2E   5 Arial5! Arial5" Arial5# Arial5$ Arial5%  Arial5&  Arial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a @  b @  c @  d @  e @  f  g @  h @  i @  j @  k @  l @  m @  n @  o @  p @  q @  r @  s @  t @  u @  v @  w @  x @  y @  z @  { @  | @  } @  ~ @   @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @@  @@   @  @  @  @  @   @   @ @ @ @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @ @ @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @ @ @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @  @ @ @ @ @  @ @ @ @ @  @@  @  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  !@@  "@@  #@@  $@@  %@@  &@@  '@@  (@@  )@@  *@@  +@@  ,@@  -@@  .@@  /@@  0@@  1@@  2@@  3@@  4@@  5@@  6@@  7@@  8@@  9@@  :@@  ;@@  <@@  =@@  >@@  ?@@  @@@  A@@  B@@  C@@  D@@  E@@  F@@  G@@  H@@  I@@  J@@  K@@  L@@  M@@  N@@  O@@  P@@  Q@@  R@@  S@@  T@@  U@@  V@@  W@@  X@@  Y@@  Z@@  [@@  \@@  ]@@  ^@@  _@@  `@@  a@@  b@@  c@@ d@@  e@@  f@@  g@@  h@@  i@@  j@@  k@@  l@@  m@@  n@@  o@@   p@@  q@@  r@@  s@@  t@@  u@@  v@@  w@@  x@@  y@@  z@@  {@@  |@@  }@@  ~@@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  @@  q@' q@' q@'q0*6'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES''CONSOLIDATED STATEMENTS OF INCOME6'(Dollars in thousands, except per share amounts)'Net salesO@@@W@ 'Gain on sale of timberland^@NH'Other income, net:=1& @ (<@ 0@ 'Cost of products sold Q@ @@  @2 'Selling, general and administrative expenses @ @ @ 'Restructuring charge  Z "- 'Debt extinguishment chargexP"-"-'Interest expense, net@]@\\@@C@@'Income before income taxes, minority interest in income ofI' consolidated subsidiaries and equity in earnings of affiliatesY@@3@'Income taxes e@@3'Income before minority interest in income of I' consolidated subsidiaries and equity in earnings of affiliates @B@@>'Minority interest in income of consolidated subsidiariesp\"-2'Equity in earnings of affiliates, net of taxD(Mnh'Net income @c@ @'Basic earnings per share:' Class A Common StockeG'!' Class B Common Stock'2! 'Diluted earnings per share:!' Class A Common Stock!e!G'!g!"' Class B Common Stock"""'2C$'See accompanying Notes to Consolidated Financial Statements. 7&'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES "''CONSOLIDATED BALANCE SHEETS ('(Dollars in thousands) )^As of October 31, )^As of October 31, ** +'ASSETS,'CURRENT ASSETS$-' Cash and cash equivalents-h @-0 @Y.' Trade accounts receivable-less allowance of $9,857 in 2002 and $10,596 in 2001.@.,@/' Inventories/@/@0' Deferred tax asset00K#1' Net assets held for sale1l1a%2' Prepaid expenses and other2@2P@3@30@4'LONG-TERM ASSETS15' Goodwill?less accumulated amortization5@ @5@@6' Other intangible assets?less accumulated amortization6 @6@#7' Investment in affiliates7O@7@!8' Other long-term assets8@8@9@9`@&:'PROPERTIES, PLANTS AND EQUIPMENT+;' Timber properties?less depletion;@;1@<' Land<@<L@=' Buildings=9@=s@">' Machinery and equipment>@>P^@'?' Capital projects in progress?t @?@@`@@`K@#A' Accumulated depreciationA@ϿA<A' B ]@BPx@C@C5@*E'LIABILITIES AND SHAREHOLDERS? EQUITYF'CURRENT LIABILITIESG' Accounts payableG@G@0H' Accrued payroll and employee benefitsHN@H @!I' Restructuring reservesII v J' Short-term borrowingsJJ @J* @,K' Current portion of long-term debtKpK@$L' Other current liabilitiesLҌ@L@M|@MQ@N'LONG-TERM LIABILITIESO' Long-term debtO͙@O`Ÿ@!P' Deferred tax liabilityP@f@P@+Q' Postretirement benefit liabilityQ@Ql@&R' Other long-term liabilitiesR@R?