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Risks arising from financial instruments (Tables)

6 Months Ended

Jun. 30, 2020

Set out below is an overview of financial assets

held by the company as at the dates indicated:


Million US dollar	30 June 2020		31 December 2019
Debt instruments at amortized cost
Trade and other receivables		4 741		5 444
Debt instruments at fair value through OCI
Unquoted debt		21		25
Debt instruments at fair value through profit or loss
Quoted debt		102		91
Equity instruments at fair value through OCI
Unquoted companies		92		85
Financial assets at fair value through profit or loss
Derivatives not designated in hedge accounting relationships:
Equity swaps		5		17
Interest rate swaps		101		18
Cross currency interest rate swaps		275		157
Derivatives designated in hedge accounting relationships:
Foreign exchange forward contracts		437		112
Foreign currency futures		1		7
Commodities		24		52
		5 799		6 009
Of which:
Non-current		914		883
Current		4 885		5 126

1	Cash and short-term deposits are not included in this overview .

Disclosure of Financial Liabilities

Set out below is an overview of financial liabilities held by the company as at the dates indicated


Million US dollar	30 June 2020		31 December 2019
Financial liabilities at fair value through profit or loss
Derivatives not designated in hedge accounting relationships:
Equity swaps		6 350		3 146
Cross currency interest rate swaps		47		140
Other derivatives		9		156
Derivatives designated in hedge accounting relationships:
Foreign exchange forward contracts		84		435
Cross currency interest rate swaps		69		35
Interest rate swaps		—		4
Commodities		250		97
Equity swaps		54		31
Other derivatives		2		107
Financial liabilities at amortized cost
Trade and other payables		17 085		21 189
Non-current interest-bearing loans and borrowings:
Secured bank loans		48		71
Unsecured bank loans		55		50
Unsecured bond issues		104 162		95 674
Unsecured other loans		81		77
Lease liabilities		1 688		1 692
Current interest-bearing loans and borrowings:
Secured bank loans		995		790
Unsecured bank loans		133		135
Unsecured bond issues		1 916		2 532
Unsecured other loans		16		20
Commercial paper		3 072		1 599
Bank overdrafts		153		68
Lease liabilities		352		333
		136 620		128 381
Of which:
Non-current		109 995		99 684
Current		26 625		28 696

Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket

The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.


	30 June 2020										31 December 2019
Million US dollar	< 1 year		1-2 years		2-3 years		3-5 years		> 5 years		< 1 year		1-2 years		2-3 years		3-5 years		> 5 years
Foreign currency
Forward exchange contracts		9 713		752		—		—		—		21 216		36		—		—		—
Foreign currency futures		1 306		—		—		—		—		1 359		723		—		—		—
Interest rate
Interest rate swaps		—		1 500		1 000		—		—		750		—		1 500		1 000		—
Cross currency interest rate swaps		20		4 342		2 100		—		666		15		513		5 445		500		668
Other interest rate derivatives		—		—		—		—		—		—		—		—		—		565
Commodities
Aluminum swaps		1 337		5		—		—		—		1 411		22		—		—		—
Other commodity derivatives		622		—		—		—		—		771		20		—		—		—
Equity
Equity derivatives		7 904		3 610		—		—		—		11 638		—		—		—		—

Summary of Foreign Exchange Risk on Operating Activities

The table below shows the company’s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.


	30 June 2020								31 December 2019
	Total			Total		Open			Total			Total		Open
Million US dollar	exposure			hedges		position			exposure			hedges		position
Euro/Canadian dollar		(44	)		35		(9	)		(52	)		39		(13	)
Euro/Mexican peso		(119	)		85		(34	)		(151	)		156		5
Euro/Pound sterling		(135	)		101		(34	)		(126	)		124		(2	)
Euro/South African rand		(83	)		66		(17	)		(99	)		95		(4	)
Euro/South Korean won		(31	)		40		9			(49	)		46		(3	)
Euro/US dollar		(340	)		299		(41	)		(409	)		337		(72	)
Mexican peso/Euro		(145	)		133		(12	)		(178	)		161		(17	)
Pound sterling/Euro		(40	)		37		(3	)		(39	)		40		1
US dollar/Argentinian peso		(539	)		494		(45	)		(531	)		510		(21	)
US dollar/Australian dollar		—			—		—			(216	)		204		(12	)
US dollar/Bolivian boliviano		(59	)		66		7			(69	)		70		1
US dollar/Brazilian real		(1 410	)		1 258		(152	)		(1 443	)		1 447		4
US dollar/Canadian dollar		(340	)		268		(72	)		(287	)		295		8
US dollar/Chilean peso		(109	)		103		(6	)		(109	)		102		(7	)
US dollar/Chinese yuan		(198	)		194		(4	)		(230	)		191		(39	)
US dollar/Colombian peso		(306	)		272		(34	)		(278	)		272		(6	)
US dollar/Euro		(81	)		104		23			(108	)		113		5
US dollar/Mexican peso		(986	)		852		(134	)		(1 105	)		903		(202	)
US dollar/Paraguayan guarani		(120	)		119		(1	)		(124	)		130		6
US dollar/Peruvian nuevo sol		(249	)		189		(60	)		(243	)		205		(38	)
US dollar/South African rand		(108	)		48		(60	)		(28	)		31		3
US dollar/South Korean won		(65	)		84		19			(88	)		99		11
US dollar/Uruguayan peso		(41	)		39		(2	)		(41	)		41		—
Others		(188	)		171		(17	)		(317	)		250		(67	)

