Supplemental guarantor financial information (Tables)

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Schedule of Condensed Consolidated Income Statemet

CONDENSED CONSOLIDATING INCOME STATEMENT

For the year ended 31 December 2018 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Anheuser- Busch Companies, LLC			Subsidiary Guarantors			Non-Guarantors			Eliminations			Total
Revenue		592			—			—		15 584			—			40 932			(2 489	)		54 619
Cost of sales		(370	)		—			—		(7 318	)		—			(15 160	)		2 489			(20 359	)
Gross profit		222								8 266						25 772						34 259
Distribution expenses		(35	)		—			—		(1 147	)		—			(4 588	)		—			(5 770	)
Sales and marketing expenses		(187	)		—			—		(2 036	)		—			(5 660	)		—			(7 883	)
Administrative expenses		(205	)		—			—		(550	)		(51	)		(2 659	)		—			(3 465	)
Other operating income/(expenses)		579			1 125			—		(1 563	)		3			(179	)		—			(35	)
Profit from operations		374			1 125			—		2 970			(48	)		12 685			—			17 106
Net finance cost		(209	)		(3 047	)		37		2 443			113			(8 066	)		—			(8 729	)
Share of result of associates		—			—			—		3			—			150			—			153
Profit before tax		165			(1 922	)		37		5 416			65			4 769						8 530
Income tax expense		—			293			—		(726	)		(2	)		(2 404	)		—			(2 839	)
Profit		165			(1 629	)		37		4 690			63			2 365			—			5 691
Income from subsidiaries		4 203			1 887			—		98			849			3 172			(10 209	)		—
Profit from continuing operations		4 368			259			37		4 788			912			5 537			(10 209	)		5 691
Profit from discontinued operations		—			—			—		—			—			—			—			—
Profit of the year		4 368			259			37		4 788			912			5 537			(10 209	)		5 691
Profit from continuing operations attributable to:
Equity holders of AB InBev		4 368			259			37		4 787			912			4 215			(10 209	)		4 368
Non-controlling interest		—			—			—		—			—			1 323			—			1 323
Profit of the year attributable to:
Equity holders of AB InBev		4 368			259			37		4 787			912			4 215			(10 209	)		4 368
Non-controlling interest		—			—			—		—			—			1 323			—			1 323

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.			Anheuser- Busch Companies, LLC			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	)		—			—			(338	)		(66	)		(3 182	)		—			(3 841	)
Other operating income/(expenses)		793			1 066			—			(1 845	)		8			170			—			192
Profit from operations		536			1 066			—			2 790			(58	)		12 817			—			17 152
Net finance cost		(819	)		(3 064	)		26			3 218			942			(6 810	)		—			(6 507	)
Share of result of associates											2						428			—			430
Profit before tax		(283	)		(1 998	)		26			6 110			884			6 435			—			11 076
Income tax expense		(16	)		614			(17	)		1 506			(177	)		(3 830	)		—			(1 920	)
Profit		(299	)		(1 384	)		9			7 516			708			2 605			—			9 155
Income from subsidiaries		8 295			3 721						126			4 041			6 204			(22 387	)
Profit from continuing operations		7 996			2 337			9			7 641			4 749			8 809			(22 387	)		9 155
Profit from discontinued operations		—			—			—			—			—			28			—			28
Profit of the year		7 996			2 337			9			7 641			4 749			8 837			(22 387	)		9 183
Profit from continuing operations attributable to:
Equity holders of AB InBev		7 996			2 337			9			7 641			4 749			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			7 641			4 749			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.		Anheuser- Busch Companies, LLC			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	)		—		(344	)		(40	)		(2 297	)		—			(2 883	)
Other operating income/(expenses)		464			559			—		(1 286	)		3			598			—			338
Profit from operations		241			555			—		3 244			(38	)		8 880			—			12 882
Net finance cost		(1 599	)		(1 283	)		36		(83	)		(3 722	)		(1 913	)		—			(8 564	)
Share of result of associates										2						14						16
Profit before tax		(1 358	)		(728	)		36		3 163			(3 760	)		6 981			—			4 334
Income tax expense					280			2		(1 386	)		28			(537	)		—			(1 613	)
Profit		(1 358	)		(448	)		38		1 776			(3 731	)		6 444			—			2 721
Income from subsidiaries		2 599			1 958			—		1 030			292			1 469			(7 348	)		—
Profit from continuing operations		1 241			1 510			38		2 806			(3 439	)		7 913			(7 348	)		2 721
Profit from discontinued operations		—			—			—		—			—			48			—			48
Profit of the year		1 241			1 510			38		2 806			(3 439	)		7 961			(7 348	)		2 769
Profit from continuing operations attributable to:
Equity holders of AB InBev		1 241			1 510			38		2 806			(3 439	)		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		2 806			(3 439	)		6 433			(7 348	)		1 241
Non-controlling interest		—			—			—		—			—			1 528			—			1 528

