Note 12 - Right-of-use Assets, Net and Lease Liabilities

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Note 12 - Right-of-use Assets, Net and Lease Liabilities

12Right-of-use assets, net and lease liabilities

Right of use assets evolution

Year ended December 31, 2022	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Others	Total
Cost
Opening net book amount	46,082		131,816		20,256		-	198,154
Currency translation adjustment	52		(414	)	(417	)	-	(779	)
Additions	15,872		31,778		7,674		1,182	56,506
Transfers / Reclassifications	(5,166	)	(1,317	)	6,483		-	-
Disposals	(13,270	)	(36,186	)	(3,705	)	-	(53,161	)
At December 31, 2022	43,570		125,677		30,291		1,182	200,720

Depreciation
Accumulated at the beginning of the year	24,005		54,727		10,684		-	89,416
Currency translation adjustment	(9	)	(139	)	(251	)	-	(399	)
Depreciation charge	8,965		32,767		7,277		210	49,219
Transfers / Reclassifications	(3,974	)	1,431		2,543		-	-
Disposals	(10,054	)	(35,992	)	(3,211	)	-	(49,257	)
Accumulated at the end of the year	18,933		52,794		17,042		210	88,979
At December 31, 2022	24,637		72,883		13,249		972	111,741

Year ended December 31, 2021	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Total
Cost
Opening net book amount	41,932		273,358		18,615		333,905
Currency translation adjustment	(187	)	(592	)	(560	)	(1,339	)
Additions	6,010		10,127		6,189		22,326
Transfers / Reclassifications	-		(274	)	277		3
Disposals ^(*)	(1,673	)	(150,803	)	(4,265	)	(156,741	)
At December 31, 2021	46,082		131,816		20,256		198,154

Depreciation
Accumulated at the beginning of the year	15,142		67,993		8,817		91,952
Currency translation adjustment	(37	)	(177	)	(260	)	(474	)
Depreciation charge	9,882		35,964		5,589		51,435
Transfers / Reclassifications	-		96		(93)		3
Disposals ^(*)	(982	)	(49,149	)	(3,369	)	(53,500	)
Accumulated at the end of the year	24,005		54,727		10,684		89,416
At December 31, 2021	22,077		77,089		9,572		108,738

^(*)Includes net disposals of $96.6 million related to NKKTubes lease agreement re-measurement due to joint venture termination.

Depreciation of right-of-use assets is mainly included in Tubes segment.

Lease liability evolution

	Year ended December 31,
	2022		2021
Opening net book amount	117,285		257,343
Translation differences	(3,922	)	(11,350	)
Additions	56,459		22,261
Cancellations ^(*)	(5,207	)	(103,329	)
Repayments ^(**)	(55,874	)	(50,998	)
Interest accrued	3,436		3,358
At December 31,	112,177		117,285

^(*)For 2021, includes $95.8 million related to NKKTubes lease agreement re-measurement due to joint venture termination.

^(**)For 2022 includes repayments of $52.4 million in capital and $3.5 million of interest, and for 2021 includes repayments of $48.5 million in capital and $2.5 million of interest.

As of December 2022, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and more than 5 years is approximately 25.5%, 47.5% and 27%, respectively.

As of December 2021, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and more than 5 years was approximately 29.5%, 33.6% and 36.9%, respectively.

Expenses related to short-term leases, leases of low value assets and variable leases (included in cost of sales and selling, general and administrative expenses) were not material for the years 2022 and 2021.