XML 45 R28.htm IDEA: XBRL DOCUMENT

Interest-bearing loans and borrowings

12 Months Ended

Dec. 31, 2023

22. Interest-bearing loans and borrowings

This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 27

Risks arising from financial instruments.



Million US dollar	31 December 2023		31 December 2022
Unsecured bond issues		71 896		76 798
Lease liabilities		2 126		1 963
Unsecured other loans		119		95
Secured bank loans		23		24
Non-current interest-bearing loans and borrowings		74 163		78 880

Unsecured bond issues		2 514		-
Lease liabilities		703		529
Secured bank loans		392		369
Unsecured bank loans		182		100
Unsecured other loans		196		30
Current interest-bearing loans and borrowings		3 987		1 029

Interest-bearing loans and borrowings		78 150		79 909

The current and non-current interest-bearing loans and borrowings amount to

78.1

billion US dollar as at 31 December 2023, compared to

79.9

billion US dollar as at 31 December 2022.

As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively.

On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (“ABISA”) and its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”) and repurchased 3.4 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below:

Date of redemption

Issuer
(abbreviated)

Title of series of notes
partially repurchased

Currency

Original
principal
amount
outstanding

(in million)

Principal
amount
repurchased

(in million)

Principal
amount not
repurchased
(in million)

5 December 2023

ABISA

2.850% Notes due 2037

GBP

411

163

248

5 December 2023

ABIWW

3.750% Notes due 2042

USD

471

121

350

5 December 2023

ABIWW

4.600% Notes due 2060

USD

497

150

347

5 December 2023

ABIWW

4.500% Notes due 2050

USD

1 567

465

1 102

5 December 2023

ABIWW

4.600% Notes due 2048

USD

2 179

1 124

1 055

5 December 2023

ABIWW and ABC

3.650% Notes due 2026

USD

3 491

1 237

2 254

5 December 2023

ABIFI

4.000% Notes due 2043

USD

404

340

These tender offers were financed with cash.

Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position.

AB InBev’s net debt decreased to 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase of net debt).

The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:



Million US dollar	31 December 2023		31 December 2022
Non-current interest-bearing loans and borrowings		74 163		78 880
Current interest-bearing loans and borrowings		3 987		1 029
Interest-bearing loans and borrowings		78 150		79 909

Bank overdrafts		17		83
Cash and cash equivalents		(10 332)		(9 973)
Interest bearing loans granted and other deposits (included within Trade and other receivables)		(168)		(183)
Debt securities (included within Investment securities)		(94)		(123)
Net debt		67 573		69 713

Reconciliation of liabilities arising from financing activities

The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.



Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2023		78 880		1 029
Proceeds from borrowings		59		143
Repayments of borrowings		(3 004)		(94)
Capitalization / (payment) of lease liabilities		686		(458)
Amortized cost		61		-
Unrealized foreign exchange effects		909		83
Current portion of long-term debt		(3 113)		3 113
(Gain)/Loss on bond redemption and other movements		(316)		171
Balance at 31 December 2023		74 163		3 987



Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2022		87 369		1 408
Proceeds from borrowings		74		17
Repayments of borrowings		(6 698)		(567)
Capitalization / (payment) of lease liabilities		794		(519)
Amortized cost		63		-
Unrealized foreign exchange effects		(1 776)		(6)
Current portion of long-term debt		(617)		617
(Gain)/Loss on bond redemption and other movements		(329)		79
Balance at 31 December 2022		78 880		1 029
.



Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2021		95 478		3 081
Proceeds from borrowings		148		306
Payments on borrowings		(6 735)		(2 230)
Capitalization / (payment) of lease liabilities		697		(547)
Amortized cost		64		-
Unrealized foreign exchange effects		(2 149)		(88)
Current portion of long-term debt		(875)		875
(Gain)/Loss on bond redemption and other movements		741		10
Balance at 31 December 2021		87 369		1 408