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BOSTON , Dec. 13, 2024 /PRNewswire/ -- The Board of Directors (the "Board") of The China Fund, Inc. (the "Fund") has declared a distribution in the amount of $0.1497 per share. The distribution is comprised entirely of ordinary income. The dividend will be payable on January 10, 2025 , to stockholders of record on December 30, 2024 , with an ex-dividend date of December 30, 2024 . The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") in which each stockholder automatically participates, unless the stockholder instructs Computershare Trust Company, N.A. (the "Plan Agent"), in writing, to have all distributions, net of any applicable U.S. withholding tax, paid in cash. If the Fund's shares are trading at a premium to the net asset value ("NAV") per share of the Fund on the distribution payment date, the Plan provides that stockholders will be issued Fund shares valued at NAV. If the Fund's shares are trading at a discount to the NAV per share, stockholders will be issued shares of the Fund valued at market price. Stockholders will not be charged a fee in connection with the reinvestment of dividends or capital gains distributions. A stockholder may terminate his or her participation in the Plan by notifying the Plan Agent in writing at the address below. Stockholders who have questions regarding the distribution may contact EQ Fund Solutions, LLC at 1-888-CHN-CALL (246-2255). The Fund is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is in the People's Republic of China (" China "), or (ii) of companies for which the principal securities trading market is outside of China , or constituting direct equity investments in companies organized outside of China , that in both cases derive at least 50% of their revenues from goods and services sold or produced, or have at least 50% of their assets, in China . While the Fund is permitted to invest in direct equity investments of companies organized in China , it presently holds no such investments. The Fund's shares are listed on the New York Stock Exchange under the ticker symbol "CHN." The Fund's investment manager is Matthews International Capital Management, LLC. For more information regarding the Fund and the Fund's holdings, please call 1-888-CHN-CALL (246-2255) or visit the Fund's website at www.chinafundinc.com . For more information about the Plan or to terminate your participation in the Plan, please contact Computershare Trust Company, N.A. at c/o The China Fund, Inc. at P.O. Box 43078, Providence, Rhode Island 02940-3078, by telephone at 1-800-426-5523 or via the Internet at www.computershare.com/investor . View original content: https://www.prnewswire.com/news-releases/the-china-fund-inc-declares-distributions-302331625.html SOURCE The China Fund, Inc.DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. GEF GEF.B)), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results. Fiscal Fourth Quarter 2024 Financial Highlights: (all results compared to the fourth quarter 2023 unless otherwise noted) Net income decreased 6.5% to $63.4 million or $1.08 per diluted Class A share compared to net income of $67.8 million or $1.16 per diluted Class A share. Net income, excluding the impact of adjustments (1) , decreased 46.4% to $49.6 million or $0.85 per diluted Class A share compared to net income, excluding the impact of adjustments, of $92.6 million or $1.59 per diluted Class A share. Adjusted EBITDA (2) decreased 2.0% to $197.6 million compared to Adjusted EBITDA of $201.6 million. Net cash provided by operating activities decreased by $16.3 million to $187.2 million. Adjusted free cash flow (3) increased by $8.5 million to $144.7 million. Fiscal Year Results Include: (all results compared to the fiscal year 2023 unless otherwise noted): Net income decreased 27.0% to $262.1 million or $4.52 per diluted Class A share compared to net income of $359.2 million or $6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased 35.3% to $233.6 million or $4.03 per diluted Class A share compared to net income, excluding the impact of adjustments, of $361.2 million or $6.19 per diluted Class A share. Adjusted EBITDA decreased 15.6% to $694.2 million compared to Adjusted EBITDA of $822.2 million. Net cash provided by operating activities decreased by $293.5 million to $356.0 million. Adjusted free cash flow decreased by $291.4 million to $189.8 million. Total debt increased by $525.5 million to $2,740.6 million. Net debt (4) increased by $508.7 million to $2,542.9 million. The Company's leverage ratio (5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially. Strategic Actions and Announcements Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City. Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/ . Announcing targeted cost optimization effort to eliminate $100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day. Commentary from CEO Ole Rosgaard "I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond." Build to Last Mission Progress Recently completed our fourteenth wave NPS (6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment. (1) Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs. (2) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. (3) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning ("ERP") systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (4) Net debt is defined as total debt less cash and cash equivalents. (5) Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Second Amended and Restated Credit Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022 (the "2022 Credit Agreement"). As calculated under the 2022 Credit Agreement, adjusted net debt was $2,452.3 million, $2,608.5 million, and $1,856.8 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively, and trailing twelve month credit agreement EBITDA was $695.0 million, $717.2 million, and $845.9 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively. (6) Net Promoter Score ("NPS") is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters. Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures. Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted) Net sales are impacted mainly by the volume of primary products (7) sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. ("Reliance") and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem. Net Sales Impact - Primary Products Global Industrial Packaging Paper Packaging & Services Currency Translation — % — % Volume 3.7 % 0.7 % Selling Prices and Product Mix 0.4 % 5.0 % Total Impact of Primary Products 4.1 % 5.7 % Global Industrial Packaging Net sales increased by $65.9 million to $786.9 million primarily due to contributions from recent acquisitions and higher volumes. Gross profit increased by $12.6 million to $167.0 million due to the same factors that impacted net sales, partially offset by higher raw material, labor and manufacturing costs. Operating profit decreased by $0.1 million to $75.0 million primarily due to higher SG&A expenses from recent acquisitions, offset by the same factors that impacted gross profit. Adjusted EBITDA increased by $4.0 million to $109.4 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses from recent acquisitions. Paper Packaging & Services Net sales increased by $42.9 million to $624.5 million primarily due to higher average selling prices as a result of higher published containerboard and boxboard prices. Gross profit decreased by $0.1 million to $118.7 million primarily due to higher raw material and labor costs, offset by the same factors that impacted net sales. Operating profit increased by $13.4 million to $48.7 million primarily due to lower non-cash impairment charges and restructuring charges related to optimizing and rationalizing operations in the prior year, partially offset by the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Adjusted EBITDA decreased by $8.4 million to $85.3 million primarily due to the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Tax Summary During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 39.6 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 12.8 percent. Dividend Summary On December 3, 2024, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.80 per share of Class B Common Stock. Dividends are payable on January 1, 2025, to stockholders of record at the close of business on December 16, 2024. (7) Primary products are manufactured steel, plastic and fibre drums; new and reconditioned intermediate bulk containers; jerrycans and other small plastics; linerboard, containerboard, corrugated sheets and corrugated containers; and boxboard and tube and core products. Company Outlook Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below. (in millions, except per share amounts) Fiscal 2025 Low-End Guidance Estimate Adjusted EBITDA $675 Adjusted free cash flow $225 Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release. Conference Call The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5 . Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://inv estor .greif.com . Investor Relations contact information Bill D'Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com About Greif Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, the Company manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com . Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "estimate," "anticipate," "aspiration," "objective," "project," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or Company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see "Risk Factors" in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Cost of products sold 1,128.4 1,032.7 4,377.3 4,072.5 Gross profit 288.7 275.7 1,070.8 1,146.1 Selling, general and administrative expenses 157.5 136.8 634.5 549.1 Acquisition and integration related costs 2.4 3.5 18.5 19.0 Restructuring charges 3.8 5.2 5.4 18.7 Non-cash asset impairment charges 0.7 16.9 2.6 20.3 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Operating profit 126.6 112.4 464.6 605.5 Interest expense, net 39.2 24.8 134.9 96.3 Non-cash pension settlement charges — 3.5 — 3.5 Other (income) expense, net 0.6 1.4 10.1 11.0 Income before income tax expense and equity earnings of unconsolidated affiliates, net 86.8 82.7 319.6 494.7 Income tax (benefit) expense 18.9 9.9 33.9 117.8 Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Net income 68.8 73.3 288.7 379.1 Net income attributable to noncontrolling interests (5.4 ) (5.5 ) (26.6 ) (19.9 ) Net income attributable to Greif, Inc. $ 63.4 $ 67.8 $ 262.1 $ 359.2 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.09 $ 1.19 $ 4.54 $ 6.22 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.08 $ 1.16 $ 4.52 $ 6.15 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 25.8 25.5 25.8 25.6 Class B common stock 21.3 21.3 21.3 21.5 Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 26.3 26.0 26.0 26.0 Class B common stock 21.3 21.3 21.3 21.5 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (in millions) October 31, 2024 October 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 197.7 $ 180.9 Trade accounts receivable 757.1 659.4 Inventories 396.8 338.6 Other current assets 197.1 190.2 1,548.7 1,369.1 LONG-TERM ASSETS Goodwill 1,953.7 1,693.0 Intangible assets 937.1 792.2 Operating lease assets 284.5 290.3 Other long-term assets 270.3 253.6 3,445.6 3,029.1 PROPERTIES, PLANTS AND EQUIPMENT, NET 1,652.1 1,562.6 $ 6,646.4 $ 5,960.8 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 530.4 $ 497.8 Short-term borrowings 18.6 5.4 Current portion of long-term debt 95.8 88.3 Current portion of operating lease liabilities 56.5 53.8 Other current liabilities 310.6 294.0 1,011.9 939.3 LONG-TERM LIABILITIES Long-term debt 2,626.2 2,121.4 Operating lease liabilities 230.2 240.2 Other long-term liabilities 537.4 548.3 3,393.8 2,909.9 REDEEMABLE NONCONTROLLING INTERESTS 129.9 125.3 EQUITY Total Greif, Inc. equity 2,075.7 1,947.9 Noncontrolling interests 35.1 38.4 2,110.8 1,986.3 $ 6,646.4 $ 5,960.8 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 68.8 73.3 $ 288.7 $ 379.1 Depreciation, depletion and amortization 67.9 61.2 261.3 230.6 Asset impairments 0.7 16.9 2.6 20.3 Pension settlement charges — 3.5 — 3.5 Deferred income tax expense (benefit) (23.2 ) (27.8 ) (76.8 ) (28.7 ) Gain on disposal of businesses, net 0.1 — (46.0 ) (64.0 ) Other non-cash adjustments to net income 8.9 15.7 50.9 50.4 Operating working capital changes 52.4 57.7 (49.9 ) 151.5 Increase (decrease) in cash from changes in other assets and liabilities 11.6 3.0 (74.8 ) (93.2 ) Net cash (used in) provided by operating activities 187.2 203.5 356.0 649.5 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of companies, net of cash acquired (1.2 ) (94.9 ) (568.8 ) (542.4 ) Purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Proceeds from the sale of properties, plants and equipment and businesses, net of impacts from the purchase of acquisitions 93.4 0.6 103.9 113.9 Payments for deferred purchase price of acquisitions — (0.4 ) (1.7 ) (22.1 ) Other (1.6 ) (1.6 ) (5.2 ) (6.0 ) Net cash (used in) provided by investing activities 45.5 (173.5 ) (658.3 ) (670.