Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.82FINANCIAL RESULTSThe year 2009 saw mixed behaviors: on onehand, there was the contraction of the worldeconomy, the result of the financial downturn,and on the other, the appreciation exhibitedby capital markets in advance to experts’projections. Colombia was no exceptionand even though, up to the third quarter,GDP contracted 0.2% with respect to 2008,the stock of companies listed in the StockExchange appreciated by an average 53%during 2009.In the mentioned scenario, besides marginalincrease in energy demand, lower generationlevels by ISAGEN and higher pool prices,operating, administrative and commercialmanagement had a determining role inthe financial results obtained, which translatedinto financial solidness that allowedISAGEN to continue its structured expansionplan and generation of more wealth forits shareholders.commitments to its stakeholders, as a profitableand lasting enterprise along time.The above shows in the results of the last 5years, evidencing steady improvement interms of Creation of Value, and reaching asum of $245,971 million and Delta EVA of$51,695 million, outdoing goals set.CHART 31.DELTA EVA EVOLUTIONCORPORATE VALUE RESULTSThe associates’ commitment and dedicationallowed the Company to reach and outdo thegoals set, once again. After more than 7years, ISAGEN has consolidated its efforts interms of Value Management .The challengeis then to keep and strengthen the Company’sContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management