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Brambles Industries (BI.)

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Wednesday 25 February, 2004

Brambles Industries

Objectives and Milestones

Brambles Industries PLC
25 February 2004

                            Objectives and Milestones
                                25 February 2004
This document summarises some of our objectives and milestones for the next
three to four years as we strive continuously to fulfil our Mission and live our
Values - what do we want to achieve and by when, and how will we measure

These objectives and milestones reflect our commitments to our stakeholders -
our customers, our employees, our shareholders and other financial stakeholders,
the community and the environment.

Group Overview
Brambles is a global company providing business support services to customers in
nearly fifty countries across six continents.

The group's principal businesses are CHEP, Cleanaway, Recall and Brambles
Industrial Services.

Brambles' global headquarters are in Sydney, Australia, and the group maintains
corporate offices in Sydney and London.

Brambles operates in a dual-listed companies structure, with Brambles Industries
Limited listed on the Australian Stock Exchange and Brambles Industries plc
listed on the London Stock Exchange.

Brambles Industries Limited and Brambles Industries plc operate as a single
economic enterprise, with a single unified board and executive management team.

Our Mission is ...

To be the world's leading provider of innovative business solutions in support

To use our outsourcing expertise to add exceptional value in the eyes of our

To create superior shareholder value through our people and their enterprising

Our Shared Values are ...

All things begin with the customer

We believe in people and teamwork

We have a passion for success

... always acting with integrity and respect for the community and the

All things begin with the customer

Brambles is first and foremost a services company.

We exist because our customers - other businesses, private and public
organisations - choose us to manage tasks and processes they do not wish to
manage themselves, with a clear expectation that in doing so, we will deliver
additional value that our customers would not otherwise realise.

Objective            Measurement and Milestones
---------            ------------------------
Add exceptional    • Through our customer relationships and day-to-day service
value in the eyes    delivery, continuously seek opportunities to introduce new
of our customers.    services and to enhance existing services - for mutual
                     benefit to our customers and our shareholders. 

                   • Through an annual cycle of surveys of various customer groups
                     in each business unit, obtain customer feedback on our service
                     delivery performance as well as customer needs (i.e. what
                     customers value). 

                     Completion of annual customer surveys by all business units.

                   • Through quality management programmes tailored to the needs
                     of each business unit, sustain continuous improvement to

                      - Measurable improvements in customer satisfaction and 
                        internal productivity

                      - Widespread employee involvement and participation in 
                        quality improvement initiatives and processes

                     Specific quality management targets and implementation
                     milestones have been established in each business unit. In

                   • CHEP's global quality programme is called Perfect Trip: From
                     customer order through to cash receipt, it seeks to improve
                     customer satisfaction and to eliminate defects, drawing on Six
                     Sigma tools and methodology.

                     Global launch completed, Perfect Trip projects in each region

                   • Cleanaway's global quality programme is called Clean Run: It
                     is focused on benchmarking and transferring best practice
                     through the relentless use of measures and extensive employee

                     Global launch completed, global benchmarking and
                     best-practice implementation underway in the Commercial &
                     Industrial sector.

                   • Recall's global quality programme is called Perfect Order: To
                     be Perfect, all customer work orders must be 100% on-time and
                     complete according to service standards, and compliant with
                     standard operating procedures.

                     Global implementation completed for Document Management
                     Services, roll-out underway for Secure Destruction Services.

                   • Brambles Industrial Services' global quality programme is
                     called Big Picture: With its focus on site-based services for
                     major customers in the resources and steel industries,
                     Brambles Industrial Services is implementing
                     customer-specific and site-specific quality management

                     Global launch completed, regional quality programmes

We believe in people and teamwork

Our people are our greatest asset.

Brambles is committed to safety, employee satisfaction, talent development and
retention, and succession planning to develop Brambles' future leaders.

Objectives                              Measurement and Milestones
-----------                             ------------------------

Safety:                               • We aspire to a goal of zero harm (i.e.
To work safely and apply industry       zero fatalities, zero significant
best practice to the health, safety     environmental incidents).
and well-being of our employees, our 
customers, suppliers and the            All Brambles business units have
communities in which we operate.        established safety programmes with annual
                                        targets to drive continuous improvement
                                        in safety performance.

Employee satisfaction:                • Through periodic employee satisfaction
To enhance employees' opinion           surveys and management action, achieve
of Brambles as a desirable employer     continuous improvement as measured by an
and the external view as an employer    employee satisfaction index in each
of choice.                              business unit.
                                        Brambles Employee Satisfaction Survey
                                        conducted globally across all business units
                                        in July 2003 to establish a baseline index.
                                        Specific employee satisfaction improvement
                                        targets and action plans in place for all
                                        business units.

