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Risks arising from financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Text block [abstract] |
Disclosure of Financial Assets | Set out below is an overview of financial assets 1 held by the company as at the dates indicated:
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Debt instruments at amortized cost |  |  |  |  |  |  |  |
Trade and other receivables |  |  | 4 741 |  |  |  | 5 444 |
Debt instruments at fair value through OCI |  |  |  |  |  |  |  |
Unquoted debt |  |  | 21 |  |  |  | 25 |
Debt instruments at fair value through profit or loss |  |  |  |  |  |  |  |
Quoted debt |  |  | 102 |  |  |  | 91 |
Equity instruments at fair value through OCI |  |  |  |  |  |  |  |
Unquoted companies |  |  | 92 |  |  |  | 85 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |
Derivatives not designated in hedge accounting relationships: |  |  |  |  |  |  |  |
Equity swaps |  |  | 5 |  |  |  | 17 |
Interest rate swaps |  |  | 101 |  |  |  | 18 |
Cross currency interest rate swaps |  |  | 275 |  |  |  | 157 |
Derivatives designated in hedge accounting relationships: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | 437 |  |  |  | 112 |
Foreign currency futures |  |  | 1 |  |  |  | 7 |
Commodities |  |  | 24 |  |  |  | 52 |
|  |  | 5 799 |  |  |  | 6 009 |
Of which: |  |  |  |  |  |  |  |
Non-current |  |  | 914 |  |  |  | 883 |
Current |  |  | 4 885 |  |  |  | 5 126 |
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 as at the dates indicated :
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
Derivatives not designated in hedge accounting relationships: |  |  |  |  |  |  |  |
Equity swaps |  |  | 6 350 |  |  |  | 3 146 |
Cross currency interest rate swaps |  |  | 47 |  |  |  | 140 |
Other derivatives |  |  | 9 |  |  |  | 156 |
Derivatives designated in hedge accounting relationships: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | 84 |  |  |  | 435 |
Cross currency interest rate swaps |  |  | 69 |  |  |  | 35 |
Interest rate swaps |  |  | — |  |  |  | 4 |
Commodities |  |  | 250 |  |  |  | 97 |
Equity swaps |  |  | 54 |  |  |  | 31 |
Other derivatives |  |  | 2 |  |  |  | 107 |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |
Trade and other payables |  |  | 17 085 |  |  |  | 21 189 |
Non-current interest-bearing loans and borrowings: |  |  |  |  |  |  |  |
Secured bank loans |  |  | 48 |  |  |  | 71 |
Unsecured bank loans |  |  | 55 |  |  |  | 50 |
Unsecured bond issues |  |  | 104 162 |  |  |  | 95 674 |
Unsecured other loans |  |  | 81 |  |  |  | 77 |
Lease liabilities |  |  | 1 688 |  |  |  | 1 692 |
Current interest-bearing loans and borrowings: |  |  |  |  |  |  |  |
Secured bank loans |  |  | 995 |  |  |  | 790 |
Unsecured bank loans |  |  | 133 |  |  |  | 135 |
Unsecured bond issues |  |  | 1 916 |  |  |  | 2 532 |
Unsecured other loans |  |  | 16 |  |  |  | 20 |
Commercial paper |  |  | 3 072 |  |  |  | 1 599 |
Bank overdrafts |  |  | 153 |  |  |  | 68 |
Lease liabilities |  |  | 352 |  |  |  | 333 |
|  |  | 136 620 |  |  |  | 128 381 |
Of which: |  |  |  |  |  |  |  |
Non-current |  |  | 109 995 |  |  |  | 99 684 |
Current |  |  | 26 625 |  |  |  | 28 696 |
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 as at the dates indicated by maturity bucket.
|  | 30 June 2020 |  |  | 31 December 2019 |
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 |  |  | 9 713 |  |  |  | 752 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21 216 |  |  |  | 36 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency futures |  |  | 1 306 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 359 |  |  |  | 723 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | — |  |  |  | 1 500 |  |  |  | 1 000 |  |  |  | — |  |  |  | — |  |  |  | 750 |  |  |  | — |  |  |  | 1 500 |  |  |  | 1 000 |  |  |  | — |
Cross currency interest rate swaps |  |  | 20 |  |  |  | 4 342 |  |  |  | 2 100 |  |  |  | — |  |  |  | 666 |  |  |  | 15 |  |  |  | 513 |  |  |  | 5 445 |  |  |  | 500 |  |  |  | 668 |
Other interest rate derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 565 |
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum swaps |  |  | 1 337 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 411 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | — |
Other commodity derivatives |  |  | 622 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 771 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | — |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | 7 904 |  |  |  | 3 610 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 638 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of Foreign Exchange Risk on Operating Activities | 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.
