Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | BUD |
Entity Registrant Name | ANHEUSER-BUSCH INBEV SA/NV |
Entity Central Index Key | 0001668717 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,693,242,156 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Revenue | $ 54,619 | $ 56,444 | $ 45,517 |
Cost of sales | (20,359) | (21,386) | (17,803) |
Gross profit | 34,259 | 35,058 | 27,715 |
Distribution expenses | (5,770) | (5,876) | (4,543) |
Sales and marketing expenses | (7,883) | (8,382) | (7,745) |
Administrative expenses | (3,465) | (3,841) | (2,883) |
Other operating income/(expenses) | 680 | 854 | 732 |
Restructuring | (385) | (468) | (323) |
Acquisition costs business combinations | (74) | (155) | (448) |
Business and asset disposal | (26) | (39) | 377 |
Provision for EU investigation | (230) | ||
Profit from operations | 17,106 | 17,152 | 12,882 |
Finance cost | (9,168) | (6,885) | (9,382) |
Finance income | 440 | 378 | 818 |
Net finance income/(cost) | (8,729) | (6,507) | (8,564) |
Share of result of associates and joint ventures | 153 | 430 | 16 |
Profit before tax | 8,530 | 11,076 | 4,334 |
Income tax expense | (2,839) | (1,920) | (1,613) |
Profit from continuing operations | 5,691 | 9,155 | 2,721 |
Profit from discontinued operations | 28 | 48 | |
Profit of the period | 5,691 | 9,183 | 2,769 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,968 | 1,193 |
Non-controlling interest | 1,323 | 1,187 | 1,528 |
Attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Non-controlling interest | $ 1,323 | $ 1,187 | $ 1,528 |
Basic earnings per share | $ 2.21 | $ 4.06 | $ 0.72 |
Diluted earnings per share | 2.17 | 3.98 | 0.71 |
Basic earnings per share from continuing operations | 2.21 | 4.04 | 0.69 |
Diluted earnings per share from continuing operations | $ 2.17 | $ 3.96 | $ 0.68 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
Profit of the period | $ 5,691 | $ 9,183 | $ 2,769 |
Other comprehensive income: items that will not be reclassified to profit or loss: | |||
Re-measurements of post-employment benefits | 99 | (37) | (226) |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 99 | (37) | (226) |
Other comprehensive income: items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | (7,924) | 1,716 | (2,918) |
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | ||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||
Effective portion of changes in fair value of net investment hedges | 114 | (542) | (161) |
Cash flow hedges recognized in equity | 512 | (60) | 110 |
Cash flow hedges reclassified from equity to profit or loss | (565) | (36) | (3) |
Other comprehensive income that will be reclassified to profit or loss net of tax | (7,863) | 1,077 | (1,234) |
Other comprehensive income, net of tax | (7,764) | 1,040 | (1,460) |
Total comprehensive income | (2,073) | 10,223 | 1,309 |
Attributable to: | |||
Equity holders of AB InBev | (3,005) | 8,838 | (275) |
Non-controllinginterest | $ 932 | $ 1,385 | $ 1,584 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | ||
Property, plant and equipment | $ 25,910 | $ 27,184 |
Goodwill | 133,311 | 140,940 |
Intangible assets | 44,831 | 45,874 |
Investments in associates and joint ventures | 6,136 | 5,263 |
Investment securities | 108 | 100 |
Deferred tax assets | 1,457 | 1,216 |
Employee benefits | 16 | 22 |
Income tax receivables | 992 | 708 |
Derivatives | 291 | 25 |
Trade and other receivables | 769 | 834 |
Non-current assets | 213,822 | 222,166 |
Current assets | ||
Investment securities | 87 | 1,304 |
Inventories | 4,234 | 4,119 |
Income tax receivables | 457 | 908 |
Derivatives | 16 | 458 |
Trade and other receivables | 6,375 | 6,566 |
Cash and cash equivalents | 7,074 | 10,472 |
Assets classified as held for sale | 39 | 133 |
Current assets | 18,281 | 23,960 |
Total assets | 232,103 | 246,126 |
Equity | ||
Issued capital | 1,736 | 1,736 |
Share premium | 17,620 | 17,620 |
Reserves | 19,056 | 24,835 |
Retained earnings | 26,074 | 28,394 |
Equity attributable to equity holders of AB InBev | 64,486 | 72,585 |
Non-controlling interests | 7,418 | 7,635 |
Total equity | 71,904 | 80,220 |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 105,584 | 108,949 |
Employee benefits | 2,681 | 2,993 |
Deferred tax liabilities | 13,165 | 13,107 |
Income tax payables | 576 | 732 |
Derivatives | 766 | 937 |
Trade and other payables | 1,816 | 1,462 |
Provisions | 1,152 | 1,515 |
Non-current liabilities | 125,740 | 129,695 |
Current liabilities | ||
Bank overdrafts | 114 | 117 |
Interest-bearing loans and borrowings | 4,216 | 7,433 |
Income tax payables | 1,220 | 1,558 |
Derivatives | 5,574 | 1,457 |
Trade and other payables | 22,568 | 24,762 |
Provisions | 766 | 885 |
Current liabilities | 34,459 | 36,211 |
Total equity and liabilities | $ 232,103 | $ 246,126 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity € in Millions, $ in Millions | USD ($) | EUR (€) | Issued capital [member]USD ($) | Share premium [member]USD ($) | Treasury shares [member]USD ($) | Reserves [member]USD ($) | Share-based payment reserves [member]USD ($) | OCI reserves [member]USD ($) | Deferred share instrument [member]USD ($) | Retained earnings [member]USD ($) | Equity attributable to owners of parent [member]USD ($) | Non-controlling interest [member]USD ($) | ||
Beginning balance at Dec. 31, 2015 | $ 45,719 | $ 1,736 | $ 17,620 | $ (1,626) | $ 1,264 | $ (14,110) | $ 1,304 | $ 35,949 | $ 42,137 | $ 3,582 | ||||
Profit | 2,769 | 1,241 | 1,241 | 1,528 | ||||||||||
Other comprehensive income | ||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | (3,079) | (3,265) | (3,265) | 186 | ||||||||||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | (7,099) | (7,099) | |||||||||||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | 8,837 | 8,837 | |||||||||||
Cash flow hedges | 107 | 223 | 223 | (116) | ||||||||||
Re-measurements of post-employment benefits | (226) | (212) | (212) | (14) | ||||||||||
Total comprehensive income | 1,309 | (1,516) | 1,241 | (275) | 1,584 | |||||||||
Issuance of restricted shares for SAB ordinary shares | 36,772 | 9,528 | 27,244 | 36,772 | ||||||||||
Transfer to reserves | [1] | (9,528) | (27,244) | (8,953) | $ 45,726 | |||||||||
Acquisitions through business combinations | [2] | 6,201 | 6,201 | |||||||||||
Dividends | (8,480) | € (6,947) | (92) | (7,041) | (7,133) | (1,347) | ||||||||
Treasury shares | 50 | 174 | (124) | 50 | ||||||||||
Share-based payments | 180 | 173 | 173 | 7 | ||||||||||
Scope and other changes | [3] | (327) | 1,425 | (1,812) | (386) | 59 | ||||||||
Ending balance at Dec. 31, 2016 | 81,425 | 1,736 | 17,620 | (8,980) | 45,726 | 1,437 | (15,626) | [1] | 1,212 | 28,214 | 71,339 | 10,086 | ||
Profit | 9,183 | 7,996 | 7,996 | 1,187 | ||||||||||
Other comprehensive income | ||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | 1,174 | 1,053 | [1] | 1,053 | 121 | |||||||||
Cash flow hedges | (96) | (158) | [1] | (158) | 61 | |||||||||
Re-measurements of post-employment benefits | (37) | (53) | [1] | (53) | 16 | |||||||||
Total comprehensive income | 10,223 | 842 | [1] | 7,996 | 8,838 | 1,385 | ||||||||
Dividends | (9,230) | (6,956) | (93) | (7,821) | (7,914) | (1,316) | ||||||||
Share-based payments | 333 | 316 | 316 | 18 | ||||||||||
Purchase/(sale) of non-controlling interest | (2,401) | (2,401) | ||||||||||||
Scope and other changes | (132) | 5 | 5 | (137) | ||||||||||
Ending balance at Dec. 31, 2017 | 80,220 | 1,736 | 17,620 | (8,980) | 45,726 | 1,753 | (14,784) | [1] | 1,119 | 28,394 | 72,585 | 7,635 | ||
Impact of adopting IFRSs 9 and 151 | (46) | (4) | (4) | (42) | ||||||||||
Beginning balance, as adjusted at Dec. 31, 2017 | 80,174 | 1,736 | 17,620 | (8,980) | 45,726 | 1,753 | (14,784) | [1] | 1,119 | 28,390 | 72,581 | 7,593 | ||
Profit | 5,691 | 4,368 | 4,368 | 1,323 | ||||||||||
Other comprehensive income | ||||||||||||||
Exchange differences on translation of foreign operations (gains/(losses)) | (7,810) | (7,379) | [1] | (7,379) | (431) | |||||||||
Cash flow hedges | (52) | (92) | [1] | (92) | 40 | |||||||||
Re-measurements of post-employment benefits | 99 | 98 | [1] | 98 | 1 | |||||||||
Total comprehensive income | (2,073) | (7,373) | [1] | 4,368 | (3,005) | 932 | ||||||||
Dividends | (7,437) | € (3,522) | (56) | (6,258) | (6,314) | (1,123) | ||||||||
Treasury shares | [1] | 2,431 | $ (1,063) | (1,368) | ||||||||||
Share-based payments | 290 | 284 | 284 | 6 | ||||||||||
Purchase/(sale) of non-controlling interest | 429 | 429 | (429) | |||||||||||
Hyperinflation monetary adjustments | 905 | 560 | 560 | 345 | ||||||||||
Scope and other changes | 46 | (48) | (48) | 94 | ||||||||||
Ending balance at Dec. 31, 2018 | $ 71,904 | $ 1,736 | $ 17,620 | $ (6,549) | $ 45,726 | $ 2,037 | $ (22,157) | [1] | $ 26,074 | $ 64,486 | $ 7,418 | |||
[1] | See Note 23 Changes in equity and earnings per share. | |||||||||||||
[2] | See Note 6 Acquisitions and disposals. | |||||||||||||
[3] | During 2016, the company reclassified the results of treasury shares of 1452m US dollar to retained earnings. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Profit of the period | $ 5,691 | $ 9,183 | $ 2,769 |
Depreciation, amortization and impairment | 4,260 | 4,276 | 3,477 |
Impairment losses on receivables, inventories and other assets | 115 | 130 | 110 |
Additions/(reversals) in provisions and employee benefits | 505 | 178 | 293 |
Net finance cost/(income) | 8,729 | 6,507 | 8,564 |
Loss/(gain) on sale of property, plant and equipment and intangible assets | (82) | (117) | (4) |
Loss/(gain) on sale of subsidiaries, associates and assets held for sale | (20) | (47) | (410) |
Equity-settled share-based payment expense | 337 | 351 | 231 |
Income tax expense | 2,839 | 1,920 | 1,613 |
Other non-cash items included in profit | (660) | (284) | (286) |
Share of result of associates and joint ventures | (153) | (430) | (16) |
Cash flow from operating activities before changes in working capital and use of provisions | 21,561 | 21,667 | 16,341 |
Decrease/(increase) in trade and other receivables | (38) | 67 | (714) |
Decrease/(increase) in inventories | (603) | (213) | (364) |
Increase/(decrease) in trade and other payables | 1,153 | 365 | 1,251 |
Pension contributions and use of provisions | (488) | (616) | (470) |
Cash generated from operations | 21,585 | 21,270 | 16,044 |
Interest paid | (4,445) | (4,652) | (3,279) |
Interest received | 428 | 811 | 558 |
Dividends received | 141 | 142 | 43 |
Income tax paid | (3,047) | (2,141) | (3,256) |
CASH FLOW FROM OPERATING ACTIVITIES | 14,663 | 15,430 | 10,110 |
INVESTING ACTIVITIES | |||
Acquisition of property, plant and equipment and of intangible assets | (5,086) | (4,741) | (4,979) |
Proceeds from sale of property, plant and equipment and of intangible assets | 437 | 617 | 211 |
Acquisition of SAB, net of cash acquired | (65,166) | ||
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | 16,342 |
Taxes on SAB transaction-related divestitures | (100) | (3,449) | 16,342 |
Acquisition of subsidiaries, net of cash acquired | (112) | (598) | (1,445) |
Sale of subsidiaries, net of cash disposed of | 257 | 42 | 653 |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 1,296 | 4,337 | (5,583) |
Net proceeds from sale/(acquisition) of other assets | (172) | (264) | 119 |
Net repayments/(payments) of loans granted | (156) | 213 | (229) |
CASH FLOW FROM INVESTING ACTIVITIES | (3,965) | 7,854 | (60,077) |
FINANCING ACTIVITIES | |||
Purchase of non-controlling interest | (923) | (206) | (10) |
Proceeds from borrowings | 17,782 | 13,352 | 86,292 |
Payments on borrowings | (22,489) | (23,333) | (23,617) |
Cash net finance (cost)/income other than interests | (554) | (1,542) | (3,484) |
Dividends paid | (7,761) | (9,275) | (8,450) |
CASH FLOW FROM FINANCING ACTIVITIES | (13,945) | (21,004) | 50,731 |
Net increase/(decrease) in cash and cash equivalents | (3,247) | 2,280 | 764 |
Cash and cash equivalents less bank overdrafts at beginning of year | 10,356 | 8,395 | 6,910 |
Effect of exchange rate fluctuations | (148) | (319) | 721 |
Cash and cash equivalents less bank overdrafts at end of period | $ 6,960 | $ 10,356 | $ 8,395 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Corporate information | Corporate information Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). Our Dream is to bring people together for a better world. Beer, the original social network, has been bringing people together for thousands of years. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® The consolidated financial statements of the company for the year ended 31 December 2018 comprise the company and its subsidiaries (together referred to as “AB InBev” or the “company”) and the company’s interest in associates, joint ventures and operations. The consolidated financial statements were authorized for issue by the Board of Directors on 13 March 2019. |
Statement of compliance
Statement of compliance | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Statement of compliance | Statement of compliance The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB”) and in conformity with IFRS as adopted by the European Union up to 31 December 2018 (collectively “IFRS”). AB InBev did not early apply any new IFRS requirements that were not yet effective in 2018 and did not apply any European carve-outs from IFRS. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements by the company and its subsidiaries. (A) BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), the cost approach is applied. (B) FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. (C) USE OF ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. (D) PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases. The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev’s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control. All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES IFRS WITH EFFECTIVE APPLICATION FOR ANNUAL PERIODS BEGINNING ON 1 ST IFRS 9 Financial Instruments Revenue from Contracts with Customers IFRS 9 Financial Instruments IFRS 9 replaces IAS 39 and contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. The new hedge accounting model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities. IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. The company has applied IFRS 9 Financial Instruments Financial Instruments Under IFRS 9 the carrying amount of a debt should be adjusted when a modification does not result in the derecognition of the financial instrument. Consequently, the company adjusted the carrying amount of its debt against Retained earnings. This resulted in a decrease of the carrying amount of the debt by 77m US dollar. IFRS 15 Revenue from Contracts with Customers The core principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improves guidance for multiple-element arrangements. The company has applied IFRS 15 Revenue from Contracts with Customers A number of other new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning on 1 January 2018 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. (F) FOREIGN CURRENCIES FOREIGN CURRENCY TRANSACTIONS Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates ruling at the dates the fair value was determined. TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES In May 2018, the Argentinean peso underwent a severe devaluation resulting in the three-year cumulative inflation of Argentina to exceed 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the balance sheet and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. EXCHANGE RATES The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 37.807879 18.774210 15.850116 — 16.580667 14.762591 Australian dollar 1.416593 1.279580 1.384689 1.334300 1.308997 1.3440978 Brazilian real 3.874806 3.308005 3.259106 3.634827 3.201667 3.474928 Canadian dollar 1.362882 1.253982 1.345983 1.293896 1.303248 1.318844 Colombian peso 3 246.70 2 988.60 3 002.14 2 967.36 2 965.94 2 986.89 Chinese yuan 6.877787 6.507500 6.944520 6.581607 6.785290 6.607635 Euro 0.873362 0.833819 0.948677 0.845697 0.886817 0.902821 Mexican peso 19.682728 19.735828 20.663842 19.195084 18.811612 18.464107 Pound sterling 0.781249 0.739790 0.812238 0.750773 0.773029 0.737400 Peruvian nuevo sol 3.369998 3.244558 3.352820 3.284477 3.267432 3.394121 South Korean won 1 115.40 1 067.63 1 203.90 1 095.46 1 134.04 1 154.50 South African rand 14.374909 12.345193 13.714953 13.105486 13.338803 14.0166901 Turkish lira 5.291532 3.790879 3.516940 4.560685 3.615028 3.50148 (G) INTANGIBLE ASSETS RESEARCH AND DEVELOPMENT Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy O). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUPPLY AND DISTRIBUTION RIGHTS A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. BRANDS If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. SOFTWARE Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. OTHER INTANGIBLE ASSETS Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. SUBSEQUENT EXPENDITURE Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. AMORTIZATION Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy O). GAINS AND LOSSES ON SALE Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. (H) BUSINESS COMBINATIONS The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss. (I) GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations (J) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy O). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUBSEQUENT EXPENDITURE The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. DEPRECIATION The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life. GAINS AND LOSSES ON SALE Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. (K) ACCOUNTING FOR LEASES Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and O). Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place. (L) INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. (M) TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. (N) CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. (O) IMPAIRMENT The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indicator of impairment, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. CALCULATION OF RECOVERABLE AMOUNT The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. REVERSAL OF IMPAIRMENT LOSSES Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (P) FAIR VALUE MEASUREMENT A number of AB InBev’s accounting policies and notes require fair value measurement for both financial and non-financial items. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: inputs are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: fair value measurements incorporates significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. DERIVATIVES The fair value of exchange traded derivatives (e.g. exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g. the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. DEBT SECURITIES This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. EQUITY SECURITIES DESIGNATED AS AT FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. NON-DERIVATIVE FINANCIAL LIABILITIES The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall into level 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are discounted using a risk adjusted rate. (Q) SHARE CAPITAL REPURCHASE OF SHARE CAPITAL When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. DIVIDENDS Dividends paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability. SHARE ISSUANCE COSTS Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (R) PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. RESTRUCTURING A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes. ONEROUS CONTRACTS A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. DISPUTES AND LITIGATIONS A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters. (S) EMPLOYEE BENEFITS POST-EMPLOYMENT BENEFITS Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined ben |
Use of estimates and judgments
Use of estimates and judgments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Use of estimates and judgments | Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and the understanding of its results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax. The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows. The company uses its judgment to select a variety of methods including the discounted cash flow method and option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each balance sheet date. Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expense and liability. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy. The company is subject to income tax in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some subsidiaries within the group are involved in tax audits and local enquiries usually in relation to prior years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the balance sheet date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimation is made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period such determination is made. Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are further discussed in the relevant notes hereafter. In preparing these consolidated financial statements, the significant judgments made by management in applying the company’s accounting policies and the key sources of estimating uncertainty mainly related to the reporting of the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses into AB InBev Efes that closed on 30 March 2018 – see Note 6 Acquisitions and disposals of Subsidiaries Investments in associates In May 2018, the Argentinean peso underwent a severe devaluation resulting in the three-year cumulative inflation of Argentina to exceed 100% in 2018, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies Consequently, the company has applied hyperinflation accounting for its Argentinean subsidiaries for the first time in these consolidated financial statements applying the IAS 29 rules as follows: • Hyperinflation accounting was applied as of 1 January 2018; • Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of Argentina were restated using an inflation index. The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2017 were reported in retained earnings and the impacts of changes in the general purchasing power from 1 January 2018 are reported through the income statement on a dedicated account for hyperinflation monetary adjustments in the finance line (see also Note 11 Finance cost and income • The income statement is adjusted at the end of each reporting period using the change in the general price index and is converted at the closing exchange rate of each period (rather than the year to date average rate for non-hyperinflationary economies), thereby restating the year to date income statement account both for inflation index and currency conversion; • The prior year income statement and balance sheet of the Argentinean subsidiaries were not restated. In 2017, the Argentinean operations represented 3.6% of the company’s consolidated revenue. The Argentinean full year 2017 results were translated at an average rate of 16.580667 Argentinean pesos per US dollar. The 2018 results, restated for purchasing power, were translated at the December closing rate of 37.807879 Argentinean pesos per US dollar. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates During 2018, the company finalized the re-measurement of current and deferred taxes resulting from the US Tax reform enacted on 22 December 2017, based on published regulation and guidance. Such remeasurement did not result in material changes to the reported current and deferred taxes. See Note 12 Income taxes |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Segment reporting | Segment reporting Segment information is presented by geographical segments, consistent with the information that is available and evaluated regularly by the chief operating decision maker. AB InBev operates its business through seven business segments. Regional and operating company management is responsible for managing performance, underlying risks, and effectiveness of operations. Internally, AB InBev’s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and to make decisions regarding allocation of resources. The company’s six geographic regions: North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific, plus its Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes. The results of the former SAB Central and Eastern European Business were reported as “Results from discontinued operations” until the completion of the disposal that took place on 31 March 2017. The results of Distell were reported as share of results of associates until the completion of the sale that occurred on 12 April 2017, and accordingly, are excluded from normalized EBIT and EBITDA. Furthermore, the company stopped consolidating CCBA in its consolidated financial statements as from the completion of the transition of CCBA on 4 October 2017 and, following the completion of the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses on 30 March 2018, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes as results of associates as of that date. All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). North America Latin America Latin America Latin America EMEA 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Volume 111 114 117 115 111 64 115 119 118 34 34 32 87 132 75 Revenue 15 504 15 588 15 698 9 999 9 238 5 188 8 990 9 775 8 461 2 863 3 363 2 850 8 374 10 344 6 010 Normalized EBITDA 6 150 6 329 6 250 5 196 4 512 2 376 3 926 4 180 3 751 1 381 1 595 1 431 3 000 3 349 1 774 Normalized EBITDA margin % 39.7 % 40.6 % 39.8 % 52.0 % 48.8 % 45.8 % 43.7 % 42.8 % 44.3 % 48.2 % 47.4 % 50.2 % 35.8 % 32.4 % 29.6 % Depreciation, amortization and impairment (790 ) (843 ) (809 ) (653 ) (616 ) (388 ) (761 ) (848 ) (750 ) (265 ) (207 ) (191 ) (770 ) (843 ) (473 ) Normalized profit from operations (EBIT) 5 360 5 486 5 441 4 544 3 896 1 988 3 165 3 332 3 001 1 116 1 388 1 240 2 230 2 507 1 302 Exceptional items (see Note 8) (10 ) 4 (29 ) (125 ) (153 ) 252 5 (18 ) (20 ) (31 ) (13 ) (12 ) (370 ) (144 ) (118 ) Profit from operations (EBIT) 5 350 5 490 5 412 4 419 3 743 2 240 3 170 3 314 2 981 1 085 1 375 1 228 1 860 2 363 1 184 Net finance income/(cost) Share of results of associates and joint ventures Income tax expense Profit from continuing operations Discontinued operations Profit/(loss) Segment assets (non-current) 63 180 63 045 62 467 69 100 71 219 69 472 12 422 13 756 13 656 3 074 2 396 2 357 42 063 45 920 41 749 Gross capex 858 530 895 1 227 1 079 710 636 580 709 279 323 389 1 177 1 086 1 001 FTE 19 150 19 306 19 314 47 042 48 892 51 418 37 387 38 651 40 416 9 214 9 603 9 571 23 604 26 823 43 456 Asia Pacific Global Export and holding Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 Volume 104 102 92 — 1 2 567 613 500 Revenue 8 470 7 804 6 074 419 332 1 237 54 619 56 444 45 517 Normalized EBITDA 3 082 2 695 1 639 (656 ) (577 ) (474 ) 22 080 22 084 16 753 Normalized EBITDA margin % 36.4 % 34.5 % 27.1 % 40.4 % 39.1 % 36.8 % Depreciation, amortization and impairment (752 ) (660 ) (658 ) (267 ) (253 ) (210 ) (4 260 ) (4 270 ) (3 477 ) Normalized profit from operations (EBIT) 2 330 2 035 987 (923 ) (830 ) (683 ) 17 821 17 814 13 276 Exceptional items (see Note 8) (65 ) (97 ) (84 ) (119 ) (241 ) (383 ) (715 ) (662 ) (394 ) Profit from operations (EBIT) 2 265 1 939 903 (1 042 ) (1 071 ) (1 066 ) 17 106 17 152 12 882 Net finance income/(cost) (8 729 ) (6 507 ) (8 564 ) Share of results of associates and joint ventures 153 430 16 Income tax expense (2 839 ) (1 920 ) (1 613 ) Profit from continuing operations 5 691 9 155 2 721 Discontinued operations — 28 48 Profit/(loss) 5 691 9 183 2 769 Segment assets (non-current) 22 412 24 088 22 071 1 609 1 741 1 797 213 861 222 166 213 569 Gross capex 687 635 837 233 247 379 5 086 4 479 4 919 FTE 31 523 36 386 39 213 4 683 3 254 3 245 172 603 182 915 206 633 For the period ended 31 December 2018, net revenue from the beer business amounted to 50 134m US dollar (31 December 2017: 50 301m US dollar; 31 December 2016: 41 421m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 4 485m US dollar (31 December 2017: 6 143m US dollar; 31 December 2016: 4 096m US dollar). On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 710m US dollar (2017: 704m US dollar; 2016: 687m US dollar) and non-current assets located in the country of domicile represented 1 746m US dollar (2017: 1 658m US dollar, 2016: 1 440m US dollar). |
Acquisitions and disposals of s
Acquisitions and disposals of subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Acquisitions and disposals of subsidiaries | 6. Acquisitions and disposals of subsidiaries The table below summarizes the impact of acquisitions and disposals on the statement of financial position and cash flows of AB InBev for 31 December 2018 and 31 December 2017: Million US dollar 2018 2017 2018 2017 Non-current assets Property, plant and equipment 2 169 (310 ) — Intangible assets 24 417 (17 ) — Deferred tax assets 23 — — — Trade and other receivables — 1 (86 ) — Current assets Inventories 17 9 (84 ) — Income tax receivables — — (2 ) — Trade and other receivables 2 20 (79 ) — Cash and cash equivalents 8 5 (6 ) — Assets held for sale — 27 (27 ) — Non-current liabilities Interest-bearing loans and borrowings (3 ) (1 ) — — Deferred tax liabilities — (74 ) 4 — Current liabilities Trade and other payables (19 ) (24 ) 406 — Net identifiable assets and liabilities 54 549 (201 ) — Non-controlling interest — (114 ) 1 — Goodwill on acquisitions and goodwill disposed of 107 398 (652 ) — Loss/(gain) on disposal — — (15 ) (42 ) Consideration to be (paid)/received (112 ) (375 ) 47 — Net cash paid on prior years acquisitions 68 136 — — Recycling of cumulative translation adjustment in respect of net assets — — (584 ) — Contribution in kind — — 1 150 — Consideration paid/(received) 117 594 (254 ) (42 ) Cash (acquired)/ disposed of (5 ) (5 ) (3 ) — Net cash outflow / (inflow) 112 589 (257 ) (42 ) On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following the closing of the transaction, the operations of AB InBev and Anadolu Efes in Russia and Ukraine are combined under AB InBev Efes. The combined business is fully consolidated in the Anadolu Efes financial accounts. As a result of the transaction, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes under the equity method as of that date. See also Note 16 Investments in associates The transaction described above involved the contribution by AB InBev of its existing Russia and Ukraine businesses to AB InBev Efes in exchange for a 50% ownership in AB InBev Efes. In line with IFRS, the contribution by AB InBev of its existing Russia and Ukraine businesses to AB InBev Efes, with AB InBev losing control, is accounted for as a deemed disposal and the 50% non-controlling interest AB InBev received in AB InBev Efes in exchange for such contribution is accounted for as a deemed acquisition of an investment in associate, with both acquisition and disposal measured at their fair value estimated at 1.15 billion US dollar representing the estimated value of the 50 % investment AB InBev will hold in AB InBev Efes after adjustment for net debt. When a parent loses control of a subsidiary, IFRS 10 requires all assets and liabilities of the former subsidiary to be derecognized and any gain or loss associated with the deemed disposal interest to be recognized in the consolidated income statement. IFRS also requires that any amounts previously recognized in the consolidated statement of other comprehensive income, including historical translation adjustments, be recycled to the consolidated income statement, at the date when control is lost. AB InBev has derecognized 573m US dollar net assets related to its former Russia and Ukraine businesses and has recycled 584m US dollar from other comprehensive income to the consolidated income statement, resulting in a net exceptional, non-cash loss of 7m US dollar (see also Note 8 Exceptional items In the first quarter of 2017, AB InBev and Keurig Green Mountain, Inc. established a joint venture for conducting research and development of an in-home alcohol drink system, focusing on the US and Canadian markets. The transaction included the contribution of intellectual property and manufacturing assets from Keurig Green Mountain, Inc. Pursuant to the terms of the joint venture agreement, AB InBev owns 70% of the voting and economic interest in the joint venture. Under IFRS, this transaction was accounted for as a business combination as AB InBev was deemed as the accounting acquirer as per IFRS rules. The company undertook a series of additional acquisitions and disposals during 2017 and 2018, with no significant impact in the company’s consolidated financial statements. |
Other operating income_(expense
Other operating income/(expenses) | 12 Months Ended |
Dec. 31, 2018 | |
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Other operating income/(expenses) | Other operating income/(expenses) Million US dollar 2018 2017 2016 Government grants 317 404 432 License income 45 65 65 Net (additions to)/reversals of provisions (11 ) (4 ) (50 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 80 154 37 Net rental and other operating income 249 235 248 Other operating income/(expenses) 680 854 732 The government grants relate primarily to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company’s operations and developments in those regions. In 2018, the company expensed 285m US dollar in research, compared to 276m US dollar in 2017 and 244m US dollar in 2016. The spend focused on product innovations, market research, as well as process optimization and product development. |
Exceptional items
Exceptional items | 12 Months Ended |
Dec. 31, 2018 | |
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Exceptional items | Exceptional items IAS 1 Presentation of financial statements Segment Reporting The exceptional items included in the income statement are as follows: Million US dollar 2018 2017 2016 Restructuring (385 ) (468 ) (323 ) Acquisition costs business combinations (74 ) (155 ) (448 ) Business and asset disposal (including impairment losses) (26 ) (39 ) 377 Provision for EU investigation (230 ) — — Impact on profit from operations (715 ) (662 ) (394 ) The exceptional restructuring charges for 2018 total (385)m US dollar (2017: (468)m US dollar; 2016: (323)m US dollar). These charges primarily relate to the SAB integration. These changes aim to eliminate overlap or duplicated processes, taking into account the right match of employee profiles with the new organizational requirements. These one-time expenses, as a result of the series of decisions, provide the company with a lower cost base in addition to a stronger focus on AB InBev’s core activities, quicker decision-making Acquisition costs of business combinations amount to (74)m US dollar in 2018, primarily related to cost incurred to facilitate the combination with SAB and cost incurred to recover the Budweiser distribution rights in Argentina from Compañia Cervecerías Unidas S.A. (“CCU”) – see Note 15 Intangible assets Business and asset disposals amount to (26)m US dollar in 2018 and mainly result from the IFRS treatment of the 50:50 merger of AB InBev’s and Anadolu Efes’ Russia and Ukraine businesses and related transaction cost (see also Note 6 Acquisitions and disposals of subsidiaries In 2016, the European Commission announced an investigation into alleged abuse of a dominant position by AB InBev in Belgium through certain practices aimed at restricting trade from other European Union member states to Belgium. In connection with these ongoing proceedings, AB InBev recognized a provision of 230m US dollar in 2018. The company incurred exceptional net finance cost of (1 982)m US dollar for 2018 (2017: (693)m US dollar cost; 2016: (3 356)m US dollar cost) – see Note 11 Finance cost and income All the above amounts are before income taxes. The exceptional items as of 31 December 2018 decreased income taxes by 240m US dollar, decreased income taxes by 830m US dollar in 2017 and decreased income taxes by 77m US dollar in 2016. The 2017 decrease of income taxes, mainly related to a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017 partially offset by provisions accrued for tax contingencies covered by the Brazilian Federal Tax Regularization Program entered into by Ambev – see Note 12 Income taxes Deferred tax assets and liabilities Non-controlling interest on the exceptional items amounts to 32m US dollar in 2018 (2017: 526m US dollar; 2016: 13m US dollar). |
Payroll and related benefits
Payroll and related benefits | 12 Months Ended |
Dec. 31, 2018 | |
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Payroll and related benefits | Payroll and related benefits Million US dollar 2018 2017 2016 Wages and salaries (4 726 ) (4 884 ) (4 404 ) Social security contributions (698 ) (699 ) (647 ) Other personnel cost (708 ) (762 ) (580 ) Pension expense for defined benefit plans (193 ) (196 ) (194 ) Share-based payment expense (353 ) (359 ) (228 ) Contributions to defined contribution plans (116 ) (118 ) (77 ) Payroll and related benefits (6 794 ) (7 018 ) (6 130 ) The number of full time equivalents can be split as follows: 2018 2017 2016 AB InBev NV (parent company) 180 215 225 Other subsidiaries 172 423 182 700 206 408 Total number of FTE 172 603 182 915 206 633 The 2018 reduction in FTE mainly results from the combination of the AB InBev Russia and Ukraine businesses under AB InBev Efes. As a result of the transaction, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes under the equity method as of that date. See also Note 6 Acquisitions and disposals of subsidiaries. The 2017 increase in payroll and related benefits is mainly due to the full year reporting of the retained operations following the combination with SAB, whereas the reduction in FTEs mainly results from the disposals completed during the year. |
Additional information on opera
Additional information on operating expenses by nature | 12 Months Ended |
Dec. 31, 2018 | |
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Additional information on operating expenses by nature | 10. Additional information on operating expenses by nature Depreciation, amortization and impairment charges are included in the following line items of the 2018 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 841 67 — Distribution expenses 186 3 — Sales and marketing expenses 420 165 — Administrative expenses 309 260 — Other operating expenses 8 — — Depreciation, amortization and impairment 3 764 496 — Depreciation, amortization and impairment charges are included in the following line items of the 2017 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 817 40 — Distribution expenses 199 4 — Sales and marketing expenses 425 196 — Administrative expenses 337 248 — Other operating expenses 4 — 6 Depreciation, amortization and impairment 3 782 488 6 Depreciation, amortization and impairment charges are included in the following line items of the 2016 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 292 21 — Distribution expenses 143 1 — Sales and marketing expenses 363 208 — Administrative expenses 222 218 — Other operating expenses 2 1 — Depreciation, amortization and impairment 3 025 452 — The depreciation, amortization and impairment of property, plant and equipment included a full-cost reallocation of 2m US dollar in 2018 from the aggregate depreciation, amortization and impairment expense to cost of goods sold (2017: 1m US dollar; 2016: 9m US dollar). The 2017 increase in depreciation, amortization and impairment charges is mainly due to the business combination with SAB. |
Finance cost and income
Finance cost and income | 12 Months Ended |
Dec. 31, 2018 | |
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Finance cost and income | Finance cost and income The finance costs included in the income statement are as follows: Million US dollar 2018 2017 2016 Interest expense (4 141 ) (4 314 ) (4 092 ) Capitalization of borrowing costs 23 22 12 Net interest on net defined benefit liabilities (94 ) (101 ) (113 ) Accretion expense (400 ) (614 ) (648 ) Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) — (304 ) (21 ) Net losses on hedging instruments that are not part of a hedge accounting relationship (2 222 ) (674 ) (797 ) Tax on financial transactions (110 ) (68 ) (70 ) Other financial costs, including bank fees (242 ) (139 ) (131 ) (7 186 ) (6 192 ) (5 860 ) Exceptional finance cost (1 982 ) (693 ) (3 522 ) Finance costs (9 168 ) (6 885 ) (9 382 ) Finance costs, excluding exceptional items, increased by 994m US dollar compared to 2017 mainly as a result of Mark-to-market losses on certain derivatives related to the hedging of share-based payment programs amounting to 1 774m US dollar in 2018 (2017: 291m US dollar loss; 2016: 384 US dollar loss). Borrowing costs capitalized relate to the capitalization of interest expenses directly attributable to the acquisition and construction of qualifying assets mainly in China and Nigeria. Interest is capitalized at a borrowing rate ranging from 4% to 8%. Exceptional net finance cost for 2018 includes: • 873m US dollar resulting from mark-to-market adjustments on derivative instruments entered into to hedge the shares issued in relation to the combination with Grupo Modelo (31 December 2017: 146m US dollar; 31 December 2016: 304m US dollar). See also Note 23 Changes in equity and earnings per share • 849m US dollar resulting from mark-to-market adjustments on derivatives entered into to hedge the restricted shares issued in connection with the combination with SAB (31 December 2017: 142m US dollar; 31 December 2016: 127m US dollar); • 211m US dollar resulting from premium paid on the early termination of certain bonds; • 49m US dollar foreign exchange translation losses on intragroup loans that were historically reported in equity and were recycled to profit and loss account, upon the reimbursement of these loans (31 December 2017: 261m US dollar). Exceptional net finance cost for 2017 also includes: • 44m US dollar related to the Brazilian Federal Tax Regularization Program entered into by Ambev – see Note 12 Income taxes • 100m US dollar related to accelerated accretion expenses associated to the repayment of the 2015 senior facilities agreement and the early redemption of certain notes (31 December 2016: 306m US dollar). See also Note 24 Interest-bearing loans and borrowings Exceptional net finance cost for 2016 also includes: • 2 693m US dollar negative mark-to-market adjustments related to the portion of the foreign exchange hedging of the purchase price of the combination with SAB that did not qualify for hedge accounting as per IFRS rules. Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk – see also Note 29 Risks arising from financial instruments Finance income included in the income statement is as follows: Million US dollar 2018 2017 2016 Interest income 333 287 561 Hyperinflation monetary adjustments 46 — — Other financial income 61 91 91 Finance income, excluding exceptional items 440 378 652 Exceptional finance income — — 166 Finance income 440 378 818 No interest income was recognized on impaired financial assets. The interest income stems from the following financial assets: Million US dollar 2018 2017 2016 Cash and cash equivalents 256 207 479 Investment debt securities held for trading 22 16 16 Other loans and receivables 55 64 66 Total 333 287 561 The interest income on other loans and receivables includes the interest accrued on cash deposits given as guarantees for certain legal proceedings pending resolution. For further information on instruments hedging AB InBev’s foreign exchange risk see Note 29 Risks arising from financial instruments |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
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Income taxes | 12. Income taxes Income taxes recognized in the income statement can be detailed as follows: Million US dollar 2018 2017 2016 Current year (2 819 ) (3 833 ) (1 544 ) (Underprovided)/overprovided in prior years 101 1 47 Current tax expense (2 718 ) (3 832 ) (1 497 ) Origination and reversal of temporary differences (287 ) 1 872 (459 ) (Utilization)/recognition of deferred tax assets on tax losses 120 23 116 Recognition of previously unrecognized tax losses 46 16 227 Deferred tax (expense)/income (121 ) 1 912 (116 ) Total income tax expense (2 839 ) (1 920 ) (1 613 ) The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2018 2017 2016 Profit before tax 8 530 11 076 4 334 Deduct share of result of associates and joint ventures 153 430 16 Profit before tax and before share of result of associates and joint ventures 8 377 10 646 4 318 Adjustments on taxable basis Foreign source income — — (809 ) Government incentives (742 ) (982 ) (769 ) Non-deductible marked to market on derivatives 3 496 579 3 508 Taxable intercompany dividends — — 619 Other expenses not deductible for tax purposes 1 796 1 795 843 Other non-taxable income (158 ) (178 ) (415 ) 12 769 11 860 7 296 Aggregated weighted nominal tax rate 26.8 % 28.5 % 32.7 % Tax at aggregated weighted nominal tax rate (3 426 ) (3 378 ) (2 387 ) Adjustments on tax expense Utilization of tax losses not previously recognized 120 23 76 Recognition of deferred taxes assets on previous years’ tax losses 46 16 229 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (125 ) (143 ) (975 ) (Underprovided)/overprovided in prior years 65 1 63 Deductions from interest on equity 471 553 644 Deductions from goodwill 17 57 63 Other tax deductions 436 723 869 US Tax reform (change in tax rate and other) 116 1 760 — Change in tax rate (other) 144 (59 ) (1 ) Withholding taxes (403 ) (386 ) (286 ) Brazilian Federal Tax Regularization Program — (870 ) — Other tax adjustments (300 ) (217 ) 93 (2 839 ) (1 920 ) (1 613 ) Effective tax rate 33.9 % 18.0 % 37.4 % The total income tax expense for 2018 amounts to 2 839m US dollar compared to 1 920m US dollar for 2017. The effective tax rate increased from 18.0% for 2017 to 33.9% for 2018. The 2018 effective tax rate was negatively impacted by losses from certain derivatives related to hedging of share-based payment programs and the hedging of the shares issued in a transaction related to the combination with Grupo Modelo and SAB as well as changes in tax legislation in some countries resulting in additional non-deductible expenses in 2018. The 2017 effective tax rate was positively impacted by a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017. This 1.8 billion US dollar adjustment resulted mainly from the re-measurement of the deferred tax liabilities set up in 2008 in line with IFRS as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets following the change in federal tax rate from 35% to 21%. The adjustment represented the company’s best estimate of the deferred tax liability re-measurement resulting from the US Tax reform at the time, and was recognized as a exceptional gain per 31 December 2017. This impact was partially offset by Ambev and certain of its subsidiaries joining the Brazilian Federal Tax Regularization Program – PERT in September 2017 whereby Ambev committed to pay some tax contingencies that were under dispute, totaling 3.5 billion Brazilian real (1.1 billion US dollar), with 1.0 billion Brazilian real (0.3 billion US dollar) paid in 2017 and the remaining amount payable in 145 monthly installments starting January 2018, plus interest. Within these contingencies, a dispute related to presumed taxation at Ambev’s subsidiary CRBs was not provided for until September 2017 as the loss was previously assessed as possible. The total amount recognized in 2017 as exceptional amounted to 2.9 billion Brazilian real (0.9 billion US dollar) of which 2.8 billion Brazilian real (0.9 billion US dollar) were reported in the income tax line and 141 million Brazilian real (44m US dollar) in the finance line. During 2018, the company finalized the re-measurement of current and deferred taxes resulting from the US Tax reform enacted on 22 December 2017, based on published regulation and guidance. Such remeasurement resulted in an adjustment of 116m US dollar in 2018 to the reported current and deferred taxes. The 2016 effective tax rate was negatively impacted by the non-deductible negative mark-to-market adjustment related to the hedging of the purchase price of the combination with SAB that could not qualify for hedge accounting. The company benefits from tax exempted income and tax credits which are expected to continue in the future. The company does not have significant benefits coming from low tax rates in any particular jurisdiction. Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2018 2017 2016 Re-measurements of post-employment benefits 22 (39 ) 54 Cash flow and net investment hedges 108 (95 ) (258 ) Income tax (losses)/gains 130 (134 ) (204 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property, plant and equipment | Property, plant and equipment 31 December 2018 31 December Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year 12 742 33 717 2 265 48 724 44 352 Effect of movements in foreign exchange (722 ) (2 225 ) (150 ) (3 097 ) 1 431 Acquisitions 119 1 320 2 926 4 365 4 221 Acquisitions through business combinations — 2 — 2 169 Disposals (143 ) (1 333 ) (3 ) (1 479 ) (1 566 ) Disposals through the sale of subsidiaries (265 ) (834 ) (29 ) (1 128 ) (60 ) Transfer (to)/from other asset categories and other movements 1 724 3 028 (2 735 ) 1 017 177 Balance at end of the period 12 455 33 675 2 274 48 404 48 724 Depreciation and impairment losses Balance at end of previous year (3 514 ) (18 026 ) — (21 540 ) (18 133 ) Effect of movements in foreign exchange 177 1 219 — 1 396 (697 ) Depreciation (513 ) (3 069 ) — (3 582 ) (3 567 ) Disposals 59 1 204 — 1 263 1 161 Disposals through the sale of subsidiaries 177 641 — 818 48 Impairment losses (10 ) (85 ) — (95 ) (85 ) Transfer to/(from) other asset categories and other movements 1 64 (818 ) — (754 ) (267 ) Balance at end of the period (3 560 ) (18 934 ) — (22 494 ) (21 540 ) Carrying amount at 31 December 2017 9 228 15 691 2 265 27 184 27 184 at 31 December 2018 8 895 14 741 2 274 25 910 — 1 The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies As at 31 December 2018, the carrying amount of property, plant and equipment subject to restrictions on title amounts to 8m US dollar (31 December 2017: 14m US dollar). Contractual commitments to purchase property, plant and equipment amounted to 416m US dollar as at 31 December 2018 compared to 550m US dollar as at 31 December 2017. AB InBev’s net capital expenditures in the statement of cash flow amounted to 4 649m US dollar in 2018 and 4 124m US dollar in 2017. Out of the total 2018 capital expenditures approximately 48% was used to improve the company’s production facilities while 42% was used for logistics and commercial investments and 10% was used for improving administrative capabilities and purchase of hardware and software. LEASED ASSETS The company leases land and buildings as well as equipment under a number of finance lease agreements. The carrying amount as at 31 December 2018 of assets leased under finance leases was 272m US dollar (31 December 2017: 300m US dollar). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
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Goodwill | 14. Goodwill Million US dollar 31 December 2018 31 December 2017 Acquisition cost Balance at end of previous year 140 980 135 897 Effect of movements in foreign exchange (7 541 ) 4 684 Disposals through the sale of subsidiaries (652 ) — Acquisitions through business combinations 107 398 Hyperinflation monetary adjustments 435 — Reclassified as held for sale (13 ) — Balance at end of the period 133 316 140 980 Impairment losses Balance at end of previous year (40 ) (34 ) Impairment losses — (6 ) Disposals through the sale of subsidiaries 35 — Balance at end of the period (5 ) (40 ) Carrying amount at 31 December 2017 140 940 140 940 at 31 December 2018 133 311 — On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following this merger, the company derecognized its Russian and Ukrainian net assets including goodwill (see also Note 6 Acquisitions and disposals of subsidiaries The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar Cash-generating unit 2018 2017 United States 33 288 33 277 Colombia 18 802 20 425 South Africa 15 896 18 551 Peru 14 513 15 074 Mexico 12 614 12 580 Rest of Africa 7 716 8 326 Australia 6 348 6 922 Brazil 4 715 5 523 South Korea 3 949 4 119 Ecuador 3 925 3 925 China 2 758 2 914 Honduras & El Salvador 2 284 2 335 Canada 1 891 2 056 Other countries 4 613 4 913 Total carrying amount of goodwill 133 311 140 940 AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. AB InBev believes that all of its estimates are reasonable: they are consistent with the company’s internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control. During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of the US, Colombia, South Africa, Peru and Mexico, countries that show the highest goodwill. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a cash-generating unit’s carrying amount to exceed its recoverable amount. Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill, which accounted for approximately 57% of AB InBev’s total assets as at 31 December 2018, is tested for impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev’s cash-generating units that are expected to benefit from the synergies of the combination whenever a business combination occurs. AB InBev’s impairment testing methodology is in accordance with IAS 36, in which fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted free cash flow approach based on acquisition valuation models for its major cash-generating units and the cash-generating units showing a high invested capital to EBITDA multiple, and valuation multiples for its other cash-generating units. The key judgments, estimates and assumptions used in the discounted free cash flow calculations are generally as follows: • In the first three years of the model, free cash flows are based on AB InBev’s strategic plan as approved by key management. AB InBev’s strategic plan is prepared per cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; • For the subsequent seven years of the model, data from the strategic plan is extrapolated generally using simplified assumptions such as macro-economic and industry assumptions, variable cost per hectoliter and fixed cost linked to inflation, as obtained from external sources; • Cash flows after the first ten-year period are extrapolated generally using expected annual long-term GDP growth rates, based on external sources, in order to calculate the terminal value, considering sensitivities on this metric; • Projections are discounted at the unit’s weighted average cost of capital (WACC), considering sensitivities on this metric; • Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 1% and 4%. The WACC applied in US dollar nominal terms were as follows: Cash-generating unit 2018 2017 United States 7 % 6 % Colombia 7 % 7 % South Africa 8 % 8 % Peru 7 % 7 % Mexico 8 % 9 % Rest of Africa 11 % 10 % Australia 7 % 6 % South Korea 7 % 6 % Ecuador 11 % 11 % In the sensitivity analysis performed by management, an adverse change of 1% in WACC would not cause a cash-generating unit’s carrying amount to exceed its recoverable amount. The above calculations are corroborated by valuation multiples, quoted share prices for publicly-traded subsidiaries or other available fair value indicators (i.e. recent market transactions from peers). Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Intangible assets | Intangible assets 31 December 2018 31 December Million US dollar Brands Commercial Software Other Total Total Acquisition cost Balance at end of previous year 43 402 2 904 2 177 388 48 871 47 191 Effect of movements in foreign exchange (1 482 ) (105 ) (137 ) (41 ) (1 765 ) 1 286 Acquisitions through business combinations — 22 — 2 24 417 Acquisitions and expenditures 2 367 73 226 668 312 Disposals (25 ) (55 ) — (16 ) (96 ) (191 ) Disposals through the sale of subsidiaries (14 ) — (29 ) (4 ) (47 ) — Transfer (to)/from other asset categories and other movements 1 250 (184 ) 608 136 810 (144 ) Balance at end of period 42 133 2 949 2 692 691 48 465 48 871 Amortization and impairment losses Balance at end of previous year (32 ) (1 379 ) (1 472 ) (114 ) (2 997 ) (2 401 ) Effect of movements in foreign exchange — 73 84 7 164 (139 ) Amortization — (163 ) (251 ) (31 ) (445 ) (498 ) Disposals — 45 (39 ) 8 14 89 Disposals through the sale of subsidiaries — — 28 2 30 — Transfer to/(from) other asset categories and other movements 1 — (55 ) (352 ) 7 (400 ) (48 ) Balance at end of period (32 ) (1 479 ) (2 002 ) (121 ) (3 634 ) (2 997 ) Carrying value at 31 December 2017 43 370 1 525 705 274 45 874 45 874 at 31 December 2018 42 101 1 470 690 570 44 831 — On 2 May 2018, AB InBev recovered the Budweiser distribution rights in Argentina from CCU. The transaction involved the transfer of the Isenbeck, Iguana, Diosa, Norte and Baltica brands, along with a cash payment of 306m US dollar and other commitments, to CCU Argentina. The Budweiser distribution rights have been assigned an indefinite useful life. AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution rights. Given AB InBev’s more than 600-year history, brands and certain distribution rights have been assigned indefinite lives. Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-year sponsorship rights and other commercial intangibles. Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchases for its own products, and are tested for impairment during the fourth quarter of the year or whenever a triggering event has occurred. As of 31 December 2018, the carrying amount of the intangible assets amounted to 44 831m US dollar (31 December 2017: 45 874m US dollar) of which 42 435m US dollar was assigned an indefinite useful life (31 December 2017: 43 595m US dollar) and 2 396m US dollar a finite life (31 December 2017: 2 279m US dollar). The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows: Million US dollar Country 2018 2017 United States 22 037 21 960 Colombia 3 516 3 820 South Africa 3 325 3 899 Mexico 3 068 3 058 Peru 2 720 2 825 Australia 2 422 2 773 South Korea 1 013 1 058 Ecuador 595 595 China 381 403 Dominican Republic 339 353 Rest of Africa 1 274 1 353 Other countries 1 745 1 498 Total carrying amount of intangible assets with indefinite useful lives 42 435 43 595 1 The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies Intangible assets with indefinite useful lives have been tested for impairment using the same methodology and assumptions as disclosed in Note 14 Goodwill. |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Investments in associates | Investments in associates A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows: 2018 2017 Million US dollar AB InBev Efes Castel Efes Castel Efes Balance at 1 January — 3 480 694 2 793 750 Effect of movements in foreign exchange — (213 ) (194 ) 356 (54 ) Acquisitions 1 157 — — — — Dividends received — (98 ) (11 ) (23 ) — Share of results of associates 2 110 (10 ) 354 (2 ) Balance at end of period 1 159 3 279 479 3 480 694 On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following the closing of the transaction, the operations of AB InBev and Anadolu Efes in Russia and Ukraine are now combined under AB InBev Efes. The combined business is fully consolidated in the Anadolu Efes financial accounts. As a result of the transaction, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes under the equity method as of that date. See also Note 6 Acquisitions and disposals of subsidiaries The 2017 share of results of associates reported for Castel includes the revision of 2016 finalized result of associates. In 2018, the share of results of associates reported for Castel was negatively impacted by a currency devaluation in Angola. Summarized financial information of the company’s material associates is as follows: 2018 2017 Million US dollar AB InBev Efes Castel Efes Castel Efes Current assets 275 4 193 2 888 4 894 2 415 Non-current assets 664 4 291 6 463 3 912 5 243 Current liabilities 556 1 643 2 233 1 724 1 106 Non-current liabilities — 635 2 207 857 2 494 Non-controlling interests — 939 2 297 879 1 520 Net assets 383 5 267 2 614 5 346 2 538 Revenue 1 081 5 786 3 816 5 447 3 415 Profit (loss) 4 921 (43 ) 746 (7 ) Other comprehensive income (loss) — (254 ) 1 536 (94 ) 553 Total comprehensive income (loss) 4 667 1 493 652 546 In 2018, associates that are not individually material contributed to 51m US dollar to the results of investment in associates (2017: 78m US dollar). Additional information related to the significant associates is presented in Note 36 AB InBev Companies |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2018 | |
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Investment securities | Investment securities Million US dollar 2018 2017 Investment in unquoted companies 84 76 Investment on debt securities 24 24 Non-current investments 108 100 Investment on debt securities 87 1 304 Current investments 87 1 304 As of 31 December 2018, current debt securities of 87m US dollar mainly represented investments in government bonds. The company’s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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Deferred tax assets and liabilities | Deferred tax assets and liabilities The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2018 Million US dollar Assets Liabilities Net Property, plant and equipment 381 (2 665 ) (2 284 ) Intangible assets 115 (10 665 ) (10 550 ) Inventories 101 (67 ) 34 Trade and other receivables 142 (62 ) 80 Interest-bearing loans and borrowings 475 (618 ) (143 ) Employee benefits 673 (5 ) 668 Provisions 483 (27 ) 456 Derivatives 33 (58 ) (25 ) Other items 215 (736 ) (521 ) Loss carry forwards 577 — 577 Gross deferred tax assets/(liabilities) 3 195 (14 903 ) (11 708 ) Netting by taxable entity (1 738 ) 1 738 — Net deferred tax assets/(liabilities) 1 457 (13 165 ) (11 708 ) 2017 Million US dollar Assets Liabilities Net Property, plant and equipment 324 (2 586 ) (2 262 ) Intangible assets 113 (11 387 ) (11 274 ) Inventories 114 (63 ) 51 Trade and other receivables 148 (62 ) 86 Interest-bearing loans and borrowings 431 (646 ) (215 ) Employee benefits 663 (10 ) 653 Provisions 562 (17 ) 545 Derivatives 40 (49 ) (9 ) Other items 200 (796 ) (596 ) Loss carry forwards 1 130 — 1 130 Gross deferred tax assets/(liabilities) 3 725 (15 616 ) (11 891 ) Netting by taxable entity (2 509 ) 2 509 — Net deferred tax assets/(liabilities) 1 216 (13 107 ) (11 891 ) The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2018 2017 2016 Balance at 1 January (11 891 ) (13 442 ) (10 780 ) Recognized in profit or loss 121 1 912 (116 ) Recognized in other comprehensive income (130 ) (134 ) (204 ) Acquisitions through business combinations (23 ) (74 ) (5 623 ) Reclassified as held for sale — — 1 455 Other movements and effect of changes in foreign exchange rates 215 (153 ) (149 ) Balance at 31 December (11 708 ) (11 891 ) (13 442 ) Following the US Tax reform enacted on 22 December 2017 whereby the US Federal tax rate was reduced from 35% to 21%, the company adjusted the deferred tax liabilities set up in 2008 in line with IFRS, as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets. This adjustment resulted in 1.8 billion US dollar recognized as an exceptional tax gain in 2017 – see also Note 12 – Income Taxes Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of such temporary differences is unlikely to revert within 12 months. Tax losses carried forward and deductible temporary differences on which no deferred tax asset is recognized amount to 5 280m US dollar (2017: 4 449m US dollar; 2016: 4 499m US dollar). 1 954m US dollar of these tax losses and deductible temporary differences do not have an expiration date, 136m US dollar, 153m US dollar and 725m US dollar expire within respectively 1, 2 and 3 years, while 2 311m US dollar have an expiration date of more than 3 years. Deferred tax assets have not been recognized on these items because it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
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Inventories | Inventories Million US dollar 2018 2017 Prepayments 123 101 Raw materials and consumables 2 387 2 304 Work in progress 363 387 Finished goods 1 215 1 216 Goods purchased for resale 146 111 Inventories 4 234 4 119 Inventories other than work in progress Inventories stated at net realizable value 59 57 The cost of inventories recognized as an expense in 2018 amounts to 20 359m US dollar, included in cost of sales (2017: 21 386m US dollar; 2016: 17 803m US dollar). Impairment losses on inventories recognized in 2018 amount to 72m US dollar (2017: 72m US dollar; 2016: 70m US dollar). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Trade and other receivables | Trade and other receivables NON-CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2018 2017 Cash deposits for guarantees 197 209 Loans to customers 45 13 Deferred collection on disposals 53 11 Tax receivable, other than income tax 139 68 Trade and other receivables 335 533 769 834 For the nature of cash deposits for guarantees see Note 31 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2018 2017 Trade receivables and accrued income 4 412 4 752 Interest receivable 19 6 Tax receivable, other than income tax 378 368 Loans to customers 143 166 Prepaid expenses 329 428 Other receivables 1 094 846 6 375 6 566 The carrying amount of trade and other receivables is a good approximation of their fair value as the impact of discounting is not significant. The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current Net carrying Of which: Of which not impaired as of the reporting date and past due Less than 30 Between 30 Between 60 More than 90 Trade receivables and accrued income 4 412 4 092 239 52 20 9 Loans to customers 188 176 4 5 3 — Interest receivable 19 19 — — — — Other receivables 1 094 1 051 13 26 4 — 5 713 5 338 256 83 27 9 Net carrying Of which: Of which not impaired as of the reporting date and past due Less than Between 30 Between 60 More than Trade receivables and accrued income 4 752 4 369 265 47 40 31 Loans to customers 179 179 — — — — Interest receivable 6 6 — — — — Other receivables 846 803 19 6 14 4 5 783 5 357 284 53 54 35 The above analysis of the age of financial assets that are past due as at the reporting date but not impaired also includes non-current loans to customers. Past due amounts were not impaired when collection is still considered likely, for instance because the amounts can be recovered from the tax authorities or AB InBev has sufficient collateral. Impairment losses on trade and other receivables recognized in 2018 amount to 43m US dollar (2017: 59m US dollar; 2016: 40m US dollar). AB InBev’s exposure to credit, currency and interest rate risks is disclosed in Note 29 Risks arising from financial instruments |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
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Cash and cash equivalents | Cash and cash equivalents Million US dollar 31 December 2018 31 December 2017 Short-term bank deposits 2 233 3 896 Cash and bank accounts 4 841 6 576 Cash and cash equivalents 7 074 10 472 Bank overdrafts (114 ) (117 ) 6 960 10 355 The cash outstanding per 31 December 2018 includes restricted cash for an amount of 2m US dollar (31 December 2017: 2m US dollar). This restricted cash refers to outstanding consideration payable to former Anheuser-Busch shareholders who did not yet claim the proceeds from the 2008 combination. |
Assets classified as held for s
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations | 12 Months Ended |
Dec. 31, 2018 | |
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Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations | Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations Assets classified as held for sale Million US dollar 31 December 2018 31 December 2017 Balance at the end of previous year 133 16 458 Disposals from SAB transaction-related divestitures — (15 514 ) Reclassified to assets held for sale in the period 35 91 Disposals (128 ) (26 ) Effect of movements in foreign exchange (1 ) 132 Other movements — (1 008 ) Balance at the end of year 39 133 Liabilities associated with assets held for sale Million US dollar 31 December 2018 31 December 2017 Balance at the end of previous year — 2 174 Disposals from SAB transaction-related divestitures — (1 166 ) Other movements — (1 008 ) Balance at the end of year — — Completion of CCBA disposal On 4 October 2017, AB InBev announced the completion of the transition of its 54.5% equity stake in Coca-Cola Beverages Africa (“CCBA”) for 3.15 billion US dollar, after customary adjustments. AB InBev stopped consolidating CCBA in its consolidated financial statements as of that date. CCBA, the largest Coca-Cola bottler in Africa, was formed in 2016 through the combination of the African non-alcohol ready-to-drink bottling interests of SAB, The Coca-Cola Company and Gutsche Family Investments. It includes operations in the countries of South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte, and Comoros. Furthermore, AB InBev completed in 2018 the sale of its carbonated soft drink businesses in Zambia and Botswana to The Coca-Cola Company. AB InBev also entered into agreements to sell to The Coca-Cola Company all of its carbonated soft drink business in eSwatini (Swaziland) and certain non-alcoholic beverage brands in El Salvador and Honduras. The closing of these transactions is subject to customary closing conditions, including regulatory approvals. In El Salvador and Honduras, the company has executed long-term bottling agreements, which will become effective upon the closing of the El Salvador and Honduras brand divestitures. In addition, the companies continue to work towards finalizing the terms and conditions for The Coca-Cola Company to acquire AB InBev’s interest in the bottling operations in Zimbabwe and Lesotho. These transactions are subject to the relevant regulatory and shareholder approvals in the different jurisdictions. By 31 December 2018, the assets and liabilities of the above operations were not reported as assets classified as held for sale and liabilities associated with assets held for sale. |
