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Brambles Industries (BI.)

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Wednesday 19 February, 2003

Brambles Industries

Prior year comparatives

Brambles Industries PLC
19 February 2003

                            Brambles Industries plc

Treatment of Prior Year Comparatives

Brambles will be releasing its interim results for the six months to December
2002 at the start of the London trading day on 26 February 2003.  In order to
assist understanding of the underlying business performance, Brambles press
release and presentations to analysts will be made on the basis described below
and comparative data for the six months to December 2001 should be adjusted.
The changes are in presentation only and do not affect the profits of the Group
reported last year.

a)      CHEP - Analysis of Profitability by Geography

An analysis of CHEP's profit by region will be included in presentations to
analysts and will be available on our website.  Schedule 1 attached reflects the
following in respect of the prior half year:-

•        Geographic breakdown

•        An allocation of the ongoing accounting harmonisation

•        An allocation of the one off element of the accounting harmonisation

For ongoing measurement, the profit after ongoing harmonisation and described as
EBITA on Schedule 1 is the appropriate comparison of performance.

The context for the changes in presentation is that in February 2002, Brambles
Industries announced a harmonisation of accounting policies within CHEP,
affecting pallet depreciation and loss provisioning.  At the same time, there
was a write-down of pallets in the non-participating distributor (NPD) channel
in the USA.  Full details of these changes can be found in the Annual Review for
the year to June 2002, available on our website  At the time
of this announcement, CHEP's EBITA (profit before interest, tax and goodwill
amortisation) was not split out by geography and the effect of the accounting
harmonisation on specific regions was not identified.

Additionally the full year results to 30 June 2002 included the CHEP
harmonisation in operating activities rather than 'operating exceptional items'.
The half year results to 31 December 2001 now reflect the same treatment.

The post on-going harmonisation figures (EBITA in Schedule 1) will be used as
prior year comparatives to explain trading movements in the press release and
analyst presentations when results for the current financial year are released.

b)      Treatment of Businesses Since Divested

As in previous periods and in line with accounting standards, results for those
businesses which have since been divested are shown as 'Discontinued'.  Schedule
2 shows the effect of the reallocation on the prior year segmental analysis.

c)      Use of Constant Currency comparators

The press release and presentations to analysts will measure financial
performance in constant currency.  The basis for the calculation of the constant
currency will be the average exchange rates for the six months to
31 December 2001, which will be applied to the current period foreign currency

Schedule 3 shows the net effect of all the changes identified on the Combined
Profit and Loss Account for the six months to December 2001.

For further information, contact:

Investor:                 Sue Scholes                                         +44 (0) 20 7659 6012
Media:                    Richard Mountain, Financial Dynamics                +44 (0) 20 7269 7291


Investor                  Richard Manson                                      +61 (0) 2 9256 5234
                          Edna Carew                                          +61 (0) 2 9256 5204
Media                     Jeannette McLoughlin                                +61 (0) 2 9256 5255

The Brambles Industries Group is globally headquartered in Sydney, Australia.

Schedule 1

CHEP EBITA by Region FY02

                                        Regional Allocation                            As Reported

£m UKGAAP                                  Europe        Americas         Rest of            CHEP
                                                                           World             Total
Six months to Dec 01
Pre-harmonisation                            56             37               14               107
Ongoing harmonisation                         7             (1)              2                 8

EBITA                                        63             36               16               115

One-off harmonisation                         -            (31)              -               (31)
As in financial statements                   63              5               16               84

Six months to June 02
Pre-harmonisation                            43             52               14               109
Ongoing harmonisation                         6             (4)              2                 4

EBITA                                        49             48               16               113

One-off harmonisation                         -             10               -                10
As in financial statements                   49             58               16               123

12 months to June 02
Pre-harmonisation                            99             89               28               216
Ongoing harmonisation                        13             (5)              4                12

EBITA                                        112            84               32               228

One-off harmonisation                         -            (21)              -               (21)
As in financial statements                   112            63               32               207

Note:  The new loss provisioning policy was introduced with effect from December
2001 and hence the effects for the first half were originally included in the 
'one-off' charge.  To ensure proper comparison with subsequent year figures, a
£5million loss provisioning charge has been moved from 'one-off' to 'on-going'
in the analysis shown above i.e. as if the policy had been in effect for the
financial year starting on 1 July 2001.  The net effect is unchanged.

