Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.12start the development stage of the strategiesdefined in 2008. The Management resultswe just shared with you fill us with satisfactionbecause they are evidence that whereasthe road ahead of us is long, the stage ofcorporate growth has started out with firmstep.Without any doubt, to keep in 2010 the goodresults of the previous years in every area ofcommercialization, production, management,finance, and application of practicesaimed at the well-being of its workers, stakeholders,and society in general, is one of ourmain challenges.Additionally, among the other challenges weface in 2010, we deem it fitting to highlight thefollowing: (i) consolidation and completion ofhiring of the total debt required for theSogamoso Project, clearing all uncertaintiesand risks involved; (ii) advancement onschedule of construction of every project includedin ISAGEN’s expansion plan, wheretwo milestones are expected to materialize:start of operation of the Guarinó river waterdiversion and deviation of the Sogamoso river;and (iii) an effective answer to the impactfrom El Niño phenomenon, as a result ofwhich net revenues budgeted for the yearare actually received, and a real contributionto the country’s recovery from the energyjuncture brought about by the dry spell.Messrs. Shareholders: two forces come togetherand boost ISAGEN’s firm grip of theabove challenges and those that may arise(i) our absolute commitment to you to be asolid, responsible corporation in permanentgrowth, and (ii) the efficiency, professionalism,and human quality of our workers, whosedaily work constructs the future ISAGEN.Looking in retrospect at these 15 years ofcorporate life, we want to express our feelingsof gratitude to you and to our workers,customers, suppliers, and communities livingin the influence areas of the plants andprojects, gratitude that becomes the fuel totake the challenges of 2010 with enthusiasmand decision, and the motivation to statewith the conviction and firmness of a workwell done, that you can count on an ISAGENcharacteristically bent on facing the futurechallenges with productivity and efficiency.Thank you very much.LUIS FERNANDO URIBE RESTREPOChairman of the BoardLUIS FERNANDO RICO PINZÓNChief Executive OfficerContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management