Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.104MaturityValue2011 5,0422012 5,0422013 4,5232014 3,1242015 onwards 8,553(6)The balance of this account included:26,2842009 2008Liquidity Fund (*) 11,519 9,997Convenio WESP Trust (**) 1,098 -Solidarity Fund (***) 913 820Capital Reduction Trust 2 213,532 10,819(*) The Liquidity Fund was established in December of 2007, through trust estateadministered by Fiducolombia with broker Valores Bancolombia as liquidity promoter.ISAGEN’s initial contribution totaled $10,000. The purpose is to promotethe liquidity of the share during five years, at the end of which, a decision for itsextension or liquidation will be made. The fund’s return and valuation results arerecorded as increased value of the fund charged to the income statement.(**) Commercial trust for administration and payment established withCorficolombiana for administering contributions made by Wayuú S.A. ESP andISAGEN as part of the agreement subscribed for construction of a wind farm inLa Guajira province.(***) Health Solidarity Fund established to take care of serious health conditionsof workers beneficiaries of the Labor Contract and the Collective BargainingAgreement, or their basic families, for which all other coverage has been exhausted.Initially the Company contributed $200; twice a year, in June andDecember, workers contribute 1% of their basic salary.Maturities of accounts receivable as of December 31, 2009:Debtor typeNotoverdue1 - 180daysoverdue181 -360 daysoverdueMore than360 daysoverdueTotalAccounts263,530 - - - 263,530receivable -clientsDoubtful- - - 1,340 1,340collectionaccountsAdvances and 69,311 - - - 69,311prepaymentsOther debtors 22,497 - - - 22,497Provision (13,921) (1,340) (15,261)341,417 - - - 341,417Guarantees granted by debtors:In general, accounts receivable from customers are guaranteedthrough blank promissory notes, pre-payment requests, bank guaranteesand pledges of funds (the customers’ own funds and subsidiesgranted by the Ministry of Mines and Energy).For EMCALI, a trust is in charge of collecting and receiving funds; thetrust acts as guarantee and payment source.For accounts receivable from employees, mortgages, pledges andpromissory notes are established.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.10510. Inventories – netInventories at December 31 included:2009 2008Parts 10,119 10,408Land and buildings (*) 8,304 -Materials and supplies 5,440 5,808Other inventories 366 34224,229 16,558Less: Provision (387) (620)23,842 15,938(*) Includes mainly, a land plot acquired in December to be subsequently sold to athird party who will build the Company’s new headquarters.11. Property, plant and equipment – netThe table below shows the breakdown of property, plant andequipment as of December 31:2009 2008Generation plants 3,367,332 3,325,452Constructions and buildings 91,985 91,508Machinery, furniture and equipment 107,602 105,089Land (1) 30,889 28,274TOTAL OPERATIONAL ASSETS 3,597,808 3,550,323Under construction and assembly (2) 392,736 174,518Personal property in warehouse 29,904 36,280Assets Out-of-service 23 23TOTAL FIXED ASSETS 4,020,471 3,761,144ACCUMULATED DEPRECIATIONGeneration plants (2,313,044) (2,101,349)Constructions and buildings (35,860) (30,236)Machinery, furniture and equipment (74,197) (67,697)Deferred depreciation 936,995 808,899TOTAL DEPRECIATION (1,486,106) (1,390,383)Less: Provision (3) (14,781) (17,363)PROPERTY, PLANT AND EQUIPMENT, NET 2,519,584 2,353,398During 2009, assets worth $283,710 (2008- $110,330) were purchased and assetswith net book value 8,272 (2008 -$605) were written off.During the year, depreciation for $99,258 (2008 - $103,176) was charged to theincome statement.(1) Following is a summary of the real property owned by the Company, its legal status,and corresponding actions undertaken:Legal status Observations Action Number ofpropertiesFull ownershipReal estate registerin ISAGEN’s nameProperties pendinglegal status definitionPossession -Inheritance rights oractual possessionProtected areas(Without registry data).Possession – DefectiveTitle (With registry data)Properties withno current legalproblems .Properties whereISAGEN purchasedand exercises actualpossession but donot appear in thePublic RegistryOffice because oflack of registry data.Properties whereISAGEN has actualpossession withdefective titleValueNone 606 25.689Ongoingprocedureswith competentauthoritiesfor obtainingownership titleOngoingclearing oftitle throughownershipactions$145 4.18731 1.013Subtotal 176 5.200Total number of782 30,889propertiesContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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