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Finance cost and income | 12 Months Ended
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Dec. 31, 2023
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Finance cost and income | 11. Finance cost and income The finance cost and income included in the income statement are as follows:
|  | 2023 |  |  |  |  |  | 2022¹ |  |  |  |  |  | 2021¹ |
Million US dollar |  | Finance cost |  |  | Finance income |  |  | Net |  |  |  |  |  | Finance cost |  |  | Finance income |  |  | Net |  |  |  |  |  | Finance cost |  |  | Finance income |  |  | Net |
Interest income/(expense) |  |  | (3 696) |  |  |  | 565 |  |  |  | (3 131) |  |  |  |  |  |  |  | (3 588) |  |  |  | 294 |  |  |  | (3 294) |  |  |  |  |  |  |  | (3 674) |  |  |  | 113 |  |  |  | (3 560) |
Net interest on net defined benefit liabilities |  |  | (90) |  |  |  | - |  |  |  | (90) |  |  |  |  |  |  |  | (73) |  |  |  | - |  |  |  | (73) |  |  |  |  |  |  |  | (73) |  |  |  | - |  |  |  | (73) |
Accretion expense |  |  | (808) |  |  |  | - |  |  |  | (808) |  |  |  |  |  |  |  | (782) |  |  |  | - |  |  |  | (782) |  |  |  |  |  |  |  | (593) |  |  |  | - |  |  |  | (593) |
Net interest income on Brazilian tax credits |  |  | - |  |  |  | 168 |  |  |  | 168 |  |  |  |  |  |  |  | - |  |  |  | 168 |  |  |  | 168 |  |  |  |  |  |  |  | - |  |  |  | 118 |  |  |  | 118 |
Other financial results |  |  | (1 214) |  |  |  | 42 |  |  |  | (1 172) |  |  |  |  |  |  |  | (1 349) |  |  |  | 352 |  |  |  | (997) |  |  |  |  |  |  |  | (871) |  |  |  | 200 |  |  |  | (671) |
Finance income/(cost) excluding exceptional items |  |  | (5 808) |  |  |  | 775 |  |  |  | (5 033) |  |  |  |  |  |  |  | (5 792) |  |  |  | 814 |  |  |  | (4 978) |  |  |  |  |  |  |  | (5 211) |  |  |  | 431 |  |  |  | (4 780) |
Exceptional finance income/(cost) |  |  | (325) |  |  |  | 256 |  |  |  | (69) |  |  |  |  |  |  |  | (22) |  |  |  | 851 |  |  |  | 829 |  |  |  |  |  |  |  | (829) |  |  |  | - |  |  |  | (829) |
Finance income/(cost) |  |  | (6 133) |  |  |  | 1 031 |  |  |  | (5 102) |  |  |  |  |  |  |  | (5 814) |  |  |  | 1 665 |  |  |  | (4 148) |  |  |  |  |  |  |  | (6 040) |  |  |  | 431 |  |  |  | (5 609) |
Net finance costs, excluding exceptional items, were 5 033m US dollar in 2023 compared to 4 978m US dollar in 2022 and 4 780m US dollar in 2021. In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar, 2021: 123m US dollar), unwind of discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar; 2021: 349m US dollar), bond fees of 62m US dollar (2022: 64m US dollar; 2021: 67m US dollar) and interest on provisions of 54m US dollar (2022: 89m US dollar; 2021: 54m US dollar). Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk – see also Note 27 Risks arising from financial instruments . In 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Finance income (2022: 168m US dollar; 2021: 118m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits (2022: 201m US dollar; 2021: 226m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses) ). Other financial results include:
|  | 2023 |  |  |  |  |  | 2022 |  |  |  |  |  | 2021 |
Million US dollar |  | Finance cost |  |  | Finance income |  |  | Net |  |  |  |  |  | Finance cost |  |  | Finance income |  |  | Net |  |  |  |  |  | Finance cost |  |  | Finance income |  |  | Net |
Net foreign exchange gains/(losses) |  |  | (353) |  |  |  | - |  |  |  | (353) |  |  |  |  |  |  |  | (363) |  |  |  | - |  |  |  | (363) |  |  |  |  |  |  |  | (101) |  |  |  | - |  |  |  | (101) |
Net gains/(losses) on hedging instruments |  |  | (613) |  |  |  | - |  |  |  | (613) |  |  |  |  |  |  |  | (747) |  |  |  | - |  |  |  | (747) |  |  |  |  |  |  |  | (562) |  |  |  | - |  |  |  | (562) |
Hyperinflation monetary adjustments |  |  | - |  |  |  | 17 |  |  |  | 17 |  |  |  |  |  |  |  | - |  |  |  | 286 |  |  |  | 286 |  |  |  |  |  |  |  | - |  |  |  | 152 |  |  |  | 152 |
Other financial income/(cost), including bank fees and taxes |  |  | (248) |  |  |  | 25 |  |  |  | (223) |  |  |  |  |  |  |  | (239) |  |  |  | 66 |  |  |  | (173) |  |  |  |  |  |  |  | (208) |  |  |  | 48 |  |  |  | (160) |
Other financial results |  |  | (1 214) |  |  |  | 42 |  |  |  | (1 172) |  |  |  |  |  |  |  | (1 349) |  |  |  | 352 |  |  |  | (997) |  |  |  |  |  |  |  | (871) |  |  |  | 200 |  |  |  | (671) |
For further information on instruments hedging AB InBev’s foreign exchange risk, see Note 27 Risks arising from financial instruments. Exceptional finance income/(cost) for 2023, 2022 and 2021 includes:
| • |  | (325)m US dollar loss resulting from mark-to-market adjustments on derivative instruments related to the hedging of share-based payment programs and on derivative instruments entered into to hedge the shares issued in relation to the combinations with Grupo Modelo and SAB (2022: 606m US dollar gain; 2021: (47)m US dollar loss);
| • |  | 239m US dollar gain resulting from the redemption of certain bonds (2022: 246m US dollar gain; 2021: (741)m US dollar loss);
| • |  | 17m US dollar gain related to the remeasurement of deferred considerations on prior year acquisitions (2022: (22)m US dollar loss; 2021: (19)m US dollar loss); and
| • |  | In 2021, (22)m US dollar loss from impairment of receivables against Delta Corporation Ltd (Delta), a Zimbabwean associate, as a result of hyperinflation.
1 As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the exceptional net finance income/(cost). The 2022 and 2021 presentation were amended to conform to the 2023 presentation. The interest income stems from the following financial assets:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash and cash equivalents |  |  | 537 |  |  |  | 235 |  |  |  | 85 |
Investments in debt securities held for trading |  |  | 10 |  |  |  | 39 |  |  |  | 16 |
Other loans and receivables |  |  | 19 |  |  |  | 21 |  |  |  | 12 |
Total |  |  | 565 |  |  |  | 294 |  |  |  | 113 |
The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees for certain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.

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