Summary of Currency Transactional Risk

Most of AB InBev’s

non-derivative

financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Brazilian real, Mexican peso, Canadian dollar, Peruvian nuevo sol and South African rand against the US dollar and the euro. AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows:


	2020
	Closing rate 30 June 2020		Possible closing rate 1		Volatility of rates in %
Euro/Mexican peso		25.72		21.30 – 30.14		17.18	%
Euro/Pound sterling		0.91		0.83 – 0.99		9.04	%
Euro/South Korean won		1 345.90		1 199.03 – 1 492.76		10.91	%
Euro/US dollar		1.12		1.04 – 1.20		6.97	%
Pound sterling/US dollar		1.23		1.09 – 1.36		10.94	%
US dollar/Brazilian real		5.48		4.44 – 6.51		18.93	%
US dollar/Chinese yuan		7.07		6.64 – 7.51		6.10	%
US dollar/Colombian peso		3 752.17		3 177.73 – 4 326.62		15.31	%
US dollar/Euro		0.89		0.83 – 0.96		6.97	%
US dollar/Mexican peso		22.97		19.05 – 26.89		17.06	%
US dollar/Nigerian naira		387.09		347.85 – 426.33		10.14	%
US dollar/Peruvian nuevo sol		3.51		3.28 – 3.75		6.72	%
US dollar/South African rand		17.36		14.59 – 20.14		15.97	%
US dollar/South Korean won		1 201.91		1 043.87 – 1 359.95		13.15	%
US dollar/Tanzanian shilling		2 313.52		2 228.23 – 2 398.80		3.69	%
US dollar/Zambian kwacha		18.14		14.26 – 22.02		21.38	%

	2019
	Closing rate 31 December 2019		Possible closing rate 2		Volatility of rates in %
Euro/Mexican peso		21.17		19.28 – 23.06		8.92	%
Euro/Pound sterling		0.85		0.79 – 0.91		7.35	%
Euro/South Korean won		1 297.02		1 216.94 – 1 377.10		6.17	%
Euro/US dollar		1.12		1.07 – 1.18		4.69	%
Pound sterling/US dollar		1.32		1.21 – 1.43		8.08	%
US dollar/Australian dollar		1.42		1.33 – 1.52		6.70	%
US dollar/Chinese yuan		6.96		6.62 – 7.30		4.86	%
US dollar/Colombian peso		3 272.63		2 935.33 – 3 609.92		10.31	%
US dollar/Euro		0.89		0.85 – 0.93		4.69	%
US dollar/Mexican peso		18.85		17.25 – 20.44		8.48	%
US dollar/Nigerian naira		362.59		350.58 – 374.60		3.31	%
US dollar/Peruvian nuevo sol		3.32		3.17 – 3.47		4.50	%
US dollar/South African rand		14.04		12.26 – 15.83		12.74	%
US dollar/South Korean won		1 154.55		1 064.67 – 1 244.42		7.78	%
US dollar/Tanzanian shilling		2 300.14		2 186.57 – 2 413.71		4.94	%
US dollar/Zambian kwacha		14.02		11.24 – 16.81		19.85	%

Summary of Effective Interest Rates at Balance Sheet

The table below reflects the effective interest rates of interest-bearing financial liabilities at balance sheet date as well as the currency in which the debt is denominated.


