96 Notes to the Consolidated Financial Statements (continued) 18. Deferred tax assets and liabilities Recognised deferred tax assets and liabilities - - - Tax losses carry forward - - Heineken NV. Report of the Report of the Financial Sustainability Other Annual Report 2016 Introduction Executive Board Supervisory Board Statements Review Information Deferred tax assets and liabilities are attributable to the following items: Assets Liabilities Net In millions of EUR 2016 2015 2016 2015 2016 2015 Property, plant and equipment 71 54 (547) (607) (476) (553) Intangible assets 56 78 (1,402) (1,507) (1,346) (1,429) Investments 126 129 (5) (5) 121 124 Inventories 27 28 (1) (2) 26 26 Loans and borrowings 2 11 (32) (23) (30) (12) Employee benefits 346 334 (6) (3) 340 331 Provisions 125 93 (45) (42) 80 51 Other items 413 332 (180) (134) 233 198 Tax losses carry forward 391 364 391 364 Tax assets/(liabilities) 1,557 1,423 (2,218) (2,323) (661) (900) Set-off of tax (546) (465) 546 465 - Net tax assets/(liabilities) 1,011 958 (1,672) (1,858) (661) (900) Of the total net deferred tax assets of EUR 1,011 million as at 31 December 2016 (2015: EUR 958 million), EUR 405 million (2015: EUR 363 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. No deferred tax liability has been recognised in respect of undistributed earnings of subsidiaries, joint ventures and associates, net impact EUR 58 million (2015: EUR 50 million). This because HEINEKEN is able to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. HEINEKEN has tax losses carry forward for an amount of EUR 2,370 million as at 31 December 2016 (2015: EUR 2,363 million), which expire in the following years: In millions of EUR 2016 2015 2016 24 2017 20 26 2018 36 57 2019 19 16 2020 9 11 2021 61 After 2021 respectively 2020 but not unlimited 338 513 Unlimited 1,887 1,716 2,370 2,363 Recognised as deferred tax assets (gross) (1,733) (1,564) Unrecognised 637 799 The unrecognised losses relate to entities for which it is not probable that taxable profit will be available to offset these losses.

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Jaarverslagen | 2016 | | pagina 97