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Risks arising from financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Summary of Financial Assets And Financial Liabilities | Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:
|  | 31 December 2023 |  |  | 31 December 2022¹ |
Million US dollar |  | At amortized cost |  |  | At fair value through profit or loss |  |  | At fair value through OCI |  |  | Total |  |  | At amortized cost |  |  | At fair value through profit or loss |  |  | At fair value through OCI |  |  | Total |
Cash and cash equivalents |  |  | 10 332 |  |  |  | - |  |  |  | - |  |  |  | 10 332 |  |  |  | 9 973 |  |  |  | - |  |  |  | - |  |  |  | 9 973 |
Trade and other receivables |  |  | 5 517 |  |  |  | - |  |  |  | - |  |  |  | 5 517 |  |  |  | 4 973 |  |  |  | - |  |  |  | - |  |  |  | 4 973 |
Investment securities |  |  | 27 |  |  |  | 67 |  |  |  | 151 |  |  |  | 245 |  |  |  | 25 |  |  |  | 97 |  |  |  | 149 |  |  |  | 272 |
Foreign exchange derivatives |  |  | - |  |  |  | 48 |  |  |  | 315 |  |  |  | 363 |  |  |  | - |  |  |  | 41 |  |  |  | 186 |  |  |  | 227 |
Commodities |  |  | - |  |  |  | - |  |  |  | 131 |  |  |  | 131 |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | 101 |
Cross currency interest rate swaps |  |  | - |  |  |  | - |  |  |  | 52 |  |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | 63 |  |  |  | 63 |
Interest rate swaps |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Financial assets |  |  | 15 876 |  |  |  | 118 |  |  |  | 649 |  |  |  | 16 642 |  |  |  | 14 971 |  |  |  | 139 |  |  |  | 498 |  |  |  | 15 608 |
Non-current |  |  | 473 |  |  |  | - |  |  |  | 195 |  |  |  | 668 |  |  |  | 522 |  |  |  | 15 |  |  |  | 193 |  |  |  | 730 |
Current |  |  | 15 403 |  |  |  | 118 |  |  |  | 454 |  |  |  | 15 975 |  |  |  | 14 450 |  |  |  | 124 |  |  |  | 305 |  |  |  | 14 878 |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | 21 284 |  |  |  | 741 |  |  |  | - |  |  |  | 22 026 |  |  |  | 21 983 |  |  |  | 762 |  |  |  | - |  |  |  | 22 746 |
Non-current interest-bearing loans and borrowings |  |  | 73 592 |  |  |  | 571 |  |  |  | - |  |  |  | 74 163 |  |  |  | 78 880 |  |  |  | - |  |  |  | - |  |  |  | 78 880 |
Current interest-bearing loans and borrowings |  |  | 3 987 |  |  |  | - |  |  |  | - |  |  |  | 3 987 |  |  |  | 1 029 |  |  |  | - |  |  |  | - |  |  |  | 1 029 |
Bank overdrafts |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 83 |  |  |  | - |  |  |  | - |  |  |  | 83 |
Equity swaps |  |  | - |  |  |  | 4 718 |  |  |  | - |  |  |  | 4 718 |  |  |  | - |  |  |  | 4 763 |  |  |  | - |  |  |  | 4 763 |
Foreign exchange derivatives |  |  | - |  |  |  | 18 |  |  |  | 414 |  |  |  | 432 |  |  |  | - |  |  |  | 20 |  |  |  | 245 |  |  |  | 265 |
Cross currency interest rate swaps |  |  | - |  |  |  | - |  |  |  | 164 |  |  |  | 164 |  |  |  | - |  |  |  | 16 |  |  |  | 171 |  |  |  | 187 |
Commodities |  |  | - |  |  |  | - |  |  |  | 145 |  |  |  | 145 |  |  |  | - |  |  |  | - |  |  |  | 271 |  |  |  | 271 |
Interest rate swaps |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 3 |  |  |  | 2 |  |  |  | 5 |
Financial liabilities |  |  | 98 880 |  |  |  | 6 058 |  |  |  | 723 |  |  |  | 105 662 |  |  |  | 101 975 |  |  |  | 5 565 |  |  |  | 689 |  |  |  | 108 229 |
Non-current |  |  | 73 920 |  |  |  | 876 |  |  |  | 151 |  |  |  | 74 947 |  |  |  | 79 108 |  |  |  | 473 |  |  |  | 168 |  |  |  | 79 749 |
Current |  |  | 24 961 |  |  |  | 5 182 |  |  |  | 573 |  |  |  | 30 715 |  |  |  | 22 867 |  |  |  | 5 092 |  |  |  | 521 |  |  |  | 28 480 |
