94 Financial statements Notes to the consolidated financial statements 13. Income tax expense Recognised in profit or loss ;r pns of EL'F2010 Current tax expense 498 Under/(over) provided in prior years528 550 3É Deferred tax expense Origination and reversal of temporary differences (19) Previously unrecognised deductible temporary differences (2) 3 (39) Undercover) provided in prior years(94) (151) (8 2[ Total income tax expense in profit or loss 399285 Reconciliation of the effective tax rate In millions of EUR 2010 Profit before income tax 1,967 1,42 Share of net profit of associates and joint ventures and impairments thereof (193) (12 Profit before income tax excluding share of profit of associates and joint ventures (inclusive impairments thereof) 1,774 1,30 2010 Income tax using the Company's domestic tax rate 25.5 452 25.5 Effect of tax rates in foreign jurisdictions 1.9 34 1.6 Effect of non-deductible expenses 4.1 72 2.8 Effect of tax incentives and exempt income (8.2) (146) (8.2) (10 Recognition of previously unrecognised temporary differences (0.1) (2) (0.1) Utilisation or recognition of previously unrecognised tax losses (1.2) (21) (0.5) Unrecognised current year tax losses 0.8 15 0.9 Effect of changes in tax rate 0.2 3 Withholding taxes 1.4 25 1.2 Undercover) provided in prior years (2.4) (42) Other reconciling items 0.5 9 (1.2) 22.5 399 22.0 28 The effective tax rate of the Company increased from 22 per cent to 22.5 per cent. The 2009 rate included the effects of the tax-exempt book gain on the purchase of the Globe Bonds, whilst the 2010 rate includes the effects of the (partly) tax-exempt gain on the sale of the shares in MBI, GBNC and Waverley TBS (book gain EUR199 million), and exceptional tax items in 2010 related to the finalisation of the Globe transactions in the UK and various other settlements with the tax authorities (tax effect EUR52 million) Income tax recognised in other comprehensive income In millions of EURNote 2010 Changes in fair value (5) Changes in hedging reserve (38) (43)

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2010 | | pagina 91