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IMPSA S.A. — Annual Report 2001
Jun 20, 2002
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Download source fileImpsa CBK Projects B.V.
Annual report 2001
Impsa CBK Projects B.V.
Index
Contensts page
Annual financial statements
Balance sheet 3
Profit and loss account 4
Notes to the annual financial statements 5 - 7
Additional information
Appropriation of results 8
Auditors´ report 9
Impsa CBK Projects B.V.
BALANCE SHEET AS AT DECEMBER 31, 2001
(after appropriation of result)
Notes 31-12-2001 31-12-2000
EUR EUR
ASSETS
FIXED ASSETS
Financial fixed assets 1 171.300 171.300
Total fixed assets 171.300 171.300
CURRENT ASSETS
Other receivables 2 0 142
Cash and banks 3 25.359 74.583
Total current assets 25.359 74.725
Total assets 196.659 246.025
==========================
31-12-2001 31-12-2000
EUR EUR
LIABILITIES
SHAREHOLDER`S EQUITY
Issued and paid-up share capital 4 18.250 18.250
Share premium 5 260.000 260.000
Accumulated deficit 6 (87.453) (57.717)
Total shareholders` equity 190.797 220.533
CURRENT LIABILITIES
Accrued liabilities 7 5.862 25.492
Total current liabilities 5.862 25.492
Total liabilities 196.659 246.025
==========================
Impsa CBK Projects B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL DECEMBER 31, 2001
01-01-2001 / 14-09-2000 /
31-12-2001 31-12-2000
EUR EUR
REVENUES
Deposit-and bank interest 188 169
Exchange differences 0 5
Total revenues 188 174
EXPENSES
Management and administration expenses 15.797 11.410
Auditors / tax consultants 6.479 11.841
Fiscal adviser 4.262 0
Civil law notary 2.457 301
Capital tax 511 1.993
General expenses 171 150
Bank charges 247 246
Bank interest 0 4
Total expenses 29.924 25.945
Loss from investments 0 (31.946)
Income before income taxes (29.736) (57.717)
Provision for income taxes 0 0
Net result (29.736) (57.717)
==========================
Impsa CBK Projects B.V.
NOTES TO ANNUAL FINANCIAL STATEMENTS
General
The company was incorporated on September 14, 2000 and is a wholly owned subsidiary of Industrias Metalurgicas Pescarmona Sociedad Anonima (Argentina).
The company`s main activity is holding shares in CBK Power Corporation in the Philippines.
Basis of presentation
The accompanying annual financial statements have been prepared under the historical cost convention in accordance with accounting principles generally accepted in the Netherlands.
Assets and liabilities denominated in foreign currencies are translated into EUR at period end
exchange rates. Transactions in foreign currencies are translated at rates on transaction dates.
Accounting policies
Investments are stated at cost or lower market value.
Interest income and expenses are accounted for using the accrual method.
All other assets and liabilities are stated at face value if not mentioned otherwise.
Impsa CBK Projects B.V.
NOTES TO THE BALANCE SHEET AS AT DECEMBER 31, 2001
Perc. of 31-12-2001 31-12-2000
Holding EUR EUR
1. Financial fixed assets
Investment : CBK Power Corporation , Philippines 99,99
78.365 shares (100,00 Philipines Pesos). Paid 172.403 USD on
October 19, 2000 (Rate EUR/USD on October 19, 2000 : 0,84825)
less depreciation ad EUR 31,946 171.300 171.300
171.300 171.300
==========================
According to the latest available Financial Statements the shareholders´equity
of CBK Power Corporation amounts to P 7.902.863 (EUR 173.880) and the
result for the year was almost break even.
2. Other receivables
Bank interest 0 142
0 142
==========================
3.Cash and banks
MeesPierson N.V.:
Current account EUR 025.32.17.806 25.359 74.583
25.359 74.583
==========================
4. Issued and paid-up share capital
Authorised share capital:
9.076 shares with a nominal value of EUR 10.- per share 90.760 90.760
==========================
Issued and paid-up share capital:
1.825 shares with a nominal value of EUR 10.- per share 18.250 18.250
==========================
5. Share premium
Share premium relates to the amount that has been invested by the shareholders
of the company in CBK Power Corporation Philippines, which should be considered
as additional paid in capital.
Impsa CBK Projects B.V.
NOTES TO THE BALANCE SHEET AS AT DECEMBER 31, 2001
31-12-2001 31-12-2000
EUR EUR
6. Accumulated deficit
Opening balance as at January 1, 2001 (57.717) 0
Result for the period (29.736) (57.717)
Balance (87.453) (57.717)
==========================
7. Accrued liabilities
Management Fee MeesPierson Trust B.V. 1.082 11.410
Civil law notary 2.108 301
Tax consultants 1.135 7.499
Auditors 1.537 4.342
Bank charges 0 108
Bank interest 0 3
Capital tax (99,99 % investment) 0 1.829
5.862 25.492
==========================
Amsterdam, April 2002
Directors
E.M. Pescarmona G.F. Rossi
J.C. Fernández MeesPierson Trust B.V.
F.R. Valenti
Impsa CBK Projects B.V.
Additional information
Auditors´ report
Reference is made to the Auditors´ report hereinafter.
Appropriation of results
According to article 20 of the company`s statutes, the result for the year
is at the disposition of the shareholders at the general meeting.
The net loss for the year 2001 is EURO : 29.736
Deloitte
& Touche
To the directors of
Impsa CBK Projects B.V.
Date Reference
April 9, 2002 E.R. Termaten
Auditors´ report
Introduction
We have audited the financial statements of Impsa CBK Projects B.V. at Amsterdam for the year ended December 31, 2001. These financial statements are the responsibility of the company`s management. Our responsibility is to express an opinion on these financial statements based on our audit.
Scope
We conducted our audit in accordance with auditing standards generally accepted in the Netherlands. These standards require that we plan and perform audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the company as at December 31, 2001 and of the result for the year then ended in accordance with accounting principles generally accepted in the Netherlands and comply with the financial reporting requirements included in Part 9, Book 2 of the Netherlands Civil Code.