Document 93anVw903m6090rXxvvDdQQyq

r,ha vuar i HOPPERS CD?/1PANY IMG. AMMUAL REPORT 1983 TD OUB STOCKHOLDERS January 27.1864 In tile usual course of ei enls. this letter from the Chairman and the Preside.".! would start by giving Sales ami Earn ings as reported, compared to l'J(>2 as reported. Normally we would ask you to ex amine these figures: 1563 1562 Total Company Sales S292.S3i.CC0' 530!.!4.::-O Pre-tax Profits S 14.154 300 5 13.323.CCO After-tax Profits 5 7.3i.:C0 S 7.355.C-;: Earnings Per Share 55.01 53.21 But for reasons we shall state, we feel the following figure.' ar-- far more meaningful: 1562 1552 Total Company Saies SC'j.lll.llC 33:: ;:7.:CC Pre-tax P-pf-ts 5 '.3.1:: SlldwllC After-tax 5 5.3;.'5 5 255 /OC. ^ lute is th" ihtT'-f'-v - h--tv\*-en tiiese two tables arid "i:v d.. u.- n-k '..u t>- lonsid'T bft'n ' I'liere are !w.> r-\i'--;.' 1. l*u:ine I * '< if? th....... . 111 t- f> .r uto dispose of the Tm-i::.-.' i`i-:\iidCoupling Compan'. w'uieii --.-nti ib- uted to sales ami profit' in that year, including a s ib'tanli.tl cap ital gain, but sai>-' ami c.nnings tr-iin which arc i mph-li-ii absent from 1903. 2. It; the Fall of P11- tr.in4--::--d the asset? am! por-mm-i -in dy estutfs operatt-U! into a m-w companv. Amet \::i!i:." ii- uets. I tie. This firm m-w p.:::d\ iwned by Philip' h.i--t:--i:i-- am! Pharmaceutical !:: C-rp-- ration ami K-c p- - i'i-:!';-' i:a\ii'.u tratisi'-! activities, whi-h t-ur wn. into till- .............. -pi: - In tiiis j--::it - - 1- p i: i-'tair; :h.................... .-'turf' ti--. ' . -- - pants in a str-mg-T ...ach will be able to com: vte mu it more effectively in a business iiici: ha; long been inter.:-.-.; and vigorous ly competitive. This move, occurring as it did during the year, also distorts the comparison between the two years. ' The second table, test:, sh >ws sales and profits made in 1992 arid 1963 by that portion of the C -rrpu.ry which does not have in it either dyestuffs or Thomas Coupling activities. The second table removes from the 'tatiitics for 1962 the effect of sales, operating profit and a substantial cap- in! eain from the court-ordered sale Thomas Coupling, as well as sales am! profits from dyestutfs in that year. It rcm.-ve? from 1963. sales and profits from dyestutfs made in that part of tii-- year completed prior to it? transfer to the new jointly-owned ouipatn. file i-muta-ter i? a report of tiie p.-.-urc" the balance of the Com- p.tttv ; -t-2 to 1 363. \--i '!: : it be assumed that these i i ; , . ` ' * . -v. -' . '. :T h ' Distribution cl manufacturing Division-Sales",.'. by Consuming industries- ...' "Percent -l:" ;l; : 1 1553 9; 1S62 S-* Chemicals. Plastics, .' Rabbet aid Dye..-.-....'-. 3572!%'' r''l33'bfS .5 Construction Materials... -17.-8 V ' 14.9.'--?i Industrial Machinery...... 11;6 ?1--1255 -;u `'fifite.......... to'lna*........ VST^C-vjSll^ noways ................... Irani Siee' ............... 3.4 il'? ".3: , Aluminum Detente ....... '. . 2.7 ;n2.5.V.-.': ........... i.i v.- rl'.3''.v- Consume: rrccucrs.......... 0.6/C.. --l'.0;:.'. V.i.ce'-sneo-js .. 5.1 ' J~ 9 3 ~ ' Tt:-- .15J- C-J3 iDO-O/J < - :: ::si:*-~ hi'." :si.s:**ri.nI\ 1 iw.-ie-i -MX -Minina p-ovr *-f inur C-m: .1- t:: - .-i:.! table ;:ii^: -uae-vt. Vi'Vi:t!>.f i:-ar term th- ti.tnsf.w >? the dyestuffs business uiil --duee arninps transferred to th*' par- over the loiiser term Imth parent; -atisfied tltal .'amin-us from the -tr.-neer combined operation will he jr-Mter than either could liave d-vd- -d a! 'hiyr acquisil: ::< and new prod- with dev.-h-pinn -ale; and ea:n- ina~. which have -'ome into ln-iil" in rn->r- than in I'ti,.'. th.; effect of the transfer of dyestuffs n nine-' in 1 il.e'.-.--nee to the table iaics by .1 -i-i i-ehm. show- t::- 'tie; : Manuiaets;: ina in--.....i-iiuht!-. inn th- --.ere piiee pressure;. !'!i.- -iiehl drop in total Companv -ales was in tite enaineerinu ami con- -iruciior, a:ea. It redc-ts the tact that de,mc;ih: steel companies piaced very few contracts in our fields of activity (ttirina late i'.'62 and early 1963. Our construction business has picked u:> sti-ncly in recent months, thnuait. and new business totaling u-arb. ic<< miilion was obtained by t.he tncriueerinn ami Construction Di- ismn in i`>o3. Tola! Company backhu: on Decem- :-r 31. 1''(.'3 was 51 H million, up i. oni -S1323 miilion at the end of 1902. T'ni- i.-.-reased haekloe reflects both t:i- er.eouraaima volume of new eoii- ruction husiness received, and a hake hs-kioa order* ? .r our ennuie-tur.-: nr".: nets. A1 :1 BALES BY DIVISIONS' r: : " -; `l ui ;1 ubrEe year review a.":-; :: k:;-iiif!.'- even fur- lisft- ii: ev aiirntin.: tire progress <>> tire i.ompanv. vve !M'ii**\t- a review of ae- t:i>us taken <1 u11::i; the past three wars v. VI! i>e helpful at tins time. In Pecerniiei 1'Tji.l. Fletcher !.. livrum "a- riveted President and 1 'hie: Virrrrm'trariw Ofiicer of wur rioinpariv Fred *2 F>v continued as 1 irarrrrran !:: it->arj and Cm-M i i;;:- Tlie follow in.: r-a: eiiart comparer tire war i ...... ri'-r to these moves. and I'li. ",. t!ii* '.'-ar jn.-l . <-i;t:t. Tin; first two bars <..s-.'!>.n<i to tinfi.uuiV' f--r da- total G-mpanv f-r both wars. Thev sh >u in broad (::ns how our revenue dollars were <ii% idi-d. Tiii'y separat.