Ball

t

r
o
p
e
R

l
a
u
n
n
A

4
0
0
2

|

n
o
i

t
a
r
o
p
r
o
C

l

l
a
B

E V O L U T I O N

Ball Corporation
10 Longs Peak Drive
Broomfield, CO 80021
(303) 469-3131
www.ball.com

“Our Quasquicentennial Year”

 
 
 
 
 
 
 
A B O U T   B A L L   C O R P O R A T I O N
Ball Corporation is a provider of metal and plastic packaging, primarily for beverages and foods, and of aerospace and other technologies and 
services to commercial and governmental customers. Founded in 1880, the company employs more than 13,200 people in 75 locations worldwide.  
Ball Corporation stock is traded on the New York Stock Exchange under the ticker symbol “BLL.”

M I S S I O N   A N D   S T R A T E G I E S
To be the premier provider to beverage, food and aerospace and technologies customers of the products and services that we offer as we aggressively 
manage our business, and to explore and pursue acquisitions, divestitures, strategic alliances and other changes that would benefi t Ball’s shareholders.
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 and/or growing customer segments of the beverage, food and other markets.
In aerospace and technologies, our strategy is to provide remote sensing systems and solutions to the aerospace and defense markets through 

products and services used to collect and interpret information needed to support national missions and scientifi c discovery.

.
e
c
fi 
f
O

.

m
T
&

.
t
a
P

.

.

S
U

.

g
e
R

,

n
o
i
t
a
r
o
p
r
o
C

l
l

a
B

f
o
s
k
r
a
m
e
d
a
r
t
e
r
a

d
n
a

l
l

a
B

5
0
0
2
n
o
i
t
a
r
o
p
r
o
C

l
l

a
B
©

t
h
g
i
r
y
p
o
C

F I N A N C I A L   H I G H L I G H T S
B a l l   C o r p o r a t i o n   a n d   S u b s i d i a r i e s  

($ in millions, except per share amounts) 

2004 

2003

Stock Performance
Annual return to common shareholders (share price appreciation plus assumed reinvested dividends)  . . . . . . . .   
48.8% 
Closing market price per share (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  43.98  
Total market value of common stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  4,956  
   112,691  
Shares outstanding at year end (000s) (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Shares outstanding assuming dilution (000s) (1)(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   114,742  

17.4%
$  29.79 
$  3,359 
  112,779 
   114,815 

Operating Performance
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  5,440  
435 
Earnings before taxes (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Earnings before interest and taxes (EBIT) (3)(4)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
539 
296  
Net earnings (3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
2.67  
Basic earnings per share (1)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Diluted earnings per share (1)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
2.60  
0.35  
Cash dividends per share (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Number of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   13,220  
(1)  Amounts for 2003 have been retroactively restated for a two-for-one stock split, which was effective August 23, 2004. 
(2)  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 repurchased at the 

$  4,977 
320 
$ 
461 
$ 
230 
$ 
2.06 
$ 
2.01 
$ 
$ 
0.24 
  12,630 

year-end market price of Ball stock using the assumed exercise proceeds. This measure is not the same as the diluted weighted average shares outstanding used in the calculation 
of diluted earnings per share. 

(3)  Includes income of $15.2 million ($0.08 cents per diluted share) in 2004 and $3.7 million ($0.02 cents per diluted share) in 2003 related to the fi nalization of various business 
consolidation and other activities. Also includes expense of $15.2 million ($0.13 cents per diluted share) in 2004 for a bad debt provision related to a minority-owned investment 
and $15.2 million ($0.09 cents per diluted share) in 2003 for debt refi nancing costs. Additional details are available in the company’s consolidated fi nancial statements.

(4)  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 $103.7 million in 2004 and $141.1 million in 2003.

This Summary Annual Report should be read in conjunction with the audited consolidated fi nancial statements and other information contained in Ball Corporation’s Annual Report on 
10-K for 2004 furnished with the Company’s Proxy Statement for the 2005 Annual Meeting of Shareholders.

.

d
n

I

i

,
e
c
n
u
M

,

n
o
i
t
c
e

l
l

i

o
C
e
g
a
t
i
r
e
H
a
t
s
i
r
t
e
n
n
M
e
h
T
d
n
a
y
t
i
s
r
e
v
n
U
e
t
a
t
S

i

l
l

a
B

f
o
y
s
e
t
r
u
o
c
s
o
t
o
h
p
c
i
r
o
t
s
h
e
m
o
S

i

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dear Fellow Shareholders:

Sometime in 2005, Ball Corporation will turn 125 years old. 
Company records and historians are certain of the year, though less certain about a particular month or day.
That’s fi ne with us, because throughout the year we intend to mark this milestone in our  history. To confi ne 

it to a single day just wouldn’t do after so many years of tangible accomplishment.

We will feel good as we celebrate because 2004, the last full year in our fi rst 125, was also the best in the 

company’s history, with record sales, record earnings and record operating cash fl ow.

More important, perhaps, we will celebrate while trying to ensure that 2005 will see us achieve even greater results, 

much as 2004 built on a record 2003.

There won’t be any grand balls or elaborate 125th anniversary events. You won’t see our name or quasquicentennial 

logo in a special corporate image advertising campaign, other paid promotions or on blimps.

We reached 125 years by quietly and confi dently going about our business. We’ll celebrate the same way. 
Our guiding philosophy really is quite simple and straightforward. It is a gift from our corporate founders. You will fi nd 
it on the page following this letter. It works for us, as demonstrated by our long, successful history and most recently 
by Ball Corporation’s 2004 results.

Exceeding our goals
In  2004  we  earned  a  record  $295.6  million  ($2.60  per  diluted  share)  on  record  sales  of  $5.44  billion,  compared  to 
$229.9 million ($2.01 per diluted share) on sales of $4.98 billion in 2003.

Our long-term objective is to improve annual earnings per diluted share by an average of 10 to 15 percent over time. 
In recent years we have far exceeded that goal, with earnings per diluted share up 29 percent in 2004 and an average 
of more than 45 percent per year over the past three years.

We also focus on the generation of cash and the prudent use of that cash. Our cash fl ow from operations in 2004 was 

$536 million. Since the end of 2001, we have generated more than $1.35 billion in cash fl ow from operations.

Prudent use of cash
Our success depends in no small way on us making wise choices regarding the 
use of  that  cash.  We  have  the  standard  choices  –  invest  in  the  business,  make 
 acquisitions, reduce debt, pay dividends and buy back stock.

