| Leases |
36. 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 2021 are shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
Buildings |
|
|
Plant and
machinery |
|
|
Industrial
equipment |
|
|
Other
tangible
assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2020 |
|
|
16,239 |
|
|
|
6,930 |
|
|
|
330 |
|
|
|
7,694 |
|
|
|
31,193 |
|
Additions |
|
|
2,602 |
|
|
|
1,761 |
|
|
|
— |
|
|
|
1,347 |
|
|
|
5,710 |
|
Exchange rate differences |
|
|
(872 |
) |
|
|
— |
|
|
|
— |
|
|
|
(39 |
) |
|
|
(911 |
) |
At December 31, 2020 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2020 |
|
|
2,234 |
|
|
|
852 |
|
|
|
65 |
|
|
|
1,703 |
|
|
|
4,854 |
|
Depreciation charge for the year |
|
|
2,523 |
|
|
|
1,515 |
|
|
|
66 |
|
|
|
1,852 |
|
|
|
5,956 |
|
Exchange rate differences |
|
|
(196 |
) |
|
|
15 |
|
|
|
— |
|
|
|
(17 |
) |
|
|
(198 |
) |
At December 31, 2020 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2021 |
|
|
12,927 |
|
|
|
4,890 |
|
|
|
143 |
|
|
|
4,729 |
|
|
|
22,690 |
|
At December 31, 2020 |
|
|
13,408 |
|
|
|
6,309 |
|
|
|
199 |
|
|
|
5,464 |
|
|
|
25,380 |
|
Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
At January 1 |
|
|
25,621 |
|
|
|
26,140 |
|
Additions |
|
|
2,837 |
|
|
|
5,599 |
|
Accretion of interest |
|
|
585 |
|
|
|
624 |
|
Payments |
|
|
(6,498 |
) |
|
|
(5,906 |
) |
Early terminated contracts |
|
|
(150 |
) |
|
|
— |
|
Exchange rate difference |
|
|
732 |
|
|
|
(836 |
) |
At December 31 |
|
|
23,127 |
|
|
|
25,621 |
|
|
|
|
|
|
|
|
Current |
|
|
5,553 |
|
|
|
5,435 |
|
Non-current |
|
|
17,574 |
|
|
|
20,186 |
|
The following are the amounts recognized in profit or loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
|
2019 |
|
Depreciation expense of Right of Use assets |
|
|
6,202 |
|
|
|
5,956 |
|
|
|
4,861 |
|
Interest expense on lease liabilities |
|
|
585 |
|
|
|
624 |
|
|
|
626 |
|
Expense relating to short-term leases |
|
|
1,252 |
|
|
|
1,901 |
|
|
|
481 |
|
Expense relating to leases of low-value assets |
|
|
5,180 |
|
|
|
3,744 |
|
|
|
3,815 |
|
Total amount recognized in profit or loss |
|
|
13,219 |
|
|
|
12,225 |
|
|
|
9,783 |
|
|