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Brambles Industries (BI.)

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Wednesday 05 September, 2001

Brambles Industries

Final Results - Part 1

Brambles Industries PLC
5 September 2001

                         BRAMBLES INDUSTRIES LIMITED 
                            BRAMBLES INDUSTRIES PLC 
                                   NEW BRAMBLES 
The attached material contains the preliminary (unaudited) results for the
year ended 30 June 2001 for Brambles. 
On 7 August 2001 Brambles Industries Limited merged with the support services
of its longstanding joint-venture partner, GKN plc. 
Because of this, and because of differing reporting requirements in Australia
and the UK, the financial information for the 2000/2001 financial year has
been prepared in three formats: 
    Brambles Industries Limited equity accounted under Australian GAAP 
    Pro forma accounts for New Brambles under Australian GAAP 
    Pro forma accounts for New Brambles under UK GAAP 
These formats are designed to meet the various information needs of
shareholders and others. 
Contacts for queries: 
Press:      Richard Mountain, Financial Dynamics 44 (0) 20 7269 7186 
Other: Sue Scholes, Head of Investor Relations, 44 (0) 20 7659 6000 
Brambles has announced a profit for the year to 30 June 2001 of A$153.1
This result was after charging the previously announced write-down of A$195
million pre-tax relating to the carrying value of the Equipment Rental
businesses. It is also  
after charging A$45 million in respect of costs associated with the recent
merger with the support services businesses of GKN plc. 
Before taking account of the above costs, profits after tax would have been
A$347.1 million, some 4.9% below the similarly attributed A$364.8 million
earned in the year to 30 June 2000. 
Earnings per share (basic) decreased from the prior year's 162.0 cents to
66.3 cents, primarily as a result of the Equipment Division write-down and
the merger costs.  
The revenue of the controlled entities was A$3,927.8 million, 12.3% higher
than the A$3,497.5 million earned in the year to June 2000. 
When combined with revenue from the equity accounting share of CHEP and
Cleanaway joint venture businesses, the total group revenue at A$6,235
million, including other revenue of A$434 million, was 19.3% above that for
the same period last year. 
The AUD was generally weaker this year compared with last, and this added
around A$367 million to the revenue and around A$18 million to the profit
after tax amounts. 
Business highlights of the year to 30 June 2001 included 
CHEP total revenue up 23% with the Americas up by 44%, Europe up 10% and
Australia up by 10%. EBIT growth was constrained by strategic investment
Cleanaway total revenue up 29% and EBIT growth up 24%. Cleanaway's results
include the contribution of the acquisition of Serviceteam in January 2001
and the full year contribution of Waste Management Deutschland acquired in
May 2000. 
Continued growth in Recall, mainly by acquisition, resulted in a revenue
increase of 49% to A$521 million with EBIT increasing significantly from
A$31.7 million to A$62.7 million. 
The continuing businesses, in total, maintained double digit profit growth. 
The sale of Ensco was successfully completed and the gain on sale has been
included in the result with the other divestments. 
The transition of Brambles into a company with fewer but bigger businesses
continued throughout the year. This divestment and rationalisation program
contributed net profits on sale of $69.3 million this year compared with a
net $15.1 million last year. In addition, non-recurring net costs of $8.1
million were taken up this year against a revenue amount of $17.3 million
last year. 
As noted previously, this program is to continue and will necessarily result
in profit dilution during the transition period, which will extend through
the 2001/02 year. However, we are confident that the benefits of a more
focussed Group will flow through to shareholders once the divestments have
been completed. 
The Group's gearing (net debt/net debt plus equity) at year end increased to
45.5% from 41.0% last year. Capital expenditure increased by 19% to $966.5
million, covering plant, equipment and acquisitions. Proceeds from
divestments for the year were $290.1 million and this was also up 7% on last
The second interim dividend of 41c per share (60% franked) was paid on 20
August and brought the full year payout to 82c, up 1c on last year. 

