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Main » 2023 » November » 1 » AB InBev Reports Third Quarter 2023 Results
10:11 AM
AB InBev Reports Third Quarter 2023 Results

BRUSSELS - Tuesday, 31. October 2023


(BUSINESS WIRE)--AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information1

“The strength of our global footprint delivered another quarter of top- and bottom-line growth. Revenue increased by 5.0% with an EBITDA increase of 4.1%. We continue to invest in our strategic priorities for the long-term.” – Michel Doukeris, CEO, AB InBev

Total Revenue

+5.0%

Revenue increased by 5.0% in 3Q23 with revenue per hl growth of 9.0% and by 8.3% in 9M23 with revenue per hl growth of 10.1% .

 

15.1% increase in combined revenues of our global brands, Budweiser, Stella Artois, Corona and Michelob Ultra, outside of their respective home markets in 3Q23, and 16.2% in 9M23.

 

Approximately 66% of our revenue through B2B digital platforms with the monthly active user base of BEES reaching 3.4 million users.

 

Over 125 million USD of revenue generated by our digital direct-to-consumer ecosystem.

 

Total Volume

-3.4%

In 3Q23, total volumes declined by 3.4%, with own beer volumes down by 4.0% and non-beer volumes up by 1.4%. In 9M23, total volumes declined by 1.4% with own beer volumes down by 1.9% and non-beer volumes up by 1.8%.

 

Normalized EBITDA

+4.1%

In 3Q23, normalized EBITDA increased by 4.1% to 5 431 million USD with a normalized EBITDA margin contraction of 29 bps to 34.9%. In 9M23, normalized EBITDA increased by 7.3% to 15 099 million USD and normalized EBITDA margin contracted by 31 bps to 33.6%. Normalized EBITDA figures of 9M22 include an impact of 201 million USD from tax credits in Brazil. 

Underlying Profit

1 735 million USD

Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1 735 million USD in 3Q23 compared to 1 682 million USD in 3Q22 and was 4 497 million USD in 9M23 compared to 4 354 million USD in 9M22.

 

Underlying EPS

0.86 USD

Underlying EPS was 0.86 USD in 3Q23, an increase from 0.84 USD in 3Q22 and was 2.23 USD in 9M23, an increase from 2.16 USD in 9M22.

 

Capital Allocation

3 billion USD Debt redemption

1 billion USD Share buyback program

 

The company has approved a cash tender offer for up to 3 billion USD in aggregate purchase price of outstanding bonds and the AB InBev Board of Directors has approved a 1 billion USD share buyback program to be executed within the next 12 months. For further details please see the Recent Events section on page 13.

1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 14.

Management comments

Continued global momentum, partially offset by US performance, delivered mid-single digit top- and bottom-line growth

We delivered a top-line increase of 5.0%, with revenue growth in approximately 80% of our markets, driven by a revenue per hl increase of 9.0% as a result of pricing actions, ongoing premiumization and other revenue management initiatives. Volumes declined by 3.4%, as growth in our Middle Americas, Africa and APAC regions was primarily offset by performance in the US and a soft industry in Europe. EBITDA increased by 4.1% with margin compression of 29bps, as disciplined overhead management and efficient resource allocation enabled increased sales and marketing investments and partially offset anticipated commodity cost headwinds. Underlying EPS was 0.86 USD.

Progressing our strategic priorities

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

Lead and grow the category:

This quarter we delivered revenue growth in approximately 80% of our markets.

Digitize and monetize our ecosystem:

BEES captured approximately 10.4 billion USD of gross merchandise value (GMV), a 27% increase versus 3Q22 with 66% of our revenue through B2B digital channels. BEES Marketplace is live in 15 markets and generated an annualized GMV of approximately 1.7 billion USD with 65% of BEES customers now also Marketplace buyers.

Optimize our business:

We continue to focus on deleveraging and have approved a cash tender offer for up to 3 billion USD in aggregate purchase price of outstanding bonds. In addition, as part of our objective to maximize value creation, the AB InBev Board of Directors has approved a 1 billion USD share buyback program to be executed within the next 12 months.

