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Supplemental guarantor financial information
 6 Months Ended
Jun. 30, 2020
Text block [abstract]  
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