When  we  have  the  opportunity  to  improve  our  existing  businesses  and  earn 
more than  our  cost  of  capital,  we  take  it.  We  are  building  a  new  beverage  can 
 manufacturing plant near Belgrade, the largest foreign investment in Serbia since the 
end of hostilities there. We are converting selected manufacturing lines in Europe 
and North America from the production of standard size commodity beverage cans 
to the production of specialty cans as our customers’ needs for new sizes and styles 
of beverage cans continue to grow. To accommodate the nearly 600 new people we 
hired in our aerospace business in 2004 and the many contracts we are  bidding and 
winning for spacecraft and space instrumentation, we are expanding and upgrading 
facilities in our aerospace and technologies segment.

We have made two large acquisitions since 1998 in the beverage can manu fac turing 
assets of Reynolds Metals and Schmalbach-Lubeca. The  successful integration 
of these acquisitions has elevated us to a leadership position in our largest product 

R. David Hoover
Chairman, president and
chief executive offi cer

1

area. We also have made a number of smaller, strategically important acquisi-
tions such as the one early in 2004 that made us sole owner of a large metal 
food can manufacturing facility in California.

Since  the  acquisition  of  our  European  beverage  can  business  at  the  end 
of 2002 we have been diligent in reducing debt associated with that transaction. 
Two years later, at the end of 2004, we had reduced debt and increased cash by 
a total of $536 million.

In 2004 we increased the regular quarterly dividend on our common stock 
by  33  percent,  the  third  time  we  have  increased  the  dividend  in  the  past 
three years.

We  have  been  a  signifi cant  acquirer  of  our  own  stock,  repurchasing  more 
than $200 million worth of net shares between 2001 and the end of 2004 and an 
additional $125 million in January 2005. Approximately 8 million shares remain 
under a stock repurchase authorization approved by the board of directors in 
July 2004. 

Stock Performance
(based on initial investment of $100 in 1997)

$600

$500

$400

$300

$200

$100

97 98 99 00 01 02 03 04

  BLL 

  S&P 500 

  Dow: Containers

Strength and flexibility
We reached 125 years and achieved a record 2004 by demonstrating the fl exibility needed to adapt to changing times and 
take advantage of developing market opportunities. We have the fi nancial strength to pursue those opportunities that make 
the most sense and offer the greatest long-term potential to the corporation. It is this combination of fi nancial strength and 
strategic fl exibility that has characterized Ball throughout its history, and will continue to defi ne it in the future.

We also have the human strength. While many of our employees have devoted much of their working lives to Ball, 
an increasing number of our employees are new to the company. Many came to us through acquisitions both large 
and small. Others came with the growth of our still-young plastic container business. Fully half of our 3,100 aerospace 
employees have been with Ball for fewer than fi ve years. New people bring new ideas that help fuel the creativity and 
imagination of the entire organization. We appreciate the contribution of every employee, old and new.

One of our greatest strengths, now and throughout our history, is the outstanding customer base we serve. We are 
privileged to provide packaging products for many of the world’s leading names in the beverage and food industries, and 
our aerospace and technologies segment works with the top defense and space agencies, laboratories and scientifi c 
investigators in the world. We are honored by the trust our customers place in us, and determined to continue to add 
value to our relationships with them.

The only fi reworks
If all goes as planned, on the Fourth of July in 2005, a spacecraft built by Ball will rendezvous with a comet after a journey 
of six months and more than 265 million miles. This technically challenging mission holds the promise to greatly expand 
knowledge about the formation of the universe. One part of the spacecraft will impact with the comet while the other 
part observes and sends back images and data to scientists on Earth. The celestial show that could occur may be the 
only fi reworks related in any way to our quasquicentennial. For the most part it will be business as usual, as it has been 
for the past 125 years, as we continue to build on our tradition of serving our  customers, providing jobs, rewarding 
investors and participating in our communities. In the process, we will fi nd the time to celebrate and make note of 
those things that have allowed us to prosper for so long.

If we do these things properly, our future should be every bit as bright as our past has been proud.

2

R. David Hoover
Chairman, president and chief executive offi cer

George A. Ball | William C. Ball | Frank C. Ball | Lucius L. Ball | Edmund B. Ball 

“Our Quasquicentennial Year”

Ball Corporation has changed dramatically over its 125 years, from a small, family-owned  business 

into a public  company with people and interests around the world. We believe a core purpose and 

core values, established in our early years and refi ned and adhered to throughout our history, have 

provided us with a guiding philosophy that has helped us prosper.

Core Purpose

Ball Corporation is in business to add value to all of its stakeholders, whether it is providing quality products and 
services to customers, an attractive return on investment to shareholders, a meaningful work life for employees or a con-
tribution of time, effort and resources to our communities. In all of our interactions, we ask how we can get better – how 
we can make it better, be better and do better, for our own good and the good of those who have a stake in our success.

Core Values
Integrity – Our reputation for integrity is our most important asset. We will not compromise our integrity or risk 
damage to our reputation in return for fi nancial gain or for any reason.

Respect – We respect our employees, our customers, our suppliers, our shareholders – indeed, all of our stakeholders. 
In all of our dealings we strive to show that respect and to treat people with dignity.

Motivation – We have a strong desire to be successful and to be measured against the best.

Flexibility – We are willing to challenge our own assumptions and adapt to changing circumstances for the long-
term good of the corporation.

Innovation – We strive to be creative and innovative in our products, our processes and the way we conduct business.

Teamwork – We operate as a team. Everyone has his or her job, but it takes all of us working together for the 
company  to succeed.

3

Ball Corporation Yesterday

B A L L C O R P O R AT I O N TO DAY

The wooden jacketed 
can was the fi rst Ball 
packaging product, 1880

North American Packaging

For all of our 125-year history, Ball Corporation has produced packaging in North 

America. Our products have evolved as the needs of our packaging customers and their 

consumers have evolved. Today our focus is on two specifi c growth strategies: developing 

innovative and distinctive brand-building packages to help our customers grow, and 

 manufacturing more value-oriented packaging that meets and exceeds consumers’ 

 expectations, all the time maintaining our leadership as a low-cost provider of 

packaging products.

In 2004 Ball addressed these strategies with the expansion of our Edmund F. Ball 

Technology & Innovation Center (BTIC) in Westminster, Colo. We completed the 

relocation of our plastics technology and development operations from Smyrna, Ga., to the 

BTIC and are already offering our customers the advantages that come from housing our three 

packaging technology operations – for metal beverage, metal food and plastics – under one roof. 

