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IMPSA S.A. — Interim / Quarterly Report 2001
Feb 22, 2002
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Download source fileImpsa CBK Projects B.V.
Quarterly report as at September 30, 2001
Impsa CBK Projects B.V.
Index
Contensts page
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 SEPTEMBER 30, 2001
(after appropriation of result)
Notes 30-09-2001 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 34.019 74.583
Total current assets 34.019 74.725
Total assets 205.319 246.025
==========================
30-09-2001 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 (77.730) (57.717)
Total shareholders` equity 200.520 220.533
CURRENT LIABILITIES
Accrued liabilities 6 4.799 25.492
Total current liabilities 4.799 25.492
Total liabilities 205.319 246.025
==========================
Impsa CBK Projects B.V.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD JANUARY 1 UNTIL SEPTEMBER 30, 2001
01-01-2001 / 14-09-2000 /
30-09-2001 31-12-2000
EUR EUR
REVENUES
Deposit-and bank interest 139 169
Exchange differences 0 5
Total revenues 139 174
EXPENSES
Management and administration expenses 12.648 11.410
Auditors / tax consultants 4.860 11.841
Fiscal adviser 297 0
Civil law notary 1.550 301
Capital tax 511 1.993
General expenses 171 150
Bank charges 115 246
Bank interest 0 4
Total expenses 20.152 25.945
Loss from investments 0 (31.946)
Income before income taxes (20.013) (57.717)
Provision for income taxes 0 0
Net result (20.013) (57.717)
==========================
Impsa CBK Projects B.V.
NOTES TO 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 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 BALANCE SHEET AS AT SEPTEMBER 30, 2001
Perc. of 30-09-2001 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 34.019 74.583
34.019 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
==========================
Impsa CBK Projects B.V.
NOTES TO THE BALANCE SHEET AS AT SEPTEMBER 30, 2001
30-09-2001 31-12-2000
EUR EUR
5. Accumulated deficit
Opening balance as at January 1, 2001 (57.717) 0
Result for the period (20.013) (57.717)
Balance (77.730) (57.717)
==========================
6. Accrued liabilities
Management Fee MeesPierson Trust B.V. 755 11.410
Civil law notary 800 301
Tax consultants 0 7.499
Auditors 3.240 4.342
Bank charges 4 108
Bank interest 0 3
Capital tax (99,99 % investment) 0 1.829
4.799 25.492
==========================
Amsterdam, October 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 9 months period of 2001 is EURO : 20.013
Deloitte
& Touche
To the directors of
Impsa CBK Projects B.V.
Date Reference
11 October 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 nine months period, ended September 30, 2001. These financial statements are the responsibility of the company`s management. Our responsibility is to issue a report on these 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.