AB InBev Financial Results
rights. Given AB InBev's more than 600-year history, brands and certain distribution rights have been assigned indefinite
lives.
Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-
year sponsorship rights and other commercial intangibles.
Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev
purchased for its own products and are tested for impairment during the fourth quarter of the year or whenever a triggering
event has occurred. Based on the impairment testing results, no impairment loss was allocated to intangible assets with
indefinite useful lives - refer to Note 14 Goodwill.
As at 31 December 2022, the carrying amount of the intangible assets amounted to 40 209m US dollar (31 December
2021:40 430m US dollar) of which 37 652m US dollar was assigned an indefinite useful life (31 December 2021: 38 320m
US dollar) and 2 557m US dollar a finite life (31 December 2021: 2 110m US dollar).
Million US dollar
Cash-generating unit
United States
2022
2021
21 979
22 129
40
42
Rest of North America
Mexico
Colombia
Rest of Middle Americas
Rest of South America
Europe
South Africa
Rest of Africa
China
Rest of Asia Pacific
Total carrying amount of intangible assets with indefinite useful lives
3 166
2 374
2 977
2 870
3 531
3 432
767
724
423
452
2 847
3 029
1 072
1 112
405
1 048
37 652
440
1 113
38 320
In 2022, the company expensed 268m US dollar in research, compared to 298m US dollar in 2021. The spend focused on
product innovations, market research, as well as process optimization and product development.
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:
Million US dollar
Balance at 1 January
Effect of movements in foreign exchange
Dividends received
Share of results of associates
Non-underlying share of results of associates
Balance at 31 December
2022
2021
AB InBev
Efes
Castel
Anadolu
Efes
AB InBev
Efes
Castel
Anadolu
Efes
1 143
3 400
201
1 135
3 566
391
(172)
(57)
(246)
(159)
(87)
(14)
-
(36)
(67)
152
41
7
116
35
(1 143)
3 293
-
171
1 143
3 400
201
Summarized financial information of the company's material associates is as follows:
2022
2021
Million US dollar
Castel
Anadolu Efes AB InBev Efes
Castel
Anadolu Efes
Current assets
3 399
2 973
385
3 016
1 500
Non-current assets
3 679
4 654
624
3 923
3 157
Current liabilities
(1 803)
(2 581)
(693)
(1 774)
(1 259)
Non-current liabilities
(439)
(1 767)
(42)
(499)
(1 218)
Non-controlling interests
(564)
(1789)
(543)
Net assets
4 272
1 490
274
4 124
(1128)
1 053
Revenue
Profit (loss)
4 942
4 222
1 393
5 017
3 781
767
287
1
741
275
Other comprehensive income (loss)
Total comprehensive income (loss)
74
1 503
-
(295)
241
841
1 790
1
447
516
1 The net assets are converted at the respective closing rates of December.
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