XML 140 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
 12 Months Ended
Dec. 31, 2021
Disclosure of leases [text block] [Abstract]  
Leases
13.Leases

 

The Group maintains lease contracts with third parties, mainly a contract for the lease of trucks for a term of 5 years. The annual incremental interest rate used for the initial recognition of the right-of-use asset and the lease liability ranges between 5.2 and 6.2 percent.

 

The Group also leases certain minor equipment for less than 12 months, the Group has decided to apply the recognition exemption for short term leases (less than 12 months) and for leases of low value assets. The expense for this type of lease amounted to S/1,419,000 for the twelve-month period ended December 31, 2021 (2020: S/1,869,000) and was recognized in the “Administrative Expenses” caption of the interim condensed consolidated statement of profit or loss.

 

The movement of the right of use assets recognized by the Group is shown below:

 

   Transportation units   Other   Total 
   S/(000)   S/(000)   S/(000) 
Cost -            
Balance as of January 1, 2020   
-
    109    109 
Additions   7,504    
-
    7,504 
Sales and/or retirement   
-
    (71)   (71)
                
Balance as of December 31, 2020   7,504    38    7,542 
Additions   217    
-
    217 
Sales and/or retirement   
-
    (3)   (3)
                
Balance as of December 31, 2021   7,721    35    7,756 
Accumulated depreciation -               
Balance as of January 1, 2020   
-
    63    63 
Additions   1,501    33    1,534 
Sales and/or retirement   
-
    (61)   (61)
                
Balance as of December 31, 2020   1,501    35    1,536 
                
Additions   1,552    -    1,552 
Balance as of December 31, 2021   3,053    35    3,088 
Net book value               
As of December 31, 2020   6,003    3    6,006 
                
As of December 31, 2021   4,668    
-
    4,668 

 

The movement of the lease liabilities recognized by the Group is shown below:

 

   2021   2020 
   S/(000)   S/(000) 
         
Balance as of January 1   6,633    57 
Additions   217    7,504 
Financial interest expenses   383    409 
Dues payments   (2,419)   (1,669)
Sales and disposals   
-
    (19)
Others   1,015    351 
           
Balance as of December 31   5,829    6,633 
Maturity          
Current portion   1,856    1,531 
Non-current portion   3,973    5,102 
           
Balance as of December 31   5,829    6,633 

 

The future cash disbursements in relation to lease liabilities have been disclosed in note 30.