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Brambles Industries (BI.)

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Wednesday 25 February, 2004

Brambles Industries

Interim Results - Part 2

Brambles Industries PLC
25 February 2004











                                    Brambles
                                        
                        Interim report - 31 December 2003
                                        
                                        
                         For the Combined Businesses of
                            Brambles Industries plc
                        and Brambles Industries Limited



Brambles


INTERIM REPORT
for the half-year ended 31 December 2003

Index                                                                     Page

Summary of combined interim results                                          3

Trading performance                                                          5
Operational review                                                           7
Outlook                                                                     14

Brambles combined financial information                                     15

Combined profit and loss account                                            15
Combined balance sheet                                                      16
Combined statement of total recognised gains and losses                     17
Reconciliation of movements in combined shareholders' funds                 17
Combined cash flow statement                                                18
Combined segmental analysis                                                 20
Notes to the combined financial information                                 23
GAAP reconciliation                                                         27

Brambles Industries plc financial information                               29

Consolidated profit and loss account                                        29
Consolidated balance sheet                                                  30
Consolidated statement of total recognised gains and losses                 30
Consolidated cash flow statement                                            31
Notes to the Brambles Industries plc financial information                  32

Independent review report                                                   33





Brambles


SUMMARY OF COMBINED INTERIM RESULTS
for the half-year ended 31 December 2003

                                                                     % increase/
                                            First half   First half   (decrease)
At actual exchange rates                          2004         2003    at actual
                                            £ millions   £ millions     fx rates
                                            ------------------------------------
                                           

RESULTS BEFORE EXCEPTIONAL ITEMS
AND GOODWILL AMORTISATION

Continuing businesses

Turnover, including joint ventures and            1,545      1,412           9%
associates

Comparable operating profit *                       169        179          (6%)

Total businesses

Turnover, including joint ventures and            1,549      1,474           5%
associates

Comparable operating profit *                       170        184          (8%)

Profit before tax                                   131        142          (8%)

Profit after tax                                     91         97          (6%)

Basic earnings per share (pence)                    5.4        5.7           5%

RESULTS AFTER EXCEPTIONAL ITEMS
AND GOODWILL AMORTISATION

Operating profit                                    105        166         (37%)

Profit before tax                                    93        137         (32%)

Profit after tax                                     53         90         (41%)

Basic earnings per share (pence)                    3.1        5.3         (41%)

Dividend

Interim dividend per share (pence)                4.155      3.757           11%

Dividend record date                      19 March 2004

Interim dividend payable date              8 April 2004

Cashflow from operations
after gross capital expenditure                     108         16

Net debt                                          1,558      1,688
--------------------------------------------------------------------------------

* Comparable operating profit is operating profit before exceptional items and
goodwill amortisation. Refer also to note 1 below.

Note 1:

• 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.
                                        3

Brambles

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

Turnover (including
joint ventures
and associates)         First half  First half 2004 at                 % change
                              2004   prior year actual  First half  in constant
By business segment    as reported    monthly fx rates        2003     currency
£ millions                                   (a)               (b)      (a)/(b)
--------------------------------------------------------------------------------
CHEP                           694                679         620          10%
Cleanaway                      518                489         474           3%
Recall                         137                133         118          13%
Brambles Industrial
Services                       144                130         137          (5%)
Regional Businesses             52                 54          63         (14%)
                         -------------------------------------------------------
Continuing Businesses        1,545              1,485       1,412           5%
Discontinued                     4                  4          62           -
                         -------------------------------------------------------
Total                        1,549              1,489       1,474           1%
                         -------------------------------------------------------

Comparable operating profit
(EBITA before
exceptionals)           First half  First half 2004 at                 % change
                              2004   prior year actual  First half  in constant
By business segment    as reported    monthly fx rates        2003     currency
£ millions                                         (a)          (b)     (a)/(b)
--------------------------------------------------------------------------------
CHEP                              96                92         103         (11%)
Cleanaway                         43                40          50         (20%)
Recall                            21                20          19           5%
Brambles Industrial               17                16          13          23%
Services
Regional Businesses                -                 -           3           -
Corporate                         (8)               (8)         (9)          -
                           -----------------------------------------------------
Continuing Businesses            169               160         179         (11%)
Discontinued                       1                 1           5           -
                           -----------------------------------------------------
Total                            170               161         184         (12%)
                           -----------------------------------------------------

Operating profit after
(operating exceptional
items and goodwill
amortisation)                              
                        First half  First half 2004 at                 % change
                              2004   prior year actual  First half  in constant
By business segment    as reported    monthly fx rates        2003     currency
£ millions                                         (a)         (b)      (a)/(b)
--------------------------------------------------------------------------------
CHEP                              72                69         101         (32%)
Cleanaway                         32                29          43         (33%)
Recall                            14                13          14          (7%)
Brambles Industrial               15                14          10          40%
Services
Regional Businesses              (21)              (22)          2           -
Corporate                         (8)               (8)         (9)          -
                           -----------------------------------------------------
Continuing Businesses            104                95         161         (41%)
Discontinued                       1                 1           5           -
                           -----------------------------------------------------
Total                            105                96         166         (42%)
                           -----------------------------------------------------

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

Profit before interest and tax after charging goodwill amortisation and
exceptional items, is analysed by business segment and geographical origin on
page 21.

                                        4






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