1 Amended to conform to 2023 pre sentati on.
Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket | The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
|  | 31 December 2023 |  |  | 31 December 2022 |
Million US dollar |  | < 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | > 5 years |  |  | < 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | > 5 years |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards |  |  | 13 440 |  |  |  | 105 |  |  |  | 300 |  |  |  | - |  |  |  | - |  |  |  | 11 445 |  |  |  | 479 |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign currency futures |  |  | 245 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 503 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 580 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cross currency interest rate swaps |  |  | 1 217 |  |  |  | 1 863 |  |  |  | 510 |  |  |  | 4 353 |  |  |  | 717 |  |  |  | 900 |  |  |  | 1 923 |  |  |  | 1 834 |  |  |  | 2 608 |  |  |  | 560 |
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum swaps |  |  | 1 780 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 161 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |
Other commodity derivatives |  |  | 913 |  |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 160 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | - |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | 11 189 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 800 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Summary of Foreign Exchange Risk on Operating Activities | The second currency of the currency pairs listed is the functional currency of the related subsidiary.
|  | 31 December 2023 |  |  | 31 December 2022¹ |
Million US dollar |  | Total exposure |  |  | Total hedges |  |  | Open position |  |  | Total exposure |  |  | Total hedges |  |  | Open position |
Euro/Colombian peso |  |  | (138) |  |  |  | 65 |  |  |  | (73) |  |  |  | (66) |  |  |  | 41 |  |  |  | (25) |
Euro/Mexican peso |  |  | (99) |  |  |  | 95 |  |  |  | (4) |  |  |  | (108) |  |  |  | 100 |  |  |  | (8) |
Euro/Pound sterling |  |  | (71) |  |  |  | 65 |  |  |  | (6) |  |  |  | (136) |  |  |  | 112 |  |  |  | (24) |
Euro/South African rand |  |  | (99) |  |  |  | 86 |  |  |  | (13) |  |  |  | (67) |  |  |  | 31 |  |  |  | (36) |
Mexican peso/Euro |  |  | (219) |  |  |  | 180 |  |  |  | (39) |  |  |  | (269) |  |  |  | 268 |  |  |  | (1) |
Mexican peso/US dollar |  |  | (100) |  |  |  | 71 |  |  |  | (29) |  |  |  | (68) |  |  |  | 50 |  |  |  | (18) |
US dollar/Argentinean peso |  |  | (437) |  |  |  | - |  |  |  | (437) |  |  |  | (702) |  |  |  | 206 |  |  |  | (496) |
US dollar/Brazilian real |  |  | (1 832) |  |  |  | 1 833 |  |  |  | 1 |  |  |  | (1 955) |  |  |  | 1 789 |  |  |  | (166) |
