ACCOUNTABILITY | FINANCIAL STATEMENTS 235 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 6. REVENUE (CONTINUED) (b) Contract balances (continued) (iii) On 31 July 2023, Yinson Bouvardia Holdings Pte. Ltd., an indirect wholly owned subsidiary of the Company, has completed the acquisition of 100% equity interest in AFPS B.V. (“AFPS”) from Atlanta Field B.V. (“AFBV”) by way of exercising the call option with a purchase cash consideration of USD22 million (approximately RM99.3 million). The entire contractual arrangement with AFPS in respect of FPSO Atlanta is determined to be a construction service arrangement in accordance with MFRS 15 Revenue from Contracts with Customers. Upon the exercise of the call option, the total transaction price for the contractual arrangement with AFPS was re-assessed and revised to reflect the future cash flows from the charter rates to be received over the 15-years charter period in accordance with the charter contract with Enauta Energia S.A. (“Enauta”). The amounts previously received by the Group from AFPS are, in substance, prepayments from AFPS, to fund the construction of the FPSO. Upon exercise of the call option, these prepayments were converted into a loan to be repaid by the Group to Enauta over the charter period of 15 years at a fixed interest rate of 6%. Accordingly, the future principal and interest repayments under the loan are accounted for as a consideration payable to Enauta. The consideration payable to Enauta is offset against the contract asset arising from the fulfilment of the EPCI performance obligation. The net contract asset balance in respect of FPSO Atlanta included within contract assets as at 31 January 2024 is determined as follows: Group 2024 RM million 2023 RM million Cumulative revenue recognised for EPCI performance obligation less progress billings to date 1,706 - Less: Consideration payable to Enauta (1,559) - Net balance included within contract assets 147 - The net cash outflow arising from the acquisition was USD17.2 million (approximately RM77.5 million), included within cash flows from operating activities, after deducting cash and cash equivalents held by AFPS of USD4.8 million (approximately RM21.8 million).
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