4. LEASES (continued) (b) Leases as lessor Operating lease The Group leases out investment properties and certain properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. The following were recognised in profit or loss: Group 2023 2022 RM’000 RM’000 Rental income from: − investment properties 198,304 195,803 − others 72,701 73,546 Variable rental income that do not depend on an index or rate 1,932 1,352 Direct operating expenses: − income generating investment properties (27,982) (25,138) − non-income generating investment properties (1,629) (1,201) 243,326 244,362 The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease receivables after the end of the financial year: Group 2023 2022 RM’000 RM’000 Less than one year 227,155 214,353 One to two years 168,729 183,245 Two to three years 168,729 131,897 Three to four years 101,132 109,341 Four to five years 95,803 94,306 More than five years 444,460 504,662 Total 1,206,008 1,237,804 (c) Cash outflows for leases as lessee Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Included in net cash used in operating activities Payment relating to short-term leases (88,095) (68,219) (166) (709) Payment relating to leases of low-value assets (10,754) (6,003) – – Payment relating to variable lease payments not included in the measurement of lease liabilities (13,941) (13,733) – – (112,790) (87,955) (166) (709) Included in net cash used in financing activities Payment of lease liabilities (256,617) (337,144) (1,018) (1,019) Total cash outflows for leases (369,407) (425,099) (1,184) (1,728) Annual Report 2023 161
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