NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 12 CONTRACT ASSETS/(LIABILITIES) (CONTINUED) Net carrying amount of contract assets/(liabilities) is analysed as follows: (continued) Group 2022 2021 RM’000 RM’000 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 16,811 10,703 - from additional contract assets and contract liabilities during the financial year 59,605 76,353 Less: Billings during the financial year (74,755) (223,606) 1,661 (136,550) Effect of exchange rate changes 21,874 7,126 At 31 December 81,765 109,165 At 31 December - Contract assets 395,814 242,479 -Contract liabilities (314,049) (133,314) 81,765 109,165 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2022 amounting to RM3,437,000,000 (2021: RM1,650,000,000) are expected to be recognised within the next 12 to 24 months (2021: within the next 12 to 24 months). 25.6% (2021: 37.4%) of the contract asset balances are related to a single customer. 13 INVESTMENT IN EQUITY INSTRUMENTS For the financial year ended 31 December 2021, the Group disposed the investment in equity instruments with a total disposal price of RM3,000. Gains or losses arising from fair value changes of investment in equity instruments The Group recognised a loss of RM2,000 in the profit or loss arising from fair value changes of its investment in equity instruments for the financial year ended 31 December 2021. The method and assumptions applied in determining the fair value of financial assets are disclosed in Note 46. 14 INVENTORIES Group 2022 2021 RM’000 RM’000 Raw materials 104,902 74,386 Work-in-progress 35,605 22,633 Manufactured and trading goods 62,297 66,619 Consumables 14,872 10,820 Goods in transit 5,719 3,504 223,395 177,962 Annual Report 2022 Wah Seong Corporation Berhad 165
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