Lead and grow the category

Driven by our portfolio of megabrands, we are executing on our five proven and scalable levers to drive category expansion:

Category Participation: In 3Q23, the percentage of consumers purchasing our portfolio of brands increased or remained stable in the majority of our markets, according to our estimates. Participation increases this quarter were led by female consumers across key markets in Africa and Europe.

Core Superiority: In 3Q23, our mainstream portfolio delivered a mid-single digit revenue increase as double-digit growth in South Africa, Colombia and the Dominican Republic was partially offset by the revenue decline of Bud Light in the US. Our mainstream brands gained or maintained share of segment in the majority of our key markets, according to our estimates.

Occasions Development: Our global no-alcohol beer portfolio delivered over 10% revenue growth this quarter, with our performance driven by Budweiser Zero in Brazil and growth of Corona Cero in Canada, Mexico and Europe. Leveraging our digital direct-to-consumer products we are developing new consumer insights and consumption occasions. For example, across Latin America, Zé Delivery and TaDa are enabling increased in-home consumption of returnable glass bottle packs by increasing availability and convenience.

Premiumization: Our above core beer portfolio grew revenue by high-single digits in 3Q23 led by our global brands which grew revenue by 15.1% outside of their home markets. Corona delivered a revenue increase of 18.8%, Budweiser grew by 11.8%, Stella Artois by 20.3% and Michelob Ultra by 11.5%.

Beyond Beer: Our global Beyond Beer business contributed approximately 385 million USD of revenue in the quarter, a mid-single digit increase versus 3Q22, as growth globally was partially offset by a soft malt-based seltzer industry in the US. Global growth was primarily driven by the expansion of Flying Fish in Africa and the Vicky portfolio in Mexico.

Digitize and monetize our ecosystem

Digitizing our relationships with more than 6 million customers globally: As of 30 September 2023, BEES is live in 25 markets with approximately 66% of our 3Q23 revenues captured through B2B digital platforms. In 3Q23, BEES had 3.4 million monthly active users and captured approximately 10.4 billion USD in gross merchandise value (GMV), growth of 11% and 27% versus 3Q22 respectively.

BEES Marketplace is live in 15 markets with 65% of BEES customers also marketplace buyers. Marketplace captured approximately 420 million USD in GMV from sales of third-party products this quarter, growth of 52% versus 3Q22.

Leading the way in DTC solutions: Our omnichannel direct-to-consumer (DTC) ecosystem of digital and physical products generated revenue of more than 390 million USD in 3Q23. Our DTC megabrands, Zé Delivery, TaDa and PerfectDraft are available in 21 markets, generated 16.9 million ecommerce orders and delivered over 125 million USD in revenue this quarter, representing 9% growth versus 3Q22.

Optimize our business

Maximizing value creation: The objective of our dynamic capital allocation priorities is to maximize value creation to our shareholders. We continue to proactively manage our debt portfolio and have approved a cash tender offer for up to 3 billion USD in aggregate purchase price of outstanding bonds. In addition, as a result of our continued global momentum and strong free cash flow generation, the AB InBev Board of Directors has approved a 1 billion USD share buyback program to be executed within the next 12 months. Our Underlying EPS was 0.86 USD this quarter, an increase of 0.02 USD per share versus 3Q22, driven by nominal EBITDA growth and continued optimization of our net finance costs.

For further details on the cash tender offer and share buyback program please refer to the Recent Events section on page 13.

Advancing our sustainability priorities: We continued to innovate and make progress towards our 2025 Sustainability Goals through key local initiatives with the potential to scale globally. For Climate Action, to support our Scope 3 efforts, we organized supplier collaboration and training events across our key markets. In Sustainable Agriculture, we hosted more than 200 farmers at our annual grower day in the US to share results from our barley variety and crop management research trials. In Water Stewardship, we launched a partnership with WaterAid in Ghana for a solar-powered water delivery system to help advance the delivery of clean and safe water to communities in need. For Circular Packaging, we continued to scale our program in Mexico to recover bottles destined for landfill, recovering more than 145 million bottles during 3Q23.

Creating a future with more cheers

In 9M23, we delivered 8.3% revenue growth, with a 10.1% revenue per hl increase, and 7.3% EBITDA growth while continuing to invest for the long-term in our brands, capacity and digital transformation. The beer category is large and growing, and our unique global leadership advantages, replicable growth drivers and superior profitability position us well to generate value for our stakeholders and deliver on our purpose to create a future with more cheers.

