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.

The results of the former SAB Central and Eastern European Business were reported as “Results from discontinued operations” until the completion of the disposal 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 transition of CCBA on 4 October 2017 and, following the completion of the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses on 30 March 2018, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes as results of associates as of that date.

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


	North America									Latin America West									Latin America North									Latin America South									EMEA
	2018			2017			2016			2018			2017			2016			2018			2017			2016			2018			2017			2016			2018			2017			2016
Volume		111			114			117			115			111			64			115			119			118			34			34			32			87			132			75
Revenue		15 504			15 588			15 698			9 999			9 238			5 188			8 990			9 775			8 461			2 863			3 363			2 850			8 374			10 344			6 010
Normalized EBITDA		6 150			6 329			6 250			5 196			4 512			2 376			3 926			4 180			3 751			1 381			1 595			1 431			3 000			3 349			1 774
Normalized EBITDA margin %		39.7	%		40.6	%		39.8	%		52.0	%		48.8	%		45.8	%		43.7	%		42.8	%		44.3	%		48.2	%		47.4	%		50.2	%		35.8	%		32.4	%		29.6	%
Depreciation, amortization and impairment		(790	)		(843	)		(809	)		(653	)		(616	)		(388	)		(761	)		(848	)		(750	)		(265	)		(207	)		(191	)		(770	)		(843	)		(473	)
Normalized profit from operations (EBIT)		5 360			5 486			5 441			4 544			3 896			1 988			3 165			3 332			3 001			1 116			1 388			1 240			2 230			2 507			1 302
Exceptional items (see Note 8)		(10	)		4			(29	)		(125	)		(153	)		252			5			(18	)		(20	)		(31	)		(13	)		(12	)		(370	)		(144	)		(118	)
Profit from operations (EBIT)		5 350			5 490			5 412			4 419			3 743			2 240			3 170			3 314			2 981			1 085			1 375			1 228			1 860			2 363			1 184
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)		63 180			63 045			62 467			69 100			71 219			69 472			12 422			13 756			13 656			3 074			2 396			2 357			42 063			45 920			41 749
Gross capex		858			530			895			1 227			1 079			710			636			580			709			279			323			389			1 177			1 086			1 001
FTE		19 150			19 306			19 314			47 042			48 892			51 418			37 387			38 651			40 416			9 214			9 603			9 571			23 604			26 823			43 456


	Asia Pacific									Global Export and holding companies									Consolidated
	2018			2017			2016			2018			2017			2016			2018			2017			2016
Volume		104			102			92			—			1			2			567			613			500
Revenue		8 470			7 804			6 074			419			332			1 237			54 619			56 444			45 517
Normalized EBITDA		3 082			2 695			1 639			(656	)		(577	)		(474	)		22 080			22 084			16 753
Normalized EBITDA margin %		36.4	%		34.5	%		27.1	%											40.4	%		39.1	%		36.8	%
Depreciation, amortization and impairment		(752	)		(660	)		(658	)		(267	)		(253	)		(210	)		(4 260	)		(4 270	)		(3 477	)
Normalized profit from operations (EBIT)		2 330			2 035			987			(923	)		(830	)		(683	)		17 821			17 814			13 276
Exceptional items (see Note 8)		(65	)		(97	)		(84	)		(119	)		(241	)		(383	)		(715	)		(662	)		(394	)
Profit from operations (EBIT)		2 265			1 939			903			(1 042	)		(1 071	)		(1 066	)		17 106			17 152			12 882
Net finance income/(cost)																				(8 729	)		(6 507	)		(8 564	)
Share of results of associates and joint ventures																				153			430			16
Income tax expense																				(2 839	)		(1 920	)		(1 613	)
Profit from continuing operations																				5 691			9 155			2 721
Discontinued operations																				—			28			48
Profit/(loss)																				5 691			9 183			2 769
Segment assets (non-current)		22 412			24 088			22 071			1 609			1 741			1 797			213 861			222 166			213 569
Gross capex		687			635			837			233			247			379			5 086			4 479			4 919
FTE		31 523			36 386			39 213			4 683			3 254			3 245			172 603			182 915			206 633

For the period ended 31 December 2018, net revenue from the beer business amounted to 50 134m US dollar (31 December 2017: 50 301m US dollar; 31 December 2016: 41 421m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 4 485m US dollar (31 December 2017: 6 143m US dollar; 31 December 2016: 4 096m US dollar).

On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 710m US dollar (2017: 704m US dollar; 2016: 687m US dollar) and non-current assets located in the country of domicile represented 1 746m US dollar (2017: 1 658m US dollar, 2016: 1 440m US dollar).