Notes to the Consolidated Financial Statements continued
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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