The annual accounts are presented in accordance with the commercial laws in force, in order to faithfully reflect CORES’ assets, financial situation and results.
They comprise the balance sheet, the profit and loss account, status changes in net assets, cash flow statement and the annual report. They must be audited by an independent expert before being approved.
CORES has no share capital. In accordance with its by-laws, the financial means necessary for CORES to conduct its activity are provided by the obligated entities and, where applicable, through fundraising in the financial markets.
With regard to the reserves, it should be emphasized that they may proceed from two sources: Income that may have been obtained as a result of disposal of strategic stocks, which by law cannot be distributed among the members (Special Reserve); or from a surplus in the fees collected when contrasted with the expenditures actually incurred that must be funded, which the Board of Directors may agree, among other possibilities, until it reaches a minimum amount equivalent to a quarter of the ordinary expenses of the year in which they proceed (Statutory Reserve).
These current CORES annual accounts are available for consultation: