CONSOLIDATED BALANCE SHEET
As at December 31,
| (in thousands of US dollars) | 1996 | 1997 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 551,896 | 702,157 |
| Marketable securities | 4,508 | -- |
| Trade accounts and notes receivable | 645,923 | 644,017 |
| Inventories | 521,402 | 593,520 |
| Other receivables and assets | 418,051 | 413,914 |
| Total current assets | 2,141,780 | 2,353,608 |
| Intangible assets, net | 17,350 | 26,423 |
| Property, plant and equipment, net | 2,839,932 | 3,046,813 |
| Investments and other non-current assets | 6,450 | 18,895 |
| 2,863,732 | 3,092,131 | |
| Total assets | 5,005,512 | 5,445,739 |
| Liabilities and shareholders' equity | ||
| Current liabilities | ||
| Bank overdrafts | 315,873 | 365,944 |
| Short-term debt and current portion of long-term debt | 112,372 | 58,614 |
| Trade accounts and notes payable | 444,166 | 592,315 |
| Other payables and accrued liabilities | 318,556 | 320,427 |
| Accrued and deferred income tax | 210,805 | 295,207 |
| Total current liabilities | 1,401,772 | 1,632,507 |
| Long-term debt | 194,910 | 356,407 |
| Reserves for pension and termination indemnities | 100,685 | 94,938 |
| Other non-current liabilities | 38,224 | 38,636 |
| 333,819 | 489,981 | |
| Total liabilities | 1,735,591 | 2,122,488 |
| Minority interests | 9,901 | 15,805 |
| Capital stock | 1,072,933 | 1,073,990 |
| Capital surplus | 930,330 | 930,945 |
| Accumulated result | 1,209,738 | 1,616,292 |
| Translation adjustment | 47,019 | (313,781) |
| Shareholders' equity | 3,260,020 | 3,307,446 |
| Total liabilities and shareholders' equity | 5,005,512 | 5,445,739 |
Other commitments and contingencies: Note 25
The accompanying notes are an integral part of these financial statements
