Staatsolie Annual Report 2017

Confidence in Our Own Abilities
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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
Geographic information
AFS Revenues financial from investments external customers include equity and debt securities. Equity investments classified as availablefor-sale
x US$ 1,000 are those neither classified as held-for-trading nor designated at fair 2017 value through 2016 profit or loss.
After Suriname initial measurement, AFS financial investments are subsequently 234,178 measured at fair 175,426 value with
unrealized Guyana gains or losses recognized as OCI until the investment is derecognized, 79,838 at which 54,408 time, the
Other Caribbean Territories 54,650 41,876
cumulative gain or loss is recognized in other operating income or expense, or the investment is
Trinidad and Tobago 45,673 68,572
determined United States to be impaired, at which time, the cumulative loss is reclassified to 11,355 the consolidated 9,431 statement
Europe 3,984 4,715
of profit or loss in finance costs and removed from the OCI. The Group evaluates its AFS financial assets
Middle East and Asia 4,000 3,277
to Total determine revenue whether per consolidated the ability and intention statement to sell of them profit in or the loss near term is 433,678 still appropriate. 357,705
(ii) Financial liabilities
The revenue information above is based on the location of the customers. In addition, revenue from one
Recognition customer domiciled and measurement in Guyana amounted to US$ 57,884 (2016: US$ 44,431), arising from sales by the
Financial downstream liabilities operating are segment. 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 Non-current and, in operating the case assets of loans and borrowings and payables, net of directly attributable transaction costs.
The x US$ Group’s 1,000financial liabilities include 2017trade and other 2016 payables, loans As and at January borrowings 1, 2016 including bank
overdrafts. Suriname 1,624,306 1,603,972 1,734,571
Trinidad and Tobago 2,669 2,744 2,795
Total 1,626,975 1,606,716 1,737,366
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest bearing loans and
Non-current assets for this purpose consist of property, plant and equipment and intangible assets. Only
borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are
Ventrin, the subsidiary domiciled in Trinidad and Tobago, has non-current operating assets outside of
recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as
Suriname.
through the EIR amortization process. Amortized cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included in finance costs in the consolidated statement of profit or loss. This category generally applies to
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:
• 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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