Loss allowance on financial assets and contract assets
The movement of loss allowance during the year 2025 is summarized as follows:
Finance lease receivable | Contract assets | Trade receivables | Other financial assets | |||||
|---|---|---|---|---|---|---|---|---|
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Opening loss allowance as at 1 January | (0) | (0) | (0) | (1) | (4) | (5) | (128) | (123) |
Increase in loss allowance recognized in profit or loss during the year | (0) | (0) | (1) | (2) | (1) | (1) | (0) | (5) |
Receivables written off during the year as uncollectible | - | - | - | - | - | - | - | - |
Unused amount reversed | 0 | 0 | 1 | 2 | 4 | 1 | 12 | 0 |
At 31 December | (0) | (0) | (0) | (0) | (2) | (4) | (115) | (128) |
The reversal of US$12 million in ’Other financial assets’ mainly arises from the release of the accumulated impairment on the demobilization receivable for Thunder Hawk as a result of the sale of the asset completed during the period. Refer to note 4.3.8 Net Impairment Gains/(Losses on Financial and Contract Assets.