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Annual report 2012 www.recope.com
Net Sales
Total fuels sales for the period closing in December of 2011
were US $3.003.908 thousand. For the 2012 period sales
amounted up to US $3.133.344 thousand, the US $129.436
thousand variation equals 4%. This variation is due to price
changes, as it is noted that sales volume actually declined. The
observed growth was generated by the sale (abroad / outside
of the country) of Light Crude, Super Gasoline, Regular Gasoline
and Jet Fuel, and domestic sales of Super Gasoline, kerosene,
Bunker, Asphalt AC-30 and Diesel, among others.
Sale cost
Sale cost mainly reflects the costs of importing and refining
oil. For the 2012 period, a US $142.347 thousand increase is
appreciated 5% in comparison to 2011; this was 4% greater
than increases in sales. This produced a decrease in the gross
sales margin (primarily due to increases in international oil
prices) and a reduction in the Company´s margin of operation
because of a tariff lag that caused the Company to fail the short
term recovery process required to face the increase in fuel sale
prices. This recovery is very much needed in order to cope
fluidly with necessary oil imports.
Sale costs represented a 93,14% in 2011 and 93,84% in 2012. In
other words: for every 100 colones sold by the company, there
was a respective margin of around US $6,86 and US $6.16 left
over to meet operating expenses.
The CIF oil cocktail import price for the period under analysis
shows a 4% increase: from an average cost of US $116.8 / barrel
VAT in December 2011, to an average cost of US $120.70 / barrel
VAT in December 2012 (not including flat tax).
Gross Sales Profit
The difference between net sales and sale costs represents
the gross revenue margin that is used to cover the operating
expenses of the Company.
Circumstances in 2012 caused the Gross Operating Profit to
be lower than in 2011: Price reductions and petitions posed to
the Constitutional Court. These petitions paralyzed pricing for
several months during the first half.
Operating Expenses
Themainincrease inoperatingexpenseswasduetodepreciation,
which increased by 33% because of the incorporation of assets
or projects that were capitalized. At the same time, the largest
decrease was due to applied charges, which fell by 85%.
Besides austerity policies that caused an effective decrease
in payments regarding special services and overtime, the
overall increase in wages was 4%. It should be noted that
STATEMENT
INCOME
(PROFITS AND LOSS)