (7,333) | $ (6,762) | ||||
Fair value of plan assets | 5,442 | 5,059 | ||||
Present value of net obligations for funded plans | (1,891) | (1,703) | ||||
Present value of unfunded obligations | (810) | (806) | ||||
Present value of net obligations | (2,701) | (2,509) | ||||
Unrecognized asset | (74) | (77) | $ (111) | $ (168) | ||
Net liability | (2,775) | (2,586) | ||||
Other long term employee benefits | (59) | (79) | ||||
Net liability | (2,834) | (2,665) | ||||
Employee benefits amounts in the balance sheet: | ||||||
Liabilities | (2,848) | (2,681) | [1] | (2,993) | [1] | |
Assets | 14 | 16 | [1] | $ 22 | [1] | |
Net liability | $ (2,834) | $ (2,665) | ||||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Employee Benefits - Summary o_2
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | $ 2,665 | ||
Interest cost | (95) | $ (94) | $ (102) |
Actuarial gains/(losses) - demographic assumptions | (797) | (108) | |
Defined benefit obligation at 31 December | 2,834 | 2,665 | |
Present Value of Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | (7,568) | (8,410) | (7,952) |
Current service costs | (67) | (72) | (74) |
Interest cost | (326) | (322) | (340) |
Past service gain/(cost) | (9) | (3) | 17 |
Assets distributed on settlements | 109 | 45 | 6 |
Benefits paid | 596 | 493 | 502 |
Contribution by plan participants | (2) | (3) | (4) |
Actuarial gains/(losses) - demographic assumptions | 61 | 27 | 24 |
Actuarial gains/(losses) - financial assumptions | (912) | 350 | (264) |
Experience adjustments | 29 | 14 | (21) |
Exchange differences | (86) | 313 | (343) |
Transfers and other movements | 32 | 39 | |
Defined benefit obligation at 31 December | (8,143) | (7,568) | (8,410) |
Plan Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | 5,059 | 5,623 | 5,177 |
Interest cost | 218 | 225 | 239 |
Administration costs | (23) | (14) | (22) |
Assets distributed on settlements | (107) | (45) | (7) |
Return on plan assets exceeding interest income | 579 | (333) | 233 |
Benefits paid | (596) | (493) | (502) |
Contributions by AB InBev | 294 | 307 | 315 |
Contribution by plan participants | 2 | 3 | 4 |
Exchange differences | 46 | (214) | 214 |
Transfers and other movements | (30) | (28) | |
Defined benefit obligation at 31 December | $ 5,442 | $ 5,059 | $ 5,623 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Changes in Unrecognized Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of changes in unrecognized assets of defined benefit plans [abstract] | |||
Irrecoverable surplus impact at 1 January | $ (77) | $ (111) | $ (168) |
Interest expense | (7) | (10) | (17) |
Changes excluding amounts included in interest expense | 9 | 44 | 74 |
Irrecoverable surplus impact at 31 December | $ (74) | $ (77) | $ (111) |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Employee Benefit Expense Recognized in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | $ (137) | $ (193) | $ (196) |
Cost of sales [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (17) | (26) | (24) |
Distribution expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (5) | (11) | (10) |
Sales and marketing expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (4) | (16) | (15) |
Administrative expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | 3 | (28) | (29) |
Other Operating (Expense)/Income [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (6) | (4) | |
Exceptional items [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | 1 | 6 | |
Net Finance Cost [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (114) | (107) | (120) |
Defined Benefit Plan [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Current service costs | (67) | (72) | (74) |
Administration costs | (23) | (14) | (22) |
Past service cost due to plan amendments and curtailments | 66 | (3) | 17 |
(Losses)/gains on due to experience and demographic assumption changes | 1 | 3 | 3 |
Profit from operations | (23) | (86) | (76) |
Net finance cost | (114) | (107) | (120) |
Employee benefits expense | $ (137) | $ (193) | $ (196) |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Weighted Average Assumptions Used in Computing Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 3.30% | 4.30% |
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 | 87 years | 87 years |
United States [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.50% | 6.50% |
United States [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 4.50% | 4.50% |
Canada [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 3.10% | 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 | 87 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 | 7.50% | 9.00% |
Price inflation | 3.50% | 3.50% |
Future salary increases | 4.30% | 4.30% |
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 | 7.20% | 8.90% |
Price inflation | 3.80% | 4.00% |
Future pension increases | 3.80% | 4.00% |
Medical cost trend rate | 7.40% | 7.60% |
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 |
Brazil [Member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Future salary increases | 7.40% | 7.60% |
Brazil [Member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Future salary increases | 5.40% | 5.60% |
United Kingdom [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 2.00% | 2.80% |
Price inflation | 3.10% | 3.40% |
Future pension increases | 2.90% | 3.00% |
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 | 3.30% | 4.30% |
Price inflation | 2.70% | 2.70% |
Future salary increases | 3.80% | 3.80% |
Future pension increases | 2.70% | 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 | 85 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 | 87 years | 87 years |
AB inBev [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.60% | 6.80% |
AB inBev [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.10% | 6.00% |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Discount Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ (523) |
Decrease in assumption | $ 565 |
Actuarial assumption of price inflation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 171 |
Decrease in assumption | $ (182) |
Future Salary Increase [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 32 |
Decrease in assumption | $ (30) |
Medical Cost Trend Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 1.00% |
Increase in assumption | $ 45 |
Decrease in assumption | $ (39) |
Longevity [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | One year |
Increase in assumption | $ 251 |
Decrease in assumption | $ (252) |
Employee Benefits - Summary o_7
Employee Benefits - Summary of Fair Value of Plan Assets (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 33.00% | 32.00% |
Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 35.00% | 36.00% |
Equity instruments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 23.00% | 22.00% |
Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 4.00% |
Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 5.00% | 6.00% |
Quoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 95.00% | 94.00% |
Quoted [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 33.00% | 32.00% |
Quoted [Member] | Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 35.00% | 36.00% |
Quoted [Member] | Equity instruments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 23.00% | 22.00% |
Quoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 4.00% |
Unquoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 5.00% | 6.00% |
Unquoted [Member] | Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 4.00% |
Unquoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 1.00% | 2.00% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payment transactions expense | $ 340,000,000 | $ 353,000,000 | $ 348,000,000 |
Percentage of discount on market price of share for share based payments | 10.00% | ||
Share-based compensation number of shares issued | shares | 1,957,000,000 | 1,934,000,000 | 1,934,000,000 |
Fair value of stock options granted | $ 11.79 | $ 16.92 | $ 19.94 |
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 | ||
Board of Director [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | vest after five years | ||
Exercise period of stock options | 5 years | ||
Restricted Stock Units [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | five-year | ||
Share-based compensation number of shares issued | shares | 1,600,000 | 1,500,000 | |
Share-based compensation grant date fair value | $ 153,000,000 | $ 158,000,000 | |
Restricted Stock Units [member] | AB inBev [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise period of stock options | 5 years | ||
Stock options granted | 100,000 | ||
Fair value of stock options granted | $ 4,000,000 | ||
Long Term Incentive Warrant Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares granted | shares | 3 |
Share-Based Payments - LTI Stoc
Share-Based Payments - LTI Stock Option Plan Executives - Additional Information (Detail) Unit_pure in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of stock options granted | $ 11.79 | $ 16.92 | $ 19.94 |
Long Term Incentive Stock Option Plan [member] | Ordinary shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 0.4 | ||
Long Term Incentive Stock Option Plan [member] | Executives [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 8.1 | 7.2 | |
Fair value of stock options granted | $ 91,000,000 | $ 102,000,000 |
Share-Based Payments - Performa
Share-Based Payments - Performance Related Incentive Plan For Disruptive Growth Function - Additional Information (Detail) - Performance Share Unit [member] Unit_pure in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based arrangement vesting requirements | These units vest after 5 years provided that 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 | 3.8 | 2.7 |
Share-Based Payments - Other Gr
Share-Based Payments - Other Grants - Additional Information (Detail) Unit_pure in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)sharesProgram | Dec. 31, 2019EUR (€)sharesProgram | Dec. 31, 2018USD ($)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2017USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value of stock options granted | $ 11.79 | $ 16.92 | $ 19.94 | ||
Description on calculation of expected volatility | Expected volatility is based on historical volatility calculated over 10-years period | Expected volatility is based on historical volatility calculated over 10-years period | |||
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 | 8.64 years | 8.64 years | |||
Options and warrants outstanding | 88.7 | 88.7 | |||
Options and warrants vested | 18.6 | 18.6 | |||
Weighted average share price at the date of exercise | $ 87.89 | € 78.24 | |||
Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 6 months | 6 months | |||
Vesting acceleration of stock options and restricted stock units | shares | 100,000 | 100,000 | 300,000 | ||
Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 11.59 | € 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 | $ 137 | € 121.95 | |||
Performance Share Unit [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of long-term unit programs | Program | 3 | 3 | |||
Performance Share Unit [member] | Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 3.8 | 3.8 | 2.7 | ||
Performance Share Unit [member] | Executive Board [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 46,000,000 | ||||
Performance Share Unit [member] | AB inBev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares grant the right to receive | shares | 1 | 1 | |||
Performance Share Unit [member] | AB inBev [member] | Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 0 | 0 | 0.5 | ||
Performance Share Unit [member] | AB inBev [member] | Executive Board [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 0 | ||||
Performance Share Unit [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 5 years | ||||
Performance Share Unit [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 10 years | ||||
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 | 0.9 | 0.9 | 2.3 | ||
Share-based compensation grant date fair value | $ 74,000,000 | $ 184,000,000 | |||
Long Term Restricted Stock Unit Program One [member] | AB inBev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 0.1 | 0.1 | 0.4 | ||
Fair value of stock options granted | $ 2,000,000 | $ 35,000,000 | |||
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] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period | five years | five years | |||
Restricted stock units, vesting period variance | 2 years 6 months | 2 years 6 months | |||
Long Term Restricted Stock Unit Program Two [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period variance | 3 years | 3 years | |||
Long term restricted stock unit program two series two [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period variance | 5 years | 5 years | |||
Long term restricted stock unit program two series two [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period | ten years | ten years | |||
Long Term Restricted Stock Unit Program Three [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 5 years | 5 years | |||
Share-based compensation grant date fair value | 0.1 | 0.1 | 0.1 | ||
Share-based compensation grant date fair value | $ 1,000,000 | $ 1,000,000 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Weighted Average Fair Value of Options and Assumptions (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 11.79 | $ 16.92 | $ 19.94 |
Share price | $ 78.46 | $ 98.66 | $ 117.77 |
Exercise price | $ 78.46 | $ 98.66 | $ 117.77 |
Expected volatility | 23.00% | 23.00% | 23.00% |
Expected dividends | 3.00% | 3.00% | 3.00% |
Risk-free interest rate | 0.43% | 0.39% | 0.72% |
Ambev [member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 1.12 | $ 1.47 | $ 1.97 |
Share price | $ 4.38 | $ 4.66 | $ 5.99 |
Exercise price | $ 4.38 | $ 4.66 | $ 5.99 |
Expected volatility | 24.00% | 26.00% | 27.00% |
Risk-free interest rate | 7.80% | 9.60% | 10.10% |
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 | 5.00% | 5.00% | 5.00% |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Number of Options Outstanding (Detail) Unit_pure in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of information about options outstanding [line items] | |||
Options outstanding at the end of December | 141.8 | ||
Brazil [Member] | Ambev [member] | |||
Disclosure of information about options outstanding [line items] | |||
Options outstanding at 1 January | 141.3 | 135.2 | 131.3 |
Options issued during the year | 24.6 | 19.9 | 20.4 |
Options exercised during the year | (7.8) | (10) | (13.5) |
Options forfeited during the year | (16.3) | (3.8) | (2.9) |
Options outstanding at the end of December | 141.8 | 141.3 | 135.2 |
AB inBev [member] | |||
Disclosure of information about options outstanding [line items] | |||
Options outstanding at 1 January | 92.6 | 93 | 64.9 |
Options issued during the year | 13.8 | 5.2 | 35 |
Options exercised during the year | (10.7) | (1.7) | (3) |
Options forfeited during the year | (7) | (4) | (3.9) |
Options outstanding at the end of December | 88.7 | 92.6 | 93 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Weighted Average Exercise Price of Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Brazil [Member] | Ambev [member] | |||
Disclosure of options weighted average exercise price [line items] | |||
Options outstanding at 1 January | $ 4.17 | $ 3.94 | $ 4.19 |
Granted during the year | 4.48 | 4.66 | 5.99 |
Exercised during the year | 2.25 | 1.93 | 1.76 |
Forfeited during the year | 5.27 | 4.79 | 5.41 |
Outstanding at the end of December | 4.60 | 4.17 | 3.94 |
Exercisable at the end of December | 4.74 | 0.58 | 1.14 |
AB inBev [member] | |||
Disclosure of options weighted average exercise price [line items] | |||
Options outstanding at 1 January | 94.74 | 98.32 | 76.25 |
Granted during the year | 83.33 | 104.77 | 117.24 |
Exercised during the year | 29.27 | 44.96 | 38.94 |
Forfeited during the year | 108.44 | 113.19 | 108.26 |
Outstanding at the end of December | 79.66 | 94.74 | 98.32 |
Exercisable at the end of December | $ 65.33 | $ 21.40 | $ 59.66 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Number of Outstanding Deferred and Restricted stock Units (Detail) - Restricted Stock Units [member] Unit_pure in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other equity instruments [line items] | |||
