AB InBev Financial Results
The tables below set out the components of our operating income and operating expenses, as well as the key cash flow
figures.
For the year ended 31 December
Million US dollar
Revenue¹
Cost of sales
2022
%
2021
%
57 786
(26 305)
100%
46%
54 304
100%
(23 097)
43%
Gross profit
SG&A
31 481
54%
31 207
57%
(17 555)
30%
(17 574)
32%
Other operating income/(expenses)
Normalized profit from operations (Normalized EBIT)
Non-underlying items
841
1%
805
1%
14 768
26%
14 438
27%
(251)
0%
(614)
1%
Profit from operations (EBIT)
14 517
25%
13 824
25%
Depreciation, amortization and impairment
5 074
9%
4 771
9%
Non-underlying impairment
3
0%
281
1%
Normalized EBITDA
19 843
34%
19 209
35%
EBITDA
19 594
34%
18 876
35%
Normalized profit attributable to equity holders of AB InBev
6 454
11%
5 723
11%
Profit attributable to equity holders of AB InBev
5 969
10%
4 670
9%
For the year ended 31 December
Million US dollar
2022
2021
Operating activities
Profit
7 597
6 114
Interest, taxes and non-cash items included in profit
12 344
12 693
Cash flow from operating activities before changes in working capital and use of
provisions
19 941
18 806
Change in working capital
Pension contributions and use of provisions
Interest and taxes (paid)/received
(351)
(6 104)
(346)
2 459
(375)
(6 197)
Dividends received
Cash flow from operating activities
158
13 298
106
14 799
Investing activities
Net capex
(4 838)
Acquisition and sale of subsidiaries, net of cash acquired/disposed of
Net proceeds from sale/(acquisition) of other assets
(70)
(5 498)
(444)
288
65
Cash flow from/ (used in) investing activities
(4 620)
(5 878)
Financing activities
Dividends paid
Net (payments on)/proceeds from borrowings
Payment of lease liabilities
Sale/(purchase) of non-controlling interests and other
Cash flow from/ (used in) financing activities
Net increase/(decrease) in cash and cash equivalents
(2 442)
(2 364)
(7 174)
(8 511)
(610)
(531)
(394)
(192)
(10 620)
(11 598)
(1942)
(2 677)
1 Turnover less excise taxes. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to the company's customers.
3View entire presentation