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PPG INDUSTRIES INCANNUAL STATEMENT OF CASH FLOWS
2000 1999 1998
INDIRECT OPERATING ACTIVITIES
Income Beo!e E"#!$o!%&n$!' I#em( 620 568 801
De)!ec&$#&on $n% Amo!#&*$#&on 447 419 383
0 0 0
Dee!!e% T$"e( 0 0 0
E+,' &n Ne# Lo(( -E$!n&n.(/ C C C
0 0 -85
F,n%( !om O)e!$#&on( O#e! 53 82 31
-44 -128 -85Inen#o!' Dec!e$(e -Inc!e$(e/ -92 -7 -73
-11 77 46
C C 9
-103 -109 -85
O)e!$#&n. Ac#&&e( Ne# C$( F3o4 870 902 942
INVESTING ACTIVITIESIne(#men#( Inc!e$(e C C C
S$3e o Ine(#men#( C C C
So!#Te!m Ine(#men#( C$n.e 0 0 0
C$)$3 E")en%,!e( C C C
S$3e o P!o)e!#'5 P3$n#5 $n% E+,&)men# C C C
Ac+,&(&on( 115 1,343 390
Ine(#&n. Ac#&&e( O#e! -521 -301 -191
Ine(#&n. Ac#&&e( Ne# C$( F3o4 -636 -1,644 -581
FINANCING ACTIVITIES
S$3e o Common $n% P!ee!!e% S#oc6 4 9 22
247 82 217
C$( D&&%en%( 276 264 252
Lon.Te!m De7# I((,$nce 32 821 12
Lon.Te!m De7# Re%,c#&on 55 203 64
C,!!en# De7# C$n.e( 244 477 125
F&n$nc&n. Ac#&&e( O#e! 20 15 13
F&n$nc&n. Ac#&&e( Ne# C$( F3o4 -278 773 -361
E"c$n.e R$#e Eec# -3 -1 -1
-47 30 -1
DIRECT OPERATING ACTIVITIES
E"#!$o!%&n$!' I#em( $n% D&(cO)e!$#&on(
S$3e o P!o)e!#'5 P3$n#5 $n% E+,&)men#$n% S$3e o Ine(#men#( Lo(( -G$&n/
Acco,n#( Rece&$73e Dec!e$(e
-Inc!e$(e/
Acco,n#( P$'$73e $n% Inc!,e% L&$7 Inc!e$(e -Dec!e$(e/
Income T$"e( Acc!,e% Inc!e$(e-Dec!e$(e/
O#e! A((e#( $n% L&$7&3&e( Ne#C$n.e
P,!c$(e o Common $n% P!ee!!e%S#oc6
C$( $n% C$( E+,&$3en#( Inc!e$(e-Dec!e$(e/
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In#e!e(# P$&% Ne# 195 123 121
Income T$"e( P$&% 319 394 385
P$'o,# #o e+,': 523 346 469
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199; 199< 199= 199> 199? 1992 1991
714 744 768 515 295 319 201
373 363 352 335 350 373 373
0 0 0 0 0 0 0
0 0 0 0 0 0 0
C C C C C C C
-59 0 0 0 0 0 0
102 0 0 -74 42 64 107
-124 -2 -29 -264 -34 -41 -11-60 -56 -47 -26 27 85 55
40 C C C C C C
-3 C C C C C C
24 -41 29 205 60 -130 -246
1,007 1,008 1,072 691 741 670 479
C C C C C C C
C C C C C C C
0 0 0 0 0 0 0
C C C C C C C
C C C C C C C
363 13 7 34 36 1 4
-220 -456 -269 -212 -201 -255 -271
-583 -468 -276 -245 -237 -256 -275
14 27 7 19 13 12 10
343 635 588 280 81 27 15
239 237 239 238 221 200 183
472 158 118 23 9 11 300
63 153 51 33 199 312 289
-212 257 -4 11 7 111 -65
11 8 4 -1 20 16 16
-360 -575 -753 -498 -452 -389 -227
-5 0 0 2 -2 -1 1
59 -36 44 -50 51 24 -22
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106 109 91 93 112 154 163
452 402 358 254 210 142 231
582 872 827 518 302 226 198
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E@PLAINING PPGS MSTERIOUS EUIT ACCO
F!om Income S#$#emen# 2000 1999
Ne# Income -Lo((/ 620
C$( D&&%en%( 276
Re#$&ne% 344
F!om B$3$nce See# 2000 1999 D c$n.e
Common S#oc6 484 484 0
C$)$3 S,!)3,( 102 104 -2
Re#$&ne% E$!n&n.( 6019 5786 233
Le(( T!e$(,!' S#oc6 To#$3 Do33$! Amo,n 3508 3268 240
To#$3 (#oc6o3%e!( e+,' 3097 3106 -9
Ne# &ncome 620Retained
O#e! com)!een(&e 3o((5 ne# o #$" -133Retained
C$( %&&%en%( -276Retained
P,!c$(e o #!e$(,!' (#oc6 -247 Treasury These item
I((,$nce o #!e$(,!' (#oc6 5 Treasury
Lo$n( #o ESOP -24Retained
Re)$'men# o 3o$n( 7' ESOP 44Retained
O#e! 2 Retained A%%&on$3 &n#e!n$3 $%%&on 2 Treasury
A%%&on$3 &n#e!n$3 (,7#!$c#&on -2 Capital surplus
To#$3 c$n.e &n e+,' $cco,n#( -9
A%,(#men#( #o !e#$&ne% 233 #N!"
A%,(#men#( #o T!e$(,!' -240
A%,(#men#( #o c$)$3 (,!)3,( -2
To#$3 c$n.e &n e+,' $cco,n#( -7
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UNTS
#N!"
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$eta 0%8672 #N!"
D$#e&e'-95 615%93
(an-96 636%02 3%21) #N!"
*e+-96 640%43 0%69)
!ar-96 645%5 0%79)
pr-96 654%17 1%33)
!ay-96 669%12 2%26)
(un-96 670%63 0%23)
(ul-96 639%95 -4%68)
u,-96 651%99 1%86)ep-96 687%33 5%28)
.'t-96 705%27 2%58)
N/-96 757%02 7%08)
&e'-96 740%74 -2%17)
(an-97 786%16 5%95)
*e+-97 790%82 0%59)
!ar-97 757%12 -4%35)
pr-97 801%34 5%68)
!ay-97 848%28 5%69)
(un-97 885%14 4%25)
(ul-97 954%31 7%52)
u,-97 899%47 -5%92)
ep-97 947%28 5%18)
.'t-97 914%62 -3%51)
N/-97 955%4 4%36)
&e'-97 970%43 1%56)
(an-98 980%28 1%01)
*e+-98 1049%34 6%81)
!ar-98 1101%75 4%87)
pr-98 1111%75 0%90)
!ay-98 1090%82 -1%90)
(un-98 1133%84 3%87)
(ul-98 1120%67 -1%17)
u,-98 957%28 -15%76)
ep-98 1017%01 6%05)
.'t-98 1098%67 7%72)
N/-98 1163%63 5%74)
&e'-98 1229%23 5%48)
(an-99 1279%64 4%02)
*e+-99 1238%33 -3%28)
!ar-99 1286%37 3%81)
pr-99 1335%18 3%72)
COMPUTING THEUses monthly data, De
SP=00C3o(e SP=00Re#,!n
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!ay-99 1301%84 -2%53)
(un-99 1372%71 5%30)
(ul-99 1328%72 -3%26)
u,-99 1320%41 -0%63)
ep-99 1282%71 -2%90)
.'t-99 1362%93 6%07)
N/-99 1388%91 1%89)
&e'-99 1469%25 5%62)
(an-00 1394%46 -5%22)
*e+-00 1366%42 -2%03)
!ar-00 1498%58 9%23)
pr-00 1452%43 -3%13)
!ay-00 1420%6 -2%22)
(un-00 1454%6 2%37)
(ul-00 1430%83 -1%65)
u,-00 1517%68 5%89)
ep-00 1436%51 -5%50)
.'t-00 1429%4 -0%50)
N/-00 1314%95 -8%35)
&e'-00 1320%28 0%40)
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D$#e&e'-95 38%98
(an-96 39%83 2%16) #N!"
*e+-96 39%76 -0%18)
!ar-96 41%91 5%25)
pr-96 43%41 3%52)
!ay-96 44%65 2%84)
(un-96 42%07 -5%97)
(ul-96 42%50 1%02)
u,-96 42%87 0%88)ep-96 47%22 9%65)
.'t-96 49%50 4%71)
N/-96 53%48 7%75)
&e'-96 49%01 -8%74)
(an-97 46%71 -4%79)
*e+-97 49%20 5%19)
!ar-97 47%44 -3%64)
pr-97 47%77 0%69)
!ay-97 51%37 7%25)
(un-97 51%37 0%00)
(ul-97 56%56 9%63)
u,-97 55%95 -1%08)
ep-97 55%67 -0%50)
.'t-97 50%29 -10%17)
N/-97 51%77 2%90)
&e'-97 51%04 -1%41)
(an-98 51%26 0%44)
*e+-98 58%23 12%75)
!ar-98 61%04 4%71)
pr-98 63%51 3%97)
!ay-98 65%81 3%56)
(un-98 62%82 -4%65)
(ul-98 57%24 -9%32)
u,-98 46%33 -21%13)
ep-98 49%57 6%75)
.'t-98 52%01 4%81)
N/-98 55%91 7%23)
&e'-98 53%17 -5%03)
(an-99 49%12 -7%93)
*e+-99 47%91 -2%49)
!ar-99 47%16 -1%57)
pr-99 59%76 23%67)
ETA FOR PPG! "99# - De! $%%%
PPGC3o(e PPGRe#,!n
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!ay-99 56%16 -6%20)
(un-99 54%66 -2%71)
(ul-99 55%18 0%95)
u,-99 55%93 1%34)
ep-99 55%87 -0%10)
.'t-99 56%45 1%04)
N/-99 54%88 -2%83)
&e'-99 58%63 6%61)
(an-00 51%60 -12%77)
*e+-00 46%62 -10%14)
!ar-00 49%39 5%78)
pr-00 51%34 3%87)
!ay-00 47%14 -8%54)
(un-00 42%15 -11%20)
(ul-00 38%70 -8%53)
u,-00 38%90 0%53)
ep-00 38%11 -2%07)
.'t-00 42%85 11%73)
N/-00 40%39 -5%92)
&e'-00 44%87 10%52)
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CALCULATING THE GORDON MN,m7e! o ($!e( o,#(#$n%&n.5 Dec 2000 -m&33&o 168%22
S$!e )!&ce5 ?1Dec00 46%31
E+,' $3,e5 Dec00 7791
Me#o% 1 !E Go!%on ,(&n. on3' %&&%en%(S#oc6 )!&ce5 ?1%ec00 46%31
D&&%en%5 2000 1%60
An#&c&)$#e% %&&%en% .!o4# 6%88)
!E5 co(# o e+,' ,(&n. on3' %&&%en%( 10%57)
Me#o% 2 !E Go!%on ,(&n. e+,' )$'o,#
To#$3 e+,' )$'o,#5 2000 518
An#&c&)$#e% .!o4# o #&( )$'o,# 11%91)
!E5 co(# o e+,' ,(&n. #o#$3 e+,' )$'o,# 19%35)
U(&n. #e #4o(#$.e Go!%on mo%e3
N,m7e! o &..!o4# 'e$!( 3
No!m$3 .!o4# $#e! &..!o4# 'e$!( 5%00)
!E5 co(# o e+,' ,(&n. #4o(#$.e Go!%on mo%e3 #N!"
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ODEL !E FOR PPG
#N!"
#N!"
#N!"
#N!"
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PPG EARNINGS PER SHARE VERSUS EA
e$!
1990 0%95 276
1991 1%90 2761992 3%01 319
1993 2%78 22
1994 2%43 515
1995 3%80 768
1996 3%96 744
1997 3%97 714
1998 4%52 801
1999 3%27 568
2000 3%60 620
Com)o,n% .!o4# 14%25) 8%43) #N!"
/ur'e r/t-l/ss 91-00 in this
/r+//
E$!n&n.()e!
($!eP!o#(
$#e! #$"e(
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RNINGS
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CALCULATING THE DIVIDENDS AND EU
e$!
1992 0%94 200 -31993 1%04 221 -65
1994 1%12 238 -12
1995 1%18 239 -14
1996 1%26 237 -15
1997 1%33 239 -2
1998 1%42 252 -6
1999 1%52 264 1
2000 1%60 276 2
r/th 6%88) 4%13)
$%%% "999 "99&
Net in'/me 620 568 801
Cash Dividends 276 264 252
&iidendNet in'/me 45) 46) 31)
Common shares outstanding 168 174 175
D&&%en%()e! ($!e
To#$3 c$(%&&%en%(
M&n,( &nc!e$(e&n common
(#oc6 $n% (,!)3,(
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&iidend ,r/th rate 6)
Net year:s diidendshare 1%70
T/tal diidends 286
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T PAOUT FOR PPG
14 211 #N!"24 181
264 490
571 796
608 829
323 560
208 454
70 335
240 518
11%91) #N!"
"99' "99( "99# "99)
714 744 767%6 514%6
239 237 239 238
33) 32) 31) 46)
178 183 194 207
P3,( &nc!e$(e&n #!e$(,!'
(#oc6
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"99* "99$
22%2 319%4
221 200
995) 62)
107 106 106
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TATA STEEL5 FINANCIAL MODEL5 2001P+ot and loss ass.m/tons
Sales groth 3%89)
C!"S#Sales 61%39)
S"$%#Sales 18%38)
De&re'iation#"ross (i)ed assets 6%31);nterest rate 6%70)
!in/rity interest as ) /< T 4%32)
"roth rate o( total dividends 4%13)
*a) rate 36%28)
Balane sheet ass.m/tons
Assets
Cash and short-term investments '/nstant
Re'eia+lesales 18%28)
;nent/riesales 12%24).ther Current ssetsales 3%21)
r/perty lant "=uipment Netales 34%08)
;nestments and adan'es '/nstant
.ther ssetsales 7%93)
0a1ltes
''/unts aya+leales 8%50)
''rued "penseales 7%25)
.ther Current >ia+ilitiesales '/nstant
&e+tssets 32%00)
&e
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A22ET2 $%%% $%%" $%%$
Cash and Short-*erm nvestments 111 111 111
e'eivales 1,563 1639 1702
nventories - *otal 1,121 1097 1140
!ther Current %ssets 298 287 299
*otal Current %ssets 3093 3134 3252
ro&ert, lant, and +ui&ment, "ross 7,089 7669 8291
4,148 4613 5116
ro&ert, lant, and +ui&ment, /et 2,941 3055 3174
nvestments and %dvan'es 320 320 320
ntangiles 1,700 1700 1700
!ther %ssets 1,071 1156 1248
TOTA0 A22ET2 9,125 9366 9694
0IABI0ITIE2 $%%% $%%" $%%$
%''ounts aale 764 762 791
%''rued +)&ense 606 650 675
!ther Current iailities 12 12 12
Det 2,971 2,997 3,102
De(erred *a)es 543 564 586
inorit nterest 128 128 128
!ther iailities 1,004 1,130 1,271
E3UIT4
Common Sto' 484 484 484
Ca&ital Sur&lus 102 102 102
etained +arnings 6,019 6,440 6,867
ess: *reasur Sto' 3,508 3,903 4,325
*otal sto'holders euit 3,097 3,124 3,128
TOTA0 0IABI0ITIE2 AND E3UIT4 9,125 9,366 9,694
FREE CA2H F0O5 6FCF7 $%%" $%%$
r/t a
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8al.n PPG
?CC 7%47)
>/n,-term
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200=
$%%* $%%) $%%#
9676 10052 10443
5940 6171 6411
1779 1848 1920
1957 2033 2112
544 587 634
212 219 227
8 8 8
1194 1219 1243
433 442 451
19 19 19
742 757 773
312 324 338
430 433 435
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$%%* $%%) $%%#
111 111 111
1769 1837 1909
1184 1230 1278
310 322 335
3374 3501 3633
8958 9674 10441
5660 6248 6882
3298 3426 3559
320 320 320
1700 1700 1700
1347 1454 1569
10039 10401 10781
$%%* $%%) $%%#
822 854 887
701 728 757
12 12 12
3,212 3,328 3,450
609 633 657
128 128 128
1,431 1,610 1,812
484 484 484
102 102 102
7,297 7,730 8,165
4,760 5,209 5,673
3,124 3,107 3,078
10,039 10,401 10,781
$%%* $%%) $%%#
742 757 773
544 587 634
-122 -127 -132
57 59 62
-667 -716 -767
-99 -107 -115
135 140 145
589 594 598
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$%%* $%%) $%%#
589 594 598
17954 #N!"
589 594 18553
CF +o:th ;
)< #< (< '2 2TOC? 8A0UATION C AND 0ONG-TERM GRO5TH RATE