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Annual Report 2013 www.recope.com
Operating expenses:
Operating expenses increased
as a whole in ¢9,244 million, corresponding to 10% with regards
to the year 2012. The following are the most important variations:
The main increases were observed in the Depreciation
and Amortization account (18%), as assets and capitalization was
included for the projects of the term. Also, services increased
(15%), with the most significant increases for electric energy, tax
payments, patents andmunicipal fees, mainly to the Municipality
of Limón due to a change in legislature, and the Municipality of
Goicoechea, as a result of a settlement.
Compensation increased 7%, considering the
adjustment to monthly wages decreed by the government for
the public sector during 2012 and 2013, impacting other wage
components as well.
The item for other expenses shows an increase for the
2013 term, resulting from an extraordinary payment in income
tax for the 2009-2010 term, as previously explained.
Operating Income and Net income (Net loss):
By the end of the year 2013, a loss of ¢6,151 million
is observed, mainly resulting from extraordinary
income tax payments and the payment to the
national emergency committee (Comisión Nacional
de Emergencias) for previous terms. The importing
costs decreased, mitigating the loss. However, loss
is present, as sale prices approved by ARESEP do not
grant sufficient financial balance, which worsened
with the income tax payments for previous terms,
which are not included in the sale prices according to
current tariff laws.