12. Leases
Right-of-use assets
|
Land |
Buildings |
Machinery and equipment |
Other fixed assets |
Total |
|
|---|---|---|---|---|---|
|
Book value 31 December 2023 |
0.2 |
49.4 |
0.9 |
8.5 |
59.0 |
|
Additions |
2.1 |
3.1 |
0.9 |
4.0 |
10.1 |
|
Modification to lease term |
-0.2 |
1.0 |
0.8 |
||
|
Sale of group companies |
-3.1 |
-0.9 |
-4.0 |
||
|
Exchange rate differences |
0.1 |
2.7 |
0.1 |
2.9 |
|
|
Depreciation |
-0.1 |
-9.1 |
-0.7 |
-4.8 |
-14.7 |
|
Book value 31 December 2024 |
2.3 |
43.0 |
0.9 |
7.9 |
54.1 |
Lease liabilities
The maturity of the lease liabilities is as follows.
|
As at 31-12-2024 |
As at 31-12-2023 |
|
|---|---|---|
|
Current |
13.3 |
12.5 |
|
Non-current |
45.7 |
52.4 |
|
Total lease liabilities |
59.0 |
64.9 |
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 2024, potential future undiscounted cash outflows of € 74.3 million (31 December 2023: € 76.5 million) 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 Corbion had no leases with variable lease payments.