38
RECOPE ANNUAL REPORT 2015
The cash balance went from $ 157,39 million on
December 2014 to $ 68,22 on December 2015.
The decrease amounted $ 89,17 million (57%),
originated from the variations in the sales prices of
the fuels and directly related to the low prices of the
petroleum products in the international markets and
the adjustments in the exchange rate between the
Costa Rican colon and the US dollar that are revised
in the extraordinary adjustments.
In addition, at end of the year 2014 by resolution of
the Aresep an automatic reduction of $ 0,01 per liter
was approved, which came into effect in January
2015 and during the last two months of the year,
the Energy Intendancy suspended the variations
until the new parameters for the application of a
new methodology via an extraordinary formula are
consolidated and established.
This circumstance resulted in a financial
disequilibrium. Therefore, the use of 30-90 day lines
of credit resulted necessary. As of December 31,
FINANCIAL STATEMENTS
In the year 2015 the independent firm
Pricewaterhouse & Cooper (Pw&C) was engaged
to conduct a technical study on fixed assets. As
the result of the study, the Company was able to
strengthen its financial position. The “Balance Sheet”
showed the value of the fixed assets in an amount
exceeding the $ 931 000 million. Hereof not only an
excellent financial position is shown with a high level
of patrimonial value, but RECOPE is the only public
entity in the country that has been able to update its
assets and meet the standards of the International
Financial Reporting Standards (IFRS).
Statement of Financial Position
Current Assets:
(cash, banks and investments): The
balance of cash (cash, banks and investments) and
inventories, among other figures, shows a decrease.
Overall, as of December 31, 2015 the current assets
decreased in 32% that represents an amount of
$136,75 million in comparison to December 2014.