Restricted stock units outstanding at 1 January | 6 | 5.4 | 5.8 |
Restricted stock units issued during the year | 5.5 | 2.3 | 0.7 |
Restricted stock units exercised during the year | (1) | (0.5) | (0.7) |
Restricted stock units forfeited during the year | (0.7) | (1.2) | (0.4) |
Restricted stock units outstanding at the end of December | 9.9 | 6 | 5.4 |
Ambev [member] | |||
Disclosure of other equity instruments [line items] | |||
Restricted stock units issued during the year | 11.8 | 13.1 | |
Brazil [Member] | Ambev [member] | |||
Disclosure of other equity instruments [line items] | |||
Restricted stock units outstanding at 1 January | 25 | 16.3 | 19.3 |
Restricted stock units issued during the year | 12 | 13.5 | 0.8 |
Restricted stock units exercised during the year | (4.2) | (3.7) | (2.9) |
Restricted stock units forfeited during the year | (1.1) | (1.1) | (0.9) |
Restricted stock units outstanding at the end of December | 31.7 | 25 | 16.3 |
Share-Based Payments - Ambev Sh
Share-Based Payments - Ambev Share-Based Payment Programs - Additional Information (Detail) $ / shares in Units, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesR$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2019R$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options grant date fair value | $ 11.79 | $ 11.79 | $ 16.92 | $ 19.94 | |
Options outstanding | 141,800,000 | 141,800,000 | |||
Options vested | 46,600,000 | 46,600,000 | |||
Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average remaining contractual life of options and warrants | 6 years 3 months 29 days | ||||
Weighted average share price at the date of exercise | (per share) | $ 4.63 | $ 18.68 | |||
Number of shares exchanged | shares | 0.1 | 0.1 | |||
Discount on exchange | 16.66% | ||||
Fair value of the transaction | $ 1,000,000 | $ 1,000,000 | |||
Share based program service period | 5 years | ||||
Description of the fair value measured | 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 | (per share) | $ 0 | $ 0 | R$ 0.001 | ||
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 | (per share) | $ 8.53 | $ 8.53 | R$ 34.37 | ||
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 | ||||
Phantom shares lock up period B | 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 | 5,500,000 | 2,300,000 | 700,000 | ||
Share-based compensation grant date fair value | $ 153,000,000 | $ 153,000,000 | $ 158,000,000 | ||
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 | 11,800,000 | 13,100,000 | |||
Share-based compensation grant date fair value | $ 54,000,000 | 54,000,000 | $ 66,000,000 | ||
Long Term Incentive Stock Option Plan [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 24,600,000 | 19,500,000 | |||
Stock options grant date fair value | $ 28,000,000 | 28,000,000 | $ 30,000,000 | ||
Deferred stock unit plan [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 200,000 | 4,000,000 | |||
Share-based compensation grant date fair value | $ 1,000,000 | $ 1,000,000 | $ 2,000,000 |
Share-Based Payments - Bud Apac
Share-Based Payments - Bud Apac Share-Based Compaensation Program (Detail) Unit_pure in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure Of Share Based Compaensation Program [Line Items] | ||||
Fair value of options granted | $ 11.79 | $ 11.79 | $ 16.92 | $ 19.94 |
Restricted Stock Units [member] | ||||
Disclosure Of Share Based Compaensation Program [Line Items] | ||||
Share-based compensation grant date fair value | 5.5 | 2.3 | 0.7 | |
Share-based compensation grant date fair value | $ 153,000,000 | $ 153,000,000 | $ 158,000,000 | |
Budweiser APAC [Member] | Long Term Incentive Stock Option Plan [member] | ||||
Disclosure Of Share Based Compaensation Program [Line Items] | ||||
Number of shares granted | 9 | |||
Fair value of options granted | $ 10,000,000 | $ 10,000,000 | ||
Budweiser APAC [Member] | Restricted Stock Units [member] | ||||
Disclosure Of Share Based Compaensation Program [Line Items] | ||||
Share-based compensation grant date fair value | 4 | |||
Share-based compensation grant date fair value | $ 13,000,000 | $ 13,000,000 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) € in Millions, $ in Millions | May 13, 2019USD ($) | May 13, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Statement [LineItems] | |||||
Provisions | $ 911 | $ 1,918 | $ 2,400 | ||
Provisions made | 305 | 535 | |||
income tax liabilities | $ 573 | ||||
AB inBev [member] | |||||
Statement [LineItems] | |||||
Provisions | $ 230 | ||||
Provisions made | $ 226 | € 200 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions by Class (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 1,918 | $ 2,400 |
Effect of changes in foreign exchange rates | (15) | (115) |
Provisions made | 305 | 535 |
Provisions used | (499) | (806) |
Provisions reversed | (146) | (56) |
Other movements | (652) | (40) |
Ending balance | 911 | 1,918 |
Restructuring [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 130 | 153 |
Effect of changes in foreign exchange rates | (2) | (7) |
Provisions made | 69 | 69 |
Provisions used | (78) | (75) |
Provisions reversed | (16) | (2) |
Other movements | (8) | |
Ending balance | 103 | 130 |
Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 1,077 | 1,383 |
Effect of changes in foreign exchange rates | (13) | (65) |
Provisions made | 234 | 195 |
Provisions used | (128) | (377) |
Provisions reversed | (92) | (54) |
Other movements | (642) | (5) |
Ending balance | 436 | 1,077 |
Other - Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 711 | 864 |
Effect of changes in foreign exchange rates | (43) | |
Provisions made | 2 | 271 |
Provisions used | (293) | (354) |
Provisions reversed | (38) | |
Other movements | (10) | (27) |
Ending balance | $ 372 | $ 711 |
Provisions - Summary of Provi_2
Provisions - Summary of Provisions are Expected to be Settled Within the Following Time Windows (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | $ 911 | $ 1,918 | $ 2,400 |
Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 103 | 130 | 153 |
Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 107 | ||
Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 133 | ||
Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 20 | ||
Environmental - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 1 | ||
Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 12 | ||
Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 163 | ||
Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 436 | 1,077 | 1,383 |
Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 372 | $ 711 | $ 864 |
Less than 1 year [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 210 | ||
Less than 1 year [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 39 | ||
Less than 1 year [member] | Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 11 | ||
Less than 1 year [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 30 | ||
Less than 1 year [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 8 | ||
Less than 1 year [member] | Environmental - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 1 | ||
Less than 1 year [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 53 | ||
Less than 1 year [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 103 | ||
Less than 1 year [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 68 | ||
1-2 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 329 | ||
1-2 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 22 | ||
1-2 years [member] | Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 37 | ||
1-2 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 18 | ||
1-2 years [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 10 | ||
1-2 years [member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 10 | ||
1-2 years [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 98 | ||
1-2 years [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 173 | ||
1-2 years [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 134 | ||
2-5 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 293 | ||
2-5 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 23 | ||
2-5 years [member] | Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 8 | ||
2-5 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 77 | ||
2-5 years [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 1 | ||
2-5 years [member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 2 | ||
2-5 years [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 12 | ||
2-5 years [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 100 | ||
2-5 years [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 170 | ||
Greater than 5 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 79 | ||
Greater than 5 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 19 | ||
Greater than 5 years [member] | Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 51 | ||
Greater than 5 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 8 | ||
Greater than 5 years [member] | Commercial - 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 | $ 60 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of trade and other payables [abstract] | |||||
Indirect taxes payable | $ 174 | $ 194 | |||
Trade payables | 237 | 238 | |||
Deferred consideration on acquisitions | 1,418 | 1,247 | |||
Other payables | 113 | 138 | |||
Non-current trade and other payables | 1,943 | 1,816 | [1] | $ 1,462 | |
Trade payables and accrued expenses | 15,876 | 15,512 | |||
Payroll and social security payables | 736 | 900 | |||
Indirect taxes payable | 2,708 | 2,633 | |||
Interest payable | 1,679 | 1,616 | |||
Consigned packaging | 1,106 | 1,093 | |||
Dividends payable | 338 | 331 | |||
Deferred income | 21 | 32 | |||
Deferred consideration on acquisitions | 221 | 163 | |||
Other payables | 179 | 289 | |||
Current trade and other payables | $ 22,864 | $ 22,568 | [1] | $ 24,762 | |
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) $ in Billions | Dec. 31, 2019USD ($) |
Ambev And E Leon Jimenes Sa [member] | Written Put Options [member] | |
Disclosure of trade and other payables [line items] | |
Deferred consideration on acquisitions | $ 0.7 |
Risks Arising From Financial _3
Risks Arising From Financial Instruments - Disclosure of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Total | $ 6,009 | $ 6,799 |
Non-current | 883 | 1,068 |
Current | 5,126 | 5,731 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | 5,444 | 6,298 |
Equity instruments [member] | ||
Disclosure of financial assets [line items] | ||
Unquoted debt | 25 | 24 |
Unquoted companies | 85 | 84 |
Quoted debt [member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 91 | 87 |
Derivatives not designated [member] | Equity swaps [member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 17 | |
Derivatives not designated [member] | Interest rate swap [member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 18 | 9 |
Derivatives not designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 157 | 32 |
Derivatives not designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 20 | |
Derivatives designated [member] | Forward exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 112 | 191 |
Derivatives designated [member] | Foreign currency futures [Member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | 7 | |
Derivatives designated [member] | Other commodity derivatives [Member] | ||
Disclosure of financial assets [line items] | ||
Debt instruments at fair value through profit or loss | $ 52 | $ 54 |
Risks Arising From Financial _4
Risks Arising From Financial Instruments - Disclosure of Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||
Non-current and Current interest-bearing loans and borrowings | $ 128,381 | $ 138,693 |
Non-current | 99,684 | 109,385 |
Current | 28,696 | 29,308 |
Trades and other payables [member] | ||
Disclosure of financial liabilities [line items] | ||
Trade and other payables | 21,189 | 20,658 |
Secured bank loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 71 | 109 |
Current interest-bearing loans and borrowings | 790 | 370 |
Unsecured bank loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 50 | 86 |
Current interest-bearing loans and borrowings | 135 | 22 |
Secured other loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 95,674 | 105,170 |
Current interest-bearing loans and borrowings | 2,532 | 2,626 |
Unsecured other loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 77 | 57 |
Current interest-bearing loans and borrowings | 20 | 14 |
Lease liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 1,692 | 1,575 |
Current interest-bearing loans and borrowings | 333 | 410 |
Commercial paper [Member] | ||
Disclosure of financial liabilities [line items] | ||
Current interest-bearing loans and borrowings | 1,599 | 1,142 |
Cash and bank overdrafts [Member] | ||
Disclosure of financial liabilities [line items] | ||
Current interest-bearing loans and borrowings | 68 | 114 |
Derivatives not designated [member] | Equity swaps [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 3,146 | 4,816 |
Derivatives not designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 140 | 387 |
Derivatives not designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 156 | 456 |
Derivatives designated [member] | Equity swaps [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 31 | 61 |
Derivatives designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 35 | 103 |
Derivatives designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 107 | 56 |
Derivatives designated [member] | Forward exchange contracts [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 435 | 132 |
Derivatives designated [member] | Interest rate swap [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 4 | 56 |
Derivatives designated [member] | Other commodity derivatives [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | $ 97 | $ 273 |
Risks Arising from Financial _5
Risks Arising from Financial Instruments - Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Less than 1 year [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 21,216 | $ 11,423 |
Less than 1 year [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,359 | 648 |
Less than 1 year [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 750 | 2,250 |
Less than 1 year [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 15 | 1,807 |
Less than 1 year [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | 4 |
Less than 1 year [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,411 | 1,597 |
Less than 1 year [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 771 | 1,241 |
Less than 1 year [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 11,638 | 11,347 |
1-2 years [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 36 | 190 |
1-2 years [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 723 | |
1-2 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | 750 |
1-2 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 513 | 51 |
1-2 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
1-2 years [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 22 | 73 |
1-2 years [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 20 | 32 |
1-2 years [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,500 | 28 |
2-3 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 5,445 | 16 |
2-3 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
2-3 years [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,000 | 1,873 |
3-5 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 500 | 6,464 |
3-5 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
3-5 years [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
Greater than 5 years [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
Greater than 5 years [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
Greater than 5 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | 36 |
Greater than 5 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 668 | 681 |
Greater than 5 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 565 | $ 565 |
Greater than 5 years [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
Greater than 5 years [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 0 | |
Greater than 5 years [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 0 |
Risks Arising from Financial _6
