2009
Management Report
and
Financial Statements
Termobarranquilla S.A. E.S.P.
Table of Content
Termobarranquilla S.A. E.S.P.
Pág.
President´s Report ........................................2
Operation and Maintenance Management .....5
Financial Management .................................16
Profit and Loss Statement and Balance .......18
Legal Management .......................................22
Human Resources Management ...................24
Environmental Management ........................28
Community Management .............................32
Management Reports
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Termobarranquilla S.A. E.S.P.
President´s
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Management Reports
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President´s Report
Termobarranquilla S.A. E.S.P.
Shareholders,
We would like to present to you the 2009 Management and results report, prepared by the Presidency and
Board of Directors according to Law 222 of 1995 and its amendments set forth in Law 603 of 2000.
Introduction and general aspects
Colombia was not indifferent to the world financial crisis, even though it was not felt with the same
intensity as in other countries of the continent, it did experience a zero economic growth, the lowest
inflation during the last 54 years and a volatile exchange rate with a revaluation trend. This obviously had
an impact on the energy demand's growth, which only attained 1.8%, a level much lower than the lowest of
UPME's scenarios.
Nevertheless, opposite to what was expected, the Niño phenomenon that was experienced during the
second semester, which intensity is yet to be defined, resulted in TEBSA having one of the highest
historical generations during the last months of this year. This was the result of different measures put in
place by the National Government to avoid an eventual power rationing during the first six months of
2010, if the Niño conditions prevail. The following measures had an impact on our operation throughout
the year: information restrictions to brokers, gas supply priority, operational restrictions, safety thermal
generation, etc.
Operation and maintenance
Complying with the PPA Agreement with GECELCA, the capacity of 750 MW was available throughout the
year. A total of 5,126 Gwh were generated, which represented 9.38% of the country's demand. Only
during the month of December, TEBSA generated 623.2 Gwh, which became a record generation in
TEBSA´S history. The operation of the additional burners was highlighted, which contributed to the
system with a total of 78.5 Gwh.
The behavior of the Magdalena River has deserved special attention. The accelerated sedimentation
taking place close to the plant's water inlet has required an ongoing supervision and dredging.
The maintenance program was met according to what was foreseen. The most important aspects have
been the completion of the gas turbine's fourth major maintenance cycle early this year - GT 13, as well as
the major maintenance of Unit 3 of the steam plant, which resulted in changes in the burners, exciter,
turbine blades, and the complete repair of the boiler
Financial and tax aspects
The income obtained during the year was of $ 149,812 million by way of capacity, energy and start-ups
according to the PPA, and revenues from the additional burners, down in 6% compared to the budget. The
exchange rate was significantly below de budget and, together with a lower number of start-ups, caused a
negative deviation, which were partly compensated by higher revenues from the additional burners
contract, in the amount of $8,598 million.
Fixed and variable expenses amounted to a total of $75,065, which is 5% higher compared to the budget
given a proper management of the mentioned expenses resulting in a final operational profit of $ 64,393
million. Once depreciation, amortization, financial credits and leasing costs are deducted, the exercise
results in a final loss of $49,220 million down in 12% compared to the budget.
The exercise was completed in Balance Sheet's accounts with total assets of $617,429, down in 8% when
compared to the figures reported the previous year as a result of a reduction in accounts receivable
pertaining the PPA tariff, liabilities for the amount of $241,486 and Equity of $375,942.
A careful cash and negotiated credits management with the a national bank enabled the disbursement of
US $12 million by way of subordinated debt payment.
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President´s Report
Termobarranquilla S.A. E.S.P.
The company's insurance package for the next three (3) years was negotiated under very good terms. No
insurance claims were filed during the year.
The contributions made to the Corporación Regional Autónoma (Regional Autonomous Corporation) and
to the Municipality of Soledad by way of transfer tax or Law 99 reached a total of $11,796 million.
Corporate issues
The new Company's by laws were approved during the ordinary shareholders' meeting held in March 2009.
These were adapted to the new corporate realities, giving management more flexibility to operate.
Legal Issues
The 1% forced investment Plan Caribe (Caribbean Plan) was presented before the Ministry of the
Environment, previously coordinated with the Regional Autonomous Corporation, complying with Article
43 of Law 99. The Plan's approval is still pending.
There were several actions and sentences related to the Public Lighting tax, which resulted in the
municipality levying a seizure of TEBSA'S funds towards the end of last year. These processes are currently
being negotiated with the Municipality of Soledad and GECELCA
Complying with Law 603 of 2000, we certify that the company meets intellectual property, copyrights
provisions and that we count on all the permits and licenses required to operate. To the best of our
knowledge, we state that we are not aware of any events that have taken place after the exercise that could
have modified the results herein presented.
Corporate social responsibility
TEBSA is still socially committed to the community, its workers and contractors. Likewise, we are making a
daily effort to conduct an environmentally friendly operation. Along these lines, we have renewed the
agreements with Actuar Ltda., with whom we are developing our current social management plan.
Something worth highlighting is the completion of TEBSA'S Multi-services Center, with an investment very
close to three billion Colombian pesos. We have at the new facility an integration of the cafeteria, nurse
and training center, as well as the community- link office.
Company's anticipated evolution
A high utilization of the plant has been anticipated for the first quarter of 2010 as a result of El Niño
phenomenon. The fact that this year has no major maintenances scheduled, will allow us to offer a very
good availability, in addition to carrying out two important programs for the future, such as: the update of
our maintenance and accounting integral information system and the completion of ISO 9000 certification
for maintenance and operation required by regulation.
We have put in place every necessary measure and have made the provisions corresponding to capital
investments required as to guarantee the plant's availability for the future. Our financial model shows a
sufficient cash flow as to achieve this objective. The ground for technical dissolution, which is present in
our medium- term horizon, is postponed until the third quarter 2013.
Our plant's behavior, under current power emergency circumstances, is of outmost importance as to be
recognized for what this plant represents: the plant that offers more support to the Colombian power
sector and therefore one that guarantees a sound future.
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President´s Report
Termobarranquilla S.A. E.S.P.
Five years away from completing the PPA, it is necessary to start designing a strategy that will enable the
anticipation of the facts and actions to be executed as to go through the transition without that much of a
trauma, thus optimizing the company's results and projecting it in the national and international
scenarios.
( Signed )
Edgardo Sojo G.
Termobarranquilla´s President
Documento leído y aprobado por unanimidad en reunión de Junta Directiva #149 del 9 de febrero de 2010.
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BUSINESS ACTIVITIES
Termobarranquilla S.A. E.S.P.
Operation and
Maintenance
Management
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Operation and Maintenance Management
The average available capacity during 2009 was of 818.65 MW and the credits account ended the year with
a favorable balance of 1.125,49 MW. Net generation was 5.126.5 GWh, 46.9% higher compared to last
year's net generation and it accounted for 9.38% of the country's power demand, which was of 54.679.1
GWh (1.5% higher than 2008).
Gas turbines had a total of 250 start-ups as a result of the system's requirements, 128 start-ups less then
in 2008. The higher generation and the lower number of start-ups for the gas turbines can be justified
with TEBSA'S important share in serving the country's power demand during El Niño Phenomenon, which
became evident as of September 2009. TEBSA was able to invoice 750 MW/Month given the monthly
availability reached throughout the year and the credits account balance.
TEBSA, ANUAL CAPACITY 2009
1000,00
DECEMBER
NOVEMBER
OCTOBER
SEPTEMBER
MONTH
AUGUST
J ULY
J UNE
MAY
APRIL
TB 03
MARCH
TB 04
0,00
FEBRUARY
CC
500,00
J ANUARY
MW
Average Available Capacity during 2009
Maintenance
Generation units had a total of 8 outages for scheduled maintenance, among which it is worth mentioning
four type A inspections in gas turbines, GT 11, GT 22, GT 21 and 13 following this same order, two type B
inspections in GT 12 and GT 11 and a Type C inspection in GT 13, during which the XL version was installed
for the hot gas parts, a major maintenance was carried out in the generator and a new Sulzer vane carrier
was installed.
Major maintenance was conducted in Siemens Unit No. 3, in which, in addition to the regular service
activities carried out in the steam turbines, quick-acting valves and steam regulators were installed,
important replacements were conducted in the panels of the boiler's wall pipe, six new COEN burners were
installed and the original rotating exciter was replaced for a new ABB static exciter, which gave excellent
results by significantly improving the operation's reliability.
Other minor outages were scheduled for maintenance purposes, mainly OFF Line washing of the gas
turbines' compressors, cleaning of the filters houses and washing of the Steam Turbines' condensers with
the purpose of maintaining the units' high generation capacity.