The expanded BTIC and our European technical center in Bonn, Germany, are developing 

innovative packaging and processes for our customers on both continents and elsewhere.

We introduced in 2004 a new line of heat-set PET bottles called Heat-Tek™ that are 

ideal for juices, teas, sports drinks, vitamin-enhanced water and other beverages that are 

fi lled at temperatures up to 185 degrees Fahrenheit. As consumer demand for healthier 

beverages and the conversion from glass to plastic containers continue, Ball’s Heat-Tek™ 

bottles are providing on-the-go packaging targeted to those growing products.

To help meet the continued growth of Ball’s custom can business, we announced plans 

to convert a metal beverage container line in our Golden, Colo., plant to the fast-growing 

24-ounce can from the 12-ounce can. The conversion will be complete by the end of the 

second quarter of 2005. In addition to demand from beverages traditionally packaged in 

cans, custom can growth is coming from additional product areas such as wine and dairy.

In March 2004 we solidifi ed our signifi cant West Coast presence in the metal food 

container industry with the acquisition of Ball Western Can Company, LLC, a metal food 

container plant in Oakdale, Calif. Ball Western Can was established in 2000 as a joint venture 

between Ball and ConAgra Grocery Products  Company. Our Oakdale plant is providing 

metal food packaging to ConAgra Foods manufacturing  locations in California while also 

serving other key West Coast food customers.

Innovations and initiatives like these allow Ball to continue to grow and perform 

in the large North American packaging market. 

Ball factory glass blowers, Buffalo, N.Y., 
circa 1882

A catalog drawing of oil cans produced by Ball, 
circa 1883

The amber 
“Buffalo Jar” was 
one of the fi rst fruit 
jars made by Ball, 
circa 1884

Early sign for Ball Brothers Glass 
Manufacturing Company, 1886

4

Ball Corporation Yesterday

Ball Brothers glass factory, Muncie, Ind., 
circa 1889

We expanded our innovative line of Heat-Tek™ 
PET bottles in 2004 to help meet demand for 

hot-fi lled beverages.

The founding Ball brothers in 1893

Our wine can was a commercial 

success in North America, proving 

that premium wine and the 

convenient, cold-chilling can 

are a great combination.

F.C. Ball machine, the fi rst semi-automatic 
glass-making machine, circa 1898

The expanded Edmund 

F. Ball Technology & 

Innovation Center in 

Westminster, Colo., 

combines our aluminum, 

steel and plastic packaging 

development expertise 

in one modern facility.

Ball jars warehoused in an open fi eld before 
shipping, Muncie, Ind., circa 1903

Muncie, Ind., glass factory employees, 
circa 1905

5

Ball Corporation Yesterday

B A L L C O R P O R AT I O N TO DAY

Ball employees pose in front of a railroad car 
carrying several automatic Ball-Bingham glass 
making machines at the Muncie, Ind., factory, 
circa 1906

International Packaging

In our second full year of operating Ball Packaging Europe, we continued to expand that 

business both geographically and through the introduction of innovative new products.

In May 2004, Ball Packaging Europe began construction of a new aluminum beverage 

can plant near Belgrade, Serbia. The plant will have a capacity of 650 million cans per year 

and will serve the Eastern European region, where beverage can demand is   expected to 

grow in double digits. Production is scheduled to begin in mid-2005.

We also converted a steel beverage can line in Hermsdorf, Germany, and a line 

Parade fl oat, “We Jar the World,” 1927

in Oss, the Netherlands, to aluminum to better allow us to meet increased demand for 

Women’s industrial basketball 
team representing the white liner 
department at Ball Brothers, 1932

Ball’s display at 1933 Chicago Century of 
Progress International Exposition

aluminum cans throughout Europe.

Ball Packaging Europe, largely through its extensive capabilities at its technical center 

in Bonn, Germany, continued to develop new products and processes in 2004. For 

example, a slimmer diameter can launched successfully in Germany, where a poorly 

planned deposit system created turmoil in the market and forced canmakers to seek 

export markets for cans produced in Germany. The “Sleek” can is being used in select 

retail outlets in Germany and in 2005 will be launched commercially in France, 

Portugal and Spain.

We also continue to develop our can embossing capabilities and have installed a 

second embosser in Europe, this time in our plant in Radomsko, Poland. We will sell 

about 650 million embossed cans in 2005, making Ball Packaging Europe the largest 

supplier of embossed cans on the continent. Another successful Ball innovation in Europe 

includes the introduction of waterless printing techniques for cans sold in Belgium, 

France and Spain.

In the last 18 months, we believe the China beverage market has grown by more than 

10 percent. That trend appears to be continuing into 2005, with both canned soft drinks 

and beer making inroads with Chinese consumers. As a result, Ball Asia Pacifi c Ltd. is close 

to full utilization of its plants in China. We have operated in China for two decades, 

and today believe our plants there are well positioned to benefi t from continued growth 

in that market.

Ball’s growing glass plant, Muncie, Ind., 1938

Our Brazilian joint venture, Latapack-Ball Embalagens, Ltda., improved results in 

2004 by increasing operating effi ciencies as volumes rebounded after a diffi cult 2003.

6

B A L L C O R P O R AT I O N TO DAY

International Packaging

In our second full year of operating Ball Packaging Europe, we continued to expand that 

business both geographically and through the introduction of innovative new products.

In May 2004, Ball Packaging Europe began construction of a new aluminum beverage 

can plant near Belgrade, Serbia. The plant will have a capacity of 650 million cans per year 

and will serve the Eastern European region, where beverage can demand is   expected to 

grow in double digits. Production is scheduled to begin in mid-2005.

We also converted a steel beverage can line in Hermsdorf, Germany, and a line 

in Oss, the Netherlands, to aluminum to better allow us to meet increased demand for 

aluminum cans throughout Europe.

Ball Packaging Europe, largely through its extensive capabilities at its technical center 

in Bonn, Germany, continued to develop new products and processes in 2004. For 

example, a slimmer diameter can launched successfully in Germany, where a poorly 

planned deposit system created turmoil in the market and forced canmakers to seek 

export markets for cans produced in Germany. The “Sleek” can is being used in select 

retail outlets in Germany and in 2005 will be launched commercially in France, 

Portugal and Spain.

We also continue to develop our can embossing capabilities and have installed a 

second embosser in Europe, this time in our plant in Radomsko, Poland. We will sell 

Ball Packaging Europe’s extensive 

embossing capabilities produced 

this premium embossed can for 

Gordon Finest Platinum Beer

 in January 2005.

