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

86 | Annual Report 2008 Financial Report
The deferred tax liabilities increased in 2008 mainly as result of the business combination with Anheuser-Busch – see note 6 Acquisition and
disposal of subsidiaries.
On 31 December 2008, a deferred tax liability of 28m euro (2007 : 34m euro) relating to investments in subsidiaries has not been recognized
because management believes that this liability will not be incurred in the foreseeable future.
Tax losses carried forward and deductible temporary differences on which no deferred tax asset is recognized amount to 1 034m euro
(2007 : 679m euro). 658m euro of these tax losses do not have an expiration date, 92m euro, 50m euro and 39m euro expire within respectively
1, 2 and 3 years, while 195m euro has an expiration date of more than 3 years. Deferred tax assets have not been recognized on these items
because it is not probable that future taxable profits will be available against which the unused tax losses can be utilized.
When reconciling the 2008 deferred tax income of 259m euro with the movement from a net deferred tax asset in 2007 to a net deferred tax
liability in 2008, it should be noted that this movement is mainly impacted by the acquisition of Anheuser-Busch (9 057m euro – see note 6
Acquisitions and disposals of subsidiaries).
19. Inventories
Million euro 2008 2007
Prepayments 67 56
Raw materials and consumables 1 228 664
Work in progress 241 108
Finished goods 477 210
Goods purchased for resale 73 81
2 086 1 119
Inventories stated at net realizable value 6 5
The cost of inventories recognized as an expense in 2008, amounted to 7 122m euro, included in cost of sales. Last year, this expense amounted
to 5 936m euro.
Impairment losses on inventories recognized in 2008, amount to 9m euro.
20. Trade and other receivables
Non-current trade and other receivables
Million euro 2008 2007
Trade receivables 25 35
Cash deposits for guarantees 186 233
Loans to customers 141 178
Other receivables 259 137
611 583
For the nature of cash deposits for guarantees see note 32 Collateral and contractual commitments for the acquisition of property, plant and
equipment, loans to customers and other.