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Supplemental guarantor financial information | 6 Months Ended
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Jun. 30, 2020
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Supplemental guarantor financial information | 26. 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. or Anheuser Busch Companies, LLC, 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 Companies, LLC, Brandbrew S.A., Brandbev S.à r.l. and Cobrew NV (the “Other Subsidiary Guarantors”), and by Anheuser-Busch InBev Worldwide Inc. (in respect of debt issued by Anheuser-Busch InBev Finance Inc.) and by Anheuser-Busch InBev Finance Inc. (in respect of debt issued by Anheuser-Busch InBev Worldwide Inc.). The following notes issued by Anheuser-Busch Worldwide Inc., Anheuser-Busch Finance Inc. and Anheuser Busch Companies, LLC and registered with the SEC were outstanding as of 30 June 2020:
| • |  | 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 1 . The issuance closed on 27 January 2011.
| • |  | On 14 March 2011, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered notes with aggregate principal amount of 1.25 billion US dollar, due 2039 and bearing interest at an annual rate of 8.2%. 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 16 July 2012, Anheuser-Busch InBev Worldwide Inc. issued 3.0 billion US dollar aggregate principal amount of fixed rate notes due 2022 2 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 600m 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 3 notes and 4.000% for the 2043 notes.
| • |  | On 27 January 2014, Anheuser-Busch InBev Finance Inc. issued 2.3 billion US dollar aggregate principal amount of bonds, consisting of 865m 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.
| • |  | On 25 January 2016, Anheuser-Busch InBev Finance Inc. issued 34.5 billion US dollar aggregate principal amount of bonds, consisting of 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2023 4 ; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2026 5 ; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2036 6 ; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2046 7 ; and 500m US dollar aggregate principal amount of floating rate notes due 2021 8 . The fixed rate notes bear interest at an annual rate of 3.300% for the 2023 notes 9 ; 3.650% for the 2026 notes; 4.700% for the 2036 notes and 4.900% for the 2046 notes. The 2021 floating rate notes bear interest at an annual rate of 126.00 basis points above three-month LIBOR.
| • |  | On 16 December 2016, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 2.1 billion US dollar aggregate principal amount of certain SAB Group notes, in connection with which Anheuser-Busch InBev Worldwide Inc. issued (i) 298 million US dollar aggregate principal amount of 6.625% fixed rate notes due 2033; (ii) 300 million US dollar aggregate principal amount of 5.875% fixed rate notes due 2035; and (iii) 1.49 billion US dollar aggregate principal amount of 4.950% fixed rate notes due 2042.
1 | On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 4.375% fixed rate note due 2021 for the total aggregate principal amount of 215 million US dollar. On 13 July 2020, Anheuser-Busch InBev Finance Inc announced that it is exercising its option to redeem in full the outstanding aggregate principal amount of 285 million US dollar of the same note on 12 August 2020.
2 | On 11 February 2019, Anheuser-Busch InBev Worldwide Inc. completed tender offers for the 2.500% fixed rate note due 2022 for the total aggregate principal amount of 1.3 billion US dollar. Furthermore on 29 October 2019 and 12 November 2019, Anheuser-Busch InBev Finance Inc. redeemed 525 million US dollar and 725 million US dollar respectively of the same note. On 13 July 2020, Anheuser-Busch InBev Finance Inc announced that it is exercising its option to redeem in full the outstanding aggregate principal amount of 454 million US dollar of the 2.500% fixed rate note due 2022 on 12 August 2020.
3 | On 7 July 2020, Anheuser-Busch InBev Finance Inc. completed tender offers for the 2.625% fixed rate note due 2023 for the total aggregate principal amount of 167 million US dollar.
4 | On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 3.300% fixed rate note due 2023 for the total aggregate principal amount of 2.9 billion. On 25 April 2019, Anheuser-Busch InBev Finance Inc. completed the redemption of 315 million US dollar of the same note.
5 | An aggregate principal amount of $8.5 billion US dollar of these notes were exchanged on 13 November 2018 for notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC. On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for these notes for the total aggregate principal amount of 812 million US dollar. On the same date Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC completed tender offers for its notes for the total aggregate principal amount of 5.1 billion US dollar.
6 | An aggregate principal amount of $5.4 billion US dollar of these notes were exchanged on 13 November 2018 by notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC.
7 | An aggregate principal amount of $9.5 billion US dollar of these notes were exchanged on 13 November 2018 by notes co-issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC.
8 | On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the floating rate note due 2021 for the total aggregate principal amount of 189 million. Additionally, on 7 July 2020, Anheuser-Busch InBev Finance Inc. completed tender offers for the same note for the total aggregate principal amount of 129 million US dollar.
