AB InBev Financial Results
Million US dollar
Cost of sales
Distribution expenses
Sales and marketing expenses
Administrative expenses
Other operating expenses
Non-underlying items
Depreciation and
impairment of
property, plant
and equipment
Depreciation, amortization and impairment charges are included in the following line items of the 2021 consolidated income
statement:
Impairment of
goodwill, tangible
and intangible
assets
Amortization and
impairment of
intangible assets
Depreciation and
impairment of
right-of-use asset
2 782
91
39
136
10
176
319
223
249
306
327
110
3
281
Depreciation, amortization and impairment
3 546
651
574
281
11. Finance cost and income
Finance cost and income included in the income statement are as follows:
2022
Finance
Finance
Million US dollar
cost
income
20211
Net
Finance
cost
Finance
income
Net
Interest income/(expense)
(3 588)
294
(3 294)
(3 674)
113
(3 560)
Net interest on net defined benefit liabilities
Accretion expense
(73)
(73)
(73)
(73)
(782)
(782)
(593)
(593)
Mark-to-market
331
331
(23)
(23)
Net interest income on Brazilian tax credits
Other financial results
168
168
118
118
(1 349)
352
(997)
(871)
200
(671)
Finance income/(cost) excluding non-
underlying items
(5 792)
Non-underlying finance income/(cost)
Finance income/(cost)
(255)
(6 047)
1 146
753
(4 646)
498
(5 234)
431
(4 803)
(806)
(806)
1 898
(4 148)
(6 040)
431
(5 609)
Net finance costs, excluding non-underlying items, were 4 646m US dollar in 2022 compared to 4 803m US dollar in 2021.
The decrease was predominantly due to a mark-to-market gain on derivatives related to the hedging of share-based
payment programs of 331m US dollar in 2022, compared to a loss of 23m US dollar in 2021, resulting in a change of 354m
US dollar.
In 2022, accretion expense includes interest on lease liabilities of 130m US dollar (2021: 123m US dollar), unwind of
discounts of 499m US dollar on payables (2021: 349m US dollar), bond fees of 64m US dollar (2021: 67m US dollar) and
interest on provisions of 89m US dollar (2021: 54m US dollar).
Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev's interest rate risk
- see also Note 27 Risks arising from financial instruments.
In 2022, Ambev, a subsidiary of AB InBev, recognized 201m US dollar income in Other operating income (refer to Note 7
Other operating income/(expenses)) related to tax credits (2021: 226m US dollar). Additionally, in 2022, Ambev recognized
168m US dollar interest income on Brazilian tax credits in Finance income (2021: 118m US dollar).
Other financial results for 2022 and 2021 include:
Million US dollar
Finance
cost
2022
Finance
income
20211
Net
Finance
cost
Finance
income
Net
Net foreign exchange gains/(losses)
(363)
(363)
(101)
(101)
Net gains/(losses) on hedging instruments
(747)
(747)
(562)
(562)
Hyperinflation monetary adjustments
286
286
152
152
Other financial income/(cost), including bank fees and taxes
Other financial results
(239)
66
(173)
(208)
48
(160)
(1 349)
352
(997)
(871)
200
(671)
1 Amended to conform to 2022 presentation.
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