Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
(a) Management fees
Management fees arise from the managing of containers and are recognised in the period when the services are rendered.
(b) Acquisition fees
Acquisition fees arise from the company acting as the agent and purchase of equipment on the owners' behalf and are recognised in the period when the services are rendered.
(c) Corporate service fees
Service fees arise from provision of certain advisory, administrative, sales and marketing services and are recognised in the period when the services are rendered.