ISAGEN S.A. E.S.P. ANNUAL REPORT 2007

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2. Likewise, it is informed, regarding Article 47 of Law 964, 2005 that the Companycounts with an accounting internal control system in order to provide reasonablesecurity about the financial information and its disclosures. Such system enablesto determine how adequate the control environment is, identify and monitor risksand controls, information and communication systems, and verify that follow-upactivities for the operation of the system are duly conducted. The Managementteam, the Organizational Auditing Committee and the Board of Directors monitorsuch system. The Organizational Auditing team of ISAGEN, the Fiscal Auditing, andother control entities, have examined the accounting internal control system andhave concluded that it is adequate for complying with the proposed objectives.For 2007, to the best knowledge and understanding of the Legal Representative,there is no evidence of material findings or frauds in the activities performed thatwould affect the financial information supplied to the Auditing Committee, theBoard of Directors, and the Shareholders.3. Additionally, and complying with Article 46 of Law 964, 2005, the Legal Representativecertifies the relevant reports for the public that are related with the accounting periodsfinalized on December 31, 2007, which do not contain any vices, imprecision, ormistakes that prevent from knowing the truthful equity situation or operations ofthe Company.Luis Fernando Rico PinzónLegal Representative138 ISAGEN S.A. E.S.P. ANNUAL REPORT 2007
REFERENCE TABLE FOR ACRONYMSABCCAAPCENSCNDCRDCREGCXCDANEENFICCFAZNIFenINCODERIpcOEFopicSENASICSTNSUCGUPMEUSDActivity-based cost systemPublic Assets Utilization CommitteePower Plants of Norte de SantanderNational Center of DispatchRegional Center of DispatchEnergy and Gas Regulation CommissionCharge for ReliabilityNational Administrative Department of StatisticsFirm Energy of the Charge for ReliabilityFinancial Support Fund for Non-interconnected ZonesNational Energetic Financial InstitutionColombian Institute of Rural DevelopmentConsumer Price IndexFirm Energy ObligationsOverseas Private Investment CorporationNational Service of LearningCommercial Exchange SystemNational Transmission SystemUnified System of Costs and ExpendituresUnit of Mining and Energy PlanningDollarISAGEN S.A. E.S.P. ANNUAL REPORT 2007139
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Notes of specific nature 1116. Tran
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MANAGEMENTLuis Fernando Rico Pinzó
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LETTER FROM THE BOARD OF DIRECTORSA
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achieved in the history of ISAGEN,
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Management and performance of the o
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INTRODUCTIONDuring 2007, ISAGEN str
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ASSESSMENT OF 20071. PERFORMANCE AN
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vote, receive profits, negotiate st
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in order that the Board of Director
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to provisions established in the Go
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Information for decision-makingDuri
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The selection of management positio
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ISAGEN’s Internal Control System
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34 ISAGEN S.A. E.S.P. ANNUAL REPORT
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ISAGEN presented contributions and
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Figure 1AVERAGE PRICE OF CONTRACTS
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Chart 4ISAGEN’S ENERGY TRADING TH
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Primary Regulation response, as a r
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of the assigned Firm Energy, while
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Chart 12REVENUES FOR NATURAL GAS TR
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Management and performance of human
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Figure 1ISAGEN’S POWER PLANTS GEN
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Predictive tests were performed to
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During 2007, ISAGEN continued with
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The project consists in a small bot
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Andaqui Hydro electrical ProjectThe
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ISAGEN has the firm intention of ma
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The following figure depicts the fr
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Likewise, the Ethics Committee was
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For the stock market, 2007 was a co
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CORPORATE VALUE RESULTSIn 2007, ISA
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Figure 3OPERATIONAL COSTS AND EXPEN
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GENERAL BALANCE SHEETDuring 2007, I
Page 88: ISAGEN’S STOCK BEHAVIORISAGEN’s
Page 92 and 93: ) Until December 31, 2006, negative
Page 94 and 95: GENERAL BALANCE SHEETSON DECEMBER 3
Page 96 and 97: RESULTS STATEMENTSFOR THE YEARS END
Page 98 and 99: CASH FLOW STATEMENTSFOR THE YEARS E
Page 103 and 104: NOTES TO FINANCIAL STATEMENTSON DEC
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Page 109 and 110: k. Financial derivativesThe Company
Page 111 and 112: t. Reclassification of financial st
Page 113 and 114: 8. Investments, netInvestments on D
Page 115 and 116: (2)The balance of this account if m
Page 117 and 118: In the specific case of Emcali, a f
Page 119 and 120: negative differences in assets’ b
Page 121 and 122: 14. Other assetsOther assets on Dec
Page 123: During 2007, financial obligations
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Page 129 and 130: The actuarial calculation includes
Page 131 and 132: 24. Net worth revalorizationAccumul
Page 133 and 134: (1) Mainly includes provision recov
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Page 137: REPORT OF THE LEGAL REPRESENTATIVEA
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ISAGEN S.A. E.S.P. ANNUAL REPORT 2007

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