4 - Refresco.de

2.13 Revenue
Products sold
Revenue from the sale of products is measured at the fair value
of the consideration received or receivable, net of returns,
trade discounts and volume rebates. Revenue is recognized
when the significant risks and rewards of ownership have
been transferred to the buyer, recovery of the consideration is
probable, the associated costs and possible return of goods
can be estimated reliably, there is no continuing management
involvement with the goods, and the amount of revenue can be
measured reliably.
Contract manufacturing
Contract manufacturing consists of the provision of manufac-
turing services and sale of the resultant product. The nature
and the risk profile of the contract with the customer is key in
determining whether the Group is providing a manufacturing
service or is selling a product.
Where the Group acts solely as a co-packer of products on
behalf of the customer and the risk profile and compensation
for the Group relates to the manufacturing activity, only the
revenue related to the rendering of manufacturing services is
recognized.
2.14 Government grants
Government grants are recognized at their fair value when it is
reasonably assured that the Group will comply with the conditions
attaching to them and that the grants will be received.
Government grants relating to property, plant and equipment
are deducted from the carrying amount of the asset.
Government grants relating to period costs are deferred and
recognized in the income statement over the period necessary to
match them with the costs they are intended to compensate.
2.15 Lease payments
Payments made under operating leases are recognized in profit
or loss on a straight-line basis over the term of the lease.
Lease incentives received are recognized, as an integral part of
the total lease expense, over the term of the lease. Minimum
lease payments made under finance leases are apportioned between
the finance expense and the reduction of the outstanding
liability. The finance expense is allocated to each period
of the lease term so as to produce a constant periodic rate of
interest on the remaining balance of the liability. Contingent
lease payments are accounted for by revising the minimum
lease payments over the remaining term of the lease when the
lease adjustment is confirmed.
2.16 Finance income and expense
Finance income comprises interest income on bank deposits and
gains on hedging instruments that are recognized in profit or
loss. Interest income is recognized in profit or loss as it accrues,
using the effective interest method. Finance expense comprises
interest expense on borrowings, the unwinding of discount on
provisions and profit and losses on interest hedging instruments
that are recognized in profit or loss.
2.17 Income tax
Income tax expense comprises current and deferred tax.
Income tax expense is recognized in profit or loss except to the
extent that it relates to items recognized in other comprehensive
income in which case the income tax expense is recognized
in equity.
Current tax is the income tax expected to be payable on the
taxable profit for the year, using tax rates enacted or substantively
enacted at the reporting date, together with any adjustment
to tax payable in respect of previous years.
Deferred tax is recognized using the balance sheet method,
providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. In addition,
deferred tax is not recognized arising on the initial recognition
of goodwill. Deferred tax is measured at the tax rates that are
expected to be applied to temporary differences in the reporting
period they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset:
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