Wah Seong Corporation Berhad Annual Report 2018

16 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2018 RM’000 At 1 January (as restated) - Contract assets 82,290 - Contract liabilities (64,563) 17,727 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 32,720 - from additional contract assets and contract liabilities during the financial year 534,068 Less: Billings during the financial year (551,912) 14,876 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 26,275 - from additional contract assets and contract liabilities during the financial year 137,627 Less: Billings during the financial year (153,324) 10,578 Effect of exchange rate changes (104) At 31 December 43,077 At 31 December - Contract assets 95,869 - Contract liabilities (52,792) 43,077 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2018 amounting to RM52,792,000 are expected to be recognised in the next 12 months. 17 AMOUNTS DUE FROM/(TO) CUSTOMERS ON CONTRACTS Group 2017 RM’000 Aggregate costs incurred to date 302,658 Attributable profits recognised to date less recognised losses 86,125 388,783 Less: Progress billings on contracts (368,075) 20,708 Represented by: Amounts due from customers on contracts 52,467 Amounts due to customers on contracts (31,759) 20,708 Retention sums on contracts (included within trade receivables) 2,872 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 143