|  | 30 June 2020 |  |  | 31 December 2019 |
|  | Total |  |  | Total |  |  | Open |  |  | Total |  |  | Total |  |  | Open |
Million US dollar |  | exposure |  |  | hedges |  |  | position |  |  | exposure |  |  | hedges |  |  | position |
Euro/Canadian dollar |  |  | (44 | ) |  |  | 35 |  |  |  | (9 | ) |  |  | (52 | ) |  |  | 39 |  |  |  | (13 | )
Euro/Mexican peso |  |  | (119 | ) |  |  | 85 |  |  |  | (34 | ) |  |  | (151 | ) |  |  | 156 |  |  |  | 5 |
Euro/Pound sterling |  |  | (135 | ) |  |  | 101 |  |  |  | (34 | ) |  |  | (126 | ) |  |  | 124 |  |  |  | (2 | )
Euro/South African rand |  |  | (83 | ) |  |  | 66 |  |  |  | (17 | ) |  |  | (99 | ) |  |  | 95 |  |  |  | (4 | )
Euro/South Korean won |  |  | (31 | ) |  |  | 40 |  |  |  | 9 |  |  |  | (49 | ) |  |  | 46 |  |  |  | (3 | )
Euro/US dollar |  |  | (340 | ) |  |  | 299 |  |  |  | (41 | ) |  |  | (409 | ) |  |  | 337 |  |  |  | (72 | )
Mexican peso/Euro |  |  | (145 | ) |  |  | 133 |  |  |  | (12 | ) |  |  | (178 | ) |  |  | 161 |  |  |  | (17 | )
Pound sterling/Euro |  |  | (40 | ) |  |  | 37 |  |  |  | (3 | ) |  |  | (39 | ) |  |  | 40 |  |  |  | 1 |
US dollar/Argentinian peso |  |  | (539 | ) |  |  | 494 |  |  |  | (45 | ) |  |  | (531 | ) |  |  | 510 |  |  |  | (21 | )
US dollar/Australian dollar |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (216 | ) |  |  | 204 |  |  |  | (12 | )
US dollar/Bolivian boliviano |  |  | (59 | ) |  |  | 66 |  |  |  | 7 |  |  |  | (69 | ) |  |  | 70 |  |  |  | 1 |
US dollar/Brazilian real |  |  | (1 410 | ) |  |  | 1 258 |  |  |  | (152 | ) |  |  | (1 443 | ) |  |  | 1 447 |  |  |  | 4 |
US dollar/Canadian dollar |  |  | (340 | ) |  |  | 268 |  |  |  | (72 | ) |  |  | (287 | ) |  |  | 295 |  |  |  | 8 |
US dollar/Chilean peso |  |  | (109 | ) |  |  | 103 |  |  |  | (6 | ) |  |  | (109 | ) |  |  | 102 |  |  |  | (7 | )
US dollar/Chinese yuan |  |  | (198 | ) |  |  | 194 |  |  |  | (4 | ) |  |  | (230 | ) |  |  | 191 |  |  |  | (39 | )
US dollar/Colombian peso |  |  | (306 | ) |  |  | 272 |  |  |  | (34 | ) |  |  | (278 | ) |  |  | 272 |  |  |  | (6 | )
US dollar/Euro |  |  | (81 | ) |  |  | 104 |  |  |  | 23 |  |  |  | (108 | ) |  |  | 113 |  |  |  | 5 |
US dollar/Mexican peso |  |  | (986 | ) |  |  | 852 |  |  |  | (134 | ) |  |  | (1 105 | ) |  |  | 903 |  |  |  | (202 | )
US dollar/Paraguayan guarani |  |  | (120 | ) |  |  | 119 |  |  |  | (1 | ) |  |  | (124 | ) |  |  | 130 |  |  |  | 6 |
US dollar/Peruvian nuevo sol |  |  | (249 | ) |  |  | 189 |  |  |  | (60 | ) |  |  | (243 | ) |  |  | 205 |  |  |  | (38 | )
US dollar/South African rand |  |  | (108 | ) |  |  | 48 |  |  |  | (60 | ) |  |  | (28 | ) |  |  | 31 |  |  |  | 3 |
US dollar/South Korean won |  |  | (65 | ) |  |  | 84 |  |  |  | 19 |  |  |  | (88 | ) |  |  | 99 |  |  |  | 11 |
US dollar/Uruguayan peso |  |  | (41 | ) |  |  | 39 |  |  |  | (2 | ) |  |  | (41 | ) |  |  | 41 |  |  |  | — |
Others |  |  | (188 | ) |  |  | 171 |  |  |  | (17 | ) |  |  | (317 | ) |  |  | 250 |  |  |  | (67 | )
