22. Leases
The statements of financial position shows the following amounts relating to leases:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
In thousands of $ |
|
2023 |
|
2022 |
|
2021 |
Right-of-use assets |
|
|
|
|
|
|
Buildings |
|
16,798 |
|
10,867 |
|
9,688 |
Vehicles |
|
3,191 |
|
1,835 |
|
1,664 |
Equipment |
|
160 |
|
196 |
|
230 |
|
|
20,149 |
|
12,897 |
|
11,583 |
|
|
|
|
|
|
|
Lease liabilities |
|
|
|
|
|
|
Current |
|
4,646 |
|
3,417 |
|
3,509 |
Non-current |
|
15,354 |
|
9,009 |
|
7,956 |
|
|
20,000 |
|
12,426 |
|
11,465 |
Additions to the right-of-use assets amounted to $11.1 million for the year ended December 31, 2023, compared to $4.2 million and $5.7 million for the years ended December 31, 2022 and 2021 respectively.
The table below shows a maturity analysis of the lease liabilities as on December 31, 2023:
(in thousands of $) |
|
Less than 1 year |
|
1–3 years |
|
3–5 years |
|
More than 5 years |
|
Total contractual cash flows |
|
Carrying amount |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lease liabilities |
|
4,286 |
|
8,136 |
|
5,754 |
|
1,824 |
|
20,000 |
|
20,000 |
The consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) shows the following amounts relating to leases:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
In thousands of $ |
|
2023 |
|
2022 |
|
2021 |
Depreciation charges |
|
|
|
|
|
|
Buildings |
|
2,839 |
|
2,179 |
|
2,714 |
Vehicles |
|
971 |
|
735 |
|
651 |
Equipment |
|
36 |
|
35 |
|
34 |
|
|
3,846 |
|
2,949 |
|
3,399 |
|
|
|
|
|
|
|
Interest expense (included in finance cost) |
|
693 |
|
1,343 |
|
412 |
Expense relating to short-term leases |
|
1,517 |
|
732 |
|
212 |
Expense relating to leases of low-value assets that are not shown above as short-term leases |
|
40 |
|
21 |
|
7 |
The total cash outflow for leases in 2023, 2022 and 2021 was $3.8 million, $4.2 million and $4.5 million respectively.
The Company did not enter into any lease agreement with variable lease payments or residual value guarantees. The Company has leases that include extension options. These options provide flexibility in managing the leased assets and align with the Company’s business needs. The Company exercises judgement in deciding whether it is reasonably certain that the extension options will be exercised.