BIL brambles industries limited

brambles report

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    *UK GAAP is the convention used for comparative performance in this news release.
    I:\Archive Daily\June 03 Stat\Financial Statements\ASX Report\AUD Front Cover Final Results
    0109032.doc
    NEWS RELEASE
    2 September 2003
    Brambles reports annual results for the year ended 30 June 2003*
    Brambles today reported a profit before tax, goodwill amortisation and significant items of
    $775 million. This is in line with Brambles’ June 2003 trading update. Profit after tax but
    before goodwill amortisation and significant items was $531 million. Significant items of $151
    million ($104 million after tax) related predominantly to the restructuring of CHEP Europe.
    Financial Summary
    • Revenue from continuing businesses grew by 6% to $7.9 billion with CHEP and
    Recall up 10% and 17% respectively, in constant currency.
    • Comparable operating profit (profit before interest, tax, goodwill amortisation and
    significant items) from continuing businesses at $976 million was 2% lower than last
    year in constant currency.
    • Operating cash flow after capital expenditure was significantly stronger and improved
    by $283 million to $585 million with all businesses generating cash after capital
    expenditure.
    • Capital expenditure was reduced by 19% to $1.24 billion.
    • Earnings per share under AGAAP before goodwill amortisation and significant items
    were 32.2 cents, 6% below the previous year.
    • The final dividend for shareholders in Brambles Industries Limited remains at 10
    cents, 100% franked. The second interim dividend for shareholders in Brambles
    Industries plc is slightly higher at 4.053 pence due to currency movements.
    Operational Summary
    • The restructuring programme in CHEP Europe is on track for completion in 2005. A
    significant item of $125 million was incurred in the year.
    • Revenue in CHEP Americas grew by 12% in constant currency terms. Unit transport
    cost reductions and improved management of the non-participating distribution
    network in the USA were offset by higher pallet inspection, storage and repair costs
    arising from both heightened quality specifications and the increased levels of
    damaged pallets from higher recoveries.
    • CHEP in the rest of the world continued to perform strongly.
    • Recall sales and comparable operating profit increased by 17% and 30%
    respectively.
    • Cleanaway performed well and generated excellent cash flow in a difficult market.
    The outcome of DSD contract re-tendering in Germany, likely to be announced
    shortly, is expected to result in some margin compression in 2004.
    • Brambles Industrial Services performed strongly in Australia with steady progress in
    the Northern Hemisphere. The result for Regional Businesses was affected
    adversely by a depressed market for Interlake.
    Brambles Chief Executive Officer, Sir CK Chow, said: “The significant improvement in cash
    flow performance in the year is evidence of our commitment to improve asset productivity and
    generate stronger returns for our shareholders. Through the restructuring programmes
    underway in CHEP, a great deal of work has been done to grow sales, to reduce its cost
    structure, and to improve asset utilisation. These initiatives are on track and will place CHEP
    on a sustainable growth path. The performance of Recall was outstanding, particularly in the
    second half. Cleanaway and Brambles Industrial Services have continued to outperform their
    competitors in challenging markets.”
 
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