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Operation and Maintenance Management
Availability analysis according maintenance plan
Year 2009
P LANTA/ME S
J AN FE B MAR
S IE ME NS UNIT 123.0 123.0 123.0
645.2 655.5 750.0
ABB UNIT
TOTAL
768.2 778.5 873.0
AP R MAY J UN J UL
123.0 123.0 123.0 123.0
750.0 735.1 750.0 736.5
873.0 858.1 750.0 748.4
AUG S E P OCT NOV DE C
123.0 108.6 63.0 60.9 78.4
750.0 750.0 735.1 717.6 750.0
750.0 750.0 741.2 728.1 828.4
P ROM
107.9
727.1
787.2
GT 11
GT 12
GT 13
GT 21
GT 22
S T 14
S T 24
TB 03
TB 04
COLOR CODE
A(1)
A(2)
B
C
MGMT
P
SI
BA
Maintenance Program executed during 2009
Very important activities took place at the company during 2009, among which we can highlight the
following:
Additional burners project for heat recovery boilers 11, 12 and 13. ADB Project.
As of its commercial operation in December 2007, this project operated and exceeded additional income
expectations by way of reliability charge. According to December 31, 2009 financial statements, the
income budgeted in 2009 was of $1.889.461.000 vis-à-vis the collected actual value of $8.598.492.00 (a
355% variation), together with the excellent operational behavior in terms of reliability and maintenance
makes of it a unique project that deserves special recognition.
Fourth major maintenance cycle for gas turbines
The fourth major maintenance cycle of major maintenances started with a type C Inspection for the GT12
on August 20, 2007 and was completed with GT 13 on January, 2009. The change of the turbine's hot gas
parts to the XL version took place during these inspections. In addition to the new design's technological
advantages, this version enables extending the periods between major inspections, going from 24.000 to
32.000 Equivalent Operating Hours, according to the following table.
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Operation and Maintenance Management
Protections
The protections scheme coordination was reviewed partnered with the National Dispatch Center and with
the Atlantico node's agents. These were adjusted according to the study's values and simulations, which
resulted in a better protection performance with a lower impact on generation units. Internal protections
were also inspected for the self-consumption barrages, for the different voltages, which resulted in a
better response to external events.
Evaluations of gas turbines' rotors useful life
These evaluations have been made with the Alstom Power manufacturer during the fourth Type C
inspection to each one of the gas turbines. The firm M&M Engineering Associates Inc. was hired to make
an additional evaluation of the GT 13's Type C inspection. The plan for the next C inspections for each one
of the units is to continue with Alstom Power's and M&M's studies as to use them as a valuable tool to
determine the useful life of the rotors and to establish a rotors' substitution program adjusted to real
needs.
Magdalena River's Sedimentation
TEBSA put in place actions aiming at seeking engineering solutions that will guarantee the necessary water
flow for generation processes given that in recent years, there has been strong sedimentation in the
Magdalena river section next to Tebsa caused by the displacement of the navigable channel towards the
east and the consequent depth reduction in the plant's river shore.
With this in mind, the Universidad del Norte Institute on Hydraulic Studies (IDEHA, for its acronym in
Spanish), presented two solutions based on their conclusions and recommendations: engineering works,
alternatives with rock canalizing structures, which cost is out of TEBSA'S scope and hydraulic dredging,
which was selected as the most viable solution aiming at guaranteeing sufficient circulating water for
generation units. Different dredging alternatives can be seen in the following graph.
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Towards the end of 2008 and the beginning of 2009, the company worked on the blue alternative (south),
looking for a higher fresh water inlet into the channel, however this alternative presented the
inconvenience of high sedimentation. Then the company continued with the pink (central) alternative,
considering this the best alternative from the flow guarantee and sedimentation speed standpoints,
making it possible to maintain the inlet channel with acceptable bathymetries.
As far as the green (north) alternative, it was necessary to cancel the water inlet through this branch as to
avoid the entrance of warm water into the outlet channel, which recycled towards the inlet channel.
The following graph shows the work performed by the IHC dredge based on the selected alternative.
Situation of the inlet channel to guarantee water from the Magdalena River.
Periodic bathymetries were performed during the year at the inlet channel, at the external part of the
channel and at the main river bed as to exercise a permanent refrigeration water flow monitoring.
The country's energy and meteorological authorities announced early 2009 the presence of El Niño
phenomenon for late that year and early 2010.
This was confirmed by the low levels of the Magdalena River, related to a strong summer (dry season) and
by the results obtained, it can be affirmed that the action plan designed to guarantee refrigeration water
for TEBSA'S generation units was indeed successful.
Given this is such an important topic for the plant's operation, the Magdalena River's contour lines, which
are monitored by TEBSA, have been herein attached and they show that the 2009 trend is very similar to
that of 1997, which was the last year with a strong El Niño phenomenon in the country.
Moreover, it is worth highlighting that TEBSA'S level measuring node has been included by IDEHA in the
reports prepared by the mentioned institute on the river's behavior for the following environmental
authorities (Corporacion del Rio Grande de la Magdalnea – Cormagdalena and Corporacion Autonoma
Regional del Atlantico / CRA).
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Operation and Maintenance Management
Magdalena River's historical levels, compared to 2009.
TEBSA in the Colombian electric power scenario
The company had a record of maximum monthly generation during different periods of 2009.
following table shows the months of higher generation in TEBSA'S history.
The
The following two graphs show TEBSA'S participation in serving the Atlantic Coast's and country's
demand.
In 2009, TEBSA generated 46.51% of the required energy to serve regional demand (11.021.9 GW-h) and
9,38 % of national demand (54.679,1 GW-h)
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TEBSA'S participation in satisfying regional demand
TEBSA'S participation in satisfying national demand.
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It is important to highlight how the plant's dispatch grew towards the end of the year, when it was required
to produce a maximum generation because of El Niño phenomenon.
Plant's required dispatch.
Regulatory aspects modification that affected the plant's operation
The first of these modifications took place through CREG resolution 006 of 2009, by means of which there
has been a restriction on supply and dispatch prices data pertaining the country's generation units.
With the confirmation of El Niño phenomenon, the Gas and Energy Regulatory Commission (Comisión de
Regulación de Energía y Gas [CREG]) and the Ministry of Mines and Energy made some regulatory
modifications with the main purpose of guaranteeing the supply of the national energy demand during the
Niño period, which became a clear wholesale energy market intervention by the government.
The Ministry of Mines and Energy, by means of resolution 18-1654 of 2009 declared the start of a
scheduled natural gas rationing with the purpose of preserving the public natural gas supply to the
household sector. This forced the coast's thermal plants to operate with gas and those of the interior of
the country to operate with coal as to comply with a full dispatch.
The reason for market intervention is that Energy Stock Exchange prices were not reflecting the use given
to the resources in the National Interconnected System nor were they reflecting the existing hydro
shortage because of El Niño phenomenon.
This scheme was once again modified early 2010, by means of CREG Resolution 010 of 2010, which
corrected the above mentioned intervention.
Substations operation and maintenance
During 2009, 110 KV and 220 KV substations maintained a high reliability standard with zero trips
resulting from substations and lines pollution and/or washing.
By means of the preventive washing of lines and isolators during the year's dry periods, a high substations'
operation reliability has been guaranteed.
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Corrosion control
The corrosion control program had a successful performance during 2009. A total of 48.517 square
meters of coating were contracted and applied in the plant's critical areas, 23.780 square meters in ABB
units and 24.737 square meters in Siemens units.
Intumescent coating was applied to the metallic structures that support the ST 14 turbine generator, as
part of the plan suggested by insurance's engineers as to avoid the structure's collapse in case of an
extended fire in the zone. This plan is to continue in 2010, with the ST24 table. Other areas to be covered
in ABB units: circulation water pumps, gas turbines filters houses, buildings' and ceiling's metallic
structures, structural elements, platforms and handrails for the heat recovery boilers (HRSG), HRSG 13
stack and piping, hydrants and fire-fighting system's cabinets.
Corrosion control activities in the Siemens units were focused on the following: boiler 4's burners'
structures and zone, water walls, basement and penthouse, turbine's hydraulic system, air and smoke
ducts for boiler 3, all of which took place during major maintenance.
The SWAT team participation, made up of six professional painters, continued its story of success and has
always been an important contribution to the plant's corrosion control.
Heat Rate tests
The block's heat rate tests were conducted in 2009, one with the heat recovery boiler's additional burners
in service and the annual test without additional burners according to the PPA. These tests were carried
out on July 14 and 15, 2009 and as in previous years, several activities took place to guarantee optimum
results.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Replacement and/or cleaning according to their status, substitution of filters and pre-filters in the
air houses.
Washing of air houses.
Calibration of signals and instrumentation participating in the heat rate calculations.
Washing of compressors in the off-line mode.
Washing of steam turbines' surface condensers, using a special system with abrasive balls to
guarantee a full cleaning inside the pipes.
Manual increase of live steam up to 528°C, with the purpose of increasing the block's thermal
efficiency.
Correction of steam leaks in HRSG valves and in the water–steam cycle.
Calibration of VIGV at the compressors' air inlet of GT units.
Feed of non-essential loads from the Siemens units for the operation of the ABB block.
Chemical cleaning of the fin fan coolers in all GT units.
Correction of several industrial air leaks and control through instruments.
Identification of the most efficient equipments to be used during the test.
Inspection and replacement of diverter dampers' air seals, to guarantee tightness and increase in
HRSG efficiency.
Inspection and replacement of piping thermal isolation.
The heat rate test took place the first day scheduled for tests (July 14, 2009), according to the PPA. The
tests' summary can be seen on the next table.
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Operation and Maintenance Management
Heat Rate Tests Results for the Block. PPA
Informe de prueba de Eficiencia - 14/07/2009
Parameter
Units
Name
Number of operating gas turbines
Value
5
Fuel gas standard temperature
F
Tstand
60
Fuel gas standard pressure
psia
Pstand
14.73
Fuel gas molecular weight
lbm/mole
mwfg
16.4411
zfstand
0.9980
Z Factor standard conditions
Fuel gas density at standard conditions
lbm/scf
rhogas_s
0.0435
Heating value of fuel
Btu/scf
lhv
890.15
Sensible heat input
Btu/scf
hsensible
0.09
Total Heat
Btu/scf
htotal
890.24
Total Heat
Btu/lbm
htotal_lbm
20459.07
Btu/hr
him
5.1490E+09
Measured net power from plant
MW
NEO
720.50
Gross power
MW
GP
734.50
Gross corrected power
MW
GCP
747.63
Net corrected power
MW
NEOC
733.63
Uncorrected heat rate
Btu/kWh
nhr
7146.40
Corrected heat rate
Btu/kWh
Heat input to plant
7139.51
Successfully test
Heat rate PPA 5GT· s
6802.00
Degradation Factor 4,0% (6802 x 1.06
7210.12
Heat rate instrumentation adjust 1% (7139.51 x 0.99)
7068.11
RESULT
7068.11
<
7210.12
On July 15, 2009, the next day, the heat rate test was carried out with the additional boilers for all the heat
recovery boilers in service.
The purpose of this test was to generate the maximum declared capacity value of 791 MW, with the best
efficiency conditions as to report it to the Colombian power authorities.
Unfortunately, some problems experienced with the circulation water screening had a negative influence
in the ST vacuum, hindering performance.
Even though the declared capacity value was reached and exceeded, the efficiency was not greater than
the one reported in previous tests. Table 3 shows the results obtained.
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Heat Rate Tests Results for the Block with Additional Burners
Período 11
Período 12
Período 13
Período 14
Generación Neta, kW
771,100
772,700
772,800
770,800
Consumo de Gas, PC
6,392,000
6,412,000
6,420,000
6,392,000
890
895.575
890
890
7,377.62
7,431.64
7,393.63
7,380.49
1,0364082
1,046909
1,037211
1.037935
0.997000
0.997000
0.997000
0.997000
796,777
806,520
799,152
797,640
Corrección de Temperatura
0,987211
0.983499
0,986927
0.986672
Corrección de Factor de Potencia
1.003009
1.003009
1.003009
1.003009
7,305.18
7,331.00
7,318.94
7,304.03
Valor Calorífico, Btu/PC
Heat Rate sin correcciones
CAPACIDAD
Corrección de Temperatura
Corrección de Factor de Potencia
Capacidad Corregida, kW
HEAT RATE
Heat Rate Corregido, Btu/kW
Industrial Safety
A sport's accident was reported during the internal soccer championship, which was cancelled because of
this reason.
Prevention and awareness programs put in place by management were developed and met during 2009.
As of December 31, 2009, a total of 119.970 Man Hours for O&M had been met without work accidents.
TEBSA'S emergency brigade organized theoretical-practical training in the areas of fire control and
prevention, emergency control with chemical products and technical rescue in heights and confined
spaces.
The training took place applying international safety standards under the NFPA (National Fire Protection
Association) of the United States.
The instructors for this topic are members of TEBSA'S emergency brigade, who have been trained at the
National Training Center for Emergency Response and Rescue of the TEEX Agency, which belongs to Texas
A&M University as part of a continuous education program and now they serve as multipliers, conveying
their knowledge and experience to the rest of brigade members.
TEBSA'S emergency brigade participated in the emergency brigade Olympics, which took place in Melgar,
Tolima, and were ranked first in the control of chemical product spills, NFPA standard – 472.
The mentioned emergency brigade also participated in the Caribbean industrial brigade meeting
organized by APELL/ Barranquilla, and obtained the following results: first place in initial control of the
NFPA – 1410 standard incident, first place in control of chemical product spills, standard NFPA – 472, first
place in jet balloon and second place in the strength test.
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The emergency brigade participated in emergency drills coordinated by APELL [Awareness and
Preparedness for Emergencies at Local Level].
At present, the brigade counts on 22 members.
TEBSA'S Emergency Brigade Exercises.
As usual, Log-out, Tag-out, Entry to Confined Spaces and Electrical Safety (electric arc) certification
procedures are renewed every year for the company's personnel. Audits made to these procedures have
shown there is a need to continue strengthening the understanding and engagement with such a vital
topic for the integrity of the plant's workers.
North American Energy Services (NAES), a company with a vast experience in operation and maintenance
of international thermal plants continued providing services that support the plant's operation and
maintenance. NAES support is a key factor to continue enhancing safety schemes and the focus on the
improvement of operating indicators, including a reduction in gas turbines' failed start-ups and a integral
control of generation dispatch deviations.
The participation of MPR was also reported in 2009, this is an international consulting company for
generation units-related topics. Its contribution is of outmost importance for the attainment of TEBSA'S
goals, mainly regarding the replacement plan of GT rotors
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Financial
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Financial Management
Termobarranquilla S.A. E.S.P.
Subordinated debt payment and debt coverage ratio
After completing the financial restructuring during last year, the company generated sufficient cash to pay
US $4,8 million in subordinated debt interests as follows ones:
Creditor
Gecelca S. A. ESP
GPUI Colombia
Value paid in US$
4.592.213
157.671
ABB Colombia Ltda.
60.221
Gilda Massi
14.878
Total
4.824.983
The new debt coverage ratio made possible that two payments were made in July. For the third quarter a
waiver was requested to Banco de Bogotá because the ratio was not achieved and authorization was given
to make payments in November and December, based on the behavior and performance of TEBSA during
the whole year and its strong cash position.
Financial Model
The quarterly review and update of the financial model was an activity carried out during 2009 in order to
make the necessary adjustments to best reglect the business reality. At the end of December, taking into
account the company financial results and the budget approved for 2010, the update indicated that the
company is annually generating a positive operating cash flow, making possible to:
1. Develop its operating functions without any problem, complying with its obligations set forth in the
power purchase agreement (P.P.A.).
2. Pay each one of the installements of the lease signed with LEASECO.
3. Partially pay the subordinated debts to the different creditors, maintaining at the end of the P.P.A.
period a balance of capital of said debts.
The model is the financial tool by excellence, used by the company. Through this tool all business aspects
are considered and a forecast about generation, cash needs, debt coverage ratio, subordinated debt
payment, etc., is obtained.
Budget
In the fourth quarter different planning and development activities were carried out in order to prepare the
operating expenses budget for the year 2010, according to the company's accounting structure. The
detailed preparation of the operating budget would allow management to have a strict control on budget
performance as well as to determine causes for main deviations.
Tax related Aspects
On June 17, a request was submitted to DIAN for the return of the sum of $4.39 billion corresponding to
the year 2008. On July 28 all requested TIDIS were received, which were delivered to GECELCA.
During this year two payments were made for Equity Tax for the total sum of Durante el año se realizaron
dos pagos por concepto de Impuesto al Patrimonio $ 3.17 billion. For environmental taxes (Law 99/93) a
total of $9.34 billion were paid to the Municipality of Soledad and to the Corporación Regional Autónoma
(C.R.A.), representing an increase of 23% with respect to the immediately preceding year.
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Financial Management
Termobarranquilla S.A. E.S.P.
