b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)SECTION 5.CAPITAL AND DEBT STRUCTURE 5.1 ISSUED CAPITAL AND RESERVESTheauthorizedsharecapitalofStaatsolieasthe shares.TheearningspersharewereUS$24.01parentoftheGroupamountstoUS$12,104asat (2018:US$20.06).Duringtheyear,theauthorizedDecember31,2019andisdividedinto5million share capital remained unchanged. Issuedcapitalisasfollows:(X US$ 1,000) 2019 2018Ordinary share capital 5,000,000ordinaryshares 12,104 12,104Reserve for environment risk andallowsaccesstofinancialmarketsatacompetitivecosttocoveritsfinancingneedsthatTheenvironmentalriskreserveisareserve supportssustainablegrowthandensuringhealthytakenagainstenvironmentalriskclaimsbasedon capitalratiostobeincompliancewiththefinancialdamageswhichmayresultfromanenvironmental covenantstosupportthebusiness.disaster in the execution of ocean freight cargo deliveries.Inaddition,damagestotheenvironment Inordertoachievethisoverallobjective,theduetoonshorewelloperationsarealso Groupscapitalmanagement,amongstotherappropriatedforinthisreserve.Basedonhistorical things,aimstoensurethatitmeetsthefinancialinformationandexperience,theGroupbelievesthat covenantsattachedtoitsinterest-bearingloansanannualadditionofUS$500issufficient,whichis andborrowingsthatformpartofitscapitaldecided by the board of directors. structurerequirements.BreachesinthefinancialcovenantswouldpermitthelenderstoimmediatelyReserve for committee of sports facilities callinterest-bearingloansandborrowings.ThereAsdecidedbytheshareholder,aportionofthe havebeennobreachesinthefinancialcovenantsprofitattributabletotheshareholderisretained ofanyinterest-bearingloansandborrowingsintheinaSportFundtosupportcorporatesocial current or prior period. responsibility in the area of sports. On behalfThemainfinancialcovenantsmonitoredbytheofthesoleshareholder,theGoS,acommittee Groupare:SportDevelopmentFundwasestablishedonApril2013toconformtogovernanceprinciples. TheinterestcoverageratiowhichiscalculatedbyThecommittee,comprisedofrepresentatives dividingtheconsolidatedEBITDAbythefinancialfromtheGoSandStaatsolie,providesguidelines expensesandincome.For2019thisratiowasforsubmissionofproposals,approvesand 6.06(2018:4.12);theminimumpermittedis3.50.monitorstheallocationoffunds.Everyyear,theshareholderdecideshowmuchtowithdrawfrom ThePV10ratioandthePetroleumPV10ratiothisreserve. wereintroducedwiththerefinancinginMay2018.PV10meanstheNetPresentValueofthefuturenetrevenuesandthecalculatedratiofor2019was1.76(2018:1.63);theminimum5.2 CAPITAL MANAGEMENTpermitted is 1.30. ForthepurposeoftheStaatsoliescapital PetroleumPV10meanstheNetPresentValuemanagement,capitalincludesissuedcapital ofthefuturenetrevenueswithrespecttotheandallotherequityreservesattributabletothe hydrocarbonIPreservesonly,asevidencedinequityholders.Themainobjectiveofthecapital themostrecentpetroleumreservereport.ThemanagementofStaatsolieistoensureafinancial calculatedratiofor2019was1.37(2018:1.32);thestructurethatoptimizesthecostofcapital, minimum permitted is 1.00.maximizestheperformanceofitsshareholder119'