Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.93STATEMENTSOF CASH FLOWSfor the years ended december31, 2009 and 2008(In millions of Colombian Pesos)2009 2008CASH FLOWS 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 33,935(Recovery) allowance for protection of accounts receivable (1,816) (684)(Recovery) allowance for protection of property, plant and equipment (2,582) 26(Recovery) allowance for protection of inventories (233) 4(Recovery) allowance for protection of investments (3) 52Loss on sale and retirement of property, plant and10,444 502equipment, inventories and other assetsLong-term investments adjustment - (148)544,449 418,654CHANGES IN ASSETS AND LIABILITIESAccounts receivable (18,014) (42,536)Prepaid expenses 17,582 (9,802)Inventories (8,699) (233)Other assets - (4,630)Accounts payable 2,485 38,085Taxes, imposts and duties 7,540 (10,309)Labor liabilities (6,593) (5,987)Other liabilities 30,103 3,055NET CASH PROVIDED BY OPERATING ACTIVITIES 568,853 386,297CASH FLOWS FROM INVESTMENT ACTIVITIES:Acquisition of property, plant and equipment (248,800) (126,248)Amortization of deferred charges (42,867) -Increase in other assets (2,109) (1,667)Product on the sale of property, plant and equipment 241 899NET CASH USED IN INVESTMENT ACTIVITIES (293,535) (127,016)CASH FLOWS FROM FINANCING ACTIVITIES:Bond issues 450,000 -Payment of financial liabilities (22,956) (22,956)Cash dividends (149,127) (135,485)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 277,917 (158,441)NET INCREASE IN CASH AND CASH EQUIVALENTS 553,235 100,840CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 352,611 251,771CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 905,846 352,611Cash and cash equivalents at the end of the year include:Cash 499,210 291,408Marketable investments 406,636 61,203905,846 352,611The 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 No. 25295-TDesignated by Deloitte & Touche Ltda.(See attached report)Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management