20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 December 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report                 

Commission file numbers 1-37911

Anheuser-Busch InBev SA/NV

(Exact Name of Registrant as Specified in its Charter)

N/A

(Translation of Registrant’s Name into English)

Belgium

(Jurisdiction of Incorporation or Organization)

Brouwerijplein 1,

3000 Leuven, Belgium

(Address of Principal Executive Offices)

John Blood

General Counsel

Brouwerijplein 1, 3000 Leuven

Belgium

Telephone No.: + 32 16 27 61 11

Email: Corporategovernance@ab-inbev.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange On Which Registered
Ordinary shares without nominal value	New York Stock Exchange*
American Depositary Shares, each representing one ordinary share without nominal value	New York Stock Exchange
6.375% Notes due 2040 (issued January 2010)	New York Stock Exchange
5.375% Notes due 2020 (issued January 2010)	New York Stock Exchange
4.375% Notes due 2021 (issued January 2011)	New York Stock Exchange
6.875% Notes due 2019 (issued February 2011)	New York Stock Exchange
2.500% Notes due 2022 (issued July 2012)	New York Stock Exchange
3.750% Notes due 2042 (issued July 2012)	New York Stock Exchange
2.625% Notes due 2023 (issued January 2013)	New York Stock Exchange
4.000% Notes due 2043 (issued January 2013)	New York Stock Exchange
Floating Rate Notes due 2019 (issued January 2014)	New York Stock Exchange
2.150% Notes due 2019 (issued January 2014)	New York Stock Exchange
3.700% Notes due 2024 (issued January 2014)	New York Stock Exchange
4.625% Notes due 2044 (issued January 2014)	New York Stock Exchange
1.900% Notes due 2019 (issued January 2016)	New York Stock Exchange
2.650% Notes due 2021 (issued January 2016)	New York Stock Exchange
3.300% Notes due 2023 (issued January 2016)	New York Stock Exchange
3.650% Notes due 2026 (issued January 2016)	New York Stock Exchange
4.700% Notes due 2036 (issued January 2016)	New York Stock Exchange
4.900% Notes due 2046 (issued January 2016)	New York Stock Exchange
Floating Rate Notes due 2021 (issued January 2016)	New York Stock Exchange
2.200% Notes due 2018 (issued December 2016)	New York Stock Exchange
Floating Rate Notes due 2018 (issued December 2016)	New York Stock Exchange
3.750% Notes due 2022 (issued December 2016)	New York Stock Exchange
4.950% Notes due 2042 (issued December 2016)	New York Stock Exchange
6.625% Notes due 2033 (issued December 2016)	New York Stock Exchange
5.875% Notes due 2035 (issued December 2016)	New York Stock Exchange

* Not for trading, but in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

1,693,242,156 ordinary shares without nominal value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☒	Accelerated filer  ☐	Non-accelerated filer  ☐
		Emerging growth company  ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board  ☒ Other  ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. N/A    ☐  Item 17    ☐  Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐ Yes    ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. N/A    ☐  Yes    ☐  No

EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 20-F for the fiscal year ended 31 December 2017, originally filed with the Securities and Exchange Commission on 19 March 2018 (the “2017 Form 20-F”), is being filed solely for the purposes of adding Exhibit 101 to Item 19 “Exhibits” and furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. Exhibit 101 was not previously filed.

Other than as expressly set forth above, this Amendment No. 1 to the 2017 Form 20-F does not, and does not purport to, amend, update or restate the information in any other item of the 2017 Form 20-F, or reflect any events that have occurred after the 2017 Form 20-F was originally filed.

2

EXHIBIT INDEX

Exhibit	Description
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Schema Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Schema Definition Linkbase
101.LAB	XBRL Taxonomy Extension Schema Label Linkbase
101.PRE	XBRL Taxonomy Extension Schema Presentation Linkbase

3

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing this Amendment No. 1 to Form 20-F and that it has duly caused and authorised the undersigned to sign this this Amendment No. 1 to Form 20-F on its behalf.

		Anheuser-Busch InBev SA/NV (Registrant)
Date: 4 April 2018	By:	/s/ John Blood
		John Blood General Counsel

4

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document - Document and Entity Information [Abstract]
Document Type	20-F/A
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	BUD
Entity Registrant Name	ANHEUSER-BUSCH INBEV SA/NV
Entity Central Index Key	0001668717
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	1,693,242,156

XML

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit or loss [abstract]
Revenue	$ 56,444	$ 45,517	$ 43,064
Cost of sales	(21,386)	(17,803)	(17,137)
Gross profit	35,058	27,715	26,467
Distribution expenses	(5,876)	(4,543)	(4,259)
Sales and marketing expenses	(8,382)	(7,745)	(6,913)
Administrative expenses	(3,841)	(2,883)	(2,560)
Other operating income/(expenses)	854	732	1,032
Restructuring	(468)	(323)	(171)
Business and asset disposal	(39)	377	524
Acquisition costs business combinations	(155)	(448)	(55)
Impairment of assets			(82)
Judicial settlement			(80)
Profit from operations	17,152	12,882	13,904
Finance cost	(6,885)	(9,382)	(3,142)
Finance income	378	818	1,689
Net finance income/(cost)	(6,507)	(8,564)	(1,453)
Share of result of associates and joint ventures	430	16	10
Profit before tax	11,076	4,334	12,461
Income tax expense	(1,920)	(1,613)	(2,594)
Profit from continuing operations	9,155	2,721	9,867
Profit from discontinued operations	28	48
Profit of the year	9,183	2,769	9,867
Profit from continuing operations attributable to:
Equity holders of AB InBev	7,968	1,193	8,273
Non-controlling interest	1,187	1,528	1,594
Profit of the year attributable to:
Equity holders of AB InBev	7,996	1,241	8,273
Non-controllinginterest	$ 1,187	$ 1,528	$ 1,594
Basic earnings per share	$ 4.06	$ 0.72	$ 5.05
Diluted earnings per share	3.98	0.71	4.96
Basic earnings per share from continuing operations	4.04	0.69	5.05
Diluted earnings per share from continuing operations	$ 3.96	$ 0.68	$ 4.96

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of comprehensive income [abstract]
Profit	$ 9,183	$ 2,769	$ 9,867
Other comprehensive income: Items that will not be reclassified to profit or loss:
Re-measurements of post-employment benefits	(37)	(226)	45
Other comprehensive income that will not be reclassified to profit or loss, net of tax	(37)	(226)	45
Other comprehensive income: Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	1,716	(2,918)	(6,898)
Foreign exchange contracts recognized in equity in relation to the SAB combination		(7,099)	(1,738)
Foreign exchange contracts reclassified from equity in relation to the SAB combination		8,837
Effective portion of changes in fair value of net investment hedges	(542)	(161)	(201)
Cash flow hedges recognized in equity	(60)	110	281
Cash flow hedges reclassified from equity to profit or loss	(36)	(3)	(240)
Other comprehensive income that will be reclassified to profit or loss net of tax	1,077	(1,234)	(8,796)
Other comprehensive income, net of tax	1,040	(1,460)	(8,751)
Total comprehensive income	10,223	1,309	1,116
Attributable to:
Equity holders of AB InBev	8,838	(275)	389
Non-controllinginterest	$ 1,385	$ 1,584	$ 727

XML

Consolidated Statement of Financial Position - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016
Non-current assets
Property, plant and equipment		$ 27,184	$ 26,219	[1]
Goodwill		140,940	135,864	[1]
Intangible assets		45,874	44,789	[1]
Investments in associates and joint ventures		5,263	4,324	[1]
Investment securities		100	82	[1]
Deferred tax assets		1,216	1,261	[1]
Employee benefits		22	10	[1]
Income tax receivables		708	6	[1]
Derivatives		25	146	[1]
Trade and other receivables		834	868	[1]
Non-current assets		222,166	213,569	[1]
Current assets
Investment securities		1,304	5,659	[1]
Inventories		4,119	3,889	[1]
Income tax receivables		908	1,112	[1]
Derivatives		458	971	[1]
Trade and other receivables		6,566	6,352	[1]
Cash and cash equivalents		10,472	8,579	[1]
Assets classified as held for sale		133	16,458	[1]
Current assets		23,960	43,017	[1]
Total assets		246,126	256,586	[1]
Equity
Issued capital		1,736	1,736	[1]
Share premium		17,620	17,620	[1]
Reserves		24,835	23,769	[1]
Retained earnings		28,394	28,214	[1]
Equity attributable to equity holders of AB InBev		72,585	71,339	[1]
Non-controlling interests		7,635	10,086	[1]
Equity		80,220	81,425	[1]
Non-current liabilities
Interest-bearing loans and borrowings		108,949	113,941	[1]
Employee benefits		2,993	3,014	[1]
Deferred tax liabilities		13,107	14,703	[1]
Income tax payables		732
Derivatives		937	471	[1]
Trade and other payables		1,462	1,316	[1]
Provisions		1,515	1,347	[1]
Non-current liabilities		129,695	134,792	[1]
Current liabilities
Bank overdrafts		117	184	[1]
Interest-bearing loans and borrowings		7,433	8,618	[1]
Income tax payables		1,558	3,845	[1]
Derivatives		1,457	1,263	[1]
Trade and other payables		24,762	23,086	[1]
Provisions		885	1,199	[1]
Liabilities associated with assets held for sale	[1]		2,174
Current liabilities		36,211	40,369	[1]
Total equity and liabilities		$ 246,126	256,586	[1]
Previously stated [member]
Non-current assets
Property, plant and equipment	[2]		27,522
Goodwill	[2]		136,533
Intangible assets	[2]		44,568
Investments in associates and joint ventures	[2]		4,324
Investment securities	[2]		82
Deferred tax assets	[2]		1,261
Employee benefits	[2]		10
Income tax receivables	[2]		6
Derivatives	[2]		146
Trade and other receivables	[2]		868
Non-current assets	[2]		215,320
Current assets
Investment securities	[2]		5,659
Inventories	[2]		3,913
Income tax receivables	[2]		1,112
Derivatives	[2]		971
Trade and other receivables	[2]		6,391
Cash and cash equivalents	[2]		8,579
Assets classified as held for sale	[2]		16,439
Current assets	[2]		43,061
Total assets	[2]		258,381
Equity
Issued capital	[2]		1,736
Share premium	[2]		17,620
Reserves	[2]		23,769
Retained earnings	[2]		28,214
Equity attributable to equity holders of AB InBev	[2]		71,339
Non-controlling interests	[2]		10,086
Equity	[2]		81,425
Non-current liabilities
Interest-bearing loans and borrowings	[2]		113,941
Employee benefits	[2]		3,014
Deferred tax liabilities	[2]		16,678
Derivatives	[2]		471
Trade and other payables	[2]		1,328
Provisions	[2]		1,409
Non-current liabilities	[2]		136,841
Current liabilities
Bank overdrafts	[2]		184
Interest-bearing loans and borrowings	[2]		8,618
Income tax payables	[2]		3,922
Derivatives	[2]		1,263
Trade and other payables	[2]		23,086
Provisions	[2]		869
Liabilities associated with assets held for sale	[2]		2,174
Current liabilities	[2]		40,116
Total equity and liabilities	[2]		$ 258,381

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

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Consolidated Statement of Changes in Equity € in Millions, $ in Millions		USD ($)		EUR (€)	Issued capital [member] USD ($)	Share premium [member] USD ($)	Treasury shares [member] USD ($)	Share-based payment reserves [member] USD ($)	OCI reserves [member] USD ($)		Deferred share instrument [member] USD ($)	Retained earnings [member] USD ($)	Equity attributable to owners of parent [member] USD ($)	Non-controlling interest [member] USD ($)		Reserves [member] USD ($)
Beginning balance at Dec. 31, 2014		$ 54,257			$ 1,736	$ 17,620	$ (819)	$ 1,080	$ (6,226)	[1]	$ 1,407	$ 35,174	$ 49,972	$ 4,285
Profit		9,867										8,273	8,273	1,594
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(7,099)							(6,157)	[1]			(6,157)	(942)
Foreign exchange contracts recognized in equity in relation to the SAB combination		(1,738)							(1,738)	[1]			(1,738)
Cash flow hedges		41							(36)	[1]			(36)	77
Re-measurements of post-employment benefits		45							47	[1]			47	(2)
Total comprehensive income		1,116							(7,884)	[1]		8,273	389	727
Dividends		(8,559)									(103)	(7,191)	(7,294)	(1,305)
Treasury shares		(807)					(807)						(807)
Share-based payments		204						184					184	20
Scope and other changes		(452)										(307)	(307)	(145)
Ending balance at Dec. 31, 2015		45,719			1,736	17,620	(1,626)	1,264	(14,110)	[1]	1,304	35,949	42,137	3,582
Profit		2,769										1,241	1,241	1,528
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(3,079)							(3,265)	[1]			(3,265)	186
Foreign exchange contracts recognized in equity in relation to the SAB combination		(7,099)							(7,099)	[1]			(7,099)
Foreign exchange contracts reclassified from equity in relation to the SAB combination		8,837							8,837	[1]			8,837
Cash flow hedges		107							223	[1]			223	(116)
Re-measurements of post-employment benefits		(226)							(212)	[1]			(212)	(14)
Total comprehensive income		1,309							(1,516)	[1]		1,241	(275)	1,584
Issuance of restricted shares for SAB ordinary shares		36,772			9,528	27,244							36,772
Transfer to reserves	[1]				(9,528)	(27,244)	(8,953)									$ 45,726
Acquisitions through business combinations		6,201	[2]		9,528									6,201	[2]
Dividends		(8,480)									(92)	(7,041)	(7,133)	(1,347)
Treasury shares		50					174					(124)	50
Share-based payments		180						173					173	7
Scope and other changes	[3]	(327)					1,425					(1,812)	(386)	59
Ending balance at Dec. 31, 2016		81,425	[4]		1,736	17,620	(8,980)	1,437	(15,626)	[1]	1,212	28,214	71,339	10,086		45,726
Profit		9,183										7,996		1,187
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		1,174							1,053				1,053	121
Cash flow hedges		(96)							(158)				(158)	61
Re-measurements of post-employment benefits		(37)							(53)				(53)	16
Total comprehensive income		10,223							842			7,996		1,385
Dividends		(9,230)		€ (6,956)							(93)	(7,821)	(7,914)	(1,316)
Share-based payments		333						316					316	18
Purchase/(sale) of non-controlling interests		(2,401)												(2,401)
Scope and other changes		(132)										5	5	(137)
Ending balance at Dec. 31, 2017		$ 80,220			$ 1,736	$ 17,620	$ (8,980)	$ 1,753	$ (14,784)		$ 1,119	$ 28,394	$ 72,585	$ 7,635		$ 45,726

[1] See Note 23 Changes in equity and earnings per share.

[2] See Note 6 Acquisitions and disposals.

[3] During 2016, the company reclassified the results of treasury shares of 1 452m US dollar to retained earnings.

[4] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Profit	$ 9,183	$ 2,769	$ 9,867
Depreciation, amortization and impairment	4,276	3,477	3,153
Impairment losses on receivables, inventories and other assets	130	110	64
Additions/(reversals) in provisions and employee benefits	178	293	324
Net finance cost/(income)	6,507	8,564	1,453
Loss/(gain) on sale of property, plant and equipment and intangible assets	(117)	(4)	(189)
Loss/(gain) on sale of subsidiaries, associates and assets held for sale	(47)	(410)	(362)
Equity-settled share-based payment expense	351	231	221
Income tax expense	1,920	1,613	2,594
Other non-cash items included in profit	(284)	(286)	(389)
Share of result of associates and joint ventures	(430)	(16)	(10)
Cash flow from operating activities before changes in working capital and use of provisions	21,667	16,341	16,726
Decrease/(increase) in trade and other receivables	67	(714)	(138)
Decrease/(increase) in inventories	(213)	(364)	(424)
Increase/(decrease) in trade and other payables	365	1,251	2,348
Pension contributions and use of provisions	(616)	(470)	(449)
Cash generated from operations	21,270	16,044	18,063
Interest paid	(4,652)	(3,279)	(1,943)
Interest received	811	558	334
Dividends received	142	43	22
Income tax paid	(2,141)	(3,256)	(2,355)
CASH FLOW FROM OPERATING ACTIVITIES	15,430	10,110	14,121
INVESTING ACTIVITIES
Acquisition of property, plant and equipment and of intangible assets	(4,741)	(4,979)	(4,749)
Proceeds from sale of property, plant and equipment and of intangible assets	617	211	412
Proceeds from SAB transaction-related divestitures	11,697	16,342
Taxes on SAB transaction-related divestitures	(3,449)
Acquisition of other subsidiaries, net of cash acquired	(598)	(1,445)	(990)
Sale of subsidiaries, net of cash disposed of	42	653	72
Net of tax proceeds from the sale of assets held for sale	16	146	397
Net proceeds from sale/(acquisition) of investment in short-term debt securities	4,337	(5,583)	169
Net proceeds from sale/(acquisition) of other assets	(280)	(27)	(195)
Net repayments/(payments) of loans granted	213	(229)	(46)
CASH FLOW FROM INVESTING ACTIVITIES	7,854	(60,077)	(4,930)
FINANCING ACTIVITIES
Purchase of non-controllinginterest	(206)	(10)	(296)
Net proceeds from the issue of share capital			5
Proceeds from borrowings	13,352	86,292	16,237
Payments on borrowings	(23,333)	(23,617)	(15,780)
Cash net finance (cost)/income other than interests	(1,542)	(3,484)	(481)
Share buyback			(1,000)
Dividends paid	(9,275)	(8,450)	(7,966)
CASH FLOW FROM FINANCING ACTIVITIES	(21,004)	50,731	(9,281)
Net increase/(decrease) in cash and cash equivalents	2,280	764	(90)
Cash and cash equivalents less bank overdrafts at beginning of year	8,395	6,910	8,316
Effect of exchange rate fluctuations	(319)	721	(1,316)
Cash and cash equivalents less bank overdrafts at end of period	$ 10,356	8,395	$ 6,910
SAB [member]
INVESTING ACTIVITIES
Acquisition of other subsidiaries, net of cash acquired		$ (65,166)

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Corporate Information

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Corporate Information

1. CORPORATE INFORMATION

Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). Our Dream is to bring people together for a better world. Beer, the original social network, has been bringing people together for thousands of years. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser^®, Corona^® and Stella Artois^®; multi-country brands Beck’s^®, Castle^®, Castle Lite^®, Hoegaarden^® and Leffe^®; and local champions such as Aguila^®, Antarctica^®, Bud Light^®, Brahma^®, Cass^®, Chernigivske^®, Cristal^®, Harbin^®, Jupiler^®, Klinskoye^®, Michelob Ultra^®, Modelo Especial^®, Quilmes^®, Victoria^®, Sedrin^®, Sibirskaya Korona^® and Skol^®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of nearly 200 000 employees based in more than 50 countries worldwide. For 2017, AB InBev’s reported revenue was 56.4 billion US dollar (excluding joint ventures and associates).

The consolidated financial statements of the company for the year ended 31 December 2017 comprise the company and its subsidiaries (together referred to as “AB InBev” or the “company”) and the company’s interest in associates, joint ventures and operations.

The financial statements were authorized for issue by the Board of Directors on 15 March 2018.

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Statement of Compliance

12 Months Ended

Dec. 31, 2017

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Statement of Compliance

2. STATEMENT OF COMPLIANCE

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB”) and in conformity with IFRS as adopted by the European Union up to 31 December 2017 (collectively “IFRS”). AB InBev did not early apply any new IFRS requirements that were not yet effective in 2017 and did not apply any European carve-outs from IFRS.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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Summary of Significant Accounting Policies

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements by the company and its subsidiaries.

(A) BASIS OF PREPARATION AND MEASUREMENT

Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), the cost approach is applied.

(B) FUNCTIONAL AND PRESENTATION CURRENCY

Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro.

(C) USE OF ESTIMATES AND JUDGMENTS

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

(D) PRINCIPLES OF CONSOLIDATION

Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture.

Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.

The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associate Anadolu Efes are reported on a three month lag.

Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controllinginterests are also recorded in equity where there is no loss of control.

All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies.

(E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES

A number of new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning 1 January 2017, and have not been listed in these consolidated financial statements because of either their non-applicability to or their immateriality to AB InBev’s consolidated financial statements.

(F) FOREIGN CURRENCIES

FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates ruling at the dates the fair value was determined.

TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS

Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves).

In hyperinflationary economies, re-measurement of the local currency denominated non-monetary assets, liabilities, income statement accounts as well as equity accounts is made by applying a general price index. These re-measured accounts are used for conversion into US dollar at the closing exchange rate. AB InBev did not have material operations in hyperinflationary economies in 2017 and 2016.

EXCHANGE RATES

The most important exchange rates that have been used in preparing the financial statements are:

	Closing rate						Average rate
1 US dollar equals:	2017		2016		2015		2017		2016		2015
Argentinean peso		18.774210		15.850116		13.004955		16.580667		14.762591		9.101728
Australian dollar		1.279580		1.384689		—		1.308997		1.3440978		—
Brazilian real		3.308005		3.259106		3.904803		3.201667		3.474928		3.259601
Canadian dollar		1.253982		1.345983		1.388446		1.303248		1.318844		1.270237
Colombian peso		2 988.60		3 002.14		3 145.64		2 965.94		2 986.89		2 792.222
Chinese yuan		6.507500		6.944520		6.485535		6.785290		6.607635		6.256495
Euro		0.833819		0.948677		0.918527		0.886817		0.902821		0.899096
Mexican peso		19.735828		20.663842		17.206357		18.811612		18.464107		15.730837
Pound sterling		0.739790		0.812238		0.674152		0.773029		0.737400		0.653179
Peruvian nuevo sol		3.244558		3.352820		3.413342		3.267432		3.394121		3.135481
Russian ruble		57.631946		60.657097		72.881615		58.144309		66.905365		59.186097
South Korean won		1 067.63		1 203.90		1 176.09		1 134.04		1 154.50		1 129.52
South African rand		12.345193		13.714953		—		13.338803		14.0166901		—
Turkish lira		3.790879		3.516940		—		3.615028		3.50148		—
Ukrainian hryvnia		28.068098		27.190513		24.000600		26.501419		25.408674		21.493019

(G) INTANGIBLE ASSETS

RESEARCH AND DEVELOPMENT

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred.

Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy P).

Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

SUPPLY AND DISTRIBUTION RIGHTS

A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory.

Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination.

Amortization related to supply and distribution rights is included within sales and marketing expenses.

BRANDS

If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred.

SOFTWARE

Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred.

Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports.

OTHER INTANGIBLE ASSETS

Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.

Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses.

SUBSEQUENT EXPENDITURE

Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred.

AMORTIZATION

Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years.

Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy P).

GAINS AND LOSSES ON SALE

Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets.

(H) BUSINESS COMBINATIONS

The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill.

The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment.

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss.

(I) GOODWILL

Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method.

In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy P). Goodwill is expressed in the currency of the subsidiary or jointly controlled entity to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate.

If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred.

(J) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy P). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed asset is determined using the same principles as for an acquired asset. The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

SUBSEQUENT EXPENDITURE

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred.

DEPRECIATION

The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets.

The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows:

Industrial buildings – other real estate properties	20 - 50 years
Production plant and equipment:
Production equipment	10 - 15 years
Storage, packaging and handling equipment	5 - 7 years
Returnable packaging:
Kegs	2 - 10 years
Crates	2 - 10 years
Bottles	2 - 5 years
Point of sale furniture and equipment	5 years
Vehicles	5 years
Information processing equipment	3 - 5 years

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Land is not depreciated as it is deemed to have an indefinite life.

GAINS AND LOSSES ON SALE

Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment.

(K) ACCOUNTING FOR LEASES

Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and P).

Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place.

(L) INVESTMENTS

All investments are accounted for at trade date.

INVESTMENTS IN EQUITY SECURITIES

Investments in equity securities are undertakings in which AB InBev does not have significant influence or control. This is generally evidenced by ownership of less than 20% of the voting rights. Such investments are designated as available-for-sale financial assets which are at initial recognition measured at fair value unless the fair value cannot be reliably determined in which case they are measured at cost. Subsequent changes in fair value, except those related to impairment losses which are recognized in the income statement, are recognized directly in other comprehensive income.

On disposal of an investment, the cumulative gain or loss previously recognized directly in other comprehensive income is recognized in profit or loss.

INVESTMENTS IN DEBT SECURITIES

Investments in debt securities classified as trading or as being available-for-sale are carried at fair value, with any resulting gain or loss respectively recognized in the income statement or directly in other comprehensive income. Fair value of these investments is determined as the quoted bid price at the balance sheet date. Impairment charges and foreign exchange gains and losses are recognized in the income statement.

Investments in debt securities classified as held to maturity are measured at amortized cost.

In general, investments in debt securities with maturities of more than three months when acquired and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations.

OTHER INVESTMENTS

Other investments held by the company are classified as available-for-sale and are carried at fair value, with any resulting gain or loss recognized directly in other comprehensive income. Impairment charges are recognized in the income statement.

(M) INVENTORIES

Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories.

The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs.

Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others.

(N) TRADE AND OTHER RECEIVABLES

Trade and other receivables are carried at amortized cost less impairment losses. An estimate of impairment losses for doubtful receivables is made based on a review of all outstanding amounts at the balance sheet date.

An allowance for impairment of trade and other receivables is established if the collection of a receivable becomes doubtful. Such receivable becomes doubtful when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. An impairment loss is recognized in the income statement, as are subsequent recoveries of previous impairments.

(O) CASH AND CASH EQUIVALENTS

Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts.

(P) IMPAIRMENT

The carrying amounts of financial assets, property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the business unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement.

CALCULATION OF RECOVERABLE AMOUNT

The recoverable amount of the company’s investments in unquoted debt securities is calculated as the present value of expected future cash flows, discounted at the debt securities’ original effective interest rate. For equity investments classified as available for sale and quoted debt securities the recoverable amount is their fair value.

The recoverable amount of other assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.

Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis.

REVERSAL OF IMPAIRMENT LOSSES

Non-financial assets other than goodwill and equity investments classified as available for sale that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

(Q) SHARE CAPITAL

REPURCHASE OF SHARE CAPITAL

When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares.

DIVIDENDS

Dividends are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability.

SHARE ISSUANCE COSTS

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(R) PROVISIONS

Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

RESTRUCTURING

A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes.

ONEROUS CONTRACTS

A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract.

DISPUTES AND LITIGATIONS

A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters.

(S) EMPLOYEE BENEFITS

POST-EMPLOYMENT BENEFITS

Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans.

a) Defined contribution plans

Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

b) Defined benefit plans

A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company recognizes related restructuring or termination costs. The pension obligations recognized in the balance sheet are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan assets. Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.

Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions.

OTHER POST-EMPLOYMENT OBLIGATIONS

Some AB InBev companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans.

TERMINATION BENEFITS

Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Termination benefits for voluntary redundancies are recognized if the company has made an offer encouraging voluntary redundancy and when the company can no longer withdraw the offer of termination, which is the earlier of either when the employee accepts the offer or when a legal, regulatory or contractual requirement or restriction on the company’s ability to withdraw the offer takes effect.

BONUSES

Bonuses received by company employees and management are based on pre-defined company and individual target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned. To the extent that bonuses are settled in shares of the company, they are accounted for as share-based payments.

(T) SHARE-BASED PAYMENTS

Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using an option pricing model that is most appropriate for the respective option. Based on the expected number of options that will vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the amount of the proceeds received.

Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the company obtains the goods or the counterparty renders the service.

(U) INTEREST-BEARING LOANS AND BORROWINGS

Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis.

(V) TRADE AND OTHER PAYABLES

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

(W) INCOME TAX

Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the balance sheet date, and any adjustment to tax payable in respect of previous years.

In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the balance sheet a deferred tax liability or asset is recognized. Under this method a provision for deferred taxes is also made for differences between the fair values of assets and liabilities acquired in a business combination and their tax base. IAS 12 prescribes that no deferred taxes are recognized i) on initial recognition of goodwill, ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit and iii) on differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using currently or substantively enacted tax rates.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously.

The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Tax claims are recorded within provisions on the balance sheet (refer to accounting policy R).

(X) INCOME RECOGNITION

Income is recognized when it is probable that the economic benefits associated with the transaction will flow to the company and the income can be measured reliably.

GOODS SOLD

In relation to the sale of beverages and packaging, revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, and no significant uncertainties remain regarding recovery of the consideration due, associated costs or the possible return of goods, and there is no continuing management involvement with the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates, discounts for cash payments and excise taxes.

RENTAL AND ROYALTY INCOME

Rental income is recognized under other operating income on a straight-line basis over the term of the lease. Royalties arising from the use by others of the company’s resources are recognized in other operating income on an accrual basis in accordance with the substance of the relevant agreement.

GOVERNMENT GRANTS

A government grant is recognized in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

FINANCE INCOME

Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets classified as trading as well as any gains from hedge ineffectiveness (refer to accounting policy Z).

Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.

DIVIDEND INCOME

Dividend income is recognized in the income statement on the date that the dividend is declared.

(Y) EXPENSES

FINANCE COSTS

Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on available-for-sale financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Z).

All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest bearing loans and borrowings, such as transaction costs and fair value adjustments, are recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis (refer to accounting policy U). The interest expense component of finance lease payments is also recognized in the income statement using the effective interest rate method.

RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND SYSTEMS DEVELOPMENT COSTS

Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy G).

PURCHASING, RECEIVING AND WAREHOUSING COSTS

Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses.

(Z) DERIVATIVE FINANCIAL INSTRUMENTS

AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company’s performance. AB InBev’s financial risk management policy prohibits the use of derivative financial instruments for trading purposes and the company does therefore not hold or issue any such instruments for such purposes. Derivative financial instruments that are economic hedges but that do not meet the strict IAS 39 Financial Instruments: Recognition and Measurement hedge accounting rules, however, are accounted for as financial assets or liabilities at fair value through profit or loss.

Derivative financial instruments are recognized initially at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates. These pricing models also take into account the current creditworthiness of the counterparties.

Subsequent to initial recognition, derivative financial instruments are re-measured to their fair value at balance sheet date. Depending on whether cash flow or net investment hedge accounting is applied or not, any gain or loss is either recognized directly in other comprehensive income or in the income statement.

Cash flow, fair value or net investment hedge accounting is applied to all hedges that qualify for hedge accounting when the required hedge documentation is in place and when the hedge relation is determined to be effective.

CASH FLOW HEDGE ACCOUNTING

When a derivative financial instrument hedges the variability in cash flows of a recognized asset or liability, the foreign currency risk of a firm commitment or a highly probable forecasted transaction, the effective part of any resulting gain or loss on the derivative financial instrument is recognized directly in other comprehensive income (hedging reserves). When the firm commitment in foreign currency or the forecasted transaction results in the recognition of a non-financial asset or a non-financial liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the asset or liability. When the hedge relates to financial assets or liabilities, the cumulative gain or loss on the hedging instrument is reclassified from other comprehensive income into the income statement in the same period during which the hedged risk affects the income statement (e.g. when the variable interest expense is recognized). The ineffective part of any gain or loss is recognized immediately in the income statement.

When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified in accordance with the above policy when the hedged transaction occurs. If the hedged transaction is no longer probable, the cumulative gain or loss recognized in other comprehensive income is reclassified into the income statement immediately.

FAIR VALUE HEDGE ACCOUNTING

When a derivative financial instrument hedges the variability in fair value of a recognized asset or liability, any resulting gain or loss on the hedging instrument is recognized in the income statement. The hedged item is also stated at fair value in respect of the risk being hedged, with any gain or loss being recognized in the income statement.

NET INVESTMENT HEDGE ACCOUNTING

When a foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves).

When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be an effective hedge is recognized directly in other comprehensive income (translation reserves), while the ineffective portion is reported in the income statement.

Investments in equity instruments or derivatives linked to and to be settled by delivery of an equity instrument are stated at cost when such equity instrument does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable.

OFFSETTING DERIVATIVE ASSETS WITH DERIVATIVE LIABILITIES

A derivative asset and a derivative liability shall be offset and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the recognized amounts; and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(AA) SEGMENT REPORTING

Operating segments are components of the company’s business activities about which separate financial information is available that is evaluated regularly by senior management.

AB InBev’s operating segment reporting format is geographical because the company’s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company’s management structure and internal reporting system to the Board of Directors is set up accordingly. The company has nine operating segments.

Given the transformational nature of the combination with SAB, that closed on 10 October 2016, the company has updated its segment reporting in order to add the former SAB geographies into the previous AB InBev geographies. Colombia, Peru, Ecuador, Honduras and El Salvador are reported together with Mexico as Latin America West, Panama is reported within Latin America North, Africa is reported together with Europe as EMEA, and Australia, India and Vietnam are reported within Asia Pacific.

The company’s six geographic regions are North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific.

The aggregation criteria applied are based on similarities in the economic indicators (e.g. margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore management assessed additional factors such as management’s views on the optimal number of reporting segments, the continuation of the previous AB InBev geographies, peer comparison (e.g. Asia Pacific and EMEA being a commonly reported regions amongst the company’s peers), as well management’s view on the optimal balance between practical and more granular information.

The results of Global Export and Holding Companies, which includes the company’s global headquarters and the export businesses in countries in which AB InBev has no operations are reported separately. The company six geographic regions plus the Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

(BB) EXCEPTIONAL ITEMS

Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to exceptional items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities.

(CC) DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale.

AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized.

(DD) RECENTLY ISSUED IFRS

To the extent that new IFRS requirements are expected to be applicable in the future, they have been listed hereafter. For the year ended 31 December 2017 they have not been applied in preparing these consolidated financial statements.

The following standards, amendments and interpretations have been issued recently, but are not yet effective:

IFRS 9 Financial Instruments (effective from annual periods beginning on or after 1 January 2018) is the standard issued as part of a wider project to replace IAS 39. IFRS 9 introduces a logical approach for the classification of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held; defines a new expected-loss impairment model that will require more timely recognition of expected credit losses; and introduces a substantially-reformed model for hedge accounting, with enhanced disclosures about risk management activity. The new hedge accounting model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities. IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. The company does not expect that the application of IFRS 9 will have a significant impact on its financial position and/or its financial performance.

IFRS 15 Revenue from Contracts with Customers (effective from annual periods beginning on or after 1 January 2018). The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. In view of the company’s activities, the company does not expect that the application of IFRS 15 will have a significant impact on its financial position and/or its financial performance.

IFRS 16 Leases (effective from annual periods beginning on or after 1 January 2019) replaces the existing lease accounting requirements and represents a significant change in the accounting and reporting of leases that were previously classified as operating leases, with more assets and liabilities to be reported on the balance sheet and a different recognition of lease costs.

The company is in process of assessing the full impact of IFRS 16 and, apart from changes in the presentation of operating leases in the balance sheet, does not expect significant impacts in the consolidated income statement.

Other Standards, Interpretations and Amendments to Standards

A number of other amendments to standards are effective for annual periods beginning after 1 January 2017, and have not been listed above because of either their non-applicability to or their immateriality to AB InBev’s consolidated financial statements.

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Use of Estimates and Judgments

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Use of Estimates and Judgments

4. USE OF ESTIMATES AND JUDGMENTS

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its business operations and the understanding of its results: business combinations, intangible assets, goodwill, impairment, provisions, share-based payments, employee benefits and accounting for current and deferred tax.

The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analyses of goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, in order to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimates of future cash flows.

The company uses its judgment to select a variety of methods including the discounted cash flow method and option valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market conditions existing at each balance sheet date.

Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term employee benefit expense and liability. These factors include assumptions with respect to interest rates, rates of increase in health care costs, rates of future compensation increases, turnover rates, and life expectancy.

The company is subject to income tax in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some subsidiaries within the group are involved in tax audits and local enquiries usually in relation to prior years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the balance sheet date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimation is made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period such determination is made.

Judgments made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are further discussed in the relevant notes hereafter.

In preparing these consolidated financial statements, the significant judgments made by management in applying the company’s accounting policies and the key sources of estimating uncertainty mainly related to the valuation of the individual assets acquired and liabilities assumed as part of the allocation of the SAB purchase price and to the impact on current and deferred taxes of the US tax reform enacted on 22 December 2017, for which a 1.8 billion US dollar adjustment was provisionally estimated and recognized as a exceptional gain per 31 December 2017. This 1.8 billion US dollar adjustment results mainly from the re-measurement of the deferred tax liabilities set up in 2008 in line with IFRS as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets following the change in federal tax rate from 35% to 21%. The company estimated the deemed repatriation tax charge resulting from the Tax reform to be not material. The adjustment represents the company’s current best estimate of the deferred tax liability re-measurement resulting from the Tax reform, including state taxes. The estimate will be updated in 2018 once the company will have analyzed all necessary information , including earnings and profits (E&P) of the foreign subsidiaries of the company’s US operations per 2 November and 31 December 2017 and their cash held abroad to complete the exhaustive computation of the deemed repatration tax and state taxes. During 2018, the company will also assess if a deferred tax liability should be set up in view of the Global Intangible Low-Taxed Income (“GILTI”) provisions of the US tax reform, for which the company did not set up any deferred tax liabilities by 31 December 2017 and believes the impact to be not material. The estimate may change as the company receives additional clarification and implementation guidance from the authorities. Detail is provided in Note 6 Acquisitions and disposals of Subsidiaries, Note 12 Income Taxes and in Note 18 Deferred tax assets and liabilities of these consolidated financial statements.

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Segment Reporting

12 Months Ended

Dec. 31, 2017

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Segment Reporting

5. SEGMENT REPORTING

Segment information is presented by geographical segments, consistent with the information that is available and evaluated regularly by the chief operating decision maker. AB InBev operates its business through seven business segments. Regional and operating company management is responsible for managing performance, underlying risks, and effectiveness of operations. Internally, AB InBev’s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and to make decisions regarding allocation of resources.

The company’s six geographic regions: North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific, plus its Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes.

Given the transformational nature of the transaction with SAB, that closed on 10 October 2016, and to facilitate the understanding of AB InBev’s underlying performance, AB InBev has updated its 2016 segment reporting for purposes of result announcement and internal review by management. This presentation (further referred to as the “2016 Reference base”) includes, for comparative purposes, the SAB results as from the 1^st January 2016. The tables below provide the segment information per segment for the year ended 31 December 2016 and 2017 in the format that is used by management to monitor performance. The former SAB geographies: Colombia, Peru, Ecuador, Honduras and El Salvador are reported together with Mexico as Latin America West, Panama is reported within Latin America North, Africa is reported together with Europe as EMEA, and Australia, India and Vietnam are reported within Asia Pacific. Exports to countries in which AB InBev has operations following the combination, were allocated to the respective regions in the 2016 Reference Base.

The 2016 Reference Base and 2017 segment reporting exclude the results of the SAB businesses sold since the combination was completed, including the joint venture stakes in MillerCoors and CR Snow, and the sale of the Peroni, Grolsch and Meantime brands and associated businesses in Italy, the Netherlands, the UK and internationally. The 2016 Reference Base and 2017 segment reporting also exclude the results of the Central and Eastern Europe business and the stake in Distell. The results of the Central and Eastern Europe business were reported as “Results from discontinued operations” until the completion of the sale that took place on 31 March 2017. The results of Distell were reported as share of results of associates until the completion of the sale that occurred on 12 April 2017, and accordingly, are excluded from normalized EBIT and EBITDA. Furthermore, the company stopped consolidating CCBA in its consolidated financial statements as from the completion of the CCBA disposal on 4 October 2017.

The differences between the 2016 Reference base and the 2016 audited income statement as Reported represent the effect of the combination with SAB.

All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %).

SEGMENT REPORTING (REFERENCE BASE) - UNAUDITED

	North America						Latin America West						Latin America North						Latin America South						EMEA						Asia Pacific						Global Export and holding companies						Effect of acquisition					Consolidated
	2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017		2016 Bridge to Reported			2017			2016 Reported
Volumes		114			117			111			109			119			120			34			32			132			135			102			101			1			2			—		(116	)		613			500
Revenue		15 588			15 698			9 238			8 595			9 775			8 630			3 363			2 850			10 344			9 700			7 804			7 250			332			1 218			—		(8 424	)		56 444			45 517
Normalized EBITDA		6 329			6 250			4 512			3 983			4 180			3 790			1 595			1 431			3 349			2 903			2 695			2 114			(577	)		(837	)		—		(2 881	)		22 084			16 753
Normalized EBITDA margin %		40.6	%		39.8	%		48.8	%		46.3	%		42.8	%		43.9	%		47.4	%		50.2	%		32.4	%		29.9	%		34.5	%		29.2	%													39.1	%		36.8	%
Depreciation, amortization and impairment		(843	)		(809	)		(616	)		(613	)		(848	)		(770	)		(207	)		(191	)		(843	)		(740	)		(660	)		(740	)		(253	)		(252	)		—		638			(4 270	)		(3 477	)
Normalized profit from operations (EBIT)		5 486			5 441			3 896			3 370			3 332			3 020			1 388			1 240			2 507			2 163			2 035			1 374			(830	)		(1 089	)		—		(2 243	)		17 814			13 276

SEGMENT REPORTING (2016 REPORTED)

	North America									Latin America West									Latin America North									Latin America South									EMEA
	2017			2016			20151			2017			2016			20151			2017			2016			20151			2017			2016			20151			2017			2016			20151
Volume		114			117			118			111			64			44			119			118			123			34			32			34			132			75			46
Revenue		15 588			15 698			15 603			9 238			5 188			4 079			9 775			8 461			9 096			3 363			2 850			3 331			10 344			6 010			4 128
Normalized EBITDA		6 329			6 250			6 172			4 512			2 376			2 002			4 180			3 751			4 709			1 595			1 431			1 593			3 349			1 774			1 142
Normalized EBITDA margin %		40.6	%		39.8	%		39.6	%		48.8	%		45.8	%		49.1	%		42.8	%		44.3	%		51.8	%		47.4	%		50.2	%		47.8	%		32.4	%		29.6	%		27.7	%
Depreciation, amortization and impairment		(843	)		(809	)		(754	)		(616	)		(388	)		(350	)		(848	)		(750	)		(689	)		(207	)		(191	)		(182	)		(843	)		(473	)		(342	)
Normalized profit from operations (EBIT)		5 486			5 441			5 418			3 896			1 988			1 652			3 332			3 001			4 020			1 388			1 240			1 411			2 507			1 302			800
Exceptional items (refer Note 8)		4			(29	)		102			(153	)		252			29			(18	)		(20	)		(84	)		(13	)		(12	)		(11	)		(144	)		(118	)		70
Profit from operations (EBIT)		5 490			5 412			5 520			3 743			2 240			1 681			3 314			2 981			3 937			1 375			1 228			1 400			2 363			1 184			870
Net finance income/(cost)
Share of results of associates and joint ventures
Income tax expense
Profit from continuing operations
Discontinued operations
Profit/(loss)
Segment assets (non-current)2		63 045			62 467			61 870			71 219			69 472			21 749			13 756			13 656			11 357			2 396			2 357			2 301			45 920			41 749			4 316
Gross capex		530			895			1 112			1 079			710			515			580			709			1 056			323			389			488			1 086			1 001			466
FTE3		19 306			19 314			16 844			48 892			51 418			32 201			38 651			40 416			39 359			9 603			9 571			9 615			26 823			43 456			11 749

¹  2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information.

²  2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

³  Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year.

	Asia Pacific									Global Export and holding companies									Consolidated
	2017			2016			20151			2017			2016			20151			2017			2016			20151
Volume		102			92			90			1			2			3			613			500			457
Revenue		7 804			6 074			5 784			332			1 237			1 582			56 444			45 517			43 604
Normalized EBITDA		2 695			1 639			1 444			(577	)		(474	)		(225	)		22 084			16 753			16 839
Normalized EBITDA margin %		34.5	%		27.1	%		25.0	%								—			39.1	%		36.8	%		38.6	%
Depreciation, amortization and impairment		(660	)		(658	)		(606	)		(253	)		(210	)		(148	)		(4 270	)		(3 477	)		(3 071	)
Normalized profit from operations (EBIT)		2 035			987			838			(830	)		(683	)		(373	)		17 814			13 276			13 768
Exceptional items (refer Note 8)		(97	)		(84	)		90			(241	)		(383	)		(61	)		(662	)		(394	)		136
Profit from operations (EBIT)		1 939			903			928			(1 071	)		(1 066	)		(434	)		17 152			12 882			13 904
Net finance income/(cost)																				(6 507	)		(8 564	)		(1 453	)
Share of results of associates and joint ventures																				430			16			10
Income tax expense																				(1 920	)		(1 613	)		(2 594	)
Profit from continuing operations																				9 155			2 721			9 867
Discontinued operations																				28			48			—
Profit/(loss)																				9 183			2 769			9 867
Segment assets (non-current)2		24 088			22 071			12 761			1 741			1 797			1 987			222 166			213 569			116 341
Gross capex		635			837			1 166			247			379			225			4 479			4 919			5 028
FTE3		36 386			39 213			40 101			3 254			3 245			2 454			182 915			206 633			152 321

For the period ended 31 December 2017, net revenue from the beer business amounted to 50 301m US dollar (2016: 41 421m US dollar; 2015: 40 595m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 143m US dollar (2016: 4 096m US dollar; 2015: 3 009m US dollar). On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 704m US dollar (2016: 687m US dollar; 2015: 690m US dollar) and non-current assets located in the country of domicile represented 1 658m US dollar (2016: 1 440m US dollar; 2015: 1 169m US dollar).

¹  2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information.

²  2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

³  Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year.

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Acquisitions and Disposals of Subsidiaries

12 Months Ended

Dec. 31, 2017

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Acquisitions and Disposals of Subsidiaries

6. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

COMBINATION WITH SAB

On 10 October 2016, AB InBev announced the completion of the Belgian Merger and the successful completion of the business combination with the former SABMiller Group (“SAB”).

The combination with SAB was implemented through a series of steps, including the acquisition of SAB by Newbelco, a newly incorporated Belgian company formed for the purposes of the combination with SAB, and completed on 10 October 2016. During the final step of the combination with SAB, former AB InBev merged into Newbelco (the “Belgian Merger”) so that, following completion of the combination with SAB, Newbelco, now named Anheuser-Busch InBev SA/NV, became the new holding company for the Combined Group.

Under the terms of the combination with SAB, each SAB shareholder was entitled to receive GBP 45.00 in cash in respect of each SAB share. The combination with SAB also included a partial share alternative (the “Partial Share Alternative”), under which SAB shareholders could elect to receive GBP 4.6588 in cash and 0.483969 Restricted Shares in respect of each SAB share in lieu of the full cash consideration to which they would otherwise be entitled under the combination with SAB (subject to scaling back in accordance with the terms of the Partial Share Alternative).

On 6 October 2016, Newbelco issued 163 276 737 100 ordinary shares (“Initial Newbelco Shares”) to SAB shareholders through a capital increase of 85 531m euro equivalent to 75.4 billion pound sterling, as consideration for 1 632 767 371 ordinary shares of SAB pursuant to a UK law court-sanctioned scheme of arrangement (the “UK Scheme”). Following completion of the tender offer, AB InBev acquired 102 890 758 014 Initial Newbelco Shares tendered into the Belgian offer. Based on the terms of the UK Scheme, all Initial Newbelco Shares not tendered to AB InBev in the context of the Belgian 0ffer (i.e. 60 385 979 086 Initial Newbelco Shares) were reclassified into 325 999 817 restricted shares, in accordance with the mechanism by which any Initial Newbelco Shares that were retained after closing of the Belgian offer were automatically reclassified and consolidated.

The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one basis with effect from the fifth anniversary of completion of the combination. From completion of the combination, such restricted shares rank equally with the new ordinary shares with respect to dividends and voting rights. Following completion of the combination, AB InBev acquired 105 246 SAB shares from option holders that had not exercised their option rights prior to the completion of the combination for a total consideration of 5m euro. Following this transaction AB InBev owns 100 % of the SAB shares.

The SAB purchase consideration is calculated as follows:

	Newbelco number of shares		Newbelco valuation in million pound sterling		Newbelco valuation in million euro
Tender offer		102 890 758 014		46 301		52 522
Converted to restricted shares		60 385 979 086		29 099		33 009	(i)
		163 276 737 100		75 400		85 531
Total equity value at offer in million euro						85 531
Purchase from option holders						5
Total equity value in million euro						85 536
Total equity value in million US dollar						95 288
Foreign exchange hedges and other						7 848	(ii)
Purchase consideration						103 136
Add: fair market value of total debt assumed						11 870
Less: total cash acquired						(1 198	)
Gross purchase consideration						113 808

Notes

(i) The Restricted Share valuation is based on the valuation of the Newbelco shares that were not tendered into the Belgian Offer and has regard to the share price of former AB InBev of the day of the closing of the combination with SAB, adjusted for the specificities of the Restricted Shares in line with fair value measurement rules under IFRS.

(ii) During 2015 and 2016, the company entered into derivative foreign exchange forward contracts, as well as other non-derivative items also documented in a hedge accounting relationship, in order to economically hedge against exposure to changes in the U.S. dollar exchange rate for the cash component of the purchase consideration in pound sterling and South African rand. Although these derivatives and non-derivative items were considered to be economic hedges, only a portion of such derivatives could qualify for hedge accounting under IFRS rules. Since inception of the derivative contracts in 2015 and upon the completion of the combination with SAB, 12.3 billion US dollar negative mark-to-market adjustment related to such hedging were recognized cumulatively over 2015 and 2016, of which 7.4 billion US dollar qualified for hedge accounting and was, accordingly, allocated as part of the consideration paid. The settlement of the portion of the derivatives that did not qualify as hedge accounting was classified as cash flow from financing activities in the consolidated cash flow statement.

AB InBev financed the cash consideration of the transaction with 18.0 billion US dollar drawn down under the 75.0 billion US dollar Committed Senior Acquisition Facilities agreement dated 28 October 2015, as well excess liquidity resulting from the issuance of bonds in 2016 that were mainly invested in US Treasury Bills pending the closing of the combination.

The transaction costs incurred in connection with the transaction, which include transaction taxes, advisory, legal, audit, valuation and other fees and costs, amounted to approximately 1.0 billion US dollar. In addition AB InBev incurred approximately 0.7 billion US dollar of costs in connection with the transaction-related financing arrangements.

In accordance with IFRS, the merger of the former AB InBev into Newbelco is considered for accounting purposes as a reverse acquisition, operation by which Newbelco legally absorbed assets and liabilities of former AB InBev. As a consequence, the legal acquirer (Newbelco) should be considered as the accounting acquiree and the legal acquiree (former AB InBev) should be considered the accounting acquirer. Therefore, the consolidated financial statements represent the continuation of the financial statements of former AB InBev. The assets and liabilities of former AB InBev remained recognized at their pre-combination carrying amounts. The identified assets, liabilities and non-controllinginterests of SAB are recognized in accordance with IFRS 3 Business Combinations.

In 2017, the company completed the purchase price allocation to the individual assets acquired and liabilities assumed as part of the SAB combination, in compliance with IFRS 3.

The valuation of the property, plant and equipment, intangible assets, investment in associates, interest bearing loans and borrowings, employee benefits, other assets and liabilities and non-controlling interests was based on the AB InBev management best estimate of fair value with input from independent third parties.

IFRS 3 requires the acquirer to retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The following table summarizes the provisional and final purchase price allocation of the SAB business with adjustments being retrospectively applied as of 10 October 2016:

Million US dollar	Provisional fair values Reported 2016			Adjustments			Fair values Adjusted 2016
Non-current assets
Property, plant and equipment		9 060			(1 303	)		7 757
Intangible assets		20 040			221			20 261
Investment in associates		4 386			—			4 386
Investment securities		21			—			21
Deferred tax assets		179			—			179
Derivatives		579			—			579
Trade and other receivables		59			—			59
Current assets
Inventories		977			(24	)		953
Income tax receivable		189			—			189
Derivatives		60			—			60
Trade and other receivables		1 257			(39	)		1 218
Cash and cash equivalents		1 410			—			1 410
Assets held for sale		24 805			19			24 824
Non-current liabilities
Interest-bearing loans and borrowings		(9 021	)		—			(9 021	)
Employee benefits		(195	)		—			(195	)
Deferred tax liabilities		(5 801	)		2 983			(2 818	)
Derivatives		(24	)		—			(24	)
Trade and other payables		(146	)		12			(134	)
Provisions		(688	)		62			(626	)
Current liabilities
Bank overdraft		(212	)		—			(212	)
Interest-bearing loans and borrowings		(2 849	)		—			(2 849	)
Income tax payable		(4 310	)		77			(4 233	)
Derivatives		(156	)		—			(156	)
Trade and other payables		(3 520	)		—			(3 520	)
Provisions		(847	)		(330	)		(1 177	)
Net identified assets and liabilities		35 253			1 677			36 930
Non-controlling interests		(6 200	)		—			(6 200	)
Goodwill on acquisition		74 083			(1 677	)		72 406
Purchase consideration		103 136			—			103 136

Given the nature of the adjustments, the impact to the consolidated income statement as of 31 December 2016 is immaterial.

The combination with SAB resulted in 72.4 billion US dollar of goodwill allocated primarily to the businesses in Colombia, Ecuador, Peru, Australia, South Africa and other African, Asia Pacific and Latin American countries. The factors that contributed to the recognition of goodwill include the acquisition of an assembled workforce and the premiums paid for cost synergies expected to be achieved in SAB. Our assessment of the future economic benefits supporting recognition of this goodwill is in part based on expected savings through the implementation of best practices such as, among others, a zero based budgeting program and initiatives that are expected to bring greater efficiency and standardization, generate cost savings and maximize purchasing power. Goodwill also arises due to the recognition of deferred tax liabilities in relation to the fair value adjustments on acquired intangible assets for which the amortization does not qualify as a tax deductible expense. None of the goodwill recognized is deductible for tax purposes.

On 11 October, 2016, AB InBev completed the disposal of SAB’s interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the “Miller International Business” to Molson Coors Brewing Company. The disposal was completed for 12 billion US dollar in cash, subject to a downward purchase price adjustment. AB InBev set up a provision of 330m US dollar as part of the opening balance sheet related to the purchase price adjustment. The parties entered into a settlement agreement on 21 January 2018 for 330m US dollar of which 328m US dollar constitutes the purchase price adjustment amount.

OTHER ACQUISITIONS AND DISPOSALS

The table below summarizes the impact of acquisitions on the Statement of financial position and cash flows of AB InBev for 31 December 2017 and 31 December 2016:

Million US dollar	2017 Acquisitions			2016 Acquisitions			2017 Disposal			2016 Disposal
Non-current assets
Property, plant and equipment		169			286			—			(115	)
Intangible assets		417			679			—			—
Investments in associates		—			62			—			—
Deferred tax assets		—			4			—			—
Employee benefits		—			3			—			—
Trade and other receivables		1			—			—			—
Current assets
Inventories		9			41			—			(17	)
Trade and other receivables		20			28			—			(4	)
Cash and cash equivalents		5			45			—			(75	)
Assets held for sale		27			—			—			—
Non-current liabilities
Interest-bearing loans and borrowings		(1	)		(109	)		—			—
Employee benefits		—			(1	)		—			—
Deferred tax liabilities		(74	)		(11	)		—			6
Trade and other payables		—			—			—			10
Current liabilities
Interest-bearing loans and borrowings		—			(3	)		—			—
Trade and other payables		(24	)		(72	)		—			41
Net identifiable assets and liabilities		549			952			—			(156	)
Non-controlling interest		(114	)		(14	)		—			—
Goodwill on acquisitions and goodwill disposed of		398			803			—			(187	)
Loss/(gain) on disposal		—			—			(42	)		(406	)
Prior year payments		—			(143	)		—			—
Consideration to be paid		(375	)		(365	)		—			—
Net cash paid on prior years acquisitions		136			34			—			(5	)
Consideration paid/(received)		594			1 267			(42	)		(754	)
Cash (acquired)/ disposed of		(5	)		(45	)		—			75
Net cash outflow / (inflow)		589			1 222			(42	)		(679	)

In the first quarter of 2017, AB InBev and Keurig Green Mountain, Inc. established a joint venture for conducting research and development of an in-home alcohol drink system, focusing on the US and Canadian markets. The transaction included the contribution of intellectual property and manufacturing assets from Keurig Green Mountain, Inc. Pursuant to the terms of the joint venture agreement, AB InBev owns 70% of the voting and economic interest in the joint venture. Under IFRS, this transaction was accounted for as a business combination as AB InBev was deemed as the accounting acquirer as per IFRS rules.

During 2017, AB InBev collected 42m US dollar proceeds from prior years’ sale of SeaWorld to Blackstone.

During 2016, AB InBev completed the acquisition of the Canadian rights to a range of primarily spirit-based beers and ciders from Mark Anthony Group. In a separate transaction, Mark Anthony Group agreed to sell certain non-U.S. and non-Canadian trademark rights and other intellectual property to one of the company’s subsidiaries. Mark Anthony Group retains full ownership of its U.S. business, as well as the Canadian wine, spirits and beer import and distribution business.

The company undertook a series of additional acquisitions and disposals during 2016 and 2017, with no significant impact in the company’s consolidated financial statements.

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Other Operating Income/(Expenses)

12 Months Ended

Dec. 31, 2017

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Other Operating Income/(Expenses)

7. OTHER OPERATING INCOME/(EXPENSES)

Million US dollar	2017			2016			2015
Government grants		404			432			668
License income		65			65			73
Net (additions to)/reversals of provisions		(4	)		(50	)		(31	)
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale		154			37			20
Net rental and other operating income		235			248			302
		854			732			1032
Research expenses as incurred		276			244			207

The government grants relate primarily to fiscal incentives given by certain Brazilian states and Chinese provinces, based on the company’s operations and developments in those regions.

In 2017, the company expensed 276m US dollar in research, compared to 244m US dollar in 2016 and 207m US dollar in 2015. The spend focused on product innovations, market research, as well as process optimization and product development.

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Exceptional Items

12 Months Ended

Dec. 31, 2017

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Exceptional Items

8. EXCEPTIONAL ITEMS

IAS 1 Presentation of financial statements requires material items of income and expense to be disclosed separately. Exceptional items are items, which in management’s judgment need to be disclosed by virtue of their size or incidence in order for the user to obtain a proper understanding of the financial information. The company considers these items to be of significance in nature, and accordingly, management has excluded these from their segment measure of performance as noted in Note 5 Segment Reporting.

The exceptional items included in the income statement are as follows:

Million US dollar	2017			2016			2015
Restructuring		(468	)		(323	)		(171	)
Acquisition costs business combinations		(155	)		(448	)		(55	)
Business and asset disposal (including impairment losses)		(39	)		377			524
Impairment of assets		—			—			(82	)
Judicial settlement		—			—			(80	)
Impact on profit from operations		(662	)		(394	)		136

The exceptional restructuring charges for 2017 amount to (468)m US dollar. These charges primarily relate to the SAB integration. These changes aim to eliminate overlapping organizations or duplicated processes, taking into account the right match of employee profiles with the new organizational requirements. These one-time expenses, as a result of the series of decisions, provide the company with a lower cost base in addition to a stronger focus on AB InBev’s core activities, quicker decision-making and improvements to efficiency, service and quality.

2017 acquisition costs of business combinations amount to (155)m US dollar are primarily related to cost incurred to facilitate the combination with SAB.

Business and asset disposals amount to (39)m US dollar by year-end 2017 mainly relate to the costs incurred to complete the diposals of the former SAB Central and Eastern Europe business and CCBA during 2017, partly offset by proceeds from prior years’ sale of SeaWorld to Blackstone.

The exceptional restructuring charges for 2016 total (323)m US dollar. These charges primarily relate to organizational alignments in EMEA and Asia Pacific.

The company incurred exceptional net finance cost of (693)m US dollar by the end of December 2017 (2016: (3 356)m US dollar cost) – see Note 11 Finance cost and income and exceptional income tax income of 830m US dollar mainly related to a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017 partially offset by provisions accrued for tax contingencies covered by the Brazilian Federal Tax Regularization Program entered into by Ambev – see Note 12 Income taxes and Note 18- Deferred tax assets and liabilities,

Non-controlling interest on the exceptional items amounts to 526m US dollar for 2017 (2016: 13m US dollar).

The exceptional restructuring charges for 2015 total (171)m US dollar. These charges primarily relate to the integration of Grupo Modelo and to organizational alignments in North America and EMEA.

Business and asset disposals resulted in a net gain of 524m US dollar as per 31 December 2015, which consists primarily of gains on property sales, and compensation for the termination agreements with Crown Imports for the distribution of Grupo Modelo products through the company’s wholly owned distributors in the US, and with Monster for the distribution of its brands through the Anheuser-Busch distribution system.

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Payroll and Related Benefits

12 Months Ended

Dec. 31, 2017

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Payroll and Related Benefits

9. PAYROLL AND RELATED BENEFITS

Million US dollar	2017			2016			2015
Wages and salaries		(4 884	)		(4 404	)		(3 706	)
Social security contributions		(699	)		(647	)		(633	)
Other personnel cost		(762	)		(580	)		(648	)
Pension expense for defined benefit plans		(196	)		(194	)		(212	)
Share-based payment expense		(359	)		(228	)		(225	)
Contributions to defined contribution plans		(118	)		(77	)		(90	)
		(7 018	)		(6 130	)		(5 514	)
Number of full time equivalents (FTE) at year-end		182 915			206 633			152 321

The number of full time equivalents can be split as follows:

	2017		2016		2015
AB InBev NV (parent company)		215		225		191
Other subsidiaries		182 700		206 408		152 130
		182 915		206 633		152 321

The 2017 increase in payroll and related benefits is mainly due to the full year reporting of the retained operations following the combination with SAB, whereas the reduction in FTEs mainly results from the disposals completed during the year. The 2016 increase in payroll and related benefits and FTEs is mainly due to the business combination with SAB. See also Note 22 – Assets classified as held for sale and discontinued operations.

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Additional Information on Operating Expenses By Nature

12 Months Ended

Dec. 31, 2017

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Additional Information on Operating Expenses By Nature

10. ADDITIONAL INFORMATION ON OPERATING EXPENSES BY NATURE

Depreciation, amortization and impairment charges are included in the following line items of the 2017 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 817		40		—
Distribution expenses		199		4		—
Sales and marketing expenses		425		196		—
Administrative expenses		337		248		—
Other operating expenses		4		—		6
		3 782		488		6

Depreciation, amortization and impairment charges were included in the following line items of the 2016 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 292		21		—
Distribution expenses		143		1		—
Sales and marketing expenses		363		208		—
Administrative expenses		222		218		—
Other operating expenses		2		1		—
		3 025		452		—

Depreciation, amortization and impairment charges were included in the following line items of the 2015 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 122		17		—
Distribution expenses		122		1		—
Sales and marketing expenses		285		173		—
Administrative expenses		170		177		—
Other operating expenses		4		—		—
Exceptional items		12		32		38
		2 715		400		38

The depreciation, amortization and impairment of property, plant and equipment included a full-cost reallocation of 1m US dollar in 2017 from the aggregate depreciation, amortization and impairment expense to cost of goods sold (2016: 9m US dollar; 2015: 3m US dollar).

The 2017 increase in depreciation, amortization and impairment charges is mainly due to the business combination with SAB.

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Finance Cost and Income

12 Months Ended

Dec. 31, 2017

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Finance Cost and Income

11. FINANCE COST AND INCOME

RECOGNIZED IN PROFIT OR LOSS

FINANCE COSTS

Million US dollar	2017			2016			2015
Interest expense		(4 314	)		(4 092	)		(1 833	)
Capitalization of borrowing costs		22			12			28
Net interest on net defined benefit liabilities		(101	)		(113	)		(118	)
Accretion expense		(614	)		(648	)		(326	)
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments)		(304	)		(21	)		—
Net losses on hedging instruments that are not part of a hedge accounting relationship		(674	)		(797	)		—
Tax on financial transactions		(68	)		(70	)		(61	)
Other financial costs, including bank fees		(139	)		(131	)		(107	)
		(6 192	)		(5 860	)		(2 417	)
Exceptional finance cost		(693	)		(3 522	)		(725	)
		(6 885	)		(9 382	)		(3 142	)

Finance costs, excluding exceptional items, increased by 332m US dollar compared to 2016 mainly as a result of interest expense on the bonds issued in 2016 to fund the combination with SAB, as well as interest expenses on the legacy debt of SAB. 2016 finance costs, excluding exceptional items, increased by 3 443m US dollar from prior year driven by higher interest expense, mainly as a result of the issuance of bonds in January and March 2016 in connection with the funding of the combination with SAB, as well as higher accretion expenses and net losses on hedging instruments that are not part of a hedge accounting relationship.

Mark-to-market result on certain derivatives related to the hedging of share-based payment programs reached net losses of 291m US dollar in 2017 (2016: 384m US dollar cost; 2015: 844m US dollar).

Borrowing costs capitalized relate to the capitalization of interest expenses directly attributable to the acquisition and construction of qualifying assets mainly in Brazil and China. Interest is capitalized at a borrowing rate ranging from 4% to 8%.

Exceptional net finance cost for 2017 includes:

• 261m US dollar foreign exchange translation losses on intragroup loans that were historically reported in equity and were recycled to profit and loss account, upon the reimbursement of these loans;

• 44m US dollar related to the Brazilian Federal Tax Regularization Program entered into by Ambev – see note 12 Income taxes;

• 100m US dollar related to accelerated accretion expenses associated to the repayment of the 2015 senior facilities agreement and the early redemption of certain notes. See also Note 24 Interest-bearing loans and borrowings;

• 146m US dollar resulting from mark-to-market adjustments on derivative instruments entered into to hedge the deferred share instrument issued in a transaction related to the combination with Grupo Modelo. By 31 December 2017, 100% of the deferred share instrument had been hedged at an average price of approximately 68 euro per share. See also Note 23 Changes in equity and earnings per share;

• 142m US dollar resulting from mark-to-market adjustments on derivatives entered into to hedge the restricted shares issued in connection with the combination with SAB.

2016 exceptional finance cost mainly relates to:

• 2 693m US dollar negative mark-to-market adjustments related to the portion of the foreign exchange hedging of the purchase price of the combination with SAB that did not qualify for hedge accounting as per IFRS rules;

• 306m US dollar related to accelerated accretion expenses associated to the 2015 senior facilities agreement, as well as commitment fees and other fees;

• 304m US dollar resulting from mark-to-market adjustments on derivative instruments entered into to hedge the deferred share instrument issued in a transaction related to the combination with Grupo Modelo and

• 127m US dollar resulting from mark-to-market adjustments on derivatives entered into to hedge the restricted shares issued in connection with the combination with SAB.

Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk – see also Note 29 Risks arising from financial instruments.

FINANCE INCOME

Million US dollar	2017		2016		2015
Interest income		287		561		339
Net foreign exchange gains (net of the effect of foreign exchange derivative instruments)		—		—		378
Net gains on hedging instruments that are not part of a hedging accounting relationship		—		—		399
Other financial income		91		91		62
		378		652		1 178
Exceptional finance income		—		166		511
		378		818		1 689

No interest income was recognized on impaired financial assets.

The interest income stems from the following financial assets:

Million US dollar	2017		2016		2015
Cash and cash equivalents		207		479		254
Investment debt securities held for trading		16		16		37
Other loans and receivables		64		66		48
		287		561		339

The interest income on other loans and receivables includes the interest accrued on cash deposits given as guarantees for certain legal proceedings pending resolution.

For further information on instruments hedging AB InBev’s foreign exchange risk see Note 29 Risks arising from financial instruments.

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Income Taxes

12 Months Ended

Dec. 31, 2017

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Income Taxes

12. INCOME TAXES

Income taxes recognized in the income statement can be detailed as follows:

Million US dollar	2017			2016			2015
Current tax expense
Current year		(3 833	)		(1 544	)		(2 300	)
(Underprovided)/overprovided in prior years		1			47			95
		(3 832	)		(1 497	)		(2 395	)
Deferred tax (expense)/income
Origination and reversal of temporary differences		1 872			(459	)		(242	)
(Utilization)/recognition of deferred tax assets on tax losses		23			116			3
Recognition of previously unrecognized tax losses		16			227			40
		1 912			(116	)		(199	)
Total income tax expense in the income statement		(1 920	)		(1 613	)		(2 594	)

The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:

Million US dollar	2017			2016			2015
Profit before tax		11 076			4 334			12 461
Deduct share of result of associates and joint ventures		430			16			10
Profit before tax and before share of result of associates and joint ventures		10 646			4 318			12 451
Adjustments on taxable basis
Foreign source income		—			(809	)		(969	)
Government incentives		(982	)		(769	)		(948	)
Taxable intercompany dividends		—			619			173
Expenses not deductible for tax purposes		2 374			4 351			1 559
Other non-taxable income		(178	)		(415	)		(165	)
		11 860			7 296			12 101
Aggregated weighted nominal tax rate		28.5	%		32.7	%		30.5	%
Tax at aggregated weighted nominal tax rate		(3 378	)		(2 387	)		(3 687	)
Adjustments on tax expense
Utilization of tax losses not previously recognized		23			76			32
Recognition of deferred taxes assets on previous years’ tax losses		16			229			40
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized		(143	)		(975	)		(195	)
(Underprovided)/overprovided in prior years		1			63			(95	)
Deductions from interest on equity		553			644			643
Deductions from goodwill		57			63			66
Other tax deductions		723			869			1 033
US Tax reform (change in tax rate and other)		1 760			—			—
Change in tax rate (other)		(59	)		(1	)		12
Withholding taxes		(386	)		(286	)		(450	)
Brazilian Federal Tax Regularization Program		(870	)		—			—
Other tax adjustments		(217	)		93			7
		(1 920	)		(1 613	)		(2 594	)
Effective tax rate		18.0	%		37.4	%		20.8	%

The total income tax expense for 2017 amounts to 1 920m US dollar compared to 1 613m US dollar for 2016. The effective tax rate decrease from 37.4% for 2016 to 18.0% for 2017. The 2017 effective tax rate was positively impacted by a 1.8 billion US dollar adjustment following the US tax reform enacted on 22 December 2017. This 1.8 billion US dollar adjustment results mainly from the re-measurement of the deferred tax liabilities set up in 2008 in line with IFRS as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets following the change in federal tax rate from 35% to 21%. The adjustment represents the company’s current best estimate of the deferred tax liability re-measurement resulting from the US Tax reform and is recognized as a exceptional gain per 31 December 2017. The estimate will be updated in 2018 once the company will have analyzed all necessary information to complete the exhaustive computation. This impact was partially offset by Ambev and certain of its subsidiaries joining the Brazilian Federal Tax Regularization Program in September 2017 whereby Ambev committed to pay some tax contingencies that were under dispute, totaling 3.5 billion Brazilian real (1.1 billion US dollar), with 1.0 billion Brazilian real (0.3 billion US dollar) paid in 2017 and the remaining amount payable in 145 monthly installments starting January 2018, plus interest. Within these contingencies, a dispute related to presumed taxation at Ambev’s subsidiary CRBs was not provided for until September 2017 as the loss was previously assessed as possible. The total amount recognized as exceptional amount to 2.9 billion Brazilian real (0.9 billion US dollar) of which 2.8 billion Brazilian real (0.9 billion US dollar) is reported in the income tax line and 141m Brazilian real (44m US dollar) in the finance line.

The 2016 effective tax rate was negatively impacted by the non-deductible negative mark-to-market adjustment related to the hedging of the purchase price of the combination with SAB that could not qualify for hedge accounting.

The company benefits from tax exempted income and tax credits which are expected to continue in the future. The company does not have significant benefits coming from low tax rates in any particular jurisdiction.

Income taxes were directly recognized in other comprehensive income as follows:

Million US dollar	2017			2016			2015
Income tax (losses)/gains
Re-measurements of post-employment benefits		(39	)		54			(37	)
Cash flow and net investment hedges		(95	)		(258	)		930
		(134	)		(204	)		893

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2017

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Property, Plant and Equipment

13. PROPERTY, PLANT AND EQUIPMENT

	31 December 2017												31 December 2016
Million US dollar	Land and buildings			Plant and equipment, fixtures and fittings			Under construction			Total			Total
Acquisition cost
Balance at end of previous year as reported		12 483			30 611			2 561			45 655			35 329
Adjustments		(469	)		(834	)		—			(1 303	)		—
Balance at end of previous year as adjusted		12 014			29 777			2 561			44 352			35 329
Effect of movements in foreign exchange		378			988			65			1 431			(156	)
Acquisitions		192			1 512			2 518			4 221			4 395
Acquisitions through business combinations		81			85			2			169			9 346
Disposals		(344	)		(1 193	)		(29	)		(1 566	)		(1 683	)
Disposals through the sale of subsidiaries		(14	)		(45	)		—			(60	)		(88	)
Transfer (to)/from other asset categories and other movements12		435			2 594			(2 852	)		177			(1 487	)
Balance at end of the period		12 742			33 717			2 265			48 724			45 655
Depreciation and impairment losses
Balance at end of previous year		(3 065	)		(15 068	)		—			(18 133	)		(16 377	)
Effect of movements in foreign exchange		(118	)		(579	)		—			(697	)		(190	)
Depreciation		(472	)		(3 095	)		—			(3 567	)		(2 986	)
Disposals		141			1 020			—			1 161			1 431
Disposals through the sale of subsidiaries		9			39			—			48			(27	)
Impairment losses		(2	)		(83	)		—			(85	)		(39	)
Transfer to/(from) other asset categories and other movements1		(7	)		(260	)		—			(267	)		56
Balance at end of the period		(3 514	)		(18 026	)		—			(21 540	)		(18 132	)
Carrying amount
at 31 December 2016 as reported		9 418			15 543			2 561			27 522			27 522
at 31 December 2016 as adjusted		8 949			14 709			2 561			26 219			26 219
at 31 December 2017		9 228			15 691			2 265			27 184			—

¹²  The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans and to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.

The carrying amount of property, plant and equipment subject to restrictions on title amounts to 14m US dollar.

Contractual commitments to purchase property, plant and equipment amounted to 550m US dollar as at 31 December 2017 compared to 817m US dollar as at 31 December 2016.

AB InBev’s net capital expenditures amounted to 4 124m US dollar in 2017 and 4 768m US dollar in 2016. Out of the total 2017 capital expenditures approximately 45% was used to improve the company’s production facilities while 30% was used for logistics and commercial investments and 25% was used for improving administrative capabilities and purchase of hardware and software.

LEASED ASSETS

The company leases land and buildings as well as equipment under a number of finance lease agreements. The carrying amount as at 31 December 2017 of leased land and buildings was 300m US dollar (31 December 2016: 302m US dollar).

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Goodwill

12 Months Ended

Dec. 31, 2017

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Goodwill

14. GOODWILL

Million US dollar	31 December 2017			31 December 2016
Acquisition cost
Balance at end of previous year as reported		136 566			65 099
Adjustments		(669	)		—
Balance at end of previous year as adjusted		135 897			65 099
Effect of movements in foreign exchange		4 684			(2 222	)
Disposals through the sale of subsidiaries		—			(187	)
Acquisitions through business combinations		398			74 886
Reclassified as held for sale		—			(1 008	)
Balance at end of the period		140 980			136 566
Impairment losses
Balance at end of previous year		(34	)		(38	)
Impairment losses		(6	)		—
Effect of movements in foreign exchange and other movements		—			4
Balance at end of the period		(40	)		(34	)
Carrying amount
at 31 December 2016 as reported		136 533			136 533
at 31 December 2016 as adjusted		135 864			135 864
at 31 December 2017		140 940			—

Current year acquisitions through business combinations primarily reflect acquisitions of craft breweries in the US and in China, and resulted in the recognition of goodwill of 398m US dollar.

In 2017, the company completed the purchase price allocation to the individual assets acquired and liabilities assumed as part of the SAB combination, including the allocation of goodwill to the different business units in compliance with IFRS 3. The combination with SAB resulting in the recognition of goodwill of 72 406m US dollar (compared to 74 083m US dollar on a provisional basis).

The business combinations that took place in 2016, other than the combination with SAB, resulted in goodwill recognition of 803m US dollar. See also Note 6 Acquisitions and disposals of subsidiaries.

The carrying amount of goodwill was allocated to the different business unit levels as follows:

Million US dollar Business unit	2017		2016 as reported
SAB		—		73 736
USA		33 277		33 056
Colombia		20 425		—
South Africa		18 551		—
Peru		15 074		—
Mexico		12 580		12 035
Rest of Africa		8 326		—
Australia		6 922		—
Brazil		5 523		5 531
South Korea		4 119		3 652
Ecuador		3 925		—
China		2 914		2 710
Honduras & El Salvador		2 335		—
Canada		2 056		1 892
Other countries		4 913		4 928
Reclassified as held for sale13		—		(1 008	)
		140 940		136 533

¹³  See also note 22 Assets classified as held for sale and discontinued operations

AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described below, no impairment charge was warranted.

The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. AB InBev believes that all of its estimates are reasonable: they are consistent with the company’s internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control. During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of the US, Colombia, South Africa, Mexico and Peru, countries that show the highest goodwill. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a business unit’s carrying amount to exceed its recoverable amount.

Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill, which accounted for approximately 57% of AB InBev’s total assets as at 31 December 2017, is tested for impairment at the business unit level (that is one level below the operating segments). The business unit level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination, goodwill is allocated as from the acquisition date to each of AB InBev’s business units that are expected to benefit from the synergies of the combination whenever a business combination occurs.

AB InBev’s impairment testing methodology is in accordance with IAS 36, in which fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted free cash flow approach based on acquisition valuation models for its major business units and the business units showing a high invested capital to EBITDA multiple, and valuation multiples for its other business units.

The key judgments, estimates and assumptions used in the discounted free cash flow calculations are generally as follows:

• In the first three years of the model, free cash flows are based on AB InBev’s strategic plan as approved by key management. AB InBev’s strategic plan is prepared per business unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions;

• For the subsequent seven years of the model, data from the strategic plan is extrapolated generally using simplified assumptions such as macro-economic and industry assumptions, variable cost per hectoliter and fixed cost linked to inflation, as obtained from external sources;

• Cash flows after the first ten-year period are extrapolated generally using expected annual long-term consumer price indices (CPI), based on external sources, in order to calculate the terminal value, considering sensitivities on this metric;

• Projections are discounted at the unit’s weighted average cost of capital (WACC), considering sensitivities on this metric;

• Cost to sell is assumed to reach 2% of the entity value based on historical precedents.

