Notes to the Consolidated And Separate Annual Financial Statements | Note 15

15. Lease obligation
 
   Group  Company 
   2022 
R'000 		 2021 
R'000 		 2022 
R'000 		 2021 
R'000 
Maturity analysis – contractual undiscounted cash flows        
Less than one year 5,304 5,658 — 126
One to five years 10,172 10,927 — 94
More than five years 2,298 4,310 — —
Total undiscounted lease liabilities at 31 December 17,774 20,895 — 220
Amounts recognised in profit and loss        
Interest on lease liabilities 139 94 6 25
Expenses relating to short-term leases that have not been capitalised 977 679 76 —
Lease liabilities in the statement of financial position at 31 December        
Non-current liabilities 9,059 10,919 — 91
Current liabilities 3,884 3,988 — 111
  12,943 14,907 — 202
Amounts recognised in the statement of cash flows        
Total cash outflow for leases 5,920 6,369 42 126

These financial liabilities for the Group are secured by leases over plant, building and equipment which is included in note 3. The loans are repayable in monthly instalments averaging R493k (2021: R311k) on all finance leases. Interest is payable at an average of 12.6% (2021: 12.6%) per annum. Contingent rent, special renewal terms and specific escalation clauses are not applicable to the leases. There are no restrictions that are imposed by the current lease arrangements.

In accordance with the agreement with the Venture, Merafe Ferrochrome receives 20.5% of the Venture's EBITDA whilst retaining ownership of its assets. The lease obligations in the Group's statement of financial position and the lease repayments represent 20.5% of the Venture's total obligations whereas the carrying values of assets that secure the finance leases, relate to the assets that are controlled by the Group and are reflected in the Group statement of financial position.