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.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2008 | | pagina 109