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. Investment facilities equalization account The purpose of the investment facilities equalization account is to apportion the amounts received in virtue of arrangements in a number of countries with regard to investments over the estimated life of the assets concerned. Provisions The provision for deferred tax liabilities is calculated at the nominal value for timing differences in valuation between the balance sheet and the statement of financial condition for fiscal purposes, and the taxes on profit distributions which are borne by the Group. Calculation of the liabilities takes place at the tax rates applicable on the balance sheet date. Deferred tax assets are netted off with deferred tax liabilities, taking into account the terms of the deferred tax items. Net deferred tax assets are valued at zero, unless their future realization can reasonably be expected. The provision for pension liabilities is determined on the basis of present value according to actuarial principles. The provision for other personnel schemes is calculated on the basis of the present value of the benefit commitments on account of retirement, transfer, retaining pay and disability, taking into account where applicable the degree of utilization of the scheme concerned. Debts Long-term debts and current liabilities are shown at par value. Accounting policies for the determination of income In the statement of income proceeds and expenses are in principle accounted for at the time when the relevant goods or services are supplied. Net turnover means the proceeds of products supplied and services rendered to third parties, after deduction of turnover taxes and discounts. The consumption of raw materials and other materials is stated at replacement cost in the statement of income. Excise duties are stated at the actual amount incurred. The depreciation based on replacement cost is applied on a straight-line basis, in accordance with the estimated life of each asset; the withdrawal from the investment facilities equalization account is allowed for in this calculation. Earnings of non-consolidated participations consist of the dividends received in the financial year from participations valued at cost of acquisition and the Heineken share in the profit of participations valued at net asset value. The share in the earnings of participations valued at net asset value is determined as far as possible according to the Heineken policies for the determination of income, taking account of taxation and minority interests. Taxation on profit is calculated on the income according to the annual accounts on the basis of nominal rates. The taxation on profit distributions which is borne by the Group and the facilities applicable are taken into account. The differences from the taxes actually payable in respect of the financial year are offset against the provision for deferred tax liabilities.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1995 | | pagina 59