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Annual Report 2013 www.recope.com
It is important to note that the company
has assumed a series of payments that have not been
acknowledged by ARESEP in price calculations, as
established by regulations, including income taxes,
contributions to the National Emergency Committee,
and Price Gaps. To solve this problem, the company has
had to incur in short term loans, with a balance to this
date totaling $141 million.
Due to the aforementioned issues, RECOPE
has had a financial deficit and has suffered deterioration
of its financial condition, mainly in terms of liquidity,
indebtedness, profitability and a decrease in work
capital.
It is evident that the decisions issued by
ARESEP and theTax Ministry have affected the company’s
financial capacity and has broken its financial balance.
However, the country stills requires continuous and
timely supply of fuel, for which it is necessary to seek
solutions to the various problems faced by the company.
Development of an Integral Human
Resources Management Model
Recently, an Integral Human Resources
Management Model was developed, which allows
more objectivity in processes and sub-processes in
the Human Resources area.
A work team was created, comprised of
representatives from the four Departments and
Human Resource Units of the Refinery. This team is
currently preparing processes and requirements for
the system.