9 | On 7 July 2020, Anheuser-Busch InBev Finance Inc. completed tender offers for the 3.300% fixed rate note due 2023 for the total aggregate principal amount of 1.5 billion US dollar.
| • |  | On 21 August 2017, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered 1.7 billion 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 10 ; (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 11 . The floating rate notes bear interest at an annual rate of 74.00 basis points above three-month LIBOR.
| • |  | On 23 January 2019, Anheuser-Busch InBev Worldwide Inc. completed the issuance of 15.5 billion US dollar aggregate principal amount of certain bonds (i) 4.3 billion US dollar aggregate principal amount of 4.750% fixed rate notes due 2029; (ii) 4.0 billion US dollar aggregate principal amount of 5.550% fixed rate notes due 2049; (iii) 2.5 billion US dollar aggregate principal amount of 4.150% fixed rates due 2025; (iv) 2.0 billion US dollar aggregate principal amount of 5.450% fixed rate notes due 2039; (v) 2.0 billion US dollar aggregate principal amount of 5.800% fixed rate notes due 2059; and (vi) 750 million US dollar aggregate principal amount of 4.900% fixed rate notes due 2031.
| • |  | On 15 May 2019, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC completed an exchange offer for certain unregistered notes originally issued by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC on 13 November 2018. The aggregate principal amount accepted for offer were (i) 9.5 billion US dollar of 4.900% fixed rate notes due 2046; 5.3 billion US dollar of 4.700% fixed rate notes due 2036; and 3.3 billion US dollar of 3.650% fixed rate notes due 2026. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC issued freely tradable, SEC-registered notes with otherwise substantially the same terms and conditions.
| • |  | On 3 April 2020, Anheuser-Busch InBev Worldwide Inc. completed the issuance of 6 billion US dollar aggregate principal amount of bonds, consisting of (i) 1.75 billion US dollar aggregate principal amount of 3.500% fixed rate notes due 2030, (ii) 1 billion US dollar aggregate principal amount of 4.350% fixed rate notes due 2040, (iii) 2.25 billion US dollar aggregate principal amount of 4.500% fixed rate notes due 2050 and (iv) 1 billion US dollar aggregate principal amount of 4.600% fixed rate notes due 2060.
10 | On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the 3.500% fixed rate note due 2024 for the total aggregate principal amount of 846 million .
11 | On 11 February 2019, Anheuser-Busch InBev Finance Inc. completed tender offers for the floating rate note due 2024 for the total aggregate principal amount of 271 million US dollar
CONDENSED CONSOLIDATING INCOME STATEMEN T
For the six month period ended 30 June 2020 Million US dollar |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
Revenue |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 6 904 |  |  |  | — |  |  |  | 14 727 |  |  |  | (569 | ) |  |  | 21 298 |
Cost of sales |  |  | (166 | ) |  |  | — |  |  |  | — |  |  |  | (2 890 | ) |  |  | — |  |  |  | (6 610 | ) |  |  | 569 |  |  |  | (9 097 | )
Gross profit |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | 4 014 |  |  |  | — |  |  |  | 8 117 |  |  |  | — |  |  |  | 12 201 |
Distribution expenses |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | (524 | ) |  |  | — |  |  |  | (1 864 | ) |  |  | — |  |  |  | (2 401 | )
Sales and marketing expenses |  |  | (57 | ) |  |  | — |  |  |  | — |  |  |  | (991 | ) |  |  | — |  |  |  | (2 230 | ) |  |  | — |  |  |  | (3 278 | )
Administrative expenses |  |  | (73 | ) |  |  | — |  |  |  | — |  |  |  | (254 | ) |  |  | (13 | ) |  |  | (1 238 | ) |  |  | — |  |  |  | (1 578 | )
Other operating income/(expenses) |  |  | 209 |  |  |  | 600 |  |  |  | — |  |  |  | (892 | ) |  |  | 367 |  |  |  | (2 922 | ) |  |  | — |  |  |  | (2 638 | )
Profit from operations |  |  | 136 |  |  |  | 600 |  |  |  | — |  |  |  | 1 353 |  |  |  | 354 |  |  |  | (137 | ) |  |  | — |  |  |  | 2 306 |
Net finance income/(cost) |  |  | (189 | ) |  |  | (860 | ) |  |  | 6 |  |  |  | 532 |  |  |  | (258 | ) |  |  | (4 822 | ) |  |  | — |  |  |  | (5 592 | )
Share of result of associates and joint ventures |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | 34 |  |  |  | — |  |  |  | 33 |
