Notes to the Consolidated Financial Statements continued - - - - - Reportofthe Reportofthe Financial Other Contents Overview Executive Board Supervisory Board Statements Information 17. Other investments and receivables continued Sensitivity analysis - equity price risk As at 31 December 2015, an amount of EUR98 million (2014: EUR99 million) of available-for-sale investments and investments held for trading is listed on stock exchanges. An increase or decrease of 1 per cent in the share price at the reporting date would not result in a material impact on HEINEKEN'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 2015 2015 2015 Property, plant and equipment 54 80 (607) (607) (553) (527) Intangible assets 78 83 (1,507) (1,340) (1,429) (1,257) Investments 129 131 (5) (8) 124 123 Inventories 28 20 (2) (1) 26 19 Loans and borrowings 11 1 (23) (10) (12) (9) Employee benefits 334 366 (3) (1) 331 365 Provisions 93 112 (42) (20) 51 92 Other items 332 288 (134) (113) 198 175 Tax losses carry forward 364 177 364 177 Tax assets/(liabilities) 1,423 1,258 (2,323) (2,100) (900) (842) Set-off of tax (465) (597) 465 597 Net tax assets/(liabilities) 958 661 (1,858) (1,503) (900) (842) Of the total net deferred tax assets of EUR958 million as at 31 December 2015 (2014: EUR661 million). EUR363 million (2014: EUR196 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 HEINEKEN has tax losses carry forward for an amount of EUR2.363 million as at 31 December 2015 (2014: EUR1.493 million), which expire in the following years: In millions of EUR 2015 2015 30 2016 24 40 2017 26 14 2018 57 33 2019 16 51 2020 11 After 2020 respectively 2019 but not unlimited 513 277 Unlimited 1,716 1,048 2,363 1,493 Recognised as deferred tax assets gross (1,564) (786) Unrecognised 799 707 The unrecognised losses relate to entities for which it is not probable that taxable profit will be available to offset these losses. The increase in available tax losses, compared to 2014, is driven by acquisitions in 2015. 98 Helneken N.V. Annual Report 2015

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2015 | | pagina 99