151 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (cont’d) 9. RIGHT-OF-USE ASSETS Transfer to Property, Reassessment Plant and Depreciation At Additions of Lease Equipment Charges At 1.1.2024 (Note 29(a)) Liabilities (Note 7) (Note 25) 31.12.2024 The Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2024 Carrying Amount Vessels 12,911 39,266 (4,864) - (17,090) 30,223 Offices 1,413 - - - (446) 967 Motor vehicle 130 - - (130) - - Staff accommodation - 66 - - (6) 60 14,454 39,332 (4,864) (130) (17,542) 31,250 Derecognition due to Depreciation At Additions Lease Charges At 1.1.2023 (Note 29(a)) Termination (Note 25) 31.12.2023 The Group RM’000 RM’000 RM’000 RM’000 RM’000 2023 Carrying Amount Vessels 18,835 11,674 (8,631) (8,967) 12,911 Offices 58 1,797 - (442) 1,413 Motor vehicle 175 - - (45) 130 19,068 13,471 (8,631) (9,454) 14,454 (a) The Group leases certain vessels, offices, motor vehicle and staff accommodation of which the leasing activities are summarised below:- (i) Vessels The Group entered into 3 non-cancellable Charter Agreements for the use of vessels. The leases are for a period of 1 to 2 years with no purchase option included in the agreements. (ii) Offices The Group leases six office units for 2 years, with an option to renew the lease at the end of tenancy period. (iii) Motor vehicle The Group leased a motor vehicle under hire purchase arrangement. The lease was secured by the leased asset. (iv) Staff accommodation The Group leases one unit of staff accommodation for 2 years, with an option to renew the lease at the end of tenancy period. (b) The Group also has certain leases with lease terms of less than 12 months and lease of office equipment with low value. The Group has applied the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.
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