annual_repport_staatsolie_2016_lr

Annual REPORT
Confidence in Our Own Abilities 65
III
Notes to staatsolie company balancesheet
The accounting principles used for the consolidated
financial statements are also applicable for the
financial statements of Staatsolie.
Stated below are the specific notes applicable
for the financial statements regarding the equity
investment and the shareholder’s equity in the
balance sheet.
Equity Investment
Equity investments are accounted for using the
equity method.
Majority Interest in Affiliated Companies
Ventrin Petroleum Company Limited is a wholly
owned subsidiary of Staatsolie and is domiciled
in the Republic of Trinidad and Tobago. In 2016,
Ventrin had a negative net asset value of US$
6,783,821 (2015: US$ (5,579,521)) and therefore
the participation was valued at nil. The net income
of Ventrin in 2016 amounted to US$ (1,204,300)
(2015: US$ (375,334)).
In 2016, POC has a negative net asset value of US$
3,977,241 (2015: US$ (3,973,993)) and therefore
the participation was valued at nil. The net loss of
POC in 2016 amounted to US$ (3,247) (2015: US$
(1,004,562)).
GOw2 Energy Suriname N.V. is a wholly owned
subsidiary of Staatsolie and is domiciled in
Suriname. The participation in GOw2 Energy
Suriname as at December 31, 2016 is valued at US$
32,504,597 (2015: US$ 29,834,669), including the
net income after tax of US$ 5,828,532 (2015: US$
3,872,590).
Staatsolie is the main shareholder of the Staatsolie
Power Company Suriname N.V. (SPCS) and the
national electricity company N.V. EBS holds one
share. In 2016, SPCS has a net asset value of US$
53,923,416 (2015: 46,403,942) . The net income of
SPCS in 2016 amounted to US$ 7,519,474 (2015:
US$ 12,390,552).
Paradise Oil Company N.V. (POC) is a wholly owned
subsidiary of Staatsolie and is domiciled in Suriname.
Overview of Equity investment as at December 31, 2016
Ventrin
POC
GOw2
Energy
SPCS
Suriname
Share capital 13,338,977 4,000 2,639 10,300,000
Retained earnings previous years (18,918,498) (3,977,994) 26,673,426 36,103,942
Net earning current year (1,204,300) (3,247) 5,828,532 7,519,474
Net asset value (6,783,821) (3,977,241) 32,504,597 53,923,416
Minority Interest
Staatsolie entered as limited partner with an interest
of 25% into Suriname Gold Project LLC (‘Surgold’).
Taken into account the structure and control of this
partnership, Staatsolie’s interest is accounted at
net equity value. Taken into account the structure
and control of this partnership, Staatsolie’s interest
is accounted at net equity value.
The participation amounted to US$ 305,655,621
as at 31 December 2016 (2015: US$ 224,900,757);
this includes the capitalized interest and
commitment fees of US$ 12,827,328 (2015: US$
7,528,669).
In addition a positive result from participating
interests of US$ 8,121,000 (2015: US$ (3,136,000)
was recorded.
Shareholder’s Equity
The difference between corporate and consolidated
shareholder’s equity is disclosed on page 38.