Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to rental income and ancillary income for srevices provided. Rental income from investment property leased out under operating leases is recognised in the statement of comprehensive income on a straight-line basis over the rental term of the lease. Income is deferred when received in advance.
The rental term is non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will excercise this option. Costs incurred in earning the rental income are recognised as an expense in the statement of comprehensive income.
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.