Brambles Limited · ASX:BXB
Brambles — Citigroup conference, London 2007
31 slides from Brambles's conference presentation, Mar 6, 2007
Slide 1: Presentation at London Conference
6 March 2007 The Manager - Listings Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Via electronic lodgement Dear Madam Brambies Limited ABN GF 156894025 Level 40 Gateway | Macquarie Place Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 29256 5222 Fo
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Slide 3: Chief Executive Officer
David Former” - Chief Executive Officer Brambles
Slide 4: Brambles Limited (BXB) Overview
‘Brambles Limited (BXB) Overview’ * Primary listing is on ASX — Market capitalisation » US$16bn8 » Top 15 listed stock * Operating in 45 countries CP Anes 38% * ROCI* of 22% FY06 : Operating © Recall * 45% of Group sales come from profit’? Europe aN oe Europe 33% ' Based upon FY06 data ? Unallocated
Slide 5: Transformation complete
Transformation complete — + Asset disposal program successfully completed « Unification completed * Delivered strong profit growth * Utilisation of cash — Special Dividend (US$434 million, October 2006) — Cash Alternative (US$950 million, December 2006) — On market buy-backs (US$158 million, 1HO7) ¢
Slide 6: Interim results - Summary
Interim results - Summary * Continuing operations — Sales revenue US$1.9bn (up 6%) — Comparable operating profit US$421m (up 20%) — PAT? at US$271m (up 46%) — EPS' 16.7 US cents (up 54%) — Cash flow at US$311m (up US$66m) — BVA at US$196m (up US$59m) 1 Before special items Growth % calculated on US$
Slide 7: Business highlights
Business highlights _ * CHEP Americas — Sales growth 6%, profits up 31% — Further operational efficiencies « CHEP Europe — Sales growth 2%, profits up 5% — Increased costs — lumber (US$2m) and Brentwood closure (US$8m) « CHEP RoW — Sales growth 9%, profits up 13% * Recall — Integration of AUSDOC and
Slide 8: Brambles
Brambles
Slide 9: CHEP's product base
CHEP’s productbase sii My Intermediate Bulk Containers (IBC) Automotive Containers Catalyst and Chemica! Containers (CCC} Reusable Piastic Containers (RPC) Notes: Pallets 1 Percentages represent proportion of FY06 revenue earned by product type Brambles
Slide 10: Exposure to a mixture of mature and growth markets
Exposure to a mixture of mature and growth markets Brambles
Slide 11: Level of penetration (%)
100 Level of penetration (%) Note: Penetration in FMCG channel 1979 Pool first started 418% 1958 1979 48% +10% Sales growth FY06 (constant currency) 1990 1975 49% +6% 1995 +32% Latin America Europe USA Canada Asia-Pacific Africa FMCG = Fast Moving Consumer Goods Brambles
Slide 12: Americas continues strong profit growth
_ Americas continues strong profit growth Geer | Comparable operating profit Actual 1H07 us$m AIFRS Americas Europe RoW Total Growth % calculated on US$ constant currency basis Brambles
Slide 13: Excellent cash flow from CHEP
‘Excellent cash flow from GHEP | US$m Cash flow from operations @ First half @ Second half 2004 2005 2006 2007 Year ended 30 June Brambles
Slide 14: CHEP Europe
ecHer * Significant growth potential — Existing customers — Converting white wood customers » Increased cost of new white wood pallets — New geographies * Improving customer satisfaction — Service levels — Invoicing * On-going operational efficiencies — Perfect Plants — Transportation/Network optimi
Slide 15: CHEP Americas
| Americas — fu * Total Pallet Management (TPM) evolving rapidly — Distributors/Emitters — Expanding footprint » 69 Service Centres, 129 TPM locations — Technology adapted for TPMs » Inspection and sorting — Embedded in customers’ premises — Favourably impacts network logistics * Sales effort contin
Slide 16: Continuous Improvement
