Wah Seong Corporation Berhad Annual Report 2021 176 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 28 PROVISION FOR WARRANTIES Group 2021 2020 RM’000 RM’000 At 1 January 9,844 9,061 Additions 6,776 5,100 Utilisation (381) (26) Reversal (4,015) (4,203) Effect of exchange rate changes 214 (88) At 31 December 12,438 9,844 The Group recognises the estimated liability to repair or replace products when the underlying products or services are sold. It is expected that most of these costs will be incurred over the warranty period which extends up to 5 years (2020: 4 years). 29 GROSS REVENUE Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Revenue from contracts with customers Contract revenue 796,134 761,197 - - Sale of goods 615,136 625,445 - - Management fees 104 - 701 701 1,411,374 1,386,642 701 701 Revenue from other sources Rental income 17,937 22,465 - - Dividend income - - 22,766 27,414 Interest income - - 910 8,884 17,937 22,465 23,676 36,298 1,429,311 1,409,107 24,377 36,999 Revenue from contracts with customers is represented by: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Timing of revenue recognition - Over time 748,922 736,999 701 701 - At a point in time 662,452 649,643 - - 1,411,374 1,386,642 701 701
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