Yinson Annual Report 2019

187 Yinson Group Overview Strategy and Sustainability Governance Accountability Annual General Meeting 33. FINANCE LEASES (a) Finance lease receivables Group 2019 2018 RM’000 RM’000 Minimum lease receivables: Within 1 year 2,833 2,697 More than 1 year and less than 5 years 11,332 10,787 More than 5 years 22,145 23,822 36,310 37,306 Less: Future finance income (20,673) (22,674) Present value of finance lease receivables 15,637 14,632 Present value of finance lease receivables Amount due within 12 months 468 343 Amount due after 12 months 15,169 14,289 15,637 14,632 The Group had entered into 13 (2018: 14) years lease arragement for a parcel of land and buildings. At the end of lease term, the lessee has the exclusive rights to purchase the leased properties. (b) Obligations under finance leases Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Minimum lease commitments: Within 1 year 413 350 22 211 More than 1 year and less than 2 years 542 168 – 76 More than 2 years and less than 5 years 588 – – – Total minimum lease payments 1,543 518 22 287 Less: Amounts representing finance charges (168) (18) – (9) Present value of minimum lease payments 1,375 500 22 278 Present value of payments: Within 1 year 349 335 22 203 More than 1 year and less than 2 years 470 165 – 75 More than 2 years and less than 5 years 556 – – – Present value of minimum lease payments 1,375 500 22 278 Less: Amount due within 12 months (Note 32) (349) (335) (22) (203) Amount due after 12 months (Note 32) 1,026 165 – 75 The finance lease liabilities are secured by charges over the leased assets (Note 16) and secured by corporate guarantees from the Company. The discount rates implicit in the leases ranges from 1.98% to 3.22% (2018: 2.34% to 2.43%) per annum.