US dollar/Canadian dollar |  |  | (310) |  |  |  | 291 |  |  |  | (19) |  |  |  | (310) |  |  |  | 249 |  |  |  | (61) |
US dollar/Chilean peso |  |  | (164) |  |  |  | 129 |  |  |  | (35) |  |  |  | (135) |  |  |  | 129 |  |  |  | (6) |
US dollar/Chinese yuan |  |  | (87) |  |  |  | 83 |  |  |  | (4) |  |  |  | (125) |  |  |  | 113 |  |  |  | (12) |
US dollar/Colombian peso |  |  | (546) |  |  |  | 542 |  |  |  | (4) |  |  |  | (615) |  |  |  | 559 |  |  |  | (56) |
US dollar/Dominican peso |  |  | (108) |  |  |  | 26 |  |  |  | (82) |  |  |  | (121) |  |  |  | - |  |  |  | (121) |
US dollar/Euro |  |  | (90) |  |  |  | 100 |  |  |  | 10 |  |  |  | (134) |  |  |  | 111 |  |  |  | (23) |
US dollar/Mexican peso |  |  | (1 229) |  |  |  | 1 282 |  |  |  | 53 |  |  |  | (1 442) |  |  |  | 1 436 |  |  |  | (6) |
US dollar/Paraguayan guarani |  |  | (157) |  |  |  | 152 |  |  |  | (5) |  |  |  | (144) |  |  |  | 135 |  |  |  | (9) |
US dollar/Peruvian nuevo sol |  |  | (217) |  |  |  | 209 |  |  |  | (8) |  |  |  | (264) |  |  |  | 276 |  |  |  | 12 |
US dollar/South African rand |  |  | (224) |  |  |  | 189 |  |  |  | (35) |  |  |  | (196) |  |  |  | 121 |  |  |  | (75) |
US dollar/South Korean won |  |  | (146) |  |  |  | 135 |  |  |  | (11) |  |  |  | (121) |  |  |  | 110 |  |  |  | (11) |
Others |  |  | (394) |  |  |  | 254 |  |  |  | (140) |  |  |  | (305) |  |  |  | 240 |  |  |  | (65) |
1 Amended to conform to 2023 presentation.
Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures | Foreign exchange results recognized on hedged and unhedged exposures are as follows:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Hedged (economic hedges) |  |  | 70 |  |  |  | 297 |  |  |  | 717 |
Not hedged |  |  | (423) |  |  |  | (660) |  |  |  | (801) |
|  |  | (353) |  |  |  | (363) |  |  |  | (84) |
Summary of Effective Interest Rates at Balance Sheet |
31 December 2023 Interest-bearing financial liabilities Million US dollar |  | Before hedging |  |  | After hedging |
| Effective interest rate |  |  | Amount |  |  | Effective interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro |  |  | 4.27% |  |  |  | 1 086 |  |  |  | 4.27% |  |  |  | 1 086 |
US dollar |  |  | 6.00% |  |  |  | 505 |  |  |  | 6.35% |  |  |  | 789 |
Other |  |  | 10.47% |  |  |  | 299 |  |  |  | 11.66% |  |  |  | 595 |
|  |  |  |  |  |  | 1 889 |  |  |  |  |  |  |  | 2 469 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian dollar |  |  | 4.54% |  |  |  | 625 |  |  |  | 4.37% |  |  |  | 2 988 |
Chinese yuan |  |  | 2.91% |  |  |  | 57 |  |  |  | 2.49% |  |  |  | 2 437 |
Euro |  |  | 2.26% |  |  |  | 21 233 |  |  |  | 2.46% |  |  |  | 22 072 |
Pound sterling |  |  | 5.38% |  |  |  | 2 122 |  |  |  | 8.24% |  |  |  | 827 |
South Korean won |  |  | 5.49% |  |  |  | 49 |  |  |  | 1.85% |  |  |  | 2 209 |