- ike sale' of >ur Manufaetnrine Pivisions from thnse ( tlte Fncineeririr: arid Con struction Division. More significant to .ear stockhold er.' is tiie third Far. at the rich!. In this !>ar. there is one important additional ..... rnati-e! \; the eUrenie ton. I:: tire eras-shaded 'eclioir. we show lire etTe'-t ..:r mrr 1`VVL sales if a n . - v :;a>. . o.,.| ,t lir- as ; i a.' i In hire: wrial t:;.- ` I .ir i- that ::ru tri'.s --s ear - - - ri - > !. price deilitre' in mans : our : .-"duet lines, purtreuiariv urenuoai.' arrd pias tres. reduced out !V63 sales b\ 522.5 million as compared to u'n.u lives would have been at Ivon pr"'- levels. This chart shows thru rrr spin; of this 522.5 rr-.iriior; drop in '.i*e- nre'cs, almost ai. vf winch umrl.i Ira-.- been profit, we have !"-en able maintain oar profits at approiimateiv tire I'hwi level "'itii n - appreciable inctease in D1STR1BUT1QM DF SALES - EFFECT OF LOWER PRIDES - IS8DT8B3 ------- --1960............................................................................................................ 1963----------------------------------- Cr'JAL ACT'JAw i J'^'r.Z . -....... : . :hat we have i.... n ; ' 1 >i:r -.ie'- at veil . i-i. hat with an av- t in T'da of 11.2!!; . - mi-a.-e-i to 12.6'J2 in 1060. I hi- ai/iiit;. your Company to tiv-- shock of price decline; ta.ina a lieu:- .'.5 laree as S22.6 mil- . -'ll. without a irrespoudine drop in pr i- dit" : an inteii-ive and eon- drive :`-r lower '-asls. ini- : : pro.|t;_-:s and greater <'iiieii,n- wh-.m hash-er.a-dna "ii ie-fore and durint; thi-p-riod. !: ha- incia : : a ariety of act! ms -iudinc: 3 :--ar-'u an : development eniniiasii-aie: re'-overv eltici*-nrii -. :-a.-`d ivaeent efficiencii:.-. an-i - hi- ; i:::pr iwment: 3 l-.ine faeilitii-s. r-.~u:i- : a -a: inore.ivs :n piai-.: : major new :n- - - 3 :::a:-r:... r- : : 3 --, . :-rad i.l h u-.an-..n-: in any -- *i::r 3 . r : in-.:.- ient piant.- or i i ie-- ai.-ii-nl : 3 - n o`. L)i -i<.11an-i ,-re edici-nt operatin'.: . Tide hitler type <: .utivif. - inline the period in ::: - 1 a t-f ! : -ant- an: --n-iali-th-ir - v.-..--a: ` i:op-- i:-. in; - hu :--:il- -in i !--vve; -a: n -v-:-- a nniniie:- of p: n't ilia! -noved I >s..es in i ' ' \- : : '{ ail ini: th.-e- :i.-- nave 1 -.vn conveited to pr->:';t- aide .ili->;>. or disposed "f. Oi'e e\- pei-: !;'. :e liie end of lO'.VI- to reach tiie point wlier- none of these will any .'nner he a iiralu on our earninus. I'urine lh>......mine year we expect o- dev.-te attention to efforts to further npnr.'o'.o tin: re:-.- of return on other ir-a- of our I'nsiness. w'e -ha!! sift continue to p-rtur.itios f*r acquisitions ivhicn vie! ;:`.:s*`r -tr*nj:hin ami expand utr pi-fim.-tior. marketing positive. t(i- v*rsi;\ UMTa*i*-ns am! contribute fur- t.Vr in j.'iipr o--i promts. \V- b-iic'. * tliat in the past war i:;\< dumoistr.::**l is .sulis c-mu.itr rarninu^ ur.u**r mi : j; a:: : -mijju >*ar *.** .;r- :*( : v::: -:r -u - .mtn*. :.i *. in (:: C'r,.-:r'; :: : *:-i . I ...... . %: ? d ! [ .. : , * ::: ~ \'-ru i!!:* a "/ \ ..... .-*:::*> i ' -w/i h iv** an a*: ui !* ;:n- !'.. \ i * )>:r' t-.rSv \j zr<l t-TTev, i REVIEW (#1983 OPERATIONS financial matters I linai.- i.d < Iiti-ws <> th- m:-an-- :-':naii'.-`U firi'it" duriue I`>'5 7--;-m <j'-i't was s-al,-tantia!lv r-d:; ! ..t tin- !''tV. -.ear md to $22.7 m:tI: The ratio of term dent to total capital ization is i2.o percent. Purina 1963. a new bank loan aureo.ment. which we regard as iiiei'.K satisfactory. was worked out with a .'roup of ten banks. In suntmarv. this .mreement makes available tv K mpers a 53o million line of credit e\l-*nd<-d er an eicht-vear peri id. ^v * used part vt the funds available under t!ii~ new aureeti'.'-nt to pav off our *::t-tamiinp t-rm notes with, banks vvhioh due (Vt.>|ier I. 1 99I- and a:<p.aniiiiiu :v.` an additional $::M million r-tire til- remaining F::-: Mviteau- ll-.i-.ds due mi Ge'e'd.'--: ' 'i i ! id- ii'ue of eredit irives us - .ietv.ii!" ::>-\iiiii;t\ in makina Caoitai Investments Total 513 .Mii.iou m.i and modernization o| M-tiiiu plant facilities amounted to elK'i iniiiion in I`*i>.v. tin from $13.1 iniiiioii in tested in the previous year. I>etails of specific I''63 investments uiil be outlined in tin* subsequent panes of this section. Hoppers people Our eniplovee relations were quite favorable in 1063. We did not expe i-nre a sinsle vvtvrk stoppage at any f Kojipers 76 plants. \t liie vear end. 10.660 people were employed by (Coppers. Executive Changes A number of per- -oiiiiel changes put into effect during l !i.,w provided opportunities for -me: a! of Konpers capable. vounuer u!aw?* t mMV* into positions `a iif! J* li'.ev can |ilav more direct roles :K- .'MvUJillZCIDrMt of our onerations. T i 1. Keeiinn. . formerlv General Mai.a *; t!n* ri" u-merited Chemi- .1::: 1 iK.'-tulT- Pi\ was elect* d -dent of Kop::*> International. < \ \ ':! Ij; s:;!..-i.iiaries ' K..; - w hi<*h ; I'-iatt; m ti:e interm-ld. He 'v.is also named \ ?!* ,c:' 1 a.' Manauer >! the i::tenila'.ioua! IlivL- of i!>.* parent 1 hill!' an\. Mr. K'-'iini: u hi i!;', idr continuin' <:,,! . 1 e.idersiup in the ( .;:} in.'- inlei::.idoiial .vtivities. a it;* :i i* an 'Msmciv ii l!.; fa* t..