AI assistant
IMPSA S.A. — Interim / Quarterly Report 2000
May 6, 2002
Preview isn't available for this file type.
Download source fileIndustrias Metalúrgicas Pescarmona B.V.
Quarterly report as at March 31, 2000.
Industrias Metalúrgicas Pescarmona 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
Industrias Metalúrgicas Pescarmona B.V.
BALANCE SHEET AS AT MARCH 31, 2000.
(After appropriation of profit)
Notes 31-03-2000 31-12-1999
EURO EURO
ASSETS
CURRENT ASSETS
Other receivables 1 1.965 1.501
Cash and banks 2 19.371 24.549
Total current assets 21.337 26.050
Total assets 21.337 26.050
==========================
Notes 31-03-2000 31-12-1999
EURO EURO
LIABILITIES
SHAREHOLDER`S EQUITY
Issued and paid up share capital 3 18.250 18.250
Accumulated deficit 4 -11.768 -8.818
total shareholder`s equity 6.482 9.432
CURRENT LIABILITIES
Intercompany account shareholder 5 6.750 6.750
Accrued liabilities 6 8.105 9.868
Total current liabilities 14.855 16.618
Total liabilities 21.337 26.050
===========================
Industrias Metalúrgicas Pescarmona B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL MARCH 31, 2000
01-01-2000 22-10-1999
31-03-2000 31-12-1999
EURO EURO
REVENUES
Deposit-and bankinterest 28 36
Exchange differences 0 0
Total revenues 28 36
EXPENSES
Management and administration expenses 0 3.175
Auditors / taxconsultants 1.361 2.269
Civil law notary 1.384 2.860
General expenses 139 129
Bank Interest 0 0
Bankcharges 94 237
Capital tax 0 183
Exchange differences 0 0
Total expenses 2.978 8.854
Income before income taxes -2.950 -8.818
Provision for income taxes 0 0
Net result -2.950 -8.818
===========================
Industrias Metalúrgicas Pescarmona B.V.
NOTES TO FINANCIAL STATEMENTS
General
The company was incorporated on October 22, 1999 and is a wholly subsidiary of Industrias Metalurgicas Pescarmona Sociedad Anonima Industrial Comercial y Financiera (Argentina).
The company`s main activity will be holding shares in CBK Power Corporation in the future.
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.
Industrias Metalúrgicas Pescarmona B.V.
NOTES TO THE BALANCE SHEET AS AT MARCH 31, 2000
31-03-2000 31-12-1999
EURO EURO
1. Other receivables
VAT receivable 1999 1.469 1.469
VAT receivable 2000 496 0
Bankinterest (period 01/01 – 31/03/2000) 0 31
1.965 1.501
===========================
2.Cash and banks
MeesPierson N.V.:
Current account EURO 25.25.19.957 19.371 24.549
19.371 24.549
===========================
3. 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
===========================
4. Accumulated deficit
Opening balance as at January 1, 2000 -8.818 0
Result for the period -2.950 -8.818
Balance as at March 31, 2000 -11.768 -8.818
===========================
5. Intercompany deficit
Intercompany account with shareholder 6.750 6.750
===========================
6. Accrued liabilities
Intercompany account with shareholder 0 0
Management and administration Fee MeesPierson Trust B.V. 3.732 3.732
Civil law notary 0 3.361
Tax advisor 0 0
Auditor 4.266 2.666
Bankcharges 107 109
8.105 9.868
===========================
Amsterdam, May 22, 2000
Directors
E.M. Pescarmona G.F. Rossi
J.C. Fernández MeesPierson Trust B.V.
F.V. Valenti
Industrias Metalúrgicas Pescarmona 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 2,950.
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 Industrias Metalúrgicas Pescarmona 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.