100
Financial statements Notes to the consolidated financial statements
17. Other investments and receivables
In millions of EUR
2010
Non-current other investments
Loans
32
455
329
Indemnification receivable
32
145
Other receivables
32
174
Held-to-maturity investments
32
4
Available-for-sale investments
32
190
Non-current derivatives
32
135
1,103
568
Current other investments
Investments held for trading
17
17 1
Included in loans are loans to customers with a carrying amount of EUR166 million as at 31 December 2010 (2009: EUR150 million)
Effective interest rates range from 2 to 13 per cent. EUR164 million (2009: EUR145 million) matures between 1 and 5 years and
EUR2 million (2009: EUR5 million) after 5 years.
The other non-current receivables mainly originate from the acquisition of the beer operations of FEMSA and represent a receivab
on the Brazilian Authorities on which interest is calculated in accordance with Brazilian legislation. Collection of this receivable
is expected to be beyond a period of five years. The indemnification receivable represents the receivable on FEMSA and is a mirro
of the corresponding indemnified liabilities originating from the acquisition of the beer operations of FEMSA.
The main available-for sale-investments are Consorcio Cervecero de Nicaragua S.A. and Desnoes Geddes Ltd. As far as these
investments are listed they are measured at their quoted market price. For others the value in use or multiples are used. Debt security
(which are interest-bearing) with a carrying amount of EUR21 million (2009: EUR21 million) are included in available-for-sale investmer
Sensitivity analysis - equity price risk
An amount of EUR69 million as at 31 December 2010 (2009: EUR57 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 by EUR1 million (2009: EUR1 million); an equal change in the opposite direction would have decreased equity by EUR1 million
(2009: EUR1 million).
18. Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following items:
Assets
Liabilities
In millions of EUR
2010
2010
2010
Property, plant equipment
86
(550)
(385)
(464)
Intangible assets
62
41
(789)
(310)
(727)
Investments
87
15
(9)
(6)
78
Inventories
33
17
(6)
(6)
27
Loans and borrowings
1
1
(2)
(1)
Employee benefits
141
92
11
24
152
lib
Provisions
133
92
1
134
Other items
77
215
(51)
(207)
26
Tax losses carry-forwards
213
137
-
213
137
Tax assets/(liabilities)
833
665
(1,395)
(890)
(562)
(225)
Set-off of tax
(404)
(104)
404
104
-
Net tax assets/(liabilities)
429
561
(991)
(786)
(562)
(22
