36
RECOPE ANNUAL REPORT 2015
In 2015, a number of changes in the environment
demanded the Company to make a series of
budgetary adjustments. Among others, these
included the following:
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A major fall in the international market of the
hydrocarbons prices.
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A local upward movement of the exchange rate.
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Very low interest rates and the country’s inflation
showed a deflation.
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In connection with the tariff regime, at the end
of the year the approval for a new methodology
in the pricing adjustment formula was submitted
for revision.
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Effective as of January 2015, a decrease in the
“K” factor in the pricing adjustment formula,
and the non-approval of the ordinary study
submitted by RECOPE before the Autoridad
Reguladora de los Servicios Públicos (ARESEP).
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Variations in the regulations approved by the
Comptroller General of the Republic and the
Executive Branch.
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Adjustments were enforced in the accounting
field in compliance with the IFRS, as per the
annual modifications.
All of the foregoing events had an impact or resulted
in changes to the expenditures (mainly oil imports)
and in the income.
FINANCIAL ANALYSIS
