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Contract balances

12 Months Ended

Dec. 31, 2020

7.	Contract balances

The following table provides information about contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers.

	As of December 31,
	2019			2020
	RMB’000			RMB’000
Accounts receivable		30,654			52,866
Less: Allowance for doubtful debts (i)		(1,751	)		(25,853	)
Accounts receivable, net		28,903			27,013
Contract assets		7,824			6,194
Deferred revenue
-current		408,287			341,934
-non-current		60,528			46,927
Financial liabilities from contracts with customers		490,095			384,561

(i)

Changes in the allowance for doubtful accounts were as follows:

	As of December 31,
	2019			2020
	RMB’000			RMB’000
At the beginning of the year		125			1,751
Allowance made during the year		1,700			25,694
Write-off		(74	)		(1,592	)
At the end of the year		1,751			25,853

Significant changes in the balances of contract assets, deferred revenue and financial liabilities from contracts with customers are as follows.

(a)

Contract assets

	As of December 31,
	2019			2020
	RMB’000			RMB’000
At the beginning of the year		14,208			7,824
Net off the beginning contract assets with financial liabilities, as the result of rights to consideration becoming unconditional		(13,527	)		(7,384	)
Contract assets recognized with the recognition of revenue during the year		7,143			5,754
At the end of the year		7,824			6,194

(b)

Deferred revenue and financial liabilities from contracts with customers

	As of December 31,
	2019			2020
	RMB’000			RMB’000
At the beginning of the year		907,415			958,910
Net off the beginning contract assets with financial liabilities, as the result of rights to consideration becoming unconditional		(13,527	)		(7,384	)
Revenue recognized that was included in the contract liabilities and financial liabilities at the beginning of the year		(709,412	)		(644,097	)
Increase due to cash received, excluding amount recognized as revenue or refunded		754,592			465,993
Disposal of subsidiaries		(5,256	)		-
Business combination (note 4)		25,098			-
At the end of the year		958,910			773,422

Reconciliation to the consolidated balance sheets

	As of December 31,
	2019		2020
	RMB’000		RMB’000
Deferred revenue		468,815		388,861
Financial liabilities		490,095		384,561