US dollar |  |  | 5.02% |  |  |  | 50 368 |  |  |  | 5.20% |  |  |  | 43 344 |
Other |  |  | 8.85% |  |  |  | 1 825 |  |  |  | 10.00% |  |  |  | 1 820 |
|  |  |  |  |  |  | 76 277 |  |  |  |  |  |  |  | 75 697 |
31 December 2022 Interest-bearing financial liabilities Million US dollar |  | Before hedging |  |  | After hedging |
| Effective interest rate |  |  | Amount |  |  | Effective interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian dollar |  |  | - |  |  |  | - |  |  |  | 4.34% |  |  |  | 1 455 |
Euro |  |  | 1.68% |  |  |  | 1 048 |  |  |  | 1.68% |  |  |  | 1 048 |
Pound sterling |  |  | - |  |  |  | - |  |  |  | 3.70% |  |  |  | 1 078 |
South Korean won |  |  | - |  |  |  | 1 |  |  |  | 3.08% |  |  |  | 311 |
US dollar |  |  | 5.05% |  |  |  | 430 |  |  |  | - |  |  |  | - |
Other |  |  | 13.39% |  |  |  | 252 |  |  |  | 11.17% |  |  |  | 666 |
|  |  |  |  |  |  | 1 730 |  |  |  |  |  |  |  | 4 557 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian dollar |  |  | 4.50% |  |  |  | 613 |  |  |  | 4.37% |  |  |  | 3 741 |
Chinese yuan |  |  | 2.44% |  |  |  | 50 |  |  |  | 2.50% |  |  |  | 1 230 |
Euro |  |  | 2.27% |  |  |  | 20 391 |  |  |  | 2.31% |  |  |  | 21 242 |
Pound sterling |  |  | 5.13% |  |  |  | 2 208 |  |  |  | 5.55% |  |  |  | 1 607 |
South Korean won |  |  | 2.96% |  |  |  | 46 |  |  |  | 0.94% |  |  |  | 1 896 |
US dollar |  |  | 4.99% |  |  |  | 53 478 |  |  |  | 5.27% |  |  |  | 44 547 |
Other |  |  | 10.53% |  |  |  | 1 476 |  |  |  | 12.19% |  |  |  | 1 172 |
|  |  |  |  |  |  | 78 261 |  |  |  |  |  |  |  | 75 434 |
Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities | Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Financial liabilities measured at amortized cost – not hedged |  |  | (3 722 | ) |  |  | (3 641 | ) |  |  | (3 836 | )
Fair value hedges |  |  | (22 | ) |  |  | (20 | ) |  |  | (6 | )
Cash flow hedges |  |  | 28 |  |  |  | 24 |  |  |  | 17 |
Net investment hedges - hedging instruments (interest component) |  |  | 10 |  |  |  | (1 | ) |  |  | - |
Economic hedges |  |  | - |  |  |  | 42 |  |  |  | 141 |
|  |  | (3 705 | ) |  |  | (3 597 | ) |  |  | (3 684 | )
Schedule of Commodity Derivatives Outstanding | The most significant commodity exposures are included in the table below (expressed in outstanding notional amounts):
Million US dollar |  | 31 December 2023 |  |  | 31 December 2022 |
Aluminum |  |  | 1 780 |  |  |  | 2 165 |
Energy |  |  | 249 |  |  |  | 417 |
Corn |  |  | 289 |  |  |  | 321 |
Wheat |  |  | 163 |  |  |  | 127 |
Plastic |  |  | 95 |  |  |  | 122 |
Rice |  |  | 51 |  |  |  | 100 |
Sugar |  |  | 91 |  |  |  | 95 |
|  |  | 2 719 |  |  |  | 3 348 |
Summary of Estimated Impact on Changes in the Price of Commodities | The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures would have on the equity reserves.
