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Brambles Industries (BI.)

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Wednesday 05 September, 2001

Brambles Industries

Final Results-Part 3

Brambles Industries PLC
5 September 2001


18.3 Options                            Number           Exercise      Expiry 
                                        quoted              price        date 

Brambles Employees Option Plans  

On issue:                       807,883      -              21.81    08/11/01 
                              1,427,204      -              28.67    28/11/02 
                              1,102,612      -              30.84    29/06/03 
                                  5,500      -              35.10    27/08/03 
                                285,968      -              39.48    30/09/04 
                                 75,000      -              42.05    06/11/04 
                              1,083,255      -              40.94    07/12/02 
                              1,052,946      -              39.93    21/12/04 
                                911,697      -              47.94    22/12/04 
                                686,660      -              43.48    26/02/05 
                                143,000      -              44.71    05/05/05 
                                175,000      -              43.36    02/06/05 
                                140,000      -              41.60    21/06/05 
                                 54,250      -              48.91    04/11/05 
                              1,011,003      -              48.27    15/12/03 
                                525,650      -              48.27    15/12/05 
                              1,055,145      -              45.20    05/06/06 
                                 13,490      -              42.95    22/06/06 
                                 98,000      -              50.23    24/10/06 

18.4  Issued during current 
      period:                 1,075,415      -              45.20    05/06/06 
                                 13,490      -              42.95    22/06/06 
                                911,697      -              47.94    22/12/04 
                                 98,000      -              50.23    24/10/06 

18.5  Exercised during  
      current period:            15,000      -              14.06    27/10/00 
                                375,246      -              14.90    19/12/00 
                                 30,500      -              14.92    21/12/00 
                                224,748      -              16.89    29/03/01 
                                 60,000      -              17.55    31/05/01 
                             Total       Number          Exercise     Expiry 
Category of security        number       quoted             price       date 

Options (Cont'd) 
18.5 Exercised during 
     current period (Cont'd)    395,101      -              21.81    08/11/01 
                                733,952      -              28.67    28/11/02 
                                463,438      -              30.84    29/06/03 
                                  5,000      -              35.10    27/08/03 
                                 57,462      -              39.48    30/09/04 
                                286,354      -              39.93    21/12/04 
                                155,485      -              40.94    07/12/02 
                                 76,740      -              43.48    26/02/05 
                                 64,232      -              48.27    15/12/03 
                                 55,235      -              48.27    15/12/05 
                                 13,460      -              45.20    05/06/06 

18.6 Expired/lapsed during 
     current period:              2,160      -              14.90    19/12/00 
                                    600      -              16.89    29/03/01 
                                 12,760      -              21.81    08/11/01 
                                 60,620      -              28.67    28/11/02 
                                 74,650      -              30.84    29/06/03 
                                 20,000      -              35.10    27/08/03 
                                  7,160      -              39.48    30/09/04 
                                 89,620      -              39.93    21/12/04 
                                141,490      -              43.48    26/02/05 
                                 20,000      -              44.71    05/05/05 
                                120,000      -              41.60    21/06/05 
                                 50,000      -              36.17    23/08/05 
                                 54,730      -              48.27    15/12/05 
                                  6,810      -              45.20    05/06/06 

Material factors affecting the revenues and/or expenses of the economic
entity for the current period are outlined in the attached review of
On 7 August 2001 Brambles Industries Limited entered into a dual listed
companies (DLC) structure with Brambles Industries Plc covering the support
services activities previously held by GKN Plc. A DLC structure is where two
companies are listed on different stock exchanges but operate as if they are
a single economic entity. Brambles Industries Limited is listed on the
Australian Stock Exchange and Brambles Industries Plc is listed on the London
Stock Exchange. 
Full details in respect of the DLC structure were included in the Information
Memorandum which was sent to all shareholders on 25 June 2001. 
As part of the DLC structure and to give effect to the agreed merger ratio,
additional shares were issued to all Brambles Industries shareholders on a
3.1287 to 1 basis. These shares were issued on 20 August 2001. 
Also following completion of the DLC structure, the company paid a second
interim dividend on 20 August 2001 (franked to 60%) in lieu of a final
dividend for the year ended 30 June 2001. 
The tax reform changes and particularly the changes to the tax depreciation
regime, coupled with the additional taxes arising from the group's
divestments of non core assets, will generate a high level of distributable
franking credits in the year ending 30 June 2002. It is expected that there
will be sufficient franking credits to frank the interim dividend for the
financial year 2002 to around 90%. 
There have been no changes in accounting policies since the last Annual
Report required to be disclosed in accordance with accounting standards. 

