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RECOPEANNUALREPORT2014
provisions contained in Article No. 8 of Guidelines N° 009-H, modified in Article No.
3 of Guideline No. 14, and saving in RECOPE by order of the President, reached a
total amount of $11 million. Also, all guidelines, directives, regulations and provision
of budget information to Autoridad Presupuestaria and the Contraloría General de la
República obligations were met by their due dates.
With respect to income taxes, after a payment arrangement in 2013
and agreement with the Tax Administration, the timely payments to Ministerio de
Hacienda were executed, corresponding periods 2009 and 2010, and 2011 term,
including principal, interest and fees, which all originated from differences in the
interpretation tax and tariff regulations of Income tax LawNo. 7722 and LawNo. 7593
from ARESEP regarding the deductibility of investment reserves in these periods.
Financial statements
Statement of financial position
Assets
Current assets
In the Financial Position Statement for the 2013-2014 term shows a
decrease of 13,07%, equivalent to $109 million in 2014 in comparison to the year
2013.
Cash and cash equivalents
The balance of cash and transitory investments increased from $142
million in 2013 to $157 million in 2014, showing an increase of $15 million (20%)
due to increases in fuel sale prices ordinary using the extraordinary formula and with
an ordinary study, authorized by ARESEP in 2014, by the rulings regarding prices.
RECOPE had to use credit lines to finance import payments, including the
last month of the year 2014, with prior authorization issued by the Central Bank. An
important part of the cash balance is used to face fuel obligations during the 2015
term, for imports that which entered at the end of 2014.