30 June 2020	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Australian dollar		1.07	%		205		—			—
Brazilian real		4.86	%		276		4.86	%		276
Canadian dollar		3.21	%		145		3.21	%		145
Euro		0.09	%		4 648		0.09	%		4 648
US dollar		1.67	%		1 066		2.03	%		3 491
Other		15.47	%		309		12.57	%		589

					6 649					9 149

Fixed rate
Australian dollar		3.71	%		1 606		—			—
Brazilian real		8.07	%		560		8.07	%		560
Canadian dollar		3.15	%		1 958		3.15	%		1 958
Euro		2.02	%		29 335		1.73	%		31 549
Pound sterling		3.82	%		4 063		3.79	%		3 449
South Korean won		—			—		2.46	%		1 016
US dollar		4.78	%		68 146		4.90	%		64 593
Other		13.76	%		354		12.84	%		398

					106 022					103 522


31 December 2019	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Australian dollar		1.87	%		210		1.87	%		210
Brazilian real		9.33	%		43		9.33	%		43
Euro		0.08	%		4 214		0.08	%		4 214
US dollar		2.36	%		1 749		2.85	%		4 269
Other		9.82	%		225		4.46	%		954

					6 441					9 690

Fixed rate
Australian dollar		3.71	%		1 647		3.71	%		1 647
Brazilian real		9.00	%		544		9.00	%		544
Canadian dollar		3.16	%		2 055		3.16	%		2 055
Euro		1.82	%		25 346		1.82	%		29 338
Pound sterling		3.82	%		4 373		3.79	%		3 713
South Korean won		3.37	%		15		2.46	%		1 015
US dollar		4.83	%		62 205		5.02	%		54 551
Other		7.31	%		416		6.95	%		489

					96 601					93 352

Summary of Floating Rate Debt after Hedging

The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows:


	2020
	Interest rate 30 June 2020 1			Possible interest rate 2		Volatility of rates in %
Brazilian real		2.35	%		1.95% - 2.74%		16.99	%
Euro		—			—		17.24	%
US dollar		0.30	%		0.12% - 0.47%		59.52	%


	2019
	Interest rate 31 December 2019 1			Possible interest rate 2		Volatility of rates in %
Brazilian real		4.42	%		3.32% - 5.52%		24.88	%
Euro		—			—		6.43	%
US dollar		1.91	%		1.51% - 2.30%		20.66	%

Schedule of Commodity Derivatives Outstanding

The most significant commodity exposures as of 30 June 2020 are included in the table below (expressed in outstanding notional amounts):


Million US dollar	30 June 2020		31 December 2019
Aluminum swaps		1 342		1 449
Exchange traded sugar futures		57		54
Natural gas and energy derivatives		150		256
Corn swaps		202		195
Exchange traded wheat futures		7		20
Rice swaps		168		328
Plastic derivatives		38		59
		1 964		2 360

Summary of Estimated Impact on Changes in the Price of Commodities

The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 30 June 2020 and 31 December 2019, would have on the equity reserves


	2020
	Volatility of prices in % 3			Pre-tax impact on equity
Million US dollar	Volatility of prices in % 3			Prices increase		Prices decrease
Aluminum		13.45	%		181		(181	)
Sugar		29.15	%		17		(17	)
Energy		46.26	%		69		(69	)
Corn		28.23	%		57		(57	)
Wheat		24.27	%		2		(2	)
Rice		35.60	%		60		(60	)
Plastic		28.63	%		11		(11	)

1	Applicable 3-month InterBank Offered Rates as of 30 June 2020 and as of 31 December 2019.

Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020 and at December 2019. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the

3-month

InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M).

3	Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020.


	2019
	Volatility of prices in % 1			Pre-tax impact on equity
Million US dollar	Volatility of prices in % 1			Prices increase		Prices decrease
Aluminum		21.78	%		312		(312	)
Sugar		29.73	%		16		(16	)
Energy		25.86	%		66		(66	)
Corn		21.74	%		42		(42	)
Wheat		30.30	%		6		(6	)
Rice		22.64	%		47		(47	)
Plastic		24.03	%		14		(14	)

Summary of Carrying Amount of Financial Assets

The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was


	2020							2019
Million US dollar	Gross		Impairment			Net carrying amount		Gross		Impairment			Net carrying amount
Investment in unquoted companies		99		(7	)		92		92		(7	)		85
Investment in debt securities		123		—			123		117		—			117
Trade receivables		3 730		(265	)		3 465		4 219		(173	)		4 046
Cash deposits for guarantees		170		—			170		219		—			219
Loans to customers		135		—			135		177		—			177
Other receivables		1 484		(93	)		1 391		1 666		(103	)		1 563
Derivatives		842		—			842		362		—			362
Cash and cash equivalents		25 018		—			25 018		7 238		—			7 238

		31 601		(365	)		31 236		14 090		(283	)		13 807

1	Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 30 June 2020.

