164 CSE Global Limited 9. Contract assets and contract liabilities Information about contract assets and contract liabilities from contracts with customers is disclosed as follows: Group 2024 2023 $’000 $’000 Contract assets 121,160 124,765 Contract liabilities (85,686) (96,703) 35,474 28,062 The Group has not recognised any impairment losses on receivables arising from contracts with customers for the year ended 31 December 2024 (2023: $Nil). Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date for project revenue. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the Group’s obligation to transfer goods or services to customers for which the Group has received advances received from customers for project revenue. Contract liabilities are recognised as revenue as the Group performs the work under the contract. 10. Inventories Group 2024 2023 $’000 $’000 Balance sheet: Spare parts 6,073 5,682 Trading goods 51,824 63,802 Inventories in transit 825 1,280 Total inventories at lower of cost and net realisable value 58,722 70,764 Income statement: Inventories recognised as an expense in profit or loss – Inventories recognised as an expense in cost of sales 412,832 346,899 – Writeback of inventories, net (1,048) (373) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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