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IMPSA S.A. — Interim / Quarterly Report 2000
May 6, 2002
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Download source fileImpsa Construction and Services B.V.
Quarterly report as at March 31, 2000.
Impsa Construction and Services B.V.
Index
Contensts page
Annual Accounts
Balance sheet 3
Profil and loss account 4
Notes to the annual accounts 5 - 7
Additional information
Appropriation of results 8
Auditors` report 9
Impsa Construction and Services B.V.
BALANCE SHEET AS AT MARCH 31, 2000.
(After appropriation of result)
Notes 31-03-2000 31-12-1999
EURO EURO
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 0 3.749
Cash and banks 6 5.299 12.740
Total current assets 5.299 16.489
Total assets 193.623 204.813
==========================
Notes 31-03-2000 31-12-1999
EURO EURO
LIABILITIES
SHAREHOLDER`S EQUITY
Issued and paid up share capital 7 18.250 18.250
Share premium 8 188.324 188.324
Accumulated deficit 9 -38.060 -26.836
total shareholder`s equity 168.514 179.738
CURRENT LIABILITIES
Intercompany account shareholder 4 20.000 0
Accrued liabilities 10 5.109 25.075
Total current liabilities 25.109 25.075
Total liabilities 193.622 204.813
===========================
Impsa Construction and Services B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2000
01-01-2000 05-08-1999
31-03-2000 31-12-1999
EURO EURO
REVENUES
Deposit-and bankinterest 9 34
Exchange differences 0 0
Total revenues 9 34
EXPENSES
Management and administration expenses 7.721 5.009
Auditors / taxconsultants 1.600 16.209
Civil law notary 1.626 3.144
Capital tax 0 2.066
General expenses 157 144
Bankcharges 129 298
Exchange differences 0 0
Total expenses 11.233 26.869
Income before income taxes -11.224 -26.836
Provision for income taxes 0 0
Net result -11.224 -26.836
===========================
Impsa Construction and Services B.V.
NOTES TO FINANCIAL STATEMENTS
General
The company was incorporated on August 5, 1999 and is a wholly 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 accounts 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 EURO at period end exchange rates. Transactions in foreign currencies are translated at rates on transaction dates.
Accounting Policies
Share holdings are stated at cost price.
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 FINANCIAL STATEMENTS
FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2000
Perc.of 31-03-2000 31-12-1999
Holding EURO EURO
2. Financial fixed assets
Investment: Impsa Construction Corporation, Philippines 99,99
76.395 shares (100,00 Philippines Pesos) Paid 200.000 USD
on July 27, 1999 (Rate EURO/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
Bankinterest (period 01/01 – 31/03/2000) 0 16
- 3.749
===========================
6. Cash and banks
MeesPierson N.V.:
Current account EURO 025.25.18.837 5.299 12.740
-
- 12.740
===========================
7. Issued and paid up sharecapital
Authorised sharecapital:
9.076 shares with a nominal value of EUR 10.- per share 90.760 90.760
===========================
Issued and paid up sharecapital:
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 EURO/USD on July 27, 1999 : 1062) 188.324 188.324
===========================
9. Accumulated deficit
Opening balance as at January 1, 2000 -26.836 0
Result for the period -11.224 -26.836
-38.060 -26.836
===========================
10. Accrued liabilities
Intercompany account with shareholder 0 0
Management Fee MeesPierson Trust B.V. 736 8.742
Tax adviser 0 11.677
Auditor 4.266 2.666
Bankcharges 107 107
Capital tax (99,99% investment) 0 1.883
-
- 25.075
===========================
Amsterdam, May 22, 2000
Directors
E.M. Pescarmona G.F. Rossi
J.C. Fernández MeesPierson Trust B.V.
F.V. Valenti
Impsa Construction and Services B.V.
Additional information
Auditors` report
Reference is made to the auditors` 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 an the general meeting.
The net loss for the first three months period of 2000 is EUR 11,224.
Deloitte &
Touche
To the directors of
Impsa Construction and Services B.V.
Date Reference
May 22,2000 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, 2000. 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.