Profit before tax |  |  | (53 | ) |  |  | (260 | ) |  |  | 6 |  |  |  | 1 884 |  |  |  | 96 |  |  |  | (4 925 | ) |  |  | — |  |  |  | (3 253 | )
Income tax expense |  |  | — |  |  |  | 199 |  |  |  | (1 | ) |  |  | (288 | ) |  |  | — |  |  |  | (402 | ) |  |  | — |  |  |  | (492 | )
Profit |  |  | (53 | ) |  |  | (60 | ) |  |  | 5 |  |  |  | 1 596 |  |  |  | 96 |  |  |  | (5 327 | ) |  |  | — |  |  |  | (3 744 | )
Income from subsidiaries |  |  | (1 847 | ) |  |  | 1 390 |  |  |  | — |  |  |  | (10 | ) |  |  | (570 | ) |  |  | 1 330 |  |  |  | (294 | ) |  |  | 0 |
Profit from continuing operations |  |  | (1 900 | ) |  |  | 1 330 |  |  |  | 5 |  |  |  | 1 586 |  |  |  | (474 | ) |  |  | (3 997 | ) |  |  | (294 | ) |  |  | (3 744 | )
Profit from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 055 |  |  |  | — |  |  |  | 2 055 |
Profit of the year |  |  | (1 900 | ) |  |  | 1 330 |  |  |  | 5 |  |  |  | 1 586 |  |  |  | (474 | ) |  |  | (1 942 | ) |  |  | (294 | ) |  |  | (1 688 | )
Profit from continuing operations attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of AB InBev |  |  | (1 900 | ) |  |  | 1 330 |  |  |  | 5 |  |  |  | 1 586 |  |  |  | (474 | ) |  |  | (4 208 | ) |  |  | (294 | ) |  |  | (3 955 | )
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 211 |  |  |  | — |  |  |  | 211 |
Profit of the period attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of AB InBev |  |  | (1 900 | ) |  |  | 1 330 |  |  |  | 5 |  |  |  | 1 586 |  |  |  | (474 | ) |  |  | (2 153 | ) |  |  | (294 | ) |  |  | (1 900 | )
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 211 |  |  |  | — |  |  |  | 211 |
For the six month period ended 30 June 2019 Million US dollar Restated |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
Revenue |  |  | 304 |  |  |  | — |  |  |  | — |  |  |  | 7 823 |  |  |  | — |  |  |  | 19 005 |  |  |  | (1 310 | ) |  |  | 25 823 |
Cost of sales |  |  | (207 | ) |  |  | — |  |  |  | — |  |  |  | (3 685 | ) |  |  | — |  |  |  | (7 371 | ) |  |  | 1 310 |  |  |  | (9 953 | )
Gross profit |  |  | 97 |  |  |  | — |  |  |  | — |  |  |  | 4 138 |  |  |  | — |  |  |  | 11 634 |  |  |  | — |  |  |  | 15 869 |
Distribution expenses |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | (557 | ) |  |  | — |  |  |  | (2 137 | ) |  |  | — |  |  |  | (2 709 | )
Sales and marketing expenses |  |  | (77 | ) |  |  | — |  |  |  | — |  |  |  | (1 005 | ) |  |  | — |  |  |  | (2 449 | ) |  |  | — |  |  |  | (3 531 | )
Administrative expenses |  |  | (153 | ) |  |  | — |  |  |  | — |  |  |  | (334 | ) |  |  | 12 |  |  |  | (1 361 | ) |  |  | — |  |  |  | (1 837 | )
Other operating income/(expenses) |  |  | 125 |  |  |  | 538 |  |  |  | — |  |  |  | (583 | ) |  |  | (1 | ) |  |  | 206 |  |  |  | — |  |  |  | 285 |
Profit from operations |  |  | (23 | ) |  |  | 538 |  |  |  | — |  |  |  | 1 659 |  |  |  | 11 |  |  |  | 5 893 |  |  |  | — |  |  |  | 8 077 |
Net finance income/(cost) |  |  | (264 | ) |  |  | (1 033 | ) |  |  | 84 |  |  |  | (484 | ) |  |  | 103 |  |  |  | 1 425 |  |  |  | — |  |  |  | (169 | )
Share of result of associates and joint ventures |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | 62 |
Profit before tax |  |  | (287 | ) |  |  | (495 | ) |  |  | 84 |  |  |  | 1 172 |  |  |  | 114 |  |  |  | 7 383 |  |  |  | — |  |  |  | 7 970 |
Income tax expense |  |  | — |  |  |  | 102 |  |  |  | (6 | ) |  |  | (373 | ) |  |  | (2 | ) |  |  | (1 286 | ) |  |  | — |  |  |  | (1 565 | )
Profit |  |  | (287 | ) |  |  | (393 | ) |  |  | 78 |  |  |  | 799 |  |  |  | 112 |  |  |  | 6 097 |  |  |  | — |  |  |  | 6 406 |
Income from subsidiaries |  |  | 6 342 |  |  |  | 418 |  |  |  | — |  |  |  | 216 |  |  |  | 528 |  |  |  | 4 017 |  |  |  | (11 519 | ) |  |  | — |
Profit from continuing operations |  |  | 6 055 |  |  |  | 25 |  |  |  | 78 |  |  |  | 1 015 |  |  |  | 640 |  |  |  | 10 114 |  |  |  | (11 519 | ) |  |  | 6 406 |
Profit from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 236 |  |  |  | — |  |  |  | 236 |
Profit of the year |  |  | 6 055 |  |  |  | 25 |  |  |  | 78 |  |  |  | 1 015 |  |  |  | 640 |  |  |  | 10 350 |  |  |  | (11 519 | ) |  |  | 6 642 |
Profit from continuing operations attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of AB InBev |  |  | 6 055 |  |  |  | 25 |  |  |  | 78 |  |  |  | 1 015 |  |  |  | 640 |  |  |  | 9 527 |  |  |  | (11 519 | ) |  |  | 5 819 |
