Staatsolie Annual Report 2017

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Annual Report 2017 117 Staatsolie Maatschappij Suriname N.V. Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016 (continued) Inventories The participants are stated and Staatsolie at the lower contribute of cost to and the net financing realizable of this value. plan. Net The realizable participants value contribute is the estimated a set selling percentage price of in their salary. ordinary Other course costs of of business, the plan are less fully estimated borne by costs Staatsolie. of completion and the estimated costs to sell. The plan asset value for this insured executive pension plan consist of the insurance policy covering The participants. cost of As crude the oil insurance and refined policy products exactly is matches the purchase the amount cost, and the timing cost of of refining, the accrued including pension the appropriate entitlements proportion of the participants, of depreciation, the fair value depletion of the and insurance amortization policy has and been overheads set at the based present on value normal of operating the related capacity, obligations determined excluding on any a weighted effects of average future salary basis. increases. The net realizable value of crude oil and refined products is based on the estimated selling price in the x US$ 1,000 2017 2016 January 1, 2016 ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make Fair value the sale. of assets 3,947 2,818 2,520 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 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. 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 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 from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss in those expense categories consistent with the function of the impaired asset, except for a 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 117 63
Annual Report 2017 118 Staatsolie Maatschappij Suriname N.V. Staatsolie Notes to the Maatschappij Consolidated Suriname financial N.V. statements for the years ended December 31, 2017 and 2016 Notes (continued) to the Consolidated financial statements for the years ended December 31, 2017 and 2016 (continued) Executive pension plan Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated 2017 changes in the defined benefit obligation and fair value of the plan assets. selling price in the ordinary course of business, less estimated costs of completion and the estimated Pension cost charged to profit or Remeasurement gains/(losses) in other comprehensive income loss costs to sell. Return on plan The cost of crude oil and refined products is the purchase assets cost, changes the cost changes Sub-total of refining, including Sub total the Service Net Interest Benefits (excluding arising from arising from Experience x US$ 1,000 1.1.2017 included in included in appropriate proportion cost of depreciation, expense depletion paid profit or loss and amounts amortization changes and in changes overheads in adjustments based on OCI normal included in demographic financial operating capacity, determined on a weighted average basis. net interest assumptions assumptions Defined benefit expense) Actuarial The obligation net realizable value of crude oil and refined products is based on the estimated selling price in the ordinary Fair value of plan course of business, less the estimated costs of completion and the estimated costs necessary to assets make the sale. Materials and supplies are valued using the weighted average cost method. Actuarial Pipeline fill Sub-total Sub total Service Net Interest Benefits Experience 1.1.2016 included in included in cost expense paid amounts changes in changes in adjustments Crude oil, which is necessary to bring profit a or pipeline loss into working order, is treated as a part of the OCI included in demographic financial related net interest assumptions assumptions pipeline. This is on the basis that it is not held for sale expense) or consumed in a production process, but is Defined benefit necessary obligation 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 Fair value of plan assets 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. Contribution by employer Contribution by employee 31.12.2017 (4,015) (254) (181) (435) - - - (220) 77 (143) - (4,593) 2,818 - 155 155 - (282) (282) 1,224 32 3,947 Benefit liability (1,197) (254) (26) (280) - (282) - (220) 77 (425) 1,224 32 (646) 2016 changes in the defined benefit obligation and fair value of the plan assets. Return on plan assets (excluding Actuarial changes arising from Actuarial changes arising from Contribution by employer Contribution by employee 31.12.2016 (3,146) (769) (142) (911) - - (58) 100 42 - (4,015) 2,518 117 117 22 - - - 22 131 30 2,818 Benefit liability (628) (769) (25) (794) - 22 - (58) 100 64 131 30 (1,197) 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 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
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Staatsolie Annual Report 2017

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