Risks Arising from Financial Instruments - Summary of Foreign Exchange Risk on Operating Activities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Euro to Canadian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | $ (52) | $ (39) |
Total hedges | 39 | 39 |
Open position | (13) | |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (151) | (187) |
Total hedges | 156 | 182 |
Open position | 5 | (5) |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (126) | (239) |
Total hedges | 124 | 213 |
Open position | (2) | (26) |
Euro to South African Rand [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (99) | (90) |
Total hedges | 95 | 52 |
Open position | (4) | (38) |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (49) | (51) |
Total hedges | 46 | 59 |
Open position | (3) | 8 |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (409) | (415) |
Total hedges | 337 | 404 |
Open position | (72) | (11) |
Mexican peso to chinese yuan [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (216) | |
Total hedges | 199 | |
Open position | (17) | |
Mexican peso to Euro [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (178) | (300) |
Total hedges | 161 | 301 |
Open position | (17) | 1 |
Pound Sterling to Euro [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (39) | (34) |
Total hedges | 40 | 34 |
Open position | 1 | |
US dollar to Argentinian peso [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (531) | (573) |
Total hedges | 510 | 484 |
Open position | (21) | (89) |
US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (216) | (209) |
Total hedges | 204 | 209 |
Open position | (12) | |
US Dollar to Bolivian Boliviano [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (69) | (76) |
Total hedges | 70 | 76 |
Open position | 1 | |
US Dollar to Brazilian Real [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (1,443) | (1,303) |
Total hedges | 1,447 | 1,223 |
Open position | 4 | (80) |
US Dollar to Canadian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (287) | (362) |
Total hedges | 295 | 286 |
Open position | 8 | (76) |
US Dollar to Chilean Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (109) | (156) |
Total hedges | 102 | 155 |
Open position | (7) | 1 |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (230) | (201) |
Total hedges | 191 | 249 |
Open position | (39) | 48 |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (278) | (287) |
Total hedges | 272 | 219 |
Open position | (6) | (68) |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (108) | (80) |
Total hedges | 113 | 78 |
Open position | 5 | (2) |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (1,105) | (1,151) |
Total hedges | 903 | 1,082 |
Open position | (202) | (69) |
US Dollar to Paraguayan Guarani [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (124) | (177) |
Total hedges | 130 | 166 |
Open position | 6 | (11) |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (243) | (157) |
Total hedges | 205 | 149 |
Open position | (38) | (8) |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (28) | (80) |
Total hedges | 31 | 83 |
Open position | 3 | 3 |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (88) | (114) |
Total hedges | 99 | 128 |
Open position | 11 | 14 |
US Dollar to Uruguayan Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (41) | (40) |
Total hedges | 41 | 41 |
Open position | 1 | |
Other currency [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (317) | (321) |
Total hedges | 250 | 264 |
Open position | $ (67) | $ (57) |
Risks Arising from Financial _7
Risks Arising from Financial Instruments - Summary of Currency Transactional Risk (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 21.17 | 22.54 |
Volatility of rates | 8.92% | 14.75% |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 0.85 | 0.89 |
Volatility of rates | 7.35% | 6.03% |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1,297.02 | 1,277.14 |
Volatility of rates | 6.17% | 7.45% |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.12 | 1.15 |
Volatility of rates | 4.69% | 7.32% |
Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.32 | 1.28 |
Volatility of rates | 8.08% | 8.45% |
US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.42 | 1.42 |
Volatility of rates | 6.70% | 8.50% |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 6.96 | 6.88 |
Volatility of rates | 4.86% | 4.45% |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 3,272.63 | 3,246.70 |
Volatility of rates | 10.31% | 11.64% |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 0.89 | 0.87 |
Volatility of rates | 4.69% | 7.32% |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 18.85 | 19.68 |
Volatility of rates | 8.48% | 13.00% |
US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 362.59 | 362.54 |
Volatility of rates | 3.31% | 2.11% |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 3.32 | 3.37 |
Volatility of rates | 4.50% | 3.90% |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 14.04 | 14.37 |
Volatility of rates | 12.74% | 16.82% |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1,154.55 | 1,115.40 |
Volatility of rates | 7.78% | 7.74% |
US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 2,300.14 | 2,298.32 |
Volatility of rates | 4.94% | 3.76% |
US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 14.02 | 11.88 |
Volatility of rates | 19.85% | 13.41% |
Bottom of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 19.28 | 19.21 |
Bottom of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.79 | 0.84 |
Bottom of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,216.94 | 1,181.98 |
Bottom of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.07 | 1.06 |
Bottom of range [member] | Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.21 | 1.17 |
Bottom of range [member] | US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.33 | 1.30 |
Bottom of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 6.62 | 6.57 |
Bottom of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 2,935.33 | 2,868.9 |
Bottom of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.85 | 0.81 |
Bottom of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 17.25 | 17.12 |
Bottom of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 350.58 | 354.9 |
Bottom of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3.17 | 3.24 |
Bottom of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 12.26 | 11.96 |
Bottom of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,064.67 | 1,029.1 |
Bottom of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 2,186.57 | 2,211.95 |
Bottom of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 11.24 | 10.28 |
Top of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 23.06 | 25.86 |
Top of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.91 | 0.95 |
Top of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,377.10 | 1,372.3 |
Top of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.18 | 1.23 |
Top of range [member] | Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.43 | 1.39 |
Top of range [member] | US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.52 | 1.54 |
Top of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 7.30 | 7.18 |
Top of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3,609.92 | 3,624.5 |
Top of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.93 | 0.94 |
Top of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 20.44 | 22.24 |
Top of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 374.60 | 370.18 |
Top of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3.47 | 3.50 |
Top of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 15.83 | 16.79 |
Top of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,244.42 | 1,201.71 |
Top of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 2,413.71 | 2,384.69 |
Top of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 16.81 | 13.47 |
Risks Arising From Financial _8
Risks Arising From Financial Instruments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 84 Months Ended | |||
Jan. 31, 2018USD ($) | Sep. 30, 2013 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative position positive pre-tax impact on equity reserves | $ 548,000,000 | $ 587,000,000 | $ 639,000,000 | $ 587,000,000 | ||
Amount of exposure equivalent to shares hedged | $ 13,807,000,000 | 14,454,000,000 | 14,454,000,000 | |||
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 2019. Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018. | |||||
Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Currency transactional risk impact on consolidated profit before taxes | $ 35,000,000 | 76,000,000 | $ 142,000,000 | |||
Ambev [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | 732,000,000 | 632,000,000 | 632,000,000 | |||
Holding Company [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | $ 15,522,000,000 | $ 9,773,000,000 | 9,773,000,000 | |||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of shares sold | 30.00% | |||||
Consideration received | $ 900,000,000 | |||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Ownership interest | 55.00% | 85.00% | ||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Ownership interest | 85.00% | |||||
Call Options [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Non derivative financial liability | $ 0 | |||||
Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Amount of exposure equivalent to shares hedged | 99,500,000 | |||||
Gain recognized in the profit or loss | $ 1,800,000,000 | |||||
Cash inflow (out flow) from reset of derivative contracts to market prices | $ 2,900,000,000 | |||||
Reasonable possible volatility rate | 25.20% | 22.03% | 15.68% | 22.03% | ||
Positive/negative impact on profit before tax | $ 2,066,000,000 | $ 1,345,000,000 | $ 1,422,000,000 | $ 1,345,000,000 | ||
Equity price risk [member] | Share-Based Compensation Plan [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Gain recognized in the profit or loss | 898,000,000 | |||||
Interest Rate Risk [Member] | Floating interest rate [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | $ 9,690,000,000 | |||||
Proportion of company's financial liabilities | 9.41% | |||||
Higher/lower interest expense | $ 16,000,000 | 8,000,000 | 12,000,000 | |||
Higher/lower interest income | (22,000,000) | (60,000,000) | $ (81,000,000) | |||
Interest Rate Risk [Member] | Before hedging [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | $ 68,000,000 | 114,000,000 | 114,000,000 | |||
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 2019 and no single customer represented more than 10% of the total revenue of the group in 2019. | |||||
Credit risk [member] | Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of revenue accounted by individual customer | 10.00% | |||||
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 | $ 700,000,000 | $ 600,000,000 | $ 600,000,000 | |||
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 | 1,000,000,000 | |||||
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 2025 | |||||
Grupo Modelo [member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Gain recognized in the profit or loss | $ 445,000,000 | |||||
SABMiller Group [member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Gain recognized in the profit or loss | $ 433,000,000 |
Risks Arising from Financial _9
Risks Arising from Financial Instruments - Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Net foreign exchange results [line items] | |||
Net foreign exchange | $ (180) | $ 19 | $ 304 |
Cash flow hedges [member] | |||
Net foreign exchange results [line items] | |||
Net foreign exchange | (12) | ||
Economic Hedges [Member] | |||
Net foreign exchange results [line items] | |||
Net foreign exchange | 6 | (210) | (49) |
Other Results - Not Hedged [Member] | |||
Net foreign exchange results [line items] | |||
Net foreign exchange | $ (186) | $ 230 | $ (242) |
Risks Arising from Financial_10
Risks Arising from Financial Instruments - Summary of Effective Interest Rates at Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ (4,151) | $ (6,340) |
Before hedging [Member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 6,441 | 5,711 |
Before hedging [Member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ 96,601 | $ 105,984 |
Before hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.33% | 9.13% |
Hedging | $ 43 | $ 61 |
Before hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.00% | 11.51% |
Hedging | $ 544 | $ 525 |
Before hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.66% | |
Hedging | $ 190 | |
Before hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.16% | 3.23% |
Hedging | $ 2,055 | $ 1,942 |
Before hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 0.08% | 0.24% |
Hedging | $ 4,214 | $ 3,138 |
Before hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1.82% | 1.80% |
Hedging | $ 25,346 | $ 28,217 |
Before hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.36% | 1.94% |
Hedging | $ 1,749 | $ 1,399 |
Before hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.83% | 4.28% |
Hedging | $ 62,205 | $ 68,820 |
Before hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.82% | 7.19% |
Hedging | $ 225 | $ 709 |
Before hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 7.31% | 8.43% |
Hedging | $ 416 | $ 311 |
Before hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1.87% | 2.95% |
Hedging | $ 210 | $ 214 |
Before hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.71% | 3.22% |
Hedging | $ 1,647 | $ 1,951 |
Before hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.82% | 3.82% |
Hedging | $ 4,373 | $ 4,218 |
Before hedging [Member] | South Korea [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.37% | |
Hedging | $ 15 | |
After hedging [Member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9,690 | 7,038 |
After hedging [Member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | $ 93,352 | $ 104,656 |
After hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.33% | 6.86% |
Hedging | $ 43 | $ 133 |
After hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 9.00% | 12.13% |
Hedging | $ 544 | $ 453 |
After hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.38% | |
Hedging | $ 206 | |
After hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.16% | 3.23% |
Hedging | $ 2,055 | $ 1,942 |
After hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 0.08% | 0.24% |
Hedging | $ 4,214 | $ 3,138 |
After hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1.82% | 1.65% |
Hedging | $ 29,338 | $ 36,044 |
After hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.85% | 2.21% |
Hedging | $ 4,269 | $ 2,638 |
After hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 5.02% | 4.66% |
Hedging | $ 54,551 | $ 59,370 |
After hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 4.46% | 7.19% |
Hedging | $ 954 | $ 709 |
After hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 6.95% | 8.43% |
Hedging | $ 489 | $ 311 |
After hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 1.87% | 2.95% |
Hedging | $ 210 | $ 214 |
After hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.71% | 3.22% |
Hedging | $ 1,647 | $ 1,951 |
After hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 3.79% | 3.79% |
Hedging | $ 3,713 | $ 3,586 |
After hedging [Member] | South Korea [member] | Fixed interest rate [member] | ||
Disclosure of offsetting financial assets and liabilities [line items] | ||
Hedging | 2.46% | 2.45% |
Hedging | $ 1,015 | $ 1,000 |
Risks Arising from Financial_11
Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 4.42% | 6.44% |
Volatility rates in % | 24.88% | 5.00% |
Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 2.29% | |
Volatility rates in % | 5.91% | |
Euro [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Volatility rates in % | 6.43% | 2.45% |
US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 1.91% | 2.78% |
Volatility rates in % | 20.66% | 5.97% |
Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 3.00% | |
Bottom of range [member] | Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 3.32% | 6.12% |
Bottom of range [member] | Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 2.15% | |
Bottom of range [member] | US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 1.51% | 2.61% |
Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Interest rate | 4.00% | |
Top of range [member] | Brazilian Real [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 5.52% | 6.76% |
Top of range [member] | Canadian Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 2.42% | |
