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RECOPEANNUALREPORT2014
information, publicity and propaganda, legal services, transportation, allowances
abroad, oil and derivative shipment insurance, among others.
The increase in current transfers due to the record setting performance
with the employee benefits of the actuarial study.
Regarding materials and supplies, the accounts that presented the
highest increase included paints, spare parts and accessories, other raw materials,
chemical and industrial products, among others, mainly used for providing preventive
maintenance to the pipeline systems, tanks, welding shops and others.
The account for other operational expenses for the 2014 term increased
15%, from 2013 to 2014.
For the financial expenses item, the increase is the result of interests over
bonds issued, the strong exchange rate differential in loans acquired in dollars and the
liabilities with fuel suppliers, also as payment of financial commissions, even if to a
lower extent. The exchange rate of the colón in respect of the U.S. dollar for this term
was ¢542.22, while for the end of the 2013 term it was ¢502.47, with a difference per
dollar of ¢39.75.
Finally, net profits for the year 2014 reached$16million. This profits show
that RECOPE was able to recover from a net accounting loss of $3 million in 2013 and
closes the term with surplus, despite de devaluation of the colon with regards to the
dollar and an extraordinary record for income tax and interests. The aforementioned
is mainly due to the approval by ARESEP of an ordinary study in prices mid last year,
the decrease in fuel import prices during the last months of the year and the efficient
financial and operational management practices executed.