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Changes in equity and earnings per share | 6 Months Ended
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Jun. 30, 2020
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Changes in equity and earnings per share | 18. Changes in equity and earnings per share STATEMENT OF CAPITAL 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 | )
As at 30 June 2020, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 48 085 315 are held in treasury by AB InBev and its subsidiaries. All shares are ordinary shares, except for 325 999 817 restricted shares. As at 30 June 2020, the total of authorized, un-issued capital amounts to 37m euro. The treasury shares held by the company are reported in equity in Treasury shares. The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev, rights are suspended . The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one basis with effect from the fifth anniversary of completion of the SAB combination. From completion of the SAB combination, such restricted shares will rank equally with the ordinary shares with respect to dividends and voting rights. The shareholders’ structure is based on the notifications made to the company pursuant to the Belgian Law of 02 May 2007, which governs the disclosure of significant shareholdings in listed companies. It is included in the Corporate Governance section of AB InBev’s annual report . CHANGES IN OWNERSHIP INTERESTS In compliance with IFRS 10, the acquisition or disposal of additional shares in a subsidiary is accounted for as an equity transaction with owners. During the first six months of 2020, there were no significant purchases of non-controlling interests in subsidiaries. As the related subsidiaries were already fully consolidated, the purchases did not impact AB InBev’s profit, but reduced the non-controlling interests and thus impacted the profit attributable to equity holders of AB InBev. BORROWED SHARES In order to fulfill AB InBev’s commitments under various outstanding stock option plans, during the course of 2020, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfil stock option plan commitments. The company shall pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend. DIVIDENDS On 24 October 2019, an interim dividend of 0.80 euro per share or approximately 1 588m euro was approved by the Board of Directors. This interim dividend was paid out on 21 November 2019. On 3 June 2020, in addition to the interim dividend paid on 21 November 2019, a dividend of 0.50 euro per share or 1 002m euro was approved at the shareholder’ meeting, reflecting a total dividend payment for the 2019 fiscal year of 1.30 euro per share or 2 590m euro. The dividend was paid out as of 11 June 2020. On 24 October 2018, an interim dividend of 0.80 euro per share or approximately 1 565m euro was approved by the Board of Directors. This interim dividend was paid out on 29 November 2018. On 24 April 2019, in addition to the interim dividend paid on 29 November 2018, a dividend of 1.00 euro per share or 1 978m euro was approved at the shareholder’ meeting, reflecting a total dividend payment for the 2018 fiscal year of 1.80 euro per share or 3 557m euro. The dividend was paid out on 9 May 2019. TRANSLATION RESERVES The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment . HEDGING RESERVES The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss. For the six-month period ended 30 June 2020, the company recycled 370m US dollar of cash flow hedges in relation to the Australia divestiture from equity to profit or loss. TRANSFERS FROM SUBSIDIARIES The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries, and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient. As at 30 June 2020, the restrictions above mentioned were not deemed significant on the company’s ability to access or use the assets or settle the liabilities of its operating subsidiaries . Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding taxes, if applicable, generally do not exceed 15%. 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 | )
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 . 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 |
The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted stock units was based on quoted market prices for the period that the options and restricted stock units were outstanding. For the calculation of Diluted EPS from continuing operations before exceptional items, 72m share options were anti-dilutive and not included in the calculation of the dilutive effect as at 30 June 2020 (30 June 2019: 64m share options) .
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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