Nevada
|
|
333-111656
|
|
98-0479924
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer
Identification
Number)
|
300,
611 - 10th
Avenue S.W.
|
||
Calgary,
Alberta, Canada
|
T2R
0B2
|
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Page(s)
|
Financial Statements for Argosy Energy International, LP for the three months ended March 31, 2006 |
5
|
Statement
of Income
|
6
|
Balance
Sheet
|
7
|
Statement
of Cash Flows
|
8
|
Statement
of Partner's Equity
|
9
|
Notes
to Financial Statements
|
10-22
|
Financial Statements for Argosy Energy International, LP as of December 31, 2005 and 2004 |
23
|
Independent
Auditor's Report
|
24
|
Statements
of Income
|
25
|
Balance
Sheets
|
26
|
Statement
of Cash Flows
|
27
|
Statement
of Partner's Equity
|
28
|
Notes
to Financial Statements
|
29-44
|
Supplemental
Oil and Gas Information
|
45-49
|
Pro Forma Financial Statements for the three months ended March 31, 2006 and the year ended December 31, 2005: |
50
|
Pro
Forma Statement of Operations for the period January 1, 2006
to March 31,
2006
|
51
|
Pro
Forma Statement of Operations for the period January 1, 2005
to December
31,2005
|
52
|
Pro
Forma Balance Sheet as at March 31, 2006
|
53
|
Notes
to Pro Forma Consolidated Financial Statements
|
54-56
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
Statement
of Income (Unaudited)
|
For
the three months ended March 31, 2006
|
(Expressed
in thousands of US dollars)
|
Oil
sales to Ecopetrol
|
$
|
3,575
|
||
Operating
cost (note 8)
|
367
|
|||
Depreciation,
depletion and amortization
|
190
|
|||
General
and administrative expenses
|
282
|
|||
|
839
|
|||
Operating
profit
|
2,736
|
|||
|
||||
Other
income net
|
79
|
|||
Income
before income and remittance taxes
|
2,815
|
|||
|
||||
Current
income tax (note 9)
|
1,017
|
|||
Deferred
remittance tax
|
109
|
|||
Total
income and remittance taxes
|
1,126
|
|||
Net
income
|
$
|
1,689
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
Balance
Sheet (Unaudited)
|
March
31, 2006
|
(Expressed
in thousands of US dollars)
|
Assets
|
||||
Current
assets:
|
||||
Cash
and cash equivalents (note 3)
|
$
|
2,670
|
||
Accounts
receivable, net (note 4)
|
3,898
|
|||
Accounts
receivable reimbursement Ecopetrol
|
1,186
|
|||
Inventories:
|
||||
Crude
oil
|
211
|
|||
Materials
and supplies
|
626
|
|||
837
|
||||
Total
current assets
|
8,591
|
|||
Other
long-term assets
|
25
|
|||
Property,
plant and equipment (note 5):
|
||||
Unproved
properties
|
3,831
|
|||
Proved
properties
|
5,305
|
|||
9,136
|
||||
Total
assets
|
$
|
17,752
|
||
Liabilities
and Partners' Equity
|
||||
Current
liabilities:
|
||||
Accounts
payable
|
4,852
|
|||
Tax
payable
|
1,721
|
|||
Employee
benefits
|
97
|
|||
Accrued
liabilities
|
547
|
|||
Total
current liabilities
|
7,217
|
|||
Long-term
accounts payable (note 10)
|
686
|
|||
Deferred
income tax
|
473
|
|||
Deferred
remmittance tax
|
1,210
|
|||
Total
liabilities
|
9,586
|
|||
Partners'
equity (note 7)
|
8,166
|
|||
Total
