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Changes in equity and earnings per share (Tables) | 12 Months Ended
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Dec. 31, 2021
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during 2021:
|  | 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 |  |  | 1 737 |  |  |  |  |
Restricted shares |  |  | 282 |  |  |  |  |
|  | Treasury shares |  |  | Result on the use of treasury shares |
Treasury shares |  | Million shares |  |  | Million US dollar |  |  | Million US dollar |
At the end of the previous year |  |  | 47.0 |  |  |  | (4 911 | ) |  |  | (3 530 | )
Changes during the period |  |  | (8.8 | ) |  |  | 917 |  |  |  | (836 | )
|  |  | 38.2 |  |  |  | (3 994 | ) |  |  | (4 366 | )
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows:
|  |  |  |  |  |  |  | Post- |  |  |  |
|  | Translation |  |  | Hedging |  |  | employment |  |  | Total OCI |
Million US dollar |  | Reserves |  |  | reserves |  |  | benefits |  |  | Reserves |
As per 1 January 2021 |  |  | (29 234 | ) |  |  | 376 |  |  |  | (1 983 | ) |  |  | (30 841 | )
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | (4 320 | ) |  |  | — |  |  |  | — |  |  |  | (4 320 | )
Cash flow hedges |  |  | — |  |  |  | 105 |  |  |  | — |  |  |  | 105 |
Re-measurements of post-employment benefits |  |  | — |  |  |  | — |  |  |  | 479 |  |  |  | 479 |
Other comprehensive income/(loss) |  |  | (4 320 | ) |  |  | 105 |  |  |  | 479 |  |  |  | (3 736 | )
As per 31 December 2021 |  |  | (33 554 | ) |  |  | 481 |  |  |  | (1 504 | ) |  |  | (34 577 | )
The increase in translation reserves is primarily related to the combined effect of the weakening of the closing rates of the Colombian pesos, the Peruvian Sol, the South African rand and the Mexican pesos, partially offset by the weakening of the closing rate of the Euro, which resulted in a foreign exchange translation adjustment of 4 320m US dollar as of 31 December 2021 (decrease of equity).
|  |  |  |  |  |  |  | Post- |  |  |  |
|  | Translation |  |  | Hedging |  |  | employment |  |  | Total OCI |
Million US dollar |  | Reserves |  |  | reserves |  |  | benefits |  |  | Reserves |
As per 1 January 2020 |  |  | (19 936 | ) |  |  | 397 |  |  |  | (1 740 | ) |  |  | (21 279 | )
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | (9 943 | ) |  |  | — |  |  |  | — |  |  |  | (9 943 | )
Cash flow hedges |  |  | — |  |  |  | 198 |  |  |  | — |  |  |  | 198 |
Cash flow hedges and cumulative translation adjustments reclassified from equity to profit or loss in relation to Australia divestiture |  |  | 645 |  |  |  | (219 | ) |  |  | — |  |  |  | 426 |
Re-measurements of post-employment benefits |  |  | — |  |  |  | — |  |  |  | (243 | ) |  |  | (243 | )
Other comprehensive income/(loss) |  |  | (9 298 | ) |  |  | (21 | ) |  |  | (243 | ) |  |  | (9 562 | )
As per 31 December 2020 |  |  | (29 234 | ) |  |  | 376 |  |  |  | (1 983 | ) |  |  | (30 841 | )
|  |  |  |  |  |  |  | Post- |  |  |  |
|  | Translation |  |  | Hedging |  |  | employment |  |  | Total OCI |
Million US dollar |  | Reserves |  |  | reserves |  |  | benefits |  |  | Reserves |
As per 1 January 2019 |  |  | (21 079 | ) |  |  | 494 |  |  |  | (1 567 | ) |  |  | (22 152 | )
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | 1 143 |  |  |  | — |  |  |  | — |  |  |  | 1 143 |
Cash flow hedges |  |  | — |  |  |  | (97 | ) |  |  | — |  |  |  | (97 | )
Re-measurements of post-employment benefits |  |  | — |  |  |  | — |  |  |  | (173 | ) |  |  | (173 | )
Other comprehensive income/(loss) |  |  | 1 143 |  |  |  | (97 | ) |  |  | (173 | ) |  |  | 873 |
As per 31 December 2019 |  |  | (19 936 | ) |  |  | 397 |  |  |  | (1 740 | ) |  |  | (21 279 | )
Summary of Basic and Diluted Earnings Per Share | The calculation of basic earnings per share for 2021 is based on the profit attributable to equity holders of AB InBev of 4 670m US dollar (2020: 1 405m US dollar; 2019: 9 171m 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 |  | 2021 |  |  | 2020 |  |  | 2019 |
Issued ordinary and restricted shares at 1 January, net of treasury shares |  |  | 1 972 |  |  |  | 1 959 |  |  |  | 1 957 |
Effect of stock lending |  |  | 30 |  |  |  | 30 |  |  |  | 25 |
Effect of delivery of treasury shares |  |  | 4 |  |  |  | 9 |  |  |  | 2 |
Weighted average number of ordinary and restricted shares at 31 December |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
The calculation of diluted earnings per share for 2021 is based on the profit attributable to equity holders of AB InBev of 4 670m US dollar (2020: 1 405m US dollar; 2019: 9 171m US dollar) and a 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 |  | 2021 |  |  | 2020 |  |  | 2019 |