For the main cash generating units, the terminal growth rate applied generally ranged between 0% and 3%.

The WACC applied in US dollar nominal terms were as follows:

Business unit	2017
US		6	%
Colombia		7	%
South Africa		8	%
Mexico		9	%
Peru		7	%
Ecuador		11	%
Australia		6	%
Rest of Africa		10	%

In the sensitivity analysis performed by management, an adverse change of 1% in WACC would not cause a business unit’s carrying amount to exceed its recoverable amount.

The above calculations are corroborated by valuation multiples, quoted share prices for publicly-traded subsidiaries or other available fair value indicators (i.e. recent market transactions from peers).

Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions.

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Intangible Assets

12 Months Ended

Dec. 31, 2017

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Intangible Assets

15. INTANGIBLE ASSETS

	31 December 2017															31 December 2016
Million US dollar	Brands			Commercial intangibles			Software			Other			Total			Total
Acquisition cost
Balance at end of previous year as reported		42 077			2 715			1 872			306			46 969			31 719
Adjustments		—			261			(40	)		—			221			—
Balance at end of previous year as adjusted		42 077			2 976			1 832			306			47 191			31 719
Effect of movements in foreign exchange		973			110			170			33			1 286			(805	)
Acquisitions through business combinations		411			—			—			6			417			20 723
Acquisitions and expenditures		8			24			124			156			312			563
Disposals		—			(32	)		(95	)		(64	)		(191	)		(161	)
Transfer (to)/from other asset categories and other movements14		(67	)		(174	)		146			(49	)		(144	)		(5 070	)
Balance at end of period		43 402			2 904			2 177			388			48 871			46 969
Amortization and impairment losses
Balance at end of previous year		(32	)		(1 124	)		(1 151	)		(94	)		(2 401	)		(2 042	)
Effect of movements in foreign exchange		—			(49	)		(88	)		(2	)		(139	)		34
Amortization		—			(198	)		(275	)		(25	)		(498	)		(446	)
Impairment losses		—			—			—			—			—			(3	)
Disposals		—			23			56			10			89			142
Transfer to/(from) other asset categories and other movements1		—			(31	)		(14	)		(3	)		(48	)		(86	)
Balance at end of period		(32	)		(1 379	)		(1 472	)		(114	)		(2 997	)		(2 401	)
Carrying value
at 31 December 2016 as reported		42 045			1 591			720			212			44 568			44 568
at 31 December 2016 as adjusted		42 045			1 852			681			212			44 789			44 789
at 31 December 2017		43 370			1 525			705			274			45 874			—

AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution rights. Given AB InBev’s more than 600-year history, brands and certain distribution rights have been assigned indefinite lives.

Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-year sponsorship rights and other commercial intangibles.

Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchases for its own products, and are tested for impairment during the fourth quarter of the year or whenever a triggering event has occurred. As of 31 December 2017, the carrying amount of the intangible assets amounted to 45 874m US dollar (31 December 2016: 44 568m US dollar) of which 43 595m US dollar was assigned an indefinite useful life (31 December 2016: 42 272m US dollar) and 2 279m US dollar a finite life (31 December 2016: 2 296m US dollar).

The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows:

Million US dollar Country	2017		2016
USA		21 960		21 570
Colombia		3 820		3 803
South Africa		3 899		3 518
Mexico		3 058		2 920
Peru		2 825		2 731
Australia		2 773		2 373
South Korea		1 058		938
Ecuador		595		604
China		403		373
Dominican Republic		353		366
Rest of Africa		1 353		1 364
Other countries		1 498		1 712
		43 595		42 272

¹⁴  The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans and to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.

Intangible assets with indefinite useful lives have been tested for impairment using the same methodology and assumptions as disclosed in Note 14 Goodwill. Based on the assumptions described in that note, AB InBev concluded that no impairment charge is warranted. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company is not aware of any reasonable possible change in a key assumption used that would cause a business unit’s carrying amount to exceed its recoverable amount.

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Investments in Associates

12 Months Ended

Dec. 31, 2017

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Investments in Associates

16. INVESTMENTS IN ASSOCIATES

A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows:

	2017						2016
Million US dollar	Castel15			Efes			Castel1			Efes
Balance at 1 January		2 793			750			—			—
Combination with SAB		—			—			2 932			895
Dividends received		(23	)		—			—			—
Share of results of associates		354			(2	)		18			(27	)
Effect of movements in foreign exchange		356			(54	)		(158	)		(119	)
Balance at 31 December		3 480			694			2 793			750

Summarized financial information of the company’s material associates is as follows:

	2017						2016
Million US dollar	Castel1			Efes			Castel1			Efes
Current assets		4 894			2 415			3 970			1 058
Non-current assets		3 912			5 243			2 900			4 668
Current liabilities		1 724			1 106			1 391			561
Non-current liabilities		857			2 494			547			1 570
Non-controlling interests		879			1 520			762			1 464
Net assets		5 346			2 538			4 170			2 131
Revenue		5 447			3 415			1 236			659
Profit (loss)		746			(7	)		42			(111	)
Other comprehensive income (loss)		(94	)		553			(108	)		75
Total comprehensive income (loss)		652			546			(66	)		(35	)

Reconciliation of the above summarized financial information to the carrying amount of the interest in Castel and Efes recognized in the consolidated financial statements is as follows:

	2017				2016
Million US dollar	Castel1		Efes		Castel1		Efes
Net assets of the associate		5 346		2 538		4 170		2 131
Interest in associates (%)		20-40		24		20-40		24
Interest in associate		1 293		609		939		511
Goodwill		2 187		85		1 854		239
Carrying amount of investment in associates		3 480		694		2 793		750

During 2017, associates that are not individually material contributed to 78m US dollar to the results of investment in associates (2016: 47m US dollar).

Additional information related to the significant associates is presented in Note 36 AB InBev Companies.

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Investment Securities

12 Months Ended

Dec. 31, 2017

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Investment Securities

17. INVESTMENT SECURITIES

Million US dollar	2017		2016
Non-current investments
Investments in unquoted companies – available for sale		76		58
Debt securities held to maturity		24		24
		100		82
Current investments
Debt securities held for trading		1 304		5 659
		1 304		5 659

¹⁵  Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd, Marocaine d’Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I’Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up Castel’s African beverage operations. Details of individual ownership percentages are included in Note 36 AB InBev companies.

As of 31 December 2017, current debt securities of 1 304m US dollar mainly represented investments in US Treasury Bills. The company’s investments in such short-term debt securities are primarily to facilitate liquidity and for capital preservation.

The securities available for sale consist of investments in unquoted companies and are measured at cost as their fair value cannot be reliably determined.

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Deferred Tax Assets and Liabilities

12 Months Ended

Dec. 31, 2017

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Deferred Tax Assets and Liabilities

18. DEFERRED TAX ASSETS AND LIABILITIES

The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:

	2017
Million US dollar	Assets			Liabilities			Net
Property, plant and equipment		324			(2 586	)		(2 262	)
Intangible assets		113			(11 387	)		(11 274	)
Inventories		114			(63	)		51
Trade and other receivables		148			(62	)		86
Interest-bearing loans and borrowings		431			(646	)		(215	)
Employee benefits		663			(10	)		653
Provisions		562			(17	)		545
Derivatives		40			(49	)		(9	)
Other items		200			(796	)		(596	)
Loss carry forwards		1 130			—			1 130
Gross deferred tax assets/(liabilities)		3 725			(15 616	)		(11 891	)
Netting by taxable entity		(2 509	)		2 509			—
Net deferred tax assets/(liabilities)		1 216			(13 107	)		(11 891	)

	2016
Million US dollar	Assets			Liabilities			Net
Property, plant and equipment		533			(4 017	)		(3 484	)
Intangible assets		200			(14 863	)		(14 663	)
Inventories		145			(95	)		50
Trade and other receivables		74			(59	)		15
Interest-bearing loans and borrowings		322			(456	)		(134	)
Employee benefits		704			(22	)		682
Provisions		578			(234	)		344
Derivatives		42			(30	)		12
Other items		147			(1 119	)		(972	)
Loss carry forwards		1 278			—			1 278
Reclassified as held for sale		(4	)		1 459			1 455
Gross deferred tax assets/(liabilities)		4 019			(19 436	)		(15 417	)
Netting by taxable entity		(2 758	)		2 758			—
Net deferred tax assets/(liabilities) as reported		1 261			(16 678	)		(15 417	)
Adjustments		—			1 975			1 975
Net deferred tax assets/(liabilities) as adjusted		1 261			(14 703	)		(13 442	)

The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:

Million US dollar	2017			2016			2015
Balance at 1 January as reported		(15 417	)		(10 780	)		(11 643	)
Adjustments		1 975			—			—
Balance at 1 January as adjusted		(13 442	)		(10 780	)		(11 643	)
Recognized in profit or loss		1 912			(116	)		(199	)
Recognized in other comprehensive income		(134	)		(204	)		893
Acquisitions through business combinations		(74	)		(5 623	)		(7	)
Reclassified as held for sale		—			1 455			—
Other movements and effect of changes in foreign exchange rates		(153	)		(149	)		176
Balance at 31 December as reported		(11 891	)		(15 417	)		(10 780	)
Balance at 31 December as adjusted		—			(13 442	)		—

Following the US Tax reform enancted on 22 December 2017 whereby the US Federal tax rate was reduced from 35% to 21%, the company adjusted the deferred tax liabilities set up in 2008 in line with IFRS, as part of the purchase price accounting of the combination with Anheuser Busch and certain deferred tax assets. This adjustment provisionally estimated at 1.8 billion US dollar was recognized as a exceptional tax gain – see also Note 12 – Income Taxes.

Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of such temporary differences is unlikely to revert within 12 months.

On 31 December 2017, a deferred tax liability of 111m US dollar (2016: 121m US dollar; 2015: 235m US dollar) relating to investment in subsidiaries has not been recognized because management believes that this liability will not be incurred in the foreseeable future.

Tax losses carried forward and deductible temporary differences on which no deferred tax asset is recognized amount to 4 449m US dollar (2016: 4 499m US dollar; 2015: 2 766m US dollar). 2 077m US dollar of these tax losses and deductible temporary differences do not have an expiration date, 67m US dollar, 88m US dollar and 116m US dollar expire within respectively 1, 2 and 3 years, while 2 101m US dollar have an expiration date of more than 3 years. Deferred tax assets have not been recognized on these items because it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences.

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Inventories

12 Months Ended

Dec. 31, 2017

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Inventories

19. INVENTORIES

Million US dollar	2017		2016 Adjusted		2016 Reported
Prepayments		101		90		90
Raw materials and consumables		2 304		2 119		2 143
Work in progress		387		391		391
Finished goods		1 216		1 166		1 166
Goods purchased for resale		111		124		124
		4 119		3 889		3 913
Inventories other than work in progress
Inventories stated at net realizable value		57		42		42
Carrying amount of inventories subject to collateral		—		—		—

The cost of inventories recognized as an expense in 2017 amounts to 21 386m US dollar, included in cost of sales (2016: 17 803m US dollar; 2015: 17 137m US dollar).

Impairment losses on inventories recognized in 2017 amount to 72m US dollar (2016: 70m US dollar; 2015: 21m US dollar).

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Trade and Other Receivables

12 Months Ended

Dec. 31, 2017

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Trade and Other Receivables

20. TRADE AND OTHER RECEIVABLES

NON-CURRENT TRADE AND OTHER RECEIVABLES

Million US dollar	2017		2016
Cash deposits for guarantees		209		200
Loans to customers		13		15
Deferred collection on disposals		11		11
Tax receivable, other than income tax		68		105
Trade and other receivables		533		537
		834		868

For the nature of cash deposits for guarantees see Note 31 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other.

CURRENT TRADE AND OTHER RECEIVABLES

Million US dollar	2017		2016 Adjusted		2016 Reported
Trade receivables and accrued income		4 752		4 523		4 562
Interest receivable		6		10		10
Tax receivable, other than income tax		368		572		572
Loans to customers		166		85		85
Prepaid expenses		428		316		316
Other receivables		846		846		846
		6 566		6 352		6 391

The fair value of trade and other receivables equals their carrying amounts as the impact of discounting is not significant.

The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current loans to customers can be detailed as follows for 2017 and 2016 respectively:

	Net carrying amount as of December 31, 2017		Of which: neither impaired nor past due on the reporting date		Of which not impaired as of the reporting date and past due
					Less than 30 days		Between 30 and 59 days		Between 60 and 89 days		More than 90 days
Trade receivables and accrued income		4 752		4 369		265		47		40		31
Loans to customers		179		179		—		—		—		—
Interest receivable		6		6		—		—		—		—
Other receivables		846		803		19		6		14		4
		5 783		5 357		284		53		54		35

	Net carrying amount as of December 31, 2016		Of which: neither impaired nor past due on the reporting date		Of which not impaired as of the reporting date and past due
					Less than 30 days		Between 30 and 59 days		Between 60 and 89 days		More than 90 days
Trade receivables and accrued income		4 562		4 201		189		64		37		70
Loans to customers		100		96		—		2		2		—
Interest receivable		10		10		—		—		—		—
Other receivables		846		721		42		21		6		56
		5 518		5 028		231		87		45		126

In accordance with IFRS 7 Financial Instruments: Disclosures, the above analysis of the age of financial assets that are past due as at the reporting date but not impaired also includes non-current loans to customers. Past due amounts were not impaired when collection is still considered likely, for instance because the amounts can be recovered from the tax authorities or AB InBev has sufficient collateral. Impairment losses on trade and other receivables recognized in 2017 amount to 59m US dollar (2016: 40m US dollar).

AB InBev’s exposure to credit, currency and interest rate risks is disclosed in Note 29 Risks arising from financial instruments.

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Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2017

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Cash and Cash Equivalents

21. CASH AND CASH EQUIVALENTS

Million US dollar	31 December 2017			31 December 2016
Short-term bank deposits		3 896			3 231
Treasury Bills		—			250
Cash and bank accounts		6 576			5 098
Cash and cash equivalents		10 472			8 579
Bank overdrafts		(117	)		(184	)
		10 355			8 395

The cash outstanding per 31 December 2017 includes restricted cash for an amount of 2m US dollar (31 December 2016: 2m US dollar). This restricted cash refers to outstanding consideration payable to former Anheuser-Busch shareholders who did not yet claim the proceeds from the 2008 combination.

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Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2017

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Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations

22. ASSETS CLASSIFIED AS HELD FOR SALE, LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS CLASSIFIED AS HELD FOR SALE

Million US dollar	31 December 2017			31 December 2016
Balance at the end of previous year as reported		16 439			48
Adjustments		19			—
Balance at the end of previous year as adjusted		16 458			48
Combination with SAB		—			24 805
Disposals from SAB transaction-related divestitures		(15 514	)		(16 342	)
Reclassified to assets held for sale in the period		91			7 959
Disposals		(26	)		(28	)
Effect of movements in foreign exchange		132			(51	)
Other movements		(1 008	)		48
Balance at the end of year as reported		133			16 439
Balance at the end of year as adjusted		—			16 458

LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE

Million US dollar	31 December 2017			31 December 2016
Balance at the end of previous year		2 174			—
Reclassified to assets held for sale in the period		—			2 174
Disposals from SAB transaction-related divestitures		(1 166	)		—
Other movements		(1 008	)		—
Balance at the end of year		—			2 174

Completion of CCBA disposal

On 4 October 2017, AB InBev announced the completion of the transition of its 54.5% equity stake in Coca-Cola Beverages Africa (“CCBA”) for 3.15 billion US dollar, after customary adjustments. AB InBev stopped consolidating CCBA in its consolidated financial statements as of that date.

CCBA, the largest Coca-Cola bottler in Africa, was formed in 2016 through the combination of the African non-alcohol ready-to-drink bottling interests of SAB, The Coca-Cola Company and Gutsche Family Investments. It includes the countries of South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte, and Comoros.

Following completion, CCBA will remain subject to the agreement reached with the South African Government and the South African Competition Authorities on several conditions, all of which were previously announced.

In addition the companies continue to work towards finalizing the terms and conditions of the agreement for The Coca-Cola Company to acquire AB InBev’s interest in, or the bottling operations of, its businesses in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador, and Honduras. These transactions are subject to the relevant regulatory and shareholder approvals in the different jurisdictions. By 31 December 2017, the assets and liabilities of the above operations were not reported as assets classified as held for sale and liabilities associated with assets held for sale.

SAB announced divestitures

Proceeds from assets held for sale in the period also relate to the completion of the divestitures of the businesses formerly owned by SAB in Poland, the Czech Republic, Slovakia, Hungary and Romania, and the completion of the sale of the company’s indirect shareholding in Distell Group Limited in South Africa to the Public Investment Corporation Limited. The results of the Central and Eastern European businesses acquired through the SAB combination exclusively with a view to resale, qualified as discontinued operations and have been presented as such in these consolidated financial statements until the completion of the disposal on 31 March 2017. The results of Distell were reported as share of results of associates until the completion of the disposal on 12 April 2017.

On 11 October 2016, the company completed the disposals of SAB’s interests in MillerCoors and the global Miller brand, SAB’s interest in China Resources Snow Breweries and part of SAB’s European business. These businesses had been classified as assets held for sale upon the combination with SAB.

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Changes in Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2017

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Changes in Equity and Earnings Per Share

23. CHANGES IN EQUITY AND EARNINGS PER SHARE

STATEMENT OF CAPITAL

The tables below summarize the changes in issued capital and treasury shares during 2017:

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		1 693
Restricted shares		326

TREASURY SHARES	Treasury shares					Result on the use of treasury shares
	Million shares		Million US dollar			Million US dollar
At the end of the previous year		85.5		(8 980	)		(1 452	)
Changes during the period		—		—			—
		85.5		(8 980	)		(1 452	)

The 2016 equity was impacted by the Combination with SAB. The Combination was implemented through a series of steps and completed on the 10th of October. During the final step of the proposed structure, the former Anheuser-Busch InBev SA/NV (the “former AB InBev”) has merged into Newbelco SA/NV (“Newbelco”), and Newbelco has become the holding company for the combined former AB InBev and SAB groups. All assets and liabilities of the former AB InBev have been transferred to Newbelco, and Newbelco has automatically been substituted for the former AB InBev in all its rights and obligations by operation of Belgian law. Newbelco has been renamed Anheuser-Busch InBev SA/NV, and the former AB InBev has been dissolved by operation of Belgian law.

The combination resulted in a series of equity reorganizations:

• On 6 October 2016, Newbelco issued 163 276 737 100 ordinary shares (“Initial Newbelco Shares”) to SAB shareholders through a capital increase of 85 531m euro represented by 8 553m euro capital (9 528 m US dollar) and 76 978m euro share premium (85 754m US dollar), as consideration for 1 632 767 371 ordinary shares of SAB pursuant to a UK law court-sanctioned scheme of arrangement (the “UK Scheme”).

• Following completion of the tender offer, AB InBev acquired 102 890 758 014 Initial Newbelco Shares tendered into the Belgian offer equivalent to 555 466 167 new ordinary shares considering the consolidation factor of 185.233168056448 defined in the UK Scheme.

• Based on the terms of the UK Scheme, all Initial Newbelco Shares not tendered to AB InBev in the context of the Belgian offer (i.e. 60 385 979 086 Initial Newbelco Shares) were reclassified into 325 999 817 restricted shares, in accordance with the mechanism by which any Initial Newbelco Shares that were retained after closing of the Belgian offer were automatically reclassified and consolidated.

• After the Belgian offer and, upon completion of the Belgian merger, all shares acquired by AB InBev in the Belgian offer were cancelled except for the equivalent of 85 000 000 of new ordinary shares, which were retained by Newbelco and held as treasury after completion of the Belgian Merger, as decided by the general meeting of Newbelco in the notarial deed approving the merger of former AB InBev into Newbelco and in accordance with the Belgian Companies Code. As a result of the merger the share premium was reduced by 52 522m euro (58 510m US dollar) against undistributable reserves, 44 485m euro (49 556m US dollar) of such reserves were cancelled upon cancellation of the shares acquired by AB InBev in the Belgian offer, and 8 037m euro (8 953m US dollar) undistributable reserves remained outstanding against the 85 000 000 treasury shares in accordance with Belgian Companies Code.

Upon the merger, the capital and share premium of Newbelco were further reorganized. Newbelco’s share capital was reduced by 8 553m euro (9 528m US dollar) and its issue premium account was reduced by 24 456m euro (27 244m USD) to create distributable reserves of 33 009m euro (36 772m US dollar) as decided by the general meeting of Newbelco in the notarial deed approving the merger of former AB InBev into Newbelco and in accordance with the Belgian Companies Code. Each such step became effective simultaneously with the merger of former AB InBev into Newbelco upon completion of the SAB transaction.

As discussed in Note 6 – Acquisition and disposal of subsidiaries, in accordance with IFRS, the merger between the former AB InBev into Newbelco is considered for accounting purposes as a reverse acquisition, operation by which Newbelco legally absorbed assets and liabilities of former AB InBev. As a consequence, the legal acquirer (Newbelco) is the accounting acquiree and the legal acquiree (former AB InBev) is the accounting acquirer.

IFRS 3 requires that the comparative equity structure of the accounting acquirer (former AB InBev) be restated using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. As the exchange ratio resulting from the Belgian Merger represented one new ordinary share issued to the AB InBev shareholders in exchange for one former AB InBev Share, without any cash compensation, no restatement of comparative figures was deemed needed.

The tables below summarize the changes in issued capital and treasury shares during 2016:

	Issued capital
FORMER AB INBEV – PRE MERGER	Million shares			Million US dollar
At the end of the previous year and pre-merger		1 608			1 736
		1 608			1 736
	Issued capital
ISSUED CAPITAL – IMPACT MERGER	Million shares			Million US dollar
6 October capital increase		881			9 528
Cancellation of acquired shares		(470	)		—
Share for share exchange former AB InBev		1 608			1 736
Transfer to reserves		—			(9 528	)
		2 019			1 736
Of which:
Ordinary shares		1 693
Restricted shares		326

TREASURY SHARES	Treasury shares						Result on the use of treasury shares16
	Million shares			Million US dollar			Million US dollar
At the end of the previous year		1.9			(202	)		(1 424	)
Treasury shares as a result of the Belgian Merger		85.0			(8 953	)		—
Other changes during the period		(1.4	)		175			(28	)
		85.5			(8 980	)		(1 452	)

As at 31 December 2017, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It is represented by 2 019 241 973 shares without nominal value, of which 85 541 785 are held in treasury by AB InBev and its subsidiaries. All shares are new ordinary shares, except for 325 999 817 Restricted Shares. As at 31 December 2017, the total of authorized, un-issued capital amounts to 37m euro.

The treasury shares held by the company are reported in equity in Treasury shares.

The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev, rights are suspended.

The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things, restrictions on transfer until converted into new ordinary shares. The restricted shares will be convertible at the election of the holder into new ordinary shares on a one-for-one basis with effect from the fifth anniversary of completion of the SAB combination. From completion of the SAB combination, such restricted shares will rank equally with the new ordinary shares with respect to dividends and voting rights.

The shareholders’ structure based on the notifications made to the company pursuant to the Belgian Law of 02 May 2007 on the disclosure of significant shareholdings in listed companies is included in the Corporate Governance section of AB InBev’s annual report.

CHANGES IN OWNERSHIP INTERESTS

In compliance with IFRS 10, the acquisition of additional shares in a subsidiary is accounted for as an equity transaction with owners.

During 2017, AB InBev purchased non-controlling interests in subsidiaries for a total consideration of 206m US dollar. As the related subsidiaries were already fully consolidated, the purchases did not impact AB InBev’s profit, but reduced the non-controlling interests and thus impacted the profit attributable to equity holders of AB InBev.

REPORT ACCORDING TO ARTICLE 624 OF THE BELGIAN COMPANIES CODE - PURCHASE OF OWN SHARES

During 2017, the company proceeded with the following sale transactions:

• 778 668 shares were granted to executives of the group according to the company’s executive remuneration policy;

• 3 025 512 shares were sold, as a result of the exercise of options granted to employees of the group.

At the end of the period, the group owned 85 541 785 own shares of which 85 000 000 were held directly by AB InBev. The par value of the shares is 0.61 euro. As a consequence, the shares that were sold during the year 2017 represent 2 783 038 US dollar (2 320 550 euro) of the subscribed capital and the shares that the company still owned at the end of 2017 represent 62 580 115 US dollar ( 52 180 489 euro) of the subscribed capital.

DIVIDENDS

On 25 October 2017, an interim dividend of 1.60 euro per share or 3 089m euro was approved by the Board of Directors. This interim dividend was paid out on 16 November 2017. On 28 February 2018, in addition to the interim dividend paid on 16 November 2017, a dividend of 2.00 euro per share or 3 867m euro was proposed by the Board of Directors, reflecting a total dividend payment for 2017 fiscal year of 3.60 euro per share or 6 956m euro.

On 27 October 2016, an interim dividend of 1.60 euro per share or 3 091m euro was approved by the Board of Directors. This interim dividend was paid out on 17 November 2016. On 26 April 2017, in addition to the interim dividend paid on 17 November 2016, a dividend of 2.00 euro per share or 3 856m euro was approved at the shareholders meeting, reflecting a total dividend payment for 2016 fiscal year of 3.60 euro per share or 6 947m euro. The dividend was paid out on 4 May 2017.

TRANSLATION RESERVES

The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment hedges in conformity with IAS 39 Financial Instruments: Recognition and Measurement hedge accounting rules.

¹⁶  During 2016, the company reclassified the results of treasury shares to retained earnings

HEDGING RESERVES

The hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent the hedged risk has not yet impacted profit or loss.

TRANSFERS FROM SUBSIDIARIES

The amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain emerging market countries, and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient. As at 31 December 2017, the restrictions above mentioned were not deemed significant on the company’s ability to access or use the assets or settle the liabilities of its operating subsidiaries.

Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding tax, if applicable, generally does not exceed 15%.

DEFERRED SHARE INSTRUMENT

In a transaction related to the combination with Grupo Modelo, selected Grupo Modelo shareholders committed, upon tender of their Grupo Modelo shares, to acquire 23 076 922 AB InBev shares to be delivered within 5 years for a consideration of approximately 1.5 billion US dollar. The consideration was paid on 5 June 2013. Pending the delivery of the AB InBev shares, AB InBev will pay a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders are compensated on an after tax basis, for dividends they would have received had the AB InBev shares been delivered to them prior to the record date for such dividend.

The deferred share instrument is classified as an equity instrument, in line with IAS 32, as the number of shares and consideration received are fixed. The coupon to compensate for the dividend equivalent is reported through equity. On 4 May 2017, the company paid a coupon of 2.00 euro per share or approximately 51m US dollar. On 16 November 2017, the company paid a coupon of 1.60 euro per share or approximately 42m US dollar.

STOCK LENDING

In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 19 million of its own ordinary shares. As of 31 December 2017, the outstanding balance of loaned securities amounted to 19 million, of which 17 million were used to fulfil stock option plan commitments. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend.

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 2017		(14 758	)		744			(1 612	)		(15 626	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		1 053			—			—			1 053
Cash flow hedges		—			(158	)		—			(158	)
Re-measurements of post-employment benefits		—			—			(53	)		(53	)
Total comprehensive income		1 053			(158	)		(53	)		842
As per 31 December 2017		(13 705	)		586			(1 665	)		(14 784	)
Million US dollar	Translation reserves			Hedging reserves			Post-employment benefits			Total OCI reserves
As per 1 January 2016		(11 493	)		(1 217	)		(1 400	)		(14 110	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(3 265	)		—			—			(3 265	)
Foreign exchange contracts recognized in equity in relation to the SAB combination		—			(7 099	)		—			(7 099	)
Foreign exchange contracts reclassified from equity
in relation to the SAB combination					8 837						8 837
Cash flow hedges		—			223			—			223
Re-measurements of post-employment benefits		—			—			(212	)		(212	)
Total comprehensive income		(3 265	)		1 961			(212	)		(1 516	)
As per 31 December 2016		(14 758	)		744			(1 612	)		(15 626	)

Million US dollar	Translation reserves			Hedging reserves			Post- employment benefits			Total OCI reserves
As per 1 January 2015		(5 336	)		557			(1 447	)		(6 226	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(6 157	)		—			—			(6 157	)
Foreign exchange contracts recognized in equity in relation to the SAB combination		—			(1 738	)		—			(1 738	)
Cash flow hedges		—			(36	)		—			(36	)
Re-measurements of post-employment benefits		—			—			47			47
Total comprehensive income		(6 157	)		(1 774	)		47			(7 884	)
As per 31 December 2015		(11 493	)		(1 217	)		(1 400	)		(14 110	)

EARNINGS PER SHARE

The calculation of basic earnings per share for the year ended 31 December 2017 is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m 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	2017		2016			2015
Issued ordinary and restricted shares at 1 January, net of treasury shares		1 934		1 606			1 607
Effect of restricted shares issued upon the SAB combination		—		94			—
Effect of shares issued and share buyback programs		—		(20	)		(2	)
Effect of stock lending		14		12			10
Effect of undelivered shares under the deferred share instrument		23		23			23
Weighted average number of ordinary and restricted shares at 31 December		1 971		1 717			1 638

The calculation of diluted earnings per share is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar; 31 December 2015: 8 273m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows:

Million shares	2017		2016		2015
Weighted average number of ordinary and restricted shares at 31 December		1 971		1 717		1 638
Effect of share options and restricted stock units		39		38		30
Weighted average number of ordinary and restricted shares (diluted) at 31 December		2 010		1 755		1 668

The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows:

Million US dollar	2017			201617			20151
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev		7 967			4 853			8 513
Exceptional items, before taxes (refer to Note 8)		(662	)		(394	)		136
Exceptional finance income/(cost), before taxes (refer to Note 8)		(693	)		(3 356	)		(214	)
Exceptional taxes (refer to Note 8)		830			77			(201	)
Exceptional non-controlling interest (refer to Note 8)		526			13			39
Profit from discontinued operations		28			48			—
Profit attributable to equity holders of AB InBev		7 996			1 241			8 273

The table below sets out the EPS calculation:

Million US dollar	2017		2016		2015
Profit attributable to equity holders of AB InBev		7 996		1 241		8 273
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
Basic EPS from continuing and discontinued operations		4.06		0.72		5.05
Profit from continuing operations attributable to equity holders of AB InBev		7 968		1 193		8 273
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
Basic EPS from continuing operations		4.04		0.69		5.05
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev		7 967		4 853		8 513
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
EPS from continuing operations before exceptional items		4.04		2.83		5.20
Profit attributable to equity holders of AB InBev		7 996		1 241		8 273
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing and discontinued operations		3.98		0.71		4.96
Profit from continuing operations attributable to equity holders of AB InBev		7 968		1 193		8 273
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing operations		3.96		0.68		4.96
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev		7 967		4 853		8 513
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing operations before exceptional items		3.96		2.77		5.10

¹⁷  Reclassified to conform to 2017 presentation.

The average market value of the company’s shares for purposes of calculating the dilutive effect of share options and restricted stock units was based on quoted market prices for the period that the options and restricted stock units were outstanding. 5m share options were anti-dilutive and not included in the calculation of the dilutive effect as at 31 December 2017.

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Interest-Bearing Loans and Borrowings

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Interest-Bearing Loans and Borrowings

24. 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 29 Risks arising from financial instruments.

NON-CURRENT LIABILITIES Million US dollar	2017		2016
Secured bank loans		230		210
Unsecured bank loans		153		8 266
Unsecured bond issues		108 327		105 146
Unsecured other loans		53		111
Finance lease liabilities		186		208
		108 949		113 941

CURRENT LIABILITIES Million US dollar	2017		2016
Secured bank loans		272		652
Commercial papers		1 870		2 053
Unsecured bank loans		739		1 396
Unsecured bond issues		4 510		4 481
Unsecured other loans		15		10
Finance lease liabilities		27		26
		7 433		8 618

The current and non-current interest-bearing loans and borrowings amount to 116.4 billion US dollar as of 31 December 2017, compared to 122.6 billion US dollar as of 31 December 2016.

Commercial papers amount to 1.9 billion US dollar as of 31 December 2017 and include programs in US dollar and euro with a total authorized issuance up to 3.0 billion US dollar and 1.0 billion euro, respectively.

During 2017, AB InBev completed the issuance of the following series of bonds:

Issue date	Aggregate principal amount (in millions)		Currency	Interest rate	Maturity date
15 May 2017		1 300	Canadian dollar	2.600%	15 May 2024
15 May 2017		700	Canadian dollar	4.320%	15 May 2047
24 May 2017		650	Pound sterling	1.750%	7 March 2025
24 May 2017		700	Pound sterling	2.250%	24 May 2029
24 May 2017		900	Pound sterling	2.850%	25 May 2037
6 September 2017		550	Australian dollar	3.250%	6 September 2022
6 September 2017		650	Australian dollar	3.750%	6 September 2024
6 September 2017		450	Australian dollar	4.100%	6 September 2027
6 September 2017		300	Australian dollar	3M BBSW + 97bps	6 September 2022

In connection with the combination with SAB, AB InBev entered into a 75.0 billion US dollar Committed Senior Acquisition Facilities agreement dated 28 October 2015 to fund the cash consideration of the transaction. The financing consisted of a 10.0 billion US dollar Disposal Bridge Facility, a 15.0 billion US dollar Cash/DCM Bridge Facility A, a 15.0 billion US dollar Cash/DCM Bridge Facility B, a 25.0 billion US dollar Term Facility A, and a 10.0 billion US dollar Term Facility B, (“2015 senior facilities agreement”).

During the first half of 2016, AB InBev cancelled the Bridge to Cash / DCM Facilities A & B and Term Facility A for a total of 55 billion US dollar of the 75.0 billion US dollar Committed Senior Acquisition Facilities following the issuance of bonds to pre-finance the SAB combination.

On 6 October 2016, the company drew down 8.0 billion US dollar under the Term Facility B and 10.0 billion US dollar under the Disposal Bridge Facility to finance the acquisition of SAB and announced that it had chosen to make an additional voluntary cancellation of 2.0 billion US dollar of the Term Facility B. On 20 October 2016, the company fully repaid the Disposal Bridge Facility, following completion of the disposals of SAB’s interests in MillerCoors and the global Miller brand, SAB’s interest in China Resources Snow Breweries and part of SAB’s European business – see also Note 6 – Acquisitions and disposals of subsidiaries of the 31 December 2016 consolidated financial statements.

On 10 April 2017, the company repaid 6 billion US dollar of the 8 billion US dollar Term Facility B and on 12 June 2017, AB InBev fully repaid the remaining 2 billion US dollar outstanding. This Term Loan was the last remaining facility of the 75 billion US dollar credit facilities raised in October 2015 to finance the combination with SAB. A summation of the Facilities, related cancellations and drawdowns as of 31 December 2017 is presented below:

Facility	Term		Applicable Margin (bps)		Original Amount (billion US dollar)		2016 Cancellation (billion US dollar)			October 2016 Drawdown (billion US dollar)			October 2016 Repayment (billion US dollar)		April 2017 Repayment (billion US dollar)		June 2017 Repayment (billion US dollar)
Term Facility A		3 Years		LIBOR + 110		25.0		(25.0	)		—			—		—		—
Term Facility B		5 Years		LIBOR + 125		10.0		(2.0	)		(8.0	)		—		6.0		2.0
Disposal Bridge Facility		1 Year		LIBOR + 100		10.0		—			(10.0	)		10.0		—		—
Bridge to Cash / DCM Facility A		1 Year		LIBOR + 100		15.0		(15.0	)		—			—		—		—
Bridge to Cash / DCM Facility B		2 Years		LIBOR + 100		15.0		(15.0	)		—			—		—		—
						75.0		(57.0	)		(18.0	)		10.0		6.0		2.0

The facilities bore interest calculated at the LIBOR rate for a period equal to the length of the interest period plus an applicable margin. The margins on each facility were determined based on ratings assigned by rating agencies to AB InBev long-term debt. For Term Facility B, the margin ranged between 1.00% per annum and 1.45% per annum.

Customary commitment fees were payable on any undrawn but available funds under the 2015 senior facilities agreement. These fees were recorded in 2016 as exceptional finance cost.

On 19 April 2017, the company announced the final results of U.S. private exchange offers for any and all of the outstanding notes listed below in exchange for a combination of AB InBev’s notes due 2048 and cash:

Issuer	Title of series of notes issued exchanged	Original principal amount outstanding (thousand US dollar)	Principal amount outstanding exchanged18 (thousand US  dollar)		Principal amount not exchanged (thousand US dollar)
Anheuser-Busch Companies	7.55% Debentures due 2030	200 000		74 046		125 954
Anheuser-Busch Companies	6.80% Debentures due 2031	200 000		19 986		180 014
Anheuser-Busch Companies	6.80% Debentures due 2032	300 000		126 932		173 068
Anheuser-Busch Companies	5.95% Debentures due 2033	300 000		148 183		151 817
Anheuser-Busch Companies	5.75% Debentures due 2036	300 000		192 686		107 314
Anheuser-Busch Companies	6.45% Debentures due 2037	500 000		252 556		247 444
Anheuser Busch InBev Worldwide Inc.	6.375% Notes due 2040	500 000		255 575		244 425
Anheuser-Busch Companies	6.00% Debentures due 2041	250 000		83 583		166 417
Anheuser-Busch Companies	6.50% Debentures due 2042	250 000		74 449		175 551
Anheuser-Busch Companies	6.50% Debentures due 2043	300 000		122 392		177 608

The new notes mature on 6 October 2048 and will bear interest at a rate per annum of 4.439%.

On 11 October 2017, AB InBev announced that the company exercised its option to redeem in full the entire outstanding principal amount of the following series of notes on 10 November 2017:

Issuer	Title of series of notes	Aggregate principal amount (million US dollar)
Anheuser-Busch InBev Finance	1.25% Notes due 2018	1 000
Anheuser-Busch InBev Worldwide	6.50% Notes due 2018	627
Anheuser-Busch Companies	4.50% Notes due 2018	200
Anheuser-Busch Companies	5.50% Notes due 2018	500
ABI SAB Group Holding Limited	6.50% Notes due 2018	73

The total principal amount of the retired notes was 2.4 billion US dollar and the redemption of the notes was financed with cash.

In 2017, the company extended the maturity date of the 9.0 billion US dollar 2010 senior facilities by two years to a new maturity date of August 30, 2022. As at 31 December 2017, there are no amounts drawn down under the 9.0 billion US dollar 2010 senior facilities.

AB InBev is in compliance with all its debt covenants as of 31 December 2017. The 2010 senior facilities do not include restrictive financial covenants.

TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar	Total		1 year or less		1-2 years		2-3 years		3-5 years		More than 5 years
Secured bank loans		502		272		128		18		33		51
Commercial papers		1 870		1 870		—		—		—		—
Unsecured bank loans		892		739		122		31		—		—
Unsecured bond issues		112 837		4 510		9 956		9 389		18 441		70 541
Unsecured other loans		68		15		18		7		3		25
Finance lease liabilities		213		27		29		20		23		114
		116 382		7 433		10 253		9 465		18 500		70 731
TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2016 Million US dollar	Total		1 year or less		1-2 years		2-3 years		3-5 years		More than 5 years
Secured bank loans		862		652		107		26		21		56
Commercial papers		2 053		2 053		—		—		—		—
Unsecured bank loans		9 662		1 396		195		91		7 980		—
Unsecured bond issues		109 627		4 481		6 234		10 032		18 697		70 183
Unsecured other loans		121		10		20		15		22		54
Finance lease liabilities		234		26		26		31		46		105
		122 559		8 618		6 582		10 195		26 766		70 398
FINANCE LEASE LIABILITIES Million US dollar	2017 Payments		2017 Interests		2017 Principal		2016 Payments		2016 Interests		2016 Principal
Less than one year		42		15		27		45		19		26
Between one and two years		42		13		29		43		16		27
Between two and three years		31		11		20		44		13		31
Between three and five years		40		17		23		70		24		46
More than 5 years		146		32		114		144		40		104
		301		88		213		346		112		234

¹⁸  In accordance to IAS 39 the exchanged bonds were kept at their previous amortized cost in accordance to IAS 39 rules.

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. The company believes that net debt is meaningful for investors as it is one of the primary measures AB InBev’s management uses when evaluating its progress towards deleveraging.

AB InBev’s net debt decreased to 104.4 billion US dollar as of 31 December 2017, from 108.0 billion US dollar as of 31 December 2016. Apart from operating results net of capital expenditures, the net debt is mainly impacted by the proceeds from the announced divestitures completed during 2017 (11.7 billion US dollar), the payment of taxes on disposals completed in 2016 (3.4 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (9.3 billion US dollar), the payment of interests and taxes (6.0 billion US dollar) and the impact of changes in foreign exchange rates (4.2 billion US dollar increase of net debt).

The following table provides a reconciliation of AB InBev’s net debt as at 31 December:

Million US dollar	2017			2016
Non-current interest-bearing loans and borrowings		108 949			113 941
Current interest-bearing loans and borrowings		7 433			8 618
		116 382			122 559
Bank overdrafts		117			184
Cash and cash equivalents		(10 472	)		(8 579	)
Interest bearing loans granted and other deposits (included within Trade and other receivables)		(309	)		(528	)
Debt securities (included within Investment securities)		(1 328	)		(5 683	)
Net debt		104 390			107 953

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Employee Benefits

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Employee Benefits

25. EMPLOYEE BENEFITS

AB InBev sponsors various post-employment benefit plans worldwide. These include pension plans, both defined contribution plans, and defined benefit plans, and other post-employment benefits. In accordance with IAS 19 Employee Benefits post-employment benefit plans are classified as either defined contribution plans or defined benefit plans.

DEFINED CONTRIBUTION PLANS

For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions constitute an expense for the year in which they are due. For 2017, contributions paid into defined contribution plans for the company amounted to 118m US dollar compared to 77m US dollar for 2016 and to 90m US dollar for 2015. The increase mainly results from the combination with SAB.

DEFINED BENEFIT PLANS

During 2017, the company contributed to 86 defined benefit plans, of which 64 are retirement or leaving service plans, 18 are medical cost plans and 4 other long-term employee benefit plans. Most plans provide retirement and leaving service benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded, the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practice in each country. The medical cost plans in Barbados, Brazil, Canada, Colombia, South Africa and US provide medical benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants.

The present value of funded obligations includes a 230m US dollar liability related to two medical plans in Brazil, for which the benefits are provided through the Fundação Antonio Helena Zerrenner (“FAHZ”). The FAHZ is a legally distinct entity which provides medical, dental, educational and social assistance to current and retired employees of Ambev. On 31 December 2017, the actuarial liabilities related to the benefits provided by the FAHZ are fully offset by an equivalent amount of assets existing in the fund. The net liability recognized in the balance sheet is nil.

The employee benefit net liability amounts to 2 971m US dollar as of 31 December 2017 compared to 3 004m US dollar as of 31 December 2016. In 2017, the fair value of the plan assets increased by 446m US dollar and the defined benefit obligations increased by 458m US dollar. The decrease in the employee benefit net liability is mainly driven by positive asset returns and decreases in the irrecoverable surplus.

The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December:

Million US dollar	2017			2016
Present value of funded obligations		(7 506	)		(7 044	)
Fair value of plan assets		5 623			5 177
Present value of net obligations for funded plans		(1 883	)		(1 867	)
Present value of unfunded obligations		(904	)		(908	)
Present value of net obligations		(2 787	)		(2 775	)
Unrecognized asset		(111	)		(168	)
Net liability		(2 898	)		(2 943	)
Other long term employee benefits		(73	)		(73	)
Reclassified as held for sale		—			12
Total employee benefits		(2 971	)		(3 004	)
Employee benefits amounts in the balance sheet:
Liabilities		(2 993	)		(3 014	)
Assets		22			10
Net liability		(2 971	)		(3 004	)

The changes in the present value of the defined benefit obligations are as follows:

Million US dollar	2017			2016			2015
Defined benefit obligation at 1 January		(7 952	)		(7 594	)		(8 585	)
Current service costs		(74	)		(73	)		(81	)
Interest cost		(340	)		(347	)		(354	)
Past service gain/(cost)		17			8			8
Settlements		6			174			3
Benefits paid		502			482			517
Contribution by plan participants		(4	)		(4	)		(4	)
Acquisition and disposal through business combination		—			(260	)		—
Actuarial gains/(losses) – demographic assumptions		24			(1	)		4
Actuarial gains/(losses) – financial assumptions		(264	)		(607	)		283
Experience adjustments		(21	)		37			14
Exchange differences		(343	)		256			606
Transfers and other movements		39			(23	)		(5	)
Defined benefit obligation at 31 December		(8 410	)		(7 952	)		(7 594	)

As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.9 billion US dollar relating to active employees, 1.6 billion US dollar relating to deferred members and 4.9 billion US dollar relating to members in retirement.

The changes in the fair value of plan assets are as follows:

Million US dollar	2017			2016			2015
Fair value of plan assets at 1 January		5 177			5 075			5 773
Interest income		239			249			253
Administration costs		(22	)		(24	)		(20	)
Return on plan assets exceeding interest income		233			297			(211	)
Contributions by AB InBev		315			302			275
Contributions by plan participants		4			4			4
Benefits paid net of administration costs		(502	)		(478	)		(517	)
Acquisition through business combination		—			68			—
Assets distributed on settlements		(7	)		(164	)		—
Exchange differences		214			(155	)		(482	)
Transfers and other movements		(28	)		3			—
Fair value of plan assets at 31 December		5 623			5 177			5 075

Actual return on plans assets amounted to a gain of 472m US dollar in 2017 compared to a gain of 546m US dollar in 2016 and to a gain of 42m US dollar in 2015.

The changes in the unrecognized asset are as follows:

Million US dollar	2017			2016			2015
Irrecoverable surplus impact at 1 January		(168	)		(137	)		(171	)
Interest expense		(17	)		(17	)		(15	)
Changes excluding amounts included in interest expense		74			(14	)		49
Irrecoverable surplus impact at 31 December		(111	)		(168	)		(137	)

The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows:

Million US dollar	2017			2016			2015
Current service costs		(74	)		(73	)		(81	)
Administration costs		(22	)		(24	)		(20	)
Past service cost due to plan amendments and curtailments		17			8			8
(Losses)/gains on settlements		—			10			(2	)
(Losses)/gains on due to experience and demographic assumption changes		3			—			—
Profit from operations		(76	)		(79	)		(95	)
Net finance cost		(120	)		(115	)		(116	)
Total employee benefit expense		(196	)		(194	)		(211	)

The employee benefit expense is included in the following line items of the income statement:

Million US dollar	2017			2016			2015
Cost of sales		(24	)		(59	)		(64	)
Distribution expenses		(10	)		(9	)		(8	)
Sales and marketing expenses		(15	)		(13	)		(14	)
Administrative expenses		(29	)		(15	)		(17	)
Other operating (expense)/income		(4	)		10			6
Exceptional items		6			7			2
Net finance cost		(120	)		(115	)		(116	)
		(196	)		(194	)		(211	)

Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows:

	2017
	United States			Canada			Mexico			Brazil			United Kingdom			AB InBev
Discount rate		3.7	%		3.6	%		8.0	%		10.0	%		2.6	%		4.0	%
Price inflation		2.5	%		2.0	%		3.5	%		4.3	%		3.3	%		2.7	%
Future salary increases		—			1.0	%		4.3	%		5.6	%		—			3.5	%
Future pension increases		—			2.0	%		3.5	%		4.3	%		3.0	%		2.8	%
Medical cost trend rate		6.2%-5.0	%		4.5	%		—			7.9	%		—			6.8%-6.4	%
Life expectation for a 65 year old male		85			87			82			85			87			85
Life expectation for a 65 year old female		88			89			85			88			89			88
	2016
	United States			Canada			Mexico			Brazil			United Kingdom			AB InBev
Discount rate		4.2	%		3.9	%		7.8	%		10.5	%		2.7	%		4.4	%
Price inflation		2.5	%		2.0	%		3.5	%		4.5	%		3.4	%		2.8	%
Future salary increases		—			1.0	%		4.8	%		5.8	%		—			3.5	%
Future pension increases		—			2.0	%		3.5	%		4.5	%		3.1	%		2.8	%
Medical cost trend rate		7.0%-5.0	%		4.5	%		—			8.2	%		—			7.2%-6.5	%
Life expectation for a 65 year old male		85			86			82			85			87			86
Life expectation for a 65 year old female		88			89			85			88			89			88

Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number of risks, the most significant are detailed below:

INVESTMENT STRATEGY

In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. Within this framework, the company’s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligation.

ASSET VOLATILITY

In general, the company’s funded plans are invested in a combination of equities and bonds, generating high but volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature, the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since 2015, the company started the implementation of a new pension de-risking strategy to reduce the risk profile of certain plans by reducing gradually the current exposure to equities and shifting those assets to fixed income securities.

CHANGES IN BOND YIELDS

A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.

INFLATION RISK

Some of the company’s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan’s assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation could potentially increase the company’s net benefit obligation.

LIFE EXPECTANCY

The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities.

The weighted average duration of the defined benefit obligation is 13.8 years (2016: 14.0 years; 2015: 14.4 years).

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:

Million US dollar	2017
	Change in assumption			Increase in assumption			Decrease in assumption
Discount rate		0.5	%		(530	)		581
Price inflation		0.5	%		172			(130	)
Future salary increase		0.5	%		28			(23	)
Medical cost trend rate		1	%		55			(47	)
Longevity		One year			248			(246	)

The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key assumptions are not linear.

Sensitivities are what is reasonably possible changes in assumptions and they are calculated using the same approach as was used to determine the defined benefit obligation. Therefore, the above information is not necessarily a reasonable representation of future results.

The fair value of plan assets at 31 December consists of the following:

	2017									2016
	Quoted			Unquoted			Total			Quoted			Unquoted			Total
Government bonds		27	%		—			27	%		30	%		—			30	%
Corporate bonds		37	%		—			37	%		38	%		—			38	%
Equity instruments		26	%		—			26	%		22	%		—			22	%
Property		—			4	%		4	%		—			3	%		3	%
Insurance contracts and others		5	%		1	%		6	%		6	%		1	%		7	%
		95	%		5	%		100	%		96	%		4	%		100	%

AB InBev expects to contribute approximately 311m US dollar for its funded defined benefit plans and 79m US dollar in benefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2018.

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Share-Based Payments

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Share-Based Payments

26. SHARE-BASED PAYMENTS¹⁹

Different share and share option programs allow company senior management and members of the board of directors to receive or acquire shares of AB InBev or Ambev. AB InBev has three primary share-based compensation plans, the share-based compensation plan (“Share-Based Compensation Plan”), established in 2006 and amended as from 2010, the long-term incentive warrant plan (“LTI Warrant Plan”), established in 1999 and replaced by a long-term incentive stock option plan for directors (“LTI Stock Option Plan Directors”) in 2014, and the long-term incentive stock-option plan for executives (“LTI Stock Option Plan Executives”), established in 2009. For all option plans, the fair value of share-based payment compensation is estimated at grant date, using a binomial Hull model, modified to reflect the IFRS 2 Share-based Payment requirement that assumptions about forfeiture before the end of the vesting period cannot impact the fair value of the option. All the company share-based payment plans are equity-settled.

Share-based payment transactions resulted in a total expense of 359m US dollar for the year 2017, as compared to 228m US dollar for the year 2016 and 225m US dollar for the year 2015.

AB INBEV SHARE-BASED COMPENSATION PROGRAMS

Share-Based Compensation Plan

As from 1 January 2010, the structure of the Share-Based Compensation Plan for certain executives, including the executive board of management and other senior management in the general headquarters, has been modified. From 1 January 2011, the new plan structure applies to all other senior management. Under this plan, the executive board of management and other senior employees will receive their bonus in cash but have the choice to invest some or all of the value of their bonus in AB InBev shares with a five-year vesting period, referred to as bonus shares. Such voluntary investment leads to a 10% discount to the market price of the shares. The company will also match such voluntary investment by granting three matching shares for each bonus share voluntarily invested in, up to a limited total percentage of each

¹⁹  Amounts have been converted to US dollar at the average rate of the period, unless otherwise indicated.

participant’s bonus. The percentage of the variable compensation that is entitled to get matching shares varies depending on the position of the executive. The matching is based on the gross amount of the variable compensation invested. The discount shares and matching shares are granted in the form of restricted stock units which have a five-year vesting period. Additionally, the holders of the restricted stock units may be entitled to receive from AB InBev additional restricted stock units equal to the dividends declared since the restricted stock units were granted.

During 2017, AB InBev issued 0.3m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 31m US dollar and cliff vest after five years. During 2016, AB InBev issued 0.7m of matching restricted stock units in relation to bonus granted to company employees and management. These matching restricted stock units are valued at the share price at the day of grant representing a fair value of approximately 85m US dollar and cliff vest after five years.

LTI Stock Option Plan for Directors

Before 2014, the company issued regularly warrants, or rights to subscribe for newly issued shares under the LTI Warrant Plan for the benefit of directors and, until 2006, for the benefit of members of the executive board of management and other senior employees. LTI warrants were subject to a vesting period ranging from one to three years. Forfeiture of a warrant occurs in certain circumstances when the holder leaves the company’s employment.

Since 2007, members of the executive board of management and other employees are no longer eligible to receive warrants under the LTI Warrant Plan, but instead receive a portion of their compensation in the form of shares and options granted under the Share-Based Compensation Plan and the LTI Stock Option Plan Executives.

Since 2014, directors are no longer eligible to receive warrants under the LTI Warrant Plan. Instead, on 30 April 2014, the annual shareholders meeting decided to replace the LTI Warrant Plan by a LTI Stock Option plan for directors. As a result, grants for directors now consist of LTI stock options instead of LTI warrants (i.e. the right to purchase existing shares instead of the right to subscribe to newly issued shares). Grants are made annually at the company’s shareholders meeting on a discretionary basis upon recommendation of the Remuneration Committee. The LTI stock options have an exercise price that is set equal to the market price at the time of the granting, a maximum lifetime of 10 years and an exercise period that starts after 5 years. The LTI stock options cliff vest after 5 years. Unvested options are subject to specific forfeiture provisions in the event that the directorship is not renewed upon the expiry of its term or is terminated in the course of its term, both due to a breach of duty by the director.

Furthermore, at the annual shareholders meeting of 30 April 2014, all outstanding LTI warrants granted under the company’s LTI Warrant Plan were converted into LTI stock options, i.e. the right to purchase existing ordinary shares of Anheuser-Busch InBev SA/NV instead of the right to subscribe to newly issued shares. All other terms and conditions of the existing grants under the LTI Warrant Plan remain unchanged.

AB InBev granted 0.2m stock options to members of the board of directors during 2017 representing a fair value of approximately 4m US dollar (2016: 0.2m stock options with a fair value of approximately 5m US dollar).

LTI Stock Option Plan for Executives

As from 1 July 2009, senior employees are eligible for an annual long-term incentive to be paid out in LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential.

During 2017 AB InBev issued 7.8m LTI stock options with an estimated fair value of 149m US dollar, whereby 1.4m options relate to American Depositary Shares (ADSs) and 6.4m options to AB InBev shares. In December 2016 AB InBev issued 4.6m LTI stock options with an estimated fair value of 83m US dollar, whereby 1.3m options relate to American Depositary Shares (ADSs) and 3.3m options to AB InBev shares.

Exceptional incentive stock options

During 2017, approximately 6.5m options were granted to a selected group of members of the senior management of the company considering the significant contribution that these employees can make to the success of the company and the achievement of integration benefits. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 118m US dollar (2016: 13.2m options with an estimated fair value of 228m US dollar).

The options have a duration of 10 years from grant and vest on 1 January 2022. The options only become exercisable provided a performance test is met. Members of the Executive Board of Management were granted an aggregate amount of 1.8m options under this program.

During 2017, approximately 0.8m options were granted to employees of SAB. The grant results from the commitment that AB InBev has made under the terms of the combination with SAB, that it would, for at least one year, preserve the terms and conditions for employment of all employees that remain with SAB. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 14m US dollar (2016: 1.3m options with an estimated fair value of 29m US dollar).

The options have a duration of 10 years as from granting and vest after 3 years. Specific forfeiture rules apply if the employee leaves the company before the vesting date.

During 2017, approximately 18m options were granted to a selected group of members of the senior management of the company, including a number of members of our Executive Board of Management, under a new long term special incentive Plan which is designed to incentivize and retain senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 360m US dollar.

The options have a duration of 15 years from grant and vest on 1 January 2028. The options only become exercisable provided a performance test is met. Specific forfeiture rules apply if the employee leaves the company before the performance test achievement or vesting date.

Performance related incentive plan for Disruptive Growth Function

In 2016 the company implemented a new performance related incentive plan which will substitute the long-term incentive stock option plan for executives of the Disruptive Growth Function. This function was created in 2015 to accelerate new business development opportunities, focusing on initiatives in e-commerce, mobile, craft and branded experiences such as brew pubs.

During 2017, approximately 2.0m performance units were granted to senior management of the Disruptive Growth Function (2016: approximately 2.4m performance units). The value of the performance units will depend on the return of the Disruptive Growth business area. Out of these, 0.2m performance units were granted to a member of the Executive Board of Management.

The units vest after 5 years provided a performance test is met. Specific forfeiture rules apply in case the executive leaves the company.

Other Grants

AB InBev has in place three specific long-term incentive programs.

One program allows for the offer of restricted stock units to certain employees in certain specific circumstances, whereby grants are made at the discretion of the CEO, e.g. to compensate for assignments of expatriates in countries with difficult living conditions. The restricted stock units vest after five years and in case of termination of service before the vesting date, special forfeiture rules apply. In 2017, 0.1m restricted stock units with an estimated fair value of 9m US dollar were granted under this program to a selected number of employees (2016: 0.4m restricted stock units with an estimated fair value of 40m US dollar).

A second program allows for the exceptional offer of restricted stock units to certain employees at the discretion of the Remuneration Committee of AB InBev as a long-term retention incentive for key employees of the company. Employees eligible to receive a grant under this program receive two series of restricted stock units, the first half of the restricted stock units vesting after five years, the second half after ten years. In case of termination of service before the vesting date, special forfeiture rules apply. As of 2017, instead of restricted stock units, stock options may be granted under the program with similar vesting and forfeiture rules. During 2017, 0.8m options were granted under the program to a member of the Executive Board of Management. Each option gives the grantee the right to purchase one existing AB InBev share. The options granted have an estimated fair value of 15m US dollar. In 2016, 0.2m restricted stock units with an estimated fair value of 18m US dollar were granted under this program to a selected number of employees.

A third program allows certain employees to purchase company shares at a discount aimed as a long-term retention incentive for (i) high-potential employees of the company, who are at a mid-manager level (“People bet share purchase program”) or (ii) for newly hired employees. The voluntary investment in company shares leads to the grant of an amount of matching restricted stock units or stock options which vest after 5 years. In case of termination before the vesting date, special forfeiture rules apply. In 2017, employees purchased 0.1m shares under this program for the equivalent of 5 m US dollar (2016: equivalent of 0.5m US dollar). Out of these, 0.1m shares were purchased by a member of the Executive Board of Management.

In order to maintain consistency of benefits granted to executives and to encourage international mobility of executives, an options exchange program can be executed whereby unvested options are exchanged against restricted shares that remain locked-up until 5 years after the end of the initial vesting period. In 2017, 0.3m options were exchanged against ordinary blocked shares. In 2016, no unvested options were exchanged against ordinary blocked shares. The shares that result from the exercise of the options must in principle remain locked-up until 31 December 2023. Furthermore, certain options granted have been modified whereby the dividend protected feature of these options have been cancelled and compensated by the issuance of new additional options. In 2017, no new options were issued. In 2016, 0.2m new options were issued, representing the economic value of the dividend protection feature.

The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2017 grants of awards described above are as follows:

Amounts in US dollar unless otherwise indicated20	2017			2016			2015
Fair value of options granted		19.94			17.40			21.78
Share price		117.77			103.77			125.29
Exercise price		117.77			103.77			125.29
Expected volatility		23	%		24	%		24	%
Expected dividends		3.00	%		3.00	%		3.00	%
Risk-free interest rate		0.72	%		0.54	%		0.82	%

Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility, AB InBev is excluding the volatility measured during the period 15 July 2008 until 30 April 2009, in view of the extreme market conditions experienced during that period. The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. As a result, no single expected option life applies.

²⁰  Amounts have been converted to US dollar at the closing rate of the respective period.

The total number of outstanding AB InBev options developed as follows:

Million options	2017			2016			2015
Options outstanding at 1 January		64.9			47.6			45.6
Options issued during the year		35.0			20.4			9.7
Options exercised during the year		(3.0	)		(2.2	)		(6.6	)
Options forfeited during the year		(3.9	)		(0.9	)		(1.1	)
Options outstanding at the end of December		93.0			64.9			47.6

The range of exercise prices of the outstanding options is between 10.32 euro (12.38 US dollar)¹ and 121.95 euro (146.25 US dollar) while the weighted average remaining contractual life is 7.32 years.

Of the 93.0m outstanding options 9.8m are vested at 31 December 2017.

The weighted average exercise price of the AB InBev options is as follows:

Amounts in US dollar1	2017		2016		2015
Options outstanding at 1 January		76.25		64.50		51.35
Granted during the year		117.24		104.71		126.67
Exercised during the year		38.94		32.45		32.47
Forfeited during the year		108.26		88.68		54.88
Outstanding at the end of December		98.32		76.25		64.50
Exercisable at the end of December		59.66		40.62		37.15

For share options exercised during 2017, the weighted average share price at the date of exercise was 102.60 euro (123.04 US dollar).

The total number of outstanding AB InBev restricted stock units developed as follows:

Million restricted stock units	2017			2016			2015
Restricted stock units outstanding at 1 January		5.8			5.6			5.8
Restricted stock units issued during the year		0.7			1.4			1.0
Restricted stock units exercised during the year		(0.7	)		(1.1	)		(1.0	)
Restricted stock units forfeited during the year		(0.4	)		(0.1	)		(0.2	)
Restricted stock units outstanding at the end of December		5.4			5.8			5.6

AMBEV SHARE-BASED COMPENSATION PROGRAMS

Since 2005, Ambev has had a plan which is substantially similar to the Share-based compensation plan under which bonuses granted to company employees and management are partially settled in shares. Under the Share-based compensation plan, Ambev issued 0.8 m restricted stock units in 2017 with an estimated fair value of 5m US dollar.

As from 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (or, in future, similar share-based instruments), depending on management’s assessment of the employee’s performance and future potential. In 2017, Ambev granted 20.4m LTI stock options with an estimated fair value of 42m US dollar (2016: 24.8m LTI stock options with an estimated fair value of 44m US dollar).

The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2017 Ambev grants are as follows:

Amounts in US dollar unless otherwise indicated21	2017	2016	2015
Fair value of options granted	1.97	1.90	2.01
Share price	5.99	5.27	4.72
Exercise price	5.99	5.27	4.72
Expected volatility	27%	27%	27%
Expected dividends	0.00% - 5.00%	0.00% - 5.00%	0.00% - 5.00%
Risk-free interest rate	10.10%	12.40%	15.90%

The total number of outstanding Ambev options developed as follows:

Million options	2017			2016			2015
Options outstanding at 1 January		131.3			121.7			126.1
Options issued during the year		20.4			24.8			16.6
Options exercised during the year		(13.5	)		(11.6	)		(20.0	)
Options forfeited during the year		(2.9	)		(3.7	)		(1.0	)
Options outstanding at the end of December		135.2			131.3			121.7

²¹  Amounts have been converted to US dollar at the closing rate of the respective period.

The range of exercise prices of the outstanding options is between 0.01 Brazilian real (0.00 US dollar) and 26.09 Brazilian real (7.89 US dollar) while the weighted average remaining contractual life is 6.40 years.

Of the 135.2m outstanding options 40.2m options are vested at 31 December 2017.

The weighted average exercise price of the Ambev options is as follows:

Amounts in US dollar1	2017		2016		2015
Options outstanding at 1 January		4.19		3.17		3.79
Granted during the year		5.99		5.27		4.72
Exercised during the year		1.76		0.77		1.29
Forfeited during the year		5.41		3.94		5.21
Outstanding at the end of December		4.92		4.26		3.17
Exercisable at the end of December		1.14		1.12		0.84

For share options exercised during 2017, the weighted average share price at the date of exercise was 18.87 Brazilian real (5.71 US dollar).

The total number of outstanding Ambev restricted stock units developed as follows:

Million restricted stock units	2017			2016			2015
Restricted stock units outstanding at 1 January		19.3			19.1			17.5
Restricted stock units issued during the year		0.8			7.3			2.7
Restricted stock units exercised during the year		(2.9	)		(6.1	)		(0.8	)
Restricted stock units forfeited during the year		(0.9	)		(1.0	)		(0.3	)
Restricted stock units outstanding at the end of December		16.3			19.3			19.1

Additionally, as a means of creating a long term incentive (wealth incentive) for certain senior employees and members of management considered as having “high potential,” share appreciation rights in the form of phantom stocks have been granted to those employees, pursuant to which the beneficiary shall receive two separate lots – Lot A and Lot B – subject to lockup periods of five and ten years, respectively.

During 2017, a limited number of Ambev shareholders who are part of the senior management of AB InBev were given the opportunity to exchange Ambev shares against a total of 0.1m AB InBev shares (0.3m AB InBev shares in 2016) at a discount of 16.7% provided that they stay in service for another five years. The fair value of this transaction amounts to approximately 2m US dollar (5m US dollar in 2016) and is expensed over the five years’ service period. The fair values of the Ambev and AB InBev shares were determined based on the market price.

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Provisions

12 Months Ended

Dec. 31, 2017

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Provisions

27. PROVISIONS

Million US dollar	Restructuring			Disputes			Other			Total
Balance at 1 January 2017 as reported		232			1 592			454			2 278
Adjustments		—			(126	)		394			268
Balance at 1 January 2017 as adjusted		232			1 466			848			2 546
Effect of changes in foreign exchange rates		15			20			38			73
Acquisitions through business combinations		—			—			—			—
Provisions made		88			185			35			308
Provisions used		(186	)		(135	)		(99	)		(419	)
Provisions reversed		(2)			(160)			2			(160)
Other movements		6			7			39			52
Balance at 31 December 2017		153			1 383			864			2 400
Million US dollar	Restructuring			Disputes			Other			Total
Balance at 1 January 2016		157			733			7			897
Effect of changes in foreign exchange rates		(9	)		9			(3	)		(3	)
Acquisitions through business combinations		216			703			616			1 535
Provisions made		100			483			17			600
Provisions used		(228	)		(274	)		(6	)		(508	)
Provisions reversed		(3	)		(63	)		(27	)		(93	)
Other movements		(1)			1			(150	)		(150	)
Balance at 31 December 2016 as reported		232			1 592			454			2 278

The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Exceptional items. Provisions for disputes mainly relate to various disputed direct and indirect taxes and to claims from former employees.

The provisions are expected to be settled within the following time windows:

Million US dollar	Total		< 1 year		1-2 years		2-5 years		> 5 years
Restructuring		153		69		22		60		2
Disputes
Income and indirect taxes		701		138		464		57		42
Labor		135		37		7		85		6
Commercial		44		16		19		6		3
Excise duties		59		—		6		53		—
Other disputes		444		30		296		117		1
		1 383		221		792		318		52
Other provisions		864		595		6		263		—
Total provisions		2 400		885		820		641		54

AB InBev is subject to the greenhouse gas emission allowance trading scheme in force in the European Union and a similar scheme in Korea. Acquired emission allowances are recognized at cost as intangible assets. To the extent that it is expected that the number of allowances needed to settle the CO₂ emissions exceeds the number of emission allowances owned, a provision is recognized. Such provision is measured at the estimated amount of the expenditure required to settle the obligation. At 31 December 2017, the emission allowances owned fully covered the expected CO₂ emissions. As such no provision needed to be recognized.

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Trade and Other Payables

12 Months Ended

Dec. 31, 2017

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Trade and Other Payables

28. TRADE AND OTHER PAYABLES

NON-CURRENT TRADE AND OTHER PAYABLES

Million US dollar	2017		2016 Adjusted		2016 Reported
Indirect taxes payable		157		159		159
Trade payables		380		465		465
Deferred consideration on acquisitions		699		379		379
Other payables		226		313		325
		1 462		1 316		1 328

CURRENT TRADE AND OTHER PAYABLES

Million US dollar	2017		2016
Trade payables and accrued expenses		15 240		14 071
Payroll and social security payables		1 284		1 027
Indirect taxes payable		2 862		2 750
Interest payable		1 790		1 797
Consigned packaging		1 111		974
Dividends payable		479		447
Deferred income		30		52
Deferred consideration on acquisitions		1 723		1 640
Other payables		243		327
		24 762		23 086

Deferred consideration on acquisitions is mainly comprised of 1.6 billion US dollar for the put option included in the 2012 shareholders’ agreement between Ambev and E. León Jimenes S.A. (“ELJ”) as amended in 2017 to allow for a partial exercise of the option, which may result in Ambev acquiring additional Class B shares of Cervecería Nacional Dominicana S.A. (“CND”). The put option granted to ELJ is exercisable since 2013. The valuation of this option is based on the EBITDA of the consolidated operations in Dominican Republic. On 1 December 2017, Ambev announced that ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar. The transaction closed in January 2018 resulting in Ambev’s participation in CND increasing from 55% to 85%.

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Risks Arising from Financial Instruments

12 Months Ended

Dec. 31, 2017

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Risks Arising from Financial Instruments

29. RISKS ARISING FROM FINANCIAL INSTRUMENTS 

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 an interconnected basis, and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy.

Some of the company’s risk management strategies include the usage of derivatives. The main derivative instruments used are foreign currency rate agreements, exchange traded foreign currency futures and options, interest rate swaps and forwards, cross currency interest rate swaps (“CCIRS”), exchange traded interest rate futures, commodity swaps, exchange traded commodity futures and equity swaps. AB InBev’s policy prohibits the use of derivatives in the context of speculative trading.

The following table provides an overview of the derivative financial instruments outstanding at year-end by maturity bucket. The amounts included in this table are the notional amounts.

	2017										2016
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
Forward exchange contracts		11 637		233		—		—		—		22 396		96		—		—		—
Foreign currency futures		655		—		—		—		—		610		—		—		—		—
Interest rate
Interest rate swaps		1 075		2 250		750		1 883		88		1 292		1 075		2 250		784		3 630
Cross currency interest rate swaps		711		1 797		—		5 900		1 176		1 553		785		1 796		460		1 134
Interest rate futures		—		—		5		—		—		—		—		46		77		—
Other interest rate derivatives		—		—		—		—		565		—		—		—		—		565
Commodities
Aluminum swaps		1 412		21		—		—		—		1 211		31		—		—		—
Other commodity derivatives		1 214		144		—		—		—		1 124		189		—		—		—
Equity
Equity derivatives		11 799		—		—		—		—		10 087		235		—		—		—

A. FOREIGN CURRENCY RISK

AB InBev incurs foreign currency risk on borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income whenever they are denominated in a currency other than the functional currency of the subsidiary. The main derivative financial instruments used to manage foreign currency risk are foreign currency rate agreements, exchange traded foreign currency futures and cross currency interest rate swaps.

FOREIGN EXCHANGE RISK ON THE COMBINATION WITH SAB

During 2015 and 2016, AB InBev entered into derivative foreign exchange forward contracts, as well as other non-derivative items also documented in a hedge accounting relationship, in order to economically hedge against exposure to changes in the US dollar exchange rate for the cash component of the SAB purchase consideration in pound sterling and South African rand. Although these derivatives and non-derivative items were considered to be economic hedges, only a portion of such derivatives could qualify for hedge accounting under IFRS rules. Since inception of the derivative contracts in 2015 and upon the completion of the combination with SAB, 12.3 billion US dollar negativemark-to-market adjustment related to such hedging were recognized cumulatively over 2015 and 2016, of which 7.4 billion US dollar qualified for hedge accounting and was, accordingly, allocated as part of the consideration paid.

The portion that did not qualify for hedge accounting was reported as an exceptional finance cost in the profit and loss account in 2016 - see Note 11 Finance cost and income. Furthermore, the settlement of the derivatives that did not qualify for hedge accounting was classified as cash flow from financing activities in the consolidated cash flow statement.

FOREIGN EXCHANGE RISK ON OPERATING ACTIVITIES

As far as foreign currency risk on firm commitments and forecasted transactions is concerned, AB InBev’s policy is to hedge operational transactions which are reasonably expected to occur (e.g. cost of goods sold and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operational transactions that are certain are hedged without any limitation in time. Non-operational transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are certain.

The table below provides an indication of the company’s main net foreign currency positions as regards firm commitments and forecasted transactions for 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 2017								31 December 2016
Million US dollar	Total exposure			Total hedges		Open position			Total exposure			Total hedges		Open position
Euro/Canadian dollar		(32	)		32		—			(52	)		52		—
Euro/Mexican peso		(275	)		246		(29	)		(159	)		197		38
Euro/Pound sterling		(82	)		110		28			(33	)		146		113
Euro/Russian ruble		(58	)		68		10			(64	)		93		29
Euro/South African rand		(84	)		84		—			(64	)		64		—
Euro/South Korean won		(53	)		44		(9	)		(63	)		55		(8	)
Euro/Ukrainian hryvnia		(58	)		—		(58	)		(60	)		—		(60	)
Euro/US dollar		(271	)		425		154			(924	)		483		(441	)
Pound sterling/Euro		(87	)		128		41			(69	)		71		2
Pound sterling/US dollar		(40	)		40		—			(492	)		162		(330	)
US dollar/Argentinean peso		(678	)		678		—			(219	)		219		—
US dollar/Australian dollar		(469	)		192		(277	)		(171	)		73		(98	)
US dollar/Bolivian boliviano		(20	)		20		—			(59	)		59		—
US dollar/Brazilian real		(1 184	)		1 184		—			(1 102	)		1 102		—
US dollar/Canadian dollar		(306	)		306		—			(347	)		347		—
US dollar/Chilean peso		(324	)		324		—			(255	)		255		—
US dollar/Chinese yuan		(303	)		134		(169	)		(248	)		228		(20	)
US dollar/Colombian peso		(319	)		195		(124	)		(202	)		187		(15	)
US dollar/Euro		(157	)		145		(12	)		(115	)		68		(47	)
US dollar/Honduran lempira		—			—		—			(172	)		—		(172	)
US dollar/Mexican peso		(1 143	)		873		(270	)		(952	)		1 065		113
US dollar/Nigerian naira		(172	)		—		(172	)		(87	)		—		(87	)
US dollar/Paraguayan guarani		(108	)		108		—			(136	)		136		—
US dollar/Peruvian nuevo sol		(255	)		154		(101	)		(196	)		123		(73	)
US dollar/Russian ruble		(45	)		30		(15	)		(71	)		91		20
US dollar/South African rand		(72	)		66		(6	)		(95	)		95		—
US dollar/South Korean won		(20	)		60		40			(48	)		112		64
US dollar/Tanzanian shilling		(2	)		—		(2	)		(85	)		14		(71	)
US dollar/Ukrainian hryvnia		(18	)		—		(18	)		(22	)		—		(22	)
US dollar/Uruguayan peso		(57	)		57		—			(44	)		44		—
US dollar/Zambian kwacha		(4	)		—		(4	)		(89	)		—		(89	)
Others		(118	)		104		(14	)		(390	)		71		(319	)

Further analysis on the impact of open currency exposures is performed in the Currency Sensitivity Analysis below.

In conformity with IAS 39 hedge accounting rules, these hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges.

FOREIGN EXCHANGE RISK ON NET INVESTMENTS IN FOREIGN OPERATIONS

AB InBev enters into hedging activities to mitigate exposures related to its investments in foreign operations. These strategies are designated as net investment hedges and include both derivative and non-derivative financial instruments.

As of 31 December 2017, designated derivative and non-derivative financial instruments in a net investment hedge relationship amount to 7 424m US dollar equivalent (15 583m US dollar in 2016) in Holding companies and approximately 1 669m US dollar equivalent (1 497m US dollar in 2016) at Ambev level. Those derivatives and non-derivativesare used to hedge foreign operations with functional currencies mainly denominated in Brazilian real, Canadian dollar, Dominican peso, euro, Mexican peso, pound sterling, South Korean won and US dollar.

FOREIGN EXCHANGE RISK ON FOREIGN CURRENCY DENOMINATED DEBT

It is AB InBev’s policy 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, hedging is put in place 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 the holistic risk management approach.

A description of the foreign currency risk hedging related to the debt instruments issued in a currency other than the functional currency of the subsidiary is further detailed in the Interest Rate Risk section below.

