39
RECOPE ANNUAL REPORT 2015
Additionally, the volume of imports was reduced
to 634,644 barrels given that the Costa Rican
Electricity Institute (ICE) decreased the purchase
of 1.8 S fuel oil due to a larger hydroelectric
generation, as the water reservoirs remained full all
year long.
Non-current assets:
this group shows a total
increase of $ 635,77 million as of December 2015,
which represents a 90,7% of this same item in
December 31, 2014.
The main variation is shown in the net-revaluated
plant and equipment account, and in the fixed
assets in progress account. The net increase in
the asset cost and revaluation was of $ 499 million
product of the technical assessmentof 8353 assets,
which resulted in an increase in the value of the
assets. passing from $ 359 million to $ 931 million.
Fixed assets in progress:
There was a $ 80 million
(40%) increase that was mainly due to the result of
advances in investment projects such as: Atlantic
2015, RECOPE developed its business activity using
the cash funds from the sales of fuels, together with
the short-term lines of credit for the purchase of oil.
The outstanding lines of credit payoff as of the end
of December totaled $ 18 million.
In the cash balance ending in December 2015 is
included the outstanding amount of the fifth bond
emission to fund investments, which shall be carried
to the year 2016, plus a short-term investment in the
Ministry of Tax in the amount of $ 15 million, as per
the guidelines issued by the latter.
As per the value of the inventories, a $ 36,19 million
(16%) reduction is shown while comparing the 2014
data with the one recorded for the year 2015, given
that the inventories went from $ 235,68 million in
the year 2014 to $ 199,50 million in this period;
said reduction is the result of the low import price,
considering that the average cocktail CIF purchase
price in 2015 was of $64.15/bbl, while in 2014 was
of $107.59/bbl ($43.44/bbl less than in 2015).
