98 Heineken N.V. Annual Report 2004 Financial Statements 2004 Notes to the Consolidated Profit and Loss Account
2004
Results of and value adjustments to
non-consolidated participating interests
Share in net result of participating interests
carried at net asset value
Dividends received from participating interests
carried at cost
Book profit on sale of 15% interest in Quilmes
Book profit on sale of Whitbread
Write-down of interest in Kaiser
The movement in the value of the real against the euro
and the financial results of Cervejarias Kaiser in Brazil led
to a write down of our interest amounting to €190 million,
this being the total amount of our original investment.
Interest
Interest paid
Interest received
Taxation
Taxation
The main components of the taxation charge are:
Profit before taxation excluding the results
of non-consolidated participating interests
Taxation charge at the tax rate prevailing in
the Netherlands
Effect of tax rates outside the Netherlands
Non-allowable expenses
Utilisation of tax losses carried forward
Tax losses not recognised
Under/overprovided in prior years
Tax incentives and other differences
Effective tax burden
21
12
17
-190
-227
47
34.5%
-3.4%
4.7%
- 0.8%
0.8%
- 2.4%
-4.7%
-140
-180
-306
1,068
368
-36
50
-9
9
-26
-50
28.7%
306
2003
13
17
71
-180
40
34.5%
- 3.8%
3.3%
- 1.6%
0.9%
- 1.6%
- 2.2%
101
-140
-319
1,082
373
-41
36
-17
10
-18
-24
29.5%
319
Taxation amounts to 28.7% (2003: 29.5%)
of the group profit before tax not including
the results of non-consolidated companies.