Ball Corporation Yesterday

Zinc battery shells made for U.S. armed 
forces at Ball’s zinc rolling plant, 1943

A new type of waterless 

printing process developed 

by Ball Packaging Europe 

produces exquisitely 

detailed high-resolution 

photos and expands the 

color palette to produce 

eye-catching packages.

Employees hand inspect commercial glass jars at 
the end of a manufacturing line, Muncie, Ind., 
circa 1950

Ball Brothers Research Corp., 
the forerunner of Ball Aerospace, formed 
in Boulder, Colo., in 1956

Our new metal beverage container plant near Belgrade, Serbia, 

will supply the fast-growing eastern European market with up 

about 650 million embossed cans in 2005, making Ball Packaging Europe the largest 

to 650 million cans per year.

supplier of embossed cans on the continent. Another successful Ball innovation in Europe 

includes the introduction of waterless printing techniques for cans sold in Belgium, 

France and Spain.

In the last 18 months, we believe the China beverage market has grown by more than 

10 percent. That trend appears to be continuing into 2005, with both canned soft drinks 

and beer making inroads with Chinese consumers. As a result, Ball Asia Pacifi c Ltd. is close 

to full utilization of its plants in China. We have operated in China for two decades, 

and today believe our plants there are well positioned to benefi t from continued growth 

in that market.

Our Brazilian joint venture, Latapack-Ball Embalagens, Ltda., improved results in 

2004 by increasing operating effi ciencies as volumes rebounded after a diffi cult 2003.

A variety of commercial glass containers made 
by Ball, circa 1960

Ball forms plastic 
container division 
with plant in 
Joliet, Ill., 1962

6

7

Ball Corporation Yesterday

B A L L C O R P O R AT I O N TO DAY

Aerospace and Technologies

Ball Aerospace & Technologies Corp. won signifi cant new business in 2004 and continued 

its rapid growth to accommodate larger, more complex programs. It employed a record 

3,100 people by the end of the year and embarked on a number of exciting new projects 

that will help us better understand our universe as well as support our critical national 

security interests around the world.

One of the most exciting programs in the history of Ball Aerospace launched into space 

in  January 2005, when the Deep Impact fl yby spacecraft and smart impactor began their 

six-month journey to meet comet Tempel 1. Deep Impact and Tempel 1 are scheduled 

to meet on July Fourth, when the impactor is programmed to slam into the sunlit side 

of the comet’s surface. The collision will reveal what scientists believe is some of the oldest 

material in our solar system, which the fl yby craft will analyze, as well as the resulting 

crater in Tempel 1.

Other milestones reached by Ball Aerospace in 2004 include:

•  A Boeing/Ball Aerospace team was awarded a $189 million contract by the U.S. 

Air Force for the Space-Based Space Surveillance (SBSS) System. Ball Aerospace is 

 responsible for the space segment including spacecraft bus and visible sensor payload.

•  In July, Ball Aerospace was selected for early stage development of an advanced  
sensor for the U.S. government’s next generation environmental satellite system. 

The  Hyperspectral Environmental Suite, or HES, will fl y on the Geostationary 

Operational Environmental Satellites (GOES-R) system, scheduled for a 2012 launch.

•  In December, Ball Aerospace delivered the High Resolution Imaging Science 

 Experiment, or HiRISE, camera to Lockheed Martin Space Systems for integration 

into the Mars Reconnaissance Orbiter (MRO). The HiRISE instrument is expected to 

provide color stereo images of the Martian surface at six times higher resolution than 

any existing images. MRO will look for evidence of past or present water, study the 

 climate record, and identify landing sites for future missions, including sample return 

and potential human exploration on Mars. It is scheduled for launch in August 2005 

and to reach Mars in March 2006.

Quilted crystal jelly jars introduced, 1965

Orbiting Solar Observatory-4 launch crew 
mating the satellite to a rocket, 1967

Ball acquired Jeffco Manufacturing, 
Golden, Colo., and entered metal 
beverage container business, 1969

Ball Brothers Corporation name changed 
to Ball Corporation, 1969

Ball-designed low-light-level camera for 
the Sea Sparrow missile system, 1972

8

Ball Aerospace & Technologies Corp., 

in association with the University 

of Maryland and the Jet Propulsion 

Laboratory (JPL), developed the Deep 

Impact fl yby spacecraft, impactor 

spacecraft and science instruments 

to analyze the interior of comet 

Tempel 1 as the eighth mission in 

NASA’s Discovery Program.

Spirit and Opportunity 

rovers exceeded their 

planned life span, sending 

images of Mars to Earth 

using Ball antennas 

and electronics.

Ball Corporation Yesterday

Ball stock fi rst traded on 
New York Stock Exchange, 1973

Agricultural systems division formed, 1975

Unimark Plastics acquired, 1978

Ball begins making zinc penny blanks for 
U.S. Mint, 1981

Ball Aerospace completed 

the High Resolution Imaging 

 Science Instrument (HiRISE) for 

NASA’s Mars Reconnaissance 

Orbiter (MRO), which will take 

high-resolution images of the 

Martian surface from orbit.

Ball’s fi rst Chinese beverage can joint venture, 
Guangzhou, 1986

9

Ball Corporation Yesterday

B A L L C O R P O R AT I O N TO DAY

Ball Packaging Products Canada, 
Inc., joint venture formed, 1988

Ball spins off seven smaller businesses, 
including home canning, to form
Alltrista Corporation, 1993

Ball-built Corrective Optics Space Telescope 
Axial Replacement (COSTAR) installed on 
Hubble Space Telescope, fi xes Hubble’s blurred 
vision, 1993

Ball, the Environment and 
Community Responsibility

Ball Corporation recognizes the importance of protecting the environment. That’s 

why we put in place procedures that begin with ensuring compliance with environmental 

 regulations and extend to signifi cant recycling, waste minimization, energy conservation 

and environmental management programs.

As an active member in several industry trade and recycling organizations, Ball provides 

funding and leadership in the development of recycling initiatives. Within our own plants, 

we recycle all scrap metal and plastic, secondary packaging such as pallets and plastic 

strapping and other materials used in day-to-day operations from paper to oil to batteries. 

Ball’s aluminum and steel containers are among the most environmentally friendly 

packaging containers and contain on average 40 percent recycled aluminum and 31 percent 

recycled steel. Ball’s Amazon HM® barrier PET bottle was recently awarded the “Champions 

of Change” award by the Association of Postconsumer Plastics Recyclers for being specifi cally 

designed to be compatible with current recycling processes.

Ball strives to help preserve natural resources by fi nding new ways to conserve energy. 