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt, net (171.8 ) 47.6 489.4 290.7 Dividends paid to Greif, Inc. shareholders (31.2 ) (29.8 ) (121.0 ) (116.5 ) Payments for share repurchases — — — (63.9 ) Tax withholding payments for stock-based awards — — (10.6 ) (13.7 ) Other (14.4 ) (10.1 ) (33.5 ) (26.9 ) Net cash (used in) provided by for financing activities (217.4 ) 7.7 324.3 69.7 Effects of exchange rates on cash (11.8 ) (14.5 ) (5.2 ) (15.2 ) Net increase (decrease) in cash and cash equivalents 3.5 23.2 16.8 33.8 Cash and cash equivalents, beginning of period 194.2 157.7 180.9 147.1 Cash and cash equivalents, end of period $ 197.7 $ 180.9 $ 197.7 $ 180.9 GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS BY SEGMENT UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net sales: Global Industrial Packaging $ 786.9 $ 721.0 $ 3,124.3 $ 2,936.8 Paper Packaging & Services 624.5 581.6 2,303.5 2,260.5 Land Management 5.7 5.8 20.3 21.3 Total net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Gross profit: Global Industrial Packaging $ 167.0 $ 154.4 $ 669.4 $ 634.4 Paper Packaging & Services 118.7 118.8 391.6 502.5 Land Management 3.0 2.5 9.8 9.2 Total gross profit $ 288.7 $ 275.7 $ 1,070.8 $ 1,146.1 Operating profit: Global Industrial Packaging $ 75.0 $ 75.1 $ 341.1 $ 334.3 Paper Packaging & Services 48.7 35.3 115.6 264.1 Land Management 2.9 2.0 7.9 7.1 Total operating profit $ 126.6 $ 112.4 $ 464.6 $ 605.5 EBITDA (8) : Global Industrial Packaging $ 108.0 $ 96.2 $ 454.8 $ 415.7 Paper Packaging & Services 83.3 70.4 253.9 398.8 Land Management 3.5 2.6 10.1 9.3 Total EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Adjusted EBITDA (9) : Global Industrial Packaging $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services 85.3 93.7 261.5 387.9 Land Management 2.9 2.5 9.1 8.9 Total Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 (8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization. However, because the Company does not calculate net income by segment, this table calculates EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of Consolidated EBITDA, is another method to achieve the same result. See the reconciliations in the table of Segment EBITDA. (9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION CONSOLIDATED ADJUSTED EBITDA UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other (income) expense, net 0.6 1.4 10.1 11.0 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Operating profit 126.6 112.4 464.6 605.5 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.6 1.4 10.1 11.0 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Plus: Acquisition and integration related costs 2.4 3.5 18.5 19.0 Plus: Restructuring charges $ 3.8 $ 5.2 $ 5.4 $ 18.7 Plus: Non-cash asset impairment charges 0.7 16.9 2.6 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.8 ) 2.4 3.7 3.4 Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT ADJUSTED EBITDA (10) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Global Industrial Packaging Operating profit $ 75.0 $ 75.1 $ 341.1 $ 334.3 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.9 1.7 11.6 12.6 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation and amortization expense 33.0 25.8 122.3 95.3 EBITDA $ 108.0 $ 96.2 $ 454.8 $ 415.7 Plus: Acquisition and integration related costs 1.1 3.4 17.2 12.2 Plus: Restructuring charges 3.0 — (2.8 ) 4.2 Plus: Non-cash asset impairment charges 0.8 0.4 1.3 1.9 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.6 ) 0.2 (2.9 ) (4.4 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.5 (46.0 ) (9.4 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.0 ) 1.2 2.0 1.7 Adjusted EBITDA $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services Operating profit $ 48.7 $ 35.3 $ 115.6 $ 264.1 Less: Other (income) expense, net (0.3 ) (0.3 ) (1.5 ) (1.6 ) Plus: Depreciation and amortization expense 34.3 34.8 136.8 133.1 EBITDA $ 83.3 $ 70.4 $ 253.9 $ 398.8 Plus: Acquisition and integration related costs 1.3 0.1 1.3 6.8 Plus: Restructuring charges 0.8 5.2 8.2 14.5 Plus: Non-cash asset impairment charges (0.1 ) 16.5 1.3 18.4 Plus: (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.7 (4.9 ) 2.3 Plus: (Gain) loss on disposal of businesses, net — (0.4 ) — (54.6 ) Plus: Other costs* (0.8 ) 1.2 1.7 1.7 Adjusted EBITDA $ 85.3 $ 93.7 $ 261.5 $ 387.9 Land Management Operating profit $ 2.9 $ 2.0 $ 7.9 $ 7.1 Plus: Depreciation, depletion and amortization expense 0.6 0.6 2.2 2.2 EBITDA $ 3.5 $ 2.6 $ 10.1 $ 9.