allowance was determined for both trade receivables and trade contract assets as reflected in the earlier tables. During the financial year, the collection trends of the Group’s and the Company’s trade receivables continued to improve. The Group and the Company revised the expected cash flows from their trade receivables which resulted in a reversal of impairment loss. The Group and the Company also written off the inactive trade receivables which had been fully impaired in the previous financial years, therefore there was no impact to the net trade receivables. The opening loss allowances for trade receivables and trade contract assets reconciled to the closing loss allowances are as follows: (a) Trade receivables Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financialyear (3,002.6) (2,853.3) (2,854.8) (2,698.1) Impairment loss recognised (105.1) (163.2) (93.7) (156.7) Impairment loss reversed 240.2 13.9 232.4 0 Impairment written off 200.8 0 200.8 0 As at the end of the financial year (Note 21) (2,666.7) (3,002.6) (2,515.3) (2,854.8) (b) Trade contract assets Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year (37.0) (70.3) (34.4) (64.0) Impairment loss recognised (33.8) (37.7) (23.1) (34.4) Impairment loss reversed 22.6 71.0 19.3 64.0 As at the end of the financial year (Note 17(a)) (48.2) (37.0) (38.2) (34.4) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 316 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) Trade receivables are secured by deposits in the form of cash and bank guarantees. ECL is not provided on receivable balances fully secured by deposits. The deposit amounts are reviewed on an individual basis periodically. Individual receivables which were known to be uncollectible