{ K"ppe:- t ital op- m! 'k-n-ra! .Man- f J-'- u u W. Naylor. u iii rca h i:;nndn- etdeinenl am- laii- in i':"k V'v , Kcjfn** . nrevieusiv Man- " iVr**"n;:-ii vdmmisiration. ^ .: iM.ii.t.-ti V; - i'l-.-.d-mt and v, ;i ..........f ilidu-t: Mr. K. `inei! K-*. ;...SK 1 `7 \-i-' an: Manage: -: Man:....... . i'ian- .* : :.u*r . - : a- 1 -!w \i The ('o.'iipjt:'. -..-tamed a zreat I".'.-' lie- <. . i: March 5. i,:6'|. '.!i ....... .. i.. Tnnste.ri. Vice President a!:-! M.mauer the. Marketing De- --:irtt. in his 15 years' association ilii t.V Company, he mace signifi cant -ntributior.; to the development improved marketing techniques and -r-aanization. B. Otto Wheeley. for merly Assistant to the Vice President. 'larketing. was named to succeed Mr. Ttmsload. In addition to working i-iseB with the Divisions in the for mulation of marketing plans. Mr. Whc-int will direct Koppers activities it. market and economic research., in the commercialization of new prod uct-. in saies training, and in trade : a l i *i: s. j -seph B. Schmitt was appointed to m-w iv-created position of \ ice IMic-Mt ami Mznauvr "! Marketing !' ti'.e Plastic- is;.in. He wii! have 1 responsihliitv Mr ti:c Division's !i.-..duct i-vc'.i.pmc::;. market : .' :.t a: : r.ertisinz. ."men i Id. Mr. S rmit: has served in a er ot p: .. k:: \t- . iti- - with D:ii-ioi: an-:. ;r;o; ; ;. j -I; : imment. was Man- _ : . n : -i ii-;:-:!-:':-; i. f;!: r. ' 'rations. !*%: n ii idaz vr -.oined ti:c Com- !!!* 1 i-t -ar . President and >\ jl-vt z-r M ar.-tvting of the Tar ; lij-.id n .now- the Tar and : " . D:-.:- . He has been a--- .-< ........... . 7 --ars in sales am: i ;; .n .:.ic- witii S-ivania - :: . i .;:.= fl. -'trie .dales Corp.. :. ,i*. C 'inpany. Pr: >r t K -. Mr. Hauser wa~ 'I : D.-t.-i. ;::cn Dcv-i-.p.m.-ut 11 r. 1 i. !''. M.mae-'i ' .-'' ... i ' . : 1 ifv i-i- w as : I .. V :*r>--i.:<-::t ::: trial j . i::z uaineii t.'te Divi-tt.n - emi''.- Mun- aiter in l'.'dO. Two other koppeis --.!"lm D. Spears and Joim 1'. Join---w.-rc given broad new responsibilities ia 11 . A description of the new func tions of these two executives is pre sented in our discussion of changes in the Company's organizational struc ture. on the following page. Walter F. Munnikhuysen Retires from Board: Vance Brand Elected Follow, ina 47 vears of distinguished service to Koppers. including membership on the Board of Directors for the past 13 years. Mr. Walter F. Munnikhuysen retired from the Board in July. !'.'-63. Mr. Munnikhuysen joined Koppers in l1'16. He was named Vice Prn-d- ient and General Manager of the Wood Preserving Division in polo and Fveoetjv,. V:Ve President of Compar.v ir. 'fan. lie -erved as Chair man of die ivcird from i >o5 to l1*',. i'.irete.i (' till :ii<* t-^ition va-at-'-i :e. Mr. Munr.ikhtn:-Is:i.-:zz w i- Vance Brand--iawver. har.k-r. i.-. i President of tiv interna:: -.men; i .tlion. i | ! I ii 49 :,1i t J iI ! r*y:n . nr in on rvr>rn -vn ^10 n!iscW ur luGG lr*cn<4*jLi jl* Hoppers outlnok scpengthened by acquisitions, organizational changes V1..- made .1 s.-ries uf major mows in ; . d,-sinned to put the Compain :-. .1 ni'iiv lull) integrated and comlilive basis. These moves included :-.\n new acquisitions. the transfer of dv'-fluffs operations mentioned !ci in lliis Report, and a realien -n: of our organizational structure ; take maximum advantage of "ur i.-vviv-acquired plants and our exist.:.j ,1'sets. Chemical Plant Purchased from Amer ican Cyanamid In April m- pur- .-i.i-ed tile l'ii idu-.-viile. I'.i. plant of '-.ai'-riVaii ipananiiil. located m-.i." '.tt-iuireli. I ":ii' plant c,.nipleiiie::S K'iiiih-:- a- liv iiies t- a i-i-n-id- i: -ii--a:'"-. it civ--' u- a n-n fa-iiiti til- pru.iiii-li-'i: ,',:;::o'.r!'V 'iA-u in pla-ti-u.- ---. .imi u:k-.d ami poiw-'tci t-i 11-= -,-i :i-oia''--' a i----i-,.:ii-ii-*:l nii'liali- i: -.-i at K i-m... I'a, I: l:i::-l til::--. ;ma-k- .mi:'-1: uii- pi imai - .-.no. iioiit--tor I *---1;: - : a.k'.-t I'-sOis niii.-ii 11:i! |ii- .u- : in |ia::i'.-'. printin'.; ink-, ami p.ipi-i '"aiinesi. A* quisitiou of ti.is ."I.ii.t has ,ii-> pul u- it.to tile rapid!;a!""nia market for poiiester resins. familial glass liber teinioreeil pi.i-fa u.-'ii for boat bulis. swimming p-mis. and oilier structures. Lamtex Industries Joins Koppers rii'.-r:. in June, tie entered an exciting a:ui relatively new segment of the re inforced plastics markets bv acquiring tiie assets of Lamtex industries. Inc. Farmingdale. New York. Lamtex has |,yen a pioneer in tile development of the filament winding technique for manufacturinu glass fiber reinforced plastics. Filament winding offers sig nificant competitive advantages over i iinveuttoiial materials. 'S hile Lam- pr-niuction to date bas been pri mal ;:v -or military -uses such as mis'ue !!"-' cones, rocket motor eases. :i-i-s'..:c vessels, ami submarine parts. ;.-ci ;:ut ne can help Lanit.-x t-' ii-vi-i-ip promising new applications : i.iii am! industrial areas. \--M I.it.-d I .it- - .. s,;! up to .ii:v- v lii-1-.- K-. . - iiies in ti-.c .1. v'iiicb <: . :...t i-.:.--- ciativ ivil into ..m- . i . \i-tic.u divi'ioi-.al oraat::.':iii":.. nor wai- rant t:-.-. cs.tabiisiimcnt of a new division. VV.|S I. lll-.-d l.. III.- Ii-.ollol! oi \ IYod--.