6. Revenue
a) Disaggregation of revenue
The Group derives the following types of revenue.
June | June | |
Revenue from contracts with customers by contract type | ||
Target cost estimate contract | 311,884 | 305,671 |
Cost reimbursable contract | 157,071 | 228,089 |
Fixed price contract | 49,350 | 35,794 |
Survey and quote contract | 36,004 | 27,407 |
Services contract | 115,754 | 134,707 |
670,063 | 731,668 | |
Interest income | ||
Other parties | 1,762 | 3,629 |
Other income | ||
Related parties | 3,447 | 7,713 |
Other | 609 | 0 |
4,056 | 7,713 | |
675,881 | 743,010 | |
Revenue from contract with customers by timing of revenue recognition | ||
Over time | 573,215 | 616,779 |
At a point in time | 96,848 | 114,889 |
670,063 | 731,668 | |
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period | ||
Target cost estimate | 8,293 | 315 |
Services contract | 6,659 | 0 |
Cost reimbursable contract | 0 | 879 |
Fixed price contract | 38,238 | 0 |
Survey and quote contract | 449 | 0 |
53,639 | 1,194 |
b) Contract asset and liabilities
The Group recognises the following assets and liabilities related to contract with customers.
June | June | |
Contract assets | ||
Collins Class Submarines | 17,046 | 8,718 |
Maritime Services Group | 2,456 | 1,118 |
19,502 | 9,836 |
The balance of contract assets represents amounts to be billed subsequent to revenue recognition. These amounts are billed as work in progress in accordance with agreed upon contractual terms at periodic intervals or upon achievement of contractual milestones.
June | June | |
Contract liabilities | ||
Collins Class Submarines | 37,576 | 51,932 |
Maritime Services Group | 27,899 | 48,418 |
65,475 | 100,350 |
The balance of contract liabilities represent advances received, progress billings received in advance of the performance of contract activities, labour over recoveries and project loss provision.
c) Unsatisfied long-term contracts
The following table shows unsatisfied performance obligations resulting from the following contracts.
June | June | |
Aggregate amount of transaction price that are partially or fully unsatisfied as at 30 June | ||
Collins Class Submarines | 119,380 | 519,481 |
Maritime Services Group | 140,543 | 198,219 |
259,923 | 717,700 |
Management expects that 68% of the transaction price allocated to the unsatisfied contracts as at 30 June 2020 (2019: 76%) will be recognised as revenue during the next reporting period with the remaining 32% (2019: 24%) will be recognised beyond that.
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https://www.transparency.gov.au/annual-reports/asc-pty-ltd/reporting-year/2019-20-21