/2H'   d 1$&|&A%|Page #*C' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIESD' CONSOLIDATED STATEMENTS OF INCOME 7'(Dollars in thousands, except per share amounts)&'For the years ended October 31,   'Net sales %A !A Z A 'Other income: 'Interest and other       'Gain on timber sales        d`&A  ""A  n A4'Costs and expenses (including depreciation of+'$22,944 in 1995, $21,717 in 1994 and'$18,845 in 1993):'Cost of products sold !A hVA A*'Selling, general and administrative P@ @ [@'Interest    vc#A N A rA!'Income before income taxes p@ 3@  V@'Taxes on income @r@ E :'Net income \@ @{@ !`N'Net income per share (based on the average number of shares outstanding>'during the year, adjusted for two-for-one stock split):M ' Based on the assumption that earnings were allocated to Class A andO!'Class B Common Stock to the extent that dividends were actually paid forM"'the year and the remainder were allocated as they would be received byL#'shareholders in the event of liquidation, that is, equally to Class A1$'and Class B shares, share and share alike: % % % &' &' &' &'''Class A Common Stock 'Q@ 'Q? 'Gz?('Class B Common Stock (p= ף@ (\(\? (HzG?L*' Due to the special characteristics of the Company's two classes ofN+'stock (see Note 4), earnings per share can be calculated upon the basisK,'of varying assumptions, none of which, in the opinion of management,I-'would be free from the claim that it fails fully and accurately toM.'represent the true interest of the shareholders of each class of stock$/'and in the retained earnings. 1'[FN]B2'See accompanying Notes to Consolidated Financial StatementsC5' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES97' CONSOLIDATED BALANCE SHEETS69' (Dollars in thousands) ;'ASSETS<'October 31, < <>'CURRENT ASSETS ?'Cash and cash equivalents ?|{ ?gs.@'U.S. and Canadian government securities @%J @]1A'Trade accounts receivable -- less allowancA'e0B'of $789 for doubtful items ($989 in 1994) B`@ B@/C'Inventories, at the lower of cost (prin-,D'cipally last-in, first-out) or market DN@ D@!E'Prepaid expenses and other Eb@ E08G'Total current assets Gh(A GAJ'LONG TERM ASSETS-K'Cash surrender value of life insurance K K: L'Interest in partnership LC LCM'Other long term assets MA M O* OZ%2R'PROPERTIES, PLANTS AND EQUIPMENT -- at cost*S'Timber properties -- less depletion S S7 T'Land T+ T)U'Buildings U@ Uf@!V'Machinery, equipment, etc. VA VAW'Construction in progress W@ WF$X'Less accumulated depreciation XG  X Z8A Z A \8A \ABg'See accompanying Notes to Consolidated Financial StatementsAj' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES6k' CONSOLIDATED BALANCE SHEETS4l' (Dollars in thousands)+n'LIABILITIES AND SHAREHOLDERS' EQUITYo'October 31, o op'CURRENT LIABILITIESq'Accounts payable q@ q@/r'Current portion of long term obligations r r-s'Accrued payrolls and employee benefits s* st'Accrued taxes -- general t tu'Taxes on income 0 u~ u w'Total current liabilities w @ w@1y'LONG TERM OBLIGATIONS (interest rates from&z'4.81% - 8.00%; payable to 2002) z7 z>m"|'OTHER LONG TERM LIABILITIES |G |7~'DEFERRED INCOME TAXES ~4 ~0"'Total long term liabilities r@ @'SHAREHOLDERS' EQUITY''Capital stock, without par value J# J#!' Class A Common Stock:+' Authorized 32,000,000 shares;)' issued 21,140,960 shares;-' outstanding 10,873,172 shares!' Class B Common Stock:6' Authorized and issued 17,280,000 shares;-' outstanding 13,201,793 shares$' (13,308,348 in 1994)'Treasury stock, at cost   .'Class A Common Stock: 10,267,788 shares-'Class B Common Stock: 4,078,207 shares'(3,971,652 in 1994)'Retained earnings A A('Cumulative translation adjustment   ԼA lA 8A AB'See accompanying Notes to Consolidated Financial StatementsC' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES>' CONSOLIDATED STATEMENTS OF CASH FLOWS 6' (Dollars in thousands)&'For the years ended October 31,   ,'Cash flows from operating activities:'Net income \@ @{@ !`-'Adjustments to reconcile net income to-'cash provided by operating activities:!'Depreciation and depletion Y T I'Deferred income taxes   m.'(Gain) loss on disposals of properties,'plants and equipment   '(Increase) decrease: 'Trade accounts receivable   'Inventories   F!'Prepaid expenses and other   'Other long term assets   *'Increase (decrease):'Accounts payable  )  $'Accrued payrolls and employee'benefits    'Accrued taxes -- general  L 'Taxes on income  ! "'Other long term liabilities   i(' Net cash provided by operating 'activities @  v@ `(@,'Cash flows from investing activities:)'Sales of investments in government'securities # V g-'Purchases of investments in government'securities   ϫ)'Purchase of properties, plants and'equipment @ @ 12'Proceeds on disposals of properties, plants'and equipment   g,'Net cash used by investing activities   V 0,'Cash flows from financing activities:.' Proceeds from issuance of long term  'debt .  m!'Payments on long term debt  < [$'Acquisition of treasury stock   H'Dividends paid l M (,'Net cash (used) provided by financing'activities   C.'Foreign currency translation adjustment  \ u*'Net increase (decrease) in cash and'cash equivalents   -'Cash and cash equivalents at beginning'of year gs kx M@/'Cash and cash equivalents at end of year |{ gs kxB'See accompanying Notes to Consolidated Financial StatementsF' GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIESK' CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITYK' (Dollars and shares in thousands, except per share amounts)K' Trans-T' lation Share-'Capital 'Stock'Treasury ' Stock'Retained'Adjust-'holders' 'Shares 'Amount 'Shares 'Amount'Earnings 'ment 'Equity'Balance at @ _ J# 7 G A W TA'Net income !` !`'Dividends paid (N 'ote):'Class A - $.30 B B'Class B - $.44  'Treasury shares'acquired  1 H H'Translation loss  'Balance at @ ^ J# D7  sA  A'Net income @{@ @{@'Dividends paid (N 'ote):'Class A - $.30 B B'Class B - $.44   'Treasury shares'acquired  [  'Translation loss  'Balance at @ v^ J# 7   A  lA'Net income \@ \@'Dividends paid (N 'ote):'Class A - $.40  'Class B - $.59 i i'Treasury shares'acquired  k  'Translation gain    'Balance at `@  ^ J#  8 '$407,665$  ԼAY 'NOTE:Dividends paid during the calendar years 1995, 1994 and 1993, relating to the 'results of operations O ' for the fiscal years ended October 31, 1995, 1994 and 1993, were as 'follows:N' 1995 calendar year dividends per share - Class A $.40;Class B $.59N' 1994 calendar year dividends per share - Class A $.34;Class B $.50N' 1993 calendar year dividends per share - Class A $.30;Class B $.44B'See accompanying Notes to Consolidated Financial Statements