El aprendizaje de oficios artesanales en la sociedad colonial

2014 2013

Land and Plant and Fixtures Under

Million US dollar buildings equipment and fittings construction Total Total

Acquisition cost

Balance at end of previous year 9 968 22 414 3 660 2 065 38 107 33 108

Effect of movements in foreign exchange (821) (2 143) (477) (179) (3 620) (1 359) Acquisitions 222 1 161 339 2 088 3 810 3 523 Acquisitions through business combinations 532 363 25 30 950 4 818 Disposals (123) (761) (287) (17) (1 188) (1 697) Disposals through the sale of subsidiaries (108) (153) (158) – (419) – Transfer (to)/from other asset categories

and other movements1 _{318 1 589 236 (2 299) (156) (286)}

Balance at end of the period 9 988 22 471 3 338 1 688 37 485 38 107

Depreciation and impairment losses

Balance at end of previous year (2 824) (11 947) (2 444) (3) (17 218) (16 647)

Effect of movements in foreign exchange 305 1 278 327 5 1 915 549

Disposals 34 631 253 – 918 1 470

Disposals through the sale of subsidiaries 4 22 93 – 119 – Depreciation (376) (2 018) (414) – (2 808) (2 567) Impairment losses (58) (92) (1) (12) (163) (70) Transfer to/(from) other asset categories and

other movements1 _{88 (113) 40 1 16 47} Balance at end of the period (2 826) (12 240) (2 147) (9) (17 222) (17 218) Carrying amount at 31 December 2013 7 144 10 467 1 216 2 062 20 889 20 889 at 31 December 2014 7 162 10 231 1 191 1 679 20 263 –

The carrying amount of property, plant and equipment subject to restrictions on title amounts to 37m US dollar.

Contractual commitments to purchase property, plant and equipment amounted to 647m US dollar as at 31 December 2014 compared to 591m US dollar as at 31 December 2013. The increase results from projects mainly in North America and Mexico.

Leased Assets

The company leases land and buildings as well as equipment under a number of finance lease agreements. The carrying amount as at 31 December 2014 of leased land and buildings was 151m US dollar (31 December 2013: 155m US dollar).

1 _{The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to contributions of}

assets to pension plans and to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and

FINANCIAL REPORT

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Anheuser-Busch InBev Annual Report 2014

14. Goodwill

Million US dollar 2014 2013

Acquisition cost

Balance at end of previous year 69 933 51 773

Effect of movements in foreign exchange (4 403) (1 799)

Purchases of non-controlling interest (5) (29)

Disposals through the sale of subsidiaries (60) – Acquisitions through business combinations 5 300 19 988

Balance at end of year 70 765 69 933 Impairment losses Balance at end of previous year (7) (7) Impairment losses – – Balance at end of year (7) (7) Carrying amount at 31 December 2013 69 927 69 927 at 31 December 2014 70 758 –

Goodwill increased from 69 927m US dollar per end of December 2013 to 70 758m US dollar per end of December 2014.

Current year acquisitions through business combinations primarily reflect the OB acquisition in South Korea and the acquisition of Ginsber and three breweries in China – see note 6 Acquisitions and disposals.

Disposals through the sale of subsidiaries relate to the sale of the glass production plant in Mexico - see note 6 Acquisitions and disposals.

In 2013, the combination with Grupo Modelo resulted in the recognition of goodwill of 19 592m US dollar and the acquisition of four breweries in China, different distributors in Brazil and a wholesaler in United States resulted in the recognition of 380m US dollar goodwill.

The carrying amount of goodwill was allocated to the different business unit levels as follows:

Million US dollar Business unit 2014 2013 USA 32 718 32 654 Mexico 17 100 19 171 Brazil 6 764 7 669 South Korea 4 031 – China 3 031 2 317 Canada 1 786 1 945 Germany/Italy/Switzerland/Austria 1 352 1 535 Dominican Republic 1 040 1 037

Argentina and other Hispanic Latin America countries 1 031 1 181

Global Export/Spain/Czech Republic 679 731

UK/Ireland 588 624

Russia/Ukraine 547 960

Belgium/Netherlands/France/Luxemburg 91 103

70 758 69 927

AB InBev completed its annual impairment test for goodwill and concluded, based on the assumptions described below, that no impairment charge was warranted. The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the asset values reported. AB InBev believes that all of its estimates are reasonable: they are consistent with the internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control. During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate, in particular for the valuations of the US, Brazil and Mexico, countries that show the highest goodwill, as well as for Russia and Ukraine due to continued political instability and deteriorating macroeconomic conditions. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis performed is not aware of any reasonably possible change in a key assumption used that would cause a business unit’s carrying amount to materially exceed its recoverable amount.

Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill, which accounted for approximately 50% of AB InBev’s total assets as at 31 December 2014, is tested for impairment at the business unit level (that is one level below the reporting segments). The business unit level is the lowest level at which goodwill is monitored for internal management purposes. Whenever a business combination occurs, goodwill is allocated as from the acquisition date, to each of AB InBev’s business units that are expected to benefit from the synergies of the combination.

AB InBev impairment testing methodology is in accordance with IAS 36, in which a fair-value-less-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted free cash flow approach based on acquisition valuation models for its major business units and the business units showing a high invested capital to EBITDA multiple, and valuation multiples for its other business units. The key judgments, estimates and assumptions used in the discounted free cash flow calculations are generally as follows:

• The first year of the model is based on management’s best estimate of the free cash flow outlook for the current year;

• In the second to fourth years of the model, free cash flows are based on AB InBev’s strategic plan as approved by key management. AB InBev’s strategic plan is prepared per country and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions;

• For the subsequent six years of the model, data from the strategic plan is extrapolated generally using simplified assumptions such as constant volumes and variable cost per hectoliter and fixed cost linked to inflation, as obtained from external sources;

• Cash flows after the first ten-year period are extrapolated generally using expected annual long-term consumer price indices (CPI), based on external sources, in order to calculate the terminal value, considering sensitivities on this metric. For the three main cash generating units, the terminal growth rate applied ranged between 0.0% and 2.0% for the US; 0.0% and 3.2% for Brazil and 0.0% and 2.5% for Mexico;

• Projections are made in the functional currency of the business unit and discounted at the unit’s weighted average cost of capital (WACC), considering sensitivities on this metric. The WACC ranged primarily between 6% and 22% in US dollar nominal terms for goodwill impairment testing conducted for 2014. For the three main cash generating units, the WACC applied in US dollar nominal terms ranged between 6% and 8% for the US, 9% and 11% for Brazil, and 8% and 10% for Mexico.

• Cost to sell is assumed to reach 2% of the entity value based on historical precedents.

The above calculations are corroborated by valuation multiples, quoted share prices for publicly-traded subsidiaries or other available fair value indicators (i.e. recent market transactions from peers).

Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions.

FINANCIAL REPORT

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Anheuser-Busch InBev Annual Report 2014