Contractual Obligations
Below an overview is given of our material contractual obligations at December 31, 2022:
|
|
Payments due by period |
||||||||
(in thousands of $) |
|
Total |
|
Less than 1 year |
|
1–3 years |
|
3–5 years |
|
More than 5 years |
Lease liabilities |
|
12,402 |
|
3,408 |
|
4,784 |
|
3,043 |
|
1,167 |
Lease commitments not commenced |
|
18,038 |
|
– |
|
– |
|
– |
|
18,038 |
We signed lease agreements for laboratory and office space in Zwijnaarde, Belgium, offices in Amsterdam, Netherlands, Boston, U.S., and Tokyo, Japan, as disclosed in note 4 “Property, plant and Equipment” in the consolidated financial statements in section “Consolidated Financial Statements”.
In January 2021, we entered into a binding lease agreement related to the envisioned relocation of our Zwijnaarde facility to a newly built office in Zwijnaarde, with an annual base rent of $1.8 million, which will be operational in the third quarter of 2028, and with an initial term of 10.5 years. Included in the binding lease commitment is a rent-free period of six-months following the completion of the building. The total future cash outflows related to this lease are represented in note 29 “Commitments” in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2022 as “Lease commitments not commenced”.
In August 2022, we terminated our lease in Breda, the Netherlands in relation to office space, as of August 1, 2022 and replaced this on the same date with an annual lease in Amsterdam, the Netherlands with an initial term of one year. In January 2021, we entered into an annually renewingWe also lease agreement in relation to office space located inin Boston (U.S.), Tokyo (Japan), Geneva, (Switzerland for an initial term of one year including two office spaces. In September 2021, we entered into a lease agreement in relation to office space located in), Munich, (Germany for an initial term of one year including two office spaces. In May 2021, we entered into a lease agreement in relation to office space located in), Issy Les Moulineaux, (France for an initial term of one year including one office space), Vaughan Ontario (Canada), Gerrards Cross (UK) and Milan (Italy).
In addition, our lease liabilities include a lease plan for company cars with maturity dates up to four years.
For a discussion of contractual obligations, please see note 29 “Commitments” in our consolidated financial statements in section “Consolidated Financial Statements”.