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
Tax losses carry forward
AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale
are those neither classified as held-for-trading nor designated at fair value through profit or loss.
Ventrin is subject to the fiscal regime of Trinidad and Tobago, and has accumulated tax losses of
approximately US$ 16,453 as at December 31, 2017, (2016: US$ 15,254) available for offset against
After initial measurement, AFS financial investments are subsequently measured at fair value with
future taxable profits. These losses have no expiry date. As at year end, no deferred tax asset was
unrealized gains or losses recognized as OCI until the investment is derecognized, at which time, the
recognized for these tax losses as it is not probable that sufficient future taxable profit will be available to
cumulative gain or loss is recognized in other operating income or expense, or the investment is
allow the deferred tax asset to be utilized.
determined to be impaired, at which time, the cumulative loss is reclassified to the consolidated statement
of profit or loss in finance costs and removed from the OCI. The Group evaluates its AFS financial assets
3.4 Earnings per share
to determine whether the ability and intention to sell them in the near term is still appropriate.
Basic earnings (loss) per share is calculated by dividing the net profit for the year attributable to ordinary
shareholders of the Group by the weighted average number of ordinary shares outstanding during the
(ii) Financial liabilities
year.
Recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair 2017 value through profit 2016or
Net profit (loss) attributable to ordinary shareholders (US$'000) 61,151 (7,597)
loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognized initially at fair
Weighted average number of ordinary shares (number of shares - million) 5,000 5,000
value Basic and, earnings the (loss) case per of ordinary loans and share borrowings (US$ cents and per payables, thousand net shares) of directly attributable 12.23 transaction (1.52) costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts. There have been no other transactions involving ordinary shares or potential ordinary shares between the
reporting date and the date of authorization of these consolidated financial statements.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest bearing loans and
3.5 Dividends paid and proposed
borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are
recognized x US$1,000 in the consolidated statement of profit or loss when the liabilities are derecognized 2017 as well 2016 as
through the EIR amortization process. Amortized cost is calculated by taking into account any discount or
Declared and paid during the year:
premium Cash dividends on acquisition ordinary and shares: fees or costs that are an integral part of the EIR. The EIR amortization is
included Final dividend in finance for 2016 : costs US$ 0.0 in per the share consolidated (2015: US$ statement 1.45) of profit or loss. This category - generally applies 7,228to
Interim dividend for 2017: US$ 0.0 per share (2016: US$ 0.0 per share) - -
interest-bearing loans and borrowings.
- 7,228
Proposed m. for Inventories
approval at the annual general meeting:
Note: below dividends have been recognized in the Financial
Petroleum statements products in line with are the valued dividend at policy the lower with the of cost shareholders and net realizable value.
Dividends on ordinary shares:
Raw materials:
Final (proposed) dividend for 2017: US$ 0.0 per share (2016:US$ 0.0 per share) - -
• Purchase cost is valued on weighted average method
Finished Final dividends goods on and ordinary work in shares progress: are subject to approval at the annual general shareholders’ meeting.
• 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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