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 587 |  |  |  | — |  |  |  | 587 |
Profit of the period attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of AB InBev |  |  | 6 055 |  |  |  | 25 |  |  |  | 78 |  |  |  | 1 015 |  |  |  | 640 |  |  |  | 9 763 |  |  |  | (11 519 | ) |  |  | 6 055 |
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 587 |  |  |  | — |  |  |  | 587 |
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITIO N
As at 30 June 202 0 Million US dollar |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | 4 915 |  |  |  | — |  |  |  | 19 762 |  |  |  | — |  |  |  | 24 718 |
Goodwill |  |  | 545 |  |  |  | — |  |  |  | — |  |  |  | 33 134 |  |  |  | — |  |  |  | 81 401 |  |  |  | — |  |  |  | 115 080 |
Intangible assets |  |  | 382 |  |  |  | — |  |  |  | — |  |  |  | 22 202 |  |  |  | 97 |  |  |  | 17 368 |  |  |  | — |  |  |  | 40 049 |
Investments in subsidiaries |  |  | 113 184 |  |  |  | 73 435 |  |  |  | — |  |  |  | 66 085 |  |  |  | 17 698 |  |  |  | 208 343 |  |  |  | (478 746 | ) |  |  | — |
Investments in associates and joint ventures |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 5 766 |  |  |  | — |  |  |  | 5 788 |
Deferred tax assets |  |  | — |  |  |  | 161 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 797 |  |  |  | — |  |  |  | 1 958 |
Derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 264 |  |  |  | 33 |  |  |  | — |  |  |  | 297 |
Other non-current assets |  |  | 13 391 |  |  |  | 11 681 |  |  |  | 13 442 |  |  |  | 3 925 |  |  |  | 9 065 |  |  |  | 56 262 |  |  |  | (106 423 | ) |  |  | 1 343 |
|  |  | 127 543 |  |  |  | 85 277 |  |  |  | 13 442 |  |  |  | 130 283 |  |  |  | 27 124 |  |  |  | 390 732 |  |  |  | (585 169 | ) |  |  | 189 233 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 102 |  |  |  | — |  |  |  | 102 |
Inventories |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 903 |  |  |  | — |  |  |  | 3 436 |  |  |  | — |  |  |  | 4 339 |
Derivatives |  |  | 349 |  |  |  | 72 |  |  |  | — |  |  |  | 2 232 |  |  |  | 6 947 |  |  |  | 269 |  |  |  | (9 324 | ) |  |  | 545 |
Trade and other receivables |  |  | 2 916 |  |  |  | 4 490 |  |  |  | 1 176 |  |  |  | 2 339 |  |  |  | 5 133 |  |  |  | 28 978 |  |  |  | (39 754 | ) |  |  | 5 276 |
Cash and cash equivalents |  |  | 17 236 |  |  |  | 6 194 |  |  |  | 6 |  |  |  | 234 |  |  |  | 7 716 |  |  |  | 7 304 |  |  |  | (13 672 | ) |  |  | 25 018 |
Assets classified as held for sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 128 |  |  |  | — |  |  |  | 128 |
Other current assets |  |  | 11 |  |  |  | 203 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 588 |  |  |  | — |  |  |  | 805 |
|  |  | 20 512 |  |  |  | 10 959 |  |  |  | 1 182 |  |  |  | 5 708 |  |  |  | 19 799 |  |  |  | 40 805 |  |  |  | (62 750 | ) |  |  | 36 215 |
Total assets |  |  | 148 055 |  |  |  | 96 236 |  |  |  | 14 624 |  |  |  | 135 991 |  |  |  | 46 923 |  |  |  | 431 537 |  |  |  | (647 919 | ) |  |  | 225 448 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity attributable to equity holders of AB InBev |  |  | 60 065 |  |  |  | 47 434 |  |  |  | 628 |  |  |  | 72 408 |  |  |  | 25 324 |  |  |  | 332 953 |  |  |  | (478 746 | ) |  |  | 60 065 |
Minority interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 282 |  |  |  | — |  |  |  | 8 282 |
|  |  | 60 065 |  |  |  | 47 434 |  |  |  | 628 |  |  |  | 72 408 |  |  |  | 25 324 |  |  |  | 341 235 |  |  |  | (478 746 | ) |  |  | 68 347 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings |  |  | 62 929 |  |  |  | 43 036 |  |  |  | 13 466 |  |  |  | 42 248 |  |  |  | 3 094 |  |  |  | 47 806 |  |  |  | (106 545 | ) |  |  | 106 034 |
Employee benefits |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 1 056 |  |  |  | — |  |  |  | 1 551 |  |  |  | — |  |  |  | 2 610 |
Deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 6 751 |  |  |  | — |  |  |  | 5 301 |  |  |  | — |  |  |  | 12 060 |
Derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 460 |  |  |  | — |  |  |  | — |  |  |  | 2 460 |
Other non-current liabilities |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 389 |  |  |  | — |  |  |  | 2 471 |  |  |  | — |  |  |  | 2 917 |
