As of August 31, 2023, the lease liabilities amount to 831 million euros, including 683 million euros of non-current lease liabilities and 148 million euros of current lease liabilities. The change in lease liabilities during Fiscal 2023 and Fiscal 2022 breaks down as follows:
| (in million euros) | FISCAL 2023 | FISCAL 2022 |
|---|---|---|
| Lease liabilities as of September 1 | Lease liabilities as of September 1FISCAL 2023943 | Lease liabilities as of September 1FISCAL 2022939 |
| Increase/(Decrease) | Increase/(Decrease) FISCAL 2023176 |
Increase/(Decrease) FISCAL 2022186 |
| Repayment of the principal | Repayment of the principal FISCAL 2023(205) |
Repayment of the principal FISCAL 2022(225) |
| Currency translation adjustment | Currency translation adjustment FISCAL 2023(47) |
Currency translation adjustment FISCAL 202275 |
| Change in scope of consolidation | Change in scope of consolidation FISCAL 2023— |
Change in scope of consolidation FISCAL 2022(33) |
| Other variation | Other variation FISCAL 2023(8) |
Other variation FISCAL 20221 |
| Reclassifications in liabilities directly associated with assets held for sale or for distribution(1) | Reclassifications in liabilities directly associated with assets held for sale or for distribution (1)FISCAL 2023(28) |
Reclassifications in liabilities directly associated with assets held for sale or for distribution (1)FISCAL 2022— |
| LEASE LIABILITIES AS OF AUGUST 31 | LEASE LIABILITIES AS OF AUGUST 31FISCAL 2023831 | LEASE LIABILITIES AS OF AUGUST 31FISCAL 2022943 |
(1) The reclassifications made during the period mainly correspond to the reclassification of Benefits & Rewards Services activity (Pluxee) lease liabilities in liabilities directly associated with assets held for sale or for distribution (see note 3.2).
Lease liabilities maturity breaks down as follows:
| (in million euros) | AUGUST 31, 2023 | AUGUST 31, 2022 |
|---|---|---|
| < 1 year | < 1 year AUGUST 31, 2023148 |
< 1 year AUGUST 31, 2022184 |
| 1 to 3 years | 1 to 3 years AUGUST 31, 2023239 |
1 to 3 years AUGUST 31, 2022260 |
| 3 to 5 years | 3 to 5 years AUGUST 31, 2023162 |
3 to 5 years AUGUST 31, 2022185 |
| >5 years | >5 years AUGUST 31, 2023282 |
>5 years AUGUST 31, 2022314 |
| LEASE LIABILITIES CARRYING VALUE | LEASE LIABILITIES CARRYING VALUEAUGUST 31, 2023831 | LEASE LIABILITIES CARRYING VALUEAUGUST 31, 2022943 |
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 (see note 6.3). 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, 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 |
| Reclassifications | Reclassifications LAND AND BUILDINGS (3) |
Reclassifications SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Reclassifications VEHICLES — |
Reclassifications EQUIPMENT — |
Reclassifications 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 |
| Increase | Increase LAND AND BUILDINGS 73 |
Increase SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 19 |
Increase VEHICLES (1) |
Increase EQUIPMENT (1) |
Increase TOTAL 90 |
| Currency translation adjustment | Currency translation adjustment LAND AND BUILDINGS (17) |
Currency translation adjustment SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (46) |
Currency translation adjustment VEHICLES (8) |
Currency translation adjustment EQUIPMENT (1) |
Currency translation adjustment TOTAL (72) |
| Reclassifications in assets held for sale or for distribution(1) | Reclassifications in assets held for sale or for distribution (1)LAND AND BUILDINGS (41) |
Reclassifications in assets held for sale or for distribution (1)SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Reclassifications in assets held for sale or for distribution (1)VEHICLES (7) |
Reclassifications in assets held for sale or for distribution (1)EQUIPMENT (9) |
Reclassifications in assets held for sale or for distribution (1)TOTAL (57) |
| Change in scope of consolidation | Change in scope of consolidation LAND AND BUILDINGS — |
Change in scope of consolidation SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Change in scope of consolidation VEHICLES — |
Change in scope of consolidation EQUIPMENT — |
Change in scope of consolidation TOTAL — |
| Other reclassifications | Other reclassifications LAND AND BUILDINGS (16) |
Other reclassifications SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Other reclassifications VEHICLES (3) |
Other reclassifications EQUIPMENT — |
Other reclassifications TOTAL (19) |
| Gross value as of August 31, 2023 | Gross value as of August 31, 2023 LAND AND BUILDINGS 428 |
Gross value as of August 31, 2023 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 811 |
Gross value as of August 31, 2023 VEHICLES 132 |
Gross value as of August 31, 2023 EQUIPMENT 15 |
Gross value as of August 31, 2023 TOTAL 1,386 |
(1) The reclassifications made during the period correspond to the reclassification of the Benefits & Rewards Services activity (Pluxee) right-of-use assets relating to leases in assets held for sale or for distribution (see note 3.2).