Contract with EMGESA
At the end of the year an agreement was reached with EMGESA to lease them the rotor of our unit # 1 for a
period of four months, for a total value of US$800.000, payable in four monthly installments. It is
important to highlight that besides generating an additional revenue, once the contract is terminated, our
rotor will be ready to be used by TEBSA when required.
Agreement of additional burners
For the second year of this agreement total revenues of $8.59 billion were obtained, of which $4.4 billion
correspond to TEBSA, a variation of 80.9% with respect to the immediately preceding year.
TEBSA has obtained resources for $6.83 billion for this item in the two years of operation, compared to an
investment of $2,3 billion made at the end of 2007.
Insurance 2009 – 2010
With the advise of Leue & Nill, firm that purchased all insurance business of HSBC Insurance, management
submitted the insurance package for the period 2009 – 2010 to the Board of Directors for its approval.
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Termobarranquilla S.A. E.S.P.
Profit & Loss
Statement
and
General Balance
Sheet
Management Reports
and
Financial Statements
Profit & Loss Statement and General Balance Sheet
Termobarranquilla S.A. E.S.P.
During the year 2009 the operating revenues of the company were of $149.81 billion, a reduction of
14.96% with respect to the previous year. 72.87% of said revenues correspond to available capacity
revenues, which were of $109,17 billion due to an average monthly billing equivalent to 750 MW.
Revenues corresponding to dispatched power and start-ups added up to $21,11 billion corresponding to
billing dispatch of 5,126.5 GWh in the year.
During 2009 additional revenues of $8.59 billion were received corresponding to the Mandate Agreement
without representation, signed with GECELCA at the end of 2007. Of said additional revenues and
following what has been set in it, $4.19 billion correspond to GECELCA.
This means that the company obtained additional revenues for $4.40 billion. Total operating revenues was
lower than the budget by $9.46 billion equivalent to a deviation of 6.00%, basically due to the difference
between budgeted exchange rate and the actual one and start-up revenues lower than those budgeted,
those partially compensated by higher revenues with the additional burners contract.
It is of paramount importance to mention than on April 21, 2009 the capacity tariff was reduced by 33,44%,
according to the provisions of the PPA Agreement.
Total operating expenses was of 85,41 billion, which means a 19.14% increase with respect to the previous
year.
Of total expenses previously mentioned, $16,8 billion correspond to fixed expenses, $58,26 billion to
variable expenses, $4,98 billion correspond to the operation and maintenance contract and finally, the
staff expenses added up to $5,36 billion.
The main component of fixed expenses is associated to personnel expenses and subcontracted services
expenses, which were of $12,64 billion and $2,63 billion respectively.
With respect to variable expenses, the main components are the ones associated to the hot gas path
agreement of gas turbines for the amount of $16,55 billion, maintenance costs of the different generation
units for the amount of $13,76 billion, overhauls for $13.87 billion and environmental taxes and other
contributions which added up to a $12,38 billion.
It should be stated that the general compliance of the operating budget was satisfactory because total
operating expenses item was 1.99% above budget, basically because of the additional investment of US
$3.5 million dollars which were not budgeted in Unit No. 3 overhaul..
When deducting operating expenses, the operating income was of $85,41 billion, corresponding to
57.02% of the operating revenues of the period. Depreciation and amortization expenses, as well as
financial expenses and leasing agreement expenses added up to $105,72 billion.
During the year 2009, the company continued depreciating its main assets associated to the new plant by
the decreasing balance system increasing the depreciation factor by 50% for the operation of additional
shifts, the remaining assets were depreciated by the decreasing balance system or straight line as it was
adopted in the year 2001.
After the deduction of the above mentioned costs as well as other expenses such as difference in the
exchange rate, extraordinary expenses and inflation adjustment expenses as well as adding the financial
revenues, a loss before taxes of around $49,22 billion is generated.
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Profit & Loss Statement and General Balance Sheet
Termobarranquilla S.A. E.S.P.
During the year 2009 the Company did not register a provision for Income Tax taking into consideration
the tax planning made.
In its results, planning provides an approximate fiscal loss of $37,62 billion, which added to previous
fiscal losses, accrued, from previous periods of $151,07 billion, resulting in $188,70 billion losses that
may be used to cover future liquid income, according to the provisions of the law.
General Balance Sheet :: Assets
During the year 2009, total company assets decreased by $54,95 billion equivalent to approximately
8.17%, going from $672,38 billion at the end the year 2008 to $617,42 billion.
The above is the result of a net effect, between a decrease in current assets of $70,08 billion, an increase of
fixed assets of $11,09 billion and the decrease of long-term accounts receivable for $68 million and the
reclassification of some spare-parts as long term for a value of $4,31 billion.
Current assets were reduced by 24.53%, going from $293,86 billion to $221,77 billion basically due to the
decrease in the investment account due to the payment of the subordinated debt and to a reduction in
Accounts Payable to GECELCA, due to the change in the tariff, as mentioned above.
Property, plant and equipment costs were increased by 3.17%. This increase is due to an increase in the
historical cost of fixed assets of 0.92% equivalent to $5,73 billion, conformed mainly by the addition of the
new service center ($3.5 billion), the addition of six duck burners for unit 3 ($ 1 billion) and the exciter for
the same unit, the increase of 5.21% in assets valuation, as a result of the new asset study performed, and
the increase of $8,43 billion in adjusted accrued depreciation.
The reduction of the long-term accounts receivable is basically due to the decrease in the safety deposit
and to the effect of the exchange rate.
Some compressor blade sets were also reclassified as long term inventory for the amount of $4.31 billion.
General Balance Sheet :: Liabilities
The company's total liabilities suffered a decrease of $19,52 billion equivalent to 7.48% of last year's
liabilities.
This decrease is mainly due to the reduction of long-term liabilities of $495 millions, of the subordinated
debt in $10,79 billion and current liabilities of around $8.24 billion.
The general decrease in liabilities corresponds to the payment of subordinated debt and to the effect of
the exchange rate.
Balance general :: Shareholders Equity
The decrease of $35,42 billion in equity equivalent to 8.61.% with respect to the year 2008 corresponds to
the current period loss amount that was registered.
Memoranda Accounts
Taking into consideration the fiscal result of 2009, for $37,62 billion it was included in memoranda
accounts and was readjusted at fiscal level for a value of $188.70 billion.
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Profit & Loss Statement and General Balance Sheet
Termobarranquilla S.A. E.S.P.
Accounts and Transactions with Related Companies
As of December 31 the balance resulting from accounts payable to related companies is distributed as
follows:
Subordinated Debt – GECELCA
GPUI Colombia Ltda
ABB Colombia Ltda
Less long term portion
2009
($000)
$168,111,146
2008
($000)
$166,118,791
5,830,217
2,315,615
6,114,772
2,362,191
166,256,978
9,572,933
174,595,754
21,297,713
$156,684,045
$153,298,041
According to the terms set in the Asset Purchase Agreement (APA) to CORELCA (today GECELCA), the
Company registered as subordinated debt 60% of the total of said agreement. This obligation is set in
United States dollars for US$57.7 million, with maturity 12 years after October 20, 1998 when the
construction of the new units was completed. TEBSA recognizes an annual interest of 13.5% payable every
six months.
The payment of this obligation is subject to availability of funds and to the compliance with some
requirements set in LEASECO credit documents with the Banco de Bogota, in which TEBSA is a guarantor.
Other liabilities account with related companies, correspond mainly to the Restitution Payment coming
from the EPC y O&M contracts, the payment of which is subject to some requirements included in the above
mentioned credit documents.
The most important transactions with related companies during the year are summarized as follows:
2009
($000)
2008
($000)
$ 71,721,395
$ 69,665,184
4,989,256
4,407,467
1,486,140
1,389,851
17,179,285
15,734,914
GPUI Colombia Ltda.
529,271
484,771
ABB Colombia Ltda.
214,392
197,703
$149,812,310
$176,176,130
Financial Lease (LEASECO)
Cost of the operation and maintenance
contract O&M
Direct purchases to ABB
Interests caused:
GECELCA
Revenues for services (GECELCA)I
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Profit & Loss Statement and General Balance Sheet
Termobarranquilla S.A. E.S.P.
Retirement Pensions
As of December 31, 2009, a full provision has been allocated for actuarial liabilities for retirement
pensions. The portion corresponding to GECELCA is acknowledged as an account receivable. The actuarial
calculation covers 53 employees for 2009 and 54 for 2008. It was prepared according to the voluntary
benefit plan in force for active employees, which are part of the employer substitution with GECELCA.
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Termobarranquilla S.A. E.S.P.
Legal
Management
Management Reports
and
Financial Statements
Termobarranquilla S.A. E.S.P.
