2.3 Material accounting policies information
a. Investment in subsidiaries, associates and joint ventures
A subsidiary is an entity that is controlled by another entity.
An associate is an entity over which the Company has significant influence. Significant influence is the
power to participate in the financial and operating policy decisions of the investee but is not control or
joint control over those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control.
The Company’s investments in its subsidiaries, associates and joint ventures are accounted at cost
less impairment.
The Company reviews the carrying value of investments measured at cost annually, or earlier if indicators
of impairment arise. An impairment loss is recognised in the statement of profit and loss when the
recoverable amount is lower than the carrying amount. If an impairment loss is subsequently reversed,
the carrying amount is increased to the revised recoverable amount, not exceeding the original cost.
Such reversals are recognised immediately in the statement of profit and loss.
b. Current versus non-current classification
The Company segregates assets and liabilities into current and non-current categories for presentation
in the balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1,
“Presentation of Financial Statements”. For this purpose, current assets and current liabilities include
the current portion of non-current assets and non-current liabilities respectively.
Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in
cash and cash equivalents. The Company has identified period up to twelve months as its operating cycle.
c. Foreign currencies
The Company’s standalone financial statements are presented in Indian Rupees (^), which is also the
Company’s functional currency.
Transactions and balances
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency
amount the exchange rate between the reporting currency and the foreign currency at the date of
the transaction.
Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting
date. Exchange differences arising on settlement or translation of monetary items are recognised in
statement of profit and loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
using the exchange rates at the date of the initial transactions. Non-monetary items measured at fair
value in a foreign currency are translated using the exchange rates at the date when the fair value
is determined. The gain or loss arising on translation of non-monetary items measured at fair value
is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or loss is recognised in other comprehensive
income (‘OCI’] or profit or loss are also recognised in OCI or profit or loss, respectively).
d. Fair value measurement
The Company measures financial instruments at fair value at each balance sheet date.
Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The fair value measurement is based on the presumption that the transaction to sell the asset or transfer
the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability
to generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the standalone financial
statements are categorised within the fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a whole:
• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognised in the standalone financial statements on a recurring
basis, the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The Company’s management determines the policies and procedures for recurring and non-recurring
fair value measurement. Involvement of external valuers is decided upon annually by management.
The management decides after discussion with external valuers, about valuation technique and inputs
to use for each case.
At each reporting date, the Company’s management analyses the movements in the values of assets and
liabilities which are required to be re-measured or re-assessed as per the Company’s accounting policies.
For this analysis, the Company verifies the major inputs applied in the latest valuation by agreeing the
information in the valuation computation to contracts and other relevant documents. The Company, in
conjunction with the Company’s external valuers, also compares the change in the fair value of each
asset and liability with relevant external sources to determine whether the change is reasonable.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities
on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.
This note summarises accounting policy for fair value. Other fair value related disclosures are given in
the relevant notes:
• Disclosures for valuation methods, significant estimates and assumptions [refer Note 3 and 42];
• Quantitative disclosures of fair value measurement hierarchy [refer Note 43];
• Investment properties [refer Note 2.3 (i)];
• Financial instruments (including those carried at amortised cost) [refer Note 2.3(r)].
e. Revenue from contracts with customers
Revenue from contracts with customers is recognised at the point in time when control of the goods
or services is transferred to the customer at an amount that reflects the consideration to which the
Company expects to be entitled in exchange for those goods or services. The policy of recognising the
revenue is determined by the five-stage model specified by Ind AS 115 “Revenue from contract with
customers”.
i. Sale of equipment
Revenue from sale of equipment/ spare part sale is recognised at the point in time when the Company
satisfies its performance obligation by transferring control of the goods to the customer which
occurs generally upon dispatch of the goods as per the terms of the contract. Control is considered
to be transferred when the customer has the ability to direct the use of, and obtain substantially all
the remaining benefits from, the goods, including the ability to prevent other parties from directing
the use of, and obtaining the benefits from, the goods.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction
price allocated to that performance obligation. In determining the transaction price for the sale of
equipment, the Company considers the effects of:
• Variable consideration: The contracts for sale of equipment provide customers with a right for
compensation in case of delayed delivery or commissioning and in some contracts compensation
for performance shortfall expected in future over the life of the guarantee. The Company
estimates the amount of variable consideration to which it will be entitled in exchange for
transferring the goods to the customer.