Summary of 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 Brazilian real, Mexican peso, Canadian dollar, Peruvian nuevo sol and South African rand 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:
|  | 2020 |
|  | Closing rate 30 June 2020 |  |  | Possible closing rate 1 |  |  | Volatility of rates in % |
Euro/Mexican peso |  |  | 25.72 |  |  |  | 21.30 – 30.14 |  |  |  | 17.18 | %
Euro/Pound sterling |  |  | 0.91 |  |  |  | 0.83 – 0.99 |  |  |  | 9.04 | %
Euro/South Korean won |  |  | 1 345.90 |  |  |  | 1 199.03 – 1 492.76 |  |  |  | 10.91 | %
Euro/US dollar |  |  | 1.12 |  |  |  | 1.04 – 1.20 |  |  |  | 6.97 | %
Pound sterling/US dollar |  |  | 1.23 |  |  |  | 1.09 – 1.36 |  |  |  | 10.94 | %
US dollar/Brazilian real |  |  | 5.48 |  |  |  | 4.44 – 6.51 |  |  |  | 18.93 | %
US dollar/Chinese yuan |  |  | 7.07 |  |  |  | 6.64 – 7.51 |  |  |  | 6.10 | %
US dollar/Colombian peso |  |  | 3 752.17 |  |  |  | 3 177.73 – 4 326.62 |  |  |  | 15.31 | %
US dollar/Euro |  |  | 0.89 |  |  |  | 0.83 – 0.96 |  |  |  | 6.97 | %
US dollar/Mexican peso |  |  | 22.97 |  |  |  | 19.05 – 26.89 |  |  |  | 17.06 | %
US dollar/Nigerian naira |  |  | 387.09 |  |  |  | 347.85 – 426.33 |  |  |  | 10.14 | %
US dollar/Peruvian nuevo sol |  |  | 3.51 |  |  |  | 3.28 – 3.75 |  |  |  | 6.72 | %
US dollar/South African rand |  |  | 17.36 |  |  |  | 14.59 – 20.14 |  |  |  | 15.97 | %
US dollar/South Korean won |  |  | 1 201.91 |  |  |  | 1 043.87 – 1 359.95 |  |  |  | 13.15 | %
US dollar/Tanzanian shilling |  |  | 2 313.52 |  |  |  | 2 228.23 – 2 398.80 |  |  |  | 3.69 | %
US dollar/Zambian kwacha |  |  | 18.14 |  |  |  | 14.26 – 22.02 |  |  |  | 21.38 | %
|  | 2019 |
|  | Closing rate 31 December 2019 |  |  | Possible closing rate 2 |  |  | Volatility of rates in % |
Euro/Mexican peso |  |  | 21.17 |  |  |  | 19.28 – 23.06 |  |  |  | 8.92 | %
Euro/Pound sterling |  |  | 0.85 |  |  |  | 0.79 – 0.91 |  |  |  | 7.35 | %
Euro/South Korean won |  |  | 1 297.02 |  |  |  | 1 216.94 – 1 377.10 |  |  |  | 6.17 | %
Euro/US dollar |  |  | 1.12 |  |  |  | 1.07 – 1.18 |  |  |  | 4.69 | %
Pound sterling/US dollar |  |  | 1.32 |  |  |  | 1.21 – 1.43 |  |  |  | 8.08 | %
US dollar/Australian dollar |  |  | 1.42 |  |  |  | 1.33 – 1.52 |  |  |  | 6.70 | %
US dollar/Chinese yuan |  |  | 6.96 |  |  |  | 6.62 – 7.30 |  |  |  | 4.86 | %
US dollar/Colombian peso |  |  | 3 272.63 |  |  |  | 2 935.33 – 3 609.92 |  |  |  | 10.31 | %
US dollar/Euro |  |  | 0.89 |  |  |  | 0.85 – 0.93 |  |  |  | 4.69 | %
US dollar/Mexican peso |  |  | 18.85 |  |  |  | 17.25 – 20.44 |  |  |  | 8.48 | %
US dollar/Nigerian naira |  |  | 362.59 |  |  |  | 350.58 – 374.60 |  |  |  | 3.31 | %
US dollar/Peruvian nuevo sol |  |  | 3.32 |  |  |  | 3.17 – 3.47 |  |  |  | 4.50 | %
US dollar/South African rand |  |  | 14.04 |  |  |  | 12.26 – 15.83 |  |  |  | 12.74 | %
US dollar/South Korean won |  |  | 1 154.55 |  |  |  | 1 064.67 – 1 244.42 |  |  |  | 7.78 | %
US dollar/Tanzanian shilling |  |  | 2 300.14 |  |  |  | 2 186.57 – 2 413.71 |  |  |  | 4.94 | %
US dollar/Zambian kwacha |  |  | 14.02 |  |  |  | 11.24 – 16.81 |  |  |  | 19.85 | %
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.
