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Brambles Industries (BI.)

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Tuesday 31 August, 2004

Brambles Industries

Final Results - Part 2

Brambles Industries PLC
31 August 2004


              Preliminary Results for the year ended 30 June 2004

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



for the year ended 30 June 2004

Index                                                                    Page

Summary of combined results                                                 3

Trading performance                                                         6
Operational review                                                          9
Outlook                                                                    17

Brambles combined financial information

Combined profit and loss account                                           18
Combined balance sheet                                                     19
Combined statement of total recognised gains and losses                    20
Reconciliation of movements in combined shareholders' funds                20
Combined cash flow statement                                               21
Combined segmental analysis                                                23
Notes to the combined financial information                                25
GAAP reconciliation                                                        32

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



for the year ended 30 June 2004

                                                                        % change
At actual exchange rates                         2004           2003   at actual
                                           £ millions     £ millions    fx rates


Continuing businesses

Turnover, including joint ventures and            3,109       2,909          7%

Comparable operating profit 1                       380         359          6%

Total businesses

Turnover, including joint ventures and            3,112       2,997          4%

Comparable operating profit 1                       381         369          3%

Profit before tax                                   307         286          7%

Profit after tax                                    210         195          8%

Earnings per share (pence)                         12.4        11.5          8%


Operating profit                                    271         276         (2%)

Profit before tax                                   224         190         18%

Profit after tax                                    125         118          6%

Basic earnings per share (pence)                    7.5         6.9          9%


Second interim dividend per share (pence)         3.918       4.053         (3%)

Dividend record date                  24 September 2004

Second interim dividend payable date    14 October 2004

Cash flow from operations after gross
capital expenditure                                 339         228         49%

Net debt                                          1,395       1,607         13%

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

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

-  In the statutory financial statements, foreign currency results have
   been translated at the applicable actual monthly exchange rates ruling in each



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

£ millions                                       2004 at                        
                                 2004         prior year             % change at
Turnover (including share          as     actual monthly                constant
of joint ventures            reported           fx rates      2003      currency
and associates)                                      (a)       (b)       (a)/(b)
CHEP                             1,394            1,422      1,284          11%
Cleanaway                        1,037            1,010        964           5%
Recall                             274              278        258           8%
Brambles Industrial Services       287              272        282          (4%)
Regional Businesses                117              128        121           6%
Continuing Businesses            3,109            3,110      2,909           7%
Discontinued                         3                3         88             
Total                            3,112            3,113      2,997           4%

Comparable operating profit                                          
(EBITA before exceptionals)                              
CHEP                                224             226        199          14%
Cleanaway                            89              86         96         (10%)
Recall                               43              44         49         (10%)
Brambles Industrial Services         34              32         28          14%
Regional Businesses                   5               5          4          25%
Corporate                           (15)            (13)       (17)         24%
Continuing Businesses               380             380        359           6%
Discontinued                          1               1         10             
Total                               381             381        369           3%
Reconciliation to statutory
profit after tax                                                               
Comparable operating profit         381             381         369          3%
Net interest expense                (74)            (76)       (83)          8%
Profit before tax, goodwill
  amortisation and exceptional
  items (PBTA)                      307             305        286           7%
Tax expense on PBTA                 (97)            (95)       (91)         (4%)
Profit after tax before goodwill 
 amortisation and exceptional       210             210        195           8%
 items (PATA)
Goodwill amortisation               (35)            (36)       (34)
Exceptional items, before tax       (48)            (49)       (62)
Tax on exceptional items             (2)             (2)        19
Profit after tax                    125             123        118           4%
Minority interest                     1               1         (1)
Profit after tax (after
minority interest)                  126             124        117           6%
Basic earnings per share            7.5p            7.3p       6.9p          6%
Earnings per share on PATA         12.4p           12.4p      11.5p          8%

BVA (Brambles Value Added)                            4        (12)



£ millions                                                                    
                                                 2004 at                         
Operating profit (after                       prior year             % change at
goodwill amortisation and          2004   actual monthly                constant
operating exceptional       as reported         fx rates     2003       currency
items)                                               (a)       (b)       (a)/(b)
CHEP                             179               181        148          22%
Cleanaway                         63                60         76         (21%)
Recall                            30                31         37         (16%)
Brambles Industrial Services      29                27         23          17%
Regional Businesses              (16)              (18)         -           -
Corporate                        (15)              (15)       (17)         12%
                           -----------      ------------ ----------  ----------
Continuing Businesses            270               266        267           -
Discontinued                       1                 2          9           -
                           -----------      ------------ ----------  ----------
Total                            271               268        276          (3%)
                           -----------      ------------ ----------  ----------

Profit before interest and tax after charging goodwill amortisation and
exceptional items, is analysed by business segment and geographical origin on
page 24.


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

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