Changes in equity and earnings
Changes in equity and earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
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Changes in equity and earnings per share | 23. Changes in equity and earnings per share STATEMENT OF CAPITAL The tables below summarize the changes in issued capital and treasury shares during 2018: ISSUED CAPITAL Issued capital Million shares Million US dollar At the end of the previous year 2 019 1 736 Changes during the period — — 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of Million shares Million US dollar At the end of the previous year 85.5 (8 980 ) (1 452 ) Changes during the period (23.0 ) 2 431 (931 ) 62.5 (6 549 ) (2 383 ) As at 31 December 2018, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 62 502 473 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 325 999 817 restricted shares. As at 31 December 2018, the total of authorized, un-issued capital amounts to 37m euro. The treasury shares held by the company are reported in equity in Treasury shares. The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev, rights are suspended. The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one basis with effect from the fifth anniversary of completion of the SAB combination. From completion of the SAB combination, such restricted shares will rank equally with the ordinary shares with respect to dividends and voting rights. The shareholders’ structure based on the notifications made to the company pursuant to the Belgian Law of 02 May 2007 on the disclosure of significant shareholdings in listed companies is included in the Corporate Governance CHANGES IN OWNERSHIP INTERESTS In compliance with IFRS 10, the acquisition of additional shares in a subsidiary is accounted for as an equity transaction with owners. During 2018, Ambev increased its investment in Cervecería Nacional Dominicana S.A. (“CND”) from 55% to 85%. As the related subsidiary was already fully consolidated, the purchase did not impact AB InBev’s profit, but reduced the non-controlling interests by 429m US dollar and increased the profit attributable to equity holders of AB InBev. REPORT ACCORDING TO ARTICLE 624 OF THE BELGIAN COMPANIES CODE – PURCHASE OF OWN SHARES During 2018, the company proceeded with the following sale transactions: • 1 251 602 shares were granted to executives of the group according to the company’s executive remuneration policy; • 1 497 344 shares were sold, as a result of the exercise of options granted to employees of the group; • 23 076 922 shares were delivered under deferred share instruments with former Grupo Modelo shareholders. At the end of the period, the group owned 62 527 163 own shares of which 61 923 078 were held directly by AB InBev. The par value of the shares is 0.61 euro. As a consequence, the shares that were sold during the year 2018 represent 18 038 093 US dollar (15 753 779 euro) of the subscribed capital and the shares that the company still owned at the end of 2018 represent 43 672 135 US dollar (38 141 569 euro) of the subscribed capital. DIVIDENDS On 24 October 2018, an interim dividend of 0.80 euro per share or approximately 1 565m euro was approved by the Board of Directors. This interim dividend was paid out on 29 November 2018. On 28 February, in addition to the interim dividend paid on 29 November 2018, a dividend of 1.00 euro per share or 1 957m euro was proposed by the Board of Directors, reflecting a total dividend payment for the 2018 fiscal year of 1.80 euro per share or 3 522m euro. On 25 October 2017, an interim dividend of 1.60 euro per share or 3 089m euro was approved by the Board of Directors. This interim dividend was paid out on 16 November 2017. On 25 April 2018, in addition to the interim dividend paid on 16 November 2017, a dividend of 2.00 euro per share or 3 867m euro was approved at the shareholders meeting, reflecting a total dividend payment for 2017 fiscal year of 3.60 euro per share or 6 956m euro. The dividend was paid out on 3 May 2018. On 25 October 2016, an interim dividend of 1.60 euro per share or 3 091 euro was approved by the Board of Directors. This interim dividend was paid out on 17 November 2016. On 26 April 2017, in addition to the interim dividend paid on 17 November 2016, a dividend of 2.00 euro or 3 856m euro was approved at the shareholders meeting, reflecting a total dividend payment for 2016 fiscal year of 3.60 euro per share or 6 947m euro. The dividend was paid out on 4 May 2017. 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 the hedged risk has not yet impacted profit or loss. TRANSFERS FROM SUBSIDIARIES The amount of dividends payable to AB InBev by its operating subsidiaries is 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 2018, 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 tax, if applicable, generally does not exceed 15%. DEFERRED SHARE INSTRUMENT In a transaction related to the combination with Grupo Modelo, selected Grupo Modelo shareholders committed, upon tender of their Grupo Modelo shares, to acquire 23 076 922 AB InBev shares to be delivered within 5 years for a consideration of approximately 1.5 billion US dollar. The consideration was paid on 5 June 2013. On 21 May 2018, AB InBev delivered the shares that were due under the deferred share instruments through the use of AB InBev treasury shares. Until the delivery of the AB InBev shares, AB InBev paid a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders were compensated on an after tax basis, for dividends they would have received had the AB InBev shares been delivered to them prior to the record date for such dividend. The deferred share instrument was classified as an equity instrument, in line with IAS 32, as the number of shares and consideration received are fixed. The coupon to compensate for the dividend equivalent is reported through equity. On 3 May 2018, the company paid a coupon of 2.00 euro per share or approximately 56m US dollar (2017: 3.60 euro per share or approximately 93m US dollar). STOCK LENDING In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 20 million of its own ordinary shares. As of 31 December 2018, the outstanding balance of loaned securities amounted to 20 million, of which 20 million were used to fulfil stock option plan commitments. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend. OTHER COMPREHENSIVE INCOME RESERVES The changes in the other comprehensive income reserves are as follows: Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2018 (13 705 ) 586 (1 665 ) (14 784 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (7 379 ) — — (7 379 ) Cash flow hedges — (92 ) — (92 ) Re-measurements of post-employment benefits — — 98 98 Total comprehensive income (7 379 ) (92 ) 98 (7 373 ) As per 31 December 2018 (21 084 ) 494 (1 567 ) (22 157 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2017 (14 758 ) 744 (1 612 ) (15 626 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 053 — — 1 053 Cash flow hedges — (158 ) — (158 ) Re-measurements of post-employment benefits — — (53 ) (53 ) Total comprehensive income 1 053 (158 ) (53 ) 842 As per 31 December 2017 (13 705 ) 586 (1 665 ) (14 784 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2016 (11 493 ) (1 217 ) (1 400 ) (14 110 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (3 265 ) — — (3 265 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (7 099 ) — (7 099 ) Foreign exchange contracts reclassified from equity in relation to the SAB combination — 8 837 — 8 837 Cash flow hedges — 223 — 223 Re-measurements of post-employment benefits — — (212 ) (212 ) Total comprehensive income (3 265 ) 1 961 (212 ) (1 516 ) As per 31 December 2016 (14 758 ) 744 (1 612 ) (15 626 ) EARNINGS PER SHARE The calculation of basic earnings per share for the year ended 31 December 2018 is based on the profit attributable to equity holders of AB InBev of 4 368m US dollar (31 December 2017: 7 996m US dollar; 31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2018 2017 2016 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 934 1 934 1 606 Effect of restricted shares issued upon the SAB combination — — 94 Effect of shares issued and share buyback programs — — (20 ) Effect of stock lending 18 14 12 Effect of undelivered shares under the deferred share instrument 9 23 23 Effect of delivery of treasury shares 14 — — Weighted average number of ordinary and restricted shares at 31 December 1 975 1 971 1 717 The calculation of diluted earnings per share for the year ended 31 December 2018 is based on the profit attributable to equity holders of AB InBev of 4 368m US dollar (31 December 2017: 7 996m US dollar; 31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2018 2017 2016 Weighted average number of ordinary and restricted shares at 31 December 1 975 1 971 1 717 Effect of share options, warrants and restricted stock units 36 39 38 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 011 2 010 1 755 The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows: Million US dollar 2018 2017 2016 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 6 793 7 967 4 853 Exceptional items, before taxes (refer to Note 8) (715 ) (662 ) (394 ) Exceptional finance income/(cost), before taxes (refer to Note 8) (1 982 ) (693 ) (3 356 ) Exceptional taxes (refer to Note 8) 240 830 77 Exceptional non-controlling interest (refer to Note 8) 32 526 13 Profit from discontinued operations — 28 48 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 The calculation of the Underlying EPS 1 Million US dollar 2018 2017 2016 Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev 8 644 8 258 5 237 Mark-to-market losses on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) (1 774 ) (291 ) (384 ) Hyperinflation impacts (77 ) — — Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 6 793 7 967 4 853 The table below sets out the EPS calculation: Million US dollar 2018 2017 2016 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing and discontinued operations 2.21 4.06 0.72 Profit from continuing operations attributable to equity holders of AB InBev 4 368 7 968 1 193 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing operations 2.21 4.04 0.69 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 6 793 7 967 4 853 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing operations before exceptional items 3.44 4.04 2.83 Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev 8 644 8 258 5 237 Weighted average number of ordinary and restricted shares 1 975 1 970 1 717 Underlying EPS 2 4.38 4.19 3.05 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing and discontinued operations 2.17 3.98 0.71 Profit from continuing operations attributable to equity holders of AB InBev 4 368 7 968 1 193 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing operations 2.17 3.96 0.68 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 6 793 7 967 4 853 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing operations before exceptional items 3.38 3.96 2.77 The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted stock units was based on quoted market prices for the period that the options and restricted stock units were outstanding. 63m share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2018 (31 December 2016 and 2017: 5m share options). 1 See glossary. 2 See glossary. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk - refer to Note 29 Risks arising from financial instruments. NON-CURRENT LIABILITIES Million US dollar 31 December 2018 31 December 2017 Secured bank loans 109 230 Unsecured bank loans 86 153 Unsecured bond issues 105 170 108 327 Unsecured other loans 57 53 Finance lease liabilities 162 186 Non-current interest-bearing loans and borrowings 105 584 108 949 CURRENT LIABILITIES Million US dollar 31 December 2018 31 December 2017 Secured bank loans 370 272 Commercial papers 1 142 1 870 Unsecured bank loans 22 739 Unsecured bond issues 2 626 4 510 Unsecured other loans 14 15 Finance lease liabilities 42 27 Current interest-bearing loans and borrowings 4 216 7 433 The current and non-current interest-bearing loans and borrowings amount to 109.8 billion US dollar as of 31 December 2018, compared to 116.4 billion US dollar as of 31 December 2017. Commercial papers amount to 1.1 billion US dollar as of 31 December 2018 and include programs in US dollar and euro with a total authorized issuance up to 3.0 billion US dollar and 1.0 billion euro, respectively. During 2018, AB InBev completed the issuance of the following series of bonds: Issue date Aggregate Currency Interest rate Maturity date 23 January 2018 1 500 Euro 3M EURIBOR + 30 bps 15 April 2024 23 January 2018 2 000 Euro 1.150% 22 January 2027 23 January 2018 750 Euro 2.000% 23 January 2035 4 April 2018 1 500 USD 3.500% 12 January 2024 4 April 2018 2 500 USD 4.000% 13 April 2028 4 April 2018 1 500 USD 4.375% 15 April 2038 4 April 2018 2 500 USD 4.600% 15 April 2048 4 April 2018 1 500 USD 4.750% 15 April 2058 4 April 2018 500 USD 3M LIBOR + 74 bps 12 January 2024 On 19 March, the company redeemed the entire outstanding principal amount of the Anheuser-Busch InBev Worldwide notes with a principal amount of 2.5 billion US dollar due in 2019 bearing interest at 7.75%. On 23 April, the company redeemed the entire outstanding principal amount of certain notes due in 2019 and 2020. The total principal amount of the notes that were retired is approximately 7.8 billion US dollar. On 6 June, the company redeemed the entire outstanding principal amount of the Anheuser-Busch InBev Worldwide notes due 2020. The total principal amount of notes that were retired is 1.0 billion US dollar. On 13 December, the company redeemed the entire outstanding principal amount of the Anheuser-Busch InBev Finance notes due 2021. The total principal amount of notes that were retired is 2.5 billion US dollar. The redemption of these notes was financed with cash. On 26 November, the company announced the final results of a U.S. private exchange offer for a series of six notes issued by Anheuser-Busch InBev Finance for notes co-issued by Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Worldwide Inc. The total principal amount of notes exchanged listed below is 23.5 billion US dollar. Issuer Title of series of notes Original Principal amount Principal Anheuser-Busch InBev Finance 4.9% Notes due 2046 11 000 9 543 1 457 Anheuser-Busch InBev Finance 4.7% Notes due 2036 6 000 5 385 615 Anheuser-Busch InBev Finance 3.65% Notes due 2026 11 000 8 555 2 445 AB InBev is in compliance with all its debt covenants as of 31 December 2018. The 2010 senior facilities do not include restrictive financial covenants. TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2018 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 479 370 38 14 26 31 Commercial papers 1 142 1 142 — — — — Unsecured bank loans 108 22 — 86 — — Unsecured bond issues 107 796 2 626 5 259 8 039 17 180 74 692 Unsecured other loans 71 14 18 7 9 23 Finance lease liabilities 204 42 19 17 12 114 109 800 4 216 5 334 8 163 17 227 74 860 TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 502 272 128 18 33 51 Commercial papers 1 870 1 870 — — — — Unsecured bank loans 892 739 122 31 — — Unsecured bond issues 112 837 4 510 9 956 9 389 18 441 70 541 Unsecured other loans 68 15 18 7 3 25 Finance lease liabilities 213 27 29 20 23 114 116 382 7 433 10 253 9 465 18 500 70 731 FINANCE LEASE LIABILITIES Million US dollar 2018 2018 2018 2017 2017 2017 Less than one year 62 20 42 42 15 27 Between one and two years 37 18 19 42 13 29 Between two and three years 33 16 17 31 11 20 Between three and five years 33 21 12 40 17 23 More than 5 years 151 37 114 146 32 114 317 112 205 301 88 213 Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position. The company believes that net debt is meaningful for investors as it is one of the primary measures AB InBev’s management uses when evaluating its progress towards deleveraging. AB InBev’s net debt decreased to 102.5 billion US dollar as of 31 December 2018, from 104.4 billion US dollar as of 31 December 2017. Apart from operating results net of capital expenditures, the net debt is mainly impacted by the acquisition by Ambev of additional shares in Cervecería Nacional Dominicana S.A. (“CND”) following the partial exercise by E. León Jimenes S.A. (“ELJ”) of its put option (0.9 billion US dollar), the payment to Molson Coors Brewing Company related to a purchase price adjustment on the disposal completed on 11 October 2016 of SAB’s interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the “Miller International Business” (0.3 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (7.8 billion US dollar), the payment of interests and taxes (7.1 billion US dollar) and the impact of changes in foreign exchange rates (2.1 billion US dollar decrease of net debt). The following table provides a reconciliation of AB InBev’s net debt as at 31 December: Million US dollar 31 December 2018 31 December 2017 Non-current interest-bearing loans and borrowings 105 584 108 949 Current interest-bearing loans and borrowings 4 216 7 433 Interest-bearing loans and borrowings 109 800 116 382 Bank overdrafts 114 117 Cash and cash equivalents (7 074 ) (10 472 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (267 ) (309 ) Debt securities (included within Investment securities) (111 ) (1 328 ) Net debt 102 462 104 391 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated statement of cash flows from financing activities. Million US dollar Long-term debt, net Short-term debt and Balance at 1 January 2018 108 949 7 433 Proceeds from borrowings 15 111 2 672 Payments on borrowings (13 925 ) (8 564 ) Amortized cost 47 255 Unrealized foreign exchange effects (1 837 ) (298 ) Current portion of long-term debt (2 732 ) 2 732 Other movements (29 ) (14 ) Balance at 31 December 2018 105 584 4 216 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Employee benefits | 25. Employee benefits AB InBev sponsors various post-employment benefit plans worldwide. These include pension plans, both defined contribution plans, and defined benefit plans, and other post-employment benefits. In accordance with IAS 19 Employee Benefits DEFINED CONTRIBUTION PLANS For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions constitute an expense for the year in which they are due. For 2018, contributions paid into defined contribution plans for the company amounted to 116m US dollar compared to 118m US dollar for 2017 and 77m US dollar for 2016. DEFINED BENEFIT PLANS During 2018, the company contributed to 84 defined benefit plans, of which 62 are retirement or leaving service plans, 18 are medical cost plans and 4 other long-term employee benefit plans. Most plans provide retirement and leaving service benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded, the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practice in each country. The medical cost plans in Brazil, Canada, Colombia, South Africa and US provide medical benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants. The present value of funded obligations includes a 175m US dollar liability related to two medical plans in Brazil, for which the benefits are provided through the Fundação Antonio Helena Zerrenner (“FAHZ”). The FAHZ is a legally distinct entity which provides medical, dental, educational and social assistance to current and retired employees of Ambev. On 31 December 2018, the actuarial liabilities related to the benefits provided by the FAHZ are fully offset by an equivalent amount of assets existing in the fund. The net liability recognized in the balance sheet is nil. The employee benefit net liability amounts to 2 665m US dollar as of 31 December 2018 compared to 2 971m US dollar as of 31 December 2017. In 2018, the fair value of the plan assets decreased by 564m US dollar and the defined benefit obligations decreased by 842m US dollar. The decrease in the employee benefit net liability is mainly driven by increases in discount rates and favorable foreign exchange movements. The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December: Million US dollar 2018 2017 Present value of funded obligations (6 762 ) (7 506 ) Fair value of plan assets 5 059 5 623 Present value of net obligations for funded plans (1 703 ) (1 883 ) Present value of unfunded obligations (806 ) (904 ) Present value of net obligations (2 509 ) (2 787 ) Unrecognized asset (77 ) (111 ) Net liability (2 586 ) (2 898 ) Other long term employee benefits (79 ) (73 ) Reclassified as held for sale — — Total employee benefits (2 665 ) (2 971 ) Employee benefits amounts in the balance sheet: Liabilities (2 681 ) (2 993 ) Assets 16 22 Net liability (2 665 ) (2 971 ) The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2018 2017 2016 Defined benefit obligation at 1 January (8 410 ) (7 952 ) (7 594 ) Current service costs (72 ) (74 ) (73 ) Interest cost (322 ) (340 ) (347 ) Past service gain/(cost) (3 ) 17 8 Settlements 45 6 174 Benefits paid 493 502 482 Contribution by plan participants (3 ) (4 ) (4 ) Acquisition and disposal through business combination — — (260 ) Actuarial gains/(losses) – demographic assumptions 27 24 (1 ) Actuarial gains/(losses) – financial assumptions 350 (264 ) (607 ) Experience adjustments 14 (21 ) 37 Exchange differences 313 (343 ) 256 Transfers and other movements — 39 (23 ) Defined benefit obligation at 31 December (7 568 ) (8 410 ) (7 952 ) As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.6 billion US dollar relating to active employees, 1.5 billion US dollar relating to deferred members and 4.5 billion US dollar relating to members in retirement. The changes in the fair value of plan assets are as follows: Million US dollar 2018 2017 2016 Fair value of plan assets at 1 January 5 623 5 177 5 075 Interest income 225 239 249 Administration costs (14 ) (22 ) (24 ) Return on plan assets exceeding interest income (333 ) 233 297 Contributions by AB InBev 307 315 302 Contributions by plan participants 3 4 4 Benefits paid net of administration costs (493 ) (502 ) (478 ) Acquisition through business combination — — 68 Assets distributed on settlements (45 ) (7 ) (164 ) Exchange differences (214 ) 214 (155 ) Transfers and other movements — (28 ) 3 Fair value of plan assets at 31 December 5 059 5 623 5 177 Actual return on plans assets amounted to a loss of 108m US dollar in 2018 compared to a gain of 472m US dollar in 2017. The changes in the unrecognized asset are as follows: Million US dollar 2018 2017 2016 Irrecoverable surplus impact at 1 January (111 ) (168 ) (137 ) Interest expense (10 ) (17 ) (17 ) Changes excluding amounts included in interest expense 44 74 14 Irrecoverable surplus impact at 31 December (77 ) (111 ) (168 ) The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows: Million US dollar 2018 2017 2016 Current service costs (72 ) (74 ) (73 ) Administration costs (14 ) (22 ) (24 ) Past service cost due to plan amendments and curtailments (3 ) 17 8 (Losses)/gains on settlements — — 10 (Losses)/gains on due to experience and demographic assumption changes 3 3 — Profit from operations (86 ) (76 ) (79 ) Net finance cost (107 ) (120 ) (115 ) Total employee benefit expense (193 ) (196 ) (194 ) The employee benefit expense is included in the following line items of the income statement: Million US dollar 2018 2017 2016 Cost of sales (26 ) (24 ) (59 ) Distribution expenses (11 ) (10 ) (9 ) Sales and marketing expenses (16 ) (15 ) (13 ) Administrative expenses (28 ) (29 ) (15 ) Other operating (expense)/income (6 ) (4 ) 10 Exceptional items 1 6 7 Net finance cost (107 ) (120 ) (115 ) (193 ) (196 ) (194 ) Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows: 2018 United Canada Mexico Brazil United AB InBev Discount rate 4.3 % 3.9 % 9.0 % 8.9 % 2.8 % 4.3 % Price inflation 2.5 % 2.0 % 3.5 % 4.0 % 3.4 % 2.7 % Future salary increases — 1.0 % 4.3 % 7.6%-5.6 % — 3.8 % Future pension increases — 2.0 % 3.5 % 4.0 % 3.0 % 2.8 % Medical cost trend rate 6.5%-4.5 % 4.5 % — 7.6 % — 6.8%-6.0 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 2017 United Canada Mexico Brazil United AB InBev Discount rate 3.7 % 3.6 % 8.0 % 10.0 % 2.6 % 4.0 % Price inflation 2.5 % 2.0 % 3.5 % 4.3 % 3.3 % 2.7 % Future salary increases — 1.0 % 4.3 % 5.6 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.3 % 3.0 % 2.8 % Medical cost trend rate 6.2%-5.0 % 4.5 % — 7.9 % — 6.8%-6.4 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 88 89 85 88 89 88 Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number of risks, the most significant are detailed below: INVESTMENT STRATEGY In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. Within this framework, the company’s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligation. ASSET VOLATILITY In general, the company’s funded plans are invested in a combination of equities and bonds, generating high but volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature, the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since 2015, the company started the implementation of a new pension de-risking strategy to reduce the risk profile of certain plans by reducing gradually the current exposure to equities and shifting those assets to fixed income securities. CHANGES IN BOND YIELDS A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. INFLATION RISK Some of the company’s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan’s assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation could potentially increase the company’s net benefit obligation. LIFE EXPECTANCY The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities. The weighted average duration of the defined benefit obligation is 13.3 years (2017: 13.8 years; 2016: 14.0 years). The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Million US dollar 2018 Change in assumption Increase in assumption Decrease in assumption Discount rate 0.5 % (468 ) 501 Price inflation 0.5 % 152 (163 ) Future salary increase 0.5 % 28 (26 ) Medical cost trend rate 1.0 % 45 (39 ) Longevity One year 220 (229 ) The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear. Sensitivities are reasonably possible changes in assumptions and they are calculated using the same approach as was used to determine the defined benefit obligation. Therefore, the above information is not necessarily a reasonable representation of future results. The fair value of plan assets at 31 December consists of the following: 2018 2017 Quoted Unquoted Total Quoted Unquoted Total Government bonds 32 % — 32 % 27 % — 27 % Corporate bonds 36 % — 36 % 37 % — 37 % Equity instruments 22 % — 22 % 26 % — 26 % Property — 4 % 4 % — 4 % 4 % Insurance contracts and others 4 % 2 % 6 % 5 % 1 % 6 % 94 % 6 % 100 % 95 % 5 % 100 % AB InBev expects to contribute approximately 246m US dollar for its funded defined benefit plans and 73m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2019. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Share-based payments | 26. Share-based payments 1 Different share and share option programs allow company senior management and members of the board of directors to receive or acquire shares of AB InBev or Ambev. AB InBev has three primary share-based compensation plans, the share-based compensation plan (“Share-Based Compensation Plan”), the long-term incentive stock option plan for directors (“LTI Stock Option Plan Directors”), and the long-term incentive stock-option plan for executives (“LTI Stock Option Plan Executives”). For all option plans, the fair value of share-based payment compensation is estimated at grant date, using a binomial Hull model, modified to reflect the IFRS 2 Share-based Payment requirement that assumptions about forfeiture before the end of the vesting period cannot impact the fair value of the option. All the company share-based payment plans are equity-settled. Share-based payment transactions resulted in a total expense of 353m US dollar for the year 2018, as compared to 359m US dollar for the year 2017 and 228m for the year 2016. AB INBEV SHARE-BASED COMPENSATION PROGRAMS Share-Based Compensation Plan As from 1 January 2010, the structure of the Share-Based Compensation Plan for certain executives in the general headquarters, has been modified. From 1 January 2011, the new plan structure applies to all other senior management. Under this plan, the Executive Board of Management (replaced as from 1 January 2019 by the Executive Committee) and other senior employees receive their bonus in cash but have the choice to invest some or all of the value of their bonus in AB InBev shares with a five-year vesting period, referred to as bonus shares. Such voluntary investment leads to a 10% discount to the market price of the shares. The company also matches such voluntary investment by granting three matching shares for each bonus share voluntarily invested in, up to a limited total percentage of each participant’s bonus. The percentage of the variable compensation that is entitled to get matching shares varies depending on the position of the executive. The matching is based on the gross amount of the variable compensation invested. The discount shares and matching shares are granted in the form of restricted stock units which have a five-year vesting period. Additionally, the holders of the restricted stock units may be entitled to receive from AB InBev additional restricted stock units equal to the dividends declared since the restricted stock units were granted. During 2018, AB InBev issued 1.5m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 158m US dollar and cliff vest after five years. During 2017, AB InBev issued 0.3m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 31m US dollar and cliff vest after five years. 1 Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated. LTI Stock Option Plan for Directors Before 2014, the company issued regularly warrants, or rights to subscribe for newly issued shares under the LTI Warrant Plan for the benefit of directors and, until 2006, for the benefit of members of the Executive Board of Management and other senior employees. LTI warrants were subject to a vesting period ranging from one to three years. Forfeiture of a warrant occurs in certain circumstances when the holder leaves the company’s employment. Since 2007, members of the Executive Board of Management (replaced as from 1 January 2019 by the Executive Committee) and other employees are no longer eligible to receive warrants under the LTI Warrant Plan, but instead receive a portion of their compensation in the form of shares and options granted under the Share-Based Compensation Plan and the LTI Stock Option Plan Executives. Since 2014, directors are no longer eligible to receive warrants under the LTI Warrant Plan. Instead, on 30 April 2014, the annual shareholders meeting decided to replace the LTI Warrant Plan by a LTI Stock Option plan for directors. As a result, grants for directors now consist of LTI stock options instead of LTI warrants (i.e. the right to purchase existing shares instead of the right to subscribe to newly issued shares). Grants are made annually at the company’s shareholders meeting on a discretionary basis upon recommendation of the Remuneration Committee. The LTI stock options have an exercise price that is set equal to the market price at the time of the granting, a maximum lifetime of 10 years and an exercise period that starts after 5 years. The LTI stock options cliff vest after 5 years. Unvested options are subject to specific forfeiture provisions in the event that the directorship is not renewed upon the expiry of its term or is terminated in the course of its term, both due to a breach of duty by the director. Furthermore, at the annual shareholders meeting of 30 April 2014, all outstanding LTI warrants granted under the company’s LTI Warrant Plan were converted into LTI stock options, i.e. the right to purchase existing ordinary shares of Anheuser-Busch InBev SA/NV instead of the right to subscribe to newly issued shares. All other terms and conditions of the existing grants under the LTI Warrant Plan remain unchanged. During 2018, AB InBev granted 0.2m stock options to members of the board of directors, representing a fair value of approximately 4m US dollar (2017: 0.2m stock options with a fair value of approximately 4m US dollar). LTI Stock Option Plan for Executives As from 1 July 2009, senior employees are eligible for an annual long-term incentive to be paid out in LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. During 2018 AB InBev issued 7.2m LTI stock options with an estimated fair value of 102m US dollar. During 2017 AB InBev issued 7.8m LTI stock options with an estimated fair value of 149m US dollar, whereby 1.4m options relate to American Depositary Shares (ADSs) and 6.4m options to AB InBev shares. Performance related incentive plan for Disruptive Growth Function In 2016 the company implemented a new performance related incentive plan which substitutes the long-term incentive stock option plan for executives of the Disruptive Growth Function. This function was created in 2015 to accelerate new business development opportunities, focusing on initiatives in e-commerce, mobile, craft and branded experiences such as brew pubs. During 2018, approximately 2.7m performance units were granted to senior management of the Disruptive Growth Function (2017: approximately 2.0m performance units). The value of the performance units will depend on the return of the Disruptive Growth business area. Out of these, 0.1m performance units were granted to a member of the Executive Board of Management. The units vest after 5 years provided a performance test is met. Specific forfeiture rules apply in case the executive leaves the company. Other Grants AB InBev has in place three specific long-term incentive programs. One program allows for the offer of restricted stock units to certain employees in certain specific circumstances, whereby grants are made at the discretion of the CEO, e.g. as a special retention incentive or to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after five years and in case of termination of service before the vesting date, special forfeiture rules apply. In 2018, 2.3m restricted stock units with an estimated fair value of 184m US dollar were granted under this program to a selected number of employees (2017: 0.1m restricted stock units with an estimated fair value of 9m US dollar). A second program allows for the exceptional offer of restricted stock units to certain employees at the discretion of the Remuneration Committee of AB InBev as a long-term retention incentive for key employees of the company. Employees eligible to receive a grant under this program receive two series of restricted stock units, the first half of the restricted stock units vesting after five years, the second half after ten years. As a variant under this program, the restricted stock units may be granted with a shorter vesting period of 2.5 to 3 years for the first half and 5 years for the second half of the restricted stock units. In case of termination of service before the vesting date, special forfeiture rules apply. As of 2017, instead of restricted stock units, stock options may be granted under the program with similar vesting and forfeiture rules. Each option gives the grantee the right to purchase one existing AB InBev share. During 2018, approximately 0.4m restricted stock units were granted with an estimated fair value of 35m US dollar (2017: 0.8m stock options with an estimated fair value of 15m US dollar). A third program allows certain employees to purchase company shares at a discount aimed as a long-term retention incentive for (i) high-potential employees of the company, who are at a mid-manager level (“People bet share purchase program”) or (ii) for newly hired employees. The voluntary investment in company shares leads to the grant of an amount of matching restricted stock units or stock options which vest after 5 years. In case of termination before the vesting date, special forfeiture rules apply. In 2018, employees purchased 0.1m shares under this program for the equivalent of 1m US dollar (2017: equivalent of 5m US dollar). In 2018 a new program was implemented allowing for the offer of performance based restricted stock units (“Performance RSUs”) to certain members of the company’s senior management. Upon vesting, each RSU gives the executive the right to receive one existing AB InBev share. The Performance RSUs can have a vesting period of 5 years or of 10 years. The shares resulting from the RSU vesting will only be delivered provided a performance test is met by the company. This performance test is based on an organic EBITDA compounded annual growth rate target which must be achieved by 31 December 2024 at the latest. Specific forfeiture rules apply if the employee leaves the company before the performance test achievement or vesting date. During 2018, AB InBev granted 0.5m Performance RSUs to a selected group of members of the senior management of the company, including a number of members of the Executive Board of Management, under the Performance Restricted Stock Units Plan, with an estimated fair value of 46m US dollar. In order to maintain consistency of benefits granted to executives and to encourage international mobility of executives, an options exchange program can be executed whereby unvested options are exchanged against restricted shares that remain locked-up until 5 years after the end of the initial vesting period. The shares that result from the exercise of the options must in principle remain locked-up until 31 December 2023. In 2018, no options were exchanged against ordinary blocked shares (2017: 0.3m options were exchanged against ordinary blocked shares). Furthermore, certain options granted have been modified whereby the dividend protected feature of these options have been cancelled and compensated by the issuance of new additional options. In 2018 and 2017, no new options were issued. The Board has also approved the early release of vesting conditions of unvested stock options or restricted stock units which are vesting within 6 months of the executives’ relocation. The shares that result from the early exercise of the options or the early vesting of the restricted stock units must remain blocked until the end of the initial vesting period. In 2018, the vesting of 0.3m stock options and restricted stock units was accelerated under this program for other members of the senior management. Out of these, the vesting of 0.3m stock options and restricted stock units was accelerated for members of the Executive Board of Management. The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2018 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 1 2018 2017 2016 Fair value of options granted 16.92 19.94 17.40 Share price 98.66 117.77 103.77 Exercise price 98.66 117.77 103.77 Expected volatility 23 % 23 % 24 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.39 % 0.72 % 0.54 % Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility, AB InBev is excluding the volatility measured during the period 15 July 2008 until 30 April 2009, in view of the extreme market conditions experienced during that period. The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. As a result, no single expected option life applies. The total number of outstanding AB InBev options developed as follows: Million options 2018 2017 2016 Options outstanding at 1 January 93.0 64.9 47.6 Options issued during the year 5.2 35.0 20.4 Options exercised during the year (1.7 ) (3.0 ) (2.2 ) Options forfeited during the year (4.0 ) (3.9 ) (0.9 ) Options outstanding at the end of December 92.6 93.0 64.9 The range of exercise prices of the outstanding options is between 10.32 euro (11.82 US dollar) 1 Of the 92.6m outstanding options 16.2m are vested at 31 December 2018. The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 1 2018 2017 2016 Options outstanding at 1 January 98.32 76.25 64.50 Granted during the year 104.77 117.24 104.71 Exercised during the year 44.96 38.94 32.45 Forfeited during the year 113.19 108.26 88.68 Outstanding at the end of December 94.74 98.32 76.25 Exercisable at the end of December 21.40 59.66 40.62 1 Amounts have been converted to US dollar at the closing rate of the respective period. For share options exercised during 2018, the weighted average share price at the date of exercise was 79.22 euro (90.71 US dollar). The total number of outstanding AB InBev restricted stock units developed as follows: Million restricted stock units 2018 2017 2016 Restricted stock units outstanding at 1 January 5.4 5.8 5.6 Restricted stock units issued during the year 2.3 0.7 1.4 Restricted stock units exercised during the year (0.5 ) (0.7 ) (1.1 ) Restricted stock units forfeited during the year (1.2 ) (0.4 ) (0.1 ) Restricted stock units outstanding at the end of December 6.0 5.4 5.8 AMBEV SHARE-BASED COMPENSATION PROGRAMS Since 2005, Ambev has had a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 0.4m deferred stock units in 2018 with an estimated fair value of 2m US dollar. Since 2018, Ambev has a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 13.1m restricted stock units in 2018 with an estimated fair value of 66m US dollar. As from 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. In 2018, Ambev granted 19.5m LTI stock options with an estimated fair value of 30m US dollar. (2017: 20.4m LTI stock options with an estimated fair value of 42m US Dollar) The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2018 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 1 2018 2017 2016 Fair value of options granted 1.47 1.97 1.90 Share price 4.66 5.99 5.27 Exercise price 4.66 5.99 5.27 Expected volatility 26 % 27 % 27 % Expected dividends 0.00% - 5.00 % 0.00% - 5.00 % 0.00% - 5.00 % Risk-free interest rate 9.6 % 10.10 % 12.40 % The total number of outstanding Ambev options developed as follows: Million options 2018 2017 2016 Options outstanding at 1 January 135.2 131.3 121.7 Options issued during the year 19.9 20.4 24.8 Options exercised during the year (10.0 ) (13.5 ) (11.6 ) Options forfeited during the year (3.8 ) (2.9 ) (3.7 ) Options outstanding at the end of December 141.3 135.2 131.3 The range of exercise prices of the outstanding options is between 0.01 Brazilian real (0.00 US dollar) and 27.43 Brazilian real (7.08 US dollar) while the weighted average remaining contractual life is 6.27 years. Of the 141.3m outstanding options 55.5m options are vested at 31 December 2018. The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 1 2018 2017 2016 Options outstanding at 1 January 3.94 4.19 3.17 Granted during the year 4.66 5.99 5.27 Exercised during the year 1.93 1.76 0.77 Forfeited during the year 4.79 5.41 3.94 Outstanding at the end of December 4.17 4.92 4.26 Exercisable at the end of December 0.58 1.14 1.12 For share options exercised during 2018, the weighted average share price at the date of exercise was 21.03 Brazilian real (5.63 US dollar). 1 Amounts have been converted to US dollar at the closing rate of the respective period. The total number of outstanding Ambev deferred and restricted stock units developed as follows: Million restricted stock units 2018 2017 2016 Restricted stock units outstanding at 1 January 16.3 19.3 19.1 Restricted stock units issued during the year 13.5 0.8 7.3 Restricted stock units exercised during the year (3.7 ) (2.9 ) (6.1 ) Restricted stock units forfeited during the year (1.1 ) (0.9 ) (1.0 ) Restricted stock units outstanding at the end of December 25.0 16.3 19.3 Additionally, as a means of creating a long term incentive (wealth incentive) for certain senior employees and members of management considered as having “high potential”, share appreciation rights in the form of phantom stocks have been granted to those employees, pursuant to which the beneficiary shall receive two separate lots – Lot A and Lot B – subject to lockup periods of five and ten years, respectively. During 2018, a limited number of Ambev shareholders who are part of the senior management of AB InBev were given the opportunity to exchange Ambev shares against a total of 0.1m AB InBev shares (0.1m AB InBev shares in 2017) at a discount of 16.7% provided that they stay in service for another five years. The fair value of this transaction amounts to approximately 1m US dollar (2m US dollar in 2017) and is expensed over the five years’ service period. The fair values of the Ambev and AB InBev shares were determined based on the market price. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Provisions | 27. Provisions Million US dollar Restructuring Disputes Other Total Balance at 1 January 2018 153 1 383 864 2 400 Effect of changes in foreign exchange rates (7 ) (65 ) (43 ) (115 ) Provisions made 69 195 271 535 Provisions used (75 ) (377 ) (354 ) (806 ) Provisions reversed (2 ) (54 ) — (56 ) Other movements (8 ) (5 ) (27 ) (40 ) Balance at 31 December 2018 130 1 077 711 1 918 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2017 232 1 466 848 2 546 Effect of changes in foreign exchange rates 15 20 38 73 Acquisitions through business combinations — — — — Provisions made 88 185 35 308 Provisions used (186 ) (135 ) (99 ) (419 ) Provisions reversed (2 ) (160 ) 2 (160 ) Other movements 6 7 39 52 Balance at 31 December 2017 153 1 383 864 2 400 The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Exceptional items The provisions are expected to be settled within the following time windows: Million US dollar Total < 1 year 1-2 years 2-5 years > 5 years Restructuring 130 63 18 47 2 Income and indirect taxes 627 365 141 83 38 Labor 136 44 12 73 7 Commercial 34 14 6 13 1 Excise duties 18 — 3 15 — Other disputes 262 7 102 153 — Disputes 1 077 430 264 337 46 Other provisions 711 273 213 225 — Total provisions 1 918 766 495 609 48 AB InBev is subject to the greenhouse gas emission allowance trading scheme in force in the European Union and a similar scheme in South Korea. Acquired emission allowances are recognized at cost as intangible assets. To the extent that it is expected that the number of allowances needed to settle the CO 2 2 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2018 | |
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Trade and other payables | 28. Trade and other payables NON-CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2018 31 December 2017 Indirect taxes payable 194 157 Trade payables 238 380 Deferred consideration on acquisitions 1 247 699 Other payables 138 226 Non-current trade and other payables 1 816 1 462 CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2018 31 December 2017 Trade payables and accrued expenses 15 512 15 240 Payroll and social security payables 900 1 284 Indirect taxes payable 2 633 2 862 Interest payable 1 616 1 790 Consigned packaging 1 093 1 111 Dividends payable 331 479 Deferred income 32 30 Deferred consideration on acquisitions 163 1 723 Other payables 289 243 Current trade and other payables 22 568 24 762 As at 31 December 2018, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put option included in the 2012 shareholders’ agreement between Ambev and ELJ which may result in Ambev acquiring additional shares in Cervecería Nacional Dominicana S.A. (“CND”). In January 2018, ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar, resulting in Ambev’s participation in CND increasing from 55% to 85%. |
Risks arising from financial in
Risks arising from financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
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Risks arising from financial instruments | 29. Risks arising from financial instruments FINANCIAL ASSETS AND FINANCIAL LIABILITIES Set out below is an overview of financial assets 1 Million US dollar 31 December 2018 31 December 2017 Debt instruments at amortized cost Trade and other receivables 6 298 6 537 Debt instruments at fair value through OCI Unquoted debt 24 24 Debt instruments at fair value through profit or loss Quoted debt 87 1 304 Equity instruments at fair value through OCI Unquoted companies 84 76 Financial assets at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps — 21 Interest rate swaps 9 — Cross currency interest rate swaps 32 9 Other derivatives 20 1 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 191 151 Interest rate swaps — 14 Commodities 54 246 6 799 8 383 Of which: Non-current 1 068 959 Current 5 731 7 444 1 Cash and short term deposits are not included in this overview. Set out below is an overview of financial liabilities held by the company at year-end: Million US dollar 31 December 2018 31 December 2017 Financial liabilities at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 4 877 1 057 Cross currency interest rate swaps 387 906 Other derivatives 456 2 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 132 211 Cross currency interest rate swaps 103 — Interest rate swaps 56 37 Commodities 273 67 Other derivatives 56 73 Financial liabilities at amortized cost Trade and other payables 20 658 21 921 Non-current interest-bearing loans and borrowings: Secured bank loans 109 230 Unsecured bank loans 86 153 Unsecured bond issues 105 170 108 327 Unsecured other loans 57 53 Finance lease liabilities 162 186 Current interest-bearing loans and borrowings: Secured bank loans 370 272 Unsecured bank loans 22 739 Unsecured bond issues 2 626 4 510 Unsecured other loans 14 15 Commercial paper 1 142 1 870 Bank overdrafts 114 117 Finance lease liabilities 42 27 136 912 140 773 Of which: Non-current 108 012 111 191 Current 28 899 29 582 DERIVATIVES AB InBev’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy. The main derivative instruments used are foreign currency rate agreements, exchange traded foreign currency futures and options, interest rate swaps and forwards, cross currency interest rate swaps (“CCIRS”), exchange traded interest rate futures, commodity swaps, exchange traded commodity futures and equity swaps. The table below provides an overview of the notional amounts of derivatives outstanding at year-end by maturity bucket. 31 December 2018 31 December 2017 Million US dollar < 1 year 1-2 years 2-3 years 3-5 years > 5 years < 1 year 1-2 years 2-3 years 3-5 years > 5 years Foreign currency Forward exchange contracts 11 423 190 — — — 11 637 233 — — — Foreign currency futures 648 — — — — 655 — — — — Interest rate Interest rate swaps 2 250 750 28 1 873 36 1 075 2 250 750 1 883 88 Cross currency interest rate swaps 1 807 51 16 6 464 681 711 1 797 — 5 900 1 176 Other interest rate derivatives 4 — — — 565 — — 5 — 565 Commodities Aluminum swaps 1 597 73 — — — 1 412 21 — — — Other commodity derivatives 1 241 32 — — — 1 214 144 — — — Equity Equity derivatives 11 347 — — — — 11 799 — — — — FOREIGN CURRENCY RISK AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk the company uses mainly foreign currency rate agreements, exchange traded foreign currency futures and cross currency interest rate swaps. Foreign exchange risk on operating activities AB InBev’s policy is to hedge operating transactions which are reasonably expected to occur (e.g. cost of goods sold and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable. The table below shows the company’s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary. 31 December 2018 31 December 2017 Total Total Open Total Total Open Million US dollar exposure hedges position exposure hedges position Euro/Canadian dollar (39 ) 39 — (32 ) 32 — Euro/Mexican peso (187 ) 182 (5 ) (275 ) 246 (29 ) Euro/Pound sterling (239 ) 213 (26 ) (82 ) 110 28 Euro/Russian ruble — — — (58 ) 68 10 Euro/South African rand (90 ) 52 (38 ) (84 ) 84 — Euro/South Korean won (51 ) 59 8 (53 ) 44 (9 ) Euro/Ukrainian hryvnia — — — (58 ) — (58 ) Euro/US dollar (415 ) 404 (11 ) (271 ) 425 154 Mexican peso/Chinese yuan (216 ) 199 (17 ) — — — Mexican peso/Euro (300 ) 301 1 — — — Pound sterling/Euro (34 ) 34 — (87 ) 128 41 Pound sterling/US dollar — — — (40 ) 40 — US dollar/Argentinian peso (573 ) 484 (89 ) (678 ) 678 — US dollar/Australian dollar (209 ) 209 — (469 ) 192 (277 ) US dollar/Bolivian boliviano (76 ) 76 — (20 ) 20 — US dollar/Brazilian real (1 303 ) 1 223 (80 ) (1 184 ) 1 184 — US dollar/Canadian dollar (362 ) 286 (76 ) (306 ) 306 — US dollar/Chilean peso (156 ) 155 1 (324 ) 324 — US dollar/Chinese yuan (201 ) 249 48 (303 ) 134 (169 ) US dollar/Colombian peso (287 ) 219 (68 ) (319 ) 195 (124 ) US dollar/Euro (80 ) 78 (2 ) (157 ) 145 (12 ) US dollar/Mexican peso (1 151 ) 1 082 (69 ) (1 143 ) 873 (270 ) US dollar/Nigerian naira — — — (172 ) — (172 ) US dollar/Paraguayan guarani (177 ) 166 (11 ) (108 ) 108 — US dollar/Peruvian nuevo sol (157 ) 149 (8 ) (255 ) 154 (101 ) US dollar/Russian ruble — — — (45 ) 30 (15 ) US dollar/South African rand (80 ) 83 3 (72 ) 66 (6 ) US dollar/South Korean won (114 ) 128 14 (20 ) 60 40 US dollar/Ukrainian hryvnia — — — (18 ) — (18 ) US dollar/Uruguayan peso (40 ) 41 1 (57 ) 57 — Others (321 ) 264 (57 ) (124 ) 104 (20 ) Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt It is AB InBev’s policy for subsidiaries to issue debt in its functional currency to the extent possible. Where this is not the case, hedging is put in place unless the cost to hedge outweighs the benefits. On a global basis, the interest rate and debt profile as well as the preferred currency mix are determined based on a holistic risk management approach. A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk Currency sensitivity analysis Currency transactional risk Most of AB InBev’s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Australian dollar, Chinese yuan, Colombian peso, Mexican peso, Peruvian nuevo sol, pound sterling, South African rand and South Korean won against the US dollar and the euro. AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows: 2018 Closing rate Possible 1 Volatility Euro/Mexican peso 22.54 19.21 - 25.86 14.75 % Euro/Pound sterling 0.89 0.84 - 0.95 6.03 % Euro/South Korean won 1277.14 1181.98 - 1372.3 7.45 % Euro/US dollar 1.15 1.06 - 1.23 7.32 % Pound sterling/US dollar 1.28 1.17 - 1.39 8.45 % US dollar/Australian dollar 1.42 1.30 - 1.54 8.50 % US dollar/Chinese yuan 6.88 6.57 - 7.18 4.45 % US dollar/Colombian peso 3246.70 2868.9 - 3624.5 11.64 % US dollar/Euro 0.87 0.81 - 0.94 7.32 % US dollar/Mexican peso 19.68 17.12 - 22.24 13.00 % US dollar/Nigerian naira 362.54 354.9 - 370.18 2.11 % US dollar/Peruvian nuevo sol 3.37 3.24 - 3.50 3.90 % US dollar/South African rand 14.37 11.96 - 16.79 16.82 % US dollar/South Korean won 1115.40 1029.1 - 1201.71 7.74 % US dollar/Tanzanian shilling 2298.32 2211.95 - 2384.69 3.76 % US dollar/Zambian kwacha 11.88 10.28 - 13.47 13.41 % 2017 Closing rate Possible 2 Volatility Euro/Mexican peso 23.67 20.81 - 26.53 12.07 % Euro/Pound sterling 0.89 0.82 - 0.96 7.94 % Euro/Russian ruble 69.12 60.86 - 77.38 11.95 % Euro/South Korean won 1 280.41 1 181.37 – 1 379.44 7.73 % Euro/Ukrainian hryvnia 33.66 30.39 - 36.93 9.72 % Euro/US dollar 1.20 1.11 - 1.28 7.12 % Pound sterling/US dollar 1.35 1.16 - 1.54 13.99 % US dollar/Australian dollar 1.28 1.18 - 1.38 7.50 % US dollar/Chinese yuan 6.51 6.15 - 6.86 5.45 % US dollar/Colombian peso 2 988.60 2 732.94 – 3 244.26 8.55 % US dollar/Euro 0.83 0.77 - 0.89 7.12 % US dollar/Mexican peso 19.74 17.45 - 22.02 11.59 % US dollar/Nigerian naira 360.03 284.18 - 435.87 21.07 % US dollar/Peruvian nuevo sol 3.24 3.11 - 3.38 4.19 % US dollar/Russian ruble 57.63 51.43 - 63.83 10.76 % US dollar/South African rand 12.35 10.44 - 14.25 15.39 % US dollar/South Korean won 1 067.63 921.4 –1 213.86 13.70 % US dollar/Tanzanian shilling 2 235.44 2 176.76 – 2 294.12 2.63 % US dollar/Ukrainian hryvnia 28.07 26.86 - 29.27 4.30 % US dollar/Zambian kwacha 9.98 8.91 - 11.05 10.72 % Had the Australian dollar, Chinese yuan, Colombian peso, Mexican peso, Peruvian nuevo sol, pound sterling, South African rand and South Korean won weakened/strengthened during 2018 by the above estimated changes against the euro or the US dollar, with all other variables held constant, the 2018 impact on consolidated profit before taxes would have been approximately 76m US dollar (142m US dollar in 2017; 112m US dollar in 2016) higher/lower. Additionally, the AB InBev sensitivity analysis 1 Foreign exchange risk on net investments in foreign operations AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments. As of 31 December 2018, designated derivative and non-derivative financial instruments in net investment hedges amount to 9 773m US dollar equivalent (7 424m US dollar in 2017) in Holding companies and approximately 632m US dollar equivalent (1 669m US dollar in 2017) at Ambev level. These instruments hedge foreign operations with Brazilian real, Canadian dollar, Dominican peso, euro, Mexican peso, pound sterling, South Korean won and US dollar functional currencies. 1 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. Net foreign exchange results Foreign exchange results recognized on unhedged and hedged exposures are as follows: Million US dollar 2018 2017 2016 Cash flow hedges — (13 ) (53 ) Economic hedges (210 ) (49 ) (36 ) Other results - not hedged 216 (242 ) 68 6 (304 ) (21 ) INTEREST RATE RISK The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev’s policy is to achieve an optimal balance between cost of funding and volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 1.0 billion US dollar through fixed/floating interest rate swaps. These derivative instruments have been designated in a fair value hedge accounting relationship. Cash flow hedges Pound sterling bond hedges (foreign currency risk + interest rate risk on borrowings in pound sterling) In September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. The impact of changes in the pound sterling exchange rate and interest rate on this bond is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in a cash flow hedge accounting. Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real) During 2018 and 2017, Ambev invested in highly liquid Brazilian real denominated government debt securities. The company also entered into interest rate future contracts in order to offset the Brazilian real interest rate exposure of these government bonds. Both instruments are measured at fair value with changes recorded into profit or loss and no hedge accounting is required. Interest rate sensitivity analysis The table below reflects the effective interest rates of interest-bearing financial liabilities at balance sheet date as well as the currency in which the debt is denominated. Before hedging After hedging 31 December 2018 Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.95 % 214 2.95 % 214 Brazilian real 9.13 % 61 6.86 % 133 Canadian dollar 3.66 % 190 3.38 % 206 Euro 0.24 % 3 138 0.24 % 3 138 US dollar 1.94 % 1 399 2.21 % 2 638 Other 7.19 % 709 7.19 % 709 5 711 7 038 Fixed rate Australian dollar 3.28 % 1 871 3.28 % 1 871 Brazilian real 6.74 % 138 5.79 % 66 Canadian dollar 3.23 % 1 904 3.23 % 1 904 Euro 1.76 % 27 465 1.61 % 35 292 Pound sterling 3.83 % 4 173 3.80 % 3 541 South Korean won — — 2.45 % 1 000 US dollar 4.28 % 68 570 4.66 % 59 120 Other 8.55 % 82 8.55 % 82 104 203 102 876 31 December 2017 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.68 % 234 2.68 % 234 Brazilian real 9.22 % 122 7.61 % 199 Canadian dollar 2.09 % 207 2.45 % 224 Euro 0.35 % 3 398 0.35 % 3 415 South Africa rand 8.00 % 666 8.00 % 666 US dollar 1.48 % 1 285 1.43 % 2 521 Other 16.68 % 450 16.68 % 450 6 362 7 709 Fixed rate Australian dollar 3.70 % 1 838 3.70 % 1 838 Brazilian real 6.43 % 206 5.86 % 112 Canadian dollar 3.08 % 2 543 3.19 % 2 176 Euro 1.88 % 26 386 1.70 % 34 251 Peruvian nuevo sol 6.87 % 33 6.87 % 33 Pound sterling 3.83 % 4 403 3.80 % 3 734 South Korean won — — 2.50 % 1 000 US dollar 4.18 % 74 476 4.51 % 65 394 Other 3.36 % 252 2.36 % 252 110 137 108 790 At 31 December 2018, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 114m US dollar. As disclosed in the above table, 7 038m US dollar or 6.40% of the company’s interest-bearing financial liabilities bears interest at a variable rate. The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows: 2018 Interest rate 1 Possible 2 Volatility Brazilian real 6.44 % 6.12% - 6.76 % 5.00 % Canadian dollar 2.29 % 2.15% - 2.42 % 5.91 % Euro — — 2.45 % US dollar 2.78 % 2.61% - 2.94 % 5.97 % 2017 Interest rate 1 Possible 2 Volatility Brazilian real 6.90 % 5.29% - 8.50 % 23.27 % Canadian dollar 1.54 % 1.38% - 1.71 % 10.72 % Euro — — 3.50 % South African rand 7.16 % 6.88% - 7.43 % 3.84 % US dollar 1.69 % 1.59% - 1.80 % 6.00 % When AB InBev applies the reasonably possible increase/decrease in the market interest rates mentioned above on its floating rate debt at 31 December 2018, with all other variables held constant, 2018 interest expense would have been 8m US dollar higher/lower (2017: 12m US dollar; 2016: 23m US dollar). This effect would be more than offset by (60m) US dollar higher/lower interest income on AB InBev’s interest-bearing Interest expense Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dollar 2018 2017 2016 Financial liabilities measured at amortized cost – not hedged (4 053 ) (4 375 ) (4 119 ) Fair value hedges (76 ) (11 ) (31 ) Cash flow hedges 22 1 (8 ) Net investment hedges - hedging instruments (interest component) 35 77 34 Economic hedges 100 (6 ) 32 (3 972 ) (4 314 ) (4 092 ) COMMODITY PRICE RISK The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to minimize exposure to commodity price volatility. The company has significant exposures to the following commodities: aluminum, barley, coal, corn grits, corn syrup, corrugated board, diesel, fuel oil, glass, hops, labels, malt, natural gas, orange juice, plastics, rice, steel and wheat. As of 31 December 2018, the company has the following commodity derivatives outstanding (in notional amounts): 1 Applicable 3-month InterBank Offered Rates as of 31 December 2018 and as of 31 December 2017. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018 and at December 2017. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M). Million US dollar 2018 2017 Aluminum swaps 1 670 1 412 Exchange traded sugar futures 62 87 Natural gas and energy derivatives 313 211 Corn swaps 196 223 Exchange traded wheat futures 424 509 Rice swaps 194 221 Plastic derivatives 84 91 2 943 2 754 Commodity price sensitivity analysis The impact of changes in the commodity prices would have an immaterial impact on AB InBev’s profit in 2018 profits as most of the company’s commodity derivatives are designated in a hedge accounting. The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2018, would have on the equity reserves. 2018 Pre-tax impact on equity Million US dollar Volatility of 1 Prices Prices Aluminum 22.16 % 370 (370 ) Sugar 29.60 % 18 (18 ) Wheat 29.31 % 124 (124 ) Energy 23.83 % 74 (74 ) Rice 22.08 % 43 (43 ) Corn 23.85 % 47 (47 ) Plastic 20.54 % 17 (17 ) 2017 Pre-tax impact on equity Million US dollar Volatility of 2 Prices Prices Aluminum 14.83 % 212 (212 ) Sugar 29.38 % 26 (26 ) Wheat 30.99 % 158 (158 ) Energy 20.37 % 43 (43 ) Rice 20.20 % 45 (45 ) Corn 24.81 % 45 (45 ) Plastic 17.50 % 15 (15 ) EQUITY PRICE RISK AB InBev enters into derivatives to hedge the price risk on its shares when this could negatively impact future cash flows related to the share-based payments programs. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combination (see also Note 11 Finance cost and income and Changes in equity and earnings per share As of 31 December 2018, an exposure for an equivalent of 92.4m of AB InBev shares was hedged, resulting in a total loss of 3.5 billion US dollar recognized in the profit or loss account for the period, of which 1.8 billion US dollar related to the company’s share-based payment programs, 873m US dollar and 849m US dollar related to the Modelo and SAB transactions, respectively. Between 2012 and 2018, AB InBev reset certain equity derivatives to market price with counterparties. This resulted in a net cash inflow of 2.9 billion US dollar between 2012 and 2018 and, accordingly, a decrease of counterparty risk. Equity price sensitivity analysis The sensitivity analysis on the share-based payments hedging program, calculated based on a 22.03% (2017: 15.68%; 2016: 22.84%) reasonably possible volatility 1 CREDIT RISK Credit risk encompasses all forms of counterparty exposure, i.e. where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored. 1 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk, counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions. The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as at 31 December 2018 to be limited. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 2018 2017 Million US dollar Gross Impairment Net carrying Gross Impairment Net carrying Investment in unquoted companies 91 (7 ) 84 83 (7 ) 76 Investment in debt securities 111 — 111 1 328 — 1 328 Trade receivables 4 400 (160 ) 4 240 4 917 (194 ) 4 723 Cash deposits for guarantees 197 — 197 209 — 209 Loans to customers 188 — 188 179 — 179 Other receivables 2 359 (106 ) 2 253 2 326 (117 ) 2 209 Derivatives 307 — 307 483 — 483 Cash and cash equivalents 7 074 — 7 074 10 472 — 10 472 14 727 (273 ) 14 454 19 997 (318 ) 19 679 There was no significant concentration of credit risks with any single counterparty per 31 December 2018 and no single customer represented more than 10% of the total revenue of the group in 2018. Impairment losses The allowance for impairment recognized during the period per classes of financial assets was as follows: 2018 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (194 ) — (7 ) (117 ) (318 ) Impairment losses (40 ) — — (3 ) (43 ) Derecognition 29 — — 6 35 Currency translation and other 44 — — 9 53 Balance at 31 December (160 ) — (7 ) (106 ) (273 ) 2017 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (202 ) — (7 ) (109 ) (318 ) Impairment losses (55 ) — — (4 ) (59 ) Derecognition 53 — — 1 54 Currency translation and other 10 — — (5 ) 5 Balance at 31 December (194 ) — (7 ) (117 ) (318 ) 2016 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (230 ) — (9 ) (99 ) (338 ) Impairment losses (43 ) — — — (43 ) Derecognition 69 — — 2 71 Currency translation and other 2 — 2 (12 ) (8 ) Balance at 31 December (202 ) — (7 ) (109 ) (318 ) LIQUIDITY RISK Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following: • Debt servicing; • Capital expenditures; • Investments in companies; • Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments; • Share buyback programs; and • Payments of dividends and interest on shareholders’ equity. The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing. The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative financial assets and liabilities: 31 December 2018 Million US dollar Carrying 1 Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative financial liabilities Secured bank loans (479 ) (496 ) (383 ) (39 ) (15 ) (27 ) (31 ) Commercial papers (1 142 ) (1 142 ) (1 142 ) — — — — Unsecured bank loans (108 ) (135 ) (33 ) (6 ) (96 ) — — Unsecured bond issues (107 796 ) (165 979 ) (6 410 ) (9 146 ) (11 636 ) (23 672 ) (115 115 ) Unsecured other loans (71 ) (110 ) (19 ) (22 ) (12 ) (12 ) (44 ) Finance lease liabilities (204 ) (316 ) (62 ) (37 ) (33 ) (33 ) (151 ) Bank overdraft (114 ) (114 ) (114 ) — — — — Trade and other payables (24 345 ) (24 722 ) (22 557 ) (260 ) (1 060 ) (333 ) (513 ) (134 258 ) (193 014 ) (30 720 ) (9 510 ) (12 852 ) (24 077 ) (115 855 ) Derivative financial assets/(liabilities) Interest rate derivatives (84 ) (86 ) (39 ) (19 ) (8 ) 11 (31 ) Foreign exchange derivatives (391 ) (401 ) (419 ) 18 — — — Cross currency interest rate swaps (456 ) (457 ) (13 ) 113 129 (595 ) (90 ) Commodity derivatives (225 ) (225 ) (222 ) (3 ) — — — Equity derivatives (4 877 ) (4 877 ) (4 877 ) — — — — (6 033 ) (6 046 ) (5 570 ) 109 121 (584 ) (121 ) Of which: related to cash flow hedges (293 ) (303 ) (233 ) 17 2 2 (90 ) 31 December 2017 Million US dollar Carrying Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative financial liabilities Secured bank loans (502 ) (590 ) (318 ) (137 ) (23 ) (42 ) (70 ) Commercial papers (1 870 ) (1 871 ) (1 871 ) — — — — Unsecured bank loans (892 ) (927 ) (761 ) (129 ) (37 ) — — Unsecured bond issues (112 837 ) (167 056 ) (8 951 ) (13 951 ) (12 908 ) (24 655 ) (106 591 ) Unsecured other loans (68 ) (114 ) (17 ) (23 ) (13 ) (7 ) (54 ) Finance lease liabilities (213 ) (301 ) (42 ) (42 ) (32 ) (40 ) (145 ) Bank overdraft (117 ) (117 ) (117 ) — — — — Trade and other payables (26 167 ) (26 628 ) (24 756 ) (476 ) (207 ) (289 ) (900 ) (142 666 ) (197 604 ) (36 833 ) (14 758 ) (13 220 ) (25 033 ) (107 760 ) Derivative financial assets/(liabilities) Interest rate derivatives (96 ) (101 ) (9 ) (21 ) (14 ) 16 (73 ) Foreign exchange derivatives (61 ) (52 ) (59 ) 7 — — — Cross currency interest rate swaps (897 ) (1 043 ) 65 (128 ) 114 (904 ) (190 ) Commodity derivatives 179 143 139 4 — — — Equity derivatives (1 036 ) (1 134 ) (1 134 ) — — — — (1 911 ) (2 187 ) (998 ) (138 ) 100 (888 ) (263 ) Of which: related to cash flow hedges (20 ) (29 ) 64 5 2 4 (104 ) CAPITAL MANAGEMENT AB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility to execute the 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. The management uses the same debt/equity classifications as applied in the company’s IFRS reporting to analyze the capital structure. 1 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. FAIR VALUE The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet: Assets Liabilities Net Million US dollar 31 December 31 December 31 December 31 December 31 December 31 December Foreign currency Forward exchange contracts 191 151 (586 ) (211 ) (395 ) (60 ) Foreign currency futures 7 1 (3 ) (2 ) 4 (1 ) Interest rate Interest rate swaps 9 14 (27 ) (37 ) (18 ) (23 ) Cross currency interest rate swaps 32 9 (489 ) (906 ) (457 ) (897 ) Other interest rate derivatives 20 — (86 ) (73 ) (66 ) (73 ) Commodities Aluminum swaps 23 178 (172 ) (5 ) (149 ) 173 Sugar futures — 24 (8 ) (20 ) (8 ) 4 Wheat futures 13 34 (11 ) (22 ) 2 12 Energy 4 — (54 ) — (50 ) — Other commodity derivatives 8 10 (28 ) (20 ) (20 ) (10 ) Equity Equity derivatives — 21 (4 877 ) (1 057 ) (4 877 ) (1 036 ) 307 442 (6 340 ) (2 353 ) (6 033 ) (1 911 ) Of which: Non-current 10 25 (805 ) (937 ) (795 ) (912 ) Current 297 417 (5 535 ) (1 416 ) (5 238 ) (999 ) The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized at the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value: Interest-bearing financial liabilities Million US dollar 2018 1 2018 2017 1 2017 Fixed rate Australian dollar (1 871 ) (1 927 ) (1 838 ) (1 896 ) Brazilian real (138 ) (138 ) (206 ) (206 ) Canadian dollar (1 904 ) (1 817 ) (2 543 ) (2 574 ) Euro (27 465 ) (26 799 ) (26 386 ) (26 942 ) Peruvian nuevo sol (24 ) (24 ) (33 ) (33 ) Pound sterling (4 173 ) (4 320 ) (4 403 ) (4 902 ) US dollar (68 570 ) (65 873 ) (74 476 ) (83 482 ) Other (58 ) (58 ) (252 ) (252 ) (104 203 ) (100 956 ) (110 137 ) (120 287 ) The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2018 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 3 9 — Derivatives at fair value through profit and loss — 67 — Derivatives in a cash flow hedge relationship 7 225 — Derivatives in a fair value hedge relationship — 33 — Derivatives in a net investment hedge relationship — 14 — 10 348 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 409 Derivatives at fair value through profit and loss — 5 699 — Derivatives in a cash flow hedge relationship 18 507 — Derivatives in a fair value hedge relationship — 125 — Derivatives in a net investment hedge relationship — 31 — 18 6 362 1 409 1 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. Fair value hierarchy 31 December 2017 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 1 304 5 — Derivatives at fair value through profit and loss — 89 — Derivatives in a cash flow hedge relationship 9 340 — Derivatives in a fair value hedge relationship — 36 — Derivatives in a net investment hedge relationship — 9 — 1 313 479 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 2 210 Derivatives at fair value through profit and loss 1 1 210 — Derivatives in a cash flow hedge relationship 28 341 — Derivatives in a fair val |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2018 | |
