108. No
30. Explanation of transition to IFRS continued
Notes to the reconciliation balance sheet as at 31 December 2004.
1 Property, plant equipment are €354 million lower due to the change from statement at estimated
replacement cost to historical cost.
2 Intangible assets show a net increase of €117 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 recognised deferred tax liability.
Finally, amortisation under IFRS is lower as goodwill is not amortised (€81 million), which is partially
compensated by the amortisation of brands (€8 million).
3 Investments are €4 million higher 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. When implementing IFRS, Fleineken has only netted those
tax assets and liabilities were there is a legally enforceable right to net the assets and liabilities.
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.
5 Inventories are slightly higher due to the combination of the change from estimated replacement
cost to historical cost and the reclassification of some returnable packaging materials from property,
plant equipment to inventories.
6 The increase in Trade and other receivables of €337 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.
7 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.
8 Provisions. The decrease is due to reclassification of the short-term part of provisions to
current liabilities.
9 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
