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Report of the Report of the
Contents Overview Executive Board Supervisory Board
Financial
statements
Other information
17. Other investments and receivables
Effective interest rates on loans to customers range from 6 to 12 per cent.
The indemnification receivable represents the receivable on FEMSAand Lewiston investments and is a mirroring of the corresponding
indemnified liabilities originating from the acguisition of the beer operations of FEMSA and Sona.
The other receivables mainly originate from the acguisition of the beer operations of FEMSAand represent a receivable on the
Brazilian Authorities on which interest is calculated in accordance with Brazilian legislation. Collection of this receivable is expected
to be beyond a period of five years.
The main available-for-sale investments are S.A. Des Brasseries du Cameroun, Desnoes Geddes Ftd and Sabeco Ftd. As far as
these investments are listed they are measured at their guoted market price. For others multiples are used. Debt securities (which
are interest-bearing) with a carrying amount of EUR14 million (2012: EUR21 million) are included in available-for-sale investments.
Sensitivity analysis - equity price risk
As at 31 December 2013 an amount of EUR134 million (2012: EUR193 million) of available-for-sale investments and investments
held for trading is listed on stock exchanges. An increase or decrease of 1 percent in the share price at the reporting date would not
result in a material impact on ElEINEKEN's financial position.
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
In millions of EUR
2013
2012*
2013
2012*
2013
2012*
Property, plant equipment
119
136
(655)
(756)
(536)
(620)
Intangible assets
84
75
(1,318)
(1,610)
(1,234)
(1,535)
Investments
128
134
(9)
(12)
119
122
Inventories
19
20
(7)
19
13
Loans and borrowings
1
2
1
2
Employee benefits
317
385
(2)
(2)
315
383
Provisions
113
125
(12)
(17)
101
108
Other items
261
242
(202)
(195)
59
47
Tax losses carry forward
220
238
220
238
Tax assets/(liabilities)
1,262
1,357
(2,198)
(2,599)
(936)
(1,242)
Set-off of tax
(754)
(807)
754
807
Net tax assets/(liabilities)
508
550
(1,444)
(1,792)
(936)
(1,242)
*Restated for the revised IAS 19 and finalisation of the purchase price allocation for APB..
Of the total net deferred tax assets of EUR508 million at 31 December 2013 (2012: EUR550 million*), EUR280 million (2012:
EUR287 million*) is recognised in respect of subsidiaries in various countries where losses have been incurred 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.
Heineken N.V. Annual Report 2013