The annual meeting of Brambles Industries Limited will be held in Sydney as
   Place: TBA                                                                
   Date: 15 November 2001                                                    
   Time: TBA                                                                 
   Approximate date the annual report will be available:     17 October 2001 
This report has been prepared under consistent accounting policies which
comply with accounting standards as defined in the Corporations Act 2001. 
This report gives a true and fair view of the matters disclosed. 
This report is based on accounts which are in the process of being audited. 
The entity has a formally constituted audit committee. 
5 September 2001 
R.V. Farrell Date 
Company Secretary 
For further information contact: 
Ron Burke (61) 2 9256 5255 
Edna Carew (61) 2 9256 5204 
Sue Scholes (44) (0) 20 7659 6000 
                             BRAMBLES INDUSTRIES LIMITED 
                              BRAMBLES INDUSTRIES PLC 
                                     NEW BRAMBLES 
                              BRAMBLES INDUSTRIES LIMITED 
                                BRAMBLES INDUSTRIES PLC 
                                      NEW BRAMBLES 
                         COMBINED PRO FORMA RESULTS FOR THE 
                               YEAR ENDED 30 JUNE 2001 
Brambles Industries Limited today announced their results for the year ended
30 June 2001.  
The merger of Brambles Industries Limited with the support services
businesses of GKN plc through a dual listed companies structure (New
Brambles) was completed on 7 August 2001. To keep the market fully informed,
pro forma accounts for the New Brambles have also been prepared for the full
year on the same basis as that disclosed in the information sent to
shareholders in June 2001. All figures and commentary in this release relate
to the Combined New Brambles group. 
This merger unified the ownership of CHEP and Cleanaway. It also combined the
other support services businesses of Brambles Industries Limited and those
from GKN. New Brambles is a strong global support services company with high
growth potential. 
The merger brings a fundamental change to the structure of Brambles. Pro
forma financial information relating to New Brambles and its activities was
included in the data sent to shareholders during the course of the past two
In similar format, pro forma financial statements comprising a profit and
loss account, segmental analysis, balance sheet and cash flow have been
prepared for New Brambles as if it had been in existence for the full year to
30 June 2001. These are attached as Appendix A.  
Total revenue up by 21% to A$8,646 million. 
Combined revenue of CHEP and Cleanaway of A$5,216 million makes up 60% of
that of the New Brambles group. 
EBITA of continuing businesses was up by 11% to A$1,114 million. 
EBITA of all businesses up by 7% to A$1,198 million. 
Profit before tax, goodwill amortisation and exceptional items down 2% to
A$912 million.  
Earnings per share, before goodwill amortisation and exceptional items, of
36.5c is up 0.7c on last year. 
Earnings per share of 20.5c compared with 35.2c in the year to June 2000
reflects the effects of exceptional items, primarily the previously announced
write-down of the Equipment Division and merger costs. 
  A$'millions                                      Year ended      Year ended 
                                                 30 June 2001    30 June 2000 