Top of range [member] | US Dollar [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Possible interest rate 2 | 2.30% | 2.94% |
Risks Arising from Financial_12
Risks Arising from Financial Instruments - Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities (Detail) - Interest Rate Risk [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ (4,164) | $ (3,973) | $ (4,314) |
Financial Liabilities at Amortised Cost, Class [Member] | Not Designated in Hedging Relationship [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (4,264) | (4,053) | (4,375) |
Fair value hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (46) | (76) | (11) |
Cash flow hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 15 | 21 | 1 |
Net investment hedges [member] | Hedging Instrument [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 2 | 35 | 77 |
Economic Hedges [Member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ 129 | $ 100 | $ (7) |
Risks arising from Financial_13
Risks arising from Financial instruments - Schedule of Commodity Derivatives Outstanding (Detail) - Commodity price risk [member] - Commodity derivatives [member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | $ 2,360 | $ 2,943 |
Aluminum swap [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 1,449 | 1,670 |
Exchange traded sugar futures [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 54 | 62 |
Natural gas and energy derivatives [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 256 | 313 |
Corn swaps [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 195 | 196 |
Exchange traded wheat futures [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 20 | 424 |
Rice swaps [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 328 | 194 |
Plastic derivatives [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | $ 59 | $ 84 |
Risks Arising from Financial_14
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, 2019 | Dec. 31, 2018 | |
Aluminum swap [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 21.78% | 22.16% |
Pre-tax impact on equity Price Increases | $ 312 | $ 370 |
Prices decrease | $ (312) | $ (370) |
Exchange traded sugar futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 29.73% | 29.60% |
Pre-tax impact on equity Price Increases | $ 16 | $ 18 |
Prices decrease | $ (16) | $ (18) |
Exchange traded wheat futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 30.30% | 29.31% |
Pre-tax impact on equity Price Increases | $ 6 | $ 124 |
Prices decrease | $ (6) | $ (124) |
Natural gas and energy derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 25.86% | 23.83% |
Pre-tax impact on equity Price Increases | $ 66 | $ 74 |
Prices decrease | $ (66) | $ (74) |
Rice swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 22.64% | 22.08% |
Pre-tax impact on equity Price Increases | $ 47 | $ 43 |
Prices decrease | $ (47) | $ (43) |
Corn swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 21.74% | 23.85% |
Pre-tax impact on equity Price Increases | $ 42 | $ 47 |
Prices decrease | $ (42) | $ (47) |
Plastic derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 24.03% | 20.54% |
Pre-tax impact on equity Price Increases | $ 14 | $ 17 |
Prices decrease | $ (14) | $ (17) |
Risks Arising from Financial_15
Risks Arising from Financial Instruments - Summary of Carrying Amount of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross | $ 13,807 | $ 14,454 |
Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 117 | 111 |
Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,046 | 4,240 |
Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 219 | 197 |
Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 177 | 188 |
Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,563 | 2,253 |
Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 362 | 307 |
Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 7,238 | 7,074 |
Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 85 | 84 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 14,090 | 14,727 |
Gross carrying amount [member] | Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 117 | 111 |
Gross carrying amount [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,219 | 4,400 |
Gross carrying amount [member] | Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 219 | 197 |
Gross carrying amount [member] | Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 177 | 188 |
Gross carrying amount [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 1,666 | 2,359 |
Gross carrying amount [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 362 | 307 |
Gross carrying amount [member] | Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 7,238 | 7,074 |
Gross carrying amount [member] | Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 92 | 91 |
Impairment losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (283) | (273) |
Impairment losses [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (173) | (160) |
Impairment losses [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (103) | (106) |
Impairment losses [member] | Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | $ (7) | $ (7) |
Risks Arising from Financial_16
Risks Arising from Financial Instruments - Summary of Allowance for Impairment (Detail) - Impairment losses [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | $ (273) | $ (318) | $ (318) |
Impairment losses | (81) | (43) | (59) |
Derecognition | 57 | 35 | 54 |
Currency translation and other | 14 | 53 | 5 |
Ending balance | (283) | (273) | (318) |
Trade receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (160) | (194) | (202) |
Impairment losses | (51) | (40) | (55) |
Derecognition | 26 | 29 | 53 |
Currency translation and other | 12 | 44 | 10 |
Ending balance | (173) | (160) | (194) |
FVOCI | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (7) | (7) | (7) |
Ending balance | (7) | (7) | (7) |
Other receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (106) | (117) | (109) |
Impairment losses | (30) | (3) | (4) |
Derecognition | 31 | 6 | 1 |
Currency translation and other | 2 | 9 | (5) |
Ending balance | $ (103) | $ (106) | $ (117) |
Risks Arising from Financial_17
Risks Arising from Financial Instruments - Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-derivative financial liabilities | ||
Finance lease liabilities | $ (2,025) | $ (1,985) |
Bank overdraft | (68) | (114) |
Less than 1 year [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (333) | (410) |
1-2 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (290) | (312) |
2-3 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (198) | (255) |
3-5 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (225) | (357) |
Greater than 5 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (979) | (650) |
Net carrying amount [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (861) | (479) |
Commercial papers | (1,599) | (1,142) |
Unsecured bank loans | (185) | (108) |
Unsecured bond issues | (98,206) | (107,796) |
Unsecured other loans | (98) | (71) |
Finance lease liabilities | (2,025) | (1,985) |
Bank overdraft | (68) | (114) |
Trade and other payables | (24,806) | (24,345) |
Non-derivative financial liabilities | (127,848) | (136,040) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (102) | (112) |
Foreign exchange derivatives | (600) | (589) |
Cross currency interest rate swaps | (175) | (489) |
Commodity derivatives | (97) | (273) |
Equity derivatives | (3,177) | (4,877) |
Derivative financial assets/(liabilities) | (4,151) | (6,340) |
Of which: related to cash flow hedges | (448) | (486) |
Contractual cash flows [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (890) | (496) |
Commercial papers | (1,599) | (1,142) |
Unsecured bank loans | (188) | (135) |
Unsecured bond issues | (165,424) | (165,979) |
Unsecured other loans | (131) | (110) |
Finance lease liabilities | (2,338) | (2,591) |
Bank overdraft | (68) | (114) |
Trade and other payables | (25,152) | (24,722) |
Non-derivative financial liabilities | (195,790) | (195,289) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (103) | (142) |
Foreign exchange derivatives | (600) | (589) |
Cross currency interest rate swaps | (187) | (515) |
Commodity derivatives | (97) | (273) |
Equity derivatives | (3,177) | (4,877) |
Derivative financial assets/(liabilities) | (4,164) | (6,396) |
Of which: related to cash flow hedges | (448) | (490) |
Contractual cash flows [member] | Less than 1 year [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (795) | (383) |
Commercial papers | (1,599) | (1,142) |
Unsecured bank loans | (140) | (33) |
Unsecured bond issues | (5,513) | (6,410) |
Unsecured other loans | (27) | (19) |
Finance lease liabilities | (404) | (508) |
Bank overdraft | (68) | (114) |
Trade and other payables | (22,861) | (22,557) |
Non-derivative financial liabilities | (31,407) | (31,166) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (7) | (125) |
Foreign exchange derivatives | (600) | (589) |
Cross currency interest rate swaps | 75 | (29) |
Commodity derivatives | (97) | (273) |
Equity derivatives | (3,177) | (4,877) |
Derivative financial assets/(liabilities) | (3,806) | (5,893) |
Of which: related to cash flow hedges | (408) | (416) |
Contractual cash flows [member] | 1-2 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (18) | (39) |
Unsecured bank loans | (47) | (6) |
Unsecured bond issues | (6,415) | (9,146) |
Unsecured other loans | (17) | (22) |
Finance lease liabilities | (350) | (391) |
Trade and other payables | (1,227) | (260) |
Non-derivative financial liabilities | (8,074) | (9,864) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (1) | (19) |
Cross currency interest rate swaps | (285) | 72 |
Derivative financial assets/(liabilities) | (286) | 53 |
Of which: related to cash flow hedges | 5 | 2 |
Contractual cash flows [member] | 2-3 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (18) | (15) |
Unsecured bank loans | (1) | (96) |
Unsecured bond issues | (6,518) | (11,636) |
Unsecured other loans | (9) | (12) |
Finance lease liabilities | (243) | (325) |
Trade and other payables | (472) | (1,060) |
Non-derivative financial liabilities | (7,261) | (13,144) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (1) | (13) |
Cross currency interest rate swaps | 6 | 71 |
Derivative financial assets/(liabilities) | 5 | 58 |
Of which: related to cash flow hedges | 3 | 1 |
Contractual cash flows [member] | 3-5 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (22) | (27) |
Unsecured bond issues | (18,605) | (23,672) |
Unsecured other loans | (5) | (12) |
Finance lease liabilities | (285) | (467) |
Trade and other payables | (165) | (333) |
Non-derivative financial liabilities | (19,082) | (24,511) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | 3 | 15 |
Cross currency interest rate swaps | 75 | (550) |
Derivative financial assets/(liabilities) | 78 | (535) |
Of which: related to cash flow hedges | 5 | 2 |
Contractual cash flows [member] | Greater than 5 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (37) | (32) |
Unsecured bond issues | (128,373) | (115,115) |
Unsecured other loans | (73) | (45) |
Finance lease liabilities | (1,056) | (900) |
Trade and other payables | (427) | (512) |
Non-derivative financial liabilities | (129,966) | (116,604) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (97) | |
Cross currency interest rate swaps | (58) | (79) |
Derivative financial assets/(liabilities) | (155) | (79) |
Of which: related to cash flow hedges | $ (53) | $ (79) |
Risks Arising from Financial_18
Risks Arising from Financial Instruments - Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | $ 362 | $ 307 | |||
Liabilities | (4,151) | (6,340) | |||
Net | (3,789) | (6,033) | |||
Non-current, Assets | 132 | 291 | [1] | $ 25 | |
Non-current, Liabilities | (352) | (766) | [1] | (937) | |
Non-current, Net | (220) | (795) | |||
Derivatives | 230 | 16 | [1] | 458 | |
Derivatives | (3,799) | (5,574) | [1] | $ (1,457) | |
Current derivative financial assets liabilities, net, Total | (3,569) | (5,238) | |||
Forward exchange contracts [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 112 | 191 | |||
Liabilities | (590) | (586) | |||
Net | (478) | (395) | |||
Foreign currency futures [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 7 | 7 | |||
Liabilities | (9) | (3) | |||
Net | (2) | 4 | |||
Interest rate swap [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 18 | 9 | |||
Liabilities | (6) | (27) | |||
Net | 12 | (18) | |||
Cross currency interest rate swap [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 157 | 32 | |||
Liabilities | (175) | (489) | |||
Net | (18) | (457) | |||
Other interest rate derivatives [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 20 | ||||
Liabilities | (97) | (86) | |||
Net | (97) | (66) | |||
Aluminum swaps [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 15 | 23 | |||
Liabilities | (61) | (172) | |||
Net | (46) | (149) | |||
Sugar futures commodity contract [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 2 | ||||
Liabilities | (2) | (8) | |||
Net | (8) | ||||
Wheat futures commodity contract [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 14 | 13 | |||
Liabilities | (9) | (11) | |||
Net | 5 | 2 | |||
Other commodity contracts [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 13 | 8 | |||
Liabilities | (14) | (28) | |||
Net | (1) | (20) | |||
Equity derivatives [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 17 | ||||
Liabilities | (3,177) | (4,877) | |||
Net | (3,160) | (4,877) | |||
Energy futures commodity contract [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Assets | 8 | 4 | |||
Liabilities | (11) | (54) | |||
Net | $ (3) | $ (50) | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Risks Arising from Financial_19
Risks Arising from Financial Instruments - Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value (Detail) - Fixed interest rate [member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | $ (96,601) | $ (105,984) |
Fair value | (113,983) | (102,707) |
Australian Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (1,647) | (1,951) |
Fair value | (1,748) | (1,977) |
Brazilian Real [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (544) | (525) |
Fair value | (542) | (525) |
Canadian Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (2,055) | (1,942) |
Fair value | (2,046) | (1,855) |
Euro [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (25,346) | (28,217) |
Fair value | (30,365) | (27,551) |
Pound Sterling [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (4,373) | (4,218) |
Fair value | (4,816) | (4,365) |
US Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (62,205) | (68,820) |
Fair value | (74,035) | (66,123) |
Other currency [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (431) | (311) |
Fair value | $ (431) | $ (311) |
Risks Arising from Financial_20
Risks Arising from Financial Instruments - Analysis of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | $ 6,009 | $ 6,799 |
Financial Liabilities | 128,381 | 138,693 |
Quoted (unadjusted) prices- level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 19 | 10 |
Financial Liabilities | 21 | 18 |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 21 | 18 |
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 | 2 | 3 |
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 17 | 7 |
Observable market inputs - level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 354 | 348 |
Financial Liabilities | 4,130 | 6,362 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 3,441 | 5,699 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 586 | 507 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 103 | 125 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | ||
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 31 | |
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 | 9 | 9 |
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 | 119 | 67 |
Observable market inputs - level 2 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 153 | 225 |
Observable market inputs - level 2 [member] | Derivatives [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 19 | 33 |
Observable market inputs - level 2 [member] | Derivatives [member] | Net investment hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 54 | 14 |
Observable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1,639 | 1,409 |
