Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.11423. Equity revaluationInflation adjustments to balances of equity accounts until December31, 2001 have been credited to this account. According to currentregulations, this balance cannot be distributed as earnings until theCompany is liquidated or capitalized; however, it may be used to recordequity tax. Such capitalization represents for the stockholdersrevenues not constituting income or excess profits.24. Effects of changes to the PublicAccounting General PlanBalance of this account at December 31, 2009 and 2008 included:Assets impairment 18,718Studies write-off 68119,39925. Operating revenuesBalances of operating revenue accounts for the years ended onDecember 31 included:2009 2008Energy sales through contracts (*) 957,069 982,811Energy Pool sales 392,578 166,955Gas sales 54,508 76,830Technical Services 6,397 5,1041.410,552 1.231,700(*) Sales of energy under contracts include: $447,025 for regulated companies(2008 - $484,745), $448,461 for non-regulated companies (2008 - $477,185),and sales to Venezuela for $61,583 (2008 - $20,881).Accumulated balance corresponds to the effect on equity of regulationchanges established in 2006 by the National General AccountingOffice in the Public Accounting General Plan (PGCP, for its Spanishinitials) for treatment of assets’ impairment and intangibles duringthe projects’ research stage.Such item is included in equity at the disposal of the Shareholders’Meeting.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.11526. Costs of sales and service delivery2009 2008Energy purchases 271,918 216,454STN use and connection charges 159,168 166,633Depreciation 96,019 100,306Fuel 88,680 88,446Personnel expenses 48,404 42,453Transfer (Law 99/93) 31,436 33,193Maintenance and repairs 26,911 24,792Insurance 13,958 15,817Security 11,145 17,737FAZNI Contribution 10,129 10,134CND, CRDs and SIC 7,497 6,305Customer attention 6,986 6,858Transport and freight 6,563 6,451Community relations 6,466 5,883Taxes and imposts 5,326 8,541Environmental management plan 4,450 7,689Janitorial and restaurant services 3,405 3,087Fees 1,455 4,169Rentals 1,338 1,602Studies and projects 1,230 838Other 3,462 3,233805,946 770,62127. Administration expenses2009 2008Personnel expenses (1) 43,130 43,281Taxes and imposts (2) 9,421 6,758Depreciation and amortization 7,374 5,738Fees 4,743 5,249Maintenance and repairs 4,436 4,154Advertising 1,191 753Legal expenses (3) 6,979 25Other general expenses 8,294 7,23385,568 73,191(1) Includes $15,113 (2008 - $18,524) of adjustment to pension liability for retirementpensions.(2) Includes mainly $1,594 (2008 – $1,326) National General Auditing Office fees;$1,388 (2008 - $1,086) Contribution for 2009 to the Superintendency of PublicUtilities; $602 (2008 - $510) Contribution to the Energy and Gas RegulatoryCommission – CREG; $712 (2008 - $369) Turnover Tax; $94 (2008 - $92) RealEstate Property Tax; $4,923 (2008 - $3,361) Levy on Financial Transactions.(3) Includes mainly $6,610 for procedures to discharge mortgage on Miel powerplant, established to guarantee FEN loan repaid in 2007.28. Non-operating revenues – MiscellaneousBalance of non-operating revenues at December 31 included:2009 2008Loss of revenue indemnities (1) 13,786 8,763Recoveries (2) 7,989 7,238Fines and penalties (3) 6,001 203Other extraordinary revenues 1,194 2,223Default interest 915 181Prior years adjustments 3 22429,888 18,832Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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Annual Report 2009 - Isagen

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