CURRENCY SENSITIVITY ANALYSIS

Currency transactional risk

Most of AB InBev’s non-derivative monetary financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. However, the company can have open positions in certain countries for which hedging can be limited as the illiquidity of the local foreign exchange market prevents the company from hedging at a reasonable cost. The transactional foreign currency risk mainly arises from open positions in Australian dollar, Chinese yuan, Colombian peso, Mexican peso, Nigerian naira, Peruvian nuevo sol, pound sterling, Russian ruble, South African rand, South Korean won, Tanzanian shilling, Ukrainian hryvnia and Zambian kwacha against the US dollar and the euro. AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows:

	2017
	Closing rate 31 December 2017		Possible closing rate22	Volatility of rates in %
Euro/Mexican peso		23.67	20.81 - 26.53		12.07	%
Euro/Pound sterling		0.89	0.82 - 0.96		7.94	%
Euro/Russian ruble		69.12	60.86 - 77.38		11.95	%
Euro/South Korean won		1 280.41	1 181.37 - 1 379.44		7.73	%
Euro/Ukrainian hryvnia		33.66	30.39 - 36.93		9.72	%
Euro/US dollar		1.20	1.11 - 1.28		7.12	%
Pound sterling/US dollar		1.35	1.16 - 1.54		13.99	%
US dollar/Australian dollar		1.28	1.18 - 1.38		7.50	%
US dollar/Chinese yuan		6.51	6.15 - 6.86		5.45	%
US dollar/Colombian peso		2 988.60	2 732.94 - 3 244.26		8.55	%
US dollar/Euro		0.83	0.77 - 0.89		7.12	%
US dollar/Mexican peso		19.74	17.45 - 22.02		11.59	%
US dollar/Nigerian naira		360.03	284.18 - 435.87		21.07	%
US dollar/Peruvian nuevo sol		3.24	3.11 - 3.38		4.19	%
US dollar/Russian ruble		57.63	51.43 - 63.83		10.76	%
US dollar/South African rand		12.35	10.44 - 14.25		15.39	%
US dollar/South Korean won		1 067.63	921.4 - 1 213.86		13.70	%
US dollar/Tanzanian shilling		2 235.44	2 176.76 - 2 294.12		2.63	%
US dollar/Ukrainian hryvnia		28.07	26.86 - 29.27		4.30	%
US dollar/Zambian kwacha		9.98	8.91 - 11.05		10.72	%
	2016
	Closing rate 31 December 2016		Possible closing rate23	Volatility of rates in %
Euro/Mexican peso		21.78	18.12 - 25.45		16.83	%
Euro/Pound sterling		0.86	0.76 - 0.96		11.63	%
Euro/Russian ruble		63.94	51.45 - 76.43		19.53	%
Euro/Ukrainian hryvnia		28.66	24.85 - 32.47		13.30	%
Euro/US dollar		1.05	0.97 - 1.14		8.09	%
Pound sterling/US dollar		1.23	1.06 - 1.40		13.99	%
US dollar/Australian dollar		1.38	1.23 - 1.54		11.22	%
US dollar/Chinese yuan		6.94	6.57 - 7.32		5.45	%
US dollar/Colombian peso		3 002.14	2 449.43 - 3 554.86		18.41	%

²²  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017.

²³  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016.

US dollar/Euro	0.95	0.87 - 1.03	8.09	%
US dollar/Honduran lempira	23.49	23.36 - 23.63	0.57	%
US dollar/Mexican peso	20.66	17.20 - 24.13	16.76	%
US dollar/Nigerian naira	315.28	192.49 - 438.07	38.95	%
US dollar/Peruvian nuevo sol	3.35	3.11 - 3.60	7.29	%
US dollar/Russian ruble	60.66	48.77 - 72.55	19.60	%
US dollar/South Korean won	1 203.90	1 039.01 - 1 368.80	13.70	%
US dollar/Tanzanian shilling	2 180.87	2 151.10 - 2 210.64	1.37	%
US dollar/Ukrainian hryvnia	27.19	24.27 - 30.11	10.74	%
US dollar/Zambian kwacha	9.94	8.06 - 11.82	18.91	%

Had the Australian dollar, Chinese yuan, Colombian peso, Mexican peso, Nigerian naira, Peruvian nuevo sol, pound sterling, Russian ruble, South African rand, South Korean won, Tanzanian shilling, Ukrainian hryvnia and Zambian kwacha weakened/strengthened during 2017 by the above estimated changes against the euro or the US dollar, with all other variables held constant, the 2017 impact on consolidated profit before taxes would have been approximately 142m US dollar (112m US dollar in 2016) higher/lower.

Additionally, the AB InBev sensitivity analysis¹ to the foreign exchange rates on its total derivatives positions as of 31 December 2017, shows a positive/negative pre-tax impact on equity reserves of 639m US dollar (774m US dollar in 2016).

NET FOREIGN EXCHANGE RESULTS

Foreign exchange results recognized on unhedged and hedged exposures and from the related hedging derivative instruments can be summarized per type of hedging relationship as follows:

Million US dollar	2017			2016			2015
Cash flow hedges - hedged items		(2	)		98			61
Cash flow hedges - hedging instruments (reclassified from equity)		(11	)		(151	)		(11	)
Economic hedges - hedged items not part of a hedge accounting relationship		406			9			(347	)
Economic hedges - hedging instruments not part of a hedge accounting relationship		(455	)		(45	)		352
Other results - not hedged		(242	)		68			323
		(304	)		(21	)		378

B. 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 cost of funding and volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy.

FAIR VALUE HEDGE

US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar)

The company entered into several US dollar fixed/floating interest rate swaps to manage and reduce 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 3.0 billion US dollar.

These derivative instruments have been designated in a fair value hedge accounting relationship.

CASH FLOW HEDGE

Canadian dollar bond hedges (foreign currency risk + interest rate risk on borrowings in Canadian dollar)

In January 2013, the company issued a series of notes in an aggregated principal amount of 1.2 billion Canadian dollar. These bonds bear interest at 2.375% with maturity in January 2018 and 3.375% with maturity in January 2023.

The company entered into several Canadian dollar fixed/US dollar fixed cross currency interest rate swaps to manage and reduce the impact of changes in the Canadian dollar exchange rate and interest rate on these bonds.

These derivative instruments have been designated in a cash flow hedge accounting relationship.

Pound sterling bond hedges (foreign currency risk + interest rate risk on borrowings in pound sterling)

In September 2013, the company issued a pound sterling bond for an equivalent of 500m pound sterling. This bond bears interest at 4.00% per year with maturity in September 2025.

The company entered into several pound sterling fixed/euro fixed cross currency interest rate swaps to manage and reduce the impact of changes in the pound sterling exchange rate and interest rate on this bond.

These derivative instruments have been designated in a cash flow hedge accounting relationship.

ECONOMIC HEDGE

Marketable debt security hedges (interest rate risk on Brazilian real)

During 2017 and 2016, Ambev invested in highly liquid Brazilian real denominated government debt securities.

The company also entered into interest rate future contacts in order to offset the Brazilian real interest rate exposure of such government bonds. Since both instruments are measured at fair value with changes recorded into profit or loss, no hedge accounting designation was done.

INTEREST RATE SENSITIVITY ANALYSIS

In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the split per currency in which the debt is denominated.

31 December 2017	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Australian dollar		2.68	%		234		2.68	%		234
Brazilian real		9.22	%		122		7.61	%		199
Canadian dollar		2.09	%		207		2.45	%		224
Euro		0.35	%		3 398		0.35	%		3 415
South Africa rand		8.00	%		666		8.00	%		666
US dollar		1.48	%		1 285		1.43	%		2 521
Other		16.68	%		450		16.68	%		450
					6 362					7 709
Fixed rate
Australian dollar		3.70	%		1 838		3.70	%		1 838
Brazilian real		6.43	%		206		5.86	%		112
Canadian dollar		3.08	%		2 543		3.19	%		2 176
Euro		1.88	%		26 386		1.70	%		34 251
Peruvian nuevo sol		6.87	%		33		6.87	%		33
Pound sterling		3.83	%		4 403		3.80	%		3 734
South Korean won		—			—		2.50	%		1 000
US dollar		4.18	%		74 476		4.51	%		65 394
Other		3.36	%		252		2.36	%		252
					110 137					108 790
31 December 2016	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Brazilian real		9.76	%		205		12.62	%		729
Canadian dollar		1.55	%		386		1.55	%		386
Euro		0.20	%		3 037		0.12	%		4 046
South African rand		8.30	%		446		8.30	%		446
US dollar		1.82	%		10 187		2.33	%		18 002
Other		18.75	%		352		18.75	%		352
					14 613					23 961
Fixed rate
Australian dollar		3.85	%		520		3.85	%		520
Brazilian real		6.67	%		375		6.20	%		258
Canadian dollar		2.93	%		886		2.89	%		554
Euro		0.26	%		23 991		1.86	%		26 396
Peruvian nuevo sol		5.88	%		119		5.88	%		119
Pound sterling		6.80	%		2 212		9.75	%		594
South Korean won		—			—		2.50	%		1 000
US dollar		4.06	%		79 615		4.15	%		68 928
Other		11.41	%		412		11.41	%		412
					108 130					98 782

At 31 December 2017, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging listed above includes bank overdrafts of 117m US dollar.

As disclosed in the above table, 7 709m US dollar or 6.62% of the company’s interest bearing financial liabilities bear a variable interest rate. The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows:

	2017
	Interest rate 31 December 201724			Possible interest rate25	Volatility of rates in %
Brazilian real		6.90	%	5.29% - 8.50%		23.27	%
Canadian dollar		1.54	%	1.38% - 1.71%		10.72	%
Euro		—		—		3.50	%
South African rand		7.16	%	6.88% - 7.43%		3.84	%
US dollar		1.69	%	1.59% - 1.80%		6.00	%
	2016
	Interest rate 31 December 201626			Possible interest rate27	Volatility of rates in %
Brazilian real		13.20	%	12.88% - 13.53%		2.46	%
Canadian dollar		0.95	%	0.87% - 1.02%		7.83	%
Euro		—		—		11.84	%
South African rand		7.36	%	6.95% - 7.77%		5.55	%
US dollar		1.00	%	0.89% - 1.11%		11.08	%

When AB InBev applies the reasonably possible increase/decrease in the market interest rates mentioned above on its floating rate debt at 31 December 2017, with all other variables held constant, 2017 interest expense would have been 12m US dollar higher/lower (2016: 23m US dollar). This effect would be more than offset by -81m US dollar higher/lower interest income on AB InBev’s interest-bearing financial assets (2016: 53m US dollar).

INTEREST EXPENSE

Interest expense recognized on unhedged and hedged financial liabilities and the net interest expense from the related hedging derivative instruments can be summarized per type of hedging relationship as follows:

Million US dollar	2017			2016			2015
Financial liabilities measured at amortized cost – not hedged		(4 375	)		(4 119	)		(2 005	)
Fair value hedges—hedged items		(34	)		(73	)		(87	)
Fair value hedges—hedging instruments		23			42			50
Cash flow hedges—hedged items		(25	)		(24	)		(31	)
Cash flow hedges—hedging instruments (reclassified from equity)		26			16			24
Net investment hedges—hedging instruments (interest component)		77			34			152
Economic hedges—hedged items not part of a hedge accounting relationship		—			8			8
Economic hedges—hedging instruments not part of a hedge accounting relationship		(6	)		24			56
		(4 314	)		(4 092	)		(1 833	)

C. 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 minimize exposure to commodity price volatility. The company has important exposures to the following commodities: aluminum, barley, coal, corn grits, corn syrup, corrugated board, diesel, fuel oil, glass, hops, labels, malt, natural gas, orange juice, plastics, rice, steel and wheat. As of 31 December 2017, the company has the following commodity derivatives outstanding (in notional amounts): aluminum swaps for 1 412m US dollar (2016: 1 242m US dollar), natural gas and energy derivatives for 211m US dollar (2016: 189m US dollar), exchange traded sugar futures for 87m US dollar (2016: 93m US dollar), corn swaps for 223m US dollar (2016: 179m US dollar), exchange traded wheat futures for 509m US dollar (2016: 557m US dollar), rice swaps for 221m US dollar (2016: 190m US dollar) and plastic derivatives for 91m US dollar (2016: 105m US dollar). These hedges are designated in a cash flow hedge accounting relationship.

COMMODITY PRICE SENSITIVITY ANALYSIS

The impact of changes in the commodity prices for AB InBev’s derivative exposures would have caused an immaterial impact on 2017 profits as most of the company’s commodity derivatives are designated in a hedge accounting relationship.

The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2017, would have on the equity reserves.

	2017
	Volatility of prices in %28			Pre-tax impact on equity
Million US dollar				Prices increase		Prices decrease
Aluminum		14.83	%		212		(212	)
Sugar		29.38	%		26		(26	)
Wheat		30.99	%		158		(158	)
Energy		20.37	%		43		(43	)
Rice		20.20	%		45		(45	)
Corn		24.81	%		45		(45	)
Plastic		17.50	%		15		(15	)

²⁴  Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.

²⁵  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M).

²⁶  Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.

²⁷  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M).

²⁸  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017.

	2016
	Volatility of prices in %29			Pre-tax impact on equity
Million US dollar				Prices increase		Prices decrease
Aluminum		15.80	%		196		(196	)
Sugar		32.63	%		30		(30	)
Wheat		26.43	%		147		(147	)
Energy		28.60	%		54		(54	)
Rice		26.38	%		50		(50	)
Corn		24.30	%		44		(44	)
Plastic		18.62	%		20		(20	)

D. EQUITY PRICE RISK

AB InBev entered into a series of derivative contracts to hedge the risk arising from the different share-based payment programs. The purpose of these derivatives is mainly to effectively hedge the risk that a price increase in the AB InBev shares will negatively impact future cash flows related to the share-based payments. Furthermore, AB InBev entered into a series of derivative contracts to hedge the deferred share instrument related to the Modelo combination (see also Note 11 Finance cost and income and Note 23 Changes in equity and earnings per share) and some share-based payments in connection with the combination with SAB. Most of these derivative instruments could not qualify for hedge accounting therefore they have not been designated in any hedging relationships.

As of 31 December 2017, an exposure for an equivalent of 92.4m of AB InBev shares was hedged, resulting in a total loss of 579m US dollar recognized in the profit or loss account for the period, of which 291m US dollar related to the company’s share-based payment programs, 146m US dollar and 142m US dollar related to the Modelo and SAB transactions, respectively.

Between 2012 and 2016, AB InBev reset with counterparties certain derivative contracts to market price. This resulted in a cash inflow of 3.2 billion US dollar between 2012 and 2016 and a cash outflow of 0.3 billion US dollar in 2017 and, accordingly, a decrease of counterparty risk.

EQUITY PRICE SENSITIVITY ANALYSIS

The sensitivity analysis on the share-based payments hedging program, calculated based on a 15.68% (2016: 22.84%) reasonable possible volatility³⁰ of the AB InBev share price and with all the other variables held constant, would show 1 422m US dollar positive/negative impact on the 2017 profit before tax (2016: 2 236m US dollar).

E. 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 to counterparty credit risk through minimum counterparty credit guidelines, diversification of counterparties, working within agreed counterparty limits and through setting limits on the maturity of financial assets. The company has furthermore master netting agreements with all of the financial institutions that are counterparties to the over the counter (OTC) derivative financial instruments. 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 risk of counterparty default per 31 December 2017 to be limited.

AB InBev has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade. The company monitors counterparty credit exposures closely and reviews any downgrade in credit rating immediately. To mitigate pre-settlement risk, minimum counterparty credit standards become more stringent as the duration of the derivative financial instruments increases. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions.

²⁹  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016.

³⁰  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017.

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:

	2017							2016
Million US dollar	Gross		Impairment			Net carrying amount		Gross		Impairment			Net carrying amount
Debt securities held for trading		1 304		—			1 304		5 659		—			5 659
Available for sale		83		(7	)		76		65		(7	)		58
Held to maturity		24		—			24		24		—			24
Trade receivables		4 917		(194	)		4 723		4 399		(202	)		4 197
Cash deposits for guarantees		209		—			209		200		—			200
Loans to customers		179		—			179		100		—			100
Other receivables		2 326		(117	)		2 209		2 818		(109	)		2 709
Derivatives		483		—			483		1 117		—			1 117
Cash and cash equivalents		10 472		—			10 472		8 579		—			8 579
		19 997		(318	)		19 679		22 961		(318	)		22 643

There was no significant concentration of credit risks with any single counterparty per 31 December 2017 and no single customer represented more than 10% of the total revenue of the group in 2017.

IMPAIRMENT LOSSES

The allowance for impairment recognized during the period per classes of financial assets was as follows:

	2017
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(7	)		(202	)		—			(109	)		(318	)
Impairment losses		—			(55	)		—			(4	)		(59	)
Derecognition		—			53			—			1			54
Currency translation and other		—			10			—			(5	)		5
Balance at 31 December		(7	)		(194	)		—			(117	)		(318	)
	2016
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(9	)		(230	)		—			(99	)		(338	)
Impairment losses		—			(43	)		—			—			(43	)
Derecognition		—			69			—			2			71
Currency translation and other		2			2			—			(12	)		(8	)
Balance at 31 December		(7	)		(202	)		—			(109	)		(318	)
	2015
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(11	)		(260	)		(30	)		(128	)		(429	)
Impairment losses		—			(41	)		—			(16	)		(57	)
Derecognition		—			20			30			22			72
Currency translation and other		2			51			—			23			76
Balance at 31 December		(9	)		(230	)		—			(99	)		(338	)

F. LIQUIDITY RISK

AB InBev’s primary sources of cash flow have historically been cash flows from operating activities, the issuance of debt, bank borrowings and the issuance of equity securities. AB InBev’s material cash requirements have included the following:

• Debt service;

• 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 equivalent and short term investments, along with the derivative instruments 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 financial assets and liabilities:

	2017
Million US dollar	Carrying amount31			Contractual cash flows			Less than 1 year			1-2 years			2-3 years			3-5 years			More than 5 years
Non-derivative financial liabilities
Secured bank loans		(502	)		(590	)		(318	)		(137	)		(23	)		(42	)		(70	)
Commercial papers		(1 870	)		(1 871	)		(1 871	)		—			—			—			—
Unsecured bank loans		(892	)		(927	)		(761	)		(129	)		(37	)		—			—
Unsecured bond issues		(112 837	)		(167 056	)		(8 951	)		(13 951	)		(12 908	)		(24 655	)		(106 591	)
Unsecured other loans		(68	)		(114	)		(17	)		(23	)		(13	)		(7	)		(54	)
Finance lease liabilities		(213	)		(301	)		(42	)		(42	)		(32	)		(40	)		(145	)
Bank overdraft		(117	)		(117	)		(117	)		—			—			—			—
Trade and other payables		(26 167	)		(26 628	)		(24 756	)		(476	)		(207	)		(289	)		(900	)
		(142 666	)		(197 604	)		(36 833	)		(14 758	)		(13 220	)		(25 033	)		(107 760	)
Derivative financial assets/(liabilities)
Interest rate derivatives		(96	)		(101	)		(9	)		(21	)		(14	)		16			(73	)
Foreign exchange derivatives		(61	)		(52	)		(59	)		7			—			—			—
Cross currency interest rate swaps		(897	)		(1 043	)		65			(128	)		114			(904	)		(190	)
Commodity derivatives		179			143			139			4			—			—			—
Equity derivatives		(1 036	)		(1 134	)		(1 134	)		—			—			—			—
		(1 911	)		(2 187	)		(998	)		(138	)		100			(888	)		(263	)
Of which: directly related to cash flow hedges		(20	)		(29	)		64			5			2			4			(104	)
	2016
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
Secured bank loans		(862	)		(937	)		(676	)		(116	)		(33	)		(32	)		(80	)
Commercial papers		(2 053	)		(2 054	)		(2 054	)		—			—			—			—
Unsecured bank loans		(9 662	)		(11 057	)		(1 618	)		(535	)		(365	)		(8 535	)		(4	)
Unsecured bond issues		(109 627	)		(162 300	)		(7 284	)		(10 262	)		(13 713	)		(25 383	)		(105 658	)
Unsecured other loans		(122	)		(279	)		(27	)		(41	)		(33	)		(41	)		(137	)
Finance lease liabilities		(234	)		(346	)		(44	)		(42	)		(44	)		(70	)		(146	)
Bank overdraft		(184	)		(184	)		(184	)		—			—			—			—
Trade and other payables		(24 879	)		(25 398	)		(23 717	)		(449	)		(209	)		(331	)		(692	)
		(147 623	)		(202 555	)		(35 604	)		(11 445	)		(14 397	)		(34 392	)		(106 717	)
Derivative financial assets/(liabilities)
Interest rate derivatives		(267	)		(269	)		5			3			(13	)		(35	)		(229	)
Foreign exchange derivatives		47			42			44			(2	)		—			—			—
Cross currency interest rate swaps		(32	)		(58	)		22			(97	)		—			55			(38	)
Commodity derivatives		125			117			107			10			—			—			—
Equity derivatives		(490	)		(499	)		(499	)		—			—			—			—
		(617	)		(667	)		(321	)		(86	)		(13	)		20			(267	)
Of which: directly related to cash flow hedges		28			6			176			(112	)		(2	)		—			(56	)

G. CAPITAL MANAGEMENT

AB InBev is continuously optimizing its capital structure targeting to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. AB InBev’s capital structure policy and framework aims to optimize shareholder value through cash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing

³¹  “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date.

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. When analyzing AB InBev’s capital structure the company uses the same debt/equity classifications as applied in the company’s IFRS reporting.

H. FAIR VALUE

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In conformity with IAS 39 all derivatives are recognized at fair value in the balance sheet.

The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates.

The fair value of these instruments generally reflects the estimated amount that AB InBev would receive on the settlement of favorable contracts or be required to pay to terminate unfavorable contracts at the balance sheet date, and thereby takes into account any unrealized gains or losses on open contracts.

The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet:

	Assets				Liabilities						Net
Million US dollar	2017		2016		2017			2016			2017			2016
Foreign currency
Forward exchange contracts		151		492		(211	)		(441	)		(60	)		51
Foreign currency futures		1		3		(2	)		(7	)		(1	)		(4	)
Interest rate
Interest rate swaps		14		26		(37	)		(216	)		(23	)		(190	)
Cross currency interest rate swaps		9		182		(906	)		(214	)		(897	)		(32	)
Other interest rate derivatives		—		—		(73	)		(77	)		(73	)		(77	)
Commodities
Aluminum swaps		178		69		(5	)		(8	)		173			61
Sugar futures		24		22		(20	)		(5	)		4			17
Wheat futures		34		52		(22	)		(30	)		12			22
Other commodity derivatives		10		46		(20	)		(21	)		(10	)		25
Equity
Equity derivatives		62		225		(1 098	)		(715	)		(1 036	)		(490	)
		483		1 117		(2 394	)		(1 734	)		(1 911	)		(617	)
Of which:
Non-current		25		146		(937	)		(471	)		(912	)		(325	)
Current		458		971		(1 457	)		(1 263	)		(999	)		(292	)

The following table summarizes the carrying amounts of the fixed rate interest-bearing financial liabilities as recognized in the balance sheet and the fair value of these liabilities. The fair value was assessed using common discounted cash-flow method based on market conditions existing at the balance sheet date. Therefore, the fair value of the fixed interest-bearing liabilities is within level 2 of the fair value hierarchy as set forth by IFRS 13 – Fair value measurement. Floating rate interest-bearing financial liabilities and all trade and other receivables and payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amounts as recognized in the balance sheet are a reasonable approximation of their fair values:

Interest-bearing financial liabilities Million US dollar	2017 Carrying amount32			2017 Fair value			2016 Carrying amount1			2016 Fair value
Fixed rate
Australian dollar		(1 838	)		(1 896	)		(520	)		(518	)
Brazilian real		(206	)		(206	)		(375	)		(375	)
Canadian dollar		(2 543	)		(2 574	)		(886	)		(954	)
Euro		(26 386	)		(26 942	)		(23 991	)		(26 684	)
Peruvian nuevo sol		(33	)		(33	)		(119	)		(118	)
Pound sterling		(4 403	)		(4 902	)		(2 212	)		(2 847	)
US dollar		(74 476	)		(83 482	)		(79 615	)		(85 397	)
Other		(252	)		(252	)		(412	)		(411	)
		(110 137	)		(120 287	)		(108 130	)		(117 305	)

³²  “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date.

As required by IFRS 13 Fair value measurement, the following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 fair value measurements are those derived from valuation techniques for which the lowest level of input that is significant to the fair value measurement is unobservable.

Fair value hierarchy 2017 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)		1 304		5		—
Derivatives at fair value through profit and loss		—		89		—
Derivatives in a cash flow hedge relationship		9		340		—
Derivatives in a fair value hedge relationship		—		36		—
Derivatives in a net investment hedge relationship		—		9		—
		1 313		479		—
Financial Liabilities
Non-derivatives recognized at fair value		—		—		—
Deferred consideration on acquisitions at fair value		—		—		2 210
Derivatives at fair value through profit and loss		1		1 210		—
Derivatives in a cash flow hedge relationship		28		341		—
Derivatives in a fair value hedge relationship		—		129		—
Derivatives in a net investment hedge relationship		—		685		—
		29		2 365		2 210
Fair value hierarchy 2016 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)		5 659		—		—
Derivatives at fair value through profit and loss		1		338		—
Derivatives in a cash flow hedge relationship		30		549		—
Derivatives in a fair value hedge relationship		—		54		—
Derivatives in a net investment hedge relationship		—		145		—
		5 690		1 086		—
Financial Liabilities
Non-derivatives recognized at fair value		—		1 485		—
Deferred consideration on acquisitions at fair value		—		—		1 826
Derivatives at fair value through profit and loss		3		818		—
Derivatives in a cash flow hedge relationship		27		524		—
Derivatives in a fair value hedge relationship		—		354		—
Derivatives in a net investment hedge relationship		—		8		—
		30		3 189		1 826

DERIVATIVE INSTRUMENTS

The fair value of exchange traded derivatives (e.g. exchange traded foreign currency futures) is determined by reference to the official prices published by the respective exchanges (e.g. the New York Board of Trade). The fair value of over-the-counter derivatives is determined by commonly used valuation techniques. These are based on market inputs from reliable financial information providers.

NON-DERIVATIVE FINANCIAL LIABILITIES

As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A. (“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place which may result in Ambev acquiring additional shares in CND. As of 31 December 2017, the put option was valued 1 669m US dollar (2016: 1 497m US dollar) and recognized as a deferred consideration on acquisitions at fair value in “level 3” category above. The variance is mainly explained by accretion expenses and currency translation. No value was allocated to the call option. The fair value of such deferred consideration is calculated based on commonly-used valuation techniques (i.e. net present value of future principal and interest cash flows discounted at market rate). These are based on market inputs from reliable financial information providers. On 1 December 2017, Ambev announced that ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar. The transaction closed in January 2018 resulting in Ambev’s participation in CND increasing from 55% to 85%.

Fair values determined by reference to prices provided by reliable financial information providers are periodically checked for consistency against other pricing sources.

I. OFFSETTING FINANCIAL ASSETS & FINANCIAL LIABILITIES

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

	2017
Million US dollar	Gross amount			Net amount recognized in the statement of financial position33			Other offsetting agreements34			Total net amount
Derivative assets		483			483			(466	)		17
Derivative liabilities		(2 394	)		(2 394	)		466			(1 928	)
	2016
Million US dollar	Gross amount			Net amount recognized in the statement of financial position1			Other offsetting agreements2			Total net amount
Derivative assets		1 117			1 117			(1 054	)		63
Derivative liabilities		(1 734	)		(1 734	)		1 261			(473	)

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Operating Leases

12 Months Ended

Dec. 31, 2017

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Operating Leases

30. OPERATING LEASES

Non-cancelable operating leases are payable and receivable as follows:

	2017
	Pub leases					Other operational leases							Net lease obligations
Million US dollar	Lessee			Sublease		Lessee			Sublease		Lessor
Within one year		(131	)		80		(179	)		47		2		(181	)
Between one and five years		(486	)		294		(523	)		131		7		(577	)
After five years		(573	)		197		(208	)		14		4		(566	)
		(1 190	)		571		(910	)		192		13		(1 324	)
	2016
	Pub leases					Other operational leases							Net lease obligations
Million US dollar	Lessee			Sublease		Lessee			Sublease		Lessor
Within one year		(95	)		69		(153	)		30		2		(147	)
Between one and five years		(350	)		246		(339	)		66		5		(372	)
After five years		(538	)		156		(183	)		15		2		(548	)
		(983	)		471		(675	)		111		9		(1 067	)

Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements of 27 years. These operating leases maturing in November 2034 represent an undiscounted obligation of 1 190m US dollar. The pubs leased from Cofinimmo are subleased for an average outstanding period of 6 to 8 years and represent an undiscounted right to receive 571m US dollar. These leases are subject to renewal after their expiration date. The impact of such renewal is not reported in the table above.

Furthermore, the company leases a number of warehouses, factory facilities and other commercial buildings under operating leases. The leases typically run for an initial period of five to ten years, with an option to renew the lease after that date. This represents an undiscounted obligation of 910m US dollar. Lease payments are increased annually to reflect market rentals. None of the leases include contingent rentals. Also in this category AB InBev has sublet some of the leased properties, representing an undiscounted right of 192m US dollar.

At 31 December 2017, 307m US dollar was recognized as an expense in the income statement in respect of operating leases as lessee (2016: 272m US dollar; 2015: 233m US dollar), while 128m US dollar was recognized as income in the income statement in respect of subleases (2016: 117m US dollar; 2015: 121m US dollar).

The company also leases out part of its own property under operating leases. At 31 December 2017, 10m US dollar was recognized as income in the income statement in respect of operating leases as lessor (2016: 10m US dollar; 2015: 20m US dollar).

³³  Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS rules

³⁴  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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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other

12 Months Ended

Dec. 31, 2017

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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other

31. COLLATERAL AND CONTRACTUAL COMMITMENTS FOR THE ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT, LOANS TO CUSTOMERS AND OTHER

Million US dollar	2017		2016
Collateral given for own liabilities		426		490
Collateral and financial guarantees received for own receivables and loans to customers		326		228
Contractual commitments to purchase property, plant and equipment		550		817
Contractual commitments to acquire loans to customers		16		11
Other commitments		1 834		1 768

The collateral given for own liabilities of 426m US dollar at 31 December 2017 contains 209m US dollar cash guarantees. Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws and regulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court or provide other security such as collateral on property, plant and equipment. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets – see also Note 27 Provisions. In the company’s balance sheet the cash guarantees are presented as part of other receivables – see Note 20 Trade and other receivables. The remaining part of collateral given for own liabilities (217m US dollar) contains collateral on AB InBev’s property in favor of the excise tax authorities, the amount of which is determined by the level of the monthly excise taxes due, inventory levels and transportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that AB InBev would not respect its obligations under the related outstanding contracts or would lose the pending judicial cases, the collateralized assets would be used to settle AB InBev’s obligations.

To keep AB InBev’s credit risk with regard to receivables and loans to customers as low as possible collateral and other credit enhancements were obtained for a total amount of 326m US dollar at 31 December 2017. Collateral is held on both real estate and debt securities while financial guarantees are obtained from banks and other third parties.

AB InBev has entered into commitments to purchase property, plant and equipment for an amount of 550m US dollar at 31 December 2017.

In a limited number of countries AB InBev has committed itself to acquire loans to customers from banks at their notional amount if the customers do not respect their reimbursement commitments towards the banks. The total outstanding amount of such loans is 16m US dollar at 31 December 2017.

As at 31 December 2017, the following M&A related commitments existed:

• In a transaction related to the combination of AB InBev and Grupo Modelo select Grupo Modelo shareholders committed, upon tender of their Grupo Modelo shares, to acquire 23 076 922 AB InBev shares to be delivered within 5 years for consideration of approximately 1.5 billion US dollar. The consideration was paid on 5 June 2013. Pending the delivery of the AB InBev shares, AB InBev will pay a coupon on each undelivered AB InBev share, so that the Deferred Share Instrument holders are compensated on an after tax basis, for dividends they would have received had the AB InBev shares been delivered to them prior to the record date for such dividend.

• As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A.(“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place which may result in Ambev acquiring additional shares in CND. On 1 December 2017, Ambev announced that ELJ partially exercised its option to sell approximately 30% of the shares of CND for an amount of 0.9 billion US dollar. The transaction closed in January 2018 resulting in Ambev’s participation in CND increasing from 55% to 85%. As of 31 December 2017, the put option was valued 1 669m US dollar (2016: 1 497m US dollar). The corresponding liability is presented as a current liability and recognized as a deferred consideration on acquisitions at fair value in “level 3” category above. See also note 29 Risks arising from financial instruments.

• On 11 October 2016, AB InBev was notified by The Coca-Cola Company of its intention to transition AB InBev’s stake in Coca-Cola Beverages Africa (“CCBA”). On 21 December 2016, The Coca-Cola Company and the company have reached an agreement regarding the transition of AB InBev’s 54.5% equity stake in CCBA for 3.15 billion US dollar, after customary adjustments. CCBA includes the Coca-Cola bottling operations in South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros. This transaction was completed on 4 October 2017. In addition, the companies have reached an agreement in principle for The Coca-Cola Company to acquire the companies’s interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount. These transactions are subject to the relevant regulatory and minority approvals in different jurisdictions.

• In September 2017, AB InBev entered into a transaction with Compañia Cervecerías Unidas S.A. (“CCU”) whereby AB InBev will recover the distribution rights for Budweiser in Argentina for a consideration of approximately 300m US dollar. As part of the transaction, AB InBev will transfer the brands Isenbeck and Diosa to CCU. Concurrently, AB InBev and Quilmes, a subsidiary of Ambev, entered into an agreement whereby AB InBev will grant a perpetual license to Quilmes in Argentina for Budweiser and other North American brands upon the recovery of the distribution rights by AB InBev from CCU. The agreement also foresees the transfer of the brewery of Cerveceria Argentina Sociedad Anonima Isenbeck by AB InBev to Quilmes and the transfer of some Argentinean brands (Norte, Iguana and Baltica) along with 50m US dollar by Quilmes to CCU. The closing of these transactions is subject to the approval of the Argentinean antitrust authority.

• On 11 October 2016, AB InBev completed the disposal of SAB’s interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the “Miller International Business” to Molson Coors Brewing Company. The disposal was completed for 12 billion US dollar in cash, subject to a downward purchase price adjustment. AB InBev set up a provision of 330m US dollar as part of the opening balance sheet related to the purchase price adjustment. The parties entered into a settlement agreement on 21 January 2018 for 330m US dollar of which 328m US dollar constitutes the purchase price adjustment amount.

Other commitments amount to 1 834m US dollar at 31 December 2017 and mainly cover guarantees given to pension funds, rental and other guarantees.

In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending arrangements for up to 19 million of its own ordinary shares. AB InBev shall pay any dividend equivalent, after tax in respect of the loaned securities. This payment will be reported through equity as dividend. As of 31 December 2017, 17 million loaned securities were used to fulfil stock option plan commitments.

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Contingencies

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Contingencies

32. CONTINGENCIES³⁵

The company has contingencies for which, in the opinion of management and its legal counsel, the risk of loss is possible but not probable and therefore no provisions have been recorded. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions, and as a consequence AB InBev management cannot at this stage estimate the likely timing of resolution of these matters. The most significant contingencies are discussed below.

AMBEV TAX MATTERS

As of 31 December 2017, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows:

Million US dollar	31 December 2017		31 December 2016
Income tax and social contribution		9 600		8 878
Value-added and excise taxes		5 987		4 924
Other taxes		1 390		605
		16 977		14 407

The most significant tax proceedings of Ambev are discussed below.

INCOME TAX AND SOCIAL CONTRIBUTION

During 2005, certain subsidiaries of Ambev received a number of assessments from Brazilian federal tax authorities relating to profits of its foreign subsidiaries. In December 2008, the Administrative Court decided on one of the tax assessments relating to earnings of Ambev’s foreign subsidiaries. This decision was partially favorable to Ambev, and in connection with the remaining part, Ambev filed an appeal to the Upper House of the Administrative Court, which was denied in full in March 2017. In September 2017, Ambev filed a judicial proceeding for this tax assessment with a motion of injunction, which was granted to Ambev. With respect to another tax assessment relating to foreign profits, the Administrative Court rendered a decision favorable to Ambev in September 2011. In 2013, 2016 and 2017, Ambev received other tax assessments related to profits of its foreign subsidiaries. As of 31 December 2017, Ambev management estimates the exposure of approximately 6.1 billion Brazilian real (1.8 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount, and approximately 44m Brazilian real (13m US dollar) as a probable loss.

In December 2011, Ambev received a tax assessment related to the goodwill amortization resulting from the InBev Holding Brasil S.A. merger with Ambev. In November 2014 the Lower Administrative Court concluded the judgment. The decision was partly favorable, Ambev was notified in August 2015 and presented a motion to clarify the decision to the Administrative Court. This motion was admitted in September 2016 and Ambev was notified of the clarified decision in January 2018. The Administrative Court’s decision was partly favorable to Ambev. Therefore Ambev will file a judicial proceeding to discuss the unfavorable part of the decision. The remaining part, which was favorable to Ambev, will be reexamined by the Administrative Upper Court. In June 2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization and filed a defense. In March 2017, Ambev was notified of a partially favorable first level administrative decision on this tax assessment and filed an appeal to the Lower Administrative Court. Ambev has not recorded any provisions for this matter, and management estimates possible losses in relation to this assessment to be approximately 8.3 billion Brazilian real (2.5 billion US dollar) as of 31 December 2017. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amount proportional to the benefit received by AB InBev pursuant to the merger protocol, as well as the related costs.

In October 2013, Ambev also received a tax assessment related to the goodwill amortization resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. Ambev filed a defense in November 2013. In December 2014, Ambev filed an appeal against the unfavorable first level administrative decision published in November 2014. In March 2017, the Lower Administrative Court remanded the case back to the first level administrative judgment due to processual matters. In July 2017, Ambev was notified of the new first level decision and filed a new appeal to the Lower Administrative Court. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 1.6 billion Brazilian real (0.5 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

In November 2017, Ambev received a tax assessment related to the goodwill amortization resulting from the merger of CND Holdings into Ambev. Ambev filed a response in December 2017 and is awaiting the first level administrative decision. Ambev management estimates the amount of possible losses in relation to this assessment to be approximately 1.1 billion Brazilian real (0.3 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

³⁵  Amounts have been converted to US dollar at the closing rate of the respective period.

Ambev and certain of its subsidiaries received a number of assessments from Brazilian federal tax authorities relating to the offset of tax loss carry forward arising in the context of business combinations. In February 2016, the Upper House of the Administrative Tax Court concluded the judgment of two tax assessments on this matter. In both cases the decision was unfavorable. Ambev filed a judicial proceeding. In September 2016, Ambev received a favorable first level decision in one of the judicial claims. In March 2017, Ambev received an unfavorable first level decision on the other judicial case and filed an appeal to the court. Ambev management estimates the total exposures of possible loss in relation to these assessments to be approximately 0.5 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017.

In December 2014, Ambev received a tax assessment from the Brazilian Federal Tax Authorities related to the disallowance of alleged non-deductible expenses and the deduction of certain losses mainly associated to financial investments and loans. In July 2016, Ambev was notified of the unfavorable first level administrative decision and filed an appeal to the Upper Administrative Court at the legal term. In August 2017, the Lower Administrative Court ruled in favor of Ambev’s appeal and in December 2017, Ambev was notified of that decision. The Brazilian tax authorities forfeited their right to appeal that decision. In December 2015, Ambev also received a new tax assessment related to the same matter. Ambev presented a defense and awaits the first level administrative decision. In December 2016, Ambev received a new tax assessment related to the same matter, regarding the period of 2011, 2012 and 2013. Ambev presented a defense and awaits the first level administrative decision. Ambev management estimates the amount of possible loss in relation to those assessments to be approximately 4.4 billion Brazilian real (1.3 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection with this assessment.

Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities related to the disallowance of deductions associated with alleged unproven taxes paid abroad, for which the decision from the Upper House of the Administrative Court is still pending. In September 2017, Ambev decided to include part of those tax assessments in the Brazilian Federal Tax Regularization Program of the Provisional Measure nº 783. As of 31 December 2017, Ambev management estimates the exposure of approximately 7.2 billion Brazilian real (2.2 billion US dollar) as a possible risk, and accordingly has not recorded a provision for such amount.

In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of “presumed profit” method for the calculation of income tax and the social contribution on net profit instead of the “real profit” method. In September 2017, Arosuco received the unfavorable first level administrative decision and filed an appeal to the Lower Administrative Court. Arosuco management estimates the amount of possible losses in relation to this assessment to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017. Arosuco has not recorded any provision in connection therewith.

In December 2016, CRBS (a subsidiary of Ambev) received a tax assessment regarding the use of “presumed profit” method for the calculation of income tax and the social contribution on net profit instead of the “real profit” method. In July 2017, CRBS was notified of an unfavorable first level administrative decision and filed an appeal to the Administrative Court. In September 2017, CRBS decided to include this tax assessment in the Brazilian Federal Tax Regularization Program of the Provisional Measure nº 783.

ICMS VALUE ADDED TAX, IPI EXCISE TAX AND TAXES ON NET SALES

In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt from IPI excise tax. There is discussion on whether the acquisition of such benefited goods gives rise to the right of IPI excise tax credits by the relevant acquirers. Ambev’s subsidiaries have been registering IPI excise tax presumed credits upon the acquisition of exempted goods manufactured therein and discussing the matter at Courts. Since 2009, Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to the disallowance of such presumed IPI excise tax credits and other IPI excise tax credits, which are under discussion before the Brazilian Supreme Court. Ambev management estimates the possible loss related to these assessments to be approximately 3.2 billion Brazilian real (1.0 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

Over the years, Ambev has also received tax assessments from the Brazilian Federal Tax Authorities charging federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits which are under discussion in the above mentioned proceedings. Ambev is challenging these charges before Courts. Ambev management estimates the possible loss related to these assessments to be approximately 0.9 billion Brazilian real (0.3 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities to charge the IPI excise tax, supposedly due over remittances of manufactured goods to related factories, for which a decision from the Upper House of the Administrative Tax Court is still pending. Ambev management estimates the possible loss related to these assessments to be approximately 1.5 billion Brazilian real (0.5 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

Ambev is currently challenging tax assessments issued by the States of São Paulo, Rio de Janeiro, Minas Gerais and other States questioning the legality of ICMS tax credits arising from transactions with companies that has tax incentives. Ambev management estimates the possible losses related to these assessments to be approximately 1.9 billion Brazilian real (0.6 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

Ambev was assessed by the State of Rio de Janeiro to charge the ICMS supposedly due with respect to unconditional discounts granted by Ambev from January 1996 to February 1998. In October, 2015 and January, 2016, Ambev paid the amounts under discussion in an incentive tax program under which discounts were granted, in the total amount of approximately 0.3 billion Brazilian real (0.1 billion US dollar). In 2013, 2014 and 2015, Ambev received similar tax assessments issued by the States of Pará and Piauí relating to the same issue, which are currently under discussion. After the above mentioned payments, Ambev management estimates the possible loss involved in these proceedings to be approximately 0.6 billion Brazilian real (0.2 billion US dollar) as of 31 December 2017. Ambev has not recorded any provision in connection therewith.

Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by the company is above the fixed price table basis established by the relevant States, cases in which the State tax authorities understand that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before Courts. Among other similar cases, the company received three assessments issued by the State of Minas Gerais in the original amount of 1.4 billion Brazilian real (0.4 billion US dollar). In the second quarter of 2017, the Administrative Tax Court of the State of Minas Gerais ruled unfavorably to Ambev on three relevant cases. Ambev presented a defense against such decisions to the Upper House of the Administrative Tax Court of the State of Minas Gerais and currently awaits a judgement. In 2017, Ambev received ten relevant assessments from the State of Rio de Janeiro which amounts to 0.9 billion Brazilian real (0.3 billion US dollar). Ambev presented defenses against such tax assessments and now awaits the decision by the Administrative Courts. Ambev management estimates the total possible loss related to this issue to be approximately 5.8 billion Brazilian real (1.8 billion US dollar) as of 31 December 2017. Ambev has recorded provisions in the total amount of 7m Brazilian real (2m US dollar) in relation to certain proceedings for which it considers the chances of loss to be probable due to specific procedural issues.

SOCIAL CONTRIBUTIONS

Ambev received some tax assessments issued by the Brazilian Federal Tax Authorities relating to amounts allegedly due under Integration Program / Social Security Financing Levy (PIS/COFINS) over bonus products granted to its customers. The cases are now being discussed at Courts. Ambev management estimates the possible loss related to these assessments to be approximately 3.1 billion Brazilian real (0.9 billion US dollar) as of 31 December 2017. No related provision has been made.

OTHER TAX MATTERS

During 2014, Anheuser-Busch InBev Worldwide Inc. received a net proposed tax assessment from the United States federal tax authorities (IRS) of 0.3 billion US dollar predominantly involving certain inter-company transactions, related to tax returns for the years 2008 and 2009. In November 2015, the IRS issued an additional proposed tax assessment of 0.1 billion US dollar for tax years 2010 and 2011. Anheuser-Busch InBev Worldwide Inc. has filed protests with the IRS for the 2008 to 2011 tax years and intends to vigorously defend its position.

In February 2015, the European Commission opened an in-depth state aid investigation into the Belgian excess profit ruling system. On 11 January 2016, the European Commission adopted a negative decision finding that the Belgian excess profit ruling system constitutes an aid scheme incompatible with the internal market and ordering Belgium to recover the incompatible aid from a number of aid beneficiaries. The Belgian authorities have contacted the companies that have benefitted from the system and have advised each company of the amount of incompatible aid that is potentially subject to recovery. The European Commission decision was appealed to the European Union’s General Court by Belgium on 22 March 2016 and by AB InBev on 12 July 2016. The appeals do not suspend the recovery process, and AB InBev cannot at this stage estimate the outcome of such legal proceedings. Based on the estimated exposure related to the excess profit ruling applicable to AB InBev, the different elements referred to above, as well as the possibility that taxes paid abroad and non-recognized tax loss carryforwards could eventually partly or fully offset amounts subject to recovery, if any, AB InBev has not recorded any provisions in connection therewith as of 31 December 2017.

In addition, the Belgian tax authorities have also questioned the validity and the actual application of the excess profit ruling that was issued in favor of AB InBev and have refused the actual tax exemption which it confers. Against such decision AB InBev has filed a court claim before the Brussels court of first instance. Also in respect of this aspect of the EPR matter, considering the company’s and its counsel assessment in respect of the merits of the case, AB InBev has not recorded any provisions as of 31 December 2017.

WARRANTS

Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to subscribe correspondent shares for an amount lower than Ambev considers as established upon the warrant issuance. In case Ambev loses the totality of these lawsuits, the issuance of 172,831,574 shares would be necessary. Ambev would receive in consideration funds that are materially lower than the current market value. This could result in a dilution of about 1% to all Ambev shareholders. Furthermore, the holders of these warrants are claiming that they should receive the dividends relative to these shares since 2003, approximately 847m Brazilian real (256m US dollar) in addition to legal fees. Ambev disputes these claims and intends to continue to vigorously defend its case. Five of the six lawsuits were ruled favorable to Ambev by the Superior Court of Justice (STJ). Two of them during the year of 2017. All of these five cases are pending final judgment by STJ’s Special Court. In November, 2017 the Federal Public Prosecutor filled a motion favorable to Ambev’s position in one of the cases. Considering all of these facts, the company and our external counsels strongly believe that the chance of loss of these cases are remote.

ANTITRUST MATTERS

On 12 December 2014, a lawsuit was commenced in the Ontario Superior Court of Justice against the Liquor Control Board of Ontario, Brewers Retail Inc. (known as The Beer Store or “TBS”) and the owners of Brewers Retail Inc. (Molson Coors Canada, Sleeman Breweries Ltd. and Labatt Breweries of Canada LP). The lawsuit was brought in Canada pursuant to the Ontario Class Proceedings Act, and sought, among other things: (i) to obtain a declaration that the defendants conspired with each other to allocate markets for the supply of beer sold in Ontario since 1 June 2000; (ii) to obtain a declaration that Brewers Retail Inc. and the owners of Brewers Retail Inc. conspired to fix, increase and/or maintain prices charged to Ontario licensees (on-trade) for beer and the fees charged by TBS to other competitive brewers who wished to sell their products through TBS and (iii) damages for unjust enrichment. As part of this third allegation, the plaintiffs allege illegal trade practices by the owners of Brewers Retail Inc. They are seeking damages not exceeding 1.4 billion Canadian dollar (1.1 billion US dollar), as well as, punitive, exemplary and aggravated damages of 5 million Canadian dollar (4 million US dollar) and changes/repeals of the affected legislation. Ambev has not recorded any provision in connection therewith.

In 2016, the European Commission announced an investigation into alleged abuse of a dominant position by AB InBev through certain practices aimed at restricting trade from other European Union member states to Belgium. On 30 November 2017, the European Commission informed AB InBev of its preliminary view in a Statement of Objections that these practices are an infringement and invited AB InBev to respond, which it shall do. The fact that a Statement of Objections has been issued does not mean that the European Commission has concluded that there is an infringement. It is not possible to indicate how long the investigation will take or what the outcome will be and no provision has been made in connection therewith. There is no connection between this investigation and the combination with former SAB.

2009 DISPOSITIONS PENSION LITIGATION

On 1 December 2009, AB InBev and several of its related companies were sued in Federal Court in the Eastern District of Missouri in a lawsuit styled Richard F. Angevine v. AB InBev, et al. The plaintiff sought to represent a class of certain employees of Busch Entertainment Corporation, which was divested on 1 December 2009, and the four Metal Container Corporation plants which were divested on 1 October 2009. He also sought to represent certain employees of any other subsidiary of Anheuser-Busch Companies, Inc. (ABC) which were divested on 1 October 2009. The lawsuit contained claims that the class was entitled to enhanced retirement benefits under sections 4.3 and 19.11(f) of the Anheuser-Busch Companies’ Salaried Employees’ Pension Plan (the “Plan”). Specifically, plaintiff alleged that the divestitures resulted in his “involuntary termination” from “ABC and its operating division and subsidiaries” within three years after the 18 November 2008 ABC/InBev merger, which allegedly triggered the enhanced benefits under the Plan. The lawsuit claimed that by failing to provide the class members with these enhanced benefits, AB InBev, et al. breached their fiduciary duties under ERISA. The complaint sought punitive damages and attorneys’ fees. On 16 July 2010, the Court ruled that the claims for breach of fiduciary duty and punitive damages were not proper. The Court also found that Angevine did not exhaust his administrative remedies, which was required before filing a lawsuit. Angevine filed an appeal of this ruling with the Eighth Circuit Court of Appeals. On 22 July 2011, the Court of Appeals affirmed the decision of the lower court. No further appeals were filed.

On 15 September 2010, AB InBev and several of its related companies were sued in Federal Court for the Southern District of Ohio in a lawsuit entitled Rusby Adams et al. v. AB InBev et al. This lawsuit was filed by four employees of Metal Container Corporation’s facilities (“MCC”) in Columbus, Ohio, Gainesville, Florida, and Ft. Atkinson, Wisconsin that were divested on 1 October 2009. Similar to the Angevine lawsuit, these plaintiffs sought to represent a class of participants of the Anheuser-Busch Companies’ Inc. Salaried Employees’ Pension Plan (the “Plan”) who had been employed by subsidiaries of Anheuser-Busch Companies, Inc. that had been divested during the period of 18 November 2008 and 17 November 2011. The plaintiffs also alleged claims similar to the Angevine lawsuit: (1) that they were entitled to benefits under section 19.11(f) of the Plan; and (2) that the denial of benefits was a breach of fiduciary duty. AB InBev believed that it had defenses to these claims, and filed a motion to dismiss. On 25 April 2011, the Court dismissed the breach of fiduciary duty claims, and the only remaining claim was for benefits under section 19.11(f). On 28 March 2012, the Court certified that the case could proceed as a class action comprised of former employees of the divested MCC operations. On 9 January 2013, the Court granted AB InBev’s motion for Judgment on the Administrative Record. The plaintiffs appealed this decision on 5 February 2013. On 11 July 2014, the Court of Appeals for the 6^th Circuit reversed the lower court and remanded the case for judgment against AB InBev. On 16 September 2014, AB InBev’s Motion for Rehearing En Banc was denied. A Final Order and Judgment was then entered by the District Court on 24 December 2014, which ordered the Plan to provide the enhanced pension benefit under Section 19.11(f) to members of the certified class. The company believes that the total amount of the enhanced pension benefit is approximately 8m US dollar. Plaintiffs’ counsel has received approximately 1m US dollar in legal fees.

On 10 January 2012, a class action complaint asserting claims very similar to those asserted in the Angevine lawsuit was filed in Federal Court for the Eastern District of Missouri, styled Nancy Anderson et al. v. Anheuser-Busch Companies Pension Plan et al. Unlike the Angevine case, however, the plaintiff in this matter alleges complete exhaustion of all administrative remedies. The company filed a motion to dismiss on 9 October 2012. This was still pending when the Court allowed the complaint to be amended on 19 November 2012 to name four new plaintiffs. AB InBev filed a motion to dismiss on 17 December 2012. While this motion was pending, on 11 March 2013 the Court consolidated the case with the Knowlton case (see below) which had been transferred from California to Missouri.

On 10 October 2012, another class action complaint was filed against Anheuser-Busch Companies, LLC, Anheuser-Busch Companies Pension Plan, Anheuser-Busch Companies Pension Plan Appeals Committee and the Anheuser-Busch Companies Pension Plans Administrative Committee by Brian Knowlton, an employee of the divested Busch Entertainment Corporation (“BEC”). This complaint, filed in Federal Court in the Southern District of California, was amended on 12 October 2012. Like the other lawsuits, it claims that the employees of any divested assets were entitled to enhanced retirement benefits under section 19.11(f) of the Plan. However, it specifically excludes the divested Metal Container Corporation facilities that have been included in the Adams class action. On 6 November 2012, the plaintiffs filed a motion asking the court to move the Anderson case to California to join it with the Knowlton case for discovery. The company filed a motion to dismiss/motion to transfer the case to Missouri on 12 November 2012, which was granted on 30 January 2013. As outlined above, on 11 March 2013, the Knowlton case was then consolidated in Missouri with the Anderson case. On 19 April 2013 a consolidated complaint was filed, and a Motion to Dismiss was filed by the company on 10 May 2013. On 30 October 2013, the court dismissed the breach of fiduciary claims, and an answer was filed on 13 November 2013. On 19 November 2013, plaintiffs amended one count of the consolidated complaint. On 16 May 2014, the Court granted class certification. The class consists of divested BEC employees. On 10 November 2014, Plaintiffs filed a Motion for Judgment on the Pleadings based on the decision by the Sixth Circuit Court of Appeals in the Adams case. On 8 July 2015, the Court issued an order of partial judgment on the pleadings, holding that the employees of BEC were entitled to enhanced retirement benefits under the Plan. The 8 July 2015 order, however, was not a final, appealable order. On 21 August 2015, the company filed a motion seeking entry of a final, appealable order, as well as a stay pending appeal, both of which were granted on 9 October 2015. The company subsequently appealed. On 22 February 2017, the 8^th Circuit Court of Appeals affirmed the lower court’s ruling, and awarded the enhanced pension benefit to the BEC Class. In addition, the Appeals Court remanded the case back to the lower court in order to determine whether the precise amount of the enhanced pension can be calculated. The company and counsel for the plaintiffs are currently working to resolve issues surrounding the amount of potential benefits owed to the BEC Class. The Company is also awaiting for plaintiffs’ counsel to file their fee application. The company believes the total amount of the enhanced pension liability to be approximately 68m US dollar.

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33. NON-CONTROLLING INTERESTS

As of 31 December 2017 and 2016, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 62% ownership. The tables below provide summarized information of Ambev’s audited consolidated financial statements as of as of 31 December 2017 and 2016, in accordance with International Financial Reporting Standards.

Summarized financial information of Ambev, in which the company has material non-controlling interests, is as follows:

Million US dollar	2017			2016
Summarized balance sheet information
Current assets		7 472			7 329
Non-current assets		18 783			18 396
Current liabilities		8 672			8 829
Non-current liabilities		3 078			2 582
Equity attributable to equity holders		13 908			13 754
Non-controlling interests		597			560
Summarized income statement and comprehensive income information
Revenue		14 961			13 123
Net income		2 452			3 765
Attributable to:
Equity holders		2 290			3 611
Non-controlling interests		162			155
Net income		2 452			3 765
Other comprehensive income		809			(1 534	)
Total comprehensive income		3 261			2 231
Attributable to:
Equity holders		3 090			2 190
Non-controlling interests		171			41
Summarized cash flow information
Cash flow from operating activities		5 583			3 552
Cash flow from investing activities		(960	)		(1 697	)
Cash flow from financing activities		(4 018	)		(3 351	)
Net increase/(decrease) in cash and cash equivalents		605			(1 496	)

Dividends paid by Ambev to non-controlling interests (i.e. to entities outside the AB InBev Group) amounted to 1.1 billion US dollar and 1.2 billion US dollar for 2017 and 2016, respectively.

Other non-controlling interests not deemed individually material by the company mainly related to the company’s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda, and Zambia), as well as non-controlling interests recognized in respect of the company’s subsidiaries in Colombia, Ecuador, and Peru.

In 2017 non-controlling interests reduced by 2.4 billion US dollar as a result of purchase and sale of non-controlling interests mainly related to the transition of AB InBev equity stake in CCBA. See also Note 22 – Assets classified as held for sale and discontinued operations.

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34. RELATED PARTIES

TRANSACTIONS WITH DIRECTORS AND EXECUTIVE BOARD MANAGEMENT MEMBERS (KEY MANAGEMENT PERSONNEL)

In addition to short-term employee benefits (primarily salaries) AB InBev’s executive board management members are entitled to post-employment benefits. In particular, members of the executive board of management participate in the pension plan of their respective country – see also Note 25 Employee Benefits. Finally, key management personnel are eligible for the company’s share option; restricted stock and/or share swap program (refer Note 26 Share-based Payments). Total directors and executive board management compensation included in the income statement can be detailed as follows:

	2017				2016				2015
Million US dollar	Directors		Executive board management		Directors		Executive board management		Directors		Executive board management
Short-term employee benefits		2		28		2		18		3		25
Post employment benefits		—		1		—		—		—		2
Share-based payments		3		68		3		64		2		65
		5		97		5		82		5		91

Directors’ compensation consists mainly of directors’ fees.

During 2017, AB InBev entered into the following transactions:

• The acquisition, through Grupo Modelo and its subsidiaries, of information technology and infrastructure services for a consideration of approximately 0.8m US dollar from a company in which one of the company’s Board Member had significant influence as of 31 December 2017.

• The acquisition, mainly through its subsidiary Bavaria S.A., of transportation services, lease agreements and advertising services for an aggregated consideration of 5.4m US dollar from companies in which one of the company’s Board Member had a significant influence as of 31 December 2017. The outstanding balance of these transactions as of 31 December 2017 amounts to 1.1m US dollar.

With the exception of the abovementioned transactions, key management personnel were not engaged in any transactions with AB InBev and did not have any significant outstanding balances with the company.

JOINTLY CONTROLLED ENTITIES

Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows:

Million US dollar	2017			2016			2015
Non-current assets		12			11			2
Current assets		5			5			5
Non-current liabilities		11			9			2
Current liabilities		6			6			5
Result from operations		(3	)		(6	)		(1	)
Profit attributable to equity holders of AB InBev		(3	)		(7	)		—

TRANSACTIONS WITH ASSOCIATES

Significant interests in associates are shown in note 16 Investments in associates. AB InBev’s transactions with associates were as follows:

Million US dollar	2017		2016			2015
Gross profit		91		(47	)		(77	)
Current assets		73		(8	)		2
Current liabilities		20		20			25

TRANSACTIONS WITH PENSION PLANS

AB InBev’s transactions with pension plans mainly comprise 12m US dollar other income from pension plans in US.

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Supplemental Guarantor Financial Information

35. SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

The following guarantor financial information is presented to comply with U.S. SEC disclosure requirements of Rule 3-10 of Regulation S-X.

The issuances or exchanges of securities described below are related to securities issued by Anheuser-Busch InBev Worldwide Inc. or Anheuser-Busch InBev Finance Inc., and in each case fully and unconditionally guaranteed by Anheuser-Busch InBev SA/NV (the “Parent Guarantor”). Each such security is also jointly and severally guaranteed byAnheuser-Busch Companies, LLC, Brandbrew S.A., Brandbev S.à r.l. and Cobrew NV (the “Other Subsidiary Guarantors”), and by Anheuser-Busch InBev Worldwide Inc. (in respect of debt issued by Anheuser-Busch InBev Finance Inc.) and by Anheuser-Busch InBev Finance Inc. (in respect of debt issued by Anheuser-Busch InBev Worldwide Inc.). The following notes issued by Anheuser-Busch Worldwide Inc. and Anheuser-Busch Finance Inc. and registered with the SEC were outstanding as of 31 December 2017:

• On 13 October 2009, Anheuser-Busch InBev Worldwide Inc. issued 2.25 billion US dollar principal amount of 5.375% unsecured notes due 2020, which were exchanged for publicly registered notes on 8 February 2010.

• On 24 March 2010, Anheuser-Busch InBev Worldwide Inc. issued 1.0 billion US dollar principal amount of 5.0% due 2020, which were exchanged for publicly registered notes on 5 August 2010.

• On 24 January 2011, Anheuser-Busch InBev Worldwide Inc. issued 0.5 billion US dollar aggregate principal amount of fixed rate notes due 2021. The notes bear interest at an annual rate of 4.375% and will mature on 15 February 2021. The issuance closed on 27 January 2011.

• On 14 March 2011, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the following series of unregistered notes (i) 2.5 billion US dollar principal amount of 7.75 % notes due 2019, (ii) 1.25 billion US dollar principal amount of 8.2 % notes due 2039 and (iii) 1.0 billion US dollar principal amount of 6.875 % notes due 2019 and (iv) 0.45 billion US dollar principal amount of 8.0 % notes due 2039. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable, SEC-registered with otherwise substantially the same terms and conditions. On 15 February 2018, AB InBev announced that it is exercising its option to redeem in full the entire outstanding principal amount of the 7.75% Notes due in 2019 on 19 March 2018. The total principal amount of the notes that will be retired is approximately 2.5 billion US dollar and the redemption of the notes will be financed with cash.

• On 16 July 2012, Anheuser-Busch InBev Worldwide Inc. issued 3.0 billion US dollar aggregate principal amount of fixed rate notes due 2022 and 1.0 billion US dollar aggregate principal amount of fixed rate notes due 2042. The notes bear interest at an annual rate of 2.500% for the 2022 notes and 3.750% for the 2042 notes.

• On 17 January 2013, Anheuser-Busch InBev Finance Inc. issued 1.25 billion US dollar aggregate principal amount of fixed rate notes due 2023 and 0.75 billion US dollar aggregate principal amount of fixed rate notes due 2043. The notes bear interest at an annual rate of 2.625% for the 2023 notes and 4.000% for the 2043 notes.

• On 27 January 2014, Anheuser-Busch InBev Finance Inc. issued 5.25 billion US dollar aggregate principal amount of bonds, consisting of 1.25 billion US dollar aggregate principal amount of fixed rate notes due 2019; 250m US dollar aggregate principal amount of floating rate notes due 2019; 1.4 billion US dollar aggregate principal amount of fixed rate notes due 2024; and 850m US dollar aggregate principal amount of fixed rate notes due 2044. The fixed rate notes bear interest at an annual rate of 2.150% for the 2019 notes; 3.700% for the 2024 notes; and 4.625% for the 2044 notes. The floating rate notes bear interest at an annual rate of 40.00 basis points above three-month LIBOR.

• On 23 July 2015, Anheuser-Busch InBev Finance Inc. issued 565 million US dollar aggregated principal amount of fixed rate notes due 2045. The notes bear interest at an annual rate of 4.60%.

• On 25 January 2016, Anheuser-Busch InBev Finance Inc. issued 46.0 billion US dollar aggregate principal amount of bonds, consisting of 4.0 billion US dollar aggregate principal amount of fixed rate notes due 2019; 7.5 billion US dollar aggregate principal amount of fixed rate notes due 2021; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2023; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2026; 6.0 billion US dollar aggregate principal amount of fixed rate notes due 2036; 11.0 billion US dollar aggregate principal amount of fixed rate notes due 2046; and 500m US dollar aggregate principal amount of floating rate notes due 2021. The fixed rate notes will bear interest at an annual rate of 1.900% for the 2019 notes; 2.650% for the 2021 notes; 3.300% for the 2023 notes; 3.650% for the 2026 notes; 4.700% for the 2036 notes and 4.900% for the 2046 notes. The 2021 floating rate notes bear interest at an annual rate of 126.00 basis points above three-month LIBOR.

• On 29 January 2016, Anheuser-Busch InBev Finance Inc. issued 1.47 billion US dollar aggregated principal amount of fixed rate notes due 2046. The notes bear interest at an annual rate of 4.915%.

• On 16 December 2016, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for up to 6.8 billion US dollar aggregate principal amount of certain SAB Group notes, in connection with which Anheuser-Busch InBev Worldwide Inc. issued (i) 309 million US dollar aggregate principal amount of floating rate notes due 2018; (ii) 641 million US dollar aggregate principal amount of 2.200% fixed rate notes due 2018; (iii) 2.35 billion US dollar aggregate principal amount of 3.750% fixed rates due 2022; (iv) 298 million US dollar aggregate principal amount of 6.625% fixed rate notes due 2033; (v) 300 million US dollar aggregate principal amount of 5.875% fixed rate notes due 2035; and (vi) 1.49 billion US dollar aggregate principal amount of 4.950% fixed rate notes due 2042. The floating rate notes bear interest at an annual rate of 69.00 basis points above three-month LIBOR.

• On 6 April and 19 April 2017, Anheuser-Busch InBev Worldwide Inc. completed U.S. private exchange offers for certain outstanding notes issued by either Anheuser-Busch Companies, LLC or Anheuser-Busch InBev Worldwide Inc. in exchange for a combination of new Anheuser-Busch InBev Worldwide Inc. Notes due 2048 and cash. The new notes have 1,735,171,000 US dollar aggregate principal amount outstanding, mature on 6 October 2048 and bear interest at a rate per annum of 4.439%³⁶.

• On 21 August 2017, Anheuser-Busch InBev Worldwide Inc. completed an exchange offer for the unregistered 1,735,169,000 US dollar principal amount of 4.439% notes due 2048. In connection with the exchange offer, Anheuser-Busch InBev Worldwide Inc. issued freely tradable notes, SEC-registered with otherwise substantially the same terms and conditions.

The following condensed consolidating financial information presents the Condensed Consolidating Statement of Financial Position as of 31 December 2017 and 31 December 2016, the Condensed Consolidating Income Statements and Condensed Consolidating Statements of Cash Flows for the years ended 31 December 2017, 2016 and 2015 of (a) Anheuser-Busch InBev SA/NV, (b) Anheuser-Busch InBev Worldwide Inc. (guarantor of notes issued by Anheuser-Busch InBev Finance Inc.), (c) Anheuser-Busch InBev Finance Inc. (guarantor of notes issued by Anheuser-Busch InBev Worldwide Inc.), (d) the Other Subsidiary Guarantors, (e) the non-guarantor subsidiaries, (f) elimination entries necessary to consolidate the Parent with the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries; and (g) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting.

³⁶  In accordance to IAS 39 the exchanged bonds were kept at their previous amortized cost in accordance to IAS 39 rules. See also Note 16 Interest-bearing loans and borrowings.

Separate financial statements and other disclosures with respect to the guarantor subsidiaries have not been provided as management believes the following information is sufficient, as the guarantor subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional, except for certain customary release provisions, including: (1) the sale or disposal of all or substantially all of the assets of a guarantor subsidiary; (2) the sale or other disposition of the capital stock of a guarantor subsidiary; (3) the contemporaneous release of substantially all of a guarantor subsidiary’s guarantees of other indebtedness for which such guarantor subsidiary also provides a guarantee; and (4) if a guarantor subsidiary would be required to include full financial statements in any registration statement filed with the SEC in place of this condensed consolidating information.

Except as disclosed in Note 23 Changes in Equity and Earnings per Share, there are no restrictions on the Company’s ability to obtain funds from any of its direct or indirect wholly-owned subsidiaries through dividends, loans or advances.

