b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)SECTION 5.CAPITAL AND DEBT STRUCTURE 5.1 ISSUED CAPITAL AND RESERVESTheauthorizedsharecapitalofStaatsolieasthe shares.TheearningspersharewereUS$22.36parentoftheGroupamountstoUS$12,104asat (2020:US$14.24).Duringtheyear,theauthorizedDecember31,2021andisdividedinto5million share capital remained unchanged. Issuedcapitalisasfollows:(X US$ 1,000) 2021 2020Ordinary share capital 5,000,000ordinaryshares 12,104 12,104Reserve for environment risk competitivecosttocoveritsfinancingneedsthatsupportssustainablegrowthandensuringhealthyTheenvironmentalriskreserveisareserve capitalratiostobeincompliancewiththefinancialtakenagainstenvironmentalriskclaimsbasedon covenantstosupportthebusiness.damageswhichmayresultfromanenvironmentaldisaster in the execution of ocean freight cargoInordertoachievethisoverallobjective,thedeliveries.Inaddition,damagestotheenvironment Groupscapitalmanagement,amongstotherdue to onshore well operations are alsothings,aimstoensurethatitmeetsthefinancialappropriatedforinthisreserve.Basedonhistorical covenantsattachedtoitsinterest-bearingloansinformationandexperience,theGroupbelievesthat andborrowingsthatformpartofitscapitalanannualadditionofUS$500issufficient,whichis structurerequirements.Breachesinthefinancialdecidedbytheboardofdirectors. covenantswouldpermitthelenderstoimmediatelycallinterest-bearingloansandborrowings.ThereNon-Distributable Reserve Hydro dam havebeennobreachesinthefinancialcovenantsTheNon-DistributableReserveHydrodam ofanyinterest-bearingloansandborrowingsintherepresentsequityarisingfromthetransferof current or prior period. theAfobakaHydro-damtoSPCSfromthe ThemainfinancialcovenantsmonitoredbytheGovernmentofSuriname(GoS). Groupare:AsofJanuary01,2020,theGoSacquiredthe TheinterestcoverageratiowhichiscalculatedAfobakaDamatnocostandtransferredthe bydividingtheadjustedconsolidatedEBITDAownershiptoSPCS.Theproducedelectricityis bythefinancialexpensesandincome.For2021soldanddeliveredtotheGoS.TheexistingPower thisratiowas8.07(2020:5.17);theminimumPurchaseAgreement(PPA)betweenSPCSand permittedis3.50.theGoShasbeenamendedandisstillunderreviewbytheGoS. ThePV10ratioandthePetroleumPV10ratiowereintroducedwiththerefinancinginMaySince the hydro dam was transferred at no cost2018.PV10meanstheNetPresentValueoffromtheGoS,thistransferwasultimatelytreatedas thefuturenetrevenuesandthecalculatedratioaCapitalcontributionfortheamountUS$16,398. (includingGoldparticipations)for2021was1.57(2020:1.55);theminimumpermittedis1.30.5.2 CAPITAL MANAGEMENT PetroleumPV10meanstheNetPresentValueofthefuturenetrevenueswithrespecttotheForthepurposeoftheStaatsoliescapital hydrocarbonIPreservesonly,asevidencedinmanagement,capitalincludesissuedcapital themostrecentpetroleumreservereport.Theandallotherequityreservesattributabletothe calculatedratiofor2021was1.34(2020:1.10);equityholders.Themainobjectiveofthecapital theminimumpermittedis1.00.managementofStaatsolieistoensureafinancial Theleverageratioiscalculatedbydividingthestructurethatoptimizesthecostofcapital, totaldebtbytheadjustedconsolidatedEBITDA.maximizestheperformanceofitsshareholder For2021thisratiois1.67(2020:2.83);theandallowsaccesstofinancialmarketsata maximumpermittedis3.25for2021(2020:3.50).164 STAATSOLIE 2021 ANNUAL REPORT'