107.
Notes to the reconciliation balance sheet as at 1 January 2004
1 Property, plant equipment are €363 million lower due to the change from statement at estimated
replacement cost to historical cost.
2 Intangible Assets show a net increase of €115 million under IFRS representing, on the one hand,
€165 million, being the value of brands acquired via the Brau Union transaction and reclassified
from goodwill, less on the other hand, the impact on goodwill of the recognition of the deferred
tax liability and the share of the brand value attributable to minority interests.
3 Investments are €7 million lower primarily due to reclassifications.
4 Deferred Tax Assets and Liabilities are now reported as separate items on the balance sheet while
previously these amounts were netted. The net deferred tax liability under Dutch GAAP has been
reduced as a result of the change to statement at historical cost of property, plant equipment and
the recognition of deferred tax assets. On the other hand the net deferred tax liability under Dutch
GAAP has been increased due to the recognition of brands. When implementing IFRS, Heineken has only
netted those tax assets and liabilities where there is a legally enforceable right to net the assets and
liabilities.
The impact on Inventories is zero because the change from estimated replacement cost to historical
cost is compensated by the reclassification of certain returnable packaging materials from property,
plant equipment assets to inventories.
f The increase in Trade and other receivable of €327 million is mainly due to the reclassification
of the liability for refundable deposits received from customers on returnable packaging to other
current liabilities. Under Dutch GAAP, this liability was netted with the receivables.
Cash and cash equivalents. An amount of €50 million, which was classified under securities under
Dutch GAAP, has been reclassified to cash and cash equivalents.
Provisions. The decrease is due to reclassification of the short-term part of provisions to current
liabilities.
The increase in Trade and other payables is primarily due to the reclassification from receivables
of the liability for refundable deposits received from customers on returnable packaging to creditors
and other liabilities.
Heineken N.V. - Annual Report 2005
