34
2016 ANNUAL REPORT
Management
RECOPE developed its 2016-2021
Strategic Plan in late 2015, following
a participatory approach that involved
a high-level interdisciplinary group of
professionals. This involved devising a
new strategic direction and a renewed
philosophical framework, which were
achieved by updating the company’s
mission and vision statements, and by
reinforcing the company’s commitment
to providing nationwide coverage and
fuel distribution services.
Implementation of the Strategic Plan
began in 2016. It involved a revision
of each area’s goals and objectives,
which required an update in order to:
improve the company’s performance;
guarantee nationwide coverage and
fuel, asphalt and naphtha distribution
services; provide high-quality products
that satisfy the needs of consumers, in
furtherance of public health; and protect
the environment.
The objective is to address potential
future challenges, and to strengthen
fuel import, storage and distribution
activities (in bulk), and thereby effectively
contribute to the diversification of
the energy mix (by offering cleaner
alternative fuels), in furtherance of Costa
Rica’s Development Plan and Energy
Efficiency Action Plan.
2016-2021 Strategic Plan
RECOPE and the Stock Market
A meeting with Costa Rican investors
was held in November 2016 to announce
the advancements made in furtherance
of the company’s $215.2-million-dollar-
investment plan. The plan is being
financed through bonds issued by the
National Stock Exchange and through
own funds. These investments will
strengthen the infrastructure of Costa
Rica’s one-of-a-kind National Fuel
System, ensuring nationwide coverage
and energy security.
Through the fulfillment of these projects,
the import processes and the logistics
thereof were improved, and the storage
capacity was increased by approximately
4,000,000 barrels (equivalent to 60 days
of inventory), in the interest of more
accurately meeting consumer demand
over the next four years.
Bonds allows the company to maintain
low leverage levels. Whereas the first
placement of bonds took place in 2012,
the last placement was held on June
14th, 2016; amounting to $10,3 million,
with a maturity of 10 years, and a yield
of 9.15% per annum.
Fitch Ratings awarded RECOPE the
coveted AAA(cri) rating, the highest credit
rating available, for the 5
th
consecutive
year since the company was registered in
the National Register of Security Issuers of
the General Superintendence of Securities
(SUGEVAL as per its Spanish acronym).
