Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) 32. Commitments (cont'd) (b) Hire purchase commitments 2020 2019 RM RM Minimum lease payments: Not later than 1 year 24,956,274 27,433,340 Later than 1 year but not later than 2 years 17,086,857 22,198,918 Later than 2 years but not later than 5 years 8,499,836 19,543,320 More than 5 years - 589,205 Total minimum lease payments 50,542,967 69,764,783 Less: Amounts representing finance charges (3,614,874) (5,892,051) Present value of minimum lease payments 46,928,093 63,872,732 Present value of payments: Not later than 1 year 22,734,994 24,302,363 Later than 1 year but not later than 2 years 16,074,436 20,392,893 Later than 2 years but not later than 5 years 8,118,663 18,604,691 More than 5 years - 572,785 Present value of minimum lease payments 46,928,093 63,872,732 Less: Amount due within 12 months (Note 23) (22,734,994) (24,302,363) Amount due after 12 months (Note 23) 24,193,099 39,570,369 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: - 92 - 149 Kimlun Corporation Berhad Registration No. 200901023978 (867077-X) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020