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RECOPEANNUALREPORT2014
Capital Stock
As of December 31, 2014, RECOPE´s capital stock increased from
US$350.000* to US$370,515,185, according to what has been indicated by the
Boardof Directors (JD-217-2014) on June18,2014, authorizedwithCertificateN°346-
14, used by the Consejo de Gobierno, in its capacity as Shareholders of RECOPE,S.A. In
this way, it shows the real values of shares, that had not beenmodified for a long time.
* This amount includes the effect of changes in foreign currency rates (IAS 21)
Legal Reserves Article No. 43 o the Code of Commerce
This account showed an increase in the legal reserve of $1,6 million,
from resources coming from the profits, in compliance with the Commercial Code and
because of the increased capita Stock, as stated.
Income Statement
It is important to note that for this account sales showed a monetary and
volume increase, with the price factor having the greatest impact, and an increase in
volume of 2% for this term.
Regarding adjustments in the prices authorized by ARESEP, the highest
increased occurred for Premium and Regular Gasoline, while diesel and low sulfur
bunker where the most sold products. The aforementioned, even if significant
reductions in the selling price were approved in November and December for these
products, resulting from the decrease in fuel costs in the international markets.