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Ball Corporation Ball Corporation Ball Aerospace & Technologies Corp. Celebrates 50th Anniversary 1956 - 2006 | 2005 Annual Report Ball Corporation 10 Longs Peak Drive Broomfield, CO 80021 Ball Corporation | 2005 Annual Report (303) 469-3131 www.ball.com Who We Are Core Purpose Behave Like Owners By behaving as true owners of the business, our employees deliver superior results Ball Corporation is a provider of metal and plastic packaging for beverages, foods and household products, and Ball Corporation is in business to add value to all of its and provide the best value in the products and services of aerospace and other technologies and services to commercial and governmental customers. Founded in 1880, stakeholders, whether it is providing quality products and we supply to our customers. the company employs more than 13,100 people. Ball Corporation stock is traded on the New York Stock Exchange services to customers, an attractive return on investment Attention to Detail By managing our operations under the ticker symbol BLL. to shareholders, a meaningful work life for employees or a contribution of time, effort and resources to our with relentless attention to detail we are creating communities. In all of our interactions, we ask how we safe workplaces while building a great business Mission and Strategies can get better – how we can make it better, be better that consistently delivers superior value. and do better, for our own good and the good of those To be the premier provider to our packaging and aerospace and technologies customers of the products and services Build on Strengths We intend to build on our who have a stake in our success. heritage of ethics, integrity, quality and value in all that we offer as we aggressively manage our business, and to explore and pursue acquisitions, divestitures, strategic our dealings by treating all stakeholders the way alliances and other changes that would benefit Ball’s shareholders. Core Values we would like to be treated. In packaging, our strategy is to leverage our superior continuous process improvement expertise in order to manufacture, market, sell and service high-quality, value-added products that meet the needs of high-volume Certain guiding principles and core values have allowed us to prosper. These include: and/or growing customer segments of the beverage, food and household product markets. Integrity Our reputation for integrity is one of our most Additional photo information and credits: In aerospace and technologies, our strategy is to provide remote sensing systems and solutions to the aerospace important assets. We will not compromise our integrity and defense markets through products and services used to collect and interpret information needed to support Pages 2 and 12 (Deep Impact): Artwork by or risk damage to our reputation in return for financial Ball Aerospace & Technologies Corp., modified national missions and scientific discovery. gain or for any reason. by Tim Cline, U. Maryland. Respect We respect our employees, our customers, Page 3 (CALIPSO satellite): © CNES our suppliers, our shareholders – indeed, all of our stakeholders. In all of our dealings we strive to show Page 5 (Golden employees): back row l-r: George that respect and to treat people with dignity. Henke, general supervisor, cans; Frank Lodico, general supervisor, cans; Brad Branson, department manager; Motivation We have a strong desire to be successful front row l-r: Dave Demers, millwright supervisor; Todd and to be measured against the best. Hattersley, electrical supervisor; Tim Faber, engineering Financial Highlights Flexibility We are willing to challenge our own manager; Allen Terkildsen, engineering project manager; Ball Corporation and Subsidiaries assumptions and adapt to changing circumstances John Schrader, production manager, cans for the long-term good of the corporation. ($ and amounts in millions, except per share amounts and percentages) 2005 2004 Page 7 (Bonn Technical Center) l-r: Bert Bast, senior Innovation We strive to be creative and innovative director, special projects; Wilfried Mohr, laboratory Stock Performance in our products, our processes and the way we technician; Rob Miles, vice president sales & marketing; Annual return to common shareholders conduct business. Bernd Ullmann, manager, new product development; (share price appreciation plus assumed reinvested dividends). (8.8)% 48.8% Ralf Lieberz, project engineer measurement technology; Closing market price per share . $ 39.72 $ 43.98 Teamwork We operate as a team. Everyone has Torsten Becker, engineer beverage technology Total market value of common stock. $ 4,139 $ 4,956 his or her job, but it takes all of us working together Shares outstanding at year end. 104,200 112,691 for the company to succeed. Page 9 and 12 (Joint Strike Fighter): © Lockheed Martin Shares outstanding assuming dilution (1) . 