iLOQ-vuosikertomus 2019

Note 24

Provisions

EUR thousand 2019 2018
Non-current provision 460 314
Current provision 314 710
Total 774 1,024

The Group grants a warranty on the iLOQ products it delivers. The Group incurs costs for the repair, replacement and maintenance of locking systems, which are carried out at the Group’s expense. The Group recognizes a warranty provision for these warranty repairs. The warranty provision is based on previous years’ experience of defective products.

 

EUR thousand Warranty provision
Warranty provision on 1 January 2019 1,024
Increase of warranty provision during the period 460
Cancellation of warranty provision (over 2 years) -407
Realized warranty costs -303
Warranty provision on 31 December 2019 774
   
EUR thousand Warranty provision
Warranty provision 1 January 2018 1,258
Increase of warranty provision during the period 314
Cancellation of warranty provision (over 2 years) -128
Realized warranty costs -420
Warranty provision on 31 December 2018 1,024