FGV Annual Report 2016

ANNUAL INTEGRATED REPORT 2016 331 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 56 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 2016 RM'000 2015 RM'000 Within 1 year 30,808 26,599 Between 1 and 2 years 15,717 19,628 Between 2 and 3 years 6,922 7,815 Between 3 and 4 years 4,848 5,549 Between 4 and 5 years 3,507 3,487 More than 5 years 12,379 9,431 74,181 72,509 The lease payments recognised in profit or loss during the financial year amounted to RM22,115,000 (2015: RM19,248,000). (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 2016 RM'000 2015 RM'000 Within 1 year 2,315 2,215 Between 1 and 2 years 2,315 2,215 Between 2 and 3 years 2,315 2,215 Between 3 and 4 years 2,315 2,215 Between 4 and 5 years 2,315 2,215 11,575 11,075