Staatsolie Annual Report 2017

Annual Report 2017 120
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
Notes (continued) to the Consolidated financial statements for the years ended December 31, 2017 and 2016 (continued)
Retiree medical plan Staatsolie
Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated
selling 2017 changes price in the in defined the ordinary benefit obligation course and of fair business, value of the plan less assets. estimated costs of completion and the estimated
Pension cost charged to profit or
costs to sell.
loss
Return on
plan
The cost of crude oil and refined products is the purchase cost, the cost of refining, including the
assets changes
Sub-total
Change in
Service Net Interest
Benefits (excluding arising from Experience
appropriate x US$ 1,000 proportion 1.1.2017 of depreciation, depletion included in and amortization and overheads based exchange on normal
cost expense
paid amounts
adjustments
profit or loss
rate
operating capacity, determined on a weighted average basis. included in
net interest
expense)
The Defined net benefit realizable value of crude oil and refined products is based on the estimated selling price in the
obligation
ordinary course of business, less the estimated costs of completion and the estimated costs necessary to
make
Fair value
the
of plan
sale.
Materials and supplies are valued using the weighted average cost method.
Actuarial
changes in
financial
assumptions
Pipeline fill
Actuarial
Crude oil, which is necessary to bring a pipeline into working assets order, is changes
Sub-total
treated as a part of
Change
the related
in
Service Net Interest
Benefits (excluding arising from Experience
1.1.2016
included in
exchange
pipeline. This is on the basis cost that expense it is not held for sale paid or amounts consumed changes in a in production adjustmentsprocess, but is
profit or loss
rate
included in financial
necessary to the operation of a facility during more than one net interest operating assumptions cycle, and its cost cannot be
expense)
recouped
Defined benefit
through sale (or is significantly impaired). This applies even if the part of inventory that is
obligation
deemed to be an item of property, plant and equipment cannot be separated physically from the rest of
inventory.
Fair value of plan
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
Sub total
included in
OCI
Contribution by
employer
31.12.2017
(21,834) (1,249) (975) (2,224) 122 - 3,338 152 240 3,730 - (20,206)
assets
6,393 - 291 291 (116) (89) - - - (89) 221 6,700
Benefit liability (15,441) (1,249) (684) (1,933) 6 (89) 3,338 152 240 3,641 221 (13,506)
2016 changes in the defined benefit obligation and fair value of the plan assets.
Remeasurement gains/(losses) in other comprehensive income
Return on
plan
Sub total
included in
OCI
Contribution by
employer
31.12.2016
(16,165) (907) (722) (1,629) 112 - (3,765) (387) - (4,152) - (21,834)
assets
6,049 - 275 275 (103) (59) - - - (59) 231 6,393
Benefit liability (10,116) (907) (447) (1,354) 9 (59) (3,765) (387) - (4,211) 231 (15,441)