Staatsolie Annual Report 2017

Confidence in Our Own Abilities
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Staatsolie Maatschappij Suriname N.V.
Staatsolie Maatschappij Suriname N.V.
Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016
(continued) Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016
(continued)
Available-for-sale (AFS) financial investments
3.3 Income tax
AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale
The major are components those neither of classified income tax as for held-for-trading the year ended nor 2017 designated are as follows: at fair value through profit or loss.
After initial measurement, AFS financial investments are subsequently measured at fair value with
unrealized Consolidated gains statement or losses of recognized profit or loss as OCI until the investment is derecognized, at which time, the
cumulative x US$ 1,000gain or loss is recognized in other operating income 2017or expense, 2016 or the investment is
determined to be impaired, at which time, the cumulative loss is reclassified to the consolidated statement
Current income tax:
of profit or loss in finance costs and removed from the OCI. The Group evaluates its AFS financial assets
to Current determine tax expense whether the ability and intention to sell them in the near (25,726) term is still appropriate. (8,333)
Tax expense (income) relating to changes in accounting policies
(IFRS) and restatements and equity items (6,480) (9,539)
(ii) Financial liabilities
Recognition Deferred tax: and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
Income relating to origination and reversal of temporary differences
loss, loans and borrowings, payables, as appropriate. All financial liabilities (913) are recognized 19,481 initially at fair
value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
Income tax (expense)/credit reported in the consolidated
The statement Group’s of profit financial or loss liabilities include trade and other payables, (33,119) loans and borrowings 1,609 including bank
overdrafts.
A reconciliation between tax expense and the accounting profit / (loss) multiplied by Staatsolie’s domestic
Loans tax rate and is as borrowings follows.
This x US$ is 1,000 the category most relevant to the Group. After initial recognition, 2017interest bearing 2016 loans and
borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are
Accounting profit / (loss) before income tax 94,270 (9,206)
recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as
At Staatsolie's statutory tax rate of 32.4% for Staatsolie and 36%
through for the subsidiaries the EIR amortization process. Amortized cost is calculated by taking (33,119) into account any 1,609 discount or
premium Tax expense on acquisition (income) relating and fees to changes or costs in that accounting are an integral policies part of the EIR. The EIR amortization is
included
and corrections
in finance
of errors
costs in the consolidated statement of profit or loss. This category
-
generally
-
applies to
Effect of unrecognized credits - -
interest-bearing loans and borrowings.
Tax (expense)/credit at the effective income tax rate
reported m. in Inventories the consolidated statement of profit or loss (33,119) 1,609
Petroleum products are valued at the lower of cost and net realizable value.
Effective tax rate 35.1% 17.5%
Raw materials:
• Purchase cost is valued on weighted average method
Finished goods and work in progress:
• Cost of direct materials and labor and a proportion of manufacturing overheads based on normal
operating capacity but excluding borrowing costs
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