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RECOPEANNUALREPORT2014
Inventory
Total inventory, decreased by $116 million (28%), from $352 million in
2013 to $235,6 million in 2014. The finished goods inventory is the account which
increased by 2%, as more oil was imported for safety, to be stored and meet demand,
given the problems for unloading resulting from bad weather in the Atlantic.
However, it is important to note that the total reduce in inventory is
primarily due to cost, as volumes recorded an increase due to corporate policy to keep
a larger volume in inventory. When the import price from 2014 are compared with
those of 2013, a decrease in the average cost for the price in cocktail purchases is
observed, from $115.66/bbl to $107.59/bbl ($8.07/ bbl less) and the gap widens in
December when the average cocktail for 2013 and 2014 prices were $110.51/bbl
and $71.06/bbl, respectively, showing a decrease of $39.35/bbl.
Non-Current Assets
Non-current assets amounted to $688 million in 2014, representing an
increase of $632 thousands, equivalent to 8%compared to 2013. Themain variations
are present in the account for Property, Plant and Equipment, by partial capitalization
and total investment projects, including most notably, the new Terminal Loading Bays
Moín, Daniel Oduber Airport, the SAGAS Project, among others.
As for the balance in the Investment accounts, RECOPE-CNCPI Joint
Venture (Soresco) remained unchanged, at $45 million. This amount corresponds to
a proportional accounting recording (by the equity method) of capital contributed
to Soresco (50%). The foregoing meets the provisions established by accounting
standard IAS 21.