Document e1yZ6Bv9d7QOXOjw0KoXnpB5p

Annual Report 1953 % * 7kt Sh k mw m-Wil u a ms Co . 0007-SWP-034815 N21748 Th k Sh e r w in -Wil l ia ms Co . a* w, rrtuoBL To the Stod[hoUcr: HttYwitfeareptewatadtheCoMoliidatadBekaceShaet tfat CoQMtidMd fa--**** tod Surplus Sc u h mbc i of Th Shervin'WiUiaaa Company far ebc fatal year ceded Augoat 31, i9. The tenunii before Meal facomt Ta* tad praaWon for the Famaon Ran arc 122,732490- Thtiaoutccotisatsd far Badtnl faf*H* Profit. Ta*ia$10J5J.559. Bb mk $2.400000 baa beta ace aatda for the Fd o w o b Flu. Tide ia nniraamerely aqureaknt to the annual normal raqufrtmtor of tha Pkn, together with io% oi the origy nal pact aarvioe liability. u certaared by the Company', acoariae in 1947. Tti. faal amaMiUil fit --why am *9*731. .11 iljAw.hu After aDoming for PWftnad Dmdaada, tbaaa may top am aquManc ea $7Jf par Aam an Aa ouatandiog M97f4 ehaam of Common Stock. Tha mm* a(tbia yaar'a opamtkna topped all per rtane yeara bo* in aake aad aaininp. Sake uiara +%% 0007-SWP-034816 0007-SWP-000116236 Tucs were 52,333,133 better. Practically ell divisions of ebe Company contributed re tbit increase. There mi * subsancial gun in the principal pert of tbe Company* buuncM, neatly in alee of consumer products through th* Company's dealers and stores, Super Kcm'Toae and Ksm>Gto continue to enjoy the higbam accepmaoe in the country in tbtff respective fields of well paint end aft* pmjamiiHMl **'**** *ln** pHll*** exceeded those of any previous year. The volume of in* dustrisl finishes also vu considenbly greater dan last year. The Kpecnt and Chemical Division sde* werejust about even with the previous year. A dedinc in seise to the Government, on which tbe profit margin is negligible, brought down to some extent die average percent in the sales gun far tbe year. Plant rvpsndituroi covered a gnat many additions and improvements to easting facilities, none of which, how ever, were large enough to requite special comment. Referring to the Company's foreign invastments. tbe earnings of tbe Cuban and Msrican catporerinns art in* in ^ xDCQm*tnd vetjr favorably with previous years. A new pleat is btag built in Mean, which will be paid for entirely out of funds accumulated from aammgi in Merida. Tbs profits of tbt Bmilton Onwpny h i not taken into tbe Com* peay'a mninlidsfed eemingi on acoount of earbanga restriction* but tbit year it was possible to tanrikr subsmatisl dividsnd in dolhn ro this country. Aa to Argentina, this yuac find payment will be aaade out of tbe aamiagi of tbe Argentine Company to liquidate tbe loan that waa originally granted by a bank ia Bucnaa Aim to finance our entire mvcttaaent there. In other woeda, the whole undertaking will have hem paid far out of earning! of the Arfmtiae Company with no dot lan involved. Ae aboe* anted. SZAttUXB hit bean appropriated far the Fnein find. During theyear an amendment ni made to die Phn whereby all oampenauian except oew time la tented *> oedtnUa aandoga in denrmiiring an employee'* penmen. Then wia alao adopted another imendaant aeeording to which the Pha eonmioe no mmrimum limitttinn on the anoint of penaam banefica, except euch aa it inhanac in the benefit female. Onee apin the management aipwaaae atm thub ta dm maf in our piano, ofieaa, and branchca far their loyalty and tnrhiiaiaarir eupport in pawning be temta of the Company. 0007-SWP-034818 0007-SWP-000116239 CONSOLIDATED PROFIT AND LOSS AND SURPLUS THE SHOWN-WILLIAMS COMPANY AND CONSOLIDATED SUBSIDIARIES y ( EbM Aurut jt, ten PROFIT AND LOSS Prate fraa npmrinni far tto ymt mU Aof u n It. W. befaotetete p*e*uw far MMaifat tad ate ihthirtiin, rod pnawwi Otete--; Phltefa nteid oe o mW noct of t ooitefarad uMdate-Na* A....... Cited portan of iin mi Mturaad to % 32MM mses U70d5 LOMJH SEEHTj PccffMfaafae fanss faurr 242743* JdJ.739 i*M US.TU AdJiliMiilM far prioryea 187,441* IMftM n e t PtOKr.............TT7TTTTT: EARNED SURPLUS Steer k Ihn--ha t, ten......... ........... Add o n pnlt far date....................... 13.SKJS4 S3M7W10 RMR731 S SU ALANCE AT AUOUR U. IMS. USU7> QAM MOMO CM*|KlMIfhaapMN Mmt k\maMUo.lrUdii fa*idti| 0007-SWP--034820 0007-SWP-000116240 I Ik an of tfco opialoo m1i prion la oar ladootry idU bo ibizly atahlo fbr tho out tbo MOO M a fNZ OfO> A* i--bit ot o^lgron m oor ptgmUa oUl aboo a ray aU*t Voowtoo an allMl? hl^or tbaa a j*ar 19. 0007-SP-34821 0007-SWP-000116241 0007-SWP-034822 0007-SWP-000116242 AUDITORS' CERTIFICATE BardofDinctor*, Tht SfarMn-Willu* Coafaar, CWvfauid, Ohio. Ve boot oMMMd tfaa soMsWrad Mu m abut rfTfci fenm WiEkai rrmptnf tad nwiwIMmit tihdiHtmt u t Augm jt, ton. >ad th* nimd mu mm of ceMohdutd frafc tad Io m utd apto far thi ymr dial iiiilal l>a mlirariot roidiniacri Mthtatatflfca of pair aod Io m tad aapha | poatfaa of The! dam u Augwt jt, ten. ad At < i far fa ymt faa aafad, fa ooal i faptfad ce Onefaf i*. ten ERNST V ERNST CrtUNfaAn 0007-SWP"034823 0007-SWP-000116243 7k* SHtRWIN-WlLUAMS CO. WfW|WiAm.M.V. MaM OMtatOka M--iftnmwi tf VMk Qfa* taaahi, tmqmm, tmd Mm Owa ChMnl^ Ui|B( LMMPh Utggd Oil 09 GMgtb CMfc !mmmOb HatM,OB-OitWQL Da*t*0W k *.\ Lftl K1VMI AC..Uw.W.fWlMT*K ILI mu b.Mtfarr Tm*m Ajmtt MM11. 0007-SWP"34824 0007-SWP-000116244