AB InBev Financial Results
30. Non-controlling interests
As at 31 December 2022 and 2021, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which
AB InBev has 61.77% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22%
ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev
and Budweiser APAC as of 31 December 2022 and 2021, in accordance with IFRS.
Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling
interests, is as follows:
Million US dollar
Summarized statement of financial position
information
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Equity attributable to equity holders
Non-controlling interests
Million US dollar
Summarized income statement and
other comprehensive income information
Ambev
Budweiser APAC
31 December
2022
31 December
2021
31 December
2022
31 December
2021
7 248
6 922
3 606
19 193
17 915
12 390
3 161
13 464
7 770
6 965
2 700
2 817
4 414
748
15 707
263
14 809
246
10 765
4 691
851
11 013
69
70
Ambev
Budweiser APAC
2022
2021
2022
2021
Revenue
Net income
15 434
2 883
13 570
2 444
6 478
6 788
949
981
Attributable to:
Equity holders
2 800
2 360
913
950
Non-controlling interests
84
84
36
31
Net income
2 883
2 444
949
981
Other comprehensive income
(1 300)
629
(812)
(289)
Total comprehensive income
1 584
3 074
137
692
Attributable to:
Equity holders
Non-controlling interests
Summarized cash flow information
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
1 517
2 970
105
660
67
104
32
32
3 997
4 266
1 577
1 903
(969)
164)
(136)
(1441)
(2 988)
(440)
(731)
(500)
(464)
(163)
637
708
Net increase/(decrease) in cash and cash equivalents
Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group)
amounted to 1.0 billion US dollar and 0.8 billion US dollar for 2022 and 2021, respectively. In 2022, Budweiser APAC and
its subsidiaries paid a final dividend related to the financial year 2021 to non-controlling interests amounting to 83m US
dollar (2021: 67m US dollar).
Other non-controlling interests not deemed individually material by the company mainly related to the company's
operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda
and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management,
Inc. ("Apollo") and non-controlling interests recognized in respect of the company's subsidiaries in Colombia, Ecuador and
Peru.
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