Schedule of Condensed Consolidated Statement of Financial Position

CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION

As at 31 December 2018 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.		Anheuser- Busch InBev Finance Inc.		Anheuser- Busch Companies, LLC		Subsidiary Guarantors		Non-Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		45		—		—		5 009		—		20 856		—			25 910
Goodwill		—		—		—		33 226		—		100 085		—			133 311
Intangible assets		580		—		—		22 227		98		21 926		—			44 831
Investments in subsidiaries		123 120		86 240		—		30 594		24 623		170 569		(435 146	)		—
Investments in associates and joint ventures		—		—		—		—		—		6 136		—			6 136
Deferred tax assets		—		130		—		—		—		1 465		(138	)		1 457
Derivatives		—		—		—		—		302		10		(21	)		291
Other non-current assets		22 196		13 850		24 037		26 158		8 701		36 766		(129 823	)		1 886
		145 941		100 220		24 037		117 213		33 724		357 813		(565 128	)		213 822
Current assets
Investment securities		—		—		—		—		—		87		—			87
Inventories		—		—		—		819		—		3 415		—			4 234
Derivatives		—		—		—		25		5 399		464		(5 872	)		16
Trade and other receivables		3 079		3 471		1 176		6 678		1 619		10 415		(20 063	)		6 375
Cash and cash equivalents		1		3		28		581		6 094		8 481		(8 114	)		7 074
Assets classified as held for sale		—		—		—		—		—		39		—			39
Other current assets		—		500		3		—				455		(501	)		456
		3 080		3 974		1 207		8 103		13 112		23 356		(34 550	)		18 281
Total assets		149 021		104 194		25 244		125 316		46 836		381 169		(599 678	)		232 103
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		64 486		55 403		597		74 635		29 258		275 253		(435 146	)		64 486
Minority interest		—		—		—		—		—		7 418		—			7 418
		64 486		55 403		597		74 635		29 258		282 671		(435 146	)		71 904
Non-current liabilities
Interest-bearing loans and borrowings		72 756		46 552		24 042		33 147		3 314		55 391		(129 618	)		105 584
Employee benefits		5		—		—		1 048		—		1 628		—			2 681
Deferred tax liabilities		—		—		8		6 692		—		6 601		(137	)		13 165
Derivatives		—		—		—		—		788		—		(21	)		766
Other non-current liabilities		81		—		—		150		—		3 312		—			3 544
		72 842		46 552		24 050		41 037		4 102		66 932		(129 776	)		125 740
Current liabilities
Interest-bearing loans and borrowings		4 535		1 679		253		5 783		5 234		4 483		(17 752	)		4 216
Income tax payable		—		—		—		474		3		1 243		(500	)		1 220
Derivatives		482		—		—		131		5 563		5 272		(5 872	)		5 574
Trade and other payables		1 228		562		342		3 211		65		19 674		(2 515	)		22 568
Liabilities associated with assets held for sale		—		—		—		—		—		—		—			—
Other current liabilities		5 450		—		—		42		2 612		893		(8 118	)		881
		11 695		2 241		595		9 642		13 477		31 565		(34 756	)		34 459
Total equity and liabilities		149 021		104 194		25 244		125 316		46 836		381 169		(599 678	)		232 103

