v3.25.2
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

7. Leases

 

Amounts recognized in the consolidated statements of financial position:

 

   As of
December 31,
2023		   As of
December 31,
2024		 
   MYR   MYR   USD 
Right-of-use assets               
- Non-current   2,141,293    2,277,208    509,498 
                
Lease liabilities               
- Non-current   1,757,179    2,095,605    468,868 
- Current   459,849    397,705    88,982 
    2,217,028    2,493,310    557,850 
(a) Right-of-use assets

 

The analysis of the net book value of right-of-use assets by class of underlying assets are as follows:

 

   Property   Farm   Total 
   MYR   MYR   MYR 
   (note (i))   (note (ii))     
Cost               
As of January 1, 2023   
–
    136,880    136,880 
Additions   2,352,677    
–
    2,352,677 
Derecognition   
–
    (136,880)   (136,880)
As of December 31, 2023 and January 1, 2024   2,352,677    
–
    2,352,677 
Additions   616,029    
–
    616,029 
As of December 31, 2024   2,968,706    
–
    2,968,706 
As of December 31, 2024 (USD)   664,213    
–
    664,213 
                
Accumulated depreciation               
As of January 1, 2023   
–
    111,992    111,992 
Charge for the year   211,384    24,888    236,272 
Derecognition   
–
    (136,880)   (136,880)
As of December 31, 2023 and January 1, 2024   211,384    
–
    211,384 
Charge for the year   480,114    
–
    480,114 
As of December 31, 2024   691,498    
–
    691,498 
As of December 31, 2024 (USD)   154,715    
–
    154,715 
                
Net book value               
As of January 1, 2023   
–
    24,888    24,888 
As of December 31, 2023 and January 1, 2024   2,141,293    
–
    2,141,293 
As of December 31, 2024   2,277,208    
–
    2,277,208 
As of December 31, 2024 (USD)   509,498    
–
    509,498 

 

Notes:

 

(i) Property - right-of-use assets

 

The Group leases three properties (2023: two) to place CEA vertical farms and office with two of the leases with lease term of three years and a lease with a lease term of two years (2023: three years). For all three leases, the Company has the option to renew the lease for another three years.

  

(ii) Farm - right-of-use assets

 

In 2021, the Group sold a CEA vertical farm to a customer and later leased back the farm from the customer with a lease term of 2 years. The transactions are accounted as a sale-and-leaseback transaction under IFRS 16. There is no option to renew and the lease ended in April 30, 2023.

The analysis of expense items in relation to leases recognized in profit or loss is as follows:

 

    For the year ended December 31, 
    2023   2024 
    MYR   MYR   USD 
Depreciation charge on property right-of-use assets    211,384    480,114    107,420 
Depreciation charge on farm right-of-use assets    24,888    
–
    
–
 
     236,272    480,114    107,420 
Interest on lease liabilities (note 21)    124,157    253,389    56,693 

 

(b)  Lease liabilities

 

The following tables show the remaining contractual maturities of the Group’s lease liabilities at the end of the reporting periods:

 

   As of December 31, 2023 
   Present value
of the
minimum lease
payment		   Total
minimum
lease
payments		 
   MYR   MYR 
Within 1 year   459,849    485,136 
More than 1 year but within 2 years   416,261    485,136 
More than 2 years but within 5 years   1,186,110    1,686,256 
More than 5 years   154,808    261,768 
    2,217,028    2,918,296 
Less: total future interest expenses        (701,268)
Present value of lease liabilities        2,217,028 

 

   As of December 31, 2024 
   Present value
of the
minimum
lease
payments		   Present value
of the
minimum
lease
payments		   Total
minimum
lease
payments		   Total
minimum
lease
payments		 
   MYR   USD   MYR   USD 
Within 1 year   397,705    88,982    629,136    140,762 
More than 1 year but within 2 years   501,018    112,097    689,248    154,211 
More than 2 years but within 5 years   1,594,587    356,771    1,805,975    404,067 
    2,493,310    557,850    3,124,359    699,040 
Less: total future interest expenses             (631,049)   (141,190)
Present value of lease liabilities             2,493,310    557,850 

 

Details of total cash outflow for leases and the future cash outflows arising from leases are set out in note 11(b) and note 15(c) respectively.