1 year and not later than 2 years 3,767.5 3,875.4 7,510.4 7,788.4 - After 2 years and not later than 3 years 3,508.3 3,973.0 7,338.9 7,491.6 - After 3 years and not later than 4 years 3,383.5 3,475.2 7,190.9 7,338.9 - After 4 years and not later than 5 years 3,297.6 3,349.7 7,057.3 7,190.9 - After 5 years 23,991.5 26,793.3 69,137.6 76,195.0 37,948.4 41,466.6 98,235.1 106,004.8 T otal minimum lease payments 42,420.4 46,223.7 106,515.2 115,101.7 Future finance charges (11,559.5) (12,945.3) (37,228.6) (41,296.6) 30,860.9 33,278.4 69,286.6 73,805.1 Amount payable under lease liabilities: - Within 1 year 2,983.5 3,140.5 4,466.2 5,054.2 - After 1 year and not later than 2 years 2,355.6 2,386.9 3,875.3 3,950.1 - After 2 years and not later than 3 years 2,235.3 2,599.6 3,911.4 3,855.7 - After3 years and not later than 4 years 2,227.9 2,218.6 3,978.4 3,911.4 - After 4 years and not later than 5 years 2,259.9 2,210.0 4,063.1 3,978.4 - After 5 years 18,798.7 20,722.8 48,992.2 53,055.3 27,877.4 30,137.9 64,820.4 68,750.9 30,860.9 33,278.4 69,286.6 73,805.1 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 246 15 LEASES (CONTINUED) (b) Lease liabilities (continued) The weighted average effective interest rate applicable to the lease liabilities as at the financial year end for the Group and the Company are 5.2% (2022: 5.5%) and 5.7% (2022: 5.8%) per annum respectively. The carrying amounts of the lease liabilities approximate their fair values. Reconciliation of lease liabilities during the financial year is as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year 33,278.4 29,241.9 73,805.1 71,190.5 Cash flows (4,015.4) (3,772.8) (7,338.3) (7,689.3) Non-cash changes - Additional lease 15.0 6,491.2 3.7 6,892.6 - Acquisition of subsidiaries (Note 48) 83.8 79.4 0 0 - Capacity payment differences (137.4) (517.7) (507.8) (828.0) - Finance charges (Note 37(b)) 1,636.5 1,756.4 4,043.7 4,239.3 -