  A$'millions                                      Year ended      Year ended 
                                                 30 June 2001    30 June 2000 
  Sales - Controlled entities                          3,494           3,192    
  - Equity share of joint venture entities             2,307           1,731   
  Total Sales                                          5,801           4,923    
  Results before goodwill amortisation                                        
  and specific one-off items                                                  
  Profit before interest and tax                         561             544  
  Profit before tax                                      454             467  
  Net profit after tax and minorities                    349             350  
  Earnings per share                                   151.1c          153.5c 
  Goodwill amortisation (pre tax)                      (50.2)          (38.9) 
  Specific relevant items (pre tax)                   (178.8)           32.4  
  Note that equity accounting under AGAAP results in the profits after tax of 
  the joint venture entities being included with the profit before interest   
  and tax of the controlled entities. This also now includes the CHEP USA     
  after tax result in the same way.                                           
  Specific relevant items (collectively                                       
  referred to as 'exceptional items')  
  Before tax                                              
  Divestment & rationalisations                         69.3            15.1  
  Non-trading items                                     (8.1)           17.3
  Writedown of Equipment Division                     (195.0)              -   
  Dual listed company costs                             45.0               -   
                                                      (178.8)           32.4 
  Income tax thereon                                     28.5           22.7 
  After tax                                             150.3           55.1   
Pallet and Container Pooling - CHEP    

    A$'million                        Year ended      Year ended    Change 
                                    30 June 2001    30 June 2000         % 

    Sales 1                                1,539           1,241       24% 
    Profit before interest and                                             
    tax 2                                    182             174        5% 

1 Excludes other revenue 2 Excludes exceptional items 
In constant currency terms sales were 13% higher, but profit was down 3%
compared with that of the same period in the previous year. 
CHEP Americas continue to record very strong growth with sales up by 44% 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 contributes only 3% of
pooling revenue in the Americas. 
Operating profit in the Americas was up by 6%, 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.  
Waste Management - Cleanaway  

     A$'million                       Year ended      Year ended    Change 
                                    30 June 2001    30 June 2000         % 

     Sales 1                               1,362           1,038       31% 
     Profit before interest and                                            
     tax 2                                    86              69       25% 

1 Excludes other revenue 2 Excludes exceptional items 
The waste management businesses continue to perform well. Excluding the
impact of currency, sales were up by 26% and profits by 22%. 
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
contributes 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 23% 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  

     A$'million                       Year ended      Year ended    Change 
                                    30 June 2001    30 June 2000         % 
     Sales 1                                 516             326       58% 
     Profit before interest and                                            
     tax 2                                    63              32       97% 

1 Excludes other revenue 2 Excludes exceptional items 
In constant currency terms, Recall sales grew by 45% and profits by 83%
compared with those of the previous year. In North America both sales and
profits were significantly ahead of last year's, 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   

     A$'million                       Year ended      Year ended    Change 
                                    30 June 2001    30 June 2000         % 
     Sales 1                                 900             771      17%  
     Profit before interest and                                            
     tax 2                                    51              58     (12%) 

1 Excludes other revenue 2 Excludes exceptional items 
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
performance in Australia is expected to improve, following measures taken in
Other Continuing Businesses  

     A$'million                       Year ended      Year ended    Change 
                                    30 June 2001    30 June 2000         % 

     Sales 1                                 373             318     (17%) 
     Profit before interest and                                            
     tax 2                                    49              54      (9%) 

1 Excludes other revenue 2 Excludes exceptional items 
This segment includes Marine, Specialised Transport and Eurotainer. 
Eurotainer achieved sales and profit growth despite a deterioration in market
conditions and lower utilisation rates. 
Revenue for Brambles Marine in Australia rose 6%, despite a softening in
economic conditions that affected cargo volumes. 
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. 
                                                          5 September 2001 
                           PRELIMINARY FINAL REPORT 
                         FOR YEAR ENDED 30 JUNE, 2001 
                           EQUITY ACCOUNTED RESULTS 
                       FOR ANNOUNCEMENT TO THE MARKET 
Revenues from ordinary activities (item 1.1)       up     12.3%  to    3,927.8 
Trading revenue (including joint venture entities) up     17.8%  to    5,801.0 
Profit from ordinary activities after tax (before 
amortisation of goodwill) attributable 
to members (item 1.20)                             down   51.0%  to      198.5 
Profit from ordinary activities after tax 
attributable to members (item 1.23)                down   58.6%  to      153.1 
Extraordinary items after tax 
attributable to members (item 2.4)                                         Nil 
Net profit for the period attributable 
to members (item 1.11)                             down   58.6%  to      153.1 
No final dividend is being declared as a second 
interim dividend (in lieu of a final dividend) was 
paid on 20 August 2001 
  Second interim dividend in respect of 
  current period (item 15.4)          41.0 cents (24.6c franked at 30% tax rate)
Previous corresponding period 
(item 15.5)                           41.0 cents (28.7c franked at 34% tax rate)

