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Right-of-use assets and lease liabilities | 12 Months Ended
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Dec. 31, 2024
Right-of-use Assets And Lease Liabilities |
Right-of-use assets and lease liabilities |
| 23 | Right-of-use assets and lease liabilities
Accounting policy Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease terms are negotiated on an individual asset basis and contractual provisions contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. The Company accounts for non-lease components such as service costs separately, whenever applicable. The Company’s lease terms may include options to extend or terminate the lease and when it is reasonably certain that we will exercise that option, the financial effect is included in the contract’s measurement. Payments associated with short-term leases, and all leases of low-value assets, are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. Measurement Liabilities arising from a lease contract are initially measured on a present value basis, using the incremental borrowing rate approach. The incremental borrowing rate is determined by the Company based on equivalent financial costs that would be charged by a counterparty for a transaction with the same currency and a similar amount, term and risk of the lease contract. The finance cost charged to the income statement produces a constant periodic rate of interest over the lease term. On December 31, 2024, incremental borrowing rate were between 7.90 to 13.65% for Brazil; 2.85% to 9.53% for Peru and 5.00% for Luxembourg. Lease contracts are recognized as a liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Company. The right-of-use asset also includes any lease payments made, and it is amortized over the shorter of the asset’s useful life and the lease term on a straight-line basis. Amortization expenses are classified either in “Cost of sales” or “Administrative expenses” based on the designation of the related assets. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
(c) | Right-of-use assets - Changes in the year
Schedule of rights-of-use-assets - changes in the year |  |  |  |  |  |
|  |  |  |  | 2024 | 2023
| Lands and Buildings | Machinery, equipment, and facilities | IT equipment | Vehicles | Total | Total
Balance at the beginning of the year |  |  |  |  |  |
Cost | 16,327 | 75,632 | 1,064 | 18,539 | 111,562 | 55,608
Accumulated amortization | (3,969) | (23,832) | (697) | (8,246) | (36,744) | (28,610)
Balance at the beginning of the year | 12,358 | 51,800 | 367 | 10,293 | 74,818 | 26,998
New contracts (*) | 16,500 | 43,569 | 293 | 4,593 | 64,955 | 68,428
Disposals and write-offs | (1,792) | - | - | (3,556) | (5,348) | (7,374)
Amortization | (3,306) | (28,001) | (263) | (4,619) | (36,189) | (16,935)
Remeasurement | (388) | 532 | - | - | 144 | 1,105
Foreign exchange effects | (1,867) | (9,341) | (51) | (1,856) | (13,115) | 2,710
Transfers | - | - | - | - | - | (114)
Balance at the end of the year | 21,505 | 58,559 | 346 | 4,855 | 85,265 | 74,818
Cost | 24,592 | 119,566 | 910 | 12,640 | 157,708 | 111,562
Accumulated amortization | (3,087) | (61,007) | (564) | (7,785) | (72,443) | (36,744)
Balance at the end of the year | 21,505 | 58,559 | 346 | 4,855 | 85,265 | 74,818
Average annual amortization rates % | 31 | 34 | 33 | 34 |  |
(i) During the fourth quarter of 2024, the Company identified certain lease contracts from previous years in its Peruvian subsidiaries that were not initially recognized in accordance with IFRS 16. The Company’s management performed quantitative and qualitative analysis and concluded that the misstatement is immaterial to the current year of 2024 and to the previously issued financial statements as of and for the years ended December 31, 2023, and 2022. Therefore, the effects of these contracts in the current year were recorded as an out-of-period adjustment. As of December 31, 2024, the Company recognized USD 21,664 as “Right of use” assets, USD 25,174 as “Lease liabilities” and USD 3,510 as expense in “Profit and Loss”. If the Company had recorded these amounts in 2023, these would have been USD 32,871, USD 36,597 and USD 3,726, respectively.
| (b) | Lease liabilities - Changes in the year
Schedule of lease liabilities - changes in the year |  |
| 2024 | 2023
Balance at the beginning of the year | 77,405 | 27,205
New contracts | 64,955 | 68,428
Disposals and write-offs | (4,853) | (6,790)
Payments of lease liabilities | (32,056) | (15,170)
Interest paid on lease liabilities | (11,645) | (6,086)
Remeasurement | 144 | 1,105
Accrued interest – note 10 | 13,517 | 6,132
Foreign exchange effects | (11,568) | 2,581
Balance at the end of the year | 95,899 | 77,405
Current liabilities | 32,747 | 21,678
Non-current liabilities | 63,152 | 55,727

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