FGV Annual Report 2014

54 Commitments (a) Operating lease arrangements (i) The Group as lessee: The Group leases premises, railroads cars, storage tanks, meal storage facilities and certain equipments from various parties under operating lease arrangements. None of the leases includes contingent rentals. There are no restrictions placed upon the Group by entering into these leases. The future aggregate minimum lease payments under non-cancellable operating lease are as follows: Group 2014 2013 RM’000 RM’000 Within 1 year 21,818 6,306 Between 1 and 2 years 21,090 13,669 Between 2 and 3 years 15,273 11,821 Between 3 and 4 years 12,539 9,933 Between 4 and 5 years 10,073 9,591 More than 5 years 34,371 39,270 115,164 90,590 The lease payments recognised in profit or loss during the financial year amounted to RM7,918,000 (2013: RM6,659,000). (ii) The Group as lessor: Operating lease receipts represent rentals receivable by the Group for natural oil tanks and oil pipeline system rented out. The future aggregate minimum lease receivables under non-cancellable operating lease are as follows: Group 2014 2013 RM’000 RM’000 Within 1 year 524 1,008 Between 1 and 2 years – 439 524 1,447 Rental income recognised in profit or loss during the financial year amounted RM1,341,000 (2013: RM309,000). Introduction Performance Highlights About FGV Reports Financial Statements Others Strategy and Value Creation Performance Review & Progress Foreword to Shareholders Annual General Meeting Annual Report 2014 pg 319