The money that they earn each year goes to compensation and benefits to key managers, commitments, contingent liabilities, Events that occurred after the reporting period, Employees and The govertment.
For example 2013:
Compensation and benefits to key managers
For example 2013:
Compensation and benefits to key managers
The ACP paid a total of B/.3,352 (2012: B/.2,768) for
remuneration and benefits to its key management personnel. It is the responsibility of the
Administrator to determine the salaries of key management personnel in conformity with the Personnel
Administration Regulations, subject to the Board of Directors ratification. It is the Board of
Directors’ responsibility to determine the salaries of the Administrator, Deputy Administrator,
Inspector General and the Secretary of the Board of Directors
Commitments
Commitments as a result of construction contracts in progress and undelivered purchase orders
amounted to approximately B/.2,018,000 (2012: B/.2,677,000), as follows:
2013 2012
Investment programs:
Canal Expansion B/. 1,525,000 B/. 2,362,000
Others 463,000 275,000
Sub-total 1,988,000 2,637,000
Operations 30,000 40,000
B/. 2,018,000 B/. 2,677,000
Total commitments include the Panama Canal expansion program contracts awarded during the fiscal year totaling B/.22,343 (2012: B/.30,271). Contracts awarded during fiscal year 2013, include miter gate hydraulic cylinders to IHC Vremac Cilinders BV for B/.3,602, procurement of medium voltage cables for the third set of locks to Conductores Monterrey S.A. de C.V for B/.3,848 and construction of 25 range towers in Gatun Lake to Ingenieria Continental, S.A. for B/.6,455.
Contingent liabilities
At September 30, 2013, the ACP has received claims from GUPCSA for a total of B/.589,000. These claims are at different stages of the dispute resolution process provided for in the contract for the design and construction of the third set of locks. One of these claims concerning mixtures of concrete and aggregates was denied by the ACP. At September 30, 2013, GUPCSA filed this claim for B/.498,000 to the Dispute Adjudication Board (known by its acronym as DAB) for evaluation and conclusion. A hearing is scheduled for January 2014 which is expected to have a decision during the first quarter of 2014. In addition, the ACP received other claims for an aggregate amount of B/.91,000 of which have been denied by the ACP. Some of these claims could be submitted to the DAB for its decision within the next few months.The contractor submitted claims for B/.130,000 of which were rejected entirely by the DAB. GUPCSA has submitted a Notice of Dissatisfaction with which reserves the right to seek for an international arbitration, but has not indicated whether it will proceed to date like this.
Contingent liabilities
At September 30, 2013, the ACP has received claims from GUPCSA for a total of B/.589,000. These claims are at different stages of the dispute resolution process provided for in the contract for the design and construction of the third set of locks. One of these claims concerning mixtures of concrete and aggregates was denied by the ACP. At September 30, 2013, GUPCSA filed this claim for B/.498,000 to the Dispute Adjudication Board (known by its acronym as DAB) for evaluation and conclusion. A hearing is scheduled for January 2014 which is expected to have a decision during the first quarter of 2014. In addition, the ACP received other claims for an aggregate amount of B/.91,000 of which have been denied by the ACP. Some of these claims could be submitted to the DAB for its decision within the next few months.The contractor submitted claims for B/.130,000 of which were rejected entirely by the DAB. GUPCSA has submitted a Notice of Dissatisfaction with which reserves the right to seek for an international arbitration, but has not indicated whether it will proceed to date like this.
if you want more information click here: http://www.pancanal.com/eng/general/fin-statements/FY2013-Rev.pdf