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 | $ 1,639 | $ 1,409 |
Risks arising from Financial_21
Risks arising from Financial instruments - Summary of Hedging Reserve and Hedging Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January | $ 494 | $ 586 |
Change in fair value of hedging instrument recognized in OCI | 107 | 358 |
Reclassified to profit or loss / cost of inventory | (204) | (452) |
Deferred tax | 2 | |
As per 31 December | 397 | 494 |
Foreign currency futures [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January | 480 | 559 |
Change in fair value of hedging instrument recognized in OCI | 92 | 262 |
Reclassified to profit or loss / cost of inventory | (398) | (341) |
As per 31 December | 174 | 480 |
Commodity Contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January | (60) | (20) |
Change in fair value of hedging instrument recognized in OCI | 16 | 97 |
Reclassified to profit or loss / cost of inventory | 162 | (137) |
As per 31 December | 117 | (60) |
Other hedging instrument [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January | 76 | 47 |
Reclassified to profit or loss / cost of inventory | 32 | 26 |
Deferred tax | 2 | |
As per 31 December | $ 107 | $ 76 |
Risks Arising from Financial_22
Risks Arising from Financial Instruments - Summary of Offsetting Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | $ 362 | $ 307 |
Net amount recognized in the statement of financial position | 362 | 307 |
Other offsetting agreements | (352) | (293) |
Total net amount | 10 | 13 |
Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | (4,151) | (6,340) |
Net amount recognized in the statement of financial position | (4,151) | (6,340) |
Other offsetting agreements | 352 | 293 |
Total net amount | $ (3,799) | $ (6,046) |
Operating Leases - Summary of M
Operating Leases - Summary of Maturity Analysis of the Non-Cancelable Lease Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | $ 888 | $ 829 |
Less than 1 year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 155 | 152 |
Between 1 and 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 518 | 460 |
Greater than 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | $ 215 | $ 217 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Income from subleasing right-of-use assets | $ 152 | $ 133 | $ 128 |
Pubs leased from Cofinimmo [member] | Bottom of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | 6 | ||
Pubs leased from Cofinimmo [member] | Top of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | 8 |
Collateral and Contractual Co_3
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, 2019 | Dec. 31, 2018 |
Collateral and contractual commitments [abstract] | ||
Collateral given for own liabilities | $ 372 | $ 404 |
Contractual commitments to purchase property, plant and equipment | 457 | 416 |
Contractual commitments to acquire loans to customers | 151 | 171 |
Other commitments | $ 1,911 | $ 1,973 |
Collateral and Contractual Co_4
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Additional Information (Detail) shares in Millions, $ in Millions, R in Billions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2019USD ($)€ / sharesshares | Dec. 31, 2019ZAR (R) | Dec. 31, 2018USD ($) | |
Disclosure of collateral and contractual commitments [line items] | ||||
Collateral given for own liabilities | $ 372 | $ 404 | ||
Cash guarantees for liabilities | 219 | |||
Property collateral given for remaining own liabilities | 153 | |||
Commitments to purchase property plant and equipment | 457 | 416 | ||
Contractual commitments to acquire loans to customers | 151 | 171 | ||
Other commitments | $ 1,911 | 1,973 | ||
EUR [Member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Share price | € / shares | $ 72.71 | |||
Closing rate | 15.777300 | 15.777300 | ||
Facilitation And Notional Vendor Funding [Member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Estimated obligation | $ 300 | R 4.4 | ||
Number Of Shares Settlement | shares | 3.8 | |||
Stock option plans [member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Loaned securities | $ 28.9 | |||
Ordinary shares [member] | Stock option plans [member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Stock lending arrangements shares | shares | 30 | |||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Ownership interest | 55.00% | 85.00% | ||
Put option | $ 732 | $ 632 | ||
SABMiller [Member] | ||||
Disclosure of collateral and contractual commitments [line items] | ||||
Estimated obligation | $ 700 | R 9.8 | ||
Number Of Shares Settlement | shares | 8.5 |
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, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about material tax [line items] | ||
Income tax and social contribution | $ 10,781 | $ 9,773 |
Value-added and excise taxes | 5,514 | 6,166 |
Other taxes | 1,018 | 1,434 |
Material tax net | $ 17,313 | $ 17,373 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) € in Millions, R$ in Millions, $ in Millions, $ in Billions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)shares | Dec. 31, 2019BRL (R$)shares | Dec. 31, 2019AUD ($)shares | Jan. 24, 2019USD ($) | Jan. 24, 2019EUR (€) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure of detailed information about material tax [line items] | |||||||
Exposure to credit risk | $ 13,807 | $ 14,454 | |||||
Provisions recorded | $ 911 | $ 1,918 | $ 2,400 | ||||
Number of shares issued | shares | 1,957,000,000 | 1,957,000,000 | 1,957,000,000 | 1,934,000,000 | 1,934,000,000 | ||
Tax Loss Offset [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | $ 100 | R$ 500 | |||||
Disallowance Of Tax Paid Abroad [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 2,500 | 10,100 | |||||
Deductibility Of IOC Expenses [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 1,000 | R$ 3900 | |||||
Grupo Modelo Tax Matters [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 300 | ||||||
Interest Deduction On SAB Acquistions [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Provisions recorded | 100 | ||||||
Tax assessment amount | 200 | $ 0.3 | |||||
Income taxes paid (refund), classified as financing activities | $ 47 | ||||||
Ambev [member] | Legal proceedings contingent liability [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Number of shares issued | shares | 172,831,574 | 172,831,574 | 172,831,574 | ||||
Percentage of shares issued diluted | 1.00% | ||||||
Claim on dividends of shares | $ 250 | R$ 1000 | |||||
Ambev [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 1,000 | 4,200 | |||||
Ambev [member] | Disallowance Of Tax Paid Abroad [Member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | (900) | 3,600 | |||||
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 | 7,200 | |||||
Estimate of possible loss | 13 | 52 | |||||
Tax Assessment During 2005 [member] | Ambev [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 1,200 | 4,800 | |||||
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 | 10,000 | |||||
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 | 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 | 600 | 2,200 | |||||
Tax Assessment in April 2016 [member] | Ambev [member] | Arosuco [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 100 | 600 | |||||
Tax Assessment in 2014 and 2015 [member] | Ambev [member] | IPI excise tax [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 400 | 1,700 | |||||
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 | 600 | 2,300 | |||||
Rio de Janeiro [member] | Ambev [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 100 | 500 | |||||
Minas Gerais [member] | Ambev [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 1,900 | 7,700 | |||||
Provisions recorded | 2 | 8 | |||||
State Of Pernambuco [member] | Ambev [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Estimate of possible loss | 500 | 2,000 | |||||
Provisions recorded | $ 1 | R$ 5 | |||||
Blocked account [member] | |||||||
Disclosure of detailed information about material tax [line items] | |||||||
Deposits | $ 76 | € 68 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Billions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ambev [member] | ||||
Disclosure of noncontrolling interests [line items] | ||||
Proportion of ownership interests in subsidiary | 61.85% | 61.85% | ||
Dividends paid to non-controlling interests | $ 0.7 | $ 0.8 | $ 1.1 | |
Budweiser APAC [Member] | ||||
Disclosure of noncontrolling interests [line items] | ||||
Proportion of ownership interests in subsidiary | 87.22% | 87.22% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Summarized balance sheet information | |||||
Current assets | $ 28,814 | $ 18,281 | [1] | $ 23,960 | [1] |
Non-current assets | 207,834 | 215,587 | [1] | 224,251 | [1] |
Current liabilities | 34,841 | 34,826 | [1] | 36,625 | [1] |
Non-current liabilities | 117,254 | 127,153 | [1] | 131,383 | [1] |
Equity attributable to equity holders | 75,722 | 64,485 | [1] | 72,576 | [1] |
Non-controlling interests | 8,831 | 7,404 | [1] | 7,624 | [1] |
Summarized income statement and comprehensive income information | |||||
Revenue | 52,329 | 53,041 | [2] | 54,859 | [2] |
Net income | 10,414 | 5,688 | [3] | 9,166 | [3] |
Attributable to: | |||||
Equity holders | 9,171 | 4,370 | [2] | 7,990 | [2] |
Non-controlling interests | 1,243 | 1,318 | [2] | 1,176 | [2] |
Net income | 10,414 | 5,688 | [3] | 9,166 | [3] |
Other comprehensive income | 498 | (7,756) | [3] | 1,040 | [3] |
Total comprehensive income | 10,912 | (2,068) | [3] | 10,205 | [3] |
Attributable to: | |||||
Equity holders | 10,044 | (2,998) | [3] | 8,831 | [3] |
Non-controlling interests | 867 | 930 | [3] | 1,374 | [3] |
Summarized cash flow information | |||||
Cash flow from operating activities | 13,396 | 14,181 | 14,920 | ||
Cash flow from investing activities | (5,073) | (3,857) | 7,865 | ||
Cash flow from financing activities | (8,512) | (14,327) | (21,334) | ||
Ambev [member] | |||||
Summarized balance sheet information | |||||
Current assets | 6,853 | 6,537 | |||
Non-current assets | 18,389 | 18,165 | |||
Current liabilities | 6,205 | 6,506 | |||
Non-current liabilities | 3,517 | 3,368 | |||
Equity attributable to equity holders | 15,203 | 14,516 | |||
Non-controlling interests | 317 | 311 | |||
Summarized income statement and comprehensive income information | |||||
Revenue | 13,347 | 13,819 | 14,961 | ||
Net income | 3,093 | 3,122 | 2,422 | ||
Attributable to: | |||||
Equity holders | 2,989 | 3,025 | 2,260 | ||
Non-controlling interests | 104 | 97 | 162 | ||
Net income | 3,093 | 3,122 | 2,422 | ||
Other comprehensive income | (193) | 629 | 809 | ||
Total comprehensive income | 2,900 | 3,751 | 3,231 | ||
Attributable to: | |||||
Equity holders | 2,801 | 3,620 | 3,060 | ||
Non-controlling interests | 99 | 130 | 171 | ||
Summarized cash flow information | |||||
Cash flow from operating activities | 4,664 | 5,089 | 5,754 | ||
Cash flow from investing activities | (1,228) | (1,011) | (960) | ||
Cash flow from financing activities | (3,117) | (3,799) | (4,190) | ||
Net increase/(decrease) in cash and cash equivalents | 319 | 279 | 605 | ||
Budweiser APAC [Member] | |||||
Summarized balance sheet information | |||||
Current assets | 2,108 | 2,680 | [4] | ||
Non-current assets | 13,200 | 13,182 | [5] | ||
Current liabilities | 4,493 | 4,468 | [4] | ||
Non-current liabilities | 931 | 1,222 | [4] | ||
Equity attributable to equity holders | 9,836 | 10,153 | [4] | ||
Non-controlling interests | 48 | 19 | [4] | ||
Summarized income statement and comprehensive income information | |||||
Revenue | 6,546 | 6,740 | [5] | 6,099 | [5] |
Net income | 908 | 959 | [5] | 572 | [5] |
Attributable to: | |||||
Equity holders | 898 | 958 | [5] | 574 | [5] |
Non-controlling interests | 10 | 1 | [5] | (2) | [5] |
Net income | 908 | 959 | [5] | 572 | [5] |
Other comprehensive income | (229) | (500) | [5] | 926 | [5] |
Total comprehensive income | 679 | 459 | [5] | 1,498 | [5] |
Attributable to: | |||||
Equity holders | 665 | 458 | [5] | 1,500 | [5] |
Non-controlling interests | 14 | 1 | [5] | (2) | [5] |
Summarized cash flow information | |||||
Cash flow from operating activities | 1,338 | 1,684 | [5] | 1,331 | [5] |
Cash flow from investing activities | (693) | (472) | [5] | (532) | [5] |
Cash flow from financing activities | (1,358) | (1,237) | [5] | (187) | [5] |
Net increase/(decrease) in cash and cash equivalents | $ (713) | $ (25) | [5] | $ 612 | [5] |
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. | ||||
[2] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[3] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. | ||||
[4] | 2018 reflects the combined financial information that presents the historical financial information of the business of the Asia Pacific region of AB InBev, excluding Australia, and includes the assets, liabilities, revenue, expenses and cash flows attributable to all entities in the region, which are primarily in China, South Korea, India, Vietnam and Japan. | ||||
[5] | 2018 and 2017 reflect the combined financial information that presents the historical financial information of the business of the Asia Pacific region of AB InBev, excluding Australia, and includes the assets, liabilities, revenue, expenses and cash flows attributable to all entities in the region, which are primarily in China, South Korea, India, Vietnam and Japan. |
Related Parties - Summary of Di
Related Parties - Summary of Directors and Executive Board Management Compensation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 2 | $ 2 | $ 2 |
Share-based payments | 3 | ||
Total Compensation | 2 | 2 | 5 |
Executive Board of Management [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | 17 | 27 | 28 |
Termination benefits | 1 | 1 | |
Share-based payments | 22 | 24 | 68 |
Total Compensation | $ 40 | $ 52 | $ 97 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 11 | $ 8 | $ 5 |
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 | $ 2 | 1 | 1 |
United States defined benefit plans [member] | |||
Disclosure of transactions between related parties [line items] | |||
Other income | $ 12 | $ 12 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of joint ventures [line items] | |||||
Non-current assets | $ 207,834 | $ 215,587 | [1] | $ 224,251 | [1] |
Current assets | 28,814 | 18,281 | [1] | 23,960 | [1] |
Non-current liabilities | 117,254 | 127,153 | [1] | 131,383 | [1] |
Current liabilities | 34,841 | 34,826 | [1] | 36,625 | [1] |
Result from operations | 16,098 | 16,414 | [2] | 16,460 | [2] |
Profit attributable to equity holders of AB InBev | 9,171 | 4,370 | [2] | 7,990 | [2] |
Jointly controlled entities [member] | |||||
Disclosure of joint ventures [line items] | |||||
Non-current assets | 10 | 11 | 12 | ||
Current assets | 3 | 5 | 5 | ||
Non-current liabilities | 11 | 9 | 11 | ||
Current liabilities | 10 | 12 | 6 | ||
Result from operations | 3 | 4 | (3) | ||
Profit attributable to equity holders of AB InBev | $ 3 | $ 3 | $ (3) | ||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. | ||||
[2] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
Related Parties - Summary of AB
Related Parties - Summary of AB InBev's Transactions with Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of associates [line items] | |||||
Gross profit | $ 31,967 | $ 33,108 | [1] | $ 33,884 | [1] |
Current assets | 28,814 | 18,281 | [2] | 23,960 | [2] |
Current liabilities | 34,841 | 34,826 | [2] | 36,625 | [2] |
Associates [member] | |||||
Disclosure of associates [line items] | |||||
Gross profit | 76 | 74 | 91 | ||
Current assets | 41 | 152 | 73 | ||
Current liabilities | $ 119 | $ 130 | $ 20 | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[2] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information - Additional Information (Detail) - USD ($) | May 15, 2019 | Apr. 25, 2019 | Feb. 11, 2019 | Jan. 23, 2019 | Apr. 04, 2018 | Aug. 21, 2017 | Dec. 16, 2016 | Jan. 25, 2016 | Jan. 27, 2014 | Jan. 17, 2013 | Jul. 16, 2012 | May 14, 2011 | Jan. 24, 2011 | Jan. 06, 2010 | Nov. 12, 2019 | Oct. 29, 2019 | Nov. 13, 2018 | Mar. 14, 2011 |
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 500,000,000 | $ 500,000,000 | ||||||||||||||||
Maturity date | 15 February 2021 | 2040 | ||||||||||||||||
Remaining principal | $ 240,000,000 | |||||||||||||||||
Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,100,000,000 | |||||||||||||||||
