Financial statements I Notes to the consolidated financial statements continued 13. Income tax expense :ontinued Reconciliation of the effective tax rate 2011 Profit before income tax 2,025 1,982 Share of net profit of associates and joint ventures and impairments thereof (240) (193) Profit before income tax excluding share of profit of associates and joint ventures (inclusive impairments thereof) 1,785 1,789 2011 Income tax using the Company's domestic tax rate 25.0 446 25.5 456 Effect of tax rates in foreign jurisdictions 3.5 62 1.9 34 Effect of non-deductible expenses 3.2 58 4.0 72 Effect of tax incentives and exempt income (6.0) (107) (8.2) (146) Recognition of previously unrecognised temporary differences (0.5) (9) (0.1) (2) Utilisation or recognition of previously unrecognised tax losses (0.3) (5) (1.2) (21) Unrecognised current year tax losses 1.0 18 0.8 15 Effect of changes in tax rate 0.1 1 0.2 3 Withholding taxes 1.5 26 1.4 25 Undercover) provided in prior years (1.5) (27) (2.3) (42) Other reconciling items 0.1 2 0.5 9 26.1 465 22.5 403 Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e) The reported tax rate is 26.1 percent (2010:22.5 percent) and includes the effect of the release of tax provisions after having reached agreement with the tax authorities, mainly explaining the under/over provided amount as part of the current tax expense. The reported 2010 tax rate included the tax-exempt transfer of PT Multi Bintang Indonesia (MBI) and Grande Brasserie de Nouvelle-Caledonie S.A. (GBNC). Income tax recognised in other comprehensive income In millions of EURNote20112010 Changes in fair value - (5) Changes in hedging reserve 13 (38) Changes in translation reserve 11 Other 16 (38) 24 AO(81) 102 Heineken N.V. Annual Report 2011

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 104