Staatsolie Annual Report 2017

Confidence in Our Own Abilities
96
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
3.2 Information about key items comprising operating profit/loss
AFS financial investments include equity and debt securities. Equity investments classified as availablefor-sale
Selling are and those distribution neither classified expenses as held-for-trading nor designated at fair value through profit or loss.
After initial measurement, AFS financial investments are subsequently measured at fair value with
unrealized x US$ 1,000 gains or losses recognized as OCI until the investment 2017is derecognized, 2016 at which time, the
cumulative Freight gain or loss is recognized in other operating (12,367) income or expense, (13,853) or the investment is
Employee benefits expense* (2,641) (2,590)
determined to be impaired, at which time, the cumulative loss is reclassified to the consolidated statement
Bad debt expense - (4,823)
of
External
profit or
services
loss in finance costs and removed from the OCI. The
(3,683)
Group evaluates its
(2,785)
AFS financial assets
to Depreciation determine whether and amortization the ability and of PPE intention to sell them in the near (65) term is still appropriate. (130)
Maintenance expense (616) (219)
(ii)
Insurance
Financial
costs
liabilities
(97) (127)
Utility expenses (11) (11)
Recognition Donations and measurement
- (8)
Financial Travel expenses liabilities are classified, at initial recognition, as financial (18) liabilities at fair value (3) through profit or
Other expenses (427) (428)
loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognized initially at fair
Total (19,925) (24,977)
value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts. General and administrative expenses
x US$ 1,000 2017 2016
Loans
Employee
and borrowings
benefits expense* (17,012) (14,547)
This External is the services category most relevant to the Group. After initial (4,500) recognition, interest (10,363) bearing loans and
borrowings Depreciation are and subsequently amortization measured of PPE at amortized cost using (1,573) the EIR method. (4,131) Gains and losses are
recognized
Maintenance
in the
expense
consolidated statement of profit or loss when the
(299)
liabilities are derecognized
(232)
as well as
Insurance costs (880) (391)
through the EIR amortization process. Amortized cost is calculated by taking into account any discount or
Freight (817) -
premium Utility expenses on acquisition and fees or costs that are an integral part (554) of the EIR. The (321) EIR amortization is
included Donations in finance costs in the consolidated statement of profit or (278) loss. This category (107) generally applies to
interest-bearing GOw2 rebranding loans and borrowings.
(89) (212)
Travel expenses (54) (12)
Other expenses (1,111) (1,151)
m. Inventories
Total (27,167) (31,467)
Petroleum products are valued at the lower of cost and net realizable value.
Raw materials:
* When compared with the “Employee benefits expense” disclosure, the amounts differ due to the additional presentation of “car
• lease Purchase benefit expense”. 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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