Legal Management
In the year 2009 the following relevant legal decisions are highlighted.
A favorable judgement for TEBSA in the lawsuit for nulity and restoration of right filed against the
Municipality of SOLEDAD against the administrative actions that considered that some industry and trade
tax statements were not submitted. The Municipality of SOLEDAD did not submitted an appeal against this
judgement, so the ATLANTICO Administrative Court statement is final.
A favorable judgement in the first level of the ATLANTICO Administrative Court in the process initiated by
TEBSA against the Municipality of SOLEDAD in relation to the collection of Public Lighting corresponding to
periods 1998 to 2000. The Municipality of SOLEDAD filed an appeal against this judgement.
There were 8 decisions issued with respect to labor processes under way, three of them in the first level and
five of them in the second one, all of them in favor of the company.
This is the summary of trials in which the company is participating:
Jurisdiction
TEBSA defendant
TEBSA plaintiff
32
9
2
---
Admin. (Taxes)
---
10
Popular Actions
2
---
36
19
Labor
Civil
TOTAL
In the year 2009, counseling and legal strategies were defined for the following issues:
TEBSA received a new labor lawsuit in 2009 and 11 legal undertakings took place in the different labor
processes.
The company initiated some processes against Social Security and some shared pension receivers so as to
recover the pension installments under dispute.
TEBSA was notified about a popular action filed by Defensoría del Pueblo against the Company for
Development and Environment of SOLEDAD (Empresa de Desarrollo y Medio Ambiente de Soledad S.A.
(EDUMAS)), The Office of the Comptroller General of the Republic, the Ministry of Housing, the Corporación
Regional Autónoma del Atlántico (CRA) and several private companies located on CALLE 18 of the
Municipality of SOLEDAD, known as Industrial Corridor. This popular action is looking to protect the
collective right to a healthy environment affected by smells and nasty gases suposedly coming from the
industries located on the Industrial Corridor. TEBSA decided to present its defense indeptendently from the
other defendants because TEBSA's productive process doesn't generate bad odor. TEBSA complies and has
always complied with the environmental regulation in force for emissions to the atmospheres and
maintains its permits and environmental license in force, thus it is confident that the result from the popular
action would be favorable.
With respect to the Special Contribution from the Superintendency of Domiciliary Public Services, the
company maintained its position of disputing the charging of said contribution because it is not adjusted to
the law. Thus, we rejected the collection of the contribution corresponding to the year 2009 by submission
of resources available and a lawsuit for nulity and restoration of rights was filed against administrative
actions that confirmed the contribution corresponding to the year 2008.
Management Reports
and
Financial Statements
22
Legal Management
Termobarranquilla S.A. E.S.P.
With the leadership of Acolgen, we were able to stop in two legislation periods, the draft law modifying
article 45 of Law 99 of 1993.
In compliance with Decree 1900 of 2006, TEBSA submitted to the Ministry of the Environment a new
mandatory environmental investment plan which has the favorable opinion of the CORPORACION
REGIONAL AUTONOMA DEL ATLANTICO. A statement is expected from the Ministry in the year 2010.
Management Reports
and
Financial Statements
23
CORPORATE SOCIAL RESPONSIBILITY
Termobarranquilla S.A. E.S.P.
Human
Resources
Management
Management Reports
and
Financial Statements
Human Resources Management
Termobarranquilla S.A. E.S.P.
Personnel
The number of company workers as of December 31, 2009 is 88, divided as follow: 43 for Operation, 30
for Maintenance, 10 for Management and 5 Staff members.
The following personnel movement has taken place in 2009:
1. Retirement of two Maintenance operators according to the conventional pension program.
2. A maintenance O&M Engineer resigned.
3. A pensioner and his widow died.
4. Seven Maintenance – Operation employees joined the company under a fixed term contract until
December.
5. Recruitment of an assistant to the Plant Manager.
6. Recruitment of a Junior O&M Engineer for the chemical area.
7. Wage leveling for O&M Engineer from II to I.
8. Promotion of two professionals from 3 to 4.
until
TEBSA met the share of apprentices assigned by SENA. The company has continued this year the
recruitment of Electromechanical Technologists from ITSA, which is part of the third group related to the
generation substitution plan, put in place by the company. Two apprentices were sponsored for the
administrative area.
In average, four (4) people worked in the company through a temporary service company, among them we
have five electromechanical technologists belonging to the first group during the first semester and three
technologists belonging to the third group during the second semester, as well as an electrical technician
who worked for seven months. The remaining temporary employees covered vacations, activity peaks and
industrial internships for students of Finance, Business Management and Mechanical Engineer.
The industrial coating service was provided by a team of six people who were hired through a cooperative
of associative work.
Pensions
During 2009 the company recognized two conventional pensions and a pensioner, without beneficiaries
died. The company now has 44 pensioners and 5 fund-holders in its retirement pension payroll.
The Social Security recognized old-age pensions to seven conventional pensioners, thus increasing to 37
the number of pensioners shared with the entity. During this same period, the company received from the
Social Security the retroactive payment of 15 pensioners for the amount of $1.475 million, transferring to
GECELCA the amount of $936 million, which corresponds to its share, according to the Employer
Substitution Agreement. The company paid $826 million by way of pension allowances by the end of 2009.
Labor Relations
A pretty tight agenda was developed during the year aiming at entering into a new collective bargaining
agreement. Ten meetings took place during the period February - November between the company and
the union as part of a round of informal meetings, without reaching an agreement. Thus, the collective
bargaining agreement 2004-2007 is still in force by legal extension. By its own initiative the company
increased conventional personnel wages at the same percentage as 2008 CPI.
The Employer-Employee committee held three meetings during the year, in one of which FVTT housing
loans were awarded. The Health Plan follow-up committee also held three meetings. The permanent
union's leaves of absences granted last year are still effective.
The company paid during 2009 the amount of $493 million pesos by way of quasi-fiscal contributions.
Education aids were granted for the amount of $75 million, energy aid for the amount of $163 million and
per diems for the amount of $46 million. The union received the amount of $22 million by way of
assistance.
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Termobarranquilla S.A. E.S.P.
Human Resources Management
Training
In- house and in the country
A total of 8694 man hours were offered in 2009 as theoretical – practical training to TEBSA'S employees.
This training includes Plant's industrial safety, operation and maintenance with in-house resources, such
as training offered in the country by external entities. Personnel development and Plant management
topics are part of the training.
Topics
Total M-H per year
Theoretical Technical Aspects
1498
Practical Technical Aspects
4770
Safety and Environmental
2001
Administrative
192
Personnel Development
233
8694
TOTAL
Higher Education
The company supported higher education to four O&M and Management employees, thus contributing to
their overall professional development for the compliance of their responsibilities.
Area of Studies
Educational Entity
Duration
Universidad del Norte
1 year
Universidad de Los Andes
1 year
Marketing Management
Universidad del Norte
1 year
Specialization in Finance
Universidad del Norte
1 year
Engineering Projects Management
Management and Leadership
Studies Abroad
Several of TEBSA'S employees went abroad to attend courses, industry exhibits and users' meetings.
Course Name
Place
Days
No. of attendees
Miami Fl.
3
1
24
College Stn.
6
3
144
Pittsburgh
6
1
48
Fire-fighting operations
College Stn.
6
1
48
Power Gen Europe 2006
Italy
2.5
1
20
3
3
72
2.5
2
40
TOTAL
396
Heat Recovery Steam Technology
Rescue practice.
Fire Fighting brigade
2009 Alstom GT's, ST's Users Conference Aschville, Fl
Power Gen USA
Las Vegas
Man-Hours per year
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Termobarranquilla S.A. E.S.P.
Human Resources Management
Occupational Health
During 2009 TEBSA worked on two health services supply processes aiming at optimizing health costs
without hindering service quality. In the second process, a health service model that includes a mandatory
health plan, pre-paid medicine and occupational health was requested, together with infirmary and
ambulance services. The resulting contract met the objective set and will start in January 2010 at the new
multi-purpose building.
The First Aid Basic Assistance service and the support to Occupational Health contributed to time
optimization in terms of doctor's appointments and enhancement of the Occupational Health Program.
Health services distribution during 2009 was as follows: employees 76% and contractors 24%. Medical
services can be summarized as follows: a total of 3866 doctors' appointments, 2939 of which were for
employees, 2223 control of Epidemiological Assistance, 715 for regular diseases and 1 for a work accident
and 927 were for contractors, 913 for regular diseases and 14 for work incidents.
The company kept the Protected Area service contracted with Asistencia Medica Inmediata – AMI -. This
service was required five times during the year by contractors.
The cafeteria started providing food services last October at the new multi-purpose building, which meets
the highest quality and comfort standards in terms of this type of facilities.
