ANNUAL REPORT - HSE

Short-term accrued costs and
deferred revenue
Short-term accrued cost and deferred revenue items
of the Group comprise short-term accrued costs (expenses)
and short-term deferred revenue.
Short-term accrued costs include the costs that
are expected but have not yet been incurred (not yet
charged) although they relate to a period for which
the financial statements have been prepared. Shortterm
deferred revenue relates to the services already
charged but not yet rendered.
Revenue
Revenue represents increases in economic benefits
during an accounting period in the form of increases in
assets. It is recognised when it is probable that cash receipts
will flow from it.
Operating revenue comprises sales revenue and other
revenue associated with products and services.
Net sales revenue comprises the selling values of products,
merchandise and materials sold and services rendered
during an accounting period. It is measured based
on selling prices stated in invoices less discounts and
rebates.
Changes in the value of inventories relate to a difference
between the opening and closing balance of inventories.
Capitalised own products and services are the products
or services produced by the Group and recorded as intangible
assets or property, plant and equipment.
Other operating revenue is associated with grants and
reversal of provisions.
Revaluation operating revenue is recognised on the disposal
of property, plant and equipment and intangible
assets if their carrying amount is lower than their selling
price, and on the reversal of impairment of trade receivables.
Finance income represents income from investing activities.
It arises in relation to long-term and short-term
investments as well as in connection with long-term
and short-term receivables. It comprises accounted for
interest, shares of the profit of others, and revaluation
finance income. It is recognised when accounted for, irrespective
of receipts.
Other revenue comprises revenue that is neither operating
revenue nor finance income. It is carried at actual
amounts.
Expenses
Expenses Expenses are decreases in economic benefits
during an accounting period which take the form
of decreases in assets or increases in liabilities. Expenses
are recognised if decreases in economic benefits
during an accounting period are associated with
decreases in assets or increases in liabilities and such
decreases can be measured reliably.
Operating expenses equal the costs accrued over an
accounting period plus the costs held in the opening
inventories of products and work in progress and less
the costs held in the closing inventories of products
and work in progress. Operating expenses also include
the cost of goods sold. Operating expenses are
recognised once the costs are no longer held in the
inventories of products and work in progress or once
the merchandise has been sold.
Operating expenses comprise the cost of goods sold,
costs of materials, cost of services, labour cost and
depreciation or amortisation.
Other operating expenses include various duties payable
to the state, environmental charges and provisions.
Revaluation operating expenses represent the value of
the impairment of property, plant and equipment, intangible
assets and current operating assets. They are
also recorded in the event of a sale of the above assets
if the carrying amount exceeds the selling amount.
Finance expenses are expenses arising from financing
and investing. They are mainly comprised of accounted
for interest and revaluation finance expenses.
They are recognised when accounted for, irrespective
of payments associated with them.
Finance expenses also include foreign exchange losses
on receivables and liabilities. Revaluation finance
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