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LEASES
12 Months Ended
Dec. 31, 2023
LEASES  
LEASES

8. LEASES

Group as Lessee

The Group has operating leases for corporate offices, warehouses, sorting centers, cars and parking spots. The Group’s leases have remaining lease terms of 1 to 8 years, some of which include options to terminate the leases within 1 year.

The Group has finance leases for warehouses and cars. The Group’s leases have remaining lease terms of 1 to 18 years, some of which include options to terminate the leases within 1 year.

The components of lease expense comprise of the operating lease cost, which is disclosed in the consolidated statements of cash flows, and the following costs:

    

2021

    

2022

    

2023

    

2023

RUB

RUB

RUB

 $

Total variable lease cost

2,067

1,139

119

1.3

Finance lease cost:

 

 

Amortization of right-of-use assets

 

977

1,893

3,240

 

36.1

Interest on lease liabilities

 

683

1,557

2,719

 

30.3

Total finance lease cost

 

1,660

3,450

5,959

 

66.4

Variable lease costs are mainly related to car leases for carsharing business and represent mileage-based payments.

Supplemental balance sheet information related to leases was as follows:

2022

    

2023

    

2023

RUB

RUB

 $

Operating leases

Operating lease right-of-use assets

28,646

35,522

396.1

Operating lease liabilities – current (Note 4)

10,963

9,797

109.2

Operating lease liabilities – non-current

17,609

25,556

284.9

Total operating lease liabilities

28,572

35,353

394.1

Finance lease liabilities – current (Note 4)

2,788

4,097

45.7

Finance lease liabilities – non-current

21,185

27,600

307.7

Total finance lease liabilities

23,973

31,697

353.4

Maturities of lease liabilities as of December 31, 2023 were as follows:

Operating leases

Finance leases

RUB

$

RUB

$

Year ended December 31,

2024

13,216

147.4

7,087

79.0

2025

11,876

132.4

9,289

103.6

2026

8,754

97.6

8,897

99.2

2027

4,536

50.5

6,498

72.5

2028

2,652

    

29.5

3,269

    

36.4

Thereafter

2,732

30.6

8,611

96.0

     Total lease payments

43,766

488.0

43,651

486.7

Less imputed interest

(8,413)

(93.9)

(11,954)

(133.3)

     Total

35,353

394.1

31,697

353.4

Information about weighted-average remaining lease term and weighted-average discount rate is presented below:

Weighted average remaining
lease term, years

Weighted average discount
rate, %

December 31, 2022

December 31, 2023

December 31, 2022

December 31, 2023

Operating leases

3.6

3.9

7.4%

11.0%

Finance leases

6.8

5.6

8.6%

10.1%

Sublease income is mainly represented by operating lease revenue.

As of December 31, 2023, the Group had additional operating leases that have not yet commenced of RUB 2,817 ($31.4). These operating leases will commence in accordance with lease terms of 5 to 10 years.

Group as Lessor

The Group leases cars through the Yandex Drive free-floating car-sharing service and other related services. These leases meet the criteria of ASC 842 Leases for classification as operating leases. The Group recognized operating lease revenue of RUB 11,873, RUB 10,172 and 10,601 RUB ($118.2) for the twelve months ended December 31, 2021, 2022 and 2023, respectively, presented within the revenues line in the consolidated statements of operations.

Investment in the finance lease consists of sales-type leases of cars and represents net unpaid rentals. The terms of the sales type leases are from 2 to 5 years, with the possibility of early redemption and secured by the leased assets.

The future minimum rental payments receivable for net investment in the lease as of December 31, 2023 were as follows:

December 31, 2023

RUB

$

Year ended December 31,

2024

5,253

58.6

2025

5,161

57.5

2026

3,547

39.5

2027

1,541

17.2

2028

163

    

1.9

     Total undiscounted rental payments

15,665

174.7

Less unearned interest

(3,314)

(37.0)

     Net investment in the lease

12,351

137.7