2023 Outlook

(i)

 

Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY23 reflects our current assessment of inflation and other macroeconomic conditions.

(ii)

 

Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 200 to 230 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY23 to be approximately 4%.

(iii)

 

Effective Tax Rates (ETR): We expect the normalized ETR in FY23 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.

(iv)

 

Net Capital Expenditure: We expect net capital expenditure of between 4.5 and 5.0 billion USD in FY23.

Figure 1. Consolidated performance (million USD)

     
3Q22

3Q23

Organic

               
growth

Total Volumes (thousand hls)

157 284

151 891

-3.4%

AB InBev own beer

137 796

132 325

-4.0%

Non-beer volumes

18 332

18 589

1.4%

Third party products

1 156

977

-14.2%

Revenue

15 091

15 574

5.0%

Gross profit

8 232

8 394

4.1%

Gross margin

54.5%

53.9%

-44 bps

Normalized EBITDA

5 313

5 431

4.1%

Normalized EBITDA margin

35.2%

34.9%

-29 bps

Normalized EBIT

4 055

4 027

2.7%

Normalized EBIT margin

26.9%

25.9%

-57 bps

 

           
Profit attributable to equity holders of AB InBev

1 433

1 472

 
Underlying profit attributable to equity holders of AB InBev

1 682

1 735

 
 

           
Earnings per share (USD)

0.71

0.73

 
Underlying earnings per share (USD)

0.84

0.86

 

     
9M22

9M23

Organic

               
growth

Total Volumes (thousand hls)

446 358

440 021

-1.4%

AB InBev own beer

389 488

382 135

-1.9%

Non-beer volumes

53 820

54 812

1.8%

Third party products

3 050

3 075

2.4%

Revenue

43 118

44 907

8.3%

Gross profit

23 475

24 190

7.2%

Gross margin

54.4%

53.9%

-55 bps

Normalized EBITDA

14 896

15 099

7.3%

Normalized EBITDA margin

34.5%

33.6%

-31 bps

Normalized EBIT

11 160

11 099

6.2%

Normalized EBIT margin

25.9%

24.7%

-48 bps

 

           
Profit attributable to equity holders of AB InBev

3 126

3 450

 
Underlying profit attributable to equity holders of AB InBev

4 354

4 497

 
 

           
Earnings per share (USD)

1.55

1.71

 
Underlying earnings per share (USD)

2.16

2.23

 

Figure 2. Volumes (thousand hls)

     
3Q22

Scope

Organic

3Q23

Organic growth

               
growth

     
Total

Own beer

North America

27 775

-19

-4 749

23 007

-17.1%

-17.9%

Middle Americas

37 314

-

617

37 931

1.7%

0.9%

South America

40 644

-

- 911

39 733

-2.2%

-2.6%

EMEA

23 724

49

-367

23 407

-1.5%

-1.6%

Asia Pacific

27 610

-

62

27 672

0.2%

0.1%

Global Export and Holding Companies

217

-30

-46

141

-24.4%

23.2%

AB InBev Worldwide

157 284

-

-5 393

151 891

-3.4%

-4.0%

     
9M22

Scope

Organic

9M23

Organic growth

     
 

     
growth

     
Total

Own beer

North America

79 223

31

-8 853

70 401

-11.2%

-11.6%

Middle Americas

109 338

-

757

110 095

0.7%

-0.2%

South America

117 459

-

-1 703

115 756

-1.4%

-2.0%

EMEA

66 686

153

- 591

66 249

-0.9%

-1.1%

Asia Pacific

72 995

-

4 266

77 261

5.8%

5.7%

Global Export and Holding Companies

657

-185

-214

259

-45.2%

-48.5%

AB InBev Worldwide

446 358

-

-6 336

440 021

-1.4%

-1.9%

Key Market Performances

United States: Revenue declined by 13.5% impacted by volume performance

Operating performance:

3Q23: Revenue declined by 13.5% with revenue per hl increasing by 4.9% driven by revenue management initiatives. Sales-to-wholesalers (STWs) declined by 17.6%. Sales-to-retailers (STRs) were down by 16.6%, primarily due to the volume decline of Bud Light and impacted by shipment phasing ahead of our October price increase last year. EBITDA declined by 29.3%, with approximately two thirds of this decrease attributable to market share performance and the remainder from productivity loss, increased sales and marketing investments and support measures for our wholesaler partners.

