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Changes in equity and earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

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