Staatsolie Annual Report 2017

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Confidence in Our Own Abilities 100 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 Page 62 Page 100
Annual Report 2017 101 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) Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated Consolidated statement of other comprehensive income selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to sell. x US$ 1,000 2017 2016 The cost of crude oil and refined products is the purchase cost, the cost of refining, including the Deferred tax related to items recognized in other appropriate proportion of depreciation, depletion and amortization and overheads based on normal comprehensive income during the year: operating capacity, determined on a weighted average basis. Net loss/gain on gains and losses from equity instruments (14) 1,009 The net realizable value of crude oil and refined products is based on the estimated selling price in the Net loss/gain on remeasurement gains and losses on defined ordinary benefit plans course of business, less the estimated costs of completion and the estimated (8,255) costs necessary 3,137 to make the sale. Income tax recognized in other comprehensive income (8,269) 4,146 Materials and supplies are valued using the weighted average cost method. Pipeline Reconciliation fill of deferred tax asset / (liability) Crude oil, which is necessary to bring a pipeline into working order, is treated as a part of the related x US$ 1,000 2017 2016 pipeline. This is on the basis that it is not held for sale or consumed in a production process, but is necessary Opening balance to the operation as of January of a facility 1 during more than one operating cycle, 16,497 and its cost cannot (6,928) be recouped Tax income/(expense) through sale (or during is significantly the period recognized impaired). This in profit applies or loss even if the (913) part of inventory 19,279 that is Tax (expense)/income during the period recognized in other deemed to be an item of property, plant and equipment cannot be separated physically from the rest of comprehensive income (8,269) 4,146 inventory. It is valued at cost and is depreciated over the useful life of the related asset. Closing n. balance Impairment as at of December non-financial 31 assets 7,315 16,497 The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If Deferred any indication income exists, tax at or December when annual 31 impairment relates to the testing following: for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating units (CGU) fair value less costs of disposal and Consolidated its value in use. statement It is determined of financial for an individual asset, unless the asset does not generate cash inflows that are largely position independent of those x US$ 1,000 2017 2016 from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable Deferred tax amount, assets the asset is considered impaired and is written down to its recoverable amount. In assessing Short-term value investments use, the estimated future cash flows are discounted to their (649) present value using (635) a pretax discount rate that reflects current market assessments of the time value of money and the risks Other property, plant and equipment (1,314) (647) Accruals and other liabilities - 638 specific Provisions to the asset. In determining fair value less costs of disposal, recent (1,528) market transactions (1,013) are taken into Employee account. defined If no such benefit transactions liabilities can be identified, an appropriate valuation 10,806 model is used. 18,154 Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss Deferred tax asset (net) related to income tax in those expense categories consistent with the function of the impaired 7,315 asset, except for a 16,497 property previously revalued where the revaluation was taken to OCI. In this case, the impairment is also recognized in OCI up to the amount of any previous revaluation. Page 63
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Contact Information Head Office Dr.
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Staatsolie Annual Report 2017

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