Contract assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Contract assets and liabilities

	2023		2022
	US$’000		US$’000
Unbilled revenue		66		217

	2023		2022
	US$’000		US$’000
Deferred revenue		650		625

	December 31,
	2023			2022
	US$’000			US$’000
Contract assets		66			217
Contract liabilities		(650	)		(625	)
Net contract liabilities		(584	)		(408	)

Net (liability) / asset position for contracts in process

	2023			2022
	US$’000			US$’000
Costs incurred in contracts in process		229			682
Revenue earned but not yet billed		26			68
Less: billings to date		(839	)		(1,158	)
		(584	)		(408	)

	2023			2022
	US$’000			US$’000
Unbilled revenue		66			217
Deferred revenue		(650	)		(625	)
		(584	)		(408	)

Disaggregated revenue from contracts

	Year ended December 31,
	2023		2022		2021
	US$’000		US$’000		US$’000
Revenue
Trading and manufacturing (revenue recognized at point in time)		12,143		9,332		9,619
Engineering (revenue recognized over time)		5,797		5,617		11,769
		17,940		14,949		21,388

ZHEJIANG TIANLAN

Contract assets and liabilities

	2023		2022
	RMB’000		RMB’000
Unbilled revenue		72,880		76,992

	2023		2022
	RMB’000		RMB’000
Deferred revenue		43,452		34,503

	2023			2022
	RMB’000			RMB’000
Contract assets		72,880			76,992
Contract liabilities		(43,452	)		(34,503	)
Net contract assets		29,428			42,489

Net (liability) / asset position for contracts in process

	2023			2022
	RMB’000			RMB’000
Costs and estimated earnings on uncompleted contracts		239,648			688,184
Less: billings to date		(210,220	)		(645,695	)
		29,428			42,489

	2023			2022
	RMB’000			RMB’000
Gross contract assets		83,170			89,440
Less: allowance for doubtful accounts		(10,290	)		(12,448	)
		72,880			76,992