Principal amount | $ 34,500,000,000 | $ 2,300,000,000 | $ 725,000,000 | $ 525,000,000 | ||||||||||||||
Repayments of bonds, notes and debentures | $ 315,000,000 | |||||||||||||||||
Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 15,500,000,000 | |||||||||||||||||
Principal amount | $ 10,000,000,000 | |||||||||||||||||
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 | 2039 | |||||||||||||||||
4.439% notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,700,000,000 | |||||||||||||||||
Interest rate | 4.439% | |||||||||||||||||
Maturity date | 2048 | |||||||||||||||||
3.500% fixed rate note due on 2024 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 846,000,000 | |||||||||||||||||
Interest rate | 3.50% | |||||||||||||||||
Maturity date | 2024 | |||||||||||||||||
Fixed interest rate [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 4.375% | 6.375% | ||||||||||||||||
Fixed interest rate [member] | Notes due 2022 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 3,000,000,000 | |||||||||||||||||
Interest rate | 4.00% | 2.50% | ||||||||||||||||
Maturity date | 2022 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2022 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 2.50% | |||||||||||||||||
Fixed interest rate [member] | Notes due 2042 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,000,000,000 | |||||||||||||||||
Interest rate | 3.75% | |||||||||||||||||
Maturity date | 2042 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2023 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 600,000,000 | |||||||||||||||||
Interest rate | 2.625% | |||||||||||||||||
Maturity date | 2023 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2023 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,900,000,000 | |||||||||||||||||
Interest rate | 3.30% | 3.65% | ||||||||||||||||
Maturity date | 2023 | |||||||||||||||||
Fixed interest rate [member] | Notes Due 2043 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 750,000,000 | |||||||||||||||||
Interest rate | 4.00% | |||||||||||||||||
Maturity date | 2043 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2019 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 865,000,000 | |||||||||||||||||
Principal amount | $ 6,000,000,000 | |||||||||||||||||
Fixed interest rate [member] | Notes Due 2024 [Member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 3.70% | |||||||||||||||||
Maturity date | 2022 | 2024 | ||||||||||||||||
Fixed interest rate [member] | Notes Due 2024 [Member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,300,000,000 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2044 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 850,000,000 | |||||||||||||||||
Interest rate | 4.625% | |||||||||||||||||
Maturity date | 2044 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 215,000,000 | $ 11,000,000,000 | ||||||||||||||||
Interest rate | 4.375% | 3.30% | ||||||||||||||||
Maturity date | 2021 | 2026 | ||||||||||||||||
Fixed interest rate [member] | Notes due 2026 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 812,000,000 | $ 6,000,000,000 | ||||||||||||||||
Interest rate | 4.70% | |||||||||||||||||
Maturity date | 2036 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2026 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 3,300,000,000 | 5,100,000,000 | ||||||||||||||||
Interest rate | 3.65% | |||||||||||||||||
Maturity date | 2026 | |||||||||||||||||
Notes Exchanged Principal Amount | $ 8,500,000,000 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2036 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 11,000,000,000 | |||||||||||||||||
Maturity date | 2046 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2036 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 5,300,000,000 | |||||||||||||||||
Interest rate | 4.70% | |||||||||||||||||
Maturity date | 2036 | |||||||||||||||||
Notes Exchanged Principal Amount | 5,400,000,000 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2046 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 4.90% | |||||||||||||||||
Maturity date | 2021 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2046 [member] | Anheuser Busch InBev Worldwide Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 9,500,000,000 | |||||||||||||||||
Interest rate | 4.90% | |||||||||||||||||
Maturity date | 2046 | |||||||||||||||||
Notes Exchanged Principal Amount | $ 9,500,000,000 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2033 [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 | 2033 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2035 [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 | 2035 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2042 [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 | 2042 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2048 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,500,000,000 | |||||||||||||||||
Interest rate | 4.60% | |||||||||||||||||
Maturity date | 2048 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2024 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,500,000,000 | |||||||||||||||||
Interest rate | 3.50% | |||||||||||||||||
Maturity date | 2024 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2028 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,500,000,000 | |||||||||||||||||
Maturity date | 2028 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2038 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,500,000,000 | |||||||||||||||||
Maturity date | 2038 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2038 [Member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 4.375% | |||||||||||||||||
Fixed interest rate [member] | Notes due 2058 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 1,500,000,000 | |||||||||||||||||
Interest rate | 4.75% | |||||||||||||||||
Maturity date | 2058 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2029 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 4,300,000,000 | |||||||||||||||||
Interest rate | 4.75% | |||||||||||||||||
Maturity date | 2029 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2049 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 4,000,000,000 | |||||||||||||||||
Interest rate | 5.55% | |||||||||||||||||
Maturity date | 2049 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2025 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,500,000,000 | |||||||||||||||||
Interest rate | 4.15% | |||||||||||||||||
Maturity date | 2025 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2039 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,000,000,000 | |||||||||||||||||
Interest rate | 5.45% | |||||||||||||||||
Maturity date | 2039 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2059 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 2,000,000,000 | |||||||||||||||||
Interest rate | 5.80% | |||||||||||||||||
Maturity date | 2059 | |||||||||||||||||
Fixed interest rate [member] | Notes due 2031 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 750,000,000 | |||||||||||||||||
Interest rate | 4.90% | |||||||||||||||||
Maturity date | 2031 | |||||||||||||||||
Floating interest rate [member] | Notes due 2021 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 500,000,000 | |||||||||||||||||
Floating interest rate [member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 189,000,000 | |||||||||||||||||
Maturity date | 2021 | |||||||||||||||||
Floating interest rate [member] | Notes due 2024 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 500,000,000 | |||||||||||||||||
Maturity date | 2024 | |||||||||||||||||
Floating interest rate [member] | Notes due 2024 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Notes issued | $ 271,000,000 | |||||||||||||||||
Maturity date | 2024 | |||||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes Due 2024 [Member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 0.74% | |||||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 126.00% | |||||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2024 [member] | ||||||||||||||||||
Disclosure of supplemental guarantor information [line items] | ||||||||||||||||||
Interest rate | 74.00% |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | $ 52,329 | $ 53,041 | [1] | $ 54,859 | [1] |
Cost of sales | (20,362) | (19,933) | [1] | (20,975) | [1] |
Gross profit | 31,967 | 33,108 | [1] | 33,884 | [1] |
Distribution expenses | (5,525) | (5,612) | [1] | (5,716) | [1] |
Sales and marketing expenses | (7,348) | (7,774) | [1] | (8,265) | [1] |
Administrative expenses | (3,548) | (3,421) | [1] | (3,779) | [1] |
Other operating income/(expenses) | 552 | 113 | 337 | ||
Profit from operations | 16,098 | 16,414 | [1] | 16,460 | [1] |
Net finance income/(cost) | (3,473) | (8,826) | [1] | (6,626) | [1] |
Share of result of associates and joint ventures | 152 | 153 | [1] | 430 | [1] |
Profit before tax | 12,776 | 7,741 | [1] | 10,264 | [1] |
Income tax expense | (2,786) | (2,585) | [1] | (1,658) | [1] |
Profit | 9,990 | 5,157 | 8,606 | ||
Profit from continuing operations | 9,990 | 5,157 | [1] | 8,606 | [1] |
Profit from discontinued operations | 424 | 531 | [1] | 560 | [1] |
Profit of the year | 10,414 | 5,688 | [2] | 9,166 | [2] |
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 8,748 | 3,839 | [1] | 7,430 | [1] |
Non-controlling interest | 1,243 | 1,318 | [1] | 1,176 | [1] |
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 9,171 | 4,370 | [1] | 7,990 | [1] |
Non-controlling interest | 1,243 | 1,318 | [1] | 1,176 | [1] |
Anheuser- Busch InBev SA/NV [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 684 | 592 | 540 | ||
Cost of sales | (461) | (370) | (338) | ||
Gross profit | 223 | 222 | 202 | ||
Distribution expenses | (38) | (35) | (23) | ||
Sales and marketing expenses | (154) | (187) | (181) | ||
Administrative expenses | (306) | (205) | (255) | ||
Other operating income/(expenses) | 383 | 579 | 793 | ||
Profit from operations | 108 | 374 | 536 | ||
Net finance income/(cost) | (320) | (209) | (819) | ||
Share of result of associates and joint ventures | |||||
Profit before tax | (212) | 165 | (283) | ||
Income tax expense | (16) | ||||
Profit | (212) | 165 | (299) | ||
Income from subsidiaries | 9,383 | 4,194 | 8,289 | ||
Profit from continuing operations | 9,171 | 4,359 | 7,990 | ||
Profit of the year | 9,171 | 4,359 | 7,990 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 9,171 | 4,359 | 7,990 | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 9,171 | 4,359 | 7,990 | ||
Anheuser Busch InBev Worldwide Inc. [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Other operating income/(expenses) | 1,344 | 1,125 | 1,066 | ||
Profit from operations | 1,344 | 1,125 | 1,066 | ||
Net finance income/(cost) | (2,173) | (3,047) | (3,064) | ||
Share of result of associates and joint ventures | |||||
Profit before tax | (829) | (1,922) | (1,998) | ||
Income tax expense | 233 | 293 | 614 | ||
Profit | (596) | (1,629) | (1,384) | ||
Income from subsidiaries | 3,101 | 1,887 | 3,720 | ||
Profit from continuing operations | 2,505 | 257 | 2,336 | ||
Profit of the year | 2,505 | 257 | 2,336 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 2,505 | 257 | 2,336 | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 2,505 | 257 | 2,336 | ||
Anheuser Busch InBev Finance Inc. [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Profit from operations | |||||
Net finance income/(cost) | 66 | 37 | 26 | ||
Share of result of associates and joint ventures | |||||
Profit before tax | 66 | 37 | 26 | ||
Income tax expense | (8) | (17) | |||
Profit | 58 | 37 | 9 | ||
Profit from continuing operations | 58 | 37 | 9 | ||
Profit of the year | 58 | 37 | 9 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 58 | 37 | 9 | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 58 | 37 | 9 | ||
Anheuser Busch Companies [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 14,229 | 15,584 | 14,015 | ||
Cost of sales | (5,985) | (7,297) | (5,818) | ||
Gross profit | 8,244 | 8,287 | 8,197 | ||
Distribution expenses | (1,063) | (1,168) | (1,015) | ||
Sales and marketing expenses | (2,007) | (2,025) | (2,198) | ||
Administrative expenses | (553) | (556) | (345) | ||
Other operating income/(expenses) | (1,684) | (1,563) | (1,845) | ||
Profit from operations | 2,937 | 2,975 | 2,794 | ||
Net finance income/(cost) | 931 | 2,435 | 3,210 | ||
Share of result of associates and joint ventures | (6) | 3 | 2 | ||
Profit before tax | 3,862 | 5,413 | 6,006 | ||
Income tax expense | (661) | (726) | 1,506 | ||
Profit | 3,201 | 4,687 | 7,512 | ||
Income from subsidiaries | 157 | 98 | 126 | ||
Profit from continuing operations | 3,358 | 4,785 | 7,637 | ||
Profit of the year | 3,358 | 4,785 | 7,637 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 3,361 | 4,784 | 7,637 | ||
Non-controlling interest | (3) | 1 | |||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 3,361 | 4,784 | 7,637 | ||
Non-controlling interest | (3) | 1 | |||
Subsidiary Guarantors [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | |||||
Cost of sales | |||||
Gross profit | |||||
Distribution expenses | (996) | ||||
Sales and marketing expenses | |||||
Administrative expenses | 15 | (51) | (66) | ||
Other operating income/(expenses) | 1 | 3 | 8 | ||
Profit from operations | 16 | (48) | (58) | ||
Net finance income/(cost) | 369 | 113 | 942 | ||
Share of result of associates and joint ventures | 0 | 0 | |||
Profit before tax | 385 | 65 | 884 | ||
Income tax expense | (1) | (2) | (177) | ||
Profit | 384 | 63 | 708 | ||
Income from subsidiaries | 891 | 848 | 4,042 | ||
Profit from continuing operations | 1,275 | 911 | 4,750 | ||
Profit of the year | 1,275 | 911 | 4,750 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 1,275 | 911 | 4,750 | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 1,275 | 911 | 4,750 | ||
Non-Guarantors [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 38,924 | 39,354 | 42,650 | ||
Cost of sales | (15,424) | (14,755) | (17,165) | ||
Gross profit | 23,500 | 24,599 | 25,485 | ||
Distribution expenses | (4,424) | (4,409) | (4,678) | ||
Sales and marketing expenses | (5,187) | (5,562) | (5,886) | ||
Administrative expenses | (2,704) | (2,609) | (3,113) | ||
Other operating income/(expenses) | 508 | (31) | 315 | ||
Profit from operations | 11,693 | 11,988 | 12,122 | ||
Net finance income/(cost) | (2,346) | (8,155) | (6,921) | ||
Share of result of associates and joint ventures | 158 | 150 | 428 | ||
Profit before tax | 9,505 | 3,983 | 5,629 | ||
Income tax expense | (2,349) | (2,150) | (3,568) | ||
Profit | 7,156 | 1,834 | 2,060 | ||
Income from subsidiaries | 2,506 | 3,168 | 6,201 | ||
Profit from continuing operations | 9,662 | 5,110 | 8,261 | ||
Profit from discontinued operations | 424 | 531 | 560 | ||
Profit of the year | 10,086 | 5,533 | 8,821 | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | 8,416 | 3,685 | 7,085 | ||
Non-controlling interest | 1,246 | 1,317 | 1,176 | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | 8,840 | 4,216 | 7,646 | ||
Non-controlling interest | 1,246 | 1,317 | 1,176 | ||
Eliminations [member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | (1,508) | (2,489) | (2,346) | ||
Cost of sales | 1,508 | 2,489 | 2,346 | ||
Income from subsidiaries | (16,038) | (10,195) | (22,377) | ||
Profit from continuing operations | (16,038) | (11,901) | (22,377) | ||
Profit of the year | (16,038) | (10,195) | (22,377) | ||
Profit from continuing operations attributable to: | |||||
Equity holders of AB InBev | (16,038) | (10,195) | (22,377) | ||
Profit of the period attributable to: | |||||
Equity holders of AB InBev | $ (16,038) | $ (10,195) | $ (22,377) | ||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. | ||||
[2] | The consolidated statements of comprehensive income for 2018 and 2017 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Non-current assets | ||||||
Property, plant and equipment | $ 27,544 | $ 27,615 | [1] | $ 29,233 | [1] | |
Goodwill | 128,114 | 133,311 | [1] | 140,940 | [1] | |
Intangible assets | 42,452 | 44,831 | [1] | 45,874 | [1] | |
Investments in associates and joint ventures | 5,861 | 6,136 | [1] | 5,263 | [1] | |
Deferred tax assets | 1,719 | 1,517 | [1] | 1,251 | [1] | |
Derivatives | 132 | 291 | [1] | 25 | [1] | |
Other non-current assets | 2,012 | 1,885 | 1,664 | |||
Non-current assets | 207,834 | 215,587 | [1] | 224,251 | [1] | |
Current assets | ||||||
Investment securities | 92 | 87 | [1] | 1,304 | [1] | |
