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RECOPEANNUALREPORT2014
Liabilities
The total liabilities showed a decrease of 10% with regards to the year
2013, reaching $92 million.
Accounts payable to fuel suppliers
Regarding fuel purchases, the balance to December 31, 2014, was
$93 million, while 2013 totaled $198 million, decreasing in $105 million (49%).
Variations in liabilities regarding fuel suppliers is due to the behaviors observed in
the international fuel prices, as well as the payment of some shipments through line
credits. The total amount, taking into consideration the foregoing to December 2014,
was $182million. Obligationswith suppliers for fuel purchases generally are paidwith
a one month term and prices apply according to the terms of payment; for credit lines,
payments is from 30 to 90 days.
Long termbank operations
This concept includes the issuance of bonds and the corresponding share
for the fourth emission, as well as the CAF and Scotiabank loans, which financed the III
Phase the Limón-Garita Pipeline, with newfinancial conditions and terms, retaking the
original debt with BCIE.
Long termpayable bonds
This liability account was created at the end of December 2012, with the
first issuance of bonds totaling $50 million with a 10 year term. In the year 2013, the
second issuance of bonds totaled $50 million with a 15 year term and in June 2014,
another set was issued for $40 million, with a 15 year term. A total of $60 million is
pending issuance, for a grand total of $200million. The balance in this account at year-
end was $141 million.
Income resulting fromthe issuanceof bondswill bedestined for financing
some investment projects that RECOPE has established for construction projects
during the next years, such as the Oil Port Terminal in the Atlantic, the development of
tanks in the Terminals and the expansion of the LPG spheres project.
Legal provisions Employee Benefits
Comparison for data to December 31, 2014 with December 31, 2013,
shows an increase of $7,7 million (63%). This account was updated for December
2014, based on an actuarial study, and is adjusted monthly according to the Board of
Directors Agreement JD-471-2014, Ordinary Meeting No. 4836-42 of December 1,
2014, to comply with the recommendation of the external audit off compliance with
IFRS (International Financial Reporting Standard)