FGV Audited Financial Statements 2019

204 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 53 CONTRACT LIABILITIES Group 2019 RM’000 2018 RM’000 Contract liabilities At 1 January 41,209 58,714 Revenue recognised that was included in the contract liability balance at the beginning of financial period (39,010) (58,337) Cash received/amount billed for unfulfilled obligations 75,424 40,832 At 31 December 77,623 41,209 Revenue recognised in relation to contract liabilities: The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities. Group 2019 RM’000 2018 RM’000 Revenue recognised that was included in the contract liability balance at the beginning of the period - Sales of palm products 21,166 32,882 - Sales of other commodities and by-products 9,975 16,529 - Provision of services 4,048 5,714 - Construction contract 2,184 606 - Others 1,637 2,606 39,010 58,337 The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting date, of which the Group expects to recognise in the next 12 months is RM77,623,000 (2018: RM41,209,000). All other contracts are for periods of one year or less or are billed based on time incurred. As permitted under MFRS 15, the Group applied the practical expedient in MFRS 15 and did not disclose information about recognising performance obligations that have original expected duration of one year or less.