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Interest-bearing loans and borrowings | 12 Months Ended
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Dec. 31, 2021
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Interest-bearing loans and borrowings |
23. | Interest-bearing loans and borrowings
This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 28 Risks arising from financial instruments.
Non-current liabilities |  |  |  |  |  |
Million US dollar |  | 31 December 2021 |  |  | 31 December 2020 |
Secured bank loans |  |  | 75 |  |  |  | 46 |
Unsecured bond issues |  |  | 85 433 |  |  |  | 93 523 |
Unsecured other loans |  |  | 31 |  |  |  | 73 |
Lease liabilities |  |  | 1 830 |  |  |  | 1 837 |
Non-current interest-bearing loans and borrowings |  |  | 87 369 |  |  |  | 95 478 |
Current liabilities |  |  |  |  |  |
Million US dollar |  | 31 December 2021 |  |  | 31 December 2020 |
Secured bank loans |  |  | 553 |  |  |  | 656 |
Commercial papers |  |  | — |  |  |  | 1 522 |
Unsecured bank loans |  |  | 106 |  |  |  | 294 |
Unsecured bond issues |  |  | 293 |  |  |  | 202 |
Unsecured other loans |  |  | 9 |  |  |  | 10 |
Lease liabilities |  |  | 447 |  |  |  | 397 |
Current interest-bearing loans and borrowings |  |  | 1 408 |  |  |  | 3 081 |
The current and non-current interest-bearing loans and borrowings amount to 88.8 billion US dollar as at 31 December 2021, compared to 98.6 billion US dollar as at 31 December 2020. On 18 February 2021, the company entered into a new 10.1 billion US dollar Sustainable-Linked Loan Revolving Credit Facility (“SLL RCF”) with an initial five-year term, replacing the previous 9.0 billion US dollar of committed long-term credit facilities. As at 31 December 2021, the company had no outstanding balance on commercial papers compared to 1.5 billion US dollar as at 31 December 2020. The commercial papers included programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively. In 2021, Anheuser-Busch InBev NV/SA (“ABISA”) announced that it and its wholly-owned subsidiary Anheuser-Busch InBev Worldwide Inc. (“ABIWW”, and together with ABISA, the “Issuers”) exercised their respective options to redeem the outstanding principal amounts for an aggregate principal amount of 6.2 billion US dollar of the following series of notes:
Date of redemption |  | Issuer (abbreviated) |  | Title of series of notes issued exchanged |  | Currency |  | Original principal amount outstanding (in million) |  |  | Principal amount redeemed (in million) |
27 January 2021 |  | ABIWW |  | 3.750% Notes due 2024 |  | AUD |  |  | 650 |  |  |  | 650 |
28 January 2021 |  | ABISA |  | 1.500% Notes due 2025 |  | EUR |  |  | 2 147 |  |  |  | 2 147 |
29 June 2021 |  | ABIWW |  | 4.150% Notes due 2025 |  | USD |  |  | 2 500 |  |  |  | 2 500 |
23 July 2021 |  | ABIFI |  | 4.600% Notes due 2045 |  | USD |  |  | 565 |  |  |  | 565 |
Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position. AB InBev’s net debt decreased to 76.2 billion US dollar as at 31 December 2021, from 82.7 billion US dollar as at 31 December 2020. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (6.2 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (2.4 billion US dollar) and foreign exchange impact on net debt (1.6 billion US dollar decrease of net debt). The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
Million US dollar |  | 31 December 2021 |  |  | 31 December 2020 |
Non-current interest-bearing loans and borrowings |  |  | 87 369 |  |  |  | 95 478 |
Current interest-bearing loans and borrowings |  |  | 1 408 |  |  |  | 3 081 |
Interest-bearing loans and borrowings |  |  | 88 777 |  |  |  | 98 559 |
Bank overdrafts |  |  | 53 |  |  |  | 5 |
Cash and cash equivalents |  |  | (12 097 | ) |  |  | (15 252 | )
Interest bearing loans granted and other deposits (included within Trade and other receivables) |  |  | (175 | ) |  |  | (173 | )
Debt securities (included within Investment securities) |  |  | (396 | ) |  |  | (418 | )
Net debt |  |  | 76 162 |  |  |  | 82 722 |
Reconciliation of liabilities arising from financing activities The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated cash flow statement from financing activities.
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long-term debt |
Balance at 1 January 2021 |  |  | 95 478 |  |  |  | 3 081 |
Proceeds from borrowings |  |  | 148 |  |  |  | 306 |
Payments on borrowings |  |  | (6 735 | ) |  |  | (2 230 | )
Capitalization / (payment) of lease liabilities |  |  | 697 |  |  |  | (547 | )
Amortized cost |  |  | 64 |  |  |  | — |
Unrealized foreign exchange effects |  |  | (2 149 | ) |  |  | (88 | )
Current portion of long-term debt |  |  | (875 | ) |  |  | 875 |
Loss on bond redemption and other movements |  |  | 741 |  |  |  | 10 |
Balance at 31 December 2021 |  |  | 87 369 |  |  |  | 1 408 |
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long-term debt |
Balance at 1 January 2020 |  |  | 97 564 |  |  |  | 5 410 |
Proceeds from borrowings |  |  | 11 226 |  |  |  | 3 596 |
Payments on borrowings |  |  | (13 596 | ) |  |  | (9 520 | )
Capitalization / (payment) of lease liabilities |  |  | 394 |  |  |  | (484 | )
Amortized cost |  |  | 71 |  |  |  | 17 |
Unrealized foreign exchange effects |  |  | 2 521 |  |  |  | 241 |
Current portion of long-term debt |  |  | (3 744 | ) |  |  | 3 744 |
Loss on bond redemption and other movements |  |  | 1 042 |  |  |  | 77 |
Balance at 31 December 2020 |  |  | 95 478 |  |  |  | 3 081 |
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long-term debt |
Balance at 1 January 2019 |  |  | 106 997 |  |  |  | 4 584 |
Proceeds from borrowings |  |  | 17 939 |  |  |  | 4 645 |
Payments on borrowings |  |  | (22 339 | ) |  |  | (8 253 | )
Capitalization / (payment) of lease liabilities |  |  | 420 |  |  |  | (441 | )
Amortized cost |  |  | 75 |  |  |  | 13 |
Unrealized foreign exchange effects |  |  | (538 | ) |  |  | (39 | )
Current portion of long-term debt |  |  | (4 769 | ) |  |  | 4 769 |
Liabilities associated with assets held for sale |  |  | (69 | ) |  |  | (15 | )
Other movements |  |  | (152 | ) |  |  | 147 |
Balance at 31 December 2019 |  |  | 97 564 |  |  |  | 5 410 |

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