30 June 2020 |  | Before hedging |  |  | After hedging |
Interest-bearing financial liabilities Million US dollar |  | Effective interest rate |  |  | Amount |  |  | Effective interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 1.07 | % |  |  | 205 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 4.86 | % |  |  | 276 |  |  |  | 4.86 | % |  |  | 276 |
Canadian dollar |  |  | 3.21 | % |  |  | 145 |  |  |  | 3.21 | % |  |  | 145 |
Euro |  |  | 0.09 | % |  |  | 4 648 |  |  |  | 0.09 | % |  |  | 4 648 |
US dollar |  |  | 1.67 | % |  |  | 1 066 |  |  |  | 2.03 | % |  |  | 3 491 |
Other |  |  | 15.47 | % |  |  | 309 |  |  |  | 12.57 | % |  |  | 589 |
|  |  |  |  |  |  | 6 649 |  |  |  |  |  |  |  | 9 149 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 3.71 | % |  |  | 1 606 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 8.07 | % |  |  | 560 |  |  |  | 8.07 | % |  |  | 560 |
Canadian dollar |  |  | 3.15 | % |  |  | 1 958 |  |  |  | 3.15 | % |  |  | 1 958 |
Euro |  |  | 2.02 | % |  |  | 29 335 |  |  |  | 1.73 | % |  |  | 31 549 |
Pound sterling |  |  | 3.82 | % |  |  | 4 063 |  |  |  | 3.79 | % |  |  | 3 449 |
South Korean won |  |  | — |  |  |  | — |  |  |  | 2.46 | % |  |  | 1 016 |
US dollar |  |  | 4.78 | % |  |  | 68 146 |  |  |  | 4.90 | % |  |  | 64 593 |
Other |  |  | 13.76 | % |  |  | 354 |  |  |  | 12.84 | % |  |  | 398 |
|  |  |  |  |  |  | 106 022 |  |  |  |  |  |  |  | 103 522 |
31 December 2019 |  | Before hedging |  |  | After hedging |
Interest-bearing financial liabilities Million US dollar |  | Effective interest rate |  |  | Amount |  |  | Effective interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 1.87 | % |  |  | 210 |  |  |  | 1.87 | % |  |  | 210 |
Brazilian real |  |  | 9.33 | % |  |  | 43 |  |  |  | 9.33 | % |  |  | 43 |
Euro |  |  | 0.08 | % |  |  | 4 214 |  |  |  | 0.08 | % |  |  | 4 214 |
US dollar |  |  | 2.36 | % |  |  | 1 749 |  |  |  | 2.85 | % |  |  | 4 269 |
Other |  |  | 9.82 | % |  |  | 225 |  |  |  | 4.46 | % |  |  | 954 |
|  |  |  |  |  |  | 6 441 |  |  |  |  |  |  |  | 9 690 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 3.71 | % |  |  | 1 647 |  |  |  | 3.71 | % |  |  | 1 647 |
Brazilian real |  |  | 9.00 | % |  |  | 544 |  |  |  | 9.00 | % |  |  | 544 |
Canadian dollar |  |  | 3.16 | % |  |  | 2 055 |  |  |  | 3.16 | % |  |  | 2 055 |
Euro |  |  | 1.82 | % |  |  | 25 346 |  |  |  | 1.82 | % |  |  | 29 338 |
Pound sterling |  |  | 3.82 | % |  |  | 4 373 |  |  |  | 3.79 | % |  |  | 3 713 |
South Korean won |  |  | 3.37 | % |  |  | 15 |  |  |  | 2.46 | % |  |  | 1 015 |
US dollar |  |  | 4.83 | % |  |  | 62 205 |  |  |  | 5.02 | % |  |  | 54 551 |
Other |  |  | 7.31 | % |  |  | 416 |  |  |  | 6.95 | % |  |  | 489 |
|  |  |  |  |  |  | 96 601 |  |  |  |  |  |  |  | 93 352 |
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:
|  | 2020 |
|  | Interest rate 30 June 2020 1 |  |  | Possible interest rate 2 |  |  | Volatility of rates in % |
Brazilian real |  |  | 2.35 | % |  |  | 1.95% - 2.74% |  |  |  | 16.99 | %
Euro |  |  | — |  |  |  | — |  |  |  | 17.24 | %
US dollar |  |  | 0.30 | % |  |  | 0.12% - 0.47% |  |  |  | 59.52 | %
|  | 2019 |
|  | Interest rate 31 December 2019 1 |  |  | Possible interest rate 2 |  |  | Volatility of rates in % |
Brazilian real |  |  | 4.42 | % |  |  | 3.32% - 5.52% |  |  |  | 24.88 | %
Euro |  |  | — |  |  |  | — |  |  |  | 6.43 | %
US dollar |  |  | 1.91 | % |  |  | 1.51% - 2.30% |  |  |  | 20.66 | %
