Right-of-use Assets
As of December 31, 2025, the Company leases buildings and cars. The movement of the right-of-use assets during the year 2025 is summarized as follows:
2025
Buildings | Other fixed assets | Total | |
|---|---|---|---|
Book value at 1 January | 80 | 2 | 82 |
Additions | 24 | 1 | 25 |
Disposals | (0) | (0) | (0) |
Depreciation | (16) | (1) | (17) |
(Impairment)/impairment reversal | - | - | - |
Foreign currency variations | 8 | 0 | 8 |
Other movements | 0 | 0 | 0 |
Total movements | 17 | (0) | 16 |
Cost | 139 | 5 | 144 |
Accumulated depreciation and impairment | (43) | (3) | (46) |
Book value at 31 December | 96 | 2 | 98 |
2024
Buildings | Other fixed assets | Total | |
|---|---|---|---|
Book value at 1 January | 75 | 2 | 77 |
Additions | 32 | 1 | 33 |
Disposals | (7) | - | (7) |
Depreciation | (15) | (1) | (16) |
(Impairment)/impairment reversal | - | - | - |
Foreign currency variations | (5) | (0) | (5) |
Other movements | (1) | (0) | (1) |
Total movements | 4 | 1 | 6 |
Cost | 116 | 5 | 121 |
Accumulated depreciation and impairment | (36) | (3) | (39) |
Book value at 31 December | 80 | 2 | 82 |
During the year 2025, the main movements regarding right-of-use assets relate to US$25 million of capitalization of lease extensions and new lease office contracts, mainly arising from the new lease agreement for office spaces in India beginning in September 2025 and new apartment lease agreements in Guyana, partially offset by US$17 million of depreciation charges. Additions to right-of-use assets led to a similar increase in lease liabilities (refer to note 4.3.23 Borrowings and Lease Liabilities).
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 and fourteen years and most of the contracts include extension options between three and twelve years. The extension options have been considered in the measurement of lease liabilities when the Company is reasonably certain to exercise these options. The lease agreements do not impose any covenants.