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Brambles Industries (BI.)

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Wednesday 05 September, 2001

Brambles Industries

Final Results - Part 4

Brambles Industries PLC
5 September 2001

Part 4

                           BRAMBLES INDUSTRIES LIMITED 
                             BRAMBLES INDUSTRIES PLC 
                                   NEW BRAMBLES 
                               PROFORMA ACCOUNTS UNDER 
                                       UK GAAP 
                                  IN POUNDS STERLING 
                            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 13% to £3,181 million. 
Combined revenue of CHEP and Cleanaway of £1,919 million makes up 60% of that
of the New Brambles group. 
EBITA of continuing businesses was up by 7% to £415 million. 
EBITA of all businesses down 2% to £444 million. 
Profit before tax, goodwill amortisation and exceptional items down 11% to
£338 million. Earnings per share, before goodwill amortisation and
exceptional items, of 13.8p is down 2.4p on last year. 
Earnings per share of 8.4p compared with 15.6p 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. 
  £'millions                                       Year ended      Year ended 
                                                 30 June 2001    30 June 2000 
  Sales                                                3,181           2,807  
  Results before goodwill amortisation                                        
  and exceptional items                                                       
  Operating profit - Continuing business                 415             387  
                   - Divestments disposals                                      
                          and unallocated                 29              65  
                   - Total                               444             452  
  Profit before tax                                      338             379  
  Profit after tax                                       232             272  
  Earnings per share                                    13.8p           16.2p 
  Goodwill amortisation                                  (24)            (17) 
  Exceptional items                                      (66)              7  
  EPS after goodwill amortisation and                                         
  exceptional Items                                      8.4p           15.6p 
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 £3,181 million was 13% higher than
that of the period to June 2000, and revenue from continuing businesses
(excluding businesses identified for divestment) increased by 19% to £2,772
million, or 18% in constant currency. 
CHEP, the pallet and container pooling business, continued to be the largest
contributor to revenue with sales of £1,066 million. This comprised 34% of
the total group and 38% of continuing businesses. CHEP's sales were up by 16%
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 27% 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 £28 million to £415 million compared with
£387 million last year. The profit of businesses for disposal was down from
£65 million to £29 million, bringing group operating profit to £444 million
compared with £452 million in the year to June 2000. Earnings per share
before exceptional items was 12.8p compared with 15.1p in the year to June
The interest charge has increased from £73 million to £106 million. This
reflects the investment in the continuing businesses both in capital
expenditure and in acquisitions. 
Capital expenditure in the period was £721 million, which represents an
increase of £135 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 £171
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 £66
million. This comprised the write-down of the carrying value of Equipment
Rental businesses being held for sale (£91 million), partially offset by a
net profit on business sales of £25 million. 
The tax charge of £106 million was approximately 43% of pre tax income
including exceptional items. Excluding goodwill and exceptional items the tax
rate was 31.4%, but, with the implementation of FRS19 providing for fully
deferred tax on all Brambles operations, the tax rate is expected to rise
more towards the standard mixed corporate rate of 37%. 
Pro forma indebtedness in the group was £1,869 million compared with £1,649
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 
          £'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

          Sales                        1,066             917        16 
          Operating profit               234             226         4 
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 8%, 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 
          £'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

          Sales                          853             672        27 
          Operating profit                91              82        11 
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,
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 
          £'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

          Sales                          190             128        48 
          Operating profit                31              17        82 
In constant currency terms, Recall sales grew by 45% and profits by 60%
compared with those of the previous year. In North America both sales and
profits were significantly ahead of last year, 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 
          £'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

          Sales                          331             302       10  
          Operating profit                21              22       (5) 
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 
          £'million               Year ended      Year ended    Change 
                                30 June 2001    30 June 2000         % 

          Sales                          332             307        8  
          Operating profit                38              40       (5) 
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
Combination of Brambles Industries Limited and Brambles Industries Plc to
create the Combined Brambles 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 on the
accounting policies which the Brambles DLC Directors will adopt in preparing
accounts for the Combined Brambles Group within the financial statements of
Brambles Industries Plc. The unaudited pro forma financial information has
been prepared by applying merger accounting principles under UK GAAP. 
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 Combination 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 Combination had occurred 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 financial position
of the Combined Brambles Group; 
does not purport to represent what the combined results of operations
actually would have been if the DLC Combination 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 UK GAAP. 
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 Part 6 of the UK Listing Particulars; 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 
                                                          £m               £m 
  Subsidiaries                                        3,111            2,753  
  Share of associates                                    70               54  
                                                      3,181            2,807  