liabilities and partners' equity
|
$
|
17,752
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
Statement
of Cash Flows (Unaudited)
|
For
the three months ended March 31, 2006
|
(Expressed
in thousands of US dollars)
|
Cash
flows from operating activities:
|
||||
Net
income
|
$
|
1,689
|
||
Adjustments
to reconcile net income to net cash
|
||||
provided
by operating activities:
|
||||
Depreciation,
depletion and amortization
|
190
|
|||
Deferred
remittance tax
|
109
|
|||
Changes
in assets and liabilities:
|
||||
Accounts
receivable
|
(3,147
|
)
|
||
Inventories
|
(62
|
)
|
||
Accounts
payable
|
(127
|
)
|
||
Tax
payable
|
395
|
|
||
Employee
benefits
|
(6
|
)
|
||
Accrued
Liabilities
|
25
|
|||
Deferred
income tax
|
(2
|
)
|
||
Deferred
remmittance tax
|
(3
|
)
|
||
Net
cash used in operating activities
|
(939
|
)
|
||
Cash
flows from investing activities:
|
||||
Increase
in long term investments
|
(9
|
)
|
||
Payments
from Petroleum Equipment International - Talora
|
200
|
|||
Additions
to property, plant and equipment
|
(303
|
)
|
||
Net
cash used in investing activities
|
(112
|
)
|
||
|
||||
Cash
flows from financial activities:
|
||||
Distributions
to partners
|
(3,250
|
)
|
||
Aviva
redemption shares
|
(153
|
)
|
||
Net
cash used in financial activities
|
(3,403
|
)
|
||
Decrease
in cash and cash equivalents
|
(4,454
|
)
|
||
Cash
and cash equivalents at beginning of year
|
7,124
|
|||
Cash
and cash equivalents at end of the period
|
$
|
2,670
|
|
Limited
|
General
|
Total
|
|||||||
|
partners'
|
partners'
|
partners'
|
|||||||
|
capital
|
capital
|
equity
|
|||||||
Balance
as of December 31, 2005
|
$
|
9,810
|
70
|
9,880
|
||||||
Redemption
of partnership payments interest -
Aviva
Overseas Inc. (note 10)
|
(152
|
)
|
(1
|
)
|
(153
|
)
|
||||
Distributions
to partners
|
(3,227
|
)
|
(23
|
)
|
(3,250
|
)
|
||||
Net
income
|
1,677
|
12
|
1,689
|
|||||||
Balance
as of March 31, 2006
|
$
|
8,108
|
58
|
8,166
|
Contract
|
Participation
|
Operator
|
Phase
|
|||||||
Santana
|
35
|
%
|
ARGOSY
|
Exploitation
|
||||||
Guayuyaco
|
70
|
%
|
ARGOSY
|
Exploitation
|
||||||
Aporte
Putumayo
|
100
|
%
|
ARGOSY
|
Abandonment
|
||||||
Río
Magdalena
|
70
|
%
|
ARGOSY
|
Exploration
|
||||||
Talora
|
20
|
%
|
ARGOSY
|
Exploration
|
||||||
Chaza
|
50
|
%
|
ARGOSY
|
Exploration
|
Phase |
Starting
date
|
Obligations |
3 | December 16, 2006 | One exploratory well. |
4 | December 16, 2007 | One exploratory well. |
5 | December 16, 2008 | One exploratory well. |
6 | December 16, 2009 | One exploratory well. |
Phase |
Starting
date
|
Obligations |
2
|
June 27, 2006 | One exploratory well. |
3 | June 27, 2007 | One exploratory well. |
4 | December 16, 2008 | One exploratory well. |
5 | December 16, 2009 | One exploratory well. |
6 |
December 16, 2010
|
One exploratory well. |
Held
in United States dollars
|
$
|
2,040
|
||
Held
in Colombian pesos
|
157
|
|||
Short-term
investments
|
473
|
|||
$
|
2,670
|
Trade
|
$
|
3,248
|
||
B.T.O.