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Operating leases | 30. Operating leases Non-cancelable operating leases are payable and receivable as follows: 2018 Million US dollar Lessee Sublease Lessor Net lease obligations Within one year (475 ) 149 3 (323 ) Between one and five years (1 237 ) 451 9 (777 ) After five years (771 ) 211 6 (554 ) Total (2 483 ) 811 18 (1 654 ) 2017 Million US dollar Lessee Sublease Lessor Net lease obligations Within one year (210 ) 127 2 (181 ) Between one and five years (1 009 ) 425 7 (577 ) After five years (781 ) 211 4 (566 ) Total (2 100 ) 763 13 (1 324 ) Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements of 27 years. These operating leases mature in November 2034 and are subleased for an average outstanding period of 6 to 8 years. These leases can be subject to renewal after their expiration date. The impact of such renewal is not reported in the table above. Furthermore, the company leases a number of warehouses, trucks, factory facilities and other commercial buildings under operating leases. The leases typically run for a period of five to ten years. Lease payments are increased annually to reflect market rentals, if applicable. None of the leases include contingent rentals. The operating leases listed above represent an undiscounted obligation of 2 483m US dollar. Also, the company has sublet some of the leased pubs and properties, representing an undiscounted right of 811m US dollar. In 2018, 512m US dollar was recognized as an expense in the income statement in respect of operating leases where the company is the lessee (2017: 471m US dollar; 2016: 272m US dollar), while 133m US dollar was recognized as income in the income statement in respect of subleases (2017: 128m US dollar; 2016: 117m US dollar). The company also leases out part of its own property under operating leases. In 2018, 3m US dollar was recognized as income in the income statement in respect of operating leases as lessor (2017: 4m US dollar; 2016: 10m US dollar). |
Collateral and contractual comm
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other | 12 Months Ended |
Dec. 31, 2018 | |
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Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other | 31. Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other Million US dollar 2018 2017 Collateral given for own liabilities 404 426 Collateral and financial guarantees received for own receivables and loans to customers 335 326 Contractual commitments to purchase property, plant and equipment 416 550 Contractual commitments to acquire loans to customers 171 16 Other commitments 1 1 The collateral given for own liabilities of 404m US dollar at 31 December 2018 contains 197m US dollar cash guarantees. Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Provisions Trade and other receivables To keep AB InBev’s credit risk with regard to receivables and loans to customers as low as possible collateral and other credit enhancements were obtained for a total amount of 335m US dollar at 31 December 2018. Collateral is held on both real estate and debt securities while financial guarantees are obtained from banks and other third parties. AB InBev has entered into commitments to purchase property, plant and equipment for an amount of 416m US dollar at 31 December 2018. In a limited number of countries AB InBev has committed itself to acquire loans to customers from banks at their notional amount if the customers do not respect their reimbursement commitments towards the banks. The total outstanding amount of such loans is 171m US dollar at 31 December 2018. As at 31 December 2018, the following M&A related commitments existed: • As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A.(“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place which may result in Ambev acquiring additional shares in CND. In January 2018 Ambev increased its participation in CND from 55% to 85%. As of 31 December 2018, the put option for the remaining shares held by ELJ was valued 632 million US dollar (2017: 1.7 billion US dollar before the exercise of the put option by ELJ in January 2018). The corresponding liability is presented as a current liability and recognized as a deferred consideration on acquisitions at fair value in “level 3” category above. See also note 29 Risks arising from financial instruments. • On 11 October 2016, AB InBev was notified by The Coca-Cola Company of its intention to transition AB InBev’s stake in Coca-Cola Beverages Africa (“CCBA”). CCBA includes the Coca-Cola bottling operations in South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros. This transaction was completed on 4 October 2017. Furthermore, AB InBev completed in 2018 the sale of its carbonated soft drink businesses in Zambia and Botswana to The Coca-Cola Company. The company also entered into agreements to sell to The Coca-Cola Company all of its carbonated soft drink business in eSwatini (Swaziland) and certain non-alcoholic beverage brands in El Salvador and Honduras. The closing of these transactions is subject to customary closing conditions, including regulatory approvals. In El Salvador and Honduras, the company has executed long-term bottling agreements, which will become effective upon the closing of the El Salvador and Honduras brand divestitures. In addition, the companies continue to work towards finalizing the terms and conditions for The Coca-Cola Company to acquire AB InBev’s interest in the bottling operations in Zimbabwe and Lesotho. These transactions are subject to the relevant regulatory and shareholder approvals in the different jurisdictions. Other commitments amount to 1 973m US dollar at 31 December 2018 and mainly cover guarantees given to pension funds, rental and other guarantees. In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 20 million of its own ordinary shares. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend. As of 31 December 2018, 20 million loaned securities were used to fulfil stock option plan commitments. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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Contingencies | 32. Contingencies 1 The company has contingencies for which, in the opinion of management and its legal counsel, the risk of loss is possible but not probable and therefore no provisions have been recorded. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions, and as a consequence AB InBev management cannot at this stage estimate the likely timing of resolution of these matters. The most significant contingencies are discussed below. AMBEV TAX MATTERS As of 31 December 2018, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2018 31 December 2017 Income tax and social contribution 9 773 9 600 Value-added and excise taxes 6 166 5 987 Other taxes 1 434 1 390 17 373 16 977 The most significant tax proceedings of Ambev are discussed below. INCOME TAX AND SOCIAL CONTRIBUTION During 2005, certain subsidiaries of Ambev received assessments from the Brazilian Federal Tax Authorities relating to profits of its foreign subsidiaries. In December 2008, the Administrative Court rendered a partially favorable decision to Ambev, and in connection with the remaining part, Ambev filed an appeal to the Administrative Upper House, which was denied in full in March 2017. In September 2017, Ambev filed a judicial proceeding for this tax assessment and requested a motion of injunction, which was granted to Ambev. In 2013, 2016, 2017 and 2018 Ambev received other tax 1 Amounts have been converted to US dollar at the closing rate of the respective period. assessments related to profits of its foreign subsidiaries. In July and September 2018, with respect to two tax assessments, the Administrative Upper House rendered unfavorable decisions to Ambev. In one such case, Ambev filled a judicial proceeding and requested a motion of injunction, which was granted to Ambev. In the other case, Ambev is analyzing possible appeals. In October 2018, the Lower Administrative Court rendered a partially favorable decision to Ambev in another of the ongoing tax assessments. Ambev is waiting to be formally notified of such decision to analyze possible appeals. As of 31 December 2018, Ambev management estimates the exposure of approximately 7.7 billion Brazilian real (2.0 billion US dollar) as a possible risk, and approximately 46m Brazilian real (12m US dollar) as a probable loss. In December 2011, Ambev received a tax assessment related to the goodwill amortization resulting from the InBev Holding Brasil S.A. merger with Ambev. The final decision rendered by the Lower Administrative Court was partially favorable to Ambev. Subsequently, Ambev filed a judicial proceeding to discuss the unfavorable part and requested a motion of injunction, which was granted to Ambev. The favorable portion to Ambev, will be reexamined by the Administrative Upper House. In June 2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization and filed a defense. In March 2017, Ambev was notified of a partially favorable first level administrative decision and filed an appeal to the Lower Administrative Court. In May 2018, Ambev received a partially favorable decision at the Lower Administrative Court and is currently waiting to be notified of the decision to analyze possible appeals. Ambev management estimates possible losses in relation to these assessments to be approximately 9.3 billion Brazilian real (2.4 billion US dollar) as of 31 December 2018. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amount proportional to the benefit received by AB InBev pursuant to the merger protocol, as well as the related costs. In October 2013, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. The decision from the first level administrative Court was unfavorable to Ambev. After considering a motion to clarify by Ambev, the unfavorable decision was confirmed and Ambev filed an appeal to the Lower Administrative Court. In November 2018, Ambev received a partially favorable decision at the Lower Administrative Court and is currently waiting to be formally notified of the decision to analyze possible appeals. In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortization and filed defenses, which are currently pending analysis by the first administrative level. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 2.1 billion Brazilian real (0.5 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. In November 2017, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of CND Holdings into Ambev. Ambev filed a defense in December 2017. In November 2018, Ambev received an unfavorable decision from the first administrative level and filled an appeal to the Lower Administrative Court, which is currently pending. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 1.1 billion Brazilian real (0.3 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. Ambev and certain of its subsidiaries received a number of assessments from Brazilian federal tax authorities relating to the offset of tax loss carry forward arising in the context of business combinations. In February 2016, the Administrative Upper House ruled unfavorably to Ambev in two such cases. Ambev filed judicial proceedings to discuss the matter. In September 2016, Ambev received a favorable first level decision in one of the judicial claims. In March 2017, Ambev received an unfavorable first level decision in another case and filed an appeal to the judicial Court. Both cases are awaiting analysis by the judicial Court. Ambev management estimates the total exposures of possible loss in relation to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of 31 December 2018. In December 2015 and 2016, Ambev received tax assessments related to the disallowance of alleged non-deductible expenses and the deduction of certain losses mainly associated to financial investments and loans. Ambev presented defenses, which are pending review by the first administrative level. Ambev management estimates the amount of possible loss in relation to those assessments to be approximately 4.6 billion Brazilian real (1.2 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection with these assessments. Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities related to the disallowance of deductions associated with alleged unproven taxes paid abroad, for which the decision from the Administrative Upper House is still pending. In September 2017, Ambev decided to include part of those tax assessments in the Brazilian Federal Tax Regularization Program of the Provisional Measure No 783. In June 2018, Ambev was notified of a favorable first administrative level decision cancelling four of these assessments (offsets of 2015 and 2016). However, in August and September 2018, the Brazilian Federal Revenue Service issued new decisions reestablishing these assessments and issued new tax assessments related to these matters. As of 31 December 2018, Ambev management estimates the exposure of approximately 9.5 billion Brazilian real (2.5 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount. In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the “presumed profit” method for the calculation of income tax and the social contribution on net profit instead of the “real profit” method. In September 2017, Arosuco received the unfavorable first level administrative decision and filed an appeal to the Lower Administrative Court. Arosuco management estimates the amount of possible losses in relation to this assessment to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2018. Arosuco has not recorded any provision in connection therewith. ICMS VALUE ADDED TAX, IPI EXCISE TAX AND TAXES ON NET SALES In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt from IPI excise tax. There is discussion on whether the acquisition of such benefited goods gives rise to the right of IPI excise tax credits by the relevant acquirers. Ambev’s subsidiaries have been registering IPI excise tax presumed credits upon the acquisition of exempted goods manufactured therein and are discussing the matter at the courts. Since 2009, Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to the disallowance of such presumed IPI excise tax credits and other IPI excise tax credits, which are under discussion before the Brazilian Supreme Court, with a trial expected to occur in April 2019. Ambev management estimates the possible loss related to these assessments to be approximately 3.8 billion Brazilian real (1.0 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. Over the years, Ambev has also received tax assessments from the Brazilian Federal Tax Authorities charging federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits which are under discussion in the abovementioned proceedings. Ambev is challenging these charges before the courts. Ambev management estimates the possible loss related to these assessments to be approximately 1.1 billion Brazilian real (0.3 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities to charge the IPI excise tax, supposedly due over remittances of manufactured goods to related factories. The cases are being challenged at both the administrative and judicial levels of the courts. Ambev management estimates the possible loss related to these assessments to be approximately 1.6 billion Brazilian real (0.4 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. Ambev is currently challenging tax assessments issued by the States of São Paulo, Rio de Janeiro, Minas Gerais and other States questioning the legality of ICMS tax credits arising from transactions with companies that have tax incentives. The cases are being challenged at both the administrative and judicial level of the courts. Ambev management estimates the possible losses related to these assessments to be approximately 2.1 billion Brazilian real (0.5 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. In 2013, 2014 and 2015, Ambev was assessed by the States of Pará, and Piauí to charge the ICMS supposedly due with respect to unconditional discounts granted by Ambev. The cases are being challenged at both the administrative and judicial level of the courts. Ambev management estimates the possible loss involved in these proceedings to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2018. Ambev has not recorded any provision in connection therewith. Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant States, cases in which the State tax authorities understand that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. Among other similar cases, Ambev received three assessments issued by the State of Minas Gerais in the original amount of 1.4 billion Brazilian real (0.4 billion US dollar). In the first quarter of 2018, the Upper House of the Administrative Tax Court of the State of Minas Gerais ruled unfavorably to Ambev on these three cases. The State of Minas Gerais filed tax foreclosures to charge the amounts discussed in these three cases and Ambev filed defenses with the judicial courts. In 2017, Ambev received assessments from the State of Rio de Janeiro in the original amount of 0.9 billion Brazilian real (0.2 billion US dollar). Ambev presented appeals against such tax assessments and now awaits the decision by the Tax Administrative Court. Ambev management estimates the total possible loss related to this issue to be approximately 7.7 billion Brazilian real (2.0 billion US dollar) as of 31 December 2018. Ambev has recorded provisions in the total amount of 8m Brazilian real (2m US dollar) in relation to certain proceedings for which it considers the chances of loss to be probable due to specific procedural issues. In 2015, Ambev received a tax assessment issued by the State of Pernambuco to charge ICMS differences due to an alleged non-compliance with the State tax incentive Agreement (“PRODEPE”) as a result of the rectification of its monthly reports. The State tax authorities understood that Ambev was not able to use the incentive due to this rectification. In 2017, Ambev had a final favorable decision in the sense that such assessment was null due to formal mistakes of the tax auditor. However, in September 2018, Ambev received a new tax assessment to discuss the same matter. There are other assessments related to this same tax incentive agreement. Ambev management estimates the possible losses related to this issue to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2018. Ambev has recorded a provision in the total amount of 3m Brazilian real (1m US dollar) in relation to one proceeding it considers the chances of loss to be partially probable. SOCIAL CONTRIBUTIONS Ambev received some tax assessments issued by the Brazilian Federal Tax Authorities relating to amounts allegedly due under Integration Program / Social Security Financing Levy (PIS/COFINS) over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the Courts. Ambev management estimates the possible loss related to these assessments to be approximately 4.0 billion Brazilian real (1.0 billion US dollar) as of 31 December 2018. No related provision has been made. OTHER TAX MATTERS In February 2015, the European Commission opened an in-depth state aid investigation into the Belgian excess profit ruling system. On 11 January 2016, the European Commission adopted a negative decision finding that the Belgian excess profit ruling system constitutes an aid scheme incompatible with the internal market and ordering Belgium to recover the incompatible aid from a number of aid beneficiaries. The Belgian authorities have contacted the companies that have benefitted from the system and have advised each company of the amount of incompatible aid that is potentially subject to recovery. The European Commission decision was appealed to the European Union’s General Court by Belgium on 22 March 2016 and by AB InBev on 12 July 2016. The appeals do not suspend the recovery process, and AB InBev cannot at this stage estimate the final outcome of such legal proceedings. Based on the estimated exposure related to the excess profit ruling applicable to AB InBev, the different elements referred to above, as well as the possibility that taxes paid abroad and non-recognized tax loss carryforwards could eventually partly or fully offset amounts subject to recovery, if any, AB InBev has not recorded any provisions in connection therewith as of 31 December 2018. In addition, the Belgian tax authorities have also questioned the validity and the actual application of the excess profit ruling that was issued in favor of AB InBev and have refused the actual tax exemption which it confers. Against such decision AB InBev has filed a court claim before the Brussels court of first instance. Also in respect of this aspect of the excess profit ruling matter, considering the company’s and its counsel assessment, as well as the position taken by the tax authorities’ mediation services, in respect of the merits of the case, AB InBev has not recorded any provisions as of 31 December 2018. On 24 January 2019, AB InBev deposited 68m EUR on a blocked account. Depending on the final outcome of the European Court procedures on the Belgian excess profit ruling system, as well as the pending Belgian court case, this amount will either be slightly modified, or released back to the company or paid over to the Belgian State. On 14 February 2019, the European General Court concluded that the Belgian excess profit ruling system does not constitute illegal state aid. The European Commission can appeal the judgment of the General Court. WARRANTS Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming that they should receive the dividends relative to these shares since 2003, approximately 0.9 billion Brazilian real (0.2 billion US dollar) in addition to legal fees. Ambev disputes these claims and intends to continue to vigorously defend its case. Five of the six lawsuits were ruled favorable to Ambev by the Superior Court of Justice (STJ). Two of them during the year of 2017. All of these five cases are pending final judgment by STJ’s Special Court. In November 2017, the Federal Public Prosecutor filled a motion favorable to Ambev’s position in one of the cases. Considering all of these facts, the company and its external counsels strongly believe that the chance of loss in these cases is remote. ANTITRUST MATTERS On 12 December 2014, a lawsuit was commenced in the Ontario Superior Court of Justice against the Liquor Control Board of Ontario, Brewers Retail Inc. (known as The Beer Store or “TBS”) and the owners of Brewers Retail Inc. (Molson Coors Canada, Sleeman Breweries Ltd. and Labatt Breweries of Canada LP). The lawsuit was brought in Canada pursuant to the Ontario Class Proceedings Act, and sought, among other things: (i) to obtain a declaration that the defendants conspired with each other to allocate markets for the supply of beer sold in Ontario since 1 June 2000; (ii) to obtain a declaration that Brewers Retail Inc. and the owners of Brewers Retail Inc. conspired to fix, increase and/or maintain prices charged to Ontario licensees (on-trade) for beer and the fees charged by TBS to other competitive brewers who wished to sell their products through TBS and (iii) damages for unjust enrichment. As part of this third allegation, the plaintiffs allege illegal trade practices by the owners of Brewers Retail Inc. They are seeking damages not exceeding 1.4 billion Canadian dollar (1.0 billion US dollar), as well as, punitive, exemplary and aggravated damages of 5m Canadian dollar (4m US dollar) and changes/repeals of the affected legislation. In March 2018, the court granted summary judgment and dismissed the class claims. The plaintiffs have appealed. The company has not recorded any provision in connection therewith. In 2016, the European Commission announced an investigation into alleged abuse of a dominant position by AB InBev in Belgium through certain practices aimed at restricting trade from other European Union member states to Belgium. In connection with these ongoing proceedings, AB InBev made a provision of 230m US dollar. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2018 | |
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Non-controlling interests | 33. Non-controlling interests As of 31 December 2018 and 2017, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 62% ownership. The tables below provide summarized information of Ambev’s audited consolidated financial statements as of as of 31 December 2018 and 2017, in accordance with IFRS. Summarized financial information of Ambev, in which the company has material non-controlling interests, is as follows: Million US dollar 31 December 31 December Summarized balance sheet information Current assets 6 537 7 472 Non-current assets 17 755 18 783 Current liabilities 6 408 8 672 Non-current liabilities 3 032 3 078 Equity attributable to equity holders 14 540 13 908 Non-controlling interests 312 597 Million US dollar 2018 2017 2016 Summarized income statement and comprehensive income information Revenue 13 819 14 961 13 123 Net income 3 130 2 452 3 765 Attributable to: Equity holders 3 033 2 290 3 611 Non-controlling interests 97 162 155 Net income 3 130 2 452 3 765 Other comprehensive income 629 809 (1 534 ) Total comprehensive income 3 759 3 261 2 231 Attributable to: Equity holders 3 629 3 090 2 190 Non-controlling interests 130 171 41 Summarized cash flow information Cash flow from operating activities 4 928 5 583 3 552 Cash flow from investing activities (1 011 ) (960 ) (1 697 ) Cash flow from financing activities (3 638 ) (4 018 ) (3 351 ) Net increase/(decrease) in cash and cash equivalents 279 605 (1 496 ) Dividends paid by Ambev to non-controlling interests (i.e. to entities outside the AB InBev Group) amounted to 0.8 billion US dollar, 1.1 billion US dollar and 1.2 billion US dollar for 2018, 2017 and 2016, respectively. Other non-controlling interests not deemed individually material by the company mainly related to the company’s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda, and Zambia), as well as non-controlling interests recognized in respect of the company’s subsidiaries in Colombia, Ecuador, and Peru. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2018 | |
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Related parties | 34. Related parties Transactions with directors and Executive board OF Management Members (KEY MANAGEMENT PERSONNEL) In addition to short-term employee benefits (primarily salaries) AB InBev’s Executive Board of Management members were entitled in 2018 to post-employment benefits. In particular, members of the Executive Board of Management participated in the pension plan of their respective country – see also Note 25 Employee Benefits Share-based Payments 2018 2017 2016 Million US dollar Directors Executive Board Directors Executive Board Directors Executive Board Short-term employee benefits 2 27 2 28 2 18 Post-employment benefits — — — 1 — — Share-based payments — 24 3 68 3 64 2 52 5 97 5 82 Directors’ compensation consists mainly of directors’ fees. During 2018, AB InBev entered into the following transactions: • The acquisition, through Grupo Modelo and its subsidiaries, of information technology and infrastructure services for a consideration of approximately 1.0m US dollar from a company in which one of the company’s Board Member had significant influence as of 31 December 2018. • The acquisition, mainly through its subsidiary Bavaria S.A., of transportation services, lease agreements and advertising services for an aggregated consideration of 8.1m US dollar from companies in which one of the company’s Board Member had a significant influence as of 31 December 2018. The outstanding balance of these transactions as of 31 December 2018 amounts to 0.2m US dollar. JOINTLY CONTROLLED ENTITIES Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows: Million US dollar 2018 2017 2016 Non-current assets 11 12 11 Current assets 5 5 5 Non-current liabilities 9 11 9 Current liabilities 12 6 6 Result from operations 4 (3 ) (6 ) Profit attributable to equity holders of AB InBev 3 (3 ) (7 ) TRANSACTIONS WITH ASSOCIATES Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2018 2017 2016 Gross profit 74 91 (47 ) Current assets 152 73 (8 ) Current liabilities 130 20 20 TRANSACTIONS WITH PENSION PLANS AB InBev’s transactions with pension plans mainly comprise 12m US dollar other income from pension plans in the US. |
Supplemental guarantor financia
Supplemental guarantor financial information | 12 Months Ended |
Dec. 31, 2018 | |
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Supplemental guarantor financial information | 35. Supplemental guarantor financial information The following guarantor financial information is presented to comply with U.S. SEC disclosure requirements of Rule 3-10 of Regulation S-X. The issuances or exchanges of securities described below are related to securities issued by Anheuser-Busch InBev Worldwide Inc. or Anheuser-Busch InBev Finance Inc., and in each case fully and unconditionally guaranteed by Anheuser-Busch InBev SA/NV (the “Parent Guarantor”). Each such security is also jointly and severally guaranteed by Anheuser-Busch • On 6 January 2010, Anheuser-Busch InBev Worldwide Inc. issued 0.5 billion US dollar aggregate principal amount of fixed rate notes due 2040. The notes bear interest at an annual rate of 6.375% and will mature on 15 January 2040. The issuance closed on 5 February 2010. In connection with bond exchange on 6 April and 19 April 2017, 51.12% of the principal of the 2040 note was exchanged. The remaining principal of the note amounts to 0.24 billion US dollar. • On 24 January 2011, Anheuser-Busch InBev Worldwide Inc. issued 0.5 billion US dollar aggregate principal amount of fixed rate notes due 2021. The notes bear interest at an annual rate of 4.375% and will mature on 15 February 2021. The issuance closed on 27 January 2011. • On 14 March 2011, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the following series of unregistered notes (i) 1.25 billion US dollar principal amount of 8.2% notes due 2039 and (ii) 1.0 billion US dollar principal amount of 6.875% notes due 2019 and (iii) 0.45 billion US dollar principal amount of 8.0 % notes due 2039. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable, SEC-registered with otherwise substantially the same terms and conditions. • On 16 July 2012, Anheuser-Busch InBev Worldwide Inc. issued 3.0 billion US dollar aggregate principal amount of fixed rate notes due 2022 and 1.0 billion US dollar aggregate principal amount of fixed rate notes due 2042. The notes bear interest at an annual rate of 2.500% for the 2022 notes and 3.750% for the 2042 notes. • On 17 January 2013, Anheuser-Busch InBev Finance Inc. issued 1.25 billion US dollar aggregate principal amount of fixed rate notes due 2023 and 0.75 billion US dollar aggregate principal amount of fixed rate notes due 2043. The notes bear interest at an annual rate of 2.625% for the 2023 notes and 4.000% for the 2043 notes. • On 27 January 2014, Anheuser-Busch InBev Finance Inc. issued 5.25 billion US dollar aggregate principal amount of bonds, consisting of; 250m US dollar aggregate principal amount of floating rate notes due 2019; 1.4 billion US dollar aggregate principal amount of fixed rate notes due 2024; and 850m US dollar aggregate principal amount of fixed rate notes due 2044. The fixed rate notes bear interest at an annual rate of 3.700% for the 2024 notes; and 4.625% for the 2044 notes. The floating rate notes bear interest at an annual rate of 40.00 basis points above three-month LIBOR. • On 23 July 2015, Anheuser-Busch InBev Finance Inc. issued 565 million US dollar aggregated principal amount of fixed rate notes due 2045. The notes bear interest at an annual rate of 4.60%. • On 25 January 2016, Anheuser-Busch InBev Finance Inc. issued 46.0 billion US dollar aggregate principal amount of bonds, consisting of 7.5 billion US dollar aggregate principal amount of fixed rate notes due 2021; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2023; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2026 1 1 1 • On 29 January 2016, Anheuser-Busch InBev Finance Inc. issued 1.47 billion US dollar aggregated principal amount of fixed rate notes due 2046. The notes bear interest at an annual rate of 4.915%. • On 16 December 2016, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 6.8 billion US dollar aggregate principal amount of certain SAB Group notes, in connection with which Anheuser-Busch InBev Worldwide Inc. issued (i) 309 million US dollar aggregate principal amount of floating rate notes due 2018; (ii) 641 million US dollar aggregate principal amount of 2.200% fixed rate notes due 2018; (iii) 2.35 billion US dollar aggregate principal amount of 3.750% fixed rates due 2022; (iv) 298 million US dollar aggregate principal amount of 6.625% fixed rate notes due 2033; (v) 300 million US dollar aggregate principal amount of 5.875% fixed rate notes due 2035; and (vi) 1.49 billion US dollar aggregate principal amount of 4.950% fixed rate notes due 2042. The floating rate notes bear interest at an annual rate of 69.00 basis points above three-month LIBOR. • On 6 April and 19 April 2017, Anheuser-Busch InBev Worldwide Inc. completed U.S. private exchange offers for certain outstanding notes issued by either Anheuser-Busch Companies, LLC or Anheuser-Busch InBev Worldwide Inc. in exchange for a combination of new Anheuser-Busch InBev Worldwide Inc. Notes due 2048 and cash. The new notes have 1,735,171,000 US dollar aggregate principal amount outstanding, mature on 6 October 2048 and bear interest at a rate per annum of 4.439% 2 • On 21 August 2017, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered 1,735,171,000 US dollar principal amount of 4.439% notes due 2048. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable, SEC-registered notes with otherwise substantially the same terms and conditions. • On 4 April 2018, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 10.0 billion US dollar aggregate principal amount of certain bonds and issued (i) 1.5 billion US dollar aggregate principal amount of 3.500% fixed rate notes due 2024; (ii) 2.5 billion US dollar aggregate principal amount of 4.000% fixed rate notes due 2028; (iii) 1.5 billion US dollar aggregate principal amount of 4.375% fixed rates due 2038; (iv) 2.5 billion US dollar aggregate principal amount of 4.600% fixed rate notes due 2048; (v) 1.5 billion US dollar aggregate principal amount of 4.750% fixed rate notes due 2058; and (vi) 500 million US dollar aggregate principal of floating rate notes due 2024. The floating rate notes bear interest at an annual rate of 74.00 basis points above three-month LIBOR. 1 These notes were exchanged on 26 November 2018 by notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC. 2 In accordance to IFRS 9, on the transition date the difference between the new carry amount and old carry amount was booked in the Retained Earnings. See also Note 16 Interest-bearing loans and borrowings • On 26 November 2018, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC completed an exchange offer for certain notes originally issued by Anheuser-Busch InBev Finance Inc on 25 January 2016. The aggregate principal amount accepted for offer are (i) 9.5 billion US dollar of 4.900% fixed rate notes due 2046; 5.4 billion US dollar of 4.700% fixed rate notes due 2036; and 8.6 billion US dollar of 3.650% fixed rate notes due 2026. The following condensed consolidated financial information presents the Condensed Consolidated Statement of Financial Position as of 31 December 2018 and 31 December 2017, the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Cash Flows for the period ended 31 December 2018 and 2017 of (a) Anheuser-Busch InBev SA/NV, (b) Anheuser-Busch InBev Worldwide Inc. (guarantor of notes issued by Anheuser-Busch InBev Finance Inc.), (c) Anheuser-Busch InBev Finance Inc. (guarantor of notes issued by Anheuser-Busch InBev Worldwide Inc. and notes co-issued by Anheuser-Busch Companies, LLC and Anheuser-Busch InBev Worldwide Inc.), (d) Anheuser Busch Companies, LLC (guarantor of notes issued by Anheuser-Busch InBev Worldwide Inc. and notes issued by Anheuser-Busch InBev Finance Inc.), (e) the Other Subsidiary Guarantors, (f) the non-guarantor subsidiaries, (g) elimination entries necessary to consolidate the Parent with the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries; and (h) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. Separate financial statements and other disclosures with respect to the guarantor subsidiaries have not been provided as management believes the following information is sufficient, as the guarantor subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional, except for certain customary release provisions, including: (1) the sale or disposal of all or substantially all of the assets of a guarantor subsidiary; (2) the sale or other disposition of the capital stock of a guarantor subsidiary; (3) the contemporaneous release of substantially all of a guarantor subsidiary’s guarantees of other indebtedness for which such guarantor subsidiary also provides a guarantee; and (4) if a guarantor subsidiary would be required to include full financial statements in any registration statement filed with the SEC in place of this condensed consolidated information. Except as disclosed in Note 23 Changes in Equity and Earnings per Share, there are no restrictions on the Company’s ability to obtain funds from any of its direct or indirect wholly-owned subsidiaries through dividends, loans or advances. CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 592 — — 15 584 — 40 932 (2 489 ) 54 619 Cost of sales (370 ) — — (7 318 ) — (15 160 ) 2 489 (20 359 ) Gross profit 222 8 266 25 772 34 259 Distribution expenses (35 ) — — (1 147 ) — (4 588 ) — (5 770 ) Sales and marketing expenses (187 ) — — (2 036 ) — (5 660 ) — (7 883 ) Administrative expenses (205 ) — — (550 ) (51 ) (2 659 ) — (3 465 ) Other operating income/(expenses) 579 1 125 — (1 563 ) 3 (179 ) — (35 ) Profit from operations 374 1 125 — 2 970 (48 ) 12 685 — 17 106 Net finance cost (209 ) (3 047 ) 37 2 443 113 (8 066 ) — (8 729 ) Share of result of associates — — — 3 — 150 — 153 Profit before tax 165 (1 922 ) 37 5 416 65 4 769 8 530 Income tax expense — 293 — (726 ) (2 ) (2 404 ) — (2 839 ) Profit 165 (1 629 ) 37 4 690 63 2 365 — 5 691 Income from subsidiaries 4 203 1 887 — 98 849 3 172 (10 209 ) — Profit from continuing operations 4 368 259 37 4 788 912 5 537 (10 209 ) 5 691 Profit from discontinued operations — — — — — — — — Profit of the year 4 368 259 37 4 788 912 5 537 (10 209 ) 5 691 Profit from continuing operations attributable to: Equity holders of AB InBev 4 368 259 37 4 787 912 4 215 (10 209 ) 4 368 Non-controlling interest — — — — — 1 323 — 1 323 Profit of the year attributable to: Equity holders of AB InBev 4 368 259 37 4 787 912 4 215 (10 209 ) 4 368 Non-controlling interest — — — — — 1 323 — 1 323 For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 540 — — 14 015 — 44 235 (2 346 ) 56 444 Cost of sales (338 ) — — (5 838 ) — (17 556 ) 2 346 (21 386 ) Gross profit 202 — — 8 177 — 26 679 35 058 Distribution expenses (23 ) — — (996 ) — (4 857 ) — (5 876 ) Sales and marketing expenses (181 ) — — (2 208 ) — (5 993 ) — (8 382 ) Administrative expenses (255 ) — — (338 ) (66 ) (3 182 ) — (3 841 ) Other operating income/(expenses) 793 1 066 — (1 845 ) 8 170 — 192 Profit from operations 536 1 066 — 2 790 (58 ) 12 817 — 17 152 Net finance cost (819 ) (3 064 ) 26 3 218 942 (6 810 ) — (6 507 ) Share of result of associates 2 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 110 884 6 435 — 11 076 Income tax expense (16 ) 614 (17 ) 1 506 (177 ) (3 830 ) — (1 920 ) Profit (299 ) (1 384 ) 9 7 516 708 2 605 — 9 155 Income from subsidiaries 8 295 3 721 126 4 041 6 204 (22 387 ) Profit from continuing operations 7 996 2 337 9 7 641 4 749 8 809 (22 387 ) 9 155 Profit from discontinued operations — — — — — 28 — 28 Profit of the year 7 996 2 337 9 7 641 4 749 8 837 (22 387 ) 9 183 Profit from continuing operations attributable to: Equity holders of AB InBev 7 996 2 337 9 7 641 4 749 7 623 (22 387 ) 7 968 Non-controlling interest — — — — — 1 187 — 1 187 Profit of the year attributable to: Equity holders of AB InBev 7 996 2 337 9 7 641 4 749 7 651 (22 387 ) 7 996 Non-controlling interest — — — — — 1 187 — 1 187 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 506 — — 14 135 — 32 884 (2 008 ) 45 517 Cost of sales (300 ) — — (5 923 ) — (13 587 ) 2 008 (17 803 ) Gross profit 206 — — 8 212 — 19 297 — 27 715 Distribution expenses (27 ) — — (967 ) — (3 549 ) — (4 543 ) Sales and marketing expenses (204 ) — — (2 372 ) — (5 169 ) — (7 745 ) Administrative expenses (198 ) (4 ) — (344 ) (40 ) (2 297 ) — (2 883 ) Other operating income/(expenses) 464 559 — (1 286 ) 3 598 — 338 Profit from operations 241 555 — 3 244 (38 ) 8 880 — 12 882 Net finance cost (1 599 ) (1 283 ) 36 (83 ) (3 722 ) (1 913 ) — (8 564 ) Share of result of associates 2 14 16 Profit before tax (1 358 ) (728 ) 36 3 163 (3 760 ) 6 981 — 4 334 Income tax expense 280 2 (1 386 ) 28 (537 ) — (1 613 ) Profit (1 358 ) (448 ) 38 1 776 (3 731 ) 6 444 — 2 721 Income from subsidiaries 2 599 1 958 — 1 030 292 1 469 (7 348 ) — Profit from continuing operations 1 241 1 510 38 2 806 (3 439 ) 7 913 (7 2 721 Profit from discontinued operations — — — — — 48 — 48 Profit of the year 1 241 1 510 38 2 806 (3 439 ) 7 961 (7 348 ) 2 769 Profit from continuing operations attributable to: Equity holders of AB InBev 1 241 1 510 38 2 806 (3 439 ) 6 385 (7 348 ) 1 193 Non-controlling interest — — — — — 1 528 — 1 528 Profit of the year attributable to: Equity holders of AB InBev 1 241 1 510 38 2 806 (3 439 ) 6 433 (7 348 ) 1 241 Non-controlling interest — — — — — 1 528 — 1 528 CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total ASSETS Non-current assets Property, plant and equipment 45 — — 5 009 — 20 856 — 25 910 Goodwill — — — 33 226 — 100 085 — 133 311 Intangible assets 580 — — 22 227 98 21 926 — 44 831 Investments in subsidiaries 123 120 86 240 — 30 594 24 623 170 569 (435 146 ) — Investments in associates and joint ventures — — — — — 6 136 — 6 136 Deferred tax assets — 130 — — — 1 465 (138 ) 1 457 Derivatives — — — — 302 10 (21 ) 291 Other non-current assets 22 196 13 850 24 037 26 158 8 701 36 766 (129 823 ) 1 886 145 941 100 220 24 037 117 213 33 724 357 813 (565 128 ) 213 822 Current assets Investment securities — — — — — 87 — 87 Inventories — — — 819 — 3 415 — 4 234 Derivatives — — — 25 5 399 464 (5 872 ) 16 Trade and other receivables 3 079 3 471 1 176 6 678 1 619 10 415 (20 063 ) 6 375 Cash and cash equivalents 1 3 28 581 6 094 8 481 (8 114 ) 7 074 Assets classified as held for sale — — — — — 39 — 39 Other current assets — 500 3 — 455 (501 ) 456 3 080 3 974 1 207 8 103 13 112 23 356 (34 550 ) 18 281 Total assets 149 021 104 194 25 244 125 316 46 836 381 169 (599 678 ) 232 103 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 64 486 55 403 597 74 635 29 258 275 253 (435 146 ) 64 486 Minority interest — — — — — 7 418 — 7 418 64 486 55 403 597 74 635 29 258 282 671 (435 146 ) 71 904 Non-current liabilities Interest-bearing loans and borrowings 72 756 46 552 24 042 33 147 3 314 55 391 (129 618 ) 105 584 Employee benefits 5 — — 1 048 — 1 628 — 2 681 Deferred tax liabilities — — 8 6 692 — 6 601 (137 ) 13 165 Derivatives — — — — 788 — (21 ) 766 Other non-current liabilities 81 — — 150 — 3 312 — 3 544 72 842 46 552 24 050 41 037 4 102 66 932 (129 776 ) 125 740 Current liabilities Interest-bearing loans and borrowings 4 535 1 679 253 5 783 5 234 4 483 (17 752 ) 4 216 Income tax payable — — — 474 3 1 243 (500 ) 1 220 Derivatives 482 — — 131 5 563 5 272 (5 872 ) 5 574 Trade and other payables 1 228 562 342 3 211 65 19 674 (2 515 ) 22 568 Liabilities associated with assets held for sale — — — — — — — — Other current liabilities 5 450 — — 42 2 612 893 (8 118 ) 881 11 695 2 241 595 9 642 13 477 31 565 (34 756 ) 34 459 Total equity and liabilities 149 021 104 194 25 244 125 316 46 836 381 169 (599 678 ) 232 103 As at 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total ASSETS Non-current assets Property, plant and equipment 44 — — 4 589 — 22 551 — 27 184 Goodwill — — — 33 089 188 107 663 — 140 940 Intangible assets 584 — — 21 947 158 23 185 — 45 874 Investments in subsidiaries 121 847 77 388 — 42 660 40 708 99 398 (382 000 ) — Investments in associates and joint ventures — — — 28 — 5 253 — 5 263 Deferred tax assets — — — — — 1 216 — 1 216 Derivatives — — — 3 13 9 — 25 Other non-current assets 53 565 10 290 55 432 18 115 7 178 67 709 (210 623 ) 1 664 176 040 87 678 55 432 120 430 48 246 326 966 (592 623 ) 222 166 Current assets Investment securities 1 301 — — — — 3 — 1 304 Inventories 21 — — 626 — 3 472 — 4 119 Derivatives — — — 122 198 138 — 458 Trade and other receivables 16 585 1 514 1 947 3 265 21 972 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 1 872 4 110 9 768 (5 571 ) 10 472 Assets classified as held for sale — — — — — 133 — 133 Other current assets — — — — — 908 — 908 17 950 1 756 1 955 5 884 26 281 34 364 (64 231 ) 23 960 Total assets 193 990 89 434 57 387 126 315 74 526 361 330 (656 854 ) 246 126 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 585 38 307 586 89 304 42 352 211 452 (382 000 ) 72 585 Minority interest — — — — — 7 635 — 7 635 72 585 38 307 586 89 304 42 352 219 087 (382 000 ) 80 220 Non-current liabilities Interest-bearing loans and borrowings 102 398 49 230 55 464 24 874 4 131 83 459 (210 607 ) 108 949 Employee benefits 5 — — 1 240 — 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 — 6 907 — 13 107 Derivatives — — — 1 919 17 — 937 Other non-current liabilities 131 — — 1 012 11 2 573 (18 ) 3 709 102 534 48 893 55 473 33 654 5 062 94 704 (210 625 ) 129 695 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 387 18 949 20 531 (51 994 ) 7 433 Income tax payable — (665 ) 3 726 8 1 486 — 1 558 Derivatives — — — 31 1 329 97 — 1 457 Trade and other payables 2 033 535 848 2 207 3 274 22 530 (6 665 ) 24 762 Liabilities associated with assets held for sale — — — — — — — — Other current liabilities 121 — — 5 3 553 2 894 (5 571 ) 1 002 18 872 2 233 1 330 3 356 27 113 47 538 (64 230 ) 36 211 Total equity and liabilities 193 990 89 434 57 387 126 315 74 526 361 330 (656 854 ) 246 126 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total OPERATING ACTIVITIES Profit of the period 4 368 350 37 6 297 911 5 643 (11 915 ) 5 691 Depreciation, amortization and impairment 147 — — 802 — 3 311 — 4 260 Net finance cost 209 3 047 (37 ) (2 443 ) (113 ) 8 066 — 8 729 Income tax expense — (293 ) — 718 2 2 412 — 2 839 Investment income (4 203 ) (1 980 ) — (1 502 ) (849 ) (3 382 ) 11 916 — Other items 158 — — 3 — (118 ) (1 ) 42 Cash flow from operating activities before changes in working capital and use of provisions 679 1 124 — 3 875 (49 ) 15 932 — 21 561 Working capital and provisions 182 360 — (403 ) (15 ) (196 ) 96 24 Cash generated from operations 861 1 484 — 3 472 (64 ) 15 736 96 21 585 Interest paid, net (137 ) (2 718 ) 73 4 008 (190 ) (5 025 ) (28 ) (4 017 ) Dividends received — — — — — 39 102 141 Income tax paid — — (8 ) (616 ) (7 ) (2 416 ) — (3 047 ) CASH FLOW FROM OPERATING ACTIVITIES 724 (1 234 ) 65 6 864 (261 ) 8 334 170 14 663 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 47 — 390 — 437 Sale of subsidiaries, net of cash disposed of 127 — — — — 128 — 257 Proceeds from SAB transaction-related divestitures — — — — — (330 ) — (330 ) Taxes on SAB transaction-related divestitures — — — — — (100 ) — (100 ) Acquisition of other subsidiaries, net of cash acquired (27 ) — — — — (85 ) — (112 ) Acquisition of property, plant and equipment and of intangible assets (194 ) — — (857 ) — (4 035 ) — (5 086 ) Net of tax proceeds from the sale of assets held for sale — — — — — — — — Net proceeds from sale/(acquisition) of investment in short-term debt securities 1 300 — — — — (4 ) — 1 296 Net proceeds from sale/(acquisition) of other assets — — — 13 — (185 ) — (172 ) Net repayments/(payments) of loans granted 29 335 4 599 31 459 (19 3 051 93 436 (142 (156 ) CASH FLOW FROM INVESTING ACTIVITIES 30 541 4 599 31 459 (20 451 ) 3 051 89 217 (142 382 ) (3 965 ) FINANCING ACTIVITIES Intra-group capital reimbursements — — — — — — — — Purchase of non-controlling interest — — — — — (923 ) — (923 ) Proceeds from borrowings 6 337 9 762 9 755 23 483 157 (31 555 ) (157 ) 17 782 Payments on borrowings (36 673 ) (13 367 ) (41 259 ) (11 169 ) — (62 273 ) 142 253 (22 489 ) Cash net finance (cost)/income other than interests 263 — — 5 10 (953 ) 121 (554 ) Dividends paid (6 541 ) — — — — (1 218 ) (2 ) (7 761 ) CASH FLOW FROM FINANCING ACTIVITIES (36 614 ) (3 605 ) (31 504 ) 12 319 166 (96 923 ) 142 215 (13 945 ) Net increase/(decrease) in cash and cash equivalents (5 349 ) (240 ) 20 (1 268 ) 2 956 629 3 (3 247 ) Cash and cash equivalents less bank overdrafts at beginning of year (74 ) 242 9 1 929 530 7 720 — 10 356 Effect of exchange rate fluctuations (23 ) — — (80 ) (5 ) (40 ) (3 ) (148 ) Cash and cash equivalents less bank overdrafts at end of year (5 446 ) 2 29 581 3 481 8 309 — 6 960 For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit of the period 7 996 2 338 8 7 741 4 749 8 837 (22 387 ) 9 183 Depreciation, amortization and impairment 128 — — 849 (78 ) 3 377 — 4 276 Net finance cost 819 3 064 (26 ) (3 218 ) (942 ) 6 810 — 6 507 Income tax expense 16 (614 ) 17 (1 506 ) 177 3 830 — 1 920 Investment income (8 296 ) (3 721 ) — (126 ) (4 041 ) (6 203 ) 22 387 — Other items 126 — — (9 ) 2 (338 ) — (219 ) Cash flow from operating activities before changes in working capital and use of provisions 789 1 067 (1 ) 3 633 (135 ) 16 313 — 21 667 Working capital and provisions (283 ) 869 (4 ) (1 319 ) 109 72 159 (397 ) Cash generated from operations 506 1 936 (5 ) 2 313 (25 ) 16 385 159 21 270 Interest paid, net (860 ) (3 156 ) 79 106 245 (6 120 ) 5 865 (3 841 ) Dividends received 2 — — 76 2 139 (77 ) 142 Income tax paid (16 ) — (16 ) 289 (4 ) (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 2 785 217 8 010 5 947 15 430 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 20 (2 ) 599 — 617 Sale of subsidiaries, net of cash disposed of — — — 42 — — — 42 Proceeds from SAB transaction-related divestitures — — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures — — — (3 449 ) — — — (3 449 ) Acquisition of other subsidiaries, net of cash acquired — — — (419 ) 113 (292 ) — (598 ) Acquisition of property, plant and equipment and of intangible assets (126 ) — — (625 ) 91 (4 081 ) — (4 741 ) Net of tax proceeds from the sale of assets held for sale — — — — — 16 — 16 Net proceeds from sale/(acquisition) of investment in short-term debt securities 4 177 — — — — 160 — 4 337 Net proceeds from sale/(acquisition) of other assets 535 — — 4 (73 ) (746 ) — (280 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 378 4 229 43 229 (45 002 ) 213 CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 (4 049 ) 4 357 50 582 (45 002 ) 7 854 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — 28 (21 180 ) 2 558 — — Purchase of non-controlling interest — — — — — (206 ) — (206 ) Proceeds from borrowings 24 604 2 262 1 470 8 152 8 045 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (6 541 ) (12 813 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — (34 ) 2 011 (3 055 ) — (1 541 ) Dividends paid (7 992 ) (75 ) — — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 1 604 (23 936 ) (48 213 ) 38 898 (21 004 ) Net increase/(decrease) in cash and cash equivalents 10 438 87 554 340 (19 361 ) 10 379 (157 ) 2 280 Cash and cash equivalents less bank overdrafts at beginning of year (10 155 (617 ) 1 464 18 376 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 28 1 583 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 1 832 598 7 749 10 356 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit of the period 1 241 1 510 38 2 947 (3 580 ) 7 961 (7 348 ) 2 769 Depreciation, amortization and impairment 96 — — 811 (63 ) 2 633 — 3 477 Net finance cost 1 599 1 284 (36 ) 83 3 722 1 912 — 8 564 Income tax expense — (280 ) (2 ) 1 386 (28 ) 537 — 1 613 Investment income (2 599 ) (1 958 ) — (1 030 ) (292 ) (1 469 ) 7 348 — Other items 56 (1 ) — 231 — (368 ) — (82 ) Cash flow from operating activities before changes in working capital and use of provisions 393 555 — 4 428 (241 ) 11 206 — 16 341 Working capital and provisions (121 ) 541 4 (626 ) (24 ) (80 ) 9 (297 ) Cash generated from operations 272 1 096 4 3 802 (265 ) 11 126 9 16 044 Interest paid, net (1 543 ) (1 153 ) 59 (110 ) 1 109 (1 108 ) 25 (2 721 ) Dividends received 9 256 — — 3 1 40 (9 257 ) 43 Income tax paid — — — (494 ) (17 ) (2 745 ) — (3 256 ) CASH FLOW FROM OPERATING ACTIVITIES 7 985 (57 ) 63 3 201 828 7 313 (9 223 ) 10 110 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 24 1 186 — 211 Sale of subsidiaries, net of cash disposed of — — — 14 (1 ) 640 — 653 Proceeds from SAB transaction-related divestitures (57 712 ) — — — (8 652 ) 1 198 — (65 166 ) Taxes on SAB transaction-related divestitures — — — — — 16 342 — 16 342 Acquisition of other subsidiaries, net of cash acquired — — — (296 ) 296 (1 445 ) — (1 445 ) Acquisition of property, plant and equipment and of intangible assets (369 ) — — (857 ) 207 (3 960 ) — (4 979 ) Net of tax proceeds from the sale of assets held for sale — — — — — 146 — 146 Net proceeds from sale/(acquisition) of investment in short-term debt securities (5 500 ) — — — — (83 ) — (5 583 ) Net proceeds from sale/(acquisition) of other assets — — — (10 ) (21 ) 4 — (27 ) Net repayments/(payments) of loans granted (11 753 ) (900 ) (46 052 ) (11 425 ) 11 196 (32 475 ) 91 180 (229 ) CASH FLOW FROM INVESTING ACTIVITIES (75 334 ) (900 ) (46 052 ) (12 550 ) 3 026 (19 447 ) 91 180 (60 077 ) FINANCING ACTIVITIES Intra-group capital reimbursements (79 ) — — 85 (2 200 ) 2 194 — — Purchase of non-controlling interest — — — — — (10 ) — (10 ) Proceeds from borrowings 81 137 4 486 47 051 11 088 21 799 14 895 (94 164 ) 86 292 Payments on borrowings (13 370 ) (4 049 ) (2 200 ) (410 ) (962 ) (5 600 ) 2 974 (23 617 ) Cash net finance (cost)/income other than interests (628 ) (64 ) (5 ) (31 ) (3 126 ) 370 — (3 484 ) Dividends paid (7 134 ) — — — — (10 573 ) 9 257 (8 450 ) CASH FLOW FROM FINANCING ACTIVITIES 59 926 373 44 847 10 732 15 511 1 276 (81 933 ) 50 731 Net increase/(decrease) in cash and cash equivalents (7 423 ) (584 ) (1 142 ) 1 383 19 365 (10 858 ) 24 764 Cash and cash equivalents less bank overdrafts at beginning of year (1 832 ) 739 525 122 (1 8 578 — 6 910 Effect of exchange rate fluctuations (989 ) — — — 194 1 540 (24 ) 721 Cash and cash equivalents less bank overdrafts at end of year (10 245 ) 154 (618 ) 1 505 18 377 (740 ) — 8 395 |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Events after the balance sheet date | 36. Events after the balance sheet date BOND ISSUANCE On 23 January 2019, Anheuser-Busch InBev Worldwide Inc., a subsidiary of Anheuser-Busch InBev SA/NV issued 15.5 billion US dollar aggregate principal amount of bonds. The bonds comprise the following series: 2.5 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2025 bearing interest at annual rate of 4.150%; 4.25 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2029 bearing interest at an annual rate of 4.750%; 0.75 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2031 bearing interest at an annual rate of 4.900%; 2.0 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2039 bearing interest at an annual rate of 5.450%; 4.0 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2049 bearing interest at an annual rate of 5.550% and 2.0 billion US dollar aggregate principal amount of fixed rate Notes due 23 January 2059 bearing interest at an annual rate of 5.800%. The net proceeds of the offering will be used for general corporate purposes, including the repayment of upcoming debt maturities in 2021 to 2024 and 2026, including the funding of the company’s announced tender offers. RESULTS OF TENDER OFFERS On 08 February 2019, AB InBev announced the final results of offers by its wholly owned subsidiaries Anheuser-Busch InBev Finance Inc., Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC to purchase for cash any validly tendered (and not validly withdrawn) and accepted notes up to an aggregate purchase price (excluding accrued and unpaid interest) of 16.5 billion US dollar of twelve series of notes issued by the companies. With the completion of the Tender Offers, the companies repurchased 16.3 billion US dollar aggregate principal amount of several series of its outstanding notes. The pool caps comprise the following series: 2.5 billion US dollar aggregate principal amount of fixed rate Notes bearing interest at annual rate of 2.650%, 0.2 billion US dollar aggregate principal amount of floating rate Notes and 0.2 billion US dollar aggregate principal amount of fixed rate Notes at an annual rate of 4.375% due in 2021; 1.1 billion US dollar aggregate principal amount of fixed rate Notes bearing interest at annual rate of 3.750% and 1.3 billion US dollar aggregate principal amount of fixed rate Notes at an annual rate of 2.500% due in 2022; 0.6 billion US dollar aggregate principal amount of fixed rate Notes bearing interest at annual rate of 2.625% and 2.9 billion US dollar aggregate principal amount of fixed rate Notes at an annual rate of 3.300% due in 2023; 0.3 billion US dollar aggregate principal amount of floating rate Notes, 0.9 billion US dollar aggregate principal amount of fixed rate Notes at an annual rate of 3.500% and 0.5 billion US dollar aggregate principal amount of fixed rate Notes at an annual rate of 3.700% due in 2024; and 5.9 billion US dollar aggregate principal amount of fixed rate Notes bearing interest at annual rate of 3.650% due in 2026. |
AB InBev companies
AB InBev companies | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
AB InBev companies | 37. AB InBev companies Listed below are the most important AB InBev companies. A complete list of the company’s investments is available at AB InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 ARGENTINA CERVECERIA Y MALTERIA QUILMES SAICA y G - Charcas 5160 - C1425BOF - Buenos Aires 61.88 AUSTRALIA FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 CUB PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 FBG FINANCE PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 FBG TREASURY (AUST) PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 BELGIUM AB INBEV N.V. – Grand Place 1 - 1000 – Brussel Consolidating Company BRASSERIE DE L’ABBAYE DE LEFFE S.A. - Place de l’Abbaye 1 - 5500 – Dinant 98.54 BROUWERIJ VAN HOEGAARDEN N.V. - Stoopkensstraat 46 - 3320 – Hoegaarden 100.00 COBREW N.V. - Brouwerijplein 1 - 3000 – Leuven 100.00 INBEV BELGIUM S.P.R.L. - Industrielaan 21 - 1070 – Brussel 100.00 BOTSWANA Kgalagadi Breweries (Pty) Ltd - Plot 20768, Broadhurst industrial estate - Gaborone 1 31.00 BOLIVIA CERVECERIA BOLIVIANA NACIONAL S.A. - Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa - La Paz 61.88 BRAZIL AMBEV S.A. - Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi - CEP 04530-001 - São Paulo 61.88 CANADA LABATT BREWING COMPANY LIMITED - 207 Queen’s Quay West, Suite 299 - M5J 1A7 – Toronto 61.88 CHILE CERVECERIA CHILE S.A. - Av. Presidente Eduardo Frei Montalva 9600 - 8700000 – Quilicura 61.88 CHINA ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 100.00 ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 97.06 ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. - 1 Budweiser Avenue, Southwest St., Sanshui District - 528132 - Foshan City, Guangdong 100.00 ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. - 9 HaPi Road Pingfang District - 150066 - Harbin City, Heilongijang Province 100.00 ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. - 18, Yingbin Road - 063300 - Tangshan City, Hebei Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. - 660 Gong Ye Road, Hanjiang District - 351111 - Putian City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. - Lantian Economic District - 363005 - Zhangzhou City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. - 159 Qi Xia East Road, Chengguan Town, Tiantai County - 317200 - Taizhou Cithy, Zhejiang Province 100.00 NANCHANG ASIA BREWERY CO. LTD. - 1188 Jinsha Avenue, Economic District - Nanchang City, Jiangxi Province 100.00 SIPING GINSBER DRAFT BEER CO. LTD. - Xianmaquan, Tiedong Area - Siping City, Jilin Province 100.00 ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. - 666 Zhaoxia Road - Nantong City, Jiangsu Province 100.00 ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. - No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area - 641300 - Ziyang City, Sichuan Province 100.00 ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. - No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town - 453100 - Weihui City, Henan Province 100.00 INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. - 89 Jin Long Quan Avenue - Jingmen City, Hubei Province 60.00 ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. - No 1 Qujiang Road, Suyu Industry Park - Suqian City, Jiangsu Province 100.00 COLOMBIA BOGOTA BEER COMPANY BBC S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 97.22 BAVARIA S.A. S.A. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 99.00 AMBEV COLOMBIA S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 97.22 1 The group’s shares entitle the holder to twice the voting rights NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 CZECH REPUBLIC PIVOVAR SAMSON A.S. - V parku 2326/18, Chodov, 148 00 100.00 DOMINICAN REPUBLIC CERVECERIA NACIONAL DOMINICANA S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 1086 - Santo Domingo 1 52.42 ECUADOR COMPAÑIA CERVECERA AMBEV ECUADOR S.A. - Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil 97.22 CERVECERÍA NACIONAL (CN) SA - Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas 95.58 EL SALVADOR INDUSTRIAS LA CONSTANCIA, SA DE CV - 526 Av. Independencia, San Salvador 100.00 FRANCE AB INBEV FRANCE S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine 100.00 GERMANY BRAUEREI BECK GmbH & CO. KG - Am Deich 18/19 - 28199 – Bremen 100.00 BRAUEREI DIEBELS GmbH & CO.KG - Brauerei-Diebels-Strasse 1 - 47661 – Issum 100.00 HAAKE-BECK AG - Am Deich 18/19 - 28199 – Bremen 99.96 HASSERÖDER BRAUEREI GmbH - Auerhahnring 1 - 38855 – Wernigerode 100.00 ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH - Am Deich 18/19 - 28199 – Bremen 100.00 SPATEN - FRANZISKANER - BRÄU GmbH - Marsstrasse 46 + 48 - 80335 – München 100.00 ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG - Am Deich 18/19 - 28199 – Bremen 100.00 LOEWENBRAEU AG - Nymphenburger Str. 7 - 80335 – München 100.00 GHANA ACCRA BREWERY LTD - Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra 60.00 GRAND DUCHY OF LUXEMBoURG BRASSERIE DE LUXEMBOURG MOUSEL - DIEKIRCH - 1, Rue de la Brasserie - L-9214 – Diekirch 95.82 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV - Blvd. Del Norte, Carretera Salida a Puerto Cortes - San Pedro Sula, Cortes 99.00 INDIA CROWN BEERS INDIA LIMITED - #8-2-684/A, Road No. 12 - Banjara Hills, Hyderabad 500034 - Andhra Pradesh 100.00 SABMILLER INDIA LIMITED LTD. - Unit No.301-302, Dynasty Business Park, 3rd Floor - Andheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra 99.60 ITALY Anheuser-Busch Inbev Italia SpA - Piazza Buffoni 3, 21013 Gallarate 100.00 MEXICO CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V - Javier Barros Sierra 555 Piso 3 - Zedec Ed Plaza Santa Fe - 01210 Mexico City 100.00 MOZAMBIQUE CERVEJAS DE MOÇAMBIQUE SA - Rua do Jardim 1329 - Maputo 2 49.00 THE NETHERLANDS INBEV NEDERLAND N.V. - Ceresstraat 1 - 4811 CA – Breda 100.00 INTERBREW INTERNATIONAL B.V. - Ceresstraat 1 - 4811 CA – Breda 100.00 AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 NIGERIA BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. - 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos 50.00 INTERNATIONAL BREWERIES PLC - Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State 1 37.50 PANAMA CERVECERÍA NACIONAL HOLDING SA - Costa del Este Business Park, torre Oeste Piso 2 - Ciudad de Panama 60.00 PARAGUAY CERVECERIA PARAGUAYA S.A. - Ruta Villeta km 30 N 3045 - 2660 – Ypané 61.88 PERU COMPANIA CERVECERA AMBEV PERU S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa - Lurigancho (Chosica) - Lima 15 97.22 UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA - 3986 Av. Nicolas Ayllon, Ate, Lima 3 93.65 1 85% owned by Ambev S.A 2 The company is consolidated due to the group’s majority shareholdings and ability to control the operations. NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 SOUTH AFRICA SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY - 65 Park Lane, Sandown - 2001 – Johannesburg 100.00 THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES - 65 Park Lane, Sandown - 2146 – Johannesburg 91.55 SOUTH KOREA ORIENTAL BREWERY CO., LTD - 8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, Seoul, 06164, S. Korea 100.00 SWITZERLAND ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) - Suurstoffi 22 – 6343 - Rotkreuz 100.00 TANZANIA KIBO BREWERIES LTD PRIVATE COMPANY - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District - - Dar es Salaam 1 36.00 UGANDA NILE BREWERIES LTD - Plot M90 Yusuf Lule Roa, Njeru, Jinja - Eastern Uganda 61.76 UNITED KINGDOM ABI SAB GROUP HOLDING LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 ABI UK HOLDINGS 1 LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV UK LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 ZX VENTURES LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 UNITED STATES ANHEUSER-BUSCH COMPANIES, LLC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH INTERNATIONAL, INC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH PACKAGING GROUP, INC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH, LLC –One Busch Place, St. Louis, MO. 63118 100.00 Metal Container Corporation, Inc. – One Busch Place, St. Louis, Mo. 63118 100.00 ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION - C/O THE CORPORATION TRUST COMPANY INC. - 1209 Orange Street - DE 19801 – Wilmington 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. - Cesar Cortinas, 2037 - C.P. 11500 – Montevideo 61.88 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam - Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province 100.00 ZAMBIA ZAMBIAN BREWERIES PLC - Mungwi Road, Plot Number 6438, Lusaka 54.00 LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA - 30 AV George V, 75008, Paris 20.00 GIBRALTAR BIH BRASSERIES INTERNATIONALES HOLDING LTD - CC Building, 10th Floor, Main Street 20.00 BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD - Suite 10/3, International Commercial Centre, 2A Main Street 27.00 TURKEY ANADOLU EFES BIRACILIK VE MALT SANAYII AS - Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul 24.00 ZIMBABWE DELTA CORPORATION LTD - Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare 25.00 RUSSIA AB InBev Efes - 28 Moscovskaya Street, Moscow region - 141607 – Klin 50.00 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
BASIS OF PREPARATION AND MEASUREMENT | (A) BASIS OF PREPARATION AND MEASUREMENT Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), the cost approach is applied. |
FUNCTIONAL AND PRESENTATION CURRENCY | (B) FUNCTIONAL AND PRESENTATION CURRENCY Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro. |
USE OF ESTIMATES AND JUDGMENTS | (C) USE OF ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
