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Risks arising from financial instruments | 12 Months Ended
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Dec. 31, 2023
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Risks arising from financial instruments | 27. Risks arising from financial instruments A)   FINANCIAL ASSETS AND 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. B)   DERIVATIVES AB InBev’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy. AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate swaps, cross currency interest rate swaps (“CCIRS”), commodity swaps, commodity futures and equity swaps. 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 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
C)   FOREIGN CURRENCY RISK AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses mainly foreign exchange forwards, currency futures and cross currency interest rate swaps. Foreign exchange risk on operating activities AB InBev’s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable. The table below shows the company’s main net foreign currency positions for firm commitments and forecasted transactions fo r the most important currency pairs. The open positions are the result of the application of AB InBev’s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. 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) |
Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges. Foreign exchange risk on foreign currency denominated debt AB InBev’s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration a holistic risk management approach. A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk section below. 1 Amended to conform to 2023 presentation. Currency sensitivity analysis Currency transactional risk Most of AB InBev’s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Argentinean peso, Canadian dollar, Chilean peso, Dominican peso and South African rand against the US dollar. The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and other comprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax of approximately 98m US dollar over the next 12 months (31 December 2022: 144m US dollar; 31 December 2021: 99m US dollar). Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of 504m US dollar (31 December 2022: 537m US dollar). The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets. Foreign exchange risk on net investments in foreign operations AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments. As of 31 December 2023, designated derivative financial instruments in net investment hedges applied on the company’s debt amount to 7 908m US dollar equivalent (31 December 2022: 8 482m US dollar). These instruments hedge foreign operations with Canadian dollar, Chinese yuan, Mexican peso and South Korean won functional currencies. Net foreign exchange results 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) |
D) INTEREST RATE RISK The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev’s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy. Fair value hedges US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar) The company manages and reduces the impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 0.6 billion US dollar through fixed/floating interest rate swaps. These derivative instruments have been designated in fair value hedge accounting relationships. Cash flow hedges Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling) In September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year and maturing in September 2025. In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of 2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85% per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2023 of 500m, 337m and 248m pound sterling, respectively. The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in cash flow hedge relationships. US dollar bank loan hedges (foreign currency risk on borrowings against the Nigerian naira) The company has a floating rate loan denominated in US dollar for a total of 389m in Nigeria. This loan is held by an entity with functional currency in Nigerian Naira. In order to hedge against fluctuations in foreign exchange rates, the company entered into foreign exchange futures which have been designated in a cash flow hedge relationship. Economic Hedges Marketable debt security hedges (interest rate risk on Brazilian real) During 2023, 2022 and 2021, Ambev invested in highly liquid Brazilian real denominated government debt securities. Interest rate sensitivity analysis The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.
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 |
As at 31 December 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as listed above includes bank overdrafts of 17m US dollar (31 December 2022: 83m US dollar). As disclosed in the above table, 2 469m US dollar or 3.2% of the company’s interest-bearing financial liabilities bears interest at a variable rate. The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been 26m US dollar higher/lower (31 December 2022: 46m US dollar; 31 December 2021: 20m US dollar). This impact would have been more than offset by 96m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022: 93m US dollar; 31 December 2021: 81m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant. Interest expense 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 | )
E)   COMMODITY PRICE RISK The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility. 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 |
Commodity price sensitivity analysis The impact of changes in prices of commodities that are being financially hedged would not have had a material impact on AB InBev’s profit in 2023 as they are hedged using derivative contracts which are designated in hedge accounting in accordance with IFRS 9 rules. 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) |
F)   EQUITY PRICE RISK AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 24 Share-based Payments. AB InBev also hedges its exposure arising from shares issued in connection with the Modelo and SAB combinations (see also Note 11 Finance cost and income ). These derivatives do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss. As at 31 December 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (325)m US dollar recognized in the profit or loss account for the period in exceptional finance income/(cost). As at 31 December 2023, liabilities for equity swap derivatives amounted to 4.7 billion US dollar (31 December 2022: 4.8 billion US dollar). 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. Equity price sensitivity analysis The sensitivity analysis on the equity swap derivatives, calculated based on a 18% (2022: 28%; 2021: 27%) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1 181m US dollar positive/negative impact on the 2023 profit before tax (31 December 2022: 1 660m US dollar; 31 December 2021: 1 604m US dollar). G)   CREDIT RISK Credit risk encompasses all forms of counterparty exposure, i.e., where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored. AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk, counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions. The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as at 31 December 2023 to be limited. Exposure to credit risk 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 |
There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single customer represented more than 10% of the total revenue of the group in 2023. Impairment losses 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) |
H)  LIQUIDITY RISK Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following:
| ● |  | Debt servicing;
| ● |  | Capital expenditures;
| ● |  | Investments in companies;
| ● |  | Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments;
| ● |  | Share buyback programs; and
| ● |  | Payments of dividends and interest on shareholders’ equity.
The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing. 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. I)  CAPITAL MANAGEMENT AB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility to execute strategic projects. AB InBev’s capital structure policy and framework aim to optimize shareholder value through cash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing investments with returns below AB InBev’s weighted average cost of capital. Besides the statutory minimum equity funding requirements that apply to the company’s subsidiaries in the different countries, AB InBev is not subject to any externally imposed capital requirements. Management uses the same debt/equity classifications as applied in the company’s IFRS reporting to analyze the capital structure. J)  FAIR VALUE 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) |
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) |
1 | Amended to conform to 2023 presentation.
2 | “Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
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 |
There were no significant changes in the measurement and valuation techniques, or significant transfers between the levels of the financial assets and liabilities during the period. Movements in 2023 and 2022 in the fair value “level 3” category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement of deferred consideration from prior years acquisitions. Non-derivative financial liabilities As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a forward-purchase contract (combination of a put option and purchased call option) was put in place which may result in Ambev acquiring additional shares in CND. In July 2020, Ambev and ELJ amended the Shareholders’ Agreement to extend their partnership and change the terms and the exercise date of the call and put options. ELJ currently holds 15% of CND and the put option is exercisable in 2024 and 2026. As at 31 December 2023, the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the “level 3” category above. On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev’s participation in CND increasing from 85% to 97%. K)  HEDGING RESERVES 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 |
L)  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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