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (0.6 ) (0.1 ) (1.0 ) (0.4 ) Adjusted EBITDA $ 2.9 $ 2.5 $ 9.1 $ 8.9 Consolidated EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Consolidated Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION ADJUSTED FREE CASH FLOW (11) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 187.2 $ 203.5 $ 356.0 $ 649.5 Cash paid for purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Free Cash Flow $ 142.1 $ 126.3 $ 169.5 $ 435.9 Cash paid for acquisition and integration related costs 2.4 3.5 18.5 19.0 Cash paid for integration related ERP systems and equipment (12) 0.2 1.0 1.3 4.6 Cash paid for taxes related to Tama, Iowa mill divestment — 5.4 — 21.7 Cash paid for fiscal year-end change costs — — 0.5 — Adjusted Free Cash Flow $ 144.7 $ 136.2 $ 189.8 $ 481.2 (11) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (12) Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif's standards. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME, CLASS A EARNINGS PER SHARE, AND TAX RATE BEFORE ADJUSTMENTS UNAUDITED (in millions, except for per share amounts) Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net Income Tax (Benefit) Expense Equity Earnings Noncontrolling Interest Net Income Attributable to Greif, Inc. Diluted Class A Earnings Per Share Tax Rate Three Months Ended October 31, 2024 $ 86.8 $ 18.9 $ (0.9 ) $ 5.4 $ 63.4 $ 1.08 21.8 % Acquisition and integration related costs 2.4 0.5 — — 1.9 0.03 Restructuring charges 3.8 0.9 — — 2.9 0.05 Non-cash asset impairment charges 0.7 0.2 — — 0.5 0.01 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) (0.5 ) — — (1.9 ) (0.03 ) (Gain) loss on disposal of businesses, net 0.1 16.0 — — (15.9 ) (0.27 ) Other costs* (1.8 ) (0.5 ) — — (1.3 ) (0.02 ) Excluding Adjustments $ 89.6 $ 35.5 $ (0.9 ) $ 5.4 $ 49.6 $ 0.85 39.6 % Three Months Ended October 31, 2023 $ 82.7 $ 9.9 $ (0.5 ) $ 5.5 $ 67.8 $ 1.16 12.0 % Acquisition and integration related costs 3.5 0.8 — — 2.7 0.04 Restructuring charges 5.2 1.2 — — 4.0 0.08 Non-cash asset impairment charges 16.9 4.1 — — 12.8 0.22 (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.3 — — 0.5 0.01 (Gain) loss on disposal of businesses, net 0.1 0.3 — — (0.2 ) (0.01 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 2.4 0.7 — — 1.7 0.03 Excluding Adjustments $ 115.1 $ 17.5 $ (0.5 ) $ 5.5 $ 92.6 $ 1.59 15.2 % Twelve Months Ended October 31, 2024 $ 319.6 $ 33.9 $ (3.0 ) $ 26.6 $ 262.1 $ 4.52 10.6 % Acquisition and integration related costs 18.5 4.5 — — 14.0 0.24 Restructuring charges 5.4 1.2 — — 4.2 0.07 Non-cash asset impairment charges 2.6 0.7 — — 1.9 0.03 (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (2.1 ) — — (6.7 ) (0.11 ) (Gain) loss on disposal of businesses, net (46.0 ) (1.3 ) — — (44.7 ) (0.77 ) Other costs* 3.7 0.9 — — 2.8 0.05 Excluding Adjustments $ 295.0 $ 37.8 $ (3.0 ) $ 26.6 $ 233.6 $ 4.03 12.8 % Twelve Months Ended October 31, 2023 $ 494.7 $ 117.8 $ (2.2 ) $ 19.9 $ 359.2 $ 6.15 23.8 % Acquisition and integration related costs 19.0 4.6 — — 14.4 0.24 Restructuring charges 18.7 4.4 — 0.1 14.2 0.25 Non-cash asset impairment charges 20.3 4.9 — — 15.4 0.26 (Gain) loss on disposal of properties, plants and equipment, net (2.5 ) (0.3 ) — — (2.2 ) (0.04 ) (Gain) loss on disposal of businesses, net (64.0 ) (18.4 ) — — (45.6 ) (0.78 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 3.4 0.9 — — 2.5 0.05 Excluding Adjustments $ 493.1 $ 114.1 $ (2.2 ) $ 20.0 $ 361.2 $ 6.19 23.1 % *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity. GREIF INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET DEBT UNAUDITED (in millions) October 31, 2024 July 31, 2024 October 31, 2023 Total Debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net Debt $ 2,542.9 $ 2,715.3 $ 2,034.2 GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION LEVERAGE RATIO UNAUDITED Trailing Twelve Month Credit Agreement EBITDA (in millions) Trailing Twelve Months Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 Trailing Twelve Months Ended 10/31/2023 Net income $ 288.7 $ 293.2 $ 379.1 Plus: Interest expense, net 134.9 120.5 96.3 Plus: Income tax expense 33.9 24.9 117.8 Plus: Depreciation, depletion and amortization expense 261.3 254.6 230.6 EBITDA $ 718.8 $ 693.2 $ 823.8 Plus: Acquisition and integration related costs 18.5 19.6 19.0 Plus: Restructuring charges 5.4 6.8 18.7 Plus: Non-cash asset impairment charges 2.6 18.8 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (5.6 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net (46.0 ) (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 3.5 Plus: Other costs* 3.7 5.5 3.4 Adjusted EBITDA $ 694.2 $ 695.8 $ 822.2 Credit Agreement adjustments to EBITDA (13) 0.8 21.4 23.7 Credit Agreement EBITDA $ 695.0 $ 717.2 $ 845.9 Adjusted Net Debt (in millions) For the Period Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 For the Period Ended 10/31/2023 Total debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net debt $ 2,542.9 $ 2,715.3 $ 2,034.2 Credit Agreement adjustments to debt (14) (90.6 ) (106.8 ) (177.4 ) Adjusted net debt $ 2,452.3 $ 2,608.5 $ 1,856.8 Leverage Ratio (15) 3.53x 3.64x 2.2x *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (13) Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items. (14) Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts. (15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA. The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited: Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 (in millions) United States Europe, Middle East and Africa Asia Pacific and Other Americas United States Europe, Middle East and Africa Asia Pacific and Other Americas Global Industrial Packaging $ 1,124.0 $ 1,388.0 $ 612.3 $ 1,093.0 $ 1,310.9 $ 532.9 Paper Packaging & Services 2,261.4 — 42.1 2,218.0 — 42.5 Land Management 20.3 — — 21.3 — — Total net sales $ 3,405.7 $ 1,388.0 $ 654.4 $ 3,332.3 $ 1,310.9 $ 575.4 Twelve Months Ended October 31, (in millions) 2024 2023 Depreciation, depletion and amortization expense: Global Industrial Packaging $ 122.3 $ 95.3 Paper Packaging & Services 136.8 133.1 Land Management 2.2 2.2 Total depreciation, depletion and amortization expense $ 261.3 $ 230.6 Capital expenditures: Global Industrial Packaging $ 70.8 $ 83.9 Paper Packaging & Services 88.9 120.6 Land Management 0.2 1.1 Total segment 159.9 205.6 Corporate and other 9.1 12.6 Total capital expenditures $ 169.0 $ 218.2 GREIF, INC. AND SUBSIDIARY COMPANIES PROJECTED 2025 GUIDANCE RECONCILIATION ADJUSTED FREE CASH FLOW UNAUDITED Fiscal 2025 Low-End Guidance Estimate (in millions) Net cash provided by operating activities $ 371.0 Cash paid for purchases of properties, plants and equipment (166.0 ) Free cash flow $ 205.0 Cash paid for acquisition and integration related costs 17.0 Cash paid for integration related ERP systems and equipment 1.0 Cash paid for fiscal year-end change costs 2.0 Adjusted free cash flow $ 225.0 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

NEW YORK >> Health insurance companies are reassessing the risks for their top executives after the murder of UnitedHealthcare CEO Brian Thompson on Wednesday in Manhattan, with both UnitedHealth and rival CVS Health removing photos of their leadership teams from their websites after the shooting. UnitedHealthcare, part of UnitedHealth Group, is the biggest U.S. insurer. CVS operates Aetna, another top insurer. Thompson was killed in an attack police called targeted as he was about to enter the Hilton hotel for the company’s annual investor conference. The gunman, whose crime was recorded on video, is at large and the New York City Police Department said there was no known motive for the murder. Robert D’Amico, founder of Sierra One Consulting, who previously worked with the FBI, said the removal of photos showed, “These companies are hearing what experts like me have been saying about how easy it is to identify and then find their executives.” UnitedHealth took down Thompson’s and other executives’ photos from its website on Wednesday. A spokesperson did not respond to a query asking what the motivation was. CVS removed pictures of all its top executives on Thursday. The company declined to comment. D’Amico and a second security expert, who said they are constantly assessing risk for top executives based on news events or the business their companies conduct, expect companies to ramp up physical security for executives. The healthcare sector in the last 18 months has explored new security measures as they encountered increasing conflict and the potential for violent crime, said Glen Kucera, president of Enhanced Protection Services at security firm Allied Universal. Before the shooting, most risk assessment efforts were conducted for medical practices and other