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Brambles Industries (BI.)

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Wednesday 24 August, 2005

Brambles Industries

Final Results - Part 2

Brambles Industries PLC
23 August 2005












                                    Brambles

              Preliminary Results for the year ended 30 June 2005


                         For the combined businesses of
                            Brambles Industries plc
                        and Brambles Industries Limited

                                        1

Brambles


PRELIMINARY RESULTS
for the year ended 30 June 2005

Index                                                                    Page

Summary of combined results                                                  3

Trading performance                                                          6
Operational review                                                           6
Outlook                                                                     15

Brambles combined financial information

Combined profit and loss account                                            16
Combined balance sheet                                                      17
Combined statement of total recognised gains and losses                     18
Reconciliation of movements in combined shareholders' funds                 18
Combined cash flow statement                                                19
Combined segmental analysis                                                 21
Notes to the combined financial information                                 23
GAAP reconciliation                                                         28
Impact of adopting International Financial Reporting Standards              30

Brambles Industries plc financial information

Consolidated profit and loss account                                        34
Consolidated balance sheet                                                  35
Consolidated statement of total recognised gains and losses                 35
Consolidated cash flow statement                                            36
Notes to the Brambles Industries plc financial information                  37

                                        2

Brambles


SUMMARY OF COMBINED RESULTS
for the year ended 30 June 2005

                                                                % change
                                                             -----------------
At actual exchange rates                    2005       2004    actual constant
                                       £millions  £millions  fx rates currency                        
                                       ---------- ---------- -------- --------

RESULTS BEFORE GOODWILL
AMORTISATION AND EXCEPTIONAL
ITEMS

Turnover, including joint ventures
and associates                            3,307      3,112        6%         8%

Comparable operating profit 1               452        381       19%        20%

Profit before tax, goodwill
amortisation and
exceptional items (PBTA)                    378        307       23%        24%

Profit after tax, before goodwill
amortisation and exceptional 
items (PATA), after minorities              254        210       21%        22%

Basic earnings per share on PATA           15.0       12.4       21%        22%
(pence)                                
--------------------------------------------------------------------------------

RESULTS AFTER GOODWILL
AMORTISATION AND EXCEPTIONAL
ITEMS

Operating profit                            417        271       54%        56%

Profit before tax                           347        224       55%        56%

Profit after tax, after minorities          219        126       74%        76%

Basic earnings per share (pence)           12.9        7.5       72%        75%
--------------------------------------------------------------------------------

Free cash flow 2                            337        249

Net capital expenditure on property,
plant and equipment                         363        348

Net debt                                  1,230      1,395
--------------------------------------------------------------------------------

Dividend

Interim dividend paid (pence per          4.156      4.155
share)

Second interim dividend declared          4.815      3.918
(pence per share)

Second interim dividend record date    23 September 2005

Second interim dividend payable date   13 October 2005
--------------------------------------------------------------------------------


1 Comparable operating profit is profit before interest, tax, goodwill
amortisation and exceptional items.
2 Refer to Notes on page 5.

                                        3

Brambles

RESULTS BY BUSINESS SEGMENT AT ACTUAL AND CONSTANT CURRENCY EXCHANGE RATES

                                             2005 at
                                    2005  prior year        2004      % change
Turnover (including share of      actual    fx rates      actual   at constant
joint ventures and associates) £millions   £millions   £millions      currency                                         
-------------------------------------------------------------------------------
CHEP                               1,488       1,519       1,394            9%
Cleanaway                          1,094       1,095       1,037            6%
Recall                               291         297         274            8%
Brambles Industrial Services         301         302         287            5%
Regional Businesses                  133         139         117           19%
                               ----------- ----------- -----------    ---------
Continuing Businesses              3,307       3,352       3,109            8%
Discontinued                           -           -           3
                               ----------- ----------- -----------    ---------
                       Total       3,307       3,352       3,112            8%
                               ----------- ----------- -----------    ---------