CONDENSED CONSOLIDATING INCOME STATEMENT

For the year ended 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		540			—			—			14 015			44 235			(2 346	)		56 444
Cost of sales		(338	)		—			—			(5 838	)		(17 556	)		2 346			(21 386	)
Gross profit		202			—			—			8 177			26 679			—			35 058
Distribution expenses		(23	)		—			—			(996	)		(4 857	)		—			(5 876	)
Sales and marketing expenses		(181	)		—			—			(2 208	)		(5 993	)		—			(8 382	)
Administrative expenses		(255	)		—			—			(404	)		(3 182	)		—			(3 841	)
Other operating income/(expenses)		793			1 066			—			(1 837	)		170			—			192
Profit from operations		536			1 066			—			2 732			12 834			—			17 152
Net finance cost		(819	)		(3 064	)		26			4 160			(6 810	)		—			(6 507	)
Share of result of associates		—			—			—			2			428			—			430
Profit before tax		(283	)		(1 998	)		26			6 894			6 437			—			11 076
Income tax expense		(16	)		614			(17	)		1 329			(3 830	)		—			(1 920	)
Profit		(299	)		(1 384	)		9			8 223			2 606			—			9 155
Income from subsidiaries		8 295			3 721			—			4 167			6 204			(22 387	)		—
Profit from continuing operations		7 996			2 337			9			12 390			8 810			(22 387	)		9 155
Profit from discontinued operations		—			—			—			—			28			—			28
Profit of the year		7 996			2 337			9			12 390			8 838			(22 387	)		9 183
Profit from continuing operations attributable to:
Equity holders of AB InBev		7 996			2 337			9			12 390			7 623			(22 387	)		7 968
Non-controlling interest		—			—			—			—			1 187			—			1 187
Profit of the year attributable to:
Equity holders of AB InBev		7 996			2 337			9			12 390			7 651			(22 387	)		7 996
Non-controlling interest		—			—			—			—			1 187			—			1 187
For the year ended 31 December 2016 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		506			—			—			14 135			32 884			(2 008	)		45 517
Cost of sales		(300	)		—			—			(5 923	)		(13 587	)		2 008			(17 803	)
Gross profit		206			—			—			8 212			19 297			—			27 715
Distribution expenses		(27	)		—			—			(967	)		(3 549	)		—			(4 543	)
Sales and marketing expenses		(204	)		—			—			(2 372	)		(5 169	)		—			(7 745	)
Administrative expenses		(198	)		(4	)		—			(384	)		(2 297	)		—			(2 883	)
Other operating income/(expenses)		464			559			—			(1 283	)		598			—			338
Profit from operations		241			555			—			3 206			8 880			—			12 882
Net finance cost		(1 599	)		(1 283	)		36			(3 805	)		(1 913	)		—			(8 564	)
Share of result of associates		—			—			—			2			14			—			16
Profit before tax		(1 358	)		(728	)		36			(597	)		6 981			—			4 334
Income tax expense		—			280			2			(1 358	)		(537	)		—			(1 613	)
Profit		(1 358	)		(448	)		38			(1 955	)		6 444			—			2 721
Income from subsidiaries		2 599			1 958			—			1 322			1 469			(7 348	)		—
Profit from continuing operations		1 241			1 510			38			(633	)		7 913			(7 348	)		2 721
Profit from discontinued operations		—			—			—			—			48			—			48
Profit of the year		1 241			1 510			38			(633	)		7 961			(7 348	)		2 769
Profit from continuing operations attributable to:
Equity holders of AB InBev		1 241			1 510			38			(633	)		6 385			(7 348	)		1 193
Non-controlling interest		—			—			—			—			1 528			—			1 528
Profit of the year attributable to:
Equity holders of AB InBev		1 241			1 510			38			(633	)		6 433			(7 348	)		1 241
Non-controlling interest		—			—			—			—			1 528			—			1 528

For the year ended 31 December 2015 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		104			—			—			14 097			31 059			(1 656	)		43 604
Cost of sales		(72	)		—			—			(6 179	)		(12 542	)		1 656			(17 137	)
Gross profit		32			—			—			7 918			18 517			—			26 467
Distribution expenses		(3	)		—			—			(1 009	)		(3 246	)		—			(4 258	)
Sales and marketing expenses		(147	)		—			—			(2 065	)		(4 701	)		—			(6 913	)
Administrative expenses		(297	)		—			—			(258	)		(2 005	)		—			(2 560	)
Other operating income/(expenses)		542			701			—			(1 210	)		1 135			—			1 168
Profit from operations		127			701			—			3 376			9 700			—			13 904
Net finance cost		(565	)		(1 791	)		41			(311	)		1 173			—			(1 453	)
Share of result of associates		—			—			—			2			8			—			10
Profit before tax		(438	)		(1 090	)		41			3 067			10 881			—			12 461
Income tax expense		—			659			(36	)		(1 068	)		(2 149	)		—			(2 594	)
Profit		(438	)		(431	)		5			1 999			8 732			—			9 867
Income from subsidiaries		8 711			1 374			—			3 484			1 410			(14 979	)		—
Profit		8 273			943			5			5 483			10 142			(14 979	)		9 867
Attributable to:
Equity holders of AB InBev		8 273			943			5			5 484			8 548			(14 979	)		8 273
Non-controlling interest		—			—			—			—			1 594			—			1 594

CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION

As at 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Subsidiary Guarantors		Non- Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		44		—			—		4 589		22 551		—			27 184
Goodwill		—		—			—		33 277		107 663		—			140 940
Intangible assets		584		—			—		22 105		23 185		—			45 874
Investments in subsidiaries		121 847		77 388			—		83 368		99 398		(382 000	)		—
Investments in associates and joint ventures		—		—			—		28		5 235		—			5 263
Deferred tax assets		—		—			—				1 216		—			1 216
Derivatives		—		—			—		16		9		—			25
Other non-current assets		53 565		10 290			55 432		25 293		67 709		(210 623	)		1 664
		176 040		87 677			55 432		168 676		326 966		(592 623	)		222 166
Current assets
Investment securities		1 301		—			—		—		3		—			1 304
Inventories		21		—			—		626		3 472		—			4 119
Derivatives		—		—			—		320		138		—			458
Trade and other receivables		16 585		1 514			1 947		25 237		19 942		(58 660	)		6 566
Cash and cash equivalents		43		242			8		5 982		9 768		(5 571	)		10 472
Assets classified as held for sale		—		—			—		—		133		—			133
Other current assets		—		—			—		—		908		—			908
		17 950		1 756			1 955		32 165		34 364		(64 231	)		23 960
Total assets		193 989		89 434			57 387		200 841		361 330		(656 855	)		246 126
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		72 585		38 307			586		131 657		211 449		(382 000	)		72 585
Minority interest		—		—			—		—		7 635		—			7 635
		72 585		38 307			586		131 656		219 084		(382 000	)		80 220
Non-current liabilities
Interest-bearing loans and borrowings		102 398		49 230			55 464		29 005		83 459		(210 607	)		108 949
Employee benefits		5		—			—		1 240		1 748		—			2 993
Deferred tax liabilities		—		(337	)		9		6 528		6 907		—			13 107
Derivatives		—		—			—		920		17		—			937
Other non-current liabilities		131		—			—		1 023		2 573		(18	)		3 709
		102 534		48 893			55 473		38 716		94 705		(210 625	)		129 695
Current liabilities
Interest-bearing loans and borrowings		16 718		2 363			479		19 336		20 531		(51 994	)		7 433
Income tax payable		—		(665	)		3		734		1 486		—			1 558
Derivatives		—		—			—		1 360		97		—			1 457
Trade and other payables		2 033		535			848		5 481		22 530		(6 665	)		24 762
Other current liabilities		121		—			—		3 558		2 894		(5 571	)		1 002
		18 872		2 233			1 330		30 469		47 538		(64 230	)		36 211
Total equity and liabilities		193 989		89 434			57 387		200 841		361 330		(656 855	)		246 126

As at 31 December 201637 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Subsidiary Guarantors			Non- Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		52		—			—		4 829			22 641		—			27 522
Goodwill		—		—			—		33 056			103 477		—			136 533
Intangible assets		520		—			—		22 094			21 954		—			44 568
Investments in subsidiaries		126 200		41 488			—		8 042			—		(175 730	)		—
Investments in associates and joint ventures		—		—			—		40			4 284		—			4 324
Deferred tax assets		—		327			—		—			1 261		(327	)		1 261
Derivatives		—		—			—		120			26		—			146
Other non-current assets		48 333		24 322			55 258		60 420			34 582		(221 949	)		966
		175 105		66 137			55 258		128 601			188 225		(398 006	)		215 320
Current assets
Investment securities		5 500		—			—		—			159		—			5 659
Inventories		9		—			—		635			3 269		—			3 913
Derivatives		—		—			—		(120	)		1 091		—			971
Trade and other receivables		12 072		7 937			2 338		16 622			27 215		(59 793	)		6 391
Cash and cash equivalents		257		155			—		28 780			8 941		(29 554	)		8 579
Assets classified as held for sale		—		—					—			16 439		—			16 439
Other current assets		—		—			—		(610	)		1 719		—			1 109
		17 838		8 092			2 338		45 307			58 833		(89 347	)		43 061
Total assets		192 943		74 229			57 596		173 908			247 058		(487 353	)		258 381
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		71 677		20 009			564		107 258			47 561		(175 730	)		71 339
Minority interest		—		—			—		—			10 086		—			10 086
		71 677		20 009			564		107 258			57 647		(175 730	)		81 425
Non-current liabilities
Interest-bearing loans and borrowings		86 757		50 672			55 239		16 257			126 948		(221 932	)		113 941
Employee benefits		4		—			—		1 290			1 720		—			3 014
Deferred tax liabilities		—		—			16		10 141			6 848		(327	)		16 678
Derivatives		—		—			—		275			196		—			471
Other non-current liabilities		116		—			—		853			1 786		(18	)		2 737
		86 877		50 672			55 255		28 816			137 498		(222 277	)		136 841
Current liabilities
Interest-bearing loans and borrowings		21 815		3 670			300		24 576			14 333		(56 076	)		8 618
Income tax payable		—		(881	)		10		6			4 787		—			3 922
Derivatives		—		—			—		(275	)		1 538		—			1 263
Trade and other payables		2 068		759			850		4 583			18 542		(3 716	)		23 086
Liabilities associated with assets held for sale		—		—			—		—			2 174		—			2 174
Other current liabilities		10 506		—			617		8 944			10 540		(29 554	)		1 053
		34 389		3 548			1 777		37 834			51 914		(89 346	)		40 116
Total equity and liabilities		192 943		74 229			57 596		173 908			247 058		(487 353	)		258 381

³⁷  Reclassified to conform to the 2017 presentation.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		7 996			2 338			8			12 391			8 837			(22 387	)		9 183
Depreciation, amortization and impairment		128			—			—			771			3 377			—			4 276
Net finance cost		819			3 064			(26	)		(4 160	)		6 810			—			6 507
Income tax expense		16			(614	)		17			(1 329	)		3 830			—			1 920
Investment income		(8 296	)		(3 721	)		—			(4 167	)		(6 203	)		22 387			—
Other items		126			—			—			(7	)		(338	)		—			(219	)
Cash flow from operating activities before changes in working capital and use of provisions		789			1 067			(1	)		3 499			16 313			—			21 667
Working capital and provisions		(283	)		869			(4	)		(1 210	)		72			159			( 397	)
Cash generated from operations		506			1 936			(5	)		2 289			16 385			159			21 270
Interest paid, net		(860	)		(3 156	)		79			351			(6 120	)		5 865			(3 841	)
Dividends received		2			—			—			78			139			(77	)		142
Income tax paid		(16	)		—			(16	)		285			(2 394	)		—			(2 141	)
CASH FLOW FROM OPERATING ACTIVITIES		(368	)		(1 220	)		58			3 003			8 010			5 947			15 430
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			18			599			—			617
Sale of subsidiaries, net of cash disposed of		—			—			—			42			—			—			42
Proceeds from SAB transaction-related divestitures		—			—			—			—			11 697			—			11 697
Taxes on SAB transaction-related divestitures											(3 449	)								(3 449	)
Acquisition of other subsidiaries, net of cash acquired		—			—			—			(306	)		( 292	)		—			( 598	)
Acquisition of property, plant and equipment and of intangible assets		(126	)		—			—			(534	)		(4 081	)		—			(4 741	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			—			16			—			16
Net proceeds from sale/(acquisition) of investment in short-term debt securities		4 177			—			—			—			160			—			4 337
Net proceeds from sale/(acquisition) of other assets		535			—			—			(69	)		(746	)		—			(280	)
Net repayments/(payments) of loans granted		(7 949	)		4 996			332			4 607			43 229			(45 002	)		213
CASH FLOW FROM INVESTING ACTIVITIES		(3 363	)		4 996			332			308			50 582			(45 002	)		7 854
FINANCING ACTIVITIES
Intra-group capital reimbursements		18 594			—			—			(21 152	)		2 558			—			—
Purchase of non-controlling interest		—			—			—			—			(206	)		—			(206	)
Proceeds from borrowings		24 604			2 262			1 470			16 197			(219	)		(30 962	)		13 352
Payments on borrowings		(20 574	)		(5 876	)		(1 306	)		(19 354	)		(46 006	)		69 783			(23 333	)
Cash net finance (cost)/income other than interests		(463	)		—			—			1 977			(3 055	)		—			(1 541	)
Dividends paid		(7 992	)		(75	)		—			—			(1 285	)		77			(9 275	)
CASH FLOW FROM FINANCING ACTIVITIES		14 169			(3 689	)		164			(22 332	)		(48 213	)		38 898			(21 004	)
Net increase/(decrease) in cash and cash equivalents		10 438			87			554			(19 021	)		10 379			(157	)		2 280
Cash and cash equivalents less bank overdrafts at beginning of year		(10 244	)		155			(617	)		19 840			(739	)		—			8 395
Effect of exchange rate fluctuations		(268	)		—			72			1 611			(1 891	)		157			(319	)
Cash and cash equivalents less bank overdrafts at end of year		(74	)		242			9			2 430			7 749			—			10 356

For the year ended 31 December 2016 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		1 241			1 510			38			(633	)		7 961			(7 348	)		2 769
Depreciation, amortization and impairment		96			—			—			748			2 633			—			3 477
Net finance cost		1 599			1 284			(36	)		3 805			1 912			—			8 564
Income tax expense		—			(280	)		(2	)		1 358			537			—			1 613
Investment income		(2 599	)		(1 958	)		—			(1 322	)		(1 469	)		7 348			—
Other items		56			(1	)		—			231			(368	)		—			(82	)
Cash flow from operating activities before changes in working capital and use of provisions		393			555			—			4 187			11 206			—			16 341
Working capital and provisions		(121	)		541			4			(650	)		(80	)		9			(297	)
Cash generated from operations		272			1 096			4			3 537			11 126			9			16 044
Interest paid, net		(1 543	)		(1 153	)		59			999			(1 108	)		25			(2 721	)
Dividends received		9 256			—			—			4			40			(9 257	)		43
Income tax paid		—			—			—			(511	)		(2 745	)		—			(3 256	)
CASH FLOW FROM OPERATING ACTIVITIES		7 985			(57	)		63			4 029			7 313			(9 223	)		10 110
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			25			186			—			211
Sale of subsidiaries, net of cash disposed of		—			—			—			13			640			—			653
Acquisition of SAB, net of cash acquired		(57 712	)		—			—			(8 652	)		1 198			—			(65 166	)
Proceeds from SAB transaction-related divestitures		—			—			—			—			16 342			—			16 342
Acquisition of other subsidiaries, net of cash acquired		—			—			—			—			(1 445	)		—			(1 445	)
Acquisition of property, plant and equipment and of intangible assets		(369	)		—			—			(650	)		(3 960	)		—			(4 979	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			—			146			—			146
Net proceeds from sale/(acquisition) of investment in short-term debt securities		(5 500	)		—			—			—			(83	)		—			(5 583	)
Net proceeds from sale/(acquisition) of other assets		—			—			—			(31	)		4			—			(27	)
Net repayments/(payments) of loans granted		(11 753	)		(900	)		(46 052	)		(229	)		(32 475	)		91 180			(229	)
CASH FLOW FROM INVESTING ACTIVITIES		(75 334	)		(900	)		(46 052	)		(9 524	)		(19 447	)		91 180			(60 077	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		(79	)		—			—			(2 115	)		2 194			—			—
Purchase of non-controlling interest		—			—			—			—			(10	)		—			(10	)
Proceeds from borrowings		81 137			4 486			47 051			32 887			14 895			(94 164	)		86 292
Payments on borrowings		(13 370	)		(4 049	)		(2 200	)		(1 372	)		(5 600	)		2 974			(23 617	)
Cash net finance (cost)/income other than interests		(628	)		(64	)		(5	)		(3 157	)		370			—			(3 484	)
Dividends paid		(7 134	)		—			—			—			(10 573	)		9 257			(8 450	)
CASH FLOW FROM FINANCING ACTIVITIES		59 926			373			44 846			26 243			1 276			(81 933	)		50 731
Net increase/(decrease) in cash and cash equivalents		(7 423	)		(584	)		(1 143	)		20 748			(10 858	)		24			764
Cash and cash equivalents less bank overdrafts at beginning of year		(1 832	)		739			525			(1 100	)		8 578			—			6 910
Effect of exchange rate fluctuations		(989	)		—			—			194			1 540			(24	)		721
Cash and cash equivalents less bank overdrafts at end of year		(10 244	)		155			(618	)		19 842			(740	)		—			8 395

For the year ended 31 December 2015 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		8 273			943			5			5 483			10 142			(14 979	)		9 867
Depreciation, amortization and impairment		73			—			—			727			2 352			—			3 153
Net finance cost		565			1 791			(41	)		311			(1 173	)		—			1 453
Income tax expense		101			(659	)		36			1 068			2 048			—			2 594
Investment income		(8 711	)		(1 374	)		—			(3 484	)		(1 410	)		14 979			—
Other items		57			—			—			85			(483	)		—			(341	)
Cash flow from operating activities before changes in working capital and use of provisions		359			701			—			4 190			11 476			—			16 726
Working capital and provisions		(215	)		550			(2	)		(630	)		1 669			(35	)		1 337
Cash generated from operations		144			1 251			(2	)		3 560			13 145			(35	)		18 063
Interest paid, net		(442	)		(1 845	)		48			1 820			(1 122	)		(68	)		(1 609	)
Dividends received		2 607			1 891			—			19			984			(5 479	)		22
Income tax paid		(9	)		—			—			(846	)		(1 500	)		—			(2 355	)
CASH FLOW FROM OPERATING ACTIVITIES		2 300			1 297			46			4 553			11 507			(5 582	)		14 121
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		—			(2	)		—			(312	)		(604	)		—			(918	)
Acquisition of property, plant and equipment and of intangible assets		(105	)		—			—			(646	)		(3 998	)		—			(4 749	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			244			153			—			397
Net proceeds/(acquisition) of other assets		—			—			—			44			173			—			217
Net proceeds from sale/(acquisition) of investment in short-term debt securities		—			—			—			—			169			—			169
Net repayments/(payments) of loans granted		(13 496	)		508			(565	)		598			(10 284	)		23 193			(46	)
CASH FLOW FROM INVESTING ACTIVITIES		(13 601	)		506			(565	)		72			(14 391	)		23 193			(4 930	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		156			—			22			3 294			(3 472	)		—			—
Proceeds from borrowings		19 965			24 078			565			6 933			12 163			(47 467	)		16 237
Payments on borrowings		(3 553	)		(24 869	)		(3	)		(3 845	)		(7 807	)		24 297			(15 780	)
Other financing activities		159			(33	)		(1	)		(2 353	)		1 456			—			(772	)
Share buy back		(1 000	)		—			—			—			—			—			(1 000	)
Dividends paid		(6 586	)		—			—			(3 370	)		(3 489	)		5 479			(7 966	)
CASH FLOW FROM FINANCING ACTIVITIES		9 141			(824	)		583			659			(1 149	)		(17 691	)		(9 281	)
Net increase/(decrease) in cash and cash equivalents		(2 160	)		979			64			5 140			(4 033	)		(80	)		(90	)
Cash and cash equivalents less bank overdrafts at beginning of year		502			(240	)		460			(5 789	)		13 383			—			8 316
Effect of exchange rate fluctuations		(174	)		—			1			(451	)		(774	)		80			(1 316	)
Cash and cash equivalents less bank overdrafts at end of year		(1 832	)		739			525			(1 100	)		8 578			—			6 910

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Events After the Balance Sheet Date

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Events After the Balance Sheet Date

36. EVENTS AFTER THE BALANCE SHEET DATE

BOND ISSUANCE

On 23 January 2018, Anheuser-Busch InBev SA/NV issued 4.25 billion euro aggregate principal amount of bonds. The bonds comprise the following series: 1.5 billion euro aggregate principal amount of floating rate Notes due 15 April 2024 bearing interest at annual rate of 30 basis point above three-month EURIBOR; 2.0 billion euro aggregate principal amount of fixed rate Notes due 22 January 2027 bearing interest at an annual rate of 1.150% and 0.75 billion euro aggregate principal amount of fixed rate Notes due 23 January 2035 bearing interest at an annual rate of 2.000%.

The proceeds of the Notes will be used for general corporate purposes. The Notes were issued by Anheuser-Busch InBev SA/NV under its Euro Medium Term Note programme base prospectus published on 20 December 2017.

EARLY REDEMPTION OF NOTES

On 15 February 2018, AB InBev announced that it is exercising its option to redeem in full the entire outstanding principal amount of the 7.75% Notes due in 2019 on 19 March 2018. The total principal amount of the notes that will be retired is approximately 2.5 billion US dollar and the redemption of the notes will be financed with cash.

DEFERRED SHARE INSTRUMENT

On 1 March 2018, AB InBev announced that it will deliver 23 076 922 Ordinary Shares on 21 May 2018, that are due under deferred share instruments.

The deferred share entitlements had been issued by AB InBev in connection with the closing of the Grupo Modelo acquisition in June 2013. Under such entitlements, selected former Grupo Modelo shareholders committed upon tendering of their shares in Grupo Modelo, to invest 1.5 billion US dollar of their proceeds from the tender offer into ordinary shares of AB InBev, and acquired an aggregate of 23 076 922 ordinary shares, to be delivered within five years. The consideration for the acquisition of such ordinary shares was paid by such former Grupo Modelo shareholders to AB InBev on 5 June 2013.

The deferred share entitlements provided for the delivery of these ordinary shares no later than 5 June 2018. Such delivery obligation will be met through the use of part of AB InBev’s outstanding treasury shares.

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Ab Inbev Companies

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Ab Inbev Companies

37. AB INBEV COMPANIES

Listed below are the most important AB InBev companies. A complete list of the company’s investments is available at AB InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium.

LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
ARGENTINA
CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires		61.92
AUSTRALIA
FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
BELGIUM
AB INBEV N.V. – Grand Place 1 – 1000 – Brussel		Consolidating Company
BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant		98.54
BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden		100.00
COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven		100.00
INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel		100.00
BOTSWANA
KGALAGADI BREWERIES (PTY) LTD – Plot 20768, Broadhurst industrial estate – Gaborone38		31.00
BOLIVIA
CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz		61.92
BRAZIL
AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 – São Paulo		61.92
CANADA
LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto		61.92

³⁸  The group’s shares entitle the holder to twice the voting rights

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
CHILE
CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura		61.92
CHINA
ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province		100.00
ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province		97.06
ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong		100.00
ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province		100.00
ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province		100.00
ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province		100.00
ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province		100.00
ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province		100.00
NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province		100.00
SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province		100.00
ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province		100.00
ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province		100.00
ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province		100.00
INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province		60.00
ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province		100.00
COLOMBIA
BOGOTA BEER COMPANY BBC S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		97.22
BAVARIA S.A. S.A. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		99.14
AMBEV COLOMBIA S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		97.22
CZECH REPUBLIC
PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4		100.00
DOMINICAN REPUBLIC
CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo39		34.06
ECUADOR
COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil		97.22
CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas		95.58
EL SALVADOR
INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador		100.00
FRANCE
AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine		100.00
GERMANY
BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen		100.00
BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum		100.00
HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen		99.96
HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode		100.00
ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen		100.00
SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München		100.00
ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen		100.00
LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München		100.00

³⁹  55% owned by Ambev S.A

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
GHANA
ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra		60.00
GRAND DUCHY OF LUXEMBOURG
BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 – Diekirch		95.82
HONDURAS
CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes		99.00
INDIA
CROWN BEERS INDIA LIMITED – #8-2-684/A, Road No. 12 – Banjara Hills, Hyderabad 500034 – Andhra Pradesh		100.00
SABMILLER INDIA LIMITED LTD. – Unit No.301-302, Dynasty Business Park, 3rd Floor – Andheri – Kurla Road, Andheri (East) – 400059 – Mumbai, Maharashtra		99.60
ITALY
ANHEUSER-BUSCH INBEV ITALIA SPA – Piazza Buffoni 3, 21013 Gallarate		100.00
MEXICO
CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City		100.00
MOZAMBIQUE
CERVEJAS DE MOÇAMBIQUE SA – Rua do Jardim 1329 – Maputo40		49.00
THE NETHERLANDS
INBEV NEDERLAND N.V. – Ceresstraat 1 – 4811 CA – Breda		100.00
INTERBREW INTERNATIONAL B.V. – Ceresstraat 1 – 4811 CA – Breda		100.00
AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda		62.00
AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda		62.00
NIGERIA
BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. – 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos		50.00
INTERNATIONAL BREWERIES PLC – Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State1		37.50
PANAMA
CERVECERÍA NACIONAL HOLDING SA – Costa del Este Business Park, torre Oeste Piso 2 – Ciudad de Panama		60.00
PARAGUAY
CERVECERIA PARAGUAYA S.A. – Ruta Villeta km 30 N 3045 – 2660 – Ypané		61.92
PERU
COMPANIA CERVECERA AMBEV PERU S.A.C. – Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa – Lurigancho (Chosica) – Lima 15		97.22
UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA – 3986 Av. Nicolas Ayllon, Ate, Lima 3		93.65
RUSSIA
SUN INBEV – 28 Moscovskaya Street, Moscow region – 141607 – Klin		99.95
SOUTH AFRICA
SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY – 65 Park Lane, Sandown – 2001 – Johannesburg		100.00
THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES – 65 Park Lane, Sandown – 2146 – Johannesburg		91.55
SOUTH KOREA
ORIENTAL BREWERY CO., LTD – 151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do		100.00
SWITZERLAND
ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) – Turmstrasse 26 – 6300 – Zug		100.00

⁴⁰  The company is consolidated due to the group’s majority shareholdings and ability to control the operations

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
TANZANIA
KIBO BREWERIES LTD PRIVATE COMPANY – Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District – – Dar es Salaam1		36.00
UGANDA
NILE BREWERIES LTD – Plot M90 Yusuf Lule Roa, Njeru, Jinja – Eastern Uganda		61.76
UKRAINE
SUN INBEV UKRAINE PJSC – 30-V Fizkultury Str., BC “Faringeit” 4th floor – 3068 – Kiev		98.34
UNITED KINGDOM
AB INBEV UK LTD – Porter Tun House, 500 Capability Green – LU1 3LS – Luton		100.00
PIONEER BREWING COMPANY LTD – Porter Tun House, 500 Capability Green - LU1 3LS – Luton		100.00
AB INBEV HOLDINGS LIMITED – AB INBEV HOUSE, CHURCH STREET WEST – GU21 6HT – WOKING, SURREY		100.00
AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT		100.00
UNITED STATES
ANHEUSER-BUSCH COMPANIES, LLC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH INTERNATIONAL, INC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH PACKAGING GROUP, INC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH, LLC – One Busch Place, St. Louis, MO. 63118		100.00
METAL CONTAINER CORPORATION, INC. – One Busch Place, St. Louis, MO. 63118		100.00
ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION – C/O THE CORPORATION TRUST COMPANY INC. – 1209 Orange Street – DE 19801 – Wilmington		100.00
URUGUAY
CERVECERIA Y MALTERIA PAYSANDU S.A. – Cesar Cortinas, 2037 – C.P. 11500 – Montevideo		61.92
VIETNAM
ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam – Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province		100.00
ZAMBIA
ZAMBIAN BREWERIES PLC – Mungwi Road, Plot Number 6438, Lusaka		54.00

LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES

NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
FRANCE
SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA – 30 AV George V, 75008, Paris		20.00
GIBRALTAR
BIH BRASSERIES INTERNATIONALES HOLDING LTD – CC Building, 10th Floor, Main Street		20.00
BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD – Suite 10/3, International Commercial Centre, 2A Main Street		27.00
TURKEY
ANADOLU EFES BIRACILIK VE MALT SANAYII AS – Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul		24.00
ZIMBABWE
DELTA CORPORATION LTD – Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare		25.00

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

BASIS OF PREPARATION AND MEASUREMENT

(A) BASIS OF PREPARATION AND MEASUREMENT

Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost, net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and another measurement basis (e.g. systematic re-measurement), the cost approach is applied.

FUNCTIONAL AND PRESENTATION CURRENCY

(B) FUNCTIONAL AND PRESENTATION CURRENCY

Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar and has been rounded to the nearest million. As from 2009, following the combination with Anheuser-Bush, the company changed the presentation currency of the consolidated financial statements from the euro to the US dollar to provide greater alignment of the presentation currency with AB InBev’s most significant operating currency and underlying financial performance. The functional currency of the parent company is the euro.

USE OF ESTIMATES AND JUDGMENTS

(C) USE OF ESTIMATES AND JUDGMENTS

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

PRINCIPLES OF CONSOLIDATION

(D) PRINCIPLES OF CONSOLIDATION

Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns, directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity method of accounting, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture.

Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences until the date that joint operation ceases.

The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for the same reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the date of AB InBev’s financial statements. In such cases, the difference between the end of the reporting period of these subsidiaries, joint ventures, joint operations or associates from AB InBev’s reporting period is no more than three months. Results from the company’s associate Anadolu Efes are reported on a three month lag.

Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controllinginterests are also recorded in equity where there is no loss of control.

All intercompany transactions, balances and unrealized gains and losses on transactions between group companies have been eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminated to the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 36 AB InBev companies.

SUMMARY OF CHANGES IN ACCOUNTING POLICIES

(E) SUMMARY OF CHANGES IN ACCOUNTING POLICIES

A number of new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning 1 January 2017, and have not been listed in these consolidated financial statements because of either their non-applicability to or their immateriality to AB InBev’s consolidated financial statements.

FOREIGN CURRENCIES

(F) FOREIGN CURRENCIES

FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates ruling at the dates the fair value was determined.

TRANSLATION OF THE RESULTS AND FINANCIAL POSITION OF FOREIGN OPERATIONS

Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves).

In hyperinflationary economies, re-measurement of the local currency denominated non-monetary assets, liabilities, income statement accounts as well as equity accounts is made by applying a general price index. These re-measured accounts are used for conversion into US dollar at the closing exchange rate. AB InBev did not have material operations in hyperinflationary economies in 2017 and 2016.

EXCHANGE RATES

The most important exchange rates that have been used in preparing the financial statements are:

	Closing rate						Average rate
1 US dollar equals:	2017		2016		2015		2017		2016		2015
Argentinean peso		18.774210		15.850116		13.004955		16.580667		14.762591		9.101728
Australian dollar		1.279580		1.384689		—		1.308997		1.3440978		—
Brazilian real		3.308005		3.259106		3.904803		3.201667		3.474928		3.259601
Canadian dollar		1.253982		1.345983		1.388446		1.303248		1.318844		1.270237
Colombian peso		2 988.60		3 002.14		3 145.64		2 965.94		2 986.89		2 792.222
Chinese yuan		6.507500		6.944520		6.485535		6.785290		6.607635		6.256495
Euro		0.833819		0.948677		0.918527		0.886817		0.902821		0.899096
Mexican peso		19.735828		20.663842		17.206357		18.811612		18.464107		15.730837
Pound sterling		0.739790		0.812238		0.674152		0.773029		0.737400		0.653179
Peruvian nuevo sol		3.244558		3.352820		3.413342		3.267432		3.394121		3.135481
Russian ruble		57.631946		60.657097		72.881615		58.144309		66.905365		59.186097
South Korean won		1 067.63		1 203.90		1 176.09		1 134.04		1 154.50		1 129.52
South African rand		12.345193		13.714953		—		13.338803		14.0166901		—
Turkish lira		3.790879		3.516940		—		3.615028		3.50148		—
Ukrainian hryvnia		28.068098		27.190513		24.000600		26.501419		25.408674		21.493019

INTANGIBLE ASSETS

(G) INTANGIBLE ASSETS

RESEARCH AND DEVELOPMENT

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in the income statement as an expense as incurred.

Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible, future economic benefits are probable and the company has sufficient resources to complete development. The expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other development expenditure is recognized in the income statement as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy P).

Amortization related to research and development intangible assets is included within the cost of sales if production related and in sales and marketing if related to commercial activities.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

SUPPLY AND DISTRIBUTION RIGHTS

A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB InBev. A distribution right is the right to sell specified products in a certain territory.

Acquired distribution rights are measured initially at cost or fair value when obtained through a business combination.

Amortization related to supply and distribution rights is included within sales and marketing expenses.

BRANDS

If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes or technological expertise these intangible assets are considered as a group of complementary assets that is referred to as a brand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred.

SOFTWARE

Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software is capitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement when incurred.

Amortization related to software is included in cost of sales, distribution expenses, sales and marketing expenses or administrative expenses based on the activity the software supports.

OTHER INTANGIBLE ASSETS

Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment losses.

Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses.

SUBSEQUENT EXPENDITURE

Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred.

AMORTIZATION

Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses, brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to have an indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software and capitalized development costs related to technology are amortized over 3 to 5 years.

Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment on an annual basis (refer to accounting policy P).

GAINS AND LOSSES ON SALE

Net gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale are included as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the intangible assets.

BUSINESS COMBINATIONS

(H) BUSINESS COMBINATIONS

The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interest in the fair value of the identifiable net assets acquired is recorded as goodwill.

The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions requiring management judgment.

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss.

GOODWILL

(I) GOODWILL

Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at the date of acquisition. All business combinations are accounted for by applying the purchase method.

In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may be impaired (refer to accounting policy P). Goodwill is expressed in the currency of the subsidiary or jointly controlled entity to which it relates and is translated to US dollar using the year-end exchange rate. In respect of associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate.

If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS 3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred.

PROPERTY, PLANT AND EQUIPMENT

(J) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting policy P). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g. nonrefundable tax and transport cost). The cost of a self-constructed asset is determined using the same principles as for an acquired asset. The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

SUBSEQUENT EXPENDITURE

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the company and the cost of the item can be measured reliably. All other costs are expensed as incurred.

DEPRECIATION

The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessed annually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over the estimated useful lives of the assets.

The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows:

Industrial buildings – other real estate properties	20 - 50 years
Production plant and equipment:
Production equipment	10 - 15 years
Storage, packaging and handling equipment	5 - 7 years
Returnable packaging:
Kegs	2 - 10 years
Crates	2 - 10 years
Bottles	2 - 5 years
Point of sale furniture and equipment	5 years
Vehicles	5 years
Information processing equipment	3 - 5 years

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Land is not depreciated as it is deemed to have an indefinite life.

GAINS AND LOSSES ON SALE

Net gains on sale of items of property, plant and equipment are presented in the income statement as other operating income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment.

ACCOUNTING FOR LEASES

(K) ACCOUNTING FOR LEASES

Leases of property, plant and equipment where the company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized as assets and liabilities (interest-bearing loans and borrowings) at amounts equal to the lower of the fair value of the leased property and the present value of the minimum lease payments at inception of the lease. Depreciation and impairment testing for depreciable leased assets is the same as for depreciable assets that are owned (refer to accounting policies J and P).

Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Leases of assets under which all the risks and rewards of ownership are substantially retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place.

INVESTMENTS

(L) INVESTMENTS

All investments are accounted for at trade date.

INVESTMENTS IN EQUITY SECURITIES

Investments in equity securities are undertakings in which AB InBev does not have significant influence or control. This is generally evidenced by ownership of less than 20% of the voting rights. Such investments are designated as available-for-sale financial assets which are at initial recognition measured at fair value unless the fair value cannot be reliably determined in which case they are measured at cost. Subsequent changes in fair value, except those related to impairment losses which are recognized in the income statement, are recognized directly in other comprehensive income.

On disposal of an investment, the cumulative gain or loss previously recognized directly in other comprehensive income is recognized in profit or loss.

INVESTMENTS IN DEBT SECURITIES

Investments in debt securities classified as trading or as being available-for-sale are carried at fair value, with any resulting gain or loss respectively recognized in the income statement or directly in other comprehensive income. Fair value of these investments is determined as the quoted bid price at the balance sheet date. Impairment charges and foreign exchange gains and losses are recognized in the income statement.

Investments in debt securities classified as held to maturity are measured at amortized cost.

In general, investments in debt securities with maturities of more than three months when acquired and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations.

OTHER INVESTMENTS

Other investments held by the company are classified as available-for-sale and are carried at fair value, with any resulting gain or loss recognized directly in other comprehensive income. Impairment charges are recognized in the income statement.

INVENTORIES

(M) INVENTORIES

Inventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The weighted average method is used in assigning the cost of inventories.

The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, other direct cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated completion and selling costs.

Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others.

TRADE AND OTHER RECEIVABLES

(N) TRADE AND OTHER RECEIVABLES

Trade and other receivables are carried at amortized cost less impairment losses. An estimate of impairment losses for doubtful receivables is made based on a review of all outstanding amounts at the balance sheet date.

An allowance for impairment of trade and other receivables is established if the collection of a receivable becomes doubtful. Such receivable becomes doubtful when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. An impairment loss is recognized in the income statement, as are subsequent recoveries of previous impairments.

CASH AND CASH EQUIVALENTS

(O) CASH AND CASH EQUIVALENTS

Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts.

IMPAIRMENT

(P) IMPAIRMENT

The carrying amounts of financial assets, property, plant and equipment, goodwill and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite useful life are tested for impairment annually at the business unit level (that is a country or group of countries managed as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement.

CALCULATION OF RECOVERABLE AMOUNT

The recoverable amount of the company’s investments in unquoted debt securities is calculated as the present value of expected future cash flows, discounted at the debt securities’ original effective interest rate. For equity investments classified as available for sale and quoted debt securities the recoverable amount is their fair value.

The recoverable amount of other assets is determined as the higher of their fair value less costs to sell and value in use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.

Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis.

REVERSAL OF IMPAIRMENT LOSSES

Non-financial assets other than goodwill and equity investments classified as available for sale that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

SHARE CAPITAL

(Q) SHARE CAPITAL

REPURCHASE OF SHARE CAPITAL

When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity under treasury shares.

DIVIDENDS

Dividends are recognized in the consolidated financial statements on the date that the dividends are declared unless minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances, statutory minimum dividends are recognized as a liability.

SHARE ISSUANCE COSTS

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

PROVISIONS

(R) PROVISIONS

Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

RESTRUCTURING

A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of the company are not provided for. The provision includes the benefit commitments in connection with early retirement and redundancy schemes.

ONEROUS CONTRACTS

A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract.

DISPUTES AND LITIGATIONS

A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to make future payments as a result of past events, such items may include but are not limited to, several claims, suits and actions relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related disputes, claims from tax authorities, and alcohol industry litigation matters.

EMPLOYEE BENEFITS

(S) EMPLOYEE BENEFITS

POST-EMPLOYMENT BENEFITS

Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev maintains funded and unfunded pension plans.

a) Defined contribution plans

Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

b) Defined benefit plans

A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements. Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company recognizes related restructuring or termination costs. The pension obligations recognized in the balance sheet are measured at the present value of the estimated future cash outflows using interest rates based on high quality corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any plan assets. Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.

Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset to the extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions.

OTHER POST-EMPLOYMENT OBLIGATIONS

Some AB InBev companies provide post-employment medical benefits to their retirees. The entitlement to these benefits is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans.

TERMINATION BENEFITS

Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date and when the company recognizes costs for a restructuring. Termination benefits for voluntary redundancies are recognized if the company has made an offer encouraging voluntary redundancy and when the company can no longer withdraw the offer of termination, which is the earlier of either when the employee accepts the offer or when a legal, regulatory or contractual requirement or restriction on the company’s ability to withdraw the offer takes effect.

BONUSES

Bonuses received by company employees and management are based on pre-defined company and individual target achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned. To the extent that bonuses are settled in shares of the company, they are accounted for as share-based payments.

SHARE-BASED PAYMENTS

(T) SHARE-BASED PAYMENTS

Different share and share option programs allow company senior management and members of the board to acquire shares of the company and some of its affiliates. The fair value of the share options is estimated at grant date, using an option pricing model that is most appropriate for the respective option. Based on the expected number of options that will vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the amount of the proceeds received.

Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the company obtains the goods or the counterparty renders the service.

INTEREST-BEARING LOANS AND BORROWINGS

(U) INTEREST-BEARING LOANS AND BORROWINGS

Interest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis.

TRADE AND OTHER PAYABLES

(V) TRADE AND OTHER PAYABLES

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

INCOME TAX

(W) INCOME TAX

Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directly in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the balance sheet date, and any adjustment to tax payable in respect of previous years.

In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the balance sheet a deferred tax liability or asset is recognized. Under this method a provision for deferred taxes is also made for differences between the fair values of assets and liabilities acquired in a business combination and their tax base. IAS 12 prescribes that no deferred taxes are recognized i) on initial recognition of goodwill, ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit and iii) on differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using currently or substantively enacted tax rates.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously.

The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that future probable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Tax claims are recorded within provisions on the balance sheet (refer to accounting policy R).

INCOME RECOGNITION

(X) INCOME RECOGNITION

Income is recognized when it is probable that the economic benefits associated with the transaction will flow to the company and the income can be measured reliably.

GOODS SOLD

In relation to the sale of beverages and packaging, revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, and no significant uncertainties remain regarding recovery of the consideration due, associated costs or the possible return of goods, and there is no continuing management involvement with the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts, volume rebates, discounts for cash payments and excise taxes.

RENTAL AND ROYALTY INCOME

Rental income is recognized under other operating income on a straight-line basis over the term of the lease. Royalties arising from the use by others of the company’s resources are recognized in other operating income on an accrual basis in accordance with the substance of the relevant agreement.

GOVERNMENT GRANTS

A government grant is recognized in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented by deducting them from the acquisition cost of the related asset in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

FINANCE INCOME

Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains, losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets classified as trading as well as any gains from hedge ineffectiveness (refer to accounting policy Z).

Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in doubt.

DIVIDEND INCOME

Dividend income is recognized in the income statement on the date that the dividend is declared.

EXPENSES

(Y) EXPENSES

FINANCE COSTS

Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading, impairment losses on available-for-sale financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Z).

All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of finance costs. Any difference between the initial amount and the maturity amount of interest bearing loans and borrowings, such as transaction costs and fair value adjustments, are recognized in the income statement (in accretion expense) over the expected life of the instrument on an effective interest rate basis (refer to accounting policy U). The interest expense component of finance lease payments is also recognized in the income statement using the effective interest rate method.

RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND SYSTEMS DEVELOPMENT COSTS

Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria for capitalization (refer to accounting policy G).

PURCHASING, RECEIVING AND WAREHOUSING COSTS

Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequent storage in distribution centers are included within distribution expenses.

DERIVATIVE FINANCIAL INSTRUMENTS

(Z) DERIVATIVE FINANCIAL INSTRUMENTS

AB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity prices and commodity prices on the company’s performance. AB InBev’s financial risk management policy prohibits the use of derivative financial instruments for trading purposes and the company does therefore not hold or issue any such instruments for such purposes. Derivative financial instruments that are economic hedges but that do not meet the strict IAS 39 Financial Instruments: Recognition and Measurement hedge accounting rules, however, are accounted for as financial assets or liabilities at fair value through profit or loss.

Derivative financial instruments are recognized initially at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates. These pricing models also take into account the current creditworthiness of the counterparties.

Subsequent to initial recognition, derivative financial instruments are re-measured to their fair value at balance sheet date. Depending on whether cash flow or net investment hedge accounting is applied or not, any gain or loss is either recognized directly in other comprehensive income or in the income statement.

Cash flow, fair value or net investment hedge accounting is applied to all hedges that qualify for hedge accounting when the required hedge documentation is in place and when the hedge relation is determined to be effective.

CASH FLOW HEDGE ACCOUNTING

When a derivative financial instrument hedges the variability in cash flows of a recognized asset or liability, the foreign currency risk of a firm commitment or a highly probable forecasted transaction, the effective part of any resulting gain or loss on the derivative financial instrument is recognized directly in other comprehensive income (hedging reserves). When the firm commitment in foreign currency or the forecasted transaction results in the recognition of a non-financial asset or a non-financial liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the asset or liability. When the hedge relates to financial assets or liabilities, the cumulative gain or loss on the hedging instrument is reclassified from other comprehensive income into the income statement in the same period during which the hedged risk affects the income statement (e.g. when the variable interest expense is recognized). The ineffective part of any gain or loss is recognized immediately in the income statement.

When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss (at that point) remains in equity and is reclassified in accordance with the above policy when the hedged transaction occurs. If the hedged transaction is no longer probable, the cumulative gain or loss recognized in other comprehensive income is reclassified into the income statement immediately.

FAIR VALUE HEDGE ACCOUNTING

When a derivative financial instrument hedges the variability in fair value of a recognized asset or liability, any resulting gain or loss on the hedging instrument is recognized in the income statement. The hedged item is also stated at fair value in respect of the risk being hedged, with any gain or loss being recognized in the income statement.

NET INVESTMENT HEDGE ACCOUNTING

When a foreign currency liability hedges a net investment in a foreign operation, exchange differences arising on the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation reserves).

When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on the hedging instrument that is determined to be an effective hedge is recognized directly in other comprehensive income (translation reserves), while the ineffective portion is reported in the income statement.

Investments in equity instruments or derivatives linked to and to be settled by delivery of an equity instrument are stated at cost when such equity instrument does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable.

OFFSETTING DERIVATIVE ASSETS WITH DERIVATIVE LIABILITIES

A derivative asset and a derivative liability shall be offset and the net amount presented in the statement of financial position when, and only when, the company has a currently legally enforceable right to set off the recognized amounts; and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

SEGMENT REPORTING

(AA) SEGMENT REPORTING

Operating segments are components of the company’s business activities about which separate financial information is available that is evaluated regularly by senior management.

AB InBev’s operating segment reporting format is geographical because the company’s risks and rates of return are affected predominantly by the fact that AB InBev operates in different geographical areas. The company’s management structure and internal reporting system to the Board of Directors is set up accordingly. The company has nine operating segments.

Given the transformational nature of the combination with SAB, that closed on 10 October 2016, the company has updated its segment reporting in order to add the former SAB geographies into the previous AB InBev geographies. Colombia, Peru, Ecuador, Honduras and El Salvador are reported together with Mexico as Latin America West, Panama is reported within Latin America North, Africa is reported together with Europe as EMEA, and Australia, India and Vietnam are reported within Asia Pacific.

The company’s six geographic regions are North America, Latin America West, Latin America North, Latin America South, EMEA and Asia Pacific.

The aggregation criteria applied are based on similarities in the economic indicators (e.g. margins) that have been assessed in determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8. Furthermore management assessed additional factors such as management’s views on the optimal number of reporting segments, the continuation of the previous AB InBev geographies, peer comparison (e.g. Asia Pacific and EMEA being a commonly reported regions amongst the company’s peers), as well management’s view on the optimal balance between practical and more granular information.

The results of Global Export and Holding Companies, which includes the company’s global headquarters and the export businesses in countries in which AB InBev has no operations are reported separately. The company six geographic regions plus the Global Export and Holding Companies comprise the company’s seven reportable segments for financial reporting purposes.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

EXCEPTIONAL ITEMS

(BB) EXCEPTIONAL ITEMS

Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size or incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes to the financial statements. Transactions which may give rise to exceptional items are principally restructuring activities, impairments, gains or losses on disposal of investments and the effect of the accelerated repayment of certain debt facilities.

DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

(CC) DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

A discontinued operation is a component of the company that either has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations and is part of a single coordinated plan to dispose of or is a subsidiary acquired exclusively with a view to resale.

AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized.

RECENTLY ISSUED IFRS

(DD) RECENTLY ISSUED IFRS

To the extent that new IFRS requirements are expected to be applicable in the future, they have been listed hereafter. For the year ended 31 December 2017 they have not been applied in preparing these consolidated financial statements.

The following standards, amendments and interpretations have been issued recently, but are not yet effective:

IFRS 9 Financial Instruments (effective from annual periods beginning on or after 1 January 2018) is the standard issued as part of a wider project to replace IAS 39. IFRS 9 introduces a logical approach for the classification of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held; defines a new expected-loss impairment model that will require more timely recognition of expected credit losses; and introduces a substantially-reformed model for hedge accounting, with enhanced disclosures about risk management activity. The new hedge accounting model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities. IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. The company does not expect that the application of IFRS 9 will have a significant impact on its financial position and/or its financial performance.

IFRS 15 Revenue from Contracts with Customers (effective from annual periods beginning on or after 1 January 2018). The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. In view of the company’s activities, the company does not expect that the application of IFRS 15 will have a significant impact on its financial position and/or its financial performance.

IFRS 16 Leases (effective from annual periods beginning on or after 1 January 2019) replaces the existing lease accounting requirements and represents a significant change in the accounting and reporting of leases that were previously classified as operating leases, with more assets and liabilities to be reported on the balance sheet and a different recognition of lease costs.

The company is in process of assessing the full impact of IFRS 16 and, apart from changes in the presentation of operating leases in the balance sheet, does not expect significant impacts in the consolidated income statement.

Other Standards, Interpretations and Amendments to Standards

A number of other amendments to standards are effective for annual periods beginning after 1 January 2017, and have not been listed above because of either their non-applicability to or their immateriality to AB InBev’s consolidated financial statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Exchange Rates

The most important exchange rates that have been used in preparing the financial statements are:

	Closing rate						Average rate
1 US dollar equals:	2017		2016		2015		2017		2016		2015
Argentinean peso		18.774210		15.850116		13.004955		16.580667		14.762591		9.101728
Australian dollar		1.279580		1.384689		—		1.308997		1.3440978		—
Brazilian real		3.308005		3.259106		3.904803		3.201667		3.474928		3.259601
Canadian dollar		1.253982		1.345983		1.388446		1.303248		1.318844		1.270237
Colombian peso		2 988.60		3 002.14		3 145.64		2 965.94		2 986.89		2 792.222
Chinese yuan		6.507500		6.944520		6.485535		6.785290		6.607635		6.256495
Euro		0.833819		0.948677		0.918527		0.886817		0.902821		0.899096
Mexican peso		19.735828		20.663842		17.206357		18.811612		18.464107		15.730837
Pound sterling		0.739790		0.812238		0.674152		0.773029		0.737400		0.653179
Peruvian nuevo sol		3.244558		3.352820		3.413342		3.267432		3.394121		3.135481
Russian ruble		57.631946		60.657097		72.881615		58.144309		66.905365		59.186097
South Korean won		1 067.63		1 203.90		1 176.09		1 134.04		1 154.50		1 129.52
South African rand		12.345193		13.714953		—		13.338803		14.0166901		—
Turkish lira		3.790879		3.516940		—		3.615028		3.50148		—
Ukrainian hryvnia		28.068098		27.190513		24.000600		26.501419		25.408674		21.493019

Summary of Estimated Useful Live of Assets Expected Utility

The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one geographical area to another. On average the estimated useful lives are as follows:

Industrial buildings – other real estate properties	20 - 50 years
Production plant and equipment:
Production equipment	10 - 15 years
Storage, packaging and handling equipment	5 - 7 years
Returnable packaging:
Kegs	2 - 10 years
Crates	2 - 10 years
Bottles	2 - 5 years
Point of sale furniture and equipment	5 years
Vehicles	5 years
Information processing equipment	3 - 5 years

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Segment Reporting

SEGMENT REPORTING (REFERENCE BASE) - UNAUDITED

	North America						Latin America West						Latin America North						Latin America South						EMEA						Asia Pacific						Global Export and holding companies						Effect of acquisition					Consolidated
	2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017			2016 Reference base			2017		2016 Bridge to Reported			2017			2016 Reported
Volumes		114			117			111			109			119			120			34			32			132			135			102			101			1			2			—		(116	)		613			500
Revenue		15 588			15 698			9 238			8 595			9 775			8 630			3 363			2 850			10 344			9 700			7 804			7 250			332			1 218			—		(8 424	)		56 444			45 517
Normalized EBITDA		6 329			6 250			4 512			3 983			4 180			3 790			1 595			1 431			3 349			2 903			2 695			2 114			(577	)		(837	)		—		(2 881	)		22 084			16 753
Normalized EBITDA margin %		40.6	%		39.8	%		48.8	%		46.3	%		42.8	%		43.9	%		47.4	%		50.2	%		32.4	%		29.9	%		34.5	%		29.2	%													39.1	%		36.8	%
Depreciation, amortization and impairment		(843	)		(809	)		(616	)		(613	)		(848	)		(770	)		(207	)		(191	)		(843	)		(740	)		(660	)		(740	)		(253	)		(252	)		—		638			(4 270	)		(3 477	)
Normalized profit from operations (EBIT)		5 486			5 441			3 896			3 370			3 332			3 020			1 388			1 240			2 507			2 163			2 035			1 374			(830	)		(1 089	)		—		(2 243	)		17 814			13 276

SEGMENT REPORTING (2016 REPORTED)

	North America									Latin America West									Latin America North									Latin America South									EMEA
	2017			2016			20151			2017			2016			20151			2017			2016			20151			2017			2016			20151			2017			2016			20151
Volume		114			117			118			111			64			44			119			118			123			34			32			34			132			75			46
Revenue		15 588			15 698			15 603			9 238			5 188			4 079			9 775			8 461			9 096			3 363			2 850			3 331			10 344			6 010			4 128
Normalized EBITDA		6 329			6 250			6 172			4 512			2 376			2 002			4 180			3 751			4 709			1 595			1 431			1 593			3 349			1 774			1 142
Normalized EBITDA margin %		40.6	%		39.8	%		39.6	%		48.8	%		45.8	%		49.1	%		42.8	%		44.3	%		51.8	%		47.4	%		50.2	%		47.8	%		32.4	%		29.6	%		27.7	%
Depreciation, amortization and impairment		(843	)		(809	)		(754	)		(616	)		(388	)		(350	)		(848	)		(750	)		(689	)		(207	)		(191	)		(182	)		(843	)		(473	)		(342	)
Normalized profit from operations (EBIT)		5 486			5 441			5 418			3 896			1 988			1 652			3 332			3 001			4 020			1 388			1 240			1 411			2 507			1 302			800
Exceptional items (refer Note 8)		4			(29	)		102			(153	)		252			29			(18	)		(20	)		(84	)		(13	)		(12	)		(11	)		(144	)		(118	)		70
Profit from operations (EBIT)		5 490			5 412			5 520			3 743			2 240			1 681			3 314			2 981			3 937			1 375			1 228			1 400			2 363			1 184			870
Net finance income/(cost)
Share of results of associates and joint ventures
Income tax expense
Profit from continuing operations
Discontinued operations
Profit/(loss)
Segment assets (non-current)2		63 045			62 467			61 870			71 219			69 472			21 749			13 756			13 656			11 357			2 396			2 357			2 301			45 920			41 749			4 316
Gross capex		530			895			1 112			1 079			710			515			580			709			1 056			323			389			488			1 086			1 001			466
FTE3		19 306			19 314			16 844			48 892			51 418			32 201			38 651			40 416			39 359			9 603			9 571			9 615			26 823			43 456			11 749

¹  2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information.

²  2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

³  Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year.

	Asia Pacific									Global Export and holding companies									Consolidated
	2017			2016			20151			2017			2016			20151			2017			2016			20151
Volume		102			92			90			1			2			3			613			500			457
Revenue		7 804			6 074			5 784			332			1 237			1 582			56 444			45 517			43 604
Normalized EBITDA		2 695			1 639			1 444			(577	)		(474	)		(225	)		22 084			16 753			16 839
Normalized EBITDA margin %		34.5	%		27.1	%		25.0	%								—			39.1	%		36.8	%		38.6	%
Depreciation, amortization and impairment		(660	)		(658	)		(606	)		(253	)		(210	)		(148	)		(4 270	)		(3 477	)		(3 071	)
Normalized profit from operations (EBIT)		2 035			987			838			(830	)		(683	)		(373	)		17 814			13 276			13 768
Exceptional items (refer Note 8)		(97	)		(84	)		90			(241	)		(383	)		(61	)		(662	)		(394	)		136
Profit from operations (EBIT)		1 939			903			928			(1 071	)		(1 066	)		(434	)		17 152			12 882			13 904
Net finance income/(cost)																				(6 507	)		(8 564	)		(1 453	)
Share of results of associates and joint ventures																				430			16			10
Income tax expense																				(1 920	)		(1 613	)		(2 594	)
Profit from continuing operations																				9 155			2 721			9 867
Discontinued operations																				28			48			—
Profit/(loss)																				9 183			2 769			9 867
Segment assets (non-current)2		24 088			22 071			12 761			1 741			1 797			1 987			222 166			213 569			116 341
Gross capex		635			837			1 166			247			379			225			4 479			4 919			5 028
FTE3		36 386			39 213			40 101			3 254			3 245			2 454			182 915			206 633			152 321

For the period ended 31 December 2017, net revenue from the beer business amounted to 50 301m US dollar (2016: 41 421m US dollar; 2015: 40 595m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 143m US dollar (2016: 4 096m US dollar; 2015: 3 009m US dollar). On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 704m US dollar (2016: 687m US dollar; 2015: 690m US dollar) and non-current assets located in the country of domicile represented 1 658m US dollar (2016: 1 440m US dollar; 2015: 1 169m US dollar).

¹  2015 as Reported, adjusted to reflect the effects of SAB Combination on the AB InBev’s historical segmental information.

²  2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

³  Includes FTE from SAB retained operations at year end 2016 per AB InBev’s definition: full-time employees on a permanent or temporary basis, excluding outsourced personnel. This definition is different than the one formerly applied by SAB. The reduction in FTEs mainly results from the disposals completed during the year.

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Acquisitions and Disposals of Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of SABMiller Purchase Consideration

The SAB purchase consideration is calculated as follows:

	Newbelco number of shares		Newbelco valuation in million pound sterling		Newbelco valuation in million euro
Tender offer		102 890 758 014		46 301		52 522
Converted to restricted shares		60 385 979 086		29 099		33 009	(i)
		163 276 737 100		75 400		85 531
Total equity value at offer in million euro						85 531
Purchase from option holders						5
Total equity value in million euro						85 536
Total equity value in million US dollar						95 288
Foreign exchange hedges and other						7 848	(ii)
Purchase consideration						103 136
Add: fair market value of total debt assumed						11 870
Less: total cash acquired						(1 198	)
Gross purchase consideration						113 808

Notes

(i) The Restricted Share valuation is based on the valuation of the Newbelco shares that were not tendered into the Belgian Offer and has regard to the share price of former AB InBev of the day of the closing of the combination with SAB, adjusted for the specificities of the Restricted Shares in line with fair value measurement rules under IFRS.

(ii) During 2015 and 2016, the company entered into derivative foreign exchange forward contracts, as well as other non-derivative items also documented in a hedge accounting relationship, in order to economically hedge against exposure to changes in the U.S. dollar exchange rate for the cash component of the purchase consideration in pound sterling and South African rand. Although these derivatives and non-derivative items were considered to be economic hedges, only a portion of such derivatives could qualify for hedge accounting under IFRS rules. Since inception of the derivative contracts in 2015 and upon the completion of the combination with SAB, 12.3 billion US dollar negative mark-to-market adjustment related to such hedging were recognized cumulatively over 2015 and 2016, of which 7.4 billion US dollar qualified for hedge accounting and was, accordingly, allocated as part of the consideration paid. The settlement of the portion of the derivatives that did not qualify as hedge accounting was classified as cash flow from financing activities in the consolidated cash flow statement.

Summary of Provisional and Final Purchase Price Allocation of SAB Business with Adjustments being Retrospectively Applied

The following table summarizes the provisional and final purchase price allocation of the SAB business with adjustments being retrospectively applied as of 10 October 2016:

Million US dollar	Provisional fair values Reported 2016			Adjustments			Fair values Adjusted 2016
Non-current assets
Property, plant and equipment		9 060			(1 303	)		7 757
Intangible assets		20 040			221			20 261
Investment in associates		4 386			—			4 386
Investment securities		21			—			21
Deferred tax assets		179			—			179
Derivatives		579			—			579
Trade and other receivables		59			—			59
Current assets
Inventories		977			(24	)		953
Income tax receivable		189			—			189
Derivatives		60			—			60
Trade and other receivables		1 257			(39	)		1 218
Cash and cash equivalents		1 410			—			1 410
Assets held for sale		24 805			19			24 824
Non-current liabilities
Interest-bearing loans and borrowings		(9 021	)		—			(9 021	)
Employee benefits		(195	)		—			(195	)
Deferred tax liabilities		(5 801	)		2 983			(2 818	)
Derivatives		(24	)		—			(24	)
Trade and other payables		(146	)		12			(134	)
Provisions		(688	)		62			(626	)
Current liabilities
Bank overdraft		(212	)		—			(212	)
Interest-bearing loans and borrowings		(2 849	)		—			(2 849	)
Income tax payable		(4 310	)		77			(4 233	)
Derivatives		(156	)		—			(156	)
Trade and other payables		(3 520	)		—			(3 520	)
Provisions		(847	)		(330	)		(1 177	)
Net identified assets and liabilities		35 253			1 677			36 930
Non-controlling interests		(6 200	)		—			(6 200	)
Goodwill on acquisition		74 083			(1 677	)		72 406
Purchase consideration		103 136			—			103 136

Summary of Impact of Acquisitions and Disposals on Consolidated Statements

The table below summarizes the impact of acquisitions on the Statement of financial position and cash flows of AB InBev for 31 December 2017 and 31 December 2016:

Million US dollar	2017 Acquisitions			2016 Acquisitions			2017 Disposal			2016 Disposal
Non-current assets
Property, plant and equipment		169			286			—			(115	)
Intangible assets		417			679			—			—
Investments in associates		—			62			—			—
Deferred tax assets		—			4			—			—
Employee benefits		—			3			—			—
Trade and other receivables		1			—			—			—
Current assets
Inventories		9			41			—			(17	)
Trade and other receivables		20			28			—			(4	)
Cash and cash equivalents		5			45			—			(75	)
Assets held for sale		27			—			—			—
Non-current liabilities
Interest-bearing loans and borrowings		(1	)		(109	)		—			—
Employee benefits		—			(1	)		—			—
Deferred tax liabilities		(74	)		(11	)		—			6
Trade and other payables		—			—			—			10
Current liabilities
Interest-bearing loans and borrowings		—			(3	)		—			—
Trade and other payables		(24	)		(72	)		—			41
Net identifiable assets and liabilities		549			952			—			(156	)
Non-controlling interest		(114	)		(14	)		—			—
Goodwill on acquisitions and goodwill disposed of		398			803			—			(187	)
Loss/(gain) on disposal		—			—			(42	)		(406	)
Prior year payments		—			(143	)		—			—
Consideration to be paid		(375	)		(365	)		—			—
Net cash paid on prior years acquisitions		136			34			—			(5	)
Consideration paid/(received)		594			1 267			(42	)		(754	)
Cash (acquired)/ disposed of		(5	)		(45	)		—			75
Net cash outflow / (inflow)		589			1 222			(42	)		(679	)

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Other Operating Income/(Expenses) (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Other Operating Income/(Expenses)

Million US dollar	2017			2016			2015
Government grants		404			432			668
License income		65			65			73
Net (additions to)/reversals of provisions		(4	)		(50	)		(31	)
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale		154			37			20
Net rental and other operating income		235			248			302
		854			732			1032
Research expenses as incurred		276			244			207

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Exceptional Items (Tables)

12 Months Ended

Dec. 31, 2017

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Exceptional Items Included in Income Statement

The exceptional items included in the income statement are as follows:

Million US dollar	2017			2016			2015
Restructuring		(468	)		(323	)		(171	)
Acquisition costs business combinations		(155	)		(448	)		(55	)
Business and asset disposal (including impairment losses)		(39	)		377			524
Impairment of assets		—			—			(82	)
Judicial settlement		—			—			(80	)
Impact on profit from operations		(662	)		(394	)		136

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Payroll and Related Benefits (Tables)

12 Months Ended

Dec. 31, 2017

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Summary of Payroll and Related Benefits

Million US dollar	2017			2016			2015
Wages and salaries		(4 884	)		(4 404	)		(3 706	)
Social security contributions		(699	)		(647	)		(633	)
Other personnel cost		(762	)		(580	)		(648	)
Pension expense for defined benefit plans		(196	)		(194	)		(212	)
Share-based payment expense		(359	)		(228	)		(225	)
Contributions to defined contribution plans		(118	)		(77	)		(90	)
		(7 018	)		(6 130	)		(5 514	)
Number of full time equivalents (FTE) at year-end		182 915			206 633			152 321

Summary of Number of Full Time Equivalents

The number of full time equivalents can be split as follows:

	2017		2016		2015
AB InBev NV (parent company)		215		225		191
Other subsidiaries		182 700		206 408		152 130
		182 915		206 633		152 321

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Additional Information on Operating Expenses By Nature (Tables)

12 Months Ended

Dec. 31, 2017

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Summary of Depreciation, Amortization and Impairment Charges

Depreciation, amortization and impairment charges are included in the following line items of the 2017 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 817		40		—
Distribution expenses		199		4		—
Sales and marketing expenses		425		196		—
Administrative expenses		337		248		—
Other operating expenses		4		—		6
		3 782		488		6

Depreciation, amortization and impairment charges were included in the following line items of the 2016 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 292		21		—
Distribution expenses		143		1		—
Sales and marketing expenses		363		208		—
Administrative expenses		222		218		—
Other operating expenses		2		1		—
		3 025		452		—

Depreciation, amortization and impairment charges were included in the following line items of the 2015 income statement:

Million US dollar	Depreciation and impairment of property, plant and equipment		Amortization and impairment of intangible assets		Impairment of goodwill
Cost of sales		2 122		17		—
Distribution expenses		122		1		—
Sales and marketing expenses		285		173		—
Administrative expenses		170		177		—
Other operating expenses		4		—		—
Exceptional items		12		32		38
		2 715		400		38

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Finance Cost and Income (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Finance Costs

FINANCE COSTS

Million US dollar	2017			2016			2015
Interest expense		(4 314	)		(4 092	)		(1 833	)
Capitalization of borrowing costs		22			12			28
Net interest on net defined benefit liabilities		(101	)		(113	)		(118	)
Accretion expense		(614	)		(648	)		(326	)
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments)		(304	)		(21	)		—
Net losses on hedging instruments that are not part of a hedge accounting relationship		(674	)		(797	)		—
Tax on financial transactions		(68	)		(70	)		(61	)
Other financial costs, including bank fees		(139	)		(131	)		(107	)
		(6 192	)		(5 860	)		(2 417	)
Exceptional finance cost		(693	)		(3 522	)		(725	)
		(6 885	)		(9 382	)		(3 142	)

Summary of Finance Income

FINANCE INCOME

Million US dollar	2017		2016		2015
Interest income		287		561		339
Net foreign exchange gains (net of the effect of foreign exchange derivative instruments)		—		—		378
Net gains on hedging instruments that are not part of a hedging accounting relationship		—		—		399
Other financial income		91		91		62
		378		652		1 178
Exceptional finance income		—		166		511
		378		818		1 689

Summary of Interest Income

The interest income stems from the following financial assets:

Million US dollar	2017		2016		2015
Cash and cash equivalents		207		479		254
Investment debt securities held for trading		16		16		37
Other loans and receivables		64		66		48
		287		561		339

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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Summary of Income Taxes

Income taxes recognized in the income statement can be detailed as follows:

Million US dollar	2017			2016			2015
Current tax expense
Current year		(3 833	)		(1 544	)		(2 300	)
(Underprovided)/overprovided in prior years		1			47			95
		(3 832	)		(1 497	)		(2 395	)
Deferred tax (expense)/income
Origination and reversal of temporary differences		1 872			(459	)		(242	)
(Utilization)/recognition of deferred tax assets on tax losses		23			116			3
Recognition of previously unrecognized tax losses		16			227			40
		1 912			(116	)		(199	)
Total income tax expense in the income statement		(1 920	)		(1 613	)		(2 594	)

Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate

The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:

Million US dollar	2017			2016			2015
Profit before tax		11 076			4 334			12 461
Deduct share of result of associates and joint ventures		430			16			10
Profit before tax and before share of result of associates and joint ventures		10 646			4 318			12 451
Adjustments on taxable basis
Foreign source income		—			(809	)		(969	)
Government incentives		(982	)		(769	)		(948	)
Taxable intercompany dividends		—			619			173
Expenses not deductible for tax purposes		2 374			4 351			1 559
Other non-taxable income		(178	)		(415	)		(165	)
		11 860			7 296			12 101
Aggregated weighted nominal tax rate		28.5	%		32.7	%		30.5	%
Tax at aggregated weighted nominal tax rate		(3 378	)		(2 387	)		(3 687	)
Adjustments on tax expense
Utilization of tax losses not previously recognized		23			76			32
Recognition of deferred taxes assets on previous years’ tax losses		16			229			40
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized		(143	)		(975	)		(195	)
(Underprovided)/overprovided in prior years		1			63			(95	)
Deductions from interest on equity		553			644			643
Deductions from goodwill		57			63			66
Other tax deductions		723			869			1 033
US Tax reform (change in tax rate and other)		1 760			—			—
Change in tax rate (other)		(59	)		(1	)		12
Withholding taxes		(386	)		(286	)		(450	)
Brazilian Federal Tax Regularization Program		(870	)		—			—
Other tax adjustments		(217	)		93			7
		(1 920	)		(1 613	)		(2 594	)
Effective tax rate		18.0	%		37.4	%		20.8	%

Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income

Income taxes were directly recognized in other comprehensive income as follows:

Million US dollar	2017			2016			2015
Income tax (losses)/gains
Re-measurements of post-employment benefits		(39	)		54			(37	)
Cash flow and net investment hedges		(95	)		(258	)		930
		(134	)		(204	)		893

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Property, Plant and Equipment

	31 December 2017												31 December 2016
Million US dollar	Land and buildings			Plant and equipment, fixtures and fittings			Under construction			Total			Total
Acquisition cost
Balance at end of previous year as reported		12 483			30 611			2 561			45 655			35 329
Adjustments		(469	)		(834	)		—			(1 303	)		—
Balance at end of previous year as adjusted		12 014			29 777			2 561			44 352			35 329
Effect of movements in foreign exchange		378			988			65			1 431			(156	)
Acquisitions		192			1 512			2 518			4 221			4 395
Acquisitions through business combinations		81			85			2			169			9 346
Disposals		(344	)		(1 193	)		(29	)		(1 566	)		(1 683	)
Disposals through the sale of subsidiaries		(14	)		(45	)		—			(60	)		(88	)
Transfer (to)/from other asset categories and other movements12		435			2 594			(2 852	)		177			(1 487	)
Balance at end of the period		12 742			33 717			2 265			48 724			45 655
Depreciation and impairment losses
Balance at end of previous year		(3 065	)		(15 068	)		—			(18 133	)		(16 377	)
Effect of movements in foreign exchange		(118	)		(579	)		—			(697	)		(190	)
Depreciation		(472	)		(3 095	)		—			(3 567	)		(2 986	)
Disposals		141			1 020			—			1 161			1 431
Disposals through the sale of subsidiaries		9			39			—			48			(27	)
Impairment losses		(2	)		(83	)		—			(85	)		(39	)
Transfer to/(from) other asset categories and other movements1		(7	)		(260	)		—			(267	)		56
Balance at end of the period		(3 514	)		(18 026	)		—			(21 540	)		(18 132	)
Carrying amount
at 31 December 2016 as reported		9 418			15 543			2 561			27 522			27 522
at 31 December 2016 as adjusted		8 949			14 709			2 561			26 219			26 219
at 31 December 2017		9 228			15 691			2 265			27 184			—

¹²  The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of assets to pension plans and to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Reconciliation of Goodwill

Million US dollar	31 December 2017			31 December 2016
Acquisition cost
Balance at end of previous year as reported		136 566			65 099
Adjustments		(669	)		—
Balance at end of previous year as adjusted		135 897			65 099
Effect of movements in foreign exchange		4 684			(2 222	)
Disposals through the sale of subsidiaries		—			(187	)
Acquisitions through business combinations		398			74 886
Reclassified as held for sale		—			(1 008	)
Balance at end of the period		140 980			136 566
Impairment losses
Balance at end of previous year		(34	)		(38	)
Impairment losses		(6	)		—
Effect of movements in foreign exchange and other movements		—			4
Balance at end of the period		(40	)		(34	)
Carrying amount
at 31 December 2016 as reported		136 533			136 533
at 31 December 2016 as adjusted		135 864			135 864
at 31 December 2017		140 940			—

Summary of Carrying Amount of Goodwill Allocated to the Different Business Unit Levels

The carrying amount of goodwill was allocated to the different business unit levels as follows:

Million US dollar Business unit	2017		2016 as reported
SAB		—		73 736
USA		33 277		33 056
Colombia		20 425		—
South Africa		18 551		—
Peru		15 074		—
Mexico		12 580		12 035
Rest of Africa		8 326		—
Australia		6 922		—
Brazil		5 523		5 531
South Korea		4 119		3 652
Ecuador		3 925		—
China		2 914		2 710
Honduras & El Salvador		2 335		—
Canada		2 056		1 892
Other countries		4 913		4 928
Reclassified as held for sale13		—		(1 008	)
		140 940		136 533

¹³  See also note 22 Assets classified as held for sale and discontinued operations

Summary of Weighted Average Cost of Capital

The WACC applied in US dollar nominal terms were as follows:

Business unit	2017
US		6	%
Colombia		7	%
South Africa		8	%
Mexico		9	%
Peru		7	%
Ecuador		11	%
Australia		6	%
Rest of Africa		10	%

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Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Intangible Assets

	31 December 2017															31 December 2016
Million US dollar	Brands			Commercial intangibles			Software			Other			Total			Total
Acquisition cost
Balance at end of previous year as reported		42 077			2 715			1 872			306			46 969			31 719
Adjustments		—			261			(40	)		—			221			—
Balance at end of previous year as adjusted		42 077			2 976			1 832			306			47 191			31 719
Effect of movements in foreign exchange		973			110			170			33			1 286			(805	)
Acquisitions through business combinations		411			—			—			6			417			20 723
Acquisitions and expenditures		8			24			124			156			312			563
Disposals		—			(32	)		(95	)		(64	)		(191	)		(161	)
Transfer (to)/from other asset categories and other movements14		(67	)		(174	)		146			(49	)		(144	)		(5 070	)
Balance at end of period		43 402			2 904			2 177			388			48 871			46 969
Amortization and impairment losses
Balance at end of previous year		(32	)		(1 124	)		(1 151	)		(94	)		(2 401	)		(2 042	)
Effect of movements in foreign exchange		—			(49	)		(88	)		(2	)		(139	)		34
Amortization		—			(198	)		(275	)		(25	)		(498	)		(446	)
Impairment losses		—			—			—			—			—			(3	)
Disposals		—			23			56			10			89			142
Transfer to/(from) other asset categories and other movements1		—			(31	)		(14	)		(3	)		(48	)		(86	)
Balance at end of period		(32	)		(1 379	)		(1 472	)		(114	)		(2 997	)		(2 401	)
Carrying value
at 31 December 2016 as reported		42 045			1 591			720			212			44 568			44 568
at 31 December 2016 as adjusted		42 045			1 852			681			212			44 789			44 789
at 31 December 2017		43 370			1 525			705			274			45 874			—

Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives

The carrying amount of intangible assets with indefinite useful lives was allocated to the different countries as follows:

Million US dollar Country	2017		2016
USA		21 960		21 570
Colombia		3 820		3 803
South Africa		3 899		3 518
Mexico		3 058		2 920
Peru		2 825		2 731
Australia		2 773		2 373
South Korea		1 058		938
Ecuador		595		604
China		403		373
Dominican Republic		353		366
Rest of Africa		1 353		1 364
Other countries		1 498		1 712
		43 595		42 272

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Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates

A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows:

	2017						2016
Million US dollar	Castel15			Efes			Castel1			Efes
Balance at 1 January		2 793			750			—			—
Combination with SAB		—			—			2 932			895
Dividends received		(23	)		—			—			—
Share of results of associates		354			(2	)		18			(27	)
Effect of movements in foreign exchange		356			(54	)		(158	)		(119	)
Balance at 31 December		3 480			694			2 793			750

Summarized Financial Information of the Company's Material Associates

Summarized financial information of the company’s material associates is as follows:

	2017						2016
Million US dollar	Castel1			Efes			Castel1			Efes
Current assets		4 894			2 415			3 970			1 058
Non-current assets		3 912			5 243			2 900			4 668
Current liabilities		1 724			1 106			1 391			561
Non-current liabilities		857			2 494			547			1 570
Non-controlling interests		879			1 520			762			1 464
Net assets		5 346			2 538			4 170			2 131
Revenue		5 447			3 415			1 236			659
Profit (loss)		746			(7	)		42			(111	)
Other comprehensive income (loss)		(94	)		553			(108	)		75
Total comprehensive income (loss)		652			546			(66	)		(35	)

Summarized Financial Information to the Carrying Amount of the Interest in Castel and Efes Recognized in the Consolidated Financial Statements

Reconciliation of the above summarized financial information to the carrying amount of the interest in Castel and Efes recognized in the consolidated financial statements is as follows:

	2017				2016
Million US dollar	Castel1		Efes		Castel1		Efes
Net assets of the associate		5 346		2 538		4 170		2 131
Interest in associates (%)		20-40		24		20-40		24
Interest in associate		1 293		609		939		511
Goodwill		2 187		85		1 854		239
Carrying amount of investment in associates		3 480		694		2 793		750

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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Information about Non-Current and Current Investments

Million US dollar	2017		2016
Non-current investments
Investments in unquoted companies – available for sale		76		58
Debt securities held to maturity		24		24
		100		82
Current investments
Debt securities held for trading		1 304		5 659
		1 304		5 659

¹⁵  Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd, Marocaine d’Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I’Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up Castel’s African beverage operations. Details of individual ownership percentages are included in Note 36 AB InBev companies.

