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.