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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
| Land |  | Industrial buildings |  | Plant, machinery and equipment |  | Other assets |  | Advances and assets under construction |  | Total
| (€ thousand)
Gross carrying amount at January 1, 2021 | 29,391 |  |  | 430,455 |  |  | 2,544,837 |  |  | 213,544 |  |  | 329,743 |  |  | 3,547,970 |
Additions | 16,936 |  |  | 17,852 |  |  | 122,893 |  |  | 20,930 |  |  | 186,846 |  |  | 365,457 |
Divestitures | (13) |  |  | (3,412) |  |  | (46,067) |  |  | (5,586) |  |  | (135) |  |  | (55,213) |
Reclassifications | 3,722 |  |  | 40,046 |  |  | 144,684 |  |  | 2,573 |  |  | (197,599) |  |  | (6,574) |
Translation differences and other movements | 20 |  |  | 1,736 |  |  | 376 |  |  | 1,633 |  |  | 45 |  |  | 3,810 |
Balance at December 31, 2021 | 50,056 |  |  | 486,677 |  |  | 2,766,723 |  |  | 233,094 |  |  | 318,900 |  |  | 3,855,450 |
Additions | 8,287 |  |  | 10,155 |  |  | 154,008 |  |  | 26,479 |  |  | 167,645 |  |  | 366,574 |
Divestitures | — |  |  | (3,805) |  |  | (15,388) |  |  | (6,018) |  |  | (154) |  |  | (25,365) |
Reclassifications | 73,631 |  |  | 4,691 |  |  | 165,210 |  |  | 4,322 |  |  | (247,854) |  |  | — |
Translation differences and other movements | 16 |  |  | 334 |  |  | (19) |  |  | 796 |  |  | 77 |  |  | 1,204 |
Balance at December 31, 2022 | 131,990 |  |  | 498,052 |  |  | 3,070,534 |  |  | 258,673 |  |  | 238,614 |  |  | 4,197,863 |
Accumulated amortization at January 1, 2021 | — |  |  | 184,170 |  |  | 1,995,479 |  |  | 141,691 |  |  | — |  |  | 2,321,340 |
Depreciation | — |  |  | 17,875 |  |  | 191,247 |  |  | 20,975 |  |  | — |  |  | 230,097 |
Divestitures | — |  |  | (608) |  |  | (43,991) |  |  | (4,892) |  |  | — |  |  | (49,491) |
Reclassification | — |  |  | (284) |  |  | (1,123) |  |  | 284 |  |  | — |  |  | (1,123) |
Translation differences and other movements | — |  |  | 692 |  |  | 12 |  |  | 758 |  |  | — |  |  | 1,462 |
Balance at December 31, 2021 | — |  |  | 201,845 |  |  | 2,141,624 |  |  | 158,816 |  |  | — |  |  | 2,502,285 |
Depreciation | — |  |  | 19,405 |  |  | 216,661 |  |  | 23,783 |  |  | — |  |  | 259,849 |
Divestitures | — |  |  | (1,983) |  |  | (14,921) |  |  | (5,921) |  |  | — |  |  | (22,825) |
Translation differences and other movements | — |  |  | 109 |  |  | (39) |  |  | 659 |  |  | — |  |  | 729 |
Balance at December 31, 2022 | — |  |  | 219,376 |  |  | 2,343,325 |  |  | 177,337 |  |  | — |  |  | 2,740,038 |
Carrying amount at: |  |  |  |  |  |  |  |  |  |  |
January 1, 2021 | 29,391 |  |  | 246,285 |  |  | 549,358 |  |  | 71,853 |  |  | 329,743 |  |  | 1,226,630 |
of which right-of use assets under IFRS 16 | — |  |  | 25,574 |  |  | 5,041 |  |  | 29,127 |  |  | — |  |  | 59,742 |
December 31, 2021 | 50,056 |  |  | 284,832 |  |  | 625,099 |  |  | 74,278 |  |  | 318,900 |  |  | 1,353,165 |
of which right-of use assets under IFRS 16 | — |  |  | 21,613 |  |  | 3,484 |  |  | 28,661 |  |  | — |  |  | 53,758 |
December 31, 2022 | 131,990 |  |  | 278,676 |  |  | 727,209 |  |  | 81,336 |  |  | 238,614 |  |  | 1,457,825 |
of which right-of use assets under IFRS 16 | — |  |  | 18,972 |  |  | 2,756 |  |  | 32,420 |  |  | — |  |  | 54,148 |
Additions primarily relate to industrial tools needed for the production of cars and investments in car production lines (including those for models to be launched in future years), personalization programs and engine assembly lines, as well as investments for the ongoing construction of the new e-building (primarily in 2022), which will be used for the production of battery electric vehicles (BEVs) and related batteries, and tracts of land adjacent to the facilities in Maranello as part of the Group’s expansion plans (primarily in 2021). The following table summarizes the changes in the carrying amount of right-of-use assets for the year ended December 31, 2022 and 2021:
| Industrial buildings |  | Plant, machinery and equipment |  | Other assets |  | Total
| (€ thousand)
Balance at January 1, 2021 | 25,574 |  |  | 5,041 |  |  | 29,127 |  |  | 59,742 |
Additions | 3,987 |  |  | 1,409 |  |  | 7,745 |  |  | 13,141 |
Disposals | (2,780) |  |  | — |  |  | (473) |  |  | (3,253) |
Depreciation | (5,753) |  |  | (1,348) |  |  | (8,247) |  |  | (15,348) |
Translation differences and other movements | 585 |  |  | (1,618) |  |  | 509 |  |  | (524) |
Balance at January 1, 2022 | 21,613 |  |  | 3,484 |  |  | 28,661 |  |  | 53,758 |
Additions | 4,854 |  |  | 510 |  |  | 13,485 |  |  | 18,849 |
Disposals | (1,495) |  |  | (6) |  |  | (93) |  |  | (1,594) |
Depreciation | (5,933) |  |  | (1,223) |  |  | (9,677) |  |  | (16,833) |
Translation differences and other movements | (67) |  |  | (9) |  |  | 44 |  |  | (32) |
Balance at December 31, 2022 | 18,972 |  |  | 2,756 |  |  | 32,420 |  |  | 54,148 |
Amounts recognized in the income statement in relation to leases for the year ended December 31, 2022 and 2021 were as follows:
| For the year ended December 31,
| 2022 |  | 2021
| (€ thousand)
Depreciation of right-of-use assets | 16,833 |  |  | 15,348 |
Interest expense on lease liabilities | 1,219 |  |  | 868 |
Variable lease payments not included in the measurement of lease liabilities | 822 |  |  | 1,622 |
Expenses relating to short-term leases and leases of low-value assets | 3,227 |  |  | 3,671 |
Total expenses recognized | 22,101 |  |  | 21,509 |
For the year ended December 31, 2022 depreciation of right-of-use assets amounted to €16,833 thousand and interest expense on lease liabilities amounted to €1,219 thousand (€15,348 thousand and €868 thousand, respectively, for the year ended December 31, 2021). At December 31, 2022, the Group had contractual commitments for the purchase of property, plant and equipment amounting to €200,949 thousand (€73,681 thousand at December 31, 2021). The increase in contractual commitments for the purchase of property, plant and equipment at December 31, 2022 compared to December 31, 2020 is primarily related to planned investments for the ongoing construction of the new e-building.

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