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Risks arising from financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Financial Assets And Financial Liabilities

Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated:



	31 December 2024								31 December 2023

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		11 174		-		-		11 174		10 332		-		-		10 332
Trade and other receivables		4 714		-		-		4 714		5 517		-		-		5 517
Investment securities		30		221		138		389		27		67		151		245
Foreign exchange derivatives		-		23		433		457		-		48		315		363
Commodities		-		-		106		106		-		-		131		131
Cross currency interest rate swaps		-		-		249		249		-		-		52		52
Interest rate swaps		-		3		-		3		-		3		-		3
Financial assets		15 918		247		927		17 092		15 876		118		649		16 642
Non-current		382		-		399		781		473		-		195		668
Current		15 536		247		528		16 311		15 403		118		454		15 975

Trade and other payables		20 037		288		-		20 325		21 284		741		-		22 026
Non-current interest-bearing loans and borrowings		69 011		1 709		-		70 720		73 592		571		-		74 163
Current interest-bearing loans and borrowings		1 449		-		-		1 449		3 987		-		-		3 987
Bank overdrafts		-		-		-		-		17		-		-		17
Equity swaps		-		5 614		-		5 614		-		4 718		-		4 718
Foreign exchange derivatives		-		30		22		52		-		18		414		432
Commodities		-		-		70		70		-		-		145		145
Cross currency interest rate swaps		-		-		55		55		-		-		164		164
Interest rate swaps		-		94		-		94		-		10		-		10
Financial liabilities		90 497		7 735		147		98 379		98 880		6 058		723		105 662
Non-current		69 494		1 933		66		71 492		73 920		876		151		74 947
Current		21 003		5 802		82		26 887		24 961		5 182		573		30 715

Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket

The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.



	31 December 2024										31 December 2023

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		8 867		300		150		-		-		13 440		105		300		-		-
Other foreign exchange derivatives		385		-		150		400		-		245		-		-		-		-

Interest rate
Interest rate swaps		1 791		-		-		-		-		580		-		-		-		-
Cross currency interest rate swaps		1 558		510		2 593		3 598		690		1 217		1 863		510		4 353		717

Commodities
Aluminum swaps		1 841		-		-		-		-		1 780		-		-		-		-
Other commodity derivatives		630		26		-		-		-		913		25		-		-		-

Equity
Equity derivatives		10 520		-		-		-		-		11 189		-		-		-		-

Summary of Foreign Exchange Risk on Operating Activities

The second currency of the currency pairs listed is the functional currency of the related subsidiary.



	31 December 2024						31 December 2023 1

Million US dollar	Total exposure		Total hedges		Open position		Total exposure		Total hedges		Open position

US dollar/Brazilian real		(1 823)		1 456		(367)		(1 832)		1 833		1
US dollar/Mexican peso		(1 250)		1 092		(158)		(1 229)		1 282		53
US dollar/Colombian peso		(504)		482		(22)		(546)		542		(4)
US dollar/South African rand		(373)		333		(40)		(224)		189		(35)
US dollar/Argentine peso		(326)		-		(326)		(437)		-		(437)
US dollar/Canadian dollar		(286)		243		(43)		(310)		291		(19)
US dollar/Peruvian nuevo sol		(236)		215		(21)		(217)		209		(8)
US dollar/Honduran lempira		(225)		-		(225)		(250)		-		(250)
US dollar/South Korean won		(160)		116		(44)		(146)		135		(11)
Mexican peso/Euro		(153)		132		(21)		(219)		180		(39)
Euro/Peruvian nuevo sol		(152)		-		(152)		(7)		-		(7)
US dollar/Paraguayan guarani		(144)		127		(17)		(157)		152		(5)
US dollar/Chilean peso		(144)		127		(17)		(164)		129		(35)
US dollar/Dominican peso		(129)		-		(129)		(108)		26		(82)
US dollar/Euro		(126)		106		(20)		(90)		100		10
US dollar/Indian rupee		(113)		69		(44)		(89)		46		(43)
Euro/South African rand		(108)		111		3		(99)		86		(13)
US dollar/Bolivian boliviano		(104)		-		(104)		(79)		55		(24)
Euro/Mexican peso		(91)		92		1		(99)		95		(4)
Others		(633)		493		(140)		(622)		438		(184)

Amended to conf

orm

to the 2024 presentation.

Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures

Foreign exchange results recognized on hedged and unhedged exposures are as follows:



Million US dollar	2024		2023		2022
Hedged (economic hedges)		(186)		70		297
Not hedged		40		(423)		(660)
		(147)		(353)		(363)

Summary of Effective Interest Rates at Balance Sheet



31 December 2024 Interest-bearing financial liabilities Million US dollar	Before hedging				After hedging
	Effective interest rate		Amount		Effective interest rate		Amount

Floating rate
US dollar		-		-		5.3%		1 792
Other		11.2%		184		11.2%		184
				184				1 975
Fixed rate
US dollar		5.1%		46 192		5.4%		36 780
Euro		2.5%		22 653		2.5%		23 530
Chinese yuan		3.2%		41		2.6%		2 921
Canadian dollar		4.5%		555		4.4%		2 657
South Korean won		4.9%		40		2.3%		2 200
Mexican peso		15.7%		239		10.8%		1 239
Pound sterling		3.3%		1 154		2.6%		34
Other		8.6%		1 111		10.1%		833
				71 986				70 195



31 December 2023 1 Interest-bearing financial liabilities Million US dollar	Before hedging				After hedging
	Effective interest rate		Amount		Effective interest rate		Amount

Floating rate
Euro		4.3%		1 086		4.3%		1 086
US dollar		6.0%		505		6.3%		789
Other		10.5%		299		11.7%		595
				1 889				2 469
Fixed rate
US dollar		5.0%		50 368		5.2%		43 344
Euro		2.3%		21 233		2.5%		22 072
Chinese yuan		2.9%		57		2.5%		2 437
Canadian dollar		4.5%		625		4.4%		2 988
South Korean won		5.5%		49		1.9%		2 209
Pound sterling		5.4%		2 122		8.2%		827
Mexican peso		15.7%		324		13.5%		624
Other		7.4%		1 501		8.2%		1 196
				76 277				75 697

Amended to conf

orm

to the 2024 presentation.

Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities

Interest expense recognized on unhedged and hedged financial liabilities are as follows:



Million US dollar	2024			2023			2022
Financial liabilities measured at amortized cost – not hedged		(3 492	)		(3 722	)		(3 641	)
Fair value hedges		(30	)		(22	)		(20	)
Cash flow hedges		29			28			24
Net investment hedges - hedging instruments (interest component)		49			10			(1	)
Economic hedges		2			-			42
		(3 443	)		(3 705	)		(3 597	)

Schedule of Commodity Derivatives Outstanding

The most significant commodity hedges are included in the table below (expressed in outstanding notional amounts):



Million US dollar	31 December 2024		31 December 2023

Aluminum		1 841		1 780
Energy		207		249
Corn		203		289
Plastic		79		95
Sugar		73		91
Wheat		47		163
Rice		46		51
		2 496		2 719

Summary of Estimated Impact on Changes in the Price of Commodities

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.



	2024						2023

			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		22%		408		(408)		19%		337		(337)
Energy		44%		92		(92)		52%		130		(130)
Corn		19%		38		(38)		27%		78		(78)
Plastic		16%		12		(12)		15%		14		(14)
Sugar		27%		20		(20)		29%		26		(26)
Wheat		27%		13		(13)		35%		56		(56)
Rice		38%		18		(18)		26%		13		(13)

Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2024 and 31 December 2023.

Summary of Carrying Amount of Financial Assets

The maximum exposure to credit risk at the reporting date for trade and other receivables, excluding Brazilian tax credits, tax receivables other than income tax and prepaid expenses, was as follows:



	31 December 2024						31 December 2023¹

Million US dollar	Gross		Impairment		Net carrying amount		Gross		Impairment		Net carrying amount

Trade receivables		4 168		(377)		3 792		4 734		(387)		4 347
Other receivables		984		(61)		923		1 244		(74)		1 170
Trade and other receivables		5 152		(438)		4 714		5 978		(462)		5 517

Amended to conform to the 2024 presentation.