                                           Current          corresponding  
                                            period                 period  
                                          $A' Mill               $A' Mill  
  1.1 Revenues from ordinary               3,927.8               3,497.5      
  1.2 Expenses from ordinary              (3,757.6)             (3,118.1)     
  activities (item 1.24)                                                      
                                            (123.8)                (86.3)     
  1.3 Borrowing costs                                                         
  1.4 Share of net profit of                                                  
  associates and joint venture               178.7                 167.8      
  entities (item 16.7)                                                        
  1.5 Profit from ordinary activities        225.1                 460.9      
  before tax                                                                  
                                             (70.1)                (89.6)     
  1.6 Income tax on ordinary                                                  
  1.7 Profit from ordinary activities        155.0                 371.3      
  after tax                                                                   
  1.8 Extraordinary items after tax              -                     -      
  (item 2.5)                                                                  
  1.9 Net profit                             155.0                 371.3      
  1.10 Net profit attributable to             (1.9)                 (1.9)     
  outside equity interests                                                    
  1.11 Profit for the period                 153.1                 369.4      
  attributable to members                                                     
  CONSOLIDATED RETAINED PROFITS                                               
  1.12 Retained profits at the                                                
  beginning of the financial                 881.6                 692.9      
  1.13 Net profit attributable to            153.1                 369.4      
  members (item 1.11)                                                         
  1.14 Net transfers to and from             (13.9)                  4.9      
  1.15 Net effect of changes in                  -                     -      
  accounting policies                                                         
  1.16 Dividends paid or payable            (190.5)               (185.6)     

  1.17 Retained profits at end of            830.3                 881.6      
  financial period                                                            

  PROFIT RESTATED TO EXCLUDE                                     Previous 
  AMORTISATION OF GOODWILL                  Current         corresponding  
                                             period                period 
                                            $A'Mill               $A'Mill 
  1.18 Profit from ordinary activities                                        
  after tax before                                                            
  outside equity interests (item 1.7)         200.4                 407.2     
  and amortisation of goodwill                                                
  1.19 Less outside equity interests            1.9                   1.9       
  1.20 Profit from ordinary activities                                        
  after tax                                                                   
  (before amortisation of goodwill)           198.5                 405.3     
  attributable to members                                                     

  PROFIT FROM ORDINARY ACTIVITIES                               Previous 
  ATTRIBUTABLE TO MEMBERS                  Current         corresponding  
                                            period                period 
                                           $A'Mill               $A'Mill 
  1.21 Profit from ordinary activities                                        
  after tax                                  155.0                 371.3      
  (item 1.7)                                                                  
  1.22 Less outside equity interests           1.9                   1.9       
  1.23 Profit from ordinary activities                                        
  after                                      153.1                 369.4      
  tax, attributable to members                                                
  REVENUE AND EXPENSES FROM ORDINARY                                          
  1.24 Details of Revenues and Expenses                                       
  Revenues from ordinary activities        3,927.8               3,497.5      
                                             434.0                 305.6      
  Less non-trading revenue                                                    
  Trading revenue - controlled entities    3,493.8               3,191.9      
  Trading revenue - equity share of                                           
  joint venture entities                   2,307.2               1,730.9      
  Total trading revenue                    5,801.0               4,922.8      
  Direct costs                             2,946.9               2,595.0      
  Selling, general and administrative        631.9                 555.5      
  Other specific relevant items (item        178.8                 (32.4) 
                                           3,757.6               3,118.1      

  INTANGIBLE AND                                                              
  EXTRAORDINARY ITEMS                       Consolidated - current period 
                                                         Related        Amount
                                                         outside  (after tax) 
                                             Related      equity  attributable
                               Before tax       tax   interests    to members 
                                  $A'Mill   $A'Mill     $A'Mill       $A'Mill 
  2.1           Amortisation       (50.2)       4.8           -        (45.4) 
                of goodwill                                                   
                                     -         -           -             - 
  2.2           Amortisation                                                  
                of other                                                  
  2.3           Total              (50.2)       4.8           -        (45.4) 
  2.4           Extraordinary           -         -           -             - 
  COMPARISON OF HALF YEAR PROFITS                                    Previous 
                                                     Current    corresponding 
                                                      period           period 
                                                    $A' Mill         $A' Mill 
  3.1           Consolidated profit                             
                from ordinary                           32.9            185.0 
                activities after tax 
                attributable to                             
                members reported for      
                the first half year.                              
  3.2           Consolidated profit                    120.2            184.4 
                from ordinary                             
                activities after tax                             
                attributable to                             
                members for the second                             
                half year.                              