106,142 114,742 Page 9 (Deep Impact team): back row l-r: Mike Operating Performance Five Keys to Success Renbarger, Nick Taylor, Monte Henderson, Joe Galamback, Tim Torphy, Dave Acton; middle row Net sales . $ 5,751 $ 5,440 We strive to perpetuate and grow the enterprise while (2) l-r: Rod Gillard, Dave Herhager, Michelle Goldman, Earnings before taxes . $ 346 $ 435 adhering to our core values and following our five keys (2)(3) Jim Crane, Stu Gray, Chris Burno; front row l-r: Ken Earnings before interest and taxes (EBIT) . $ 463 $ 539 to success. Those keys are: Net earnings (2). $ 262 $ 296 Hutchison, Lorna Hess-Frey, John Mah, Alec Baldwin Basic earnings per share (2). $ 2.43 $ 2.67 Close to Customers We have a total commitment Diluted earnings per share (2). $ 2.38 $ 2.60 to being close to our customers and understanding their Copyright © Ball Corporation 2006 Cash dividends per share. $ 0.40 $ 0.35 needs and future direction. This commitment extends Ball and are trademarks of Ball Corporation Reg. U.S. Pat. & Tm. Office. Number of employees. 13,100 13,220 throughout our organization. (1) Represents shares outstanding at year end plus the assumed exercise of options that are “in-the-money” at year end, less an estimate of shares that could be Creativity and Imagination Our employees’ creativity repurchased at the year-end market price of Ball stock using the assumed exercise proceeds. This measure is not the same as the diluted weighted average and imagination enable us to deliver innovations in shares outstanding used in the calculation of diluted earnings per share. products, process development and the way we conduct (2) Includes expense of $21.2 million ($0.12 cents per diluted share) in 2005 and income of $15.2 million ($0.08 cents per diluted share) in 2004 related to business consolidation and other activities. Also includes expense of $19.3 million ($0.12 cents per diluted share) in 2005 for debt refinancing costs. business so we can better serve our customers, grow the Additional details are available in the company’s consolidated financial statements. company and increase the value of the enterprise. (3) Management utilizes earnings before interest and taxes (EBIT) as an internal measure for evaluating operating results and for planning purposes. EBIT is shown prior to interest expense of $116.4 million, including $19.3 million for debt refinancing costs, in 2005 and $103.7 million in 2004. This Summary Annual Report should be read in conjunction with the audited consolidated financial statements and other information contained in Ball Corporation’s Annual Report on 10-K for 2005 furnished with the Company’s Proxy Statement for the 2006 Annual Meeting of Shareholders. Letter To Our Shareholders Dear Fellow Shareholder: we supply each year in North America. We are consolidating end production into fewer locations Ball Corporation’s 125th year was a memorable one. and installing new machines to streamline manufacturing We produced and sold some 56 billion containers in our end manufacturing centers, which will be among for beverages and foods. the most efficient in the industry when the project Spacecraft and instruments we built performed one is completed. of the most difficult feats ever attempted in deep space. In our beverage can operations in both Europe and The corporation’s results remained near the record North America, we continue to invest in our capability to levels we have established in recent years. produce specialty containers. By “specialty containers” we And perhaps most significantly, we undertook projects mean other than standard 12-ounce cans in North America and programs designed to improve our processes and and standard 33- and 50-centilitre cans in Europe. our products and to position us for continued success Demand for specialty cans has been growing rapidly, in the future. particularly for beer and energy drinks. Our response has Our long-term objective been to convert existing lines to the production of specialty Sales in 2005 were a record $5.8 billion. Earnings were cans, giving us the capacity and flexibility to meet the $261.5 million, or $2.38 per diluted share. Our long-term increased demand without adding new lines. goal is to achieve 10 to 15 percent annual growth in diluted Similarly, in our plastic container operations in the earnings per share. Early in 2005 we said that it would U.S. we are investing primarily in our capability to produce be a challenging year as we dealt with higher costs and heat-set containers for products that are experiencing commenced a multi-year capital spending program in growth. The capacity we are adding, all in our existing our beverage can and aerospace operations. Still, since plants, will go to meet this incremental growth. Results 2002 our annual earnings per diluted share have from our plastic container operations in 2005 reached their increased by an average of 20.5 percent per year. highest levels in the decade we have been in this business. While that is encouraging, there is need for further Preparing for future growth improvement in order for our plastic container opera- Ball Corporation continued to be a strong tions to earn our cost of capital.
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