Anheuser-Busch InBev SA/NV Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Anheuser-Busch InBev SA/NV filed its 20-F report for FY2023, detailing financial adjustments and segment information.</b>

AI Summary

Anheuser-Busch InBev SA/NV (BUDFF) filed a Foreign Annual Report (20-F) with the SEC on March 11, 2024. The filing is a 20-F report for Anheuser-Busch InBev SA/NV for the fiscal year ended December 31, 2023. Amounts have been converted to US dollars at the closing rate of the respective period. As of January 1, 2023, mark-to-market gains/(losses) on derivatives for share-based payment programs are reported in exceptional net finance income/(cost). The 2021 and 2022 presentations were amended to conform to the 2023 presentation. The report includes data related to Castel group, Ambev S.A. (85% owned), and Grupo Modelo and Subsidiaries.

Why It Matters

For investors and stakeholders tracking Anheuser-Busch InBev SA/NV, this filing contains several important signals. The company has restated prior year financial presentations to align with the 2023 format, ensuring consistency for investors analyzing trends. Specific accounting changes, such as the reporting of mark-to-market gains/losses on derivatives for share-based payments, provide clarity on the drivers of financial performance.

Risk Assessment

Risk Level: medium — Anheuser-Busch InBev SA/NV shows moderate risk based on this filing. The company's financial reporting involves complex accounting treatments and restatements, which can introduce ambiguity and require careful investor analysis to fully understand the underlying financial health and performance.

Analyst Insight

Investors should carefully review the restated financial statements and the notes regarding accounting policy changes to understand the true financial performance of Anheuser-Busch InBev SA/NV.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-11 — Filing Date (Filed as of Date)
• 2016-03-04 — Date of Name Change (Former Company)
• 85% — Ownership Percentage (Ambev S.A. ownership)

Key Players & Entities

• Anheuser-Busch InBev SA/NV (company) — Filer
• Newbelco SA/NV (company) — Former company name
• Ambev S.A. (company) — Subsidiary
• Castel group (company) — Related entity
• Grupo Modelo (company) — Subsidiary

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 20-F filing.
• 2024-03-11: Filing Date — Date the 20-F report was officially submitted to the SEC.

Glossary

Carrying amount

The net book value as recognized in the statement of financial position at each reporting date. (Provides context for asset and liability valuations within the financial statements.)

Mark-to-market gains/(losses) on derivatives

Changes in the value of derivative financial instruments due to market fluctuations. (Impacts exceptional net finance income/(cost) and provides insight into hedging strategies.)

Filing Documents

• d801635d20f.htm (20-F) — 11460KB
• d801635dex215.htm (EX-2.15) — 744KB
• d801635dex111.htm (EX-11.1) — 125KB
• d801635dex112.htm (EX-11.2) — 64KB
• d801635dex121.htm (EX-12.1) — 10KB
• d801635dex122.htm (EX-12.2) — 10KB
• d801635dex131.htm (EX-13.1) — 4KB
• d801635dex151.htm (EX-15.1) — 3KB
• d801635dex17.htm (EX-17) — 6KB
• d801635dex97.htm (EX-97) — 18KB
• g801635dsp221.jpg (GRAPHIC) — 4KB
• g801635g0309044458594.jpg (GRAPHIC) — 2KB
• 0001193125-24-064823.txt (&nbsp;) — 53070KB
• bud-20231231.xsd (EX-101.SCH) — 279KB
• bud-20231231_cal.xml (EX-101.CAL) — 112KB
• bud-20231231_def.xml (EX-101.DEF) — 1090KB
• bud-20231231_lab.xml (EX-101.LAB) — 1545KB
• bud-20231231_pre.xml (EX-101.PRE) — 1361KB
• d801635d20f_htm.xml (XML) — 15913KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS vi ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 8 A. DIRECTORS AND SENIOR MANAGEMENT 8 B. ADVISERS 8 C. AUDITORS 8 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 8 A. OFFER STATISTICS 8 B. METHOD AND EXPECTED TIMETABLE 8 ITEM 3. KEY INFORMATION 8 A. [RESERVED] 8 B. CAPITALIZATION AND INDEBTEDNESS 8 C. REASONS FOR THE OFFER AND USE OF PROCEEDS 8 D.

