IMPSA S.A. — Interim / Quarterly Report 2001

Aug 3, 2001

Impsa CBK Projects B.V.

Quarterly report as at March 31, 2001

Impsa CBK Projects 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 CBK Projects 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 1 171.300 171.300

Total fixed assets 171.300 171.300

CURRENT ASSETS

Other receivables 2 0 142

Cash and banks 3 56.443 74.583

Total current assets 56.443 74.725

Total assets 227.743 246.025

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

31-03-2001 31-12-2000

EUR EUR

LIABILITIES

SHAREHOLDER`S EQUITY

Issued and paid-up share capital 4 18.250 18.250

Share premium 260.000 260.000

Accumulated deficit 5 (62.301) (57.717)

Total shareholders` equity 215.950 220.533

CURRENT LIABILITIES

Accrued liabilities 6 11.794 25.492

Total current liabilities 11.794 25.492

Total liabilities 227.743 246.025

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

Impsa CBK Projects B.V.

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2001

01-01-2001 / 14-09-2000 /

31-03-2001 31-12-2000

EUR EUR

REVENUES

Deposit-and bank interest 0 169

Exchange differences 0 5

Total revenues 0 174

EXPENSES

Management and administration expenses 2.703 11.410

Auditors / tax consultants 1.620 11.841

Civil law notary 0 301

Capital tax 0 1.993

General expenses 151 150

Bank charges 110 246

Bank interest 0 4

Exchange differences 0 0

Total expenses 4.584 25.945

Loss from investments 0 (31.946)

Income before income taxes (4.584) (57.717)

Provision for income taxes 0 0

Net result (4.584) (57.717)

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

Impsa CBK Projects B.V.

NOTES TO THE INTERIM 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 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 CBK Projects B.V.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2001

Perc. of 31-03-2001 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

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

2. Other receivables

Bank interest 0 142

0 142

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

3.Cash and banks

MeesPierson N.V.:

Current account EUR 025.32.17.806 56.443 74.583

56.443 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. Accumulated deficit

Opening balance as at January 1, 2001 (57.717) 0

Result for the period (4.584) (57.717)

Balance (62.301) (57.717)

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

31-03-2001 31-12-2000

EUR EUR

6. Accrued liabilities

Management Fee MeesPierson Trust B.V. 2.704 11.410

Civil law notary 133 301

Tax consultants 2.700 7.499

Auditors 4.320 4.342

Bank charges 108 108

Bank interest 0 3

Capital tax (99,99 % investment) 1.829 1.829

11.794 25.492

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

Amsterdam, May 21, 2001

Directors

E.M. Pescarmona G.F. Rossi

J.C. Fernández MeesPierson Trust B.V.

F.R. Valenti

Impsa CBK Projects 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 EUR : 4.584

Deloitte

& Touche

To the directors of

Impsa CBK Projects 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 CBK Projects 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.