Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.10712. Prepaid expensesPrepaid expenses as of December 31 st include:2009 2008Combined material damages insurance (1) 6,534 20,309Opic loan guarantees (2) 4,285 4,679Surgery and hospital insurance 1,059 747Tort liability insurance 449 342Commercial general liability insurance 186 196Performance guarantee bond 168 -Fidelity and financial risks insurance 105 82Workers compensation 101 -Seguro de cumplimiento 168 -Amoyá all risk construction and- 3,313assembly insurance (3)Manso all risk construction and assembly insurance (3) - 636Guarinó all risk construction and- 276assembly insurance (3)Other policies 111 -12,998 30,580(1) The combined material damages insurance was renewed for 18 months at theend of 2008; thus, the amount accumulated during 2009 corresponds to amortizablebalance.(2) Amount paid for Opic counter guarantee $2,192 (2008 - 2,346) in force untilNovember of 2010, and $2,093 for Opic premium in force until May of 2010(2008 - $2,333).(3) Policy premiums for covering risks related to construction and assembly ofequipment for Amoya, Manso and Guarinó Projects. These items were reclassifiedin 2009 as deferred charges according to accounting policy change describedin notes 5 and 13 to the financial statements.13. Deferred chargesThe composition of deferred charges on December 31s was:2009 2008Projects’ deferred charges (1) 42.867 -Deferred taxes (2) 7.326 9.007Studies 407 407Others - 2050.600 9.434(1) Indirect costs associated to construction of Sogamoso, Manso, Amoyá andGuarinó Projects as described in letter g) of note 5 to the financial statements.Main items correspond to insurance premiums and cost of security.(2) Includes mainly software purchased along 2009 for the commercial strategyproject. Net value as of December 31, 2010 was $10,910.14. Other assetsOther assets as of December 31 include:2009 2008Actuarial financial reserve (1) 30.830 30.846Licenses 2.439 4.625Easements 1.349 1.245Software (2) 11.475 294Otros 136 13646.229 37.146Less current portion (12.111) (7.924)Non-current portion 34.118 29.222(1) Trust Estate administered by Sociedad Administradora de Fondos de Pensionesy Cesantias Porvenir S.A., to guarantee payment of pension liabilities ofISAGEN’s current and former workers. The maximum value of the fund will bethe actuarial estimate as of December 31st every year. In 2009 total $5,000were contributed by the Company to the fund.(2) Includes mainly software purchased along 2009 for the commercial strategyproject. Net value as of December 31, 2010 was $10,910.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management