Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 12 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2023 2022 RM’000 RM’000 At 1 January - Contract assets 395,814 242,479 - Contract liabilities (314,049) (133,314) 81,765 109,165 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 232,936 103,561 - from additional contract assets and contract liabilities during the financial year 1,675,432 1,927,556 Less: Billings during the financial year (1,877,084) (2,082,052) 31,284 (50,935) Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 14,063 16,811 - from additional contract assets and contract liabilities during the financial year 120,132 59,605 Less: Billings during the financial year (136,779) (74,755) (2,584) 1,661 Transfer to assets/liabilities of disposal group classified as held for sale 1,895 - Effect of exchange rate changes 14,153 21,874 At 31 December 126,513 81,765 At 31 December - Contract assets 446,339 395,814 - Contract liabilities (319,826) (314,049) 126,513 81,765 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2023 amounting to RM3,144,000,000 (2022: RM3,437,000,000) are expected to be recognised within the next 12 to 24 months (2022: within the next 12 to 24 months). 35.5% (2022: 25.6%) of the contract asset balances are related to a single customer. Integrated Annual Report 2023 232
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