Río Magdalena Agreement
|
355
|
|||
Vendor
Advances
|
177
|
|||
Petroleum
Equipment Investments - Talora
|
300
|
|||
Other
|
173
|
|||
4,253
|
||||
Less
allowance for bad debts
|
(355
|
)
|
||
$
|
3,898
|
Oil
properties:
|
||||
Unproved
|
$
|
3,831
|
||
Proved
|
59,190
|
|||
63,021
|
||||
Less
accumulated depreciation, depletion, and amortization
|
53,885
|
|||
$
|
9,136
|
Interest
cost
|
$
|
8
|
||
Expected
return of assets
|
(13
|
)
|
||
Amortization
of unrecognized net transition
|
||||
obligation
(asset)
|
1
|
|||
Net
periodic pension cost
|
$
|
(4
|
)
|
Stockholder |
%
|
|||
Crosby Capital L.L.C. | 98.75 | |||
Argosy Energy Corp. ** | 0.71 | |||
Dale E. Armstrong | 0.41 | |||
Richard S. McKnight | 0.13 | |||
100.00 |
Direct labor | $ | 111 | ||
Maintenance, materials and lubricants | 86 | |||
Repairs - third party | 123 | |||
General expenses - other | 47 | |||
$ | 367 |
|
Basis
|
Amount
|
|
%
|
||||||
Income
before taxes
|
$
|
2,815
|
100.00
|
|||||||
Computed
“Expected” tax expense
|
985
|
35.00
|
||||||||
Tax
expense
|
1,126
|
40.00
|
||||||||
Difference
|
$
|
141
|
5.00
|
|||||||
Explanation:
|
||||||||||
Difference
in principles and translation
|
$
|
(312
|
)
|
(109
|
)
|
(3.88
|
)
|
|||
Surcharge
tax (10%)
|
|
92
|
3.28 | |||||||
Remitance
tax expense (7%)
|
|
146
|
5.19
|
|||||||
Inflation
adjustment
|
(23
|
)
|
(8
|
)
|
(0.28
|
|||||
No
deductible expenses
|
9
|
3
|
0.11
|
|||||||
No
deductible taxes (Industry and commerce, stamp tax
)
|
41
|
14
|
0.51
|
|||||||
Assessments
to financial movements
|
6
|
2
|
0.07
|
|||||||
Income
not taxable
|
4
|
1
|
0.00
|
|||||||
$
|
141
|
5.00
|
Accrued
liabilities
|
$
|
201
|
||
Property,
plant and equipment
|
$
|
(674
|
)
|
|
Net
deferred tax liability
|
$
|
(473
|
)
|
|
Roll
forward of deferred taxes:
|
||||
Beginning
balance
|
$
|
475
|
||
Translation
|
(2
|
)
|
||
$
|
473
|
1) |
An
equity tax was created for fiscal years 2004, 2005 and
2006. Such tax must
be liquidated applying at 0.3 % over the net equity at
January
1st
of
each year. This applies to equities of 3.000 million pesos
in 2004, 3,183
million pesos in 2005 and 3,344 million pesos in 2006.
|
2) |
The
financial transaction tax increased from 3 per thousand
to 4 per thousand
and it is applicable through the year
2007.
|
3) |
Paid
taxes are not deductible except for 80% of industrial and
commercial and
Property Taxes.
|
4) |
The
10% income tax surcharge (3.5%) is applicable for years
2003 through 2006.
This payment is not deductible for tax
purposes.
|
Partner
|
Interest
|
Type
of interest
|
|||||
Crosby
Capital L.L.C.
|
98.7491
|
%
|
Limited
Partner
|
||||
Argosy
Energy Corporation
|
0.7104
|
%
|
General
Partner
|
||||
Dale
E. Armstrong
|
0.4122
|
%
|
Limited
Partner
|
||||
Richard
S. McKnight
|
0.1283
|
%
|
Limited
Partner
|
||||
Total
|
100.0000
|
%
|
|
• |
The
Company signed in May and June, 2006 two new exploration
and production
contracts with the National Hydrocarbons Agency (ANH) called
Primavera and
Mecaya, to explore and produce oil, respectively.
|
• |
On
April 1, 2006 the partners of the partnership entered into
a redemption
agreement pursuant to which all of Dale E. Armstrong interest
and Richard
S. Meknight interest.
|
• |
On
June 21, 2006, Gran Tierra Energy Inc. acquired all of
the outstanding
partnership interest in the Company.
