G33 Government grants
Sandvik has received various forms of government grants in countries where the Group operates of SEK 521 million (48) during 2020. The grants have been recognized as a reduced cost to which the grant is attributable to. The main part is related to personnel costs.
The majority of the grants have no unfulfilled conditions or contingencies attached to the grants.
Government grants are recognized as deferred income in the balance sheet when there is reasonable assurance that the grant will be received, and that the entity will comply with the conditions attached to them. Grants are recognized in profit or loss for the year in the same way and over the same periods as the related costs that they are intended to compensate, on a systematic basis.
Grants related to assets are presented by deducting the grant from the carrying amount of the asset.