|  |  | 62 989 |  |  |  | 43 036 |  |  |  | 13 475 |  |  |  | 50 444 |  |  |  | 5 554 |  |  |  | 57 128 |  |  |  | (106 545 | ) |  |  | 126 081 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings |  |  | 16 155 |  |  |  | 5 032 |  |  |  | 311 |  |  |  | 8 050 |  |  |  | 6 165 |  |  |  | 7 974 |  |  |  | (37 203 | ) |  |  | 6 484 |
Income tax payables |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 556 |  |  |  | — |  |  |  | 909 |
Derivatives |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 116 |  |  |  | 4 625 |  |  |  | 8 938 |  |  |  | (9 324 | ) |  |  | 4 403 |
Trade and other payables |  |  | 865 |  |  |  | 733 |  |  |  | 211 |  |  |  | 4 554 |  |  |  | 172 |  |  |  | 14 748 |  |  |  | (2 428 | ) |  |  | 18 857 |
Other current liabilities |  |  | 7 932 |  |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | 5 084 |  |  |  | 958 |  |  |  | (13 672 | ) |  |  | 367 |
|  |  | 25 000 |  |  |  | 5 766 |  |  |  | 522 |  |  |  | 13 139 |  |  |  | 16 044 |  |  |  | 33 175 |  |  |  | (62 627 | ) |  |  | 31 020 |
Total equity and liabilitie s |  |  | 148 055 |  |  |  | 96 236 |  |  |  | 14 624 |  |  |  | 135 991 |  |  |  | 46 923 |  |  |  | 431 537 |  |  |  | (647 919 | ) |  |  | 225 448 |
As at 31 December 201 9 Million US dollar |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 36 |  |  |  | — |  |  |  | — |  |  |  | 5 063 |  |  |  | — |  |  |  | 22 445 |  |  |  | — |  |  |  | 27 544 |
Goodwill |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33 157 |  |  |  | — |  |  |  | 94 957 |  |  |  | — |  |  |  | 128 114 |
Intangible assets |  |  | 409 |  |  |  | — |  |  |  | — |  |  |  | 22 195 |  |  |  | 97 |  |  |  | 19 751 |  |  |  | — |  |  |  | 42 452 |
Investments in subsidiaries |  |  | 128 860 |  |  |  | 77 492 |  |  |  | — |  |  |  | 42 557 |  |  |  | 17 955 |  |  |  | 183 831 |  |  |  | (450 696 | ) |  |  | — |
Investments in associates and joint venture s |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 5 839 |  |  |  | — |  |  |  | 5 861 |
Deferred tax assets |  |  | — |  |  |  | 163 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 556 |  |  |  | — |  |  |  | 1 719 |
Derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113 |  |  |  | 19 |  |  |  | — |  |  |  | 132 |
Other non-current assets |  |  | 13 930 |  |  |  | 11 681 |  |  |  | 13 853 |  |  |  | 14 495 |  |  |  | 13 483 |  |  |  | 43 495 |  |  |  | (108 925 | ) |  |  | 2 012 |
|  |  | 143 235 |  |  |  | 89 336 |  |  |  | 13 853 |  |  |  | 117 489 |  |  |  | 31 648 |  |  |  | 371 893 |  |  |  | (559 621 | ) |  |  | 207 834 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 92 |  |  |  | — |  |  |  | 92 |
Inventories |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 822 |  |  |  | — |  |  |  | 3 605 |  |  |  | — |  |  |  | 4 427 |
Derivatives |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 3 909 |  |  |  | 105 |  |  |  | (3 994 | ) |  |  | 230 |
Trade and other receivables |  |  | 4 152 |  |  |  | 10 163 |  |  |  | 846 |  |  |  | 7 331 |  |  |  | 113 |  |  |  | 13 139 |  |  |  | (29 557 | ) |  |  | 6 187 |
Cash and cash equivalents |  |  | 79 |  |  |  | 22 |  |  |  | 18 |  |  |  | 348 |  |  |  | 12 697 |  |  |  | 7 825 |  |  |  | (13 751 | ) |  |  | 7 238 |
Assets classified as held for sale |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 777 |  |  |  | — |  |  |  | 10 013 |
Other current assets |  |  | 8 |  |  |  | 198 |  |  |  | 2 |  |  |  | — |  |  |  | 5 |  |  |  | 414 |  |  |  | — |  |  |  | 627 |
|  |  | 4 663 |  |  |  | 10 383 |  |  |  | 866 |  |  |  | 8 523 |  |  |  | 16 724 |  |  |  | 34 957 |  |  |  | (47 302 | ) |  |  | 28 814 |
Total assets |  |  | 147 898 |  |  |  | 99 719 |  |  |  | 14 719 |  |  |  | 126 012 |  |  |  | 48 372 |  |  |  | 406 850 |  |  |  | (606 922 | ) |  |  | 236 648 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity attributable to equity holders of AB InBev |  |  | 75 722 |  |  |  | 46 188 |  |  |  | 622 |  |  |  | 77 567 |  |  |  | 25 359 |  |  |  | 300 959 |  |  |  | (450 696 | ) |  |  | 75 722 |
Minority interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 831 |  |  |  | — |  |  |  | 8 831 |
|  |  | 75 722 |  |  |  | 46 188 |  |  |  | 622 |  |  |  | 77 567 |  |  |  | 25 359 |  |  |  | 309 790 |  |  |  | (450 696 | ) |  |  | 84 553 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings |  |  | 59 605 |  |  |  | 49 310 |  |  |  | 13 874 |  |  |  | 28 313 |  |  |  | 3 586 |  |  |  | 51 690 |  |  |  | (108 814 | ) |  |  | 97 564 |
