Staatsolie Annual Report 2017

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Annual Report 2017 121 Staatsolie Maatschappij Suriname N.V. Notes Notes to to the the Consolidated financial statements for for the the years ended December 31, 2017 and 2016 (continued) The Inventories plan asset are value stated of at the the Staatsolie lower of cost retiree and medical net realizable plan is value. provided Net by realizable the insurance value company is the estimated where the selling plan price assets in are the incorporated ordinary course in an of annuity business, insurance less estimated policy. The costs fair value of completion of plan assets and the is the estimated sum of the costs surrender to sell. value and the estimated excess interest, as shown below: The cost of crude oil and refined products is the purchase cost, the cost of refining, including the x US$ 1,000 2017 2016 January 1, 2016 appropriate proportion of depreciation, depletion and amortization and overheads based on normal Surrender value 6,621 6,276 5,951 operating Excess interest capacity, determined on a 81weighted 117 average basis. 98 Fair value of assets 6,702 6,393 6,049 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 Retiree medical plan others 2017 2016 make the sale. in US$ GOw2 SPCS Total GOw2 SPCS Total Defined benefit obligation as at Materials and supplies are valued (423,847) using the (221,957) weighted average (645,804) cost method. (783,047) (143,393) (926,440) January 1 Interest cost (47,968) (9,889) (57,857) (48,233) (6,453) (54,686) Pipeline fill Current service cost (36,750) (36,455) (73,205) (35,033) (22,009) (57,042) Crude Net benefit oil, which is necessary to bring a pipeline into working order, is treated as a part of the related (84,718) (46,344) (131,062) (83,266) (28,462) (111,728) expense(recognized in P&L) pipeline. This is on the basis that it is not held for sale or consumed in a production process, but is necessary Benefits paid to the operation of a facility 2,146 during - more than 2,146 one operating 1,082 cycle, and - its cost 1,082cannot be recouped through sale (or is significantly impaired). This applies even if the part of inventory that is Currency translation 4,222 2,211 6,433 361,390 - 361,390 deemed Experience to different be an than item assumed of property, 7,965 plant and (12,192) equipment (4,227) cannot be separated 26,509 physically (5,802) from 20,707the rest of Changes in assumptions 2,543 38,320 40,863 53,485 (44,300) 9,185 inventory. It is valued at cost and is depreciated over the useful life of the related asset. Sub total included in OCI 14,730 28,339 43,069 441,384 (50,102) 391,282 Defined benefit obligation as at n. Impairment of non-financial (491,689) assets (239,962) (731,651) (423,847) (221,957) (645,804) December 31 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 63
Confidence in Our Own Abilities 122 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 Funeral grant benefits 2017 2016 AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale Defined benefit are those obligation neither as classified at as held-for-trading nor designated at fair value through profit or loss. in US$ Staatsolie SPCS Total Staatsolie SPCS Total (832,772) (6,620) (839,392) (763,419) (5,291) (768,710) January 1 After initial measurement, AFS financial investments are subsequently measured at fair value with unrealized Interest cost gains or losses recognized (37,360) as OCI until (298) the investment (37,658) is derecognized, (34,247) (238) at which (34,485) time, the cumulative Current service gain cost or loss is recognized (41,047) in other (1,090) operating (42,137) income or (37,845) expense, or (796) the investment (38,641) is Net benefit expense(recognized in determined to be impaired, at which time, (78,407) the cumulative (1,388) loss (79,795) is reclassified (72,092) to the consolidated (1,034) (73,126) P&L) statement of profit or loss in finance costs and removed from the OCI. The Group evaluates its AFS financial assets Benefits paid 879 - 879 - - - to determine whether the ability and intention to sell them in the near term is still appropriate. Experience different than assumed (10,031) (364) (10,395) (12,009) (209) (12,218) Changes in assumptions 26,806 244 27,050 14,748 (86) 14,662 (ii) Financial liabilities Sub total included in OCI 16,775 (120) 16,655 2,739 (295) 2,444 Recognition and measurement Defined benefit obligation as at (893,525) (8,128) (901,653) (832,772) (6,620) (839,392) Financial December liabilities 31 are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank Pension gratuity benefits 2017 2016 overdrafts. x US$1 Staatsolie SPCS Total Staatsolie SPCS Total Defined benefit obligation as at (2,734,095) (15,041) (2,749,136) (2,522,391) (11,797) (2,534,188) January 1 Loans and borrowings This Interest is cost the category most relevant (120,970) to the Group. (677) After (121,647) initial recognition, (111,073) interest bearing (531) loans (111,604) and Current service cost (161,902) (2,140) (164,042) (143,977) (1,717) (145,694) borrowings Net benefit are subsequently measured at amortized cost using the EIR method. Gains and losses are (282,872) (2,817) (285,689) (255,050) (2,248) (257,298) recognized expense(recognized in the consolidated in P&L) statement of profit or loss when the liabilities are derecognized as well as through Benefits paid the EIR amortization process. 75,927 Amortized -cost is calculated 75,927 by taking 68,055 into account - any discount 68,055or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization - is Experience different than assumed (23,558) (83) (23,641) 40,434 (227) 40,207 included Changes in in assumptions finance costs in the consolidated - statement - of profit - or loss. This (65,143) category generally (769) applies (65,912) to interest-bearing Sub total included loans in OCI and borrowings. (23,558) (83) (23,641) (24,709) (996) (25,705) Defined benefit obligation as at (2,964,598) (17,941) (2,982,539) (2,734,095) (15,041) (2,749,136) December m. 31 Inventories Petroleum products are valued at the lower of cost and net realizable value. 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
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Staatsolie Annual Report 2017

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