Investments in associates

12 Months Ended

Dec. 31, 2018

Investments accounted for using equity method [abstract]

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:

	2018								2017
Million US dollar	AB InBev Efes		Castel			Efes			Castel			Efes
Balance at 1 January		—		3 480			694			2 793			750
Effect of movements in foreign exchange		—		(213	)		(194	)		356			(54	)
Acquisitions		1 157		—			—			—			—
Dividends received		—		(98	)		(11	)		(23	)		—
Share of results of associates		2		110			(10	)		354			(2	)
Balance at end of period		1 159		3 279			479			3 480			694

On 30 March 2018, AB InBev completed the 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses. Following the closing of the transaction, the operations of AB InBev and Anadolu Efes in Russia and Ukraine are now combined under AB InBev Efes. The combined business is fully consolidated in the Anadolu Efes financial accounts. As a result of the transaction, AB InBev stopped consolidating its Russia and Ukraine businesses and accounts for its investment in AB InBev Efes under the equity method as of that date. See also Note 6 Acquisitions and disposals of subsidiaries.

The 2017 share of results of associates reported for Castel includes the revision of 2016 finalized result of associates. In 2018, the share of results of associates reported for Castel was negatively impacted by a currency devaluation in Angola.

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

	2018								2017
Million US dollar	AB InBev Efes		Castel			Efes			Castel			Efes
Current assets		275		4 193			2 888			4 894			2 415
Non-current assets		664		4 291			6 463			3 912			5 243
Current liabilities		556		1 643			2 233			1 724			1 106
Non-current liabilities		—		635			2 207			857			2 494
Non-controlling interests		—		939			2 297			879			1 520
Net assets		383		5 267			2 614			5 346			2 538
Revenue		1 081		5 786			3 816			5 447			3 415
Profit (loss)		4		921			(43	)		746			(7	)
Other comprehensive income (loss)		—		(254	)		1 536			(94	)		553
Total comprehensive income (loss)		4		667			1 493			652			546

In 2018, associates that are not individually material contributed to 51m US dollar to the results of investment in associates (2017: 78m US dollar).

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