226 REDISCOVER | REBUILD | SUSTAIN Notes to the financial statements - 31 December 2015 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 2015 2014 RM’000 RM’000 Minimum lease receivables: Not later than 1 year 773,227 650,475 Later than 1 year and not later than 2 years 795,332 653,387 Later than 2 years and not later than 5 years 1,874,911 1,745,671 Later than 5 years 2,403,953 2,446,188 5,847,423 5,495,721 Less: Future finance income (1,569,424) (1,543,656) Present value of finance lease assets (Note 34) 4,277,999 3,952,065 Present value of finance lease receivables: Not later than 1 year 491,240 390,635 Later than 1 year and not later than 2 years 550,287 421,771 Later than 2 years and not later than 5 years 1,367,850 1,239,122 Later than 5 years 1,868,622 1,900,537 4,277,999 3,952,065 Analysed as: Due within 12 months (Note 20) 491,240 390,635 Due after 12 months 3,786,759 3,561,430 4,277,999 3,952,065 The effective interest rate of the Group’s finance lease receivables is between 5.89% to 16.37% (2014: 5.96% to 16.37%). Included in minimum lease receivables are the estimated unguaranteed residual values of the leased assets of RM145,280,038 (2014: RM118,230,343). 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, the Group recognised a net gain of RM654,549,000 upon disposal of the FPSO through this finance lease arrangement in the previous financial year.
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