Amendment to Current Report — Form 8-K
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Document/Exhibit Description Pages Size
1: 8-K/A Amendment to Current Report HTML 18K
2: EX-23.1 Consent of Espineira, Sheldon Y Asociados 1 6K
3: EX-99.1 Audited Financial Statements 27 106K
4: EX-99.2 Unaudited Balance Sheet 5 23K
5: EX-99.3 Unaudited Proforma Balance Sheet 5 29K
EX-99.2 — Unaudited Balance Sheet
| EX-99.2 | 1st Page of 5 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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EXHIBIT 99.2
CARBONES DEL GUASARE, S.A.
CONDENSED BALANCE SHEETS
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(UNAUDITED) (AUDITED)
SEPTEMBER 30, DECEMBER 31,
2004 2003
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(THOUSANDS OF U.S. DOLLARS)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 36,058 33,986
Accounts receivable -
Shareholders and related companies 84,144 57,220
Employees and other 3,102 972
Advances to suppliers and other 659 1,039
Inventories, net 26,523 15,728
Prepaid expenses 185 211
Value added tax 16,982 14,170
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TOTAL CURRENT ASSETS 167,653 123,326
Long-term accounts receivable 1,806 1,940
Fixed assets, net 62,149 64,567
Net deferred income tax 2,530 2,530
Asset retirement obligations 919 960
Other assets 26 72
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TOTAL ASSETS 235,083 193,395
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Bank loans 5,208 6,250
Accounts payable -
Contractors and suppliers 39,253 26,149
Shareholder and related companies 17,672 3,443
Accruals and other payables 10,738 10,243
Taxes 15,467 10,676
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TOTAL CURRENT LIABILITIES 88,338 56,761
Accrual for employee termination benefits 1,357 1,274
Provision for asset retirement obligations 2,897 2,823
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TOTAL LIABILITIES 92,592 60,858
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Commitments and contingencies
SHAREHOLDERS' EQUITY
Capital stock 79,699 79,699
Additional paid-in capital 1,014 1,014
Treasury stock (1,034) (1,034)
Retained earnings -
Legal reserve 1,135 1,135
Unappropriated 61,677 51,723
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TOTAL SHAREHOLDERS' EQUITY 142,491 132,537
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 235,083 193,395
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CARBONES DEL GUASARE, S.A.
UNAUDITED CONDENSED STATEMENTS OF INCOME
(THOUSANDS OF U.S. DOLLARS)
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(UNAUDITED)
NINE MONTH - PERIOD ENDED
SEPTEMBER 30, 2004 SEPTEMBER 30, 2003
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Income:
Sales of coal $ 185,871 $ 149,444
Costs and expenses:
Operating costs 92,789 76,278
General, selling and administrative expenses 6,282 5,660
Contractor compensation 2,996 3,640
Depreciation 9,363 10,580
Accretion expense 74 70
Leasing of coal mines 18,455 14,861
Exploitation tax 4,468 3,075
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OPERATING INCOME 51,444 35,280
Interest income 367 971
Interest expenses (656) (1,281)
Other income(Expenses) net (252) 970
Remeasurement adjustment (2,275) 1,659
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Income before taxes 48,628 37,599
Taxes 18,670 9,776
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NET INCOME $ 29,958 $ 27,823
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CARBONES DEL GUASARE, S.A.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(THOUSANDS OF U.S. DOLLARS)
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(UNAUDITED)
NINE MONTH - PERIOD ENDED
SEPTEMBER 30, 2004 SEPTEMBER 30, 2003
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Net cash provided by (used in) operating activities $ 28,527 $ (6,294)
Net cash used in investing activities:
Additions to fixed assets (6,905) (2,077)
Cash flows from financing activities:
New borrowings 5,208 34,375
Repayments (6,250) (25,000)
Dividends paid (20,004) (10,004)
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Net cash used in financing activities (21,046) (629)
Effect of remeasurement adjustment on cash and cash equivalents 1,496 (449)
Cash and Cash equivalents:
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Net change for the period 2,072 (9,449)
At the beginning of the period 33,986 55,230
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At the end of the period 36,058 $ 45,781
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Supplementary Information:
Cash paid during the period for -
Interest $ 730 $ 818
Taxes 12,482 24,605
CARBONES DEL GUASARE, S.A.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
1. PREPARATION OF INTERIM FINANCIAL STATEMENTS
The accompanying unaudited condensed financial statements as of September 30,
2004 and for the nine-month periods ended September 30, 2004 and 2003, and the
notes thereto, are unaudited. However, in the opinion of management, these
financial statements reflect all normal, recurring adjustments necessary for a
fair presentation of the results of the periods presented. The balance sheet
information as of December 31, 2003 has been derived from the Company's audited
balance sheet. The comparative information as of December 31, 2003 is available
from the audited financial statements.
The results of operations for the nine month - period ended September 30, 2004
are not necessarily indicative of the results to be expected for future quarter
or for the year ending December 31, 2004.
For purposes of these unaudited condensed financial statements, certain
information and disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been omitted.
These unaudited statements should be read in conjunction with the audited
financial statements and notes as of December 31, 2003 included elsewhere in
this document.
2. SIGNIFICANT ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
3. INVENTORIES
Inventories at September 30, 2004 and at December 31, 2003 comprise the
following:
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September 30, December 31,
2004 2003
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(Thousands of
U.S. dollars)
Coal 5,481 4,039
Spare parts and supplies, net of provision for
obsolescence of US$3,200,000 in 2004 and 2003 21,042 11,689
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26,523 15,728
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At September 30, 2004, coal inventories amount to 361,999 metric tons (164,335
metric tons at December, 2003).
At September 30, 2004, US$6.6 million of the spare parts and supplies balance is
classified as low or slow-moving based on subledgers. The Company has set aside
a provision for inventory obsolescence amounting to US$3.2 million.
4. INCOME TAX PROVISION
The company calculates the provision for income taxes for interim periods, by
applying to the income before taxes, the rate which is expected to be the
effective tax rate at the end of the year.
5. SHAREHOLDERS' EQUITY
Change in shareholder's equity from January 1, 2004 to September 30, 2004
comprises the following:
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(Thousands of U.S. dollars)
Balance at January 1, 2004 132,537
Dividends paid (20,004)
Net income of the period 29,958
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Balance at September 30, 2004 142,491
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Dates Referenced Herein and Documents Incorporated by Reference
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