Weighted average number of ordinary and restricted shares at 31 December |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
Effect of share options, warrants and restricted stock units |  |  | 38 |  |  |  | 39 |  |  |  | 42 |
Weighted average number of ordinary and restricted shares (diluted) at 31 December |  |  | 2 045 |  |  |  | 2 037 |  |  |  | 2 026 |
The calculation of earnings per share from continuing operations before exceptional items is based on the profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBevThe 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 attributable to equity holders of AB InBev to the profit from continuing operations before exceptional items and discontinued operations attributable to equity holders of AB InBev, and to the profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev is presented as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Profit attributable to equity holders of AB InBev |  |  | 4 670 |  |  |  | 1 405 |  |  |  | 9 171 |
Exceptional items, before taxes (refer to Note 8) |  |  | 614 |  |  |  | 3 103 |  |  |  | 323 |
Exceptional finance income/(cost), before taxes (refer to Note 11) |  |  | 806 |  |  |  | 1 738 |  |  |  | (882 | )
Exceptional taxes (refer to Note 8) |  |  | (346 | ) |  |  | (155 | ) |  |  | 6 |
Exceptional non-controlling interest (refer to Note 8) |  |  | (20 | ) |  |  | (228 | ) |  |  | (108 | )
Profit from discontinued operations (refer to Note 21) |  |  | — |  |  |  | (2 055 | ) |  |  | (424 | )
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 5 723 |  |  |  | 3 807 |  |  |  | 8 086 |
Mark-to-market (losses)/gains on certain derivatives related to the hedging of share-based payment programs (refer to Note 11) |  |  | 23 |  |  |  | 1 211 |  |  |  | (898 | )
Hyperinflation impacts |  |  | 28 |  |  |  | 4 |  |  |  | 7 |
Profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev |  |  | 5 774 |  |  |  | 5 022 |  |  |  | 7 196 |
Summary of Calculation of EPS | The table below sets out the EPS calculation:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Profit attributable to equity holders of AB InBev |  |  | 4 670 |  |  |  | 1 405 |  |  |  | 9 171 |
Weighted average number of ordinary and restricted shares |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
Basic EPS from continuing and discontinued operations |  |  | 2.33 |  |  |  | 0.70 |  |  |  | 4.62 |
Profit/(loss) from continuing operations attributable to equity holders of AB InBev |  |  | 4 670 |  |  |  | (650 | ) |  |  | 8 748 |
Weighted average number of ordinary and restricted shares |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
Basic EPS from continuing operations |  |  | 2.33 |  |  |  | (0.33 | ) |  |  | 4.41 |
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 5 723 |  |  |  | 3 807 |  |  |  | 8 086 |
Weighted average number of ordinary and restricted shares |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
Basic EPS from continuing operations before exceptional items |  |  | 2.85 |  |  |  | 1.91 |  |  |  | 4.08 |
Profit before exceptional items, discontinued operations, mark-to-market gains/losses and hyperinflation impacts, attributable to equity holders of AB InBev |  |  | 5 774 |  |  |  | 5 022 |  |  |  | 7 196 |
Weighted average number of ordinary and restricted shares |  |  | 2 007 |  |  |  | 1 998 |  |  |  | 1 984 |
Underlying EPS |  |  | 2.88 |  |  |  | 2.51 |  |  |  | 3.63 |
Profit attributable to equity holders of AB InBev |  |  | 4 670 |  |  |  | 1 405 |  |  |  | 9 171 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 045 |  |  |  | 2 037 |  |  |  | 2 026 |
Diluted EPS from continuing and discontinued operations |  |  | 2.28 |  |  |  | 0.69 |  |  |  | 4.53 |
Profit/(loss) from continuing operations attributable to equity holders of AB InBev |  |  | 4 670 |  |  |  | (650 | ) |  |  | 8 748 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 045 |  |  |  | 1 998 |  |  |  | 2 026 |
Diluted EPS from continuing operations |  |  | 2.28 |  |  |  | (0.33 | ) |  |  | 4.32 |
Profit from continuing operations before exceptional items and discontinued operations, attributable to equity holders of AB InBev |  |  | 5 723 |  |  |  | 3 807 |  |  |  | 8 086 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 045 |  |  |  | 2 037 |  |  |  | 2 026 |
Diluted EPS from continuing operations before exceptional items |  |  | 2.80 |  |  |  | 1.87 |  |  |  | 3.99 |

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