Basic HTML Version
Inventory:
Inventory totaled ¢50,737 million, equivalent to 40% in
comparison with the previous year. The increase in value is mainly influenced by the
imports volume, not by the price itself, as those have decreased.
The main increase is observed in inventory products in transit, which increased by
300,000 barrels (diesel and others), held in containers in ships waiting to dock due to
bad weather during the last days of December.
Included in the Balance Sheet, the following accounts are worth
mentioning:
Long term accounts receivable: increased in ¢1,1915 million, mainly from
a settlement requested by JAPDEVA to RECOPE, signed in December 2013, for the
lease of tugboats; this includes principal and interests during a term of five years.
Properties, plant, vehicles and equipment:
This items include net fixed
assets, current fixed assets and others. It increased in ¢14,793 million due to partial
and total capitalizations of new works, as well as progress on ongoing projects.
This includes works in International Airport Juan Santamaría, Port-Terminal in the
Atlantic, new loading terminal in Moín, SAGAS Project, tanks in La Garita, El Alto,
Moín, Barranca, equipment for pipelines and terminals, among others.
Investments in joint ventures (SORESCO):
By the end of 2013, this
account shows a balance of ¢24,264 million, showing an increase of ¢8,774 million
(57%), due to the completion of RECOPE capital contribution to SORESCO, according
to the Joint Venture Contract. This account is recorded proportionally (participation
method) for the capital contributions to the Joint Venture company RECOPE-CNCPI
(SORESCO), according to NIC 31.
Current liabilities:
This item increased by ¢87,936 million (77%) with
regards to the year 2012 and the accounts showing significant variations are the
following:
Documents payable: This item shows credit lines that finance fuel
purchases, as authorized by Banco Central de CR, totaling ¢30,912 million.
Accounts payable: This item shows an increase of ¢39,212 million (41%),
It includes accounts payable to fuel suppliers, mainly short term purchases of fuel,
which reflects the highest increase due to a higher import volume at the end of the
year.
These accounts contain the Single Tax applied to production ready for sale.
Deferred revenue: This account previous customers make deposits for
purchase of products are recorded. During this period, an increase of ¢ 171 million
yielded 12 (116%), mainly because the ICE deposits held strong December to
purchase fuel for the period 2014.
33
Annual Report 2013 www.recope.com