Comparable operating profit
(EBITA before exceptionals)
-------------------------------------------------------------------------------
CHEP                                290          294         224           31%
Cleanaway                            82           82          89           (8%)
Recall                               47           49          43           14%
Brambles Industrial Services         38           38          34           12%
Regional Businesses                   9            9           5           80%
Corporate                           (14)         (15)        (15)           -
                               ----------   ----------   ----------   ---------
Continuing Businesses               452          457         380           20%
Discontinued                          -            -           1
                               ----------   ----------   ----------   ---------
                       Total        452          457         381           20%
                               ----------   ----------   ----------   ---------

Reconciliation to statutory
profit after tax
--------------------------------------------------------------------------------
Comparable operating profit         452         457          381           20%
Net interest expense                (74)        (76)         (74)          (3%)
Profit before tax, goodwill
                               ----------- ----------- -----------    ---------
amortisation and exceptional                                           
items (PBTA)                        378         381          307           24%
Tax expense on PBTA                (123)       (124)         (97)         (28%)
                               ----------- ----------- -----------    ---------
Profit after tax, before
goodwill amortisation and 
exceptional items (PATA)            255         257          210           22%
Goodwill amortisation               (35)        (35)         (35)
Exceptional items, before tax         4           4          (48)
Tax on exceptional items             (4)         (3)          (2)
                               ----------- ----------- -----------    ---------
Profit after tax                    220         223          125           78%
Minority interest                    (1)         (1)           1
                               ----------- ----------- -----------    ---------
Profit after tax (after
minority interest)                  219         222          126           76%
                               ----------- ----------- -----------    ---------

Basic earnings 
per share (pence)                  12.9        13.1          7.5           75%
Earnings per share 
on PATA (pence)                    15.0        15.1         12.4           22%
                               ----------- ----------- -----------    ---------

BVA (Brambles Value Added)3                      80           11
                                           ----------- -----------

3 Refer to Notes on page 5.

                                        4

Brambles

                                            2005 at
Operating profit (after            2005  prior year        2004      % change
goodwill amortisation and        actual    fx rates      actual   at constant
operating exceptional items)  £millions   £millions   £millions      currency   
--------------------------------------------------------------------------------
CHEP                                288         292         179           63%
Cleanaway                            67          67          63            6%
Recall                               34          36          30           20%
Brambles Industrial Services         33          33          29           14%
Regional Businesses                   9           9         (16)           -
Corporate                           (14)        (15)        (15)           -
                              ----------- -----------  ----------    ---------
Continuing Businesses               417         422         270           56%
Discontinued                          -           -           1            -
                              ----------- -----------  ----------    ---------
                      Total         417         422         271           56%
                              ----------- -----------  ----------    ---------

Profit before interest and tax, after charging goodwill amortisation and
exceptional items, is analysed by business segment and geographical origin on
page 22.

Notes:

Comparable operating profit
---------------------------

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

Translation of foreign currency results
--------------------------------------

In the commentary, comparative trading measures have been calculated in constant
currency (at the comparative period'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 year.

Free cash flow
--------------

Free cash flow refers to cash flow generated after net capital expenditure but
excluding the net cost of acquisitions and proceeds from business disposals.

Free cash flow reconciles to statutory cash flow as follows:
                                                                2005       2004
                                                           £millions  £millions
                                                           ---------  ---------

Net cash inflow before management of liquid resources and       
financing                                                       179        100
Equity dividends paid to parent companies' shareholders         137        139
Acquisitions and disposals                                       21         10
                                                            ---------  ---------
Free cash flow                                                  337        249
                                                            ---------  ---------

Brambles Value Added (BVA)
--------------------------

Brambles Value Added (BVA) represents the value generated by a business over and
above the cost of the capital it uses to generate that value. BVA for the year
is denominated in sterling and defined under UK GAAP. It is calculated as
comparable operating profit less average capital invested (ACI), at fixed June
2004 exchange rates, multiplied by the Brambles weighted average pre-tax cost of
capital (WACC). BVA = EBITA - ACI x WACC.

                                        5





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