Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Leases

v3.22.4
Leases
12 Months Ended
Dec. 31, 2022
Presentation of leases for lessee [abstract]  
Leases

35. Leases

The Group has lease contracts for various items of plant, machinery, vehicles and other equipment used in its operations. Leases of plant and machinery generally have lease terms between 3 and 15 years, while vehicles and other equipment generally have lease terms between 3 and 5 years. There are several lease contracts that include extension and termination options.

The Group also has certain leases of machinery, industrial equipment and vehicles with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Movements in the leased Right of Use assets in 2022 are shown below:

 

 

 

Buildings

 

 

Plant and
machinery

 

 

Industrial
equipment

 

 

Other
tangible
assets

 

 

Total

 

 

 

(EUR thousand)

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1, 2021

 

 

17,969

 

 

 

8,691

 

 

 

330

 

 

 

9,002

 

 

 

35,992

 

Additions

 

 

1,549

 

 

 

278

 

 

 

16

 

 

 

1,268

 

 

 

3,111

 

Disposals

 

 

(1,437

)

 

 

(199

)

 

 

 

 

 

(19

)

 

 

(1,655

)

Exchange rate differences

 

 

885

 

 

 

25

 

 

 

 

 

 

50

 

 

 

960

 

At December 31, 2021

 

 

18,966

 

 

 

8,795

 

 

 

346

 

 

 

10,301

 

 

 

38,408

 

Additions

 

 

1,554

 

 

 

 

 

 

 

 

 

1,371

 

 

 

2,925

 

Disposals

 

 

(610

)

 

 

 

 

 

 

 

 

(137

)

 

 

(747

)

Exchange rate differences

 

 

608

 

 

 

20

 

 

 

 

 

 

16

 

 

 

644

 

At December 31, 2022

 

 

20,518

 

 

 

8,815

 

 

 

346

 

 

 

11,551

 

 

 

41,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1, 2021

 

 

4,561

 

 

 

2,382

 

 

 

131

 

 

 

3,538

 

 

 

10,612

 

Depreciation charge for the year

 

 

2,579

 

 

 

1,546

 

 

 

71

 

 

 

2,006

 

 

 

6,202

 

Disposals

 

 

(1,308

)

 

 

(26

)

 

 

 

 

 

(3

)

 

 

(1,337

)

Exchange rate differences

 

 

207

 

 

 

3

 

 

 

 

 

 

31

 

 

 

241

 

At December 31, 2021

 

 

6,039

 

 

 

3,905

 

 

 

202

 

 

 

5,572

 

 

 

15,718

 

Depreciation charge for the year

 

 

2,658

 

 

 

1,553

 

 

 

72

 

 

 

2,041

 

 

 

6,324

 

Disposals

 

 

(131

)

 

 

 

 

 

 

 

 

(87

)

 

 

(218

)

Exchange rate differences

 

 

109

 

 

 

3

 

 

 

 

 

 

5

 

 

 

117

 

At December 31, 2022

 

 

8,675

 

 

 

5,461

 

 

 

274

 

 

 

7,531

 

 

 

21,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2022

 

 

11,843

 

 

 

3,354

 

 

 

72

 

 

 

4,020

 

 

 

19,289

 

At December 31, 2021

 

 

12,927

 

 

 

4,890

 

 

 

143

 

 

 

4,729

 

 

 

22,690

 

Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:

 

 

 

2022

 

 

2021

 

 

 

(EUR thousand)

 

At January 1

 

 

23,127

 

 

 

25,621

 

Additions

 

 

2,866

 

 

 

2,837

 

Accretion of interest

 

 

573

 

 

 

585

 

Payments

 

 

(6,595

)

 

 

(6,498

)

Early terminated contracts

 

 

(527

)

 

 

(150

)

Exchange rate difference

 

 

538

 

 

 

732

 

At December 31

 

 

19,982

 

 

 

23,127

 

 

 

 

 

 

 

 

Current

 

 

5,325

 

 

 

5,553

 

Non-current

 

 

14,657

 

 

 

17,574

 

 

 

The following are the amounts recognized in profit or loss:

 

 

 

For the year ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(EUR thousand)

 

Depreciation expense of Right of Use assets

 

 

6,325

 

 

 

6,202

 

 

 

5,956

 

Interest expense on lease liabilities

 

 

573

 

 

 

585

 

 

 

624

 

Expense relating to short-term leases

 

 

1,673

 

 

 

1,252

 

 

 

1,901

 

Expense relating to leases of low-value assets

 

 

3,968

 

 

 

5,180

 

 

 

3,744

 

Total amount recognized in profit or loss

 

 

12,539

 

 

 

13,219

 

 

 

12,225