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RECOPEANNUALREPORT2014
An operational marginwas held this year, similar to that for 2013, for both
years representing a sales cost of 92% and a 8%margin, equivalent to an ¢8 margin
for each ¢100 in sales, dedicated for operational expenses. This shows the stability
maintained in the operational margin.
The average cocktail CIF price for imported fuel for the term under
analysis shows a decrease of $8.07/BBL, despite an average CIF cost of $115.66/BBL
for December 2013 versus $107.59/BBL for December 2014 (without the tax), which
favored the company´s financial situation by the end of the year.
The Operational Expenses was 5%higher in the year 2014, as compared
with the year 2013, with a very similar variation for inflation.
A 6% increase in depreciation and amortization was observed in the
next chart, due to the incorporation of capitalization assets or projects, which directly
impacts this expense item.
Non-personal services increased3% in2014, where delays in shipments
with finished products were recorded, as well as electricity services, taxes, patents,
andmunicipal legal stamps. However, it is important to mention significant decreases
in this account for leases for facilities, buildings, land and other leases, including
Operational expenses. 2013-2014
-Millions of colones-
Absolute
%
Personal Services
46.357 45.424 -933
-2%
Non-personal services
22.952 23.669
717
3%
Materials and supplies
8.376
8.532
156
2%
Transfers
2.183
6.711 4.528
207%
Depreciation and amortization 21.265 22.537 1.272
6%
Applied expenses
-359
-611 -251
70%
Total operational expenses
100.773 106.262 5.489
5%
Expenses
2013
2014
Variation 2013-2014