Sasbadi Annual Report 2019

PAGE 136 SASBADI HOLDINGS BERHAD FINANCIAL STATEMENTS (continued) 25. Operating leases (continued) Leases as lessor The Group leases out its investment properties (see Note 4). The future minimum lease receivables under non-cancellable leases are as as follows: Group 2019 2018 RM’000 RM’000 Less than one year 55 60 Between one and five years - 55 55 115 26. Contingencies The Directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. Group Company Note 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Bank guarantees obtained by the Group to the Ministry of Education 26.1 570 598 - - In respect of corporate guarantees issued for subsidiaries - - 35,022 40,693 26.1 As part of the agreements with the Ministry of Education, the Group has issued performance bond in the form of bank guarantees to the Ministry of Education for the supply of text books and applied learning products. 27. Related parties Identity of related parties For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control. Related parties may be individuals or other entities. Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel of the Group refers to the Directors of the Group. The Group and the Company have related party relationship with its subsidiaries and key management personnel.