Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.10815. ReappraisalsBalances in assets and equity as of December 31 include the followingreappraisals of property, plant and equipment as of December 31:2009 2008Generation plants 965,509 966,986Constructions and buildings 55,558 55,579Machinery, furniture and equipment 13,245 13,556TOTAL OPERATIONAL ASSETS 1,034,312 1,036,121Assets out-of-service 1,098 1,098TOTAL RE-APPRAISALS 1,035,410 1,037,219In 2007, economic valuation was conducted for the main componentsof property, plant and equipment technically determined by independentappraisers for generation-related assets and real-estateproperty, using the as-new replacement value and commercial value.In the case of IT assets, based on technical studies developed byemployees of the Company.According to regulations of the National General Accounting Office,appraisals are valid for 3 years.16. Financing operationsBalance of financial liabilities at December 31 included:Interestrate %2009 2008 MaturityPower FinanceCPI+ 5,25 s.v. 492,497 492,497 2025Trust Limited (1)Citibank N.A. E.U (2) 10,40 s.v. 22,957 45,913 2010Debt bonds 7 (3) CPI+5,93 s.v. 98,856 - 2016Debt bonds 10 (3) CPI+6,48 s.v. 149,394 - 2019Debt bonds 15 (3) CPI+6,99 s.v. 201,750 - 2024965,454 538,410Less non-current portion (942,497) (515,452)Current balance 22,957 22,958(1) Loan agreement with Power Finance Trust Limited hired in 2005 with 20-yearterm, 5-year grace period, and 30 semiannual amortization payments, guaranteedby the State and insured by OPIC.(2) Loan agreement with Citibank N.A. E.U., hired in 2005 with 5-year term, 1.5-year grace period, and 8 semiannual amortization payments. This amount correspondsto current portion for 2009.(3) The Financial Superintendency, through Resolution No. 1376 of September 10,2009, authorized filing with the National Registry of Securities and Issuers andoffer of domestic debt bonds issued by ISAGEN in the amount of $850,000.Placement of first tranche for $450,000 took place in September of 2009. Thesebonds are part of Sogamoso Project financing strategy.The issue had the following terms:Issue’s nominal value $450,000Book runnerDeceval S.A.RatingAA+ by FitchRaitings ColombiaContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.109TermYield7 CPI+5,93 s.v.10 CPI+6,48 s.v.15 CPI+6,99 s.v.(4) Maturities of non-current financial liabilities over the next years:Maturity yearAmount2011 23,8122012 23,8122013 23,8122014 23,8122015 onwards 847,249942,497During 2009, financial liabilities repaid totaled $22,956 (2008 - $22,957).The Company has obligations, pledges over assets, and pledgecommitments, as follows:Revenue pledge in favor of the State in the amount of $27,877semiannually, to guarantee payment of Power Finance TrustLimited loan.Promissory note in favor of Power Finance Trust Limited for$492,497until December 2025.USD 10,549 letter of credit with Citibank NA EU to guarantee debtservice payment during 2010 first semester of Power FinanceTrust Limited loan.Promissory note in favor of Citibank NA EU for $91,827 untilDecember 2010.The Company has agreed the following indicators under loan agreementwith Power Finance Trust Limited and Citibank N.A. U.S.A.Levels agreed for 2009 and corresponding results are:Indicator Level agreed Result for2009Result for2008Leverage (total liabilities/equity) Lower than 1 0,70 0,50Financial debt /EBITDA ratio Lower than 3.5 1,56 1,09Debt service coverage Greater than 1.3 8,99 5,62Short-term debt concentratio Lower than 0.25 0,02 0,05As is customary in this type of transactions, upon closing of OPIC-insuredfinancing, the Company acquired a series of commitments, mostly financialand environmental, which are defined in each contract subscribed.The loan agreement provides the mandatory prepayment of the loanupon any event of control loss by the State.By the end of 2009 and 2008, the Company was in compliance withall said commitments.17. Accounts payableThe balance of accounts payable at December 31 included:2009 2008Energy (1) 68,469 54,566Suppliers (2) 101,110 87,943Financing operations interest 12,963 1,696Creditors (3) 5,655 23,211Deposits received under administration (4) 913 820189,110 168,236(1) Includes $25,848 (2008- $24,549) of energy purchases, and $42,621 (2008 -$30,017) of purchases estimated for December of 2009.In order to guarantee transactions at the Energy Pool, reconciliations, ancillaryservices, use-of-STN charges, CND and CRD services, and in general,to guarantee any amount owed to the SIC Administrator, as provided byCREG Resolution No. 116 of 1998, the following guarantees were establishedwith BBVA in favor of XM Compañia de Expertos de Mercados S.A. E.S.P. for$63,000 (2008 - $60,000).Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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Annual Report 2009 - Isagen

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