Annual Report 2023

11. Leases

JMH’s leases relate mostly to head office and vehicles rent contracts, with initial terms between 3 and 4 years. The lease agreements do not impose any covenants. Regarding the incremental borrowing rate used to measure lease liabilities, the weighted-average rate applied by JMH, as of 31 December 2023, was 5.46% (5.29% as of 31 December 2022).

11.1. Right-of-use assets

2023

 

Buildings
and other
constructions

 

Transport
equipment
and others

 

Total

Gross amount

 

 

 

 

 

 

Opening balance

 

1,694

 

1,334

 

3,029

New contracts

 

 

501

 

501

Contracts update

 

100

 

311

 

411

Contracts cancellation

 

 

(71)

 

(71)

Closing balance

 

1,794

 

2,075

 

3,870

Depreciation and impairment losses

 

 

 

 

 

 

Opening balance

 

85

 

697

 

782

Increases

 

339

 

417

 

756

Contracts cancellation

 

 

(70)

 

(70)

Closing balance

 

424

 

1,044

 

1,468

Net value

 

 

 

 

 

 

As at 1 January 2023

 

1,610

 

637

 

2,247

As at 31 December 2023

 

1,371

 

1,031

 

2,402

2022

 

Buildings
and other
constructions

 

Transport
equipment
and others

 

Total

Gross amount

 

 

 

 

 

 

Opening balance

 

 

1,343

 

1,343

New contracts

 

1,694

 

300

 

1,994

Contracts update

 

 

14

 

14

Contracts cancellation

 

 

(323)

 

(323)

Closing balance

 

1,694

 

1,334

 

3,029

Depreciation and impairment losses

 

 

 

 

 

 

Opening balance

 

 

635

 

635

Increases

 

85

 

381

 

466

Contracts cancellation

 

 

(319)

 

(319)

Closing balance

 

85

 

697

 

782

Net value

 

 

 

 

 

 

As at 1 January 2022

 

 

708

 

708

As at 31 December 2022

 

1,610

 

637

 

2,247

11.2. Lease liabilities

2023

 

Current

 

Non-current

 

Total

Opening balance

 

730

 

1,507

 

2,237

Increases (new contracts)

 

141

 

361

 

502

Payments

 

(732)

 

 

(732)

Transfers

 

526

 

(526)

 

Contracts change/cancel

 

211

 

199

 

410

Closing balance

 

877

 

1,540

 

2,417

2022

 

Current

 

Non-current

 

Total

Opening balance

 

332

 

379

 

711

Increases (new contracts)

 

469

 

1,525

 

1,994

Payments

 

(479)

 

 

(479)

Transfers

 

396

 

(396)

 

Contracts change/cancel

 

11

 

(1)

 

10

Closing balance

 

730

 

1,507

 

2,237

11.3. Expenses recognised in the income statement

The income statement includes the expenses referred below related with leases:

 

 

2023

 

2022

Depreciation of right-of-use assets

 

 

 

 

Buildings and other constructions

 

339

 

85

Transport equipment

 

417

 

381

Subtotal

 

756

 

466

 

 

 

 

 

Lease liabilities interests

 

114

 

43

 

 

 

 

 

Gains/losses with contract cancellation

 

 

 

 

 

 

 

Rents (note 3)

 

 

 

 

Expense related with short term leases

 

1,084

 

1,094

Expense related with low value assets leases

 

29

 

36

Expenses related with non-lease component included in payments

 

610

 

429

Subtotal

 

1,723

 

1,559

 

 

 

 

 

Total

 

2,593

 

2,068

The total cash outflow for leases in 2023 was €2,569 thousand (2022: €2,081 thousand).

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