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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

Lease liabilities can be presented as follows:
Minimum lease Present value of minimum
payments lease payments
June 30, December June 30, December
2023 31, 2022 June 30, 2023 31, 2022 June 30,
(Audited) (Audited) 2022 (Audited) (Audited) 2022
Lease liabilities:
Within one year 3,300,208 2,815,413 2,052,500 2,037,391 1,512,273 1,100,109
Remaining liability
till end of lease
term 30,683,415 32,259,769 24,605,000 24,271,275 25,228,038 19,054,507
Total lease
liabilities 33,983,623 35,075,182 26,657,500 26,308,666 26,740,311 20,154,616
Less: Unamortized
future finance
charge (7,674,957) (8,334,871) (6,502,884) - - -
Present value of
minimum lease
payments 26,308,666 26,740,311 20,154,616 26,308,666 26,740,311 20,154,616

The average lease term is from 10 to 15 years (December 31, 2022 - from 10 to 15 years, June 30, 2022 - from 10 to
15 years) and the average effective borrowing rate is from 5% to 5.5% for the six months period ended June 30, 2023
(December 31, 2022 - from 5% to 5.5, June 30, 2022 - from 5% to 5.5%). All leases are on a fixed repayment basis
and no arrangements have been entered into for additional contingent rental payments.

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