AB InBev Financial Results
In 2022, the company reported a (1 143)m US dollar non-underlying share of results of associates related to its investment
in AB InBev Efes (for more details refer to Note 4 Use of estimates and judgments and Note 8 Non-underlying items). As
of 31 December 2022, the investment has been classified as non-current asset held for sale.
In 2022, associates that are not individually material contributed 106m US dollar to the results of investment in associates
(31 December 2021: 90m US dollar).
Following the entry of Turkey in a hyperinflation economy in 2022, the company accounted for the share of result of its
Turkish associate Anadolu Efes at the December closing rate (18.718236 Turkish lira per US dollar) instead of the average
rate.
Additional information related to the significant associates is presented in Note 33 AB InBev Companies.
17. Deferred tax assets and liabilities
The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:
Million US dollar
2022
Assets Liabilities
2021
Net
Assets Liabilities
Net
Property, plant and equipment
Intangible assets
191
(2 071)
(1 880)
91
(2 113)
(2 023)
89
(9 582)
(9 492)
60
(9 796)
(9 736)
Inventories
102
(90)
12
88
(66)
22
Trade and other receivables
51
51
48
48
Interest-bearing loans and borrowings
852
(657)
195
905
(628)
277
Employee benefits
433
(9)
423
577
(8)
569
Provisions
533
(56)
477
511
(19)
492
Derivatives
51
(61)
(10)
11
(118)
(107)
Other items
532
(1166)
(634)
407
(1198)
(792)
Loss carry forwards
1 341
1 341
1 015
1 015
Gross deferred tax assets/(liabilities)
4 175
(13 693)
(9 518)
3 713
(13 947)
(10 235)
Netting by taxable entity
(1 874)
1 874
(1 743)
1 743
Net deferred tax assets/(liabilities)
2 300
(11 817)
(9518)
1 969 (12 204)
(10 235)
The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:
Million US dollar
Balance at 1 January
Recognized in profit or loss
Recognized in other comprehensive income
Other movements and effect of changes in foreign exchange rates
Balance at 31 December
2022
2021
(10 235)
(10 607)
701
348
(177)
193
(9 518)
(166)
190
(10 235)
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 the temporary differences
on intangible assets acquired through business combinations is unlikely to revert within 12 months as they would be
realized upon impairment or disposal of these intangibles which is currently not expected. The net deferred tax liabilities
attributable to the US business and mainly related to purchase price accounting amount to 6.4 billion US dollar as of
31 December 2022.
As of 31 December 2022, deferred taxes of 11.0 billion US dollar (31 December 2021: 6.9 billion US dollar) were not
recognized on a series of tax attributes. The tax attributes for which no deferred tax asset was recognized amount to 44.5
billion US dollar compared to 27.9 billion US dollar as of 31 December 2021 and include tax losses carry forward either
confirmed or resulting from tax positions under dispute, capital losses, foreign and withholding tax credits, excess dividend
received deduction, excess interest carry forward, amongst others. 42.7 billion US dollar of these tax attributes do not have
an expiration date, 0.1 billion US dollar, 0.2 billion US dollar and 0.2 billion US dollar expire within respectively 1, 2 and 3
years, while 1.4 billion US dollar have an expiration date of more than 3 years. Deferred tax assets have not been
recognized on these items because these are either contingent assets or 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.
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