healthcare providers, which have faced increasing hostility from the public since the COVID-19 pandemic. Rising demand for protection in hospitals and healthcare facilities is in line with most customer-facing industries, said Garett Seivold, chief content and communications officer at the International Security Ligue. Assessing risk involves searching social media and trying to determine whether threats have been made, circumstances which have not been made public regarding Thompson, Kucera said. Thompson’s wife, Paulette, told NBC News on Wednesday that he had been receiving some threats related to his job and “coverage” but said she did not know the details. A spokesperson for UnitedHealthcare did not have an immediate comment on possible threats against Thompson. “I think there’s going to be a lot of executives that are going to say, ‘Hey, you know, this could happen to me and we should really consider our security protocol going forward,’” Kucera said. D’Amico said he expects corporate boards of directors to reassess their security plans for executives. That would include asking for assessments on how big a security detail to deploy while weighing the cost. Someone like billionaire Elon Musk has 20 people around them every day, he said. He pointed to angry social media posts which appeared to show people verbally attacking health insurance companies and employees in the immediate aftermath of Thompson’s murder. “I think the healthcare companies are going to see that and realize that there’s more hate out there for them and their executives,” D’Amico said. Consumer frustration with health insurance in the U.S. has been high for years and led to the 2010 Affordable Care Act, popularly known as Obamacare. This year, insurance companies have struggled to hold down costs and have talked about their increased use of medical management, which includes making it more difficult to quickly receive coverage for services like surgery or medicines. It is not known whether Thompson’s job played any role in his death, but the shooting has brought attention to increasing tension with the healthcare industry. Cigna, Elevance, Centene and Molina did not respond to requests for comment about whether they were making any security changes now or had done so. Health insurers do not provide details on their spending on security for executives in financial regulatory filings.Nursing home worker convicted of sexual exploitation

As more information becomes available regarding the cause of the health complications at the bathhouse, the authorities and management of Aqua Oasis will continue to keep the public informed through official channels. In the meantime, they encourage anyone who may have experienced similar symptoms after visiting the bathhouse to seek medical attention immediately.Here, the PA news agency looks at the seven Grand Slam finals contested by the pair. Murray turned in a poor performance in Melbourne, failing at the third attempt to win a set in a Grand Slam final as Djokovic broke serve seven times and hit six aces to claim a comprehensive win 6-4 6-2 6-3. “You had an unbelievable tournament and deserved to win,” the Scot said in reference to his opponent. “I look forward to playing against you in the future.” It took five sets for Murray to claim his first Grand Slam title, becoming the first British man to achieve the feat since Fred Perry in 1936. The final clocked in at four hours and 54 minutes as Murray prevailed 7-6 (10) 7-5 2-6 3-6 6-2 to end a wait of 287 tournaments in British male tennis for a victory. “I want to congratulate Andy on his first grand slam, he thoroughly deserves it,” said Djokovic. “I really tried my best. I gave it my all. It was a tremendous match.” Congrats @DjokerNole . Incredible athlete. Perfect gentleman. #ausopen — judy murray (@JudyMurray) January 27, 2013 Murray was dogged by injury in Melbourne with a heavily strapped right foot and a tight hamstring as Djokovic fought back from a set down to land a third consecutive Australian Open title, 6-7 (2) 7-6 (3) 6-3 6-2. “His record here is incredible,” said Murray. ”Very few people have managed to do what he has done, a deserved champion.” Murray ended a 77-year wait for a British men’s victory at Wimbledon by defeating his old foe 6-4, 7-5, 6-4 in SW19, serving emphatically with nine aces and only two double faults to throw off the weight of history. The