9M23: Revenue declined by 7.1% with revenue per hl growth of 5.3%. Our STWs declined by 11.7% and STRs were down by 11.8%. EBITDA decreased by 20.0%.

Commercial highlights: The beer industry remained resilient in 3Q23, delivering revenue growth of 3.3% and gaining share of total alcohol by value in the off-premise, according to Circana. Our total beer market share has remained stable since the last week of April through the end of September. To support our long-term strategy, we continue to invest in our megabrands, wholesaler support measures and key partnerships including the NFL and Folds of Honor, as well as new activations in college football and the NBA. In Beyond Beer, our spirits based ready-to-drink portfolio continued to grow volume by strong double-digits, outperforming the industry.

Mexico: Mid-single digit top- and bottom-line growth

Operating performance:

3Q23: Revenue grew by mid-single digits with high-single digit revenue per hl growth driven by pricing actions and other revenue management initiatives. Volumes declined by low-single digits, slightly underperforming a soft industry as we cycled a strong market share performance in 3Q22. EBITDA grew by mid-single digits.

9M23: Revenue grew by more than 10% with revenue per hl growing by low-teens and volumes flattish. EBITDA grew by low-teens.

Commercial highlights: Our core brands delivered mid-single digit revenue growth this quarter and our above core portfolio continued to outperform, led by the strong performance of Modelo and Pacifico. We continued to progress our digital initiatives with our Vendo platform in BEES now enabling digital utilities payments and mobile data purchases in more than 90 000 points of sale and generating over 170 000 transactions in 3Q23.

Colombia: Double-digit top- and bottom-line growth

Operating performance:

3Q23: Revenue grew by mid-teens with low-single digit volume and low-teens revenue per hl growth, driven by pricing actions and other revenue management initiatives. EBITDA grew by mid-teens.

9M23: Revenue grew by high-single digits with revenue per hl growth of high-single digits. Volumes were flattish. EBITDA grew by more than 10%.

Commercial highlights: Our core portfolio led our performance this quarter, delivering mid-teens revenue growth with a particularly strong performance from Poker which grew volumes by high-single digits. In the above core segment, Corona outperformed the industry delivering low-teens volume growth.

Brazil: Mid-single digit top-line and double-digit bottom-line growth with 628bps of margin expansion

Operating performance:

3Q23: Revenue grew by 5.3% with revenue per hl growth of 5.5% driven by revenue management initiatives in an environment of moderating inflation. Total volumes were flat, with beer volumes declining by 1.1%, slightly underperforming the industry as we cycled all-time high quarterly volumes in 3Q22. Non-beer volumes increased by 3.7%. EBITDA increased by 30.5% with margin expansion of 628bps.

9M23: Total volumes were flat with beer volumes down 1.0% and non-beer volumes up 3.0%. Both revenue and revenue per hl increased by 9.9%. EBITDA grew by 28.7% with margin expansion of 435bps.

Commercial highlights: Our premium and super premium brands continued to outperform this quarter, delivering volume growth in the low-teens, led by Original, Spaten and Corona. Non-beer performance was led by our low- and no-sugar portfolio, which grew volumes by over 20%. BEES Marketplace continued to expand, reaching over 750 000 customers, a 15% increase versus 3Q22, and growing GMV by 32%. Our digital DTC platform, Zé Delivery, reached 4.7 million monthly active users this quarter, a 9% increase versus 3Q22, and increased GMV by 8%.

Europe: Low-single digit top- and bottom-line growth

Operating performance:

3Q23: Revenue grew by low-single digits with mid-teens revenue per hl growth, driven by pricing actions and the continued momentum of our premium and super premium brands. Volumes declined by high-single digits, outperforming a soft industry in more than 80% of our key markets according to our estimates. EBITDA grew by low-single digits.

9M23: Revenue grew by high-single digits, driven by mid-teens revenue per hl growth. Volumes declined by mid-single digits. EBITDA increased by mid-single digits.