Inventories | 4,427 | 4,234 | [1] | 4,119 | [1] | |
Derivatives | 230 | 16 | [1] | 458 | [1] | |
Trade and other receivables | 6,187 | 6,375 | [1] | 6,566 | [1] | |
Cash and cash equivalents | 7,238 | 7,074 | [1] | 10,472 | [1] | |
Assets classified as held for sale | 10,013 | 39 | [1] | 133 | [1] | |
Other current assets | 627 | 457 | 908 | |||
Current assets | 28,814 | 18,281 | [1] | 23,960 | [1] | |
Total assets | 236,648 | 233,868 | [1] | 248,208 | [1] | |
Equity | ||||||
Equity attributable to equity holders of AB InBev | 75,722 | 64,485 | [1] | 72,576 | [1] | |
Minority interests | 8,831 | 7,404 | [1] | 7,624 | [1] | |
Equity | 84,553 | 71,889 | [1] | 80,200 | [1] | $ 81,425 |
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 97,564 | 106,997 | [1] | 110,637 | [1] | |
Employee benefits | 2,848 | 2,681 | [1] | 2,993 | [1] | |
Deferred tax liabilities | 12,824 | 13,165 | 13,107 | |||
Derivatives | 352 | 766 | [1] | 937 | [1] | |
Other non-current liabilities | 3,666 | 3,544 | 3,709 | |||
Non-current liabilities | 117,254 | 127,153 | [1] | 131,383 | [1] | |
Current liabilities | ||||||
Interest-bearing loans and borrowings | 5,410 | 4,584 | [1] | 7,846 | [1] | |
Income tax payables | 1,346 | 1,220 | [1] | 1,558 | [1] | |
Derivatives | 3,799 | 5,574 | [1] | 1,457 | [1] | |
Trade and other payables | 22,864 | 22,568 | [1] | 24,762 | [1] | |
Liabilities associated with assets held for sale | 1,145 | 0 | 0 | |||
Other current liabilities | 277 | 880 | 1,002 | |||
Total current liabilities | 34,841 | 34,826 | [1] | 36,625 | [1] | |
Total equity and liabilities | 236,648 | 233,868 | [1] | 248,208 | [1] | |
Anheuser- Busch InBev SA/NV [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 36 | 45 | 44 | |||
Intangible assets | 409 | 580 | 584 | |||
Investments in subsidiaries | 128,860 | 123,108 | 121,839 | |||
Other non-current assets | 13,930 | 22,196 | 53,565 | |||
Non-current assets | 143,235 | 145,929 | 176,032 | |||
Current assets | ||||||
Investment securities | 1,301 | |||||
Inventories | 21 | |||||
Derivatives | 188 | |||||
Trade and other receivables | 4,152 | 3,079 | 16,585 | |||
Cash and cash equivalents | 79 | 1 | 43 | |||
Assets classified as held for sale | 236 | |||||
Other current assets | 8 | |||||
Current assets | 4,663 | 3,080 | 17,950 | |||
Total assets | 147,898 | 149,009 | 193,982 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 75,722 | 64,474 | 72,576 | |||
Equity | 75,722 | 64,474 | 72,576 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 59,605 | 72,756 | 102,398 | |||
Employee benefits | 5 | 5 | 5 | |||
Other non-current liabilities | 60 | 81 | 131 | |||
Non-current liabilities | 59,670 | 72,842 | 102,534 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 3,651 | 4,535 | 16,718 | |||
Derivatives | 198 | 482 | ||||
Trade and other payables | 1,071 | 1,228 | 2,033 | |||
Other current liabilities | 7,586 | 5,450 | 121 | |||
Total current liabilities | 12,506 | 11,695 | 18,872 | |||
Total equity and liabilities | 147,898 | 149,009 | 193,982 | |||
Anheuser Busch InBev Worldwide Inc. [member] | ||||||
Non-current assets | ||||||
Investments in subsidiaries | 77,492 | 86,239 | 77,387 | |||
Deferred tax assets | 163 | 130 | ||||
Other non-current assets | 11,681 | 13,850 | 10,290 | |||
Non-current assets | 89,336 | 100,219 | 87,677 | |||
Current assets | ||||||
Trade and other receivables | 10,163 | 3,471 | 1,514 | |||
Cash and cash equivalents | 22 | 3 | 242 | |||
Other current assets | 198 | 500 | ||||
Current assets | 10,383 | 3,974 | 1,756 | |||
Total assets | 99,719 | 104,193 | 89,433 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 46,188 | 55,402 | 38,306 | |||
Equity | 48,188 | 55,402 | 38,306 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 49,310 | 46,552 | 49,230 | |||
Deferred tax liabilities | (337) | |||||
Non-current liabilities | 49,310 | 46,552 | 48,893 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 3,633 | 1,679 | 2,363 | |||
Income tax payables | (665) | |||||
Trade and other payables | 588 | 562 | 535 | |||
Total current liabilities | 4,221 | 2,241 | 2,233 | |||
Total equity and liabilities | 99,719 | 104,193 | 89,433 | |||
Anheuser Busch InBev Finance Inc. [member] | ||||||
Non-current assets | ||||||
Other non-current assets | 13,853 | 24,037 | 55,432 | |||
Non-current assets | 13,853 | 24,037 | 55,432 | |||
Current assets | ||||||
Trade and other receivables | 846 | 1,176 | 1,947 | |||
Cash and cash equivalents | 18 | 28 | 8 | |||
Other current assets | 2 | 3 | ||||
Current assets | 866 | 1,207 | 1,955 | |||
Total assets | 14,719 | 25,244 | 57,387 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 622 | 597 | 586 | |||
Equity | 622 | 597 | 586 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 13,874 | 24,042 | 55,464 | |||
Deferred tax liabilities | 9 | 8 | 9 | |||
Non-current liabilities | 13,883 | 24,050 | 55,473 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 253 | 479 | ||||
Income tax payables | 3 | |||||
Trade and other payables | 214 | 342 | 848 | |||
Total current liabilities | 214 | 595 | 1,330 | |||
Total equity and liabilities | 14,719 | 25,244 | 57,387 | |||
Anheuser Busch Companies [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 5,063 | 5,235 | 4,841 | |||
Goodwill | 33,157 | 33,226 | 33,089 | |||
Intangible assets | 22,195 | 22,227 | 21,947 | |||
Investments in subsidiaries | 42,557 | 30,594 | 42,661 | |||
Investments in associates and joint ventures | 22 | 28 | ||||
Derivatives | 3 | |||||
Other non-current assets | 14,495 | 26,158 | 18,115 | |||
Non-current assets | 117,489 | 117,440 | 120,683 | |||
Current assets | ||||||
Inventories | 822 | 819 | 626 | |||
Derivatives | 22 | 25 | 122 | |||
Trade and other receivables | 7,331 | 6,678 | 3,265 | |||
Cash and cash equivalents | 348 | 581 | 1,872 | |||
Current assets | 8,523 | 8,103 | 5,884 | |||
Total assets | 126,012 | 125,542 | 126,568 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 77,569 | 74,628 | 89,301 | |||
Minority interests | (2) | |||||
Equity | 77,567 | 74,628 | 89,301 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 28,313 | 33,348 | 25,095 | |||
Employee benefits | 1,067 | 1,048 | 1,241 | |||
Deferred tax liabilities | 6,772 | 6,692 | 6,528 | |||
Derivatives | 1 | |||||
Other non-current liabilities | 543 | 150 | 1,012 | |||
Non-current liabilities | 36,695 | 41,238 | 33,875 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 7,302 | 5,816 | 421 | |||
Income tax payables | 237 | 474 | 726 | |||
Derivatives | 49 | 131 | 31 | |||
Trade and other payables | 4,153 | 3,211 | 2,207 | |||
Other current liabilities | 9 | 42 | 5 | |||
Total current liabilities | 11,750 | 9,674 | 3,390 | |||
Total equity and liabilities | 126,012 | 125,542 | 126,568 | |||
Subsidiary Guarantors [member] | ||||||
Non-current assets | ||||||
Goodwill | 188 | |||||
Intangible assets | 97 | 98 | 158 | |||
Investments in subsidiaries | 17,955 | 24,622 | 40,708 | |||
Derivatives | 113 | 302 | 13 | |||
Other non-current assets | 13,483 | 8,701 | 7,178 | |||
Non-current assets | 31,648 | 33,723 | 48,246 | |||
Current assets | ||||||
Derivatives | 3,909 | 5,399 | 198 | |||
Trade and other receivables | 113 | 1,619 | 21,972 | |||
Cash and cash equivalents | 12,697 | 6,094 | 4,110 | |||
Other current assets | 5 | |||||
Current assets | 16,724 | 13,112 | 26,281 | |||
Total assets | 48,372 | 46,835 | 74,526 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 25,359 | 29,258 | 42,352 | |||
Equity | 25,359 | 29,258 | 42,352 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 3,586 | 3,314 | 4,131 | |||
Derivatives | 352 | 788 | 919 | |||
Other non-current liabilities | 11 | |||||
Non-current liabilities | 3,938 | 4,102 | 5,062 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 9,775 | 5,234 | 18,949 | |||
Income tax payables | 3 | 8 | ||||
Derivatives | 3,875 | 5,563 | 1,329 | |||
Trade and other payables | 75 | 65 | 3,274 | |||
Other current liabilities | 5,350 | 2,612 | 3,553 | |||
Total current liabilities | 19,075 | 13,477 | 27,113 | |||
Total equity and liabilities | 48,372 | 46,835 | 74,526 | |||
Non-Guarantors [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 22,445 | 22,335 | 24,347 | |||
Goodwill | 94,957 | 100,085 | 107,663 | |||
Intangible assets | 19,751 | 21,926 | 23,185 | |||
Investments in subsidiaries | 183,831 | 170,568 | 99,396 | |||
Investments in associates and joint ventures | 5,839 | 6,136 | 5,235 | |||
Deferred tax assets | 1,556 | 1,525 | 1,251 | |||
Derivatives | 19 | 10 | 9 | |||
Other non-current assets | 43,495 | 36,767 | 67,709 | |||
Non-current assets | 371,893 | 359,352 | 328,795 | |||
Current assets | ||||||
Investment securities | 92 | 87 | 3 | |||
Inventories | 3,605 | 3,415 | 3,472 | |||
Derivatives | 105 | 464 | 138 | |||
Trade and other receivables | 13,139 | 10,415 | 19,942 | |||
Cash and cash equivalents | 7,825 | 8,481 | 9,768 | |||
Assets classified as held for sale | 9,777 | 39 | 133 | |||
Other current assets | 414 | 454 | 908 | |||
Current assets | 34,957 | 23,355 | 34,364 | |||
Total assets | 406,850 | 382,707 | 363,158 | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | 300,957 | 275,257 | 211,446 | |||
Minority interests | 8,833 | 7,404 | 7,624 | |||
Equity | 309,790 | 282,662 | 219,070 | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 51,690 | 56,603 | 84,926 | |||
Employee benefits | 1,776 | 1,628 | 1,748 | |||
Deferred tax liabilities | 6,043 | 6,601 | 6,907 | |||
Derivatives | 17 | |||||
Other non-current liabilities | 3,063 | 3,312 | 2,573 | |||
Non-current liabilities | 62,572 | 68,145 | 96,171 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 8,701 | 4,818 | 20,914 | |||
Income tax payables | 1,109 | 1,243 | 1,486 | |||
Derivatives | 3,671 | 5,272 | 97 | |||
Trade and other payables | 18,778 | 19,674 | 22,530 | |||
Liabilities associated with assets held for sale | 1,145 | |||||
Other current liabilities | 1,084 | 893 | 2,894 | |||
Total current liabilities | 34,488 | 31,900 | 47,916 | |||
Total equity and liabilities | 406,850 | 382,707 | 363,158 | |||
Eliminations [member] | ||||||
Non-current assets | ||||||
Investments in subsidiaries | (450,696) | (435,131) | (381,990) | |||
Deferred tax assets | (138) | |||||
Derivatives | (21) | |||||
Other non-current assets | (108,925) | (129,823) | (210,623) | |||
Non-current assets | (559,621) | (565,113) | (592,613) | |||
Current assets | ||||||
Derivatives | (3,994) | (5,872) | ||||
Trade and other receivables | (29,557) | (20,063) | (58,660) | |||
Cash and cash equivalents | (13,751) | (8,114) | (5,571) | |||
Other current assets | (501) | |||||
Current assets | (47,302) | (34,550) | (64,231) | |||
Total assets | (606,922) | (599,663) | (656,844) | |||
Equity | ||||||
Equity attributable to equity holders of AB InBev | (450,696) | (435,131) | (381,990) | |||
Equity | (450,696) | (435,131) | (381,990) | |||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | (108,814) | (129,618) | (210,607) | |||
Deferred tax liabilities | (137) | |||||
Derivatives | (21) | |||||
Other non-current liabilities | (18) | |||||
Non-current liabilities | (108,814) | (129,776) | (210,625) | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | (27,652) | (17,752) | (51,994) | |||
Income tax payables | (500) | |||||
Derivatives | (3,994) | (5,872) | ||||
Trade and other payables | (2,015) | (2,515) | (6,665) | |||
Other current liabilities | (13,752) | (8,117) | (5,571) | |||
Total current liabilities | (47,413) | (34,756) | (64,230) | |||
Total equity and liabilities | $ (606,922) | $ (599,663) | $ (656,844) | |||
[1] | The consolidated statements of financial position as at 31 December 2018 and 1 January 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application. The Australian operations have been classified as assets held for sale as at 31 December 2019 without restatement of the respective balances as at 31 December 2018 as required by IFRS 5. |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | $ 9,990 | $ 5,157 | [1] | $ 8,606 | [1] |
Depreciation, amortization and impairment | 4,657 | 4,624 | 4,625 | ||
Net finance cost/(income) | 3,473 | 8,826 | 6,626 | ||
Income tax expense | 2,786 | 2,585 | 1,658 | ||
Other items | 113 | 35 | (189) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 21,019 | 21,227 | 21,326 | ||
Working capital and provisions | (720) | (10) | (442) | ||
Cash generated from operations | 20,299 | 21,217 | 20,884 | ||
Interest paid, net | (3,927) | (4,130) | (3,966) | ||
Dividends received | 160 | 141 | 143 | ||
Income tax paid | (3,136) | (3,047) | (2,141) | ||
Cash flow from operating activities | 13,396 | 14,181 | 14,920 | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | (5,174) | (5,005) | (4,680) | ||
Proceeds from sale of property, plant and equipment and of intangible assets | 320 | 437 | 538 | ||
Acquisition of subsidiaries, net of cash | (385) | (84) | (571) | ||
Sale of subsidiaries, net of cash disposed of | 133 | 257 | 40 | ||
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | |||
Taxes on SAB transaction-related divestitures | (100) | (3,449) | |||
Net proceeds from sale/(acquisition) of investment in short-term debt securities | (9) | 1,296 | 4,337 | ||
Net proceeds from sale/(acquisition) of other assets | (25) | (172) | (277) | ||
Net repayments/(payments) of loans granted | 12 | (156) | 215 | ||
Proceeds from assets held for sale | 55 | 0 | 15 | ||
Cash flow from investing activities | (5,073) | (3,857) | 7,865 | ||
FINANCING ACTIVITIES | |||||
Proceeds from public offering of minority stake in Budweiser APAC | 5,575 | ||||
(Purchase)/sale of non-controlling interest | 222 | (923) | (207) | ||
Proceeds from borrowings | 22,584 | 17,782 | 13,352 | ||
Payments on borrowings | (30,592) | (22,489) | (23,333) | ||
Cash net finance (cost)/income other than interests | (845) | (513) | (1,498) | ||
Payment of lease liabilities | (441) | (423) | (373) | ||
Dividends paid | (5,015) | (7,761) | (9,275) | ||
Cash flow from financing activities | (8,512) | (14,327) | (21,334) | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (189) | (4,003) | 1,451 | ||
Net increase/(decrease) in cash and cash equivalents on discontinued operations | 539 | 755 | 827 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 6,960 | 10,355 | 8,395 | ||
Effect of exchange rate fluctuations | (141) | (148) | (319) | ||
Cash and cash equivalents less bank overdrafts at end of period | 7,169 | 6,960 | 10,355 | ||
Anheuser- Busch InBev SA/NV [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 9,171 | 4,359 | 7,990 | ||
Depreciation, amortization and impairment | 175 | 147 | 128 | ||
Net finance cost/(income) | 320 | 209 | 819 | ||
Income tax expense | 16 | ||||
Investment income | (9,383) | (4,194) | (8,288) | ||
Other items | 87 | 158 | 126 | ||
Cash flow from operating activities before changes in working capital and use of provisions | 370 | 680 | 789 | ||
Working capital and provisions | (52) | 182 | (283) | ||
Cash generated from operations | 318 | 862 | 506 | ||
Interest paid, net | (555) | (137) | (860) | ||
Dividends received | 8,784 | 2 | |||
Income tax paid | (8) | (16) | |||
Cash flow from operating activities | 8,539 | 725 | (368) | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | (267) | (194) | (126) | ||
Proceeds from sale of property, plant and equipment and of intangible assets | 2 | ||||
Acquisition of subsidiaries, net of cash | (27) | ||||
Sale of subsidiaries, net of cash disposed of | 127 | ||||
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 1,300 | 4,177 | |||
Net proceeds from sale/(acquisition) of other assets | 535 | ||||
Net repayments/(payments) of loans granted | 5,273 | 29,335 | (7,949) | ||
Cash flow from investing activities | 5,008 | 30,541 | (3,363) | ||
FINANCING ACTIVITIES | |||||
Intra-group capital reimbursements | (248) | 18,594 | |||
Proceeds from borrowings | 21,223 | 6,337 | 24,604 | ||
Payments on borrowings | (32,191) | (36,673) | (20,574) | ||
Cash net finance (cost)/income other than interests | 57 | 263 | (463) | ||
Dividends paid | (4,027) | (6,541) | (7,992) | ||
Cash flow from financing activities | (15,186) | (36,614) | 14,169 | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (1,639) | (5,348) | 10,438 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | (5,445) | (74) | (10,244) | ||
Effect of exchange rate fluctuations | (419) | (23) | (268) | ||
Cash and cash equivalents less bank overdrafts at end of period | (7,503) | (5,445) | (74) | ||