Continuous Improvement « Perfect Plants — 8 commissioned in 1H07 » Europe (Swindon, Dublin) » Americas (Mexico City, Brampton - Canada, Atlanta) » RoW (Erskine Park, Kraaifontein, Bloemfontein) — 8 more in 2HO7 — 12 Sorting modules at Es and Ds - 6 Facilities upgraded « First Generation Il plant ope
Slide 17: Geographic expansion
| Geographic ex « Europe — Germany — Eastern Europe — Greece — Turkey * Americas — Central America * Rest of World — China — Gulf Co-operative States Brambles
Slide 18: CHEP wins in China
/CHEP wins 1% ot — Shanghai region * Targeting customers CHB — FMCG (Shanghai, Beijing and Guangzhou) — Automotive (Manufacturers and tier suppliers) « Plastic pallet — RFID enabled — Trials in progress with potential customers *« Develop Distributor advocacy arrangements — Total Pallet Management (
Slide 19: Focus on Recall
Focus on Recall Brambles
Slide 20: Sales by region and service
‘Sales by region and s By Region By Service = Document Management Solutions @ americas Mf Europe @ Australia/NZ @ Rest of World @ Secure Destruction Services Based on FY06 results & Data Protection Services Brambles
Slide 21: North America delivering growth
North America delivering growth AIFRS Americas 144.7 133.5 8 Europe 71.3 71.6 Note’ RoW 82.6 57.5 44 Sales revenue 298.6 262.6 14 Comparable operating profit 48.3 38.1 27 Profit margin (%) 16 15 1 pp 1 The underlying growth in sales was 5%, after adjusting for exiting ihe UK SDS business in FY06 Gro
Slide 22: Recall - solid improvement
Recall— solid improvement _ recall * Strong contract wins in North America — Bank of America, Chevron (Document Management Solutions) — JPMorgan — 50% of contract (Secure Destruction Services) * Focus on processes and costs * AUSDOC integration benefits Brambles
Slide 23: On-market share buy-backs continuing
* On-market share buy-backs continuing — 43 million shares since Unification’ — Atacost of US$440 million * Reviewing alternatives 1 As at 2 March 2007 Brambles
Slide 24: Outlook for 2007
‘Outlook for 2007 | * CHEP — another year of strong profit growth * CHEP Americas — Solid growth in sales and continuing very strong profit growth « CHEP Europe — Focus on acquiring new customers and operational efficiencies — Continued profit growth and good cash generation * CHEP RoW — continues t
Slide 25: Beyond 2007
Beyond 2007 - ¢ CHEP Europe — Volume growth — Germany — TPM initiatives — Operating efficiencies * CHEP USA — More of the same — Efficiencies — Innovation « CHEP Elsewhere — Geographic expansion (Gulf Co-operative States, Latin America, China) * Recall — Converting revenue growth into profit and val
Slide 26: Disclaimer statement
Disclaimer statement _ The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restri
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Slide 28: Glossary of terms & measures | Appendix 1a
Glossary of terms & measures | Appendix 1a Except where noted, common terms and measures used in this document are based upon the following definitions: Sales revenue Excludes revenues of associates and non trading revenue. Comparable Profit before finance costs, tax and special items. Includes PAT
Slide 29: Glossary of terms & measures | Appendix 1b
Glossary of terms & measures | Appendix 1b Except where noted, common terms and measures used in this document are based upon the following definitions: Constant currency Actual rates Continuing operations Discontinued operations Special items Unification Translation of both current period and compa
Slide 30: Glossary of terms & measures | Appendix 1c
Glossary of terms & measures | Appendix 1c! Except where noted, common terms and measures used in this document are based upon the following definitions: Unallocated corporate costs Associates Free Cash Flow (FCF) BVA Average capital invested ROCI Capital expenditure (capex) Head office costs which
Slide 31: Contact details
Contact details. John Hobson Head of Investor Relations jonn. hobson@brambies.com +61 (2) 9256 5216 +61 (0) 407 436 711 Brambles