|  | 2023 |  |  | 2022 |
|  |  |  |  | Pre-tax impact on equity |  |  |  |  |  | Pre-tax impact on equity |
Million US dollar |  | Volatility of prices in %¹ |  |  | Prices increase |  |  | Prices decrease |  |  | Volatility of prices in %¹ |  |  | Prices increase |  |  | Prices decrease |
Aluminum |  |  | 19% |  |  |  | 337 |  |  |  | (337) |  |  |  | 31% |  |  |  | 665 |  |  |  | (665) |
Energy |  |  | 52% |  |  |  | 130 |  |  |  | (130) |  |  |  | 49% |  |  |  | 206 |  |  |  | (206) |
Corn |  |  | 27% |  |  |  | 78 |  |  |  | (78) |  |  |  | 22% |  |  |  | 72 |  |  |  | (72) |
Wheat |  |  | 35% |  |  |  | 56 |  |  |  | (56) |  |  |  | 52% |  |  |  | 66 |  |  |  | (66) |
Plastic |  |  | 15% |  |  |  | 14 |  |  |  | (14) |  |  |  | 32% |  |  |  | 25 |  |  |  | (25) |
Rice |  |  | 26% |  |  |  | 13 |  |  |  | (13) |  |  |  | 19% |  |  |  | 19 |  |  |  | (19) |
Sugar |  |  | 29% |  |  |  | 26 |  |  |  | (26) |  |  |  | 22% |  |  |  | 21 |  |  |  | (21) |
1 Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2023 and 31 December 2022.
Summary of Carrying Amount of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
|  | 31 December 2023 |  |  | 31 December 2022 |
Million US dollar |  | Gross |  |  | Impairment |  |  | Net carrying amount |  |  | Gross |  |  | Impairment |  |  | Net carrying amount |
Cash and cash equivalents |  |  | 10 332 |  |  |  | - |  |  |  | 10 332 |  |  |  | 9 973 |  |  |  | - |  |  |  | 9 973 |
Trade receivables |  |  | 4 734 |  |  |  | (387) |  |  |  | 4 347 |  |  |  | 3 980 |  |  |  | (343) |  |  |  | 3 637 |
Other receivables |  |  | 1 483 |  |  |  | (74) |  |  |  | 1 409 |  |  |  | 1 545 |  |  |  | (68) |  |  |  | 1 477 |
Derivatives |  |  | 549 |  |  |  | - |  |  |  | 549 |  |  |  | 391 |  |  |  | - |  |  |  | 391 |
Cash deposits for guarantees |  |  | 164 |  |  |  | - |  |  |  | 164 |  |  |  | 189 |  |  |  | - |  |  |  | 189 |
Investment in unquoted companies |  |  | 151 |  |  |  | - |  |  |  | 151 |  |  |  | 155 |  |  |  | (5) |  |  |  | 149 |
Loans to customers |  |  | 72 |  |  |  | - |  |  |  | 72 |  |  |  | 81 |  |  |  | - |  |  |  | 81 |
Investment in debt securities |  |  | 94 |  |  |  | - |  |  |  | 94 |  |  |  | 123 |  |  |  | - |  |  |  | 123 |
|  |  | 17 578 |  |  |  | (462) |  |  |  | 17 116 |  |  |  | 16 434 |  |  |  | (416) |  |  |  | 16 019 |
Summary of Allowance for Impairment | The allowance for impairment recognized during the period on financial assets was as follows:
|  | 31 December 2023 |  |  | 31 December 2022 |  |  | 31 December 2021 |
Balance at end of previous year |  |  | (416) |  |  |  | (402) |  |  |  | (376) |
Impairment losses |  |  | (54) |  |  |  | (38) |  |  |  | (37) |
Derecognition |  |  | 26 |  |  |  | 24 |  |  |  | 30 |
Currency translation and other |  |  | (18) |  |  |  | 1 |  |  |  | (19) |
Balance at end of period |  |  | (462) |  |  |  | (416) |  |  |  | (402) |
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
|  | 31 December 2023 |
Million US dollar |  | Carrying amount¹ |  |  | Contractual cash flows |  |  | Less than 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | More than 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured bond issues |  |  | (74 410) |  |  |  | (125 728) |  |  |  | (5 689) |  |  |  | (3 699) |  |  |  | (6 352) |  |  |  | (16 731) |  |  |  | (93 258) |
Trade and other payables |  |  | (26 719) |  |  |  | (27 020) |  |  |  | (26 026) |  |  |  | (233) |  |  |  | (156) |  |  |  | (240) |  |  |  | (365) |
