Staatsolie Annual Report 2017

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Confidence in Our Own Abilities 102 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 Page 62 Page 102
Annual Report 2017 103 Staatsolie Maatschappij Suriname N.V. Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016 (continued) Staatsolie Maatschappij Suriname N.V. Inventories Notes the are Consolidated stated at financial the lower statements of cost and for the net years realizable ended value. December Net 31, realizable 2017 and value 2016 is (continued) the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated Section 4. Invested capital costs to sell. The 4.1 cost Oil, of exploration crude oil and refined and producing products is properties the purchase cost, the cost of refining, including the appropriate proportion of depreciation, depletion and amortization and overheads based on normal operating capacity, determined Land on & Lease a weighted Building and average Machine basis. & Abandonment Well & Exploration & xUS$ 1,000 hold improvement Structure Equipment Costs Equipment Pipelines Evaluation Grand Total Cost At January 1, 2016 7,357 20,359 50,800 73,668 607,298 11,264 4,320 526 78,599 79,258 933,449 Additions - 2 23 - 65 - 3 - 39,219 142 39,454 Adjustments * - - - (31,415) - - - - 7 - (31,408) Capitalized from PIP to PPE current Year 1,919 46 1,940 - 52,481 - 6 6 (57,231) (2,049) (2,882) The net realizable value of crude oil and refined products is based on the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Materials and supplies are valued using the weighted average cost method. Pipeline fill Crude oil, which is necessary to bring a pipeline into working order, is treated as a part of the related pipeline. This is on the basis that it is not held for sale or consumed in a production process, but is Depreciation necessary to the operation of a facility during more than one operating cycle, and its cost cannot be recouped through sale (or is significantly impaired). This applies even if the part of inventory that is deemed to be an item of property, plant and equipment cannot be separated physically from the rest of inventory. It is valued at cost and is depreciated over the useful life of the related asset. Net book value: n. Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates * Adjustments to abandonment cost relates to changes in the decommissioning provision 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 its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those Other Fixed Assets Production Projects in Progress Exploration Projects in Progress Disposals /Desinvestment current year - - (32) - (15) - (13) (1) - - (61) Internal transfers - - - - - - (4) - - - (4) Expense to P&L - - - - - - - - (1,105) (4,461) (5,566) At December 31, 2016 9,276 20,407 52,731 42,253 659,829 11,264 4,312 531 59,489 72,890 932,982 Additions - 6 316 - - - 92 89 109,933 1,013 111,449 Adjustments * - - - (2,383) - - (98) - - - (2,481) Capitalized from PIP to PPE current Year - 1,053 (157) 37,237 87,286 - 7 - (124,984) - 442 Disposals /Desinvestment current year - - - - (36) - (2) - - - (38) Internal transfers - - (122) - (5) - - - - - (127) Expense to P&L - - - - - - - - (1,157) (1,613) (2,770) At December 31, 2017 9,276 21,466 52,768 77,107 747,074 11,264 4,311 620 43,281 72,290 1,039,457 At January 1, 2016 - (16,241) (43,383) (36,548) (338,917) (11,264) (3,822) (514) - - (450,689) Depreciation current year - (765) (3,871) (3,973) (29,150) - (247) (11) - - (38,017) Depreciation disinvestment current year - - 32 - 9 - 13 1 - - 55 Internal transfers - - - - - - 4 - - - 4 At December 31, 2016 - (17,006) (47,222) (40,521) (368,058) (11,264) (4,052) (524) - - (488,647) Depreciation current year - (703) (2,197) (170) (35,163) - (185) (17) - - (38,435) Depreciation disinvestment current year - - - - 19 - 2 - - - 21 Internal transfers - - 121 - 3 - - - - - 124 At December 31, 2017 - (17,709) (49,298) (40,691) (403,199) (11,264) (4,235) (541) - - (526,937) At January 1, 2016 7,357 4,118 7,417 37,120 268,381 - 498 12 78,599 79,258 482,760 At December 31, 2016 9,276 3,401 5,509 1,732 291,771 - 260 7 59,489 72,890 444,335 At December 31, 2017 9,276 3,757 3,470 36,416 343,875 - 76 79 43,281 72,290 512,520
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