after deduction of provisions considered necessary. The Other financial fixed assets are shown at par value, less a provision for doubtful items. Current assets Depending on the customary method of price determination, the stocks obtained from third parties are valued on the basis of current contracts, market prices or purchase prices applicable on the balance sheet date. Finished products and products in pro cess are valued at manufacturing cost, based on replacement cost and taking into account the stage of processing. Stocks of returnable packing materials and spare parts are depreciated on a straight-line basis in view of the reduction of the possibility of use. Provisions on stocks are made up to the recoverable amount or net realizable value, respectively, if this is lower than the replacement value. Prepayments on stocks are stated at par value, if necessary after deduction of a provision. Accounts receivable are shown at par value, after deduction of a provision for bad debts and less the amount of depo sits due on account of the obligation to take back own packing materials. Securities have been valued at the cost of acquisition, unless the market price or the estimated value of unlisted secu rities is lower. Bank, cash and clearing balances, as well as the short-term cash deposits, are stated at par value. Revaluations gements existing in a number of countries with regard to investments over the esti mated life of the assets concerned. Provisions The Provision for deferred tax liabilities is calculated on the differences in valua tion between the balance sheet and the statement of financial condition for fiscal purposes, in so far as these differences will be taken into account in the levying of taxation. Calculation takes place at the nominal rates of the taxes on profit in the various countries and the taxes on profit distributions which are borne by the Group. The Provision for pension liabilities is determined on the basis of present value. The Provision for other personnel sche mes is calculated on the basis of the present value of the benefit commitments on account of retirement, replacement, retaining pay and disability, taking into account where necessary the expected degree of participation. Debts Long-term debts and Current liabilities are shown at par value. Differences in valuation resulting from revaluation are credited or debited to the Group funds, if applicable, after deduction of an amount for deferred tax liabilities. Investment facilities equalization account The purpose of the Investment facilities equalization account is to apportion the amounts received in virtue of the arran-

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1986 | | pagina 32