AB InBev Financial Results
Liquidity position and capital resources
CASH FLOWS
Million US dollar
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash flow from operating activities
Million US dollar
Profit
(4 620)
2022
13 298
2021
14 799
(5 878)
(10 620)
(11 598)
(1942)
(2 677)
2022
2021
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
19 941
18 806
provisions
Change in working capital
(346)
Pension contributions and use of provisions
(351)
Interest and taxes (paid)/received
(6 104)
Dividends received
158
106
Cash flow from operating activities
13 298
2 459
(375)
(6 197)
14 799
Our cash flow from operating activities reached 13 298m US dollar in 2022 compared to 14 799m US dollar in 2021. The
decrease was primarily driven by changes in working capital for 2022 compared to 2021 due to (i) 2021 figures that were
impacted by lower capital expenditure and bonus accruals in 2020 and (ii) increased inventory balances in 2022.
Cash flow from investing activities
Million US dollar
Net capex
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of
Proceeds from sale/(acquisition) of other assets
Cash flow from/(used in) investing activities
2022
2021
(4 838)
(5 498)
(70)
(444)
288
65
(4 620)
(5 878)
Our cash outflow from investing activities was 4 620m US dollar in 2022 compared to a cash outflow of 5 878m US dollar
in 2021. The decrease in the cash outflow from investing activities was mainly due to lower net capital expenditures and
lower outflows from acquisition of subsidiaries in 2022 compared to 2021.
Our net capital expenditures amounted to 4 838m US dollar in 2022 and 5 498m US dollar in 2021. Out of the total 2022
capital expenditures approximately 36% was used to improve the company's production facilities while 45% was used for
logistics and commercial investments and 20% was used for improving administrative capabilities and for the purchase of
hardware and software.
Cash flow from financing activities
Million US dollar
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
2022
(2442)
2021
(2 364)
(7 174)
(8 511)
(610)
(531)
(394)
(192)
(10 620)
(11 598)
Our cash outflow from financing activities amounted to 10 620m US dollar in 2022, as compared to a cash outflow of
11 598m US dollar in 2021.
In addition to a very comfortable debt maturity profile and strong cash flow generation, as of 31 December 2022, we had
total liquidity of 20.0 billion US dollar, which consisted of 10.1 billion US dollar available under committed long-term credit
facilities and 9.9 billion US dollar of cash, cash equivalents and short-term investments in debt securities less bank
overdrafts. Although we may borrow such amounts to meet our liquidity needs, we principally rely on cash flows from
operating activities to fund the company's operations.
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