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Note 22 – Leasing

The Group’s lease contracts mainly comprise leased premises, with a small share of lease contracts covering vehicles, equipment and furniture and IT hardware. All right-of-use assets are reported in Tangible assets in the balance sheet.

 group 31 dec 2021Group 31 dec 2020
SEK mLeased premisesOther right-of-use assetsTotalLeased premisesOther right-of-use assetsTotal
Opening balance2571927623519 254
Investments for the year-225-17 39 2 41
Divestments and disposals000-5-1-6
Translation differences707 -12 -1 -13
Acquisition value24224266 257 19 276
    
Opening balance-71-11-82 -38-7 -45
Depreciation for the year-39-5-44 -41 -6 -47
Divestments and disposals000516
Translation differences-30-3 3 1 4
Accumulated depreciation-113-16-129 -71 -11 -82
Carrying value1298137 186 8 194

The year’s investments in right-of-use assets pertain to new acquisitions and to additional amounts resulting from reviewing existing lease liabili- ties when lease contracts are extended or prematurely terminated.

As at 31 December 2021 the Group has not entered into any material leases that are not reported in the balance sheet. As at 31 December 2020 the Group did not entered into any material leases that are not reported in the balance sheet.

Lease liabilities are reported in Other liabilities in the balance sheet and totalled SEK 144m (204) at 31 December 2021. A maturity analysis of lease liabilities is presented in note 17, "Maturity analysis".

Total cash flow for lease liabilities during the year was SEK 52m. 

Amounts reported in the income statement

 Group
SEK m20212020
Depreciation of right-of-use assets-44-47
Interest expense related to lease liabilities-6-7
Costs related to short-term leases10
Costs related to low-value leases10
Total-48 -54

Interest expense related to lease liabilities is reported in note 4 "Net interest income". Depreciation of right-of-use assets is reported in Depreciation and amortisation of tangible and intangible assets. Costs related to short-term and low-value leases are reported in General administrative expenses.

Parent company

Hoist Finance AB (publ) has decided to apply the exceptions in RFR 2 in Parent company accounting. The accounting standard IFRS 16, in force from 1 January 2019, is therefore not applied by the Parent Company.

All Parent company leases are reported according to the rules for operating leases. There are no leases classified as finance leases.

The Parent company’s lease expenses totalled SEK 34m (27) during the year. No variable fees were charged to net profit for the year. 

The Parent Company’s obligations under operating lease agreements are presented below.

 Parent Company
SEK m31 Dec 202131 Dec 2020
Payment obligations under noncancellable lease contracts 
Within 1 year32 27
Years 1–579 98
Year 5 and thereafter15 26
Total126 151

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- Annual Report 2021 -
- Årsredovisning 2021 -