People Development:                   • Through an annual Performance &
To develop and retain sufficient        Development Planning (PDP) process,
skilled people to grow our talent       establish personal objectives and
pool through on-going  investment       development actions for employees.
in their development.                                       
                                        Brambles PDP process rolled out globally
                                        in all business units in 2002. Annual
                                        targets for PDP process in place for all
                                        business units. Targets for talent pool
                                        retention rates established for the next
                                        three years.

Succession Management:                • Through an annual Human Resources (HR)
To ensure Brambles has the leadership   planning process, develop plans and take
capability to drive future              actions to grow the Brambles talent pool
success.                                and to improve succession cover for key
                                        leadership roles.

                                        Brambles annual HR planning process 
                                        implemented globally in all business units
                                        in 2002. Talent pool growth and succession
                                        index targets established for the next
                                        three years.

We have a passion for success

Brambles is committed to creating superior value for our shareholders and to
fulfil our obligations to all financial stakeholders.

Our objective is to manage capital (equity and debt) as a scarce resource, and
to allocate capital across our business units and across specific projects in
ways that maximise the return on capital invested.

Brambles Value Added (BVA) is our principal measure of financial performance and
value creation, and success in BVA growth should generate earnings growth and a
sustainable operating cash flow.

In short, BVA is a constant currency measure of economic profit, that is, profit
after deducting a charge for the cost of capital employed. A weighted average
cost of capital, which is currently 12% pre-tax (equivalent to approximately 9% 
post-tax), is multiplied by the capital invested in each business unit or project, 
and deducted from Earnings Before Interest, Tax and Amortisation (EBITA).

                      BVA = EBITA - 12% x Capital Invested

By maximising year-on-year BVA growth, we will maximise the intrinsic value or
fundamental value of Brambles which in turn will drive shareholder value
creation over time.

BVA growth targets are prominent in our annual budget and business planning
process, as they are in our annual strategic planning cycle. At the operational
level, a standard Brambles Economic Evaluation Model is used by all business
units to evaluate investment opportunities and their inherent risks, and to
guide decisions towards maximising the return on capital invested. Short-term
rewards for senior executives within the group are geared to BVA growth.

Return on Capital Invested (ROCI) is an associated performance measure employed
in target setting in the group. It is EBITA divided by Capital Invested. Capital
Invested is broadly defined as average net tangible trading assets together with
unamortised goodwill. A ROCI of 12% means returns at the current cost of capital, 
and any ROCI above 12% indicates superior returns above the current cost of capital.

Objectives                       Measurement and Milestones
----------                       ------------------------
Generate value for our       

• Improving returns over the   • The Brambles group and each of our principal
  cost of capital over the       businesses, CHEP, Cleanaway, Recall and Brambles
  next four years to maximise    Industrial Services are targeted to generate Return
  BVA growth.                    on Capital Invested (ROCI) at or above 12%, i.e. a
                                 positive BVA, commencing in the financial year to
                                 June 2005.

• Ensure the generation of     • With strong focus on profitable growth coupled with
  an operating cash flow to      disciplined controls over capital expenditure and
  fund growth.                   invested capital, Brambles will target to achieve a
                                 group ROCI of around 15% by Financial Year 2008,
                                 compared with a return of about 12% in Financial
                                 Year 2003.

• Maintain an appropriate      • A key objective over the next four years is to
  dividend policy and capital    generate improving operating cash flow after normal
  structure for the benefit      capital expenditure (i.e. capital expenditure
  of all stakeholders.           excluding acquisitions). At this level, all
                                 Brambles business units are targeted to be cash
                                 positive in each of the next four years.

                               • Brambles will pursue a progressive dividend policy
                                 linked to the performance and the cash
                                 requirements of the business, and manage its
                                 capital structure (debt and equity) to a target
                                 gearing of less than 50% by Financial Year 2008.

Generate value for our shareholders:

In determining the scope for   • Overall, CHEP will seek to achieve annual organic
generating BVA growth, reviews   revenue growth of 7% to 9% over the next four years
of the CHEP business and its     by focusing on the mainstream markets where CHEP 
core pallet service offering     operates profitably. These are principally Fast 
have determined that in all      Moving Consumer Goods (FMCG) and associated
major market segments there      sectors.            
is a benefit to customers in
pooling pallet supply rather   • In its less mature markets such as Latin America
than the cost of the             and Asia, CHEP typically targets annual revenue
alternatives. CHEP will continue growth rates of 15% to 20% per annum whilst 
to deliver improvements in BVA   retaining its focus on profitable mainstream
and customer satisfaction by     markets.
focusing on asset productivity, 
cost effectiveness, quality,   • CHEP is targeted to generate annual BVA growth
technology and product           and to achieve ROCI in an approximate range of
innovation.                      16% to 18% by Financial Year 2008, up from a
                                 level of about 12% today.


