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Non-controlling interests | 12 Months Ended
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Dec. 31, 2021
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Non-controlling interests |
31. | Non-controlling interests
As at 31 December 2021 and 2020, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.79% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22% ownership. The tables below provide summarized information derived f r om the consolidated financial statements of Ambev and Budweiser APAC as of 31 December 2021 and 2020, in accordance with IFRS. Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling interests, is as follows:
|  | Ambev |  |  | Budweiser APAC |
Million US dollar |  | 31 December 2021 |  |  | 31 December 2020 |  |  | 31 December 2021 |  |  | 31 December 2020 |
Summarized balance sheet information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  | 6 922 |  |  |  | 6 801 |  |  |  | 3 161 |  |  |  | 2 332 |
Non-current assets |  |  | 17 915 |  |  |  | 17 291 |  |  |  | 13 464 |  |  |  | 13 857 |
Current liabilities |  |  | 6 965 |  |  |  | 6 442 |  |  |  | 4 691 |  |  |  | 4 637 |
Non-current liabilities |  |  | 2 817 |  |  |  | 3 188 |  |  |  | 851 |  |  |  | 809 |
Equity attributable to equity holders |  |  | 14 809 |  |  |  | 14 204 |  |  |  | 11 013 |  |  |  | 10 685 |
Non-controlling interests |  |  | 246 |  |  |  | 257 |  |  |  | 70 |  |  |  | 58 |
|  | Ambev |  |  | Budweiser APAC |
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 1 |  |  | 2021 |  |  | 2020 |  |  | 2019 2 |
Summarized income statement and other comprehensive income information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 13 570 |  |  |  | 11 373 |  |  |  | 13 196 |  |  |  | 6 788 |  |  |  | 5 588 |  |  |  | 6 546 |
Net income |  |  | 2 444 |  |  |  | 2 286 |  |  |  | 3 093 |  |  |  | 981 |  |  |  | 537 |  |  |  | 908 |
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders |  |  | 2 360 |  |  |  | 2 217 |  |  |  | 2 989 |  |  |  | 950 |  |  |  | 514 |  |  |  | 898 |
Non-controlling interests |  |  | 84 |  |  |  | 69 |  |  |  | 104 |  |  |  | 31 |  |  |  | 23 |  |  |  | 10 |
Net income |  |  | 2 444 |  |  |  | 2 286 |  |  |  | 3 093 |  |  |  | 981 |  |  |  | 537 |  |  |  | 908 |
Other comprehensive income |  |  | 629 |  |  |  | 1 467 |  |  |  | (193 | ) |  |  | (289 | ) |  |  | 635 |  |  |  | (229 | )
Total comprehensive income |  |  | 3 074 |  |  |  | 3 753 |  |  |  | 2 900 |  |  |  | 692 |  |  |  | 1 172 |  |  |  | 679 |
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders |  |  | 2 970 |  |  |  | 3 647 |  |  |  | 2 801 |  |  |  | 660 |  |  |  | 1 147 |  |  |  | 665 |
Non-controlling interests |  |  | 104 |  |  |  | 106 |  |  |  | 99 |  |  |  | 32 |  |  |  | 25 |  |  |  | 14 |
Summarized cash flow information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow from operating activities |  |  | 4 266 |  |  |  | 3 673 |  |  |  | 4 664 |  |  |  | 1 903 |  |  |  | 1 301 |  |  |  | 1 379 |
Cash flow from investing activities |  |  | (1 441 | ) |  |  | (1 325 | ) |  |  | (1 228 | ) |  |  | (731 | ) |  |  | (572 | ) |  |  | (743 | )
Cash flow from financing activities |  |  | (2 988 | ) |  |  | (1 676 | ) |  |  | (3 117 | ) |  |  | (464 | ) |  |  | (432 | ) |  |  | (1 349 | )
Net increase/(decrease) in cash and cash equivalents |  |  | (163 | ) |  |  | 673 |  |  |  | 319 |  |  |  | 708 |  |  |  | 297 |  |  |  | (713 | )
Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 0.8 billion US dollar and 0.7 billion US dollar for 2021 and 2020, respectively. In 2021, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2020 to non-controlling interests amounting to 67m US dollar (2020: 59m US dollar). On 31 December 2020, the company completed the issuance of a 49.9% minority stake in its US-based metal container operations to Apollo Global Management, Inc. (“Apollo”) for net proceeds of 3.0 billion USD. AB InBev retained operational control of its US-based metal container operations. The transaction was reported in the equity statement. Other non-controlling interests not deemed individually material by the company mainly related to the company’s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda and Zambia), as well as non-controlling interests recognized in respect of the company’s subsidiaries in Colombia, Ecuador and Peru.
1 | In 2020, Ambev concluded the calculation of its tax credits on a judicial decision related to the exclusion of the Value-Added Tax (ICMS) from the taxable basis of the social contribution on gross revenues (PIS and COFINS). As a result of this judicial decision and other tax credit adjustments, in 2020, Ambev reclassified the tax credits previously reported in revenue to other operating income, and as such, restated its 2019 comparatives as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
2 | In 2020, Budweiser APAC reclassified the “Proceeds from cash pooling loans from AB InBev” from investing to financing activities in the summarized cash flow information. The presentation of the comparative amount has been restated to conform to the current year presentation.

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