  Sales                                                 8,646           7,167 
  Results before goodwill amortisation                                        
  and exceptional items                                                       
  Operating profit before interest                                            
  - Continuing business                                 1,114           1,003 
  - Divestments, disposals                                                    
    and unallocated                                        84             114 
  - Total                                               1,198           1,117 
  Profit before tax                                       912             930 
  Profit after tax                                        614             604 
  Earnings per share                                    36.5c           35.8c 
  Goodwill amortisation (pre tax)                         96               74 
  Exceptional items (after tax)                         (171)              64 
  EPS after goodwill amortisation and                                         
  exceptional Items                                     20.5c           35.2c 
Commenting on the pro forma results, Brambles' CEO, Sir C K Chow, said: 
'The merger of Brambles Industries Limited with GKN's support services
businesses unifies the ownership of CHEP and Cleanaway. The New Brambles is a
strong global support services company with high growth potential. 
'The integration of the combined company has begun smoothly. The senior
management team in the key businesses is in place. There has been no
disruption to our organisation or to the execution of our strategy. 
'Strong revenue growth of the past year in New Brambles' continuing
businesses has been maintained in the first two months of the current year,
which provides a basis for performance improvement as the year progresses.
The divestment program which has been announced will continue and will
streamline the Group's portfolio.' 
The total revenue of the New Brambles at A$8,646 million was 21% higher than
that of the period to June 2000, and revenue from continuing businesses
(excluding businesses identified for divestment) increased by 27% to A$7,535
million, or 18% in constant currency. 
CHEP, the pallet and container pooling business, continued to be the largest
contributor to revenue with sales of A$2,898 million. This comprised 34% of
the total group and 38% of continuing businesses. CHEP's sales were up by 24%
compared with those of the previous corresponding period.  
The waste management business, Cleanaway, which contributes 27% of total
revenue or nearly 31% of that of the continuing businesses, also increased
sales significantly over those of the previous year. The rise of 35% was in
part due to the initial contribution from the Serviceteam acquisition in the
U.K. and the full-year impact of Waste Management Deutschland acquisition in
Germany in May 2000. The organic growth in sales in Cleanaway UK and
Cleanaway Germany was approximately 12% and 8% respectively. 
Geographically, the total revenue of the combined business continues to be
dominated by Europe and North America generating 49% and 31% respectively of
the total. 
Operating profit before goodwill amortisation, exceptional items and tax from
continuing businesses was up by A$111 million to A$1,114 million compared
with A$1,003 million last year. The profit of businesses for disposal was
down from A$114 million to A$84 million, bringing group operating profit to
A$1,198 million compared with A$1,117 million in the year to June 2000.
Earnings per share before exceptional items was 36.5c compared with 35.8c in
the year to June 2000. 
The interest charge has increased from A$187 million to A$286 million. This
reflects the investment in the continuing businesses both in capital
expenditure and in acquisitions. 
Capital expenditure in the period was A$1,960 million, which represents an
increase of A$465 million over that of the previous year. This increase
resulted principally from a period of continued high investment in pallet
pooling in advance of these assets becoming revenue earning, this being
particularly notable in the Americas. Acquisition expenditure totalled A$488
million and included the acquisition of Serviceteam and a number of
acquisitions within the Recall business. 
The pro forma results to June 2001 included a net exceptional charge of A$201
million. This comprised the write-down of the carrying value of Equipment
Rental businesses being held for sale (A$195 million), the costs associated
with the merger of Brambles Industries with the GKN support services
businesses (A$83 million), partially offset by a net profit on business sales
of A$77 million. 
The tax charge of A$268 million was approximately 44% of pre tax income
including exceptional items. Excluding exceptional items the tax rate was
Pro forma indebtedness in the group was A$5,179 million compared with A$4,414
million at 31 December 2000. 
A summary of the performance of the major business segments of the New
Brambles is shown below: 
Pallet and Container Pooling - CHEP 
         A$'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 
         Sales                         2,898           2,342        24 
         Operating profit 1              617             574         7 