|
2005
|
2004
|
||||||
Oil
sales to Ecopetrol
|
$
|
11,891
|
6,393
|
||||
Operating
cost (note 9)
|
2,452
|
2,060
|
|||||
Depreciation,
depletion and amortization
|
697
|
357
|
|||||
General
and administrative expenses
|
1,082
|
859
|
|||||
4,231
|
3,276
|
||||||
Operating
profit
|
7,660
|
3,117
|
|||||
Other
income, net (note 10)
|
449
|
225
|
|||||
Income
before income and remittance taxes
|
8,109
|
3,342
|
|||||
Current
income tax (note 11)
|
2,187
|
1,026
|
|||||
Deferred
income tax
|
352
|
245
|
|||||
Deferred
remittance tax
|
353
|
146
|
|||||
Total
income and remittance taxes
|
2,892
|
1,417
|
|||||
Net
Income
|
$
|
5,217
|
1,925
|
Assets
|
2005
|
2004
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents (note 3)
|
$
|
7,124
|
6,954
|
||||
Accounts
receivable, net (note 4)
|
951
|
584
|
|||||
Accounts
receivable reimbursement Ecopetrol
|
1,186
|
-
|
|||||
Inventories:
|
|||||||
Crude
oil
|
218
|
154
|
|||||
Materials
|
557
|
248
|
|||||
|
775
|
402
|
|||||
Total
current assets
|
10,036
|
7,940
|
|||||
|
|||||||
Other
long-term assets
|
16
|
10
|
|||||
Property,
plant and equipment (note 5):
|
|||||||
Unproved
properties
|
3,622
|
2,312
|
|||||
Proved
properties, net
|
5,401
|
3,211
|
|||||
|
9,023
|
5,523
|
|||||
Total
assets
|
$
|
19,075
|
13,473
|
||||
|
|||||||
|
|||||||
Liabilities
and Partners' Equity
|
|||||||
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
4,979
|
1,745
|
|||||
Tax
payable
|
1,326
|
826
|
|||||
Employee
benefits
|
103
|
88
|
|||||
Accrued
liabilities
|
522
|
375
|
|||||
Total
current liabilities
|
6,930
|
3,034
|
|||||
Long-term
accounts payable (note 6)
|
686
|
-
|
|||||
Deferred
income tax
|
475
|
223
|
|||||
Deferred
remmittance tax
|
1,104
|
714
|
|||||
Pension
plan (note 7)
|
-
|
35
|
|||||
Total
liabilities
|
9,195
|
4,006
|
|||||
Partners'
equity (note 8)
|
9,880
|
9,467
|
|||||
Total
liabilities and Partners' equity
|
$
|
19,075
|
13,473
|
2005
|
2004
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
5,217
|
1,925
|
||||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation,
depletion and amortization
|
697
|
357
|
|||||
Bad
debt allowance
|
116
|
239
|
|||||
Deferred
income tax
|
352
|
245
|
|||||
Deferred
remittance tax
|
353
|
146
|
|||||
Pensions
|
24
|
59
|
|||||
Changes
in assets and liabilities:
|
|||||||
Accounts
receivable
|
(1,669
|
)
|
(191
|
)
|
|||
Inventories
|
(373
|
)
|
339
|
||||
Accounts
payable
|
2,620
|
1,245
|
|||||
Tax
payable
|
500
|
|
716
|
|
|||
Employee
benefits
|
15
|
28
|
|||||
Accrued
liabilities
|
147
|
102
|
|||||
Deferred
income tax
|
(100
|
)
|
(4
|
)
|
|||
Deferred
remmittance tax
|
37
|
58
|
|||||
Net
cash provided by operating activities
|
7,936
|
5,264
|
|||||
Cash
flows from investing activities:
|
|||||||
Increase
in long term investments
|
(65
|
)
|
(70
|
)
|
|||
Additions
to property, plant and equipment
|
(4,197
|
)
|
(748
|
)
|
|||
Net
cash used in investing activities
|
(4,262
|
)
|
(818
|
)
|
|||
|
|||||||
Cash
flows used in financial activities - Redemption of
partnership
|
|||||||
interest
- Aviva Overseas Inc.
