| Note 13 - Right-of-use assets, net and lease liabilities |
Right of use assets evolution
|
Year ended December 31, 2025
|
Land and civil buildings
|
|
|
Industrial buildings, plant and production equipment
|
|
|
Vehicles, furniture and fixtures
|
|
|
Others
|
|
|
Total
|
|
|
Values at the beginning of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
66,532
|
|
|
184,895
|
|
|
56,482
|
|
|
4,252
|
|
|
312,161
|
|
|
Accumulated depreciation
|
(36,797
|
) |
|
(93,893
|
) |
|
(30,832
|
) |
|
(1,771
|
) |
|
(163,293
|
) |
|
Right of use assets, net at the beginning of the year
|
29,735
|
|
|
91,002
|
|
|
25,650
|
|
|
2,481
|
|
|
148,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Movements of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment
|
93
|
|
|
355
|
|
|
669
|
|
|
-
|
|
|
1,117
|
|
|
Additions
|
17,101
|
|
|
29,122
|
|
|
17,995
|
|
|
-
|
|
|
64,218
|
|
|
Transfers / Reclassifications
|
77
|
|
|
119
|
|
|
(196
|
) |
|
-
|
|
|
-
|
|
|
Disposals
|
(1,501
|
) |
|
(2,993
|
) |
|
(1,483
|
) |
|
-
|
|
|
(5,977
|
) |
|
Depreciation charge
|
(9,901
|
) |
|
(36,754
|
) |
|
(16,002
|
) |
|
(1,012
|
) |
|
(63,669
|
) |
|
Movements of the year
|
5,869
|
|
|
(10,151
|
) |
|
983
|
|
|
(1,012
|
) |
|
(4,311
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Values at the end of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
64,016
|
|
|
199,551
|
|
|
69,514
|
|
|
4,252
|
|
|
337,333
|
|
|
Accumulated depreciation
|
(28,412
|
) |
|
(118,700
|
) |
|
(42,881
|
) |
|
(2,783
|
) |
|
(192,776
|
) |
|
Right of use assets, net at the end of the year
|
35,604
|
|
|
80,851
|
|
|
26,633
|
|
|
1,469
|
|
|
144,557
|
|
|
Year ended December 31, 2024
|
Land and civil buildings
|
|
|
Industrial buildings, plant and production equipment
|
|
|
Vehicles, furniture and fixtures
|
|
|
Other
|
|
|
Total
|
|
|
Values at the beginning of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
66,464
|
|
|
148,380
|
|
|
43,217
|
|
|
3,668
|
|
|
261,729
|
|
|
Accumulated depreciation
|
(27,972
|
) |
|
(75,567
|
) |
|
(25,229
|
) |
|
(823
|
) |
|
(129,591
|
) |
|
Right of use assets, net at the beginning of the year
|
38,492
|
|
|
72,813
|
|
|
17,988
|
|
|
2,845
|
|
|
132,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Movements of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment
|
(99
|
) |
|
(156
|
) |
|
(280
|
) |
|
-
|
|
|
(535
|
) |
|
Additions
|
16,034
|
|
|
52,040
|
|
|
22,663
|
|
|
584
|
|
|
91,321
|
|
|
Transfers / Reclassifications
|
(3,513
|
) |
|
3,477
|
|
|
36
|
|
|
-
|
|
|
-
|
|
|
Disposals
|
(731
|
) |
|
(2,453
|
) |
|
(971
|
) |
|
-
|
|
|
(4,155
|
) |
|
Depreciation charge
|
(20,448
|
) |
|
(34,719
|
) |
|
(13,786
|
) |
|
(948
|
) |
|
(69,901
|
) |
|
Movements of the year
|
(8,757
|
) |
|
18,189
|
|
|
7,662
|
|
|
(364
|
) |
|
16,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Values at the end of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
66,532
|
|
|
184,895
|
|
|
56,482
|
|
|
4,252
|
|
|
312,161
|
|
|
Accumulated depreciation
|
(36,797
|
) |
|
(93,893
|
) |
|
(30,832
|
) |
|
(1,771
|
) |
|
(163,293
|
) |
|
Right of use assets, net at the end of the year
|
29,735
|
|
|
91,002
|
|
|
25,650
|
|
|
2,481
|
|
|
148,868
|
|
Depreciation of right-of-use assets is mainly included in Tubes segment.
Lease liability evolution
|
|
Year ended December 31,
|
|
|
|
2025
|
|
|
2024
|
|
|
Opening net book amount
|
144,926
|
|
|
134,433
|
|
|
Changes due to business combinations (*)
|
-
|
|
|
(35
|
) |
|
Translation differences
|
5,713
|
|
|
(4,565
|
) |
|
Additions
|
64,132
|
|
|
91,005
|
|
|
Cancellations
|
(6,315
|
) |
|
(8,377
|
) |
|
Repayments (**)
|
(71,712
|
) |
|
(73,639
|
) |
|
Interest accrued
|
6,505
|
|
|
6,104
|
|
|
At the end of the year
|
143,249
|
|
|
144,926
|
|
| (*) |
For the year 2024, related to Mattr’s pipe coating business unit acquisitions. |
| (**) |
For the year 2025, includes repayments of $66.9 million in capital and $4.8 million of interest.
For the year 2024, includes repayments of $68.6 million in capital and $5.1 million of interest.
|
As of December 31, 2025, the amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 34%, 41% and 25%, respectively.
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.
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 2025 and 2024.
|