Lease liabilities |  |  | (2 829) |  |  |  | (3 228) |  |  |  | (823) |  |  |  | (596) |  |  |  | (472) |  |  |  | (599) |  |  |  | (738) |
Secured bank loans |  |  | (415) |  |  |  | (426) |  |  |  | (395) |  |  |  | (5) |  |  |  | (5) |  |  |  | (10) |  |  |  | (10) |
Unsecured bank loans |  |  | (182) |  |  |  | (182) |  |  |  | (182) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured other loans |  |  | (314) |  |  |  | (364) |  |  |  | (200) |  |  |  | (109) |  |  |  | (28) |  |  |  | (16) |  |  |  | (11) |
Bank overdraft |  |  | (17) |  |  |  | (17) |  |  |  | (17) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | (104 886) |  |  |  | (156 965) |  |  |  | (33 331) |  |  |  | (4 642) |  |  |  | (7 013) |  |  |  | (17 597) |  |  |  | (94 383) |
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | (4 718) |  |  |  | (4 718) |  |  |  | (4 718) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign exchange derivatives |  |  | (432) |  |  |  | (432) |  |  |  | (428) |  |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | - |
Cross currency interest rate swaps |  |  | (174) |  |  |  | (174) |  |  |  | (24) |  |  |  | (34) |  |  |  | (13) |  |  |  | (103) |  |  |  | - |
Commodity derivatives |  |  | (145) |  |  |  | (145) |  |  |  | (145) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | (5 469) |  |  |  | (5 469) |  |  |  | (5 316) |  |  |  | (34) |  |  |  | (16) |  |  |  | (103) |  |  |  | - |
Of which: related to cash flow hedges |  |  | (542) |  |  |  | (542) |  |  |  | (494) |  |  |  | (34) |  |  |  | - |  |  |  | (14) |  |  |  | - |
|  | 31 December 2022 |
Million US dollar |  | Carrying amount¹ |  |  | Contractual cash flows |  |  | Less than 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | More than 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured bond issues |  |  | (76 798) |  |  |  | (133 670) |  |  |  | (3 273) |  |  |  | (5 683) |  |  |  | (3 783) |  |  |  | (15 482) |  |  |  | (105 450) |
Trade and other payables |  |  | (27 208) |  |  |  | (27 453) |  |  |  | (26 376) |  |  |  | (170) |  |  |  | (349) |  |  |  | (260) |  |  |  | (297) |
Lease liabilities |  |  | (2 492) |  |  |  | (2 840) |  |  |  | (618) |  |  |  | (566) |  |  |  | (414) |  |  |  | (531) |  |  |  | (712) |
Secured bank loans |  |  | (393) |  |  |  | (405) |  |  |  | (371) |  |  |  | (5) |  |  |  | (5) |  |  |  | (10) |  |  |  | (14) |
Unsecured bank loans |  |  | (100) |  |  |  | (100) |  |  |  | (100) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured other loans |  |  | (125) |  |  |  | (193) |  |  |  | (34) |  |  |  | (78) |  |  |  | (28) |  |  |  | (31) |  |  |  | (23) |
Bank overdraft |  |  | (83) |  |  |  | (83) |  |  |  | (83) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | (107 199) |  |  |  | (164 745) |  |  |  | (30 856) |  |  |  | (6 501) |  |  |  | (4 579) |  |  |  | (16 313) |  |  |  | (106 496) |
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | (4 763) |  |  |  | (4 763) |  |  |  | (4 763) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign exchange derivatives |  |  | (265) |  |  |  | (265) |  |  |  | (265) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cross currency interest rate swaps |  |  | (192) |  |  |  | (191) |  |  |  | (9) |  |  |  | (43) |  |  |  | (47) |  |  |  | (62) |  |  |  | (30) |
Commodity derivatives |  |  | (271) |  |  |  | (251) |  |  |  | (249) |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | (5 492) |  |  |  | (5 471) |  |  |  | (5 287) |  |  |  | (45) |  |  |  | (47) |  |  |  | (62) |  |  |  | (30) |