Anheuser Busch InBev Worldwide Inc. [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 2,505 | 257 | 2,336 | ||
Net finance cost/(income) | 2,173 | 3,047 | 3,064 | ||
Income tax expense | (232) | (293) | (614) | ||
Investment income | (3,101) | (1,979) | (3,720) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 1,345 | 1,123 | 1,067 | ||
Working capital and provisions | 740 | 360 | 869 | ||
Cash generated from operations | 2,085 | 1,483 | 1,936 | ||
Interest paid, net | (2,664) | (2,718) | (3,156) | ||
Cash flow from operating activities | (579) | (1,235) | (1,220) | ||
INVESTING ACTIVITIES | |||||
Net repayments/(payments) of loans granted | (1,742) | 4,599 | 4,996 | ||
Cash flow from investing activities | (1,742) | 4,599 | 4,996 | ||
FINANCING ACTIVITIES | |||||
Proceeds from borrowings | 22,264 | 9,762 | 2,262 | ||
Payments on borrowings | (19,792) | (13,367) | (5,876) | ||
Cash net finance (cost)/income other than interests | (130) | ||||
Dividends paid | (75) | ||||
Cash flow from financing activities | 2,342 | (3,605) | (3,689) | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | 21 | (241) | 87 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 4 | 242 | 155 | ||
Cash and cash equivalents less bank overdrafts at end of period | 25 | 4 | 242 | ||
Anheuser Busch InBev Finance Inc. [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 58 | 37 | 9 | ||
Net finance cost/(income) | (66) | (37) | (26) | ||
Income tax expense | 8 | 17 | |||
Cash flow from operating activities before changes in working capital and use of provisions | (1) | ||||
Working capital and provisions | (4) | ||||
Cash generated from operations | (5) | ||||
Interest paid, net | 38 | 73 | 79 | ||
Income tax paid | (7) | (8) | (16) | ||
Cash flow from operating activities | 31 | 65 | 58 | ||
INVESTING ACTIVITIES | |||||
Net repayments/(payments) of loans granted | 10,459 | 31,459 | 332 | ||
Cash flow from investing activities | 10,459 | 31,459 | 332 | ||
FINANCING ACTIVITIES | |||||
Proceeds from borrowings | 9,755 | 1,470 | |||
Payments on borrowings | (10,501) | (41,259) | (1,306) | ||
Cash flow from financing activities | (10,501) | (31,504) | 164 | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (11) | 20 | 554 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 29 | 9 | (617) | ||
Effect of exchange rate fluctuations | 72 | ||||
Cash and cash equivalents less bank overdrafts at end of period | 18 | 29 | 9 | ||
Anheuser Busch Companies [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 3,358 | 4,785 | 7,637 | ||
Depreciation, amortization and impairment | 815 | 840 | 884 | ||
Net finance cost/(income) | (931) | (2,435) | (3,210) | ||
Income tax expense | 660 | 718 | (1,506) | ||
Investment income | (157) | (1,502) | (127) | ||
Other items | 129 | 3 | (9) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 3,874 | 3,917 | 3,673 | ||
Working capital and provisions | 4,111 | (403) | (1,319) | ||
Cash generated from operations | 7,985 | 3,514 | 2,354 | ||
Interest paid, net | (47) | 3,999 | 98 | ||
Dividends received | 12,939 | 76 | |||
Income tax paid | (559) | (616) | 289 | ||
Cash flow from operating activities | 20,318 | 6,897 | 2,817 | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | (500) | (857) | (625) | ||
Proceeds from sale of property, plant and equipment and of intangible assets | 73 | 47 | 20 | ||
Acquisition of subsidiaries, net of cash | (11,376) | (419) | |||
Sale of subsidiaries, net of cash disposed of | 6 | 42 | |||
Taxes on SAB transaction-related divestitures | (3,449) | ||||
Net proceeds from sale/(acquisition) of other assets | (16) | 13 | 4 | ||
Net repayments/(payments) of loans granted | (6,193) | (19,654) | 378 | ||
Cash flow from investing activities | (18,006) | (20,451) | (4,049) | ||
FINANCING ACTIVITIES | |||||
Intra-group capital reimbursements | 28 | ||||
Proceeds from borrowings | 5,033 | 23,483 | 8,152 | ||
Payments on borrowings | (9,958) | (11,169) | (6,541) | ||
Cash net finance (cost)/income other than interests | 2,713 | 18 | (22) | ||
Payment of lease liabilities | (49) | (48) | (44) | ||
Dividends paid | (286) | ||||
Cash flow from financing activities | (2,547) | 12,284 | 1,573 | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (235) | (1,270) | 341 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 580 | 1,929 | 1,464 | ||
Effect of exchange rate fluctuations | (80) | 28 | |||
Cash and cash equivalents less bank overdrafts at end of period | 345 | 580 | 1,929 | ||
Subsidiary Guarantors [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 1,275 | 911 | 4,750 | ||
Depreciation, amortization and impairment | (78) | ||||
Net finance cost/(income) | (369) | (113) | (942) | ||
Income tax expense | 1 | 2 | 177 | ||
Investment income | (891) | (848) | (4,041) | ||
Other items | 2 | ||||
Cash flow from operating activities before changes in working capital and use of provisions | 16 | (48) | (133) | ||
Working capital and provisions | (37) | (15) | 109 | ||
Cash generated from operations | (21) | (63) | (24) | ||
Interest paid, net | (177) | (190) | 245 | ||
Dividends received | 3 | 2 | |||
Income tax paid | (8) | (7) | (4) | ||
Cash flow from operating activities | (203) | (260) | 219 | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | 91 | ||||
Proceeds from sale of property, plant and equipment and of intangible assets | 1 | (2) | |||
Acquisition of subsidiaries, net of cash | 222 | 113 | |||
Net proceeds from sale/(acquisition) of other assets | (73) | ||||
Net repayments/(payments) of loans granted | 506 | 3,051 | 4,229 | ||
Cash flow from investing activities | 729 | 3,051 | 4,358 | ||
FINANCING ACTIVITIES | |||||
Intra-group capital reimbursements | 7,500 | (21,180) | |||
Proceeds from borrowings | 4,696 | 157 | 8,045 | ||
Payments on borrowings | (4,058) | (12,813) | |||
Cash net finance (cost)/income other than interests | 95 | 10 | 2,011 | ||
Dividends paid | (5,049) | ||||
Cash flow from financing activities | 3,184 | 166 | (23,937) | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | 3,710 | 2,957 | (19,360) | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 3,486 | 599 | 18,376 | ||
Effect of exchange rate fluctuations | 152 | (5) | 1,583 | ||
Cash and cash equivalents less bank overdrafts at end of period | 7,348 | 3,486 | 599 | ||
Non-Guarantors [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | 9,662 | 5,110 | 8,261 | ||
Depreciation, amortization and impairment | 3,667 | 3,637 | 3,691 | ||
Net finance cost/(income) | 2,346 | 8,155 | 6,921 | ||
Income tax expense | 2,349 | 2,158 | 3,568 | ||
Investment income | (2,506) | (3,379) | (6,201) | ||
Other items | (103) | (125) | (308) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 15,414 | 15,555 | 15,931 | ||
Working capital and provisions | (5,482) | (230) | 27 | ||
Cash generated from operations | 9,932 | 15,325 | 15,958 | ||
Interest paid, net | (522) | (5,129) | (6,237) | ||
Dividends received | 458 | 39 | 140 | ||
Income tax paid | (2,554) | (2,416) | (2,394) | ||
Cash flow from operating activities | 7,314 | 7,819 | 7,467 | ||
INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment and of intangible assets | (4,407) | (3,954) | (4,020) | ||
Proceeds from sale of property, plant and equipment and of intangible assets | 244 | 390 | 520 | ||
Acquisition of subsidiaries, net of cash | 10,769 | (57) | (265) | ||
Sale of subsidiaries, net of cash disposed of | 127 | 130 | (2) | ||
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | |||
Taxes on SAB transaction-related divestitures | (100) | ||||
Net proceeds from sale/(acquisition) of investment in short-term debt securities | (9) | (4) | 160 | ||
Net proceeds from sale/(acquisition) of other assets | (9) | (185) | (743) | ||
Net repayments/(payments) of loans granted | 7,603 | 93,436 | 43,231 | ||
Proceeds from assets held for sale | 55 | 15 | |||
Cash flow from investing activities | 14,373 | 89,326 | 50,593 | ||
FINANCING ACTIVITIES | |||||
Intra-group capital reimbursements | (7,252) | 2,558 | |||
Proceeds from public offering of minority stake in Budweiser APAC | 5,575 | ||||
(Purchase)/sale of non-controlling interest | 222 | (923) | (207) | ||
Proceeds from borrowings | 19,390 | (31,555) | (219) | ||
Payments on borrowings | (20,008) | (62,274) | (46,006) | ||
Cash net finance (cost)/income other than interests | (3,580) | (925) | (3,024) | ||
Payment of lease liabilities | (392) | (375) | (329) | ||
Dividends paid | (17,677) | (1,218) | (1,285) | ||
Cash flow from financing activities | (23,722) | (97,269) | (48,512) | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | (2,035) | (124) | 9,548 | ||
Net increase/(decrease) in cash and cash equivalents on discontinued operations | 539 | 755 | 827 | ||
Cash and cash equivalents less bank overdrafts at beginning of year | 8,311 | 7,745 | (739) | ||
Effect of exchange rate fluctuations | 126 | (40) | (1,891) | ||
Cash and cash equivalents less bank overdrafts at end of period | 6,936 | 8,311 | 7,745 | ||
Eliminations [member] | |||||
OPERATING ACTIVITIES | |||||
Profit from continuing operations | (16,038) | (11,901) | (22,377) | ||
Investment income | 16,038 | 11,902 | 22,377 | ||
Other items | (1) | ||||
Working capital and provisions | 96 | 159 | |||
Cash generated from operations | 96 | 159 | |||
Interest paid, net | (28) | 5,865 | |||
Dividends received | (22,024) | 102 | (77) | ||
Cash flow from operating activities | (22,024) | 170 | 5,947 | ||
INVESTING ACTIVITIES | |||||
Net repayments/(payments) of loans granted | (15,894) | (142,382) | (45,002) | ||
Cash flow from investing activities | (15,894) | (142,382) | (45,002) | ||
FINANCING ACTIVITIES | |||||
Proceeds from borrowings | (50,022) | (157) | (30,962) | ||
Payments on borrowings | 65,916 | 142,253 | 69,783 | ||
Cash net finance (cost)/income other than interests | 121 | ||||
Dividends paid | 22,024 | (2) | 77 | ||
Cash flow from financing activities | 37,918 | 142,215 | 38,898 | ||
Net increase/(decrease) in cash and cash equivalents on continuing operations | 3 | (157) | |||
Cash and cash equivalents less bank overdrafts at beginning of year | $ 3 | ||||
Effect of exchange rate fluctuations | $ 157 | ||||
Cash and cash equivalents less bank overdrafts at end of period | $ 3 | ||||
[1] | The consolidated income statements for 2017 and 2018 have been restated to reflect the impact of adoption of IFRS 16 under the full retrospective application and the classification of the Australian operations as discontinued operations. |
AB INBEV Companies - Summary of
AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 61.85% |
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] | BROUWERU 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] | NBEV BELGIUM S.P.R.L. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV BELGIUM BV/SRL - 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 | 52.97% |
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 | 61.85% |
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 | 61.85% |
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 | 61.85% |
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 | 87.22% |
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 | 84.66% |
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 | 87.22% |
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 | 87.22% |
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 | 87.22% |
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 | 87.22% |
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 | 87.22% |
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 | 87.22% |
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. - 1188 Jinsha Avenue, Economic District - Nanchang City, Jiangxi Province |
Proportion of ownership interest in subsidiary | 87.22% |
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 | 87.22% |
China [member] | ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. - 666 Zhaoxia Road - Nantong City, Jiangsu Province |
Proportion of ownership interest in subsidiary | 87.22% |
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 | 87.22% |
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 | 87.22% |
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 | 52.33% |
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 | 87.22% |
Colombia [member] | ZX Ventures Colombia S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ZX VENTURES COLOMBIA S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota |
Proportion of ownership interest in subsidiary | 100.00% |
Colombia [member] | BAVARIA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BAVARIA & CIA S.C.A. - Carrera 53 A, No 127 - 35 - 110221 – Bogota |
Proportion of ownership interest in subsidiary | 94.90% |
Colombia [member] | Kopps Comercial S.A.S. S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | KOPPS COMERCIAL S.A.S - Carrera 53 A, No 127 - 35 - 110221 – Bogota |
Proportion of ownership interest in subsidiary | 100.00% |
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% |
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 | 52.42% |
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% |
Hong Kong [member] | BUDWEISER BREWING CO APACT LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BUDWEISER BREWING CO APACT LTD - Flat Room 1823 18F Soundwill Plaza II-Middle Town Hong |
Proportion of ownership interest in subsidiary | 87.22% |
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] | ANHEUSER BUSCH INBEV INDIA LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER BUSCH INBEV INDIA LIMITED. - 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 - Maputo1 |
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 State1 |
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 | CERVECERÍA 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 | 61.85% |
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 | UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA - 3986 Av. Nicolas Ayllon, Ate, Lima 3 |
Proportion of ownership interest in subsidiary | 93.65% |
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 PUBLIC LIMITED COMPANY - 65 Park Lane, Sandown - 2001 – 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 LIMITED BY SHARES - 65 Park Lane, Sandown - 2146 – 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 - 8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, Seoul, 06164, |
Proportion of ownership interest in subsidiary | 87.22% |
Switzerland [member] | Anheuser Bush InBev Procurement (GMBH) [member] | |
Disclosure of information about consolidated structured entities [line items] | |
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) - Suurstoffi 22 – 6343 - Rotkreuz |
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 | 61.64% |
United Kingdom [member] | ABI SAB GROUP HOLDING LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ABI SAB GROUP HOLDING LIMITED - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | ABI UK HOLDINGS 1 LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ABI UK HOLDINGS 1 LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton |
Proportion of ownership interest in subsidiary | 100.00% |
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 LIMITED - 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 - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN |
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 - Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | ZX VENTURES LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ZX VENTURES LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | Anheuser Busch Companies [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 |
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 | 61.85% |
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 | 87.22% |
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 - Summary _2
AB INBEV Companies - Summary of Name and Registered Office of Associates and Joint Ventures (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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 - 49 Rue Francois 1er, 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 |
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 |
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% |
Russia [member] | AB InBev Efes [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV EFES - 28 Moscovskaya Street, Moscow region - 141607 – Klin |
Proportion of ownership interest in subsidiary | 50.00% |