Annual report pursuant to Section 13 and 15(d)

Trade and Other Receivables, Prepayments and Contract Assets (Tables)

v3.22.4
Trade and Other Receivables, Prepayments and Contract Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Trade and Other Receivables, Prepayments and Contract Assets
The components of Trade receivables, Other receivables and Prepayments and contract assets reflected on the Consolidated Balance Sheets are disaggregated, as applicable, in the table below:
As of December 31,
2022 2021
$’000 $’000
Trade receivables, gross 17,635  10,355 
Allowance for doubtful accounts (2,111) (2,077)
Trade receivables, net (Note 6)
 15,524  8,278 
Other receivables
 7,205  9,751 
Security deposit 8,481  3,962 
VAT receivable (payable)
 1,816  2,045 
Other receivables 17,502  15,758 
Prepayments
 12,237  21,576 
Contract assets
 6,112  4,484 
Prepayments and contract assets 18,349  26,060 
Activity of Changes in Contracts Assets
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
As of December 31,
2022 2021
$’000 $’000
Trade receivables (Note 13)
 15,524  8,278 
Contract assets (Note 13)
 6,112  4,484 
Contract liabilities (Note 6 iii)
 64,870  94,182 
The table below shows significant changes in contract liabilities:
2022 2021
$’000 $’000
Balance on January 1
 94,182  76,018 
Amounts billed but not recognized
 2,696  61,176 
Revenue recognized
 (21,503) (43,012)
Effect of movement in foreign exchange
(9,774) — 
Transferred to liability held for sale (731) — 
Balance on December 31
 64,870  94,182 
The table below shows significant changes in contract assets:
2022 2021
$’000 $’000
Balance at January 1
 4,484  2,378 
Revenues recognized but not billed
 4,478  3,444 
Amounts reclassified to trade receivable
 (1,914) (1,338)
Amounts transferred to assets held for sale (936) — 
Balance at December 31,
 6,112  4,484