320 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 33. Leases (a) Finance lease receivables - the Group as lessor Group 2022 2021 RM million RM million Minimum lease receivables: Within 1 year 347 333 Between 1-2 years 344 335 Between 2-3 years 342 331 Between 3-4 years 339 329 Between 4-5 years 328 326 Later than 5 years 2,711 2,922 Total undiscounted lease payments 4,411 4,576 Less: Future finance income (2,240) (2,410) Net investment in finance lease 2,171 2,166 Current 89 77 Non-current 2,082 2,089 2,171 2,166 (i) In the financial year ended 31 January 2018, the Group entered into a 14-year lease arrangement for a parcel of land and buildings. At the end of the lease term, the lessee has the exclusive rights to purchase the lease properties at a certain fixed purchase price. Finance income on the net investment in the lease during the financial year is RM2 million (2021: RM2 million) (Note 8). (ii) In the financial year ended 31 January 2021, a subsidiary of the Company has commenced a finance lease for the chartering of a FPSO (FPSO Abigail Joseph) to a third party for a lease term of 12 years, comprising a firm charter period of 7 years and extension option periods of 5 years. Management has assessed that it is reasonably certain for the charterer to exercise the extension options for 5 years out of the 8 years’ extension options as set out in the charter agreement. Finance income on the net investment in the lease during the financial year is RM178 million (2021: RM45 million) (Note 6), of which RM54 million (2021: RM12 million) relates to variable lease payments which are not included in the measurement of the net investment in the lease. (iii) In the financial year ended 31 January 2020, a subsidiary of the Company commenced a finance lease for the chartering of a FPSO (FPSO Helang) to a third party for a lease term of 18 years comprising of a firm charter period of 8 years and annual extension option periods of up to 10 years. Finance income on the net investment in the lease during the financial year is RM163 million (Note 6) (2021: RM169 million), of which RM24 million (2021: RM25 million) relates to variable lease payments which are not included in the measurement of the net investment in the lease.
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