IMPSA S.A. — Interim / Quarterly Report 2002

May 15, 2003

IMPSA CBK Projects B.V.

Amsterdam

Quarterly report as at September 30, 2002

IMPSA CBK Projects B.V.

Table of contents page

Quarterly report as at September 30, 2002

Report of the management 3

Accounts

Balance sheet as at September 30, 2002 4

Profit and loss account as at September 30, 2002 5

Notes to the accounts as at September 30, 2002 6

Other information

Review report

IMPSA CBK Projects B.V.

Report of the management

The management herewith presents to the shareholder the accounts of IMPSA CBK Projects B.V. (hereinafter: “the Company”) as at September 30, 2002.

General

The Company is a limited liability company incorporated under the laws of The Netherlands and acts as a holding company.

Overview of activities

During the 9 months period the Company did not star up new activities.

Results

The net asset value of the Company as at September 30, 2002 amounts to EUR 162.374 (2001: EUR 190.797).

The result for the period January 1, 2002, up to September 30, 2002 amounts to a loss of EUR 28.423 (2001: EUR 29.736 loss)

Future outlook

The management is of the opinion that the present level of activities will be maintained during the next financial year.

Amsterdam, October 2002

Directors

E.M. Pescarmona G.F. Rossi

J.C. Fernández MeesPierson Trust B.V.

F.R. Valenti

IMPSA CBK Projects B.V.

Balance sheet as at September 30, 2002

(Before the proposed appropriation of the result and expressed in euro´s)

Notes 30-09-2002 31-12-2001

Fixed assets

Financial fixed assets

Interests in group entities 1 171.300 171.300

Total fixed assets 171.300 171.300

Current assets

Cash and banks 2 746 25.359

Total current assets 746 25.359

Current liabilities (due within one year)

Accruals and deferred income 3 9.672 5.862

Total current liabilities 9.672 5.862

Current assets less current liabilities (8.926) 19.497

Net asset value 162.374 190.797

========== ==========

Capital and reserves 4

Paid-up and called up share capital 18.250 18.250

Share premium account 260.000 260.000

Other reserves (87.453) (57.717)

Unappropriated results (28.423) (29.736)

Total shareholders` equity 162.374 190.797

========== ==========

The accompanying notes form an integral part of these financial statements.

IMPSA CBK Projects B.V.

Profit and loss account as at September 30, 2002

Notes 30-09-2002 31-12-2001

(Expressed in euro´s)

Other financial income and expenses

Other interest income 5 80 188

Total other financial income and expenses 80 188

Other income and expenses

General and administrative expenses 6 (28.503) (29.924)

Total other income and expenses (28.503) (29.924)

Result before taxation (28.423) (29.736)

Corporate income tax - -

Result after taxation (28.423) (29.736)

========== ==========

The accompanying notes form an integral part of these financial statements.

IMPSA CBK Projects B.V.

Notes to the accounts for the period ended September 30, 2002

General

The Company was incorporated as a limited liability company under the laws of The Netherlands on 14 September 2000 and has its statutory seat in Amsterdam. The ultimate holding company is Industrias Metalurgicas Pescarmona Sociedad Anonima, Argentina.

The principal activity of the Company is to act as a holding company.

Basis of presentation

The accompanying accounts have been prepared in accordance with accounting principles generally accepted in The Netherlands, the most significant of which are as follows:

1. Financial fixed assets

Interests in group entities are valued at historical cost. Permanent impairment of cost price with net asset value will lead to a diminution in value to this lower market value.

1. Foreign currencies

Other assets and liabilities in foreign currencies are translated into euro´s at their exchange rates prevailing on the balance sheet date. Transactions in foreign currencies are translated into euro´s at the exchange rates in effect at the time of the transactions. The resulting currency exchange rate differences are taken to the profit and loss account.

1. Assets and liabilities

All other assets and liabilities are shown at face value, unless stated otherwise in the notes.

1. Consolidation

In conformity with article 408, Book 2 of the Dutch Civil Code, the Company does not prepare consolidated annual accounts. The annual accounts of the Company and its subsidiaries are included in the consolidated accounts of the ultimate holding company, which are filed with the Chamber of Commerce in Amsterdam.

1. Recognition of income

Dividends from group entities are recorded as income when received. Other income and expenses, including taxation, are recognised and reported on accrual basis.

1. Corporate income tax

Provisions for taxation have been made in accordance with the standard ruling practice for holding companies in The Netherlands. Final corporate income tax assessments have been received for the financial years through 2000.

IMPSA CBK Projects B.V.

30-09-2002 31-12-2001

EUR EUR

Balance sheet

1 Interests in group entities

Name Domicile Owned

CBK Power Corporation Philippines 99,99% 171.300 171.300

171.300 171.300

=========== ==========

The Company has made use of article 389.9, Book 2 of the Dutch Civil Code, which enables departure from valuing subsidiaries at equity value if the Company forms part of an international group which values its subsidiaries at cost.

Movements in the interests in group entities have been as follows:

Balance as per 1 January 171.300

Acquisitions -

Disposals -

Write down of book value -

Balance as per 30 September 171.300

==========

The net asset value per group entity is:

Name Domicile Owned

CBK Power Corporation Philippines 99,99% 153.221 173.800

153.221 173.800

=========== ==========

2 Cash at banks

Current account 746 25.359

746 25.359

=========== ==========

3 Accruals and deferred income

Accruals 9.672 5.862

9.672 5.862

=========== ==========

4 Capital and reserves

The authorised share capital of the Company amounts to EUR 90,760 divided into 9,076 shares of EUR 10 each. Issued and paid up are 1,825 shares of EUR 10.

	Share capital		Share premium		Other reserves		Unappr.results
Balance as per 01.01.2001	18.250		260.000		(57.717)		-
Paid-in / (repaid)
Transfer
Dividend
Result for the period							(29.736)
Balance as per 01.01.2002	18.250		260.000		(57.717)		(29.736)
Paid-in / (repaid)
Transfer					(29.736)		29.736
Dividend
Result for the period							(28.423)
Balance as per 30.09.2002	18.250		260.000		(87.453)		(28.423)

IMPSA CBK Projects B.V.

30-09-2002 31-12-2001

EUR EUR

Profit and loss account

5 Other interest income

Bank interest on current accounts 80 188

80 188

=========== ==========

6 General and administrative expenses

Management and administration fees 13.200 15.797

Legal advice 1.050 2.457

Tax advice 7.790 4.262

Auditors 5.989 6.479

Bank charges 327 247

Capital tax - 511

General expenses 147 171

28.503 29.924

=========== ==========

Staff numbers and employment costs

The Company has no employees and hence incurred no wages, salaries or related social security charges during the reporting period, nor during the previous year.

Directors

The Company has five (previous year: five) managing directors.

The Company has no (previous year: none) supervisory directors.

Amsterdam, October 2002

Directors

E.M. Pescarmona G.F. Rossi

J.C. Fernández MeesPierson Trust B.V.

F.R. Valenti

IMPSA CBK Projects B.V.

Other information

Deloitte

& Touche

To the directors of

IMPSA CBK Projects B.V.

Date Reference

October 22, 2002 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, 2002. 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 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.