Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.116(1) In 2009 and 2008, includes payment from insurance company for losses in SanCarlos power plant.(2) Includes mainly: recovery of provision for doubtful accounts of EMCALI $2,246(2008 - $1,736); sale of land plot to Hidroeléctrica Pescadero Ituango $200; adjustmentfor increased value of income tax provision of 2008, $4,338; recoveryof administration costs of UPME studies $117 (2008 - $1,072). Also included in2008, recovery of provision for Tocancipa Municipality’s claim for $2,150.(3) Fine to Ecopetrol for default in gas supply.29. Non-operating expenses – Miscellaneous2009 2008Financial operations insurance(1) 7,963 7,228Extraordinary (2) 7,329 362Bank fees and expenses (3) 6,423 3,055Provisions (4) 1,424 1,693Early payment discounts 1,110 1,280Trusts administration 436 356Expenses from prior years 304 3,23224,989 17,206(1) Includes mainly, $5,631 (2008 - $7,228) for Opic insurance commission andcounter guarantee $2,332 (2008 - $3,055).(2) Mainly, loss in inventory valuation for $5,750.(3) Includes mainly: commission and consulting for Opic debt restructuring andSogamoso restructuring 2,970 (2008 - $307); guarantees $690 (2008 - $726);bank fees $685 (2008 - $348); dividend payment fees $2,084 (2008 - $1,633).(4) Includes mainly, provision for doubtful accounts for $430 (2008 - $1,051), provisionfor customer loyalty program for $875 (2008 - $485).30. Memorandum accountsThe balance of memorandum accounts at December 31 was:2009 2008DebitContingent rights (1) 66,603 60,786Tax debit memorandum accounts (2) 356,316 591,976Control debit memorandum accounts 158,177 61,122581,096 713,884CreditContingent liabilities (4) 3,673,418 1,751,059Tax credit memorandum accounts (5) 3,343,305 3,155,866Control credit memorandum accounts 100,452 -7,117,175 4,906,925(1) Contingent rights for 2009 and 2008 include mainly:Insurance claim for $9,920 (2008 - $11,085) against Mundial de Seguros forTermocentro Plant loss.Claim against the Ministry of Mines and Energy and Superintendency ofDomiciliary Public Utilities for damages resulting from taking over and liquidationof Electrochocó for $13,003 (2008 - $12,077).Rights over studies of the Pescadero – Ituango Project for $14,208 (2008- $13,930).Claim against Cimitarra Municipality regarding turnover tax and tax on billboardsand signs for $3,240 (2008 - $3,240).Claim against Electrificadora del Tolima for recognition of $1,471 default intereston liquidation estate for $1,917 (2008 - $1,780).Claim against Caloto Municipality for turnover taxes for $1,378.Counter claim for $8,908 against Consorcio Miel I for consequential damagesand loss of revenue in the same process in which Consorcio Miel I is suingthe Company.Rights over Ambeima Project studies for $214.Claim against Resolution No. 180436 of April 10, 2006 of the Ministry ofMines and Energy charging for the rights over Urra for $8,944.Claim against resolution of the Superintendency of Domiciliary Public Utilitiesestablishing $1,743 (2008 - $1,618) contribution for 2007.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.117(2) Reconciliation of per-books and fiscal differences for re-appraisals, non-deductibleexpense, fixed assets and debit deferred tax.(3) Securities under DECEVAL custody for $158,177 (2008 - $61,122).(4) Includes the following contingencies:Long-term energy sales for $3,422,775 (2008 - $1,446,151), approximately.No losses are foreseen for the Company regarding such sales.Arbitration claim by Consorcio Miel I under M-I100 contract for constructionof Miel I Hydroelectric Plant regarding extension of term and third party liability.Amounts claimed total $120,039 and USD 21,974. (2008 – sameamounts).Letter of credit to guarantee semiannual payment of OPIC debt for $21,565(2008 - $36,638).Claims for $5,088 (2008 - $5,187) regarding turnover taxes filed by theMedellin, Norcasia and Puerto Tejada municipalities. Claims have been filedagainst such taxes with each Province’s Administrative Tribunal. Also, claimsfiled by the San Carlos and San Rafael municipalities for $4,245 (2008 -$3,259) regarding turnover tax generated by AGC and capacity charge.Claim filed by Producciones Punch for $1,173 (2008 - $900) for damages resultingfrom energy rationing.Resolution No. 180436 of April 10, 2006 by which, the Ministry of Mines andEnergy demands payment of rights in Urra Project for $8,944 that had beenpreviously assigned under ISAGEN’s capital reduction process.(5) Reconciliation of per-books and fiscal differences that include provisions, nontaxablerevenue from investment portfolio, recoveries and credit deferred tax.(6) Mainly, securities received as guarantee for term or REPO operations, which arevalued at market prices.31. Transactions and balances between related partiesShareholders (*) AdministrationBoard ofDirectorsEPMNationalGovernment2009Balance sheetAccounts receivable - - 137 -Liabilities 1,919 2 - -Related transactions toincome statementLocal Distribution System Use 11,782 - - -Gas Trading Cost 621 - - -Energy, water and524 - - -telephone utilitiesFees - - - 362Salaries and labor benefits - - 3,970Other transactionsDividends 19,308 85,990 50 -2008Balance sheetAccounts receivable 4,696 - 377 -Liabilities 380 2 - -Related transactionsto income statementEnergy and gas sales 50,256 - - -Local Distribution System Use 4,430 - - -Gas Trading Cost 1,021 - - -Energy, water and189 - - -telephone utilitiesFees - - - 360Salaries and labor benefits - - 2,949 -Other transactionsDividends 17,542 78,124 38 -(*) Shareholders are those with more than 10% of outstanding shares (note 21).Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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