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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 111