Financial statements I Notes to the consolidated financial statements continued
m
18. Deferred tax assets and liabilities continued
Movement in deferred tax on temporary differences during the year
Effect of
Balance
movements
Balance
1 January
2010
Policy
change
Changes in
in foreign
exchange
Recognised
Recognised
in equity
Transfers
31 December
2010
Property, plant equipment
(330)
-
(161)
-
28
-
(D
(464)
Intangible assets
(269)
-
(475)
3
17
-
(3)
(727)
Investments
9
-
54
(3)
18
-
-
78
Inventories
11
-
(4)
(1)
20
-
1
27
Loans and borrowings
1
-
(1)
-
(1)
-
-
(1)
Employee benefits
116
151
53
(2)
(15)
(38)
-
265
Provisions
92
-
14
(2)
30
-
-
134
Other items
8
-
40
(2)
15
(43)
8
26
Tax losses carry-forwards
137
-
33
5
39
-
(1)
213
Net tax assets/fliabilities)
(225)
151
(447)
(2)
151
(81)
4
(449)
Effect of
Balance
movements
Balance
In millions of EUR
1 January
2011
Changes in
consolidation
in foreign
exchange
Recognised
in income
Recognised
in equity
Transfers
31 December
2011
Property, plant equipment
(A 6 A)
20
(10)
-
(2)
(497)
Intangible assets
(727)
(18)
38
25
-
-
(682)
Investments
78
-
(7)
14
-
-
85
Inventories
27
-
-
(16)
-
-
11
Loans and borrowings
(1)
-
2
2
-
-
3
Employee benefits
265
-
-
(17)
16
-
264
Provisions
134
1
-
13
-
3
151
Other items
26
-
(5)
(19)
8
(2)
8
Tax losses carry-forwards
213
7
(2)
19
-
-
237
Net tax assets/fliabilities)
(449)
(51)
46
11
24
(1)
(420)
19. Inventories
2011
Raw materials
263
241
Work in progress
150
147
Finished products
354
261
Goods for resale
205
231
Non-returnable packaging
143
120
Other inventories and spare parts
237
206
1,352
1,206
During 2011 and 2010 no write-down of inventories to net realisable value was required.
110 Heineken N.V. Annual Report 2011