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 properties
Turnover represents amounts receivable from the sale of properties developed or acquired for resale in the ordinary course of business, excluding value added tax and other sales taxes. Turnover is recognised when the sale of a property is legally completed and the significant risks and rewards of ownership have transferred to the purchaser, provided that the amount of revenue can be measured reliably and receipt of the consideration is probable. The carrying value of the property sold, including directly attributable acquisition and development costs, is recognised within cost of sales in the same accounting period as the related turnover.