8. Revenue from contracts with customers

Revenue recognized during the period related to the following:

Revenues in 2021 increased by EUR 139.740 thousand compared to 2020. This corresponds to organic growth of 16.2%. The reason for this development is the continuing recovery of the economic environment in 2021 and a normalization of demand to pre-pandemic levels.

Negative currency effects, particularly in connection with the US dollar, slightly reduced organic growth.

Other revenue mainly consists of revenue from the sale of production residues in metal production.

Revenues in 2021 include income of EUR 1,595 thousand from the reversal of reimbursement liabilities recognized in the previous period. The reversals represent the difference between the expected volume discounts and annual bonuses recognized for customers in the previous period and the actual payment in the fiscal year. In 2020, EUR 791 thousand in revenues from construction contracts were included.

For the analysis of sales by region, please refer to note 30 ‘Segment­ reporting’.

Contract Assets and Liabilities

Contract assets represent revenues from development services rendered, which were realized based on the ratio of costs already incurred to the estimated total costs. The contract liabilities represent advance payments received for goods to be supplied by NORMA Group. Contract assets and contract liabilities in the amounts of EUR 849 thousand and EUR 427 thousand respectively (2020: EUR 270 thousand and EUR 998 thousand respectively) are expected to be realized or settled within the next twelve months. The contract liabilities from advance payments received in the amount of EUR 998 thousand recognized as of January 1, 2021, were recognized as sales revenues, net of any sales taxes, in the fiscal year.

Transaction Price of Unsatisfied Performance Obligations

NORMA Group applies the practical expedient of IFRS 15 and does not disclose the transaction price allocated to unsatisfied performance obligations as of the balance sheet date, as the outstanding obligations are part of a contract with an initial term of up to twelve months.