41
RECOPE ANNUAL REPORT 2015
thru extraordinary formula that carried forward to
the users the reductions in the international market
and the application of the tariff delay; disapproval
by Aresep of the 2015 ordinary pricing study that
was required to balance the financial position in that
year, and finally, a reduction the sales volume (2%),
specifically, in products such as gasoil, Diesel 50
and low-sulfur bunker, product of a lower purchase
of these by ICE.
Net sales:
The total sales of fuels for the period
closing in December of 2015 were $ 2 314 million.
The net sales show a $ 859 million variation
compared to the sales of December 2014 ($ 3 173
million) that represents a 28% reduction.
Cost of sales:
Essentially shows the import and oil
mix costs that, as of the end of the 2015 increased
in $ 2 104 million, which represents a $ 805 million
decrease (28%) versus the 2014 cost of sales ($ 2
909 million). The percentage decrease equals the fall
in the sales income.
result of the update made to the account based on
the actuarial study performed by the Investigation
and Training in Public Administration Center (CICAP,
as per its Spanish acronym) of Universidad de Costa
Rica (UCR).
Equity:
The equity shows an increase of $ 448,41
million (68%). The main reason is the
asset
revaluation surplus
because the stock capital as
of December 2015 shows no movement after being
updated in December 2014; like the legal reserve
that neither shows changes.
The retained earnings presented a net increase of
$ 48,32 million (22%), which obey to the application
of the result of the technical assessment.
PROFIT AND LOSS STATEMENT
Among the factors with a significant impact on
the operative results for the period, the following
can be mentioned: 2014 ordinary pricing study,
which resulted in a reduction of the âKâ factor, and
became effective as of January 2015; reductions
