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A Difficultyear for Koppers and the Economy. • Continuing Strength In

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A Difficultyear for Koppers and the Economy. • Continuing Strength In 1981 Annual Report and Form 10-K Inside, some words about: • a difficult year for Koppers and the economy. • continuing strength in cash flow. • reduction of debt and maintenance of dividend as we kept our financial condition strong. • scalebacks, divestitures and other management measures—including effective marketing strategies—to improve our competitive position. • a precise strategy to upgrade our technological base as we aim for new and expanded markets. ‘- , ; - - To Our Shareholders: / Noppers Company, inc./1981 at a Glance By no means could 1981 be considered a good year ($ Millions, except per share figures) 1981 1980 for the US, economy—or for Koppers. On the other hand, the Company’s performance was better than might be Total sales $2,018.6 $1,929.2 indicated by the cold figures that showed a decline in earnings per share. There Net income $ 51.6 $ 54.0 was no impairment of our capacity for growth, no slackening of our pros- - ‘-ii pects as we accepted short-term Earnings per share of common stock $ 1.58 $ 1.98 penalties to earnings in exchange for planned actions to further Koppers growth potential in the Cash flow $ 132.1 $ 134.6 years ahead. Cash flow remained Dividends per share of common stock strong enough that dividends paid to our shareholders stayed well within the bounda $ 1.40 $ 1.40 ries of prudent management. Return on average common equity 7.2% 9.0% Those in charge Capital investment of our operations exerted firm control of the Company’s busi $ 182.1 $ 230.9 nesses as market conditions worsened, Backlog at year end participating in what one observer called ‘a $ 518.0 $ 526.0 productive exercise in the management of adversity.” The Company’s accomplishments in 1981 should be measured in the context of the environment in which they took place. The Koppers Mission The American economy suffered unmistakable recession for the second consecu tive year. Inflation, Our mission Is to employ corporate assets—people, although abating in degree, remained sweeping in extent. Industrial facilIties, technology and production funds—4n order to achieve a balanced combination fell throughout the year. High interest rates began to hurt some sectors of of Company growth, finan the cial stability, return to economy that had previously shown strength. These high rates also continued to Investors and opportunity for employees, in doing so, depress we must satisfy our basic function of the activity in the three major end markets—construction, automotive equipment meeting needs of society. and capital The Koppers performance objectives, listed here, set down once more the spending—that account for three-fourths of Koppers sales. specifIc long-term goals we have set as we carry out our mission: Little of this was new. Many of the economic circumstances that confronted us were • Average annual net income growth greater than that achieved in motion before the year began. Nevertheless, the close of 1981 brought confirmation in the 1970s. that much had been achieved • Cash-flow growth at a rate at least equal to that of net income. in combating the effect of lower business levels and in further strengthening Koppers • Generation of net income sufficient to pay approximately 25% of cash flow financial and operational capabilities. as dividends to common shareholders. •Cash flow remained high, and the Company’s financial position was—and is—good. — Limitation of debt to near 35% of total capitalization. •We reduced our • Concentration of Capital funds in areas where the Company’s various debt, and interest expense was on the decline in the second half capabilities will make it the low-cost of the year. producer and the potential leader In •We aggressively each of the market segments It serves. pursued a comprehensive growth plan encompassing three kinds • A major upgrading of the Company’s scientific and technoioglcai strengths, of activity: formulation of appropriate business strategies; divestiture of certain with commitments to Internal and external operations; and investment in new products, processes and technologies. There research and development. was progress • Capital Investments In high-technology ventures, emerging research-based in each area in 1981. These and other measures brought activities and other areas whose payoff potentials greatly outweigh the us to the end of 1981 showing gains in a num risks involved. ber of areas over the year before. Although Koppers profit at the operating level was • Concomitant with these new directions, unremitting slightly improved, this was not reflected in earnings, which declined by $40 per share attention to the from management strategies needed to keep the Company’s core businesses 1980. healthy and growing. Unusual expenses, mostly from discontinued businesses, more than offset the contribution to earnings • Timely and aggressive divestiture of assets that no longer fit Into Koppers from unusual income, which included the large capital gain long-range strategic plans. realized on the sale of our Canadian lumber business. This operation could no longer satisfy the Company’s long-term • Above all, dedication to our role as the outstanding performer in our various growth objectives under the nationalistic trends that industries, with a solid reputation for quality and vaiue. inhibit growth of foreign-owned businesses in Canada. Earnings were further penalized by expenses associated with the development of synthetic fuel projects. Income tax credits were lower than in 1980. On balance, $.24 The Company’s Business per share of the $40 per share difference between the two years was InsIde This 1981 Annual Report accounted for Discussion of the Company’s business is I by these two factors and the unusual items. Most of the expenses were incurred with an eye to benefiting future earnings Letter to Koppers Shareholders presented in ‘Management’s Discussion and growth. Similar expenses incurred in 1980 led to 1 some initial benefits in 1981. These factors are Koppers Future Analysis of Financial Condition and Results discussed in more detail in the Chief of Operations” and “Description of Koppers Financial Officer’s letter on page 19. Operating and Market Summaries 6 BusIness.” In brief, Koppers is a diversified Shareholder Information S manufacturing corporation with specialized 1981 Operating Performance - Management’s Discussion and engineering and construction capabilities. In a company as diversified as Koppers, annual results represent the sum of activities Analysis along a number of Financial Condition Headquartered in Pittsburgh, Pennsylvania, it of fronts. - ..- and Results of Operations 10 has 293 operating locations and makes more - C Weak demand in major end markets, as well as nonrecurring expenses due mostly to Chief Financial Officer’s Letter 19 than 100 types of products. write-offs for discontinued operations, produced a significant decline in Organic Materials operating 10-Year Financial Highlights 22 Annual Meeting income. Road Materials maintained a high level of income through strong operating margins Index to Financial Statements 24 The annual meeting of the shareholders of and profits from overseas construction projects. Added to higher income Board of Directors and Officers the Company will be held at 11 am. on Mori in Forest Products wood-treating businesses was the gain realized on the sale of the Company’s Description of Koppers Business day, April 26, 1982 in the Pittsburgh Room Canadian lumber business. Improved operating performances throughout Engineered Metal Products General Subject Index insIde back cover of The William Penn Hotel, Pittsburgh, launched its expected Pennsylvania. turnaround, and a strengthening in new orders raised the year-end backlog. The loss in Engineering and Construction reflected the continued low level of capital spending by the steel industry. A comprehensive strategic growth plan set into motion in 1981 has given Koppers firm direction for the future. For the short range, our goal is to advance the Company’s return on common shareholders’ equity toward our target of 18% as rapidly as possi ble. For the longer term, our goals are twofold: •To grow in the 1980s even more than we did in the 1970s. •To upgrade our technological base. Measures taken to achieve this objective are discussed in the section that follows. Behind Koppers approximately $1 billion in fixed investment stand specific business strategies. Of that total: •We have 28% in businesses that offer opportunities for rapid, sizable growth. •We have 54% in businesses that we will manage for profit—solid, thriving businesses in which we will invest additional funds to maintain market shares and reduce costs. •We have 18% in businesses targeted for correction—those in which we are not meeting our returns or that no longer fit into our long-range strategic plans. These will be turned around or disposed of by mid-1983. The Outlook In our 1980 annual report, we cited certain indicators that pointed to “a potential recurrence of recession in 1981,” saying: “As of now, there are no signs of improvement-in many of the areas that depressed Koppers 1980 performance, and it is not realistic to expect significant changes quickly.” We are currently caught up in that recession whose recurrence we foresaw. Com Charles R. Pullin, Fletcher L. Byrom bined with the severe winter weather experienced in the opening weeks of 1982, this is likely to result in a first-half performance even lower than in 1981. If our spirits seem somewhat brighter at this writing, it is in some measure due to the lessons we have Management Actions learned and the actions we have carried out over the past 12 months. this message with a reference to “the management of adversity.’ That We began We take heart, too, from certain developments discussed in the section that follows: policy of retrenchment or a shift in long-term strat phrase does not mean to imply a new national policies to move us away from the consumption bias that has damaged measures we instituted in order to keep the enterprise egy.
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