We created an energy conservation team to identify and implement energy-saving 

opportunities within our facilities. Our metal beverage container plants, for example, 

have reduced temperatures in process curing ovens to reduce consumption of natural 

gas by approximately 30 million cubic feet annually, while maintaining strict product 

quality parameters. Ball’s metal food container plant in Springdale, Ark., is installing a 

heat recovery system that will reduce natural gas consumption by approximately 46 

Heekin Can, Inc., acquired, 1993

percent. Our packaging plants have also been working on compressed air reductions to 

reduce electrical energy consumption and improved capture systems to reduce emissions.

Those are only a few of the many actions we are taking as we strive to continue to be 

a good corporate citizen. Our goal is to reduce Ball’s environmental footprint even as we 

provide jobs to more than 13,200 people and create value for our shareholders and other 

key stakeholders. These are compatible goals, and we will remain focused on achieving 

them together.

Ball starts up PET plastic container 
 operations, 1994

10

In Poland, Ball Packaging Europe played 

a lead role in founding Recal, the Polish 

environmental trust fund. Recal launched a 

campaign called “Collect Cans – Protect the 

Environment” in popular vacation areas and 

organized 150 ecological workshops.

Ball Corporation Yesterday

Ball relocates corporate headquarters
to Colorado, 1998

Our North American beverage 

can plant employees collected 

more than 23,000 pounds of used 

aluminum cans as part of our 2004 

America Recycles Day campaign. 

Our plants recycle aluminum, steel 

and plastic every day as part of the 

manufacturing process.

Reynolds Metals beverage can plants acquired, 
making Ball the largest beverage can maker in 
North America, 1998

Ball Packaging 
Europe formed 
with acquisition 
of Schmalbach-
Lubeca beverage 
can assets, 2002

Ball employees participate in a variety of community activities, including 

volunteering to help build this Habitat for Humanity house in Colorado.

The Spitzer Space Telescope, which uses a 
cryogenically cooled telescope built by Ball 
Aerospace, reveals fi rst images, 2003

Ball celebrates quasquicentennial, 2005

11

B A L L C O R P O R AT I O N TO D AY — A N O V E R V I E W

Pa c k a g i n g

North American

Products and Services

Representative Customers

Customer Products

Two-piece aluminum beverage 
cans and easy-open beverage 
can ends for a variety of 
products; two-piece beverage 
can technology services and 
support; plastic containers in 
a variety of shapes and sizes; 
two- and three-piece steel 
food cans in a wide range 
of heights and diameters 
using draw-redraw, draw 
and ironed, and three-piece 
welded can technology; steel 
food can services and support

Two-piece aluminum and steel 
beverage cans and easy-open 
beverage can ends for a 
variety of products; two-piece 
beverage can technology 
services and support; plastic 
containers for oil products

International

Ae r o s p a c e   a n d  Te c h n o l o g i e s

Electro-optical and infrared 
sensors, spacecraft and data 
exploitation for governments, 
commercial space and 
science communities

Allen Canning; Anheuser-Busch; 
Bush Brothers; Cadbury 
Schweppes; Campbell Soup; 
Canadian Fishing Company; 
Carriere; Cask; City Brewery; 
Coca-Cola; ConAgra; Cott; Dean 
Foods; Go Fast; Hansen’s; High 
Falls Brewing; Hirzel  Canning Co.; 
Hormel; Icicle Seafoods; Kraft; 
 Lakeport Brewing; Lakeside 
Foods; Masterfoods; Molson 
Coors; Monarch; Morgan Foods; 
National Beverage; Niebaum-
Coppola; Nitro2Go; O-AT-KA; 
Pepsi-Cola; Red Gold; Rock Star; 
SABMiller; Safeway; Seneca 
Foods; Shasta;  Sleeman; Strong 
Spirits LLC; Trident  Seafoods; 
XS Energy

A.S. Watson Group; AmBev; 
Anheuser-Busch; Bavaria N.V.; 
 Cervejaria Petrópolis S.A.; 
Beijing Yanjing Brewery; 
Britvic (Pepsi); Coca-Cola; 
ExxonMobil Worldwide; 
 Guangzhou Pepsi; Guinness; 
Heineken; Inbev; Kingsway 
Beer; Mahou/San Miguel; 
Molson Coors; SABMiller; 
San Miguel Group; 
Schweppes/Orangina; 
Tianjin Coke; Tingjin; 
Tsingtao; Wahaha

BAE Systems; Boeing; Defense 
Advanced Research Projects 
Agency; DigitalGlobe; General 
Dynamics; Jet Propulsion 
Laboratory; NASA Ames 
Research Center; NASA Goddard 
Space Flight Center; NASA 
Langley Research Center; 
Lockheed Martin; National Air 
Intelligence Center; National 
Oceanic & Atmospheric 
Administration; Northrop 
Grumman; Offi ce of Naval 
Research; Raytheon; 
U.S. Air Force; U.S. Army; 
U.S. Coast Guard; U.S. 
Department of Defense; 
U.S. Marines; U.S. Navy

Beer; soft drinks; energy drinks; 
juices; wine; nutritional supple-
ments; fruits; vegetables; meats; 
seafoods; soups; pastas; pet 
foods; meal replacement drinks; 
dairy products

Beer; soft drinks; energy drinks; 
juices; nutritional supplements; 
household products; personal 
care products; diary products; 
motor oil industry

Spacecraft; sensors; instruments; 
satellite payloads; laser 
technologies; electro-optical 
systems; cameras; antennas; 
software; systems engineering; 
tracking systems; cryogenics; 
space-qualifi ed components; 
engineering services

Please note: These are brief descriptions 
and not complete lists.

12

M A N U FA C T U R I N G  A N D A E R O S PA C E S E R V I C E S L O C AT I O N S

NORTH AMERICA

Richmond, BC

Kent, WA

Fairfi eld, CA

Oakdale, CA

Pasadena, CA

Chino, CA
Torrance, CA

Kapolei, HI

Baie d’Urfé, PQ

Baldwinsville, NY

Whitby, ON

Burlington, ON

Milwaukee, WI

Findlay, OH

Weirton, WV

Saratoga Springs, NY

Wallkill, NY

Delran, NJ

Watertown, WI
DeForest, WI

Ames, Iowa

Boulder, CO

Golden, CO

Westminster, CO

Broomfi eld, CO

Colorado Springs, CO

Monticello, IN

Dayton, OH

Columbus, OH

Bristol, VA

Chestnut Hill, TN

Washington, D.C.

