AS OF DECEMBER 31,

                                            ----------------------------------------------------------------------------
                                                             (EXPRESSED IN THOUSANDS OF U.S. DOLLARS)
BALANCE SHEET                                    2003            2002           2001           2000            1999
                                             --------------  -------------  -------------  --------------  -------------
Cash                                                92,504         40,457         27,832          12,433          9,570
Restricted cash                                      1,935         15,001              -               -              -
Short-term investments                             236,137        367,748        306,065         290,449        364,492
Net working capital (1)                            300,670       (63,579)        250,636         196,596        235,993
Property, plant and equipment                    2,304,158      2,084,895      1,384,463       1,542,609      1,568,051
Total assets                                     4,770,834      4,000,301      2,952,677       3,231,758      3,215,542
Short term debt                                    798,496      1,104,793        567,491         688,586        655,551
Long term debt, less current portion             1,132,429        794,571        630,636         717,830        739,315
Long term parent company                                 -              -            461              77         49,511
Debentures - short term                              1,048              -          2,018           2,413          2,505
Debentures - long term                             155,420        200,766         94,204         113,349         81,613
Shareholders' equity                             1,403,063        865,010      1,032,720       1,065,659      1,022,744
Capital                                            982,601        843,959        838,214         838,214        836,551