107
HEINEKEN N.V. ANNUAL REPORT 2008
Included in loans are loans to customers with a carrying amount of €190 million as at 31 December 2008
(2007: €102 million). Effective interest rates range from 4 to 12 per cent. €182 million (2007: €100 million)
matures between one and five years and €8 million (2007: €2 million) after five years.
The main available-for-sale investments are Consorcio Cervecero de Nicaragua S.A., Desnoes Geddes Ltd.
and Cervejarias Kaiser Brasil S/A ('Kaiser'). As far as these investments are listed they are measured at their
quoted market price. For others the value in use is used. Within available-for-sale investments, debt securities
(which are interest-bearing) with a carrying amount of €23 million (2007: €26 million) are included.
Sensitivity analysis - equity price risk
An amount of €59 million as at 31 December 2008 (2007: €76 million) of available-for-sale investments and
investments held for trading is listed on stock exchanges. A1 per cent increase in the share price at the
reporting date would have increased equity with €1 million (2007: €1 million); an equal change in the opposite
direction would have decreased equity with €1 million (2007: €1 million).
18. Deferred tax assets and liabilities
i ecognised deferred tax assets and liabilities
I eferred tax assets and liabilities are attributable to the following items:
Assets
Liabilities
Net
millions of EUR
2008
2007
2008
2007
2008
2007
operty, plant equipment
33
20
(523)
(369)
(490)
(349)
tangible assets
55
65
(457)
(45)
(402)
20
vestments
2
3
(5)
(2)
(3)
1
ventories
10
15
(4)
6
15
rans and borrowings
1
-
1
nployee benefits
84
113
62
146
113
ovisions
100
49
100
49
ther items
142
85
(27)
(59)
115
26
ix losses carry-forwards
20
15
129
(1)
149
14
ix assets/(liabilities)
447
365
(825)
(476)
(378)
(111)
et-off of tax
(188)
(49)
188
49
-
et tax assets/(liabilities)
259
316
(637)
(427)
(378)
(111)
ix losses carry-forwards
eineken has losses carry-forwards for an amount of €1,157 million (2007: €130
308 which expire in the following years:
million) as per 31 December
millions of EUR
2008
2007
108
-
12
109
12
7
110
11
3
111
16
-
112 8
113
22
-
fter 2013 respectively 2012 but not unlimited
151
64
nlimited
937
44
1,157
130
ecognised as deferred tax assets gross
(470)
(57)
nrecognised
687
73
ie increase in unrecognised losses is mainly related to pre-acquisition losses of the newly acquired
jbsidiaries for which it is uncertain that they will be utilised or will be available for utilisation in the future,
ny subsequent changes in 2009 with respect to these losses will be recognised through goodwill.