Universal Registration Document 2022

Groupe Profile

/ Analysis of lease liabilities

      Changes excl. cash outflows  
(in millions of euros) December 31, 2021 Cash outflows(1) Offset under right-of-use assets Short-term – long-term reclassification Effect of translation and others December 31, 2022
Lease liabilities – short-term 288 (339) 1 416 (6) 360
Lease liabilities – long-term 1,801 - 750 (416) 62 2,197
Total lease liabilities 2,089 (339) 751 - 56 2,557
  1. Repayments of lease liabilities represent an amount of euro (317) million in the consolidated statement of cash flows, of which euro (339) million in respect of leases and euro 22 million of proceeds from sub-leases.
      Changes excl. cash outflows  
(in millions of euros) December 31, 2020 Cash outflows Offset under right-of-use assets Short-term – long-term reclassification Effect of translation and others December 31, 2021
Lease liabilities – short-term 292 (295) - 256 35 288
Lease liabilities – long-term 1,850 - 78 (256) 129 1,801
Total lease liabilities 2,142 (295) 78 - 164 2,08
Expenses relating to variable lease payments not taken into account in the measurement of the lease obligation

The advertising network contracts, which began in January 2022, include fixed fees (guaranteed minimums) and variable fees above a certain level of activity. Fixed fees are taken into account in the lease liability, while variable fees are expensed directly.

In 2022, the variable lease expenses were euro 68million.

Interest expense on lease liabilities

For 2022, the interest expense on lease liabilities is euro 87 million (see Note 8). For 2021, the interest expense for lease liabilities was euro 70 million.

 / Repayment schedule of lease liabilities

    Maturities
(in millions of euros) Total -1 Year 1-2 Years 2-3 Years 3-4 Years +4 Years
Cash outflows relating to lease liabilities 3,295 431 432 392 361 1,679

Furthermore, concerning sublease contracts, cash inflows expected for 2023 amount to euro 22 million.