Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) 32. Commitments (cont'd) (c) Lease commitments in respect of right-of-use assets 2020 2019 RM RM Minimum lease payments: Not later than 1 year 3,230,854 3,663,018 Later than 1 year but not later than 2 years 2,823,811 2,090,318 Later than 2 years but not later than 5 years 449,227 1,110,469 Total minimum lease payments 6,503,892 6,863,805 Less: Amounts representing finance charges (452,644) (520,169) Present value of minimum lease payments 6,051,248 6,343,636 Present value of payments: Not later than 1 year 2,964,065 3,334,634 Later than 1 year but not later than 2 years 2,653,054 1,950,264 Later than 2 years but not later than 5 years 434,129 1,058,738 Present value of minimum lease payments 6,051,248 6,343,636 Less: Amount due within 12 months (Note 24) (2,964,065) (3,334,634) Amount due after 12 months (Note 24) 3,087,183 3,009,002 (d) Operating lease commitment - as lessee 2020 2019 RM RM Not later than 1 year 56,870 108,625 Later than 1 year but not later than 5 years 2,900 35,345 59,770 143,970 The Group has minimum lease payments recognised in profit or loss for the financial year ended 31 December 2020 amounting to RM281,833 (2019: RM199,026). 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 - 93 - Annual Report 2020 150 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020