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HKAS 1.51(a) HKAS 1.49 HKFRS 15.114 HKFRS 8.34 HKFRS 15.120 HK Listco Ltd Financial statements for the year ended 31 December 2023 (ii) Disaggregation of revenue from contracts with customers by the timing of revenue recognition and by geographic markets is disclosed in notes 3(b)(i) and 3(b)(iii) 117 respectively. The group's customer base is diversified and includes two customers with whom transactions have exceeded 10% of the group's revenues. In 2023 revenues from sales of electronic products to each of these two customers, including sales to entities which are known to the group to be under common control with these customers, amounted to approximately $126 million (2022: $108 million) and $110 million (2022: $100 million), respectively, and arose in all three geographical regions in which the electronics division is active 118. Details of concentrations of credit risk arising from these two customers are set out in note 33(a)119. Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date As at 31 December 2023, the aggregated amount of the transaction price allocated to the remaining performance obligations under the group's existing contracts is $180,556,000 (2022: $113,333,000). This amount represents revenue expected to be recognised in the future from pre-completion sales contracts for properties under development, made-to-order manufacturing contracts and construction contracts entered into by the customers with the group. This amount includes the interest component of pre-completion properties sales contracts under which the group obtains significant financing benefits from the customers (see note 1(aa)(i)(b)). The group will recognise the expected revenue in future when or as the work is completed or, in the case of the properties under development for sale, when the properties are assigned to the customers, which is expected to occur over the next 12 to 36 months (2022: next 12 to 36 months). 120 HKFRS 8.34 & BC58 118 HKFRS 7.34(c) & B8 HKFRS 15.120 119 HKFRS 8 requires the disclosure of information about revenues from major customers if revenues from transactions with a single external customer amount to 10% or more of an entity's revenues. For the purpose of this requirement, a group of entities known to be under common control should be considered as a single customer. However, entities should apply judgement to assess whether a government and entities known to the reporting entity to be under the control of that government are considered a single customer. In assessing this, the reporting entity should consider the extent of economic integration between those entities. In addition to the disclosure of major customers required by HKFRS 8, paragraph 34(c) of HKFRS 7 requires disclosures about concentration of credit risk arising from financial instruments, which include a description of how management determines concentration, a description of the shared characteristic that identifies each concentration (e.g. counterparty, geographical area, currency or market) and the amount of the risk exposure associated with all financial instruments sharing that characteristic (see note 33(a)). Where information disclosed in other notes is referring to the same major customer or customers as are disclosed in the segment information disclosures, it would be useful to the users to provide cross references. 120 Paragraph 120 of HKFRS 15 requires the amount of the transaction price allocated to the remaining performance obligations to be disclosed. It also requires an explanation to be disclosed of when the entity expects to recognise this revenue. This explanation can be either disclosed quantitatively, using time bands that would be most appropriate for the duration of the remaining performance obligations, or disclosed using qualitative information. In this illustration, HK Listco has provided such explanation by providing a qualitative explanation. An alternative approach would have been to provide a numerical analysis, for example by annual time bands. The information could also be further disaggregated between different categories of revenue to enable users of financial statements to better understand the nature, amount, timing and uncertainty of revenue and cash flows. 81 © 2023 KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved.

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