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Deferred Tax Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference

The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:

	2017
Million US dollar	Assets			Liabilities			Net
Property, plant and equipment		324			(2 586	)		(2 262	)
Intangible assets		113			(11 387	)		(11 274	)
Inventories		114			(63	)		51
Trade and other receivables		148			(62	)		86
Interest-bearing loans and borrowings		431			(646	)		(215	)
Employee benefits		663			(10	)		653
Provisions		562			(17	)		545
Derivatives		40			(49	)		(9	)
Other items		200			(796	)		(596	)
Loss carry forwards		1 130			—			1 130
Gross deferred tax assets/(liabilities)		3 725			(15 616	)		(11 891	)
Netting by taxable entity		(2 509	)		2 509			—
Net deferred tax assets/(liabilities)		1 216			(13 107	)		(11 891	)

	2016
Million US dollar	Assets			Liabilities			Net
Property, plant and equipment		533			(4 017	)		(3 484	)
Intangible assets		200			(14 863	)		(14 663	)
Inventories		145			(95	)		50
Trade and other receivables		74			(59	)		15
Interest-bearing loans and borrowings		322			(456	)		(134	)
Employee benefits		704			(22	)		682
Provisions		578			(234	)		344
Derivatives		42			(30	)		12
Other items		147			(1 119	)		(972	)
Loss carry forwards		1 278			—			1 278
Reclassified as held for sale		(4	)		1 459			1 455
Gross deferred tax assets/(liabilities)		4 019			(19 436	)		(15 417	)
Netting by taxable entity		(2 758	)		2 758			—
Net deferred tax assets/(liabilities) as reported		1 261			(16 678	)		(15 417	)
Adjustments		—			1 975			1 975
Net deferred tax assets/(liabilities) as adjusted		1 261			(14 703	)		(13 442	)

Summary of Change in Net Deferred Tax Assets and Liabilities

The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:

Million US dollar	2017			2016			2015
Balance at 1 January as reported		(15 417	)		(10 780	)		(11 643	)
Adjustments		1 975			—			—
Balance at 1 January as adjusted		(13 442	)		(10 780	)		(11 643	)
Recognized in profit or loss		1 912			(116	)		(199	)
Recognized in other comprehensive income		(134	)		(204	)		893
Acquisitions through business combinations		(74	)		(5 623	)		(7	)
Reclassified as held for sale		—			1 455			—
Other movements and effect of changes in foreign exchange rates		(153	)		(149	)		176
Balance at 31 December as reported		(11 891	)		(15 417	)		(10 780	)
Balance at 31 December as adjusted		—			(13 442	)		—

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Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Inventories

Million US dollar	2017		2016 Adjusted		2016 Reported
Prepayments		101		90		90
Raw materials and consumables		2 304		2 119		2 143
Work in progress		387		391		391
Finished goods		1 216		1 166		1 166
Goods purchased for resale		111		124		124
		4 119		3 889		3 913
Inventories other than work in progress
Inventories stated at net realizable value		57		42		42
Carrying amount of inventories subject to collateral		—		—		—

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Trade and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Schedule of Non-Current Trade and Other Receivables

NON-CURRENT TRADE AND OTHER RECEIVABLES

Million US dollar	2017		2016
Cash deposits for guarantees		209		200
Loans to customers		13		15
Deferred collection on disposals		11		11
Tax receivable, other than income tax		68		105
Trade and other receivables		533		537
		834		868

Schedule of Current Trade and Other Receivables

CURRENT TRADE AND OTHER RECEIVABLES

Million US dollar	2017		2016 Adjusted		2016 Reported
Trade receivables and accrued income		4 752		4 523		4 562
Interest receivable		6		10		10
Tax receivable, other than income tax		368		572		572
Loans to customers		166		85		85
Prepaid expenses		428		316		316
Other receivables		846		846		846
		6 566		6 352		6 391

Schedule of Trade Receivables and Other Receivables

The ageing of the current trade receivables and accrued income, interest receivable, other receivables and current and non-current loans to customers can be detailed as follows for 2017 and 2016 respectively:

	Net carrying amount as of December 31, 2017		Of which: neither impaired nor past due on the reporting date		Of which not impaired as of the reporting date and past due
					Less than 30 days		Between 30 and 59 days		Between 60 and 89 days		More than 90 days
Trade receivables and accrued income		4 752		4 369		265		47		40		31
Loans to customers		179		179		—		—		—		—
Interest receivable		6		6		—		—		—		—
Other receivables		846		803		19		6		14		4
		5 783		5 357		284		53		54		35

	Net carrying amount as of December 31, 2016		Of which: neither impaired nor past due on the reporting date		Of which not impaired as of the reporting date and past due
					Less than 30 days		Between 30 and 59 days		Between 60 and 89 days		More than 90 days
Trade receivables and accrued income		4 562		4 201		189		64		37		70
Loans to customers		100		96		—		2		2		—
Interest receivable		10		10		—		—		—		—
Other receivables		846		721		42		21		6		56
		5 518		5 028		231		87		45		126

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Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Schedule of Cash and Cash Equivalents

Million US dollar	31 December 2017			31 December 2016
Short-term bank deposits		3 896			3 231
Treasury Bills		—			250
Cash and bank accounts		6 576			5 098
Cash and cash equivalents		10 472			8 579
Bank overdrafts		(117	)		(184	)
		10 355			8 395

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Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Schedule of Assets Held for Sale

ASSETS CLASSIFIED AS HELD FOR SALE

Million US dollar	31 December 2017			31 December 2016
Balance at the end of previous year as reported		16 439			48
Adjustments		19			—
Balance at the end of previous year as adjusted		16 458			48
Combination with SAB		—			24 805
Disposals from SAB transaction-related divestitures		(15 514	)		(16 342	)
Reclassified to assets held for sale in the period		91			7 959
Disposals		(26	)		(28	)
Effect of movements in foreign exchange		132			(51	)
Other movements		(1 008	)		48
Balance at the end of year as reported		133			16 439
Balance at the end of year as adjusted		—			16 458

Summary of Liabilities Associated With Assets Held for Sale

LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE

Million US dollar	31 December 2017			31 December 2016
Balance at the end of previous year		2 174			—
Reclassified to assets held for sale in the period		—			2 174
Disposals from SAB transaction-related divestitures		(1 166	)		—
Other movements		(1 008	)		—
Balance at the end of year		—			2 174

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Changes in Equity and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Changes in Issued Capital and Treasury Shares

The tables below summarize the changes in issued capital and treasury shares during 2017:

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		1 693
Restricted shares		326

TREASURY SHARES	Treasury shares					Result on the use of treasury shares
	Million shares		Million US dollar			Million US dollar
At the end of the previous year		85.5		(8 980	)		(1 452	)
Changes during the period		—		—			—
		85.5		(8 980	)		(1 452	)

The tables below summarize the changes in issued capital and treasury shares during 2016:

	Issued capital
FORMER AB INBEV – PRE MERGER	Million shares			Million US dollar
At the end of the previous year and pre-merger		1 608			1 736
		1 608			1 736
	Issued capital
ISSUED CAPITAL – IMPACT MERGER	Million shares			Million US dollar
6 October capital increase		881			9 528
Cancellation of acquired shares		(470	)		—
Share for share exchange former AB InBev		1 608			1 736
Transfer to reserves		—			(9 528	)
		2 019			1 736
Of which:
Ordinary shares		1 693
Restricted shares		326

TREASURY SHARES	Treasury shares						Result on the use of treasury shares16
	Million shares			Million US dollar			Million US dollar
At the end of the previous year		1.9			(202	)		(1 424	)
Treasury shares as a result of the Belgian Merger		85.0			(8 953	)		—
Other changes during the period		(1.4	)		175			(28	)
		85.5			(8 980	)		(1 452	)

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 2017		(14 758	)		744			(1 612	)		(15 626	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		1 053			—			—			1 053
Cash flow hedges		—			(158	)		—			(158	)
Re-measurements of post-employment benefits		—			—			(53	)		(53	)
Total comprehensive income		1 053			(158	)		(53	)		842
As per 31 December 2017		(13 705	)		586			(1 665	)		(14 784	)
Million US dollar	Translation reserves			Hedging reserves			Post-employment benefits			Total OCI reserves
As per 1 January 2016		(11 493	)		(1 217	)		(1 400	)		(14 110	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(3 265	)		—			—			(3 265	)
Foreign exchange contracts recognized in equity in relation to the SAB combination		—			(7 099	)		—			(7 099	)
Foreign exchange contracts reclassified from equity
in relation to the SAB combination					8 837						8 837
Cash flow hedges		—			223			—			223
Re-measurements of post-employment benefits		—			—			(212	)		(212	)
Total comprehensive income		(3 265	)		1 961			(212	)		(1 516	)
As per 31 December 2016		(14 758	)		744			(1 612	)		(15 626	)

Million US dollar	Translation reserves			Hedging reserves			Post- employment benefits			Total OCI reserves
As per 1 January 2015		(5 336	)		557			(1 447	)		(6 226	)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))		(6 157	)		—			—			(6 157	)
Foreign exchange contracts recognized in equity in relation to the SAB combination		—			(1 738	)		—			(1 738	)
Cash flow hedges		—			(36	)		—			(36	)
Re-measurements of post-employment benefits		—			—			47			47
Total comprehensive income		(6 157	)		(1 774	)		47			(7 884	)
As per 31 December 2015		(11 493	)		(1 217	)		(1 400	)		(14 110	)

Summary of Basic and Diluted Earnings Per Share

EARNINGS PER SHARE

The calculation of basic earnings per share for the year ended 31 December 2017 is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m 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	2017		2016			2015
Issued ordinary and restricted shares at 1 January, net of treasury shares		1 934		1 606			1 607
Effect of restricted shares issued upon the SAB combination		—		94			—
Effect of shares issued and share buyback programs		—		(20	)		(2	)
Effect of stock lending		14		12			10
Effect of undelivered shares under the deferred share instrument		23		23			23
Weighted average number of ordinary and restricted shares at 31 December		1 971		1 717			1 638

The calculation of diluted earnings per share is based on the profit attributable to equity holders of AB InBev of 7 996m US dollar (31 December 2016: 1 241m US dollar; 31 December 2015: 8 273m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including deferred share instruments and stock lending) per end of the period, calculated as follows:

Million shares	2017		2016		2015
Weighted average number of ordinary and restricted shares at 31 December		1 971		1 717		1 638
Effect of share options and restricted stock units		39		38		30
Weighted average number of ordinary and restricted shares (diluted) at 31 December		2 010		1 755		1 668

The calculation of earnings per share before exceptional items and discontinued operations is based on the profit from continuing operations attributable to equity holders of AB InBev. A reconciliation of profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev to profit attributable to equity holders of AB InBev is calculated as follows:

Million US dollar	2017			201617			20151
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev		7 967			4 853			8 513
Exceptional items, before taxes (refer to Note 8)		(662	)		(394	)		136
Exceptional finance income/(cost), before taxes (refer to Note 8)		(693	)		(3 356	)		(214	)
Exceptional taxes (refer to Note 8)		830			77			(201	)
Exceptional non-controlling interest (refer to Note 8)		526			13			39
Profit from discontinued operations		28			48			—
Profit attributable to equity holders of AB InBev		7 996			1 241			8 273

Summary of Calculation of EPS

The table below sets out the EPS calculation:

Million US dollar	2017		2016		2015
Profit attributable to equity holders of AB InBev		7 996		1 241		8 273
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
Basic EPS from continuing and discontinued operations		4.06		0.72		5.05
Profit from continuing operations attributable to equity holders of AB InBev		7 968		1 193		8 273
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
Basic EPS from continuing operations		4.04		0.69		5.05
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev		7 967		4 853		8 513
Weighted average number of ordinary and restricted shares		1 971		1 717		1 638
EPS from continuing operations before exceptional items		4.04		2.83		5.20
Profit attributable to equity holders of AB InBev		7 996		1 241		8 273
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing and discontinued operations		3.98		0.71		4.96
Profit from continuing operations attributable to equity holders of AB InBev		7 968		1 193		8 273
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing operations		3.96		0.68		4.96
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev		7 967		4 853		8 513
Weighted average number of ordinary and restricted shares (diluted)		2 010		1 755		1 668
Diluted EPS from continuing operations before exceptional items		3.96		2.77		5.10

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Interest-Bearing Loans and Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Interest-bearing Loans and Borrowings

NON-CURRENT LIABILITIES Million US dollar	2017		2016
Secured bank loans		230		210
Unsecured bank loans		153		8 266
Unsecured bond issues		108 327		105 146
Unsecured other loans		53		111
Finance lease liabilities		186		208
		108 949		113 941

CURRENT LIABILITIES Million US dollar	2017		2016
Secured bank loans		272		652
Commercial papers		1 870		2 053
Unsecured bank loans		739		1 396
Unsecured bond issues		4 510		4 481
Unsecured other loans		15		10
Finance lease liabilities		27		26
		7 433		8 618

Summary of Series of Bonds

During 2017, AB InBev completed the issuance of the following series of bonds:

Issue date	Aggregate principal amount (in millions)		Currency	Interest rate	Maturity date
15 May 2017		1 300	Canadian dollar	2.600%	15 May 2024
15 May 2017		700	Canadian dollar	4.320%	15 May 2047
24 May 2017		650	Pound sterling	1.750%	7 March 2025
24 May 2017		700	Pound sterling	2.250%	24 May 2029
24 May 2017		900	Pound sterling	2.850%	25 May 2037
6 September 2017		550	Australian dollar	3.250%	6 September 2022
6 September 2017		650	Australian dollar	3.750%	6 September 2024
6 September 2017		450	Australian dollar	4.100%	6 September 2027
6 September 2017		300	Australian dollar	3M BBSW + 97bps	6 September 2022

Summary of Facilities, Related Cancellations and Drawdowns

A summation of the Facilities, related cancellations and drawdowns as of 31 December 2017 is presented below:

Facility	Term		Applicable Margin (bps)		Original Amount (billion US dollar)		2016 Cancellation (billion US dollar)			October 2016 Drawdown (billion US dollar)			October 2016 Repayment (billion US dollar)		April 2017 Repayment (billion US dollar)		June 2017 Repayment (billion US dollar)
Term Facility A		3 Years		LIBOR + 110		25.0		(25.0	)		—			—		—		—
Term Facility B		5 Years		LIBOR + 125		10.0		(2.0	)		(8.0	)		—		6.0		2.0
Disposal Bridge Facility		1 Year		LIBOR + 100		10.0		—			(10.0	)		10.0		—		—
Bridge to Cash / DCM Facility A		1 Year		LIBOR + 100		15.0		(15.0	)		—			—		—		—
Bridge to Cash / DCM Facility B		2 Years		LIBOR + 100		15.0		(15.0	)		—			—		—		—
						75.0		(57.0	)		(18.0	)		10.0		6.0		2.0

Summary of Exchange Offers

On 19 April 2017, the company announced the final results of U.S. private exchange offers for any and all of the outstanding notes listed below in exchange for a combination of AB InBev’s notes due 2048 and cash:

Issuer	Title of series of notes issued exchanged	Original principal amount outstanding (thousand US dollar)	Principal amount outstanding exchanged18 (thousand US  dollar)		Principal amount not exchanged (thousand US dollar)
Anheuser-Busch Companies	7.55% Debentures due 2030	200 000		74 046		125 954
Anheuser-Busch Companies	6.80% Debentures due 2031	200 000		19 986		180 014
Anheuser-Busch Companies	6.80% Debentures due 2032	300 000		126 932		173 068
Anheuser-Busch Companies	5.95% Debentures due 2033	300 000		148 183		151 817
Anheuser-Busch Companies	5.75% Debentures due 2036	300 000		192 686		107 314
Anheuser-Busch Companies	6.45% Debentures due 2037	500 000		252 556		247 444
Anheuser Busch InBev Worldwide Inc.	6.375% Notes due 2040	500 000		255 575		244 425
Anheuser-Busch Companies	6.00% Debentures due 2041	250 000		83 583		166 417
Anheuser-Busch Companies	6.50% Debentures due 2042	250 000		74 449		175 551
Anheuser-Busch Companies	6.50% Debentures due 2043	300 000		122 392		177 608

Summary of Redemption in Outstanding Principal Amount of Notes

On 11 October 2017, AB InBev announced that the company exercised its option to redeem in full the entire outstanding principal amount of the following series of notes on 10 November 2017:

Issuer	Title of series of notes	Aggregate principal amount (million US dollar)
Anheuser-Busch InBev Finance	1.25% Notes due 2018	1 000
Anheuser-Busch InBev Worldwide	6.50% Notes due 2018	627
Anheuser-Busch Companies	4.50% Notes due 2018	200
Anheuser-Busch Companies	5.50% Notes due 2018	500
ABI SAB Group Holding Limited	6.50% Notes due 2018	73

Summary of Terms and Debt Repayment

TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2017 Million US dollar	Total		1 year or less		1-2 years		2-3 years		3-5 years		More than 5 years
Secured bank loans		502		272		128		18		33		51
Commercial papers		1 870		1 870		—		—		—		—
Unsecured bank loans		892		739		122		31		—		—
Unsecured bond issues		112 837		4 510		9 956		9 389		18 441		70 541
Unsecured other loans		68		15		18		7		3		25
Finance lease liabilities		213		27		29		20		23		114
		116 382		7 433		10 253		9 465		18 500		70 731
TERMS AND DEBT REPAYMENT SCHEDULE AT 31 DECEMBER 2016 Million US dollar	Total		1 year or less		1-2 years		2-3 years		3-5 years		More than 5 years
Secured bank loans		862		652		107		26		21		56
Commercial papers		2 053		2 053		—		—		—		—
Unsecured bank loans		9 662		1 396		195		91		7 980		—
Unsecured bond issues		109 627		4 481		6 234		10 032		18 697		70 183
Unsecured other loans		121		10		20		15		22		54
Finance lease liabilities		234		26		26		31		46		105
		122 559		8 618		6 582		10 195		26 766		70 398

Summary of Lease Liabilities

FINANCE LEASE LIABILITIES Million US dollar	2017 Payments		2017 Interests		2017 Principal		2016 Payments		2016 Interests		2016 Principal
Less than one year		42		15		27		45		19		26
Between one and two years		42		13		29		43		16		27
Between two and three years		31		11		20		44		13		31
Between three and five years		40		17		23		70		24		46
More than 5 years		146		32		114		144		40		104
		301		88		213		346		112		234

Summary of Reconciliation of Net Debt

The following table provides a reconciliation of AB InBev’s net debt as at 31 December:

Million US dollar	2017			2016
Non-current interest-bearing loans and borrowings		108 949			113 941
Current interest-bearing loans and borrowings		7 433			8 618
		116 382			122 559
Bank overdrafts		117			184
Cash and cash equivalents		(10 472	)		(8 579	)
Interest bearing loans granted and other deposits (included within Trade and other receivables)		(309	)		(528	)
Debt securities (included within Investment securities)		(1 328	)		(5 683	)
Net debt		104 390			107 953

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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Net Liability for Post-Employment and Long-Term Employee Benefit Plans

The company’s net liability for post-employment and long-term employee benefit plans comprises the following at 31 December:

Million US dollar	2017			2016
Present value of funded obligations		(7 506	)		(7 044	)
Fair value of plan assets		5 623			5 177
Present value of net obligations for funded plans		(1 883	)		(1 867	)
Present value of unfunded obligations		(904	)		(908	)
Present value of net obligations		(2 787	)		(2 775	)
Unrecognized asset		(111	)		(168	)
Net liability		(2 898	)		(2 943	)
Other long term employee benefits		(73	)		(73	)
Reclassified as held for sale		—			12
Total employee benefits		(2 971	)		(3 004	)
Employee benefits amounts in the balance sheet:
Liabilities		(2 993	)		(3 014	)
Assets		22			10
Net liability		(2 971	)		(3 004	)

Summary of Changes in Unrecognized Assets

The changes in the unrecognized asset are as follows:

Million US dollar	2017			2016			2015
Irrecoverable surplus impact at 1 January		(168	)		(137	)		(171	)
Interest expense		(17	)		(17	)		(15	)
Changes excluding amounts included in interest expense		74			(14	)		49
Irrecoverable surplus impact at 31 December		(111	)		(168	)		(137	)

Summary of Employee Benefit Expense Recognized in Income Statement

The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows:

Million US dollar	2017			2016			2015
Current service costs		(74	)		(73	)		(81	)
Administration costs		(22	)		(24	)		(20	)
Past service cost due to plan amendments and curtailments		17			8			8
(Losses)/gains on settlements		—			10			(2	)
(Losses)/gains on due to experience and demographic assumption changes		3			—			—
Profit from operations		(76	)		(79	)		(95	)
Net finance cost		(120	)		(115	)		(116	)
Total employee benefit expense		(196	)		(194	)		(211	)

Summary of Employee Benefit Expense Recognized in Income Statement

The employee benefit expense is included in the following line items of the income statement:

Million US dollar	2017			2016			2015
Cost of sales		(24	)		(59	)		(64	)
Distribution expenses		(10	)		(9	)		(8	)
Sales and marketing expenses		(15	)		(13	)		(14	)
Administrative expenses		(29	)		(15	)		(17	)
Other operating (expense)/income		(4	)		10			6
Exceptional items		6			7			2
Net finance cost		(120	)		(115	)		(116	)
		(196	)		(194	)		(211	)

Summary of Weighted Average Assumptions used in Computing Benefit Obligations

Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows:

	2017
	United States			Canada			Mexico			Brazil			United Kingdom			AB InBev
Discount rate		3.7	%		3.6	%		8.0	%		10.0	%		2.6	%		4.0	%
Price inflation		2.5	%		2.0	%		3.5	%		4.3	%		3.3	%		2.7	%
Future salary increases		—			1.0	%		4.3	%		5.6	%		—			3.5	%
Future pension increases		—			2.0	%		3.5	%		4.3	%		3.0	%		2.8	%
Medical cost trend rate		6.2%-5.0	%		4.5	%		—			7.9	%		—			6.8%-6.4	%
Life expectation for a 65 year old male		85			87			82			85			87			85
Life expectation for a 65 year old female		88			89			85			88			89			88
	2016
	United States			Canada			Mexico			Brazil			United Kingdom			AB InBev
Discount rate		4.2	%		3.9	%		7.8	%		10.5	%		2.7	%		4.4	%
Price inflation		2.5	%		2.0	%		3.5	%		4.5	%		3.4	%		2.8	%
Future salary increases		—			1.0	%		4.8	%		5.8	%		—			3.5	%
Future pension increases		—			2.0	%		3.5	%		4.5	%		3.1	%		2.8	%
Medical cost trend rate		7.0%-5.0	%		4.5	%		—			8.2	%		—			7.2%-6.5	%
Life expectation for a 65 year old male		85			86			82			85			87			86
Life expectation for a 65 year old female		88			89			85			88			89			88

Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:

Million US dollar	2017
	Change in assumption			Increase in assumption			Decrease in assumption
Discount rate		0.5	%		(530	)		581
Price inflation		0.5	%		172			(130	)
Future salary increase		0.5	%		28			(23	)
Medical cost trend rate		1	%		55			(47	)
Longevity		One year			248			(246	)

Summary of Fair Value of Plan Assets

The fair value of plan assets at 31 December consists of the following:

	2017									2016
	Quoted			Unquoted			Total			Quoted			Unquoted			Total
Government bonds		27	%		—			27	%		30	%		—			30	%
Corporate bonds		37	%		—			37	%		38	%		—			38	%
Equity instruments		26	%		—			26	%		22	%		—			22	%
Property		—			4	%		4	%		—			3	%		3	%
Insurance contracts and others		5	%		1	%		6	%		6	%		1	%		7	%
		95	%		5	%		100	%		96	%		4	%		100	%

Present Value of Defined Benefit Obligation [Member]

Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets

The changes in the present value of the defined benefit obligations are as follows:

Million US dollar	2017			2016			2015
Defined benefit obligation at 1 January		(7 952	)		(7 594	)		(8 585	)
Current service costs		(74	)		(73	)		(81	)
Interest cost		(340	)		(347	)		(354	)
Past service gain/(cost)		17			8			8
Settlements		6			174			3
Benefits paid		502			482			517
Contribution by plan participants		(4	)		(4	)		(4	)
Acquisition and disposal through business combination		—			(260	)		—
Actuarial gains/(losses) – demographic assumptions		24			(1	)		4
Actuarial gains/(losses) – financial assumptions		(264	)		(607	)		283
Experience adjustments		(21	)		37			14
Exchange differences		(343	)		256			606
Transfers and other movements		39			(23	)		(5	)
Defined benefit obligation at 31 December		(8 410	)		(7 952	)		(7 594	)

Plan Assets [Member]

Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets

The changes in the fair value of plan assets are as follows:

Million US dollar	2017			2016			2015
Fair value of plan assets at 1 January		5 177			5 075			5 773
Interest income		239			249			253
Administration costs		(22	)		(24	)		(20	)
Return on plan assets exceeding interest income		233			297			(211	)
Contributions by AB InBev		315			302			275
Contributions by plan participants		4			4			4
Benefits paid net of administration costs		(502	)		(478	)		(517	)
Acquisition through business combination		—			68			—
Assets distributed on settlements		(7	)		(164	)		—
Exchange differences		214			(155	)		(482	)
Transfers and other movements		(28	)		3			—
Fair value of plan assets at 31 December		5 623			5 177			5 075

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Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2017

Ambev [Member]

Summary of Weighted Average Fair Value of Options and Assumptions

The weighted fair value of the options and assumptions used in applying a binomial option pricing model for the 2017 Ambev grants are as follows:

Amounts in US dollar unless otherwise indicated21	2017	2016	2015
Fair value of options granted	1.97	1.90	2.01
Share price	5.99	5.27	4.72
Exercise price	5.99	5.27	4.72
Expected volatility	27%	27%	27%
Expected dividends	0.00% - 5.00%	0.00% - 5.00%	0.00% - 5.00%
Risk-free interest rate	10.10%	12.40%	15.90%

Summary of Number of Options Outstanding

The total number of outstanding Ambev options developed as follows:

Million options	2017			2016			2015
Options outstanding at 1 January		131.3			121.7			126.1
Options issued during the year		20.4			24.8			16.6
Options exercised during the year		(13.5	)		(11.6	)		(20.0	)
Options forfeited during the year		(2.9	)		(3.7	)		(1.0	)
Options outstanding at the end of December		135.2			131.3			121.7

Summary of Weighted Average Exercise Price of Options

The weighted average exercise price of the Ambev options is as follows:

Amounts in US dollar1	2017		2016		2015
Options outstanding at 1 January		4.19		3.17		3.79
Granted during the year		5.99		5.27		4.72
Exercised during the year		1.76		0.77		1.29
Forfeited during the year		5.41		3.94		5.21
Outstanding at the end of December		4.92		4.26		3.17
Exercisable at the end of December		1.14		1.12		0.84

Ambev [Member] | Restricted Stock Units [Member]

Summary of Number of Outstanding Restricted stock Units

The total number of outstanding Ambev restricted stock units developed as follows:

Million restricted stock units	2017			2016			2015
Restricted stock units outstanding at 1 January		19.3			19.1			17.5
Restricted stock units issued during the year		0.8			7.3			2.7
Restricted stock units exercised during the year		(2.9	)		(6.1	)		(0.8	)
Restricted stock units forfeited during the year		(0.9	)		(1.0	)		(0.3	)
Restricted stock units outstanding at the end of December		16.3			19.3			19.1

AB inBev [member]

Summary of Weighted Average Fair Value of Options and Assumptions

The weighted average fair value of the options and assumptions used in applying the AB InBev option pricing model for the 2017 grants of awards described above are as follows:

Amounts in US dollar unless otherwise indicated20	2017			2016			2015
Fair value of options granted		19.94			17.40			21.78
Share price		117.77			103.77			125.29
Exercise price		117.77			103.77			125.29
Expected volatility		23	%		24	%		24	%
Expected dividends		3.00	%		3.00	%		3.00	%
Risk-free interest rate		0.72	%		0.54	%		0.82	%

Summary of Number of Options Outstanding

The total number of outstanding AB InBev options developed as follows:

Million options	2017			2016			2015
Options outstanding at 1 January		64.9			47.6			45.6
Options issued during the year		35.0			20.4			9.7
Options exercised during the year		(3.0	)		(2.2	)		(6.6	)
Options forfeited during the year		(3.9	)		(0.9	)		(1.1	)
Options outstanding at the end of December		93.0			64.9			47.6

Summary of Weighted Average Exercise Price of Options

The weighted average exercise price of the AB InBev options is as follows:

Amounts in US dollar1	2017		2016		2015
Options outstanding at 1 January		76.25		64.50		51.35
Granted during the year		117.24		104.71		126.67
Exercised during the year		38.94		32.45		32.47
Forfeited during the year		108.26		88.68		54.88
Outstanding at the end of December		98.32		76.25		64.50
Exercisable at the end of December		59.66		40.62		37.15

AB inBev [member] | Restricted Stock Units [Member]

Summary of Number of Outstanding Restricted stock Units

Million restricted stock units	2017			2016			2015
Restricted stock units outstanding at 1 January		5.8			5.6			5.8
Restricted stock units issued during the year		0.7			1.4			1.0
Restricted stock units exercised during the year		(0.7	)		(1.1	)		(1.0	)
Restricted stock units forfeited during the year		(0.4	)		(0.1	)		(0.2	)
Restricted stock units outstanding at the end of December		5.4			5.8			5.6

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Provisions (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Provisions by Class

US dollar	Restructuring			Disputes			Other			Total
Balance at 1 January 2017 as reported		232			1 592			454			2 278
Adjustments		—			(126	)		394			268
Balance at 1 January 2017 as adjusted		232			1 466			848			2 546
Effect of changes in foreign exchange rates		15			20			38			73
Acquisitions through business combinations		—			—			—			—
Provisions made		88			185			35			308
Provisions used		(186	)		(135	)		(99	)		(419	)
Provisions reversed		(2)			(160)			2			(160)
Other movements		6			7			39			52
Balance at 31 December 2017		153			1 383			864			2 400
Million US dollar	Restructuring			Disputes			Other			Total
Balance at 1 January 2016		157			733			7			897
Effect of changes in foreign exchange rates		(9	)		9			(3	)		(3	)
Acquisitions through business combinations		216			703			616			1 535
Provisions made		100			483			17			600
Provisions used		(228	)		(274	)		(6	)		(508	)
Provisions reversed		(3	)		(63	)		(27	)		(93	)
Other movements		(1)			1			(150	)		(150	)
Balance at 31 December 2016 as reported		232			1 592			454			2 278

Summary of Provisions are Expected to Be Settled Within the Following Time Windows

The provisions are expected to be settled within the following time windows:

Million US dollar	Total		< 1 year		1-2 years		2-5 years		> 5 years
Restructuring		153		69		22		60		2
Disputes
Income and indirect taxes		701		138		464		57		42
Labor		135		37		7		85		6
Commercial		44		16		19		6		3
Excise duties		59		—		6		53		—
Other disputes		444		30		296		117		1
		1 383		221		792		318		52
Other provisions		864		595		6		263		—
Total provisions		2 400		885		820		641		54

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Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Trade and Other Payables

NON-CURRENT TRADE AND OTHER PAYABLES

Million US dollar	2017		2016 Adjusted		2016 Reported
Indirect taxes payable		157		159		159
Trade payables		380		465		465
Deferred consideration on acquisitions		699		379		379
Other payables		226		313		325
		1 462		1 316		1 328

CURRENT TRADE AND OTHER PAYABLES

Million US dollar	2017		2016
Trade payables and accrued expenses		15 240		14 071
Payroll and social security payables		1 284		1 027
Indirect taxes payable		2 862		2 750
Interest payable		1 790		1 797
Consigned packaging		1 111		974
Dividends payable		479		447
Deferred income		30		52
Deferred consideration on acquisitions		1 723		1 640
Other payables		243		327
		24 762		23 086

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Risks Arising from Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Derivative Financial Instruments Outstanding at Year-end by Maturity Bucket

The following table provides an overview of the derivative financial instruments outstanding at year-end by maturity bucket. The amounts included in this table are the notional amounts.

	2017										2016
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
Forward exchange contracts		11 637		233		—		—		—		22 396		96		—		—		—
Foreign currency futures		655		—		—		—		—		610		—		—		—		—
Interest rate
Interest rate swaps		1 075		2 250		750		1 883		88		1 292		1 075		2 250		784		3 630
Cross currency interest rate swaps		711		1 797		—		5 900		1 176		1 553		785		1 796		460		1 134
Interest rate futures		—		—		5		—		—		—		—		46		77		—
Other interest rate derivatives		—		—		—		—		565		—		—		—		—		565
Commodities
Aluminum swaps		1 412		21		—		—		—		1 211		31		—		—		—
Other commodity derivatives		1 214		144		—		—		—		1 124		189		—		—		—
Equity
Equity derivatives		11 799		—		—		—		—		10 087		235		—		—		—

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 2017								31 December 2016
Million US dollar	Total exposure			Total hedges		Open position			Total exposure			Total hedges		Open position
Euro/Canadian dollar		(32	)		32		—			(52	)		52		—
Euro/Mexican peso		(275	)		246		(29	)		(159	)		197		38
Euro/Pound sterling		(82	)		110		28			(33	)		146		113
Euro/Russian ruble		(58	)		68		10			(64	)		93		29
Euro/South African rand		(84	)		84		—			(64	)		64		—
Euro/South Korean won		(53	)		44		(9	)		(63	)		55		(8	)
Euro/Ukrainian hryvnia		(58	)		—		(58	)		(60	)		—		(60	)
Euro/US dollar		(271	)		425		154			(924	)		483		(441	)
Pound sterling/Euro		(87	)		128		41			(69	)		71		2
Pound sterling/US dollar		(40	)		40		—			(492	)		162		(330	)
US dollar/Argentinean peso		(678	)		678		—			(219	)		219		—
US dollar/Australian dollar		(469	)		192		(277	)		(171	)		73		(98	)
US dollar/Bolivian boliviano		(20	)		20		—			(59	)		59		—
US dollar/Brazilian real		(1 184	)		1 184		—			(1 102	)		1 102		—
US dollar/Canadian dollar		(306	)		306		—			(347	)		347		—
US dollar/Chilean peso		(324	)		324		—			(255	)		255		—
US dollar/Chinese yuan		(303	)		134		(169	)		(248	)		228		(20	)
US dollar/Colombian peso		(319	)		195		(124	)		(202	)		187		(15	)
US dollar/Euro		(157	)		145		(12	)		(115	)		68		(47	)
US dollar/Honduran lempira		—			—		—			(172	)		—		(172	)
US dollar/Mexican peso		(1 143	)		873		(270	)		(952	)		1 065		113
US dollar/Nigerian naira		(172	)		—		(172	)		(87	)		—		(87	)
US dollar/Paraguayan guarani		(108	)		108		—			(136	)		136		—
US dollar/Peruvian nuevo sol		(255	)		154		(101	)		(196	)		123		(73	)
US dollar/Russian ruble		(45	)		30		(15	)		(71	)		91		20
US dollar/South African rand		(72	)		66		(6	)		(95	)		95		—
US dollar/South Korean won		(20	)		60		40			(48	)		112		64
US dollar/Tanzanian shilling		(2	)		—		(2	)		(85	)		14		(71	)
US dollar/Ukrainian hryvnia		(18	)		—		(18	)		(22	)		—		(22	)
US dollar/Uruguayan peso		(57	)		57		—			(44	)		44		—
US dollar/Zambian kwacha		(4	)		—		(4	)		(89	)		—		(89	)
Others		(118	)		104		(14	)		(390	)		71		(319	)

Summary of Currency Transactional Risk

AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows:

	2017
	Closing rate 31 December 2017		Possible closing rate22	Volatility of rates in %
Euro/Mexican peso		23.67	20.81 - 26.53		12.07	%
Euro/Pound sterling		0.89	0.82 - 0.96		7.94	%
Euro/Russian ruble		69.12	60.86 - 77.38		11.95	%
Euro/South Korean won		1 280.41	1 181.37 - 1 379.44		7.73	%
Euro/Ukrainian hryvnia		33.66	30.39 - 36.93		9.72	%
Euro/US dollar		1.20	1.11 - 1.28		7.12	%
Pound sterling/US dollar		1.35	1.16 - 1.54		13.99	%
US dollar/Australian dollar		1.28	1.18 - 1.38		7.50	%
US dollar/Chinese yuan		6.51	6.15 - 6.86		5.45	%
US dollar/Colombian peso		2 988.60	2 732.94 - 3 244.26		8.55	%
US dollar/Euro		0.83	0.77 - 0.89		7.12	%
US dollar/Mexican peso		19.74	17.45 - 22.02		11.59	%
US dollar/Nigerian naira		360.03	284.18 - 435.87		21.07	%
US dollar/Peruvian nuevo sol		3.24	3.11 - 3.38		4.19	%
US dollar/Russian ruble		57.63	51.43 - 63.83		10.76	%
US dollar/South African rand		12.35	10.44 - 14.25		15.39	%
US dollar/South Korean won		1 067.63	921.4 - 1 213.86		13.70	%
US dollar/Tanzanian shilling		2 235.44	2 176.76 - 2 294.12		2.63	%
US dollar/Ukrainian hryvnia		28.07	26.86 - 29.27		4.30	%
US dollar/Zambian kwacha		9.98	8.91 - 11.05		10.72	%
	2016
	Closing rate 31 December 2016		Possible closing rate23	Volatility of rates in %
Euro/Mexican peso		21.78	18.12 - 25.45		16.83	%
Euro/Pound sterling		0.86	0.76 - 0.96		11.63	%
Euro/Russian ruble		63.94	51.45 - 76.43		19.53	%
Euro/Ukrainian hryvnia		28.66	24.85 - 32.47		13.30	%
Euro/US dollar		1.05	0.97 - 1.14		8.09	%
Pound sterling/US dollar		1.23	1.06 - 1.40		13.99	%
US dollar/Australian dollar		1.38	1.23 - 1.54		11.22	%
US dollar/Chinese yuan		6.94	6.57 - 7.32		5.45	%
US dollar/Colombian peso		3 002.14	2 449.43 - 3 554.86		18.41	%

²²  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017.

²³  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016.

US dollar/Euro	0.95	0.87 - 1.03	8.09	%
US dollar/Honduran lempira	23.49	23.36 - 23.63	0.57	%
US dollar/Mexican peso	20.66	17.20 - 24.13	16.76	%
US dollar/Nigerian naira	315.28	192.49 - 438.07	38.95	%
US dollar/Peruvian nuevo sol	3.35	3.11 - 3.60	7.29	%
US dollar/Russian ruble	60.66	48.77 - 72.55	19.60	%
US dollar/South Korean won	1 203.90	1 039.01 - 1 368.80	13.70	%
US dollar/Tanzanian shilling	2 180.87	2 151.10 - 2 210.64	1.37	%
US dollar/Ukrainian hryvnia	27.19	24.27 - 30.11	10.74	%
US dollar/Zambian kwacha	9.94	8.06 - 11.82	18.91	%

Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures and from Related Hedging Derivative Instruments

Foreign exchange results recognized on unhedged and hedged exposures and from the related hedging derivative instruments can be summarized per type of hedging relationship as follows:

Million US dollar	2017			2016			2015
Cash flow hedges - hedged items		(2	)		98			61
Cash flow hedges - hedging instruments (reclassified from equity)		(11	)		(151	)		(11	)
Economic hedges - hedged items not part of a hedge accounting relationship		406			9			(347	)
Economic hedges - hedging instruments not part of a hedge accounting relationship		(455	)		(45	)		352
Other results - not hedged		(242	)		68			323
		(304	)		(21	)		378

Summary of Effective Interest Rates at Balance Sheet

In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the split per currency in which the debt is denominated.

31 December 2017	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Australian dollar		2.68	%		234		2.68	%		234
Brazilian real		9.22	%		122		7.61	%		199
Canadian dollar		2.09	%		207		2.45	%		224
Euro		0.35	%		3 398		0.35	%		3 415
South Africa rand		8.00	%		666		8.00	%		666
US dollar		1.48	%		1 285		1.43	%		2 521
Other		16.68	%		450		16.68	%		450
					6 362					7 709
Fixed rate
Australian dollar		3.70	%		1 838		3.70	%		1 838
Brazilian real		6.43	%		206		5.86	%		112
Canadian dollar		3.08	%		2 543		3.19	%		2 176
Euro		1.88	%		26 386		1.70	%		34 251
Peruvian nuevo sol		6.87	%		33		6.87	%		33
Pound sterling		3.83	%		4 403		3.80	%		3 734
South Korean won		—			—		2.50	%		1 000
US dollar		4.18	%		74 476		4.51	%		65 394
Other		3.36	%		252		2.36	%		252
					110 137					108 790
31 December 2016	Before hedging					After hedging
Interest-bearing financial liabilities Million US dollar	Effective interest rate			Amount		Effective interest rate			Amount
Floating rate
Brazilian real		9.76	%		205		12.62	%		729
Canadian dollar		1.55	%		386		1.55	%		386
Euro		0.20	%		3 037		0.12	%		4 046
South African rand		8.30	%		446		8.30	%		446
US dollar		1.82	%		10 187		2.33	%		18 002
Other		18.75	%		352		18.75	%		352
					14 613					23 961
Fixed rate
Australian dollar		3.85	%		520		3.85	%		520
Brazilian real		6.67	%		375		6.20	%		258
Canadian dollar		2.93	%		886		2.89	%		554
Euro		0.26	%		23 991		1.86	%		26 396
Peruvian nuevo sol		5.88	%		119		5.88	%		119
Pound sterling		6.80	%		2 212		9.75	%		594
South Korean won		—			—		2.50	%		1 000
US dollar		4.06	%		79 615		4.15	%		68 928
Other		11.41	%		412		11.41	%		412
					108 130					98 782

Summary of Floating Rate Debt after Hedging

The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows:

	2017
	Interest rate 31 December 201724			Possible interest rate25	Volatility of rates in %
Brazilian real		6.90	%	5.29% - 8.50%		23.27	%
Canadian dollar		1.54	%	1.38% - 1.71%		10.72	%
Euro		—		—		3.50	%
South African rand		7.16	%	6.88% - 7.43%		3.84	%
US dollar		1.69	%	1.59% - 1.80%		6.00	%
	2016
	Interest rate 31 December 201626			Possible interest rate27	Volatility of rates in %
Brazilian real		13.20	%	12.88% - 13.53%		2.46	%
Canadian dollar		0.95	%	0.87% - 1.02%		7.83	%
Euro		—		—		11.84	%
South African rand		7.36	%	6.95% - 7.77%		5.55	%
US dollar		1.00	%	0.89% - 1.11%		11.08	%

Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities

Interest expense recognized on unhedged and hedged financial liabilities and the net interest expense from the related hedging derivative instruments can be summarized per type of hedging relationship as follows:

Million US dollar	2017			2016			2015
Financial liabilities measured at amortized cost – not hedged		(4 375	)		(4 119	)		(2 005	)
Fair value hedges—hedged items		(34	)		(73	)		(87	)
Fair value hedges—hedging instruments		23			42			50
Cash flow hedges—hedged items		(25	)		(24	)		(31	)
Cash flow hedges—hedging instruments (reclassified from equity)		26			16			24
Net investment hedges—hedging instruments (interest component)		77			34			152
Economic hedges—hedged items not part of a hedge accounting relationship		—			8			8
Economic hedges—hedging instruments not part of a hedge accounting relationship		(6	)		24			56
		(4 314	)		(4 092	)		(1 833	)

Summary of Estimated Impact on Changes in the Price of Commodities

The table below shows the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures at 31 December 2017, would have on the equity reserves.

	2017
	Volatility of prices in %28			Pre-tax impact on equity
Million US dollar				Prices increase		Prices decrease
Aluminum		14.83	%		212		(212	)
Sugar		29.38	%		26		(26	)
Wheat		30.99	%		158		(158	)
Energy		20.37	%		43		(43	)
Rice		20.20	%		45		(45	)
Corn		24.81	%		45		(45	)
Plastic		17.50	%		15		(15	)

²⁴  Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.

²⁵  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M).

²⁶  Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.

²⁷  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017 and at December 2016. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M).

²⁸  Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017.

	2016
	Volatility of prices in %29			Pre-tax impact on equity
Million US dollar				Prices increase		Prices decrease
Aluminum		15.80	%		196		(196	)
Sugar		32.63	%		30		(30	)
Wheat		26.43	%		147		(147	)
Energy		28.60	%		54		(54	)
Rice		26.38	%		50		(50	)
Corn		24.30	%		44		(44	)
Plastic		18.62	%		20		(20	)

Summary of Carrying Amount of Financial Assets

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:

	2017							2016
Million US dollar	Gross		Impairment			Net carrying amount		Gross		Impairment			Net carrying amount
Debt securities held for trading		1 304		—			1 304		5 659		—			5 659
Available for sale		83		(7	)		76		65		(7	)		58
Held to maturity		24		—			24		24		—			24
Trade receivables		4 917		(194	)		4 723		4 399		(202	)		4 197
Cash deposits for guarantees		209		—			209		200		—			200
Loans to customers		179		—			179		100		—			100
Other receivables		2 326		(117	)		2 209		2 818		(109	)		2 709
Derivatives		483		—			483		1 117		—			1 117
Cash and cash equivalents		10 472		—			10 472		8 579		—			8 579
		19 997		(318	)		19 679		22 961		(318	)		22 643

Summary of Allowance for Impairment

The allowance for impairment recognized during the period per classes of financial assets was as follows:

	2017
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(7	)		(202	)		—			(109	)		(318	)
Impairment losses		—			(55	)		—			(4	)		(59	)
Derecognition		—			53			—			1			54
Currency translation and other		—			10			—			(5	)		5
Balance at 31 December		(7	)		(194	)		—			(117	)		(318	)
	2016
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(9	)		(230	)		—			(99	)		(338	)
Impairment losses		—			(43	)		—			—			(43	)
Derecognition		—			69			—			2			71
Currency translation and other		2			2			—			(12	)		(8	)
Balance at 31 December		(7	)		(202	)		—			(109	)		(318	)
	2015
Million US dollar	Available for sale			Trade receivables			Loans to customers			Other receivables			Total
Balance at 1 January		(11	)		(260	)		(30	)		(128	)		(429	)
Impairment losses		—			(41	)		—			(16	)		(57	)
Derecognition		—			20			30			22			72
Currency translation and other		2			51			—			23			76
Balance at 31 December		(9	)		(230	)		—			(99	)		(338	)

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 financial assets and liabilities:

	2017
Million US dollar	Carrying amount31			Contractual cash flows			Less than 1 year			1-2 years			2-3 years			3-5 years			More than 5 years
Non-derivative financial liabilities
Secured bank loans		(502	)		(590	)		(318	)		(137	)		(23	)		(42	)		(70	)
Commercial papers		(1 870	)		(1 871	)		(1 871	)		—			—			—			—
Unsecured bank loans		(892	)		(927	)		(761	)		(129	)		(37	)		—			—
Unsecured bond issues		(112 837	)		(167 056	)		(8 951	)		(13 951	)		(12 908	)		(24 655	)		(106 591	)
Unsecured other loans		(68	)		(114	)		(17	)		(23	)		(13	)		(7	)		(54	)
Finance lease liabilities		(213	)		(301	)		(42	)		(42	)		(32	)		(40	)		(145	)
Bank overdraft		(117	)		(117	)		(117	)		—			—			—			—
Trade and other payables		(26 167	)		(26 628	)		(24 756	)		(476	)		(207	)		(289	)		(900	)
		(142 666	)		(197 604	)		(36 833	)		(14 758	)		(13 220	)		(25 033	)		(107 760	)
Derivative financial assets/(liabilities)
Interest rate derivatives		(96	)		(101	)		(9	)		(21	)		(14	)		16			(73	)
Foreign exchange derivatives		(61	)		(52	)		(59	)		7			—			—			—
Cross currency interest rate swaps		(897	)		(1 043	)		65			(128	)		114			(904	)		(190	)
Commodity derivatives		179			143			139			4			—			—			—
Equity derivatives		(1 036	)		(1 134	)		(1 134	)		—			—			—			—
		(1 911	)		(2 187	)		(998	)		(138	)		100			(888	)		(263	)
Of which: directly related to cash flow hedges		(20	)		(29	)		64			5			2			4			(104	)
	2016
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
Secured bank loans		(862	)		(937	)		(676	)		(116	)		(33	)		(32	)		(80	)
Commercial papers		(2 053	)		(2 054	)		(2 054	)		—			—			—			—
Unsecured bank loans		(9 662	)		(11 057	)		(1 618	)		(535	)		(365	)		(8 535	)		(4	)
Unsecured bond issues		(109 627	)		(162 300	)		(7 284	)		(10 262	)		(13 713	)		(25 383	)		(105 658	)
Unsecured other loans		(122	)		(279	)		(27	)		(41	)		(33	)		(41	)		(137	)
Finance lease liabilities		(234	)		(346	)		(44	)		(42	)		(44	)		(70	)		(146	)
Bank overdraft		(184	)		(184	)		(184	)		—			—			—			—
Trade and other payables		(24 879	)		(25 398	)		(23 717	)		(449	)		(209	)		(331	)		(692	)
		(147 623	)		(202 555	)		(35 604	)		(11 445	)		(14 397	)		(34 392	)		(106 717	)
Derivative financial assets/(liabilities)
Interest rate derivatives		(267	)		(269	)		5			3			(13	)		(35	)		(229	)
Foreign exchange derivatives		47			42			44			(2	)		—			—			—
Cross currency interest rate swaps		(32	)		(58	)		22			(97	)		—			55			(38	)
Commodity derivatives		125			117			107			10			—			—			—
Equity derivatives		(490	)		(499	)		(499	)		—			—			—			—
		(617	)		(667	)		(321	)		(86	)		(13	)		20			(267	)
Of which: directly related to cash flow hedges		28			6			176			(112	)		(2	)		—			(56	)

Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities

The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet:

	Assets				Liabilities						Net
Million US dollar	2017		2016		2017			2016			2017			2016
Foreign currency
Forward exchange contracts		151		492		(211	)		(441	)		(60	)		51
Foreign currency futures		1		3		(2	)		(7	)		(1	)		(4	)
Interest rate
Interest rate swaps		14		26		(37	)		(216	)		(23	)		(190	)
Cross currency interest rate swaps		9		182		(906	)		(214	)		(897	)		(32	)
Other interest rate derivatives		—		—		(73	)		(77	)		(73	)		(77	)
Commodities
Aluminum swaps		178		69		(5	)		(8	)		173			61
Sugar futures		24		22		(20	)		(5	)		4			17
Wheat futures		34		52		(22	)		(30	)		12			22
Other commodity derivatives		10		46		(20	)		(21	)		(10	)		25
Equity
Equity derivatives		62		225		(1 098	)		(715	)		(1 036	)		(490	)
		483		1 117		(2 394	)		(1 734	)		(1 911	)		(617	)
Of which:
Non-current		25		146		(937	)		(471	)		(912	)		(325	)
Current		458		971		(1 457	)		(1 263	)		(999	)		(292	)

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

The following table summarizes the carrying amounts of the fixed rate interest-bearing financial liabilities as recognized in the balance sheet and the fair value of these liabilities. The fair value was assessed using common discounted cash-flow method based on market conditions existing at the balance sheet date. Therefore, the fair value of the fixed interest-bearing liabilities is within level 2 of the fair value hierarchy as set forth by IFRS 13 – Fair value measurement. Floating rate interest-bearing financial liabilities and all trade and other receivables and payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amounts as recognized in the balance sheet are a reasonable approximation of their fair values:

Interest-bearing financial liabilities Million US dollar	2017 Carrying amount32			2017 Fair value			2016 Carrying amount1			2016 Fair value
Fixed rate
Australian dollar		(1 838	)		(1 896	)		(520	)		(518	)
Brazilian real		(206	)		(206	)		(375	)		(375	)
Canadian dollar		(2 543	)		(2 574	)		(886	)		(954	)
Euro		(26 386	)		(26 942	)		(23 991	)		(26 684	)
Peruvian nuevo sol		(33	)		(33	)		(119	)		(118	)
Pound sterling		(4 403	)		(4 902	)		(2 212	)		(2 847	)
US dollar		(74 476	)		(83 482	)		(79 615	)		(85 397	)
Other		(252	)		(252	)		(412	)		(411	)
		(110 137	)		(120 287	)		(108 130	)		(117 305	)

³²  “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date.

Analysis of Financial Instruments

Fair value hierarchy 2017 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)		1 304		5		—
Derivatives at fair value through profit and loss		—		89		—
Derivatives in a cash flow hedge relationship		9		340		—
Derivatives in a fair value hedge relationship		—		36		—
Derivatives in a net investment hedge relationship		—		9		—
		1 313		479		—
Financial Liabilities
Non-derivatives recognized at fair value		—		—		—
Deferred consideration on acquisitions at fair value		—		—		2 210
Derivatives at fair value through profit and loss		1		1 210		—
Derivatives in a cash flow hedge relationship		28		341		—
Derivatives in a fair value hedge relationship		—		129		—
Derivatives in a net investment hedge relationship		—		685		—
		29		2 365		2 210
Fair value hierarchy 2016 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)		5 659		—		—
Derivatives at fair value through profit and loss		1		338		—
Derivatives in a cash flow hedge relationship		30		549		—
Derivatives in a fair value hedge relationship		—		54		—
Derivatives in a net investment hedge relationship		—		145		—
		5 690		1 086		—
Financial Liabilities
Non-derivatives recognized at fair value		—		1 485		—
Deferred consideration on acquisitions at fair value		—		—		1 826
Derivatives at fair value through profit and loss		3		818		—
Derivatives in a cash flow hedge relationship		27		524		—
Derivatives in a fair value hedge relationship		—		354		—
Derivatives in a net investment hedge relationship		—		8		—
		30		3 189		1 826

Summary of Offsetting Financial Assets and Liabilities

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

	2017
Million US dollar	Gross amount			Net amount recognized in the statement of financial position33			Other offsetting agreements34			Total net amount
Derivative assets		483			483			(466	)		17
Derivative liabilities		(2 394	)		(2 394	)		466			(1 928	)
	2016
Million US dollar	Gross amount			Net amount recognized in the statement of financial position1			Other offsetting agreements2			Total net amount
Derivative assets		1 117			1 117			(1 054	)		63
Derivative liabilities		(1 734	)		(1 734	)		1 261			(473	)

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Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Non-Cancelable Operating Leases are Payable and Receivable

Non-cancelable operating leases are payable and receivable as follows:

	2017
	Pub leases					Other operational leases							Net lease obligations
Million US dollar	Lessee			Sublease		Lessee			Sublease		Lessor
Within one year		(131	)		80		(179	)		47		2		(181	)
Between one and five years		(486	)		294		(523	)		131		7		(577	)
After five years		(573	)		197		(208	)		14		4		(566	)
		(1 190	)		571		(910	)		192		13		(1 324	)
	2016
	Pub leases					Other operational leases							Net lease obligations
Million US dollar	Lessee			Sublease		Lessee			Sublease		Lessor
Within one year		(95	)		69		(153	)		30		2		(147	)
Between one and five years		(350	)		246		(339	)		66		5		(372	)
After five years		(538	)		156		(183	)		15		2		(548	)
		(983	)		471		(675	)		111		9		(1 067	)

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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other

Million US dollar	2017		2016
Collateral given for own liabilities		426		490
Collateral and financial guarantees received for own receivables and loans to customers		326		228
Contractual commitments to purchase property, plant and equipment		550		817
Contractual commitments to acquire loans to customers		16		11
Other commitments		1 834		1 768

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Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries

As of 31 December 2017, AB InBev’s material tax proceedings related to Ambev and its subsidiaries. Estimates of amounts of possible loss are as follows:

Million US dollar	31 December 2017		31 December 2016
Income tax and social contribution		9 600		8 878
Value-added and excise taxes		5 987		4 924
Other taxes		1 390		605
		16 977		14 407

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Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Financial Information of Material Non-Controlling Interest

Summarized financial information of Ambev, in which the company has material non-controlling interests, is as follows:

Million US dollar	2017			2016
Summarized balance sheet information
Current assets		7 472			7 329
Non-current assets		18 783			18 396
Current liabilities		8 672			8 829
Non-current liabilities		3 078			2 582
Equity attributable to equity holders		13 908			13 754
Non-controlling interests		597			560
Summarized income statement and comprehensive income information
Revenue		14 961			13 123
Net income		2 452			3 765
Attributable to:
Equity holders		2 290			3 611
Non-controlling interests		162			155
Net income		2 452			3 765
Other comprehensive income		809			(1 534	)
Total comprehensive income		3 261			2 231
Attributable to:
Equity holders		3 090			2 190
Non-controlling interests		171			41
Summarized cash flow information
Cash flow from operating activities		5 583			3 552
Cash flow from investing activities		(960	)		(1 697	)
Cash flow from financing activities		(4 018	)		(3 351	)
Net increase/(decrease) in cash and cash equivalents		605			(1 496	)

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Related Parties (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Summary of Directors and Executive Board Management Compensation

Total directors and executive board management compensation included in the income statement can be detailed as follows:

	2017				2016				2015
Million US dollar	Directors		Executive board management		Directors		Executive board management		Directors		Executive board management
Short-term employee benefits		2		28		2		18		3		25
Post employment benefits		—		1		—		—		—		2
Share-based payments		3		68		3		64		2		65
		5		97		5		82		5		91

Summary of Aggregate Amounts of AB InBev's Interest

Significant interests in joint ventures include three entities in Brazil, one in Mexico and two in Canada. None of these joint ventures are material to the company. Aggregate amounts of AB InBev’s interest are as follows:

Million US dollar	2017			2016			2015
Non-current assets		12			11			2
Current assets		5			5			5
Non-current liabilities		11			9			2
Current liabilities		6			6			5
Result from operations		(3	)		(6	)		(1	)
Profit attributable to equity holders of AB InBev		(3	)		(7	)		—

Summary of AB InBev's Transactions with Associates

Significant interests in associates are shown in note 16 Investments in associates. AB InBev’s transactions with associates were as follows:

Million US dollar	2017		2016			2015
Gross profit		91		(47	)		(77	)
Current assets		73		(8	)		2
Current liabilities		20		20			25

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Supplemental Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Schedule of Condensed Consolidating Income Statement

CONDENSED CONSOLIDATING INCOME STATEMENT

For the year ended 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		540			—			—			14 015			44 235			(2 346	)		56 444
Cost of sales		(338	)		—			—			(5 838	)		(17 556	)		2 346			(21 386	)
Gross profit		202			—			—			8 177			26 679			—			35 058
Distribution expenses		(23	)		—			—			(996	)		(4 857	)		—			(5 876	)
Sales and marketing expenses		(181	)		—			—			(2 208	)		(5 993	)		—			(8 382	)
Administrative expenses		(255	)		—			—			(404	)		(3 182	)		—			(3 841	)
Other operating income/(expenses)		793			1 066			—			(1 837	)		170			—			192
Profit from operations		536			1 066			—			2 732			12 834			—			17 152
Net finance cost		(819	)		(3 064	)		26			4 160			(6 810	)		—			(6 507	)
Share of result of associates		—			—			—			2			428			—			430
Profit before tax		(283	)		(1 998	)		26			6 894			6 437			—			11 076
Income tax expense		(16	)		614			(17	)		1 329			(3 830	)		—			(1 920	)
Profit		(299	)		(1 384	)		9			8 223			2 606			—			9 155
Income from subsidiaries		8 295			3 721			—			4 167			6 204			(22 387	)		—
Profit from continuing operations		7 996			2 337			9			12 390			8 810			(22 387	)		9 155
Profit from discontinued operations		—			—			—			—			28			—			28
Profit of the year		7 996			2 337			9			12 390			8 838			(22 387	)		9 183
Profit from continuing operations attributable to:
Equity holders of AB InBev		7 996			2 337			9			12 390			7 623			(22 387	)		7 968
Non-controlling interest		—			—			—			—			1 187			—			1 187
Profit of the year attributable to:
Equity holders of AB InBev		7 996			2 337			9			12 390			7 651			(22 387	)		7 996
Non-controlling interest		—			—			—			—			1 187			—			1 187
For the year ended 31 December 2016 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		506			—			—			14 135			32 884			(2 008	)		45 517
Cost of sales		(300	)		—			—			(5 923	)		(13 587	)		2 008			(17 803	)
Gross profit		206			—			—			8 212			19 297			—			27 715
Distribution expenses		(27	)		—			—			(967	)		(3 549	)		—			(4 543	)
Sales and marketing expenses		(204	)		—			—			(2 372	)		(5 169	)		—			(7 745	)
Administrative expenses		(198	)		(4	)		—			(384	)		(2 297	)		—			(2 883	)
Other operating income/(expenses)		464			559			—			(1 283	)		598			—			338
Profit from operations		241			555			—			3 206			8 880			—			12 882
Net finance cost		(1 599	)		(1 283	)		36			(3 805	)		(1 913	)		—			(8 564	)
Share of result of associates		—			—			—			2			14			—			16
Profit before tax		(1 358	)		(728	)		36			(597	)		6 981			—			4 334
Income tax expense		—			280			2			(1 358	)		(537	)		—			(1 613	)
Profit		(1 358	)		(448	)		38			(1 955	)		6 444			—			2 721
Income from subsidiaries		2 599			1 958			—			1 322			1 469			(7 348	)		—
Profit from continuing operations		1 241			1 510			38			(633	)		7 913			(7 348	)		2 721
Profit from discontinued operations		—			—			—			—			48			—			48
Profit of the year		1 241			1 510			38			(633	)		7 961			(7 348	)		2 769
Profit from continuing operations attributable to:
Equity holders of AB InBev		1 241			1 510			38			(633	)		6 385			(7 348	)		1 193
Non-controlling interest		—			—			—			—			1 528			—			1 528
Profit of the year attributable to:
Equity holders of AB InBev		1 241			1 510			38			(633	)		6 433			(7 348	)		1 241
Non-controlling interest		—			—			—			—			1 528			—			1 528

For the year ended 31 December 2015 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
Revenue		104			—			—			14 097			31 059			(1 656	)		43 604
Cost of sales		(72	)		—			—			(6 179	)		(12 542	)		1 656			(17 137	)
Gross profit		32			—			—			7 918			18 517			—			26 467
Distribution expenses		(3	)		—			—			(1 009	)		(3 246	)		—			(4 258	)
Sales and marketing expenses		(147	)		—			—			(2 065	)		(4 701	)		—			(6 913	)
Administrative expenses		(297	)		—			—			(258	)		(2 005	)		—			(2 560	)
Other operating income/(expenses)		542			701			—			(1 210	)		1 135			—			1 168
Profit from operations		127			701			—			3 376			9 700			—			13 904
Net finance cost		(565	)		(1 791	)		41			(311	)		1 173			—			(1 453	)
Share of result of associates		—			—			—			2			8			—			10
Profit before tax		(438	)		(1 090	)		41			3 067			10 881			—			12 461
Income tax expense		—			659			(36	)		(1 068	)		(2 149	)		—			(2 594	)
Profit		(438	)		(431	)		5			1 999			8 732			—			9 867
Income from subsidiaries		8 711			1 374			—			3 484			1 410			(14 979	)		—
Profit		8 273			943			5			5 483			10 142			(14 979	)		9 867
Attributable to:
Equity holders of AB InBev		8 273			943			5			5 484			8 548			(14 979	)		8 273
Non-controlling interest		—			—			—			—			1 594			—			1 594

Schedule of Condensed Consolidating Statement of Financial Position

CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION

As at 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Subsidiary Guarantors		Non- Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		44		—			—		4 589		22 551		—			27 184
Goodwill		—		—			—		33 277		107 663		—			140 940
Intangible assets		584		—			—		22 105		23 185		—			45 874
Investments in subsidiaries		121 847		77 388			—		83 368		99 398		(382 000	)		—
Investments in associates and joint ventures		—		—			—		28		5 235		—			5 263
Deferred tax assets		—		—			—				1 216		—			1 216
Derivatives		—		—			—		16		9		—			25
Other non-current assets		53 565		10 290			55 432		25 293		67 709		(210 623	)		1 664
		176 040		87 677			55 432		168 676		326 966		(592 623	)		222 166
Current assets
Investment securities		1 301		—			—		—		3		—			1 304
Inventories		21		—			—		626		3 472		—			4 119
Derivatives		—		—			—		320		138		—			458
Trade and other receivables		16 585		1 514			1 947		25 237		19 942		(58 660	)		6 566
Cash and cash equivalents		43		242			8		5 982		9 768		(5 571	)		10 472
Assets classified as held for sale		—		—			—		—		133		—			133
Other current assets		—		—			—		—		908		—			908
		17 950		1 756			1 955		32 165		34 364		(64 231	)		23 960
Total assets		193 989		89 434			57 387		200 841		361 330		(656 855	)		246 126
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		72 585		38 307			586		131 657		211 449		(382 000	)		72 585
Minority interest		—		—			—		—		7 635		—			7 635
		72 585		38 307			586		131 656		219 084		(382 000	)		80 220
Non-current liabilities
Interest-bearing loans and borrowings		102 398		49 230			55 464		29 005		83 459		(210 607	)		108 949
Employee benefits		5		—			—		1 240		1 748		—			2 993
Deferred tax liabilities		—		(337	)		9		6 528		6 907		—			13 107
Derivatives		—		—			—		920		17		—			937
Other non-current liabilities		131		—			—		1 023		2 573		(18	)		3 709
		102 534		48 893			55 473		38 716		94 705		(210 625	)		129 695
Current liabilities
Interest-bearing loans and borrowings		16 718		2 363			479		19 336		20 531		(51 994	)		7 433
Income tax payable		—		(665	)		3		734		1 486		—			1 558
Derivatives		—		—			—		1 360		97		—			1 457
Trade and other payables		2 033		535			848		5 481		22 530		(6 665	)		24 762
Other current liabilities		121		—			—		3 558		2 894		(5 571	)		1 002
		18 872		2 233			1 330		30 469		47 538		(64 230	)		36 211
Total equity and liabilities		193 989		89 434			57 387		200 841		361 330		(656 855	)		246 126

As at 31 December 201637 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Subsidiary Guarantors			Non- Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		52		—			—		4 829			22 641		—			27 522
Goodwill		—		—			—		33 056			103 477		—			136 533
Intangible assets		520		—			—		22 094			21 954		—			44 568
Investments in subsidiaries		126 200		41 488			—		8 042			—		(175 730	)		—
Investments in associates and joint ventures		—		—			—		40			4 284		—			4 324
Deferred tax assets		—		327			—		—			1 261		(327	)		1 261
Derivatives		—		—			—		120			26		—			146
Other non-current assets		48 333		24 322			55 258		60 420			34 582		(221 949	)		966
		175 105		66 137			55 258		128 601			188 225		(398 006	)		215 320
Current assets
Investment securities		5 500		—			—		—			159		—			5 659
Inventories		9		—			—		635			3 269		—			3 913
Derivatives		—		—			—		(120	)		1 091		—			971
Trade and other receivables		12 072		7 937			2 338		16 622			27 215		(59 793	)		6 391
Cash and cash equivalents		257		155			—		28 780			8 941		(29 554	)		8 579
Assets classified as held for sale		—		—					—			16 439		—			16 439
Other current assets		—		—			—		(610	)		1 719		—			1 109
		17 838		8 092			2 338		45 307			58 833		(89 347	)		43 061
Total assets		192 943		74 229			57 596		173 908			247 058		(487 353	)		258 381
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		71 677		20 009			564		107 258			47 561		(175 730	)		71 339
Minority interest		—		—			—		—			10 086		—			10 086
		71 677		20 009			564		107 258			57 647		(175 730	)		81 425
Non-current liabilities
Interest-bearing loans and borrowings		86 757		50 672			55 239		16 257			126 948		(221 932	)		113 941
Employee benefits		4		—			—		1 290			1 720		—			3 014
Deferred tax liabilities		—		—			16		10 141			6 848		(327	)		16 678
Derivatives		—		—			—		275			196		—			471
Other non-current liabilities		116		—			—		853			1 786		(18	)		2 737
		86 877		50 672			55 255		28 816			137 498		(222 277	)		136 841
Current liabilities
Interest-bearing loans and borrowings		21 815		3 670			300		24 576			14 333		(56 076	)		8 618
Income tax payable		—		(881	)		10		6			4 787		—			3 922
Derivatives		—		—			—		(275	)		1 538		—			1 263
Trade and other payables		2 068		759			850		4 583			18 542		(3 716	)		23 086
Liabilities associated with assets held for sale		—		—			—		—			2 174		—			2 174
Other current liabilities		10 506		—			617		8 944			10 540		(29 554	)		1 053
		34 389		3 548			1 777		37 834			51 914		(89 346	)		40 116
Total equity and liabilities		192 943		74 229			57 596		173 908			247 058		(487 353	)		258 381

³⁷  Reclassified to conform to the 2017 presentation.

Schedule of Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		7 996			2 338			8			12 391			8 837			(22 387	)		9 183
Depreciation, amortization and impairment		128			—			—			771			3 377			—			4 276
Net finance cost		819			3 064			(26	)		(4 160	)		6 810			—			6 507
Income tax expense		16			(614	)		17			(1 329	)		3 830			—			1 920
Investment income		(8 296	)		(3 721	)		—			(4 167	)		(6 203	)		22 387			—
Other items		126			—			—			(7	)		(338	)		—			(219	)
Cash flow from operating activities before changes in working capital and use of provisions		789			1 067			(1	)		3 499			16 313			—			21 667
Working capital and provisions		(283	)		869			(4	)		(1 210	)		72			159			( 397	)
Cash generated from operations		506			1 936			(5	)		2 289			16 385			159			21 270
Interest paid, net		(860	)		(3 156	)		79			351			(6 120	)		5 865			(3 841	)
Dividends received		2			—			—			78			139			(77	)		142
Income tax paid		(16	)		—			(16	)		285			(2 394	)		—			(2 141	)
CASH FLOW FROM OPERATING ACTIVITIES		(368	)		(1 220	)		58			3 003			8 010			5 947			15 430
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			18			599			—			617
Sale of subsidiaries, net of cash disposed of		—			—			—			42			—			—			42
Proceeds from SAB transaction-related divestitures		—			—			—			—			11 697			—			11 697
Taxes on SAB transaction-related divestitures											(3 449	)								(3 449	)
Acquisition of other subsidiaries, net of cash acquired		—			—			—			(306	)		( 292	)		—			( 598	)
Acquisition of property, plant and equipment and of intangible assets		(126	)		—			—			(534	)		(4 081	)		—			(4 741	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			—			16			—			16
Net proceeds from sale/(acquisition) of investment in short-term debt securities		4 177			—			—			—			160			—			4 337
Net proceeds from sale/(acquisition) of other assets		535			—			—			(69	)		(746	)		—			(280	)
Net repayments/(payments) of loans granted		(7 949	)		4 996			332			4 607			43 229			(45 002	)		213
CASH FLOW FROM INVESTING ACTIVITIES		(3 363	)		4 996			332			308			50 582			(45 002	)		7 854
FINANCING ACTIVITIES
Intra-group capital reimbursements		18 594			—			—			(21 152	)		2 558			—			—
Purchase of non-controlling interest		—			—			—			—			(206	)		—			(206	)
Proceeds from borrowings		24 604			2 262			1 470			16 197			(219	)		(30 962	)		13 352
Payments on borrowings		(20 574	)		(5 876	)		(1 306	)		(19 354	)		(46 006	)		69 783			(23 333	)
Cash net finance (cost)/income other than interests		(463	)		—			—			1 977			(3 055	)		—			(1 541	)
Dividends paid		(7 992	)		(75	)		—			—			(1 285	)		77			(9 275	)
CASH FLOW FROM FINANCING ACTIVITIES		14 169			(3 689	)		164			(22 332	)		(48 213	)		38 898			(21 004	)
Net increase/(decrease) in cash and cash equivalents		10 438			87			554			(19 021	)		10 379			(157	)		2 280
Cash and cash equivalents less bank overdrafts at beginning of year		(10 244	)		155			(617	)		19 840			(739	)		—			8 395
Effect of exchange rate fluctuations		(268	)		—			72			1 611			(1 891	)		157			(319	)
Cash and cash equivalents less bank overdrafts at end of year		(74	)		242			9			2 430			7 749			—			10 356

For the year ended 31 December 2016 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		1 241			1 510			38			(633	)		7 961			(7 348	)		2 769
Depreciation, amortization and impairment		96			—			—			748			2 633			—			3 477
Net finance cost		1 599			1 284			(36	)		3 805			1 912			—			8 564
Income tax expense		—			(280	)		(2	)		1 358			537			—			1 613
Investment income		(2 599	)		(1 958	)		—			(1 322	)		(1 469	)		7 348			—
Other items		56			(1	)		—			231			(368	)		—			(82	)
Cash flow from operating activities before changes in working capital and use of provisions		393			555			—			4 187			11 206			—			16 341
Working capital and provisions		(121	)		541			4			(650	)		(80	)		9			(297	)
Cash generated from operations		272			1 096			4			3 537			11 126			9			16 044
Interest paid, net		(1 543	)		(1 153	)		59			999			(1 108	)		25			(2 721	)
Dividends received		9 256			—			—			4			40			(9 257	)		43
Income tax paid		—			—			—			(511	)		(2 745	)		—			(3 256	)
CASH FLOW FROM OPERATING ACTIVITIES		7 985			(57	)		63			4 029			7 313			(9 223	)		10 110
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			25			186			—			211
Sale of subsidiaries, net of cash disposed of		—			—			—			13			640			—			653
Acquisition of SAB, net of cash acquired		(57 712	)		—			—			(8 652	)		1 198			—			(65 166	)
Proceeds from SAB transaction-related divestitures		—			—			—			—			16 342			—			16 342
Acquisition of other subsidiaries, net of cash acquired		—			—			—			—			(1 445	)		—			(1 445	)
Acquisition of property, plant and equipment and of intangible assets		(369	)		—			—			(650	)		(3 960	)		—			(4 979	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			—			146			—			146
Net proceeds from sale/(acquisition) of investment in short-term debt securities		(5 500	)		—			—			—			(83	)		—			(5 583	)
Net proceeds from sale/(acquisition) of other assets		—			—			—			(31	)		4			—			(27	)
Net repayments/(payments) of loans granted		(11 753	)		(900	)		(46 052	)		(229	)		(32 475	)		91 180			(229	)
CASH FLOW FROM INVESTING ACTIVITIES		(75 334	)		(900	)		(46 052	)		(9 524	)		(19 447	)		91 180			(60 077	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		(79	)		—			—			(2 115	)		2 194			—			—
Purchase of non-controlling interest		—			—			—			—			(10	)		—			(10	)
Proceeds from borrowings		81 137			4 486			47 051			32 887			14 895			(94 164	)		86 292
Payments on borrowings		(13 370	)		(4 049	)		(2 200	)		(1 372	)		(5 600	)		2 974			(23 617	)
Cash net finance (cost)/income other than interests		(628	)		(64	)		(5	)		(3 157	)		370			—			(3 484	)
Dividends paid		(7 134	)		—			—			—			(10 573	)		9 257			(8 450	)
CASH FLOW FROM FINANCING ACTIVITIES		59 926			373			44 846			26 243			1 276			(81 933	)		50 731
Net increase/(decrease) in cash and cash equivalents		(7 423	)		(584	)		(1 143	)		20 748			(10 858	)		24			764
Cash and cash equivalents less bank overdrafts at beginning of year		(1 832	)		739			525			(1 100	)		8 578			—			6 910
Effect of exchange rate fluctuations		(989	)		—			—			194			1 540			(24	)		721
Cash and cash equivalents less bank overdrafts at end of year		(10 244	)		155			(618	)		19 842			(740	)		—			8 395

For the year ended 31 December 2015 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit		8 273			943			5			5 483			10 142			(14 979	)		9 867
Depreciation, amortization and impairment		73			—			—			727			2 352			—			3 153
Net finance cost		565			1 791			(41	)		311			(1 173	)		—			1 453
Income tax expense		101			(659	)		36			1 068			2 048			—			2 594
Investment income		(8 711	)		(1 374	)		—			(3 484	)		(1 410	)		14 979			—
Other items		57			—			—			85			(483	)		—			(341	)
Cash flow from operating activities before changes in working capital and use of provisions		359			701			—			4 190			11 476			—			16 726
Working capital and provisions		(215	)		550			(2	)		(630	)		1 669			(35	)		1 337
Cash generated from operations		144			1 251			(2	)		3 560			13 145			(35	)		18 063
Interest paid, net		(442	)		(1 845	)		48			1 820			(1 122	)		(68	)		(1 609	)
Dividends received		2 607			1 891			—			19			984			(5 479	)		22
Income tax paid		(9	)		—			—			(846	)		(1 500	)		—			(2 355	)
CASH FLOW FROM OPERATING ACTIVITIES		2 300			1 297			46			4 553			11 507			(5 582	)		14 121
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		—			(2	)		—			(312	)		(604	)		—			(918	)
Acquisition of property, plant and equipment and of intangible assets		(105	)		—			—			(646	)		(3 998	)		—			(4 749	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			244			153			—			397
Net proceeds/(acquisition) of other assets		—			—			—			44			173			—			217
Net proceeds from sale/(acquisition) of investment in short-term debt securities		—			—			—			—			169			—			169
Net repayments/(payments) of loans granted		(13 496	)		508			(565	)		598			(10 284	)		23 193			(46	)
CASH FLOW FROM INVESTING ACTIVITIES		(13 601	)		506			(565	)		72			(14 391	)		23 193			(4 930	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		156			—			22			3 294			(3 472	)		—			—
Proceeds from borrowings		19 965			24 078			565			6 933			12 163			(47 467	)		16 237
Payments on borrowings		(3 553	)		(24 869	)		(3	)		(3 845	)		(7 807	)		24 297			(15 780	)
Other financing activities		159			(33	)		(1	)		(2 353	)		1 456			—			(772	)
Share buy back		(1 000	)		—			—			—			—			—			(1 000	)
Dividends paid		(6 586	)		—			—			(3 370	)		(3 489	)		5 479			(7 966	)
CASH FLOW FROM FINANCING ACTIVITIES		9 141			(824	)		583			659			(1 149	)		(17 691	)		(9 281	)
Net increase/(decrease) in cash and cash equivalents		(2 160	)		979			64			5 140			(4 033	)		(80	)		(90	)
Cash and cash equivalents less bank overdrafts at beginning of year		502			(240	)		460			(5 789	)		13 383			—			8 316
Effect of exchange rate fluctuations		(174	)		—			1			(451	)		(774	)		80			(1 316	)
Cash and cash equivalents less bank overdrafts at end of year		(1 832	)		739			525			(1 100	)		8 578			—			6 910

XML

Ab Inbev Companies (Tables)

12 Months Ended

Dec. 31, 2017

Text block1 [abstract]

Schedule of Name and Registered Office of Fully Consolidated Companies

LIST OF MOST IMPORTANT FULLY CONSOLIDATED COMPANIES

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
ARGENTINA
CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires		61.92
AUSTRALIA
FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria		100.00
BELGIUM
AB INBEV N.V. – Grand Place 1 – 1000 – Brussel		Consolidating Company
BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant		98.54
BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden		100.00
COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven		100.00
INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel		100.00
BOTSWANA
KGALAGADI BREWERIES (PTY) LTD – Plot 20768, Broadhurst industrial estate – Gaborone38		31.00
BOLIVIA
CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz		61.92
BRAZIL
AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 – São Paulo		61.92
CANADA
LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto		61.92

³⁸  The group’s shares entitle the holder to twice the voting rights

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
CHILE
CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura		61.92
CHINA
ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province		100.00
ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province		97.06
ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong		100.00
ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province		100.00
ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province		100.00
ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province		100.00
ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province		100.00
ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province		100.00
NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province		100.00
SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province		100.00
ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province		100.00
ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province		100.00
ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province		100.00
INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province		60.00
ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province		100.00
COLOMBIA
BOGOTA BEER COMPANY BBC S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		97.22
BAVARIA S.A. S.A. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		99.14
AMBEV COLOMBIA S.A.S. – Carrera 53 A, No 127 – 35 – 110221 – Bogota		97.22
CZECH REPUBLIC
PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4		100.00
DOMINICAN REPUBLIC
CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo39		34.06
ECUADOR
COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil		97.22
CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas		95.58
EL SALVADOR
INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador		100.00
FRANCE
AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine		100.00
GERMANY
BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen		100.00
BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum		100.00
HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen		99.96
HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode		100.00
ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen		100.00
SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München		100.00
ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen		100.00
LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München		100.00

³⁹  55% owned by Ambev S.A

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
GHANA
ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra		60.00
GRAND DUCHY OF LUXEMBOURG
BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 – Diekirch		95.82
HONDURAS
CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes		99.00
INDIA
CROWN BEERS INDIA LIMITED – #8-2-684/A, Road No. 12 – Banjara Hills, Hyderabad 500034 – Andhra Pradesh		100.00
SABMILLER INDIA LIMITED LTD. – Unit No.301-302, Dynasty Business Park, 3rd Floor – Andheri – Kurla Road, Andheri (East) – 400059 – Mumbai, Maharashtra		99.60
ITALY
ANHEUSER-BUSCH INBEV ITALIA SPA – Piazza Buffoni 3, 21013 Gallarate		100.00
MEXICO
CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City		100.00
MOZAMBIQUE
CERVEJAS DE MOÇAMBIQUE SA – Rua do Jardim 1329 – Maputo40		49.00
THE NETHERLANDS
INBEV NEDERLAND N.V. – Ceresstraat 1 – 4811 CA – Breda		100.00
INTERBREW INTERNATIONAL B.V. – Ceresstraat 1 – 4811 CA – Breda		100.00
AB InBev Africa B.V.- Ceresstraat 1, 4811 CA – Breda		62.00
AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA – Breda		62.00
NIGERIA
BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. – 58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere – Lagos		50.00
INTERNATIONAL BREWERIES PLC – Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State1		37.50
PANAMA
CERVECERÍA NACIONAL HOLDING SA – Costa del Este Business Park, torre Oeste Piso 2 – Ciudad de Panama		60.00
PARAGUAY
CERVECERIA PARAGUAYA S.A. – Ruta Villeta km 30 N 3045 – 2660 – Ypané		61.92
PERU
COMPANIA CERVECERA AMBEV PERU S.A.C. – Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa – Lurigancho (Chosica) – Lima 15		97.22
UNIÓN DE CERVECERÍAS PERUANAS BACKUS Y JOHNSTON SAA – 3986 Av. Nicolas Ayllon, Ate, Lima 3		93.65
RUSSIA
SUN INBEV – 28 Moscovskaya Street, Moscow region – 141607 – Klin		99.95
SOUTH AFRICA
SABSA HOLDINGS LTD PUBLIC LIMITED COMPANY – 65 Park Lane, Sandown – 2001 – Johannesburg		100.00
THE SOUTH AFRICAN BREWERIES (PTY) LTD LIMITED BY SHARES – 65 Park Lane, Sandown – 2146 – Johannesburg		91.55
SOUTH KOREA
ORIENTAL BREWERY CO., LTD – 151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do		100.00
SWITZERLAND
ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH) – Turmstrasse 26 – 6300 – Zug		100.00

⁴⁰  The company is consolidated due to the group’s majority shareholdings and ability to control the operations

NAME AND REGISTERED OFFICE OF FULLY CONSOLIDATED COMPANIES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
TANZANIA
KIBO BREWERIES LTD PRIVATE COMPANY – Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District – – Dar es Salaam1		36.00
UGANDA
NILE BREWERIES LTD – Plot M90 Yusuf Lule Roa, Njeru, Jinja – Eastern Uganda		61.76
UKRAINE
SUN INBEV UKRAINE PJSC – 30-V Fizkultury Str., BC “Faringeit” 4th floor – 3068 – Kiev		98.34
UNITED KINGDOM
AB INBEV UK LTD – Porter Tun House, 500 Capability Green – LU1 3LS – Luton		100.00
PIONEER BREWING COMPANY LTD – Porter Tun House, 500 Capability Green - LU1 3LS – Luton		100.00
AB INBEV HOLDINGS LIMITED – AB INBEV HOUSE, CHURCH STREET WEST – GU21 6HT – WOKING, SURREY		100.00
AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT		100.00
UNITED STATES
ANHEUSER-BUSCH COMPANIES, LLC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH INTERNATIONAL, INC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH PACKAGING GROUP, INC. – One Busch Place – St. Louis, MO 63118		100.00
ANHEUSER-BUSCH, LLC – One Busch Place, St. Louis, MO. 63118		100.00
METAL CONTAINER CORPORATION, INC. – One Busch Place, St. Louis, MO. 63118		100.00
ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION – C/O THE CORPORATION TRUST COMPANY INC. – 1209 Orange Street – DE 19801 – Wilmington		100.00
URUGUAY
CERVECERIA Y MALTERIA PAYSANDU S.A. – Cesar Cortinas, 2037 – C.P. 11500 – Montevideo		61.92
VIETNAM
ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam – Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province		100.00
ZAMBIA
ZAMBIAN BREWERIES PLC – Mungwi Road, Plot Number 6438, Lusaka		54.00

LIST OF MOST IMPORTANT ASSOCIATES AND JOINT VENTURES

NAME AND REGISTERED OFFICE OF ASSOCIATES AND JOINT VENTURES	% OF ECONOMIC INTEREST AS AT  31 DECEMBER 2017
FRANCE
SOCIÉTÉ DES BRASSERIES ET GLACIÈRES INTERNATIONALES SA – 30 AV George V, 75008, Paris		20.00
GIBRALTAR
BIH BRASSERIES INTERNATIONALES HOLDING LTD – CC Building, 10th Floor, Main Street		20.00
BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD – Suite 10/3, International Commercial Centre, 2A Main Street		27.00
TURKEY
ANADOLU EFES BIRACILIK VE MALT SANAYII AS – Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul		24.00
ZIMBABWE
DELTA CORPORATION LTD – Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare		25.00

XML

Corporate Information - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Employees Country	Dec. 31, 2016 USD ($) Employees	Dec. 31, 2015 USD ($) Employees
Disclosure Of Corporate Information [Line Items]
Number of employees	182,915	206,633	152,321
Revenue | $	$ 56,444	$ 45,517	$ 43,064
Anheuser-Busch in Bev SA/NV [member]
Disclosure Of Corporate Information [Line Items]
Number of employees	200,000
Anheuser-Busch in Bev SA/NV [member] | Bottom of range [member]
Disclosure Of Corporate Information [Line Items]
Number of beer brand	500
Brewing heritage periods	600
Number of countries where the entity operates | Country	50

XML

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 Segments Region
Disclosure Of Corporate Information [Line Items]
Number of operating segments	9
Number of reportable segments	7
Number of geographical regions | Region	6
Bottom of range [member]
Disclosure Of Corporate Information [Line Items]
Voting rights in associate	20.00%
Top of range [member]
Disclosure Of Corporate Information [Line Items]
Voting rights in associate	50.00%
Voting rights percentage	20.00%
Software and capitalized development cost [member] | Bottom of range [member]
Disclosure Of Corporate Information [Line Items]
Amortisation period	3 years
Software and capitalized development cost [member] | Top of range [member]
Disclosure Of Corporate Information [Line Items]
Amortisation period	5 years

