Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 145 32. Commitments (cont'd) (b) Hire purchase commitments 2019 2018 RM RM Minimum lease payments: Not later than 1 year 27,433,340 30,462,064 Later than 1 year but not later than 2 years 22,198,918 23,452,664 Later than 2 years but not later than 5 years 19,543,320 30,321,659 More than 5 years 589,205 3,064,637 Total minimum lease payments 69,764,783 87,301,024 Less: Amounts representing finance charges (5,892,051) (8,420,076) Present value of minimum lease payments 63,872,732 78,880,948 Present value of payments: Not later than 1 year 24,302,363 26,524,012 Later than 1 year but not later than 2 years 20,392,893 20,970,655 Later than 2 years but not later than 5 years 18,604,691 28,397,362 More than 5 years 572,785 2,988,919 Present value of minimum lease payments 63,872,732 78,880,948 Less: Amount due within 12 months (Note 23) (24,302,363) (26,524,012) Amount due after 12 months (Note 23) 39,570,369 52,356,936 Group The Group has entered into hire purchase arrangements for certain items of plant and equipment (Note 12). Future minimum lease payments under hire purchases together with the present value of the net minimum lease payments are as follows: