RE[ ORT TO STOCI HOLDERS Tl_ '.!../,,% ...
15
_.,, .... . i_I . ,._._,._. __ :r ,._;_' . t ,,m_,,_-;_,:j, '. ;br11._):_!-Iiil , '_,'_/,_1_'.._'_:_,.I¥ RE[_ORT TO STOCI(HOLDERS Tl 991 .... :
Transcript of RE[ ORT TO STOCI HOLDERS Tl_ '.!../,,% ...
_.,,.... .i_I
. ,._._,._.
_ _ :r ,._;_' . t ,,m_,,_-;_,:j,'.;br11._):_!-Iiil,
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RE[_ORTTO
STOCI(HOLDERSTl991 .... :
_sc,'ib_dCo,u,o, Cla_s,a.
uf year flU,G22 l'l.?;fl,'_2CI 1,217,?'d? 4'i :,l'li.'l,_iSntbsct{prio¢,s " 75,225 '.t.S2.2._iJ 41.5 _'.1 .I z,.(,1.11;,
Is_u;._cc (ti(J,4JS) ( l, h,-I,|._fl) (|,171.2,1|} (I 1.717..Ih'l)
_,'ql;iliCC, Ci*(J<if)'car !!_."!I2 ,I.'II l"il l{',I/.?_-' J4'l<,..m2tJ$,,bsc,ipii_.s,cc_:ivablc t.l,!_t._e},)) t.(,_,_.?)lLI
l_ct I,.'_JJ_u.t .1'_i_L-,",!
lial;..(c, bc[.i.,zi.G o(ycar 45t,G'/6 P,l,(,h;,h,O .'I,")21.52') I':','Z.?I._,._'_, _.._,.,_,.,.Ig_.J.,'_',.{z;.___,Su b.'icrilii.{o*i{ ,;J(J,395 4,.h, 1,,l..dSI} ]gJl,lV[! %.¢ii,I.';Liq _...FS_,|io;I.I_,:i' _'_:11
lSSUa.I_,CC (511'),252) (.SJE:2,52(IJ (3,'1._{,(II tJ 117r+l._,_t,.i A_l_lh"t'_i:'#*'"?*_'{ri'i{. - /__-l_* "_l,'_"
|l;ll;,tiC,.*, Clltl <ll"y,:a+ _ffl.{(I +} 3 I;'!L_I,I')(J .lid/,/;, .l.(,1(%7(_i;' . ' • "._
Subs¢,lj,zio,,srcccivabh' (_7,"u}(]./J+) ('L.!!:."liI) _=
Net l'r,.il ,l_lS f'?/I _1',_
I'fCi111mll _11 zIC_v {s_;_.l;_ncc .I'),IV)I ],l_'},191 A"_ .{,'.i(.b_;C_._'?'*._1
, . I,i_-- _=,_';'i'__
On July29.1991,ihc[lO,'Lrdu{-l}{,ccgo,mni+l,,nvc,ll)_csl,_ckuh'c,i,,{:i.suh;.l+,lh¢i.,,,;,.'_.cJ(q.,,mq,il$h.'Ircao[dlcC_.up;,i+y's;ll)ib,.}_.ci{¢.'lll]l;i{.ll|{c)_c(In_.{_.liiii_,q)[ ?,i.lli,;.lliliilI{"*_{{¢,,li{ii.('l.i'*...,i.'_h',,,i.'i ;,Jill
First Pldlil?pine Holdings Corporati,,.o"['l{CCOli|lltO.CI,'i_$.+%._ludCln._I1_,)u'ir_'sqt_sH_¢_cilj,+)'lhc'_;,,,{¢_,;d,,{,im;q,dl,,,;_;h'p'.,,¢'._,'I,IIh.dthe Co,,i,_i.,iClass A slmrcs ;.c avi_ihh{c_,,_lyto riti_,:,i_,d ll,ci'i,;Gl,l,i._,,i,,.*'_p,,_,,1_L,,,i. ,'asso.cialioi'is or .=_',tlllcs, ,'it lc;,$11 (,()Z_ .i.l( liiu clq.r,;[;il ol i.,,{i[_li is ir.*.i,,.'d i_y iiqi_,-iii lii I iliq I'{i;liil{,illt'i
"l'l,crc is liOli,OVl._loilfurlUCOliUClli.'_iii},ielliall#'ih,cIllii<.,l.._;,i',IcsGa,c ii,.,rl¢i,,,{,,i.>s,ifsub/idiazlcs ailli _lllillalc,_.
The, C01nll,*lllyhill i', fix,id,'d Illiili"_lllillllilllty l.rllif¢llrid Id.U, , ,_r,h,il ll,I,;q.'._li.lll I i,ll h,_Irl'._ll._i.. 'mull:,loyc:c$.|'¢lillOll cil.',l ch;.ll,_,l Ill (lii(_i,_lli_ili$ J'or li{c )'L';,il r,,,h',l /,,,,c Jrl, I',")l ...m.,.lIt/'q/I,,¢.,l{'ol
'{i...t,,_.B_,_l_lO0.1ill'P1{2t,_$, rc...l,,_,_ih.cly.
Thc Jo;m from Ai"'T" (No; 2) _'as (Idgh_dly owcll by a sll|)sidiary ¢o l_ll,i|ipllinc Nallonal Bank ,,mill[( w,ls Ir;m_fcrrcd Io A]'|'. Thc Io.. bc.rs imc_csl ul 11._5°b llcr XLl',lilIJital)(| i$ _liarel)Iccll hf lhoCorn im,,y. ._'
z.
Tht. d_:hfils i_f Ibis /T_'COHilInr¢ ilSfOIIilWS: •
1991 I990
C(,ir_motl s(ock:
(;lass A - t']0 pz v,_hcc
Aolhori_'¢iI - 35;1110,(JOqshares t]ss4icd - 31,.137,7.1.1.'d_cs in
1991', 31,'.121,_ () _lm)cs in ]99_ t_314,3"t7,340 :P313.2]2.990SIJl,scrihcd - .I/(,,iF2 shares hi |9!)I;
89,622 sh;lics i. 1!i'll) (s.hscripfionsrecciv;J_l_ tm which ..,o..l to
P+}gR..3{16ink991 a,i,1 P6,_12,7,11)hi )990) 85,8]4 2]3,4S0
Class |i- _PIO pa_ v_hlc
Amholi'#.cd - 23,f,la(),l_Oshnrcs
Issllcd - 13,I'13,97,1sharesill 1991; .
12,5_'I,'_22sh;.cshi I_).9 !31,739,740 ' ' 125,847,22(I' "
S.bscrihcd - 301_,819slmrcs in 1991;
461,676 sharcs ill 19!!f) (s.liscriplionsrcccivabl_ +m wl,ich lnrllOlllll ](i
P2,,H6,?J5 ]+i ]99! lind :I'.I.].I2.,IG][ri 19_1) 641,455 274,279
t_,146,1144,349 :P,139,547+969.. i
"l'hu: cha.l_cs in 11_¢c,_phal sl_ck acCoiln[ i'ollow:
1991 1990
Nqlnlbcr(>( Niill_l,cr Oir
5lilirc$ AlllOlrol _ll|irCS ,_,IllOtfP|
|S51i4_11ClqllllllOII C|il_,f _
II;ll;tllCC, I.,Isllinni.iI ill"y,:::al', 31,].21,299 I131'_,212,99%"1 30,150,056 :1t30i,5D0,560Ismli.lcc l t6,,135 I,lfi,l+3_{I 1,171,2'13 1I,'t I 2,,I.'Ii}
lt;_l,'lncc, clid tif year 31,437,734 P31,I,3TI,340 31,321.299 ++31+3,2)2,990r ................................. , ...... '....
199l 1990
i"_llflillCIC iDl+ " NIIIllIiCf 10ir.l_h_ilC$ _ Inollnl ShilrC'_ /lltll o11111
C(_lllllil"lll Ci_F.sB
lli_llliil.c, bc1,/if i I>'ill yclir 12,58.1,722 PI25,II.17,22D 11.821,679 =['fi8,216,701_
I.SSlilIIIC_ 5_13,252 5,,_192,52{l 3,Tfi3,fl,13 .17,6.'1,(1+4+1,lI
lt_l,"lilc¢, cil,I _f )'c;il Lt,173,97,I .IH31,739,7,1fl 12,$t1,1,772 -P125+t147,22()
(Fo+w_{d)
l__i
r'_ "-rF/_._71rl._r._ ' ,.¢.': : ""]'Jl;l _(¢Ol.llll ¢ILlll+i51$ Of lhc fi)ll<r.,,'ir,g: • '.",,,_:_.-...i,.i+_''." P'JI4. :"" n;
,. '/"f , ;, (:.'?_--_ ,i..+
"<'"'""*" ";FI,'P, . ",I+:" slocl(hold@rs
. OSCAIt 1,1. LOPEZ
Loans lmy;d>le as +_IJune JO, l_)[ +,*itl 19_J bear i,P,.hL:.nc':'.l,+;iI¢_, of 2'I.U'+.'_ It+ ]J :l'._ p.i.:t a.tmill m_.d C_l(llllll(9Pl. l)Jo._Iclor+l(J/Id
23.0% pez.+mum, rcH+cetivolv. Chlof [x_i,:i+llv+> OlltcorA b;lnlk Io._. llCtjlnJut.'d tl'.ri.g lhe yl_j.' is coll';lic+;+lli'c<l h)" ;1i < a It:,.i',c .l, l¢.t..,,l._: ;I.,_t.I ur +l.ck ip[
FPIC. The covcrinl; loan] %,,a+:e.iead l+rovides, tt£ul,i.|+. <v+hc_r., ll+al (h,: C.,.p.,.'¢ d+.,ll lUlL _.'li/:cl ill'_U
IlII_I[_IB$ l_l ¢Otl$olid;lliOll, _,¢qtllnC lle_Sllly sh;It¢$, _ell a .e.llllAl;lllliilJ [itillitill l+l' il +, il'..+_li itlltl ll..ill_'l il_,_ighl._.',tld obl'ig;ntio.s,wilhoi+t ill- ¢onsetntol+lhe ¢+cdil.+,
+o</u'oi/t(fflot| t+rt ot_" Al,drulco $l)otos tllOtl II1'_I(1@ CI{J(J+I(,I$ l,hol t'otl ulo oil, b
fb+url 1' C_mo Io lJ(l_ lo.s/ Set)lomDo[ 30. f_;_lil,lo¢ wl,lh. A_Iot_I. our ._tJb'J(i.'_nfo_
it. CUlidI.ENT l'Olt'l,'lO.__O_}: I.(_P,t[i.'l'J_.l! ,__.LH:__tII_ 19_I, I1111 _l._/'_,_rptpi/'9 Col3tl lssllOfl lllo Olodo l'ho fgot[ormonCO po_.ql,_/,_, II 8
ottf04 lot l,l,lO t_llhll of Illll $o+luoJltol,lotl lloloxvorltlp tl9_11 Dol,ll III0 "old"
This nncctiunll ctlnlsisl$ _Jf ltn_ l'ullu_vi.g: oz>_l 1tlo l.lotl'o(l for ol_ff/OUf l'ultS<ld t_lll Sul.lskl(Ida_ (l'llOSO o_t_JDlfrdlOd l_lOr Iot10 Ill fvot$O (lr:jlUt'l.! II'fO(l'. As O( l'tlls tllcllllCfl' Imp90nd llll) "llOiV" .ielr'.gy:l_ ji't'_"
1991 1_/_1 i_lllln[). %VO (I(+I. Otlli" W(plllt_f,1 lot l'llO Otll'l_ (111050 5lf_ffO(f I'IIICp[ I110 El)_g n_vl_lul,k.',,tll ]_;+,fi;lllOllf lo #tlc_'ko Illo otOot ¢111o! OllO COI)Id_DUIoU I0 Glo_p oor/lhlUs,
#%._,Sel P+ivllii_;dlclrl "]'liist (Al'"l'j: r_._.oCItl,oly,
No. 1 -- 1', 16.1_1tl [XKI l',ll(,,#lt,_l,l._iJ AIIIOI)I7 lho "old" 5<xL_'.l_Jlodo.i+[lt,dNo. 2 6.'_.710,19l .l-),,'l;I,,I/l lllo tno_t _l,of3 li l,ho lt_lllo! I _Ubllc P111llt)lfltlo Itl¢lu_l,lfcdCotDotcllk._i ([ PIC)
"l"l,leN_do.,I Corllmurcild 1111111_(NCII) 6,?r',1191 Oflotbifl (l,f_f.)) o¢ tl,m i%fololco _ltli'o$. 'll/o olico tIioO lod III0 wo'y llfll'i c1tlol _.:Phililq>i.e V¢lcrlnt_$B;mk (PVl,t) __ l,._t't.i,gll, bllorid to lg(rtfl<:l,tg(ll,o hi tI1o tl,-_.)fo (I htCO/llO o/" t_ilol_l.6 flll/_lofl. @56'J; i
lhlitlOil l+_f_lil. OrlOIt[lli fO Oh'oiv t1I I0 fIICIO¢3JO OVO[ II10 I_$C01 700¢ lf_tl) llOlr"
I*,ll'),lKl. l'31 l'41.l,/,._b_,(_'t.l SrifllO 0(! oI)lllP.iflolL'i ivll'h fho AslOI /nco_tio of I._iID50.0 tliII/Io11, l l_'_,pf._'tio .
' ll"rl,l'flll/fll,lr:vl lliit_ll I (hi'l), lllO I;tlCJOIWdI. OI$ i.loClllc Co_l.lOlollOtl (l]ltlOC) l'7]OllOtOlO<l'
The Ioa, l"rolll APT (N_,. 11 w_x o+ll,l.i_lly ()wed 1o the l icvch_lm,r.I l,l+"u& of lh,: l"l,il;i,l,bnt'i ix.Ill " fifO. flOl¢Ot'Ot, Sill l!l,i_ll_tltlfJ lllo "1110 Oll_ I"1III) I7.8 t11f7_I0/I, /!ill V,'o$ folvOt co,'n.i_ot_"
it w;ni tl'iinSferl'cil by the lllller Io APT. lit 19f17, life ..'ill' r al,l_ill_,l:d Ih¢ ('.ml,a%:+_ l,;i,l.,_.,.I Io _.t:lile ptlcltl[I of l/If# IPO+ I0 !(ISI ]'OOt'S I_1D...'10.2 nillllotl lucolllO, '
Ihe l'olnil llitdcr in "ill,'l:ct <h:l)t btll-lilit" (I)11ftO) lcller_+l: x_ I,r+ci. AI' l' i,,,_',ll,l l+lc_+'pl I' lJ-'t i.illhln tlilliJll ]ilOlivovol, co/i.fSchl!hil' ) lilt-// t"#l_lOC loft IP
6ft days frouni d,'lld ol" li|l|+l,Plvlll l,;l,iJ$ ]2_-, ilile,e,_l per iiiilllllll frillli JilPie .lII. ]'I,H,+ ,i ll,,r' Ji,_lil,iI li,,lllit"ilt • iltl{ "i SOlllt._tilOltl Of 0t31"/tPf 111,¥ II1COIIIIvo$/tl )_,l".lfti tl7_1} (ll¢l/Ch
dcil¢ its full lelt[enll:nt 0( Ili_ d_bt, As ll:Guit_d, lhe (;,liiq,mLv drl._61,'d I141 1, ,_illi,,,n t_;tl, ll',¢ 11'1 Ill " ollllOlll'lOtil tl llpO bJll COtllDOtlotil i O1' II10 OCCOOI Ilft"ld I"¢.)_r(llOt.rliCi" f)/_p_'_3 ll_gffOl'l _.q"
$_cIIIC IhP lCll,lyliielil _li[i-l%lll_li_llllJll|S" "llni_, ttl:l_,tl_,il il ¢,'irilrd Iii li_lll ill, 4)tlhcr (._llll¢lll Ai.Cl$ hi Ih_' tfth(Jl,)lll,trlloli / ¥(,.1.[]/(lftl l,l,lOi t ¥oij," o(1111_111s Izl I1,_co/ }'oflf lPf,'l)), /l,lli 1I $1it <,
b;nlanc_. $,i,¢e15. lll(lll{,_]01II(llll I lll,l,dl'ofl ItS !706. II tl(Jl _lll!)lOvoIJlOIIl I!10pOIf_9llll_ pol[OlllK_)C¢"
t(li, Oll Ill i'l|C)/tl lllr_;l I|VO l'OUt.'i, llh'l t/10 _l}l,]k)ot'srb If,] Ufl¢t Cofl.'lllL!Cl,,iO,"l ,.,. ,_,gCllil$¢ Ot"liiC itC$¢_/tlellt,'ilioil Of Ihe Iqt'ralro _li:_rr_;, Ihe ,'11,,ir.lrr,tim,r,l Ill.fill) I,_$ if, it be¢ii lhrlo flld ilf{,t)t£ Ii.l#tl_i COllfllfl 4, iv(I/i'll I!, Cotf)OtdlloI10[A.IPo {L'Cco'Ado) t;
hnll,le,nciiled (xec Hclrc 3). '11,i$ lUO,,,l,lCd the (.','ilni,,ei C+m..innre if,+ I'ri_t_ilt+,l;,., i,+ Ir¢l. tt,¢ i,l,,;.hm t'_hty l,,'o/Itil'ql tl Cotlll)Utl Y !/1<1/ WO COtih/I)ttlod f?_/_)/2.0 tlll#lOtl O( tlCO¢llO :
Of lh_ Sc£rctany of Jnl$11¢c t)li Ihe v;lli+lily ,'tml i_.lul(c:+h;lily ,,l, II,e I)11II41 pj;,_¢+liP-lll, 'lt,_ 5,'r_¢l:_+t' Ci'ut ft,#l"/ll'l ,_vrJl/_'t (if -- $l£JLlla. (J{lohl$1 d 105I Of f_ll)_J.4 ll!l_l!G'll l_l I110.,
of Jlisqice c>ph_ed Ilna| the I")D110 i$ i';dhl, llil,tl ¢i,fni£r _ble., l.lall,il,,,r'llil-',,l I',<l.'l;cll'l li,,_t lh¢ ,8,1'1' :q>l,tOl;_l ptoItloDlo (Jll_.J [_lOl'.l'll(t, I)IOV]OU$ ,l'Odt', llil$ ifa._ /lIOdO pOs.qL'lo I
is a llCllcr.ted ¢o,ilri111 liil,I ,'iS ",tll¢li ]f ciifLli'feribl'c nlq.,I, ll.llh ill i_it.;++-,Iiril-I 1.,I +l,_rl i._i i._h,,r,: - ftllolod lilconlo of)d 19o/iti/to.) fllo sub_i.tcre$l tll, lor 1o Jilne 2,0, 191111,'liitl _,[Icr 'f)e¢,rl_[_ir:l ._, 1'111t. I:l,ltl,rl. Ihr ('t,,i,p_lll¢ il ,i.I ibc iq,i,,_._ lh,ql .llrtoliCIcl'l lt'OVrOW Of f)Oll-O01llltl_ ¢..L_50I$+tiff Iil'linlg of sheIc+.,eql,l,e$1l:illOliwill l_c i:v_.,llu:tll_ ,'q,pro',edI.y sheSa t+1;l'.l.li,*la+i_l,ldII.¢ I.llJll(l _,iih ';'7
,,,,,
, Ih¢ APT will bc innnlllcntcntcd: lho f|ilT.(ll yO¢lt ,t+lt! Orldo¢] .iril_ .l tfto llio "tlotv ° _ltL_sfl'-1_otllol. _'kowf._o.' -
$o_:otid ltO(.U O/f_otilofgo ot)otoflol_$ l'lltl3tovod lholr OvOtOIl OD_o!hi_ 7/o'ftJl't'._.
(SIt41! 011 IDil(ltOlald, 'i'Ollt COIIIl_llli # _ihl'l/)/(J%l, l l COIlll)OlilQ$ COi'L_/'$,l'lr¢ll} 0/"
/411 ulfllltt (! :1_11 /i-1C¢li'lir90l I'III).I.._ ,_ tllJ_l<ill, ll/tlOt'Ut I /+i(lIl(,'Clllt(llO CO([+.iO!Ol'lO,_t fVA(.'._
lql' t11.' ,'t'2X, fl(ttll iid|t tr,'t_F$ fltl):Vl', t tlli,qK.'tl, Cltld lOlOIll_l A¢llJflC(ll'llffo COIZ.OIHI'Iotl
I/ill v.'fil ('lCll/O'l O<1 (./ii<',/J,/tO Ill'tO iii,"i'li[,l COil'S (Ill, C) _vOlO (ll)lO I0 IC'_kO [Ur_l OdVOl_foU ,_,
of l/)o t)/g/) plo_vn prices k) k_ln I_;,s/ntmot)to//on ond conltol$ D{Mnoss as
co/o_h IJt }'o(._[ P2r.O. lhoL" comb_}ocl woll (Js (_ ovo/sous .supntvlso<l 1 9 9 OI/;cc_'.=_ of i'/V:)_T J it)Ilion) (dmod fr)rrt)l_otvor cOntrocl$.q(/;;(_ (q d,)_;J #]0 l)lOVl,)( 15_'0(1¢'._ Pl)pS, 4 Share hi ,¢
JqI.:_ Sh;zrc ti"i
ll_,ll#Ol_. 11115&VOSDC._ O[ I0_505 (rein II?L.F.hns llllned over lho t]am_on L:_s_h_l.,s l_.,'valu;_fim_ C,_rryi.g Amount qf•t)_r)llOOII l,'_l)lr)('f (yl¢O(z,qlltzf,_ fo {uoU+qct I_DI,DIO$IOtlOI) f_r.._OCt lo lho t'_Ol.)olllt]t)f$l Cost ([.()sses)" htcrcmcut ".%luc Advance_ ,JYV)5 0 orielÙl), fltU flilftl)fWrte L'/)oIuY el l=.uv#o_/monl ond N(#UK# Resell/cos,
C'otf){/Kdloll (F['EC) co_llloilo:l _vfll) ct l/to Dtojc)c/ wos to hove {)eel) FPIC _'8,29_1,(dEI :I'_17,_61,4,=18 =P394,O72,4,q] q_,lgO,O3Z,&';l :P713,319mocJ,)_t tie/ EtCOOtP of Hq)ltT [l]ousc,'l]d (:O/r/I.WHo(f t,*I SÙ[)loult)o[ 1991, ['l|rl.EC 1.15,,1(F2,242 27,916,U7i¢ - 17"=.,3H6,220 9,6.%1.913
Vorstt$ IIv>,'_J lllott;(/tt(t kt ._$c(Jl ),eel P/fir.villi}/#elk _, hit. t_l/)olld._o i}oc_y ECCO ,10,7_.F),57.| (12,57,I.159) 116,333 28,3,ll,7.17 4,7f7,5,11 "l_'_,'t], ,-'_}¢1. _,_'111),.iron ,P,o$otgco._ (/lid ll,';t,'Jrql(t(l lllO (zto_. th)foln l/to hxnovof. VAC |_,1_31]£_) 3fl16,,l,19. 1tl.0|5,449 2,fl2l,'772
I•,'tv_ot._o,rd,:d E{#o_pflso$. tqcoq}o¢olod H,VL- ntOnalTOd to $nlVOltO o,,_(1 '|_C ]._,(_l_z,,(_) _,73B,.%") },7,73'_),559 34.3,_B,282FI'EC 7,t)9_,,I,%_ (,1,835,"/3B) 2,262,75('J 2,_gg,g(}8 ..
(II,'EE. (,_ln'to$1V llg#oc L'o(o_o$l(dton (+net lohr_t)#lh3h) t/to oh/or ItÙÙs. Now. the 3t IC I,Ss(U_XI 1,_(_t,('_l 1.2_l,(l(I(lfov_'ooulo//h_l &#oqxl;os, I_mcoq)ololofO c,,",/,ql.}otty t$ Do/n O/Ù(IllÙtie1/lÙ c3lobll_h "II_.Et;A SI_),IX_' 1-'H,357 _3.1o.357 ..31067,8"l],h/or'J,) (/ lh)l ktCOlli¢3 o( fY)D.13 th&qt_nn(] {trt<l/tl(ltl."lOo fll(_tlbN) orch¢/t(:l$ f_"t_ r.'ARIkl 62,'i,(_r_' ' 62._fl00 6,788,308(t _hD 12"I lhol_SO¢l(t _'t t_Sc'ql yOU; _._$YJ). #WIOM#td forest onrf /[no ptnnlolfon$. Olhc(s - u=,.t
0_1 ItlO whOle. OUr ,U/ore In goVor,(d Fdzcaf Y_or 19'22 iur_.,, m:.':,bl¢.,,r.,l)_t(i, uh_s' ,P:url#tO$ /of t_$cOI yo_[ t_91 ,_=lIWI3, _I_}
t, lh#h_,'j I YV195.tJ mtt,'lon, dLl% over lost We l/rive flo#od tO b(dld m.d alk,wa.cc• . fur d, ud_d'ul,L',J(I['$ I'Jl[)_. / frdf],r]o-q,llil5 0IOit'lJl n'lOfO [_llt't('/=.lllO/)$ [o¢ bu$b/os.<e5 ll)of wilt bog/,") advat_ce_ of
II_,'x,'_ ol/;,]t lho I/tc;enIo b) 0_7)(=1/$o.,¢ lÙ l]o.qofll Itlo Gfot_p /ooyot}zt _$co/ y,uct; :t,l'lg,.lJd,SfiD l._,25dl,l Ig (1J.157,9tl7) - . 3,100,123 1,1(_,ti34d,Sf/) }_ll/s.'J3.O fill//lOll b/ tL{C,[tl j/O0, _ }9'PO ,to I_=,)2, OUt t[0(1//}(7 dhqd(x) -- Ic.V bollt
_',_35_.l Ùlit/l()/) k) llscol yoo¢ I_2_ l, hlrl=tst/Iol ond (lQ/lc(dlufol l')¢o(tllcf$ _ I$ 'P252,,l_9,rdd} :d'_,9._1,9.1? t'.19,l, lflg,gd6 t=735,629,/]'66 =P6?,359.4fi0Cto(HSt(/ IllÙ _/#o_.,l,qlch/,,u$ lmodod lo _ : "-_'=" -=-; ......
C.#Jook rot ,rlscn! Yoat "I992 l)rltlOl Serve #1o ft)orkot, Doth pfoducofso/It/cons/t/z)Ù;../, " t'l_ of divitlcml_ received l'rm_ FYlC u'f 1'13,-1,4_,I millhm mu|
We look {Ot_S,Qld lO COnthutlng ., :l_'l(}l..l_.( miIlhm ,s _t Ju.e .'t(I, I!m{ m.I 1_9(1, [e._p¢c_ivcly.31"_,__ltl_(i/ti?'_ltl()ll 41[C,'CCCS_,01_{ll%( I'_r ;lIVC$lltllClll& t}Vl'l sh,'ltc in
i,.,'Ot¢ll/Ill lhcot yo(ir I_>P2. not o_/IV Maxklota t'_tt_/.£_J_o$, blco.t_ofcttoc} ihg iiiitlt.ll_,il:,d_IICI _$SL'15 (l_"inP-'C_I¢Cs|11115._,d",;il'Ct1"_Fl'dC's Ilclt¢c"i;lliOltt ,<=COt]$O O| Ilia #(dl,qr/ Of I/to will t_:_{]l#) Io/irlptP -r_dtff _ sl,_tC]o$ lho .. =I pr;_ !;,'ndh_crc;L';ccha,rgcd I¢1o[;crali(m_ ••, ,quO$ltutlo,q o.,q ot_" Mo;olco _hnro$. but pctckctl")ht(], os.sombtl/ and man(tlach_ro
•fi;O_ecitt$$O 0b'IC'..pul(l'_lif]t)._$o_ OIN" O[ (llsR'ello$[of lho (JO_lo$1]cand OXpC,,r[ "' dncoq).ralcdinJudy )991,•.rdy_JCl,_/llO$ _I)CI Oflill(_lo$ -- ho$ Mol)/llzod ntrtKkOf._,
|hi ]Or){) line ('om vm c(mvCf cd hs m _'_ce._,Iota I_r_l t_",0 million inle, n i -in surph_$ n_"ECCO.• i,'Kl _ [ooUy (Or OppOttl_/llo_. , The |Ol[liJ {_qll_J-Ill $_1r 11115'_V;ISt1_cId|o WIl_: l>ll| t'.'CC('}',_ _(c_:lt _IStlf _4_1y3_, $9_.,_t_f "I 39 lmJhm_ I)l
[liSt EIOC#O D)_amlcs Corporation acc<zp.|az*cet._,'l[|l,lilt (|lltiSl-r{:_'lrE_i_tl{z;iAilz|_'q_p¢(wcd by the Sc(:llrilics al d EXt.:_ rig} Con nii$$Jon onf'PlC /)os completed l/lÙ OYl)On$lon ,,viii l)O /_'){I_(t{(ICfi/$i'_ O C(_m;# ' " '
AuguSl ]], ]!)90.,( ItS t)l_ck Ih/o copocllF, lids Is p(td el 0 tfotlSfOm/O_$, mo/ctrry b(#1o$I$ end
c/o-yoof _:op/lol o_7)endldl/[o progrom Io #lSt,'h#o/stO oxpomt Olafoloctdcot Adv,,ce.sto .+.b.,_hdi_r_csco.sisr elnm.l.tere,q-hc;_r,;n d, advances rot working/ap]dal rCqlliremcl_ts,
,, _(ttO /rIOIO vohgnt)s W}dlt fFoolof {]llJ.tttl3'$$. JO;ll|¢._=/ s_ll_inli;l_ics ;i.%_,l+ufl.ctlil¢ld p,r'i'l [.r h',' Ihc Coz_=Fi_u'P,', .111_,il;n_C#i=cnl[cC5. rcnlals a¢lt| others,h/,':lot)cv o;1(1 loldod)ltlly. /.'/Jlloc I$ kdaui_e,em_:nt J_cc:,Ii|lcrc._l _ll:,t|_Hhcr knc(.uc i_'4Hns.|_skll;,rie_s tsmotmlcll IO ts|m1=t]=4,4 mi|lhm ia ]991r_.'fonlly ,t)¢(s[)(tl_F_ _ IwO do _llroo.yo(3f .I_,,'3J.tlo$Doot,v'oo IFl(h/$lrlo$ a.d ],.I..1,m_llkln in ]P'/I),
., qpau/nu/clot>olllo[_ocldng/oxDon_lon Coupe{oilÙt} tvo$ roconlly lncorpo/'olod.,,)fyom fo onhenco mOth'ot covoKt_lo I0 or_9_(/o In f/tO, ossomb/F ot_d monu-
,, i:l tochndcol copobl#I/o$. E¢co-Ago Is (och#o o{ t)tt$o$ Ond bucks, lh#$ Is o ._. 1'd_O__l=.R'l'!___t,_ d=QI.dlP{_-W.N'[,.K_tlng n_p tot 1] (o_lof Intplomottfullon p(_tdnotshl[._ t_lll Oaowoo Co_porotlon o{ ' - ....................
•¢ IIs (Y_,_):_5 ml#ton Alcolo/st_b-conh..Tct, 5ottll! Koto,:7 o/t(/'_Vo._lft]o._l A$/o A4otof$. Prnperly m,,d cqulpmcnl ,con,$i,,.!Ol (hc d'ull()wi.g:htcoq)omh}d, th$f //olc/tn{Ts hos a 40%
V.4Cond TAC expect IOW()$F>tc}_n o(lltll)/ l)olldcl/)ollon. ]991 ]PgO
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,'l ,',',T=O[C_$/&(/L_Ocl#ltx@ Co/poe(lib3,') _¢$t Al'}tfCtll/l_.to} _0501/tCO d:_=t.ilmc nud cq_Jd)merd ,i'5,965,701 t'.I,fi(_4,9£',6; '_C) tv(_:_/Ùcoolly oUot)#.ho(f to A,d(;;/(ti/eolol)l. hicczpoKtlod t_41/DO |._:,_._t:hohdit_q,lnvc_'nmlls 2,(150,?Hg i,6(l'JflQ1
' _r_ tl)(/ Ot ,_tt" OI /I I }0 ClOl(tf]O ¢(3[ptOtt_3 $ COt t)t r)o¢c/oltl/n(l I/$ os/_ ataft_ t$ (_ncl Tr;m._|_ t ;u im_ c q_i pme m 552.652 3.I7.653
_1 _)ho_hK:o olho¢ pfocl_lc/$ _lCll O'S (1¢11IIIiti|1In l_)lO]OCl$ I}OXl C(I/_)11(/0[ )/0(:7t*. B.569.|42 _.R25.96tl
., _f/lt_. l,+#onft //cHc)toty Coq)o¢rldlc)[) [/olh [)tocldlct$ (ltO gooto(/ Io lho OXpOtt ].css acmnm,,fl.m4¢<ldcprcci;dlon nn,,<l;u,oriizalion'_ ,I.6J5,00] 3,.17H,637. _tde] 1)o to(/cl_ to cortl¢_)ofcfclftzo bl |I)o ul(xl_o/$, kl [._#$1tt$ O,t 011[ M1otoglc ##O/lt,i,..r p_tt o¢ d/Io I1:CI# Fo(/r Io Ixovh'/o do f)ot/o[r#<_ hell ot GlOttp (hglOItlCl$ [10o3 T'3,914,139 t"3,347,329
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...:/t_tfl I}(wo l)Oot) $11CCltJ${l/_ V ,"" /t_ _':._,,,/li,,,l|olllc:to,9,o,,o,tlo.(r(l(,e,,. .._e'_'_.=-*'_$_.._,-• OSCAR I'.! IOP('/.-_"
: t'P[C oxpocd$ 0oo¢I DtosDoc|_ _ tho Chnlnnu_L t_os/_tont oriel.g(Hlt i:) }i.'Vl|)hH_l'l |Or' IlJ C/do{ k_¢oclJllvo O[_Co¢
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1.10l B 'i'O I:IIIAHCIAL SI'A'II_:I.IEHI$ ] S*i'CJ]'0 { ;t.})l f'l_!;. V l,-]].A't'() & _O, 's_;' '"_ *':"'"""_iili till l_lilIIIIll'# i_ililJ_J ill lilt i;;,lit ,l11 lll'bdll " *%(IIll'l;lt%i_l_
i_li_'fl_'l'4 II_l'i_llllil I I'O II_l I¢'-_1ljl li'i Imlll;ltlii'lhill I'till Ofllrl[ llrl'l'llJl'l'i' r ill,ii hq 11.1FI_,i I ill_l Ui IIlll iJ_liil I, I'lnniifPtPdl$ I l i' ,) I il qi ,r.lJ
1, ._IJMMARY OF $tGI,ItFICAHr ACCOt_tI/'IG PL!J._'II]{
_l!vc._liliciil I
Tilt. Coiitll.'llly _lfrlci its ill¥1J$1111glll.!ill i|lalCl o1"llllek _tl ¢1_1 l,lu_ {lllllliit} il_ Eiltili X iri ii_t
_lllltl_f (lol$ci) alld icv_|it_lii(]ll [ilCl¢lllC[ll ill lifiliICll_ iilleC I|,IIC_,O( I_¢qui;hi(ui. l'_q_ily ;_i ii¢l ¢_lllll)ttlis ll¢iliil atljulicd IOI lhc -qlait'hi-lhi¢ tttilollil.alllin itycf ll 10-i'caf llcr hilI, ol Ih¢ lllll¢lciici_" lJCll_c¢il ,tic ItF-I'I)IIT I)I: IbllJl_.l'l:.l llJl'l-I I' CI"It'III"II_IJ I'UIILIC ACCOUI_I'AII'IS
COlll|lalip$ col1 o[ inyc$1nlgill$ ,'illil ill lltoJiofiiOIh_ll_ ltllliC ill Ilic llilil_lt}illl_, llt'[ a..lcII pl llllCI (if illCllui$ilioli, Siglilri¢,-llit lilllC,-illzctl iiltcn¢O.lliatllt lliilt Ill {ltj!5tgl) _rc Ptilliillilll.ll ltl ii,,*, f_lcill n| lheCilillli.-lul_t's ll,Olloillotl._lc sG_ic lh¢,col. A_.. iilhiw,'lil¢c ii s¢l ,ill ll_ a.y _ul,_l_mial -_,_i l*,Clum_ldy "- 'lt.e _il_ill,l,T,l,.l_ _.1 IhLuJ vf Illtceh,lllh iI rhilil,l,i,,c I lltl_lllil;l _iltll_li iilltiiiil_.llll_iiciil dc¢lhil in llic ¢.'tli)'in t yahlcl ,if lhc iilvcSlnll_nl%
The COlllpiirt_$ cquit# ill suhfhllaly'l iilllirail_l ili(:lC._ ¢t _ g{'ll |o itl',t:t_llil,ll_ ll}l 'tt,'l_ l_ll tll,'c llllx¢ i.lallii+i_ll the loui_l_llll;dl'll ltrulluiitl: Ilit't'l._ i_r l;Jl._l rhilil.lnlplc lh_ld;++i:._Cor l,l.i_dl.l _',,,i
d¢lllcci,_lhul is lcchilsificd ._1lllc clltJ itf lJil_ ycar |,onl lli,_lc in li:i',lllllditlll ln¢l_Ull:lil iu t_iupci!y anJ " ._.l_l,llailcq Ill ,it ,flu,i: .'1(I,1_71 lUlll I*J'Jll. llliil Ih_: ll'tlllctl e_li_,t_llil.'ll_tl _l;llcl ,_ill_ I_f ;iiculiiic .a_i_lih;llt'il ,_w'
gliullinicnl to rclahic_i c.'llnili_l (dc|icil} liC¢oillll. .. li,;.q..¢% l,i 1i.;,., i.,I i,._hliui lilt ih_ l'rill _ ihl'u i'..lcJ. (Ill. ltx,_.il.ali(*.% ,.,c_c i.._0c i¢i li_;l'l>lll;ul¢c _hl'I l:i t.l.'l ,ill# nl rl'l.I rul ;iiJiI;I;*lll _llt,_dard_ ._ml,.rc._ diul;i)', i*lclil_tcil $1it'h Icll.t ill liic ae¢tillllilUll i i'ciiiilf ,_nd_l' i. [
p[oocrlY .'ll!ll _[r_illlllCllt l,llu.¢ I._,,Ihlu I, lU'* _i._c_ ,_ _: _o.*;,I,-a_.d ul:l'l,_,*.:zlj.|u Ihg C|reililiFl_trfcf. 1-l'c dld iitpt oll;itlillic ihc I]ll.'lill'i.'!
_¢.ll¢i,ll:iill I,| f h_l l'hillf,l,hll' h-lt,_hi;,l i'i.t.u :di+.i+ I'hillppi._ l".lcdplc {_uIl.llillillli _iifl OlllCr _lJJr.hli,_ri_
Plopgrly llll_i CrjilillinClll _x¢ e:ililCi| i'll COSt|C_ISII¢(:Idlt I _tc; I I:)lic£i;ili_lt _lud ;'l¢ll('llil.'tli(lll_ I_ll:( l( lilly h ll_lll'lllrlii_ ii'tli'_ 1 lullll il_%l**l_Ill "lll'_l ill_(I l_+_;l _ i1%Jlill_.'lll+ lll¶ll ,",lltl I(.l(.t/},Ic_illl_li_'£t}_, ,'ll_ti ll:_i'll_l_". " tt110.S¢liO[ li2;CtJin OliClaliOlif (clasfi[iclf lillllc( liltll_r l'lllcl_) wliidi ale Ca_ile_l al Ill_ hi.._¢i _[ civil ol l_tl ill 'Jt';_*,_.J 1i$":, l.r II11_}I'[111Ilil_ii L'iilll'll. it'!.pr,'livt.ll, , ill Ihc icl_iq'al l.-i.i,;iiIillalclJ Iollill, '1Pil)sc.%lllll_lpitlll;
rcallz_hlc value, DClli¢ci.'llloll ,_iut l%illolllz;ll[{lll ,%)P_ct)lilliUt_d b,_d _.l llic _lt._it_hl-I;i,i: i.cll,ml oitf i_¶.!c c_u,;(led l.l< .ilu.( _.ldilol._ _vhu_ci_.l,<l_l_ Ih_le_u_ h:lv_ I_c_u hltui_hc_l Itt Ill. alid (lilt eyi.hui £x{ill:_,f,c-,I !llic eslhnalcd ii.fcfui Iir_ of Ii_,c yclil$, of ol_cf lhc it'llll tlf lhc Ica_.-' hi ihc C,lf_ l_f I_;,_¢l,uhl lu-_ei_%I._,1;_ a_ h i_i;ll_'_ iu ih_ n...mi_ h_du,lcil fill" Ihil_c llJl._hll;,lic's, if lia_cd _olcl# o. lhc iClPOllf <ll !"i - / Iiili|iiib¥1_lllcllt51%tllli£'ll_Ai4_! I1 liIOill_l. Ihc lllli¢, .'lllililiil,l, If
_(tfCll_l I [email protected]_il._Gl£lli_i!l5 A_ tli_lu'.,,-ql Ill Nlltl'! ] 11!111Jl It, Ih_ l'4,,l_.nllilltntcll lilll911fi:ll $11btl:iill_tqlt, Ih¢ o_l'ncisP_irl;lelll ulLII.._r_ t- rl_allllli,ilhy i,l Ih_ (,tl q i11 ly't ; hi'i'M, IcIll in, llitl,et ¢)| .11tick(J(_lluilill_ I:.lt:elPiC_Olllfi:hly , IllC illl I I_'u c'llllili _,t i
]_x¢li.'lrul}c 6hills Ol Itiff_S arl_irff4 lronta Ihc s¢lllcincnl (ll ic%lalCUli_Ul ill' lo_¢lt:_ c* Illlify IL%liilll_ ll i>l il,l" "lliti'll iI,'lal lql}'.lllil" whln Ih_ A_'I l'l il';llli';illllli 'r'ru_l, _rul Ilic il::ililrirlilh}_ of lhc nl_ll_,_,d cl_,_rl,,._ _[cx¢ilnutc r_lc dilfcr_lit flola Ilial al which iiatJilhy _,as l_culllcJ alc ell:dhcJ ill ilia,t-.oil 1o ¢ul1¢iii i_.l;,ll,,l*, l.d,.;,,ill, t_ ihc tctvlc¢ lc,,! p;_hl Ill Ihc ._y.ditldiJ i_f [lltill_S ,.ll_ tllJl lllEl:il;iill tt_:lilli_ll_ Ihc ,_lqllui,_l •
ol)¢ra(iolls" l>( lhc _;m_i;¢.:.J.;,y.u_. . .. _._'.
Ill liu¢ i'l,;,ii,,,I , I,:_:l',l ItiPliil [llll I11_;llllhllililllil _tli£1(hc fclilllIf tll" lllll_:_ lilltt[llll$ lCICIrCli Ill ill tilC Ih..,r/'¢i.!io,t l'lsil l,._l;_;,l,l,, llil,I .i, hi<-_l It, the _1I_¢1_l,,i II_c rl.l_dhl:_l_,l li_a.ci,-tl llilli?lllCiilt i)I silcl) ,_lljasii.¢,,i_, if aat. a_ [.
Thc COllt[l,'lli_ lllild_f llCCrllCtJ pl_ll$1(ill £(ltll lpli ii1 lllllll'OillfilillltJf# llCIllillll I'lall ll_iCli_ luliilltlill-_llJ_ i,_ii: il I ; i¢ l.rr. il'llUil(,I had IPq,:til;l£tillll_ ill thu: tllit'L'll;lilllil.'S ll.'[l:,lCJli Ill ill Ihc [llC¢Ciflrnl; l)_i p|,l ifl{I _,f¢ii }.i.._li_ll, II_c _l_..l_l{.I;lll',l Iiu:lllcli_l lli_lfllll:lil_ li'lt'tl_t[ lit ;ihllv_ lll_5_lll l_i, ly Ihc {hllul¢i,_l lllltillllll (_f | ll*l I
rill ill ¢IIIpIO}'CCS, Pas[ $c,vlc¢ ¢OSlJ.l _ilniilll/.cd' ov_'r ll)i'i_lllil il'Pl;I;i1111"lli_ lh.l lhr_ i'_.l._H:_lh_, llml .%_il+_;hl;_.h:.,, ;15_I Jh.lc .'ll l, I_'.11 ll.d l!i_.il)+llud lhc [c_.tdr_ i,l' lhci_, _.'.'lq.l'l:lchl,ll _ml Ih¢ I ll:u,l,.<'_ lit llw._, lluam'i;d Imqlhul t_l#Ih_ )'1_ii15Ih_li ( ,I}¢ll. i i (inlftltt i1£ Iq h I" cp_1) _"
._ll-liii._!l_l_.|_f C(in!lllOli _t!t'ir_ illi'plcll nf1,0m,ii.l_ W;.lil,lel l,t_pIi_,l ill, li i'llli,,i_#ciil i,afi_ alt_ r!h- !. r rhl_;Icli_'l_ cllccl Io lhc ¢lqi_lid_l_,lu
]ill,ll[n_l_i |lcr conlnlllll shnr_ is l]_l_llililiCd tiy dlvidiug li¢l iil_l.llllC b)' lhe _¢i_.i01cd ll¢,at:c n_lmlJ_r li| li.,' ,lil,_i+li,.i i,._ i,f Fi,_l i'J,iiil,l,i._ JI.hii,lll_ t'Oilidlijlllllll dtl lii_ftl_i._Cil ill Iqtl(l_ 2 l_l Ihc #_n_f,_li*_;ilc_f• liiilii(i JI _llitClllClll I, ",_ ,]
• O[r $11arcsO[ S{ock OU(${l_lldiill.l i.ltlfili_ th_ )'_ixr, f "", 'r ' "
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Io Sclllt:lllbur ].97I (p._)';Ibl_ lu 2] $1_lili-allll_.tll{ iu!.lM|llli'._ltl i_( I _1.11,1L_i'J,(,'tt _.[lll illi¢lr'.A Ill Ill'.% |,¢, '" i_lllniilll ltlll[ addilloilal ]4_ tlcn,'illy ¢llait;¢$ i'o, i_,_sLltu¢ l:¢iu¢ill;lt ;l,id innit'i£l¢). LJli,lcl I1¢ I_ii.¢lll_lit, -. .' .
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'"" |<.)9| ]P_.III YcalrS _ndcl[l Jnrlc 3('Ji'. . a .++ 1991 1990
\VORI,_|N(I C.AI'I'TAL WAS P|T.OVIt)EI) ]:ROM'",!C(II_I_I_I[I'ASS_'S NcI i.comc Jk45,395,411 _28.0_4.914_
;]' _.+ (',,sit , t_,I,(_,I,,I(ICI _+,1ff.264,29-1 Items .o1 alfccthlg '.vorki.g ¢+pilal:;"F_':: M,ml-lonL ca+l, lave|tract,Is 132,64t2,2tg _l+31Ot|l_ ._harc h_ met +aenh+p,s.ttfs.bshli.;rics and alfitialcs - +;¢1 (95.807.1_7) (57.120.794)
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; _': cha,L_<:sand o|hcr asscls 4,769,883 21.945.226
• !.';O'I'JI/:R AS$t:"i"$ (More 9) 223,074T..13t) 217,691.240 Paymcn| a.,f c.rrc,+_ Fnrlion or In+tg-!crm dcbt 40,g40,6,q8
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such OEIjll$lili{Ht1'$. 1'JL!lly. C15 lill(Jhl 1'tovrl I)_,()i_ I@tll(llol| hi li J IJIo '(3q(l(:{}llll I i_ll Jhll ll(I I#:(J(]llJtl- feil i,t,i i_ll,i iiili| ill,lit,l. I|lt: }l:l_,l! {. i;ill..l-.% llt. II'ltql¢ilnJ Ill till! I]llll_" n,I _;L'(Ih.'llll',til 11"]11'1._llilt,<'l_,licts l0,fo;red io ill Iho 1')recodh til i}(i(_Jijl(il)ii l)ooll kll_)vJri. II ill tit .l+l<:h(I 5hdpltlr'llll rOlfllr()(l
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:All <Xl,l_.lC+ iilCiiill,'ll I, 1, _lniil.illl,tili<_l lliilll l/I Ill|; _liitl ill <'tlliiili¢li'iili l+lil;li,liil,_l ilru I,¢ill!i FIRST PI'IlI. IPPIblE i'iOLI-)IDIGS CORPORATION
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lull|l| il_sl_ill_llll_lll _1 )'i_;ir-i_illl itl_ l'ri_iill.,l/_ |_lll!l_d ht i-Ilrli_lll illidi-liliilnt.
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