Tropicana Corporation Berhad Annual Report 2020

4. REVENUE Group Company 2020 2019 2020 2019 RM'000 RM'000 RM'000 RM'000 Revenue from contracts with customers 1,025,197 1,101,163 20,529 25,934 Revenue from other sources: - Rental and related income from investment properties 31,442 32,013 – – - Dividend income from subsidiaries (Note 37(a)) – – 35,750 46,263 - Others 5,932 2,667 – – 1,062,571 1,135,843 56,279 72,197 Disaggregation of the revenue from contracts with customers: Major goods and services Sale of development properties 488,533 677,713 – – Sale of land 400,901 213,592 – – Sale of building materials 8,172 30,837 – – Revenue from recreation and resort operations 37,985 49,603 – – Property management and maintenance fees 5,939 9,184 – – Revenue from private school operations 47,181 48,381 – – Revenue from landscape services 4,349 7,259 – – Revenue from hotel operations 25,847 64,594 – – Revenue from electricity 6,290 – – – Management fees from subsidiaries (Note 37(a)) – – 20,529 25,934 Revenue from contracts with customers 1,025,197 1,101,163 20,529 25,934 Geographical market Malaysia 1,025,197 1,101,163 20,529 25,934 Timing of revenue recognition - at a point in time 528,336 459,382 20,529 25,934 - over time 496,861 641,781 – – 1,025,197 1,101,163 20,529 25,934 Revenue from contracts with customers of the Group includes RM174,806,000 (2019: RM19,703,000) that was included in contract liabilities at the beginning of the financial year. 5. COST OF SALES Group Company 2020 2019 2020 2019 RM'000 RM'000 RM'000 RM'000 Cost of development properties: - current year 298,408 417,018 – – - overprovision of property development costs in prior years (12,681) (24,690) Cost of land sold (Note 16(a) and Note 16(c)) 162,395 71,474 – – Cost of inventories sold (35,293) 46,775 – – Cost of building materials sold 7,084 26,740 – – Cost of services rendered: - recreation and resort operations 14,505 19,925 – – - property management and maintenance fees 7,878 8,805 – – - investment properties 11,490 7,216 – – - landscape services 2,482 5,098 – – - private school operations 24,829 25,108 – – - hotel operations 18,298 35,318 – – - management fees – – 19,159 24,276 - energy cost 12,405 – – – Others 1,826 621 – – 513,626 639,408 19,159 24,276 6. OTHER INCOME Group Company 2020 2019 2020 2019 RM'000 RM'000 RM'000 RM'000 Gain on a bargain purchase (Note 18(c)) – 321,346 – – Reversal of impairment loss on trade and other receivables 4,388 7,113 – – Management fees 13,300 15,658 – – Rental income 9,533 5,254 712 1,236 Late payment interest 1,369 3,296 – – Gain on disposal of: - property, plant and equipment, net 88 327 – – - assets classified as held for sale – 860 – – Fair value gain on investment properties (Note 17) 138,128 – – – Fair value gain on transferable corporate golf club memberships 575 – 575 – Forfeiture of deposits 1,378 3,179 – – Bad debts recovered – 135 – – Foreign exchange gain: - unrealised – 3 – – - realised 6 – – – Others 3,372 14,572 163 143 172,137 371,743 1,450 1,379 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 202 203