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IMPSA S.A. — Annual Report 2001
Jun 20, 2002
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Download source fileImpsa Construction and Services B.V.
Annual report 2001
Impsa Construction and Services B.V.
Index
Contents 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 Construction and Services 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 1 307.523 119.199
Total fixed assets 307.523 119.199
CURRENT ASSETS
Other receivables 2 0 11
Cash and banks 3 678 9.364
Total current assets 678 9.375
Total assets 308.201 128.574
===========================
31-12-2001 31-12-2000
EUR EUR
LIABILITIES
SHAREHOLDERS´ EQUITY
Issued and paid-up share capital 4 18.250 18.250
Share premium 5 188.324 188.324
Accumulated deficit 6 (94.645) (253.501)
Total shareholders´ equity 111.929 (46.927)
CURRENT LIABILITIES
Payables to affiliated company 184.199 159.199
Accrued liabilities 7 12.073 16.302
Total current liabilities 196.272 175.501
Total liabilities 308.201 128.574
===========================
Impsa Construction and Services B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL DECEMBER 31, 2001
01-01-2001 / 01-01-2000 /
31-12-2001 31-12-2000
EUR EUR
REVENUES
Deposit-and bank interest 14 16
Total revenues 14 16
EXPENSES
Management and administration expenses 16.941 18.524
Auditors / tax consultants 8.425 16.784
Civil law notary 2.857 2.388
Capital Tax 655 0
General expenses 171 202
Bank charges 285 459
Bank interest 148 0
Total expenses 29.482 38.357
Result from investments 188.324 (188.324)
Income before income taxes 158.856 (226.665)
Provision for income taxes 0 0
Net result 158.856 (226.665)
===========================
Impsa Construction and Services B.V.
NOTES TO ANNUAL FINANCIAL STATEMENTS
General
The company was incorporated on August 5, 1999 and is a wholly owned subsidiary of Industrias Metalurgicas Pescarmona Sociedad Anonima (Argentina).
The company`s main activity is holding shares in Impsa Construction 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 Construction and Services B.V.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
Perc.of 31-12-2001 31-12-2000
Holding EUR EUR
1. Financial fixed assets
Investment: Impsa Construction Corporation, Philippines 99,99
76.395 shares (100,00 Philipines Pesos) Paid 200.000 USD
on July 27, 1999 (Rate EUR/USD on July 27, 1999 : 1062) 188.324 0
Initial Capital Contribution to Kalayaan Power Management 49,997
Corporation (Philippines) Paid 1.225,00 USD on April 6,
2000 (Rate EUR/USD on April 6, 2000 : 1.04058) 1.275 1.275
Deposit on Future Stock Subscription in Kalayaan Power
Management Corporation (Philippines)
Paid 100.000,00 USD on November 21, 2000
(Rate EUR/USD on November 21, 2000 : 1.17924) 117.924 117.924
307.523 119.199
==========================
In 2000 the investment in Impsa Construction Corporation was written off,
because it was not a profitable company. However, in 2001 the company became profitable again.
The shareholders´ equity as of December 31, 2001 amounts to P 15.150.193 (EUR 333.338)
and the result of the year amounts to P 28.001.357 (EUR 616.091).
2. Other receivables
Bank interest 0 11
0 11
==========================
3. Cash and banks
Fortis Bank (Nederland) NV
Current account EUR 678 9.364
678 9.364
==========================
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 188.324 188.324
===========================
Share premium relates to the amount that has been invested by the shareholders of the company in
Impsa Construction Corporation Philippines, which should be considered as additional paid in capital.
Impsa Construction and Services B.V.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
31-12-2001 31-12-2000
EUR EUR
6. Accumulated deficit
Opening balance (253.501) (26.836)
Result for the period 158.856 (226.665)
Balance (94.645) (253.501)
==========================
7. Accrued liabilities
Management Fee MeesPierson Trust B.V. 1.420 2.128
Civil law notary 2.108 762
Tax consultants 5.305 8.996
Auditors 3.240 4.300
Bank charges 0 108
Bank interest 0 8
12.073 16.302
==========================
Amsterdam, April 2002
Directors
E.M. Pescarmona G.F. Rossi
J.C. Fernández MeesPierson Trust B.V.
F.R. Valenti
Impsa Construction and Services 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 profit for the year 2001 is EURO : 158.856
Deloitte
& Touche
To the directors of
Impsa Construction and Services B.V.
Date Reference
April 9, 2002 E.R. Termaten
Auditors´ report
Introduction
We have audited the financial statements of Impsa Construction and Services 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.