|
(3,504
|
)
|
-
|
||||
Net
increase in cash and cash equivalents
|
170
|
4,446
|
|||||
Cash
and cash equivalents at beginning of year
|
6,954
|
2,508
|
|||||
Cash
and cash equivalents at end of year
|
$
|
7,124
|
6,954
|
|
Limited
|
General
|
Total
|
|||||||
|
partners'
|
partners'
|
partners'
|
|||||||
|
capital
|
capital
|
equity
|
|||||||
|
||||||||||
Balance
as of December 31, 2003
|
$
|
7,504
|
38
|
7,542
|
||||||
Net
income
|
1,915
|
10
|
1,925
|
|||||||
Balance
as of December 31, 2004
|
9,419
|
48
|
9,467
|
|||||||
Net
income
|
5,180
|
37
|
5,217
|
|||||||
Redemption
of partnership interest -
|
||||||||||
Aviva
Overseas Inc. (note 6)
|
(4,789
|
)
|
(15
|
)
|
(4,804
|
)
|
||||
Balance
as of December 31, 2005
|
$
|
9,810
|
70
|
9,880
|
ARGOSY
ENERGY INTERNATIONAL,
LP
|
||||
|
||||
Notes
to Financial Statements
|
||||
|
||||
December
31, 2005 and 2004
|
||||
|
||||
(Expressed
in thousands of US dollars)
|
Contract
|
Participation
|
Operator
|
Phase
|
|||||||
Santana
|
35
|
%
|
ARGOSY
|
Exploitation
|
||||||
Guayuyaco
|
70
|
%
|
ARGOSY
|
Exploitation
|
||||||
Aporte
Putumayo
|
100
|
%
|
ARGOSY
|
Abandonment
|
||||||
Río
Magdalena
|
70
|
%
|
ARGOSY
|
Exploration
|
||||||
Talora
|
20
|
%
|
ARGOSY
|
Exploration
|
||||||
Chaza
|
50
|
%
|
ARGOSY
|
Exploration
|
Phase | Starting date | Obligations |
|
||
3 | December 16, 2006 | One exploratory well. |
4 | December 16, 2007 | One exploratory well. |
5 | December 16, 2008 | One exploratory well. |
6 | December 16, 2009 | One exploratory well. |
Phase | Starting date | Obligations |
|
||
2 | June 27, 2006 | One exploratory well. |
3 | June 27, 2007 | One exploratory well. |
4 | December 16, 2008 | One exploratory well. |
5 | December 16, 2009 | One exploratory well. |
6 | December 16, 2010 | One exploratory well. |
2005
|
2004
|
||||||
Held
in United States dollars
|
$
|
6,329
|
6,454
|
||||
Held
in Colombian pesos
|
394
|
185
|
|||||
Short-term
investments
|
401
|
315
|
|||||
$
|
7,124
|
6,954
|
2005
|
2004
|
||||||
Trade
|
$
|
675
|
81
|
||||
B.T.
Río Magdalena Agreement
|
355
|
239
|
|||||
Vendor
advances
|
172
|
60
|
|||||
Solana
joint account
|
-
|
324
|
|||||
Other
|
104
|
119
|
|||||
1,306
|
823
|
||||||
Less
allowance for bad debts
|
(355
|
)
|
(239
|
)
|
|||
$
|
951
|
584
|
2005
|
2004
|
||||||
Oil
properties:
|
|||||||
Unproved
|
$
|
3,622
|
2,312
|
||||
Proved
|
59,096
|
56,218
|
|||||
62,718
|
58,530
|
||||||
Less
accumulated depreciation, depletion,
|
|||||||
and
amortization
|
53,695
|
53,007
|
|||||
$
|
9,023
|
5,523
|
a. |
shares
of Common Stock of Argosy Energy Corp.
|
Partner
|
Interest
|
Type
of interest
|
|||||
Crosby
Capital L.L.C.
|
98.7491
|
%
|
Limited
Partner
|
||||
Argosy
Energy Corporation
|
0.7104
|
%
|
General
Partner
|
||||
Dale
E. Armstrong
|
0.4122
|
%
|
Limited
Partner
|
||||
Richard
S. McKnight
|
0.1283
|
%
|
Limited
Partner
|
||||
Total
|
100.0000
|
%
|
2005
|
2004
|
||||||
Interest
cost
|
$
|
34
|
31
|
||||
Expected
return of assets
|
(48
|
)
|
(30
|
)
|
|||
Amortization
of unrecognized net transition obligation
(asset)
|
3
|
3
|
|||||
Net
periodic pension cost
|
$
|
(11
|
)
|
4
|
|||
Changes
in plan assets:
|
|||||||
Fund
assets at beginning of year
|
300
|
232
|
|||||
Interest
earned
|
61
|
68
|
|||||
Fund
assets at end of year
|
$
|
361
|
300
|
2005
|
2004
|
||||||
Funded
status:
|
|||||||
Projected
benefit obligation
|
359
|
335
|
|||||
Assets
at fair value
|
361
|
300
|
|||||
Funded
status
|
2
|
(35
|
)
|
||||
Unrecognized
net transaction obligation remaining
|
31
|
32
|
|||||
Unrecognized
prior service cost
|
-
|
-
|
|||||
Adjustment
additional minimum liability
|
(2
|
)
|
(5
|
)
|
|||
Unrecognized
net loss or (gain)
|
(29
|
)
|
(27
|
)
|
|||
Prepaid
(unfunded accrued) pension cost
|
$
|
2
|
(35
|
)
|
2005
%
|
2004
%
|
||||||
|
|||||||
Discount
rate
|
9.3
|
10.5
|
|||||
Rate
of compensation increase
|
4.7
|
6.0
|
Year
|
Amount
|
|||
2006
|
25
|
|||
2007
|
23
|
|||
2008
|
22
|
|||
2009
|
20
|
|||
2010
|
19
|
|||
2011-
2016
|
250
|
Stockholders
|
2005
%
|
2004
%
|
|||||
|
|||||||
Crosby
Capital L.L.C.