1 Excludes interest, goodwill amortisation and exceptional items. 
In constant currency terms sales were 13% higher, but profit was just 1% up
compared with that of the same period in the previous year. 
CHEP Americas continue to record very strong growth with sales up by 45% and
23% in constant currency. Sales continue to be driven by the growth in
services to suppliers of the major U.S. retailers, Wal-Mart and Home Depot in
particular. The launch of the returnable transit packaging pool in the U.S.
continued to add to revenue, although at present it comprises only 3% of
pooling revenue in the Americas. 
Operating profit in the Americas was up by 6%, which was lower than the sales
growth. This is due to expected start-up losses at the gross margin level
associated with the launch of returnable transit packaging, and the temporary
operational inefficiencies caused by the implementation of the depot
consolidation program.  
It is expected that the gross loss on the launch of the returnable transit
packaging will be eliminated during the balance of this calendar year. The
depot consolidation program is expected to continue for a further 24 months,
although its adverse impact on profitability should decrease from the
beginning of next calendar year. 
In Europe, CHEP revenues grew by 7% in constant currency terms. This
represented a robust performance in the U.K., while growth in Germany and
Italy was slower than expected. There are now early signs that the sales
momentum in Europe is beginning to increase, thanks to the roll out of
contracts announced previously with Kraft, Nestle and Reckitt Benckiser. 
Operating profit in CHEP Europe was similar to that of last year, being held
back by costs associated with the roll out of the SAP IT program. The
installation of a new global IT platform will enable CHEP to develop into a
global supplier of multiple pooling product services across national and
continental boundaries. Additional costs have been incurred at the time of
implementation due to the parallel running of legacy systems with the new
system. The European IT project is expected to be completed around the end of
this calendar year. At that stage it will begin in North America, and the
program is expected to be completed by the end of calendar year 2002. 
In Australia and New Zealand sales increased by 14% in constant currency
terms. The increase was largely due to further product innovation, notably
through pooling services in Intermediate Bulk Containers and returnable
transit packaging. A significant new contract has recently been entered into
with Woolworths, the second largest supermarket chain in the region, on the
CHEP service of RTPs. CHEP South Africa also had a strong year. 
Waste Management - Cleanaway 
         A$'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

         Sales                         2,318           1,714        35 
         Operating profit 1              245             209        17 

1 Excludes interest, goodwill amortisation and exceptional items. 
The waste management businesses continue to perform well. Excluding the
impact of currency, sales were up by 30% and profits by 14%. 
Cleanaway Europe saw sales increase significantly, mainly reflecting the
full-year impact of Waste Management Deutschland in Germany and the
acquisition of Serviceteam in the U.K.  
The Serviceteam acquisition significantly increased Cleanaway UK's
involvement in municipal contracts, and the municipal collection business now
comprises some 40% of Cleanaway UK's revenues.  
The benefits arising from the Serviceteam acquisition, coupled with improving
performance in Cleanaway's base collection activities in the second half of
the year, are continuing to contribute to growth. Cleanaway is now well
placed to gain from policy changes stemming from the U.K. Government's Waste
Strategy 2000, which requires municipal councils to increase recycling of
In Cleanaway Germany profits were up 20% on those of the previous year in
constant currency, mostly because of the impact of the acquisition of Waste
Management Deutschland, which was successfully integrated during the year. On
the other hand, results were adversely affected by the reduction in recycled
paper prices from the high levels experienced in 2000. Cleanaway, whilst not
trading in recycled paper as a commodity activity, derives revenue from the
sale of paper it receives as part of its recycling service offering.
Cleanaway is investing to build a patent-protected PET bottle recycling plant
in Germany as an additional business stream to its other recycling
In Australia and New Zealand sales were up by about 5%, with profits moving
further ahead on a very satisfactory performance. 
Cleanaway improved its Australian market position during the year with its
acquisition of Waste Master in the Northern Territory. In addition, a
successful joint-venture bid with Envirowaste for a share of the Auckland
City Council municipal contract provided an entry into the New Zealand
Progress continues in Asia, particularly in Taiwan. The company also opened
its first office in the People's Republic of China, at Nanjing City, where it
is building a landfill gas-to-electricity site with its joint-venture
Information Management - Recall 
         A$'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

         Sales                           516             327        58 
         Operating profit 1               89              46        93 

