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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ___________
Commission file number 333-46134
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Greif Bros. Corporation Production Associates 401(k) Retirement Plan and Trust
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Greif Bros. Corporation
425 Winter Road
Delaware, Ohio 43015
Exhibit Index on Page 13.
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REQUIRED INFORMATION
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The following financial statements and supplemental schedules for the
Greif Bros. Corporation Production Associates 401(k) Retirement Plan and Trust
are being filed herewith:
Description Page No.
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Audited Financial Statements:
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Report of Independent Auditors Page 3
Statements of Net Assets Available for Page 4
Benefits at December 31, 2000 and 1999
Statement of Changes in Net Assets Available Page 5
for Benefits for the Year Ended
December 31, 2000
Notes to Financial Statements - December 31, 2000 Pages 6
through 10
Supplemental Schedules:
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Schedule of Assets Held for Investment Page 11
Purposes as of December 31, 2000
The following exhibit is being filed herewith:
Exhibit No. Description Page No.
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1 Consent of Ernst & Young LLP Page 14
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Report of Independent Auditors
To the Participants and Administrator of
the Greif Bros. Corporation Production Associates
401(k) Retirement Plan and Trust
We have audited the accompanying statements of net assets available for benefits
of Greif Bros. Corporation Production Associates 401(k) Retirement Plan and
Trust (the "Plan") as of December 31, 2000 and 1999, and the related statement
of changes in net assets available for benefits for the year ended December 31,
2000. These financial statements and schedule are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2000 and 1999, and the changes in its net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
held for investment purposes as of December 31, 2000, is presented for purposes
of additional analysis and is not a required part of the financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst & Young LLP
May 30, 2001
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Statements of Net Assets Available for Benefits
DECEMBER 31
2000 1999
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Investments, at fair value:
Common/collective funds $ 824,444 $ 685,141
Mutual funds 3,011,233 2,462,048
Common stock 26,305 --
Participant notes receivable 304,973 210,150
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Total investments 4,166,955 3,357,339
Employer contributions receivable 11,679 --
Employee contributions receivable 96,547 64,493
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108,226 64,493
Other (678) --
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Net assets available for benefits $4,274,503 $3,421,832
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See accompanying notes.
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2000
Additions:
Employee contributions $ 877,647
Employer contributions 145,162
Net transfers from other plans 232,231
Investment income (loss):
Net depreciation in fair value of investments (310,744)
Interest and dividend income 259,062
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(51,682)
Deductions:
Benefits paid to participants (350,687)
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Net increase in net assets 852,671
Net assets available for benefits,
beginning of year 3,421,832
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Net assets available for benefits,
end of year $4,274,503
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See accompanying notes.
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements of the Greif Bros. Corporation Production
Associates 401(k) Retirement Plan and Trust (the "Plan") are prepared using the
accrual basis of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
INVESTMENT VALUATION
The fair value of the participation units owned by the Plan in the funds are
based on the redemption value as determined by the Trustee. Redemption value
represents the Plan's original cost adjusted for investment income and any
realized and unrealized gains or losses. Unrealized gains or losses are based
upon market quotations obtained by the Trustee.
Participant notes receivable are reported at fair value as determined by the
Trustee.
PAYMENT OF BENEFITS.
Benefit payments are recorded upon distribution.
ADMINISTRATIVE EXPENSES.
All administrative expenses of the Plan are paid by Greif Bros. Corporation (the
"Sponsor").
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
2. DESCRIPTION OF THE PLAN
The following brief description of the Plan is provided for general information
purposes only. Participants should refer to the Summary Plan Description for
more complete information.
GENERAL
The Plan is a defined contribution plan covering all eligible employees with
special incentives for retirement savings and is subject to the provisions of
the Employee Retirement Income Security Act of 1974. The Plan was adopted
effective January 1, 1997. Employees are eligible for participation on the first
of the month following their date of hire and upon attaining the age of
twenty-one.
The Plan provides that the Sponsor will appoint a committee (the
"Administrator") that is responsible for keeping accurate and complete records
with regard to the Plan, informing participants of changes or amendments to the
Plan, and ensuring that the Plan conforms to applicable laws and regulations.
The Plan assets are maintained by Key Trust Company of Ohio, NA (the "Trustee").
PARTICIPANT CONTRIBUTIONS
Participants may contribute from 1% to 20% of their annual compensation into a
choice of investment options. In no event shall the amount contributed for any
plan year exceed the amount allowable in computing the participant's federal
income tax exclusion for that plan year.
EMPLOYER CONTRIBUTIONS
For employees covered under a collective bargaining agreement, the employer
matching contributions are contributed in accordance with their respective
bargaining agreement.
Effective July 1, 2000, the Plan was amended to provide for employer matching
contributions for non-union participants at an amount equal to 30% of each
participant's before tax contributions up to 6% of their annual compensation.
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
2. DESCRIPTION OF THE PLAN (CONTINUED)
EMPLOYER CONTRIBUTIONS (CONTINUED)
In addition to employee contributions required by certain collective bargaining
agreements, the Sponsor may also make contributions, if necessary, to comply
with certain non-discrimination requirements of the Internal Revenue Code
("IRC"). These qualified contributions used to comply with the IRC requirements
will be fully vested when made and subject to the same withdrawal provisions as
401(k) deferrals.
PARTICIPANT NOTES RECEIVABLE
Subject to the Administrator's approval, the Trustee is empowered to lend to
participants a portion of their account balances. Interest rates and terms are
established by the Trustee.
