Staatsolie Annual Report 2017

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Page 68 Confidence in Our Own Abilities 68 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 Group reconciliation of equity as at January 1, 2016 (date of transition to IFRS) AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale x US$ 1,000 are those neither classified Notes as held-for-trading previously Restatements nor designated at fair Notes value through profit January or loss. 1, US GAAP As at US GAAP IFRS restated adjustments audited 2016 After Assets initial measurement, AFS financial investments are subsequently measured at fair value with Non-current assets unrealized gains or losses recognized as OCI until the investment is derecognized, at which time, the Oil, exploration and producing properties 1a 313,175 12,755 325,930 Aiii 156,830 482,760 cumulative Refining properties gain or loss is recognized 1b in 1,023,452 other operating 6,284income 1,029,736 or expense, Ai, ii or the 26,556 investment 1,056,292is Other property, plant and equipment 1c 158,374 (3,394) 154,980 Ai 31,676 186,656 determined Projects progress to be impaired, at which 27 time, the 205,168 cumulative loss 11,040is reclassified 216,208 to Aiii the consolidated (216,208) statement - Goodwill 5,447 - 5,447 - 5,447 of Other profit intangible or loss assets in finance costs and removed 2 12,047 from the OCI. (389) The Group 11,658 evaluates its AFS financial - 11,658 assets Investments Joint Venture 4 227,964 (3,063) 224,901 B (7,516) 217,385 to determine whether the ability and intention to sell them in the near term is still appropriate. (ii) Financial liabilities Recognition Trade receivables and measurement 7 118,679 (360) 118,319 - 118,319 Prepayments and other current assets 8 52,277 (8,973) 43,304 - 43,304 Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or Loan receivable short-term 28 1,796 (991) 805 - 805 loss, Short-term loans investments and borrowings, payables, as appropriate. 6,910 All financial - liabilities 6,910 are recognized - initially 6,910 at fair Restricted cash 3 - 6,444 6,444 - 6,444 value Cash and, short-term in the deposits case of loans and borrowings 3 54,064 and payables, (23,432) net of 30,632 directly attributable transaction - 30,632 costs. Total current assets 305,230 (27,312) 277,918 885 278,803 The Group’s financial liabilities include trade and other payables, loans and borrowings including bank Total assets 2,260,976 214 2,261,190 (7,777) 2,253,413 overdrafts. Loans and borrowings Retained earnings 1,095,291 26,386 1,121,677 A,B,C,D, (3,589) 1,118,088 E This is the category most relevant to the Group. After initial recognition, interest bearing loans and Other capital reserves 11,360 - 11,360 - 11,360 Total equity 1,118,755 26,386 1,145,141 (3,589) 1,141,552 borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are Non-current liabilities recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as Bond 98,281 - 98,281 - 98,281 through Term Loans the EIR amortization process. Amortized 623,191cost is calculated - 623,191 by taking into account any - discount 623,191or Provisions 9 125,659 (41,720) 83,939 D (4,819) 79,120 premium Employee defined on acquisition benefit liabilities and fees or 10costs that 42,545 are an integral 13,072 part 55,617 of the EIR. E The EIR (1,902) amortization 53,715is Deferred tax liability 5 - 4,395 4,395 F 2,533 6,928 included Other long in term finance liabilities costs in the consolidated statement 6,365 of profit - or loss. 6,365 This category generally - applies 6,365to Total non-current liabilities 896,041 (24,253) 871,788 (4,188) 867,600 interest-bearing loans and borrowings. m. 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: Restricted cash 3 - 14,412 14,412 - 14,412 Deferred tax asset 6 10,119 (10,119) - - - Total non-current assets 1,955,746 27,526 1,983,272 (8,662) 1,974,610 Current assets Inventories 71,504 - 71,504 C 885 72,389 Equity and liabilities Equity Common stock 12,104 - 12,104 - 12,104 Current liabilities Bank overdraft 2,560 - 2,560 - 2,560 Trade payables 110,350 - 110,350 - 110,350 Accruals and other liabilities 11 64,786 (2,509) 62,277 - 62,277 Income tax payable 12 3,683 590 4,273 - 4,273 Short-term portion of loans 64,801 - 64,801 - 64,801 Total current liabilities 246,180 (1,919) 244,261 - 244,261 Total liabilities 1,142,221 (26,172) 1,116,049 (4,188) 1,111,861 Total equity and liabilities 2,260,976 214 2,261,190 (7,777) 2,253,413 • Cost of direct materials and labor and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs Page 62
