200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 11. Property, plant and equipment (cont'd) Assets held under hire purchase arrangements 2024 2023 RM RM Plant, machinery and motor vehicles 64,655,901 33,020,668 12. Right-of-use assets Land and Machinery and buildings equipment Total RM RM RM As at 1 January 2023 5,976,969 7,007 5,983,976 Additions (Note 24) 2,269,035 - 2,269,035 Depreciation for the year (Note 6) (3,048,732) (7,007) (3,055,739) Derecognition (29,101) - (29,101) As at 31 December 2023 and 1 January 2024 5,168,171 - 5,168,171 Additions (Note 24) 7,098,300 - 7,098,300 Depreciation for the year (Note 6) (3,819,906) - (3,819,906) Derecognition (1,334,713) - (1,334,713) At 31 December 2024 7,111,852 - 7,111,852 The details of lease liabilities in respect of right-of-use assets are disclosed in Note 24. Group During the financial year, the Group acquired property, plant and equipment with an aggregate cost of RM41,865,185 (2023: RM21,565,572) by means of hire purchase arrangements. The cash outflow on acquisition of property, plant and equipment amounted to RM92,153,079 (2023: RM32,965,922). The carrying amount of property, plant and equipment held under hire purchase arrangements at the reporting date were as follows: 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. 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 low-value assets’ recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year: Leased assets are pledged as security for the related hire purchase arrangements as disclosed in Note 23. - 51 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 143 ANNUAL REPORT 2024
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