Schedule of Commodity Derivatives Outstanding | The most significant commodity exposures as of 30 June 2020 are included in the table below (expressed in outstanding notional amounts):
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Aluminum swaps |  |  | 1 342 |  |  |  | 1 449 |
Exchange traded sugar futures |  |  | 57 |  |  |  | 54 |
Natural gas and energy derivatives |  |  | 150 |  |  |  | 256 |
Corn swaps |  |  | 202 |  |  |  | 195 |
Exchange traded wheat futures |  |  | 7 |  |  |  | 20 |
Rice swaps |  |  | 168 |  |  |  | 328 |
Plastic derivatives |  |  | 38 |  |  |  | 59 |
|  |  | 1 964 |  |  |  | 2 360 |
Summary of Estimated Impact on Changes in the Price of Commodities | The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 30 June 2020 and 31 December 2019, would have on the equity reserves .
|  | 2020 |
|  | Volatility of prices in % 3 |  |  | Pre-tax impact on equity |
Million US dollar |  | Prices increase |  |  | Prices decrease |
Aluminum |  |  | 13.45 | % |  |  | 181 |  |  |  | (181 | )
Sugar |  |  | 29.15 | % |  |  | 17 |  |  |  | (17 | )
Energy |  |  | 46.26 | % |  |  | 69 |  |  |  | (69 | )
Corn |  |  | 28.23 | % |  |  | 57 |  |  |  | (57 | )
Wheat |  |  | 24.27 | % |  |  | 2 |  |  |  | (2 | )
Rice |  |  | 35.60 | % |  |  | 60 |  |  |  | (60 | )
Plastic |  |  | 28.63 | % |  |  | 11 |  |  |  | (11 | )
1 | Applicable 3-month InterBank Offered Rates as of 30 June 2020 and as of 31 December 2019.
2 | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020 and at December 2019. 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).
3 | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020.
|  | 2019 |
|  | Volatility of prices in % 1 |  |  | Pre-tax impact on equity |
Million US dollar |  | Prices increase |  |  | Prices decrease |
Aluminum |  |  | 21.78 | % |  |  | 312 |  |  |  | (312 | )
Sugar |  |  | 29.73 | % |  |  | 16 |  |  |  | (16 | )
Energy |  |  | 25.86 | % |  |  | 66 |  |  |  | (66 | )
Corn |  |  | 21.74 | % |  |  | 42 |  |  |  | (42 | )
Wheat |  |  | 30.30 | % |  |  | 6 |  |  |  | (6 | )
Rice |  |  | 22.64 | % |  |  | 47 |  |  |  | (47 | )
Plastic |  |  | 24.03 | % |  |  | 14 |  |  |  | (14 | )
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 :
|  | 2020 |  |  | 2019 |
Million US dollar |  | Gross |  |  | Impairment |  |  | Net carrying amount |  |  | Gross |  |  | Impairment |  |  | Net carrying amount |
Investment in unquoted companies |  |  | 99 |  |  |  | (7 | ) |  |  | 92 |  |  |  | 92 |  |  |  | (7 | ) |  |  | 85 |
Investment in debt securities |  |  | 123 |  |  |  | — |  |  |  | 123 |  |  |  | 117 |  |  |  | — |  |  |  | 117 |
Trade receivables |  |  | 3 730 |  |  |  | (265 | ) |  |  | 3 465 |  |  |  | 4 219 |  |  |  | (173 | ) |  |  | 4 046 |
Cash deposits for guarantees |  |  | 170 |  |  |  | — |  |  |  | 170 |  |  |  | 219 |  |  |  | — |  |  |  | 219 |
Loans to customers |  |  | 135 |  |  |  | — |  |  |  | 135 |  |  |  | 177 |  |  |  | — |  |  |  | 177 |
Other receivables |  |  | 1 484 |  |  |  | (93 | ) |  |  | 1 391 |  |  |  | 1 666 |  |  |  | (103 | ) |  |  | 1 563 |
Derivatives |  |  | 842 |  |  |  | — |  |  |  | 842 |  |  |  | 362 |  |  |  | — |  |  |  | 362 |
Cash and cash equivalents |  |  | 25 018 |  |  |  | — |  |  |  | 25 018 |  |  |  | 7 238 |  |  |  | — |  |  |  | 7 238 |
|  |  | 31 601 |  |  |  | (365 | ) |  |  | 31 236 |  |  |  | 14 090 |  |  |  | (283 | ) |  |  | 13 807 |
1 | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020.
