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Note 11 - Right-of-use Assets, Net and Lease Liabilities
 12 Months Ended
Dec. 31, 2019
Statement Line Items [Line Items]  
Disclosure of leases [text block]
11
Right-of-use assets, net and lease liabilities
 
Right of use assets evolution
Year ended December 31, 2019   Land and Civil
Buildings		   Industrial
Buildings, Plant
and Production
Equipment		   Vehicles, furniture
and fixtures		   Total
Cost                                
Opening net book amount    
27,713
      
202,352
      
8,335
      
238,400
  
Increase due to business combinations    
229
      
2,038
      
-
      
2,267
  
Currency translation adjustment    
(88
 )    
6
      
8
      
(74
 )
Additions    
9,292
      
24,985
      
7,165
      
41,442
  
Disposals    
(1,009
 )    
(4,488
 )    
(818
 )    
(6,315
 )
Transfers    
-
      
496
      
(496
 )    
-
  
At December 31, 2019    
36,137
      
225,389
      
14,194
      
275,720
  
                                 
Depreciation                                
Accumulated at the beginning of the year    
-
      
-
      
-
      
-
  
Translation differences    
(3
 )    
3
      
8
      
8
  
Depreciation charge    
8,514
      
31,869
      
3,908
      
44,291
  
Transfers / Reclassifications    
-
      
(62
 )    
62
      
-
  
Disposals / Consumptions    
(181
 )    
(1,229
 )    
(295
 )    
(1,705
 )
Accumulated at the end of the year    
8,330
      
30,581
      
3,683
      
42,594
  
At December 31, 2019    
27,807
      
194,808
      
10,511
      
233,126
  
 
Depreciation of right-of-use assets was mainly included in Tubes segment.
 
The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in
2018
of approximately
$4
million.
 
Lease liability evolution
 
(all amounts in thousands of U.S. dollars)   2019
Year ended December 31, 2019        
Opening net book amount    
234,149
  
Increase due to business combinations    
2,267
  
Translation differences    
2,690
  
Additions    
36,957
  
Cancellations    
(4,688
 )
Repayments    
(43,974
 )
Interest accrued    
2,766
  
At December 31, 2019    
230,167
  
 
(
*
) The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on
January 1, 2019
was
2.4%.
 
The amount of remaining payments with maturity less than
1
year, between
2
and
5
years and more than
5
years is approximately
16%,
44%
and
40%
of the total remaining payments, respectively.
 
Expense relating to short-term leases and low value leases (included in
cost of sales and selling, general and administrative expenses
) in the period amounted to
$15.1
million and
$1.3
million respectively.