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Implementation of IFRS 16 Leases (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of implemenation of IFRS Leases [abstract]

Impact of IFRS 16 on the Consolidated balance sheet

	At 31 December		IFRS 16	At 1 January
(in USD million)	2018		Adjustments	2019
Property, plant and equipment	65,262		3,992	69,254
Prepayments and financial receivables	1,033		52	1,085
Total non-current assets			4,044
Trade and other receivables	8,998		45	9,043
Total current assets			45
Total assets			4,089
Non-current finance debt	23,264		3,159	26,423
Provisions	15,952		(105)	15,847
Total non-current liabilities			3,054
Trade and other payables and provisions	8,369		(34)	8,335
Current finance debt	2,463		1,069	3,532
Total current liabilities			1,035
Total liabilities			4,089

	At 31 December 2019
(in USD million)	IFRS as reported (IFRS 16)	IAS 17	Difference
Total non-current assets	93,285	89,546	3,738
Total current assets	24,778	24,750	29
Total assets	118,063	114,296	3,767
Total equity	41,159	41,235	(76)
Total non-current liabilities	57,346	54,565	2,781
Total current liabilities	19,557	18,496	1,061
Total equity and liabilities	118,063	114,296	3,767

Maturity profile, based on undiscounted cash flows lease liabilities explanatory

(in USD million)	2019	2020-2021	2022-2023	2024-2028	After 2028	Total
Lease payments	1,133	1,655	921	1,086	472	5,267

Impact of IFRS 16 on the Consolidated statement of income

	Full year 2019
(in USD million)	IFRS as reported (IFRS 16)	IAS 17	Difference
Total revenues and other income	64,357	64,127	230
Purchases [net of inventory variation]	(29,532)	(29,532)	0
Operating expenses	(9,660)	(10,179)	519
Selling, general and administrative expenses	(809)	(825)	16
Depreciation, amortisation and net impairment losses	(13,204)	(12,476)	(728)
Exploration expenses	(1,854)	(1,854)	(0)
Net operating income/(loss)	9,299	9,261	38
Net financial items	(7)	87	(94)
Income/(loss) before tax	9,292	9,348	(56)
Income tax	(7,441)	(7,421)	(20)
Net income/(loss)	1,851	1,927	(76)

Impact of IFRS 16 on the Consolidated Cash Flows

	Full year 2019
(in USD million)	IFRS as reported (IFRS 16)	IAS 17	Difference
Cash flows provided by operating activities	13,749	13,062	687
Cash flows used in investing activities	(10,594)	(11,003)	409
Cash flows provided by/(used in) financing activities	(5,496)	(4,400)	(1,096)
Net increase/(decrease) in cash and cash equivalents	(2,341)	(2,341)	0

Commitments related to operating leases

	Operating leases
(in USD million)	Rigs	Vessels	Land and buildings	Storage	Other	Total
2019	998	662	143	83	113	2,001
2020	523	599	141	60	84	1,406
2021	349	534	140	41	50	1,114
2022	372	384	136	40	28	960
2023	280	316	198	25	13	832
2024-2028	75	789	544	68	50	1,527
2029-2033	-	131	223	6	17	376
Thereafter	-	-	32	-	7	39
Total future minimum lease payments	2,597	3,414	1,558	322	363	8,253

Reconciliation of IFRS 16 lease liabilities to IAS 17 operating lease commitments

(in USD million)
Operating lease commitments (IAS 17) at 31 December 2018	8,253
Short term leases and leases expiring during 2019	(666)
Non-lease components	(1,469)
Commitments related to leases not yet commenced	(2,116)
Leases reported gross vs net	711
Effect of discounting	(485)
Finance leases (IAS 17) included in the balance sheet at 31 December 2018	432
Lease liability reported under IFRS 16 at 1 January 2019	4,660

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The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2019-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C
-URIDate 2019-03-27

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