PRINCIPLES OF CONSOLIDATION | (D) PRINCIPLES OF CONSOLIDATION Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture. Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases. The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates are made to reflect AB InBev’s share in the result of these associates for the last quarter. Such estimates are revisited when required. Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity where there is no loss of control. All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies |
SUMMARY OF CHANGES IN ACCOUNTING POLICIES | (E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES IFRS WITH EFFECTIVE APPLICATION FOR ANNUAL PERIODS BEGINNING ON 1 ST IFRS 9 Financial Instruments Revenue from Contracts with Customers IFRS 9 Financial Instruments IFRS 9 replaces IAS 39 and contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. The new hedge accounting model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities. IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. The company has applied IFRS 9 Financial Instruments Financial Instruments Under IFRS 9 the carrying amount of a debt should be adjusted when a modification does not result in the derecognition of the financial instrument. Consequently, the company adjusted the carrying amount of its debt against Retained earnings. This resulted in a decrease of the carrying amount of the debt by 77m US dollar. IFRS 15 Revenue from Contracts with Customers The core principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improves guidance for multiple-element arrangements. The company has applied IFRS 15 Revenue from Contracts with Customers A number of other new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning on 1 January 2018 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. |
FOREIGN CURRENCIES | (F) FOREIGN CURRENCIES FOREIGN CURRENCY TRANSACTIONS Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates ruling at the dates the fair value was determined. TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES In May 2018, the Argentinean peso underwent a severe devaluation resulting in the three-year cumulative inflation of Argentina to exceed 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the balance sheet and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. EXCHANGE RATES The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 37.807879 18.774210 15.850116 — 16.580667 14.762591 Australian dollar 1.416593 1.279580 1.384689 1.334300 1.308997 1.3440978 Brazilian real 3.874806 3.308005 3.259106 3.634827 3.201667 3.474928 Canadian dollar 1.362882 1.253982 1.345983 1.293896 1.303248 1.318844 Colombian peso 3 246.70 2 988.60 3 002.14 2 967.36 2 965.94 2 986.89 Chinese yuan 6.877787 6.507500 6.944520 6.581607 6.785290 6.607635 Euro 0.873362 0.833819 0.948677 0.845697 0.886817 0.902821 Mexican peso 19.682728 19.735828 20.663842 19.195084 18.811612 18.464107 Pound sterling 0.781249 0.739790 0.812238 0.750773 0.773029 0.737400 Peruvian nuevo sol 3.369998 3.244558 3.352820 3.284477 3.267432 3.394121 South Korean won 1 115.40 1 067.63 1 203.90 1 095.46 1 134.04 1 154.50 South African rand 14.374909 12.345193 13.714953 13.105486 13.338803 14.0166901 Turkish lira 5.291532 3.790879 3.516940 4.560685 3.615028 3.50148 |
INTANGIBLE ASSETS | (G) INTANGIBLE ASSETS RESEARCH AND DEVELOPMENT Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy O). Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUPPLY AND DISTRIBUTION RIGHTS A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution rights is included within sales and marketing expenses. BRANDS If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred. SOFTWARE Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports. OTHER INTANGIBLE ASSETS Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. SUBSEQUENT EXPENDITURE Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. AMORTIZATION Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years. Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy O). GAINS AND LOSSES ON SALE Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets. |
BUSINESS COMBINATIONS | (H) BUSINESS COMBINATIONS The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill. The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss. |
GOODWILL | (I) GOODWILL Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method. In conformity with IFRS 3 Business Combinations If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations |
PROPERTY, PLANT AND EQUIPMENT | (J) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy O). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. SUBSEQUENT EXPENDITURE The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred. DEPRECIATION The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Land is not depreciated as it is deemed to have an indefinite life. GAINS AND LOSSES ON SALE Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment. |
ACCOUNTING FOR LEASES | (K) ACCOUNTING FOR LEASES Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and O). Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place. |
INVENTORIES | (L) INVENTORIES Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories. The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs. Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others. |
TRADE AND OTHER RECEIVABLES | (M) TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The company holds trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest rate method. Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount to be impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into bankruptcy or financial reorganization, or delinquency in payments are considered. Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses and foreign exchange results are directly recognized in profit or loss. |
CASH AND CASH EQUIVALENTS | (N) CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts. |
IMPAIRMENT | (O) IMPAIRMENT The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indicator of impairment, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. CALCULATION OF RECOVERABLE AMOUNT The recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying amounts of the other assets in the unit on a pro rata basis. REVERSAL OF IMPAIRMENT LOSSES Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
FAIR VALUE MEASUREMENT | (P) FAIR VALUE MEASUREMENT A number of AB InBev’s accounting policies and notes require fair value measurement for both financial and non-financial items. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: inputs are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: fair value measurements incorporates significant inputs that are based on unobservable market data. If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company applies fair value measurement to the instruments listed below. DERIVATIVES The fair value of exchange traded derivatives (e.g. exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g. the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. DEBT SECURITIES This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fair value is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, the main valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination of valuation techniques if the fair value results are more relevant. EQUITY SECURITIES DESIGNATED AS AT FVOCI Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted cash flow method. NON-DERIVATIVE FINANCIAL LIABILITIES The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall into level 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are discounted using a risk adjusted rate. |
SHARE CAPITAL | (Q) SHARE CAPITAL REPURCHASE OF SHARE CAPITAL When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares. DIVIDENDS Dividends paid are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability. SHARE ISSUANCE COSTS Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
PROVISIONS | (R) PROVISIONS Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. RESTRUCTURING A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes. ONEROUS CONTRACTS A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. DISPUTES AND LITIGATIONS A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters. |
EMPLOYEE BENEFITS | (S) EMPLOYEE BENEFITS POST-EMPLOYMENT BENEFITS Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans. a) Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. b) Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company recognizes related restructuring or termination costs. The pension obligations recognized in the balance sheet are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan assets. Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods. Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions. OTHER POST-EMPLOYMENT OBLIGATIONS Some AB InBev companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. TERMINATION BENEFITS Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Termination benefits for voluntary redundancies are recognized if the company has made an offer encouraging voluntary redundancy and when the company can no longer withdraw the offer of termination, which is the earlier of either when the employee accepts the offer or when a legal, regulatory or contractual requirement or restriction on the company’s ability to withdraw the offer takes effect. BONUSES Bonuses received by company employees and management are based on pre-defined company and individual target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned. To the extent that bonuses are settled in shares of the company, they are accounted for as share-based payments. |
SHARE-BASED PAYMENTS | (T) SHARE-BASED PAYMENTS Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using an option pricing model that is most appropriate for the respective option. Based on the expected number of options that will vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the amount of the proceeds received. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the company obtains the goods or the counterparty renders the service. |
INTEREST-BEARING LOANS AND BORROWINGS | (U) INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis. |
TRADE AND OTHER PAYABLES | (V) TRADE AND OTHER PAYABLES Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
INCOME TAX | (W) INCOME TAX Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the balance sheet date, and any adjustment to tax payable in respect of previous years. In accordance with IAS 12 Income Taxes Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized. Tax claims are recorded within provisions on the balance sheet (refer to accounting policy R). |
INCOME RECOGNITION | (X) INCOME RECOGNITION GOODS SOLD Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognizes revenue when performance obligations are satisfied, meaning when the company transfers control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: • Identification of the contracts with a customer • Identification of the performance obligations in the contracts • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contracts • Revenue recognition when performance obligations are satisfied Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected to receive in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved. ROYALTY INCOME The company recognizes the sales-based or usage-based royalties in other operating income when the later of the following events occurs: (a) the customer’s subsequent sales or usage; and (b) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). RENTAL INCOME Rental income is recognized in other operating income on a straight-line basis over the term of the lease. GOVERNMENT GRANTS A government grant is recognized in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset. FINANCE INCOME Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (refer to accounting policy Z). Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt. DIVIDEND INCOME Dividend income is recognized in the income statement on the date that the dividend is declared. |
EXPENSES | (Y) EXPENSES FINANCE COSTS Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Z). All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such as transaction costs and fair value adjustments, are recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis (refer to accounting policy V). The interest expense component of finance lease payments is also recognized in the income statement using the effective interest rate method. RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND SYSTEMS DEVELOPMENT COSTS Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy G). PURCHASING, RECEIVING AND WAREHOUSING COSTS Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses. |
FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING | (Z) FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company’s performance. AB InBev’s financial risk management policy prohibits the use of derivative financial instruments for trading purposes and the company does therefore not hold or issue any such instruments for such purposes. CLASSIFICATION AND MEASUREMENT Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification is based on two criteria: the objective of the company’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding (the ‘SPPI criterion’). The classification and measurement of the company’s financial assets is as follows: • Debt instruments at amortized cost: • Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: • Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition • Financial assets and liabilities at FVPL: HEDGE ACCOUNTING The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices. To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of the hedging relationships, the company documents the risk management objective and strategy for undertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging instrument. For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly match the critical terms of the hedging instrument, the company uses a hypothetical derivative method to assess effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in the quantity of the hedged item or changes in the credit risk of either parties to the derivative contract. CASH FLOW HEDGE ACCOUNTING Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted transaction, foreign currency risk of a firm commitment or a recognized asset or liability (such as variable interest rate instrument). When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item, the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item when it is recognized. For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in the same period during which the hedged item affects profit or loss (e.g. when the variable interest expense is recognized). When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the cumulative gain or loss recognized in other comprehensive income is reclassified to profit or loss immediately. Any ineffectiveness is recognized immediately in profit or loss. FAIR VALUE HEDGE ACCOUNTING When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or a firm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amount of the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss from the date of discontinuation. NET INVESTMENT HEDGE ACCOUNTING When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves). When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported in profit or loss. OFFSETTING Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
SEGMENT REPORTING | (AA) SEGMENT REPORTING Operating segments are components of the company’s business activities about which separate financial information is available that is evaluated regularly by senior management. The company has nine operating segments. AB InBev’s operating segment reporting format is geographical because the company’s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company’s management structure and internal reporting system to the Board of Directors is set up accordingly. The company’s six geographic regions are North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific. The aggregation criteria applied are based on similarities in the economic indicators (e.g. margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore, management assessed additional factors such as management’s views on the optimal number of reporting segments, the historical AB InBev geographies, peer comparison (e.g. Asia Pacific and EMEA being a commonly reported regions amongst the company’s peers), as well as management’s view on the optimal balance between practical and more granular information. The results of Global Export and Holding Companies, which includes the company’s global headquarters and the export businesses in countries in which AB InBev has no operations are reported separately. The company’s six geographic regions plus the Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
EXCEPTIONAL ITEMS | (BB) EXCEPTIONAL ITEMS Exceptional items are those that in management’s judgment need to be disclosed separately by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to exceptional items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities. |
DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE | (CC) DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale. AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized. |
RECENTLY ISSUED IFRS | (DD) RECENTLY ISSUED IFRS To the extent that new IFRS requirements are expected to be applicable in the future, they have been listed hereafter. For the year ended 31 December 2018, they have not been applied in preparing these consolidated financial statements. The following standards, amendments and interpretations have been issued recently, but are not yet effective: IFRS 16 Leases Leases For short-term leases and leases of low value assets, the company will continue to recognize a lease expense on a straight-line basis as permitted by IFRS 16. The company as a lessor will continue to classify leases as either finance leases or operating leases and account for those two types of leases differently. The company has chosen the full retrospective application of IFRS 16 and, consequently, will restate the comparative information in the 2019 financial statements. In addition, the company will apply the practical expedient available on transition to IFRS 16 to not reassess whether a contract is or contains a lease. Accordingly, the definition of a lease under IAS 17 and related interpretations will continue to apply to the leases entered or modified before 1 January 2019. The company has assessed the impact that the initial application of IFRS 16 will have on its consolidated financial statements for leases previously classified as operating leases. On transition to IFRS 16, the company will recognize 1 692m US dollar of right-of-use assets and 1 782m US dollar of lease liabilities, recognizing the difference in retained earnings. When measuring lease liabilities, the company discounted lease payments using incremental borrowing rates. The weighted average rate applied is 6%. Upon transition to IFRS 16, lease liabilities are measured at the present value of future lease payments (equal to the operating lease commitments as presented in Note 30 Operating leases Other Standards, Interpretations and Amendments to Standards A number of other amendments to standards are effective for annual periods beginning after 1 January 2018, and have not been listed above because of either their non-applicability to or their immateriality to AB InBev’s consolidated financial statements. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Exchange Rates | The most important exchange rates that have been used in preparing the financial statements are: Closing rate Average rate 1 US dollar equals: 31 December 31 December 31 December 31 December 31 December 31 December Argentinean peso 37.807879 18.774210 15.850116 — 16.580667 14.762591 Australian dollar 1.416593 1.279580 1.384689 1.334300 1.308997 1.3440978 Brazilian real 3.874806 3.308005 3.259106 3.634827 3.201667 3.474928 Canadian dollar 1.362882 1.253982 1.345983 1.293896 1.303248 1.318844 Colombian peso 3 246.70 2 988.60 3 002.14 2 967.36 2 965.94 2 986.89 Chinese yuan 6.877787 6.507500 6.944520 6.581607 6.785290 6.607635 Euro 0.873362 0.833819 0.948677 0.845697 0.886817 0.902821 Mexican peso 19.682728 19.735828 20.663842 19.195084 18.811612 18.464107 Pound sterling 0.781249 0.739790 0.812238 0.750773 0.773029 0.737400 Peruvian nuevo sol 3.369998 3.244558 3.352820 3.284477 3.267432 3.394121 South Korean won 1 115.40 1 067.63 1 203.90 1 095.46 1 134.04 1 154.50 South African rand 14.374909 12.345193 13.714953 13.105486 13.338803 14.0166901 Turkish lira 5.291532 3.790879 3.516940 4.560685 3.615028 3.50148 |
Summary of Estimated Useful Live of Assets Expected Utility | The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows: Industrial buildings – other real estate properties 20 - 50 years Production plant and equipment: Production equipment 10 - 15 years Storage, packaging and handling equipment 5 - 7 years Returnable packaging: Kegs 2 - 10 years Crates 2 - 10 years Bottles 2 - 5 years Point of sale furniture and equipment 5 years Vehicles 5 years Information processing equipment 3 - 5 years |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Segment Reporting | All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). North America Latin America Latin America Latin America EMEA 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Volume 111 114 117 115 111 64 115 119 118 34 34 32 87 132 75 Revenue 15 504 15 588 15 698 9 999 9 238 5 188 8 990 9 775 8 461 2 863 3 363 2 850 8 374 10 344 6 010 Normalized EBITDA 6 150 6 329 6 250 5 196 4 512 2 376 3 926 4 180 3 751 1 381 1 595 1 431 3 000 3 349 1 774 Normalized EBITDA margin % 39.7 % 40.6 % 39.8 % 52.0 % 48.8 % 45.8 % 43.7 % 42.8 % 44.3 % 48.2 % 47.4 % 50.2 % 35.8 % 32.4 % 29.6 % Depreciation, amortization and impairment (790 ) (843 ) (809 ) (653 ) (616 ) (388 ) (761 ) (848 ) (750 ) (265 ) (207 ) (191 ) (770 ) (843 ) (473 ) Normalized profit from operations (EBIT) 5 360 5 486 5 441 4 544 3 896 1 988 3 165 3 332 3 001 1 116 1 388 1 240 2 230 2 507 1 302 Exceptional items (see Note 8) (10 ) 4 (29 ) (125 ) (153 ) 252 5 (18 ) (20 ) (31 ) (13 ) (12 ) (370 ) (144 ) (118 ) Profit from operations (EBIT) 5 350 5 490 5 412 4 419 3 743 2 240 3 170 3 314 2 981 1 085 1 375 1 228 1 860 2 363 1 184 Net finance income/(cost) Share of results of associates and joint ventures Income tax expense Profit from continuing operations Discontinued operations Profit/(loss) Segment assets (non-current) 63 180 63 045 62 467 69 100 71 219 69 472 12 422 13 756 13 656 3 074 2 396 2 357 42 063 45 920 41 749 Gross capex 858 530 895 1 227 1 079 710 636 580 709 279 323 389 1 177 1 086 1 001 FTE 19 150 19 306 19 314 47 042 48 892 51 418 37 387 38 651 40 416 9 214 9 603 9 571 23 604 26 823 43 456 Asia Pacific Global Export and holding Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 Volume 104 102 92 — 1 2 567 613 500 Revenue 8 470 7 804 6 074 419 332 1 237 54 619 56 444 45 517 Normalized EBITDA 3 082 2 695 1 639 (656 ) (577 ) (474 ) 22 080 22 084 16 753 Normalized EBITDA margin % 36.4 % 34.5 % 27.1 % 40.4 % 39.1 % 36.8 % Depreciation, amortization and impairment (752 ) (660 ) (658 ) (267 ) (253 ) (210 ) (4 260 ) (4 270 ) (3 477 ) Normalized profit from operations (EBIT) 2 330 2 035 987 (923 ) (830 ) (683 ) 17 821 17 814 13 276 Exceptional items (see Note 8) (65 ) (97 ) (84 ) (119 ) (241 ) (383 ) (715 ) (662 ) (394 ) Profit from operations (EBIT) 2 265 1 939 903 (1 042 ) (1 071 ) (1 066 ) 17 106 17 152 12 882 Net finance income/(cost) (8 729 ) (6 507 ) (8 564 ) Share of results of associates and joint ventures 153 430 16 Income tax expense (2 839 ) (1 920 ) (1 613 ) Profit from continuing operations 5 691 9 155 2 721 Discontinued operations — 28 48 Profit/(loss) 5 691 9 183 2 769 Segment assets (non-current) 22 412 24 088 22 071 1 609 1 741 1 797 213 861 222 166 213 569 Gross capex 687 635 837 233 247 379 5 086 4 479 4 919 FTE 31 523 36 386 39 213 4 683 3 254 3 245 172 603 182 915 206 633 |
Acquisitions and disposals of_2
Acquisitions and disposals of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Impact of Acquisitions and Disposals on Consolidated Statements | The table below summarizes the impact of acquisitions and disposals on the statement of financial position and cash flows of AB InBev for 31 December 2018 and 31 December 2017: Million US dollar 2018 2017 2018 2017 Non-current assets Property, plant and equipment 2 169 (310 ) — Intangible assets 24 417 (17 ) — Deferred tax assets 23 — — — Trade and other receivables — 1 (86 ) — Current assets Inventories 17 9 (84 ) — Income tax receivables — — (2 ) — Trade and other receivables 2 20 (79 ) — Cash and cash equivalents 8 5 (6 ) — Assets held for sale — 27 (27 ) — Non-current liabilities Interest-bearing loans and borrowings (3 ) (1 ) — — Deferred tax liabilities — (74 ) 4 — Current liabilities Trade and other payables (19 ) (24 ) 406 — Net identifiable assets and liabilities 54 549 (201 ) — Non-controlling interest — (114 ) 1 — Goodwill on acquisitions and goodwill disposed of 107 398 (652 ) — Loss/(gain) on disposal — — (15 ) (42 ) Consideration to be (paid)/received (112 ) (375 ) 47 — Net cash paid on prior years acquisitions 68 136 — — Recycling of cumulative translation adjustment in respect of net assets — — (584 ) — Contribution in kind — — 1 150 — Consideration paid/(received) 117 594 (254 ) (42 ) Cash (acquired)/ disposed of (5 ) (5 ) (3 ) — Net cash outflow / (inflow) 112 589 (257 ) (42 ) |
Other operating income_(expen_2
Other operating income/(expenses) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Other Operating Income/(Expenses) | Million US dollar 2018 2017 2016 Government grants 317 404 432 License income 45 65 65 Net (additions to)/reversals of provisions (11 ) (4 ) (50 ) Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale 80 154 37 Net rental and other operating income 249 235 248 Other operating income/(expenses) 680 854 732 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Exceptional Items Included in Income Statement | The exceptional items included in the income statement are as follows: Million US dollar 2018 2017 2016 Restructuring (385 ) (468 ) (323 ) Acquisition costs business combinations (74 ) (155 ) (448 ) Business and asset disposal (including impairment losses) (26 ) (39 ) 377 Provision for EU investigation (230 ) — — Impact on profit from operations (715 ) (662 ) (394 ) |
Payroll and related benefits (T
Payroll and related benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Payroll and Related Benefits | Million US dollar 2018 2017 2016 Wages and salaries (4 726 ) (4 884 ) (4 404 ) Social security contributions (698 ) (699 ) (647 ) Other personnel cost (708 ) (762 ) (580 ) Pension expense for defined benefit plans (193 ) (196 ) (194 ) Share-based payment expense (353 ) (359 ) (228 ) Contributions to defined contribution plans (116 ) (118 ) (77 ) Payroll and related benefits (6 794 ) (7 018 ) (6 130 ) |
Summary of Number of Full Time Equivalents | The number of full time equivalents can be split as follows: 2018 2017 2016 AB InBev NV (parent company) 180 215 225 Other subsidiaries 172 423 182 700 206 408 Total number of FTE 172 603 182 915 206 633 |
Additional information on ope_2
Additional information on operating expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Depreciation, Amortization and Impairment Charges | Depreciation, amortization and impairment charges are included in the following line items of the 2018 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 841 67 — Distribution expenses 186 3 — Sales and marketing expenses 420 165 — Administrative expenses 309 260 — Other operating expenses 8 — — Depreciation, amortization and impairment 3 764 496 — Depreciation, amortization and impairment charges are included in the following line items of the 2017 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 817 40 — Distribution expenses 199 4 — Sales and marketing expenses 425 196 — Administrative expenses 337 248 — Other operating expenses 4 — 6 Depreciation, amortization and impairment 3 782 488 6 Depreciation, amortization and impairment charges are included in the following line items of the 2016 consolidated income statement: Million US dollar Depreciation and Amortization and Impairment of goodwill Cost of sales 2 292 21 — Distribution expenses 143 1 — Sales and marketing expenses 363 208 — Administrative expenses 222 218 — Other operating expenses 2 1 — Depreciation, amortization and impairment 3 025 452 — |
Finance cost and income (Tables
Finance cost and income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Finance Costs Included in Income Statement | The finance costs included in the income statement are as follows: Million US dollar 2018 2017 2016 Interest expense (4 141 ) (4 314 ) (4 092 ) Capitalization of borrowing costs 23 22 12 Net interest on net defined benefit liabilities (94 ) (101 ) (113 ) Accretion expense (400 ) (614 ) (648 ) Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) — (304 ) (21 ) Net losses on hedging instruments that are not part of a hedge accounting relationship (2 222 ) (674 ) (797 ) Tax on financial transactions (110 ) (68 ) (70 ) Other financial costs, including bank fees (242 ) (139 ) (131 ) (7 186 ) (6 192 ) (5 860 ) Exceptional finance cost (1 982 ) (693 ) (3 522 ) Finance costs (9 168 ) (6 885 ) (9 382 ) |
Summary of Finance Income Included in Income Statement | Finance income included in the income statement is as follows: Million US dollar 2018 2017 2016 Interest income 333 287 561 Hyperinflation monetary adjustments 46 — — Other financial income 61 91 91 Finance income, excluding exceptional items 440 378 652 Exceptional finance income — — 166 Finance income 440 378 818 |
Summary of Interest Income | The interest income stems from the following financial assets: Million US dollar 2018 2017 2016 Cash and cash equivalents 256 207 479 Investment debt securities held for trading 22 16 16 Other loans and receivables 55 64 66 Total 333 287 561 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Income Taxes | Income taxes recognized in the income statement can be detailed as follows: Million US dollar 2018 2017 2016 Current year (2 819 ) (3 833 ) (1 544 ) (Underprovided)/overprovided in prior years 101 1 47 Current tax expense (2 718 ) (3 832 ) (1 497 ) Origination and reversal of temporary differences (287 ) 1 872 (459 ) (Utilization)/recognition of deferred tax assets on tax losses 120 23 116 Recognition of previously unrecognized tax losses 46 16 227 Deferred tax (expense)/income (121 ) 1 912 (116 ) Total income tax expense (2 839 ) (1 920 ) (1 613 ) |
Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate | The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows: Million US dollar 2018 2017 2016 Profit before tax 8 530 11 076 4 334 Deduct share of result of associates and joint ventures 153 430 16 Profit before tax and before share of result of associates and joint ventures 8 377 10 646 4 318 Adjustments on taxable basis Foreign source income — — (809 ) Government incentives (742 ) (982 ) (769 ) Non-deductible marked to market on derivatives 3 496 579 3 508 Taxable intercompany dividends — — 619 Other expenses not deductible for tax purposes 1 796 1 795 843 Other non-taxable income (158 ) (178 ) (415 ) 12 769 11 860 7 296 Aggregated weighted nominal tax rate 26.8 % 28.5 % 32.7 % Tax at aggregated weighted nominal tax rate (3 426 ) (3 378 ) (2 387 ) Adjustments on tax expense Utilization of tax losses not previously recognized 120 23 76 Recognition of deferred taxes assets on previous years’ tax losses 46 16 229 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (125 ) (143 ) (975 ) (Underprovided)/overprovided in prior years 65 1 63 Deductions from interest on equity 471 553 644 Deductions from goodwill 17 57 63 Other tax deductions 436 723 869 US Tax reform (change in tax rate and other) 116 1 760 — Change in tax rate (other) 144 (59 ) (1 ) Withholding taxes (403 ) (386 ) (286 ) Brazilian Federal Tax Regularization Program — (870 ) — Other tax adjustments (300 ) (217 ) 93 (2 839 ) (1 920 ) (1 613 ) Effective tax rate 33.9 % 18.0 % 37.4 % |
Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income | Income taxes were directly recognized in other comprehensive income as follows: Million US dollar 2018 2017 2016 Re-measurements of post-employment benefits 22 (39 ) 54 Cash flow and net investment hedges 108 (95 ) (258 ) Income tax (losses)/gains 130 (134 ) (204 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | 31 December 2018 31 December Million US dollar Land and Plant and Under Total Total Acquisition cost Balance at end of previous year 12 742 33 717 2 265 48 724 44 352 Effect of movements in foreign exchange (722 ) (2 225 ) (150 ) (3 097 ) 1 431 Acquisitions 119 1 320 2 926 4 365 4 221 Acquisitions through business combinations — 2 — 2 169 Disposals (143 ) (1 333 ) (3 ) (1 479 ) (1 566 ) Disposals through the sale of subsidiaries (265 ) (834 ) (29 ) (1 128 ) (60 ) Transfer (to)/from other asset categories and other movements 1 724 3 028 (2 735 ) 1 017 177 Balance at end of the period 12 455 33 675 2 274 48 404 48 724 Depreciation and impairment losses Balance at end of previous year (3 514 ) (18 026 ) — (21 540 ) (18 133 ) Effect of movements in foreign exchange 177 1 219 — 1 396 (697 ) Depreciation (513 ) (3 069 ) — (3 582 ) (3 567 ) Disposals 59 1 204 — 1 263 1 161 Disposals through the sale of subsidiaries 177 641 — 818 48 Impairment losses (10 ) (85 ) — (95 ) (85 ) Transfer to/(from) other asset categories and other movements 1 64 (818 ) — (754 ) (267 ) Balance at end of the period (3 560 ) (18 934 ) — (22 494 ) (21 540 ) Carrying amount at 31 December 2017 9 228 15 691 2 265 27 184 27 184 at 31 December 2018 8 895 14 741 2 274 25 910 — 1 The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Reconciliation of Goodwill | Million US dollar 31 December 2018 31 December 2017 Acquisition cost Balance at end of previous year 140 980 135 897 Effect of movements in foreign exchange (7 541 ) 4 684 Disposals through the sale of subsidiaries (652 ) — Acquisitions through business combinations 107 398 Hyperinflation monetary adjustments 435 — Reclassified as held for sale (13 ) — Balance at end of the period 133 316 140 980 Impairment losses Balance at end of previous year (40 ) (34 ) Impairment losses — (6 ) Disposals through the sale of subsidiaries 35 — Balance at end of the period (5 ) (40 ) Carrying amount at 31 December 2017 140 940 140 940 at 31 December 2018 133 311 — |
Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units | The carrying amount of goodwill was allocated to the different cash-generating units as follows: Million US dollar Cash-generating unit 2018 2017 United States 33 288 33 277 Colombia 18 802 20 425 South Africa 15 896 18 551 Peru 14 513 15 074 Mexico 12 614 12 580 Rest of Africa 7 716 8 326 Australia 6 348 6 922 Brazil 4 715 5 523 South Korea 3 949 4 119 Ecuador 3 925 3 925 China 2 758 2 914 Honduras & El Salvador 2 284 2 335 Canada 1 891 2 056 Other countries 4 613 4 913 Total carrying amount of goodwill 133 311 140 940 |
Summary of Weighted Average Cost of Capital | The WACC applied in US dollar nominal terms were as follows: Cash-generating unit 2018 2017 United States 7 % 6 % Colombia 7 % 7 % South Africa 8 % 8 % Peru 7 % 7 % Mexico 8 % 9 % Rest of Africa 11 % 10 % Australia 7 % 6 % South Korea 7 % 6 % Ecuador 11 % 11 % |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Intangible Assets | 31 December 2018 31 December Million US dollar Brands Commercial Software Other Total Total Acquisition cost Balance at end of previous year 43 402 2 904 2 177 388 48 871 47 191 Effect of movements in foreign exchange (1 482 ) (105 ) (137 ) (41 ) (1 765 ) 1 286 Acquisitions through business combinations — 22 — 2 24 417 Acquisitions and expenditures 2 367 73 226 668 312 Disposals (25 ) (55 ) — (16 ) (96 ) (191 ) Disposals through the sale of subsidiaries (14 ) — (29 ) (4 ) (47 ) — Transfer (to)/from other asset categories and other movements 1 250 (184 ) 608 136 810 (144 ) Balance at end of period 42 133 2 949 2 692 691 48 465 48 871 Amortization and impairment losses Balance at end of previous year (32 ) (1 379 ) (1 472 ) (114 ) (2 997 ) (2 401 ) Effect of movements in foreign exchange — 73 84 7 164 (139 ) Amortization — (163 ) (251 ) (31 ) (445 ) (498 ) Disposals — 45 (39 ) 8 14 89 Disposals through the sale of subsidiaries — — 28 2 30 — Transfer to/(from) other asset categories and other movements 1 — (55 ) (352 ) 7 (400 ) (48 ) Balance at end of period (32 ) (1 479 ) (2 002 ) (121 ) (3 634 ) (2 997 ) Carrying value at 31 December 2017 43 370 1 525 705 274 45 874 45 874 at 31 December 2018 42 101 1 470 690 570 44 831 — |
Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives | The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows: Million US dollar Country 2018 2017 United States 22 037 21 960 Colombia 3 516 3 820 South Africa 3 325 3 899 Mexico 3 068 3 058 Peru 2 720 2 825 Australia 2 422 2 773 South Korea 1 013 1 058 Ecuador 595 595 China 381 403 Dominican Republic 339 353 Rest of Africa 1 274 1 353 Other countries 1 745 1 498 Total carrying amount of intangible assets with indefinite useful lives 42 435 43 595 1 The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations Financial reporting in hyperinflationary economies |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates | A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows: 2018 2017 Million US dollar AB InBev Efes Castel Efes Castel Efes Balance at 1 January — 3 480 694 2 793 750 Effect of movements in foreign exchange — (213 ) (194 ) 356 (54 ) Acquisitions 1 157 — — — — Dividends received — (98 ) (11 ) (23 ) — Share of results of associates 2 110 (10 ) 354 (2 ) Balance at end of period 1 159 3 279 479 3 480 694 |
Summarized Financial Information of the Company's Material Associates | Summarized financial information of the company’s material associates is as follows: 2018 2017 Million US dollar AB InBev Efes Castel Efes Castel Efes Current assets 275 4 193 2 888 4 894 2 415 Non-current assets 664 4 291 6 463 3 912 5 243 Current liabilities 556 1 643 2 233 1 724 1 106 Non-current liabilities — 635 2 207 857 2 494 Non-controlling interests — 939 2 297 879 1 520 Net assets 383 5 267 2 614 5 346 2 538 Revenue 1 081 5 786 3 816 5 447 3 415 Profit (loss) 4 921 (43 ) 746 (7 ) Other comprehensive income (loss) — (254 ) 1 536 (94 ) 553 Total comprehensive income (loss) 4 667 1 493 652 546 |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Investments in Short-Term Debt Securities | Million US dollar 2018 2017 Investment in unquoted companies 84 76 Investment on debt securities 24 24 Non-current investments 108 100 Investment on debt securities 87 1 304 Current investments 87 1 304 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference | The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows: 2018 Million US dollar Assets Liabilities Net Property, plant and equipment 381 (2 665 ) (2 284 ) Intangible assets 115 (10 665 ) (10 550 ) Inventories 101 (67 ) 34 Trade and other receivables 142 (62 ) 80 Interest-bearing loans and borrowings 475 (618 ) (143 ) Employee benefits 673 (5 ) 668 Provisions 483 (27 ) 456 Derivatives 33 (58 ) (25 ) Other items 215 (736 ) (521 ) Loss carry forwards 577 — 577 Gross deferred tax assets/(liabilities) 3 195 (14 903 ) (11 708 ) Netting by taxable entity (1 738 ) 1 738 — Net deferred tax assets/(liabilities) 1 457 (13 165 ) (11 708 ) 2017 Million US dollar Assets Liabilities Net Property, plant and equipment 324 (2 586 ) (2 262 ) Intangible assets 113 (11 387 ) (11 274 ) Inventories 114 (63 ) 51 Trade and other receivables 148 (62 ) 86 Interest-bearing loans and borrowings 431 (646 ) (215 ) Employee benefits 663 (10 ) 653 Provisions 562 (17 ) 545 Derivatives 40 (49 ) (9 ) Other items 200 (796 ) (596 ) Loss carry forwards 1 130 — 1 130 Gross deferred tax assets/(liabilities) 3 725 (15 616 ) (11 891 ) Netting by taxable entity (2 509 ) 2 509 — Net deferred tax assets/(liabilities) 1 216 (13 107 ) (11 891 ) |
Summary of Change in Net Deferred Tax Assets and Liabilities | The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows: Million US dollar 2018 2017 2016 Balance at 1 January (11 891 ) (13 442 ) (10 780 ) Recognized in profit or loss 121 1 912 (116 ) Recognized in other comprehensive income (130 ) (134 ) (204 ) Acquisitions through business combinations (23 ) (74 ) (5 623 ) Reclassified as held for sale — — 1 455 Other movements and effect of changes in foreign exchange rates 215 (153 ) (149 ) Balance at 31 December (11 708 ) (11 891 ) (13 442 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Inventories | Million US dollar 2018 2017 Prepayments 123 101 Raw materials and consumables 2 387 2 304 Work in progress 363 387 Finished goods 1 215 1 216 Goods purchased for resale 146 111 Inventories 4 234 4 119 Inventories other than work in progress Inventories stated at net realizable value 59 57 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Non-Current Trade and Other Receivables | NON-CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2018 2017 Cash deposits for guarantees 197 209 Loans to customers 45 13 Deferred collection on disposals 53 11 Tax receivable, other than income tax 139 68 Trade and other receivables 335 533 769 834 |
Schedule of Current Trade and Other Receivables | CURRENT TRADE AND OTHER RECEIVABLES Million US dollar 2018 2017 Trade receivables and accrued income 4 412 4 752 Interest receivable 19 6 Tax receivable, other than income tax 378 368 Loans to customers 143 166 Prepaid expenses 329 428 Other receivables 1 094 846 6 375 6 566 |
Schedule of Trade Receivables and Other Receivables | The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current Net carrying Of which: Of which not impaired as of the reporting date and past due Less than 30 Between 30 Between 60 More than 90 Trade receivables and accrued income 4 412 4 092 239 52 20 9 Loans to customers 188 176 4 5 3 — Interest receivable 19 19 — — — — Other receivables 1 094 1 051 13 26 4 — 5 713 5 338 256 83 27 9 Net carrying Of which: Of which not impaired as of the reporting date and past due Less than Between 30 Between 60 More than Trade receivables and accrued income 4 752 4 369 265 47 40 31 Loans to customers 179 179 — — — — Interest receivable 6 6 — — — — Other receivables 846 803 19 6 14 4 5 783 5 357 284 53 54 35 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Cash and Cash Equivalents | Million US dollar 31 December 2018 31 December 2017 Short-term bank deposits 2 233 3 896 Cash and bank accounts 4 841 6 576 Cash and cash equivalents 7 074 10 472 Bank overdrafts (114 ) (117 ) 6 960 10 355 |
Assets classified as held for_2
Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Assets Held for Sale | Assets classified as held for sale Million US dollar 31 December 2018 31 December 2017 Balance at the end of previous year 133 16 458 Disposals from SAB transaction-related divestitures — (15 514 ) Reclassified to assets held for sale in the period 35 91 Disposals (128 ) (26 ) Effect of movements in foreign exchange (1 ) 132 Other movements — (1 008 ) Balance at the end of year 39 133 |
Summary of Liabilities Associated With Assets Held for Sale | Liabilities associated with assets held for sale Million US dollar 31 December 2018 31 December 2017 Balance at the end of previous year — 2 174 Disposals from SAB transaction-related divestitures — (1 166 ) Other movements — (1 008 ) Balance at the end of year — — |
Changes in equity and earning_2
Changes in equity and earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during 2018: ISSUED CAPITAL Issued capital Million shares Million US dollar At the end of the previous year 2 019 1 736 Changes during the period — — 2 019 1 736 Of which: Ordinary shares 1 693 Restricted shares 326 TREASURY SHARES Treasury shares Result on the use of Million shares Million US dollar At the end of the previous year 85.5 (8 980 ) (1 452 ) Changes during the period (23.0 ) 2 431 (931 ) 62.5 (6 549 ) (2 383 ) |
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows: Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2018 (13 705 ) 586 (1 665 ) (14 784 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (7 379 ) — — (7 379 ) Cash flow hedges — (92 ) — (92 ) Re-measurements of post-employment benefits — — 98 98 Total comprehensive income (7 379 ) (92 ) 98 (7 373 ) As per 31 December 2018 (21 084 ) 494 (1 567 ) (22 157 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2017 (14 758 ) 744 (1 612 ) (15 626 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) 1 053 — — 1 053 Cash flow hedges — (158 ) — (158 ) Re-measurements of post-employment benefits — — (53 ) (53 ) Total comprehensive income 1 053 (158 ) (53 ) 842 As per 31 December 2017 (13 705 ) 586 (1 665 ) (14 784 ) Million US dollar Translation Hedging Post-employment Total OCI As per 1 January 2016 (11 493 ) (1 217 ) (1 400 ) (14 110 ) Other comprehensive income Exchange differences on translation of foreign operations (gains/(losses)) (3 265 ) — — (3 265 ) Foreign exchange contracts recognized in equity in relation to the SAB combination — (7 099 ) — (7 099 ) Foreign exchange contracts reclassified from equity in relation to the SAB combination — 8 837 — 8 837 Cash flow hedges — 223 — 223 Re-measurements of post-employment benefits — — (212 ) (212 ) Total comprehensive income (3 265 ) 1 961 (212 ) (1 516 ) As per 31 December 2016 (14 758 ) 744 (1 612 ) (15 626 ) |
Summary of Basic and Diluted Earnings Per Share | EARNINGS PER SHARE The calculation of basic earnings per share for the year ended 31 December 2018 is based on the profit attributable to equity holders of AB InBev of 4 368m US dollar (31 December 2017: 7 996m US dollar; 31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2018 2017 2016 Issued ordinary and restricted shares at 1 January, net of treasury shares 1 934 1 934 1 606 Effect of restricted shares issued upon the SAB combination — — 94 Effect of shares issued and share buyback programs — — (20 ) Effect of stock lending 18 14 12 Effect of undelivered shares under the deferred share instrument 9 23 23 Effect of delivery of treasury shares 14 — — Weighted average number of ordinary and restricted shares at 31 December 1 975 1 971 1 717 The calculation of diluted earnings per share for the year ended 31 December 2018 is based on the profit attributable to equity holders of AB InBev of 4 368m US dollar (31 December 2017: 7 996m US dollar; 31 December 2016: 1 241m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows: Million shares 2018 2017 2016 Weighted average number of ordinary and restricted shares at 31 December 1 975 1 971 1 717 Effect of share options, warrants and restricted stock units 36 39 38 Weighted average number of ordinary and restricted shares (diluted) at 31 December 2 011 2 010 1 755 The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows: Million US dollar 2018 2017 2016 Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 6 793 7 967 4 853 Exceptional items, before taxes (refer to Note 8) (715 ) (662 ) (394 ) Exceptional finance income/(cost), before taxes (refer to Note 8) (1 982 ) (693 ) (3 356 ) Exceptional taxes (refer to Note 8) 240 830 77 Exceptional non-controlling interest (refer to Note 8) 32 526 13 Profit from discontinued operations — 28 48 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 The calculation of the Underlying EPS 1 Million US dollar 2018 2017 2016 Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev 8 644 8 258 5 237 Mark-to-market losses on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) (1 774 ) (291 ) (384 ) Hyperinflation impacts (77 ) — — Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev 6 793 7 967 4 853 |
Summary of Calculation of EPS | The table below sets out the EPS calculation: Million US dollar 2018 2017 2016 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing and discontinued operations 2.21 4.06 0.72 Profit from continuing operations attributable to equity holders of AB InBev 4 368 7 968 1 193 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing operations 2.21 4.04 0.69 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 6 793 7 967 4 853 Weighted average number of ordinary and restricted shares 1 975 1 971 1 717 Basic EPS from continuing operations before exceptional items 3.44 4.04 2.83 Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev 8 644 8 258 5 237 Weighted average number of ordinary and restricted shares 1 975 1 970 1 717 Underlying EPS 2 4.38 4.19 3.05 Profit attributable to equity holders of AB InBev 4 368 7 996 1 241 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing and discontinued operations 2.17 3.98 0.71 Profit from continuing operations attributable to equity holders of AB InBev 4 368 7 968 1 193 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing operations 2.17 3.96 0.68 Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev 6 793 7 967 4 853 Weighted average number of ordinary and restricted shares (diluted) 2 011 2 010 1 755 Diluted EPS from continuing operations before exceptional items 3.38 3.96 2.77 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Interest-bearing Loans and Borrowings | NON-CURRENT LIABILITIES Million US dollar 31 December 2018 31 December 2017 Secured bank loans 109 230 Unsecured bank loans 86 153 Unsecured bond issues 105 170 108 327 Unsecured other loans 57 53 Finance lease liabilities 162 186 Non-current interest-bearing loans and borrowings 105 584 108 949 CURRENT LIABILITIES Million US dollar 31 December 2018 31 December 2017 Secured bank loans 370 272 Commercial papers 1 142 1 870 Unsecured bank loans 22 739 Unsecured bond issues 2 626 4 510 Unsecured other loans 14 15 Finance lease liabilities 42 27 Current interest-bearing loans and borrowings 4 216 7 433 |
Summary of Series of Bonds | During 2018, AB InBev completed the issuance of the following series of bonds: Issue date Aggregate Currency Interest rate Maturity date 23 January 2018 1 500 Euro 3M EURIBOR + 30 bps 15 April 2024 23 January 2018 2 000 Euro 1.150% 22 January 2027 23 January 2018 750 Euro 2.000% 23 January 2035 4 April 2018 1 500 USD 3.500% 12 January 2024 4 April 2018 2 500 USD 4.000% 13 April 2028 4 April 2018 1 500 USD 4.375% 15 April 2038 4 April 2018 2 500 USD 4.600% 15 April 2048 4 April 2018 1 500 USD 4.750% 15 April 2058 4 April 2018 500 USD 3M LIBOR + 74 bps 12 January 2024 |
Summary of Exchange Offers | On 26 November, the company announced the final results of a U.S. private exchange offer for a series of six notes issued by Anheuser-Busch InBev Finance for notes co-issued by Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Worldwide Inc. The total principal amount of notes exchanged listed below is 23.5 billion US dollar. Issuer Title of series of notes Original Principal amount Principal Anheuser-Busch InBev Finance 4.9% Notes due 2046 11 000 9 543 1 457 Anheuser-Busch InBev Finance 4.7% Notes due 2036 6 000 5 385 615 Anheuser-Busch InBev Finance 3.65% Notes due 2026 11 000 8 555 2 445 |
Summary of Terms and Debt Repayment | TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2018 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 479 370 38 14 26 31 Commercial papers 1 142 1 142 — — — — Unsecured bank loans 108 22 — 86 — — Unsecured bond issues 107 796 2 626 5 259 8 039 17 180 74 692 Unsecured other loans 71 14 18 7 9 23 Finance lease liabilities 204 42 19 17 12 114 109 800 4 216 5 334 8 163 17 227 74 860 TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar Total 1 year or 1-2 years 2-3 years 3-5 years More than 5 Secured bank loans 502 272 128 18 33 51 Commercial papers 1 870 1 870 — — — — Unsecured bank loans 892 739 122 31 — — Unsecured bond issues 112 837 4 510 9 956 9 389 18 441 70 541 Unsecured other loans 68 15 18 7 3 25 Finance lease liabilities 213 27 29 20 23 114 116 382 7 433 10 253 9 465 18 500 70 731 FINANCE LEASE LIABILITIES Million US dollar 2018 2018 2018 2017 2017 2017 Less than one year 62 20 42 42 15 27 Between one and two years 37 18 19 42 13 29 Between two and three years 33 16 17 31 11 20 Between three and five years 33 21 12 40 17 23 More than 5 years 151 37 114 146 32 114 317 112 205 301 88 213 |
Summary of Reconciliation of Net Debt | The following table provides a reconciliation of AB InBev’s net debt as at 31 December: Million US dollar 31 December 2018 31 December 2017 Non-current interest-bearing loans and borrowings 105 584 108 949 Current interest-bearing loans and borrowings 4 216 7 433 Interest-bearing loans and borrowings 109 800 116 382 Bank overdrafts 114 117 Cash and cash equivalents (7 074 ) (10 472 ) Interest bearing loans granted and other deposits (included within Trade and other receivables) (267 ) (309 ) Debt securities (included within Investment securities) (111 ) (1 328 ) Net debt 102 462 104 391 |
Summary of Changes in the Company's Liabilities Arising from Financing Activities | The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated statement of cash flows from financing activities. Million US dollar Long-term debt, net Short-term debt and Balance at 1 January 2018 108 949 7 433 Proceeds from borrowings 15 111 2 672 Payments on borrowings (13 925 ) (8 564 ) Amortized cost 47 255 Unrealized foreign exchange effects (1 837 ) (298 ) Current portion of long-term debt (2 732 ) 2 732 Other movements (29 ) (14 ) Balance at 31 December 2018 105 584 4 216 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Net Liability for Post-Employment and Long-Term Employee Benefit Plans | The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December: Million US dollar 2018 2017 Present value of funded obligations (6 762 ) (7 506 ) Fair value of plan assets 5 059 5 623 Present value of net obligations for funded plans (1 703 ) (1 883 ) Present value of unfunded obligations (806 ) (904 ) Present value of net obligations (2 509 ) (2 787 ) Unrecognized asset (77 ) (111 ) Net liability (2 586 ) (2 898 ) Other long term employee benefits (79 ) (73 ) Reclassified as held for sale — — Total employee benefits (2 665 ) (2 971 ) Employee benefits amounts in the balance sheet: Liabilities (2 681 ) (2 993 ) Assets 16 22 Net liability (2 665 ) (2 971 ) |
Summary of Changes in Unrecognized Assets | The changes in the unrecognized asset are as follows: Million US dollar 2018 2017 2016 Irrecoverable surplus impact at 1 January (111 ) (168 ) (137 ) Interest expense (10 ) (17 ) (17 ) Changes excluding amounts included in interest expense 44 74 14 Irrecoverable surplus impact at 31 December (77 ) (111 ) (168 ) |
Summary of Employee Benefit Expense Recognized in Income Statement | The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows: Million US dollar 2018 2017 2016 Current service costs (72 ) (74 ) (73 ) Administration costs (14 ) (22 ) (24 ) Past service cost due to plan amendments and curtailments (3 ) 17 8 (Losses)/gains on settlements — — 10 (Losses)/gains on due to experience and demographic assumption changes 3 3 — Profit from operations (86 ) (76 ) (79 ) Net finance cost (107 ) (120 ) (115 ) Total employee benefit expense (193 ) (196 ) (194 ) |
Summary of Employee Benefit Expense Recognized in Income Statement | The employee benefit expense is included in the following line items of the income statement: Million US dollar 2018 2017 2016 Cost of sales (26 ) (24 ) (59 ) Distribution expenses (11 ) (10 ) (9 ) Sales and marketing expenses (16 ) (15 ) (13 ) Administrative expenses (28 ) (29 ) (15 ) Other operating (expense)/income (6 ) (4 ) 10 Exceptional items 1 6 7 Net finance cost (107 ) (120 ) (115 ) (193 ) (196 ) (194 ) |
Summary of Weighted Average Assumptions used in Computing Benefit Obligations | Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows: 2018 United Canada Mexico Brazil United AB InBev Discount rate 4.3 % 3.9 % 9.0 % 8.9 % 2.8 % 4.3 % Price inflation 2.5 % 2.0 % 3.5 % 4.0 % 3.4 % 2.7 % Future salary increases — 1.0 % 4.3 % 7.6%-5.6 % — 3.8 % Future pension increases — 2.0 % 3.5 % 4.0 % 3.0 % 2.8 % Medical cost trend rate 6.5%-4.5 % 4.5 % — 7.6 % — 6.8%-6.0 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 87 89 85 88 89 87 2017 United Canada Mexico Brazil United AB InBev Discount rate 3.7 % 3.6 % 8.0 % 10.0 % 2.6 % 4.0 % Price inflation 2.5 % 2.0 % 3.5 % 4.3 % 3.3 % 2.7 % Future salary increases — 1.0 % 4.3 % 5.6 % — 3.5 % Future pension increases — 2.0 % 3.5 % 4.3 % 3.0 % 2.8 % Medical cost trend rate 6.2%-5.0 % 4.5 % — 7.9 % — 6.8%-6.4 % Life expectation for a 65 year old male 85 87 82 85 87 85 Life expectation for a 65 year old female 88 89 85 88 89 88 |
Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption | The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Million US dollar 2018 Change in assumption Increase in assumption Decrease in assumption Discount rate 0.5 % (468 ) 501 Price inflation 0.5 % 152 (163 ) Future salary increase 0.5 % 28 (26 ) Medical cost trend rate 1.0 % 45 (39 ) Longevity One year 220 (229 ) |
Summary of Fair Value of Plan Assets | The fair value of plan assets at 31 December consists of the following: 2018 2017 Quoted Unquoted Total Quoted Unquoted Total Government bonds 32 % — 32 % 27 % — 27 % Corporate bonds 36 % — 36 % 37 % — 37 % Equity instruments 22 % — 22 % 26 % — 26 % Property — 4 % 4 % — 4 % 4 % Insurance contracts and others 4 % 2 % 6 % 5 % 1 % 6 % 94 % 6 % 100 % 95 % 5 % 100 % |
Present Value of Defined Benefit Obligation [Member] | |
Statement [LineItems] | |
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets | The changes in the present value of the defined benefit obligations are as follows: Million US dollar 2018 2017 2016 Defined benefit obligation at 1 January (8 410 ) (7 952 ) (7 594 ) Current service costs (72 ) (74 ) (73 ) Interest cost (322 ) (340 ) (347 ) Past service gain/(cost) (3 ) 17 8 Settlements 45 6 174 Benefits paid 493 502 482 Contribution by plan participants (3 ) (4 ) (4 ) Acquisition and disposal through business combination — — (260 ) Actuarial gains/(losses) – demographic assumptions 27 24 (1 ) Actuarial gains/(losses) – financial assumptions 350 (264 ) (607 ) Experience adjustments 14 (21 ) 37 Exchange differences 313 (343 ) 256 Transfers and other movements — 39 (23 ) Defined benefit obligation at 31 December (7 568 ) (8 410 ) (7 952 ) |
Plan Assets [Member] | |
Statement [LineItems] | |
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets | The changes in the fair value of plan assets are as follows: Million US dollar 2018 2017 2016 Fair value of plan assets at 1 January 5 623 5 177 5 075 Interest income 225 239 249 Administration costs (14 ) (22 ) (24 ) Return on plan assets exceeding interest income (333 ) 233 297 Contributions by AB InBev 307 315 302 Contributions by plan participants 3 4 4 Benefits paid net of administration costs (493 ) (502 ) (478 ) Acquisition through business combination — — 68 Assets distributed on settlements (45 ) (7 ) (164 ) Exchange differences (214 ) 214 (155 ) Transfers and other movements — (28 ) 3 Fair value of plan assets at 31 December 5 059 5 623 5 177 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
AB inBev [member] | |
Statement [LineItems] | |
Summary of Weighted Average Fair Value of Options and Assumptions | The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2018 grants of awards described above are as follows: Amounts in US dollar unless otherwise indicated 1 2018 2017 2016 Fair value of options granted 16.92 19.94 17.40 Share price 98.66 117.77 103.77 Exercise price 98.66 117.77 103.77 Expected volatility 23 % 23 % 24 % Expected dividends 3.00 % 3.00 % 3.00 % Risk-free interest rate 0.39 % 0.72 % 0.54 % |
Summary of Number of Options Outstanding | The total number of outstanding AB InBev options developed as follows: Million options 2018 2017 2016 Options outstanding at 1 January 93.0 64.9 47.6 Options issued during the year 5.2 35.0 20.4 Options exercised during the year (1.7 ) (3.0 ) (2.2 ) Options forfeited during the year (4.0 ) (3.9 ) (0.9 ) Options outstanding at the end of December 92.6 93.0 64.9 |
Summary of Weighted Average Exercise Price of Options | The weighted average exercise price of the AB InBev options is as follows: Amounts in US dollar 1 2018 2017 2016 Options outstanding at 1 January 98.32 76.25 64.50 Granted during the year 104.77 117.24 104.71 Exercised during the year 44.96 38.94 32.45 Forfeited during the year 113.19 108.26 88.68 Outstanding at the end of December 94.74 98.32 76.25 Exercisable at the end of December 21.40 59.66 40.62 1 Amounts have been converted to US dollar at the closing rate of the respective period. |
AB inBev [member] | Restricted Stock Units [member] | |
Statement [LineItems] | |
Summary of Number of Outstanding Deferred and Restricted stock Units | The total number of outstanding AB InBev restricted stock units developed as follows: Million restricted stock units 2018 2017 2016 Restricted stock units outstanding at 1 January 5.4 5.8 5.6 Restricted stock units issued during the year 2.3 0.7 1.4 Restricted stock units exercised during the year (0.5 ) (0.7 ) (1.1 ) Restricted stock units forfeited during the year (1.2 ) (0.4 ) (0.1 ) Restricted stock units outstanding at the end of December 6.0 5.4 5.8 |
Ambev [member] | |
Statement [LineItems] | |
Summary of Weighted Average Fair Value of Options and Assumptions | The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2018 Ambev grants are as follows: Amounts in US dollar unless otherwise indicated 1 2018 2017 2016 Fair value of options granted 1.47 1.97 1.90 Share price 4.66 5.99 5.27 Exercise price 4.66 5.99 5.27 Expected volatility 26 % 27 % 27 % Expected dividends 0.00% - 5.00 % 0.00% - 5.00 % 0.00% - 5.00 % Risk-free interest rate 9.6 % 10.10 % 12.40 % |
Summary of Number of Options Outstanding | The total number of outstanding Ambev options developed as follows: Million options 2018 2017 2016 Options outstanding at 1 January 135.2 131.3 121.7 Options issued during the year 19.9 20.4 24.8 Options exercised during the year (10.0 ) (13.5 ) (11.6 ) Options forfeited during the year (3.8 ) (2.9 ) (3.7 ) Options outstanding at the end of December 141.3 135.2 131.3 |
Summary of Weighted Average Exercise Price of Options | The weighted average exercise price of the Ambev options is as follows: Amounts in US dollar 1 2018 2017 2016 Options outstanding at 1 January 3.94 4.19 3.17 Granted during the year 4.66 5.99 5.27 Exercised during the year 1.93 1.76 0.77 Forfeited during the year 4.79 5.41 3.94 Outstanding at the end of December 4.17 4.92 4.26 Exercisable at the end of December 0.58 1.14 1.12 1 Amounts have been converted to US dollar at the closing rate of the respective period. |
Ambev [member] | Restricted Stock Units [member] | |
Statement [LineItems] | |
Summary of Number of Outstanding Deferred and Restricted stock Units | The total number of outstanding Ambev deferred and restricted stock units developed as follows: Million restricted stock units 2018 2017 2016 Restricted stock units outstanding at 1 January 16.3 19.3 19.1 Restricted stock units issued during the year 13.5 0.8 7.3 Restricted stock units exercised during the year (3.7 ) (2.9 ) (6.1 ) Restricted stock units forfeited during the year (1.1 ) (0.9 ) (1.0 ) Restricted stock units outstanding at the end of December 25.0 16.3 19.3 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Provisions by Class | Million US dollar Restructuring Disputes Other Total Balance at 1 January 2018 153 1 383 864 2 400 Effect of changes in foreign exchange rates (7 ) (65 ) (43 ) (115 ) Provisions made 69 195 271 535 Provisions used (75 ) (377 ) (354 ) (806 ) Provisions reversed (2 ) (54 ) — (56 ) Other movements (8 ) (5 ) (27 ) (40 ) Balance at 31 December 2018 130 1 077 711 1 918 Million US dollar Restructuring Disputes Other Total Balance at 1 January 2017 232 1 466 848 2 546 Effect of changes in foreign exchange rates 15 20 38 73 Acquisitions through business combinations — — — — Provisions made 88 185 35 308 Provisions used (186 ) (135 ) (99 ) (419 ) Provisions reversed (2 ) (160 ) 2 (160 ) Other movements 6 7 39 52 Balance at 31 December 2017 153 1 383 864 2 400 |
Summary of Provisions are Expected to Be Settled Within the Following Time Windows | The provisions are expected to be settled within the following time windows: Million US dollar Total < 1 year 1-2 years 2-5 years > 5 years Restructuring 130 63 18 47 2 Income and indirect taxes 627 365 141 83 38 Labor 136 44 12 73 7 Commercial 34 14 6 13 1 Excise duties 18 — 3 15 — Other disputes 262 7 102 153 — Disputes 1 077 430 264 337 46 Other provisions 711 273 213 225 — Total provisions 1 918 766 495 609 48 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade and Other Payables | NON-CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2018 31 December 2017 Indirect taxes payable 194 157 Trade payables 238 380 Deferred consideration on acquisitions 1 247 699 Other payables 138 226 Non-current trade and other payables 1 816 1 462 CURRENT TRADE AND OTHER PAYABLES Million US dollar 31 December 2018 31 December 2017 Trade payables and accrued expenses 15 512 15 240 Payroll and social security payables 900 1 284 Indirect taxes payable 2 633 2 862 Interest payable 1 616 1 790 Consigned packaging 1 093 1 111 Dividends payable 331 479 Deferred income 32 30 Deferred consideration on acquisitions 163 1 723 Other payables 289 243 Current trade and other payables 22 568 24 762 |
Risks arising from financial _2
Risks arising from financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Disclosure of Financial Assets | Set out below is an overview of financial assets 1 year-end: Million US dollar 31 December 2018 31 December 2017 Debt instruments at amortized cost Trade and other receivables 6 298 6 537 Debt instruments at fair value through OCI Unquoted debt 24 24 Debt instruments at fair value through profit or loss Quoted debt 87 1 304 Equity instruments at fair value through OCI Unquoted companies 84 76 Financial assets at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps — 21 Interest rate swaps 9 — Cross currency interest rate swaps 32 9 Other derivatives 20 1 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 191 151 Interest rate swaps — 14 Commodities 54 246 6 799 8 383 Of which: Non-current 1 068 959 Current 5 731 7 444 1 Cash and short term deposits are not included in this overview. |
Disclosure of Financial Liabilities | Set out below is an overview of financial liabilities held by the company at year-end: Million US dollar 31 December 2018 31 December 2017 Financial liabilities at fair value through profit or loss Derivatives not designated in hedge accounting relationships: Equity swaps 4 877 1 057 Cross currency interest rate swaps 387 906 Other derivatives 456 2 Derivatives designated in hedge accounting relationships: Foreign exchange forward contracts 132 211 Cross currency interest rate swaps 103 — Interest rate swaps 56 37 Commodities 273 67 Other derivatives 56 73 Financial liabilities at amortized cost Trade and other payables 20 658 21 921 Non-current interest-bearing loans and borrowings: Secured bank loans 109 230 Unsecured bank loans 86 153 Unsecured bond issues 105 170 108 327 Unsecured other loans 57 53 Finance lease liabilities 162 186 Current interest-bearing loans and borrowings: Secured bank loans 370 272 Unsecured bank loans 22 739 Unsecured bond issues 2 626 4 510 Unsecured other loans 14 15 Commercial paper 1 142 1 870 Bank overdrafts 114 117 Finance lease liabilities 42 27 136 912 140 773 Of which: Non-current 108 012 111 191 Current 28 899 29 582 |
Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket | The table below provides an overview of the notional amounts of derivatives outstanding at year-end by maturity bucket. 31 December 2018 31 December 2017 Million US dollar < 1 year 1-2 years 2-3 years 3-5 years > 5 years < 1 year 1-2 years 2-3 years 3-5 years > 5 years Foreign currency Forward exchange contracts 11 423 190 — — — 11 637 233 — — — Foreign currency futures 648 — — — — 655 — — — — Interest rate Interest rate swaps 2 250 750 28 1 873 36 1 075 2 250 750 1 883 88 Cross currency interest rate swaps 1 807 51 16 6 464 681 711 1 797 — 5 900 1 176 Other interest rate derivatives 4 — — — 565 — — 5 — 565 Commodities Aluminum swaps 1 597 73 — — — 1 412 21 — — — Other commodity derivatives 1 241 32 — — — 1 214 144 — — — Equity Equity derivatives 11 347 — — — — 11 799 — — — — |
Summary of Foreign Exchange Risk on Operating Activities | The second currency of the currency pairs listed is the functional currency of the related subsidiary. 31 December 2018 31 December 2017 Total Total Open Total Total Open Million US dollar exposure hedges position exposure hedges position Euro/Canadian dollar (39 ) 39 — (32 ) 32 — Euro/Mexican peso (187 ) 182 (5 ) (275 ) 246 (29 ) Euro/Pound sterling (239 ) 213 (26 ) (82 ) 110 28 Euro/Russian ruble — — — (58 ) 68 10 Euro/South African rand (90 ) 52 (38 ) (84 ) 84 — Euro/South Korean won (51 ) 59 8 (53 ) 44 (9 ) Euro/Ukrainian hryvnia — — — (58 ) — (58 ) Euro/US dollar (415 ) 404 (11 ) (271 ) 425 154 Mexican peso/Chinese yuan (216 ) 199 (17 ) — — — Mexican peso/Euro (300 ) 301 1 — — — Pound sterling/Euro (34 ) 34 — (87 ) 128 41 Pound sterling/US dollar — — — (40 ) 40 — US dollar/Argentinian peso (573 ) 484 (89 ) (678 ) 678 — US dollar/Australian dollar (209 ) 209 — (469 ) 192 (277 ) US dollar/Bolivian boliviano (76 ) 76 — (20 ) 20 — US dollar/Brazilian real (1 303 ) 1 223 (80 ) (1 184 ) 1 184 — US dollar/Canadian dollar (362 ) 286 (76 ) (306 ) 306 — US dollar/Chilean peso (156 ) 155 1 (324 ) 324 — US dollar/Chinese yuan (201 ) 249 48 (303 ) 134 (169 ) US dollar/Colombian peso (287 ) 219 (68 ) (319 ) 195 (124 ) US dollar/Euro (80 ) 78 (2 ) (157 ) 145 (12 ) US dollar/Mexican peso (1 151 ) 1 082 (69 ) (1 143 ) 873 (270 ) US dollar/Nigerian naira — — — (172 ) — (172 ) US dollar/Paraguayan guarani (177 ) 166 (11 ) (108 ) 108 — US dollar/Peruvian nuevo sol (157 ) 149 (8 ) (255 ) 154 (101 ) US dollar/Russian ruble — — — (45 ) 30 (15 ) US dollar/South African rand (80 ) 83 3 (72 ) 66 (6 ) US dollar/South Korean won (114 ) 128 14 (20 ) 60 40 US dollar/Ukrainian hryvnia — — — (18 ) — (18 ) US dollar/Uruguayan peso (40 ) 41 1 (57 ) 57 — Others (321 ) 264 (57 ) (124 ) 104 (20 ) |