Commercial highlights: We continue to drive premiumization across Europe. Our performance this quarter was driven by our premium and super premium brands which grew revenues by mid-single digits, led by Leffe and Stella Artois. Our digital transformation in Europe is progressing, with BEES now live in the UK, Germany, and the Canary Islands.

South Africa: Double digit top- and mid-single digit bottom-line growth

Operating performance:

3Q23: Top line grew by high-teens, with revenue per hl growth of high-single digits, driven by revenue management initiatives and continued premiumization. Our volumes increased by high-single digits, outperforming the industry according to our estimates, and supported by shipment phasing ahead of our October price increase. EBITDA grew by mid-single digits, as top-line growth was partially offset by anticipated transactional FX and commodity cost headwinds.

9M23: Revenue grew by mid-teens with high-single digit revenue per hl growth and a mid-single digit increase in volume. EBITDA grew by low-single digits.

Commercial highlights: The momentum of our business continued this quarter, with our portfolio gaining share of both beer and total alcohol, according to our estimates. Our core portfolio continued to outperform, delivering high-single digit volume growth, and our global brands grew volumes by more than 35%, driven by Corona and Stella Artois.

China: High-single digit top- and bottom-line growth

Operating performance:

3Q23: Our top-line grew by 7.1% with revenue per hl increasing by 7.3%, driven by on-premise recovery and continued premiumization. Volumes were flattish, outperforming a softer industry. EBITDA increased by 9.6%.

9M23: Volumes grew by 5.7% and revenue per hl by 6.4%, leading to a total revenue increase of 12.5%. EBITDA grew by 14.8%.

Commercial highlights: We continue to invest behind our commercial strategy, focused on premiumization, channel and geographic expansion, and digital transformation. Our performance this quarter was led by our premium and super premium brands which grew volumes by more than 10%, driven by on-premise recovery and expansion into new cities. The roll out and adoption of the BEES platform continued, with BEES now present in over 230 cities and with over 65% of our revenue generated through digital channels in September.

Highlights from our other markets

Canada: Revenue declined by high-single digits this quarter with revenue per hl growth of high-single digits, driven by revenue management initiatives and premiumization. Volumes declined by low-teens, underperforming a soft industry.

Peru: Revenue grew by over 10% this quarter with revenue per hl increasing by high-single digits, driven primarily by revenue management initiatives. Volumes increased by low-single digits, driven by the performance of our leading core brand Pilsen Callao and our non-beer portfolio.

Ecuador: Revenue grew by mid-single digits this quarter despite volumes declining low-single digits as the industry was impacted by four fewer trading days due to election related dry laws. Our above core brands continued to lead our performance, delivering a high-single digit revenue increase.

Argentina: Revenue increased by over 100% on an organic basis in 3Q23, driven by revenue management initiatives in a highly inflationary environment. Volumes declined by mid-teens as overall consumer demand was impacted by inflationary pressures.

Africa excluding South Africa: In Nigeria, our top-line grew by over 30% this quarter driven by pricing actions and other revenue management initiatives. Beer volumes declined by more than 10%, driven by a soft industry which was impacted by the continued challenging operating environment. In our other markets, we grew volumes in aggregate by high-single digits in 3Q23, driven primarily by Mozambique, Tanzania, and Uganda.

South Korea: Total revenue decreased by high-single digits this quarter with a mid-single digit volume decline, underperforming a soft industry which cycled post-COVID recovery in 3Q22. Revenue per hl decreased by low-single digits, driven primarily by an excise tax increase earlier in the year.

Consolidated Income Statement

Figure 3. Consolidated income statement (million USD)

     
3Q22

3Q23

Organic

               
growth

Revenue

15 091

15 574

5.0%

Cost of sales

-6 860

-7 180

-6.0%

Gross profit

8 232

8 394

4.1%

SG&A

-4 347

-4 583

-6.0%

Other operating income/(expenses)

170

217

18.8%

Normalized profit from operations (normalized EBIT)

4 055

4 027

2.7%

Non-underlying items above EBIT (incl. impairment losses)

-165

-352

 
Net finance income/(cost)

-1 313

-1 223

 
Non-underlying net finance income/(cost)

