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Segment reporting | 6 Months Ended
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Jun. 30, 2020
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Segment reporting | 5. Segment reporting Segment information is presented by geographical segments, consistent with the information available to and regularly evaluated by the chief operating decision maker. AB InBev operates its business through six business segments. Regional and operating company management is responsible for managing performance, underlying risks, and the 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 the allocation of resources. The organizational structure effective as of 1 January 2019 comprises five regions: North America, Middle Americas, South America, EMEA and Asia Pacific. In addition to these five geographic regions, the company uses a sixth segment, Global Export and Holding Companies, for all financial reporting purposes . On 19 July 2019, AB InBev announced the agreement to divest CUB, its Australian subsidiary, to Asahi. Consequently, as at 31 December 2019, the company classified the assets and liabilities associated with the Australian operations as assets held for sale and liabilities associated with assets held for sale, respectively. In addition, since the results of the Australian operations represented a separate major line of business, these were accounted for as discontinued operations (“profit from discontinued operations”) up to 31 May 2020. The transaction closed on 1 June 2020. Accordingly, the 2019 results (referred to as “ 2019 restated ”) have been restated to exclude the results of the Australian operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . See Note 15 Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations for more details. All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). The information presented is for the six-month period ended 30 June 2020 and 2019, except for segment assets (non-current) with comparatives at 31 December 2019 .
|  | North America |  |  | Middle Americas |  |  | South America |  |  | EMEA |  |  | Asia Pacific |  |  | Global Export and Holding Companies |  |  | Consolidated |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 restated |  |  | 2020 |  |  | 2019 restated |  |  | 2020 |  |  | 2019 restated |  |  | 2020 |  |  | 2019 restated |
Volume |  |  | 52 |  |  |  | 54 |  |  |  | 52 |  |  |  | 65 |  |  |  | 63 |  |  |  | 67 |  |  |  | 34 |  |  |  | 40 |  |  |  | 39 |  |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | 276 |
Revenue |  |  | 7 536 |  |  |  | 7 701 |  |  |  | 4 246 |  |  |  | 5 735 |  |  |  | 3 613 |  |  |  | 4 769 |  |  |  | 3 007 |  |  |  | 3 784 |  |  |  | 2 609 |  |  |  | 3 514 |  |  |  | 287 |  |  |  | 319 |  |  |  | 21 298 |  |  |  | 25 823 |
Normalized EBITDA |  |  | 2 986 |  |  |  | 3 045 |  |  |  | 2 021 |  |  |  | 3 036 |  |  |  | 1 146 |  |  |  | 1 976 |  |  |  | 713 |  |  |  | 1 372 |  |  |  | 783 |  |  |  | 1 352 |  |  |  | (287 | ) |  |  | (335 | ) |  |  | 7 363 |  |  |  | 10 446 |
Normalized EBITDA margin % |  |  | 39.6 | % |  |  | 39.5 | % |  |  | 47.6 | % |  |  | 52.9 | % |  |  | 31.7 | % |  |  | 41.4 | % |  |  | 23.7 | % |  |  | 36.2 | % |  |  | 30.0 | % |  |  | 38.5 | % |  |  | — |  |  |  | — |  |  |  | 34.6 | % |  |  | 40.5 | %
Depreciation, amortization and impairment |  |  | (407 | ) |  |  | (389 | ) |  |  | (486 | ) |  |  | (441 | ) |  |  | (410 | ) |  |  | (462 | ) |  |  | (470 | ) |  |  | (485 | ) |  |  | (311 | ) |  |  | (335 | ) |  |  | (175 | ) |  |  | (155 | ) |  |  | (2 261 | ) |  |  | (2 265 | )
Normalized profit from operations (EBIT) |  |  | 2 579 |  |  |  | 2 656 |  |  |  | 1 535 |  |  |  | 2 595 |  |  |  | 736 |  |  |  | 1 514 |  |  |  | 243 |  |  |  | 887 |  |  |  | 472 |  |  |  | 1 017 |  |  |  | (462 | ) |  |  | (490 | ) |  |  | 5 102 |  |  |  | 8 180 |
Exceptional items (see Note 7) |  |  | (83 | ) |  |  | (1 | ) |  |  | (51 | ) |  |  | (26 | ) |  |  | (17 | ) |  |  | (13 | ) |  |  | (2 587 | ) |  |  | (17 | ) |  |  | (10 | ) |  |  | (4 | ) |  |  | (47 | ) |  |  | (43 | ) |  |  | (2 796 | ) |  |  | (103 | )
Profit from operations (EBIT) |  |  | 2 496 |  |  |  | 2 655 |  |  |  | 1 484 |  |  |  | 2 569 |  |  |  | 719 |  |  |  | 1 501 |  |  |  | (2 344 | ) |  |  | 870 |  |  |  | 462 |  |  |  | 1 013 |  |  |  | (509 | ) |  |  | (533 | ) |  |  | 2 306 |  |  |  | 8 077 |
Net finance income/(cost) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5 592 | ) |  |  | (169 | )
Share of results of associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33 |  |  |  | 62 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (492 | ) |  |  | (1 565 | )
Profit from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 744 | ) |  |  | 6 406 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 055 |  |  |  | 236 |
Profit/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1 688 | ) |  |  | 6 642 |
Segment assets (non-current) |  |  | 63 322 |  |  |  | 63 725 |  |  |  | 67 989 |  |  |  | 76 168 |  |  |  | 10 807 |  |  |  | 13 452 |  |  |  | 32 477 |  |  |  | 39 447 |  |  |  | 12 751 |  |  |  | 13 450 |  |  |  | 1 886 |  |  |  | 1 592 |  |  |  | 189 233 |  |  |  | 207 834 |
Gross capex |  |  | (225 | ) |  |  | (182 | ) |  |  | (350 | ) |  |  | (471 | ) |  |  | (387 | ) |  |  | (288 | ) |  |  | (301 | ) |  |  | (425 | ) |  |  | (191 | ) |  |  | (236 | ) |  |  | (126 | ) |  |  | (107 | ) |  |  | (1 580 | ) |  |  | (1 709 | )
For the six-month period ended 30 June 2020, net revenue from the beer business amounted to 19 510m US dollar (30 June 2019: 23 673m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 1 807m US dollar (30 June 2019: 2 150m US dollar). Additionally, for the six-month period ended 30 June 2020, net revenue from the company’s business in the United States amounted to 6 675m US dollar (30 June 2019: 6 833m US dollar) and net revenue from the company’s business in Brazil amounted to 2 641m US dollar (30 June 2019: 3 516m US dollar) .

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- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2019-03-27 + Details
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