Notes to the Consolidated Statement of Comprehensive Income 8. Revenue from contracts with customers

Revenue recognized during the period related to the following:

Revenue in 2022 increased by EUR 151,107 thousand compared to fiscal year 2021. This equates to organic growth of 7.1%. Price increases for customers that were implemented in 2022 due to higher raw material and energy costs are the main reason for this development.

Positive currency effects, particularly in connection with the US dollar, slightly increased revenues.

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

Revenue in 2022 include income of EUR 1,323 thousand (2021: 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.

For the analysis of sales by region, please refer to  NOTE 31. ‘SEGMENTREPORTING’.

 

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. Of the contract assets and liabilities, EUR 450 thousand and EUR 1,295 thousand (2021: EUR 849 thousand and EUR 427 thousand respectively) are expected to be realized or

settled within the next twelve months. The contract liabilities from advance payments received of EUR 427 thousand recognized as of January 1, 2022, were recognized as revenue in the fiscal year, net of any sales taxes.