---.it \--* i.i:--.; t >(,.-rations, lu-i i i-i hi Mi | -lit-'' initial re- i:.':: -. I::! -- a;- i<!.!ti"n~ with Organisational Structure Realigned !".* ;tile mavis:.mu : ".-lit .o; .. -;::i-ilii-n'. .is ! - ...ii- "a- l.iiioi ;na ;..-i.-: i ban V *' ) ' . i * \ \ i< i* I1!* -jii'*::! <; I` a: d i\ It .".`Ui' k. ( . Ill** "! i:;t* : Finano* Department uorcr *;:* 11! I;* i uitli thu-e of the Oflic*: *; t:;** Gunplroiler. under tlm diiveth-n J iim L. Spoa:.-. .Mr. Spears. \ i\<` President and Comptroller of K :* in*:-. w as -eie led to the addilnma: i*<i : Treasurer *f the C<:npa:i*.. \:Vr t!i*' tu^mer of our ii\e*U:::.- ..p'-ratoift- with Philips I'icci.*::! 5. tin* romainina operations f ::* <Ihemirals and DyestulTs Hivs.-i* :: . ni-led f the production Fa./ and sale of r*.**r ; nd. adhesive-. sodium sulfate a:: : -uinte. arid lh*t ri:*-- in-r;Ui*H? eon-uiidatc! I'.ir P;<i(IuIa DivsMoii i* ` s:*'u Tar arid 1.hemieai a . vpre$**::l- a <?:-**Lit: : ' * ?;: incriv -e-ara;- Di\:*i . :a- }`: du* Chmnieai;* a:: : ` . *: and <a- arid i.-he * * I a: i*r- in . - i: la!..!. : d,* IVa-..-.. : * i a! ai - . * ,, ' :..... oi.'. .. : . * i.-; l*a. :~ n.a:;{.*. and to Lt: :<:* -- ... * * ii * and road in;.'.'-;;..* : be jdant- u!ii;h fail int- ti.- -jj, ar*\i ;na\ ne * : * :.'* * i* *1 mir j'artS'd: '* in**--- I : : . a^ d;:er!!\ a> |* >-*: . , : " u-ider.ih!- r<Nmii - : ... i :c: a!iv :. in*j;a!l *? .. iia'.c fcnliaii7cS : r.'.o.iiilv *m la: a:;*i . ;n:d-`i li:c iS f ` lid- ..... ..................... . a::/.al:- ::i:- * -a :. * ' a::d t** Miv* .. : . * o* : l :cl.. *. Car ami ciiamiaai acciviciss ::11;.ri< > m-r" -\- i-.l i!i::::i .1 : Ur ,i;k1 i h.-ciic,)! !> -Ii,i:!- r'lii'.j :1:ia!i< ;!:h\ |.:i.-is<*1. lml a|>lili'-'i pij...... . ,iml i i:ial::r:nir. Vi r >w;rf lliouj-'h. i:i llie !allt;r part :!i'- xcjr bv incrca#?# in llie prici's i --\crai ciivniicais. \ number <>t capital investment# nmili; in the tar and chemicai area tiurinir <1ur resorcinol producins facil- ::ii:> at Petmlia. Pa. x\ere further mmiernized and improved. Three of our Texas facilities were . msolidated at a simile, more ecu- mica! location on the deep water mnel at Houston. i.piipment um- installed at r .i- >i..... Vt ...t of. a::-..n -h in the siiape i:- ' 1 ln; ;-t 'Ijut* i- tie* a.i.-in::. .::: and !. * a:h"ts '-:np : :- !".* n *.*: :r. *, - :* : : :i--s: me :a\.- : a*, p't* n - :p:u'* : *< : m - ; ii i' -'i \ than pi!- J :-*\ i**' : -dr! ! a * p'*n'":i h ;\ i- K . : ..mt- :n t'.i.jiajo ' I a :,: 1 ai'.'."ii;!,i. \ : . .I'oaait mul'toii piant - i- : >: \:..in:a. i!-o:eia. m . t-.me ; ii.mdh- tile road. :..!t-r:.!`.' ini~o...<. tsiat we de\ei- I,-,.; .'prme m that area. engineering and construction activities **nainverin" arid construction received in 1963 was up 50 pci cent from 196*2. As a result our iMfkio^ at the end of 1963 was above th* w-ar-rnriier ie\ei. Our vi;. in <itainini: new work in A,i due in lame measure to :!v plann`d div`rsihcation carried out the past several vears in the MTvire`5 we' oiler to .-1**1 **. d liiat th' -t'-ei - .u :*.i. c- ut** t: djr. i ti-n *: mir* sli- * * ii: 'uc fa' iliti*-. i :--lai apa- Uv. ' a* nia ' . > r. wrYi ! * - 'v and S!,! ;; ;. \ir . i '.i!'*- ir". \* i* tie* I'v-ihina im- t ! :* n?. \m* ,:iter*,-i th** : .; 't--i plant ii,id in I J">'/ ' *l.i\ n: l'*f:i;.-' .f tonnaj*- ; li.* h-a line l . r*. ! -u**!j plant- \ Ki :nt <: li:-* n*w " *-'< --f*-j-i-*! >! ?.'** -uiia* * .! - :: -nli.- aa ;: a:n . < ........... l tl--iun * : i ::p!`*t* ji*i, : . .M* at 1. id-i.*i;. \ia ' r: * it W:k !::. I ma imp ! ' ' *.:* * an.-n *. i = : * ' * ` .> .-:::ra 't -'S i *1 l i.'r.i Tiii- of :. m-co-.-,:::n tr.piiivs thest.-.-i ;* i talent ami alien- :: : t.1.- hu-inc-s ot makinu ami i., liuiiil up their enai- ina and construction staffs. and . 'itp.-rvise ami coordinate activities .--.at are not )>rt;narilv set up to W-l: nestis believe tliat the "turn- '-.-i" <i---iirn ami construction concept -where an experienced contractor - . h a- K-vppers is aiven tiie central- d ;--.i..n.sibilit\ for the complete :T->m initial dcsian to linal '.a: t-t::<--mists our customers less in ::: h-nj run. and aiios them a cum- . ..i,-i t:i less time. We have :.-i-'-nti'. instituted a promotional cam- .ie! point out to our current and customers the advantages of a :t:i K .poms. as a "turnkey" ft ii<>;`pr-ije< ts. Mam :: tst-m-ts uireadi appreciate a :..r::<'ac-' .f "t;:rnki-'. " contracts - : i>--: `ha! lids j>r.-motion. .i:; hi.jijw-!- --la)i)i.-h>-d ir;>- tm- -:--! plant -li.-lruclion . I. .id n- ! > obtain a 'lc- .- : -;:.!! the- im te.i-.-d capital -, _ -- tauis jis--:l:predict- -i.-.-i imiusii \. fcrasS products activities . i ' : m-r tin- name of the. Vi ood I'icii:.a !>c. i'ion was chanae-i to 1-m. - I'- -i-.i- l' I'iiision. We h-iif\r the i- with its liioader connula- .!-. >: prop.-rii relicct# the diu-rsiati r. our nroducts an-1 actiiities ............... -neral xrais into areas - laminated structures, a.- well .- i-ic.-a-r.in-ae objectives in tit .d.t.'ls Iti-id. i" I't -dn' t- sales in 1 -: -i an ,t!i time liiah. I'.irt of ..-ir -- d saw- c-*!ifrii*- iia- ar.-oiu-uod * :f--. Im-. -lm-ii<--d -- - ,.-*p:i!--J ii: 1'-'J a.--.! -- i i>- i.i:sih f..i a m/uti'c! or ptc.