• Existence of significant financing component: Generally, the Company receives short-term
advances from its customers. Using the practical expedient as per Ind AS 115, the Company
does not adjust the promised amount of consideration for the effects of a significant financing
component if it expects, at contract inception, that the period between the transfer of the
promised good or service to the customer and when the customer pays for that good or service
will be one year or less.
• Warranty obligations: At the time of equipment sale, the Company provides O&M warranty
for a standard period for all contracts and extended warranty beyond standard period in few
contracts existed at the time of sale. These assurance-type warranties are bundled together
with the sale of equipment. Contracts for bundled sales of goods and a service-type warranty
comprise two performance obligations because the promises to transfer the equipment and to
provide the service-type warranty are capable of being distinct. Using the relative stand-alone
selling price method, a portion of the transaction price is allocated to the service-type warranty
and recognised as a contractual liability. These assurance-type warranties are accounted for
under Ind AS 37, refer Note 20. Revenue is recognised over the period in which the warranty is
provided based on the time elapsed.
ii. Operation and maintenance services (‘O&M’)
Revenues from O&M service is recognised over time, on a pro-rata basis over the contract period,
based on the extent of services rendered, in accordance with the contractual terms.
iii. Project execution
Revenue from project execution activities, comprising of installation, erection and commissioning
of WTG’s is recognised over time on completion of the respective activities identified as per terms
of the sales order.
iv. Power evacuation infrastructure (‘PE’)
Revenue from PE infrastructure facilities is recognised at a point in time upon completion of
electrical installation and commissioning of the WTG’s with the PE facilities, followed by receipt
of approval for commissioning of WTG from the concerned authorities, in accordance with the terms
of the contract.
v. Sale of services
Revenue from sale of services is recognised over time, as the performance obligation is satisfied,
since the Company has an enforceable right to payment for performance completed to date, in
accordance with the contractual terms.
vi. Power generation
Income from power generation is recognised at a point in time, upon sale of units generated,
when control of the electricity is transferred to the customer. Revenue is measured based on units
supplied, as recorded by the metering system, and is invoiced to the respective State Electricity
Board in accordance with the applicable power purchase agreement.
vii. Land
Revenue from land lease activity is recognised at a point in time upon the transfer of leasehold
rights to the customers. Revenue from sale of land / right to sale land is recognised at the point in
time when control of over land is transferred to the customer as per the terms of the respective sales
order/ agreement. Revenue from land development is recognised upon rendering of the service as
per the terms of the respective sales order.
Contract balances
Contract assets: Contract assets represent the Company’s right to consideration for goods or
services transferred to a customer, where such right is conditional on something other than the
passage of time. Contract assets are recognised when goods or services are transferred before the
consideration is billed or becomes due and are reclassified to trade receivables when the right to
consideration becomes unconditional.
Trade receivables: A receivable represents the Company’s right to an amount of consideration that
is unconditional (i.e., only the passage of time is required before payment of the consideration is
due). Refer to accounting policies of financial assets in section (r) Financial instruments - initial
recognition and subsequent measurement.
Contract liabilities: Contract liabilities represent the Company’s obligation to transfer goods or
services to a customer for which consideration has been received or is due, before the related goods
or services are transferred. Contract liabilities are recognised when consideration is received in
advance of performance and are recognised as revenue when the Company satisfies the related
performance obligations.