Chantilly, VA

Williamsburg, VA

Reidsville, NC

Kansas City, MO

Albuquerque, NM

Springdale, AR

Fort Worth, TX

Warner Robins, GA

Eglin AFB, FL

Conroe, TX

Tampa, FL

Guayama, PR

EUROPE

CHINA

2004 Net Sales

Deeside, U.K.

Wrexham, U.K.

Rugby, U.K.

Braunschweig, Germany

Oss, the Netherlands

Ratingen, Germany

Radomsko, Poland

Beijing

Hubei

Sanshui
Hong Kong

Tianjin

Qingdao

Taicang

Shenzhen

Bierne, France

Hermsdorf, Germany

BRAZIL

Bonn, Germany

Weissenthurm, Germany

Hassloch, Germany

Aerospace & 
Technologies – 12%

International
Packaging – 23%

North American 
Packaging – 65%

Salvador

Net Sales by Year ($ in millions)

Belgrade, Serbia

La Ciotat, France

Jacarei

Metal beverage containers

Aerospace

Metal beverage ends

Metal food containers

Plastic containers

Research facility

Headquarters

Joint venture

Complete listings of our l ocations 
can be found on www.ball.com, 
www.ball-europe.com and 
www.ballaerospace.com. 
Locations shown here do 
not include sales offi ces.

5,440

4,977

3,707

3,665

3,686

3,859

2,996

1998

1999

2000

2001

2002

2003

2004

13

S E V E N-YE A R R E V I E W  O F S E L E C T E D F I N A N C I A L DATA
Ba ll  Cor poration an d Subsidiaries

($ in millions, except per share amounts) 

2004 

2003 

2002 

2001 

2000 

1999 

1998

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  

$ 5,440.2 

$ 4,977.0 

$  3,858.9 

$ 3,686.1 

$ 3,664.7 

$ 3,707.2 

$  2,995.7

Earnings (loss) before cumulative effect

of accounting change (1)  . . . . . . . . . . . . . .  

295.6 

229.9 

156.1 

(99.2) 

68.2 

104.2 

19.9

Cumulative effect of accounting change, 

net of tax  . . . . . . . . . . . . . . . . . . . . . . . . .  

Net earnings (loss) (1) . . . . . . . . . . . . . . . . . . .  
Preferred dividends, net of tax . . . . . . . . . . . .  

Earnings (loss) attributable to 

– 

295.6 
– 

– 

229.9 
– 

– 

156.1 
– 

– 

(99.2) 
(2.0) 

– 

68.2 
(2.6) 

– 

104.2 
(2.7) 

(3.3)

16.6
(2.8)

common shareholders (1) . . . . . . . . . . . . . .  

$  295.6 

$  229.9 

$  156.1 

$  (101.2) 

$ 

65.6 

$  101.5 

$ 

13.8

Return on average common 

shareholders’ equity  . . . . . . . . . . . . . . . . .  

  31.2% 

  35.4% 

31.3% 

(17.7)% 

  10.1% 

  16.2% 

2.3%

Basic earnings per share: (1)(2)

Earnings (loss) before cumulative effect 

of accounting change (1) . . . . . . . . . . . . .  

$ 

2.67 

$ 

2.06 

$ 

1.39 

$ 

(0.92) 

$ 

0.56 

$ 

0.84 

$ 

0.14

Cumulative effect of accounting change, 

net of tax . . . . . . . . . . . . . . . . . . . . . . . .  

– 

– 

– 

– 

– 

– 

(0.02)

Basic earnings (loss) per share (1)(2) . . . . . . . .  

$ 

2.67 

$ 

2.06 

$ 

1.39 

$ 

(0.92) 

$ 

0.56 

$ 

0.84 

$ 

0.12

Weighted average common shares 

outstanding (000s) (2)  . . . . . . . . . . . . . . . .  

  110,846 

  111,710 

  112,634 

  109,759 

  116,160 

  120,681 

  121,552

Diluted earnings per share: (1)(2)

Earnings (loss) before cumulative effect 

of accounting change (1) . . . . . . . . . . . . .  

$ 

2.60 

$ 

2.01 

$ 

1.36 

$ 

(0.92) 

$ 

0.53 

$ 

0.79 

$ 

0.14

Cumulative effect of accounting change, 

net of tax . . . . . . . . . . . . . . . . . . . . . . . .  

– 

– 

– 

– 

– 

– 

(0.03)

Diluted earnings (loss) per share (1)(2) . . . . . .  

$ 

2.60 

$ 

2.01 

$ 

1.36 

$ 

(0.92) 

$ 

0.53 

$ 

0.79 

$ 

0.11

Diluted weighted average common

 shares outstanding (000s) (2) . . . . . . . . . . .  

  113,790 

  114,275 

  115,076 

  109,759 

  124,068 

  129,798 

  130,368

Property, plant and equipment additions . . . .  
Depreciation and amortization  . . . . . . . . . . .  
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . .  
Total interest bearing debt and  . . . . . . . . . . .  
capital lease obligations . . . . . . . . . . . . . . .  
Common shareholders’ equity . . . . . . . . . . . .  
Market capitalization (3) . . . . . . . . . . . . . . . . .  
Net debt to market capitalization (3) . . . . . . . .  
Cash dividends (2) . . . . . . . . . . . . . . . . . . . . . .  
Book value per share (2) . . . . . . . . . . . . . . . . . .  
Market value per share (2) . . . . . . . . . . . . . . . .  
Annual return to common shareholders (4) . . .  
Working capital . . . . . . . . . . . . . . . . . . . . . . .  
Current ratio . . . . . . . . . . . . . . . . . . . . . . . . .  

