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

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

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.

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.