Employee benefits |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 1 067 |  |  |  | — |  |  |  | 1 776 |  |  |  | — |  |  |  | 2 848 |
Deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 6 772 |  |  |  | — |  |  |  | 6 043 |  |  |  | — |  |  |  | 12 824 |
Derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 352 |  |  |  | — |  |  |  | — |  |  |  | 352 |
Other non-current liabilities |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | 543 |  |  |  | — |  |  |  | 3 063 |  |  |  | — |  |  |  | 3 666 |
|  |  | 59 670 |  |  |  | 49 310 |  |  |  | 13 883 |  |  |  | 36 695 |  |  |  | 3 938 |  |  |  | 62 572 |  |  |  | (108 814 | ) |  |  | 117 254 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings |  |  | 3 651 |  |  |  | 3 633 |  |  |  | — |  |  |  | 7 302 |  |  |  | 9 775 |  |  |  | 8 701 |  |  |  | (27 652 | ) |  |  | 5 410 |
Income tax payables |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 237 |  |  |  | — |  |  |  | 1 109 |  |  |  | — |  |  |  | 1 346 |
Derivatives |  |  | 198 |  |  |  | — |  |  |  | — |  |  |  | 49 |  |  |  | 3 875 |  |  |  | 3 671 |  |  |  | (3 994 | ) |  |  | 3 799 |
Trade and other payables |  |  | 1 071 |  |  |  | 588 |  |  |  | 214 |  |  |  | 4 153 |  |  |  | 75 |  |  |  | 18 778 |  |  |  | (2 015 | ) |  |  | 22 864 |
Liabilities associated with assets held for sal e |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 145 |  |  |  | — |  |  |  | 1 145 |
Other current liabilities |  |  | 7 586 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 5 350 |  |  |  | 1 084 |  |  |  | (13 752 | ) |  |  | 277 |
|  |  | 12 506 |  |  |  | 4 221 |  |  |  | 214 |  |  |  | 11 750 |  |  |  | 19 075 |  |  |  | 34 488 |  |  |  | (47 413 | ) |  |  | 34 841 |
Total equity and liabilitie s |  |  | 147 898 |  |  |  | 99 719 |  |  |  | 14 719 |  |  |  | 126 012 |  |  |  | 48 372 |  |  |  | 406 850 |  |  |  | (606 922 | ) |  |  | 236 648 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six-month period ended 30 Jun e 2020 Million US dollar |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profit from continuing operations |  |  | (1 900 | ) |  |  | 1 330 |  |  |  | 5 |  |  |  | 1 586 |  |  |  | (474 | ) |  |  | (3 997 | ) |  |  | (294 | ) |  |  | (3 744 | )
Depreciation, amortization and impairment |  |  | 95 |  |  |  | — |  |  |  | — |  |  |  | 394 |  |  |  | — |  |  |  | 1 913 |  |  |  | — |  |  |  | 2 402 |
Impairment losses on goodwill |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 500 |  |  |  | — |  |  |  | 2 500 |
Net finance cost/(income) |  |  | 189 |  |  |  | 860 |  |  |  | (6 | ) |  |  | (533 | ) |  |  | 259 |  |  |  | 4 823 |  |  |  | — |  |  |  | 5 592 |
Income tax expense |  |  | — |  |  |  | (199 | ) |  |  | 1 |  |  |  | 288 |  |  |  | — |  |  |  | 402 |  |  |  | — |  |  |  | 492 |
Investment income |  |  | 1 846 |  |  |  | (1 390 | ) |  |  | — |  |  |  | 10 |  |  |  | 570 |  |  |  | (1 330 | ) |  |  | 294 |  |  |  | — |
Other items |  |  | 99 |  |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | (368 | ) |  |  | 317 |  |  |  | — |  |  |  | 178 |
Cash flow from operating activities before changes in working capital and use of provisions |  |  | 329 |  |  |  | 601 |  |  |  | — |  |  |  | 1 875 |  |  |  | (13 | ) |  |  | 4 628 |  |  |  | — |  |  |  | 7 420 |
Working capital and provisions |  |  | 10 |  |  |  | 296 |  |  |  | — |  |  |  | (228 | ) |  |  | 12 |  |  |  | (3 117 | ) |  |  | — |  |  |  | (3 027 | )
Cash generated from operations |  |  | 339 |  |  |  | 897 |  |  |  | — |  |  |  | 1 647 |  |  |  | (1 | ) |  |  | 1 511 |  |  |  | — |  |  |  | 4 393 |
Interest paid, net |  |  | (506 | ) |  |  | (1 234 | ) |  |  | 10 |  |  |  | 1 443 |  |  |  | 122 |  |  |  | (1 866 | ) |  |  | — |  |  |  | (2 031 | )
Dividends received |  |  | — |  |  |  | 5 292 |  |  |  | — |  |  |  | 1 339 |  |  |  | — |  |  |  | 352 |  |  |  | (6 953 | ) |  |  | 30 |
Income tax paid |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (45 | ) |  |  | 3 |  |  |  | (1 315 | ) |  |  | — |  |  |  | (1 357 | )
Cash flow from operating activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 84 |  |  |  | — |  |  |  | 84 |
CASH FLOW FROM OPERATING ACTIVITIES |  |  | (167 | ) |  |  | 4 955 |  |  |  | 10 |  |  |  | 4 384 |  |  |  | 124 |  |  |  | (1 234 | ) |  |  | (6 953 | ) |  |  | 1 119 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment and of intangible assets |  |  | (97 | ) |  |  | — |  |  |  | — |  |  |  | (185 | ) |  |  | — |  |  |  | (1 298 | ) |  |  | — |  |  |  | (1 580 | )
