annual_repport_staatsolie_2016_lr

Annual REPORT
Confidence in Our Own Abilities
66
IX Other information
1 Distribution of Earnings
Articles of Association
Distribution of earnings takes place in accordance
with Article 28 of the articles of association,
which stipulates that net earnings reflected in the
balance sheet and income statement, adopted
by the Annual General Meeting, is placed at the
disposal of the General Meeting of Shareholders.
2016 Distribution of Consolidated Earnings
In 2016, a consolidated net profit of US$ 5.2
million was realized. Management proposed no
cash dividend, no profit sharing for management
and personnel, a reserve for environmental risk
and the remaining balance to be added to the
general reserve.
2 Adoption of Financial Statements of
the Preceding Fiscal Year
The 2015 Financial Statements were adopted at
the General Meeting of Shareholders held on June
08, 2016 and included Management’s proposal
for the appropriation of the 2015 profit. A cash
dividend of 50% amounting to US$ 7.3 million was
paid.
3 Subsequent Events after Balance
Sheet Date
• On February 16, 2017 SPCS paid an amount of
US$ 6.7 million to Credit Suisse. This amount
consists of US$ 5.0 million loan principal
repayment and an interest payment of US$ 1.7
million. On this day the Debt Service Reserve
Account of SPCS was also funded. This amount
consists of US$ 5.0 million.
• On February 20, 2017 SPCS Engine #7 suffered
a major breakdown. Failure of the Engine’s
crankshaft was determined. The genset is
expected to be out of service until the end of
August 2017. As a result a total production
potential of about 54,000MWh will not be
available, corresponding with a projected loss
of revenue of about US$ 7.29 million. The costs
to restore the engine are estimated at US$ 2.6
million. The deductible for the SPCS machinery
breakdown insurance is US$ 0.5 million per
occurrence.
• On April 18, 2017 SPCS Engine #3 suffered
a major breakdown. Damage to the engine
wascaused by broken connecting rods. The
genset is expected to be out of service until
the end of 2017. As a result a total production
potential of about 39,000MWh will not be
available, corresponding with a projected loss
of revenue of about US$ 5.27 million. The costs
to restore the engine are not known at this
time, but could be well over US$ 1 million. The
deductible for the SPCS machinery breakdown
insurance is US$ 0.5 million per occurrence.
As of the date of these financial statements, the
following subsequent events were determined for
reporting purposes:
• On February 16, 2017 Staatsolie N.V. paid an
amount of US$ 14.6 million to Credit Suisse.
This amount consists of US$ 10.0 million loan
principal repayment and an interest payment
of US$ 4.6 million.