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Changes in equity and earnings per share (Tables) | 6 Months Ended
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Jun. 30, 2020
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during the first six months of 2020:
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 treasury shares |
| Million shares |  |  | Million US dollar |  |  | Million US dollar |
At the end of the previous year |  |  | 59.9 |  |  |  | (6 270 | ) |  |  | (2 556 | )
Changes during the period |  |  | (11.8 | ) |  |  | 1 236 |  |  |  | (897 | )
|  |  | 48.1 |  |  |  | (5 034 | ) |  |  | (3 453 | )
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows:
Million US dollar |  | Translation Reserves |  |  | Hedging reserves |  |  | Post- employment benefits |  |  | Total OCI Reserves |
As per 1 January 2020 |  |  | (19 936 | ) |  |  | 397 |  |  |  | (1 740 | ) |  |  | (21 279 | )
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | (12 293 | ) |  |  | — |  |  |  | — |  |  |  | (12 293 | )
Cash flow hedges |  |  | — |  |  |  | (138 | ) |  |  | — |  |  |  | (138 | )
Cash flow hedges and cumulative translation adjustments in relation to Australia divestiture reclassified to profit ot loss |  |  | (645 | ) |  |  | 219 |  |  |  | — |  |  |  | (426 | )
Re-measurements of post-employment benefits |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Total comprehensive income |  |  | (12 938 | ) |  |  | 81 |  |  |  | (1 | ) |  |  | (12 858 | )
As per 30 June 2020 |  |  | (32 874 | ) |  |  | 478 |  |  |  | (1 741 | ) |  |  | (34 137 | )
The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the Mexican pesos, the South African rand, the Colombian pesos and the Brazilian real, which resulted in a foreign exchange translation adjustment of 12 293m US dollar as of 30 June 2020 (decrease of equity).
Million US dollar |  | Translation Reserves |  |  | Hedging reserves |  |  | Post- employment benefits |  |  | Total OCI Reserves |
As per 1 January 2019 |  |  | (21 079 | ) |  |  | 494 |  |  |  | (1 567 | ) |  |  | (22 152 | )
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | 1 719 |  |  |  | — |  |  |  | — |  |  |  | 1 719 |
Cash flow hedges |  |  | — |  |  |  | (134 | ) |  |  | — |  |  |  | (134 | )
Re-measurements of post-employment benefits |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | )
Total comprehensive income |  |  | 1 719 |  |  |  | (134 | ) |  |  | (37 | ) |  |  | 1 548 |
As per 30 June 2019 |  |  | (19 360 | ) |  |  | 360 |  |  |  | (1 604 | ) |  |  | (20 604 | )
Summary of Basic and Diluted Earnings Per Share | The calculation of basic earnings per share for the six-month period ended 30 June 2020 is based on the profit attributable to equity holders of AB InBev of (1 900)m US dollar (30 June 2019: 6 055m 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 |  | 2020 |  |  | 2019 |
Issued ordinary and restricted shares at 1 January, net of treasury shares |  |  | 1 959 |  |  |  | 1 957 |
Effect of stock lending |  |  | 30 |  |  |  | 22 |
Effect of delivery of treasury shares |  |  | 6 |  |  |  | 1 |
Weighted average number of ordinary and restricted shares at 30 June |  |  | 1 995 |  |  |  | 1 980 |
The calculation of diluted earnings per share for the year ended 30 June 2020 is based on the profit attributable to equity holders of AB InBev of (1 900)m US dollar (30 June 2019: 6 055m US dollar) and the weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows:
Million shares |  | 2020 |  |  | 2019 |
Weighted average number of ordinary and restricted shares at 30 June |  |  | 1 995 |  |  |  | 1 980 |
Effect of share options, warrants and restricted stock units 1 |  |  | 39 |  |  |  | 31 |
Weighted average number of ordinary and restricted shares (diluted) at 30 June |  |  | 2 034 |  |  |  | 2 011 |
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 the profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to the profit attributable to equity holders of AB InBev is calculated as follows:
