ANDEAN DEVELOPMENT CORPORATION
Balance Sheet
December 31, 1998
1998 P R O F O R M A BALANCE SHEET
(Including 55,96% CONSONNI USA Inc. as part of Andean Development Corporation)
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ASSETS 1998 1997
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CURRENT ASSETS
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Cash and cash equivalents 166.733,39 324.556,00
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Time Deposits 57.127,57 528.575,00
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Accounts Receivable, net 6.689.853,30 3.205.385,00
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Due from related parties 901.973,45 520.000,00
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Other current assets 1.045.458,56 118.038,00
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Inventory 3.298.575,00
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Total Current Assets 12.159.721,27 4.696.554,00
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FIXED ASSETS 672.875,00
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Land & Building 1.174.143,13 0,00
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Vineyard 315.856,24 0,00
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Technical installations & 371.795,52 0,00
Machinery
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Installations 538.236,41
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Other property, plant & -1.791.004,30
equipment
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Furniture and equipment
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Less: Accumulated depreciation
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Total Fixed Assets 3.359.959,00 672.875,00
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OTHER ASSETS
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LIABILITIES 1998 1997
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CURRENT LIABILITIES
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Obligations with banks 1.646.803,88 576.756,00
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Current portion Long term debt 57.223,10 30.320,00
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Accounts payable 4.328.602,02 787.155,00
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Due to related parties 615.434,24 24.264,00
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Income taxes payable 117.525,10 197.022,00
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Accrued expenses and withhold. 57.319,31 77.531,00
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Current portion of staff sev. 23.953,63 21.530,00
Ind.
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Dividends payable 564.020,00 150.000,00
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Total Current Liabilities 7.410.881,28 1.844.578,00
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LONG TERM LIABILITIES
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Long term debt, ex.curr.port. 594.423,48 118.754,00
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Staff severance indemnities 65.093,15 87.317,00
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Public entities
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Others Debt
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Total Long Term Liabilities 4.134.477,63 206.071,00
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STOCKHOLDERS'
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Investments in affiliated Co. 1.086.704,91 1.629.998,00
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Deferred charges 978.342,28 1.072.343,00
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Real estate held for investment 1.147.389,43 789.447,00
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Notes Rec. from related party 531.793,09 606.031,00
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Notes Receivable - other 1.411.900,50 1.339.766,00
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Deposit and other 133.096,32
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Total Other Assets 5.289.226,53 5.437.585,00
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TOTAL ASSETS 20.808.906,80 10.807.014,00
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EQUITY
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Common stock 282,00 282,00
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Additional paid in capital 5.724.319,56 5.724.320,00
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Retained earnings 2.289.693,31 2.197.810,00
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Earning of the period 737.014,11 937.903,00
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Cumulative translation adjust. -43.924,74 -103.950,00
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Monitary Interest 556.163,65
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Dividends 0,00
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Total Stockholders' Equity 9.263.547,89 8.756.365,00
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Total liabilities and stock. 20.808.906,80 10.807.014,00
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ANDEAN DEVELOPMENT CORPORATION
Statements of Operations
December 1998
1998 P ROFORMA STATEMENT OF OPERATION
(Including 55,96% CONSONNI USA Inc. as part of Andean Development Corporation)
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REVENUES FROM OPERATIONS 1998 1997
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Revenues 15.251.022,45 3.879.062,00
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Cost of Operations -12.513.204,63 -1.773.165,00
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GROSS PROFIT 2.737.817,82 2.105.897,00
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Selling & Administrative Expensis -1.527.504,22 -1.053.221,00
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INCOME FROM OPERATIONS 1.210.313,60 1.052.676,00
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OTHER INCOME (EXPENSES)
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Interest Expenses -305.701,21 -32.795,00
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Depreciation and amortization -209.209,54 -67.046,00
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Interest Incomes 143.402,34 121.174,00
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Non operational incomes 220.135,92 6.031,00
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Minority Interest -197.713,00
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Total other incomes (expenses) -349.085,49 27.364,00
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INCOME BEFORE INCOME TAX 861.228,11 1.080.040,00
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Income Taxes -124.214,00 -142.137,00
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NET INCOME (loss) 737.014,11 937.903,00
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