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Brambles Industries (BI.)

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Tuesday 02 September, 2003

Brambles Industries

Final Results - Part 2

Brambles Industries PLC
01 September 2003













                                    Brambles



                              Preliminary Results

                               for the year ended
                                  30 June 2003


                         for the Combined Businesses of
                            Brambles Industries plc
                        and Brambles Industries Limited













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                                    BRAMBLES


              PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2003


                                    CONTENTS



                                                                        Page
Summary of the Combined Results
Financial Highlights                                                         5
Overview                                                                     8
Operational Review                                                          10
Outlook                                                                     18

Brambles Combined Financial Information
Combined Profit and Loss Account                                            19
Combined Balance Sheet                                                      20
Combined Statement of Total Recognised Gains and Losses                     21
Reconciliation of Movements in Combined Shareholders' Funds                 21
Combined Cash Flow Statement                                                22
Combined Segmental Analysis                                                 24
Notes to the Combined Financial Information                                 26
GAAP Reconciliation                                                         29

Brambles Industries plc
Consolidated Profit and Loss Account                                        31
Consolidated Balance Sheet                                                  32
Consolidated Statement of Total Recognised Gains and Losses                 33
Consolidated Cash Flow Statement                                            33
Notes to the Brambles Industries plc Financial Information                  34


An analyst briefing will be held in London at 9am on 2 September 2003. This will
be webcast and available with supporting slides on our website www.brambles.com.













                                       4



Brambles


Summary of combined results for the year ended 30 June 2003

                                                                                Increase/
                                                                               (decrease)
                                                                                   %
                                                            2003       2002     at actual
                                                        £ millions  £ millions  fx rates
                                                        ----------------------------------

Results before exceptional items and goodwill amortisation

Continuing businesses
Revenue, including joint ventures and associates           2,909      2,780           5%
Comparable operating profit *                                359        371          (3%)

Total
Revenue, including joint ventures and associates           2,997      3,184          (6%)
Comparable operating profit                                  369        402          (8%)
Profit before tax                                            286        305          (6%)
Profit after tax                                             195        220         (11%)
Earnings per share (pence)                                  11.5       13.0         (12%)

Results after exceptional items and goodwill amortisation

Operating profit                                             276        370
Profit before tax                                            190        271
Profit after tax                                             118        175
Earnings per share (pence)                                   6.9       10.3

Second interim dividend per share (pence)                 4.053
Second interim dividend per share payable                9 October 2003
Dividend record date                                    19 September 2003

Cashflow from operations after capital expenditure            228       116
Net debt                                                    1,607     1,581
------------------------------------------------------------------------------------------


* Note:


• Throughout this business commentary, all references to comparable
  operating profits are to 'operating profit before exceptional items and goodwill
  amortisation', which the directors consider to be a useful measure of business
  performance. Measures of business performance have been calculated in constant
  currency (at the previous year's actual monthly exchange rates).


• In the statutory financial statements, foreign currency results have been
  translated at the applicable actual monthly exchange rates ruling in each
  period.







                                       5



The table below summarises the results at actual exchange rates and at constant
currency rates

Turnover (including joint                                                    
ventures and associates)                                       
by business                                                                %
                                2003           2003 at                   change
                             as reported   prior year actual               in
                                           monthly fx rates    2002     constant
                                                                        currency
£ millions                                          (a)        (b)       (a)/(b)
--------------------------------------------------------------------------------
CHEP                              1,284           1,319       1,202         10%
Cleanaway                           964             941         916          3%
Recall                              258             269         229         17%
Brambles Industrial Services        282             276         273          1%
Regional Businesses                 121             129         160        (19%)
--------------------------------------------------------------------------------
Continuing Businesses             2,909           2,934       2,780          6%
Discontinued                         88              91         404          -
--------------------------------------------------------------------------------
Total                             2,997           3,025       3,184         (5%)
--------------------------------------------------------------------------------


Comparable operating profit                                                 %
(EBITA before exceptionals)                    2003 at                   change
by business                     2003       prior year actual                in     
                             as reported   monthly fx rates    2002      onstant
                                                                        currency
£ millions                                         (a)          (b)      (a)/(b)
--------------------------------------------------------------------------------
CHEP                                 199             203        207         (2%)
Cleanaway                             96              93         97         (4%)
Recall                                49              52         40         30%
Brambles Industrial Services          28              28         31        (10%)
Regional Businesses                    4               3         10        (70%)
Corporate                            (17)            (17)       (14)       (21%)
--------------------------------------------------------------------------------
Continuing Businesses                359             362        371         (2%)
Discontinued                          10              10         31          -
--------------------------------------------------------------------------------
Total                                369             372        402         (7%)
--------------------------------------------------------------------------------

Operating profit                                                            %
by business                                    2003 at                   change
                                 2003      prior year actual               in            
                             as reported   monthly fx rates    2002     constant
                                                                        currency
£ millions                                         (a)          (b)      (a)/(b)
--------------------------------------------------------------------------------
CHEP                                 148             154        206        (25%)
Cleanaway                             76              74         83        (11%)
Recall                                37              39         30         30%
Brambles Industrial                   23              23         27        (15%)
Services
Regional Businesses                    -              (1)         8          -
Corporate                            (17)            (17)       (14)       (21%)
--------------------------------------------------------------------------------
Continuing Businesses                267             272        340        (20%)
Discontinued                           9               9         30          -
--------------------------------------------------------------------------------
Total                                276             281        370        (24%)
--------------------------------------------------------------------------------


















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The prior period results set out in column (b) above have been adjusted to show
divested businesses as discontinued.


The Group's profit before interest and tax, after charging goodwill amortisation
and exceptional items, is analysed by business segment and geographical origin
on page 25.


The results for the year ended 30 June 2002 reflect the impact of the
harmonisation of accounting in CHEP.  The net negative impact of the
harmonisation on operating profit and on profit before tax was £9 million and
included a one-off charge of £21 million.


The post on-going harmonisation figures included with Brambles announcement
dated 19 February 2003 have been used as prior year comparatives to explain
trading movements in the press release dated 2 September 2003 and analyst
presentations.





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                      This information is provided by RNS
            The company news service from the London Stock Exchange

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