-->nc U-at--i nr. dm I- i:---i in public ii'.ihtie.-. i>v lit- o.'ti m tion imln-tri. and in lh" am icuttui a! lie!.!, t 'or sale? to the ranload ir.du.-lrv. while not hi ah In his torical -lamlard--. were up consideraiiii frotn the preiious year. We enjoyed a substantial increase in th.e demand for wood treated bv our Celi.on process. This treatment lenders wood resistant to decay and insect attack, let retains the tine naturai prop.-tlics and appearance of i\O...I, We expanded >>ur Cem.ON capaeiti at Orrville. Ohio in 1063: and. although "e experienced a fire ciuriri" tiie iear at the Feather River plant in northern California, a plant expansion .urreMtii in progress will siunin-antIi im-i-ase our llKI.I.o.v capacit' at that ioeation. Our first Cei.LON iicen- . ---i.ii'li.'lieii at mid-iear in Flor ida. p-r.ited Fku.on tr.-atine facib it.e- at full eapaeity .lurina the re!-:.dmii-: of the i .-.:r. Ii. .-.utieipatioii of fusth.er im-t-a-s demand f"i tln.I.OX treated a.- an- --a: r.-ntli pr-a-arina t put addili oiai l Kt.t.ox plant---i; on n in op.-ration duriua l "1!. a- a- . ..min. line e.--joti.'.'.i p'.t.-nda! iieee.i--,*s in i'-i.3i. .e.i: Nnx-f.iiv. lire r-t.ndac.t ':-ilnient -nlinucd to eat:: a---.'t.tn.e lii tin- Imildina industry, am! hi insurance, and code author ities-. ."ales of No.X-t.OM I|. d showed another uih.-l.inlial im-u-ase durine th.e iear. as did mir sale of No.x-t^o.'.: chemieals to other (inns which have been iieensed to Use this treatment Two new No.x-Oo.M licensees neree,-- t.ihlishi'd dttrina the tear. A t-.tai of 1 I M!<-h licensees are now in operation. I'mi pioinisina new products were put on tile market In the Lint .'t:::e. | leparlment diiriite the ie.u ii-.-oiatiie jielitine -t.c.-; ' ti: L:;-.: Risers" i tircoraiter tot.'.r. to t. :u':e::r C o.'.co-: tr.oroitehtitre. ami pubii-- .unities. I nil o-.i i.if deckine. .-'t-reii l" ...........nstruelinn in- iM-ti -. in .-inn.nates eostli in-b.-ac in ci-n--. This L'nit -! m ai .i-iabie in a wide of ...(:s. ."p.-eiaii/.ed e.iuipmenl installed at -.i;r Orniile. tli:;.. piant nahlcd us trip!.- ..in sal-s . f diniensionaliv .ilii!:/.--.i w.a r.-iativeh new ticld :K-ep.-i', Timuaii its market is rattier i'tni'e.i. s(.i;>i!i/-ii wood is itn- p..i!a.':t to iis.-is ..::o n-ijuire maxi mum dime.'isiou.ii inle-riti. \:i"ti;er piomi-ina new pio.iuet-- \l.i:.t:.,:.|iK's - -ii i' pul on tin- market u. nine ie.ir. i i- is a stroc.e. biii"- `-ie.ir:::c. alae-iamutated decking for .......... f--:ai:t - .U' and truck trailer b-.di--- it--a it- Ion lirst cost. - ' : -t.iii.it; t:id Iona iife. ini- *--.i. > i. . -m.-: ......... o!.m"c of Al.uKttam .lie loo.-. ijZ-JlL'J'J Unrr i;nt>a0n0 nUo.EuiDrd'Vi nllin.-viOQ international activities In I'm.!, in; \wii.; able in ni.iim.iiii t!in -ales ti'\c! of a ' ds ami .-! i'-i-' li-mi our domestic pijr.ts #oid ov eiseas. de- suite lower prices : revived for some of our iarge voiu:::e products. Of the severai overseas steel plant projects mentioned in prior years, plans for the new integrated steel plant to be built in the Philippines progressed substantially in 1963. On January 22. 1964. a 562.3 million loan agreement was entered into by the Export-Import Bank of Washington. D. C. and liigan Integrated Steel Mills. Inc. In the coming weeks fur ther discussions or. the project will be held with Mr. Fernando Jacinto. Presi dent of Itigan Steel, and his associates. Based on our letter of agreement, w*- xneot in these MscuSsions to work out tile specifics .c .: eiintraet inr K o>- per* to accept resL'i'nsiiniU; pt carrv. ine fo-ward (!" -teei plant pr"ie.-t tiirou.-n design. ' ustrue!:- ::. pm. uient. .i.'i'i management services. The new rthv Tne act \ rthv i.eie pin::! i.t mjr aw . .'.`..ii.' .aiii.iin m tn.- \raentine--i:. hi-tria- l'-1.:'ipiintie.ts \ruen`.in:is K'-i-i ts. .-.`v -ii'AK'' -ici- eiim',i;-:.e.; and ma.iv qrdi- i u'.ed or. November :2. '''ii'i. I iie dedicalion err-m-uiv wa.- attended hr Or. Arturo 1. h!:a. Pre-hi.-nt the Republic of Arjeetin.i. |'l-,i- i~ the fir~t pop.etiirpiai;: m Vraer.lina. .tni.l *u:!r t.'!*` -- ii:e. ait of .^i.utti \meiiea. iv.e :-.o.ettir e-ne proiiueed !o II' \k0 w undine a strong anept- ,o.| e ;.ir sg.-b, a; pnivrlir. lrn him. pipe, an.-: r m.oiii-d .irti< ies 'jeh as iious-.-wares. v~. .md novel ties. !!' \K< !- owu".I >o a Ki.j.pe;- -uhsidiarv artn-is!.:!- wiih i... .p \ruenlille he- i:i'r;rst.-. I'.xeept for -; . `.:i:t w iiiei; ha- iieeu .a oper.itini: .-- (ir**'! ii'tior, * .*; - \ ::i'-ntn~, 'he - .: .i"..i late : i .ii ;--:t i' bring -oid. In certain instances expansion of these companies, to meet -xpandina market requirements, is :;idinr consideration. .''inn* a substantial portion of our investment overseas is in companies printing in South America, sonic comments on conditions there appear appropriate. Because it is important not to generalize about the conditions, which vary markedly from country to l oiintrv. we comment separately on the three countries where we are most .ii tir e--Argentina. Brazil and Chile. The economy of Argentina is regaining momentum after the recession that followed President Fronaizi's re moval from office. Following the -niuoth election, the administration if President Arturo lilfa is formulat ing its program. This appears to con tain hopeful portents in the general industrial and economic fields, in con- j.