XML

Summary of Significant Accounting Policies - Summary of Exchange Rates (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Argentinean Peso [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	18.774210	15.850116	13.004955
Average rate	16.580667	14.7625910	9.101728
Australian Dollar [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	1.279580	1.384689
Average rate	1.308997	1.3440978
Brazilian Real [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	3.308005	3.259106	3.904803
Average rate	3.201667	3.4749280	3.259601
Canadian Dollar [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	1.253982	1.345983	1.388446
Average rate	1.303248	1.3188440	1.270237
Colombian Peso [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	2,988.600000	3,002.140000	3,145.640000
Average rate	2,965.940000	2,986.8900000	2,792.222000
Chinese Yuan [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	6.507500	6.944520	6.485535
Average rate	6.785290	6.6076350	6.256495
Euro [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	0.833819	0.948677	0.918527
Average rate	0.886817	0.9028210	0.899096
Mexican Peso [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	19.735828	20.663842	17.206357
Average rate	18.811612	18.4641070	15.730837
Pound Sterling [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	0.739790	0.812238	0.674152
Average rate	0.773029	0.7374000	0.653179
Peruvian Nuevo Sol [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	3.244558	3.352820	3.413342
Average rate	3.267432	3.3941210	3.135481
Russian Ruble [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	57.631946	60.657097	72.881615
Average rate	58.144309	66.9053650	59.186097
South Korea [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	1,067.630000	1,203.900000	1,176.090000
Average rate	1,134.040000	1,154.5000000	1,129.520000
South African Rand [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	12.345193	13.714953
Average rate	13.338803	14.0166901
Turkish Lira [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	3.790879	3.516940
Average rate	3.615028	3.5014800
Ukrainian Hryvnia [member]
Disclosure Of Exchange Rates [Line Items]
Closing rate	28.068098	27.190513	24.000600
Average rate	26.501419	25.4086740	21.493019

XML

Summary of Significant Accounting Policies - Summary of Estimated Useful Live of Assets Expected Utility (Detail)	12 Months Ended
	Dec. 31, 2017
Point of sale furniture and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Bottom of range [member] | Industrial buildings - other real estate properties [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Bottom of range [member] | Production plant and equipment production equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	10 years
Bottom of range [member] | Production plant and equipment storage, packaging and handling equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Bottom of range [member] | Returnable packaging kegs [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	2 years
Bottom of range [member] | Returnable packaging crates [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	2 years
Bottom of range [member] | Returnable packaging bottles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	2 years
Bottom of range [member] | Information processing equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	3 years
Top of range [member] | Industrial buildings - other real estate properties [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	50 years
Top of range [member] | Production plant and equipment production equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	15 years
Top of range [member] | Production plant and equipment storage, packaging and handling equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	7 years
Top of range [member] | Returnable packaging kegs [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	10 years
Top of range [member] | Returnable packaging crates [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	10 years
Top of range [member] | Returnable packaging bottles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Top of range [member] | Information processing equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years

XML

Use of Estimates and Judgments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of changes in accounting estimates [line items]
Exceptional income tax income		$ 830
Federal income tax rate		35.00%
US tax reform [member]
Disclosure of changes in accounting estimates [line items]
Exceptional income tax income		$ 1,800
Changes in tax rates or tax laws enacted or announced [member]
Disclosure of changes in accounting estimates [line items]
Federal income tax rate	21.00%

XML

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 Segments Region
Disclosure of operating segments [abstract]
Number of business segment	7
Number of reportable segments	7
Number of geographical regions | Region	6

XML

Segment Reporting - Summary of Segment Reporting (Detail) HLS in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) HLS	Dec. 31, 2016 USD ($) HLS		Dec. 31, 2015 USD ($) HLS
Disclosure of operating segments [line items]
Revenue	$ 56,444	$ 45,517		$ 43,064
Profit from operations	17,152	12,882		13,904
Net finance income/(cost)	(6,507)	(8,564)		(1,453)
Share of results of associates and joint ventures	430	16		10
Income tax expense	1,920	1,613		2,594
Profit from continuing operations	9,155	2,721		9,867
Discontinued operations	28	48
Profit/(loss)	9,183	2,769		9,867
Revenue	56,444	45,517		43,064
Profit from operations (EBIT)	17,152	12,882		13,904
Net finance income/(cost)	(6,507)	(8,564)		(1,453)
Share of results of associates and joint ventures	430	16		10
Income tax expense	(1,920)	(1,613)		(2,594)
Profit from continuing operations	9,155	2,721		$ 9,867
Discontinued operations	28	48
Segment assets (non-current)	$ 222,166	$ 213,569	[1]
Operating segments [member]
Disclosure of operating segments [line items]
Volume | HLS	613	500		457
Revenue	$ 56,444	$ 45,517		$ 43,604
Normalized EBITDA	$ 22,084	$ 16,753		$ 16,839
Normalized EBITDA margin	39.10%	36.80%		38.60%
Depreciation, amortization and impairment	$ (4,270)	$ (3,477)		$ (3,071)
Normalized profit from operations (EBIT)	17,814	13,276		13,768
Exceptional items (refer Note 8)	662	394		(136)
Profit from operations	17,152	12,882		13,904
Net finance income/(cost)	(6,507)	(8,564)		(1,453)
Share of results of associates and joint ventures	430	16		10
Income tax expense	1,920	1,613		2,594
Profit from continuing operations	9,155	2,721		9,867
Discontinued operations	28	48
Profit/(loss)	$ 9,183	$ 2,769		$ 9,867
Volume | HLS	613	500		457
Revenue	$ 56,444	$ 45,517		$ 43,604
Normalized EBITDA	$ 22,084	$ 16,753		$ 16,839
Normalized EBITDA margin	39.10%	36.80%		38.60%
Depreciation, amortization and impairment	$ (4,270)	$ (3,477)		$ (3,071)
Normalized profit from operations (EBIT)	17,814	13,276		13,768
Exceptional items (refer Note 8)	(662)	(394)		136
Profit from operations (EBIT)	17,152	12,882		13,904
Net finance income/(cost)	(6,507)	(8,564)		(1,453)
Share of results of associates and joint ventures	430	16		10
Income tax expense	(1,920)	(1,613)		(2,594)
Profit from continuing operations	9,155	2,721		9,867
Discontinued operations	28	48
Segment assets (non-current)	222,166	213,569		116,341
Gross capex	$ 4,479	$ 4,919		$ 5,028
FTE	182,915,000,000	206,633,000,000		152,321,000,000
Operating segments [member] | North America [member]
Disclosure of operating segments [line items]
Volume | HLS	114	117		118
Revenue	$ 15,588	$ 15,698		$ 15,603
Normalized EBITDA	$ 6,329	$ 6,250		$ 6,172
Normalized EBITDA margin	40.60%	39.80%		39.60%
Depreciation, amortization and impairment	$ (843)	$ (809)		$ (754)
Normalized profit from operations (EBIT)	5,486	5,441		5,418
Exceptional items (refer Note 8)	4	(29)		102
Profit from operations	$ 5,490	$ 5,412		$ 5,520
Volume | HLS	114	117		118
Revenue	$ 15,588	$ 15,698		$ 15,603
Normalized EBITDA	$ 6,329	$ 6,250		$ 6,172
Normalized EBITDA margin	40.60%	39.80%		39.60%
Depreciation, amortization and impairment	$ (843)	$ (809)		$ (754)
Normalized profit from operations (EBIT)	5,486	5,441		5,418
Exceptional items (refer Note 8)	(4)	29		(102)
Profit from operations (EBIT)	5,490	5,412		5,520
Segment assets (non-current)	63,045	62,467		61,870
Gross capex	$ 530	$ 895		$ 1,112
FTE	19,306,000,000	19,314,000,000		16,844,000,000
Operating segments [member] | Latin America West [member]
Disclosure of operating segments [line items]
Volume | HLS	111	64		44
Revenue	$ 9,238	$ 5,188		$ 4,079
Normalized EBITDA	$ 4,512	$ 2,376		$ 2,002
Normalized EBITDA margin	48.80%	45.80%		49.10%
Depreciation, amortization and impairment	$ (616)	$ (388)		$ (350)
Normalized profit from operations (EBIT)	3,896	1,988		1,652
Exceptional items (refer Note 8)	(153)	252		29
Profit from operations	$ 3,743	$ 2,240		$ 1,681
Volume | HLS	111	64		44
Revenue	$ 9,238	$ 5,188		$ 4,079
Normalized EBITDA	$ 4,512	$ 2,376		$ 2,002
Normalized EBITDA margin	48.80%	45.80%		49.10%
Depreciation, amortization and impairment	$ (616)	$ (388)		$ (350)
Normalized profit from operations (EBIT)	3,896	1,988		1,652
Exceptional items (refer Note 8)	153	(252)		(29)
Profit from operations (EBIT)	3,743	2,240		1,681
Segment assets (non-current)	71,219	69,472		21,749
Gross capex	$ 1,079	$ 710		$ 515
FTE	48,892,000,000	51,418,000,000		32,201,000,000
Operating segments [member] | Latin America North [member]
Disclosure of operating segments [line items]
Volume | HLS	119	118		123
Revenue	$ 9,775	$ 8,461		$ 9,096
Normalized EBITDA	$ 4,180	$ 3,751		$ 4,709
Normalized EBITDA margin	42.80%	44.30%		51.80%
Depreciation, amortization and impairment	$ (848)	$ (750)		$ (689)
Normalized profit from operations (EBIT)	3,332	3,001		4,020
Exceptional items (refer Note 8)	(18)	(20)		(84)
Profit from operations	$ 3,314	$ 2,981		$ 3,937
Volume | HLS	119	118		123
Revenue	$ 9,775	$ 8,461		$ 9,096
Normalized EBITDA	$ 4,180	$ 3,751		$ 4,709
Normalized EBITDA margin	42.80%	44.30%		51.80%
Depreciation, amortization and impairment	$ (848)	$ (750)		$ (689)
Normalized profit from operations (EBIT)	3,332	3,001		4,020
Exceptional items (refer Note 8)	18	20		84
Profit from operations (EBIT)	3,314	2,981		3,937
Segment assets (non-current)	13,756	13,656		11,357
Gross capex	$ 580	$ 709		$ 1,056
FTE	38,651,000,000	40,416,000,000		39,359,000,000
Operating segments [member] | Latin America South [member]
Disclosure of operating segments [line items]
Volume | HLS	34	32		34
Revenue	$ 3,363	$ 2,850		$ 3,331
Normalized EBITDA	$ 1,595	$ 1,431		$ 1,593
Normalized EBITDA margin	47.40%	50.20%		47.80%
Depreciation, amortization and impairment	$ (207)	$ (191)		$ (182)
Normalized profit from operations (EBIT)	1,388	1,240		1,411
Exceptional items (refer Note 8)	(13)	(12)		(11)
Profit from operations	$ 1,375	$ 1,228		$ 1,400
Volume | HLS	34	32		34
Revenue	$ 3,363	$ 2,850		$ 3,331
Normalized EBITDA	$ 1,595	$ 1,431		$ 1,593
Normalized EBITDA margin	47.40%	50.20%		47.80%
Depreciation, amortization and impairment	$ (207)	$ (191)		$ (182)
Normalized profit from operations (EBIT)	1,388	1,240		1,411
Exceptional items (refer Note 8)	13	12		11
Profit from operations (EBIT)	1,375	1,228		1,400
Segment assets (non-current)	2,396	2,357		2,301
Gross capex	$ 323	$ 389		$ 488
FTE	9,603,000,000	9,571,000,000		9,615,000,000
Operating segments [member] | EMEA [member]
Disclosure of operating segments [line items]
Volume | HLS	132	75		46
Revenue	$ 10,344	$ 6,010		$ 4,128
Normalized EBITDA	$ 3,349	$ 1,774		$ 1,142
Normalized EBITDA margin	32.40%	29.60%		27.70%
Depreciation, amortization and impairment	$ (843)	$ (473)		$ (342)
Normalized profit from operations (EBIT)	2,507	1,302		800
Exceptional items (refer Note 8)	(144)	(118)		70
Profit from operations	$ 2,363	$ 1,184		$ 870
Volume | HLS	132	75		46
Revenue	$ 10,344	$ 6,010		$ 4,128
Normalized EBITDA	$ 3,349	$ 1,774		$ 1,142
Normalized EBITDA margin	32.40%	29.60%		27.70%
Depreciation, amortization and impairment	$ (843)	$ (473)		$ (342)
Normalized profit from operations (EBIT)	2,507	1,302		800
Exceptional items (refer Note 8)	144	118		(70)
Profit from operations (EBIT)	2,363	1,184		870
Segment assets (non-current)	45,920	41,749		4,316
Gross capex	$ 1,086	$ 1,001		$ 466
FTE	26,823,000,000	43,456,000,000		11,749,000,000
Operating segments [member] | Asia Pacific [member]
Disclosure of operating segments [line items]
Volume | HLS	102	92		90
Revenue	$ 7,804	$ 6,074		$ 5,784
Normalized EBITDA	$ 2,695	$ 1,639		$ 1,444
Normalized EBITDA margin	34.50%	27.10%		25.00%
Depreciation, amortization and impairment	$ (660)	$ (658)		$ (606)
Normalized profit from operations (EBIT)	2,035	987		838
Exceptional items (refer Note 8)	97	84		(90)
Profit from operations	$ 1,939	$ 903		$ 928
Volume | HLS	102	92		90
Revenue	$ 7,804	$ 6,074		$ 5,784
Normalized EBITDA	$ 2,695	$ 1,639		$ 1,444
Normalized EBITDA margin	34.50%	27.10%		25.00%
Depreciation, amortization and impairment	$ (660)	$ (658)		$ (606)
Normalized profit from operations (EBIT)	2,035	987		838
Exceptional items (refer Note 8)	(97)	(84)		90
Profit from operations (EBIT)	1,939	903		928
Segment assets (non-current)	24,088	22,071		12,761
Gross capex	$ 635	$ 837		$ 1,166
FTE	36,386,000,000	39,213,000,000		40,101,000,000
Operating segments [member] | Global export and holding companies [member]
Disclosure of operating segments [line items]
Volume | HLS	1	2		3
Revenue	$ 332	$ 1,237		$ 1,582
Normalized EBITDA	(577)	(474)		(225)
Depreciation, amortization and impairment	(253)	(210)		(148)
Normalized profit from operations (EBIT)	(830)	(683)		(373)
Exceptional items (refer Note 8)	241	383		61
Profit from operations	$ (1,071)	$ (1,066)		$ (434)
Volume | HLS	1	2		3
Revenue	$ 332	$ 1,237		$ 1,582
Normalized EBITDA	(577)	(474)		(225)
Depreciation, amortization and impairment	(253)	(210)		(148)
Normalized profit from operations (EBIT)	(830)	(683)		(373)
Exceptional items (refer Note 8)	(241)	(383)		(61)
Profit from operations (EBIT)	(1,071)	(1,066)		(434)
Segment assets (non-current)	1,741	1,797		1,987
Gross capex	$ 247	$ 379		$ 225
FTE	3,254,000,000	3,245,000,000		2,454,000,000
Reference Base [member]
Disclosure of operating segments [line items]
Volume | HLS	613	500
Revenue	$ 56,444	$ 45,517
Normalized EBITDA	$ 22,084	$ 16,753
Normalized EBITDA margin	39.10%	36.80%
Depreciation, amortization and impairment	$ (4,270)	$ (3,477)
Normalized profit from operations (EBIT)	$ 17,814	$ 13,276
Volume | HLS	613	500
Revenue	$ 56,444	$ 45,517
Normalized EBITDA	$ 22,084	$ 16,753
Normalized EBITDA margin	39.10%	36.80%
Depreciation, amortization and impairment	$ (4,270)	$ (3,477)
Normalized profit from operations (EBIT)	$ 17,814	$ 13,276
Reference Base [member] | Operating segments [member] | North America [member]
Disclosure of operating segments [line items]
Volume | HLS	114	117
Revenue	$ 15,588
Normalized EBITDA	$ 6,329
Normalized EBITDA margin	40.60%	39.80%
Depreciation, amortization and impairment	$ (843)	$ (809)
Normalized profit from operations (EBIT)	$ 5,486	$ 5,441
Volume | HLS	114	117
Revenue	$ 15,588
Normalized EBITDA	$ 6,329
Normalized EBITDA margin	40.60%	39.80%
Depreciation, amortization and impairment	$ (843)	$ (809)
Normalized profit from operations (EBIT)	$ 5,486	$ 5,441
Reference Base [member] | Operating segments [member] | Latin America West [member]
Disclosure of operating segments [line items]
Volume | HLS	111	109
Revenue	$ 9,238	$ 8,595
Normalized EBITDA	$ 4,512	$ 3,983
Normalized EBITDA margin	48.80%	46.30%
Depreciation, amortization and impairment	$ (616)	$ (613)
Normalized profit from operations (EBIT)	$ 3,896	$ 3,370
Volume | HLS	111	109
Revenue	$ 9,238	$ 8,595
Normalized EBITDA	$ 4,512	$ 3,983
Normalized EBITDA margin	48.80%	46.30%
Depreciation, amortization and impairment	$ (616)	$ (613)
Normalized profit from operations (EBIT)	$ 3,896	$ 3,370
Reference Base [member] | Operating segments [member] | Latin America North [member]
Disclosure of operating segments [line items]
Volume | HLS	119	120
Revenue	$ 9,775	$ 8,630
Normalized EBITDA	$ 4,180	$ 3,790
Normalized EBITDA margin	42.80%	43.90%
Depreciation, amortization and impairment	$ (848)	$ (770)
Normalized profit from operations (EBIT)	$ 3,332	$ 3,020
Volume | HLS	119	120
Revenue	$ 9,775	$ 8,630
Normalized EBITDA	$ 4,180	$ 3,790
Normalized EBITDA margin	42.80%	43.90%
Depreciation, amortization and impairment	$ (848)	$ (770)
Normalized profit from operations (EBIT)	$ 3,332	$ 3,020
Reference Base [member] | Operating segments [member] | Latin America South [member]
Disclosure of operating segments [line items]
Volume | HLS	34	32
Revenue	$ 3,363	$ 2,850
Normalized EBITDA	$ 1,595	$ 1,431
Normalized EBITDA margin	47.40%	50.20%
Depreciation, amortization and impairment	$ (207)	$ (191)
Normalized profit from operations (EBIT)	$ 1,388	$ 1,240
Volume | HLS	34	32
Revenue	$ 3,363	$ 2,850
Normalized EBITDA	$ 1,595	$ 1,431
Normalized EBITDA margin	47.40%	50.20%
Depreciation, amortization and impairment	$ (207)	$ (191)
Normalized profit from operations (EBIT)	$ 1,388	$ 1,240
Reference Base [member] | Operating segments [member] | EMEA [member]
Disclosure of operating segments [line items]
Volume | HLS	132	135
Revenue	$ 10,344	$ 9,700
Normalized EBITDA	$ 3,349	$ 2,903
Normalized EBITDA margin	32.40%	29.90%
Depreciation, amortization and impairment	$ (843)	$ (740)
Normalized profit from operations (EBIT)	$ 2,507	$ 2,163
Volume | HLS	132	135
Revenue	$ 10,344	$ 9,700
Normalized EBITDA	$ 3,349	$ 2,903
Normalized EBITDA margin	32.40%	29.90%
Depreciation, amortization and impairment	$ (843)	$ (740)
Normalized profit from operations (EBIT)	$ 2,507	$ 2,163
Reference Base [member] | Operating segments [member] | Asia Pacific [member]
Disclosure of operating segments [line items]
Volume | HLS	102	101
Revenue	$ 7,804	$ 7,250
Normalized EBITDA	$ 2,695	$ 2,114
Normalized EBITDA margin	34.50%	29.20%
Depreciation, amortization and impairment	$ (660)	$ (740)
Normalized profit from operations (EBIT)	$ 2,035	$ 1,374
Volume | HLS	102	101
Revenue	$ 7,804	$ 7,250
Normalized EBITDA	$ 2,695	$ 2,114
Normalized EBITDA margin	34.50%	29.20%
Depreciation, amortization and impairment	$ (660)	$ (740)
Normalized profit from operations (EBIT)	$ 2,035	$ 1,374
Reference Base [member] | Operating segments [member] | Global export and holding companies [member]
Disclosure of operating segments [line items]
Volume | HLS	1	2
Revenue	$ 332	$ 1,218
Normalized EBITDA	(577)	(837)
Depreciation, amortization and impairment	(253)	(252)
Normalized profit from operations (EBIT)	$ (830)	$ (1,089)
Volume | HLS	1	2
Revenue	$ 332	$ 1,218
Normalized EBITDA	(577)	(837)
Depreciation, amortization and impairment	(253)	(252)
Normalized profit from operations (EBIT)	$ (830)	$ (1,089)
Reference Base [member] | Effect of acquisition [member]
Disclosure of operating segments [line items]
Volume | HLS		(116)
Revenue		$ (8,424)
Normalized EBITDA		(2,881)
Depreciation, amortization and impairment		638
Normalized profit from operations (EBIT)		$ (2,243)
Volume | HLS		(116)
Revenue		$ (8,424)
Normalized EBITDA		(2,881)
Depreciation, amortization and impairment		638
Normalized profit from operations (EBIT)		$ (2,243)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Segment Reporting - Summary of Segment Reporting (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of operating segments [line items]
Net revenue	$ 56,444	$ 45,517		$ 43,064
Non current Assets	222,166	213,569	[1]
Beer business [member]
Disclosure of operating segments [line items]
Net revenue	50,301	41,421		40,595
Non beer business [member]
Disclosure of operating segments [line items]
Net revenue	6,143	4,096		3,009
Belgium [member]
Disclosure of operating segments [line items]
Net revenue	704	687		690
Non current Assets	$ 1,658	$ 1,440		$ 1,169

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Acquisitions and Disposals of Subsidiaries - Additional Information (Detail) € in Millions				12 Months Ended
	Oct. 11, 2016 USD ($)	Oct. 10, 2016 USD ($) shares	Oct. 06, 2016 EUR (€) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 shares	Oct. 10, 2016 GBP (£) shares	Oct. 06, 2016 GBP (£) shares	Dec. 31, 2015 shares
Disclosure of acquisitions and disposals [Line Items]
Number of shares acquired | shares			102,890,758,014
Number of shares reclassified | shares			60,385,979,086				60,385,979,086
Number of shares issued | shares				1,934,000,000	1,606,000,000			1,607,000,000
Conversion ratio			One-for-one basis
Goodwill recognised deductible tax purposes		$ 0
Foreign countries [member]
Disclosure of acquisitions and disposals [Line Items]
Goodwill provisionally allocated		$ 72,400,000,000
Restricted shares [member]
Disclosure of acquisitions and disposals [Line Items]
Number of shares issued | shares			325,999,817				325,999,817
Keurig green mountain incorporated [member]
Disclosure of acquisitions and disposals [Line Items]
Percentage of voting interest held in joint venture				70.00%
Percentage of economic interest held in joint venture				70.00%
SAB's interest in MillerCoors LLC [Member] | Miller international business [member]
Disclosure of acquisitions and disposals [Line Items]
Proceeds from disposal of assets	$ 12,000,000,000
Provision related to purchase price adjustment	330,000,000
Purchase price adjustment amount	$ 328,000,000
Sale of SeaWorld to blackstone [member]
Disclosure of acquisitions and disposals [Line Items]
Proceeds from disposal of assets				$ 42,000,000
SAB [member]
Disclosure of acquisitions and disposals [Line Items]
Cash consideration | £						£ 45.00
Consideration transferred, issuance of capital			€ 85,531				£ 75,400,000,000
Number of shares acquired | shares			105,246
Total consideration | €			€ 5
Percentage of shares owned			100.00%
SAB [member] | Ordinary shares [member]
Disclosure of acquisitions and disposals [Line Items]
Consideration transferred, issuance of shares | shares			163,276,737,100				163,276,737,100
Number of shares issued | shares			555,466,167				555,466,167
SAB [member] | Ordinary shares [member] | UK Scheme [member]
Disclosure of acquisitions and disposals [Line Items]
Consideration transferred, issuance of shares | shares			1,632,767,371				1,632,767,371
SAB [member] | Partial share alternative [member]
Disclosure of acquisitions and disposals [Line Items]
Cash consideration | £						£ 4.6588
SAB [member] | Partial share alternative [member] | Restricted shares [member]
Disclosure of acquisitions and disposals [Line Items]
Consideration transferred, issuance of shares | shares		0.483969				0.483969
AB inBev [member]
Disclosure of acquisitions and disposals [Line Items]
Cash consideration		$ 18,000,000,000
Additional drawn down amount under borrowing facility		75,000,000,000
Transaction cost		1,000,000,000
Transaction cost on financial Activities		$ 700,000,000

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Acquisitions and Disposals of Subsidiaries - Summary of SABMiller Purchase Consideration (Detail) € in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 GBP (£)	Oct. 10, 2016 GBP (£)	Oct. 06, 2016 EUR (€)	Oct. 06, 2016 GBP (£)
Disclosure of detailed information about business combination [line items]
Converted to restricted shares	163,276,737,100	163,276,737,100	163,276,737,100
Tender offer shares [member]
Disclosure of detailed information about business combination [line items]
Converted to restricted shares	102,890,758,014	102,890,758,014	102,890,758,014
SAB [member]
Disclosure of detailed information about business combination [line items]
Tender offer | £				£ 45.00
Converted to restricted shares					€ 85,531	£ 75,400,000,000
Gross purchase consideration					€ 5
SAB [member] | Newbelco [member]
Disclosure of detailed information about business combination [line items]
Tender offer		€ 52,522	£ 46,301,000,000
Converted to restricted shares		33,009	29,099,000,000
Total equity value at offer		85,531	75,400,000,000
Total equity value at offer		85,531	£ 75,400,000,000
Purchase from option holders		5
Total equity value	$ 95,288	85,536
Total equity value	$ 95,288	85,536
Foreign exchange hedges and other		7,848
Purchase consideration		103,136
Add: fair market value of total debt assumed		11,870
Less: total cash acquired		(1,198)
Gross purchase consideration		€ 113,808
SAB [member] | Newbelco [member] | Converted restricted shares [member]
Disclosure of detailed information about business combination [line items]
Converted to restricted shares	60,385,979,086	60,385,979,086	60,385,979,086

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Acquisitions and Disposals of Subsidiaries - Summary of SABMiller Purchase Consideration (Parenthetical) (Detail) - SAB [member] - USD ($) $ in Billions	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about business combination [line items]
Amount qualified for hedge accounting	$ 7.4	$ 7.4
Mark to market adjustment [member]
Disclosure of detailed information about business combination [line items]
Mark-to-market adjustment related to hedging	$ 12.3	$ 12.3

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Acquisitions and Disposals of Subsidiaries - Summary of Provisional and Final Purchase Price Allocation of SAB Business with Adjustments being Retrospectively Applied (Detail) - SAB [member] € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 06, 2016 EUR (€)
Current liabilities
Purchase consideration | €		€ 5
Provisional fair values [Member]
Non-current assets
Property, plant and equipment	$ 9,060
Intangible assets	20,040
Investment in associates	4,386
Investment securities	21
Deferred tax assets	179
Derivatives	579
Trade and other receivables	59
Current assets
Inventories	977
Income tax receivable	189
Derivatives	60
Trade and other receivables	1,257
Cash and cash equivalents	1,410
Assets held for sale	24,805
Non-current liabilities
Interest-bearing loans and borrowings	(9,021)
Employee benefits	(195)
Deferred tax liabilities	(5,801)
Derivatives	(24)
Trade and other payables	(146)
Provisions	(688)
Current liabilities
Bank overdraft	(212)
Interest-bearing loans and borrowings	(2,849)
Income tax payable	(4,310)
Derivatives	(156)
Trade and other payables	(3,520)
Provisions	(847)
Net identified assets and liabilities	35,253
Non-controlling interests	(6,200)
Goodwill on acquisition	74,083
Purchase consideration	103,136
Adjustments [Member]
Non-current assets
Property, plant and equipment	(1,303)
Intangible assets	221
Current assets
Inventories	(24)
Trade and other receivables	(39)
Assets held for sale	19
Non-current liabilities
Deferred tax liabilities	2,983
Trade and other payables	12
Provisions	62
Current liabilities
Income tax payable	77
Provisions	(330)
Net identified assets and liabilities	1,677
Goodwill on acquisition	(1,677)
Fair values adjusted 2016 [Member]
Non-current assets
Property, plant and equipment	7,757
Intangible assets	20,261
Investment in associates	4,386
Investment securities	21
Deferred tax assets	179
Derivatives	579
Trade and other receivables	59
Current assets
Inventories	953
Income tax receivable	189
Derivatives	60
Trade and other receivables	1,218
Cash and cash equivalents	1,410
Assets held for sale	24,824
Non-current liabilities
Interest-bearing loans and borrowings	(9,021)
Employee benefits	(195)
Deferred tax liabilities	(2,818)
Derivatives	(24)
Trade and other payables	(134)
Provisions	(626)
Current liabilities
Bank overdraft	(212)
Interest-bearing loans and borrowings	(2,849)
Income tax payable	(4,233)
Derivatives	(156)
Trade and other payables	(3,520)
Provisions	(1,177)
Net identified assets and liabilities	36,930
Non-controlling interests	(6,200)
Goodwill on acquisition	72,406
Purchase consideration	$ 103,136

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Acquisitions and Disposals of Subsidiaries - Summary of Impact of Acquisitions and Disposals on Consolidated Statements (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business combinations [member]
Non-current assets
Property, plant and equipment	$ 169	$ 286
Intangible assets	417	679
Investments in associates		62
Deferred tax assets		4
Employee benefits		3
Trade and other receivables	1
Current assets
Inventories	9	41
Trade and other receivables	20	28
Cash and cash equivalents	5	45
Assets held for sale	27
Non-current liabilities
Interest-bearing loans and borrowings	(1)	(109)
Employee benefits		(1)
Deferred tax liabilities	(74)	(11)
Trade and other payables	0	0
Current liabilities
Interest-bearing loans and borrowings		(3)
Trade and other payables	(24)	(72)
Net identifiable assets and liabilities	549	952
Non-controlling interest	(114)	(14)
Goodwill on acquisitions and goodwill disposed of	398	803
Prior year payments		(143)
Consideration to be paid	(375)	(365)
Net cash paid on prior years acquisitions	136	34
Consideration paid/(received)	594	1,267
Cash (acquired)/ disposed of	(5)	(45)
Net cash outflow / (inflow)	589	1,222
Current liabilities
Prior year payments		143
Consideration to be paid	375	365
Disposals [Member]
Non-current assets
Property, plant and equipment		(115)
Intangible assets	0	0
Investments in associates	0	0
Deferred tax assets	0	0
Employee benefits	0	0
Trade and other receivables	0	0
Current assets
Inventories		(17)
Trade and other receivables		(4)
Cash and cash equivalents		(75)
Assets held for sale	0	0
Non-current liabilities
Interest-bearing loans and borrowings	0	0
Employee benefits	0	0
Current liabilities
Loss/(gain) on disposal	42	406
Deferred tax liabilities		6
Trade and other payables		10
Current liabilities
Interest-bearing loans and borrowings	0	0
Trade and other payables		41
Net identifiable assets and liabilities		(156)
Non-controlling interest	0	0
Goodwill on acquisitions and goodwill disposed of		(187)
Loss/(gain) on disposal	(42)	(406)
Net cash paid on prior years acquisitions		(5)
Consideration paid/(received)	(42)	(754)
Cash (acquired)/ disposed of		75
Net cash outflow / (inflow)	$ (42)	$ (679)

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Other Operating Income/(Expenses) - Summary of Other Operating Income/(Expenses) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other operating income expense [abstract]
Government grants	$ 404	$ 432	$ 668
License income	65	65	73
Net (additions to)/reversals of provisions	(4)	(50)	(31)
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale	154	37	20
Net rental and other operating income	235	248	302
Other operating income/(expenses)	854	732	1,032
Research expenses as incurred	$ 276	$ 244	$ 207

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Other Operating Income/(Expenses) - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other operating income expense [abstract]
Research expenses as incurred	$ 276	$ 244	$ 207

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Exceptional Items - Exceptional Items Included in Income Statement (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Exceptional Items [Abstract]
Restructuring	$ (468)	$ (323)	$ (171)
Acquisition costs business combinations	(155)	(448)	(55)
Business and asset disposal (including impairment losses)	(39)	377	524
Impairment of assets			(82)
Judicial settlement			(80)
Impact on profit from operations	$ (662)	$ (394)	$ 136

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Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Exceptional Items [line items]
Exceptional restructuring charges	$ (468)	$ (323)	$ (171)
Acquisition costs business combinations	(155)	(448)	(55)
Exceptional net finance cost	(693)	(3,356)
Exceptional income tax income	830
Non-controlling interest on the exceptional items	526	13
Business and asset disposal	(39)	$ 377	$ 524
US tax reform [member]
Disclosure of Exceptional Items [line items]
Exceptional income tax income	$ 1,800

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Payroll and Related Benefits - Summary of Payroll and Related Benefits (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Employees	Dec. 31, 2016 USD ($) Employees	Dec. 31, 2015 USD ($) Employees
Disclosure of employee benefits [Line Items]
Share-based payment expense	$ (359)	$ (228)	$ (225)
Employee benefits expense	$ (196)	$ (194)	$ (211)
Number of full time equivalents (FTE) at year-end | Employees	182,915	206,633	152,321
Payroll and related benefits [member]
Disclosure of employee benefits [Line Items]
Wages and salaries	$ (4,884)	$ (4,404)	$ (3,706)
Social security contributions	(699)	(647)	(633)
Other personnel cost	(762)	(580)	(648)
Pension expense for defined benefit plans	(196)	(194)	(212)
Share-based payment expense	(359)	(228)	(225)
Contributions to defined contribution plans	(118)	(77)	(90)
Employee benefits expense	$ (7,018)	$ (6,130)	$ (5,514)

XML

Payroll and Related Benefits - Summary of Number of Full Time Equivalents (Detail) - Employees	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of employee benefits [Line Items]
Total number of full time equivalents	182,915	206,633	152,321
Parent [member]
Disclosure of employee benefits [Line Items]
Total number of full time equivalents	215	225	191
Other subsidiaries [member]
Disclosure of employee benefits [Line Items]
Total number of full time equivalents	182,700	206,408	152,130

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Additional Information on Operating Expenses By Nature - Summary of Depreciation, Amortization and Impairment Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	$ 3,782	$ 3,025	$ 2,715
Amortization and impairment of intangible assets	488	452	400
Impairment of goodwill	6		38
Cost of sales [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	2,817	2,292	2,122
Amortization and impairment of intangible assets	40	21	17
Distribution expenses [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	199	143	122
Amortization and impairment of intangible assets	4	1	1
Sales and marketing expenses [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	425	363	285
Amortization and impairment of intangible assets	196	208	173
Administrative expenses [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	337	222	170
Amortization and impairment of intangible assets	248	218	177
Other operating expenses [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment	4	2	4
Amortization and impairment of intangible assets		$ 1
Impairment of goodwill	$ 6
Exceptional items [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Depreciation and impairment of property, plant and equipment			12
Amortization and impairment of intangible assets			32
Impairment of goodwill			$ 38

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Additional Information on Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cost of sales [member]
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Full cost reallocation from the aggregate depreciation, amortization and impairment expense	$ 1	$ 9	$ 3

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Finance Cost and Income - Summary of Finance Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of finance income expense [Abstract]
Interest expense	$ (4,314)	$ (4,092)	$ (1,833)
Capitalization of borrowing costs	22	12	28
Net interest on net defined benefit liabilities	(101)	(113)	(118)
Accretion expense	(614)	(648)	(326)
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments)	(304)	(21)
Net losses on hedging instruments that are not part of a hedge accounting relationship	(674)	(797)
Tax on financial transactions	(68)	(70)	(61)
Other financial costs, including bank fees	(139)	(131)	(107)
Finance costs before Non-Recurring items	(6,192)	(5,860)	(2,417)
Exceptional finance cost	(693)	(3,522)	(725)
Total finance costs	$ (6,885)	$ (9,382)	$ (3,142)

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Finance Cost and Income - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of finance income expense [Line Items]
Increase in finance costs before exceptional items and remeasurements	$ 332,000,000	$ 3,443,000,000
Share based payment of net (loss) gain	(291,000,000)	(384,000,000)	$ 844,000,000
Foreign exchange translation losses on intragroup loans	261,000,000
Derivative adjustment of finance cost	6,885,000,000	9,382,000,000	$ 3,142,000,000
Accelerated accretion related cost expenses	100,000,000	306,000,000
Derivative adjustment of deferred share instrument issued	$ 146,000,000	304,000,000
Percentage of deferred share instrument hedged	100.00%
Mark-to-market adjustments		2,693,000,000
Interest income recognized on impaired financial assets	$ 0
SAB [member]
Disclosure of finance income expense [Line Items]
Derivative adjustment of finance cost	142,000,000	$ 127,000,000
Brazilian federal tax regularization program [member]
Disclosure of finance income expense [Line Items]
Derivative adjustment of finance cost	$ 44,000,000
Bottom of range [member]
Disclosure of finance income expense [Line Items]
Borrowing costs capitalised	4.00%
Top of range [member]
Disclosure of finance income expense [Line Items]
Borrowing costs capitalised	8.00%

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Finance Cost and Income - Summary of Finance Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Finance Income [Abstract]
Interest income	$ 287	$ 561	$ 339
Net foreign exchange gains (net of the effect of foreign exchange derivative instruments)			378
Net gains on hedging instruments that are not part of a hedging accounting relationship			399
Other financial income	91	91	62
Finance costs before Non- Recurring items	378	652
Exceptional finance income		166	511
Total finance income	$ 378	$ 818	$ 1,689

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Finance Cost and Income - Summary of Interest Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of finance income expense [Abstract]
Cash and cash equivalents	$ 207	$ 479	$ 254
Investment debt securities held for trading	16	16	37
Other loans and receivables	64	66	48
Revenue from interest	$ 287	$ 561	$ 339

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Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax expense
Current year	$ (3,833)	$ (1,544)	$ (2,300)
(Underprovided)/overprovided in prior years	1	47	95
Current tax expense	(3,832)	(1,497)	(2,395)
Deferred tax (expense)/income
Origination and reversal of temporary differences	1,872	(459)	(242)
(Utilization)/recognition of deferred tax assets on tax losses	23	116	3
Recognition of previously unrecognized tax losses	16	227	40
Deferred tax (expense)/income	1,912	(116)	(199)
Income tax expense	$ (1,920)	$ (1,613)	$ (2,594)

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Income Taxes - Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Major components of tax expense (income) [abstract]
Profit before tax	$ 11,076	$ 4,334	$ 12,461
Deduct share of result of associates and joint ventures	430	16	10
Profit before tax and before share of result of associates and joint ventures	10,646	4,318	12,451
Adjustments on taxable basis
Foreign source income		(809)	(969)
Government incentives	(982)	(769)	(948)
Taxable intercompany dividends		619	173
Expenses not deductible for tax purposes	2,374	4,351	1,559
Other non-taxable income	(178)	(415)	(165)
Gross adjustments on taxable basis	$ 11,860	$ 7,296	$ 12,101
Aggregated weighted nominal tax rate	28.50%	32.70%	30.50%
Tax at aggregated weighted nominal tax rate	$ (3,378)	$ (2,387)	$ (3,687)
Adjustments on tax expense
Utilization of tax losses not previously recognized	23	76	32
Recognition of deferred taxes assets on previous years' tax losses	16	229	40
Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized	(143)	(975)	(195)
(Underprovided)/overprovided in prior years	1	63	(95)
Deductions from interest on equity	553	644	643
Deductions from goodwill	57	63	66
Other tax deductions	723	869	1,033
US Tax reform (change in tax rate and other)	1,760
Change in tax rate	(59)	(1)	12
Withholding taxes	(386)	(286)	(450)
Brazilian Federal Tax Regularization Program	(870)
Other tax adjustments	(217)	93	7
Income tax expense	$ (1,920)	$ (1,613)	$ (2,594)
Effective tax rate	18.00%	37.40%	20.80%

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Income Taxes - Additional Information (Details) (Detail) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017 USD ($) mo	Dec. 31, 2017 BRL (R$) mo	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 BRL (R$)
Disclosure Of Income Taxes [Line Items]
Income tax expense		$ 1,920		$ 1,613	$ 2,594
Effective tax rate		18.00%	18.00%	37.40%
Federal tax rate		35.00%	35.00%
Exceptional amount		$ 830		$ 77	$ (201)
Exceptional amount in income tax line		830
Exceptional amount in finance line		(693)		$ (3,356)
Changes in tax rates or tax laws enacted or announced [member]
Disclosure Of Income Taxes [Line Items]
Federal tax rate	21.00%
US tax reform [member]
Disclosure Of Income Taxes [Line Items]
Remeasurement of deferred tax liabilities		$ 1,800
Federal tax rate		35.00%	35.00%
Tax contingencies under dispute		$ 1,100				R$ 3,500
Tax contingencies		$ 300				R$ 1,000
Number of monthly installments | mo		145	145
US tax reform [member] | Changes in tax rates or tax laws enacted or announced [member]
Disclosure Of Income Taxes [Line Items]
Federal tax rate	21.00%
Brazilian federal tax regularization program [member] | Changes in tax rates or tax laws enacted or announced [member]
Disclosure Of Income Taxes [Line Items]
Exceptional amount		$ 900	R$ 2,900
Exceptional amount in income tax line		900	2,800
Exceptional amount in finance line		$ 44	R$ 141

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Income Taxes - Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax (losses)/gains
Re-measurements of post-employment benefits	$ (39)	$ 54	$ (37)
Cash flow and net investment hedges	(95)	(258)	930
Income tax (losses)/gains	$ (134)	$ (204)	$ 893

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Property, Plant and Equipment - Detailed Information About Property,Plant and Equipment (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	[1]	$ 26,219
Ending balance		27,184	$ 26,219	[1]
Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	[2]	27,522
Ending balance	[2]		27,522
Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		26,219
Ending balance			26,219
Acquisition cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		44,352	35,329
Effect of movements in foreign exchange		1,431	(156)
Acquisitions		4,221	4,395
Acquisitions through business combinations		169	9,346
Disposals		(1,566)	(1,683)
Disposals through the sale of subsidiaries		(60)	(88)
Transfer (to)/from other asset categories and other movements1		177	(1,487)
Ending balance		48,724	44,352
Acquisition cost [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		45,655	35,329
Ending balance			45,655
Acquisition cost [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(1,303)
Ending balance			(1,303)
Depreciation and impairment losses [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(18,133)	(16,377)
Effect of movements in foreign exchange		(697)	(190)
Depreciation		(3,567)	(2,986)
Disposals		1,161	1,431
Disposals through the sale of subsidiaries		48	(27)
Impairment losses		(85)	(39)
Transfer (to)/from other asset categories and other movements1		(267)	56
Ending balance		(21,540)	(18,133)
Land and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Ending balance		9,228
Land and buildings [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		9,418
Ending balance			9,418
Land and buildings [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		8,949
Ending balance			8,949
Land and buildings [member] | Acquisition cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		12,014
Effect of movements in foreign exchange		378
Acquisitions		192
Acquisitions through business combinations		81
Disposals		(344)
Disposals through the sale of subsidiaries		(14)
Transfer (to)/from other asset categories and other movements1		435
Ending balance		12,742	12,014
Land and buildings [member] | Acquisition cost [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		12,483
Ending balance			12,483
Land and buildings [member] | Acquisition cost [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(469)
Ending balance			(469)
Land and buildings [member] | Depreciation and impairment losses [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(3,065)
Effect of movements in foreign exchange		(118)
Depreciation		(472)
Disposals		141
Disposals through the sale of subsidiaries		9
Impairment losses		(2)
Transfer (to)/from other asset categories and other movements1		(7)
Ending balance		(3,514)	(3,065)
Plant and Equipment Fixtures and Fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Ending balance		15,691
Plant and Equipment Fixtures and Fittings [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		15,543
Ending balance			15,543
Plant and Equipment Fixtures and Fittings [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		14,709
Ending balance			14,709
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		29,777
Effect of movements in foreign exchange		988
Acquisitions		1,512
Acquisitions through business combinations		85
Disposals		(1,193)
Disposals through the sale of subsidiaries		(45)
Transfer (to)/from other asset categories and other movements1		2,594
Ending balance		33,717	29,777
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		30,611
Ending balance			30,611
Plant and Equipment Fixtures and Fittings [member] | Acquisition cost [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(834)
Ending balance			(834)
Plant and Equipment Fixtures and Fittings [member] | Depreciation and impairment losses [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(15,068)
Effect of movements in foreign exchange		(579)
Depreciation		(3,095)
Disposals through the sale of subsidiaries		39
Impairment losses		(83)
Transfer (to)/from other asset categories and other movements1		(260)
Ending balance		(18,026)	(15,068)
Construction in Progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Ending balance		2,265
Construction in Progress [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		2,561
Ending balance			2,561
Construction in Progress [member] | Adjustments [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		2,561
Ending balance			2,561
Construction in Progress [member] | Acquisition cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		2,561
Effect of movements in foreign exchange		65
Acquisitions		2,518
Acquisitions through business combinations		2
Disposals		(29)
Transfer (to)/from other asset categories and other movements1		(2,852)
Ending balance		2,265	2,561
Construction in Progress [member] | Acquisition cost [member] | Previously stated [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		$ 2,561
Ending balance			$ 2,561

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Contractual commitments for acquisition of property, plant and equipment	$ 550	$ 817
AB InBev's net capital expenditures in the statement of cash flow	4,124	4,768
Property plant and equipment	$ 27,184	26,219	[1]
Production facilities [member]
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of capital expenditures property plant and equipment	45.00%
Logistics and commercial investments [member]
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of capital expenditures property plant and equipment	30.00%
Administrative capabilities and purchase of hardware and software [member]
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of capital expenditures property plant and equipment	25.00%
Land and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property plant and equipment	$ 9,228
Gross carrying amount [member] | Restrictions [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, restrictions on title	14
Gross carrying amount [member] | Land and buildings [member] | Property, plant and equipment not subject to operating leases [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property plant and equipment	$ 300	$ 302

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Goodwill - Reconciliation of Goodwill (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance	[1]	$ 135,864
Goodwill ending balance		140,940	$ 135,864	[1]
Previously stated [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance	[2]	136,533
Goodwill ending balance	[2]		136,533
Gross carrying amount [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance		135,897	65,099
Effect of movements in foreign exchange		4,684	(2,222)
Disposals through the sale of subsidiaries			(187)
Reclassified as held for sale			(1,008)
Goodwill ending balance		140,980	135,897
Gross carrying amount [member] | Previously stated [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance		136,566	65,099
Goodwill ending balance			136,566
Gross carrying amount [member] | Adjustments [Member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance		(669)
Goodwill ending balance			(669)
Gross carrying amount [member] | Acquisition of goods[member]
Disclosure of reconciliation of changes in goodwill [line items]
Acquisitions through business combinations		398	74,886
Impairment losses [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill beginning balance		(34)	(38)
Impairment losses		(6)
Effect of movements in foreign exchange			4
Goodwill ending balance		$ (40)	$ (34)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Goodwill - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill recognised through acquisition		$ 803
Cost to sell expected to reach as percentage of entity value	2.00%
Adverse change in WACC	1.00%
Bottom of range [member]
Disclosure of reconciliation of changes in goodwill [line items]
Growth rate used to extrapolate cash flow projections	0.00%
Top of range [member]
Disclosure of reconciliation of changes in goodwill [line items]
Growth rate used to extrapolate cash flow projections	3.00%
AB inBev [member]
Disclosure of reconciliation of changes in goodwill [line items]
Percentage of goodwill to total assets	57.00%
Craft breweries [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill recognised through acquisition	$ 398
SAB [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill recognised through acquisition	$ 72,406
Goodwill recognised through acquisition, provisional		$ 74,083

XML

Goodwill - Summary of Carrying Amount of Goodwill Allocated to the Different Business Unit Levels (Detail) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		$ 140,940	$ 135,864	[1]
Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Reclassified as held for sale			(1,008)
Goodwill	[2]		136,533
Previously stated [member] | SAB [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			73,736
United States [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		33,277
United States [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			33,056
Colombia [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		20,425
South Africa [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		18,551
Peru [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		15,074
Mexico [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		12,580
Mexico [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			12,035
Rest of Africa [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		8,326
Australia [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		6,922
Brazil [Member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		5,523
Brazil [Member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			5,531
South Korea [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		4,119
South Korea [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			3,652
Ecuador [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		3,925
China [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		2,914
China [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			2,710
Honduras & El Salvador [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		2,335
Canada [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		2,056
Canada [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			1,892
Other countries [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill		$ 4,913
Other countries [member] | Previously stated [member]
Disclosure Of Carrying Amount Of Goodwill [Line Items]
Goodwill			$ 4,928

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Goodwill - Summary of Weighted Average Cost of Capital (Detail) - US Dollar [member]	12 Months Ended
	Dec. 31, 2017
United States [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	6.00%
Colombia [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	7.00%
South Africa [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	8.00%
Mexico [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	9.00%
Peru [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	7.00%
Ecuador [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	11.00%
Australia [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	6.00%
Rest of Africa [member]
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average cost of capital	10.00%

XML

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Beginning balance	[1]	$ 44,789
Ending balance		45,874	$ 44,789	[1]
Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	[2]	44,568
Ending balance	[2]		44,568
Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		44,789
Ending balance			44,789
Amortization and impairment losses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(2,401)	(2,042)
Effect of movements in foreign exchange		(139)	34
Amortization		(498)	(446)
Impairment losses			(3)
Disposals		89	142
Transfer (to)/from other asset categories and other movements		(48)	(86)
Ending balance		(2,997)	(2,401)
At cost [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		46,969	31,719
Effect of movements in foreign exchange		1,286	(805)
Acquisitions through business combinations		417	20,723
Acquisitions and expenditures		312	563
Disposals		(191)	(161)
Transfer (to)/from other asset categories and other movements		(144)	(5,070)
Ending balance		48,871	46,969
At cost [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		46,969	31,719
Ending balance			46,969
At cost [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		221
Ending balance			221
Brands [member]
Disclosure of detailed information about intangible assets [line items]
Ending balance		43,370
Brands [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		42,045
Ending balance			42,045
Brands [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		42,045
Ending balance			42,045
Brands [member] | Amortization and impairment losses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(32)
Ending balance		(32)	(32)
Brands [member] | At cost [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		42,077
Effect of movements in foreign exchange		973
Acquisitions through business combinations		411
Acquisitions and expenditures		8
Transfer (to)/from other asset categories and other movements		(67)
Ending balance		43,402	42,077
Brands [member] | At cost [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		42,077
Ending balance			42,077
Commercial intangibles [member]
Disclosure of detailed information about intangible assets [line items]
Ending balance		1,525
Commercial intangibles [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		1,591
Ending balance			1,591
Commercial intangibles [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		1,852
Ending balance			1,852
Commercial intangibles [member] | Amortization and impairment losses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(1,124)
Effect of movements in foreign exchange		(49)
Amortization		(198)
Disposals		23
Transfer (to)/from other asset categories and other movements		(31)
Ending balance		(1,379)	(1,124)
Commercial intangibles [member] | At cost [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		2,976
Effect of movements in foreign exchange		110
Acquisitions and expenditures		24
Disposals		(32)
Transfer (to)/from other asset categories and other movements		(174)
Ending balance		2,904	2,976
Commercial intangibles [member] | At cost [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		2,715
Ending balance			2,715
Commercial intangibles [member] | At cost [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		261
Ending balance			261
Software [member]
Disclosure of detailed information about intangible assets [line items]
Ending balance		705
Software [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		720
Ending balance			720
Software [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		681
Ending balance			681
Software [member] | Amortization and impairment losses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(1,151)
Effect of movements in foreign exchange		(88)
Amortization		(275)
Disposals		56
Transfer (to)/from other asset categories and other movements		(14)
Ending balance		(1,472)	(1,151)
Software [member] | At cost [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		1,832
Effect of movements in foreign exchange		170
Acquisitions and expenditures		124
Disposals		(95)
Transfer (to)/from other asset categories and other movements		146
Ending balance		2,177	1,832
Software [member] | At cost [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		1,872
Ending balance			1,872
Software [member] | At cost [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(40)
Ending balance			(40)
Other [member]
Disclosure of detailed information about intangible assets [line items]
Ending balance		274
Other [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		212
Ending balance			212
Other [member] | Adjustments [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		212
Ending balance			212
Other [member] | Amortization and impairment losses [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		(94)
Effect of movements in foreign exchange		(2)
Amortization		(25)
Disposals		10
Transfer (to)/from other asset categories and other movements		(3)
Ending balance		(114)	(94)
Other [member] | At cost [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		306
Effect of movements in foreign exchange		33
Acquisitions through business combinations		6
Acquisitions and expenditures		156
Disposals		(64)
Transfer (to)/from other asset categories and other movements		(49)
Ending balance		388	306
Other [member] | At cost [member] | Previously stated [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance		$ 306
Ending balance			$ 306

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Carrying amount of intangible assets	$ 45,874	$ 44,789	[1]
Intangible Assets With Indefinite Useful Life [Member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount of intangible assets	43,595	42,272
Intangible Assets With Finite Useful Life [Member]
Disclosure of detailed information about intangible assets [line items]
Carrying amount of intangible assets	$ 2,279	$ 2,296

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Intangible Assets - Summary of Carrying Amount of Intangible Assets with Indefinite Useful Lives (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	$ 45,874	$ 44,789	[1]
Intangible assets with indefinite useful lives [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	43,595	42,272
Intangible assets with indefinite useful lives [member] | United States [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	21,960	21,570
Intangible assets with indefinite useful lives [member] | Colombia [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	3,820	3,803
Intangible assets with indefinite useful lives [member] | South Africa [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	3,899	3,518
Intangible assets with indefinite useful lives [member] | Mexico [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	3,058	2,920
Intangible assets with indefinite useful lives [member] | Peru [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	2,825	2,731
Intangible assets with indefinite useful lives [member] | Australia [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	2,773	2,373
Intangible assets with indefinite useful lives [member] | South Korea [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	1,058	938
Intangible assets with indefinite useful lives [member] | Ecuador [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	595	604
Intangible assets with indefinite useful lives [member] | China [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	403	373
Intangible assets with indefinite useful lives [member] | Dominican Republic [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	353	366
Intangible assets with indefinite useful lives [member] | Rest of Africa [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	1,353	1,364
Intangible assets with indefinite useful lives [member] | Other countries [member]
Disclosure of intangible assets with indefinite useful life [line items]
Intangible assets	$ 1,498	$ 1,712

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Investment in Associates - Summarized Financial Information to Carrying Amount of Company's Interests in Material Associates (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Castel [member]
Disclosure of associates [line items]
Beginning balance	$ 2,793
Combination with SAB		$ 2,932
Dividends received	(23)
Share of results of associates	354	18
Effect of movements in foreign exchange	356	(158)
Ending balance	3,480	2,793
Efes [member]
Disclosure of associates [line items]
Beginning balance	750
Combination with SAB		895
Share of results of associates	(2)	(27)
Effect of movements in foreign exchange	(54)	(119)
Ending balance	$ 694	$ 750

XML

Investment in Associates - Summarized Financial Information of the Company's Material Associates (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of summarized financial information [Line Items]
Current assets	$ 23,960	$ 43,017	[1]
Non-current assets	222,166	213,569	[1]
Current liabilities	36,211	40,369	[1]
Non-current liabilities	129,695	134,792	[1]
Non-controlling interests	7,635	10,086	[1]
Net assets	246,126	256,586	[1]
Revenue	56,444	45,517		$ 43,064
Profit (loss)	9,155	2,721		9,867
Other comprehensive income (loss)	1,040	(1,460)		(8,751)
Total comprehensive income	10,223	1,309		$ 1,116
Castel [member]
Disclosure of summarized financial information [Line Items]
Current assets	4,894	3,970
Non-current assets	3,912	2,900
Current liabilities	1,724	1,391
Non-current liabilities	857	547
Non-controlling interests	879	762
Net assets	5,346	4,170
Revenue	5,447	1,236
Profit (loss)	746	42
Other comprehensive income (loss)	(94)	(108)
Total comprehensive income	652	(66)
Efes [member]
Disclosure of summarized financial information [Line Items]
Current assets	2,415	1,058
Non-current assets	5,243	4,668
Current liabilities	1,106	561
Non-current liabilities	2,494	1,570
Non-controlling interests	1,520	1,464
Net assets	2,538	2,131
Revenue	3,415	659
Profit (loss)	(7)	(111)
Other comprehensive income (loss)	553	75
Total comprehensive income	$ 546	$ (35)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Investment in Associates - Summarized Financial Information to the Carrying Amount of the Interest in Castel and Efes Recognized in the Consolidated Financial Statements (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Castel [member]
Disclosure of summarized financial information [Line Items]
Carrying amount of investment in associates	$ 3,480	$ 2,793
Castel [member] | Gross carrying amount [member]
Disclosure of summarized financial information [Line Items]
Net assets of the associate	5,346	4,170
Interest in associate	1,293	939
Goodwill	2,187	1,854
Carrying amount of investment in associates	$ 3,480	$ 2,793
Castel [member] | Gross carrying amount [member] | Bottom of range [member]
Disclosure of summarized financial information [Line Items]
Interest in associates (%)	20.00%	20.00%
Castel [member] | Gross carrying amount [member] | Top of range [member]
Disclosure of summarized financial information [Line Items]
Interest in associates (%)	40.00%	40.00%
Efes [member]
Disclosure of summarized financial information [Line Items]
Carrying amount of investment in associates	$ 694	$ 750
Efes [member] | Gross carrying amount [member]
Disclosure of summarized financial information [Line Items]
Net assets of the associate	$ 2,538	$ 2,131
Interest in associates (%)	24.00%	24.00%
Interest in associate	$ 609	$ 511
Goodwill	85	239
Carrying amount of investment in associates	$ 694	$ 750

XML

Investments in Associates - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Aggregated individually immaterial associates [member]
Disclosure of associates [line items]
Investments in associates	$ 78	$ 47

XML

Investment Securities - Summary of Information about Non-current and Current Investments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Non-current investments
Investments in unquoted companies - available for sale	$ 76	$ 58
Debt securities held to maturity	24	24
Non-current investments,Total	100	82	[1]
Current investments
Debt securities held for trading	1,304	5,659
Current investments,Total	$ 1,304	$ 5,659	[1]

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Investment Securities - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Investment Securities [Abstract]
Current debt securities	$ 1,304	$ 5,659	[1]

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Deferred Tax Assets and Liabilities - Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference (Detail) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Deferred Taxes [Line Items]
Assets		$ (1,216)	$ (1,261)	[1]
Liabilities		13,107	14,703	[1]
Net			(13,442)		$ (10,780)	$ (11,643)
Netting by taxable entity, Assets		(2,509)	(2,758)
Netting by taxable entity, Liabilities		2,509	2,758
Netting by taxable entity, Net		0	0
Net deferred tax assets/(liabilities), Assets		1,216	1,261
Net deferred tax assets/(liabilities), Liabilities		(13,107)	(14,703)
Net deferred tax assets/(liabilities), Net		(11,891)	(13,442)
Previously stated [member]
Disclosure Of Deferred Taxes [Line Items]
Assets	[2]		(1,261)
Liabilities	[2]		16,678
Net		(11,891)	(15,417)		$ (10,780)	$ (11,643)
Net deferred tax assets/(liabilities), Assets			1,261
Net deferred tax assets/(liabilities), Liabilities			(16,678)
Net deferred tax assets/(liabilities), Net			(15,417)
Adjustments [Member]
Disclosure Of Deferred Taxes [Line Items]
Net			1,975
Net deferred tax assets/(liabilities), Liabilities			1,975
Net deferred tax assets/(liabilities), Net			1,975
Property, Plant and Equipment [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		324	533
Liabilities		(2,586)	(4,017)
Net		(2,262)	(3,484)
Intangibles [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		113	200
Liabilities		(11,387)	(14,863)
Net		(11,274)	(14,663)
Inventory [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		114	145
Liabilities		(63)	(95)
Net		51	50
Trades and Other Receivables [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		148	74
Liabilities		(62)	(59)
Net		86	15
Interest Bearing Loans and Borrowings [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		431	322
Liabilities		(646)	(456)
Net		(215)	(134)
Employee Benefits [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		663	704
Liabilities		(10)	(22)
Net		653	682
Provisions [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		562	578
Liabilities		(17)	(234)
Net		545	344
Derivatives [member]
Disclosure Of Deferred Taxes [Line Items]
Assets		40	42
Liabilities		(49)	(30)
Net		(9)	12
Other Items [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		200	147
Liabilities		(796)	(1,119)
Net		(596)	(972)
Loss Carry Forwards [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		1,130	1,278
Net		1,130	1,278
Deferred Tax Reclassified as Held for Sale [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets			(4)
Liabilities			1,459
Net			1,455
Gross Deferred Tax Assets/(Liabilities) [Member]
Disclosure Of Deferred Taxes [Line Items]
Assets		3,725	4,019
Liabilities		(15,616)	(19,436)
Net		$ (11,891)	$ (15,417)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Deferred Tax Assets and Liabilities - Summary of Change in Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Deferred Taxes [Line Items]
Beginning balance	$ (13,442)	$ (10,780)	$ (11,643)
Recognized in profit or loss	1,912	(116)	(199)
Recognized in other comprehensive income	(134)	(204)	893
Acquisitions through business combinations	(74)	(5,623)	(7)
Reclassified as held for sale		1,455
Other movements and effect of changes in foreign exchange rates	(153)	(149)	176
Ending balance		(13,442)	(10,780)
Previously stated [member]
Disclosure Of Deferred Taxes [Line Items]
Beginning balance	(15,417)	(10,780)	(11,643)
Ending balance	(11,891)	(15,417)	$ (10,780)
Adjustments [Member]
Disclosure Of Deferred Taxes [Line Items]
Beginning balance	$ 1,975
Ending balance		$ 1,975

XML

Deferred Tax Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
US Federal tax rate		35.00%
Exceptional tax gain recognized in profit or loss due to US tax reform		$ 1,800
Tax losses carried forward and deductible temporary differences on which no deferred tax asset		4,449	$ 4,499	$ 2,766
Tax losses		2,007
Tax losses carried forward and deductible temporary differences		2,101
Changes in tax rates or tax laws enacted or announced [member]
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
US Federal tax rate	21.00%
Expiration period 1 [member]
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax losses carried forward and deductible temporary differences		$ 67
Tax losses and deductible temporary differences expiration period		Year 1
Expiration period 2 [member]
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax losses carried forward and deductible temporary differences		$ 88
Tax losses and deductible temporary differences expiration period		Year 2
Expiration period 3 [member]
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
Tax losses carried forward and deductible temporary differences		$ 116
Tax losses and deductible temporary differences expiration period		Year 3
Subsidiaries [member]
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items]
Deferred tax liability not yet recognized amount		$ 111	$ 121	$ 235

XML

Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of inventories [line items]
Prepayments	$ 428	$ 316
Total	4,119	3,913
Inventories other than work in progress
Inventories stated at net realizable value	57	42
Carrying amount of inventories subject to collateral	0	0
Adjustments [Member]
Disclosure of inventories [line items]
Prepayments		316
Total		3,889
Inventories other than work in progress
Inventories stated at net realizable value		42
Carrying amount of inventories subject to collateral		0
Current Inventories [Member]
Disclosure of inventories [line items]
Prepayments	101	90
Raw materials and consumables	2,304	2,143
Work in progress	387	391
Finished goods	1,216	1,166
Goods purchased for resale	$ 111	124
Current Inventories [Member] | Adjustments [Member]
Disclosure of inventories [line items]
Prepayments		90
Raw materials and consumables		2,119
Work in progress		391
Finished goods		1,166
Goods purchased for resale		$ 124

XML

Inventories - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Classes of current inventories [abstract]
Cost of inventories sales	$ 21,386	$ 17,803	$ 17,137
Impairment losses on inventories	$ 72	$ 70	$ 21

XML

Trade and Other Receivables - Schedule of Non-Current Trade and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of trade and other receivables [abstract]
Cash deposits for guarantees	$ 209	$ 200
Loans to customers	13	15
Deferred collection on disposals	11	11
Tax receivable, other than income tax	68	105
Trade and other receivables	533	537
Total, Non-Current	$ 834	$ 868	[1]

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Trade and Other Receivables - Schedule of Current Trade and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Trade Receivables And Accrued Income [Line Items]
Trade receivables and accrued income	$ 4,752	$ 4,562
Interest receivable	6	10
Tax receivable, other than income tax	368	572
Loans to customers	166	85
Prepaid expenses	428	316
Other receivables	846	846
Current trade and other receivable	$ 6,566	6,391
Adjustments [Member]
Trade Receivables And Accrued Income [Line Items]
Trade receivables and accrued income		4,523
Interest receivable		10
Tax receivable, other than income tax		572
Loans to customers		85
Prepaid expenses		316
Other receivables		846
Current trade and other receivable		$ 6,352

XML

Trade and Other Receivables - Schedule of Trade Receivables and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Trade and Other Receivables [line items]
Trade receivables and accrued income	$ 4,752	$ 4,562
Loans to customers	166	85
Interest receivable	6	10
Other receivables	846	846
Current trade and other receivable	6,566	6,391
Net carrying amount [member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	4,752	4,562
Loans to customers	179	100
Interest receivable	6	10
Other receivables	846	846
Current trade and other receivable	5,783	5,518
Neither Impaired Nor Past Due on the Reporting Date [Member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	4,369	4,201
Loans to customers	179	96
Interest receivable	6	10
Other receivables	803	721
Current trade and other receivable	5,357	5,028
Not Impaired as of the Reporting Date and Past [Member] | Less Than 30 Days [Member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	265	189
Other receivables	19	42
Current trade and other receivable	284	231
Not Impaired as of the Reporting Date and Past [Member] | Between 30 and 59 Day [Member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	47	64
Loans to customers		2
Other receivables	6	21
Current trade and other receivable	53	87
Not Impaired as of the Reporting Date and Past [Member] | Between 60 and 89 Days [Member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	40	37
Loans to customers		2
Other receivables	14	6
Current trade and other receivable	54	45
Not Impaired as of the Reporting Date and Past [Member] | More Than 90 Days [Member]
Trade and Other Receivables [line items]
Trade receivables and accrued income	31	70
Other receivables	4	56
Current trade and other receivable	$ 35	$ 126

XML

Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Trade receivables [member]
Disclosure of inventories [line items]
Impairment losses	$ 59	$ 40

XML

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Cash And Cash Equivalents [Abstract]
Short-term bank deposits	$ 3,896	$ 3,231
Treasury Bills		250
Cash and bank accounts	6,576	5,098
Cash and cash equivalents	10,472	8,579	[1]
Bank overdrafts	(117)	(184)
Total	$ 10,356	$ 8,395		$ 6,910	$ 8,316

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Cash And Cash Equivalents [Abstract]
Restricted cash	$ 2	$ 2

XML

Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Schedule of Assets Held for Sale (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items]
Beginning balance	$ 16,458	[1]	$ 48
Disposals from SAB transaction-related divestitures	(15,514)		(16,342)
Reclassified to assets held for sale in the period	91		7,959
Disposals	(26)		(28)
Effect of movements in foreign exchange	132		(51)
Other movements	(1,008)		48
Ending balance	133		16,458	[1]
Provisional fair values [Member]
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items]
Beginning balance	16,439		48
Ending balance	133		16,439
Adjustments [Member]
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items]
Beginning balance	$ 19
Ending balance			19
SAB [member]
Disclosure of information about assets and liabilities of disposal groups classified as held for sale [Line Items]
Combination with SAB			$ 24,805

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Assets Classified as Held for Sale, Liabilities Associated With Assets Held for Sale and Discontinued Operations - Summary of Liabilities Associated With Assets Held for Sale (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of Assets and Liabilities of Disposal Groups Classified as Held for Sale [Abstract]
Balance at the end of previous year	[1]	$ 2,174
Reclassified to assets held for sale in the period			$ 2,174
Disposals from SAB transaction-related divestitures		(1,166)
Other movements		$ (1,008)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Assets Classified as Held for Sale and Discontinued Operations - Additional Information (Detail) - Coca-cola Beverages Africa [member] $ in Millions	Oct. 04, 2017 USD ($)
Disclosure of Assets Classified as Held for Sale and Discontinued Operations [Line Items]
Percentage of equity stake in subsidiary	54.50%
Agreed selling price of assets held for sale	$ 3,150

XML

Changes in Equity and Earnings per Share - Summary of Changes in Issued Capital and Treasury Shares (Detail) - USD ($) shares in Millions		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of classes of share capital [line items]
At the end of the previous year		2,019.0
Changes during the period		0.0
At the end of the current year		2,019.0		2,019.0
6 October capital increase	[1]			$ 6,201,000,000
At the end of the previous year		$ 1,736,000,000	[2]	1,736,000,000
Changes during the period		0
At the end of the current year		1,736,000,000		$ 1,736,000,000	[2]	$ 1,736,000,000
6 October capital increase				881.0
Cancellation of acquired shares				(470.0)
Changes during the period				$ (50,000,000)		807,000,000
Share for share exchange former AB InBev				1,608.0
At the end of the current year		$ 85,541,785
Transfer to reserves				1,608.0
At the end of the previous year		85.5		1.9
Ordinary shares		2,019.0		2,019.0
Treasury shares as a result of the Belgian Merger				85.0
Issued capital		$ 1,736,000,000	[2]	$ 1,736,000,000		$ 1,736,000,000
Changes during the period				(1.4)
At the end of the current year		85.5		85.5		1.9
Ordinary shares [member]
Disclosure of classes of share capital [line items]
At the end of the previous year		1,693.0
At the end of the current year		1,693.0		1,693.0
Ordinary shares		1,693.0		1,693.0
Treasury shares [member]
Disclosure of classes of share capital [line items]
Restricted shares		326.0		326.0
Treasury shares [member]
Disclosure of classes of share capital [line items]
At the end of the previous year		$ (8,980,000,000)		$ (202,000,000)
Treasury shares as a result of the Belgian Merger				(8,953.0)
Changes during the period				$ (174,000,000)		$ 807,000,000
At the end of the current year		(8,980,000,000)		(8,980,000,000)		(202,000,000)
Treasury Shares On Use [Member]
Disclosure of classes of share capital [line items]
At the end of the previous year		(1,452,000,000)		(1,424,000,000)
Changes during the period				(28,000,000)
At the end of the current year		$ (1,452,000,000)		$ (1,452,000,000)		$ (1,424,000,000)
Issued capital [member]
Disclosure of classes of share capital [line items]
At the end of the previous year		1,608.0		1,608.0
At the end of the current year				1,608.0		1,608.0
6 October capital increase				$ 9,528,000,000
Cancellation of acquired shares				0
Share for share exchange former AB InBev				1,736,000,000
Transfer to reserves				$ (9,528,000,000)
Ordinary shares		1,608.0		1,608.0		1,608.0

[1] See Note 6 Acquisitions and disposals.

[2] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Changes in Equity and Earnings per Share - Additional Information (Detail)								12 Months Ended
	Nov. 16, 2017 USD ($)	Nov. 16, 2017 € / shares	May 04, 2017 USD ($)	May 04, 2017 EUR (€) € / shares	Oct. 06, 2016 USD ($) shares	Oct. 06, 2016 EUR (€)	Jun. 05, 2013 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 EUR (€) € / shares shares	Dec. 31, 2016 USD ($) shares		Dec. 31, 2016 EUR (€) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2017 EUR (€) € / shares shares	Oct. 25, 2017 € / shares	Dec. 31, 2016 EUR (€) € / shares shares	Oct. 27, 2016 EUR (€) € / shares	Oct. 06, 2016 EUR (€) shares	Dec. 31, 2014 USD ($)
Disclosure of classes of share capital [line items]
Capital | $								$ 80,220,000,000		$ 81,425,000,000	[1]		$ 45,719,000,000						$ 54,257,000,000
Share premium | $								$ 17,620,000,000		$ 17,620,000,000	[1]
Number of shares issued								1,934,000,000		1,606,000,000			1,607,000,000	1,934,000,000		1,606,000,000
Retained earnings | $								$ 28,394,000,000		$ 28,214,000,000	[1]
Number Of treasury shares								85,500,000		85,500,000			1,900,000	85,500,000		85,500,000
Issued capital | $								$ 1,736,000,000		$ 1,736,000,000	[1]		$ 1,736,000,000
Number of shares granted								778,668	778,668
Shares exercised								3,025,512	3,025,512
Number of shares outstanding | $								$ 85,541,785
Number of shares outstanding								2,019,000,000		2,019,000,000				2,019,000,000		2,019,000,000
Par value per share | € / shares														€ 0.61
Subscribed capital								$ 62,580,115						€ 52,180,489
Dividend declared per share | € / shares															€ 1.60		€ 1.60
Dividend declared | €														€ 3,089,000,000		€ 3,091,000,000	€ 2,570,000,000
Dividend declared date								Oct. 25, 2017	Oct. 25, 2017	Oct. 27, 2016		Oct. 27, 2016
Dividend proposed per share | € / shares														€ 2.00		€ 2.00
Dividend proposed | €									€ 3,867,000,000			€ 3,856,000,000
Dividend paid per share | € / shares				€ 3.60					€ 3.60
Dividend paid				€ 6,947,000,000				$ 9,230,000,000	€ 6,956,000,000	$ 8,480,000,000			8,559,000,000
Profit attributable to equity holders | $								7,996,000,000		1,241,000,000			8,273,000,000
Diluted earnings per share based on the profit | $								$ 7,996,000,000		$ 1,241,000,000			$ 8,273,000,000
Number of antidilutive share options outstanding								5,000,000						5,000,000
Treasury shares [member]
Disclosure of classes of share capital [line items]
Restricted shares								326,000,000	326,000,000	326,000,000		326,000,000
Restricted shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued					325,999,817													325,999,817
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares outstanding								1,693,000,000		1,693,000,000				1,693,000,000		1,693,000,000
Grupo Modelo [member]
Disclosure of classes of share capital [line items]
Dividend paid per share | € / shares		€ 1.60		€ 2.00
Dividend paid | $	$ 42,000,000		$ 51,000,000
Shares reserved for issue under options and contracts for sale of shares							23,076,922
Deferred share units vesting period							5 years
Proceeds from issuing shares | $							$ 1,500,000,000
SAB [member]
Disclosure of classes of share capital [line items]
Number of shares transferred					102,890,758,014													102,890,758,014
Consolidation factor					185.2331680564													185.2331680564
Shares converted into restricted shares					60,385,979,068													60,385,979,068
Restricted shares | $					$ 325,999,817
SAB [member] | Ordinary shares [member]
Disclosure of classes of share capital [line items]
Shares issued for consideration					163,276,737,100													163,276,737,100
Capital | €																		€ 85,531,000,000
Capital increase					$ 9,528,000,000	€ 8,553,000,000
Share premium					$ 85,754,000,000													€ 76,978,000,000
Shares transferred for consideration paid					1,632,767,371													1,632,767,371
Number of shares issued					555,466,167													555,466,167
Newbelco [member]
Disclosure of classes of share capital [line items]
Changes in share premium								$ (27,244,000,000)						€ (24,456,000,000)
Changes in issued capital								9,528,000,000	€ 8,553,000,000
Other reserves								$ 36,772,000,000						33,009,000,000
Top of range [member]
Disclosure of classes of share capital [line items]
Tax withholding percentage								15.00%	15.00%
Parent [member]
Disclosure of classes of share capital [line items]
Changes in share premium					$ (58,510,000,000)													€ (52,522,000,000)
Retained earnings					49,556,000,000													44,485,000,000
Issued capital								$ 1,736,000,000,000						€ 1,238,608,344.12
Restricted shares								2,019,241,973	2,019,241,973
Number of shares authorized								37,000,000						37,000,000
Number of shares outstanding								85,000,000						85,000,000
Expenses on stock option plans and in equity | $								$ 17,000,000
Profit attributable to equity holders | $								$ 7,996,000,000		$ 1,241,000,000
Parent [member] | Treasury shares [member]
Disclosure of classes of share capital [line items]
Capital reserve					$ 8,953,000,000													€ 8,037,000,000
Number Of treasury shares					85,000,000													85,000,000
Equity shares								85,541,785						85,541,785
Parent [member] | Restricted shares [member]
Disclosure of classes of share capital [line items]
Restricted shares								325,999,817	325,999,817
Parent [member] | Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued					85,000,000													85,000,000
Parent [member] | Top of range [member]
Disclosure of classes of share capital [line items]
Proceeds from issuing shares | $								$ 19,000,000
Parent [member] | Subscribed Capital [Member]
Disclosure of classes of share capital [line items]
Issued capital								2,783,038						€ 2,320,550
AB inBev [member]
Disclosure of classes of share capital [line items]
Purchase of interests in associates | $								$ 206,000,000

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Changes in Equity and Earnings Per Share - Summary of Changes in Other Comprehensive Income Reserves (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))	$ 1,174	$ (3,079)		$ (7,099)
Foreign exchange contracts recognized in equity in relation to the SAB combination		(7,099)		(1,738)
Cash flow hedges	(96)	107		41
Foreign exchange contracts reclassified from equity in relation to the SAB combination		8,837
Re-measurements of post-employment benefits	(37)	(226)		45
Total comprehensive income	10,223	1,309		1,116
Translation reserves [member]
Disclosure of information about changes in other comprehensive income reserves [Line Items]
Beginning balance	(14,758)	(11,493)		(5,336)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))	1,053	(3,265)		(6,157)
Total comprehensive income	1,053	(3,265)		(6,157)
Ending balance	(13,705)	(14,758)		(11,493)
Hedging reserves [member]
Disclosure of information about changes in other comprehensive income reserves [Line Items]
Beginning balance	744	(1,217)		557
Other comprehensive income
Foreign exchange contracts recognized in equity in relation to the SAB combination		(7,099)		(1,738)
Foreign exchange contracts reclassified from equity in relation to the SAB combination		8,837
Total comprehensive income	(158)	1,961		(1,774)
Ending balance	586	744		(1,217)
Hedging reserves [member] | Cash flow hedges [member]
Other comprehensive income
Cash flow hedges	(158)	223		(36)
Post- employment benefits [member]
Disclosure of information about changes in other comprehensive income reserves [Line Items]
Beginning balance	(1,612)	(1,400)		(1,447)
Other comprehensive income
Re-measurements of post-employment benefits	(53)	(212)		47
Total comprehensive income	(53)	(212)		47
Ending balance	(1,665)	(1,612)		(1,400)
OCI reserves [member]
Disclosure of information about changes in other comprehensive income reserves [Line Items]
Beginning balance	(15,626)	(14,110)		(6,226)
Other comprehensive income
Exchange differences on translation of foreign operations (gains/(losses))	1,053	(3,265)	[1]	(6,157)	[1]
Foreign exchange contracts recognized in equity in relation to the SAB combination		(7,099)		(1,738)
Cash flow hedges	(158)	223	[1]	(36)	[1]
Foreign exchange contracts reclassified from equity in relation to the SAB combination		8,837
Re-measurements of post-employment benefits	(53)	(212)	[1]	47	[1]
Total comprehensive income	842	(1,516)	[1]	(7,884)	[1]
Ending balance	(14,784)	(15,626)		(14,110)
OCI reserves [member] | Cash flow hedges [member]
Other comprehensive income
Cash flow hedges	$ (158)	$ 223		$ (36)

[1] See Note 23 Changes in equity and earnings per share.

