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Saudi Aramco 2019 Results: Full Financials

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Saudi Aramco 2019 Results: Full Financials this is energy this is aramco consolidated financial statements for the year ended December 31, 2019 1 Independent auditor’s report to the shareholders of Saudi Arabian Oil Company Report on the audit of the consolidated financial statements Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Saudi Arabian Oil Company (the “Company”) and its subsidiaries (together the “Group”) as at December 31, 2019, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards, that are endorsed in the Kingdom of Saudi Arabia, and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA). What we have audited The Group’s consolidated financial statements comprise: • the consolidated statement of income for the year ended December 31, 2019; • the consolidated statement of comprehensive income for the year ended December 31, 2019; • the consolidated balance sheet as at December 31, 2019; • the consolidated statement of changes in equity for the year ended December 31, 2019; • the consolidated statement of cash flows for the year ended December 31, 2019; and • the notes to the consolidated financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the code of professional conduct and ethics, endorsed in the Kingdom of Saudi Arabia, that are relevant to our audit of the consolidated financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. PricewaterhouseCoopers, License No. 25, Saudi Aramco, P.O. Box 1659, Dhahran 31311, Kingdom of Saudi Arabia T: +966 (13) 873-6800, F: +966 (13) 873-8883, www.pwc.com/middle-east 2 Independent auditor’s report to the shareholders of audi raian il opany (continued) ur audit approach Overview • e etermne overal Group materaity tain into acount the proit- orente nature o the Group. • Base on nome beore income taes o AR 666.7 billion we etermine our overal Group materiaity at AR 26.3 billon. Materiality • ur uantitative threshold or reportin misstatements to those hared wth overnane as set at SAR .0 billion. Base on ther sie omplety an rsk: • e consere the Company’s standalone operations and three other Group components ocate n the Kindom o Saudi raia the Unte tates o scoping Amerca an the epublic o Korea as snificant to the Group audit an • e aso determne a number o other components to e in sope or the Group audit, in respet o hich appropriate audit proeures ere perorme. Key audit matters ur ey audit matters omprse the olowin: • Carryin vaues o property, plant an equipment an inestments in ont ventures an associates and • opton of RS 6, Leases. As part o esnin our audit, e etermne materality an assesse the rsks o matera msstatement in the onsolidate nania statements In particular, e onsere here the Boar o iretors mae subective uments or eample in respet o signficant acountin estimates that nolve making assumptions an onsidern uture eents that are inherently unertain s in al o our audits e aso adresse the rsk o manaement override o nterna ontros nludin amon other matters, conseration o hether there as evidene o ias that represente a rsk o matera msstatement ue to raud. Materiality The scope of our audit as inuene y our application o materaity. An audit s desine to obtan reasonale assurane whether the onsolidate finania statements are ree from materia msstatement. Misstatements may arise ue to raud or error They are consere matera f, nividualy or n areate they could reasonaly be epete to inuene the eonom desions o users taen on the asis o the consolidate nania statements Base on our proessional ument e etermined ertain quantitative thresholds or materaity, inludin the overal Group materaity or the consolidate nania statements as a whole as set out in the tale beow. These, toether th uaitative considerations heped us to etermne the sope o our audit an the nature timn an etent o our audit proeures an to evauate the eet o msstatements, oth inividualy an n aggreate, on the onsolidate finania statements as a hole. 2 3 Independent auditor’s report to the shareholders of audi raian il opany (continued) Overall Group SA 26.3 billion (2018: AR 7.5 illion) materiality How we Approimately (2018 o inome eore inome taes determined it Rationale for • Inome beore inome taes is an important enhmark or the Group’s the materiality staeholders and is enerally acepted benhmar or proit-oriented groups. benchmark • e redced our enhmark perentae to alin ith the change in the Group’s applied proile iven the initial public oerin in the urrent year e areed ith those chared ith oernane that e old report to them misstatements identiied durin our adit aove AR .0 billion. How we tailored our Group audit scope e tailored the sope o our adit in order to perorm sicient ork to enale s to proide an opinion on the onsolidated finanial statements as a hole, takin into acount the strcture o the rop, the acountin proesses and ontrols and the industry in hich the rop operates The Group’s operations are onducted throh many omponents in seeral parts o the orld. The most siniicant omponent ithin the rop is the Company itsel and most of the adit eort as spent y the rop enaement team based on a full-time basis in hahran indom o adi raia The rop enaement team tested IT eneral ontrols application and manal ontrols over systems and proesses related to the Company’s finanial inormation spplemented y tests o detail Certain adit proedures ere carried out entrally by the rop enaement team assisted y or internal acountin, valuations, pensions ta and T eperts and speialists The rop enaement team also oordinated the rop adit aross dierent locations and perormed adit proedures on the onsolidation worins and dislosres. e identiied three rther siniicant omponents located in the Kindom o Sadi raia the United States o merica and the epublic o orea, here a full sope adit on the respetive components’ inanial inormation as perormed under our instructions emers o the Grop enaement team perormed the full sope adit o the sinificant omponent located in the Kindom o adi raia Component teams in the United tates o merica and the Republic o orea perormed full sope adits at those locations e also reuested other teams to perorm adit proedures on several other components. This as ased on ualitative and quantitative considerations inludin whether the component acounted or a sinificant proportion o individual consolidated inanial statement line items or represented a reent business omination These omponents ere located in the indom o Sadi Araia ernsey Bermda and the etherlands. The Group engagement team’s involvement in the adit or perormed y component teams considered the relative sinificane and ompleity of the individual omponent. This included allocatin overall materiality to the dierent omponents sendin ormal instrtions obtainin regular updates on proress and reslts o proedures as ell as revie o deliverales and the nderlyin ork papers Key audit matters Key adit matters are those matters that, in our proessional dgment, ere o most sinificane in our adit o the onsolidated inanial statements o the current period. hese matters ere addressed in the contet o our adit of the consolidated inanial statements as a hole and in ormin our opinion thereon and e do not proide a separate opinion on these matters 3 4 Independent auditor’s report to the shareholders of audi raian il opany (continued) Key audit matter How our audit addressed the key audit matter Carrying values of property, plant and equipment and investments in joint ventures and associates anagement perorms a formal assessment at We assessed the reasonableness of management’s each reporting period-en to consier hether consierations relating to impairment triggers there is any inication that items o property consiering our knolege o internal an eternal plant an euipment or investments in oint actors ventures an associates may e impaired. ith input rom our internal valuation eperts, e hen such triggers are identiie, valuation perorme the olloing proceures on management’s moels are prepare to determine recoverale valuation moels, as appropriate amounts or the relevant Cash Generating Units (“CGUs”). ase on these moels, management • Consiere the appropriateness o the assets an ensures that assets are not carried at more than liailities allocate to CGs; their recoverale amounts • Compare a sample o orecast prices to market data points; A numer o valuation moels ere prepare y • Consiere the consistency o certain unoservale management as part o their 2019 impairment inputs such as epecte prouct volumes an consierations. These represente value-in-use uture operating an evelopment costs with calculations base on discounte cash lows. approve business plans; The ey estimates an assumptions unerlying • valuate the reasonaleness o approve business these moels inclued: plans y comparison to historical results; • Assesse the reasonaleness o the approach an • Forecast prices; inputs use to etermine terminal values; • pecte prouct volumes; • valuate the reasonaleness o discount rates by • uture operating an evelopment costs; cross-checing the unerlying assumptions against • Terminal values an observale market ata and • Discount rates.
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