Leases
15 Leases
The table below shows the development of the right-of-use assets:
x € 1 million | Land and buildings | Lease vehicles | Total |
|---|---|---|---|
Right-of-use assets as at 1 January 2021 | 64 | 46 | 110 |
Investments | - | 8 | 8 |
Contract modifications | 1 | - | 1 |
Right-of-use assets as at 31 December 2021 | 65 | 54 | 119 |
Investments | 1 | 9 | 10 |
Contract modifications | 2 | - | 2 |
Disposals | -2 | -2 | -4 |
Right-of-use assets as at 31 December 2022 | 66 | 61 | 127 |
Accumulated depreciation as at 1 January 2021 | 12 | 17 | 29 |
Annual depreciation and impairment | 7 | 10 | 17 |
Accumulated depreciation as at 31 December 2021 | 19 | 27 | 46 |
Annual depreciation and impairment | 5 | 10 | 15 |
Disposals | -2 | -2 | -4 |
Accumulated depreciation as at 31 December 2022 | 22 | 35 | 57 |
Net book value as at 31 December 2021 | 46 | 27 | 73 |
Net book value as at 31 December 2022 | 44 | 26 | 70 |
Stedin Group has entered into leases for a number of business premises and sites. In addition, Stedin Group leases a vehicle fleet. In 2022, Stedin Group concluded new leases for the vehicle fleet in particular.
The table below shows the development of the lease liabilities:
x € 1 million | 2022 | 2021 |
|---|---|---|
Lease liability as at 1 January 2021 | 75 | 83 |
New lease contracts | 10 | 9 |
Lease payments | -16 | -18 |
Accrued interest | 1 | 1 |
Release lease liability | -1 | - |
Contract modifications | 2 | - |
Lease liability as at 31 December 2022 | 71 | 75 |
Classification (x € 1 million) | 2022 | 2021 |
|---|---|---|
Within 1 year | 12 | 14 |
1 to 2 years | 11 | 12 |
2 to 3 years | 9 | 10 |
3 to 4 years | 7 | 8 |
4 to 5 years | 2 | 5 |
After 5 years | 30 | 26 |
Total | 71 | 75 |
The table below presents the total lease expenses for 2022:
x € 1 million | 2022 | 2021 |
|---|---|---|
Depreciation charges for right-of-use assets | -15 | -17 |
Interest expense on lease liabilities | -1 | -1 |
Lease cost in profit & loss | -10 | -5 |
Total | -26 | -23 |
