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Consolidated information<br />
Notes to the Consolidated Financial Statements<br />
2.20 Deferred taxes<br />
Deferred taxes are recognized on temporary<br />
differences between the carrying amount of an asset<br />
or liability and its tax base, using the tax rate that<br />
is expected to apply in the period when the asset<br />
is realized or the liability is settled, based on tax<br />
rates (and tax laws) that are enacted or substantially<br />
enacted at the balance sheet date.<br />
Deferred taxes are not recognized on the following<br />
items:<br />
• initial recognition of goodwill that is not<br />
deductible for tax purposes;<br />
• initial recognition of an asset in a transaction that<br />
is not a business combination and that affects<br />
neither accounting profit nor taxable profit; and<br />
• temporary differences on investments in<br />
subsidiaries that are not expected to reverse in<br />
the foreseeable future.<br />
Taxes on items recognized directly in shareholders’<br />
equity or in other comprehensive income are<br />
recognized in shareholders’ equity or in other<br />
comprehensive income and not in the income<br />
statement.<br />
Residual deferred tax assets on tax loss carryforwards<br />
(after offset of deferred tax liabilities)<br />
are only recognized if their recovery is considered<br />
probable.<br />
Deferred tax assets and liabilities are offset if there<br />
is a legally enforceable right to set off current tax<br />
assets and liabilities and the deferred taxes relate to<br />
the same taxable entity and tax authority.<br />
2.21 Trade and other payables<br />
Trade and other payables are measured at fair value<br />
on initial recognition, and subsequently at amortized<br />
cost.<br />
Sodexo Registration Document Fiscal 2<strong>01</strong>1<br />
2.22 Income statement<br />
P ◀ CONTENTS ▶<br />
2.22.1 Income statement by function<br />
As permitted by IAS 1, “Presentation of Financial<br />
Statements”, Sodexo presents its income statement<br />
by function.<br />
Operating profit comprises the following components:<br />
• gross profit;<br />
• Sales Department costs;<br />
• general and administrative costs; and<br />
• other operating income and expense.<br />
2.22.2 Revenues<br />
In accordance with IAS 18, revenues reported by<br />
Sodexo relate to the sale of services in connection<br />
with the ordinary activities of fully-consolidated<br />
companies as follows:<br />
• On-site Service Solutions: revenues include all<br />
revenues stipulated in the contract, taking into<br />
account whether Sodexo acts as principal (the<br />
vast majority of cases) or agent;<br />
• Motivation Solutions: revenues comprise<br />
commissions received from clients and affiliates,<br />
financial income from the investment of surplus<br />
cash generated by the activity, and profits from<br />
vouchers and cards not reimbursed.<br />
In accordance with IAS 18, revenues are measured<br />
at the fair value of the consideration received or to<br />
be received, net of discounts and rebates and value<br />
added tax (VAT) and other taxes. Revenues are<br />
recognized when it is probable that future economic<br />
benefits will flow to Sodexo and these benefits can<br />
be measured reliably. No income is recognized if<br />
there is significant uncertainty about recoverability<br />
of the costs incurred or to be incurred in meeting the<br />
service obligation.<br />
Foodservices and other on-site services revenues are<br />
recognized when the service is rendered.