Refund liabilities: A refund liability is recognised for the obligation to refund some or all of the
consideration received (or receivable) from the customer. The Company’s refund liabilities arise
from customers’ right of return and volume rebates. The Company updates its estimates of refund
liabilities (and the corresponding change in the transaction price) at the end of each reporting period.
f. Interest income
Interest income on financial assets measured at amortised cost is recognised using the effective interest
rate (EIR) method. The EIR discounts estimated future cash receipts over the expected life of the
financial asset to its gross carrying amount, taking into account all contractual terms but excluding
expected credit losses. Interest income on deposits is recognised on a time proportion basis and is
presented under finance income in the statement of profit and loss.
g. Taxes
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or
paid to the taxation authorities based on the tax rates and tax laws that are enacted or substantively
enacted, at the reporting date.
Current income tax relating to items recognised outside statement of profit and loss is recognised
either in OCI or directly in equity. Management periodically evaluates the positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
Current tax assets and liabilities are offset where the Company has a legally enforceable right to offset
and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax
Deferred tax is provided using the balance sheet method on temporary differences between the tax bases
of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities [‘DTL’) are recognised for all taxable temporary differences, except:
• those arising on initial recognition of goodwill or of an asset or liability in a transaction [other than a
business combination] that, at inception, affects neither accounting nor taxable profit and does not
give result in equal taxable and deductible temporary differences and
• taxable temporary differences relating to investments in subsidiaries, associates and joint ventures,
where the Company can control the timing of reversal and it is probable that such differences will
not reverse in the foreseeable future.
Deferred tax assets (‘DTA’) are recognised for all deductible temporary differences, the carry forward
of unused tax credits and any unused tax losses. DTA are recognised to the extent that it is probable
that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilised, except:
• those arising on initial recognition of an asset or liability in a transaction [other than a business
combination] that, at inception, affects neither accounting nor taxable profit and does not result in
equal taxable and deductible temporary differences; and
• deductible temporary differences relating to investments in subsidiaries, associates and joint ventures,
which are recognised only to the extent that it is probable that such differences will reverse in the
foreseeable future and sufficient taxable profits will be available for their utilisation.
The carrying amount of DTA is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the DTA to be
realised. Unrecognised DTA is re-assessed at each reporting date and are recognised to the extent that
it has become probable that future taxable profits will allow the DTA to be realised.
DTA and DTL are measured at the tax rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates [and tax laws] that have been enacted or
substantively enacted at the reporting date. DTA and DTL are offset if a legally enforceable right exists
to set off current tax assets against current tax liabilities and the deferred taxes relate to the same
taxation authority.
Deferred tax relating to items recognised outside statement of profit and loss is recognised either in
OCI or in equity.
h. Property, plant and equipment C‘PPE’), Capital work-in-progress C‘CWIP’) and Depreciation
Items of PPE, other than freehold land are stated at cost, net of accumulated depreciation and
accumulated impairment loss, if any. Such cost includes the cost of replacing part of the plant and
equipment and borrowing costs for long-term construction projects if the recognition criteria are met.
When a major inspection is performed, its cost is recognised in the carrying amount of the plant and
equipment as a replacement provided the recognition criteria are satisfied; similarly, when significant
parts of plant and equipment that are required to be replaced at intervals are depreciated separately
based on their respective specific useful lives. All other repair and maintenance costs are recognised
in the statement of profit and loss as incurred.
Freehold land is measured at acquisition cost and is not depreciated.
CWIP comprises of the cost of PPE that are not yet ready for their intended use as at the balance sheet
date. CWIP is stated at cost, net of accumulated impairment loss, if any.
Depreciation is calculated on the written down value method [‘WDV’] based on the useful lives and
residual values estimated by the management in accordance with Schedule II to the Companies Act,
2013. For certain assets, the Company applies different useful lives than those specified in Schedule II,
based on a technical evaluation by experts and management’s assessment. The management considers
these estimates to be reasonable and a fair reflection of the expected period of use of the assets. The
identified components are depreciated separately over their useful lives; the remaining components are
depreciated over the life of the principal PPE.