                                   Schedule 2

                        Re-presented Segmental Analysis

                   for the six months ending 31 December 2001

                                                                                             Comparatives in
                                                                                              the Financial
                        As shown          CHEP               Move to Discontinued               Statements
                       in Interim      Accounting     Shipping      Heavy        Other           *Note 2
                        Accounts     Harmonisation               Contracting    (Note 1)
Turnover                   £m              £m            £m           £m           £m               £m

Business segment

CHEP                       591                                                                     591
Cleanaway                  478                                                                     478
Recall                     107                                                                     107
Industrial services        157                                       (7)          (16)             134
Regional businesses        140                          (19)                      (24)              97
Discontinued               146                           19           7            40              212
Total                     1,619            -              -           -            -              1,619


Business segment

CHEP                       107            (23)                                                  84 *Note 2
Cleanaway                  51                                                                       51
Recall                     18                                                                       18
Industrial services        12                                                                       12
Regional businesses        13                            (3)          -           (1)               9
Discontinued               15                             3           -            1                19
Unallocated                (4)                                                                     (4)
Total EBITA                212            (23)            -           -            -               189
CHEP Accounting
Harmonisation items       (23)             23                                                       -
Goodwill amortisation     (15)                                                                     (15)
Exceptional items         (88)                                                                     (88)
Total Profit               86              -              -           -            -                86


1.      Other Businesses reported at December 2001 as Continuing and
subsequently sold during H2 FY02 were: North-West Shipping; United Transport /
Brambles Project Services; Jardine Shipping; and Gardner Perrott

2.      The CHEP Comparative is after the one off charge of £31million relating
to the accounting harmonisation change last year (see Schedule 1)

                                   Schedule 3

                 Re-presented Combined Profit and Loss Account

                   for the six months ending 31 December 2001

                                            From Interim Accounts        Re-presented Prior Year Comparators
                                        Before                              Before
                                       goodwill     Goodwill               goodwill     Goodwill
                                         and          and                    and          and
                                     exceptional  exceptional            exceptional  exceptional
                                        items        items       Total      items        items       Total
                                          £m           £m         £m          £m           £m         £m
TURNOVER (including share of
joint ventures and associates)
Continuing operations                   1,473                    1,473      1,407          -         1,407
Discontinued operations                  146                      146        212           -          212
                                        1,619          -         1,619      1,619          -         1,619
Less Share of joint ventures             (12)          -         (12)        (12)          -         (12)
Less Share of associates                 (22)          -         (22)        (22)          -         (22)
GROUP TURNOVER                          1,585                    1,585      1,585                    1,585


Continuing operations before
and exceptional items                    193           -          193        166           -          166
Goodwill amortisation                     -           (15)       (15)         -           (15)       (15)
Exceptional items                         -           (46)       (46)         -           (23)       (23)
Continuing operations                    193          (61)        132        166          (38)        128
Discontinued operations                   15           -          15          19           -          19
GROUP OPERATING PROFIT                   208          (61)        147        185          (38)        147

Share of operating profit of joint        2            -           2          2            -           2
Share of operating profit of              2            -           2          2            -           2

TOTAL OPERATING PROFIT                   212          (61)        151        189          (38)        151


Loss on sale of discontinued ops          -           (35)       (35)         -           (35)       (35)
Merger costs - continuing operations                  (30)       (30)         -           (30)       (30)

TAXATION                                 212         (126)        86         189         (103)        86
Net interest payable                     (52)          -         (52)        (52)          -         (52)

ACTIVITIES BEFORE TAXATION               160         (126)        34         137         (103)        34

Tax on profit on ordinary activities     (45)          27        (18)        (35)          17        (18)


ACTIVITIES AFTER TAXATION                115          (99)        16         102          (86)        16
Equity minority interests                (1)           -          (1)        (1)           -          (1)
Profit attributable to parent
shareholders                             114          (99)        15         101          (86)        15
Equity dividends paid and proposed       (59)          -         (59)        (59)          -         (59)
                                          55          (99)       (44)         42          (86)       (44)


Basic earnings per share                 6.8         (5.9)        0.9        6.0         (5.1)        0.9

Diluted earnings per share               6.8         (5.9)        0.9        6.0         (5.1)        0.9

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

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