/2 H.   d 1$&|&A%|Page #*;' GREIF BROS. CORPORATION=' CONSOLIDATED BALANCE SHEETS:' (Dollars in thousands)1' ASSETS'OCTOBER 31,   '(Note 5) 'CURRENT ASSETS& 'Cash and short term investments  gs  kx. 'U.S. and Canadian government securities2 'at amortized cost which approximates market  ]  5i2'Trade accounts receivable -- less allowance0'of $989 for doubtful items ($965 in 1993) @  @/'Inventories, at the lower of cost (prin-,'cipally last-in, first-out) or market @ @!'Prepaid expenses and other 08 1'Total current assets A A'LONG TERM ASSETS-'Cash surrender value of life insurance :  'Interest in partnership C C'Other long term assets  3 Z%  "1'PROPERTIES, PLANTS AND EQUIPMENT - at cost*'Timber properties -- less depletion 7   'Land ) % 'Buildings  f@  @@!!'Machinery, equipment, etc. !A !X A"'Construction in progress "F "@$#'Less accumulated depreciation # #0h % A %A 'A 'CA?(' K)' LIABILITIES AND SHAREHOLDERS' EQUITY +'CURRENT LIABILITIES/,'Accounts payable and accrued liabilities ,@ ,W/-'Current portion of long term obligations - -w-.'Accrued payrolls and employee benefits . ./'Accrued taxes -- general / /T0'Taxes on income 0 0 2'Total current liabilities 2@ 2{14'LONG TERM OBLIGATIONS (interest rates from&5'3.85% - 6.00%; payable to 2000) 5>m 5om"7'OTHER LONG TERM LIABILITIES 77 759'DEFERRED INCOME TAXES 90 9 ";'Total long term liabilities ;@ ;@='SHAREHOLDERS' EQUITY'>'Capital stock, without par value >J# >J#@' Class A Common Stock:'A' Authorized 16,000,000 shares;#B' issued 10,570,480 shares;'C' in treasury 5,133,894 shares;&D' outstanding 5,436,586 sharesF' Class B Common Stock:1G' Authorized and issued 8,640,000 shares;(H' in treasury 1,985,826 shares;I' (1,940,267 in 1993)'J' outstanding 6,654,174 sharesK' (6,699,733 in 1993)0M'Earnings retained for use in the business MA M<A(O'Cumulative translation adjustment O O QlA QA SA SCAMT' BX'See accompanying Notes to Consolidated Financial StatementsLY' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIESLZ' CONSOLIDATED STATEMENTS OF INCOME L\' (Dollars in thousands, except per share amounts)&]'For the years ended October 31, ] ] ]^'(Note 5)^'(Note 5)_'Sales and other income`'Net sales `!A `Z A `L0Aa'Other income:b'Interest and other b b bc'Gain on timber sales c c c e""A en A exA4g'Costs and expenses (including depreciation of'h'$21,717 in 1994, $18,845 in 1993i'and $18,292 in 1992)j'Cost of products sold jhVA jA jUA*k'Selling, general and administrative k@ k[@ k`{@l'Interest l l l nN A nrA nA!p'Income before income taxes p3@ p V@ p@q'Taxes on income qE q: qI&s'Income before minority interest s@{@ s!` svt'Minority interest t'-0- t'-0- tv'Net income v@{@ v!` vtHw' x' V{'Net income per share (based on the average number of shares outstanding during |'the year):W~' Based on the assumption that earnings were allocated to Class A and Class B T'Common Stock to the extent that dividends were actually paid for the year andU'the remainder were allocated as they would be received by shareholders in the V'event of liquidation, that is, equally to Class A and Class B shares, share and'share alike:   'Class A  ףp= @ Q? ffffff@'Class B HzG@ 333333@ {Gz@T' Due to the special characteristics of the Company's two classes of stock S'(see Note 4), earnings per share can be calculated upon the basis of varyingT'assumptions, none of which, in the opinion of management, would be free from U'the claim that it fails fully and accurately to represent the true interest ofW'the shareholders of each class of stock and in the earnings retained for use in 'the business.B'See accompanying Notes to Consolidated Financial StatementsH' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIESR' CONSOLIDATED STATEMENTS OF EARNINGS RETAINED FOR USE IN THE BUSINESSG' (Dollars in thousands, except per share amounts)&'For the years ended October 31,   $'Balance at beginning of year,'as previously reported 5A IA xA+'Effect of restatement as required by 'SFAS No. 109 (see Note 5)   $'Balance at beginning of year,'as restated <A YA A'Net Income @{@ !` t |KA TA TA1'Dividends paid in the fiscal years (Note):'On Class A Common Stock'-- $.60 per share    '($.60 per share in 1993"'and $.56 per share in 1992)'On Class B Common Stock'-- $.88 per share   '($.88 per share in 1993"'and $.82 per share in 1992) # # q!''Cost of shares of treasury stock   'Balance at end of year A <A YAM' ' U'Note: Dividends paid during the calendar years 1994, 1993 and 1992, relating V'to the results of operations for the fiscal years ended October 31, 1994, 1993 !'and 1992, were as follows:S' 1994 calendar year dividends per share -- Class A $.68; Class B $1.00U' 1993 calendar year dividends per share -- Class A $.60; Class B $ .88 U' 1992 calendar year dividends per share -- Class A $.60; Class B $ .88 ' B'See accompanying Notes to Consolidated Financial StatementsF' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIESB' CONSOLIDATED STATEMENTS OF CASH FLOWS 9' (Dollars in thousands)&'For the years ended October 31,   '(Note 5)'(Note 5),'Cash flows from operating activities:'Net income @{@ !` t1'Adjustments to reconcile net income to net-'cash provided by operating activities:!'Depreciation and depletion T I G"'Minority interest in income '-0- '-0- 'Deferred income taxes  m  5'Loss (gain) on disposals of properties, plants'and equipment   S'(Increase) decrease: 'Trade accounts receivable   'Inventories  F n!'Prepaid expenses and other    'Other long term assets  * C'Increase (decrease):/'Accounts payable and accrued liabilities )  -'Accrued payrolls and employee benefits    *'Accrued taxes - general L  'Taxes on income !  C"'Other long term liabilities  i 0'Net cash provided by operating activities  v@ `(@ @/' ,'Cash flows from investing activities:*'Sales (purchases) of investments in!'government securities, net  _ 2''Reduction in loan to partnership '-0- '-0- p$'Purchase of minority interest '-0- '-0- 3'Purchase of properties, plants and equipment @ 1 12'Proceeds on disposals of properties, plants'and equipment  g ,'Net cash used by investing activities  V 0 J' ,'Cash flows from financing activities:/'Proceeds from issuance of long term debt  m '-0-!'Payments on long term debt < [ n$'Acquisition of treasury stock  H P'Dividends paid M ( ,'Net cash provided (used) by financing'activities  C M.'Foreign currency translation adjustment \ u *'Net decrease in cash and short term'investments   9)'Cash and short term investments at 'beginning of year  kx  M@  @) 'Cash and short term investments at 'end of year  gs  kx  M@R ' B'See accompanying Notes to Consolidated Financial Statements