Cleanaway operates in the waste  • Based on these market trends Cleanaway will 
management and recycling           target organic revenue growth rates of between
industry. Profitable growth        5% to 8% per annum over the next four years,
results from selective             subject to the current cycle of retendering of
participation in attractive        DSD contracts in Germany.
sectors of the value chain        
particularly where legislation   • Cleanaway will seek to achieve consistent annual
is driving the industry towards    BVA growth as well as its targeted level of ROCI
increasing levels of recycling     of around 15% by Financial Year 2008,
and re-processing.                 progressively improving from the current level
                                   of about 13%.
With different levels of local
and national government responsible 
for both setting the framework for 
growth as well as for awarding 
contracts, a key objective for
Cleanaway is to retain its national/
regional focus and responsiveness 
and at the same time capture global 
synergies and best practices wherever 

Recall benefits from the         • The on-going level of organic revenue growth
continued outsourcing of           is targeted to be between 6% and 8% annually.
document management, secure
destruction and secure off-site  • Acquisitions have been a feature of Recall's
storage of electronic media.       development and are expected to continue to 
                                   be so. Successful acquisition integration is
                                   a core competence as is seeing satisfactory
                                   returns from acquired businesses.

                                 • Recall is targeted to generate annual BVA growth
                                   and to achieve ROCI levels around 16% by 
                                   Financial Year 2008, up from a level of about
                                   14.5% today.

Brambles Industrial Services:

Brambles Industrial Services     • For the next four years, Brambles Industrial 
has emerged from two years of      Services will target organic revenue growth of
reorganisation well-positioned     between 6% and 8% annually.
to resume growth from
excellence in contract           • Brambles Industrial Services is targeted to 
outsourcing from world-class       achieve consistent BVA growth and to increase
customers.                         its ROCI from today's level of 11% to around 
                                   16% by Financial Year 2008.

Always acting with integrity and respect for the community and the environment

Brambles supports the responsible creation of shareholder value. At all times,
we want all our businesses to operate within a legal and ethical framework as
established by the Brambles Code of Conduct.

Objectives          Measurement and Milestones
----------          ------------------------

Always acting     • Through the Brambles Code of Conduct, provide an ethical and
with integrity      legal framework for all employees in the conduct of Brambles

                    Brambles Code of Conduct developed, instituted in
                    all business units and communicated to all employees in 2002.
                    On-going communication targets established for all business
                    units, e.g.coverage in new employee induction programmes,
                    availability on all company intranets.

Respect for       • Brambles expects its employees to care for the environment by
the environment     improving the efficiency of resource usage and minimising waste

                    Site environment plans prepared for all key sites and proper
                    records kept to measure achievements against policies and goals.

Respect for       • Demonstrate Brambles commitment to contributing tangible benefits
the community       to the communities in which we operate.

                    Continue the Brambles Community Reach programme.
                    Through the Brambles Community Reach programme, Brambles awards
                    financial grants to community service and volunteer 
                    organisations. These organisations and projects are nominated 
                    by Brambles employees who are actively engaged in community 
                    service work.

The Brambles Code of Conduct and additional details about the Brambles Environmental
Policy and the Brambles Community Reach programme can be found on the Brambles


1. All measures of financial performance are based on UK GAAP and are expressed 
   on the basis of constant exchange rates (constant currency) and interest rates
   and economic conditions are assumed to remain stable.

2. All references to 'today's level' or 'current level' relate to Brambles' last
   published full-year results namely for the Financial Year ended 30 June 2003.

3. All references to 'the next four years' relate to the Financial Year ending 
   30 June 2005 through to the Financial Year ending 30 June 2008.

4. Gearing is net debt as a percentage of the sum of net debt and equity 
   i.e. gearing = net debt / (net debt + equity).


Brambles Industries Limited    This document may contain certain 'forward-looking
Level 40 1 Macquarie Place     statements' with respect to certain of Brambles' 
Sydney NSW 2000                plans and its current goals and expectations relating
AUSTRALIA                      to its future financial condition, performance and
                               results. By their nature, all forward-looking
Brambles Industries plc        statements involve risk and uncertainty because they
3rd floor 57 St James's Street relate to future events and circumstances which are
London SW1A 1LD                beyond Brambles' control including among other things
UNITED KINGDOM                 UK and Australian domestic and global economic and
                               business conditions, market-related risks such as               fluctuations in interest rates and exchange rates,
                               the policies and actions of regulatory authorities,
                               the impact of competition, inflation, deflation, the
                               timing, impact and other uncertainties of future
                               acquisitions or combinations with relevant
                               industries, as well as the impact of tax and other
                               legislation and other regulations in the
                               jurisdictions in which Brambles and its affiliates
                               operate. As a result, Brambles' actual future
                               financial condition, performance and results may
                               differ materially from the plans, goals and
                               expectations set forth in Brambles' forward-looking

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

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