Financial Statements coi inui
Notes to the consolidated financial statements
continued
17. 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
2006
2005
2006
2005
2006
2005
Property, plant equipment
21
21
(387)
(381)
(366)
(360)
Intangible assets
79
27
(41)
(42)
38
(15)
Investments
9
16
(2)
(2)
7
14
Inventories
12
4
(2)
5
10
9
Loans and borrowings
(3)
3
-
-
(3)
3
Employee benefits
134
144
1
(5)
135
139
Provisions
73
56
5
4
78
60
Other items
72
65
(58)
(41)
14
24
Tax losses carry-forwards
13
19
(2)
-
11
19
Tax assets/(liabilities)
410
355
(486)
(462)
(76)
(107)
Set-off of tax
(15)
(69)
15
69
-
-
Net tax assets/(liabilities)
395
286
(471)
(393)
(76)
(107)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
In millions of EUR 2006 2005
Tax losses 77 140
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.
Tax losses
Heineken has for an amount of €119 million (2005: €190 million), losses carry forward as per
31 December 2006 which expire in the following years:
In millions of EUR 2006 2005
2006 I 8
2007 23 42
2008 24 42
2009 13 15
2010 7 10
2011 3
After 2011 respectively 2010 but not unlimited 36 33
Unlimited 13 40
119 190
Recognised as deferred tax assets (42) (50)
Unrecognised 77 140
Q£% Heineken N.V.
«70 Annual Report 2006
