Right-of-use Assets

As of December 31, 2021, the Company leases buildings and cars. The movement of the right-of-use assets during the year 2021 is summarized as follows:

2021

Buildings

Other fixed assets

Total

Book value at 1 January

52

1

52

Additions

9

1

10

Disposals

(1)

0

(1)

Depreciation

(12)

(1)

(12)

Impairment

(0)

-

(0)

Foreign currency variations

(3)

(0)

(3)

Other movements

(1)

-

(1)

Total movements

(8)

0

(8)

Cost

86

2

88

Accumulated depreciation and impairment

(42)

(1)

(43)

Book value at 31 December

44

1

45

2020

Buildings

Vessels and floating equipment

Other fixed assets

Total

Book value at 1 January

59

55

1

115

Additions

11

-

1

12

Depreciation

(14)

(4)

(1)

(19)

(Impairment)/impairment reversal

(6)

(51)

-

(57)

Foreign currency variations

2

-

0

2

Other movements

0

-

(1)

(1)

Total movements

(7)

(55)

(1)

(63)

Cost

93

20

3

116

Accumulated depreciation and impairment

(41)

(20)

(2)

(64)

Book value at 31 December

52

-

1

52

During the year 2021, the main movements regarding right-of-use assets related to US$12 million of depreciation charges.

Office leases

Significant contracts under buildings relate to the lease of offices. The remaining contract periods of the Company’s office rentals vary between one to ten years and most of the contracts include extension options between three to five years. The extension options have been taken into account in the measurement of lease liabilities when the Company is reasonably certain to exercise these options. The lease agreements do not impose any covenants.