The company paid during 2009 legal contributions to the EPS for the amount of $850 million and
premiums to Pre-paid Medicine entities for the amount of $1.638 million pesos to cover full health
services for employees and their beneficiaries. As far as contributions to employees' Professional Risks,
TEBSA paid the amount of $126 million. The Joint Action Plan defined for 2009 together with Professional
Risks was met in 95%.
TEBSA – PIT incentives program
During 2009, the compliance of established objectives for individual and group performance was
assessed with their corresponding management indicators. The achievement of company's key goals was
controlled by means of this program that included safety, PPA contract management and scheduled
maintenances. The TEBSALUD program was included as a novelty, which acknowledges employees'
commitment to health preservation and the compliance of occupational health activities.
The TEBSEGURO program received 47 suggestions from employees, 31 of them were of technical nature
and 16 of administrative character. Twenty-four (24) ideas were approved for execution as TEBREALIZO.
This year the company paid $549 million by way of bonds corresponding to the Incentives Program.
The consolidated results for the period were as follows:
2009
Objective
Achievement
First Period – September 2008 – February 2009
25%
16,41%
Second Period March – August 2009
25%
13,00%
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Human Resources Management
Termobarranquilla S.A. E.S.P.
Housing Funds
During 2009 the company worked towards improving the quality of life of its employees and families
through the different housing funds, by means of 12 loans for house acquisition and enhancement. The
Housing Fund for unionized employees disbursed $344 million to benefit 8 employees and the nonunionized employees' fund disbursed $100 million to benefit 2 employees. TEBSA'S housing loans policy
has enabled 97% of the company's employees to have their own house.
Wellbeing
Employees who worked during New Year's Eve were able to enjoy a stay in Cartagena together with their
family. A total of 42 people enjoyed this benefit.
Nine female employees celebrated Women's Day at a cooking school in June for a whole afternoon.
Recreational Vacations were scheduled during the summer time for employees' children at four different
recreational centers of the city. These events counted on the participation of 60 children in average.
During three Saturdays of June, 280 people – employees and their families - enjoyed family integration
events carried out at a recreational center of the Caja de Compensación Familiar.
The Christmas party for 100 children and the New Year's Eve party for employees and spouses, hosted by
the company, became a great opportunity for integration, companionship and recreation.
Sports
TEBSA sponsored the assistance of 30 employees to the gym. Moreover, 7 female employees received
classes with personal trainers. A group of 15 employees were part of the soccer recreational team, which
participated in different informal sports championships.
The internal soccer championship was inaugurated in March with the participation of a great number of
employees. However, the championship was suspended late May as a result of a sport's accident, which
was quite disabling.
TEBSA continued promoting sports among the employees' children between the ages of 7 and 12 through
the Soccer School. In 2009, 28 children joined the mentioned school and were divided into two categories
that participated in different championships and exchanges in the city.
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Termobarranquilla S.A. E.S.P.
Environmental
Management
Management Reports
and
Financial Statements
Termobarranquilla S.A. E.S.P.
Environmental Management
The company strengthened its environmental programs during 2009, not only did it comply with the
environmental regulations, but it also met voluntary procedures as to align itself with the organization's
objectives.
Follow up to environmental licenses and permits
The Ministry of the Environment, Housing and Territorial Development conducted its follow-up meeting to
the plant and the neighboring community. By means of Writ 3285 of 2009, it highlighted the Landscape
Management Plan, put in place by TEBSA through the planting of different dense varieties in the area of
physical infrastructure, linear plantings in the plant's internal areas and in its boundaries, thus achieving a
landscape harmony with the physical infrastructure.
Moreover, a list of the social progress was included, and the contribution of the operator in TEBSSA'S Social
Management Plan was highlighted.
The Ministry stated that TEBSA has been complying with the obligations stemmed from the environmental
license granted by means of Resolution No. 0314 of 1995, with the Environmental Management Plan
presented and with the requirement writs set forth by the mentioned Ministry pertaining the environmental
follow-up tasks.
In force environmental licenses and permits
Document
Environmental License
Number
Authorize
Beginning Date
Ending Date
Resolut ion 314
M. M. A.
30.03.95
Definitive
Resolut ion 181
C. R. A.
14.06.06
14.06.11
Water Concession
Water Permit
Air Permit
Wastes Permit
M.M.A. Ministry of the Environment
C.R.A. Regional Autonomous Corporation of Atlantico
Environmental outcome
The results obtained in the different components that make up TEBSA'S Environmental Management Plan
are the following:
Physical-Chemical characterization of the industrial process waste waters.
This study includes the following parameters: Biological Oxygen Demand (BOD), Biochemical Oxygen
Demand (BOD) and Total Suspended Solids (TSS). The results obtained for each parameter were compared
to the effective Colombian standard for liquids dumping.
100
% Removal
50
0
Serie 1
Norm
SST
Norm
DBO
Norm
DQO
50
86.6
30
84.8
20
87.4
Comparison of the parameters to the standard
Management Reports
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28
Termobarranquilla S.A. E.S.P.
Environmental Management
Temperature of the water used in the process
The process water temperature monitoring is made following a technique by means of which three
simultaneous readings can be made at three different depths in one sampling point.
The water temperature readings are taken at the source, which for TEBSA'S case is the Magdalena River and
that monitoring is continued on the operating channels for thermal waters reception and discharge until the
place where it meets the River. It has been calculated that the temperature monitoring area covers around
10 hectares.
Based on the results obtained and when compared to the standard, it can be concluded that thermal water
temperatures at the River dumping site, where the mixture takes place, is kept below the standards, which
means that the Company is indeed complying with the environmental regulation.
40
30
Temperature °C 20
10
0
Temperature °C
Standard
- Máx
T Mín
40
36.8
28.4
Comparison of the temperature to the standard
Outlet gas emissions by fixed sources
Usually Nitrogen Oxides emissions, such as NOx, are measured in each one of the plant's stacks or fixed
sources.
Graph 3 shows the results of the atmosphere emissions study and of the comparison to the standard.
100
G/Million BTU 50
0
Serie 1
GT 11 GT 12 GT 13 GT 21 GT 22 Norm
8.37
8.15
12.6
10.19 17.68
90
Comparison of Nitrogen Oxides to the standard
Environmental study on noise emissions
The noise environmental study includes the measurements taken for a two-month period regarding sound
levels related to the industry operations and to the zone's cultural activities.
The studies have concluded that TEBSA complied with the environmental noise standard during 2009.
Management Reports
and
Financial Statements
29
Termobarranquilla S.A. E.S.P.
Environmental Management
Environmental study on noise emissions.
76
74
72
Global Leq
dB (A)
70
68
Serie 1
Leq N
Leq D
Norm
70.6
70.6
75
Comparison of sound level results to the standard - Day and Night Parameters
Handling of waste generated by the industrial process
At present, the environmental management and disposal of conventional waste is conducted by INTERASEO
S.A. E.S.P., which is the garbage collection company of Soledad.
The graph shows solid waste management results during the last five periods. It can be observed that the
volumes environmentally managed and disposed of show a downward trend, concluding that the company
carries out an adequate management of the conventional waste generated at the Plant.
2000
Volume ; M.C.
1500
1000
500
0
Serie 1
P 05
P 06
P 07
P 08
P 09
1963
1654
1630
1632
1584
Management of solid wastes
Used oils generated during the industrial process imply the development of adequate environmental
management and disposal activities.
The above mentioned management can be seen in Graph 6. At present, the environmental management
and disposal is carried out by the company Petroleos del Valle S.A., which is authorized to deliver this type
of service.
Volume ; M.C.
30
20
10
0
Serie 1
P 05
P 06
P 07
P 08
P 09
22
4.2
17
20
16.61
Management of oily wastes
Management Reports
and
Financial Statements
30
Termobarranquilla S.A. E.S.P.
Environmental Management
Zero environmental accidents
Mp environmental accidents took place in 2009.
Environmental Impact Indicators
Observations
Environmental accidents due to the industrial process
No accidents took place
Environmental accidents on population settlements
No accidents took place
Occupational accidents due to the industrial process
No accidents took place
Special Projects
:: Waste Oils Facility
The company counts on a special wastes collection center. The objective of this center is to adapt the first
residence site for oily and special wastes, as to then continue with the final environmental management and
disposal, complying with established safe techniques set forth in the environmental regulations.
:: Establishment of Green Areas
The establishment of green areas at the TEBSA Plant complies with different strategies: soil recovery,
landscape improvement, wind erosion control, environmental management of native plant species, among
others.
