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IMPSA S.A. — Interim / Quarterly Report 2001
Sep 27, 2001
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Download source fileImpsa Construction and Services B.V.
Quarterly report as at June 30, 2001
Impsa Construction and Services B.V.
Index
Contensts page
Interim financial statements
Balance sheet 3
Profit and loss account 4
Notes to the interim financial statements 5 - 7
Additional information
Appropriation of results 8
Review report 9
Impsa Construction and Services B.V.
BALANCE SHEET AS AT JUNE 30, 2001
(after appropriation of result)
Notes 30-06-2001 31-12-2000
EUR EUR
ASSETS
FIXED ASSETS
Financial fixed assets 1 119.199 119.199
Total fixed assets 119.199 119.199
CURRENT ASSETS
Other receivables 2 4 11
Cash and banks 3 (6.562) 9.364
Total current assets (6.558) 9.375
Total assets 112.641 128.574
==========================
Notes 30-06-2001 31-12-2000
EUR EUR
LIABILITIES
SHAREHOLDERS´ EQUITY
Issued and paid-up share capital 4 18.250 18.250
Share premium 188.324 188.324
Accumulated deficit 5 (265.350) (253.501)
Total shareholders´ equity (58.776) (46.927)
CURRENT LIABILITIES
Payables to affiliated company 159.199 159.199
Accrued liabilities 6 12.218 16.302
Total current liabilities 171.417 175.501
Total liabilities 112.641 128.574
==========================
Impsa Construction and Services B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL JUNE 30, 2001
01-01-2001 / 01-01-2000 /
30-06-2001 31-12-2000
EUR EUR
REVENUES
Deposit-and bank interest 9 16
Exchange differences 0 0
Total revenues 9 16
EXPENSES
Management and administration expenses 7.881 18.524
Auditors / tax consultants 3.240 16.784
Civil law notary 476 2.388
General expenses 151 202
Bank charges 110 459
Exchange differences 0 0
Total expenses 11.858 38.357
Loss from investments 0 (188.324)
Income before income taxes (11.849) (226.665)
Provision for income taxes 0 0
Net result (11.849) (226.665)
==========================
Impsa Construction and Services B.V.
NOTES TO INTERIM 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 interim 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.
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 INTERIM FINANCIAL STATEMENTS
Perc.of 30-06-2001 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)
less depreciation of EUR 188.324 0 0
(Initial) Captal 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) 119.199 1.275
Paid 100.000,00 USD on November 21, 2000
(Rate EUR/USD on November 21, 2000 : 1.17924
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) 0 117.924
119.199 119.199
==========================
2. Other receivables
Bank interest 4 11
4 11
==========================
3. Cash and banks
Fortis Bank (Nederland) NV
Current account EUR (6.562) 9.364
(6.562) 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
===========================
30-06-2001 31-12-2000
EUR EUR
5. Accumulated deficit
Opening balance (253.501) (26.836)
Result for the period (11.849) (226.665)
Balance (265.350) (253.501)
==========================
6. Accrued liabilities
Management Fee MeesPierson Trust B.V. (529) 2.128
Civil law notary 476 762
Tax consultants 6.331 8.996
Auditors 5.940 4.300
Bank charges 0 108
Bank interest 0 8
12.218 16.302
==========================
Amsterdam, June 2001
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
Review report
Reference is made to the review 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 first 6 months period of 2001 is EURO : 11.849
Deloitte &
Touche
To the directors of
Impsa Construction and Services B.V.
Date Reference
July 19, 2001 E.R. Termaten
Review report
Introduction
In accordance with your instructions, we have reviewed the financial statements of Impsa Construction and Services B.V. at Amsterdam for the six months period ended June 30, 2001. These financial statements are the responsibility of the company`s management. Our responsibility is to issue a report on these financial statements based on our review.
Scope
We conducted our review in accordance with generally accepted standards for review engagements in the Netherlands. These standards require that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of representatives of the company and analytical procedures applied to financial data and therefore provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
Opinion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not give a true and fair view in accordance with accounting principles generally accepted in the Netherlands.