200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 32. Commitments (cont'd) (b) 2022 2021 RM RM Present value of payments: Not later than 1 year 8,285,212 15,455,164 Later than 1 year but not later than 2 years 3,948,254 6,756,837 Later than 2 years but not later than 5 years 2,733,679 2,434,461 Present value of minimum lease payments 14,967,145 24,646,462 Less: Amount due within 12 months (Note 23) (8,285,212) (15,455,164) Amount due after 12 months (Note 23) 6,681,933 9,191,298 (c) 2022 2021 RM RM Minimum lease payments: Not later than 1 year 2,968,768 2,671,457 Later than 1 year but not later than 2 years 2,286,180 1,629,095 Later than 2 years but not later than 5 years 1,177,215 1,029,784 Total minimum lease payments 6,432,163 5,330,336 Less: Amounts representing finance charges (347,727) (330,766) Present value of minimum lease payments 6,084,436 4,999,570 Present value of payments: Not later than 1 year 2,769,568 2,478,781 Later than 1 year but not later than 2 years 2,178,456 1,532,665 Later than 2 years but not later than 5 years 1,136,412 988,124 Present value of minimum lease payments 6,084,436 4,999,570 Less: Amount due within 12 months (Note 24) (2,769,568) (2,478,781) Amount due after 12 months (Note 24) 3,314,868 2,520,789 Group Hire purchase commitments (cont'd) The Group has entered into lease arrangements for the use of land, building, machinery and equipment. The Group has recognised the right-of-use assets as disclosed in Note 13 with related lease liabilities as disclosed in Note 24. Future minimum lease payments of right-of-use assets together with the present value of the net minimum lease payments are as follows: Lease commitments in respect of right-of-use assets Group - 91 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Annual Report 2022 156
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