Summary of Currency Transactional Risk | AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows: 2018 Closing rate Possible 1 Volatility Euro/Mexican peso 22.54 19.21 - 25.86 14.75 % Euro/Pound sterling 0.89 0.84 - 0.95 6.03 % Euro/South Korean won 1277.14 1181.98 - 1372.3 7.45 % Euro/US dollar 1.15 1.06 - 1.23 7.32 % Pound sterling/US dollar 1.28 1.17 - 1.39 8.45 % US dollar/Australian dollar 1.42 1.30 - 1.54 8.50 % US dollar/Chinese yuan 6.88 6.57 - 7.18 4.45 % US dollar/Colombian peso 3246.70 2868.9 - 3624.5 11.64 % US dollar/Euro 0.87 0.81 - 0.94 7.32 % US dollar/Mexican peso 19.68 17.12 - 22.24 13.00 % US dollar/Nigerian naira 362.54 354.9 - 370.18 2.11 % US dollar/Peruvian nuevo sol 3.37 3.24 - 3.50 3.90 % US dollar/South African rand 14.37 11.96 - 16.79 16.82 % US dollar/South Korean won 1115.40 1029.1 - 1201.71 7.74 % US dollar/Tanzanian shilling 2298.32 2211.95 - 2384.69 3.76 % US dollar/Zambian kwacha 11.88 10.28 - 13.47 13.41 % 2017 Closing rate Possible 2 Volatility Euro/Mexican peso 23.67 20.81 - 26.53 12.07 % Euro/Pound sterling 0.89 0.82 - 0.96 7.94 % Euro/Russian ruble 69.12 60.86 - 77.38 11.95 % Euro/South Korean won 1 280.41 1 181.37 – 1 379.44 7.73 % Euro/Ukrainian hryvnia 33.66 30.39 - 36.93 9.72 % Euro/US dollar 1.20 1.11 - 1.28 7.12 % Pound sterling/US dollar 1.35 1.16 - 1.54 13.99 % US dollar/Australian dollar 1.28 1.18 - 1.38 7.50 % US dollar/Chinese yuan 6.51 6.15 - 6.86 5.45 % US dollar/Colombian peso 2 988.60 2 732.94 – 3 244.26 8.55 % US dollar/Euro 0.83 0.77 - 0.89 7.12 % US dollar/Mexican peso 19.74 17.45 - 22.02 11.59 % US dollar/Nigerian naira 360.03 284.18 - 435.87 21.07 % US dollar/Peruvian nuevo sol 3.24 3.11 - 3.38 4.19 % US dollar/Russian ruble 57.63 51.43 - 63.83 10.76 % US dollar/South African rand 12.35 10.44 - 14.25 15.39 % US dollar/South Korean won 1 067.63 921.4 –1 213.86 13.70 % US dollar/Tanzanian shilling 2 235.44 2 176.76 – 2 294.12 2.63 % US dollar/Ukrainian hryvnia 28.07 26.86 - 29.27 4.30 % US dollar/Zambian kwacha 9.98 8.91 - 11.05 10.72 % |
Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures | Foreign exchange results recognized on unhedged and hedged exposures are as follows: Million US dollar 2018 2017 2016 Cash flow hedges — (13 ) (53 ) Economic hedges (210 ) (49 ) (36 ) Other results - not hedged 216 (242 ) 68 6 (304 ) (21 ) |
Summary of Effective Interest Rates at Balance Sheet | The table below reflects the effective interest rates of interest-bearing financial liabilities at balance sheet date as well as the currency in which the debt is denominated. Before hedging After hedging 31 December 2018 Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.95 % 214 2.95 % 214 Brazilian real 9.13 % 61 6.86 % 133 Canadian dollar 3.66 % 190 3.38 % 206 Euro 0.24 % 3 138 0.24 % 3 138 US dollar 1.94 % 1 399 2.21 % 2 638 Other 7.19 % 709 7.19 % 709 5 711 7 038 Fixed rate Australian dollar 3.28 % 1 871 3.28 % 1 871 Brazilian real 6.74 % 138 5.79 % 66 Canadian dollar 3.23 % 1 904 3.23 % 1 904 Euro 1.76 % 27 465 1.61 % 35 292 Pound sterling 3.83 % 4 173 3.80 % 3 541 South Korean won — — 2.45 % 1 000 US dollar 4.28 % 68 570 4.66 % 59 120 Other 8.55 % 82 8.55 % 82 104 203 102 876 31 December 2017 Before hedging After hedging Interest-bearing financial liabilities Million US dollar Effective Amount Effective Amount Floating rate Australian dollar 2.68 % 234 2.68 % 234 Brazilian real 9.22 % 122 7.61 % 199 Canadian dollar 2.09 % 207 2.45 % 224 Euro 0.35 % 3 398 0.35 % 3 415 South Africa rand 8.00 % 666 8.00 % 666 US dollar 1.48 % 1 285 1.43 % 2 521 Other 16.68 % 450 16.68 % 450 6 362 7 709 Fixed rate Australian dollar 3.70 % 1 838 3.70 % 1 838 Brazilian real 6.43 % 206 5.86 % 112 Canadian dollar 3.08 % 2 543 3.19 % 2 176 Euro 1.88 % 26 386 1.70 % 34 251 Peruvian nuevo sol 6.87 % 33 6.87 % 33 Pound sterling 3.83 % 4 403 3.80 % 3 734 South Korean won — — 2.50 % 1 000 US dollar 4.18 % 74 476 4.51 % 65 394 Other 3.36 % 252 2.36 % 252 110 137 108 790 |
Summary of Floating Rate Debt after Hedging | The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows: 2018 Interest rate 1 Possible 2 Volatility Brazilian real 6.44 % 6.12% - 6.76 % 5.00 % Canadian dollar 2.29 % 2.15% - 2.42 % 5.91 % Euro — — 2.45 % US dollar 2.78 % 2.61% - 2.94 % 5.97 % 2017 Interest rate 1 Possible 2 Volatility Brazilian real 6.90 % 5.29% - 8.50 % 23.27 % Canadian dollar 1.54 % 1.38% - 1.71 % 10.72 % Euro — — 3.50 % South African rand 7.16 % 6.88% - 7.43 % 3.84 % US dollar 1.69 % 1.59% - 1.80 % 6.00 % |
Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities | Interest expense recognized on unhedged and hedged financial liabilities are as follows: Million US dollar 2018 2017 2016 Financial liabilities measured at amortized cost – not hedged (4 053 ) (4 375 ) (4 119 ) Fair value hedges (76 ) (11 ) (31 ) Cash flow hedges 22 1 (8 ) Net investment hedges - hedging instruments (interest component) 35 77 34 Economic hedges 100 (6 ) 32 (3 972 ) (4 314 ) (4 092 ) |
Schedule of Commodity Derivatives Outstanding | The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to minimize exposure to commodity price volatility. The company has significant exposures to the following commodities: aluminum, barley, coal, corn grits, corn syrup, corrugated board, diesel, fuel oil, glass, hops, labels, malt, natural gas, orange juice, plastics, rice, steel and wheat. As of 31 December 2018, the company has the following commodity derivatives outstanding (in notional amounts): 1 Applicable 3-month InterBank Offered Rates as of 31 December 2018 and as of 31 December 2017. 2 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018 and at December 2017. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M). Million US dollar 2018 2017 Aluminum swaps 1 670 1 412 Exchange traded sugar futures 62 87 Natural gas and energy derivatives 313 211 Corn swaps 196 223 Exchange traded wheat futures 424 509 Rice swaps 194 221 Plastic derivatives 84 91 2 943 2 754 |
Summary of Estimated Impact on Changes in the Price of Commodities | The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2018, would have on the equity reserves. 2018 Pre-tax impact on equity Million US dollar Volatility of 1 Prices Prices Aluminum 22.16 % 370 (370 ) Sugar 29.60 % 18 (18 ) Wheat 29.31 % 124 (124 ) Energy 23.83 % 74 (74 ) Rice 22.08 % 43 (43 ) Corn 23.85 % 47 (47 ) Plastic 20.54 % 17 (17 ) 2017 Pre-tax impact on equity Million US dollar Volatility of 2 Prices Prices Aluminum 14.83 % 212 (212 ) Sugar 29.38 % 26 (26 ) Wheat 30.99 % 158 (158 ) Energy 20.37 % 43 (43 ) Rice 20.20 % 45 (45 ) Corn 24.81 % 45 (45 ) Plastic 17.50 % 15 (15 ) |
Summary of Carrying Amount of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was: 2018 2017 Million US dollar Gross Impairment Net carrying Gross Impairment Net carrying Investment in unquoted companies 91 (7 ) 84 83 (7 ) 76 Investment in debt securities 111 — 111 1 328 — 1 328 Trade receivables 4 400 (160 ) 4 240 4 917 (194 ) 4 723 Cash deposits for guarantees 197 — 197 209 — 209 Loans to customers 188 — 188 179 — 179 Other receivables 2 359 (106 ) 2 253 2 326 (117 ) 2 209 Derivatives 307 — 307 483 — 483 Cash and cash equivalents 7 074 — 7 074 10 472 — 10 472 14 727 (273 ) 14 454 19 997 (318 ) 19 679 |
Summary of Allowance for Impairment | The allowance for impairment recognized during the period per classes of financial assets was as follows: 2018 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (194 ) — (7 ) (117 ) (318 ) Impairment losses (40 ) — — (3 ) (43 ) Derecognition 29 — — 6 35 Currency translation and other 44 — — 9 53 Balance at 31 December (160 ) — (7 ) (106 ) (273 ) 2017 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (202 ) — (7 ) (109 ) (318 ) Impairment losses (55 ) — — (4 ) (59 ) Derecognition 53 — — 1 54 Currency translation and other 10 — — (5 ) 5 Balance at 31 December (194 ) — (7 ) (117 ) (318 ) 2016 Million US dollar Trade receivables Loans to FVOCI Other Total Balance at 1 January (230 ) — (9 ) (99 ) (338 ) Impairment losses (43 ) — — — (43 ) Derecognition 69 — — 2 71 Currency translation and other 2 — 2 (12 ) (8 ) Balance at 31 December (202 ) — (7 ) (109 ) (318 ) |
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative financial assets and liabilities: 31 December 2018 Million US dollar Carrying 1 Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative financial liabilities Secured bank loans (479 ) (496 ) (383 ) (39 ) (15 ) (27 ) (31 ) Commercial papers (1 142 ) (1 142 ) (1 142 ) — — — — Unsecured bank loans (108 ) (135 ) (33 ) (6 ) (96 ) — — Unsecured bond issues (107 796 ) (165 979 ) (6 410 ) (9 146 ) (11 636 ) (23 672 ) (115 115 ) Unsecured other loans (71 ) (110 ) (19 ) (22 ) (12 ) (12 ) (44 ) Finance lease liabilities (204 ) (316 ) (62 ) (37 ) (33 ) (33 ) (151 ) Bank overdraft (114 ) (114 ) (114 ) — — — — Trade and other payables (24 345 ) (24 722 ) (22 557 ) (260 ) (1 060 ) (333 ) (513 ) (134 258 ) (193 014 ) (30 720 ) (9 510 ) (12 852 ) (24 077 ) (115 855 ) Derivative financial assets/(liabilities) Interest rate derivatives (84 ) (86 ) (39 ) (19 ) (8 ) 11 (31 ) Foreign exchange derivatives (391 ) (401 ) (419 ) 18 — — — Cross currency interest rate swaps (456 ) (457 ) (13 ) 113 129 (595 ) (90 ) Commodity derivatives (225 ) (225 ) (222 ) (3 ) — — — Equity derivatives (4 877 ) (4 877 ) (4 877 ) — — — — (6 033 ) (6 046 ) (5 570 ) 109 121 (584 ) (121 ) Of which: related to cash flow hedges (293 ) (303 ) (233 ) 17 2 2 (90 ) 31 December 2017 Million US dollar Carrying Contractual Less than 1-2 years 2-3 years 3-5 years More than Non-derivative financial liabilities Secured bank loans (502 ) (590 ) (318 ) (137 ) (23 ) (42 ) (70 ) Commercial papers (1 870 ) (1 871 ) (1 871 ) — — — — Unsecured bank loans (892 ) (927 ) (761 ) (129 ) (37 ) — — Unsecured bond issues (112 837 ) (167 056 ) (8 951 ) (13 951 ) (12 908 ) (24 655 ) (106 591 ) Unsecured other loans (68 ) (114 ) (17 ) (23 ) (13 ) (7 ) (54 ) Finance lease liabilities (213 ) (301 ) (42 ) (42 ) (32 ) (40 ) (145 ) Bank overdraft (117 ) (117 ) (117 ) — — — — Trade and other payables (26 167 ) (26 628 ) (24 756 ) (476 ) (207 ) (289 ) (900 ) (142 666 ) (197 604 ) (36 833 ) (14 758 ) (13 220 ) (25 033 ) (107 760 ) Derivative financial assets/(liabilities) Interest rate derivatives (96 ) (101 ) (9 ) (21 ) (14 ) 16 (73 ) Foreign exchange derivatives (61 ) (52 ) (59 ) 7 — — — Cross currency interest rate swaps (897 ) (1 043 ) 65 (128 ) 114 (904 ) (190 ) Commodity derivatives 179 143 139 4 — — — Equity derivatives (1 036 ) (1 134 ) (1 134 ) — — — — (1 911 ) (2 187 ) (998 ) (138 ) 100 (888 ) (263 ) Of which: related to cash flow hedges (20 ) (29 ) 64 5 2 4 (104 ) |
Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities | The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet: Assets Liabilities Net Million US dollar 31 December 31 December 31 December 31 December 31 December 31 December Foreign currency Forward exchange contracts 191 151 (586 ) (211 ) (395 ) (60 ) Foreign currency futures 7 1 (3 ) (2 ) 4 (1 ) Interest rate Interest rate swaps 9 14 (27 ) (37 ) (18 ) (23 ) Cross currency interest rate swaps 32 9 (489 ) (906 ) (457 ) (897 ) Other interest rate derivatives 20 — (86 ) (73 ) (66 ) (73 ) Commodities Aluminum swaps 23 178 (172 ) (5 ) (149 ) 173 Sugar futures — 24 (8 ) (20 ) (8 ) 4 Wheat futures 13 34 (11 ) (22 ) 2 12 Energy 4 — (54 ) — (50 ) — Other commodity derivatives 8 10 (28 ) (20 ) (20 ) (10 ) Equity Equity derivatives — 21 (4 877 ) (1 057 ) (4 877 ) (1 036 ) 307 442 (6 340 ) (2 353 ) (6 033 ) (1 911 ) Of which: Non-current 10 25 (805 ) (937 ) (795 ) (912 ) Current 297 417 (5 535 ) (1 416 ) (5 238 ) (999 ) |
Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized at the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value: Interest-bearing financial liabilities Million US dollar 2018 1 2018 2017 1 2017 Fixed rate Australian dollar (1 871 ) (1 927 ) (1 838 ) (1 896 ) Brazilian real (138 ) (138 ) (206 ) (206 ) Canadian dollar (1 904 ) (1 817 ) (2 543 ) (2 574 ) Euro (27 465 ) (26 799 ) (26 386 ) (26 942 ) Peruvian nuevo sol (24 ) (24 ) (33 ) (33 ) Pound sterling (4 173 ) (4 320 ) (4 403 ) (4 902 ) US dollar (68 570 ) (65 873 ) (74 476 ) (83 482 ) Other (58 ) (58 ) (252 ) (252 ) (104 203 ) (100 956 ) (110 137 ) (120 287 ) |
Analysis of Financial Instruments | The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable: Fair value hierarchy 31 December 2018 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 3 9 — Derivatives at fair value through profit and loss — 67 — Derivatives in a cash flow hedge relationship 7 225 — Derivatives in a fair value hedge relationship — 33 — Derivatives in a net investment hedge relationship — 14 — 10 348 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 1 409 Derivatives at fair value through profit and loss — 5 699 — Derivatives in a cash flow hedge relationship 18 507 — Derivatives in a fair value hedge relationship — 125 — Derivatives in a net investment hedge relationship — 31 — 18 6 362 1 409 1 “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date. Fair value hierarchy 31 December 2017 Million US dollar Quoted (unadjusted) Observable market Unobservable market Financial Assets Held for trading (non-derivatives) 1 304 5 — Derivatives at fair value through profit and loss — 89 — Derivatives in a cash flow hedge relationship 9 340 — Derivatives in a fair value hedge relationship — 36 — Derivatives in a net investment hedge relationship — 9 — 1 313 479 — Financial Liabilities Deferred consideration on acquisitions at fair value — — 2 210 Derivatives at fair value through profit and loss 1 1 210 — Derivatives in a cash flow hedge relationship 28 341 — Derivatives in a fair value hedge relationship — 129 — Derivatives in a net investment hedge relationship — 685 — 29 2 365 2 210 |
Summary of Hedging Reserve and Hedging Instruments | The company’s hedging reserves disclosed in note 23 relate to the following instruments: Million US dollar Foreign currency Interest rate Commodities Others Total hedging As per 1 January 2018 559 — (20 ) 47 586 Change in fair value of hedging instrument recognized in OCI 262 — 97 — 358 Reclassified to profit or loss / cost of inventory (341 ) — (137 ) 26 (452 ) Deferred tax — — — 2 2 As per 31 December 2018 480 — (60 ) 76 494 Million US dollar Foreign currency Interest rate Commodities Others Total hedging As per 1 January 2017 540 — 204 — 744 Change in fair value of hedging instrument recognized in OCI (61 ) — (22 ) — (83 ) Reclassified to profit or loss / cost of inventory 80 — (202 ) 47 (75 ) Deferred tax — — — — — As per 31 December 2017 559 — (20 ) 47 586 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements: 31 December 2018 Million US dollar Gross Net amount 1 Other offsetting 2 Total net amount Derivative assets 307 307 (293 ) 13 Derivative liabilities (6 340 ) (6 340 ) 293 (6 046 ) 1 Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules 2 Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS rules 31 December 2017 Million US dollar Gross Net amount 1 Other offsetting 2 Total net amount Derivative assets 483 483 (466 ) 17 Derivative liabilities (2 394 ) (2 394 ) 466 (1 928 ) |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Non-Cancelable Operating Leases are Payable and Receivable | Non-cancelable operating leases are payable and receivable as follows: 2018 Million US dollar Lessee Sublease Lessor Net lease obligations Within one year (475 ) 149 3 (323 ) Between one and five years (1 237 ) 451 9 (777 ) After five years (771 ) 211 6 (554 ) Total (2 483 ) 811 18 (1 654 ) 2017 Million US dollar Lessee Sublease Lessor Net lease obligations Within one year (210 ) 127 2 (181 ) Between one and five years (1 009 ) 425 7 (577 ) After five years (781 ) 211 4 (566 ) Total (2 100 ) 763 13 (1 324 ) |
Collateral and contractual co_2
Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other | Million US dollar 2018 2017 Collateral given for own liabilities 404 426 Collateral and financial guarantees received for own receivables and loans to customers 335 326 Contractual commitments to purchase property, plant and equipment 416 550 Contractual commitments to acquire loans to customers 171 16 Other commitments 1 1 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries | As of 31 December 2018, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows: Million US dollar 31 December 2018 31 December 2017 Income tax and social contribution 9 773 9 600 Value-added and excise taxes 6 166 5 987 Other taxes 1 434 1 390 17 373 16 977 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Financial Information of Material Non-Controlling Interest | Summarized financial information of Ambev, in which the company has material non-controlling interests, is as follows: Million US dollar 31 December 31 December Summarized balance sheet information Current assets 6 537 7 472 Non-current assets 17 755 18 783 Current liabilities 6 408 8 672 Non-current liabilities 3 032 3 078 Equity attributable to equity holders 14 540 13 908 Non-controlling interests 312 597 Million US dollar 2018 2017 2016 Summarized income statement and comprehensive income information Revenue 13 819 14 961 13 123 Net income 3 130 2 452 3 765 Attributable to: Equity holders 3 033 2 290 3 611 Non-controlling interests 97 162 155 Net income 3 130 2 452 3 765 Other comprehensive income 629 809 (1 534 ) Total comprehensive income 3 759 3 261 2 231 Attributable to: Equity holders 3 629 3 090 2 190 Non-controlling interests 130 171 41 Summarized cash flow information Cash flow from operating activities 4 928 5 583 3 552 Cash flow from investing activities (1 011 ) (960 ) (1 697 ) Cash flow from financing activities (3 638 ) (4 018 ) (3 351 ) Net increase/(decrease) in cash and cash equivalents 279 605 (1 496 ) |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Directors and Executive Board Management Compensation | Total directors and Executive Board of Management compensation included in the income statement can be detailed as follows: 2018 2017 2016 Million US dollar Directors Executive Board Directors Executive Board Directors Executive Board Short-term employee benefits 2 27 2 28 2 18 Post-employment benefits — — — 1 — — Share-based payments — 24 3 68 3 64 2 52 5 97 5 82 |
Summary of Aggregate Amounts of AB InBev's Interest | Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows: Million US dollar 2018 2017 2016 Non-current 11 12 11 Current assets 5 5 5 Non-current 9 11 9 Current liabilities 12 6 6 Result from operations 4 (3 ) (6 ) Profit attributable to equity holders of AB InBev 3 (3 ) (7 ) |
Summary of AB InBev's Transactions with Associates | Significant interests in associates are shown in note 16 Investments in associates Million US dollar 2018 2017 2016 Gross profit 74 91 (47 ) Current assets 152 73 (8 ) Current liabilities 130 20 20 |
Supplemental guarantor financ_2
Supplemental guarantor financial information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Condensed Consolidated Income Statemet | CONDENSED CONSOLIDATING INCOME STATEMENT For the year ended 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 592 — — 15 584 — 40 932 (2 489 ) 54 619 Cost of sales (370 ) — — (7 318 ) — (15 160 ) 2 489 (20 359 ) Gross profit 222 8 266 25 772 34 259 Distribution expenses (35 ) — — (1 147 ) — (4 588 ) — (5 770 ) Sales and marketing expenses (187 ) — — (2 036 ) — (5 660 ) — (7 883 ) Administrative expenses (205 ) — — (550 ) (51 ) (2 659 ) — (3 465 ) Other operating income/(expenses) 579 1 125 — (1 563 ) 3 (179 ) — (35 ) Profit from operations 374 1 125 — 2 970 (48 ) 12 685 — 17 106 Net finance cost (209 ) (3 047 ) 37 2 443 113 (8 066 ) — (8 729 ) Share of result of associates — — — 3 — 150 — 153 Profit before tax 165 (1 922 ) 37 5 416 65 4 769 8 530 Income tax expense — 293 — (726 ) (2 ) (2 404 ) — (2 839 ) Profit 165 (1 629 ) 37 4 690 63 2 365 — 5 691 Income from subsidiaries 4 203 1 887 — 98 849 3 172 (10 209 ) — Profit from continuing operations 4 368 259 37 4 788 912 5 537 (10 209 ) 5 691 Profit from discontinued operations — — — — — — — — Profit of the year 4 368 259 37 4 788 912 5 537 (10 209 ) 5 691 Profit from continuing operations attributable to: Equity holders of AB InBev 4 368 259 37 4 787 912 4 215 (10 209 ) 4 368 Non-controlling interest — — — — — 1 323 — 1 323 Profit of the year attributable to: Equity holders of AB InBev 4 368 259 37 4 787 912 4 215 (10 209 ) 4 368 Non-controlling interest — — — — — 1 323 — 1 323 For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 540 — — 14 015 — 44 235 (2 346 ) 56 444 Cost of sales (338 ) — — (5 838 ) — (17 556 ) 2 346 (21 386 ) Gross profit 202 — — 8 177 — 26 679 35 058 Distribution expenses (23 ) — — (996 ) — (4 857 ) — (5 876 ) Sales and marketing expenses (181 ) — — (2 208 ) — (5 993 ) — (8 382 ) Administrative expenses (255 ) — — (338 ) (66 ) (3 182 ) — (3 841 ) Other operating income/(expenses) 793 1 066 — (1 845 ) 8 170 — 192 Profit from operations 536 1 066 — 2 790 (58 ) 12 817 — 17 152 Net finance cost (819 ) (3 064 ) 26 3 218 942 (6 810 ) — (6 507 ) Share of result of associates 2 428 — 430 Profit before tax (283 ) (1 998 ) 26 6 110 884 6 435 — 11 076 Income tax expense (16 ) 614 (17 ) 1 506 (177 ) (3 830 ) — (1 920 ) Profit (299 ) (1 384 ) 9 7 516 708 2 605 — 9 155 Income from subsidiaries 8 295 3 721 126 4 041 6 204 (22 387 ) Profit from continuing operations 7 996 2 337 9 7 641 4 749 8 809 (22 387 ) 9 155 Profit from discontinued operations — — — — — 28 — 28 Profit of the year 7 996 2 337 9 7 641 4 749 8 837 (22 387 ) 9 183 Profit from continuing operations attributable to: Equity holders of AB InBev 7 996 2 337 9 7 641 4 749 7 623 (22 387 ) 7 968 Non-controlling interest — — — — — 1 187 — 1 187 Profit of the year attributable to: Equity holders of AB InBev 7 996 2 337 9 7 641 4 749 7 651 (22 387 ) 7 996 Non-controlling interest — — — — — 1 187 — 1 187 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total Revenue 506 — — 14 135 — 32 884 (2 008 ) 45 517 Cost of sales (300 ) — — (5 923 ) — (13 587 ) 2 008 (17 803 ) Gross profit 206 — — 8 212 — 19 297 — 27 715 Distribution expenses (27 ) — — (967 ) — (3 549 ) — (4 543 ) Sales and marketing expenses (204 ) — — (2 372 ) — (5 169 ) — (7 745 ) Administrative expenses (198 ) (4 ) — (344 ) (40 ) (2 297 ) — (2 883 ) Other operating income/(expenses) 464 559 — (1 286 ) 3 598 — 338 Profit from operations 241 555 — 3 244 (38 ) 8 880 — 12 882 Net finance cost (1 599 ) (1 283 ) 36 (83 ) (3 722 ) (1 913 ) — (8 564 ) Share of result of associates 2 14 16 Profit before tax (1 358 ) (728 ) 36 3 163 (3 760 ) 6 981 — 4 334 Income tax expense 280 2 (1 386 ) 28 (537 ) — (1 613 ) Profit (1 358 ) (448 ) 38 1 776 (3 731 ) 6 444 — 2 721 Income from subsidiaries 2 599 1 958 — 1 030 292 1 469 (7 348 ) — Profit from continuing operations 1 241 1 510 38 2 806 (3 439 ) 7 913 (7 2 721 Profit from discontinued operations — — — — — 48 — 48 Profit of the year 1 241 1 510 38 2 806 (3 439 ) 7 961 (7 348 ) 2 769 Profit from continuing operations attributable to: Equity holders of AB InBev 1 241 1 510 38 2 806 (3 439 ) 6 385 (7 348 ) 1 193 Non-controlling interest — — — — — 1 528 — 1 528 Profit of the year attributable to: Equity holders of AB InBev 1 241 1 510 38 2 806 (3 439 ) 6 433 (7 348 ) 1 241 Non-controlling interest — — — — — 1 528 — 1 528 |
Schedule of Condensed Consolidated Statement of Financial Position | CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As at 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total ASSETS Non-current assets Property, plant and equipment 45 — — 5 009 — 20 856 — 25 910 Goodwill — — — 33 226 — 100 085 — 133 311 Intangible assets 580 — — 22 227 98 21 926 — 44 831 Investments in subsidiaries 123 120 86 240 — 30 594 24 623 170 569 (435 146 ) — Investments in associates and joint ventures — — — — — 6 136 — 6 136 Deferred tax assets — 130 — — — 1 465 (138 ) 1 457 Derivatives — — — — 302 10 (21 ) 291 Other non-current assets 22 196 13 850 24 037 26 158 8 701 36 766 (129 823 ) 1 886 145 941 100 220 24 037 117 213 33 724 357 813 (565 128 ) 213 822 Current assets Investment securities — — — — — 87 — 87 Inventories — — — 819 — 3 415 — 4 234 Derivatives — — — 25 5 399 464 (5 872 ) 16 Trade and other receivables 3 079 3 471 1 176 6 678 1 619 10 415 (20 063 ) 6 375 Cash and cash equivalents 1 3 28 581 6 094 8 481 (8 114 ) 7 074 Assets classified as held for sale — — — — — 39 — 39 Other current assets — 500 3 — 455 (501 ) 456 3 080 3 974 1 207 8 103 13 112 23 356 (34 550 ) 18 281 Total assets 149 021 104 194 25 244 125 316 46 836 381 169 (599 678 ) 232 103 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 64 486 55 403 597 74 635 29 258 275 253 (435 146 ) 64 486 Minority interest — — — — — 7 418 — 7 418 64 486 55 403 597 74 635 29 258 282 671 (435 146 ) 71 904 Non-current liabilities Interest-bearing loans and borrowings 72 756 46 552 24 042 33 147 3 314 55 391 (129 618 ) 105 584 Employee benefits 5 — — 1 048 — 1 628 — 2 681 Deferred tax liabilities — — 8 6 692 — 6 601 (137 ) 13 165 Derivatives — — — — 788 — (21 ) 766 Other non-current liabilities 81 — — 150 — 3 312 — 3 544 72 842 46 552 24 050 41 037 4 102 66 932 (129 776 ) 125 740 Current liabilities Interest-bearing loans and borrowings 4 535 1 679 253 5 783 5 234 4 483 (17 752 ) 4 216 Income tax payable — — — 474 3 1 243 (500 ) 1 220 Derivatives 482 — — 131 5 563 5 272 (5 872 ) 5 574 Trade and other payables 1 228 562 342 3 211 65 19 674 (2 515 ) 22 568 Liabilities associated with assets held for sale — — — — — — — — Other current liabilities 5 450 — — 42 2 612 893 (8 118 ) 881 11 695 2 241 595 9 642 13 477 31 565 (34 756 ) 34 459 Total equity and liabilities 149 021 104 194 25 244 125 316 46 836 381 169 (599 678 ) 232 103 As at 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total ASSETS Non-current assets Property, plant and equipment 44 — — 4 589 — 22 551 — 27 184 Goodwill — — — 33 089 188 107 663 — 140 940 Intangible assets 584 — — 21 947 158 23 185 — 45 874 Investments in subsidiaries 121 847 77 388 — 42 660 40 708 99 398 (382 000 ) — Investments in associates and joint ventures — — — 28 — 5 253 — 5 263 Deferred tax assets — — — — — 1 216 — 1 216 Derivatives — — — 3 13 9 — 25 Other non-current assets 53 565 10 290 55 432 18 115 7 178 67 709 (210 623 ) 1 664 176 040 87 678 55 432 120 430 48 246 326 966 (592 623 ) 222 166 Current assets Investment securities 1 301 — — — — 3 — 1 304 Inventories 21 — — 626 — 3 472 — 4 119 Derivatives — — — 122 198 138 — 458 Trade and other receivables 16 585 1 514 1 947 3 265 21 972 19 942 (58 660 ) 6 566 Cash and cash equivalents 43 242 8 1 872 4 110 9 768 (5 571 ) 10 472 Assets classified as held for sale — — — — — 133 — 133 Other current assets — — — — — 908 — 908 17 950 1 756 1 955 5 884 26 281 34 364 (64 231 ) 23 960 Total assets 193 990 89 434 57 387 126 315 74 526 361 330 (656 854 ) 246 126 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of AB InBev 72 585 38 307 586 89 304 42 352 211 452 (382 000 ) 72 585 Minority interest — — — — — 7 635 — 7 635 72 585 38 307 586 89 304 42 352 219 087 (382 000 ) 80 220 Non-current liabilities Interest-bearing loans and borrowings 102 398 49 230 55 464 24 874 4 131 83 459 (210 607 ) 108 949 Employee benefits 5 — — 1 240 — 1 748 — 2 993 Deferred tax liabilities — (337 ) 9 6 528 — 6 907 — 13 107 Derivatives — — — 1 919 17 — 937 Other non-current liabilities 131 — — 1 012 11 2 573 (18 ) 3 709 102 534 48 893 55 473 33 654 5 062 94 704 (210 625 ) 129 695 Current liabilities Interest-bearing loans and borrowings 16 718 2 363 479 387 18 949 20 531 (51 994 ) 7 433 Income tax payable — (665 ) 3 726 8 1 486 — 1 558 Derivatives — — — 31 1 329 97 — 1 457 Trade and other payables 2 033 535 848 2 207 3 274 22 530 (6 665 ) 24 762 Liabilities associated with assets held for sale — — — — — — — — Other current liabilities 121 — — 5 3 553 2 894 (5 571 ) 1 002 18 872 2 233 1 330 3 356 27 113 47 538 (64 230 ) 36 211 Total equity and liabilities 193 990 89 434 57 387 126 315 74 526 361 330 (656 854 ) 246 126 |
Schedule of Condensed Consolidated Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 31 December 2018 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non-Guarantors Eliminations Total OPERATING ACTIVITIES Profit of the period 4 368 350 37 6 297 911 5 643 (11 915 ) 5 691 Depreciation, amortization and impairment 147 — — 802 — 3 311 — 4 260 Net finance cost 209 3 047 (37 ) (2 443 ) (113 ) 8 066 — 8 729 Income tax expense — (293 ) — 718 2 2 412 — 2 839 Investment income (4 203 ) (1 980 ) — (1 502 ) (849 ) (3 382 ) 11 916 — Other items 158 — — 3 — (118 ) (1 ) 42 Cash flow from operating activities before changes in working capital and use of provisions 679 1 124 — 3 875 (49 ) 15 932 — 21 561 Working capital and provisions 182 360 — (403 ) (15 ) (196 ) 96 24 Cash generated from operations 861 1 484 — 3 472 (64 ) 15 736 96 21 585 Interest paid, net (137 ) (2 718 ) 73 4 008 (190 ) (5 025 ) (28 ) (4 017 ) Dividends received — — — — — 39 102 141 Income tax paid — — (8 ) (616 ) (7 ) (2 416 ) — (3 047 ) CASH FLOW FROM OPERATING ACTIVITIES 724 (1 234 ) 65 6 864 (261 ) 8 334 170 14 663 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 47 — 390 — 437 Sale of subsidiaries, net of cash disposed of 127 — — — — 128 — 257 Proceeds from SAB transaction-related divestitures — — — — — (330 ) — (330 ) Taxes on SAB transaction-related divestitures — — — — — (100 ) — (100 ) Acquisition of other subsidiaries, net of cash acquired (27 ) — — — — (85 ) — (112 ) Acquisition of property, plant and equipment and of intangible assets (194 ) — — (857 ) — (4 035 ) — (5 086 ) Net of tax proceeds from the sale of assets held for sale — — — — — — — — Net proceeds from sale/(acquisition) of investment in short-term debt securities 1 300 — — — — (4 ) — 1 296 Net proceeds from sale/(acquisition) of other assets — — — 13 — (185 ) — (172 ) Net repayments/(payments) of loans granted 29 335 4 599 31 459 (19 3 051 93 436 (142 (156 ) CASH FLOW FROM INVESTING ACTIVITIES 30 541 4 599 31 459 (20 451 ) 3 051 89 217 (142 382 ) (3 965 ) FINANCING ACTIVITIES Intra-group capital reimbursements — — — — — — — — Purchase of non-controlling interest — — — — — (923 ) — (923 ) Proceeds from borrowings 6 337 9 762 9 755 23 483 157 (31 555 ) (157 ) 17 782 Payments on borrowings (36 673 ) (13 367 ) (41 259 ) (11 169 ) — (62 273 ) 142 253 (22 489 ) Cash net finance (cost)/income other than interests 263 — — 5 10 (953 ) 121 (554 ) Dividends paid (6 541 ) — — — — (1 218 ) (2 ) (7 761 ) CASH FLOW FROM FINANCING ACTIVITIES (36 614 ) (3 605 ) (31 504 ) 12 319 166 (96 923 ) 142 215 (13 945 ) Net increase/(decrease) in cash and cash equivalents (5 349 ) (240 ) 20 (1 268 ) 2 956 629 3 (3 247 ) Cash and cash equivalents less bank overdrafts at beginning of year (74 ) 242 9 1 929 530 7 720 — 10 356 Effect of exchange rate fluctuations (23 ) — — (80 ) (5 ) (40 ) (3 ) (148 ) Cash and cash equivalents less bank overdrafts at end of year (5 446 ) 2 29 581 3 481 8 309 — 6 960 For the year ended 31 December 2017 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit of the period 7 996 2 338 8 7 741 4 749 8 837 (22 387 ) 9 183 Depreciation, amortization and impairment 128 — — 849 (78 ) 3 377 — 4 276 Net finance cost 819 3 064 (26 ) (3 218 ) (942 ) 6 810 — 6 507 Income tax expense 16 (614 ) 17 (1 506 ) 177 3 830 — 1 920 Investment income (8 296 ) (3 721 ) — (126 ) (4 041 ) (6 203 ) 22 387 — Other items 126 — — (9 ) 2 (338 ) — (219 ) Cash flow from operating activities before changes in working capital and use of provisions 789 1 067 (1 ) 3 633 (135 ) 16 313 — 21 667 Working capital and provisions (283 ) 869 (4 ) (1 319 ) 109 72 159 (397 ) Cash generated from operations 506 1 936 (5 ) 2 313 (25 ) 16 385 159 21 270 Interest paid, net (860 ) (3 156 ) 79 106 245 (6 120 ) 5 865 (3 841 ) Dividends received 2 — — 76 2 139 (77 ) 142 Income tax paid (16 ) — (16 ) 289 (4 ) (2 394 ) — (2 141 ) CASH FLOW FROM OPERATING ACTIVITIES (368 ) (1 220 ) 58 2 785 217 8 010 5 947 15 430 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 20 (2 ) 599 — 617 Sale of subsidiaries, net of cash disposed of — — — 42 — — — 42 Proceeds from SAB transaction-related divestitures — — — — — 11 697 — 11 697 Taxes on SAB transaction-related divestitures — — — (3 449 ) — — — (3 449 ) Acquisition of other subsidiaries, net of cash acquired — — — (419 ) 113 (292 ) — (598 ) Acquisition of property, plant and equipment and of intangible assets (126 ) — — (625 ) 91 (4 081 ) — (4 741 ) Net of tax proceeds from the sale of assets held for sale — — — — — 16 — 16 Net proceeds from sale/(acquisition) of investment in short-term debt securities 4 177 — — — — 160 — 4 337 Net proceeds from sale/(acquisition) of other assets 535 — — 4 (73 ) (746 ) — (280 ) Net repayments/(payments) of loans granted (7 949 ) 4 996 332 378 4 229 43 229 (45 002 ) 213 CASH FLOW FROM INVESTING ACTIVITIES (3 363 ) 4 996 332 (4 049 ) 4 357 50 582 (45 002 ) 7 854 FINANCING ACTIVITIES Intra-group capital reimbursements 18 594 — — 28 (21 180 ) 2 558 — — Purchase of non-controlling interest — — — — — (206 ) — (206 ) Proceeds from borrowings 24 604 2 262 1 470 8 152 8 045 (219 ) (30 962 ) 13 352 Payments on borrowings (20 574 ) (5 876 ) (1 306 ) (6 541 ) (12 813 ) (46 006 ) 69 783 (23 333 ) Cash net finance (cost)/income other than interests (463 ) — — (34 ) 2 011 (3 055 ) — (1 541 ) Dividends paid (7 992 ) (75 ) — — — (1 285 ) 77 (9 275 ) CASH FLOW FROM FINANCING ACTIVITIES 14 169 (3 689 ) 164 1 604 (23 936 ) (48 213 ) 38 898 (21 004 ) Net increase/(decrease) in cash and cash equivalents 10 438 87 554 340 (19 361 ) 10 379 (157 ) 2 280 Cash and cash equivalents less bank overdrafts at beginning of year (10 155 (617 ) 1 464 18 376 (739 ) — 8 395 Effect of exchange rate fluctuations (268 ) — 72 28 1 583 (1 891 ) 157 (319 ) Cash and cash equivalents less bank overdrafts at end of year (74 ) 242 9 1 832 598 7 749 10 356 For the year ended 31 December 2016 Million US dollar Anheuser- Anheuser- Anheuser- Anheuser- Subsidiary Non- Eliminations Total OPERATING ACTIVITIES Profit of the period 1 241 1 510 38 2 947 (3 580 ) 7 961 (7 348 ) 2 769 Depreciation, amortization and impairment 96 — — 811 (63 ) 2 633 — 3 477 Net finance cost 1 599 1 284 (36 ) 83 3 722 1 912 — 8 564 Income tax expense — (280 ) (2 ) 1 386 (28 ) 537 — 1 613 Investment income (2 599 ) (1 958 ) — (1 030 ) (292 ) (1 469 ) 7 348 — Other items 56 (1 ) — 231 — (368 ) — (82 ) Cash flow from operating activities before changes in working capital and use of provisions 393 555 — 4 428 (241 ) 11 206 — 16 341 Working capital and provisions (121 ) 541 4 (626 ) (24 ) (80 ) 9 (297 ) Cash generated from operations 272 1 096 4 3 802 (265 ) 11 126 9 16 044 Interest paid, net (1 543 ) (1 153 ) 59 (110 ) 1 109 (1 108 ) 25 (2 721 ) Dividends received 9 256 — — 3 1 40 (9 257 ) 43 Income tax paid — — — (494 ) (17 ) (2 745 ) — (3 256 ) CASH FLOW FROM OPERATING ACTIVITIES 7 985 (57 ) 63 3 201 828 7 313 (9 223 ) 10 110 INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment and of intangible assets — — — 24 1 186 — 211 Sale of subsidiaries, net of cash disposed of — — — 14 (1 ) 640 — 653 Proceeds from SAB transaction-related divestitures (57 712 ) — — — (8 652 ) 1 198 — (65 166 ) Taxes on SAB transaction-related divestitures — — — — — 16 342 — 16 342 Acquisition of other subsidiaries, net of cash acquired — — — (296 ) 296 (1 445 ) — (1 445 ) Acquisition of property, plant and equipment and of intangible assets (369 ) — — (857 ) 207 (3 960 ) — (4 979 ) Net of tax proceeds from the sale of assets held for sale — — — — — 146 — 146 Net proceeds from sale/(acquisition) of investment in short-term debt securities (5 500 ) — — — — (83 ) — (5 583 ) Net proceeds from sale/(acquisition) of other assets — — — (10 ) (21 ) 4 — (27 ) Net repayments/(payments) of loans granted (11 753 ) (900 ) (46 052 ) (11 425 ) 11 196 (32 475 ) 91 180 (229 ) CASH FLOW FROM INVESTING ACTIVITIES (75 334 ) (900 ) (46 052 ) (12 550 ) 3 026 (19 447 ) 91 180 (60 077 ) FINANCING ACTIVITIES Intra-group capital reimbursements (79 ) — — 85 (2 200 ) 2 194 — — Purchase of non-controlling interest — — — — — (10 ) — (10 ) Proceeds from borrowings 81 137 4 486 47 051 11 088 21 799 14 895 (94 164 ) 86 292 Payments on borrowings (13 370 ) (4 049 ) (2 200 ) (410 ) (962 ) (5 600 ) 2 974 (23 617 ) Cash net finance (cost)/income other than interests (628 ) (64 ) (5 ) (31 ) (3 126 ) 370 — (3 484 ) Dividends paid (7 134 ) — — — — (10 573 ) 9 257 (8 450 ) CASH FLOW FROM FINANCING ACTIVITIES 59 926 373 44 847 10 732 15 511 1 276 (81 933 ) 50 731 Net increase/(decrease) in cash and cash equivalents (7 423 ) (584 ) (1 142 ) 1 383 19 365 (10 858 ) 24 764 Cash and cash equivalents less bank overdrafts at beginning of year (1 832 ) 739 525 122 (1 8 578 — 6 910 Effect of exchange rate fluctuations (989 ) — — — 194 1 540 (24 ) 721 Cash and cash equivalents less bank overdrafts at end of year (10 245 ) 154 (618 ) 1 505 18 377 (740 ) — 8 395 |
AB InBev companies (Tables)
AB InBev companies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Schedule of Name and Registered Office of Fully Consolidated Companies | LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 ARGENTINA CERVECERIA Y MALTERIA QUILMES SAICA y G - Charcas 5160 - C1425BOF - Buenos Aires 61.88 AUSTRALIA FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 CUB PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 FBG FINANCE PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 FBG TREASURY (AUST) PTY LTD - Southbank Boulevard 77 - 3006 Southbank – Victoria 100.00 BELGIUM AB INBEV N.V. – Grand Place 1 - 1000 – Brussel Consolidating Company BRASSERIE DE L’ABBAYE DE LEFFE S.A. - Place de l’Abbaye 1 - 5500 – Dinant 98.54 BROUWERIJ VAN HOEGAARDEN N.V. - Stoopkensstraat 46 - 3320 – Hoegaarden 100.00 COBREW N.V. - Brouwerijplein 1 - 3000 – Leuven 100.00 INBEV BELGIUM S.P.R.L. - Industrielaan 21 - 1070 – Brussel 100.00 BOTSWANA Kgalagadi Breweries (Pty) Ltd - Plot 20768, Broadhurst industrial estate - Gaborone 1 31.00 BOLIVIA CERVECERIA BOLIVIANA NACIONAL S.A. - Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa - La Paz 61.88 BRAZIL AMBEV S.A. - Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi - CEP 04530-001 - São Paulo 61.88 CANADA LABATT BREWING COMPANY LIMITED - 207 Queen’s Quay West, Suite 299 - M5J 1A7 – Toronto 61.88 CHILE CERVECERIA CHILE S.A. - Av. Presidente Eduardo Frei Montalva 9600 - 8700000 – Quilicura 61.88 CHINA ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 100.00 ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan City, Hubei Province 97.06 ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. - 1 Budweiser Avenue, Southwest St., Sanshui District - 528132 - Foshan City, Guangdong 100.00 ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. - 9 HaPi Road Pingfang District - 150066 - Harbin City, Heilongijang Province 100.00 ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. - 18, Yingbin Road - 063300 - Tangshan City, Hebei Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. - 660 Gong Ye Road, Hanjiang District - 351111 - Putian City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. - Lantian Economic District - 363005 - Zhangzhou City, Fujian Province 100.00 ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. - 159 Qi Xia East Road, Chengguan Town, Tiantai County - 317200 - Taizhou Cithy, Zhejiang Province 100.00 NANCHANG ASIA BREWERY CO. LTD. - 1188 Jinsha Avenue, Economic District - Nanchang City, Jiangxi Province 100.00 SIPING GINSBER DRAFT BEER CO. LTD. - Xianmaquan, Tiedong Area - Siping City, Jilin Province 100.00 ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. - 666 Zhaoxia Road - Nantong City, Jiangsu Province 100.00 ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. - No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area - 641300 - Ziyang City, Sichuan Province 100.00 ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. - No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town - 453100 - Weihui City, Henan Province 100.00 INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. - 89 Jin Long Quan Avenue - Jingmen City, Hubei Province 60.00 ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. - No 1 Qujiang Road, Suyu Industry Park - Suqian City, Jiangsu Province 100.00 COLOMBIA BOGOTA BEER COMPANY BBC S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 97.22 BAVARIA S.A. S.A. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 99.00 AMBEV COLOMBIA S.A.S. - Carrera 53 A, No 127 - 35 - 110221 – Bogota 97.22 1 The group’s shares entitle the holder to twice the voting rights NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 CZECH REPUBLIC PIVOVAR SAMSON A.S. - V parku 2326/18, Chodov, 148 00 100.00 DOMINICAN REPUBLIC CERVECERIA NACIONAL DOMINICANA S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 1086 - Santo Domingo 1 52.42 ECUADOR COMPAÑIA CERVECERA AMBEV ECUADOR S.A. - Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil 97.22 CERVECERÍA NACIONAL (CN) SA - Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas 95.58 EL SALVADOR INDUSTRIAS LA CONSTANCIA, SA DE CV - 526 Av. Independencia, San Salvador 100.00 FRANCE AB INBEV FRANCE S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine 100.00 GERMANY BRAUEREI BECK GmbH & CO. KG - Am Deich 18/19 - 28199 – Bremen 100.00 BRAUEREI DIEBELS GmbH & CO.KG - Brauerei-Diebels-Strasse 1 - 47661 – Issum 100.00 HAAKE-BECK AG - Am Deich 18/19 - 28199 – Bremen 99.96 HASSERÖDER BRAUEREI GmbH - Auerhahnring 1 - 38855 – Wernigerode 100.00 ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH - Am Deich 18/19 - 28199 – Bremen 100.00 SPATEN - FRANZISKANER - BRÄU GmbH - Marsstrasse 46 + 48 - 80335 – München 100.00 ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG - Am Deich 18/19 - 28199 – Bremen 100.00 LOEWENBRAEU AG - Nymphenburger Str. 7 - 80335 – München 100.00 GHANA ACCRA BREWERY LTD - Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra 60.00 GRAND DUCHY OF LUXEMBoURG BRASSERIE DE LUXEMBOURG MOUSEL - DIEKIRCH - 1, Rue de la Brasserie - L-9214 – Diekirch 95.82 HONDURAS CERVECERÍA HONDUREÑA, SA DE CV - Blvd. Del Norte, Carretera Salida a Puerto Cortes - San Pedro Sula, Cortes 99.00 INDIA CROWN BEERS INDIA LIMITED - #8-2-684/A, Road No. 12 - Banjara Hills, Hyderabad 500034 - Andhra Pradesh 100.00 SABMILLER INDIA LIMITED LTD. - Unit No.301-302, Dynasty Business Park, 3rd Floor - Andheri - Kurla Road, Andheri (East) - 400059 - Mumbai, Maharashtra 99.60 ITALY Anheuser-Busch Inbev Italia SpA - Piazza Buffoni 3, 21013 Gallarate 100.00 MEXICO CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V - Javier Barros Sierra 555 Piso 3 - Zedec Ed Plaza Santa Fe - 01210 Mexico City 100.00 MOZAMBIQUE CERVEJAS DE MOÇAMBIQUE SA - Rua do Jardim 1329 - Maputo 2 49.00 THE NETHERLANDS INBEV NEDERLAND N.V. - Ceresstraat 1 - 4811 CA – Breda 100.00 INTERBREW INTERNATIONAL B.V. - Ceresstraat 1 - 4811 CA – Breda 100.00 AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda 62.00 NIGERIA BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. - 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos 50.00 INTERNATIONAL BREWERIES PLC - Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State 1 37.50 PANAMA CERVECERÍA NACIONAL HOLDING SA - Costa del Este Business Park, torre Oeste Piso 2 - Ciudad de Panama 60.00 PARAGUAY CERVECERIA PARAGUAYA S.A. - Ruta Villeta km 30 N 3045 - 2660 – Ypané 61.88 PERU COMPANIA CERVECERA AMBEV PERU S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa - Lurigancho (Chosica) - Lima 15 97.22 UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA - 3986 Av. Nicolas Ayllon, Ate, Lima 3 93.65 1 85% owned by Ambev S.A 2 The company is consolidated due to the group’s majority shareholdings and ability to control the operations. NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 SOUTH AFRICA SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY - 65 Park Lane, Sandown - 2001 – Johannesburg 100.00 THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES - 65 Park Lane, Sandown - 2146 – Johannesburg 91.55 SOUTH KOREA ORIENTAL BREWERY CO., LTD - 8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, Seoul, 06164, S. Korea 100.00 SWITZERLAND ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) - Suurstoffi 22 – 6343 - Rotkreuz 100.00 TANZANIA KIBO BREWERIES LTD PRIVATE COMPANY - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District - - Dar es Salaam 1 36.00 UGANDA NILE BREWERIES LTD - Plot M90 Yusuf Lule Roa, Njeru, Jinja - Eastern Uganda 61.76 UNITED KINGDOM ABI SAB GROUP HOLDING LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 ABI UK HOLDINGS 1 LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV UK LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 AB INBEV HOLDINGS LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 AB INBEV INTERNATIONAL BRANDS LIMITED - AB InBev House, Church Street West - GU21 6HT - Woking 100.00 ZX VENTURES LIMITED - Porter Tun House, 500 Capability Green - LU1 3LS – Luton 100.00 UNITED STATES ANHEUSER-BUSCH COMPANIES, LLC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH INTERNATIONAL, INC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH PACKAGING GROUP, INC. - One Busch Place - St. Louis, MO 63118 100.00 ANHEUSER-BUSCH, LLC –One Busch Place, St. Louis, MO. 63118 100.00 Metal Container Corporation, Inc. – One Busch Place, St. Louis, Mo. 63118 100.00 ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION - C/O THE CORPORATION TRUST COMPANY INC. - 1209 Orange Street - DE 19801 – Wilmington 100.00 URUGUAY CERVECERIA Y MALTERIA PAYSANDU S.A. - Cesar Cortinas, 2037 - C.P. 11500 – Montevideo 61.88 VIETNAM ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam - Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province 100.00 ZAMBIA ZAMBIAN BREWERIES PLC - Mungwi Road, Plot Number 6438, Lusaka 54.00 LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES % OF ECONOMIC INTEREST AS AT 31 DECEMBER 2018 FRANCE SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA - 30 AV George V, 75008, Paris 20.00 GIBRALTAR BIH BRASSERIES INTERNATIONALES HOLDING LTD - CC Building, 10th Floor, Main Street 20.00 BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD - Suite 10/3, International Commercial Centre, 2A Main Street 27.00 TURKEY ANADOLU EFES BIRACILIK VE MALT SANAYII AS - Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul 24.00 ZIMBABWE DELTA CORPORATION LTD - Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare 25.00 RUSSIA AB InBev Efes - 28 Moscovskaya Street, Moscow region - 141607 – Klin 50.00 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)EmployeesCountryBrand | Dec. 31, 2017USD ($)Employees | Dec. 31, 2016USD ($)Employees | |
Disclosure Of Corporate Information [line items] | |||
Number of employees | 172,603 | 182,915 | 206,633 |
Revenue | $ | $ 54,619 | $ 56,444 | $ 45,517 |
Anheuser-Busch in Bev SA/NV [member] | |||
Disclosure Of Corporate Information [line items] | |||
Number of employees | 175,000 | ||
Number of countries where the entity operates | Country | 50 | ||
Anheuser-Busch in Bev SA/NV [member] | Bottom of range [member] | |||
Disclosure Of Corporate Information [line items] | |||
Number of beer brand | Brand | 500 | ||
Brewing heritage periods | 600 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2018 | Dec. 31, 2018USD ($)SegmentsRegion | Jan. 01, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure Of Exchange Rates [line items] | |||||
Decrease in retained earnings | $ 26,074 | $ 28,394 | |||
Trade receivable settlement period | 30 days | ||||
Number of operating segments | Segments | 9 | ||||
Number of reportable segments | Segments | 7 | ||||
Number of geographical regions | Region | 6 | ||||
Bottom of range [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Voting rights in associate | 20.00% | ||||
Bottom of range [member] | Argentina [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Cumulative inflation rate | 100.00% | ||||
Top of range [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Voting rights in associate | 50.00% | ||||
Software and capitalized development cost [member] | Bottom of range [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Amortisation period | 3 years | ||||
Software and capitalized development cost [member] | Top of range [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Amortisation period | 5 years | ||||
Increase (decrease) due to application of IFRS 15 [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Decrease in retained earnings | $ (123) | ||||
IFRS 16 [member] | Announcing or commencing implementation of major restructuring [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Right of use assets | $ 1,692 | ||||
Lease liabilities | $ 1,782 | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 6.00% | ||||
Increase (decrease) due to application of IFRS 9 [member] | |||||
Disclosure Of Exchange Rates [line items] | |||||
Decrease in carrying amount of debt | $ (77) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Argentinean Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 37.807879 | 18.774210 | 15.850116 |
Average rate | 16.580667 | 14.7625910 | |
Australian Dollar [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1.416593 | 1.279580 | 1.384689 |
Average rate | 1.334300 | 1.308997 | 1.3440978 |
Brazilian Real [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3.874806 | 3.308005 | 3.259106 |
Average rate | 3.634827 | 3.201667 | 3.4749280 |
Canadian Dollar [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1.362882 | 1.253982 | 1.345983 |
Average rate | 1.293896 | 1.303248 | 1.3188440 |
Colombian Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3,246.700000 | 2,988.600000 | 3,002.140000 |
Average rate | 2,967.360000 | 2,965.940000 | 2,986.8900000 |
Chinese Yuan [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 6.877787 | 6.507500 | 6.944520 |
Average rate | 6.581607 | 6.785290 | 6.6076350 |
Euro [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.873362 | 0.833819 | 0.948677 |
Average rate | 0.845697 | 0.886817 | 0.9028210 |
Mexican Peso [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 19.682728 | 19.735828 | 20.663842 |
Average rate | 19.195084 | 18.811612 | 18.4641070 |
Pound Sterling [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 0.781249 | 0.739790 | 0.812238 |
Average rate | 0.750773 | 0.773029 | 0.7374000 |
Peruvian Nuevo Sol [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 3.369998 | 3.244558 | 3.352820 |
Average rate | 3.284477 | 3.267432 | 3.3941210 |
South Korea [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 1,115.400000 | 1,067.630000 | 1,203.900000 |
Average rate | 1,095.460000 | 1,134.040000 | 1,154.5000000 |
South African Rand [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 14.374909 | 12.345193 | 13.714953 |
Average rate | 13.105486 | 13.338803 | 14.0166901 |
Turkish Lira [member] | |||
Disclosure Of Exchange Rates [line items] | |||
Closing rate | 5.291532 | 3.790879 | 3.516940 |
Average rate | 4.560685 | 3.615028 | 3.5014800 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Live of Assets Expected Utility (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Point of sale furniture and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Industrial buildings - other real estate properties [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Bottom of range [member] | Production plant and equipment production equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Bottom of range [member] | Production plant and equipment storage, packaging and handling equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Returnable packaging kegs [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Returnable packaging crates [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Returnable packaging bottles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottom of range [member] | Information processing equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Top of range [member] | Industrial buildings - other real estate properties [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Top of range [member] | Production plant and equipment production equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Top of range [member] | Production plant and equipment storage, packaging and handling equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Top of range [member] | Returnable packaging kegs [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Top of range [member] | Returnable packaging crates [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Top of range [member] | Returnable packaging bottles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Top of range [member] | Information processing equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Use of Estimates and Judgments
Use of Estimates and Judgments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2018 | |
Disclosure of changes in accounting estimates [line items] | |||
Percentage of consolidated revenue | 3.60% | ||
Average rate of devaluation results | 37.807879 | 16.580667 | |
Bottom of range [member] | Argentinean Peso [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Cumulative inflation rate | 100.00% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)SegmentsRegion | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of operating segments [line items] | |||
Number of business segment | Segments | 7 | ||
Number of reportable segments | Segments | 7 | ||
Number of geographical regions | Region | 6 | ||
Net revenue | $ 54,619 | $ 56,444 | $ 45,517 |
Non current Assets | 213,822 | 222,166 | |
Belgium [member] | |||
Disclosure of operating segments [line items] | |||
Net revenue | 710 | 704 | 687 |
Non current Assets | 1,746 | 1,658 | 1,440 |
Beer business [member] | |||
Disclosure of operating segments [line items] | |||
Net revenue | 50,134 | 50,301 | 41,421 |
Non-beer business [member] | |||
Disclosure of operating segments [line items] | |||
Net revenue | $ 4,485 | $ 6,143 | $ 4,096 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting (Detail) HLS in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)HLS | Dec. 31, 2017USD ($)HLS | Dec. 31, 2016USD ($)HLS | Dec. 30, 2016USD ($)HLS | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 54,619 | $ 56,444 | $ 45,517 | |
Profit from operations | 17,106 | 17,152 | 12,882 | |
Net finance income/(cost) | (8,729) | (6,507) | (8,564) | |
Share of results of associates and joint ventures | 153 | 430 | 16 | |
Income tax expense | 2,839 | 1,920 | 1,613 | |
Profit from continuing operations | 5,691 | 9,155 | 2,721 | |
Discontinued operations | 28 | 48 | ||
Profit/(loss) | 5,691 | 9,183 | $ 2,769 | |
Segment assets (non-current) | $ 213,822 | $ 222,166 | ||
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 567 | 613 | 500 | |
Revenue | $ 54,619 | $ 56,444 | $ 45,517 | |
Normalized EBITDA | $ 22,080 | $ 22,084 | $ 16,753 | |
Normalized EBITDA margin % | 40.40% | 39.10% | 36.80% | |
Depreciation, amortization and impairment | $ (4,260) | $ (4,270) | $ (3,477) | |
Normalized profit from operations (EBIT) | 17,821 | 17,814 | 13,276 | |
Exceptional items (see Note 8) | (715) | (662) | (394) | |
Profit from operations | 17,106 | 17,152 | 12,882 | |
Net finance income/(cost) | (8,729) | (6,507) | (8,564) | |
Share of results of associates and joint ventures | 153 | 430 | 16 | |
Income tax expense | (2,839) | (1,920) | (1,613) | |
Profit from continuing operations | 5,691 | 9,155 | 2,721 | |
Discontinued operations | 28 | 48 | ||
Profit/(loss) | 5,691 | 9,183 | 2,769 | |
Segment assets (non-current) | 213,861 | 222,166 | 213,569 | |
Gross capex | $ 5,086 | $ 4,479 | $ 4,919 | |
FTE | 172,603 | 182,915 | 206,633 | |
Operating segments [member] | North America [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 111 | 114 | 117 | |
Revenue | $ 15,504 | $ 15,588 | $ 15,698 | |
Normalized EBITDA | $ 6,150 | $ 6,329 | $ 6,250 | |
Normalized EBITDA margin % | 39.70% | 40.60% | 39.80% | |
Depreciation, amortization and impairment | $ (790) | $ (843) | $ (809) | |
Normalized profit from operations (EBIT) | 5,360 | 5,486 | 5,441 | |
Exceptional items (see Note 8) | (10) | 4 | (29) | |
Profit from operations | 5,350 | 5,490 | 5,412 | |
Segment assets (non-current) | 63,180 | 63,045 | 62,467 | |
Gross capex | $ 858 | $ 530 | $ 895 | |
FTE | 19,150 | 19,306 | 19,314 | |
Operating segments [member] | Latin America West [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 115 | 111 | 64 | |
Revenue | $ 9,999 | $ 9,238 | $ 5,188 | |
Normalized EBITDA | $ 5,196 | $ 4,512 | $ 2,376 | |
Normalized EBITDA margin % | 52.00% | 48.80% | 45.80% | |
Depreciation, amortization and impairment | $ (653) | $ (616) | $ (388) | |
Normalized profit from operations (EBIT) | 4,544 | 3,896 | 1,988 | |
Exceptional items (see Note 8) | (125) | (153) | 252 | |
Profit from operations | 4,419 | 3,743 | 2,240 | |
Segment assets (non-current) | 69,100 | 71,219 | 69,472 | |
Gross capex | $ 1,227 | $ 1,079 | $ 710 | |
FTE | 47,042 | 48,892 | 51,418 | |
Operating segments [member] | Latin America North [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 115 | 119 | 118 | |
Revenue | $ 8,990 | $ 9,775 | $ 8,461 | |
Normalized EBITDA | $ 3,926 | $ 4,180 | $ 3,751 | |
Normalized EBITDA margin % | 43.70% | 42.80% | 44.30% | |
Depreciation, amortization and impairment | $ (761) | $ (848) | $ (750) | |
Normalized profit from operations (EBIT) | 3,165 | 3,332 | 3,001 | |
Exceptional items (see Note 8) | 5 | (18) | (20) | |
Profit from operations | 3,170 | 3,314 | 2,981 | |
Segment assets (non-current) | 12,422 | 13,756 | 13,656 | |
Gross capex | $ 636 | $ 580 | $ 709 | |
FTE | 37,387 | 38,651 | 40,416 | |
Operating segments [member] | Latin America South [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 34 | 34 | 32 | |
Revenue | $ 2,863 | $ 3,363 | $ 2,850 | |
Normalized EBITDA | $ 1,381 | $ 1,595 | $ 1,431 | |
Normalized EBITDA margin % | 48.20% | 47.40% | 50.20% | |
Depreciation, amortization and impairment | $ (265) | $ (207) | $ (191) | |
Normalized profit from operations (EBIT) | 1,116 | 1,388 | 1,240 | |
Exceptional items (see Note 8) | (31) | (13) | (12) | |
Profit from operations | 1,085 | 1,375 | 1,228 | |
Segment assets (non-current) | 3,074 | 2,396 | 2,357 | |
Gross capex | $ 279 | $ 323 | $ 389 | |
FTE | 9,214 | 9,603 | 9,571 | |
Operating segments [member] | C- E- Carter [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 87 | 132 | 75 | |
Revenue | $ 8,374 | $ 10,344 | $ 6,010 | |
Normalized EBITDA | $ 3,000 | $ 3,349 | $ 1,774 | |
Normalized EBITDA margin % | 35.80% | 32.40% | 29.60% | |
Depreciation, amortization and impairment | $ (770) | $ (843) | $ (473) | |
Normalized profit from operations (EBIT) | 2,230 | 2,507 | 1,302 | |
Exceptional items (see Note 8) | (370) | (144) | (118) | |
Profit from operations | 1,860 | 2,363 | 1,184 | |
Segment assets (non-current) | 42,063 | 45,920 | 41,749 | |
Gross capex | $ 1,177 | $ 1,086 | $ 1,001 | |
FTE | 23,604 | 26,823 | 43,456 | |
Operating segments [member] | Asia Pacific [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 104 | 102 | 92 | |
Revenue | $ 8,470 | $ 7,804 | $ 6,074 | |
Normalized EBITDA | $ 3,082 | $ 2,695 | $ 1,639 | |
Normalized EBITDA margin % | 36.40% | 34.50% | 27.10% | |
Depreciation, amortization and impairment | $ (752) | $ (660) | $ (658) | |
Normalized profit from operations (EBIT) | 2,330 | 2,035 | 987 | |
Exceptional items (see Note 8) | (65) | (97) | (84) | |
Profit from operations | 2,265 | 1,939 | 903 | |
Segment assets (non-current) | 22,412 | 24,088 | 22,071 | |
Gross capex | $ 687 | $ 635 | $ 837 | |
FTE | 31,523 | 36,386 | 39,213 | |
Operating segments [member] | Global export and holding companies [member] | ||||
Disclosure of operating segments [line items] | ||||
Volume | HLS | 1 | 2 | ||
Revenue | $ 419 | $ 332 | $ 1,237 | |
Normalized EBITDA | (656) | (577) | (474) | |
Depreciation, amortization and impairment | (267) | (253) | (210) | |
Normalized profit from operations (EBIT) | (923) | (830) | (683) | |
Exceptional items (see Note 8) | (119) | (241) | (383) | |
Profit from operations | (1,042) | (1,071) | (1,066) | |
Segment assets (non-current) | 1,609 | 1,741 | 1,797 | |
Gross capex | $ 233 | $ 247 | $ 379 | |
FTE | 4,683 | 3,254 | 3,245 |
Acquisitions and Disposals of_3
Acquisitions and Disposals of Subsidiaries - Summary of Impact of Acquisitions and Disposals on Consolidated Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business combinations [member] | ||
Non-current assets | ||
Property, plant and equipment | $ 2 | $ 169 |
Intangible assets | 24 | 417 |
Deferred tax assets | 23 | |
Trade and other receivables | 1 | |
Current assets | ||
Inventories | 17 | 9 |
Income tax receivables | 0 | 0 |
Trade and other receivables | 2 | 20 |
Cash and cash equivalents | 8 | 5 |
Assets held for sale | 27 | |
Non-current liabilities | ||
Interest-bearing loans and borrowings | (3) | (1) |
Deferred tax liabilities | (74) | |
Current liabilities | ||
Trade and other payables | (19) | (24) |
Net identifiable assets and liabilities | 54 | 549 |
Non-controlling interest | (114) | |
Goodwill on acquisitions and goodwill disposed of | 107 | 398 |
Consideration to be (paid)/received | (112) | (375) |
Net cash paid on prior years acquisitions | 68 | 136 |
Recycling of cumulative translation adjustment in respect of net assets | 0 | 0 |
Contribution in kind | 0 | 0 |
Consideration paid/(received) | 117 | 594 |
Cash (acquired)/ disposed of | (5) | (5) |
Net cash outflow / (inflow) | 112 | 589 |
Disposals [member] | ||
Non-current assets | ||
Property, plant and equipment | (310) | |
Intangible assets | (17) | |
Deferred tax assets | 0 | 0 |
Trade and other receivables | (86) | |
Current assets | ||
Inventories | (84) | |
Income tax receivables | (2) | |
Trade and other receivables | (79) | |
Cash and cash equivalents | (6) | |
Assets held for sale | (27) | |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 0 | 0 |
Deferred tax liabilities | 4 | |
Current liabilities | ||
Trade and other payables | 406 | |
Net identifiable assets and liabilities | (201) | |
Non-controlling interest | 1 | |
Goodwill on acquisitions and goodwill disposed of | (652) | |
Loss/(gain) on disposal | (15) | (42) |
Consideration to be (paid)/received | 47 | |
Net cash paid on prior years acquisitions | 0 | 0 |
Recycling of cumulative translation adjustment in respect of net assets | (584) | |
Contribution in kind | 1,150 | |
Consideration paid/(received) | (254) | (42) |
Cash (acquired)/ disposed of | (3) | |
Net cash outflow / (inflow) | $ (257) | $ (42) |
Acquisitions and Disposals of_4
Acquisitions and Disposals of Subsidiaries - Additional Information (Detail) - AB inBev [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of acquisitions and disposals [line items] | ||
Derecognized net assets | $ 573 | |
OCI reclassified to consolidated income statement | 584 | |
Non-cash loss | $ 7 | |
AB InBev Efes [member] | ||
Disclosure of acquisitions and disposals [line items] | ||
Ownership interest | 50.00% | |
Non-controlling interest | 50.00% | |
Investment hold in non-controlling interest | 50.00% | |
Acquisition and disposal measured at estimated fair value | $ 1,150 | |
Keurig green mountain incorporated [member] | ||
Disclosure of acquisitions and disposals [line items] | ||
Percentage of voting interest held in joint venture | 70.00% | |
Percentage of economic interest held in joint venture | 70.00% |
Other Operating Income_(Expen_3
Other Operating Income/(Expenses) - Summary of Other Operating Income Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other operating income expense [abstract] | |||
Government grants | $ 317 | $ 404 | $ 432 |
License income | 45 | 65 | 65 |
Net (additions to)/reversals of provisions | (11) | (4) | (50) |
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale | 80 | 154 | 37 |
Net rental and other operating income | 249 | 235 | 248 |
Other operating income/(expenses) | $ 680 | $ 854 | $ 732 |
Other Operating Income_(Expen_4
Other Operating Income/(Expenses) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other operating income expense [abstract] | |||
Research and development | $ 285 | $ 276 | $ 244 |
Exceptional items - Summary of
Exceptional items - Summary of Exceptional Items Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Exceptional Items [abstract] | |||
Restructuring | $ (385) | $ (468) | $ (323) |
Acquisition costs business combinations | (74) | (155) | (448) |
Business and asset disposal (including impairment losses) | (26) | (39) | 377 |
Provision for EU investigation | (230) | ||
Impact on profit from operations | $ (715) | $ (662) | $ (394) |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Exceptional Items [line items] | |||
Exceptional restructuring charges | $ (385) | $ (468) | $ (323) |
Acquisition costs business combinations | (74) | (155) | (448) |
Business and asset disposal | (26) | (39) | 377 |
Provision for EU investigation | 230 | ||
Exceptional net finance cost | (1,982) | (693) | (3,522) |
Decrease of income taxes | 240 | 830 | 77 |
Adjustments related to tax reform | 1,800 | ||
Non-controlling interest on the exceptional items | 32 | $ 526 | $ 13 |
AB inBev [member] | Belgium [member] | |||
Disclosure of Exceptional Items [line items] | |||
Provision for EU investigation | $ 230 |
Payroll and Related Benefits -
Payroll and Related Benefits - Summary of Payroll and Related Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Share Of Equity Investment [line items] | |||
Share-based payment expense | $ (353) | $ (359) | $ (228) |
Payroll and related benefits | (193) | (196) | (194) |
Payroll and related benefits [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Wages and salaries | (4,726) | (4,884) | (4,404) |
Social security contributions | (698) | (699) | (647) |
Other personnel cost | (708) | (762) | (580) |
Pension expense for defined benefit plans | (193) | (196) | (194) |
Share-based payment expense | (353) | (359) | (228) |
Contributions to defined contribution plans | (116) | (118) | (77) |
Payroll and related benefits | $ (6,794) | $ (7,018) | $ (6,130) |
Payroll and Related Benefits _2
Payroll and Related Benefits - Summary of Number of Full Time Equivalents (Detail) - Employees | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 172,603 | 182,915 | 206,633 |
Parent [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 180 | 215 | 225 |
Other subsidiaries [member] | |||
Disclosure Of Share Of Equity Investment [line items] | |||
Total number of full time equivalents | 172,423 | 182,700 | 206,408 |
Additional Information on Ope_3
Additional Information on Operating Expenses By Nature - Summary of Depreciation, Amortization and Impairment Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | $ 3,764 | $ 3,782 | $ 3,025 |
Amortization and impairment of intangible assets | 496 | 488 | 452 |
Impairment of goodwill | 6 | ||
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 2,841 | 2,817 | 2,292 |
Amortization and impairment of intangible assets | 67 | 40 | 21 |
Distribution expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 186 | 199 | 143 |
Amortization and impairment of intangible assets | 3 | 4 | 1 |
Sales and marketing expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 420 | 425 | 363 |
Amortization and impairment of intangible assets | 165 | 196 | 208 |
Administrative expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | 309 | 337 | 222 |
Amortization and impairment of intangible assets | 260 | 248 | 218 |
Other operating expenses [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Depreciation and impairment of property, plant and equipment | $ 8 | 4 | 2 |
Amortization and impairment of intangible assets | $ 1 | ||
Impairment of goodwill | $ 6 |
Additional Information on Ope_4
Additional Information on Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of sales [member] | |||
Disclosure Of Depreciation Amortization And Impairment [line items] | |||
Full cost reallocation from the aggregate depreciation, amortization and impairment expense | $ 2 | $ 1 | $ 9 |
Finance Cost and Income - Summa
Finance Cost and Income - Summary of Finance Costs Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance income expense [abstract] | |||
Interest expense | $ (4,141) | $ (4,314) | $ (4,092) |
Capitalization of borrowing costs | 23 | 22 | 12 |
Net interest on net defined benefit liabilities | (94) | (101) | (113) |
Accretion expense | (400) | (614) | (648) |
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments) | (304) | (21) | |
Net losses on hedging instruments that are not part of a hedge accounting relationship | (2,222) | (674) | (797) |
Tax on financial transactions | (110) | (68) | (70) |
Other financial costs, including bank fees | (242) | (139) | (131) |
Finance costs, excluding exceptional items | (7,186) | (6,192) | (5,860) |
Exceptional finance cost | (1,982) | (693) | (3,522) |
Finance costs | $ (9,168) | $ (6,885) | $ (9,382) |
Finance Cost and Income - Addit
Finance Cost and Income - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 06, 2010 | |
Disclosure of finance income expense [line items] | ||||
Incease in finance costs before exceptional items and remeasurements | $ 994,000,000 | |||
Share based payment of net (loss) gain | 1,774,000,000 | $ 291,000,000 | $ 384,000,000 | |
Borrowing costs capitalised | 6.375% | |||
Derivative adjustment of deferred share instrument issued | 873,000,000 | 146,000,000 | 304,000,000 | |
Derivative adjustment of finance cost | 9,168,000,000 | 6,885,000,000 | 9,382,000,000 | |
Premium paid on early termination of bonds | 211,000,000 | |||
Foreign exchange translation losses on intragroup loans | 49,000,000 | 261,000,000 | ||
Accelerated accretion related cost expenses | 100,000,000 | 306,000,000 | ||
Mark-to-market adjustments | 2,693,000,000 | |||
Interest income recognized on impaired financial assets | 0 | |||
Brazilian federal tax regularization program [member] | ||||
Disclosure of finance income expense [line items] | ||||
Derivative adjustment of finance cost | 44,000,000 | |||
SAB [member] | ||||
Disclosure of finance income expense [line items] | ||||
Derivative adjustment of finance cost | $ 849,000,000 | $ 142,000,000 | $ 127,000,000 | |
Bottom of range [member] | ||||
Disclosure of finance income expense [line items] | ||||
Borrowing costs capitalised | 4.00% | |||
Top of range [member] | ||||
Disclosure of finance income expense [line items] | ||||
