ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 247 INTEGRATED ANNUAL REPORT 2026 34. LEASES (CONTINUED) (a) Finance lease receivables – the Group as lessor (continued) (iv) In the financial year ended 31 January 2021, a subsidiary of the Company has commenced a finance lease for the chartering of an FPSO (FPSO Abigail Joseph) to a third party for a lease term of 12 years, comprising a firm charter period of 7 years and extension option periods of 5 years. During the previous financial year, the lease term was revised to 16 years following a modification in the contract terms, comprising a firm charter period of 14 years and extension option periods of 2 years. Management assessed that it is reasonably certain for the charterer to exercise the extension options for 2 years as set out in the charter agreement. The revision of the lease term represented a modification of the lease and the resulting gain from the re-measurement of finance lease receivables was recognised in profit or loss. Finance income on the net investment in the lease during the financial year was RM171 million (2025: RM349 million) (Note 6), of which NIL (2025: RM167 million) related to gain on re-measurement of finance lease receivables arising from the lease extension for FPSO Abigail Joseph and RM41 million (2025: RM63 million) related to variable lease payments which are not included in the measurement of the net investment in the lease. (v) In the financial year ended 31 January 2020, a subsidiary of the Company commenced a finance lease for the chartering of a FPSO (FPSO Helang) to a third party for a lease term of 18 years comprising of a firm charter period of 8 years and annual extension option periods of up to 10 years. Finance income on the net investment in the lease during the financial year was RM144 million (2025: RM161 million) (Note 6), of which RM24 million (2025: RM26 million) related to variable lease payments which are not included in the measurement of the net investment in the lease. (b) Lease liabilities – the Group as lessee 2026 RM million 2025 RM million Group Minimum lease commitments: Within 1 year 20 30 More than 1 year and less than 2 years 21 13 More than 2 years and less than 5 years 38 34 More than 5 years 8 29 Total minimum lease payments 87 106 Less: Amounts representing finance charges (7) (27) Present value of minimum lease payments 80 79 Present value of payments: Within 1 year 20 30 More than 1 year and less than 2 years 19 9 More than 2 years and less than 5 years 35 27 More than 5 years 6 13 Present value of minimum lease payments 80 79 Less: Amounts due within 12 months (20) (30) Amounts due after 12 months 60 49
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