The Company recognizes revenue when the amount of revenue can be measured reliably and it is probable that economic benefits associated with the transaction will flow to the Company.
Revenue comprises the fair value of the amount received or receivable upon selling products or rendering services in the ordinary course of business. Revenue is presented net of taxes, returns, rebates and discounts, as well as net of elimination of sales between group companies.
In relation to the sale of goods, revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, and
no
significant uncertainties remain regarding recovery of the consideration due, the costs associated with the possible return of the products, and when there is
no
continuing management involvement with the goods. Revenue from the sale of goods is measured at the fair value of the consideration (price) received or receivable, net of returns, commercial deductions and discounts.
As part of its commercial policy, the Company provides unconditional discounts to its customers, which are recorded as s deductions at the time of sales.
Finance income consists of interest received or receivable on funds invested, foreign exchange gains, gains on currency hedging instruments offsetting currency losses, gains on hedging instruments that are
not
part of a hedge accounting relationship, gains on financial assets classified as held for trading, as well as any gains from hedge ineffectiveness.
Interest income is recognized on an accrual basis unless collectability is in doubt.