Summary of Allowance for Impairment | The allowance for impairment recognized during the period per classes of financial assets was as follows:
|  | 2020 |
Million US dollar |  | Trade receivables |  |  | FVOCI |  |  | Other receivables |  |  | Total |
Balance at 1 January |  |  | (173 | ) |  |  | (7 | ) |  |  | (103 | ) |  |  | (283 | )
Impairment losses |  |  | (115 | ) |  |  | — |  |  |  | (7 | ) |  |  | (122 | )
Derecognition |  |  | 3 |  |  |  | — |  |  |  | 6 |  |  |  | 9 |
Currency translation and other |  |  | 20 |  |  |  | — |  |  |  | 11 |  |  |  | 31 |
Balance at 30 June |  |  | (265 | ) |  |  | (7 | ) |  |  | (93 | ) |  |  | (365 | )
|  | 2019 |
Million US dollar |  | Trade receivables |  |  | FVOCI |  |  | Other receivables |  |  | Total |
Balance at 1 January |  |  | (160 | ) |  |  | (7 | ) |  |  | (106 | ) |  |  | (273 | )
Impairment losses |  |  | (51 | ) |  |  | — |  |  |  | (30 | ) |  |  | (81 | )
Derecognition |  |  | 26 |  |  |  | — |  |  |  | 31 |  |  |  | 57 |
Currency translation and other |  |  | 12 |  |  |  | — |  |  |  | 2 |  |  |  | 14 |
Balance at 31 December |  |  | (173 | ) |  |  | (7 | ) |  |  | (103 | ) |  |  | (283 | )
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 liabilities :
|  | 30 June 2020 |
Million US dollar |  | Carrying amount 1 |  |  | Contractual cash flows |  |  | Less than 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | More than 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | (1 043 | ) |  |  | (1 080 | ) |  |  | (1 017 | ) |  |  | (16 | ) |  |  | (12 | ) |  |  | (12 | ) |  |  | (23 | )
Commercial papers |  |  | (3 072 | ) |  |  | (3 072 | ) |  |  | (3 072 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bank loans |  |  | (188 | ) |  |  | (196 | ) |  |  | (138 | ) |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bond issues |  |  | (106 078 | ) |  |  | (180 259 | ) |  |  | (5 647 | ) |  |  | (7 201 | ) |  |  | (10 042 | ) |  |  | (20 065 | ) |  |  | (137 304 | )
Unsecured other loans |  |  | ( 97 | ) |  |  | (129 | ) |  |  | (21 | ) |  |  | (14 | ) |  |  | (8 | ) |  |  | (5 | ) |  |  | (81 | )
Lease liabilities |  |  | (2 040 | ) |  |  | (2 304 | ) |  |  | (419 | ) |  |  | (393 | ) |  |  | (278 | ) |  |  | (401 | ) |  |  | (813 | )
Bank overdraft |  |  | (153 | ) |  |  | (153 | ) |  |  | (153 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Trade and other payables |  |  | (20 476 | ) |  |  | (20 697 | ) |  |  | (18 845 | ) |  |  | (1 182 | ) |  |  | (178 | ) |  |  | (183 | ) |  |  | (309 | )
|  |  | (133 147 | ) |  |  | (207 890 | ) |  |  | (29 312 | ) |  |  | (8 864 | ) |  |  | (10 518 | ) |  |  | (20 666 | ) |  |  | (138 530 | )
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange derivatives |  |  | (95 | ) |  |  | (95 | ) |  |  | (95 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cross currency interest rate swaps |  |  | (116 | ) |  |  | (182 | ) |  |  | — |  |  |  | (108 | ) |  |  | — |  |  |  | — |  |  |  | (74 | )
Commodity derivatives |  |  | (250 | ) |  |  | (250 | ) |  |  | (250 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity derivatives |  |  | (6 404 | ) |  |  | (6 440 | ) |  |  | (4 372 | ) |  |  | (2 068 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (6 864 | ) |  |  | (6 967 | ) |  |  | (4 717 | ) |  |  | (2 176 | ) |  |  | — |  |  |  | — |  |  |  | (74 | )
Of which: related to cash flow hedges |  |  | (498 | ) |  |  | (498 | ) |  |  | (424 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (74 | )
|  | 31 December 2019 |
Million US dollar |  | Carrying amount 1 |  |  | Contractual cash flows |  |  | Less than 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | More than 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | (861 | ) |  |  | (890 | ) |  |  | (795 | ) |  |  | (18 | ) |  |  | (18 | ) |  |  | (22 | ) |  |  | (37 | )
