MISC BERHAD - Annual Report 2014 p 244 18. Other financial assets and financial liabilities (cont’d.) (d) Finance lease receivables Finance lease receivables represent lease rental and interest receivable due from customers in relation to the lease of offshore floating assets by the Group. Group 2014 2013 RM’000 RM’000 Minimum lease receivables: Not later than 1 year 650,475 180,764 Later than 1 year and not later than 2 years 653,387 181,658 Later than 2 years and not later than 5 years 1,745,671 548,304 Later than 5 years 2,446,188 1,538,977 5,495,721 2,449,703 Less: Future finance income (1,543,656) (1,002,738) Present value of finance lease assets 3,952,065 1,446,965 Present value of finance lease receivables: Not later than 1 year 390,635 59,124 Later than 1 year and not later than 2 years 421,771 66,961 Later than 2 years and not later than 5 years 1,239,122 258,933 Later than 5 years 1,900,537 1,061,947 3,952,065 1,446,965 Analysed as: Due within 12 months (Note 20) 390,635 59,124 Due after 12 months 3,561,430 1,387,841 3,952,065 1,446,965 The effective interest rate of the Group’s finance lease receivables is between 5.96% to 16.37% (2013: 5.91% to 16.37%). Included in minimum lease receivables are the estimated unguaranteed residual values of the leased assets of RM118,230,343 (2013: RM83,517,500). The Group entered into a lease agreement with a third party, to lease a floating production, storage and offloading asset (“FPSO”) for a period of 10 years. Following commencement of the lease for the FPSO in the current year, the Group recognised a net gain of RM654,549,000 upon disposal of the FPSO through this finance lease arrangement. NOTESTOTHE FINANCIAL STATEMENTS - 31 December 2014
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