Contract assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Contract assets and liabilities

	2021		2020
	US$’000		US$’000
Unbilled revenue		74		202

	2021		2020
	US$’000		US$’000
Deferred revenue		1,076		1,063

	December 31,
	2021			2020
	US$’000			US$’000
Contract assets		74			202
Contract liabilities		(1,076	)		(1,063	)
Net contract liabilities		(1,002	)		(861	)

Net (liability) / asset position for contracts in process

	2021			2020
	US$’000			US$’000
Costs incurred in contracts in process		169			1,904
Estimated earnings		59			-
Cost and estimated earnings on uncompleted contracts		228			1,904
Less: billings to date		(1,230	)		(2,765	)
		(1,002	)		(861	)

	2021			2020
	US$’000			US$’000
Unbilled revenue		74			202
Deferred revenue		(1,076	)		(1,063	)
		(1,002	)		(861	)

Disaggregated revenue from contracts

	Year ended December 31,
	2021		2020		2019
	US$’000		US$’000		US$’000
Revenue
Trading and manufacturing (revenue recognized at point in time)		9,619		9,476		11,877
Engineering (revenue recognized over time)		11,769		3,881		5,522
		21,388		13,357		17,399

ZHEJIANG TIANLAN

Contract assets and liabilities

	2021		2020
	RMB’000		RMB’000
Unbilled revenue		72,310		94,494

	2021		2020
	RMB’000		RMB’000
Deferred revenue		37,481		47,135

	2021			2020
	RMB’000			RMB’000
Contract assets		72,310			94,494
Contract liabilities		(37,481	)		(47,135	)
Net contract assets		34,829			47,359

	2021			2020
	RMB’000			RMB’000
Gross contract assets		81,198			102,144
Less: allowance for doubtful accounts		(8,888	)		(7,650	)
		72,310			94,494

Net (liability) / asset position for contracts in process

	2021			2020
	RMB’000			RMB’000
Estimated earnings on uncompleted contracts		503,434			406,064
Less: billings to date		(468,605	)		(358,705	)
		34,829			47,359