Commercial papers |  |  | (1 599 | ) |  |  | (1 599 | ) |  |  | (1 599 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bank loans |  |  | (185 | ) |  |  | (188 | ) |  |  | (140 | ) |  |  | (47 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |
Unsecured bond issues |  |  | (98 206 | ) |  |  | (165 424 | ) |  |  | (5 513 | ) |  |  | (6 415 | ) |  |  | (6 518 | ) |  |  | (18 605 | ) |  |  | (128 373 | )
Unsecured other loans |  |  | (98 | ) |  |  | (131 | ) |  |  | (27 | ) |  |  | (17 | ) |  |  | (9 | ) |  |  | (5 | ) |  |  | (73 | )
Lease liabilities |  |  | (2 025 | ) |  |  | (2 338 | ) |  |  | (404 | ) |  |  | (350 | ) |  |  | (243 | ) |  |  | (285 | ) |  |  | (1 056 | )
Bank overdraft |  |  | (68 | ) |  |  | (68 | ) |  |  | (68 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Trade and other payables |  |  | (24 806 | ) |  |  | (25 152 | ) |  |  | (22 861 | ) |  |  | (1 227 | ) |  |  | (472 | ) |  |  | (165 | ) |  |  | (427 | )
|  |  | (127 848 | ) |  |  | (195 790 | ) |  |  | (31 407 | ) |  |  | (8 074 | ) |  |  | (7 261 | ) |  |  | (19 082 | ) |  |  | (129 966 | )
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | (102 | ) |  |  | (103 | ) |  |  | (7 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | 3 |  |  |  | (97 | )
Foreign exchange derivatives |  |  | (600 | ) |  |  | (600 | ) |  |  | (600 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cross currency interest rate swaps |  |  | (175 | ) |  |  | (187 | ) |  |  | 75 |  |  |  | (285 | ) |  |  | 6 |  |  |  | 75 |  |  |  | (58 | )
Commodity derivatives |  |  | (97 | ) |  |  | (97 | ) |  |  | (97 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity derivatives |  |  | (3 177 | ) |  |  | (3 177 | ) |  |  | (3 177 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
|  |  | (4 151 | ) |  |  | (4 164 | ) |  |  | (3 806 | ) |  |  | (286 | ) |  |  | 5 |  |  |  | 78 |  |  |  | (155 | )
Of which: related to cash flow hedges |  |  | (448 | ) |  |  | (448 | ) |  |  | (408 | ) |  |  | 5 |  |  |  | 3 |  |  |  | 5 |  |  |  | (53 | )
1 | “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date .
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 |  | 30 June 2020 |  |  | 31 December 2019 |  |  | 30 June 2020 |  |  | 31 December 2019 |  |  | 30 June 2020 |  |  | 31 December 2019 |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | 437 |  |  |  | 112 |  |  |  | (93 | ) |  |  | (590 | ) |  |  | 344 |  |  |  | (478 | )
Foreign currency futures |  |  | 1 |  |  |  | 7 |  |  |  | (2 | ) |  |  | (9 | ) |  |  | (1 | ) |  |  | (2 | )
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 101 |  |  |  | 18 |  |  |  | — |  |  |  | (6 | ) |  |  | 101 |  |  |  | 12 |
Cross currency interest rate swaps |  |  | 275 |  |  |  | 157 |  |  |  | (115 | ) |  |  | (175 | ) |  |  | 160 |  |  |  | (18 | )
Other interest rate derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (97 | ) |  |  | — |  |  |  | (97 | )
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum swaps |  |  | 7 |  |  |  | 15 |  |  |  | (169 | ) |  |  | (61 | ) |  |  | (162 | ) |  |  | (46 | )
Sugar futures |  |  | 1 |  |  |  | 2 |  |  |  | (3 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | — |
Wheat futures |  |  | 1 |  |  |  | 14 |  |  |  | (1 | ) |  |  | (9 | ) |  |  | — |  |  |  | 5 |
Energy |  |  | 5 |  |  |  | 8 |  |  |  | (40 | ) |  |  | (11 | ) |  |  | (35 | ) |  |  | (3 | )
Other commodity derivatives |  |  | 10 |  |  |  | 13 |  |  |  | (37 | ) |  |  | (14 | ) |  |  | (27 | ) |  |  | (1 | )
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | 5 |  |  |  | 17 |  |  |  | (6 404 | ) |  |  | (3 177 | ) |  |  | (6 399 | ) |  |  | (3 160 | )
|  |  | 842 |  |  |  | 362 |  |  |  | (6 864 | ) |  |  | (4 151 | ) |  |  | (6 022 | ) |  |  | (3 789 | )
Of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current |  |  | 297 |  |  |  | 132 |  |  |  | (2 460 | ) |  |  | (352 | ) |  |  | (2 163 | ) |  |  | (220 | )
Current |  |  | 545 |  |  |  | 230 |  |  |  | (4 404 | ) |  |  | (3 799 | ) |  |  | (3 859 | ) |  |  | (3 569 | )