As at 31 December 2017 Million US dollar	Anheuser- Busch InBev SA/NV		Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.		Anheuser- Busch Companies, LLC		Subsidiary Guarantors		Non-Guarantors		Eliminations			Total
ASSETS
Non-current assets
Property, plant and equipment		44		—			—		4 589		—		22 551		—			27 184
Goodwill		—		—			—		33 089		188		107 663		—			140 940
Intangible assets		584		—			—		21 947		158		23 185		—			45 874
Investments in subsidiaries		121 847		77 388			—		42 660		40 708		99 398		(382 000	)		—
Investments in associates and joint ventures		—		—			—		28		—		5 253		—			5 263
Deferred tax assets		—		—			—		—		—		1 216		—			1 216
Derivatives		—		—			—		3		13		9		—			25
Other non-current assets		53 565		10 290			55 432		18 115		7 178		67 709		(210 623	)		1 664
		176 040		87 678			55 432		120 430		48 246		326 966		(592 623	)		222 166
Current assets
Investment securities		1 301		—			—		—		—		3		—			1 304
Inventories		21		—			—		626		—		3 472		—			4 119
Derivatives		—		—			—		122		198		138		—			458
Trade and other receivables		16 585		1 514			1 947		3 265		21 972		19 942		(58 660	)		6 566
Cash and cash equivalents		43		242			8		1 872		4 110		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		5 884		26 281		34 364		(64 231	)		23 960
Total assets		193 990		89 434			57 387		126 315		74 526		361 330		(656 854	)		246 126
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of AB InBev		72 585		38 307			586		89 304		42 352		211 452		(382 000	)		72 585
Minority interest		—		—			—		—		—		7 635		—			7 635
		72 585		38 307			586		89 304		42 352		219 087		(382 000	)		80 220
Non-current liabilities
Interest-bearing loans and borrowings		102 398		49 230			55 464		24 874		4 131		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		—		—			—		1		919		17		—			937
Other non-current liabilities		131		—			—		1 012		11		2 573		(18	)		3 709
		102 534		48 893			55 473		33 654		5 062		94 704		(210 625	)		129 695
Current liabilities
Interest-bearing loans and borrowings		16 718		2 363			479		387		18 949		20 531		(51 994	)		7 433
Income tax payable		—		(665	)		3		726		8		1 486		—			1 558
Derivatives		—		—			—		31		1 329		97		—			1 457
Trade and other payables		2 033		535			848		2 207		3 274		22 530		(6 665	)		24 762
Liabilities associated with assets held for sale		—		—			—		—		—		—		—			—
Other current liabilities		121		—			—		5		3 553		2 894		(5 571	)		1 002
		18 872		2 233			1 330		3 356		27 113		47 538		(64 230	)		36 211
Total equity and liabilities		193 990		89 434			57 387		126 315		74 526		361 330		(656 854	)		246 126

Schedule of Condensed Consolidated Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended 31 December 2018 Million US dollar	Anheuser- Busch InBev SA/NV			Anheuser- Busch InBev Worldwide Inc.			Anheuser- Busch InBev Finance Inc.			Anheuser- Busch Companies, LLC			Subsidiary Guarantors			Non-Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit of the period		4 368			350			37			6 297			911			5 643			(11 915	)		5 691
Depreciation, amortization and impairment		147			—			—			802			—			3 311			—			4 260
