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Page 1: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 2: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 3: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 4: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 5: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 6: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 7: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 8: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 9: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 10: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 11: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 12: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 13: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 14: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 15: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 16: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 17: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 18: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 19: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 20: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 21: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 22: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 23: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 24: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 25: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 26: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 27: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 28: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 29: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 30: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 31: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 32: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 33: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 34: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 35: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 36: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 37: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 38: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 39: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 40: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 41: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share
Page 42: Brown-Forman Annual Report 1985€¦ · Net income advanced 11% to $81.7 million from last year's $73.6 million. Earnings per share improved 18% to $3.43 from the $2.90 per share

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