AB InBev Financial Results
31 December 2021
Million US dollar
Contractual
Less
More
than
Carrying
cash
than
amount¹
flows
1 year
1-2 years
2-3 years
3-5 years
5 years
Non-derivative financial liabilities
Unsecured bond issues
(85 726)
(152 064)
(3 479)
(3 596)
(6 192)
(13 800)
(124 997)
Trade and other payables
(26 442)
(26 643)
(25 424)
(314)
(507)
(96)
(302)
Lease liabilities
(2 277)
(2 429)
(497)
(470)
(337)
(450)
(675)
Secured bank loans
(628)
(636)
(551)
(53)
(5)
(9)
(18)
Unsecured bank loans
(106)
(106)
(106)
Unsecured other loans
(40)
(84)
(11)
(48)
(5)
(4)
(16)
Bank overdraft
(53)
(53)
(53)
(115 272)
(182 015)
(30 121)
(4 481)
(7 046)
(14 359)
(126 008)
Derivative financial liabilities
Equity derivatives
(5 412)
(5 420)
(5 420)
Foreign exchange derivatives
(166)
(166)
(166)
Cross currency interest rate swaps
Commodity derivatives
(273)
(293)
(147)
(35)
(32)
(56)
(23)
(34)
(34)
(34)
(5 885)
(5 913)
(5 767)
(35)
(32)
(56)
(23)
Of which: related to cash flow hedges
(203)
(203)
(170)
(29)
(4)
1) CAPITAL MANAGEMENT
AB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility
to execute strategic projects. AB InBev's capital structure policy and framework aims to optimize shareholder value through
cash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing
investments with returns below AB InBev's weighted average cost of capital. Besides the statutory minimum equity funding
requirements that apply to the company's subsidiaries in the different countries, AB InBev is not subject to any externally
imposed capital requirements. Management uses the same debt/equity classifications as applied in the company's IFRS
reporting to analyze the capital structure.
J) FAIR VALUE
The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement
of financial position:
Million US dollar
Foreign currency
Assets
Liabilities
Net
31 December
2022
31 December 31 December 31 December 31 December
2021
2022
31 December
2021
2022
2021
Foreign exchange forwards
Foreign currency futures
223
238
(265)
(129)
(42)
109
4
(37)
4
(37)
Interest rate
Interest rate swaps
38
(5)
(5)
Cross currency interest rate swaps
63
111
(187)
(273)
(124)
38
(162)
Commodities
Aluminum swaps
52
178
Sugar futures
4
Energy
12
29
Other commodity derivatives
32
62
2228
(174)
(20)
13
-
(28)
(69)
(13)
་་ྱ
(2)
(122)
158
4
13
(16)
27
(37)
50
Equity
Equity derivatives
391
669
(4 763)
(5 492)
(5 412)
(5 886)
(4763)
(5 101)
(5412)
(5 216)
Of which:
Non-current
60
48
Current
331
621
(184)
(5 308)
(100)
(5 786)
(124)
(4 977)
(52)
(5 164)
The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities
as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other
1 "Carrying amount" refers to the net book value as recognized in the statement of financial position at each reporting date.
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