The main available-for-sale investments are S.A. Des Brasseries du Cameroun, Consorcio Cervecero de Nicaragua S.A., Desnoes Geddes Ltd,
Brasserie Nationale d'Haiti S.A. and Cerveceria Nacional Dominicana. 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 securities (which are interest-bearing) with a carrying amount of EUR20 million
(2010: EUR21 million) are included in available-for-sale investments.
Sensitivity analysis - equity price risk
An amount of EUR95 million as at 31 December 2011 (2010: EUR87 million) of available-for-sale investments and investments held for trading
is listed on stock exchanges. An impact of 1 per cent increase or decrease in the share price at the reporting date would not result in a material
impact on a consolidated Group level.
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 Net
2011
2011
2011
Property, plant equipment
93
86
(590)
(550)
(497)
(464)
Intangible assets
51
62
(733)
(789)
(682)
(727)
Investments
91
87
(6)
(9)
85
78
Inventories
16
33
(5)
(6)
11
27
Loans and borrowings
3
1
-
(2)
3
(1)
Employee benefits
252
254
12
11
264
265
Provisions
150
133
1
1
151
134
Other items
146
77
(138)
(51)
8
26
Tax losses carry-forwards
237
213
-
-
237
213
Tax assets/(liabilities)
1,039
946
(1,459)
(1,395)
(420)
(449)
Set-off of tax
(565)
(404)
565
404
-
-
Net tax assets/(liabilities)
474
542
(894)
(991)
(420)
(449)
Tax losses carry-forwards
EIEINEKEN has losses carry-forwards for an amount of EUR1,920 million as at 31 December 2011 (2010: EUR1.833 million), which expire in the
following years:
2011
2011
-
11
2012
5
8
2013
6
32
2014
28
30
2015
23
32
2016
36
-
After 2016 respectively 2015 but not unlimited
372
314
Unlimited
1,450
1,406
1,920
1,833
Recognised as deferred tax assets gross
(859)
(807)
Unrecognised
1,061
1,026
The unrecognised losses relate to entities for which it is not probable that taxable profit will be available to offset these losses. The majority of the
unrecognised losses were acquired as part of the beer operations of FEMSA in 2010.
Heineken N.V. Annual Report 2011
109