|
98.75
|
69.50
|
|||||
Argosy
Energy Corp. .**
|
0.71
|
0.50
|
|||||
Aviva
Overseas, Inc
|
-
|
29.62
|
|||||
Dale
E. Armstrong
|
0.41
|
0.29
|
|||||
Richard
S. McKnight
|
0.13
|
0.09
|
|||||
100.00
|
100.00
|
2005
|
2004
|
||||||
Direct
labor
|
$
|
383
|
316
|
||||
Maintenance,
materials and lubricants
|
417
|
417
|
|||||
Repairs
- third party
|
700
|
752
|
|||||
General
expenses - others
|
952
|
575
|
|||||
$
|
2,452
|
2,060
|
2005
|
2004
|
||||||
Oil
transportation
|
$
|
18
|
146
|
||||
Financial
income
|
171
|
65
|
|||||
Insurance
reimbursement
|
126
|
-
|
|||||
Other
income
|
217
|
162
|
|||||
Foreign
translation gain (loss)
|
33
|
(148
|
)
|
||||
Allowance
for bad debts
|
(116
|
)
|
-
|
||||
$
|
449
|
225
|
2005
|
2004
|
||||||||||||
|
Basis
Amount %
|
|
Basis
Amount %
|
||||||||||
Income
before taxes
|
$
|
8,109
|
100.00
|
3,342
|
100.00
|
||||||||
Computed
“Expected” tax expense
|
2,838
|
35.00
|
1,170
|
35.00
|
|||||||||
Tax
expense
|
2,892
|
35.66
|
1,417
|
42.40
|
|||||||||
Difference
|
$
|
54
|
0.66
|
247
|
7.40
|
2005
|
2004
|
||||||||||||||||||
Basis
|
|
Amount
|
%
|
Basis
|
Amount
|
%
|
|||||||||||||
Explanation:
|
|||||||||||||||||||
Difference
in principles
|
$
|
(593
|
)
|
(207
|
)
|
(2.56
|
)
|
(49
|
)
|
(17
|
)
|
(0.51
|
)
|
||||||
Surcharge
tax (10%)
|
199
|
2.45
|
93
|
2.79
|
|||||||||||||||
Remittance
tax expense (7%)
|
353
|
4.35
|
146
|
4.37
|
|||||||||||||||
Inflation
adjustment
|
(53
|
)
|
(19
|
)
|
(0.23
|
)
|
(21
|
)
|
(7
|
)
|
(0.22
|
)
|
|||||||
No
deductible expense
|
32
|
11
|
0.14
|
16
|
6
|
0.17
|
|||||||||||||
No
deductible tax (Stamp tax)
|
130
|
46
|
0.56
|
57
|
20
|
0.60
|
|||||||||||||
Assessments
to financial
|
|||||||||||||||||||
movements
|
45
|
16
|
0.19
|
13
|
4
|
0.13
|
|||||||||||||
Equity
tax
|
25
|
9
|
0.11
|
31
|
11
|
0.33
|
|||||||||||||
Deduction
fixed real productive
|
|||||||||||||||||||
assets
|
(1,014
|
)
|
(355
|
)
|
(4.38
|
)
|
|||||||||||||
Income
not taxable
|
4
|
1
|
0.03
|
(23
|
)
|
(9
|
)
|
(0.26
|
)
|
||||||||||
$
|
|
54
|
0.66
|
247
|
7.40
|
The
deferred tax is the following:
|
2005
|
2004
|
||||||
Accrued
liabilities
|
$
|
201
|
183
|
||||
Property,
plant and equipment
|
(676
|
)
|
(406
|
)
|
|||
Net
deferred tax liability
|
$
|
(475
|
)
|
(223
|
)
|
||
Roll
forward of deferred taxes:
|
|||||||
Net
deferred tax to December 31:
|
|||||||