1 Excludes interest, goodwill amortisation and exceptional items. 
In constant currency terms, Recall sales grew by 45% and profits by 77%
compared with those of the previous year. In North America both sales and
profits were significantly ahead of last year's, due in part to acquisitions
but also to a more profitable product mix and improved margins. 
In Europe, sales were well up on those of the previous year, with a
particularly strong performance in France. 
In Australasia, the sales and profits of Recall continue to grow. 
Overall, the business is continuing to develop its mainstream activity of
Document Management Service (DMS) and is further promoting the increased
penetration of Secure Destruction Service (SDS). In addition, progress is
being made with the development of its technology-based Integrated Document
Solution (IDS) business. Although at a very early stage, IDS is another
avenue of exciting business potential for Recall. 
In the DMS segment, eight acquisitions were completed in the Americas,
Europe, Australia and Asia. This segment now comprises around 63 per cent of
Recall's total business operations. Overall, fourteen acquisitions were
successfully completed during the year under review.  
In addition, in 2001 Recall made substantial progress in the global
standardisation of its services. This effort will serve to improve the
quality of its services to customers, and at the same time reduce costs. 
Recall also moved rapidly in developing its presence in SDS. Following the
acquisitions of Instashred and SDA in the U.S., Recall has 33 destruction
centres operating in six countries and is the market leader in SDS in the
United States and Australia. 
Industrial Services 
         A$'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

         Sales                           900             771       17  
         Operating profit 1               63              65       (3) 

1 Excludes interest, goodwill amortisation and exceptional items. 

In constant currency terms the sales of Industrial Services were up by around
The Industrial Services activities had a mixed performance in the year under
review. Sales and profits were both satisfactorily ahead in Europe, following
the integration and successful performance of Short Bros in the U.K. However,
this was offset slightly by a difficult year in its relatively small
Netherlands operation. 
In the U.S., National Recovery Services, which produces recycled waste
briquettes for the steel industry, was also adversely affected by low steel
industry volumes. 
In Australia, Industrial Services underwent a period of change with
significant restructuring of its activities. In the current year its fortunes
in Australia are expected to improve, following measures taken in 2000/01.  
Other Continuing Businesses 
         A$'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

         Sales                           903             784       15  
         Operating profit 1              100             109       (8) 

