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Brambles Industries (BI.)

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Wednesday 23 February, 2005

Brambles Industries

Interim Results Part 2

Brambles Industries PLC
23 February 2005






                                    Brambles

                       Interim report - 31 December 2004


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




                                        1




Brambles


INTERIM REPORT
for the half-year ended 31 December 2004

Index                                                                      Page

Summary of combined interim results                                          3

Trading performance                                                          6
Operational review                                                           9
Outlook                                                                     16

Brambles combined financial information

Combined profit and loss account                                            17
Combined balance sheet                                                      18
Combined statement of total recognised gains and losses                     19
Reconciliation of movements in combined shareholders' funds                 19
Combined cash flow statement                                                20
Combined segmental analysis                                                 22
Notes to the combined financial information                                 25
GAAP reconciliation - UK GAAP to AGAAP                                      31

Brambles Industries plc financial information

Consolidated profit and loss account                                        33
Consolidated balance sheet                                                  34
Consolidated statement of total recognised gains and losses                 34
Consolidated cash flow statement                                            35
Notes to the Brambles Industries plc financial information                  36

Independent review report to Brambles Industries plc                        37


                                        2





Brambles


SUMMARY OF COMBINED INTERIM RESULTS
for the half-year ended 31 December 2004

                                             First half   First half  % increase
At actual exchange rates                           2005         2004   at actual
                                             £ millions   £ millions    fx rates
                                             ----------    ---------- ----------

RESULTS BEFORE GOODWILL
AMORTISATION AND
EXCEPTIONAL ITEMS

Continuing businesses

Turnover, including joint ventures and           
associates                                       1,629         1,545          5%

Comparable operating profit 1                      211           169         25%

Total businesses

Turnover, including joint ventures and           
associates                                       1,629         1,549          5%

Comparable operating profit 1                      211           170         24%

Profit before tax, goodwill amortisation and
exceptional items (PBTA)                           172           131         31%

Profit after tax before goodwill amortisation 
  and exceptional items (PATA)                     116            91         27%

Basic earnings per share on PATA (pence)           6.9           5.4         28%

RESULTS AFTER GOODWILL AMORTISATION
AND EXCEPTIONAL ITEMS

Operating profit                                   194           105         85%

Profit before tax                                  155            93         67%

Profit after tax                                    96            53         81%

Basic earnings per share (pence)                   5.7           3.1         84%

Dividend

Interim dividend per share (pence)               4.156         4.155

Dividend record date                     18 March 2005

Interim dividend payable date            14 April 2005

Cashflow from operations
after gross capital expenditure                    166           108

Net debt                                         1,345         1,558
--------------------------------------------------------------------------------

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


                                        3





Brambles

SUMMARY OF COMBINED INTERIM RESULTS continued

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

£ millions           
                           First half  First half 2005 at             % change at
Turnover (including              2005   prior year actual First half     constant
share of joint ventures   as reported   monthly fx rates        2004     currency
and associates)                                      (a)         (b)      (a)/(b)
---------------------------------------------------------------------------------
CHEP                              732               765         694          10%
Cleanaway                         544               550         518           6%
Recall                            143               150         137           9%
Brambles Industrial Services      146               150         144           4%
Regional Businesses                64                69          52          33%
                            -----------------------------------------------------
Continuing businesses           1,629             1,684       1,545           9%
Discontinued                        -                 -           4
                            -----------------------------------------------------
Total                           1,629             1,684       1,549           9%
                            -----------------------------------------------------

Comparable operating profit 1
(EBITA before exceptionals)
---------------------------------------------------------------------------------
CHEP                              137               142          96          48%
Cleanaway                          37                37          43         (14%)
Recall                             22                24          21          14%
Brambles Industrial Services       17                18          17           6%
Regional Businesses                 4                 4           -           -
Corporate                          (6)               (7)         (8)         13%
                                  -----------------------------------------------
Continuing businesses             211               218         169          29%
Discontinued                        -                 -           1
                                  -----------------------------------------------
Total                             211               218         170          28%
                                  -----------------------------------------------

Reconciliation to statutory
profit after tax
---------------------------------------------------------------------------------
Comparable operating profit 1     211               218         170          28%
Net interest expense              (39)              (40)        (39)         (3%)
Profit before tax, goodwill       -----------------------------------------------
  amortisation and exceptional
  items (PBTA)                    172               178         131          36%
Tax expense on PBTA               (56)              (58)        (40)        (45%)
                                   ----------------------------------------------
Profit after tax before goodwill
  amortisation and exceptional           
  items (PATA)                    116               120          91          32%
Goodwill amortisation             (17)              (18)        (18)
Exceptional items, before tax       -                 -         (20)
Tax on exceptional items           (3)               (3)          -
                                   ----------------------------------------------
Profit after tax                   96                99          53          87%
Minority interest                   -                 -           -
                                   ----------------------------------------------
Profit after tax (after
minority interests)                96                99          53          87%
                                   ----------------------------------------------

Basic earnings per share           5.7p             5.9p        3.1p         90%
Earnings per share on PATA         6.9p             7.1p        5.4p         31%
                                   ----------------------------------------------
BVA (Brambles Value Added)                           28         (23)
                                               -----------------------

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

                                       
                                        4





Brambles

SUMMARY OF COMBINED INTERIM RESULTS continued

£ millions
                             First half  First half 2005 at           % change at
Operating profit (after            2005   prior year actual First half   constant
goodwill amortisation and   as reported    monthly fx rates       2004   currency
operating exceptional items)                           (a)         (b)    (a)/(b)
---------------------------------------------------------------------------------

CHEP                               136               142          72         97%
Cleanaway                           29                29          32         (9%)
Recall                              16                17          14         21%
Brambles Industrial Services        15                15          15          -
Regional Businesses                  4                 4         (21)         -
Corporate                           (6)               (7)         (8)        13%
                           ------------------------------------------------------
Continuing businesses              194               200         104         92%
Discontinued                         -                 -           1
                           ------------------------------------------------------
Total                              194               200         105         90%
                           ------------------------------------------------------

Note 1:

• Throughout this business commentary, all references to comparable
  operating profits are to 'profit before interest, tax, goodwill amortisation
  and exceptional items', which the Directors consider to be a useful measure
  of business performance.


• In the commentary, current year figures have been calculated in constant
  currency (at the comparative period's actual monthly exchange rates). In the
  statutory half-year financial statements, foreign currency results have been
  translated at the applicable actual monthly exchange rates ruling in each
  half-year.


• Profit before interest and tax after charging goodwill amortisation and
  exceptional items, is analysed by business segment and geographical origin
  on page 23.


                                        5





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