Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Trade and Other Receivables, Prepayments and Contract Assets

v3.22.1
Trade and Other Receivables, Prepayments and Contract Assets
 12 Months Ended
Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]  
Trade and Other Receivables, Prepayments and Contract Assets Trade and Other Receivables, Prepayments and Contract Assets
As of December 31,
2021 2020
$’000 $’000
Trade receivables (Note 8)
 8,278  4,674 
Other receivables
 13,796  8,914 
Prepayments
 21,516  6,463 
Contract assets
 4,484  2,378 
VAT receivable (payable)
 2,045  (63)
50,119  22,366 
The Group has assessed its expected credit loss estimate, in line with the requirements of IFRS 9 by taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. As part of this assessment, the Group has performed a recoverability assessment of its outstanding trade and other receivables at the reporting date and concluded that the expected credit loss as of December 31, 2021 is immaterial (2020: $0.0 million).
The table below shows significant changes in contract assets:
2021 2020
$’000 $’000
Balance at January 1
 2,378  1,541 
Revenues recognized but not billed
 3,444  1,511 
Amounts reclassified to trade receivable
 (1,338) (674)
Balance at December 31
 4,484  2,378