TEBSA counts on five forestry areas, one located to the southwest of the Plant, three to the north, which are
next to the process water outlet channel and a fifth one located to the east, adjacent to the River.
Establishment of the eastern forestry area
Management Reports
and
Financial Statements
31
Termobarranquilla S.A. E.S.P.
Community
Management
Management Reports
and
Financial Statements
Termobarranquilla S.A. E.S.P.
Community Management
The President's Office, the Legal Area and the Community Link Office, worked together on different
activities to maintain the environmental license, exceeding the requirements of the Ministry of the
Environment, maximizing efforts for the Community neighboring the Plant and strengthening the policy
of good neighbor designed by the company.
The programs conforming our Social Management Plan achieved the following results:
Training for the job
The training process of this program enable participants knowledge about techniques used in the erection
and commissioning of the production units, improving then their socio-economic conditions and
proposing around them new and basic ideas to satisfy the needs of their natural market and to discover
opportunities in the potential market.
Number of Events
Number of
Participants
Bakery
2
42
Advanced Computer Science
1
25
Comprehensive Aesthetics
1
14
Fast Food
3
65
Leather Goods
1
25
First Aid
1
24
Body Aesthetic
2
50
Basic Computer Science
2
39
Sandal Decoration
1
20
Hair Dressing
1
23
Jam and Dressings
1
18
Children hairdressing
2
39
Christmas ornaments
1
23
Party Decoration
1
24
20
431
Event
TOTAL
21% of the persons participating in training are applying the concepts, teachings and tools acquired by the
implementation of a productive activity related to training, while 49% of the participants apply learning at
households without generating direct revenues but with some benefits for the family economy.
Parent School
Durante el 2009 se continuó con al programa de Escuela para Padres en las instituciones educativas de la
zona de influencia de TEBSA. Este programa inició un proceso educativo permanente con el fin de ofrecer
a los padres de familia, estudiantes y docentes oportunidades de participación en el conocimiento crítico
de su realidad familiar con el fin de influenciar cambios de actitudes en el manejo de la problemática
familiar y social evidenciada por cada uno de estos grupos.
Management Reports
and
Financial Statements
32
Termobarranquilla S.A. E.S.P.
Community Management
A total of 521 students and 75 parents participated in the different conferences focal groups,
psychological guidance and talks.
Health Brigades and Campaigns
TEBSA developed 4 health brigades in the company's influence neighborhood, as well as 12 activities
framed within the 3 campaigns in different health topics, trying to promote awareness about life style of
the people and its effect on health.
Activity
Number of Persons
Electrocardiogram Day
100
Osteoporosis Campaign
200
Campaign against Cancer
303
Health Brigades
1532
4458
TOTAL
Promotion of Culture
The events and cultural centers of the city of Barranquilla represent a space to instruct participants in
themes that have an incidence on daily life and supplement the academic training of education
institutions; for that reason it is important to know the expressions and scientific knowledge that
influence the habits of the Caribbean area inhabitants as well as their relationship with the natural
environment.
With the purpose of providing aspects of didactic training and experience in this axis of intervention, the
following cultural activities were sponsored:
Activity
Sponsor for the participation of a folklore group at
the parade and events of the Barranquilla carnival
Visit to Combarranquilla's Planetary
Visit to LA CUEVA Cultural Foundation
Organizat ion
Beneficiaries
Cumbiamberitos de
Las Margaritas
30 Children
Educat. Instit. Sagrado Corazón
40 students
Francisco Jose de Caldas School
30 students
Program for Coexistence
The aim of the program is to strengthen the process of coexistence in the communities and their leaders
through some training activities, promoting having good relations among neighbors. In 2009 new
populations were included in the program, such as children, couples and women, convening a larger
number of participants strengthening the feeling of belonging in the neighborhood, based on the value of
each person as individual towards the community from the active participation.
249 persons participated in the different workshops and events.
Management Reports
and
Financial Statements
33
Termobarranquilla S.A. E.S.P.
Community Management
Promotion to Microenterprise
The actions of this program are directed towards the financial improvements of microenterprises located
in the influence area, introducing capital into their operations, they can improve their processes and
generate socioeconomic benefits for the families of the program beneficiaries.
Actuar Famiempresas del Atlántico is managing the fund that was created for this purpose by TEBSA and in
the year 2009 the program achieved the following results:
Item
Accrued
Amount disbursed
$84.510.000
Number of Credits Disbursed
50
Number of Microenterprises Supported
48
Number of Retailers
21
Number of Producers
19
Number of Services
8
Number of jobs promoted
65
170
Number of persons benefited
The microenterprises assisted through the credit fund obtained an 18% increase in their sales, compared
to the beginning of their participation in the program with the last month of the year, and they obtained a
20% increase in their profits.
Fund for the Creation of Microenterprises
To complement the Training for the Job program cycle, the participants in those courses are give the
opportunity of having access to credits to create and start running microenterprises. This year we
supported the creation of five (5) new productive units with the disbursement of credits, which added up
to $5.250.000.
TEBSA's Award for the Micro entrepreneur of the Year
For the second year in a row, the TEBSA's Award for the Micro entrepreneur of the Year was delivered with
the purpose of acknowledging and encouraging entrepreneurial initiatives of the people in TEBSA's
influence area benefiting from the programs: Promotion to Microenterprises and the Creation of
Microenterprises.
A committee of officers of Actuar Famiempresas del Atlántico carries out a pre-selection of candidates to
the award and after some visits and interviews the group of nominees is determined. Finally, within a
committee conformed by TEBSA's employees the winner is elected based on criteria related to good credit
and business management as well as assessing the impact on the family and the community.
The winner of TEBSA's Award to the Microenterprise of the Year 2009 was Mr. Fernando Hoyos, who
participated in one of the bakery courses offered by TEBSA and then had access to a credit from the Fund
for the Creation of Microenterprise. Mr. Hoyos was given a plaque and a cash award of $2.000.000.
Management Reports
and
Financial Statements
34
Termobarranquilla S.A. E.S.P.
Community Management
Wellbeing and Recreation
The purpose of the Wellbeing and Recreation program in TEBSA's Social Management Plan is to provide
alternate recreation alternatives for the inhabitants of the plant influence areas, through some ludic
activities, integration and community participation actions, affirming the corporate presence as the
provider of ludic experiences for the community.
Activity
Beneficiaries
Healthy Life Program
200
Children's Day and Family Day
1700
Recreational vacations
1600
990
Hand-out of Christmas gifts
Children micro soccer tournament
60
TOTAL
4550
Environmental Education
The support program for environmental education and culture was carried out in the education centers
and in the communities close to the company. The purpose of the program was to make teachers, parents
and students aware about the different aspects related to the preservation of the environment.
Themes
Number of Events
Number of
Participants
15
545
Sustainable Development
2
28
The Environment: Life Scenario
2
21
10
400
8
30
Climatic Change and Kyoto Protocol
Comprehensive Management of Solid Waste
Re-use and transformation of solid waste
Production of community vegetable gardens
TOTAL
16
45
53
1069
Besides workshops, campaigns and environmental contests, the school projects for solid waste
management and the creation of vegetable species nurseries continued being developed.
Summary of Recycling at Education Institutions
Material
Amount (Kg.)
Cardboard
242
Files
949
Paper
396
Used notebooks
48
PET
184
Cans
252
Satin
45
Iron
94.5
Paste
72
Magazines
166
Phone Books
170
Aluminum
32.5
Batteries
19
Antimony
10
Newspapers
TOTAL
14
2694
Management Reports
and
Financial Statements
35
Community Management
Termobarranquilla S.A. E.S.P.
In the year 2009 we celebrated again our Green Day with an ecologic observation rally. The different
student and community ecologic groups participated in the activity and made presentations about the
activities carried out by each group during the year.
Management Reports
and
Financial Statements
36
Annex
TERMOBARRANQUILLA S.A. (E.S.P.)
COMPARATIVE BALANCE SHEET OF DECEMBER 31 ,2009
STATED IN THOUSANDS COLOMBIAN PESOS
ASSETS
DECEMBER 31 /2009
LIABILITIES AND STOCKHOLDERS EQUITY
DECEMBER 31, /2008
CURRENT ASSETS
Cash and Equivalents
Investments
Accounts receivable
Other Accounts receivable
Inventory
Prepaid expenses
DECEMBER 31 /2009
CURRENT LIABILITIES
8,191,578
11,734,843
28,715,356
118,573,902
49,797,266
4,765,663
2,917,125
33,151,274
47,127,856
145,289,565
59,857,233
5,516,779
Accounts Payable
Accrued Liabilities
Accrued Payroll
Taxes Payable
Related Companies
730,119
24,632,175
1,011,593
727,477
156,684,045
Total Current Liabilities
Total Current Assets
PROPERTY, PLANT & EQ.
