2018 UEM Edgenta Annual Report

21. TRADE AND OTHER RECEIVABLES (CONT’D.) (c) Concession receivable This is in relation to a concession arrangement in which the Group provides retro-fitting works and upgrades of infrastructure to turn existing buildings into green buildings. These amounts are to be repaid over the remaining period of the concession. These amounts are also pledged as security for the borrowing obtained for this concession as disclosed in Note 29 (b). 22. CONTRACT ASSETS AND LIABILITIES Group 31 December 31 December 1 January 2018 2017 2017 RM’000 RM’000 RM’000 Contract assets - Non-current 20,088 – – - Current 179,758 261,563 354,458 199,846 261,563 354,458 Contract liabilities - Current (14,368) (27,762) (81,869) Contract assets are initially recognised for revenue earned from services transferred which receipt of the consideration is conditional on the completion and final acceptance by customers. Upon final acceptance by the customers, the amounts recognised as contract assets becomes unconditional and are reclassified to trade receivables. Contract liabilities include billings made in advance which represent amounts where customers have been invoiced ahead of the satisfaction of the performance obligation by the Group. Set out below is the amount of revenue recognised from: Group 2018 2017 RM’000 RM’000 Amounts included in contract liabilities at the beginning of the year 27,762 81,869 23. SHORT TERM INVESTMENTS Group 2018 2017 RM’000 RM’000 Fair value through profit or loss investments: - unquoted unit trusts 95,989 181,054 - investment in Islamic funds 11,189 2,371 107,178 183,425 Unquoted unit trusts represent investment funds invested with licensed fund managers in the funds approved by the Securities Commission. The portfolio of investments authorised by the Board of Directors comprises only deposits in both Islamic and conventional instruments with financial institutions. Financial Review Stakeholder Information AGM Information 213 Governance Review of Sustainability Activities