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Equity:
Equity showed a net decrease of
¢6,151 million, equivalent to 1.82%. This net variation
mainly arises from the following items:
Investment reserves:
The account for
Investment Reserve, Law 7722, includes an item
deductible from income tax, created according to the
amounts approved by ARESEP through a price study
during this term, which decreased by ¢24,261 million
(100%). This is due to the fact that this item is settled
at the end of every tax and transferred to retained
earnings, with a cero balance at the end of the year
and a new reserves account is opened in January 2014,
for the following term.
Revaluation of surplus:
During the year
2013, this item decreased by ¢2,870 million (-8%) with
regards to the 2012 term, due to a transfer of surplus
for revaluation to the retained earnings account (70%
of depreciation was revaluated), in accordance with
the International Financial Reporting Standards.
Retained earnings:
This item presents a net
growth of ¢20,982 million as a result of the increase
in transfers from revaluated surplus, the investment
reserved explained above and the record of the losses
for the year 2013.
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Annual Report 2013 www.recope.com