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) 146 32. Commitments (cont'd) (c) Lease commitments in respect of right-of-use assets 2019 2018 RM RM Minimum lease payments: Not later than 1 year 3,663,018 - Later than 1 year but not later than 2 years 2,090,318 - Later than 2 years but not later than 5 years 1,110,469 - Total minimum lease payments 6,863,805 - Less: Amounts representing finance charges (520,169) - Present value of minimum lease payments 6,343,636 - Present value of payments: Not later than 1 year 3,334,634 - Later than 1 year but not later than 2 years 1,950,264 - Later than 2 years but not later than 5 years 1,058,738 - Present value of minimum lease payments 6,343,636 - Less: Amount due within 12 months (Note 24) (3,334,634) - Amount due after 12 months (Note 24) 3,009,002 - (d) Operating lease commitment - as lessee 2019 2018 RM RM Not later than 1 year 108,625 4,002,753 Later than 1 year but not later than 5 years 35,345 2,434,273 143,970 6,437,026 The Group has minimum lease payments recognised in profit or loss for the financial year ended 31 December 2019 amounting to RM199,026 (2018: RM4,262,010). Future minimum rentals payable under operating leases at the reporting date are as follows: The Group has entered into lease arrangements for the use of land, building, machinery and equipment. The Group has recognised the right-of-use assets (Note 13) with related lease liabilities (Note 24). Future minimum lease payments of right-of-use assets together with the present value of the net minimum lease payments are as follows: Group Group