(f) Property, Plant and Equipment (P, P E) (i) Owned assets Items of P, P E are measured at cost less government grants received (refer (q)), accumulated depreciation (refer (iv)) and accumulated impairment losses (Bi(ii)). Cost comprises the initial purchase price increased with expenditures that are directly attributable to the acquisition of the asset (like transports and non-recoverable taxes). The cost of self-constructed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the asset to a working condition for its intended use (like an appropriate proportion of production overheads), and the costs of dismantling and removing the items and restoring the site on which they are located. Borrowing costs related to the acquisition or construction of qualifying assets are capitalised as part of the cost of that asset. Cost also may include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of P, P E. Spare parts that are acquired as part of an equipment purchase and only to be used in connection with this specific equipment are capitalised and amortised as part of the equipment. For example, purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. In all other cases spare parts are carried as inventory and recognised in profit and loss as consumed. Where an item of P, P E comprises major components having different useful lives, they are accounted for as separate items (major components) of P, P E. Returnable bottles and kegs in circulation are recorded within P, P E and a corresponding liability is recorded in respect of the obligation to repay the customers' deposits. Deposits paid by customers for returnable items are reflected in the consolidated statement of financial position within current liabilities. (ii) Leased assets Leases in terms of which H EINEKEN assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition P, P E acquired by way of finance lease is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease. Lease payments are apportioned between the outstanding liability and finance charges so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Other leases are operating leases and are not recognised in HEINEKEN's statement of financial position. Payments made under operating leases are charged to profit or loss on a straight-line basis over the term of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place. (iii) Subsequent expenditure The cost of replacing a part of an item of P, P E is recognised in the carrying amount of the item or recognised as a separate asset, as appropriate, if it is probable that the future economic benefits embodied within the part will flow to HEINEKEN and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of P, P E are recognised in profit or loss when incurred. (iv) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Land is not depreciated as it is deemed to have an infinite life. Depreciation on other P, P E is charged to profit or loss on a straight-line basis over the estimated useful lives of items of P, P E, and major components that are accounted for separately, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Assets under construction are not depreciated. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonable certain that H EINEKEN will obtain ownership by the end of the lease term. The estimated useful lives for the current and comparative years are as follows: Buildings 30-40 years Plant and equipment 10-30 years Other fixed assets 3-10 years Where parts of an item of P, P E have different useful lives, they are accounted for as separate items of P, P E. The depreciation methods, residual value as well as the useful lives are reassessed, and adjusted if appropriate, at each financial year-end. Heineken N.V. Annual Report 2011 81

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 83