Borrowing costs capitalised | 8.00% |
Finance Cost and Income - Sum_2
Finance Cost and Income - Summary of Finance Income Included in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Finance Income [abstract] | |||
Interest income | $ 333 | $ 287 | $ 561 |
Hyperinflation monetary adjustments | 46 | ||
Other financial income | 61 | 91 | 91 |
Finance income, excluding exceptional items | 440 | 378 | 652 |
Exceptional finance income | 166 | ||
Finance income | $ 440 | $ 378 | $ 818 |
Finance Cost and Income - Sum_3
Finance Cost and Income - Summary of Interest Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance income expense [abstract] | |||
Cash and cash equivalents | $ 256 | $ 207 | $ 479 |
Investment debt securities held for trading | 22 | 16 | 16 |
Other loans and receivables | 55 | 64 | 66 |
Total | $ 333 | $ 287 | $ 561 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Current year | $ (2,819) | $ (3,833) | $ (1,544) |
(Underprovided)/overprovided in prior years | 101 | 1 | 47 |
Current tax expense | (2,718) | (3,832) | (1,497) |
Origination and reversal of temporary differences | (287) | 1,872 | (459) |
(Utilization)/recognition of deferred tax assets on tax losses | 120 | 23 | 116 |
Recognition of previously unrecognized tax losses | 46 | 16 | 227 |
Deferred tax (expense)/income | (121) | 1,912 | (116) |
Income tax expense | $ (2,839) | $ (1,920) | $ (1,613) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Profit before tax | $ 8,530 | $ 11,076 | $ 4,334 |
Deduct share of result of associates and joint ventures | 153 | 430 | 16 |
Profit before tax and before share of result of associates and joint ventures | 8,377 | 10,646 | 4,318 |
Adjustments on taxable basis | |||
Foreign source income | (809) | ||
Government incentives | (742) | (982) | (769) |
Non-deductible marked to market on derivatives | 3,496 | 579 | 3,508 |
Taxable intercompany dividends | 619 | ||
Other expenses not deductible for tax purposes | 1,796 | 1,795 | 843 |
Other non-taxable income | (158) | (178) | (415) |
Gross adjustments on taxable basis | $ 12,769 | $ 11,860 | $ 7,296 |
Aggregated weighted nominal tax rate | 26.80% | 28.50% | 32.70% |
Tax at aggregated weighted nominal tax rate | $ (3,426) | $ (3,378) | $ (2,387) |
Adjustments on tax expense | |||
Utilization of tax losses not previously recognized | 120 | 23 | 76 |
Recognition of deferred taxes assets on previous years' tax losses | 46 | 16 | 229 |
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized | (125) | (143) | (975) |
(Underprovided)/overprovided in prior years | 65 | 1 | 63 |
Deductions from interest on equity | 471 | 553 | 644 |
Deductions from goodwill | 17 | 57 | 63 |
Other tax deductions | 436 | 723 | 869 |
US Tax reform (change in tax rate and other) | 116 | 1,760 | |
Change in tax rate (other) | 144 | (59) | (1) |
Withholding taxes | (403) | (386) | (286) |
Brazilian Federal Tax Regularization Program | (870) | ||
Other tax adjustments | (300) | (217) | 93 |
Income tax expense | $ (2,839) | $ (1,920) | $ (1,613) |
Effective tax rate | 33.90% | 18.00% | 37.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) (Detail) R$ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)mo | Dec. 31, 2017BRL (R$)mo | Dec. 31, 2016USD ($) | Dec. 31, 2017BRL (R$) | |
Disclosure Of Income Taxes [line items] | |||||
Income tax expense | $ 2,839 | $ 1,920 | $ 1,613 | ||
Effective tax rate | 33.90% | 18.00% | 18.00% | ||
Federal tax rate | 35.00% | 35.00% | |||
Exceptional amount | $ 240 | $ 830 | 77 | ||
Exceptional amount in finance line | 1,982 | 693 | $ 3,522 | ||
US Tax reform (change in tax rate and other) | $ 116 | 1,760 | |||
Changes in tax rates or tax laws enacted or announced [member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Federal tax rate | 21.00% | ||||
US tax reform [member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Remeasurement of deferred tax liabilities | $ 1,800 | ||||
Federal tax rate | 35.00% | 35.00% | |||
Tax contingencies under dispute | $ 1,100 | R$ 3500 | |||
Tax contingencies | $ 300 | R$ 1000 | |||
Number of monthly installments | mo | 145 | 145 | |||
US tax reform [member] | Changes in tax rates or tax laws enacted or announced [member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Federal tax rate | 21.00% | ||||
Brazilian federal tax regularization program [member] | Changes in tax rates or tax laws enacted or announced [member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Exceptional amount | $ 900 | R$ 2900 | |||
Exceptional amount in income tax line | 900 | 2,800 | |||
Exceptional amount in finance line | $ 44 | R$ 141 |
Income Taxes - Summary of Detai
Income Taxes - Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Re-measurements of post-employment benefits | $ 22 | $ (39) | $ 54 |
Cash flow and net investment hedges | 108 | (95) | (258) |
Income tax (losses)/gains | $ 130 | $ (134) | $ (204) |
Property, Plant and Equipment -
Property, Plant and Equipment - Detailed Information About Property,Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 27,184 | |
Ending balance | 25,910 | $ 27,184 |
Acquisition cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 48,724 | 44,352 |
Effect of movements in foreign exchange | (3,097) | 1,431 |
Acquisitions | 4,365 | 4,221 |
Acquisitions through business combinations | 2 | 169 |
Disposals | (1,479) | (1,566) |
Disposals through the sale of subsidiaries | (1,128) | (60) |
Transfer (to)/from other asset categories and other movements | 1,017 | 177 |
Ending balance | 48,404 | 48,724 |
Amortization and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (21,540) | (18,133) |
Effect of movements in foreign exchange | 1,396 | (697) |
Depreciation | (3,582) | (3,567) |
Disposals | 1,263 | 1,161 |
Disposals through the sale of subsidiaries | 818 | 48 |
Impairment losses | (95) | (85) |
Transfer (to)/from other asset categories and other movements | (754) | (267) |
Ending balance | (22,494) | (21,540) |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 9,228 | |
Ending balance | 8,895 | 9,228 |
Land and buildings [member] | Acquisition cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 12,742 | |
Effect of movements in foreign exchange | (722) | |
Acquisitions | 119 | |
Disposals | (143) | |
Disposals through the sale of subsidiaries | (265) | |
Transfer (to)/from other asset categories and other movements | 724 | |
Ending balance | 12,455 | 12,742 |
Land and buildings [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (3,514) | |
Effect of movements in foreign exchange | 177 | |
Depreciation | (513) | |
Disposals | 59 | |
Disposals through the sale of subsidiaries | 177 | |
Impairment losses | (10) | |
Transfer (to)/from other asset categories and other movements | 64 | |
Ending balance | (3,560) | (3,514) |
Plant and Equipment Fixtures and Fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 15,691 | |
Ending balance | 14,741 | 15,691 |
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 33,717 | |
Effect of movements in foreign exchange | (2,225) | |
Acquisitions | 1,320 | |
Acquisitions through business combinations | 2 | |
Disposals | (1,333) | |
Disposals through the sale of subsidiaries | (834) | |
Transfer (to)/from other asset categories and other movements | 3,028 | |
Ending balance | 33,675 | 33,717 |
Plant and Equipment Fixtures and Fittings [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (18,026) | |
Effect of movements in foreign exchange | 1,219 | |
Depreciation | (3,069) | |
Disposals | 1,204 | |
Disposals through the sale of subsidiaries | 641 | |
Impairment losses | (85) | |
Transfer (to)/from other asset categories and other movements | (818) | |
Ending balance | (18,934) | (18,026) |
Construction in Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,265 | |
Ending balance | 2,274 | 2,265 |
Construction in Progress [member] | Acquisition cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,265 | |
Effect of movements in foreign exchange | (150) | |
Acquisitions | 2,926 | |
Disposals | (3) | |
Disposals through the sale of subsidiaries | (29) | |
Transfer (to)/from other asset categories and other movements | (2,735) | |
Ending balance | $ 2,274 | $ 2,265 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Contractual commitments for acquisition of property, plant and equipment | $ 416 | $ 550 | ||
AB InBev's net capital expenditures in the statement of cash flow | $ 4,649 | $ 4,124 | ||
Property plant and equipment | 25,910 | 27,184 | ||
Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property plant and equipment | 8,895 | 9,228 | ||
Production facilities [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of capital expenditures property plant and equipment | 48.00% | |||
Logistics and commercial investments [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of capital expenditures property plant and equipment | 42.00% | |||
Administrative capabilities and purchase of hardware and software [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of capital expenditures property plant and equipment | 10.00% | |||
Gross carrying amount [member] | Restrictions [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment, restrictions on title | 8 | 14 | ||
Gross carrying amount [member] | Land and buildings [member] | Property, plant and equipment not subject to operating leases [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property plant and equipment | $ 272 | $ 300 |
Goodwill - Reconciliation of Go
Goodwill - Reconciliation of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | $ 140,940 | $ 136,533 |
Hyperinflation monetary adjustments | (46) | |
Goodwill ending balance | 133,311 | 140,940 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | 140,980 | 135,897 |
Effect of movements in foreign exchange | (7,541) | 4,684 |
Disposals through the sale of subsidiaries | (652) | |
Acquisitions through business combinations | 107 | 398 |
Hyperinflation monetary adjustments | 435 | |
Reclassified as held for sale | (13) | |
Goodwill ending balance | 133,316 | 140,980 |
Impairment losses [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill beginning balance | (40) | (34) |
Impairment losses | (6) | |
Disposals through the sale of subsidiaries | 35 | |
Goodwill ending balance | $ (5) | $ (40) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Mar. 30, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Cost to sell expected to reach as percentage of entity value | 2.00% | |
Adverse change in WACC | 1.00% | |
Bottom of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.00% | |
Top of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 4.00% | |
AB inBev [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Percentage of merger proposed | 50.00% | |
Percentage of goodwill to total assets | 57.00% | |
Anadolu Efes [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Percentage of merger proposed | 50.00% |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | $ 133,311 | $ 140,940 | $ 136,533 |
United States [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 33,288 | 33,277 | |
Colombia [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 18,802 | 20,425 | |
South Africa [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 15,896 | 18,551 | |
Peru [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 14,513 | 15,074 | |
Mexico [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 12,614 | 12,580 | |
Rest of Africa [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 7,716 | 8,326 | |
Australia [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 6,348 | 6,922 | |
Brazil [Member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 4,715 | 5,523 | |
South Korea [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 3,949 | 4,119 | |
Ecuador [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 3,925 | 3,925 | |
China [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 2,758 | 2,914 | |
Honduras & El Salvador [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 2,284 | 2,335 | |
Canada [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | 1,891 | 2,056 | |
Other countries [member] | |||
Disclosure Of Carrying Amount Of Goodwill [line items] | |||
Goodwill | $ 4,613 | $ 4,913 |
Goodwill - Summary of Weighted
Goodwill - Summary of Weighted Average Cost of Capital (Detail) - US Dollar [member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
United States [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 6.00% |
Colombia [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 7.00% |
South Africa [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 8.00% | 8.00% |
Peru [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 7.00% |
Mexico [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 8.00% | 9.00% |
Rest of Africa [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 11.00% | 10.00% |
Australia [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 6.00% |
South Korea [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 7.00% | 6.00% |
Ecuador [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Weighted average cost of capital | 11.00% | 11.00% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | $ 45,874 | $ 44,568 |
Ending balance | 44,831 | 45,874 |
Amortization and impairment losses [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | (2,997) | (2,401) |
Effect of movements in foreign exchange | 164 | (139) |
Amortization | (445) | (498) |
Disposals | 14 | 89 |
Disposals through the sale of subsidiaries | 30 | |
Transfer (to)/from other asset categories and other movements | (400) | (48) |
Ending balance | (3,634) | (2,997) |
At cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 48,871 | 47,191 |
Effect of movements in foreign exchange | (1,765) | 1,286 |
Acquisitions through business combinations | 24 | 417 |
Acquisitions and expenditures | 668 | 312 |
Disposals | (96) | (191) |
Disposals through the sale of subsidiaries | (47) | |
Transfer (to)/from other asset categories and other movements | 810 | (144) |
Ending balance | 48,465 | 48,871 |
Brands [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 43,370 | |
Ending balance | 42,101 | |
Brands [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | (32) | |
Ending balance | (32) | (32) |
Brands [member] | At cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 43,402 | |
Effect of movements in foreign exchange | (1,482) | |
Acquisitions and expenditures | 2 | |
Disposals | (25) | |
Disposals through the sale of subsidiaries | (14) | |
Transfer (to)/from other asset categories and other movements | 250 | |
Ending balance | 42,133 | 43,402 |
Commercial intangibles [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 1,525 | |
Ending balance | 1,470 | |
Commercial intangibles [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | (1,379) | |
Effect of movements in foreign exchange | 73 | |
Amortization | (163) | |
Disposals | 45 | |
Transfer (to)/from other asset categories and other movements | (55) | |
Ending balance | (1,479) | (1,379) |
Commercial intangibles [member] | At cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 2,904 | |
Effect of movements in foreign exchange | (105) | |
Acquisitions through business combinations | 22 | |
Acquisitions and expenditures | 367 | |
Disposals | (55) | |
Transfer (to)/from other asset categories and other movements | (184) | |
Ending balance | 2,949 | 2,904 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 705 | |
Ending balance | 690 | |
Software [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | (1,472) | |
Effect of movements in foreign exchange | 84 | |
Amortization | (251) | |
Disposals | (39) | |
Disposals through the sale of subsidiaries | 28 | |
Transfer (to)/from other asset categories and other movements | (352) | |
Ending balance | (2,002) | (1,472) |
Software [member] | At cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 2,177 | |
Effect of movements in foreign exchange | (137) | |
Acquisitions and expenditures | 73 | |
Disposals through the sale of subsidiaries | (29) | |
Transfer (to)/from other asset categories and other movements | 608 | |
Ending balance | 2,692 | 2,177 |
Other [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 274 | |
Ending balance | 570 | |
Other [member] | Amortization and impairment losses [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | (114) | |
Effect of movements in foreign exchange | 7 | |
Amortization | (31) | |
Disposals | 8 | |
Disposals through the sale of subsidiaries | 2 | |
Transfer (to)/from other asset categories and other movements | 7 | |
Ending balance | (121) | (114) |
Other [member] | At cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance at end of previous year | 388 | |
Effect of movements in foreign exchange | (41) | |
Acquisitions through business combinations | 2 | |
Acquisitions and expenditures | 226 | |
Disposals | (16) | |
Disposals through the sale of subsidiaries | (4) | |
Transfer (to)/from other asset categories and other movements | 136 | |
Ending balance | $ 691 | $ 388 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | May 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about intangible assets [line items] | ||||
Payment for recovery of distribution rights | $ 306 | |||
Carrying amount of intangible assets | $ 44,831 | $ 45,874 | $ 44,568 | |
Intangible Assets With Indefinite Useful Life [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Carrying amount of intangible assets | 42,435 | 43,595 | ||
Intangible Assets With Finite Useful Life [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Carrying amount of intangible assets | $ 2,396 | $ 2,279 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | $ 44,831 | $ 45,874 | $ 44,568 |
Intangible assets with indefinite useful lives [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 42,435 | 43,595 | |
Intangible assets with indefinite useful lives [member] | United States [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 22,037 | 21,960 | |
Intangible assets with indefinite useful lives [member] | Colombia [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,516 | 3,820 | |
Intangible assets with indefinite useful lives [member] | South Africa [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,325 | 3,899 | |
Intangible assets with indefinite useful lives [member] | Mexico [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 3,068 | 3,058 | |
Intangible assets with indefinite useful lives [member] | Peru [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 2,720 | 2,825 | |
Intangible assets with indefinite useful lives [member] | Australia [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 2,422 | 2,773 | |
Intangible assets with indefinite useful lives [member] | South Korea [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 1,013 | 1,058 | |
Intangible assets with indefinite useful lives [member] | Ecuador [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 595 | 595 | |
Intangible assets with indefinite useful lives [member] | China [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 381 | 403 | |
Intangible assets with indefinite useful lives [member] | Dominican Republic [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 339 | 353 | |
Intangible assets with indefinite useful lives [member] | Rest of Africa [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | 1,274 | 1,353 | |
Intangible assets with indefinite useful lives [member] | Other countries [member] | |||
Disclosure of intangible assets with indefinite useful life [line items] | |||
Intangible assets | $ 1,745 | $ 1,498 |
Investment in Associates - Summ
Investment in Associates - Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
AB InBev Efes [member] | ||
Disclosure of associates [line items] | ||
Acquisitions | $ 1,157 | |
Share of results of associates | 2 | |
Ending balance | 1,159 | |
Castel [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 3,480 | $ 2,793 |
Effect of movements in foreign exchange | (213) | 356 |
Dividends received | (98) | (23) |
Share of results of associates | 110 | 354 |
Ending balance | 3,279 | 3,480 |
Efes [member] | ||
Disclosure of associates [line items] | ||
Beginning balance | 694 | 750 |
Effect of movements in foreign exchange | (194) | (54) |
Dividends received | (11) | |
Share of results of associates | (10) | (2) |
Ending balance | $ 479 | $ 694 |
Investments in Associates - Add
Investments in Associates - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Mar. 30, 2018 | Dec. 31, 2017 |
AB InBev Efes [member] | |||
Disclosure of associates [line items] | |||
Percentage of voting equity interests acquired | 50.00% | ||
Aggregated individually immaterial associates [member] | |||
Disclosure of associates [line items] | |||
Investments in associates | $ 51 | $ 78 |
Investment in Associates - Su_2
Investment in Associates - Summarized Financial Information of the Company's Material Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of summarized financial information [line items] | |||
Current assets | $ 18,281 | $ 23,960 | |
Non-current assets | 213,822 | 222,166 | |
Current liabilities | 34,459 | 36,211 | |
Non-current liabilities | 125,740 | 129,695 | |
Non-controllinginterests | 7,418 | 7,635 | |
Net assets | 232,103 | 246,126 | |
Revenue | 54,619 | 56,444 | $ 45,517 |
Profit (loss) | 5,691 | 9,155 | 2,721 |
Other comprehensive income (loss) | (7,764) | 1,040 | (1,460) |
Total comprehensive income | (2,073) | 10,223 | $ 1,309 |
AB InBev Efes [member] | |||
Disclosure of summarized financial information [line items] | |||
Current assets | 275 | ||
Non-current assets | 664 | ||
Current liabilities | 556 | ||
Net assets | 383 | ||
Revenue | 1,081 | ||
Profit (loss) | 4 | ||
Total comprehensive income | 4 | ||
Castel [member] | |||
Disclosure of summarized financial information [line items] | |||
Current assets | 4,193 | 4,894 | |
Non-current assets | 4,291 | 3,912 | |
Current liabilities | 1,643 | 1,724 | |
Non-current liabilities | 635 | 857 | |
Non-controllinginterests | 939 | 879 | |
Net assets | 5,267 | 5,346 | |
Revenue | 5,786 | 5,447 | |
Profit (loss) | 921 | 746 | |
Other comprehensive income (loss) | (254) | (94) | |
Total comprehensive income | 667 | 652 | |
Efes [member] | |||
Disclosure of summarized financial information [line items] | |||
Current assets | 2,888 | 2,415 | |
Non-current assets | 6,463 | 5,243 | |
Current liabilities | 2,233 | 1,106 | |
Non-current liabilities | 2,207 | 2,494 | |
Non-controllinginterests | 2,297 | 1,520 | |
Net assets | 2,614 | 2,538 | |
Revenue | 3,816 | 3,415 | |
Profit (loss) | (43) | (7) | |
Other comprehensive income (loss) | 1,536 | 553 | |
Total comprehensive income | $ 1,493 | $ 546 |
Investments Securities - Summar
Investments Securities - Summary of Investments in Short-Term Debt Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [abstract] | ||
Investment in unquoted companies | $ 84 | $ 76 |
Investment on debt securities | 24 | 24 |
Non-current investments,Total | 108 | 100 |
Investment on debt securities | 87 | 1,304 |
Current investments,Total | $ 87 | $ 1,304 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investment Securities [abstract] | ||
Current debt securities | $ 87 | $ 1,304 |
Deferred Tax Assets and Liabi_3
Deferred Tax Assets and Liabilities - Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Deferred Taxes [line items] | ||||
Assets | $ 1,457 | $ 1,216 | ||
Liabilities | (13,165) | (13,107) | ||
Net | (11,708) | (11,891) | $ (13,442) | $ (10,780) |
Netting by taxable entity, Assets | (1,738) | (2,509) | ||
Netting by taxable entity, Liabilities | 1,738 | 2,509 | ||
Netting by taxable entity, Net | 0 | 0 | ||
Net deferred tax assets/(liabilities), Assets | 1,457 | 1,216 | ||
Net deferred tax assets/(liabilities), Liabilities | (13,165) | (13,107) | ||
Net deferred tax assets/(liabilities), Net | (11,708) | (11,891) | ||
Property, Plant and Equipment [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 381 | 324 | ||
Liabilities | (2,665) | (2,586) | ||
Net | (2,284) | (2,262) | ||
Intangibles [member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 115 | 113 | ||
Liabilities | (10,665) | (11,387) | ||
Net | (10,550) | (11,274) | ||
Inventory [member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 101 | 114 | ||
Liabilities | (67) | (63) | ||
Net | 34 | 51 | ||
Trades and Other Receivables [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 142 | 148 | ||
Liabilities | (62) | (62) | ||
Net | 80 | 86 | ||
Interest Bearing Loans and Borrowings [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 475 | 431 | ||
Liabilities | (618) | (646) | ||
Net | (143) | (215) | ||
Employee Benefits [member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 673 | 663 | ||
Liabilities | (5) | (10) | ||
Net | 668 | 653 | ||
Provisions [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 483 | 562 | ||
Liabilities | (27) | (17) | ||
Net | 456 | 545 | ||
Derivatives [member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 33 | 40 | ||
Liabilities | (58) | (49) | ||
Net | (25) | (9) | ||
Other Items [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 215 | 200 | ||
Liabilities | (736) | (796) | ||
Net | (521) | (596) | ||
Loss Carry Forwards [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 577 | 1,130 | ||
Net | 577 | 1,130 | ||
Gross Deferred Tax Assets/(Liabilities) [Member] | ||||
Disclosure Of Deferred Taxes [line items] | ||||
Assets | 3,195 | 3,725 | ||
Liabilities | (14,903) | (15,616) | ||
Net | $ (11,708) | $ (11,891) |
Deferred Tax Assets and Liabi_4
Deferred Tax Assets and Liabilities - Summary of Change in Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of deferred taxes [abstract] | |||
Beginning balance | $ (11,891) | $ (13,442) | $ (10,780) |
Recognized in profit or loss | 121 | 1,912 | (116) |
Recognized in other comprehensive income | 130 | (134) | (204) |
Acquisitions through business combinations | (23) | (74) | (5,623) |
Reclassified as held for sale | 1,455 | ||
Other movements and effect of changes in foreign exchange rates | 215 | (153) | (149) |
Ending balance | $ (11,708) | $ (11,891) | $ (13,442) |
Deferred Tax Assets and Liabi_5
Deferred Tax Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
US Federal tax rate | 35.00% | ||
Exceptional tax gain recognized in profit or loss due to US tax reform | $ 1,800 | ||
Tax losses carried forward and deductible temporary differences on which no deferred tax asset | $ 5,280 | $ 4,449 | $ 4,499 |
Tax losses | 1,954 | ||
Tax losses carried forward and deductible temporary differences | 2,311 | ||
Expiration period 1 [member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
Tax losses carried forward and deductible temporary differences | $ 136 | ||
Tax losses and deductible temporary differences expiration period | Year 1 | ||
Expiration period 2 [member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
Tax losses carried forward and deductible temporary differences | $ 153 | ||
Tax losses and deductible temporary differences expiration period | Year 2 | ||
Expiration period 3 [member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
Tax losses carried forward and deductible temporary differences | $ 725 | ||
Tax losses and deductible temporary differences expiration period | Year 3 | ||
Changes in tax rates or tax laws enacted or announced [member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [line items] | |||
US Federal tax rate | 21.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of inventories [line items] | ||
Prepayments | $ 329 | $ 428 |
Inventories | 4,234 | 4,119 |
Inventories other than work in progress | ||
Inventories stated at net realizable value | 59 | 57 |
Current Inventories [member] | ||
Disclosure of inventories [line items] | ||
Prepayments | 123 | 101 |
Raw materials and consumables | 2,387 | 2,304 |
Work in progress | 363 | 387 |
Finished goods | 1,215 | 1,216 |
Goods purchased for resale | $ 146 | $ 111 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Classes of current inventories [abstract] | |||
Cost of inventories sales | $ 20,359 | $ 21,386 | $ 17,803 |
Impairment losses on inventories | $ 72 | $ 72 | $ 70 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Non-Current Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of trade and other receivables [abstract] | ||
Cash deposits for guarantees | $ 197 | $ 209 |
Loans to customers | 45 | 13 |
Deferred collection on disposals | 53 | 11 |
Tax receivable, other than income tax | 139 | 68 |
Trade and other receivables | 335 | 533 |
Total, Non-Current | $ 769 | $ 834 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Current Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of trade and other receivables [abstract] | ||
Trade receivables and accrued income | $ 4,412 | $ 4,752 |
Interest receivable | 19 | 6 |
Tax receivable, other than income tax | 378 | 368 |
Loans to customers | 143 | 166 |
Prepaid expenses | 329 | 428 |
Other receivables | 1,094 | 846 |
Current trade and other receivable | $ 6,375 | $ 6,566 |
Trade and Other Receivables -_3
Trade and Other Receivables - Schedule of Trade Receivables and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | $ 4,412 | $ 4,752 |
Loans to customers | 143 | 166 |
Interest receivable | 19 | 6 |
Other receivables | 1,094 | 846 |
Current trade and other receivable | 6,375 | 6,566 |
Net carrying amount [member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 4,412 | 4,752 |
Loans to customers | 188 | 179 |
Interest receivable | 19 | 6 |
Other receivables | 1,094 | 846 |
Current trade and other receivable | 5,713 | 5,783 |
Neither Impaired Nor Past Due on the Reporting Date [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 4,092 | 4,369 |
Loans to customers | 176 | 179 |
Interest receivable | 19 | 6 |
Other receivables | 1,051 | 803 |
Current trade and other receivable | 5,338 | 5,357 |
Not Impaired as of the Reporting Date and Past [Member] | Less Than 30 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 239 | 265 |
Loans to customers | 4 | |
Other receivables | 13 | 19 |
Current trade and other receivable | 256 | 284 |
Not Impaired as of the Reporting Date and Past [Member] | Between 30 and 59 Day [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 52 | 47 |
Loans to customers | 5 | |
Other receivables | 26 | 6 |
Current trade and other receivable | 83 | 53 |
Not Impaired as of the Reporting Date and Past [Member] | Between 60 and 89 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 20 | 40 |
Loans to customers | 3 | |
Other receivables | 4 | 14 |
Current trade and other receivable | 27 | 54 |
Not Impaired as of the Reporting Date and Past [Member] | More Than 90 Days [Member] | ||
Trade and Other Receivables [line items] | ||
Trade receivables and accrued income | 9 | 31 |
Other receivables | 4 | |
Current trade and other receivable | $ 9 | $ 35 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade receivables [member] | |||
Disclosure of inventories [line items] | |||
Impairment losses | $ 43 | $ 59 | $ 40 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents and Investments in Short-Term Debt Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about borrowings [abstract] | ||||
Short-term bank deposits | $ 2,233 | $ 3,896 | ||
Cash and bank accounts | 4,841 | 6,576 | ||
Cash and cash equivalents | 7,074 | 10,472 | ||
Bank overdrafts | (114) | (117) | ||
Total | $ 6,960 | $ 10,356 | $ 8,395 | $ 6,910 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [abstract] | ||
Restricted cash | $ 2 | $ 2 |
Assets Classified as Held for_3
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Schedule of Assets Held for Sale (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [abstract] | ||
Balance at the end of previous year | $ 133 | $ 16,458 |
Disposals from SAB transaction-related divestitures | (15,514) | |
Reclassified to assets held for sale in the period | 35 | 91 |
Disposals | (128) | (26) |
Effect of movements in foreign exchange | (1) | 132 |
Other movements | (1,008) | |
Balance at the end of year | $ 39 | $ 133 |
Assets Classified as Held for_4
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Summary of Liabilities Associated With Assets Held for Sale (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [abstract] | |
Balance at the end of previous year | $ 2,174 |
Disposals from SAB transaction-related divestitures | (1,166) |
Other movements | (1,008) |
Balance at the end of year | $ 0 |
Assets Classified as Held for_5
Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Additional Information (Detail) - Coca-cola Beverages Africa [member] $ in Millions | Oct. 04, 2017USD ($) |
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [line items] | |
Percentage of equity stake in subsidiary | 54.50% |
Agreed selling price of assets held for sale | $ 3,150 |
Changes in Equity and Earning_3
Changes in Equity and Earnings per Share - Summary of Changes in Issued Capital and Treasury Shares (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | ||
Disclosure of classes of share capital [line items] | |||
Ordinary shares | 2,019 | ||
At the end of the previous year | 2,019 | ||
Changes during the period | 0 | ||
At the end of the current year | 2,019 | ||
At the end of the previous year | $ 1,736,000,000 | ||
Changes during the period | 0 | ||
At the end of the current year | 1,736,000,000 | ||
Changes during the period | $ 50,000,000 | ||
At the end of the current year | $ 62,527,163 | ||
At the end of the previous year | 85.5 | ||
Changes during the period | (23) | ||
At the end of the current year | 62.5 | ||
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Ordinary shares | 1,693 | ||
At the end of the current year | 1,693 | ||
Treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Restricted shares | 326 | ||
Treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
At the end of the previous year | $ (8,980,000,000) | ||
Changes during the period | 2,431,000,000 | [1] | $ 174,000,000 |
At the end of the current year | (6,549,000,000) | ||
Result on the use of treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
At the end of the previous year | (1,452,000,000) | ||
Changes during the period | (931,000,000) | ||
At the end of the current year | $ (2,383,000,000) | ||
[1] | See Note 23 Changes in equity and earnings per share. |
Changes in Equity and Earning_4
Changes in Equity and Earnings per Share - Additional Information (Detail) | May 03, 2018USD ($) | May 03, 2018€ / shares | Jun. 05, 2013USD ($)shares | Jan. 31, 2018 | Dec. 31, 2018USD ($)shares | Dec. 31, 2018EUR (€)€ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017EUR (€)€ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€)€ / sharesshares | Dec. 31, 2018EUR (€)€ / sharesshares | Oct. 24, 2018€ / shares | Dec. 31, 2017EUR (€)€ / sharesshares | Oct. 25, 2017€ / shares | Oct. 25, 2016€ / shares |
Disclosure of classes of share capital [line items] | |||||||||||||||
Issued capital | $ | $ 1,736,000,000 | $ 1,736,000,000 | |||||||||||||
Number of shares issued | shares | 1,934,000,000 | 1,934,000,000 | 1,606,000,000 | 1,934,000,000 | 1,934,000,000 | ||||||||||
Number of shares granted | 1,251,602 | 1,251,602 | |||||||||||||
Shares exercised | 1,497,344 | 1,497,344 | |||||||||||||
Number of shares delivered | 23,076,922 | 23,076,922 | |||||||||||||
Number of shares outstanding | $ | $ 62,527,163 | ||||||||||||||
Number of shares outstanding | shares | 2,019,000,000 | 2,019,000,000 | 2,019,000,000 | 2,019,000,000 | |||||||||||
Par value per share | € / shares | € 0.61 | ||||||||||||||
Subscribed capital | $ 43,672,135 | € 38,141,569 | |||||||||||||
Dividend declared per share | € / shares | € 0.80 | € 1.60 | € 1.60 | ||||||||||||
Dividend declared | € | € 3,091,000,000 | € 1,565,000,000 | € 3,089,000,000 | ||||||||||||
Dividend declared date | Oct. 29, 2017 | Oct. 29, 2017 | Oct. 25, 2017 | Oct. 25, 2017 | Oct. 25, 2016 | Oct. 25, 2016 | |||||||||
Dividend proposed per share | € / shares | € 2 | € 1 | € 2 | ||||||||||||
Dividend proposed | € | € 1,957,000,000 | € 3,867,000,000 | € 3,856,000,000 | ||||||||||||
Dividend paid per share | € / shares | € 1.80 | € 3.60 | € 3.60 | ||||||||||||
Dividend paid | $ 7,437,000,000 | € 3,522,000,000 | $ 9,230,000,000 | € 6,956,000,000 | $ 8,480,000,000 | € 6,947,000,000 | |||||||||
Dividend paid date | Dec. 31, 2018 | Dec. 31, 2018 | May 3, 2018 | May 3, 2018 | May 4, 2017 | May 4, 2017 | |||||||||
Profit attributable to equity holders | $ | $ 4,368,000,000 | $ 7,996,000,000 | $ 1,241,000,000 | ||||||||||||
Diluted earnings per share based on the profit | $ | $ 4,368,000,000 | $ 7,996,000,000 | 1,241,000,000 | ||||||||||||
Number of antidilutive share options outstanding | 63,000,000 | 5,000,000 | 5,000,000 | 63,000,000 | 5,000,000 | ||||||||||
Treasury shares [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Restricted shares | shares | 326,000,000 | 326,000,000 | |||||||||||||
Grupo Modelo [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Dividend paid per share | € / shares | € 2 | € 3.60 | |||||||||||||
Dividend paid | $ | $ 56,000,000 | $ 93,000,000 | |||||||||||||
Shares reserved for issue under options and contracts for sale of shares | shares | 23,076,922 | ||||||||||||||
Deferred share units vesting period | 5 years | ||||||||||||||
Proceeds from issuing shares Proceeds?From?Issuing?Shares 1.5 | $ | $ 1,500,000,000 | ||||||||||||||
Top of range [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Tax withholding percentage | 15.00% | 15.00% | |||||||||||||
Ambev [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Ownership interest | 55.00% | 85.00% | 85.00% | 55.00% | 55.00% | ||||||||||
Decrease in non-controlling interests | $ | $ 429,000,000 | ||||||||||||||
Parent [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issued capital | $ 1,736,000,000 | € 1,238,608,344.12 | |||||||||||||
Number of shares issued | shares | 2,019,241,973 | 2,019,241,973 | |||||||||||||
Number of shares authorized | shares | 37,000,000 | 37,000,000 | |||||||||||||
Number of shares outstanding | shares | 61,923,078 | 61,923,078 | |||||||||||||
Expenses on stock option plans and in equity | $ | $ 20,000,000 | ||||||||||||||
Profit attributable to equity holders | $ | $ 4,368,000,000 | $ 7,996,000,000 | $ 1,241,000,000 | ||||||||||||
Parent [member] | Treasury shares [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Equity shares | shares | 62,502,473 | 62,502,473 | |||||||||||||
Parent [member] | Restricted shares [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Restricted shares | shares | 325,999,817 | 325,999,817 | |||||||||||||
Parent [member] | Equity Securities Lending [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issued capital | $ | $ 20,000,000 | ||||||||||||||
Parent [member] | Subscribed Capital [Member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issued capital | $ 18,038,093 | € 15,753,779 | |||||||||||||
Parent [member] | Top of range [member] | Equity Securities Lending [member] | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares issued | shares | 20,000,000 | 20,000,000 |
Changes in Equity and Earning_5
Changes in Equity and Earnings Per Share - Summary of Changes in Other Comprehensive Income Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Other comprehensive income | |||||
Exchange differences on translation of foreign operations (gains/(losses)) | $ (7,810) | $ 1,174 | $ (3,079) | ||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | ||||
Cash flow hedges | (52) | (96) | 107 | ||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Re-measurements of post-employment benefits | 99 | (37) | (226) | ||
Total comprehensive income | (2,073) | 10,223 | 1,309 | ||
Translation reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [line items] | |||||
Beginning balance | (13,705) | (14,758) | (11,493) | ||
Other comprehensive income | |||||
Beginning balance | (13,705) | (14,758) | (11,493) | ||
Exchange differences on translation of foreign operations (gains/(losses)) | (7,379) | 1,053 | (3,265) | ||
Total comprehensive income | (7,379) | 1,053 | (3,265) | ||
Ending balance | (21,084) | (13,705) | (14,758) | ||
Hedging reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [line items] | |||||
Beginning balance | 586 | 744 | (1,217) | ||
Other comprehensive income | |||||
Beginning balance | 586 | 744 | (1,217) | ||
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | ||||
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Total comprehensive income | (92) | (158) | 1,961 | ||
Ending balance | 494 | 586 | 744 | ||
Hedging reserves [member] | Cash flow hedges [member] | |||||
Other comprehensive income | |||||
Cash flow hedges | (92) | (158) | 223 | ||
Post- employment benefits [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [line items] | |||||
Beginning balance | (1,665) | (1,612) | (1,400) | ||
Other comprehensive income | |||||
Beginning balance | (1,665) | (1,612) | (1,400) | ||
Re-measurements of post-employment benefits | 98 | (53) | (212) | ||
Total comprehensive income | 98 | (53) | (212) | ||
Ending balance | (1,567) | (1,665) | (1,612) | ||
OCI reserves [member] | |||||
Disclosure of information about changes in other comprehensive income reserves [line items] | |||||
Beginning balance | (14,784) | (15,626) | (14,110) | ||
Other comprehensive income | |||||
Beginning balance | (14,784) | (15,626) | (14,110) | ||
Exchange differences on translation of foreign operations (gains/(losses)) | (7,379) | [1] | 1,053 | [1] | (3,265) |
Foreign exchange contracts recognized in equity in relation to the SAB combination | (7,099) | ||||
Cash flow hedges | (92) | [1] | (158) | [1] | 223 |
Foreign exchange contracts reclassified from equity in relation to the SAB combination | 8,837 | ||||
Re-measurements of post-employment benefits | 98 | [1] | (53) | [1] | (212) |
Total comprehensive income | (7,373) | [1] | 842 | [1] | (1,516) |
Ending balance | (22,157) | (14,784) | (15,626) | ||
OCI reserves [member] | Cash flow hedges [member] | |||||
Other comprehensive income | |||||
Cash flow hedges | $ (92) | $ (158) | $ 223 | ||
[1] | See Note 23 Changes in equity and earnings per share. |
Changes in Equity and Earning_6
Changes in Equity and Earnings Per Share - Summary of Weighted Average Number of Ordinary and Restricted Shares (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||
Issued ordinary shares at 1 January, net of treasury shares | 1,934 | 1,934 | 1,606 |
Effect of shares issued and share buyback programs | (20) | ||
Effect of stock lending | 18 | 14 | 12 |
Effect of undelivered shares under the deferred share instrument | 9 | 23 | 23 |
Effect of delivery of treasury shares | 14 | ||
Weighted average number of ordinary and restricted shares at 31 December | 1,975 | 1,971 | 1,717 |
Effect of share options, warrants and restricted stock units | 36 | 39 | 38 |
Weighted average number of ordinary and restricted shares (diluted) at 31 December | 2,011 | 2,010 | 1,755 |
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev | $ 6,793 | $ 7,967 | $ 4,853 |
Exceptional items, before taxes (refer to Note 8) | (715) | (662) | (394) |
Exceptional finance income/(cost), before taxes (refer to Note 8) | (1,982) | (693) | (3,356) |
Exceptional taxes (refer to Note 8) | 240 | 830 | 77 |
Exceptional non-controllinginterest (refer to Note 8) | 32 | 526 | 13 |
Profit from discontinued operations | 28 | 48 | |
Profit attributable to equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev | 8,644 | 8,258 | 5,237 |
Mark-to-market losses on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) | (1,774) | (291) | (384) |
Hyperinflation impacts | (77) | ||
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev | $ 6,793 | $ 7,967 | $ 4,853 |
Sabmiller Combination [member] | |||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||
Effect of restricted shares issued upon the SAB combination | 94 | ||
Ordinary restricted shares [member] | |||
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [line items] | |||
Weighted average number of ordinary and restricted shares at 31 December | 1,975 | 1,971 | 1,717 |
Changes in Equity and Earning_7
Changes in Equity and Earnings Per Share - Summary of EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Profit attributable to equity holders of AB InBev | $ 4,368 | $ 7,996 | $ 1,241 |
Weighted average number of ordinary and restricted shares | 1,975 | 1,971 | 1,717 |
Basic EPS from continuing and discontinued operations | $ 2.21 | $ 4.06 | $ 0.72 |
Profit from continuing operations attributable to equity holders of AB InBev | $ 4,368 | $ 7,968 | $ 1,193 |
Weighted average number of ordinary and restricted shares | 1,975 | 1,971 | 1,717 |
Basic EPS from continuing operations | $ 2.21 | $ 4.04 | $ 0.69 |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 6,793 | $ 7,967 | $ 4,853 |
Weighted average number of ordinary and restricted shares | 1,975 | 1,971 | 1,717 |
Basic EPS from continuing operations before exceptional items | $ 3.44 | $ 4.04 | $ 2.83 |
Profit before exceptional items, discontinued operations, mark-to-market losses and hyperinflation impacts, attributable to equity holders of AB InBev | $ 8,644 | $ 8,258 | $ 5,237 |
Weighted average number of ordinary and restricted shares | 1,975 | 1,971 | 1,717 |
Underlying EPS | $ 4.38 | $ 4.19 | $ 3.05 |
Profit attributable to equity holders of AB InBev | $ 4,368 | $ 7,996 | $ 1,241 |
Weighted average number of ordinary and restricted shares (diluted) | 2,011 | 2,010 | 1,755 |
Diluted EPS from continuing and discontinued operations | $ 2.17 | $ 3.98 | $ 0.71 |
Profit from continuing operations attributable to equity holders of AB InBev | $ 4,368 | $ 7,968 | $ 1,193 |
Weighted average number of ordinary and restricted shares (diluted) | 2,011 | 2,010 | 1,755 |
Diluted EPS from continuing operations | $ 2.17 | $ 3.96 | $ 0.68 |
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev | $ 6,793 | $ 7,967 | $ 4,853 |
Weighted average number of ordinary and restricted shares (diluted) | 2,011 | 2,010 | 1,755 |
Diluted EPS from continuing operations before exceptional items | $ 3.38 | $ 3.96 | $ 2.77 |
Interest-Bearing Loans and Bo_3
Interest-Bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT LIABILITIES | ||
Commercial papers | $ 1,100 | |
Non-Current Liabilities [Member] | ||
NON-CURRENT LIABILITIES | ||
Secured bank loans | 109 | $ 230 |
Unsecured bank loans | 86 | 153 |
Unsecured bond issues | 105,170 | 108,327 |
Unsecured other loans | 57 | 53 |
Finance lease liabilities | 162 | 186 |
Non-current interest-bearing loans and borrowings | 105,584 | 108,949 |
Current Liabilities [member] | ||
CURRENT LIABILITIES | ||
Secured bank loans | 370 | 272 |
Commercial papers | 1,142 | 1,870 |
Unsecured bank loans | 22 | 739 |
Unsecured bond issues | 2,626 | 4,510 |
Unsecured other loans | 14 | 15 |
Finance lease liabilities | 42 | 27 |
Current interest-bearing loans and borrowings | $ 4,216 | $ 7,433 |
Interest-Bearing Loans and Bo_4
Interest-Bearing Loans and Borrowings - Additional Information (Detail) $ in Millions, € in Billions | Dec. 13, 2018USD ($) | Jun. 06, 2018USD ($) | Apr. 23, 2018USD ($) | Mar. 19, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Nov. 26, 2018USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||
Current and non-current interest-bearing loans and borrowings | $ 116,382 | $ 109,800 | ||||||
Commercial papers | 1,100 | |||||||
Commercial papers authorized amount | 3,000 | € 1 | ||||||
Principal amount outstanding exchanged | $ 23,500 | |||||||
Ambev [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Net increased decreased debt | 104,400 | $ 102,500 | ||||||
Dividend payments to shareholders | 7,800 | |||||||
Payment of interests and taxes | 7,100 | |||||||
Impact of changes in foreign exchange rates | 2,100 | |||||||
Payment of taxes on disposals | 300 | |||||||
Ambev [member] | Molson Coors Brewing Company [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Payment to purchase price adjustment on disposal | $ 900 | |||||||
7.75% Notes Due 2019 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Redemption of outstanding principal amount | $ 2,500 | |||||||
Percentage of outstanding principal amount redeemed | 7.75% | |||||||
Debt instrument maturity year | 2019 | |||||||
Issuer | Anheuser-Busch InBev Worldwide | |||||||
Notes due 2019 and 2020 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Redemption of outstanding principal amount | $ 7,800 | |||||||
Notes due 2020 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Redemption of outstanding principal amount | $ 1,000 | |||||||
Issuer | Anheuser-Busch InBev Worldwide | |||||||
Notes due 2021 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Redemption of outstanding principal amount | $ 2,500 |
Interest-Bearing Loans and Bo_5
Interest-Bearing Loans and Borrowings - Summary of Series of Bonds (Detail) - USD ($) | Jan. 24, 2011 | Jan. 06, 2010 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 6.375% | ||
Maturity date | 15 February 2021 | 2040 | |
3M EURIBOR + 30 bps Bonds Issued on 23 January 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 January 2018 | ||
Aggregate principal amount | $ 1,500,000,000 | ||
Currency | Euro | ||
Maturity date | 15 April 2024 | ||
Interest rate, basis | 3M EURIBOR + 30 bps | ||
1.150% Bonds Issued on 23 January 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 January 2018 | ||
Aggregate principal amount | $ 2,000,000,000 | ||
Currency | Euro | ||
Interest rate | 1.15% | ||
Maturity date | 22 January 2027 | ||
2.000% Bonds Issued on 23 January 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 23 January 2018 | ||
Aggregate principal amount | $ 750,000,000 | ||
Currency | Euro | ||
Interest rate | 2.00% | ||
Maturity date | 23 January 2035 | ||
3.500% Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 1,500,000,000 | ||
Currency | USD | ||
Interest rate | 3.50% | ||
Maturity date | 12 January 2024 | ||
4.000% Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 2,500,000,000 | ||
Currency | USD | ||
Interest rate | 4.00% | ||
Maturity date | 13 April 2028 | ||
4.375% Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 1,500,000,000 | ||
Currency | USD | ||
Interest rate | 4.375% | ||
Maturity date | 15 April 2038 | ||
4.600% Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 2,500,000,000 | ||
Currency | USD | ||
Interest rate | 4.60% | ||
Maturity date | 15 April 2048 | ||
4.750% Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 1,500,000,000 | ||
Currency | USD | ||
Interest rate | 4.75% | ||
Maturity date | 15 April 2058 | ||
3M LIBOR + 74 bps Bonds Issued on 4 April 2018 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | 4 April 2018 | ||
Aggregate principal amount | $ 500,000,000 | ||
Currency | USD | ||
Maturity date | 12 January 2024 | ||
Interest rate, basis | 3M LIBOR + 74 bps |
Interest-Bearing Loans and Bo_6
Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Detail) $ in Millions | Nov. 26, 2018USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Principal amount outstanding exchanged | $ 23,500 |
4.9% Notes due 2046 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch InBev Finance |
Notes issued exchanged percentage | 4.90% |
Notes issued exchanged due maturity period | Notes due 2046 |
Original principal amount outstanding | $ 11,000 |
Principal amount outstanding exchanged | 9,543 |
Principal amount not exchanged | $ 1,457 |
4.7% Notes due 2036 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch InBev Finance |
Notes issued exchanged percentage | 4.70% |
Notes issued exchanged due maturity period | Notes due 2036 |
Original principal amount outstanding | $ 6,000 |
Principal amount outstanding exchanged | 5,385 |
Principal amount not exchanged | $ 615 |
3.65% Notes due 2026 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Issuer | Anheuser-Busch InBev Finance |
Notes issued exchanged percentage | 3.65% |
Notes issued exchanged due maturity period | Notes due 2026 |
Original principal amount outstanding | $ 11,000 |
Principal amount outstanding exchanged | 8,555 |
Principal amount not exchanged | $ 2,445 |
Interest-Bearing Loans and Bo_7
Interest-Bearing Loans and Borrowings - Summary of Terms and Debt Repayment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 109,800 | $ 116,382 |
Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 479 | 502 |
Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,142 | 1,870 |
Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 108 | 892 |
Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 107,796 | 112,837 |
Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 71 | 68 |
Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 204 | 213 |
Less than 1 year [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 4,216 | 7,433 |
Less than 1 year [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 370 | 272 |
Less than 1 year [member] | Commerical Paper [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 1,142 | 1,870 |
Less than 1 year [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 22 | 739 |
Less than 1 year [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 2,626 | 4,510 |
Less than 1 year [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 14 | 15 |
Less than 1 year [member] | Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 42 | 27 |
1-2 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 5,334 | 10,253 |
1-2 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 38 | 128 |
1-2 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 122 | |
1-2 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 5,259 | 9,956 |
1-2 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 18 | 18 |
1-2 years [member] | Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 19 | 29 |
2-3 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 8,163 | 9,465 |
2-3 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 14 | 18 |
2-3 years [member] | Unsecured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 86 | 31 |
2-3 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 8,039 | 9,389 |
2-3 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 7 | 7 |
2-3 years [member] | Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 17 | 20 |
2-5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 17,227 | 18,500 |
2-5 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 26 | 33 |
2-5 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 17,180 | 18,441 |
2-5 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 9 | 3 |
2-5 years [member] | Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 12 | 23 |
Greater than 5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 74,860 | 70,731 |
Greater than 5 years [member] | Secured bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 31 | 51 |
Greater than 5 years [member] | Unsecured Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 74,692 | 70,541 |
Greater than 5 years [member] | Unsecured other loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | 23 | 25 |
Greater than 5 years [member] | Finance lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Terms and debt repayment | $ 114 | $ 114 |
Interest-Bearing Loans and Bo_8
Interest-Bearing Loans and Borrowings - Summary of Finance Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||
Payments | $ 317 | $ 301 |
Interests | 112 | 88 |
Principal | 205 | 213 |
Less than 1 year [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Payments | 62 | 42 |
Interests | 20 | 15 |
Principal | 42 | 27 |
1-2 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Payments | 37 | 42 |
Interests | 18 | 13 |
Principal | 19 | 29 |
2-3 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Payments | 33 | 31 |
Interests | 16 | 11 |
Principal | 17 | 20 |
3-5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Payments | 33 | 40 |
Interests | 21 | 17 |
Principal | 12 | 23 |
Greater than 5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Payments | 151 | 146 |
Interests | 37 | 32 |
Principal | $ 114 | $ 114 |
Interest-Bearing Loans and Bo_9
Interest-Bearing Loans and Borrowings - Summary of Reconciliation of Net Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | |||
Interest-bearing loans and borrowings | $ 109,800 | $ 116,382 | |
Bank overdrafts | 114 | 117 | |
Cash and cash equivalents | $ 7,074 | 10,472 | |
AB inBev [member] | |||
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items] | |||
Non-current interest-bearing loans and borrowings | $ 105,584 | 108,949 | |
Current interest-bearing loans and borrowings | 4,216 | 7,433 | |
Interest-bearing loans and borrowings | 109,800 | 116,382 | |
Bank overdrafts | 114 | 117 | |
Cash and cash equivalents | (7,074) | (10,472) | |
Interest bearing loans granted and other deposits (included within Trade and other receivables) | (267) | (309) | |
Debt securities (included within Investment securities) | (111) | (1,328) | |
Net debt | $ 102,462 | $ 104,391 |
Interest-Bearing Loans and B_10
Interest-Bearing Loans and Borrowings - Summary of Changes in the Company's Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from borrowings | $ (17,782) | $ (13,352) | $ (86,292) |
Payments on borrowings | 22,489 | 23,333 | $ 23,617 |
Long-term debt, net of current portion [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance beginning | 108,949 | ||
Proceeds from borrowings | 15,111 | ||
Payments on borrowings | (13,925) | ||
Amortized cost | 47 | ||
Unrealized foreign exchange effects | (1,837) | ||
Current portion of long-term debt | (2,732) | ||
Other movements | (29) | ||
Balance ending | 105,584 | 108,949 | |
Short-term debt and current portion of long-term debt [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance beginning | 7,433 | ||
Proceeds from borrowings | 2,672 | ||
Payments on borrowings | (8,564) | ||
Amortized cost | 255 | ||
Unrealized foreign exchange effects | (298) | ||
Current portion of long-term debt | 2,732 | ||
Other movements | (14) | ||
Balance ending | $ 4,216 | $ 7,433 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)yr | Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | |
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 84 | ||
Present value of funded obligations | $ 6,762,000,000 | $ 7,506,000,000 | |
Employee benefit net | 2,665,000,000 | 2,971,000,000 | |
Fair value of the plan assets | 564,000,000 | ||
Increase in employee benefit net liability | 842,000,000 | ||
Actual return on plans assets resulting to gain (losses) | $ (108,000,000) | $ 472,000,000 | |
Weighted average duration of the benefit benefit obligation | yr | 13.3 | 13.8 | 14 |
Defined Benefit Plan [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined contribution plans | $ 116,000,000 | $ 118,000,000 | $ 77,000,000 |
Retirement or Leaving Service Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 62 | ||
Medical Cost Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 18 | ||
Medical Cost Plans [Member] | Brazil [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 2 | ||
Present value of funded obligations | $ 175,000,000 | ||
Net liability recognized in the balance sheet | $ 0 | ||
Other Long Term Employee Benefit Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of defined benefit plans | 4 | ||
Active Employees [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | $ 1,600,000,000 | ||
Deferred [member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 1,500,000,000 | ||
Members in Retirement [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Present value of funded obligations | 4,500,000,000 | ||
Funded Defined Benefit Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | 246,000,000 | ||
Unfunded Defined Benefit Plans And Post Retirement Medical Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected contribution towards defined benefit plans | $ 73,000,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Net Liability for Post-employment and Long-term Employee Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [abstract] | ||||
Present value of funded obligations | $ (6,762) | $ (7,506) | ||
Fair value of plan assets | 5,059 | 5,623 | ||
Present value of net obligations for funded plans | (1,703) | (1,883) | ||
Present value of unfunded obligations | (806) | (904) | ||
Present value of net obligations | (2,509) | (2,787) | ||
Unrecognized asset | (77) | (111) | $ (168) | $ (137) |
Net liability | (2,586) | (2,898) | ||
Other long term employee benefits | (79) | (73) | ||
Reclassified as held for sale | 0 | 0 | ||
Net liability | (2,665) | (2,971) | ||
Employee benefits amounts in the balance sheet: | ||||
Liabilities | (2,681) | (2,993) | ||
Assets | 16 | 22 | ||
Net liability | $ (2,665) | $ (2,971) |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | $ 2,971 | ||
Interest cost | (94) | $ (101) | $ (113) |
Actuarial gains/(losses) - demographic assumptions | 108 | (472) | |
Defined benefit obligation at 31 December | 2,665 | 2,971 | |
Present Value of Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | 8,410 | 7,952 | 7,594 |
Current service costs | (72) | (74) | (73) |
Interest cost | 322 | 340 | 347 |
Past service gain/(cost) | (3) | 17 | 8 |
Assets distributed on settlements | 45 | 6 | 174 |
Benefits paid | 493 | 502 | 482 |
Contribution by plan participants | 3 | 4 | 4 |
Acquisition and disposal through business combination | (260) | ||
Actuarial gains/(losses) - demographic assumptions | 27 | 24 | (1) |
Actuarial gains/(losses) - financial assumptions | 350 | (264) | (607) |
Experience adjustments | 14 | (21) | 37 |
Exchange differences | 313 | (343) | 256 |
Transfers and other movements | (39) | 23 | |
Defined benefit obligation at 31 December | 7,568 | 8,410 | 7,952 |
Plan Assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at 1 January | 5,623 | 5,177 | 5,075 |
Interest cost | 225 | 239 | 249 |
Administration costs | (14) | (22) | (24) |
Assets distributed on settlements | 45 | 7 | 164 |
Return on plan assets exceeding interest income | (333) | 233 | 297 |
Benefits paid | 493 | 502 | 478 |
Contributions by AB InBev | 307 | 315 | 302 |
Contribution by plan participants | 3 | 4 | 4 |
Acquisition and disposal through business combination | 68 | ||
Exchange differences | (214) | 214 | (155) |
Transfers and other movements | (28) | 3 | |
Defined benefit obligation at 31 December | $ 5,059 | $ 5,623 | $ 5,177 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Changes in Unrecognized Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of changes in unrecognized assets of defined benefit plans [abstract] | |||
Irrecoverable surplus impact at 1 January | $ (111) | $ (168) | $ (137) |
Interest expense | (10) | (17) | (17) |
Changes excluding amounts included in interest expense | 44 | 74 | 14 |
Irrecoverable surplus impact at 31 December | $ (77) | $ (111) | $ (168) |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Employee Benefit Expense Recognized in Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | $ (193) | $ (196) | $ (194) |
Cost of sales [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (26) | (24) | (59) |
Distribution expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (11) | (10) | (9) |
Sales and marketing expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (16) | (15) | (13) |
Administrative expenses [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (28) | (29) | (15) |
Other Operating (Expense)/Income [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (6) | (4) | 10 |
Exceptional items [member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | 1 | 6 | 7 |
Net Finance Cost [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Employee benefits expense | (107) | (120) | (115) |
Defined Benefit Plan [Member] | |||
Disclosure Of Employee Benefit Expenses [line items] | |||
Current service costs | (72) | (74) | (73) |
Administration costs | (14) | (22) | (24) |
Past service cost due to plan amendments and curtailments | (3) | 17 | 8 |
(Losses)/gains on settlements | 10 | ||
(Losses)/gains on due to experience and demographic assumption changes | 3 | 3 | |
Profit from operations | (86) | (76) | (79) |
Net finance cost | (107) | (120) | (115) |
Employee benefits expense | $ (193) | $ (196) | $ (194) |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Weighted Average Assumptions Used in Computing Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
United States [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 4.30% | 3.70% |
Price inflation | 2.50% | 2.50% |
United States [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
United States [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 87 years | 88 years |
United States [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.50% | 6.20% |
United States [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 4.50% | 5.00% |
Canada [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 3.90% | 3.60% |
Price inflation | 2.00% | 2.00% |
Future salary increases | 1.00% | 1.00% |
Future pension increases | 2.00% | 2.00% |
Medical cost trend rate | 4.50% | 4.50% |
Canada [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 87 years | 87 years |
Canada [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 89 years | 89 years |
Mexico [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 9.00% | 8.00% |
Price inflation | 3.50% | 3.50% |
Future salary increases | 4.30% | 4.30% |
Future pension increases | 3.50% | 3.50% |
Mexico [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 82 years | 82 years |
Mexico [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
Brazil [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 8.90% | 10.00% |
Price inflation | 4.00% | 4.30% |
Future salary increases | 5.60% | |
Future pension increases | 4.00% | 4.30% |
Medical cost trend rate | 7.60% | 7.90% |
Brazil [Member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
Brazil [Member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 88 years | 88 years |
Brazil [Member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Future salary increases | 7.60% | |
Brazil [Member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Future salary increases | 5.60% | |
United Kingdom [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 2.80% | 2.60% |
Price inflation | 3.40% | 3.30% |
Future pension increases | 3.00% | 3.00% |
United Kingdom [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 87 years | 87 years |
United Kingdom [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 89 years | 89 years |
AB inBev [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Discount rate | 4.30% | 4.00% |
Price inflation | 2.70% | 2.70% |
Future salary increases | 3.80% | 3.50% |
Future pension increases | 2.80% | 2.80% |
AB inBev [member] | Male [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 85 years | 85 years |
AB inBev [member] | Female [Member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Life expectation for a 65 year old | 87 years | 88 years |
AB inBev [member] | Top of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.80% | 6.80% |
AB inBev [member] | Bottom of range [member] | ||
Disclosure of Weighted average assumptions used to determine benefit obligations [line items] | ||
Medical cost trend rate | 6.00% | 6.40% |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Discount Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ (468) |
Decrease in assumption | $ 501 |
Actuarial assumption of price inflation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 152 |
Decrease in assumption | $ (163) |
Future Salary Increase [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 0.50% |
Increase in assumption | $ 28 |
Decrease in assumption | $ (26) |
Medical Cost Trend Rate [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | 1.00% |
Increase in assumption | $ 45 |
Decrease in assumption | $ (39) |
Longevity [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption | One year |
Increase in assumption | $ 220 |
Decrease in assumption | $ (229) |
Employee Benefits - Summary o_7
Employee Benefits - Summary of Fair Value of Plan Assets (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 100.00% | 100.00% |
Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 32.00% | 27.00% |
Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 36.00% | 37.00% |
Equity instruments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 22.00% | 26.00% |
Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 4.00% |
Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 6.00% | 6.00% |
Quoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 94.00% | 95.00% |
Quoted [Member] | Government Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 32.00% | 27.00% |
Quoted [Member] | Corporate Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 36.00% | 37.00% |
Quoted [Member] | Equity instruments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 22.00% | 26.00% |
Quoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 5.00% |
Unquoted [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 6.00% | 5.00% |
Unquoted [Member] | Property [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 4.00% | 4.00% |
Unquoted [Member] | Insurance Contracts and Others [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 2.00% | 1.00% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payment transactions expense | $ 353,000,000 | $ 359,000,000 | $ 228,000,000 |
Percentage of discount on market price of share for share based payments | 10.00% | ||
Share-based compensation number of shares issued | shares | 1,934,000,000 | 1,934,000,000 | 1,606,000,000 |
Stock options granted | 1,251,602 | ||
Fair value of stock options granted | $ 16.92 | $ 19.94 | $ 17.40 |
Management board members and other employees [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | Five-year | ||
Board of Director [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | Vest after 5 years | ||
Exercise period of stock options | 5 years | ||
Board of Director [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Maximum term of stock options | 10 years | ||
Restricted Stock Units [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | Five-year | ||
Share-based compensation number of shares issued | shares | 1,500,000 | 300,000 | |
Share-based compensation grant date fair value | $ 158,000,000 | $ 31,000,000 | |