Proceeds from sale of property, plant and equipment and of intangible assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 56 |  |  |  | — |  |  |  | 56 |
Acquisition of subsidiaries, net of cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | (200 | ) |  |  | — |  |  |  | (204 | )
Proceeds from Australia divestiture |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 149 |  |  |  | 10 689 |  |  |  | — |  |  |  | 10 838 |
Net proceeds from sale/(acquisition) of other assets |  |  | 13 797 |  |  |  | 8 981 |  |  |  | (22 | ) |  |  | 13 875 |  |  |  | (3 036 | ) |  |  | (30 791 | ) |  |  | (2 834 | ) |  |  | (30 | )
Cash flow from investing activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | — |  |  |  | (13 | )
CASH FLOW FROM INVESTING ACTIVITIES |  |  | 13 700 |  |  |  | 8 981 |  |  |  | (22 | ) |  |  | 13 686 |  |  |  | (2 887 | ) |  |  | (21 557 | ) |  |  | (2 834 | ) |  |  | 9 067 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intra-group capital reimbursements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25 449 | ) |  |  | — |  |  |  | 25 449 |  |  |  | — |  |  |  | — |
Proceeds from borrowings |  |  | 7 471 |  |  |  | 6 226 |  |  |  | — |  |  |  | 14 504 |  |  |  | 1 256 |  |  |  | 14 518 |  |  |  | (29 453 | ) |  |  | 14 522 |
Payments on borrowings |  |  | (3 278 | ) |  |  | (13 992 | ) |  |  | — |  |  |  | (8 | ) |  |  | (2 365 | ) |  |  | (16 972 | ) |  |  | 32 287 |  |  |  | (4 328 | )
Cash net finance (cost)/income other than interests |  |  | 383 |  |  |  | — |  |  |  | — |  |  |  | (2 031 | ) |  |  | (1 052 | ) |  |  | 2 243 |  |  |  | — |  |  |  | (457 | )
Payment of lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | — |  |  |  | (254 | ) |  |  | — |  |  |  | (280 | )
Dividends paid |  |  | (1 129 | ) |  |  | — |  |  |  | — |  |  |  | (5 275 | ) |  |  | — |  |  |  | (1 768 | ) |  |  | 6 953 |  |  |  | (1 219 | )
Cash flow from financing activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
CASH FLOW FROM FINANCING ACTIVITIES |  |  | 3 447 |  |  |  | (7 766 | ) |  |  | — |  |  |  | (18 285 | ) |  |  | (2 161 | ) |  |  | 23 209 |  |  |  | 9 787 |  |  |  | 8 231 |
Net increase/(decrease) in cash and cash equivalents on continu ing operations |  |  | 16 980 |  |  |  | 6 170 |  |  |  | (12 | ) |  |  | (215 | ) |  |  | (4 924 | ) |  |  | 417 |  |  |  | — |  |  |  | 18 416 |
Cash and cash equivalents less bank overdrafts at beginning of year |  |  | (7 503 | ) |  |  | 24 |  |  |  | 18 |  |  |  | 345 |  |  |  | 7 348 |  |  |  | 6 937 |  |  |  | — |  |  |  | 7 169 |
Effect of exchange rate fluctuations |  |  | (170 | ) |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | 209 |  |  |  | (798 | ) |  |  | — |  |  |  | (720 | )
Cash and cash equivalents less bank overdrafts at end of year |  |  | 9 307 |  |  |  | 6 194 |  |  |  | 6 |  |  |  | 169 |  |  |  | 2 633 |  |  |  | 6 556 |  |  |  | — |  |  |  | 24 865 |
For the six-month period ended 30 Jun e 2019 Million US dollar Restated |  | Anheuser- Busch InBev SA/NV |  |  | Anheuser- Busch InBev Worldwide Inc. |  |  | Anheuser- Busch InBev Finance Inc. |  |  | Anheuser- Busch Companies, LLC |  |  | Subsidiary Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Total |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profit from continuing operations |  |  | 6 055 |  |  |  | 25 |  |  |  | 78 |  |  |  | 1 015 |  |  |  | 640 |  |  |  | 10 114 |  |  |  | (11 519 | ) |  |  | 6 406 |
Depreciation, amortization and impairment |  |  | 84 |  |  |  | — |  |  |  | — |  |  |  | 395 |  |  |  | — |  |  |  | 1 786 |  |  |  | — |  |  |  | 2 265 |
Net finance cost/(income) |  |  | 264 |  |  |  | 1 033 |  |  |  | (84 | ) |  |  | 484 |  |  |  | (103 | ) |  |  | (1 425 | ) |  |  | — |  |  |  | 169 |
Income tax expense |  |  | — |  |  |  | (102 | ) |  |  | 6 |  |  |  | 373 |  |  |  | 2 |  |  |  | 1 286 |  |  |  | — |  |  |  | 1 565 |
Investment income |  |  | (6 342 | ) |  |  | (418 | ) |  |  | — |  |  |  | (216 | ) |  |  | (528 | ) |  |  | (4 017 | ) |  |  | 11 519 |  |  |  | — |
Other items |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | 62 |  |  |  | 1 |  |  |  | (153 | ) |  |  | — |  |  |  | (20 | )
Cash flow from operating activities before changes in working capital and use of provisions |  |  | 131 |  |  |  | 538 |  |  |  | — |  |  |  | 2 113 |  |  |  | 12 |  |  |  | 7 591 |  |  |  | — |  |  |  | 10 385 |