Summary of Allowance for Impairment

The allowance for impairment recognized during the period on trade and other receivables was as follows:



	31 December 2024		31 December 2023		31 December 2022
Balance at end of previous year		(462)		(416)		(402)
Impairment losses		(56)		(54)		(38)
Derecognition		24		26		24
Currency translation and other		55		(18)		1
Balance at end of period		(438)		(462)		(416)

Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities

The following are the nominal contractual maturities of

non-derivative

financial liabilities including interest payments and derivative liabilities:



	31 December 2024

Million US dollar	Carrying amount		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		(69 484)		(113 412)		(3 453)		(3 416)		(7 311)		(14 352)		(84 881)
Trade and other payables		(24 601)		(24 760)		(23 750)		(257)		(128)		(328)		(297)
Lease liabilities		(2 303)		(2 592)		(639)		(620)		(398)		(447)		(488)
Secured bank loans		(19)		(25)		(5)		(4)		(4)		(8)		(4)
Unsecured bank loans		(94)		(94)		(94)		-		-		-		-
Unsecured other loans		(269)		(297)		(172)		(94)		(20)		(2)		(9)
		(96 770)		(141 181)		(28 113)		(4 391)		(7 861)		(15 138)		(85 678)

Derivative financial liabilities
Equity derivatives		(5 614)		(5 614)		(5 614)		-		-		-		-
Foreign exchange derivatives		(52)		(52)		(52)		-		-		-		-
Cross currency interest rate swaps		(55)		(55)		9		9		(30)		1		(46)
Interest rate swaps		(94)		(94)		(93)		-		-		-		(1)
Commodity derivatives		(69)		(69)		(69)		-		-		-		-
		(5 885)		(5 885)		(5 818)		9		(30)		1		(47)

Of which: related to cash flow hedges		(134)		(134)		(91)		(2)		(38)		-		(4)


	31 December 2023

Million US dollar	Carrying amount		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		(164)		(164)		(14)		(34)		(13)		(103)		-
Interest rate swaps		(10)		(10)		(10)		-		-		-		-
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)		-

Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value

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 2024				31 December 2023


Million US dollar	Carrying amount		Fair value		Carrying amount		Fair value

Fixed rate
US dollar		(45 800)		(45 558)		(49 917)		(52 268)
Euro		(21 915)		(21 605)		(20 379)		(19 796)
Pound sterling		(1 108)		(1 046)		(2 069)		(2 012)
Canadian dollar		(484)		(461)		(526)		(505)
Other		(375)		(373)		(558)		(554)
		(69 682)		(69 044)		(73 449)		(75 135)

Analysis of Financial Instruments

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:



Fair value hierarchy 31 December 2024 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		-		26		-
Derivatives in a cash flow hedge relationship		27		416		-
Derivatives in a net investment hedge relationship		-		345		-
		27		796		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		288
Derivatives at fair value through profit and loss		-		5 644		-
Derivatives in a cash flow hedge relationship		29		105		-
Derivatives in a fair value hedge relationship		-		94		-
Derivatives in a net investment hedge relationship		-		14		-
		29		5 857		288



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

Summary of Hedging Reserve and Hedging Instruments

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	Commodities		Foreign currency & others		Total hedging reserves

As per 1 January 2024		(304)		486		181
Change in fair value of hedging instrument recognized in OCI		54		519		573
Reclassified to profit or loss / cost of inventory		9		(273)		(264)
As per 31 December 2024		(241)		731		490



Million US dollar	Commodities		Foreign currency & others 1		Total hedging reserves

As per 1 January 2023		(476)		621		145
Change in fair value of hedging instrument recognized in OCI		(197)		(237)		(434)
Reclassified to profit or loss / cost of inventory		368		102		470
As per 31 December 2023		(304)		486		181

1	Amended to conform to the 2024 presentation.

Summary of Offsetting Financial Assets and Liabilities

The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:



	31 December 2024

Million US dollar	Gross amount		Net amount recognized in the statement of financial position 2		Other offsetting agreements 3		Total net amount

Derivative assets		815		815		(814)		1
Derivative liabilities		(5 886)		(5 886)		814		(5 071)


	31 December 2023

Million US dollar	Gross amount		Net amount recognized in the statement of financial position 2		Other offsetting agreements 3		Total net amount

Derivative assets		549		549		(538)		11
Derivative liabilities		(5 469)		(5 469)		538		(4 931)

2	Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules.

3	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.