Annual Report 2009 - Isagen

More documents

Recommendations

Info

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.84CHART 34.EBITDA EVOLUTIONEBITDAEBITDA MarginISAGEN’s operating costs and expenses in 2009 grew by 4.6% to$805,946 million, from $770,621 million in the past year. Such behaviorwas caused mainly by higher purchases in the Energy Pool associatedto increased participation in this market during the period.CHART 35.NET INCOME EVOLUTIONOperating costs and expenses have exhibited 11% average upwardvariation along the past five years, due mainly to energy purchasesin the Pool, gas purchases, and usage charges.Income tax provision grew from $103,392 million to $138,858, equivalentto 34.1% increase and explained by larger taxed revenuesearned with respect to 2008.ISAGEN’s net income increased 48.2% to $385,751 million during theyear 2009, compared to $260,321 million in 2008. Average growthsince 2004 is 21.9%. Net margin for the year was 27.3%, higher than21.1% recorded in 2008, as can be seen in the following chart:Net IncomeNet MarginContents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.85BALANCE SHEETIn 2009, ISAGEN’s total assets amounted to $4,949,857 million, 18.2%up on 2008. Such positive variation is the result of a higher current assetsbalance, as a consequence of increased cash and investments, inturn explained by the revenues originated in the bond issues.TABLE 22.ASSETSAssets 2009 2008Current Assets 1.217,909 677,208Non-Current Assets 2.696,538 2.473,918Re-Appraisals 1.035,410 1.037,219Total Assets 4.949,857 4.188,345Likewise, total liabilities grew from $1,055,854 million in 2008 to$1,603,994, an increase of 51.9% due mainly to larger debt correspondingto the first ISAGEN bond issue in the Colombian capital market for$450,000. The bonds that were 1.8x overbooked, had terms rangingbetween 7 and 15 years, 12 years weighted average term, and competitiverates. ISAGEN’s final debt balance for the year was $965,454 million,equivalent to 79.3% positive variation in financial liabilities. The followingtable shows the breakdown of ISAGEN’s financial debt:TABLE 23.DEBT BREAKDOWNLoanDenominationOriginalamountDebtBalanceDisburst.DateInterestRate%TypeofRateTermYearsTRUST LIMITED 492,497 492,497 28-Dic-05 IPC+5,25 Variable 20(OPIC - INDEXED) *CITIBANK N.A.91,827 22,957 28-Dic-05 10,4 Fixed 5(INDEXED)BONDS DPI98,856 98,856 15-Sep-09 IPC+5,93 Variable 77 YEARSBONDS DPI149,394 149,394 15-Sep-09 IPC+6,48 Variable 1010 YEARSBONDS DPI201,75 201,75 15-Sep-09 IPC+6,99 Variable 1515 YEARSTOTAL COP(million)1.034.324 965.454(*) State-guaranteed.Additionally, it is important to highlight that 100% of ISAGEN’s debt isdenominated in Colombian Pesos, 97.6% at terms longer than 7 years,97.6% is tied to the CPI, and 2.4% is hired at fixed rate. The Company’sequity, in turn, increased 6.8%.TABLE 24.LIABILITIES AND EQUITYLiabilities and Equity 2009 2008Liabilities 1.603,994 1.055,854Equity 3.345,863 3.132,491Total Liabilities and Equity 4.949,857 4.188,345Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
Page 2 and 3:
ANNUAL REPORT 2009 / ISAGEN S.A. E.
Page 4 and 5:
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
PROGRESS IN THEIMPLEMENTATION OFREC
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35: ANNUAL REPORT 2009 / ISAGEN S.A. E.
Page 66 and 67: (%) Variation versus last yearANNUA
Page 88 and 89: STATUTORY AUDITOR’S REPORTTo the
show all

Annual Report 2009 - Isagen

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?