42 LEASE LIABILITIES Group 2024 2023 RM’000 RM’000 At 1 January 382,525 331,359 Additions 45,465 30,364 Interest accretion 20,999 16,957 Repayments (68,688) (57,624) Termination of lease contracts (10,754) (1,368) Remeasurement of lease contracts 40,862 62,083 Currency translation differences (444) 754 At 31 December 409,965 382,525 Non-current 369,340 351,888 Current 40,625 30,637 409,965 382,525 During the financial year, the Group exercised its legal and contractual rights to extend the lease term for one of the leasehold land in Prai by another 30 years. Accordingly, the Group remeasured the lease liability, which resulted in an increase in lease liabilities of RM40,862,000, by making a corresponding adjustment to the right-of-use assets (Note 20), after taking into consideration the extended lease term by another 30 years using the increase in rental rate of other comparable leases entered into by the Group. In the previous financial year, the Group remeasured the lease contract with FELDA for the extension of the land lease in connection to the mills operated by a subsidiary of the Group. The remeasurement resulted in an increase in lease liabilities of RM62,083,000. The Group is in the midst of finalising the lease agreement with FELDA. Company 2024 2023 RM’000 RM’000 At 1 January 19,627 24,077 Interest accretion 1,701 1,078 Repayments (6,602) (5,528) At 31 December 14,726 19,627 Non-current 11,363 16,264 Current 3,363 3,363 14,726 19,627 Notes to the Financial Statements For the financial year ended 31 December 2024 159
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