Staatsolie Annual Report 2017

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Annual Report 2017 145 Staatsolie Staatsolie Maatschappij Maatschappij Suriname Suriname N.V. N.V. Notes Notes to to the the Consolidated Consolidated financial financial statements statements for for the the years years ended ended December December 31, 31, 2017 2017 and and 2016 2016 (continued) (continued) Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated Section 7. Group information and related party disclosures selling price in the ordinary course of business, less estimated costs of completion and the estimated costs Information to sell. about subsidiaries The consolidated financial statements of the Group with Staatsolie N.V. as the main shareholder includes The cost of crude oil and refined products is the purchase cost, the cost of refining, including the the following subsidiaries: appropriate proportion of depreciation, depletion and amortization and overheads based on normal operating capacity, determined on a weighted average basis. Country of in Subsidiaries Activities % Equity Interest The net realizable value of crude oil and refined Corporation products is based on the estimated selling price in the 2017 2016 ordinary GOw2 course of Distributions business, less and the Trading estimated Suriname costs of completion and the estimated 100 costs 100 necessary to make Ventrin the sale. POC Distributions and Trading Exploration activities Trinidad and Tobago Suriname 100 100 100 100 Materials SPCS and supplies Electricity are valued Generator using the weighted Surinameaverage cost method. 99.99 99.99 Pipeline POC is at fill this moment a dormant company and activities were put on hold since 2015. The noncontrolling oil, which interest is in necessary SPCS is not to bring material a pipeline to the Group. into working order, is treated as a part of the related Crude pipeline. This is on the basis that it is not held for sale or consumed in a production process, but is necessary Joint arrangement to the operation in which the of a Group facility is during a joint venture more than one operating cycle, and its cost cannot be recouped The Group through has a 25% sale interest (or is significantly in Suriname impaired). Gold Project This C.V. applies (2016: even 25%, if January the part 1, of 2016: inventory 25%). that is deemed to be an item of property, plant and equipment cannot be separated physically from the rest of During the year, the Group entered into the following transactions, in the ordinary course of business with inventory. It is valued at cost and is depreciated over the useful life of the related asset. related parties. These transactions consist of sale and delivery of petroleum products and electricity, purchase of electricity, and rendering of maritime services from the Maritieme Autoriteit Suriname. The n. Impairment of non-financial assets following companies are all state-owned enterprises and therefore are related parties due to the common The Group assesses at each reporting date whether there is an indication that an asset may be impaired. ownership: 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 N.V. Energie Bedrijven Suriname (EBS) generating units (CGU) fair value less costs of disposal and its value in use. It is determined for an Sales of Purchases Trade Trade individual asset, unless the asset does not generate cash inflows that are largely independent of those x US$ 1,000 goods of goods receivables payables from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable 2015 amount, 44,894 the asset is considered 5,960 impaired 33,178 and is written 547 down to its recoverable amount. In 2016 32,648 33,293 1,716 334 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 2017 36,168 11,013 16,593 380 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 63 145
Confidence in Our Own Abilities 146 Staatsolie Maatschappij Maatschappij Suriname Suriname N.V. N.V. Notes Notes to to the the Consolidated Consolidated financial financial statements statements for the for years the years ended ended December December 31, 2017 31, and 2017 2016 and 2016 (continued) (continued) Available-for-sale (AFS) financial investments Suriname American Industries Limited (SAIL) AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale x US$ are 1,000 those goods neither classified of goods as held-for-trading receivables nor designated payablesat fair value through profit or loss. Sales of Purchases Trade Trade After initial measurement, AFS financial investments are subsequently measured at fair value with 2015 428 - 1,975 - unrealized 2016gains or losses 351 recognized as - OCI until the 1,939 investment is -derecognized, at which time, the cumulative 2017 gain or loss 626 is recognized - in other operating 1,952 income or - expense, or the investment is determined Melkcentrale to be Paramaribo impaired, at N.V. 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 Sales of Purchases Trade Trade to determine whether the ability and intention to sell them in the near term is still appropriate. x US$ 1,000 goods of goods receivables payables (ii) Financial 2015 liabilities 2016 44 36 - - 3 6 - - Recognition 2017 and measurement 73 - 7 - Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or Maritieme Autoriteit Suriname (MAS, the maritime authority of Suriname) loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case Sales of loans of and Purchases borrowings Trade and payables, net Trade of directly attributable transaction costs. x US$ 1,000 goods of goods receivable payable The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. 2015 2016 - 15 5 7 - - 1 3 Loans 2017 and borrowings 10 12 - - This is the category most relevant to the Group. After initial recognition, interest bearing loans and borrowings Loans from/to are subsequently related parties measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as x US$ 1000 through the EIR amortization process. Amortized cost Interest is calculated Amounts by taking owed into by From: To: account any discount or charges related parties premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is Government included in finance Staatsolie costs in the consolidated 2017 statement of 24,192 profit or loss. This 258,412 category generally applies to of Suriname interest-bearing loans and borrowings. 2016 - 258,058 As at January 1, 2016 - - m. Inventories Government of SPCS 2017 959 19,375 Suriname Petroleum products are valued at the 2016 lower of cost and net 1,278 realizable value. 23,044 As at January 1, 2016 - - Raw materials: • Staatsolie Purchase cost EBS is valued on weighted 2017 average method - - 2016 64 805 As at January 1, 2016 64 805 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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