The Best Beer Company in a Better World - Anheuser-Busch InBev

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108 | Annual Report 2008 Financial Report Impairment losses The allowance for impairment recognized during the period per classes of financial assets was as follows : Million euro Available-for-sale financial assets Trade receivables 2008 Loans to customers Other receivables Balance at 1 January (17) (204) (57) (68) (346) Impairment losses (1) (29) (4) (3) (37) Derecognition - 13 6 1 20 Currency translation 2 30 3 10 45 Balance at 31 December (16) (190) (52) (60) (318) Million euro Available-for-sale financial assets Trade receivables 2007 Loans to customers Other receivables Balance at 1 January (18) (204) (70) (71) (363) Impairment losses 1 (18) (9) (4) (30) Derecognition 1 18 20 9 48 Currency translation (1) - 2 (2) (1) Balance at 31 December (17) (204) (57) (68) (346) (G) Liquidity risk The following are the contractual maturities of non-derivative financial liabilities including interest payments and derivative financial assets and liabilities : Million euro Carrying amount Contractual cash flows Less than 1 year 2008 1-2 years 2-5 years Total Total More than 5 years Non-derivative financial liabilities Secured bank loans 76 (99) (39) (12) (48) - Unsecured bank loans 36 325 (40 459) (9 222) (9 773) (21 359) (105) Unsecured bond issues 6 059 (11 794) (949) (971) (2 880) (6 994) Secured other loans 5 (7) - (1) (5) (1) Unsecured other loans 125 (166) (14) (36) (79) (37) Finance lease liabilities 38 (95) (6) (8) (10) (71) Bank overdraft 550 (550) (550) - - - Trade & other payables 6 303 (6 303) (6 014) (209) (27) (53) Derivative financial liabilities 49 481 (59 473) (16 794) (11 010) (24 408) (7 261) Interest rate derivatives 1 603 (1 467) (110) (579) (745) (33) Foreign exchange derivatives (235) 142 99 40 3 - Interest rate and foreign exchange derivatives (114) (357) 41 (98) (300) - Commodity derivatives 279 (139) (128) (11) - - Other derivatives (7) 7 5 2 - - 1 526 (1 814) (93) (646) (1 042) (33) Of which : directly related to cash flow hedges 1 691 (1 433) (145) (547) (720) (21)
Million euro Carrying amount Contractual cash flows Less than 1 year 2007 Financial Report Annual Report 2008 | 109 1-2 years 2-5 years More than 5 years Non-derivative financial liabilities Secured bank loans 371 (435) (113) (305) (17) - Unsecured bank loans 4 119 (4 583) (1 253) (599) (1 927) (804) Unsecured bond issues 1 953 (2 752) (353) (828) (1 072) (499) Unsecured other loans 161 (184) (25) (33) (82) (44) Finance lease liabilities 15 (18) (4) (2) (12) - Secured bank facilities 4 (4) (4) - - - Bank overdraft 80 (80) (80) - - - Trade & other payables 4 244 (4 247) (3 929) (284) (4) (30) Derivative financial liabilities 10 947 (12 303) (5 761) (2 051) (3 114) (1 377) Interest rate derivatives (34) 14 2 2 22 (12) Foreign exchange derivatives (128) 72 2 13 57 Interest rate and foreign exchange derivatives 400 (669) (264) (64) (157) (184) Commodity derivatives 8 (8) (8) - - - Other derivatives (1) 1 1 - - - (245) (590) (267) (49) (78) (196) Of which : directly related to cash flow hedges (142) 113 (2) 22 86 7 (H) Capital management AB InBev is continuously optimizing its capital structure targeting to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. Besides the statutory minimum equity funding requirements that apply to our subsidiaries in the different countries, AB InBev is not subject to any externally imposed capital requirements. When analyzing our capital structure we use the same debt/equity classifications as applied in our IFRS reporting. (I) Fair value Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. In conformity with IAS 39 all derivatives are recognized at fair value in the balance sheet. The fair value of derivative financial instruments is either the quoted market price or is calculated using pricing models taking into account current market rates. These pricing models also take into account the current creditworthiness of the counterparties. The fair value of these instruments generally reflects the estimated amount that AB InBev would receive on the settlement of favorable contracts or be required to pay to terminate unfavorable contracts at the balance sheet date, and thereby takes into account any unrealized gains or losses on open contracts.
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Our dream is to become The Best Bee
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Anheuser-Busch InBev is a publicly
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50% 40% 30% 20% 10% 04 05 06 07 07
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Global brands Multi-country brands
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The Net Debt to EBITDA ratio not on
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Success in China China is the large
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World-class efficiency World-class
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Business Service Center Excellence
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Fewer bigger bets We know focus wor
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Stella Artois Légère In 2008, we
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One of 2008’s key innovations was
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Chernigivske In the Ukraine, Cherni
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14.3 12.6 2006 2007 2008 Volumes NA
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000 5 Million euro Million hl 0 0 5
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00 0 0 00 0 0 Million euro hl Centr
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30 | Annual Report 2008 The People
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32 | Annual Report 2008 The People
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34 | Annual Report 2008 The World a
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* Source: TNS Custom Research, Inc.
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42 | Annual Report 2008 Financial R
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The Best Beer Company in a Better World - Anheuser-Busch InBev

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