Annual Report 2017 69 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) Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated Group reconciliation of equity as at December 31, 2016 selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to sell. x US$ 1,000 Notes US GAAP previously audited Restatements US GAAP restated The cost of crude oil and refined products is the purchase cost, the cost of refining, including the Assets appropriate Non -current assets proportion of depreciation, depletion and amortization and overheads based on normal Oil, exploration and producing properties 1a 336,530 12,091 348,621 Aiii 95,714 444,335 operating capacity, determined on a weighted average basis. The Projects net in realizable progress value of crude oil 27and refined 132,140products 1,623 is based 133,763 on the estimated Aiii (133,763) selling price in -the Goodwill 5,447 - 5,447 - 5,447 ordinary Other intangible course assets of business, less the 2estimated 8,434 costs of completion 407 and 8,841 the estimated costs - necessary 8,841to Investments in Joint Venture 4 308,719 (3,063) 305,656 B (20,350) 285,306 make the sale. Pipeline fill Inventories 13 67,142 (1,273) 65,869 - 65,869 Crude Trade receivables oil, which is necessary to bring 7 a pipeline 108,606 into working (6,728) order, 101,878 is treated as a part - of the 101,878 related Prepayments and other current assets 8 68,387 (23,915) 44,472 - 44,472 pipeline. Loan receivable This short-term is on the basis that it 28is not held 8,368for sale or 805consumed 9,173in a production -process, but 9,173is Short-term investments 14 3,754 43 3,797 - 3,797 necessary to the operation of a facility during more than one operating cycle, and its cost cannot be Restricted cash 3 - 7,370 7,370 - 7,370 recouped Cash and short-term through deposits sale (or is significantly 3 impaired). 39,166 This (21,795) applies even 17,371 if the part of inventory - that 17,371is Total current assets 295,423 (45,493) 249,930 - 249,930 deemed to be an item of property, plant and equipment cannot be separated physically from the rest of Total assets 2,265,038 (25,193) 2,239,845 (49,422) 2,190,423 inventory. It is valued at cost and is depreciated over the useful life of the related asset. Common n. stockImpairment of non-financial assets 12,104 - 12,104 - 12,104 The Retained Group earnings assesses at each reporting date 1,091,139 whether there (11,162) is an indication 1,079,977 that A,B,D, an asset (2,700) may be impaired. 1,077,277 E,F,G Other capital reserves 11,116 - 11,116 - 11,116 If any indication exists, or when annual impairment testing for an asset is required, the Group estimates Total equity 1,114,359 (11,162) 1,103,197 (2,700) 1,100,497 the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash Non-current liabilities generating Bond units (CGU) fair value less costs 98,475 of disposal and - its value 98,475in use. It is determined - 98,475 for an Term loans 591,646 - 591,646 - 591,646 individual Provisions asset, unless the asset does 9 not 135,950 generate cash (41,716) inflows that 94,234 are largely D independent (45,947) of 48,287 those Employee defined benefit liabilities 10 50,271 14,394 64,665 E 404 65,069 from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its Other long term liabilities 15 6,544 (5,082) 1,462 - 1,462 recoverable Total non-current amount, liabilities the asset is considered 882,886 impaired and (32,404) is written 850,482 down to its recoverable (45,543) amount. 804,939In assessing Current liabilities value in use, the estimated future cash flows are discounted to their present value using a pretax Trade discount payables rate that reflects current 16 market 91,994 assessments 4,624of the 96,618 time value of money - and the 96,618 risks Bank overdraft 3,713 - 3,713 - 3,713 Provisions (short-term) - - - D 1,600 1,600 specific Accruals and to the other asset. liabilities In determining fair 11 value 91,316 less costs of 1,743 disposal, 93,059 recent market E transactions 221 are 93,280 taken into Income account. tax payable If no such transactions 12 can be identified, 11,739 an appropriate 12,006 23,745 valuation H model is (3,000) used. 20,745 Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss in Total those liabilities expense categories consistent with 1,150,679 the function (14,031) of the 1,136,648 impaired asset, except (46,722) for a 1,089,926 property previously revalued where the revaluation was taken to OCI. In this case, the impairment is also Total equity and liabilities 2,265,038 (25,193) 2,239,845 (49,422) 2,190,423 recognized in OCI up to the amount of any previous revaluation. Notes IFRS adjustments As at December 31, 2016 Refining properties 1b 999,152 5,103 1,004,255 Ai, ii 58 1,004,313 Other property, plant and equipment 1c 148,454 (2,211) 146,243 Ai, G 2,984 149,227 Loan receivable long term 14,677 - 14,677 - 14,677 Restricted cash 3 - 11,850 11,850 - 11,850 Materials Deferred tax and asset supplies are valued using 6 the weighted 16,062 average (5,500) cost method. 10,562 F 5,935 16,497 Total non-current assets 1,969,615 20,300 1,989,915 (49,422) 1,940,493 Current assets Equity and liabilities Equity Short-term portion of loans 69,031 - 69,031 - 69,031 Total current liabilities 267,793 18,373 286,166 (1,179) 284,987 Page 63
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