CONTRACT LIABILITIES

12 Months Ended

Dec. 31, 2023

Contract Liabilities

CONTRACT LIABILITIES

12. CONTRACT LIABILITIES

Contract liabilities primarily relate to the advance consideration received from customers.

Movement in contract liabilities:

	2022		2023			2023
	SGD’000		SGD’000			USD’000
As of January 1,		-		4,319			3,274
Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the year		-		(140	)		(106	)
Increase in contract liabilities as a result of receiving forward sales deposits and instalments during the year in respect of machines still under production		4,319		2,781			2,108
As of December 31,		4,319		6,960			5,276