Fiven Annual Report 2020

Note 12 Leasing Fiven Group has lease contracts for various production related equipment, mainly forklifts, mining and quarry equipment, trucks and vehicles. The production related equipment gen- erally has lease terms between 1 and 5 years. The obligations under its leases are secured by the lessor’s title to the leased assets. Generally, Fiven Group is restricted from assigning and subleasing the leased assets. Fiven group has some leases of equipment with leases terms of 12 months or less and leases of office equipment with low value. For these leases Fiven Group applies the "short-term lease" and the "lease of low-value assets recognition exemptions. Set out below are the carrying amount of right-of-use assets recognized and the amount during the period: RIGHT-OF-USE ASSETS Amounts in EUR thousand Plant and equipment 31.12.2020 Total right of use assets 31.12.2019 Opening balance 4,044 4,540 Additions 1,504 626 Depreciation -1,261 -1,018 Adjustments -38 - Currency translation difference -643 -104 Closing balance 3,606 4,044 TOTAL LEASE LIABILITIES Amounts in EUR thousand 31.12.2020 31.12.2019 Business combinations (note 4) 4,081 4,549 Addition 1,504 626 Accretion of interest 608 71 Lease payments -1909 -1,067 currency effect -498 -71 Total lease liabilities 3,788 4,108 MATURITY ANALYSIS - CONTRACTUAL UNDISCOUNTED CASH FLOWS Amounts in EUR thousand 31.12.2020 31.12.2019 Within one year 1460 1,694 After one year but not more than five 2,710 4,514 More than five years 72 64 Total lease liabilty 4,242 6,273 AMOUNTS RECOGNIZED IN THE STATEMENT OF PROFIT OR LOSS Amounts in EUR thousand 01.01-31.12.2020 05.02-31.12.2019 Depreciation charge of right-of use assets -1,261 -1,018 Interest expense(included in finance cost) -608 -71 Expense relating to short term and low-low leases ( included in other operating cost) -475 -221 Total amount recognized in statement of income -2,344 -1,310 Fiven Annual Report 2020 50   Financial statements