NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E5 Commitments and contingent liabilities (continued) (ii) Leases – As lessee As at 31 December 2024, the Group has certain non-cancellable future minimum lease payments for short-term leases or leases for low-value assets amounting to $3,161,000 (31 December 2023: $4,333,000). (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 remaining lease terms range from 0.1 year to 9 years (2023: 0.6 year to 10 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 2024 2023 $’000 $’000 Less than 1 year 16,250 18,443 1 to 2 years 9,625 15,173 2 to 3 years 7,638 7,206 3 to 4 years 6,049 5,346 4 to 5 years 5,536 5,419 More than 5 years 19,333 18,502 Total undiscounted lease payments 64,431 70,089 (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. Recognition and measurement As a lessee At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed. The Group recognises a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets. 229 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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