200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 11. Property, plant and equipment (cont'd) Assets held under hire purchase arrangements 2023 2022 RM RM Plant, machinery and motor vehicles 33,020,668 20,231,629 12. During the financial year, the Group acquired property, plant and equipment with an aggregate cost of RM21,565,572 (2022: RM6,680,674) by means of hire purchase arrangements. The cash outflow on acquisition of property, plant and equipment amounted to RM32,965,922 (2022: RM21,411,260). The carrying amount of property, plant and equipment held under hire purchase arrangements at the reporting date were as follows: Group The Group has entered into non-cancellable operating lease agreements for the use of land, buildings, machinery and equipment. The leases generally have lease terms of between 1 year to 5 years. Leased assets are pledged as security for the related hire purchase arrangements as disclosed in Note 22. Right-of-use assets The Group also has certain leases with lease terms of 12 months or less and leases that have been determined to be low value. The Group applies the ‘short-term lease’ and ‘lease of lowvalue assets’ recognition exemptions for these leases. - 47 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 117 Annual Report 2023
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