Accounting policies
Inventories are valued at the lower of cost or net realisable value. The net realisable value corresponds to the selling price in the ordinary course of business, less the estimated selling expenses.
Its valuation generally follows the last acquisition price, being FIFO (First In, First Out) the cost method used in the recording of the inventory sold.
The cost of finished goods and work in progress comprises raw materials, direct labour, and other direct costs.
|
|
2023 |
|
2022 |
|---|---|---|---|---|
Raw and subsidiary materials and consumables |
|
18 |
|
17 |
Work in progress and finished goods |
|
9 |
|
3 |
Goods available for sale |
|
1,922 |
|
1,598 |
|
|
1,949 |
|
1,618 |
Net realisable adjustment |
|
(159) |
|
(125) |
Net inventories |
|
1,790 |
|
1,493 |
Adjustments in inventories to net realisable value:
|
|
2023 |
|
2022 |
|---|---|---|---|---|
Balance as at 1 January |
|
(125) |
|
(110) |
Set up, reinforced and transfers |
|
(26) |
|
(18) |
Unused and reversed |
|
1 |
|
1 |
Foreign exchange difference |
|
(9) |
|
2 |
Balance as at 31 December |
|
(159) |
|
(125) |
No inventories have been pledged as guarantee for the fulfilment of contractual obligations.