  CONSOLIDATED BALANCE SHEET                At end of     As shown    As shown
                                              current          in          in 
                                               period         last  last half 
                                             $A' Mill      annual       yearly
                                                           report      report 
                                                         $A' Mill    $A' Mill 
             Current assets                                      
  4.1        Cash                               117.1       145.2       101.6 
  4.2        Receivables                        803.8       666.1       751.4 
  4.3        Investments                            -           -           - 
  4.4        Inventories                         84.2       128.0       105.3 
  4.5        Other                               37.3        32.7        52.1 
  4.6        Total current assets             1,042.4       972.0     1,010.4 
             Non-current assets                                      
  4.7        Receivables                         24.7        20.4        21.6 
  4.8        Investments (equity              1,003.4       718.5       872.1 
  4.9        Other investments                  178.6       129.7       147.7 
  4.10       Inventories                            -         1.3         1.0
  4.11       Property, plant and              2,198.9     2,264.9     2,182.2  
             equipment (net)                      
  4.12       Intangibles (net)                  750.4       553.2       546.6
  4.13       Other                               44.7        41.8        51.8 
  4.14       Total non-current                4,200.7     3,729.8     3,823.0 
  4.15       Total assets                     5,243.1     4,701.8     4,833.4 
             Current liabilities                                      
  4.16       Payables                           551.4       529.2       463.4 
  4.17       Interest bearing                    44.5        20.8        46.8 
  4.18       Provisions                         343.6       278.9       284.4  
  4.19       Other                                  -           -           -  
  4.20       Total current                      939.5       828.9       794.6 
  4.21       Payables                            10.2         5.6         5.0 
  4.22       Interest bearing                 1,908.6     1,562.8     1,727.7 
  4.23       Provisions                         184.1       236.7       191.0 
  4.24       Other                                  -           -           -   
  4.25       Total non-current                2,102.9     1,805.1     1,923.7 
  4.26       Total liabilities                3,042.4     2,634.0     2,718.3 
  4.27       Net assets                       2,200.7     2,067.8     2,115.1 
  4.28       Capital/contributed              1,144.1     1,059.1     1,111.7 
  4.29       Reserves                           206.7       109.5       178.7
  4.30       Retained profits                   830.3       881.6       807.9
  4.31       Equity attributable to           2,181.1     2,050.2     2,098.3 
             members of the parent         
  4.32       Outside equity                      19.6        17.6        16.8 
             interests in                                     
             controlled entities                                      
  4.33       Total equity                     2,200.7     2,067.8     2,115.1 
  4.34      Preference capital                     -           -           - 
            included as part of                                     
5.0 Exploration and evaluation 
    expenditure capitalised          - Not applicable 
6.0 Development properties           - Not applicable 

  CONSOLIDATED STATEMENT OF CASH FLOWS                          corresponding
                                         Current                       period 
                                          period                      $A'Mill 
      Cash flows related to operating                                          
  7.1 Receipts from customers           3,480.9                      3,151.6 
  7.2 Payments to suppliers and        (2,724.0)                    (2,494.5)   
  7.3 Dividends received from             102.4                         80.1   
  7.4 Other dividends received                -                            - 
  7.5 Interest and other items of          14.6                          9.8    
  similar nature received                                                     
  7.6 Interest and other costs of        (119.6)                       (79.3) 
  finance paid                                                                
  7.7 Income taxes paid                   (94.6)                       (62.3) 
  7.8 Other                                   -                            -  

  7.9 Net operating cash flows            659.7                        605.4  

  Cash flows related to investing                                             
  7.10 Payment for purchases of           
  property, plant and equipment                                               
  7.11 Proceeds from sale of              (541.7)                     (488.8)   
  property, plant and                                                         
  7.12 Payment for purchases of            92.6                        204.8    
  businesses and other investments          
  7.13 Proceeds from sale of               
  businesses and other investments            
  7.14 Loans to other entities           (424.8)                      (320.4)  
  7.15 Loans repaid by other                
  7.16 Other                              197.5                        67.2
                                          (24.6)                      (84.8)   
                                           0.6                         33.3
                                            -                            -  

  7.17 Net investing cash flows          (700.4)                      (588.7) 
  Cash flows related to financing                                             
  7.18 Proceeds from issues of             85.0                         61.7
  7.19 Proceeds from borrowings           881.4                      1,126.9 
  7.20 Repayment of borrowings           (766.6)                      (954.3)   
  7.21 Dividends paid                    (190.0)                      (183.4) 
  7.22 Other                               (1.7)                        (0.4)  

  7.23 Net financing cash flows             8.1                         50.5  

  7.24 Net increase/(decrease) in         (32.6)                        67.2  
  cash held                               
  7.25 Cash at beginning of period        129.0                         62.1   
  7.26 Exchange rate adjustments to        (2.3)                        (0.3)
  Item 7.25                                                                   
  7.27 Cash at end of period               94.1                        129.0  


There were no financing or investing transactions which have had a material
effect on the assets and liabilities of the economic entity that did not
involve cash flows.    

