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Annual report 2012 www.recope.com
NON-CURRENT LIABILITIES
The non-current liabilities caption shows a US $55.646
thousand (85%) increase in comparison with December 2011.
This increment is explained mainly by:
Long-term bank costs
These show a US $40.925 thousand increase, 96% greater than
December 2011. The increase in this account is primarily due
to the issuing of bonds amounting up to US $50 million at a
10-year period, from a total of US $200 million (in bonds) in the
stock market. These bonds will be used to finance some of the
Company´s investment projects: Atlantic Terminal, plant tanks
and part of the LPG spheres.
This item also includes accounts pertaining debt services;
interest, fees and amortization of attained credits. At the end of
each period any leftover debts are transferred to the short-term
portion so as to write off amounts corresponding to each entity
on set dates.
Deferred income tax
Deferred income tax liabilities increased by US $16.706
thousand in the 2012 period, this represents a 100% increase
when compared to 2011 and it is due to the revaluation of fixed
assets during this period. The liability on deferred income tax
is generated by a 30% surplus coming from asset revaluation,
which represents the value registered as carrying amount of
revalued assets and follows ISR interest rates.
It is expected that this liability will be cancelled when the
carrying amount of the asset is recovered.
Providing legal services
This item presents a 9% decrease due to the settlement of
legal benefits for officials who have resigned or invoked old
pension due to old age: as disposed in the Effective Collective
Agreement, articles No. 28 - 29 and 153 of the Labor Code.
HERITAGE
The Estate decreased by US $14.314 thousand, equivalent to
2%. The following points highlight and describe the behavior of
items comprising the estate during the period:
Reserve Acts 7722 and 7593
This reserve was founded upon ARESEP´s Laws N° 7722 and
7593, and concentrates on holding profits from the previous
period for the development of the company’s investment
plans. No variations may be appreciated in comparison with
December of 2011.
Surplus or accumulated loss
There was a US $53.040 thousand (9%) drop in retained
earnings, caused mainly by the transfer of 2011 loses into
retained earnings and adjustment entries recommended by the
external audit.
Period revenue deficit
On the 31st of December, 2012, a profit of US $1.214 thousand
was appreciated. When comparing this to net losses of US
$28.582 thousand in 2011, a variation of US $28.582 thousand
can be appreciated.