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IMPSA S.A. — Interim / Quarterly Report 2000
May 8, 2002
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Download source fileIndustrias Metalúrgicas Pescarmona B.V.
Interim financial statements as at June 30, 2000
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 JUNE 30, 2000.
(after appropriation of result)
Notes 30-06-2000 31-12-1999
EURO EURO
ASSETS
CURRENT ASSETS
Other receivables 1 2.521 1.501
Cash and banks 2 19.264 24.549
Total current assets 21.785 26.050
Total assets 21.785 26.050
==========================
Notes 30-06-2000 31-12-1999
EURO EURO
LIABILITIES
SHAREHOLDER`S EQUITY
Issued and paid up share capital 3 18.250 18.250
Accumulated deficit 4 18.268- 8.818-
total shareholder`s equity 18- 9.432
CURRENT LIABILITIES
Intercompany account shareholder 5 6.750 6.750
Accrued liabilities 8 15.053 9.868
Total current liabilities 21.803 16.618
Total liabilities 21.785 26.050
===========================
Industrias Metalúrgicas Pescarmona B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL JUNE 30, 2000
01-01-2000 22-10-1999
30-06-2000 31-12-1999
EURO EURO
REVENUES
Deposit-and bank interest 52 36
Exchange differences 0 0
Total revenues 52 36
EXPENSES
Management and administration expenses 5.071 3.175
Auditors / tax consultants 2.723 2.269
Civil law notary 1.384 2.860
General expenses 139 129
Bank Interest 0 0
Bank charges 185 237
Capital tax 0 183
Exchange differences 0 0
Total expenses 9.502 8.854
Income before income taxes 9.450- 8.818-
Provision for income taxes 0 0
Net result 9.450- 8.818-
===========================
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 will be holding of shares in CBK Power Corporation in the future.
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 if 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 INTERIM FINANCIAL STATEMENTS AS AT JUNE 30, 2000
30-06-2000 31-12-1999
EUR EUR
1. Other receivables
VAT receivable 1999 1.469 1.469
VAT receivable 2000 1.028 0
Bank interest 24 31
2.521 1.501
===========================
2.Cash and banks
MeesPierson N.V.:
Current account EUR 25.25.19.957 19.264 24.549
19.264 24.549
===========================
3. 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
===========================
4. Accumulated deficit
Opening balance 8.818- 0
Result for the period 2.950- 8.818-
Balance as at March 31, 2000 18.268- 8.818-
===========================
5. Intercompany account shareholder
Intercompany account with shareholder 6.750 6.750
===========================
6. Accrued liabilities
Management and administration Fee MeesPierson B.V. 9.082 3.732
Civil law notary 0 3.361
Tax consultants 0 0
Auditors 5.865 2.666
Bank charges 106 109
15.053 9.868
===========================
Amsterdam, July 26, 2000
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 six months period of 2000 is EUR 9,450.
Deloitte &
Touche
To the directors of
Industrias Metalúrgicas Pescarmona B.V.
Date Reference
July 26,2000 E.R. Termaten
Review report
Introduction
In accordance with your instructions, we have reviewed the interim financial statements of Industrias Metalúrgicas Pescarmona B.V. at Amsterdam for the six months period, ended June 30, 2000. These interim financial statements are the responsibility of the company`s management. Our responsibility is to issue a report on these interim 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 interim 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 interim financial statements do not give a true and fair view in accordance with accounting principles generally accepted in the Netherlands.