Cost
Valuation adjustment
Less: Accum.depreciation
221,778,608
293,859,832 LONG TERM LIABILITIES
361,196,094
631,790,931
278,307,577
548,902,414
626,054,363
264,514,352
540,465,419
350,103,296 Actuarial Study
Restitution payment
Accounts Payable
Accrued Liabilities
Long Term Accounts receivable
Long Term Inventory
5,941,912
24,193,136
4,318,764
4,159,227 TOTAL LIABILITIES
STOCKHOLDERS EQUITY
24,260,528 Capital Stock
Equity Valorization
0 Assets Valorization
Revenue Reserves
PrevIous Year Results
Current Year Income (Loss)
617,428,514
183,785,409
192,027,305
57,700,973
58,195,528
15,832,887
10,941,047
548,568
30,873,026
0
10,791,248
241,486,382
261,014,081
145,515,117
91,276,555
278,307,577
66,569,239
-156,506,464
-49,219,892
Total Stockholders Equity
TOTAL ASSETS
9,284,462
27,561,428
942,023
1,375,931
152,863,461
15,451,146
9,572,933
525,527
32,151,367
SUBORDINATED DEBT
DEFERED ASSETS
DECEMBER 31, /2008
672,382,883 TOTAL LIABILITIES AND EQUITY
145,515,117
91,276,555
264,514,352
66,569,239
-144,076,401
-12,430,060
375,942,132
411,368,802
617,428,514
672,382,883
1,448,287
151,078,640
-424,633,349
-272,106,422
1,542,004
134,176,932
-539,631,065
-403,912,129
MEMORANDA ACCOUNTS
DEUDORAS DE CONTROL
DEUDORAS FISCALES
ACREEDORAS DE CONTROL
TOTAL DEUDORAS
1,448,287
151,078,640
-424,633,349
-272,106,422
1,542,004
134,176,932
-539,631,065
-403,912,129
DEUDORAS DE CONTROL POR CONTRA
DEUDORAS FISCALES POR EL CONTRA.
ACREEDORAS POR CONTRA
TOTAL ACREEDORAS
TERMOBARRANQUILLA S.A (E.S.P.)
COMPARATIVE INCOME STATEMENT AS OF DECEMBER 31 2009
STATED IN THOUSAND COLOMBIAN PESOS
Actual
2,044
2,018
DECEMBER 31 /2009
Budget
Var.
2,415
(371)
2,362
(344)
6,668,005
1,792,416
618,462
985,849
8,069,824
1,782,750
808,894
790,763
161,000
(1,401,819)
9,666
(808,894)
(172,301)
824,849
10,064,732
11,613,231
(1,548,499)
Var %
-15% Month end exchange rate
-15% Average exchange rate
2,336
(180)
-8%
OPERATIONAL REVENUES
CAPACITY
ENERGY DELIVERED
START UPS
TAX ADJUSTEMENT
ADDITIONAL BURNERS
109,170,687
15,455,759
5,662,203
10,925,169
8,598,492
117,733,347
18,746,505
8,704,979
12,204,533
1,889,461
(8,562,660)
(3,290,746)
(3,042,776)
(1,279,364)
6,709,031
-7%
-18%
-35%
-10%
355%
-13% TOTAL OPERATIONAL REVENUES
149,812,310
159,278,825
(9,466,515)
-6%
OPERATING EXPENSES
FIXED COSTS
PERSONNEL COSTS
CONSULTANTS
SUBCONTRACTED SERVICES
OFFICE EXPENSES
MOBILE EQUIPMENT
PUBLIC UTILITIES
BUILDING MAINTENANCE
SUBTOTAL FIXED COSTS
12,648,920
134,897
2,630,916
460,300
199,033
298,982
429,077
16,802,125
13,001,486
134,652
2,634,828
416,592
202,689
346,771
418,992
17,156,010
(352,566)
245
(3,912)
43,708
(3,656)
(47,789)
10,085
(353,885)
-3%
0%
0%
10%
-2%
-14%
2%
-2%
VARIABLE COSTS
-24% CHEMICAL PRODUCTS
-86% TOOLS & LAB. SUPPLIES
-29% SPARE PARTS (HGPSA)
-64% LUBRICANTS
-35% WASTE DISPOSAL
992% ENVIRONMENTAL HANDLING
-59% INDUSTRIAL SAFETY
95% EQUIP.MAINTENANCE -SPARE PARTS
1054% OVERHAUL
-100% EQUIPMENT RENTAL
18% TAXES ENVIROMENTAL & OTHERS
140% SUBTOTAL VARIABLE COSTS
1,067,848
134,898
16,551,194
95,172
60,365
147,939
180,679
13,761,816
13,879,409
12,383,202
58,262,522
1,315,809
285,756
19,546,215
91,932
132,000
146,401
226,651
12,936,672
6,474,038
2,496
12,990,704
54,148,674
(247,961)
(150,858)
(2,995,021)
3,240
(71,631)
1,538
(45,972)
825,144
7,405,371
(2,496)
(607,502)
4,113,852
-19%
-53%
-15%
4%
-54%
1%
-20%
6%
114%
-100%
-5%
8%
-12% O & M MANAGEMENT FEE
4,989,256
5,111,547
(122,291)
-2%
-22% STAFF EXPENSES
5,365,527
7,338,161
(1,972,634)
-27%
85,419,430
83,754,392
1,665,042
64,392,876
75,524,433
(11,131,557)
-15%
8,956,083
7,047,982
18,001,957
71,721,395
105,727,417
9,124,743
10,407,840
19,874,299
77,762,233
117,169,115
(168,660)
(3,359,858)
(1,872,342)
(6,040,838)
(11,441,698)
-2%
-32%
-9%
-8%
-10%
(41,334,541)
(41,644,682)
1,112,315
3,843,622
(12,841,292)
(7,885,356)
475
(9,381,466)
(4,636,785)
(14,017,776)
1,111,840
13,225,088
(8,204,508)
6,132,420
(49,219,892)
(55,662,458)
6,442,561
-17%
1%
-100%
-22%
512%
1,124,861
11,221
219,569
34,716
15,287
26,344
34,916
1,466,914
199,968
(1,048)
27,512
(2,798)
8,054
(6,295)
85,182
310,575
88,349
3,383
1,266,930
2,785
7,133
34,358
9,435
2,068,310
6,722,069
1,472,986
11,675,738
116,934
23,813
1,795,309
7,661
11,000
3,146
22,836
1,063,384
582,451
208
1,244,374
4,871,116
(28,585)
(20,430)
(528,379)
(4,876)
(3,867)
31,212
(13,401)
1,004,926
6,139,618
(208)
228,612
6,804,622
381,084
435,395
(54,311)
432,525
553,832
(121,307)
14,266,836
7,327,257
6,939,579
(4,202,104)
4,285,974
(8,488,078)
713,528
514,111
1,448,432
5,587,283
8,263,354
711,914
867,320
1,723,131
6,626,077
9,928,442
1,614
(353,209)
(274,699)
(1,038,794)
(1,665,088)
0%
-41%
-16%
-16%
-17%
(12,465,458)
(5,642,468)
(6,822,990)
121% INCOME BEFORE ADJUST.
275,618
(1,514,803)
(2,430,080)
(3,669,265)
54
(610,523)
(339,356)
(949,825)
275,564
(904,280)
(2,090,724)
(2,719,440)
(16,134,723)
(6,592,293)
(9,542,430)
(16,134,723)
(6,592,293)
(9,542,430)
Var %
2,156
1,324,829
10,173
247,081
31,918
23,341
20,049
120,098
1,777,489
-
Year to Date (JAN - DEC )
Budget
Var.
Actual
18%
-9%
13%
-8%
53%
-24%
244%
21%
95% SUB TOTAL OPER. EXP.
-198% OPERATIVE INCOME
510304%
148%
616%
286%
DEPRECIATION
AMORTIZATION
FINANCIAL EXPENSES
LEASING EXPENSES
SUBTOTAL FINAN./DEPR./AMORT.
FINANCIAL REVENUE
EXCHANGE DIFFERENCE
OTHER INCOME (EXP)
NON OPERATING REV (EXP)
145% INCOME (LOSS) BEFORE TAXES
N/A
N/A
TAX PROVISIONS
DEFFERED INCOME TAX
145% NET INCOME (LOSS)
(49,219,892)
(55,662,458)
310,141
6,442,561
2%
-1%
234072%
-141%
177%
-44%
-12%
N/A
N/A
-12%
Termobarranquilla S.A. E.S.P.