Petroleum Fund of Timor-Leste Notes to the financial statements
for the year ended 31 December 2013
7. Capital receipts and payments of the Petroleum Fund
During the year ended 31 December 2013 the sum of US787,000,000 31 December 2012 - US1,494,900,000 was approved for appropriation by Parliament from the Petroleum Fund. A sum of US730,000,000 31 December 2012 - US1,494,900,000 was transferred
from the Petroleum Fund to the State Budget account during the year. During the year ended 31 December 2013 a total of US1,167,129,774 31 December 2012 - US1,612,518,978 was received in Article
6.1a receipts. A total of US1,866,287,711 31 December 2012 - US1,937,724,527 was received in Article 6.1b receipts. A total of US8,418,540 31 December 2012 - US8,877,025 was received in Article 6.1e receipts.
The following table shows the capital receipts and payments of the Petroleum Fund.
Year ended 31122013 USD
Month Article 6.1a
receipts Article 6.1b
receipts Article 6.1e
Other receipts To
Consolidated Fund
Refunds of taxation
TOTAL
January 144,802,000
178,698,405 -
- -
323,500,405 February
115,888,000 196,978,657
- -
- 312,866,657
March 108,896,000
184,291,044 8,287,200
- -
301,474,244 April
88,302,000 189,521,408
- -
- 277,823,408
May 95,314,000
147,134,731 -
- -
242,448,731 June
110,054,000 165,672,475
- -
- 275,726,475
July 91,114,000
151,988,272 -
180,000,000 -
63,102,272 August
88,339,000 127,727,254
- -
- 216,066,254
September 89,856,000
154,275,735 -
- -
244,131,735 October
84,882,811 138,597,755
- 120,000,000
- 103,480,566
November 77,191,231
95,277,783 -
280,000,000 -
107,530,986 December
72,490,732 136,124,192
131,340 150,000,000
- 58,746,264
Totals 1,167,129,774
1,866,287,711 8,418,540
730,000,000 -
2,311,836,025 Total Article 6.1
3,041,836,025
- 17 -
Petroleum Fund of Timor-Leste Notes to the financial statements
for the year ended 31 December 2013
7. Capital receipts and payments of the Petroleum Fund continue
Year ended 31122012 USD
Month Article 6.1a
receipts Article 6.1b
receipts Article 6.1e
Other receipts To
Consolidated Fund
Refunds of taxation
TOTAL
January 93,160,865
180,138,301 -
- -
273,299,166 February
96,038,096 179,140,095
- -
- 275,178,191
March 121,456,927
174,233,819 -
- -
295,690,746 April
104,088,156 157,322,078
8,634,400 263,000,000
- 7,044,634
May 102,685,660
213,522,442 -
153,000,000 -
163,208,102 June
111,075,669 153,706,594
- 103,000,000
- 161,782,263
July 83,251,701
26,899,973 242,625
163,000,000 -
52,605,701 August
118,135,734 97,141,613
- 113,000,000
- 102,277,347
September 128,026,264
175,771,530 -
113,000,000 -
190,797,794 October
205,514,637 209,082,084
- 203,000,000
- 211,596,721
November 145,793,386
189,139,327 -
153,000,000 -
181,932,713 December
303,291,883 181,626,671
- 230,900,000
- 254,018,554
Totals 1,612,518,978
1,937,724,527 8,877,025
1,494,900,000 -
2,064,220,530 Total Article 6.1
3,559,120,530
8. Cash and cash equivalents
The Petroleum Fund invests surplus cash in overnight markets with banks or through reverse repurchase agreements. For the purposes of the statement of cash flows, cash and cash equivalents comprise the following balances with original maturity of less than 90 days:
As at 31122013
As at 31122012
USD USD
Cash at bank 65,685,105
25,784,289 Overnight reverse repurchase agreements
4,500,000 35,100,000
70,185,105 60,884,289
The cash at bank includes the balance at the Federal Reserve Bank of New York, in the earmarked receipts account held by the BCTL in accordance with Article 5.2 of the Petroleum Fund Law.
9. Financial assets valued through profit or loss
Transactions in financial assets, which arise either from the investment of new funds or the periodic rebalancing of the investment portfolio, are summarised as follows:
As at 31122013
As at 31122012
USD USD
Financial assets at fair value through profit or loss Opening fair value
11,711,144,753 9,285,303,671
Purchases at cost 16,125,029,431
16,082,784,005 Proceeds from sales
13,598,334,271 13,825,534,764
Net gains on financial assets at fair value through profit and loss 640,006,671
184,526,790 Net foreign exchange lossesgains
19,353,812 724,925
Net gainslosses through interest income 46,186,224
16,659,874
Closing fair value 14,904,678,996
11,711,144,753
There were no impairment losses at balance date. The carrying amount of these assets approximates their fair value. - 18 -