  Operating profit                                                            
  Before goodwill amortisation and exceptional          439              446  
  Goodwill amortisation                                 (24)             (17) 
  Exceptional items                                     (91)               4  
                                                        324              433  
  Share of associates                                     5                6  
  Operating profit                                      329              439  
  Exceptional items                                      25                3  
  Profit on ordinary activities before interest         354              442    
  and tax                                                                     
  Net interest payable                                 (106)             (73) 
  Profit on ordinary activities before tax              248              369  
  Tax on profit on ordinary activities                 (106)            (107) 
  Profit on ordinary activities after tax               142              262  
  Minority interest                                      (1)              (1) 
  Attributable profit                                   141              261  
  Earnings per share                                    8.4p            15.6p 
  (based on 1680.3m shares)                                                   
  Results before goodwill amortisation                                        
  and exceptional items                                                       

  Operating profit                                      444              452  
  Profit before tax                                     338              379  
  Earning per share                                    13.8p            16.2p 
                                                                 June 2001 
    Fixed assets                                                           
    Intangible assets                                                 342  
    Tangible assets                                                 2,456  
    Associates                                                         46  
    Other                                                               9  
    Current assets                                                         
    Stocks                                                             49  
    Debtors                                                           785  
    Cash at bank and in hand                                           70  

    Creditors - amounts falling due within one year                (1,186) 
    Net current (liabilities)/assets                                 (282) 
    Total assets less current liabilities                           2,571  
    Creditors - amounts falling due after more than one year       (1,355) 
    Provisions for liabilities and charges                           (252) 
    Net assets                                                        964  
                                                       June 2001    June 2000 
                                                              £m           £m 

  Net cash inflow from operating activities                 718          661  
  Dividends from joint ventures and associates                1            1  
  Returns on investments and servicing of finance                             
  Interest received                                           8            7  
  Interest paid                                            (121)         (76) 
                                                           (113)         (69) 

  Taxation                                                  (87)         (78) 
  Capital expenditure and financial investment                                
  Purchase of tangible fixed assets                        (721)        (586) 
  Sale of tangible fixed assets                              58           91  
  Investment loans and other financial investments          (12)          (1) 
                                                           (675)        (496) 

  Acquisitions and disposals                                                  
  Purchase of subsidiary undertakings                      (165)        (175) 
  Purchase of joint ventures                                 (6)         (28) 
  Net cash acquired with subsidiary undertakings              -            4  
  Sale of businesses                                         82           28  
  Sale of joint ventures and associates                       -            5  

                                                            (89)        (166) 

  Equity dividends paid                                     (70)        (136) 
  Net cash outflow before management of liquid                                
  resources and financing                                  (315)        (283) 
  Management of liquid resources                                              
  Movement on term deposits                                   7            1  
  Net proceeds from share issues                             31           24  
  Capital contributions                                       -           45  
  Increase in borrowings                                    270          260  
  Movement on debentures                                      -           (7) 
  Capital element of finance lease rentals                   (3)          (1) 
  Net cash inflow from financing                            298          321  
  Increase/(decrease) in cash                               (10)          39  
                                                   June 2001        June 2000 
                                                          £m               £m 

  Sales by business                                                           
  Pallet and container pooling                        1,066              917  
  Waste management                                      853              672  
  Industrial Services                                   331              302  
  Recall                                                190              128  
  Other - continuing                                    332              307  
  Other - to be divested                                409              481  
  Total                                               3,181            2,807  
  Sales by region of origin                                                   
  Europe                                              1,559            1,338  
  Americas                                            1,002              775  
  Australia / New Zealand                               575              657  
  Rest of World                                          45               37  
  Total                                               3,181            2,807  
  Pro forma operating profit                                                  
  Operating profit before goodwill amortisation                               
    and exceptional items by business                                           
  Pallet and container pooling                          234             226
  Waste management                                       91              82  
  Industrial Services                                    21              22  
  Recall                                                 31              17  
  Other - continuing                                     38              40  
  Other - to be divested                                 38              65  
  Unallocated                                            (9)              -     
  Total                                                 444              452  
  Operating profit before goodwill amortisation                               
  and exceptional items by region of origin                                   
  Europe                                                244              247  
  Americas                                              136              125  
  Australia / New Zealand                                59               75  
  Rest of World                                          14                5  
  Unallocated                                            (9)               - 
  Total                                                 444              452