YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 234 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 6. REVENUE (CONTINUED) (b) Contract balances The Group has recognised the following contract assets and liabilities: Group 2024 RM million 2023 RM million Contract assets (Note (b)(i)) Current 341 124 Non-current 9,294 8,219 9,635 8,343 Contract liabilities (Note (b)(ii)) Current 55 928 Non-current 255 257 310 1,185 (i) Contract assets Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date on three ongoing EPCIC contracts. Bareboat charter payments received during the lease period will be allocated towards the settlement of the contract assets related to the EPCIC contracts. Contract assets have increased in line with the progress of work performed for EPCIC business activities. (ii) Contract liabilities Contract liabilities primarily comprise the following: • Charter income received in advance of RM279 million (2023: RM281 million) in relation to FPSO JAK, which is deferred and amortised on a straight-line basis over the contract period. As at 31 January 2024, the amounts classified as current and non-current were RM34 million and RM245 million (2023: RM30 million and RM251 million) respectively. The Group recognised revenue of RM33 million (2023: RM31 million) during the financial year, which was included in the contract liabilities as at 31 January 2023. • Included in current contract liabilities as at 31 January 2023 was an amount of RM897 million relating to consideration received from customers for EPCIC contracts where progress billings were issued ahead of the provision of services. This amount has been set off against the contract assets coinciding with work performed for the EPCIC business activities in current financial year.
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