NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E5 Commitments and contingent liabilities (continued) (ii) Leases – As lessee As at 31 December 2022, the Group had certain non-cancellable future minimum lease payments for short-term leases or leases for low-value assets amounting to $2,025,000 (31 December 2021: $2,178,000). (iii) Leases – As lessor The Group has entered into non-cancellable operating leases on its aircraft, aircraft engines and certain property, plant and equipment. The lease terms range from 1 to 10 years (2021: 1 to 12 years). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. Group 2022 $’000 2021 $’000 Less than 1 year 18,163 8,530 1 to 2 years 16,768 7,459 2 to 3 years 8,824 4,971 3 to 4 years 3,722 4,661 4 to 5 years 1,886 3,586 More than 5 years 1,365 3,021 Total undiscounted lease payments 50,728 32,228 (iv) Contingent liabilities (unsecured) The Group is a party to various claims that arise in the normal course of the Group’s business. The total liabilities on these matters cannot be determined with certainty. However, in the opinion of management, the ultimate liability, to the extent not otherwise provided for, will not materially impact the consolidated financial statements of the Group. The Company has issued corporate guarantees to banks and other lenders for the borrowings of its subsidiaries. These guarantees are financial guarantees as they require the Company to reimburse the lenders if the related parties fail to make principal or interest payments when due in accordance with the terms of their borrowings. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 233
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