$  196.0 
$  215.1 
$ 4,477.7 

$  137.2 
$  205.5 
$ 4,069.6 

$  158.4 
$  149.2 
$  4,132.4 

$ 
68.5 
$  152.5 
$ 2,313.6 

$ 
98.7 
$  159.1 
$ 2,649.8 

$  107.0 
$  162.9 
$ 2,732.1 

$ 
84.2
$  145.0
$  2,854.8

$ 1,660.7 
$  1,086.6 
$ 4,956.2 
  29.5% 
0.35 
$ 
$ 
9.64 
$  43.98 
  48.8% 
$  249.3 
1.25 

$ 1,686.9 
$  807.8 
$ 3,359.1 
  49.1% 
0.24 
$ 
$ 
7.17 
$  29.785 
  17.4% 
62.4 
$ 
1.07 

$  1,981.0 
$  492.9 
$  2,904.8 
59.3% 
0.18 
$ 
$ 
4.35 
$  25.595 
46.0% 
$  155.6 
1.15 

$ 1,064.1 
$  504.1 
$ 2,043.8 
  48.0% 
0.15 
$ 
$ 
4.36 
$  17.675 
  55.3% 
$  218.8 
1.38 

$ 1,137.3 
$  639.6 
$ 1,292.0 
  86.0% 
0.15 
$ 
$ 
5.70 
$  11.515 
  19.2% 
$  310.2 
1.47 

$ 1,196.7 
$  655.2 
$ 1,174.0 
  98.9% 
0.15 
$ 
$ 
5.49 
$  9.845 
  (12.7)% 
$  225.7 
1.34 

$  1,356.6
$  594.6
$  1,393.3
94.9
0.15
$ 
$ 
4.88
$  11.44
31.4%
$  198.0
1.29

(1) Includes business consolidation activities and other items affecting comparability between years of pretax income of $15.2 million, $3.7 million and $2.3 million in 2004, 2003 
and 2002, respectively, and pretax expense of $271.2 million, $76.4 million and $73.9 million in 2001, 2000 and 1998, respectively. Also includes expense of $15.2 million in 
2004 reported within equity in results of affi liates and $15.2 million and $5.2 million of debt refi nancing costs in 2003 and 2002, respectively, reported as interest expense. 
Additional details about the 2004, 2003 and 2002 items are available in the company’s consolidated fi nancial statements. 

(2) Amounts have been retroactively restated for two-for-one stock splits, which were effective August 23, 2004, and February 22, 2002.
(3) Market capitalization is defi ned as the number of common shares outstanding at year end, multiplied by the year-end closing price of Ball common stock. Net debt is total 

debt less cash and cash equivalents.

(4) Change in stock price plus dividend yield assuming reinvestment of dividends.

14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
S H A R E H O L D E R I N F O R M AT I O N

Quarterly Stock Prices and Dividends

to gain access to your account. If you need assistance, 

Quarterly prices for the company’s common stock, as reported 

please call EquiServe at 1-877-843-9327.

on the composite tape, and quarterly dividends in 2004 and 

2003 were: 

2004 

1st 

2nd 

3rd 

4th

Quarter  Quarter  Quarter  Quarter

High  . . . . . . . . . . . . . $  34.43  $ 36.23  $ 38.30  $ 45.20

Low . . . . . . . . . . . . . .   28.255   30.20 

  34.12 

  35.81

Annual Meeting

The annual meeting of Ball Corporation shareholders will be 

held to tabulate the votes cast and to report the results of voting 

on the matters listed in the proxy statement sent to all share-

holders. No other business and no presentations are planned. 

The meeting to report voting results will be held on Wednesday, 

Dividends per share . . .  

.075  

.075  

.10 

.10

April 27, 2005, at 9 a.m. (EST) at the Waldorf-Astoria Hotel, 

2003 

1st 

2nd 

3rd 

4th

Quarter  Quarter  Quarter  Quarter

New York City.

Annual Report on Form 10-K

High  . . . . . . . . . . . . .   $  28.425 $ 29.61  $ 27.555  $ 29.875

Copies of the Annual Report on Form 10-K for 2004, fi led 

Low . . . . . . . . . . . . . .     24.275   22.635    21.15 

  26.60

Dividends per share . . .    

.045  

.045   

.075   

.075

Amounts have been retroactively restated for a two-for-one stock 

by the company with the United States Securities and Exchange 

Commission, may be obtained by shareholders without charge 

by writing to the assistant corporate secretary, Ball Corporation, 

P.O. Box 5000, Broomfi eld, CO 80038-5000.

split, which was effective August 23, 2004, and are presented on 

Transfer Agents

a calendar basis.

Quarterly Results and Company Information

Quarterly fi nancial information and company news 

EquiServe Trust Company, N.A.

P.O. Box 43069

Providence, RI 02940-3069

are posted on www.ball.com. For investor relations 

Registrars

call 303-460-3537.

Purchase Plan

A dividend reinvestment and voluntary stock purchase plan 

EquiServe Trust Company, N.A.

P.O. Box 43069

Providence, RI 02940-3069

for Ball Corporation shareholders permits purchase of the 

Investor Relations

company’s common stock without payment of a brokerage 

Ann T. Scott

commission or service charge. Participants in this plan may 

Director, Investor Relations

have cash dividends on their shares automatically reinvested 

at a 5 percent discount and, if they choose, invest by making 

Ball Corporation

P.O. Box 5000

optional cash payments. Additional information on the plan 

Broomfi eld, CO 80038-5000

is available by writing EquiServe Trust Company, N.A., 

(303) 460-3537

Dividend  Reinvestment Service, P.O. Box 43081, 

Providence, RI 02940-3081. The toll-free number is 

1-800-446-2617, and the Web site is www.equiserve.com. 

You can access your Ball Corporation common stock account 
information on the Internet 24 hours a day, 7 days a week 

through EquiServe’s Web site at gateway.equiserve.com. You 

will need the issue number (3101), your account number, 

your password and your social security number (if applicable) 

Equal Opportunity

Ball Corporation is an equal opportunity employer.

15

 
 
 
DI R E C T O R S  A N D O F F I C E R S

Directors
(Standing, left to right)
John F. Lehman 
Chairman of J.F. Lehman & Company of 
New York City
George A. Sissel 
Retired chairman of the board of Ball Corporation 
Erik H. van der Kaay 
Retired chairman of the board of Symmetricom 
of San Jose, California 
Stuart A. Taylor II 
Chief executive offi cer of The Taylor Group L.L.C. 
of Chicago
R. David Hoover 
Chairman of the board, president and chief 
executive offi cer of Ball Corporation
Theodore M. Solso 
Chairman and chief executive offi cer of 
Cummins Inc. of Columbus, Indiana

Company Officers
Charles E. Baker 
General counsel and assistant corporate secretary 
Douglas K. Bradford 
Vice president and controller 
Hanno C. Fiedler 
Executive vice president, Ball Corporation; 
chairman and chief executive offi cer, 
Ball Packaging Europe

Operations Executives
Brian M. Cardno 
President, metal food container operations
Jan Driessens 
President, Ball Packaging Europe

(Seated, left to right)
George M. Smart 
Retired president of Sonoco-Phoenix of 
Canton, Ohio
Jan Nicholson 
President of The Grable Foundation of Pittsburgh
Hanno C. Fiedler 
Executive vice president of Ball Corporation; 
chairman and chief executive offi cer of Ball 
Packaging Europe
Howard M. Dean 
Retired chairman of the board of Dean Foods 
Company of Dallas

