Statement of Financial Position

Total assets increased by EUR 3,414 mn to EUR 40,375 mn.

Intangible assets and property, plant and equipment were mainly impacted by the acquisition of a 50% stake of the issued share capital in SapuraOMV Upstream Sdn. Bhd., on which more details are provided in Note 3 – Changes in group structure – of the Consolidated Financial Statements. In addition to this, the first time adoption of IFRS 16 Leases standard lead to an increase of property, plant and equipment (see Note 2 – Accounting policies, judgements and estimates – of the Consolidated Financial Statements for further details). Equity-accounted investments increased by EUR 2,141 mn, mainly attributable to the acquisition of a 15% stake in the ADNOC Refining business (see Note 3 – Changes in group structure – of the Consolidated Financial Statements). Proportional net income from equity-accounted investments was largely balanced by distribution of dividends. Decreased derivatives position was the main factor for the decrease in other non-current assets, while it was partially offset by additional drawdowns under the financing agreements for the Nord Stream 2 pipeline project.

Current assets decreased by EUR 770 mn and amounted to EUR 11,248 mn as of December 31, 2019, mainly as a result of a decreased cash and cash equivalents position following the acquisitions. Assets held for sale increased by EUR 130 mn, mainly related to the reclassification to “held for sale” of a 69% interest in Maari field, located in New Zealand’s offshore Taranaki Basin and 40 marginal oil and gas fields in Romania.

Equity (including non-controlling interest) rose by 10% in comparison to 2018. The equity ratio remained unchanged to 2018 and stood at 42%. Non-current decommissioning and restoration obligations increased by EUR 199 mn, mainly resulting from the acquisition of SapuraOMV Upstream Sdn. Bhd. and reassessment effects.

Lease liabilities for previously unrecognized operating lease commitments were first recognized in 2019 due to the first time adoption of the new standard IFRS 16 Leases and amounted to EUR 706 mn (see Note 2 – Accounting policies, judgements and estimates – of the Consolidated Financial Statements for further details). Current and non-current bonds and other interest bearing debts increased by EUR 818 mn to EUR 6,570 mn, primarily related to the issuance of bonds in 2019 totaling EUR 1.3 bn, partially compensated by the repayment of a EUR 500 mn bond. Current- and non-current other liabilities decreased mainly due to a lower derivatives position and the reclassification of previous finance lease liabilities to lease liabilities upon the implementation of IFRS 16. Deferred tax liabilities increased to EUR 1,132 mn (2018: EUR 731 mn) mainly due to the acquisition of a 50% stake of the issued share capital in SapuraOMV Upstream Sdn. Bhd., for which more details are provided in Note 3 – Changes in group structure – of the Consolidated Financial Statements. Liabilities associated with assets held for sale increased by EUR 134 mn, mainly related to the reclassification to “held for sale” of a 69% interest in Maari field, located in New Zealand’s offshore Taranaki Basin and 40 marginal oil and gas fields in Romania.

Gearing ratio