Working capital and provisions |  |  | 7 |  |  |  | 809 |  |  |  | — |  |  |  | (705 | ) |  |  | (13 | ) |  |  | (1 822 | ) |  |  | (86 | ) |  |  | (1 810 | )
Cash generated from operations |  |  | 138 |  |  |  | 1 347 |  |  |  | — |  |  |  | 1 408 |  |  |  | (1 | ) |  |  | 5 769 |  |  |  | (86 | ) |  |  | 8 575 |
Interest paid, net |  |  | (385 | ) |  |  | (1 314 | ) |  |  | 13 |  |  |  | (174 | ) |  |  | (88 | ) |  |  | (251 | ) |  |  | 37 |  |  |  | (2 162 | )
Dividends received |  |  | 5 049 |  |  |  | — |  |  |  | — |  |  |  | 280 |  |  |  | — |  |  |  | 425 |  |  |  | (5 617 | ) |  |  | 137 |
Income tax paid |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (294 | ) |  |  | (4 | ) |  |  | (1 668 | ) |  |  | — |  |  |  | (1 967 | )
Cash flow from operating activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 314 |  |  |  | — |  |  |  | 314 |
CASH FLOW FROM OPERATING ACTIVITIES |  |  | 4 802 |  |  |  | 33 |  |  |  | 12 |  |  |  | 1 220 |  |  |  | (93 | ) |  |  | 4 589 |  |  |  | (5 666 | ) |  |  | 4 897 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment and of intangible assets |  |  | (88 | ) |  |  | — |  |  |  | — |  |  |  | (161 | ) |  |  | — |  |  |  | (1 461 | ) |  |  | — |  |  |  | (1 710 | )
Proceeds from sale of property, plant and equipment and of intangible assets |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 33 |  |  |  | — |  |  |  | 187 |  |  |  | — |  |  |  | 222 |
Acquisition of subsidiaries, net of cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | (340 | ) |  |  | — |  |  |  | (337 | )
Sale of subsidiaries, net of cash disposed of |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 86 |  |  |  | — |  |  |  | 92 |
Net proceeds from sale/(acquisition) of other assets |  |  | 1 652 |  |  |  | (5 252 | ) |  |  | 8 079 |  |  |  | 6 092 |  |  |  | 8 487 |  |  |  | 19 845 |  |  |  | (38 909 | ) |  |  | (6 | )
Cash flow from investing activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | — |  |  |  | (16 | )
CASH FLOW FROM INVESTING ACTIVITIES |  |  | 1 566 |  |  |  | (5 252 | ) |  |  | 8 079 |  |  |  | 5 970 |  |  |  | 8 490 |  |  |  | 18 301 |  |  |  | (38 909 | ) |  |  | (1 755 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intra-group capital reimbursements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (267 | ) |  |  | — |  |  |  | 267 |  |  |  | — |  |  |  | — |
Proceeds from borrowings |  |  | 3 237 |  |  |  | 17 820 |  |  |  | — |  |  |  | 5 184 |  |  |  | 2 179 |  |  |  | 916 |  |  |  | (7 324 | ) |  |  | 22 012 |
Payments on borrowings |  |  | (9 119 | ) |  |  | (12 569 | ) |  |  | (8 028 | ) |  |  | (11 977 | ) |  |  | (2 235 | ) |  |  | (22 996 | ) |  |  | 46 322 |  |  |  | (20 602 | )
Cash net finance (cost)/income other than interests |  |  | (274 | ) |  |  | (36 | ) |  |  | — |  |  |  | 66 |  |  |  | (34 | ) |  |  | (458 | ) |  |  | (45 | ) |  |  | (781 | )
Payment of lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (39 | ) |  |  | — |  |  |  | (186 | ) |  |  | — |  |  |  | (225 | )
Dividends paid |  |  | (2 266 | ) |  |  | — |  |  |  | — |  |  |  | (286 | ) |  |  | (5 049 | ) |  |  | (405 | ) |  |  | 5 617 |  |  |  | (2 389 | )
Cash flow from financing activities on Australia discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | — |  |  |  | (13 | )
CASH FLOW FROM FINANCING ACTIVITIES |  |  | (8 422 | ) |  |  | 5 215 |  |  |  | (8 028 | ) |  |  | (7 319 | ) |  |  | (5 139 | ) |  |  | (22 875 | ) |  |  | 44 570 |  |  |  | (1 998 | )
Net increase/(decrease) in cash and cash equivalents on continuing operations |  |  | (2 054 | ) |  |  | (4 | ) |  |  | 63 |  |  |  | (129 | ) |  |  | 3 258 |  |  |  | 15 |  |  |  | (5 | ) |  |  | 1 144 |
Cash and cash equivalents less bank overdrafts at beginning of year |  |  | (5 445 | ) |  |  | 4 |  |  |  | 29 |  |  |  | 583 |  |  |  | 3 486 |  |  |  | 8 303 |  |  |  | — |  |  |  | 6 960 |
Effect of exchange rate fluctuations |  |  | (121 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | (40 | ) |  |  | 8 |  |  |  | (29 | )
Cash and cash equivalents less bank overdrafts at end of yea r |  |  | (7 620 | ) |  |  | 1 |  |  |  | 92 |  |  |  | 455 |  |  |  | 6 870 |  |  |  | 8 278 |  |  |  | 3 |  |  |  | 8 075 |

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