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Note 19 - Leases

12 Months Ended

Dec. 31, 2023

19	Leases

Leases as lessee

The Group leases administrative offices. The leases, which the Group normally enters into, typically run for a period of 3 to 6 years, with an option to renew the lease after that date. Three leases for the administrative offices expire in 2024 and one lease in 2025.

Information about leases for which the Group is a lessee is presented below.

i)	Amounts recognised in the statement of financial position

Right of use assets

Right of use assets related to leased properties are presented as part of property, plant and equipment (refer to note 18).

	2023			2022

Balance at January 1		295			446
Depreciation		(124	)		(137	)
Foreign currency movement		(15	)		(14	)
Balance at December 31		156			295

Lease liabilities

	2023			2022

Balance at January 1		313			465
Additions to lease liability		67			-
Finance cost		22			31
Lease payments		(184	)		(150	)
Foreign currency movement		(10	)		(33	)
Balance at December 31		208			313

ii)

Amounts recognised in profit or loss

	2023			2022		2021

Finance cost on lease liabilities (note 15)		22			31		24
Unrealised foreign exchange gain		(5	)		19		1
Depreciation (note 18)		124			137		115
		141			187		140

iii)

Amounts recognised in statement of cash flows

	2023		2022		2021

Total cash outflow for leases - principal		162		119		105
Total cash outflow for leases - finance cost		22		31		24
Total cash outflow for leases - payments		184		150		129

19	Leases (continued)

iv)

Maturity of lease liabilities

The maturity of lease liabilities are as follows as at December 31:

	2023			2022

Less than one year		175			152
One to two years		42			150
Two to three years		–			40
Total lease payments		217			342
Finance cost		(9	)		(29	)
Present value of lease liabilities		208			313