<SEC-DOCUMENT>0001193125-21-323009.txt : 20211210
<SEC-HEADER>0001193125-21-323009.hdr.sgml : 20211210
<ACCEPTANCE-DATETIME>20211108160204
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-323009
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anheuser-Busch InBev SA/NV
		CENTRAL INDEX KEY:			0001668717
		STANDARD INDUSTRIAL CLASSIFICATION:	MALT BEVERAGES [2082]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BROUWERIJPLEIN 1
		CITY:			LEUVEN
		STATE:			C9
		ZIP:			3000
		BUSINESS PHONE:		32(0)16276018

	MAIL ADDRESS:	
		STREET 1:		BROUWERIJPLEIN 1
		CITY:			LEUVEN
		STATE:			C9
		ZIP:			3000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Newbelco SA/NV
		DATE OF NAME CHANGE:	20160304
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
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<IMG SRC="g255923g1108180345794.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anheuser-Busch InBev nv/sa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brouwerijplein 1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3000 Leuven </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Belgium </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +32 16 27 61 11 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F +32 16 50 61 11 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Heather Clark and Andrew
Blume, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Office of Manufacturing, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:22%; text-indent:4%; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:26%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Anheuser-Busch InBev SA/NV Form <FONT STYLE="white-space:nowrap">20-F</FONT> for Fiscal Year Ended
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">December</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">31, 2020 </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;File <FONT STYLE="white-space:nowrap">No.&nbsp;001-37911</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November 8, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Clark and Mr.&nbsp;Blume: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thank you for your letter of October&nbsp;26, 2021 to Mr.&nbsp;Fernando Tennenbaum of Anheuser-Busch
InBev SA/NV (the &#147;Company&#148;) setting forth the Staff&#146;s comment on the Company&#146;s response letter of August&nbsp;3, 2021, relating to the Company&#146;s Form <FONT STYLE="white-space:nowrap">20-F</FONT> for Fiscal Year Ended
December&nbsp;31, 2020 (the &#147;Form <FONT STYLE="white-space:nowrap">20-F&#148;).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has keyed its response in this
letter to the headings and numbered comment used in the Staff&#146;s comment letter and has marked the response with the letter &#147;R&#148; beside the comment number. The comment is set forth in bold-face type. Terms used but not defined herein
have the meanings ascribed to them in the Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Year Ended December&nbsp;31, 2020 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>5. Segment reporting, page <FONT STYLE="white-space:nowrap">F-26</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 4 and the additional information you provided during our call with
you on September&nbsp;3, 2021. After careful consideration of this information as well as the guidance in IFRS 8, Operating Segments, we believe that IFRS 8 requires presentation of a single measure of segment profitability for each reportable
segment, and therefore we object to your presentation of more than one measure of segment profitability in the footnotes to the financial statements in your Form <FONT STYLE="white-space:nowrap">20-F.</FONT> Please remove your disclosure of
Normalized EBITDA, Normalized EBITDA Margin, and Normalized Profit from Operations (Normalized EBIT) from your segment footnote consistent with the guidance in paragraph 26 of IFRS 8. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>R:</B> The Company acknowledges the Staff&#146;s comment and confirms that it will remove its disclosure of Normalized EBITDA, Normalized
EBITDA Margin, and Normalized Profit from Operations (Normalized EBIT) from its segment footnote in its future filings after the date of this letter and its annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> (&#147;Future
Filings&#148;). The Company respectfully notes that it will continue to present Profit from Operations (EBIT) in Future Filings for so long as the Company&#146;s chief operating decision maker continues to use Profit from Operations (EBIT) as a
measure of segment profit or loss, consistent with the guidance in paragraph 26 of IFRS 8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact John Horsfield-Bradbury at +44 20 7959 8491 with any questions you may have. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yours sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Fernando Tennenbaum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fernando Tennenbaum</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John Blood </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Ann Randon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(Anheuser-Busch InBev
SA/NV) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">John Horsfield-Bradbury </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(Sullivan &amp; Cromwell LLP) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
