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IMPSA S.A. — Interim / Quarterly Report 2000
May 8, 2002
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Download source fileImpsa Construction and Services B.V.
Interim financial statements as at June 30, 2000.
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, 2000.
(after appropriation of result)
Notes 30-06-2000 31-12-1999
EUR EUR
ASSETS
FIXED ASSETS
Financial fixed assets 2 188.324 188.324
Total fixed assets 188.324 188.324
CURRENT ASSETS
Corporation tax 3 0 0
Other receivables 5 6 3.749
Cash and banks 6 4.425 12.740
Total current assets 4.431 16.489
Total assets 192.755 204.813
==========================
Notes 30-06-2000 31-12-1999
EUR EUR
LIABILITIES
SHAREHOLDERS´ EQUITY
Issued and paid-up share capital 7 18.250 18.250
Share premium 8 188.324 188.324
Accumulated deficit 9 42.121- 26.836-
Total shareholders´ equity 164.453 179.738
CURRENT LIABILITIES
Intercompany account shareholder 4 20.000 0
Accrued liabilities 10 8.302 25.075
Total current liabilities 28.302 25.075
Total liabilities 192.755 204.813
===========================
Impsa Construction and Services B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL JUNE 30, 2000
01-01-2000 05-08-1999
30-06-2000 31-12-1999
EUR EUR
REVENUES
Deposit-and bank interest 14 34
Exchange differences 0 0
Total revenues 14 34
EXPENSES
Management and administration expenses 10.051 5.009
Auditors / tax consultants 3.199 16.209
Civil law notary 1.626 3.144
Capital tax 0 2.066
General expenses 182 144
Bank charges 241 298
Exchange differences 0 0
Total expenses 15.299 26.869
Income before income taxes 15.285- 26.836-
Provision for income taxes 0 0
Net result 15.285- 26.836-
===========================
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 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
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 30-06-2000 31-12-1999
Holding EUR EUR
2. 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 188.324 188.324
-
- 188.324
===========================
3.Corporation tax
Corporation tax 1999 0 0
- 0
===========================
4. Intercompany account
Intercompany account shareholder 20.000 0
===========================
5. Other receivables
MeesPierson Trust (Fee 2000) 0 3.732
Bank interest 6 16
6 3.749
===========================
6. Cash and banks
MeesPierson N.V.:
Current account EUR 025.25.18.837 4.425 12.740
-
- 12.740
===========================
7. 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
===========================
8. Share premium
Investment: Impsa Construction Corporation, Philippines
76.395 shares (100,00 Philippines Pesos) Paid 200.000 USD
on July 27, 1999 (Rate EUR/USD on July 27, 1999 : 1062) 188.324 188.324
===========================
9. Accumulated deficit
Opening balance 26.836- 0
Result for the period 15.285- 26.836-
42.121- 26.836-
===========================
10. Accrued liabilities
Management Fee MeesPierson Trust B.V. 2.330 8.742
Tax consultants 0 11.677
Auditors 5.865 2.666
Bank charges 107 107
Capital tax (99,99% investment) 0 1.883
8.302 25.075
===========================
Amsterdam, July 26, 2000
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 six months period of 2000 is EUR 15,285.
Deloitte &
Touche
To the directors of
Impsa Construction and Services 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 Impsa Construction and Services 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.