1 Excludes interest, goodwill amortisation and exceptional items. 
This segment includes Marine, Specialised Transport, Eurotainer, Meineke
Discount Muffler Shops and Interlake Material Handling. 
Eurotainer achieved sales and profit growth despite a deterioration in market
conditions and lower utilisation rates. 
Revenue for Brambles Marine in Australia rose 6 per cent, despite a softening
in economic conditions that affected cargo volumes. 
Meineke Discount Muffler Shops maintained its position as the second largest  
specialist North American undercar repair franchise and had a satisfactory
Meineke's sustained growth stems from a successful implementation of new  
maintenance-related services, a strong marketing program, international
expansion in Canada, Central America and the Caribbean and a record number of 
franchise licences sold in 2000.  
Another of the Group's United States-based companies, Interlake Material
Handling, is the largest U.S. supplier of pallet racking and dynamic storage 
products for warehouses and distribution centres. After a strong start, 
Interlake experienced a difficult year, with sales and profits adversely 
affected by the U.S. economic slowdown and its impact on the construction of new
distribution and retail facilities. Its market declined by 20 per cent. 
For the year as a whole, Interlake's revenue was down by 6%, and profit down
by 44%. It undertook a major restructuring during the year to ensure its
ongoing competitiveness and profitability. While market recovery is not
anticipated to occur in the coming 12 months, Interlake is well placed to
capitalise on an upturn in the economy.  
Divestment Activity 
During the year, Brambles continued to restructure its business portfolio and
completed a number of planned divestments. 
These included FMS in France, Car Transport in Italy, Brambles Equipment
Division in Australia, and Brambles Security International and Ensco in the
The Group's equipment rental businesses continued to be affected by high
levels of competition and generally depressed market conditions. Brambles
Equipment Services Inc in the United States, Gardemann in Germany and
Wreckair in Australia all suffered because of depressed conditions in
construction markets. 
Economic conditions were also an influencing factor on the rail wagon
business in Europe. The winning of a major contract with the Solvay Group in
France, however, made a favourable impact on results. Germany's results were
slightly higher than those of the previous corresponding period, a pleasing
outcome given the difficult conditions in the chemical industry. 
Negotiations to divest the Group's wagon rental business in Europe are
proceeding. The divestment processes for Wreckair in Australia and Brambles
Equipment Services in the United States are at an earlier stage. The previous
discussions with potential buyers of Gardemann have terminated and renewed
efforts are being made for its divestiture. 
Strong revenue growth of the past year in New Brambles' continuing businesses
has been maintained in the first two months of the current year which
provides a basis for performance improvement as the year progresses.  
CHEP, Cleanaway and Recall are fundamentally strong businesses with
significant potential for growth. 
Other continuing businesses, including Brambles Industrial Services, are
expected to benefit from programs which have already been set in place to
improve efficiencies.  
The divestment program which has been announced will continue and will
streamline the Group's portfolio. 
Appendix A 
Pro forma financial information on the Combined Brambles Group 
The following unaudited pro forma financial information reflects the DLC
Structure between Brambles Industries Limited and Brambles Industries Plc to
create the Combined Group. Brambles Industries Plc is the holding company
into which GKN's support services activities were demerged. 
The unaudited pro forma financial information has been prepared based upon
the accounting policies which the Brambles DLC Directors will adopt in
preparing accounts for the Combined Group within the financial statements of
Brambles Industries Limited. 
The unaudited pro forma financial information for the Combined Group has been
prepared under Australian GAAP with the exception of the internal
reconstruction of the former GKN Group to form Brambles Industries Plc, which
remains in accordance with UK GAAP to give a true and fair view of the
profits available from Brambles Industries Plc to pay dividends. The
unaudited pro forma financial information has been prepared by applying
accounting principles similar to those adopted under UIG Abstract 13: The
Presentation of the Financial Report of Entities Whose Securities are
The unaudited pro forma profit and loss information and cash flow information
for the years ended 30 June 2000 and 30 June 2001 have been prepared as if
the DLC Structure had occurred on the first day of each period. The unaudited
pro forma net assets statement as at 30 June 2001 has been prepared as if the
DLC Structure had been implemented on that date. 
The following unaudited pro forma financial information: 
has been included for illustrative purposes only and, because of its nature,
may not give a true picture of the results, cash flows and the financial
position of the Combined Group; 
does not purport to represent what the combined results of operations
actually would have been if the DLC Structure had occurred on 1 July 1999 or
1 July 2000 or what those results will be for any future periods; and 
has been prepared in accordance with the accounting principles described
The unaudited pro forma financial information has been prepared from the
following sources: 
the historical financial information in relation to the Combined Brambles
Group for the year ended 30 June 2000 has been extracted without material
adjustment from Section 2 of the Australian Information Memorandum; and 
the financial information in relation to the Combined Brambles Group for the
year ended 30 June 2001 was consolidated from the accounts prepared by the
applicable companies for inclusion within the Brambles Industries Limited
results for the same period or for GKN Plc's results. 
The average exchange rate applicable during the periods presented for the pro
forma unaudited profit and loss and cash flow statements and period-end
exchange rates for the unaudited pro forma net assets statement are: 
                                           A$1.00 = £ 
30 June 2000         Average rate              0.3917 
30 June 2001         Average rate              0.3679 
                     Period-end rate           0.3608 
                                                       June 2001    June 2000 
                                                             A$m          A$m 
  Revenue from ordinary activities                        9,183        7,524  
  Profit from ordinary activities before tax                615          894  
  Income tax on ordinary activities                        (268)        (300) 
  Profit from ordinary activities after tax                 347          594  
  Net profit attributable to outside equity                  (2)          (2) 
  Net Profit                                                345          592  
                                                    June 2001 
                  Current assets                              
                  Cash                                    195 
                  Receivables                           2,060 
                  Inventories                             135 
                  Other                                    50 


