lease receivables arise from Cooling Energy Supply Agreement (‘CESA’). Group Minimum lease payments Present value of minimum lease payments 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Within 1 year 2.0 2.0 1.1 1.2 After 1 year and not later than 2 years 2.0 2.0 1.5 1.3 After 2 years and not later than 3 years 2.0 2.0 1.6 1.5 After 3 years and not later than 4 years 2.0 2.0 1.7 1.6 After 4 years and not later than 5 years 1.3 2.0 1.3 1.7 After 5 years 0 1.6 0 1.3 7.3 9.6 6.1 7.4 9.3 11.6 7.2 8.6 Less: Unearned finance income (2.1) (3.0) Present value of minimum lease payment receivable 7.2 8.6 The effective interest rate implicit in the finance lease is approximately 9.5% (2022:9.5%). The carrying amount of the finance lease receivables approximate their fair values. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 245 15 LEASES (CONTINUED) (b) Lease liabilities The Group’s and the Company’s obligations under lease liabilities arise predominantly from the power purchase agreements with several Independent Power Producers (‘IPPs’). Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Minimum lease payments: - Within 1 year 4,472.0 4,757.1 8,280.1 9,096.9 - After 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 -