AB InBev Financial Results
TRANSLATION RESERVES
The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial
statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign
currency liabilities and on the derivative financial instruments determined to be effective net investment.
HEDGING RESERVES
The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to
the extent that the hedged risk has not yet impacted profit or loss.
TRANSFERS FROM SUBSIDIARIES
Dividends payable to AB InBev by its operating subsidiaries are subject to, among other restrictions, general limitations
imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions
where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging
market countries and may affect AB InBev's flexibility in implementing a capital structure it believes to be efficient. As at
31 December 2022, the restrictions above mentioned were not deemed significant on the company's ability to access or
use the assets or settle the liabilities of its operating subsidiaries.
Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding taxes, if
applicable, generally do not exceed 15%.
OTHER COMPREHENSIVE INCOME RESERVES
The changes in the other comprehensive income reserves are as follows:
Million US dollar
As per 1 January 2022
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations
(gains/(losses))
Cash flow hedges
Re-measurements of post-employment benefits
Other comprehensive income/(loss)
As per 31 December 2022
Translation
Reserves
Hedging
reserves
Post-
employment
benefits
Total OCI
Reserves
(33 554)
481
(1 504)
(34 577)
(1123)
(1123)
(336)
483
(336)
483
(1 123)
(34 677)
(336)
483
145
(1 021)
(976)
(35 553)
The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the
Argentinean peso, the Chinese yuan, the Colombian peso and the South Africa rand, partially offset by the weakening of
the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of 1 123m US dollar as of 31
December 2022 (decrease of equity).
Post-
Million US dollar
Translation
Reserves
Hedging
reserves
employment
benefits
Total OCI
Reserves
As per 1 January 2021
(29 234)
376
(1983)
(30 841)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations
(gains/(losses))
(4 320)
(4 320)
Cash flow hedges
105
105
Re-measurements of post-employment benefits
479
479
Other comprehensive income/(loss)
(4 320)
105
479
(3 736)
As per 31 December 2021
(33 554)
481
(1 504)
(34 577)
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