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Changes in Equity and Earnings Per Share - Summary of Weighted Average Number of Ordinary and Restricted Shares (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items]
Issued ordinary and restricted shares at 1 January, net of treasury shares	1,934	1,606	1,607
Effect of shares issued and share buyback programs		(20)	(2)
Effect of stock lending	14	12	10
Effect of undelivered shares under the deferred share instrument	23	23	23
Weighted average number of ordinary and restricted shares at 31 December	1,971	1,717	1,638
Effect of share options and restricted stock units	39	38	30
Weighted average number of ordinary and restricted shares (diluted) at 31 December	2,010	1,755	1,668
Profit before exceptional items and discontinued operations, attributable to equity holders of AB InBev	$ 7,967	$ 4,853	$ 8,513
Exceptional items, before taxes (refer to Note 8)	(662)	(394)	136
Exceptional finance income/(cost), before taxes (refer to Note 8)	(693)	(3,356)	(214)
Exceptional taxes (refer to Note 8)	830	77	(201)
Exceptional non-controllinginterest (refer to Note 8)	526	13	39
Profit from discontinued operations	28	48
Profit attributable to equity holders of AB InBev	$ 7,996	$ 1,241	$ 8,273
Sabmiller Combination [member]
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items]
Effect of restricted shares issued upon the SAB combination		94
Ordinary restricted shares [member]
Disclosure of information about weighted average number of ordinary and restricted shares outstanding [Line Items]
Weighted average number of ordinary and restricted shares at 31 December	1,971	1,717	1,638

XML

Changes in Equity and Earnings Per Share - Summary of EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings per share [abstract]
Profit attributable to equity holders of AB InBev	$ 7,996	$ 1,241	$ 8,273
Weighted average number of ordinary and restricted shares	1,971	1,717	1,638
Basic EPS from continuing and discontinued operations	$ 4.06	$ 0.72	$ 5.05
Profit from continuing operations attributable to equity holders of AB InBev	$ 7,968	$ 1,193	$ 8,273
Weighted average number of ordinary and restricted shares	1,971	1,717	1,638
Basic EPS from continuing operations	$ 4.04	$ 0.69	$ 5.05
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev	$ 7,967	$ 4,853	$ 8,513
Weighted average number of ordinary and restricted shares	1,971	1,717	1,638
EPS from continuing operations before exceptional items	$ 4.04	$ 2.83	$ 5.20
Profit attributable to equity holders of AB InBev	$ 7,996	$ 1,241	$ 8,273
Weighted average number of ordinary and restricted shares (diluted)	2,010	1,755	1,668
Diluted EPS from continuing and discontinued operations	$ 3.98	$ 0.71	$ 4.96
Profit from continuing operations attributable to equity holders of AB InBev	$ 7,968	$ 1,193	$ 8,273
Weighted average number of ordinary and restricted shares (diluted)	2,010	1,755	1,668
Diluted EPS from continuing operations	$ 3.96	$ 0.68	$ 4.96
Profit from continuing operations before exceptional items, attributable to equity holders of AB InBev	$ 7,967	$ 4,853	$ 8,513
Weighted average number of ordinary and restricted shares (diluted)	2,010	1,755	1,668
Diluted EPS from continuing operations before exceptional items	$ 3.96	$ 2.77	$ 5.10

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Interest-Bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
CURRENT LIABILITIES
Commercial papers	$ 1,900
Non-Current Liabilities [Member]
NON-CURRENT LIABILITIES
Secured bank loans	230	$ 210
Unsecured bank loans	153	8,266
Unsecured bond issues	108,327	105,146
Unsecured other loans	53	111
Finance lease liabilities	186	208
Non-current interest-bearing loans and borrowings	108,949	113,941
Current Liabilities [Member]
CURRENT LIABILITIES
Secured bank loans	272	652
Commercial papers	1,870	2,053
Unsecured bank loans	739	1,396
Unsecured bond issues	4,510	4,481
Unsecured other loans	15	10
Finance lease liabilities	27	26
Current interest-bearing loans and borrowings	$ 7,433	$ 8,618

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Interest-Bearing Loans and Borrowings - Additional Information (Detail) € in Billions		12 Months Ended
	Jan. 24, 2011 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Apr. 10, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 06, 2016 USD ($)	Oct. 28, 2015 USD ($)
Disclosure of detailed information about borrowings [line items]
Current and non-current interest-bearing loans and borrowings		$ 116,382,000,000			$ 122,559,000,000
Commercial papers		1,900,000,000
Commercial papers authorized amount		3,000,000,000	€ 1.0
Business acquisition cash consideration	$ 500,000,000	75,000,000,000
Debt securities cancelled		(57,000,000,000)
Amounts of draw down under Senior Facilities		(18,000,000,000)
Redemption of outstanding principal amount		2,400,000,000
Maturity date	15 February 2021
USD Cash DCM Bridge Facility A [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration		15,000,000,000
Debt securities cancelled		$ (15,000,000,000)
Credit facility extended term		1 year
USD Cash DCM Bridge Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration		$ 15,000,000,000
Debt securities cancelled		$ (15,000,000,000)
Credit facility extended term		2 years
Term Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration		$ 10,000,000,000
Debt securities cancelled		(2,000,000,000)
Amounts of draw down under Senior Facilities		$ (8,000,000,000)				$ 8,000,000,000
Additional debt securities voluntary cancellation						2,000,000,000
Credit facility net amount repaid				$ 6,000,000,000
Credit facility remaining amount				75,000,000,000
Credit facility extended term		5 years
Disposal Bridge Facility [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration		$ 10,000,000,000
Amounts of draw down under Senior Facilities		$ (10,000,000,000)				$ 10,000,000,000
Credit facility extended term		1 year
9.0 Billion US Dollar 2010 Senior facilities [member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration		$ 9,000,000,000
Amounts of draw down under Senior Facilities		$ 0
Credit facility extended term		2 years
Maturity date		August 30, 2022
AB inBev [member]
Disclosure of detailed information about borrowings [line items]
Current and non-current interest-bearing loans and borrowings		$ 116,382,000,000			122,559,000,000
Credit facility net amount repaid				$ 2,000,000,000
AB inBev [member] | Term Facility B [Member] | Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Percentage of facilities bear interest rate		1.00%
AB inBev [member] | Term Facility B [Member] | Top of range [member]
Disclosure of detailed information about borrowings [line items]
Percentage of facilities bear interest rate		1.45%
Ambev [Member]
Disclosure of detailed information about borrowings [line items]
Net increased decreased debt		$ 104,400,000,000			108,000,000,000
Proceeds from announced divestitures		11,700,000,000
Dividend payments to shareholders		9,300,000,000
Payment of interests and taxes		6,000,000,000
Impact of changes in foreign exchange rates		4,200,000,000
Payment of taxes on disposals		$ 3,400,000,000
SAB [member] | USD Bridge Facility [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration							$ 10,000,000,000
SAB [member] | USD Cash DCM Bridge Facility A [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration							15,000,000,000
SAB [member] | USD Cash DCM Bridge Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration							15,000,000,000
SAB [member] | USD Term Facility A [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration							25,000,000,000
SAB [member] | USD Term Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration							10,000,000,000
SAB [member] | AB inBev [member]
Disclosure of detailed information about borrowings [line items]
Business acquisition cash consideration					75,000,000,000		$ 75,000,000,000
Debt securities cancelled					$ (55,000,000,000)

XML

Interest-Bearing Loans and Borrowings - Summary of Series of Bonds (Detail) - USD ($)		12 Months Ended
	Jan. 24, 2011	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Maturity date	15 February 2021
3M BBSW+97bps Bonds issued on 6 September 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		6 September 2017
Aggregate principal amount		$ 300,000,000
Currency		Australian dollar
Maturity date		6 September 2022
Interest rate, basis		3M BBSW+97bps
2.600% Bonds issued on15 May 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		15 May 2017
Aggregate principal amount		$ 1,300,000,000
Currency		Canadian dollar
Interest rate		2.60%
Maturity date		15 May 2024
4.320% Bonds issued on15 May 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		15 May 2017
Aggregate principal amount		$ 700,000,000
Currency		Canadian dollar
Interest rate		4.32%
Maturity date		15 May 2047
1.750% Bonds issued on 24 May 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		24 May 2017
Aggregate principal amount		$ 650,000,000
Currency		Pound sterling
Interest rate		1.75%
Maturity date		7 March 2025
2.250% Bonds issued on 24 May 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		24 May 2017
Aggregate principal amount		$ 700,000,000
Currency		Pound sterling
Interest rate		2.25%
Maturity date		24 May 2029
2.850% Bonds issued on 24 May 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		24 May 2017
Aggregate principal amount		$ 900,000,000
Currency		Pound sterling
Interest rate		2.85%
Maturity date		25 May 2037
3.250% Bonds issued on 6 September 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		6 September 2017
Aggregate principal amount		$ 550,000,000
Currency		Australian dollar
Interest rate		3.25%
Maturity date		6 September 2022
3.750% Bonds issued on 6 September 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		6 September 2017
Aggregate principal amount		$ 650,000,000
Currency		Australian dollar
Interest rate		3.75%
Maturity date		6 September 2024
4.100% Bonds issued on 6 September 2017 [member]
Disclosure of detailed information about borrowings [line items]
Issue date		6 September 2017
Aggregate principal amount		$ 450,000,000
Currency		Australian dollar
Interest rate		4.10%
Maturity date		6 September 2027

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Interest-Bearing Loans and Borrowings - Summary of Facilities, Related Cancellations and Drawdowns (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Oct. 06, 2016	Jan. 24, 2011
Disclosure of detailed information about borrowings [line items]
Original Amount	$ 75.0		$ 0.5
Cancellation	(57.0)
Drawdown	(18.0)
Repayment	10.0
April 2017 Repayment [Member]
Disclosure of detailed information about borrowings [line items]
Repayment	6.0
June 2017 Repayment [Member]
Disclosure of detailed information about borrowings [line items]
Repayment	$ 2.0
Term Facility A [Member]
Disclosure of detailed information about borrowings [line items]
Term	3 years
Applicable Margin	LIBOR + 110
Original Amount	$ 25.0
Cancellation	$ (25.0)
Term Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Term	5 years
Applicable Margin	LIBOR + 125
Original Amount	$ 10.0
Cancellation	(2.0)
Drawdown	(8.0)	$ 8.0
Term Facility B [Member] | April 2017 Repayment [Member]
Disclosure of detailed information about borrowings [line items]
Repayment	6.0
Term Facility B [Member] | June 2017 Repayment [Member]
Disclosure of detailed information about borrowings [line items]
Repayment	$ 2.0
Disposal Bridge Facility [Member]
Disclosure of detailed information about borrowings [line items]
Term	1 year
Applicable Margin	LIBOR + 100
Original Amount	$ 10.0
Drawdown	(10.0)	$ 10.0
Repayment	$ 10.0
USD Cash DCM Bridge Facility A [Member]
Disclosure of detailed information about borrowings [line items]
Term	1 year
Applicable Margin	LIBOR + 100
Original Amount	$ 15.0
Cancellation	$ (15.0)
USD Cash DCM Bridge Facility B [Member]
Disclosure of detailed information about borrowings [line items]
Term	2 years
Applicable Margin	LIBOR + 100
Original Amount	$ 15.0
Cancellation	$ (15.0)

XML

Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Detail) $ in Thousands	Apr. 19, 2017 USD ($)
Disclosure of detailed information about borrowings [line items]
Notes issued exchanged percentage	4.439%
Notes issued exchanged due maturity period	6 October 2048
7.55% Debentures due 2030 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	7.55%
Notes issued exchanged due maturity period	Debentures due 2030
Original principal amount outstanding	$ 200,000
Principal amount outstanding exchanged	74,046
Principal amount not exchanged	$ 125,954
6.80% Debentures due 2031 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.80%
Notes issued exchanged due maturity period	Debentures due 2031
Original principal amount outstanding	$ 200,000
Principal amount outstanding exchanged	19,986
Principal amount not exchanged	$ 180,014
6.80% Debentures due 2032 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.80%
Notes issued exchanged due maturity period	Debentures due 2032
Original principal amount outstanding	$ 300,000
Principal amount outstanding exchanged	126,932
Principal amount not exchanged	$ 173,068
5.95% Debentures due 2033 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	5.95%
Notes issued exchanged due maturity period	Debentures due 2033
Original principal amount outstanding	$ 300,000
Principal amount outstanding exchanged	148,183
Principal amount not exchanged	$ 151,817
5.75% Debentures due 2036 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	5.75%
Notes issued exchanged due maturity period	Debentures due 2036
Original principal amount outstanding	$ 300,000
Principal amount outstanding exchanged	192,686
Principal amount not exchanged	$ 107,314
6.45% Debentures due 2037 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.45%
Notes issued exchanged due maturity period	Debentures due 2037
Original principal amount outstanding	$ 500,000
Principal amount outstanding exchanged	252,556
Principal amount not exchanged	$ 247,444
6.375% Notes due 2040 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser Busch InBev Worldwide Inc.
Notes issued exchanged percentage	6.375%
Notes issued exchanged due maturity period	Notes due 2040
Original principal amount outstanding	$ 500,000
Principal amount outstanding exchanged	255,575
Principal amount not exchanged	$ 244,425
6.00% Debentures due 2041 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.00%
Notes issued exchanged due maturity period	Debentures due 2041
Original principal amount outstanding	$ 250,000
Principal amount outstanding exchanged	83,583
Principal amount not exchanged	$ 166,417
6.50% Debentures due 2042 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.50%
Notes issued exchanged due maturity period	Debentures due 2042
Original principal amount outstanding	$ 250,000
Principal amount outstanding exchanged	74,449
Principal amount not exchanged	$ 175,551
6.50% Debentures due 2043 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Notes issued exchanged percentage	6.50%
Notes issued exchanged due maturity period	Debentures due 2043
Original principal amount outstanding	$ 300,000
Principal amount outstanding exchanged	122,392
Principal amount not exchanged	$ 177,608

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Interest-Bearing Loans and Borrowings - Summary of Exchange Offers (Parenthetical) (Detail)	Apr. 19, 2017
Disclosure of detailed information about borrowings [abstract]
Notes issued exchanged percentage	4.439%
Notes issued exchanged due maturity period	6 October 2048

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Interest-Bearing Loans and Borrowings - Summary of Redemption in Outstanding Principal Amount of Notes (Detail) - USD ($) $ in Thousands		12 Months Ended
	Oct. 11, 2017	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount		$ 2,400,000
1.25% Notes due 2018 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch InBev Finance
Percentage of outstanding principal amount redeemed	1.25%
Debt instrument maturity year	2018
Aggregate principal amount	$ 1,000
6.50% Notes due 2018 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch InBev Worldwide
Percentage of outstanding principal amount redeemed	6.50%
Debt instrument maturity year	2018
Aggregate principal amount	$ 627
4.50% Notes due 2018 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Percentage of outstanding principal amount redeemed	4.50%
Debt instrument maturity year	2018
Aggregate principal amount	$ 200
5.50% Notes due 2018 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	Anheuser-Busch Companies
Percentage of outstanding principal amount redeemed	5.50%
Debt instrument maturity year	2018
Aggregate principal amount	$ 500
6.50% Notes due 2018 [member]
Disclosure of detailed information about borrowings [line items]
Issuer	ABI SAB Group Holding Limited
Percentage of outstanding principal amount redeemed	6.50%
Debt instrument maturity year	2018
Aggregate principal amount	$ 73

XML

Interest-Bearing Loans and Borrowings - Summary of Finance Lease Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease liabilities [Line Items]
Payments	$ 301	$ 346
Interests	88	112
Principal	213	234
Less than 1 year [Member]
Disclosure of finance lease liabilities [Line Items]
Payments	42	45
Interests	15	19
Principal	27	26
1-2 years [Member]
Disclosure of finance lease liabilities [Line Items]
Payments	42	43
Interests	13	16
Principal	29	27
2-3 years [member]
Disclosure of finance lease liabilities [Line Items]
Payments	31	44
Interests	11	13
Principal	20	31
3-5 years [member]
Disclosure of finance lease liabilities [Line Items]
Payments	40	70
Interests	17	24
Principal	23	46
Greater than 5 years [Member]
Disclosure of finance lease liabilities [Line Items]
Payments	146	144
Interests	32	40
Principal	$ 114	$ 104

XML

Interest-Bearing Loans and Borrowings - Summary of Terms and Debt Repayment (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	$ 116,382	$ 122,559
Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	502	862
Commerical Paper [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	1,870	2,053
Unsecured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	892	9,662
Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	112,837	109,627
Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	68	121
Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	213	234
Less than 1 year [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	7,433	8,618
Less than 1 year [Member] | Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	272	652
Less than 1 year [Member] | Commerical Paper [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	1,870	2,053
Less than 1 year [Member] | Unsecured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	739	1,396
Less than 1 year [Member] | Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	4,510	4,481
Less than 1 year [Member] | Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	15	10
Less than 1 year [Member] | Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	27	26
1-2 years [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	10,253	6,582
1-2 years [Member] | Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	128	107
1-2 years [Member] | Unsecured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	122	195
1-2 years [Member] | Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	9,956	6,234
1-2 years [Member] | Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	18	20
1-2 years [Member] | Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	29	26
2-3 years [member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	9,465	10,195
2-3 years [member] | Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	18	26
2-3 years [member] | Unsecured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	31	91
2-3 years [member] | Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	9,389	10,032
2-3 years [member] | Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	7	15
2-3 years [member] | Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	20	31
2-5 years [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	18,500	26,766
2-5 years [Member] | Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	33	21
2-5 years [Member] | Unsecured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment		7,980
2-5 years [Member] | Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	18,441	18,697
2-5 years [Member] | Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	3	22
2-5 years [Member] | Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	23	46
Greater than 5 years [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	70,731	70,398
Greater than 5 years [Member] | Secured Bank Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	51	56
Greater than 5 years [Member] | Unsecured Bond [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	70,541	70,183
Greater than 5 years [Member] | Unsecured Other Loans [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	25	54
Greater than 5 years [Member] | Finance Lease Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Terms and debt repayment	$ 114	$ 105

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Interest-Bearing Loans and Borrowings - Summary of Reconciliation of Net Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items]
Current and non-current interest-bearing loans and borrowings	$ 116,382	$ 122,559
Bank overdrafts	117	184
Cash and cash equivalents	10,472	8,579	[1]
AB inBev [member]
Disclosure of Reconciliation of Net Cash Flow to Movement in Net Debt [Line Items]
Non-current interest-bearing loans and borrowings	108,949	113,941
Current interest-bearing loans and borrowings	7,433	8,618
Current and non-current interest-bearing loans and borrowings	116,382	122,559
Bank overdrafts	117	184
Cash and cash equivalents	(10,472)	(8,579)
Interest bearing loans granted and other deposits (included within Trade and other receivables)	(309)	(528)
Debt securities (included within Investment securities)	(1,328)	(5,683)
Net debt	$ 104,390	$ 107,953

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Employee Benefits - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($) yr	Dec. 31, 2016 USD ($) yr	Dec. 31, 2015 USD ($) yr
Disclosure of defined benefit plans [line items]
Number of defined benefit plans	86
Present value of funded obligations	$ 7,506,000,000	$ 7,044,000,000
Employee benefit net	2,971,000,000	3,004,000,000
Fair value of the plan assets	446,000,000
Increase in employee benefit net liability	458,000,000
Actual return on plans assets resulting to gain	$ 472,000,000	$ 546,000,000	$ 42,000,000
Weighted average duration of the benefit benefit obligation | yr	13.8	14.0	14.4
Defined Benefit Plan [Member]
Disclosure of defined benefit plans [line items]
Defined contribution plans	$ 118,000,000	$ 77,000,000	$ 90,000,000
Retirement or Leaving Service Plans [Member]
Disclosure of defined benefit plans [line items]
Number of defined benefit plans	64
Medical Cost Plans [Member]
Disclosure of defined benefit plans [line items]
Number of defined benefit plans	18
Medical Cost Plans [Member] | Brazil [Member]
Disclosure of defined benefit plans [line items]
Present value of funded obligations	$ 230,000,000
Net liability recognized in the balance sheet	$ 0
Other Long Term Employee Benefit Plans [Member]
Disclosure of defined benefit plans [line items]
Number of defined benefit plans	4
Active Employees [Member]
Disclosure of defined benefit plans [line items]
Present value of funded obligations	$ 1,900,000,000
Deferred [Member]
Disclosure of defined benefit plans [line items]
Present value of funded obligations	1,600,000,000
Members in Retirement [Member]
Disclosure of defined benefit plans [line items]
Present value of funded obligations	4,900,000,000
Funded Defined Benefit Plans [Member]
Disclosure of defined benefit plans [line items]
Expected contribution towards defined benefit plans	311,000,000
Unfunded Defined Benefit Plans and Post-Retirement Medical Plans [Member]
Disclosure of defined benefit plans [line items]
Expected contribution towards defined benefit plans	$ 79,000,000

XML

Employee Benefits - Summary of Net Liability for Post-employment and Long-term Employee Benefit Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2014
Disclosure of defined benefit plans [abstract]
Present value of funded obligations	$ (7,044)		$ (7,506)
Fair value of plan assets	5,177		5,623
Present value of net obligations for funded plans	(1,867)		(1,883)
Present value of unfunded obligations	(908)		(904)
Present value of net obligations	(2,775)		(2,787)
Unrecognized asset	(168)		(111)	$ (137)	$ (171)
Net liability	(2,943)		(2,898)
Other long term employee benefits	(73)		(73)
Reclassified as held for sale	12
Net liability	(3,004)		(2,971)
Employee benefits amounts in the balance sheet:
Liabilities	(3,014)	[1]	(2,993)
Assets	10	[1]	22
Net liability	$ (3,004)		$ (2,971)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Employee Benefits - Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of defined benefit plans [line items]
Defined benefit obligation at 1 January	$ 3,004
Interest cost	(101)	$ (113)	$ (118)
Actuarial gains/(losses) - demographic assumptions	(472)	(546)	(42)
Defined benefit obligation at 31 December	2,971	3,004
Present Value of Defined Benefit Obligation [Member]
Disclosure of defined benefit plans [line items]
Defined benefit obligation at 1 January	7,952	7,594	8,585
Current service costs	(74)	(73)	(81)
Interest cost	340	347	354
Past service gain/(cost)	17	8	8
Assets distributed on settlements	6	174	3
Benefits paid	502	482	517
Contribution by plan participants	4	4	4
Acquisition and disposal through business combination		260
Actuarial gains/(losses) - demographic assumptions	24	(1)	4
Actuarial gains/(losses) - financial assumptions	(264)	(607)	283
Experience adjustments	(21)	37	14
Exchange differences	(343)	256	606
Transfers and other movements	(39)	23	5
Defined benefit obligation at 31 December	8,410	7,952	7,594
Plan Assets [Member]
Disclosure of defined benefit plans [line items]
Defined benefit obligation at 1 January	5,177	5,075	5,773
Interest cost	239	249	253
Administration costs	(22)	(24)	(20)
Assets distributed on settlements	7	164
Return on plan assets exceeding interest income	233	297	(211)
Benefits paid	502	478	517
Contributions by AB InBev	315	302	275
Contribution by plan participants	4	4	4
Acquisition and disposal through business combination		68
Exchange differences	214	(155)	(482)
Transfers and other movements	(28)	3
Defined benefit obligation at 31 December	$ 5,623	$ 5,177	$ 5,075

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Employee Benefits - Summary of Changes in Unrecognized Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of changes in unrecognized assets of defined benefit plans [Abstract]
Irrecoverable surplus impact at 1 January	$ (168)	$ (137)	$ (171)
Interest expense	(17)	(17)	(15)
Changes excluding amounts included in interest expense	74	(14)	49
Irrecoverable surplus impact at 31 December	$ (111)	$ (168)	$ (137)

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Employee Benefits - Summary of Employee Benefit Expense Recognized in Income Statement (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	$ 196	$ 194	$ 211
Cost of sales [member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	24	59	64
Distribution expenses [member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	10	9	8
Sales and marketing expenses [member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	15	13	14
Administrative expenses [member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	29	15	17
Other Operating (Expense)/Income [Member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	4	(10)	(6)
Exceptional items [member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	6	7	2
Net Finance Cost [Member]
Disclosure Of Employee Benefit Expenses [Line Items]
Employee benefits expense	120	115	116
Defined Benefit Plan [Member]
Disclosure Of Employee Benefit Expenses [Line Items]
Current service costs	(74)	(73)	(81)
Administration costs	(22)	(24)	(20)
Past service cost due to plan amendments and curtailments	17	8	8
(Losses)/gains on settlements		10	(2)
(Losses)/gains on due to experience and demographic assumption changes	3
Profit from operations	(76)	(79)	(95)
Net finance cost	(120)	(115)	(116)
Employee benefits expense	$ 196	$ 194	$ 211

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Employee Benefits - Summary of Weighted Average Assumptions Used in Computing Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
United States [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	3.70%	4.20%
Price inflation	2.50%	2.50%
United States [member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	85 years	85 years
United States [member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	88 years	88 years
United States [member] | Top of range [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Medical cost trend rate	6.20%	7.00%
United States [member] | Bottom of range [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Medical cost trend rate	5.00%	5.00%
Canada [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	3.60%	3.90%
Price inflation	2.00%	2.00%
Future salary increases	1.00%	1.00%
Future pension increases	2.00%	2.00%
Medical cost trend rate	4.50%	4.50%
Canada [member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	87 years	86 years
Canada [member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	89 years	89 years
Mexico [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	8.00%	7.80%
Price inflation	3.50%	3.50%
Future salary increases	4.30%	4.80%
Future pension increases	3.50%	3.50%
Mexico [member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	82 years	82 years
Mexico [member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	85 years	85 years
Brazil [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	10.00%	10.50%
Price inflation	4.30%	4.50%
Future salary increases	5.60%	5.80%
Future pension increases	4.30%	4.50%
Medical cost trend rate	7.90%	8.20%
Brazil [Member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	85 years	85 years
Brazil [Member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	88 years	88 years
United Kingdom [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	2.60%	2.70%
Price inflation	3.30%	3.40%
Future pension increases	3.00%	3.10%
United Kingdom [member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	87 years	87 years
United Kingdom [member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	89 years	89 years
AB inBev [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Discount rate	4.00%	4.40%
Price inflation	2.70%	2.80%
Future salary increases	3.50%	3.50%
Future pension increases	2.80%	2.80%
AB inBev [member] | Male [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	85 years	86 years
AB inBev [member] | Female [Member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Life expectation for a 65 year old	88 years	88 years
AB inBev [member] | Top of range [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Medical cost trend rate	6.80%	7.20%
AB inBev [member] | Bottom of range [member]
Disclosure of Weighted average assumptions used to determine benefit obligations [Line Items]
Medical cost trend rate	6.40%	6.50%

XML

Employee Benefits - Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Discount Rate [Member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Change in assumption	0.50%
Increase in assumption	$ (530)
Decrease in assumption	$ 581
Actuarial assumption of price inflation [Member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Change in assumption	0.50%
Increase in assumption	$ 172
Decrease in assumption	$ (130)
Future Salary Increase [Member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Change in assumption	0.50%
Increase in assumption	$ 28
Decrease in assumption	$ (23)
Medical Cost Trend Rate [Member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Change in assumption	1.00%
Increase in assumption	$ 55
Decrease in assumption	$ (47)
Longevity [Member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Change in assumption	One year
Increase in assumption	$ 248
Decrease in assumption	$ (246)

XML

Employee Benefits - Summary of Fair Value of Plan Assets (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	100.00%	100.00%
Government Bonds [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	27.00%	30.00%
Corporate Bonds [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	37.00%	38.00%
Equity Instruments [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	26.00%	22.00%
Property [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	4.00%	3.00%
Insurance Contracts and Others [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	6.00%	7.00%
Quoted [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	95.00%	96.00%
Quoted [Member] | Government Bonds [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	27.00%	30.00%
Quoted [Member] | Corporate Bonds [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	37.00%	38.00%
Quoted [Member] | Equity Instruments [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	26.00%	22.00%
Quoted [Member] | Insurance Contracts and Others [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	5.00%	6.00%
Unquoted [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	5.00%	4.00%
Unquoted [Member] | Property [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	4.00%	3.00%
Unquoted [Member] | Insurance Contracts and Others [Member]
Disclosure of fair value of plan assets [line items]
Fair value of plan assets	1.00%	1.00%

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Share-Based Payments - Additional Information (Detail) shares in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Program shares	Dec. 31, 2017 EUR (€) Program	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2017 EUR (€) shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment transactions expense	$ 359,000,000		$ 228,000,000	$ 225,000,000
Percentage of discount on market price of share for share based payments	10.00%	10.00%
Share-based compensation number of shares issued | shares	1,934.0		1,606.0	1,607.0	1,934.0
Stock options granted	778,668	778,668
Fair value of stock options granted	$ 19.94		$ 17.40	$ 21.78
Description on calculation of expected volatility	Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility	Expected volatility is based on historical volatility calculated using 3 295 days of historical data. In the determination of the expected volatility
Description on exercise price of options	The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price.	The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price.
Weighted average remaining contractual life of options and warrants	7.32 years	7.32 years
Options and warrants outstanding	93,000,000				93,000,000
Options and warrants vested	9.8	9.8
Weighted average share price at the date of exercise	$ 123.04	€ 102.60
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding options and warrants	12.38				€ 10.32
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding options and warrants	$ 146.25				€ 121.95
Management board members and other employees [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	Five-year	Five-year
Restricted Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	Five-year	Five-year
Share-based compensation number of shares issued | shares	0.3				0.3
Share-based compensation grant date fair value	$ 31,000,000		$ 85,000,000
Share-based compensation number of shares issued	700,000	700,000	1,400,000	1,000,000
Restricted Stock Units Granted Under 2014 Bonus Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued			700,000
Performance Share Unit [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	The units vest after 5 years provided a performance test is met	The units vest after 5 years provided a performance test is met
Number of long-term unit programs | Program	3	3
Fair value of stock options granted	$ 360,000,000
Performance Share Unit [Member] | Executive Board [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years	Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years
Share-based compensation number of shares issued	200,000	200,000
Long Term Restricted Stock Unit Program One [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation grant date fair value	$ 9,000,000		$ 40,000,000
Share-based compensation number of shares issued	100,000	100,000	400,000
Long Term Restricted Stock Unit Program One [Member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	5 years	5 years
Long Term Restricted Stock Unit Program Two [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation grant date fair value			$ 18,000,000
Stock options granted			200,000
Long Term Restricted Stock Unit Program Two [Member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Portion of units vesting period	Five years	Five years
Remaining portion of units vesting period	Ten years	Ten years
Long Term Restricted Stock Unit Program Two [Member] | Executive Board [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	800,000	800,000
Fair value of stock options granted	$ 15,000,000
Long Term Restricted Stock Unit Program Three [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation grant date fair value	$ 5,000,000		$ 500,000
Share-based compensation number of shares issued	100,000	100,000
Share based payment vesting period	5 years	5 years
Long Term Restricted Stock Unit Program Three [Member] | Executive Board [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued	100,000	100,000
Other Grants Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exchange of stock options	300,000	300,000	0
Unvested stock options issued	0	0	200,000
Other Grants Plan [Member] | Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares lock up period	5 years	5 years

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Share-Based Payments - LTI Stock Option Plan for Directors - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	778,668
Fair value of stock options granted	$ 19.94	$ 17.40	$ 21.78
Board of Director [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	Vest after 5 years
Exercise period of stock options	5 years
Board of Director [Member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term of stock options	10 years
Long Term Incentive Warrant Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment vesting period	One to three years
Long Term Incentive Stock Option Plan [Member] | Board of Director [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	200,000	200,000
Fair value of stock options granted	$ 4,000,000	$ 5,000,000

XML

Share-Based Payments - LTI Stock Option Plan Executives - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	778,668
Fair value of stock options granted	$ 19.94	$ 17.40	$ 21.78
Long Term Incentive Stock Option Plan [Member] | Executives [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	7,800,000	4,600,000
Fair value of stock options granted	$ 149,000,000	$ 83,000,000
Long Term Incentive Stock Option Plan [Member] | Executives [Member] | American Depositary Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	1,400,000	1,300,000
Long Term Incentive Stock Option Plan [Member] | Executives [Member] | Ordinary shares [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	6,400,000	3,300,000

XML

Share-Based Payments - Exceptional Incentive Stock Options - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	778,668
Fair value of stock options granted	$ 19.94	$ 17.40	$ 21.78
Exceptional Incentive Stock Option [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	6,500,000	13,200,000
Fair value of stock options granted	$ 118,000,000	$ 228,000,000
Maximum term of stock options	10 years	10 years
Share based payment vesting date	1 January 2022
Exceptional Incentive Stock Option [Member] | SAB [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	800,000	1,300,000
Fair value of stock options granted	$ 14,000,000	$ 29,000,000
Exceptional Incentive Stock Option [Member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based arrangement vesting requirements		3 years
Performance Share Unit [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of stock options granted	$ 360,000,000
Share based arrangement vesting requirements	The units vest after 5 years provided a performance test is met
Performance Share Unit [Member] | Senior Management [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	18,000,000
Maximum term of stock options	15 years
Share based payment vesting date	1 January 2028
Performance Share Unit [Member] | Executive Board [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based arrangement vesting requirements	Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years

XML

Share-Based Payments - Performance Related Incentive Plan For Disruptive Growth Function - Additional Information (Detail) - Performance Share Unit [Member] pure in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based arrangement vesting requirements	The units vest after 5 years provided a performance test is met
Senior Management [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued	2.0	2.4
Executive Board [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued	0.2
Share based arrangement vesting requirements	Senior leaders who are considered to be instrumental in achieving our long-term growth agenda over the next 10 years

XML

Share-Based Payments - Summary of Weighted Average Fair Value of Options and Assumptions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options granted	$ 19.94	$ 17.40	$ 21.78
Share price	117.77	103.77	125.29
Exercise price	$ 117.77	$ 103.77	$ 125.29
Expected volatility	23.00%	24.00%	24.00%
Expected dividends	3.00%	3.00%	3.00%
Risk-free interest rate	0.72%	0.54%	0.82%
Ambev [Member] | Brazil [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options granted	$ 1.97	$ 1.90	$ 2.01
Share price	5.99	5.27	4.72
Exercise price	$ 5.99	$ 5.27	$ 4.72
Expected volatility	27.00%	27.00%	27.00%
Risk-free interest rate	10.10%	12.40%	15.90%
Bottom of range [member] | Ambev [Member] | Brazil [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividends	0.00%	0.00%	0.00%
Top of range [member] | Ambev [Member] | Brazil [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividends	0.00%	5.00%	5.00%

XML

Share-Based Payments - Summary of Number of Options Outstanding (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of information about options outstanding [Line Items]
Options issued during the year	778,668
Options exercised during the year	(3,025,512)
Options outstanding at the end of December	135,200,000
Brazil [Member] | Ambev [Member]
Disclosure of information about options outstanding [Line Items]
Options outstanding at 1 January	131,300,000	121,700,000	126,100,000
Options issued during the year	20,400,000	24,800,000	16,600,000
Options exercised during the year	(13,500,000)	(11,600,000)	(20,000,000)
Options forfeited during the year	(2,900,000)	(3,700,000)	(1,000,000)
Options outstanding at the end of December	135,200,000	131,300,000	121,700,000
AB inBev [member]
Disclosure of information about options outstanding [Line Items]
Options outstanding at 1 January	64,900,000	47,600,000	45,600,000
Options issued during the year	35,000,000	20,400,000	9,700,000
Options exercised during the year	(3,000,000)	(2,200,000)	(6,600,000)
Options forfeited during the year	(3,900,000)	(900,000)	(1,100,000)
Options outstanding at the end of December	93,000,000	64,900,000	47,600,000

XML

Share-Based Payments - Summary of Weighted Average Exercise Price of Options (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AB inBev [member]
Disclosure of options weighted average exercise price [Line Items]
Options outstanding at 1 January	$ 76.25	$ 64.50	$ 51.35
Granted during the year	117.24	104.71	126.67
Exercised during the year	38.94	32.45	32.47
Forfeited during the year	108.26	88.68	54.88
Outstanding at the end of December	98.32	76.25	64.50
Exercisable at the end of December	59.66	40.62	37.15
Brazil [Member] | Ambev [Member]
Disclosure of options weighted average exercise price [Line Items]
Options outstanding at 1 January	4.26	3.17	3.79
Granted during the year	5.99	5.27	4.72
Exercised during the year	1.76	0.77	1.29
Forfeited during the year	5.41	3.94	5.21
Outstanding at the end of December	4.92	4.26	3.17
Exercisable at the end of December	$ 1.14	$ 1.12	$ 0.84

XML

Share-Based Payments - Summary of Number of Outstanding Restricted Stock Units (Detail) - Restricted Stock Units [Member] pure in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other equity instruments [Line Items]
Restricted stock units outstanding at 1 January	5.8	5.6	5.8
Restricted stock units issued during the year	0.7	1.4	1.0
Restricted stock units exercised during the year	(0.7)	(1.1)	(1.0)
Restricted stock units forfeited during the year	(0.4)	(0.1)	(0.2)
Restricted stock units outstanding at the end of December	5.4	5.8	5.6
Ambev [Member]
Disclosure of other equity instruments [Line Items]
Restricted stock units issued during the year	0.8
Brazil [Member] | Ambev [Member]
Disclosure of other equity instruments [Line Items]
Restricted stock units outstanding at 1 January	19.3	19.1	17.5
Restricted stock units issued during the year	0.8	7.3	2.7
Restricted stock units exercised during the year	(2.9)	(6.1)	(0.8)
Restricted stock units forfeited during the year	(0.9)	(1.0)	(0.3)
Restricted stock units outstanding at the end of December	16.3	19.3	19.1

XML

Share-Based Payments - Ambev Share-Based Payment Programs - Additional Information (Detail) shares in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) yr shares	Dec. 31, 2017 BRL (R$) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)	Dec. 31, 2017 BRL (R$) yr
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	778,668	778,668
Stock options grant date fair value	$ 19.94		$ 17.40	$ 21.78
Options outstanding	135,200,000				135,200,000
Options vested	40,200,000	40,200,000
Ambev [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life of options and warrants | yr	0				0
Weighted average share price at the date of exercise	$ 5.71	R$ 18.87
Number of shares exchanged | shares	0.1	0.1	0.3
Discount on exchange	16.70%	16.70%
Fair value of the transaction	$ 2,000,000		$ 5,000,000
Description of the fair value measured	The fair values of the Ambev and AB InBev shares were determined based on the market price.	The fair values of the Ambev and AB InBev shares were determined based on the market price.
Ambev [Member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding options and warrants	$ 0.00				R$ 0.01
Ambev [Member] | Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding options and warrants	$ 7.89				R$ 26.09
Phantom Shares [Member] | Ambev [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Phantom shares lock up period A	5 years	5 years
Phantom shares lock up period B	10 years	10 years
Restricted Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued	700,000	700,000	1,400,000	1,000,000
Share-based compensation grant date fair value	$ 31,000,000		$ 85,000,000
Restricted Stock Units [Member] | Ambev [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation number of shares issued	800,000	800,000
Share-based compensation grant date fair value	$ 5,000,000
Long Term Incentive Stock Option Plan [Member] | Ambev [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted	20,400,000	20,400,000	24,800,000
Stock options grant date fair value	$ 42,000,000		$ 44,000,000

XML

Provisions - Summary of Provisions by Class (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of other provisions [line items]
Beginning balance	$ 2,278	$ 897
Effect of changes in foreign exchange rates	73	(3)
Acquisitions through business combinations		1,535
Provisions made	308	600
Provisions used	(419)	(508)
Provisions reversed	(160)	(93)
Other movements	52	(150)
Ending balance	2,400	2,278
Adjustments [Member]
Disclosure of other provisions [line items]
Beginning balance	268
Ending balance		268
Fair values adjusted 2016 [Member]
Disclosure of other provisions [line items]
Beginning balance	2,546
Ending balance		2,546
Restructuring [Member]
Disclosure of other provisions [line items]
Beginning balance	232	157
Effect of changes in foreign exchange rates	15	(9)
Acquisitions through business combinations		216
Provisions made	88	100
Provisions used	(186)	(228)
Provisions reversed	(2)	(3)
Other movements	6	(1)
Ending balance	153	232
Restructuring [Member] | Fair values adjusted 2016 [Member]
Disclosure of other provisions [line items]
Beginning balance	232
Ending balance		232
Disputes [Member]
Disclosure of other provisions [line items]
Beginning balance	1,592	733
Effect of changes in foreign exchange rates	20	9
Acquisitions through business combinations		703
Provisions made	185	483
Provisions used	(135)	(274)
Provisions reversed	(160)	(63)
Other movements	7	1
Ending balance	1,383	1,592
Disputes [Member] | Adjustments [Member]
Disclosure of other provisions [line items]
Beginning balance	(126)
Ending balance		(126)
Disputes [Member] | Fair values adjusted 2016 [Member]
Disclosure of other provisions [line items]
Beginning balance	1,466
Ending balance		1,466
Other - Disputes [Member]
Disclosure of other provisions [line items]
Beginning balance	454	7
Effect of changes in foreign exchange rates	38	(3)
Acquisitions through business combinations		616
Provisions made	35	17
Provisions used	(99)	(6)
Provisions reversed	2	(27)
Other movements	39	(150)
Ending balance	864	454
Other - Disputes [Member] | Adjustments [Member]
Disclosure of other provisions [line items]
Beginning balance	394
Ending balance		394
Other - Disputes [Member] | Fair values adjusted 2016 [Member]
Disclosure of other provisions [line items]
Beginning balance	$ 848
Ending balance		$ 848

XML

Provisions - Summary of Provisions are Expected to be Settled Within the Following Time Windows (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	$ 2,400	$ 2,278	$ 897
Restructuring [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	153	232	157
Income and Indirect Taxes - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	701
Labor - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	135
Commercial - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	44
Excise duties - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	59
Other Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	444
Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	1,383	1,592	733
Other - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	864	$ 454	$ 7
Less than 1 year [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	885
Less than 1 year [Member] | Restructuring [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	69
Less than 1 year [Member] | Income and Indirect Taxes - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	138
Less than 1 year [Member] | Labor - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	37
Less than 1 year [Member] | Commercial - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	16
Less than 1 year [Member] | Other Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	30
Less than 1 year [Member] | Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	221
Less than 1 year [Member] | Other - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	595
1-2 years [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	820
1-2 years [Member] | Restructuring [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	22
1-2 years [Member] | Income and Indirect Taxes - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	464
1-2 years [Member] | Labor - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	7
1-2 years [Member] | Commercial - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	19
1-2 years [Member] | Excise duties - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	6
1-2 years [Member] | Other Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	296
1-2 years [Member] | Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	792
1-2 years [Member] | Other - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	6
2-5 years [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	641
2-5 years [Member] | Restructuring [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	60
2-5 years [Member] | Income and Indirect Taxes - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	57
2-5 years [Member] | Labor - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	85
2-5 years [Member] | Commercial - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	6
2-5 years [Member] | Excise duties - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	53
2-5 years [Member] | Other Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	117
2-5 years [Member] | Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	318
2-5 years [Member] | Other - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	263
Greater than 5 years [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	54
Greater than 5 years [Member] | Restructuring [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	2
Greater than 5 years [Member] | Income and Indirect Taxes - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	42
Greater than 5 years [Member] | Labor - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	6
Greater than 5 years [Member] | Commercial - Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	3
Greater than 5 years [Member] | Other Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	1
Greater than 5 years [Member] | Disputes [Member]
Disclosure Of Schedule To Settle Provisions [Line Items]
Total provisions	$ 52

XML

Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016
Disclosure of trade and other payables [Line Items]
Indirect taxes payable		$ 157	$ 159
Trade payables		380	465
Deferred consideration on acquisitions		699	379
Other payables		226	313
Non-current trade and other payables		1,462	1,316	[1]
Trade payables and accrued expenses		15,240
Payroll and social security payables		1,284
Indirect taxes payable		2,862
Interest payable		1,790
Consigned packaging		1,111
Dividends payable		479
Deferred income		30
Deferred consideration on acquisitions		1,723
Other payables		243
Current trade and other payables		$ 24,762	23,086	[1]
Previously stated [member]
Disclosure of trade and other payables [Line Items]
Indirect taxes payable			159
Trade payables			465
Deferred consideration on acquisitions			379
Other payables			325
Non-current trade and other payables	[2]		1,328
Trade payables and accrued expenses			14,071
Payroll and social security payables			1,027
Indirect taxes payable			2,750
Interest payable			1,797
Consigned packaging			974
Dividends payable			447
Deferred income			52
Deferred consideration on acquisitions			1,640
Other payables			327
Current trade and other payables	[2]		$ 23,086

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

[2] 2016 amounts previously reported.

XML

Trade and Other Payables - Additional Information (Detail) - USD ($) $ in Billions	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017
Disclosure of trade and other payables [Line Items]
Ownership interest		100.00%
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member]
Disclosure of trade and other payables [Line Items]
Ownership interest		55.00%
Increase in controlling interests [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member]
Disclosure of trade and other payables [Line Items]
Percentage of shares sold	30.00%
Consideration received	$ 0.9
Ownership interest	85.00%
Ambev And E Leon Jimenes Sa [member] | Written Put Options [Member]
Disclosure of trade and other payables [Line Items]
Deferred consideration on acquisitions		$ 1.6

XML

Risks Arising from Financial Instruments - Summary of Derivative Financial Instruments Outstanding at Year-end by Maturity Bucket (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Less than 1 year [Member] | Forward exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	$ 11,637,000,000	$ 22,396,000,000
Less than 1 year [Member] | Foreign Currency Futures [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	655,000,000	610,000,000
Less than 1 year [Member] | Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,075,000,000	1,292,000,000
Less than 1 year [Member] | Cross Currency Interest Rate Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	711,000,000	1,553,000,000
Less than 1 year [Member] | Aluminum Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,412,000,000	1,211,000,000
Less than 1 year [Member] | Other Commodity Derivatives [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,214,000,000	1,124,000,000
Less than 1 year [Member] | Equity Derivatives [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	11,799,000,000	10,087,000,000
1-2 years [Member] | Forward exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	233,000,000	96,000,000
1-2 years [Member] | Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	2,250,000,000	1,075,000,000
1-2 years [Member] | Cross Currency Interest Rate Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,797,000,000	785,000,000
1-2 years [Member] | Aluminum Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	21,000,000	31,000,000
1-2 years [Member] | Other Commodity Derivatives [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	144,000,000	189,000,000
1-2 years [Member] | Equity Derivatives [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount		235,000,000
2-3 years [member] | Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	750,000,000	2,250,000,000
2-3 years [member] | Cross Currency Interest Rate Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount		1,796,000,000
2-3 years [member] | Interest Rate Futures [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	5,000,000	46,000,000
3-5 years [member] | Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,883,000,000	784,000,000
3-5 years [member] | Cross Currency Interest Rate Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	5,900,000,000	460,000,000
3-5 years [member] | Interest Rate Futures [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount		77,000,000
Greater than 5 years [Member] | Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	88,000,000	3,630,000,000
Greater than 5 years [Member] | Cross Currency Interest Rate Swaps [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,176,000,000	1,134,000,000
Greater than 5 years [Member] | Other interest rate derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount	$ 565,000,000	$ 565,000,000

XML

Risks Arising From Financial Instruments - Additional Information (Detail)	1 Months Ended			12 Months Ended		48 Months Ended
	Jan. 31, 2018 USD ($)	Sep. 30, 2013	Jan. 31, 2013	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Disclosure of detailed information about financial instruments [line items]
Derivative contracts negative mark-to-market hedging adjustments				$ 12,300,000,000
Derivatives contracts qualified for hedge accounting				7,400,000,000
Derivative position positive pre-tax impact on equity reserves				639,000,000	$ 774,000,000	$ 774,000,000
Amount of exposure equivalent to shares hedged				$ 19,679,000,000	22,643,000,000	22,643,000,000
Description of methods to use sensitivity analysis is assessed				Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2017. Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2016.
Ownership interest				100.00%
Interest Rate Risk [Member] | Floating interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Carrying value of financial liabilities				$ 7,709,000,000
Proportion of company's financial liabilities				6.62%
Higher/lower interest expense				$ 12,000,000	23,000,000
Higher/lower interest income				81,000,000	$ 53,000,000
Interest Rate Risk [Member] | Before hedging [Member]
Disclosure of detailed information about financial instruments [line items]
Carrying value of financial liabilities				117,000,000
Equity price risk [member]
Disclosure of detailed information about financial instruments [line items]
Amount of exposure equivalent to shares hedged				92,400,000
Loss recognized in the profit or loss				579,000,000
Cash inflow (out flow) from reset of derivative contracts to market prices				$ (300,000,000)		$ 3,200,000,000
Reasonable possible volatility rate				15.68%	22.84%	22.84%
Positive/negative impact on profit before tax				$ 1,422,000,000	$ 2,236,000,000	$ 2,236,000,000
Equity price risk [member] | Share-Based Compensation Plan [Member]
Disclosure of detailed information about financial instruments [line items]
Loss recognized in the profit or loss				$ 291,000,000
Credit risk [member]
Disclosure of detailed information about financial instruments [line items]
Concentration of credit risks, description				There was no significant concentration of credit risks with any single counterparty per 31 December 2017 and no single customer represented more than 10% of the total revenue of the group in 2017.
Holding Company [Member]
Disclosure of detailed information about financial instruments [line items]
Derivative and non-derivative financial instruments, net				$ 7,424,000,000	15,583,000,000	15,583,000,000
Ambev [Member]
Disclosure of detailed information about financial instruments [line items]
Derivative and non-derivative financial instruments, net				$ 1,669,000,000	1,497,000,000	1,497,000,000
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member]
Disclosure of detailed information about financial instruments [line items]
Ownership interest				55.00%
Grupo Modelo [member] | Equity price risk [member]
Disclosure of detailed information about financial instruments [line items]
Loss recognized in the profit or loss				$ 146,000,000
SABMiller Group [Member] | Equity price risk [member]
Disclosure of detailed information about financial instruments [line items]
Loss recognized in the profit or loss				142,000,000
Call Options [Member]
Disclosure of detailed information about financial instruments [line items]
Non derivative financial liability				0
Commodity derivatives [member] | Commodity price risk [member] | Aluminum swap [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				1,412,000,000	1,242,000,000	1,242,000,000
Commodity derivatives [member] | Commodity price risk [member] | Natural gas and energy derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				211,000,000	189,000,000	189,000,000
Commodity derivatives [member] | Commodity price risk [member] | Exchange traded sugar futures [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				87,000,000	93,000,000	93,000,000
Commodity derivatives [member] | Commodity price risk [member] | Corn swaps [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				223,000,000	179,000,000	179,000,000
Commodity derivatives [member] | Commodity price risk [member] | Exchange traded wheat futures [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				509,000,000	557,000,000	557,000,000
Commodity derivatives [member] | Commodity price risk [member] | Rice swaps [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				221,000,000	190,000,000	190,000,000
Commodity derivatives [member] | Commodity price risk [member] | Plastic derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Commodity derivatives outstanding				$ 91,000,000	105,000,000	105,000,000
Major business combination [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of shares sold	30.00%
Consideration received	$ 900,000,000
Ownership interest	85.00%
Fair value hedges [member] | Interest Rate Risk [Member] | US Dollar Fixed Rate Bond Hedges [Member]
Disclosure of detailed information about financial instruments [line items]
Issuance amount				3,000,000,000
Cash flow hedges [member] | Interest Rate Risk [Member]
Disclosure of detailed information about financial instruments [line items]
Issuance amount			1,200,000,000
Cash flow hedges [member] | Interest Rate Risk [Member] | 2.375% Canadian Dollar Bond Hedges [Member]
Disclosure of detailed information about financial instruments [line items]
Interest rate percentage			2.375%
Maturity period			January 2018
Cash flow hedges [member] | Interest Rate Risk [Member] | 3.375% Canadian Dollar Bond Hedges [Member]
Disclosure of detailed information about financial instruments [line items]
Interest rate percentage			3.375%
Maturity period			January 2023
Cash flow hedges [member] | Interest Rate Risk [Member] | Pound Sterling Bond Hedges [Member]
Disclosure of detailed information about financial instruments [line items]
Issuance amount		500,000,000
Interest rate percentage		4.00%
Maturity period		September 2025
Deferred consideration on acquisitions [member] | Put Option [Member] | Observable Market Inputs - Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Non derivative financial liability				$ 1,669,000,000	1,497,000,000	$ 1,497,000,000
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Currency transactional risk impact on consolidated profit before taxes				$ 142,000,000	$ 112,000,000
Top of range [member] | Credit risk [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of revenue accounted by individual customer				10.00%

XML

Risks Arising from Financial Instruments - Summary of Foreign Exchange Risk on Operating Activities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Euro to Canadian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	$ (32)	$ (52)
Total hedges	32	52
Euro to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(275)	(159)
Total hedges	246	197
Open position	(29)	38
Euro to Pound Sterling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(82)	(33)
Total hedges	110	146
Open position	28	113
Euro to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(58)	(64)
Total hedges	68	93
Open position	10	29
Euro to South African Rand [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(84)	(64)
Total hedges	84	64
Euro to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(53)	(63)
Total hedges	44	55
Open position	(9)	(8)
Euro to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(58)	(60)
Open position	(58)	(60)
Euro to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(271)	(924)
Total hedges	425	483
Open position	154	(441)
Pound Sterling to Euro [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(87)	(69)
Total hedges	128	71
Open position	41	2
Pound Sterling to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(40)	(492)
Total hedges	40	162
Open position		(330)
US Dollar to Argentinean Peso [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(678)	(219)
Total hedges	678	219
US Dollar to Australian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(469)	(171)
Total hedges	192	73
Open position	(277)	(98)
US Dollar to Bolivian Boliviano [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(20)	(59)
Total hedges	20	59
US Dollar to Brazilian Real [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(1,184)	(1,102)
Total hedges	1,184	1,102
US Dollar to Canadian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(306)	(347)
Total hedges	306	347
US Dollar to Chilean Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(324)	(255)
Total hedges	324	255
US Dollar to Chinese Yuan [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(303)	(248)
Total hedges	134	228
Open position	(169)	(20)
US Dollar to Colombian Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(319)	(202)
Total hedges	195	187
Open position	(124)	(15)
US Dollar to Euro [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(157)	(115)
Total hedges	145	68
Open position	(12)	(47)
US Dollar to Honduran Lempira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure		(172)
Open position		(172)
US Dollar to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(1,143)	(952)
Total hedges	873	1,065
Open position	(270)	113
US Dollar to Nigerian Naira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(172)	(87)
Open position	(172)	(87)
US Dollar to Paraguayan Guarani [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(108)	(136)
Total hedges	108	136
US Dollar to Peruvian Nuevo Sol [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(255)	(196)
Total hedges	154	123
Open position	(101)	(73)
US Dollar to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(45)	(71)
Total hedges	30	91
Open position	(15)	20
US Dollar to South African Rand [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(72)	(95)
Total hedges	66	95
Open position	(6)
US Dollar to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(20)	(48)
Total hedges	60	112
Open position	40	64
US Dollar to Tanzanian Shilling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(2)	(85)
Total hedges		14
Open position	(2)	(71)
US Dollar to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(18)	(22)
Open position	(18)	(22)
US Dollar to Uruguayan Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(57)	(44)
Total hedges	57	44
US Dollar to Zambian Kwacha [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(4)	(89)
Open position	(4)	(89)
Other currency [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Total exposure	(118)	(390)
Total hedges	104	71
Open position	$ (14)	$ (319)

XML

Risks Arising from Financial Instruments - Summary of Currency Transactional Risk (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Euro to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	23.67	21.78
Volatility of rates	12.07%	16.83%
Euro to Pound Sterling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	0.89	0.86
Volatility of rates	7.94%	11.63%
Euro to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	69.12	63.94
Volatility of rates	11.95%	19.53%
Euro to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	33.66	28.66
Volatility of rates	9.72%	13.30%
Euro to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	1.20	1.05
Volatility of rates	7.12%	8.09%
Pound Sterling to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	1.35	1.23
Volatility of rates	13.99%	13.99%
US Dollar to Australian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	1.28	1.38
Volatility of rates	7.50%	11.22%
US Dollar to Chinese Yuan [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	6.51	6.94
Volatility of rates	5.45%	5.45%
US Dollar to Colombian Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	2,988.60	3,002.14
Volatility of rates	8.55%	18.41%
US Dollar to Euro [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	0.83	0.95
Volatility of rates	7.12%	8.09%
US Dollar to Honduran Lempira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate		23.49
Volatility of rates		0.57%
US Dollar to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	19.74	20.66
Volatility of rates	11.59%	16.76%
US Dollar to Nigerian Naira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	360.03	315.28
Volatility of rates	21.07%	38.95%
US Dollar to Peruvian Nuevo Sol [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	3.24	3.35
Volatility of rates	4.19%	7.29%
US Dollar to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	57.63	60.66
Volatility of rates	10.76%	19.60%
US Dollar to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	1,067.63	1,203.90
Volatility of rates	13.70%	13.70%
US Dollar to Tanzanian Shilling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	2,235.44	2,180.87
Volatility of rates	2.63%	1.37%
US Dollar to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	28.07	27.19
Volatility of rates	4.30%	10.74%
US Dollar to Zambian Kwacha [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	9.98	9.94
Volatility of rates	10.72%	18.91%
Euro to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	1,280.41
Volatility of rates	7.73%
US Dollar to South African Rand [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Closing rate	12.35
Volatility of rates	15.39%
Bottom of range [member] | Euro to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	20.81	18.12
Bottom of range [member] | Euro to Pound Sterling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	0.82	0.76
Bottom of range [member] | Euro to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	60.86	51.45
Bottom of range [member] | Euro to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	30.39	24.85
Bottom of range [member] | Euro to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.11	0.97
Bottom of range [member] | Pound Sterling to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.16	1.06
Bottom of range [member] | US Dollar to Australian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.18	1.23
Bottom of range [member] | US Dollar to Chinese Yuan [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	6.15	6.57
Bottom of range [member] | US Dollar to Colombian Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	2,732.94	2,449.43
Bottom of range [member] | US Dollar to Euro [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	0.77	0.87
Bottom of range [member] | US Dollar to Honduran Lempira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate		23.36
Bottom of range [member] | US Dollar to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	17.45	17.20
Bottom of range [member] | US Dollar to Nigerian Naira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	284.18	192.49
Bottom of range [member] | US Dollar to Peruvian Nuevo Sol [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	3.11	3.11
Bottom of range [member] | US Dollar to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	51.43	48.77
Bottom of range [member] | US Dollar to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	921.40	1,039.01
Bottom of range [member] | US Dollar to Tanzanian Shilling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	2,176.76	2,151.10
Bottom of range [member] | US Dollar to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	26.86	24.27
Bottom of range [member] | US Dollar to Zambian Kwacha [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	8.91	8.06
Bottom of range [member] | Euro to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1,181.37
Bottom of range [member] | US Dollar to South African Rand [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	10.44
Top of range [member] | Euro to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	26.53	25.45
Top of range [member] | Euro to Pound Sterling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	0.96	0.96
Top of range [member] | Euro to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	77.38	76.43
Top of range [member] | Euro to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	36.93	32.47
Top of range [member] | Euro to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.28	1.14
Top of range [member] | Pound Sterling to US Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.54	1.40
Top of range [member] | US Dollar to Australian Dollar [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1.38	1.54
Top of range [member] | US Dollar to Chinese Yuan [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	6.86	7.32
Top of range [member] | US Dollar to Colombian Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	3,244.26	3,554.86
Top of range [member] | US Dollar to Euro [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	0.89	1.03
Top of range [member] | US Dollar to Honduran Lempira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate		23.63
Top of range [member] | US Dollar to Mexican Peso [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	22.02	24.13
Top of range [member] | US Dollar to Nigerian Naira [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	435.87	438.07
Top of range [member] | US Dollar to Peruvian Nuevo Sol [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	3.38	3.60
Top of range [member] | US Dollar to Russian Ruble [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	63.83	72.55
Top of range [member] | US Dollar to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1,213.86	1,368.80
Top of range [member] | US Dollar to Tanzanian Shilling [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	2,294.12	2,210.64
Top of range [member] | US Dollar to Ukrainian Hryvnia [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	29.27	30.11
Top of range [member] | US Dollar to Zambian Kwacha [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	11.05	11.82
Top of range [member] | Euro to South Korean Won [Member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	1,379.44
Top of range [member] | US Dollar to South African Rand [member]
Disclosure Of Foreign Currency Exchange Exposure [Line Items]
Possible closing rate	14.25

XML

Risks Arising from Financial Instruments - Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures and from Related Hedging Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	$ (304)	$ (21)	$ 378
Cash flow hedges [member]
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	(2)	98	61
Cash Flow Hedges - Hedging Instruments (Reclassified From Equity) [Member]
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	(11)	(151)	(11)
Economic Hedges - Hedged Items Not Part of a Hedge Accounting Relationship [Member]
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	406	9	(347)
Economic Hedges - Hedging Instruments Not Part of a Hedge Accounting Relationship [Member]
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	(455)	(45)	352
Other Results - Not Hedged [Member]
Disclosure of detailed information about hedges [line items]
Foreign exchange results recognized	$ (242)	$ 68	$ 323

XML

Risks Arising from Financial Instruments - Summary of Effective Interest Rates at Balance Sheet (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about hedging instruments [line items]
After hedging	$ 2,394	$ 1,734
Before hedging [Member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	6,362	14,613
Before hedging [Member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	$ 110,137	$ 108,130
Before hedging [Member] | Brazilian Real [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	9.22%	9.76%
After hedging	$ 122	$ 205
Before hedging [Member] | Brazilian Real [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	6.43%	6.67%
After hedging	$ 206	$ 375
Before hedging [Member] | Canadian Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.09%	1.55%
After hedging	$ 207	$ 386
Before hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.08%	2.93%
After hedging	$ 2,543	$ 886
Before hedging [Member] | Euro [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	0.35%	0.20%
After hedging	$ 3,398	$ 3,037
Before hedging [Member] | Euro [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	1.88%	0.26%
After hedging	$ 26,386	$ 23,991
Before hedging [Member] | South African Rand [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	8.00%	8.30%
After hedging	$ 666	$ 446
Before hedging [Member] | US Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	1.48%	1.82%
After hedging	$ 1,285	$ 10,187
Before hedging [Member] | US Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	4.18%	4.06%
After hedging	$ 74,476	$ 79,615
Before hedging [Member] | Other currency [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	16.68%	18.75%
After hedging	$ 450	$ 352
Before hedging [Member] | Other currency [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.36%	11.41%
After hedging	$ 252	$ 412
Before hedging [Member] | Australian Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.68%
After hedging	$ 234
Before hedging [Member] | Australian Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.70%	3.85%
After hedging	$ 1,838	$ 520
Before hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	6.87%	5.88%
After hedging	$ 33	$ 119
Before hedging [Member] | Pound Sterling [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.83%	6.80%
After hedging	$ 4,403	$ 2,212
After hedging [Member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	7,709	23,961
After hedging [Member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	$ 108,790	$ 98,782
After hedging [Member] | Brazilian Real [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	7.61%	12.62%
After hedging	$ 199	$ 729
After hedging [Member] | Brazilian Real [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	5.86%	6.20%
After hedging	$ 112	$ 258
After hedging [Member] | Canadian Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.45%	1.55%
After hedging	$ 224	$ 386
After hedging [Member] | Canadian Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.19%	2.89%
After hedging	$ 2,176	$ 554
After hedging [Member] | Euro [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	0.35%	0.12%
After hedging	$ 3,415	$ 4,046
After hedging [Member] | Euro [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	1.70%	1.86%
After hedging	$ 34,251	$ 26,396
After hedging [Member] | South African Rand [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	8.00%	8.30%
After hedging	$ 666	$ 446
After hedging [Member] | US Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	1.43%	2.33%
After hedging	$ 2,521	$ 18,002
After hedging [Member] | US Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	4.51%	4.15%
After hedging	$ 65,394	$ 68,928
After hedging [Member] | Other currency [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	16.68%	18.75%
After hedging	$ 450	$ 352
After hedging [Member] | Other currency [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.36%	11.41%
After hedging	$ 252	$ 412
After hedging [Member] | Australian Dollar [member] | Floating interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.68%
After hedging	$ 234
After hedging [Member] | Australian Dollar [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.70%	3.85%
After hedging	$ 1,838	$ 520
After hedging [Member] | Peruvian Nuevo Sol [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	6.87%	5.88%
After hedging	$ 33	$ 119
After hedging [Member] | Pound Sterling [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	3.80%	9.75%
After hedging	$ 3,734	$ 594
After hedging [Member] | South Korea [member] | Fixed interest rate [member]
Disclosure of detailed information about hedging instruments [line items]
After hedging	2.50%	2.50%
After hedging	$ 1,000	$ 1,000

XML

Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Brazilian Real [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	6.90%	13.20%
Volatility rates in %	23.27%	2.46%
Canadian Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	1.54%	0.95%
Volatility rates in %	10.72%	7.83%
Euro [member]
Disclosure of detailed information about hedging instruments [line items]
Volatility rates in %	3.50%	11.84%
South African Rand [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	7.16%	7.36%
Volatility rates in %	3.84%	5.55%
US Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	1.69%	1.00%
Volatility rates in %	6.00%	11.08%
Bottom of range [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	4.00%
Bottom of range [member] | Brazilian Real [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	5.29%	12.88%
Bottom of range [member] | Canadian Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	1.38%	0.87%
Bottom of range [member] | South African Rand [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	6.88%	6.95%
Bottom of range [member] | US Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	1.59%	0.89%
Top of range [member]
Disclosure of detailed information about hedging instruments [line items]
Interest rate	8.00%
Top of range [member] | Brazilian Real [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	8.50%	13.53%
Top of range [member] | Canadian Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	1.71%	1.02%
Top of range [member] | South African Rand [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	7.43%	7.77%
Top of range [member] | US Dollar [member]
Disclosure of detailed information about hedging instruments [line items]
Possible interest rate 2	1.80%	1.11%

XML

Risks Arising from Financial Instruments - Summary of Floating Rate Debt after Hedging (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Economic Hedges [Member]
Disclosure of detailed information about hedging instruments [line items]
Borrowings rate basis	Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.	Applicable 3-month InterBank Offered Rates as of 31 December 2017 and as of 31 December 2016.