VESTING
Participants have full and immediate vesting in all participant contributions
and related income credited to their accounts. Participants hired prior to July
1, 2000 also have full and immediate vesting in all employer contributions and
related income credited to their account. Participants hired on or after July 1,
2000 vest in employer contributions ratably over a 5 year period.
INVESTMENT OPTIONS
Participants may designate how Plan contributions are to be invested. Prior to
July 1, 2000, Plan contributions could be invested in any combination of the
following mutual funds held by Key Trust Company of Ohio, NA: Prism Money Market
Fund, Prism MaGic Fund, Victory Limited Term Income Fund, Victory Balanced Fund,
Victory Stock Index Fund, Victory Special Value Fund and Victory International
Growth Fund.
Effective July, 1, 2000, the investment options were changed to the following
collective/common and mutual funds held by Key Trust Company of Ohio, NA: Prism
Money Market Fund, Prism MaGic Fund, AIM Value Fund, Franklin Small Cap Growth
Fund, Janus Twenty Fund, Janus Overseas Fund, Victory Life Choice Growth
Investor Fund, Victory Life Choice Moderate Investor Fund, Victory Life Choice
Conservative Investor Fund, Victory Stock Index Fund and the PIMCO Total Return
Fund. Additionally, participants may invest in funds which invest primarily in
common shares of Greif Bros. Corporation.
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
2. DESCRIPTION OF THE PLAN (CONTINUED)
PAYMENT OF BENEFITS
Withdrawals under the Plan are allowed for termination of employment, hardship
(as defined by the Plan), or the attainment of age 59 1/2. Distributions may
also be made to the participant in the event of physical or mental disability or
to a named beneficiary in the event of the participant's death. Distributions
are made in a lump sum or by installment payments.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to terminate the Plan subject to the provisions of ERISA. The
final amounts accumulated in the participant's accounts will be distributed in
accordance with Section 401(k)(10) of the Internal Revenue Code.
3. INVESTMENTS
During 2000, the Plan's investments (including investments bought, sold, as well
as held during the year) depreciated in fair value as follows:
NET REALIZED AND
UNREALIZED
DEPRECIATION IN
FAIR VALUE OF
INVESTMENTS
Mutual and Common/Collective Funds $309,462
Common Stock 1,282
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$310,744
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
3. INVESTMENTS (CONTINUED)
Investments that represent 5% or more of fair value of the Plan's net assets are
as follows:
2000 1999
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YEAR ENDED DECEMBER 31:
Franklin Small Cap Growth Fund $ 357,358 $ --
Victory Life Choice Moderate Investor Fund 1,061,865 --
Victory Stock Index Fund 1,024,283 974,128
Prism Money Market Fund 275,382 210,145
Prism MaGic Fund 547,074 474,996
Victory Balanced Fund -- 1,013,885
Victory Special Value Fund -- 216,800
Participant Loans, at estimated fair value 304,973 210,150
4. TRANSACTIONS WITH PARTIES IN INTEREST
As of December 31, 2000, the Plan owned 923 shares of the Sponsor's common
stock. Cash dividends received from the Company were $148 for the year ended
December 31, 2000.
5. INCOME TAX STATUS
The Plan has been structured similar to an Internal Revenue Service (IRS)
approved non-standardized prototype Plan. Although the plan administrator has
not yet applied for a determination letter, the plan administrator represents
that the Plan is qualified under Section 401(a) of the Internal Revenue Code
(the "Code"). The Plan administrator believes that the Plan is being operated in
compliance with applicable requirements of the Code and, therefore, believes
that the Plan is qualified and related trust is tax exempt.
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Greif Bros. Corporation
Production Associates 401(k) Retirement Plan and Trust
EIN 31-4388903 Plan 004
Schedule H, Line 4i- Schedule of Assets Held for Investment Purposes
December 31, 2000
SHARE FAIR
SHARES INVESTMENT DESCRIPTION PRICE VALUE
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Equity Mutual Funds
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3,585 AIM Value Fund 12.51 $ 44,849
9,086 Franklin Small Cap Growth Fund 39.33 357,358
3,246 Janus Twenty Fund 54.80 177,867
7,112 Janus Overseas Fund 26.54 188,757
1,616 Victory Life Choice Growth Investor Fund 11.28 18,232
95,491 Victory Life Choice Moderate Investor Fund 11.12 1,061,865
580 Victory Life Choice Conservative Investor Fund 10.87 6,308
47,908 Victory Stock Index Fund 21.38 1,024,283
Fixed Income Mutual Funds
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12,677 PIMCO Total Return Fund 10.39 131,714
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Total mutual funds 3,011,233
Common/Collective Funds
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20,663 Prism Money Market Fund 13.33 275,382
37,970 Prism Magic Fund 14.41 547,074
1,989 Prism Money Market Fund 1.00 1,988
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Total common/collective funds 824,444
Common Stock
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923 *Greif Bros. Corporation Common Stock 28.50 26,305
Loans to Participants
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Participant notes receivable, with interest rates
of 7% to 11%, with various due dates
-- 304,973
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Total investments $ 4,166,955
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* Indicates party-in-interest to the Plan.
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
GREIF BROS. CORPORATION PRODUCTION
ASSOCIATES 401(k) RETIREMENT PLAN
AND TRUST
Date: June 28, 2001 By: /s/ Michael L. Roane
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Printed Name: Michael L. Roane
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Title: Plan Administrator
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GREIF BROS. CORPORATION PRODUCTION ASSOCIATES 401(K) RETIREMENT PLAN AND TRUST
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2000
INDEX TO EXHIBITS
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Exhibit No. Description Page No.
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1 Consent of Ernst & Young LLP Page 14
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