Lease Liabilities
The lease liabilities mostly relate to the leasing of office buildings as of December 31, 2023.
The movement in the lease liabilities is as follows:
2023 | 2022 | ||
|---|---|---|---|
Principal recognized at 1 January | 46 | 56 | |
Additions | 55 | 13 | |
Redemptions | (18) | (20) | |
Foreign currency variations | 2 | (3) | |
Other | - | - | |
Total movements | 39 | (10) | |
Remaining principal at 31 December | 85 | 46 | |
Of which | |||
Current portion | 11 | 13 | |
Non-current portion | 74 | 33 |
The movements in lease liabilities over the period were mainly related to an increase due to the extension of some lease contracts for offices and the regular redemptions and foreign currency translations.
The maturity of the lease liabilities is analyzed in section 4.3.27 financial instruments - fair values and risk management (liquidity risk).
The total cash outflow for leases in 2023 was US$22 million, which includes redemptions of principal and interest payments. Total interest for the period amounted to US$4 million.