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

15. Lease obligation
 
   Group  Company 
   2023 
R '000 		 2022 
R '000 		 2023 
R '000 		 2022 
R '000 
Maturity analysis - contractual undiscounted cash flows        
Less than one year 4,148 5,304 – – 
One to five years 8,324 10,172 – –
More than five years – 2,298 – –
Total undiscounted lease liabilities at 31 December 12,472 17,774 – –
Amounts recognised in profit and loss        
Interest on lease liabilities 193 139 – 6
Expenses relating to short-term leases that have not been capitalised 278 977 117 76
Lease liabilities in the statement of financial position at 31 December        
Non-current liabilities 5,911 9,059 – –
Current liabilities 3,148 3,884 – –
  9,059 12,943 – –
Amounts recognised in the statement of cash flows        
Total cash outflow for leases 5,304 5,920 – 42

These financial liabilities for the Group are secured by leases over plant, building and equipment, which is included in note 3. Lease repayments are repayable in monthly instalments averaging R493k (2022: R493k) on all leases. Interest is payable at an average of 12.6% (2022: 12.6%) per annum. Contingent rent, special renewal terms and specific escalation clauses do not apply to the leases. There are no restrictions that are imposed by the current lease arrangements.

In accordance with 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's statement of financial position.