An item of PPE and any significant part initially recognised is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount
of the asset] is included in the statement of profit and loss when the asset is derecognised. The residual
values, useful lives and methods of depreciation of PPE are reviewed at each financial year end and
adjusted prospectively, if appropriate.
i. Investment properties
Investment property comprises completed property (land or a building or part of a building or both] and
property under development or re-development that is held, or to be held, to earn rentals or for capital
appreciation or both. Property held under a lease is classified as investment property when it is held to
earn rentals or for capital appreciation or both.
It does not include property held use in the production or supply of goods or services or for administrative
purposes, nor it includes property held for sale in the ordinary course of business.
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial
recognition, investment properties are stated at cost less accumulated depreciation and accumulated
impairment loss, if any.
The cost includes the cost of replacing parts and borrowing costs incurred in connection with investment
properties if the recognition criteria are met. When significant parts of the investment properties are
required to be replaced at intervals, the Company depreciates them separately based on their specific
useful lives. All other repair and maintenance costs are recognised in statement of profit and loss
as incurred.
The Company depreciates building component of investment property over 58 years from the date of
original purchase / date of capitalisation. Though the Company measures investment properties using
cost- based measurement, the fair value of investment properties is disclosed in the notes.
Investment properties are derecognised either when they have been disposed of or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. The
difference between the net disposal proceeds and the carrying amount of the investment property is
recognised in statement of profit and loss in the period of de-recognition.
Transfers are made to (or from) investment properties only when there is a change in use. Transfers
between investment property, owner-occupied property and inventories do not change the carrying
amount of the property transferred and they do not change the cost of that property for measurement
or disclosure purposes.
j. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair value at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less accumulated amortisation and accumulated
impairment losses, if any. Internally generated intangibles, excluding capitalised development costs
(refer below policy for R&D costs), are not capitalised and the related expenditure is reflected in
statement of profit and loss in the year in which the expenditure is incurred.
Intangible assets are amortised on a straight-line basis over the useful economic life which generally
does not exceed five years and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortisation period and the amortisation method are reviewed at least at the
end of each reporting period. Changes in the expected useful life or the expected pattern of consumption
of future economic benefits embodied in the asset are considered to modify the amortisation period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense
on intangible assets with finite life is recognized in the statement of profit and loss under the head
Depreciation and amortization expense.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of
profit and loss when the asset is derecognised.
Research and development costs “R&D costs”.
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Company can demonstrate:
• The technical feasibility of completing the intangible asset so that the asset will be available for
use or sale,
• Its intention to complete and its ability and intention to use or sell the asset,
• How the asset will generate future economic benefits,
• The availability of resources to complete the asset,
• The ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost
less accumulated amortisation and accumulated impairment losses, if any. Amortisation of the asset
begins when development is complete, and the asset is available for use. It is amortised on a straight¬
line basis over the period of expected future benefit from the related project, i.e., the estimated useful
life. Amortisation is recognised in the statement of profit and loss. During the period of development,
the asset is tested for impairment annually.
k. Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale (qualifying
asset) are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the
period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.
l. Leases
The Company assesses whether a contract is or contains a lease, at the inception of a contract , i.e. if
the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration.
• Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Company recognises lease liabilities to make
lease payments and right-of-use assets representing the right to use the underlying assets.
i. Right-of-use assets (ROU assets)
The Company’s lease portfolio primarily consists of leases for land, buildings and vehicles. The
Company recognises ROU assets at the commencement date of the lease being the date the
underlying asset is available for use. ROU assets are initially measured at cost and subsequently
measured at cost less accumulated depreciation and impairment losses and adjusted for any
remeasurement of the related lease liabilities. The cost of ROU assets comprises the initial
measurement of lease liabilities, any lease payments made at or before the commencement date
less any lease incentives received, initial direct costs incurred, and an estimate of costs to be
incurred in dismantling and removing the underlying asset or restoring the leased asset to the
condition required under the lease. ROU assets are depreciated on a straight-line basis from the
commencement date over the shorter of the lease term and useful life of the underlying asset. ROU
assets are assessed for impairment. Refer Note 2.3(n) for the accounting policies.
