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Annual report 2012 www.recope.com
The Refinadora Costarricense de Petróleo (RECOPE S.A.)
entered this year into the Superintendencia General de Valores
(SUGEVAL), this last entity authorized (via SGV-Resolution
R-2702 of August 27, 2012) a Standardized Bonds mission
program for US $200 million to be placed in both the domestic
and Central American market. The first US $50 million had been
placed before the end of the year.
The shares were issued under a 10 year term at a price of 101,57
an average yield of 5.3% and a rate that turned out to be lower
than expected. This auction featured a lot of participation,
reflecting the confidence of investors on this type of bonds.
The funds will be dedicated to developing a set of strategic
investment projects, including main port works focused on
optimizing the supply of fuel through the current oil dock and
reducing shipping and port costs (such as delays and dead
freight). Such developments will generate around US $10 - US
$15 million a year in savings.
Construction of infrastructure is also included, such as the new
sphere, six horizontal containers for liquefied petroleum gas
storage and four other spheres (assigned under contract), all of
which conforms part of the Liquefied Petroleum Gas Storage
System (SAGAS).
Negotiations with CITIBANK allowed a 0.75% decrease in
charges made by the financial institution´s Committee on credit
cards serving as collateral on the BCIE loan. This helped to lower
RECOPES financial costs.
BOND ISSUANCE
In order to comply with international accounting standards,
International Financial Reporting Standards (NIIFS) were
implemented this year, enabling debugging of financial
statements thus improving RECOPE´s position as a subject
before third party local and international financial entities
(according to international risk assessment scales
NIIFS IN ACCOUNTING REGULATIONS
HUMAN RESOURCES PERFORMANCE EVALUATION
A new Performance Evaluation System aimed at achieving
goals and objectives was approved and scheduled to be
implemented in 2013; 689 officials were trained in Uvirtual on
topics that are of interest to RECOPE in order to aid workers in
their professional growth; a Knowledge Management Program
is being developed to cover the risks associated with changes
in key position staff employees (and the consequent loss of
knowledge); and finally, the Comprehensive Job Placement by
Competence Study has initiated throughout the Company.
A score of 100% was attained on an efficiency index regarding
government tenders. This will allow for major projects that will
complete RECOPE´s strategic investment processes.
HIRING EFFICIENCY