As of August 31, 2022, the lease liabilities amount to 943 million euros, including 759 million euros of non-current lease liabilities and184 million euros of current lease liabilities. The change in lease liabilities during Fiscal 2022 breaks down as follows:
| (in million euros) | FISCAL 2022 | FISCAL 2021 |
|---|---|---|
| Lease liabilities as of September 1 | Lease liabilities as of September 1 FISCAL 2022 939 |
Lease liabilities as of September 1 FISCAL 2021 1,357 |
|
Increase/(Decrease)(1) |
Increase/(Decrease)(1) FISCAL 2022 186 |
Increase/(Decrease)(1) FISCAL 2021 (94) |
| Repayment of the principal | Repayment of the principal FISCAL 2022 (225) |
Repayment of the principal FISCAL 2021 (242) |
| Translation adjustments | Translation adjustments FISCAL 2022 75 |
Translation adjustments FISCAL 2021 7 |
| Change in scope of consolidation | Change in scope of consolidation FISCAL 2022 (33) |
Change in scope of consolidation FISCAL 2021 (9) |
|
Other movements(2) |
Other movements(2) FISCAL 2022 1 |
Other movements(2) FISCAL 2021 (78) |
| LEASE LIABILITIES AS OF AUGUST 31 | LEASE LIABILITIES AS OF AUGUST 31 FISCAL 2022 943 |
LEASE LIABILITIES AS OF AUGUST 31 FISCAL 2021 939 |
Lease liabilities maturity breaks down as follows:
| (in million euros) | FISCAL 2022 | FISCAL 2021 |
|---|---|---|
| < 1 year | < 1 year FISCAL 2022 184 |
< 1 year FISCAL 2021 176 |
| 1 to 3 years | 1 to 3 years FISCAL 2022 260 |
1 to 3 years FISCAL 2021 227 |
| 3 to 5 years | 3 to 5 years FISCAL 2022 185 |
3 to 5 years FISCAL 2021 171 |
| > 5 years | > 5 years FISCAL 2022 314 |
> 5 years FISCAL 2021 366 |
| LEASE LIABILITIES CARRYING VALUE | LEASE LIABILITIES CARRYING VALUE FISCAL 2022 943 |
LEASE LIABILITIES CARRYING VALUE FISCAL 2021 939 |
A right-of-use asset is recognized for each lease contract (except for those covered by the exemptions), as a counterpart of the lease liability. This right-of-use asset is measured as the initial amount of the lease liability (assessed as specified above) plus, where applicable, the initial direct costs incurred in obtaining the contract (fees and administrative costs), the advance lease payments made to the lessor and the estimated costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the contract.
The right-of-use asset is depreciated on a straight-line basis over the lease term used to measure the lease liability and, when necessary, is subject to impairment tests according to the same rules as those used for intangible assets and property, plant and equipment. The carrying amount is subsequently adjusted to reflect the change in the lease liability arising from amendments to the lease provisions and other remeasurement events (see above).
Right-of-use assets break down as follows, by type of underlying asset:
| (in million euros) | LAND AND BUILDINGS | SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS | VEHICLES | EQUIPMENT | TOTAL |
|---|---|---|---|---|---|
| Gross value as of August 31, 2020 | Gross value as of August 31, 2020 LAND AND BUILDINGS 570 |
Gross value as of August 31, 2020 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 877 |
Gross value as of August 31, 2020 VEHICLES 125 |
Gross value as of August 31, 2020 EQUIPMENT 23 |
Gross value as of August 31, 2020 TOTAL 1,595 |
| Increase | Increase LAND AND BUILDINGS 22 |
Increase SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 90 |
Increase VEHICLES 47 |
Increase EQUIPMENT 5 |
Increase TOTAL 164 |
| Translation Adjustments | Translation Adjustments LAND AND BUILDINGS 3 |
Translation Adjustments SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 5 |
Translation Adjustments VEHICLES 1 |
Translation Adjustments EQUIPMENT — |
Translation Adjustments TOTAL 9 |
|
Re classifications(1) |
Re classifications(1) LAND AND BUILDINGS (106) |
Re classifications(1) SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Re classifications(1) VEHICLES 1 |
Re classifications(1) EQUIPMENT — |
Re classifications(1) TOTAL (105) |
| Change in scope of consolidation | Change in scope of consolidation LAND AND BUILDINGS (5) |
Change in scope of consolidation SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (1) |
Change in scope of consolidation VEHICLES (5) |
Change in scope of consolidation EQUIPMENT (1) |
Change in scope of consolidation TOTAL (13) |
|
Other movements(2) |
Other movements(2) LAND AND BUILDINGS (46) |
Other movements(2) SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (276) |
Other movements(2) VEHICLES (19) |
Other movements(2) EQUIPMENT (7) |
Other movements(2) TOTAL (348) |
| Gross value as of August 31, 2021 | Gross value as of August 31, 2021 LAND AND BUILDINGS 438 |
Gross value as of August 31, 2021 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 695 |
Gross value as of August 31, 2021 VEHICLES 149 |
Gross value as of August 31, 2021 EQUIPMENT 21 |
Gross value as of August 31, 2021 TOTAL 1,304 |
| Increase | Increase LAND AND BUILDINGS 19 |
Increase SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 84 |
Increase VEHICLES (3) |
Increase EQUIPMENT 2 |
Increase TOTAL 102 |
| Translation Adjustments | Translation Adjustments LAND AND BUILDINGS 23 |
Translation Adjustments SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 70 |
Translation Adjustments VEHICLES 5 |
Translation Adjustments EQUIPMENT 3 |
Translation Adjustments TOTAL 101 |
| Re classifications | Re classifications LAND AND BUILDINGS (3) |
Re classifications SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Re classifications VEHICLES — |
Re classifications EQUIPMENT — |
Re classifications TOTAL (3) |
| Change in scope of consolidation | Change in scope of consolidation LAND AND BUILDINGS (46) |
Change in scope of consolidation SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (11) |
Change in scope of consolidation VEHICLES (1) |
Change in scope of consolidation EQUIPMENT — |
Change in scope of consolidation TOTAL (58) |
| Other movements | Other movements LAND AND BUILDINGS (2) |
Other movements SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Other movements VEHICLES — |
Other movements EQUIPMENT — |
Other movements TOTAL (2) |
| Gross value as of August 31, 2022 | Gross value as of August 31, 2022 LAND AND BUILDINGS 429 |
Gross value as of August 31, 2022 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 838 |
Gross value as of August 31, 2022 VEHICLES 151 |
Gross value as of August 31, 2022 EQUIPMENT 26 |
Gross value as of August 31, 2022 TOTAL 1,444 |