-l to tin- unfortunate actions on the ed I'l.ntract---an area which has lone been a dhilcuit political issue. Our perations in Argentina are both prof itable and expanding. I:; Biaaii tile rale of inflation and tue speed of eiirrencr devaluation is :ne..ntroii,ii! and there are no signs improvement. Nevertheless the piodui ts of our associated companies aie in demand and. in fact, could be -ltd - .iter .lUns- Nil Brarnni.u < ompanie- :.i. . mb- Icutl "f maintaining Miiinuent : ' .i.uciai equilibrium to weather V. believe we are Mi:heiei.',i- v. .. organ ized tliere. with resi'e- t to r-:r asso ciated companies, to handle the prob lem of ir.ilalion. which vve expect to continue for several months and per haps even for one or two y ars. Chile is making strong efforts to control inflation and stabilize its economv at present levels through price control and import restrictions. At one of our associated operations in Chile. Cementos liio-Bio S.A.--the Chilean cement plant managed and parliailv owned hv Koppers--produc tion increases ami cost reductions have been accomplished which wi!i materiaiiv improve our competitive position in i'>i>4. metal products activities "rdi-is and shipments of a number of main: .Metal 1'inducis iines ir. I'Vj.v-- ineiudir.e pi-tor. ami sealing rings. ! v-r am; H'it.srt r r.iplinijs. tat:.-, and ; |ni!i,e:;..'t,.v if r '-.urugating niacni.'p I V --\| del! tile 1U(i2 volume. ' a omidisimients during tile .-a: :i:.-!-iii.d an rvcptioiiaiiy Luge order for box making am: c -r- t i l i !i I -ic.iiin;: equipment. believed to lit; in- iargesl singic order ever placed container machinery: and an or i-r for our Hoi.set couplings for a new and difficult steel mill application. A long-range program of rearrange ment and modernization of our facili ties was completed in 1063. This proaram was accelerated during the year and plans previously scheduled for future years were telescoped into 1063. While the expenditures under taken in connection with this program o-rved to penalize our 1963 results, tlie Division enters 1964 with an aptitvi-iahiv lower controllable cost situ ation. Specific steps taken during 1963 to streamline our operations, to the maximum extent consistent with sales iv-luirements. were: i. ('.onsoiidation of our box making and I'orrucatinu operations--for mer!) carried out in two plants-- at Q-r.arm. Mars land. This move uv-atts that our Bordentown. New j-rs'.-v corrugatii'2 operations will discontinued durinu the first half of !11(14. r.-mu-miont of our piston ring . -.-a! manufacturin': areas. mpi-.-ted d-arip-a the \ear. Ac-l.-rated effort.-- durum 1963 in (hi- area w-re directed towards a more efficient materia! flow, and a corresponding cost reduction, achieved thrnunh th.e setting up : in-line machining operations, -.'rail m-'d-rnization and cost nlr--! program. supported by 1,;63 capita! investments totaling -re than one and three quarter miiiiou dollars, the liitihest level m ten years. Major equipment it--::;- were added to increase both quality -9 our products and the -fncien-v o: "tir operations : -t.d Division .-.dies wei-- up only - f:..m 1 -od. !-it -a:.' total back- - .-d-r- band a- lWembet I'l.oti. Metal I'f'd'fts Divi-imi enters 1904 in the m-'sl favorable competi tive position it lias enjoyed in recent vears. in spite of unrelieved price pressures in many product lines. plastics activities The market for plastics continued to expand in 1963. and we were able to obtain our share of the overall indus try gain. Price pressures in a number of our product areas continued through the vear. In the last two months, though, we have seen some indication of a reversal in this trend, and higher prices have recently been posted for some polyethylene lines. The Sinclair-Koppers styrene mon omer plant at Houston. Texas--oper ated jointly by Koppers and Sinclair Oil Corporation--continued to run at close to it# designed capacity, and plans have b-en made to increase the capacitv of thi# unit should increased demand warrant. In the Spring of 1963. we completed an expansion of our styrene-butadiene latex plant at Kobuta. Pa., more than doubling our former capacity. These latice.- are used primarily in paper eoatina#. paints and ruu hackings. We are currentiv completing an other expansion at Kobuta. Pa.--the eighth in 1" v-ar---m our i-.in.i-itv to produce the versatile foam plastic. Dyute expandable polystyrene. Even as this latest expansion was underway, we further enlarged our plans and stepped up the increase in Dylite capacity to a level 40 per cent higher than at the beginning of 1963. Dylite sales continue to grow at a significantly high rate, as new applica tions expand its use in the packaging and construction fields, in the molding of hot drink cups, and in novelties a no toys. Dylite markets have expe rienced an average annual growth rate "f 3,3 per cent over the past three years. Our low density polyethylene plant at Port Arthur. Texas, was expanded curing tlte year. This expansion gives us about a 15 per cent increase in total plant capacity. Preliminary plans are currently underway to further increase our polyethylene capacity by boosting tne throughput of other production lines at Port Arthur. Production of rigid, high density polyethylene at Port Reading. New Jersey was nearly doubled during 1963. Capacity at this plant has been increased greatly through adjust ments in our operating methods, and (.'trough "do-bottlenecking" measures -t-stsmed to realize the maximum out;.