Intangible assets The differences between the price paid and the valuation according to Heineken policies of newly acquired participations, in which at least significant influence is exercised over management policy, are offset against the Group funds. Costs of other intangible assets, including brands, patents, licences, software, research and development, are charged directly to the statement of income. Accounting policies for the valuation of assets and liabilities Fixed assets Tangible fixed assets have been valued on the basis of replacement cost and, with the exception of sites, after deduction of cumulative depreciation. The replacement cost is based on valuations by internal and external experts, taking technical and economic developments into account. They are supported by the experience gained in the construction of establishments all over the world. Projects under construction are stated at cost of acquisition. The non-consolidated participations in which a significant influence is exercised over management policy are stated at the Heineken share in the net asset value. This net asset value is determined as far as possible on the basis of the Heineken accounting policies. The other non-consolidated participations are valued at the cost of acquisition, after deduction of provisions considered necessary. The other financial fixed assets are shown at par value, less a provision for bad debts. Current assets Stocks obtained from third parties have been valued on the basis of replacement cost. The replacement cost is based on the prices of current purchase contracts and on market prices applicable on the balance sheet date. Finished products and products in process are valued at manufacturing cost, based on replacement cost and taking into account the stage of processing. Stocks of 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. Accounts receivable are shown at par value, after deduction of a provision for bad debts and less the amount of deposits due on account of the obligation to take back own packaging materials. Securities have been valued at the cost of acquisition, unless the market price or the estimated market value of unlisted securities is lower. Cash at bank and in hand is stated at par value. Revaluations 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.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1993 | | pagina 52