43
RECOPE ANNUAL REPORT 2015
During the period of analysis, a 5% increase is
shown in the compensation that corresponds,
among others, to the raises ordered by the
Government for the 2015 period. The primary
reductions are shown in the personnel substitution
and extraordinary hours accounts.
The Services presented an absolute increase of
$ 0,45 million, and practically showing no
percentage variation. The port services, municipal
taxes and licenses, and premises and computer
equipment maintenance are the most relevant items
that were increased.
The Supplies and Materials presented a 7%
reduction. The accounts showing the highest levels
of reduction include the internal fuel consumption,
acquisition of other construction materials and
products to be used in various of the distribution
terminals.
Current transfers a highly significant increase is
shown: 131%specially arising from the legal benefits
provision account based on an actuarial study
performed by the independent entity Cicap-UCR.
The depreciation and amortization expenses show
a 23% reduction that represents $ 9,64 million.
The reduction was mainly in the property, plant
and equipment account as the result of the assets
depreciation rates that were higher to the ones
resulting from the fixed assets assessment study.
Finally the Net Profit (Loss) of the period at the end
of December 2015 a $11,20 million loss is shown.
If compared with the net profit of $32,2 million in
December 31, 2014, the final variation is of $43,41
million, which represents a 136% reduction.
The foregoing net loss to December 31, 2015 is
the result of a reduction in the sales income due,
to the above-stated factors, price reductions, the
increase in the operating expenses as the result of
the legal benefits provision update, reduction of the
depreciation expense product of the fixed assets
assessment, interest expenses resulting from the
payment arrangement with the tax administration
for the 2009-2010 income taxes, which was paid
in full in this period, as well as the registration
of the donation expenses of the former central
headquarters building to Minae, based on the Law
9125-2013, published in the official gazette “La
Gaceta” publication number 88 of May 9th, 2013.
