IMPSA S.A. — Interim / Quarterly Report 2001

Aug 3, 2001

Industrias Metalúrgicas Pescarmona B.V.

Quarterly report as at March 31, 2001

Industrias Metalúrgicas Pescarmona 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

Industrias Metalúrgicas Pescarmona 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 1 785 785

Total fixed assets 785 785

CURRENT ASSETS

Other receivables 2 14 8

Cash and banks 3 19.034 7.040

Total current assets 19.048 7.048

Total assets 19.833 7.833

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

31-03-2001 31-12-2000

EUR EUR

LIABILITIES

SHAREHOLDER`S EQUITY

Issued and paid-up share capital 4 18.250 18.250

Accumulated deficit 5 (41.855) (36.215)

Total shareholder`s equity (23.605) (17.965)

CURRENT LIABILITIES

Intercompany account shareholder 6 32.535 7.535

Accrued liabilities 7 10.903 18.263

Total current liabilities 43.438 25.798

Total liabilities 19.833 7.833

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

Industrias Metalúrgicas Pescarmona 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 14 80

Exchange differences 0 0

Total revenues 14 80

EXPENSES

Management and administration expenses 3.773 10.729

Auditors / tax consultants 1.620 13.931

Civil law notary 0 2.221

General expenses 151 157

Bank charges 110 439

Exchange differences 0 0

Total expenses 5.654 27.477

Income before income taxes (5.640) (27.397)

Provision for income taxes 0 0

Net result (5.640) (27.397)

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

Industrias Metalúrgicas Pescarmona B.V.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

General

The company was incorporated on October 22, 1999 and is a wholly owned subsidiary of Industrias Metalurgicas Pescarmona Sociedad Anonima Industrial Comercial Y. Financiera (Argentina).

The company`s main activity is holding shares in CBK Company Ltd.

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

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.

Industrias Metalúrgicas Pescarmona B.V.

NOTES TO THE BALANCE SHEET AS AT MARCH 31, 2001

Perc. of 31-03-2001 31-12-2000

Holding EUR EUR

1. Financial fixed assets

Partnership : CBK Power Company LTD , Philippines 37,00 785 785

Paid 755,00 USD on March 7, 2000

(Rate EUR/USD on March 7, 2000 : 1.03928

785 785

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

2. Other receivables

Bank interest 14 8

14 8

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

3.Cash and banks

MeesPierson N.V.:

Current account EUR 25.25.19.957 19.034 7.040

19.034 7.040

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

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 (36.215) (8.818)

Result for the period (5.640) (27.397)

Balance (41.855) (36.215)

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

6. Intercompany account shareholder

Intercompany account with shareholder 32.535 7.535

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

31-03-2001 31-12-2000

EUR EUR

7. Accrued liabilities

Management and administration Fee MeesPierson B.V. 3.774 6.826

Civil law notary 0 595

Tax consultants 2.700 6.432

Auditors 4.320 4.300

Bank charges 109 110

10.903 18.263

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

8. Promise of future contributions

Subject to the terms and conditions of the Agreement of Limited Partnership by and among CBK Power

Corporation, EME Kalayaan B.V., EME Caliraya B.V., Industrias Metalurgicas Pescarmona B.V. and

Corporacion Impsa B.V. the company currently has undertaken a promise to contribute approximately

$41.44 million to the Partnership during 2002 in the manner and according to the structure

set forth in the agreement.

Amsterdam, May 21, 2001

Directors

E.M. Pescarmona G.F. Rossi

J.C. Fernández MeesPierson Trust B.V.

F.R. Valenti

Industrias Metalúrgicas Pescarmona 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 : 5.640

Deloitte

& Touche

To the directors of

Industrias Metalúrgicas Pescarmona 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 Industrias Metalúrgicas Pescarmona 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.