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 |  | 2020 Carrying amount 1 |  |  | 2020 Fair value |  |  | 2019 Carrying amount 1 |  |  | 2019 Fair value |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | (1 606 | ) |  |  | (1 697 | ) |  |  | (1 647 | ) |  |  | (1 748 | )
Brazilian real |  |  | (560 | ) |  |  | (560 | ) |  |  | (544 | ) |  |  | (542 | )
Canadian dollar |  |  | (1 958 | ) |  |  | (1 985 | ) |  |  | (2 055 | ) |  |  | (2 046 | )
Euro |  |  | (29 335 | ) |  |  | (30 868 | ) |  |  | (25 346 | ) |  |  | (30 365 | )
Pound sterling |  |  | (4 063 | ) |  |  | (4 507 | ) |  |  | (4 373 | ) |  |  | (4 816 | )
US dollar |  |  | (68 146 | ) |  |  | (83 644 | ) |  |  | (62 205 | ) |  |  | (74 035 | )
Other |  |  | (354 | ) |  |  | (354 | ) |  |  | (431 | ) |  |  | (431 | )
|  |  | (106 022 | ) |  |  | (123 615 | ) |  |  | (96 601 | ) |  |  | (113 983 | )
1 | “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date .
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 30 June 202 0 Million US dollar |  | Quoted (unadjusted) prices - level 1 |  |  | Observable market inputs - level 2 |  |  | Unobservable market inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | — |  |  |  | 9 |  |  |  | — |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 312 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 85 |  |  |  | 227 |  |  |  | — |
Derivatives in a fair value hedge relationship |  |  | — |  |  |  | 91 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 127 |  |  |  | — |
|  |  | 85 |  |  |  | 766 |  |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | — |  |  |  | — |  |  |  | 1 423 |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 6 406 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 20 |  |  |  | 438 |  |  |  | — |
|  |  | 20 |  |  |  | 6 84 4 |  |  |  | 1 423 |
Fair value hierarchy 31 December 2019 Million US dollar |  | Quoted (unadjusted) prices - level 1 |  |  | Observable market inputs - level 2 |  |  | Unobservable market inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | 2 |  |  |  | 9 |  |  |  | — |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 119 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 17 |  |  |  | 153 |  |  |  | — |
Derivatives in a fair value hedge relationship |  |  | — |  |  |  | 19 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 54 |  |  |  | — |
|  |  | 19 |  |  |  | 354 |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | — |  |  |  | — |  |  |  | 1 639 |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 3 441 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 21 |  |  |  | 586 |  |  |  | — |
Derivatives in a fair value hedge relationship |  |  | — |  |  |  | 103 |  |  |  | — |
|  |  | 21 |  |  |  | 4 130 |  |  |  | 1 639 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements :
|  | 30 June 2020 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position 1 |  |  | Other offsetting agreements 2 |  |  | Total net amount |
Derivative assets |  |  | 842 |  |  |  | 842 |  |  |  | (837 | ) |  |  | 5 |
Derivative liabilities |  |  | (6 864 | ) |  |  | (6 864 | ) |  |  | 837 |  |  |  | (6 027 | )
|  | 31 December 2019 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position 1 |  |  | Other offsetting agreements 2 |  |  | Total net amount |
Derivative assets |  |  | 362 |  |  |  | 362 |  |  |  | (352 | ) |  |  | 10 |
Derivative liabilities |  |  | (4 151 | ) |  |  | (4 151 | ) |  |  | 352 |  |  |  | (3 799 | )
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.

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- Definition The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2019-01-01 -Paragraph 35M -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2019-en-r&anchor=para_35M&doctype=Standard -URIDate 2019-03-27 + Details
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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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