RISK FACTORS

RISK FACTORS 8 ITEM 4. INFORMATION ON THE COMPANY 38 A. HISTORY AND DEVELOPMENT OF THE COMPANY 38 B. BUSINESS OVERVIEW 40 C. ORGANIZATIONAL STRUCTURE 75 D. PROPERTY, PLANTS AND EQUIPMENT 75 ITEM 4A. UNRESOLVED STAFF COMMENTS 75 ITEM 5. OPERATING AND FINANCIAL REVIEW 75 A. KEY FACTORS AFFECTING RESULTS OF OPERATIONS 76 B. SIGNIFICANT ACCOUNTING POLICIES 82 C. BUSINESS SEGMENTS 88 D. EQUITY INVESTMENTS 88 E. RESULTS OF OPERATIONS 88 F. IMPACT OF CHANGES IN FOREIGN EXCHANGE RATES 105 G. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES 106 H. LIQUIDITY AND CAPITAL RESOURCES 107 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 119 A. DIRECTORS AND SENIOR MANAGEMENT 119 B. COMPENSATION 132 C. BOARD PRACTICES 152 -i- Table of Contents D. EMPLOYEES 155 E. SHARE OWNERSHIP 156 F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION 156 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 156 A. MAJOR SHAREHOLDERS 156 B. RELATED PARTY TRANSACTIONS 160 C. INTERESTS OF EXPERTS AND COUNSEL 163 ITEM 8. FINANCIAL INFORMATION 163 A. CONSOLIDATED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION 163 B. SIGNIFICANT CHANGES 175 ITEM 9. THE OFFER AND LISTING 176 A. OFFER AND LISTING DETAILS 176 B. PLAN OF DISTRIBUTION 176 C. MARKETS 176 D. SELLING SHAREHOLDERS 177 E.

DILUTION

DILUTION 177 F. EXPENSES OF THE ISSUE 177 ITEM 10. ADDITIONAL INFORMATION 177 A. SHARE CAPITAL 177 B. MEMORANDUM AND ARTICLES OF ASSOCIATION AND OTHER SHARE INFORMATION 177 C. MATERIAL CONTRACTS 187 D. EXCHANGE CONTROLS 189 E. TAXATION 189 F. DIVIDENDS AND PAYING AGENTS 197 G. 197 H. DOCUMENTS ON DISPLAY 197 I. SUBSIDIARY INFORMATION 198 J. ANNUAL REPORT TO SECURITY HOLDERS 198 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 198 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 200 A. DEBT SECURITIES 200 B. WARRANTS AND RIGHTS 200 C. OTHER SECURITIES 200 D. AMERICAN DEPOSITARY SHARES 201 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 205 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 205 -ii- Table of Contents ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 205 ITEM 16. [RESERVED] 206 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 206 ITEM 16B. CODE OF ETHICS 206 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 206 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 207 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER 207 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 208 ITEM 16G. CORPORATE GOVERNANCE 208 ITEM 16H. MINE SAFETY DISCLOSURE 209 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 209 ITEM 16J. INSIDER TRADING POLICIES 209 ITEM 16K. CYBERSECURITY 209 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 211 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 211 ITEM 19. EXHIBITS 211 -iii- Table of Contents GENERAL INFORMATION In this annual report on Form 20-F (" Form 20 -F ") references to: "AB InBev ," " we ," " us ", " our " and " the company " are, as the context requires, to Anheuser-Busch InBev SA/NV (formerly Newbelco SA/NV) or Anheuser-Busch InBev SA/NV and the group of companies owned and/or controlled by Anheuser-Busch InBev SA/NV and consolidated into our results, including to the predecessor Anheuser-Busch InBev SA/NV or Anheuser-Busch InBev SA/NV and the group of companies owned and/or controlled by Anheuser-Busch InBev SA/NV prior to the completion of the combination with SAB on 10 October 2016; " AB InBev Group " are to Anheuser-Busch InBev SA/NV and the group of companies owned and/or controlled by Anheuser-Busch InBev SA/NV; " Ambev " are to Ambev S.A., a Brazilian company listed on the New York Stock Exchange and on the So Paulo Stock Exchange, and successor of Companhia de Bebidas das Amricas—Ambev; " Anheuser-Busch " are to Anheuser-Busch Companies, LLC, and the group of companies owned and/or controlled by Anheuser-Busch Companies, LLC, as the context requires; " Budweiser APAC " are to Budweiser Brewing Company APAC Limited, a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange; " Grupo Modelo " are to Cervecera Modelo de Mxico, S. de R.L. de C.V., a Mexican limited liability company, and the group of companies owned and/or controlled by Cervecera Modelo de Mxico, S. de R.L. de C.V.; " Ordinary Shares " are to ordinary shares without nominal value issued by Anheuser-Busch InBev SA/NV; " Restricted Shares " are to shares without nominal value issued by Anheuser-Busch InBev SA/NV to former SAB shareholders in connection with the combination with SAB, which are unlisted, not admitted to trading on any stock exchange and convertible into Ordinary Shares at the election of the holder since 11 October 2021; " SAB " a

