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Annual report 2012 www.recope.com
Accounts Payable
This decrease is due to the cancelation in December 2012 of
financing through credit lines dictated by Central Bank policies
that forbade RECOPE to close the year with balances on its
credit lines.
Accounts Payable to the Government increased by US $5.010
thousand (18%): These include the Single Tax Act 8114, which
taxes production and is to be paid by the 15th of the following
month, and the 2% retention to suppliers, which is also paid the
following month.
Accumulated expenses
This refers to the interests related to long term loans that must
be canceled. This period registered interests to be paid to the
Central American Bank of Economic Integration (BCIE), the
Spanish Credit Institute (ICO) and the Andean Development
Corporation (CAF), so that the account has increased by 30%.
Deferred Income:
This account records advanced deposits made by customers
purchasing products. A US $30.450 thousand (60%) decrease
is mainly due to the fact that ICE did not make any deposit in
December for its 2013 purchases.
Current bank portion
This presents a US $12 thousand decrease. A portion of long-
term loans that is estimated to be paid in short term is
transferred from this account: Spanish Credit Institute (ICO),
Central American Bank for Economic Integration (BCIE) and the
Corporation Andina de Fomento (CAF), according to the annual
payment schedule. The interests generated by these debts are
registered. The amortization of this current bank portion thus
reduces this item´s amount.
This item also included payments to be made for Fi-L/C crude
and derivatives in the Short Term, conferred in this period to
finance the purchase of crude oil and petroleum products and
canceled in December of 2012.
Payments to be made to
oil suppliers are included.
The short term due balance
for oil in 2012 was ¢73.228
million, and on the 31st
of December, 2011, it was
¢149.170, indicating a
¢75.942 million decrease
(51%).