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Property, plant and equipment

12 Months Ended

Dec. 31, 2021

13.	Property, plant and equipment

Property, plant and equipment comprises owned and leased assets, as follows:


Million US dollar	31 December 2021		31 December 2020
Property, plant and equipment owned		24 459		24 191
Property, plant and equipment leased (right-of-use assets)		2 219		2 228

Total property, plant and equipment		26 678		26 419


	31 December 2021												31 December 2020
Million US dollar	Land and buildings			Plant and equipment, fixtures and fittings			Under construction			Total			Total
Acquisition cost
Balance at end of previous year		12 237			34 976			1 780			48 993			48 757

Effect of movements in foreign exchange		(383	)		(1 162	)		(70	)		(1 616	)		(1 644	)
Acquisitions		44			1 296			3 399			4 739			3 188
Acquisitions through business combinations		(0	)		2			0			2			111
Disposals through sale and derecognition		(104	)		(1 197	)		(1	)		(1 301	)		(1 274	)
Disposals through the sale of subsidiaries		(18	)		(33	)		—			(51	)		—
Transfer (to)/from other asset categories and other movements¹		598			2 025			(2 646	)		(23	)		(145	)

Balance at end of the period		12 374			35 906			2 462			50 742			48 993

Depreciation and impairment losses
Balance at end of previous year		(3 950	)		(20 852	)		—			(24 802	)		(23 242	)

Effect of movements in foreign exchange		123			690			—			813			625
Depreciation		(376	)		(3 008	)		—			(3 384	)		(3 250	)
Disposals through sale and derecognition		64			1 104			—			1 168			1 130
Disposals through the sale of subsidiaries		17			29			—			46			—
Impairment losses		(19	)		(161	)		(2	)		(182	)		(145	)
Transfer to/(from) other asset categories and other movements 1		(151	)		206			2			57			80

Balance at end of the period		(4 292	)		(21 992	)		—			(26 284	)		(24 802	)

Carrying amount
at 31 December 2020		8 287			14 124			1 780			24 191			24 191

at 31 December 2021		8 082			13 915			2 462			24 459			—

As at 31 December 2021, the carrying amount of property, plant and equipment subject to restrictions on title amounted to 1m US dollar (31 December 2020: 2m US dollar).

Contractual commitments to purchase property, plant and equipment amounted to 449m US dollar as at 31 December 2021 compared to 528m US dollar as at 31 December 2020.

AB InBev’s net capital expenditures in the statement of cash flow amounted to 5 498m US dollar in 2021 compared to 3 687m US dollar for the same period last year. Out of the total 2021 capital expenditures approximately 44% was used to improve the company’s production facilities while 41% was used for logistics and commercial investments and 15% for improving administrative capabilities and for the purchase of hardware and software.

The transfer (to)/from other asset categories and other movements relates mainly to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans, to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5

Non-current assets held for sale and discontinued operations

and to the restatement of non-monetary assets under hyperinflation accounting in line with IAS 29

Financial reporting in hyperinflationary economies

Property, plant and equipment leased by the company

(right-of-use

assets) is detailed as follows:


	2021
Million US dollar	Land and buildings			Machinery, equipment and other			Total
Net carrying amount at 31 December		1 696			523			2 219
Depreciation for the year ended 31 December		(373	)		(201	)		(574	)

	2020
Million US dollar	Land and buildings			Machinery, equipment and other			Total
Net carrying amount at 31 December		1 726			502			2 228
Depreciation for the year ended 31 December		(343	)		(156	)		(499	)

Additions to right-of-use assets in 2021

were 674m US dollar (2020: 381m US dollar).

Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements with a term of 27 years. Furthermore, the company leases a number of warehouses, trucks, factory facilities and other commercial buildings, which typically run for a period of five to ten years. Lease payments are increased annually to reflect market rentals, if applicable. None of the leases include contingent rentals.

The company leases out pub real estate for an average outstanding period of 6 to 8 years and part of its own property under operating leases. In 2021, 112m US dollar was recognized as income in the income statement in respect of subleasing of

right-of-use

assets (2020: 107m US dollar; 2019: 152m US dollar). As at 31 December 2021, the undiscounted lease payments of the

non-cancelable

lease payments are expected to be received as follows: 116m US dollar in the next 12 months, 295m US dollar in the years 2 through 5 and 104m US dollar after 5 years.

The expense related to short-term and

low-value

leases and variable lease payments that are not included in the measurement of the lease liabilities is not significant.