Wah Seong Corporation Berhad Annual Report 2019

150 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 13 FINANCE LEASE RECEIVABLES (CONTINUED) The effective interest rate of the Group’s finance lease receivables is 5.08% (2018: 5.08%). Group 2019 RM’000 At 1 January 32,422 Finance lease income recognised 1,270 Lease payments received (15,668) Effect of exchange rate changes (198) At 31 December 17,826 Comparative information for the previous financial year is not required to be disclosed in accordance with MFRS 16. 14 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2019 2018 RM’000 RM’000 At 1 January - Contract assets 95,869 82,290 - Contract liabilities (52,792) (64,563) 43,077 17,727 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 23,996 32,720 - from additional contract assets and contract liabilities during the financial year 563,732 536,107 Less: Billings during the financial year (609,828) (553,951) (22,100) 14,876 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 18,200 26,275 - from additional contract assets and contract liabilities during the financial year 217,649 137,627 Less: Billings during the financial year (115,942) (153,324) 119,907 10,578 Effect of exchange rate changes 4,311 (104) At 31 December 145,195 43,077 At 31 December - Contract assets 208,111 95,869 - Contract liabilities (62,916) (52,792) 145,195 43,077 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2019 amounting to RM929,587,000 (2018: RM1,111,953,000) are expected to be recognised between the next 12 to 24 months (2018: in the next 12 months).