CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
| (in thousands of US dollars) | Capital stock | Capital surplus | Accumulated result | Translation adjustment | Shareholders' equity |
| Balance as of January 1, 1995 | 981,500 | 625,906 | 57,716 | 14,917 | 1,680,039 |
| Capital increase | 85,028 | 294,455 | 379,483 | ||
| Deferred compensation | 1,704 | (155) | 1,549 | ||
| Net income | 526,478 | 526,478 | |||
| Translation adjustment | 74,166 | 74,166 | |||
| Balance as of December 31, 1995 | 1,066,528 | 922,065 | 584,039 | 89,083 | 2,661,715 |
| Capital increase | 6,405 | 8,847 | 15,252 | ||
| Deferred compensation | (582) | 155 | (427) | ||
| Net income | 625,544 | 625,544 | |||
| Translation adjustment | (42,064) | (42,064) | |||
| Balance as of December 31, 1996 | 1,072,933 | 930,330 | 1,209,738 | 47,019 | 3,260,020 |
| Capital increase | 1,057 | 615 | 1,672 | ||
| Net income | 406,554 | 406,554 | |||
| Translation adjustment | (360,800) | (360,800) | |||
| Balance as of December 31, 1997 | 1,073,990 | 930,945 | 1,616,292 | (313,781) | 3,307,446 |
The accompanying notes are an integral part of these financial statements