Scot had been 4-1 down in the second set as the match threatened to slip away from him and with it the chance to cement his place in tennis folklore, but having wasted three championship points he finally sealed the deal when Djokovic drove into the net with his final shot. A post shared by Novak Djokovic (@djokernole) Djokovic triumphed 7-6 (5) 6-7 (4) 6-3 6-0 and after the 24 matches and five grand slam finals the pair had played against each other across nine years, the Serb had established a 16-8 overall lead and 3-2 in slam finals. “Success is being happy,” said Murray. “It’s not about winning every single tournament you play, because that isn’t possible.” What a journey. Really grateful for everything. I'll keep working hard. Love is the key! pic.twitter.com/CrT7TYRL3O — Novak Djokovic (@DjokerNole) January 31, 2016 The Serb landed a fourth win over Murray in Australian Open finals and his 11th in 12 matches to land his 11th major title, whilst the Scot made it five consecutive final losses in Melbourne, a new record in the Open era. “I feel like I’ve been here before,” said Murray after a 6-1 7-5 7-6 (3) loss. “Congratulations Novak, six Australian Opens, an incredible feat, and incredible consistency the last year.” "This is something that’s so rare in tennis... it’s gonna take a long time for it to happen again" Andy to Novak ❤️ pic.twitter.com/LN7dW8ZJED — Roland-Garros (@rolandgarros) June 5, 2016 This was Murray’s first final at Roland Garros but it brought a familiar conclusion as Djokovic triumphed against him for the fifth time in seven Grand Slam finals. The 3-6 6-1 6-2 6-4 success was a first win for the Serb in Paris and saw him hold all four slams simultaneously. Murray went on to win Wimbledon the following month and was voted BBC Sports Personality of the Year but, addressing Djokovic in Paris, said: “This is his day today. What he’s achieved the last 12 months is phenomenal, winning all four of the grand slams in one year is an amazing achievement.”

As the Syrian opposition seizes the opportunity presented to them and Turkey's "approval" remains shrouded in ambiguity, the implications for the future of the conflict are uncertain. Will these recent developments lead to a significant shift in the balance of power on the ground? Or will they only serve to prolong the suffering of the Syrian people? Only time will tell as the situation continues to evolve and the world watches with bated breath.Powered by electric propulsion, the Xiaomi YU7 delivers impressive performance and efficiency. The SUV is equipped with a high-capacity battery pack that offers a respectable driving range on a single charge. With instant torque delivery and smooth acceleration, the YU7 provides a responsive and exhilarating driving experience. The advanced powertrain technology ensures that the YU7 is not only environmentally friendly but also capable of delivering an engaging and dynamic driving performance.

When Xue Jianing arrived on set to visit Zhao Lusi, the two actresses were seen laughing and chatting animatedly, showcasing their deep connection and mutual respect for each other's work. It is evident that their friendship goes beyond the glitz and glamour of the entertainment industry, rooted in genuine care and support.The appreciation of the Renminbi may also have implications for other major currencies, particularly the US dollar. A stronger RMB could put pressure on the US dollar, leading to adjustments in exchange rates and potentially impacting global financial markets. Furthermore, the appreciation of the Renminbi may influence the decisions of central banks and policymakers around the world, as they navigate the complex dynamics of the global economy.Looking ahead, the foreign trade sector is poised to achieve its target of quality improvement, volume expansion, and stability. By leveraging digital technologies, embracing sustainability practices, and adapting to the evolving global landscape, businesses can position themselves for success in the increasingly competitive international market.

The violation of rules and regulations by the kindergarten is a serious matter that has raised concerns among parents, educators, and authorities in Tongzhou District. The safety and well-being of children are of utmost importance, and any institution entrusted with their care and education must uphold the highest standards of operation.