@S@@Sx@T'MINORITY INTERESTT T`U'SHAREHOLDERS? EQUITY*V' Common stock, without par valueV]VQ"W' Treasury stock, at costWWX' Retained earningsX@Ƨ@X @0Y' Accumulated other comprehensive loss:-Z' ?foreign currency translationZZ *[' ?interest rate derivatives[[*\' ?minimum pension liability\ \x]@]&@^@^5@B_'See accompanying Notes to Consolidated Financial Statements.7a'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES ,b'CONSOLIDATED STATEMENTS OF CASH FLOWS c'(Dollars in thousands) c^For the years endedc^For the years endedc^For the years endedd^ October 31, d^October 31, d^October 31, eee+f'Cash flows from operating activities:g' Net incomeg @gc@g @\h' Adjustments to reconcile net income to net cash provided by operating activities:8i' Depreciation, depletion and amortizationib@i1@i@Kj' Equity in earnings of affiliates, net of dividends receivedjjBj@Hk' Minority interest in income of consolidated subsidiarieskk`k"-%l' Deferred income taxeslDJl @liJm' Gain on disposals of properties, plants and equipment, netmjmZm4n' Increase (decrease) in cash from changes Qo' in certain assets and liabilities, net of effects from acquisitions:)p' Trade accounts receivableppDpp'q' Inventoriesq q̷ @q:>*r' Prepaid expenses and otherrTrf @rF&s' Other long-term assetss=sT_sf3 t' Accounts payablet6 @ttH5u' Accrued payroll and employee benefitsu @uuL&v' Restructuring reservesvvv)w' Other current liabilitiesw w wP0x' Postretirement benefit liabilityx^xx+y' Other long-term liabilitiesyd @yty4z' Net cash provided by operating activitiesz@@z@z@+{'Cash flows from investing activities::|' Acquisitions of companies, net of cash acquired|"-|ǘ|"-<}' Disposals of investments in government securities}"-}"-})8~' Purchases of properties, plants and equipment~x~@~D' Proceeds on disposals of properties, plants and equipment @y@$0' Net cash used in investing activities@8w+'Cash flows from financing activities:3' Proceeds from issuance of long-term debt @ "-%' Payments on long-term debt#<' Proceeds from (payments on) short-term borrowings "-' Debt issuance costsԌ"-)' Acquisitions of treasury stock0$' Exercise of stock options |' Dividends paidhʍ>' Net cash (used in) provided by financing activities@ @''Effects of exchange rates on cashZ:'Net (decrease) increase in cash and cash equivalents8"4'Cash and cash equivalents at beginning of year0 @hE.'Cash and cash equivalents at end of yearh @0 @hB'See accompanying Notes to Consolidated Financial Statements.7'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES A'CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS? EQUITY B'(Dollars and shares in thousands, except per share amounts) ^Accumulated Other ^Capital Stock ^Capital Stock ^Treasury Stock ^Treasury Stock ^Retained^ Comprehensive^Shareholders? ^Shares  ^Amount  ^Shares  ^Amount ^ Earnings  ^ Loss ^ Equity 'As of November 1, 1999 @O,|`"@E@' Net income @ @G' Other comprehensive loss ? foreign currency translationnn")$' Comprehensive incomed@#' Dividends paid (Note 8):' Class A ? $0.52")' Class B ? $0.77")#' Treasury shares acquiredF00")"' Stock options exercised`|'As of October 31, 2000Ʈ @Qd}&@X s@' Net incomec@c@$' Other comprehensive loss:-' -foreign currency translation")*' -interest rate derivatives")5' -minimum pension liability adjustmentxx")' Comprehensive income@#' Dividends paid (Note 8):' Class A ? $0.54")' Class B ? $0.80")#' Treasury shares acquiredF")"' Stock options exercised~ 'As of October 31, 2001 @Q} @U&@' Net income @ @$' Other comprehensive loss:-' -foreign currency translation")*' -interest rate derivatives<<")5' -minimum pension liability adjustment  ")' Comprehensive lossB")#' Dividends paid (Note 8):' Class A ? $0.56")' Class B ? $0.83")#' Treasury shares acquired`")"' Stock options exercised | 'As of October 31, 2002j @]}@Ƨ@@B'See accompanying Notes to Consolidated Financial Statements. 6Sheet1 6Sheet2 6Sheet3d_ Arial  O4!*d"""dFM3FM3 PropertyWK3WK3 Property  $[ hY[ [hY[ ZCMHdr$[