AB InBev Financial Results
PROFIT
Normalized profit attributable to our equity holders was 6 454m US dollar (normalized EPS 3.21 US dollar) in 2022,
compared to 723m US dollar (normalized EPS 2.85 US dollar) in 2021. Underlying profit (normalized profit attributable
to equity holders of AB InBev excluding mark-to-market gains or losses linked to the hedging of our share-based payment
programs and the impact of hyperinflation) was 6 093m US dollar in 2022 (Underlying EPS 3.03 US dollar) as compared
to 5 774m US dollar in 2021 (Underlying EPS 2.88 US dollar) (see Note 21 Changes in equity and earnings per share for
more details). Profit attributable to our equity holders for 2022 was 5 969m US dollar, compared to 4 670m US dollar for
2021 and includes the following impacts:
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Net finance costs (excluding non-underlying net finance items): 4 646m US dollar in 2022 compared to a net
finance cost of 4 803m US dollar in 2021. Mark-to-market adjustment linked to the hedging of our share-based
payment programs amounted to a gain of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021
resulting in a change of 354m US dollar.
Non-underlying net finance income/(cost): Non-underlying net finance income amounted to 498m US dollar in
2022 compared to 806m US dollar cost in 2021. 274m US dollar gain resulted from mark-to-market adjustments
on derivative instruments entered into to hedge the shares issued in connection with the Modelo and SAB
combination (2021: 25m US dollar loss), 246m US dollar gain resulted from the early termination of certain bonds
(2021: 741m US dollar loss) and 22m US dollar loss related to the remeasurement of deferred considerations on
prior year acquisitions (2021: 19m US dollar loss).
Non-underlying share of results of associates: Non-underlying share of results of associates amounted to 1 143m
US dollar in 2022 (2021: nil) and relates to the impairment of our investment in AB InBev Efes.
Non-underlying items impacting profit from operations: In 2022, we incurred 251m US dollar of non-underlying
costs (2021: 614m US dollar) mainly comprising of 110m US dollar of restructuring costs (2021: 172m US dollar),
71m US dollar of business and asset disposals (including impairment losses) (2021: 247m US dollar), 18m US
dollar of costs associated with COVID-19 (2021: 105m US dollar) that mainly relate to personal protection
equipment for our colleagues and other costs incurred as a direct consequence of the COVID-19 pandemic and
51m US dollar of AB InBev Efes related costs mainly from the discontinuation of exports to Russia and the
forfeiting of our benefits from the operations of the associate. In 2021, we incurred 72m US dollar cost related to
the Zenzele Kabili scheme.
Income tax expense: 1 928m US dollar in 2022 with an effective tax rate of 18.6% compared to 2 350m US dollar
in 2021 with an effective tax rate of 28.6%. The 2022 effective tax rate is positively impacted by non-taxable gains
from derivatives related to hedging of share-based payment programs and hedging of the shares issued in a
transaction related to the combination with Grupo Modelo and SAB, while the 2021 effective tax rate was
negatively impacted by non-deductible losses from these derivatives. In addition, the 2022 effective tax rate was
positively impacted by higher distribution of interest on shareholders' equity from Brazil and lower non-deductible
costs. The 2022 effective tax rate includes 350m US dollar benefit from a reorganization which resulted in the
utilization of current year and carry forward interests for which no deferred tax asset was recognized. The
normalized effective tax rate excluding mark-to-market gains or losses linked to the hedging of our share-based
payment programs was 23.8% in 2022 compared to 27.9% in 2021.
Profit attributable to non-controlling interest: 1 628m US dollar in 2022 compared to 1 444m US dollar in 2021.
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