This annual report summarizes Crown Holdings' financial results and activities for 2002. Key points include: - Net sales decreased 5.5% to $6.8 billion, while net loss improved to $1.2 billion from $972 million in 2001. - Total assets decreased 22% to $7.5 billion while debt was reduced 24.1% to $3.7 billion. - Operating income increased 53% to $481 million and net income from continuing operations improved to $0.49 per share from a loss in 2001. - The company completed a major debt refinancing in February 2002 under a new holding company structure called Crown Holdings, Inc. to improve its financial position