Of which: related to cash flow hedges |  |  | (551) |  |  |  | (530) |  |  |  | (469) |  |  |  | - |  |  |  | (43) |  |  |  | (17) |  |  |  | - |
1 “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities | The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statement of financial position:
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |
Million US dollar |  | 2023 |  |  | 2022¹ |  |  | 2023 |  |  | 2022¹ |  |  | 2023 |  |  | 2022¹ |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  |  | 363 |  |  |  | 227 |  |  |  | (432) |  |  |  | (265) |  |  |  | (70) |  |  |  | (38) |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 3 |  |  |  | - |  |  |  | (10) |  |  |  | (5) |  |  |  | (7) |  |  |  | (5) |
Cross currency interest rate swaps |  |  | 52 |  |  |  | 63 |  |  |  | (164) |  |  |  | (187) |  |  |  | (112) |  |  |  | (124) |
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum derivatives |  |  | 72 |  |  |  | 52 |  |  |  | (57) |  |  |  | (174) |  |  |  | 15 |  |  |  | (122) |
Energy derivatives |  |  | 30 |  |  |  | 12 |  |  |  | (29) |  |  |  | (28) |  |  |  | 1 |  |  |  | (16) |
Other commodity derivatives |  |  | 29 |  |  |  | 36 |  |  |  | (58) |  |  |  | (69) |  |  |  | (30) |  |  |  | (32) |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | - |  |  |  | - |  |  |  | (4 718) |  |  |  | (4 763) |  |  |  | (4 718) |  |  |  | (4 763) |
|  |  | 549 |  |  |  | 391 |  |  |  | (5 469) |  |  |  | (5 492) |  |  |  | (4 920) |  |  |  | (5 101) |
Of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current |  |  | 44 |  |  |  | 60 |  |  |  | (151) |  |  |  | (184) |  |  |  | (107) |  |  |  | (124) |
Current |  |  | 505 |  |  |  | 331 |  |  |  | (5 318) |  |  |  | (5 308) |  |  |  | (4 813) |  |  |  | (4 977) |
1 | Amended to conform to 2023 presentation.
Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value.
Interest-bearing financial liabilities |  | 31 December 2023 |  |  | 31 December 2022 |
Million US dollar |  | Carrying amount² |  |  | Fair value |  |  | Carrying amount² |  |  | Fair value |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US dollar |  |  | (49 917) |  |  |  | (52 268) |  |  |  | (52 993) |  |  |  | (52 158) |
Euro |  |  | (20 379) |  |  |  | (19 796) |  |  |  | (19 655) |  |  |  | (17 926) |
Pound sterling |  |  | (2 069) |  |  |  | (2 012) |  |  |  | (2 148) |  |  |  | (2 039) |
Canadian dollar |  |  | (526) |  |  |  | (505) |  |  |  | (515) |  |  |  | (437) |
Other |  |  | (558) |  |  |  | (554) |  |  |  | (458) |  |  |  | (448) |
|  |  | (73 449) |  |  |  | (75 135) |  |  |  | (75 769) |  |  |  | (73 008) |
2 | “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
Analysis of Financial Instruments | The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023 Million US dollar |  | Quoted (unadjusted) prices - level 1 |  |  | Observable market inputs - level 2 |  |  | Unobservable market inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | - |  |  |  | 9 |  |  |  | - |
Derivatives at fair value through profit and loss |  |  | - |  |  |  | 51 |  |  |  | - |
Derivatives in a cash flow hedge relationship |  |  | 28 |  |  |  | 381 |  |  |  | - |
Derivatives in a net investment hedge relationship |  |  | - |  |  |  | 89 |  |  |  | - |
|  |  | 28 |  |  |  | 530 |  |  |  | - |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | - |  |  |  | - |  |  |  | 741 |
Derivatives at fair value through profit and loss |  |  | - |  |  |  | 4 736 |  |  |  | - |
