Yinson Annual Report 2021

235 ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2021 6. Revenue (continued) (a) Disaggregation of revenue from contracts with customers (continued) The Group derives revenue from the transfer of goods and services over time and at a point in the following business segments: (continued) Offshore Production and Offshore Marine Total EPCIC Non-EPCIC RM million RM million RM million Group 2020 Outright sale of FPSO vessel at commencement of lease 1,551 - 1,551 FPSO support services fees - 141 141 Management fee income - 15 15 1,551 156 1,707 Timing of revenue recognition - At a point in time 1,551 - 1,551 - Over time - 156 156 1,551 156 1,707 Refer to Note 43 for disaggregation of revenue by geographical location of the Group’s operations. Company 2021 2020 RM million RM million Management fee income 23 41 The Company recognises revenue from contracts with customers over time. (b) Assets related to contracts with customers The Group has recognised the following assets related to contracts with customers: Group 2021 2020 RM million RM million Non-current contract assets Note 6(b)(i) 2,206 - Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date on an ongoing EPCIC contract which commenced in the current financial year. Bareboat charter payments received during the lease period will be allocated towards the settlement of the contract assets related to the EPCIC contract.