Long Term Incentive Stock Option Plan [member] | AB inBev [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 200,000 | 200,000 | |
Fair value of stock options granted | $ 4,000,000 | $ 4,000,000 | |
Matching shares Grant [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares granted | shares | 3 | ||
Long Term Incentive Warrant Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payment vesting period | One to three years |
Share-Based Payments - LTI Stoc
Share-Based Payments - LTI Stock Option Plan Executives - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 1,251,602 | ||
Fair value of stock options granted | $ 16.92 | $ 19.94 | $ 17.40 |
Long Term Incentive Stock Option Plan [member] | Executives [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 7,200,000 | 7,800,000 | |
Fair value of stock options granted | $ 102,000,000 | $ 149,000,000 | |
Long Term Incentive Stock Option Plan [member] | Executives [member] | American Depositary Shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 1,400,000 | ||
Long Term Incentive Stock Option Plan [member] | Executives [member] | Ordinary shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options granted | 6,400,000 |
Share-Based Payments - Performa
Share-Based Payments - Performance Related Incentive Plan For Disruptive Growth Function - Additional Information (Detail) - Performance Share Unit [member] pure in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based arrangement vesting requirements | The units vest after 5 years provided a performance test is met | |
Senior Management [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | 2.7 | 2 |
Executive Board [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation number of shares issued | 0.1 |
Share-Based Payments - Other Gr
Share-Based Payments - Other Grants - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)sharesProgram | Dec. 31, 2018EUR (€)sharesProgram | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2016USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 1,251,602 | 1,251,602 | |||
Fair value of stock options granted | $ 16.92 | $ 19.94 | $ 17.40 | ||
Description on calculation of expected volatility | Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility | Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility | |||
Description on exercise price of options | The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. | The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. | |||
Weighted average remaining contractual life of options and warrants | 8.39 years | 8.39 years | |||
Options and warrants outstanding | 92,600,000 | 92,600,000 | |||
Options and warrants vested | 16,200,000 | 16,200,000 | |||
Weighted average share price at the date of exercise | $ 90.71 | € 79.22 | |||
Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 6 months | 6 months | |||
Vesting acceleration of stock options and restricted stock units | shares | 300,000 | 300,000 | |||
Executive Board [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting acceleration of stock options and restricted stock units | shares | 300,000 | 300,000 | |||
Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 11.82 | € 10.32 | |||
Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 139.63 | € 121.95 | |||
Performance Share Unit [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of long-term unit programs | Program | 3 | 3 | |||
Performance Share Unit [member] | Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 2,700,000 | 2,700,000 | 2,000,000 | ||
Performance Share Unit [member] | Executive Board [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 100,000 | 100,000 | |||
Performance Share Unit [member] | AB inBev [member] | Senior Management [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 500,000 | 500,000 | |||
Performance Share Unit [member] | AB inBev [member] | Executive Board [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | $ 46,000,000 | ||||
Performance Share Unit [member] | AB inBev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares grant the right to receive | shares | 1 | 1 | |||
Performance Share Unit [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 5 years | 5 years | |||
Performance Share Unit [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 10 years | 10 years | |||
Long Term Restricted Stock Unit Program One [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation grant date fair value | 2,300,000 | 2,300,000 | 100,000 | ||
Share-based compensation grant date fair value | $ 184,000,000 | $ 9,000,000 | |||
Long Term Restricted Stock Unit Program One [member] | AB inBev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 400,000 | 400,000 | 800,000 | ||
Fair value of stock options granted | $ 35,000,000 | $ 15,000,000 | |||
Long Term Restricted Stock Unit Program One [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 5 years | 5 years | |||
Long Term Restricted Stock Unit Program Two [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period | Five years | Five years | |||
Restricted stock units, vesting period variance | 2 years 6 months | 2 years 6 months | |||
Long Term Restricted Stock Unit Program Two [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period variance | 3 years | 3 years | |||
Long term restricted stock unit program two series two [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period variance | 5 years | 5 years | |||
Long term restricted stock unit program two series two [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted stock units, vesting period | Ten years | Ten years | |||
Long Term Restricted Stock Unit Program Three [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based payment vesting period | 5 years | 5 years | |||
Share-based compensation grant date fair value | 100,000 | 100,000 | |||
Share-based compensation grant date fair value | $ 1,000,000 | $ 5,000,000 | |||
Other Grants Plan [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exchange of stock options | 0 | 0 | 300,000 | ||
Unvested stock options issued | 0 | 0 | 0 | ||
Other Grants Plan [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Shares lock up period | 5 years | 5 years |
Share-Based Payments - Summary
Share-Based Payments - Summary of Weighted Average Fair Value of Options and Assumptions (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 16.92 | $ 19.94 | $ 17.40 |
Share price | 98.66 | 117.77 | 103.77 |
Exercise price | $ 98.66 | $ 117.77 | $ 103.77 |
Expected volatility | 23.00% | 23.00% | 24.00% |
Expected dividends | 3.00% | 3.00% | 3.00% |
Risk-free interest rate | 0.39% | 0.72% | 0.54% |
Ambev [member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of options granted | $ 1.47 | $ 1.97 | $ 1.90 |
Share price | 4.66 | 5.99 | 5.27 |
Exercise price | $ 4.66 | $ 5.99 | $ 5.27 |
Expected volatility | 26.00% | 27.00% | 27.00% |
Risk-free interest rate | 9.60% | 10.10% | 12.40% |
Bottom of range [member] | Ambev [member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividends | 0.00% | 0.00% | 0.00% |
Top of range [member] | Ambev [member] | Brazil [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividends | 5.00% | 5.00% | 5.00% |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Number of Options Outstanding (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about options outstanding [line items] | |||
Options issued during the year | 1,251,602 | ||
Options exercised during the year | (1,497,344) | ||
Options outstanding at the end of December | 141,300,000 | ||
Brazil [Member] | Ambev [member] | |||
Disclosure of information about options outstanding [line items] | |||
Options outstanding at 1 January | 135,200,000 | 131,300,000 | 121,700,000 |
Options issued during the year | 19,900,000 | 20,400,000 | 24,800,000 |
Options exercised during the year | (10,000,000) | (13,500,000) | (11,600,000) |
Options forfeited during the year | (3,800,000) | (2,900,000) | (3,700,000) |
Options outstanding at the end of December | 141,300,000 | 135,200,000 | 131,300,000 |
AB inBev [member] | |||
Disclosure of information about options outstanding [line items] | |||
Options outstanding at 1 January | 93,000,000 | 64,900,000 | 47,600,000 |
Options issued during the year | 5,200,000 | 35,000,000 | 20,400,000 |
Options exercised during the year | (1,700,000) | (3,000,000) | (2,200,000) |
Options forfeited during the year | (4,000,000) | (3,900,000) | (900,000) |
Options outstanding at the end of December | 92,600,000 | 93,000,000 | 64,900,000 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Weighted Average Exercise Price of Options (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Brazil [Member] | Ambev [member] | |||
Disclosure of options weighted average exercise price [line items] | |||
Options outstanding at 1 January | $ 4.92 | $ 4.26 | $ 3.17 |
Granted during the year | 4.66 | 5.99 | 5.27 |
Exercised during the year | 1.93 | 1.76 | 0.77 |
Forfeited during the year | 4.79 | 5.41 | 3.94 |
Outstanding at the end of December | 4.17 | 4.92 | 4.26 |
Exercisable at the end of December | 0.58 | 1.14 | 1.12 |
AB inBev [member] | |||
Disclosure of options weighted average exercise price [line items] | |||
Options outstanding at 1 January | 98.32 | 76.25 | 64.50 |
Granted during the year | 104.77 | 117.24 | 104.71 |
Exercised during the year | 44.96 | 38.94 | 32.45 |
Forfeited during the year | 113.19 | 108.26 | 88.68 |
Outstanding at the end of December | 94.74 | 98.32 | 76.25 |
Exercisable at the end of December | $ 21.40 | $ 59.66 | $ 40.62 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Number of Outstanding Deferred and Restricted stock Units (Detail) - Restricted Stock Units [member] pure in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other equity instruments [line items] | |||
Restricted stock units outstanding at 1 January | 5.4 | 5.8 | 5.6 |
Restricted stock units issued during the year | 2.3 | 0.7 | 1.4 |
Restricted stock units exercised during the year | (0.5) | (0.7) | (1.1) |
Restricted stock units forfeited during the year | (1.2) | (0.4) | (0.1) |
Restricted stock units outstanding at the end of December | 6 | 5.4 | 5.8 |
Ambev [member] | |||
Disclosure of other equity instruments [line items] | |||
Restricted stock units issued during the year | 13.1 | ||
Brazil [Member] | Ambev [member] | |||
Disclosure of other equity instruments [line items] | |||
Restricted stock units outstanding at 1 January | 16.3 | 19.3 | 19.1 |
Restricted stock units issued during the year | 13.5 | 0.8 | 7.3 |
Restricted stock units exercised during the year | (3.7) | (2.9) | (6.1) |
Restricted stock units forfeited during the year | (1.1) | (0.9) | (1) |
Restricted stock units outstanding at the end of December | 25 | 16.3 | 19.3 |
Share-Based Payments - Ambev Sh
Share-Based Payments - Ambev Share-Based Payment Programs - Additional Information (Detail) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2018BRL (R$)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2018BRL (R$) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 1,251,602 | 1,251,602 | |||
Stock options grant date fair value | $ 16.92 | $ 19.94 | $ 17.40 | ||
Options outstanding | 141,300,000 | 141,300,000 | |||
Options vested | 55,500,000 | 55,500,000 | |||
Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average remaining contractual life of options and warrants | 6 years 3 months 7 days | 6 years 3 months 7 days | |||
Weighted average share price at the date of exercise | $ 5.63 | R$ 21.03 | |||
Number of shares exchanged | shares | 0.1 | 0.1 | 0.1 | ||
Discount on exchange | 16.70% | 16.70% | |||
Fair value of the transaction | $ 1,000,000 | $ 2,000,000 | |||
Share based program service period | 5 years | 5 years | |||
Description of the fair value measured | The fair values of the Ambev and AB InBev shares were determined based on the market price. | The fair values of the Ambev and AB InBev shares were determined based on the market price. | |||
Ambev [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 0 | R$ 0.01 | |||
Ambev [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding options and warrants | $ 7.08 | R$ 27.43 | |||
Phantom Shares [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Phantom shares lock up period A | 5 years | 5 years | |||
Phantom shares lock up period B | 10 years | 10 years | |||
Restricted Stock Units [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 2,300,000 | 2,300,000 | 700,000 | 1,400,000 | |
Share-based compensation grant date fair value | $ 158,000,000 | $ 31,000,000 | |||
Restricted Stock Units [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 13,100,000 | 13,100,000 | |||
Share-based compensation grant date fair value | $ 66,000,000 | ||||
Long Term Incentive Stock Option Plan [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options granted | 19,500,000 | 19,500,000 | 20,400,000 | ||
Stock options grant date fair value | $ 30,000,000 | $ 42,000,000 | |||
Deferred stock unit plan [member] | Ambev [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation number of shares issued | 400,000 | 400,000 | |||
Share-based compensation grant date fair value | $ 2,000,000 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions by Class (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 2,400 | $ 2,546 |
Effect of changes in foreign exchange rates | (115) | 73 |
Acquisitions through business combinations | 0 | |
Provisions made | 535 | 308 |
Provisions used | (806) | (419) |
Provisions reversed | (56) | (160) |
Other movements | (40) | 52 |
Ending balance | 1,918 | 2,400 |
Restructuring [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 153 | 232 |
Effect of changes in foreign exchange rates | (7) | 15 |
Acquisitions through business combinations | 0 | |
Provisions made | 69 | 88 |
Provisions used | (75) | (186) |
Provisions reversed | (2) | (2) |
Other movements | (8) | 6 |
Ending balance | 130 | 153 |
Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 1,383 | 1,466 |
Effect of changes in foreign exchange rates | (65) | 20 |
Acquisitions through business combinations | 0 | |
Provisions made | 195 | 185 |
Provisions used | (377) | (135) |
Provisions reversed | (54) | (160) |
Other movements | (5) | 7 |
Ending balance | 1,077 | 1,383 |
Other - Disputes [Member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 864 | 848 |
Effect of changes in foreign exchange rates | (43) | 38 |
Acquisitions through business combinations | 0 | |
Provisions made | 271 | 35 |
Provisions used | (354) | (99) |
Provisions reversed | 2 | |
Other movements | (27) | 39 |
Ending balance | $ 711 | $ 864 |
Provisions - Summary of Provi_2
Provisions - Summary of Provisions are Expected to be Settled Within the Following Time Windows (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | $ 1,918 | $ 2,400 | $ 2,546 |
Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 130 | 153 | 232 |
Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 627 | ||
Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 136 | ||
Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 34 | ||
Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 18 | ||
Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 262 | ||
Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 1,077 | 1,383 | 1,466 |
Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 711 | $ 864 | $ 848 |
Less than 1 year [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 766 | ||
Less than 1 year [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 63 | ||
Less than 1 year [member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 365 | ||
Less than 1 year [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 44 | ||
Less than 1 year [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 14 | ||
Less than 1 year [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 7 | ||
Less than 1 year [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 430 | ||
Less than 1 year [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 273 | ||
1-2 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 495 | ||
1-2 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 18 | ||
1-2 years [member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 141 | ||
1-2 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 12 | ||
1-2 years [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 6 | ||
1-2 years [member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 3 | ||
1-2 years [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 102 | ||
1-2 years [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 264 | ||
1-2 years [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 213 | ||
2-5 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 609 | ||
2-5 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 47 | ||
2-5 years [member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 83 | ||
2-5 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 73 | ||
2-5 years [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 13 | ||
2-5 years [member] | Excise duties - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 15 | ||
2-5 years [member] | Other Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 153 | ||
2-5 years [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 337 | ||
2-5 years [member] | Other - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 225 | ||
Greater than 5 years [member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 48 | ||
Greater than 5 years [member] | Restructuring [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 2 | ||
Greater than 5 years [member] | Income and Indirect Taxes - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 38 | ||
Greater than 5 years [member] | Labor - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 7 | ||
Greater than 5 years [member] | Commercial - Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | 1 | ||
Greater than 5 years [member] | Disputes [Member] | |||
Disclosure Of Schedule To Settle Provisions [line items] | |||
Total provisions | $ 46 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of trade and other payables [abstract] | ||
Indirect taxes payable | $ 194 | $ 157 |
Trade payables | 238 | 380 |
Deferred consideration on acquisitions | 1,247 | 699 |
Other payables | 138 | 226 |
Non-current trade and other payables | 1,816 | 1,462 |
Trade payables and accrued expenses | 15,512 | 15,240 |
Payroll and social security payables | 900 | 1,284 |
Indirect taxes payable | 2,633 | 2,862 |
Interest payable | 1,616 | 1,790 |
Consigned packaging | 1,093 | 1,111 |
Dividends payable | 331 | 479 |
Deferred income | 32 | 30 |
Deferred consideration on acquisitions | 163 | 1,723 |
Other payables | 289 | 243 |
Current trade and other payables | $ 22,568 | $ 24,762 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) - USD ($) $ in Billions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
CERVECERIA NACIONAL DOMINICANA S.A. [member] | |||
Disclosure of trade and other payables [line items] | |||
Percentage of shares sold | 30.00% | ||
Consideration received | $ 0.9 | ||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | |||
Disclosure of trade and other payables [line items] | |||
Ownership interest | 55.00% | 85.00% | 55.00% |
Ambev And E Leon Jimenes Sa [member] | Written Put Options [member] | |||
Disclosure of trade and other payables [line items] | |||
Deferred consideration on acquisitions | $ 0.6 |
Risks Arising From Financial _3
Risks Arising From Financial Instruments - Disclosure of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | ||
Total | $ 6,799 | $ 8,383 |
Non-current | 1,068 | 959 |
Current | 5,731 | 7,444 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | 6,298 | 6,537 |
Equity instruments [member] | ||
Disclosure of financial assets [line items] | ||
Unquoted debt | 24 | 24 |
Unquoted companies | 84 | 76 |
Debt securities held for trading [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 87 | 1,304 |
Derivatives not designated [member] | Equity derivatives [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 21 | |
Derivatives not designated [member] | Interest rate swap [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 9 | |
Derivatives not designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 32 | 9 |
Derivatives not designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 20 | 1 |
Derivatives designated [member] | Interest rate swap [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 14 | |
Derivatives designated [member] | Forward exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | 191 | 151 |
Derivatives designated [member] | Other commodity derivatives [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets at fair value through profit or loss | $ 54 | $ 246 |
Risks Arising From Financial _4
Risks Arising From Financial Instruments - Disclosure of Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial liabilities [line items] | ||
Finance lease liabilities | $ 136,912 | $ 140,773 |
Non-current | 108,012 | 111,191 |
Current | 28,899 | 29,582 |
Trades and other payables [member] | ||
Disclosure of financial liabilities [line items] | ||
Trade and other payables | 20,658 | 21,921 |
Secured bank loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 109 | 230 |
Current interest-bearing loans and borrowings | 370 | 272 |
Unsecured bank loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 86 | 153 |
Current interest-bearing loans and borrowings | 22 | 739 |
Secured other loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 105,170 | 108,327 |
Unsecured other loans [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 57 | 53 |
Current interest-bearing loans and borrowings | 14 | 15 |
Finance lease liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Non-current interest-bearing loans and borrowings | 162 | 186 |
Finance lease liabilities | 42 | 27 |
Unsecured bond issues [member] | ||
Disclosure of financial liabilities [line items] | ||
Current interest-bearing loans and borrowings | 2,626 | 4,510 |
Commercial paper [Member] | ||
Disclosure of financial liabilities [line items] | ||
Current interest-bearing loans and borrowings | 1,142 | 1,870 |
Cash and bank overdrafts [Member] | ||
Disclosure of financial liabilities [line items] | ||
Current interest-bearing loans and borrowings | 114 | 117 |
Derivatives not designated [member] | Equity swaps [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 4,877 | 1,057 |
Derivatives not designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 387 | 906 |
Derivatives not designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 456 | 2 |
Derivatives designated [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 103 | |
Derivatives designated [member] | Other interest rate derivatives [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 56 | 73 |
Derivatives designated [member] | Forward exchange contracts [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 132 | 211 |
Derivatives designated [member] | Interest rate swap [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | 56 | 37 |
Derivatives designated [member] | Other commodity derivatives [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities at fair value through profit or loss | $ 273 | $ 67 |
Risks Arising from Financial _5
Risks Arising from Financial Instruments - Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Less than 1 year [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 11,423,000,000 | $ 11,637,000,000 |
Less than 1 year [member] | Foreign currency futures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 648,000,000 | 655,000,000 |
Less than 1 year [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 2,250,000,000 | 1,075,000,000 |
Less than 1 year [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,807,000,000 | 711,000,000 |
Less than 1 year [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 4,000,000 | |
Less than 1 year [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,597,000,000 | 1,412,000,000 |
Less than 1 year [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,241,000,000 | 1,214,000,000 |
Less than 1 year [member] | Equity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 11,347,000,000 | 11,799,000,000 |
1-2 years [member] | Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 190,000,000 | 233,000,000 |
1-2 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 750,000,000 | 2,250,000,000 |
1-2 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 51,000,000 | 1,797,000,000 |
1-2 years [member] | Aluminum swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 73,000,000 | 21,000,000 |
1-2 years [member] | Other commodity derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 32,000,000 | 144,000,000 |
2-3 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 28,000,000 | 750,000,000 |
2-3 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 16,000,000 | |
2-3 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 5,000,000 | |
3-5 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,873,000,000 | 1,883,000,000 |
3-5 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 6,464,000,000 | 5,900,000,000 |
Greater than 5 years [member] | Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 36,000,000 | 88,000,000 |
Greater than 5 years [member] | Cross currency interest rate swaps [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 681,000,000 | 1,176,000,000 |
Greater than 5 years [member] | Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 565,000,000 | $ 565,000,000 |
Risks Arising from Financial _6
Risks Arising from Financial Instruments - Summary of Foreign Exchange Risk on Operating Activities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Euro to Canadian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | $ (39) | $ (32) |
Total hedges | 39 | 32 |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (187) | (275) |
Total hedges | 182 | 246 |
Open position | (5) | (29) |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (239) | (82) |
Total hedges | 213 | 110 |
Open position | (26) | 28 |
Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (58) | |
Total hedges | 68 | |
Open position | 10 | |
Euro to South African Rand [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (90) | (84) |
Total hedges | 52 | 84 |
Open position | (38) | |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (51) | (53) |
Total hedges | 59 | 44 |
Open position | 8 | (9) |
Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (58) | |
Open position | (58) | |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (415) | (271) |
Total hedges | 404 | 425 |
Open position | (11) | 154 |
Mexican peso to chinese yuan [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (216) | |
Total hedges | 199 | |
Open position | (17) | |
Mexican peso to Euro [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (300) | |
Total hedges | 301 | |
Open position | 1 | |
Pound Sterling to Euro [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (34) | (87) |
Total hedges | 34 | 128 |
Open position | 41 | |
Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (40) | |
Total hedges | 40 | |
US dollar to Argentinian peso [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (573) | (678) |
Total hedges | 484 | 678 |
Open position | (89) | |
US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (209) | (469) |
Total hedges | 209 | 192 |
Open position | (277) | |
US Dollar to Bolivian Boliviano [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (76) | (20) |
Total hedges | 76 | 20 |
US Dollar to Brazilian Real [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (1,303) | (1,184) |
Total hedges | 1,223 | 1,184 |
Open position | (80) | |
US Dollar to Canadian Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (362) | (306) |
Total hedges | 286 | 306 |
Open position | (76) | |
US Dollar to Chilean Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (156) | (324) |
Total hedges | 155 | 324 |
Open position | 1 | |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (201) | (303) |
Total hedges | 249 | 134 |
Open position | 48 | (169) |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (287) | (319) |
Total hedges | 219 | 195 |
Open position | (68) | (124) |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (80) | (157) |
Total hedges | 78 | 145 |
Open position | (2) | (12) |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (1,151) | (1,143) |
Total hedges | 1,082 | 873 |
Open position | (69) | (270) |
US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (172) | |
Open position | (172) | |
US Dollar to Paraguayan Guarani [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (177) | (108) |
Total hedges | 166 | 108 |
Open position | (11) | |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (157) | (255) |
Total hedges | 149 | 154 |
Open position | (8) | (101) |
US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (45) | |
Total hedges | 30 | |
Open position | (15) | |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (80) | (72) |
Total hedges | 83 | 66 |
Open position | 3 | (6) |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (114) | (20) |
Total hedges | 128 | 60 |
Open position | 14 | 40 |
US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (18) | |
Open position | (18) | |
US Dollar to Uruguayan Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (40) | (57) |
Total hedges | 41 | 57 |
Open position | 1 | |
Other currency [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Total exposure | (321) | (124) |
Total hedges | 264 | 104 |
Open position | $ (57) | $ (20) |
Risks Arising from Financial _7
Risks Arising from Financial Instruments - Summary of Currency Transactional Risk (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 22.54 | 23.67 |
Volatility of rates | 14.75% | 12.07% |
Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 0.89 | 0.89 |
Volatility of rates | 6.03% | 7.94% |
Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 69.12 | |
Volatility of rates | 11.95% | |
Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 33.66 | |
Volatility of rates | 9.72% | |
Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.15 | 1.20 |
Volatility of rates | 7.32% | 7.12% |
Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.28 | 1.35 |
Volatility of rates | 8.45% | 13.99% |
US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1.42 | 1.28 |
Volatility of rates | 8.50% | 7.50% |
US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 6.88 | 6.51 |
Volatility of rates | 4.45% | 5.45% |
US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 3,246.70 | 2,988.60 |
Volatility of rates | 11.64% | 8.55% |
US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 0.87 | 0.83 |
Volatility of rates | 7.32% | 7.12% |
US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 19.68 | 19.74 |
Volatility of rates | 13.00% | 11.59% |
US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 362.54 | 360.03 |
Volatility of rates | 2.11% | 21.07% |
US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 3.37 | 3.24 |
Volatility of rates | 3.90% | 4.19% |
US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 57.63 | |
Volatility of rates | 10.76% | |
US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1,115.40 | 1,067.63 |
Volatility of rates | 7.74% | 13.70% |
US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 2,298.32 | 2,235.44 |
Volatility of rates | 3.76% | 2.63% |
US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 28.07 | |
Volatility of rates | 4.30% | |
US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 11.88 | 9.98 |
Volatility of rates | 13.41% | 10.72% |
Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 1,277.14 | 1,280.41 |
Volatility of rates | 7.45% | 7.73% |
US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Closing rate | 14.37 | 12.35 |
Volatility of rates | 16.82% | 15.39% |
Bottom of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 19.21 | 20.81 |
Bottom of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.84 | 0.82 |
Bottom of range [member] | Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 60.86 | |
Bottom of range [member] | Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 30.39 | |
Bottom of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.06 | 1.11 |
Bottom of range [member] | Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.17 | 1.16 |
Bottom of range [member] | US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.30 | 1.18 |
Bottom of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 6.57 | 6.15 |
Bottom of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | (2,868.90) | 2,732.94 |
Bottom of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.81 | 0.77 |
Bottom of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 17.12 | 17.45 |
Bottom of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | (354.90) | 284.18 |
Bottom of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3.24 | 3.11 |
Bottom of range [member] | US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 51.43 | |
Bottom of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | (1,029.10) | 921.40 |
Bottom of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | (2,211.95) | 2,176.76 |
Bottom of range [member] | US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 26.86 | |
Bottom of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 10.28 | 8.91 |
Bottom of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | (1,181.98) | 1,181.37 |
Bottom of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 11.96 | 10.44 |
Top of range [member] | Euro to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 25.86 | 26.53 |
Top of range [member] | Euro to Pound Sterling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.95 | 0.96 |
Top of range [member] | Euro to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 77.38 | |
Top of range [member] | Euro to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 36.93 | |
Top of range [member] | Euro to US Dollar [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.23 | 1.28 |
Top of range [member] | Pound Sterling to US Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.39 | 1.54 |
Top of range [member] | US Dollar to Australian Dollar [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1.54 | 1.38 |
Top of range [member] | US Dollar to Chinese Yuan [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 7.18 | 6.86 |
Top of range [member] | US Dollar to Colombian Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3,624.50 | 3,244.26 |
Top of range [member] | US Dollar to Euro [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 0.94 | 0.89 |
Top of range [member] | US Dollar to Mexican Peso [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 22.24 | 22.02 |
Top of range [member] | US Dollar to Nigerian Naira [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 370.18 | 435.87 |
Top of range [member] | US Dollar to Peruvian Nuevo Sol [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 3.50 | 3.38 |
Top of range [member] | US Dollar to Russian Ruble [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 63.83 | |
Top of range [member] | US Dollar to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,201.71 | 1,213.86 |
Top of range [member] | US Dollar to Tanzanian Shilling [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 2,384.69 | 2,294.12 |
Top of range [member] | US Dollar to Ukrainian Hryvnia [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 29.27 | |
Top of range [member] | US Dollar to Zambian Kwacha [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 13.47 | 11.05 |
Top of range [member] | Euro to South Korean Won [Member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 1,372.30 | 1,379.44 |
Top of range [member] | US Dollar to South African Rand [member] | ||
Disclosure Of Foreign Currency Exchange Exposure [line items] | ||
Possible closing rate | 16.79 | 14.25 |
Risks Arising From Financial _8
Risks Arising From Financial Instruments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 72 Months Ended | |||
Jan. 31, 2018USD ($) | Sep. 30, 2013 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative position positive pre-tax impact on equity reserves | $ 587,000,000 | $ 639,000,000 | $ 774,000,000 | $ 587,000,000 | ||
Amount of exposure equivalent to shares hedged | $ 14,454,000,000 | 19,679,000,000 | 14,454,000,000 | |||
Description of methods to use sensitivity analysis is assessed | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2018.Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. | |||||
Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Currency transactional risk impact on consolidated profit before taxes | $ 76,000,000 | 142,000,000 | $ 112,000,000 | |||
Ambev [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | 632,000,000 | 1,669,000,000 | 632,000,000 | |||
Holding Company [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative and non-derivative financial instruments, net | $ 9,773,000,000 | $ 7,424,000,000 | 9,773,000,000 | |||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of shares sold | 30.00% | |||||
Consideration received | $ 900,000,000 | |||||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Ownership interest | 55.00% | 85.00% | 55.00% | |||
Call Options [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Non derivative financial liability | $ 0 | 0 | ||||
Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Amount of exposure equivalent to shares hedged | 92,400,000 | 92,400,000 | ||||
Loss recognized in the profit or loss | $ 3,500,000,000 | |||||
Cash inflow (out flow) from reset of derivative contracts to market prices | $ 2,900,000,000 | |||||
Reasonable possible volatility rate | 22.03% | 15.68% | 22.84% | 22.03% | ||
Positive/negative impact on profit before tax | $ 1,345,000,000 | $ 1,422,000,000 | $ 2,236,000,000 | $ 1,345,000,000 | ||
Equity price risk [member] | Share-Based Compensation Plan [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | 1,800,000,000 | |||||
Interest Rate Risk [Member] | Floating interest rate [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | $ 7,038,000,000 | 7,038,000,000 | ||||
Proportion of company's financial liabilities | 6.40% | |||||
Higher/lower interest expense | $ 8,000,000 | 12,000,000 | 23,000,000 | |||
Higher/lower interest income | 60,000,000 | (81,000,000) | $ (53,000,000) | |||
Interest Rate Risk [Member] | Before hedging [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value of financial liabilities | $ 114,000,000 | 114,000,000 | ||||
Credit risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Concentration of credit risks, description | There was no significant concentration of credit risks with any single counterparty per 31 December 2018 and no single customer represented more than 10% of the total revenue of the group in 2018. | |||||
Credit risk [member] | Top of range [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of revenue accounted by individual customer | 10.00% | |||||
Deferred consideration on acquisitions [member] | Put Option [Member] | Observable Market Inputs - Level 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Non derivative financial liability | $ 632,000,000 | $ 1,700,000,000 | $ 632,000,000 | |||
Fair value hedges [member] | Interest Rate Risk [Member] | US Dollar Fixed Rate Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Issuance amount | 1,000,000,000 | 1,000,000,000 | ||||
Cash flow hedges [member] | Interest Rate Risk [Member] | Pound Sterling Bond Hedges [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Issuance amount | 500,000,000 | |||||
Interest rate percentage | 4.00% | |||||
Maturity period | September 2025 | |||||
Major business combination [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Percentage of shares sold | 30.00% | |||||
Consideration received | $ 900,000,000 | |||||
Ownership interest | 85.00% | |||||
Grupo Modelo [member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | $ 873,000,000 | |||||
SABMiller Group [member] | Equity price risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Loss recognized in the profit or loss | $ 849,000,000 |
Risks Arising from Financial _9
Risks Arising from Financial Instruments - Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about hedges [line items] | |||
Economic hedges | $ 6 | $ (304) | $ (21) |
Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Economic hedges | (13) | (53) | |
Economic Hedges [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Economic hedges | (210) | (49) | (36) |
Other Results - Not Hedged [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Economic hedges | $ 216 | $ (242) | $ 68 |
Risks Arising from Financial_10
Risks Arising from Financial Instruments - Summary of Effective Interest Rates at Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | $ (6,340) | $ (2,353) |
Before hedging [Member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 5,711 | 6,362 |
Before hedging [Member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | $ 104,203 | $ 110,137 |
Before hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 9.13% | 9.22% |
Hedging | $ 61 | $ 122 |
Before hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 6.74% | 6.43% |
Hedging | $ 138 | $ 206 |
Before hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.66% | 2.09% |
Hedging | $ 190 | $ 207 |
Before hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.23% | 3.08% |
Hedging | $ 1,904 | $ 2,543 |
Before hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 0.24% | 0.35% |
Hedging | $ 3,138 | $ 3,398 |
Before hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 1.76% | 1.88% |
Hedging | $ 27,465 | $ 26,386 |
Before hedging [Member] | South African Rand [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 8.00% | |
Hedging | $ 666 | |
Before hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 1.94% | 1.48% |
Hedging | $ 1,399 | $ 1,285 |
Before hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 4.28% | 4.18% |
Hedging | $ 68,570 | $ 74,476 |
Before hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 7.19% | 16.68% |
Hedging | $ 709 | $ 450 |
Before hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 8.55% | 3.36% |
Hedging | $ 82 | $ 252 |
Before hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 2.95% | 2.68% |
Hedging | $ 214 | $ 234 |
Before hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.28% | 3.70% |
Hedging | $ 1,871 | $ 1,838 |
Before hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 6.87% | |
Hedging | $ 33 | |
Before hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.83% | 3.83% |
Hedging | $ 4,173 | $ 4,403 |
After hedging [Member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 7,038 | 7,709 |
After hedging [Member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | $ 102,876 | $ 108,790 |
After hedging [Member] | Brazilian Real [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 6.86% | 7.61% |
Hedging | $ 133 | $ 199 |
After hedging [Member] | Brazilian Real [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 5.79% | 5.86% |
Hedging | $ 66 | $ 112 |
After hedging [Member] | Canadian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.38% | 2.45% |
Hedging | $ 206 | $ 224 |
After hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.23% | 3.19% |
Hedging | $ 1,904 | $ 2,176 |
After hedging [Member] | Euro [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 0.24% | 0.35% |
Hedging | $ 3,138 | $ 3,415 |
After hedging [Member] | Euro [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 1.61% | 1.70% |
Hedging | $ 35,292 | $ 34,251 |
After hedging [Member] | South African Rand [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 8.00% | |
Hedging | $ 666 | |
After hedging [Member] | US Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 2.21% | 1.43% |
Hedging | $ 2,638 | $ 2,521 |
After hedging [Member] | US Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 4.66% | 4.51% |
Hedging | $ 59,120 | $ 65,394 |
After hedging [Member] | Other currency [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 7.19% | 16.68% |
Hedging | $ 709 | $ 450 |
After hedging [Member] | Other currency [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 8.55% | 2.36% |
Hedging | $ 82 | $ 252 |
After hedging [Member] | Australian Dollar [member] | Floating interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 2.95% | 2.68% |
Hedging | $ 214 | $ 234 |
After hedging [Member] | Australian Dollar [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.28% | 3.70% |
Hedging | $ 1,871 | $ 1,838 |
After hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 6.87% | |
Hedging | $ 33 | |
After hedging [Member] | Pound Sterling [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 3.80% | 3.80% |
Hedging | $ 3,541 | $ 3,734 |
After hedging [Member] | South Korea [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging | 2.45% | 2.50% |
Hedging | $ 1,000 | $ 1,000 |
Risks Arising from Financial_11
Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 06, 2010 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 6.375% | ||
Brazilian Real [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 6.44% | 6.90% | |
Volatility rates in % | 5.00% | 23.27% | |
Canadian Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 2.29% | 1.54% | |
Volatility rates in % | 5.91% | 10.72% | |
Euro [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Volatility rates in % | 2.45% | 3.50% | |
South African Rand [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 7.16% | ||
Volatility rates in % | 3.84% | ||
US Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 2.78% | 1.69% | |
Volatility rates in % | 5.97% | 6.00% | |
Bottom of range [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 4.00% | ||
Bottom of range [member] | Brazilian Real [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 6.12% | 5.29% | |
Bottom of range [member] | Canadian Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 2.15% | 1.38% | |
Bottom of range [member] | South African Rand [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 6.88% | ||
Bottom of range [member] | US Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 2.61% | 1.59% | |
Top of range [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest rate | 8.00% | ||
Top of range [member] | Brazilian Real [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 6.76% | 8.50% | |
Top of range [member] | Canadian Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 2.42% | 1.71% | |
Top of range [member] | South African Rand [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 7.43% | ||
Top of range [member] | US Dollar [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Possible interest rate 2 | 2.94% | 1.80% |
Risks Arising from Financial_12
Risks Arising from Financial Instruments - Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities (Detail) - Interest Rate Risk [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ (3,972) | $ (4,314) | $ (4,092) |
Financial Liabilities at Amortised Cost, Class [Member] | Not Designated in Hedging Relationship [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (4,053) | (4,375) | (4,119) |
Fair value hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | (76) | (11) | (31) |
Cash flow hedges [member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 22 | 1 | (8) |
Net investment hedges [member] | Hedging Instrument [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | 35 | 77 | 34 |
Economic Hedges [Member] | Hedged Item [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Interest expense | $ 100 | $ (6) | $ 32 |
Risks arising from Financial_13
Risks arising from Financial instruments - Schedule of Commodity Derivatives Outstanding (Detail) - Commodity price risk [member] - Commodity derivatives [member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | $ 2,943 | $ 2,754 |
Aluminum swap [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 1,670 | 1,412 |
Exchange traded sugar futures [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 62 | 87 |
Natural gas and energy derivatives [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 313 | 211 |
Corn swaps [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 196 | 223 |
Exchange traded wheat futures [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 424 | 509 |
Rice swaps [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | 194 | 221 |
Plastic derivatives [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Commodity derivatives outstanding | $ 84 | $ 91 |
Risks Arising from Financial_14
Risks Arising from Financial Instruments - Summary of Estimated Impact on Changes in the Price of Commodities (Detail) - Commodity price risk [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Aluminum swap [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 22.16% | 14.83% |
Pre-tax impact on equity Price Increases | $ 370 | $ 212 |
Prices decrease | $ (370) | $ (212) |
Exchange traded sugar futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 29.60% | 29.38% |
Pre-tax impact on equity Price Increases | $ 18 | $ 26 |
Prices decrease | $ (18) | $ (26) |
Exchange traded wheat futures [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 29.31% | 30.99% |
Pre-tax impact on equity Price Increases | $ 124 | $ 158 |
Prices decrease | $ (124) | $ (158) |
Natural gas and energy derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 23.83% | 20.37% |
Pre-tax impact on equity Price Increases | $ 74 | $ 43 |
Prices decrease | $ (74) | $ (43) |
Rice swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 22.08% | 20.20% |
Pre-tax impact on equity Price Increases | $ 43 | $ 45 |
Prices decrease | $ (43) | $ (45) |
Corn swaps [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 23.85% | 24.81% |
Pre-tax impact on equity Price Increases | $ 47 | $ 45 |
Prices decrease | $ (47) | $ (45) |
Plastic derivatives [member] | ||
Disclosure of sensitivity analysis for each type of commodity price risk [line items] | ||
Volatility of prices in %3 | 20.54% | 17.50% |
Pre-tax impact on equity Price Increases | $ 17 | $ 15 |
Prices decrease | $ (17) | $ (15) |
Risks Arising from Financial_15
Risks Arising from Financial Instruments - Summary of Carrying Amount of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Gross | $ 14,454 | $ 19,679 |
Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 111 | 1,328 |
Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,240 | 4,723 |
Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 197 | 209 |
Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 188 | 179 |
Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 2,253 | 2,209 |
Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 307 | 483 |
Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 7,074 | 10,472 |
Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 84 | 76 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 14,727 | 19,997 |
Gross carrying amount [member] | Debt Securities [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 111 | 1,328 |
Gross carrying amount [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 4,400 | 4,917 |
Gross carrying amount [member] | Cash Deposits for Guarantees [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 197 | 209 |
Gross carrying amount [member] | Loans to customers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 188 | 179 |
Gross carrying amount [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 2,359 | 2,326 |
Gross carrying amount [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 307 | 483 |
Gross carrying amount [member] | Cash and Cash Equivalent [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 7,074 | 10,472 |
Gross carrying amount [member] | Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | 91 | 83 |
Impairment losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (273) | (318) |
Impairment losses [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (160) | (194) |
Impairment losses [member] | Other receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | (106) | (117) |
Impairment losses [member] | Equity instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross | $ (7) | $ (7) |
Risks Arising from Financial_16
Risks Arising from Financial Instruments - Summary of Allowance for Impairment (Detail) - Impairment losses [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | $ (318) | $ (318) | $ (338) |
Impairment losses | (43) | (59) | (43) |
Derecognition | 35 | 54 | 71 |
Currency translation and other | 53 | 5 | (8) |
Ending balance | (273) | (318) | (318) |
Trade receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (194) | (202) | (230) |
Impairment losses | (40) | (55) | (43) |
Derecognition | 29 | 53 | 69 |
Currency translation and other | 44 | 10 | 2 |
Ending balance | (160) | (194) | (202) |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (7) | (7) | (9) |
Currency translation and other | 2 | ||
Ending balance | (7) | (7) | (7) |
Other receivables [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Beginning balance | (117) | (109) | (99) |
Impairment losses | (3) | (4) | |
Derecognition | 6 | 1 | 2 |
Currency translation and other | 9 | (5) | (12) |
Ending balance | $ (106) | $ (117) | $ (109) |
Risks Arising from Financial_17
Risks Arising from Financial Instruments - Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Non-derivative financial liabilities | ||
Finance lease liabilities | $ (205) | $ (213) |
Bank overdraft | (114) | (117) |
Less than 1 year [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (42) | (27) |
1-2 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (19) | (29) |
2-3 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (17) | (20) |
3-5 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (12) | (23) |
Greater than 5 years [member] | ||
Non-derivative financial liabilities | ||
Finance lease liabilities | (114) | (114) |
Net carrying amount [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (479) | (502) |
Commercial papers | (1,142) | (1,870) |
Unsecured bank loans | (108) | (892) |
Unsecured bond issues | (107,796) | (112,837) |
Unsecured other loans | (71) | (68) |
Finance lease liabilities | (204) | (213) |
Bank overdraft | (114) | (117) |
Trade and other payables | (24,345) | (26,167) |
Non-derivative financial liabilities | (134,258) | (142,666) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (84) | (96) |
Foreign exchange derivatives | (391) | (61) |
Cross currency interest rate swaps | (456) | (897) |
Commodity derivatives | (225) | 179 |
Equity derivatives | (4,877) | (1,036) |
Derivative financial assets/(liabilities) | (6,033) | (1,911) |
Of which: related to cash flow hedges | (293) | (20) |
Contractual cash flows [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (496) | (590) |
Commercial papers | (1,142) | (1,871) |
Unsecured bank loans | (135) | (927) |
Unsecured bond issues | (165,979) | (167,056) |
Unsecured other loans | (110) | (114) |
Finance lease liabilities | (316) | (301) |
Bank overdraft | (114) | (117) |
Trade and other payables | (24,722) | (26,628) |
Non-derivative financial liabilities | (193,014) | (197,604) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (86) | (101) |
Foreign exchange derivatives | (401) | (52) |
Cross currency interest rate swaps | (457) | (1,043) |
Commodity derivatives | (225) | 143 |
Equity derivatives | (4,877) | (1,134) |
Derivative financial assets/(liabilities) | (6,046) | (2,187) |
Of which: related to cash flow hedges | (303) | (29) |
Contractual cash flows [member] | Less than 1 year [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (383) | (318) |
Commercial papers | (1,142) | (1,871) |
Unsecured bank loans | (33) | (761) |
Unsecured bond issues | (6,410) | (8,951) |
Unsecured other loans | (19) | (17) |
Finance lease liabilities | (62) | (42) |
Bank overdraft | (114) | (117) |
Trade and other payables | (22,557) | (24,756) |
Non-derivative financial liabilities | (30,720) | (36,833) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (39) | (9) |
Foreign exchange derivatives | (419) | (59) |
Cross currency interest rate swaps | (13) | 65 |
Commodity derivatives | (222) | 139 |
Equity derivatives | (4,877) | (1,134) |
Derivative financial assets/(liabilities) | (5,570) | (998) |
Of which: related to cash flow hedges | (233) | 64 |
Contractual cash flows [member] | 1-2 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (39) | (137) |
Unsecured bank loans | (6) | (129) |
Unsecured bond issues | (9,146) | (13,951) |
Unsecured other loans | (22) | (23) |
Finance lease liabilities | (37) | (42) |
Trade and other payables | (260) | (476) |
Non-derivative financial liabilities | (9,510) | (14,758) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (19) | (21) |
Foreign exchange derivatives | 18 | 7 |
Cross currency interest rate swaps | 113 | (128) |
Commodity derivatives | (3) | 4 |
Derivative financial assets/(liabilities) | 109 | (138) |
Of which: related to cash flow hedges | 17 | 5 |
Contractual cash flows [member] | 2-3 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (15) | (23) |
Unsecured bank loans | (96) | (37) |
Unsecured bond issues | (11,636) | (12,908) |
Unsecured other loans | (12) | (13) |
Finance lease liabilities | (33) | (32) |
Trade and other payables | (1,060) | (207) |
Non-derivative financial liabilities | (12,852) | (13,220) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (8) | (14) |
Cross currency interest rate swaps | 129 | 114 |
Derivative financial assets/(liabilities) | 121 | 100 |
Of which: related to cash flow hedges | 2 | 2 |
Contractual cash flows [member] | 3-5 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (27) | (42) |
Unsecured bond issues | (23,672) | (24,655) |
Unsecured other loans | (12) | (7) |
Finance lease liabilities | (33) | (40) |
Trade and other payables | (333) | (289) |
Non-derivative financial liabilities | (24,077) | (25,033) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | 11 | 16 |
Cross currency interest rate swaps | (595) | (904) |
Derivative financial assets/(liabilities) | (584) | (888) |
Of which: related to cash flow hedges | 2 | 4 |
Contractual cash flows [member] | Greater than 5 years [member] | ||
Non-derivative financial liabilities | ||
Secured bank loans | (31) | (70) |
Unsecured bond issues | (115,115) | (106,591) |
Unsecured other loans | (44) | (54) |
Finance lease liabilities | (151) | (145) |
Trade and other payables | (513) | (900) |
Non-derivative financial liabilities | (115,855) | (107,760) |
Derivative financial assets/(liabilities) | ||
Interest rate derivatives | (31) | (73) |
Cross currency interest rate swaps | (90) | (190) |
Derivative financial assets/(liabilities) | (121) | (263) |
Of which: related to cash flow hedges | $ (90) | $ (104) |
Risks Arising from Financial_18
Risks Arising from Financial Instruments - Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Assets | $ 307 | $ 442 |
Liabilities | (6,340) | (2,353) |
Net | (6,033) | (1,911) |
Non-current, Assets | 291 | 25 |
Non-current, Liabilities | (766) | (937) |
Non-current, Net | 795 | (912) |
Derivatives | 16 | 458 |
Derivatives | (5,574) | (1,457) |
Current derivative financial assets liabilities, net, Total | (5,238) | (999) |
Forward exchange contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 191 | 151 |
Liabilities | (586) | (211) |
Net | (395) | (60) |
Foreign currency futures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 7 | 1 |
Liabilities | (3) | (2) |
Net | 4 | (1) |
Interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 9 | 14 |
Liabilities | (27) | (37) |
Net | (18) | (23) |
Cross currency interest rate swap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 32 | 9 |
Liabilities | (489) | (906) |
Net | (457) | (897) |
Other interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 20 | |
Liabilities | (86) | (73) |
Net | (66) | (73) |
Aluminum swaps [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 23 | 178 |
Liabilities | (172) | (5) |
Net | (149) | 173 |
Sugar futures commodity contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 24 | |
Liabilities | (8) | (20) |
Net | (8) | 4 |
Wheat futures commodity contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 13 | 34 |
Liabilities | (11) | (22) |
Net | 2 | 12 |
Other commodity contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 8 | 10 |
Liabilities | (28) | (20) |
Net | (20) | (10) |
Equity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 21 | |
Liabilities | (4,877) | (1,057) |
Net | (4,877) | $ (1,036) |
Energy futures commodity contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 4 | |
Liabilities | (54) | |
Net | $ (50) |
Risks Arising from Financial_19
Risks Arising from Financial Instruments - Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | $ (104,203) | $ (110,137) |
Fair value | (100,956) | (120,287) |
Fixed interest rate [member] | Australian Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (1,871) | (1,838) |
Fair value | (1,927) | (1,896) |
Fixed interest rate [member] | Brazilian Real [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (138) | (206) |
Fair value | (138) | (206) |
Fixed interest rate [member] | Canadian Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (1,904) | (2,543) |
Fair value | (1,817) | (2,574) |
Fixed interest rate [member] | Euro [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (27,465) | (26,386) |
Fair value | (26,799) | (26,942) |
Fixed interest rate [member] | Peruvian Nuevo Sol [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (24) | (33) |
Fair value | (24) | (33) |
Fixed interest rate [member] | Pound Sterling [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (4,173) | (4,403) |
Fair value | (4,320) | (4,902) |
Fixed interest rate [member] | US Dollar [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (68,570) | (74,476) |
Fair value | (65,873) | (83,482) |
Fixed interest rate [member] | Other currency [member] | ||
Disclosure of interest bearing financial instruments [line items] | ||
Carrying amount | (58) | (252) |
Fair value | $ (58) | $ (252) |
Risks Arising from Financial_20
Risks Arising from Financial Instruments - Analysis of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | $ 6,799 | $ 8,383 |
Financial Liabilities | 136,912 | 140,773 |
Quoted (unadjusted) prices- level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 10 | 1,313 |
Financial Liabilities | 18 | 29 |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1 | |
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 18 | 28 |
Quoted (unadjusted) prices- level 1 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 3 | 1,304 |
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 7 | 9 |
Observable market inputs - level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 348 | 479 |
Financial Liabilities | 6,362 | 2,365 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 5,699 | 1,210 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 507 | 341 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 125 | 129 |
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 31 | 685 |
Observable market inputs - level 2 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 9 | 5 |
Observable market inputs - level 2 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 67 | 89 |
Observable market inputs - level 2 [member] | Derivatives [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 225 | 340 |
Observable market inputs - level 2 [member] | Derivatives [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 33 | 36 |
Observable market inputs - level 2 [member] | Derivatives [member] | Net investment hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 14 | 9 |
Observable Market Inputs - Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1,409 | 2,210 |
Observable Market Inputs - Level 3 [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 1,409 | |
Observable Market Inputs - Level 3 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 2,210 |
Risks arising from Financial_21
Risks arising from Financial instruments - Summary of Hedging Reserve and Hedging Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January 2017 | $ 586 | $ 744 |
Change in fair value of hedging instrument recognized in OCI | 358 | (83) |
Reclassified to profit or loss / cost of inventory | (452) | (75) |
Deferred tax | 2 | |
As per 31 December 2017 | 494 | 586 |
Foreign currency futures [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January 2017 | 559 | 540 |
Change in fair value of hedging instrument recognized in OCI | 262 | (61) |
Reclassified to profit or loss / cost of inventory | (341) | 80 |
As per 31 December 2017 | 480 | 559 |
Commodity Contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January 2017 | (20) | 204 |
Change in fair value of hedging instrument recognized in OCI | 97 | (22) |
Reclassified to profit or loss / cost of inventory | (137) | (202) |
As per 31 December 2017 | (60) | (20) |
Other hedging instrument [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
As per 1 January 2017 | 47 | |
Reclassified to profit or loss / cost of inventory | 26 | 47 |
Deferred tax | 2 | |
As per 31 December 2017 | $ 76 | $ 47 |
Risks Arising from Financial_22
Risks Arising from Financial Instruments - Summary of Offsetting Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | $ 307 | $ 483 |
Net amount recognized in the statement of financial position | 307 | 483 |
Other offsetting agreements | (293) | (466) |
Total net amount | 13 | 17 |
Derivative liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amount | (6,340) | (2,394) |
Net amount recognized in the statement of financial position | (6,340) | (2,394) |
Other offsetting agreements | 293 | 466 |
Total net amount | $ (6,046) | $ (1,928) |
Operating Leases - Summary of N
Operating Leases - Summary of Non-Cancelable Operating Leases are Payable and Receivable (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lessee | $ (2,483) | $ (2,100) |
Sublease | 811 | 763 |
Lessor | 18 | 13 |
Net lease obligations | (1,654) | (1,324) |
Less than 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lessee | (475) | (210) |
Sublease | 149 | 127 |
Lessor | 3 | 2 |
Net lease obligations | (323) | (181) |
Between 1 and 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lessee | (1,237) | (1,009) |
Sublease | 451 | 425 |
Lessor | 9 | 7 |
Net lease obligations | (777) | (577) |
Greater than 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lessee | (771) | (781) |
Sublease | 211 | 211 |
Lessor | 6 | 4 |
Net lease obligations | $ (554) | $ (566) |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease income | $ 3 | $ 4 | $ 10 |
Operating lease recognized expense | 512 | 471 | 272 |
Operating sub lease recognized expense | 133 | $ 128 | $ 117 |
Property, plant and equipment under operating leases [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Undiscounted operating lease obligation | 2,483 | ||
Operating lease income | $ 811 | ||
Property, plant and equipment under operating leases [member] | Bottom of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease initial period | Five years | ||
Property, plant and equipment under operating leases [member] | Top of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating lease initial period | Ten years | ||
Dutch and Belgian pub real estate [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Pub lease term | 27 years | ||
Pubs leased from Cofinimmo [member] | Bottom of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | Six years | ||
Pubs leased from Cofinimmo [member] | Top of range [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Sublease average outstanding period | Eight years |
Collateral and Contractual Co_3
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Collateral and contractual commitments [abstract] | ||
Collateral given for own liabilities | $ 404 | $ 426 |
Collateral and financial guarantees received for own receivables and loans to customers | 335 | 326 |
Contractual commitments to purchase property, plant and equipment | 416 | 550 |
Contractual commitments to acquire loans to customers | 171 | 16 |
Other commitments | $ 1,973 | $ 1,834 |
Collateral and Contractual Co_4
Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of collateral and contractual commitments [line items] | |||
Collateral given for own liabilities | $ 404 | $ 426 | |
Cash guarantees for liabilities | 197 | ||
Property collateral given for remaining own liabilities | 204 | ||
Collateral and other credit enhancements value | 335 | ||
Commitments to purchase property plant and equipment | 416 | 550 | |
Contractual commitments to acquire loans to customers | 171 | 16 | |
Other commitments | 1,973 | $ 1,834 | |
Stock option plans [member] | |||
Disclosure of collateral and contractual commitments [line items] | |||
Loaned securities | 20 | ||
Ordinary shares [member] | Stock option plans [member] | |||
Disclosure of collateral and contractual commitments [line items] | |||
Stock lending arrangements value | $ 20 | ||
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [member] | |||
Disclosure of collateral and contractual commitments [line items] | |||
Ownership interest | 55.00% | 85.00% | 55.00% |
Put option | $ 632 | $ 1,700 |
Contingencies - Summary of Ab I
Contingencies - Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries (Detail) - Ambev [member] - Legal proceedings contingent liability [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about material tax [line items] | ||
Income tax and social contribution | $ 9,773 | $ 9,600 |
Value-added and excise taxes | 6,166 | 5,987 |
Other taxes | 1,434 | 1,390 |
Material tax net | $ 17,373 | $ 16,977 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) € in Millions, R$ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($) | Jan. 24, 2019EUR (€) | Dec. 31, 2018BRL (R$)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017BRL (R$)shares | Aug. 31, 2016USD ($) | Aug. 31, 2016BRL (R$) | |
Disclosure of detailed information about material tax [line items] | |||||||||
Exposure to credit risk | $ 14,454,000,000 | $ 19,679,000,000 | |||||||
Provisions recorded | $ 1,918,000,000 | $ 2,546,000,000 | $ 2,400,000,000 | ||||||
Number of shares issued | shares | 1,934,000,000 | 1,606,000,000 | 1,934,000,000 | 1,934,000,000 | 1,934,000,000 | ||||
Provision for EU investigation | $ 230,000,000 | ||||||||
Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 100,000,000 | R$ 500 | |||||||
Tax Assessment During 2005 [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Exposure to credit risk | 2,000,000,000 | 7,700 | |||||||
Estimate of possible loss | 12,000,000 | 46 | |||||||
Tax Assessment in December 2011 [member] | Ambev [member] | In Bev Holding Brasil SA [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 2,400,000,000 | 9,300 | |||||||
Tax Assessment in December 2011 [member] | Ambev [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 300,000,000 | 1,100 | |||||||
Tax assessment in October 2013 [member] | Ambev [member] | Beverage Associates Holding Limited [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 500,000,000 | 2,100 | |||||||
Tax Assessment in December 2014 [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 1,200,000,000 | 4,600 | |||||||
Tax Assessment During 2014 and First Quarter of 2015 [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Exposure to credit risk | 2,500,000,000 | 9,500 | |||||||
Tax Assessment in April 2016 [member] | Ambev [member] | Arosuco [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 200,000,000 | 600 | |||||||
Tax Assessment in December 2015 [member] | Ambev [member] | Integration program social security financing levy [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 1,000,000,000 | 4,000 | |||||||
Rio de Janeiro [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 200,000,000 | 600 | |||||||
Tax assessment amount | 300,000,000 | 1,100 | |||||||
State of Sao Paulo [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 500,000,000 | 2,100 | |||||||
Minas Gerais [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 2,000,000,000 | 7,700 | |||||||
Tax assessment amount | $ 200,000,000 | R$ 900 | $ 400,000,000 | R$ 1400 | |||||
Provisions recorded | 2,000,000 | 8 | |||||||
State Of Pernambuco [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 200,000,000 | 600 | |||||||
Provisions recorded | 1,000,000 | 3 | |||||||
Belgium [member] | AB inBev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Provision for EU investigation | 230,000,000 | ||||||||
Disallowance of presumed credits and other IPI excise tax credits [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | 1,000,000,000 | 3,800 | |||||||
IPI excise tax [member] | Tax Assessment in 2014 and 2015 [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Estimate of possible loss | $ 400,000,000 | R$ 1600 | |||||||
Legal proceedings contingent liability [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Punitive, exemplary and aggravated damages | $ 4,000,000 | $ 5,000,000 | |||||||
Legal proceedings contingent liability [member] | Top of range [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Claims on damages | $ 1,000,000,000 | $ 1,400,000,000 | |||||||
Legal proceedings contingent liability [member] | Ambev [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Number of shares issued | shares | 172,831,574 | 172,831,574 | |||||||
Percentage of shares issued diluted | 1.00% | ||||||||
Claim on dividends of shares | $ 200,000,000 | R$ 900 | |||||||
Blocked account [member] | |||||||||
Disclosure of detailed information about material tax [line items] | |||||||||
Deposits | € | € 68 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) - Ambev [member] - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of noncontrolling interests [line items] | |||
Proportion of ownership interests in subsidiary | 62.00% | 62.00% | |
Dividends paid to non-controlling interests | $ 0.8 | $ 1.1 | $ 1.2 |
Non-Controlling Interests - Sum
Non-Controlling Interests - Summary of Financial Information of Material Non-controlling Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summarized balance sheet information | |||
Current assets | $ 18,281 | $ 23,960 | |
Non-current assets | 213,822 | 222,166 | |
Current liabilities | 34,459 | 36,211 | |
Non-current liabilities | 125,740 | 129,695 | |
Equity attributable to equity holders | 64,486 | 72,585 | |
Non-controlling interests | 7,418 | 7,635 | |
Summarized income statement and comprehensive income information | |||
Revenue | 54,619 | 56,444 | $ 45,517 |
Net income | 5,691 | 9,183 | 2,769 |
Attributable to: | |||
Equity holders | 4,368 | 7,996 | 1,241 |
Non-controlling interests | 1,323 | 1,187 | 1,528 |
Net income | 5,691 | 9,183 | 2,769 |
Other comprehensive income | (7,764) | 1,040 | (1,460) |
Total comprehensive income | (2,073) | 10,223 | 1,309 |
Attributable to: | |||
Equity holders | (3,005) | 8,838 | (275) |
Non-controlling interests | 932 | 1,385 | 1,584 |
Summarized cash flow information | |||
Cash flow from operating activities | 14,663 | 15,430 | 10,110 |
Cash flow from investing activities | (3,965) | 7,854 | (60,077) |
Cash flow from financing activities | (13,945) | (21,004) | 50,731 |
Ambev [member] | |||
Summarized balance sheet information | |||
Current assets | 6,537 | 7,472 | |
Non-current assets | 17,755 | 18,783 | |
Current liabilities | 6,408 | 8,672 | |
Non-current liabilities | 3,032 | 3,078 | |
Equity attributable to equity holders | 14,540 | 13,908 | |
Non-controlling interests | 312 | 597 | |
Summarized income statement and comprehensive income information | |||
Revenue | 13,819 | 14,961 | 13,123 |
Net income | 3,130 | 2,452 | 3,765 |
Attributable to: | |||
Equity holders | 3,033 | 2,290 | 3,611 |
Non-controlling interests | 97 | 162 | 155 |
Net income | 3,130 | 2,452 | 3,765 |
Other comprehensive income | 629 | 809 | (1,534) |
Total comprehensive income | 3,759 | 3,261 | 2,231 |
Attributable to: | |||
Equity holders | 3,629 | 3,090 | 2,190 |
Non-controlling interests | 130 | 171 | 41 |
Summarized cash flow information | |||
Cash flow from operating activities | 4,928 | 5,583 | 3,552 |
Cash flow from investing activities | (1,011) | (960) | (1,697) |
Cash flow from financing activities | (3,638) | (4,018) | (3,351) |
Net increase/(decrease) in cash and cash equivalents | $ 279 | $ 605 | $ (1,496) |
Related Parties - Summary of Di
Related Parties - Summary of Directors and Executive Board Management Compensation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 2 | $ 2 | $ 2 |
Share-based payments | 3 | 3 | |
Total Compensation | 2 | 5 | 5 |
Executive Board of Management [member] | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | 27 | 28 | 18 |
Post-employment benefits | 1 | ||
Share-based payments | 24 | 68 | 64 |
Total Compensation | $ 52 | $ 97 | $ 82 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
BAVARIA S.A. [member] | Transportation services, lease agreements and advertising services [member] | |
Disclosure of transactions between related parties [line items] | |
Amount received on services rendered | $ 8.1 |
Outstanding balance payable | $ 0.2 |
Grupo Modelo and Subsidiaries [member] | |
Disclosure of transactions between related parties [line items] | |
Name of acquiree | Grupo Modelo and its subsidiaries |
Grupo Modelo and Subsidiaries [member] | Information technology and infrastructure services [member] | |
Disclosure of transactions between related parties [line items] | |
Amount received on services rendered | $ 1 |
United States defined benefit plans [member] | |
Disclosure of transactions between related parties [line items] | |
Other income | $ 12 |
Related Parties - Summary of Ag
Related Parties - Summary of Aggregate Amounts of AB InBev's Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of joint ventures [line items] | |||
Non-current assets | $ 213,822 | $ 222,166 | |
Current assets | 18,281 | 23,960 | |
Non-current liabilities | 125,740 | 129,695 | |
Current liabilities | 34,459 | 36,211 | |
Result from operations | 17,106 | 17,152 | $ 12,882 |
Profit attributable to equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Jointly controlled entities [member] | |||
Disclosure of joint ventures [line items] | |||
Non-current assets | 11 | 12 | 11 |
Current assets | 5 | 5 | 5 |
Non-current liabilities | 9 | 11 | 9 |
Current liabilities | 12 | 6 | 6 |
Result from operations | 4 | (3) | (6) |
Profit attributable to equity holders of AB InBev | $ 3 | $ (3) | $ (7) |
Related Parties - Summary of AB
Related Parties - Summary of AB InBev's Transactions with Associates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||
Gross profit | $ 34,259 | $ 35,058 | $ 27,715 |
Current assets | 18,281 | 23,960 | |
Current liabilities | 34,459 | 36,211 | |
Associates [member] | |||
Disclosure of associates [line items] | |||
Gross profit | 74 | 91 | (47) |
Current assets | 152 | 73 | (8) |
Current liabilities | $ 130 | $ 20 | $ 20 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information - Additional Information (Detail) - USD ($) | Nov. 26, 2018 | Apr. 04, 2018 | Apr. 19, 2017 | Apr. 06, 2017 | Dec. 16, 2016 | Jan. 29, 2016 | Jan. 25, 2016 | Jul. 23, 2015 | Jan. 27, 2014 | Jan. 17, 2013 | Jul. 16, 2012 | May 14, 2011 | Jan. 24, 2011 | Jan. 06, 2010 | Aug. 21, 2017 |
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 10 | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Interest rate | 6.375% | ||||||||||||||
Maturity date | 15 February 2021 | 2040 | |||||||||||||
Remaining principal | $ 240,000,000 | ||||||||||||||
Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 6,800,000,000 | ||||||||||||||
Principal amount | $ 46,000,000,000 | $ 5,250,000,000 | |||||||||||||
8.2% notes due on 2039 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,250,000,000 | ||||||||||||||
Interest rate | 8.20% | ||||||||||||||
Maturity date | 2039 | ||||||||||||||
6.875% notes due on 2019 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,000,000,000 | ||||||||||||||
Interest rate | 6.875% | ||||||||||||||
Maturity date | 2019 | ||||||||||||||
8.0% notes due on 2039 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 450,000,000 | ||||||||||||||
Interest rate | 8.00% | ||||||||||||||
Maturity date | 2039 | ||||||||||||||
Notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,735,171,000 | $ 1,735,171,000 | |||||||||||||
Interest rate | 4.439% | 4.439% | |||||||||||||
Maturity date | 6 October 2048 | 6 October 2048 | |||||||||||||
4.439% notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,735,171,000 | ||||||||||||||
Interest rate | 4.439% | ||||||||||||||
Fixed interest rate [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 4.375% | ||||||||||||||
Fixed interest rate [member] | Notes due 2022 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 3,000,000,000 | ||||||||||||||
Interest rate | 4.00% | 2.50% | |||||||||||||
Maturity date | 2022 | ||||||||||||||
Fixed interest rate [member] | Notes due 2022 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 2,350,000,000 | ||||||||||||||
Interest rate | 3.75% | ||||||||||||||
Maturity date | 2022 | ||||||||||||||
Fixed interest rate [member] | Notes due 2042 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,000,000,000 | ||||||||||||||
Interest rate | 3.75% | ||||||||||||||
Maturity date | 2042 | ||||||||||||||
Fixed interest rate [member] | Notes due 2023 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,250,000,000 | ||||||||||||||
Interest rate | 3.30% | 2.625% | |||||||||||||
Maturity date | 2023 | 2023 | |||||||||||||
Principal amount | $ 11,000,000,000 | ||||||||||||||
Fixed interest rate [member] | Notes Due 2043 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 750,000,000 | ||||||||||||||
Interest rate | 4.00% | ||||||||||||||
Maturity date | 2043 | ||||||||||||||
Fixed interest rate [member] | Notes due 2019 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Principal amount | $ 7,500,000,000 | $ 850,000,000 | |||||||||||||
Fixed interest rate [member] | Notes Due 2024 [Member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 3.70% | ||||||||||||||
Maturity date | 2024 | ||||||||||||||
Principal amount | $ 1,400,000,000 | ||||||||||||||
Fixed interest rate [member] | Notes due 2044 [Member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 4.625% | ||||||||||||||
Maturity date | 2044 | ||||||||||||||
Fixed interest rate [member] | Notes Due 2045 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 565,000,000 | ||||||||||||||
Interest rate | 4.60% | ||||||||||||||
Maturity date | 2045 | ||||||||||||||
Fixed interest rate [member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 2.65% | ||||||||||||||
Maturity date | 2021 | ||||||||||||||
Principal amount | $ 6,000,000,000 | ||||||||||||||
Fixed interest rate [member] | Notes due 2026 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 3.65% | ||||||||||||||
Maturity date | 2026 | ||||||||||||||
Principal amount | $ 6,000,000,000 | ||||||||||||||
Fixed interest rate [member] | Notes due 2026 [member] | Anheuser Busch InBev Worldwide Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 8,600,000,000 | ||||||||||||||
Interest rate | 3.65% | ||||||||||||||
Maturity date | 2026 | ||||||||||||||
Fixed interest rate [member] | Notes due 2036 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 4.70% | ||||||||||||||
Maturity date | 2036 | ||||||||||||||
Principal amount | $ 11,000,000,000 | ||||||||||||||
Fixed interest rate [member] | Notes due 2036 [member] | Anheuser Busch InBev Worldwide Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 5,400,000,000 | ||||||||||||||
Interest rate | 4.70% | ||||||||||||||
Maturity date | 2036 | ||||||||||||||
Fixed interest rate [member] | Notes due 2046 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,470,000,000 | ||||||||||||||
Interest rate | 4.915% | ||||||||||||||
Maturity date | 2046 | ||||||||||||||
Fixed interest rate [member] | Notes due 2046 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 4.90% | ||||||||||||||
Maturity date | 2046 | ||||||||||||||
Fixed interest rate [member] | Notes due 2046 [member] | Anheuser Busch InBev Worldwide Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 9,500,000,000 | ||||||||||||||
Interest rate | 4.90% | ||||||||||||||
Maturity date | 2046 | ||||||||||||||
Fixed interest rate [member] | Notes due 2018 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 641,000,000 | ||||||||||||||
Interest rate | 2.20% | ||||||||||||||
Maturity date | 2018 | ||||||||||||||
Fixed interest rate [member] | Notes due 2033 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 298,000,000 | ||||||||||||||
Interest rate | 6.625% | ||||||||||||||
Maturity date | 2033 | ||||||||||||||
Fixed interest rate [member] | Notes due 2035 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 300,000,000 | ||||||||||||||
Interest rate | 5.875% | ||||||||||||||
Maturity date | 2035 | ||||||||||||||
Fixed interest rate [member] | Notes due 2042 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1,490,000,000 | ||||||||||||||
Interest rate | 4.95% | ||||||||||||||
Maturity date | 2042 | ||||||||||||||
Fixed interest rate [member] | Notes due 2048 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 2.5 | ||||||||||||||
Interest rate | 4.60% | ||||||||||||||
Maturity date | 2048 | ||||||||||||||
Fixed interest rate [member] | Notes due 2024 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1.5 | ||||||||||||||
Interest rate | 3.50% | ||||||||||||||
Maturity date | 2024 | ||||||||||||||
Fixed interest rate [member] | Notes due 2028 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 2.5 | ||||||||||||||
Maturity date | 2028 | ||||||||||||||
Fixed interest rate [member] | Notes due 2038 [Member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 2.5 | ||||||||||||||
Interest rate | 4.375% | ||||||||||||||
Maturity date | 2038 | ||||||||||||||
Fixed interest rate [member] | Notes due 2058 [Member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 1.5 | ||||||||||||||
Interest rate | 4.75% | ||||||||||||||
Maturity date | 2058 | ||||||||||||||
Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 309,000,000 | ||||||||||||||
Floating interest rate [member] | Notes due 2019 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Maturity date | 2019 | ||||||||||||||
Principal amount | $ 250,000,000 | ||||||||||||||
Floating interest rate [member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Maturity date | 2021 | ||||||||||||||
Floating interest rate [member] | Notes due 2046 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Principal amount | $ 500,000,000 | ||||||||||||||
Floating interest rate [member] | Notes due 2018 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Maturity date | 2018 | ||||||||||||||
Floating interest rate [member] | Notes due 2024 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Notes issued | $ 500 | ||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2019 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 40.00% | ||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2021 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 126.00% | ||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2018 [member] | Anheuser Busch InBev Finance Inc. [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 69.00% | ||||||||||||||
Floating interest rate above three-month LIBOR [Member] | Notes due 2024 [member] | |||||||||||||||
Disclosure of supplemental guarantor information [line items] | |||||||||||||||
Interest rate | 0.74% |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 54,619 | $ 56,444 | $ 45,517 |
Cost of sales | (20,359) | (21,386) | (17,803) |
Gross profit | 34,259 | 35,058 | 27,715 |
Distribution expenses | (5,770) | (5,876) | (4,543) |
Sales and marketing expenses | (7,883) | (8,382) | (7,745) |
Administrative expenses | (3,465) | (3,841) | (2,883) |
Other operating income/(expenses) | (35) | 192 | 338 |
Profit from operations | 17,106 | 17,152 | 12,882 |
Net finance cost | (8,729) | (6,507) | (8,564) |
Share of result of associates | 153 | 430 | 16 |
Profit before tax | 8,530 | 11,076 | 4,334 |
Income tax expense | (2,839) | (1,920) | (1,613) |
Profit | 5,691 | 9,155 | 2,721 |
Profit from continuing operations | 5,691 | 9,155 | 2,721 |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 5,691 | 9,183 | 2,769 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,968 | 1,193 |
Non-controlling interest | 1,323 | 1,187 | 1,528 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Non-controlling interest | 1,323 | 1,187 | 1,528 |
Anheuser- Busch InBev SA/NV [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 592 | 540 | 506 |
Cost of sales | (370) | (338) | (300) |
Gross profit | 222 | 202 | 206 |
Distribution expenses | (35) | (23) | (27) |
Sales and marketing expenses | (187) | (181) | (204) |
Administrative expenses | (205) | (255) | (198) |
Other operating income/(expenses) | 579 | 793 | 464 |
Profit from operations | 374 | 536 | 241 |
Net finance cost | (209) | (819) | (1,599) |
Profit before tax | 165 | (283) | (1,358) |
Income tax expense | (16) | ||
Profit | 165 | (299) | (1,358) |
Income from subsidiaries | 4,203 | 8,295 | 2,599 |
Profit from continuing operations | 4,368 | 7,996 | 1,241 |
Profit of the year | 4,368 | 7,996 | 1,241 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 4,368 | 7,996 | 1,241 |
Anheuser Busch InBev Worldwide Inc. [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Administrative expenses | (4) | ||
Other operating income/(expenses) | 1,125 | 1,066 | 559 |
Profit from operations | 1,125 | 1,066 | 555 |
Net finance cost | (3,047) | (3,064) | (1,283) |
Profit before tax | (1,922) | (1,998) | (728) |
Income tax expense | 293 | 614 | 280 |
Profit | (1,629) | (1,384) | (448) |
Income from subsidiaries | 1,887 | 3,721 | 1,958 |
Profit from continuing operations | 259 | 2,337 | 1,510 |
Profit of the year | 259 | 2,337 | 1,510 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 259 | 2,337 | 1,510 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 259 | 2,337 | 1,510 |
Anheuser Busch InBev Finance Inc. [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net finance cost | 37 | 26 | 36 |
Profit before tax | 37 | 26 | 36 |
Income tax expense | (17) | 2 | |
Profit | 37 | 9 | 38 |
Profit from continuing operations | 37 | 9 | 38 |
Profit of the year | 37 | 9 | 38 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 37 | 9 | 38 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 37 | 9 | 38 |
Anheuser Busch Companies [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 15,584 | 14,015 | 14,135 |
Cost of sales | (7,318) | (5,838) | (5,923) |
Gross profit | 8,266 | 8,177 | 8,212 |
Distribution expenses | (1,147) | (996) | (967) |
Sales and marketing expenses | (2,036) | (2,208) | (2,372) |
Administrative expenses | (550) | (344) | |
Other operating income/(expenses) | (1,563) | (1,845) | (1,286) |
Profit from operations | 2,970 | 2,790 | 3,244 |
Net finance cost | 2,443 | 3,218 | (83) |
Share of result of associates | 3 | 2 | |
Profit before tax | 5,416 | 6,110 | 3,163 |
Income tax expense | (726) | 1,506 | (1,386) |
Profit | 4,690 | 7,516 | 1,776 |
Income from subsidiaries | 98 | 126 | 1,030 |
Profit from continuing operations | 4,788 | 7,641 | 2,806 |
Profit of the year | 4,788 | 7,641 | 2,806 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 4,787 | 7,641 | 2,806 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 4,787 | 7,641 | 2,806 |
Subsidiary Guarantors [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Administrative expenses | (51) | (66) | (40) |
Other operating income/(expenses) | 3 | 8 | 3 |
Profit from operations | (48) | (58) | (38) |
Net finance cost | 113 | 942 | (3,722) |
Share of result of associates | 2 | ||
Profit before tax | 65 | 884 | (3,760) |
Income tax expense | (2) | (177) | 28 |
Profit | 63 | 708 | (3,731) |
Income from subsidiaries | 849 | 4,041 | 292 |
Profit from continuing operations | 912 | 4,749 | (3,439) |
Profit of the year | 912 | 4,749 | (3,439) |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 912 | 4,749 | (3,439) |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 912 | 4,749 | (3,439) |
Non-Guarantors [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 40,932 | 44,235 | 32,884 |
Cost of sales | (15,160) | (17,556) | (13,587) |
Gross profit | 25,772 | 26,679 | 19,297 |
Distribution expenses | (4,588) | (4,857) | (3,549) |
Sales and marketing expenses | (5,660) | (5,993) | (5,169) |
Administrative expenses | (2,659) | (3,182) | (2,297) |
Other operating income/(expenses) | (179) | 170 | 598 |
Profit from operations | 12,685 | 12,817 | 8,880 |
Net finance cost | (8,066) | (6,810) | (1,913) |
Share of result of associates | 150 | 428 | |
Profit before tax | 4,769 | 6,435 | 6,981 |
Income tax expense | (2,404) | (3,830) | (537) |
Profit | 2,365 | 2,605 | 6,444 |
Income from subsidiaries | 3,172 | 6,204 | 1,469 |
Profit from continuing operations | 5,537 | 8,809 | 7,913 |
Profit from discontinued operations | 28 | 48 | |
Profit of the year | 5,537 | 8,837 | 7,961 |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | 4,215 | 7,623 | 6,385 |
Non-controlling interest | 1,323 | 1,187 | 1,528 |
Profit of the year attributable to: | |||
Equity holders of AB InBev | 4,215 | 7,651 | 6,433 |
Non-controlling interest | 1,323 | 1,187 | 1,528 |
Eliminations [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | (2,489) | (2,346) | (2,008) |
Cost of sales | 2,489 | 2,346 | 2,008 |
Share of result of associates | 14 | ||
Income from subsidiaries | (10,209) | (22,387) | (7,348) |
Profit from continuing operations | (10,209) | (22,387) | (7,348) |
Profit of the year | (10,209) | (22,387) | (7,348) |
Profit from continuing operations attributable to: | |||
Equity holders of AB InBev | (10,209) | (22,387) | (7,348) |
Profit of the year attributable to: | |||
Equity holders of AB InBev | $ (10,209) | $ (22,387) | $ (7,348) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | ||||
Property, plant and equipment | $ 25,910 | $ 27,184 | ||
Goodwill | 133,311 | 140,940 | $ 136,533 | |
Intangible assets | 44,831 | 45,874 | 44,568 | |
Investments in associates and joint ventures | 6,136 | 5,263 | ||
Deferred tax assets | 1,457 | 1,216 | ||
Derivatives | 291 | 25 | ||
Other non-current assets | 1,886 | 1,664 | ||
Non-current assets | 213,822 | 222,166 | ||
Current assets | ||||
Investment securities | 87 | 1,304 | ||
Inventories | 4,234 | 4,119 | ||
Derivatives | 16 | 458 | ||
Trade and other receivables | 6,375 | 6,566 | ||
Cash and cash equivalents | 7,074 | 10,472 | ||
Assets classified as held for sale | 39 | 133 | 16,458 | |
Other current assets | 456 | 908 | ||
Current assets | 18,281 | 23,960 | ||
Total assets | 232,103 | 246,126 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 64,486 | 72,585 | ||
Minority interest | 7,418 | 7,635 | ||
Equity | 71,904 | 80,220 | 81,425 | $ 45,719 |
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 105,584 | 108,949 | ||
Employee benefits | 2,681 | 2,993 | ||
Deferred tax liabilities | 13,165 | 13,107 | ||
Derivatives | 766 | 937 | ||
Other non-current liabilities | 3,544 | 3,709 | ||
Non-current liabilities | 125,740 | 129,695 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 4,216 | 7,433 | ||
Income tax payable | 1,220 | 1,558 | ||
Derivatives | 5,574 | 1,457 | ||
Trade and other payables | 22,568 | 24,762 | ||
Liabilities associated with assets held for sale | 0 | 0 | $ 2,174 | |
Other current liabilities | 881 | 1,002 | ||
Current liabilities | 34,459 | 36,211 | ||
Total equity and liabilities | 232,103 | 246,126 | ||
Anheuser- Busch InBev SA/NV [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 45 | 44 | ||
Intangible assets | 580 | 584 | ||
Investments in subsidiaries | 123,120 | 121,847 | ||
Other non-current assets | 22,196 | 53,565 | ||
Non-current assets | 145,941 | 176,040 | ||
Current assets | ||||
Investment securities | 1,301 | |||
Inventories | 21 | |||
Trade and other receivables | 3,079 | 16,585 | ||
Cash and cash equivalents | 1 | 43 | ||
Current assets | 3,080 | 17,950 | ||
Total assets | 149,021 | 193,990 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 64,486 | 72,585 | ||
Equity | 64,486 | 72,585 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 72,756 | 102,398 | ||
Employee benefits | 5 | 5 | ||
Other non-current liabilities | 81 | 131 | ||
Non-current liabilities | 72,842 | 102,534 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 4,535 | 16,718 | ||
Derivatives | 482 | |||
Trade and other payables | 1,228 | 2,033 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Other current liabilities | 5,450 | 121 | ||
Current liabilities | 11,695 | 18,872 | ||
Total equity and liabilities | 149,021 | 193,990 | ||
Anheuser Busch InBev Worldwide Inc. [member] | ||||
Non-current assets | ||||
Investments in subsidiaries | 86,240 | 77,388 | ||
Deferred tax assets | 130 | |||
Other non-current assets | 13,850 | 10,290 | ||
Non-current assets | 100,220 | 87,678 | ||
Current assets | ||||
Trade and other receivables | 3,471 | 1,514 | ||
Cash and cash equivalents | 3 | 242 | ||
Other current assets | 500 | |||
Current assets | 3,974 | 1,756 | ||
Total assets | 104,194 | 89,434 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 55,403 | 38,307 | ||
Equity | 55,403 | 38,307 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 46,552 | 49,230 | ||
Deferred tax liabilities | (337) | |||
Non-current liabilities | 46,552 | 48,893 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 1,679 | 2,363 | ||
Income tax payable | (665) | |||
Trade and other payables | 562 | 535 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Current liabilities | 2,241 | 2,233 | ||
Total equity and liabilities | 104,194 | 89,434 | ||
Anheuser Busch InBev Finance Inc. [member] | ||||
Non-current assets | ||||
Other non-current assets | 24,037 | 55,432 | ||
Non-current assets | 24,037 | 55,432 | ||
Current assets | ||||
Trade and other receivables | 1,176 | 1,947 | ||
Cash and cash equivalents | 28 | 8 | ||
Other current assets | 3 | |||
Current assets | 1,207 | 1,955 | ||
Total assets | 25,244 | 57,387 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 597 | 586 | ||
Equity | 597 | 586 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 24,042 | 55,464 | ||
Deferred tax liabilities | 8 | 9 | ||
Non-current liabilities | 24,050 | 55,473 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 253 | 479 | ||
Income tax payable | 3 | |||
Trade and other payables | 342 | 848 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Current liabilities | 595 | 1,330 | ||
Total equity and liabilities | 25,244 | 57,387 | ||
Anheuser Busch Companies [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 5,009 | 4,589 | ||
Goodwill | 33,226 | 33,089 | ||
Intangible assets | 22,227 | 21,947 | ||
Investments in subsidiaries | 30,594 | 42,660 | ||
Investments in associates and joint ventures | 28 | |||
Derivatives | 3 | |||
Other non-current assets | 26,158 | 18,115 | ||
Non-current assets | 117,213 | 120,430 | ||
Current assets | ||||
Inventories | 819 | 626 | ||
Derivatives | 25 | 122 | ||
Trade and other receivables | 6,678 | 3,265 | ||
Cash and cash equivalents | 581 | 1,872 | ||
Current assets | 8,103 | 5,884 | ||
Total assets | 125,316 | 126,315 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 74,635 | 89,304 | ||
Equity | 74,635 | 89,304 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 33,147 | 24,874 | ||
Employee benefits | 1,048 | 1,240 | ||
Deferred tax liabilities | 6,692 | 6,528 | ||
Derivatives | 1 | |||
Other non-current liabilities | 150 | 1,012 | ||
Non-current liabilities | 41,037 | 33,654 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 5,783 | 387 | ||
Income tax payable | 474 | 726 | ||
Derivatives | 131 | 31 | ||
Trade and other payables | 3,211 | 2,207 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Other current liabilities | 42 | 5 | ||
Current liabilities | 9,642 | 3,356 | ||
Total equity and liabilities | 125,316 | 126,315 | ||
Subsidiary Guarantors [member] | ||||
Non-current assets | ||||
Goodwill | 188 | |||
Intangible assets | 98 | 158 | ||
Investments in subsidiaries | 24,623 | 40,708 | ||
Derivatives | 302 | 13 | ||
Other non-current assets | 8,701 | 7,178 | ||
Non-current assets | 33,724 | 48,246 | ||
Current assets | ||||
Derivatives | 5,399 | 198 | ||
Trade and other receivables | 1,619 | 21,972 | ||
Cash and cash equivalents | 6,094 | 4,110 | ||
Current assets | 13,112 | 26,281 | ||
Total assets | 46,836 | 74,526 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 29,258 | 42,352 | ||
Equity | 29,258 | 42,352 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 3,314 | 4,131 | ||
Derivatives | 788 | 919 | ||
Other non-current liabilities | 11 | |||
Non-current liabilities | 4,102 | 5,062 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 5,234 | 18,949 | ||
Income tax payable | 3 | 8 | ||
Derivatives | 5,563 | 1,329 | ||
Trade and other payables | 65 | 3,274 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Other current liabilities | 2,612 | 3,553 | ||
Current liabilities | 13,477 | 27,113 | ||
Total equity and liabilities | 46,836 | 74,526 | ||
Non-Guarantors [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 20,856 | 22,551 | ||
Goodwill | 100,085 | 107,663 | ||
Intangible assets | 21,926 | 23,185 | ||
Investments in subsidiaries | 170,569 | 99,398 | ||
Investments in associates and joint ventures | 6,136 | 5,253 | ||
Deferred tax assets | 1,465 | 1,216 | ||
Derivatives | 10 | 9 | ||
Other non-current assets | 36,766 | 67,709 | ||
Non-current assets | 357,813 | 326,966 | ||
Current assets | ||||
Investment securities | 87 | 3 | ||
Inventories | 3,415 | 3,472 | ||
Derivatives | 464 | 138 | ||
Trade and other receivables | 10,415 | 19,942 | ||
Cash and cash equivalents | 8,481 | 9,768 | ||
Assets classified as held for sale | 39 | 133 | ||
Other current assets | 455 | 908 | ||
Current assets | 23,356 | 34,364 | ||
Total assets | 381,169 | 361,330 | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | 275,253 | 211,452 | ||
Minority interest | 7,418 | 7,635 | ||
Equity | 282,671 | 219,087 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 55,391 | 83,459 | ||
Employee benefits | 1,628 | 1,748 | ||
Deferred tax liabilities | 6,601 | 6,907 | ||
Derivatives | 17 | |||
Other non-current liabilities | 3,312 | 2,573 | ||
Non-current liabilities | 66,932 | 94,704 | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | 4,483 | 20,531 | ||
Income tax payable | 1,243 | 1,486 | ||
Derivatives | 5,272 | 97 | ||
Trade and other payables | 19,674 | 22,530 | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Other current liabilities | 893 | 2,894 | ||
Current liabilities | 31,565 | 47,538 | ||
Total equity and liabilities | 381,169 | 361,330 | ||
Eliminations [member] | ||||
Non-current assets | ||||
Investments in subsidiaries | (435,146) | (382,000) | ||
Other non-current assets | (129,823) | (210,623) | ||
Non-current assets | (565,128) | (592,623) | ||
Current assets | ||||
Derivatives | (5,872) | |||
Trade and other receivables | (20,063) | (58,660) | ||
Cash and cash equivalents | (8,114) | (5,571) | ||
Current assets | (34,550) | (64,231) | ||
Total assets | (599,678) | (656,854) | ||
Equity | ||||
Equity attributable to equity holders of AB InBev | (435,146) | (382,000) | ||
Equity | (435,146) | (382,000) | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | (129,618) | (210,607) | ||
Other non-current liabilities | (18) | |||
Non-current liabilities | (129,776) | (210,625) | ||
Current liabilities | ||||
Interest-bearing loans and borrowings | (17,752) | (51,994) | ||
Derivatives | (5,872) | |||
Trade and other payables | (2,515) | (6,665) | ||
Liabilities associated with assets held for sale | 0 | 0 | ||
Other current liabilities | (8,118) | (5,571) | ||
Current liabilities | (34,756) | (64,230) | ||
Total equity and liabilities | $ (599,678) | $ (656,854) |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information - Schedule of Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Profit | $ 5,691 | $ 9,183 | $ 2,769 |
Depreciation, amortization and impairment | 4,260 | 4,276 | 3,477 |
Net finance cost | 8,729 | 6,507 | 8,564 |
Income tax expense | 2,839 | 1,920 | 1,613 |
Other items | 42 | (219) | (82) |
Cash flow from operating activities before changes in working capital and use of provisions | 21,561 | 21,667 | 16,341 |
Working capital and provisions | 24 | (397) | (297) |
Cash generated from operations | 21,585 | 21,270 | 16,044 |
Interest paid, net | (4,017) | (3,841) | (2,721) |
Dividends received | 141 | 142 | 43 |
Income tax paid | (3,047) | (2,141) | (3,256) |
CASH FLOW FROM OPERATING ACTIVITIES | 14,663 | 15,430 | 10,110 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 437 | 617 | 211 |
Sale of subsidiaries, net of cash disposed of | 257 | 42 | 653 |
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | (65,166) |
Taxes on SAB transaction-related divestitures | (100) | (3,449) | 16,342 |
Acquisition of other subsidiaries, net of cash acquired | (112) | (598) | (1,445) |
Acquisition of property, plant and equipment and of intangible assets | (5,086) | (4,741) | (4,979) |
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 1,296 | 4,337 | (5,583) |
Net proceeds from sale/(acquisition) of other assets | (172) | (264) | 119 |
Net repayments/(payments) of loans granted | (156) | 213 | (229) |
CASH FLOW FROM INVESTING ACTIVITIES | (3,965) | 7,854 | (60,077) |
FINANCING ACTIVITIES | |||
Purchase of non-controlling interest | (923) | (206) | (10) |
Proceeds from borrowings | 17,782 | 13,352 | 86,292 |
Payments on borrowings | (22,489) | (23,333) | (23,617) |
Cash net finance (cost)/income other than interests | (554) | (1,542) | (3,484) |
Dividends paid | (7,761) | (9,275) | (8,450) |
CASH FLOW FROM FINANCING ACTIVITIES | (13,945) | (21,004) | 50,731 |
Net increase/(decrease) in cash and cash equivalents | (3,247) | 2,280 | 764 |
Cash and cash equivalents less bank overdrafts at beginning of year | 10,356 | 8,395 | 6,910 |
Effect of exchange rate fluctuations | (148) | (319) | 721 |
Cash and cash equivalents less bank overdrafts at end of period | 6,960 | 10,356 | 8,395 |
Anheuser- Busch InBev SA/NV [member] | |||
OPERATING ACTIVITIES | |||
Profit | 4,368 | 7,996 | 1,241 |
Depreciation, amortization and impairment | 147 | 128 | 96 |
Net finance cost | 209 | 819 | 1,599 |
Income tax expense | 16 | ||
Investment income | (4,203) | 8,296 | 2,599 |
Other items | 158 | 126 | 56 |
Cash flow from operating activities before changes in working capital and use of provisions | 679 | 789 | 393 |
Working capital and provisions | 182 | (283) | (121) |
Cash generated from operations | 861 | 506 | 272 |
Interest paid, net | (137) | (860) | (1,543) |
Dividends received | 2 | 9,256 | |
Income tax paid | (16) | ||
CASH FLOW FROM OPERATING ACTIVITIES | 724 | (368) | 7,985 |
INVESTING ACTIVITIES | |||
Sale of subsidiaries, net of cash disposed of | 127 | ||
Proceeds from SAB transaction-related divestitures | (57,712) | ||
Acquisition of other subsidiaries, net of cash acquired | (27) | ||
Acquisition of property, plant and equipment and of intangible assets | (194) | (126) | (369) |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | 1,300 | 4,177 | (5,500) |
Net proceeds from sale/(acquisition) of other assets | 535 | ||
Net repayments/(payments) of loans granted | 29,335 | (7,949) | (11,753) |
CASH FLOW FROM INVESTING ACTIVITIES | 30,541 | (3,363) | (75,334) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 18,594 | (79) | |
Proceeds from borrowings | 6,337 | 24,604 | 81,137 |
Payments on borrowings | (36,673) | (20,574) | (13,370) |
Cash net finance (cost)/income other than interests | 263 | (463) | (628) |
Dividends paid | (6,541) | (7,992) | (7,134) |
CASH FLOW FROM FINANCING ACTIVITIES | (36,614) | 14,169 | 59,926 |
Net increase/(decrease) in cash and cash equivalents | (5,349) | 10,438 | (7,423) |
Cash and cash equivalents less bank overdrafts at beginning of year | (74) | (10,245) | (1,832) |
Effect of exchange rate fluctuations | (23) | (268) | (989) |
Cash and cash equivalents less bank overdrafts at end of period | (5,446) | (74) | (10,245) |
Anheuser Busch InBev Worldwide Inc. [member] | |||
OPERATING ACTIVITIES | |||
Profit | 259 | 2,337 | 1,510 |
Net finance cost | 3,047 | 3,064 | 1,284 |
Income tax expense | (293) | (614) | (280) |
Investment income | (1,980) | 3,721 | 1,958 |
Other items | (1) | ||
Cash flow from operating activities before changes in working capital and use of provisions | 1,124 | 1,067 | 555 |
Working capital and provisions | 360 | 869 | 541 |
Cash generated from operations | 1,484 | 1,936 | 1,096 |
Interest paid, net | (2,718) | (3,156) | (1,153) |
CASH FLOW FROM OPERATING ACTIVITIES | (1,234) | (1,220) | (57) |
INVESTING ACTIVITIES | |||
Net repayments/(payments) of loans granted | 4,599 | 4,996 | (900) |
CASH FLOW FROM INVESTING ACTIVITIES | 4,599 | 4,996 | (900) |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 9,762 | 2,262 | 4,486 |
Payments on borrowings | (13,367) | (5,876) | (4,049) |
Cash net finance (cost)/income other than interests | (64) | ||
Dividends paid | (75) | ||
CASH FLOW FROM FINANCING ACTIVITIES | (3,605) | (3,689) | 373 |
Net increase/(decrease) in cash and cash equivalents | (240) | 87 | (584) |
Cash and cash equivalents less bank overdrafts at beginning of year | 242 | 154 | 739 |
Cash and cash equivalents less bank overdrafts at end of period | 2 | 242 | 154 |
Anheuser Busch InBev Finance Inc. [member] | |||
OPERATING ACTIVITIES | |||
Profit | 37 | 9 | 38 |
Net finance cost | (37) | (26) | (36) |
Income tax expense | 17 | (2) | |
Cash flow from operating activities before changes in working capital and use of provisions | (1) | ||
Working capital and provisions | (4) | 4 | |
Cash generated from operations | (5) | 4 | |
Interest paid, net | 73 | 79 | 59 |
Income tax paid | (8) | (16) | |
CASH FLOW FROM OPERATING ACTIVITIES | 65 | 58 | 63 |
INVESTING ACTIVITIES | |||
Net repayments/(payments) of loans granted | 31,459 | 332 | (46,052) |
CASH FLOW FROM INVESTING ACTIVITIES | 31,459 | 332 | (46,052) |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 9,755 | 1,470 | 47,051 |
Payments on borrowings | (41,259) | (1,306) | (2,200) |
Cash net finance (cost)/income other than interests | (5) | ||
CASH FLOW FROM FINANCING ACTIVITIES | (31,504) | 164 | 44,847 |
Net increase/(decrease) in cash and cash equivalents | 20 | 554 | (1,142) |
Cash and cash equivalents less bank overdrafts at beginning of year | 9 | (618) | 525 |
Effect of exchange rate fluctuations | 72 | ||
Cash and cash equivalents less bank overdrafts at end of period | 29 | 9 | (618) |
Anheuser Busch Companies [member] | |||
OPERATING ACTIVITIES | |||
Profit | 4,788 | 7,641 | 2,806 |
Depreciation, amortization and impairment | 802 | 849 | 811 |
Net finance cost | (2,443) | (3,218) | 83 |
Income tax expense | 718 | (1,506) | 1,386 |
Investment income | (1,502) | 126 | 1,030 |
Other items | 3 | (9) | 231 |
Cash flow from operating activities before changes in working capital and use of provisions | 3,875 | 3,633 | 4,428 |
Working capital and provisions | (403) | (1,319) | (626) |
Cash generated from operations | 3,472 | 2,313 | 3,802 |
Interest paid, net | 4,008 | 106 | (110) |
Dividends received | 76 | 3 | |
Income tax paid | (616) | 289 | (494) |
CASH FLOW FROM OPERATING ACTIVITIES | 6,864 | 2,785 | 3,201 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 47 | 20 | 24 |
Sale of subsidiaries, net of cash disposed of | 42 | 14 | |
Taxes on SAB transaction-related divestitures | (3,449) | ||
Acquisition of other subsidiaries, net of cash acquired | (419) | (296) | |
Acquisition of property, plant and equipment and of intangible assets | (857) | (625) | (857) |
Net proceeds from sale/(acquisition) of other assets | 13 | 4 | (10) |
Net repayments/(payments) of loans granted | (19,654) | 378 | (11,425) |
CASH FLOW FROM INVESTING ACTIVITIES | (20,451) | (4,049) | (12,550) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 28 | 85 | |
Proceeds from borrowings | 23,483 | 8,152 | 11,088 |
Payments on borrowings | (11,169) | (6,541) | (410) |
Cash net finance (cost)/income other than interests | 5 | (34) | (31) |
CASH FLOW FROM FINANCING ACTIVITIES | 12,319 | 1,604 | 10,732 |
Net increase/(decrease) in cash and cash equivalents | (1,268) | 340 | 1,383 |
Cash and cash equivalents less bank overdrafts at beginning of year | 1,832 | 1,505 | 122 |
Effect of exchange rate fluctuations | (80) | 28 | |
Cash and cash equivalents less bank overdrafts at end of period | 581 | 1,832 | 1,505 |
Subsidiary Guarantors [member] | |||
OPERATING ACTIVITIES | |||
Profit | 912 | 4,749 | (3,439) |
Depreciation, amortization and impairment | (78) | (63) | |
Net finance cost | (113) | (942) | 3,722 |
Income tax expense | 2 | 177 | (28) |
Investment income | (849) | 4,041 | 292 |
Other items | 2 | ||
Cash flow from operating activities before changes in working capital and use of provisions | (49) | (135) | (241) |
Working capital and provisions | (15) | 109 | (24) |
Cash generated from operations | (64) | (25) | (265) |
Interest paid, net | (190) | 245 | 1,109 |
Dividends received | 2 | 1 | |
Income tax paid | (7) | (4) | (17) |
CASH FLOW FROM OPERATING ACTIVITIES | (261) | 217 | 828 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | (2) | 1 | |
Sale of subsidiaries, net of cash disposed of | (1) | ||
Proceeds from SAB transaction-related divestitures | (8,652) | ||
Acquisition of other subsidiaries, net of cash acquired | 113 | 296 | |
Acquisition of property, plant and equipment and of intangible assets | 91 | 207 | |
Net proceeds from sale/(acquisition) of other assets | (73) | (21) | |
Net repayments/(payments) of loans granted | 3,051 | 4,229 | 11,196 |
CASH FLOW FROM INVESTING ACTIVITIES | 3,051 | 4,357 | 3,026 |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | (21,180) | (2,200) | |
Proceeds from borrowings | 157 | 8,045 | 21,799 |
Payments on borrowings | (12,813) | (962) | |
Cash net finance (cost)/income other than interests | 10 | 2,011 | (3,126) |
CASH FLOW FROM FINANCING ACTIVITIES | 166 | (23,936) | 15,511 |
Net increase/(decrease) in cash and cash equivalents | 2,956 | (19,361) | 19,365 |
Cash and cash equivalents less bank overdrafts at beginning of year | 598 | 18,377 | (1,222) |
Effect of exchange rate fluctuations | (5) | 1,583 | 194 |
Cash and cash equivalents less bank overdrafts at end of period | 3,481 | 598 | 18,377 |
Non-Guarantors [member] | |||
OPERATING ACTIVITIES | |||
Profit | 5,537 | 8,837 | 7,961 |
Depreciation, amortization and impairment | 3,311 | 3,377 | 2,633 |
Net finance cost | 8,066 | 6,810 | 1,912 |
Income tax expense | 2,412 | 3,830 | 537 |
Investment income | (3,382) | 6,203 | 1,469 |
Other items | (118) | (338) | (368) |
Cash flow from operating activities before changes in working capital and use of provisions | 15,932 | 16,313 | 11,206 |
Working capital and provisions | (196) | 72 | (80) |
Cash generated from operations | 15,736 | 16,385 | 11,126 |
Interest paid, net | (5,025) | (6,120) | (1,108) |
Dividends received | 39 | 139 | 40 |
Income tax paid | (2,416) | (2,394) | (2,745) |
CASH FLOW FROM OPERATING ACTIVITIES | 8,334 | 8,010 | 7,313 |
INVESTING ACTIVITIES | |||
Proceeds from sale of property, plant and equipment and of intangible assets | 390 | 599 | 186 |
Sale of subsidiaries, net of cash disposed of | 128 | 640 | |
Proceeds from SAB transaction-related divestitures | (330) | 11,697 | 1,198 |
Taxes on SAB transaction-related divestitures | (100) | 16,342 | |
Acquisition of other subsidiaries, net of cash acquired | (85) | (292) | (1,445) |
Acquisition of property, plant and equipment and of intangible assets | (4,035) | (4,081) | (3,960) |
Net of tax proceeds from the sale of assets held for sale | 16 | 146 | |
Net proceeds from sale/(acquisition) of investment in short-term debt securities | (4) | 160 | (83) |
Net proceeds from sale/(acquisition) of other assets | (185) | (746) | 4 |
Net repayments/(payments) of loans granted | 93,436 | 43,229 | (32,475) |
CASH FLOW FROM INVESTING ACTIVITIES | 89,217 | 50,582 | (19,447) |
FINANCING ACTIVITIES | |||
Intra-group capital reimbursements | 2,558 | 2,194 | |
Purchase of non-controlling interest | (923) | (206) | (10) |
Proceeds from borrowings | (31,555) | (219) | 14,895 |
Payments on borrowings | (62,273) | (46,006) | (5,600) |
Cash net finance (cost)/income other than interests | (953) | (3,055) | 370 |
Dividends paid | (1,218) | (1,285) | (10,573) |
CASH FLOW FROM FINANCING ACTIVITIES | (96,923) | (48,213) | 1,276 |
Net increase/(decrease) in cash and cash equivalents | 629 | 10,379 | (10,858) |
Cash and cash equivalents less bank overdrafts at beginning of year | 7,749 | (740) | 8,578 |
Effect of exchange rate fluctuations | (40) | (1,891) | 1,540 |
Cash and cash equivalents less bank overdrafts at end of period | 8,309 | 7,749 | (740) |
Eliminations [member] | |||
OPERATING ACTIVITIES | |||
Profit | (10,209) | (22,387) | (7,348) |
Investment income | 11,916 | (22,387) | (7,348) |
Other items | (1) | ||
Working capital and provisions | 96 | 159 | 9 |
Cash generated from operations | 96 | 159 | 9 |
Interest paid, net | (28) | 5,865 | 25 |
Dividends received | 102 | (77) | (9,257) |
CASH FLOW FROM OPERATING ACTIVITIES | 170 | 5,947 | (9,223) |
INVESTING ACTIVITIES | |||
Net repayments/(payments) of loans granted | (142,382) | (45,002) | 91,180 |
CASH FLOW FROM INVESTING ACTIVITIES | (142,382) | (45,002) | 91,180 |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | (157) | (30,962) | (94,164) |
Payments on borrowings | 142,253 | 69,783 | 2,974 |
Cash net finance (cost)/income other than interests | 121 | ||
Dividends paid | (2) | 77 | 9,257 |
CASH FLOW FROM FINANCING ACTIVITIES | 142,215 | 38,898 | (81,933) |
Net increase/(decrease) in cash and cash equivalents | 3 | (157) | 24 |
Effect of exchange rate fluctuations | $ (3) | $ 157 | $ (24) |
Events After the Balance Shee_2
Events After the Balance Sheet Date - Additional Information (Detail) - USD ($) $ in Millions | Feb. 08, 2019 | Jan. 23, 2019 | Jan. 24, 2011 | Jan. 06, 2010 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 15 February 2021 | 2040 | ||
Borrowings, interest rate | 6.375% | |||
Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 15,500 | |||
Twelve series senior notes [member] | Anheuser-Busch InBev Finance Inc., Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Senior debts issued | $ 16,500 | |||
Repurchase of outstanding debt | $ 16,300 | |||
Fixed interest rate [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, interest rate | 4.375% | |||
Bonds due on 23 January 2025 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 2,500 | |||
Borrowings, maturity | 23 January 2025 | |||
Borrowings, interest rate | 4.15% | |||
Bonds due on 23 January 2029 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 4,250 | |||
Borrowings, maturity | 23 January 2029 | |||
Borrowings, interest rate | 4.75% | |||
Bonds due on 23 January 2031 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 750 | |||
Borrowings, maturity | 23 January 2031 | |||
Borrowings, interest rate | 4.90% | |||
Bonds due on 23 January 2039 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 2,000 | |||
Borrowings, maturity | 23 January 2039 | |||
Borrowings, interest rate | 5.45% | |||
Bonds due on 23 January 2049 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 4,000 | |||
Borrowings, maturity | 23 January 2049 | |||
Borrowings, interest rate | 5.55% | |||
Bonds due on 23 January 2059 [member] | Fixed interest rate [member] | Bonds [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Bonds issued | $ 2,000 | |||
Borrowings, maturity | 23 January 2059 | |||
Borrowings, interest rate | 5.80% | |||
2.650% senior notes [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, interest rate | 2.65% | |||
Senior debts issued | $ 2,500 | |||
4.375% due in 2021 senior notes [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2021 | |||
Borrowings, interest rate | 4.375% | |||
Senior debts issued | $ 200 | |||
4.375% due in 2021 senior notes [member] | Floating interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2021 | |||
Senior debts issued | $ 200 | |||
3.750% notes due 2022 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, interest rate | 3.75% | |||
Senior debts issued | $ 1,100 | |||
2.500% notes due 2022 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2022 | |||
Borrowings, interest rate | 2.50% | |||
Senior debts issued | $ 1,300 | |||
2.625% notes due in 2023 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2023 | |||
Borrowings, interest rate | 2.625% | |||
Senior debts issued | $ 600 | |||
3.300% notes due in 2023 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2023 | |||
Borrowings, interest rate | 3.30% | |||
Senior debts issued | $ 2,900 | |||
3.500% notes due in 2024 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2024 | |||
Borrowings, interest rate | 3.50% | |||
Senior debts issued | $ 900 | |||
3.500% notes due in 2024 [member] | Floating interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2024 | |||
Senior debts issued | $ 300 | |||
3.700% notes due in 2024 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2024 | |||
Borrowings, interest rate | 3.70% | |||
Senior debts issued | $ 500 | |||
3.650% notes due in 2026 [member] | Fixed interest rate [member] | Twelve series senior notes [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings, maturity | 2026 | |||
Borrowings, interest rate | 3.65% | |||
Senior debts issued | $ 5,900 |
AB INBEV Companies - Summary of
AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Dominican Republic [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA NACIONAL DOMINICANA S.A.-Autopista 30 de Mayo Km 61/2, Distrito Nacional-A.P. 1086-Santo Domingo1 |
Proportion of ownership interest in subsidiary | 52.42% |
Argentina [member] | CERVECERIA Y MALTERIA QUILMES SAICA y G [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA Y MALTERIA QUILMES SAICA y G-Charcas 5160-C1425BOF-Buenos Aires |
Proportion of ownership interest in subsidiary | 61.88% |
Australia [member] | FOSTER'S GROUP PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FOSTER'S GROUP PTY LTD-Southbank Boulevard 77-3006 Southbank-Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | CUB PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CUB PTY LTD-Southbank Boulevard 77-3006 Southbank-Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | FBG FINANCE PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FBG FINANCE PTY LTD-Southbank Boulevard 77-3006 Southbank-Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Australia [member] | FBG TREASURY (AUST) PTY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | FBG TREASURY (AUST) PTY LTD-Southbank Boulevard 77-3006 Southbank-Victoria |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | BRASSERIE DE L'ABBAYE DE LEFFE S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRASSERIE DE L'ABBAYE DE LEFFE S.A.-Place de l'Abbaye 1-5500-Dinant |
Proportion of ownership interest in subsidiary | 98.54% |
Belgium [member] | BROUWERIJ VAN HOEGAARDEN N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BROUWERIJ VAN HOEGAARDEN N.V.-Stoopkensstraat 46-3320-Hoegaarden |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | COBREW N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COBREW N.V.-Brouwerijplein 1-3000-Leuven |
Proportion of ownership interest in subsidiary | 100.00% |
Belgium [member] | INBEV BELGIUM S.P.R.L. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV BELGIUM S.P.R.L.-Industrielaan 21-1070-Brussel |
Proportion of ownership interest in subsidiary | 100.00% |
Botswana [member] | Kgalagadi Breweries (Pty) Ltd [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | Kgalagadi Breweries (Pty) Ltd - Plot 20768, Broadhurst industrial estate - Gaborone1 |
Proportion of ownership interest in subsidiary | 31.00% |
Bolivia [member] | CERVECERIA BOLIVIANA NACIONAL S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA BOLIVIANA NACIONAL S.A.-Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa-La Paz |
Proportion of ownership interest in subsidiary | 61.88% |
Brazil [Member] | Ambev [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AMBEV S.A.-Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi-CEP 04530-001-São Paulo |
Proportion of ownership interest in subsidiary | 61.88% |
Canada [member] | LABATT BREWING COMPANY LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | LABATT BREWING COMPANY LIMITED-207 Queen's Quay West, Suite 299-M5J 1A7-Toronto |
Proportion of ownership interest in subsidiary | 61.88% |
Chile [member] | CERVECERIA CHILE S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA CHILE S.A.-Av. Presidente Eduardo Frei Montalva 9600-8700000-Quilicura |
Proportion of ownership interest in subsidiary | 61.88% |
China [member] | ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD.-Shangshou, Qin Duan Kou, Hanyang Area-430051-Wuhan City, Hubei Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD.-Shangshou, Qin Duan Kou, Hanyang Area-430051-Wuhan City, Hubei Province |
Proportion of ownership interest in subsidiary | 97.06% |
China [member] | ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD.-1 Budweiser Avenue, Southwest St., Sanshui District-528132-Foshan City, Guangdong |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD.-9 HaPi Road Pingfang District-150066-Harbin City, Heilongijang Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD.-18, Yingbin Road-063300-Tangshan City, Hebei Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD.-660 Gong Ye Road, Hanjiang District-351111-Putian City, Fujian Province ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | LTD.-Lantian Economic District-363005-Zhangzhou City, Fujian Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD.-159 Qi Xia East Road, Chengguan Town, Tiantai County-317200-Taizhou Cithy, Zhejiang Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | NANCHANG ASIA BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | NANCHANG ASIA BREWERY CO. LTD.-1188 Jinsha Avenue, Economic District-Nanchang City, Jiangxi Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | SIPING GINSBER DRAFT BEER CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SIPING GINSBER DRAFT BEER CO. LTD.-Xianmaquan, Tiedong Area-Siping City, Jilin Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (NANTONG) BREWERY CO. LTD.-666 Zhaoxia Road-Nantong City, Jiangsu Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD.-No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area-641300-Ziyang City, Sichuan Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD.-No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town-453100-Weihui City, Henan Province |
Proportion of ownership interest in subsidiary | 100.00% |
China [member] | INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD.-89 Jin Long Quan Avenue-Jingmen City, Hubei Province |
Proportion of ownership interest in subsidiary | 60.00% |
China [member] | ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD.-No 1 Qujiang Road, Suyu Industry Park-Suqian City, Jiangsu Province |
Proportion of ownership interest in subsidiary | 100.00% |
Colombia [member] | BOGOTA BEER COMPANY BBC S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BOGOTA BEER COMPANY BBC S.A.S.-Carrera 53 A, No 127-35-110221-Bogota |
Proportion of ownership interest in subsidiary | 97.22% |
Colombia [member] | BAVARIA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BAVARIA S.A. S.A.-Carrera 53 A, No 127-35-110221-Bogota |
Proportion of ownership interest in subsidiary | 99.00% |
Colombia [member] | AMBEV COLOMBIA S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AMBEV COLOMBIA S.A.S.-Carrera 53 A, No 127-35-110221-Bogota |
Proportion of ownership interest in subsidiary | 97.22% |
Czech Republic [member] | PIVOVAR SAMSON A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | PIVOVAR SAMSON A.S.-V parku 2326/18, Chodov, 148 00 Praha 4 |
Proportion of ownership interest in subsidiary | 100.00% |
Ecuador [member] | COMPANIA CERVECERA AMBEV ECUADOR S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COMPAÑIA CERVECERA AMBEV ECUADOR S.A.-Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil |
Proportion of ownership interest in subsidiary | 97.22% |
Ecuador [member] | CERVECERIA NACIONAL (CN) S,A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERÍA NACIONAL (CN) SA-Via a daule km 16,5 y calle cobre s/n-Guayaquil, Guayas |
Proportion of ownership interest in subsidiary | 95.58% |
El Salvador [member] | INDUSTRIAS LA CONSTANCIA, SA DE CV [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INDUSTRIAS LA CONSTANCIA, SA DE CV-526 Av. Independencia, San Salvador |
Proportion of ownership interest in subsidiary | 100.00% |
France [member] | AB INBEV FRANCE S.A.S. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV FRANCE S.A.S.-Immeuble Crystal, 38, Place Vauban-C.P. 59110-La Madeleine |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | BRAUEREI BECK GmbH & CO. KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRAUEREI BECK GmbH & CO. KG-Am Deich 18/19-28199-Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | BRAUEREI DIEBELS GmbH & CO.KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRAUEREI DIEBELS GmbH & CO.KG-Brauerei-Diebels-Strasse 1-47661-Issum |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | HAAKE-BECK AG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | HAAKE-BECK AG-Am Deich 18/19-28199-Bremen |
Proportion of ownership interest in subsidiary | 99.96% |
Germany [member] | HASSERODER BRAUEREI GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | HASSERÖDER BRAUEREI GmbH-Auerhahnring 1-38855-Wernigerode |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH-Am Deich 18/19-28199-Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | SPATEN - FRANZISKANER - BRAU GmbH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SPATEN-FRANZISKANER-BRÄU GmbH-Marsstrasse 46 + 48-80335-München |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG-Am Deich 18/19-28199-Bremen |
Proportion of ownership interest in subsidiary | 100.00% |
Germany [member] | LOEWENBRAEU AG [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | LOEWENBRAEU AG-Nymphenburger Str. 7-80335-München |
Proportion of ownership interest in subsidiary | 100.00% |
Ghana [member] | ACCRA BREWERY LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ACCRA BREWERY LTD-Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219-Accra |
Proportion of ownership interest in subsidiary | 60.00% |
Luxembourg [member] | BRASSERIE DE LUXEMBOURG MOUSEL - DIEKIRCH [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BRASSERIE DE LUXEMBOURG MOUSEL-DIEKIRCH-1, Rue de la Brasserie-L-9214-Diekirch |
Proportion of ownership interest in subsidiary | 95.82% |
Honduras [member] | CERVECERIA HONDURENA, SA DE CV [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERÍA HONDUREÑA, SA DE CV-Blvd. Del Norte, Carretera Salida a Puerto Cortes-San Pedro Sula, Cortes |
Proportion of ownership interest in subsidiary | 99.00% |
India [member] | CROWN BEERS INDIA LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CROWN BEERS INDIA LIMITED-#8-2-684/A, Road No. 12-Banjara Hills, Hyderabad 500034-Andhra Pradesh |
Proportion of ownership interest in subsidiary | 100.00% |
India [member] | SABMILLER INDIA LIMITED LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SABMILLER INDIA LIMITED LTD.-Unit No.301-302, Dynasty Business Park, 3rd Floor-Andheri-Kurla Road, Andheri (East)-400059-Mumbai, Maharashtra |
Proportion of ownership interest in subsidiary | 99.60% |
Italy [member] | Anheuser-Busch Inbev Italia SpA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | Anheuser-Busch Inbev Italia SpA - Piazza Buffoni 3, 21013 Gallarate |
Proportion of ownership interest in subsidiary | 100.00% |
Mexico [member] | CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V-Javier Barros Sierra 555 Piso 3-Zedec Ed Plaza Santa Fe-01210 Mexico City |
Proportion of ownership interest in subsidiary | 100.00% |
Mozambique [member] | CERVEJAS DE MOCAMBIQUE SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVEJAS DE MOÇAMBIQUE SA-Rua do Jardim 1329-Maputo2 |
Proportion of ownership interest in subsidiary | 49.00% |
Netherlands [member] | INBEV NEDERLAND N.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INBEV NEDERLAND N.V.-Ceresstraat 1-4811 CA-Breda |
Proportion of ownership interest in subsidiary | 100.00% |
Netherlands [member] | INTERBREW INTERNATIONAL B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INTERBREW INTERNATIONAL B.V.-Ceresstraat 1-4811 CA-Breda |
Proportion of ownership interest in subsidiary | 100.00% |
Netherlands [member] | AB InBev Africa B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB InBev Africa B.V.-Ceresstraat 1, 4811 CA-Breda |
Proportion of ownership interest in subsidiary | 62.00% |
Netherlands [member] | AB InBev Botswana B.V. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB InBev Botswana B.V.-Ceresstraat 1, 4811 CA-Breda |
Proportion of ownership interest in subsidiary | 62.00% |
Nigeria [member] | BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD.-58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere-Lagos |
Proportion of ownership interest in subsidiary | 50.00% |
Nigeria [member] | INTERNATIONAL BREWERIES PLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | INTERNATIONAL BREWERIES PLC-Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State1 |
Proportion of ownership interest in subsidiary | 37.50% |
Panama [member] | CERVECERIA NACIONAL HOLDING SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERÍA NACIONAL HOLDING SA-Costa del Este Business Park, torre Oeste Piso 2-Ciudad de Panama |
Proportion of ownership interest in subsidiary | 60.00% |
Paraguay [member] | CERVECERIA PARAGUAYA S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA PARAGUAYA S.A.-Ruta Villeta km 30 N 3045-2660-Ypané |
Proportion of ownership interest in subsidiary | 61.88% |
Peru [member] | COMPANIA CERVECERA AMBEV PERU S.A.C. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | COMPANIA CERVECERA AMBEV PERU S.A.C.-Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa-Lurigancho (Chosica)-Lima 15 |
Proportion of ownership interest in subsidiary | 97.22% |
Peru [member] | UNIOIN DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON SAA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA-3986 Av. Nicolas Ayllon, Ate, Lima 3 |
Proportion of ownership interest in subsidiary | 93.65% |
South Africa [member] | SABSA HOLDINGS LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY-65 Park Lane, Sandown-2001-Johannesburg |
Proportion of ownership interest in subsidiary | 100.00% |
South Africa [member] | THE SOUTH AFRICAN BREWERIES (PTY) LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES-65 Park Lane, Sandown-2146-Johannesburg |
Proportion of ownership interest in subsidiary | 91.55% |
South Korea [member] | ORIENTAL BREWERY CO., LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ORIENTAL BREWERY CO., LTD-8F, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, Seoul, 06164, S. Korea |
Proportion of ownership interest in subsidiary | 100.00% |
Switzerland [member] | Anheuser Bush InBev Procurement (GMBH) [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH)-Suurstoffi 22-6343-Rotkreuz |
Proportion of ownership interest in subsidiary | 100.00% |
Tanzania [member] | KIBO Breweries LTD Private Company [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | KIBO BREWERIES LTD PRIVATE COMPANY-Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District--Dar es Salaam1 |
Proportion of ownership interest in subsidiary | 36.00% |
Uganda [member] | NILE BREWERIES LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | NILE BREWERIES LTD-Plot M90 Yusuf Lule Roa, Njeru, Jinja-Eastern Uganda |
Proportion of ownership interest in subsidiary | 61.76% |
United Kingdom [member] | ABI SAB GROUP HOLDING LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ABI SAB GROUP HOLDING LIMITED-AB InBev House, Church Street West-GU21 6HT-Woking |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | ABI UK HOLDINGS 1 LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ABI UK HOLDINGS 1 LIMITED-Porter Tun House, 500 Capability Green-LU1 3LS-Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | AB INBEV UK LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV UK LIMITED-Porter Tun House, 500 Capability Green-LU1 3LS-Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | AB InBev Holdings Limited [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV HOLDINGS LIMITED-AB InBev House, Church Street West-GU21 6HT-Woking |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | AB InBev International Brands Limited [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB INBEV INTERNATIONAL BRANDS LIMITED-AB InBev House, Church Street West-GU21 6HT-Woking |
Proportion of ownership interest in subsidiary | 100.00% |
United Kingdom [member] | ZX VENTURES LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ZX VENTURES LIMITED-Porter Tun House, 500 Capability Green-LU1 3LS-Luton |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | Anheuser Busch Companies [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH COMPANIES, LLC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH INTERNATIONAL, INC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INTERNATIONAL, INC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH PACKAGING GROUP, INC. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH PACKAGING GROUP, INC.-One Busch Place-St. Louis, MO 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | ANHEUSER-BUSCH, LLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH, LLC-One Busch Place, St. Louis, MO. 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | Metal Container Corporation, Inc [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | Metal Container Corporation, Inc. – One Busch Place, St. Louis, Mo. 63118 |
Proportion of ownership interest in subsidiary | 100.00% |
United States [member] | Anheuser-Busch North American Holding Corporation [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION-C/O THE CORPORATION TRUST COMPANY INC.-1209 Orange Street-DE 19801-Wilmington |
Proportion of ownership interest in subsidiary | 100.00% |
Uruguay [member] | CERVECERIA Y MALTERIA PAYSANDU S.A. [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | CERVECERIA Y MALTERIA PAYSANDU S.A.-Cesar Cortinas, 2037-C.P. 11500-Montevideo |
Proportion of ownership interest in subsidiary | 61.88% |
Vietnam [member] | ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam-Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province |
Proportion of ownership interest in subsidiary | 100.00% |
Zambia [member] | ZAMBIAN BREWERIES PLC [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ZAMBIAN BREWERIES PLC-Mungwi Road, Plot Number 6438, Lusaka |
Proportion of ownership interest in subsidiary | 54.00% |
AB INBEV Companies - Summary _2
AB INBEV Companies - Summary of Name and Registered Office of Associates and Joint Ventures (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
France [member] | SOCIETE DES BRASSERIES ET GLACIERES INTERNATIONALES SA [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA-30 AV George V, 75008, Paris |
Proportion of ownership interest in subsidiary | 20.00% |
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BIH BRASSERIES INTERNATIONALES HOLDING LTD-CC Building, 10th Floor, Main Street |
Proportion of ownership interest in subsidiary | 20.00% |
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING ANGOLA LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD-Suite 10/3, International Commercial Centre, 2A Main Street |
Proportion of ownership interest in subsidiary | 27.00% |
Turkey [member] | ANADOLU EFES BIRACILIK VE MALT SANAYII AS [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | ANADOLU EFES BIRACILIK VE MALT SANAYII AS-Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul |
Proportion of ownership interest in subsidiary | 24.00% |
Zimbabwe [member] | DELTA CORPORATION LTD [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | DELTA CORPORATION LTD-Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare |
Proportion of ownership interest in subsidiary | 25.00% |
Russia [member] | AB InBev Efes [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Address of entity's registered office | AB InBev Efes-28 Moscovskaya Street, Moscow region-141607-Klin |
Proportion of ownership interest in subsidiary | 50.00% |