-.:t from our existing equipment. ft i93S CORPORATE ADVEHTlSiMB HIGHLIGHTS Indisidua! p:--i:i; : '(**. if* !i ::: K*j- ii-rs lon.t i ornoi it** ;ntvertis-i :>aian aie shown. in `iii.},m*< i s'.* nr.. lilC'V two pace * I\a* n > ; i . i inleti-sti::j ;!i .liioii * I*..* id hoppers pioifui 1- . in siif j iiK .i-ivf:. lisements. as dins luifil products we:- f. -H*:iI an*! a n:r* . imiilet'- st-oA w .1' (*!*! iha: !* JH`* -chIcaI here 1 h.e'i; two-i-aue sij\ : :;* ........ iir.-cted to bii'iise *. \r\lll\** :ii:* r h'i ;t' ;;f.AA if .v-.. . X ^ It mi*. ,ii;il if .1.7 S *: ;m I" * ... -i ;. : : ..... . .,. . *C! Wood beats corrosion in ii fertilizer warehouse u 1 1 .-urn ai fertih/i-is are mulsh -, so wi;.-n Ulix MaTHIKsOX '-iKM*' a!. Culll'ORATlOX replaced I V .1 of their warehouse in Ike-' It x.i'. liieA ei.mpleteh elimin.i el tilf ii'osioii pridilem In rehuiulii ^ vxiili i lo.i. Tlses used pressure! raleii il ii--i kina ami lamma'.e-t untni i! -In-'. lifted into place i1'. a lifii... Pei n- on- >l,ia rile .in hes we:i* laminated 1- l ::: init.s iisin-a W x'LM an:.;! * . . i i-.iti'-i t" [*i -i .. .... il.*:i! 'M-!*!;'* **- ** ...... _* i. N ' i' built with Non-I.om lumber that resists decav and provides auto matic protection against lire. J Does salt water always rust steel? Not here. This is the largest moveable drilling barge in the world. Called the "Ocean Driller." it can stand on the ocean lh>or. or. if moved to deeper water. fl.oat while it drills. The Ocean Drill ing a. Exploration Company of New Orleans specified coal tar coatings to protect its steel from corrosion. The undersides of the superstructure and main deck, the helicopter platforms and all potable water tanks were coat`d NV ich BlTL'MASTtC*or BiTL'PLASTIC*oat tar coatings by Avondale Ship yards. Inc., the builders. Because moisture will not penetrate >i deteriorate coal tar coatings, they provide the most effective corrosion psoiection known to the construction, fabricatin'.!, and marine industries. Dylite' foam plastic saves SSI.37 per package Thi- inodijct is a seismic galvanometer, made b\ The Geotechnical Corpo ra nov Gariand. Texas, for equip ment that monitors earthquakes and explosion.'. It s a delicate instrument that must lia\e the best possible prolei lion doling shipment. It has it: a tuo-piece cimtainei made of IlYLlTE -xpamlahie pohstA retie. The new pack weighs 21 ounces less dian the wood lm\ ami filler it rei ia ed. It costs $1.37 less than the old i a. and a shipper can pack ten of them in the time it used to lake topa-k one The instrument is placed in a middl'd rree'S. then the- top is strapped ii. Il ' read.A to ship with no additson.il labor I lii~ ::c;d. impact-;-sistanl loam ni.i-lw ea:: molded in Aiitu.db- an*. 5 years on the riverno maintenance on Holset couplings When the Eastern and its sister ship, the Western, were built for the Umov ButcE Live in 1956. the couplings linking each ship's two engines to the gear boxes required lubrication and maintenance every few months, which resulted in considerable downtime. In !'og. they were replaced with Holset resilient couplings. The new couplings have been on the go for five years now. with no lubrication, and no mair.i-iiance. Because of this exceptional record. UBL again selected Holset couplings when they made replace ments on a similar boat last year. Koppers produces Holset and FvfT's couplings for virtually ail ap plications where mechanical power must he transmitted from a driving to .1 driven shaft. Dvlite refrigeration paneis save S25.000--30 working daysi i men elected tin- wails and r-->i of this 1 itie'i'ti-cub:- t freezer warehouse in only five d?.\sl it was built u::n Dvlite"4 Kofiiteration Par.e.s for the Odumhus. Ohio. branch of g. M. r UCKIVCEK. 1.VC. \l! the wall and roof panels were -km-wd t.- the job site* readv to erect, rh; h e..:;sists of exterior and interior ..i-':isc: material, with a inul-i-d-iiiplace insulating core of DvLtTE cxp.uui.ibl- p-dystviene--a rigid, ci- sed >-U i...im nhistic ti'.at is one of l'.:- most .T>yti\e insulators known : this kind construction. 1 he* builder estimated tii.il i. h-'ii.d construction would h.ni- -: wi more, pin- an ad<iit: -::.i. e' dav s' buibling tim-. b..;>p.-r< makes Ihi.irv: Ib-'r'a-va!' m-i- for a::', -i/e retirn-i.i:<: :*'.. :;om ua ., -"..o(.-:s >:_... I I I I , 11 I 1053 ARDHITEGTURA1 ADVERTISING HIGHUBITTS aiehitectural adveri- shown on these two Ttisements suunl; mr**;t to architects a:ui pper# building prod advertisement# were il.tr i"in> nf ArcA;Irriiu'cairri A'.g \eu Rerun:. veilifemenlscnin.i::.- . .tti.'ii. if'Tiuliiie !!.!' wations. Air the an ;. ites-rv \ tew >d ti...... an- pi'nt'-ii !:i*t auilt-up roofs protect ;ges at Yale " ; i; ; !. - :' Each of the colleges house? 25(1 students and contains dining ha!).