ii. Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payments include fixed
payments less any lease incentives receivable. In calculating the present value of lease payments,
the Company uses its borrowing rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates at the lease commencement date.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured, if there is a modification, a change in the lease term or a change in the
lease payments.
iii. Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leased asset
(i.e., those leases that have a lease term of 12 months or less from the commencement date and do
not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases that are considered to be low value. For the short-term and low-value leases, the Company
recognizes the lease payments as an operating expense on a straight-line basis over the term of
the lease.
• Company as a lessor
Leases in which the Company does not transfer substantially all the risks and benefits of ownership
of the asset is classified as operating lease. Rental income arising on an operating lease is accounted
for on a straight-line basis over the lease term in the statement of profit and loss. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of
the leased asset, i.e., asset given on lease, and recognised over the lease term on the same basis as
rental income. Contingent rents are recognised as revenue in the period in which they are earned.
m. Inventories
Inventories of raw materials including components, project materials, stock in trade, stores and spares
and consumables, packing materials, semi-finished goods, components, work-in-progress, project
work-in-progress and finished goods are valued at the lower of cost and estimated net realisable value.
Inventories held for use in the production of inventories are not written down below cost if the finished
products in which they will be incorporated are expected to be sold at or above cost. Cost of inventory
is determined on a moving weighted average basis.
Inventories include some materials that are repaired as well as repairable as at the balance sheet date.
Net realisable value of such materials is determined considering the remaining useful life of the material
after repairs based on the technical estimates.
The cost of work-in-progress, semi-finished goods and finished goods includes the cost of material,
labour and a proportion of overheads. Project work-in-progress includes cost of civil, electrical line,
installation of WTG and portion of non-utilised charges paid for capacity allocation, PE facilities which
are in process as at the balance sheet date.
Inventories of land and land lease rights is valued at lower of cost and estimated net realisable value.
Cost is determined on weighted average basis.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated
costs of completion and the estimated costs necessary to make the sale.
n. Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an
asset’s or cash-generating unit’s (‘CGU’] net selling price and its value in use. The recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets.
Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. Impairment losses are recognised in the
statement of profit and loss.
In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. In determining net selling price, recent market transactions are taken into
account, if available. If no such transactions can be identified, an appropriate valuation model is used.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which
are prepared separately for each of the Company’s CGUs to which the individual assets are allocated.
These budgets and forecast calculations generally cover a period of five years. For longer periods, a
long-term growth rate is calculated and applied to project future cash flows after the fifth year. To
estimate cash flow projections beyond periods covered by the most recent budgets/ forecasts, the
Company extrapolates cash flow projections in the budget using a steady or declining growth rate for
subsequent years, unless an increasing rate can be justified. In any case, this growth rate does not
exceed the long-term average growth rate for the products, industries, or country or countries in which
the entity operates, or for the market in which the asset is used.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining
useful life. Impairment losses of continuing operations, including impairment on inventories, are
recognised in the statement of profit and loss, except for properties previously revalued with the
revaluation surplus taken to OCI. For such properties, the impairment is recognised in OCI up to the
amount of any previous revaluation surplus.
The impairment loss recognised in prior accounting periods is reversed if there has been a change in
estimates of recoverable amount. The carrying value after reversal is not increased beyond the carrying
value that would have prevailed by charging usual depreciation if there was no impairment.
Goodwill and intangible assets with indefinite useful life are tested for impairment annually as at year
end. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group
of CGUs] to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed
in future periods.
The Company assesses whether climate risks, including physical risks and transition risks could have
a significant impact. If so, these risks are included in the cash-flow forecasts in assessing value-in¬
use amounts.
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