Lease Liabilities
The lease liabilities mostly relate to the leasing of office buildings as of December 31, 2024.
The movement in the lease liabilities is as follows:
2024 | 2023 | ||
|---|---|---|---|
Principal recognized at 1 January | 85 | 46 | |
Additions | 26 | 55 | |
Redemptions | (12) | (18) | |
Foreign currency variations | (6) | 2 | |
Other | 1 | - | |
Total movements | 9 | 39 | |
Remaining principal at 31 December | 93 | 85 | |
Of which | |||
Current portion | 11 | 11 | |
Non-current portion | 82 | 74 |
The movements in lease liabilities over the period mainly related to an increase due to the new Rotterdam office lease, the extension of lease contracts for other offices and regular redemptions and foreign currency translations.
The total cash outflow for leases in 2024 was US$18 million, which includes redemptions of principal and interest payments. Total interest for the period amounted to US$5 million.