AB InBev Financial Results
Non-derivative financial liabilities
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 (combination of a put option and purchased call option) was put in
place which may result in Ambev acquiring additional shares in CND. In July 2020, Ambev and ELJ amended the
Shareholders' Agreement to extend their partnership and change the terms and the exercise date of the call and put
options. ELJ currently holds 15% of CND and the put option is exercisable in 2023, 2024 and 2026. As at 31 December
2022, the put option on the remaining shares held by ELJ was valued at 585m US dollar (31 December 2021: 589m US
dollar) and recognized as a deferred consideration on acquisitions at fair value in the "level 3" category above.
K) HEDGING RESERVES
The company's hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following
instruments:
Million US dollar
Foreign
currency
Total hedging
Commodities
Others
reserves
As per 1 January 2022
679
(306)
111
481
Change in fair value of hedging instrument recognized in OCI
Reclassified to profit or loss / cost of inventory
143
39
182
(331)
(208)
22
(518)
As per 31 December 2022
491
(476)
131
145
Foreign
Total hedging
Million US dollar
As per 1 January 2021
currency
Commodities
Others
reserves
20
Change in fair value of hedging instrument recognized in OCI
Reclassified to profit or loss / cost of inventory
766
274
123
84
As per 31 December 2021
(107)
679
(703)
27
376
888
-
(783)
(306)
111
481
L) OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar
agreements:
Million US dollar
Gross amount
Derivative assets
Derivative liabilities
391
(5 492)
Million US dollar
Derivative assets
Derivative liabilities
Gross amount
670
(5 886)
31 December 2022
Net amount
recognized in the
statement of
financial position¹
391
(5 492)
Other offsetting
agreements²
Total net amount
(381)
381
10
(5 111)
31 December 2021
Net amount
recognized in the
statement of
financial position¹
Other offsetting
agreements²
670
(5 886)
Total net amount
(651)
651
19
(5 235)
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.
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