The changes in lease liabilities during the fiscal year break down as follows:
| (in millions of euros) | FISCAL 2025 | FISCAL 2024 |
|---|---|---|
| Lease liabilities as of September 1 | Lease liabilities as of September 1 FISCAL 2025 728 |
Lease liabilities as of September 1 FISCAL 2024 831 |
| Increase/(decrease) | Increase/(decrease) FISCAL 2025 160 |
Increase/(decrease) FISCAL 2024 92 |
| Repayment of theprincipal* | Repayment of the principal*FISCAL 2025 (214) |
Repayment of the principal*FISCAL 2024 (188) |
| Exchange differences | Exchange differences FISCAL 2025 (18) |
Exchange differences FISCAL 2024 (7) |
| Changes in scope of consolidation | Changes in scope of consolidation FISCAL 2025 — |
Changes in scope of consolidation FISCAL 2024 — |
| Other | Other FISCAL 2025 8 |
Other FISCAL 2024 — |
| Lease liabilities as of August 31 | Lease liabilities as of August 31 FISCAL 2025 664 |
Lease liabilities as of August 31 FISCAL 2024 728 |
| Of which non-current lease liabilities | Of which non-current lease liabilities FISCAL 2025 509 |
Of which non-current lease liabilities FISCAL 2024 581 |
| Of which current lease liabilities | Of which current lease liabilities FISCAL 2025 155 |
Of which current lease liabilities FISCAL 2024 147 |
* The repayment of the principal includes the paid interest reported in operating cash flow (see consolidated cash flow statement 4.1.4).
Maturities of lease liabilities break down as follows:
| (in millions of euros) | AUGUST 31, 2025 | AUGUST 31, 2024 |
|---|---|---|
| < 1 year | < 1 year AUGUST 31, 2025 155 |
< 1 year AUGUST 31, 2024 147 |
| 1 to 3 years | 1 to 3 years AUGUST 31, 2025 218 |
1 to 3 years AUGUST 31, 2024 218 |
| 3 to 5 years | 3 to 5 years AUGUST 31, 2025 139 |
3 to 5 years AUGUST 31, 2024 149 |
| > 5 years | > 5 years AUGUST 31, 2025 152 |
> 5 years AUGUST 31, 2024 214 |
| CARRYING AMOUNT OF LEASE LIABILITIES | CARRYING AMOUNT OF LEASE LIABILITIES AUGUST 31, 2025 664 |
CARRYING AMOUNT OF LEASE LIABILITIES AUGUST 31, 2024 728 |
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 any 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 6.4). After the commencement date, the carrying amount is adjusted to reflect any changes in the lease liability arising from amendments to the lease provisions (see above).
Right-of-use assets break down as follows, by type of underlying asset:
| (in millions of euros) | LAND AND BUILDINGS | SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS | VEHICLES | OTHER PLANT AND EQUIPMENT | TOTAL |
|---|---|---|---|---|---|
| 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 OTHER PLANT AND EQUIPMENT 15 |
Gross value as of August 31, 2023 TOTAL 1,386 |
| Increase/(decrease) | Increase/(decrease) LAND AND BUILDINGS (3) |
Increase/(decrease) SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (32) |
Increase/(decrease) VEHICLES 2 |
Increase/(decrease) OTHER PLANT AND EQUIPMENT 2 |
Increase/(decrease) TOTAL (31) |
| Exchange differences | Exchange differences LAND AND BUILDINGS (3) |
Exchange differences SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (7) |
Exchange differences VEHICLES (1) |
Exchange differences OTHER PLANT AND EQUIPMENT — |
Exchange differences TOTAL (11) |
| Reclassifications | Reclassifications LAND AND BUILDINGS — |
Reclassifications SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Reclassifications VEHICLES — |
Reclassifications OTHER PLANT AND EQUIPMENT — |
Reclassifications TOTAL — |
| Changes in scope of consolidation | Changes in scope of consolidation LAND AND BUILDINGS 2 |
Changes in scope of consolidation SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 1 |
Changes in scope of consolidation VEHICLES (2) |
Changes in scope of consolidation OTHER PLANT AND EQUIPMENT (2) |
Changes in scope of consolidation TOTAL (1) |
| Gross value as of August 31, 2024 | Gross value as of August 31, 2024 LAND AND BUILDINGS 424 |
Gross value as of August 31, 2024 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 773 |
Gross value as of August 31, 2024 VEHICLES 131 |
Gross value as of August 31, 2024 OTHER PLANT AND EQUIPMENT 15 |
Gross value as of August 31, 2024 TOTAL 1,343 |
| Increase/(decrease) | Increase/(decrease) LAND AND BUILDINGS 30 |
Increase/(decrease) SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (78) |
Increase/(decrease) VEHICLES 60 |
Increase/(decrease) OTHER PLANT AND EQUIPMENT 6 |
Increase/(decrease) TOTAL 18 |
| Exchange differences | Exchange differences LAND AND BUILDINGS (12) |
Exchange differences SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS (16) |
Exchange differences VEHICLES (4) |
Exchange differences OTHER PLANT AND EQUIPMENT (1) |
Exchange differences TOTAL (33) |
| Reclassifications | Reclassifications LAND AND BUILDINGS 9 |
Reclassifications SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 3 |
Reclassifications VEHICLES — |
Reclassifications OTHER PLANT AND EQUIPMENT — |
Reclassifications TOTAL 12 |
| Changes in scope of consolidation | Changes in scope of consolidation LAND AND BUILDINGS (5) |
Changes in scope of consolidation SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS — |
Changes in scope of consolidation VEHICLES — |
Changes in scope of consolidation OTHER PLANT AND EQUIPMENT — |
Changes in scope of consolidation TOTAL (5) |
| Gross value as of August 31, 2025 | Gross value as of August 31, 2025 LAND AND BUILDINGS 446 |
Gross value as of August 31, 2025 SITES AND SPACES OPERATED UNDER CONCESSION AGREEMENTS 682 |
Gross value as of August 31, 2025 VEHICLES 187 |
Gross value as of August 31, 2025 OTHER PLANT AND EQUIPMENT 20 |
Gross value as of August 31, 2025 TOTAL 1,335 |
