Wah Seong Corporation Berhad Annual Report 2021 160 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 12 FINANCE LEASE RECEIVABLES (CONTINUED) The effective interest rate of the Group’s finance lease receivables is 5.08% for the financial year ended 31 December 2020. Group 2021 2020 RM’000 RM’000 At 1 January 5,397 17,826 Finance lease income recognised 77 607 Lease payments received (5,630) (13,309) Effect of exchange rate changes 156 273 At 31 December - 5,397 13 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2021 2020 RM’000 RM’000 At 1 January - Contract assets 223,683 208,111 - Contract liabilities (70,645) (62,916) 153,038 145,195 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 41,814 28,674 - from additional contract assets and contract liabilities during the financial year 707,108 702,382 Less: Billings during the financial year (663,371) (729,192) 85,551 1,864 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 10,703 19,283 - from additional contract assets and contract liabilities during the financial year 76,353 53,150 Less: Billings during the financial year (223,606) (70,603) (136,550) 1,830 Effect of exchange rate changes 7,126 4,149 At 31 December 109,165 153,038 At 31 December - Contract assets 242,479 223,683 -Contract liabilities (133,314) (70,645) 109,165 153,038 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2021 amounting to RM1,650,000,000 (2020: RM1,151,000,000) are expected to be recognised within the next 12 to 24 months (2020: within the next 12 to 24 months). 37.4% (2020: 51.2%) of the contract asset balances are related to a single customer.
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