Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information 18. Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following items: Property, plant equipment Intangible assets Investments Inventories Loans and borrowings Employee benefits Provisions Other items Assets Liabilities Net 201220112012201120122011 136 93 (756) (590) (620) 75 51 (1,608) (733) (1,533) 134 91 (12) (6) 122 20 16 (7) (5) 13 2 3 - - 2 399 252 (2) 12 397 125 150 (17) 1 108 242 146 (195) (138) 47 238 237 - - 238 237 1,371 1,039 (2,597) (1,459) (1,226) (420) (807) (565) 807 565 564474 (1,790) (894) (1,226) (420) Tax losses carry forward Tax assets/(liabilities) Set-off of tax Net tax assets/fliabilities) Of the total net deferred tax assets of EUR564 million at 31 December 2012 (2011: EUR474 million), EUR301 million (2011: EUR246 million) is recognised in respect of OpCos in various countries where there have been tax losses in the current or preceding period. Management's projections support the assumption that it is probable that the results of future operations will generate sufficient taxable income to utilise these deferred tax assets. The increase in deferred tax liabilities in 2012 is mainly related to the APIPL/APB acquisition. Tax losses carry forward EIEINEKEN has tax losses carry forward for an amount of EUR2.011 million as at 31 December 2012 (2011: EUR1.920 million), which expire in the following years: 2012 2012 - 5 2013 11 6 2014 17 28 2015 32 23 2016 29 36 2017 27 - After 2017 respectively 2016 but not unlimited 292 372 Unlimited 1,603 1,450 2,011 1,920 Recognised as deferred tax assets gross (989) (859) Unrecognised 1,022 1,061 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 2012 109

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