Annual Report 2009 - Isagen

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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
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.13ACHIEVEMENTSAND RECOGNITIONS 2009The Corporation’s most relevant achievements along 2009 for each of the perspectivesdefined in the planning methodology are:Shareholder’s PerspectiveCreation of additional value of $51,695 million.Operating income of $519,039 million, EBITDA of $622,513 million, net incomeof $385,751 million, for 37%, 44% and 27% corresponding margins,respectively.Important financing advances for Sogamoso Project:Successful bond underwriting worth $450,000 million.Pre-agreement for syndicated loan in the domestic marketfor $1,570,000 million.Approval by CAF of a USD$140 million loan.Customer’s perspectiveExcellent results for the commercial operation, with revenues 8% higher thanbudget, and 14.5% higher with respect to 2009.Renewal of contract for export of energy to Venezuela until 2010.High levels of customer satisfaction, according to yearly survey.Every industrial end customer renewed their contracts with ISAGEN.Sale of services to over 99% of industrial end customers, outdoing 2008revenues from this area by 31.3%.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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Annual Report 2009 - Isagen

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