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Changes in equity and earnings per share (Tables) | 12 Months Ended
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Dec. 31, 2023
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during 2023:
|  | Issued capital |
Issued capital |  | Million shares |  |  | Million US dollar |
At the end of the previous year |  |  | 2 019 |  |  |  | 1 736 |
Changes during the period |  |  | - |  |  |  | - |
|  |  | 2 019 |  |  |  | 1 736 |
Of which: |  |  |  |  |  |  |  |
Ordinary shares |  |  | 1 737 |  |  |  |  |
Restricted shares |  |  | 282 |  |  |  |  |
|  | Treasury shares |  |  | Result on the use of treasury shares |
Treasury shares |  | Million shares |  |  | Million US dollar |  |  | Million US dollar |
At the end of the previous year |  |  | 35.5 |  |  |  | (3 706 | ) |  |  | (4 559 | )
Changes during the period |  |  | (0.1 | ) |  |  | 240 |  |  |  | (477 | )
At the end of the current period |  |  | 35.4 |  |  |  | (3 465 | ) |  |  | (5 036 | )
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows:
Million US dollar |  | Translation Reserves |  |  | Hedging reserves |  |  | Post-employment benefits |  |  | Total OCI Reserves |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As per 1 January 2023 |  |  | (34 677) |  |  |  | 145 |  |  |  | (1 021) |  |  |  | (35 553) |
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | 4 497 |  |  |  | - |  |  |  | - |  |  |  | 4 497 |
Cash flow hedges |  |  | - |  |  |  | 36 |  |  |  | - |  |  |  | 36 |
Re-measurements of post-employment benefits |  |  | - |  |  |  | - |  |  |  | (134) |  |  |  | (134) |
Other comprehensive income/(loss) |  |  | 4 497 |  |  |  | 36 |  |  |  | (134) |  |  |  | 4 398 |
As per 31 December 2023 |  |  | (30 180) |  |  |  | 181 |  |  |  | (1 155) |  |  |  | (31 155) |
The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South African rand, which resulted in a net foreign exchange translation adjustment of 4 497m US dollar as of 31 December 2023 (increase of equity).
Million US dollar |  | Translation Reserves |  |  | Hedging reserves |  |  | Post-employment benefits |  |  | Total OCI Reserves |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As per 1 January 2022 |  |  | (33 554) |  |  |  | 481 |  |  |  | (1 504) |  |  |  | (34 577) |
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | (1 123) |  |  |  | - |  |  |  | - |  |  |  | (1 123) |
Cash flow hedges |  |  | - |  |  |  | (336) |  |  |  | - |  |  |  | (336) |
Re-measurements of post-employment benefits |  |  | - |  |  |  | - |  |  |  | 483 |  |  |  | 483 |
Other comprehensive income/(loss) |  |  | (1 123) |  |  |  | (336) |  |  |  | 483 |  |  |  | (976) |
As per 31 December 2022 |  |  | (34 677) |  |  |  | 145 |  |  |  | (1 021 | ) |  |  | (35 553) |
Million US dollar |  | Translation Reserves |  |  | Hedging reserves |  |  | Post-employment benefits |  |  | Total OCI Reserves |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As per 1 January 2021 |  |  | (29 234) |  |  |  | 376 |  |  |  | (1 983) |  |  |  | (30 841) |
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | (4 320) |  |  |  | - |  |  |  | - |  |  |  | (4 320) |
Cash flow hedges |  |  | - |  |  |  | 105 |  |  |  | - |  |  |  | 105 |
Re-measurements of post-employment benefits |  |  | - |  |  |  | - |  |  |  | 479 |  |  |  | 479 |
Other comprehensive income/(loss) |  |  | (4 320) |  |  |  | 105 |  |  |  | 479 |  |  |  | (3 736) |
As per 31 December 2021 |  |  | (33 554) |  |  |  | 481 |  |  |  | (1 504) |  |  |  | (34 577) |
Summary of Basic and Diluted Earnings Per Share | The calculation of basic earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5 341m US dollar (2022: 5 969m US dollar; 2021: 4 670m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows:
Million shares |  | 2023 |  |  | 2022 |  |  | 2021 |
. |  |  |  |  |  |  |  |  |  |  |  |
Issued ordinary and restricted shares at 1 January, net of treasury shares |  |  | 1 984 |  |  |  | 1 981 |  |  |  | 1 972 |
Effect of stock lending |  |  | 30 |  |  |  | 30 |  |  |  | 30 |
Effect of delivery of treasury shares and share buyback programs |  |  | 2 |  |  |  | 2 |  |  |  | 4 |
Weighted average number of ordinary and restricted shares at 31 December |  |  | 2 016 |  |  |  | 2 013 |  |  |  | 2 007 |
The calculation of diluted earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of 5 341m US dollar (2022: 5 969m US dollar; 2021: 4 670m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows:
Million shares |  | 2023 |  |  | 2022 |  |  | 2021 |
. |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of ordinary and restricted shares at 31 December |  |  | 2 016 |  |  |  | 2 013 |  |  |  | 2 007 |
Effect of share options, PSUs and restricted stock units |  |  | 38 |  |  |  | 37 |  |  |  | 38 |
Weighted average number of ordinary and restricted shares (diluted) at 31 December |  |  | 2 054 |  |  |  | 2 050 |  |  |  | 2 045 |
The calculation of the Underlying EPS is based on the profit before exceptional items and hyperinflation impacts attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before exceptional items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
Million US dollar |  | 2023 |  |  | 2022¹ |  |  | 2021¹ |
. |  |  |  |  |  |  |  |  |  |  |  |
Profit attributable to equity holders of AB InBev |  |  | 5 341 |  |  |  | 5 969 |  |  |  | 4 670 |
Net impact of exceptional items on profit (refer to Note 8) |  |  | 614 |  |  |  | 153 |  |  |  | 1 076 |
Profit before exceptional items, attributable to equity holders of AB InBev |  |  | 5 955 |  |  |  | 6 122 |  |  |  | 5 746 |
Hyperinflation impacts |  |  | 203 |  |  |  | (30) |  |  |  | 28 |
Underlying profit |  |  | 6 158 |  |  |  | 6 093 |  |  |  | 5 774 |
Summary of Calculation of EPS | The table below sets out the EPS calculation:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
. |  |  |  |  |  |  |  |  |  |  |  |
Profit attributable to equity holders of AB InBev |  |  | 5 341 |  |  |  | 5 969 |  |  |  | 4 670 |
Weighted average number of ordinary and restricted shares |  |  | 2 016 |  |  |  | 2 013 |  |  |  | 2 007 |
Basic EPS |  |  | 2.65 |  |  |  | 2.97 |  |  |  | 2.33 |
. |  |  |  |  |  |  |  |  |  |  |  |
Underlying profit |  |  | 6 158 |  |  |  | 6 093 |  |  |  | 5 774 |
Weighted average number of ordinary and restricted shares |  |  | 2 016 |  |  |  | 2 013 |  |  |  | 2 007 |
Underlying EPS |  |  | 3.05 |  |  |  | 3.03 |  |  |  | 2.88 |
. |  |  |  |  |  |  |  |  |  |  |  |
Profit attributable to equity holders of AB InBev |  |  | 5 341 |  |  |  | 5 969 |  |  |  | 4 670 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 054 |  |  |  | 2 050 |  |  |  | 2 045 |
Diluted EPS |  |  | 2.60 |  |  |  | 2.91 |  |  |  | 2.28 |

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