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11. Leases

Right-of-use assets

 

Land

Buildings

Machinery and equipment

Other fixed assets

Total

Book value 31 December 2020

0.2

44.7

0.9

5.3

51.1

Additions

 

2.9

1.0

2.5

6.4

Modification to lease term

 

14.9

 

0.2

15.1

Exchange rate differences

 

4.0

 

0.1

4.1

Acquisition of group companies

 

0.2

  

0.2

Depreciation

 

-7.1

-0.8

-2.9

-10.8

Book value 31 December 2021

0.2

59.6

1.1

5.2

66.1

Lease liabilities

The maturity of the lease liabilities is as follows.

 

As at 31-12-2021

As at 31-12-2020

Current

9.9

9.0

Non-current

59.5

44.9

Total lease liabilities

69.4

53.9

Corbion's main leases are contracts for office locations, warehouses, and leased vehicles (the main category in Other fixed assets). Some property leases contain extension options exercisable by Corbion. Corbion assesses at the lease commencement date whether it is reasonably certain that the extension options will be exercised. Corbion reassesses whether it is reasonably certain that the extension options will be exercised if there is a significant event or significant change in circumstances within its control. As at 31 December 2021, potential future cash outflows of € 67.8 million (undiscounted) have not been included in the lease liability because it is not reasonably certain that the leases will be extended. Lease payments are in substance fixed and the group had no leases with variable lease payments.