Note 13 - Right-of-use assets, net and lease liabilities

12 Months Ended

Dec. 31, 2024

Note 13 - Right-of-use assets, net and lease liabilities

Note 13 - Right-of-use assets, net and lease liabilities

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

Right of use assets evolution

Year ended December 31, 2024	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Others	Total
Cost
Opening net book amount	66,464		148,380		43,217		3,668	261,729
Currency translation adjustment	(167	)	(439	)	(692	)	-	(1,298	)
Additions	16,034		52,040		22,663		584	91,321
Transfers / Reclassifications	(5,027	)	5,027		-		-	-
Disposals	(10,772	)	(20,113	)	(8,706	)	-	(39,591	)
At December 31, 2024	66,532		184,895		56,482		4,252	312,161

Depreciation
Accumulated at the beginning of the year	27,972		75,567		25,229		823	129,591
Currency translation adjustment	(68	)	(283	)	(412	)	-	(763	)
Depreciation charge	20,448		34,719		13,786		948	69,901
Transfers / Reclassifications	(1,514	)	1,550		(36	)	-	-
Disposals	(10,041	)	(17,660	)	(7,735	)	-	(35,436	)
Accumulated at the end of the year	36,797		93,893		30,832		1,771	163,293
At December 31, 2024	29,735		91,002		25,650		2,481	148,868

Year ended December 31, 2023	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Others	Total
Cost
Opening net book amount	43,570		125,677		30,291		1,182	200,720
Currency translation adjustment	99		243		263		-	605
Increase due to business combinations ^(*)	11,803		37		46		-	11,886
Additions	13,040		30,066		15,732		2,486	61,324
Transfers / Reclassifications	691		-		(691	)	-	-
Disposals	(2,739	)	(7,643	)	(2,424	)	-	(12,806	)
At December 31, 2023	66,464		148,380		43,217		3,668	261,729

Depreciation
Accumulated at the beginning of the year	18,933		52,794		17,042		210	88,979
Currency translation adjustment	34		134		200		-	368
Depreciation charge	9,663		29,685		10,316		613	50,277
Transfers / Reclassifications	691		-		(691	)	-	-
Disposals	(1,349	)	(7,046	)	(1,638	)	-	(10,033	)
Accumulated at the end of the year	27,972		75,567		25,229		823	129,591
At December 31, 2023	38,492		72,813		17,988		2,845	132,138

(*) For the year 2023, related to the GPC and Mattr’s pipe coating business unit acquisitions.

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

Lease liability evolution

	Year ended December 31,
	2024		2023
Opening net book amount	134,433		112,177
Changes due to business combinations ^(*)	(35	)	12,148
Translation differences	(4,565	)	2,237
Additions	91,005		61,310
Cancellations	(8,377	)	(2,972	)
Repayments ^(**)	(73,639	)	(54,940	)
Interest accrued	6,104		4,473
At December 31,	144,926		134,433

(*) For the year 2024, related to Mattr’s pipe coating business unit acquisitions. For more information see note 34.

For the year 2023, related to the GPC and Mattr’s pipe coating business unit acquisitions.

(**) For the year 2024 includes repayments of $68.6 million in capital and $5.1 million of interest.

For the year 2023 includes repayments of $51.5 million in capital and $3.4 million of interest.

As of December 31, 2024, the amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 31%, 46% and 23%, respectively.

As of December 31, 2023, the amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 28%, 45% and 27%, 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 2024 and 2023.