                                                     Current    corresponding 
                                                      period           period 
                                                     $A'Mill          $A'Mill 
  RECONCILIATION OF CASH                                                      
  Reconciliation of cash at the end of the period                             
  (as shown in the consolidated statement of cash                             
  flows) to the related items in the accounts is as    
  8.1 Cash on hand and at bank                        107.8            124.6 
  8.2 Deposits at call                                  9.3             20.6  
  8.3 Bank overdraft                                  (23.0)           (16.2)
  8.4 Other                                               -                -
  8.5 Total cash at end of period (Item 7.27)          94.1            129.0  

                                             Current     corresponding period 
  9.1 Profit before tax/revenue                                               
  Consolidated profit from ordinary                                           
  activities before tax                          5.7%                   13.2% 
  (item 1.5) as a percentage of                                               
  revenue (item1.1):                                                          
  9.2 Profit after tax/equity                                                 
  Consolidated net profit from                   7.0%                   18.0% 
  ordinary activities after tax                                               
  attributable to members (item 1.9)                                          
  as a percentage of equity (similarly                                        
  attributable) at the end of the                                        
  period (item 4.33)                                                          
  EARNINGS PER SECURITY (EPS)                   
  10.1 Calculation of basic, and fully                                        
  diluted, EPS in                                                             
  accordance with AASB1027: Earnings                                          
  per Share.                                                                  
  (a) Basic EPS                                 66.3c                  162.0c 
  (b) Diluted EPS is not materially                                           
  different from (a)                            
  (c) Weighted average number of          230,892,475             228,020,077 
  ordinary shares outstanding during                                          
  the period used in the                                                      
  calculation of the Basic EPS                 $6.16                   $6.53    
  NTA BACKING                                                                 
  11.1 Net tangible asset backing per                                         
  ordinary security:  

  DETAILS OF SPECIFIC RECEIPTS/OUTLAYS,                Previous corresponding 
  REVENUES/EXPENSES                         Current                    period 
                                             period                   $A'Mill 
  12.1 Interest revenue included in Item      16.6                      10.1  
  12.2 Interest revenue included in Item       0.8                       0.7  
  12.1 but not yet received                                                   
  12.3 Interest costs excluded from            2.8                       0.3  
  borrowing costs,                                                            
  capitalised in asset values                                                 
  12.4 Outlays (except those arising             -                         -  
  from the acquisition of an existing                                         
  business) capitalised in intangibles                                        
  12.5 Depreciation and amortisation         426.9                     424.2  
  (excluding amortisation of                                                  
  12.6 Other specific relevant items not                                      
  shown in item 1.24                            
  Before tax                                  
  Divestments and rationalisations            69.3                      15.1
  Non-trading items                           (8.1)                     17.3  
  Writedown of Equipment Division           (195.0)                        -  
  Dual listed company costs                  (45.0)                        - 
                                            (178.8)                     32.4  
  Income tax thereon                          28.5                      22.7  
  After tax                                 (150.3)                     55.1  
  The amount provided for income tax (excluding writedown of equipment        
  division and dual listed company costs) does not differ by more than 15 per 
  cent from the amount of income tax prima facie payable at 34 per cent on    
  the profit before tax. However, the following compensatory items were taken 
  into account in the amount provided:-                                       

  Share of associates profit                                                  
  after tax                                              60.8  
  Goodwill amortisation                                 (12.3) 
  Other non deductible items (net)                       (6.5)                
  13.0 Control gained over entities having material effect - Nil              
  14.0 Loss of control of entities having material effect - Nil               
Following the formation of the dual listed companies structure (DLC) the
Brambles Group activities have been restructured along global business lines.
The material business segments are Pallet and Container Pooling (CHEP), Waste
Management (Cleanaway), Recall and Industrial Services. 
The remaining ongoing business segment 'Other' covers Marine, Specialised
Transport and Eurotainer. 
The 'To be Divested' segment covers the businesses already sold (Ensco,
Security and Forklifts) and those in the process of being sold (Equipment
Services and Wagons/Workshops). 


a d v e r t i s e m e n t