Staatsolie Annual Report 2017
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<strong>Annual</strong> <strong>Report</strong> <strong>2017</strong> 69<br />
<strong>Staatsolie</strong> Maatschappij Suriname N.V.<br />
<strong>Staatsolie</strong> Maatschappij Suriname N.V.<br />
Notes to the Consolidated financial statements for the years ended December 31, <strong>2017</strong> and 2016<br />
(continued) Notes to the Consolidated financial statements for the years ended December 31, <strong>2017</strong> and 2016<br />
(continued)<br />
Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated<br />
Group reconciliation of equity as at December 31, 2016<br />
selling price in the ordinary course of business, less estimated costs of completion and the estimated<br />
costs to sell.<br />
x US$ 1,000<br />
Notes<br />
US GAAP<br />
previously<br />
audited<br />
Restatements<br />
US GAAP<br />
restated<br />
The cost of crude oil and refined products is the purchase cost, the cost of refining, including the<br />
Assets<br />
appropriate Non -current assets proportion of depreciation, depletion and amortization and overheads based on normal<br />
Oil, exploration and producing properties 1a 336,530 12,091 348,621 Aiii 95,714 444,335<br />
operating capacity, determined on a weighted average basis.<br />
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<br />
Goodwill 5,447 - 5,447 - 5,447<br />
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<br />
Investments in Joint Venture 4 308,719 (3,063) 305,656 B (20,350) 285,306<br />
make the sale.<br />
Pipeline fill<br />
Inventories 13 67,142 (1,273) 65,869 - 65,869<br />
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<br />
Prepayments and other current assets 8 68,387 (23,915) 44,472 - 44,472<br />
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<br />
Short-term investments 14 3,754 43 3,797 - 3,797<br />
necessary to the operation of a facility during more than one operating cycle, and its cost cannot be<br />
Restricted cash 3 - 7,370 7,370 - 7,370<br />
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<br />
Total current assets 295,423 (45,493) 249,930 - 249,930<br />
deemed to be an item of property, plant and equipment cannot be separated physically from the rest of<br />
Total assets 2,265,038 (25,193) 2,239,845 (49,422) 2,190,423<br />
inventory. It is valued at cost and is depreciated over the useful life of the related asset.<br />
Common n. stockImpairment of non-financial assets 12,104 - 12,104 - 12,104<br />
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,<br />
an asset (2,700) may be impaired. 1,077,277<br />
E,F,G<br />
Other capital reserves 11,116 - 11,116 - 11,116<br />
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates<br />
Total equity 1,114,359 (11,162) 1,103,197 (2,700) 1,100,497<br />
the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash<br />
Non-current liabilities<br />
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<br />
Term loans 591,646 - 591,646 - 591,646<br />
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<br />
Employee defined benefit liabilities 10 50,271 14,394 64,665 E 404 65,069<br />
from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its<br />
Other long term liabilities 15 6,544 (5,082) 1,462 - 1,462<br />
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<br />
assessing Current liabilities value in use, the estimated future cash flows are discounted to their present value using a pretax<br />
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<br />
Bank overdraft 3,713 - 3,713 - 3,713<br />
Provisions (short-term) - - - D 1,600 1,600<br />
specific<br />
Accruals and<br />
to the<br />
other<br />
asset.<br />
liabilities<br />
In determining fair<br />
11<br />
value<br />
91,316<br />
less costs of<br />
1,743<br />
disposal,<br />
93,059<br />
recent market<br />
E<br />
transactions<br />
221<br />
are<br />
93,280<br />
taken<br />
into<br />
Income<br />
account.<br />
tax payable<br />
If no such transactions<br />
12<br />
can be identified,<br />
11,739<br />
an appropriate<br />
12,006 23,745<br />
valuation<br />
H<br />
model is<br />
(3,000)<br />
used.<br />
20,745<br />
Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss<br />
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<br />
previously revalued where the revaluation was taken to OCI. In this case, the impairment is also<br />
Total equity and liabilities 2,265,038 (25,193) 2,239,845 (49,422) 2,190,423<br />
recognized in OCI up to the amount of any previous revaluation.<br />
Notes<br />
IFRS<br />
adjustments<br />
As at<br />
December<br />
31, 2016<br />
Refining properties 1b 999,152 5,103 1,004,255 Ai, ii 58 1,004,313<br />
Other property, plant and equipment 1c 148,454 (2,211) 146,243 Ai, G 2,984 149,227<br />
Loan receivable long term 14,677 - 14,677 - 14,677<br />
Restricted cash 3 - 11,850 11,850 - 11,850<br />
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<br />
Total non-current assets 1,969,615 20,300 1,989,915 (49,422) 1,940,493<br />
Current assets<br />
Equity and liabilities<br />
Equity<br />
Short-term portion of loans 69,031 - 69,031 - 69,031<br />
Total current liabilities 267,793 18,373 286,166 (1,179) 284,987<br />
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