NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) (d) Lease liabilities The Group leases various assets including real estate leases, vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below. Group 2024 2023 $’000 $’000 Maturity analysis – contractual undiscounted cash flows Within 1 year 99,787 92,046 Between 1 and 5 years 242,793 244,248 After 5 years 398,056 430,966 Total undiscounted lease liabilities at 31 December 740,636 767,260 Lease liabilities included in the statement of financial position at 31 December 573,315 601,656 Repayable: Within 1 year 96,477 86,536 After 1 year 476,838 515,120 573,315 601,656 The total cash outflow for leases recognised in the statement of cash flows is $97,106,000 (2023: $149,104,000). (i) Real estate leases The Group leases land and buildings for its office space, hangar and production facilities. The leases run for a period of 5 to 30 years. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term. Some leases provide for additional rent payments that are based on changes in local price indices. Some also require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor; these amounts are generally determined annually. The Group sub-leases some of its properties under operating and finance leases. Extension options Some leases of office buildings contain extension options exercisable by the Group up to the day before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. 225 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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