-144

84

 
Share of results of associates

81

95

 
Income tax expense

-688

-666

 
Profit

1 825

1 966

 
Profit attributable to non-controlling interest

392

494

 
Profit attributable to equity holders of AB InBev

1 433

1 472

 
 

           
Normalized EBITDA

5 313

5 431

4.1%

Underlying profit attributable to equity holders of AB InBev

1 682

1 735

 

     
9M22

9M23

Organic

               
growth

Revenue

43 118

44 907

8.3%

Cost of sales

-19 644

-20 717

-9.6%

Gross profit

23 475

24 190

7.2%

SG&A

-12 963

-13 635

-8.5%

Other operating income/(expenses)

648

544

23.4%

Normalized profit from operations (normalized EBIT)

11 160

11 099

6.2%

Non-underlying items above EBIT (incl. impairment losses)

-270

-458

 
Net finance income/(cost)

-3 757

-3 743

 
Non-underlying net finance income/(cost)

32

-619

 
Share of results of associates

210

201

 
Non-underlying share of results of associates

-1 143

-

 
Income tax expense

-1 933

-1 858

 
Profit

4 299

4 621

 
Profit attributable to non-controlling interest

1 174

1 171

 
Profit attributable to equity holders of AB InBev

3 126

3 450

 
 

           
Normalized EBITDA

14 896

15 099

7.3%

Underlying profit attributable to equity holders of AB InBev

4 354

4 497

 

We are reporting our Argentinean operation applying hyperinflation accounting under IAS 29, following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, since 2018. Inflation in Argentina has accelerated, resulting in a more significant impact on the organic revenue growth of AB InBev than historically. For illustrative purposes, fully excluding the Argentinean operation, the 3Q23 organic revenue increase for AB InBev would be 1.6% versus the 5.0% reported. For 9M23 revenue growth for AB InBev would be 4.9% versus the 8.3% reported.

Consolidated other operating income/(expenses) in 3Q23 increased by 23.4% primarily driven by higher government grants. In 9M22, Ambev recognized 201 million USD income in other operating income related to tax credits. The year-over-year change is presented as a scope change and does not affect the presented organic growth rates.

Non-underlying items above EBIT & Non-underlying share of results of associates

Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD)

     
3Q22

3Q23

9M22

9M23

COVID-19 costs

-2

-

-16

-

Restructuring

-13

-28

-63

-78

Business and asset disposal (incl. impairment losses)

-149

-324

-143

-361

Legal costs

-

-

-

-19

AB InBev Efes related costs

-1

-

-48

-

Non-underlying items in EBIT

-165

-352

-270

-458

Non-underlying share of results of associates

-

-

-1 143

-

EBIT excludes negative non-underlying items of 352 million USD in 3Q23 and 458 million USD in 9M23. In 3Q23, we recognized a loss of approximately 300 million USD upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.

Non-underlying share of results of associates of 9M22 includes the non-cash impairment of 1 143 million USD the company recorded on its investment in AB InBev Efes in 1Q22.

Net finance income/(cost)

Figure 5. Net finance income/(cost) (million USD)

     
3Q22

3Q23

9M22

9M23

Net interest expense

-826

-789

-2 509

-2 419

Net interest on net defined benefit liabilities

-18

-22

-55

-64

Accretion expense

-215

-194

-551

-579

Net interest income on Brazilian tax credits

34

29

146

107

Other financial results

-287

-247

-788

-787

Net finance income/(cost)

-1 313

-1 223

-3 757

-3 743

Non-underlying net finance income/(cost)

Figure 6. Non-underlying net finance income/(cost) (million USD)

     
3Q22

3Q23

9M22

9M23

Mark-to-market

-144

84

152

-619

Gain/(loss) on bond redemption and other

-

-

-120

-

Non-underlying net finance income/(cost)

-144

84

32

-619

Non-underlying net finance cost in 9M23 includes mark-to-market losses on derivative instruments entered into to hedge our shared-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.

The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown in figure 7, together with the opening and closing share prices.

Figure 7. Non-underlying equity derivative instruments

     
3Q22

3Q23

9M22

9M23

Share price at the start of the period (Euro)

51.36

51.83

53.17

56.27

 

 

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