The Best Beer Company in a Better World - Anheuser-Busch InBev

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80 | Annual Report 2008 Financial Report 12. Income taxes Income taxes recognized in the income statement can be detailed as follows : Million euro 2008 2007 Current tax expense Current year (699) (584) (Underprovided)/overprovided in prior years (5) (13) Deferred tax (expense)/income (704) (597) Overprovided in previous years 5 - Origination and reversal of temporary differences 156 (9) Utilization of deferred tax assets on prior years’ losses (19) (76) Origination of deferred tax assets on current year’s losses 103 1 Origination of deferred tax assets on previous year’s losses 14 32 259 (52) Total income tax expense in the income statement (445) (649) The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows : Million euro 2008 2007 Profit before tax 2 544 3 697 Deduct share of result of associates 47 1 Profit before tax and before share of result of associates 2 497 3 696 Adjustments on taxable basis Non-deductible impairment of goodwill and intangible assets 5 - Expenses not deductible for tax purposes 154 127 Taxable intercompany dividends 31 220 Non-taxable financial and other income (433) (400) 2 254 3 643 Aggregated weighted nominal tax rate 31.1 % 32.1 % Tax at aggregated weighted nominal tax rate (702) (1 168) Adjustments on tax expense Utilization of tax losses not previously recognized 16 25 Recognition of deferred tax assets on previous years’ tax losses 13 32 Write-down of deferred tax assets on tax losses and current year losses for which no deferred tax asset is recognized (52) (28) (Underprovided)/overprovided in prior years (5) (13) Tax savings from tax credits 305 463 Tax savings from special tax status 112 98 Change in tax rate (1) 14 Withholding taxes (59) (64) Other tax adjustments (72) (8) (445) (649) Effective tax rate 17.8 % 17.6 % The total income tax expense amounts to 445m euro with an effective tax rate of 17.8 % (versus 17.6 % in 2007). The income tax expense is mainly impacted by the recognition of a deferred tax asset of 83m euro following the use of tax losses not previously recognized. Furthermore, the company continues to benefit at the AmBev level from the impact of interest on equity payments and tax deductible goodwill from the merger between InBev Holding Brazil and AmBev in July 2005 and the acquisition of Quinsa in August 2006. This has been partially compensated by the recognition of a non recurring impairment on the French distribution network on which no deferred tax assets are recognized. Excluding the impact of the recognition of the deferred tax asset and the non recurring expense in France, the effective tax rate would have been 20.4 %.
Income taxes were directly recognized in equity as follows : Financial Report Annual Report 2008 | 81 Million euro 2008 2007 Income tax (losses)/gains Actuarial gains and losses on pensions 200 (24) Cash flow hedges (8) (11) 13. Property, plant and equipment Million euro Land and buildings Plant and equipment 2008 2007 Fixtures and fittings Under construction Total Total Acquisition cost Balance at end of previous year 3 167 8 729 2 261 672 14 829 14 286 Effect of movements in foreign exchange (586) (1 211) (252) (80) (2 129) (70) Acquisitions 50 446 206 908 1 610 1 496 Acquisitions through business combinations 3 739 4 028 451 307 8 525 117 Disposals (47) (244) (152) - (443) (705) Disposals through the sale of subsidiaries - - (2) - (2) (152) Transfer to other asset categories 161 548 30 (944) (205) (136) Other movements 1 7 7 - 15 (7) Balance at end of year 6 485 12 303 2 549 863 22 200 14 829 Depreciation and impairment losses Balance at end of previous year (1 353) (5 252) (1 595) - (8 200) (7 985) Effect of movements in foreign exchange 135 581 142 - 858 (14) Disposals 22 204 133 - 359 586 Disposals through the sale of subsidiaries - - 1 - 1 89 Depreciation (154) (740) (258) - (1 152) (974) Impairment losses (1) (48) (1) - (50) 10 Transfer to other asset categories 19 57 61 - 137 78 Other movements 1 (14) (3) - (16) 10 Balance at end of year (1 331) (5 212) (1 520) - (8 063) (8 200) Carrying amount at 31 December 2007 1 814 3 477 666 672 6 629 6 629 at 31 December 2008 5 154 7 091 1 029 863 14 137 - The transfer to other asset categories mainly relates to the separate presentation in the balance sheet of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. The carrying amount of property, plant and equipment subject to restrictions on title amounts to 164m euro. Leased assets The company leases land and buildings as well as equipment under a number of finance lease agreements. The carrying amount of leased land and buildings was 90m euro (2007 : 6m euro) and leased plant and equipment was 12m euro (2007 : 17m euro). For an overview of the operating lease agreements, please refer to note 31 Operating leases.
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Our dream is to become The Best Bee
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Anheuser-Busch InBev is a publicly
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50% 40% 30% 20% 10% 04 05 06 07 07
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Global brands Multi-country brands
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The Net Debt to EBITDA ratio not on
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Success in China China is the large
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World-class efficiency World-class
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Business Service Center Excellence
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Fewer bigger bets We know focus wor
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Stella Artois Légère In 2008, we
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One of 2008’s key innovations was
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Chernigivske In the Ukraine, Cherni
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14.3 12.6 2006 2007 2008 Volumes NA
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000 5 Million euro Million hl 0 0 5
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00 0 0 00 0 0 Million euro hl Centr
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Contacts Registered office Anheuser
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The Best Beer Company in a Better World - Anheuser-Busch InBev

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