Net finance cost		209			3 047			(37	)		(2 443	)		(113	)		8 066			—			8 729
Income tax expense		—			(293	)		—			718			2			2 412			—			2 839
Investment income		(4 203	)		(1 980	)		—			(1 502	)		(849	)		(3 382	)		11 916			—
Other items		158			—			—			3			—			(118	)		(1	)		42
Cash flow from operating activities before changes in working capital and use of provisions		679			1 124			—			3 875			(49	)		15 932			—			21 561
Working capital and provisions		182			360			—			(403	)		(15	)		(196	)		96			24
Cash generated from operations		861			1 484			—			3 472			(64	)		15 736			96			21 585
Interest paid, net		(137	)		(2 718	)		73			4 008			(190	)		(5 025	)		(28	)		(4 017	)
Dividends received		—			—			—			—			—			39			102			141
Income tax paid		—			—			(8	)		(616	)		(7	)		(2 416	)		—			(3 047	)
CASH FLOW FROM OPERATING ACTIVITIES		724			(1 234	)		65			6 864			(261	)		8 334			170			14 663
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			47			—			390			—			437
Sale of subsidiaries, net of cash disposed of		127			—			—			—			—			128			—			257
Proceeds from SAB transaction-related divestitures		—			—			—			—			—			(330	)		—			(330	)
Taxes on SAB transaction-related divestitures		—			—			—			—			—			(100	)		—			(100	)
Acquisition of other subsidiaries, net of cash acquired		(27	)		—			—			—			—			(85	)		—			(112	)
Acquisition of property, plant and equipment and of intangible assets		(194	)		—			—			(857	)		—			(4 035	)		—			(5 086	)
Net of tax proceeds from the sale of assets held for sale		—			—			—			—			—			—			—			—
Net proceeds from sale/(acquisition) of investment in short-term debt securities		1 300			—			—			—			—			(4	)		—			1 296
Net proceeds from sale/(acquisition) of other assets		—			—			—			13			—			(185	)		—			(172	)
Net repayments/(payments) of loans granted		29 335			4 599			31 459			(19 654	)		3 051			93 436			(142 382	)		(156	)
CASH FLOW FROM INVESTING ACTIVITIES		30 541			4 599			31 459			(20 451	)		3 051			89 217			(142 382	)		(3 965	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		—			—			—			—			—			—			—			—
Purchase of non-controlling interest		—			—			—			—			—			(923	)		—			(923	)
Proceeds from borrowings		6 337			9 762			9 755			23 483			157			(31 555	)		(157	)		17 782
Payments on borrowings		(36 673	)		(13 367	)		(41 259	)		(11 169	)		—			(62 273	)		142 253			(22 489	)
Cash net finance (cost)/income other than interests		263			—			—			5			10			(953	)		121			(554	)
Dividends paid		(6 541	)		—			—			—			—			(1 218	)		(2	)		(7 761	)
CASH FLOW FROM FINANCING ACTIVITIES		(36 614	)		(3 605	)		(31 504	)		12 319			166			(96 923	)		142 215			(13 945	)
Net increase/(decrease) in cash and cash equivalents		(5 349	)		(240	)		20			(1 268	)		2 956			629			3			(3 247	)
Cash and cash equivalents less bank overdrafts at beginning of year		(74	)		242			9			1 929			530			7 720			—			10 356
Effect of exchange rate fluctuations		(23	)		—			—			(80	)		(5	)		(40	)		(3	)		(148	)
Cash and cash equivalents less bank overdrafts at end of year		(5 446	)		2			29			581			3 481			8 309			—			6 960

