- - - - - 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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2013 | | pagina 95