229 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 6. Revenue (continued) (a) Disaggregation of revenue from contracts with customers (continued) The Group derives revenue from the transfer of goods and services over time in the following business segments: (continued) Offshore Production and Offshore Marine Renewables Total EPCIC RM million FPSO Operations RM million Total RM million RM million RM million Group 2022 EPCIC of FPSO vessel 2,206 - 2,206 - 2,206 FPSO support services fees - 303 303 - 303 Sale of electricity - - - 72 72 Management fee income - 13 13 - 13 2,206 316 2,522 72 2,594 Timing of revenue recognition - Over time 2,206 316 2,522 72 2,594 Refer to Note 42 for disaggregation of revenue by geographical location of the Group’s operations. Company 2023 RM million 2022 RM million Management fee income 24 13 The Company recognises revenue from contracts with customers over time. (b) Assets and liabilities related to contracts with customers The Group has recognised the following assets and liabilities related to contracts with customers: Group 2023 RM million 2022 RM million Current contract assets (Note (b)(i)) 124 - Non-current contract assets (Note (b)(i)) 8,219 4,517 Current contract liabilites (Note 35(b)(ii)) 897 - Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date on an ongoing EPCIC contract which commenced in the current financial year. Bareboat charter payments received during the lease period will be allocated towards the settlement of the contract assets related to the EPCIC contract. (i) Significant changes in contract assets Contract assets have increased in line with the progress of work performed for EPCIC business activities in the current financial year.
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