Notes to the consolidated financial statements continued
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Report of the
Report of the
Financial
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Contents
Overview
Executive Board
Supervisory Board
statements
information
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
2014
2013
2014
2013
2014
2013
Property, plant and equipment
80
119
(607)
(655)
(527)
(536)
Intangible assets
83
84
(1,340)
(1,318)
(1,257)
(1,234)
Investments
131
128
(8)
(9)
123
119
Inventories
20
19
(1)
19
19
Loans and borrowings
1
1
(10)
(9)
1
Employee benefits
366
317
(1)
(2)
365
315
Provisions
112
113
(20)
(12)
92
101
Other items
288
261
(113)
(202)
175
59
Tax losses carry forward
177
220
177
220
Tax assets/(liabilities)
1,258
1,262
(2,100)
(2,198)
(842)
(936)
Set-off of tax
(597)
(754)
597
754
Net tax assets/(liabilities)
661
508
(1,503)
(1,444)
(842)
(936)
Of the total net deferred tax assets of EUR661 million as at 31 December 2014 (2013: EUR508 million), EUR196 million (2013: EUR280 million)
is recognised in respect of subsidiaries 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.
Tax losses carry forward
HEIN EKEN has tax losses carry forward for an amount of EUR1,493 million as at 31 December 2014 (2013: EUR1,906 million), which expire
in the following years:
In millions of EUR
2014
2013
2014
16
2015
30
33
2016
40
28
2017
14
29
2018
33
23
2019
51
After 2019 respectively 2018 but not unlimited
277
330
Unlimited
1,048
1,447
1,493
1,906
Recognised as deferred tax assets gross
(786)
(978)
Unrecognised
707
928
The unrecognised losses relate to entities for which it is not probable that taxable profit will be available to offset these losses. The decrease
in available tax losses, compared to 2013, includes an offset of non-recognised tax losses (EUR340 million) against a non-current income tax
liability, acguired as part of a prior acguisition.
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Heineken N.V. Annual Report 2014
