Net debt

6 Months Ended

Jun. 30, 2020

Subclassifications of assets, liabilities and equities [abstract]

Net debt and net debt including leases

Net debt

Net debt*	Second		Second		First		First
	quarter		quarter		half		half		Year
$ million	2020		2019		2020		2019		2019
Finance debt(a)(b)	76,003		67,553		76,003		67,553		67,724
Fair value (asset) liability of hedges related to finance debt(c)	(430	)	(378	)	(430	)	(378	)	190
	75,573		67,175		75,573		67,175		67,914
Less: cash and cash equivalents(b)	34,653		20,674		34,653		20,674		22,472
Net debt	40,920		46,501		40,920		46,501		45,442
Total equity(d)	82,811		103,623		82,811		103,623		100,708
Gearing*	33.1%		31.0%		33.1	%	31.0	%	31.1	%

(a) The fair value of finance debt at 30 June 2020 was $77,990 million (31 December 2019 $69,376 million).

(b) Second quarter and first half 2020 includes $436 million of cash and $24 million of finance debt included in assets and liabilities held for sale in the group balance sheet.

(c) Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $554 million (second quarter2019 liability of $563 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.

(c) Total equity in the second quarter and first half 2020 includes $11.9 billion related to perpetual hybrid bonds issued on 17 June 2020. See Note 1 for further information.