3. REVENUE Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Revenue from contracts with customers Voyage, lightering and other shipping related income 1,479,784 2,099,762 – – Construction contract, marine repair and vessel conversion (Note 23) 3,748,218 1,926,878 – – Non-shipping income 221,137 303,605 2,579 7,673 5,449,139 4,330,245 2,579 7,673 Revenue from charter Charter income 4,086,163 4,091,421 924,672 926,574 Finance income on lease receivables 1,136,405 979,568 72,855 79,383 5,222,568 5,070,989 997,527 1,005,957 Total revenue 10,671,707 9,401,234 1,000,106 1,013,630 Non-shipping income mainly represents revenue generated from the operation and maintenance of offshore floating assets, management of operation of ports, marine terminals and marine vessels, provision of marine support services and consulting services for marine matters. Timing of recognition for revenue from contracts with customers The following table provides the disaggregation of revenue from contracts with customers based on timing of recognition: Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Goods and services transferred at a point in time 372,544 551,184 2,579 7,673 Services transferred over time 5,076,595 3,779,061 – – Total 5,449,139 4,330,245 2,579 7,673 3. REVENUE (CONT'D.) Contract balances The following table provides information about receivables, contracts assets and contracts liabilities from contracts with customers. Group 2021 2020 RM’000 RM’000 Receivables 489,142 416,563 Contract assets (Note 23) 3,245,116 491,259 Contract liabilities (Note 23) (119,192) (15,395) 3,615,066 892,427 The above contract assets are amount due from customers on contracts and primarily relates to the Group’s rights to consideration for work completed but not billed at the reporting date. Amount due from customers on contracts and are transferred to receivables when rights become unconditional. The above contract liabilities are amount due to customers on contracts and primarily relate to the advance consideration received from the customer, for which revenue is recognised over time when the Group progressively satisfies its performance obligation. Transaction price allocated to the remaining performance obligations The following table shows revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially satisfied) at the reporting date. The disclosure is only providing information for contracts that have a duration of more than one year. Under 1 year 1-5 years Total RM’000 RM’000 RM’000 Group Construction contract, marine repair and vessel conversion 5,384,452 2,638,512 8,022,964 Total 5,384,452 2,638,512 8,022,964 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 MISC Berhad 342 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 343 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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