Wah Seong Corporation Berhad Annual Report 2020

150 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 12 FINANCE LEASE RECEIVABLES (CONTINUED) Group 2020 2019 RM’000 RM’000 At 1 January 17,826 32,422 Finance lease income recognised 607 1,270 Lease payments received (13,309) (15,668) Effect of exchange rate changes 273 (198) At 31 December 5,397 17,826 13 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2020 2019 RM’000 RM’000 At 1 January - Contract assets 208,111 95,869 - Contract liabilities (62,916) (52,792) 145,195 43,077 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 28,674 23,996 - from additional contract assets and contract liabilities during the financial year 702,382 563,732 Less: Billings during the financial year (729,192) (609,828) 1,864 (22,100) Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 19,283 18,200 - from additional contract assets and contract liabilities during the financial year 53,150 217,649 Less: Billings during the financial year (70,603) (115,942) 1,830 119,907 Effect of exchange rate changes 4,149 4,311 At 31 December 153,038 145,195 At 31 December - Contract assets 223,683 208,111 - Contract liabilities (70,645) (62,916) 153,038 145,195 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2020 amounting to RM1,151,000,000 (2019: RM929,587,000) are expected to be recognised within the next 12 to 24 months (2019: within the next 12 to 24 months). 51.2% of the contract asset balances are related to a single customer.