-, li braries. offices, and a separate master's house looking out to a walled garden. The two dormitory buiidinus. two master#' houses and nearby c-*>iiTrat:v- arc all protected h\ Kenner# tar pitch built-up roofs.constriu t- ' : alternate la yet# coai tar pitch tarred felt, and topped w itii gravel ::::>e ided in a iieav \ pouring of pilch. 7 Laminated wood arch spans 308' at Kentucky college i hi# is not the /.'rsr iiuildi.'iu to lie made Il.v :hi?--just the biggest. The main :..t_--i:.ii 'pan is dOP/ 3` ami rise.' . .* ahoie the flooi of the new $17 -mate foot Alumni Coli.'<-i;m at I'u-t.-n: Kentucky 5tale di--a- Thi- ' .;:!;|etie-oh\'* il -i; pi.n:! I : : . 'imuo.na wine Hte i.mim.-.-t-i ;-e.i::;.-:n I'me arch- e-. beam#. and purim' that form the e.-o'so anil doine were fabricated and erected in 1\'1T SrRD.TUtES. a de partment of Koppers. The roof deck, covering the entire building, consists of 357.000 board feet of double tongue and groove 4" x 6" Southern Pine Unit Deck'5. Coal tar coatings protect eMinuteman missile sites All of the steel piping and the hun dreds of steel tanks--for fuel, water and sewage -- buried deep under ground at the Minuteman missile sites near Minot. X.D.. are protected from corrosion with coal tar coatings. The exteriors of the large pipes and tanks were sandblasted, and coating began. Biti/Mastic* Jet Set Primer was applied, followed by a double coat of Bitumastic 70-B Enamel. Coal tar coatings were specified for permanent corrosion protection in these vital installations because the molecular structure <>t coal tar doesn't deteriorate ir; the presence of water. Precast insulated curtain wall B used in Pitt towers The new men's residence haii of the L'niver#itv of Pittsburgh consists of three circular towers. 15. 18 and 21 stories. The o3-foot-diameter towers give each student an outside room and accommodate 1.85!! students. The prec.i-t concrct- panels for the 70.000 s-juarc feet of curtain wall were fini'iwd to match the limestone of the l nicer?in'> other buildings. Foam plastic hoard made of Dyi.ITE1' expandable polystyrene, a Kopp.-i< product, was selected for the panel inhalation. Slabs of D YLlTE 11 thick w.-rc sandwiched between two .civen? ;' steel wire reinforcing, then placed in the panrTforn:. Concrete sur:-mmls tV entire HyLITE core. i*Y!.tr;. l-o.ud ptuwdcs permanent 'o'ma!:. " wont |o,- ..| de.-onii)o#e. 1 Walter 1\ Arnold Fxccaf.ce I'ice President Hoppers Company. Inc. Josei-h Becker Former l ice President Hoppers Company. Inc. Vance Brand President International Investment Company Stanley N. Broayn Former Vice President Hoppers Company. Inc. Fletcher L. Byrom President Hoopers Company. Inc. Fred C. Foy Chairman of the Board Hoppers Company. Inc. Arthur W. Kmcht ihrector 1 "artauids. Lta. < I.ortdon t .:.'>it!KKT II. McClintic Chairman of the Board .or.inn Lubrication Company Htciuun H. Mellon Chairman of the Board Mellon National Bank & Trust Company Lawrence N. Murray Former President Mellon National Bank & Trust Companv K'ttiEttT S. Oelv.an airman and P'esident National Casii neaistcr Company \-:t;iui B. VanBuskiuk ! president and Governor F. Mellon & Sons i \!.i:ERT Woods l>r--J ,;r: y;g Corporations REPORT OF CERTIFIED PUBLIC AGGOU,'PARTS The Board of Directors and Stockholders Koppers Company, Inc. We have examined the accompanying consolidated balance sheet of Koppers Company. Inc. and consolidated subsidiaries at December 31, 1963 and the related consolidated statement of income and earnings retained in the business for the year then ended. Our examination was made in accordance with generally accepted auditing standards; and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the statements mentioned above present fairly the consolidated financial position of Koppers Company, Inc. and con solidated subsidiaries at December 31, 1963 and the consolidated results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Arthur Young & Company Pittsburgh, Pennsylvania January 21.1964 1 Transfer Agents Mellon National Bank and Trust Company Mellon Square. Pittsburgh 30. Pa. Bankers Trust Company 16 Wall Street. New York 15. N. Y. Harris Trust and Savings Bank 111 W. Monroe Street. Chicago 90. 111. Stock Registrars Pittsburgh National Bank P. 0. Box 746. Pittsburgh 30. Pa. Morgan Guaranty Trust Company of New York 140 Broadway. New ^ ork 15. N. 't. Continental Illinois National Bank and Trust Company of Chicago 231 South LaSalle Street.Chicago 90. 111. Dividend Disbursing Agent Mellon National Bank and Trust Company Motion Square. Pittsburgh 30. Pa. mmMiCiAi DONSOllDATED STATEMENT OE INCOME AND EARNINGS RETAINED IN TMf ^lNtSS *"* __ n,.mu irr fn--ify iiu n""iii'iTiWnffl CONSOLIDATED BALANCE SHEET ES? S 8,166,579 50.540.522 38,139.141 9,347.498 3,244.607 109,438.347 ?8?2 12,125.332 5.728.838 7.688.779 25.542.949 225.105.639 145.685.746 70.499.893 2.048.165 5.996.871 1.239.759 88.834.688 254.450 3il;< ..,rv.*-3 {&m CONSOLIDATED BALANCE SHEET 1983 4,584,703 2,787,283 25,503,751 4,608.629 505,460 37,989.831 11,413.750 .10,000.000 1.323.736 22.737.536 821.733 4.503.171 66.057.321 15.000.000 23.175.940 49.676.274 74.171.347 147.024.061 4.010.'M3 143.0 l-`>-l 1,3. 153.013.113 S22V.n7'i.!3l NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ---- n-fuatifn , I II