Right-of-use assets
x € 1 million | Land and buildings | Lease vehicles | Total |
|---|---|---|---|
Right-of-use assets as at 1 Janury 2019 | 72 | 31 | 103 |
Investments | 1 | 10 | 11 |
Contract modifications | 6 | -1 | 5 |
Disposals | -16 | -1 | -17 |
Right-of-use assets as at 31 December 2019 | 63 | 39 | 102 |
Accumulated depreciation as at 1 January 2019 | - | - | - |
Annual depreciation and impairment | 7 | 10 | 17 |
Disposals | - | -1 | -1 |
Accumulated depreciation as at 31 December 2019 | 7 | 9 | 16 |
Net book value as at 31 December 2019 | 56 | 30 | 86 |
Stedin Group has entered into operating leases for a number of business premises and land. In addition, Stedin Group leases a vehicle fleet. The disposals of land and business premises relate to the rental of premises in Utrecht. At the start of 2019, these premises were bought by Stedin Group, leading to a shift in the balance sheet from ‘right-of-use assets’ to ‘property, plant and equipment’. The other disposals relate to lease vehicles, for which new lease contracts have been entered into for comparable assets.
Information on the lease liabilities is provided in 26 Interest-bearing debt.
The table below presents the total lease expenses for 2019:
x € 1 million | 2019 |
|---|---|
Depreciation charges for right-of-use assets | -17 |
Interest expense on lease liabilities | -1 |
Lease liabilities < € 5.000 | - |
Lease liabilities < 1 year | - |
Variable lease payments | - |
Total | -18 |
