82. Notes to the consolidated financial statements continued
2. Acquisitions and disposal of subsidiaries and joint ventures continued
Effect of acquisitions and disposal
Other acquisitions and disposals had the following effect on Heineken's assets and liabilities.
In millions of EUR
Acquisitions
2005
Disposal
2005
Property, plant equipment
89
(253)
Intangible assets
4
-
Investments in associates
5
Other investments
(8)
Deferred tax assets
2
Inventories
24
Trade and other receivables
12
(2)
Current investment
-
Minority interests
8
-
Interest-bearing loans and borrowings
(21)
Employee benefits
(11)
Provisions
(20)
1
Deferred tax liabilities
(7)
Other payables
(25)
3
Net identifiable assets and liabilities
52
(251)
Goodwill acquisition
120
Consideration paid/(received), satisfied in cash
172
(251)
Cash (acquired)/disposed of
2
Net cash outflow/(inflow)
174
(251)
The fair values of assets and liabilities of some acquisitions have been determined on a provisional basis,
since not all information was available yet on the date of acquisition. The amount of goodwill paid relates
to synergies to be achieved. Synergies to be achieved are a result of a stronger presence in the market
and synergies in purchasing, sourcing and selling due to the integration of our activities in the region.
The disposals relate to the sale of our real estate business in Austria.
3. Raw materials, consumables and services
In millions of EUR 2005 2004
Raw materials
715
709
Packaging
1,244
1,142
Goods for resale
1,404
1,235
Stock movements
10
(7)
Marketing and selling expenses
1,353
1,192
Transport costs
525
520
Energy and water
218
181
Repair and maintenance
241
233
Other expenses
947
896
6,657 6,101
Heineken N.V. - Annual Report 2005