IMPSA S.A. — Interim / Quarterly Report 2001

Aug 3, 2001

Impsa Construction and Services B.V.

Quarterly report as at March 31, 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 MARCH 31, 2001

(after appropriation of result)

Notes 31-03-2001 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 5 11

Cash and banks 3 2.546 9.364

Total current assets 2.551 9.375

Total assets 121.750 128.574

==========================

Notes 31-03-2001 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 (257.913) (253.501)

Total shareholders´ equity (51.339) (46.927)

CURRENT LIABILITIES

Intercompany account shareholder 6 159.199 159.199

Accrued liabilities 7 13.890 16.302

Total current liabilities 173.089 175.501

Total liabilities 121.750 128.574

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Impsa Construction and Services B.V.

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2001

01-01-2001 / 01-01-2000 /

31-03-2001 31-12-2000

EUR EUR

REVENUES

Deposit-and bank interest 5 16

Exchange differences 0 0

Total revenues 5 16

EXPENSES

Management and administration expenses 2.536 18.524

Auditors / tax consultants 1.620 16.784

Civil law notary 0 2.388

General expenses 151 202

Bank charges 110 459

Exchange differences 0 0

Total expenses 4.417 38.357

Loss from investments 0 (188.324)

Income before income taxes (4.412) (226.665)

Provision for income taxes 0 0

Net result (4.412) (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 31-03-2001 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

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 5 11

5 11

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3. Cash and banks

MeesPierson N.V.:

Current account EUR 025.25.18.837 2.546 9.364

2.546 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. Accumulated deficit

Opening balance (253.501) (26.836)

Result for the period (4.412) (226.665)

Balance (257.913) (253.501)

==========================

6. Intercompany account

Intercompany account shareholder 159.199 159.199

==========================

7. Accrued liabilities

Management Fee MeesPierson Trust B.V. 2.536 2.128

Civil law notary 595 762

Tax consultants 6.330 8.996

Auditors 4.320 4.300

Bank charges 109 108

Bank interest 0 8

13.890 16.302

==========================

Amsterdam, May 21, 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 3 months period of 2001 is EURO : 4.412

Deloitte &

Touche

To the directors of

Impsa Construction and Services B.V.

Date Reference

May 21, 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 three months period ended March 31, 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.