40
RECOPE ANNUAL REPORT 2015
of oil, payment of shipments with lines of credit
and the reduction in the import volumes. These
obligations have a one-month term.
Non-Current Liabilities:
the non-current liabilities
show a $ 177 million (87%) increase with respect
to December 2014. It reflected the 5th bond
emission in the amount by $ 37 million, used to
fund investment projects, such as. the Atlantic Oil
Port Terminal and the tanks to increase the storage
capacity of the premises.and BNP-Paribas SG loan.
In this group of liabilities also impacts the increase
of the differed income tax, which was $ 116,98
million, in order to the technical assessment of
assets. Shown with a net balance, as per the
International Accounting Standards (IAS 12).
Likewise, affects the legal benefits provision that is
registered to meet the suggestions from the external
auditors and the IFRS standards, . The increase
while comparing the data as of December 31, 2015
with the year 2014 is of $ 25,96 million. This is the
Terminal, Sagas Project, bunker tanks and asphalt at
Moín, telecommunications architecture, technological
infrastructure, expansion of the distribution tanks
storage capacity (La Garita, El Alto, Liberia, Moín,
Barranca), premises and oil pipeline equipment,
minor works at Moín and other premises.
As for RECOPE-CNCPI Joint Venture (SORESCO)
Investments, the balance of this account it remains
at $ 45,51 million, while the decision over the course
of the project is under study.
Current Liabilities:
As of 2015, the current liabilities
show a balance of ¢82,386 million, presenting a
reduction of $ 126,10 million (46%) with respect to
the year 2014.
The balance to be paid for the short-term purchase
of oil is considered, which, as of December 31,
2015 was of $ 64 million, while in the year 2014
this amount was of $ 94 million: this represents
a reduction of $ 30 million (32%). Likewise, the
reduction relates to a reduction of the internal prices