                  Non-current assets                          
                  Receivables                              25 
                  Investments in Associates               128 
                  Investments Other                        24 
                  Property, plant and equipment         6,807 
                  Intangibles                           1,385 
                  Other                                    45 


                  Total assets                         10,854 

                  Current liabilities                         
                  Creditors                             1,661 
                  Borrowings                            1,687 
                  Provisions                              602 


                  Non-current liabilities                     
                  Creditors                                 1 
                  Borrowings                            3,687 
                  Provisions                              277 


                  Total liabilities                     7,915 
                  Net Assets                            2,939 

                                                       June 2001    June 2000 
                                                             A$m          A$m 

  Cash flows from operating activities                                        
  Receipts in the course of operations                    8,259        6,927  
  Payments in the course of operations                   (6,308)      (5,242) 
  Dividends received from associates                          3            3  
  Interest received                                          22           17  
  Interest paid                                            (330)        (191) 
  Income taxes paid                                        (236)        (200) 

  Net operating cash inflows/(outflows)                   1,410        1,314  
  Cash flows from investing activities                                        
  Purchase of property, plant and equipment              (1,960)      (1,495) 
  Proceeds from sale of property, plant and                 157          233  
  Acquisition of entities                                  (448)        (434)   
  Acquisition of investments JVs                            (17)           -  
  Purchase of other investments                             (23)         (72) 
  Proceeds from sale of entities                             222           70  
  Proceeds from sale of other investments                      -           13  
  Loans to associates                                         (8)         (88) 
  Loans repaid by associates                                   -           33   
  Net investing cash inflows/(outflows)                  (2,077)      (1,740) 
  Cash flows from financing activities                                        
  Proceeds from issues of shares                             85          177  
  Proceeds                                                1,508        1,699  
  Repayments                                               (763)      (1,005) 
  Dividends paid:                                                             
  Shareholders of chief entity                             (189)        (345) 
  Outside equity interests                                   (1)          (1) 
  Other cash outflows                                         -           (1) 
  Net financing cash inflows/(outflows)                     640          524  
  Net increase/(decrease) in cash held                      (27)          98  
  Cash at beginning of year                                 140           42  
  Exchange rate adjustment                                   (1)           -  

  Cash at end of year                                       112          140  

  TRADING REVENUE                                  June 2001        June 2000 
                                                         A$m              A$m 

  Trading revenue by activities                                               
  Pallet and container pooling                        2,898            2,342  
  Waste management                                    2,318            1,714  
  Industrial Services                                   900              771  
  Recall                                                516              327  
  Other                                                 903              784  
  To be divested                                      1,111            1,229  

  Total                                               8,646            7,167  
  Trading revenue by geographical location                                    
  Europe                                              4,239            3,418  
  Americas                                            2,723            1,976  
  Australia / New Zealand                             1,563            1,679  
  Rest of world                                         121               94  

  Total                                               8,646            7,167  
  OPERATING PROFIT BEFORE INTEREST AND TAX                                    
  Operating profit before interest and tax,                                   
  excluding exceptional items, by activities                                  
  Pallet and container pooling                          606              565    
  Waste management                                      206              178  
  Industrial Services                                    51               58  
  Recall                                                 63               32  
  Other                                                  97              107  
  To be divested                                         97              138  
  Unallocated                                           (19)             (35)  
  Total                                               1,101            1,043  
  Operating profit before interest and tax,                                   
  excluding exceptional items by geographical                                 
  Europe                                                586              567  
  Americas                                              349              301  
  Australia / New Zealand                               154              185  
  Rest of world                                          31               25  
  Unallocated                                           (19)             (35) 

  Total                                               1,101            1,043  

  Sales revenue                                                               
  - Controlled entities                               8,456            7,029  
  - Equity share of associates                          190              138  

  Trading revenue                                     8,646            7,167  
  Non-trading revenue                                   537              357  

  Revenue from ordinary activities                    9,183            7,524