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Annual report 2012 www.recope.com
It is important to note that the accounts receivable amount of
$6 000 000 charged to SORESCO in 2011 was paid in December
2012.
Goods in transit
This item increased by US $5.646 thousand (21%) mainly
because of credit cards that were initiated in the month of
December, transit of material goods and equipment that are in
the process of being cancelled.
NON-CURRENT ASSETS
This item increased in December, 2012, by 9% when compared
to December 2011. Major increases (of 19%) can be seen in
accounts pertaining estate Plant Properties, equipment, active
assets under construction (8%) and the Joint Venture between
RECOPE and CNPCI (SORESCO) (10%), among others.
Decreases are presented in plant properties, revalued
equipment, accounts receivable older than one year, and
software licenses, as detailed below:
Net fixed assets
The amount on December of 2011 totaled US $240.934
thousand, and ascended to US $285.974 thousand in December
of 2012 a 19% increase.
Fixed assets in progress
There was a US $12.867 thousand (8%) increase that was mainly
due to the result of advances in investment projects such as:
Juan Santamaría Airport (which would be capitalized in the
first months of 2013), Port-Atlantic Terminal, New Terminal
Cargaderos bays in Moín, SAGAS project, and new tanks in La
Garita, among others.
RECOPE-CNCPI Joint Venture (SORESCO) Investments
The account shows an increase of US $2.795 thousand (10%),
due to RECOPE´s capital contribution to SORESCO so the joint
venture could proceed with the study and implementation of
the Refinery Expansion and Modernization Project.
Service Stations
Account shows a 22% increase equivalent to US $1.179
thousand (in the beginning of the indicated period) due to the
fact that property appraisals were conducted at several stations:
Servicentro La Sabana, El Timonel Rojo, ASCOM Tibás, Y Griega
and Estación de Servicio La Primavera.
The intangible assets
Account (software licenses) shows a reduction as the company
has made less use of software licenses and a greater use of free
software. The year 2012 showed a 30%
decrease in this bill, it fell from US $8.273
thousand to US $5.808 thousand.
Other non-current assets
Other assets decreased by 9%. The main
decrease is due to a reclassification of a
receivable account pertaining to Instituto
Costarricense de Electricidad (ICE).
CURRENT LIABILITIES
The items included in this category
show a US $174.880 thousand decrease
corresponding to 44% in comparison to
the 31st of December, 2011. This variation is
due to the following items described.