FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 332 FGV HOLDINGS BERHAD EXAMINED OUR NUMBERS 58 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 2018 RM’000 2017 RM’000 Within 1 year 36,834 39,436 Between 1 and 2 years 14,102 17,727 Between 2 and 3 years 12,410 8,130 Between 3 and 4 years 10,183 6,736 Between 4 and 5 years 8,063 6,304 More than 5 years 6,323 9,170 87,915 87,503 The lease payments recognised in profit or loss during the financial year amounted to RM26,021,000 (2017: RM26,656,000). (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 2018 RM’000 2017 RM’000 Within 1 year 2,134 2,089 Between 1 and 2 years 2,134 2,089 Between 2 and 3 years 2,134 2,089 Between 3 and 4 years 2,134 2,089 Between 4 and 5 years 2,134 2,089 10,670 10,445