Summary of Allowance for Impairment

The allowance for impairment recognized during the period per classes of financial assets was as follows:


	2020
Million US dollar	Trade receivables			FVOCI			Other receivables			Total
Balance at 1 January		(173	)		(7	)		(103	)		(283	)
Impairment losses		(115	)		—			(7	)		(122	)
Derecognition		3			—			6			9
Currency translation and other		20			—			11			31

Balance at 30 June		(265	)		(7	)		(93	)		(365	)


	2019
Million US dollar	Trade receivables			FVOCI			Other receivables			Total
Balance at 1 January		(160	)		(7	)		(106	)		(273	)
Impairment losses		(51	)		—			(30	)		(81	)
Derecognition		26			—			31			57
Currency translation and other		12			—			2			14

Balance at 31 December		(173	)		(7	)		(103	)		(283	)

Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities

The following are the nominal contractual maturities of

non-derivative

financial liabilities including interest payments and derivative liabilities


	30 June 2020
Million US dollar	Carrying amount 1			Contractual cash flows			Less than 1 year			1-2 years			2-3 years			3-5 years			More than 5 years
Non-derivative financial liabilities
Secured bank loans		(1 043	)		(1 080	)		(1 017	)		(16	)		(12	)		(12	)		(23	)
Commercial papers		(3 072	)		(3 072	)		(3 072	)		—			—			—			—
Unsecured bank loans		(188	)		(196	)		(138	)		(58	)		—			—			—
Unsecured bond issues		(106 078	)		(180 259	)		(5 647	)		(7 201	)		(10 042	)		(20 065	)		(137 304	)
Unsecured other loans		( 97	)		(129	)		(21	)		(14	)		(8	)		(5	)		(81	)
Lease liabilities		(2 040	)		(2 304	)		(419	)		(393	)		(278	)		(401	)		(813	)
Bank overdraft		(153	)		(153	)		(153	)		—			—			—			—
Trade and other payables		(20 476	)		(20 697	)		(18 845	)		(1 182	)		(178	)		(183	)		(309	)

		(133 147	)		(207 890	)		(29 312	)		(8 864	)		(10 518	)		(20 666	)		(138 530	)

Derivative financial liabilities
Interest rate derivatives		—			—			—			—			—			—			—
Foreign exchange derivatives		(95	)		(95	)		(95	)		—			—			—			—
Cross currency interest rate swaps		(116	)		(182	)		—			(108	)		—			—			(74	)
Commodity derivatives		(250	)		(250	)		(250	)		—			—			—			—
Equity derivatives		(6 404	)		(6 440	)		(4 372	)		(2 068	)		—			—			—

		(6 864	)		(6 967	)		(4 717	)		(2 176	)		—			—			(74	)

Of which: related to cash flow hedges		(498	)		(498	)		(424	)		—			—			—			(74	)


	31 December 2019
Million US dollar	Carrying amount 1			Contractual cash flows			Less than 1 year			1-2 years			2-3 years			3-5 years			More than 5 years
Non-derivative financial liabilities
Secured bank loans		(861	)		(890	)		(795	)		(18	)		(18	)		(22	)		(37	)
Commercial papers		(1 599	)		(1 599	)		(1 599	)		—			—			—			—
Unsecured bank loans		(185	)		(188	)		(140	)		(47	)		(1	)		—			—
Unsecured bond issues		(98 206	)		(165 424	)		(5 513	)		(6 415	)		(6 518	)		(18 605	)		(128 373	)
Unsecured other loans		(98	)		(131	)		(27	)		(17	)		(9	)		(5	)		(73	)
Lease liabilities		(2 025	)		(2 338	)		(404	)		(350	)		(243	)		(285	)		(1 056	)
Bank overdraft		(68	)		(68	)		(68	)		—			—			—			—
Trade and other payables		(24 806	)		(25 152	)		(22 861	)		(1 227	)		(472	)		(165	)		(427	)

		(127 848	)		(195 790	)		(31 407	)		(8 074	)		(7 261	)		(19 082	)		(129 966	)

Derivative financial liabilities
Interest rate derivatives		(102	)		(103	)		(7	)		(1	)		(1	)		3			(97	)
Foreign exchange derivatives		(600	)		(600	)		(600	)		—			—			—			—
Cross currency interest rate swaps		(175	)		(187	)		75			(285	)		6			75			(58	)
Commodity derivatives		(97	)		(97	)		(97	)		—			—			—			—
Equity derivatives		(3 177	)		(3 177	)		(3 177	)		—			—			—

		(4 151	)		(4 164	)		(3 806	)		(286	)		5			78			(155	)

Of which: related to cash flow hedges		(448	)		(448	)		(408	)		5			3			5			(53	)

1	“Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date .

Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities

The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet


	Assets				Liabilities						Net
Million US dollar	30 June 2020		31 December 2019		30 June 2020			31 December 2019			30 June 2020			31 December 2019
Foreign currency
Forward exchange contracts		437		112		(93	)		(590	)		344			(478	)
Foreign currency futures		1		7		(2	)		(9	)		(1	)		(2	)
Interest rate
Interest rate swaps		101		18		—			(6	)		101			12
Cross currency interest rate swaps		275		157		(115	)		(175	)		160			(18	)
Other interest rate derivatives		—		—		—			(97	)		—			(97	)
Commodities
Aluminum swaps		7		15		(169	)		(61	)		(162	)		(46	)
Sugar futures		1		2		(3	)		(2	)		(2	)		—
Wheat futures		1		14		(1	)		(9	)		—			5
Energy		5		8		(40	)		(11	)		(35	)		(3	)
Other commodity derivatives		10		13		(37	)		(14	)		(27	)		(1	)
Equity
Equity derivatives		5		17		(6 404	)		(3 177	)		(6 399	)		(3 160	)

		842		362		(6 864	)		(4 151	)		(6 022	)		(3 789	)

Of which:
Non-current		297		132		(2 460	)		(352	)		(2 163	)		(220	)
Current		545		230		(4 404	)		(3 799	)		(3 859	)		(3 569	)

Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value

The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized at the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value


Interest-bearing financial liabilities Million US dollar	2020 Carrying amount 1			2020 Fair value			2019 Carrying amount 1			2019 Fair value
Fixed rate
Australian dollar		(1 606	)		(1 697	)		(1 647	)		(1 748	)
Brazilian real		(560	)		(560	)		(544	)		(542	)
Canadian dollar		(1 958	)		(1 985	)		(2 055	)		(2 046	)
Euro		(29 335	)		(30 868	)		(25 346	)		(30 365	)
Pound sterling		(4 063	)		(4 507	)		(4 373	)		(4 816	)
US dollar		(68 146	)		(83 644	)		(62 205	)		(74 035	)
Other		(354	)		(354	)		(431	)		(431	)

		(106 022	)		(123 615	)		(96 601	)		(113 983	)

1	“Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date .

Analysis of Financial Instruments

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:


Fair value hierarchy 30 June 202 0 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Held for trading (non-derivatives)		—		9		—
Derivatives at fair value through profit and loss		—		312		—
Derivatives in a cash flow hedge relationship		85		227		—
Derivatives in a fair value hedge relationship		—		91		—
Derivatives in a net investment hedge relationship		—		127		—

		85		766		—

Financial Liabilities
Deferred consideration on acquisitions at fair value		—		—		1 423
Derivatives at fair value through profit and loss		—		6 406		—
Derivatives in a cash flow hedge relationship		20		438		—

		20		6 84 4		1 423


Fair value hierarchy 31 December 2019 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Held for trading (non-derivatives)		2		9		—
Derivatives at fair value through profit and loss		—		119		—
Derivatives in a cash flow hedge relationship		17		153		—
Derivatives in a fair value hedge relationship		—		19		—
Derivatives in a net investment hedge relationship		—		54		—

		19		354

Financial Liabilities
Deferred consideration on acquisitions at fair value		—		—		1 639
Derivatives at fair value through profit and loss		—		3 441		—
Derivatives in a cash flow hedge relationship		21		586		—
Derivatives in a fair value hedge relationship		—		103		—

		21		4 130		1 639

Summary of Offsetting Financial Assets and Liabilities

The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements


	30 June 2020
Million US dollar	Gross amount			Net amount recognized in the statement of financial position 1			Other offsetting agreements 2			Total net amount
Derivative assets		842			842			(837	)		5
Derivative liabilities		(6 864	)		(6 864	)		837			(6 027	)


	31 December 2019
Million US dollar	Gross amount			Net amount recognized in the statement of financial position 1			Other offsetting agreements 2			Total net amount
Derivative assets		362			362			(352	)		10
Derivative liabilities		(4 151	)		(4 151	)		352			(3 799	)

1	Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules.

2	Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS rules.