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.			Anheuser- Busch Companies, LLC			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit of the period		7 996			2 338			8			7 741			4 749			8 837			(22 387	)		9 183
Depreciation, amortization and impairment		128			—			—			849			(78	)		3 377			—			4 276
Net finance cost		819			3 064			(26	)		(3 218	)		(942	)		6 810			—			6 507
Income tax expense		16			(614	)		17			(1 506	)		177			3 830			—			1 920
Investment income		(8 296	)		(3 721	)		—			(126	)		(4 041	)		(6 203	)		22 387			—
Other items		126			—			—			(9	)		2			(338	)		—			(219	)
Cash flow from operating activities before changes in working capital and use of provisions		789			1 067			(1	)		3 633			(135	)		16 313			—			21 667
Working capital and provisions		(283	)		869			(4	)		(1 319	)		109			72			159			(397	)
Cash generated from operations		506			1 936			(5	)		2 313			(25	)		16 385			159			21 270
Interest paid, net		(860	)		(3 156	)		79			106			245			(6 120	)		5 865			(3 841	)
Dividends received		2			—			—			76			2			139			(77	)		142
Income tax paid		(16	)		—			(16	)		289			(4	)		(2 394	)		—			(2 141	)
CASH FLOW FROM OPERATING ACTIVITIES		(368	)		(1 220	)		58			2 785			217			8 010			5 947			15 430
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			20			(2	)		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		—			—			—			(419	)		113			(292	)		—			(598	)
Acquisition of property, plant and equipment and of intangible assets		(126	)		—			—			(625	)		91			(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			—			—			4			(73	)		(746	)		—			(280	)
Net repayments/(payments) of loans granted		(7 949	)		4 996			332			378			4 229			43 229			(45 002	)		213
CASH FLOW FROM INVESTING ACTIVITIES		(3 363	)		4 996			332			(4 049	)		4 357			50 582			(45 002	)		7 854
FINANCING ACTIVITIES
Intra-group capital reimbursements		18 594			—			—			28			(21 180	)		2 558			—			—
Purchase of non-controlling interest		—			—			—			—			—			(206	)		—			(206	)
Proceeds from borrowings		24 604			2 262			1 470			8 152			8 045			(219	)		(30 962	)		13 352
Payments on borrowings		(20 574	)		(5 876	)		(1 306	)		(6 541	)		(12 813	)		(46 006	)		69 783			(23 333	)
Cash net finance (cost)/income other than interests		(463	)		—			—			(34	)		2 011			(3 055	)		—			(1 541	)
Dividends paid		(7 992	)		(75	)		—			—			—			(1 285	)		77			(9 275	)
CASH FLOW FROM FINANCING ACTIVITIES		14 169			(3 689	)		164			1 604			(23 936	)		(48 213	)		38 898			(21 004	)
Net increase/(decrease) in cash and cash equivalents		10 438			87			554			340			(19 361	)		10 379			(157	)		2 280
Cash and cash equivalents less bank overdrafts at beginning of year		(10 244	)		155			(617	)		1 464			18 376			(739	)		—			8 395
Effect of exchange rate fluctuations		(268	)		—			72			28			1 583			(1 891	)		157			(319	)
Cash and cash equivalents less bank overdrafts at end of year		(74	)		242			9			1 832			598			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.			Anheuser- Busch Companies, LLC			Subsidiary Guarantors			Non- Guarantors			Eliminations			Total
OPERATING ACTIVITIES
Profit of the period		1 241			1 510			38			2 947			(3 580	)		7 961			(7 348	)		2 769
Depreciation, amortization and impairment		96			—			—			811			(63	)		2 633			—			3 477
Net finance cost		1 599			1 284			(36	)		83			3 722			1 912			—			8 564
Income tax expense		—			(280	)		(2	)		1 386			(28	)		537			—			1 613
Investment income		(2 599	)		(1 958	)		—			(1 030	)		(292	)		(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			—			4 428			(241	)		11 206			—			16 341
Working capital and provisions		(121	)		541			4			(626	)		(24	)		(80	)		9			(297	)
Cash generated from operations		272			1 096			4			3 802			(265	)		11 126			9			16 044
Interest paid, net		(1 543	)		(1 153	)		59			(110	)		1 109			(1 108	)		25			(2 721	)
Dividends received		9 256			—			—			3			1			40			(9 257	)		43
Income tax paid		—			—			—			(494	)		(17	)		(2 745	)		—			(3 256	)
CASH FLOW FROM OPERATING ACTIVITIES		7 985			(57	)		63			3 201			828			7 313			(9 223	)		10 110
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and of intangible assets		—			—			—			24			1			186			—			211
Sale of subsidiaries, net of cash disposed of		—			—			—			14			(1	)		640			—			653
Proceeds from SAB transaction-related divestitures		(57 712	)		—			—			—			(8 652	)		1 198			—			(65 166	)
Taxes on SAB transaction-related divestitures		—			—			—			—			—			16 342			—			16 342
Acquisition of other subsidiaries, net of cash acquired		—			—			—			(296	)		296			(1 445	)		—			(1 445	)
Acquisition of property, plant and equipment and of intangible assets		(369	)		—			—			(857	)		207			(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		—			—			—			(10	)		(21	)		4			—			(27	)
Net repayments/(payments) of loans granted		(11 753	)		(900	)		(46 052	)		(11 425	)		11 196			(32 475	)		91 180			(229	)
CASH FLOW FROM INVESTING ACTIVITIES		(75 334	)		(900	)		(46 052	)		(12 550	)		3 026			(19 447	)		91 180			(60 077	)
FINANCING ACTIVITIES
Intra-group capital reimbursements		(79	)		—			—			85			(2 200	)		2 194			—			—
Purchase of non-controlling interest		—			—			—			—			—			(10	)		—			(10	)
Proceeds from borrowings		81 137			4 486			47 051			11 088			21 799			14 895			(94 164	)		86 292
Payments on borrowings		(13 370	)		(4 049	)		(2 200	)		(410	)		(962	)		(5 600	)		2 974			(23 617	)
Cash net finance (cost)/income other than interests		(628	)		(64	)		(5	)		(31	)		(3 126	)		370			—			(3 484	)
Dividends paid		(7 134	)		—			—			—			—			(10 573	)		9 257			(8 450	)
CASH FLOW FROM FINANCING ACTIVITIES		59 926			373			44 847			10 732			15 511			1 276			(81 933	)		50 731
Net increase/(decrease) in cash and cash equivalents		(7 423	)		(584	)		(1 142	)		1 383			19 365			(10 858	)		24			764
Cash and cash equivalents less bank overdrafts at beginning of year		(1 832	)		739			525			122			(1 222	)		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		(10 245	)		154			(618	)		1 505			18 377			(740	)		—			8 395