XML

Risks Arising from Financial Instruments - Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about hedging instruments [line items]
Interest expense	$ 4,314	$ 4,092	$ 1,833
Interest Rate Risk [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	(4,314)	(4,092)	(1,833)
Interest Rate Risk [Member] | Financial Liabilities at Amortised Cost, Class [Member] | Not Designated in Hedging Relationship [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	(4,375)	(4,119)	(2,005)
Interest Rate Risk [Member] | Fair value hedges [member] | Hedged Item [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	(34)	(73)	(87)
Interest Rate Risk [Member] | Fair value hedges [member] | Hedging Instrument [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	23	42	50
Interest Rate Risk [Member] | Cash flow hedges [member] | Hedged Item [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	(25)	(24)	(31)
Interest Rate Risk [Member] | Cash flow hedges [member] | Cash Flow Hedges - Hedging Instruments (Reclassified From Equity) [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	26	16	24
Interest Rate Risk [Member] | Net investment hedges [member] | Hedging Instrument [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	77	34	152
Interest Rate Risk [Member] | Economic Hedges [Member] | Hedged Item [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense		8	8
Interest Rate Risk [Member] | Economic Hedges [Member] | Hedging Instrument [Member]
Disclosure of detailed information about hedging instruments [line items]
Interest expense	$ (6)	$ 24	$ 56

XML

Risks Arising from Financial Instruments - Summary of Estimated Impact on Changes in the Price of Commodities (Detail) - Commodity price risk [member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Aluminum swap [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	14.83%	15.80%
Pre-tax impact on equity Price Increases	$ 212	$ 196
Prices decrease	$ (212)	$ (196)
Exchange traded sugar futures [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	29.38%	32.63%
Pre-tax impact on equity Price Increases	$ 26	$ 30
Prices decrease	$ (26)	$ (30)
Exchange traded wheat futures [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	30.99%	26.43%
Pre-tax impact on equity Price Increases	$ 158	$ 147
Prices decrease	$ (158)	$ (147)
Natural gas and energy derivatives [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	20.37%	28.60%
Pre-tax impact on equity Price Increases	$ 43	$ 54
Prices decrease	$ (43)	$ (54)
Rice swaps [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	20.20%	26.38%
Pre-tax impact on equity Price Increases	$ 45	$ 50
Prices decrease	$ (45)	$ (50)
Corn swaps [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	24.81%	24.30%
Pre-tax impact on equity Price Increases	$ 45	$ 44
Prices decrease	$ (45)	$ (44)
Plastic derivatives [member]
Disclosure of sensitivity analysis for each type of commodity price risk [line items]
Volatility of prices in %1	17.50%	18.62%
Pre-tax impact on equity Price Increases	$ 15	$ 20
Prices decrease	$ (15)	$ (20)

XML

Risks Arising from Financial Instruments - Summary of Carrying Amount of Financial Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of credit risk exposure [line items]
Gross	$ 19,679	$ 22,643
Debt Securities [Member]
Disclosure of credit risk exposure [line items]
Gross	1,304	5,659
Available for sale [member]
Disclosure of credit risk exposure [line items]
Gross	76	58
Held-to-maturity investments, category [member]
Disclosure of credit risk exposure [line items]
Gross	24	24
Trade receivables [member]
Disclosure of credit risk exposure [line items]
Gross	4,723	4,197
Cash Deposits for Guarantees [Member]
Disclosure of credit risk exposure [line items]
Gross	209	200
Loans to customers [member]
Disclosure of credit risk exposure [line items]
Gross	179	100
Other receivables [member]
Disclosure of credit risk exposure [line items]
Gross	2,209	2,709
Derivatives [member]
Disclosure of credit risk exposure [line items]
Gross	483	1,117
Cash and Cash Equivalent [Member]
Disclosure of credit risk exposure [line items]
Gross	10,472	8,579
Gross carrying amount [member]
Disclosure of credit risk exposure [line items]
Gross	19,997	22,961
Gross carrying amount [member] | Debt Securities [Member]
Disclosure of credit risk exposure [line items]
Gross	1,304	5,659
Gross carrying amount [member] | Available for sale [member]
Disclosure of credit risk exposure [line items]
Gross	83	65
Gross carrying amount [member] | Held-to-maturity investments, category [member]
Disclosure of credit risk exposure [line items]
Gross	24	24
Gross carrying amount [member] | Trade receivables [member]
Disclosure of credit risk exposure [line items]
Gross	4,917	4,399
Gross carrying amount [member] | Cash Deposits for Guarantees [Member]
Disclosure of credit risk exposure [line items]
Gross	209	200
Gross carrying amount [member] | Loans to customers [member]
Disclosure of credit risk exposure [line items]
Gross	179	100
Gross carrying amount [member] | Other receivables [member]
Disclosure of credit risk exposure [line items]
Gross	2,326	2,818
Gross carrying amount [member] | Derivatives [member]
Disclosure of credit risk exposure [line items]
Gross	483
Gross carrying amount [member] | Cash and Cash Equivalent [Member]
Disclosure of credit risk exposure [line items]
Gross	10,472	8,579
Impairment losses [member]
Disclosure of credit risk exposure [line items]
Gross	(318)	(318)
Impairment losses [member] | Available for sale [member]
Disclosure of credit risk exposure [line items]
Gross	(7)	(7)
Impairment losses [member] | Trade receivables [member]
Disclosure of credit risk exposure [line items]
Gross	(194)	(202)
Impairment losses [member] | Other receivables [member]
Disclosure of credit risk exposure [line items]
Gross	$ (117)	$ (109)

XML

Risks Arising from Financial Instruments - Summary of Allowance for Impairment (Detail) - Impairment losses [member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of impairment loss and reversal of impairment loss [line items]
Beginning balance	$ (318)	$ (338)	$ (429)
Impairment losses	(59)	(43)	(57)
Derecognition	54	71	72
Currency translation and other	5	(8)	76
Ending balance	(318)	(318)	(338)
Available for sale [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Beginning balance	(7)	(9)	(11)
Currency translation and other		2	2
Ending balance	(7)	(7)	(9)
Trade receivables [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Beginning balance	(202)	(230)	(260)
Impairment losses	(55)	(43)	(41)
Derecognition	53	69	20
Currency translation and other	10	2	51
Ending balance	(194)	(202)	(230)
Loans to customers [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Beginning balance			(30)
Derecognition			30
Other receivables [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Beginning balance	(109)	(99)	(128)
Impairment losses	(4)		(16)
Derecognition	1	2	22
Currency translation and other	(5)	(12)	23
Ending balance	$ (117)	$ (109)	$ (99)

XML

Risks Arising from Financial Instruments - Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Non-derivative financial liabilities
Finance lease liabilities	$ (213)	$ (234)
Bank overdraft	(117)	(184)
Net carrying amount [member]
Non-derivative financial liabilities
Secured bank loans	(502)	(862)
Commercial papers	(1,870)	(2,053)
Unsecured bank loans	(892)	(9,662)
Unsecured bond issues	(112,837)	(109,627)
Unsecured other loans	(68)	(122)
Finance lease liabilities	(213)	(234)
Bank overdraft	(117)	(184)
Trade and other payables	(26,167)	(24,879)
Non-derivative financial liabilities	(142,666)	(147,623)
Derivative financial assets/(liabilities)
Interest rate derivatives	(96)	(267)
Foreign exchange derivatives	(61)	47
Cross currency interest rate swaps	(897)	(32)
Commodity derivatives	179	125
Equity derivatives	(1,036)	(490)
Derivative financial assets/(liabilities)	(1,911)	(617)
Of which: directly related to cash flow hedges	(20)	28
Contractual cash flows [member]
Non-derivative financial liabilities
Secured bank loans	(590)	(937)
Commercial papers	(1,871)	(2,054)
Unsecured bank loans	(927)	(11,057)
Unsecured bond issues	(167,056)	(162,300)
Unsecured other loans	(114)	(279)
Finance lease liabilities	(301)	(346)
Bank overdraft	(117)	(184)
Trade and other payables	(26,628)	(25,398)
Non-derivative financial liabilities	(197,604)	(202,555)
Derivative financial assets/(liabilities)
Interest rate derivatives	(101)	(269)
Foreign exchange derivatives	(52)	42
Cross currency interest rate swaps	(1,043)	(58)
Commodity derivatives	143	117
Equity derivatives	(1,134)	(499)
Derivative financial assets/(liabilities)	(2,187)	(667)
Of which: directly related to cash flow hedges	(29)	6
Less than 1 year [Member]
Non-derivative financial liabilities
Secured bank loans	(318)	(676)
Commercial papers	(1,871)	(2,054)
Unsecured bank loans	(761)	(1,618)
Unsecured bond issues	(8,951)	(7,284)
Unsecured other loans	(17)	(27)
Finance lease liabilities	(42)	(44)
Bank overdraft	(117)	(184)
Trade and other payables	(24,756)	(23,717)
Non-derivative financial liabilities	(36,833)	(35,604)
Derivative financial assets/(liabilities)
Interest rate derivatives	(9)	5
Foreign exchange derivatives	(59)	44
Cross currency interest rate swaps	65	22
Commodity derivatives	139	107
Equity derivatives	(1,134)	(499)
Derivative financial assets/(liabilities)	(998)	(321)
Of which: directly related to cash flow hedges	64	176
1-2 years [Member]
Non-derivative financial liabilities
Secured bank loans	(137)	(116)
Unsecured bank loans	(129)	(535)
Unsecured bond issues	(13,951)	(10,262)
Unsecured other loans	(23)	(41)
Finance lease liabilities	(42)	(42)
Trade and other payables	(476)	(449)
Non-derivative financial liabilities	(14,758)	(11,445)
Derivative financial assets/(liabilities)
Interest rate derivatives	(21)	3
Foreign exchange derivatives	7	(2)
Cross currency interest rate swaps	(128)	(97)
Commodity derivatives	4	10
Derivative financial assets/(liabilities)	(138)	(86)
Of which: directly related to cash flow hedges	5	(112)
2-3 years [member]
Non-derivative financial liabilities
Secured bank loans	(23)	(33)
Unsecured bank loans	(37)	(365)
Unsecured bond issues	(12,908)	(13,713)
Unsecured other loans	(13)	(33)
Finance lease liabilities	(32)	(44)
Trade and other payables	(207)	(209)
Non-derivative financial liabilities	(13,220)	(14,397)
Derivative financial assets/(liabilities)
Interest rate derivatives	(14)	(13)
Cross currency interest rate swaps	114
Derivative financial assets/(liabilities)	100	(13)
Of which: directly related to cash flow hedges	2	(2)
3-5 years [member]
Non-derivative financial liabilities
Secured bank loans	(42)	(32)
Unsecured bank loans		(8,535)
Unsecured bond issues	(24,655)	(25,383)
Unsecured other loans	(7)	(41)
Finance lease liabilities	(40)	(70)
Trade and other payables	(289)	(331)
Non-derivative financial liabilities	(25,033)	(34,392)
Derivative financial assets/(liabilities)
Interest rate derivatives	16	(35)
Cross currency interest rate swaps	(904)	55
Derivative financial assets/(liabilities)	(888)	20
Of which: directly related to cash flow hedges	4
Greater than 5 years [Member]
Non-derivative financial liabilities
Secured bank loans	(70)	(80)
Unsecured bank loans		(4)
Unsecured bond issues	(106,591)	(105,658)
Unsecured other loans	(54)	(137)
Finance lease liabilities	(145)	(146)
Trade and other payables	(900)	(692)
Non-derivative financial liabilities	(107,760)	(106,717)
Derivative financial assets/(liabilities)
Interest rate derivatives	(73)	(229)
Cross currency interest rate swaps	(190)	(38)
Derivative financial assets/(liabilities)	(263)	(267)
Of which: directly related to cash flow hedges	$ (104)	$ (56)

XML

Risks Arising from Financial Instruments - Summary for Each Type of Derivative Fair Value Recognized as Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Assets	$ 483	$ 1,117
Liabilities	(2,394)	(1,734)
Net	(1,911)	(617)
Non-current, Assets	25	146	[1]
Non-current, Liabilities	(937)	(471)	[1]
Non-current, Net	(912)	(325)
Derivatives	458	971	[1]
Derivatives	(1,457)	(1,263)	[1]
Current derivative financial assets liabilities, net, Total	(999)	(292)
Forward exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Assets	151	492
Liabilities	(211)	(441)
Net	(60)	51
Foreign currency futures [member]
Disclosure of detailed information about financial instruments [line items]
Assets	1	3
Liabilities	(2)	(7)
Net	(1)	(4)
Interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Assets	14	26
Liabilities	(37)	(216)
Net	(23)	(190)
Cross currency interest rate swap [member]
Disclosure of detailed information about financial instruments [line items]
Assets	9	182
Liabilities	(906)	(214)
Net	(897)	(32)
Other interest rate derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Liabilities	(73)	(77)
Net	(73)	(77)
Aluminum swaps [member]
Disclosure of detailed information about financial instruments [line items]
Assets	178	69
Liabilities	(5)	(8)
Net	173	61
Sugar futures commodity contract [member]
Disclosure of detailed information about financial instruments [line items]
Assets	24	22
Liabilities	(20)	(5)
Net	4	17
Wheat futures commodity contract [member]
Disclosure of detailed information about financial instruments [line items]
Assets	34	52
Liabilities	(22)	(30)
Net	12	22
Other commodity contracts [member]
Disclosure of detailed information about financial instruments [line items]
Assets	10	46
Liabilities	(20)	(21)
Net	(10)	25
Equity derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Assets	62	225
Liabilities	(1,098)	(715)
Net	$ (1,036)	$ (490)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Risks Arising from Financial Instruments - Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	$ (110,137)	$ (108,130)
Fair value	(120,287)	(117,305)
Fixed interest rate [member] | Australian Dollar [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(1,838)	(520)
Fair value	(1,896)	(518)
Fixed interest rate [member] | Brazilian Real [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(206)	(375)
Fair value	(206)	(375)
Fixed interest rate [member] | Canadian Dollar [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(2,543)	(886)
Fair value	(2,574)	(954)
Fixed interest rate [member] | Euro [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(26,386)	(23,991)
Fair value	(26,942)	(26,684)
Fixed interest rate [member] | Peruvian Nuevo Sol [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(33)	(119)
Fair value	(33)	(118)
Fixed interest rate [member] | Pound Sterling [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(4,403)	(2,212)
Fair value	(4,902)	(2,847)
Fixed interest rate [member] | US Dollar [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(74,476)	(79,615)
Fair value	(83,482)	(85,397)
Fixed interest rate [member] | Other currency [member]
Disclosure of interest bearing financial instruments [Line Items]
Carrying amount	(252)	(412)
Fair value	$ (252)	$ (411)

XML

Risks Arising from Financial Instruments - Analysis of Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Quoted (unadjusted) prices- level 1 [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	$ 1,313	$ 5,690
Financial Liabilities	29	30
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	1	3
Quoted (unadjusted) prices- level 1 [member] | Derivative liabilities [member] | Cash flow hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	28	27
Quoted (unadjusted) prices- level 1 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	1,304	5,659
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets		1
Quoted (unadjusted) prices- level 1 [member] | Derivatives [member] | Cash flow hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	9	30
Observable market inputs - level 2 [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	479	1,086
Financial Liabilities	2,365	3,189
Observable market inputs - level 2 [member] | Hedges of net investment in foreign operations [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	685	8
Observable market inputs - level 2 [member] | Non-derivative financial liabilities [member] | Financial liabilities at fair value through profit or loss, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities		1,485
Observable market inputs - level 2 [member] | Derivative liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	1,210	818
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Cash flow hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	341	524
Observable market inputs - level 2 [member] | Derivative liabilities [member] | Fair value hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	129	354
Observable market inputs - level 2 [member] | Non derivative financial assets [member] | Held-to-maturity investments, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	5
Observable market inputs - level 2 [member] | Derivatives [member] | Financial assets at fair value through profit or loss, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	89	338
Observable market inputs - level 2 [member] | Derivatives [member] | Cash flow hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	340	549
Observable market inputs - level 2 [member] | Derivatives [member] | Fair value hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	36	54
Observable market inputs - level 2 [member] | Derivatives [member] | Net investment hedges [member]
Disclosure of detailed information about financial instruments [line items]
Financial Assets	9	145
Observable Market Inputs - Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	2,210	1,826
Observable Market Inputs - Level 3 [member] | Derivative liabilities [member] | Deferred consideration on acquisitions [member]
Disclosure of detailed information about financial instruments [line items]
Financial Liabilities	$ 2,210	$ 1,826

XML

Risks Arising from Financial Instruments - Summary of Offsetting Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 24, 2017	Dec. 31, 2016
Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Gross amount	$ 483	$ 1,117
Net amount recognized in the statement of financial position	483	1,117
Other offsetting agreements	(466)	(1,054)
Total net amount	17	63
Derivative liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Gross amount	(2,394)	(1,734)
Net amount recognized in the statement of financial position	(2,394)	(1,734)
Other offsetting agreements	466	1,261
Total net amount	$ (1,928)	$ (473)

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Operating Leases - Summary of Non-Cancelable Operating Leases are Payable and Receivable (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease and operating lease by lessee [line items]
Pub leases, Lessee	$ (1,190)	$ (983)
Pub leases, Sublease	571	471
Other operational leases, Lessee	(910)	(675)
Other operational leases, Sublease	192	111
Other operational leases, Lessor	13	9
Net lease obligations	(1,324)	(1,067)
Less than 1 year [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Pub leases, Lessee	(131)	(95)
Pub leases, Sublease	80	69
Other operational leases, Lessee	(179)	(153)
Other operational leases, Sublease	47	30
Other operational leases, Lessor	2	2
Net lease obligations	(181)	(147)
Between 1 and 5 years [member]
Disclosure of finance lease and operating lease by lessee [line items]
Pub leases, Lessee	(486)	(350)
Pub leases, Sublease	294	246
Other operational leases, Lessee	(523)	(339)
Other operational leases, Sublease	131	66
Other operational leases, Lessor	7	5
Net lease obligations	(577)	(372)
Greater than 5 years [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Pub leases, Lessee	(573)	(538)
Pub leases, Sublease	197	156
Other operational leases, Lessee	(208)	(183)
Other operational leases, Sublease	14	15
Other operational leases, Lessor	4	2
Net lease obligations	$ (566)	$ (548)

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Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of finance lease and operating lease by lessee [line items]
Operating lease income	$ 10	$ 10	$ 20
Operating lease recognized expense	307	272	233
Operating sub lease recognized expense	128	$ 117	$ 121
Property, plant and equipment under operating leases [member]
Disclosure of finance lease and operating lease by lessee [line items]
Undiscounted operating lease obligation	910
Operating lease income	$ 192
Property, plant and equipment under operating leases [member] | Bottom of range [member]
Disclosure of finance lease and operating lease by lessee [line items]
Operating lease initial period	Five years
Property, plant and equipment under operating leases [member] | Top of range [member]
Disclosure of finance lease and operating lease by lessee [line items]
Operating lease initial period	Ten years
Dutch and Belgian pub real estate [member]
Disclosure of finance lease and operating lease by lessee [line items]
Pub lease term	27 years
Operating leases undiscounted obligation	$ 1,190
Pubs leased from Cofinimmo [member]
Disclosure of finance lease and operating lease by lessee [line items]
Undiscounted operating lease received	$ 571
Pubs leased from Cofinimmo [member] | Bottom of range [member]
Disclosure of finance lease and operating lease by lessee [line items]
Sublease average outstanding period	Six years
Pubs leased from Cofinimmo [member] | Top of range [member]
Disclosure of finance lease and operating lease by lessee [line items]
Sublease average outstanding period	Eight years

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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Summary of Collateral and Contractual Commitments for Acquisition of Property, Plant And Equipment, Loans to Customers and Other (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Collateral and contractual commitments [Abstract]
Collateral given for own liabilities	$ 426	$ 490
Collateral and financial guarantees received for own receivables and loans to customers	326	228
Contractual commitments to purchase property, plant and equipment	550	817
Contractual commitments to acquire loans to customers	16	11
Other commitments	$ 1,834	$ 1,768

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Collateral and Contractual Commitments for the Acquisition of Property, Plant and Equipment, Loans to Customers and Other - Additional Information (Detail) - USD ($) $ in Millions				1 Months Ended		12 Months Ended
	Dec. 21, 2016	Oct. 11, 2016	Jun. 05, 2013	Jan. 31, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of collateral and contractual commitments [line items]
Collateral given for own liabilities						$ 426	$ 490
Cash guarantees for liabilities						209
Property collateral given for remaining own liabilities						217
Collateral and other credit enhancements value						326
Commitments to purchase property plant and equipment						550	817
Contractual commitments to acquire loans to customers						$ 16	11
Ownership interest						100.00%
Disposal of business in cash						$ 42	653	$ 72
Other commitments						1,834	1,768
Stock option plans [member]
Disclosure of collateral and contractual commitments [line items]
Loaned securities						17
Ordinary shares [member] | Stock option plans [member]
Disclosure of collateral and contractual commitments [line items]
Stock lending arrangements value						$ 19
Grupo Modelo [member]
Disclosure of collateral and contractual commitments [line items]
Shares reserved for issue under options and contracts for sale of shares			23,076,922
Deferred share units vesting period			5 years
Proceeds from issuing shares			$ 1,500
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Ambev [Member]
Disclosure of collateral and contractual commitments [line items]
Ownership interest						55.00%
Put option						$ 1,669	$ 1,497
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Increase in controlling interests [member] | Ambev [Member]
Disclosure of collateral and contractual commitments [line items]
Consideration received				$ 900
Ownership interest				85.00%
CERVECERIA NACIONAL DOMINICANA S.A. [member] | Increase in controlling interests [member] | Deferred consideration on acquisitions [member] | Put Option [Member] | Observable Market Inputs - Level 3 [member] | Ambev [Member]
Disclosure of collateral and contractual commitments [line items]
Percentage of shares sold				30.00%
Coca Cola Company [member] | Coca Cola Beverages Africa [member]
Disclosure of collateral and contractual commitments [line items]
Consideration received	$ 3,150
Ownership interest	54.50%
Compania Cervecerias Unidas S.A. [member] | Quilmes [Member]
Disclosure of collateral and contractual commitments [line items]
Consideration received					$ 50
Compania Cervecerias Unidas S.A. [member] | Ambev [Member]
Disclosure of collateral and contractual commitments [line items]
Consideration received					$ 300
Disposal of SAB's interests in MillerCoors [member]
Disclosure of collateral and contractual commitments [line items]
Disposal of business in cash		$ 12,000
Provision for purchase price adjustment		330
Purchase price adjustment amount		$ 328
Settlement agreement date		Jan. 21, 2018

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Contingencies - Summary of Ab Inbev's Material Tax Proceedings Related to Ambev and Its Subsidiaries (Detail) - Ambev [Member] - Legal proceedings contingent liability [member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about material tax [line items]
Income tax and social contribution	$ 9,600	$ 8,878
Value-added and excise taxes	5,987	4,924
Other taxes	1,390	605
Material tax net	$ 16,977	$ 14,407

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Contingencies - Additional Information (Detail) R$ in Millions	4 Months Ended		12 Months Ended
	Jan. 31, 2016 USD ($)	Jan. 31, 2016 BRL (R$)	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2016 CAD ($)	Dec. 31, 2017 BRL (R$) shares	Aug. 31, 2016 USD ($)	Aug. 31, 2016 BRL (R$)	Dec. 31, 2015 USD ($) shares	Nov. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Disclosure of detailed information about material tax [line items]
Exposure to credit risk			$ 19,679,000,000	$ 22,643,000,000
Provisions recorded			$ 2,400,000,000	$ 2,278,000,000					$ 897,000,000
Net proposed tax assessment											$ 300,000,000
Additional proposed tax assessment										$ 100,000,000
Number of shares issued | shares			1,934,000,000	1,606,000,000		1,934,000,000			1,607,000,000
Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			$ 200,000,000			R$ 500
Tax Assessment During 2005 [member] | Foreign subsidiaries [member] | In Bev Holding Brasil SA [member]
Disclosure of detailed information about material tax [line items]
Exposure to credit risk			1,800,000,000			6,100
Estimate of possible loss			13,000,000			44
Tax Assessment in December 2011 [member] | Ambev [Member] | In Bev Holding Brasil SA [member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			2,500,000,000			8,300
Tax Assessment in December 2011 [member] | Ambev [Member] | CERVECERIA NACIONAL DOMINICANA S.A. [member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			300,000,000			1,100
Tax assessment in October 2013 [member] | Ambev [Member] | Beverage Associates Holding Limited [member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			500,000,000			1,600
Tax Assessment in December 2014 [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			1,300,000,000			4,400
Tax Assessment During 2014 and First Quarter of 2015 [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Exposure to credit risk			2,200,000,000			7,200
Tax Assessment in April 2016 [member] | Ambev [Member] | Arosuco [member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			200,000,000			600
Tax Assessment in December 2015 [member] | Ambev [Member] | Integration program social security financing levy [member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			900,000,000			3,100
Rio de Janeiro [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			200,000,000			600
Tax assessment amount			300,000,000			900
Payment made related to proceedings	$ 100,000,000	R$ 300
State of Sao Paulo [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			600,000,000			1,900
Minas Gerais [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			1,800,000,000			5,800
Tax assessment amount			300,000,000			900	$ 400,000,000	R$ 1,400
Provisions recorded			2,000,000			7
Disallowance of presumed credits and other IPI excise tax credits [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			1,000,000,000			3,200
IPI excise tax [member] | Tax Assessment in 2014 and 2015 [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Estimate of possible loss			500,000,000			R$ 1,500
Legal proceedings contingent liability [member]
Disclosure of detailed information about material tax [line items]
Punitive, exemplary and aggravated damages				$ 4,000,000	$ 5,000,000
Pension benefit			8,000,000
Legal fees			1,000,000
Pension liability			$ 68,000,000
Legal proceedings contingent liability [member] | Top of range [member]
Disclosure of detailed information about material tax [line items]
Claims on damages				$ 1,100,000,000	$ 1,400,000,000
Legal proceedings contingent liability [member] | Ambev [Member]
Disclosure of detailed information about material tax [line items]
Number of shares issued | shares			172,831,574			172,831,574
Percentage of shares issued diluted			1.00%
Claim on dividends of shares			$ 256,000,000			R$ 847

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Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of noncontrolling interests [Line Items]
Proportion of ownership interests in subsidiary	100.00%
Ambev [Member]
Disclosure of noncontrolling interests [Line Items]
Proportion of ownership interests in subsidiary	62.00%	62.00%
Dividends paid to non-controlling interests	$ 1.1	$ 1.2
Decrease in non-controlling interests	$ (2.4)

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Non-Controlling Interests - Summary of Financial Information of Material Non-controlling Interest (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Summarized balance sheet information
Current assets	$ 23,960	$ 43,017	[1]
Non-current assets	222,166	213,569	[1]
Current liabilities	36,211	40,369	[1]
Non-current liabilities	129,695	134,792	[1]
Equity attributable to equity holders	72,585	71,339	[1]
Non-controlling interests	7,635	10,086	[1]
Summarized income statement and comprehensive income information
Revenue	56,444	45,517		$ 43,064
Net income	9,183	2,769		9,867
Attributable to:
Equity holders	7,996	1,241		8,273
Non-controlling interests	1,187	1,528		1,594
Net income	9,183	2,769		9,867
Other comprehensive income	1,040	(1,460)		(8,751)
Total comprehensive income	10,223	1,309		1,116
Attributable to:
Equity holders	8,838	(275)		389
Non-controlling interests	1,385	1,584		727
Summarized cash flow information
Cash flow from operating activities	15,430	10,110		14,121
Cash flow from investing activities	7,854	(60,077)		(4,930)
Cash flow from financing activities	(21,004)	50,731		(9,281)
Net increase/(decrease) in cash and cash equivalents	2,280	764		$ (90)
Ambev [Member]
Summarized balance sheet information
Current assets	7,472	7,329
Non-current assets	18,783	18,396
Current liabilities	8,672	8,829
Non-current liabilities	3,078	2,582
Equity attributable to equity holders	13,908	13,754
Non-controlling interests	597	560
Summarized income statement and comprehensive income information
Revenue	14,961	13,123
Net income	2,452	3,765
Attributable to:
Equity holders	2,290	3,611
Non-controlling interests	162	155
Net income	2,452	3,765
Other comprehensive income	809	(1,534)
Total comprehensive income	3,261	2,231
Attributable to:
Equity holders	3,090	2,190
Non-controlling interests	171	41
Summarized cash flow information
Cash flow from operating activities	5,583	3,552
Cash flow from investing activities	(960)	(1,697)
Cash flow from financing activities	(4,018)	(3,351)
Net increase/(decrease) in cash and cash equivalents	$ 605	$ (1,496)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Related Parties - Summary of Directors and Executive Board Management Compensation (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Directors [member]
Disclosure of transactions between related parties [line items]
Short-term employee benefits	$ 2	$ 2	$ 3
Share-based payments	3	3	2
Total Compensation	5	5	5
Executive board management [member]
Disclosure of transactions between related parties [line items]
Short-term employee benefits	28	18	25
Post employment benefits	1		2
Share-based payments	68	64	65
Total Compensation	$ 97	$ 82	$ 91

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Related Parties - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
BAVARIA S.A. [member] | Transportation services, lease agreements and advertising services [member]
Disclosure of transactions between related parties [line items]
Amount received on services rendered	$ 5.4
Outstanding balance payable	$ 1.1
Grupo Modelo and Subsidiaries [member]
Disclosure of transactions between related parties [line items]
Name of acquiree	Grupo Modelo and its subsidiaries
Grupo Modelo and Subsidiaries [member] | Information technology and infrastructure services [member]
Disclosure of transactions between related parties [line items]
Amount received on services rendered	$ 0.8
United States defined benefit plans [member]
Disclosure of transactions between related parties [line items]
Other income	$ 12.0

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Related Parties - Summary of Aggregate Amounts of AB InBev's Interest (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of joint ventures [line items]
Non-current assets	$ 222,166	$ 213,569	[1]
Current assets	23,960	43,017	[1]
Non-current liabilities	129,695	134,792	[1]
Current liabilities	36,211	40,369	[1]
Result from operations	17,152	12,882		$ 13,904
Profit attributable to equity holders of AB InBev	7,996	1,241		8,273
Jointly controlled entities [member]
Disclosure of joint ventures [line items]
Non-current assets	12	11		2
Current assets	5	5		5
Non-current liabilities	11	9		2
Current liabilities	6	6		5
Result from operations	(3)	(6)		$ (1)
Profit attributable to equity holders of AB InBev	$ (3)	$ (7)

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Related Parties - Summary of AB InBev's Transactions with Associates (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of associates [line items]
Gross profit	$ 35,058	$ 27,715		$ 26,467
Current assets	23,960	43,017	[1]
Current liabilities	36,211	40,369	[1]
Associates [member]
Disclosure of associates [line items]
Gross profit	91	(47)		(77)
Current assets	73	(8)		2
Current liabilities	$ 20	$ 20		$ 25

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

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Supplemental Guarantor Financial Information - Additional Information (Detail) - USD ($)															12 Months Ended
	Feb. 15, 2018	Apr. 19, 2017	Apr. 06, 2017	Dec. 16, 2016	Jan. 29, 2016	Jan. 25, 2016	Jul. 23, 2015	Jan. 27, 2014	Jan. 17, 2013	Jul. 16, 2012	Mar. 14, 2011	Jan. 24, 2011	Mar. 24, 2010	Oct. 13, 2009	Dec. 31, 2017	Aug. 21, 2017
Disclosure of supplemental guarantor information [line items]
Notes issued												$ 500,000,000			$ 75,000,000,000
Maturity date												15 February 2021
Issuance closed date												27 January 2011
Ownership percentage of parent in guarantor subsidiaries															100.00%
Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 6,800,000,000
Principal amount						$ 46,000,000,000		$ 5,250,000,000
Fixed interest rate [member]
Disclosure of supplemental guarantor information [line items]
Interest rate												4.375%
Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				309,000,000
5.375% unsecured notes due 2020 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued														$ 2,250,000,000
Interest rate														5.375%
Maturity date														2020
5.0% due 2020 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued													$ 1,000,000,000
Interest rate													5.00%
Maturity date													2020
7.75% Notes Due on 2019 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued											$ 2,500,000,000
Interest rate											7.75%
Maturity date											2019
8.2% notes due on 2039 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued											$ 1,250,000,000
Interest rate											8.20%
Maturity date											2039
6.875% notes due on 2019 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued											$ 1,000,000,000
Interest rate											6.875%
Maturity date											2019
8.0% notes due on 2039 [member]
Disclosure of supplemental guarantor information [line items]
Notes issued											$ 450,000,000
Interest rate											8.00%
Maturity date											2039
7.75% notes due in 2019 [member] | Entering into significant commitments or contingent liabilities [member] | AB inBev [member]
Disclosure of supplemental guarantor information [line items]
Interest rate	7.75%
Maturity date	2019
Principal amount of the notes to be retired	$ 2,500,000,000
Notes due 2022 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 2,350,000,000						$ 3,000,000,000
Interest rate				3.75%						2.50%
Maturity date				2022						2022
Notes due 2042 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued										$ 1,000,000,000
Interest rate										3.75%
Maturity date										2042
Notes due 2023 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued									$ 1,250,000,000
Interest rate						3.30%			2.625%
Maturity date						2023			2023
Principal amount						$ 6,000,000,000
Notes Due 2043 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued									$ 750,000,000
Interest rate									4.00%
Maturity date									2043
Notes due 2019 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						1.90%		2.15%
Maturity date						2019		2019
Principal amount						$ 4,000,000,000		$ 1,250,000,000
Notes due 2019 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Maturity date								2019
Principal amount								$ 250,000,000
Notes due 2019 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate								0.40%
Notes Due 2024 [Member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate								3.70%
Maturity date								2024
Principal amount								$ 1,400,000,000
Notes due 2044 [Member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate								4.625%
Maturity date								2044
Principal amount								$ 850,000,000
Notes Due 2045 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued							$ 565,000,000
Interest rate							4.60%
Maturity date							2045
Notes due 2021 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						2.65%
Maturity date						2021
Principal amount						$ 7,500,000,000
Notes due 2021 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Maturity date						2021
Principal amount						$ 500,000,000
Notes due 2021 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						1.26%
Notes due 2026 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						3.65%
Maturity date						2026
Principal amount						$ 11,000,000,000
Notes due 2036 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						4.70%
Maturity date						2036
Principal amount						$ 6,000,000,000
Notes Due 2046 [member] | Fixed interest rate [member]
Disclosure of supplemental guarantor information [line items]
Notes issued					$ 1,470,000,000
Interest rate					4.915%
Maturity date					2046
Notes Due 2046 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate						4.90%
Maturity date						2046
Principal amount						$ 11,000,000,000
Notes Due 2018 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 641,000,000
Interest rate				2.20%
Maturity date				2018
Notes Due 2018 [member] | Floating interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Maturity date				2018
Notes Due 2018 [member] | Floating interest rate above three-month LIBOR [Member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Interest rate				0.69%
Notes Due 2033 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 298,000,000
Interest rate				6.625%
Maturity date				2033
Notes Due 2035 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 300,000,000
Interest rate				5.875%
Maturity date				2035
Notes Due 2042 [member] | Fixed interest rate [member] | Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued				$ 1,490,000,000
Interest rate				4.95%
Maturity date				2042
Notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued		$ 1,735,171,000	$ 1,735,171,000
Interest rate		4.439%	4.439%
Maturity date		6 October 2048	6 October 2048
4.439% notes due 2048 [member] | Anheuser Busch InBev Worldwide Inc. [member]
Disclosure of supplemental guarantor information [line items]
Notes issued																$ 1,735,169,000
Interest rate																4.439%

XML

Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Income Statement (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of supplemental guarantor information [line items]
Revenue	$ 56,444	$ 45,517	$ 43,064
Cost of sales	(21,386)	(17,803)	(17,137)
Gross profit	35,058	27,715	26,467
Distribution expenses	(5,876)	(4,543)	(4,259)
Sales and marketing expenses	(8,382)	(7,745)	(6,913)
Administrative expenses	(3,841)	(2,883)	(2,560)
Other operating income/(expenses)	854	732	1,032
Profit from operations	17,152	12,882	13,904
Net finance cost	(6,885)	(9,382)	(3,142)
Share of result of associates	430	16	10
Profit before tax	11,076	4,334	12,461
Income tax expense	(1,920)	(1,613)	(2,594)
Profit from continuing operations	9,155	2,721	9,867
Profit from discontinued operations	28	48
Profit of the year	9,183	2,769	9,867
Profit from continuing operations attributable to:
Non-controlling interest	1,187	1,528	1,594
Attributable to:
Equity holders of AB InBev	7,996	1,241	8,273
Non-controlling interest	1,187	1,528	1,594
Anheuser- Busch InBev SA/NV [member]
Disclosure of supplemental guarantor information [line items]
Revenue	540	506	104
Cost of sales	(338)	(300)	(72)
Gross profit	202	206	32
Distribution expenses	(23)	(27)	(3)
Sales and marketing expenses	(181)	(204)	(147)
Administrative expenses	(255)	(198)	(297)
Other operating income/(expenses)	793	464	542
Profit from operations	536	241	127
Net finance cost	(819)	(1,599)	(565)
Profit before tax	(283)	(1,358)	(438)
Income tax expense	(16)
Profit	(299)	(1,358)	(438)
Income from subsidiaries	8,295	2,599	8,711
Profit from continuing operations	7,996	1,241
Profit of the year	7,996	1,241	8,273
Profit from continuing operations attributable to:
Equity holders of AB InBev	7,996	1,241
Attributable to:
Equity holders of AB InBev	7,996	1,241	8,273
Anheuser Busch InBev Worldwide Inc. [member]
Disclosure of supplemental guarantor information [line items]
Administrative expenses		(4)
Other operating income/(expenses)	1,066	559	701
Profit from operations	1,066	555	701
Net finance cost	(3,064)	(1,283)	(1,791)
Profit before tax	(1,998)	(728)	(1,090)
Income tax expense	614	280	659
Profit	(1,384)	(448)	(431)
Income from subsidiaries	3,721	1,958	1,374
Profit from continuing operations	2,337	1,510
Profit of the year	2,337	1,510	943
Profit from continuing operations attributable to:
Equity holders of AB InBev	2,337	1,510
Attributable to:
Equity holders of AB InBev	2,337	1,510	943
Anheuser Busch InBev Finance Inc. [member]
Disclosure of supplemental guarantor information [line items]
Net finance cost	26	36	41
Profit before tax	26	36	41
Income tax expense	(17)	2	(36)
Profit	9	38	5
Profit from continuing operations	9	38
Profit of the year	9	38	5
Profit from continuing operations attributable to:
Equity holders of AB InBev	9	38
Attributable to:
Equity holders of AB InBev	9	38	5
Subsidiary Guarantors [member]
Disclosure of supplemental guarantor information [line items]
Revenue	14,015	14,135	14,097
Cost of sales	(5,838)	(5,923)	(6,179)
Gross profit	8,177	8,212
Distribution expenses	(996)	(967)	(1,009)
Sales and marketing expenses	(2,208)	(2,372)	(2,065)
Administrative expenses	(404)	(384)	(258)
Other operating income/(expenses)	(1,837)	(1,283)	(1,210)
Profit from operations	2,732	3,206	3,376
Net finance cost	4,160	(3,805)	(311)
Share of result of associates	2	2	2
Profit before tax	6,894	(597)	3,067
Income tax expense	1,329	(1,358)	(1,068)
Profit	8,223	(1,955)	1,999
Income from subsidiaries	4,167	1,322	3,484
Profit from continuing operations	12,390	(633)
Profit of the year	12,390	(633)	5,483
Profit from continuing operations attributable to:
Equity holders of AB InBev	12,390	(633)
Attributable to:
Equity holders of AB InBev	12,390	(633)	5,484
Non-Guarantors [member]
Disclosure of supplemental guarantor information [line items]
Revenue	44,235	32,884	31,059
Cost of sales	(17,556)	(13,587)	(12,542)
Gross profit	26,679	19,297	18,517
Distribution expenses	(4,857)	(3,549)	(3,246)
Sales and marketing expenses	(5,993)	(5,169)	(4,701)
Administrative expenses	(3,182)	(2,297)	(2,005)
Other operating income/(expenses)	170	598	1,135
Profit from operations	12,834	8,880	9,700
Net finance cost	(6,810)	(1,913)	1,173
Share of result of associates	428	14	8
Profit before tax	6,437	6,981	10,881
Income tax expense	(3,830)	(537)	(2,149)
Profit	2,606	6,444	8,732
Income from subsidiaries	6,204	1,469	1,410
Profit from continuing operations	8,810	7,913
Profit from discontinued operations	28	48
Profit of the year	8,838	7,961	10,142
Profit from continuing operations attributable to:
Equity holders of AB InBev	7,623	6,385
Non-controlling interest	1,187	1,528
Attributable to:
Equity holders of AB InBev	7,651	6,433	8,548
Non-controlling interest	1,187	1,528	1,594
Eliminations [member]
Disclosure of supplemental guarantor information [line items]
Revenue	(2,346)	(2,008)	(1,656)
Cost of sales	2,346	2,008	1,656
Income from subsidiaries	(22,387)	(7,348)	(14,979)
Profit from continuing operations	(22,387)	(7,348)
Profit of the year	(22,387)	(7,348)	(14,979)
Profit from continuing operations attributable to:
Equity holders of AB InBev	(22,387)	(7,348)
Attributable to:
Equity holders of AB InBev	(22,387)	(7,348)	(14,979)
Consolidation [member]
Disclosure of supplemental guarantor information [line items]
Revenue	56,444	45,517	43,604
Cost of sales	(21,386)	(17,803)	(17,137)
Gross profit	35,058	27,715	26,467
Distribution expenses	(5,876)	(4,543)	(4,258)
Sales and marketing expenses	(8,382)	(7,745)	(6,913)
Administrative expenses	(3,841)	(2,883)	(2,560)
Other operating income/(expenses)	192	338	1,168
Profit from operations	17,152	12,882	13,904
Net finance cost	(6,507)	(8,564)	(1,453)
Share of result of associates	430	16	10
Profit before tax	11,076	4,334	12,461
Income tax expense	(1,920)	(1,613)	(2,594)
Profit	9,155	2,721	9,867
Profit from continuing operations	9,155	2,721
Profit from discontinued operations	28	48
Profit of the year	9,183	2,769	9,867
Profit from continuing operations attributable to:
Equity holders of AB InBev	7,968	1,193
Non-controlling interest	1,187	1,528
Attributable to:
Equity holders of AB InBev	7,996	1,241	8,273
Non-controlling interest	$ 1,187	$ 1,528	$ 1,594

XML

Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Statement of Financial Position (Detail) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Non-current assets
Property, plant and equipment		$ 27,184	$ 26,219	[1]
Goodwill		140,940	135,864	[1]
Intangible assets		45,874	44,789	[1]
Deferred tax assets		1,216	1,261	[1]
Derivatives		25	146	[1]
Non-current assets		222,166	213,569	[1]
Current assets
Inventories		4,119	3,889	[1]
Derivatives		458	971	[1]
Trade and other receivables		6,566	6,352	[1]
Cash and cash equivalents		10,472	8,579	[1]
Assets classified as held for sale		133	16,458	[1]	$ 48
Current assets		23,960	43,017	[1]
Total assets		246,126	256,586	[1]
Equity
Equity attributable to equity holders of AB InBev		72,585	71,339	[1]
Minority interest		7,635	10,086	[1]
Equity		80,220	81,425	[1]	$ 45,719	$ 54,257
Non-current liabilities
Interest-bearing loans and borrowings		108,949	113,941	[1]
Employee benefits		2,993	3,014	[1]
Deferred tax liabilities		13,107	14,703	[1]
Derivatives		937	471	[1]
Non-current liabilities		129,695	134,792	[1]
Current liabilities
Interest-bearing loans and borrowings		7,433	8,618	[1]
Income tax payable		1,558	3,845	[1]
Derivatives		1,457	1,263	[1]
Trade and other payables		24,762	23,086	[1]
Liabilities associated with assets held for sale	[1]		2,174
Current liabilities		36,211	40,369	[1]
Total equity and liabilities		246,126	256,586	[1]
Anheuser- Busch InBev SA/NV [member]
Non-current assets
Property, plant and equipment		44	52
Intangible assets		584	520
Investments in subsidiaries		121,847	126,200
Other non-current assets		53,565	48,333
Non-current assets		176,040	175,105
Current assets
Investment securities		1,301	5,500
Inventories		21	9
Trade and other receivables		16,585	12,072
Cash and cash equivalents		43	257
Current assets		17,950	17,838
Total assets		193,989	192,943
Equity
Equity attributable to equity holders of AB InBev		72,585	71,677
Equity		72,585	71,677
Non-current liabilities
Interest-bearing loans and borrowings		102,398	86,757
Employee benefits		5	4
Other non-current liabilities		131	116
Non-current liabilities		102,534	86,877
Current liabilities
Interest-bearing loans and borrowings		16,718	21,815
Trade and other payables		2,033	2,068
Other current liabilities		121	10,506
Current liabilities		18,872	34,389
Total equity and liabilities		193,989	192,943
Anheuser Busch InBev Worldwide Inc. [member]
Non-current assets
Investments in subsidiaries		77,388	41,488
Deferred tax assets			327
Other non-current assets		10,290	24,322
Non-current assets		87,677	66,137
Current assets
Trade and other receivables		1,514	7,937
Cash and cash equivalents		242	155
Current assets		1,756	8,092
Total assets		89,434	74,229
Equity
Equity attributable to equity holders of AB InBev		38,307	20,009
Equity		38,307	20,009
Non-current liabilities
Interest-bearing loans and borrowings		49,230	50,672
Deferred tax liabilities		(337)
Non-current liabilities		48,893	50,672
Current liabilities
Interest-bearing loans and borrowings		2,363	3,670
Income tax payable		(665)	(881)
Trade and other payables		535	759
Current liabilities		2,233	3,548
Total equity and liabilities		89,434	74,229
Anheuser Busch InBev Finance Inc. [member]
Non-current assets
Other non-current assets		55,432	55,258
Non-current assets		55,432	55,258
Current assets
Trade and other receivables		1,947	2,338
Cash and cash equivalents		8
Current assets		1,955	2,338
Total assets		57,387	57,596
Equity
Equity attributable to equity holders of AB InBev		586	564
Equity		586	564
Non-current liabilities
Interest-bearing loans and borrowings		55,464	55,239
Deferred tax liabilities		9	16
Non-current liabilities		55,473	55,255
Current liabilities
Interest-bearing loans and borrowings		479	300
Income tax payable		3	10
Trade and other payables		848	850
Other current liabilities			617
Current liabilities		1,330	1,777
Total equity and liabilities		57,387	57,596
Subsidiary Guarantors [member]
Non-current assets
Property, plant and equipment		4,589	4,829
Goodwill		33,277	33,056
Intangible assets		22,105	22,094
Investments in subsidiaries		83,368	8,042
Investments in associates and joint ventures		28	40
Derivatives		16	120
Other non-current assets		25,293	60,420
Non-current assets		168,676	128,601
Current assets
Inventories		626	635
Derivatives		320	(120)
Trade and other receivables		25,237	16,622
Cash and cash equivalents		5,982	28,780
Other current assets			(610)
Current assets		32,165	45,307
Total assets		200,841	173,908
Equity
Equity attributable to equity holders of AB InBev		131,657	107,258
Equity		131,656	107,258
Non-current liabilities
Interest-bearing loans and borrowings		29,005	16,257
Employee benefits		1,240	1,290
Deferred tax liabilities		6,528	10,141
Derivatives		920	275
Other non-current liabilities		1,023	853
Non-current liabilities		38,716	28,816
Current liabilities
Interest-bearing loans and borrowings		19,336	24,576
Income tax payable		734	6
Derivatives		1,360	(275)
Trade and other payables		5,481	4,583
Other current liabilities		3,558	8,944
Current liabilities		30,469	37,834
Total equity and liabilities		200,841	173,908
Non-Guarantors [member]
Non-current assets
Property, plant and equipment		22,551	22,641
Goodwill		107,663	103,477
Intangible assets		23,185	21,954
Investments in subsidiaries		99,398
Investments in associates and joint ventures		5,235	4,284
Deferred tax assets		1,216	1,261
Derivatives		9	26
Other non-current assets		67,709	34,582
Non-current assets		326,966	188,225
Current assets
Investment securities		3	159
Inventories		3,472	3,269
Derivatives		138	1,091
Trade and other receivables		19,942	27,215
Cash and cash equivalents		9,768	8,941
Assets classified as held for sale		133	16,439
Other current assets		908	1,719
Current assets		34,364	58,833
Total assets		361,330	247,058
Equity
Equity attributable to equity holders of AB InBev		211,449	47,561
Minority interest		7,635	10,086
Equity		219,084	57,647
Non-current liabilities
Interest-bearing loans and borrowings		83,459	126,948
Employee benefits		1,748	1,720
Deferred tax liabilities		6,907	6,848
Derivatives		17	196
Other non-current liabilities		2,573	1,786
Non-current liabilities		94,705	137,498
Current liabilities
Interest-bearing loans and borrowings		20,531	14,333
Income tax payable		1,486	4,787
Derivatives		97	1,538
Trade and other payables		22,530	18,542
Liabilities associated with assets held for sale			2,174
Other current liabilities		2,894	10,540
Current liabilities		47,538	51,914
Total equity and liabilities		361,330	247,058
Eliminations [member]
Non-current assets
Investments in subsidiaries		(382,000)	(175,730)
Deferred tax assets			(327)
Other non-current assets		(210,623)	(221,949)
Non-current assets		(592,623)	(398,006)
Current assets
Trade and other receivables		(58,660)	(59,793)
Cash and cash equivalents		(5,571)	(29,554)
Current assets		(64,231)	(89,347)
Total assets		(656,855)	(487,353)
Equity
Equity attributable to equity holders of AB InBev		(382,000)	(175,730)
Equity		(382,000)	(175,730)
Non-current liabilities
Interest-bearing loans and borrowings		(210,607)	(221,932)
Deferred tax liabilities			(327)
Other non-current liabilities		(18)	(18)
Non-current liabilities		(210,625)	(222,277)
Current liabilities
Interest-bearing loans and borrowings		(51,994)	(56,076)
Trade and other payables		(6,665)	(3,716)
Other current liabilities		(5,571)	(29,554)
Current liabilities		(64,230)	(89,346)
Total equity and liabilities		(656,855)	(487,353)
Consolidation [member]
Non-current assets
Property, plant and equipment			27,522
Goodwill			136,533
Intangible assets			44,568
Investments in associates and joint ventures			4,324
Deferred tax assets			1,261
Derivatives		25	146
Other non-current assets		1,664	966
Non-current assets		222,166	215,320
Current assets
Investment securities		1,304	5,659
Inventories		4,119	3,913
Derivatives		458	971
Trade and other receivables		6,566	6,391
Cash and cash equivalents		10,472	8,579
Assets classified as held for sale		133	16,439
Other current assets		908	1,109
Current assets		23,960	43,061
Total assets		246,126	258,381
Equity
Equity attributable to equity holders of AB InBev		72,585	71,339
Minority interest		7,635	10,086
Equity		80,220	81,425
Non-current liabilities
Interest-bearing loans and borrowings		108,949	113,941
Employee benefits		2,993	3,014
Deferred tax liabilities		13,107	16,678
Derivatives		937	471
Other non-current liabilities		3,709	2,737
Non-current liabilities		129,695	136,841
Current liabilities
Interest-bearing loans and borrowings		7,433	8,618
Income tax payable		1,558	3,922
Derivatives		1,457	1,263
Trade and other payables		24,762	23,086
Liabilities associated with assets held for sale			2,174
Other current liabilities		1,002	1,053
Current liabilities		36,211	40,116
Total equity and liabilities		$ 246,126	$ 258,381

[1] 2016 as reported, adjusted to reflect the opening balance sheet adjustments related to the final allocation of the SAB purchase price to the individual assets acquired and liabilities assumed as required by IFRS 3 Business Combinations, which requires retrospective application of post-acquisition adjustments (see also Note 6 Acquisitions and disposals of subsidiaries).

XML

Supplemental Guarantor Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Profit	$ 9,183	$ 2,769	$ 9,867
Depreciation, amortization and impairment	4,276	3,477	3,153
Income tax expense	1,920	1,613	2,594
Cash flow from operating activities before changes in working capital and use of provisions	21,667	16,341	16,726
Cash generated from operations	21,270	16,044	18,063
Interest paid, net	(4,652)	(3,279)	(1,943)
Dividends received	142	43	22
Income tax paid	(2,141)	(3,256)	(2,355)
CASH FLOW FROM OPERATING ACTIVITIES	15,430	10,110	14,121
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets	617	211	412
Taxes on SAB transaction-related divestitures	(3,449)
Net of tax proceeds from the sale of assets held for sale	16	146	397
Net proceeds from sale/(acquisition) of investment in short-term debt securities	4,337	(5,583)	169
Net proceeds from sale/(acquisition) of other assets	(280)	(27)	(195)
CASH FLOW FROM INVESTING ACTIVITIES	7,854	(60,077)	(4,930)
FINANCING ACTIVITIES
Proceeds from borrowings	13,352	86,292	16,237
Payments on borrowings	(23,333)	(23,617)	(15,780)
Cash net finance (cost)/income other than interests	6,507	8,564	1,453
Dividends paid	(9,275)	(8,450)	(7,966)
CASH FLOW FROM FINANCING ACTIVITIES	(21,004)	50,731	(9,281)
Net increase/(decrease) in cash and cash equivalents	2,280	764	(90)
Cash and cash equivalents less bank overdrafts at beginning of year	8,395	6,910	8,316
Effect of exchange rate fluctuations	(319)	721	(1,316)
Cash and cash equivalents less bank overdrafts at end of period	10,356	8,395	6,910
Anheuser- Busch InBev SA/NV [member]
OPERATING ACTIVITIES
Profit	7,996	1,241	8,273
Depreciation, amortization and impairment	128	96	73
Net finance cost	819	1,599	565
Income tax expense	16		101
Investment income	(8,296)	(2,599)	(8,711)
Other items	126	56	57
Cash flow from operating activities before changes in working capital and use of provisions	789	393	359
Working capital and provisions	(283)	(121)	(215)
Cash generated from operations	506	272	144
Interest paid, net	(860)	(1,543)	(442)
Dividends received	2	9,256	2,607
Income tax paid	(16)		(9)
CASH FLOW FROM OPERATING ACTIVITIES	(368)	7,985	2,300
INVESTING ACTIVITIES
Acquisition of property, plant and equipment and of intangible assets	(126)	(369)	(105)
Net proceeds from sale/(acquisition) of investment in short-term debt securities	4,177	(5,500)
Net proceeds from sale/(acquisition) of other assets	535
Net repayments/(payments) of loans granted	(7,949)	(11,753)	(13,496)
CASH FLOW FROM INVESTING ACTIVITIES	(3,363)	(75,334)	(13,601)
FINANCING ACTIVITIES
Intra-group capital reimbursements	18,594	(79)	156
Proceeds from borrowings	24,604	81,137	19,965
Payments on borrowings	(20,574)	(13,370)	(3,553)
Cash net finance (cost)/income other than interests	(463)	(628)
Other financing activities			159
Share buy back			(1,000)
Dividends paid	(7,992)	(7,134)	(6,586)
CASH FLOW FROM FINANCING ACTIVITIES	14,169	59,926	9,141
Net increase/(decrease) in cash and cash equivalents	10,438	(7,423)	(2,160)
Cash and cash equivalents less bank overdrafts at beginning of year	(10,244)	(1,832)	502
Effect of exchange rate fluctuations	(268)	(989)	(174)
Cash and cash equivalents less bank overdrafts at end of period	(74)	(10,244)	(1,832)
Anheuser- Busch InBev SA/NV [member] | SAB [member]
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		(57,712)
Anheuser Busch InBev Worldwide Inc. [member]
OPERATING ACTIVITIES
Profit	2,337	1,510	943
Net finance cost	3,064	1,284	1,791
Income tax expense	(614)	(280)	(659)
Investment income	(3,721)	(1,958)	(1,374)
Other items		(1)
Cash flow from operating activities before changes in working capital and use of provisions	1,067	555	701
Working capital and provisions	869	541	550
Cash generated from operations	1,936	1,096	1,251
Interest paid, net	(3,156)	(1,153)	(1,845)
Dividends received			1,891
CASH FLOW FROM OPERATING ACTIVITIES	(1,220)	(57)	1,297
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of			(2)
Net repayments/(payments) of loans granted	4,996	(900)	508
CASH FLOW FROM INVESTING ACTIVITIES	4,996	(900)	506
FINANCING ACTIVITIES
Proceeds from borrowings	2,262	4,486	24,078
Payments on borrowings	(5,876)	(4,049)	(24,869)
Cash net finance (cost)/income other than interests		(64)
Other financing activities			(33)
Dividends paid	(75)
CASH FLOW FROM FINANCING ACTIVITIES	(3,689)	373	(824)
Net increase/(decrease) in cash and cash equivalents	87	(584)	979
Cash and cash equivalents less bank overdrafts at beginning of year	155	739	(240)
Cash and cash equivalents less bank overdrafts at end of period	242	155	739
Anheuser Busch InBev Finance Inc. [member]
OPERATING ACTIVITIES
Profit	9	38	5
Net finance cost	(26)	(36)	(41)
Income tax expense	17	(2)	36
Cash flow from operating activities before changes in working capital and use of provisions	(1)
Working capital and provisions	(4)	4	(2)
Cash generated from operations	(5)	4	(2)
Interest paid, net	79	59	48
Income tax paid	(16)
CASH FLOW FROM OPERATING ACTIVITIES	58	63	46
INVESTING ACTIVITIES
Net repayments/(payments) of loans granted	332	(46,052)	(565)
CASH FLOW FROM INVESTING ACTIVITIES	332	(46,052)	(565)
FINANCING ACTIVITIES
Intra-group capital reimbursements			22
Proceeds from borrowings	1,470	47,051	565
Payments on borrowings	(1,306)	(2,200)	(3)
Cash net finance (cost)/income other than interests		(5)
Other financing activities			(1)
CASH FLOW FROM FINANCING ACTIVITIES	164	44,846	583
Net increase/(decrease) in cash and cash equivalents	554	(1,143)	64
Cash and cash equivalents less bank overdrafts at beginning of year	(617)	525	460
Effect of exchange rate fluctuations	72		1
Cash and cash equivalents less bank overdrafts at end of period	9	(617)	525
Subsidiary Guarantors [member]
OPERATING ACTIVITIES
Profit	12,390	(633)	5,483
Depreciation, amortization and impairment	771	748	727
Net finance cost	(4,160)	3,805	311
Income tax expense	(1,329)	1,358	1,068
Investment income	(4,167)	(1,322)	(3,484)
Other items	(7)	231	85
Cash flow from operating activities before changes in working capital and use of provisions	3,499	4,187	4,190
Working capital and provisions	(1,210)	(650)	(630)
Cash generated from operations	2,289	3,537	3,560
Interest paid, net	351	999	1,820
Dividends received	78	4	19
Income tax paid	285	(511)	(846)
CASH FLOW FROM OPERATING ACTIVITIES	3,003	4,029	4,553
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets	18	25
Sale of subsidiaries, net of cash disposed of	42	13
Taxes on SAB transaction-related divestitures	(3,449)
Acquisition and sale of subsidiaries, net of cash acquired/disposed of	(306)		(312)
Acquisition of property, plant and equipment and of intangible assets	(534)	(650)	(646)
Net of tax proceeds from the sale of assets held for sale			244
Net proceeds from sale/(acquisition) of other assets	(69)	(31)	44
Net repayments/(payments) of loans granted	4,607	(229)	598
CASH FLOW FROM INVESTING ACTIVITIES	308	(9,524)	72
FINANCING ACTIVITIES
Intra-group capital reimbursements	(21,152)	(2,115)	3,294
Proceeds from borrowings	16,197	32,887	6,933
Payments on borrowings	(19,354)	(1,372)	(3,845)
Cash net finance (cost)/income other than interests	1,977	(3,157)
Other financing activities			(2,353)
Dividends paid			(3,370)
CASH FLOW FROM FINANCING ACTIVITIES	(22,332)	26,243	659
Net increase/(decrease) in cash and cash equivalents	(19,021)	20,748	5,140
Cash and cash equivalents less bank overdrafts at beginning of year	19,840	(1,100)	(5,789)
Effect of exchange rate fluctuations	1,611	194	(451)
Cash and cash equivalents less bank overdrafts at end of period	2,430	19,840	(1,100)
Subsidiary Guarantors [member] | SAB [member]
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		(8,652)
Non-Guarantors [member]
OPERATING ACTIVITIES
Profit	8,838	7,961	10,142
Depreciation, amortization and impairment	3,377	2,633	2,352
Net finance cost	6,810	1,912	(1,173)
Income tax expense	3,830	537	2,048
Investment income	(6,203)	(1,469)	(1,410)
Other items	(338)	(368)	(483)
Cash flow from operating activities before changes in working capital and use of provisions	16,313	11,206	11,476
Working capital and provisions	72	(80)	1,669
Cash generated from operations	16,385	11,126	13,145
Interest paid, net	(6,120)	(1,108)	(1,122)
Dividends received	139	40	984
Income tax paid	(2,394)	(2,745)	(1,500)
CASH FLOW FROM OPERATING ACTIVITIES	8,010	7,313	11,507
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets	599	186
Sale of subsidiaries, net of cash disposed of		640
Proceeds from SAB transaction-related divestitures	11,697	16,342
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		(1,445)	(604)
Acquisition of property, plant and equipment and of intangible assets	(4,081)	(3,960)	(3,998)
Net of tax proceeds from the sale of assets held for sale	16	146	153
Net proceeds from sale/(acquisition) of investment in short-term debt securities	160	(83)	169
Net proceeds from sale/(acquisition) of other assets	(746)	4	173
Net repayments/(payments) of loans granted	43,229	(32,475)	(10,284)
CASH FLOW FROM INVESTING ACTIVITIES	50,582	(19,447)	(14,391)
FINANCING ACTIVITIES
Intra-group capital reimbursements	2,558	2,194	(3,472)
Purchase of non-controllinginterest	(206)	(10)
Proceeds from borrowings	(219)	14,895	12,163
Payments on borrowings	(46,006)	(5,600)	(7,807)
Cash net finance (cost)/income other than interests	(3,055)	370
Other financing activities			1,456
Dividends paid	(1,285)	(10,573)	(3,489)
CASH FLOW FROM FINANCING ACTIVITIES	(48,213)	1,276	(1,149)
Net increase/(decrease) in cash and cash equivalents	10,379	(10,858)	(4,033)
Cash and cash equivalents less bank overdrafts at beginning of year	(740)	8,578	13,383
Effect of exchange rate fluctuations	(1,891)	1,540	(774)
Cash and cash equivalents less bank overdrafts at end of period	7,749	(740)	8,578
Non-Guarantors [member] | SAB [member]
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		1,198
Eliminations [member]
OPERATING ACTIVITIES
Profit	(22,387)	(7,348)	(14,979)
Investment income	22,387	7,348	14,979
Working capital and provisions	159	9	(35)
Cash generated from operations	159	9	(35)
Interest paid, net	5,865	25	(68)
Dividends received	(77)	(9,257)	(5,479)
CASH FLOW FROM OPERATING ACTIVITIES	5,947	(9,223)	(5,582)
INVESTING ACTIVITIES
Net repayments/(payments) of loans granted	(45,002)	91,180	23,193
CASH FLOW FROM INVESTING ACTIVITIES	(45,002)	91,180	23,193
FINANCING ACTIVITIES
Proceeds from borrowings	(30,962)	(94,164)	(47,467)
Payments on borrowings	69,783	2,974	24,297
Dividends paid	77	9,257	5,479
CASH FLOW FROM FINANCING ACTIVITIES	38,898	(81,933)	(17,691)
Net increase/(decrease) in cash and cash equivalents	(157)	24	(80)
Effect of exchange rate fluctuations	157	(24)	80
Consolidation [member]
OPERATING ACTIVITIES
Profit	9,183	2,769	9,867
Depreciation, amortization and impairment	4,276	3,477	3,153
Net finance cost	6,507	8,564	1,453
Income tax expense	1,920	1,613	2,594
Other items	(219)	(82)	(341)
Cash flow from operating activities before changes in working capital and use of provisions	21,667	16,341	16,726
Working capital and provisions		(297)	1,337
Cash generated from operations	21,270	16,044	18,063
Interest paid, net	(3,841)	(2,721)	(1,609)
Dividends received	142	43	22
Income tax paid	(2,141)	(3,256)	(2,355)
CASH FLOW FROM OPERATING ACTIVITIES	15,430	10,110	14,121
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets	617	211
Sale of subsidiaries, net of cash disposed of	42	653
Proceeds from SAB transaction-related divestitures	11,697	16,342
Taxes on SAB transaction-related divestitures	(3,449)
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		(1,445)	(918)
Acquisition of property, plant and equipment and of intangible assets	(4,741)	(4,979)	(4,749)
Net of tax proceeds from the sale of assets held for sale	16	146	397
Net proceeds from sale/(acquisition) of investment in short-term debt securities	4,337	(5,583)	169
Net proceeds from sale/(acquisition) of other assets	(280)	(27)	217
Net repayments/(payments) of loans granted	213	(229)	(46)
CASH FLOW FROM INVESTING ACTIVITIES	7,854	(60,077)	(4,930)
FINANCING ACTIVITIES
Purchase of non-controllinginterest	(206)	(10)
Proceeds from borrowings	13,352	86,292	16,237
Payments on borrowings	(23,333)	(23,617)	(15,780)
Cash net finance (cost)/income other than interests	(1,541)	(3,484)
Other financing activities			(772)
Share buy back			(1,000)
Dividends paid	(9,275)	(8,450)	(7,966)
CASH FLOW FROM FINANCING ACTIVITIES	(21,004)	50,731	(9,281)
Net increase/(decrease) in cash and cash equivalents	2,280	764	(90)
Cash and cash equivalents less bank overdrafts at beginning of year	8,395	6,910	8,316
Effect of exchange rate fluctuations	(319)	721	(1,316)
Cash and cash equivalents less bank overdrafts at end of period	$ 10,356	8,395	$ 6,910
Consolidation [member] | SAB [member]
INVESTING ACTIVITIES
Acquisition and sale of subsidiaries, net of cash acquired/disposed of		$ (65,166)

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Events After the Balance Sheet Date - Additional Information (Detail) € in Millions, $ in Billions	Mar. 01, 2018 shares	Feb. 15, 2018 USD ($)	Jan. 23, 2018 EUR (€)	Jun. 05, 2013 USD ($) shares	Mar. 14, 2011	Jan. 24, 2011
Disclosure of non-adjusting events after reporting period [line items]
Borrowings, maturity						15 February 2021
Grupo Modelo [member]
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from issuing shares | $				$ 1.5
Shares reserved for issue under options and contracts for sale of shares | shares				23,076,922
Deferred share units vesting period				5 years
7.75% Notes Due on 2019 [member]
Disclosure of non-adjusting events after reporting period [line items]
Borrowings, maturity					2019
Borrowings, interest rate					7.75%
Fixed interest rate [member]
Disclosure of non-adjusting events after reporting period [line items]
Borrowings, interest rate						4.375%
Bonds [member]
Disclosure of non-adjusting events after reporting period [line items]
Bonds issued			€ 4,250
Bonds [member] | Floating interest rate [member] | Bonds due on 15 April 2024 [member]
Disclosure of non-adjusting events after reporting period [line items]
Bonds issued			€ 1,500
Borrowings rate basis			30 basis point above three-month EURIBOR
Borrowings, maturity			15 April 2024
Bonds [member] | Fixed interest rate [member] | Bonds due on 22 January 2027 [member]
Disclosure of non-adjusting events after reporting period [line items]
Bonds issued			€ 2,000
Borrowings, maturity			22 January 2027
Borrowings, interest rate			1.15%
Bonds [member] | Fixed interest rate [member] | Bonds due on 23 January 2035 [member]
Disclosure of non-adjusting events after reporting period [line items]
Bonds issued			€ 750
Borrowings, maturity			23 January 2035
Borrowings, interest rate			2.00%
Redemption of notes [member] | 7.75% Notes Due on 2019 [member]
Disclosure of non-adjusting events after reporting period [line items]
Borrowings, maturity		2019
Borrowings, interest rate		7.75%
Redemption of notes | $		$ 2.5
Major ordinary share transactions [member] | Grupo Modelo [member]
Disclosure of non-adjusting events after reporting period [line items]
Number of ordinary shares issued during period | shares	23,076,922

XML

AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Detail)	12 Months Ended
	Dec. 31, 2017
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in subsidiary	100.00%
Dominican Republic [member] | CERVECERIA NACIONAL DOMINICANA S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA NACIONAL DOMINICANA S.A. – Autopista 30 de Mayo Km 61/2, Distrito Nacional – A.P. 1086 – Santo Domingo1
Proportion of ownership interest in subsidiary	34.06%
Argentina [member] | CERVECERIA Y MALTERIA QUILMES SAICA y G [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA Y MALTERIA QUILMES SAICA y G – Charcas 5160 – C1425BOF – Buenos Aires
Proportion of ownership interest in subsidiary	61.92%
Australia [member] | FOSTER'S GROUP PTY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	FOSTER’S GROUP PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria
Proportion of ownership interest in subsidiary	100.00%
Australia [member] | CUB PTY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CUB PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria
Proportion of ownership interest in subsidiary	100.00%
Australia [member] | FBG FINANCE PTY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	FBG FINANCE PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria
Proportion of ownership interest in subsidiary	100.00%
Australia [member] | FBG TREASURY (AUST) PTY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	FBG TREASURY (AUST) PTY LTD – Southbank Boulevard 77 – 3006 Southbank – Victoria
Proportion of ownership interest in subsidiary	100.00%
Belgium [member] | BRASSERIE DE L'ABBAYE DE LEFFE S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BRASSERIE DE L’ABBAYE DE LEFFE S.A. – Place de l’Abbaye 1 – 5500 – Dinant
Proportion of ownership interest in subsidiary	98.54%
Belgium [member] | BROUWERIJ VAN HOEGAARDEN N.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BROUWERIJ VAN HOEGAARDEN N.V. – Stoopkensstraat 46 – 3320 – Hoegaarden
Proportion of ownership interest in subsidiary	100.00%
Belgium [member] | COBREW N.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	COBREW N.V. – Brouwerijplein 1 – 3000 – Leuven
Proportion of ownership interest in subsidiary	100.00%
Belgium [member] | INBEV BELGIUM S.P.R.L. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INBEV BELGIUM S.P.R.L. – Industrielaan 21 – 1070 – Brussel
Proportion of ownership interest in subsidiary	100.00%
Botswana [member] | KGALAGADI BREWERIES (PTY) LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	KGALAGADI BREWERIES (PTY) LTD - Plot 20768, Broadhurst industrial estate - Gaborone1
Proportion of ownership interest in subsidiary	31.00%
Bolivia [member] | CERVECERIA BOLIVIANA NACIONAL S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA BOLIVIANA NACIONAL S.A. – Av. Montes 400 and Chuquisaca No. 121, Zona Challapampa – La Paz
Proportion of ownership interest in subsidiary	61.92%
Brazil [Member] | Ambev [Member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AMBEV S.A. – Rua Dr Renato Paes de Barros, 1017, 3° andar, Itaim Bibi – CEP 04530-001 – São Paulo
Proportion of ownership interest in subsidiary	61.92%
Canada [member] | LABATT BREWING COMPANY LIMITED [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	LABATT BREWING COMPANY LIMITED – 207 Queen’s Quay West, Suite 299 – M5J 1A7 – Toronto
Proportion of ownership interest in subsidiary	61.92%
Chile [member] | CERVECERIA CHILE S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA CHILE S.A. – Av. Presidente Eduardo Frei Montalva 9600 – 8700000 – Quilicura
Proportion of ownership interest in subsidiary	61.92%
China [member] | ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (CHINA) SALES CO LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (WUHAN) BREWERY CO. LTD. – Shangshou, Qin Duan Kou, Hanyang Area – 430051 – Wuhan City, Hubei Province
Proportion of ownership interest in subsidiary	97.06%
China [member] | ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (FOSHAN) BREWERY CO. LTD. – 1 Budweiser Avenue, Southwest St., Sanshui District – 528132 – Foshan City, Guangdong
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV HARBIN BREWERY CO. LTD. – 9 HaPi Road Pingfang District – 150066 – Harbin City, Heilongijang Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (TANGSHAN) BREWERY CO. LTD. – 18, Yingbin Road – 063300 – Tangshan City, Hebei Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV SEDRIN BREWERY CO. LTD. – 660 Gong Ye Road, Hanjiang District – 351111 – Putian City, Fujian Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV SEDRIN (ZHANGZHOU) BREWERY CO. LTD. – Lantian Economic District – 363005 – Zhangzhou City, Fujian Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (TAIZHOU) BREWERY CO. LTD. – 159 Qi Xia East Road, Chengguan Town, Tiantai County – 317200 – Taizhou Cithy, Zhejiang Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | NANCHANG ASIA BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	NANCHANG ASIA BREWERY CO. LTD. – 183 West Sandian Road, Qing Yun Pu District – Nanchang City, Jiangxi Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | SIPING GINSBER DRAFT BEER CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SIPING GINSBER DRAFT BEER CO. LTD. – Xianmaquan, Tiedong Area – Siping City, Jilin Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV BIG BOSS (JIANGSU) BREWERY CO. LTD. – 666 Zhaoxia Road – Nantong City, Jiangsu Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (SICHUAN) BREWERY CO. LTD. – No. 1, AB InBev Avenue, Cheng Nan Industry Park, Economic Development Area – 641300 – Ziyang City, Sichuan Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (HENAN) BREWERY CO. LTD. – No. 1 Budweiser Avenue, Industry Park, Tangzhuang Town – 453100 – Weihui City, Henan Province
Proportion of ownership interest in subsidiary	100.00%
China [member] | INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INBEV JINLONGQUAN (HUBEI) BREWERY CO. LTD. – 89 Jin Long Quan Avenue – Jingmen City, Hubei Province
Proportion of ownership interest in subsidiary	60.00%
China [member] | ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV (SUQIAN) BREWERY CO. LTD. – No 1 Qujiang Road, Suyu Industry Park – Suqian City, Jiangsu Province
Proportion of ownership interest in subsidiary	100.00%
Colombia [member] | BOGOTA BEER COMPANY BBC S.A.S. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BOGOTA BEER COMPANY BBC S.A.S. – Avenida Carrera 24 85A-47 – Bogota
Proportion of ownership interest in subsidiary	97.22%
Colombia [member] | BAVARIA S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BAVARIA SA – Carrera 53A 127–35 – Cundinamarca – 111111 Bogota
Proportion of ownership interest in subsidiary	99.14%
Colombia [member] | AMBEV COLOMBIA S.A.S. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AMBEV COLOMBIA S.A.S. – Calle 90 12-28 Piso 2 – Bogota
Proportion of ownership interest in subsidiary	97.22%
Czech Republic [member] | PIVOVAR SAMSON A.S. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	PIVOVAR SAMSON A.S. – V parku 2326/18, Chodov, 148 00 Praha 4
Proportion of ownership interest in subsidiary	100.00%
Ecuador [member] | COMPANIA CERVECERA AMBEV ECUADOR S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	COMPAÑIA CERVECERA AMBEV ECUADOR S.A. – Km 14.5 Via a Daule S/N y Av. Las Iguanas, Guayaquil
Proportion of ownership interest in subsidiary	97.22%
Ecuador [member] | CERVECERIA NACIONAL (CN) S,A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERÍA NACIONAL (CN) SA – Via a daule km 16,5 y calle cobre s/n – Guayaquil, Guayas
Proportion of ownership interest in subsidiary	95.58%
El Salvador [member] | INDUSTRIAS LA CONSTANCIA, SA DE CV [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INDUSTRIAS LA CONSTANCIA, SA DE CV – 526 Av. Independencia, San Salvador
Proportion of ownership interest in subsidiary	100.00%
France [member] | AB INBEV FRANCE S.A.S. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB INBEV FRANCE S.A.S. – Immeuble Crystal, 38, Place Vauban – C.P. 59110 – La Madeleine
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | BRAUEREI BECK GmbH & CO. KG [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BRAUEREI BECK GmbH & CO. KG – Am Deich 18/19 – 28199 – Bremen
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | BRAUEREI DIEBELS GmbH & CO.KG [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BRAUEREI DIEBELS GmbH & CO.KG – Brauerei-Diebels-Strasse 1 – 47661 – Issum
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | HAAKE-BECK AG [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	HAAKE-BECK AG – Am Deich 18/19 – 28199 – Bremen
Proportion of ownership interest in subsidiary	99.96%
Germany [member] | HASSERODER BRAUEREI GmbH [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	HASSERÖDER BRAUEREI GmbH – Auerhahnring 1 – 38855 – Wernigerode
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV GERMANY HOLDING GmbH – Am Deich 18/19 – 28199 – Bremen
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | SPATEN - FRANZISKANER - BRAU GmbH [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SPATEN – FRANZISKANER – BRÄU GmbH – Marsstrasse 46 + 48 – 80335 – München
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV Deutschland GmbH & Co KG – Am Deich 18/19 – 28199 – Bremen
Proportion of ownership interest in subsidiary	100.00%
Germany [member] | LOEWENBRAEU AG [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	LOEWENBRAEU AG – Nymphenburger Str. 7 – 80335 – München
Proportion of ownership interest in subsidiary	100.00%
Ghana [member] | ACCRA BREWERY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ACCRA BREWERY LTD – Farra Avenue 20 1st Floor, Pkf Building, P.O. Box Gp1219 – Accra
Proportion of ownership interest in subsidiary	60.00%
Luxembourg [member] | BRASSERIE DE LUXEMBOURG MOUSEL - DIEKIRCH [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BRASSERIE DE LUXEMBOURG MOUSEL – DIEKIRCH – 1, Rue de la Brasserie – L-9214 – Diekirch
Proportion of ownership interest in subsidiary	95.82%
Honduras [member] | CERVECERIA HONDURENA, SA DE CV [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERÍA HONDUREÑA, SA DE CV – Blvd. Del Norte, Carretera Salida a Puerto Cortes – San Pedro Sula, Cortes
Proportion of ownership interest in subsidiary	99.00%
India [member] | CROWN BEERS INDIA LIMITED [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CROWN BEERS INDIA LIMITED – #8-2-684/A, Road No. 12 – Banjara Hills, Hyderabad 500034 – Andhra Pradesh
Proportion of ownership interest in subsidiary	100.00%
India [member] | SABMILLER INDIA LIMITED LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SABMILLER INDIA LIMITED LTD. – Unit No.301-302, Dynasty Business Park, 3rd Floor – Andheri – Kurla Road, Andheri (East) – 400059 – Mumbai, Maharashtra
Proportion of ownership interest in subsidiary	99.60%
Italy [member] | ANHEUSER-BUSCH INBEV ITALIA SPA [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV ITALIA SPA - Piazza Buffoni 3, 21013 Gallarate
Proportion of ownership interest in subsidiary	100.00%
Mexico [member] | CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA MODELO DE MEXICO S. DE R.L. DE C.V – Javier Barros Sierra 555 Piso 3 – Zedec Ed Plaza Santa Fe – 01210 Mexico City
Proportion of ownership interest in subsidiary	100.00%
Mozambique [member] | CERVEJAS DE MOCAMBIQUE SA [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVEJAS DE MOÇAMBIQUE SA - Rua do Jardim 1329 - Maputo2
Proportion of ownership interest in subsidiary	49.00%
Netherlands [member] | INBEV NEDERLAND N.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INBEV NEDERLAND N.V.-Ceresstraat 1-4811 CA - Breda
Proportion of ownership interest in subsidiary	100.00%
Netherlands [member] | INTERBREW INTERNATIONAL B.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INTERBREW INTERNATIONAL B.V.-Ceresstraat 1-4811 CA-Breda
Proportion of ownership interest in subsidiary	100.00%
Netherlands [member] | AB InBev Africa B.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB InBev Africa B.V.- Ceresstraat 1, 4811 CA - Breda
Proportion of ownership interest in subsidiary	62.00%
Netherlands [member] | AB InBev Botswana B.V. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB InBev Botswana B.V.- Ceresstraat 1, 4811 CA - Breda
Proportion of ownership interest in subsidiary	62.00%
Nigeria [member] | BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BEVERAGE MANAGEMENT SOLUTIONS LIMITED LTD.-58 Akanbi Onitiri Close, Off Eric Moore Road, Surelere-Lagos
Proportion of ownership interest in subsidiary	50.00%
Nigeria [member] | INTERNATIONAL BREWERIES PLC [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	INTERNATIONAL BREWERIES PLC - Lawrence Omole Way, Omi Osoro Road, Imo Ilesha, Osun State2
Proportion of ownership interest in subsidiary	37.50%
Panama [member] | CERVECERIA NACIONAL HOLDING SA [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA NACIONAL HOLDING SA - Costa del Este Business Park, torre Oeste Piso 2 - Ciudad de Panama
Proportion of ownership interest in subsidiary	60.00%
Paraguay [member] | CERVECERIA PARAGUAYA S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA PARAGUAYA S.A.-Ruta Villeta km 30 N 3045-2660-Ypané
Proportion of ownership interest in subsidiary	61.92%
Peru [member] | COMPANIA CERVECERA AMBEV PERU S.A.C. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	COMPANIA CERVECERA AMBEV PERU S.A.C.-Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Maria de Huachipa-Lurigancho (Chosica)-Lima 15
Proportion of ownership interest in subsidiary	97.22%
Peru [member] | UNIOIN DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON SAA [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	UNION DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON SAA - 3986 Av. Nicolas Ayllon, Ate, Lima 3
Proportion of ownership interest in subsidiary	93.65%
Russian Federation [member] | OAO SUN INBEV [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	OAO SUN INBEV - 28 Moscovskaya Street, Moscow region - 141600 - Klin
Proportion of ownership interest in subsidiary	99.95%
South Africa [member] | SABSA HOLDINGS LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SABSA HOLDINGS LTD - 2 Jan Smuts Avenue, Gauteng - Johannesburg
Proportion of ownership interest in subsidiary	100.00%
South Africa [member] | THE SOUTH AFRICAN BREWERIES (PTY) LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	THE SOUTH AFRICAN BREWERIES (PTY) LTD - 65 Park Lane, Gauteng - Johannesburg
Proportion of ownership interest in subsidiary	91.55%
South Korea [member] | ORIENTAL BREWERY CO., LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ORIENTAL BREWERY CO., LTD-151, Hyeondogongdan-ro, Seowon-gu Cheongju-si, Chungcheongbuk-do
Proportion of ownership interest in subsidiary	100.00%
Switzerland [member] | Anheuser Bush InBev Procurement (GMBH) [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV PROCUREMENT GMBH GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG (GMBH)-Turmstrasse 26-6300-Zug
Proportion of ownership interest in subsidiary	100.00%
Tanzania [member] | KIBO Breweries LTD Private Company [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	KIBO BREWERIES LTD PRIVATE COMPANY-Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District-Dar es Salaam1
Proportion of ownership interest in subsidiary	36.00%
Uganda [member] | NILE BREWERIES LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	NILE BREWERIES LTD-Plot M90 Yusuf Lule Roa, Njeru, Jinja-Eastern Uganda
Proportion of ownership interest in subsidiary	61.76%
Ukraine [member] | SUN INBEV UKRAINE PJSC [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SUN INBEV UKRAINE PJSC-30-V Fizkultury Str., BC "Faringeit" 4th floor-3068-Kiev
Proportion of ownership interest in subsidiary	98.34%
United Kingdom [member] | AB INBEV UK LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB INBEV UK LTD-Porter Tun House, 500 Capability Green-LU1 3LS-Luton
Proportion of ownership interest in subsidiary	100.00%
United Kingdom [member] | PIONEER BREWING COMPANY LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	PIONEER BREWING COMPANY LTD-Porter Tun House, 500 Capability Green-LU1 3LS-Luton
Proportion of ownership interest in subsidiary	100.00%
United Kingdom [member] | AB InBev Holdings Limited [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB INBEV HOLDINGS LIMITED-AB INBEV HOUSE, CHURCH STREET WEST-GU21 6HT-WOKING, SURREY
Proportion of ownership interest in subsidiary	100.00%
United Kingdom [member] | AB InBev International Brands Limited [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	AB INBEV INTERNATIONAL BRANDS LIMITED- AB InBev House, Church Street West, Woking, Surrey, GU21 6HT
Proportion of ownership interest in subsidiary	100.00%
United States [member] | ANHEUSER-BUSCH COMPANIES, LLC. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH COMPANIES, LLC.-One Busch Place-St. Louis, MO 63118
Proportion of ownership interest in subsidiary	100.00%
United States [member] | ANHEUSER-BUSCH INTERNATIONAL, INC. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INTERNATIONAL, INC.-One Busch Place-St. Louis, MO 63118
Proportion of ownership interest in subsidiary	100.00%
United States [member] | ANHEUSER-BUSCH PACKAGING GROUP, INC. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH PACKAGING GROUP, INC.-One Busch Place-St. Louis, MO 63118
Proportion of ownership interest in subsidiary	100.00%
United States [member] | ANHEUSER-BUSCH, LLC [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH, LLC-One Busch Place, St. Louis, MO. 63118
Proportion of ownership interest in subsidiary	100.00%
United States [member] | METAL CONTAINER CORPORATION, INC. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	METAL CONTAINER CORPORATION, INC.-One Busch Place, St. Louis, MO. 63118
Proportion of ownership interest in subsidiary	100.00%
United States [member] | Anheuser-Busch North American Holding Corporation [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH NORTH AMERICAN HOLDING CORPORATION-C/O THE CORPORATION TRUST COMPANY INC.-1209 Orange Street-DE 19801-Wilmington
Proportion of ownership interest in subsidiary	100.00%
Uruguay [member] | CERVECERIA Y MALTERIA PAYSANDU S.A. [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	CERVECERIA Y MALTERIA PAYSANDU S.A.-Cesar Cortinas, 2037-C.P. 11500-Montevideo
Proportion of ownership interest in subsidiary	61.92%
Vietnam [member] | ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANHEUSER-BUSCH INBEV VIETNAM BREWERY COMPANY LIMITED/No.2 VSIP II-A, Street no. 28, Vietnam-Singapore II-A Industrial Park, Tan Uyen District, Binh Duong Province
Proportion of ownership interest in subsidiary	100.00%
Zambia [member] | ZAMBIAN BREWERIES PLC [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ZAMBIAN BREWERIES PLC-Mungwi Road, Plot Number 6438, Lusaka
Proportion of ownership interest in subsidiary	54.00%

XML

AB INBEV Companies - Summary of Name and Registered Office of Fully Consolidated Companies (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2017
Disclosure of information about consolidated structured entities [line items]
Ownership interest	100.00%
Ambev [Member] | Dominican Republic [member]
Disclosure of information about consolidated structured entities [line items]
Ownership interest	55.00%

XML

AB INBEV Companies - Summary of Name and Registered Office of Associates and Joint Ventures (Detail)	12 Months Ended
	Dec. 31, 2017
France [member] | SOCIETE DES BRASSERIES ET GLACIERES INTERNATIONALES SA [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	SOCIETE DES BRASSERIES ET GLACIERES INTERNATIONALES SA - 30 AV George V, 75008, Paris
Proportion of ownership interest in subsidiary	20.00%
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BIH BRASSERIES INTERNATIONALES HOLDING LTD - CC Building, 10th Floor, Main Street
Proportion of ownership interest in subsidiary	20.00%
Gibraltar [member] | BIH BRASSERIES INTERNATIONALES HOLDING ANGOLA LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	BIH BRASSERIES INTERNATIONALES HOLDING (ANGOLA) LTD - Suite 10/3, International Commercial Centre, 2A Main Street
Proportion of ownership interest in subsidiary	27.00%
Turkey [member] | ANADOLU EFES BIRACILIK VE MALT SANAYII AS [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	ANADOLU EFES BIRACILIK VE MALT SANAYII AS - Bahcelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4, Bahçelievler Istanbul
Proportion of ownership interest in subsidiary	24.00%
Zimbabwe [member] | DELTA CORPORATION LTD [member]
Disclosure of information about consolidated structured entities [line items]
Address of entity's registered office	DELTA CORPORATION LTD - Sable house, P.O. Box BW 343, Northridge Close, Borrowdale, Harare
Proportion of ownership interest in subsidiary	25.00%