37
RECOPE ANNUAL REPORT 2015
BUDGET EXECUTION
1
Total income:
As of December 2015, the total
income totaled $ 2 500.53 million, which is
comprised by the sales revenues ($ 2 297.71
millions) –Recope’s primary funding source-,
other income in the amount of $3.59 million, bond
emission in the amount of $38.21 million and an
initial cash balance in the amount of $158.98 million.
During this year income decreased in $ 857.89
million (25,54%) in relation to the 2014 ($ 3 358.42
million), mainly, as the result of the reduction in
the prices of the products and an approximate 2%
decrease in the sales volume.
Expenditures totaled $ 2 432.18 million. A 90,06%
of which corresponds to payments for oil imports,
3.65% to compensation, 2.39% to goods and
services, taxes and others, 1.05% to transfers and
debt and 2.85% to investments.
Balance between income and expenditures resulted
in a final cash balance as of December 31, 2015 of
$ 68.35 million. This balance must be used for the
payment of the oil supplier’s 30-day obligations and
to the payment of the single production tax.
As of December 31, 2015, $ 69.19 millions were
destined for investments, i.e. a 74% of the modified
budget. During 2015 the business budget execution
totaled 93%.
COMPOSITION OF TOTAL EXECUTED EXPENDITURES FOR RECOPE, 2015
(IN USD MILLIONS)
Payment for oil import
US$ 2.190,44
Compensation
US$ 88,79
Property & services,
tax and others
US$ 58,20
Transfers and debts
US$ 25,57
Investments
US$ 69,19
Payment for
oil import
US$ 1,335.26
Sole tax
US$ 855.18
Anual average exchange rate: ¢536,28 /US$
