17 Non-current lease liabilities
2023 | 2022 | |
Opening balance at 1 January 2023 | 124,316 | 128,081 |
Interest | 3,729 | 3,842 |
Lease payments | (1,257) | (1,337) |
Other movements | (4,351) | (6,270) |
Balance at 31 December 2023 | 122,437 | 124,316 |
The average discount rate used for discounting the lease payments is 3%.
In 2023 a release of € 4.4 million is recognised in the non-current lease liabilities which consists for a significant part due to the acceptance of some leasehold proposals from the city of Amsterdam.
The value of the lease liability assumes the estimated redemption amount for the transition to perpetual leasehold. The final determination of the redemption amount is currently under discussion with the city of Amsterdam and is expected to be finalised in 2024.
Land lease obligations undiscounted | 2023 | 2022 |
Year 1 | 114,579 | 122,953 |
Year 2 | - | - |
Year 3-5 | - | - |
Year > 5 | 25,576 | 14,918 |
Total land lease obligations | 140,155 | 137,871 |