15. Leases
Changes in the right-of-use assets can be specified as follows:
x € 1 million | Land and buildings | Lease vehicles | Total |
|---|---|---|---|
Position as per 1 January 2022 | |||
Historical cost | 65 | 54 | 119 |
Accumulated depreciation and impairment | 19 | 27 | 46 |
Net book value as per 1 January 2022 | 46 | 27 | 73 |
Movements | |||
Investments | 1 | 9 | 10 |
Contract modifications | 2 | - | 2 |
Depreciation | -5 | -10 | -15 |
Net movements 2022 | -2 | -1 | -3 |
Position as per 31 December 2022 | |||
Historical cost | 66 | 61 | 127 |
Accumulated depreciation and impairment | 22 | 35 | 57 |
Net book value as per 31 December 2022 | 44 | 26 | 70 |
Movements | |||
Investments | - | 11 | 11 |
Contract modifications | 1 | - | 1 |
Depreciation | -5 | -9 | -14 |
Net movements 2023 | -4 | 2 | -2 |
Position as per 31 December 2023 | |||
Historical cost | 67 | 69 | 136 |
Accumulated depreciation and impairment | 27 | 41 | 68 |
Net book value as per 31 December 2023 | 40 | 28 | 68 |
Stedin Group has entered into leases for a number of business premises and sites. In addition, Stedin Group leases a vehicle fleet. In 2023, Stedin Group concluded new leases for the vehicle fleet in particular.
The table below shows the development of the lease liabilities:
x € 1 million | 2023 | 2022 |
|---|---|---|
Lease liability as at 1 January | 71 | 75 |
New lease contracts | 11 | 10 |
Lease payments | -15 | -16 |
Accrued interest | 1 | 1 |
Release lease liability | - | -1 |
Contract modifications | 1 | 2 |
Lease liability as at 31 December | 69 | 71 |
Classification (x € 1 million) | 2023 | 2022 |
|---|---|---|
Within 1 year | 12 | 12 |
1 to 2 years | 11 | 11 |
2 to 3 years | 9 | 9 |
3 to 4 years | 4 | 7 |
4 to 5 years | 3 | 2 |
After 5 years | 30 | 30 |
Total | 69 | 71 |
The table below presents the total lease expenses for 2023:
x € 1 million | 2023 | 2022 |
|---|---|---|
Depreciation charges for right-of-use assets | -14 | -15 |
Interest expense on lease liabilities | -1 | -1 |
Lease cost in profit & loss | -13 | -10 |
Total | -28 | -26 |