Derivatives in a cash flow hedge relationship |  |  | 18 |  |  |  | 524 |  |  |  | - |
Derivatives in a fair value hedge relationship |  |  | - |  |  |  | 10 |  |  |  | - |
Derivatives in a net investment hedge relationship |  |  | - |  |  |  | 181 |  |  |  | - |
|  |  | 18 |  |  |  | 5 451 |  |  |  | 741 |
Fair value hierarchy 31 December 2022 Million US dollar |  | Quoted (unadjusted) prices - level 1 |  |  | Observable market inputs - level 2 |  |  | Unobservable market inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | - |  |  |  | 9 |  |  |  | - |
Derivatives at fair value through profit and loss |  |  | - |  |  |  | 41 |  |  |  | - |
Derivatives in a cash flow hedge relationship |  |  | 36 |  |  |  | 219 |  |  |  | - |
Derivatives in a net investment hedge relationship |  |  | - |  |  |  | 94 |  |  |  | - |
|  |  | 36 |  |  |  | 364 |  |  |  | - |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | - |  |  |  | - |  |  |  | 762 |
Derivatives at fair value through profit and loss |  |  | - |  |  |  | 4 799 |  |  |  | - |
Derivatives in a cash flow hedge relationship |  |  | 26 |  |  |  | 525 |  |  |  | - |
Derivatives in a fair value hedge relationship |  |  | - |  |  |  | 4 |  |  |  | - |
Derivatives in a net investment hedge relationship |  |  | - |  |  |  | 138 |  |  |  | - |
|  |  | 26 |  |  |  | 5 466 |  |  |  | 762 |
Summary of Hedging Reserve and Hedging Instruments | The company’s hedging reserves disclosed in Note 21 C hanges in equity and earnings per share relate to the following instruments:
Million US dollar |  | Foreign currency |  |  | Commodities |  |  | Others |  |  | Total hedging reserves |
As per 1 January 2023 |  |  | 491 |  |  |  | (476) |  |  |  | 131 |  |  |  | 145 |
Change in fair value of hedging instrument recognized in OCI |  |  | (237) |  |  |  | (197) |  |  |  | - |  |  |  | (434) |
Reclassified to profit or loss / cost of inventory |  |  | 102 |  |  |  | 368 |  |  |  | - |  |  |  | 470 |
As per 31 December 2023 |  |  | 356 |  |  |  | (304) |  |  |  | 131 |  |  |  | 181 |
Million US dollar |  | Foreign currency |  |  | Commodities |  |  | Others |  |  | Total hedging reserves |
As per 1 January 2022 |  |  | 679 |  |  |  | (306) |  |  |  | 111 |  |  |  | 481 |
Change in fair value of hedging instrument recognized in OCI |  |  | 143 |  |  |  | 39 |  |  |  | - |  |  |  | 183 |
Reclassified to profit or loss / cost of inventory |  |  | (331) |  |  |  | (208) |  |  |  | 22 |  |  |  | (518) |
As per 31 December 2022 |  |  | 491 |  |  |  | (476) |  |  |  | 131 |  |  |  | 145 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
|  | 31 December 2023 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position¹ |  |  | Other offsetting agreements² |  |  | Total net amount |
Derivative assets |  |  | 549 |  |  |  | 549 |  |  |  | (538 | ) |  |  | 11 |
Derivative liabilities |  |  | (5 469 | ) |  |  | (5 469 | ) |  |  | 538 |  |  |  | (4 931 | )
|  | 31 December 2022 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position¹ |  |  | Other offsetting agreements² |  |  | Total net amount |
Derivative assets |  |  | 391 |  |  |  | 391 |  |  |  | (381 | ) |  |  | 10 |
Derivative liabilities |  |  | (5 492 | ) |  |  | (5 492 | ) |  |  | 381 |  |  |  | (5 111 | )
1 | Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules.
2 | Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria as per IFRS rules.

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