18 August 2016
PROFIT REPORTING SEASON
BRAMBLES LIMITED (BXB)
RESULTS
Full Year 2016
Full Year 2015
CHANGE
Sales revenue (US$m)
5,535.4
5,440.5
+2%
Bloomberg Consensus (US$m)
5,600
Operating Profit (US$m)
915.1
941.8
-3%
Profit after Tax (US$m)
623.1
621.8
+0.2%
Bloomberg Consensus (US$m)
631.1
Earnings per share EPS (US$)
0.353
0.375
-5.8%
Second Half Dividend (A$)
0.145
0.14
+3.6%
Brambles (BXB) new CEO announcement the only surprise from results

Brambles (BXB) posted a full year net profit of US$587.7 million up 1%. The result was in line with upgraded
guidance and took into account the one off impairment charge of US$38 million against the value of its Oil &
Gas assets, reflecting the current market conditions in the Oil & Gas sector.

Brambles has seen solid growth in its Pallets division; Pallets revenue in developed markets now accounts
for 64% of total revenue, with emerging markets pallets growth now accounting for 10%. Brambles reusable
produce crates (RPC) unit only accounts for 18% of revenue but has once again seen good revenue growth.
The company’s growth has been supported by growth in capex investment. Brambles is focused on a highly
diversified geographic footprint and sector portfolio, with 24.5% in fresh produce and 43.2% in broader
consumer goods.

Pallets and Europe RPC efficiencies were largely offsetting cost pressures in US pallets and inflationary
pressures in Latin America pallets. This caused pallet business margins in the America’s to fall slightly, down
0.3% to 17.6%. Growth in capital expenditure for equipment hit US$407 million with expected spending in
FY17 of $400 million, before falling to $300 million in the following years with its cumulative “One Better” cost
reduction plans on track.

Brambles current CEO, Tom Gorman has elected to retire in February 2017 with Graham Chipchase (former
CEO/CFO of Rexam) to succeed him. Brambles expects FY17 sales revenue growth of 7%-9% (in Constant
Currency $US) and underlying profit of between US$1,055- US$1,075 million.

Brambles will pay a $0.145 final dividend to eligible shareholders on 13 October 2016.
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