MSTGOLF Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 SECTION 4: FINANCIAL PERFORMANCE 184 21. CONTRACT LIABILITIES Group 2024 2023 RM’000 RM’000 Contract liabilities - Unredeemed golf lessons and vouchers 1,084 1,195 - Unredeemed membership points 2,095 3,669 - Customer deposits and advance billing for golf events and activities 98 147 3,277 5,011 The contract liabilities relate primarily to the unredeemed golf lessons and vouchers, unredeemed membership points, customer deposits and advance billing for golf events and activities. The amount will be recognised as revenue after the golf lessons and vouchers, membership points are redeemed by customers and golf events and activities have been held respectively, which are expected to occur over the next 12 months. The following table shows reconciliation from the opening balance to the closing balance for the contract liabilities. Group 2024 2023 RM’000 RM’000 Unredeemed golf lessons and vouchers At beginning of the financial year 1,195 524 Underprovision in prior year - 165 Additions 3,681 4,319 Utilisation (3,785) (3,813) Exchange differences (7) - At end of the financial year 1,084 1,195 Unredeemed membership points At beginning of the financial year 3,669 3,462 Additions 6,995 3,352 Utilisation (8,511) (3,205) Exchange differences (58) 60 At end of the financial year 2,095 3,669 Customer deposits and advance billing for golf events and activities At beginning of the financial year 147 431 Additions 25 369 Utilisation (74) (653) At end of the financial year 98 147

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