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22. Lease liabilities

The lease liabilities can be specified as follows:

 

2020

2019

Land leases

152

127

Car leases

2

2

Office rental contracts

1

1

Total

155

130

 

2020

2019

Maturity

  

Year 1

       1

       1

Year 2-5

       2

       2

Onwards

   153

   127

Total

155

130

   
 

2020

2019

Current

       1

       1

Non-current

   154

   129

As of 1 January 2019 IFRS 16 is implemented in the balance sheet and P&L. The impact in 2020 is €155 million. This includes land leases (€152 million), car leases and rent of offices (€3 million).

In 2020 the land lease liability and related right of use asset increased with €25.0 million based on a reassessment of the underlying assumptions for the measurement of the lease liabilities in Amsterdam, including the ‘WOZ’-values (fiscal values), yearly lease payments and BSQ’s.

Land lease liabilities

The land liabilities are calculated based on a perpetual view. These land leases require monthly, quarterly, (semi) annual payments if the lease obligation is not redeemed for a certain time frame. For some land leases, a variable component is applicable based on an index. The lease liabilities are reassessed and re-measured after a new index is applicable or the lease payments are changed after a certain time frame by the lessor based on contractual terms.

The assumptions are based on the value of the contracts, or in case of the land leases based on value of the ground (WOZ) x increase factor (market increase). The weighted average discount rate used in 2020 by Vesteda for discounting the lease payments is 2.8%.