Staatsolie Annual Report 2017

Confidence in Our Own Abilities
130
Staatsolie Maatschappij Suriname N.V.
Notes to to the the Consolidated financial statements for the years ended December 31, 2017 and 2016
(continued)
Available-for-sale Supplementary provision (AFS) financial board members investments plan
AFS The effect financial of a investments 1 percentage include point change equity and in the debt assumed securities. discount Equity rate investments and assumed classified salary increase availablefor-sale
the defined are benefit those neither obligation classified are: as held-for-trading nor designated at fair value through profit or loss.
on
After Assumptions initial measurement, Discount AFS ratefinancial investments Future salary are increases subsequently measured at fair value with
1% 1%
1% 1%
unrealized Sensitivity level gains or losses recognized as OCI until the investment is derecognized, at which time, the
Increase Decrease Increase Decrease
cumulative 2017 gain or (34,444) loss is recognized 37,295 in other 41,132 operating (38,583) income or expense, or the investment is
determined 2016 to be impaired, (36,094) at which 39,310 time, the cumulative 42,734 loss (39,828) 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
The sensitivity analyses above have been determined based on a method that extrapolates the impact on
to determine whether the ability and intention to sell them in the near term is still appropriate.
the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end
of the reporting period. The sensitivity analyses are based on a change in a significant assumption,
(ii) Financial liabilities
keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual
Recognition change in the and defined measurement benefit obligation as it is unlikely that changes in assumptions would occur in
Financial isolation from liabilities one another. 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
The following payments are expected contributions to the defined benefit plan (employee pension plan) in
value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
future years:
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts. x US$ 1,000 2017 2016 January 1, 2016
Within the next 12 months (next annual reporting period) 5,397 5,087 5,238
Betw een 2 and 5 years 25,081 23,641 22,284
Betw een 5 and 10 years 38,506 37,180 35,698
Loans and borrowings
Beyond 10 years 85,417 93,580 101,505
This Total is expected the category payments most relevant to the Group. After 154,401 initial recognition, 159,488 interest 164,725 bearing loans and
borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are
The following payments are expected contributions to the defined benefit plan (executive pension plan) in
recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as
future years:
through the EIR amortization process. Amortized cost is calculated by taking into account any discount or
x US$ 1,000 2017 2016 January 1, 2016
premium Within the on next acquisition 12 months (next and annual fees or reporting costs period) that are an integral 134 part of the 1,224 EIR. The EIR 131 amortization is
Betw een 2 and 5 years 579 563 1,640
included
Betw een
in
5 and
finance
10 years
costs in the consolidated statement of profit
828or loss. This
803category generally
780
applies to
interest-bearing Beyond 10 years loans and borrowings.
959 1,135 1,305
Total expected payments 2,500 3,725 3,856
m. Inventories
4.9 Capital commitments and other contingencies
Petroleum products are valued at the lower of cost and net realizable value.
Raw Operating materials: lease commitments
• The Purchase Group has cost entered is valued into operating on weighted leases average on certain method motor vehicles and vessels.
These leases have an average life of three years with renewal terms.
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
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