ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 166 Focused 5. REVENUE, OTHER INCOME AND GAINS (a) Revenue An analysis of revenue is as follows: 2019 2018 USD’000 USD’000 Rental income from investment property operating leases (note (i)) 118,042 74,311 Management fee income 166,721 135,579 Construction income 69,858 40,665 Solar energy income 2,748 3,593 Total 357,369 254,148 Timing of revenue recognition 2019 2018 USD’000 USD’000 Rental income from investment property operating leases 118,042 74,311 Point in time Management fee income 59,627 45,273 Over time Management fee income 107,094 90,306 Construction income 69,858 40,665 Solar energy income 2,748 3,593 357,369 254,148 Note: (i) Rental income from investment property operating leases does not include variable lease payments that do not depend on an index or a rate. Performance obligations Information about the Group’s performance obligations is summarised below: Construction services The performance obligation is satisfied over time as services are rendered and payment is generally due within 30 days from the date of billing. Management services For base management fees, asset management fees and development management fees, the performance obligation is satisfied over time as services are rendered. For acquisition and leasing fees, the performance obligation is satisfied at a point in time upon the successful acquisition of properties and carrying out leasing services, as the customers only receive and consume the benefits provided by the Group upon the successful acquisition and leasing services.