Document O1v3DJVGX9Z6JO5Ra3LpboQqe

46 Financial Statements Consolidated Statement of Changes In Financial Position Years ended (December 31. 1978 1977* (S Thousands) 8 76,011 52,651 4,789 (1,431) 132,020 94,125 62,102 2,532 13,831 S 66,410 42,593 9.073 (1,446) 116,630 32.363 -- 8.818 2,523 3.548 304,610 163.882 144,452 62,102 12,484 28,758 (9,682) 4,563 242,677 $ 61,933 104,522 40,070 24,250 18.991 ' 4.732 192.565 S (28.683) 8(16,981) 114,511 (5,790) (2,120) 89,620 S (29,701) 30,218 11.189 193 11,899 1,839 1,142 1,133 4,422 34,886 (10,473) (5,292) 28 27,687 8 6'.933 3.387 3,093 18,601 1.886 1,634 9,977 2,284 (280) 40,582 S (28.683) Koppers Company, Inc. and Subsidiaries Source of funds: Operations: Net income Depreciation, cepletion and amortization Deferred income taxes and other expenses Equity in earnings of affiliated companies, less dividends received Funds provided from operations Term debt issued Book value of investment in Cutler-Hammer, Inc. sold Redemption of investment in ARCO/Polymers, Inc. Common stock issued Book value of fixed assets and other noncurrent assets disposed of or sold Disposition of funds: Capital investments Investment in Cutler-Hammer. Inc. Term debt and obligations under capital leases retired Dividends paid Funds held (disposed of) for capital expenditures Other 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Increase (decrease) in working capital Changes in components of working capital: Increase (decrease) in current assets: Cash and short-term investments Accounts receivable Inventories Prepaid expenses 15 16 Increase (decrease) in current liabilities: Accrued income taxes Other taxes Accounts payable Accrued pensions Other accruals Advance payments received on contracts Debt due within one year Obligations under capital leases Increase (decrease) in working capital Explanations 1. where the funos Came FROM 2. -rcm line 13 of income Statement on oage 43. 3. rh>s operating cosi does not reuuire ;ne paymeni of funos. wmcn. are "eiamea 'or use in me business. 4. axes anc other expenses net paiO currently. Available for use .n ooeranons unni me time when oavment oecomes aue 5. Borrowings explained on page 45 6. Redemption of ARCO/Polymers siock has been comoieteo. 7. Negotiated value ol companies acauireo in exenange for snares of common stock, plus value of sr.a-es contributed to Employee Stock Own ership Plan trust as determined cy Federal tax regulations 8. Disposal of equipment, facilities etc. no longer needed in operations 9. Total of all cash generated from all sources. 10. WHERE THE FUNGS WENT 11. Capital investments to prevee further growth 12. Repayment of deot ana cacita, lease obligations. 13. Return to common ano cre*e"9c shareholders per Explanation '3 :-> page 43. 14. Funds borrowed tor Wocd.varo coke clam expansion were neic :v a trustee m 1977: a oortion was a source of funds m ',978. 15. Amount deriveo by subtracting funds paid out trom funos generated 16. Here is what working capital consisted cf at year end. Restated--see Note 5. (See accompanying statement ol accounting policies and notes to financial statements.)