Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.92STATEMENTSOF CHANGESIN FINANCIALPOSITIONfor the years ended december31, 2009 and 2008(In millions of Colombian Pesos)2009 2008FINANCIAL RESOURCES GENERATED BY YEAR'S OPERATIONS:NET INCOME 385,751 260,321ADD (LESS) EXPENSES (REVENUES) NOT AFFECTING WORKING CAPITAL:Depreciation 99,258 103,176Amortization of deferred charges and other assets 4,238 2,946Amortization of retirement pensions actuarial calculation 15,113 18,524Deferred taxes 34,279 33,935Recovery of allowance for protection of long-term accounts receivable - (1,204)(Recovery) allowance for protection of property, plant and equipment (2,582) 26Loss on sale and retirement of property, plant and equipment and other assets 9,416 502Long-term investments value adjustment - (148)(Recovery) allowance for protection of investments (3) 52545,470 418,130FINANCIAL RESOURCES GENERATED BY OTHER SOURCES:Bond issues 450,000 -Liquidation of projects under admnistration - 10,779Increase in other liabilities 3,183 -Decrease in long-term accounts receivable - 701Decrease in other assets 2,078 -Product on the sale of property, plant and equipment 241 899455,502 12,379TOTAL FINANCIAL RESOURCES GENERATED ALONG THE YEAR 1.000,972 430,509FINANCIAL RESOURCES USED IN;Acquisition of property, plant and equipment 283,710 110,330Dividends 149,110 135,485Increase in other assets 42,867 1,667Increase in accounts receivable 10,369 -Equity tax 21,460 21,460Reclassification of short-term financial liabilities 22,955 22,957Decrease in labor liabilities 11,747 6,630Transfer of inventories to property, plant and equipment - 642TOTAL FINANCIAL RESOURCES USED ALONG THE YEAR 542,218 299,171INCREASE IN WORKING CAPITAL 458,754 131,338BREAKDOWN OF CHANGES IN WORKING CAPITALINCREASE (DECREASE) IN CURRENT ASSETSCash 207,802 105,855Investments 345,433 (5,015)Accounts receivable (7,043) 91,835Inventories 7,904 9,802Prepaid expenses (17,582) (413)Other assets 4,187 4,630540,701 206,694DECREASE (INCREASE ) IN CURRENT LIABILITIES:Financing operations 1 (59)Accounts payable (20,874) (60,448)Taxes, imposts and duties (29,000) (11,151)Labor liabilities (5,154) (643)Other liabilities (26,920) (3,055)(81,947) (75,356)INCREASE IN WORKING CAPITAL 458,754 131,338The accompanying notes are an integral part of these financial statements.Luis Fernando Rico PinzónChief Executive Officer(See attached certification)Elvia Luz Restrepo SaldarriagaChief Accounting Officer T.P.37982-T(See attached certification)Jorge Enrique Múnera DurangoStatutory Auditor T.P. 25295-TDesignated by Deloitte & Touche Ltda.(See attached report)Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management