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS There are statements in this Form 20-F, such as statements that include the words or phrases " will likely result ," " are expected to ," " will continue ," " is anticipated ," " anticipate ," " estimate ," " project ," " may ," " might ," " could ," " believe ," " expect ," " plan ," " potential ," " we aim ," " our goal ," " our vision ," " we intend " or similar expressions that are forward-looking statements. These statements are subject to certain risks and uncertainties. Actual results may differ materially from those suggested by these statements due to, among others, the risks or uncertainties listed below. See also "Item 3. Key Information—D. Risk Factors" for further discussion of risks and uncertainties that could impact our business. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: global, regional and local economic weakness and uncertainty, including the risks of an economic downturn, recession and/or inflationary pressures in one or more of our key markets, and the impact they may have on us, our customers and our suppliers and our assessment of that impact; continued geopolitical instability (including as a result of the ongoing conflict between Russia and Ukraine and in the Middle East, including the conflict in the Red Sea), which may have a substantial impact on the economies of one or more of our key markets and may result in, among other things, disruptions to global supply chains, increases in c

RISK FACTORS

RISK FACTORS Investing in our shares involves risk. We expect to be exposed to some or all of the risks described below in our future operations. Such risks include, but are not limited to, the risk factors described below. Any of the risk factors described below, as well as additional risks of which we are not currently aware, could also affect our business operations and have a material adverse effect on our business activities, financial condition, results of operations and prospects and cause the value of our shares to decline. Moreover, if and to the extent that any of the risks described below materialize, they may occur in combination with other risks which would compound the adverse effect of such risks on our business activities, financial condition, results of operations and prospects. Investors in our shares and American Depositary Shares (" ADSs ") could lose all or part of their investment. You should carefully consider the following information in conjunction with the other information contained or incorporated by reference in this document. The sequence in which the risk factors are presented below is not indicative of their likelihood of occurrence or of the potential magnitude of their financial consequences. -8- Table of Contents SUMMARY OF RISK FACTORS Risks relating to us and our activities 1. Financial Risks We are exposed to risks associated with global, regional and local economic weakness and uncertainty (including those resulting from an economic downturn, recession, inflationary pressures and/or geopolitical instability), which could adversely affect our business and operations, the demand for our products and the market price of our Ordinary Shares and ADSs. Our business, financial performance and results of operations have been, and may continue to be, adversely affected by military conflicts and their related consequences. Fluctuations in foreign currency exchange rates may lead to volatility in our results of operat

View Full Filing

View this 20-F filing on SEC EDGAR