For the six-month period ended 30 June Million US dollar |  | 2020 |  |  | 2019 restated |
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 76 |  |  |  | 4 714 |
Exceptional items, before taxes (refer to Note 7) |  |  | (2 796 | ) |  |  | (103 | )
Exceptional finance income/(cost), before taxes (refer to Note 8) |  |  | (1 388 | ) |  |  | 1 201 |
Exceptional taxes (refer to Note 7) |  |  | 107 |  |  |  | (5 | )
Exceptional non-controlling interest (refer to Note 7) |  |  | 46 |  |  |  | 12 |
Profit from discontinued operations |  |  | 2 055 |  |  |  | 236 |
Profit attributable to equity holders of AB InBev |  |  | (1 900 | ) |  |  | 6 055 |
The calculation of the Underlying EPS is based on the profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev to the profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev, is calculated as follows :
For the six-month period ended 30 June Million US dollar |  | 2020 |  |  | 2019 restated |
Profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev |  |  | 1 805 |  |  |  | 3 593 |
Mark-to-market (losses)/gains on certain derivatives related to the hedging of share-based payment programs (refer to Note 8) |  |  | (1 724 | ) |  |  | 1 124 |
Hyperinflation impacts |  |  | (5 | ) |  |  | (3 | )
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 76 |  |  |  | 4 714 |
1 In accordance with the guidance provided by IAS 33 Earnings per Share , for the 2020 calculation of Diluted EPS from continuing and discontinued operations a nd Diluted EPS from continuing operations these share options are anti-dilutive and have been disregarded .
Summary of Calculation of EPS | The table below sets out the EPS calculation:
For the six-month period ended 30 June Million US dollar |  | 2020 |  |  | 2019 restated |
Profit attributable to equity holders of AB InBev |  |  | (1 900 | ) |  |  | 6 055 |
Weighted average number of ordinary and restricted shares |  |  | 1 995 |  |  |  | 1 980 |
Basic EPS from continuing and discontinued operations |  |  | (0.95 | ) |  |  | 3.06 |
Profit from continuing operations attributable to equity holders of AB InBev |  |  | (3 955 | ) |  |  | 5 819 |
Weighted average number of ordinary and restricted shares |  |  | 1 995 |  |  |  | 1 980 |
Basic EPS from continuing operations |  |  | (1.98 | ) |  |  | 2.94 |
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 76 |  |  |  | 4 714 |
Weighted average number of ordinary and restricted shares |  |  | 1 995 |  |  |  | 1 980 |
Basic EPS from continuing operations before exceptional items |  |  | 0.04 |  |  |  | 2.38 |
Profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev |  |  | 1 805 |  |  |  | 3 593 |
Weighted average number of ordinary and restricted shares |  |  | 1 995 |  |  |  | 1 980 |
Underlying EPS |  |  | 0.90 |  |  |  | 1.81 |
Profit attributable to equity holders of AB InBev |  |  | (1 900 | ) |  |  | 6 055 |
Weighted average number of ordinary and restricted shares (diluted) 1 |  |  | 1 995 |  |  |  | 2 011 |
Diluted EPS from continuing and discontinued operations |  |  | (0.95 | ) |  |  | 3.01 |
Profit from continuing operations attributable to equity holders of AB InBev |  |  | (3 955 | ) |  |  | 5 819 |
Weighted average number of ordinary and restricted shares (diluted) 1 |  |  | 1 995 |  |  |  | 2 011 |
Diluted EPS from continuing operations |  |  | (1.98 | ) |  |  | 2.89 |
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 76 |  |  |  | 4 714 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 034 |  |  |  | 2 011 |
Diluted EPS from continuing operations before exceptional items |  |  | 0.04 |  |  |  | 2.34 |
1 | In accordance with the guidance provided by IAS 33 Earnings per Share , for the 2020 calculation of Diluted EPS from continuing and discontinued operations and Diluted EPS from continuing operations these share options are anti-dilutive and have been disregarded .

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