Committees
Audit
Howard M. Dean
Jan Nicholson
Theodore M. Solso
Erik H. van der Kaay
Finance
Hanno C. Fiedler
R. David Hoover
John F. Lehman
Jan Nicholson
George A. Sissel
William P. Stiritz
Stuart A. Taylor II

Human Resources 
Howard M. Dean
John F. Lehman
Theodore M. Solso
Stuart A. Taylor II
Erik H. van der Kaay
Nominating 
Howard M. Dean
John F. Lehman
Theodore M. Solso
Stuart A. Taylor II
Erik H. van der Kaay

William P. Stiritz has been a director of Ball Corporation since 1983. He is chairman of 
Energizer Holdings, Inc., and Ralcorp Holdings, Inc., both of St. Louis. Mr. Stiritz is leaving 
our board in April 2005, having reached the corporation’s mandatory retirement age for directors. 
He is our current longest serving director and during his tenure his insights have been keen and his 
contributions to Ball Corporation have been many. The directors and offi cers of Ball Corporation 
extend to him their deepest thanks and very best wishes. 

John R. Friedery 
Senior vice president, Ball Corporation; chief 
operating offi cer, North American packaging
John A. Hayes 
Vice president, corporate strategy, 
marketing and development
R. David Hoover 
Chairman of the board, president 
and chief executive offi cer 

Larry J. Green 
President, plastic container operations
Michael D. Herdman
President, metal beverage container operations

Scott C. Morrison 
Vice president and treasurer
Raymond J. Seabrook 
Senior vice president and chief fi nancial offi cer
Harold L. Sohn 
Vice president, corporate relations 
David A. Westerlund 
Senior vice president, administration, 
and corporate secretary

Terence P. Voce 
Chairman and chief executive offi cer,
Ball Asia Pacifi c Limited
David L. Taylor 
President and chief executive offi cer,
Ball Aerospace & Technologies Corp.

Director Emeritus
John W. Fisher 
Chairman of the board emeritus; retired chairman, president and chief executive offi cer of Ball Corporation

16

A B O U T   B A L L   C O R P O R A T I O N
Ball Corporation is a provider of metal and plastic packaging, primarily for beverages and foods, and of aerospace and other technologies and 
services to commercial and governmental customers. Founded in 1880, the company employs more than 13,200 people in 75 locations worldwide.  
Ball Corporation stock is traded on the New York Stock Exchange under the ticker symbol “BLL.”

M I S S I O N   A N D   S T R A T E G I E S
To be the premier provider to beverage, food and aerospace and technologies customers of the products and services that we offer as we aggressively 
manage our business, and to explore and pursue acquisitions, divestitures, strategic alliances and other changes that would benefi t Ball’s shareholders.
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 and/or growing customer segments of the beverage, food and other markets.
In aerospace and technologies, our strategy is to provide remote sensing systems and solutions to the aerospace and defense markets through 

products and services used to collect and interpret information needed to support national missions and scientifi c discovery.

.
e
c
fi 
f
O

.

m
T
&

.
t
a
P

.

.

S
U

.

g
e
R

,

n
o
i
t
a
r
o
p
r
o
C

l
l

a
B

f
o
s
k
r
a
m
e
d
a
r
t
e
r
a

d
n
a

l
l

a
B

5
0
0
2
n
o
i
t
a
r
o
p
r
o
C

l
l

a
B
©

t
h
g
i
r
y
p
o
C

F I N A N C I A L   H I G H L I G H T S
B a l l   C o r p o r a t i o n   a n d   S u b s i d i a r i e s  

($ in millions, except per share amounts) 

2004 

2003

Stock Performance
Annual return to common shareholders (share price appreciation plus assumed reinvested dividends)  . . . . . . . .   
48.8% 
Closing market price per share (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  43.98  
Total market value of common stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  4,956  
   112,691  
Shares outstanding at year end (000s) (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Shares outstanding assuming dilution (000s) (1)(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   114,742  

17.4%
$  29.79 
$  3,359 
  112,779 
   114,815 

Operating Performance
Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $  5,440  
435 
Earnings before taxes (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Earnings before interest and taxes (EBIT) (3)(4)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
539 
296  
Net earnings (3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
2.67  
Basic earnings per share (1)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Diluted earnings per share (1)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
2.60  
0.35  
Cash dividends per share (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
Number of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   13,220  
(1)  Amounts for 2003 have been retroactively restated for a two-for-one stock split, which was effective August 23, 2004. 
(2)  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 repurchased at the 

$  4,977 
320 
$ 
461 
$ 
230 
$ 
2.06 
$ 
2.01 
$ 
$ 
0.24 
  12,630 

year-end market price of Ball stock using the assumed exercise proceeds. This measure is not the same as the diluted weighted average shares outstanding used in the calculation 
of diluted earnings per share. 

(3)  Includes income of $15.2 million ($0.08 cents per diluted share) in 2004 and $3.7 million ($0.02 cents per diluted share) in 2003 related to the fi nalization of various business 
consolidation and other activities. Also includes expense of $15.2 million ($0.13 cents per diluted share) in 2004 for a bad debt provision related to a minority-owned investment 
and $15.2 million ($0.09 cents per diluted share) in 2003 for debt refi nancing costs. Additional details are available in the company’s consolidated fi nancial statements.

(4)  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 $103.7 million in 2004 and $141.1 million in 2003.

This Summary Annual Report should be read in conjunction with the audited consolidated fi nancial statements and other information contained in Ball Corporation’s Annual Report on 
10-K for 2004 furnished with the Company’s Proxy Statement for the 2005 Annual Meeting of Shareholders.

.

d
n

I

i

,
e
c
n
u
M

,

n
o
i
t
c
e

l
l

i

o
C
e
g
a
t
i
r
e
H
a
t
s
i
r
t
e
n
n
M
e
h
T
d
n
a
y
t
i
s
r
e
v
n
U
e
t
a
t
S

i

l
l

a
B

f
o
y
s
e
t
r
u
o
c
s
o
t
o
h
p
c
i
r
o
t
s
h
e
m
o
S

i

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
t

r
o
p
e
R

l
a
u
n
n
A

4
0
0
2

|

n
o
i

t
a
r
o
p
r
o
C

l

l
a
B

E V O L U T I O N

Ball Corporation
10 Longs Peak Drive
Broomfield, CO 80021
(303) 469-3131
www.ball.com

“Our Quasquicentennial Year”