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UNSD SEEA Training of Trainers Seminar

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Presentation on theme: "UNSD SEEA Training of Trainers Seminar"— Presentation transcript:

1 UNSD SEEA Training of Trainers Seminar
Asset Accounts: Valuation exercise UNSD SEEA Training of Trainers Seminar 7-10 July 2015, Santiago Joe St. Lawrence Statistics Canada

2 Statistics Canada • Statistique Canada
SNA framework Sectors Wastes Commodities Industries Final demand Assets Industrial output of goods and services Industrial intermediate demand Gross fixed capital formation Financial and produced assets, opening balance Other changes in volume & holding gains/losses on financial & produced assets Financial and produced assets, closing balance Statistics Canada • Statistique Canada 10/11/2018

3 Statistics Canada • Statistique Canada
SEEA framework Sectors Wastes Commodities Industries Final demand Assets Industrial output of goods and services Industrial intermediate demand Environmental protection expenditures Gross fixed capital formation Capital expenditures for environmental protection Financial and produced assets, opening balance Natural resource assets, opening balance Changes in natural resource assets Natural resource assets, closing balance Other changes in volume & holding gains/losses on financial & produced assets Changes in and holding gains/losses on natural resource assets Financial and produced assets, closing balance Resource production by industries Resource use by industries Resource production by households/gov’t Resource use by households/gov’t Waste consumption by industries Waste output by industries Waste output by households/gov’t Waste consumption by households/gov’t Statistics Canada • Statistique Canada 10/11/2018

4 Physical stock accounts
Statistics Canada • Statistique Canada 10/11/2018

5 Monetary stock accounts
Statistics Canada • Statistique Canada 10/11/2018

6 Statistics Canada • Statistique Canada
Valuation exercise Statistics Canada • Statistique Canada 10/11/2018

7 Steps to value a resource stock
Estimate the physical stock Calculate the resource rent Calculate the net present value Statistics Canada • Statistique Canada 10/11/2018

8 Valuation ― Estimate the stock
B C D E F G H I J K L M N O P Crude Bitumen Reserves under active development 4.00% = Discount rate Physical accounts GEOMETRIC Year Total revenues Total production costs Depreciation Net capital stock Rate of return Return to capital Total extraction costs Resource rent Opening Stock Additions / Revisions Depletion / Quantity of production Closing Stock Reserve life Discount factor Net Present Value $ '000 '000 m³ years % $' CAPP1 CAPP2 CANSIM Rate of return folder (E*F) (C+D+G) (B-H) (Mt-1) (M-J+L) AER ST984 (M/L) (PV(N$2,N##,-1/N##)) (I*N*O)/1000 1 10,000.00 4,000.00 100.00 0.02 200.00 4,300.00 5,700.00 .. 100,000 1,000 99,900 99.90 0.25 139.67 Statistics Canada • Statistique Canada 10/11/2018

9 Valuation ― Estimate the rent
B C D E F G H I J K L M N O P Crude Bitumen Reserves under active development 4.00% = Discount rate Physical accounts GEOMETRIC Year Total revenues Total production costs Depreciation Net capital stock Rate of return Return to capital Total extraction costs Resource rent Opening Stock Additions / Revisions Depletion / Quantity of production Closing Stock Reserve life Discount factor Net Present Value $ '000 '000 m³ years % $' CAPP1 CAPP2 CANSIM Rate of return folder (E*F) (C+D+G) (B-H) (Mt-1) (M-J+L) AER ST984 (M/L) (PV(N$2,N##,-1/N##)) (I*N*O)/1000 1 10,000.00 4,000.00 100.00 0.02 200.00 4,300.00 5,700.00 .. 100,000 1,000 99,900 99.90 0.25 139.67 RRI = TR - C - (rcK + ) where: RR = resource rent (annual) TR = total annual revenue C = annual non-capital extraction cost (excluding taxes)  = annual depreciation rcK = return to produced capital Statistics Canada • Statistique Canada 10/11/2018

10 Valuation ― Calculate the NPV
B C D E F G H I J K L M N O P Crude Bitumen Reserves under active development 4.00% = Discount rate Physical accounts GEOMETRIC Year Total revenues Total production costs Depreciation Net capital stock Rate of return Return to capital Total extraction costs Resource rent Opening Stock Additions / Revisions Depletion / Quantity of production Closing Stock Reserve life Discount factor Net Present Value $ '000 '000 m³ years % $' CAPP1 CAPP2 CANSIM Rate of return folder (E*F) (C+D+G) (B-H) (Mt-1) (M-J+L) AER ST984 (M/L) (PV(N$2,N##,-1/N##)) (I*N*O)/1000 1 10,000.00 4,000.00 100.00 0.02 200.00 4,300.00 5,700.00 .. 100,000 1,000 99,900 99.90 0.25 139.67 Statistics Canada • Statistique Canada 10/11/2018

11 Statistics Canada • Statistique Canada
Questions? Joe St. Lawrence Statistics Canada | 170 Tunney's Pasture Driveway, Ottawa ON K1A 0T6 Statistique Canada | 170, promenade Tunney's Pasture, Ottawa ON K1A 0T6 Telephone | Téléphone Facsimile | Télécopieur Government of Canada | Gouvernement du Canada . Statistics Canada • Statistique Canada 10/11/2018

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