Revenue is recognised to the extent that it is probable that the economic benefits of a transaction will flow to the entities of the Group and the revenue can be reliably measured.
Sales revenue is recognised at fair value of the consideration received or receivable, net of value added tax, trade discounts or rebates and discounts, after eliminating internal sales:
Interest income is recognised on a time-proportion basis (using the effective interest rate, which exactly discounts the estimated future cash receipts over the expected life of the financial instrument) to the net carrying amount of a financial asset.
Dividend income is recognised when the shareholders’ right to receive payment is established.
Government grants are recognised only when there is a reasonable assurance that the company has complied with all attached conditions and the grant will be received.
Grants, the essential condition for which is the acquisition or manufacture of non-current assets by the entity in the Group, are presented in the consolidated statement of financial position as deferral and settled with the value of non-current assets at the moment of completion of the investment. Fair value of the received grant is recognized as reduction of the value of the underlying non-current asset and then by equal annual instalments released to profit or loss over the expected useful life of the related asset.
Other grants are regularly recognized in revenue, over the period necessary to offset the costs intended to be offset by the grants. Grants receivable as indemnity for the incurred costs or losses, or for immediate financial support for the Group, with no future related costs, are recognised in the consolidated statement of comprehensive income in the period in which they are receivable.
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