88. Notes to the consolidated financial statements
11. Investments
In millions of EUR
2005
2004
Non-current other investments
Debt securities held to maturity
481
506
Equity securities available-for-sale
165
126
646
632
Current investments
Equity securities held for trading
23
26
12. Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following items:
Assets
Liabilities
Net
In millions of EUR
2005
2004
2005
2004
2005
2004
Property, plant equipment
21
3
381
344
(360)
(341)
Intangible assets
27
26
42
44
(15)
(18)
Other investments
16
11
2
6
14
5
Inventories
4
3
(5)
(8)
9
11
Interest-bearing loans and borrowings
3
1
3
1
Employee benefits
144
160
5
3
139
157
Provisions
56
47
(4)
(4)
60
51
Other items
65
64
41
67
24
(3)
Tax value of loss carry-forwards
recognised
19
22
19
22
Tax (assetsj/liabilities
355
337
462
452
(107)
(115)
Set-off of tax
(69)
(68)
(69)
(68)
-
-
Net tax (assets)/liabilities
286
269
393
384
(107)
(115)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
In millions of EUR2005 2004
Losses carry-forward not recognised140111
The tax losses expire in different years. Deferred tax assets have not been recognised in respect of these
items because it is not probable that future taxable profit will be available against which Heineken can
utilise the benefits therefrom.
Heineken N.V. - Annual Report 2005
